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LOANS | 12 Months Ended
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Dec. 31, 2022
LOANS [Abstract] |
LOANS |
13. | 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.
Loans are totally denominated in US dollars. 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).
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 |
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. Description of the indebtedness of the Company Class 2 Notes (“2018 Notes”) The Ordinary General Shareholders’ Meeting held on April 26, 2017, ordered the increase of up to US$ 700,000,000 (or its equivalent in other currencies) of the 2017 Program authorized by the CNV by Resolution No. 17,262 dated January 3, 2014, whose amount until the Shareholders´ Meeting was held was US$ 400,000,000 (the “2017 Program”). 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
The authorization for the public offering of the 2017 Program was granted by the CNV through Resolutions No. 17,262 and 18,938 dated January 3, 2014 and September 15, 2017, respectively. On October 31, 2018, through Disposition No. DI-2018-55-APN-GE#CNV, the CNV granted the extension of the 2017 Program until January 3, 2024. The Ordinary General Shareholders´ Meeting held on August 15, 2019 decided to increase the 2017 Program from US$ 700 million to US$ 1,200 million. This increase was authorized by the CNV on October 9, 2019 through Resolution RESFC-2019-20486-APN-DIR # CNV. Funds obtained by the Company are applied to: i. The repurchase of the Class 1 Notes (the “2014 Notes”) for U.S.$ 86,511,165; ii. the cancellation and total redemption of the 2014 Notes for U.S.$ 120,786,581; iii. the balance of net funds to make investments in capital expenditures. The value of the financial debt is based on its amortised cost calculated as cash flows discounted at an effective rate of 7.088%. During 2022 and 2021, the Company repurchased its marketable debt for a nominal value of USD 29.7 million and USD 4.8 million for which it paid Ps. 2,452,516 and Ps. 1,869,224, respectively. These transactions generated a result of (Ps. 1,030,169) and (Ps. 806,841) respectively, recognized in the financial results of the Statement of Income. 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
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”.
Covenants As of December 31, 2022, the Company has complied with a series of restrictions derived from its current financial agreements, which include, among others, those related to obtaining new loans, payment of dividends, granting of guarantees, disposal of certain assets and make certain transactions with related parties. he Company may contract new debts under the following conditions, among others: a. To the extent that after the new debt has been incurred (i) the consolidated coverage ratio (calculated as the quotient of the consolidated adjusted EBITDA -earnings before financial results, income tax, depreciation and amortization- and the consolidated interest expense) is equal or higher than 2.0:1; and (ii) the consolidated debt ratio (calculated as the quotient of the consolidated debt and the consolidated EBITDA) is equal to or lower than 3.75:1. b. For the refinancing of the outstanding financial debt. c. Originated by customer advances. The Company may pay dividends under the following conditions: (i) the Company is not in default under 2018 Notes, and (ii) immediately after any dividend payment, the Company may incur new debts according to the provisions in point a. of the preceding paragraph. Lease liability Corresponds to the financing obtained for the acquisition of the corresponding assets to the treatment and compression plant located in the area of Río Neuquén. Said agreement was concluded on August 11, 2016 with Petrobras (currently Pampa Energía) and consists of the payment of 119 consecutive monthly installments of U.S.$ 623,457 without taxes and an option to purchase for the same amount payable at the end of the 120th month of the effectiveness of the contract.

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