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5. Financial risk management (Tables)
 12 Months Ended
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