XML 31 R24.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Loans, financing and debentures | 6 Months Ended
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Jun. 30, 2024
Disclosure of detailed information about borrowings [abstract] |
Disclosure of borrowings [text block] | 18 LOANS, FINANCING AND DEBENTURES 18.1 Breakdown by type
|  |  |  |  |  | Current |  | Non-current |  |  |  | Total
Type |  | Interest rate |  | Average annual interest rate - % |  | 06/30/2024 |  | 12/31/2023 |  | 06/30/2024 |  | 12/31/2023 |  | 06/30/2024 |  | 12/31/2023
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | Fixed |  | 5.0 | % |  | 2,823,963 |  |  | 841,625 |  |  | 44,218,728 |  |  | 40,122,749 |  |  | 47,042,691 |  |  | 40,964,374 |
Export credits (“export prepayments”) |  | SOFR/Fixed |  | 6.3 | % |  | 3,601,807 |  |  | 2,690,891 |  |  | 16,812,138 |  |  | 14,487,252 |  |  | 20,413,945 |  |  | 17,178,143 |
Assets financing |  | SOFR |  | 6.3 | % |  | 105,427 |  |  | 61,924 |  |  | 335,084 |  |  | 220,199 |  |  | 440,511 |  |  | 282,123 |
ECA - Export Credit Agency |  | SOFR |  | 3.8 | % |  | 7,481 |  |  |  |  |  | 690,400 |  |  |  |  |  | 697,881 |  |  |  |
IFC - International Finance Corporation |  | SOFR |  | 6.2 | % |  |  |  |  | 731 |  |  | 3,300,411 |  |  | 2,871,399 |  |  | 3,300,411 |  |  | 2,872,130 |
Others |  |  |  |  |  | 5,826 |  |  | 7,903 |  |  |  |  |  |  |  |  | 5,826 |  |  | 7,903 |
|  |  |  |  |  | 6,544,504 |  |  | 3,603,074 |  |  | 65,356,761 |  |  | 57,701,599 |  |  | 71,901,265 |  |  | 61,304,673 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES |  | TJLP |  | 8.6 | % |  | 73,413 |  |  | 49,348 |  |  | 149,771 |  |  | 199,988 |  |  | 223,184 |  |  | 249,336 |
BNDES |  | TLP |  | 13.5 | % |  | 74,102 |  |  | 57,060 |  |  | 3,262,865 |  |  | 3,123,727 |  |  | 3,336,967 |  |  | 3,180,787 |
BNDES |  | Fixed |  | 4.0 | % |  | 2,009 |  |  | 4,020 |  |  |  |  |  |  |  |  | 2,009 |  |  | 4,020 |
BNDES |  | SELIC |  | 14.5 | % |  | 139,159 |  |  | 65,013 |  |  | 789,738 |  |  | 857,419 |  |  | 928,897 |  |  | 922,432 |
Assets financing |  | CDI |  | 14.5 | % |  | 18,267 |  |  | 17,037 |  |  | 66,188 |  |  | 71,235 |  |  | 84,455 |  |  | 88,272 |
NCE (“Export credit notes”) |  | CDI |  | 14.5 | % |  | 2,854 |  |  | 3,114 |  |  | 100,000 |  |  | 100,000 |  |  | 102,854 |  |  | 103,114 |
NCR (“Rural producer certificates”) |  | CDI |  | 12.1 | % |  | 295,339 |  |  | 101,739 |  |  | 1,999,053 |  |  | 1,998,270 |  |  | 2,294,392 |  |  | 2,100,009 |
Export credits (“export prepayments”) |  | Fixed |  |  |  |  |  |  |  | 791,306 |  |  |  |  |  |  |  |  |  |  |  | 791,306 |
Debentures |  | CDI/IPCA |  | 13.4 | % |  | 100,575 |  |  | 66,536 |  |  | 9,649,776 |  |  | 8,362,207 |  |  | 9,750,351 |  |  | 8,428,743 |
|  |  |  |  |  | 705,718 |  |  | 1,155,173 |  |  | 16,017,391 |  |  | 14,712,846 |  |  | 16,723,109 |  |  | 15,868,019 |
|  |  |  |  |  | 7,250,222 |  |  | 4,758,247 |  |  | 81,374,152 |  |  | 72,414,445 |  |  | 88,624,374 |  |  | 77,172,692 |
Interest on financing |  |  |  |  |  | 1,353,484 |  |  | 1,232,810 |  |  |  |  |  |  |  |  | 1,353,484 |  |  | 1,232,810 |
Non-current funding |  |  |  |  |  | 5,896,738 |  |  | 3,525,437 |  |  | 81,374,152 |  |  | 72,414,445 |  |  | 87,270,890 |  |  | 75,939,882 |
|  |  |  |  |  | 7,250,222 |  |  | 4,758,247 |  |  | 81,374,152 |  |  | 72,414,445 |  |  | 88,624,374 |  |  | 77,172,692 |
18.2 Breakdown by maturity – non-current
|  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 onwards |  | Total
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | (9,343) |  |  | 2,851,198 |  |  | 3,876,556 |  |  | 2,767,812 |  |  | 9,657,629 |  |  | 25,074,876 |  |  | 44,218,728 |
Export credits (“export prepayments”) |  | 2,286,853 |  |  | 4,986,977 |  |  | 4,370,592 |  |  | 3,465,127 |  |  | 1,702,589 |  |  |  |  |  | 16,812,138 |
Assets financing |  | 50,906 |  |  | 105,273 |  |  | 106,932 |  |  | 65,753 |  |  | 6,220 |  |  |  |  |  | 335,084 |
ECA - Export Credit Agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 690,400 |  |  | 690,400 |
IFC - International Finance Corporation |  |  |  |  |  |  |  | 216,162 |  |  | 1,019,132 |  |  | 1,482,373 |  |  | 582,744 |  |  | 3,300,411 |
|  | 2,328,416 |  |  | 7,943,448 |  |  | 8,570,242 |  |  | 7,317,824 |  |  | 12,848,811 |  |  | 26,348,020 |  |  | 65,356,761 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES – TJLP |  | 48,678 |  |  | 86,126 |  |  | 7,137 |  |  | 3,614 |  |  | 3,614 |  |  | 602 |  |  | 149,771 |
BNDES – TLP |  | 38,596 |  |  | 97,462 |  |  | 158,271 |  |  | 155,438 |  |  | 141,276 |  |  | 2,671,822 |  |  | 3,262,865 |
BNDES – SELIC |  | 121,619 |  |  | 243,271 |  |  | 31,988 |  |  | 32,034 |  |  | 32,079 |  |  | 328,747 |  |  | 789,738 |
Assets financing |  | 9,233 |  |  | 18,741 |  |  | 19,113 |  |  | 19,033 |  |  | 68 |  |  |  |  |  | 66,188 |
NCE (“Export credit notes”) |  |  |  |  |  |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | 100,000 |
NCR (“Rural producer certificates”) |  | (92) |  |  | (92) |  |  |  |  |  |  |  |  |  |  |  | 1,999,237 |  |  | 1,999,053 |
Debentures |  |  |  |  |  |  |  | 748,951 |  |  |  |  |  | 8,900,825 |  |  | 9,649,776 |
|  | 218,034 |  |  | 445,508 |  |  | 241,509 |  |  | 984,070 |  |  | 202,037 |  |  | 13,926,233 |  |  | 16,017,391 |
|  | 2,546,450 |  |  | 8,388,956 |  |  | 8,811,751 |  |  | 8,301,894 |  |  | 13,050,848 |  |  | 40,274,253 |  |  | 81,374,152 |
18.3 Roll-forward of loans, financing and debentures
|  | 06/30/2024 |  | 12/31/2023
Opening balance |  | 77,172,692 |  |  | 74,574,591 |
Fundraising, net of issuance costs |  | 10,934,280 |  |  | 10,944,794 |
Interest accrued |  | 2,545,932 |  |  | 4,797,094 |
Monetary and exchange rate variation, net |  | 9,383,027 |  |  | (4,185,675) |
Settlement of principal |  | (8,921,182) |  |  | (4,296,447) |
Settlement of interest |  | (2,529,991) |  |  | (4,728,998) |
Amortization of fundraising costs |  | 39,616 |  |  | 67,333 |
Closing balance |  | 88,624,374 |  |  | 77,172,692 |
18.4 Breakdown by currency
|  | 06/30/2024 |  | 12/31/2023
Brazilian Reais |  | 16,723,109 |  |  | 15,868,019 |
US Dollars |  | 71,901,265 |  |  | 61,304,673 |
|  | 88,624,374 |  |  | 77,172,692 |
18.5 Fundraising costs The fundraising costs are amortized based on the terms of agreements and the effective interest rate.
|  |  |  |  |  | Balance to be amortized
Type |  | Cost |  | Amortization |  | 06/30/2024 |  | 12/31/2023
Bonds |  | 434,970 |  |  | 263,645 |  |  | 171,325 |  |  | 164,825 |
NCE |  | 125,222 |  |  | 123,051 |  |  | 2,171 |  |  | 2,696 |
Export credits (“export prepayments”) |  | 219,946 |  |  | 150,074 |  |  | 69,872 |  |  | 52,162 |
Debentures |  | 159,675 |  |  | 31,278 |  |  | 128,397 |  |  | 102,235 |
BNDES |  | 63,588 |  |  | 54,522 |  |  | 9,066 |  |  | 9,854 |
ECA - Export Credit Agency |  | 1,320 |  |  | (3,969) |  |  | 5,289 |  |  |
IFC - International Finance Corporation |  | 41,943 |  |  | 179 |  |  | 41,764 |  |  | 38,911 |
Others |  | 18,147 |  |  | 17,661 |  |  | 486 |  |  | 598 |
|  | 1,064,811 |  |  | 636,441 |  |  | 428,370 |  |  | 371,281 |
18.6 Guarantees Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment is offered as collateral 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. 18.7 Relevant transactions entered into during the period 18.7.1 Export Prepayment On February 15, 2024, the Company raised, with several banks (a syndicated operation), an export prepayment ("EPP") in the amount of US$780,000 (equivalent to R$3,897,036), at a floating rate based on SOFR + 1.65% p.a (increasing by 0.05% p.a until maturity), with final maturity in February 2029, as part of the rollover process of a partially settled EPP on the same date. 18.7.2 Rural Credit Note On March 28, 2024, the Company raised, with Safra Bank, a Rural Credit Note in the amount of R$200,000, with a post-fixed interest rate of 100% of the CDI, with final maturity in March 2025. 18.7.3 Export Development Canada (“EDC”) On April 30, 2024, the Company raised with from EDC in the amount of US$125,000 (equivalent to R$694,862) at a floating rate of SOFR + 1.74%, with final maturity in April 2031. 18.7.4 Debentures On May 29, 2024, the Company issued simple, non-convertible debentures, unsecured, in three series, totaling R$5,900,000, as part of a debt rollover strategy. The debenture consists of three parts: (i) R$1,000,000 at a cost of CDI + 0.80% p.a., with a total term of eight years and equal amortizations in May 2031 and May 2032; (ii) R$4,000,000 at a cost of CDI + 1.00% p.a., with a total term of ten years and equal amortizations in May 2033 and May 2034; and (iii) R$900,000 (incentivized debenture) at a cost of IPCA + 6.11% p.a., with a total term of twelve years and equal amortizations in May 2035 and May 2036. 18.7.5 BNDES On June 27, 2024, the Company raised with from BNDES in the amount of R$65,000, indexed by the Long-Term Interest Rate (TLP - 5.56% p.a.), plus fixed interest of 1.75% p.a., with a one-year principal grace period and final maturity in December 2043. The funds were allocated to industrial projects. 18.7.6 Advance of exchange contract (“ACC”) On May 17, 2024, the Company rolled over an ACC of US$100,000 (equivalent to R$555,890), indexed at a fixed rate of 6% p.a. and originally maturing on May 17, 2024, to a new rate of 6.46% p.a. with a new maturity on May 19, 2025. On June 5, 2024, the Company raised an ACC from BNP bank in the amount of US$15,000 (equivalent to R$83,383), indexed at a fixed rate of 6.43% p.a., with a maturity on June 9, 2025. On June 21, 2024, the Company rolled over an ACC of US$35,000 (equivalent to R$194,561), indexed at a fixed rate of 6.52% p.a. and originally maturing on June 21, 2024, to a new rate of 6.54% p.a. with a new maturity on May 21, 2025. 18.8 Significant transactions settled during the period On February 15, 2024, the Company partially settled, in advance, a pre-export facility with several banks (a syndicated operation), in the total amount of US$620,000 (equivalent to R$3,209,057). The residual amount of this operation maintained its original maturity in February 2026, with a floating rate based on SOFR + 1.41% p.a. On June 7, 2024, the Company early settled a debenture with Bradesco bank in the total amount of R$4,926,631 (principal and interest) as part of a debt rollover strategy. The original maturity of the debenture was in June 2025 and June 2026, with an annual rate of 112.5% of CDI.

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