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20. Employees benefits (Tables) | 12 Months Ended
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Dec. 31, 2017
Employees Benefits Tables |
Pension plan benefits |
| December 31, 2017 | December 31, 2016
Funded plan – G1 (i) |  |
Present value of defined benefit obligations | 2,319,841 | 2,465,721
Fair value of the plan assets | (1,931,380) | (1,712,551)
Net liabilities recognized for defined benefit obligations | 388,461 | 753,170
Unfunded plan – G0 (iii) |  |
Present value of defined benefit obligations | 2,543,877 | 2,512,080
Net liabilities recognized for defined benefit obligations | 2,543,877 | 2,512,080
Liability as per statement of financial position – pension obligations (*) | 2,932,338 | 3,265,250
(Gains)/losses, due to changes in assumptions |
| G1 Plan | G0 Plan | Total
As of December 31, 2017 |  |  |
Actuarial gains/(losses) on obligations | 305,511 | 51,535 | 357,046
Gains/(losses) on financial assets | 52,083 | - | 52,083
Total gains/(losses) | 357,594 | 51,535 | 409,129
Deferred income tax and social contribution - G1 Plan | (121,582) | - | (121,582)
Valuation adjustments to equity | 236,012 | 51,535 | 287,547
| G1 Plan | G0 Plan | Total
As of December 31, 2016 |  |  |
Actuarial gains/(losses) on obligations | (541,783) | (241,711) | (783,494)
Gains/(losses) on financial assets | 192,458 | - | 192,458
Total gains/(losses) | (349,325) | (241,711) | (591,036)
Deferred income tax and social contribution - G1 Plan | 118,770 | - | 118,770
Valuation adjustments to equity | (230,555) | (241,711) | (472,266)
| G1 Plan | G0 Plan | Total
As of December 31, 2015 |  |  |
Actuarial gains/(losses) on obligations | 228,191 | (24,224) | 203,967
Gains/(losses) on financial assets | (136,389) | - | (136,389)
Total gains/(losses) | 91,802 | (24,224) | 67,578
Deferred income tax and social contribution - G1 Plan | (31,212) | - | (31,212)
Valuation adjustments to equity | 60,590 | (24,224) | 36,366
Reconciliation of defined benefit obligations |
| 2017 | 2016
Defined benefit obligation, beginning of the year | 2,465,721 | 2,252,204
Current service cost | 17,582 | 35,845
Interest cost | 260,409 | 285,227
Actuarial (gains)/losses recorded as other comprehensive income | (305,511) | 541,783
Effect of the plan migration – early reduction/curtailment | - | (525,992)
Benefits paid | (118,360) | (123,346)
Defined benefit obligation, end of the year | 2,319,841 | 2,465,721
Fair value of plan |
| 2017 | 2016
Fair value of the plan’s assets, beginning of the year | 1,712,551 | 1,586,930
Expected return on the plan assets | 183,689 | 201,779
Expected Company’s contributions | 48,742 | 23,046
Expected participants’ contributions | 52,675 | 23,525
Benefits paid | (118,360) | (123,347)
Actuarial gains/(losses) recorded as other comprehensive income | 52,083 | 192,458
Effect of the plan migration – early reduction/curtailment | - | (191,840)
Fair value of the plan’s assets, end of the year | 1,931,380 | 1,712,551
(Deficit)/Surplus | (388,461) | (753,170)
Amounts recognized in income statement |
| 2017 | 2016 | 2015
Current service expenses | (35,093) | 13,562 | 23,303
Interest cost rate | 260,409 | 285,227 | 287,334
Expected return on the plan assets | (183,689) | (201,778) | (205,981)
Total expenses | 41,627 | 97,011 | 104,656
Benefit plan expenses recognized by employer |
Estimated expenses | 2018
Service cost | 15,228
Interest cost rates | 213,201
Participants contribution | (37,659)
Net profitability on financial assets | (179,449)
Expense to be recognized by the employer | 11,321
Actuarial assumptions |
| 2017 | 2016 | 2015
Discount rate – actual rate (NTN-B) | 5.35% p.a. | 5.74% p.a. | 7.23% p.a.
Inflation rate | 3.96% p.a. | 4.87% p.a. | 6.49% p.a.
Expected rate of return on assets | 9.52% p.a. | 10.89% p.a. | 14.19% p.a.
Future salary increase | 6.04% p.a. | 6.97% p.a. | 8.62% p.a.
Mortality table | AT-2000 | AT-2000 | AT-2000
Sensitivity analysis of benefit plans |
Plan – G1 | Change in assumption | Impact on present value of the defined benefit obligations
Discount rate | Increase of 1.0% | Decrease of R$ 257,172
| Decrease of 1.0% | Increase of R$ 309,440
Wage increase rate | Increase of 1.0% | Increase of R$ 33,484
| Decrease of 1.0% | Decrease of R$ 29,143
Life expectation | Increase of 1 year | Increase of R$ 40,729
| Decrease of 1 year | Decrease of R$ 41,838
Plan assets |
|  | December 31, 2017 | December 31, 2016
Fixed income |  |  |
- NTNBs |  | 1,064,935 | 997,027
- NTNCs |  | 146,495 | 141,405
- NTNFs |  | - | 5,803
Government bonds in own portfolio | (a) | 1,211,430 | 1,144,235
Fixed income fund quotas | (b) | 260,352 | 95,854
Private credit investment fund quotas | (c) | 135,454 | 139,665
Debentures |  | 3,902 | 3,940
Total fixed income |  | 1,611,138 | 1,383,694
Equities |  |  |
Stocks investment fund quotas | (d) | 195,459 | 180,721
Shares |  | 3,903 | 15,467
Total equities |  | 199,362 | 196,188
Structured investments |  |  |
Equity investment fund quotas | (e) | 86,193 | 76,680
Real estate investment fund quotas | (f) | 27,170 | 18,428
Multimarket investment fund quotas | (g) | - | 31,195
Total structured investments |  | 113,363 | 126,303
Other | (h) | 7,517 | 6,366
Fair value of the plan assets |  | 1,931,380 | 1,712,551
Defined benefit obligation |
| 2017 | 2016
Defined benefit obligation, beginning of the year | 2,512,080 | 2,166,942
Current interest expense and service costs | 262,873 | 282,117
Actuarial (gains)/losses recorded as other comprehensive income | (51,535) | 241,711
Benefits paid | (179,541) | (178,690)
Defined benefit obligation, end of the year | 2,543,877 | 2,512,080
Amounts recognized in income statement |
| 2017 | 2016 | 2015
Current interest expense and service costs | 262,873 | 282,117 | 248,054
Amount received from GESP (undisputed amount) | (95,191) | (96,709) | (87,232)
Total expenses | 167,682 | 185,408 | 160,822
Expense related to defined benefit plan |
Estimated expenses | 2018
Interest cost rate | 232,248
Expense to be recognized | 232,248
Main actuarial assumptions used |
| 2017 | 2016 | 2015
Discount rate – actual rate (NTN-B) | 5.30% p.a. | 5.71% p.a. | 7.25% p.a.
Inflation rate | 3.96% p.a. | 4.87% p.a. | 6.49% p.a.
Future salary increase | 6.04% p.a. | 6.97% p.a. | 8.62% p.a.
Mortality table | AT-2000 | AT-2000 | AT-2000
Actuarial assumptions unfunded plan |
Plan – G0 | Changes in assumption | Impact on present value of the defined benefit obligations
Discount rate | Increase of 1.0% | Decrease of R$ 227,083
| Decrease of 1.0% | Increase of R$ 267,435
Wages growth rate | Increase of 1.0% | Increase of R$ 273,937
| Decrease of 1.0% | Decrease of R$ 235,976
Life expectation | Increase of 1 year | Increase of R$ 73,736
| Decrease of 1 year | Decrease of R$ 74,033

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