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LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of right of use assets

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.

Schedule of present value of 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.

Summary of changes in lease liabilities


		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.

Schedule of expenses recognised in profit or loss


		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