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GAS TRANSPORTER OF THE SOUTH INC

For the period ended Dec 31, 2024. Filed Apr 24, 2025.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2024 · Filed Apr 24, 2025

TGS$21.54-1.1%Stored close · as of Nov 6, 2026
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year ended: December 31, 2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________.

OR

☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report __________.

Commission file number:1-13.396

TRANSPORTADORA DE GAS DEL SUR S.A.

(Exact name of Registrant as specified in its charter)

GAS TRANSPORTER OF THE SOUTH INC.

(Translation of Registrant’s name into English)

Republic of Argentina

(Jurisdiction of incorporation or organization)

Cecilia Grierson 355

26th Floor

C 1107 CPG City of Buenos Aires

Argentina

(Address of principal executive offices)

Leandro Pérez Castaño

(54-11)-4371-5100

inversores@tgs.com.ar

Cecilia Grierson 355

26th Floor

C 1107 CPG City of Buenos Aires

Argentina

(Name, telephone, email and/or facsimile number and Address of Company contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares (“ADS”), representing Class “B” SharesTGSNew York Stock Exchange
Class “B” Shares, par value Ps.1.00 per sharen/aNew York Stock Exchange*

*Not for trading, but only in connection with the registration of American Depositary Shares related to the issuer’s American Depositary Receipts (“ADRs”) program, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Class “A” Shares, par value Ps.1.00 each405,192,594
Class “B” Shares, par value Ps.1.00 each347,568,464
Total (1)752,761,058

(1) Excludes 41,734,225 treasury shares, representing 5.25% of the total shares not deemed outstanding under Argentine law.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes☐No☒

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 1934.

Yes☐No☒

Indicate by check mark whether the registrant has filed (1) all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes☒No☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes☒No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b–2 of the Securities Exchange Act of 1934.

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Emerging growth company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP☐International Financial Reporting Standards as issued by the International Accounting Standards Board☒Other☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17☐Item 18☐

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 Securities Exchange Act of 1934).

Yes☐No☒

TABLE OF CONTENTS

PRESENTATION OF FINANCIAL AND OTHER INFORMATIONI
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSV
PART I1
Item 1.Identity of Directors, Senior Management and Advisers1
Item 2.Offer Statistics and Expected Timetable1
Item 3.Key Information1
Item 4.Our Information51
Item 4A.Unresolved Staff Comments107
Item 5.Operating and Financial Review and Prospects107
Item 6.Directors, Senior Management and Employees143
Item 7.Major Shareholders and Related Party Transactions157
Item 8.Financial Information162
Item 9.The Offer and Listing166
Item 10.Additional Information169
Item 11.Quantitative and Qualitative Disclosures About Market Risk199
Item 12.Description of Securities Other than Equity Securities199
PART II201
Item 13.Defaults, Dividend Arrearages and Delinquencies201
Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds201
Item 15.Controls and Procedures.201
Item 16.[Reserved]202
Item 16A.Audit Committee Financial Expert202
Item 16B.Code of Ethics202
Item 16C.Principal Accountant Fees and Services202
Item 16D.Exemptions from the Listing Standards for Audit Committees203
Item 16E.Purchases of Registered Equity Securities of the Issuer by the Issuer and Affiliated Purchasers203
Item 16F.Change in Registrant’s Certifying Accountant203
Item 16G.Corporate Governance203
Item 16H.Mine Safety Disclosure205
Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection205
Item 16J.Insider Trading Policies205
Item 16K.Cybersecurity205
PART III206
Item 17.Financial Statements206
Item 18.Financial Statements206
Item 19.Exhibits206
ContentsView on SEC.gov

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