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FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2021

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Schedule of financial instruments by category

All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:

​

​	​	​	​	​	​	​
​		​		December 31,		December 31,
​	​	Note	​	2021	​	2020
Assets	​	​	​	​	​	​
Amortized cost	​	​	​	​	​	​
Cash and cash equivalents	​	5	​	13,590,776	​	6,835,057
Trade accounts receivable	​	7	​	6,531,465	​	2,915,206
Dividends receivable	​	11	​	6,604	​	7,633
Other assets(1)	​	​	​	886,112	​	723,622
​	​	​	​	21,014,957	​	10,481,518
Fair value through other comprehensive income	​	​	​		​	​
Other investments-Celluforce	​	14.1	​	28,358	​	26,338
​	​	​	​	28,358	​	26,338
​	​	​	​		​	​
Fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	4.5.1	​	1,442,140	​	1,341,420
Marketable securities	​	6	​	7,758,329	​	2,396,857
​	​	​	​	9,200,469	​	3,738,277
​	​	​	​	30,243,784	​	14,246,133
Liabilities	​	​	​		​	​
Amortized cost	​	​	​	​	​	​
Trade accounts payable	​	17	​	3,288,897	​	2,361,098
Loans, financing and debentures	​	18.1	​	79,628,629	​	72,899,882
Lease liabilities	​	19.2	​	5,893,194	​	5,191,760
Liabilities for assets acquisitions and associates	​	23	​	405,952	​	502,228
Dividends payable	​	11	​	919,073	​	6,232
Other liabilities(1)	​	​	​	164,216	​	152,231
​	​	​	​	90,299,961	​	81,113,431
Fair value through profit or loss	​	​	​		​	​
Derivative financial instruments	​	4.5.1	​	7,894,528	​	8,117,400
​	​	​	​	7,894,528	​	8,117,400
​	​	​	​	98,194,489	​	89,230,831
​	​	​	​	67,950,705	​	74,984,698

​

1) Does not include items not classified as financial instruments.

Summary of estimated fair value of loans and financing

​

​	​	​	​	​	​	​
​	​	Yield used to	​	​	​	​
​	​	discount/	​	December 31,	​	December 31,
​	​	methodology		2021		2020
Quoted in the secondary market	​	​	​	​	​	​
In foreign currency	​	​	​	​	​	​
Bonds	​	Secondary Market	​	51,183,520	​	43,703,482
Estimated to present value	​	​	​	​	​	​
In foreign currency	​	​	​	​	​	​
Export credits (“Prepayment”)	​	LIBOR	​	19,441,297	​	20,546,778
In local currency	​	​	​	​	​	​
BNDES – TJLP	​	DI 1	​	355,494	​	1,399,177
BNDES – TLP	​	DI 1	​	686,247	​	647,235
BNDES – Fixed	​	DI 1	​	44,544	​	76,732
BNDES – Selic (“Special Settlement and Custody System”)	​	DI 1	​	543,269	​	960,215
BNDES - Currency basket	​	DI 1	​	25,001	​	27,239
CRA (“Agribusiness Receivables Certificate”)	​	DI 1/IPCA	​	3,281,250	​	3,286,792
Debentures	​	DI 1	​	5,633,533	​	5,498,793
NCE (“Export Credit Notes”)	​	DI 1	​	1,352,291	​	1,322,813
NCR (“Rural Credit Notes”)	​	DI 1	​	289,344	​	283,702
Export credits (“Prepayment”)	​	DI 1	​	1,321,449	​	1,490,242
​	​	​	​	84,157,239	​	79,243,200

Schedule of contractual maturities of financial liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2021

​

​

Book

​

Future

​

Up to 1

​

1 - 2

​

2 - 5

​

More than

​

​

value

​

value

​

year

​

years

​

years

​

5 years

Liabilities

​

​

​

​

​

​

Trade accounts payables

​

3,288,897

​

3,288,897

​

3,288,897

​

​

​

​

​

​

Loans, financing and debentures

​

79,628,629

​

111,723,608

​

6,357,717

​

5,761,795

​

36,672,089

​

62,932,007

Lease liabilities

​

5,893,194

​

10,676,580

​

937,964

​

1,780,115

​

1,632,555

​

6,325,946

Liabilities for asset acquisitions and associates

​

405,952

​

467,499

​

111,438

​

131,371

​

144,171

​

80,519

Derivative financial instruments

​

7,894,528

​

11,774,569

​

1,688,266

​

1,391,727

​

8,694,576

​

​

Dividends payable

​

1,109,631

​

1,109,631

​

1,109,631

​

​

​

​

​

​

Other liabilities

​

164,216

​

164,216

​

92,123

​

72,093

​

​

​

​

​

​

98,385,047

​

139,205,000

​

13,586,036

​

9,137,101

​

47,143,391

​

69,338,472

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2020

​

​

Book

​

Future

​

Up to 1

​

1 - 2

​

2 - 5

​

More than

​

​

value

​

value

​

year

​

years

​

years

​

5 years

Liabilities

​

​

​

​

​

​

​

​

Trade accounts payables

​

2,361,098

​

2,361,098

​

2,361,098

​

​

​

​

​

​

Loans, financing and debentures

​

72,899,882

​

101,540,320

​

4,034,595

​

6,619,518

​

36,751,023

​

54,135,184

Lease liabilities

​

5,191,760

​

9,552,075

​

620,177

​

806,560

​

2,198,419

​

5,926,919

Liabilities for asset acquisitions and associates

​

502,228

​

573,920

​

116,376

​

112,155

​

253,419

​

91,970

Derivative financial instruments

​

8,117,400

​

10,868,858

​

1,999,811

​

1,296,199

​

4,133,320

​

3,439,528

Dividends payable

​

6,232

​

6,232

​

6,232

​

​

​

​

​

​

Other liabilities

​

152,231

​

152,231

​

94,722

​

57,509

​

​

​

​

​

​

89,230,831

​

125,054,734

​

9,233,011

​

8,891,941

​

43,336,181

​

63,593,601

Schedule of credit exposures using internal credit grading

​

​	​	​	​	​
​	​	December 31,	​	December 31,
​		2021		2020
Low (1)	​	6,491,726	​	2,813,038
Average (2)	​	19,147	​	54,115
High (3)	​	55,355	​	89,942
​	​	6,566,228	​	2,957,095

1) Current and overdue to 30 days.

2) Overdue between 30 and 90 days.

3) Overdue more than 90 days.

​

Schedule of the book value of financial assets representing the exposure to credit risk

​

​	​	​	​	​
​	​	December 31,	​	December 31,
​		2021		2020
Cash and cash equivalents	​	13,590,776	​	6,835,057
Marketable securities	​	7,758,329	​	2,396,857
Derivative financial instruments(1)	​	1,413,975	​	986,526
​	​	22,763,080	​	10,218,440

​

1) Does not include the derivative embedded in a forest partnership agreement and the supply of standing wood, which is not transacted with a financial institution.

Schedule of credit exposures using external credit grading

​

​	​	​	​	​	​	​	​	​
​	​	Cash and cash equivalents and			​	​
​	​	marketable securities			​	Derivative financial instruments
​	​	December 31,	​	December 31,	​	December 31,	​	December 31,
​		2021		2020		2021		2020
Risk rating (1)	​	​	​	​	​	​	​	​
AAA	​	​	​	​	​	​	​	17,412
AA-	​	​	​	​	​	57,193	​	417,510
A+	​	​	​	​	​	8,318	​	1,617
A	​	​	​	​	​	601,475	​	73,135
A-	​	​	​	​	​	10,677	​	130,546
brAAA	​	21,149,838	​	7,704,501	​	576,195	​	305,311
brAA+	​	2,282	​	163,955	​	41,321	​	32
brAA	​	132,698	​	836,546	​	118,796	​	40,963
brAA-	​	​	​	278,712	​	​	​	​
brA+	​	313	​	​	​	​	​	​
brA	​	​	​	240,382	​	​	​	​
brBB+	​	2	​	​	​	​	​	​
brBB-	​	22,824	​	​	​	​	​	​
Others	​	41,148	​	7,818	​	​	​	​
​	​	21,349,105	​	9,231,914	​	1,413,975	​	986,526

1) We use the Brazilian Risk Rating and the rating is given by agencies Fitch Ratings, Standard & Poor’s and Moody’s.

​

Schedule of net exposure of assets and liabilities in foreign currency

​

​	​	​	​	​
​	​	December 31,	​	December 31,
​		2021		2020
Assets	​	​	​	​
Cash and cash equivalents	​	13,411,978	​	6,370,201
Marketable securities	​	2,394,667	​	​
Trade accounts receivables	​	5,043,453	​	1,938,614
Derivative financial instruments	​	1,028,450	​	621,385
​	​	21,878,548	​	8,930,200
​	​		​	​
Liabilities	​	​	​	​
Trade accounts payables	​	(605,557)	​	(492,617)
Loans and financing	​	(65,972,300)	​	(58,145,087)
Liabilities for asset acquisitions and associates	​	(273,179)	​	(313,022)
Derivative financial instruments	​	(7,362,631)	​	(6,994,363)
​	​	(74,213,667)	​	(65,945,089)
​	​	(52,335,119)	​	(57,014,889)

Summary of yield curves used to calculate fair value of derivative financial instruments

The yield curves used to calculate the fair value in December 31, 2021, are as set forth below:

​	​	​	​	​	​	​	​
Interest rate curves					​	​	​
Term		Brazil		United States of America		Dollar coupon	​
1 month	​	9.15% p.a.	​	0.22% p.a.	​	18.07% p.a.	​
6 months	​	11.22% p.a.	​	0.32% p.a.	​	3.70% p.a.	​
1 year	​	11.79% p.a.	​	0.53% p.a.	​	2.50% p.a.	​
2 years	​	10.97% p.a.	​	0.92% p.a.	​	2.17% p.a.	​
3 years	​	10.60% p.a.	​	1.16% p.a.	​	2.18% p.a.	​
5 years	​	10.61% p.a.	​	1.36% p.a.	​	2.25% p.a.	​
10 years	​	10.71% p.a.	​	1.59% p.a.	​	2.47% p.a.	​

Schedule of derivatives by type of contract

​

​	​	​	​	​	​	​	​	​
​	​	Notional value in U.S.$			​	Fair value
​	​	December 31,	​	December 31,	​	December 31,	​	December 31,
​		2021		2020		2021		2020
Instruments hired with protection strategy	​	​	​	​	​	​	​	​
Operational Hedge	​	​	​	​	​	​	​	​
ZCC	​	4,494,125	​	3,212,250	​	(187,788)	​	(780,457)
NDF (R$ x US$)	​	30,000	​	80,000	​	(7,043)	​	7,948
​	​		​	​	​		​	​
Debt hedge	​		​	​	​		​	​
Interest rate hedge	​		​	​	​		​	​
Swap LIBOR to Fixed (U.S.$)	​	3,600,000	​	3,683,333	​	(395,675)	​	(1,059,192)
Swap IPCA to CDI (notional in Brazilian Reais)	​	843,845	​	843,845	​	249,653	​	285,533
Swap IPCA to Fixed (U.S.$)	​	121,003	​	121,003	​	(148,583)	​	(114,834)
Swap CDI x Fixed (U.S.$)	​	2,267,057	​	2,267,057	​	(5,230,612)	​	(4,977,309)
Pre-fixed Swap to U.S.$ (U.S.$)	​	350,000	​	350,000	​	(760,505)	​	(508,328)
​	​		​	​	​		​	​
Commodity Hedge	​		​	​	​		​	​
Swap US-CPI (U.S.$) (1)	​	590,372	​	646,068	​	28,165	​	354,900
Swap VLSFO (2)	​	​	​	37,757	​		​	15,759
​	​	​	​	​	​	(6,452,388)	​	(6,775,980)
​	​	​	​	​	​		​	​
Current assets	​	​	​	​	​	470,261	​	484,043
Non-current assets	​	​	​	​	​	971,879	​	857,377
Current liabilities	​	​	​	​	​	(1,563,459)	​	(1,991,118)
Non-current liabilities	​	​	​	​	​	(6,331,069)	​	(6,126,282)
​	​	​	​	​	​	(6,452,388)	​	(6,775,980)

1) The embedded derivative refers to swap contracts for the sale of US-CPI variations within the term of the forest partnership and standing wood supply contracts.

2) As of December 31, 2020, includes Swap Brent, whose contracts were fully settled in the subsequent period.

Schedule of maturity analysis for derivatives

​

​	​	​	​	​
​	​	December 31,	​	December 31,
​		2021		2020
2021	​	​	​	(1,507,075)
2022	​	(1,093,198)	​	(918,030)
2023	​	(282,499)	​	(433,195)
2024	​	(759,082)	​	(705,859)
2025	​	(2,096,449)	​	(1,684,124)
2026 onwards	​	(2,221,160)	​	(1,527,697)
​	​	(6,452,388)	​	(6,775,980)

​

Schedule of long and short positions of outstanding derivatives

The outstanding derivatives positions are set forth below:

​	​	​	​	​	​	​	​	​	​	​
​	​	Notional value					​	Fair value
​	​	​	​	December 31,	​	December 31,	​	December 31,	​	December 31,
​		Currency		2021		2020		2021		2020
Debt hedge	​	​	​	​	​	​	​	​	​	​
Assets	​	​	​	​	​	​	​	​	​	​
Swap CDI to Fixed (U.S.$)	​	R$	​	8,594,225	​	8,594,225	​	306,663	​	719
Swap Pre-Fixed to U.S.$	​	R$	​	1,317,226	​	1,317,226	​	76,279	​	136,192
Swap LIBOR to Fixed (U.S.$)	​	US$	​	3,600,000	​	3,683,333	​	130,104	​	61,120
Swap IPCA to CDI	​	IPCA	​	1,078,706	​	974,102	​	255,422	​	285,533
Swap IPCA to U.S.$	​	IPCA	​	576,917	​	520,973	​	​	​	​
​	​	​	​		​	​	​	768,468	​	483,564
Liabilities	​	​	​		​	​	​		​	​
Swap CDI to Fixed (U.S.$)	​	US$	​	2,267,057	​	2,267,057	​	(5,537,275)	​	(4,978,028)
Swap Pre-Fixed to U.S.$	​	US$	​	350,000	​	350,000	​	(836,784)	​	(644,520)
Swap LIBOR to Fixed (U.S.$)	​	US$	​	3,600,000	​	3,683,333	​	(525,779)	​	(1,120,312)
Swap IPCA to CDI	​	R$	​	843,845	​	843,845	​	(5,769)	​	​
Swap IPCA to U.S.$	​	US$	​	121,003	​	121,003	​	(148,583)	​	(114,834)
​	​	​	​		​	​	​	(7,054,190)	​	(6,857,694)
​	​	​	​		​	​	​	(6,285,722)	​	(6,374,130)
Operational hedge	​	​	​		​	​	​		​	​
Zero cost collar (U.S.$ x R$)	​	US$	​	4,494,125	​	3,212,250	​	(187,788)	​	(780,457)
NDF (R$ x U.S.$)	​	US$	​	30,000	​	80,000	​	(7,043)	​	7,948
​	​	​	​		​		​	(194,831)	​	(772,509)
Commodity hedge	​	​	​		​		​		​	​
Swap US-CPI (standing wood)	​	US$	​	590,372	​	646,068	​	28,165	​	354,900
Swap VLSFO	​	US$	​	​	​	37,757	​	​	​	15,759
​	​	​	​	​	​	​	​	28,165	​	370,659
​	​	​	​	​	​	​	​	(6,452,388)	​	(6,775,980)

Schedule of fair value settled derivatives

The settled derivatives positions are set forth below:

​	​	​	​	​
​	​	December 31,	​	December 31,
​		2021		2020
Operational hedge	​	​	​	​
Zero cost collar (R$ x U.S.$)	​	(1,269,231)	​	(2,268,158)
NDF (R$ x U.S.$)	​	1,399	​	(60,815)
​	​	(1,267,832)	​	(2,328,973)
Commodity hedge	​	​	​	​
Swap VLSFO/other	​	(54,002)	​	(85,468)
​	​	(54,002)	​	(85,468)
Debt hedge	​		​	​
Swap CDI to Fixed (U.S.$)	​	(266,268)	​	(1,888,906)
Swap IPCA to CDI (Brazilian Reais)	​	41,651	​	10,601
Swap IPCA to Fixed (U.S.$)	​	(4,819)	​	10,054
Swap Pre-Fixed to U.S.$	​	49,562	​	59,351
Swap LIBOR to Fixed (U.S.$)	​	(419,545)	​	(242,299)
​	​	(599,419)	​	(2,051,199)
​	​	(1,921,253)	​	(4,465,640)

Schedule of fair value hierarchy

​

​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2021
​		Level 1		Level 2		Level 3		Total
Assets	​	​	​	​	​	​	​	​
Fair value through profit or loss	​	​	​	​	​	​	​	​
Derivative financial instruments	​	​	​	1,442,140	​	​	​	1,442,140
Marketable securities	​	637,616	​	7,120,713	​	​	​	7,758,329
​	​	637,616	​	8,562,853	​	​	​	9,200,469
​	​	​	​	​	​	​	​	​
Fair value through other comprehensive income	​	​	​	​	​	​	​	​
Other investments - CelluForce	​	​	​	​	​	28,358	​	28,358
​	​	​	​	​	​	28,358	​	28,358
​	​	​	​	​	​		​
Biological assets	​	​	​	​	​	12,248,732	​	12,248,732
​	​	​	​	​	​	12,248,732	​	12,248,732
​	​	637,616	​	8,562,853	​	12,277,090	​	21,477,559
​	​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​	​
Fair value through profit or loss	​	​	​	​	​	​	​	​
Derivative financial instruments	​	​	​	7,894,528	​	​	​	7,894,528
​	​	​	​	7,894,528	​	​	​	7,894,528
​	​	​	​	7,894,528	​	​	​	7,894,528

​

​

​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2020
​		Level 1		Level 2		Level 3		Total
Assets	​	​	​	​	​	​	​	​
Fair value through profit or loss	​	​	​	​	​	​	​	​
Derivative financial instruments	​	​	​	1,341,420	​	​	​	1,341,420
Marketable securities	​	444,712	​	1,952,145	​	​	​	2,396,857
​	​	444,712	​	3,293,565	​	​	​	3,738,277
​	​	​	​	​	​	​	​	​
Fair value through other comprehensive income	​	​	​	​	​	​	​	​
Other investments - CelluForce	​	​	​	​	​	26,338	​	26,338
​	​	​	​	​	​	26,338	​	26,338
​	​	​	​	​	​	​	​	​
Biological assets	​	​	​	​	​	11,161,210	​	11,161,210
​	​	​	​	​	​	11,161,210	​	11,161,210
​	​	444,712	​	3,293,565	​	11,187,548	​	14,925,825
​	​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​	​
Fair value through profit or loss	​	​	​	​	​	​	​	​
Derivative financial instruments	​	​	​	8,117,400	​	​	​	8,117,400
​	​	​	​	8,117,400	​	​	​	8,117,400
​	​	​	​	8,117,400	​	​	​	8,117,400

Currency Risk | Financial instruments, excluding derivatives

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2021
​	​	Effect on profit or loss and equity
​	​	Probable	​	Possible	​	Remote
​		(base value)		(25%)		(50%)
Cash and cash equivalents	​	13,411,978	​	3,352,995	​	6,705,989
Marketable securities	​	2,394,667	​	598,667	​	1,197,333
Trade accounts receivable	​	5,043,453	​	1,260,863	​	2,521,727
Trade accounts payable	​	(605,557)	​	(151,389)	​	(302,779)
Loans and financing	​	(65,972,300)	​	(16,493,075)	​	(32,986,150)
Liabilities for asset acquisitions and associates	​	(273,179)	​	(68,295)	​	(136,590)

Currency Risk | Derivative financial instruments

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2021
​	​	Effect on profit or loss and equity
​	​	Probable	​	Possible	​	Remote	​	Possible	​	Remote
​		(base value)		(+25%)		(+50%)		(-25%)		(-50%)
​	​	5.5805	​	6.9756	​	8.3708	​	4.1854	​	2.7903
Financial instruments derivatives	​	​	​	​	​	​	​	​	​	​
Derivative Non-Deliverable Forward (‘NDF’)	​	(6,692)	​	(41,779)	​	(83,558)	​	41,779	​	83,558
Derivative options	​	(187,811)	​	(4,343,120)	​	(10,141,893)	​	4,611,279	​	10,611,424
Derivative swaps	​	(6,357,678)	​	(4,361,283)	​	(8,722,564)	​	4,361,279	​	8,722,560

Interest rate risk | Financial instruments, excluding derivatives

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2021
​	​	Effect on profit or loss and equity
​	​	​	​	Possible	​	Remote
​		Probable		(25%)		(50%)
CDI/SELIC	​	​	​	​	​	​
Cash and cash equivalents	​	14,506	​	332	​	664
Marketable securities	​	5,361,618	​	122,647	​	245,294
Loans and financing	​	(9,415,969)	​	215,390	​	430,781
​	​		​		​
TJLP	​		​		​
Loans and financing	​	(382,157)	​	5,083	​	10,165
​	​		​		​
LIBOR	​		​		​
Loans and financing	​	(18,062,236)	​	9,443	​	18,887

Interest rate risk | Derivative financial instruments

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2021
​	​	Effect on profit or loss and equity
​	​	​	​	Probable	​	Remote	​	Probable	​	Remote
​		Probable		(+25%)		(+50%)		(-25%)		(-50%)
CDI	​	​	​	​	​	​	​	​	​	​
Financial instruments derivatives	​	​	​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​	​	​	​
Derivative Non-Deliverable Forward (‘NDF’)	​	(6,692)	​	(477)	​	(942)	​	489	​	991
Derivative options	​	(187,811)	​	(285,226)	​	(558,292)	​	308,973	​	651,016
Derivative swaps	​	(6,357,678)	​	(28,950)	​	(56,557)	​	30,306	​	61,974
LIBOR	​		​		​		​		​
Financial instruments derivatives	​		​		​		​		​
Liabilities	​		​		​		​		​
Derivative swaps	​	(6,357,678)	​	117,420	​	234,792	​	(117,473)	​	(234,996)

U.S. Consumer Price Index | Derivative financial instruments

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2021
​	​	Effect on profit or loss and equity
​		Probable		Possible		Remote
​	​	(base value)	​	(25%)	​	(50%)
​	​	2.84%	​	3.55%	​	4.25%
Embedded derivative in forestry partnership and standing wood supply agreements	​	28,165	​	203,262	​	418,180

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