Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Financial Instruments by Category

26.1

Financial instruments by category


			12.31.2018
	Note		Amortised cost		Fair value through other comprehensive income		Fair value through profit or loss		Total
Assets
Cash and cash equivalents		5		1,280.9		—		—		1,280.9
Financial investments		6		48.8		507.8		1,370.3		1,926.9
Guarantee Deposits		10		349.7		—		—		349.7
Collateralized accounts receivable		9		235.9		—		—		235.9
Contract assets				358.0		—		—		358.0
Trade accounts receivable, net		7		318.0		—		—		318.0
Customer and commercial financing				11.7		—		—		11.7
Derivative financial instruments		8		—		—		9.5		9.5
Other Assets				66.2		—		—		66.2

				2,669.2		507.8		1,379.8		4,556.8

Liabilities
Loans and financing		19		3,647.7		—		—		3,647.7
Trade accounts payable and others liabilities				1,550.5		—		—		1,550.5
Financial guarantee and of residual value		23		15.0		—		125.4		140.4
Derivative financial instruments		8		—		—		8.1		8.1

				5,213.2		—		133.5		5,346.7


			12.31.2017 (Restated)
	Note		Amortised cost		Fair value through other comprehensive income		Fair value through profit or loss		Total
Assets
Cash and cash equivalents		5		1,270.8		—		—		1,270.8
Financial investments		6		50.5		1,307.6		1,259.2		2,617.3
Guarantee Deposits		10		393.9		—		—		393.9
Collateralized accounts receivable		9		288.7		—		—		288.7
Contract assets				447.5		—		—		447.5
Trade accounts receivable, net		7		297.0		—		—		297.0
Customer and commercial financing				16.4		—		—		16.4
Derivative financial instruments		8		—		—		34.3		34.3
Other Assets				82.2		—		—		82.2

				2,847.0		1,307.6		1,293.5		5,448.1

Liabilities
Loans and financing		19		4,198.5		—		—		4,198.5
Trade accounts payable and others liabilities				1,502.5		—		—		1,502.5
Financial guarantee and residual value		23		30.7		—		108.9		139.6
Derivative financial instruments		8		—		—		8.9		8.9

				5,731.7		—		117.8		5,849.5

Summary of Fair Value of Liabilities Measurement Using Significant Unobservable Inputs

The following table lists the Company’s financial assets and liabilities by level within the fair value hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. In 2018 there was no change in the methods used to assess the fair value of financial instruments, as well as there were no changes or transfers of instruments level.


	12.31.2018
	Note		Level 2		Level 3		Total		Fair value of the other financial instruments		Fair value		Book value
Assets
Cash and cash equivalents		5		—		—		—		1,280.9		1,280.9		1,280.9
Financial investments		6		1,818.2		59.9		1,878.1		48.8		1,926.1		1,926.9
Guarantee Deposits		10		—		—		—		349.7		349.7		349.7
Collateralized accounts receivable				—		—		—		235.9		235.9		235.9
Contract assets				—		—		—		358.0		358.0		358.0
Trade accounts receivable, net		7		—		—		—		318.0		318.0		318.0
Customer and commercial financing				—		—		—		11.7		11.7		11.7
Derivative financial instruments		8		9.5		—		9.5		—		9.5		9.5
Other Assets				—		—		—		66.2		66.2		66.2

				1,827.7		59.9		1,887.6		2,669.2		4,556.0		4,556.8

Liabilities
Loans and financing				—		—		—		3,647.7		3,756.8		3,647.7
Trade accounts payable and others liabilities		19		—		—		—		1,550.5		1,550.5		1,550.5
Financial guarantee and of residual value				—		125.4		125.4		15.0		140.4		140.4
Derivative financial instruments		19		8.1		—		8.1		—		8.1		8.1

				8.1		125.4		133.5		5,213.2		5,455.8		5,346.7


	12.31.2017 (Restated)
	Note		Level 2		Level 3		Total		Fair value of the other financial instruments		Fair value		Book value
Assets
Cash and cash equivalents		5		—		—		—		1,270.8		1,270.8		1,270.8
Financial investments		6		2,507.2		59.6		2,566.8		50.4		2,617.3		2,617.3
Guarantee Deposits		10		—		—		—		393.9		393.9		393.9
Collateralized accounts receivable				—		—		—		288.7		288.7		288.7
Contract assets				—		—		—		447.5		447.5		447.5
Trade accounts receivable, net		7		—		—		—		297.0		297.0		297.0
Customer and commercial financing				—		—		—		16.4		16.4		16.4
Derivative financial instruments		8		34.3		—		34.3		—		34.3		34.3
Other Assets				—		—		—		82.2		82.2		82.2

				2,541.5		59.6		2,601.1		2,846.9		5,448.1		5,448.1

Liabilities
Loans and financing		19		—		—		—		4,198.5		4,408.6		4,198.5
Trade accounts payable and others liabilities				—		—		—		1,502.5		1,502.5		1,502.5
Financial guarantee and of residual value		23		—		108.9		108.9		30.7		139.6		139.6
Derivative financial instruments		8		8.9		—		8.9		—		8.9		8.9

				8.9		108.9		117.8		5,731.7		6,059.6		5,849.5

Summary of Company's Financial Assets and Liabilities


	Fair value of financial instruments using significant unobservable inputs (level 3)
	Assets			Liabilities
At 12.31.2016 (Restated)		35.0			122.2

Adding Shares		58.8			—
Disposal Claim		(34.8	)		—
Market value		0.6			(13.3	)

At 12.31.2017 (Restated)		59.6			108.9

Market value		0.3			16.5

At 12.31.2018		59.9			125.4

Summary of Additional Information Related to Authorization of Undiscounted Contractual Obligations and Commercial Commitments

The following table provides additional information related to undiscounted contractual obligations and commercial commitments and their respective maturities:


	Cash Flow		Less than one year		One to three years		Three to five years		More than five years
At December 31, 2018
Loans and financing		4,701.3		321.0		867.3		1,345.7		2,167.3
Trade accounts payable		892.1		892.1		—		—		—
Recourse and non recourse debt		341.4		324.0		7.6		6.6		3.2
Financial guarantees		152.1		51.0		39.9		31.3		29.9
Other liabilities		227.3		5.4		92.2		95.3		34.4

Total		6,314.2		1,593.5		1,007.0		1,478.9		2,234.8

At December 31, 2017 (Restated)
Loans and financing		5,400.7		491.6		784.9		1,220.2		2,904.0
Trade accounts payable		824.7		824.7		—		—		—
Recourse and non recourse debt		364.1		17.6		332.7		8.0		5.8
Financial guarantees		156.8		22.2		52.5		31.1		51.0
Other liabilities		249.4		11.4		46.1		92.3		99.6

Total		6,995.7		1,367.5		1,216.2		1,351.6		3,060.4

Summary of Company's Cash, Cash Equivalents, Financial Investments and Loans and Financing

At December 31, 2018, the Company’s cash, cash equivalents, financial investments and loans and financing were indexed as follows:


Without derivative effect	Pre-fixed					Post-fixed					Total
	Amount		%			Amount		%			Amount		%
Cash, cash equivalents and financial investments		2,742.3		85.49	%		465.5		14.51	%		3,207.8		100.00	%
Loans and financing		3,577.7		98.09	%		69.8		1.91	%		3,647.5		100.00	%

With derivative effect	Pre-fixed					Post-fixed					Total
	Amount		%			Amount		%			Amount		%
Cash, cash equivalents and financial investments		2,742.3		85.49	%		465.5		14.51	%		3,207.8		100.00	%
Loans and financing		3,194.3		87.57	%		453.3		12.43	%		3,647.6		100.00	%

Summary of Company's Cash Equivalents and Post Fixed Financing

At December 31, 2018, the Company’s cash equivalents and post -fixed financing were indexed as follows:


	Without derivative effect					With derivative effect
	Amount		%			Amount		%
Cash equivalents and financial investments		465.4		100.00	%		465.5		100.00	%
CDI		403.1		86.61	%		403.2		86.62	%
Libor		62.3		13.39	%		62.3		13.38	%
Loans and financing		69.9		100.00	%		453.4		100.00	%
TJLP		1.9		2.72	%		1.9		0.42	%
Libor		68.0		97.28	%		65.4		14.42	%
CDI		—		0.00	%		386.1		85.16	%

Summary of Changes In Foreign Exchange Rates

At December 31, 2018, the Company had the following amounts of financial assets and liabilities denominated in several currencies:


	12.31.2018			12.31.2017			12.31.2016
				(Restated)			(Restated)
Loans and financing
Brazilian reais		286.5			629.0			832.9
U.S. dollars		3,341.6			3,555.5			2,910.7
Euro		19.6			14.0			16.3

		3,647.7			4,198.5			3,759.9

Trade accounts payable
Brazilian reais		77.1			87.6			91.9
U.S. dollars		715.6			621.0			783.2
Euro		27.2			115.0			75.3
Other currencies		72.2			1.1			1.7

		892.1			824.7			952.1

Total (1)		4,539.8			5,023.2			4,712.0

Cash and cash equivalents and financial investments
Brazilian reais		406.5			750.2			1,180.0
U.S. dollars		2,746.9			2,979.2			1,838.3
Euro		47.7			97.5			127.1
Other currencies		6.8			61.2			44.8

		3,207.9			3,888.1			3,190.2

Trade accounts receivable:
Brazilian reais		10.7			30.8			143.4
U.S. dollars		274.2			154.1			187.7
Euro		33.1			106.1			5.6
Other currencies		—			6.0			0.1

		318.0			297.0			336.8

Total (2)		3,525.9			4,185.1			3,527.0

Net exposure (1 - 2):
Brazilian reais		(53.6	)		(64.4	)		(398.6	)
U.S. dollars		1,036.1			1,043.2			1,667.9
Euro		(34.0	)		(74.6	)		(41.1	)
Other currencies		65.4			(66.1	)		(43.2	)

Summary of Interest Risk Factor

26.4.2

Interest risk factor


					*Additional variations in book balances ()**
	Risk factor	Amounts exposed at 12.31.2018			-50%			-25%			Probable scenario			+25%			+50%
Cash equivalents and financial investments	CDI		403.1			(12.6	)		(6.0	)		0.6			7.2			13.8

Net impact	CDI		403.1			(12.6	)		(6.0	)		0.6			7.2			13.8
Cash equivalents and financial investments	LIBOR		62.3			(0.9	)		(0.5	)		—			0.4			0.9
Loans and financing	LIBOR		(68.0	)		1.0			0.5			—			(0.5	)		(1.0	)

Net impact	LIBOR		(5.7	)		0.1			—			—			(0.1	)		(0.1	)

Loans and financing	TJLP		(1.9	)		0.1			—			—			—			(0.1	)

Net impact	TJLP		(1.9	)		0.1			—			—			—			(0.1	)
Rates considered	CDI		6.40	%		3.28	%		4.91	%		6.55	%		8.19	%		9.83	%
Rates considered	LIBOR		2.87	%		1.43	%		2.14	%		2.86	%		3.57	%		4.29	%
Rates considered	TJLP		6.56	%		3.49	%		5.24	%		6.98	%		8.73	%		10.47	%

(*)	The positive and negative variations of 25% and 50% were applied on the rates

Summary of Foreign Exchange Risk Factor

26.4.3

Foreign exchange risk factor


					*Additional variations in book balances ()**
	Risk factor	Amounts exposed at 12.31.2018			-50%			-25%			Probable scenario			+25%			+50%
Assets			745.3			378.9			195.7			12.4			(170.8	)		(354.0	)

Cash, cash equivalents and financial investments	R$		528.4			268.6			138.7			8.8			(121.1	)		(251.0	)
Other assets	R$		216.9			110.3			57.0			3.6			(49.7	)		(103.0	)
Liabilities			(79.7	)		(40.6	)		(20.9	)		(1.3	)		18.2			37.9

Loans and financing	R$		(286.5	)		(145.7	)		(75.2	)		(4.8	)		65.6			136.1
Other liabilities	R$		206.8			105.1			54.3			3.5			(47.4	)		(98.2	)

Net impact			825.0			338.3			174.8			11.1			(152.6	)		(316.1	)

Exchange rate considered			3.8748			1.9050			2.8575			3.8100			4.7625			5.7150

(*)	The positive and negative variations of 25% and 50% were applied on the rates

Summary of Derivative Contracts

26.4.4

Derivative contracts


						*Additional variations in book balances ()**
	Risk factor		Amounts exposed at 12.31.2018			-50%			-25%			Probable scenario			+25%			+50%
Derivative Designated as Hedge Accounting
Interest swap—fair value hedge		CDI		6.5			4.1			1.8			(0.5	)		(2.4	)		(4.3	)
Hedge destinated as cash flow		US$/R$		(7.4	)		13.5			9.9			7.3			4.7			1.3
Hedge desifnated as cash flow		LIBOR		2.3			—			—			—			—			—
Other derivatives
Interest swap		LIBOR		0.2			—			—			—			—			0.1
Foreign Exchange option		EUR/US$		—			(0.6	)		(0.2	)		—			0.2			0.3

Total				1.6			17.0			11.5			6.8			2.5			(2.6	)

Rate considered		LIBOR		2.87	%		1.43	%		2.14	%		2.86	%		3.57	%		4.29	%
Rate considered		CDI		6.40	%		3.28	%		4.91	%		6.55	%		8.19	%		9.83	%
Rate considered		US$/R$		3.8748			1.9050			2.8575			3.8100			4.7625			5.7150
Rate considered		LIBOR		1.1467			0.5750			0.8625			1.1500			1.4375			1.7250

(*)	The positive and negative variations of 25% and 50% were applied on the rates

Summary of Residual Value Guarantees


			Additional variations in book balances
	Amounts exposed at 12.31.2018		-50%			-25%			Probable scenario			+25%		+50%
Financial guarantee of residual value		125.4		(104.5	)		(90.0	)		(1.0	)		94.8		106.0

Total		125.4		(104.5	)		(90.0	)		(1.0	)		94.8		106.0