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Transportadora de Gas del Sur S.A.(TGS) - 2023 Q2 - Quarterly Report
2023-06-30 13:58
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities and Exchange Act of 1934 For June 29, 2023 Commission file number: 1-13.396 Transportadora de Gas del Sur S.A. Don Bosco 3672, Fifth Floor 1206 Capital Federal Argentina Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F Indicate by check mark if registrant is submi ...
Transportadora de Gas del Sur S.A.(TGS) - 2022 Q4 - Annual Report
2023-04-25 21:02
Revenue and Tariffs - The company generated 25% of total revenues from Natural Gas Transportation public service contracts, which are subject to government regulation[53]. - A tariff increase of 60% was received since March 1, 2022, following a period of tariff freeze under Decree 1020[58]. - The company is currently negotiating a transitional tariff increase of 95% on natural gas transportation tariffs and Access and Use Charges[61]. - The company has faced delays in tariff adjustments, which have negatively impacted its financial situation[61]. - The completion of the Regulatory Tariff Indexation (RTI) process has been extended until December 18, 2023[59]. - The company is unable to predict future government measures regarding the tariff system, which may adversely affect its financial results[62]. - The company has suffered from insufficient tariff increases to offset rising operating costs due to inflation[61]. - The Argentine government has implemented the Solidarity Law, which froze natural gas and electricity tariffs, and allowed for state intervention in ENARGAS until December 31, 2023[82]. Economic Conditions and Risks - The ongoing economic conditions in Argentina, including high inflation, have adversely affected the company's financial condition and revenues[54]. - The company faces risks from potential future operating restrictions or mandatory investments imposed by the government, which could adversely affect its financial condition[64]. - The government has prioritized domestic supply at stable prices, which has led to interruptions in gas exports during shortages[66]. - The company cannot assure that future expansion projects will not adversely affect its results of operations or financial condition[81]. - There is uncertainty regarding the success of government measures to increase natural gas production, which could adversely affect the company's midstream and liquids production businesses[96]. - The company faces competition in the natural gas processing sector, which could impact revenues and operational results[148]. - Economic volatility, high inflation, and political instability continue to pose risks to Argentina's economic outlook and the company's operations[217]. Investments and Infrastructure - The Five-Year Plan requires investments of Ps.6,786 million to improve pipeline system operations and maintenance[55]. - The company has implemented a reduction in current investment plans to adapt to economic expectations in Argentina, without compromising safety[88]. - The construction of the NK Pipeline is expected to enhance natural gas transportation capacity, but could also affect the company's operations if third-party pipelines are developed[156][158]. Liquids Business - The Liquids business has represented over 50% of total revenues between 2004 and 2017, and during fiscal years 2021 and 2022[115]. - The ongoing volatility in Liquids prices is influenced by geopolitical issues, production variations, and macroeconomic conditions, which may continue in the future[117]. - Export duties on Liquids products currently stand at 8% under the Solidarity Law, impacting profitability[119]. - Regulatory actions have impacted the company's Liquids business, with domestic fuel prices differing significantly from international market prices, affecting investment viability[97]. Operational Challenges - The company has faced delays in receiving compensation under government programs designed to stabilize LPG prices, impacting financial performance[100]. - The company is subject to numerous affirmative and restrictive covenants in its outstanding indebtedness, which may limit operational flexibility and ability to pursue business opportunities[135]. - The company faces risks related to adverse operational conditions affecting PBB's capacity to purchase ethane, which could impact financial results[134]. - The company is subject to risks from mechanical or electrical failures that may affect its ability to fulfill contractual commitments[165]. - The company faces potential operational disruptions due to climate change and increased regulation on greenhouse gas emissions[177]. Financial Stability and Debt - Argentina's public debt load stands at $323 billion, including loans from the IMF[192]. - Outstanding debt with private bondholders is approximately $121 billion[192]. - The Argentine government announced a debt restructuring offer that achieved 99% participation from bondholders[193]. - The debt restructuring resulted in an exchange premium of 130% and a loss of international reserves amounting to US$1.3 billion[196]. - The primary fiscal deficit for 2021 was reported at 3% of GDP, while the primary fiscal deficit for 2022 reached 2.4% of GDP, meeting the IMF agreement targets[207]. - The peso depreciated by 72.5% against the U.S. dollar in 2022, following significant devaluations in previous years[219]. - The inability to access international capital markets could significantly adversely affect the company's financial condition and operations[204]. COVID-19 Impact - The COVID pandemic has introduced significant uncertainty, affecting operational, commercial, and financial activities, with potential long-term impacts on market prices and demand[123]. - The company has implemented measures to ensure operational continuity during the COVID pandemic, including health protocols for essential workers[126]. - The effects of COVID-19 on public health remain uncertain, potentially impacting earnings, cash flow, and liquidity[227]. Political and Regulatory Environment - The Solidarity Law has granted the Executive Branch broad legislative powers, affecting public utility rates and tax structures[232]. - The pension adjustment system has been suspended to address the fiscal deficit, impacting the financial condition of the country[234]. - The political instability in Argentina has led to a decline in investor confidence and heightened market volatility[228]. - The upcoming presidential and legislative elections scheduled for August 13, 2023, and October 22, 2023, may lead to significant changes in government policies[230].
Transportadora de Gas del Sur S.A.(TGS) - 2021 Q4 - Annual Report
2022-04-26 21:14
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...
Transportadora de Gas del Sur S.A.(TGS) - 2021 Q4 - Earnings Call Transcript
2022-03-09 17:28
Transportadora de Gas del Sur SA (NYSE:TGS) Q4 2021 Earnings Conference Call March 9, 2022 9:00 AM ET Company Participants Alejandro Basso – Chief Financial Officer Conference Call Participants Operator Everyone for attending this year's Fourth Quarter 2021 results video conference. This year's issued its earnings report yesterday. If you did not receive a copy, please do not hesitate to contact us by email. We would like to inform you that this event is being recorded and all participants will be in listen ...
Transportadora de Gas del Sur S.A.(TGS) - 2021 Q3 - Earnings Call Transcript
2021-11-09 20:14
Transportadora de Gas del Sur SA (NYSE:TGS) Q3 2021 Earnings Conference Call November 9, 2021 9:00 AM ET Company Participants Carlos Almagro - IR Alejandro Basso - CFO & VP, Administration, Finance and Services Conference Call Participants Carlos Almagro Thank you for waiting. I'm Carlos Almagro from [indiscernible], and we will like to welcome anybody to this year's third quarter 2021 [indiscernible] conference. This is issued its [indiscernible] report yesterday. If you did not receive a copy via email, p ...
Transportadora de Gas del Sur S.A.(TGS) - 2021 Q2 - Earnings Call Transcript
2021-08-08 12:27
Transportadora de Gas del Sur S.A. (NYSE:TGS) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM ET Company Participants Alejandro Basso - Chief Financial Officer Conference Call Participants Konstantinos Papalias - PUENTE MartÃn Arancet - Balanz Capital Operator Good morning. My name is Laura and I will be your conference operator today. At this time, I would like to welcome everyone to TGS Second Quarter 2021 Results Earnings Conference Call. TGS issued its earnings report yesterday. If you did not ...
Transportadora de Gas del Sur S.A.(TGS) - 2020 Q4 - Annual Report
2021-04-27 22:31
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...
Transportadora de Gas del Sur S.A.(TGS) - 2020 Q4 - Earnings Call Transcript
2021-03-10 19:28
Transportadora de Gas del Sur S.A. (NYSE:TGS) Q4 2020 Results Conference Call March 10, 2021 9:00 AM ET Company Participants Oscar Sardi - CEO Alejandro Basso - CFO Carlos Almagro - IR Officer Conference Call Participants Guilherme Levy - Morgan Stanley Ezequiel Fernandez Lopez - Balanz Robert Chang - Citi Lorena Reich - Lucror Operator Good morning. My name is Paul, and I will be your conference operator today. At this time, I would like to welcome everyone to TGS's Fourth Quarter 2020 Results Earnings Con ...
Transportadora de Gas del Sur S.A.(TGS) - 2020 Q3 - Earnings Call Transcript
2020-11-10 17:00
Transportadora de Gas del Sur S.A. (NYSE:TGS) Q3 2020 Earnings Conference Call November 10, 2020 9:00 AM ET Company Participants Alejandro Basso - CFO & VP, Administration, Finance and Services Conference Call Participants Ezequiel Fernández - Balanz Lorena Reich - Lucror Analytics Jorge Vargas - BTG Pactual Operator Good morning. My name is Rob, and I'll be your conference operator. At this time, I'd like to welcome everyone to TGS Third Quarter 2020 Results Earnings Conference Call. TGS issued its earning ...
Transportadora de Gas del Sur S.A.(TGS) - 2020 Q2 - Earnings Call Transcript
2020-08-10 16:54
Transportadora de Gas del Sur S.A. (NYSE:TGS) Q2 2020 Earnings Conference Call August 10, 2020 10:00 AM ET Company Participants Alejandro Basso - CFO & VP, Administration, Finance and Services Conference Call Participants Ezequiel Fernández - Balanz Bruno Montanari - Morgan Stanley Antonella Rapuano - Santander Operator Good morning. My name is Doug, and I'll be your conference operator today. At this time, I'd like to welcome everyone to TGS' Second Quarter 2020 Results Earnings Conference Call. TGS issued ...