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, 2017 | ||||||||
| Assets | ||||||||
| Trade receivables | 5,678,857 | - | - | 5,678,857 | ||||
| Other receivables | 169,167 | 60,049 | 13,848 | 243,064 | ||||
| Cash and cash equivalents | ||||||||
| Cash and Banks | 81,305 | - | - | 81,305 | ||||
| Checks to be deposited | 1,555 | - | - | 1,555 | ||||
| Financial assets at fair value through profit or loss: | ||||||||
| Government bonds | - | 1,239,282 | - | 1,239,282 | ||||
| Money market funds | - | 1,657,976 | - | 1,657,976 | ||||
| Financial assets at amortized cost: | ||||||||
| Government bonds | 11,498 | - | - | 11,498 | ||||
| Total | 5,942,382 | 2,957,307 | 13,848 | 8,913,537 | ||||
| As of December 31, 2016 | ||||||||
| Assets | ||||||||
| Trade receivables | 3,901,060 | - | - | 3,901,060 | ||||
| Other receivables | 193,110 | 28,839 | 7,851 | 229,800 | ||||
| Cash and cash equivalents | ||||||||
| Cash and Banks | 194,476 | - | - | 194,476 | ||||
| Checks to be deposited | 2,625 | - | - | 2,625 | ||||
| Money market funds | - | 61,461 | - | 61,461 | ||||
| Financial assets at fair value through profit or loss: | ||||||||
| Government bonds | - | 387,279 | - | 387,279 | ||||
| Derivative financial instruments | - | 1,606,636 | - | 1,606,636 | ||||
| Financial assets at fair value | ||||||||
| Government bonds | 45,940 | - | - | 45,940 | ||||
| Total | 4,337,211 | 2,084,215 | 7,851 | 6,429,277 |
| Financial liabilities at amortized cost | Financial liabilities at fair value through profit or loss | Non-financial liabilities | Total | |||||
| As of December 31, 2017 | ||||||||
| Liabilities | ||||||||
| Trade payables | 9,436,203 | - | - | 9,436,203 | ||||
| Other payables | 331,977 | - | 6,072,646 | 6,404,623 | ||||
| Borrowings | 4,262,871 | - | - | 4,262,871 | ||||
| Total | 14,031,051 | - | 6,072,646 | 20,103,697 | ||||
| As of December 31, 2016 | ||||||||
| Liabilities | ||||||||
| Trade payables | 7,053,973 | - | - | 7,053,973 | ||||
| Other payables | 344,188 | - | 4,893,897 | 5,238,085 | ||||
| Borrowings | 2,823,283 | - | - | 2,823,283 | ||||
| Total | 10,221,444 | - | 4,893,897 | 15,115,341 |
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, 2017 | ||||||
| Interest income | 272,251 | - | 272,251 | |||
| Exchange differences | 155,157 | - | 155,157 | |||
| Bank fees and expenses | (1,215) | - | (1,215) | |||
| Changes in fair value of financial assets | - | 321,621 | 321,621 | |||
| Adjustment to present value | (292) | - | (292) | |||
| Total | 425,901 | 321,621 | 747,522 | |||
| As of December 31, 2016 | ||||||
| Interest income | 196,754 | - | 196,754 | |||
| Exchange differences | 96,701 | 3,164 | 99,865 | |||
| Bank fees and expenses | (3,217) | - | (3,217) | |||
| Changes in fair value of financial assets | - | 424,099 | 424,099 | |||
| Adjustment to present value | (263) | 3,147 | 2,884 | |||
| Total | 289,975 | 430,410 | 720,385 | |||
| As of December 31, 2015 | ||||||
| Interest income | 96,225 | - | 96,225 | |||
| Exchange differences | 14,326 | 5,745 | 20,071 | |||
| Bank fees and expenses | (20,117) | - | (20,117) | |||
| Changes in fair value of financial assets | - | 350,543 | 350,543 | |||
| Adjustment to present value | 3,984 | 1,403 | 5,387 | |||
| Total | 94,418 | 357,691 | 452,109 |
| Financial liabilities at amortized cost | Financial liabilities at fair value through profit or loss | Total | ||||
| As of December 31, 2017 | ||||||
| Interest expense | (1,540,247) | - | (1,540,247) | |||
| Other financial results | (41,274) | - | (41,274) | |||
| Exchange differences | (537,161) | - | (537,161) | |||
| Total | (2,118,682) | - | (2,118,682) | |||
| As of December 31, 2016 | ||||||
| Interest expense | (1,441,665) | - | (1,441,665) | |||
| Other financial results | (36,783) | - | (36,783) | |||
| Net gain from the repurchase of Corporate Notes | 42 | - | 42 | |||
| Exchange differences | (517,573) | - | (517,573) | |||
| Total | (1,995,979) | - | (1,995,979) | |||
| As of December 31, 2015 | ||||||
| Interest expense | (429,899) | - | (429,899) | |||
| Other financial results | (22,880) | - | (22,880) | |||
| Exchange differences | (914,844) | - | (914,844) | |||
| Total | (1,367,623) | - | (1,367,623) |
| Note | 10.2 | Credit quality of financial assets |
The credit quality of financial assets can be assessed based on external credit ratings or historical information:
| 12.31.17 | 12.31.16 | |||
| Customers with no external credit rating: | ||||
| Group 1 (i) | 5,070,859 | 3,479,399 | ||
| Group 2 (ii) | 230,087 | 121,206 | ||
| Group 3 (iii) | 377,911 | 300,455 | ||
| Total trade receivables | 5,678,857 | 3,901,060 |
(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.