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Financial Instruments by Category | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Financial Instruments by Category |
6. | FINANCIAL INSTRUMENTS BY CATEGORY
The following tables show the financial assets and liabilities by category of financial instrument and a reconciliation to the corresponding item in the statements of financial position, as appropriate. Since the items “Other receivables”, “Other liabilities” and “Accounts payable” in the statement of financial position contain both financial instruments and non-financial assets and liabilities (such as tax receivables, and receivables and payables in kind, among other) reconciliation is presented in the columns headed “Non-financial assets” and “Non-financial Liabilities”. Financial Assets
|  | 2023
|  | Financial Assets at amortized cost |  |  |  | Financial Assets at fair value through profit or loss |  |  |  | Subtotal Financial Assets |  |  |  | Non-financial Assets |  |  |  | Total
Other receivables (1) |  |  | 232 |  |  |  |  |  | - |  |  |  |  |  | 232 |  |  |  |  |  | 308 |  |  |  |  |  | 540 |
Trade receivables (2) |  |  | 1,063 |  |  |  |  |  | - |  |  |  |  |  | 1,063 |  |  |  |  |  | - |  |  |  |  |  | 1,063 |
Investments in financial assets |  |  | 158 |  |  |  |  |  | 114 |  |  |  |  |  | 272 |  |  |  |  |  | - |  |  |  |  |  | 272 |
Cash and cash equivalents |  |  | 1,027 |  |  |  |  |  | 96 |  |  |  |  |  | 1,123 |  |  |  |  |  | - |  |  |  |  |  | 1,123 |
|  |  | 2,480 |  |  |  |  |  | 210 |  |  |  |  |  | 2,690 |  |  |  |  |  | 308 |  |  |  |  |  | 2,998 |
|  | 2022
|  | Financial Assets at amortized cost |  |  |  | Financial Assets at fair value through profit or loss |  |  |  | Subtotal Financial Assets |  |  |  | Non-financial Assets |  |  |  | Total
Other receivables (1) |  |  | 246 |  |  |  |  |  | - |  |  |  |  |  | 246 |  |  |  |  |  | 783 |  |  |  |  |  | 1,029 |
Trade receivables (2) |  |  | 1,641 |  |  |  |  |  | - |  |  |  |  |  | 1,641 |  |  |  |  |  | - |  |  |  |  |  | 1,641 |
Investments in financial assets |  |  | 446 |  |  |  |  |  | 74 |  |  |  |  |  | 520 |  |  |  |  |  | - |  |  |  |  |  | 520 |
Cash and cash equivalents |  |  | 437 |  |  |  |  |  | 336 |  |  |  |  |  | 773 |  |  |  |  |  | - |  |  |  |  |  | 773 |
|  |  | 2,770 |  |  |  |  |  | 410 |  |  |  |  |  | 3,180 |  |  |  |  |  | 783 |  |  |  |  |  | 3,963 |
|  | 2021
|  | Financial Assets at amortized cost |  |  |  | Financial Assets at fair value through profit or loss |  |  |  | Subtotal Financial Assets |  |  |  | Non-financial Assets |  |  |  | Total
Other receivables (1) |  |  | 221 |  |  |  |  |  | - |  |  |  |  |  | 221 |  |  |  |  |  | 601 |  |  |  |  |  | 822 |
Trade receivables (2) |  |  | 1,545 |  |  |  |  |  | - |  |  |  |  |  | 1,545 |  |  |  |  |  | - |  |  |  |  |  | 1,545 |
Investments in financial assets |  |  | 424 |  |  |  |  |  | 98 |  |  |  |  |  | 522 |  |  |  |  |  | - |  |  |  |  |  | 522 |
Cash and cash equivalents |  |  | 317 |  |  |  |  |  | 294 |  |  |  |  |  | 611 |  |  |  |  |  | - |  |  |  |  |  | 611 |
|  |  | 2,507 |  |  |  |  |  | 392 |  |  |  |  |  | 2,899 |  |  |  |  |  | 601 |  |  |  |  |  | 3,500 |
(1) | Does not include the provision for other doubtful receivables.
(2) | Does not include the provision for doubtful trade receivables.
Financial Liabilities
|  | 2023
|  | Financial liabilities at amortized cost |  |  |  | Financial liabilities at fair value through profit or loss |  |  |  |  | Subtotal financial liabilities |  |  |  | Non-financial liabilities |  |  |  | Total
Lease liabilities |  |  | 666 |  |  |  |  |  | - |  |  |  |  |  | 666 |  |  |  |  |  | - |  |  |  |  |  | 666 |
Loans |  |  | 8,190 |  |  |  |  |  | - |  |  |  |  |  | 8,190 |  |  |  |  |  | - |  |  |  |  |  | 8,190 |
Other liabilities |  |  | 232 |  |  |  |  |  | - |  |  |  |  |  | 232 |  |  |  |  |  | 2 |  |  |  |  |  | 234 |
Accounts payable |  |  | 2,317 |  |  |  |  |  | - |  |  |  |  |  | 2,317 |  |  |  |  |  | 7 |  |  |  |  |  | 2,324 |
|  |  | 11,405 |  |  |  |  |  | - |  |  |  |  |  | 11,405 |  |  |  |  |  | 9 |  |  |  |  |  | 11,414 |
|  | 2022
|  | Financial liabilities at amortized cost |  |  |  | Financial liabilities at fair value through profit or loss |  |  |  |  | Subtotal financial liabilities |  |  |  | Non-financial liabilities |  |  |  | Total
Lease liabilities |  |  | 566 |  |  |  |  |  | - |  |  |  |  |  | 566 |  |  |  |  |  | - |  |  |  |  |  | 566 |
Loans |  |  | 7,088 |  |  |  |  |  | - |  |  |  |  |  | 7,088 |  |  |  |  |  | - |  |  |  |  |  | 7,088 |
Other liabilities |  |  | 31 |  |  |  |  |  | - |  |  |  |  |  | 31 |  |  |  |  |  | - |  |  |  |  |  | 31 |
Accounts payable |  |  | 2,513 |  |  |  |  |  | - |  |  |  |  |  | 2,513 |  |  |  |  |  | 57 |  |  |  |  |  | 2,570 |
|  |  | 10,198 |  |  |  |  |  | - |  |  |  |  |  | 10,198 |  |  |  |  |  | 57 |  |  |  |  |  | 10,255 |
|  | 2021
|  | Financial liabilities at amortized cost |  |  |  | Financial liabilities at fair value through profit or loss |  |  |  |  | Subtotal financial liabilities |  |  |  | Non-financial liabilities |  |  |  | Total
Lease liabilities |  |  | 542 |  |  |  |  |  | - |  |  |  |  |  | 542 |  |  |  |  |  | - |  |  |  |  |  | 542 |
Loans |  |  | 7,379 |  |  |  |  |  | - |  |  |  |  |  | 7,379 |  |  |  |  |  | - |  |  |  |  |  | 7,379 |
Other liabilities |  |  | 43 |  |  |  |  |  | - |  |  |  |  |  | 43 |  |  |  |  |  | - |  |  |  |  |  | 43 |
Accounts payable |  |  | 1,904 |  |  |  |  |  | - |  |  |  |  |  | 1,904 |  |  |  |  |  | 68 |  |  |  |  |  | 1,972 |
|  |  | 9,868 |  |  |  |  |  | - |  |  |  |  |  | 9,868 |  |  |  |  |  | 68 |  |  |  |  |  | 9,936 |
Gains and losses on financial and non-financial instruments are allocated to the following categories:
|  | 2023
|  | Financial and non financial Assets / Liabilities at amortized cost |  |  |  |  | Financial Assets / Liabilities at fair value through profit or loss |  |  |  |  | Total
Interest income |  |  | 325 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 325 |
Interest loss |  |  | (776) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | (776) |
Net financial accretion |  |  | (364) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | (364) |
Net exchange differences |  |  | 1,561 |  |  |  |  |  |  |  | (236) |  |  |  |  |  |  |  | 1,325 |
Results on financial assets at fair value with changes in profit or loss |  |  | - |  |  |  |  |  |  |  | 289 |  |  |  |  |  |  |  | 289 |
Result from derivative financial instruments |  |  | - |  |  |  |  |  |  |  | 7 |  |  |  |  |  |  |  | 7 |
Export Increase Program (1) |  |  | - |  |  |  |  |  |  |  | 22 |  |  |  |  |  |  |  | 22 |
Result from transactions with financial assets (2) |  |  | - |  |  |  |  |  |  |  | 32 |  |  |  |  |  |  |  | 32 |
Result from debt exchange |  |  | - |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | - |
Result from net monetary position |  |  | 37 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 37 |
|  |  | 783 |  |  |  |  |  |  |  | 114 |  |  |  |  |  |  |  | 897 |
|  | 2022
|  | Financial and non financial Assets / Liabilities at amortized cost |  | Financial Assets / Liabilities at fair value through profit or loss |  | Total
Interest income |  |  | 319 |  |  |  | - |  |  |  | 319 |
Interest loss |  |  | (712) |  |  |  | - |  |  |  | (712) |
Net financial accretion |  |  | (275) |  |  |  | - |  |  |  | (275) |
Net exchange differences |  |  | 638 |  |  |  | (97) |  |  |  | 541 |
Results on financial assets at fair value with changes in profit or loss |  |  | - |  |  |  | 118 |  |  |  | 118 |
Result from derivative financial instruments |  |  | - |  |  |  | (9) |  |  |  | (9) |
Export Increase Program |  |  | - |  |  |  | - |  |  |  | - |
Result from transactions with financial assets |  |  | - |  |  |  | - |  |  |  | - |
Result from debt exchange |  |  | - |  |  |  | - |  |  |  | - |
Result from net monetary position |  |  | 146 |  |  |  | - |  |  |  | 146 |
|  |  | 116 |  |  |  | 12 |  |  |  | 128 |
|  | 2021
|  | Financial and non financial Assets / Liabilities at amortized cost |  | Financial Assets / Liabilities at fair value through profit or loss |  | Total
Interest income |  |  | 164 |  |  |  | - |  |  |  | 164 |
Interest loss |  |  | (749) |  |  |  | - |  |  |  | (749) |
Net financial accretion |  |  | (167) |  |  |  | - |  |  |  | (167) |
Net exchange differences |  |  | 294 |  |  |  | (46) |  |  |  | 248 |
Results on financial assets at fair value with changes in profit or loss |  |  | - |  |  |  | 105 |  |  |  | 105 |
Result from derivative financial instruments |  |  | - |  |  |  | (10) |  |  |  | (10) |
Export Increase Program |  |  | - |  |  |  | - |  |  |  | - |
Result from transactions with financial assets |  |  | - |  |  |  | - |  |  |  | - |
Result from debt exchange (3) |  |  | 21 |  |  |  | - |  |  |  | 21 |
Result from net monetary position |  |  | 117 |  |  |  | - |  |  |  | 117 |
|  |  | (320) |  |  |  | 49 |  |  |  | (271) |
(1) | See Note 35.g).
(2) | See Note 28.
(3) | See Note 21.
Fair value measurements IFRS 13 “Fair value measurement” defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, independent parties in an arm’s length transaction. All financial instruments measured at fair value are assigned to one of the valuation hierarchy levels specified under IFRS 13 (as well as loans measured at amortized cost whose fair value is disclosed in “Fair value of financial assets and financial liabilities measured at amortized cost” section). This valuation hierarchy comprises 3 levels.
| (i) | Level 1: The valuation is based on unadjusted quoted prices in active markets for identical financial assets or liabilities that the Group can refer to at the end of the period. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. Financial instruments assigned by the Group to this level comprise investments in listed mutual funds and public securities.
| (ii) | Level 2: The fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. The Group has not valued financial instruments under this level.
| (iii) | Level 3: The Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs reflect the Group’s assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group has not valued financial instruments under this level.
The tables below show the Group’s financial assets measured at fair value through profit or loss as of December 31, 2023, 2022 and 2021 and their allocation to their fair value levels.
|  | 2023
Financial Assets |  | Level 1 |  | Level 2 |  |  | Level 3 |  |  | Total
Investments in financial assets: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 114 |  |  |  | - |  |  |  | - |  |  |  | 114 |
|  |  | 114 |  |  |  | - |  |  |  | - |  |  |  | 114 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 96 |  |  |  | - |  |  |  | - |  |  |  | 96 |
|  |  | 96 |  |  |  | - |  |  |  | - |  |  |  | 96 |
|  |  | 210 |  |  |  | - |  |  |  | - |  |  |  | 210 |
|  | 2022
Financial Assets |  | Level 1 |  | Level 2 |  |  | Level 3 |  |  | Total
Investments in financial assets: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 74 |  |  |  | - |  |  |  | - |  |  |  | 74 |
|  |  | 74 |  |  |  | - |  |  |  | - |  |  |  | 74 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 336 |  |  |  | - |  |  |  | - |  |  |  | 336 |
|  |  | 336 |  |  |  | - |  |  |  | - |  |  |  | 336 |
|  |  | 410 |  |  |  | - |  |  |  | - |  |  |  | 410 |
|  | 2021
Financial Assets |  | Level 1 |  | Level 2 |  |  | Level 3 |  |  | Total
Investments in financial assets: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 98 |  |  |  | - |  |  |  | - |  |  |  | 98 |
|  |  | 98 |  |  |  | - |  |  |  | - |  |  |  | 98 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 294 |  |  |  | - |  |  |  | - |  |  |  | 294 |
|  |  | 294 |  |  |  | - |  |  |  | - |  |  |  | 294 |
|  |  | 392 |  |  |  | - |  |  |  | - |  |  |  | 392 |
(1) | See Note 14.
The Group has no financial liabilities measured at fair value through profit or loss. Fair value estimates During the year ended December 31, 2023, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value. The Group’s policy is to acknowledge transfers among the several categories of valuation hierarchies when occurred, or when there are changes in the prevailing circumstances requiring such transfer. During the years ended December 31, 2023, 2022 and 2021, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments. Fair value of financial assets and financial liabilities measured at amortized cost The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the remaining financial loans, amounted to 7,547, 5,812 and 5,483 as of December 31, 2023, 2022 and 2021, respectively. The fair value of other receivables, trade receivables, investments in financial assets, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their book value.

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