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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 12 Months Ended
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Dec. 31, 2024
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | NOTE 38 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT 38.1- Capital risk management ​ The Company monitors capital based on the financial leverage ratio. This index corresponds to the net debt divided by the total capital. Financial leverage, in turn, corresponds to the total of loans, financing and short-and long-term debentures (see note 22), subtracted from the amount of cash and cash equivalents and securities - TVM (without considering restricted cash): see notes 6 and 8. Total capital is determined by adding net equity, as demonstrated in the consolidated balance sheet, to the net debt. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 12/31/2023 |
​ |  | 12/31/2024 |  | Reclassified | ​
Total loans, financing and debentures |  | 75,620,574 |  | 59,460,369 | ​
(+) Derivative financial instruments - debt protection |  | (974,381) |  | 657,514 | ​
(-) Marketable securities |  | (9,385,179) |  | (6,352,895) | ​
(-) Cash and cash equivalents |  | (26,572,522) |  | (13,046,371) | ​
Net debt |  | 38,688,492 |  | 40,718,617 | ​
(+) Total shareholders’ equity |  | 121,999,776 |  | 112,464,644 | ​
Total capital | ​ | 160,688,268 | ​ | 153,183,261 | ​
Financial leverage index | ​ | 24 | ​ | 27 | ​
​ ​ 38.2 - Classification of financial instruments by category The carrying amounts of financial assets and liabilities represent a reasonable approximation of fair value. The Company uses the following classification for its financial instruments and their respective levels of fair value: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 12/31/2023
​ |  | Level |  | 12/31/2024 |  | Reclassified
FINANCIAL ASSETS |  |  |  |  |  |
Amortized cost |  | ​ |  | 39,017,827 |  | 24,673,081
Cash and cash equivalents | ​ | ​ | ​ | 26,572,522 | ​ | 13,046,371
Accounts receivable, net |  | ​ |  | 6,513,888 |  | 5,859,928
Restricted cash | ​ | ​ | ​ | 3,679,483 | ​ | 2,772,947
Reimbursement rights |  | ​ |  | 1,613,335 |  | 2,365,685
Loans, financing and debentures |  | ​ |  | 638,599 |  | 628,150
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through result |  | ​ |  | 11,537,109 |  | 6,726,501
Financial investments |  | 2 |  | 8,967,937 |  | 5,925,693
Beneficiary parties | ​ | 2 | ​ | 417,242 | ​ | 427,202
Derivative financial instruments |  | 2 |  | 2,151,930 |  | 373,606
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through other comprehensive income | ​ | ​ |  | 946,059 | ​ | 1,104,381
Investments (Interests) | ​ | 1 |  | 861,234 | ​ | 1,104,381
Derivative financial instruments | ​ | 2 | ​ | 84,825 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
FINANCIAL LIABILITIES | ​ |  |  |  |  |
Amortized cost | ​ | ​ |  | 109,460,695 |  | 100,988,575
Loans, financing and debentures | ​ | ​ |  | 59,297,533 |  | 54,299,620
Obligations of Law No. 14,182/2021 | ​ | ​ | ​ | 42,022,123 | ​ | 39,519,406
Suppliers | ​ | ​ |  | 2,764,288 |  | 2,963,867
Compulsory loan – Agreements | ​ | ​ |  | 1,105,534 |  | 896,746
RGR Returns | ​ | ​ | ​ | 932,250 | ​ | 1,319,921
Reimbursement obligations | ​ | ​ | ​ | 70,803 | ​ | —
Shareholders compensation | ​ | ​ |  | 2,490,668 |  | 1,154,836
Leases | ​ | ​ |  | 182,583 |  | 216,747
Concessions payable - use of public property | ​ | ​ | ​ | 594,913 | ​ | 617,432
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value through result |  | ​ |  | 17,500,976 |  | 7,138,184
Loans, financing and debentures | ​ | 2 | ​ | 16,323,041 | ​ | 6,480,670
Derivative financial instruments |  | 2 |  | 1,177,935 |  | 657,514
​ The financial assets and liabilities recorded at fair value are classified and disclosed in accordance with the following levels: ​ Level 1 - quoted prices (not adjusted) in active, liquid and visible markets for identical assets and liabilities that are accessible on the measurement date; ​ Level 2 - quoted prices (which may or may not be adjusted) for similar assets or liabilities in active markets, other unobservable inputs at level 1, directly or indirectly, under the terms of the asset or liability; and ​ Level 3 - assets and liabilities whose prices do not exist or where these prices or valuation techniques are supported by a small or non-existent, unobservable or liquid market. At this level, the estimate of fair value becomes highly subjective. ​ 38.3 - Financial risk management ​ In carrying out its activities, the Company is impacted by risk events that may compromise its strategic objectives. Risk management has aims to anticipate and minimize the adverse effects of such events on the Company’s business and economic-financial results. For the management of financial risks, the Company has defined operational and financial policies and strategies, approved by internal committees and by management, which aim to provide liquidity, security and profitability to its assets and maintain the levels of indebtedness and debt profile defined for the flows economic-financial aspects. ​ The sensitivity analyzes below were prepared with the objective of measuring the impact of changes in market variables on each of the Company’s financial instruments. These are, therefore, projections based on assessments of macroeconomic scenarios, which does not mean that the transactions will have the values presented in the analysis period considered. ​ The main financial risks identified in the risk management process are: ​ 38.3.1 - Interest rate risk a)National indexes Interest rate appreciation risk ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Effect on result
​ | ​ | ​ | ​ | Balance on | ​ | Scenario I - | ​ | Scenario II | ​ | Scenario III
​ | ​ | ​ |  | 12/31/2024 |  | Probable 20251 |  | (+25%)1 |  | (+50%)1
CDI | ​ | Loans, financing and debentures | ​ | (44,428,113) | ​ | (6,619,789) | ​ | (8,276,957) | ​ | (9,929,683)
​ | ​ | Financing and loans receivable | ​ | 450,000 | ​ | 67,050 | ​ | 83,835 | ​ | 100,575
​ | ​ | Impact on the result | ​ | (43,978,113) | ​ | (6,552,739) | ​ | (8,193,122) | ​ | (9,829,108)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SELIC | ​ | Loans, financing and debentures | ​ | (114,955) | ​ | (17,243) | ​ | (21,554) | ​ | (25,865)
​ | ​ | AIC Reimbursement | ​ | 112,816 | ​ | 16,922 | ​ | 21,153 | ​ | 25,384
​ | ​ | Impact on the result | ​ | (2,139) | ​ | (321) | ​ | (401) | ​ | (481)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TJLP | ​ | Loans, financing and debentures | ​ | (2,873,003) | ​ | (251,100) | ​ | (314,019) | ​ | (376,651)
​ | ​ | Impact on the result | ​ | (2,873,003) | ​ | (251,100) | ​ | (314,019) | ​ | (376,651)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IGPM (General Market Price Index) | ​ | Leases | ​ | (182,583) | ​ | (8,618) | ​ | (10,772) | ​ | (12,927)
​ | ​ | Impact on the result | ​ | (182,583) | ​ | (8,618) | ​ | (10,772) | ​ | (12,927)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Obligations of Law No. 14,182/2021 | ​ | (42,022,123) | ​ | (2,252,386) | ​ | (2,815,482) | ​ | (3,378,579)
IPCA | ​ | Loans, financing and debentures | ​ | (26,215,920) | ​ | (1,405,173) | ​ | (1,756,467) | ​ | (2,107,760)
​ | ​ | Right of reimbursement | ​ | 1,500,519 | ​ | 80,428 | ​ | 100,535 | ​ | 120,642
​ | ​ | Financing and loans receivable | ​ | 502,585 | ​ | 26,939 | ​ | 33,673 | ​ | 40,408
​ | ​ | Impact on the result | ​ | (66,234,939) | ​ | (3,550,192) | ​ | (4,437,741) | ​ | (5,325,289)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impact on profit or loss in case of assessment of national indexes | ​ | ​ | ​ | (10,362,970) | ​ | (12,956,055) | ​ | (15,544,456)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (1) Assumptions adopted: | ​ | 12/31/2024 | ​ | Likely | ​ | +25% | ​ | +50%
​ | ​ | CDI | ​ | 12.15 | ​ | 14.90 | ​ | 18.63 | ​ | 22.35
​ | ​ | SELIC | ​ | 12.25 | ​ | 15.00 | ​ | 18.75 | ​ | 22.50
​ | ​ | TJLP | ​ | 7.43 | ​ | 8.74 | ​ | 10.93 | ​ | 13.11
​ | ​ | IGPM (General Market Price Index) | ​ | 6.54 | ​ | 4.72 | ​ | 5.90 | ​ | 7.08
​ | ​ | IPCA | ​ | 4.89 | ​ | 5.36 | ​ | 6.70 | ​ | 8.04
​ ​ 38.3.2 - Liquidity risk ​ The table below analyzes, in nominal values, the non-derivative financial liabilities of the Company, by maturity range, for the period remaining on the balance sheet until the final contractual date. Contractual maturity is based on the most recent date the Company must settle obligations and includes the corresponding related contract interest, if any. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2024
​ | ​ | 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) |  | 22,599,741 |  | 22,968,512 |  | 41,394,062 |  | 97,366,345 |  | 184,328,660
Obligations of Law No. 14,182/2021 | ​ | 2,953,184 | ​ | 3,439,353 | ​ | 12,906,745 | ​ | 62,908,147 | ​ | 82,207,429
Loans, financing and debentures |  | 13,769,529 |  | 18,913,993 |  | 28,317,110 |  | 34,133,371 |  | 95,134,002
Suppliers | ​ | 2,756,329 | ​ | 7,959 | ​ | — | ​ | — | ​ | 2,764,288
RGR Returns |  | 492,276 |  | 439,974 |  | — |  | — |  | 932,250
Reimbursement Obligations | ​ | 55,517 | ​ | 15,286 | ​ | — | ​ | — | ​ | 70,803
Shareholders remuneration | ​ | 2,490,668 | ​ | — | ​ | — | ​ | — | ​ | 2,490,668
Leases |  | 31,192 |  | 20,183 |  | 29,536 |  | 41,971 |  | 122,882
Concessions payable UBP |  | 51,046 |  | 131,764 |  | 140,671 |  | 282,856 |  | 606,337
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | 16,303,004 | ​ | 12,806,056 | ​ | 24,871,962 | ​ | 21,856,170 | ​ | 75,837,192
Suppliers |  | 2,963,867 |  | — |  | — |  | — |  | 2,963,867
RGR Returns | ​ | 439,974 | ​ | 439,974 | ​ | 439,974 | ​ | — | ​ | 1,319,922
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
​ ​ 38.3.3 - Derivative financial instruments 38.3.3.1. Derivative financial instruments for debt protection and firm commitments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
​ | ​ | Maturity |  | Notional value |  | Assets | ​ | Liability
Debt protection derivative |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  |
Swap - US$ vs CDI |  | 1/8/2025 | ​ | 493,000 | ​ | 118,733 | ​ | — | ​ | — |  | —
Swap - US$ vs CDI |  | 2/4/2025 | ​ | 2,535,300 | ​ | 500,998 | ​ | — | ​ | — |  | 220,165
Swap - US$ vs CDI |  | 8/29/2025 | ​ | 219,150 | ​ | 54,290 | ​ | — | ​ | — |  | 8,611
Swap - US$ vs CDI |  | 12/9/2025 | ​ | 500,000 | ​ | 13,170 | ​ | — | ​ | — |  | —
Swap - EUR vs CDI | ​ | 12/23/2025 | ​ | 500,000 | ​ | 5,245 | ​ | — | ​ | — | ​ | —
Swap - US$ vs CDI | ​ | 6/20/2029 | ​ | 232,873 | ​ | 47,415 | ​ | — | ​ | 7,603 | ​ | 3,601
Swap - US$ vs CDI | ​ | 2/4/2030 | ​ | 3,782,873 | ​ | 715,544 | ​ | — | ​ | 235,194 | ​ | 425,137
Swap - IPCA vs CDI | ​ | 9/15/2034 | ​ | 1,630,000 | ​ | — | ​ | — | ​ | 89,867 | ​ | —
Swap - US$ vs CDI | ​ | 12/4/2034 | ​ | 2,378,400 | ​ | 266,397 | ​ | — | ​ | 185,005 | ​ | —
Swap - US$ vs CDI | ​ | 1/11/2035 | ​ | 4,229,025 | ​ | 287,736 | ​ | — | ​ | 316,342 | ​ | —
Swap - IPCA vs CDI | ​ | 6/15/2031 | ​ | 4,900,000 | ​ | 142,788 | ​ | — | ​ | 343,924 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 2,152,316 | ​ | — | ​ | 1,177,935 | ​ | 657,514
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term commitment derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NDF US$ | ​ | 4/30/2025 | ​ | 67,113 | ​ | 224 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 12/2/2025 | ​ | 1,342 | ​ | 274 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 8/3/2026 | ​ | 156,583 | ​ | 30,129 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 9/1/2026 | ​ | 60,175 | ​ | 11,780 | ​ | — | ​ | — | ​ | —
NDF US$ and primary aluminum | ​ | 9/2/2026 | ​ | 210,668 | ​ | 42,032 | ​ | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 84,439 | ​ | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 2,236,755 | ​ | — | ​ | 1,177,935 | ​ | 657,514
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 12/31/2024 |  | 12/31/2023
Variation of fair value of the derivative | ​ | ​ | ​ | ​ | ​ | ​
Swap - US$ vs CDI |  | 1/8/2025 |  | 109,356 |  | —
Swap - US$ vs CDI |  | 4/2/2025 |  | 560,392 |  | (275,755)
Swap - US$ vs CDI |  | 8/29/2025 |  | 52,930 |  | (8,610)
Swap - US$ vs CDI |  | 12/9/2025 |  | 13,170 |  | —
Swap - EUR vs CDI | ​ | 12/23/2025 | ​ | 5,245 | ​ | —
Swap - US$ vs CDI | ​ | 18/06/2026 | ​ | 68,485 | ​ | —
Swap - US$ vs CDI | ​ | 6/20/2029 | ​ | 41,141 | ​ | (6,373)
Swap - US$ vs CDI | ​ | 2/4/2030 | ​ | 634,410 | ​ | (512,050)
Swap - IPCA vs CDI | ​ | 6/15/2031 | ​ | (296,800) | ​ | —
Swap - IPCA vs CDI | ​ | 9/15/2034 | ​ | (89,867) | ​ | —
Swap - US$ vs CDI | ​ | 12/4/2034 | ​ | 81,392 | ​ | —
Swap - US$ vs CDI | ​ | 1/11/2035 | ​ | (28,606) | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Variation of fair value of the protected debt |  | ​ |  | ​ |  | ​
Bonds | ​ | 2/4/2025 | ​ | (765,876) | ​ | 49,395
Bonds |  | 2/4/2030 |  | (1,068,243) |  | (129,796)
Bonds |  | 1/11/2035 |  | (95,074) |  | —
Credit agreement |  | 1/8/2025 |  | (165,382) |  | —
Credit agreement |  | 8/29/2025 |  | (68,059) |  | (15,503)
Credit agreement |  | 12/9/2025 |  | (17,497) |  | —
Credit agreement | ​ | 6/18/2026 | ​ | (257,569) | ​ | —
CGT ESUL EURO | ​ | 12/23/2025 | ​ | (7,838) | ​ | —
KFW | ​ | 6/20/2029 | ​ | (59,203) | ​ | (9,689)
Debentures | ​ | 6/15/2031 | ​ | (53,596) | ​ | —
Debentures | ​ | 9/15/2034 | ​ | 46,824 | ​ | —
SPA (SACE) | ​ | 12/4/2034 | ​ | (206,217) | ​ | —
Net financial result |  | ​ |  | (1,566,482) |  | (908,381)
​ Earnings/(loss) recognized in the result ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Balance on January 1 | ​ | (6,757,343) | ​ | —
Designation of protected debt |  | (18,630,425) |  | (6,802,523)
Fair value assessment - result |  | (2,717,730) |  | (105,593)
Amortizations |  | 4,847,986 |  | 150,773
Balance as of December 31st |  | (23,257,512) |  | (6,757,343)
​ Derivatives Changes – Hedge ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Balance on January 1 | ​ | (283,908) | ​ | 986,862
Fair value assessment - result |  | 1,151,248 |  | (1,416,044)
Fair value assessment - OCI |  | 84,825 |  | —
Amortizations |  | 106,655 |  | 145,274
Balance as of December 31st |  | 1,058,820 |  | (283,908)
​ | ​ | ​ | ​ | ​
Assets |  | 2,236,755 |  | 373,606
Liabilities |  | 1,177,935 |  | 657,514
​ ​ Accounting Policy ​ Recognition and measurement: ​ Financial assets and liabilities are initially recognized at fair value and subsequently measured at amortized cost or fair value, following the rules of IFRS 9. ​ Transaction costs directly attributable to the acquisition or issuance of financial assets and liabilities are added to or deducted from the fair value of the financial assets or liabilities, if applicable, after initial recognition. ​ Financial assets ​ The Company’s financial assets are initially recognized at fair value and subsequently measured in their entirety at amortized cost or fair value, depending on the classification of the financial assets. ​ a) A financial asset is measured at amortized cost if it meets both of the following conditions: ​
| ● | It is held within a business model whose objective is to hold financial assets to receive contractual cash flows; and
| ● | Its contractual terms generate, on specific dates, cash flows that are related only to the payment of principal and interest on the outstanding principal amount.
b) A financial asset is measured at Fair Value through Other Comprehensive Income – FVOCI if it meets both of the following conditions: ​
| ● | It is maintained within a business model whose objective is achieved both by the receipt of contractual cash flows and by the sale of financial assets; and
| ● | Its contractual terms generate, on specific dates, cash flows that are related only to the payment of principal and interest on the outstanding principal amount.
​ Upon initial recognition of an investment in an equity instrument that is not held for trading, the Company may irrevocably choose to present subsequent changes in the fair value of the investment in Other Comprehensive Income (OCI). The Company chooses to record the change in the fair value of its equity instruments, when it does not have control, shared control and significant influence, in Other Comprehensive Income (OCI). ​ c) Financial assets not classified as measured at amortized cost or FVOCI, as described above, are classified as measured at fair value through profit or loss. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or FVOCI as FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. ​ Business model assessment: ​ The Company carries out an assessment of the objective of the business model in which a financial asset is kept in the portfolio because it better reflects the way in which the business is managed and the information is provided to Management. ​ Valuation on contractual cash flows: ​ For the purposes of assessing whether the contractual cash flows are only payment of principal and interest, the principal is defined as the fair value of the financial asset upon initial recognition. The interest is defined as a consideration for the time value of money and for the credit risk associated with the principal outstanding over a given period of time and for the other basic risks and costs of borrowing. ​ The Company considers the contractual terms of the instrument to assess whether the contractual cash flows are composed only of payments of principal and interest. This includes assessing whether the financial asset contains a contractual term that could change the timing or the value of contractual cash flows so that it would not meet this condition. ​ Financial liabilities: ​ Financial liabilities, which include loans and financing, suppliers and other accounts payable, are initially measured at fair value and subsequently at amortized cost using the effective interest method. Interest expenses, foreign exchange gains and losses are recognized in the income statement. ​ The effective interest method is used to calculate the amortized cost of a financial liability and to allocate its interest expense over the relevant period. The effective interest rate is the rate that accurately discounts the estimated future cash flows (including fees and premiums paid or received that constitute an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the estimated life of the financial liability or, where appropriate, a shorter period, to the initial recognition of the net carrying amount. Derivative financial instruments: ​ The Company has derivative financial instruments to reduce its exposure to interest rate and exchange rate risks, including interest rate swap contracts and NDF (Non-Deliverable Forward). ​ Derivatives are initially recognized at fair value on the date of contracting and subsequently measured by the change in fair value. Changes in the fair values of derivatives that serve as instruments for fair value hedging are recognized in the financial result, while derivatives related to cash flow hedging are recognized in other comprehensive income (OCI). ​ Hedge accounting: ​ The Company, considering the benefits of reducing the volatility of results and the transparency of the effects of the protection, adopts hedge accounting. As provided in IFRS 9 - Financial Instruments, there are three types of hedging relationships: ​
| ● | Fair value hedge: the hedge of exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment;
| ● | Cash flow hedge: the hedge of exposure to variability in cash flows that is attributable to a specific risk associated with the entire recognized asset or liability, or a component thereof, or a highly probable forecast transaction that could affect the result; and
| ● | Net investment hedge in foreign operations: the protection of a net investment in a foreign operating unit.
The Company’s debts, hedged items, are designated for fair value hedging, and changes in the fair values of the instruments and hedged items are recognized in profit or loss. ​ Unrecognized firm commitments, hedged objects, are designated for cash flow hedging, whose changes in the fair values of the hedging instruments are recognized in other comprehensive income – OCI. ​ Estimates and critical judgments ​ For hedged assets traded in an active market, fair value measurement is performed based on observable market prices, using a specialized tool, such as Bloomberg. In other cases, hedged instruments and assets are measured using the valuation techniques mentioned in IFRS 13 – Fair Value Measurement, which generally use assumptions based on market conditions.

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