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LEASE | 12 Months Ended
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Dec. 31, 2020
LEASE |
LEASE | 19.LEASE 19.1.Right of use The rollforward of year ended December 31, 2020 is set forth below:
|  | Lands |  | Machines |  |  |  | Ships |  |  |  |
|  | and |  | and |  |  |  | and |  |  |  |
|  | Farms |  | Equipment’s |  | Buildings |  | boats |  | Vehicles |  | Total
Balance as of December 31, 2018 |  | — |  | — |  | — |  | — |  | — |  | —
Initial adoption on January 1, 2019 |  | 1,762,943 |  | 143,685 |  | 41,570 |  | 1,408,640 |  | 1,012 |  | 3,357,850
Additions |  | 260,982 |  | 1,529 |  | 39,794 |  | 612,022 |  |  |  | 914,327
Amortization (1) |  | (254,280) |  | (15,163) |  | (35,365) |  | (116,207) |  | (925) |  | (421,940)
Balance as of December 31, 2019 |  | 1,769,645 |  | 130,051 |  | 45,999 |  | 1,904,455 |  | 87 |  | 3,850,237
Additions |  | 858,085 |  | 45,624 |  | 90,616 |  | 95,768 |  | 2,675 |  | 1,092,768
Amortization (1) |  | (265,091) |  | (18,078) |  | (43,903) |  | (122,904) |  | (313) |  | (450,289)
Write-offs (2) |  | (74,578) |  | (72,332) |  | (1,728) |  |  |  |  |  | (148,638)
Balance as of December 31, 2020 |  | 2,288,061 |  | 85,265 |  | 90,984 |  | 1,877,319 |  | 2,449 |  | 4,344,078
| 1) |  | On December 31, 2020, the amount of R$263,613 (R$268,081 as of December 31, 2019) related to land was reclassified to biological assets to compose the formation cost.
2)Lands and Farms, write-off due to the incorporation of legal entities (note 1.1) and machines and equipment, write-off due to the cancellation of contracts. For the year ended December 31, 2020, the Company is not committed to lease agreements not yet in force. 19.2.Lease liabilities The balance of lease payables for the year ended December 31, 2020, measured at present value and discounted by the respective discount rates are set forth below:
|  | Average rate - % |  |  |  | Present value of
Nature of agreement |  | p.a. (1) |  | Maturity (2) |  | liabilities
Lands and farms |  |  | 11.45 |  |  | July 2048 |  | 2,361,538
Machines and Equipment’s |  |  | 10.62 |  |  | July 2032 |  | 189,061
Buildings |  |  | 9.80 |  |  | December 2030 |  | 81,144
Ships and boats |  |  | 11.39 |  |  | February 2039 |  | 2,557,824
Vehicles |  |  | 10.04 |  |  | October 2023 |  | 2,193
|  |  |  |  |  |  |  | 5,191,760
| 1) |  | To determine the discount rates, quotes were obtained from financial institutions for agreements with characteristics and average terms similar to the lease agreements.
| 2) |  | Refers to the original maturities of the agreements and, therefore, do not consider eventual renewal clause.
On March 12 and April 12, 2020, for a period of 10 months, two of the ships leased by the Company were made available for chartering from third parties. In the amount of US$7,500 (equivalent, on the transaction date, to R$35,841). In the year ended December 31, 2020, this transaction is effective. Additionally, the Company is evaluating the renewal of this transaction under the same conditions as before, only replacing the ships, due to the need for planned operational maintenance. The rollforward in the balances in the years ended December 31, 2020 and 2019 are as follows:
Balance as of December 31, 2018 |  | —
Initial adoption on January 1, 2019 |  | 3,428,897
Additions |  | 914,327
Payments |  | (646,487)
Accrual of financial charges |  | 275,404
Exchange rate variation |  | 11,929
Balance as of December 31, 2019 |  | 3,984,070
Additions |  | 1,092,768
Write-offs |  | (148,638)
Payments |  | (824,245)
Accrual of financial charges (1) |  | 486,286
Exchange rate variation |  | 601,519
Balance as of December 31, 2020 |  | 5,191,760
Current |  | 620,177
Non-current |  | 4,571,583
| 1) |  | On December 31, 2020, the amount of R$88,540 related to interest expenses on leased lands was capitalized to biological assets to compose the formation cost (R$50,795 as of December 31, 2019).
The maturity schedule of future payment not discounted to present value related to lease liabilities is disclosed in Note 4.2. 19.2.1.Amounts recognized in the statement of income for the year In the year ended December 31, 2020, and 2019 are set for the below:
|  | December 31, 2020 |  | December 31, 2019
Expenses relating to short-term assets |  | 7,365 |  | 37,007
Expenses relating to low-value assets |  | 12,182 |  | 14,349
|  | 19,547 |  | 51,356

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