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Loans and borrowings | 12 Months Ended
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Dec. 31, 2023
Loans and borrowings |
Loans and borrowings | 19.Loans and borrowings
19.1 | Composition of loans and borrowings
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted average effective | ​ | ​ | ​ | ​
​ | ​ | interest rate as of December 31 | ​ | 2023 | ​ | 2022
​ |  | 2023 |  | 2022 |  | ​ |  | ​
Local currency | ​ |  | ​ |  | ​ |  | ​ |
Bonds |  | 12.4 | % | 9.8 | % | 5,172,256 |  | 4,965,653
Commercial and syndicated loan (1) |  | 12.9 | % | 11.5 | % | 4,323,198 |  | 2,171,462
Lease liabilities (2) | ​ | 8.9 | % | 8.0 | % | 922,536 | ​ | 844,734
​ |  | ​ | ​ | ​ | ​ | 10,417,990 |  | 7,981,849
Foreign currency |  |  |  |  |  |  |  |
Bonds (3) |  | 6.4 | % | 6.0 | % | 72,774,985 |  | 82,432,647
Commercial and syndicated loans |  | 7.2 | % | 4.6 | % | 21,478,503 |  | 23,537,675
Loans from related parties (Note 30) |  | 6.0 | % | 5.9 | % | 683,949 |  | 815,056
Lease liabilities (2) |  | 6.0 | % | 6.0 | % | 460,100 |  | 367,612
​ |  | ​ | ​ | ​ | ​ | 95,397,537 |  | 107,152,990
​ |  | ​ | ​ | ​ | ​ | 105,815,527 |  | 115,134,839
Current |  | ​ | ​ | ​ |  | 15,550,008 |  | 22,198,583
Non–current |  | ​ | ​ | ​ |  | 90,265,519 |  | 92,936,256
​ |  | ​ | ​ | ​ | ​ | 105,815,527 |  | 115,134,839
(1) | The variation corresponds mainly to the acquisition of a commercial loan in pesos with Bancolombia S.A. at Ecopetrol S.A. with an interest rate of IBR 6M+4.9% and maturity June 2028 for $400 USD million. Likewise, in September 2023, a long-term syndicated loan was disbursed with international banks for $800 USD million.
(2) | Corresponds to the present value of the payments to be made during the term of the operating lease contracts for oil pipelines, tanks, real estate, and vehicles, recognized because of the implementation of IFRS 16 – Leases. See Note 15.
(3) | The reduction in the value of bonds in foreign currency is mainly due to the decrease in the exchange rate in $988.15 Colombian pesos per US dollar. The acquisitions made during the year mainly include international bond issues under the following conditions: i) January 2023 issue at 10 years for $2,000 USD million with a coupon rate of 8.88%, and ii) July 2023 issue at 5.5 years for $1,200 USD million with a coupon rate of 8.63% and reopening issue in January 2023 for $300 USD million.
During 2023, loans and borrowings for $34,035,090 were acquired mainly: At Ecopetrol S.A. for $27,264,517 and Interconexión Eléctrica S.A. E.S.P. for $6,143,079. As a result of Ecopetrol Business Group strategy in integral debt management and financing of maturities, during 2023 capital payments of $21,659,669 were made; mainly in Ecopetrol S.A. for $16,926,267, which includes the repurchase of bonds and commercial credits, Interconnection Eléctrica S.A. E.S.P. for $3,937,765, and Ocensa S.A. for $454,009. Likewise, interest payments of $6,580,746 were made mainly in Ecopetrol S.A. for $4,242,746 and in Interconnection Eléctrica S.A. E.S.P. for $2,162,537. 19.2 Fair value of loans The fair value of loans and borrowings is $104,223,267 and $106,509,947 as of December 31, 2023, and 2022, respectively. ​ 19.3 Maturity of loans and borrowings The following are the maturities of loans and borrowing as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | year (1) | ​ | 1 – 5 years |  | 5-10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 580,737 | ​ | 1,330,184 | ​ | 1,411,988 | ​ | 1,849,347 | ​ | 5,172,256
Commercial and syndicated loan |  | 772,216 | ​ | 1,929,871 | ​ | 1,262,816 | ​ | 358,295 | ​ | 4,323,198
Lease liabilities | ​ | 245,673 | ​ | 452,320 | ​ | 223,372 | ​ | 1,171 | ​ | 922,536
​ |  | 1,598,626 | ​ | 3,712,375 | ​ | 2,898,176 | ​ | 2,208,813 | ​ | 10,417,990
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 4,147,341 | ​ | 28,047,668 | ​ | 24,479,647 | ​ | 16,100,329 | ​ | 72,774,985
Commercial and syndicated loans |  | 9,023,629 | ​ | 10,639,912 | ​ | 1,524,418 | ​ | 290,544 | ​ | 21,478,503
Loans from related parties |  | 683,949 | ​ | — | ​ | — | ​ | — | ​ | 683,949
Lease liabilities | ​ | 96,463 | ​ | 146,826 | ​ | 145,956 | ​ | 70,855 | ​ | 460,100
​ |  | 13,951,382 | ​ | 38,834,406 | ​ | 26,150,021 | ​ | 16,461,728 | ​ | 95,397,537
​ |  | 15,550,008 | ​ | 42,546,781 | ​ | 29,048,197 | ​ | 18,670,541 | ​ | 105,815,527
​ The following are the maturities of loans and borrowing as of December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Up to 1 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | year (1) | ​ | 1 – 5 years |  | 5–10 years |  | > 10 years |  | Total
Local currency |  |  |  |  |  |  |  |  |  |
Bonds |  | 579,032 | ​ | 1,262,971 | ​ | 1,559,593 | ​ | 1,564,057 | ​ | 4,965,653
Commercial and syndicated loan |  | 565,886 | ​ | 824,188 | ​ | 631,100 | ​ | 150,288 | ​ | 2,171,462
Lease liabilities | ​ | 150,872 | ​ | 384,661 | ​ | 308,493 | ​ | 708 | ​ | 844,734
​ |  | 1,295,790 | ​ | 2,471,820 | ​ | 2,499,186 | ​ | 1,715,053 | ​ | 7,981,849
Foreign currency |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Bonds |  | 12,235,174 | ​ | 25,336,179 | ​ | 23,223,393 | ​ | 21,637,901 | ​ | 82,432,647
Commercial loans |  | 7,726,416 | ​ | 15,054,954 | ​ | 547,092 | ​ | 209,213 | ​ | 23,537,675
Loans from related parties | ​ | 815,056 | ​ | — | ​ | — | ​ | — | ​ | 815,056
Lease liabilities |  | 126,147 | ​ | 206,474 | ​ | 34,991 | ​ | — | ​ | 367,612
​ |  | 20,902,793 | ​ | 40,597,607 | ​ | 23,805,476 | ​ | 21,847,114 | ​ | 107,152,990
​ |  | 22,198,583 | ​ | 43,069,427 | ​ | 26,304,662 | ​ | 23,562,167 | ​ | 115,134,839
​ 19.4 Breakdown by type of interest rate and currency The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Local currency |  |  |  |
Fixed rate |  | 2,030,378 | ​ | 1,844,086
Floating rate |  | 8,387,612 | ​ | 6,137,763
​ |  | 10,417,990 | ​ | 7,981,849
Foreign currency |  | ​ | ​ | ​
Fixed rate |  | 70,956,700 | ​ | 82,850,932
Floating rate |  | 24,440,837 | ​ | 24,302,058
​ |  | 95,397,537 | ​ | 107,152,990
​ |  | 105,815,527 | ​ | 115,134,839
​ 19.5 Loans designated as hedging instrument As of December 31, 2023, Ecopetrol Business Group designated USD$16,535 million (2022 – USD14,512 million) of foreign currency debt as a hedging instrument, of which USD$10,270 million (2022 - USD$8,940 million) is used to hedge the net investment in foreign operations with the US dollar as their functional currency, and USD$6,265 million (2022 - USD$5,572 million) is used to hedge the cash flows of future crude oil exports. See Notes 29. 19.6 Guarantees and covenants As of December 31, 2023, the estimated value of the current guarantees granted by ISA and its companies, within the framework of the definition in paragraph 14 of IFRS 7, used to support growth in its different business units and to ensure commercial, operational, and strategic viability amounts to $20,607,822 (2022 - $23,670,968), mainly in i) Chile for $14,899,609 (2022 - $17,676,320) in ISA Intervial, Ruta de la Araucaria, Ruta del Maipo, Ruta del Loa, Ruta de los Ríos and ISA Interchile, b) Brazil in ISA CTEEP for $3,029,213 (2022 - $3,315,648), and c) Colombia on the Ruta Costera for $2,679,000 (2022 - $2,679,000). ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others. Ecopetrol USA and its companies have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement with a third party. The syndicated loan entered by Cenit (before Oleoducto Bicentenario) requires that this subsidiary maintain an established relationship of leverage and solvency and cash flow / service to the debt.

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