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FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2020

Financial Instruments and Risks Management

Schedule of financial instruments by category

				June 30,		December 31,
		Note		2020		2019
Assets
Amortized cost
Cash and cash equivalents		5		10,473,701		3,249,127
Trade accounts receivable		7		3,762,875		3,035,817
Other assets				513,104		563,993
				14,749,680		6,848,937
Fair value through other comprehensive income
Other investments		14		25,976		20,048
				25,976		20,048
Fair value through profit or loss
Derivative financial instruments		4.5		1,078,437		1,098,972
Marketable securities		6		2,213,496		6,330,334
				3,291,933		7,429,306
				18,067,589		14,298,291
Liabilities
Amortized cost
Loans, financing and debentures		18.1		80,628,577		63,684,326
Lease liabilities		19.2		5,173,972		3,984,070
Liabilities for assets acquisitions and subsidiaries		23		658,135		541,615
Trade accounts payable		17		2,081,533		2,376,459
Other liabilities				337,106		578,061
				88,879,323		71,164,531
Fair value through profit or loss
Derivative financial instruments		4.5		11,898,332		2,917,913
				11,898,332		2,917,913
				100,777,655		74,082,444
				82,710,066		59,784,153

Summary of estimated fair value of loans and financing

		Approach used		June 30,		December 31,
		to discount		2020		2019
Quoted in the secondary market
In foreign currency
Bonds		Secondary Market		38,795,348		30,066,087
Estimated to present value
In foreign currency
Export credits ("Pre-payment")		LIBOR		26,123,478		17,213,963
Export credits ("ACC/ACE")		DI 1		799,183		575,521
In local currency
BNP – Forest Financing		DI 1		177,376		193,646
BNDES – TJLP		DI 1		1,759,652		1,895,959
BNDES - TLP		DI 1		523,828		535,812
BNDES – Fixed		DI 1		95,259		113,979
BNDES – Selic ("Special Settlement and Custody System")		DI 1		938,208		693,969
BNDES - Currency basket		DI 1		61,488		54,420
CRA ("Agribusiness Receivables Certificate")		DI 1		4,583,620		6,039,983
Debentures		DI 1		5,416,351		5,534,691
FINAME ("Special Agency of Industrial Financing")		DI 1		11,816		14,168
FINEP ("Financier of Studies and Projects")		DI 1		1,287		5,138
NCE ("Export Credit Notes")		DI 1		1,354,814		1,445,383
NCR ("Rural Credit Notes")		DI 1		280,876		288,122
Export credits ("Pre-payment")		DI 1		1,435,407		1,464,798
FDCO ("West Center Development Fund")		DI 1		541,291		571,904
				82,899,282		66,707,543

Schedule of contractual maturities of financial liabilities

			June 30,
			2020
			Total book		Total future		Up to 1		1 - 2		2 - 5		More than
			value		value		year		years		years		5 years
Liabilities
Trade accounts payables			2,081,533		2,081,533		2,081,533		—		—		—
Loans, financing and debentures(1)			80,628,577		110,480,401		7,742,122		4,575,792		45,904,453		52,258,034
Lease liabilities			5,173,972		9,733,128		842,789		1,566,704		2,064,169		5,259,466
Liabilities for asset acquisitions and subsidiaries			658,135		744,790		134,005		129,699		365,836		115,250
Derivative financial instruments(1)			11,898,332		18,155,523		4,556,320		1,415,206		4,726,006		7,457,991
Other liabilities			337,106		337,106		252,972		84,134
			100,777,655		141,532,481		15,609,741		7,771,535		53,060,464		65,090,741

1) The variation is due to the increase in the exchange rate variation in the six-month period ended June 30, 2020.

		December 31,
		2019
		Total book		Total future		Up to 1		1 - 2		2 - 5		More than
		value		value		year		years		years		5 years
Liabilities
Trade accounts payables		2,376,459		2,376,459		2,376,459		—		—		—
Loans, financing and debentures		63,684,326		89,708,210		8,501,278		5,692,149		29,088,292		46,426,491
Lease liabilities		3,984,070		7,109,966		559,525		1,426,011		1,186,386		3,938,044
Liabilities for asset acquisitions and subsidiaries		541,615		618,910		103,132		101,149		315,989		98,640
Derivative financial instruments		2,917,913		8,299,319		1,488,906		415,791		1,258,200		5,136,422
Other liabilities		578,061		578,061		456,338		121,723
		74,082,444		108,690,925		13,485,638		7,756,823		31,848,867		55,599,597

Schedule of net exposure of assets and liabilities in foreign currency

		June 30,		December 31,
		2020		2019
Assets
Cash and cash equivalents		9,895,463		2,527,834
Trade accounts receivables		2,891,501		2,027,018
Derivative financial instruments		242,235		9,440,141
		13,029,199		13,994,993
Liabilities
Trade accounts payables		(491,805)		(1,085,207)
Loans and financing		(63,817,265)		(45,460,138)
Liabilities for asset acquisitions and subsidiaries		(401,273)		(288,172)
Derivative financial instruments		(10,485,935)		(11,315,879)
		(75,196,278)		(58,149,396)
Net liability exposure		(62,167,079)		(44,154,403)

Schedule of derivatives by type of contract

		Notional value in U.S.$				Fair value
		June 30,		December 31,		June 30,		December 31,
		2020		2019		2020		2019
Instruments contracted with protection strategy
Operational Hedge
Zero Cost Collar		3,365,500		3,425,000		(2,948,115)		67,078
NDF (R$ x US$)		25,000				(29,511)
NDF (US$ x ARS)		5,500				(2,178)
Debt hedge
Interest rate hedge
Swap LIBOR to Fixed (U.S.$)(1)		3,683,333		2,750,000		(1,273,250)		(444,910)
Swap IPCA to CDI (notional in Reais)		843,845		843,845		251,599		233,255
Swap IPCA to Fixed (U.S.$)		121,003		121,003		(172,557)		30,544
Swap CDI x Fixed (U.S.$)(1)		2,676,617		3,115,614		(6,454,249)		(1,940,352)
Pre-fixed Swap to U.S.$ (U.S.$)		350,000		350,000		(637,090)		(33,011)
Hedge de Commodity
Swap US-CPI standing wood (U.S.$)(2)		657,207		679,485		522,073		268,547
Swap Bunker (oil)		87,486		365		(76,617)		(92)
						(10,819,895)		(1,818,941)
Current assets						152,978		260,273
Non-current assets						925,459		838,699
Current liabilities						(4,529,091)		(893,413)
Non-current liabilities						(7,369,241)		(2,024,500)
						(10,819,895)		(1,818,941)

Schedule of maturity analysis for derivatives

		June 30,		December 31,
		2020		2019
2020		(2,715,171)		(633,644)
2021		(2,184,320)		98,850
2022		(1,148,302)		(154,734)
2023		(563,163)		185,209
2024		(801,662)		(197,718)
2025		(1,845,634)		(606,827)
2026 onwards		(1,561,643)		(510,077)
		(10,819,895)		(1,818,941)

Schedule of long and short positions of outstanding derivatives

		Notional value						Fair value
				June 30,		December 31,		June 30,		December 31,
		Currency		2020		2019		2020		2019
Debt hedge
Assets
Swap CDI x Fixed (U.S.$)		R$		9,963,450		11,498,565		511		11,673,117
Swap Pre-Fixed to U.S.$ (U.S.$)		R$		1,317,226		1,317,226		122,341		1,478,336
Swap LIBOR x Fixed (U.S.$)		US$		3,683,333		2,750,000		62,489		11,063,970
Swap IPCA x CDI		IPCA		943,055		933,842		251,599		1,093,067
Swap IPCA x U.S.$		IPCA		504,368		499,441				579,307
								436,940		25,887,797
Liabilities
Swap CDI x Fixed (U.S.$)		US$		2,676,617		3,115,614		(6,454,760)		(13,613,469)
Swap LIBOR x Fixed (U.S.$)		US$		350,000		350,000		(759,431)		(1,511,347)
Swap LIBOR x Fixed (U.S.$)		US$		3,683,333		2,750,000		(1,335,739)		(11,508,880)
Swap IPCA x CDI		R$		843,845		843,845				(859,812)
Swap IPCA x U.S.$		US$		121,003		121,003		(172,557)		(548,763)
								(8,722,487)		(28,042,271)
								(8,285,547)		(2,154,474)
Operational hedge
Zero cost collar (U.S.$ x R$)		US$		3,365,500		3,425,000		(2,948,115)		67,078
NDF (R$ x U.S.$)		US$		25,000				(29,511)
NDF (US$ x ARS)				5,500				(2,178)
								(2,979,804)		67,078
Commodity hedge
Swap US-CPI (standing wood)		US$		657,207		679,485		522,073		268,547
Swap Bunker (oil)		US$		87,486		365		(76,617)		(92)
								445,456		268,455
								(10,819,895)		(1,818,941)

Schedule of settled derivatives

		June 30,		December 31,
		2020		2019
Operational hedge
Zero cost collar (R$ x U.S.$)		(962,595)		(104,040)
NDF (R$ x U.S.$)		(30,700)		63,571
		(993,295)		(40,469)
Commodity hedge
Swap Bunker (oil)		(36,805)		3,804
		(36,805)		3,804
Debt hedge
Swap CDI x Fixed (U.S.$)		(369,601)		(68,362)
Swap IPCA x CDI		(441,056)		23,024
Swap IPCA x USD		10,054
Swap Pre-Fixed to U.S.$ (U.S.$)		59,351		(26,358)
Swap LIBOR x Fixed (U.S.$)		(62,898)		(27,088)
		(804,150)		(98,784)
		(1,834,250)		(135,449)

Schedule of fair value hierarchy

		June 30,
		2020
		Level 1		Level 2		Level 3		Total
Assets
Fair value through profit or loss
Derivative financial instruments				1,078,437				1,078,437
Marketable securities		825,972		1,387,524				2,213,496
		825,972		2,465,961				3,291,933
Fair value through other comprehensive income
Other investments - CelluForce						25,976		25,976
						25,976		25,976
Biological assets						10,672,724		10,672,724
						10,672,724		10,672,724
Total assets		825,972		2,465,961		10,698,700		13,990,633
Liabilities
Fair value through profit or loss
Derivative financial instruments				11,898,332				11,898,332
				11,898,332				11,898,332
Total liabilities				11,898,332				11,898,332

		December 31,
		2019
		Level 1		Level 2		Level 3		Total
Assets
Fair value through profit or loss
Derivative financial instruments				1,098,972				1,098,972
Marketable securities		1,631,319		4,699,015				6,330,334
		1,631,319		5,797,987				7,429,306
Fair value through other comprehensive income
Other investments - CelluForce						20,048		20,048
						20,048		20,048
Biological assets						10,571,499		10,571,499
						10,571,499		10,571,499
Total assets		1,631,319		5,797,987		10,591,547		18,020,853
Liabilities
Fair value through profit or loss
Derivative financial instruments				2,917,913				2,917,913
				2,917,913				2,917,913
Total liabilities				2,917,913				2,917,913

Currency Risk | Financial instruments, excluding derivatives

Financial Instruments and Risks Management

Summary of sensitivity analysis

		June 30,
		2020
		Effect on profit or loss and equity
				Possible		Remote
		Probable		(25%)		(50%)
Cash and cash equivalents		9,895,463		2,473,866		4,947,732
Trade accounts receivable		2,891,501		722,875		1,445,751
Trade accounts payable		(491,805)		(122,951)		(245,903)
Loans and financing		(63,817,265)		(15,954,316)		(31,908,633)
Liabilities for asset acquisitions and subsidiaries		(401,273)		(100,318)		(200,637)

Currency Risk | Derivative financial instruments

Financial Instruments and Risks Management

Summary of sensitivity analysis

		June 30,
		2020
		Effect on profit or loss and equity
				Possible		Remote		Possible		Remote
		Probable		(+25%)		(+50%)		(-25%)		(-50%)
		5.4416		6.802		8.1624		4.0812		2.7208
Financial instruments derivatives
Derivative options		(2,955,980)		(4,195,471)		(8,658,160)		3,740,215		7,973,398
Derivative Non-Deliverable Forward (‘NDF’)		(29,511)		(33,907)		(67,814)		33,908		67,815
Derivative swaps		(8,526,926)		(5,279,964)		(10,559,931)		5,279,972		10,559,940

Interest rate risk | Financial instruments, excluding derivatives

Financial Instruments and Risks Management

Summary of sensitivity analysis

		June 30,
		2020
		Effect on profit or loss and equity
		Probable		Possible (25%)		Remote (50%)
CDI
Cash and cash equivalents		358,900		1,929		3,858
Marketable securities		2,213,496		11,898		23,795
Loans and financing		9,919,194		53,316		106,631
TJLP
Loans and financing		1,700,469		21,001		42,002
LIBOR
Loans and financing		25,131,914		18,975		37,949

Interest rate risk | Derivative financial instruments

Financial Instruments and Risks Management

Summary of sensitivity analysis

		June 30,
		2020
		Effect on profit or loss and equity
				Probable		Remote		Probable		Remote
		Probable		(+25%)		(+50%)		(-25%)		(-50%)
CDI
Financial instruments derivatives
Liabilities
Derivative options		(2,955,980)		(46,186)		(91,962)		46,622		93,698
Derivative Non-Deliverable Forward (‘NDF’)		(29,511)		(97)		(195)		99		198
Derivative swaps		(8,526,926)		(27,243)		(53,863)		27,830		56,172
LIBOR
Financial instruments derivatives
Liabilities
Derivative swaps		(8,526,926)		50,308		100,602		(50,308)		(100,630)

U.S. Consumer Price Index | Derivative financial instruments

Financial Instruments and Risks Management

Summary of sensitivity analysis

		June 30,
		2020
		Impact of an increase/decrease of
		US-CPI on the fair value
		Probable		Possible (25%)		Remote (50%)
Embedded derivative in forestry partnership and standing wood supply agreements		522,073		(117,134)		(238,426)

Commodity price risk

Financial Instruments and Risks Management

Summary of sensitivity analysis

		June 30,
		2020
		Impact of an increase/decrease of price risk
		Probable		Possible (25%)		Remote (50%)
Oil derivative		(76,702)		168,646		260,591

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