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EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2018
EQUITY |
Schedule of reconciliations of common and preferred outstanding shares |
|  | 2018 |  | 2017 |  | 2016
|  | Common shares |  | Preferred shares |  | Common shares |  | Preferred shares |  | Common shares |  | Preferred shares
Balance at beginning of the year |  | 571,929,945 |  | 1,137,327,184 |  | 571,929,945 |  | 1,137,018,570 |  | 571,929,945 |  | 1,114,744,538
Acquisition of Treasury shares |  | — |  | (16,000,000) |  | — |  | — |  | — |  | (10,000,000)
Exercise of stock options |  | — |  | 1,597,235 |  | — |  | 308,614 |  | — |  | 2,274,032
Transfer of shares |  | — |  | 1,309,336 |  | — |  | — |  | — |  | 30,000,000
Balance at the end of the year |  | 571,929,945 |  | 1,124,233,755 |  | 571,929,945 |  | 1,137,327,184 |  | 571,929,945 |  | 1,137,018,570
Schedule of ownership of shares |
|  | Shareholders
|  | 2018
Shareholders |  | Common |  | % |  | Pref. |  | % |  | Total |  | %
Metalúrgica Gerdau S.A.* |  | 557,898,901 |  | 97.3 |  | 95,469,922 |  | 8.3 |  | 653,368,823 |  | 38.0
Brazilian institutional investors |  | 2,383,207 |  | 0.4 |  | 224,073,547 |  | 19.6 |  | 226,456,754 |  | 13.2
Foreign institutional investors |  | 4,836,488 |  | 0.8 |  | 410,387,290 |  | 35.8 |  | 415,223,778 |  | 24.1
Other shareholders |  | 6,811,349 |  | 1.2 |  | 394,302,996 |  | 34.4 |  | 401,114,345 |  | 23.3
Treasury stock |  | 1,697,538 |  | 0.3 |  | 21,797,490 |  | 1.9 |  | 23,495,028 |  | 1.4
|  | 573,627,483 |  | 100.0 |  | 1,146,031,245 |  | 100.0 |  | 1,719,658,728 |  | 100.0
|  | Shareholders
|  | 2017
Shareholders |  | Common |  | % |  | Pref. |  | % |  | Total |  | %
Metalúrgica Gerdau S.A.* |  | 557,898,901 |  | 97.3 |  | 95,471,131 |  | 8.3 |  | 653,370,032 |  | 38.0
Brazilian institutional investors |  | 254,785 |  | 0.0 |  | 155,227,424 |  | 13.5 |  | 155,482,209 |  | 9.0
Foreign institutional investors |  | 7,254,556 |  | 1.3 |  | 708,109,387 |  | 61.8 |  | 715,363,943 |  | 41.6
Other shareholders |  | 6,521,703 |  | 1.1 |  | 178,519,242 |  | 15.6 |  | 185,040,945 |  | 10.8
Treasury stock |  | 1,697,538 |  | 0.3 |  | 8,704,061 |  | 0.8 |  | 10,401,599 |  | 0.6
|  | 573,627,483 |  | 100.0 |  | 1,146,031,245 |  | 100.0 |  | 1,719,658,728 |  | 100.0
|  | Shareholders
|  | 2016
Shareholders |  | Common |  | % |  | Pref. |  | % |  | Total |  | %
Metalúrgica Gerdau S.A.* |  | 449,712,654 |  | 78.4 |  | 202,806,626 |  | 17.7 |  | 652,519,280 |  | 37.9
Brazilian institutional investors |  | 41,883,032 |  | 7.3 |  | 92,721,295 |  | 8.1 |  | 134,604,327 |  | 7.8
Foreign institutional investors |  | 11,122,498 |  | 1.9 |  | 705,652,715 |  | 61.5 |  | 716,775,213 |  | 41.8
Other shareholders |  | 69,211,761 |  | 12.1 |  | 135,837,934 |  | 11.9 |  | 205,049,695 |  | 11.9
Treasury stock |  | 1,697,538 |  | 0.3 |  | 9,012,675 |  | 0.8 |  | 10,710,213 |  | 0.6
|  | 573,627,483 |  | 100.0 |  | 1,146,031,245 |  | 100.0 |  | 1,719,658,728 |  | 100.0
*Metalúrgica Gerdau S.A. is the controlling shareholder and Stichting Gerdau Johanpeter is the ultimate controlling shareholder of the Company.
Schedule of changes in treasury stocks |
|  | 2018
|  | Common shares |  | R$ |  | Preferred shares |  | R$
Opening balance |  | 1,697,538 |  | 557 |  | 8,704,061 |  | 75,528
Repurchases |  | — |  | — |  | 16,000,000 |  | 243,396
Exercise of stock options |  | — |  | — |  | (1,597,235) |  | (27,433)
Transfer of shares |  | — |  | — |  | (1,309,336) |  | (11,622)
Closing balance |  | 1,697,538 |  | 557 |  | 21,797,490 |  | 279,869
|  | 2017
|  | Common shares |  | R$ |  | Preferred shares |  | R$
Opening balance |  | 1,697,538 |  | 557 |  | 9,012,675 |  | 98,189
Exercise of stock options |  | — |  | — |  | (308,614) |  | (22,661)
Closing balance |  | 1,697,538 |  | 557 |  | 8,704,061 |  | 75,528
|  | 2016
|  | Common shares |  | R$ |  | Preferred shares |  | R$
Opening balance |  | 1,697,538 |  | 557 |  | 31,286,707 |  | 382,806
Repurchases |  | — |  | — |  | 10,000,000 |  | 95,343
Exercise of stock options |  | — |  | — |  | (2,274,032) |  | (10,461)
Transfer of shares |  | — |  | — |  | (30,000,000) |  | (369,499)
Closing balance |  | 1,697,538 |  | 557 |  | 9,012,675 |  | 98,189
Schedule of effects of interest changes in subsidiaries |
|  | December 31, 2018
|  | Attributed to parent company’s |  | Non-controlling |  |
|  | interest |  | interests |  | Total
(i) Other changes |  | — |  | (85,483) |  | (85,483)
Effects of interest changes in subsidiaries |  | — |  | (85,483) |  | (85,483)
|  | December 31, 2017
|  | Attributed to parent company’s |  | Non-controlling |  |
|  | interest |  | interests |  | Total
(i) Other changes |  | — |  | (21,698) |  | (21,698)
Effects of interest changes in subsidiaries |  | — |  | (21,698) |  | (21,698)
|  | December 31, 2016
|  | Attributed to parent company’s |  | Non-controlling |  |
|  | interest |  | interests |  | Total
(i) Other changes |  | — |  | (6,405) |  | (6,405)
Effects of interest changes in subsidiaries |  | — |  | (6,405) |  | (6,405)
(i)Other changes in subsidiaries without losing control, which may include among others, capital increases, other acquisitions of interests and dilutions of any nature.
Schedule of dividend amounts considered as distributed using the balance of the Investments and Working Capital Reserve |
|  | 2018 |  | 2017 |  | 2016
Net income (loss) |  | 2,303,868 |  | (359,360) |  | (2,890,811)
Constitution of legal reserve |  | (115,193) |  | — |  | —
Constitution of the tax incentives reserve |  | (17,051) |  | — |  | —
Net income (loss) before dividends and interest on capital |  | 2,171,624 |  | (359,360) |  | (2,890,811)
Dividends and interest on capital |  | (765,339) |  | — |  | —
Net income (loss) before constitution of investments and working capital reserve |  | 1,406,285 |  | (359,360) |  | (2,890,811)
Constitution of investments and working capital reserve |  | (1,406,285) |  | — |  | —
Absorption of net loss by investments and working capital reserve |  | — |  | 359,360 |  | 2,890,811
Schedule of dividends and interest on capital |
|  | Dividends and interest on capital in the years
|  |  |  |  |  | Outstanding shares |  |  |  |  |  |  |  |  |  |
Period |  | Nature |  | R$ /share |  | (thousands) |  | Credit |  | Payment |  | 2018 |  | 2017 |  | 2016
1 st quarter |  | Interest |  | 0.08 |  | 1,701,894 |  | 05/21/2018 |  | 06/01/2018 |  | 136,152 |  | — |  | —
2 nd quarter |  | Interest |  | 0.14 |  | 1,702,095 |  | 08/21/2018 |  | 08/31/2018 |  | 238,293 |  | — |  | —
2 nd quarter |  | Dividends |  |  |  |  |  |  |  |  |  | — |  | 34,184 |  | 51,225
3 rd quarter |  | Dividends |  | 0.13 |  | 1,702,138 |  | 11/21/2018 |  | 12/03/2018 |  | 221,278 |  | 51,278 |  | 34,152
4 th quarter |  | Dividends |  | 0.10 |  | 1,696,164 |  | 03/06/2019 |  | 03/18/2019 |  | 169,616 |  | 51,020 |  | —
Interest and Dividends |  |  |  |  |  |  |  |  |  |  |  | 765,339 |  | 136,482 |  | 85,377
Credit per share (R$) |  |  |  |  |  |  |  |  |  |  |  | 0.45 |  | 0.08 |  | 0.05

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