FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

FINANCIAL INSTRUMENTS

Schedule of financial assets and financial liabilities


				Fair value
				accounted		accounted
				through		through other
		Amortized		profit or		comprehensive
As of December 31, 2024		cost		loss		income		Total
Assets
Cash and cash equivalents		276,530		111,711		—		388,241
Investments		25,164		15,797		—		40,961
Trade receivables		361,537		—		—		361,537
Other receivables		19,976		4,264		—		24,240
Total		683,207		131,772		—		814,979
Liabilities
Trade payables		562,462		—		—		562,462
Borrowings		3,510,186		—		—		3,510,186
Leases liabilities		259,758		—		—		259,758
Other liabilities		19,857		1,517		—		21,374
Total		4,352,263		1,517		—		4,353,780


			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		336,023		88,333		—		424,356
Investments		32,163		297,095		—		329,258
Trade receivables		353,564		—		—		353,564
Other receivables		57,406		27		5,276		62,709
Total		779,156		385,455		5,276		1,169,887
Liabilities
Trade payables		950,222		—		—		950,222
Borrowings		5,652,100		—		—		5,652,100
Leases liabilities		235,438		—		—		235,438
Other liabilities		38,102		4,231		—		42,333
Total		6,875,862		4,231		—		6,880,093

Schedule of gains and losses of financial instruments by category

Gains and losses by category – Year 2024


		Net gain/(loss)		Of which interest
Financial assets at amortized cost		(44,244)		48,775
Financial liabilities at amortized cost		1,990,591		(162,873)
Financial assets at fair value through profit or loss		(55,384)		—
Financial liabilities at amortized cost through profit or loss		(496)		—
Total		1,890,467		(114,098)

Gains and losses by category – Year 2023


		Net gain/(loss)		Of which interest
Financial assets at amortized cost		167,847		65,929
Financial liabilities at amortized cost		(2,013,473)		(58,808)
Financial assets at fair value through profit or loss		235,771		170,840
Financial liabilities at amortized cost through profit or loss		(82,697)		—
Total		(1,692,552)		177,961

Gains and losses by category – Year 2022


		Net gain/(loss)		Of which interest
Financial assets at amortized cost		48,188		37,757
Financial liabilities at amortized cost		169,877		(137,470)
Financial assets at fair value through profit or loss		(79,275)		(6,064)
Financial liabilities at fair value through profit or loss		(45,770)		—
Total		93,020		(105,777)

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


As of December 31, 2024		Level 1		Level 2		Total
Assets
Current Assets
Mutual Funds (1) (2)		113,621		—		113,621
Government bonds (1) (2)		13,887		—		13,887
Other receivables: Compensation received for company acquisitions (3)		—		1,316		1,316
Non-current Assets
Other receivables: Compensation received for company acquisitions (3)		—		2,948		2,948
Total assets		127,508		4,264		131,772
Liabilities
Current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		784		784
Non-current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		733		733
Total liabilities		—		1,517		1,517


As of December 31, 2023		Level 1		Level 2		Total
Assets
Current Assets
Mutual Funds (1) (2)		38,314		—		38,314
Government bonds (1) (2)		347,113		—		347,113
Other receivables: DFI (4)		—		4,115		4,115
Other receivables: Indemnification assets (3)		—		27		27
Non-current Assets
Other receivables: DFI (4)		—		1,161		1,161
Total assets		385,427		5,303		390,730
Liabilities
Current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		1,506		1,506
Non-current Liabilities
Other liabilities: Debt for acquisition of NYSSA (3)		—		2,725		2,725
Total liabilities		—		4,231		4,231

(1)	The Mutual funds are included in Cash and cash equivalents and Investments. 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 was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos.

(4)

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.

Schedule of fair value of financial debt

As of December 31, 2024, fair value of borrowings is as follows:


		Carrying Value		Fair Value

Notes		2,940,467		2,740,233
Other borrowings		569,719		570,963
		3,510,186		3,311,196

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


		Carrying Value		Fair Value

Notes		3,468,020		3,214,025
Other borrowings		2,184,080		2,200,601
		5,652,100		5,414,626

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,
		2024		2023
Other receivables current - DFI: SOFR		—		4,115
Other receivables noncurrent - DFI: SOFR		—		1,161
Total assets		—		5,276


	Years ended December 31,
		2024		2023		2022

		Profit (loss)
Foreign currency exchange effect		3,653		21,067		(12,860)
Interests on borrowings		(3,350)		(3,299)		(1,216)
Financial results		303		17,768		(14,076)
DFI effects classified as hedges		(7,212)		3,487		5,027
Other comprehensive income (loss)		(7,212)		3,487		5,027

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


		As of December 31, 2024
		Trade		Other				Other
		receivables		receivables		Trade payables		liabilities
Current and noncurrent assets (liabilities) - Gross value		381,583		28,573		(582,508)		(25,707)
Offsetting		(20,046)		(4,333)		20,046		4,333
Current and noncurrent assets (liabilities) – Carrying Value		361,537		24,240		(562,462)		(21,374)


		As of December 31, 2023
		Trade		Other				Other
		receivables		receivables		Trade payables		liabilities
Current and noncurrent assets (liabilities) - Gross value		372,905		65,025		(969,564)		(44,649)
Offsetting		(19,341)		(2,316)		19,342		2,316
Current and noncurrent assets (liabilities) – Carrying Value		353,564		62,709		(950,222)		(42,333)