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5 Financial risk management (Tables)

12 Months Ended

Dec. 31, 2020

Financial Risk Management

Schedule of balances in foreign currency

As of December 31, 2020 and 2019, the Company’s balances in foreign currency are as follow:

		Currency		Amount in foreign currency		Exchange rate (1)		Total 12.31.20		Total 12.31.19
		Currency		Amount in foreign currency		Exchange rate (1)		Total 12.31.20		Total 12.31.19
ASSETS
CURRENT ASSETS
Other receivables		USD		6		84.150		505		82
		JPY		55		0.816		45		-
Financial assets at fair value through profit or loss		USD		-		84.150		-		3,798
Cash and cash equivalents		USD		17		84.150		1,431		164
		EUR		-		103.530		-		1
TOTAL CURRENT ASSETS								1,981		4,045
TOTAL ASSETS								1,981		4,045

LIABILITIES
NON-CURRENT LIABILITIES
Borrowings		USD		98		84.150		8,261		11,159
TOTAL NON-CURRENT LIABILITIES								8,261		11,159
CURRENT LIABILITIES
Trade payables		USD		11		84.150		962		738
		EUR		-		103.530		-		39
		CHF		-		95.413		-		21
		NOK		-		8.211		-		1
Borrowings		USD		2		84.150		143		2,259
Other payables		USD		9		84.150		757		739
TOTAL CURRENT LIABILITIES								1,862		3,797
TOTAL LIABILITIES								10,123		14,956

(1)

The exchange rates used are the BNA exchange rates in effect as of December 31, 2020 for US Dollars (USD), Euros (EUR), Swiss Francs (CHF), Norwegian Krones (NOK) and Japanese Yens (JPY).

Schedule of exposure to currency risk

The table below shows the Company’s exposure to currency risk resulting from the financial assets and liabilities denominated in a currency other than the Company’s functional currency.

		12.31.20		12.31.19
Net position
US dollar		(8,187)		(10,851)
Japanese Yen		45		-
Euro		-		(38)
Norwegian krone		-		(1)
Swiss franc		-		(21)
Total		(8,142)		(10,911)

Schedule of decrease in results of operations

The Company estimates that a 10% devaluation of the Argentine peso with respect to each foreign currency, with all other variables held constant, would give rise to the following decrease in the (loss) profit for the year:

		12.31.20		12.31.19
Net position
US dollar		(819)		(1,085)
Euro		-		(4)
Swiss franc		-		(2)
Decrease in the results of operations for the year		(819)		(1,091)

Schedule of 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:

		12.31.20		12.31.19
Fixed rate:
US dollar		8,404		11,355

Floating rate:
US dollar		-		2,063
Subtotal loans at floating rates		-		2,063
Total loans		8,404		13,418

Based on the simulations performed, a 1% increase in floating interest rates, with all other variables held constant, would give rise to the following decrease in the (loss) profit for the year:

		12.31.20		12.31.19
Floating rate:
US dollar		-		(4)
Decrease in the results of operations for the year		-		(4)

Based on the simulations performed, a 1% decrease in floating interest rates, with all other variables held constant, would give rise to the following increase in the (loss) profit for the year:

		12.31.20		12.31.19
Floating rate:
US dollar		-		4
Increase in the results of operations for the year		-		4

Schedule of analysis of non-derivative financial liabilities

The amounts disclosed in the table are the contractual undiscounted cash flows.

		No deadline		Less than 3 months		From 1 to 2 years		From 2 to 5 years		More than 5 years
As of December 31, 2020
Trade and other payables		18,169		19,908		200		8,856		-
Borrowings		-		-		8,261		-		-
Total		18,169		19,908		8,461		8,856		-

As of December 31, 2019
Trade and other payables		1,045		21,746		284		6,809		290
Borrowings		-		-		-		11,159		-
Total		1,045		21,746		284		17,968		290

Schedule of gearing ratios

The gearing ratios at December 31, 2020 and 2019 were as follow:

		12.31.20		12.31.19
Total liabilities		85,898		82,113
Less: Cash and cash equivalents and Financial assets at fair value through profit or loss		(6,584)		(4,356)
Net debt		79,314		77,757
Total Equity		62,898		80,520
Total capital attributable to owners		142,212		158,277
Gearing ratio		55.77%		49.13%

Schedule of financial assets and liabilities measured at fair value

The table below shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2020 and 2019:

		LEVEL 1		LEVEL 2			TOTAL

At December 31, 2020
Assets
Financial assets at fair value through profit or loss:
Government bonds		2,222		-			2,222
Cash and cash equivalents:
Money market funds		2,724		-			2,724
Total assets		4,946		-			4,946

Liabilities
Derivative financial instruments		-		1			1
Total liabilities		-		1			1


At December 31, 2019
Assets
Financial assets at fair value through profit or loss:
Money market funds		3,798		-			3,798
Cash and cash equivalents
Money market funds		340		-			340
Total assets		4,138		-			4,138

Liabilities
Derivative financial instruments		-		279			279
Total liabilities		-		279			279