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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL INSTRUMENTS

Schedule of financial assets and financial liabilities

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Fair value			​	​
​		​		accounted		accounted		​
​	​	​	​	through	​	through other	​	​
​	​	Amortized	​	profit or	​	comprehensive	​	​
As of December 31, 2023	​	cost	​	loss	​	Income	​	Total
Assets	​		​	​	​		​
Cash and cash equivalents	​	126,516	​	33,258	​	—	​	159,774
Investments	​	12,110	​	111,859	​	—	​	123,969
Trade receivables	​	133,120	​	—	​	—	​	133,120
Other receivables	​	21,615	​	10	​	1,986	​	23,611
Total	​	293,361	​	145,127	​	1,986	​	440,474
Liabilities	​	​	​	​	​		​	​
Trade payables	​	357,768	​	—	​	—	​	357,768
Borrowings	​	2,128,069	​	—	​	—	​	2,128,069
Leases liabilities	​	88,645	​	—	​	—	​	88,645
Other liabilities	​	14,346	​	1,593	​	—	​	15,939
Total	​	2,588,828	​	1,593	​	—	​	2,590,421

​

​	​	​	​	​	​	​	​	​
​	​	​	Fair value				​	​
​		​		accounted		accounted		​
​	​	​	​	through	​	through other	​	​
​	​	Amortized	​	profit or	​	comprehensive	​	​
As of December 31, 2022	​	cost	​	loss	​	Income	​	Total
Assets	​		​		​		​
Cash and cash equivalents	​	99,563	​	25,162	​	—	​	124,725
Investments	​	—	​	26,074	​	—	​	26,074
Trade receivables	​	117,507	​	—	​	—	​	117,507
Other receivables	​	5,585	​	7,631	​	990	​	14,206
Total	​	222,655	​	58,867	​	990	​	282,512
Liabilities	​	​	​	​	​		​	​
Trade payables	​	278,946	​	—	​	—	​	278,946
Borrowings	​	1,461,033	​	1,185	​	(1,127)	​	1,461,091
Leases liabilities	​	89,987	​	—	​	—	​	89,987
Other liabilities	​	2,453	​	2,227	​	—	​	4,680
Total	​	1,832,419	​	3,412	​	(1,127)	​	1,834,704

Schedule of gains and losses of financial instruments by category

Gains and losses by category – Year 2023

​

​	​	​	​	​
​		Net gain/(loss)		Of which interest
Financial assets at amortized cost	​	63,196	​	24,823
Financial liabilities at amortized cost	​	(758,092)	​	(22,142)
Financial assets at fair value through profit or loss	​	88,770	​	64,323
Financial liabilities at amortized cost through profit or loss	​	(31,136)	​	—
Total	​	(637,262)	​	67,004

​

Gains and losses by category – Year 2022

​

​	​	​	​	​
​		Net gain/(loss)		Of which interest
Financial assets at amortized cost	​	18,143	​	14,216
Financial liabilities at amortized cost	​	63,960	​	(51,759)
Financial assets at fair value through profit or loss	​	(29,848)	​	(2,283)
Financial liabilities at amortized cost through profit or loss	​	(17,233)	​	—
Total	​	35,022	​	(39,826)

​

Gains and losses by category – Year 2021

​

​	​	​	​	​
​		Net gain/(loss)		Of which interest
Financial assets at amortized cost		38,403		8,025
Financial liabilities at amortized cost		159,397		(134,267)
Financial assets at fair value through profit or loss		4,288		570
Financial liabilities at fair value through profit or loss		(17,124)		—
Total		184,964		(125,672)

​

Schedule of financial assets and liabilities recognized at fair value and the level of hierarchy

​

​	​	​	​	​	​	​
As of December 31, 2023		Level 1		Level 2		Total
Assets
Current Assets
Mutual Funds (1) (2)		14,426		—		14,426
Government bonds (1) (2)		130,691		—		130,691
Other receivables: DFI (3)		—		1,549		1,549
Other receivables: Indemnification assets (4)		—		10		10
Non-current Assets		​		​		​
Other receivables: DFI (3)		—		437		437
Total assets		145,117		1,996		147,113
Liabilities
Current Liabilities
Other liabilities: Debt for acquisition of NYSSA		—		567		567
Borrowings: DFI		—		—		—
Non-current Liabilities				​		​
Other liabilities: Debt for acquisition of NYSSA		—		1,026		1,026
Total liabilities		—		1,593		1,593

​

​	​	​	​	​	​	​
As of December 31, 2022		Level 1		Level 2		Total
Assets
Current Assets
Mutual Funds (1) (2)		17,966		—		17,966
Government bonds (1) (2)		40,790		—		40,790
Other receivables: DFI (3)	​	—	​	365	​	365
Other receivables: Indemnification assets (4)	​	—	​	109	​	109
Non-current Assets		​		​		​
Other receivables: DFI (3)	​	—	​	627	​	627
Total assets	​	58,756	​	1,101	​	59,857
Liabilities						​
Current Liabilities						​
Other liabilities: Debt for acquisition of NYSSA		—		613		613
Borrowings: DFI	​	—	​	58	​	58
Non-current Liabilities	​	​	​	​	​	​
Other liabilities: Debt for acquisition of NYSSA	​	—	​	1,614	​	1,614
Total liabilities		—		2,285		2,285

(1) The Mutual funds are included in Cash and cash equivalents, Investments and Guarantee of financial operations included in Other receivables. The Government bonds are included in Cash and cash equivalents and Investments.

(2) The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

(3) The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. The techniques used for the measurement of financial instruments, are detailed below: a) DFI for forward purchases of US dollars and RMB, corresponds to the variation between the market prices at the end of the fiscal year and the time of agreement and; b) DFI interest rate swap corresponds to the present value of estimated future cash flows based on observable yield curves obtained in the market.

(4) The fair value was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos.

Schedule of fair value of financial debt

As of December 31, 2023, fair value of borrowings is as follows:

​	​	​	​	​
​		Carrying Value		Fair Value
​	​	​	​	​
Notes		1,305,742		1,210,111
Other borrowings		822,327		828,547
​		2,128,069		2,038,658

​

As of December 31, 2022, fair value of borrowings is as follows:

​	​	​	​	​
​		Carrying Value		Fair Value
​	​	​	​	​
Notes		835,024		846,820
Other borrowings		626,067		612,754
​		1,461,091		1,459,574

Schedule of position of DFIs in the consolidated statements of financial position and amounts recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income

​

​	​	​	​	​
​	As of December 31,
​	​	2023	​	2022
Other receivables current - DFI: SOFR		1,549		365
Other receivables non current - DFI: SOFR		437		627
Total assets		1,986		992
Borrowings current - DFI: Exchange rate		—		58
Total liabilities		—		58

​

​	​	​	​	​	​	​
​	Years ended December 31,
​	​	2023	​	2022	​	2021
​	​	Profit (loss)
Foreign currency exchange effect on borrowings		7,932		(4,842)		(11,108)
Interests on borrowings		(1,243)		(458)		(2,292)
Financial results		6,689		(5,300)		(13,400)
DFI effects classified as hedges		1,313		1,893		2,074
Other comprehensive income (loss)		1,313		1,893		2,074

​

Schedule of offsetting of financial assets and financial liabilities in scope of IFRS 7

​

​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2023
​	​	Trade	​	Other	​	​	​	Other
​		receivables		receivables		Trade payables		liabilities
Current and noncurrent assets (liabilities) - Gross value		140,402		24,483		(365,050)		(16,811)
Offsetting		(7,282)		(872)		7,282		872
Current and noncurrent assets (liabilities) – Carrying Value		133,120		23,611		(357,768)		(15,939)

​

​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2022
​	​	Trade	​	Other	​	​	​	Other
​		receivables		receivables		Trade payables		liabilities
Current and noncurrent assets (liabilities) - Gross value		125,096		15,626		(286,535)		(6,100)
Offsetting		(7,589)		(1,420)		7,589		1,420
Current and noncurrent assets (liabilities) – Carrying Value		117,507		14,206		(278,946)		(4,680)

​

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