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Financial results | 12 Months Ended
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Dec. 31, 2022
Financial Results |
Financial results |
| 6. | Financial results
Schedule of financial result |  |  |  |  |  |  |  |
|  |  |  | Year ended December 31,
|  | Notes |  | 2022 |  | 2021 |  | 2020
Financial income |  |  |  |  |  |  |  |
Short term investments |  |  |  | 440 |  | 226 |  | 129
Other |  |  |  | 80 |  | 111 |  | 178
Total financial income |  |  |  | 520 |  | 337 |  | 307
Financial expenses |  |  |  |  |  |  |  |
Loans and borrowings gross interest |  | 23 |  | (612) |  | (671) |  | (742)
Capitalized loans and borrowing costs |  |  |  | 47 |  | 59 |  | 70
Interest on REFIS |  |  |  | (152) |  | (54) |  | (55)
Interest on lease liabilities |  | 23 |  | (64) |  | (63) |  | (65)
Bond premium repurchase |  | 10 |  | (113) |  | (63) |  | -
Other |  |  |  | (285) |  | (457) |  | (366)
Total financial expenses |  |  |  | (1,179) |  | (1,249) |  | (1,158)
Other financial items, net |  |  |  |  |  |  |  |
Net foreign exchange gains (losses) |  |  |  | (398) |  | 408 |  | (549)
Participative shareholders' debentures (i) |  | 22 |  | 659 |  | (716) |  | (1,565)
Financial guarantees (i) |  | 32(b) |  | 481 |  | 312 |  | (468)
Derivative financial instruments |  | 20 |  | 1,154 |  | (23) |  | (1,210)
Reclassification of cumulative translation adjustments to the income statement |  | 15 and 16 |  | 1,608 |  | 4,326 |  | -
Indexation losses, net |  |  |  | (577) |  | (276) |  | (170)
Other financial items |  |  |  | 2,927 |  | 4,031 |  | (3,962)
Total |  |  |  | 2,268 |  | 3,119 |  | (4,813)
(i) | Items reclassified in comparative to maintain consistency of disclosure.
Accounting policy Transactions in foreign currencies are translated into the functional currency using the exchange rate effective on the date of the transaction. The foreign exchange gains and losses resulting from the translation at the exchange rates prevailing at the end of the year are recognized in the income statement as “financial income or expense”. The exceptions are transactions related to qualifying net investment hedges or items that are attributable to the net investment in a foreign operation, for which gains, and losses are recognized as a component of other comprehensive income. The accounting policies related to the other items of the financial result are shown in the notes, “15. Investments in subsidiaries, associates, and joint ventures”, “22. Participative shareholders’ debentures” and “23. Loans, borrowing, leases, cash and cash equivalents and short-term investments”.

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