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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

		Financial assets								Financial liabilities (1)
		2023				2022				2023				2022
Fix interest rate			214,572,395				133,336,086				450,154,594				278,443,497
Variable interest rate			1,873,673				137,714				-				-
Total			216,446,068				133,473,800				450,154,594				278,443,497

⁽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, 2023 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, 2023 and 2022, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to:

		2023				2022
Current trade receivables			51,103,234				53,162,940
Allowances for doubful accounts (1)			(301,770	)			(412,681	)
Total			50,801,464				52,750,259

⁽¹⁾
Said amount represents the best estimate made by tgs according to what is stated in Note 4.b).

Major 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 31,2023, 2022 and 2021 and the sales receivable balances (net of allowances) as of December 31, 2023 and 2022 are set forth below:

		2023								2022								2021
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
MetroGas			24,318,307				1,476,898				32,248,616				2,392,212				36,814,036
Camuzzi Gas Pampeana S.A.			18,070,335				1,086,152				23,880,326				1,767,771				27,120,380
Naturgy Argentina			14,712,603				945,579				19,575,169				1,505,818				21,958,655
CAMMESA			8,847,362				1,463,834				11,818,443				4,297,818				16,816,760
Pampa Energía			3,460,789				265,685				4,582,093				347,064				5,189,780
Camuzzi Gas del Sur S.A.			4,487,300				66,625				5,657,561				368,109				6,268,564

The amounts of Liquids Production and Commercialization revenues made to major customers during the years ended December 31, 2023, 2022 and 2021 and revenues receivable balances (net of allowances) as of December 31, 2023 and 2022 are set forth below:

		2023								2022								2021
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
PBB Polisur			101,023,042				7,493,584				79,688,674				11,115,350				83,014,038
Geogas Trading S.A.			8,327,911				-				11,424,167				-				23,051,172
Italgas S.A.			-				-				-				-				918,740
YPF			4,863,755				89,175				8,092,448				501,014				11,522,821
Petrobras Global Trading BV			1,907,031				1,907,031				873,237				-				34,110,130
Trafigura Beheer			41,344,487				3,088,637				49,727,977				2,796,525				42,010,476
Pampa Energía			8,605,778				646,317				11,158,452				877,466				15,558,595

The amounts of Midstream revenues made to major customers during the years ended December 31, 2023, 2022 and 2021 and revenues receivable balances (net of allowances) as of December 31, 2023 and 2022 are set forth below:

		2023								2022								2021
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
Tecpetrol			11,613,064				1,688,724				8,471,994				1,301,080				2,727,791
Exxomobil Exploration			5,320,819				887,297				5,086,118				755,238				5,775,892
YPF			12,927,055				3,766,193				13,323,059				2,631,812				14,107,367
Vista Oil			2,059,717				483,254				733,131				379,111				-
Pluspetrol			12,362,816				2,774,674				8,216,597				856,969				7,326,827
Pampa Energía			17,632,528				4,225,255				12,371,684				2,822,228				7,366,239

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, 2023 and 2022:

December 31, 2023
		Cash and cash equivalents				Financial assets				Credits (1) (2)
Without specified maturity			6,599,199				217,537,319				12,924
With specified maturity
Overdue
Until 12-31-2022			-				-				432,064
From 01-01-23 to 03-31-23			-				-				97
From 04-01-23 to 06-30-23			-				-				211
From 07-01-23 to 09-30-23			-				-				9,478
From 10-01-23 to 12-31-23			-				-				3,107,489
Total overdue			-				-				3,549,339
Non-due
From 01-01-24 to 03-31-24			-				101,278,492				45,365,062
From 04-01-24 to 06-30-24			-				4,027,889				7,479,194
From 07-01-24 to 09-30-24			-				-				7,371
From 10-01-24 to 12-31-24			-				21,177				9,965
During 2025			-				107,191,029				19,591
During 2026			-				-				-
During 2027			-				-				-
From 2028 onwards			-				-				-
Total non-due			-				212,518,587				52,881,183
Total with specified maturity			-				212,518,587				56,430,522
Total			6,599,199				430,055,906				56,443,446

⁽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, 2022
		Cash and cash equivalents				Financial assets				Credits (1) (2)
Without specified maturity			9,307,806				122,350,911				125,774
With specified maturity
Overdue
Until 12-31-2021			-				-				540,221
From 01-01-22 to 03-31-22			-				-				25,433
From 04-01-22 to 06-30-22			-				-				82,296
From 07-01-22 to 09-30-22			-				-				70,160
From 10-01-22 to 12-31-22			-				-				4,513,994
Total overdue			-				-				5,232,104
Non-due
From 01-01-23 to 03-31-23			-				598				60,837,510
From 04-01-23 to 06-30-23			-				598				354,986
From 07-01-23 to 09-30-23			-				3,282				180,405
From 10-01-23 to 12-31-23			-				-				11,687
During 2024			-				125,068,419				43,678
During 2025			-				-				-
During 2026			-				-				-
From 2027 onwards			-				-				-
Total non-due			-				125,072,897				61,428,266
Total with specified maturity			-				125,072,897				66,660,370
Total			9,307,806				247,423,808				66,786,144

⁽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, 2023 and 2022. 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, 2023
		Loans				Other financial liabilities				Leases liabilities
Without specified maturity			-				-				-
With specified maturity
Overdue
Until 12-31-2022			-				496,213				-
From 01-01-23 to 03-31-23			-				311				-
From 04-01-23 to 06-30-23			-				311				-
From 07-01-23 to 09-30-23			-				311				-
From 10-01-23 to 12-31-23			-				311				609,435
Total overdue			-				497,457				609,435
Non-due
From 01-01-24 to 03-31-24			21,913,365				46,127,826				1,655,061
From 04-01-24 to 06-30-24			27,826,772				104,969				1,655,061
From 07-01-24 to 09-30-24			119,544				-				1,655,061
From 10-01-24 to 12-31-24			28,823,183				-				1,655,061
During 2025			438,117,650				-				6,655,985
During 2026			-				-				4,255,896
During 2027			-				-				679,059
From 2028 onwards			-				-				-
Total non-due			516,800,514				46,232,795				18,211,184
Total with specified maturity			516,800,514				46,730,252				18,820,619
Total			516,800,514				46,730,252				18,820,619

December 31, 2022
		Loans				Other financial liabilities				Financial leases
Without specified maturity			-				-				-
With specified maturity
Overdue
Until 12-31-2021			-				718,333				-
From 01-01-22 to 03-31-22			-				968				-
From 04-01-22 to 06-30-22			-				968				-
From 07-01-22 to 09-30-22			-				968				-
From 10-01-22 to 12-31-22			-				968				415,882
Total overdue			-				722,205				415,882
Non-due
From 01-01-23 to 03-31-23			-				39,074,182				1,031,659
From 04-01-23 to 06-30-23			10,328,560				245,224				1,031,659
From 07-01-23 to 09-30-23			4,801,277				-				1,031,659
From 10-01-23 to 12-31-23			9,309,765				-				1,031,659
During 2024			18,619,530				-				4,127,191
During 2025			285,154,656				-				4,127,191
During 2026			-				-				2,465,502
From 2027 onwards			-				-				-
Total non-due			328,213,788				39,319,406				14,846,520
Total with specified maturity			328,213,788				40,041,611				15,262,402
Total			328,213,788				40,041,611				15,262,402

Gearing Ratio

During the years ended December 31, 2023 and 2022, the gearing ratio was as follows:

		2023				2022
Total debt (Note 13)			471,648,466				294,635,431
Total equity			855,674,894				832,156,862
Total capital			1,327,323,360				1,126,792,293
Gearing Ratio			0.36				0.26

Categories of Financial Assets and Liabilities

The categorization of financial assets and liabilities as of December 31, 2023 and 2022 is included below:

		December 31, 2023
		Financial assets at fair value				Financial assets at amortized cost				Total
CURRENT ASSETS
Trade receivables			-				50,801,464				50,801,464
Other receivables			-				5,325,726				5,325,726
Financial assets at amortized cost			-				105,327,557				105,327,557
Financial assets at fair value through profit or loss			217,537,319				-				217,537,319
Cash and cash equivalents			2,053,961				4,545,238				6,599,199
Total current assets			219,591,280				165,999,985				385,591,265
NON-CURRENT ASSETS
Other receivables			-				14,486				14,486
Other financial assets at amortized cost			-				107,191,030				107,191,030
Total non-current assets			-				107,205,516				107,205,516
Total assets			219,591,280				273,205,501				492,796,781

		Financial liabilities at fair value				Financial liabilities at amortirzed cost				Total
CURRENT LIABILITIES
Trade payables			-				41,723,198				41,723,198
Loans			-				60,567,191				60,567,191
Payroll and social security taxes payables			-				4,934,640				4,934,640
Other payables			-				74,374				74,374
Total current liabilities			-				107,299,403				107,299,403
NON-CURRENT LIABILITIES
Loans			-				411,081,275				411,081,275
Total non-current liabilities			-				411,081,275				411,081,275
Total liabilities			-				518,380,678				518,380,678

		December 31, 2022
		Financial assets at fair value				Financial assets at amortirzed cost				Total
CURRENT ASSETS
Trade receivables			-				52,750,259				52,750,259
Other receivables			-				13,576,805				13,576,805
Financial assets at amortized cost			-				4,478				4,478
Financial assets at fair value through profit or loss			122,350,911				-				122,350,911
Cash and cash equivalents			8,301,548				1,006,258				9,307,806
Total current assets			130,652,459				67,337,800				197,990,259
NON-CURRENT ASSETS
Other receivables			-				46,397				46,397
Financial assets at amortized cost			-				125,068,419				125,068,419
Total non-current assets			-				125,114,816				125,114,816
Total assets			130,652,459				192,452,616				323,105,075

		Financial liabilities at fair value				Financial liabilities at amortirzed cost				Total
CURRENT LIABILITIES
Trade payables			-				32,775,452				32,775,452
Loans			-				12,206,959				12,206,959
Payroll and social security taxes payables			-				6,706,238				6,706,238
Other payables			-				892,354				892,354
Total current liabilities			-				52,581,003				52,581,003
NON-CURRENT LIABILITIES
Loans			-				282,428,472				282,428,472
Total non-current liabilities			-				282,428,472				282,428,472
Total liabilities			-				335,009,475				335,009,475

Fair Value of Financial Assets and Liabilities

The table below shows different assets at their fair value classified by hierarchy as of December 31, 2023 and 2022:

		As of December 31, 2023
		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Cash and cash equivalents			2,053,961				-				-				2,053,961
Financial assets at fair value through profit or loss			217,537,319				-				-				217,537,319
Total			219,591,280				-				-				219,591,280

		As of December 31, 2022
		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Cash and cash equivalents			8,301,549				-				-				8,301,549
Financial assets at fair value through profit or loss			122,350,911				-				-				122,350,911
Total			130,652,460				-				-				130,652,460

The estimated fair value of Non-current loans is estimated based on quoted market prices. The following table reflects the carrying amount and estimated fair value of the 2018 Notes at December 31, 2023, based on their quoted market price:

		As of December 31, 2023
		Carrying amount				Fair value
2018 Notes			384,503,538				365,967,850

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