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5. Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2018
Financial Risk Management Tables Abstract |
Balances in foreign currency |
|  | Currency |  | Amount in foreign currency |  | Exchange rate (1) |  | Total 12.31.18 |  | Total 12.31.17
ASSETS |  |  |  |  |  |  |  |  |  |
NON-CURRENT ASSETS |  |  |  |  |  |  |  |  |  |
Other receivables |  | USD |  | 20,416 |  | 37.500 |  | 765,600 |  | -
TOTAL NON-CURRENT ASSETS |  |  |  | 20,416 |  |  |  | 765,600 |  | -
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |
Other receivables |  | USD |  | 3,989 |  | 37.500 |  | 149,588 |  | -
Financial assets at fair value through profit or loss |  | USD |  | 87,621 |  | 37.500 |  | 3,285,788 |  | 1,829,881
Cash and cash equivalents |  | USD |  | 250 |  | 37.500 |  | 9,375 |  | 6,519
|  | EUR |  | - |  | 42.840 |  | - |  | 394
TOTAL CURRENT ASSETS |  |  |  | 91,860 |  |  |  | 3,444,751 |  | 1,836,794
TOTAL ASSETS |  |  |  | 112,276 |  |  |  | 4,210,351 |  | 1,836,794
LIABILITIES |  |  |  |  |  |  |  |  |  |
NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |
Borrowings |  | USD |  | 190,782 |  | 37.700 |  | 7,192,467 |  | 6,189,294
TOTAL NON-CURRENT LIABILITIES |  |  |  | 190,782 |  |  |  | 7,192,467 |  | 6,189,294
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |
Trade payables |  | USD |  | 17,519 |  | 37.700 |  | 660,459 |  | 386,504
|  | EUR |  | 93 |  | 43.163 |  | 4,014 |  | 9,248
|  | CHF |  | 5 |  | 38.312 |  | - |  | 15,454
|  | NOK |  | 68 |  | 4.346 |  | 296 |  | 230
Borrowings |  | USD |  | 28,580 |  | 37.700 |  | 1,077,453 |  | 105,139
TOTAL CURRENT LIABILITIES |  |  |  | 46,265 |  |  |  | 1,742,222 |  | 516,575
TOTAL LIABILITIES |  |  |  | 237,047 |  |  |  | 8,934,689 |  | 6,705,869
| (1) | The exchange rates used are the BNA exchange rates in effect as of December 31, 2018 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK).
Exposure to currency risk |
|  | 12.31.18 |  | 12.31.17
Net position Assets/(Liabilities) |  |  |  |
US dollar |  | (4,720,028) |  | (4,844,537)
Euro |  | (4,014) |  | (8,854)
Norwegian krone |  | (296) |  | (230)
Swiss franc |  | - |  | (15,454)
Total |  | (4,724,338) |  | (4,869,075)
Decrease in results of operations |
|  | 12.31.18 |  | 12.31.17
Net position Assets/(Liabilities) |  |  |  |
US dollar |  | (472,003) |  | (484,454)
Euro |  | (401) |  | (886)
Norwegian krone |  | (30) |  | (24)
Swiss franc |  | - |  | (1,546)
Decrease in the results of operations for the year |  | (472,434) |  | (486,910)
Loans according to rate and currency | The table below shows the breakdown of the Company’s loans according to interest rate and the currency in which they are denominated:
|  | 12.31.18 |  | 12.31.17
Fixed rate: |  |  |  |
US dollar |  | 6,359,986 |  | 4,904,361
Subtotal loans at fixed rates |  | 6,359,986 |  | 4,904,361
Floating rate: |  |  |  |
US dollar |  | 1,909,934 |  | 1,390,072
Subtotal loans at floating rates |  | 1,909,934 |  | 1,390,072
Total loans |  | 8,269,920 |  | 6,294,433
Based on the simulations performed, a 1% increase in floating interest rates, with all the other variables remaining constant, would give rise to the following decrease in the profit for the year:
|  | 12.31.18 |  | 12.31.17
Floating rate: |  |  |  |
US dollar |  | (4,241) |  | (3,098)
Decrease in the results of operations for the year |  | (4,241) |  | (3,098)
Based on the simulations performed, a 1% decrease in floating interest rates, with all the other variables remaining constant, would give rise to the following increase in the profit for the year:
|  | 12.31.18 |  | 12.31.17
Floating rate: |  |  |  |
US dollar |  | 4,241 |  | 3,098
Increase in the results of operations for the year |  | 4,241 |  | 3,098
Analysis of non-derivative financial liabilities |
|  | No deadline |  | Less than 3 months |  | From 3 months to 1 year |  | From 1 to 2 years |  | From 2 to 5 years |  | More than 5 years |  | Total
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  | 12,407,373 |  | 9,082,933 |  | 2,760,794 |  | 82,491 |  | 99,953 |  | - |  | 24,433,544
Borrowings |  | - |  | - |  | 684,469 |  | 684,469 |  | 7,676,569 |  | - |  | 9,045,507
Total |  | 12,407,373 |  | 9,082,933 |  | 3,445,263 |  | 766,960 |  | 7,776,522 |  | - |  | 33,479,051
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  | 8,950,249 |  | 5,877,338 |  | 8,195,465 |  | 135,840 |  | 179,584 |  | - |  | 23,338,476
Borrowings |  | - |  | - |  | 499,945 |  | 499,945 |  | 6,107,012 |  | - |  | 7,106,902
Total |  | 8,950,249 |  | 5,877,338 |  | 8,695,410 |  | 635,785 |  | 6,286,596 |  | - |  | 30,445,378
Gearing ratios |
|  | 12.31.18 |  | 12.31.17
Total liabilities |  | 46,023,206 |  | 43,088,208
Less: cash and cash equivalents |  | (3,409,158) |  | (4,400,357)
Net debt |  | 42,614,048 |  | 38,687,851
Total Equity |  | 30,968,972 |  | 27,793,719
Total capital attributable to owners |  | 73,583,020 |  | 66,481,570
Gearing ratio |  | 57.91% |  | 58.19%
Financial assets measured at fair value |
|  | LEVEL 1 |  | LEVEL 2 |  | LEVEL 3 |  | TOTAL
At December 31, 2018 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |
Government bonds |  | 3,285,799 |  | - |  | - |  | 3,285,799
Money market funds |  | 95,751 |  | - |  | - |  | 95,751
Total assets |  | 3,381,550 |  | - |  | - |  | 3,381,550
Liabilities |  |  |  |  |  |  |  |
Derivative financial instruments |  | - |  | 1,035 |  | - |  | 1,035
Total liabilities |  | - |  | 1,035 |  | - |  | 1,035
At December 31, 2017 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |
Government bonds |  | 1,829,888 |  | - |  | - |  | 1,829,888
Money market funds |  | 2,448,120 |  | - |  | - |  | 2,448,120
Total assets |  | 4,278,008 |  | - |  | - |  | 4,278,008
Liabilities |  |  |  |  |  |  |  |
Derivative financial instruments |  | - |  | 291 |  | - |  | 291
Total liabilities |  | - |  | 291 |  | - |  | 291

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