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CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income (loss) for the year R$ 2,326,382 R$ (338,667) R$ (2,885,929)
Adjustments to reconcile net income for the year to net cash provided by operating activities      
Depreciation and amortization 1,891,814 2,092,551 2,535,955
Impairment of Assets   1,114,807 2,917,911
Equity method investees (10,141) 34,597 12,771
Exchange variation, net 322,621 4,057 (851,635)
(Gains) Losses on financial instruments, net (32,092) 9,441 38,930
Post-employment benefits 189,603 192,724 229,767
Stock based compensation 41,186 35,576 46,683
Income tax (168,951) 295,391 304,314
Gains on disposal of property, plant and equipment (41,109) (69,510) (43,340)
Results in operations with subsidiaries 414,507 721,682 58,223
Impairment loss on trade receivables 9,914 18,342 68,781
Provision for tax, labor and civil claims (56,409) (110,281) 347,882
Reversal of contingent liabilities, net   (929,711)  
Interest income on short-term investments (49,745) (75,387) (107,980)
Interest expense on loans 1,177,686 1,323,448 1,540,797
Reversal of monetary update of contingent liabilities, net   (369,819)  
Interest on loans with related parties (545) (95) 2,457
Provision (Reversal) for net realisable value adjustment in inventory 8,228 (20,195) (31,492)
Cash flows from operations before changes in working capital 6,022,949 3,928,951 4,184,095
Changes in assets and liabilities      
Decrease (Increase) in trade accounts receivable 71,631 (54,690) 64,805
(Increase) Decrease in inventories (2,427,473) (1,269,455) 794,591
Increase in trade accounts payable 900,388 800,164 110,466
Increase in other receivables (118,988) (371,745) (275,938)
Decrease in other payables (1,160,626) (56,909) (287,487)
Dividends from joint ventures 55,357 40,644 124,495
Purchases of trading securities (1,512,123) (2,390,104) (880,436)
Proceeds from maturities and sales of trading securities 1,629,595 2,905,411 1,089,972
Cash provided by operating activities 3,460,710 3,532,267 4,924,563
Interest paid on loans and financing (1,162,364) (1,330,116) (1,240,165)
Income and social contributions taxes paid (298,663) (126,023) (168,032)
Net cash provided by operating activities 1,999,683 2,076,128 3,516,366
Cash flows from investing activities      
Purchases of property, plant and equipment (1,194,934) (873,329) (1,323,891)
Proceeds from sales of property, plant and equipment, investments and other intangibles 4,021,251 554,457 308,694
Purchases of other intangibles (67,388) (37,939) (54,044)
Advance for future investment in joint venture (375,456)    
Capital increase in joint venture   (178,670)  
Net cash provided (used) in investing activities 2,383,473 (535,481) (1,069,241)
Cash flows from financing activities      
Purchase of treasury shares (243,396)   (95,343)
Dividends and interest on capital paid (599,099) (86,386) (85,962)
Proceeds from loans and financing 2,560,789 3,265,860 2,455,371
Repayment of loans and financing (6,000,433) (7,241,401) (4,605,406)
Intercompany loans, net 25,755 5,797 (6,492)
Net cash used in financing activities (4,256,384) (4,056,130) (2,337,832)
Exchange variation on cash and cash equivalents 208,034 7,438 (693,990)
Increase (Decrease) in cash and cash equivalents 334,806 (2,508,045) (584,697)
Cash and cash equivalents at beginning of year 2,555,338 5,063,383 5,648,080
Cash and cash equivalents at end of year R$ 2,890,144 R$ 2,555,338 R$ 5,063,383