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5. Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2017
Risk Management Tables |
Exposure to exchange risk |
| December 31, 2017 | December 31, 2016
| Foreign currency | R$ | Foreign currency | R$
Borrowings and financing – US$ | 1,200,786 | 3,972,200 | 1,241,963 | 4,047,682
Borrowings and financing – Yen | 57,575,271 | 1,692,713 | 57,643,930 | 1,609,419
Interest and charges from borrowings and financing – US$ |  | 26,628 |  | 25,114
Interest and charges from borrowings and financing – Yen |  | 10,834 |  | 10,769
Total exposure |  | 5,702,375 |  | 5,692,984
Borrowing cost – US$ |  | (26,454) |  | (29,650)
Borrowing cost – Yen |  | (3,100) |  | (2,971)
Total foreign currency-denominated borrowings (Note 16) |  | 5,672,821 |  | 5,660,363
Borrowing and financing variable interest rate |
| December 31, 2017 | December 31, 2016
TR(i) | 1,574,564 | 1,535,030
CDI(ii) | 1,144,391 | 1,082,228
TJLP(iii) | 1,354,987 | 1,326,631
IPCA(iv) | 1,699,747 | 1,697,452
LIBOR(v) | 2,814,399 | 2,906,999
Interest and charges | 125,172 | 142,644
Total | 8,713,260 | 8,690,984
(i) TR – Interest Benchmark Rate (ii) CDI – (Certificado de Depósito Interbancário), an interbank deposit certificate (iii) TJLP – (Taxa de Juros a Longo Prazo), a long-term interest rate index (iv) IPCA – (Índice Nacional de Preços ao Consumidor Amplo), a consumer price index (v) LIBOR – London Interbank Offered Rate
Credit rating |
| December 31, 2017 | December 31, 2016
Cash at bank and short-term bank deposits |  |
AA+(bra) | 2,222,001 | 1,850,220
AAA(bra) | 43,978 | 35,452
Other (*) | 17,068 | 549
| 2,283,047 | 1,886,221
(*) This category includes current accounts and investment funds in banks whose balances were not significant.
Credit information of banks |
Banks | Fitch | Moody's | Standard Poor's
Banco do Brasil S/A | AA+(bra) | Aa1.br | -
Banco Santander Brasil S/A | - | Aaa.br | brAA-
Caixa Econômica Federal | AA+(bra) | Aa1.br | brAA-
Banco Bradesco S/A | AAA(bra) | Aa1.br | brAA-
Itaú Unibanco Holding S/A | AAA(bra) | Aa1.br | brAA-
Liquidity risk |
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 onwards | Total
As of December 31, 2017 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Borrowings and financing | 2,221,645 | 2,321,046 | 2,648,021 | 1,134,162 | 1,077,914 | 5,534,627 | 14,937,415
Accounts payables to suppliers and contractors | 344,947 | - | - | - | - | - | 344,947
Services payable | 408,275 | - | - | - | - | - | 408,275
Public-Private Partnership – PPP (*) | 185,816 | 368,156 | 368,156 | 368,156 | 368,156 | 5,148,952 | 6,807,392
Program contract commitments | 128,820 | 92,505 | 15,639 | 15,779 | 1,029 | 15,981 | 269,753
(*)The Company also considered future commitments (construction not yet performed) still not recognized in the financial statements related to São Lourenço PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties.
Capital management |
| December 31, 2017 | December 31, 2016
Total borrowings and financing (Note 16) | 12,100,966 | 11,964,143
(-) Cash and cash equivalents (Note 7) | (2,283,047) | (1,886,221)
Net debt | 9,817,919 | 10,077,922
Total equity | 17,513,009 | 15,419,211
Total capital | 27,330,928 | 25,497,133
Leverage ratio | 36% | 40%
Fair value of financial instruments |
| December 31, 2017 | December 31, 2016
| Carrying amount | Fair value | Carrying amount | Fair value
Cash and cash equivalents | 2,283,047 | 2,283,047 | 1,886,221 | 1,886,221
Restricted cash | 18,822 | 18,822 | 24,078 | 24,078
Trade receivables | 1,888,505 | 1,888,505 | 1,711,306 | 1,711,306
Water National Agency – ANA | 70,487 | 70,487 | 81,221 | 81,221
Other receivables | 169,715 | 169,715 | 167,369 | 167,369
Financial liabilities |
| December 31, 2017 | December 31, 2016
| Carrying amount | Fair value | Carrying amount | Fair value
Borrowings and financing | 12,100,966 | 11,967,909 | 11,964,143 | 11,776,178
Accounts payables to suppliers and contractors | 344,947 | 344,947 | 311,960 | 311,960
Services payable | 408,275 | 408,275 | 460,054 | 460,054
Program contract commitments | 239,500 | 239,500 | 178,093 | 178,093
Public-Private Partnership - PPP | 3,071,416 | 3,071,416 | 2,249,418 | 2,249,418

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