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Financial instruments by category (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Financial Assets and Liabilities | The following tables show the carrying amounts of financial assets and financial liabilities by category of financial instrument and reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Trade and other receivables, net” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as other tax receivables or advance payments for services to be received in the future), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”.
| Financial assets at amortized cost |  | Financial assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |
Trade and other receivables | 108,025 |  |  | — |  |  | 108,025 |  |  | 120,353 |  |  | 228,378 |
Derivative financial instruments | — |  |  | 5,342 |  |  | 5,342 |  |  | — |  |  | 5,342 |
Restricted short term investment | — |  |  | 98,571 |  |  | 98,571 |  |  | — |  |  | 98,571 |
Cash and cash equivalents | 230,653 |  |  | — |  |  | 230,653 |  |  | — |  |  | 230,653 |
Total | 338,678 |  |  | 103,913 |  |  | 442,591 |  |  | 120,353 |  |  | 562,944 |
| Financial liabilities at amortized cost |  | Liabilities at fair value through profit or loss |  | Subtotal financial liabilities |  | Non- financial liabilities |  | Total
Liabilities as per statement of financial position |  |  |  |  |  |  |  |  |
Trade and other payables | 214,990 |  |  | — |  |  | 214,990 |  |  | 44,617 |  |  | 259,607 |
Borrowings (i) | 1,007,752 |  |  | — |  |  | 1,007,752 |  |  | — |  |  | 1,007,752 |
Leases Liabilities | 337,980 |  |  | — |  |  | 337,980 |  |  | — |  |  | 337,980 |
Derivative financial instruments (i) | — |  |  | 3,057 |  |  | 3,057 |  |  | — |  |  | 3,057 |
Total | 1,560,722 |  |  | 3,057 |  |  | 1,563,779 |  |  | 44,617 |  |  | 1,608,396 |
| Financial assets at amortized cost |  | Financial assets at fair value through profit or loss |  | Subtotal financial assets |  | Non- financial assets |  | Total
December 31, 2021 |  |  |  |  |  |  |  |  |
Assets as per statement of financial position |  |  |  |  |  |  |  |  |
Trade and other receivables | 101,371 |  |  | — |  |  | 101,371 |  |  | 86,709 |  |  | 188,080 |
Derivative financial instruments | — |  |  | 1,585 |  |  | 1,585 |  |  | — |  |  | 1,585 |
Cash and cash equivalents | 199,766 |  |  | — |  |  | 199,766 |  |  | — |  |  | 199,766 |
Total | 301,137 |  |  | 1,585 |  |  | 302,722 |  |  | 86,709 |  |  | 389,431 |
| Financial liabilities at amortized cost |  | Liabilities at fair value through profit or loss |  | Subtotal financial liabilities |  | Non- financial liabilities |  | Total
Liabilities as per statement of financial position |  |  |  |  |  |  |  |  |
Trade and other payables | 153,459 |  |  | — |  |  | 153,459 |  |  | 15,571 |  |  | 169,030 |
Borrowings (i) | 817,651 |  |  | — |  |  | 817,651 |  |  | — |  |  | 817,651 |
Leases Liabilities | 246,854 |  |  | — |  |  | 246,854 |  |  | — |  |  | 246,854 |
Derivative financial instruments (i) | — |  |  | 1,283 |  |  | 1,283 |  |  | — |  |  | 1,283 |
Total | 1,217,964 |  |  | 1,283 |  |  | 1,219,247 |  |  | 15,571 |  |  | 1,234,818 |
(i) The Group formally documents and designates cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps (See Note 2 for details).
Schedule of Income, Expense, Gains and Losses on Financial Instruments | Income, expense, gains and losses on financial instruments can be assigned to the following categories:
| Financial asset / liabilities at amortized cost |  | Assets/ liabilities at fair value through profit or loss |  |  |  | Total
December 31, 2022 |  |  |  |  |  |  |
Interest income (i) | 5,117 |  |  | 664 |  |  |  |  | 5,781 |
Interest expense (i) | (50,037) |  |  | — |  |  |  |  | (50,037) |
Foreign exchange gain (i) | 19,278 |  |  | — |  |  |  |  | 19,278 |
Loss from derivative financial instruments (ii) | (4,472) |  |  | (4,754) |  |  |  |  | (9,226) |
Finance cost related to lease liabilities | (31,113) |  |  | — |  |  |  |  | (31,113) |
| Financial assets / liabilities at amortized cost |  | Assets/ liabilities at fair value through profit or loss |  |  |  | Total
December 31, 2021 |  |  |  |  |  |  |
Interest income (i) | 4,081 |  |  | — |  |  |  |  | 4,081 |
Interest expense (i) | (62,536) |  |  | — |  |  |  |  | (62,536) |
Foreign exchange gains losses (i) | 18,939 |  |  | — |  |  |  |  | 18,939 |
Loss from derivative financial instruments (ii) | — |  |  | (15,478) |  |  |  |  | (15,478) |
Finance cost related to lease liabilities | (16,502) |  |  | — |  |  |  |  | (16,502) |
(i)Included in “Financial Results, net” in the consolidated statement of income. (ii)Included in “Other operating income, net” and “Financial Results, net” in the consolidated statement of income.
Schedule of Fair Value Measurement of Assets and Liabilities | The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of December 31, 2022 and 2021 and their allocation to the fair value hierarchy:
|  |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |  |
Derivative financial instruments | 2022 |  | 134 |  |  | 5,208 |  |  | 5,342 |
Restricted short-term investment (1) | 2022 |  | 98,571 |  |  | — |  |  | 98,571 |
Derivative financial instruments | 2021 |  | 828 |  |  | 757 |  |  | 1,585 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments | 2022 |  | (2,800) |  |  | (257) |  |  | (3,057) |
Derivative financial instruments | 2021 |  | (1,283) |  |  | — |  |  | (1,283) |
(1) US-Treasury Bills with maturity from the date of acquisition longer than 90 days used as collateral for short-term borrowings. These investments are not available for use by other entities of the Group. See Note 26. When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:
Class |  | Pricing Method |  | Parameters |  | Pricing Model |  | Level |  | Total
Futures |  | Quoted price |  | — |  | — |  | 1 |  | (2,689) |
Non derivable future (“NDF”) |  | Quoted price |  | Swap curve |  | Present value method |  | 2 |  | (160) |
NDF |  | Quoted price |  | Foreign-exchange curve |  | Present value method |  | 1 |  | 23 |
Interest-rate swaps |  | Theoretical price |  | Money market interest-rate curve |  | Present value method |  | 2 |  | 5,111 |
US-Treasury Bills |  | Quoted price |  | — |  | — |  | 1 |  | 98,571 |

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