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FINANCE LEASES | 12 Months Ended
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Dec. 31, 2018
Disclosure of leases [Abstract] |
FINANCE LEASES | Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short-term and long-term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset’s useful life or over the shorter of the asset’s useful life and the lease term if there is no reasonable certainty that the Company will obtain ownership at the end of the lease term. FINANCE LEASES As of December 31, 2018, the Company is party to a contract that qualifies as financial lease agreement with Air Liquide Argentina S.A., being the object of the lease a plant for the provision of industrial gas located in the Company’s plant in San Nicolas, Argentina. This contract does not consider a purchase option of the related asset on its expiry date. The total commitment generated a current finance lease liability of $8.0 million (2017: $8.0 million) and a non-current finance lease liability of $65.8 million (2017: $69.0 million). The total finance lease liability to be paid on expiry of the lease contract amounts to $73.8 million (2017: $77.0 million). The reconciliation of the minimum future payments and the present value of the contract are as follows:
|  | As of December 31, 2018 | As of December 31, 2017
Commitments in relation to finance leases are payable as follows: |  |  |
Within one year |  | 8,328 |  | 8,328 |
Later than one year but not later than five years |  | 33,312 |  | 33,312 |
Later than five years |  | 71,482 |  | 79,810 |
Minimum lease payments |  | 113,122 |  | 121,450 |
Future finance charges |  | (39,294 | ) | (44,415 | )
Total Financial lease liabilities |  | 73,828 |  | 77,035 |
The present value of finance lease liabilities is as follows: |  |  |
Within one year |  | 8,030 |  | 8,030 |
Later than one year but not later than five years |  | 27,208 |  | 27,208 |
Later than five years |  | 38,590 |  | 41,797 |
Total minimum lease payments |  | 73,828 |  | 77,035 |
Property, plant and equipment include a net book value of $25.3 million (2017: $61.4 million) in connection with assets leased to the Company under this finance lease. The lease term is 15 years and the amortization period of the related asset is 15 years as well.

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- Definition The disclosure of finance leases and operating leases by the lessee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2017-01-01 -Paragraph 31 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2017-03-02&anchor=para_31&doctype=Standard&book=B -URIDate 2017-03-09 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2017-01-01 -Paragraph 35 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2017-03-02&anchor=para_35&doctype=Standard&book=B -URIDate 2017-03-09 + Details
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- Definition Disclosure of leases [Abstract] + References No definition available. + Details
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