Financial Risk Management (Table)

12 Months Ended

Dec. 31, 2023

Financial Risk Management [Line Items]

Summary of Maximum Exposure to Credit Risk

The carrying amount of financial assets represents the Group’s maximum credit exposure:


		2023				2022
Cash and Cash Equivalents			536,160				468,092
Financial Assets at Fair Value through Profit or Loss			104,387				1,295
Trade and Other Receivables			363,374				240,446
Derivative Financial Instrument			2,040				1,206
Other Assets			11,782				56,789
			1,017,743				767,828

Summary of External Credit Risk Rating for Group's Trade and Other Receivables at Geographical Regions

The table below discloses the external credit risk ratings for Group’s Trade and Other Receivables, based on the geographical regions in which the Trade and Other Receivables are held:


Risk rating		2023				2022
A			42,618				18,880
AA			392				—
AAA			7,319				2,213
B			24,345				11,043
BB			172,833				137,286
BBB			89,047				29,161
C			279				—
CC			11,251				—
CCC			15,290				41,863
			363,374				240,446

Summary of Group Exposure to Foreign Currency Risk

As of December 31, 2023 the Group is exposed to foreign currency risk on monetary amounts denominated in a currency other than the functional currency of the respective subsidiaries, which is mainly comprised by cash and cash equivalents, trade receivables and trade payables in the service providers in Latin America, Asia and Africa. The following table presents the top five currencies net balances:


2023						Gain/(loss)
Account		Currency		Amount		% increase		Amount		% decrease		Amount
Net balances		Mexican peso		39,825		10%		(3,983)		-10%		3,983
		Brazilian real		29,145		10%		(2,915)		-10%		2,915
		Argentine peso		12,769		10%		(1,276)		-10%		1,276
		Saudi riyal		10,966		10%		(1,097)		-10%		1,097
		South African rand		9,107		10%		(911)		-10%		911
		Total		101,813				(10,182)				10,182


2022								Gain/(loss)
Account		Currency		Amount				% increase		Amount				% decrease				Amount
Net balances		United States dollar			47,162			10%			(4,716	)		-10%					4,716
		Brazilian real			27,841			10%			(2,784	)		-10%					2,784
		Indian rupee			16,530			10%			(1,653	)		-10%					1,653
		Egyptian pound			16,243			10%			(1,624	)		-10%					1,624
		Argentine peso			12,863			10%			(1,286	)		-10%					1,286
		Total			120,639						(12,064	)			-				12,064

Summary of contractual undiscounted cash flows

Amounts disclosed reflect contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.


Contractual maturities of financial liabilities 31 December, 2023		Less than 6 months				6-12 months				Between 1 and 2 years				More than 2 years				Total contractual cash flows				Carrying amount
Non-derivatives
Trade and other payables			602,493				—				—				—				602,493				602,493
Leases liabilities			217				409				584				3,017				4,227				3,957
Total non-derivatives			602,710				409				584				3,017				606,720				606,450
Derivatives
Derivative financial instruments			948				—				—				—				948				948
Total derivatives			948				—				—				—				948				948


Contractual maturities of financial liabilities 31 December, 2022		Less than 6 months				6-12 months				Between 1 and 2 years				More than 2 years				Total contractual cash flows				Carrying amount
Non-derivatives
Trade and other payables			407,874				—				—				—				407,874				407,874
Leases liabilities			296				394				546				3,628				4,864				4,079
Total non-derivatives			408,170				394				546				3,628				412,738				411,953
Derivatives
Derivative financial instruments			544				—				—				—				544				544
Total derivatives			544				—				—				—				544				544

Summary of Net Cash

The Group monitors capital using the Net Cash/Debt. Net Cash is composed as follow:


		2023				2022
Cash and cash equivalents			536,160				468,092
Financial assets at fair value through profit or loss			102,677				1,295
Lease liabilities			(3,957	)			(4,079	)
Derivative financial instrument			(948	)			(544	)
Net cash			633,932				464,764
Cash and liquid investments			638,837				469,387
Gross debt – fixed interest rates			(4,905	)			(4,623	)
Net cash			633,932				464,764