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FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2023

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Schedule of financial instruments by category

All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:

​

​	​	​	​	​	​	​
​	​	​	​	June 30,	​	December 31,
​		Note		2023		2022
Assets	​	​	​	​	​	​
Amortized cost	​	​	​	​	​	​
Cash and cash equivalents	​	5	​	11,860,415	​	9,505,951
Trade accounts receivable	​	7	​	6,488,192	​	9,607,012
Dividends receivable	​	11	​	​	​	7,334
Other assets (1)	​	​	​	788,401	​	931,173
​	​	​	​	19,137,008	​	20,051,470
Fair value through other comprehensive income	​	​	​	​	​	​
Investments - Celluforce	​	14.1	​	23,541	​	24,917
​	​	​	​	23,541	​	24,917
Fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	4.5.1	​	5,479,787	​	4,873,749
Marketable securities	​	6	​	8,354,870	​	7,965,742
​	​	​	​	13,834,657	​	12,839,491
​	​	​	​	32,995,206	​	32,915,878
Liabilities	​	​	​	​	​	​
Amortized cost	​	​	​	​	​	​
Trade accounts payable	​	17	​	6,347,954	​	6,206,570
Loans, financing and debentures	​	18.1	​	74,532,331	​	74,574,591
Lease liabilities	​	19.2	​	6,195,984	​	6,182,530
Liabilities for assets acquisitions and subsidiaries	​	23	​	280,864	​	2,062,322
Dividends payable	​	11	​	2,678	​	5,094
Other liabilities (1)	​	​	​	137,148	​	147,920
​	​	​	​	87,496,959	​	89,179,027
Fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	4.5.1	​	2,218,716	​	4,846,795
​	​	​	​	2,218,716	​	4,846,795
​	​	​	​	89,715,675	​	94,025,822
​	​	​	​	56,720,469	​	61,109,944

​

1)Does not include items not classified as financial instruments.

Summary of estimated fair value of loans and financing

The estimated fair values of loans and financing are set forth below:

​

​	​	​	​	​	​	​
​	​	Yield used	​	​	​	​
​	​	to discount/	​	June 30,	​	December 31,
​		methodology		2023		2022
Quoted in the secondary market	​	​	​	​	​	​
In foreign currency	​	​	​	​	​	​
Bonds	​	Secondary Market	​	37,361,853	​	40,309,832
Estimated present value	​	​	​	​	​	​
In foreign currency	​	​	​	​	​	​
Export credits (“Prepayment”)	​	LIBOR	​	16,760,316	​	17,724,315
Assets Financing	​	SOFR	​	217,540	​	138,644
IFC - International Finance Corporation	​	SOFR	​	3,105,751	​	​
In local currency	​	​	​	​	​	​
BNDES – TJLP	​	DI 1	​	230,227	​	292,487
BNDES – TLP	​	DI 1	​	1,971,409	​	1,393,010
BNDES – Fixed	​	DI 1	​	10,219	​	21,656
BNDES – SELIC (“Special Settlement and Custody System”)	​	DI 1	​	644,710	​	575,129
BNDES - Currency basket	​	DI 1	​	4,122	​	10,866
CRA (“Agribusiness Receivables Certificate”)	​	DI 1/IPCA	​	1,264,031	​	1,835,336
Debentures	​	DI 1	​	6,663,101	​	5,643,440
NCE (“Export Credit Notes”)	​	DI 1	​	1,381,393	​	1,384,396
NCR (“Rural Credit Notes”)	​	DI 1	​	293,475	​	294,089
Export credits (“Prepayment”)	​	DI 1	​	1,303,156	​	1,320,415
​	​	​	​	71,211,303	​	70,943,615

​

Schedule of contractual maturities of financial liabilities

The remaining contractual maturities of financial liabilities are presented as of the balance sheet date. The amounts as set forth below consist of undiscounted cash flow, and include interest payments and exchange rate variations, and therefore may not reconcile with the amounts disclosed in the balance sheet.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30,

​

​

2023

​

​

Book

​

Future

​

Up to 1

​

1 - 2

​

​

​

More than

​

value

value

year

years

2 - 5 years

5 years

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Trade accounts payable

​

6,347,954

​

6,347,954

​

6,347,954

​

​

​

​

​

​

Loans, financing and debentures

​

74,532,331

​

101,685,556

​

9,107,311

​

12,248,908

​

29,960,769

​

50,368,568

Lease liabilities

​

6,195,984

​

10,891,670

​

1,113,507

​

1,959,036

​

1,774,219

​

6,044,908

Liabilities for asset acquisitions and subsidiaries

​

280,864

​

313,645

​

98,899

​

94,575

​

89,293

​

30,878

Derivative financial instruments

​

2,218,716

​

3,125,242

​

527,889

​

827,564

​

1,740,146

​

29,643

Dividends payable

​

2,678

​

2,678

​

2,678

​

​

​

​

​

​

Other liabilities

​

137,148

​

137,148

​

52,585

​

84,563

​

​

​

​

​

​

89,715,675

​

122,503,893

​

17,250,823

​

15,214,646

​

33,564,427

​

56,473,997

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2022

​

​

Book

​

Future

​

Up to 1

​

1 - 2

​

​

​

More than

​

value

value

year

years

2 - 5 years

5 years

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Trade accounts payable

​

6,206,570

​

6,206,570

​

6,206,570

​

​

​

​

​

​

Loans, financing and debentures

​

74,574,591

​

105,341,912

​

6,823,274

​

7,899,772

​

39,476,527

​

51,142,339

Lease liabilities

​

6,182,530

​

11,053,487

​

1,050,947

​

992,379

​

2,668,855

​

6,341,305

Liabilities for asset acquisitions and subsidiaries

​

2,062,322

​

2,203,302

​

1,986,633

​

99,331

​

57,421

​

59,917

Derivative financial instruments

​

4,846,795

​

6,515,262

​

728,070

​

1,341,108

​

4,299,970

​

146,114

Dividends payable

​

5,094

​

5,094

​

5,094

​

​

​

​

​

​

Other liabilities

​

147,920

​

147,920

​

61,500

​

86,420

​

​

​

​

​

​

94,025,822

​

131,473,547

​

16,862,088

​

10,419,010

​

46,502,773

​

57,689,675

​

Schedule of net exposure of assets and liabilities in foreign currency

The assets and liabilities that are exposed to foreign currency, substantially in U.S. Dollars, are set forth below:

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​		2023		2022
Assets	​	​	​	​
Cash and cash equivalents	​	11,248,274	​	8,039,218
Marketable securities	​	4,826,627	​	4,510,652
Trade accounts receivable	​	4,845,044	​	7,612,768
Derivative financial instruments	​	4,202,786	​	3,393,785
​	​	25,122,731	​	23,556,423
Liabilities	​	​	​	​
Trade accounts payable	​	(2,028,936)	​	(2,030,806)
Loans and financing	​	(60,176,982)	​	(61,216,140)
Liabilities for asset acquisitions and subsidiaries	​	(186,058)	​	(2,053,259)
Derivative financial instruments	​	(2,136,399)	​	(4,698,323)
​	​	(64,528,375)	​	(69,998,528)
​	​	(39,405,644)	​	(46,442,105)

​

Schedule of derivatives by type of contract

The positions of outstanding derivatives are set forth below:

​	​	​	​	​	​	​	​	​
​	​	Notional value, net in U.S.$			​	Fair value
​	​	June 30,	​	December 31,	​	June 30,	​	December 31,
​		2023		2022		2023		2022
Instruments as part of protection strategy	​	​	​	​	​	​	​	​
Operational hedges	​	​	​	​	​	​	​	​
ZCC	​	4,815,050	​	6,866,800	​	3,201,865	​	1,596,089
NDF (R$ x US$)	​	243,100	​	248,100	​	159,434	​	(2,474)
NDF (€ x US$)	​	399,328	​	544,702	​	140,411	​	161,055
​	​	​	​	​	​	​	​	​
Debt hedges	​	​	​	​	​	​	​	​
Swap LIBOR to Fixed (US$)	​	3,143,877	​	3,200,179	​	927,104	​	1,052,546
Swap IPCA to CDI (notional in Brazilian Reais)	​	2,130,618	​	1,741,787	​	245,159	​	278,945
Swap IPCA to Fixed (US$)	​	​	​	121,003	​	​	​	(29,910)
Swap CDI x Fixed (US$)	​	1,265,004	​	1,863,534	​	(1,262,085)	​	(2,566,110)
Pre-fixed Swap to US$ (US$)	​	350,000	​	350,000	​	(360,856)	​	(503,605)
​	​	​	​	​	​	​	​	​
Commodity Hedge	​	​	​	​	​	​	​	​
Swap US-CPI (US$) (1)	​	130,810	​	124,960	​	187,618	​	40,418
Swap VLSFO/Brent	​	128,307	​	​	​	22,421	​	​
​	​	​	​	​	​	3,261,071	​	26,954
​	​	​	​	​	​	​	​	​
Current assets	​	​	​	​	​	3,747,881	​	3,048,493
Non-current assets	​	​	​	​	​	1,731,906	​	1,825,256
Current liabilities	​	​	​	​	​	(483,512)	​	(667,681)
Non-current liabilities	​	​	​	​	​	(1,735,204)	​	(4,179,114)
​	​	​	​	​	​	3,261,071	​	26,954

​

(1) The embedded derivative refers to a swap contract for the sale of price variations in United States Dollars and US-CPI within the term of a forest partnership with a standing wood supply contract.

​

Schedule of maturity analysis for derivatives

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​		2023		2022
2023	​	2,413,838	​	2,380,812
2024	​	1,785,080	​	297,156
2025	​	(477,814)	​	(1,225,193)
2026 onwards	​	(460,033)	​	(1,425,821)
​	​	3,261,071	​	26,954

Schedule of long and short positions of outstanding derivatives

The outstanding derivatives positions are set forth below:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Notional value					​	Fair value
​	​	​	​	June 30,	​	December 31,	​	June 30,	​	December 31,
​		Currency		2023		2022		2023		2022
Debt hedges	​	​	​	​	​	​	​	​	​	​
Assets	​	​	​	​	​	​	​	​	​	​
Swap CDI to Fixed (US$)	​	R$	​	4,623,091	​	7,081,545	​	368,657	​	617,835
Swap Pre-Fixed to US$	​	R$	​	1,317,226	​	1,317,226	​	​	​	45,329
Swap LIBOR to Fixed (US$)	​	US$	​	3,143,877	​	3,200,000	​	927,104	​	1,052,546
Swap IPCA to CDI	​	IPCA	​	2,294,552	​	2,041,327	​	325,275	​	427,417
Swap IPCA to US$	​	IPCA	​	​	​	610,960	​	​	​	​
​	​	​	​	​	​	​	​	1,621,036	​	2,143,127
Liabilities	​	​	​	​	​	​	​	​	​	​
Swap CDI to Fixed (US$)	​	US$	​	1,265,000	​	1,863,534	​	(1,630,742)	​	(3,183,945)
Swap Pre-Fixed to US$	​	US$	​	350,000	​	350,000	​	(360,856)	​	(548,934)
Swap LIBOR to Fixed (US$)	​	US$	​	3,143,877	​	3,200,000	​	​	​	​
Swap IPCA to CDI	​	R$	​	2,130,618	​	1,741,787	​	(80,116)	​	(148,472)
Swap IPCA to US$	​	US$	​	​	​	121,003	​	​	​	(29,910)
​	​	​	​	​	​	​	​	(2,071,714)	​	(3,911,261)
​	​	​	​	​	​	​	​	(450,678)	​	(1,768,134)
Operational hedge	​	​	​	​	​	​	​	​	​	​
Zero cost collar (US$ x R$)	​	US$	​	4,815,050	​	6,866,800	​	3,201,865	​	1,596,089
NDF (R$ x US$)	​	US$	​	243,100	​	248,100	​	159,434	​	(2,474)
NDF (€ x US$)	​	US$	​	399,328	​	544,702	​	140,411	​	161,055
​	​	​	​	​	​	​	​	3,501,710	​	1,754,670
Commodity hedge	​	​	​	​	​	​	​	​	​	​
Swap US-CPI (standing wood) (1)	​	US$	​	130,810	​	124,960	​	187,618	​	40,418
Swap VLSFO/Brent	​	US$	​	128,307	​	​	​	22,421	​	​
​	​	​	​	​	​	​	​	210,039	​	40,418
​	​	​	​	​	​	​	​	3,261,071	​	26,954

​

(1) The embedded derivative refers to the swap contracts for selling price variations in US$ and the US-CPI in forest partnership with a standing wood supply contract.

​

Schedule of fair value settled derivatives

The settled derivatives positions are set forth below:

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​		2023		2022
Operational hedge	​	​	​	​
Zero cost collar (R$ x US$)	​	1,445,973	​	718,618
NDF (R$ x US$)	​	18,538	​	8,301
NDF (€ x US$)	​	50,679	​	7,113
​	​	1,515,190	​	734,032
​	​	​	​	​
Commodity hedge	​	8,853	​	​
Swap VLSFO/other	​	8,853	​	​
​	​	​	​	​
Debt hedge	​	​	​	​
Swap CDI to Fixed (US$)	​	(283,888)	​	(261,570)
Swap IPCA to CDI (Brazilian Reais)	​	158,092	​	(5,180)
Swap IPCA to Fixed (US$)	​	(3,945)	​	171
Swap Pre-Fixed to US$	​	52,746	​	54,128
Swap LIBOR to Fixed (US$)	​	217,852	​	(239,356)
​	​	140,857	​	(451,807)
​	​	1,664,900	​	282,225

​

Schedule of fair value hierarchy

​

​	​	​	​	​	​	​
​	​	June 30,
​	​	2023
​		Level 2		Level 3		Total
Assets	​	​	​	​	​	​
At fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	5,479,787	​	​	​	5,479,787
Marketable securities	​	8,354,870	​	​	​	8,354,870
​	​	13,834,657	​	​	​	13,834,657
​	​	​	​	​	​	​
At fair value through other comprehensive income	​	​	​	​	​	​
Other investments - CelluForce	​	​	​	23,541	​	23,541
​	​	​	​	23,541	​	23,541
​	​	​	​	​	​	​
Biological assets	​	​	​	16,914,120	​	16,914,120
​	​	​	​	16,914,120	​	16,914,120
Total assets	​	13,834,657	​	16,937,661	​	30,772,318
​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
At fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	2,218,716	​	​	​	2,218,716
​	​	2,218,716	​	​	​	2,218,716
Total liabilities	​	2,218,716	​	​	​	2,218,716

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2022
​	​	Level 2	​	Level 3	​	Total
Assets	​	​	​	​	​	​
At fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	4,873,749	​	​	​	4,873,749
Marketable securities	​	7,965,742	​	​	​	7,965,742
​	​	12,839,491	​	​	​	12,839,491
​	​	​	​	​	​	​
At fair value through other comprehensive income	​	​	​	​	​	​
Other investments - CelluForce	​	​	​	24,917	​	24,917
​	​	​	​	24,917	​	24,917
​	​	​	​	​	​	​
Biological assets	​	​	​	14,632,186	​	14,632,186
​	​	​	​	14,632,186	​	14,632,186
Total assets	​	12,839,491	​	14,657,103	​	27,496,594
​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
At fair value through profit or loss	​	​	​	​	​	​
Derivative financial instruments	​	4,846,795	​	​	​	4,846,795
​	​	4,846,795	​	​	​	4,846,795
Total liabilities	​	4,846,795	​	​	​	4,846,795

​

Currency Risk | Financial instruments, excluding derivatives

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

The following table set forth the potential impacts at their absolute amounts:

​

​	​	​	​	​	​	​
​	​	June 30,
​	​	2023
​	​	Effect on profit or loss
​	​	Probable	​	Possible	​	Remote
​		(base value)		(25%)		(50%)
Cash and cash equivalents	​	11,248,274	​	2,812,069	​	5,624,137
Marketable securities	​	4,826,627	​	1,206,657	​	2,413,314
Trade accounts receivable	​	4,845,044	​	1,211,261	​	2,422,522
Trade accounts payable	​	(2,028,936)	​	(507,234)	​	(1,014,468)
Loans and financing	​	(60,176,982)	​	(15,044,246)	​	(30,088,491)
Liabilities for asset acquisitions and subsidiaries	​	(186,058)	​	(46,515)	​	(93,029)

​

Currency Risk | Derivative financial instruments

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

The following table set out the possible impacts assuming these scenarios:

​

​	​	​	​	​	​	​
​	​	June 30,
​	​	2023
​	​	Effect on profit or loss
​	​	Probable	​	Possible	​	Remote
​		(base value)		25%		50%
Dollar/Real	​	​	​	​	​	​
Derivative financial instruments	​	​	​	​	​	​
Derivative options	​	3,201,865	​	(3,777,232)	​	(7,621,974)
Derivative swaps	​	(450,678)	​	(1,728,220)	​	(3,442,041)
Derivative Non-Deliverable Forward (‘NDF’) Contracts	​	159,434	​	(286,048)	​	(572,176)
Embedded derivatives	​	187,618	​	(85,533)	​	(171,067)
NDF parity derivatives (1)	​	140,411	​	(47,180)	​	(84,699)
Commodity Derivatives	​	22,421	​	(5,607)	​	(11,212)
​	​	​	​	​	​	​
Dollar/Euro	​	​	​	​	​	​
Derivative financial instruments	​	​	​	​	​	​
NDF parity derivatives (1)	​	140,411	​	(562,869)	​	(1,125,812)

​

(1)Long positions at US$/EUR parity in order to protect the Capex cash flow of the Cerrado Project against the appreciation of the Euro.

​

Interest rate risk | Financial instruments, excluding derivatives

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

The following table set forth the possible impacts assuming these scenarios in absolute amounts:

​

​	​	​	​	​	​	​
​	​	June 30,
​	​	2023
​	​	Effect on profit or loss
​	​	​	​	Possible	​	Remote
​		Probable		(25%)		(50%)
CDI/SELIC	​	​	​	​	​	​
Cash and cash equivalents	​	560,985	​	19,144	​	38,287
Marketable securities	​	3,528,243	​	120,401	​	240,803
Loans and financing	​	8,125,522	​	277,283	​	554,567
TJLP	​	​	​	​	​	​
Loans and financing	​	277,763	​	5,055	​	10,111
LIBOR	​	​	​	​	​	​
Loans and financing	​	15,645,428	​	216,902	​	433,803
SOFR	​	​	​	​	​	​
Loans and financing	​	3,115,211	​	41,030	​	82,060

​

Interest rate risk | Derivative financial instruments

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

The following table sets out the possible impacts of these assumed scenarios:

​

​	​	​	​	​	​	​
​	​	June 30,
​	​	2023
​	​	Effect on profit or loss
​	​	​	​	Probable	​	Remote
​		Probable		25%		50%
CDI	​	​	​	​	​	​
Derivative financial instruments	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
Derivative options	​	3,201,865	​	(388,599)	​	(747,669)
Derivative swaps	​	(450,678)	​	(5,108)	​	(11,749)
LIBOR	​	​	​	​	​	​
Derivative financial instruments	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
Derivative swaps	​	(450,678)	​	260,364	​	520,442

​

U.S. Consumer Price Index

FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

Summary of sensitivity analysis

The following table sets out the possible impacts, assuming these scenarios in absolute amounts:

​

​	​	​	​	​	​	​
​	​	June 30,
​	​	2023
​	​	Effect on profit or loss
​	​	Probable	​	Possible	​	Remote
​		(base value)		(25%)		(50%)
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement	​	187,618	​	(31,171)	​	(64,295)

​

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