LOANS (Tables)

12 Months Ended

Dec. 31, 2020

Short-term and long-term loans as of December 31, 2019 and 2018 comprise the following:

	2020		2019
Current Loans
2018 Notes Interest		456,697		458,632
Pre-export finance		-		1,390,438
Leasing (Note 21)		480,069		495,389
Total Current loans		936,766		2,344,459
Non Current Loans
2018 Notes		40,520,045		40,634,099
Leasing (Note 21)		2,412,613		2,741,268
Total non current loans		42,932,658		43,375,367
Total ⁽¹⁾		43,869,424		45,719,826

⁽¹⁾ As of December 31, 2020, it is net of Notes repurchase of Ps 1,479,694.

⁽²⁾Net of issuance expenses of Ps. 75,262 and Ps. 133,200 as of December 31, 2020 and 2019, respectively.

Activity of Loans

The activity of the loans as of December 31, 2020 and 2019 is the following:

	2020						2019
	Leases liabilities			Other payables			Leases liabilities			Other payables
Beginning balance		3,236,657			42,483,169			3,466,896			39,669,167
Inflation adjustment restatement		(1,275,154	)		(12,526,927	)		(1,676,718	)		(17,640,765	)
Accrued interest		242,337			2,765,737			265,398			2,806,717
Effect of foreign exchange effect		1,149,736			13,755,162			1,604,703			18,971,692
VAT unpaid installments		11,009			-			21,766			-
Proceeds from loans		-			-			-			1,431,939
Acquisition of notes result		-			(399,356	)		-			-
Payment of loans⁽¹⁾		(190,969	)		(1,354,111	)		(228,701	)		-
Payment of redemption of loans		-			(999,811	)		-			-
Interest paid⁽²⁾		(280,934	)		(2,747,121	)		(216,687	)		(2,755,581	)
Ending balance		2,892,682			40,976,742			3,236,657			42,483,169

⁽¹⁾ For the years ended on December 31, 2020 and 2019, Ps. 190,969 and Ps. 203,173 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía).

⁽²⁾ For the years ended on December 31, 2020 and 2019, Ps. 280,934 and Ps. 195,168, respectively, were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía).

Maturities of Current and Non-Current Loans

The maturities of the current and non-current loans as of December 31, 2020 are as follows, not including issuance expenses:

			To due
	Due at 12/31/2020		From 1/01/2021 to 12/31/2021		From 1/01/2022 to 12/31/2022		From 1/01/2023 to 12/31/2023		From 1/01/2024 to 12/31/2024		From 1/01/2025 onwards		Total
2018 Notes		-		456,697		-		-		-		40,520,045		40,976,742
Financial Leasing		63,526		416,543		451,566		489,482		530,581		940,984		2,892,682
Total		63,526		873,240		451,566		489,482		530,581		41,461,029		43,869,424

Future Minimum Lease Payments and Present Book Value

The following table sets reconciliation between the total of future minimum lease payments as of December 31, 2020, and their present book value:

	12/31/2020
As of 12/31/2020		692,970
From 1/01/2022 to 12/31/2022		629,526
From 1/01/2023 to 12/31/2023		629,526
From 1/01/2024 to 12/31/2024		629,526
From 1/01/2025 onwards		1,005,592
Total minimum future payments		3,587,140
Future financial charges on financial leases		(694,458	)
Book Value financial leases		2,892,682

Conditions of 2018 Notes

On May 2, 2018, within the framework of the 2017 Program, the Company issued the 2018 Notes according to the following characteristics:

	2018 Notes
Amount in U.S.$	500,000,000
Interest Rate	6.75% annual
Issuance price	99.725%

	Scheduled payment date	Percentage of the principal to be paid
Amortization	May 2, 2025	100%
Frequency of interest payment	Semiannual, payable on May 2 and November 2 of each year.
Guarantor	None

Details of Pre-export Finance

On November 5, 2019, the Company agreed with Itaú Unibanco S.A. the granting of a loan for US $ 17 million in order to pre-finance the exports of propane, butane and natural gasoline made. The characteristics of this loan are as follows:

Amount in US$	17,000,000
Interest Rate	LIBOR + 1.95%
	Scheduled payment date	Percentage of the principal to be paid
Amortization	March 4, 2020	100%
Frecuency of interest payment	Monthly, payable on December 4,2019, January 6, 2020, February 4, 2020 and March 4, 2020
Guarantor	US Treasury bills *

* Included in “Other financial assets at amortized cost.”