<SEC-DOCUMENT>0000931427-22-000022.txt : 20230104
<SEC-HEADER>0000931427-22-000022.hdr.sgml : 20230104
<ACCEPTANCE-DATETIME>20221128095813
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000931427-22-000022
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAS TRANSPORTER OF THE SOUTH INC
		CENTRAL INDEX KEY:			0000931427
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		DON BOSCO 3672 5TH FLR
		STREET 2:		1206 CAPITAL FEDERAL
		CITY:			ARGENTINA
		STATE:			C1
		ZIP:			00000
		BUSINESS PHONE:		005401148659050X1093

	MAIL ADDRESS:	
		STREET 1:		DON BOSCO 3672 5TH FLR
		STREET 2:		CAPITAL FEDERAL
		CITY:			ARGENTINA
		STATE:			C1
		ZIP:			1206
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2022 [PPXVPY40XJV0VGFWGAFS]. www.edgarsuite.com -->
<HEAD>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:11pt Times New Roman;margin:0;color:#000000'>November 28, 2022</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'><B>VIA EDGAR </B><B>TRANSMISSION</B></FONT></P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style=width:235.15pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>U.S. Securities and Exchange Commission</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>100 F Street N.E.</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>Washington, DC 20549</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>Attn: </KBD><KBD style=margin-left:36pt></KBD>Kimberly Calder&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:36pt'>Assistant Chief Accountant, and</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:36pt'>Yolanda Guobadia</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:36pt'>Staff Accountant </P>
<P style='font:11pt Times New Roman;margin:0;margin-left:36pt'>Division of Corporation Finance</P>
<P style='font:11pt Times New Roman;margin:0;margin-left:36pt'>Office of Energy &amp; Transportation</P>
</TD><TD valign=top style=width:232.85pt><P style='font:11pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:235.15pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=top style=width:232.85pt><P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:36pt'>Re: </KBD><KBD style=margin-left:72pt></KBD>GAS TRANSPORTER OF THE SOUTH INC&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:36pt;color:#000000'>Form 20-F for Fiscal Year Ended December 31, 2021</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:36pt;color:#000000'>Filed April 26, 2022</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:36pt;color:#000000'>Form 6-K Filed August 9, 2022</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:36pt;color:#000000'>File No. 001-13396</P>
<P style='font:11pt Times New Roman;margin:0;margin-right:12pt;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;margin-right:12pt;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>Dear Ms. Calder and Ms. Guobadia,</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:27pt;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:27pt;color:#000000'>Reference is made to the comment letter (the &#8220;<B>Comment Letter</B>&#8221;), dated October 31, 2022, from the staff (the &#8220;<B>Staff</B>&#8221;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) with respect to the above referenced Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed by Transportadora de Gas del Sur S.A. (&#8220;<B>we</B>&#8221; or the &#8220;<B>Company</B>&#8221;) on April 26, 2022, and the Form 6-K, furnished by us on August 9, 2022. This letter sets forth the Company&#8217;s response to the Comment Letter. The numbering of the paragraphs below corresponds to the numbering of the Staff&#8217;s comments, the text of which we have incorporated into this response letter for convenience. </P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Form 20-F for Fiscal Year Ended December 31, 2021</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Item 5. Operating and Financial Review and Prospects</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>A. Operating Results</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Year 2021 Compared to Year 2020, page 129</FONT></P>
<P style='font:11pt Times New Roman;margin:0;text-indent:-27pt;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'><I>1. </I></KBD><KBD style=margin-left:36pt></KBD><I>Please discuss and analyze material changes to your balance sheet, and discuss material events and uncertainties that may impact your future financial condition. Refer to Part 1, Item 5 of Form 20-F.</I>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>We acknowledge the Commission&#8217;s comments, and we confirm that our subsequent filings will include a discussion and analysis of material changes to our balance sheet, and a discussion of material events and uncertainties that may impact our future financial condition.</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Form 6-K Filed August 9, 2022</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Second Quarter Ended June 30, 2022, page 1</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>2.</KBD><KBD style=margin-left:36pt></KBD><I>We note your presentation of operating costs and administrative and commercialization expenses, excluding depreciation, and operating costs and administrative and selling expenses, excluding depreciation, presented on a consolidated basis. Tell us how you considered Regulation G with respect to the presentation of the foregoing measures.</I>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:-27pt;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'>We acknowledge the Commission&#8217;s comments, and we confirm that we reviewed our presentation of operating costs and administrative and commercialization expenses, excluding depreciation, to comply with Regulation G, including the September 30, 2022 earnings release furnished on November 7, 2022, on Form 6-K.</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'>We hereby inform the Commission that &#8220;administrative and commercialization expenses&#8221; and &#8220;administrative and selling expenses&#8221; refer to the same line item in our statement of comprehensive income. We will conform labeling of the financial statement line items in subsequent earnings releases.</P>
<P style='font:11pt Times New Roman;margin:0;text-indent:-27pt;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Analysis of the Results, page 3</FONT></P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:0pt'>3.</KBD><KBD style=margin-left:36pt></KBD><I>We note your presentation of operating profit before depreciation on a segment basis here. However, a similar presentation is not included in the segment disclosure in Note 8 to the financial statements on page 11 of the Form 6-K filed August 16, 2022. Therefore, clarify to us whether you consider operating profit before depreciation a measure of segment profit or loss pursuant to IFRS 8.</I>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>We acknowledge the Commission&#8217;s comment and hereby inform that our chief operating decision-maker (CODM) does not use &#8220;operating profit before depreciation&#8221; as a measure of segment of profit or loss pursuant to IFRS 8. </P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>We conformed the presentation of the financial information by operating segment to the segment disclosure in Note 8 to the financial statements (Consolidated Business Segment Information) for the period ended September 30, 2022, earnings release furnished on November 7, 2022, on Form 6-K. </P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'>* * * * *</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>In connection with the responses set forth above, the Company acknowledges that it is responsible for the adequacy and accuracy of its disclosures, notwithstanding any review, comments action or absence of action by the Staff.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Please advise us if we can provide any further information or assistance to facilitate your review. </P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style=font-size:11pt>Please direct any further comments or questions regarding this response letter to Leandro Perez Casta&#241;o (leandro_perez@tgs.com.ar) or to Gast&#243;n Roberto Di Luise (gaston_di_luise@tgs.com.ar).</FONT></P>
<P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<TABLE style=border-collapse:collapse;margin-left:3pt><TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=5 valign=top bgcolor=#FFFFFF style=width:310pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0'>Yours very truly,</P>
</TD></TR>
<TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=2 valign=top bgcolor=#FFFFFF style=width:116.15pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:97.8pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=2 valign=top bgcolor=#FFFFFF style=width:96.05pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD></TR>
<TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=5 valign=top bgcolor=#FFFFFF style=width:310pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0'><B>GAS TRANSPORTER OF THE SOUTH INC</B></P>
</TD></TR>
<TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:51.9pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=3 valign=top bgcolor=#FFFFFF style=width:226.3pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:31.8pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD></TR>
<TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:51.9pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=3 valign=top bgcolor=#FFFFFF style=width:226.3pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:31.8pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD></TR>
<TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:51.9pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0'>Per:&#160;&#160;&#160;&#160;&#160;&#160;&#160; </P>
</TD><TD colspan=3 valign=top bgcolor=#FFFFFF style='width:226.3pt;padding-left:3pt;padding-right:3pt;border-bottom:0.5pt solid #000000'><P style='font:11pt Times New Roman;margin:0'>/s/ Alejandro M. Basso</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:31.8pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD></TR>
<TR><TD valign=top bgcolor=#FFFFFF style=width:194pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:51.9pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD colspan=3 valign=top bgcolor=#FFFFFF style='width:226.3pt;padding-left:3pt;padding-right:3pt;border-top:0.5pt solid #000000'><P style='font:11pt Times New Roman;margin:0;color:#000000'>Alejandro M. Basso</P>
<P style='font:11pt Times New Roman;margin:0'>Chief Financial Officer and Services Vice President</P>
</TD><TD valign=top bgcolor=#FFFFFF style=width:31.8pt;padding-left:3pt;padding-right:3pt><P style='font:11pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD></TR>
</TABLE>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>cc:<FONT style=font-size:9pt> </FONT></KBD><KBD style=margin-left:36pt></KBD>Alejandro Gonzalez Lazzeri, Esq., Skadden, Arps, Slate, Meagher &amp; Flom LLP&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'>Fernando Marticorea, Pistrelli, Henry Martin y Asociados S.R.L., member firm of Ernst &amp; Young Global Ltd.</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>Eduardo Loiacono, Price Waterhouse &amp; Co. S.R.L., Buenos Aires, Argentina&nbsp;</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
