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v3.23.1

LOANS, FINANCING AND DEBENTURES | 12 Months Ended
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Dec. 31, 2022
LOANS, FINANCING AND DEBENTURES |
LOANS, FINANCING AND DEBENTURES |
18. | LOANS, FINANCING AND DEBENTURES
18.1. | Breakdown by type
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Current | ​ | Non-current | ​ | Total
​ | ​ | ​ | ​ | annual | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | interest rate - | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
Type |  | Interest rate |  | % |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
In foreign currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
BNDES | ​ | UMBNDES | ​ | 5.22 | ​ | 11,207 | ​ | 14,399 | ​ | ​ | ​ | 11,952 | ​ | 11,207 | ​ | 26,351
Bonds | ​ | Fixed | ​ | 4.99 | ​ | 907,059 | ​ | 972,053 | ​ | 43,218,286 | ​ | 46,253,007 | ​ | 44,125,345 | ​ | 47,225,060
Export credits (“export prepayments”) | ​ | LIBOR/Fixed | ​ | 5.69 | ​ | 156,156 | ​ | 818,896 | ​ | 16,779,064 | ​ | 17,916,691 | ​ | 16,935,220 | ​ | 18,735,587
Assets financing | ​ | SOFR | ​ | 3.76 | ​ | 26,755 | ​ | ​ | ​ | 113,217 | ​ | ​ | ​ | 139,972 | ​ | ​
Others | ​ | ​ | ​ | ​ | ​ | 5,980 | ​ | 782 | ​ | ​ | ​ | ​ | ​ | 5,980 | ​ | 782
​ | ​ | ​ | ​ | ​ | ​ | 1,107,157 | ​ | 1,806,130 | ​ | 60,110,567 | ​ | 64,181,650 | ​ | 61,217,724 | ​ | 65,987,780
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
In local currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
BNDES | ​ | TJLP | ​ | 8.36 | ​ | 69,495 | ​ | 67,499 | ​ | 246,004 | ​ | 312,077 | ​ | 315,499 | ​ | 379,576
BNDES | ​ | TLP | ​ | 12.01 | ​ | 41,640 | ​ | 32,854 | ​ | 1,775,991 | ​ | 703,502 | ​ | 1,817,631 | ​ | 736,356
BNDES | ​ | Fixed | ​ | 4.70 | ​ | 18,666 | ​ | 24,672 | ​ | 4,011 | ​ | 22,611 | ​ | 22,677 | ​ | 47,283
BNDES | ​ | SELIC | ​ | 15.24 | ​ | 67,115 | ​ | 35,086 | ​ | 814,320 | ​ | 782,685 | ​ | 881,435 | ​ | 817,771
CRA (“Agribusiness Receivables Certificates”) | ​ | CDI/IPCA | ​ | 12.71 | ​ | 1,829,966 | ​ | 1,561,639 | ​ | ​ | ​ | 1,687,560 | ​ | 1,829,966 | ​ | 3,249,199
NCE (“Export credit notes”) | ​ | CDI | ​ | 12.77 | ​ | 76,463 | ​ | 39,535 | ​ | 1,277,616 | ​ | 1,276,330 | ​ | 1,354,079 | ​ | 1,315,865
NCR (“Rural producer certificates”) | ​ | CDI | ​ | 12.74 | ​ | 13,144 | ​ | 7,335 | ​ | 274,127 | ​ | 273,852 | ​ | 287,271 | ​ | 281,187
Export credits (“export prepayments”) | ​ | Fixed | ​ | 8.06 | ​ | 77,694 | ​ | 77,694 | ​ | 1,315,813 | ​ | 1,314,737 | ​ | 1,393,507 | ​ | 1,392,431
Debentures | ​ | CDI | ​ | 14.21 | ​ | 33,689 | ​ | 21,980 | ​ | 5,421,113 | ​ | 5,418,088 | ​ | 5,454,802 | ​ | 5,440,068
Others (Working capital and Industrial Development Fund (“FDI”) and fair value adjustments to business combinations) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (18,887) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (18,887)
​ | ​ | ​ | ​ | ​ | ​ | 2,227,872 | ​ | 1,849,407 | ​ | 11,128,995 | ​ | 11,791,442 | ​ | 13,356,867 | ​ | 13,640,849
​ | ​ | ​ | ​ | ​ | ​ | 3,335,029 | ​ | 3,655,537 | ​ | 71,239,562 | ​ | 75,973,092 | ​ | 74,574,591 | ​ | 79,628,629
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest on financing | ​ | ​ | ​ | ​ | ​ | 1,238,623 | ​ | 1,204,490 | ​ | ​ | ​ | ​ | ​ | 1,238,623 | ​ | 1,204,490
Non-current funding | ​ | ​ | ​ | ​ | ​ | 2,096,406 | ​ | 2,451,047 | ​ | 71,239,562 | ​ | 75,973,092 | ​ | 73,335,968 | ​ | 78,424,139
​ | ​ | ​ | ​ | ​ | ​ | 3,335,029 | ​ | 3,655,537 | ​ | 71,239,562 | ​ | 75,973,092 | ​ | 74,574,591 | ​ | 79,628,629
​
18.2. | Roll-forward of loans, financing and debentures
​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2022 |  | 2021
Opening balance | ​ | 79,628,629 | ​ | 72,899,882
Fundraising, net of issuance costs | ​ | 1,335,715 | ​ | 16,991,962
Interest accrued | ​ | 4,007,737 | ​ | 3,207,278
Early settlement premiums | ​ | ​ | ​ | 260,289
Monetary and exchange rate variations, net | ​ | (3,949,020) | ​ | 4,847,320
Settlement of principal | ​ | (2,517,934) | ​ | (15,469,423)
Settlement of interest | ​ | (4,019,072) | ​ | (2,953,573)
Payment of early settlement premiums | ​ | ​ | ​ | (260,289)
Amortization of fundraising costs | ​ | 69,649 | ​ | 103,246
Others (fair value adjustments to business combinations) | ​ | 18,887 | ​ | 1,937
Closing balance | ​ | 74,574,591 | ​ | 79,628,629
​ ​
18.3. | Breakdown by maturity – non-current
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 onwards |  | Total
In foreign currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bonds | ​ | ​ | ​ | 1,760,338 | ​ | 2,711,346 | ​ | 3,617,556 | ​ | 2,569,490 | ​ | 32,559,556 | ​ | 43,218,286
Export credits (“export prepayments”) | ​ | 1,971,131 | ​ | 5,716,280 | ​ | 5,043,763 | ​ | 4,047,890 | ​ | ​ | ​ | ​ | ​ | 16,779,064
Assets financing | ​ | 27,608 | ​ | 28,541 | ​ | 29,495 | ​ | 27,573 | ​ | ​ | ​ | ​ | ​ | 113,217
​ | ​ | 1,998,739 | ​ | 7,505,159 | ​ | 7,784,604 | ​ | 7,693,019 | ​ | 2,569,490 | ​ | 32,559,556 | ​ | 60,110,567
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
In local currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
BNDES – TJLP | ​ | 47,976 | ​ | 98,193 | ​ | 85,038 | ​ | 7,060 | ​ | 3,573 | ​ | 4,164 | ​ | 246,004
BNDES – TLP | ​ | 40,092 | ​ | 59,421 | ​ | 80,203 | ​ | 139,729 | ​ | 136,897 | ​ | 1,319,649 | ​ | 1,775,991
BNDES – Fixed | ​ | 4,011 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,011
BNDES – SELIC | ​ | 56,665 | ​ | 203,766 | ​ | 203,811 | ​ | 26,309 | ​ | 26,355 | ​ | 297,414 | ​ | 814,320
NCE (“Export credit notes”) | ​ | ​ | ​ | 640,800 | ​ | 636,816 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,277,616
NCR (“Rural producer certificates”) | ​ | ​ | ​ | 137,500 | ​ | 136,627 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 274,127
Export credits (“export prepayments”) | ​ | 1,315,813 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,315,813
Debentures | ​ | ​ | ​ | 2,340,550 | ​ | 2,332,422 | ​ | ​ | ​ | 748,141 | ​ | ​ | ​ | 5,421,113
​ | ​ | 1,464,557 | ​ | 3,480,230 | ​ | 3,474,917 | ​ | 173,098 | ​ | 914,966 | ​ | 1,621,227 | ​ | 11,128,995
​ | ​ | 3,463,296 | ​ | 10,985,389 | ​ | 11,259,521 | ​ | 7,866,117 | ​ | 3,484,456 | ​ | 34,180,783 | ​ | 71,239,562
​
18.4. | Breakdown by currency
​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2022 |  | 2021
Brazilian Reais | ​ | 13,347,244 | ​ | 13,629,978
US Dollars | ​ | 61,216,140 | ​ | 65,972,300
Currency basket | ​ | 11,207 | ​ | 26,351
​ | ​ | 74,574,591 | ​ | 79,628,629
​ ​
18.5. | Fundraising costs
The fundraising costs are amortized based on the terms of agreements and the effective interest rate. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Balance to be amortized
​ | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | December 31,
Type |  | Cost |  | Amortization |  | 2022 |  | 2021
Bonds | ​ | 434,970 | ​ | 224,148 | ​ | 210,822 | ​ | 261,006
CRA and NCE | ​ | 125,222 | ​ | 114,384 | ​ | 10,838 | ​ | 21,606
Export credits (“export prepayments”) | ​ | 191,710 | ​ | 116,190 | ​ | 75,520 | ​ | 110,817
Debentures | ​ | 24,467 | ​ | 14,483 | ​ | 9,984 | ​ | 13,012
BNDES | ​ | 63,588 | ​ | 51,572 | ​ | 12,016 | ​ | 13,473
Others | ​ | 18,147 | ​ | 17,274 | ​ | 873 | ​ | 1,148
​ | ​ | 858,104 | ​ | 538,051 | ​ | 320,053 | ​ | 421,062
​
18.6. | Relevant transactions entered into during the year
18.6.1. | BNDES
On March 29, 2022, the Company raised from BNDES the amount of R$243,000 indexed to the interest rate Long-Term Rate (“TLP”), plus fixed interest of 2.33% p.a., with a 2 (two) year grace period for the principal and maturity in May 2036. The funds were allocated to projects in the industrial area. On September 29, 2022, the Company raised from BNDES the amount of R$50,000 indexed to the Long-Term Rate (“TLP”), plus fixed interest of 1.77% p.a., with a 7 (seven) year grace period for the principal, and maturity in November 2034. The funds were allocated to projects in the forestry area. On November 29, 2022, the Company raised from BNDES the amount of R$400,000 indexed to the Long-Term Rate (“TLP”), plus fixed interest of 1.75% p.a., with a 2 (two) year grace period for the principal, and maturity in October 2042. The funds were allocated to projects in the industrial area. On December 27, 2022, the Company raised from BNDES the amount of R$400,000 indexed to the Long Term Rate (“TLP”), plus fixed interest of 1.65% p.a., with 7 (seven) years principal grace period and maturity in December 2037. The funds were allocated to projects in the forestry area.
18.6.2. | Export Credit Supported Facility
On November 1st, 2022, the Company obtained a new credit line (Export Credit Supported Facility) which will be financed by Finnish Export Credit - FEC and guaranteed by Finnvera, the Finnish export credit agency, in an amount of up to US$800,000 or the equivalent in Euros in the date the credit will be used. The financial cost of the new line of credit is 4.63% p.a., with a total amortization term of ten (10) years, starting in 2025. The funds will be allocated to Cerrado Project. As of December 31, 2022, the line was available but was not used. ​
18.6.3. | International Finance Corporation (IFC) A&B Loan – Sustainability Linked Loan (“SLL”)
On December 22, 2022, the Company obtained a new credit line (“A&B loan”) which will be financed by International Finance Corporation (IFC) and a syndicate of commercial banks, in a total amount of US$600,000. The credit line is composed by the following tranches: (i) “A-loan”, of US$250,000, funded by IFC, at the cost of Term SOFR + 1.80% p.a. and an eight-year tenor, with a six-year grace period for the principal amount; and (ii) “B-Loan”, a syndicated loan of US$350,000 at the cost of Term SOFR + 1.60% p.a. and a seven-year tenor, with a five-year grace period for the principal amount. As of December 31, 2022, the line was available but was not used. The new credit facility has sustainability key performance indicators (KPIs) linked to the following goals: (a) reducing the intensity of greenhouse gas (GHG) emissions; and (b) increasing the representativeness of women in leadership positions in the Company. The funds will be allocated to Cerrado Project.
18.7. | Relevant transactions settled in the year
18.7.1. | CRA settlement
On January 14, 2022, the Company settled a CRA contract in the amount of R$761,572 (principal and interest) with original maturity in January 2022 at a cost of 99% p.a. of the Interbank Deposit (“DI”) rate. On September 21, 2022, the Company settled a CRA contract, in the amount of R$803,385 (principal and interest), with original maturity in September 2022 and at a cost of 97% p.a. of the DI rate.
18.7.2. | Export Prepayment Agreements (“EPP”)
On December 19, 2022, the Company, through its subsidiary Suzano Pulp and Paper Europe S.A., settled the export prepayment agreement in the amount of US$140,971 (principal and interest), with original maturity in December 2022 and at the cost of 1.35% p.a.
18.8. | Guarantees
Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment are offered by the Company, as disclosed in Note 15.1. The Company does not have contracts with restrictive financial clauses (financial covenants) which must be complied with.

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