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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2022
LEASES |
LEASES |
19. | LEASES
19.1. | Right of use
The balances rolled forward are set out below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Lands | ​ | Machines | ​ | ​ | ​ | Ships | ​ | ​ | ​ | ​
​ | ​ | and | ​ | and | ​ | ​ | ​ | and | ​ | ​ | ​ | ​
​ |  | farms |  | equipment’s |  | Buildings |  | boats |  | Vehicles |  | Total
Balance as at 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 (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,982) | ​ | ​ | ​ | (5,982)
Balance as at December 31, 2021 | ​ | 2,868,411 | ​ | 86,464 | ​ | 88,410 | ​ | 1,748,008 | ​ | 2,730 | ​ | 4,794,023
Additions/updates | ​ | 849,996 | ​ | 66,821 | ​ | 61,647 | ​ | ​ | ​ | 4,216 | ​ | 982,680
Depreciation (1) | ​ | (360,225) | ​ | (40,732) | ​ | (64,301) | ​ | (124,890) | ​ | (2,303) | ​ | (592,451)
Write-offs (2) | ​ | (75,026) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (75,026)
Balance as at December 31, 2022 | ​ | 3,283,156 | ​ | 112,553 | ​ | 85,756 | ​ | 1,623,118 | ​ | 4,643 | ​ | 5,109,226
​
1) | The amount of depreciation related to land is reclassified to biological assets to make up the formation costs.
2) | Write-off due to cancellation of contracts.
For the year ended December 31, 2022, the Company does not have commitments to lease agreements not yet in force.
19.2. | Lease liabilities
The balance of lease payables for the year ended December 31, 2022, measured at present value and discounted at 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 | ​ | 12.37 | ​ | September/2049 | ​ | 3,512,006
Machinery and equipment | ​ | 11.22 | ​ | April/2035 | ​ | 184,861
Buildings | ​ | 10.38 | ​ | May/2031 | ​ | 78,541
Ships and boats | ​ | 11.39 | ​ | February/2039 | ​ | 2,402,672
Vehicles | ​ | 10.04 | ​ | October/2023 | ​ | 4,450
​ | ​ | ​ | ​ | ​ | ​ | 6,182,530
​
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, does not consider eventual renewal clauses.
The Company had subleasing transactions involving 2 (two) ships, in force since February 8, 2021, which ended in January 2022, and a second transaction starting on May 11, 2021, which ended in May 2022. There will be no renewal of any of the transactions. The balances rolled forward are set out below: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December | ​ | December
​ | ​ | 31, 2022 | ​ | 31, 2021
Opening balance | ​ | 5,893,194 | ​ | 5,191,760
Additions | ​ | 982,680 | ​ | 964,519
Write-offs (2) | ​ | (75,026) | ​ | (5,982)
Payments | ​ | (1,044,119) | ​ | (1,012,137)
Accrual of financial charges (1) | ​ | 612,042 | ​ | 560,619
Exchange rate variations | ​ | (186,241) | ​ | 194,415
Closing balance | ​ | 6,182,530 | ​ | 5,893,194
​ | ​ | ​ | ​ | ​
Current | ​ | 672,174 | ​ | 623,282
Non-current | ​ | 5,510,356 | ​ | 5,269,912
​
1) | On December 31, 2022, the amount of R$178,429 related to interest expenses on leased lands was capitalized to biological assets to represent the formation cost (R$132,685 as of December 31, 2021).
2) | Write-off due to cancellation of contracts.
The maturity schedule for future payments 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
The amounts recognized are set out below: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | December 31, 2021
Expenses relating to short-term assets |  | 6,836 | ​ | 5,239
Expenses relating to low-value assets | ​ | 1,580 | ​ | 3,413
​ | ​ | 8,416 | ​ | 8,652
​

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