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INTANGIBLE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
INTANGIBLE |
Schedule of goodwill and intangible assets with indefinite useful life |
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Vale Florestar (1) |  |  |  | 45,435
Facepa |  | 119,332 |  | 119,332
Fibria (2) |  | 7,897,051 |  | 7,897,051
Other (3) |  | 1,196 |  | 1,196
|  | 8,017,579 |  | 8,063,014
| 1) |  | Vale Florestar's main asset is eucalyptus forests planted in leased areas, in the State of Pará, which were acquired for the purpose of supplying wood to the Maranhão Unit. On December 31, 2020, the Company tested goodwill on expected future profitability arising from business combinations with Vale Florestar and identified an impairment of R$45,435 recognized in other operating results.
| 2) |  | Amount arising from the business combination with Fibria, held on January 3, 2019, when the Company acquired the net assets of Fibria for total consideration of R$37,235,854 (note 1.3.1).
| 3) |  | Refer to other intangible assets with indefinite useful life such as servitude and electricity.
Summary of assumptions used in valuation of cash-generating units |
|  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Net average pulp price – Foreign market (USD/t) |  |  |  |  |  |  |  |  |  |
Asia |  | 495.0 |  | 651.7 |  | 457.5 |  | 492.5 |  | 502.4
Europa |  | 490.5 |  | 640.1 |  | 504.7 |  | 505.9 |  | 516.1
North America |  | 535.9 |  | 647.9 |  | 510.9 |  | 512.0 |  | 522.4
Latin America |  | 511.3 |  | 637.6 |  | 502.8 |  | 503.9 |  | 514.1
Net average pulp price – Internal market (USD/t) |  | 421.6 |  | 641.4 |  | 505.7 |  | 506.9 |  | 517.1
Average exchange rate (R$/U.S.$) |  | 5.01 |  | 4.82 |  | 4.81 |  | 4.82 |  | 4.88
Discount rate (pos-tax) |  | 9.19% p.a. |  | 9.19% p.a. |  | 9.19% p.a. |  | 9.19% p.a. |  | 9.19% p.a
Discount rate (pre-tax) |  | 13.0% p.a. |  | 13.0% p.a. |  | 13.0% p.a. |  | 13.0% p.a. |  | 13.0% p.a.
Schedule of intangible assets with determined useful life | 16.I NTANGIBLE 16.1.Goodwill and intangible assets with indefinite useful life
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
Vale Florestar (1) |  |  |  | 45,435
Facepa |  | 119,332 |  | 119,332
Fibria (2) |  | 7,897,051 |  | 7,897,051
Other (3) |  | 1,196 |  | 1,196
|  | 8,017,579 |  | 8,063,014
| 1) |  | Vale Florestar's main asset is eucalyptus forests planted in leased areas, in the State of Pará, which were acquired for the purpose of supplying wood to the Maranhão Unit. On December 31, 2020, the Company tested goodwill on expected future profitability arising from business combinations with Vale Florestar and identified an impairment of R$45,435 recognized in other operating results.
| 2) |  | Amount arising from the business combination with Fibria, held on January 3, 2019, when the Company acquired the net assets of Fibria for total consideration of R$37,235,854 (note 1.3.1).
| 3) |  | Refer to other intangible assets with indefinite useful life such as servitude and electricity.
The goodwill is based on expected future profitability supported by valuation reports, after purchase price allocation. Goodwill are allocated to cash-generating units as presented in Note 29.4. The calculation of the value in use of non-financial assets is done annually using the discounted cash flow method. In 2020, the Company used the strategic plan and annual budget with growing projections until 2025 and the average perpetuity of the cash generating units considering a nominal rate of 3.27% p.a. from this date, based on historical information of previous years, economic and financial projections from each specific market that the Company has operations and additionally include official information disclosed by independent institutions and government agencies. The discount rate, after taxes, adopted by the Management was 9.19% p.a., calculated based on weighted average cost of capital (“WACC”). The assumptions in the table set forth below were also adopted:
|  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Net average pulp price – Foreign market (USD/t) |  |  |  |  |  |  |  |  |  |
Asia |  | 495.0 |  | 651.7 |  | 457.5 |  | 492.5 |  | 502.4
Europa |  | 490.5 |  | 640.1 |  | 504.7 |  | 505.9 |  | 516.1
North America |  | 535.9 |  | 647.9 |  | 510.9 |  | 512.0 |  | 522.4
Latin America |  | 511.3 |  | 637.6 |  | 502.8 |  | 503.9 |  | 514.1
Net average pulp price – Internal market (USD/t) |  | 421.6 |  | 641.4 |  | 505.7 |  | 506.9 |  | 517.1
Average exchange rate (R$/U.S.$) |  | 5.01 |  | 4.82 |  | 4.81 |  | 4.82 |  | 4.88
Discount rate (pos-tax) |  | 9.19% p.a. |  | 9.19% p.a. |  | 9.19% p.a. |  | 9.19% p.a. |  | 9.19% p.a
Discount rate (pre-tax) |  | 13.0% p.a. |  | 13.0% p.a. |  | 13.0% p.a. |  | 13.0% p.a. |  | 13.0% p.a.
The recoverability of property, plant and equipment was tested in 2020 and no impairment loss was identified. 16.2.Intangible assets with determined useful life
|  |  |  | December 31, |  | December 31,
|  |  |  | 2020 |  | 2019
Beginning balance |  |  |  | 9,649,789 |  | 180,311
Business combination |  |  |  |  |  | 308,681
Additions |  |  |  | 2,307 |  | 17,715
Fair value adjustment on business combination |  |  |  |  |  | 702
Amortization |  |  |  | (980,385) |  | (74,332)
Fair value adjustment on business combination |  |  |  |  |  | 10,159,550
Port concession |  |  |  |  |  | 54,470
Lease agreements |  |  |  |  |  | 44,371
Supplier agreements |  |  |  |  |  | 172,094
Port services agreements |  |  |  |  |  | 694,590
Cultivars |  |  |  |  |  | 142,744
Customer portfolio |  |  |  |  |  | 9,030,779
Software |  |  |  |  |  | 20,502
Fair value adjustment on business combination – Amortization (Fibria) |  |  |  |  |  | (956,577)
Port concession |  |  |  |  |  | (2,147)
Lease agreements |  |  |  |  |  | (7,499)
Supplier agreements |  |  |  |  |  | (72,097)
Port services agreements |  |  |  |  |  | (29,362)
Cultivars |  |  |  |  |  | (20,392)
Customer portfolio |  |  |  |  |  | (820,980)
Software |  |  |  |  |  | (4,100)
Fair value adjustment on business combination – Amortization (Facepa and Ibema) |  |  |  |  |  | (15,454)
Exchange rate variation |  |  |  |  |  | 2,930
Transfers and others |  |  |  | 70,238 |  | 26,263
Ending balance |  |  |  | 8,741,949 |  | 9,649,789
Represented by |  | Average rate % |  |  |  |
Non-compete agreement |  | 46.1 and 5 |  | 5,706 |  | 2,150
Research and development agreement |  | 5.4 |  | 66,272 |  | 74,643
Ports concession |  | 4.3 |  | 209,506 |  | 219,256
Lease agreements |  | 16.9 |  | 29,373 |  | 36,871
Supplier agreements |  | 12.9 |  | 85,182 |  | 99,997
Port service contracts |  | 4.2 |  | 639,275 |  | 665,228
Cultivars |  | 14.3 |  | 101,960 |  | 122,352
Development and implementation of systems |  | 11.2 |  | 1,392 |  | 1,687
Trademarks and patents |  | 10.0 |  | 16,627 |  | 20,649
Customer portfolio |  | 9.1 |  | 7,388,820 |  | 8,217,192
Supplier agreements |  | 17.6 |  | 41,250 |  | 51,562
Software |  | 20.0 |  | 123,788 |  | 135,668
Others |  | 5.0 |  | 32,798 |  | 2,534
|  |  |  | 8,741,949 |  | 9,649,789

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