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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of notes and other explanatory information [Abstract]

Sensitivity analysis for types of market risk

The following table shows a breakdown of Ternium’s assessed financial position exposure to currency risk as of December 31, 2018. These balances include intercompany positions where the intervening parties have different functional currencies.

		Functional currency
$ million Exposure to		$			ARS
U.S. dollar ($)		—			(210	)
EU euro (EUR)		40			2
Argentine peso (ARS)		—			—
Mexican peso (MXN)		(575	)		—
Brazilian real (BRL)		(150	)		(4	)
Colombian peso (COP)		24			—
Other currencies		(3	)		—

Disclosure of credit risk exposure

The carrying amounts of the Company’s trade and other receivables as of December 31, 2018, are denominated in the following currencies:

Currency		$ million
U.S. dollar ($)		1,059
EU euro (EUR)		60
Argentine peso (ARS)		8
Mexican peso (MXN)		171
Brazilian real (BRL)		444
Colombian peso (COP)		83
Other currencies		1
		1,828

Disclosure of how the entity manages liquidity risk

The table below analyses financial liabilities into relevant maturity groups based on the remaining period at the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

$ million	2019			2020			2021			2022			Thereafter
Borrowings	400			528			509			510			90
Interests to be accrued (1)	70			55			35			15			4
Trade payables and other liabilities	907			14			13			14			22
Total	1,377			597			557			539			116

(1) These amounts do not include the effect of derivative financial instruments.

Disclosure of financial assets

As of December 31, 2018 (in $ thousands)		Amortized cost			Assets at fair value through profit or loss			Assets at fair value through OCI			Total
(i) Assets as per statement of financial position
Receivables		449,077			—			—			449,077
Derivative financial instruments		—			1,588			—			1,588
Trade receivables		1,133,236			—			—			1,133,236
Other investments		14,843			—			36,630			51,473
Cash and cash equivalents		110,086			140,455			—			250,541
Total		1,707,242			142,043			36,630			1,885,915

As of December 31, 2017 (in $ thousands)		Loans and receivables			Assets at fair value through profit or loss			Held to maturity			Total
(i) Assets as per statement of financial position
Receivables		488,718			—			—			488,718
Derivative financial instruments		—			2,304			—			2,304
Trade receivables		1,011,430			—			—			1,011,430
Other investments		30,231			99,505			6,129			135,865
Cash and cash equivalents		101,444			236,335			—			337,779
Total		1,631,823			338,144			6,129			1,976,096

Disclosure of financial liabilities

As of December 31, 2017 (in $ thousands)		Derivatives			Other financial liabilities			Held to maturity			Total
(ii) Liabilities as per statement of financial position
Other liabilities		—			116,549			—			116,549
Trade payables		—			860,767			—			860,767
Derivative financial instruments		6,001			—			—			6,001
Finance lease liabilities		—			77,035			—			77,035
Borrowings		—			3,221,907			—			3,221,907
Total		6,001			4,276,258			—			4,282,259

As of December 31, 2018 (in $ thousands)		Liabilities at fair value through profit or loss			Amortized cost					Total
(ii) Liabilities as per statement of financial position
Other liabilities		—			105,659					105,659
Trade payables		—			864,827					864,827
Derivative financial instruments		12,981			—					12,981
Finance lease liabilities		—			73,828					73,828
Borrowings		—			2,036,957					2,036,957
Total		12,981			3,081,271					3,094,252

Disclosure of financial instruments at fair value through profit or loss

The following table presents the assets and liabilities that are measured at fair value as of December 31, 2018 and 2017:

		Fair value measurements as of December 31, 2018
		(in $ thousands):
Description		Total			Level 1			Level 2
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents		140,455			140,455			—
Other investments		36,630			36,630			—
Derivative financial instruments		1,588			—			1,588
Total assets		178,673			177,085			1,588
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments		12,981			—			12,981
Total liabilities		12,981			—			12,981

		Fair value measurements as of December 31, 2017
		(in $ thousands):
Description		Total			Level 1			Level 2
Financial assets at fair value through profit or loss
Cash and cash equivalents		236,335			236,335			—
Other investments		99,505			99,505			—
Derivative financial instruments		2,304			—			2,304
Total assets		338,144			335,840			2,304
Financial liabilities at fair value through profit or loss
Derivative financial instruments		6,001			—			6,001
Total liabilities		6,001			—			6,001

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