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v3.24.1.u1

Risk management (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
Schedule of assets and liabilities |
Schedule of assets and liabilities |  |
| 12.31.2023 | 12.31.2022
Fair value Asset Position (Liability) |  |
Open derivatives transactions | 20 | -120
Closed derivatives transactions awaiting financial settlement | 10 | 27
Recognized in Statements of Financial Position | 30 | -93
Other assets (note 21) | 92 | 54
Other liabilities (note 21) | -62 | -147
Schedule of statement of financial position |
Schedule of statement of financial position |  |  |  |  |
|  | Statement of Financial Position
|  |  |  | Fair value |
| Notional value | Asset Position (Liability) | Maturity
| 12.31.2023 | 12.31.2022 | 12.31.2023 | 12.31.2022 |
Derivatives not designated for hedge accounting |  |  |  |  |
Future contracts - total (1) | (1,053) | 683 | 1 | (40) |
Long position/Crude oil and oil products | 2,527 | 9,058 | − | - | 2024
Short position/Crude oil and oil products | (3,580) | (8,375) | − | - | 2024
Swap (2) |  |  |  |  | −
Short position/ Soybean oil | (1) | (3) | − | − | 2024
Forward contracts (3) |  |  |  |  |
Short position/Foreign currency forwards (BRL/USD) | (1) | − | - | - | 2024
Swap (3) |  | - |  | − |
Swap - CDI X IPCA | R$ 3,008 | R$ 3,008 | 68 | (16) | 2029/2034
Foreign currency / Cross-currency Swap (3) | US$ 729 | US$ 729 | (49) | (64) | 2024/2029
Total open derivative transactions |  |  | 20 | (120) |
(1) Notional value in thousands of bbl. |  |  |  |  |
(2) Notional value in thousands of tons.
(3) Amounts in US$ and R$ are presented in million.
Schedule of the statement profit or loss |
Schedule of the statement profit or loss |  |  |
| Gains/ (losses) recognized in the statement of income
| 2023 | 2022 | 2021
Commodity derivatives |  |  |
Other commodity derivative transactions - Note 35.2.1 (a) | 11 | (256) | (79)
Recognized in Other Income and Expenses | 11 | (256) | (79)
Currency derivatives |  |  |
Swap Pounds Sterling x Dollar | − | (297) | (85)
NDF – Pounds Sterling x Dollar | − | − | 9
Swap CDI x Dollar - Note 35.2.2 (b) | 81 | 211 | (3)
Others | − | 5 | 1
| 81 | (81) | (78)
Interest rate derivatives |  |  |
Swap - CDI X IPCA | 25 | (50) | (41)
| 25 | (50) | (41)
Cash flow hedge on exports -Note 35.2.2 (a) | (3,763) | (4,871) | (4,585)
Recognized in Net finance income (expense) | (3,657) | (5,002) | (4,704)
Total open derivative transactions | (3,646) | (5,258) | (4,783)
Schedule of the statement comprehensive income |
Schedule of the statement comprehensive income |  |  |
| Gains/ (losses) recognized in other comprehensive income
| 2023 | 2022 | 2021
Cash flow hedge on exports - Note 35.2.2 (a) | 8,317 | 10,094 | 636
Schedule of guarantees given as collateral |
Schedule of guarantees given as collateral |  |  |
Guarantees given as collateral
|  | 12.31.2023 | 12.31.2022
Commodity derivatives |  | 18 | 96
Schedule of derivative financial instruments different types of market risks |
Schedule of derivative financial instruments different types of market risks |  |  |  |
Financial Instruments | Risk | Probable Scenario | Reasonably possible scenario | Remote Scenario
Derivatives not designated for hedge accounting |  |  |  |
Future and forward contracts | Crude oil and oil products - price changes | - | (18) | (37)
Future and forward contracts | Soybean oil - price changes | - | − | −
Forward contracts | Foreign currency - depreciation BRL x USD | - | - | −
|  | − | (18) | (37)
|  | − | (18) | (37)
Schedule of present value of hedging instrument notional value |
Schedule of present value of hedging instrument notional value |  |  |  |  |
|  | Present value of hedging instrument notional value at 12.31.2023
Hedging Instrument | Hedged Transactions | Nature of the Risk | Maturity Date | US$ million | R$ million
Foreign exchange gains and losses on proportion of non-derivative financial instruments cash flows | Foreign exchange gains and losses of highly probable future monthly exports revenues | Foreign Currency – Real vs U.S. Dollar Spot Rate | January 2024 to December 2033 | 65,138 | 315,350
Schedule of hedging instrument notional value |
Schedule of hedging instrument notional value |  |
Changes in the present value of hedging instrument notional value | US$ million | R$ million
Amounts designated as of December 31, 2022 | 62,119 | 324,121
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 28,945 | 144,095
Exports affecting the statement of income | (9,380) | (46,894)
Principal repayments / amortization | (16,546) | (82,733)
Foreign exchange variation | - | (23,239)
Amounts designated as of December 31, 2023 | 65,138 | 315,350
Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2023 | 84,028 | 406,807
Schedule of cumulative foreign exchange losses recognized |
Schedule of cumulative foreign exchange losses recognized |  |  |
| Exchange rate variation | Tax effect | Total
Balance at January 1, 2023 | (26,527) | 9,020 | (17,507)
Recognized in Other comprehensive income | 4,554 | (1,550) | 3,004
Reclassified to the statement of income - occurred exports | 3,763 | (1,280) | 2,483
Balance at December 31, 2023 | (18,210) | 6,190 | (12,020)
| Exchange rate variation | Tax effect | Total
Balance at January 1, 2022 | (36,621) | 12,452 | (24,169)
Recognized in Other comprehensive income | 5,223 | (1,776) | 3,447
Reclassified to the statement of income - occurred exports | 4,871 | (1,656) | 3,215
Balance at December 31, 2022 | (26,527) | 9,020 | (17,507)
Schedule of reclassification of cumulative foreign exchange losses recognized |
Schedule of reclassification of cumulative foreign exchange losses recognized |  |  |  |  |  |  |
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 to 2033 | Total
Expected realization | (7,439) | (4,145) | (3,020) | (3,714) | (2,024) | 2,132 | (18,210)
Schedule of sensitivity analysis, keeping all other variables remaining constant |
Schedule of sensitivity analysis, keeping all other variables remaining constant |  |
| Possible Result | Remote Result
SWAP Exchange rate (IPCA x USD) | (9) | (19)
Schedule of sensitivity analysis for foreign exchange risk on financial instruments |
Schedule of sensitivity analysis for foreign exchange risk on financial instruments |  |  |  |  |
Risk | Financial Instruments | Exposure at 12.31.2023 | Probable Scenario (1) | Reasonably possible scenario | Remote Scenario
Dollar/Real | Assets | 8,519 | 279 | 1,741 | 3,483
| Liabilities | (102,102) | (3,347) | (20,458) | (40,916)
| Exchange rate - Cross currency swap | (621) | (20) | (124) | (248)
| Cash flow hedge on exports | 65,136 | 2,135 | 13,027 | 26,055
| Total | (29,068) | (953) | (5,814) | (11,626)
Euro/Dollar | Assets | 1,286 | 18 | 257 | 514
| Liabilities | (2,193) | (30) | (439) | (877)
| Total | (907) | (12) | (182) | (363)
Pound/Dollar | Assets | 1,547 | 23 | 309 | 619
| Liabilities | (3,051) | (45) | (610) | (1,220)
| Total | (1,504) | (22) | (301) | (601)
Pound/Real | Assets | 1 | − | − | −
| Liabilities | (33) | (2) | (7) | (13)
| Total | (32) | (2) | (7) | (13)
Euro/Real | Assets | 5 | − | 1 | 2
| Liabilities | (15) | (1) | (3) | (6)
| Total | (10) | (1) | (2) | (4)
Peso/Dollar | Assets | 12 | (6) | (2) | (4)
| Total | 12 | (6) | (2) | (4)
Total at December 31, 2023 | (31,509) | (996) | (6,308) | (12,611)
(1) At December 31, 2023, the probable scenario was computed based on the following risks: R$ x U.S. dollar - a 3.28% depreciation of the real; peso x U.S. dollar - a 98,7% depreciation of the peso; euro x dollar: a 1.3% appreciation of the euro; pound sterling x U.S. dollar - a 1.42% appreciation of the pound sterling; real x euro: a 4.7% depreciation of the real; real x pound sterling - a 4.7% depreciation of the real. Source: Focus and Thomson Reuters.
Schedule of interest rate risk management |
Schedule of interest rate risk management |  |  |  |
Risk |  | Probable Scenario (1) | Reasonably possible scenario | Remote Scenario
LIBOR 6M |  | 16 | 19 | 22
SOFR 3M (2) |  | 97 | 125 | 153
SOFR 6M (2) |  | 133 | 158 | 182
SOFR O/N (2) |  | 131 | 183 | 235
CDI |  | 233 | 327 | 420
TR |  | 6 | 9 | 11
TJLP |  | 64 | 90 | 116
IPCA |  | 102 | 143 | 184
|  | 782 | 1,054 | 1,323
(1) The probable scenario was calculated considering the quotations of currencies and floating rates to which the debts are indexed.
(2) It represents the Secured Overnight Financing Rate. |  |  |  |
Schedule of credit quality of cash and cash equivalents |
Schedule of credit quality of cash and cash equivalents |  |  |  |
| Cash and cash equivalents | Marketable securities
| 12.31.2023 | 12.31.2022 | 12.31.2023 | 12.31.2022
AA | 593 | − | 651 | −
A | 6,890 | 3,806 | 464 | 820
BBB | 20 | 212 | − | −
BB | 3,251 | 917 | − | 205
AAA.br | 1,966 | 3,034 | 4,113 | 3,311
AA.br | − | 1 | − | 1
Other ratings | 7 | 26 | − | −
| 12,727 | 7,996 | 5,228 | 4,337
Schedule of fair value of financial assets and liabilities |
Schedule of fair value of financial assets and liabilities |  |  |  |
| Level I | Level II | Level III | Total fair value recorded
Assets |  |  |  |
Commodity derivatives | 1 | - | - | 1
Interest rate derivatives | - | 68 | - | 68
Balance at December 31, 2023 | 1 | 68 | - | 69
Balance at December 31, 2022 | − | − | − | −
Liabilities |  |  |  |
Foreign currency derivatives | - | (49) | - | (49)
Balance at December 31, 2023 | − | (49) | - | (49)
Balance at December 31, 2022 | (40) | (81) | − | (121)

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