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Provisions for employees' benefits (Tables)

12 Months Ended

Dec. 31, 2023

Provisions for employees' benefits

Schedule of provision balances for employee benefits

​

​	​	​	​	​
​		2023		2022
Post–employment benefits
Healthcare		11,234,939		8,140,648
Pension		4,013,542		2,073,562
Education		490,877		405,769
Bonds		424,199		399,114
Other plans		158,644		115,136
Termination benefits – Voluntary retirement plan		828,007		772,133
​		17,150,208		11,906,362
Social benefits and salaries		1,109,363		970,598
Other employee benefits		13,142		88,279
​		18,272,713		12,965,239
Current		3,059,204		2,753,697
Non–current		15,213,509		10,211,542
​		18,272,713		12,965,239

​

Schedule of net defined benefit liability (asset)

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Pension and bonds				Other				Total
​		2023		2022		2023		2022		2023		2022
Liabilities for employee benefits
Opening balance		12,840,148		14,520,592		9,465,024		7,946,927		22,305,172		22,467,519
Current service cost		20,583		—		94,448		95,724		115,031		95,724
Past service cost		—		51,756		107,231		114,162		107,231		165,918
Interest expense		1,152,125		953,146		866,111		530,482		2,018,236		1,483,628
Actuarial (gains) losses		3,560,843		(1,805,907)		2,891,216		1,361,808		6,452,059		(444,099)
Benefits paid		(1,140,003)		(981,486)		(673,280)		(608,184)		(1,813,283)		(1,589,670)
Foreign currency translation	​	(21,988)	​	102,047	​	(983)	​	24,105	​	(22,971)	​	126,152
Closing balance		16,411,708		12,840,148		12,749,767		9,465,024		29,161,475		22,305,172
​	​	​	​	​	​	​	​	​	​	​	​	​
Plan assets		​		​		​		​		​		​
Opening balance		10,367,472		12,040,229		31,338		28,296		10,398,810		12,068,525
Return on assets		928,278		802,711		1,709		1,819		929,987		804,530
Contributions to funds		—		—		149,168		125,788		149,168		125,788
Benefits paid		(1,085,236)		(961,931)		(150,228)		(125,129)		(1,235,464)		(1,087,060)
Actuarial gains (losses)		1,763,453		(1,513,537)		5,313		564		1,768,766		(1,512,973)
Closing balance		11,973,967		10,367,472		37,300		31,338		12,011,267		10,398,810
Net post–employment benefits liability		4,437,741		2,472,676		12,712,467		9,433,686		17,150,208		11,906,362

Schedule of movement of defined benefits plans recognized in results and other comprehensive income

​

​	​	​	​	​	​	​
​		2023		2022		2021
Recognized in profit or loss
Interest expense		1,088,249	​	679,098	​	661,187
Current service cost		115,031	​	147,480	​	132,352
Past service cost		107,231	​	114,162	​	129,328
Remeasurements		—	​	—	​	(211)
​		1,310,511	​	940,740	​	922,656
Recognized in other comprehensive income
Pension and pension bonds (1)		(2,664,204)	​	156,755	​	1,401,578
Healthcare (1)		(1,714,227)	​	(1,429,423)	​	991,050
Other		(82,103)	​	18,154	​	64,039
​		(4,460,534)		(1,254,514)		2,456,667
Deferred tax		1,726,261		586,260		(679,510)
​		(2,734,273)		(668,254)		1,777,157

Schedule of fair value of plan assets

​

​	​	​	​	​
​		2023		2022
Other local currency		3,298,496		4,810,813
Bonds of private entities	​	3,118,893	​	1,674,431
Bonds issued by the national government		2,262,378		1,552,690
Other foreign currency	​	1,980,308	​	1,762,899
Variable yield	​	1,027,891	​	291,847
Other public bonds		197,044		201,508
Bonds of foreign entities		126,257	​	104,622
​		12,011,267	​	10,398,810

Schedule of fair value hierarchy of plan assets

​

​	​	​	​	​
​		2023		2022
​	​	​	​	​
AAA		4,567,823		4,138,043
Nación		4,037,150		3,319,858
BB+		407,183		267,961
AA+		323,613		312,303
BBB-	​	164,034	​	47,919
AA	​	155,628	​	161,244
F1+		64,624		87,111
BBB+		24,796		30,331
BAA2		23,864		20,880
AA-		18,836		8,714
BAA1		16,728		20,814
BRC1+		15,506		43,000
A+		9,499		23,514
A		1,884	​	2,352
Other ratings	​	985,554	​	414,681
Rating not available		1,194,545		1,500,085
​		12,011,267		10,398,810

Schedule of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks

​

​	​	​	​	​	​	​	​	​	​	​	​
2023		Pension		Bonds		Health		Education		Others (1)
Discount rate		7.5% - 11.7	%	7.25	%	11% - 12	%	11% - 12	%	7.4% - 12	%
Salary growth rate		3.5% - 4.5	%	N/A		3.5% - 4.5	%	N/A	​	3.5% - 4.61	%
Expected inflation rate		3.0% – 4.5	%	3.00	%	3.00	%	3.00	%	3.0% – 3.5	%
Pension growth rate		3.0% - 5.0	%	N/A		N/A	​	N/A	​	N/A	​
Cost trend											​
Short–term rate		N/A		N/A		12.80	%	4.00	%	N/A	​
Long–term rate		N/A		N/A		4.00	%	4.00	%	N/A	​

​

​	​	​	​	​	​	​	​	​	​	​	​
2022		Pension		Bonds		Health		Education		Others (1)
Discount rate		6.2% - 14.7	%	9.00	%	8.7% - 14-7	%	6.3% - 14.8	%	7.4% - 14.5	%
Salary growth rate		4.5% - 5.5	%	N/A		4.5% - 5.5	%	N/A	​	4.5% - 4.7	%
Expected inflation rate		3.0% - 4.5	%	3.00	%	3.00	%	3.00	%	3.0% - 4.5	%
Pension growth rate		3.00	%	N/A		N/A		N/A		N/A	​
Cost trend											​
Short–term rate		N/A		N/A		6.33	%	4.00	%	N/A	​
Long–term rate		N/A		N/A		4.00	%	4.00	%	N/A	​

N/A: Not applicable for this benefit.

(1) Weighted average discount rate.

Schedule of maturity profile of defined benefit obligation

​

​	​	​	​	​	​	​
Period		Pension and bonds		Other benefits		Total
2024		1,293,410		683,341		1,976,751
2025		1,327,478		709,033		2,036,511
2026		1,342,616		741,746		2,084,362
2027		1,336,802		775,788		2,112,590
2028		1,351,056		817,592		2,168,648
2029		6,893,350		4,611,509		11,504,859

Schedule of sensitivity analysis for actuarial assumptions

The following sensitivity analysis shows the effect of such possible changes on the obligation for defined benefits, while keeping the other assumptions constant, as of December 31, 2023:

​

​	​	​	​	​	​	​	​	​	​	​
​		Pension		Bonds		Health		Education		Other
Discount rate
–50 basis points		15,428,231		1,247,485		11,819,342		469,157		987,882
+50 basis points		14,034,889		1,188,056		10,302,032		433,565		955,544
Inflation rate		​		​		​		​		​
–50 basis points		13,972,915		1,190,418		N/A		N/A		847,577
+50 basis points		15,491,342		1,244,748		N/A		N/A		868,927
Salary growth rate		​		​		​		​		​
–50 basis points		N/A		N/A		N/A		N/A		109,492
+50 basis points		N/A		N/A		N/A		N/A		117,265
Cost trend		​		​		​		​		​
–50 basis points		N/A		N/A		10,315,944		433,225		N/A
+50 basis points		N/A		N/A		11,797,481		469,388		N/A

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- Definition

The disclosure of detailed information about fair value hierarchy of plan assets.

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The disclosure of detailed information about movement of defined benefits plans recognized in results and other comprehensive income.

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The disclosure of an analysis of the present value of a defined benefit obligation that distinguishes the nature, characteristics and risks of the obligation. Such a disclosure could distinguish: (a) between amounts owing to active members, deferred members, and pensioners; (b) between vested benefits and accrued but not vested benefits; and (c) between conditional benefits, amounts attributable to future salary increases and other benefits. [Refer: Defined benefit obligation, at present value]

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The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value]

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The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]

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