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10. Financial instruments
 12 Months Ended
Dec. 31, 2019
Disclosure of detailed information about financial instruments [abstract]  
Financial instruments

Note 10.1 |       Financial instruments by category

 

     Financial assets at amortized cost    Financial assets at fair value through profit or loss    Non-financial assets    Total
 As of December 31, 2019                
 Assets                 
Trade receivables          12,460,070                         -                         -          12,460,070
Other receivables               315,492                         -                     224               315,716
Cash and cash equivalents                
     Cash and Banks               159,942                         -                         -               159,942
     Money market funds                         -               249,700                         -               249,700
Financial assets at fair value through profit or loss:                
     Money market funds                         -            2,789,831                         -            2,789,831
 Total          12,935,504            3,039,531                     224          15,975,259
                 
                 
 As of December 31, 2018                
 Assets                 
Trade receivables          11,667,923                         -                         -          11,667,923
Other receivables            1,464,977                         -               136,011            1,600,988
Cash and cash equivalents                             -                         -    
     Cash and Banks                 42,453                         -                         -                 42,453
Financial assets at fair value through profit or loss:                
     Government bonds                         -            5,052,573                         -            5,052,573
     Money market funds                         -               147,236                         -               147,236
Financial assets at fair value                
     Time deposits            1,858,726                         -                         -            1,858,726
 Total          15,034,079            5,199,809               136,011          20,369,899

 

     Financial liabilities at amortized cost    Financial liabilities at fair value through profit or loss    Non-financial liabilities    Total
 As of December 31, 2019                
 Liabilities                
 Trade payables          13,070,359                         -                         -          13,070,359
 Other payables            7,616,248                         -                         -            7,616,248
 Borrowings            9,856,665                         -                         -            9,856,665
 Total           30,543,272                         -                         -          30,543,272
                 
 As of December 31, 2018                
 Liabilities                
 Trade payables          22,904,340                         -                         -          22,904,340
 Other payables               488,126                         -          14,191,041          14,679,167
 Borrowings          12,716,656                         -                         -          12,716,656
 Total           36,109,122                         -          14,191,041          50,300,163

  

Financial instruments categories have been determined based on IFRS 9.

 

The income, expenses, gains and losses resulting from each category of financial instruments are as follow: 

 

     Financial assets at amortized cost    Financial assets at fair value through profit or loss    Total
 As of December 31, 2019            
Interest income            1,208,970                         -            1,208,970
Exchange differences               608,847            1,069,587            1,678,434
Changes in fair value of financial assets                         -               281,039               281,039
Corporate Notes               456,884                         -               456,884
Total            2,274,701            1,350,626            3,625,327
             
 As of December 31, 2018            
Interest income            1,033,000                         -            1,033,000
Exchange differences            3,637,573                         -            3,637,573
Bank fees and expenses               (13,084)                         -               (13,084)
Changes in fair value of financial assets                         -            1,147,943            1,147,943
Adjustment to present value                   (503)                         -                   (503)
Total            4,656,986            1,147,943            5,804,929
             
             
As of December 31, 2017            
Interest income               697,814                         -               697,814
Exchange differences               352,287                         -               352,287
Bank fees and expenses                (4,433)                         -                (4,433)
Changes in fair value of financial assets                         -               730,248               730,248
Adjustment to present value                   (663)                         -                   (663)
Total            1,045,005               730,248            1,775,253

  

     Financial liabilities at amortized cost    Financial liabilities at fair value through profit or loss    Total
 As of December 31, 2019            
Interest expense          (6,739,597)                         -          (6,739,597)
Exchange differences          (5,846,670)                         -          (5,846,670)
Other financial results               (16,299)                         -               (16,299)
 Total         (12,602,566)                         -        (12,602,566)
             
 As of December 31, 2018            
Interest expense          (7,639,617)                         -          (7,639,617)
Other financial results             (132,393)                         -             (132,393)
Exchange differences          (8,451,756)                         -          (8,451,756)
 Total         (16,223,766)                         -        (16,223,766)
             
 As of December 31, 2017            
Interest expense          (3,947,849)                         -          (3,947,849)
Other financial results             (121,289)                         -             (121,289)
Exchange differences          (1,219,638)                         -          (1,219,638)
 Total           (5,288,776)                         -          (5,288,776)

 

Note 10.2 |       Credit quality of financial assets

 

The credit quality of financial assets that are neither past due nor impaired may be assessed based on external credit ratings or historical information:

 

     12.31.19    12.31.18
 Customers with no external credit rating:        
 Group 1  (i)            10,560,628            9,900,482
 Group 2 (ii)                 529,945               738,460
 Group 3 (iii)              1,369,497            1,028,981
 Total trade receivables           12,460,070          11,667,923

 

                   (i)          Relates to customers with debt to become due.

                  (ii)          Relates to customers with past due debt from 0 to 3 months.

                 (iii)          Relates to customers with past due debt from 3 to 12 months.

 

At the Statement of Financial Position date, the maximum exposure to credit risk is the carrying amount of these financial assets.