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Financial risk management (Tables) | 6 Months Ended
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Jun. 30, 2024
Notes and other explanatory information [abstract] |
Schedule of assets and liabilities |
Schedule of assets and liabilities |  |
| 06.30.2024 | 12.31.2023
Fair value Asset Position (Liability) |  |
Open derivatives transactions | (79) | 20
Closed derivatives transactions awaiting financial settlement | 6 | 10
Recognized in Statements of Financial Position | (73) | 30
Other assets (note 16) | 76 | 92
Other liabilities (note 16) | (149) | (62)
Schedule of statement financial position |
Schedule of statement financial position |  |  |  |  |
|  | Statement of Financial Position
|  |  |  | Fair value |
| Notional value | Asset Position (Liability) | Maturity
| 06.30.2024 | 12.31.2023 | 06.30.2024 | 12.31.2023 |
Derivatives not designated for hedge accounting |  |  |  |  |
Future contracts - total (1) | 5,121 | (1,053) | 3 | 1 |
Long position/Crude oil and oil products | 14,423 | 2,527 | − | - | 2024
Short position/Crude oil and oil products | (9,302) | (3,580) | − | - | 2024
Swap (2) |  |  |  |  | −
Long position/ Soybean oil | 4 | − | - | − | 2024
Short position/ Soybean oil | - | (1) | - | − | 2024
Forward contracts (3) |  |  |  |  |
Short position/Foreign currency forwards (BRL/USD) | (15) | (1) | − | - | 2024
Swap (3) |  |  |  | − |
Swap - CDI X IPCA | R$ 3,008 | R$ 3,008 | 42 | 68 | 2029/2034
Foreign currency / Cross-currency Swap (3) | US$ 729 | US$ 729 | (124) | (49) | 2024/2029
Total open derivative transactions |  |  | (79) | 20 |
(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 statement profit loss |
Schedule of statement profit loss |  |  |  |
Gains/ (losses) recognized in the statement of income
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Commodity derivatives |  |  |  |
Other commodity derivative transactions - Note 27.2.1 (a) | 24 | 69 | 19 | (10)
Recognized in Other Income and Expenses | 24 | 69 | 19 | (10)
Currency derivatives |  |  |  |
Swap CDI x Dollar - Note 27.2.2 (b) | (62) | 78 | (61) | 62
Others | − | − | − | 1
| (62) | 78 | (61) | 63
Interest rate derivatives |  |  |  |
Swap - CDI X IPCA | (41) | 47 | (21) | 40
| (41) | 47 | (21) | 40
Cash flow hedge on exports -Note 27.2.2 (a) | (1,297) | (2,232) | (600) | (1,078)
Recognized in Net finance income (expense) | (1,400) | (2,107) | (682) | (975)
Total open derivative transactions | (1,376) | (2,038) | (663) | (985)
Schedule of guarantees collateral |
Schedule of statement comprehensive income |  |  |  |
Gains/ (losses) recognized in other comprehensive income
| Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Cash flow hedge on exports - Note 27.2.2 (a) | (7,352) | 7,104 | (6,027) | 4,482
Collateral
Schedule of guarantees collateral |  |  |  |
Guarantees given as collateral
|  |  | 06.30.2024 | 12.31.2023
Commodity derivatives |  |  | 55 | 18
Schedule of guarantees collateral |
Schedule of guarantees collateral |  |  |  |
Guarantees given as collateral
|  |  | 06.30.2024 | 12.31.2023
Commodity derivatives |  |  | 55 | 18
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 | - | (61) | (122)
Future and forward contracts | Soybean oil - price changes | - | (1) | (2)
Option | Soybean oil | - | - | -
Forward contracts | Foreign currency - depreciation BRL x USD | - | (3) | (4)
|  | − | (65) | (128)
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 06.30.2024
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 | July 2024 to June 2034 | 62,660 | 348,322
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, 2023 | 65,138 | 315,350
Additional hedging relationships designated, designations revoked and hedging instruments re-designated | 7,159 | 36,488
Exports affecting the statement of income | (5,362) | (27,001)
Principal repayments / amortization | (4,275) | (21,881)
Foreign exchange variation | - | 45,366
Amounts designated as of June 30, 2024 | 62,660 | 348,322
Nominal value of hedging instrument (finance debt and lease liability) at June 30, 2024 | 80,571 | 447,888
Schedule of cumulative foreign exchange losses recognized |
Schedule of cumulative foreign exchange losses recognized |  |  |
| Exchange rate variation | Tax effect | Total
Balance at December 31, 2023 | (18,210) | 6,190 | (12,020)
Recognized in Other comprehensive income | (8,649) | 2,941 | (5,708)
Reclassified to the statement of income - occurred exports | 1,297 | (442) | 855
Balance at June 30, 2024 | (25,562) | 8,689 | (16,873)
| Exchange rate variation | Tax effect | Total
Balance at December 31, 2022 | (26,527) | 9,020 | (17,507)
Recognized in Other comprehensive income | 4,872 | (1,657) | 3,215
Reclassified to the statement of income - occurred exports | 2,232 | (760) | 1,472
Balance at June 30, 2023 | (19,423) | 6,603 | (12,820)
Schedule of reclassification of cumulative foreign exchange losses recognized |
Schedule of reclassification of cumulative foreign exchange losses recognized |  |  |  |  |  |  |
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | Total
Expected realization | (3,459) | (4,743) | (4,392) | (4,634) | (3,360) | (4,974) | (25,562)
Schedule of sensitivity analysis, keeping all other variables remaining constant |
Schedule of sensitivity analysis, keeping all other variables remaining constant |  |
| Reasonably possible scenario | Remote scenario
SWAP Exchange rate (IPCA x USD) | (10) | (20)
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 06.30.2024 | Probable Scenario (1) | Reasonably possible scenario | Remote Scenario
Dollar/Real | Assets | 11,548 | (829) | 2,310 | 4,619
| Liabilities | (107,587) | 7,720 | (21,517) | (43,034)
| Exchange rate - Cross currency swap | (541) | 39 | (108) | (216)
| Cash flow hedge on exports | 62,660 | (4,496) | 12,532 | 25,064
| Total | (33,920) | 2,434 | (6,783) | (13,567)
Euro/Dollar | Assets | 1,489 | 37 | 298 | 595
| Liabilities | (2,063) | (52) | (412) | (825)
| Total | (574) | (15) | (114) | (230)
Pound/Dollar | Assets | 1,555 | 30 | 311 | 622
| Liabilities | (3,060) | (59) | (612) | (1,224)
| Total | (1,505) | (29) | (301) | (602)
Pound/Real | Assets | 1 | − | − | −
| Liabilities | (36) | 2 | (7) | (14)
| Total | (35) | 2 | (7) | (14)
Euro/Real | Assets | 4 | − | 1 | 2
| Liabilities | (17) | 1 | (3) | (7)
| Total | (13) | 1 | (2) | (5)
Peso/Dollar | Assets | 15 | (5) | (2) | (4)
| Total | 15 | (5) | (2) | (4)
Total at June 30, 2024 | (36,032) | 2,388 | (7,209) | (14,422)
(1) | At June 30, 2024, the probable scenario was computed based on the following risks: R$ x U.S. dollar - a 7.18% appreciation of the real; peso x U.S. dollar - a 60.7% depreciation of the peso; euro x dollar: a 2.7% appreciation of the euro; pound sterling x U.S. dollar - a 2.07% appreciation of the pound sterling; real x euro: a 4.7% depreciation of the real; real x pound sterling - a 5.3% 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 |  | 4 | 5 | 5
SOFR 3M (2) |  | 109 | 141 | 173
SOFR 6M (2) |  | 106 | 126 | 146
SOFR O/N (2) |  | 251 | 351 | 452
CDI |  | 208 | 291 | 374
TR |  | 5 | 7 | 9
TJLP |  | 55 | 77 | 99
IPCA |  | 94 | 132 | 170
|  | 832 | 1,130 | 1,428
(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 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 | 3 | - | - | 3
Interest rate derivatives | - | 42 | - | 42
Balance at June 30, 2024 | 3 | 42 | - | 45
Balance at December 31, 2023 | 1 | 68 | − | 69
Liabilities |  |  |  |
Foreign currency derivatives | - | (124) | - | (124)
Balance at June 30, 2024 | − | (124) | - | (124)
Balance at December 31, 2023 | − | (49) | − | (49)

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