LEY 26854 PDF

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Commission file number: Exact name of Registrant as specified in its charter. Jurisdiction of incorporation or organization. Title of each class. Name of each exchange on which registered. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 d of the Securities Exchange Act of Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

Indicate by check mark which bases of accounting the registrant has used to prepare the financial statements included in this filing:. If this is an Annual Report, indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.

Pursuant to Resolution No. Key Information. Selected Financial Data. Exchange Rate Information. Certain amounts shown in this Annual Report are subject to rounding. Accordingly, figures shown as totals in certain tables may not be an exact arithmetic aggregate of the other figures in such table. Some of the information in this Annual Report, including information incorporated by reference herein, may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of , as amended.

These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information. Forward-looking statements are subject to various risks and uncertainties. Operating and Financial Review and Prospects. Forward-looking statements include, but are not limited to, the following:. Risk Factors. The following important factors could cause actual results to differ materially from any results projected, forecasted, estimated or budgeted by us in our forward-looking statements:.

Our actual results may differ materially from the results anticipated in these forward-looking statements because such statements, by their nature, involve estimates, assumptions and uncertainties.

The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report and we do not undertake any obligation to update any forward-looking statement or other information to reflect events or circumstances occurring after the date of this Annual Report or to reflect the occurrence of unanticipated events. Item 1. Identity of Directors, Senior Management and Advisers. Item 2. Offer Statistics and Expected Timetable.

The following selected consolidated financial data is derived from our Financial Statements. The selected consolidated statement of comprehensive income data for the years ended December 31, , and and the selected consolidated statements of financial position data as of December 31, and , have been prepared in accordance with and comply with IFRS and have been derived from our Financial Statements, which were audited by PwC, whose report dated April 29, is included herein.

A summary of the dividends declared during the last five years is set forth below:. Millions of Ps. In case of listed companies, such as TGS, this meeting must take place before the end of April. If the Legal Reserve amount is reduced by any circumstances, we must restore it before making any dividend payment.

The Legal Reserve is not available for any dividend distribution. Under the Commercial Companies Law, the purpose of any voluntary reserve cannot be changed without the prior approval of the shareholders. On November 26, , the Board of Directors approved a dividend payment in cash of Ps.

Instead, our shareholders approved the creation of a new voluntary reserve for future dividends of Ps. Capital Expenditures Reserve of Ps. In addition, our shareholders approved an allocation to the Legal Reserve of Ps.

Our existing debt instruments impose additional restrictions on our ability to pay dividends on our shares. We may pay dividends on our shares as long as i no default exists under our debt obligations and ii immediately after giving effect to such dividend payment, a the consolidated coverage ratio i. Fluctuations in the exchange rate between pesos and U. In addition, such fluctuations will affect the U.

Currency fluctuations would also affect the U. The following table sets forth, for the periods indicated, high, low, average and period-end exchange rates between the peso and the U. March April through April 28, For your convenience and except as we specify otherwise, this Annual Report contains translations of certain peso-denominated amounts to U.

These translations should not be construed as representations that the amounts actually represent such U. On April 28, , the reported exchange rate was Ps. Our results of operations and financial condition are highly susceptible to changes in the peso-U.

Capitalization and Indebtedness. Reasons for the Offer and Use of Proceeds. You should carefully consider the following risks and uncertainties, and any other information appearing elsewhere in this Annual Report.

The risks and uncertainties described below are intended to highlight risks and uncertainties that are specific to us. Additional risks and uncertainties, including those generally affecting Argentina and the industry in which we operate, risks and uncertainties that we currently consider immaterial or risks and uncertainties generally applicable to similar companies in Argentina may also impair our business, results of operations, the value of our securities, and our ability to meet our financial obligations.

The information in this Risk Factors section includes forward-looking statements that involve risks and uncertainties. For the year ended December 31, , Conversely, substantially all of our indebtedness, most of our capital expenditures and the cost of the natural gas purchased to be processed in the Cerri Complex are U.

Accordingly, our financial condition and results of operations depend to a significant extent on economic, regulatory and political conditions prevailing in Argentina, the exchange rate between the peso and the U. Economic volatility in Argentina in recent decades has adversely affected and may continue to adversely affect our financial condition and results of operations. The Argentine economy has experienced significant volatility in recent decades, characterized by periods of low or negative growth, high and variable levels of inflation and currency devaluation.

As a consequence, our business and operations have been, and could in the future be, affected from time to time to varying degrees by economic and political developments and other material events affecting the Argentine economy, such as: inflation; price controls; fluctuations in foreign currency exchange rates and interest rates; currency devaluation; governmental policies regarding spending and investment, and other regulatory initiatives increasing government involvement with economic activity; international conflicts; civil unrest; and local insecurity concerns.

During and , Argentina went through a period of severe political, economic and social crisis. Among other consequences, the crisis resulted in Argentina defaulting on its foreign debt obligations, introducing emergency measures and numerous changes in economic policies that affected utilities and many other sectors of the economy, and suffering a significant real devaluation of the peso, which in turn caused numerous Argentine private sector debtors with foreign currency exposure including us to default.

During and , however, the Argentine economy suffered a slowdown attributable to local and external factors, including an extended drought affecting agricultural activities and the effects of the global economic crisis. For the year , Argentina experienced a slowdown in its GDP showing an increase of 0. Argentina has confronted inflationary pressures, evidenced by significantly higher fuel, salaries and food prices, among other indicators.

During , inflation has accelerated mainly due to the devaluation of the peso. In its statement, the IMF Executive Board stated that it would pursue additional discussions with Argentine authorities, seeking to continue the dialogue regarding CPI and GDP data and to improve its relations with the country. During , the Government has launched a fair price program in order to control inflation. This fair price program determines prices for certain products provides for sectorial agreements.

In addition, in September , the Government introduced an amendment to Law No. The Supply Law now allows the Government to intervene in the pricing and output levels of large companies, enabling the government to set profit margins, impose pecuniary sanctions and confiscate merchandise from private companies judged to have hiked prices without justification.

Inflation in Argentina has contributed to a material increase in our costs of operation, in particular labor costs, and negatively affected our results of operations and financial condition. There can be no assurance that inflation rates will not escalate in the future, or of what effects the measures adopted or that may be adopted in the future by the Government to control inflation may have. We cannot provide any assurance that inflation will not adversely affect our financial condition or results of operations, including our ability to service our debts or pay dividends.

Fluctuations in the value of the peso may also adversely affect the Argentine economy, our financial condition and results of operations. Since January , the peso has fluctuated significantly in value and generally depreciated against the U.

A substantial increase in the value of the peso against the U. We are unable to predict the future value of the peso against the U. Exchange Controls. As of March 31, , the total amount of principal and accrued but unpaid interest under our consolidated U. In addition, the Government has also adopted numerous measures to control directly or indirectly foreign trade and foreign exchange markets.

Since the enhancement of exchange controls began in late. These regulations may prevent or limit us from offsetting the risk derived from our exposure to the U. Government intervention in the Argentine economy could adversely affect our results of operations or financial condition. During recent years, the Government has increased its direct intervention in the Argentine economy, including through the implementation of expropriation and nationalization measures, price controls and exchange controls.

The dissolution of the private pension funds and the transfer of their financial assets to the FGS have had important repercussions on the financing of private sector companies. Purchases of debt and equity instruments which previously could be placed with pension fund administrators are now entirely subject to the discretion of the ANSES. In addition, since acquiring equity interests in privately owned companies through the process of replacing the pension system, the ANSES has been entitled to designate government representatives to the boards of directors of those entities.

Pursuant to Decree No. Our business and operations in Argentina may also be adversely affected by measures adopted by the Government to address inflation. For example, increases in the costs of services and labor could negatively affect our results of operations if we are not permitted to pass those costs along to customers in the tariffs which we charge due to the imposition of price controls.

Argentina is an emerging market economy, which economy is highly sensitive to local political developments which have had an adverse impact on the level of investment in Argentina and the access of Argentine companies to the international capital markets. Specifically, fluctuations in the price of the commodities sold by Argentina and a significant revaluation of the peso against the U. In addition, financial and securities markets in Argentina are influenced by economic and market conditions in other markets worldwide.


Ley 26854 analysis essay

As a painter, I would describe my style as basically abstract combined with surrealism. My inspirations often are from folklore, historic places, legends and mythology. I use these subjects to weave an interesting narrative into my work. Some of my life was spent living on Salisbury Plain, close to Stonehenge, this magical place was a generous source for legends and fantasy. Then some time in London gave me the opportunity to visit places like The Tower of London to enrich my stories with historic legends. Devon is also rich in folklore and offers another narrative, with legends to feed the imagination, King Arthur and the magical Glastonbury.


The Puritan Life

Commission file number: Exact name of Registrant as specified in its charter. Jurisdiction of incorporation or organization. Title of each class. Name of each exchange on which registered. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.


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English Puritanism — pp Cite as. A godly life was the expression of holiness. But such a life was not possible independently of the brethren. Individual puritans, I suggest, could hardly have existed in isolation from the puritan community and its life. But what was the relationship between the puritan and his or her brethren? Unable to display preview. Download preview PDF.


Poland - Protection in certain sectors of economic activity - Regulation, Decree, Ordinance. Order of the Minister of Industry and Commerce concerning occupational safety and health in the construction and repair of floating works Text No. Order of the Minister of Shipping to amend the Order [of 6 Sep. Adoption : POLR Portugal - Protection in certain sectors of economic activity - Law, Act. Decreto-Lei n.

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