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v3.25.1

Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
Schedule of effects on statement of income of derivative financial instruments |
Schedule of effects on statement of income of derivative financial instruments |  |  |
| Gains/ (losses) recognized in the statement of income
| 2024 | 2023 | 2022
Exchange rate risk |  |  |
Cross-currency Swap CDI x Dollar - Note 33.4.1 (b) | (96) | 81 | 211
Cash flow hedge on exports - Note 33.4.1 (a) | (2,992) | (3,763) | (4,871)
Interest rate risk |  |  |
Swap Pounds sterling x dollar | − | − | (297)
Swap IPCA X CDI - 33.4.1 (b) | (78) | 25 | (50)
Others | − | − | 5
Recognized in Net finance income (expense) | (3,166) | (3,657) | (5,002)
Price risk (commodity derivatives) |  |  |
Recognized in other income and expenses | 42 | 11 | (256)
Total | (3,124) | (3,646) | (5,258)
Schedule of effects on statement of comprehensive income of derivative financial instruments |
Schedule of effects on statement of comprehensive income of derivative financial instruments |  |  |
Gains/ (losses) recognized in the statement of comprehensive income
| 2024 | 2023 | 2022
Hedge accounting |  |  |
Cash flow hedge on exports - Note 33.4.1 (a) | (12,635) | 8,317 | 10,094
Deferred income taxes | 4,295 | (2,830) | (3,432)
Total | (8,340) | 5,487 | 6,662
Schedule of assets and liabilities |
Schedule of assets and liabilities |  |
| 12.31.2024 | 12.31.2023
Fair value Asset Position (Liability) |  |
Open derivatives transactions | (101) | 20
Closed derivatives transactions awaiting financial settlement | 1 | 10
Recognized in Statements of Financial Position | (100) | 30
Other assets (note 21) | 29 | 92
Other liabilities (note 21) | (129) | (62)
Schedule of statement of financial position |
Schedule of statement of financial position |  |  |  |  |  |
|  | Statement of Financial Position
|  |  |  | Fair value | Fair value hierarchy | Maturity
| Notional value | Asset Position (Liability)
| 12.31.2024 | 12.31.2023 | 12.31.2024 | 12.31.2023 |  |
Derivatives not designated for hedge accounting |  |  |  |  |  |
Exchange Risk (1) |  |  |  |  |  |
Cross-currency swap - CDI x US$ | 488 | 729 | (105) | (49) | Level 2 | 2029
Short position/Foreign currency forwards (BRL/USD) | (20) | (1) | - | − | Level 2 | 2025
Interest rate risk |  |  | - | - |  |
Swap - IPCA X CDI | R$ 3,008 | R$ 3,008 | 17 | 68 | Level 2 | 2029/2034
Price risk |  |  | − | − |  |
Future contracts - Crude oil and oil products (2) | (1,450) | (1,053) | (13) | 1 | Level 1 | 2025
Swap - Short position/Soybean oil (3) | − | (1) | − | − | Level 2 | -
Total open derivative transactions |  |  | (101) | 20 |  |
(1) Amounts in US$ and R$ are presented in million. |  |  |  |  |  |
(2) Notional value in thousands of bbl.
(3) Notional value in thousands of tons.
Schedule of guarantees given as collateral |
Schedule of guarantees given as collateral |  |  |
| Guarantees given as collateral
|  | 31.12.2024 | 12.31.2023
Commodity derivatives |  | 69 | 18
Schedule of cumulative losses in other comprehensive income (shareholders’ equity) |
Schedule of cumulative losses in other comprehensive income (shareholders’ equity) |  |  |
Cumulative losses in other comprehensive income (shareholders’ equity)
| 2024 | 2023 | 2022
Hedge accounting |  |  |
Cash flow hedge on exports - Note 33.4.1 (a) | (30,845) | (18,210) | (26,527)
Deferred income taxes | 10,485 | 6,190 | 9,020
Total | (20,360) | (12,020) | (17,507)
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 12.31.2024
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 | January 2025 to December 2034 | 65,900 | 408,073
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 | 18,993 | 104,302
Exports affecting the statement of income | (9,767) | (52,126)
Principal repayments / amortization | (8,464) | (46,114)
Foreign exchange variation | - | 86,661
Amounts designated as of December 31, 2024 | 65,900 | 408,073
Nominal value of hedging instrument (finance debt and lease liability) at December 31, 2024 | 84,690 | 524,425
Schedule of cumulative foreign exchange losses recognized |
Schedule of cumulative foreign exchange losses recognized |  |
| 2024 | 2023
Opening balance | (18,210) | (26,527)
Recognized in equity | (15,627) | 4,554
Reclassified to the statement of income | 2,992 | 3,763
Other comprehensive income (loss) | (12,635) | 8,317
Closing balance | (30,845) | (18,210)
Schedule of reclassification of cumulative foreign exchange losses recognized |
Schedule of reclassification of cumulative foreign exchange losses recognized |  |  |  |  |  |  |
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 onwards | Total
Expected realization | (5,557) | (5,697) | (5,766) | (4,497) | (3,658) | (5,670) | (30,845)
Schedule of sensitivity analysis, keeping all other variables remaining constant |
Schedule of sensitivity analysis, keeping all other variables remaining constant |  |
Financial Instruments | Reasonably possible scenario
SWAP CDI x USD |  | (10)
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 12.31.2024 | Exposure in R$ million | Probable Scenario | Reasonably possible scenario
Dollar/Real | Assets | 7,616 | 47,159 | (240) | 1,523
| Liabilities | (113,943) | (705,569) | 3,594 | (22,789)
| Exchange rate - Cross currency swap | (488) | (3,023) | 15 | (98)
| Cash flow hedge on exports | 65,900 | 408,073 | (2,078) | 13,180
| Total | (40,915) | (253,360) | 1,291 | (8,184)
Euro/Dollar | Assets | 941 | 5,824 | 10 | 188
| Liabilities | (1,552) | (9,611) | (16) | (310)
| Total | (611) | (3,787) | (6) | (122)
Pound/Dollar | Assets | 934 | 5,784 | 12 | 187
| Liabilities | (1,841) | (11,402) | (24) | (368)
| Total | (907) | (5,618) | (12) | (181)
Pound/Real | Assets | 21 | 131 | 4 | (2)
| Liabilities | (42) | (257) | 1 | (8)
| Total | (21) | (126) | 5 | (10)
Total at December 31, 2024 | (42,454) | (262,891) | 1,278 | (8,497)
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
Derivatives not designated for hedge accounting |  |  |
Crude oil and oil products - price changes | Future and forward contracts (Swap) | − | (148)
Soybean oil - price changes | Future and forward contracts (Swap) | − | -
Foreign currency - depreciation BRL x USD | Forward contracts | − | (2)
|  | − | (150)
Schedule of interest rate risk management |
Schedule of interest rate risk management |  |  |
Risk |  | Sensitivity effect on the results | Reasonably possible scenario
Finance debt |  |  |
SOFR 3M (1) |  | 93 | 120
SOFR 6M (1) |  | 90 | 106
SOFR O/N (1) |  | 140 | 195
CDI |  | 401 | 562
TR |  | 5 | 6
TJLP |  | 52 | 73
IPCA |  | 68 | 95
|  | 849 | 1,157
(1) It represents the Secured Overnight Financing Rate (note 24.4).
Schedule of credit quality of cash and cash equivalents |
Schedule of credit quality of cash and cash equivalents |  |  |  |
| Cash and cash equivalents | Marketable securities
| 12.31.2024 | 12.31.2023 | 12.31.2024 | 12.31.2023
Investment grade – global rating | 1,413 | 7,503 | 1,875 | 1,115
AA | 315 | 593 | 876 | 651
A | 1,098 | 6,890 | 999 | 464
BBB | − | 20 | − | −
Other ratings abroad | 215 | 3,251 | 1,026 | −
Investment grade - local rating (Brazil) | 1,642 | 1,966 | 1,944 | 4,113
AAA.br | 1,642 | 1,966 | 1,944 | 4,113
Other ratings in Brazil | 1 | 7 | − | −
| 3,271 | 12,727 | 4,845 | 5,228

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