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The energy that the plants and animals originally obtained from the sun is stored in the form of carbon in natural gas. Natural gas is combusted to generate electricity, enabling this stored energy to be transformed into usable power. Natural gas is a nonrenewable resource because it cannot be replenished on a human time

Kjiuih iui uji

Although on October 1,pursuant to the renegotiation process of public service contracts and licenses established Kjiuih iui uji the Public Emergency Law No. It is worth mentioning that all of the increases granted for all customer categories that the Company has invoiced to its customers have had no effect on its income as the Company has acted as a collections agent, and the resources have been used to expand the main gas pipeline capacity, compensate for the natural gas price increases from producers and to pay for the natural gas imports to cope with the internal demand.

Moreover, for twelve years when the Company has operated with frozen tariffs it has not received any subsidies from the Government. During the past twelve years, since the distribution tariffs have been frozen, MetroGAS was able to successfully restructure its foreign currency financial debt as a result of the voluntary tender offer in In addition, and despite that the Company has hired a financial advisor to find alternatives that would allow the Company to renegotiate its financial debt, the suggested actions have not been successful as the proposals do not fit the current situation of the Company.

As a result, the Company has not been able to generate enough free cash flow to meet its financial debt payments due on June 30,nor the funds to pay its commercial and fiscal obligations. This renegotiation filing generated an event of default under its outstanding debt obligations see Note 9 to the primary financial statements.

Kjiuih iui uji

Furthermore, our financial situation continued to deteriorate during and and consequently if we are not able to obtain tariff increases during the first half of we may not be able to generate the cash flow necessary to operate our business.

Our management is taking a variety of measures to mitigate the impact of the current financial situation, including: Even though the Company is taking the measures mentioned above, our future remains highly uncertain.

As of the date of issuance of these financial statements, it is neither possible to foresee the outcome of the process nor to determine its final consequences on the Company's results and operations.

Free translation from the original prepared in Spanish for publication in Argentina

The above mentioned circumstances raise substantial doubt about the Company's ability to continue as a going concern. However, the Company's Consolidated Financial Statements do not include any adjustments or reclassifications that might result either from the successful outcome of the voluntary reorganization proceeding concurso preventivo described above or from the non occurrence of the event.

Considering the situation the Company is going through, and the fact that on January Kjiuih iui uji, the Emergency Law No. Preparation and presentation of consolidated financial statements The consolidated financial statements are stated in Argentine pesos and were prepared in accordance with accounting disclosure and valuation standards contained in the technical pronouncements issued by the FACPCE approved by the CPCECABA and in accordance with the resolutions of the National Securities Commission "CNV"assuming that the Company will continue as a going concern.

However, the Company's Annual Consolidated Financial Statements do not include any adjustments or reclassifications that might result either from the successful outcome of the voluntary reorganization proceeding concurso preventivo described above or from the non occurrence of the event.

These financial statements should be read under these circumstances. The unaudited consolidated interim financial statements for the three months ended March 31, and have been subject to limited reviews. Management estimates that such unaudited consolidated interim financial statements include all the necessary adjustments to fairly present the results of each period.

The results for the three months ended March 31, and do not necessarily reflect the proportion of the Company's results for the full years. Consequently, the enforcement of those standards shall be compulsory for the Company as from fiscal year beginning on January 1, On April 22,the Board of Directors approved the specific implementation plan.

Since that date, the implementation process has been implemented according to the plan. In addition, Resolution No. This recognition may be carried out at the closing of any intermediate or annual period up to the IFRS transition date. Only once, the Shareholders' Meeting will have the option to charge the amount to Retained Earnings, against common stock items that are not represented by shares or against reserved earnings.

The Company has chosen to inform in a note the mentioned deferred tax liability and will have to recognize the effect of that liability previous to the IFRS implementation plan.

The Company has made progress in the diagnosis of the most relevant accounting disclosure and valuation differences between the IFRS and the accounting standards in force "ASiF"some of which are stated below: Recognition of Fixed Assets: Nowadays, according to the ASiF, the Company considers fixed assets the infrastructure acquired for the natural gas distribution service.

Additionally, MetroGAS is assessing the possibility of using the option permitted in IFRS 1 - First Time Adoption of IFRS, whereby certain real property land and buildingswhich would remain Fixed Assets, may be valued at their reasonable value as of the IFRS application date, which is considered an "attributed cost" for the generation of information in later periods.

Under ASiF, the Company has been recognizing as credit those charges which, within the License Regulatory Framework, may be passed through to its customers and which have been effectively recognized before, as stated in Note 8. Although the Company has met the requirements necessary for approval, there are delays from the various state organizations that participate in the tariff process to issue a resolution authorizing the effective invoicing of these amounts.

The Company is studying if - under NIC 18 - Income of Ordinary Activities, the absence of a resolution would prevent payments made from being considered for their full nominal value as credit, until the resolution approving and implementing the corresponding pass-through is available.

In addition, under ASiF the Company has been recognizing as credit the balances of assets for deferred tax and credits for income tax, or assumed minimum income tax, which are considered recoverable on the basis of estimates of future taxable income. Should the Company have had recurring tax losses, NIC 12 - Income Tax, only allows the recognition of assets for deferred tax and tax credits related to the income tax as far as they can be compensated with deferred tax liabilities.

NIC 2 - Inventories, requires inventories to be valued at their historical cost. Accounting estimates The preparation of consolidated financial statements at a given date requires that management make estimates and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at the date of issue of the consolidated financial statements, as well as income and expenses recorded during the period.

Management makes estimates to calculate, at a given moment, for example, the allowance for doubtful accounts, depreciation, the recoverable value of assets, the income tax charge and the contingency provision.

Actual future results might differ from estimates and evaluations made at the date of preparation of these consolidated financial statements. Recognition of the effects of inflation The consolidated financial statements have been prepared in constant currency, reflecting the overall effects of inflation through August 31, Between that date and December 31,restatement of the consolidated financial statements was discontinued due to the existence of a period of monetary stability.

Between January 1, and March 1,the effects of inflation were recognized to reflect the inflation recorded during that period. As from that date, restatement of consolidated financial statements has been discontinued. This criterion is not in accordance with prevailing professional accounting standards, under which consolidated financial statements must be restated until September 30, The effect of the mentioned professional accounting standards deviation is not significant over the consolidated financial statements as of March 31, and Search the history of over billion web pages on the Internet.

Syracuse Herald Journal (Newspaper) - July 21, , Syracuse, New York STTI JouiiML July 21 ABOUT THE DAILY STOCK PAGE OCMDCMklkiMH MMlniaauiMM DMBCMD a NTSC. P. B. Kuih. \. Todd, W. II.

Kjiuih iui uji

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