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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2018
FINANCIAL INSTRUMENTS |
Summary of fair value of financial instruments |
|  | 2018 |  | 2017
|  | Book |  | Fair |  | Book |  | Fair
|  | value |  | value |  | value |  | value
Assets |  |  |  |  |  |  |  |
Short-term investments |  | 459,470 |  | 459,470 |  | 821,518 |  | 821,518
Related parties |  | 27,939 |  | 27,939 |  | 51,839 |  | 51,839
Unrealized gains on derivatives |  | 33,417 |  | 33,417 |  | — |  | —
Other current assets |  | 780,423 |  | 780,423 |  | 469,737 |  | 469,737
Other non-current assets |  | 449,592 |  | 449,592 |  | 542,973 |  | 542,973
Liabilities |  |  |  |  |  |  |  |
Loans and Financing |  | 13,367,841 |  | 13,533,306 |  | 16,461,656 |  | 17,102,512
Debentures |  | 1,538,873 |  | 1,538,873 |  | 47,928 |  | 47,928
Related parties |  | 1,350 |  | 1,350 |  | — |  | —
Unrealized losses on financial instruments |  | 5,245 |  | 5,245 |  | 1,267 |  | 1,267
Obligations with FIDC |  | 938,526 |  | 938,526 |  | 1,135,077 |  | 1,135,077
Other current liabilities |  | 988,967 |  | 988,967 |  | 625,410 |  | 625,410
Other non-current liabilities |  | 499,092 |  | 499,092 |  | 653,670 |  | 653,670
Schedule of capital management risk |
Net debt/Adjusted EBITDA |  | From 1.0 to 1.5 times
Gross debt limit |  | R$ 12 billion
Average maturity |  | more than 6 years
Schedule of maturity of contractual obligations for liquidity risk |
|  | 2018
Contractual obligations |  | Total |  | Less than 1 year |  | 1-3 years |  | 4-5 years |  | More than 5 years
Trade accounts payable |  | 4,335,054 |  | 4,335,054 |  | — |  | — |  | —
Loans and financings |  | 20,613,734 |  | 2,817,346 |  | 5,053,827 |  | 2,509,962 |  | 10,232,599
Debentures |  | 1,940,474 |  | 104,995 |  | 231,817 |  | 1,600,632 |  | 3,030
Unrealized losses on financial instruments |  | 5,245 |  | 5,245 |  | — |  | — |  | —
Obligations with FIDC |  | 938,526 |  | — |  | 827,137 |  | 111,389 |  | —
Other current liabilities |  | 988,967 |  | 988,967 |  | — |  | — |  | —
Other non-current liabilities |  | 499,092 |  | — |  | 13,295 |  | — |  | 485,797
|  | 29,321,092 |  | 8,251,607 |  | 6,126,076 |  | 4,221,983 |  | 10,721,426
|  | 2017
Contractual obligations |  | Total |  | Less than 1 year |  | 1-3 years |  | 4-5 years |  | More than 5 years
Trade accounts payable |  | 3,179,954 |  | 3,179,954 |  | — |  | — |  | —
Loans and financings |  | 24,470,751 |  | 3,191,793 |  | 6,060,187 |  | 3,168,144 |  | 12,050,627
Debentures |  | 59,128 |  | — |  | 6,528 |  | 40,289 |  | 12,311
Unrealized losses on financial instruments |  | 1,267 |  | 1,267 |  | — |  | — |  | —
Obligations with FIDC |  | 1,135,077 |  | — |  | — |  | — |  | 1,135,077
Other current liabilities |  | 625,410 |  | 625,410 |  | — |  | — |  | —
Other non-current liabilities |  | 653,670 |  | — |  | 13,209 |  | — |  | 640,461
|  | 30,125,257 |  | 6,998,424 |  | 6,079,924 |  | 3,208,433 |  | 13,838,476
Schedule of sensitivity analysis |
Assumptions |  | Percentage of change |  | 2018 |  | 2017
Foreign currency sensitivity analysis |  | 5% |  | 113,445 |  | 129,209
Interest rate sensitivity analysis |  | 10 bps |  | 55,959 |  | 54,908
Sensitivity analysis of changes in prices of products sold |  | 1% |  | 461,595 |  | 369,176
Sensitivity analysis of changes in raw material and commodity prices |  | 1% |  | 296,234 |  | 234,239
Sensitivity analysis of interest rate and foreign currency swaps |  | 10 bps/5% |  | 11,073 |  | 6,479
Sensitivity analysis of Swap of interest rate |  | 50bps |  | 476 |  | —
Sensitivity analysis of NDF (Non Deliverable Forwards) |  | 5% |  | 7,063 |  | 1,480
Schedule of financial instruments per category |
|  |  |  | Financial asset at fair |  | Financial asset at fair |  |
2018 |  | Financial asset at |  | value through profit or |  | value through other |  |
Assets |  | amortized cost |  | loss |  | comprehensive income |  | Total
Short-term investments |  | — |  | 459,470 |  | — |  | 459,470
Unrealized gains on financial instruments |  | — |  | — |  | 33,417 |  | 33,417
Related parties |  | 27,939 |  | — |  | — |  | 27,939
Other current assets |  | 780,423 |  | — |  | — |  | 780,423
Other non-current assets |  | 449,592 |  | — |  | — |  | 449,592
Total |  | 1,257,954 |  | 459,470 |  | 33,417 |  | 1,750,841
Financial income |  | 629,750 |  | 115,081 |  | — |  | 744,831
|  | Financial liability at fair |  |  |  |
|  | value through profit or |  | Financial liability at |  |
Liabilities |  | loss |  | amortized cost |  | Total
Loans and financings |  | — |  | 13,367,841 |  | 13,367,841
Debentures |  | — |  | 1,538,873 |  | 1,538,873
Related parties |  | — |  | 1,350 |  | 1,350
Obligations with FIDC |  | — |  | 938,526 |  | 938,526
Other current liabilities |  | — |  | 988,967 |  | 988,967
Other non-current liabilities |  | — |  | 499,092 |  | 499,092
Unrealized losses on financial instruments |  | 5,245 |  | — |  | 5,245
Total |  | 5,245 |  | 17,334,649 |  | 17,339,894
Financial income (expenses) |  | (17,484) |  | (2,617,142) |  | (2,634,626)
|  |  |  | Assets at fair value with |  |
2017 |  |  |  | gains and losses |  |
Assets |  | Loans and receivables |  | recognized in income |  | Total
Short-term investments |  | — |  | 821,518 |  | 821,518
Related parties |  | 51,839 |  | — |  | 51,839
Other current assets |  | 469,737 |  | — |  | 469,737
Other non-current assets |  | 462,735 |  | 80,238 |  | 542,973
Total |  | 984,311 |  | 901,756 |  | 1,886,067
Financial income |  | 177,466 |  | 87,242 |  | 264,708
|  | Liabilities at market |  |  |  |
|  | value with gains and |  | Other financial |  |
|  | losses recognized in |  | liabilities at amortized |  |
Liabilities |  | income |  | cost |  | Total
Loans and financings |  | — |  | 16,461,656 |  | 16,461,656
Debentures |  | — |  | 47,928 |  | 47,928
Obligations with FIDC |  | — |  | 1,135,077 |  | 1,135,077
Other current liabilities |  | — |  | 625,410 |  | 625,410
Other non-current liabilities |  | — |  | 653,670 |  | 653,670
Unrealized losses on financial instruments |  | 1,267 |  | — |  | 1,267
Total |  | 1,267 |  | 18,923,741 |  | 18,925,008
Financial income (expenses) |  | (12,503) |  | (1,395,553) |  | (1,408,056)
Summary of derivative instruments |
|  |  |  | Notional value |  | Amount receivable |  | Amount payable
Contracts |  | Position |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Forward |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity at 2019 |  | purchase in US$ |  | US$ | 19.2 million |  |  | — |  | — |  | — |  | (4,069) |  | —
Maturity at 2019 |  | sell in US$ |  | US$ | 18.3 million |  |  | — |  | 462 |  | — |  | (1,176) |  | —
Cross currency swap |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity in 2018 |  | INR 10.17% |  |  | — |  | US$ | 40.0 million |  | — |  | — |  | — |  | (1,267)
Maturity in 2019 |  | CDI 111.50% |  | R$ | 230.5 million |  |  | — |  | 30,249 |  | — |  | — |  | —
Swap of interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity in 2020 |  | CDI 111.50% |  | R$ | 50.0 million |  |  | — |  | 2,706 |  | — |  | — |  | —
Total fair value of financial instruments |  |  |  |  |  |  |  |  |  | 33,417 |  | — |  | (5,245) |  | (1,267)
Summary of prospective and retrospective tests of derivative financial instruments |
|  | 2018 |  | 2017
Unrealized gains on financial instruments |  |  |  |
Current assets |  | 30,711 |  | —
Non-current assets |  | 2,706 |  | —
|  | 33,417 |  | —
Unrealized losses on financial instruments |  |  |  |
Current liabilities |  | (5,245) |  | —
Non-current liabilities |  | — |  | (1,267)
|  | — |  | (1,267)
|  | 2018 |  | 2017
Net Income |  |  |  |
Gains on financial instruments |  | 49,576 |  | 9,666
Losses on financial instruments |  | (17,484) |  | (19,107)
|  | 32,092 |  | (9,441)
Other comprehensive income |  |  |  |
Gains (Losses) on financial instruments |  | 11,947 |  | (11,364)
|  | 11,947 |  | (11,364)
Schedule of financial assets and liabilities measures at fair value on recurring basis |
|  | Fair Value Measurements at Reporting Date Using
|  |  |  |  |  |  |  |  |  | Quoted Prices in Non-Active
|  |  |  |  |  | Quoted Prices Active Markets for |  | Markets for Similar Assets
|  |  |  |  |  | Identical Assets (Level 1) |  | (Level 2)
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | 459,470 |  | 821,518 |  | 114,027 |  | 238,008 |  | 345,443 |  | 583,510
Unrealized gains on financial instruments |  | 30,711 |  | — |  | — |  | — |  | 30,711 |  | —
Other current assets |  | 780,423 |  | 469,737 |  | — |  | — |  | 780,423 |  | 469,737
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |
Related parties |  | 27,939 |  | 51,839 |  | — |  | — |  | 27,939 |  | 51,839
Unrealized gains on financial instruments |  | 2,706 |  | — |  | — |  | — |  | 2,706 |  | —
Other non-current assets |  | 449,592 |  | 542,973 |  | — |  | — |  | 449,592 |  | 542,973
|  | 1,750,841 |  | 1,886,067 |  | 114,027 |  | 238,008 |  | 1,636,814 |  | 1,648,059
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  | 1,822,183 |  | 2,004,341 |  | — |  | — |  | 1,822,183 |  | 2,004,341
Unrealized losses on financial instruments |  | 5,245 |  | — |  | — |  | — |  | 5,245 |  | —
Other current liabilities |  | 988,967 |  | 625,410 |  | — |  | — |  | 988,967 |  | 625,410
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 11,545,658 |  | 14,457,315 |  | — |  | — |  | 11,545,658 |  | 14,457,315
Debentures |  | 1,538,873 |  | 47,928 |  | — |  | — |  | 1,538,873 |  | 47,928
Related parties |  | 1,350 |  | — |  | — |  | — |  | 1,350 |  | —
Unrealized losses on financial instruments |  | — |  | 1,267 |  | — |  | — |  | — |  | 1,267
Obligations with FIDC |  | 938,526 |  | 1,135,077 |  | — |  | — |  | 938,526 |  | 1,135,077
Other non-current liabilities |  | 499,092 |  | 653,670 |  | — |  | — |  | 499,092 |  | 653,670
|  | 17,339,894 |  | 18,925,008 |  | — |  | — |  | 17,339,894 |  | 18,925,008
Summary of changes in liabilities of cash flow from financing activities |
|  |  |  | Cash transactions |  | Non cash transactions |  |
|  |  |  |  |  |  |  |  |  | Exchange variation, |  |
|  |  |  |  |  |  |  | Interest expense on |  | operations with |  |
|  |  |  |  |  | Interest paid |  | loans and Interest on |  | subsidiaries and |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | on loans and |  | loans with related |  | associate company and |  | Balances as of
|  | December 31, 2017 |  | from financing activities |  | financing |  | parties |  | others |  | December 31, 2018
Related parties, net |  | (51,839) |  | 25,755 |  | — |  | (545) |  | 40 |  | (26,589)
Debt, Debentures and Losses/Gains on financial instruments, net |  | 16,510,851 |  | (3,439,644) |  | (1,162,364) |  | 1,177,686 |  | 1,825,430 |  | 14,911,959
|  |  |  | Cash transactions |  | Non cash transactions |  |
|  |  |  |  |  |  |  |  |  | Exchange variation, |  |
|  |  |  |  |  |  |  | Interest expense on |  | operations with |  |
|  |  |  |  |  | Interest paid |  | loans and Interest on |  | subsidiaries and |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | on loans and |  | loans with related |  | associate company and |  | Balances as of
|  | December 31, 2016 |  | from financing activities |  | financing |  | parties |  | others |  | December 31, 2017
Related parties, net |  | (57,541) |  | 5,797 |  | — |  | (95) |  | — |  | (51,839)
Debt, Debentures and Losses/Gains on financial instruments, net |  | 20,576,866 |  | (3,975,541) |  | (1,330,116) |  | 1,323,448 |  | (83,806) |  | 16,510,851
|  |  |  | Cash transactions |  | Non cash transactions |  |
|  |  |  |  |  |  |  |  |  | Exchange variation, |  |
|  |  |  |  |  |  |  | Interest expense on |  | operations with |  |
|  |  |  |  |  | Interest paid |  | loans and Interest on |  | subsidiaries and |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | on loans and |  | loans with related |  | associate company and |  | Balances as of
|  | Januray 1, 2016 |  | from financing activities |  | financing |  | parties |  | others |  | December 31, 2016
Related parties, net |  | (53,506) |  | (6,492) |  | — |  | 2,457 |  | — |  | (57,541)
Debt, Debentures and Losses/Gains on financial instruments, net |  | 26,417,256 |  | (2,150,035) |  | (1,240,165) |  | 1,540,797 |  | (3,990,987) |  | 20,576,866

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