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Loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Loans and borrowings

Schedule of 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.

Schedule of maturity of loans and borrowings

​

​	​	​	​	​	​	​	​	​	​	​
​		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

Schedule of Breakdown by type of interest rate and currency

​

​	​	​	​	​
​		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

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