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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

	Financial assets				Financial liabilities⁽¹⁾
	2021		2020		2021		2020
Fix interest rate		22,553,663		24,314,753		49,556,849		61,850,964
Variable interest rate		17,479,560		4,799,850		-		-
Total		40,033,223		29,114,603		49,556,849		61,850,964

⁽¹⁾

Includes 2018 Notes. For further information see Note 13 to the Consolidated Financial Statements.

Monthly Tons

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

Period	Propane		Butane		Natural gasoline
October 2018 - April 2019		6,045		4,506		2,700
May 2019 - September 2019		-		-		4,100
October 2019		9,068		7,010		4,200
November 2019 - April 2020		13,098		10,014		6,000

Provision for Losses

On this basis, the provision for losses for the year ended December 31, 2021 for trade receivables was determined as follows:

Ratio	Non-due			90 days			120 days			180 days			+240 days
Natural Gas Transportation segment		0	%		0.50	%		5	%		10	%		100	%
Other segments		0	%		0.25	%		2	%		5	%		100	%

Current and Non-Current Sales Receivables

As of December 31, 2021 and 2020, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to:

	2021			2020
Current trade receivables		10,756,021			9,479,095
Allowances for doubful accounts ⁽¹⁾		(132,521	)		(200,029	)
Total		10,623,500			9,279,066

⁽¹⁾

Said amount represents the best estimate made by tgs according to what is stated in Note 4.b).

Significant Customers

In the ordinary course of business, the Company provides natural gas transportation services mainly to natural gas distribution companies, CAMMESA and Pampa Energía. The amounts of net sales made to the principal customers to which Natural Gas Transportation services were provided in the years ended December 31,2021, 2020 and 2019 and the sales receivable balances (net of allowances) as of December 31, 2021 and 2020 are set forth below:

	2021				2020				2019
	Revenues		Trade receivables		Revenues		Trade receivables		Revenues
MetroGas		6,068,906		1,442,363		8,896,666		2,176,289		12,019,559
Camuzzi Gas Pampeana S.A.		4,470,877		350,002		6,578,246		1,065,858		8,945,151
Naturgy Argentina		3,619,951		300,943		5,317,677		473,256		7,184,143
CAMMESA		2,772,294		612,967		3,535,855		1,005,463		2,749,488
Pampa Energía		855,551		327,428		1,269,833		463,383		1,651,360
Camuzzi Gas del Sur S.A.		1,033,392		151,421		1,574,291		221,831		2,210,576

The amounts of Liquids Production and Marketing net sales made to major customers during the years ended December 31, 2021, 2020 and 2019 and sales receivable balances (net of allowances) as of December 31, 2021 and 2020 are set forth below:

	2021				2020				2019
	Revenues		Trade receivables		Revenues		Trade receivables		Revenues
PBB Polisur		13,685,117		1,426,407		14,043,121		1,174,010		13,024,592
Petredec		-		-		1,043,349		-		2,061,636
Geogas Trading S.A.		3,800,056		2,687,682		434,033		-		3,476,753
Italgas S.A.		151,457		-		598,192		-		-
YPF		1,899,572		34,309		1,469,282		63,945		2,546,266
Petrobras Global Trading BV		5,623,159		-		6,808,862		428,809		9,136,707
Trafigura Beheer		6,925,555		691,580		-		-		-

Maturities of Financial Assets

Below is a detail of the maturities of the financial assets included in (i) cash and cash equivalents, (ii) other financial assets, (iii) trade receivables and (iv) other receivables as of December 31, 2021 and 2020:

December 31, 2021
	Cash and cash equivalents		Other financial assets		Credits ^{(1) (2)}
Without specified maturity		4,428,802		12,555,077		37,692
With specified maturity
Overdue
Until 12-31-2020		-		-		135,914
From 01-01-21 to 03-31-21		-		-		-
From 04-01-21 to 06-30-21		-		-		-
From 07-01-21 to 09-30-21		-		-		42,032
From 10-01-21 to 12-31-21		-		-		1,733,128
Total overdue		-		-		1,911,074

Non-due
From 01-01-22 to 03-31-22		-		693		10,065,902
From 04-01-22 to 06-30-22		-		587		301,842
From 07-01-22 to 09-30-22		-		376		57,932
From 10-01-22 to 12-31-22		-		255		482
During 2023		-		23,157,358		7,380
During 2024		-		-		-
During 2025		-		-		-
From 2026 onwards		-		-		-
Total non-due		-		23,159,269		10,433,538
Total with specified maturity		-		23,159,269		12,344,612
Total		4,428,802		35,714,346		12,382,304

⁽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, 2020
	Cash and cash equivalents		Other financial assets		Credits ^{(1) (2)}
Without specified maturity		7,023,927		3,201,152		59,371
With specified maturity
Overdue
Until 12-31-2019		-		-		207,199
From 01-01-20 to 03-31-20		-		-		1,137
From 04-01-20 to 06-30-20		-		-		675
From 07-01-20 to 09-30-20		-		-		35,373
From 10-01-20 to 12-31-20		-		-		3,250,649
Total overdue		-		-		3,495,033

Non-due
From 01-01-21 to 03-31-21		-		1,170		6,520,731
From 04-01-21 to 06-30-21		-		1,170		187,310
From 07-01-21 to 09-30-21		-		1,170		118,903
From 10-01-21 to 12-31-21		-		24,142		114,796
During 2022		-		20,767,400		10,479
During 2023		-		676		-
During 2024 onwards		-		-		-
Total non-due		-		20,795,728		6,952,219
Total with specified maturity		-		20,795,728		10,447,252
Total		7,023,927		23,996,880		10,506,623

⁽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, 2021 and 2020. 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, 2021
	Loans		Other financial liabilities		Leases liabilities
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2020		-		296,135		-
From 01-01-21 to 03-31-21		-		311		-
From 04-01-21 to 06-30-21		-		311		-
From 07-01-21 to 09-30-21		-		311		-
From 10-01-21 to 12-31-21		-		311		77,433
Total overdue		-		297,379		77,433

Non-due
From 01-01-22 to 03-31-22		42,265		7,221,483		192,086
From 04-01-22 to 06-30-22		1,733,400		42,180		192,086
From 07-01-22 to 09-30-22		-		-		192,086
From 10-01-22 to 12-31-22		1,733,400		-		192,086
During 2023		3,466,800		-		768,448
During 2024		3,466,800		-		768,448
During 2025		53,093,400		-		768,448
From 2026 onwards		-		-		459,056
Total non-due		63,536,065		7,263,663		3,532,744
Total with specified maturity		63,536,065		7,561,042		3,610,177
Total		63,536,065		7,561,042		3,610,177

December 31, 2020
	Loans		Other financial liabilities		Financial leases
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2019		-		324,909		-
From 01-01-20 to 03-31-20		-		469		-
From 04-01-20 to 06-30-20		-		469		-
From 07-01-20 to 09-30-20		-		469		-
From 10-01-20 to 12-31-20		-		469		95,887
Total overdue		-		326,785		95,887

Non-due
From 01-01-21 to 03-31-21		-		5,816,741		237,523
From 04-01-21 to 06-30-21		2,143,418		22,104		237,523
From 07-01-21 to 09-30-21		-		-		237,523
From 10-01-21 to 12-31-21		2,143,418		-		237,523
During 2022		4,286,837		-		950,217
During 2023		4,286,837		-		950,217
During 2024		4,286,837		-		950,217
During 2025		65,538,509		-		950,217
From 2026 onwards		-		-		567,640
Total non-due		82,685,856		5,838,845		5,318,600
Total with specified maturity		82,685,856		6,165,630		5,414,487
Total		82,685,856		6,165,630		5,414,487

Gearing Ratio

During the years ended December 31, 2021 and 2020, the gearing ratio was as follows:

	2021		2020
Total debt (Note 13)		52,579,362		66,217,225
Total equity		120,592,771		99,661,694
Total capital		173,172,133		165,878,919
Gearing Ratio		0.30		0.40

Categories of Financial Assets and Liabilities

The categorization of financial assets and liabilities as of December 31, 2021 and 2020 is included below:

	December 31, 2021
	Financial assets at fair value		Financial assets at amortized cost		Total
CURRENT ASSETS
Trade receivables		-		10,623,500		10,623,500
Other receivables		-		1,617,900		1,617,900
Other financial assets at amortized cost		-		1,910		1,910
Other financial assets at fair value through profit or loss		13,267,914		-		13,267,914
Cash and cash equivalents		4,208,552		220,250		4,428,802
Total current assets		17,476,466		12,463,560		29,940,026

NON-CURRENT ASSETS
Other receivables		-		8,383		8,383
Other financial assets at amortized cost		-		22,444,522		22,444,522
Total non-current assets		-		22,452,905		22,452,905
Total assets		17,476,466		34,916,465		52,392,931

	Financial liabilities at fair value		Other financial liabilities		Total
CURRENT LIABILITIES
Trade payables		-		6,068,325		6,068,325
Derivative financial instruments		42,265		-		42,265
Loans		-		1,180,605		1,180,605
Payroll and social security taxes payables		-		1,169,970		1,169,970
Other payables		-		318,271		318,271
Total current liabilities		42,265		8,737,171		8,779,436

NON-CURRENT LIABILITIES
Loans		-		51,398,757		51,398,757
Total non-current liabilities		-		51,398,757		51,398,757
Total liabilities		42,265		60,135,928		60,178,193

	2020
	Financial assets at fair value		Financial assets at amortirzed cost		Total
CURRENT ASSETS
Trade receivables		-		9,279,066		9,279,066
Other receivables		-		1,016,052		1,016,052
Other financial assets at amortized cost		-		27,651		27,651
Other financial assets at fair value through profit or loss		3,201,152		-		3,201,152
Cash and cash equivalents		4,794,383		2,229,544		7,023,927
Total current assets		7,995,535		12,552,313		20,547,848

NON-CURRENT ASSETS
Other receivables		-		11,476		11,476
Other financial assets at amortized cost		-		20,768,077		20,768,077
Total non-current assets		-		20,779,553		20,779,553
Total assets		7,995,535		33,331,866		41,327,401

	Financial liabilities at fair value		Other financial liabilities		Total
CURRENT LIABILITIES
Trade payables		-		4,231,794		4,231,794
Loans		-		1,413,970		1,413,970
Payroll and social security taxes payables		-		1,496,841		1,496,841
Other payables		-		455,804		455,804
Total current liabilities		-		7,598,409		7,598,409

NON-CURRENT LIABILITIES
Loans		-		64,803,255		64,803,255
Total non-current liabilities		-		64,803,255		64,803,255
Total liabilities		-		72,401,664		72,401,664

Fair Value of Financial Assets and Liabilities

The table below shows different assets at their fair value classified by hierarchy as of December 31, 2021 and 2020:

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		4,208,552		-		-		4,208,552
Other financial assets at fair value through profit or loss		13,267,914		-		-		13,267,914
Total		17,476,466		-		-		17,476,466

	Level 1		Level 2		Level 3		Total
Financial liabilities at fair value
Derivative financial instruments		42,265		-		-		42,265
Total		42,265		-		-		42,265

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		4,794,383		-		-		4,794,383
Other financial assets at fair value through profit or loss		3,201,152		-		-		3,201,152
Total		7,995,535		-		-		7,995,535

The estimated fair value of Non-current loans is estimated based on quoted market prices (level 1). The following table reflects the carrying amount and estimated fair value of the 2018 Notes at December 31, 2021 and 2020, based on their quoted market price:

	As of December 31, 2021
	Carrying amount		Fair value
2018 Notes		49,556,849		45,208,681

	As of December 31, 2020
	Carrying amount		Fair value
2018 Notes		61,850,964		56,729,824