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16. Borrowings and financing (Tables)
 12 Months Ended
Dec. 31, 2017
Borrowings And Financing Tables  
Borrowings and financing outstanding
 Borrowings and financing outstanding balance December 31, 2017 December 31, 2016
Financial institution

 

Current

 

Noncurrent

 

Total

 

Current

 

Noncurrent

 

Total

Local currency            
 10th issue debentures 41,702 80,953 122,655 40,967 120,343 161,310
 12th issue debentures 45,450 294,702 340,152 45,450 340,165 385,615
 14th issue debentures 40,503 141,351 181,854 39,802 178,571 218,373
 15th issue debentures 346,414 345,788 692,202 97,692 672,657 770,349
 17th issue debentures 144,391 781,922 926,313 140,144 904,094 1,044,238
 18th issue debentures 33,020 194,872 227,892 32,436 223,840 256,276
 19th issue debentures - - - 199,461 - 199,461
 20th issue debentures 250,000 246,890 496,890 - 495,533 495,533
 21st issue debentures - 499,628 499,628 - - -
 Brazilian Federal Savings Bank 78,487 1,154,599 1,233,086 59,199 1,088,160 1,147,359
 Brazilian Development Bank - BNDES BAIXADA SANTISTA 16,782 16,782 33,564 16,603 33,207 49,810
 Brazilian Development Bank - BNDES PAC 11,143 50,028 61,171 10,987 60,293 71,280
 Brazilian Development Bank - BNDES PAC II 9751 4,334 22,991 27,325 4,288 27,007 31,295
 Brazilian Development Bank - BNDES PAC II 9752 2,367 19,526 21,893 2,341 21,659 24,000
 Brazilian Development Bank - BNDES ONDA LIMPA 23,469 146,461 169,930 23,219 168,083 191,302
 Brazilian Development Bank - BNDES TIETÊ III 30,378 280,825 311,203 30,054 307,862 337,916
 Brazilian Development Bank - BNDES 2015 10,050 397,922 407,972 - 233,967 233,967
 Leases 17,573 544,044 561,617 14,914 537,602 552,516
 Other 1,466 9,477 10,943 746 10,829 11,575
 Interest and charges 101,855 - 101,855 121,605 - 121,605
Total in local currency 1,199,384 5,228,761 6,428,145 879,908 5,423,872 6,303,780

 

 Borrowings and financing outstanding balance December 31, 2017 December 31, 2016
Financial institution

 

Current

 

Noncurrent

 

Total

 

Current

 

Noncurrent

 

Total

Foreign currency            
 Inter-American Development Bank - BID 713  (US$ 25,097 thousand in December 2016) - - - 81,794 - 81,794
 Inter-American Development Bank - BID 1212  – US$ 82,225 thousand (US$ 92,503 thousand in December 2015) 34,000 238,000 272,000 33,499 267,979 301,478
 Inter-American Development Bank - BID 2202 – US$ 444,871 thousand (US$ 438,071 thousand in December 2016) 81,757 1,375,358 1,457,115 75,143 1,339,803 1,414,946
 International Bank of Reconstruction and Development -BIRD – US$ 91,286 thousand
(US$ 79,946 thousand in December 2016)		 - 301,665 301,665 - 260,224 260,224
 Deutsche Bank – US$ 150,000 thousand (US$ 150,000 thousand in December 2016) 248,100 242,343 490,443 - 480,244 480,244
 Eurobonds – US$ 350,000 thousand (US$ 350,000 thousand in December 2016) - 1,155,331 1,155,331 - 1,137,395 1,137,395
 JICA 15 – ¥ 13,829,160 thousand (¥ 14,981,590 thousand in December 2016) 33,881 372,696 406,577 32,175 386,111 418,286
 JICA 18 – ¥ 12,433,920 thousand (¥ 13,470,080 thousand in December 2016) 30,463 334,849 365,312 28,930 346,889 375,819
 JICA 17 – ¥ 1,534,959 thousand (¥ 1,596,251 thousand in December 2016) 2,507 41,835 44,342 1,205 42,675 43,880
 JICA 19 – ¥ 29,777,232 thousand (¥ 27,596,009 thousand in December 2016) - 873,383 873,383 - 768,463 768,463
 BID 1983AB – US$ 82,404 thousand (US$ 106,346 thousand in December 2016) 79,201 189,990 269,191 78,030 263,921 341,951
 Interest and charges 37,462 - 37,462 35,883 - 35,883
Total in foreign currency 547,371 5,125,450 5,672,821 366,659 5,293,704 5,660,363
             
Total borrowings and financing 1,746,755 10,354,211 12,100,966 1,246,567 10,717,576 11,964,143
Borrowings terms
Local currency Guarantees Maturity Annual interest rates Inflation adjustment
         
10th issue debentures Own funds 2020 TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) IPCA (Series 2)
12th issue debentures Own funds 2025  TR + 9.5%  
14th issue debentures Own funds 2022 TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2) IPCA (Series 2)
15th issue debentures Own funds 2019 CDI + 0.99% (Series 1) and 6.2% (Series 2) IPCA (Series 2)
17th issue debentures Own funds 2023 CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3) IPCA (Series 2 and 3)
18th issue debentures Own funds 2024 TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2) IPCA (Series 2)
19th issue debentures Own funds 2017 CDI + 0.80% to 1.08%  
20th issue debentures Own funds 2019 CDI + 3.80%  
21st issue debentures Own funds 2022 CDI + 0.60% and CDI+ 0.90%  
Brazilian Federal Savings Bank Own funds 2018/2038 5% to 9.5% TR
Brazilian Development Bank - BNDES BAIXADA SANTISTA Own funds 2019 2.5%+TJLP  
Brazilian Development Bank - BNDES PAC Own funds 2023 2.15%+TJLP  
Brazilian Development Bank - BNDES PAC II 9751 Own funds 2027 1.72%+TJLP  
Brazilian Development Bank - BNDES PAC II 9752 Own funds 2027 1.72%+TJLP  
Brazilian Development Bank - BNDES ONDA LIMPA Own funds 2025 1.92%+TJLP  
Brazilian Development Bank - BNDES TIETÊ III Own funds 2028 1.66%+TJLP  
Brazilian Development Bank - BNDES 2015 Own funds 2035 2.5%+TJLP  
Leases   2035 7.73% to 10.12% IPC
Other Own funds 2018/2025 12% (Presidente Prudente) and TJLP + 1.66% (FINEP) TR

  

Foreign currency Guarantees Maturity Annual interest rates Exchange rate changes
         
Inter-American Development Bank - BID 1212  – US$ 82,225 thousand Government 2025 2.74% (*) US$
Inter-American Development Bank - BID 2202 - US$ 444,871 thousand Government 2035 2.33% (*)  US$
International Bank for Reconstruction and Development - BIRD US$ 91.286 thousand Government 2034 1.71% (*) US$
Deutsche Bank US$ 150,000 thousand - 2019 Libor+4.50%(*) US$
Eurobonds – US$ 350,000 thousand -  2020 6.25% US$
JICA 15 – ¥ 13,829,160 thousand Government 2029 1.8% and 2.5% Yen
JICA 18 – ¥ 12,433,920 thousand Government 2029 1.8% and 2.5% Yen
JICA 17– ¥ 1,534,959 thousand Government 2035 1.2% and 0.01% Yen
JICA 19– ¥ 29,777,232 thousand Government 2037 1.7% and 0.01% Yen
BID 1983AB – US$ 82,404 thousand -  2023 Libor + 1.88% to 2.38% (*) US$

  

(*)Rates comprising LIBOR + contractually defined spread.

  
Borrowings payment schedule

 

  2018 2019 2020 2021 2022 2023 2024 to 2038 TOTAL
LOCAL CURRENCY                
Debentures 901,480 1,022,262 576,364 375,660 354,807 159,790 97,223 3,487,586
Brazilian Federal Savings Bank 78,487 69,516 71,998 75,721 79,743 71,768 785,853 1,233,086
BNDES 98,523 112,594 94,467 94,019 94,019 88,335 451,101 1,033,058
Leasing 17,573 32,766 34,384 36,143 38,056 40,775 361,920 561,617
Other 1,466 1,370 1,370 1,370 1,370 1,370 2,627 10,943
Interest and charges 101,855 - - - - - - 101,855
TOTAL IN LOCAL CURRENCY 1,199,384 1,238,508 778,583 582,913 567,995 362,038 1,698,724 6,428,145
FOREIGN CURRENCY                
BID 115,757 115,757 115,757 115,757 115,757 115,758 1,034,572 1,729,115
BIRD - 10,056 20,112 20,112 20,112 20,113 211,160 301,665
Deutsche Bank 248,100 242,343 - - - - - 490,443
Eurobonds - - 1,155,331 - - - - 1,155,331
JICA 66,851 114,173 114,173 114,173 114,173 114,173 1,051,898 1,689,614
BID 1983AB 79,201 58,526 58,526 25,446 25,446 22,046 - 269,191
Interest and charges 37,462  -   -   -   -   -   -  37,462 
TOTAL IN FOREIGN CURRENCY 547,371  540,855   1,463,899   275,488  275,488  272,090   2,297,630  5,672,821 
Overall Total 1,746,755  1,779,363   2,242,482   858,401  843,483  634,128   3,996,354  12,100,966 
Changes in borrowings
  December 31, 2016 Funding Borrowings costs Lease Monetary variation  and exchange rate changes Inflation adjustment / update incorporated interest - Capitalized Interest and fees paid Amortization Accrued interest Provision for interest and fees - Capitalized Borrowings costs- expenses December 31, 2017
                         
LOCAL CURRENCY                        
Debentures 3,641,912 500,000 (1,157) - 51,768 - (301,493) (597,794) 176,780 103,215 3,611 3,576,842
Brazilian Federal Savings Bank 1,150,691 144,654 - - 5,495 1,415 (95,854) (65,836) 78,283 17,826 - 1,236,674
BNDES 946,984 171,153 - - 5,405 2,512 (78,466) (87,993) 33,938 48,294 209 1,042,036
Leasing 552,516 - - 24,693 - - - (15,593) - - - 561,616
Other 11,677 - - - 116 - (876) (750) 779 31 - 10,977
TOTAL IN LOCAL CURRENCY 6,303,780 815,807 (1,157) 24,693 62,784 3,927 (476,689) (797,966) 289,780 169,366 3,820 6,428,145
                         
FOREIGN CURRENCY                        
BID 1,811,664 96,889 (2,497) - (15,193) 40,228 (38,654) (189,280) 22,547 16,803 750 1,743,257
BIRD 261,337 35,710 - - 2,874 2,837 (4,049) - 3,662 888 19 303,278
Deutsche Bank 485,090 - (720) - 7,335 - (31,774) - 21,286 11,925 3,584 496,726
Eurobonds 1,141,469 - - - 17,115 - (85,338) - 55,046 29,529 821 1,158,642
JICA 1,617,215 63,909 (287) - 82,563 2,525 (28,652) (65,702) 27,602 1,115 160 1,700,448
BID 1983AB 343,588 - (82) - 1,609 - (10,931) (75,610) 6,858 3,715 1,323 270,470
TOTAL IN FOREIGN CURRENCY 5,660,363 196,508 (3,586) - 96,303 45,590 (199,398) (330,592) 137,001 63,975 6,657 5,672,821
Overall Total 11,964,143 1,012,315 (4,743) 24,693 159,087 49,517 (676,087) (1,098,558) 426,781 233,341 10,477 12,100,966

  

  December 31, 2015 Funding Borrowings costs Lease Monetary variation and exchange rate changes Inflation adjustment / update incorporated interest - Capitalized Interest and fees paid Amortization Accrued interest Provision for interest and fees - Capitalized Borrowings costs- expenses December 31, 2016
                         
LOCAL CURRENCY                        
Debentures 4,203,127 -  (1,241) - 105,385 - (375,027) (663,468) 214,245 154,814 4,077 3,641,912
Brazilian Federal Savings Bank 1,067,464 113,310 - - 15,619 6,405 (89,896) (52,315) 63,813 26,291 - 1,150,691
BNDES 696,329 313,072 (2,242) - - - (55,806) (76,469) 38,172 33,768 160 946,984
Leasing 534,894 -   32,111 - - - (14,489) - - - 552,516
Other 1,962 10,014 - - 31 - (905) (655) 1,149 81 - 11,677
TOTAL IN LOCAL CURRENCY 6,503,776 436,396  (3,483) 32,111 121,035 6,405 (521,634) (807,396) 317,379 214,954 4,237 6,303,780
                         
FOREIGN CURRENCY                        
BID 2,194,353 113,543 (3,819) - (396,817) 37,412 (42,429) (133,063) 21,792 20,100 592 1,811,664
BIRD 238,940 59,983 - - (40,213) 1,971 (1,876) - 1,916 597 19 261,337
Deutsche Bank - 469,020  (9,167) - 19,845 - - - 2,042 2,804 546 485,090
Eurobonds 1,922,256 - - - (334,915) - (128,283) (437,752) 69,002 50,239 922 1,141,469
JICA 1,756,969 188,755 (468) - (259,455) 5,771 (33,799) (73,854) 30,791 2,362 143 1,617,215
BID 1983AB 505,306 - (236) - (78,910) -  (11,923) (83,247) 6,548 4,772 1,278 343,588
TOTAL IN FOREIGN CURRENCY 6,617,824 831,301 (13,690) - (1,090,465) 45,154 (218,310) (727,916) 132,091 80,874 3,500 5,660,363
Overall Total 13,121,600 1,267,697 (17,173) 32,111 (969,430) 51,559 (739,944) (1,535,312) 449,470 295,828 7,737 11,964,143

 
Borrowings and financing - Credit Limited
Agent   December 31, 2017
    (in millions of reais (*))
Brazilian Federal Savings Bank   1,487
Brazilian Development Bank – BNDES   1,576
Inter-American Development Bank – BID   436
Japan International Cooperation Agency – JICA   244
Other   38
TOTAL   3,781

 

(*)Brazilian Central Bank’s exchange rate as of December 31, 2017 (US$ 1.00 = R$ 3.3080; ¥ 1.00 = R$ 0.02940).