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Note 22 - Interest-bearing Loans and Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2018
Statement Line Items [Line Items] |
Disclosure of borrowings [text block] |
22. | INTEREST-BEARING LOANS AND BORROWINGS
|  |  | 2018 |  |  |  | 2017 |
Secured bank loans |  |  | 434.7 |  |  |  | 589.3 |
Unsecured bank loans |  |  | 212.3 |  |  |  | 413.7 |
Debentures and unsecured bond issues |  |  | 104.7 |  |  |  | 102.7 |
Other unsecured loans |  |  | 99.0 |  |  |  | 101.5 |
Financial leasing |  |  | 11.4 |  |  |  | 24.7 |
Non-current liabilities |  |  | 862.1 |  |  |  | 1,231.9 |
Secured bank loans |  |  | 1,404.8 |  |  |  | 879.6 |
Unsecured bank loans |  |  | 86.6 |  |  |  | 394.3 |
Other unsecured loans |  |  | 39.2 |  |  |  | 38.4 |
Financial leasing |  |  | 30.0 |  |  |  | 8.8 |
Current liabilities |  |  | 1,560.6 |  |  |  | 1,321.1 |
Additional information regarding the exposure of the Company to the risks of interest rate and foreign currency are disclosed on Note 27 – Financial instruments and risks . At December 31, 2018 and 2017 debts presented the following interest rates:
|  |  |  | 2018 |  |  |  | 2017
Debt instruments |  |  | Average rate % |  |  |  | Current |  |  |  | Non-current |  |  |  | Average rate % |  |  |  | Current |  |  |  | Non-current |
Debt denominated in USD fixed rate |  |  | 4.40 | % |  |  | 32.4 |  |  |  | 9.9 |  |  |  | 3.83 | % |  |  | 6.4 |  |  |  | 16.5 |
Debt denominated in US dollars floating rate |  |  | 3.59 | % |  |  | 538.8 |  |  |  | 91.2 |  |  |  | 2.74 | % |  |  | 78.3 |  |  |  | 476.9 |
Debt denominated in CAD dollars floating rate |  |  | 2.43 | % |  |  | 743.9 |  |  |  | 9.3 |  |  |  | 2.00 | % |  |  | 685.9 |  |  |  | – |
Other latin american currency fixed rate |  |  | 9.96 | % |  |  | 11.5 |  |  |  | 212.1 |  |  |  | 9.27 | % |  |  | 199.1 |  |  |  | – |
Other latin american currency floating rate |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2.33 | % |  |  | – |  |  |  | 5.0 |
Denominated Reais floating rate (TJLP and TR) |  |  | 9.08 | % |  |  | 75.3 |  |  |  | 162.3 |  |  |  | 9.22 | % |  |  | 165.3 |  |  |  | 237.0 |
Reais debt - ICMS fixed rate |  |  | 5.79 | % |  |  | 37.2 |  |  |  | 91.2 |  |  |  | 5.57 | % |  |  | 38.4 |  |  |  | 91.5 |
Reais debt - fixed rate |  |  | 7.05 | % |  |  | 121.5 |  |  |  | 286.1 |  |  |  | 6.63 | % |  |  | 147.7 |  |  |  | 405.0 |
Total |  |  |  |  |  |  | 1,560.6 |  |  |  | 862.1 |  |  |  |  |  |  |  | 1,321.1 |  |  |  | 1,231.9 |
Terms and debt repayment schedule – December 31, 2018
|  |  | Total |  |  |  | Less than 1 year |  |  |  | 1-2 years |  |  |  | 2-3 years |  |  |  | 3-5 years |  |  |  | More than 5 years |
Secured bank loans |  |  | 1,839.5 |  |  |  | 1,404.9 |  |  |  | 156.8 |  |  |  | 54.9 |  |  |  | 101.7 |  |  |  | 121.2 |
Unsecured bank loans |  |  | 298.9 |  |  |  | 86.6 |  |  |  | 0.1 |  |  |  | 212.2 |  |  |  | – |  |  |  | – |
Debentures and unsecured bond issues |  |  | 104.7 |  |  |  | – |  |  |  | – |  |  |  | 104.7 |  |  |  | – |  |  |  | – |
Unsecured other loans |  |  | 138.2 |  |  |  | 39.1 |  |  |  | 38.0 |  |  |  | 22.7 |  |  |  | 16.0 |  |  |  | 22.4 |
Finance lease liabilities |  |  | 41.4 |  |  |  | 30.0 |  |  |  | 4.9 |  |  |  | 2.9 |  |  |  | 3.6 |  |  |  | – |
|  |  | 2,422.7 |  |  |  | 1,560.6 |  |  |  | 199.8 |  |  |  | 397.4 |  |  |  | 121.3 |  |  |  | 143.6 |
Terms and debt repayment schedule – December 31, 2017
|  |  | Total |  |  |  | Less than 1 year |  |  |  | 1-2 years |  |  |  | 2-3 years |  |  |  | 3-5 years |  |  |  | More than 5 years |
Secured bank loans |  |  | 1,468.9 |  |  |  | 879.6 |  |  |  | 253.6 |  |  |  | 57.7 |  |  |  | 109.4 |  |  |  | 168.6 |
Unsecured bank loans |  |  | 808.0 |  |  |  | 394.3 |  |  |  | 413.7 |  |  |  | – |  |  |  | – |  |  |  | – |
Debentures and unsecured bond issues |  |  | 102.7 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 102.7 |  |  |  | – |
Unsecured other loans |  |  | 139.9 |  |  |  | 38.4 |  |  |  | 32.0 |  |  |  | 24.7 |  |  |  | 11.6 |  |  |  | 33.2 |
Finance lease liabilities |  |  | 33.5 |  |  |  | 8.8 |  |  |  | 24.7 |  |  |  | – |  |  |  | – |  |  |  | – |
|  |  | 2,553.0 |  |  |  | 1,321.1 |  |  |  | 724.0 |  |  |  | 82.4 |  |  |  | 223.7 |  |  |  | 201.8 |
Reconciliation of liabilities arising from financing activities The table below details changes in the Company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the company’s consolidated statement of cash flows from financing activities.
|  |  | Current liabilities |  |  |  | Non-current liabilities |
December 31, 2017 |  |  | 1,321.1 |  |  |  | 1,231.9 |
Proceeds |  |  | 7.4 |  |  |  | 2,348.1 |
Payments |  |  | (2,505.0 | ) |  |  | (6.7 | )
Foreign exchange |  |  | 115.9 |  |  |  | 74.1 |
Transfer between current and non-current |  |  | 2,627.9 |  |  |  | (2,628.1 | )
Other movements |  |  | (6.7 | ) |  |  | (157.2 | )
December 31, 2018 |  |  | 1,560.6 |  |  |  | 862.1 |
Contractual clauses (covenants) As at December 31, 2018, the Company's loans had equal rights to payment without subordination clauses. Except for the credit lines due to FINAME contracted by the Company with Banco Nacional de Desenvolvimento Econômico e Social – BNDES (“BNDES”), where collateral were provided on assets acquired with the credit granted which serve as collateral; other loans and financing contracted by the Company predict only guarantees as personal collateral or are unsecured. The most loan contracts contain financial covenants including: • financial covenants, including limitation on new indebtedness; • going-concern; • maintenance, in use or in good condition for the business, of the Company 's assets; • restrictions on acquisitions, mergers, sale or disposal of its assets; • disclosure of financial statements and balance sheet; and/or • no prohibition related to new real guarantees for loans contracted, except if: (i) expressly authorized under the aforementioned loan agreement, (ii) new loans contracted from financial institutions linked to the Brazilian government - including the BNDES or foreign governments; - or foreign governments, multilateral financial institutions (e.g. World Bank) or located in jurisdictions in which the Company operates; These clauses apply to the extent that the events mentioned produce material adverse effects on the Company and / or its subsidiaries or the rights of its creditors, and, in the event of any of the events provided in the clauses , it may have been granted to the Company a grace period to cure such default. Additionally, all agreements entered into with the BNDES are subject to certain “provisions applicable to agreements entered into with the BNDES” (“Provisions”). Such Provisions require the borrower, to obtain prior consent of BNDES if they, for instance, wish to: (i) raise new loans (except for loans described in the Provisions); (ii) give preference and/or priority to other debts; and/or (iii) dispose of or encumber any item of their fixed assets (except as provided for in the Provisions). As at December 31, 2018, the Company was in compliance with all its contractual obligations for its loans and financings.

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