FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2020

FINANCIAL RISK MANAGEMENT [Abstract]

Fixed-Rate and Floating-Rate Financial Assets and Liabilities

The following table shows a breakdown of the Company’s fixed-rate and floating-rate financial assets and liabilities as of December 31, 2020 and 2019:

	Financial assets⁽¹⁾				Financial liabilities⁽²⁾
	2020		2019		2020		2019
Fix interest rate		16,108,712		11,776,641		40,976,742		41,092,728
Variable interest rate		3,179,938		1,413,687		-		1,390,438
Total		19,288,650		13,190,328		40,976,742		42,483,166

⁽¹⁾ Includes mutual funds, fixed terms, Us treasury bonds and bank accounts. Trade receivables do no bear interests, except for Ps. 5,403 and Ps. 11,923, which bears CER plus a spread of 8% as of December 31, 2020 and 2019, respectively.

⁽²⁾ Includes loans, issuance expenses and financial leasing

Monthly Short Tons

Such agreement was effective between October 2018 and April 2020, according to the following monthly short tons:

Period	Propane		Butane		Natural gasoline
October 2018 - April 2019		6,663		4,967		2,976
May 2019 - September 2019		-		-		4,519
October 2019		9,996		7,727		4,630
November 2019 - April 2020		14,438		11,038		6,614

Current and Non-Current Sales Receivables

As of December 31, 2020 and 2019, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to:

	2020			2019
Current trade receivables		6,279,974			8,997,144
Allowances for doubful accounts		(132,521	)		(183,730	)
Total		6,147,453			8,813,414

Significant Customers

The amounts of net sales made to the principal customers to which Natural Gas Transportation services were provided in the years ended December 31, 2020 and 2019 and the sales receivable balances (net of allowances) as of December 31, 2020 and 2019 are set forth below:

	2020				2019				2018
	Revenues		Trade receivables		Revenues		Trade receivables		Revenues
MetroGas		5,894,110		1,441,808		7,963,051		1,986,849		6,749,054
Camuzzi Gas Pampeana S.A.		4,358,139		706,139		5,926,232		992,651		5,013,132
Naturgy Argentina		3,523,002		313,536		4,759,550		772,501		4,045,276
CAMMESA		2,342,531		666,127		1,821,557		280,998		2,801,553
Pampa Energía		841,274		306,995		1,094,039		351,252		920,555
Camuzzi Gas del Sur S.A.		1,042,980		146,965		1,464,524		205,352		1,119,315

The amounts of Liquids Production and Marketing net sales made to major customers during the years ended December 31, 2020 and 2019 and sales receivable balances (net of allowances) as of such date are set forth below:

	2020				2019				2018
	Revenues		Trade receivables		Revenues		Trade receivables		Revenues
PBB Polisur		9,303,676		777,791		8,628,893		1,145,402		11,031,223
Petredec		691,227		-		1,365,850		-		1,798,666
Geogas Trading S.A.		287,550		-		2,303,376		511,512		2,308,545
Italgas S.A.		396,307		-		-		-		-
YPF		973,411		42,364		1,686,921		36,079		992,619
Petrobras Global Trading BV		4,510,924		284,089		6,053,139		540,712		3,652,024

Maturities of Financial Assets

Below is a detail of the maturities of the financial assets included in (i) cash and cash equivalents, (ii)loans to related parties, (iii) other financial assets, (iv) trade receivables, (v) other receivables and (vi) derivative financial instruments as of December 31, 2020 and 2019:

December 31, 2020
	Cash and cash equivalents		Other financial assets		Credits ^{(1) (2)}
Without specified maturity		4,653,406		2,120,788		39,334
With specified maturity
Overdue
Until 12-31-2019		-		-		137,271
From 01-01-20 to 03-31-20		-		-		753
From 04-01-20 to 06-30-20		-		-		447
From 07-01-20 to 09-30-20		-		-		23,435
From 10-01-20 to 12-31-20		-		-		2,153,580
Total overdue		-		-		2,315,486

Non-due
From 01-01-21 to 03-31-21		-		775		4,320,035
From 04-01-21 to 06-30-21		-		775		124,094
From 07-01-21 to 09-30-21		-		775		78,774
From 10-01-21 to 12-31-21		-		15,994		76,053
During 2022		-		13,758,563		6,943
During 2023		-		449		-
During 2024		-		-		-
During 2025		-		-		-
From 2026 onwards		-		-		-
Total non-due		-		13,777,331		4,605,899
Total with specified maturity		-		13,777,331		6,921,385
Total		4,653,406		15,898,119		6,960,719

⁽¹⁾ The total amount of the receivables without specified maturity is recorded in Non-current assets.

⁽²⁾ Includes financial assets recorded in trade receivables and other receivables, excluding allowance for doubtful accounts.

December 31, 2019
	Cash and cash equivalents		Other financial assets		Credits ^{(1) (2)}
Without specified maturity		13,138,638		-		29,416
With specified maturity
Overdue
Until 12-31-2018		-		-		196,854
From 01-01-19 to 03-31-19		-		-		2,094
From 04-01-19 to 06-30-19		-		-		5,779
From 07-01-19 to 09-30-19		-		-		468,088
From 10-01-19 to 12-31-19		-		-		1,077,598
Total overdue		-		-		1,750,413

Non-due
From 01-01-20 to 03-31-20		155,764		1,791,120		7,177,308
From 04-01-20 to 06-30-20		-		1,084		657,055
From 07-01-20 to 09-30-20		-		1,055		11,034
From 10-01-20 to 12-31-20		-		1,052		13,739
During 2021		-		4,143		9,452
During 2022		-		2,602		-
During 2023		-		611		-
During 2024		-		-		-
From 2025 onwards		-		-		-
Total non-due		155,764		1,801,667		7,868,588
Total with specified maturity		155,764		1,801,667		9,619,001
Total		13,294,402		1,801,667		9,648,417

⁽¹⁾ The total amount of the receivables without specified maturity is recorded in Non-current assets.

⁽²⁾ Includes financial assets recorded in trade receivables and other receivables, excluding allowance for doubtful accounts.

Maturities of Financial Liabilities

Below is a detail of the maturities of the Company's financial liabilities corresponding to: commercial debts, remunerations, other debts and financial debts as of December 31, 2020 and 2019. The amounts presented in the tables represent contractual undiscounted cash flows and, therefore, do not correspond to the amounts presented in the statement of financial position. These estimates are made on the basis of information available at the end of each year and may not reflect actual amounts in the future. Therefore, the amounts shown are provided for illustrative purposes only:

December 31, 2020
	Loans		Other financial liabilities		Leases liabilities
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2019		-		215,255		-
From 01-01-20 to 03-31-20		-		311		-
From 04-01-20 to 06-30-20		-		311		-
From 07-01-20 to 09-30-20		-		311		-
From 10-01-20 to 12-31-20		-		311		63,526
Total overdue		-		216,499		63,526

Non-due
From 01-01-21 to 03-31-21		-		3,853,636		157,361
From 04-01-21 to 06-30-21		1,420,031		14,644		157,361
From 07-01-21 to 09-30-21		-		-		157,361
From 10-01-21 to 12-31-21		1,420,031		-		157,361
During 2022		2,840,063		-		629,526
During 2023		2,840,063		-		629,526
During 2024		2,840,063		-		629,526
During 2025		43,419,769		-		629,526
From 2026 onwards		-		-		376,066
Total non-due		54,780,020		3,868,280		3,523,614
Total with specified maturity		54,780,020		4,084,779		3,587,140
Total		54,780,020		4,084,779		3,587,140

December 31, 2019
	Loans		Other financial liabilities		Financial leases
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2018		-		178,111		-
From 01-01-19 to 03-31-19		-		423		-
From 04-01-19 to 06-30-19		-		423		-
From 07-01-19 to 09-30-19		-		423		-
From 10-01-19 to 12-31-19		-		423		123,021
Total overdue		-		179,803		123,021

Non-due
From 01-01-20 to 03-31-20		1,398,847		5,098,543		152,469
From 04-01-20 to 06-30-20		1,375,897		44,612		152,469
From 07-01-20 to 09-30-20		-		-		152,469
From 10-01-20 to 12-31-20		1,375,897		-		152,469
During 2021		2,751,793		-		609,960
During 2022		2,751,793		-		609,960
During 2023		2,751,793		-		609,960
During 2024		2,751,793		-		609,960
From 2025 onwards		42,143,192		-		974,339
Total non-due		57,301,005		5,143,155		4,024,055
Total with specified maturity		57,301,005		5,322,958		4,147,076
Total		57,301,005		5,322,958		4,147,076

Gearing Ratio

During the years ended December 31, 2020 and 2019, the gearing ratio was as follows:

	2020		2019
Total debt (Note 13)		43,869,424		45,719,826
Total equity		66,026,644		65,461,118
Total capital		109,896,068		111,180,944
Gearing Ratio		0.40		0.40

Categories of Financial Assets and Liabilities

The categorization of financial assets and liabilities as of December 31, 2020 and 2019 is included below:

	December 31, 2020
	Financial assets at fair value		Financial assets at amortized cost		Total
CURRENT ASSETS
Trade receivables		-		6,147,453		6,147,453
Other receivables		-		673,142		673,142
Other financial assets at amortized cost		-		18,319		18,319
Other financial assets at fair value through profit or loss		2,120,788		-		2,120,788
Cash and cash equivalents		3,176,316		1,477,090		4,653,406
Total current assets		5,297,104		8,316,004		13,613,108

NON-CURRENT ASSETS
Other receivables		-		7,603		7,603
Other financial assets at amortized cost		-		13,759,012		13,759,012
Total non-current assets		-		13,766,615		13,766,615
Total assets		5,297,104		22,082,619		27,379,723

	Financial liabilities at fair value		Other financial liabilities		Total
CURRENT LIABILITIES
Trade payables		-		2,803,596		2,803,596
Loans		-		936,766		936,766
Payroll and social security taxes payables		-		991,669		991,669
Other payables		-		301,974		301,974
Total current liabilities		-		5,034,005		5,034,005

NON-CURRENT LIABILITIES
Loans		-		42,932,658		42,932,658
Total non-current liabilities		-		42,932,658		42,932,658
Total liabilities		-		47,966,663		47,966,663

	2019
	Financial assets at fair value		Financial assets at amortirzed cost		Total
CURRENT ASSETS
Trade receivables		-		8,813,414		8,813,414
Other receivables		-		644,239		644,239
Derivative financial instruments		373,058		-		373,058
Other financial assets at amortized cost		-		1,421,253		1,421,253
Cash and cash equivalents		1,401,763		11,892,639		13,294,402
Total current assets		1,774,821		22,771,545		24,546,366

NON-CURRENT ASSETS
Other receivables		-		10,351		10,351
Other financial assets at amortized cost		-		7,356		7,356
Total non-current assets		-		17,707		17,707
Total assets		1,774,821		22,789,252		24,564,073


	Financial liabilities at fair value		Other financial liabilities		Total
CURRENT LIABILITIES
Trade payables		-		5,600,240		5,600,240
Loans		-		2,344,459		2,344,459
Payroll and social security taxes payables		-		726,306		726,306
Other payables		-		391,621		391,621
Total current liabilities		-		9,062,626		9,062,626

NON-CURRENT LIABILITIES
Loans		-		43,375,367		43,375,367
Total non-current liabilities		-		43,375,367		43,375,367
Total liabilities		-		52,437,993		52,437,993

Fair Value of Financial Assets and Liabilities

The table below shows different assets at their fair value classified by hierarchy as of December 31, 2020 and 2019:

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		3,176,316		-		-		3,176,316
Other financial assets at fair value through profit or loss		2,120,788		-		-		2,120,788
Total		5,297,104		-		-		5,297,104

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		1,401,763		-		-		1,401,763
Derivative financial instruments		-		373,058		-		373,058
Total		1,401,763		373,058		-		1,774,821

The following table reflects the carrying amount and estimated fair value of the 2018 Notes at December 31, 2020, based on their quoted market price:

	As of December 31, 2020
	Carrying amount		Fair value
2018 Notes		40,976,742		37,583,947