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Financial Instruments by Category | 12 Months Ended
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Dec. 31, 2024
Text Block1 [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 labeled “Non-financial assets” and “Non-financial Liabilities”. Financial assets
|  | 2024
|  | Financial assets at amortized cost |  |  |  | Financial assets at fair value through profit or loss |  |  |  |  | Subtotal financial assets |  |  |  | Non-financial assets |  |  |  | Total
Other receivables (1) |  |  | 293 |  |  |  |  |  | - |  |  |  |  |  | 293 |  |  |  |  |  | 622 |  |  |  |  |  | 915 |
Trade receivables (2) |  |  | 1,487 |  |  |  |  |  | - |  |  |  |  |  | 1,487 |  |  |  |  |  | 195 |  |  |  |  |  | 1,682 |
Investments in financial assets |  |  | - |  |  |  |  |  | 390 |  |  |  |  |  | 390 |  |  |  |  |  | - |  |  |  |  |  | 390 |
Cash and cash equivalents |  |  | 679 |  |  |  |  |  | 439 |  |  |  |  |  | 1,118 |  |  |  |  |  | - |  |  |  |  |  | 1,118 |
|  |  | 2,459 |  |  |  |  |  | 829 |  |  |  |  |  | 3,288 |  |  |  |  |  | 817 |  |  |  |  |  | 4,105 |
|  | 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 |
(1) | Does not include the provision for other doubtful receivables.
(2) | Does not include the provision for doubtful trade receivables.
Financial liabilities
|  | 2024
|  | Financial liabilities at amortized cost |  |  |  | Financial liabilities at fair value through profit or loss |  |  |  |  | Subtotal financial liabilities |  |  |  | Non-financial liabilities |  |  |  |  | Total
Lease liabilities |  |  | 776 |  |  |  |  |  | - |  |  |  |  |  | 776 |  |  |  |  |  | - |  |  |  |  |  | 776 |
Loans |  |  | 8,942 |  |  |  |  |  | - |  |  |  |  |  | 8,942 |  |  |  |  |  | - |  |  |  |  |  | 8,942 |
Other liabilities |  |  | 216 |  |  |  |  |  | - |  |  |  |  |  | 216 |  |  |  |  |  | 268 |  |  |  |  |  | 484 |
Accounts payable |  |  | 2,873 |  |  |  |  |  | - |  |  |  |  |  | 2,873 |  |  |  |  |  | 12 |  |  |  |  |  | 2,885 |
|  |  | 12,807 |  |  |  |  |  | - |  |  |  |  |  | 12,807 |  |  |  |  |  | 280 |  |  |  |  |  | 13,087 |
|  | 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 |
Gains and losses on financial and non-financial instruments are allocated to the following categories:
|  | 2024
|  | Financial and non- financial assets / liabilities at amortized cost |  |  |  |  | Financial assets / liabilities at fair value through profit or loss |  |  |  |  | Total
Financial income |  |  | 134 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 134 |
Financial costs |  |  | (1,169) |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | (1,169) |
Net exchange differences |  |  | 101 |  |  |  |  |  |  |  | (31) |  |  |  |  |  |  |  | 70 |
Result on financial assets at fair value with changes in profit or loss |  |  | - |  |  |  |  |  |  |  | 232 |  |  |  |  |  |  |  | 232 |
Result from derivative financial instruments |  |  | - |  |  |  |  |  |  |  | (1) |  |  |  |  |  |  |  | (1) |
Export Increase Program (1) |  |  | - |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | 3 |
Result from transactions with financial assets |  |  | - |  |  |  |  |  |  |  | (3) |  |  |  |  |  |  |  | (3) |
Result from net monetary position |  |  | 39 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 39 |
|  |  | (895) |  |  |  |  |  |  |  | 200 |  |  |  |  |  |  |  | (695) |
|  | 2023
|  | Financial and non- financial assets / liabilities at amortized cost |  | Financial assets / liabilities at fair value through profit or loss |  | Total
Financial income |  |  | 334 |  |  |  | - |  |  |  | 334 |
Financial costs |  |  | (1,149) |  |  |  | - |  |  |  | (1,149) |
Net exchange differences |  |  | 1,561 |  |  |  | (236) |  |  |  | 1,325 |
Result 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 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
Financial income |  |  | 320 |  |  |  | - |  |  |  | 320 |
Financial costs |  |  | (988) |  |  |  | - |  |  |  | (988) |
Net exchange differences |  |  | 638 |  |  |  | (97) |  |  |  | 541 |
Result 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 net monetary position |  |  | 146 |  |  |  | - |  |  |  | 146 |
|  |  | 116 |  |  |  | 12 |  |  |  | 128 |
(1) | See Note 36.h).
(2) | See Note 29.
Fair value measurement 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 below). 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 reporting 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. A quoted price in an active market provides the most reliable evidence of fair value and shall be used without adjustment to measure fair value whenever available.
| (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.
| (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, including internal data.
The tables below show the Group’s financial assets measured at fair value as of December 31, 2024, 2023 and 2022 and their allocation to their fair value hierarchy levels.
|  | 2024
Financial assets |  | Level 1 |  | Level 2 |  |  | Level 3 |  |  | Total
Investments in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 381 |  |  |  | - |  |  |  | - |  |  |  | 381 |
- Private securities - NO |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
|  |  | 390 |  |  |  | - |  |  |  | - |  |  |  | 390 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 439 |  |  |  | - |  |  |  | - |  |  |  | 439 |
|  |  | 439 |  |  |  | - |  |  |  | - |  |  |  | 439 |
|  |  | 829 |  |  |  | - |  |  |  | - |  |  |  | 829 |
|  | 2023
Financial assets |  | Level 1 |  | Level 2 |  |  | Level 3 |  |  | Total
Investments in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 114 |  |  |  | - |  |  |  | - |  |  |  | 114 |
- Private securities - NO |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 74 |  |  |  | - |  |  |  | - |  |  |  | 74 |
- Private securities - NO |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 74 |  |  |  | - |  |  |  | - |  |  |  | 74 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 336 |  |  |  | - |  |  |  | - |  |  |  | 336 |
|  |  | 336 |  |  |  | - |  |  |  | - |  |  |  | 336 |
|  |  | 410 |  |  |  | - |  |  |  | - |  |  |  | 410 |
The Group has no financial liabilities measured at fair value through profit or loss. Fair value estimates During the year ended December 31, 2024, the local macroeconomic environment improved and resulted in an increase in the price of public securities, which impacted favorably the Group’s financial instruments measured at fair value through profit or loss. 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, 2024, 2023 and 2022, 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 loans, amounted to 8,811, 7,547 and 5,812 as of December 31, 2024, 2023 and 2022, respectively. The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their carrying amount.

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