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v3.25.1

Borrowings and financing | 12 Months Ended
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Dec. 31, 2024
Borrowings And Financing |
Borrowings and financing |
| 18 | Borrowings and financing
Schedule of borrowings and financing outstanding |  |  |  |  |  |
| December 31, 2024 | December 31, 2023
Financial institution | Current | Noncurrent | Total | Current | Noncurrent | Total
Local currency |  |  |  |  |  |
12th issue debentures | - | - | - | 45,450 | 22,385 | 67,835
18th issue debentures | - | - | - | 46,962 | - | 46,962
22nd issue debentures | 179,350 | - | 179,350 | 170,957 | 170,616 | 341,573
23rd issue debentures | 125,000 | 249,354 | 374,354 | 490,810 | 374,279 | 865,089
24th issue debentures | - | 538,606 | 538,606 | - | 512,122 | 512,122
26th issue debentures | - | 1,371,685 | 1,371,685 | - | 1,302,042 | 1,302,042
27th issue debentures | 199,590 | 299,391 | 498,981 | 200,000 | 498,634 | 698,634
28th issue debentures | 444,100 | 626,762 | 1,070,862 | 127,715 | 1,070,457 | 1,198,172
29th issue debentures | 250,000 | 1,107,523 | 1,357,523 | - | 1,314,136 | 1,314,136
30th issue debentures | 125,000 | 748,405 | 873,405 | 125,000 | 873,231 | 998,231
31th issue debentures | - | 2,934,936 | 2,934,936 | - | - | -
32th issue debentures | - | 2,496,521 | 2,496,521 | - | - | -
Brazilian Federal Savings Bank | 123,495 | 1,559,847 | 1,683,342 | 108,210 | 1,508,275 | 1,616,485
Brazilian Development Bank - BNDES PAC II 9751 | 7,348 | 9,131 | 16,479 | 7,286 | 16,316 | 23,602
Brazilian Development Bank - BNDES PAC II 9752 | 4,978 | 6,223 | 11,201 | 4,936 | 11,107 | 16,043
Brazilian Development Bank - BNDES ONDA LIMPA | 6,855 | - | 6,855 | 27,219 | 6,766 | 33,985
Brazilian Development Bank - BNDES TIETÊ III | 202,398 | 455,333 | 657,731 | 200,693 | 652,175 | 852,868
Brazilian Development Bank - BNDES 2015 | 34,436 | 328,772 | 363,208 | 34,146 | 360,021 | 394,167
Brazilian Development Bank - BNDES 2014 | 6,694 | 3,552 | 10,246 | 6,638 | 10,107 | 16,745
Inter-American Development Bank - IDB 2202 | 181,349 | 1,803,222 | 1,984,571 | 181,349 | 1,983,615 | 2,164,964
Inter-American Development Bank - IDB INVEST | 44,300 | 771,201 | 815,501 | 39,550 | 814,840 | 854,390
Inter-American Development Bank - IDB INVEST 2022 | 18,800 | 419,697 | 438,497 | 14,100 | 438,241 | 452,341
Inter-American Development Bank - IDB INVEST 2023 | 16,450 | 431,410 | 447,860 | 14,100 | 447,791 | 461,891
International Finance Corporation – IFC 2022 | 34,200 | 680,626 | 714,826 | 22,800 | 713,910 | 736,710
| December 31, 2024 | December 31, 2023
Financial institution | Current | Noncurrent | Total | Current | Noncurrent | Total
International Finance Corporation – IFC 2023 | 10,000 | 977,574 | 987,574 | - | 986,651 | 986,651
International Finance Corporation – IFC 2024 | - | 1,048,579 | 1,048,579 | - | - | -
Leases (Concession Agreements, Program Contracts and Contract Asset) | 108,533 | 208,611 | 317,144 | 49,884 | 259,326 | 309,210
Leases (Others) | 97,657 | 53,267 | 150,924 | 68,499 | 73,801 | 142,300
Other | 1,868 | 931 | 2,799 | 3,003 | 2,910 | 5,913
Interest and other charges | 548,372 | - | 548,372 | 377,398 | - | 377,398
Total in local currency | 2,770,773 | 19,131,159 | 21,901,932 | 2,366,705 | 14,423,754 | 16,790,459
Borrowings and financing outstanding balance | December 31, 2024 | December 31, 2023
Financial institution | Current | Noncurrent | Total | Current | Noncurrent | Total
Foreign currency |  |  |  |  |  |
Inter-American Development Bank - IDB 1212 – US$10,278 thousand (US$20,556 thousand in December 2023) | 63,645 | - | 63,645 | 49,759 | 49,759 | 99,518
Inter-American Development Bank - IDB 4623 – US$156,958 thousand (US$152,187 thousand in December 2023) | 25,577 | 919,189 | 944,766 | - | 712,449 | 712,449
International Bank of Reconstruction and Development (IBRD) – IBRDs 7662 e 8916 – US$136,741 thousand (US$107,445 thousand in December 2023) | 37,707 | 793,697 | 831,404 | 29,433 | 477,554 | 506,987
JICA 15 – ¥5,762,150 thousand (¥6,914,580 thousand in December 2023) | 47,710 | 181,946 | 229,656 | 39,437 | 197,180 | 236,617
JICA 18 – ¥5,180,800 thousand (¥6,216,960 thousand in December 2023) | 40,462 | 163,491 | 203,953 | 35,457 | 177,168 | 212,625
JICA 17 – ¥3,175,656 thousand (¥3,464,352 thousand in December 2023) | 16,414 | 113,216 | 129,630 | 9,879 | 107,880 | 117,759
JICA 19 – ¥22,668,975 thousand (¥24,482,493 thousand in December 2023) | 99,168 | 821,749 | 920,917 | 62,059 | 774,200 | 836,259
Interest and charges | 32,394 | - | 32,394 | 23,677 | - | 23,677
Total in foreign currency | 363,077 | 2,993,288 | 3,356,365 | 249,701 | 2,496,190 | 2,745,891
Total borrowings and financing | 3,133,850 | 22,124,447 | 25,258,297 | 2,616,406 | 16,919,944 | 19,536,350
Exchange rate as of December 31, 2024: US$6.1923; ¥0.03947 (as of December 31, 2023: US$4.8413; ¥0.03422). As of December 31, 2024, the Company did not have balances of borrowings and financing, raised during the year, to maturing within 12 months.
Schedule of amortized costs |  |  |
| December 31, 2024
Financial institution | Amortized cost | Adjustment | Total
JICA 15 – ¥ 5,762,150 thousand (december/23 – ¥ 6.914.580 thousand in December 2023) | 227,432 | 2,224 | 229,656
JICA 18 – ¥ 5,180,800 thousand (¥ 6.216.960 thousand in December 2023) | 204,388 | (435) | 203,953
JICA 17 – ¥ 3,175,656 mil (¥ 3.464.352 thousand in December 2023) | 124,619 | 5,011 | 129,630
JICA 19 – ¥ 22,668,975 mil (¥ 24.482.493 thousand in December 2023) | 893,329 | 27,588 | 920,917
Interest and charges | 8,363 | - | 8,363
Total | 1,458,131 | 34,388 | 1,492,519
Schedule of borrowings terms |  |  |  |
Local currency | Guarantees | Maturity | Annual interest rate | Inflation adjustment
12th issue debentures | Own funds | 2025 | TR + 9.5% |
18th issue debentures | Own funds | 2024 | TJLP + 1.92 % (Series 1 and 3) and 8.25% (Series 2) | IPCA (Series 2)
22nd issue debentures | Own funds | 2025 | CDI +0.58% (Series 1) and CDI + 0.90% (Series 2) and 6.0% (Series 3) | IPCA (Series 3)
23rd issue debentures | Own funds | 2027 | CDI +0.49% (Series 1) and CDI + 0.63% (Series 2) |
24th issue debentures | Own funds | 2029 | 3.20% (Series 1) and 3.37% (Series 2) | IPCA (Series 1 and 2)
26th issue debentures | Own funds | 2030 | 4.65% (series 1) and 4.95% (series 2) | IPCA (series 1 and 2)
27th issue debentures | Own funds | 2027 | CDI +1.60% (Series 1) and CDI + 1.80% (Series 2) and 2.25% (Series 3) |
28th issue debentures | Own funds | 2028 | CDI +1.20% (Series 1) and CDI + 1.44% (Series 2) and 1.60% (Series 3) |
29th issue debentures | Own funds | 2036 | CDI +1.29% (Series 1) and 5.3058% (Series 2) and 5.4478% (Series 3) | IPCA (series 2 and 3)
30th issue debentures | Own funds | 2029 | CDI +1.30% (Series 1) and 1.58% (Series 2) |
31th issue debentures | Own funds | 2034 | CDI +0.49% (Series 1) e CDI+1.10% (series 2) e CDI+1.31% (Series 3) |
32th issue debentures | Own funds | 2026 | CDI+ 0.30% |
Brazilian Federal Savings Bank | Own funds | 2025/2042 | 5% to 9.5% | TR
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+2.18% |
Brazilian Development Bank – BNDES 2014 | Own funds | 2026 | TJLP+1.76% |
Inter-American Development Bank – IDB 2202 | Government | 2035 | CDI+0.86% |
Inter-American Development Bank – IDB INVEST | Own funds | 2034 | CDI+1.90% and CDI+2.70% |
Inter-American Development Bank – IDB INVEST 2022 | Own funds | 2036 | CDI+2.50% |
Inter-American Development Bank – IDB INVEST 2023 | Own funds | 2036 | CDI+0.50% |
International Finance Corporation – IFC 2022 | Own funds | 2032 | CDI+2.00% |
International Finance Corporation – IFC 2023 | Own funds | 2033 | CDI+2.00% |
International Finance Corporation – IFC 2024 | Own funds | 2034 | CDI+0.3735% |
Fehidro | Own funds | 2035 | 3% |
Leases (Concession Agreements, Program Contracts and Contract Asset) |  | 2035 | 7.73% to 10.12% | IPC
Leases (Others) |  | 2042 | 9.74% to 15.24% |
Foreign currency | Guarantees | Maturity | Annual interest rate | Exchange rate changes | Hedge cost
Inter-American Development Bank - IDB 1212 - US$10,278 thousand | Government | 2025 | SOFR + 5.34% (*) | US$ | DI -0.47% p.a.
Inter-American Development Bank - IDB 4623 - US$152,187 thousand | Government | 2044 | SOFR + 6.50940% (*) | US$ | DI -0.06% p.a.
International Bank for Reconstruction and Development (IBRD) – IBRDs 7662 and 8916 - US$111,425 thousand | Government | 2034 | SOFR + 5.89% and 6.99% (*) | US$ | DI -0.66% a.a. e DI +0.41% p.a.
JICA 15 – ¥5,762,150 thousand | Government | 2029 | 1.8% and 2.5% | Yen | DI +0.82% p.a.
JICA 18 – ¥5,180,800 thousand | Government | 2029 | 1.8% and 2.5% | Yen | DI +0.79% p.a.
JICA 17– ¥3,320,004 thousand | Government | 2035 | 1.2% and 0.01% | Yen | DI -0.25% p.a.
JICA 19– ¥22,668,975 thousand | Government | 2037 | 1.7% and 0.01% | Yen | DI +0.32% p.a.
(i) Payment schedule – book value as of December 31, 2024
Schedule of borrowings payment schedule |  |  |  |  |  |  |  |
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 to 2044 | TOTAL
LOCAL CURRENCY |  |  |  |  |  |  |  |
Debentures | 1,323,040 | 3,719,487 | 1,415,030 | 674,405 | 1,316,921 | 1,288,121 | 1,959,219 | 11,696,223
Brazilian Federal Savings Bank | 123,495 | 131,136 | 139,242 | 147,721 | 153,538 | 151,203 | 837,007 | 1,683,342
BNDES | 262,709 | 252,712 | 239,862 | 84,973 | 34,436 | 34,436 | 156,592 | 1,065,720
IDBs – National | 260,899 | 330,209 | 315,069 | 420,959 | 383,238 | 349,769 | 1,626,286 | 3,686,429
IFCs | 44,200 | 64,450 | 91,400 | 147,450 | 218,700 | 335,000 | 1,849,779 | 2,750,979
Leases (Concession Agreements, Program Contracts and Contract Asset) | 206,190 | 64,682 | 22,690 | 29,417 | 20,579 | 124,510 | - | 468,068
Other | 1,868 | 931 | - | - | - | - | - | 2,799
Interest and other charges | 548,372 | - | - | - | - | - | - | 548,372
TOTAL IN LOCAL CURRENCY | 2,770,773 | 4,563,607 | 2,223,293 | 1,504,925 | 2,127,412 | 2,283,039 | 6,428,883 | 21,901,932
FOREIGN CURRENCY |  |  |  |  |  |  |  |
IDB | 89,222 | 51,155 | 51,155 | 51,155 | 51,155 | 51,155 | 663,414 | 1,008,411
IBRD | 37,707 | 37,707 | 37,707 | 37,707 | 50,233 | 62,759 | 567,584 | 831,404
JICA | 203,754 | 169,367 | 169,367 | 169,367 | 169,269 | 82,983 | 520,049 | 1,484,156
Interest and other charges | 32,394 | - | - | - | - | - | - | 32,394
TOTAL IN FOREIGN CURRENCY | 363,077 | 258,229 | 258,229 | 258,229 | 270,657 | 196,897 | 1,751,047 | 3,356,365
Total | 3,133,850 | 4,821,836 | 2,481,522 | 1,763,154 | 2,398,069 | 2,479,936 | 8,179,930 | 25,258,297
(ii) Changes
Schedule of changes in borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2023 | Addition (lease) | Funding | Borrowing costs | Monetary and Exchange variation | Fair Value | Inflation adjustment / exchange variation and incorporated interest – Capitalized | Exchange rate change reclassified to OCI | Interest paid | Amortization payment | Accrued interest | Provision for interest and fees – Capitalized | Provision for interest/rates reclassifiedto OCI | Expenses with borrowing costs | December 31, 2024
EM MOEDA NACIONAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures | 7,534,818 | - | 5,440,478 | (13,010) | 116,330 | - | 25,579 | - | (795,005) | (1,232,091) | 801,565 | 169,235 | - | 14,124 | 12,062,023
Brazilian Federal Savings Bank | 1,621,014 | - | 165,873 | - | 10,503 | - | 2,879 | - | (128,418) | (112,399) | 101,284 | 27,321 | - | - | 1,688,057
BNDES | 1,341,472 | - | - | - | 7,413 | - | 2,518 | - | (93,215) | (281,867) | 67,629 | 24,887 | - | 238 | 1,069,075
BID 2202 | 2,252,742 | - | - | - | - | - | - | - | (257,571) | (181,349) | 139,993 | 104,513 | - | 955 | 2,059,283
BID INVEST 2020 | 900,367 | - | - | - | - | - | - | - | (115,506) | (39,550) | 15,854 | 93,554 | - | 661 | 855,380
IFC 2022 | 757,297 | - | - | - | - | - | - | - | (94,577) | (22,800) | 46,651 | 46,372 | - | 915 | 733,858
IFC 2023 | 1,006,642 | - | - | (528) | - | - | - | - | (116,964) | - | 61,841 | 60,871 | - | 1,451 | 1,013,313
IFC 2024 | - | - | 1,060,000 | (11,428) | - | - | - | - | - | - | 5,698 | 4,470 | - | 7 | 1,058,747
IDB INVEST 2022 | 454,543 | - | - | - | - | - | - | - | (59,504) | (14,100) | 59,752 | - | - | 256 | 440,947
IDB INVEST 2023 | 464,131 | - | - | - | - | - | - | - | (59,907) | (14,100) | 60,191 | - | - | 70 | 450,385
Leases (Concession Agreements, Program Contracts and Contract Asset) | 309,210 | - | - | - | - | - | - | - | (104,725) | - | 112,659 | - | - | - | 317,144
Leases (Others) | 142,300 | 84,048 | - | - | - | - | - | - | (31,799) | (105,839) | 62,214 | - | - | - | 150,924
Others | 5,923 | - | 2,472 | - | 7 | - | - | - | (178) | (5,625) | 163 | 2 | - | 32 | 2,796
TOTAL IN LOCAL CURRENCY | 16,790,459 | 84,048 | 6,668,823 | (24,966) | 134,253 | - | 30,976 | - | (1,857,369) | (2,009,720) | 1,535,494 | 531,225 | - | 18,709 | 21,901,932
FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IDBs | 819,455 | - | 29,428 | (4,096) | 196,490 | - | - | 26,808 | (58,916) | (53,446) | 57,242 | - | 3,609 | 1,259 | 1,017,833
IBRD | 515,015 | - | 204,314 | (2,749) | 132,645 | - | 9 | 21,920 | (37,492) | (32,319) | 40,715 | 298 | 3,065 | 596 | 846,017
JICA | 1,411,421 | - | - | - | 196,087 | 34,388 | 994 | - | (22,917) | (150,778) | 22,314 | 800 | - | 206 | 1,492,515
TOTAL IN FOREIGN CURRENCY | 2,745,891 | - | 233,742 | (6,845) | 525,222 | 34,388 | 1,003 | 48,728 | (119,325) | (236,543) | 120,271 | 1,098 | 6,674 | 2,061 | 3,356,365
Total | 19,536,350 | 84,048 | 6,902,565 | (31,811) | 659,475 | 34,388 | 31,979 | 48,728 | (1,976,694) | (2,246,263) | 1,655,765 | 532,323 | 6,674 | 20,770 | 25,258,297
| December 31, 2022 | Addition (lease) | Funding | Borrowing costs | Monetary and Exchange variation | Inflation adjustment / exchange variation and incorporated interest – Capitalized | Interest paid | Amortization payment | Accrued interest | Provision for interest and fees – Capitalized | Expenses with borrowing costs | December 31, 2023
LOCAL CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
Debentures | 8,166,366 | - | - | (2,043) | 114,228 | 21,421 | (839,833) | (741,812) | 628,580 | 176,739 | 11,172 | 7,534,818
Brazilian Federal Savings Bank | 1,526,185 | - | 174,058 | - | 22,023 | 5,475 | (122,843) | (106,982) | 98,428 | 24,670 | - | 1,621,014
BNDES | 1,380,993 | - | 190,000 | - | 10,326 | 2,464 | (97,829) | (241,992) | 78,745 | 18,516 | 249 | 1,341,472
IDB 2202 | 2,450,550 | - | - | - | - | - | (328,627) | (181,349) | 135,524 | 175,689 | 955 | 2,252,742
IDB INVEST 2020 | 943,619 | - | - | - | - | - | (138,676) | (37,340) | 27,360 | 104,739 | 665 | 900,367
IFC 2022 | 774,525 | - | - | - | - | - | (114,131) | (15,200) | 15,029 | 96,160 | 914 | 757,297
IFC 2023 | - | - | 1,000,000 | (13,652) | - | - | (2,434) | - | 11,335 | 11,090 | 303 | 1,006,642
IDB INVEST 2022 | 469,327 | - | - | - | - | - | (72,245) | (14,100) | 71,305 | - | 256 | 454,543
IDB INVEST 2023 | - | - | 470,000 | (1,083) | - | - | (41,022) | (7,050) | 43,263 | - | 23 | 464,131
Leases (Concession Agreements, Program Contracts and Contract Asset) | 357,844 | - | - | - | - | - | (54,135) | (48,634) | 54,135 | - | - | 309,210
Leases (Others) | 101,374 | 108,405 | - | - | - | - | (39,918) | (88,452) | 60,891 | - | - | 142,300
Other | 12,130 | - | 3,629 | - | 60 | - | (587) | (9,884) | 566 | 9 | - | 5,923
TOTAL IN LOCAL CURRENCY | 16,182,913 | 108,405 | 1,837,687 | (16,778) | 146,637 | 29,360 | (1,852,280) | (1,492,795) | 1,225,161 | 607,612 | 14,537 | 16,790,459
FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
IDBs | 532,693 | - | 384,824 | (5,137) | (45,895) | - | (33,808) | (51,178) | 36,929 | - | 1,027 | 819,455
IBRD | 399,762 | - | 173,547 | (3,032) | (30,374) | - | (22,089) | (31,009) | 27,663 | 57 | 490 | 515,015
JICA | 1,803,109 | - | - | - | (231,877) | 105 | (26,795) | (157,785) | 23,697 | 763 | 204 | 1,411,421
IDB 1983AB | 40,194 | - | - | - | (1,813) | - | (1,447) | (38,323) | 909 | 311 | 169 | -
TOTAL IN FOREIGN CURRENCY | 2,775,758 | - | 558,371 | (8,169) | (309,959) | 105 | (84,139) | (278,295) | 89,198 | 1,131 | 1,890 | 2,745,891
TOTAL | 18,958,671 | 108,405 | 2,396,058 | (24,947) | (163,322) | 29,465 | (1,936,419) | (1,771,090) | 1,314,359 | 608,743 | 16,427 | 19,536,350
| December 31, 2021 | Addition (lease) | Funding | Borrowing costs | Monetary and Exchange variation | Inflation adjustment / exchange variation and incorporated interest – Capitalized | Interest paid | Amortization payment | Accrued interest | Provision for interest and fees – Capitalized | Expenses with borrowing costs | December 31, 2022
LOCAL CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
Debentures | 7,467,968 | - | 1,000,000 | (4,320) | 165,879 | - | (712,966) | (563,504) | 544,116 | 257,951 | 11,242 | 8,166,366
Brazilian Federal Savings Bank | 1,483,113 | - | 119,437 | - | 17,247 | 7,131 | (117,041) | (100,855) | 80,422 | 36,731 | - | 1,526,185
BNDES | 1,392,844 | - | 200,000 | - | 7,020 | 3,117 | (104,596) | (222,353) | 67,311 | 37,391 | 259 | 1,380,993
IDB 2202 | 2,589,442 | - | - | - | - | - | (281,971) | (181,349) | 98,574 | 224,899 | 955 | 2,450,550
IDB INVEST | 956,942 | - | - | - | - | - | (108,921) | (34,800) | 129,733 | - | 665 | 943,619
IFC | - | - | 760,000 | (9,385) | - | - | (24,978) | - | - | 48,507 | 381 | 774,525
IDB INVEST 2022 | - | - | 470,000 | (3,922) | - | - | (30,698) | - | 33,840 | - | 107 | 469,327
Leases (Concession Agreements, Program Contracts and Contract Assets) | 397,311 | - | - | - | - | - | (54,390) | (39,467) | 54,390 | - | - | 357,844
Leases (Others) | 125,969 | 42,182 | - | - | - | - | (17,659) | (84,437) | 35,319 | - | - | 101,374
Other | 14,094 | - | 3,654 | - | 56 | 2 | (789) | (5,669) | 748 | 34 | - | 12,130
TOTAL IN LOCAL CURRENCY | 14,427,683 | 42,182 | 2,553,091 | (17,627) | 190,202 | 10,250 | (1,454,009) | (1,232,434) | 1,044,453 | 605,513 | 13,609 | 16,182,913
FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
IDBs | 387,837 | - | 226,497 | (6,732) | (20,355) | - | (12,581) | (56,273) | 13,733 | - | 567 | 532,693
IBRD | 420,881 | - | 39,417 | (3,166) | (28,665) | 61 | (3,779) | (30,895) | 5,525 | 20 | 363 | 399,762
JICA | 2,401,887 | - | 15,546 | - | (437,296) | 3,243 | (33,167) | (177,007) | 26,597 | 3,102 | 204 | 1,803,109
BID 1983AB | 85,548 | - | - | - | (5,602) | - | (1,952) | (40,115) | 1,284 | 614 | 417 | 40,194
TOTAL IN FOREIGN CURRENCY | 3,296,153 | - | 281,460 | (9,898) | (491,918) | 3,304 | (51,479) | (304,290) | 47,139 | 3,736 | 1,551 | 2,775,758
TOTAL | 17,723,836 | 42,182 | 2,834,551 | (27,525) | (301,716) | 13,554 | (1,505,488) | (1,536,724) | 1,091,592 | 609,249 | 15,160 | 18,958,671
(a) | Main events in 2024
Debentures 31st Issue Debentures: As of March 05, 2024, the Company raised R$ 2,940.5 million from the 31st issue of simple, unsecured debentures, not convertible into shares, in three series, with the following characteristics:
Schedule of convertible debentures |  |  |
| Value | Rate | Maturity
Series 1 | 507,000 | CDI + 0.49% p.a. | 2029
Series 2 | 1,734,467 | CDI + 1.10% p.a. | 2031
Series 3 | 699,011 | CDI + 1.31% p.a. | 2034
Total | 2,940,478 |  |
The proceeds from the issue will be used to refinance financial commitments falling due in 2024 and to recompose and reinforce the cash position. The Debentures are characterized as “ESG bonds for the use of sustainable and blue resources”, based on the Company’s commitment to allocate the equivalent amount in projects described in the Sustainable Finance Framework. The contract has a cross acceleration clause, i.e. the early maturity of any of the Company’s debts, in an individual or aggregate amount equal to or higher than R$ 198 million, adjusted by the IPCA inflation index as of the issue date, constitutes a default event and may result in the early maturity of the Debentures. 12th Issue Debentures As of June 04, 2024, the Company made the early final amortization payment of the 12th issue debentures, totaling R$ 49,704.9 million, of which R$ 49,287.5 million in principal and R$ 417.4 million in interest. 23rd Issue Debentures As of May 10, 2024, the Company made the final amortization payment of series 1 of the 23rd issue debentures, totaling R$ 519,439.9 million, of which R$ 491,755.0 million in principal and R$ 27,684.9 million in interest. 32nd Issue Debentures As of September 10, 2024, the Company raised R$ 2,500.0 million from the 32nd issue of simple, unsecured debentures, not convertible into shares, in a single series, with the following characteristics:
Schedule of convertible debentures |  |  |
| Value | Rate | Maturity
Single series | 2,500,000 | CDI + 0.30% p.a. | 2026
The contract has a cross acceleration clause, i.e. the early maturity of any of the Company’s debts, in an individual or aggregate amount equal to or higher than R$ 203 million, adjusted by the IPCA inflation index as of the issue date, constitutes a default event and may result in the early maturity of the Debentures. The covenants agreed upon for the 31st and 32nd Issues are: Calculated every quarter, when disclosing the quarterly information or annual financial statements: - Net debt/adjusted EBITDA lower than or equal to 3.50; - Adjusted EBITDA/financial expenses equal to or higher than 1.5; Failure to comply with the financial indices above for at least two consecutive quarters, or for two non-consecutive quarters within twelve months (in which case the 30-day cure period does not apply), constitutes a default event that may lead to the early maturity of the Debentures, disposal of operating assets, termination of licenses, loss of concession or loss of the Company’s ability to execute and operate public sanitation services in areas of the São Paulo State which, individually or jointly during the term of the agreement, lead to a reduction of the Company’s net sales and/or service revenue of more than twenty- five percent (25%). The above limit will be calculated every quarter, taking into consideration the Company’s net operating income during the twelve (12) months before the end of each quarter and using the financial information disclosed by the Company. Failure to comply with the limit above constitutes a default event that may lead to the early maturity of the Debentures. IDB INVEST 2020: As of February 17, 2025, the Company paid the early partial amortization of the long-term tranche, totaling R$ 492,119, R$ 459,740 of which in principal and R$ 32,379 in interest. Additionally, as of February 10, 2025, the spread of the medium-term tranche was renegotiated from DI + 1.90% to DI + 0.90% and became effective on February 18, 2025. Impacts from the privatization: The Company obtained prior and express consent through formalizations or contractual amendments to enable the change of its ownership structure without triggering the occurrence of early maturity outlined in the clauses of the respective contracts with the financial agents IDB INVEST, IBRD, IFC, JICA, BNDES, CEF, and the 22nd, 23rd, 24th, 26th, 27th, 28th, 29th, and 30th Issue Debentures. Amendments to the contracts with IDB Invest and IDB Invest with PROPARCO were signed, changing the description and concept of Net Debt to align with the criterion already used by IFC, including in the net debt the net and low-risk financial investments, as well as considering the mark-to-market value of hedge operations on foreign currency-denominated debt. The Indentures of the 22nd, 23rd, 24th, 26th, 27th, 28th, 29th, and 30th Issue Debentures were amended to change the definition of “Net Debt” used in the calculation of the “Net Debt/EBITDA” financial ratio, which will become effective with the following wording: “Net Debt”: on any calculation date, means the total short-and long-term loans and financings of the Issuer less (i) accrued interest and financial charges; (ii) cash and cash equivalents; (iii) the balance of financial investments; and (iv) the net value of mark-to-market of hedge operations on foreign currency debt, to be informed by the Issuer.” The 31st Issue Debentures will adopt the aforementioned definition of Net Debt, as permitted in its indenture. FINEP: As of April 26, 2024, the Company paid the final amortization of FINEP, totaling R$ 4,065.4, recorded under Other borrowings.
(b) | Leases
The Company has work service agreements which includes specific assets under lease terms. During the construction period, work costs are capitalized to contract assets and the lease amount is recorded in the same proportion. After startup, the lease payment period starts (240 monthly installments), and the amount is periodically restated by the contracted price index. The amounts payable for the right of use of assets are also recorded in this line, (See Note 15 (f)).
(c) | Financial commitments - Covenants
The table below shows the most restrictive covenants ratios as of December 31, 2024.
Schedule of restrictive covenants ratios |
| Covenants
Adjusted EBITDA / Adjusted Financial Expenses | Equal to or higher than 2.80
EBITDA / Financial Expenses Paid | Equal to or higher than 2.35
Adjusted Net Debt / Adjusted EBITDA | Equal to or lower than 3.80
Net Debt / Adjusted EBITDA | Equal to or lower than 3.50
Other Onerous Debt (1) / Adjusted EBITDA | Equal to or lower than 1.30
(1) | The contractual definition of “Other Onerous Debts” corresponds to the sum of pension plan obligations and healthcare plan, installment payments of tax debts, and installments payments of debts with the electricity supplier.
As of December 31, 2024 and 2023, the Company met the requirements set forth by its borrowings and financing agreements.
(d) | Borrowings and financing – Credit Limits
Schedule of borrowings and financing credit limits |  |
Agent |  | December 31, 2024
|  | (in millions of reais (*))
Brazilian Federal Savings Bank |  | 768
Brazilian Development Bank – BNDES |  | 30
Inter-American Development Bank (IDB) |  | 886
International Bank for Reconstruction and Development (IBRD) |  | 1,060
BTG Pactual Bank |  | 949
Other |  | 4
TOTAL |  | 3,697
(*) | Brazilian Central Bank’s exchange sell rate as of December 31, 2024 (US$ 1.00 = R$ 6.1923).
Financing resources contracted have specific purposes and are released for the execution of their respective investments, according to the progress of the works.
(e) | Derivative financial instruments
The Company contracted derivative financial instruments (hedge) with J.P. Morgan, which have been effective since December 12, 2024, to mitigate the exchange risk, with a corresponding CDI variation minus an interest percentage, as described in Note 5.1. As of December 31, 2024, 13 swap transactions were in effect, with a notional value of US$ 303,977 thousand and ¥ 36,787,581 thousand to hedge the interest rate and exchange rate changes, converting the financial charges into an average cost of approximately CDI - 0.36% p.a. For further details, see Note 5.1 (d).

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