Public Account 2018

ASSETS

Note 1: Cash and cash equivalents

Taking into account the implementation of the new accounts list, and that the same gives a greater detail of the item. The balances of the item have been disclosed under the new criterion.

a) Banks

The balance includes bank accounts operated by

In Pesos ($)

Balances of the bank accounts operated by the Treasury are taken from the registrations made by said Body in the book opened to that effect, according with the information obtained from the Automatic Bank Conciliation Subsystem of the Integrated System of Financial Information (S.I.D.I.F.).

Said balances include deposits of the Single Account of the Treasury, a system coordinated by the Treasury, and as of December 31, 2018 there were still certain Financial Administrative Services not incorporated to that regime.

b) Revolving Funds

The balance is formed by the authorized amounts in the hands of each Financial Administrative Service, under the regime for Revolving Funds and Cash in hand (Decree Law # 1344/2007) and which, being at closing time deposited in bank accounts which are not administered through the bank conciliation subsystem abovementioned, are disaggregated to the body level according to the following:

In Pesos ($)

Note 2: Financial Investment

The balance of the accounts included in this item is integrated as follows:

b) Bills and Bonds

The items included are as follows:

In Pesos ($)

1. According to the information provided by the Treasury, they are meant to guarantee the interest of financial operations within the Brady Plan, thus not being openly available. The balance represents operations due in January 2019, for US$ 5,800,000.00 - and € 50,603.65.-

2. It includes several amounts received by the Treasury form the liquidated companies, as follows:

   
   

   In Pesos ($)

   Concept	2018	2017
   Ex Agua y Energía Eléctrica	9.445.410,53	9.445.410,53
   Ex Empresa Líneas Marítimas Argentinas	14.560,36	14.560,36
   Ex Astilleros Domecq García	733,92	733,92
   Total	9.460.704,81	9.460.704,81

3. Includes the available holding, in the Treasury portfolio, at closing of these Financial Statements.

Note 3: Short Term Credit

The balance of the accounts included in this item is formed as follows:

a) Accounts Receivable

In Pesos ($)

1. Its detail by debtor is as follows:

   In Pesos ($)

   Debtor	2018	2017
   CABA	35.294.360,83	0,00
   National Entity of Waters Works and Cleaning	0,00	3.376.464,43
   Catamarca	932.099,51
   National Roads Department	4.221.311,45
   SENASA (advance payments)	-2.740.779,65	9.987.117,84
   Total	37.706.992,14	13.363.852,27

2. This includes debt born for this concept by several Bodies of the National Administration with the Treasury, according to the contributions set in the corresponding Budget laws. The amount disclosed includes $ 776.970.383,06 which is owed by Bodies of the Central Administration, and thus is part of the Current Liabilities.
3. It represents deposits available at the Central Bank, from tax revenue, to guarantee the payment of interest on capital and interest of the debt issued under Decree 1646/2001.
4. Its detail by debtor is as follows:

   In Pesos ($)

   Debtor	2018	2017
   Consorcio Terminal Quequén	10.072.119,49	10.072.119,49
   Total	10.072.119,49	10.072.119,49

   (*)Due and unpaid balance.

5. The balance is a 3.5% share of the Judiciary Branch over the non tax resources which at closing have not been transferred from the Treasury to said jurisdiction, and said amount is included in the current liabilities as it is part of the Central Administration.

b) Documents Receivable

In Pesos ($)

1. Its detail is as follows:

   Due date	Amount $
   Balance installment year 2000 (*)	151.600,00
   Due installment year 2001	2.151.600
   Due installment year 2002	2.000.000,00
   Due installment year 2003	2.000.000,00
   Subtotal	6.303.200,00
   Accrued accesories as of Dec 31, 2011	36.143.410,33
   Total	42.446.610,33

   (*)It refers to the original amount of the net installment of partial cancellation of $ 2,000,000.00 made during fiscal year 2001

c) Advance payments:

In Pesos ($)

(1) Its detail by Province is as follows:

In Pesos ($)

(2) For the rights counterpart of the assets, financed with public debt.

(3) Balance to be recovered made to the Administrators of Pension Funds, Under Decree 625, dated October 26, 1995.

(4) Its detail by Creditor Body is as follows:

In Pesos ($)

d) Loans granted

The balance corresponds to the current portion of the loans granted to the electricity cooperatives through the Fondo Eléctrico del Interior (FEDEI).

e) Other Credit

In Pesos ($)

1. Debt consolidated on behalf of the Central Bank of the Argentine Republic, of the Government of the City of Buenos Aires and of the Federal Administration of Public Revenue.
2. It refers to debit in the accounts of the Treasury because of judiciary seizures.

f) Provision for Uncollectible amounts of Other Credit

Due to the fact that there have been variations in the situation of the debtors disclosed in point c) (2), a provision has been made for Advance Payments in Goods for the amount of $ 5,502,565.05.

Note 4: Long Term Financial Investment

This item is composed as follows:

a) Shares:

(1) As the part value is negative, the same is disclosed at its minimum representative value.

b) Bills and Bonds

In Pesos ($)

1. According to the information provided by the Treasury, they guarantee the capital share of the financing operations within the Brady Plan, and thus they are not freely available. The representative balance is of US$ U$S 30.696.280,02 and € 7.073.227,51.-

Note 5 Long Term Credit

The balances of the accounts part of this item are composed of the following:

a) Accounts receivable

In Pesos ($)

1. Agreements subscribed between the Nation and the Provinces, under the dispositions of Decree 660/2010.
   The amount includes expenses and bank fees which the BNA collected to the Provinces from the date of debt consolidation to the date of the agreements ratification.
   Also, it is noted that there has been no registration for next fiscal year of supplementary agreements used by some Provinces to pay any expenses arising from sentences of claims arbitrated by the CIADI. At closing of these Financial Statements the amount of the same is unknown, as well as the fact that these concepts will be registered in favor of said provinces under their debt with the National Treasury within the provisions of Decree 660/2010.
2. The balance represents debt of the Central Bank of the Argentine Republic transferred to the Nation, according to the amendment of the Bylaws of the same, under Law 24,144.
3. These correspond to loans obtained for advance payments of tax obligations under Decree 979/2001 and implemented through the issuance of Fiscal Credit Certificates (CCF), sent to the Trust Fund as reimbursable documents.
4. Dated 09/19/2001, the company has entered bankruptcy procedures, under First Instance National Commercial Tribunal 9, Secretariat 18, thus, the balance of due payments operated as of 09/10/2001 have been reclassified in this account at closing of fiscal year on Dec. 31, 2001.
   Said balance represents debt in favor of the National Government in relation to the company Correo Argentino S.A., for the Cannon of the Concession contract of the Postal, Monetary and Telegraph Services, for the percentage of the Treasury (70%), plus accrued interest, under the corresponding Agreement.
   Also, we also include the debt left after the bankruptcy procedures generated until de enforcement of Decree 1075/2003 of Termination of the Concession, plus accrued interest, under the rules established in the corresponding Agreement, net of compensations and payments made as of Dec. 31, 2011.
   There follows a detail of the unpaid balance at closing of fiscal year:

   Concept	Amount $
   Balance due dates 09/1999 to 09/2001	177.494.301,32
   Accrued interest as of 19/09/2001	29.849.462,23
   Balance due dates 03/2002 to 09/2003	125.334.799,10
   Accrued interest as of 31/12/2008	83.253.771,31
   Total	415.932.333,96

(1) The balance, which amount and elements have not shown variations during the fiscal year, represents debt of the Government, as a consequence of the collocation of Treasury Bills for the financing of several provinces.

(5) The balance represents the debt of the Nation as a consequence of the privatizations process, and its detail is as follows:

In Pesos ($)

(1) It includes the amounts of $ 10,184,800.00 for the Intervention Law 22.229 “Grupo Greco”, and $ 5,192,657.06 for “Several Advance Payments”, both provisioned in point g).

b) Documents receivable

In Pesos ($)

c) Long Term advance payments

The balance represents advance payments granted to Suppliers and Contractor as indicated below:

In Pesos ($)

d) Loans granted

In Pesos ($)

1. The total is segregated for each of the Shared Property Programs part of it:

   In Pesos ($)

   Company	2018	2017
   Aerolíneas Argentinas S.A.	43.886.136,00	43.886.136,00
   Caja de Ahorro y Seguro S.A.	11.513.323,04	25.870.823,04
   Hidroeléctrica Alicurá S.A.	5.460.100,01	5.525.827,08
   Distribuidora Gas del Sur S.A.	1.676.283,79	3.958.150,95
   Central Térmica Dock Sud S.A.	2.793.817,16	2.793.817,16
   Hidroeléctrica Cerros Colorados S.A.	1.957.264,01	1.957.264,01
   Central Térmica Alto Valle S.A.	2.461.823,56	2.461.823,56
   Transpa S.A.	346.594,05	2.218.260,06
   Central Térmica Noroeste S.A.	1.504.204,13	1.504.204,13
   Central Térmica Patagonia S.A.	1.020.808,00	1.020.808,00
   Transnoa S.A.	1.000.599,00	1.000.599,00
   Central Térmica Sorrento S.A.	1.697.654,85	1.841.646,97
   Hidroeléctrica El Chocón S.A.	58,80	58,80
   Transnea S.A	772.237,46	772.237,46
   Hidroeléctrica San Juan S.A	0,35	0,35
   Hidroeléctrica Río Juramento S.A.	563,25	563,25
   Hidroeléctrica Río Hondo S.A.	2,62	2,62
   Hidroeléctrica Tucumán S.A.	3,86	3,86
   Total	76.091.473,94	94.812.226,30

e) Trust Funds

The balance is the total amount of the net positions, and their management statements were obtained from their trust fund administrators:

In Pesos ($)

SPECIFICATIONS PATRIMONY 2018

1. In the Notes to the Financial Statements it is said that under Decree 1114/17 there is an extension of the term established for the fund dissolution until 6/27/18. The transfer of funds to the National Treasury are regulated by Resolution SH 777/18 (dated 10/4/18).
2. The information presented in the SIFEP was not complete. No financial statements have been disclosed at the date of issuance of these Financial Statements.
3. In the Notes to the Financial Statements it is noted that under article 56 of Law 27,461 and Decree 137/18 the fund shall be liquidated.
4. Did not disclose the information in the Financial Information System for Public Business Enterprises, Trust Funds and Other Entities excluded from the National Budget (SIFEP) at the date of issuance of these Financial Statements, thus the information used is the one last received, plus accrued transfers by the Treasury at closing for $ 29,470,000.00.-
5. The information presented in the SIFEP was not complete. No financial statements have been disclosed at the date of issuance of these Financial Statements.
6. Under Decree 439/2018 (BO 14-05-2018) it is understood that it refers to the National Trust Fund for Productive Development FONDEP.
7. Did not disclose the information in the Financial Information System for Public Business Enterprises, Trust Funds and Other Entities excluded from the National Budget (SIFEP) at the date of issuance of these Public Accounts. Thus, the last Patrimony received is kept.
8. Did not disclose the information in the Financial Information System for Public Business Enterprises, Trust Funds and Other Entities excluded from the National Budget (SIFEP) at the date of issuance of these Public Accounts. Thus, the last Patrimony received is kept.
9. Did not disclose the information in the Financial Information System for Public Business Enterprises, Trust Funds and Other Entities excluded from the National Budget (SIFEP) at the date of issuance of these Public Accounts.
10.  Its accounting disclosure has been excluded.
11.   Its accounting disclosure has been excluded.
12.   The information presented in the SIFEP was not complete. No financial statements have been disclosed at the date of issuance of these Financial Statements.
13.   The information presented in the SIFEP was not complete. No financial statements have been disclosed at the date of issuance of these Financial Statements.
14.   It discloses Financial Statements liquidated as of 10/26/2018 at the date of issuance of these Financial Statements.
15.   It discloses Financial Statements liquidated as of 10/22/2018 at the date of issuance of these Financial Statements.
16.   Did not disclose the information in the Financial Information System for Public Business Enterprises, Trust Funds and Other Entities excluded from the National Budget (SIFEP) at the date of issuance of these Public Accounts. Thus, the last Patrimony received is kept.

f) Other Credit Receivable

The balance shown in the Balance Sheet stands for the amounts detailed below:

In Pesos ($)

1. Have been provisioned, under point g).
2. It includes several debtor under judiciary measures, which have been provisioned, under point g).

3. On May 16, 2005, Decree 475, dated May 13, 2005 was published in the Official Bulletin, which approves the redrafting of the elaboration project of Soda Solvay presented by Alcalis de la Patagonia S.A.I.C.

   The third clause of the agreement fixes the total amount of the debt the company keeps with the National Government as of May 31, 2004, for the amount of $ 162,348,381.97, which under clause 4 can be applied by the company to the payment of the same up to the amount of 26,000,000 of its fiscal credit of the Value Added Tax as of May 31, 2004, according to the verification done by the AFIP under clause 5, within the term of thirty working days after this decree was published. At closing date of these Statements, said Body has verified said amount although the debtor has not informed about the amount to be applied.

   On October 26, 2009, the Court of First Instance of Execution 1 placed in the city of Comodoro Rivadavia – Chubut, approved the Extra judiciary preventive agreement – APE Law 24,522 presented by the company, under which the Government should receive 1,287,765 class C non endorsable nominative shares, equal to a debt estimated at this judiciary office of $ 246,876,040.

   Said resolution was appealed, through an action by the defendant in the Case ÁLCALIS DE LA PATAGONIA S.A. c/ ESTADO NACIONAL – MINISTERIO DE ECONOMÍA s/ INCIDENTE”.

   Both actions were rejected by the Supreme Court of Justice of the Nation dated October 28, 2014, which ratified the consignation above.

   Nevertheless, as the National Government has not received said actions, the amounts of the Financial Statements as of December 31, 2013 have been kept, as long as the pertinent actions are notified to this NATIONAL ACCOUNTING OFFICE.

g) Provision for uncollectible amounts

As there have been variations in the legal situation of the debtors disclosed in point f), the provisions calculated as of 12/31/2010 have been kept the same, according to the following detail:

Note 6: Property, Plant and Equipment

Annex A of these Financial Statements shows a detail of the accounts which are part of this item.

Note 7: Contributions and Capital Shares

According to the provisions of point e) line I) of the regulations to article 87 of Law # 24,156, the following concepts are integrated in the Financial Statements of the Central Administration: Net Position of Decentralized Bodies, Social Security Institutions, National Universities and Governmental Business Enterprises, which are reflected in this account and disclosed in the following table:

In Pesos ($)

Annex B contains a detail of the patrimony of each body and company, with information about the date of the last audited Financial Statements.

In order not to alter the cohesion of the information, where no accounting audit was made by the corresponding control body, the National Accounting Office considered the Net Position informed.

The National Accounting Office has adjusted the Net Position of the Decentralized Bodies and National Universities due to omissions of registration by said entities, as indicated in points a), b) and c) below.

a) Contributions owed to the Treasury

b) Adjustment to the consolidation of ANSES patrimony

The Net Patrimony of ANSES has been adjusted with an increase of $ 34,598,098,502.00 due to the difference in valuation of the public bonds in portfolio for FGS investment in relation to the valuation of the same in the liabilities of the Financial Statements of the Central Administration.

b) Impertinence of Credit Acknowledgment

The National Universities listed below have considered as a credit against the Central Administration the amounts of the not executed budget of several fiscal years, for the part that can be financed by said Administration.

As in the case of previous fiscal years, the Net Equity of the same have been reduced in order to set off the impact of said registrations, due to the fact that the Central Administration does not have the registration of the liabilities, and if said net equities are not adjusted this would impact directly on the result of the period.

Also, the National Universities detailed below have been considered credit against the Central Administration, the not executed amount related to the agreements celebrated with the Ministry of Federal Planning, Public Investment and Services within the Program of Support to the Universities Infrastructure Development.

Its detail is as follows:

c) Decentralized Bodies: Comments on the relevant issues

The most relevant variations in the net equity of Decentralized Bodies are due to the Fiscal Year results. However, it is necessary to mention the variations of the following:

106 – National Committee of Space Issues

The Net Patrimony at closing of fiscal year 2018 reaches $ 10.732.009.189,53 showing a positive variation in relation to 2017 of $ 2.147.904.044,12, due to the transfers and contributions of capital received.

470 – Institute of Financial Assistance to Military Retirement and Pensions

The Net Patrimony at closing of fiscal year 2018 reaches $ 33.989.406.352,87 showing a positive variation in relation to 2017 of $ 8.142.793.554,40, due to the result of the Capitalization System, Law 22,919.

604 – National Roads Department

The Net Patrimony at closing of fiscal year 2018 reaches $ 212.971.449.307,51 showing a positive variation in relation to 2017 of $ 53.509.555.491,14, due to the capital transfers and contributions received and the result of the fiscal year.

850 – National Administration of Social Welfare (ANSES)

The Net Equity at closing of fiscal year 2018 is of $ 1.654.177.332.581,71, showing a positive variation in relation to the closing of fiscal year 2017 of $ 391.229.757.392,90 mainly due to the result of the fiscal year and the Sustainability Guarantee Fund.

Note 8: Other Non Current Assets to the Allocated

The balance of several transfers of assets made by the Central Administration has been incorporated to this item. In relation to the same, some of the parties involved have not informed the corresponding reception or transference.

Also, in accordance with the criteria applied as from fiscal year 2000, this item groups the representative amounts of the positive Net Equities of liquidated or closed Government Business Companies, until it is verified that the Central Administration has definitely assumed the assets and liabilities of said entities.

The detail of the balance is as follows:

In Pesos ($)