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Financial Instruments by Category

12 Months Ended

Dec. 31, 2024

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.