Fair Values Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

The fair value hierarchy of assets and liabilities measured at fair value as of December 31, 2021 is detailed below:


	Book value		Total fair value		Level 1 Fair value		Level 2 Fair value		Level 3 Fair value
Financial assets

Financial assets at fair value through profit or loss - Debt securities		1,396,925		1,396,925		1,396,145		780		—
- Derivatives		2,816,482		2,816,482		—		2,816,482		—
- Equity instruments		6,403,268		6,403,268		2,289,351		—		4,113,917
Financial assets at fair value through other comprehensive income - Debt securities		167,039,478		167,039,478		55,145,256		110,853,002		1,041,220
Financial assets at fair value through other comprehensive income - Equity instruments		36,083		36,083		—		36,083		—

Total		177,692,236		177,692,236		58,830,752		113,706,347		5,155,137

Financial liabilities at fair value through profit or loss

Derivatives		314,215		314,215		—		314,215		—

Total		314,215		314,215		—		314,215		—

The fair value hierarchy of assets and liabilities measured at fair value as of December 31, 2020 is detailed below:


	Book value		Total fair value		Level 1 Fair value		Level 2 Fair value		Level 3 Fair value
Financial assets

Financial assets at fair value through profit or loss
- Debt securities		1,423,018		1,423,018		818,068		604,950		—
- Derivatives		5,853,137		5,853,137		—		4,069,007		1,784,130
- Equity instruments		11,767,330		11,767,330		2,659,805		—		9,107,525
Financial assets at fair value through other comprehensive income - Debt securities		192,516,731		192,516,731		2,939,100		189,577,631		—
Financial assets at fair value through other comprehensive income - Equity instruments		43,018		43,018		—		43,018		—

Total		211,603,234		211,603,234		6,416,973		194,294,606		10,891,655

Financial liabilities at fair value through profit or loss
Derivatives		284,818		284,818		—		284,818		—

Total		284,818		284,818		—		284,818		—


	December 31, 2021		December 31, 2020
Treasury Bonds adjusted by CER in pesos maturing in 2021		—		94,640

The following instruments measured at fair value were transferred from Level 2 to Level 1 of the fair value hierarchy as of December 31, 2021:


	December 31, 2021
Treasury Bonds adjusted by 1.20% CER in pesos maturing 03-18-2022		4,225,658
Treasury Bonds adjusted by 1.50% CER in pesos maturing 03-25-2024		12,733,272
Treasury Bonds adjusted by 1.40% CER in pesos maturing 03-25-2023		9,717,708
Treasury Bonds adjusted by 1.30% CER in pesos maturing 09-20-2022		10,809,133

The tables below shows a sensitivity analysis for each of the above-mentioned securities:


Latest market price scenarios	Changes in final price
	PCR G			WNC10O			LDCAO			ARCOR17			VISTA11			LTP1
+ 2%		1.930	%		1.968	%		2.043	%		1.997	%		2.008	%		2.000	%
+ 5%		4.826	%		4.920	%		5.108	%		4.994	%		5.021	%		5.000	%
+ 10%		9.652	%		9.839	%		10.215	%		9.987	%		10.042	%		10.000	%

The fair value hierarchy of assets and liabilities not measured at fair value as of December 31, 2021 is detailed below:


	Book value		Total fair value			Level 2 Fair value		Level 3 Fair value
Financial assets

Cash and cash equivalents		218,277,286		(a	)		—		—
Other financial assets		28,437,414		(a	)		—		—
Debt securities		19,857,627		22,084,903			22,084,903		—
Loans and advances		378,995,107		373,131,211			—		373,131,211
Reverse repurchase agreements		137,382,938		(a	)		—		—

Financial liabilities

Deposits		708,336,185		699,975,184			699,975,184		—
Other financial liabilities		61,592,426		(a	)		—		—
Bank loans		11,758,005		11,490,026			11,490,026		—
Debt securities issued		502,975		398,573			398,573		—

The fair value hierarchy of assets and liabilities not measured at fair value as of December 31, 2020 is detailed below:


	Book value		Total fair value			Level 2 Fair value		Level 3 Fair value
Financial assets

Cash and cash equivalents		229,491,716		(a	)		—		—
Other financial assets		31,458,292		(a	)		—		—
Loans and advances		422,010,840		417,263,061			—		417,263,061
Reverse repurchase agreements		73,488,887		(a	)		—		—
Financial liabilities

Deposits		721,837,845		715,158,115			2,532,537		712,625,578
Other financial liabilities		59,209,439		(a	)		—		—
Bank loans		14,529,681		14,898,662			7,265,248		7,633,414
Debt securities issued		1,764,178		1,717,199			1,717,199		—

a)	The Group does not report the fair value as the accounting values are a reasonable approximation of the fair values.

The following table shows a reconciliation between opening balances and final balances of Level 3 fair values as of December 31, 2021 and 2020:


	December 31, 2021			December 31, 2020
Balance at the beginning of the fiscal year		10,891,656			7,640,237
Investments in equity instruments – Prisma Medios de Pago S.A. (*)		(1,483,592	)		5,085,061
Derivatives - Put options - Prisma Medios de Pago S.A. (*)		(1,182,000	)		750,180
Private securities - Corporate bonds		1,041,220			—
Dividends received		(582,269	)		(682,674	)
Net monetary inflation adjustment		(3,529,878	)		(1,901,148	)

Balance at year-end		5,155,137			10,891,656

(*)

Presented

in Gains on financial assets and liabilities at fair value through profit or loss, net.