This is an important increase and shows that the company’s ability to recover operating profit in U.S. dollars is high and that — it is resilient to FX depreciation. Slide 16 gives more insight regarding the impact of the macroeconomic situation and our figures and the debt. After the huge devaluation occurred by the end of 2023, our main figures, among others, credit clearance and EBITDA experienced a decrease while measured in U.S. dollars. Because of this, our net debt EBITDA ratio increased temporarily. And in order to talk with the macro volatility during this year, in March 2024, we requested and obtained waivers from our loans creditors, which allowed us to increase the net debt EBITDA maintenance ratio about the originally established level, raising it to 3.75x.
Thanks to our effective pricing policy and the FX stabilization, we have been able to increase our main figures measured in dollar terms, resulting in a net debt EBITDA ratio more aligned with levels before the December 2023 devaluation. In fact and nonetheless, there is still considerable dispersion in the estimates. During 2024, the market is expecting in general terms, a real appreciation for the peso. EBITDA might sustain in current levels if this type of macro scenario finally comes through. Lastly, we have to add additional debt to subscribe corporeal bonds in order to sell the commercial debt generated by the restrictions to asset FX market during the past administration. This is the solution provided by the central bank to address this situation.
Slide 17 shows the breakdown of our financial debt. Total outstanding debt as of March ’24 amounted to more than $2.7 million. We currently have a pre maturity profile. We have access to the official exchange market for other of our maturity scale according to current central bank regulations. As mentioned before, we have been working to increase the participation of peso denominated debt issued in local capital markets. Now-a-days, our gross border debt is 59% of our total debt. We expect to continue accessing the local capital markets for potential financing needs during this year, as we have been doing lately. We will also explore the possibility of executing some greater liability management transaction abroad in order to manage our longer term maturities if we find the market conditions appealing.
In Slide 18, we conclude with some final remarks underlining some favorable highlights of the company. We’ve managed to maintain our EBITDA margin in a challenging context in Argentina. We managed to grow our customer base in mobile and broadband and stabilized by TV in a very competitive environment. We have shown resiliency versus the FX depreciation allowing us to strongly recover the figures in U.S. dollars. And finally, the company’s financial management continues on the right track. We have a solid and stable free cash flow generation before dividends and interest payments, generation –generating between $400 million and $500 million annually during the last years, considering ordinary CapEx for each year. Our cash position is strong and is mostly denominated in U.S. dollar investments, allowing us to lower the peso liabilities.
And with this, now we are more than pleased to answer any questions you may have. However, before we start, we would like to remind you how you can address your questions during the Q&A session, which we will open immediately. Please use the raise hand button to let us know that you want to formulate a question. We will let you know when it’s your turn to speak, and we will unmute you so you can proceed with your question. Thank you very much.
End of Q&A:
