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LEASE (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of right of use assets

Lands

Machines

Ships

and

and

and

farms

equipment’s

Buildings

boats

Vehicles

Total

Balance as of December 31, 2019

1,769,645

130,051

45,999

1,904,455

87

3,850,237

Additions/updates

858,085

45,624

90,616

95,768

2,675

1,092,768

Depreciation ⁽¹⁾

(265,091)

(18,078)

(43,903)

(122,904)

(313)

(450,289)

Write-offs

(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

Additions/updates

885,272

20,646

52,140

1,861

4,600

964,519

Depreciation ⁽¹⁾

(304,922)

(19,447)

(54,714)

(125,190)

(4,319)

(508,592)

Write-offs

(5,982)

(5,982)

Balance as of December 31, 2021

2,868,411

86,464

88,410

1,748,008

2,730

4,794,023

1)	The amount of depreciation related to land is reclassified to biological assets to compose the formation cost.

Schedule of present value of lease liabilities

The balance of lease payables for the year ended December 31, 2021, measured at present value and discounted by the respective discount rates are set forth below:



Nature of agreement		Average rate - % p.a. ⁽¹⁾		Maturity ⁽²⁾		Present value of liabilities
Lands and farms		11.89		November/2049		2,971,738
Machines and equipment’s		11.05		April/2035		182,297
Buildings		9.70		December/2031		79,669
Ships and boats		11.39		February/2039		2,656,935
Vehicles		10.04		October/2023		2,555
						5,893,194

1)	To determine the discount rates, quotes were obtained from financial institutions for agreements with characteristics and average terms like the lease agreements.

2)	Refers to the original maturities of the agreements and, therefore, do not consider eventual renewal clause.

Summary of changes in lease liabilities


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
Additions		964,519
Write-offs		(5,982)
Payments		(1,012,137)
Accrual of financial charges ⁽¹⁾		560,619
Exchange rate variation		194,415
Balance as of December 31, 2021		5,893,194

Current		623,282
Non-current		5,269,912

1)	On December 31, 2021, the amount of R$132,685 related to interest expenses on leased lands was capitalized to biological assets to compose the formation cost (R$88,540 as of December 31, 2020).

Schedule of expenses recognised in profit or loss


		December 31, 2021		December 31, 2020
Expenses relating to short-term assets		5,239		7,365
Expenses relating to low-value assets		3,413		12,182
		8,652		19,547