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Financial instruments by category | 12 Months Ended
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Dec. 31, 2022
Financial instruments by category |
Financial instruments by category | Note 25 Financial instruments by category ​
​ | ​ | ​ | ​ | ​
​ | ​ | Assets as per statement
​ | ​ | of financial position
Amounts in US$ '000 | ​ | 2022 | ​ | 2021
Financial assets at fair value through profit or loss | ​ | ​ | ​ | ​
Derivative financial instrument assets | ​ | 967 | ​ | 126
Cash and cash equivalents | ​ | 242 | ​ | 427
​ | ​ | 1,209 | ​ | 553
Other financial assets at amortized cost | ​ |  | ​ |
Trade receivables | ​ | 71,794 | ​ | 70,531
To be recovered from co-venturers (Note 34) | ​ | 8,750 | ​ | 4,680
Other financial assets (a) | ​ | 12,877 | ​ | 14,747
Cash and cash equivalents | ​ | 128,601 | ​ | 100,177
​ | ​ | 222,022 | ​ | 190,135
Total financial assets | ​ | 223,231 | ​ | 190,688
(a) | Non-current other financial assets relate to restricted deposits made for environmental obligations according to Brazilian government regulations. Current other financial assets correspond to short-term investments with original maturities up to twelve months and over three months.
​
​ | ​ | ​ | ​ | ​
​ | ​ | Liabilities as per statement
​ | ​ | of financial position
Amounts in US$ ‘000 | ​ | 2022 | ​ | 2021
Liabilities at fair value through profit and loss | ​ |  | ​ |
Derivative financial instrument liabilities | ​ | 19 | ​ | 20,757
​ | ​ | 19 | ​ | 20,757
Other financial liabilities at amortized cost | ​ |  | ​ |
Trade payables | ​ | 102,125 | ​ | 86,672
To be paid to co-venturers (Note 34) | ​ | 2,815 | ​ | 953
Lease liabilities | ​ | 32,051 | ​ | 20,744
Borrowings | ​ | 497,642 | ​ | 674,092
​ | ​ | 634,633 | ​ | 782,461
Total financial liabilities | ​ | 634,652 | ​ | 803,218
​ 25.1 Credit quality of financial assets The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates: ​
​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | 2022 | ​ | 2021
Trade receivables | ​ |  | ​ |
Counterparties with an external credit rating (Moody’s, S&P, Fitch) | ​ |  | ​ |
Aa2 | ​ | — | ​ | 7,132
Aa3 | ​ | 2,013 | ​ | —
A3 | ​ | 1,557 | ​ | —
Baa1 | ​ | 99 | ​ | —
Baa3 | ​ | 198 | ​ | 24,163
Ba1 | ​ | 23,755 | ​ | 4,984
Ba3 | ​ | 2,745 | ​ | —
B2 | ​ | 4,085 | ​ | 70
Counterparties without an external credit rating | ​ | ​ | ​ | ​
Group 1 (a) | ​ | 37,342 | ​ | 34,182
Total trade receivables | ​ | 71,794 | ​ | 70,531
(a) | Group 1 – existing customers (more than 6 months) with no defaults in the past.
All trade receivables are denominated in US Dollars, except in Brazil where they are denominated in Brazilian Real. Cash at bank and other financial assets (a) ​
​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | 2022 | ​ | 2021
Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services) | ​ |  | ​ |
Aaa | ​ | — | ​ | 3,529
Aa3 | ​ | 10,362 | ​ | 8
A1 | ​ | 96,077 | ​ | —
A2 | ​ | 57 | ​ | 53,114
A3 | ​ | 10,389 | ​ | 27,257
Baa1 | ​ | 39 | ​ | 1,605
Baa2 | ​ | 7,030 | ​ | 3,708
Baa3 | ​ | 1,352 | ​ | —
Ba1 | ​ | 64 | ​ | 67
Ba2 | ​ | 268 | ​ | 21
Ba3 | ​ | 3,066 | ​ | 5,117
B3 | ​ | 51 | ​ | —
Counterparties without an external credit rating | ​ | 12,953 | ​ | 20,908
Total | ​ | 141,708 | ​ | 115,334
(a) | The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 12,000 (US$ 17,000 in 2021).
25.2 Financial liabilities- contractual undiscounted cash flows The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 1 | ​ | Between 1 | ​ | Between 2 | ​ | Over 5
Amounts in US$ ‘000 | ​ | year | ​ | and 2 years | ​ | and 5 years | ​ | years
As of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowings | ​ | 27,500 | ​ | 27,500 | ​ | 568,750 | ​ | —
Lease liabilities | ​ | 10,939 | ​ | 5,653 | ​ | 11,209 | ​ | 25,012
Trade payables | ​ | 102,125 | ​ | — | ​ | — | ​ | —
To be paid to co-venturers (Note 34) | ​ | 2,815 | ​ | — | ​ | — | ​ | —
​ | ​ | 143,379 | ​ | 33,153 | ​ | 579,959 | ​ | 25,012
As of December 31, 2021 | ​ |  | ​ |  | ​ |  | ​ |
Borrowings | ​ | 40,943 | ​ | 38,550 | ​ | 263,550 | ​ | 513,750
Lease liabilities | ​ | 9,230 | ​ | 6,558 | ​ | 5,820 | ​ | 2,871
Trade payables | ​ | 85,132 | ​ | 1,540 | ​ | — | ​ | —
To be paid to co-venturers (Note 34) | ​ | 953 | ​ | — | ​ | — | ​ | —
​ | ​ | 136,258 | ​ | 46,648 | ​ | 269,370 | ​ | 516,621
​ 25.3 Fair value measurement of financial instruments Accounting policies for financial instruments have been applied to classify as either: amortized cost, financial assets at fair value through profit or loss and fair value through other comprehensive income. For financial instruments that are measured in the statement of financial position at fair value, IFRS 13 requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). 25.3.1 Fair value hierarchy The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value as of December 31, 2022 and 2021 on a recurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | As of December 31,
Amounts in US$ ‘000 | ​ | Level 1 | ​ | Level 2 | ​ | 2022
Assets | ​ |  | ​ |  | ​ |
Cash and cash equivalents | ​ |  | ​ |  | ​ |
Money market funds | ​ | 242 | ​ | — | ​ | 242
Derivative financial instrument assets | ​ |  | ​ |  | ​ |
Commodity risk management contracts | ​ | — | ​ | 967 | ​ | 967
Total Assets | ​ | 242 | ​ | 967 | ​ | 1,209
Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instrument liabilities | ​ | ​ | ​ | ​ | ​ | ​
Commodity risk management contracts | ​ | — | ​ | 19 | ​ | 19
Total Liabilities | ​ | — | ​ | 19 | ​ | 19
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | As of December 31,
Amounts in US$ ‘000 | ​ | Level 1 | ​ | Level 2 | ​ | 2021
Assets | ​ |  | ​ |  | ​ |
Cash and cash equivalents | ​ |  | ​ |  | ​ |
Money market funds | ​ | 427 | ​ | — | ​ | 427
Derivative financial instrument assets | ​ |  | ​ |  | ​ |
Commodity risk management contracts | ​ | — | ​ | 126 | ​ | 126
Total Assets | ​ | 427 | ​ | 126 | ​ | 553
Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instrument liabilities | ​ | ​ | ​ | ​ | ​ | ​
Commodity risk management contracts | ​ | — | ​ | 20,757 | ​ | 20,757
Total Liabilities | ​ | — | ​ | 20,757 | ​ | 20,757
​ There were no transfers between Level 2 and 3 during the period. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as of December 31, 2022. 25.3.2 Valuation techniques used to determine fair values Specific valuation techniques used to value financial instruments include:
| ● | The use of quoted market prices or dealer quotes for similar instruments.
| ● | The mark-to-market fair value of the Group’s outstanding derivative instruments is based on independently provided market rates and determined using standard valuation techniques, including the impact of counterparty credit risk and are within level 2 of the fair value hierarchy.
| ● | The fair value of the remaining financial instruments is determined using discounted cash flow analysis. All of the resulting fair value estimates are included in level 2.
25.3.3 Fair values of other financial instruments (unrecognized) The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. The fair value of these financial instruments as of December 31, 2022 amounts to US$ 431,660,000 (US$ 661,404,000 in 2021). The fair values are based on market price for the Notes and cash flows discounted for other borrowings using a rate based on the borrowing rate and are within level 1 and level 2 of the fair value hierarchy, respectively.

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