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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2018

FINANCIAL RISK MANAGEMENT

Schedule of financial assets and liabilities denominated in foreign currencies


		2018		2017
		In equivalent millions of Argentine pesos
Assets		17,111			3,058
Liabilities		(90,217)			(11,131)
Assets (Liabilities) Net		(73,106)			(8,073)

Schedule of theoretical exposure to credit risk


								Other
		Cash and cash				Trade		receivables,
Date due		equivalents		Investments		receivables, net		net		Total
Total due		—		—		7,287		—		7,287
Total not due		6,891		5,998		10,189		2,988		26,066
Total as of December 31, 2018		6,891		5,998		17,476		2,988		33,353

Schedule of working capital breakdown and its main variations


		2018		2017		Variation
Trade receivables		17,415		2,588		14,827
Other receivables (not considering financial NDF)		4,323		1,223		3,100
Inventories		2,737		136		2,601
Current liabilities (not considering financial debt)		(33,401)		(17,238)		(16,163)
Operative working capital		(8,926)		(13,291)		4,365
Over revenues		5.3	%	19.9	%

Cash and cash equivalents		6,891		6,517		374
Financial NDF		750		—		750
Investments		1,371		162		1,209
Current financial debt		(20,044)		(1,383)		(18,661)
Net Current financial (liabilitiy) asset		(11,032)		5,296		(16,328)

Negative operating working capital (current assets - current liabilities)		(19,958)		(7,995)		(11,963)
Liquidity rate		0.63		0.57		0.06

Schedule of breakdown of financial liabilities into relevant maturity groups


						Salaries and
						social
		Trade		Financial		security		Other
Maturity Date		payables		Debt		payables		liabilities		Total
Due		2,149		—		—		—		2,149
January 2019 thru December 2019		20,709		21,917		5,953		341		48,920
January 2020 thru December 2020		278		17,336		182		7		17,803
January 2021 thru December 2021		170		34,289		116		—		34,575
January 2022 and thereafter		253		18,743		92		—		19,088
		23,559		92,285		6,343		348		122,535