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FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
Schedule of financial instruments by category | All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:
| Note |  | 12/31/2024 |  | 12/31/2023
Assets |  |  |  |  |
Amortized cost |  |  |  |  |
Cash and cash equivalents | 5 |  | 9,018,818 |  |  | 8,345,871 |
Marketable securities | 6 |  |  |  |  |
Trade accounts receivable | 7 |  | 9,132,860 |  |  | 6,848,454 |
Other assets (1) |  |  | 628,275 |  |  | 737,222 |
|  |  | 18,779,953 |  |  | 15,931,547
Fair value through other comprehensive income |  |  |  |  |
Investments | 14.1 |  | 1,138,066 |  |  | 23,606 |
|  |  | 1,138,066 |  |  | 23,606
Fair value through profit or loss |  |  |  |  |
Derivative financial instruments | 4.5.1 |  | 3,887,100 |  |  | 4,430,454 |
Marketable securities | 6 |  | 13,363,511 |  |  | 13,267,286 |
|  |  | 17,250,611 |  |  | 17,697,740
|  |  | 37,168,630 |  |  | 33,652,893
Liabilities |  |  |  |  |
Amortized cost |  |  |  |  |
Trade accounts payable | 17 |  | 6,033,285 |  |  | 5,572,219 |
Loans, financing and debentures | 18.1 |  | 101,435,531 |  |  | 77,172,692 |
Lease liabilities | 19.2 |  | 6,972,915 |  |  | 6,243,782 |
Liabilities for assets acquisitions and subsidiaries | 23 |  | 120,490 |  |  | 187,187 |
Dividends and interests on own capital payable |  |  | 2,200,917 |  |  | 1,316,528 |
Other liabilities (1) |  |  | 143,330 |  |  | 116,716 |
|  |  | 116,906,468 |  |  | 90,609,124
Fair value through profit or loss |  |  |  |  |
Derivative financial instruments | 4.5.1 |  | 10,454,820 |  |  | 2,436,072 |
|  |  | 10,454,820 |  |  | 2,436,072
|  |  | 127,361,288 |  |  | 93,045,196
|  |  | 90,192,658 |  |  | 59,392,303
(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/methodology |  | 12/31/2024 |  | 12/31/2023
Quoted in the secondary market |  |  |  |  |
In foreign currency |  |  |  |  |
Bonds | Secondary Market |  | 48,734,909 |  |  | 38,703,379 |
Estimated present value |  |  |  |  |
In foreign currency |  |  |  |  |
Export credits (“Prepayment”) | SOFR |  | 22,740,891 |  |  | 17,783,760 |
Assets Financing | SOFR |  | 422,115 |  |  | 278,107 |
ECA - Export Credit Agency | SOFR |  | 864,202 |  |  |
IFC - International Finance Corporation | SOFR |  | 6,261,715 |  |  | 3,198,761 |
Panda Bonds - CNH | Fixed |  | 951,125 |  |  |
In local currency |  |  |  |  |
BNDES – TJLP | DI 1 |  | 171,109 |  |  | 215,458 |
BNDES – TLP | DI 1 |  | 3,275,012 |  |  | 2,712,762 |
BNDES – Fixed | DI 1 |  |  |  |  | 3,903 |
BNDES – TR | DI 1 |  | 33,466 |  |  |
BNDES – Selic (“Special Settlement and Custody System”) | DI 1 |  | 645,139 |  |  | 686,798 |
BNDES – UMBNDES | DI 2 |  | 106,966 |  |  |
Assets Financing | DI 1 |  | 60,566 |  |  | 75,622 |
Debentures | DI 1/IPCA |  | 12,002,992 |  |  | 8,881,277 |
NCE (“Export Credit Notes”) | DI 1 |  | 108,308 |  |  | 110,396 |
NCR (“Rural Credit Notes”) | DI 1 |  | 2,424,457 |  |  | 2,228,806 |
Export credits (“Prepayment”) | DI 1 |  |  |  |  | 824,035 |
|  |  | 98,802,972 |  |  | 75,703,064
Schedule of contractual maturities of financial liabilities |
|  |  |  |  |  |  |  |  |  |  | 12/31/2024
| Book value |  | Undiscounted cash flow |  | Up to 1 year |  | 1 - 2 years |  | 2 - 5 years |  | More than 5 years
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trade accounts payables | 6,033,285 |  |  | 6,033,285 |  |  | 6,033,285 |  |  |  |  |  |  |
Loans, financing and debentures | 101,435,531 |  |  | 142,028,543 |  |  | 13,599,011 |  |  | 14,235,170 |  |  | 50,858,667 |  |  | 63,335,695 |
Lease liabilities | 6,972,915 |  |  | 12,099,294 |  |  | 1,302,590 |  |  | 1,176,832 |  |  | 3,094,493 |  |  | 6,525,379 |
Liabilities for asset acquisitions and subsidiaries | 120,490 |  |  | 146,082 |  |  | 23,425 |  |  | 22,400 |  |  | 100,257 |  |  |
Derivative financial instruments | 10,454,820 |  |  | 13,878,150 |  |  | 1,676,180 |  |  | 957,540 |  |  | 1,489,357 |  |  | 9,755,073 |
Dividends and interests on own capital payable | 2,200,917 |  |  | 2,200,917 |  |  | 2,200,917 |  |  |  |  |  |  |
Other liabilities | 143,330 |  |  | 143,330 |  |  | 60,892 |  |  | 82,438 |  |  |  |  |
| 127,361,288 |  |  | 176,529,601 |  |  | 24,896,300 |  |  | 16,474,380 |  |  | 55,542,774 |  |  | 79,616,147 |
|  |  |  |  |  |  |  |  |  |  | 12/31/2023
| Book value |  | Undiscounted cash flow |  | Up to 1 year |  | 1 - 2 years |  | 2 - 5 years |  | More than 5 years
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trade accounts payables | 5,572,219 |  |  | 5,572,219 |  |  | 5,572,219 |  |  |  |  |  |  |
Loans, financing and debentures | 77,172,692 |  |  | 105,526,852 |  |  | 7,648,237 |  |  | 12,983,542 |  |  | 31,355,362 |  |  | 53,539,711 |
Lease liabilities | 6,243,782 |  |  | 11,021,519 |  |  | 1,172,568 |  |  | 1,045,795 |  |  | 2,743,793 |  |  | 6,059,363 |
Liabilities for asset acquisitions and subsidiaries | 187,187 |  |  | 215,891 |  |  | 94,948 |  |  | 18,314 |  |  | 87,520 |  |  | 15,109 |
Derivative financial instruments | 2,436,072 |  |  | 2,801,258 |  |  | 66,433 |  |  | 1,278,953 |  |  | 1,191,014 |  |  | 264,858 |
Dividends and interests on own capital payable | 1,316,528 |  |  | 1,316,528 |  |  | 1,316,528 |  |  |  |  |  |  |
Other liabilities | 116,716 |  |  | 116,716 |  |  | 58,955 |  |  | 57,761 |  |  |  |  |
| 93,045,196 |  | 126,570,983 |  | 15,929,888 |  | 15,384,365 |  | 35,377,689 |  | 59,879,041
Analysis of credit exposures using internal credit grading system | The risk classification of trade accounts receivable is set forth below:
|  | Consolidated
|  | 12/31/2024 |  | 12/31/2023
Low (1) |  | 8,899,516 |  |  | 6,549,975 |
Average (2) |  | 174,048 |  |  | 156,883 |
High (3) |  | 89,596 |  |  | 173,558 |
|  | 9,163,160 |  |  | 6,880,416
1) Current and overdue up to 30 days. 2) Overdue between 30 and 90 days. 3) Overdue more than 90 days.
Schedule of the book value of financial assets representing the exposure to credit risk | The book value of financial assets representing exposure to credit risk is set forth below:
|  | Consolidated
|  | 12/31/2024 |  | 12/31/2023
Cash and cash equivalents |  | 9,018,818 |  |  | 8,345,871 |
Marketable securities |  | 13,363,511 |  |  | 13,267,286 |
Derivative financial instruments (1) |  | 3,887,100 |  |  | 4,199,982 |
|  | 26,269,429 |  |  | 25,813,139
1) Does not include the derivative embedded in a forest partnership agreement for the supply of standing wood, which is not a transaction with a financial institution.
Analysis Of Credit Exposures Using External Credit Grading System Explanatory | The counterparties, mainly financial institutions, with whom the transactions are performed classified under cash and cash equivalents, marketable securities and derivatives financial instruments, are rated by the main ratings agencies. The risk ratings are set forth below:
|  | Cash and cash equivalents and marketable securities |  | Derivative financial instruments
|  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Risk rating (1) |  |  |  |  |  |  |  |
AAA |  |  |  |  |  | 232,908 |  |  | 878,241 |
AA- |  |  |  |  |  | 286,906 |  |  | 1,007,537 |
A+ |  |  |  |  |  | 148,029 |  |  | 136,864 |
A |  |  |  |  |  |  |  |  | 55,547 |
brAAA |  | 20,830,651 |  |  | 20,856,072 |  |  | 2,747,948 |  |  | 1,682,513 |
brAA+ |  | 658,880 |  |  | 511,589 |  |  |  |  |  | 439,280 |
brAA |  | 755 |  |  | 6,565 |  |  |  |  |  |
brAA- |  | 19 |  |  | 2,169 |  |  |  |  |  |
brA |  | 31,504 |  |  |  |  |  |  |  |
brBBB- |  | 3 |  |  | 3 |  |  |  |  |  |
brBB |  | 710 |  |  | 1,132 |  |  |  |  |  |
brBB- |  | 750,359 |  |  | 385 |  |  | 156,450 |  |  |
Others |  | 109,448 |  |  | 235,242 |  |  | 314,859 |  |  |
|  | 22,382,329 |  |  | 21,613,157 |  | 3,887,100 |  |  | 4,199,982
1) We use the Brazilian Risk Ratings issued by the agencies Fitch Ratings, Standard & Poor’s and Moody’s.
Schedule of net exposure of assets and liabilities in foreign currency | The assets and liabilities that are exposed to foreign currency, substantially in US$, are set forth below:
| 12/31/2024 |  | 12/31/2023
Assets |  |  |
Cash and cash equivalents | 6,496,039 |  |  | 6,432,557 |
Marketable securities | 70,255 |  |  | 7,378,277 |
Trade accounts receivable | 7,090,160 |  |  | 5,049,609 |
Derivative financial instruments | 3,887,100 |  |  | 3,070,594 |
| 17,543,554 |  |  | 21,931,037
Liabilities |  |  |
Trade accounts payable | (1,350,763) |  |  | (1,625,011) |
Loans and financing | (83,004,915) |  |  | (61,304,673) |
Liabilities for asset acquisitions and subsidiaries | (93,308) |  |  | (127,598) |
Derivative financial instruments | (10,448,379) |  |  | (1,867,882) |
| (94,897,365) |  |  | (64,925,164)
| (77,353,811) |  |  | (42,994,127)
Summary of sensitivity analysis | The following table set forth the potential impacts at their absolute amounts:
| 12/31/2024
| Effect on profit or loss
| Probable (base value) |  | Possible (25%) |  | Remote (50%)
Cash and cash equivalents | 6,496,039 |  |  | 1,624,010 |  |  | 3,248,020 |
Marketable securities | 70,255 |  |  | 17,564 |  |  | 35,128 |
Trade accounts receivable | 7,090,160 |  |  | 1,772,540 |  |  | 3,545,080 |
Trade accounts payable | (1,350,763) |  |  | (337,691) |  |  | (675,382) |
Loans and financing | (83,004,915) |  |  | (20,751,229) |  |  | (41,502,458) |
Liabilities for asset acquisitions and subsidiaries | (93,308) |  |  | (23,327) |  |  | (46,654) |
The following table set out the possible impacts assuming these scenarios:
| 12/31/2024
| Effect on profit or loss
| Probable (base value) |  | Possible 25% |  | Remote 50%
Dollar/Real |  |  |  |  |
Derivative financial instruments |  |  |  |  |
Derivative options | (4,328,970) |  |  | (9,226,995) |  |  | (19,121,860) |
Derivative swaps | (1,843,087) |  |  | (2,604,422) |  |  | (4,992,835) |
Derivative Non-Deliverable Forward (‘NDF’) Contracts | (331,876) |  |  | (896,742) |  |  | (1,788,477) |
Embedded derivatives | (80,759) |  |  | (183,663) |  |  | (367,326) |
Commodity Derivatives | 16,973 |  |  | 4,236 |  |  | 8,478 |
The following table set forth the possible impacts assuming these scenarios in absolute amounts:
| 12/31/2024
| Effect on profit or loss
| Probable |  | Possible (25%) |  | Remote (50%)
CDI/SELIC |  |  |  |  |
Cash and cash equivalents | 2,422,308 |  |  | 73,578 |  |  | 147,155 |
Marketable securities | 13,293,256 |  |  | 403,783 |  |  | 807,565 |
Loans and financing | 9,290,595 |  |  | 282,202 |  |  | 564,404 |
TJLP/TLP |  |  |  |  |
Loans and financing | 202,961 |  |  | 3,770 |  |  | 7,540 |
SOFR |  |  |  |  |
Loans and financing | 28,534,005 |  |  | 320,294 |  |  | 640,588 |
The following table sets out the possible impacts of these assumed scenarios:
| 12/31/2024
| Effect on profit or loss
| Probable |  | Probable 25% |  | Remote 50%
CDI |  |  |  |  |
Derivative financial instruments |  |  |  |  |
Liabilities |  |  |  |  |
Derivative options | (4,328,970) |  |  | (943,363) |  |  | (1,868,091) |
Derivative swaps | (1,843,087) |  |  | (91,012) |  |  | (178,459) |
SOFR |  |  |  |  |
Derivative financial instruments |  |  |  |  |
Liabilities |  |  |  |  |
Derivative swaps | (1,843,087) |  |  | (136,036) |  |  | (261,559) |
The following table sets out the possible impacts, assuming these scenarios in absolute amounts:
| 12/31/2024
| Effect on profit or loss
| Probable (base value) |  | Possible (25%) |  | Remote (50%)
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement | (80,759) |  |  | (32,607) |  |  | (66,859) |
Summary of yield curves used to calculate fair value of derivative financial instruments | The yield curves used to calculate the fair value as of December 31, 2024 are as set forth below:
Interest rate curves |  |
Term |  | Brazil (1) |  | United States of America (2) |  | US Dollar coupon (1)
1M |  | 12.15% p.a |  | 4.33% p.a |  | 8.46% p.a
6M |  | 14.19% p.a |  | 4.25% p.a |  | 6.37% p.a
1Y |  | 15.41% p.a |  | 4.17% pa. |  | 6.41% p.a
2Y |  | 15.94% p.a |  | 4.16% p.a |  | 6.29% p.a
3Y |  | 15.89% p.a |  | 4.21% pa. |  | 6.22% p.a
5Y |  | 15.60% p.a |  | 4.36% p.a |  | 6.41% p.a
10Y |  | 14.96% p.a |  | 4.88% p.a |  | 7.31% p.a
1) Source: B3 2) Source: Bloomberg
Schedule of derivatives by type of contract | The positions of outstanding derivatives are set forth below:
|  | Notional value, net in U.S.$ |  | Fair value in R$
|  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Instruments as part of cash flow protection strategy |  |  |  |  |  |  |  |
Cash flow hedge |  |  |  |  |  |  |  |
Zero Cost Collar |  | 6,852,200 |  |  | 4,500,200 |  |  | (4,328,970) |  |  | 1,968,337 |
NDF (R$ x US$) |  | 581,000 |  |  | 505,000 |  |  | (331,876) |  |  | 162,776 |
NDF (€ x US$) |  |  |  | 262,088 |  |  |  |  | 100,362 |
Debt hedges |  |  |  |  |  |  |  |
Swap SOFR to Fixed (US$) |  | 1,973,705 |  |  | 2,555,626 |  |  | 394,129 |  |  | 741,492 |
Swap IPCA to CDI (notional in Brazilian Reais) |  | 8,128,395 |  |  | 4,274,397 |  |  | (825,899) |  |  | 47,645 |
Swap CNH to Fixed (US$) |  | 165,815 |  |  |  |  | (6,440) |  |  |
Swap CDI x Fixed (US$) |  | 909,612 |  |  | 1,025,000 |  |  | (776,261) |  |  | (1,081,964) |
Pre-fixed Swap R$ to US$ (US$) |  |  |  | 200,000 |  |  |  |  | (203,045) |
Swap CDI x SOFR (US$) |  | 610,171 |  |  | 125,000 |  |  | (590,764) |  |  | 25,774 |
Swap SOFR to SOFR (US$) |  | 150,961 |  |  | 150,961 |  |  | (37,850) |  |  | (16,615) |
Commodity Hedge |  |  |  |  |  |  |  |
Swap US$ e US-CPI (1) |  | 138,439 |  |  | 131,510 |  |  | (80,759) |  |  | 230,471 |
Zero Cost Collar (Brent) |  | 163,941 |  |  | 163,100 |  |  | 6,097 |  |  | (3,148) |
Swap VLSFO/Brent |  | 39,706 |  |  | 142,794 |  |  | 10,873 |  |  | 22,297 |
|  |  |  |  |  | (6,567,720) |  |  | 1,994,382
Current assets |  |  |  |  |  | 1,006,427 |  |  | 2,676,526 |
Non-current assets |  |  |  |  |  | 2,880,673 |  |  | 1,753,928 |
Current liabilities |  |  |  |  |  | (2,760,273) |  |  | (578,763) |
Non-current liabilities |  |  |  |  |  | (7,694,547) |  |  | (1,857,309) |
|  |  |  |  |  | (6,567,720) |  |  | 1,994,382
(1)The embedded derivative refers to a swap contract for the sale of price variations in US$ and US-CPI within the term of a forest partnership with a standing wood supply contract.
Schedule of fair value by maturity |
| 12/31/2024 |  | 12/31/2023
2025 | (1,753,846) |  |  | 2,097,763 |
2026 | (1,699,768) |  |  | 233,072 |
2027 | (36,905) |  |  | (574,871) |
2028 onwards | (3,077,201) |  |  | 238,418 |
| (6,567,720) |  |  | 1,994,382
Schedule of long and short positions of outstanding derivatives | The outstanding derivatives positions are set forth below:
|  |  |  | Notional value |  | Fair value in R$
|  | Currency |  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Debt hedges |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Swap CDI to Fixed |  | US$ |  | 4,748,394 |  |  | 3,898,011 |  |  | 1,482,759 |  |  | 223,776 |
Swap Pre-Fixed to US$ |  | US$ |  |  |  |  | 738,800 |  |  |  |  |  |
Swap SOFR to Fixed |  | US$ |  | 1,973,705 |  |  | 2,555,626 |  |  | 424,824 |  |  | 1,104,984 |
Swap IPCA to CDI |  | R$ |  | 8,382,699 |  |  | 4,320,471 |  |  | 927,586 |  |  | 161,542 |
Swap CDI to SOFR |  | US$ |  | 3,117,625 |  |  | 644,850 |  |  | 754,173 |  |  | 32,560 |
Swap CNH to Fixed |  | CNH |  | 1,200,000 |  |  |  |  |  |  |  |
Swap SOFR to SOFR |  | US$ |  | 150,961 |  |  | 150,961 |  |  | 4,949 |  |  | 6,681 |
|  |  |  |  |  |  |  | 3,594,291 |  |  | 1,529,543
Liabilities |  |  |  |  |  |  |  |  |  |
Swap CDI to Fixed |  | US$ |  | 909,612 |  |  | 1,025,000 |  |  | (2,259,020) |  |  | (1,305,740) |
Swap Pre-Fixed to US$ |  | US$ |  |  |  |  | 200,000 |  |  |  |  |  | (203,045) |
Swap SOFR to Fixed |  | US$ |  | 1,973,705 |  |  | 2,555,626 |  |  | (30,695) |  |  | (363,492) |
Swap IPCA to CDI |  | R$ |  | 8,128,395 |  |  | 4,274,397 |  |  | (1,753,485) |  |  | (113,897) |
Swap CDI to SOFR |  | US$ |  | 610,171 |  |  | 125,000 |  |  | (1,344,937) |  |  | (6,786) |
Swap CNH to Fixed |  | CNH |  | 165,815 |  |  |  |  | (6,440) |  |  |
Swap SOFR to SOFR |  | US$ |  | 150,961 |  |  | 150,961 |  |  | (42,799) |  |  | (23,296) |
|  |  |  |  |  |  |  | (5,437,376) |  |  | (2,016,256)
|  |  |  |  |  |  |  | (1,843,085) |  |  | (486,713)
Cash flow hedge |  |  |  |  |  |  |  |  |  |
Zero Cost Collar (US$ x R$) |  | US$ |  | 6,852,200 |  |  | 4,500,200 |  |  | (4,328,970) |  |  | 1,968,337 |
NDF (R$ x US$) |  | US$ |  | 581,000 |  |  | 505,000 |  |  | (331,876) |  |  | 162,776 |
NDF (€ x US$) |  | US$ |  |  |  |  | 262,088 |  |  |  |  |  | 100,362 |
|  |  |  |  |  |  |  | (4,660,846) |  |  | 2,231,475
Commodity hedge |  |  |  |  |  |  |  |  |  |
Swap US-CPI (standing wood) (1) |  | US$ |  | 138,439 |  |  | 131,510 |  |  | (80,759) |  |  | 230,471 |
Zero Cost Collar (Brent) |  | US$ |  | 163,941 |  |  | 163,100 |  |  | 6,097 |  |  | (3,148) |
Swap VLSFO/Brent |  | US$ |  | 39,706 |  |  | 142,794 |  |  | 10,873 |  |  | 22,297 |
|  |  |  |  |  |  |  | (63,789) |  |  | 249,620
|  |  |  |  |  |  |  | (6,567,720) |  |  | 1,994,382
(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:
| 12/31/2024 |  | 12/31/2023
Cash flow hedge |  |  |
Zero Cost Collar (R$ x US$) | 645,759 |  |  | 2,987,953 |
NDF (R$ x US$) | (68,695) |  |  | 155,458 |
NDF (€ x US$) | 73,781 |  |  | 84,332 |
| 650,845 |  |  | 3,227,743
Commodity Hedge | 89,327 |  |  | 80,516 |
Swap VLSFO/other | 89,327 |  |  | 80,516
Debt hedges |  |  |
Swap CDI to Fixed (US$) | (1,635,058) |  |  | (438,417) |
Swap IPCA to CDI (Brazilian Reais) | (59,243) |  |  | 256,683 |
Swap IPCA to Fixed (US$) |  |  |  | 21,139 |
Swap Pre-Fixed to US$ | (221,462) |  |  | (104,827) |
Swap SOFR to SOFR | 2,199 |  |  |
Swap CDI to SOFR (US$) | 19,074 |  |  | 7,729 |
Swap SOFR to Fixed (US$) | 603,737 |  |  | 508,720 |
| (1,290,753) |  |  | 251,027
| (550,581) |  |  | 3,559,286
Disclosure of Fair Value Hierarchy | For the year ended December 31, 2024, there were no changes between the levels of hierarchy and no transfers between levels 1, 2 and 3.
|  |  |  |  |  | 12/31/2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 3,887,100 |  |  |  |  | 3,887,100 |
Marketable securities |  | 1,203,776 |  |  | 12,159,735 |  |  |  |  | 13,363,511 |
|  | 1,203,776 |  |  | 16,046,835 |  |  |  |  |  | 17,250,611 |
At fair value through other comprehensive income |  |  |  |  |  |  |  |
Other investments (note 14.1) |  |  |  |  |  | 1,138,066 |  |  | 1,138,066 |
|  |  |  |  |  |  |  | 1,138,066 |  |  | 1,138,066 |
Biological assets |  |  |  |  |  | 22,283,001 |  |  | 22,283,001 |
|  |  |  |  |  |  |  | 22,283,001 |  |  | 22,283,001 |
Total assets |  | 1,203,776 |  |  | 16,046,835 |  |  | 23,421,067 |  |  | 40,671,678 |
Liabilities |  |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 10,454,820 |  |  |  |  | 10,454,820 |
|  |  |  |  | 10,454,820 |  |  |  |  |  | 10,454,820 |
|  |  |  |  | 10,454,820 |  |  |  |  |  | 10,454,820 |
|  |  |  |  | 12/31/2023
| Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |
At fair value through profit or loss |  |  |  |  |
Derivative financial instruments | 4,430,454 |  |  |  |  |  | 4,430,454 |
Marketable securities | 13,267,286 |  |  |  |  |  | 13,267,286 |
| 17,697,740 |  |  |  | 17,697,740
At fair value through other comprehensive income |  |  |  |  |
Other investments - (note 14.1) |  |  |  | 23,606 |  |  | 23,606 |
|  |  | 23,606 |  | 23,606
Biological assets |  |  |  | 18,278,582 |  |  | 18,278,582 |
|  |  | 18,278,582 |  | 18,278,582
Total assets | 17,697,740 |  | 18,302,188 |  | 35,999,928
Liabilities |  |  |  |  |
At fair value through profit or loss |  |  |  |  |
Derivative financial instruments | 2,436,072 |  |  |  |  |  | 2,436,072 |
| 2,436,072 |  |  |  | 2,436,072
Total liabilities | 2,436,072 |  |  |  | 2,436,072

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