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v3.23.1

LOANS (Tables) | 12 Months Ended
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Dec. 31, 2022
LOANS [Abstract] |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2022 and 2021 comprise the following:
|  | 2022 |  |  | 2021 |
Current Loans |  |  |  |  |  |
2018 Notes Interest |  |  | 937,379 |  |  |  | 1,075,060 |
Bank loans |  |  | 1,440,989 |  |  |  | - |
Other financial liabilities |  |  | 377,415 |  |  |  | - |
Leasing (Note 21) |  |  | 1,164,146 |  |  |  | 1,224,678 |
Total Current loans |  |  | 3,919,929 |  |  |  | 2,299,738 |
Non Current Loans |  |  |  |  |  |  |  |
2018 Notes |  |  | 83,292,496 |  |  |  | 95,458,303 |
Leasing (Note 21) |  |  | 3,098,069 |  |  |  | 4,662,971 |
Bank loans |  |  | 4,303,571 |  |  |  | - |
Total non current loans |  |  | 90,694,136 |  |  |  | 100,121,274 |
Total (1) |  |  | 94,614,065 |  |  |  | 102,421,012 |
(1) | As of December 31, 2022 and 2021, it is net of Notes repurchase of Ps 5,257,400 and Ps. 4,484,852, respectively.
(2) | Net of issuance expenses of Ps. 30,105 and Ps. 102,623 as of December 31, 2022 and 2021, respectively.
Activity of Loans | The activity of the loans as of December 31, 2022 and 2021 is the following:
|  | 2022 |  |  | 2021 |
|  | Leases liabilities |  |  | Other payables |  |  | Leases liabilities |  |  | Other payables |
Beginning balance |  |  | 5,887,649 |  |  |  | 96,533,363 |  |  |  | 8,505,178 |  |  |  | 120,481,460 |
Inflation adjustment restatement |  |  | (4,769,942 | ) |  |  | (58,645,278 | ) |  |  | (3,164,211 | ) |  |  | (44,998,198 | )
Accrued interest |  |  | 382,649 |  |  |  | 5,875,804 |  |  |  | 568,315 |  |  |  | 7,321,812 |
Effect of foreign exchange effect |  |  | 4,005,769 |  |  |  | 47,656,779 |  |  |  | 1,730,223 |  |  |  | 22,095,210 |
VAT unpaid installments |  |  | 23,182 |  |  |  | - |  |  |  | 26,212 |  |  |  | - |
Proceeds from loans |  |  | - |  |  |  | 6,164,853 |  |  |  | - |  |  |  | - |
Acquisition of notes result |  |  | - |  |  |  | 1,030,169 |  |  |  | - |  |  |  | 806,841 |
Payment of loans(1) |  |  | (901,526 | ) |  |  | (86,187 | ) |  |  | (1,163,922 | ) |  |  | - |
Acquisition of notes |  |  | - |  |  |  | (2,452,516 | ) |  |  | - |  |  |  | (1,869,224 | )
Interest paid(2) |  |  | (365,566 | ) |  |  | (5,725,137 | ) |  |  | (614,146 | ) |  |  | (7,304,538 | )
Ending balance |  |  | 4,262,215 |  |  |  | 90,351,850 |  |  |  | 5,887,649 |  |  |  | 96,533,363 |
(1) | For the years ended on December 31, 2022 and 2021, Ps. 901,526 and Ps. 1,163,922 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía).
(2) | For the years ended on December 31, 2022 and 2021, Ps. 365,566 and Ps. 614,146, respectively, were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía).
Maturities of Current and Non-Current Loans | The maturities of the current and non-current loans as of December 31, 2022 are as follows, not including issuance expenses:
|  |  |  |  | To due |  |  |  |
|  | Due at 12/31/2022 |  |  | From 1/01/2023 to 12/31/2023 |  |  | From 1/01/2024 to 12/31/2024 |  |  | From 1/01/2025 to 12/31/2025 |  |  | From 1/01/2026 to 12/31/2026 |  |  | From 1/01/2027 onwards |  |  | Total |
2018 Notes |  |  | - |  |  |  | 937,379 |  |  |  | - |  |  |  | 83,292,496 |  |  |  | - |  |  |  | - |  |  |  | 84,229,875 |
Financial Leasing |  |  | 133,549 |  |  |  | 1,030,597 |  |  |  | 1,117,025 |  |  |  | 1,210,816 |  |  |  | 770,228 |  |  |  | - |  |  |  | 4,262,215 |
Other financial liabilities |  |  | - |  |  |  | 377,415 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 377,415 |
Bank loans |  |  | - |  |  |  | 1,440,989 |  |  |  | 4,303,571 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,744,560 |
Total |  |  | 133,549 |  |  |  | 3,786,380 |  |  |  | 5,420,596 |  |  |  | 84,503,312 |  |  |  | 770,228 |  |  |  | - |  |  |  | 94,614,065 |
Future Minimum Lease Payments and Present Book Value | The following table sets reconciliation between the total of future minimum lease payments as of December 31, 2022, and their present book value:
|  | 12/31/2022 |
As of 12/31/2023 |  |  | 1,458,705 |
From 1/01/2024 to 12/31/2024 |  |  | 1,325,334 |
From 1/01/2025 to 12/31/2025 |  |  | 1,325,334 |
From 1/01/2026 to 12/31/2026 |  |  | 791,728 |
From 1/01/2027 onwards |  |  | - |
Total minimum future payments |  |  | 4,901,101 |
Future financial charges on financial leases |  |  | (638,886 | )
Book Value financial leases |  |  | 4,262,215 |
As of December 31, 2022 and 2021, the Company and its controlled companies are in compliance with the covenants established in all of their financial debt.
Conditions of 2018 Notes | On May 2, 2018, within the framework of the 2017 Program, the Company issued the 2018 Notes according to the following characteristics:
| 2018 Notes
Amount in U.S.$ | 500,000,000
Interest Rate | 6.75% annual
Issuance price | 99.725%
| Scheduled payment date | Percentage of the principal to be paid
Amortization | May 2, 2025 | 100%
Frequency of interest payment | Semiannual, payable on May 2 and November 2 of each year.
Guarantor | None
Detailed of Other Financial Liabilities | As of December 31, 2022, Other financial liabilities includes:
Currency |  | Amount (in thousands) |  |  | Interest rate |  | Expiration date
USD |  |  | 1,797 |  |  |  | 5.75% - 7.75% |  | Between May and September 2023
Euros |  |  | 284 |  |  |  | 3.05% - 3.85% |  | April / May 2023
USD |  |  | 8,000 |  |  |  | 4.30% |  | August 2023
Disclosure of Bank Loans | On March 31, 2022, the subsidiary Telcosur, took a loan for US$24 million. The main terms of said loan are:
Amount in US$ |  |  | 24.000.000 |
Interest rate |  | 1.5% annual |
Amortizacion date |  | January 25, 2024 |
Interest payment frequency |  | To the expiration |
Guarantee |  | Fixed term in foreign currency (1) |
(1) | Included as “Non-current financial assets measured at amortised cost”.

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