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Provisions for employees' benefits (Tables)

12 Months Ended

Dec. 31, 2024

Provisions for employees' benefits

Schedule of provision balances for employee benefits

​

​	​	​	​	​
​		2024		2023
Post–employment benefits
Healthcare		11,449,945		11,234,939
Pension		2,788,326		4,013,542
Education		469,681		490,877
Bonds		349,933		424,199
Other plans		166,805		158,644
Termination benefits – Voluntary retirement plan		905,428		828,007
​		16,130,118		17,150,208
Social benefits and salaries		1,206,242		1,109,363
Other employee benefits		39,851		13,142
​		17,376,211		18,272,713
Current		3,368,547		3,059,204
Non–current		14,007,664		15,213,509
​		17,376,211		18,272,713

​

Schedule of net defined benefit liability (asset)

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Pension and bonds				Other				Total
​		2024		2023		2024		2023		2024		2023
Liabilities for employee benefits
Opening balance		16,411,708		12,840,148		12,749,767		9,465,024		29,161,475		22,305,172
Current service cost		34,132		20,583		174,415		94,448		208,547		115,031
Past service cost		—		—		216,993		107,231		216,993		107,231
Interest expense		1,163,282		1,152,125		928,339		866,111		2,091,621		2,018,236
Actuarial (gains) losses		(1,519,800)		3,560,843		(298,064)		2,891,216		(1,817,864)		6,452,059
Benefits paid		(1,232,066)		(1,140,003)		(742,485)		(673,280)		(1,974,551)		(1,813,283)
Foreign currency translation	​	(25,989)	​	(21,988)	​	662	​	(983)	​	(25,327)	​	(22,971)
Closing balance		14,831,267		16,411,708		13,029,627		12,749,767		27,860,894		29,161,475
​	​	​	​	​	​	​	​	​	​	​	​	​
Plan assets		​		​		​		​		​		​
Opening balance		11,973,967		10,367,472		37,300		31,338		12,011,267		10,398,810
Return on assets		848,103		928,278		1,861		1,709		849,964		929,987
Contributions to funds		—		—		163,629		149,168		163,629		149,168
Benefits paid		(1,182,824)		(1,085,236)		(167,621)		(150,228)		(1,350,445)		(1,235,464)
Actuarial gains		53,762		1,763,453		2,599		5,313		56,361		1,768,766
Closing balance		11,693,008		11,973,967		37,768		37,300		11,730,776		12,011,267
Net post–employment benefits liability		3,138,259		4,437,741		12,991,859		12,712,467		16,130,118		17,150,208

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

​

​	​	​	​	​	​	​
​		2024		2023		2022
Recognized in profit or loss
Interest expense		1,240,757	​	1,088,249	​	679,098
Current service cost		208,547	​	115,031	​	147,480
Past service cost		216,993	​	107,231	​	114,162
​		1,666,297	​	1,310,511	​	940,740
Recognized in other comprehensive income
Pension and pension bonds		258,498	​	(2,664,204)	​	156,755
Healthcare		1,404,182	​	(1,714,227)	​	(1,429,423)
Other		18,911	​	(82,103)	​	18,154
​		1,681,591		(4,460,534)		(1,254,514)
Deferred tax		(374,059)		1,726,261		586,260
​		1,307,532		(2,734,273)		(668,254)

Schedule of fair value of plan assets

​

​	​	​	​	​
​		2024		2023
Other local currency		3,189,859		3,298,496
Bonds of private entities	​	2,932,226	​	3,118,893
Other foreign currency		2,935,450		1,980,308
Bonds issued by the national government	​	1,930,500	​	2,262,378
Variable yield	​	230,634	​	1,027,891
Other public bonds		—		197,044
Bonds of foreign entities		512,107	​	126,257
​		11,730,776	​	12,011,267

Schedule of fair value hierarchy of plan assets

​

​	​	​	​	​
​		2024		2023
​	​	​	​	​
AAA		6,696,147		4,567,823
Nation		4,292,768		4,037,150
AA+		343,639		323,613
AA		124,386		155,628
F1+		45,233		64,624
BRC1+	​	32,022	​	15,506
BB+	​	—	​	407,183
BBB-		—		164,034
BBB+		—		24,796
BAA2		—		23,864
AA-		—		18,836
BAA1		—		16,728
A+		—		9,499
A		—		1,884
Other ratings	​	114,539	​	985,554
Rating not available		82,042		1,194,545
​		11,730,776		12,011,267

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

​

​	​	​	​	​	​	​	​	​	​	​	​
2024		Pension		Bonds		Health		Education		Others
Discount rate		6.85%-10.9	%	8.75	%	8.75%-11.2	%	9.0%-11.0	%	5.7%-11.6	%
Salary growth rate		2.0%-3.0	%	N/A		3.0%-4.0	%	N/A	​	4.0-5.0	%
Expected inflation rate		3.0%-4.0	%	3.0	%	3.0	%	3.0	%	3.0	%
Pension growth rate		3.0%-3.3	%	N/A		N/A	​	N/A	​	N/A	​
Cost trend											​
Short–term rate		N/A		N/A		13.5	%	4.0	%	N/A	​
Long–term rate		N/A		N/A		4.0	%	4.0	%	N/A	​

​

​	​	​	​	​	​	​	​	​	​	​	​
2023		Pension		Bonds		Health		Education		Others
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	​

N/A: Not applicable for this benefit.

Schedule of maturity profile of defined benefit obligation

​

​	​	​	​	​	​	​
Period		Pension and bonds		Other benefits		Total
2025		1,368,320		776,852		2,145,172
2026		1,405,208		815,042		2,220,250
2027		1,404,292		857,552		2,261,844
2028		1,398,966		908,778		2,307,744
2029		1,406,550		950,006		2,356,556
2030yss		7,229,963		5,541,375		12,771,338

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, 2024:

​

​	​	​	​	​	​	​	​	​	​	​
​		Pension		Bonds		Health		Education		Other
Discount rate
–50 basis points		14,220,518		1,177,840		11,990,999		439,586		1,066,967
+50 basis points		12,827,176		1,129,211		10,575,117		409,005		1,033,436
Inflation rate		​		​		​		​		​
–50 basis points		12,765,201		1,130,601		N/A		N/A		926,263
+50 basis points		14,283,629		1,176,205		N/A		N/A		950,381
Salary growth rate		​		​		​		​		​
–50 basis points		N/A		N/A		N/A		N/A		108,169
+50 basis points		N/A		N/A		N/A		N/A		115,426
Cost trend		​		​		​		​		​
–50 basis points		N/A		N/A		10,573,408		408,560		N/A
+50 basis points		N/A		N/A		11,988,936		439,908		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 [domain]; Defined benefit obligation, at present value]

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