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5. Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2018
Risk Management Tables Abstract |
Exposure to exchange risk |
| December 31, 2018 | December 31, 2017
| Foreign currency | R$ | Foreign currency | R$
Borrowings and financing – US$ | 1,191,152 | 4,615,476 | 1,200,786 | 3,972,200
Borrowings and financing – Yen | 57,463,173 | 2,026,726 | 57,575,271 | 1,692,713
Interest and charges from borrowings and financing – US$ |  | 40,193 |  | 26,628
Interest and charges from borrowings and financing – Yen |  | 12,517 |  | 10,834
Total exposure |  | 6,694,912 |  | 5,702,375
Borrowing cost – US$ |  | (22,390) |  | (26,454)
Borrowing cost – Yen |  | (3,113) |  | (3,100)
Total foreign currency-denominated borrowings (Note 17) |  | 6,669,409 |  | 5,672,821
Borrowing and financing variable interest rate |
| December 31, 2018 | December 31, 2017
CDI(i) | 1,250,000 | 1,144,391
TR(ii) | 1,637,290 | 1,574,564
IPCA(iii) | 1,614,595 | 1,699,747
TJLP(iv) | 1,322,854 | 1,354,987
LIBOR(v) | 3,259,295 | 2,814,399
Interest and charges | 134,725 | 125,172
Total | 9,218,759 | 8,713,260
(i) CDI – (Certificado de Depósito Interbancário), an interbank deposit certificate (ii) TR – Interest Benchmark Rate (iii) IPCA – (Índice Nacional de Preços ao Consumidor Amplo), a consumer price index (iv) TJLP – (Taxa de Juros a Longo Prazo), a long-term interest rate index (v) LIBOR – London Interbank Offered Rate
Credit rating |
| December 31, 2018 | December 31, 2017
Cash at banks and short-term bank deposits |  |
AA+(bra) | 2,966,080 | 2,222,001
AAA(bra) | 45,430 | 43,978
Other (*) | 17,681 | 17,068
| 3,029,191 | 2,283,047
(*) This category includes current accounts and investment funds in banks whose balances were not significant, and after assessing the impact of IFRS 9, concluded that expected losses are not material.
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 | brAAA
Brazilian Federal Savings Bank | AA(bra) | Aa1.br | brAAA
Banco Bradesco S/A | AAA(bra) | Aa1.br | brAAA
Itaú Unibanco Holding S/A | AAA(bra) | Aa1.br | brAAA
Liquidity risk |
As of December 31, 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 onwards | Total
Liabilities |  |  |  |  |  |  |
Borrowings and financing | 2,581,359 | 3,073,006 | 1,427,558 | 1,468,221 | 1,189,927 | 6,364,235 | 16,104,306
Accounts payables to suppliers and contractors | 465,993 | - | - | - | - | - | 465,993
Services payable | 454,022 | - | - | - | - | - | 454,022
Public-Private Partnership – PPP | 405,263 | 377,196 | 377,196 | 377,196 | 377,196 | 4,889,573 | 6,803,620
Program contract commitments | 244,446 | 45,608 | 45,741 | 30,991 | 30,991 | 14,417 | 412,194
Capital management |
| December 31, 2018 | December 31, 2017
Total borrowings and financing (Note 17) | 13,152,796 | 12,100,966
(-) Cash and cash equivalents (Note 7) | (3,029,191) | (2,283,047)
Net debt | 10,123,605 | 9,817,919
Total equity | 19,551,688 | 17,513,009
Total capital | 29,675,293 | 27,330,928
Leverage ratio | 34% | 36%
Fair value of financial instruments |
| December 31, 2018 | December 31, 2017
| Carrying amount | Fair value | Carrying amount | Fair value
Cash and cash equivalents | 3,029,191 | 3,029,191 | 2,283,047 | 2,283,047
Restricted cash | 31,900 | 31,900 | 18,822 | 18,822
Trade receivables | 2,052,416 | 2,052,416 | 1,888,505 | 1,888,505
Water National Agency – ANA | 49,136 | 49,136 | 70,487 | 70,487
Other receivables | 180,681 | 180,681 | 169,715 | 169,715
Financial liabilities |
| December 31, 2018 | December 31, 2017
| Carrying amount | Fair value | Carrying amount | Fair value
Borrowings and financing | 13,152,796 | 13,116,684 | 12,100,966 | 11,967,909
Accounts payables to suppliers and contractors | 465,993 | 465,993 | 344,947 | 344,947
Services payable | 454,022 | 454,022 | 408,275 | 408,275
Program contract commitments | 373,009 | 373,009 | 239,500 | 239,500
Public-Private Partnership - PPP | 3,413,124 | 3,413,124 | 3,071,416 | 3,071,416

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