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Risk management (Tables) | 3 Months Ended
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Mar. 31, 2024
Risk Management |
Schedule of exposure to exchange risk |
Schedule of exposure to exchange risk |  |  |  |
| March 31, 2024 | December 31, 2023
| Foreign currency (in thousands) | R$ | Foreign currency (in thousands) | R$
Borrowings and financing – US$ | 272,009 | 1,359,011 | 280,188 | 1,356,474
Borrowings and financing – Yen | 39,077,331 | 1,289,943 | 41,078,385 | 1,405,702
Interest and charges from borrowings and financing – US$ |  | 20,264 |  | 15,510
Interest and charges from borrowings and financing – Yen |  | 2,669 |  | 8,167
Total exposure |  | 2,671,887 |  | 2,785,853
Borrowing cost – US$ |  | (38,404) |  | (37,520)
Borrowing cost – Yen |  | (2,391) |  | (2,442)
Total foreign currency-denominated borrowings (Note 16) |  | 2,631,092 |  | 2,745,891
Schedule of prices and exchange variations |
Schedule of prices and exchange variations |  |  |
| March 31, 2024 | December 31, 2023 | Var.
US$ | R$ 4.9962 | R$ 4.8413 | 3.2%
Yen | R$ 0.03301 | R$ 0.03422 | -3.5%
Schedule of scenario of effect on the income statement |
Schedule of scenario of effect on the income statement |
| Probable scenario
| (*)
Net currency exposure as of March 31, 2024 in US$ - Liabilities | 272,009
US$ rate as of March 31, 2024 | 4.9962
Exchange rate estimated according to the scenario | 4.9700
Difference between the rates | 0.0262
Effect on net financial result R$ - (gain) | 7,127
Net currency exposure as of March 31, 2024 in Yen - Liabilities | 39,077,331
Yen rate as of March 31, 2024 | 0.03301
Exchange rate estimated according to the scenario | 0.03446
Difference between the rates | (0.00145)
Effect on the net financial result R$ - (loss) | (56,662)
Total effect on the net financial result in R$ - (loss) | (49,535)
(*) | For the probable scenario in U.S. dollars and Yen, the exchange rates estimated for March 31, 2025 were used, according to the Focus-BACEN and B3’s Benchmark Rate report, of March 31, 2024, respectively.
Schedule of borrowings and financing subject to different inflation adjustment indices |
Schedule of borrowings and financing subject to different inflation adjustment indices |  |
| March 31, 2024 | December 31, 2023
CDI (i) | 12,672,245 | 9,966,111
TR (ii) | 1,656,774 | 1,684,711
IPCA (iii) | 2,927,406 | 3,038,378
TJLP (iv) | 1,290,064 | 1,365,806
SOFR (v) | 1,359,011 | 1,356,473
Interest and charges | 399,957 | 392,906
Total | 20,305,457 | 17,804,385
(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) | SOFR - Secured Overnight Financing Rate
Schedule of credit risk |
Schedule of credit risk |  |  |
Banks | Fitch | Moody's | Standard Poor's
Banco do Brasil S/A | AAA(bra) | AAA.br | -
Banco Santander Brasil S/A | - | AAA.br | brAAA
Brazilian Federal Savings Bank | AAA(bra) | AAA.br | brAAA
Banco Bradesco S/A | AAA(bra) | AAA.br | brAAA
Banco Itaú Unibanco S/A | AAA(bra) | AAA.br | -
Banco BV | - | AA.br | brAAA
Banco BTG Pactual S/A | AAA(bra) | AAA.br | brAAA
Schedule of rating assessment |
Schedule of rating assessment |  |
| March 31, 2024 | December 31, 2023
Cash and cash equivalents and financial investments |  |
AAA(bra) | 5,859,198 | 2,940,690
Others (*) | 332,784 | 324,546
| 6,191,982 | 3,265,236
(*) | As of March 31, 2024, this category includes R$ 329,381 (R$ 322,241 as of December 31, 2023) referring to Banco BV, current accounts, and financial investments, which are not rated by Fitch.
Schedule of liquidity risk |
Schedule of liquidity risk |  |  |  |  |  |  |
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | Total
As of March 31, 2024 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Borrowings and financing | 3,051,567 | 3,773,001 | 3,368,294 | 3,278,126 | 2,418,568 | 13,595,562 | 29,485,118
Trade payables and contractors | 490,494 | - | - | - | - | - | 490,494
Services payable | 838,703 | - | - | - | - | - | 838,703
Public-Private Partnership - PPP | 432,216 | 446,524 | 461,438 | 476,850 | 492,777 | 6,057,282 | 8,367,087
Program Contract Commitments | 20,310 | 1,232 | 1,232 | 1,232 | 1,232 | 11,702 | 36,940
Total | 4,833,290 | 4,220,757 | 3,830,964 | 3,756,208 | 2,912,577 | 19,664,546 | 39,218,342
Schedule of sensitivity analysis of the financial instruments |
Schedule of sensitivity analysis of the financial instruments |  |
March 31, 2024
Indicators | Exposure | Probable scenario
Assets |  |
CDI | 6,162,220 | 9.8500%(**)
Financial income |  | 606,979
Liabilities |  |
CDI | (12,672,245) | 9.8500%(**)
Interest to be incurred |  | (1,248,216)
CDI net exposure | (6,510,025) | (641,237)
Liabilities |  |
TR | (1,656,774) | 0.0048%(**)
Expenses to be incurred |  | (80)
IPCA | (2,927,406) | 3.4600%(*)
Expenses to be incurred |  | (101,288)
TJLP | (1,290,064) | 6.3800%(*)
Interest to be incurred |  | (82,306)
SOFR (***) | (1,359,011) | 5.0397%(***)
Interest to be incurred |  | (68,490)
Total expenses to be incurred, net |  | (893,401)
(*) Source: BACEN and LCA as of March 31, 2024
(**) Source: B3 of March 31, 2024
(***) Source: Bloomberg
Schedule of capital management |
Schedule of capital management |  |
| March 31, 2024 | December 31, 2023
Total borrowings and financing (Note 16) | 22,024,307 | 19,536,350
(-) Cash and cash equivalents (Note 6) | (2,019,391) | (838,484)
(-) Financial investments (Note 7) | (4,172,591) | (2,426,752)
Net debt | 15,832,325 | 16,271,114
Total equity | 30,680,671 | 29,857,376
Total (shareholders plus providers of capital) | 46,512,996 | 46,128,490
Leverage ratio | 34% | 35%
Schedule of estimated fair values of the financial instruments |
Schedule of estimated fair values of the financial instruments |  |  |  |
| March 31, 2024 | December 31, 2023
| Carrying amount | Fair value | Carrying amount | Fair value
Cash and cash equivalents | 2,019,391 | 2,019,391 | 838,484 | 838,484
Financial investments | 4,172,591 | 4,172,591 | 2,426,752 | 2,426,752
Restricted cash | 45,694 | 45,694 | 54,944 | 54,944
Trade receivables | 3,936,233 | 3,936,233 | 3,856,723 | 3,856,723
ANA | 1,879 | 1,879 | 2,673 | 2,673
Other assets | 237,270 | 237,270 | 196,065 | 196,065
Schedule of financial liabilities |
Schedule of financial liabilities |  |  |  |
| March 31, 2024 | December 31, 2023
| Carrying amount | Fair value | Carrying amount | Fair value
Borrowings and financing | 22,024,307 | 22,444,692 | 19,536,350 | 19,950,055
Trade payables and contractors | 490,494 | 490,494 | 456,215 | 456,215
Services payable | 838,703 | 838,703 | 750,732 | 750,732
Program Contract Commitment | 33,035 | 33,035 | 34,016 | 34,016
Public-Private Partnership - PPP | 3,222,703 | 3,222,703 | 3,286,614 | 3,286,614

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