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Financial Instruments by Category

12 Months Ended

Dec. 31, 2023

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.