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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021:

	Financial assets				Financial liabilities⁽¹⁾
	2022		2021		2022		2021
Fix interest rate		39,323,688		43,932,998		86,048,279		96,533,363
Variable interest rate		2,665,814		34,048,991		-		-
Total		41,989,502		77,981,989		86,048,279		96,533,363

⁽¹⁾

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

Provision for Losses

On this basis, the provision for losses for the year ended December 31, 2022 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, 2022 and 2021, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to:

	2022			2021
Current trade receivables		17,071,816			20,951,996
Allowances for doubful accounts ⁽¹⁾		(132,521	)		(258,142	)
Total		16,939,295			20,693,854

⁽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 31,2022, 2021 and 2020 and the sales receivable balances (net of allowances) as of December 31, 2022 and 2021 are set forth below:

	2022				2021				2020
	Revenues		Trade receivables		Revenues		Trade receivables		Revenues
MetroGas		10,355,756		768,193		11,821,815		2,809,625		17,330,099
Camuzzi Gas Pampeana S.A.		7,668,510		567,671		8,708,964		681,780		12,813,975
Naturgy Argentina		6,286,027		483,552		7,051,418		586,216		10,358,472
CAMMESA		3,795,168		1,380,126		5,400,240		1,194,018		6,887,604
Pampa Energía		1,471,413		111,450		1,666,555		637,807		2,473,548
Camuzzi Gas del Sur S.A.		1,816,770		118,208		2,012,977		294,958		3,066,612

The amounts of Liquids Production and Marketing net sales made to major customers during the years ended December 31, 2022, 2021 and 2020 and sales receivable balances (net of allowances) as of December 31, 2022 and 2021 are set forth below:

	2022				2021				2020
	Revenues		Trade receivables		Revenues		Trade receivables		Revenues
PBB Polisur		25,589,826		3,569,289		26,657,675		2,778,544		27,355,042
Petredec		-		-		-		-		2,032,373
Geogas Trading S.A.		3,668,557		-		7,402,250		5,235,421		845,467
Italgas S.A.		-		-		295,028		-		1,165,237
YPF		2,598,667		160,887		3,700,237		66,832		2,862,061
Petrobras Global Trading BV		280,416		-		10,953,530		-		13,263,199
Trafigura Beheer		15,968,772		898,027		13,490,509		1,347,151		-
Pampa Energía		3,583,230		281,774		4,996,215		659,046		-

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, 2022 and 2021:

December 31, 2022
	Cash and cash equivalents		Other financial assets		Credits ^{(1) (2)}
Without specified maturity		2,988,946		39,289,630		40,389
With specified maturity
Overdue
Until 12-31-2021		-		-		173,477
From 01-01-22 to 03-31-22		-		-		8,167
From 04-01-22 to 06-30-22		-		-		26,427
From 07-01-22 to 09-30-22		-		-		22,530
From 10-01-22 to 12-31-22		-		-		1,449,545
Total overdue		-		-		1,680,146

Non-due
From 01-01-23 to 03-31-23		-		192		19,536,293
From 04-01-23 to 06-30-23		-		192		113,994
From 07-01-23 to 09-30-23		-		1,054		57,932
From 10-01-23 to 12-31-23		-		-		3,753
During 2024		-		40,162,283		14,026
During 2025		-		-		-
During 2026		-		-		-
From 2027 onwards		-		-		-
Total non-due		-		40,163,721		19,725,998
Total with specified maturity		-		40,163,721		21,406,144
Total		2,988,946		79,453,351		21,446,533

⁽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, 2021
	Cash and cash equivalents		Other financial assets		Credits ^{(1) (2)}
Without specified maturity		8,627,004		24,456,434		73,421
With specified maturity
Overdue
Until 12-31-2020		-		-		264,751
From 01-01-21 to 03-31-21		-		-		-
From 04-01-21 to 06-30-21		-		-		-
From 07-01-21 to 09-30-21		-		-		81,875
From 10-01-21 to 12-31-21		-		-		3,376,015
Total overdue		-		-		3,722,641

Non-due
From 01-01-22 to 03-31-22		-		1,350		19,607,691
From 04-01-22 to 06-30-22		-		1,143		587,968
From 07-01-22 to 09-30-22		-		732		112,848
From 10-01-22 to 12-31-22		-		497		939
During 2023		-		45,108,956		14,377
During 2024		-		-		-
During 2025		-		-		-
From 2026 onwards		-		-		-
Total non-due		-		45,112,678		20,323,823
Total with specified maturity		-		45,112,678		24,046,464
Total		8,627,004		69,569,112		24,119,885

⁽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, 2022 and 2021. 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, 2022
	Loans		Other financial liabilities		Leases liabilities
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2021		-		230,673		-
From 01-01-22 to 03-31-22		-		311		-
From 04-01-22 to 06-30-22		-		311		-
From 07-01-22 to 09-30-22		-		311		-
From 10-01-22 to 12-31-22		-		311		133,549
Total overdue		-		231,917		133,549

Non-due
From 01-01-23 to 03-31-23		-		12,547,599		331,289
From 04-01-23 to 06-30-23		3,316,733		78,747		331,289
From 07-01-23 to 09-30-23		1,541,798		-		331,289
From 10-01-23 to 12-31-23		2,989,575		-		331,289
During 2024		5,979,150		-		1,325,334
During 2025		91,569,575		-		1,325,334
During 2026		-		-		791,728
From 2027 onwards		-		-		-
Total non-due		105,396,831		12,626,346		4,767,552
Total with specified maturity		105,396,831		12,858,263		4,901,101
Total		105,396,831		12,858,263		4,901,101

December 31, 2021
	Loans		Other financial liabilities		Financial leases
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2020		-		576,851		-
From 01-01-21 to 03-31-21		-		606		-
From 04-01-21 to 06-30-21		-		606		-
From 07-01-21 to 09-30-21		-		606		-
From 10-01-21 to 12-31-21		-		606		150,834
Total overdue		-		579,275		150,834

Non-due
From 01-01-22 to 03-31-22		82,329		14,066,957		374,170
From 04-01-22 to 06-30-22		3,376,545		82,164		374,170
From 07-01-22 to 09-30-22		-		-		374,170
From 10-01-22 to 12-31-22		3,376,545		-		374,170
During 2023		6,753,090		-		1,496,884
During 2024		6,753,090		-		1,496,884
During 2025		103,422,323		-		1,496,884
From 2026 onwards		-		-		894,210
Total non-due		123,763,922		14,149,121		6,881,542
Total with specified maturity		123,763,922		14,728,396		7,032,376
Total		123,763,922		14,728,396		7,032,376

Gearing Ratio

During the years ended December 31, 2022 and 2021, the gearing ratio was as follows:

	2022		2021
Total debt (Note 13)		94,614,065		102,421,012
Total equity		267,224,289		234,906,487
Total capital		361,838,354		337,327,499
Gearing Ratio		0.26		0.30

Categories of Financial Assets and Liabilities

The categorization of financial assets and liabilities as of December 31, 2022 and 2021 is included below:

	December 31, 2022
	Financial assets at fair value		Financial assets at amortized cost		Total
CURRENT ASSETS
Trade receivables		-		16,939,295		16,939,295
Other receivables		-		4,359,818		4,359,818
Financial assets at amortized cost		-		1,438		1,438
Financial assets at fair value through profit or loss		39,289,630		-		39,289,630
Cash and cash equivalents		2,665,814		323,132		2,988,946
Total current assets		41,955,444		21,623,683		63,579,127

NON-CURRENT ASSETS
Other receivables		-		14,899		14,899
Other financial assets at amortized cost		-		40,162,283		40,162,283
Total non-current assets		-		40,177,182		40,177,182
Total assets		41,955,444		61,800,865		103,756,309

	Financial liabilities at fair value		Other financial liabilities		Total
CURRENT LIABILITIES
Trade payables		-		10,524,936		10,524,936
Loans		-		3,919,929		3,919,929
Payroll and social security taxes payables		-		2,153,524		2,153,524
Other payables		-		286,555		286,555
Total current liabilities		-		16,884,944		16,884,944

NON-CURRENT LIABILITIES
Loans		-		90,694,136		90,694,136
Total non-current liabilities		-		90,694,136		90,694,136
Total liabilities		-		107,579,080		107,579,080

	2021
	Financial assets at fair value		Financial assets at amortirzed cost		Total
CURRENT ASSETS
Trade receivables		-		20,693,854		20,693,854
Other receivables		-		3,151,559		3,151,559
Financial assets at amortized cost		-		3,721		3,721
Financial assets at fair value through profit or loss		25,844,992		-		25,844,992
Cash and cash equivalents		8,197,972		429,032		8,627,004
Total current assets		34,042,964		24,278,166		58,321,130

NON-CURRENT ASSETS
Other receivables		-		16,330		16,330
Financial assets at amortized cost		-		43,720,399		43,720,399
Total non-current assets		-		43,736,729		43,736,729
Total assets		34,042,964		68,014,895		102,057,859

	Financial liabilities at fair value		Other financial liabilities		Total
CURRENT LIABILITIES
Trade payables		-		11,820,683		11,820,683
Loans		-		2,299,738		2,299,738
Derivative financial results		82,329		-		82,329
Payroll and social security taxes payables		-		2,279,022		2,279,022
Other payables		-		619,970		619,970
Total current liabilities		82,329		17,019,413		17,101,742

NON-CURRENT LIABILITIES
Loans		-		100,121,274		100,121,274
Total non-current liabilities		-		100,121,274		100,121,274
Total liabilities		82,329		117,140,687		117,223,016

Fair Value of Financial Assets and Liabilities

The table below shows different assets at their fair value classified by hierarchy as of December 31, 2022 and 2021:

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		2,665,814		-		-		2,665,814
Financial assets at fair value through profit or loss		39,289,630		-		-		39,289,630
Total		41,955,444		-		-		41,955,444

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		8,197,972		-		-		8,197,972
Financial assets at fair value through profit or loss		25,844,992		-		-		25,844,992
Total		34,042,964		-		-		34,042,964

	Level 1		Level 2		Level 3		Total
Financial liabilities at fair value
Derivative financial instruments		82,329		-		-		82,329
Total		82,329		-		-		82,329

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, 2022, based on their quoted market price:

	As of December 31, 2022
	Carrying amount		Fair value
2018 Notes		84,229,875		77,460,798