4.3.16Other Financial Assets

The breakdown of the non-current portion of other financial assets is as follows:

The decrease in the non-current portion of loans to joint ventures and associates is mainly explained by the repayment of loans from Sonasing Xikomba Ltd., the entity that owns the FPSO N'Goma, to the Company following optimization of the non-recourse project loan in 2019 (see note 4.3.1 Financial Highlights).

The maximum exposure to credit risk at the reporting date is the carrying amount of the interest-bearing loans taking into account the risk of recoverability (for expected credit losses refer to note4.3.8 Net Impairment Gains/(Losses) on Financial and Contract Assets and note 4.3.29 Financial Instruments − Fair Values and Risk Management). The Company does not hold any collateral as security.

Loans to Joint Ventures and Associates

The decrease in the current portion of loans to joint ventures and associates is also linked to the repayment from joint ventures to the Company following their external refinancing.

The carrying amount of funding loans is reduced by an amount of US$168 million as of December 31, 2019 (December 31, 2018: US$168 million) due to cumulative losses in two joint ventures.

The maximum exposure to credit risk at the reporting date is the carrying amount of the loans to joint ventures and associates, taking into account the risk of recoverability. The Company does not hold any collateral as security.