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17. Borrowings and financing (Tables)
 12 Months Ended
Dec. 31, 2018
Borrowings And Financing Tables Abstract  
Borrowings and financing outstanding
 Borrowings and financing outstanding balance December 31, 2018 December 31, 2017
Financial institution Current Noncurrent Total Current Noncurrent Total
Local currency            
 10th issue debentures 42,493 40,194 82,687 41,702 80,953 122,655
 12th issue debentures 45,450 249,249 294,699 45,450 294,702 340,152
 14th issue debentures 41,270 103,005 144,275 40,503 141,351 181,854
 15th issue debentures 359,394 - 359,394 346,414 345,788 692,202
 17th issue debentures 279,100 532,691 811,791 144,391 781,922 926,313
 18th issue debentures 33,469 165,267 198,736 33,020 194,872 227,892
 20th issue debentures 248,334 - 248,334 250,000 246,890 496,890
 21th issue debentures - 499,604 499,604 - 499,628 499,628
 22th issue debentures - 756,040 756,040 - - -
 Brazilian Federal Savings Bank 75,223 1,266,592 1,341,815 78,487 1,154,599 1,233,086
 Brazilian Development Bank - BNDES BAIXADA SANTISTA 16,899 - 16,899 16,782 16,782 33,564
 Brazilian Development Bank - BNDES PAC 11,227 39,169 50,396 11,143 50,028 61,171
 Brazilian Development Bank - BNDES PAC II 9751 4,364 18,811 23,175 4,334 22,991 27,325
 Brazilian Development Bank - BNDES PAC II 9752 3,186 23,100 26,286 2,367 19,526 21,893
 Brazilian Development Bank - BNDES ONDA LIMPA 23,632 123,875 147,507 23,469 146,461 169,930
 Brazilian Development Bank - BNDES TIETÊ III 30,589 252,197 282,786 30,378 280,825 311,203
 Brazilian Development Bank - BNDES 2015 31,615 490,729 522,344 10,050 397,922 407,972
 Leases 19,077 549,589 568,666 17,573 544,044 561,617
 Other 1,380 8,163 9,543 1,466 9,477 10,943
 Interest and charges 98,410 - 98,410 101,855 - 101,855
Total in local currency 1,365,112 5,118,275 6,483,387 1,199,384 5,228,761 6,428,145
 Borrowings and financing outstanding balance December 31, 2018 December 31, 2017
Financial institution Current Noncurrent Total Current Noncurrent Total
Foreign currency            
 Inter-American Development Bank - BID 1212  – US$71,947 thousand (US$92,503 thousand in December 2017) 39,826 238,954 278,780 34,000 238,000 272,000
 Inter-American Development Bank - BID 2202 – US$544,457 thousand (US$438,071 thousand in December 2017) 124,098 1,969,565 2,093,663 81,757 1,375,358 1,457,115
 International Bank of Reconstruction and Development -BIRD – US$91,286 thousand (US$79,946 thousand in December 2017) 11,779 341,646 353,425 - 301,665 301,665
 Deutsche Bank – US$75,000 (US$150,000 thousand in December 2017) 288,479 - 288,479 248,100 242,343 490,443
 Eurobonds – US$350,000 thousand (US$350,000 thousand in December 2017) - 1,354,532 1,354,532 - 1,155,331 1,155,331
 JICA 15 – ¥12,676,730 thousand (¥13,829,160 thousand in December 2017) 40,646 406,462 447,108 33,881 372,696 406,577
 JICA 18 – ¥11,397,760 thousand (¥12,433,920 thousand in December 2017) 36,545 365,230 401,775 30,463 334,849 365,312
 JICA 17 – ¥1,826,957 thousand (¥1,534,959 thousand in December 2017) 11,835 51,786 63,621 2,507 41,835 44,342
 JICA 19 – ¥31.561.726 thousand (¥29,777,232 thousand in December 2017) 64,028 1,047,081 1,111,109 - 873,383 873,383
 BID 1983AB – US$58,462 thousand (US$82,404 thousand in December 2017) 68,554 155,653 224,207 79,201 189,990 269,191
 Interest and charges 52,710 - 52,710 37,462 - 37,462
Total in foreign currency 738,500 5,930,909 6,669,409 547,371 5,125,450 5,672,821
             
Total borrowings and financing 2,103,612 11,049,184 13,152,796 1,746,755 10,354,211 12,100,966

 

Exchange rate as of December 31, 2018: US$3.8748; ¥0.03527 (as of December 31, 2017: US$3.3080; ¥0.02940).

As of December 31, 2018, the Company did not have balances of borrowings and financing, raised during the year, to mature within 12 months.
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)
20th issue debentures Own funds 2019 CDI + 3.80%  
21th issue debentures Own funds 2022 CDI + 0.60% e CDI+ 0.90%  
22th issue debentures Own funds 2025 CDI +0.58 (Series 1) and CDI + 0.90% (Series 2) and 6.0% (Series 3) IPCA (Series 3)
Brazilian Federal Savings Bank Own funds 2019/2039 5% to 9.5% TR
Brazilian Development Bank - BNDES BAIXADA SANTISTA Own funds 2019 TJLP+2.5%  
Brazilian Development Bank - BNDES PAC Own funds 2023 TJLP+2.15%  
Brazilian Development Bank - BNDES PAC II 9751 Own funds 2027 TJLP+1.72%  
Brazilian Development Bank - BNDES PAC II 9752 Own funds 2027 TJLP+1.72%  
Brazilian Development Bank - BNDES ONDA LIMPA Own funds 2025 TJLP+1.92%  
Brazilian Development Bank - BNDES TIETÊ III Own funds 2028 TJLP+1.66%  
Brazilian Development Bank - BNDES 2015 Own funds 2035 TJLP+2.5%  
Leases   2035 7.73% to 10.12% IPC
Other Own funds 2025 12% (Presidente Prudente) and TJLP + 1.5% (FINEP) TR

 

Foreign currency

Guarantees

Maturity

Annual interest rates

Exchange rate changes

         
Inter-American Development Bank - BID 1212  - US$71,947 thousand Government 2025 3.31% (*) US$
Inter-American Development Bank - BID 2202  - US$544,457 thousand Government 2035 3.42% (*)   US$
International Bank for Reconstruction and Development - BIRD US$91,286 thousand Government 2034 2.85% (*) US$
Deutsche Bank US$75,000 thousand -  2019 4.50%(*) US$
Eurobonds – US$350,000 thousand -  2020 6.25% US$
JICA 15 – ¥12,676,730 thousand Government 2029 1.8% and 2.5% Yen
JICA 18 – ¥11,397,760 thousand Government 2029 1.8% and 2.5% Yen
JICA 17– ¥1,826,957 thousand Government 2035 1.2% and 0.01% Yen
JICA 19– ¥31,561,726 thousand Government 2037 1.7% and 0.01% Yen
BID 1983AB – US$58,462 thousand -  2023 2.08% to 2.38% (*) US$

 

(*)Rates comprising LIBOR + contractually defined spread.

 
Borrowings payment schedule
 

2019

2020

2021

2022

2023

2024

2025 to 2039

TOTAL

LOCAL CURRENCY                
Debentures 1,049,510 589,190 479,995 559,184 362,555 204,832 150,294 3,395,560
Brazilian Federal Savings Bank 75,223 78,072 82,169 86,589 79,037 77,369 863,356 1,341,815
BNDES 121,512 103,260 102,809 102,809 97,069 91,581 450,353 1,069,393
Leasing 19,077 36,903 38,700 40,654 43,416 45,153 344,763 568,666
Other 1,380 1,380 1,380 1,380 1,380 1,380 1,263 9,543
Interest and charges

98,410

-

-

-

-

-

-

98,410

TOTAL IN LOCAL CURRENCY

1,365,112

808,805

705,053

790,616

583,457

420,315

1,810,029

6,483,387

FOREIGN CURRENCY                
BID 163,923 163,923 163,923 163,923 163,923 163,923 1,388,905 2,372,443
BIRD 11,779 23,557 23,557 23,557 23,557 23,557 223,861 353,425
Deutsche Bank 288,479 - - - - - - 288,479
Eurobonds - 1,354,532 - - - - - 1,354,532
JICA 153,055 140,431 140,431 140,431 140,431 140,431 1,168,403 2,023,613
BID 1983AB 68,554 67,786 29,806 29,806 28,255 - - 224,207
Interest and charges

52,710

-

-

-

-

-

-

52,710

TOTAL IN FOREIGN CURRENCY

738,500

1,750,229

357,717

357,717

356,166

327,911

2,781,169

6,669,409

Overall Total

2,103,612

2,559,034

1,062,770

1,148,333

939,623

748,226

4,591,198

13,152,796
Changes in borrowings
 

December 31, 2017

Funding

Borrowings costs

Monetary variation and exchange rate changes

Inflation adjustment / update incorporated interest - Capitalized

Interest and fees paid

Amortization

Accrued interest

Interest and fees - Capitalized (*)

Borrowings costs - expenses

December 31, 2018

                       
LOCAL CURRENCY                      
Debentures 3,576,842 750,000 (3,021) 62,676 - (259,175) (905,080) 226,810 34,409 3,400 3,486,861
Brazilian Federal Savings Bank 1,236,674 194,244 - - - (102,772) (85,515) 75,668 27,385 - 1,345,684
BNDES 1,042,036 131,000 - 3,438 4,001 (90,397) (102,314) 28,909 55,725 207 1,072,605
Leasing 561,616 - - - 6,366 (38,196) (17,427) 40,290 16,017 - 568,666
Other

10,977

-

-

69

-

(772)

(1,470)

763

4

-

9,571

TOTAL IN LOCAL CURRENCY

6,428,145

1,075,244

(3,021)

66,183

10,367

(491,312)

(1,111,806)

372,440

133,540

3,607

6,483,387

                       
FOREIGN CURRENCY                      
BID 1,743,257 484,690 (2,365) 237,433 53,208 (55,391) (130,520) 26,910 41,878 885 2,399,985
BIRD 303,278 - - 48,279 3,462 (7,607) - 6,945 2,044 19 356,420
Deutsche Bank 496,726 - - 62,918 - (35,207) (268,508) 28,862 4,454 3,627 292,872
Eurobonds 1,158,642 - - 198,380 - (97,952) - 85,072 13,448 822 1,358,412
JICA 1,700,448 80,196 (191) 329,638 6,787 (33,519) (82,608) 33,992 1,209 176 2,036,128
BID 1983AB

270,470

-

-

39,241

-

(11,060)

(85,306)

9,681

1,488

1,078

225,592

TOTAL IN FOREIGN CURRENCY

5,672,821

564,886

(2,556)

915,889

63,457

(240,736)

(566,942)

191,462

64,521

6,607

6,669,409

Overall Total

12,100,966

1,640,130

(5,577)

982,072

73,824

(732,048)

(1,678,748)

563,902

198,061

10,214

13,152,796

 

(*) amount related to accrued interest which as part of the contract asset.

 

 

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

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)

(767,966)

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

 

(*) amount related to accrued interest which as part of the contract asset.

 

 

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

 

(*) amount related to accrued interest which as part of the contract asset. 
Borrwing costs amortization
 

Amount

Maturity

Interest rates

17th issue - series 1 R$ 144,391 January 15, 2018 CDI
17th issue - series 2 R$ 348,434 February 15, 2018 IPCA
20th issue R$ 250,000 December 20, 2018 CDI
10th issue R$ 42,438 2018 (*) TJLP/IPCA
12th issue R$ 45,450 2018 (*) TR
14th issue R$ 40,726 2018 (*) TJLP/IPCA
18th issue R$ 33,641 2018 (*) TJLP/IPCA

(*) Amounts paid during the year.
Funding
  Amount   Maturity   Remuneration

Series 1

Series 2

Series 3

R$ 100,000

R$ 400,000

R$ 250,000

  

3 years

5 years

7 years

  

CDI + 0.58% p.a.

CDI + 0.90% p.a.

IPCA + 6.00% p.a.
Borrowings and financing - Credit Limits
Agent   December 31, 2018
    (in millions of reais (*))
Brazilian Federal Savings Bank   1,908
Brazilian Development Bank – BNDES   1,455
Japan International Cooperation Agency – JICA   208
Other   38
TOTAL   3,609

 

(*) Brazilian Central Bank’s exchange rate as of December 30, 2018 ( ¥1.00 = R$0.03527).