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