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Financial results
 12 Months Ended
Dec. 31, 2022
Financial Results  
Financial results

 

6.Financial results

 

               
        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”.