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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
FINANCIAL INSTRUMENTS |
Summary of fair value of financial instruments |
|  | 2019 |  | 2018
|  | Book |  | Fair |  | Book |  | Fair
|  | value |  | value |  | value |  | value
Assets |  |  |  |  |  |  |  |
Short-term investments |  | 3,652,949 |  | 3,652,949 |  | 459,470 |  | 459,470
Related parties |  | 95,445 |  | 95,445 |  | 27,939 |  | 27,939
Unrealized gains on financial instruments - Derivative instruments |  | 2,846 |  | 2,846 |  | 33,417 |  | 33,417
Other current assets |  | 618,769 |  | 618,769 |  | 780,423 |  | 780,423
Other non-current assets |  | 464,169 |  | 464,169 |  | 449,592 |  | 449,592
Liabilities |  |  |  |  |  |  |  |
Loans and Financing |  | 13,138,823 |  | 14,288,142 |  | 13,367,841 |  | 13,533,306
Debentures |  | 2,911,044 |  | 2,864,950 |  | 1,538,873 |  | 1,538,873
Related parties |  | — |  | — |  | 1,350 |  | 1,350
Unrealized losses on financial instruments - Derivative instruments |  | — |  | — |  | 5,245 |  | 5,245
Obligations with FIDC |  | 1,018,501 |  | 1,018,501 |  | 938,526 |  | 938,526
Other current liabilities |  | 666,858 |  | 666,858 |  | 988,967 |  | 988,967
Other non-current liabilities |  | 449,375 |  | 449,375 |  | 499,092 |  | 499,092
Schedule of capital management risk |
Net debt/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 |
|  | 2019
Contractual obligations |  | Total |  | Less than 1 year |  | 1-3 years |  | 4-5 years |  | More than 5 years
Trade accounts payable |  | 3,762,768 |  | 3,762,768 |  | — |  | — |  | —
Loans and financing |  | 20,061,659 |  | 2,312,877 |  | 2,659,844 |  | 3,793,164 |  | 11,295,774
Debentures |  | 3,457,033 |  | 152,928 |  | 1,764,003 |  | 686,732 |  | 853,370
Obligations with FIDC |  | 1,018,501 |  | — |  | — |  | — |  | 1,018,501
Lease liabilities (current liability) |  | 202,536 |  | 202,536 |  | — |  | — |  | —
Other current liabilities |  | 666,858 |  | 666,858 |  | — |  | — |  | —
Lease liabilities (non-current liability) |  | 601,733 |  | — |  | 294,249 |  | 144,744 |  | 162,740
Other non-current liabilities |  | 449,375 |  | — |  | 20,079 |  | — |  | 429,296
|  | 30,220,463 |  | 7,097,967 |  | 4,738,175 |  | 4,624,640 |  | 13,759,681
|  | 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 financing |  | 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 - Derivative Instruments |  | 5,245 |  | 5,245 |  | — |  | — |  | —
Obligations with FIDC |  | 938,526 |  | — |  | — |  | — |  | 938,526
Other current liabilities |  | 772,970 |  | 772,970 |  | — |  | — |  | —
Other non-current liabilities |  | 499,092 |  | — |  | 13,295 |  | — |  | 485,797
|  | 29,105,095 |  | 8,035,610 |  | 5,298,939 |  | 4,110,594 |  | 11,659,952
Schedule of sensitivity analysis |
Assumptions |  | Percentage of change |  | 2019 |  | 2018
Foreign currency sensitivity analysis |  | 5% |  | 112,355 |  | 113,445
Interest rate sensitivity analysis |  | 10 bps |  | 70,891 |  | 55,959
Sensitivity analysis of changes in prices of products sold |  | 1% |  | 396,440 |  | 461,595
Sensitivity analysis of changes in raw material and commodity prices |  | 1% |  | 258,906 |  | 296,234
Sensitivity analysis of interest rate and foreign currency swaps |  | 10 bps/5% |  | — |  | 11,073
Sensitivity analysis of Swap of interest rate |  | 50 bps |  | 408 |  | 476
Sensitivity analysis of NDF (Non Deliverable Forwards) |  | 5% |  | — |  | 7,063
Schedule of financial instruments per category |
|  |  |  | Financial asset at fair |  | Financial asset at fair |  |
2019 |  | Financial asset at |  | value through profit or |  | value through other |  |
Assets |  | amortized cost |  | loss |  | comprehensive income |  | Total
Short-term investments |  | — |  | 3,652,949 |  | — |  | 3,652,949
Unrealized gains on financial instruments - Derivative instruments |  | — |  | — |  | 2,846 |  | 2,846
Related parties |  | 95,445 |  | — |  | — |  | 95,445
Other current assets |  | 618,769 |  | — |  | — |  | 618,769
Other non-current assets |  | 464,169 |  | — |  | — |  | 464,169
Total |  | 1,178,383 |  | 3,652,949 |  | 2,846 |  | 4,834,178
Financial income (expenses) |  | 279,843 |  | 92,759 |  | — |  | 372,602
|  | Financial liability at fair |  |  |  |
|  | value through profit or |  | Financial liability at |  |
Liabilities |  | loss |  | amortized cost |  | Total
Loans and financings |  | — |  | 13,138,823 |  | 13,138,823
Debentures |  | — |  | 2,911,044 |  | 2,911,044
Obligations with FIDC |  | — |  | 1,018,501 |  | 1,018,501
Lease liabilities (current liability) |  | — |  | 202,536 |  | 202,536
Other current liabilities |  | — |  | 666,858 |  | 666,858
Lease liabilities (non-current liability) |  | — |  | 601,733 |  | 601,733
Other non-current liabilities |  | — |  | 449,375 |  | 449,375
Total |  | — |  | 18,988,870 |  | 18,988,870
Financial income (expenses) |  | (20,636) |  | (1,861,180) |  | (1,881,816)
|  |  |  | 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 - Derivative 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 (expenses) |  | 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 - Derivative 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)
Summary of derivative instruments |
|  |  |  | Notional value |  | Amount receivable |  | Amount payable
Contracts |  | Position |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
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 2019 |  | CDI 111.50% |  |  | — |  | R$ | 230.5 million |  | — |  | 30,249 |  | — |  | —
Swap of interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity in 2020 |  | CDI 111.50% |  | R$ | 50.0 million |  | R$ | 50.0 million |  | 2,846 |  | 2,706 |  | — |  | —
Total fair value of financial instruments |  |  |  |  |  |  |  |  |  | 2,846 |  | 33,417 |  | — |  | (5,245)
Summary of prospective and retrospective tests of derivative financial instruments |
|  | 2019 |  | 2018
Current assets |  | 2,846 |  | 30,711
Non-current assets |  | — |  | 2,706
|  | 2,846 |  | 33,417
Unrealized losses on financial instruments - Derivative instruments |  |  |  |
Current liabilities |  | — |  | (5,245)
|  | — |  | (5,245)
|  | 2019 |  | 2018
Net Income |  |  |  |
Gains on financial instruments |  | 5,518 |  | 49,576
Losses on financial instruments |  | (20,636) |  | (17,484)
|  | (15,118) |  | 32,092
Other comprehensive income |  |  |  |
Gains on financial instruments |  | 3,502 |  | 11,947
|  | 3,502 |  | 11,947
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
|  | Accounting balance |  | Identical Assets (Level 1) |  | (Level 2)
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | 3,652,949 |  | 459,470 |  | — |  | 114,027 |  | 3,652,949 |  | 345,443
Unrealized gains on financial instruments - Derivative instruments |  | 2,846 |  | 30,711 |  | — |  | — |  | 2,846 |  | 30,711
Other current assets |  | 618,769 |  | 780,423 |  | — |  | — |  | 618,769 |  | 780,423
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |
Related parties |  | 95,445 |  | 27,939 |  | — |  | — |  | 95,445 |  | 27,939
Unrealized gains on financial instruments - Derivative instruments |  | — |  | 2,706 |  | — |  | — |  | — |  | 2,706
Other non-current assets |  | 464,169 |  | 449,592 |  | — |  | — |  | 464,169 |  | 449,592
|  | 4,834,178 |  | 1,750,841 |  | — |  | 114,027 |  | 4,834,178 |  | 1,636,814
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  | 1,544,211 |  | 1,822,183 |  | — |  | — |  | 1,544,211 |  | 1,822,183
Debentures |  | 18,015 |  | 2,755 |  | — |  | — |  | 18,015 |  | 2,755
Unrealized losses on financial instruments - Derivative instruments |  | — |  | 5,245 |  | — |  | — |  | — |  | 5,245
Lease liabilities |  | 202,536 |  | — |  | — |  | — |  | 202,536 |  | —
Other current liabilities |  | 666,858 |  | 772,970 |  | — |  | — |  | 666,858 |  | 772,970
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 11,594,612 |  | 11,545,658 |  | — |  | — |  | 11,594,612 |  | 11,545,658
Debentures |  | 2,893,029 |  | 1,536,118 |  | — |  | — |  | 2,893,029 |  | 1,536,118
Related parties |  | — |  | 1,350 |  | — |  | — |  | — |  | 1,350
Obligations with FIDC |  | 1,018,501 |  | 938,526 |  | — |  | — |  | 1,018,501 |  | 938,526
Lease liabilities |  | 601,733 |  | — |  | — |  | — |  | 601,733 |  | —
Other non-current liabilities |  | 449,375 |  | 499,092 |  | — |  | — |  | 449,375 |  | 499,092
|  | 18,988,870 |  | 17,123,897 |  | — |  | — |  | 18,988,870 |  | 17,123,897
Summary of changes in liabilities of cash flow from financing activities |
|  |  |  | Cash transactions |  | Non cash transactions |  |
|  |  |  |  |  |  |  | Interest expense on |  |  |  |
|  |  |  |  |  | Interest paid |  | loans and Interest on |  |  |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | on loans and |  | loans with related |  | Exchange variation and |  | Balances as of
|  | December 31, 2018 |  | from financing activities |  | financing |  | parties |  | and others |  | December 31, 2019
Related parties, net |  | (26,589) |  | (64,089) |  | — |  | (4,767) |  | — |  | (95,445)
Debt, Debentures and Losses/Gains on financial instruments, net - Derivative instruments |  | 14,878,542 |  | 700,490 |  | (945,027) |  | 938,120 |  | 474,896 |  | 16,047,021
|  |  |  | 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 - Derivative instruments |  | 16,510,851 |  | (3,439,644) |  | (1,162,364) |  | 1,177,686 |  | 1,792,013 |  | 14,878,542
|  |  |  | 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
|  | January 01, 2017 |  | 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 - Derivative instruments |  | 20,576,866 |  | (3,975,541) |  | (1,330,116) |  | 1,323,448 |  | (83,806) |  | 16,510,851

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