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Financial risk management (Tables)
 6 Months Ended
Jun. 30, 2024
Notes and other explanatory information [abstract]  
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
         
    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
       
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
       
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

       
Guarantees given as collateral
      06.30.2024 12.31.2023
Commodity derivatives     55 18

 
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
       
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
         
   

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
   
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
     
  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
             
  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
   
  Reasonably possible scenario Remote scenario
SWAP Exchange rate (IPCA x USD) (10) (20)
     

 
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
       
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
       
  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)