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5. Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2019
Financial Risk Management  
Balances in foreign currency
    Currency   Amount in foreign currency   Exchange rate (1)   Total
12.31.19		   Total
12.31.18
           
ASSETS                    
NON-CURRENT ASSETS                    
Other receivables   USD   -   59.890      -     1,177,257
TOTAL NON-CURRENT ASSETS                  -     1,177,257
CURRENT ASSETS                    
Other receivables   USD      1,000   59.890      59,890     230,021
Financial assets at fair value through profit or loss   USD     46,583   59.890     2,789,856     5,052,556
Cash and cash equivalents   USD      2,010   59.890   120,379   14,416
    EUR     11   67.227     739      -
TOTAL CURRENT ASSETS                 2,970,864     5,296,993
TOTAL ASSETS                 2,970,864     6,474,250
                     
LIABILITIES                    
NON-CURRENT LIABILITIES                    
Borrowings   USD      136,875   59.890     8,197,429      11,059,857
TOTAL NON-CURRENT LIABILITIES                 8,197,429      11,059,857
CURRENT LIABILITIES                    
Trade payables   USD      9,054   59.890   542,207     1,015,588
    EUR      424   67.227      28,504     6,172
    CHF      248   61.925      15,357      -
    NOK     68   6.849     466     455
Borrowings   USD     27,705   59.890     1,659,236     1,656,799
Other payables   USD      9,086   59.890   544,161      -
TOTAL CURRENT LIABILITIES                 2,789,931     2,679,014
TOTAL LIABILITIES                  10,987,360      13,738,871

  

(1)      The exchange rates used are the BNA exchange rates in effect as of December 31, 2019 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF) and Norwegian Krones (NOK).

 
Exposure to currency risk
     12.31.19    12.31.18
Net position        
US dollar   (7,972,908)   (7,257,994)
Euro      (27,765)     (6,172)
Norwegian krone     (466)     (455)
Swiss franc      (15,357)      -
Total   (8,016,496)   (7,264,621)
Decrease in results of operations
     12.31.19    12.31.18
Net position        
US dollar   (797,291)   (725,799)
Euro     (2,777)     (617)
Norwegian krone   (47)   (46)
Swiss franc     (1,536)      -
Decrease in the results of operations for the year   (801,651)   (726,462)
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:  

 

     12.31.19    12.31.18
Fixed rate:        
US dollar   8,340,891      9,779,750
Subtotal loans at fixed rates   8,340,891      9,779,750
Floating rate:        
US dollar   1,515,774      2,936,906
Subtotal loans at floating rates   1,515,774      2,936,906
Total loans   9,856,665   12,716,656

 

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:

 

     12.31.19    12.31.18
Floating rate:        
US dollar     (3,202)     (6,521)
Decrease in the results of operations for the year     (3,202)     (6,521)

 

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:

 

     12.31.19    12.31.18
Floating rate:        
US dollar     3,202   6,521
Increase in the results of operations for the year     3,202   6,521

 
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, 2019                            
Trade and other payables   767,683   15,974,799      5,967,447      208,378      5,002,288      213,096      28,133,691
Borrowings      -      -      1,659,236     -      8,197,429     -     9,856,665
Total   767,683   15,974,799      7,626,683      208,378   13,199,717      213,096      37,990,356
                             
As of December 31, 2018                            
Trade and other payables     19,078,817   13,966,826      4,245,273      126,846      153,698     -      37,571,460
Borrowings      -      -      1,052,508      1,052,508   11,804,260     -      13,909,276
Total     19,078,817   13,966,826      5,297,781      1,179,354   11,957,958     -      51,480,736
Gearing ratios
     12.31.19    12.31.18
Total liabilities           60,321,760          70,767,270
Less: Cash and cash equivalents and Financial assets at fair value through profit or loss          (3,199,473)          (5,242,262)
Net debt           57,122,287          65,525,008
Total Equity           59,150,849          47,620,990
Total capital attributable to owners         116,273,136        113,145,998
Gearing ratio   49.13%   57.91%
Financial assets measured at fair value
     LEVEL 1    LEVEL 2    LEVEL 3    TOTAL
                 
At December 31, 2019                
Assets                
Financial assets at fair value through profit or loss:                
Money market funds             2,789,831                           -                       -         2,789,831
Cash and cash equivalents:                
Money market funds                249,700                           -                       -            249,700
Total assets             3,039,531                           -                       -         3,039,531
                 
Liabilities                
Derivative financial instruments                           -               205,246                       -            205,246
Total liabilities                           -               205,246                       -            205,246
                 
                 
At December 31, 2018                
Assets                
Financial assets at fair value through profit or loss:                
Government bonds             5,052,573                           -                       -         5,052,573
Money market funds                147,236                           -                       -            147,236
Total assets             5,199,809                           -                       -         5,199,809
                 
Liabilities                
Derivative financial instruments                           -                   1,591                       -                1,591
Total liabilities                           -                   1,591                       -                1,591