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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Measurement of financial leveraging index

​

​	​	​	​	​	​
​		12/31/2023		12/31/2022	​
Total loans, financing and debentures		60,780,290		59,106,522	​
(+) Derivative financial instruments - debt protection		657,514		—	​
(-) Marketable securities		(6,352,895)		(12,605,747)	​
(-) Cash and Cash Equivalents		(13,046,371)		(10,739,126)	​
Net debt		42,038,538		35,761,649	​
(+) Total Shareholders' Equity		112,464,644		111,028,636	​
Total Capital	​	154,503,182	​	146,790,285	​
Financial Leverage index	​	27	%	24	%

The accounting balances of financial assets and liabilities represent a reasonable approximation of fair value

​

​	​	​	​	​	​	​
​		Level		12/31/2023		12/31/2022
FINANCIAL ASSETS
Amortized cost		​		19,534,449		21,864,644
Cash and cash equivalents	​	​	​	13,046,371	​	10,739,126
Accounts Receivable, net		​		5,859,928		5,497,979
Reimbursement rights		​		—		3,341,835
Amounts Receivable, ENBPAR	​	​	​	—	​	1,264,059
Loans, financing and debentures		​		628,150		1,021,645
​	​	​	​	​	​	​
Fair value through result		​		6,726,501		13,592,609
Financial investments		2		5,925,693		12,198,191
Beneficiary parties	​	2	​	427,202	​	407,556
Derivative financial instruments		2		373,606		986,862
​	​	​	​	​	​	​
Fair value through other comprehensive income	​	​		1,104,381	​	1,761,258
Investments (Interests)	​	1		1,104,381	​	1,761,258
​	​	​	​	​	​	​
FINANCIAL LIABILITIES	​
Amortized cost	​	​		99,668,654		103,279,464
Loans, financing and debentures	​	​		54,299,620		59,106,522
Obligations of Law No. 14,182/2021	​	​	​	39,519,406	​	36,659,454
Suppliers	​	​		2,963,867		3,517,173
Compulsory loan – Agreements	​	​		896,746		—
Reimbursement obligations	​	​	​	—	​	1,912,423
Shareholders compensation	​	​		1,154,836		924,644
Leases	​	​		216,747		753,168
Concessions payable - use of public property	​	​	​	617,432	​	406,080
​	​	​	​	​	​	​
Fair value through result		​		7,138,184		—
Loans, financing and debentures	​	2	​	6,480,670	​	—
Derivative financial instruments		2		657,514		—

Schedule of analysis of non-derivative financial liabilities by maturity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	12/31/2023
​	​	Nominal payment flow
​	​	Up to 1 year		From 1 to 2 Years		From 2 to 5 Years		Over 5 Years		Total
FINANCIAL LIABILITIES (Current / Non-Current)		23,534,123		16,402,453		37,162,840		86,456,689		163,556,105
Obligations of Law No. 14,182/2021	​	2,196,092	​	2,832,052	​	11,675,962	​	64,112,911	​	80,817,017
Loans, financing and debentures		16,742,978		13,246,030		25,311,936		21,856,170		77,157,114
Suppliers	​	2,963,867	​	—	​	—	​	—	​	2,963,867
Reimbursement Obligations		8,572		—		—		—		8,572
Shareholders remuneration	​	1,522,866	​	—	​	—	​	—	​	1,522,866
Leases	​	48,482	​	75,682	​	49,138	​	66,936	​	240,238
Concessions payable UBP		51,266		248,689		125,804		420,672		846,431

​

​	​	​	​	​	​	​	​	​	​	​
​	​	12/31/2022
​	​	Nominal payment flow
​		Up to 1 year		From 1 to 2 Years		From 2 to 5 Years		Over 5 Years		Total
FINANCIAL LIABILITIES (Current / Non-Current)		19,407,655		23,277,701		22,324,186		93,128,374		158,137,917
Obligations of Law No. 14,182/2021		1,486,080		2,094,252		9,931,788		65,206,735		78,718,856
Loans, financing and debentures	​	11,305,856	​	20,906,210	​	12,091,000	​	27,503,632	​	71,806,698
Suppliers		3,517,173		—		—		—		3,517,173
Reimbursement Obligations	​	1,912,423	​	—	​	—	​	—	​	1,912,423
Shareholders remuneration	​	924,644	​	—	​	—	​	—	​	924,644
Leases		227,819		239,099		219,053		88,490		774,461
Concessions payable UBP		33,660		38,140		82,345		329,517		483,662

Schedule of derivative financial instruments

​

​	​	​	​	​	​	​	​	​
​		12/31/2023		12/31/2022		12/31/2023		12/31/2022
​	​	Asset			​	Liability
Derivative financial instruments for debt protection (38.3.4.1)		—		—		657,514		—
Derivative financial instruments - electrical power supply (38.3.4.2)		373,606		986,862		—		—
Total derivative financial instruments		373,606		986,862		657,514		—

Asset Position

​

​	​	​	​	​
​		12/31/2023		12/31/2022
​		Liability
Debt protection derivative
Swap - US$ vs CDI - Maturity 02/04/2025		220,165		—
Swap - US$ vs CDI - Maturity 02/04/2030		425,137		—
Swap - US$ vs CDI		12,212		—
​		657,514		—

​

Earnings/(loss) recognized in the results

​

​	​	​	​	​
​	​	12/31/2023	​	12/31/2022
Variation of fair value of the derivative	​	​	​	​
Swap - US$ vs CDI - Maturity 02/04/2025		(275,755)		—
Swap - US$ vs CDI - Maturity 02/04/2030		(512,050)		—
Swap - US$ vs CDI		—		—
Swap - US$ vs CDI - Maturity 08/29/2025		(15,503)		—
Swap - US$ vs CDI - Maturity 06/20/2029		(6,373)		—
​	​	​	​	​
Variation of fair value of the protected debt		​
Bonds - Maturity 02/04/2025		49,395		—
Bonds - Maturity 02/04/2030		(129,796)		—
Credit agreement		(8,610)		—
KFW - Maturity 06/20/2029		(9,689)
​	​	​	​	​
Net financial result		(908,381)		—

Risk of exchange rate appreciation:

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Assumptions adopted

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Balance on 12/31/2023

Effect on income

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Foreign

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Scenario I -

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Scenario II

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Scenario III

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​

​

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Currency

Real

Probable 2024¹

(+25%)¹

(+50%)¹

EURO

Loans, financing and debentures

(38,223)

(204,552)

(5,290)

(57,751)

(110,211)

​

Impact on the result

(38,223)

(204,552)

(5,290)

(57,751)

(110,211)

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​

​

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Impact on results in case of appreciation of exchange rates

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(5,290)

(57,751)

(110,211)

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(1) Assumptions adopted:

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12/31/2023

​

Likely

​

+25%

​

+50%

​

EURO

​

5.35

5.49

6.86

8.24

Interest rate appreciation risk

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Impact of each scenario on company results, sensitivity analysis

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Effect on income					​
​	​	​	​	Balance on	​	Scenario I -	​	Scenario II	​	Scenario III	​
​	​	​		12/31/2023		Probable 20241		(+25%)1		(+50%)1
CDI	​	Loans, financing and debentures	​	(25,004,174)	​	(2,507,919)	​	(3,134,898)	​	(3,761,878)	​
​	​	Hedges - Swap US$ vs CDI	​	(7,352,802)	​	(737,486)	​	(921,858)	​	(1,106,229)	​
​	​	Impact on the result	​	(32,356,976)	​	(3,245,405)	​	(4,056,756)	​	(4,868,107)	​
​	​	​	​	​	​	​	​	​	​	​	​
SELIC	​	Loans, financing and debentures	​	(2,492,397)	​	(230,547)	​	(288,183)	​	(345,820)	​
​	​	AIC Reimbursement	​	356,173	​	32,946	​	41,183	​	49,419	​
​	​	Impact on the result	​	(2,136,224)	​	(197,601)	​	(247,000)	​	(296,401)	​
​	​	​	​	​	​	​	​	​	​	​	​
TJLP	​	Loans, financing and debentures	​	(3,441,837)	​	(224,752)	​	(280,940)	​	(337,128)	​
​	​	Impact on the result	​	(3,441,837)	​	(224,752)	​	(280,940)	​	(337,128)	​
​	​	​	​	​	​	​	​	​	​	​	​
IGPM (General Market Price Index)	​	Leases	​	(216,747)	​	(8,735)	​	(10,919)	​	(13,102)	​
​	​	Financing and loans receivable	​	171,609	​	6,916	​	8,645	​	10,374	​
​	​	Impact on the result	​	(45,138)	​	(1,819)	​	(2,274)	​	(2,728)	​
​	​	​	​	​	​	​	​	​	​	​	​
​	​	Obligations of Law No. 14,182/2021	​	(39,519,406)	​	(1,430,602)	​	(1,788,253)	​	(2,145,904)	​
IPCA	​	Loans, financing and debentures	​	(26,335,933)	​	(953,361)	​	(1,191,701)	​	(1,430,041)	​
​	​	Right of reimbursement	​	1,929,899	​	69,862	​	87,328	​	104,794	​
​	​	Financing and loans receivable	​	8,111	​	294	​	367	​	440	​
​	​	Impact on the result	​	(63,917,329)	​	(2,313,807)	​	(2,892,259)	​	(3,470,711)	​
​	​	​	​	​	​	​	​	​	​	​	​
Impact on profit or loss in case of assessment of national indexes			​	​	​	(5,983,384)	​	(7,479,229)	​	(8,975,075)	​
​	​	​	​	​	​	​	​	​	​	​	​
(1) Assumptions adopted:			​	12/31/2023	​	Likely	​	+25%	​	+50%	​
​	​	CDI	​	13.03	%	10.03	%	12.54	%	15.05	%
​	​	SELIC	​	11.75	%	9.25	%	11.56	%	13.88	%
​	​	TJLP	​	6.55	%	6.53	%	8.16	%	9.80	%
​	​	IGPM (General Market Price Index)	​	-3.22	%	4.03	%	5.04	%	6.05	%
​	​	IPCA	​	4.41	%	3.62	%	4.53	%	5.43	%

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