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LEASES | 6 Months Ended
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Jun. 30, 2023
LEASES |
LEASES | 19.LEASES 19.1.Right of use The balances rolled forward are set out below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Machinery and | ​ | ​ | ​ | Ships and | ​ | ​ | ​ | ​
​ |  | Lands |  | equipment |  | Buildings |  | boats |  | Vehicles |  | Total
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
Additions/updates | ​ | 290,722 | ​ | 85,493 | ​ | 78,547 | ​ | ​ | ​ | 490 | ​ | 455,252
Depreciation (1) | ​ | (188,802) | ​ | (51,778) | ​ | (29,419) | ​ | (62,445) | ​ | (1,191) | ​ | (333,635)
Write-offs (2) | ​ | (54) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (54)
Balance as at June 30, 2023 | ​ | 3,385,022 | ​ | 146,268 | ​ | 134,884 | ​ | 1,560,673 | ​ | 3,942 | ​ | 5,230,789
​
1) | The amount of depreciation related to land is substantially reclassified to biological assets to make up the formation costs.
2) | Write-off due to cancellation of contracts.
For the six-month period ended June 30, 2023, the Company does not have commitments to lease agreements not yet in force. 19.2.Lease liabilities The balance of lease payables on June 30, 2023, measured at present value and discounted at the respective discount rates are set forth below:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average rate - | ​ | ​ | ​ | Present value of
Nature of agreement |  | % p.a. (1) |  | Maturity (2) |  | liabilities
Lands and farms | ​ | 12.52 | ​ | April/2050 | ​ | 3,673,964
Machinery and equipment | ​ | 11.43 | ​ | April/2035 | ​ | 217,381
Buildings | ​ | 10.84 | ​ | September/2031 | ​ | 122,556
Ships and boats | ​ | 11.39 | ​ | February/2039 | ​ | 2,178,580
Vehicles | ​ | 10.83 | ​ | July/2026 | ​ | 3,503
​ | ​ | ​ | ​ | ​ | ​ | 6,195,984
​
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 balances rolled forward are set out below:
​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
Opening balance |  | 6,182,530 |  | 5,893,194
Additions | ​ | 455,252 | ​ | 982,680
Write-offs (2) | ​ | (54) | ​ | (75,026)
Payments | ​ | (577,132) | ​ | (1,044,119)
Accrual of financial charges (1) | ​ | 327,374 | ​ | 612,042
Exchange rate variations | ​ | (191,986) | ​ | (186,241)
Closing balance | ​ | 6,195,984 | ​ | 6,182,530
​ | ​ | ​ | ​ | ​
Current | ​ | 710,906 | ​ | 672,174
Non-current | ​ | 5,485,078 | ​ | 5,510,356
​
1) | On June 30, 2023, the amount of R$104,137 related to interest expenses on leased lands was capitalized to biological assets to represent the formation cost (R$178,429 as of December 31, 2022).
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 period The amounts recognized are set out below:
​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022
Expenses relating to short-term assets | ​ | 5,559 | ​ | 1,038
Expenses relating to low-value assets | ​ | 946 | ​ | 571
​ | ​ | 6,505 | ​ | 1,609
​

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