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LOANS (Tables) | 12 Months Ended
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Dec. 31, 2023
LOANS [Abstract] |
Short-term and Long-term Loans | Short-term and long-term loans as of December 31, 2023 and 2022 comprise the following:
|  | 2023 |  |  | 2022 |
Current Loans |  |  |  |  |  |
2018 Notes Interest |  |  | 4,277,626 |  |  |  | 2,919,070 |
Bank loans |  |  | 49,994,730 |  |  |  | 5,662,649 |
Leases liabilities |  |  | 6,294,835 |  |  |  | 3,625,240 |
Total Current loans |  |  | 60,567,191 |  |  |  | 12,206,959 |
Non Current Loans |  |  |  |  |  |  |  |
2018 Notes |  |  | 380,225,912 |  |  |  | 259,379,199 |
Leases liabilities |  |  | 10,921,411 |  |  |  | 9,647,624 |
Bank loans |  |  | 19,933,952 |  |  |  | 13,401,649 |
Total non current loans |  |  | 411,081,275 |  |  |  | 282,428,472 |
Total (1) |  |  | 471,648,466 |  |  |  | 294,635,431 |
(1) | As of December 31, 2023 and 2022, it is net of Notes repurchase of Ps 23,991,562 and Ps. 16,371,945, respectively.
(2) | Net of issuance expenses of Ps. 52,684 and Ps. 93,749 as of December 31, 2023 and 2022, respectively.
Activity of Loans | The activity of the loans as of December 31, 2023, 2022 and 2021 is the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Leases liabilities |  |  | Other payables |  |  | Leases liabilities |  |  | Other payables |  |  | Leases liabilities |  |  | Other payables |
Beginning balance |  |  | 13,272,864 |  |  |  | 281,362,567 |  |  |  | 18,334,589 |  |  |  | 300,612,271 |  |  |  | 26,485,774 |  |  |  | 375,188,476 |
Inflation adjustment restatement |  |  | (17,582,496 | ) |  |  | (265,418,470 | ) |  |  | (14,853,964 | ) |  |  | (182,625,878 | ) |  |  | (9,853,594 | ) |  |  | (140,127,829 | )
Accrued interest |  |  | 917,514 |  |  |  | 6,917,912 |  |  |  | 1,191,598 |  |  |  | 18,297,703 |  |  |  | 1,769,776 |  |  |  | 22,800,682 |
Effect of foreign exchange effect |  |  | 22,489,416 |  |  |  | 422,504,305 |  |  |  | 12,474,271 |  |  |  | 148,406,853 |  |  |  | 5,388,047 |  |  |  | 68,806,173 |
VAT unpaid installments |  |  | - |  |  |  | - |  |  |  | 72,191 |  |  |  | - |  |  |  | 81,626 |  |  |  | - |
Proceeds from loans |  |  | 1,799,578 |  |  |  | 35,743,858 |  |  |  | - |  |  |  | 19,197,823 |  |  |  | - |  |  |  | - |
Acquisition of notes result |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,208,025 |  |  |  | - |  |  |  | 2,512,565 |
Payment of loans(1) |  |  | (2,884,263 | ) |  |  | (10,890,826 | ) |  |  | (2,807,421 | ) |  |  | (268,393 | ) |  |  | (3,624,542 | ) |  |  | - |
Acquisition of notes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,637,322 | ) |  |  | - |  |  |  | (5,820,906 | )
Interest paid(2) |  |  | (796,367 | ) |  |  | (15,787,126 | ) |  |  | (1,138,400 | ) |  |  | (17,828,515 | ) |  |  | (1,912,498 | ) |  |  | (22,746,890 | )
Ending balance |  |  | 17,216,246 |  |  |  | 454,432,220 |  |  |  | 13,272,864 |  |  |  | 281,362,567 |  |  |  | 18,334,589 |  |  |  | 300,612,271 |
(1) | For the years ended on December 31, 2023, 2022 and 2021, Ps. 2,683,976, Ps. 2,807,421 and 3,624,542 respectively were cancelled through the offseting of debit balances maintained with the creditor (Pampa Energía).
(2) | For the years ended on December 31, 2023, 2022 and 2021, Ps. 796,367, Ps. 1,138,400, and 1,912,498, 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, 2023 are as follows, not including issuance expenses:
|  |  |  |  | To due |  |  |  |
|  | Due |  |  | As of 12/31/2024 |  |  | From 1/01/2025 to 12/31/2025 |  |  | From 1/01/2026 to 12/31/2026 |  |  | From 1/01/2027 to 12/31/2027 |  |  | Total |
2018 Notes |  |  | - |  |  |  | 4,277,626 |  |  |  | 380,225,912 |  |  |  | - |  |  |  | - |  |  |  | 384,503,538 |
Leases liabilities |  |  | 609,435 |  |  |  | 5,685,400 |  |  |  | 6,258,196 |  |  |  | 4,283,042 |  |  |  | 380,173 |  |  |  | 17,216,246 |
Bank loans |  |  | - |  |  |  | 49,994,730 |  |  |  | 19,933,952 |  |  |  | - |  |  |  | - |  |  |  | 69,928,682 |
Total |  |  | 609,435 |  |  |  | 59,957,756 |  |  |  | 406,418,060 |  |  |  | 4,283,042 |  |  |  | 380,173 |  |  |  | 471,648,466 |
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, 2023, and their present book value:
|  | 12/31/2023 |
As of 12/31/2024 |  |  | 7,229,678 |
From 1/01/2025 to 12/31/2025 |  |  | 6,655,985 |
From 1/01/2026 to 12/31/2026 |  |  | 4,255,896 |
From 1/01/2027 to 12/31/2027 |  |  | 679,059 |
Total minimum future payments |  |  | 18,820,618 |
Future financial charges on financial leases |  |  | (1,604,372 | )
Book Value financial leases |  |  | 17,216,246 |
Conditions of 2018 Notes | On May 2, 2018, within the 2017 Global Program framework, the Company proceeded to the issuance of the 2018 Notes according to the following characteristics:
| 2018 Notes
Amount in US$ | 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 Indebtedness | The following table shows the details of other financial indebtedness as of December 31, 2023:
Currency |  | Amount (in miles) |  |  | Interest rate |  |  | Expiration date
USD |  |  | 60,162 |  |  |  | 7.76 | % |  | Between January and November 2024
Euros |  |  | 61 |  |  |  | 7.00 | % |  | May 2024
Disclosure of Bank Loans | In March 2023, the subsidiary Telcosur, renewed the loan for US$ 24 million taken in March 2022. The main terms of said loan are:
Amount in US$ |  | 24,000,000 |
Interest rate |  | 1.5% annual |
Amortization date |  | January 25, 2025 |
Interest payment frequency |  | To the expiration |
Guarantee |  | Fixed term in foreign currency(1) |
(1) | Included as “Non-current financial assets measured at amortized cost”.

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