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Financial results | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
Financial results | 6. Financial results
Schedule of financial result |  |  |  |
|  | Year ended December 31,
| Notes | 2023 | 2022 | 2021
Financial income |  |  |  |
Short-term investments |  | 309 | 440 | 226
Other |  | 123 | 80 | 111
Total financial income |  | 432 | 520 | 337
Financial expenses |  |  |  |
Loans and borrowings gross interest | 10(c) | (744) | (612) | (671)
Capitalized loans and borrowing costs | 10(d) | 19 | 47 | 59
Interest on REFIS |  | (148) | (152) | (54)
Interest on lease liabilities | 24 | (62) | (64) | (63)
Bond premium repurchase | 10(c) | (22) | (113) | (63)
Interest on accounts payable |  | (203) | (51) | (45)
Other |  | (299) | (234) | (412)
Total financial expenses |  | (1,459) | (1,179) | (1,249)
Other financial items, net |  |  |  |
Foreign exchange and indexation gains (losses), net |  | (1,643) | (975) | 132
Participative shareholders' debentures (i) | 22 | (179) | 659 | (716)
Financial guarantees (i) | 32(b) | - | 481 | 312
Derivative financial instruments, net | 20 | 903 | 1,154 | (23)
Reclassification of cumulative translation adjustments to the income statement | 15(a) and 16 | - | 1,608 | 4,326
Total other financial expenses |  | (919) | 2,927 | 4,031
Total |  | (1,946) | 2,268 | 3,119
(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, cash flow hedge 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 associates and joint ventures”, “22. Participative shareholders’ debentures”, “23. Loans, borrowing, cash and cash equivalents and short-term investments” and “24. Leases”.

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