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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of detailed information about financial instruments [abstract]

Disclosure of detailed information about hedging instruments

The net fair values of derivative financial instruments at December 31, 2021 and 2020 were as follows:

						As of December 31,
						2021						2020
Contracts with positive fair value
Foreign exchange contracts						4,353						1,572
						4,353						1,572
Contracts with negative fair value
Interest rate swap contracts						(163)						(523)
Foreign exchange contracts						(1,726)						(5,835)
						(1,889)						(6,358)

Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:

						Cash flow hedges
						Gross amount						Income tax						Total
At December 31, 2019						(72)						23						(49)
(Decrease) / Increase						(454)						136						(318)
Reclassification to income statement						188						(56)						132
At December 31, 2020						(338)						103						(235)
(Decrease) / Increase						—						—						—
Reclassification to income statement						278						(83)						195
At December 31, 2021						(60)						20						(40)

The net fair values of the exchange rate derivative contracts as of December 31, 2021 and 2020 were as follows:

																		Fair value at December 31,
Currencies						Contract						Notional amount						2021						2020
EUR/$						Forward - Buy EUR						47.1 million EUR						245						1,572
COP/$						ND Forward - Sell COP						337.3 billion COP						4,038						(5,835)
EUR/$						Forward - Sell EUR						3.0 million EUR						70						—
ARS/$						ND Forward - Buy ARS						10.9 billion ARS						(1,726)						—
																		2,627						(4,263)

COP: Colombian pesos; EUR: Euros; $: U.S. dollars; ARS: Argentine pesos.

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- Definition

The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2021-01-01
-Paragraph 24A
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_24A&doctype=Standard
-URIDate 2021-03-24

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- References

No definition available.

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