XML 50 R19.htm IDEA: XBRL DOCUMENT
v3.25.1

LOANS | 12 Months Ended
--- | ---
Dec. 31, 2024
LOANS [Abstract] |
LOANS |
13. | LOANS
Short-term and long-term loans as of December 31, 2024 and 2023 comprise the following:
|  | 2024 |  |  | 2023 |
Current Loans |  |  |  |  |  |
2031 Notes Interest |  |  | 18,625,880 |  |  |  | - |
2018 Notes Interest |  |  | - |  |  |  | 9,315,114 |
Bank loans |  |  | 51,962,324 |  |  |  | 108,870,337 |
Leases liabilities |  |  | 7,808,178 |  |  |  | 13,707,861 |
Total Current Loans |  |  | 78,396,382 |  |  |  | 131,893,312 |
Non Current Loans |  |  |  |  |  |  |  |
2018 Notes(1) |  |  | - |  |  |  | 827,993,739 |
2031 Notes |  |  | 495,544,257 |  |  |  | - |
Leases liabilities |  |  | 6,168,992 |  |  |  | 23,782,860 |
Bank loans |  |  | - |  |  |  | 43,408,897 |
Total Non Current Loans |  |  | 501,713,249 |  |  |  | 895,185,496 |
Total Loans (2) |  |  | 580,109,631 |  |  |  | 1,027,078,808 |
(1) | As of December 31, 2023, it is net of Notes repurchase of Ps 52,244,896.
(2) | Net of issuance expenses and issue price of Ps. 10,135,743 and Ps. 114,727 as of December 31, 2024 and 2023, respectively.
Loans are totally denominated in US dollars. The activity of the loans as of December 31, 2024, 2023, and 2022 is the following:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Leases liabilities |  |  | Other payables |  |  | Leases liabilities |  |  | Other payables |  |  | Leases liabilities |  |  | Other payables |
Beginning balance |  |  | 37,490,721 |  |  |  | 989,588,087 |  |  |  | 28,903,470 |  |  |  | 612,705,331 |  |  |  | 39,926,066 |  |  |  | 654,624,186 |
Inflation adjustment restatement |  |  | (21,235,264 | ) |  |  | (560,996,531 | ) |  |  | (38,288,281 | ) |  |  | (577,984,887 | ) |  |  | (32,346,531 | ) |  |  | (397,692,741 | )
Accrued interest |  |  | 1,409,124 |  |  |  | 47,625,530 |  |  |  | 1,998,012 |  |  |  | 15,064,696 |  |  |  | 2,594,867 |  |  |  | 39,845,742 |
Effect of foreign exchange difference |  |  | 6,047,022 |  |  |  | 152,533,619 |  |  |  | 48,973,768 |  |  |  | 920,060,701 |  |  |  | 27,164,425 |  |  |  | 323,176,146 |
VAT unpaid installments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 157,206 |  |  |  | - |
Proceeds from loans |  |  | - |  |  |  | 585,355,570 |  |  |  | 3,918,826 |  |  |  | 77,837,122 |  |  |  | - |  |  |  | 41,805,876 |
Acquisition of notes result |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,985,912 |
Payment of loans(1) |  |  | (8,253,527 | ) |  |  | (615,942,992 | ) |  |  | (6,280,876 | ) |  |  | (23,716,258 | ) |  |  | (6,113,542 | ) |  |  | (584,462 | )
Acquisition of notes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16,631,309 | )
Interest paid(2) |  |  | (1,480,906 | ) |  |  | (32,030,822 | ) |  |  | (1,734,198 | ) |  |  | (34,378,618 | ) |  |  | (2,479,021 | ) |  |  | (38,824,019 | )
Ending balance |  |  | 13,977,170 |  |  |  | 566,132,461 |  |  |  | 37,490,721 |  |  |  | 989,588,087 |  |  |  | 28,903,470 |  |  |  | 612,705,331 |
(1) | For the years ended December 31, 2024, 2023 and 2022, Ps. 7,492,491, Ps. 5,844,723 and Ps. 6,113,542 respectively, were cancelled through the offsetting debit balances maintained with the creditor (Pampa Energía).
(2) | For the years ended December 31, 2024, 2023 and 2022, Ps. 1,449,607 , Ps. 1,734,198 and Ps. 2,479,021 respectively, were cancelled through the offsetting debit balances maintained with the creditor (Pampa Energía).
During the year ended December 31, 2024, the Company incurred new bank loans of Ps. 65,800,369. Additionally, bank loans repayments were made for Ps. 106,597,626. The maturities of current and non-current financial debt, net of issuance expenses, as of December 31, 2024 are as follows:
|  |  |  |  | To due |  |  |  |
|  | Due |  |  | As of 12/31/2025 |  |  | From 1/01/2026 to 12/31/2026 |  |  | From 01/01/2027 to 12/31/2027 |  |  | From 1/01/2028 to 12/31/2028 |  |  | From 01/01/2029 onwards |  |  | Total |
2031 Notes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 495,544,257 |  |  |  | 495,544,257 |
2031 Notes interests |  |  | - |  |  |  | 18,625,880 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,625,880 |
Lease liabilities |  |  | - |  |  |  | 7,808,178 |  |  |  | 5,295,024 |  |  |  | 873,968 |  |  |  | - |  |  |  | - |  |  |  | 13,977,170 |
Bank loans |  |  | - |  |  |  | 51,962,324 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 51,962,324 |
Total |  |  | - |  |  |  | 78,396,382 |  |  |  | 5,295,024 |  |  |  | 873,968 |  |  |  | - |  |  |  | 495,544,257 |  |  |  | 580,109,631 |
Description of the Company’s indebtedness as of December 31, 2024 Class 3 Notes (“2031 Notes”) General description On October 11, 2023, CNV approved the extension of the maximum amount of the Global Notes Program from US$ 1,200 million to US$ 2,000 million and the extension of the validity period of the Program for an additional 5 years from the expiration of the term, with the new expiration of the Program being January 3, 2029. On July 24, 2024, within the framework of the 2024 Program, the Company issued the 2031 Notes in accordance with the following characteristics:
| 2031 Notes
Amount in US$ | 490,000,000
Interest rate | 8.50%
Issuance price | 98.712%
| Scheduled Repayment Date | Percentage of Original Principal Amount Payable
Amortization | July 24, 2031 | 100%
Interest payment frequency | Semiannual, payable on January 24 and July 24 of each year.
Guarantor | -
The net proceeds from the 2031 Notes were US$ 483,688,800. The Company used the net proceeds received to make a purchase and redemption of the 2018 Notes. Covenants As of December 31, 2024, 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 transactions with related parties. The Company may contract new debts under the following conditions, among others: a. To the extent that after contracting the new debt (i) the consolidated coverage ratio (ratio between consolidated EBITDA (consolidated income before financial results, income tax, depreciation and amortization) and consolidated interest) is equal to or greater than 2.0:1; and (ii) the consolidated debt ratio (ratio between consolidated debts and consolidated EBITDA) is equal to or less than 3.50:1. b. For the refinancing of 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 2031 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. Bank loans The following table shows the details of other financial indebtedness as of December 31, 2024:
Currency |  | Amount |  |  | Interest rate |  | Expiration date
USD |  |  | 25,422,559 |  |  |  | 5.97 | % | Between January and May 2025
All of these loans are guaranteed by time deposits included as “Financial Assets at Current and Non-Current Amortized Cost.” In March 2022, the subsidiary Telcosur received a loan of US$ 24 million. During the first quarter of 2023, Telcosur managed the extension of the loan’s maturity date. As of December 31, 2024, the main terms of this loan were:
Amount in US$ |  | 24,000,000 |
Interest rate |  | 1.5% annual |
Amortization date |  | January 27, 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”.
Additionally, on January 23, 2025, Telcosur extended the loan’s maturity date to July 28, 2025. Lease liability It corresponds to the financing obtained for the acquisition of the assets corresponding to the treatment and compression plant located in the Río Neuquén area. Said agreement was entered into on August 11, 2016, with Petrobras (currently Pampa Energía) and consists of the payment of 119 consecutive monthly installments of US$ 623,457 without taxes and a purchase option for the same amount payable at the end of the 120th month of validity of the agreement. contract. In January 2023, the Company entered into a new lease liability for Ps. 3,918,826. It is denominated in US dollars, payable in fixed monthly installments until December 2027. The following table sets reconciliation between the total of future minimum lease payments as of December 31, 2024, and their present book value:
|  | 12/31/2024 |
As of 12/31/2025 |  |  | 8,496,476 |
From 1/01/2026 to 12/31/2026 |  |  | 5,432,723 |
From 1/01/2027 to 12/31/2027 |  |  | 866,831 |
From 1/01/2028 to 12/31/2028 |  |  | - |
From 1/01/2029 onwards |  |  | - |
Total minimum future payments |  |  | 14,796,030 |
Future financial charges on financial leases |  |  | (818,860 | )
Book Value financial leases |  |  | 13,977,170 |

X
- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration