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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023:

	Financial assets				Financial liabilities
	2024		2023		2024 ⁽¹⁾		2023 ⁽²⁾
Fix interest rate		271,609,495		467,260,631		566,132,461		989,588,087
Variable interest rate		17,716,933		4,080,178		-		-
Total		289,326,428		471,340,809		566,132,461		989,588,087

⁽¹⁾

Includes 2031 Notes. For further information see Note 13 to the Consolidated Financial Statements.

⁽²⁾

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

Current and Non-Current Sales Receivables

As of December 31, 2024 and 2023, current and non-current sales receivables, net of allowance for doubtful accounts, amounted to:

	2024			2023
Current trade receivables		156,318,243			111,284,256
Allowances for doubtful accounts ⁽¹⁾		(301,770	)		(657,145	)
Total		156,016,473			110,627,111

⁽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 revenues made to the principal customers to which Natural Gas Transportation services were provided in the years ended December 31, 2024, 2023 and 2022 and the revenues receivable balances (net of allowances) as of December 31, 2024 and 2023 are set forth below:

	2024				2023				2022
	Revenues		Trade Receivables		Revenues		Trade Receivables		Revenues
MetroGAS		113,619,394		13,033,790		52,956,427		3,216,147		70,225,756
Camuzzi Gas Pampeana S.A.		84,337,807		9,716,865		39,350,617		2,365,244		52,002,664
Naturgy Argentina		68,778,244		8,436,333		32,038,698		2,059,127		42,627,598
CAMMESA		35,418,327		9,213,758		19,266,336		3,187,698		25,736,270
Pampa Energía		17,086,616		2,253,966		7,536,340		578,565		9,978,132
Camuzzi Gas del Sur S.A.		20,456,659		2,339,822		9,771,707		145,085		12,320,110

The amounts of Liquids Production and Commercialization revenues made to major customers during the years ended December 31, 2024, 2023 and 2022 and revenues receivable balances (net of allowances) as of December 31, 2024 and 2023 are set forth below:

	2024				2023				2022
	Revenues		Trade Receivables		Revenues		Trade Receivables		Revenues
PBB Polisur		136,799,988		13,770,395		219,991,441		16,318,300		173,532,947
Geogas Trading S.A.		24,139,860		-		18,135,161		-		24,877,680
YPF		15,426,368		1,171,556		10,591,489		194,191		17,622,408
Petrobras Global Trading BV		8,412,581		-		4,152,820		4,152,820		1,901,593
Trafigura Beheer		77,917,255		5,514,642		90,033,255		6,725,928		108,289,447
Pampa Energía		16,099,079		2,377,690		18,740,254		1,407,443		24,299,050

The amounts of Midstream revenues made to major customers during the years ended December 31, 2024, 2023 and 2022 and revenues receivable balances (net of allowances) as of December 31, 2024 and 2023 are set forth below:

	2024				2023				2022
	Revenues		Trade Receivables		Revenues		Trade Receivables		Revenues
Tecpetrol		20,728,296		3,890,477		25,289,029		3,677,427		18,448,921
Exxomobil Exploration		11,158,951		1,536,303		11,586,808		1,932,210		11,075,715
YPF		25,320,969		5,145,765		28,150,424		8,201,398		29,012,777
Vista Energy		7,852,914		1,528,803		4,485,314		1,052,351		1,596,493
Pluspetrol		39,036,630		7,042,032		26,921,717		6,042,231		17,892,760
Pampa Energía		49,595,319		8,544,281		38,397,233		9,201,069		26,941,028

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, 2024 and 2023:

	December 31, 2024
	Cash and cash equivalents		Financial assets		Credits ^{(1) (2)}
Without specified maturity		59,973,684		464,955,449		28,714
With specified maturity
Overdue
Until el 12-31-2023		-		-		3,272,641
From 01-01-24 to 03-31-24		-		-		-
From 04-01-24 to 06-30-24		-		-		-
From 07-01-24 to 09-30-24		-		-		325,537
From 10-01-24 to 12-31-24		-		-		20,632,187
Total overdue		-		-		24,230,365

Non-due
From 01-01-25 to 03-31-25		-		240,634,495		143,842,758
From 04-01-25 to 06-30-25		-		-		1,853
From 07-01-25 to 09-30-25		-		-		48,767
From 10-01-25 to 12-31-25		-		30,975,000		22,358
During 2026		-		-		427,896
During 2027		-		-		-
During 2028		-		-		-
From 2029 onwards		-		-		-

Total non-due		-		271,609,495		144,343,632
Total with specified maturity		-		271,609,495		168,573,997
Total		59,973,684		736,564,944		168,602,711

⁽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, 2023
	Cash and cash equivalents		Financial assets		Credits ^{(1) (2)}
Without specified maturity		14,370,655		473,717,157		28,144
With specified maturity
Overdue
Until 12-31-2022		-		-		940,878
From 01-01-23 to 03-31-23		-		-		211
From 04-01-23 to 06-30-23		-		-		459
From 07-01-23 to 09-30-23		-		-		20,640
From 10-01-23 to 12-31-23		-		-		6,766,981
Total overdue		-		-		7,729,169

Non-due
From 01-01-24 to 03-31-24		-		220,547,718		98,788,606
From 04-01-24 to 06-30-24		-		8,771,277		16,286,964
From 07-01-24 to 09-30-24		-		-		16,051
From 10-01-24 to 12-31-24		-		46,116		21,700
During 2025		-		233,423,073		42,662
During 2026		-		-		-
During 2027		-		-		-
2028 onwards		-		-		-

Total non-due		-		462,788,184		115,155,983
Total with specified maturity		-		462,788,184		122,885,152
Total		14,370,655		936,505,341		122,913,296

⁽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, 2024 and 2023. 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, 2024
	Loans		Other financial liabilities		Leases liabilities
Without specified maturity		-		-		-
With specified maturity
Overdue
Until el 12-31-2023		-		522,090		-
From 01-01-24 to 03-31-24		-		311		-
From 04-01-24 to 06-30-24		-		311		-
From 07-01-24 to 09-30-24		-		311		-
From 10-01-24 to 12-31-24		-		311		-
Total overdue		-		523,334		-

Non-due
From 01-01-25 to 03-31-25		50,242,959		118,427,943		2,124,119
From 04-01-25 to 06-30-25		22,308,860		933,245		2,124,119
From 07-01-25 to 09-30-25		21,491,400		-		2,124,119
From 10-01-25 to 12-31-25		-		-		2,124,119
During 2026		42,982,800		-		5,432,723
During 2027		42,982,800		-		866,831
During 2028		677,611,200		-		-
From 2029 onwards		-		-		-
Total non-due		857,620,019		119,361,188		14,796,030
Total with specified maturity		857,620,019		119,884,522		14,796,030
Total		857,620,019		119,884,522		14,796,030

	December 31, 2023
	Loans		Other financial liabilities		Leases liabilities
Without specified maturity		-		-		-
With specified maturity
Overdue
Until 12-31-2022		-		1,080,571		-
From 01-01-23 to 03-31-23		-		677		-
From 04-01-23 to 06-30-23		-		677		-
From 07-01-23 to 09-30-23		-		677		-
From 10-01-23 to 12-31-23		-		677		1,327,128
Total overdue		-		1,083,279		1,327,128

Non-due
From 01-01-24 to 03-31-24		47,719,339		100,449,627		3,604,121
From 04-01-24 to 06-30-24		60,596,588		228,584		3,604,121
From 07-01-24 to 09-30-24		260,323		-		3,604,121
From 10-01-24 to 12-31-24		62,766,409		-		3,604,121
During 2025		954,060,887		-		14,494,314
During 2026		-		-		9,267,794
During 2027		-		-		1,478,744
2028 onwards		-		-		-
Total non-due		1,125,403,546		100,678,211		39,657,336
Total with specified maturity		1,125,403,546		101,761,490		40,984,464
Total		1,125,403,546		101,761,490		40,984,464

Gearing Ratio

During the years ended December 31, 2024 and 2023, the gearing ratio was as follows:

	2024		2023
Total debt (Note 13)		580,109,631		1,027,078,808
Total equity		2,233,512,179		1,863,348,684
Total capital		2,813,621,810		2,890,427,492
Gearing Ratio		0.21		0.36

Categories of Financial Assets and Liabilities

The categorization of financial assets and liabilities as of December 31, 2024 and 2023 is included below:

	December 31, 2024
	Financial assets at fair value		Financial assets at amortized cost		Total
CURRENT ASSETS
Trade receivables		-		156,016,473		156,016,473
Other receivables		-		11,862,574		11,862,574
Financial assets at amortized cost		-		271,609,495		271,609,495
Financial assets at fair value through profit or loss		464,955,449		-		464,955,449
Cash and cash equivalents		17,716,933		42,256,751		59,973,684
Total current assets		482,672,382		481,745,293		964,417,675

NON-CURRENT ASSETS
Other receivables		-		421,894		421,894
Total non-current assets		-		421,894		421,894
Total assets		482,672,382		482,167,187		964,839,569

	Financial liabilities at fair value		Financial liabilities at amortized Cost		Total
CURRENT LIABILITIES
Trade payables		-		76,722,524		76,722,524
Loans		-		78,396,382		78,396,382
Payroll and social security taxes payables		-		16,100,693		16,100,693
Other payables		-		243,983		243,983
Total current liabilities		-		171,463,582		171,463,582

NON-CURRENT LIABILITIES
Loans		-		501,713,249		501,713,249
Total non-current liabilities		-		501,713,249		501,713,249
Total liabilities		-		673,176,831		673,176,831

	December 31, 2023
	Financial assets at fair value		Financial assets at amortized cost		Total
CURRENT ASSETS
Trade receivables		-		110,627,111		110,627,111
Other receivables		-		11,597,494		11,597,494
Financial assets at amortized cost		-		229,365,109		229,365,109
Financial assets at fair value through profit or loss		473,717,157		-		473,717,157
Cash and cash equivalents		4,472,780		9,897,875		14,370,655
Total current assets		478,189,937		361,487,589		839,677,526

NON-CURRENT ASSETS
Other receivables		-		31,546		31,546
Financial assets measured at amortized cost		-		233,423,075		233,423,075
Total non-current assets		-		233,454,621		233,454,621
Total assets		478,189,937		594,942,210		1,073,132,147

	Financial liabilities at fair value		Financial liabilities at amortized cost		Total
CURRENT LIABILITIES
Trade payables		-		90,857,949		90,857,949
Loans		-		131,893,312		131,893,312
Payroll and social security taxes payables		-		10,745,851		10,745,851
Other payables		-		161,960		161,960
Total current liabilities		-		233,659,072		233,659,072

NON-CURRENT LIABILITIES
Loans		-		895,185,496		895,185,496
Total non-current liabilities		-		895,185,496		895,185,496
Total liabilities		-		1,128,844,568		1,128,844,568

Fair Value of Financial Assets and Liabilities

The tables below show different assets at their fair value classified by hierarchy as of December 31, 2024 and 2023:

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		17,716,933		-		-		17,716,933
Financial assets at fair value through profit or loss		464,955,449		-		-		464,955,449
Total		482,672,382		-		-		482,672,382

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Cash and cash equivalents		4,472,780		-		-		4,472,780
Financial assets at fair value through profit or loss		473,717,157		-		-		473,717,157
Total		478,189,937		-		-		478,189,937

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 2031 Notes at December 31, 2024, based on their quoted market price:

	As of December 31, 2024
	Carrying amount		Fair value
2031 Notes		514,170,137		528,840,144