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Financial result (Tables)

6 Months Ended

Jun. 30, 2021

Financial result

Schedule of financial result

​

​	​	​	​	​	​	​	​	​
​	​	Three-month period ended June 30,			​	Six-month period ended June 30,
​		2021		2020		2021		2020
Financial income	​	​	​	​	​	​	​	​
Short-term investments	​	41	​	28	​	68	​	80
Others	​	45	​	107	​	92	​	162
​	​	86	​	135	​	160	​	242
Financial expenses	​	​	​	​	​	​	​	​
Loans and borrowings gross interest (note 19)	​	(176)	​	(193)	​	(383)	​	(407)
Capitalized loans and borrowing costs	​	14	​	12	​	30	​	44
Participative stockholders' debentures (note 18)	​	(278)	​	(231)	​	(1,261)	​	(280)
Interest on REFIS	​	(10)	​	(12)	​	(17)	​	(37)
Interest on lease liabilities (note 19)	​	(16)	​	(17)	​	(35)	​	(35)
Financial guarantees (i)	​	401	​	(31)	​	364	​	(172)
Expenses with cash tender offer redemption (note 19)	​	—	​	—	​	(63)	​	—
Others	​	(112)	​	(113)	​	(198)	​	(223)
​	​	(177)	​	(585)	​	(1,563)	​	(1,110)
​	​	​	​	​	​	​	​	​
Other financial items, net	​	​	​	​	​	​	​	​
Net foreign exchange gains (losses)	​	(390)	​	107	​	(70)	​	(357)
Derivative financial instruments (note 16)	​	856	​	(86)	​	417	​	(1,470)
Reclassification of cumulative translation adjustment on VNC sale (note 12)	​	—	​	—	​	1,132	​	—
Indexation gains (losses), net	​	(25)	​	(56)	​	197	​	(75)
​	​	441	​	(35)	​	1,676	​	(1,902)
Total	​	350	​	(485)	​	273	​	(2,770)

(i) Refers to the fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability of default on the guaranteed loans. Further details are disclosed in note 13.

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- Definition

The disclosure of interest income and expense. [Refer: Interest income (expense)]

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