Empresa Distribuidora y Comercial Norte (EDN) 20-F 27 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
DisclosureOfDocumentAndEntityInformationLineItems [Line Items]
Entity Registrant Name	EDENOR
Entity Central Index Key	0001395213
Document Type	20-F
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	C1
Entity Common Stock, Shares Outstanding	906,455,100
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Class A Common Stock
DisclosureOfDocumentAndEntityInformationLineItems [Line Items]
Entity Common Stock, Shares Outstanding	462,292,111
Class B Common Stock
DisclosureOfDocumentAndEntityInformationLineItems [Line Items]
Entity Common Stock, Shares Outstanding	442,210,385	[1]
Class C Common Stock
DisclosureOfDocumentAndEntityInformationLineItems [Line Items]
Entity Common Stock, Shares Outstanding	1,952,604	[2]
[1]	Includes 31,380,871 and 23,111,131 treasury shares as of December 31, 2019 and 2018, respectively.
[2]	Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.

Statement of Financial Position

Statement of Financial Position - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Non-current assets
Property, plant and equipment	$ 101,298,398	$ 96,067,564
Interest in joint ventures	11,152	13,599
Right-of-use asset	260,937	0
Other receivables	26,028	1,231,297
Total non-current assets	101,596,515	97,312,460
Current assets
Inventories	1,926,863	1,937,198
Other receivables	289,688	369,691
Trade receivables	12,460,070	11,667,923
Financial assets at fair value through profit or loss	2,789,831	5,199,809
Financial assets at amortized cost	0	1,858,726
Cash and cash equivalents	409,642	42,453
Total current assets	17,876,094	21,075,800
TOTAL ASSETS	119,472,609	118,388,260
Share capital and reserve attributable to the owners of the Company
Share capital	875,074	883,344
Adjustment to share capital	26,509,431	26,716,709
Treasury stock	31,381	23,111
Adjustment to treasury stock	566,538	359,260
Additional paid-in capital	369,991	369,991
Cost treasury stock	(2,242,608)	(1,643,458)
Legal reserve	1,289,102	234,908
Voluntary reserve	19,833,406	564,425
Other comprehensive loss	(215,605)	(210,475)
Retained earnings	12,134,139	20,323,175
TOTAL EQUITY	59,150,849	47,620,990
Non-current liabilities
Trade payables	369,552	440,116
Other payables	4,019,632	11,723,648
Borrowings	8,197,429	11,059,857
Deferred revenue	270,091	423,539
Salaries and social security payable	240,570	250,240
Benefit plans	523,918	592,165
Deferred tax liability	20,054,965	12,375,882
Provisions	2,062,603	1,645,569
Total non-current liabilities	35,738,760	38,511,016
Current liabilities
Trade payables	12,700,807	22,464,224
Other payables	3,596,616	2,955,519
Borrowings	1,659,236	1,656,799
Derivative financial instruments	205,246	1,591
Deferred revenue	5,346	8,221
Salaries and social security payable	2,407,052	2,677,023
Benefit plans	51,119	49,770
Income tax payable	1,969,411	949,263
Tax liabilities	1,774,331	1,205,626
Provisions	213,836	288,218
Total current liabilities	24,583,000	32,256,254
TOTAL LIABILITIES	60,321,760	70,767,270
TOTAL LIABILITIES AND EQUITY	$ 119,472,609	$ 118,388,260

Statement of Comprehensive Inco

Statement of Comprehensive Income/(Loss) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Profit or loss [abstract]
Revenue	$ 89,943,794	$ 86,039,928	$ 60,897,330
Electric power purchases	(57,041,830)	(49,015,194)	(32,015,346)
Subtotal	32,901,964	37,024,734	28,881,984
Transmission and distribution expenses	(16,146,593)	(16,780,493)	(14,219,211)
Gross margin	16,755,371	20,244,241	14,662,773
Selling expenses	(7,350,973)	(7,813,882)	(5,486,265)
Administrative expenses	(3,837,222)	(4,341,342)	(3,851,179)
Other operating expense, net	(1,970,402)	(2,031,011)	(1,695,609)
Gain from interest in joint ventures	1,351	2,462	15,456
Operating profit (loss)	3,598,125	6,060,468	3,645,176
Agreement on the regularization of obligations	17,094,764	0	0
Financial income	1,208,970	1,033,000	697,814
Financial expenses	(6,762,351)	(7,652,701)	(3,952,282)
Other finance costs	(3,523,314)	(3,022,071)	(259,053)
Net finance costs	(9,076,695)	(9,641,772)	(3,513,521)
Monetary gain (RECPAM)	11,191,793	13,076,389	8,465,151
Profit before taxes	22,807,987	9,495,085	8,596,806
Income tax	(10,673,848)	(2,886,871)	(784,313)
Profit for the year	12,134,139	6,608,214	7,812,493
Other comprehensive income: Items that will not be reclassified to profit or loss
Results related to benefit plans	(7,328)	(8,670)	34,166
Tax effect of actuarial loss profit on benefit plans	2,198	2,600	(11,096)
Total other comprehensive results	(5,130)	(6,070)	23,070
Comprehensive income for the year attributable to:
Owners of the parent	12,129,009	6,602,144	7,835,563
Comprehensive profit for the year	$ 12,129,009	$ 6,602,144	$ 7,835,563
Basic and diluted earnings profit per share:
Basic and diluted earnings profit per share	$ 13.84	$ 7.42	$ 8.70

Statement of Changes in Equity

Statement of Changes in Equity - ARS ($) $ in Thousands	Share Capital	Adjustment to Share Capital	Treasury Stock	Adjustment to Treasury Stock	Additional Paid-in Capital	Cost Treasury Stock	Legal Reserve	Voluntary Reserve	Other Reserve	Other Comprehensive Loss	Retained Earnings	Total
Beginning balance at Dec. 31, 2016	$ 897,045	$ 26,962,357	$ 9,556	$ 113,612	$ 282,328	$ 0	$ 234,908	$ 564,425	$ 50,488	$ (227,475)	$ 5,995,010	$ 34,882,254
Other reserve constitution - Share-bases compensation plan									20,734			20,734
Payment of Other reserve constitution - Share-bases compensation plan	1,618	6,806	(1,618)	(6,806)	71,222				(71,222)			0
Acquisition of own shares												0
Profit for the year											7,812,493	7,812,493
Other comprehensive results for the year										23,070		23,070
Ending balance at Dec. 31, 2017	898,663	26,969,163	7,938	106,806	353,550	0	234,908	564,425	0	(204,405)	13,807,503	42,738,551
Change of accounting standard - Adjustment by model of expected losses IFRS 9											(92,542)	(92,542)
Beginning balance	898,663	26,969,163	7,938	106,806	353,550	0	234,908	564,425	0	(204,405)	13,714,961	42,646,009
Other reserve constitution - Share-bases compensation plan									16,453			16,453
Payment of Other reserve constitution - Share-bases compensation plan	272	460	(418)	(460)	16,441				(16,453)			(158)
Acquisition of own shares	(15,591)	(252,914)	15,591	252,914		(1,643,458)						(1,643,458)
Profit for the year											6,608,214	6,608,214
Other comprehensive results for the year										(6,070)		(6,070)
Ending balance at Dec. 31, 2018	883,344	26,716,709	23,111	359,260	369,991	(1,643,458)	234,908	564,425	0	(210,475)	20,323,175	47,620,990
Ordinary and Extraordinary Shareholders' Meeting							1,054,194	19,268,981			(20,323,175)	0
Acquisition of own shares	(8,270)	(207,278)	8,270	207,278		(599,150)						(599,150)
Profit for the year											12,134,139	12,134,139
Other comprehensive results for the year										(5,130)		(5,130)
Ending balance at Dec. 31, 2019	$ 875,074	$ 26,509,431	$ 31,381	$ 566,538	$ 369,991	$ (2,242,608)	$ 1,289,102	$ 19,833,406	$ 0	$ (215,605)	$ 12,134,139	$ 59,150,849

Statements of Cash Flows

Statements of Cash Flows - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Profit for the year	$ 12,134,139	$ 6,608,214	$ 7,812,493
Adjustments to reconcile net (loss) profit to net cash flows from operating activities:
Depreciation of property, plants and equipments	4,624,768	3,938,816	3,303,117
Depreciation of right-of-use assets	164,116	0	0
Loss on disposals of property, plants and equipments	63,592	206,752	76,615
Net accrued interest	5,538,026	6,606,617	3,250,035
Exchange difference	4,168,236	4,814,183	867,349
Income tax	10,673,848	2,886,871	784,313
Allowance for the impairment of trade and other receivables, net of recovery	1,354,401	1,503,107	602,186
Adjustment to present value of receivables	76,702	503	663
Provision for contingencies	1,367,232	1,113,444	833,993
Changes in fair value of financial assets	(281,039)	(1,147,943)	(672,863)
Accrual of benefit plans	262,069	172,542	260,569
Net gain from the repurchase of Corporate Notes	(456,884)	(6,980)	0
Gain from interest in joint ventures	(1,351)	(2,462)	(15,456)
Income from non-reimbursable customer contributions	(6,584)	(8,572)	(6,723)
Termination of agreement on real estate asset	(120,627)	(770,085)	0
Other financial results	146,851	0	0
Other reserve constitution - Share bases compensation plan	0	16,453	17,636
Agreement on the regularization of obligations	(17,094,764)	0	0
Monetary gain (RECPAM)	(11,191,793)	(13,076,389)	(8,465,151)
Changes in operating assets and liabilities:
Increase in trade receivables	(3,794,956)	(3,277,463)	(4,034,457)
Decrease in other receivables	860,641	1,284,983	43,199
Increase in inventories	(504,484)	(1,260,722)	(815,156)
Increase in deferred revenue	0	135,883	0
Increase in trade payables	3,775,186	2,762,506	7,514,963
Increase in salaries and social security payable	899,833	867,198	484,077
Decrease in benefit plans	(44,682)	(85,116)	(86,992)
Increase (decrease) in tax liabilities	984,824	(792,917)	(563,824)
(Decrease) increase in other payables	(717,018)	4,599,097	673,822
Decrease in provisions	(98,069)	(500,132)	(90,623)
Payment of tax payable	(2,623,889)	(1,362,639)	(600,876)
Net cash flows generated by operating activities	10,158,324	15,225,749	11,172,909
Cash flows from investing activities
Payment of property, plants and equipments	(9,369,998)	(13,147,282)	(12,143,380)
Net collection (payment) of financial assets	1,630,679	(3,605,822)	(1,558,508)
Redemption net of money market funds	2,527,702	3,555,515	535,478
Mutuum charges granted to third parties	144,291	0	0
Mutuum payments granted to third parties	(98,997)	(176,665)	0
Collection of receivables from sale of subsidiaries	10,274	136,131	82,455
Net cash flows used in investing activities	(5,156,049)	(13,238,123)	(13,083,955)
Cash flows from financing activities
Payment of borrowings	(1,593,024)	0	0
Payment of financial lease liability	(213,435)	0	0
Proceeds from borrowings	0	0	1,977,399
Payment of interests from borrowings	(1,134,828)	(1,003,605)	(643,518)
Repurchase of corporate notes	(1,531,033)	(577,437)	0
Acquisition of own shares	(599,150)	(1,643,458)	0
Net cash flows used in financing activities	(5,071,470)	(3,224,511)	1,333,881
Decrease in cash and cash equivalents	(69,195)	(1,236,885)	(577,165)
Cash and cash equivalents at the beginning of year	42,453	188,136	732,639
Exchange differences in cash and cash equivalents	438,612	239,858	(96)
Result from exposure to inflation	(2,228)	851,345	32,761
Decrease in cash and cash equivalents	(69,195)	(1,236,886)	(577,168)
Cash and cash equivalents at the end of the year	409,642	42,453	188,136
Supplemental cash flows information: Non-cash activities
Agreement on the regularization of obligations	17,094,764	0	0
Acquisition of advances to suppliers, property, plant and equipment through increased trade payables	(549,196)	(1,041,341)	(900,619)
Acquisition of advances to suppliers, right-of-use assets through increased trade payables	(425,054)	0	0
Derecognition of property, plant and equipment through other receivables	$ 0	$ 675,512	$ 0

1. General information

1. General information	12 Months Ended
	Dec. 31, 2019
General Information
General information	History and development of the Company edenor By means of an International Public Bidding, the PEN awarded 51% of the Company’s capital stock, represented by the Class "A" shares, to the bid made by EASA, the parent company of edenor On September 1, 1992, EASA took over the operations of edenor As a consequence of the merger processes of EASA and its parent IEASA with and into CTLL, and, in turn, of the latter with and into PESA, formalized in 2018, at present, PESA is the controlling company of edenor The corporate purpose of edenor edenor The Company’s economic and financial situation In the last four years, the Company recorded negative working capital. This situation was not reversed after the application from February 1, 2017 of the new tariff arising from RTI, due mainly to the constant increase of its operating costs, necessary to maintain the level of service, the Argentine economy’s inflationary environment, and the sustained recession since mid-2018, with the consequent impact on the decline in revenue, the extension of collection periods and the constant increase in levels of energy theft. Despite the previously described situation, it is worth pointing out that, in general terms, the quality of the electricity distribution service has been improved, both in duration and in interruption frequency. In view of the continuous increase of the costs associated with the provision of the service, as well as the need for additional investments to meet the greater seasonal demand, the Company has taken a series of measures aimed at mitigating the negative effects of this situation on its financial structure, minimizing the impact on the sources of employment, the execution of the investment plan, and the carrying out of the essential operation, maintenance and improvement-related works that are necessary to maintain the provision of the public service, object of the concession, in a satisfactory manner in terms of quality and safety. In this regard, and taking into consideration that the Company operates in a complex economic context, the main variables have recently seen a high degree of volatility, as evidenced, among other, by the following facts: o 1.7% year-on-year fall of GDP in the third quarter of the year; o 53.77% cumulative inflation rate between January 1, 2019 and December 31, 2019; o Significant devaluation of the peso from the month of August, giving rise to an unexpected withdrawal of dollar-denominated deposits from the financial system; o Fall of the Central Bank’s reserves; o Decrease in the reference interest rate in the last month of 2019, but still at high levels. In view of this situation, the Federal Government decided to implement certain measures, among which the following are included: o Setting specific time limits for the inflow and settlement of export proceeds; o BCRA’s prior authorization for the purchase of external assets for companies; o Prior authorization for imports of any kind of goods and services; o 30% tax on foreign currency-denominated transactions; o Deferral of the payment of certain government debt instruments; o Fuel price control; o Negative real interest rate; o Rate schedules maintenance agreement, Nota 2.b. Additionally, on December 23, 2019, the PEN enacted Law 27,541 on Social Solidarity and Production Reactivation in the framework of the Economic Emergency (Note 2.b), which has a direct impact on the Company’s financial solvency. Taking into account that the realization of the measures necessary to reverse the manifested negative trend depends on the occurrence of certain events that are not under the Company’s control, the Board of Directors has raised substantial doubt about edenor Nevertheless, these financial statements have been prepared assuming that the Company will continue to operate as a going concern and do not include the effects of the adjustments or reclassifications that might result from the outcome of these uncertainties.

2. Regulatory framework

2. Regulatory framework	12 Months Ended
	Dec. 31, 2019
Regulatory Framework
Regulatory framework	a) Concession The term of the concession is 95 years, which may be extended for an additional maximum period of 10 years. The term of the concession is divided into management periods: a first period of 15 years and subsequent periods of 10 years each. At the end of each management period, the Class “A” shares representing 51% of edenor The Company has the exclusive right to render electric power distribution and sales services within the concession area to all the customers who are not authorized to obtain their power supply from the MEM, thus being obliged to supply all the electric power that may be required in due time and in accordance with the established quality levels. In addition, the Company must allow free access to its facilities to any MEM agents whenever required, under the terms of the Concession. No specific fee must be paid by the Company under the Concession Agreement during the term of the concession. The Company is subject to the terms and conditions of its Concession Agreement and the provisions of the regulatory framework comprised of Federal Laws Nos. 14,772, 15,336 and 24,065, Resolutions and regulatory and supplementary regulations issued by the authorities responsible for this matter, with the Company being responsible for the provision of the public service of electricity distribution and sale with a satisfactory quality level, complying for such purpose with the requirements set forth in both the aforementioned agreement and the regulatory framework. Failure to comply with the established guidelines will result in the application of fines, based on the economic damage suffered by the customer when the service is provided in an unsatisfactory manner, the amounts of which will be determined in accordance with the methodology stipulated in the above-mentioned agreement. The ENRE is the authority in charge of controlling strict compliance with the pre-established guidelines. b) Electricity rate situation In the last days of 2019, the PEN enacted, in the framework of the Economic Emergency and as mentioned in Note 1, Law No. 27,541 on Social Solidarity and Production Reactivation, pursuant to which is authorized to initiate either a renegotiation process of the tariff structure in effect or an extraordinary review, as from the date on which the law comes into effect, and for a maximum term of up to one hundred and eighty days, with the aim of reducing the actual tariff burden on households, shops and industries for 2020. In this context, on December 27, 2019, the ENRE instructed the Company not to apply the electricity rate schedules from January 1, 2020, resulting from the provisions of the Electricity Rate Schedules Maintenance Agreement entered into by and between the Company and the Federal Government on September 19, 2019, as such agreement had lost its applicability due to the electricity rate emergency provided for in the aforementioned law, with the electricity rate schedule that had been approved by ENRE Resolution No. 104/19 dated April 30, 2019 remaining in effect. The aforementioned Electricity Rate Schedules Maintenance Agreement provided for the following: o To maintain the electricity rate schedules that were in effect prior to August 1, 2019 for all electricity rate categories; o To postpone until January 1, 2020 the application of the CPD that was to be applied as from August 1, 2019 (adjustment mechanism set forth in ENRE Resolution No. 63/2017), relating to the January-June 2019 period, which amounted to 19.05%; o To update the electricity rate schedules in relation to seasonal energy prices as from January 1, 2020; o To recover the difference of the CPD and the seasonal energy prices generated on August 1, 2019-December 31, 2019 period, in seven monthly and consecutive installments as from January 1, 2020, adjusted in accordance with the relevant CPD adjustment and the methodology set forth in late payment procedures applied by CAMMESA, respectively; o Commitment to maintain the quality of the service and meet the quality parameters set forth in the Concession Agreement; o To postpone until March 1, 2020 the payment by the Company of any penalty at its original value plus the relevant adjustments applicable at the time of payment. Additionally, and within this framework, on October 22, 2019 SRRyME Resolution No. 38/2019 approved the seasonal scheduling for the November 2019 – April 2020 periods and provided as well that the power reference price, the energy reference price for residential consumers and the energy reference price for the Distribution company’s Large Users and for the other non-residential consumers, in effect since August 2019, would remain unchanged until April 2020. Moreover, the referred to ENRE Resolution No.104/19, approved the values of the Company’s Electricity Rate Schedule and the electricity rate values applicable to the Company’s self-management metering system, effective from May 1, 2019, and informed the Company of the value of the average electricity rate, under the terms of Energy Government Secretariat Resolution No. 366/2018, which modifies the prices at which Distributors acquire energy in the MEM, and which amounts to $ 4,343/KWh. In this framework, the provisions of Resolution No. 14/19 dated April 30, 2019 of the Electricity Market and Renewable Resources Secretariat, which, among other issues, approve the MEM definitive winter scheduling and modify the Power Reference Prices and the Stabilized Price of Energy (SPE) relating to the May 1-October 31, 2019 period, are taken into consideration. This Resolution provides that the increases of the Stabilized Price of Energy relating to the May-October 2019 six-month period that had been authorized by Resolution 366/2018 for Residential customers, are to be absorbed by the Federal Government, whereas the increases established for non-residential customers with supplies lower than 300 kW and those relating to customers with supplies higher than 300 kW, GUDI customers, were modified for the May-July and August-October 2019 three-month periods. With regard to the supplies lower than 300 kW (non-residential customers), and those higher than 300 kW, GUDI Customers, the values of the Stabilized Price of Energy were increased for the May-July 2019 and August-October 2019 three-month periods. The following resolutions issued by the ENRE in the months of January and February complete the 2019 regulatory context: o Resolution No. 25/19, which approved, under the terms of ENRE Resolution 366/2018, the values of the Company’s Electricity Rate Schedule, effective from February 1, 2019, and informed of the value of the average electricity rate as from February 1, 2019, under the terms of Energy Government Secretariat Resolution No. 366/2018, which modifies the prices at which Distributors acquire energy in the MEM. o Resolution No. 27/19, which approved the CPD value of February 2019 together with the stimulus factor, whose application was deferred until March 2019. Additionally, it determined the value to be applied for the 36 remaining installments resulting from the gradual application system established in ENRE Resolution No. 63/2017, and provided as well that the 50% of the CPD that should have been applied in August 2019 would be recovered in 6 CPD variation-adjusted installments. With regard to the discounts under the system of caps applicable to customers benefited from the Social Tariff that the Federal Government owed to this Distributor, the Company recorded revenue for $ 923 million, which stated in constant values amounts to $ 1,159.2 million, relating to the December 2017-December 2018 period, as a consequence of the implementation and subsequent cancellation thereof by virtue of the Agreement on the Regularization of Obligations described in note 2.c. As of December 31, 2019, the Company recognized revenue from the Social Tariff for $ 3,512.7 million, which stated in constant values amounts to $ 3,993.5 million. Additionally, the Company has a receivable for $ 251.4 million for the same concept. c) Change of Jurisdiction and Regularization of Obligations On February 28, 2019, the Federal Government, the PBA and the CABA entered into an agreement to initiate the process of transferring the public service of electricity distribution, duly awarded by the Federal Government to the Company under a concession, to the joint jurisdiction of the PBA and the CABA, with the latter two jointly assuming the capacity as Grantor of the concession of the service. In the aforementioned agreement, the PBA and the CABA agreed to set up a new bipartite agency in charge of the regulation and control of the distribution service, and the Federal Government agreed to take the necessary steps and carry out the necessary administrative procedures to provide a solution to the pending claims with both Distribution companies. In the framework of such agreement, on May 9, 2019, the Federal Government, the CABA and the PBA entered into an agreement, the Agreement on the Implementation of the Transfer of Jurisdiction, pursuant to which the CABA and the PBA jointly assume, as from the date on which the agreement comes into effect with the relevant ratifications, the regulation and control and the capacity as grantor over the distribution service granted to edenor The Company was notified of and assented to the arrangement made by the Federal Government and the new Grantors of the concession in relation to the Transfer and the Implementation Agreements, and undertook both to indemnify them against any claims and to obtain the agreement of the majority of its shareholders. The Agreement on the Implementation of the Transfer of Jurisdiction was ratified by the Provincial Executive Power and the City’s Legislative Power by means of Executive Order 1289/2019 (published in the Official Gazette Official Gazette With the enactment of Law 27,541, the ENRE is granted jurisdiction over the public service of electricity distribution during the term the emergency law is in force. Furthermore, within the framework of the change of jurisdiction and as a condition for the transfer, on May 10, 2019, the Company and the Energy Government Secretariat, on behalf of the Federal Government, entered into an Agreement on the Regularization of Obligations, putting an end to the mutual pending claims originated in the 2006-2016 Transitional Tariff Period. By virtue of this Agreement, the Company (i) waives any rights to which it may be entitled and abandons any actions against the Federal Government, including the complaint filed by edenor In return, the Federal Government partially recognizes the claim duly made by the Company -referred to in caption (i) of the previous paragraph -, by fully offsetting pending obligations with the MEM for electric power purchases made during the transition period, partially cancelling the mutuums for investments granted by CAMMESA also during that period, and cancelling penalties payable to the National Treasury. The implementation of this agreement implied, on a one-time-only basis, the partial recognition of the claim made by the Company for an amount of $ 6,906.4 million as compensation for the Federal Government’s failure to comply with obligations for 10 years during the Transitional Tariff Period, which stated in constant values amounts to $ 8,673.7 millon, as well as the adjustment of the liabilities recorded at the time of the agreement, replicating the conditions applied to all the sector’s distributors, generating a profit of $ 6,160 million, which stated in constant values amounts to $ 7,736.3 millon. Additionally, $ 306 million from the Federal Government and $ 273 million from the Province of Buenos Aires were recognized, which stated in constant values amounts to $ 362.0 millon and $ 322.8 million, respectively. These effects are disclosed in the “Agreement on the Regularization of Obligations” line item of the Statement of Comprehensive Income, which stated in constant values amount to $ 17,094.8 million, but do not imply any inflow of funds whatsoever for the Company; quite on the contrary, the Company must comply in the next 5 years with the investment plan stipulated in the above-mentioned agreement, which will be aimed at contributing to the improvement of the reliability and/or safety of the service as a whole, in addition to complying with the Investment Plan duly agreed upon in the tariff structure review (RTI) approved by Resolution 63/2017, which, together with the penalties payable to users, the settlement of liabilities for mutuums and works, and the payment of the generated income tax amount, implies an actual disbursement of funds for a total approximate amount of $ 7,600 million, in a 5-year term. Additionally, it was agreed that the receivable amounts in favor of the Company for the consumption of shantytowns with community meters generated from July 2017 through December 31, 2018 -exclusively with respect to the percentage undertaken by the Federal Government-, relating to the Framework Agreement (Note 2.e.) for $ 470.8 million, and the receivable amount resulting from applying the cap to the bills of users benefited from the Social Tariff for $ 923 million (Note 2.b), would be offset against both part of the debt the Company held with CAMMESA for loans received for the carrying out of works, and the debts the Company held with CAMMESA for the investments made in the Costanera – Puerto Nuevo – Malaver 220kV Interconnection works, carried out through the Trust for the Management of Electric Power Transmission Works (FOTAE), and for the carrying out of the Tecnópolis Substation’s works. In this regard, and based on the terms of the second clause of the aforementioned agreement, as of December 31, 2019 the Company recorded the update of the amounts related to “penalties to be used for investments” for a total of $ 1,468 million, totaling a liability pending application of $ 4,648 million, which was charged to finance interest cost. Moreover, the Company Extraordinary Shareholders’ Meeting dated June 10, 2019 not only ratified the actions taken by the Board of Directors in the negotiations and signing of the Agreement on the Implementation of the transfer of jurisdiction and the Agreement on the Regularization of obligations, but also approved the waiver of rights, actions and claims against the Federal Government originated in the Transitional Tariff Period, and the abandonment of the lawsuit filed in 2013 against the Federal Government. d) Penalties The ENRE is empowered to control the quality levels of the technical product and service, the commercial service and the compliance with public safety regulations, as provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed, the ENRE may apply the penalties stipulated in the aforementioned Agreement. As of December 31, 2019 and 2018, the Company has recognized in its financial statements the penalties accrued, whether imposed or not yet issued by the ENRE, relating to the control periods elapsed as of those dates, which may differ from the actual ones. Furthermore, ENRE Resolution No. 63/17 has set out the control procedures, the service quality assessment methodologies, and the penalty system, applicable as from February 1, 2017, for the 2017 – 2021 period. In accordance with the provisions of Sub-Appendix XVI to the referred to Resolution, the Company is required to submit in a term of 60 calendar days the calculation of global indicators, interruptions for which force majeure had been alleged, the calculation of individual indicators, and will determine the related discounts, crediting the amounts thereof within 10 business days. In turn, the ENRE will examine the information submitted by the Company, and in the event that the crediting of such discounts were not verified will impose a fine, payable to the Federal Government, equivalent to twice the value that should have been recorded. In this regard, the ENRE has implemented an automatic penalty mechanism in order that the discounts on account of deviations from the established limits may be credited to customers within a term of 60 days as from the end of the controlled six-month period. The penalty system provides that penalties are updated in accordance with the variation of Distributor’s CPD or by the energy tariff average price, as the case may be. Subsequently, in different resolutions concerning penalties relating to the commercial service and the safety on streets and public spaces, the Regulatory Entity provided for the application of increases and adjustments, applying for such purpose a criterion different from the one applied by the Company. Additionally, and subsequent to the Tariff Structure Review, the ENRE regulated and/or issued new penalty procedures, such as: ü ENRE Resolution No. 118/18: It regulated the Compensation for extraordinary service provision interruptions. ü ENRE Resolution No. 170/18: It regulated the Penalty System for Deviations from the Investment Plan, a procedure whereby real investments are assessed by comparison with the annual investment plan submitted by the Company, and the investment plan carried out for the 5-year rate period is assessed as against the five-year period plan proposed in the RTI. ü ENRE Resolution No. 198/18: New Supplementary Penalty Procedure of Technical Service Quality, which penalizes deviations from quality parameters at feeder level. ü ENRE Resolution No. 91/18: Through the filing of charges, the ENRE informs edenor ü ENRE Resolution No. 5/19: Through the filing of charges, the ENRE notifies edenor Sistema Inteligente de Direccionamiento y Atención de Usuarios (SIDyAA) The effects of the resolutions detailed in this note were quantified by the Company and recognized as of December 31, 2019, without implying consent to the criteria applied. Finally, and in accordance with the provisions of the electricity rate schedule maintenance agreement (Note 2.b), it is agreed that the Company will maintain the quality of the service and comply with the quality parameters set forth in the Concession Agreement, and that the payment of any penalty will be postponed until March 1, 2020 and paid in 6 installments at its original value plus any adjustments that may apply at the time of payment. e) Framework agreement In 2019, the Company and the Federal Government entered into different extension addenda to the new Framework Agreement, extending the term thereof until May 31, 2019. Additionally, the above-mentioned addenda provided for the following: - The Federal Government’s commitment to settle the amounts of its economic contribution for the supply of electricity to shantytowns, after deducting the energy associated with the Social Tariff; - That the Company may assign the receivable amounts recognized by this extension to Edesur. In this regard, the relevant agreement on the assignment of receivables was signed, whereby Edesur, in consideration for the assigned receivables, paid edenor Consequently, as of December 31, 2019 the Company recognized revenue from the sale of electricity under the Framework Agreement until December 31, 2018 for $ 470.8 million, which stated in constant values amounts to $ 591.3 million, and for the first five months of 2019 for $ 205.5 million, which stated in constant values amount to $ 220.2, both related to the Federal Government’s participation. Furthermore, within the framework of the transfer of jurisdiction of the public service of electricity distribution that had been provided for by Law No. 27,467, the Government of the Province of Buenos Aires enacted Law No. 15,078 on General Budget, pursuant to which it was provided that the Province of Buenos Aires would pay as from January 1, 2019 for the low-income areas and shantytowns’ consumption of electricity the same amount as that paid in 2018, and that any amount in excess of that would have to be borne by the Municipalities in whose territories the particular shantytowns were located. Such consumption had to be previously approved by the regulatory agencies or local authorities having jurisdiction in each area. In this regard, the Company has become aware that on November 27, 2019, the Municipality of General San Martín filed a petition for the granting of a provisional remedy with the Supreme Court claiming that the section of Law No. 15,078 that refers to this topic was unconstitutional. As of December 31, 2019, the Company did not recognize revenue for this concept. Finally, in view of the recent measures adopted by national and provincial authorities as of the date of issuance of these financial statements, the Company does not know which guidelines will be followed concerning the consumption of electricity by low-income areas and shantytowns related to the periods that have not been recognized as well as future periods. f) Restriction on the transfer of the Company’s common shares The by-laws provide that Class “A” shareholders may transfer their shares only with the prior approval of the ENRE. The ENRE must communicate its decision within 90 days upon submission of the request for such approval, otherwise the transfer will be deemed approved. Furthermore, Caja de Valores S.A. (the Public Register Office), which keeps the Share Register of the shares, is entitled (as stated in the by-laws) to reject such entries which, at its criterion, do not comply with the rules for the transfer of common shares included in (i) the Business Organizations Law, (ii) the Concession Agreement and (iii) the By-laws. In addition, the Class “A” shares will be pledged during the entire term of the concession as collateral to secure the performance of the obligations assumed under the Concession Agreement. In connection with the issuance of Corporate Notes, during the term thereof, PESA is required to be the beneficial owner and owner of record of not less than 51% of the Company’s issued, voting and outstanding shares.

3. Basis of preparation

3. Basis of preparation	12 Months Ended
	Dec. 31, 2019
Basis Of Preparation
Basis of preparation	The financial statements for the year ended December 31, 2019 have been prepared in accordance with IFRS issued by the IASB and IFRIC interpretations, incorporated by the CNV. These financial statements were approved for issue by the Company’s Board of Directors on March 5, 2020. Comparative information The balances as of December 31, 2018, disclosed in these financial statements for comparative purposes, arise as a result of the restatement of the financial statements as of those dates to reflect the effects of inflation as of December 31, 2019. This, as a consequence of the restatement of the financial information described hereunder. Restatement of financial information The financial statements as of December 31, 2019, including the prior year’s figures, have been restated to reflect the changes in the general purchasing power of the Company’s functional currency (the Argentine peso), in conformity with the provisions of both IAS 29 “Financial reporting in hyperinflationary economies” and General Resolution No. 777/18 of the National Securities Commission. As a result thereof, the financial statements are stated in terms of the measuring unit current at the end of the reporting period. According to IAS 29, the restatement of financial statements is necessary when the functional currency of an entity is that of a hyperinflationary economy. To define a state of hyperinflation, IAS 29 provides a series of guidelines, including but not limited to the following, which consist of (i) analyzing the behavior of population, prices, interest rates and wages faced with the development of price indexes and the loss of the currency’s purchasing power, and (ii) as a quantitative feature, which, in practice, is the mostly considered condition, verifying whether the cumulative inflation rate over three years approaches or exceeds 100%. In 2018 the Argentine economy began to be considered hyperinflationary due to the quantitative factors described in the preceding paragraph, therefore, according to IAS 29, the Argentine economy should be regarded as highly inflationary as from July 1, 2018. The standard states that the adjustment will be resumed from the date on which it was last made, February 2003. Moreover, on July 24, 2018, the FACPCE issued a communication confirming that which has been previously mentioned. Additionally, it should be taken into account that on December 4, 2018 the Official Gazette In order to not only assess the aforementioned quantitative condition but also restate the financial statements, the CNV has stated that the series of indexes to be used for the application of IAS 29 is that determined by the FACPCE. That series of indexes combines the IPC published by the INDEC from January 2017 (base month: December 2016) with the IPIM published by the INDEC through that date, computing for the months of November and December 2015 -in respect of which there is no available information from the INDEC on the development of the IPIM-, the variation recorded in the IPC of the City of Buenos Aires. Taking into consideration the above-mentioned index, in the fiscal years ended December 31, 2019, 2018 and 2017, the inflation rate amounted to 53.77%, 47.66% and 24.79%, respectively. The effects of the application of IAS 29 are summarized below: Restatement of the statement of financial position (i) Monetary items (those with a fixed nominal value in local currency) are not restated inasmuch as they are already expressed in terms of the measuring unit current at the closing date of the reporting period. (ii) Non-monetary items carried at historical cost or at the current value of a date prior to the end of the reporting period are restated using coefficients that reflect the variation recorded in the general level of prices from the date of acquisition or revaluation to the closing date of the reporting period. Depreciation charges of property, plant and equipment and amortization charges of intangible assets recognized in profit or loss for the period, as well as any other consumption of non-monetary assets will be determined on the basis of the new restated amounts. (iii) The restatement of non-monetary assets in terms of the measuring unit current at the end of the reporting period without an equivalent adjustment for tax purposes, gives rise to a taxable temporary difference and to the recognition of a deferred tax liability, whose contra-account is recognized. Restatement of the statement of profit or loss and other comprehensive income (i) Income and expenses are restated from the date when they were recorded, except for those profit or loss items that reflect or include in their determination the consumption of assets carried at the purchasing power of the currency as of a date prior to the recording of the consumption, which are restated based on the date when the asset to which the item is related originated (for example, depreciation, impairment and other consumptions of assets valued at historical cost). (ii) The net result from the maintenance of monetary assets and liabilities is presented in a line item separately from the profit or loss for the year called RECPAM. Restatement of the statement of changes in equity (i) The components of equity, except for reserved earnings and unappropriated retained earnings, have been restated from the dates on which they were contributed, or on which they otherwise arose. (ii) The restated unappropriated retained earnings were determined by the difference between net assets restated at the date of transition and the other components of opening equity expressed as indicated in the preceding headings. (iii) After the restatement at the date of transition indicated in (i) above, all components of equity are restated by applying the general price index from the beginning of the period, and each variation of those components is restated from the date of contribution or the date on which it otherwise arose. Restatement of the statement of cash flows IAS 29 requires all the items of this statement to be restated in terms of the measuring unit current at the closing date of the reporting period. The monetary gain or loss generated by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating, investing and financing activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning and end of the period.

4. Accounting policies

4. Accounting policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies
Accounting policies	The main accounting policies used in the preparation of these financial statements are detailed below. Note 4.1 | New accounting standards, amendments and interpretations issued by the IASB, effective as of December 31, 2019 and adopted by the Company - IFRS 16 “Leases" (published in January 2016). - IFRS 9 “Financial instruments” (amended in October 2017). - IFRIC 23 “Uncertainty over Income Tax treatments” (issued in June 2017). - IAS 28 “Investments in associates and joint ventures” (amended in October 2017). - IAS 19 “Employee benefits” (amended in February 2018). - Annual improvements to the IFRS – 2015-2017 Cycle (issued in December 2017) Detailed below, Note 4.1.1., are the main issues related to the initial application of IFRS 16. The application of the other standards, amendments or interpretations generated no impact on the Company’s results of operations or its financial position, nor did it affect the accounting policies applicable as from January 1, 2019. Note 4.1.1 | Impacts of adoption - IFRS 16 “Leases”: On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The Company has elected to apply IFRS 16 retrospectively using the simplified approach, in relation to the lease contracts identified as such under IAS 17, recognizing the cumulative effect of the application as an adjustment to the opening balance of retained earnings as from January 1, 2019, without restating the comparative information. Until December 31, 2018, only contracts classified as financial leases under IAS 17 were capitalized by the Company, that is, contracts where the Company had substantially all of the risks and rewards of ownership of the leased asset. At the financial lease´s inception, the Company recorded an asset and a liability for the same value, corresponding to the leased property’s fair value, or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, were included in other liabilities. Each lease payment was allocated between the liability and the finance cost. The finance cost was charged to profit or loss over the lease period so as to produce a constant periodic interest rate on the remaining liability balance for each period. Property, plant and equipment acquired under financial leases were depreciated over the asset’s useful life or, if lower, over the lease term. Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Company were classified as operating leases. Payments made under operating leases (net of any incentive received from the lessor) were charged to profit or loss on a straight-line basis over the lease period. The rest of the identified lease commitments correspond to non-significant contracts ending within 12 months of the date of initial application, which continue to be recognized by the Company on a straight-line basis. As of the adoption date, the Company has maintained the recorded book value for right-of-use assets and lease liabilities which were classified as finance leases under IAS 17. Accounting standards, amendments and interpretations effective as from January 1, 2020 - IFRS 3 “Business combinations”, amended in October 2018. It clarifies the definition of a business in order to facilitate its identification in the framework of a business combination as opposed to an acquisition of a group of assets. It is mandatorily effective for annual periods beginning on or after January 1, 2020. - IAS 1 “Presentation of financial statements” and IAS 8 “Accounting policies” (amended in October 2018). The amendment clarifies the definition of “material” for ease of understanding. It is mandatorily effective for annual periods beginning on or after January 1, 2020. - IFRS 17 “Insurance Contracts”, published in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is currently analyzing the impact of these new standards and amendments; nevertheless, it estimates that the application thereof will have no impact on the Company’s results of operations or its financial position. Note 4.2 | Property, plant and equipment Additions have been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on the basis of engineering studies. Subsequent costs (major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset, only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred. In accordance with the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other security interest thereon in favor of third parties, without prejudice to the Company’s right to freely dispose of those assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase and/or installation price. The residual value and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting period). Land is not depreciated. Facilities in service: between 30 and 50 years Furniture, tools and equipment: between 5 and 20 years Construction in process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used. Gains and losses on the sale of property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset, and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income. The Company considers three alternative probability-weighted scenarios and analyzes the recoverability of its long-lived assets as described in Critical accounting estimates and judgments (Note 6.c). The valuation of property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value in use and fair value less costs to sell at the end of the year (Note 6.c). Note 4.3 | Interests in joint ventures The main conceptual definitions are as follow: i. A joint arrangement takes place among two or more parties when they have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. ii. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers. iii. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators. The Company accounts for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized at cost and subsequently adjusted by recognizing the Company’s share in the profit or loss obtained by the joint venture, after acquisition date. The Company recognizes in profit or loss its share of the joint venture’s profit or loss and in other comprehensive income its share of the joint venture’s other comprehensive income. When the Company carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage interest held by the Company in the jointly controlled entity. The joint ventures’ accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company. Furthermore, taking into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS 12 have not been made. Note 4.4 | Revenue recognition a. Revenue from sales Revenue is measured at the fair value of the consideration collected or to be collected, taking into account the estimated amount of any discount, thus determining the net amounts. Revenue from the electricity supplied by the Company to low-income areas and shantytowns is recognized to the extent that a renewal of the Framework Agreement is formalized for the period in which the service was rendered. At the date of issuance of these financial statements, the Company is managing the extensions to the Framework Agreement with the National and Provincial States, as the case may be. (Note 2.e). Revenue from operations is recognized on an accrual basis and derives mainly from electricity distribution. Such revenue includes electricity supplied, whether billed or unbilled, at the end of each year, which has been valued on the basis of applicable tariffs. The Company recognizes other revenues from contracts with customers in relation to connection and reconnection services, rights of use on poles and transport of energy to other distribution companies on a monthly basis as services are rendered based on the price established in each contract. Revenues are not adjusted for the effect of financing components as sales’ payments are not deferred over time, which is consistent with market practice. The aforementioned revenue from operations was recognized when all of the following conditions were met: 1. the entity transferred to the buyer the significant risks and rewards; 2. the amount of revenue was measured reliably; 3. it is probable that the economic benefits associated with the transaction will flow to the entity; 4. the costs incurred or to be incurred, in respect of the transaction, were measured reliably. b. Interest income Interest income is recognized by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by reference to the principal amount outstanding and the applicable effective rate. Interest income is recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of the transaction can be measured reliably. Note 4.5 | Effects of the changes in foreign currency exchange rates a. Functional and presentation currency The information included in the financial statements is measured using the Company’s functional currency, which is the currency of the main economic environment in which the entity operates. The financial statements are measured in pesos (legal currency in Argentina), restated to reflect the effects of inflation as indicated in Note 3, which is also the presentation currency. b. Transactions and balances Foreign currency denominated transactions and balances are translated into the functional and presentation currency using the rates of exchange prevailing at the date of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange differences resulting from each transaction and from the translation of monetary items valued in foreign currency at the end of the year are recognized in the Statement of Comprehensive Income. The foreign currency exchange rates used are: the bid price for monetary assets, the offer price for monetary liabilities, and the specific exchange rate for foreign currency denominated transactions. Note 4.6 | Trade and other receivables a. Trade receivables The receivables arising from services billed to customers but not collected as well as those arising from services rendered but unbilled at the closing date of each year are recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. The receivables from electricity supplied to low-income areas and shantytowns are recognized, also in line with revenue, when the Framework Agreement has been renewed for the period in which the service was provided. b. Other receivables The financial assets included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money. The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the amounts owed to it in accordance with the original terms of the receivables. The rest of other receivables are initially recognized at the amount paid. Note 4.7 | Inventories Inventories are valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value. They are valued based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities), and other costs directly attributable to the acquisition of those assets. Cost is determined by applying the weighted average price (WAP) method. The Company has classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the “Property, plant and equipment” account. The valuation of inventories, taken as a whole, does not exceed their recoverable value at the end of each year. Note 4.8 | Financial assets Note 4.8.1 | Classification The Company classifies financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value. This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a financial asset to be measured at amortized cost, the two conditions described in the following paragraph must be met. All other financial assets are measured at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value. a. Financial assets at amortized cost Financial assets are measured at amortized cost if the following conditions are met: i. the objective of the Company’s business model is to hold the assets to collect the contractual cash flows; and ii. the contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on principal. b. Financial assets at fair value If any of the above-detailed conditions is not met, financial assets are measured at fair value through profit or loss. All investments in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may irrevocably elect at the time of their initial recognition to present the changes in the fair value in other comprehensive income. The Company’s decision was to recognize the changes in fair value in profit or loss. Note 4.8.2 | Recognition and measurement The regular way purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell the asset. Financial assets are derecognized when the rights to receive the cash flows from the investments have expired or been transferred and the Company has transferred substantially all the risks and rewards of the ownership of the assets. Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition thereof. The gains or losses generated by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction are recognized in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized cost and are not part of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired and by means of the amortization process using the effective interest rate method. The Company subsequently measures all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other comprehensive income, such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized in profit or loss to the extent that they represent a return on the investment. The Company reclassifies financial assets if and only if its business model to manage financial assets is changed. The expected losses, in accordance with calculated coefficients, are detailed in Note 6.a). Note 4.8.3 | Impairment of financial assets At the end of each annual reporting period, the Company assesses whether there is objective evidence that the value of a financial asset or group of financial assets measured at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired, and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”), and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably measured. Impairment tests may include evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on interest or principal payments or made them after they had come due, the probability that they will enter bankruptcy or other financial reorganization, and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in payment terms or in the economic conditions that correlate with defaults. In the case of financial assets measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the impairment loss is recognized in the Statement of Income. While cash, cash equivalents and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the identified impairment loss is immaterial. Note 4.8.4 | Offsetting of financial instruments Financial assets and liabilities are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Note 4.9 | Derivative financial instruments Derivative financial instruments are initially recognized at fair value on the date on which the relevant contract is signed. Subsequently to the initial recognition, they are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on whether the derivative has been designated as a hedging instrument and, if that is the case, on the nature of the item being hedged. As of December 31, 2019 and 2018, the economic impact of these transactions is recorded in the Other finance costs account of the Statement of Comprehensive Income. As of December 31, 2019, the economic impact of the transactions carried out in that fiscal year resulted in a loss of $ 202.1 million, which is recorded in the Other finance costs account of the Statement of Comprehensive Income. In fiscal year 2018, the Company did not enter into futures contracts to buy US dollars. Note 4.10 | Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less from their acquisition date, with significant low risk of change in value. i. Cash and banks in local currency: at nominal value. ii. Cash and banks in foreign currency: at the exchange rates in effect at the end of the year. iii. Money market funds, which have been valued at the prevailing market price at the end of the year. Those that do not qualify as cash equivalents are disclosed in the Financial assets at fair value through profit or loss account. Note 4.11 | Equity Changes in this account have been accounted for in accordance with the relevant legal or statutory regulations and the decisions adopted by the shareholders’ meetings. a. Share capital Share capital represents issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3. b. Treasury stock The Treasury stock account represents the nominal value of the Company’s own shares acquired by the Company, restated to reflect the effects of inflation as indicated in Note 3. c. Other comprehensive income Represents recognition, at the end of the year, of the actuarial losses associated with the Company’s employee benefit plans, restated to reflect the effects of inflation as indicated in Note 3. d. Retained earnings Retained earnings are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided by the Shareholders’ Meeting, to the extent that they are not subject to legal restrictions. If applicable, Retained earnings are comprised of amounts transferred from other comprehensive income and prior year adjustments due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3. CNV General Resolution No. 593/11 provided that Shareholders in the Meetings at which they should decide upon the approval of financial statements in which the Retained earnings account has a positive balance, must adopt an express resolution as to the allocation of such balance, whether to dividend distribution, capitalization, setting up of reserves or a combination of these. The Company Shareholders’ Meetings have complied with the above-mentioned requirement. Note 4.12 | Trade and other payables a. Trade payables Trade payables are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are classified as non-current liabilities. Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. b. Customer deposits Customer deposits are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method. In accordance with the Concession Agreement, the Company is allowed to receive customer deposits in the following cases: i. When the power supply is requested and the customer is unable to provide evidence of his legal ownership of the premises; ii. When service has been suspended more than once in one-year period; iii. When the power supply is reconnected and the Company is able to verify the illegal use of the service (fraud). iv. When the customer is undergoing liquidated bankruptcy or reorganization proceedings. The Company has decided not to request customer deposits from residential tariff customers. Customer deposits may be paid either in cash or through the customer’s bill and accrue monthly interest at a specific rate of BNA for each customer category. When the conditions for which the Company is allowed to receive customer deposits no longer exist, the customer’s account is credited for the principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has with the customer. b. Customer contributions Refundable: c. Other payables The financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement with the ENRE, and the advances for the execution of works, are initially recognized at fair value and subsequently measured at amortized cost. The recorded liabilities for penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.d), and other provisions are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these financial statements. The balances of ENRE Penalties and Discounts are updated in accordance with the regulatory framework applicable thereto and on the basis of the Company’s estimate of the outcome of the renegotiation process described in Note 2.d. Note 4.13 | Borrowings Borrowings are initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized cost; any difference between the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method. Note 4.14 | Deferred revenue Non-refundable customer contributions · customer connection to the network: revenue is accrued until such connection is completed; · continuous provision of the electric power supply service: throughout the shorter of the useful life of the asset and the term for the provision of the service. Note 4.15 | Employee benefits · Benefit plans The Company operates various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement, generally based on one or more factors such as age, years of service and salary. The liability recognized in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded. The group’s accounting policy for benefit plans is as follow: a. b. · The Company’s Share-based Compensation Plan The Company has share-based compensation plans under which it receives services from some employees in exchange for the Company’s shares. The fair value of the employee services received is recognized as an operating expense in the “Salaries and social security taxes” line item. The total amount of the referred to expense is determined by reference to the fair value of the shares granted. When the employees provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective result. Note 4.16 | Income tax The income tax is recognized in profit or loss, other comprehensive income or in equity depending on the items from which it originates. The Company determines the income tax payable by applying the current 30% rate on the estimated taxable profit. Additionally, the deferred tax is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the Statement of Financial Position. However, no deferred tax liability is recognized if such difference arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other than in a business combination, which at the time of the transaction affected neither the accounting nor the taxable profit. The deferred tax is determined using the tax rate that is in effect at the date of the financial statements and is expected to apply when the deferred tax assets are realized or the deferred tax liabilities are settled. Deferred tax assets and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets and liabilities relate to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities are stated at their undiscounted value. Moreover, Law No. 27,430 provides for the application of the tax inflation adjustment set forth in Title VI of the Income Tax Law for the first, second and third fiscal year as from its effective date (in 2018), if the IPC cumulative variation, calculated from the beginning to the end of each year, exceeds fifty-five percent (55%), thirty percent (30%) and fifteen percent (15%) for fiscal years 2018, 2019 and 2020, respectively. Although as of December 31, 2018, the IPC cumulative variation did not exceed the 55% threshold for the application of the tax inflation adjustment in that first fiscal year, as of December 31, 2019, the IPC cumulative variation for the 12 months of the year amounted to 53.77%, which exceeds the 30% threshold fixed for the second transition year of the tax inflation adjustment, and, therefore, the Company has applied the tax inflation adjustment in the calculation of the current and deferred income tax provision. Note 4.17 | Leases Up until the previous year, the leases of property, plant and equipment were classified as operating or finance leases in accordance with IAS 17. Payments made on account of operating leases (net of any incentive received from the lessor) were charged to profit or loss on a straight-line basis over the lease term. As from the application of IFRS 16, a right-of-use asset and a lease liability are recognized for lease contracts from the date on which the leased asset is available for use, at the present value of the payments to be made over the term of the contract, using the discount rate implicit in the lease contract, if it can be determined, or the Company’s incremental borrowing rate. Subsequent to their initial measurement, leases will be measured at cost less accumulated depreciation, impairment losses, and any adjustment resulting from a new measurement of the lease liability. Note 4.18 | Provisions and contingencies Provisions have been recognized in those cases in which the Company is faced with a present obligation, whether legal or constructive, that has arisen as a result of a past event, whose settlement is expected to result in an outflow of resources, and the amount thereof can be estimated reliably. The amount recognized as provisions is the best estimate of the expenditure required to settle the present obligation, at the end of the reporting year, taking into account the corresponding risks and uncertainties. When a provision is measured using the estimated cash flow to settle the present obligation, the carrying amount represents the present value of such cash flow. This present value is obtained by applying a pre-tax discount rate that reflects market conditions, the time value of money and the specific risks of the obligation. The provisions included in liabilities have been recorded to face contingent situations that could result in future payment

5. Financial risk management

5. Financial risk management	12 Months Ended
	Dec. 31, 2019
Financial Risk Management
Financial risk management	Note 5.1 | Financial risk factors The Company’s activities and the market in which it operates expose the Company to a series of financial risks: market risk (including currency risk, cash flows interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk. The management of the financial risk is part of the Company’s overall policies, which focus on the unpredictability of the financial markets and seek to minimize potential adverse effects on its financial performance. Financial risks are the risks derived from the financial instruments to which the Company is exposed during or at the end of each year. The Company uses derivative instruments to hedge exposure to certain risks whenever it deems appropriate in accordance with its internal risk management policy. Risk management is controlled by the Finance and Control Department, which identifies, evaluates and hedges financial risks. Risk management policies and systems are periodically reviewed so that they can reflect the changes in the market’s conditions and the Company’s activities. This section includes a description of the main risks and uncertainties that could have a material adverse effect on the Company’s strategy, performance, results of operations and financial position. a. Market risks i. Currency risk Currency risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument due to changes in foreign currency exchange rates. The Company’s exposure to currency risk relates to the collection of its revenue in pesos, in conformity with regulated electricity rates that are not indexed in relation to the US dollar, whereas a significant portion of its existing financial liabilities is denominated in US dollars. Therefore, the Company is exposed to the risk of a loss resulting from a devaluation of the peso. The Company may hedge its currency risk trying to enter into currency futures. At the date of issuance of these financial statements, the Company has not hedged its exposure to the US dollar. If the Company continued to be unable to effectively hedge all or a significant part of its exposure to currency risk, any devaluation of the peso could significantly increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial and cash position (including its ability to repay its Corporate Notes) and the results of its operations. The exchange rates used as of December 31, 2019 and 2018 are $ 59.89 and $ 37.70 per USD, respectively. As of December 31, 2019 and 2018, the Company’s balances in foreign currency are as follow: Currency Amount in foreign currency Exchange rate (1) Total Total ASSETS NON-CURRENT ASSETS Other receivables USD - 59.890 - 1,177,257 TOTAL NON-CURRENT ASSETS - 1,177,257 CURRENT ASSETS Other receivables USD 1,000 59.890 59,890 230,021 Financial assets at fair value through profit or loss USD 46,583 59.890 2,789,856 5,052,556 Cash and cash equivalents USD 2,010 59.890 120,379 14,416 EUR 11 67.227 739 - TOTAL CURRENT ASSETS 2,970,864 5,296,993 TOTAL ASSETS 2,970,864 6,474,250 LIABILITIES NON-CURRENT LIABILITIES Borrowings USD 136,875 59.890 8,197,429 11,059,857 TOTAL NON-CURRENT LIABILITIES 8,197,429 11,059,857 CURRENT LIABILITIES Trade payables USD 9,054 59.890 542,207 1,015,588 EUR 424 67.227 28,504 6,172 CHF 248 61.925 15,357 - NOK 68 6.849 466 455 Borrowings USD 27,705 59.890 1,659,236 1,656,799 Other payables USD 9,086 59.890 544,161 - TOTAL CURRENT LIABILITIES 2,789,931 2,679,014 TOTAL LIABILITIES 10,987,360 13,738,871 (1) The exchange rates used are the BNA exchange rates in effect as of December 31, 2019 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK). The table below shows the Company’s exposure to currency risk resulting from the financial assets and liabilities denominated in a currency other than the Company’s functional currency. 12.31.19 12.31.18 Net position US dollar (7,972,908) (7,257,994) Euro (27,765) (6,172) Norwegian krone (466) (455) Swiss franc (15,357) - Total (8,016,496) (7,264,621) The Company estimates that a 10% devaluation of the Argentine peso with respect to each foreign currency, with all the other variables remaining constant, would give rise to the following decrease in the profit for the year: 12.31.19 12.31.18 Net position US dollar (797,291) (725,799) Euro (2,777) (617) Norwegian krone (47) (46) Swiss franc (1,536) - Decrease in the results of operations for the year (801,651) (726,462) ii. Price risk The Company’s investments in listed equity instruments are susceptible to market price risk arising from the uncertainties concerning the future value of these instruments. Due to the low significance of the investments in equity instruments in relation to the net asset/liability position, the Company is not significantly exposed to the referred to instruments price risk. Furthermore, the Company is not exposed to commodity price risk. iii. Interest rate risk Interest rate risk is the risk of fluctuation in the fair value or cash flows of an instrument due to changes in market interest rates. The Company’s exposure to interest rate risk is related mainly to the long-term debt obligations. Indebtedness at floating rates exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to interest rate risk on the fair value of its liabilities. As of December 31, 2019 and 2018 -except for a loan applied for by the Company and granted by ICBC Bank as from October 2017 for a three-year term at a six-month Libor rate plus an initial 2.75% spread, which will be increased semi-annually by a quarter-point-, 100% of the loans were obtained at fixed interest rates. The Company’s policy is to keep the largest percentage of its indebtedness in instruments that accrue interest at fixed rates. The Company analyzes its exposure to interest rate risk in a dynamic manner. Several scenarios are simulated taking into account the positions with respect to refinancing, renewal of current positions, alternative financing and hedging. Based on these scenarios, the Company calculates the impact on profit or loss of a specific change in interest rates. In each simulation, the same interest rate fluctuation is used for all the currencies. Scenarios are only simulated for liabilities that represent the most relevant interest-bearing positions. The table below shows the breakdown of the Company’s loans according to interest rate and the currency in which they are denominated: 12.31.19 12.31.18 Fixed rate: US dollar 8,340,891 9,779,750 Subtotal loans at fixed rates 8,340,891 9,779,750 Floating rate: US dollar 1,515,774 2,936,906 Subtotal loans at floating rates 1,515,774 2,936,906 Total loans 9,856,665 12,716,656 Based on the simulations performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following decrease in the profit for the year: 12.31.19 12.31.18 Floating rate: US dollar (3,202) (6,521) Decrease in the results of operations for the year (3,202) (6,521) Based on the simulations performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following increase in the profit for the year: 12.31.19 12.31.18 Floating rate: US dollar 3,202 6,521 Increase in the results of operations for the year 3,202 6,521 b. Credit risk Credit risk is the risk of a financial loss as a consequence of a counterparty’s failure to comply with the obligations assumed in a financial instrument or commercial contract. The Company’s exposure to credit risk results from its operating (particularly from its commercial receivables) and financial activities, including deposits in financial entities and other instruments. Credit risk arises from cash and cash equivalents, deposits with banks and financial entities and derivative financial instruments, as well as from credit exposure to customers, included in outstanding balances of accounts receivable and committed transactions. With regard to banks and financial entities, only those with high credit quality are accepted. With regard to debtors, if no independent credit risk ratings are available, the Finance Department evaluates the debtors’ credit quality, past experience and other factors. Individual credit limits are established in accordance with the limits set by the Company’s CEO, on the basis of the internal or external ratings approved by the Finance and Control Department. The Company has different procedures in place to reduce energy losses and allow for the collection of the balances owed by its customers. The Commercial Department periodically monitors compliance with the above-mentioned procedures. One of the significant items of delinquent balances is that related to the receivable amounts with Municipalities, in respect of which the Company either applies different offsetting mechanisms against municipal taxes it collects in the name and to the order of those government bodies, or implements debt refinancing plans, with the aim of reducing them. At each year-end, the Company analyzes whether the recording of an impairment is necessary. As of December 31, 2019 and 2018, delinquent trade receivables totaled approximately $ 3,461.4 million and $ 3,031.0 million, respectively. As of December 31, 2019 and 2018, the financial statements included allowances for $ 1.546,3 million and $ 1,385.9 million, respectively. The inability to collect the accounts receivable in the future could have an adverse effect on the Company’s results of operations and its financial position, which, in turn, could have an adverse effect on the Company’s ability to repay loans, including payment of the Corporate Notes. The balances of the bills for electricity consumption of small-demand (T1), medium-demand (T2) and large-demand (T3) customers that remain unpaid 7 working days after the bills’ first due dates are considered delinquent trade receivables. Additionally, the amounts related to the Framework Agreement are not considered within delinquent balances. The Company’s maximum exposure to credit risk is based on the book value of each financial asset in the financial statements, after deducting the corresponding allowances. c. Liquidity risk The Company monitors the risk of a deficit in cash flows on a periodical basis. The Finance Department supervises the updated projections of the Company’s liquidity requirements in order to ensure that there is enough cash to meet its operational needs, permanently maintaining sufficient margin for undrawn credit lines so that the Company does not fail to comply with the indebtedness limits or covenants, if applicable, of any line of credit. Such projections give consideration to the Company’s debt financing plans, compliance with covenants, with internal balance sheet financial ratios objectives and, if applicable, with external regulations and legal requirements, such as, restrictions on the use of foreign currency. Cash surpluses held by the Company and the balances in excess of the amounts required to manage working capital are invested in Money Market Funds and/or time deposits that accrue interest, currency deposits and securities, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient margin as determined in the aforementioned projections. As of December 31, 2019 and 2018, the Company’s current financial assets at fair value amount to $ 3,039.5 million and $ 5,199.8 million, respectively, which are expected to generate immediate cash inflows to manage the liquidity risk. The table below includes an analysis of the Company’s non-derivative financial liabilities, which have been classified into maturity groupings based on the remaining period between the closing date of the fiscal year and the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. No deadline Less than 3 months From 3 months to 1 year From 1 to 2 years From 2 to 5 years More than 5 years Total As of December 31, 2019 Trade and other payables 767,683 15,974,799 5,967,447 208,378 5,002,288 213,096 28,133,691 Borrowings - - 1,659,236 - 8,197,429 - 9,856,665 Total 767,683 15,974,799 7,626,683 208,378 13,199,717 213,096 37,990,356 As of December 31, 2018 Trade and other payables 19,078,817 13,966,826 4,245,273 126,846 153,698 - 37,571,460 Borrowings - - 1,052,508 1,052,508 11,804,260 - 13,909,276 Total 19,078,817 13,966,826 5,297,781 1,179,354 11,957,958 - 51,480,736 Note 5.2 | Concentration risk factors a. Related to customers The Company’s receivables derive primarily from the sale of electricity. No single customer accounted for more than 10% of sales for the years ended December 31, 2019 and 2018. The collectibility of trade receivables balances related to the Framework Agreement, which amount to $ 9.0 million and $ 16.0 million as of December 31, 2019 and 2018, respectively, as disclosed in Note 2.e), is subject to both such agreement’s being in force and the compliance with its terms. b. Related to employees who are union members As of December 31, 2019, the Company’s employees are members of unions, Sindicato de Luz y Fuerza de Capital Federal (Electric Light and Power Labor Union of the Federal Capital) and Asociación del Personal Superior de Empresas de Energía (Association of Supervisory Personnel of Energy Companies). These employees labor cost depends on negotiations between the Company and the unions; a sensitive change in employment conditions generates a significant impact on the Company’s labor costs. The collective bargaining agreements entered into in 2018 were in effect until October 2019. Subsequently, a new agreement effective from November 2019 to January 2020 was signed. At the date of issuance of these financial statements, there is no certainty concerning future collective bargaining agreements. Note 5.3 | Capital risk management The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. Consistent with others in the industry, the Company monitors its capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total liabilities (current and non-current) less cash and cash equivalents. Total capital is calculated as equity attributable to the owners as shown in the Statement of Financial Position plus net debt. As of December 31, 2019 and 2018, gearing ratios were as follow: 12.31.19 12.31.18 Total liabilities 60,321,760 70,767,270 Less: Cash and cash equivalents and Financial assets at fair value through profit or loss (3,199,473) (5,242,262) Net debt 57,122,287 65,525,008 Total Equity 59,150,849 47,620,990 Total capital attributable to owners 116,273,136 113,145,998 Gearing ratio 49.13% 57.91% Note 5.4 | Regulatory risk factors Pursuant to caption C of Section 37 of the Concession Agreement, the Grantor of the Concession may, without prejudice to other rights to which he is entitled thereunder, foreclose on the collateral granted by the Company when the cumulative value of the penalties imposed to the Company in the previous one-year period exceeds 20% of its annual billing, net of taxes and rates. The Company’s Management evaluates the development of this indicator on an annual basis. At the date of issuance of these financial statements, there are no events of non-compliance by the Company that could lead to that situation. Note 5.5 | Fair value estimate The Company classifies the measurements of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables used to carry out such measurements. The fair value hierarchy has the following levels: Level 1 Level 2 Level 3 The table below shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 and 2018: LEVEL 1 LEVEL 2 LEVEL 3 TOTAL At December 31, 2019 Assets Financial assets at fair value through profit or loss: Money market funds 2,789,831 - - 2,789,831 Cash and cash equivalents: Money market funds 249,700 - - 249,700 Total assets 3,039,531 - - 3,039,531 Liabilities Derivative financial instruments - 205,246 - 205,246 Total liabilities - 205,246 - 205,246 At December 31, 2018 Assets Financial assets at fair value through profit or loss: Government bonds 5,052,573 - - 5,052,573 Money market funds 147,236 - - 147,236 Total assets 5,199,809 - - 5,199,809 Liabilities Derivative financial instruments - 1,591 - 1,591 Total liabilities - 1,591 - 1,591 The value of the financial instruments negotiated in active markets is based on the market quoted prices on the date of the statement of financial position. A market is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific institution or regulatory body, and those prices reflect regular and current market transactions between parties that act in conditions of mutual independence. The market quotation price used for the financial assets held by the Company is the current offer price. These instruments are included in level 1. The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. If all the significant variables to establish the fair value of a financial instrument can be observed, the instrument is included in level 2. These derivative financial instruments arise from the variation between the market prices at year-end or sale thereof and the time of negotiation. The market value used is obtained from the “Transactions with securities” report issued by Banco Mariva. When one or more relevant variables used to determine the fair value cannot be observed in the market, the financial instrument is included in level 3. There are no financial instruments that are to be included in level 3.

6. Critical accounting estimate

6. Critical accounting estimates and judgments	12 Months Ended
	Dec. 31, 2019
Critical Accounting Estimates And Judgments
Critical accounting estimates and judgments	The preparation of the financial statements requires the Company’s Management to make estimates and assessments concerning the future, exercise critical judgments and make assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities and revenues and expenses. These estimates and judgments are permanently evaluated and are based upon past experience and other factors that are reasonable under the existing circumstances. Future actual results may differ from the estimates and assessments made at the date of preparation of these financial statements. The estimates that have a significant risk of causing adjustments to the amounts of assets and liabilities during the next fiscal year are detailed below: a. Impairment of financial assets The allowance for the impairment of accounts receivable is assessed based on the delinquent balance, which comprises all such debt arising from the bills for electricity consumption of small-demand (T1), medium-demand (T2), and large-demand (T3) customers that remain unpaid 7 working days after their first due dates. The Company’s Management records an allowance applying to the delinquent balances of each customer category an uncollectibility rate that is determined according to each customer category based on the historical comparison of collections made. Additionally, and faced with temporary and/or exceptional situations, the Company’s Management may redefine the amount of the allowance, specifying and supporting the criteria used in all the cases. As from January 1, 2018, the Company has applied the amended IFRS 9 retrospectively with the allowed practical resources, without restating the comparative periods. The Company has performed a review of the financial assets it currently measures and classifies at fair value through profit or loss or at amortized cost and has concluded that they meet the conditions to maintain their classification; consequently, the initial adoption has not affected the classification and measurement of the Company’s financial assets. Furthermore, with regard to the new hedge accounting model, the Company has not elected to designate any hedge relationship at the date of the initial adoption of the amended IFRS 9 and, consequently, has generated no impact on the Company’s results of operations or its financial position. b. Revenue recognition Revenue is recognized on an accrual basis upon delivery to customers, which includes the estimated amount of unbilled distribution of electricity at the end of each year. The accounting policy for the recognition of estimated revenue is considered critical because it depends on the amount of electricity effectively delivered to customers, which is valued on the basis of applicable tariffs. Unbilled revenue is classified as current trade receivables. c. Impairment of long-lived assets The Company analyzes the recoverability of its long-lived assets on a periodical basis or when events or changes in circumstances indicate that the recoverable amount of assets, which is measured as the higher of value in use and fair value less costs to sell at the end of the year, may be impaired. As from the enactment by the PEN of the new measures, mentioned in Notes 1 and 2.b., the projections made by the Company concerning the recoverability of its property, plant and equipment have been updated. The value in use is determined on the basis of projected and discounted cash flows, using discount rates that reflect the time value of money and the specific risks of the assets under consideration. Cash flows are prepared based on estimates concerning the future performance of certain variables that are sensitive to the determination of the recoverable amount, among which the following can be noted: (i) nature, timing, and modality of the electricity rate increases and/or recognition of cost adjustments; (ii) demand for electricity projections; (iii) development of the costs to be incurred; (iv) investment needs appropriate to the service quality levels required by the regulatory authority, and (v) macroeconomic variables, such as, growth rates, inflation rates and foreign currency exchange rates, among others. The future increase in electricity rates used by the Company to assess the recoverability of its long-lived assets on balances as of December 31, 2019 is based on the contractual rights held by the Company deriving from the concession agreement. Furthermore, the new announcements made by government officials and the adopted measures described in Notes 1 and 2 to these financial statements have been taken into account. The Company has made its projections under the assumption that it will obtain better electricity rates in the next few years. However, given the complexity of the country’s macroeconomic scenario, the Company’s Management is not in a position to ensure that the future performance of the assumptions used in making its projections will be in line with what it has estimated at the date of preparation of these financial statements. In order to consider the estimation risk included in the projections of the aforementioned variables, the Company has taken into consideration three alternative probability-weighted scenarios, which are detailed below: a) b) c) The Company has assigned to these three scenarios the previously described probability of occurrence percentages based mainly on experience and giving consideration to the current economic and financial situation. The discount rate (WACC) in pesos used in all the scenarios varies for each year of the projection. For the first 5 years, the average of these rates is 41%. Conclusions are disclosed in Note 4.2 of these financial statements. Sensitivity analysis: The main factors that could result in impairment charges in future periods are: i) a distortion in the nature, timing, and modality of the electricity rate increases and recognition of cost adjustments, ii) the development of the costs to be incurred, and iii) the investment needs appropriate to the service quality levels required by the regulatory authority in the RTI, among other factors. These factors have been taken into account in the aforementioned weight of scenarios. Due to the uncertainty inherent in these assumptions, the Company estimates that any sensitivity analysis that considers changes in any of them taken individually could lead to distorting conclusions. d. Current and deferred income tax A degree of judgment is required to determine the income tax provision inasmuch as the Company’s Management has to evaluate, on an ongoing basis, the positions taken in tax returns in respect of situations in which the applicable tax regulation is subject to interpretation and, whenever necessary, make provisions based on the amount expected to be paid to the tax authorities. When the final tax outcome of these matters differs from the amounts initially recognized, such differences will impact on both the income tax and the deferred tax provisions in the fiscal year in which such determination is made. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual tax claims based on estimates of whether additional taxes will be due in the future. Deferred tax assets are reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available to allow for the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. The realization of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment, the Company’s Management takes into consideration the scheduled reversal of deferred tax liabilities, the projected future taxable income, the prevailing rates to be applied in each period, and tax planning strategies. e. Benefit plans The liability recognized by the Company is the best estimate of the present value of the cash flows representing the benefit plan obligation at the closing date of the year together with the adjustments for past service costs and actuarial losses. Cash flows are discounted using a rate that contemplates actuarial assumptions about demographic and financial conditions that affect the determination of benefit plans. Such estimate is based on actuarial calculations made by independent professionals in accordance with the projected unit credit method. f. ENRE penalties and discounts The Company considers its applicable accounting policy for the recognition of ENRE penalties and discounts critical because it depends on penalizable events that are valued on the basis of the Management´s best estimate of the expenditure required to settle the present obligation at the date of these financial statements. The balances of ENRE penalties and discounts are adjusted in accordance with the regulatory framework applicable thereto and have been estimated based on that which has been described in Note 2.d). g. Contingencies and provisions for lawsuits The Company is a party to several complaints, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or compensation. The Company’s potential liability with respect to such claims, lawsuits and legal proceedings may not be accurately estimated. The Company’s Management, with the assistance of its legal advisors (attorneys), periodically analyzes the status of each significant matter and evaluates the Company’s potential financial exposure. If the loss deriving from a complaint or legal proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Provisions for contingent losses represent a reasonable estimate of the losses that will be incurred, based on the information available to Management at the date of the financial statements preparation, taking into account the Company’s litigation and settlement strategies. These estimates are mainly made with the help of legal advisors. However, if the Management’s estimates proved wrong, the current provisions could be inadequate and result in a charge to profits that could have a significant effect on the statements of financial position, comprehensive income, changes in equity and cash flows.

7. Interest in joint venture

7. Interest in joint venture	12 Months Ended
	Dec. 31, 2019
Interest In Joint Venture
Interest in joint venture	Percentage interest held Equity attributable to the owners in capital stock and votes 12.31.19 12.31.18 SACME 50.00% 11,152 13,599

8. Contingencies and lawsuits

8. Contingencies and lawsuits	12 Months Ended
	Dec. 31, 2019
Contingencies And Lawsuits
Contingencies and lawsuits	The Company has contingent liabilities and is a party to lawsuits that arise from the ordinary course of business. Based on the opinion of its in-house and external legal advisors, the Company’s Management estimates that the outcome of the current contingencies and lawsuits will not result in amounts that either exceed those of the recorded provisions or could be significant with respect to the Company’s financial position or the results of its operations. Furthermore, it is worth mentioning that there exist contingent obligations and labor, civil and commercial complaints filed against the Company related to legal actions for individual non-significant amounts, which as of December 31, 2019 total $ 2,276.4 million, for which a provision has been recorded. We detail below the nature of the significant judicial proceedings in relation to which, as of December 31, 2019, the Company believes, based on the opinion of its in-house and external legal advisors, there exist grounds for them not to be deemed probable: Note 8.1 | Civil and commercial proceedings – Consumer claims - By means of the action filed by Consumidores Financieros Asociación Civil para su Defensa, the following is claimed from the Company: Ø Reimbursement of the Value Added Tax (VAT) percentage paid on the illegally “widened” taxable basis due to the incorporation of the FNEE. Distribution companies, the defendants, had not paid this tax when CAMMESA invoiced them the electricity purchased for distribution purposes. Ø Reimbursement of part of the administrative surcharge on “second due date”, in those cases in which payment was made within the time period authorized for such second deadline (14 days) but without distinguishing the effective day of payment. Ø Application of the “borrowing rate” in case of customer delay in complying with payment obligation, in accordance with the provisions of Law No. 26,361. On April 22, 2010, the Company answered the complaint and filed a motion to dismiss for lack of standing (“ excepción de falta de legitimación edenor edenor By means of the action filed by Asociación de Defensa de derechos de clientes y consumidores (ADDUC) it is requested that the Company be ordered by the Court to reduce or mitigate the default or late payment interest rates charged to customers who pay their bills after the first due date, inasmuch as they violate section 31 of Law No. 24,240, ordering both the non application of pacts or accords that stipulate the interest rates that are being applied to the users of electricity –their unconstitutional nature– as well as the reimbursement of interest amounts illegally collected from the customers of the service from August 15, 2008 through the date on which the defendant complies with the order to reduce interest. It is also requested that the VAT and any other taxes charged on the portion of the surcharge illegally collected be reimbursed. On November 11, 2011, the Company answered the complaint and filed a motion to dismiss for both lack of standing to sue (“ excepción de falta de legitimación activa excepción de litispendencia edenor At the date of issuance of these financial statements, there have been no breaches of the aforementioned ratios. Note 8.2 | Civil and Commercial Proceedings for the Determination of a Claim – Judicial Annulment ENRE Resolution 32/11 - The Company seeks to obtain the judicial annulment of the ENRE’s Resolution that provided the following: Ø That the Company be fined in the amount of $ 750 thousand due to its failure to comply with the obligations arising from Section 25, sub-sections a, f and g, of the Concession Agreement and Section 27 of Law No. 24,065. Ø That the Company be fined in the amount of $ 375 thousand due to its failure to comply with the obligations arising from Section 25 of the Concession Agreement and ENRE Resolution No. 905/99. Ø That the Company be ordered to pay customers as compensation for the power cuts suffered the following amounts: $ 180 to each small-demand residential customer (T1R) who suffered power cuts that lasted more than 12 continuous hours, $ 350 to those who suffered power cuts that lasted more than 24 continuous hours, and $ 450 to those who suffered power cuts that lasted more than 48 continuous hours. The resolution stated that such compensation did not include damages to customer facilities and/or appliances, which were to be dealt with in accordance with a specific procedure. On July 8, 2011, the Company requested that notice of the action be served upon the ENRE, which has effectively taken place. The proceedings are “awaiting resolution” since the date on which the ENRE answered the notice served. Furthermore, on October 28, 2011, the Company filed an appeal (“ Recurso de Queja por apelación denegada edenor Recurso Ordinario de Apelación Recurso Extraordinario Federal edenor Recurso de Queja por Rec. Extraordinario Denegado At the closing date of the year ended December 31, 2019, the Company made a provision for principal and interest accrued for an amount of $ 88.1 million within the Non-current other liabilities account. Based on that which has been mentioned above, and once the regulatory authority has given its consent, such provision should no longer be recorded. Note 8.3 | Civil and Commercial Proceedings for the Determination of a Claim – Regulatory Liability Claim against the Federal Government On June 28, 2013, the Company instituted these proceedings for the recognizance of a claim and the related leave to proceed in forma pauperis, both pending in Federal Court of Original Jurisdiction in Contentious and Administrative Federal Matters No. 11 – Clerk’s Office No. 22, whose purpose is to sue for breach of contract due to the Federal Government’s failure to perform in accordance with the terms of the “Agreement on the Renegotiation of the Concession Agreement” (“ Acta Acuerdo de Renegociación del Contrato de On November 22, 2013, the Company amended the complaint so as to extend it and claim more damages as a consequence of the Federal Government’s omission to perform the obligations under the aforementioned “Adjustment Agreement”. On February 3, 2015, the Court hearing the case ordered that notice of the complaint be served to be answered within the time limit prescribed by law, which was answered by the Federal Government in due time and in proper manner. Subsequently, edenor On September 16, 2019, -in the framework of the judicial record of the motion to litigate in forma pauperis-, the Company filed a brief regarding the abandonment of the action and waiver of right, requesting at the same time that each party be held liable for its own court costs. The representatives of the Federal Government gave their consent to the terms of the brief. Taking account of the brief, on September 24, the Court terminated the proceedings Furthermore, in the main proceedings, edenor

9. Property, plant and equipmen

9. Property, plant and equipment	12 Months Ended
	Dec. 31, 2019
Property, plant and equipment [abstract]
Property, plant and equipment	Lands and buildings Substations High, medium and low voltage lines Meters and Transformer chambers and platforms Tools, Furniture, vehicles, equipment, communications and advances to suppliers Construction in process Supplies and spare parts Total At 12.31.18 Cost 2,228,765 21,173,166 58,526,862 24,217,962 4,085,114 20,620,507 300,321 131,152,697 Accumulated depreciation (374,890) (6,111,090) (18,717,354) (7,936,426) (1,945,373) - - (35,085,133) Net amount 1,853,875 15,062,076 39,809,508 16,281,536 2,139,741 20,620,507 300,321 96,067,564 Additions 36,602 7,125 158,056 288,631 1,035,592 8,295,716 97,472 9,919,194 Disposals (51) (79) (7,400) (52,976) (3,086) - - (63,592) Transfers 126,361 856,130 4,308,337 2,297,002 (1,120,774) (6,312,332) (154,724) - Depreciation for the year (82,502) (751,050) (2,165,465) (1,041,807) (583,944) - - (4,624,768) Net amount 12.31.19 1,934,285 15,174,202 42,103,036 17,772,386 1,467,529 22,603,891 243,069 101,298,398 At 12.31.19 Cost 2,391,728 22,036,421 62,735,909 26,729,242 3,999,933 22,603,891 243,069 140,740,193 Accumulated depreciation (457,443) (6,862,219) (20,632,873) (8,956,856) (2,532,404) - - (39,441,795) Net amount 1,934,285 15,174,202 42,103,036 17,772,386 1,467,529 22,603,891 243,069 101,298,398 · During the year ended December 31, 2019, the Company capitalized as direct own costs $ 1,126.5 million. Lands and buildings Substations High, medium and low voltage lines Meters and Transformer chambers and platforms Tools, Furniture, vehicles, equipment, communications and advances to suppliers Construction in process Supplies and spare parts Total At 12.31.17 Cost 2,116,247 20,714,928 56,017,555 23,137,842 3,854,001 13,404,398 139,488 119,384,459 Accumulated depreciation (315,931) (5,492,137) (17,298,877) (7,133,076) (1,403,076) - - (31,643,097) Net amount 1,800,316 15,222,791 38,718,678 16,004,766 2,450,925 13,404,398 139,488 87,741,362 Additions 28,827 175,050 585,141 79,220 793,829 11,285,728 199,487 13,147,282 Disposals (56) (3,400) (145,751) (55,158) (677,899) - - (882,264) Transfers 137,239 288,352 2,452,719 1,092,364 137,599 (4,069,619) (38,654) - Depreciation for the year (112,451) (620,717) (1,801,279) (839,656) (564,713) - - (3,938,816) Net amount 12.31.18 1,853,875 15,062,076 39,809,508 16,281,536 2,139,741 20,620,507 300,321 96,067,564 At 12.31.18 Cost 2,228,765 21,173,166 58,526,862 24,217,962 4,085,114 20,620,507 300,321 131,152,697 Accumulated depreciation (374,890) (6,111,090) (18,717,354) (7,936,426) (1,945,373) - - (35,085,133) Net amount 1,853,875 15,062,076 39,809,508 16,281,536 2,139,741 20,620,507 300,321 96,067,564 (1) As of December 31, 2018, includes derecognition of real estate asset for $ 675.5 million. · During the year ended December 31, 2018, the Company capitalized as direct own costs $ 1,570.5 million.

10. Financial instruments

10. Financial instruments	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about financial instruments [abstract]
Financial instruments	Note 10.1 | Financial instruments by category Financial assets at amortized cost Financial assets at fair value through profit or loss Non-financial assets Total As of December 31, 2019 Assets Trade receivables 12,460,070 - - 12,460,070 Other receivables 315,492 - 224 315,716 Cash and cash equivalents Cash and Banks 159,942 - - 159,942 Money market funds - 249,700 - 249,700 Financial assets at fair value through profit or loss: Money market funds - 2,789,831 - 2,789,831 Total 12,935,504 3,039,531 224 15,975,259 As of December 31, 2018 Assets Trade receivables 11,667,923 - - 11,667,923 Other receivables 1,464,977 - 136,011 1,600,988 Cash and cash equivalents - - Cash and Banks 42,453 - - 42,453 Financial assets at fair value through profit or loss: Government bonds - 5,052,573 - 5,052,573 Money market funds - 147,236 - 147,236 Financial assets at fair value Time deposits 1,858,726 - - 1,858,726 Total 15,034,079 5,199,809 136,011 20,369,899 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Non-financial liabilities Total As of December 31, 2019 Liabilities Trade payables 13,070,359 - - 13,070,359 Other payables 7,616,248 - - 7,616,248 Borrowings 9,856,665 - - 9,856,665 Total 30,543,272 - - 30,543,272 As of December 31, 2018 Liabilities Trade payables 22,904,340 - - 22,904,340 Other payables 488,126 - 14,191,041 14,679,167 Borrowings 12,716,656 - - 12,716,656 Total 36,109,122 - 14,191,041 50,300,163 Financial instruments categories have been determined based on IFRS 9. The income, expenses, gains and losses resulting from each category of financial instruments are as follow: Financial assets at amortized cost Financial assets at fair value through profit or loss Total As of December 31, 2019 Interest income 1,208,970 - 1,208,970 Exchange differences 608,847 1,069,587 1,678,434 Changes in fair value of financial assets - 281,039 281,039 Corporate Notes 456,884 - 456,884 Total 2,274,701 1,350,626 3,625,327 As of December 31, 2018 Interest income 1,033,000 - 1,033,000 Exchange differences 3,637,573 - 3,637,573 Bank fees and expenses (13,084) - (13,084) Changes in fair value of financial assets - 1,147,943 1,147,943 Adjustment to present value (503) - (503) Total 4,656,986 1,147,943 5,804,929 As of December 31, 2017 Interest income 697,814 - 697,814 Exchange differences 352,287 - 352,287 Bank fees and expenses (4,433) - (4,433) Changes in fair value of financial assets - 730,248 730,248 Adjustment to present value (663) - (663) Total 1,045,005 730,248 1,775,253 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Total As of December 31, 2019 Interest expense (6,739,597) - (6,739,597) Exchange differences (5,846,670) - (5,846,670) Other financial results (16,299) - (16,299) Total (12,602,566) - (12,602,566) As of December 31, 2018 Interest expense (7,639,617) - (7,639,617) Other financial results (132,393) - (132,393) Exchange differences (8,451,756) - (8,451,756) Total (16,223,766) - (16,223,766) As of December 31, 2017 Interest expense (3,947,849) - (3,947,849) Other financial results (121,289) - (121,289) Exchange differences (1,219,638) - (1,219,638) Total (5,288,776) - (5,288,776) Note 10.2 | Credit quality of financial assets The credit quality of financial assets that are neither past due nor impaired may be assessed based on external credit ratings or historical information: 12.31.19 12.31.18 Customers with no external credit rating: Group 1 (i) 10,560,628 9,900,482 Group 2 (ii) 529,945 738,460 Group 3 (iii) 1,369,497 1,028,981 Total trade receivables 12,460,070 11,667,923 (i) Relates to customers with debt to become due. (ii) Relates to customers with past due debt from 0 to 3 months. (iii) Relates to customers with past due debt from 3 to 12 months. At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of these financial assets.

11. Right-of-use asset

11. Right-of-use asset	12 Months Ended
	Dec. 31, 2019
Right-of-use Asset
Right-of-use asset	The Company leases commercial offices, two warehouses, the headquarters building (comprised of administrative, commercial and technical offices), the Energy Handling and Transformer Center (two buildings and a plot of land located within the perimeter of Puerto Nuevo and Nuevo Puerto Power Generation Plant) and Las Heras Substation. The Company’s lease contracts have cancelable terms and lease periods of 2 to 3 years. 12.31.19 Total right-of-use asset by leases 260,937 The development of right-of-use assets is as follows: 12.31.19 Balance at beginning of year - Incorporation by adoption of IFRS 16 421,991 Additions 3,062 Depreciation for the year (164,116) Balance at end of the year 260,937

12. Other receivables

12. Other receivables	12 Months Ended
	Dec. 31, 2019
Other Receivables
Other receivables	Note 12.31.19 12.31.18 Non-current: Financial credit 22,133 46,873 Related parties 36.d 3,895 7,168 RDSA credit 2,125,890 1,177,256 Allowance for the impairment of other receivables (1) (2,125,890) - Total Non-current 26,028 1,231,297 Current: Prepaid expenses 15,204 8,168 Credit for Real estate asset 39 59,890 - Advances to suppliers 247 125,230 Security deposits 24,937 25,672 Financial credit 44,762 89,841 Receivables from electric activities 100,368 151,294 Related parties 36.d 25,766 41,436 Judicial deposits 68,616 46,872 Other 15,246 38 Allowance for the impairment of other receivables (65,348) (118,860) Total Current 289,688 369,691 (1) The impairment charge was charged to finance costs, net of the receivable revaluation. The carrying amount of the Company’s other financial receivables approximates their fair value. The non-current other receivables are measured at amortized cost, which does not differ significantly from their fair value. The roll forward of the allowance for the impairment of other receivables is as follows: 12.31.19 12.31.18 Balance at beginning of year 118,860 61,309 Increase 2,156,440 83,536 Result from exposure to inlfation (42,727) (25,985) Recovery (41,335) - Balance at end of the year 2,191,238 118,860 (1) The impairment charge was charged to finance costs, net of the receivable revaluation. The aging analysis of these other receivables is as follows: 12.31.19 12.31.18 Without expiry date 118,553 74,360 Past due 50,513 53,595 Up to 3 months 91,963 198,155 From 3 to 6 months 14,437 31,392 From 6 to 9 months 11,493 7,506 From 9 to 12 months 2,729 4,683 More than 12 months 26,028 1,231,297 Total other receivables 315,716 1,600,988 At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of other receivables. The carrying amount of the Company’s other receivables is denominated in Argentine pesos.

13. Trade receivables

13. Trade receivables	12 Months Ended
	Dec. 31, 2019
Trade Receivables
Trade receivables	12.31.19 12.31.18 Current: Sales of electricity – Billed 7,714,038 7,108,327 Sales of electricity – Unbilled 5,792,028 5,744,779 PBA & CABA government credit 251,361 - Framework Agreement 9,003 15,957 Fee payable for the expansion of the transportation and others 25,046 35,321 Receivables in litigation 214,884 149,400 Allowance for the impairment of trade receivables (1,546,290) (1,385,861) Total Current 12,460,070 11,667,923 The carrying amount of the Company’s trade receivables approximates their fair value. The roll forward of the allowance for the impairment of trade receivables is as follows: 12.31.19 12.31.18 Balance at beginning of the year 1,385,861 1,041,836 Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9 - 126,155 Balance at beginning of the year 1,385,861 1,167,991 Increase 1,365,186 1,419,571 Decrease (771,139) (598,437) Result from exposure to inlfation (433,618) (603,264) Balance at end of the year 1,546,290 1,385,861 The aging analysis of these trade receivables is as follows: 12.31.19 12.31.18 Not due 9,003 15,957 Past due 1,899,443 1,767,442 Up to 3 months 10,551,624 9,884,524 Total trade receivables 12,460,070 11,667,923 At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of each class of trade receivables. The carrying amount of the Company’s trade receivables is denominated in Argentine pesos. Sensitivity analysis of the allowance for impairment of trade receivables: - 5% increase in the uncollectibility rate estimate 12.31.19 Contingencies 1,623,605 Variation 77,315 - 5% decrease in the uncollectibility rate estimate 12.31.19 Contingencies 1,468,975 Variation (77,315)

14. Financial assets at fair va

14. Financial assets at fair value through profit or loss	12 Months Ended
	Dec. 31, 2019
Financial assets at fair value through profit or loss [abstract]
Financial assets at fair value through profit or loss	12.31.19 12.31.18 Current Money market funds 2,789,831 147,236 Government bonds - 5,052,573 Total current 2,789,831 5,199,809

15. Financial assets at amortiz

15. Financial assets at amortized cost	12 Months Ended
	Dec. 31, 2019
Financial Assets At Amortized Cost
Financial assets at amortized cost	12.31.19 12.31.18 Non-current Current Government bonds - - Time deposits - 1,858,726 Total Current - 1,858,726

16. Inventories

16. Inventories	12 Months Ended
	Dec. 31, 2019
Inventories Abstract
Inventories	12.31.19 12.31.18 Current Supplies and spare-parts 1,854,336 1,925,654 Advance to suppliers 72,527 11,544 Total inventories 1,926,863 1,937,198

17. Cash and cash equivalents

17. Cash and cash equivalents	12 Months Ended
	Dec. 31, 2019
Cash and cash equivalents [abstract]
Cash and cash equivalents	12.31.19 12.31.18 Cash and banks 159,942 42,453 Money market funds 249,700 - Total cash and cash equivalents 409,642 42,453

18. Share capital and additiona

18. Share capital and additional paid-in capital	12 Months Ended
	Dec. 31, 2019
Share Capital And Additional Paid-in Capital
Share capital and additional paid-in capital	Share capital Additional paid-in capital Total Balance at December 31, 2016 27,982,570 282,328 28,264,898 Payment of Other reserve constitution - Share-bases compensation plan - 71,222 71,222 Balance at December 31, 2017 27,982,570 353,550 28,336,120 Payment of Other reserve constitution - Share-bases compensation plan (146) 16,441 16,295 Balance at December 31, 2018 and December 31, 2019 27,982,424 369,991 28,352,415 As of December 31, 2019, the Company’s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A shares with a par value of one peso each and the right to one vote per share; 442,210,385 common, book-entry Class B shares with a par value of one peso each and the right to one vote per share; and 1,952,604 common, book-entry Class C shares with a par value of one peso each and the right to one vote per share. Listing of the Company’s shares The Company’s shares are listed on the Buenos Aires Stock Exchange and are part of the Merval Index. Furthermore, with the SEC’s prior approval, the Company’s ADSs, each representing 20 common shares of the Company, began to be traded on the NYSE as from April 24, 2007. The listing of ADSs on the NYSE is part of the Company’s strategic plan to increase both its liquidity and the volume of its shares.

19. Allocation of profits

19. Allocation of profits	12 Months Ended
	Dec. 31, 2019
Allocation Of Profits
Allocation of profits	The restrictions on the distribution of dividends by the Company are those provided for by the Business Organizations Law and the negative covenants established by the Corporate Notes program. As of December 31, 2019, the Company complies with the debt ratio established in such program. If the Company’s Debt Ratio were higher than 3, the negative covenants included in the Corporate Notes program, which establish, among other issues, the Company’s impossibility to make certain payments, such as dividends, would apply. Additionally, in accordance with Title IV, Chapter III, section 3.11.c of the CNV, the amounts subject to distribution will be restricted to the amount equivalent to the acquisition cost of the Company’s own shares.

20. Share-based Compensation Pl

20. Share-based Compensation Plan	12 Months Ended
	Dec. 31, 2019
Share-based Compensation Plan
Share-based Compensation Plan	In 2016, the Company’s Board of Directors proposed that the treasury shares be used for the implementation of a long-term incentive plan in favor of executive directors, managers or other personnel holding key executive positions in the Company in an employment relationship with the latter and those who in the future are invited to participate, in accordance with the provisions of section 67 of Law No. 26,831 on Capital Markets. The plan was ratified and approved by the ordinary and extraordinary shareholders’ meeting held on April 18, 2017. The fair value of the previously referred to shares at the award date, amounted to $ 75.9 million and has been recorded in the Salaries and social security taxes line item, with a contra account in Equity. The amount recorded in Equity is net of the tax effect.

21. Acquisition of the Company'

21. Acquisition of the Company's own shares	12 Months Ended
	Dec. 31, 2019
Acquisition Of Companys Own Shares
Acquisition of the Company's own shares	The Company’s Board of Directors, at its meeting of April 8, 2019, approved the acquisition of the Company’s own shares in conformity with section 64 of Law 26,831 and the CNV’s regulations, under the following main terms and conditions: · Maximum amount to be invested: up to $ 800 million; · The treasury stock may not exceed, as a whole, the limit of 10% of share capital. · Price to be paid for the shares: up to a maximum of USD 23 per ADR in the New York Stock Exchange, or the amount in pesos equivalent to USD 1.15 per share in Bolsas y Mercados Argentinos S.A., using as reference the closing exchange rate of the day prior to the transaction; · The acquisitions will be made with realized and liquid profits; · The shares may be acquired for a term of 120 calendar days to commence on April 9, 2019. The Company’s Board of Directors, at its meeting of June 12, 2019, resolved to bring the duly established term for the acquisition of the Company’s own shares to an early end. As of December 31, 2019, the Company’s treasury stock amounts to 31,380,871 Class B shares, 8,269,740 of which were acquired in the fiscal year being reported, for a total of $ 599.2 million restated in constant currency.

22. Trade payables

22. Trade payables	12 Months Ended
	Dec. 31, 2019
Trade Payables
Trade payables	Note 12.31.19 12.31.18 Non-current Customer guarantees 213,097 216,768 Customer contributions 156,455 172,720 Funding contributions - substations 2.c - 50,628 Total Non-current 369,552 440,116 Current Payables for purchase of electricity - CAMMESA 4,367,129 8,727,732 Provision for unbilled electricity purchases - CAMMESA 2.c 4,938,327 9,584,381 Suppliers 3,042,079 3,730,485 Advance to customer 285,042 302,135 Customer contributions 30,858 23,508 Discounts to customers 37,372 57,467 Funding contributions - substations 2.c - 26,471 Related parties 36.d - 12,045 Total Current 12,700,807 22,464,224 The fair values of non-current customer contributions as of December 31, 2019 and 2018 amount to $ 45.1 million and $ 165.6 million, respectively. The fair values are determined based on estimated discounted cash flows in accordance with a representative market rate for this type of transactions. The applicable fair value category is Level 3 category. The carrying amount of the other financial liabilities included in the Company’s trade payables approximates their fair value.

23. Other payables

23. Other payables	12 Months Ended
	Dec. 31, 2019
Other Payables
Other payables	Note 12.31.19 12.31.18 Non-current ENRE penalties and discounts 2.c 3,932,272 7,838,276 Loans (mutuum) with CAMMESA 2.c - 3,509,303 Liability with FOTAE 2.c - 318,874 Payment agreements with ENRE - 57,195 Financial Lease Liability (1) 87,360 - Total Non-current 4,019,632 11,723,648 Current ENRE penalties and discounts 3,386,681 2,822,587 Related parties 36.d 12,566 11,642 Advances for works to be performed 6,135 20,875 Payment agreements with ENRE 48,236 100,415 Financial Lease Liability (1) 134,177 - Other 8,821 - Total Current 3,596,616 2,955,519 The carrying amount of the Company’s other financial payables approximates their fair value. (1) The development of the financial lease liability is as follows: 12.31.19 Balance at beginning of year - Incorporation by adoption of IFRS 16 421,991 Increase 3,062 Payments (212,403) Exchange difference and gain on net monetary position 8,887 Balance at end of the year 221,537 As of December 31, 2019, the detail of the future minimum lease payments is as follows: 12.31.19 2020 198,910 2021 137,816 2022 3,427 Total future minimum lease payments 340,153 The Company has signed contracts with certain cable television companies, granting them the right to use the network posts. As of December 31, 2019 and 2018, future minimum collections with respect to operating assignments of use are as follow: 12.31.19 12.31.18 2019 - 266,974 2020 325,280 - Total future minimum lease collections 325,280 266,974

24. Deferred revenue

24. Deferred revenue	12 Months Ended
	Dec. 31, 2019
Deferred Revenue
Deferred revenue	12.31.19 12.31.18 Non-current Nonrefundable customer contributions 270,091 423,539 Total Non-current 270,091 423,539 12.31.19 12.31.18 Current Nonrefundable customer contributions 5,346 8,221 Total Current 5,346 8,221

25. Borrowings

25. Borrowings	12 Months Ended
	Dec. 31, 2019
Borrowings [abstract]
Borrowings	12.31.19 12.31.18 Non-current Corporate notes (1) 8,197,429 9,610,574 Borrowing - 1,449,283 Total non-current 8,197,429 11,059,857 Current Interest from corporate notes 143,462 169,175 Borrowing 1,515,774 1,487,624 Total current 1,659,236 1,656,799 (1) Net of debt issuance, repurchase and redemption expenses. The fair values of the Company’s non-current borrowings as of December 31, 2019 and 2018 amount approximately to $ 7,947.3 million and $ 9,936.5 million, respectively. Such values were determined on the basis of the estimated market price of the Company’s Corporate Notes at the end of each year. The applicable fair value category is Level 1 category. The Company’s borrowings are denominated in the following currencies: 12.31.19 12.31.18 US dollars 9,856,665 12,716,656 9,856,665 12,716,656 The maturities of the Company’s borrowings and its exposure to interest rate are as follow: 12.31.19 12.31.18 Fixed rate Less than 1 year 143,462 169,175 From 2 to 5 years 8,197,429 9,610,574 8,340,891 9,779,749 Floating rate Less than 1 year 1,515,774 1,487,624 From 1 to 2 years - 1,449,283 From 2 to 5 years - - 1,515,774 2,936,907 9,856,665 12,716,656 The roll forward of the Company’s borrowings during the year was as follows: 12.31.19 12.31.18 Balance at beginning of the year 12,716,656 9,678,949 Proceeds from borrowings - - Payment of borrowings' interests (1,134,828) (1,003,605) Paid from repurchase of Corporate Notes (1,531,033) (577,437) Payment of borrowings (1,593,024) - Gain from repurchase of Corporate Notes (456,884) (6,980) Exchange diference and interest accrued 6,687,379 9,432,905 Result from exposure to inlfation (4,831,601) (4,807,176) Balance at the end of year 9,856,665 12,716,656 Corporate Notes programs The Company is included in a Corporate Notes program, the relevant information of which is detailed below: Debt issued in United States dollars Million of USD Million of $ Corporate Notes Class Rate Year of Maturity Debt structure at 12.31.18 Debt repurchase Debt structure at 12.31.19 At 12.31.19 Fixed Rate Par Note 9 9.75 2022 161.65 (29.08) 132.57 8,197.43 Total 161.65 (29.08) 132.57 8,197.43 Million of USD Million of $ Corporate Notes Class Rate Year of Maturity Debt structure at 12.31.17 Debt repurchase Debt structure at 12.31.18 At 12.31.18 Fixed Rate Par Note 9 9.75 2022 171.87 (10.22) 161.65 9,610.57 Total 171.87 (10.22) 161.65 9,610.57 The main covenants are the following: i. Negative Covenants The terms and conditions of the Corporate Notes include a number of negative covenants that limit the Company’s actions with regard to, among others, the following: - encumbrance or authorization to encumber its property or assets; - incurrence of indebtedness, in certain specified cases; - sale of the Company’s assets related to its main business; - carrying out of transactions with shareholders or related companies; - making certain payments (including, among others, dividends, purchases of edenor ii. Suspension of Covenants: Certain negative covenants stipulated in the terms and conditions of the Corporate Notes will be suspended or adapted if: - the Company’s long-term debt rating is raised to Investment Grade, or the Company’s Debt Ratio is equal to or lower than 3. - If the Company subsequently losses its Investment Grade rating or its Debt Ratio is higher than 3, as applicable, the suspended negative covenants will be once again in effect. At the date of issuance of these financial statements, the previously mentioned ratios have been complied with. In fiscal year 2019, the Company repurchased at market prices, in successive transactions, “Fixed Rate Class 9 Par Corporate Notes” due 2022, for an amount of USD 29.1 million nominal value.

26. Salaries and social securit

26. Salaries and social security taxes payable	12 Months Ended
	Dec. 31, 2019
Salaries And Social Security Taxes Payable
Salaries and social security taxes payable	a. Salaries and social security taxes payable 12.31.19 12.31.18 Non-current Early retirements payable 39,495 22,887 Seniority-based bonus 201,075 227,353 Total non-current 240,570 250,240 Current Salaries payable and provisions 2,104,368 2,428,861 Social security payable 274,583 232,403 Early retirements payable 28,101 15,759 Total current 2,407,052 2,677,023 The carrying amount of the Company’s salaries and social security taxes payable approximates their fair value. b. Salaries and social security taxes charged to profit or loss 2019 2018 2017 Salaries 6,299,020 6,668,287 7,530,793 Social security taxes 2,449,619 2,593,223 2,928,640 Total salaries and social security taxes 8,748,639 9,261,510 10,459,433 Early retirements payable correspond to individual optional agreements. After employees reach a specific age, the Company may offer them this option. The related accrued liability represents future payment obligations, which, as of December 31, 2019 and 2018, amount to $ 28.1 million and $ 15.8 million (current) and $ 39.5 million and $ 22.9 million (non-current), respectively. The seniority-based bonus included in collective bargaining agreements in effect consists of a bonus to be granted to personnel with a certain amount of years of service. As of December 31, 2019 and 2018, the related liabilities amount to $ 201.1 million and $ 227.4 million, respectively. As of December 31, 2019 and 2018, the number of employees amounts to 4,777 and 4,922, respectively.

27. Benefit plans

27. Benefit plans	12 Months Ended
	Dec. 31, 2019
Benefit Plans
Benefit plans	The defined benefit plans granted to Company employees consist of a bonus for all the employees who have the necessary years of service and have made the required contributions to retire under ordinary retirement plans. The amounts and conditions vary depending on the collective bargaining agreement and for non-unionized personnel. 12.31.19 12.31.18 Non-current 523,918 592,165 Current 51,119 49,770 Total Benefit plans 575,037 641,935 The detail of the benefit plan obligations as of December 31, 2019 and 2018 is as follows: 12.31.19 12.31.18 Benefit payment obligations at beginning of year 641,935 805,970 Current service cost 110,250 50,596 Interest cost 151,819 121,946 Actuarial losses 7,328 8,670 Result from exposure to inflation for the year (291,613) (260,131) Benefits paid to participating employees (44,682) (85,116) Benefit payment obligations at end of year 575,037 641,935 As of December 31, 2019 and 2018, the Company does not have any assets related to post-retirement benefit plans. The detail of the charge recognized in the Statement of Comprehensive Income is as follows: 12.31.19 12.31.18 12.31.17 Cost 110,250 50,596 65,352 Interest 151,819 121,946 195,217 Actuarial results - Other comprehensive loss 7,328 8,670 (34,166) 269,397 181,212 226,403 The actuarial assumptions used are based on market interest rates for Argentine government bonds, past experience, and the Company Management’s best estimate of future economic conditions. Changes in these assumptions may affect the future cost of benefits and obligations. The main assumptions used are as follow: 12.31.19 12.31.18 12.31.17 Discount rate 5% 5% 5% Salary increase 1% 1% 1% Inflation 31% 31% 18% Sensitivity analysis: 12.31.19 Discount Rate: 4% Obligation 631,436 Variation 56,399 10% Discount Rate: 6% Obligation 527,057 Variation (47,980) (8%) Salary Increase : 0% Obligation 526,485 Variation (48,552) (8%) Salary Increase: 2% Obligation 631,321 Variation 56,284 10% The expected payments of benefits are as follow: In 2020 In 2021 In 2022 In 2023 In 2024 Between 2025 to 2029 At December 31, 2019 Benefit payment obligations 51,119 9,117 9,499 10,507 3,011 12,763 Estimates based on actuarial techniques imply the use of statistical tools, such as the so-called demographic tables used in the actuarial valuation of the Company’s active personnel. In order to determine the mortality of the Company’s active personnel, the “1971 Group Annuity Mortality” table has been used. In general, a mortality table shows for each age group the probability that a person in any such age group will die before reaching a predetermined age. Male and female mortality tables are elaborated separately inasmuch as men and women’s mortality rates are substantially different. In order to estimate total and permanent disability due to any cause, 80% of the “1985 Pension Disability Study” table has been used. In order to estimate the probability that the Company’s active personnel will leave the Company or stay therein, the “ESA 77” table has been used. Liabilities related to the above-mentioned benefits have been determined taking into consideration all the rights accrued by the beneficiaries of the plans through the closing date of the year ended December 31, 2019. These benefits do not apply to key management personnel.

28. Income tax _ deferred tax

28. Income tax / deferred tax	12 Months Ended
	Dec. 31, 2019
Income Tax Deferred Tax
Income tax / deferred tax	The analysis of deferred tax assets and liabilities is as follows: 12.31.18 Result from exposure to inflation Charged to profit and loss Charged to other comprenhensive income 12.31.19 Deferred tax assets Trade receivables and other receivables 684,433 (239,331) 108,892 - 553,994 Trade payables and other payables 3,005,838 (1,051,076) (1,353,250) - 601,512 Salaries and social security taxes payable 76,023 (26,584) 64,099 - 113,538 Benefit plans 162,972 (56,988) - 2,198 108,182 Tax liabilities 24,035 (8,404) 1,990 - 17,621 Provisions 531,827 (185,968) 326,742 - 672,601 Deferred tax asset 4,485,128 (1,568,351) (851,527) 2,198 2,067,448 Deferred tax liabilities: Property, plant and equipment (16,527,448) 5,779,286 (8,895,157) - (19,643,319) Financial assets at fair value through profit or loss (326,726) 114,249 4,305 - (208,172) Borrowings (6,836) 2,390 989 - (3,457) Tax inflation adjustment - - (2,267,465) - (2,267,465) Deferred tax liability (16,861,010) 5,895,925 (11,157,328) - (22,122,413) Net deferred tax liabilities (12,375,882) 4,327,574 (12,008,855) 2,198 (20,054,965) 12.31.17 Result from exposure to inflation Charged to profit and loss Charged to other comprenhensive income 12.31.18 Deferred tax assets Tax loss carryforward 82,716 (82,716) - - - Inventories 20,689 (13,938) (6,751) - - Trade receivables and other receivables 739,735 (570,525) 515,223 - 684,433 Trade payables and other payables 653,015 1,165,031 1,187,792 - 3,005,838 Salaries and social security taxes payable (147,331) 200,559 22,795 - 76,023 Benefit plans 336,931 (198,056) 21,497 2,600 162,972 Tax liabilities 85,953 (66,952) 5,034 - 24,035 Provisions (840,005) 1,161,083 210,749 - 531,827 Deferred tax asset 931,703 1,594,486 1,956,339 2,600 4,485,128 Deferred tax liabilities: Property, plant and equipment (11,481,171) 1,388,776 (6,435,053) - (16,527,448) Financial assets at fair value through profit or loss (593,775) 576,433 (309,384) - (326,726) Borrowings (66,819) 58,411 1,572 - (6,836) Deferred tax liability (12,141,765) 2,023,620 (6,742,865) - (16,861,010) Net deferred tax liabilities (11,210,062) 3,618,106 (4,786,526) 2,600 (12,375,882) 12.31.16 Result from exposure to inflation Charged to profit and loss Charged to other comprenhensive income 12.31.17 Deferred tax assets Tax loss carryforward 9,472 (3,057) 76,301 - 82,716 Inventories 11,564 (3,732) 12,857 - 20,689 Trade receivables and other receivables 315,186 (101,728) 526,277 - 739,735 Trade payables and other payables 2,551,061 (823,369) (1,074,677) - 653,015 Salaries and social security taxes payable 55,628 (17,954) (185,005) - (147,331) Benefit plans 237,974 (76,807) 186,860 (11,096) 336,931 Tax liabilities 35,724 (11,530) 61,759 - 85,953 Provisions 341,132 (110,102) (1,071,035) - (840,005) Deferred tax asset 3,557,741 (1,148,279) (1,466,663) (11,096) 931,703 Deferred tax liabilities: Property, plant and equipment (15,038,537) 4,656,085 (1,098,719) - (11,481,171) Financial assets at fair value through profit or loss (91,618) 29,570 (531,727) - (593,775) Borrowings (19,104) 6,166 (53,881) - (66,819) Deferred tax liability (15,149,259) 4,691,821 (1,684,327) - (12,141,765) Net deferred tax liabilities (11,591,518) 3,543,542 (3,150,990) (11,096) (11,210,062) 12.31.19 12.31.18 Deferred tax assets: To be recover in less than 12 months 2,066,726 1,567,287 To be recover in more than 12 months 723 2,918,158 Deferred tax asset 2,067,449 4,485,445 Deferred tax liabilities: To be recover in less than 12 months (22,121,773) (16,453,585) To be recover in more than 12 months (641) (407,742) Deferred tax liability (22,122,414) (16,861,327) Net deferred tax liabilities (20,054,965) (12,375,882) The detail of the income tax expense for the year includes two effects: (i) the current tax for the year payable in accordance with the tax legislation applicable to the Company; (ii) the effect of applying the deferred tax method which recognizes the effect of the temporary differences arising from the valuation of assets and liabilities for accounting and tax purposes. The detail of the income tax expense is as follows: 2019 2018 2017 Deferred tax (7,681,281) (1,168,420) 392,552 Current tax (2,904,191) (1,713,587) (1,169,638) Difference between provision and tax return (88,376) (4,864) (7,227) Income tax expense (10,673,848) (2,886,871) (784,313) Note 2019 2018 2017 Profit for the period before taxes 22,807,987 9,495,085 8,596,806 Applicable tax rate 30% 30% 35% Loss for the period at the tax rate (6,842,396) (2,848,526) (3,008,882) Gain from interest in joint ventures 124 861 (9) Non-taxable income (1,021,032) (1,209,002) 1,565,827 Adjustment effect on tax inflation 4.16 (2,805,112) - - Change in the income tax rate (1) - 1,174,660 665,978 Difference between provision and tax return (12,230) (4,864) (7,227) Other 6,798 - - Income tax expense (10,673,848) (2,886,871) (784,313) (1) Effect on deferred tax assets and liabilities in accordance with the tax reform of 2017 and Law 27,430. The income tax payable, net of withholdings is detailed below. 12.31.19 12.31.18 Provision of income tax payable 2,904,191 1,713,587 Tax withholdings (934,780) (764,324) Total income tax payable 1,969,411 949,263

29. Tax liabilities

29. Tax liabilities	12 Months Ended
	Dec. 31, 2019
Tax Liabilities
Tax liabilities	12.31.19 12.31.18 Non-current Current Provincial, municipal and federal contributions and taxes 179,024 200,586 VAT payable 1,302,042 634,374 Tax withholdings 147,062 195,474 SUSS withholdings 8,431 11,433 Municipal taxes 137,772 163,175 Tax regularization plan - 584 Total Current 1,774,331 1,205,626

30. Provisions

30. Provisions	12 Months Ended
	Dec. 31, 2019
Provisions [abstract]
Provisions	Non-current liabilities Current liabilities Contingencies At 12.31.18 1,645,569 288,218 Increases 1,239,577 127,655 Decreases (20,596) (77,473) Result from exposure to inflation for the year (801,947) (124,564) At 12.31.19 2,062,603 213,836 At 12.31.17 1,357,972 293,482 Increases 725,897 387,547 Decreases (131,722) (368,410) Result from exposure to inflation for the year (306,578) (24,401) At 12.31.18 1,645,569 288,218

31. Revenue from sales

31. Revenue from sales	12 Months Ended
	Dec. 31, 2019
Revenue From Sales
Revenue from sales	2019 2018 2017 Sales of electricity 89,573,118 85,633,978 60,477,324 Right of use on poles 283,459 292,732 326,400 Connection charges 60,898 78,584 75,915 Reconnection charges 26,319 34,634 17,691 Total Revenue from sales 89,943,794 86,039,928 60,897,330

32. Expenses by nature

32. Expenses by nature	12 Months Ended
	Dec. 31, 2019
Expenses By Nature
Expenses by nature	Expenses by nature at 12.31.19 Description Transmission and distribution expenses Selling expenses Administrative expenses Total Salaries and social security taxes 6,366,146 1,045,979 1,336,514 8,748,639 Pension plans 190,700 31,333 40,036 262,069 Communications expenses 82,714 369,899 17,005 469,618 Allowance for the impairment of trade and other receivables - 1,354,401 - 1,354,401 Supplies consumption 1,615,876 - 114,419 1,730,295 Leases and insurance - 233 226,040 226,273 Security service 237,100 42,394 92,826 372,320 Fees and remuneration for services 2,557,043 1,618,073 1,363,582 5,538,698 Depreciation of right-of-use asset 16,515 33,030 114,571 164,116 Public relations and marketing - 41,370 - 41,370 Advertising and sponsorship - 21,312 - 21,312 Reimbursements to personnel 89 196 1,050 1,335 Depreciation of property, plants and equipments 3,637,865 542,108 444,795 4,624,768 Directors and Supervisory Committee members’ fees - - 22,356 22,356 ENRE penalties 1,441,742 1,326,475 - 2,768,217 Taxes and charges - 923,650 49,786 973,436 Other 803 520 14,242 15,565 At 12.31.19 16,146,593 7,350,973 3,837,222 27,334,788 The expenses included in the chart above are net of the Company’s own expenses capitalized in Property, plant and equipment as of December 31, 2019 for $ 1,126.5 million. Expenses by nature at 12.31.18 Description Transmission and distribution expenses Selling expenses Administrative expenses Total Salaries and social security taxes 6,660,458 1,194,814 1,406,238 9,261,510 Pension plans 124,085 22,259 26,198 172,542 Communications expenses 124,723 414,677 24,630 564,030 Allowance for the impairment of trade and other receivables - 1,503,107 - 1,503,107 Supplies consumption 1,215,387 - 188,558 1,403,945 Leases and insurance 815 - 277,121 277,936 Security service 210,136 3,117 197,901 411,154 Fees and remuneration for services 2,170,943 1,599,460 1,548,697 5,319,100 Public relations and marketing - 49,585 - 49,585 Advertising and sponsorship - 25,544 - 25,544 Reimbursements to personnel 92 104 766 962 Depreciation of property, plants and equipments 3,098,292 461,702 378,822 3,938,816 Directors and Supervisory Committee members’ fees - - 33,664 33,664 ENRE penalties 3,174,321 1,617,868 - 4,792,189 Taxes and charges - 920,940 249,951 1,170,891 Other 1,241 705 8,796 10,742 At 12.31.18 16,780,493 7,813,882 4,341,342 28,935,717 The expenses included in the chart above are net of the Company’s own expenses capitalized in Property, plant and equipment as of December 31, 2018 for $ 1,570.5 million. Expenses by nature at 12.31.17 Description Transmission and distribution expenses Selling expenses Administrative expenses Total Salaries and social security taxes 7,685,152 1,363,903 1,410,378 10,459,433 Pension plans 191,454 33,979 35,136 260,569 Communications expenses 85,006 444,966 35,066 565,038 Allowance for the impairment of trade and other receivables - 602,186 - 602,186 Supplies consumption 1,056,706 - 168,809 1,225,515 Leases and insurance 1,004 - 279,898 280,902 Security service 200,305 2,763 217,171 420,239 Fees and remuneration for services 1,663,751 1,347,966 1,261,260 4,272,977 Public relations and marketing - - 87,125 87,125 Advertising and sponsorship - - 44,881 44,881 Reimbursements to personnel 137 85 1,272 1,494 Depreciation of property, plants and equipments 2,675,953 423,060 204,104 3,303,117 Directors and Supervisory Committee members’ fees - - 32,951 32,951 ENRE penalties 658,211 659,155 - 1,317,366 Taxes and charges - 607,796 49,223 657,019 Other 1,532 406 23,905 25,843 At 12.31.17 14,219,211 5,486,265 3,851,179 23,556,655 The expenses included in the chart above are net of the Company’s own expenses capitalized in Property, plant and equipment as of December 31, 2017 for $ 1,337.3 million.

33. Other operating expense, ne

33. Other operating expense, net	12 Months Ended
	Dec. 31, 2019
Other Operating Expense Net
Other operating expense, net	Note 2019 2018 2017 Other operating income Services provided to third parties 180,142 114,593 137,321 Commissions on municipal taxes collection 128,907 118,538 78,973 Related parties 36.a 20,075 68,125 6,555 Income from non-reimbursable customer contributions 6,584 8,572 6,723 Fines to suppliers 19,910 89,002 12,011 Expense recovery 163,550 - - Other 67,108 95,935 1,084 Total other operating income 586,276 494,765 242,667 Other operating expense Gratifications for services (192,361) (114,199) (124,249) Cost for services provided to third parties (97,274) (80,619) (100,316) Severance paid (21,530) (25,595) (43,598) Debit and Credit Tax (792,892) (860,939) (737,366) Provision for contingencies (1,367,232) (1,113,444) (833,993) Disposals of property, plant and equipment (63,592) (260,361) (76,614) Other (21,797) (70,619) (22,140) Total other operating expense (2,556,678) (2,525,776) (1,938,276) Other operating expense, net (1,970,402) (2,031,011) (1,695,609)

34. Net finance costs

34. Net finance costs	12 Months Ended
	Dec. 31, 2019
Net Finance Costs
Net finance costs	Note 2019 2018 2017 Financial income Commercial interest 514,536 420,495 273,180 Financial interest 692,497 612,505 424,634 Other interest 36.a 1,937 - - Total financial income 1,208,970 1,033,000 697,814 Finance costs Interest and other (3,750,737) (3,055,552) (1,259,956) Fiscal interest (5,462) (34,986) (47,904) Commercial interest (2,988,860) (4,549,079) (2,639,989) Bank fees and expenses (17,292) (13,084) (4,433) Total finance costs (6,762,351) (7,652,701) (3,952,282) Other financial results Exchange differences (4,168,236) (4,814,183) (867,349) Adjustment to present value of receivables (76,702) (503) (663) Changes in fair value of financial assets 281,039 1,147,943 730,248 Net gain from the repurchase of Corporate Notes 456,884 6,980 - Other finance costs (1) (16,299) 637,692 (121,289) Total other finance costs (3,523,314) (3,022,071) (259,053) Total net finance costs (9,076,695) (9,641,772) (3,513,521) (1) As of December 31, 2018 includes $ 770.1 million related to the termination of the agreement on real estate asset.

35. Basic and diluted earnings

35. Basic and diluted earnings per share	12 Months Ended
	Dec. 31, 2019
Basic and diluted earnings profit per share:
Basic and diluted earnings per share	Basic The basic earnings per share is calculated by dividing the profit attributable to the holders of the Company’s equity instruments by the weighted average number of common shares outstanding as of December 31, 2019 and 2018, excluding common shares purchased by the Company and held as treasury shares. The basic earnings per share coincides with the diluted earnings per share, inasmuch as the Company has issued neither preferred shares nor Corporate Notes convertible into common shares. 2019 2018 2017 Profit for the year attributable to the owners of the Company 12,134,139 6,608,214 7,812,493 Weighted average number of common shares outstanding 876,725 890,492 898,280 Basic and diluted profit earnings per share – in pesos 13.84 7.42 8.70 The basic and diluted earnings per share include the effects described in Note 2.c).

36. Related-party transactions

36. Related-party transactions	12 Months Ended
	Dec. 31, 2019
Related party transactions [abstract]
Related-party transactions	The following transactions were carried out with related parties: a. Company Concept 2019 2018 2017 PESA Impact study 337 230 - Thermal power plant Pilar - 17,162 6,555 SACDE Reimbursement expenses 19,738 50,733 - FIDUS SGR contribution income 1,937 - - 22,012 68,125 6,555 b. Company Concept 2019 2018 2017 PESA Technical advisory services on financial matters (136,149) (132,393) (93,714) SACME Operation and oversight of the electric power transmission system (83,193) (125,627) (106,040) Salaverri, Dellatorre, Burgio y Wetzler Malbran Legal fees - - (1,347) OSV Hiring life insurance for staff (19,646) (30,017) (29,162) FIDUS Legal fees (777) - - ABELOVICH, POLANO & ASOC. Legal fees (1,285) (2,014) (1,095) (241,050) (290,051) (231,358) c. 2019 2018 2017 Salaries 441,378 373,046 385,418 The balances with related parties are as follow: d. 12.31.19 12.31.18 Other receivables - Non current SACME 3,895 7,168 3,895 7,168 Other receivables - Current FIDUS SGR 25,000 38,443 SACME 766 1,178 PESA - 1,815 25,766 41,436 Trade payables OSV - - PESA - (12,045) - (12,045) Other payables SACME (12,566) (11,642) (12,566) (11,642) The other receivables with related parties are not secured and do not accrue interest. No allowances have been recorded for these concepts in any of the periods covered by these financial statements. According to IAS 24, paragraphs 25 and 26, the Company applies the exemption from the disclosure requirement of transactions with related parties when the counterpart is a governmental agency that has control, joint control or significant influence. As of December 31, 2019, the ANSES holds Corporate Notes of the Company due in 2022 for $ 752 million (USD 20 million nominal value). The agreements with related parties that were in effect throughout fiscal year 2019 are detailed below: Agreement with SACME In the framework of the regulation of the Argentine electric power sector established by Law No. 24,065 and SEE Resolution No. 61/92, and after the awarding of the distribution areas of CABA and Greater Buenos Aires to edenor The purpose of this company is to manage, supervise and control the operation of both the electric power generation, transmission and sub-transmission system in the CABA and the Buenos Aires metropolitan area and the interconnections with the Argentine Interconnection System, to represent Distribution Companies in the operational management before CAMMESA, and, in general, to carry out the necessary actions for the proper development of its activities. The operating costs borne by the Company in fiscal year 2019 amounted to $ 83.2 million. Agreement with PESA The agreement stipulates the provision to the Company of technical advisory services on financial matters for a term of five years to commence as from September 19, 2015. The term of the agreement will be extended if so agreed by the parties. In consideration of these services, the Company pays PESA an annual amount of USD 2.5 million. Any of the parties may terminate the agreement at any time by giving 60 days’ notice, without having to comply with any further obligations or paying any indemnification to the other party. Orígenes Seguros de Vida In the framework of the process for the taking out of the mandatory life insurance for its personnel, the Company invited different insurance companies to submit their proposals. After having been analyzed, the one submitted by OSV was selected as the best proposal. This transaction was approved by the Company’s Board of Directors at its meeting of March 7, 2016, with the Auditing Committee’s prior favorable opinion. The operating costs borne by the Company in fiscal year 2019 amounted to $ 19.6 million. Fidus Sociedad de Garantía Recíproca The Company’s Board of Directors, at its meeting of December 4, 2018, approved the making of a contribution of funds to Fidus SGR for a sum of $ 25 million, in the capacity as protector partner and with the scope set forth in Law No. 24,467. In this manner, the Company expects to strengthen the relationship with its suppliers by giving them the possibility of facilitating an improvement in financing conditions. SACDE Throughout 2018, by virtue of the agreement entered into by an between the Federal Government and SACDE for the construction of the Presidente Perón Highway’s extension, the Company received from SACDE requests for moving certain facilities owned by the Company located in some specific places of the referred to highway’s path. As stipulated in edenor edenor

37. Safekeeping of documentatio

37. Safekeeping of documentation	12 Months Ended
	Dec. 31, 2019
Safekeeping Of Documentation
Safekeeping of documentation	On August 14, 2014, the CNV issued General Resolution No. 629 which introduced changes to its regulations concerning the keeping and preservation of corporate and accounting books and commercial documentation. In this regard, it is informed that for keeping purposes the Company has sent its workpapers and non-sensitive information, whose periods for retention have not expired, to the warehouses of the firm Iron Mountain Argentina S.A., located at: - 1245 Azara St. – CABA - 2163 Don Pedro de Mendoza Av. – CABA - 2482 Amancio Alcorta Av. – CABA - Tucumán St. on the corner of El Zonda, Carlos Spegazzini City, Ezeiza, Province of Buenos Aires The detail of the documentation stored outside the Company’s offices for keeping purposes, as well as the documentation referred to in Section 5 sub-section a.3) of Caption I of Chapter V of Title II of the Regulations (Technical Rule No. 2013, as amended) is available at the Company’s registered office.

38. Ordinary and Extraordinary

38. Ordinary and Extraordinary Shareholders' Meeting	12 Months Ended
	Dec. 31, 2019
Ordinary And Extraordinary Shareholders Meeting
Ordinary and Extraordinary Shareholders' Meeting	The Company Ordinary and Extraordinary Shareholders’ Meeting held on April 24, 2019 resolved, among other issues, the following (1): - To approve edenor’s - To allocate the profit for the year ($ 4,297.5 million) and the increase recorded in unappropriated retained earnings ($ 8,919.1 million) due to the application of the inflation adjustment with retrospective effect, relating to the fiscal year ended December 31, 2018 to the: · Statutory reserve: $ 686.2 million; · Discretionary reserve: $ 12,530.4 million under the terms of section 70, 3rd paragraph, of Business Organizations Law No. 19,550. - To approve the actions taken by the Directors and Supervisory Committee members, together with their respective remunerations; - To appoint the authorities and the external auditors for the current fiscal year; (1) The above-mentioned amounts are stated in nominal currency as of December 31, 2018. Moreover, on August 8, 2019, a new Ordinary Shareholders’ Meeting of the Company was held, which approved the creation of the Global Program for the issuance of edenor Additionally, the Board of Directors was entrusted with the task of establishing, within the fixed maximum amount, the remaining conditions of issue of each class and/or series.

39. Termination of agreement on

39. Termination of agreement on real estate asset	12 Months Ended
	Dec. 31, 2019
Termination Of Agreement On Real Estate Asset
Termination of agreement on real estate asset	With regard to the real estate asset to be constructed, acquired by the Company in November 2015, the subsequent termination of the agreement due to RDSA’s default in August 2018, and the respective legal actions brought by the Company against the seller and the insurance company, on September 30, 2019, the Company entered into a settlement agreement pursuant to which it receives from the insurance company as sole, full and final compensation the sum of USD 15 million and the assignment in its favor of the insurer’s right to subrogate to the insured’s rights for the amount paid against the policyholder (RDSA). As of December 31, 2019, the Company has collected USD 14 million. The remaining balance will be paid in 6 quarterly installments, the first of them on April 21, 2020. Furthermore, the claim duly filed by the Company with the Arbitral Tribunal of the Buenos Aires Stock Exchange against RDSA in order for the latter to refund the price paid for the undelivered real property was suspended so that the claim could be allowed in RDSA’s insolvency proceedings. Such claim was allowed by the court hearing the case for the sum of $ 2,125.9 million. Additionally, an ancillary proceeding for review of the amount not allowed in the resolution concerning the proof of claims process was initiated for an additional amount of $ 895.7 million.

40. Financial Statements transl

40. Financial Statements translation into English language	12 Months Ended
	Dec. 31, 2019
Financial Statements Translation Into English Language
Financial Statements translation into English language	These financial statements are the English translation of those originally prepared by the Company in Spanish and presented in accordance with accounting principles generally accepted in Argentina. The effects of the differences between the accounting principles generally accepted in Argentina and the accounting principles generally accepted in the countries in which the financial statements are to be used have not been quantified. Accordingly, the accompanying financial statements are not intended to present the financial position, statements of comprehensive income, changes in equity or cash flows in accordance with accounting principles generally accepted in the countries of users of the financial statements, other than Argentina.

4. Accounting policies (Policie

4. Accounting policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies
New accounting standards, amendments and interpretations issued by the IASB	- IFRS 16 “Leases" (published in January 2016). - IFRS 9 “Financial instruments” (amended in October 2017). - IFRIC 23 “Uncertainty over Income Tax treatments” (issued in June 2017). - IAS 28 “Investments in associates and joint ventures” (amended in October 2017). - IAS 19 “Employee benefits” (amended in February 2018). - Annual improvements to the IFRS – 2015-2017 Cycle (issued in December 2017) Detailed below, Note 4.1.1., are the main issues related to the initial application of IFRS 16. The application of the other standards, amendments or interpretations generated no impact on the Company’s results of operations or its financial position, nor did it affect the accounting policies applicable as from January 1, 2019. Note 4.1.1 | Impacts of adoption - IFRS 16 “Leases”: On January 13, 2016, the IASB published IFRS 16, which replaces the current guidance in IAS 17. The Company has elected to apply IFRS 16 retrospectively using the simplified approach, in relation to the lease contracts identified as such under IAS 17, recognizing the cumulative effect of the application as an adjustment to the opening balance of retained earnings as from January 1, 2019, without restating the comparative information. Until December 31, 2018, only contracts classified as financial leases under IAS 17 were capitalized by the Company, that is, contracts where the Company had substantially all of the risks and rewards of ownership of the leased asset. At the financial lease´s inception, the Company recorded an asset and a liability for the same value, corresponding to the leased property’s fair value, or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, were included in other liabilities. Each lease payment was allocated between the liability and the finance cost. The finance cost was charged to profit or loss over the lease period so as to produce a constant periodic interest rate on the remaining liability balance for each period. Property, plant and equipment acquired under financial leases were depreciated over the asset’s useful life or, if lower, over the lease term. Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Company were classified as operating leases. Payments made under operating leases (net of any incentive received from the lessor) were charged to profit or loss on a straight-line basis over the lease period. The rest of the identified lease commitments correspond to non-significant contracts ending within 12 months of the date of initial application, which continue to be recognized by the Company on a straight-line basis. As of the adoption date, the Company has maintained the recorded book value for right-of-use assets and lease liabilities which were classified as finance leases under IAS 17. Accounting standards, amendments and interpretations effective as from January 1, 2020 - IFRS 3 “Business combinations”, amended in October 2018. It clarifies the definition of a business in order to facilitate its identification in the framework of a business combination as opposed to an acquisition of a group of assets. It is mandatorily effective for annual periods beginning on or after January 1, 2020. - IAS 1 “Presentation of financial statements” and IAS 8 “Accounting policies” (amended in October 2018). The amendment clarifies the definition of “material” for ease of understanding. It is mandatorily effective for annual periods beginning on or after January 1, 2020. - IFRS 17 “Insurance Contracts”, published in May 2017. It replaces IFRS 4 - an interim standard issued in 2004 that allowed entities to account for insurance contracts using their local accounting requirements, resulting in multiple application approaches. IFRS 17 establishes the principles for the recognition, measurement, presentation, and disclosure of insurance contracts, and applies to annual periods beginning on or after January 1, 2021, with early adoption permitted if entities also apply IFRS 9 and IFRS 15. The Company is currently analyzing the impact of these new standards and amendments; nevertheless, it estimates that the application thereof will have no impact on the Company’s results of operations or its financial position.
Property, plant and equipment	Additions have been valued at acquisition cost restated to reflect the effects of inflation, net of the related accumulated depreciation. Depreciation has been calculated by applying the straight-line method over the remaining useful life of the assets, which was determined on the basis of engineering studies. Subsequent costs (major maintenance and reconstruction costs) are either included in the value of the assets or recognized as a separate asset, only if it is probable that the future benefits associated with the assets will flow to the Company, being it possible as well that the costs of the assets may be measured reliably and the investment will improve the condition of the asset beyond its original state. The other maintenance and repair expenses are recognized in profit or loss in the year in which they are incurred. In accordance with the Concession Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other security interest thereon in favor of third parties, without prejudice to the Company’s right to freely dispose of those assets which in the future may become inadequate or unnecessary for such purpose. This prohibition does not apply in the case of security interests granted over an asset at the time of its acquisition and/or construction as collateral for payment of the purchase and/or installation price. The residual value and the remaining useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting period). Land is not depreciated. Facilities in service: between 30 and 50 years Furniture, tools and equipment: between 5 and 20 years Construction in process is valued based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any impairment loss, if applicable. Cost includes expenses attributable to the construction, when they are part of the cost incurred for the purposes of acquisition, construction or production of property, plant and equipment that require considerable time until they are in condition to be used. These assets begin to be depreciated when they are in economic condition to be used. Gains and losses on the sale of property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset, and are recognized within Other operating expense or Other operating income in the Statement of Comprehensive Income. The Company considers three alternative probability-weighted scenarios and analyzes the recoverability of its long-lived assets as described in Critical accounting estimates and judgments (Note 6.c). The valuation of property, plant and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value in use and fair value less costs to sell at the end of the year (Note 6.c).
Interests in joint ventures	The main conceptual definitions are as follow: i. A joint arrangement takes place among two or more parties when they have joint control: joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. ii. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called joint venturers. iii. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. These parties are called joint operators. The Company accounts for its investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized at cost and subsequently adjusted by recognizing the Company’s share in the profit or loss obtained by the joint venture, after acquisition date. The Company recognizes in profit or loss its share of the joint venture’s profit or loss and in other comprehensive income its share of the joint venture’s other comprehensive income. When the Company carries out transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage interest held by the Company in the jointly controlled entity. The joint ventures’ accounting policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company. Furthermore, taking into account that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS 12 have not been made.
Revenue recognition	a. Revenue from sales Revenue is measured at the fair value of the consideration collected or to be collected, taking into account the estimated amount of any discount, thus determining the net amounts. Revenue from the electricity supplied by the Company to low-income areas and shantytowns is recognized to the extent that a renewal of the Framework Agreement is formalized for the period in which the service was rendered. At the date of issuance of these financial statements, the Company is managing the extensions to the Framework Agreement with the National and Provincial States, as the case may be. (Note 2.e). Revenue from operations is recognized on an accrual basis and derives mainly from electricity distribution. Such revenue includes electricity supplied, whether billed or unbilled, at the end of each year, which has been valued on the basis of applicable tariffs. The Company recognizes other revenues from contracts with customers in relation to connection and reconnection services, rights of use on poles and transport of energy to other distribution companies on a monthly basis as services are rendered based on the price established in each contract. Revenues are not adjusted for the effect of financing components as sales’ payments are not deferred over time, which is consistent with market practice. The aforementioned revenue from operations was recognized when all of the following conditions were met: 1. the entity transferred to the buyer the significant risks and rewards; 2. the amount of revenue was measured reliably; 3. it is probable that the economic benefits associated with the transaction will flow to the entity; 4. the costs incurred or to be incurred, in respect of the transaction, were measured reliably. b. Interest income Interest income is recognized by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by reference to the principal amount outstanding and the applicable effective rate. Interest income is recognized when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of the transaction can be measured reliably.
Effects of the changes in foreign currency exchange rates	a. Functional and presentation currency The information included in the financial statements is measured using the Company’s functional currency, which is the currency of the main economic environment in which the entity operates. The financial statements are measured in pesos (legal currency in Argentina), restated to reflect the effects of inflation as indicated in Note 3, which is also the presentation currency. b. Transactions and balances Foreign currency denominated transactions and balances are translated into the functional and presentation currency using the rates of exchange prevailing at the date of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange differences resulting from each transaction and from the translation of monetary items valued in foreign currency at the end of the year are recognized in the Statement of Comprehensive Income. The foreign currency exchange rates used are: the bid price for monetary assets, the offer price for monetary liabilities, and the specific exchange rate for foreign currency denominated transactions.
Trade and other receivables	a. Trade receivables The receivables arising from services billed to customers but not collected as well as those arising from services rendered but unbilled at the closing date of each year are recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. The receivables from electricity supplied to low-income areas and shantytowns are recognized, also in line with revenue, when the Framework Agreement has been renewed for the period in which the service was provided. b. Other receivables The financial assets included in other receivables are initially recognized at fair value (generally the original billing/settlement amount) and subsequently measured at amortized cost, using the effective interest rate method, and when significant, adjusted by the time value of money. The Company records impairment allowances when there is objective evidence that the Company will not be able to collect all the amounts owed to it in accordance with the original terms of the receivables. The rest of other receivables are initially recognized at the amount paid.
Inventories	Inventories are valued at the lower of acquisition cost restated to reflect the effects of inflation and net realizable value. They are valued based on the purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered by tax authorities), and other costs directly attributable to the acquisition of those assets. Cost is determined by applying the weighted average price (WAP) method. The Company has classified inventories into current and non-current depending on whether they will be used for maintenance or capital expenditures and on the period in which they are expected to be used. The non-current portion of inventories is disclosed in the “Property, plant and equipment” account. The valuation of inventories, taken as a whole, does not exceed their recoverable value at the end of each year.
Financial assets	Note 4.8.1 | Classification The Company classifies financial assets into the following categories: those measured at amortized cost and those subsequently measured at fair value. This classification depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a financial asset to be measured at amortized cost, the two conditions described in the following paragraph must be met. All other financial assets are measured at fair value. IFRS 9 requires that all investments in equity instruments be measured at fair value. a. Financial assets at amortized cost Financial assets are measured at amortized cost if the following conditions are met: i. the objective of the Company’s business model is to hold the assets to collect the contractual cash flows; and ii. the contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on principal. b. Financial assets at fair value If any of the above-detailed conditions is not met, financial assets are measured at fair value through profit or loss. All investments in equity instruments are measured at fair value. For those investments that are not held for trading, the Company may irrevocably elect at the time of their initial recognition to present the changes in the fair value in other comprehensive income. The Company’s decision was to recognize the changes in fair value in profit or loss. Note 4.8.2 | Recognition and measurement The regular way purchase or sale of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell the asset. Financial assets are derecognized when the rights to receive the cash flows from the investments have expired or been transferred and the Company has transferred substantially all the risks and rewards of the ownership of the assets. Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition thereof. The gains or losses generated by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction are recognized in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized cost and are not part of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired and by means of the amortization process using the effective interest rate method. The Company subsequently measures all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other comprehensive income, such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized in profit or loss to the extent that they represent a return on the investment. The Company reclassifies financial assets if and only if its business model to manage financial assets is changed. The expected losses, in accordance with calculated coefficients, are detailed in Note 6.a). Note 4.8.3 | Impairment of financial assets At the end of each annual reporting period, the Company assesses whether there is objective evidence that the value of a financial asset or group of financial assets measured at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired, and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”), and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably measured. Impairment tests may include evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on interest or principal payments or made them after they had come due, the probability that they will enter bankruptcy or other financial reorganization, and when observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in payment terms or in the economic conditions that correlate with defaults. In the case of financial assets measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The asset’s carrying amount is reduced and the amount of the impairment loss is recognized in the Statement of Income. While cash, cash equivalents and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the identified impairment loss is immaterial. Note 4.8.4 | Offsetting of financial instruments Financial assets and liabilities are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
Derivative financial instruments	Derivative financial instruments are initially recognized at fair value on the date on which the relevant contract is signed. Subsequently to the initial recognition, they are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on whether the derivative has been designated as a hedging instrument and, if that is the case, on the nature of the item being hedged. As of December 31, 2019 and 2018, the economic impact of these transactions is recorded in the Other finance costs account of the Statement of Comprehensive Income. As of December 31, 2019, the economic impact of the transactions carried out in that fiscal year resulted in a loss of $ 202.1 million, which is recorded in the Other finance costs account of the Statement of Comprehensive Income. In fiscal year 2018, the Company did not enter into futures contracts to buy US dollars.
Cash and cash equivalents	Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less from their acquisition date, with significant low risk of change in value. i. Cash and banks in local currency: at nominal value. ii. Cash and banks in foreign currency: at the exchange rates in effect at the end of the year. iii. Money market funds, which have been valued at the prevailing market price at the end of the year. Those that do not qualify as cash equivalents are disclosed in the Financial assets at fair value through profit or loss account.
Equity	Changes in this account have been accounted for in accordance with the relevant legal or statutory regulations and the decisions adopted by the shareholders’ meetings. a. Share capital Share capital represents issued capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including outstanding shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3. b. Treasury stock The Treasury stock account represents the nominal value of the Company’s own shares acquired by the Company, restated to reflect the effects of inflation as indicated in Note 3. c. Other comprehensive income Represents recognition, at the end of the year, of the actuarial losses associated with the Company’s employee benefit plans, restated to reflect the effects of inflation as indicated in Note 3. d. Retained earnings Retained earnings are comprised of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided by the Shareholders’ Meeting, to the extent that they are not subject to legal restrictions. If applicable, Retained earnings are comprised of amounts transferred from other comprehensive income and prior year adjustments due to the application of accounting standards, restated to reflect the effects of inflation as indicated in Note 3. CNV General Resolution No. 593/11 provided that Shareholders in the Meetings at which they should decide upon the approval of financial statements in which the Retained earnings account has a positive balance, must adopt an express resolution as to the allocation of such balance, whether to dividend distribution, capitalization, setting up of reserves or a combination of these. The Company Shareholders’ Meetings have complied with the above-mentioned requirement.
Trade and other payables	a. Trade payables Trade payables are payment obligations with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables are classified as current liabilities if payments fall due within one year or in a shorter period of time. Otherwise, they are classified as non-current liabilities. Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. b. Customer deposits Customer deposits are initially recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method. In accordance with the Concession Agreement, the Company is allowed to receive customer deposits in the following cases: i. When the power supply is requested and the customer is unable to provide evidence of his legal ownership of the premises; ii. When service has been suspended more than once in one-year period; iii. When the power supply is reconnected and the Company is able to verify the illegal use of the service (fraud). iv. When the customer is undergoing liquidated bankruptcy or reorganization proceedings. The Company has decided not to request customer deposits from residential tariff customers. Customer deposits may be paid either in cash or through the customer’s bill and accrue monthly interest at a specific rate of BNA for each customer category. When the conditions for which the Company is allowed to receive customer deposits no longer exist, the customer’s account is credited for the principal amount plus any interest accrued thereon, after deducting, if appropriate, any amounts receivable which the Company has with the customer. b. Customer contributions Refundable: c. Other payables The financial liabilities recorded in Other Payables, including the loans for consumption (mutuums) with CAMMESA, the Payment agreement with the ENRE, and the advances for the execution of works, are initially recognized at fair value and subsequently measured at amortized cost. The recorded liabilities for penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.d), and other provisions are the best estimate of the settlement value of the present obligation in the framework of IAS 37 provisions at the date of these financial statements. The balances of ENRE Penalties and Discounts are updated in accordance with the regulatory framework applicable thereto and on the basis of the Company’s estimate of the outcome of the renegotiation process described in Note 2.d.
Borrowings	Borrowings are initially recognized at fair value, net of direct costs incurred in the transaction. Subsequently, they are measured at amortized cost; any difference between the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at maturity is recognized in profit or loss during the term of the borrowings using the effective interest rate method.
Deferred revenue	Non-refundable customer contributions · customer connection to the network: revenue is accrued until such connection is completed; · continuous provision of the electric power supply service: throughout the shorter of the useful life of the asset and the term for the provision of the service.
Employee benefits	· Benefit plans The Company operates various benefit plans. Usually, benefit plans establish the amount of the benefit the employee will receive at the time of retirement, generally based on one or more factors such as age, years of service and salary. The liability recognized in the Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing date of the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation is calculated annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit plan obligation is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. The benefit plans are not funded. The group’s accounting policy for benefit plans is as follow: a. b. · The Company’s Share-based Compensation Plan The Company has share-based compensation plans under which it receives services from some employees in exchange for the Company’s shares. The fair value of the employee services received is recognized as an operating expense in the “Salaries and social security taxes” line item. The total amount of the referred to expense is determined by reference to the fair value of the shares granted. When the employees provide the services before the shares are granted, the fair value at the grant date is estimated in order to recognize the respective result.
Income tax	The income tax is recognized in profit or loss, other comprehensive income or in equity depending on the items from which it originates. The Company determines the income tax payable by applying the current 30% rate on the estimated taxable profit. Additionally, the deferred tax is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the Statement of Financial Position. However, no deferred tax liability is recognized if such difference arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other than in a business combination, which at the time of the transaction affected neither the accounting nor the taxable profit. The deferred tax is determined using the tax rate that is in effect at the date of the financial statements and is expected to apply when the deferred tax assets are realized or the deferred tax liabilities are settled. Deferred tax assets and liabilities are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets and liabilities relate to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities are stated at their undiscounted value. Moreover, Law No. 27,430 provides for the application of the tax inflation adjustment set forth in Title VI of the Income Tax Law for the first, second and third fiscal year as from its effective date (in 2018), if the IPC cumulative variation, calculated from the beginning to the end of each year, exceeds fifty-five percent (55%), thirty percent (30%) and fifteen percent (15%) for fiscal years 2018, 2019 and 2020, respectively. Although as of December 31, 2018, the IPC cumulative variation did not exceed the 55% threshold for the application of the tax inflation adjustment in that first fiscal year, as of December 31, 2019, the IPC cumulative variation for the 12 months of the year amounted to 53.77%, which exceeds the 30% threshold fixed for the second transition year of the tax inflation adjustment, and, therefore, the Company has applied the tax inflation adjustment in the calculation of the current and deferred income tax provision.
Leases	Up until the previous year, the leases of property, plant and equipment were classified as operating or finance leases in accordance with IAS 17. Payments made on account of operating leases (net of any incentive received from the lessor) were charged to profit or loss on a straight-line basis over the lease term. As from the application of IFRS 16, a right-of-use asset and a lease liability are recognized for lease contracts from the date on which the leased asset is available for use, at the present value of the payments to be made over the term of the contract, using the discount rate implicit in the lease contract, if it can be determined, or the Company’s incremental borrowing rate. Subsequent to their initial measurement, leases will be measured at cost less accumulated depreciation, impairment losses, and any adjustment resulting from a new measurement of the lease liability.
Provisions and contingencies	Provisions have been recognized in those cases in which the Company is faced with a present obligation, whether legal or constructive, that has arisen as a result of a past event, whose settlement is expected to result in an outflow of resources, and the amount thereof can be estimated reliably. The amount recognized as provisions is the best estimate of the expenditure required to settle the present obligation, at the end of the reporting year, taking into account the corresponding risks and uncertainties. When a provision is measured using the estimated cash flow to settle the present obligation, the carrying amount represents the present value of such cash flow. This present value is obtained by applying a pre-tax discount rate that reflects market conditions, the time value of money and the specific risks of the obligation. The provisions included in liabilities have been recorded to face contingent situations that could result in future payment obligations. To estimate the amount of provisions and the likelihood of an outflow of resources, the opinion of the Company’s legal advisors has been taken into account.
Balances with related parties	Receivables and payables with related parties are initially recognized at amortized cost in accordance with the terms agreed upon by the parties involved.

5. Financial risk management (T

5. Financial risk management (Tables)	12 Months Ended
	Dec. 31, 2019
Financial Risk Management
Balances in foreign currency	Currency Amount in foreign currency Exchange rate (1) Total Total ASSETS NON-CURRENT ASSETS Other receivables USD - 59.890 - 1,177,257 TOTAL NON-CURRENT ASSETS - 1,177,257 CURRENT ASSETS Other receivables USD 1,000 59.890 59,890 230,021 Financial assets at fair value through profit or loss USD 46,583 59.890 2,789,856 5,052,556 Cash and cash equivalents USD 2,010 59.890 120,379 14,416 EUR 11 67.227 739 - TOTAL CURRENT ASSETS 2,970,864 5,296,993 TOTAL ASSETS 2,970,864 6,474,250 LIABILITIES NON-CURRENT LIABILITIES Borrowings USD 136,875 59.890 8,197,429 11,059,857 TOTAL NON-CURRENT LIABILITIES 8,197,429 11,059,857 CURRENT LIABILITIES Trade payables USD 9,054 59.890 542,207 1,015,588 EUR 424 67.227 28,504 6,172 CHF 248 61.925 15,357 - NOK 68 6.849 466 455 Borrowings USD 27,705 59.890 1,659,236 1,656,799 Other payables USD 9,086 59.890 544,161 - TOTAL CURRENT LIABILITIES 2,789,931 2,679,014 TOTAL LIABILITIES 10,987,360 13,738,871 (1) The exchange rates used are the BNA exchange rates in effect as of December 31, 2019 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK).
Exposure to currency risk	12.31.19 12.31.18 Net position US dollar (7,972,908) (7,257,994) Euro (27,765) (6,172) Norwegian krone (466) (455) Swiss franc (15,357) - Total (8,016,496) (7,264,621)
Decrease in results of operations	12.31.19 12.31.18 Net position US dollar (797,291) (725,799) Euro (2,777) (617) Norwegian krone (47) (46) Swiss franc (1,536) - Decrease in the results of operations for the year (801,651) (726,462)
Loans according to rate and currency	The table below shows the breakdown of the Company’s loans according to interest rate and the currency in which they are denominated: 12.31.19 12.31.18 Fixed rate: US dollar 8,340,891 9,779,750 Subtotal loans at fixed rates 8,340,891 9,779,750 Floating rate: US dollar 1,515,774 2,936,906 Subtotal loans at floating rates 1,515,774 2,936,906 Total loans 9,856,665 12,716,656 Based on the simulations performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following decrease in the profit for the year: 12.31.19 12.31.18 Floating rate: US dollar (3,202) (6,521) Decrease in the results of operations for the year (3,202) (6,521) Based on the simulations performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following increase in the profit for the year: 12.31.19 12.31.18 Floating rate: US dollar 3,202 6,521 Increase in the results of operations for the year 3,202 6,521
Analysis of non-derivative financial liabilities	No deadline Less than 3 months From 3 months to 1 year From 1 to 2 years From 2 to 5 years More than 5 years Total As of December 31, 2019 Trade and other payables 767,683 15,974,799 5,967,447 208,378 5,002,288 213,096 28,133,691 Borrowings - - 1,659,236 - 8,197,429 - 9,856,665 Total 767,683 15,974,799 7,626,683 208,378 13,199,717 213,096 37,990,356 As of December 31, 2018 Trade and other payables 19,078,817 13,966,826 4,245,273 126,846 153,698 - 37,571,460 Borrowings - - 1,052,508 1,052,508 11,804,260 - 13,909,276 Total 19,078,817 13,966,826 5,297,781 1,179,354 11,957,958 - 51,480,736
Gearing ratios	12.31.19 12.31.18 Total liabilities 60,321,760 70,767,270 Less: Cash and cash equivalents and Financial assets at fair value through profit or loss (3,199,473) (5,242,262) Net debt 57,122,287 65,525,008 Total Equity 59,150,849 47,620,990 Total capital attributable to owners 116,273,136 113,145,998 Gearing ratio 49.13% 57.91%
Financial assets measured at fair value	LEVEL 1 LEVEL 2 LEVEL 3 TOTAL At December 31, 2019 Assets Financial assets at fair value through profit or loss: Money market funds 2,789,831 - - 2,789,831 Cash and cash equivalents: Money market funds 249,700 - - 249,700 Total assets 3,039,531 - - 3,039,531 Liabilities Derivative financial instruments - 205,246 - 205,246 Total liabilities - 205,246 - 205,246 At December 31, 2018 Assets Financial assets at fair value through profit or loss: Government bonds 5,052,573 - - 5,052,573 Money market funds 147,236 - - 147,236 Total assets 5,199,809 - - 5,199,809 Liabilities Derivative financial instruments - 1,591 - 1,591 Total liabilities - 1,591 - 1,591

7. Interest in joint venture (T

7. Interest in joint venture (Tables)	12 Months Ended
	Dec. 31, 2019
Interest In Joint Venture
Interest in joint ventures	Percentage interest held Equity attributable to the owners in capital stock and votes 12.31.19 12.31.18 SACME 50.00% 11,152 13,599

9. Property, plant and equipm_2

9. Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property, plant and equipment [abstract]
Property, plant, and equipment	Lands and buildings Substations High, medium and low voltage lines Meters and Transformer chambers and platforms Tools, Furniture, vehicles, equipment, communications and advances to suppliers Construction in process Supplies and spare parts Total At 12.31.18 Cost 2,228,765 21,173,166 58,526,862 24,217,962 4,085,114 20,620,507 300,321 131,152,697 Accumulated depreciation (374,890) (6,111,090) (18,717,354) (7,936,426) (1,945,373) - - (35,085,133) Net amount 1,853,875 15,062,076 39,809,508 16,281,536 2,139,741 20,620,507 300,321 96,067,564 Additions 36,602 7,125 158,056 288,631 1,035,592 8,295,716 97,472 9,919,194 Disposals (51) (79) (7,400) (52,976) (3,086) - - (63,592) Transfers 126,361 856,130 4,308,337 2,297,002 (1,120,774) (6,312,332) (154,724) - Depreciation for the year (82,502) (751,050) (2,165,465) (1,041,807) (583,944) - - (4,624,768) Net amount 12.31.19 1,934,285 15,174,202 42,103,036 17,772,386 1,467,529 22,603,891 243,069 101,298,398 At 12.31.19 Cost 2,391,728 22,036,421 62,735,909 26,729,242 3,999,933 22,603,891 243,069 140,740,193 Accumulated depreciation (457,443) (6,862,219) (20,632,873) (8,956,856) (2,532,404) - - (39,441,795) Net amount 1,934,285 15,174,202 42,103,036 17,772,386 1,467,529 22,603,891 243,069 101,298,398 Lands and buildings Substations High, medium and low voltage lines Meters and Transformer chambers and platforms Tools, Furniture, vehicles, equipment, communications and advances to suppliers Construction in process Supplies and spare parts Total At 12.31.17 Cost 2,116,247 20,714,928 56,017,555 23,137,842 3,854,001 13,404,398 139,488 119,384,459 Accumulated depreciation (315,931) (5,492,137) (17,298,877) (7,133,076) (1,403,076) - - (31,643,097) Net amount 1,800,316 15,222,791 38,718,678 16,004,766 2,450,925 13,404,398 139,488 87,741,362 Additions 28,827 175,050 585,141 79,220 793,829 11,285,728 199,487 13,147,282 Disposals (56) (3,400) (145,751) (55,158) (677,899) - - (882,264) Transfers 137,239 288,352 2,452,719 1,092,364 137,599 (4,069,619) (38,654) - Depreciation for the year (112,451) (620,717) (1,801,279) (839,656) (564,713) - - (3,938,816) Net amount 12.31.18 1,853,875 15,062,076 39,809,508 16,281,536 2,139,741 20,620,507 300,321 96,067,564 At 12.31.18 Cost 2,228,765 21,173,166 58,526,862 24,217,962 4,085,114 20,620,507 300,321 131,152,697 Accumulated depreciation (374,890) (6,111,090) (18,717,354) (7,936,426) (1,945,373) - - (35,085,133) Net amount 1,853,875 15,062,076 39,809,508 16,281,536 2,139,741 20,620,507 300,321 96,067,564 (1) As of December 31, 2018, includes derecognition of real estate asset for $ 675.5 million.

10. Financial instruments (Tabl

10. Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about financial instruments [abstract]
Financial instruments by category	Financial assets at amortized cost Financial assets at fair value through profit or loss Non-financial assets Total As of December 31, 2019 Assets Trade receivables 12,460,070 - - 12,460,070 Other receivables 315,492 - 224 315,716 Cash and cash equivalents Cash and Banks 159,942 - - 159,942 Money market funds - 249,700 - 249,700 Financial assets at fair value through profit or loss: Money market funds - 2,789,831 - 2,789,831 Total 12,935,504 3,039,531 224 15,975,259 As of December 31, 2018 Assets Trade receivables 11,667,923 - - 11,667,923 Other receivables 1,464,977 - 136,011 1,600,988 Cash and cash equivalents - - Cash and Banks 42,453 - - 42,453 Financial assets at fair value through profit or loss: Government bonds - 5,052,573 - 5,052,573 Money market funds - 147,236 - 147,236 Financial assets at fair value Time deposits 1,858,726 - - 1,858,726 Total 15,034,079 5,199,809 136,011 20,369,899 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Non-financial liabilities Total As of December 31, 2019 Liabilities Trade payables 13,070,359 - - 13,070,359 Other payables 7,616,248 - - 7,616,248 Borrowings 9,856,665 - - 9,856,665 Total 30,543,272 - - 30,543,272 As of December 31, 2018 Liabilities Trade payables 22,904,340 - - 22,904,340 Other payables 488,126 - 14,191,041 14,679,167 Borrowings 12,716,656 - - 12,716,656 Total 36,109,122 - 14,191,041 50,300,163
Income, expenses, gains and losses of financial instruments	Financial assets at amortized cost Financial assets at fair value through profit or loss Total As of December 31, 2019 Interest income 1,208,970 - 1,208,970 Exchange differences 608,847 1,069,587 1,678,434 Changes in fair value of financial assets - 281,039 281,039 Corporate Notes 456,884 - 456,884 Total 2,274,701 1,350,626 3,625,327 As of December 31, 2018 Interest income 1,033,000 - 1,033,000 Exchange differences 3,637,573 - 3,637,573 Bank fees and expenses (13,084) - (13,084) Changes in fair value of financial assets - 1,147,943 1,147,943 Adjustment to present value (503) - (503) Total 4,656,986 1,147,943 5,804,929 As of December 31, 2017 Interest income 697,814 - 697,814 Exchange differences 352,287 - 352,287 Bank fees and expenses (4,433) - (4,433) Changes in fair value of financial assets - 730,248 730,248 Adjustment to present value (663) - (663) Total 1,045,005 730,248 1,775,253 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Total As of December 31, 2019 Interest expense (6,739,597) - (6,739,597) Exchange differences (5,846,670) - (5,846,670) Other financial results (16,299) - (16,299) Total (12,602,566) - (12,602,566) As of December 31, 2018 Interest expense (7,639,617) - (7,639,617) Other financial results (132,393) - (132,393) Exchange differences (8,451,756) - (8,451,756) Total (16,223,766) - (16,223,766) As of December 31, 2017 Interest expense (3,947,849) - (3,947,849) Other financial results (121,289) - (121,289) Exchange differences (1,219,638) - (1,219,638) Total (5,288,776) - (5,288,776)
Credit quality of financial assets	12.31.19 12.31.18 Customers with no external credit rating: Group 1 (i) 10,560,628 9,900,482 Group 2 (ii) 529,945 738,460 Group 3 (iii) 1,369,497 1,028,981 Total trade receivables 12,460,070 11,667,923 (i) Relates to customers with debt to become due. (ii) Relates to customers with past due debt from 0 to 3 months. (iii) Relates to customers with past due debt from 3 to 12 months.

11. Right-of-use asset (Tables)

11. Right-of-use asset (Tables)	12 Months Ended
	Dec. 31, 2019
Right-of-use Asset
Right-of-use asset	12.31.19 Total right-of-use asset by leases 260,937 The development of right-of-use assets is as follows: 12.31.19 Balance at beginning of year - Incorporation by adoption of IFRS 16 421,991 Additions 3,062 Depreciation for the year (164,116) Balance at end of the year 260,937

12. Other receivables (Tables)

12. Other receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Other Receivables
Other receivables	Note 12.31.19 12.31.18 Non-current: Financial credit 22,133 46,873 Related parties 36.d 3,895 7,168 RDSA credit 2,125,890 1,177,256 Allowance for the impairment of other receivables (1) (2,125,890) - Total Non-current 26,028 1,231,297 Current: Prepaid expenses 15,204 8,168 Credit for Real estate asset 39 59,890 - Advances to suppliers 247 125,230 Security deposits 24,937 25,672 Financial credit 44,762 89,841 Receivables from electric activities 100,368 151,294 Related parties 36.d 25,766 41,436 Judicial deposits 68,616 46,872 Other 15,246 38 Allowance for the impairment of other receivables (65,348) (118,860) Total Current 289,688 369,691 (1) The impairment charge was charged to finance costs, net of the receivable revaluation.
Roll forward of the allowance for the impairment of other receivables	12.31.19 12.31.18 Balance at beginning of year 118,860 61,309 Increase 2,156,440 83,536 Result from exposure to inlfation (42,727) (25,985) Recovery (41,335) - Balance at end of the year 2,191,238 118,860 (1) The impairment charge was charged to finance costs, net of the receivable revaluation.
Aging analysis	12.31.19 12.31.18 Without expiry date 118,553 74,360 Past due 50,513 53,595 Up to 3 months 91,963 198,155 From 3 to 6 months 14,437 31,392 From 6 to 9 months 11,493 7,506 From 9 to 12 months 2,729 4,683 More than 12 months 26,028 1,231,297 Total other receivables 315,716 1,600,988

13. Trade receivables (Tables)

13. Trade receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Trade Receivables
Trade receivables	12.31.19 12.31.18 Current: Sales of electricity – Billed 7,714,038 7,108,327 Sales of electricity – Unbilled 5,792,028 5,744,779 PBA & CABA government credit 251,361 - Framework Agreement 9,003 15,957 Fee payable for the expansion of the transportation and others 25,046 35,321 Receivables in litigation 214,884 149,400 Allowance for the impairment of trade receivables (1,546,290) (1,385,861) Total Current 12,460,070 11,667,923
Allowance for the impairment of trade receivables	12.31.19 12.31.18 Balance at beginning of the year 1,385,861 1,041,836 Change of accounting standard (Note 6) - Adjustment by model of expected losses IFRS 9 - 126,155 Balance at beginning of the year 1,385,861 1,167,991 Increase 1,365,186 1,419,571 Decrease (771,139) (598,437) Result from exposure to inlfation (433,618) (603,264) Balance at end of the year 1,546,290 1,385,861
Aging analysis of trade receivables	12.31.19 12.31.18 Not due 9,003 15,957 Past due 1,899,443 1,767,442 Up to 3 months 10,551,624 9,884,524 Total trade receivables 12,460,070 11,667,923
Sensitivity analysis	- 5% increase in the uncollectibility rate estimate 12.31.19 Contingencies 1,623,605 Variation 77,315 - 5% decrease in the uncollectibility rate estimate 12.31.19 Contingencies 1,468,975 Variation (77,315)

14. Financial assets at fair _2

14. Financial assets at fair value through profit or loss (Tables)	12 Months Ended
	Dec. 31, 2019
Financial assets at fair value through profit or loss [abstract]
Financial assets at fair value through profit or loss	12.31.19 12.31.18 Current Money market funds 2,789,831 147,236 Government bonds - 5,052,573 Total current 2,789,831 5,199,809

15. Financial assets at amort_2

15. Financial assets at amortized cost (Tables)	12 Months Ended
	Dec. 31, 2019
Financial Assets At Amortized Cost
Financial assets at amortized cost	12.31.19 12.31.18 Non-current Current Government bonds - - Time deposits - 1,858,726 Total Current - 1,858,726

16. Inventories (Tables)

16. Inventories (Tables)	12 Months Ended
	Dec. 31, 2019
Inventories Abstract
Inventories	12.31.19 12.31.18 Current Supplies and spare-parts 1,854,336 1,925,654 Advance to suppliers 72,527 11,544 Total inventories 1,926,863 1,937,198

17. Cash and cash equivalents (

17. Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2019
Cash and cash equivalents [abstract]
Cash and cash equivalents	12.31.19 12.31.18 Cash and banks 159,942 42,453 Money market funds 249,700 - Total cash and cash equivalents 409,642 42,453

18. Share capital and additio_2

18. Share capital and additional paid-in capital (Tables)	12 Months Ended
	Dec. 31, 2019
Share Capital And Additional Paid-in Capital
Share capital and additional paid-in capital	Share capital Additional paid-in capital Total Balance at December 31, 2016 27,982,570 282,328 28,264,898 Payment of Other reserve constitution - Share-bases compensation plan - 71,222 71,222 Balance at December 31, 2017 27,982,570 353,550 28,336,120 Payment of Other reserve constitution - Share-bases compensation plan (146) 16,441 16,295 Balance at December 31, 2018 and December 31, 2019 27,982,424 369,991 28,352,415

22. Trade payables (Tables)

22. Trade payables (Tables)	12 Months Ended
	Dec. 31, 2019
Trade Payables
Trade payables	Note 12.31.19 12.31.18 Non-current Customer guarantees 213,097 216,768 Customer contributions 156,455 172,720 Funding contributions - substations 2.c - 50,628 Total Non-current 369,552 440,116 Current Payables for purchase of electricity - CAMMESA 4,367,129 8,727,732 Provision for unbilled electricity purchases - CAMMESA 2.c 4,938,327 9,584,381 Suppliers 3,042,079 3,730,485 Advance to customer 285,042 302,135 Customer contributions 30,858 23,508 Discounts to customers 37,372 57,467 Funding contributions - substations 2.c - 26,471 Related parties 36.d - 12,045 Total Current 12,700,807 22,464,224

23. Other payables (Tables)

23. Other payables (Tables)	12 Months Ended
	Dec. 31, 2019
Other Payables
Other payables	Note 12.31.19 12.31.18 Non-current ENRE penalties and discounts 2.c 3,932,272 7,838,276 Loans (mutuum) with CAMMESA 2.c - 3,509,303 Liability with FOTAE 2.c - 318,874 Payment agreements with ENRE - 57,195 Financial Lease Liability (1) 87,360 - Total Non-current 4,019,632 11,723,648 Current ENRE penalties and discounts 3,386,681 2,822,587 Related parties 36.d 12,566 11,642 Advances for works to be performed 6,135 20,875 Payment agreements with ENRE 48,236 100,415 Financial Lease Liability (1) 134,177 - Other 8,821 - Total Current 3,596,616 2,955,519
Financial lease liability	12.31.19 Balance at beginning of year - Incorporation by adoption of IFRS 16 421,991 Increase 3,062 Payments (212,403) Exchange difference and gain on net monetary position 8,887 Balance at end of the year 221,537
Future minimum lease payments	12.31.19 2020 198,910 2021 137,816 2022 3,427 Total future minimum lease payments 340,153
Future minimum collections with respect to operating assignments	12.31.19 12.31.18 2019 - 266,974 2020 325,280 - Total future minimum lease collections 325,280 266,974

24. Deferred revenue (Tables)

24. Deferred revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Revenue
Deferred revenue	12.31.19 12.31.18 Non-current Nonrefundable customer contributions 270,091 423,539 Total Non-current 270,091 423,539 12.31.19 12.31.18 Current Nonrefundable customer contributions 5,346 8,221 Total Current 5,346 8,221

25. Borrowings (Tables)

25. Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Borrowings [abstract]
Borrowings	12.31.19 12.31.18 Non-current Corporate notes (1) 8,197,429 9,610,574 Borrowing - 1,449,283 Total non-current 8,197,429 11,059,857 Current Interest from corporate notes 143,462 169,175 Borrowing 1,515,774 1,487,624 Total current 1,659,236 1,656,799 (1) Net of debt issuance, repurchase and redemption expenses.
Borrowings currency denominations	12.31.19 12.31.18 US dollars 9,856,665 12,716,656 9,856,665 12,716,656
Maturities of the Company's borrowings and exposure to interest rate	12.31.19 12.31.18 Fixed rate Less than 1 year 143,462 169,175 From 2 to 5 years 8,197,429 9,610,574 8,340,891 9,779,749 Floating rate Less than 1 year 1,515,774 1,487,624 From 1 to 2 years - 1,449,283 From 2 to 5 years - - 1,515,774 2,936,907 9,856,665 12,716,656
Roll forward of the Company's borrowings	12.31.19 12.31.18 Balance at beginning of the year 12,716,656 9,678,949 Proceeds from borrowings - - Payment of borrowings' interests (1,134,828) (1,003,605) Paid from repurchase of Corporate Notes (1,531,033) (577,437) Payment of borrowings (1,593,024) - Gain from repurchase of Corporate Notes (456,884) (6,980) Exchange diference and interest accrued 6,687,379 9,432,905 Result from exposure to inlfation (4,831,601) (4,807,176) Balance at the end of year 9,856,665 12,716,656
Debt issued	Million of USD Million of $ Corporate Notes Class Rate Year of Maturity Debt structure at 12.31.18 Debt repurchase Debt structure at 12.31.19 At 12.31.19 Fixed Rate Par Note 9 9.75 2022 161.65 (29.08) 132.57 8,197.43 Total 161.65 (29.08) 132.57 8,197.43 Million of USD Million of $ Corporate Notes Class Rate Year of Maturity Debt structure at 12.31.17 Debt repurchase Debt structure at 12.31.18 At 12.31.18 Fixed Rate Par Note 9 9.75 2022 171.87 (10.22) 161.65 9,610.57 Total 171.87 (10.22) 161.65 9,610.57

26. Salaries and social secur_2

26. Salaries and social security taxes payable (Tables)	12 Months Ended
	Dec. 31, 2019
Salaries And Social Security Taxes Payable
Salaries and social security taxes payable	12.31.19 12.31.18 Non-current Early retirements payable 39,495 22,887 Seniority-based bonus 201,075 227,353 Total non-current 240,570 250,240 Current Salaries payable and provisions 2,104,368 2,428,861 Social security payable 274,583 232,403 Early retirements payable 28,101 15,759 Total current 2,407,052 2,677,023
Salaries and social security taxes charged to profit or loss	2019 2018 2017 Salaries 6,299,020 6,668,287 7,530,793 Social security taxes 2,449,619 2,593,223 2,928,640 Total salaries and social security taxes 8,748,639 9,261,510 10,459,433

27. Benefit plans (Tables)

27. Benefit plans (Tables)	12 Months Ended
	Dec. 31, 2019
Benefit Plans
Benefit plans	12.31.19 12.31.18 Non-current 523,918 592,165 Current 51,119 49,770 Total Benefit plans 575,037 641,935
Benefit payment obligations	12.31.19 12.31.18 Benefit payment obligations at beginning of year 641,935 805,970 Current service cost 110,250 50,596 Interest cost 151,819 121,946 Actuarial losses 7,328 8,670 Result from exposure to inflation for the year (291,613) (260,131) Benefits paid to participating employees (44,682) (85,116) Benefit payment obligations at end of year 575,037 641,935
Detail of the charge recognized in the Statement of Comprehensive Income	12.31.19 12.31.18 12.31.17 Cost 110,250 50,596 65,352 Interest 151,819 121,946 195,217 Actuarial results - Other comprehensive loss 7,328 8,670 (34,166) 269,397 181,212 226,403
Actuarial assumptions	12.31.19 12.31.18 12.31.17 Discount rate 5% 5% 5% Salary increase 1% 1% 1% Inflation 31% 31% 18%
Benefit plan sensitivity analysis	12.31.19 Discount Rate: 4% Obligation 631,436 Variation 56,399 10% Discount Rate: 6% Obligation 527,057 Variation (47,980) (8%) Salary Increase : 0% Obligation 526,485 Variation (48,552) (8%) Salary Increase: 2% Obligation 631,321 Variation 56,284 10%
Expected payments of benefits	In 2020 In 2021 In 2022 In 2023 In 2024 Between 2025 to 2029 At December 31, 2019 Benefit payment obligations 51,119 9,117 9,499 10,507 3,011 12,763

28. Income tax _ deferred tax (

28. Income tax / deferred tax (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Deferred Tax
Analysis of deferred tax assets and liabilities	12.31.18 Result from exposure to inflation Charged to profit and loss Charged to other comprenhensive income 12.31.19 Deferred tax assets Trade receivables and other receivables 684,433 (239,331) 108,892 - 553,994 Trade payables and other payables 3,005,838 (1,051,076) (1,353,250) - 601,512 Salaries and social security taxes payable 76,023 (26,584) 64,099 - 113,538 Benefit plans 162,972 (56,988) - 2,198 108,182 Tax liabilities 24,035 (8,404) 1,990 - 17,621 Provisions 531,827 (185,968) 326,742 - 672,601 Deferred tax asset 4,485,128 (1,568,351) (851,527) 2,198 2,067,448 Deferred tax liabilities: Property, plant and equipment (16,527,448) 5,779,286 (8,895,157) - (19,643,319) Financial assets at fair value through profit or loss (326,726) 114,249 4,305 - (208,172) Borrowings (6,836) 2,390 989 - (3,457) Tax inflation adjustment - - (2,267,465) - (2,267,465) Deferred tax liability (16,861,010) 5,895,925 (11,157,328) - (22,122,413) Net deferred tax liabilities (12,375,882) 4,327,574 (12,008,855) 2,198 (20,054,965) 12.31.17 Result from exposure to inflation Charged to profit and loss Charged to other comprenhensive income 12.31.18 Deferred tax assets Tax loss carryforward 82,716 (82,716) - - - Inventories 20,689 (13,938) (6,751) - - Trade receivables and other receivables 739,735 (570,525) 515,223 - 684,433 Trade payables and other payables 653,015 1,165,031 1,187,792 - 3,005,838 Salaries and social security taxes payable (147,331) 200,559 22,795 - 76,023 Benefit plans 336,931 (198,056) 21,497 2,600 162,972 Tax liabilities 85,953 (66,952) 5,034 - 24,035 Provisions (840,005) 1,161,083 210,749 - 531,827 Deferred tax asset 931,703 1,594,486 1,956,339 2,600 4,485,128 Deferred tax liabilities: Property, plant and equipment (11,481,171) 1,388,776 (6,435,053) - (16,527,448) Financial assets at fair value through profit or loss (593,775) 576,433 (309,384) - (326,726) Borrowings (66,819) 58,411 1,572 - (6,836) Deferred tax liability (12,141,765) 2,023,620 (6,742,865) - (16,861,010) Net deferred tax liabilities (11,210,062) 3,618,106 (4,786,526) 2,600 (12,375,882) 12.31.16 Result from exposure to inflation Charged to profit and loss Charged to other comprenhensive income 12.31.17 Deferred tax assets Tax loss carryforward 9,472 (3,057) 76,301 - 82,716 Inventories 11,564 (3,732) 12,857 - 20,689 Trade receivables and other receivables 315,186 (101,728) 526,277 - 739,735 Trade payables and other payables 2,551,061 (823,369) (1,074,677) - 653,015 Salaries and social security taxes payable 55,628 (17,954) (185,005) - (147,331) Benefit plans 237,974 (76,807) 186,860 (11,096) 336,931 Tax liabilities 35,724 (11,530) 61,759 - 85,953 Provisions 341,132 (110,102) (1,071,035) - (840,005) Deferred tax asset 3,557,741 (1,148,279) (1,466,663) (11,096) 931,703 Deferred tax liabilities: Property, plant and equipment (15,038,537) 4,656,085 (1,098,719) - (11,481,171) Financial assets at fair value through profit or loss (91,618) 29,570 (531,727) - (593,775) Borrowings (19,104) 6,166 (53,881) - (66,819) Deferred tax liability (15,149,259) 4,691,821 (1,684,327) - (12,141,765) Net deferred tax liabilities (11,591,518) 3,543,542 (3,150,990) (11,096) (11,210,062) 12.31.19 12.31.18 Deferred tax assets: To be recover in less than 12 months 2,066,726 1,567,287 To be recover in more than 12 months 723 2,918,158 Deferred tax asset 2,067,449 4,485,445 Deferred tax liabilities: To be recover in less than 12 months (22,121,773) (16,453,585) To be recover in more than 12 months (641) (407,742) Deferred tax liability (22,122,414) (16,861,327) Net deferred tax liabilities (20,054,965) (12,375,882)
Income tax expense	2019 2018 2017 Deferred tax (7,681,281) (1,168,420) 392,552 Current tax (2,904,191) (1,713,587) (1,169,638) Difference between provision and tax return (88,376) (4,864) (7,227) Income tax expense (10,673,848) (2,886,871) (784,313) Note 2019 2018 2017 Profit for the period before taxes 22,807,987 9,495,085 8,596,806 Applicable tax rate 30% 30% 35% Loss for the period at the tax rate (6,842,396) (2,848,526) (3,008,882) Gain from interest in joint ventures 124 861 (9) Non-taxable income (1,021,032) (1,209,002) 1,565,827 Adjustment effect on tax inflation 4.16 (2,805,112) - - Change in the income tax rate (1) - 1,174,660 665,978 Difference between provision and tax return (12,230) (4,864) (7,227) Other 6,798 - - Income tax expense (10,673,848) (2,886,871) (784,313) (1) Effect on deferred tax assets and liabilities in accordance with the tax reform of 2017 and Law 27,430.
Income tax provisions	12.31.19 12.31.18 Provision of income tax payable 2,904,191 1,713,587 Tax withholdings (934,780) (764,324) Total income tax payable 1,969,411 949,263

29. Tax liabilities (Tables)

29. Tax liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Tax Liabilities
Tax liabilities	12.31.19 12.31.18 Non-current Current Provincial, municipal and federal contributions and taxes 179,024 200,586 VAT payable 1,302,042 634,374 Tax withholdings 147,062 195,474 SUSS withholdings 8,431 11,433 Municipal taxes 137,772 163,175 Tax regularization plan - 584 Total Current 1,774,331 1,205,626

30. Provisions (Tables)

30. Provisions (Tables)	12 Months Ended
	Dec. 31, 2019
Provisions [abstract]
Provisions	Non-current liabilities Current liabilities Contingencies At 12.31.18 1,645,569 288,218 Increases 1,239,577 127,655 Decreases (20,596) (77,473) Result from exposure to inflation for the year (801,947) (124,564) At 12.31.19 2,062,603 213,836 At 12.31.17 1,357,972 293,482 Increases 725,897 387,547 Decreases (131,722) (368,410) Result from exposure to inflation for the year (306,578) (24,401) At 12.31.18 1,645,569 288,218

31. Revenue from sales (Tables)

31. Revenue from sales (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue From Sales
Revenue from sales	2019 2018 2017 Sales of electricity 89,573,118 85,633,978 60,477,324 Right of use on poles 283,459 292,732 326,400 Connection charges 60,898 78,584 75,915 Reconnection charges 26,319 34,634 17,691 Total Revenue from sales 89,943,794 86,039,928 60,897,330

32. Expenses by nature (Tables)

32. Expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2019
Expenses By Nature
Expenses by nature	Expenses by nature at 12.31.19 Description Transmission and distribution expenses Selling expenses Administrative expenses Total Salaries and social security taxes 6,366,146 1,045,979 1,336,514 8,748,639 Pension plans 190,700 31,333 40,036 262,069 Communications expenses 82,714 369,899 17,005 469,618 Allowance for the impairment of trade and other receivables - 1,354,401 - 1,354,401 Supplies consumption 1,615,876 - 114,419 1,730,295 Leases and insurance - 233 226,040 226,273 Security service 237,100 42,394 92,826 372,320 Fees and remuneration for services 2,557,043 1,618,073 1,363,582 5,538,698 Depreciation of right-of-use asset 16,515 33,030 114,571 164,116 Public relations and marketing - 41,370 - 41,370 Advertising and sponsorship - 21,312 - 21,312 Reimbursements to personnel 89 196 1,050 1,335 Depreciation of property, plants and equipments 3,637,865 542,108 444,795 4,624,768 Directors and Supervisory Committee members’ fees - - 22,356 22,356 ENRE penalties 1,441,742 1,326,475 - 2,768,217 Taxes and charges - 923,650 49,786 973,436 Other 803 520 14,242 15,565 At 12.31.19 16,146,593 7,350,973 3,837,222 27,334,788 Expenses by nature at 12.31.18 Description Transmission and distribution expenses Selling expenses Administrative expenses Total Salaries and social security taxes 6,660,458 1,194,814 1,406,238 9,261,510 Pension plans 124,085 22,259 26,198 172,542 Communications expenses 124,723 414,677 24,630 564,030 Allowance for the impairment of trade and other receivables - 1,503,107 - 1,503,107 Supplies consumption 1,215,387 - 188,558 1,403,945 Leases and insurance 815 - 277,121 277,936 Security service 210,136 3,117 197,901 411,154 Fees and remuneration for services 2,170,943 1,599,460 1,548,697 5,319,100 Public relations and marketing - 49,585 - 49,585 Advertising and sponsorship - 25,544 - 25,544 Reimbursements to personnel 92 104 766 962 Depreciation of property, plants and equipments 3,098,292 461,702 378,822 3,938,816 Directors and Supervisory Committee members’ fees - - 33,664 33,664 ENRE penalties 3,174,321 1,617,868 - 4,792,189 Taxes and charges - 920,940 249,951 1,170,891 Other 1,241 705 8,796 10,742 At 12.31.18 16,780,493 7,813,882 4,341,342 28,935,717 Expenses by nature at 12.31.17 Description Transmission and distribution expenses Selling expenses Administrative expenses Total Salaries and social security taxes 7,685,152 1,363,903 1,410,378 10,459,433 Pension plans 191,454 33,979 35,136 260,569 Communications expenses 85,006 444,966 35,066 565,038 Allowance for the impairment of trade and other receivables - 602,186 - 602,186 Supplies consumption 1,056,706 - 168,809 1,225,515 Leases and insurance 1,004 - 279,898 280,902 Security service 200,305 2,763 217,171 420,239 Fees and remuneration for services 1,663,751 1,347,966 1,261,260 4,272,977 Public relations and marketing - - 87,125 87,125 Advertising and sponsorship - - 44,881 44,881 Reimbursements to personnel 137 85 1,272 1,494 Depreciation of property, plants and equipments 2,675,953 423,060 204,104 3,303,117 Directors and Supervisory Committee members’ fees - - 32,951 32,951 ENRE penalties 658,211 659,155 - 1,317,366 Taxes and charges - 607,796 49,223 657,019 Other 1,532 406 23,905 25,843 At 12.31.17 14,219,211 5,486,265 3,851,179 23,556,655

33. Other operating expense, _2

33. Other operating expense, net (Tables)	12 Months Ended
	Dec. 31, 2019
Other Operating Expense Net
Other operating expense, net	Note 2019 2018 2017 Other operating income Services provided to third parties 180,142 114,593 137,321 Commissions on municipal taxes collection 128,907 118,538 78,973 Related parties 36.a 20,075 68,125 6,555 Income from non-reimbursable customer contributions 6,584 8,572 6,723 Fines to suppliers 19,910 89,002 12,011 Expense recovery 163,550 - - Other 67,108 95,935 1,084 Total other operating income 586,276 494,765 242,667 Other operating expense Gratifications for services (192,361) (114,199) (124,249) Cost for services provided to third parties (97,274) (80,619) (100,316) Severance paid (21,530) (25,595) (43,598) Debit and Credit Tax (792,892) (860,939) (737,366) Provision for contingencies (1,367,232) (1,113,444) (833,993) Disposals of property, plant and equipment (63,592) (260,361) (76,614) Other (21,797) (70,619) (22,140) Total other operating expense (2,556,678) (2,525,776) (1,938,276) Other operating expense, net (1,970,402) (2,031,011) (1,695,609)

34. Net finance costs (Tables)

34. Net finance costs (Tables)	12 Months Ended
	Dec. 31, 2019
Net Finance Costs
Net finance costs	Note 2019 2018 2017 Financial income Commercial interest 514,536 420,495 273,180 Financial interest 692,497 612,505 424,634 Other interest 36.a 1,937 - - Total financial income 1,208,970 1,033,000 697,814 Finance costs Interest and other (3,750,737) (3,055,552) (1,259,956) Fiscal interest (5,462) (34,986) (47,904) Commercial interest (2,988,860) (4,549,079) (2,639,989) Bank fees and expenses (17,292) (13,084) (4,433) Total finance costs (6,762,351) (7,652,701) (3,952,282) Other financial results Exchange differences (4,168,236) (4,814,183) (867,349) Adjustment to present value of receivables (76,702) (503) (663) Changes in fair value of financial assets 281,039 1,147,943 730,248 Net gain from the repurchase of Corporate Notes 456,884 6,980 - Other finance costs (1) (16,299) 637,692 (121,289) Total other finance costs (3,523,314) (3,022,071) (259,053) Total net finance costs (9,076,695) (9,641,772) (3,513,521) (1) As of December 31, 2018 includes $ 770.1 million related to the termination of the agreement on real estate asset.

35. Basic and diluted earning_2

35. Basic and diluted earnings per share (Tables)	12 Months Ended
	Dec. 31, 2019
Basic and diluted earnings profit per share:
Basic and diluted earnings per share	2019 2018 2017 Profit for the year attributable to the owners of the Company 12,134,139 6,608,214 7,812,493 Weighted average number of common shares outstanding 876,725 890,492 898,280 Basic and diluted profit earnings per share – in pesos 13.84 7.42 8.70

36. Related-party transactions

36. Related-party transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related party transactions [abstract]
Related party income	Company Concept 2019 2018 2017 PESA Impact study 337 230 - Thermal power plant Pilar - 17,162 6,555 SACDE Reimbursement expenses 19,738 50,733 - FIDUS SGR contribution income 1,937 - - 22,012 68,125 6,555
Related party expenses	Company Concept 2019 2018 2017 PESA Technical advisory services on financial matters (136,149) (132,393) (93,714) SACME Operation and oversight of the electric power transmission system (83,193) (125,627) (106,040) Salaverri, Dellatorre, Burgio y Wetzler Malbran Legal fees - - (1,347) OSV Hiring life insurance for staff (19,646) (30,017) (29,162) FIDUS Legal fees (777) - - ABELOVICH, POLANO & ASOC. Legal fees (1,285) (2,014) (1,095) (241,050) (290,051) (231,358)
Key Management personnel's remuneration	2019 2018 2017 Salaries 441,378 373,046 385,418
Related party receivables and payables	12.31.19 12.31.18 Other receivables - Non current SACME 3,895 7,168 3,895 7,168 Other receivables - Current FIDUS SGR 25,000 38,443 SACME 766 1,178 PESA - 1,815 25,766 41,436 Trade payables OSV - - PESA - (12,045) - (12,045) Other payables SACME (12,566) (11,642) (12,566) (11,642)

3. Basis of preparation (Detail

3. Basis of preparation (Details Narrative)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basis Of Preparation
Inflation rate	53.77%	47.66%	24.79%

4. Accounting policies (Detail

4. Accounting policies (Detail Narrative)	12 Months Ended
	Dec. 31, 2019
Land
DisclosureOfAccountingPoliciesLineItems [Line Items]
Estimated useful lives	Not depreciated
Facilities in service
DisclosureOfAccountingPoliciesLineItems [Line Items]
Estimated useful lives	Between 30 and 50 years
Furniture, tools and equipment
DisclosureOfAccountingPoliciesLineItems [Line Items]
Estimated useful lives	Between 5 and 20 years

5. Financial risk management (D

5. Financial risk management (Details) € in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands		Dec. 31, 2019ARS ($)$ / $$ / €$ / SFr$ / kr	Dec. 31, 2019USD ($)$ / $$ / €$ / SFr$ / kr	Dec. 31, 2019EUR (€)$ / $$ / €$ / SFr$ / kr	Dec. 31, 2019CHF (SFr)$ / $$ / €$ / SFr$ / kr	Dec. 31, 2019NOK (kr)$ / $$ / €$ / SFr$ / kr	Dec. 31, 2018ARS ($)$ / $
SummaryOfFinancialRiskManagementLineItems [Line Items]
Exchange rate | $ / $		59.89	59.89	59.89	59.89	59.89	37.70
Noncurrent assets
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance assets		$ 0					$ 1,177,257
Noncurrent assets | Other receivables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 0
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance assets		$ 0					1,177,257
Current assets
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance assets		$ 2,970,864					5,296,993
Current assets | Other receivables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 1,000
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance assets		$ 59,890					230,021
Current assets | Financial assets at fair value through profit or loss
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 46,583
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance assets		$ 2,789,856					5,052,556
Current assets | Cash and cash equivalents
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 2,010
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance assets		$ 120,379					14,416
Current assets | Cash and cash equivalents
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency | €				€ 11
Exchange rate | $ / €	[1]	67.227	67.227	67.227	67.227	67.227
Foreign currency balance assets		$ 739
Current assets | Cash and cash equivalents
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance assets							0
Total Assets
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance assets		2,970,864					6,474,250
Non-current liabilities
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance liabilities		$ 8,197,429					11,059,857
Non-current liabilities | Borrowings
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 136,875
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance liabilities		$ 8,197,429					11,059,857
Current liabilities
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance liabilities		$ 2,789,931					2,679,014
Current liabilities | Borrowings
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 27,705
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance liabilities		$ 1,659,236					1,656,799
Current liabilities | Trade payables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 9,054
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance liabilities		$ 542,207					1,015,588
Current liabilities | Trade payables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency | €				€ 424
Exchange rate | $ / €	[1]	67.227	67.227	67.227	67.227	67.227
Foreign currency balance liabilities		$ 28,504					6,172
Current liabilities | Trade payables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency | SFr					SFr 248
Exchange rate | $ / SFr	[1]	61.925	61.925	61.925	61.925	61.925
Foreign currency balance liabilities		$ 15,357					0
Current liabilities | Trade payables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency | kr						kr 68
Exchange rate | $ / kr	[1]	6.849	6.849	6.849	6.849	6.849
Foreign currency balance liabilities		$ 466					455
Current liabilities | Other payables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Amount of foreign currency			$ 9,086
Exchange rate | $ / $	[1]	59.890	59.890	59.890	59.890	59.890
Foreign currency balance liabilities		$ 544,161					0
Total Liabilities
SummaryOfFinancialRiskManagementLineItems [Line Items]
Foreign currency balance liabilities		$ 10,987,360					$ 13,738,871
[1]	The exchange rates used are the BNA exchange rates in effect as of December 31, 2019 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK).

5. Financial risk management _2

5. Financial risk management (Details 1) € in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019ARS ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019CHF (SFr)	Dec. 31, 2019NOK (kr)	Dec. 31, 2018ARS ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018CHF (SFr)	Dec. 31, 2018NOK (kr)
SummaryOfFinancialRiskManagementLineItems [Line Items]
Net position assets/(liabilities)	$ (8,016,496)					$ (7,264,621)
US dollar
SummaryOfFinancialRiskManagementLineItems [Line Items]
Net position assets/(liabilities)		$ (7,972,908)					$ (7,257,994)
Euro
SummaryOfFinancialRiskManagementLineItems [Line Items]
Net position assets/(liabilities) | €			€ (27,765)					€ (6,172)
Norwegian krone
SummaryOfFinancialRiskManagementLineItems [Line Items]
Net position assets/(liabilities) | kr					kr (466)					kr (455)
Swiss franc
SummaryOfFinancialRiskManagementLineItems [Line Items]
Net position assets/(liabilities) | SFr				SFr (15,357)					SFr 0

5. Financial risk management _3

5. Financial risk management (Details 2) € in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019ARS ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2019CHF (SFr)	Dec. 31, 2019NOK (kr)	Dec. 31, 2018ARS ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018CHF (SFr)	Dec. 31, 2018NOK (kr)
SummaryOfFinancialRiskManagementLineItems [Line Items]
Decrease in the results of operations for the year	$ (801,651)					$ (726,462)
US dollar
SummaryOfFinancialRiskManagementLineItems [Line Items]
Decrease in the results of operations for the year		$ (797,291)					$ (725,799)
Euro
SummaryOfFinancialRiskManagementLineItems [Line Items]
Decrease in the results of operations for the year | €			€ (2,777)					€ (617)
Norwegian krone
SummaryOfFinancialRiskManagementLineItems [Line Items]
Decrease in the results of operations for the year | kr					kr (47)					kr (46)
Swiss franc
SummaryOfFinancialRiskManagementLineItems [Line Items]
Decrease in the results of operations for the year | SFr				SFr (1,536)					SFr 0

5. Financial risk management _4

5. Financial risk management (Details 3) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017ARS ($)
SummaryOfFinancialRiskManagementLineItems [Line Items]
Total loans	$ 9,856,665	$ 12,716,656	$ 9,678,949
Decrease in the profit (loss) due to a 1% increase in floating interest rates	(3,202)	(6,521)
Increase in the profit (loss) due to a 1% decrease in floating interest rates	3,202	6,521
US dollar
SummaryOfFinancialRiskManagementLineItems [Line Items]
Total loans	9,856,665	12,716,656
Fixed rate
SummaryOfFinancialRiskManagementLineItems [Line Items]
Total loans	8,340,891	9,779,750
Fixed rate | US dollar
SummaryOfFinancialRiskManagementLineItems [Line Items]
Total loans	8,340,891	9,779,750
Floating rate
SummaryOfFinancialRiskManagementLineItems [Line Items]
Total loans	1,515,774	2,936,906
Floating rate | US dollar
SummaryOfFinancialRiskManagementLineItems [Line Items]
Total loans	1,515,774	2,936,906
Decrease in the profit (loss) due to a 1% increase in floating interest rates	(3,202)	(6,521)
Increase in the profit (loss) due to a 1% decrease in floating interest rates	$ 3,202	$ 6,521

5. Financial risk management _5

5. Financial risk management (Details 4) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	$ 37,990,356	$ 51,480,736
No deadline
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	767,683	19,078,817
Less than 3 months
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	15,974,799	13,966,826
From 3 months to 1 year
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	7,626,683	5,297,781
From 1 to 2 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	208,378	1,179,354
From 2 to 5 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	13,199,717	11,957,958
More than 5 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	213,096	0
Trade and other payables
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	28,133,691	37,571,460
Trade and other payables | No deadline
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	767,683	19,078,817
Trade and other payables | Less than 3 months
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	15,974,799	13,966,826
Trade and other payables | From 3 months to 1 year
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	5,967,447	4,245,273
Trade and other payables | From 1 to 2 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	208,378	126,846
Trade and other payables | From 2 to 5 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	5,002,288	153,698
Trade and other payables | More than 5 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	213,096	0
Borrowings
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	9,856,665	13,909,276
Borrowings | No deadline
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	0	0
Borrowings | Less than 3 months
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	0	0
Borrowings | From 3 months to 1 year
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	1,659,236	1,052,508
Borrowings | From 1 to 2 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	0	1,052,508
Borrowings | From 2 to 5 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	8,197,429	11,804,260
Borrowings | More than 5 years
SummaryOfFinancialRiskManagementLineItems [Line Items]
Non-derivative financial liabilities	$ 0	$ 0

5. Financial risk management _6

5. Financial risk management (Details 5) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial Risk Management
Liabilities	$ 60,321,760	$ 70,767,270
Less: cash and cash equivalents and financial assets at fair value through profit or loss	(3,199,473)	(5,242,262)
Net debt	57,122,287	65,525,008
Total equity	59,150,849	47,620,990	$ 42,738,551	$ 34,882,254
Total capital attributable to owners	$ 116,273,136	$ 113,145,998
Gearing ratio	49.13%	57.91%

5. Financial risk management _7

5. Financial risk management (Details 6) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	$ 3,039,531	$ 5,199,809
Liabilities	205,246	1,591
Derivative financial instruments
SummaryOfFinancialRiskManagementLineItems [Line Items]
Liabilities	205,246	1,591
Level 1
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	3,039,531	5,199,809
Liabilities	0	0
Level 1 | Derivative financial instruments
SummaryOfFinancialRiskManagementLineItems [Line Items]
Liabilities	0	0
Level 2
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	0	0
Liabilities	205,246	1,591
Level 2 | Derivative financial instruments
SummaryOfFinancialRiskManagementLineItems [Line Items]
Liabilities	205,246	1,591
Level 3
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	0	0
Liabilities	0	0
Level 3 | Derivative financial instruments
SummaryOfFinancialRiskManagementLineItems [Line Items]
Liabilities	0	0
Government bonds
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets		5,052,573
Government bonds | Level 1
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets		5,052,573
Government bonds | Level 2
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets		0
Government bonds | Level 3
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets		0
Money market funds
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	2,789,831	147,236
Money market funds | Level 1
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	2,789,831	147,236
Money market funds | Level 2
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	0	0
Money market funds | Level 3
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	0	$ 0
Cash and cash equivalents
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	249,700
Cash and cash equivalents | Level 1
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	249,700
Cash and cash equivalents | Level 2
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	0
Cash and cash equivalents | Level 3
SummaryOfFinancialRiskManagementLineItems [Line Items]
Assets	$ 0

5. Financial risk management _8

5. Financial risk management (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019ARS ($)$ / $	Dec. 31, 2018ARS ($)$ / $
Financial Risk Management
Exchange rate | $ / $	59.89	37.70
Delinquent trade receivables	$ 3,461,400	$ 3,031,000
Allowances	1,546,300	1,385,900
Financial assets	3,039,500	5,199,800
Receivables related to customers	$ 9,000	$ 16,000

7. Interest in joint venture (D

7. Interest in joint venture (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SummaryOfInterestsInJointVenturesLineItems [Line Items]
Equity attributable to the owners	$ 11,152	$ 13,599
SACME
SummaryOfInterestsInJointVenturesLineItems [Line Items]
Percentage interest held in capital stock and votes	50.00%
Equity attributable to the owners	$ 11,152	$ 13,599

8. Contingencies and lawsuits (

8. Contingencies and lawsuits (Details Narrative) $ in Thousands	Dec. 31, 2019ARS ($)
Contingencies And Lawsuits
Legal provision	$ 2,276,400

9. Property, plant and equipm_3

9. Property, plant and equipment (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Cost	$ 140,740,193	$ 131,152,697	$ 119,384,459
Accumlated depreciation	(39,441,795)	(35,085,133)	(31,643,097)
Property, plant, and equipment, beginning	96,067,564	87,741,362
Additions	9,919,194	13,147,282
Disposals	(63,592)	(882,264)
Transfers	0	0
Depreciation for the period	(4,624,768)	(3,938,816)	(3,303,117)
Property, plant, and equipment, ending	101,298,398	96,067,564	87,741,362
Lands and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Cost	2,391,728	2,228,765	2,116,247
Accumlated depreciation	(457,443)	(374,890)	(315,931)
Property, plant, and equipment, beginning	1,853,875	1,800,316
Additions	36,602	28,827
Disposals	(51)	(56)
Transfers	126,361	137,239
Depreciation for the period	(82,502)	(112,451)
Property, plant, and equipment, ending	1,934,285	1,853,875	1,800,316
Substations
Disclosure of detailed information about property, plant and equipment [line items]
Cost	22,036,421	21,173,166	20,714,928
Accumlated depreciation	(6,862,219)	(6,111,090)	(5,492,137)
Property, plant, and equipment, beginning	15,062,076	15,222,791
Additions	7,125	175,050
Disposals	(79)	(3,400)
Transfers	856,130	288,352
Depreciation for the period	(751,050)	(620,717)
Property, plant, and equipment, ending	15,174,202	15,062,076	15,222,791
High, medium and low voltage lines
Disclosure of detailed information about property, plant and equipment [line items]
Cost	62,735,909	58,526,862	56,017,555
Accumlated depreciation	(20,632,873)	(18,717,354)	(17,298,877)
Property, plant, and equipment, beginning	39,809,508	38,718,678
Additions	158,056	585,141
Disposals	(7,400)	(145,751)
Transfers	4,308,337	2,452,719
Depreciation for the period	(2,165,465)	(1,801,279)
Property, plant, and equipment, ending	42,103,036	39,809,508	38,718,678
Meters and transformer chambers and platforms
Disclosure of detailed information about property, plant and equipment [line items]
Cost	26,729,242	24,217,962	23,137,842
Accumlated depreciation	(8,956,856)	(7,936,426)	(7,133,076)
Property, plant, and equipment, beginning	16,281,536	16,004,766
Additions	288,631	79,220
Disposals	(52,976)	(55,158)
Transfers	2,297,002	1,092,364
Depreciation for the period	(1,041,807)	(839,656)
Property, plant, and equipment, ending	17,772,386	16,281,536	16,004,766
Tools, furniture, vehicles, equipment, communications and advances to suppliers
Disclosure of detailed information about property, plant and equipment [line items]
Cost	3,999,933	4,085,114	3,854,001
Accumlated depreciation	(2,532,404)	(1,945,373)	(1,403,076)
Property, plant, and equipment, beginning	2,139,741	2,450,925
Additions	1,035,592	793,829
Disposals	(3,086)	(677,899)
Transfers	(1,120,774)	137,599
Depreciation for the period	(583,944)	(564,713)
Property, plant, and equipment, ending	1,467,529	2,139,741	2,450,925
Construction in process
Disclosure of detailed information about property, plant and equipment [line items]
Cost	22,603,891	20,620,507	13,404,398
Accumlated depreciation	0	0	0
Property, plant, and equipment, beginning	20,620,507	13,404,398
Additions	8,295,716	11,285,728
Disposals	0	0
Transfers	(6,312,332)	(4,069,619)
Depreciation for the period	0	0
Property, plant, and equipment, ending	22,603,891	20,620,507	13,404,398
Supplies and spare parts
Disclosure of detailed information about property, plant and equipment [line items]
Cost	243,069	300,321	139,488
Accumlated depreciation	0	0	0
Property, plant, and equipment, beginning	300,321	139,488
Additions	97,472	199,487
Disposals	0	0
Transfers	(154,724)	(38,654)
Depreciation for the period	0	0
Property, plant, and equipment, ending	$ 243,069	$ 300,321	$ 139,488

9. Property, plant and equipm_4

9. Property, plant and equipment (Details Narrative) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, plant and equipment [abstract]
Direct costs	$ 1,126,500	$ 1,570,500

10. Financial instruments (Deta

10. Financial instruments (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	$ 12,935,504	$ 15,034,079
Financial assets at fair value through profit or loss	3,039,531	5,199,809
Non-financial assets	224	136,011
Financial instruments	15,975,259	20,369,899
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	12,460,070	11,667,923
Financial assets at fair value through profit or loss	0	0
Non-financial assets	0	0
Financial instruments	12,460,070	11,667,923
Other receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	315,492	1,464,977
Financial assets at fair value through profit or loss	0	0
Non-financial assets	224	136,011
Financial instruments	315,716	1,600,988
Cash and banks
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	159,942	42,453
Financial assets at fair value through profit or loss	0	0
Non-financial assets	0	0
Financial instruments	159,942	42,453
Money market funds
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	0
Financial assets at fair value through profit or loss	249,700
Non-financial assets	0
Financial instruments	249,700
Government bonds - fair value
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost		0
Financial assets at fair value through profit or loss		5,052,573
Non-financial assets		0
Financial instruments		5,052,573
Money market funds - fair value
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	0	0
Financial assets at fair value through profit or loss	2,789,831	147,236
Non-financial assets	0	0
Financial instruments	$ 2,789,831	147,236
Time deposits - fair value
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost		1,858,726
Financial assets at fair value through profit or loss		0
Non-financial assets		0
Financial instruments		$ 1,858,726

10. Financial instruments (De_2

10. Financial instruments (Details 1) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	$ 30,543,272	$ 36,109,122
Financial liabilities at fair value through profit or loss	0	0
Non-financial liabilities	0	14,191,041
Financial liabilities	30,543,272	50,300,163
Trade payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	13,070,359	22,904,340
Financial liabilities at fair value through profit or loss	0	0
Non-financial liabilities	0	0
Financial liabilities	13,070,359	22,904,340
Other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	7,616,248	488,126
Financial liabilities at fair value through profit or loss	0	0
Non-financial liabilities	0	14,191,041
Financial liabilities	7,616,248	14,679,167
Borrowings
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	9,856,665	12,716,656
Financial liabilities at fair value through profit or loss	0	0
Non-financial liabilities	0	0
Financial liabilities	$ 9,856,665	$ 12,716,656

10. Financial instruments (De_3

10. Financial instruments (Details 2) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	$ 12,935,504	$ 15,034,079
Financial assets at fair value through profit or loss	3,039,531	5,199,809
Financial instruments	15,975,259	20,369,899
Interest income
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	1,208,970	1,033,000	$ 697,814
Financial assets at fair value through profit or loss	0	0	0
Financial instruments	1,208,970	1,033,000	697,814
Exchange differences
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	608,847	3,637,573	352,287
Financial assets at fair value through profit or loss	1,069,587	0	0
Financial instruments	1,678,434	3,637,573	352,287
Bank fees and expenses
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost		(13,084)	(4,433)
Financial assets at fair value through profit or loss		0	0
Financial instruments		(13,084)	(4,433)
Changes in fair value of financial assets
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	0	0	0
Financial assets at fair value through profit or loss	281,039	1,147,943	730,248
Financial instruments	281,039	1,147,943	730,248
Corporate notes
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	456,884
Financial assets at fair value through profit or loss	0
Financial instruments	456,884
Adjustment to present value
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost		(503)	(663)
Financial assets at fair value through profit or loss		0	0
Financial instruments		(503)	(663)
Total
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortized cost	2,274,701	4,656,986	1,045,005
Financial assets at fair value through profit or loss	1,350,626	1,147,943	730,248
Financial instruments	$ 3,625,327	$ 5,804,929	$ 1,775,253

10. Financial instruments (De_4

10. Financial instruments (Details 3) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	$ (30,543,272)	$ (36,109,122)
Financial liabilities at fair value through profit or loss	0	0
Financial liabilities	30,543,272	50,300,163
Interest expense
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	(6,739,597)	(7,639,617)	$ (3,947,849)
Financial liabilities at fair value through profit or loss	0	0	0
Financial liabilities	(6,739,597)	(7,639,617)	(3,947,849)
Exchange differences
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	(5,846,670)	(8,451,756)	(1,219,638)
Financial liabilities at fair value through profit or loss	0	0	0
Financial liabilities	(5,846,670)	(8,451,756)	(1,219,638)
Other financial results
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	(1,299)	(132,393)	(121,289)
Financial liabilities at fair value through profit or loss	0	0	0
Financial liabilities	(1,299)	(132,393)	(121,289)
Total
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortized cost	(12,602,566)	(16,223,766)	(5,288,776)
Financial liabilities at fair value through profit or loss	0	0	0
Financial liabilities	$ (12,602,566)	$ (16,223,766)	$ (5,288,776)

10. Financial instruments (De_5

10. Financial instruments (Details 4) - ARS ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Trade receivables		$ 12,460,070	$ 11,667,923
Group 1
Disclosure of detailed information about financial instruments [line items]
Trade receivables	[1]	10,560,628	9,900,482
Group 2
Disclosure of detailed information about financial instruments [line items]
Trade receivables	[2]	529,945	738,460
Group 3
Disclosure of detailed information about financial instruments [line items]
Trade receivables	[3]	$ 1,369,497	$ 1,028,981
[1]	Relates to customers with debt to become due.
[2]	Relates to customers with past due debt from 0 to 3 months.
[3]	Relates to customers with past due debt from 3 to 12 months.

11. Right-of-use asset (Details

11. Right-of-use asset (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Right-of-use Asset
Right-of-use asset, beginning	$ 0
Incorporation by adoption of IFRS 16	421,991
Additions	3,062
Depreciation for the year	(164,116)	$ 0	$ 0
Right-of-use asset, ending	$ 260,937	$ 0

12. Other receivables (Details)

12. Other receivables (Details) - ARS ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
SummaryOfOtherReceivablesLineItems [Line Items]
Non-current other receivables		$ 26,028	$ 1,231,297
Current other receivables		289,688	369,691
Financial credit
SummaryOfOtherReceivablesLineItems [Line Items]
Non-current other receivables		2,213	46,873
Current other receivables		100,368	89,841
Related parties
SummaryOfOtherReceivablesLineItems [Line Items]
Non-current other receivables		3,895	7,168
Current other receivables		25,766	41,436
RDSA credit
SummaryOfOtherReceivablesLineItems [Line Items]
Non-current other receivables		2,125,890	1,177,256
Prepaid expenses
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		15,204	8,168
Credit for real estate asset
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		59,890	0
Advances to suppliers
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		247	125,230
Security deposits
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		24,937	25,672
Receivables from electric activities
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		44,762	151,294
Judicial deposits
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		68,616	46,872
Other
SummaryOfOtherReceivablesLineItems [Line Items]
Current other receivables		15,246	38
Allowance for the impairment of other receivables
SummaryOfOtherReceivablesLineItems [Line Items]
Non-current other receivables	[1]	(2,125,890)	0
Current other receivables		$ (65,348)	$ (118,860)
[1]	The impairment charge was charged to finance costs, net of the receivable revaluation.

12. Other receivables (Details

12. Other receivables (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Receivables
Allowance for the impairment of other receivables, beginning	$ 118,860	$ 61,309
Increase	2,156,440	83,536
Result from exposure to inflation	(42,727)	(25,985)
Recovery	(41,335)	0
Allowance for the impairment of other receivables, ending	$ 2,191,238	$ 118,860

12. Other receivables (Detail_2

12. Other receivables (Details 2) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	$ 315,716	$ 1,600,988
Without expiry date
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	118,553	74,360
Past due
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	50,513	53,595
Up to 3 months
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	91,963	198,155
From 3 to 6 months
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	14,437	31,392
From 6 to 9 months
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	11,493	7,506
From 9 to 12 months
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	2,729	4,683
More than 12 months
SummaryOfOtherReceivablesLineItems [Line Items]
Other receivables	$ 26,028	$ 1,231,297

13. Trade receivables (Details)

13. Trade receivables (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	$ 12,460,070	$ 11,667,923
Sales of electricity - Billed
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	7,714,038	7,108,327
Sales of electricity - Unbilled
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	5,792,028	5,744,779
PBA & CABA government credit
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	251,361	0
Framework agreement
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	9,003	15,957
Fee payable for the expansion of the transportation and others
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	25,046	35,321
Receivables in litigation
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	214,884	149,400
Allowance for the impairment of trade receivables
SummaryOfTradeReceivablesLineItems [Line Items]
Current trade receivables	$ (1,546,290)	$ (1,385,861)

13. Trade receivables (Details

13. Trade receivables (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Trade Receivables
Allowance for the impairment of trade receivables, beginning	$ 1,385,861	$ 1,041,836
Change of accounting standard (Note 6) - adjustment by model of expected losses IFRS 9	0	126,155
Allowance for the impairment of trade receivables, beginning	1,385,861	1,167,991
Increase	1,365,186	1,419,571
Decrease	(771,139)	(598,437)
Result from exposure to inflation	(433,618)	(603,264)
Allowance for the impairment of trade receivables, ending	$ 1,546,290	$ 1,385,861

13. Trade receivables (Detail_2

13. Trade receivables (Details 2) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	$ 12,460,070	$ 11,667,923
Not due
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	9,003	15,957
Past due
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	1,899,443	1,767,442
Up to 3 months
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	$ 10,551,624	$ 9,884,524

13. Trade receivables (Detail_3

13. Trade receivables (Details 3) $ in Thousands	Dec. 31, 2019ARS ($)
5% increase in the uncollectibility rate estimate
SummaryOfTradeReceivablesLineItems [Line Items]
Contingencies	$ 1,623,605
Variation	77,315
5% decrease in the uncollectibility rate estimate
SummaryOfTradeReceivablesLineItems [Line Items]
Contingencies	1,468,975
Variation	$ (77,315)

14. Financial assets at fair _3

14. Financial assets at fair value through profit or loss (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]
Current	$ 2,789,831	$ 5,199,809
Money market funds
SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]
Current	2,789,831	147,236
Government bonds
SummaryOfFinancialAssetsAtFairValueThroughProfitOrLossLineItems [Line Items]
Current	$ 0	$ 5,052,573

15. Financial assets at amort_3

15. Financial assets at amortized cost (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]
Current	$ 0	$ 1,858,726
Government bonds
SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]
Current	0	0
Time deposits
SummaryOfFinancialAssetsAtAmortizedCostLineItems [Line Items]
Current	$ 0	$ 1,858,726

16. Inventories (Details)

16. Inventories (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfInventoriesLineItems [Line Items]
Inventories	$ 1,926,863	$ 1,937,198
Supplies and spare-parts
SummaryOfInventoriesLineItems [Line Items]
Inventories	1,854,336	1,925,654
Advance to suppliers
SummaryOfInventoriesLineItems [Line Items]
Inventories	$ 72,527	$ 11,544

17. Cash and cash equivalents_2

17. Cash and cash equivalents (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfCashAndCashEquivalentsLineItems [Line Items]
Cash and cash equivalents	$ 409,642	$ 42,453
Cash and banks
SummaryOfCashAndCashEquivalentsLineItems [Line Items]
Cash and cash equivalents	159,942	42,453
Money market funds
SummaryOfCashAndCashEquivalentsLineItems [Line Items]
Cash and cash equivalents	$ 249,700	$ 0

18. Share capital and additio_3

18. Share capital and additional paid-in capital (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Beginning balance	$ 28,336,120	$ 28,264,898
Payment of other reserve constitution - share-bases compensation plan	16,295	71,222
Ending balance	28,352,415	28,336,120
Share Capital
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Beginning balance	27,982,570	27,982,570
Payment of other reserve constitution - share-bases compensation plan	(146)	0
Ending balance	27,982,424	27,982,570
Additional Paid-in Capital
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Beginning balance	353,550	282,328
Payment of other reserve constitution - share-bases compensation plan	16,441	71,222
Ending balance	$ 369,991	$ 353,550

18. Share capital and additio_4

18. Share capital and additional paid-in capital (Details Narrative)	Dec. 31, 2019shares
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Entity Common Stock, Shares Outstanding	906,455,100
Class A Common Stock
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Entity Common Stock, Shares Outstanding	462,292,111
Class B Common Stock
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Entity Common Stock, Shares Outstanding	442,210,385	[1]
Class C Common Stock
DisclosureOfShareCapitalAndAdditionalPaidinCapitalLineItems [Line Items]
Entity Common Stock, Shares Outstanding	1,952,604	[2]
[1]	Includes 31,380,871 and 23,111,131 treasury shares as of December 31, 2019 and 2018, respectively.
[2]	Relates to the Employee Stock Ownership Program Class C shares that have not been transferred.

21. Acquisition of the Compan_2

21. Acquisition of the Company's own shares (Details Narrative) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquisition Of Companys Own Shares
Acquisition of own shares	$ (599,150)	$ (1,643,458)	$ 0

22. Trade payables (Details)

22. Trade payables (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfTradePayablesLineItems [Line Items]
Noncurrent	$ 369,552	$ 440,116
Current	12,700,807	22,464,224
Customer guarantees
SummaryOfTradePayablesLineItems [Line Items]
Noncurrent	213,097	216,768
Customer contributions
SummaryOfTradePayablesLineItems [Line Items]
Noncurrent	156,455	172,720
Current	30,858	23,508
Funding contributions - substations
SummaryOfTradePayablesLineItems [Line Items]
Noncurrent	0	50,628
Current	0	26,471
Payables for purchase of electricity - CAMMESA
SummaryOfTradePayablesLineItems [Line Items]
Current	4,367,129	8,727,732
Provision for unbilled electricity purchases - CAMMESA
SummaryOfTradePayablesLineItems [Line Items]
Current	4,938,327	9,584,381
Suppliers
SummaryOfTradePayablesLineItems [Line Items]
Current	3,042,079	3,730,485
Advance to customer
SummaryOfTradePayablesLineItems [Line Items]
Current	285,042	302,135
Discounts to customers
SummaryOfTradePayablesLineItems [Line Items]
Current	37,372	57,467
Related parties
SummaryOfTradePayablesLineItems [Line Items]
Current	$ 0	$ 12,045

23. Other payables (Details)

23. Other payables (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfOtherPayablesLineItems [Line Items]
Noncurrent	$ 4,019,632	$ 11,723,648
Current	3,596,616	2,955,519
ENRE penalties and discounts
SummaryOfOtherPayablesLineItems [Line Items]
Noncurrent	3,932,272	7,838,276
Current	3,386,681	2,822,587
Loans (mutuum) with CAMMESA
SummaryOfOtherPayablesLineItems [Line Items]
Noncurrent	0	3,509,303
Liability with FOTAE
SummaryOfOtherPayablesLineItems [Line Items]
Noncurrent	0	318,874
Payment agreements with ENRE
SummaryOfOtherPayablesLineItems [Line Items]
Noncurrent	0	57,195
Current	48,236	100,415
Finance lease liability
SummaryOfOtherPayablesLineItems [Line Items]
Noncurrent	87,360	0
Current	134,177	0
Related parties
SummaryOfOtherPayablesLineItems [Line Items]
Current	12,566	11,642
Advances for works to be performed
SummaryOfOtherPayablesLineItems [Line Items]
Current	6,135	20,875
Other
SummaryOfOtherPayablesLineItems [Line Items]
Current	$ 8,821	$ 0

23. Other payables (Details 1)

23. Other payables (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2019ARS ($)
Other Payables
Financial lease liability, beginning	$ 0
Incorporation by adoption of IFRS 16	421,991
Increase	3,062
Payments	(212,403)
Exchange difference and gain on net monetary position	8,887
Financial lease liability, ending	$ 221,537

23. Other payables (Details 2)

23. Other payables (Details 2) $ in Thousands	Dec. 31, 2019ARS ($)
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease payments	$ 340,153
2020
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease payments	198,910
2021
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease payments	137,816
2022
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease payments	$ 3,427

23. Other payables (Details 3)

23. Other payables (Details 3) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease collections	$ 325,280	$ 266,974
2019
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease collections	0	266,974
2020
SummaryOfOtherPayablesLineItems [Line Items]
Total future minimum lease collections	$ 325,280	$ 0

24. Deferred revenue (Details)

24. Deferred revenue (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfDeferredRevenueLineItems [Line Items]
Noncurrent	$ 270,091	$ 423,539
Current	5,346	8,221
Nonrefundable customer contributions
SummaryOfDeferredRevenueLineItems [Line Items]
Noncurrent	270,091	423,539
Current	$ 5,346	$ 8,221

25. Borrowings (Details)

25. Borrowings (Details) - ARS ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Non-current borrowings		$ 8,197,429	$ 11,059,857
Current borrowings		1,659,236	1,656,799
Corporate notes
Disclosure of detailed information about borrowings [line items]
Non-current borrowings	[1]	8,197,429	9,610,574
Interest from corporate notes
Disclosure of detailed information about borrowings [line items]
Current borrowings		143,462	169,175
Borrowings
Disclosure of detailed information about borrowings [line items]
Non-current borrowings		0	1,449,283
Current borrowings		$ 1,515,774	$ 1,487,624
[1]	Net of debt issuance, repurchase and redemption expenses.

25. Borrowings (Details 1)

25. Borrowings (Details 1) $ in Thousands, $ in Thousands	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017ARS ($)
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 9,856,665	$ 12,716,656	$ 9,678,949
US dollar
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 9,856,665	$ 12,716,656

25. Borrowings (Details 2)

25. Borrowings (Details 2) $ in Thousands, $ in Thousands	Dec. 31, 2019ARS ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018ARS ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017ARS ($)
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 9,856,665		$ 12,716,656	$ 9,678,949
Fixed rate
Disclosure of detailed information about borrowings [line items]
Borrowings		8,340,891		9,779,750
Fixed rate | Less than 1 year
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 143,462		$ 169,175
Fixed rate | From 2 to 5 years
Disclosure of detailed information about borrowings [line items]
Borrowings	8,197,429		9,610,574
Floating rate
Disclosure of detailed information about borrowings [line items]
Borrowings		$ 1,515,774		$ 2,936,906
Floating rate | Less than 1 year
Disclosure of detailed information about borrowings [line items]
Borrowings	1,487,624		1,487,624
Floating rate | From 2 to 5 years
Disclosure of detailed information about borrowings [line items]
Borrowings	1,449,283		1,449,283
Floating rate | More than 5 years
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 0		$ 0

25. Borrowings (Details 3)

25. Borrowings (Details 3) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019ARS ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018ARS ($)	Dec. 31, 2017ARS ($)
Borrowings [abstract]
Borrowings, beginning		$ 12,716,656	$ 9,678,949
Proceeds from borrowings	$ 0		0	$ 1,977,399
Payment of borrowings' interest	(1,134,828)		(1,003,605)
Paid from the repurchase of Corporate Notes	(1,531,033)		(577,437)
Payment of borrowings	(1,593,024)		0	0
Gain from the repurchase of Corporate Notes	(456,884)		(6,980)
Exchange difference and interest accrued	6,687,379		9,432,905
Result from exposure to inflation	$ (4,831,601)		$ (4,807,176)
Borrowings, ending		$ 9,856,665		$ 9,678,949

25. Borrowings (Details 4)

25. Borrowings (Details 4) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Deb structure, beginning	$ 161,650	$ 171,870
Debt repurchase	(29,080)	(10,220)
Deb structure, ending	132,570	161,650
Class 9
Disclosure of detailed information about borrowings [line items]
Deb structure, beginning	161,650	171,870
Debt repurchase	(29,080)	(10,220)
Deb structure, ending	$ 132,570	$ 161,650
Rate	9.75%	9.75%
Year of maturity	2022	2022

25. Borrowings (Details Narrati

25. Borrowings (Details Narrative) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Borrowings [abstract]
Noncurrent borrowings	$ 8,197,429	$ 11,059,857

26. Salaries and social secur_3

26. Salaries and social security taxes payable (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Noncurrent	$ 240,570	$ 250,240
Current	2,407,052	2,677,023
Early retirements payable
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Noncurrent	39,495	22,887
Current	28,101	15,759
Seniority-based bonus
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Noncurrent	201,075	227,353
Salaries payable and provisions
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Current	2,104,368	2,428,861
Social security payable
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Current	$ 274,583	$ 232,403

26. Salaries and social secur_4

26. Salaries and social security taxes payable (Details 1) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Salaries and social security taxes	$ 8,748,639	$ 9,261,510	$ 10,459,433
Salaries
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Salaries and social security taxes	6,299,020	6,668,287	7,530,793
Social security taxes
SummaryOfSalariesAndSocialSecurityTaxesPayableLineItems [Line Items]
Salaries and social security taxes	$ 2,449,619	$ 2,593,223	$ 2,928,640

26. Salaries and social secur_5

26. Salaries and social security taxes payable (Details Narrative) $ in Thousands	Dec. 31, 2019ARS ($)Employees	Dec. 31, 2018ARS ($)Employees
Salaries And Social Security Taxes Payable
Current future payment obligations	$ 28,100	$ 15,800
Noncurrent future payment obligations	39,500	22,900
Collective bargaining liabilities	$ 201,100	$ 227,400
Number of employees | Employees	4,777	4,922

27. Benefit plans (Details)

27. Benefit plans (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Benefit Plans
Non-current	$ 523,918	$ 592,165
Current	51,119	49,770
Total benefit plans	$ 575,037	$ 641,935	$ 805,970

27. Benefit plans (Details 1)

27. Benefit plans (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Benefit Plans
Benefit payment obligations, beginning	$ 641,935	$ 805,970
Current service cost	110,250	50,596	$ 65,352
Interest cost	151,819	121,946	195,217
Actuarial losses	7,328	8,670	(34,166)
Result from exposure to inflation for the year	(291,613)	(260,131)
Benefits paid to participating employees	(44,682)	(85,116)
Benefit payment obligations, ending	$ 575,037	$ 641,935	$ 805,970

27. Benefit plans (Details 2)

27. Benefit plans (Details 2) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Benefit Plans
Cost	$ 110,250	$ 50,596	$ 65,352
Interest	151,819	121,946	195,217
Actuarial results - Other comprehensive loss	7,328	8,670	(34,166)
Benefit plan charge	$ 269,397	$ 181,212	$ 226,403

27. Benefit plans (Details 3)

27. Benefit plans (Details 3)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Benefit Plans
Discount rate	5.00%	5.00%	5.00%
Salary increase	1.00%	1.00%	1.00%
Inflation	31.00%	31.00%	18.00%

27. Benefit plans (Details 4)

27. Benefit plans (Details 4) $ in Thousands	Dec. 31, 2019ARS ($)
Discount Rate 4%
SummaryOfBenefitPlansLineItems [Line Items]
Obligation	$ 631,436
Variation	$ 56,399
Percent	10.00%
Discount Rate 6%
SummaryOfBenefitPlansLineItems [Line Items]
Obligation	$ 527,057
Variation	$ (47,980)
Percent	(8.00%)
Salary Increase 0%
SummaryOfBenefitPlansLineItems [Line Items]
Obligation	$ 526,485
Variation	$ (48,552)
Percent	(8.00%)
Salary Increase 2%
SummaryOfBenefitPlansLineItems [Line Items]
Obligation	$ 631,321
Variation	$ 56,284
Percent	10.00%

27. Benefit plans (Details 5)

27. Benefit plans (Details 5) $ in Thousands	Dec. 31, 2019ARS ($)
2020
SummaryOfBenefitPlansLineItems [Line Items]
Benefit payment obligations	$ 51,119
2021
SummaryOfBenefitPlansLineItems [Line Items]
Benefit payment obligations	9,117
2022
SummaryOfBenefitPlansLineItems [Line Items]
Benefit payment obligations	9,499
2023
SummaryOfBenefitPlansLineItems [Line Items]
Benefit payment obligations	10,507
2024
SummaryOfBenefitPlansLineItems [Line Items]
Benefit payment obligations	3,011
2025 to 2029
SummaryOfBenefitPlansLineItems [Line Items]
Benefit payment obligations	$ 12,763

28. Income tax _ deferred tax_2

28. Income tax / deferred tax (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Tax loss carryforward		$ 0	$ 82,716	$ 9,472
Inventories		0	20,689	11,564
Trade receivables and other receivables	$ 553,994	684,433	739,735	315,186
Trade payables and other payables	601,512	3,005,838	653,015	2,551,061
Salaries and social security taxes payable	113,538	76,023	(147,331)	55,628
Benefit plans	108,182	162,972	336,931	237,974
Tax liabilities	17,621	24,035	85,953	35,724
Provisions	672,601	531,827	(840,005)	341,132
Deferred tax asset	2,067,448	4,485,128	931,703	3,557,741
Property, plant and equipment	(19,643,319)	(16,527,448)	(11,481,171)	(15,038,537)
Financial assets at fair value through profit or loss	(208,172)	(326,726)	(593,775)	(91,618)
Borrowings	(3,457)	(6,836)	(66,819)	(19,104)
Tax inflation adjustment	(2,267,465)	0
Deferred tax liability	(22,122,413)	(16,861,010)	(12,141,765)	(15,149,259)
Net deferred tax (liabilities) assets	(20,054,965)	(12,375,882)	(11,210,062)	$ (11,591,518)
Result from exposure to inflation
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Tax loss carryforward		(82,716)	(3,057)
Inventories		(13,938)	(3,732)
Trade receivables and other receivables	(239,331)	(570,525)	(101,728)
Trade payables and other payables	(1,051,076)	1,165,031	(823,369)
Salaries and social security taxes payable	(26,584)	200,559	(17,954)
Benefit plans	(56,988)	(198,056)	(76,807)
Tax liabilities	(8,404)	(66,952)	(11,530)
Provisions	(185,968)	1,161,083	(110,102)
Deferred tax asset	(1,568,351)	1,594,486	(1,148,279)
Property, plant and equipment	5,779,286	1,388,776	4,656,085
Financial assets at fair value through profit or loss	114,249	576,433	29,570
Borrowings	2,390	58,411	6,166
Tax inflation adjustment	0
Deferred tax liability	5,895,925	2,023,620	4,691,821
Net deferred tax (liabilities) assets	4,327,574	3,618,106	3,543,542
Charged to profit and loss
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Tax loss carryforward		0	76,301
Inventories		(6,751)	12,857
Trade receivables and other receivables	108,892	515,223	526,277
Trade payables and other payables	(1,353,250)	1,187,792	(1,074,677)
Salaries and social security taxes payable	64,099	22,795	(185,005)
Benefit plans	0	21,497	186,860
Tax liabilities	1,990	5,034	61,759
Provisions	326,742	210,749	(1,071,035)
Deferred tax asset	(851,527)	1,956,339	(1,466,663)
Property, plant and equipment	(8,895,157)	(6,435,053)	(1,098,719)
Financial assets at fair value through profit or loss	4,305	(309,384)	(531,727)
Borrowings	989	1,572	(53,881)
Tax inflation adjustment	(2,267,465)
Deferred tax liability	(11,157,328)	(6,742,865)	(1,684,327)
Net deferred tax (liabilities) assets	(12,008,855)	(4,786,526)	(3,150,990)
Charged to other comprehensive income
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Tax loss carryforward		0	0
Inventories		0	0
Trade receivables and other receivables	0	0	0
Trade payables and other payables	0	0	0
Salaries and social security taxes payable	0	0	0
Benefit plans	2,198	2,600	(11,096)
Tax liabilities	0	0	0
Provisions	0	0	0
Deferred tax asset	2,198	2,600	(11,096)
Property, plant and equipment	0	0	0
Financial assets at fair value through profit or loss	0	0	0
Borrowings	0	0	0
Tax inflation adjustment	0
Deferred tax liability	0	0	0
Net deferred tax (liabilities) assets	$ 2,198	$ 2,600	$ (11,096)

28. Income tax _ deferred tax_3

28. Income tax / deferred tax (Details 1) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Deferred tax asset	$ 2,067,449	$ 4,485,445
Deferred tax liability	(22,122,414)	(16,861,327)
Net deferred tax (liabilities)	(20,054,965)	(12,375,882)	$ (11,210,062)	$ (11,591,518)
To be recovered in less than 12 months
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Deferred tax asset	2,066,726	1,567,287
Deferred tax liability	(22,121,773)	(16,453,585)
To be recovered in more than 12 months
SummaryOfIncomeTaxDeferredTaxLineItems [Line Items]
Deferred tax asset	723	2,918,158
Deferred tax liability	$ (641)	$ (407,742)

28. Income tax _ deferred tax_4

28. Income tax / deferred tax (Details 2) - ARS ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Deferred Tax
Deferred tax		$ (7,681,281)	$ (1,168,420)	$ 392,552
Current tax		(2,904,191)	(1,713,587)	(1,169,638)
Difference between provision and tax return		(88,376)	(4,864)	(7,227)
Income tax expense		(10,673,848)	(2,886,871)	(784,313)
Profit for the year before taxes		$ 22,807,987	$ 9,495,085	$ 8,596,806
Applicable tax rate		30.00%	30.00%	35.00%
Loss for the year at the tax rate		$ (6,842,396)	$ (2,848,526)	$ (3,008,882)
Gain from interest in joint ventures		124	861	(9)
Non-taxable income		(1,021,032)	(1,209,002)	1,565,827
Adjustment effect on tax inflation		(2,805,112)	0	0
Change in the income tax rate	[1]	0	1,174,660	665,978
Difference between provision and tax return		(12,230)	(4,864)	(7,227)
Other		6,798	0	0
Income tax expense		$ (10,673,848)	$ (2,886,871)	$ (784,313)
[1]	Effect on deferred tax assets and liabilities in accordance with the tax reform of 2017 and Law 27,430.

28. Income tax _ deferred tax_5

28. Income tax / deferred tax (Details 3) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Income Tax Deferred Tax
Provision of income tax payable	$ 2,904,191	$ 1,713,587
Tax withholdings	(934,780)	(764,324)
Total income tax payable	$ 1,969,411	$ 949,263

29. Tax liabilities (Details)

29. Tax liabilities (Details) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	$ 1,774,331	$ 1,205,626
Provincial, municipal and federal contributions and taxes
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	179,024	200,586
VAT payable
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	1,302,042	634,374
Tax withholdings
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	147,062	195,474
SUSS withholdings
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	8,431	11,433
Municipal taxes
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	137,772	163,175
Tax regularization plan
SummaryOfTaxLiabilitiesLineItems [Line Items]
Current	$ 0	$ 584

30. Provisions (Details)

30. Provisions (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SummaryOfProvisionsLineItems [Line Items]
Provisions, beginning	$ 1,645,569
Provisions, ending	2,062,603	$ 1,645,569
Non-current liabilities
SummaryOfProvisionsLineItems [Line Items]
Provisions, beginning	1,645,569	1,357,972
Increases	1,239,577	725,897
Decreases	(20,596)	(131,722)
Result from exposure to inflation	(801,947)	(306,578)
Provisions, ending	2,062,603	1,645,569
Current liabilities
SummaryOfProvisionsLineItems [Line Items]
Provisions, beginning	288,218	293,482
Increases	127,655	387,547
Decreases	(77,473)	(368,410)
Result from exposure to inflation	(124,564)	(24,401)
Provisions, ending	$ 213,836	$ 288,218

31. Revenue from sales (Details

31. Revenue from sales (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SummaryOfRevenueFromSalesLineItems [Line Items]
Revenue from sales	$ 89,943,794	$ 86,039,928	$ 60,897,330
Sales of electricity
SummaryOfRevenueFromSalesLineItems [Line Items]
Revenue from sales	89,573,118	85,633,978	60,477,324
Right of use on poles
SummaryOfRevenueFromSalesLineItems [Line Items]
Revenue from sales	283,459	292,732	326,400
Connection charges
SummaryOfRevenueFromSalesLineItems [Line Items]
Revenue from sales	60,898	78,584	75,915
Reconnection charges
SummaryOfRevenueFromSalesLineItems [Line Items]
Revenue from sales	$ 26,319	$ 34,634	$ 17,691

32. Expenses by nature (Details

32. Expenses by nature (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	$ 16,146,593	$ 16,780,493	$ 14,219,211
Selling expenses	7,350,973	7,813,882	5,486,265
Administrative expenses	3,837,222	4,341,342	3,851,179
Expenses by nature	27,334,788	28,935,717	23,556,655
Salaries and social security taxes
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	6,366,146	6,660,458	7,685,152
Selling expenses	1,045,979	1,194,814	1,363,903
Administrative expenses	1,336,514	1,406,238	1,410,378
Expenses by nature	8,748,639	9,261,510	10,459,433
Pension plans
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	190,700	124,085	191,454
Selling expenses	31,333	22,259	33,979
Administrative expenses	40,036	26,198	35,136
Expenses by nature	262,069	172,542	260,569
Communications expenses
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	82,714	124,723	85,006
Selling expenses	369,899	414,677	444,966
Administrative expenses	17,005	24,630	35,066
Expenses by nature	469,618	564,030	565,038
Allowance for the impairment of trade and other receivables
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	0	0	0
Selling expenses	1,354,401	1,503,107	602,186
Administrative expenses	0	0	0
Expenses by nature	1,354,401	1,503,107	602,186
Supplies consumption
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	1,615,876	1,215,387	1,056,706
Selling expenses	0	0	0
Administrative expenses	114,419	188,558	168,809
Expenses by nature	1,730,295	1,403,945	1,225,515
Leases and insurance
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	0	815	1,004
Selling expenses	233	0	0
Administrative expenses	226,040	277,121	279,898
Expenses by nature	226,273	277,936	280,902
Security service
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	237,100	210,136	200,305
Selling expenses	42,394	3,117	2,763
Administrative expenses	92,826	197,901	217,171
Expenses by nature	372,320	411,154	420,239
Fees and remuneration for services
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	2,557,043	2,170,943	1,663,751
Selling expenses	1,618,073	1,599,460	1,347,966
Administrative expenses	1,363,582	1,548,697	1,261,260
Expenses by nature	5,538,698	5,319,100	4,272,977
Depreciation of right-of-use asset
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	16,515
Selling expenses	33,030
Administrative expenses	114,571
Expenses by nature	164,116
Public relations and marketing
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	0	0	0
Selling expenses	41,370	49,585	0
Administrative expenses	0	0	87,125
Expenses by nature	41,370	49,585	87,125
Advertising and sponsorship
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	0	0	0
Selling expenses	21,312	25,544	0
Administrative expenses	0	0	44,881
Expenses by nature	21,312	25,544	44,881
Reimbursements to personnel
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	89	92	137
Selling expenses	196	104	85
Administrative expenses	1,050	766	1,272
Expenses by nature	1,335	962	1,494
Depreciation of property, plants and equipments
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	3,637,865	3,098,292	2,675,953
Selling expenses	542,108	461,702	423,060
Administrative expenses	444,795	378,822	204,104
Expenses by nature	4,624,768	3,938,816	3,303,117
Directors and Supervisory Committee members' fees
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	0	0	0
Selling expenses	0	0	0
Administrative expenses	22,356	33,664	32,951
Expenses by nature	22,356	33,664	32,951
ENRE penalties
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	1,441,742	3,174,321	658,211
Selling expenses	1,326,475	1,617,868	659,155
Administrative expenses	0	0	0
Expenses by nature	2,768,217	4,792,189	1,317,366
Taxes and charges
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	0	0	0
Selling expenses	923,650	920,940	607,796
Administrative expenses	49,786	249,951	49,223
Expenses by nature	973,436	1,170,891	657,019
Other
SummaryOfExpensesByNatureLineItems [Line Items]
Transmission and distribution expenses	803	1,241	1,532
Selling expenses	520	705	406
Administrative expenses	14,242	8,796	23,905
Expenses by nature	$ 15,565	$ 10,742	$ 25,843

32. Expenses by nature (Detai_2

32. Expenses by nature (Details Narrative) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Expenses By Nature
Expenses capitalized in property, plant and equipment	$ 1,126,500	$ 1,570,500	$ 1,337,300

33. Other operating expense, _3

33. Other operating expense, net (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	$ 586,276	$ 494,765	$ 242,667
Other operating expense	(2,556,678)	(2,525,776)	(1,938,276)
Other operating expense, net	(1,970,402)	(2,031,011)	(1,695,609)
Services provided to third parties
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	180,142	114,593	137,321
Commissions on municipal taxes collection
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	128,907	118,538	78,973
Related parties
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	20,075	68,125	6,555
Income from non-reimbursable customer contributions
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	6,584	8,572	6,723
Fines to suppliers
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	19,910	89,002	12,011
Expense recovery
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	163,550	0	0
Gratifications for services
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating expense	(192,361)	(114,199)	(124,249)
Cost for services provided to third parties
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating expense	(97,274)	(80,619)	(100,316)
Severance paid
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating expense	(21,530)	(25,595)	(43,598)
Debit and credit tax
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating expense	(792,892)	(860,939)	(737,366)
Provision for contingencies
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating expense	(1,367,232)	(1,113,444)	(833,993)
Disposals of property, plant and equipment
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating expense	(63,592)	(260,361)	(76,614)
Others
SummaryOfOtherOperatingExpensesNetLineItems [Line Items]
Other operating income	67,108	95,935	1,084
Other operating expense	$ (21,797)	$ (70,619)	$ (22,140)

34. Net finance costs (Details)

34. Net finance costs (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
SummaryOfNetFinancialCostsLineItems [Line Items]
Financial income	$ 1,208,970	$ 1,033,000		$ 697,814
Finance costs	(6,762,351)	(7,652,701)		(3,952,282)
Other finance costs	(3,523,314)	(3,022,071)		(259,053)
Net finance costs	(9,076,695)	(9,641,772)		(3,513,521)
Commercial interest
SummaryOfNetFinancialCostsLineItems [Line Items]
Financial income	514,536	420,495		273,180
Finance costs	(2,988,860)	(4,549,079)		(2,639,989)
Financial interest
SummaryOfNetFinancialCostsLineItems [Line Items]
Financial income	692,497	612,505		424,634
Other interest
SummaryOfNetFinancialCostsLineItems [Line Items]
Financial income	1,937	0		0
Interest and other
SummaryOfNetFinancialCostsLineItems [Line Items]
Finance costs	(3,750,737)	(3,055,552)		(1,259,956)
Fiscal interest
SummaryOfNetFinancialCostsLineItems [Line Items]
Finance costs	(5,462)	(34,986)		(47,904)
Bank fees and expenses
SummaryOfNetFinancialCostsLineItems [Line Items]
Finance costs	(17,292)	(13,084)		(4,433)
Exchange differences
SummaryOfNetFinancialCostsLineItems [Line Items]
Other finance costs	(4,168,236)	(4,814,183)		(867,349)
Adjustment to present value of receivables
SummaryOfNetFinancialCostsLineItems [Line Items]
Other finance costs	(76,702)	(503)		(663)
Changes in fair value of financial assets
SummaryOfNetFinancialCostsLineItems [Line Items]
Other finance costs	281,039	1,147,943		730,248
Net gain from the repurchase of Corporate Notes
SummaryOfNetFinancialCostsLineItems [Line Items]
Other finance costs	456,884	6,980		0
Other finance costs
SummaryOfNetFinancialCostsLineItems [Line Items]
Other finance costs	$ (16,299)	$ 637,692	[1]	$ (121,289)
[1]	As of December 31, 2018 includes $ 770.1 million related to the termination of the agreement on real estate asset.

35. Basic and diluted earning_3

35. Basic and diluted earnings per share (Details) - ARS ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic and diluted earnings profit per share:
Profit for the year attributable to the owners of the Company	$ 12,134,139	$ 6,608,214	$ 7,812,493
Weighted average number of common shares outstanding	876,725,000	890,492,000	898,280,000
Basic and diluted profit earnings per share - in pesos	$ 13.84	$ 7.42	$ 8.70

36. Related-party transaction_2

36. Related-party transactions (Details) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [line items]
Related-party income	$ 22,012	$ 68,125	$ 6,555
PESA
Disclosure of transactions between related parties [line items]
Related-party income	337	230	0
PESA
Disclosure of transactions between related parties [line items]
Related-party income	0	17,162	6,555
SACDE
Disclosure of transactions between related parties [line items]
Related-party income	19,738	50,733	0
FIDUS
Disclosure of transactions between related parties [line items]
Related-party income	$ 1,937	$ 0	$ 0

36. Related-party transaction_3

36. Related-party transactions (Details 1) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [line items]
Related-party expense	$ (241,050)	$ (290,051)	$ (231,358)
PESA
Disclosure of transactions between related parties [line items]
Related-party expense	(136,149)	(132,393)	(93,714)
SACME
Disclosure of transactions between related parties [line items]
Related-party expense	(83,193)	(125,627)	(106,040)
Salaverri, Dellatorre, Burgio y Wetzler Malbran
Disclosure of transactions between related parties [line items]
Related-party expense	0	0	(1,347)
OSV
Disclosure of transactions between related parties [line items]
Related-party expense	(19,646)	(30,017)	(29,162)
FIDUS
Disclosure of transactions between related parties [line items]
Related-party expense	(777)	0	0
ABELOVICH, POLANO & ASSOC.
Disclosure of transactions between related parties [line items]
Related-party expense	$ (1,285)	$ (2,014)	$ (1,095)

36. Related-party transaction_4

36. Related-party transactions (Details 2) - ARS ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related party transactions [abstract]
Key management personnel's remuneration - salaries	$ 441,378	$ 373,046	$ 385,418

36. Related-party transaction_5

36. Related-party transactions (Details 3) - ARS ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Other receivables - noncurrent	$ 3,895	$ 7,168
Other receivables - current	25,766	41,436
Trade payables	0	(12,045)
Other payables	(12,566)	(11,642)
FIDUS SGR
Disclosure of transactions between related parties [line items]
Other receivables - current	25,000	38,443
SACME
Disclosure of transactions between related parties [line items]
Other receivables - noncurrent	3,895	7,168
Other receivables - current	766	1,178
Other payables	(12,566)	(11,642)
OSV
Disclosure of transactions between related parties [line items]
Trade payables	0	0
PESA
Disclosure of transactions between related parties [line items]
Other receivables - current	0	1,815
Trade payables	$ 0	$ (12,045)