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Derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Text block [abstract]  
Summary of Derivative Financial Instruments

Purpose

   

Risk

   

Counterparty

    Settlement
date		      12.31.2018      12.31.2017  

Derivatives designated as hedge accounting

               

Expenses in Brazilian Reais (i)

    Exchange rate   

Citibank

BofaMLynch

Santander

BNP Paribas

Bradesco

Itau BBA

     




 2019
—  
2019
2019
2019
2019		  
 
 
 
 
 		     




 (1.9)
—  
(1.2)
(1.2)
(1.9)
(1.3)		  
 
 
 
 
 		     




 0.8
0.3
1.4
1.3
—  
—  		  
 
 
 
 
 

Export financing (ii)

    Interest rate   

Bradesco

BofaMLynch

Santander

     

 —  
—  
2019		  
 
 		     

 —  
—  
0.9		  
 
 		     

 3.7
4.5
5.0		  
 
 

Project development (ii)

    Interest rate   

Itau BBA

Votorantim

BofaMLynch

Santander

HSBC Société Générale

Safra

Morgan Stanley S/A

Bradesco

     







 2023
2022
2022
2022
2022
2022
2022
2022
2022		  
 
 
 
 
 
 
 
 		     







 0.3
0.3
0.5
1.7
0.3
0.2
0.1
1.7
0.4		  
 
 
 
 
 
 
 
 		     







 0.3
0.5
0.7
2.7
0.4
0.2
0.2
3.0
0.7		  
 
 
 
 
 
 
 
 

Investments

    Interest rate   

Bradesco

Santander

BNP Paribas

     

 —  
—  
—  		  
 
 		     

 —  
—  
—  		  
 
 		     

 (1.1)
(0.1)
(0.1)		  
 
 

Export

    Exchange rate and Interest rate    Santander      —          —          (0.1)  

Export (iii)

    Interest rate    Itau BBA      2027        2.3        0.5  
           

 

 

     

 

 

  

Other Derivatives

               1.2        24.8  
           

 

 

     

 

 

  

Recourse and non-recourse debt (iv)

    Interest rate    Natixis      2022        0.3        1.0  

Acquisition of property, plant and equipment (v)

    Interest rate    Compass Bank      2024        (0.1)        (0.2)  

Export (vi)

    Exchange rate   

Santander Totta

Natixis

BNP Paribas

     

 2019
—  
—  		  
 
 		     

 —  
—  
—  		  
 
 		     

 —  
(0.3)
0.1		  
 
 
           

 

 

     

 

 

  
              0.2        0.6  
           

 

 

     

 

 

  
              1.4        25.4  
           

 

 

     

 

 

  

 

(i)

Zero-cost collar financial instruments, designated as cash flow hedge, in the total amount of US$ 296.7, through purchase of a put option at the weighted average exercise price of R$ 3.43 and through the sale of a call option at the weighted average exercise price of R$ 4.10 for the year of 2019.
(ii)

Interest rate swap, designated as fair value hedge, of US$ 277.6 related to the Export and Project Development debt lines, subject to a weighted average fixed interest rate of 4.51% p.a. to a weighted average floating rate equivalent to 34.49% p.a. of CDI index (Interbank Deposit Certificate).
(iii)

Interest rate swap, designated as cash flow hedge, which converted 6-month LIBOR interest rate to a fixed interest rate of 2.37% p.a., related to US$ 100.0 debt.
(iv)

Interest rate swap, which converted the amount of US$ 7.3 of recourse and non-recourse debt from a weighted average fixed rate of 8.4% p.a. to a floating rate equivalent to LIBOR 6 months + 1.15% p.a.
(v)

Interest rate swap, related to operation in the amount of US$ 3.2, which converted a floating interest rate of LIBOR 1 month + 2.44% p.a. for fixed rate of 5.23% p.a.
(vi)

Non-deliverable forward instruments in the amount of US$ 2.5 for exchange of US Dollars to Euro.
Summary of Fair Value of Derivative Financial Instruments

As of December 31, 2018 and 2017, the fair value of the derivative financial instruments was recorded in the consolidated statements of financial position as follows:

 

     12.31.2018     12.31.2017  

Assets

     

Current portion

      5.4       29.5  

Non-current

      4.1       4.8  

Liabilities

     

Current portion

      (8.1 )      (8.8 ) 

Non-current

      —         (0.1 ) 
  

 

 

    

 

 

  

Net derivative financial instruments

      1.4       25.4