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EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2019
EQUITY |
Schedule of reconciliations of common and preferred outstanding shares |
|  | 2019 |  | 2018 |  | 2017
|  | Common shares |  | Preferred shares |  | Common shares |  | Preferred shares |  | Common shares |  | Preferred shares
Balance at beginning of the year |  | 571,929,945 |  | 1,124,233,755 |  | 571,929,945 |  | 1,137,327,184 |  | 571,929,945 |  | 1,137,018,570
Acquisition of Treasury shares |  | — |  | — |  | — |  | (16,000,000) |  | — |  | —
Exercise of stock options |  | — |  | 2,777,072 |  | — |  | 1,597,235 |  | — |  | 308,614
Transfer of shares |  | — |  | — |  | — |  | 1,309,336 |  | — |  | —
Balance at the end of the year |  | 571,929,945 |  | 1,127,010,827 |  | 571,929,945 |  | 1,124,233,755 |  | 571,929,945 |  | 1,137,327,184
Schedule of ownership of shares |
|  | Shareholders
|  | 2019
Shareholders |  | Common |  | % |  | Pref. |  | % |  | Total |  | %
Metalúrgica Gerdau S.A.* |  | 557,898,901 |  | 97.3 |  | 69,852,184 |  | 6.1 |  | 627,751,085 |  | 36.5
Brazilian institutional investors |  | 3,068,614 |  | 0.5 |  | 241,698,143 |  | 21.1 |  | 244,766,757 |  | 14.2
Foreign institutional investors |  | 3,875,655 |  | 0.7 |  | 427,735,548 |  | 37.3 |  | 431,611,203 |  | 25.1
Other shareholders |  | 7,086,775 |  | 1.2 |  | 387,724,952 |  | 33.8 |  | 394,811,727 |  | 23.0
Treasury stock |  | 1,697,538 |  | 0.3 |  | 19,020,418 |  | 1.7 |  | 20,717,956 |  | 1.2
|  | 573,627,483 |  | 100.0 |  | 1,146,031,245 |  | 100.0 |  | 1,719,658,728 |  | 100.0
|  | 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
*Metalúrgica Gerdau S.A. is the controlling shareholder and Cindac - Empreendimentos e Participações is the ultimate controlling shareholder of the Company.
Schedule of changes in treasury stocks |
|  | 2019
|  | Common shares |  | R$ |  | Preferred shares |  | R$
Opening balance |  | 1,697,538 |  | 557 |  | 21,797,490 |  | 279,869
Exercise of long-term incentive plan |  | — |  | — |  | (2,777,072) |  | (37,884)
Closing balance |  | 1,697,538 |  | 557 |  | 19,020,418 |  | 241,985
|  | 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 long-term incentive plan |  | — |  | — |  | (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 long-term incentive plan |  | — |  | — |  | (308,614) |  | (22,661)
Closing balance |  | 1,697,538 |  | 557 |  | 8,704,061 |  | 75,528
Schedule of effects of interest changes in subsidiaries |
|  | December 31, 2019
|  | Attributed to parent company’s |  | Non-controlling |  |
|  | interest |  | interests |  | Total
(i) Other changes |  | — |  | (1,586) |  | (1,586)
Effects of interest changes in subsidiaries |  | — |  | (1,586) |  | (1,586)
|  | 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)
(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 |
|  | 2019 |  | 2018 |  | 2017
Net income (loss) |  | 1,203,736 |  | 2,303,868 |  | (359,360)
Constitution of legal reserve |  | (55,876) |  | (115,193) |  | —
Constitution of the tax incentives reserve |  | (86,216) |  | (17,051) |  | —
Net income (loss) before dividends and interest on capital |  | 1,061,644 |  | 2,171,624 |  | (359,360)
Dividends and interest on capital |  | (356,539) |  | (765,339) |  | —
Net income (loss) before constitution of investments and working capital reserve |  | 705,105 |  | 1,406,285 |  | (359,360)
Constitution of investments and working capital reserve |  | (705,105) |  | (1,406,285) |  | —
Absorption of net loss by investments and working capital reserve |  | — |  | — |  | 359,360
Schedule of dividends and interest on capital |
|  | Dividends and interest on capital in the years
|  |  |  |  |  | Outstanding shares |  |  |  |  |  |  |  |  |  |
Period |  | Nature |  | R$ /share |  | (thousands) |  | Credit |  | Payment |  | 2019 |  | 2018 |  | 2017
1 st quarter |  | Dividends |  | 0.07 |  | 1,697,180 |  | 05/17/2019 |  | 05/29/2019 |  | 118,803 |  | — |  | —
1 st quarter |  | Interest |  |  |  |  |  |  |  |  |  | — |  | 136,152 |  | —
2 nd quarter |  | Dividends |  | 0.07 |  | 1,697,390 |  | 08/16/2019 |  | 08/28/2019 |  | 118,817 |  | — |  | 34,184
2 nd quarter |  | Interest |  |  |  |  |  |  |  |  |  | — |  | 238,293 |  | —
3 rd quarter |  | Dividends |  | 0.04 |  | 1,698,774 |  | 11/11/2019 |  | 11/25/2019 |  | 67,951 |  | 221,278 |  | 51,278
4 th quarter |  | Dividends |  | 0.03 |  | 1,698,941 |  | 02/28/2020 |  | 03/11/2020 |  | 50,968 |  | 169,616 |  | 51,020
Interest and Dividends |  |  |  |  |  |  |  |  |  |  |  | 356,539 |  | 765,339 |  | 136,482
Credit per share (R$) |  |  |  |  |  |  |  |  |  |  |  | 0.21 |  | 0.45 |  | 0.08

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