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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
FINANCIAL INSTRUMENTS |
Summary of market value of financial instruments |
|  | 2020 |  | 2019
|  | Book |  | Fair |  | Book |  | Fair
|  | value |  | value |  | value |  | value
Assets |  |  |  |  |  |  |  |
Short-term investments |  | 3,041,143 |  | 3,041,143 |  | 3,652,949 |  | 3,652,949
Related parties |  | 134,354 |  | 134,354 |  | 95,445 |  | 95,445
Fair value of derivatives |  | - |  | - |  | 2,846 |  | 2,846
Other current assets |  | 591,523 |  | 591,523 |  | 618,769 |  | 618,769
Other non-current assets |  | 590,864 |  | 590,864 |  | 464,169 |  | 464,169
Liabilities |  |  |  |  |  |  |  |
Loans and Financing |  | 14,612,934 |  | 17,014,948 |  | 13,138,823 |  | 14,288,142
Debentures |  | 2,902,417 |  | 2,775,619 |  | 2,911,044 |  | 2,864,950
Related parties |  | 22,855 |  | 22,855 |  | - |  | -
Fair value of derivatives |  | 971 |  | 971 |  | - |  | -
Obligations with FIDC |  | 987,406 |  | 987,406 |  | 1,018,501 |  | 1,018,501
Other current liabilities |  | 797,082 |  | 797,082 |  | 666,858 |  | 666,858
Other non-current liabilities |  | 514,886 |  | 514,886 |  | 449,375 |  | 449,375
Summary 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 long-term loans and financing, and debentures |
|  | 2020
Contractual obligations |  | Total |  | Less than 1 year |  | 1-3 years |  | 4-5 years |  | More than 5 years
Trade accounts payable |  | 5,437,953 |  | 5,437,953 |  | - |  | - |  | -
Loans and financing |  | 21,962,204 |  | 2,131,402 |  | 3,465,577 |  | 3,531,312 |  | 12,833,913
Debentures |  | 3,077,960 |  | 66,145 |  | 2,174,184 |  | 32,604 |  | 805,027
Related parties |  | 22,855 |  | - |  | - |  | - |  | 22,855
Obligations with FIDC |  | 987,406 |  | 944,513 |  | 42,893 |  | - |  | -
Other current liabilities |  | 797,082 |  | 797,082 |  | - |  | - |  | -
Other non-current liabilities |  | 514,886 |  | - |  | 41,805 |  | - |  | 473,081
|  | 32,800,346 |  | 9,377,095 |  | 5,724,459 |  | 3,563,916 |  | 14,134,876
|  | 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
Other current liabilities |  | 666,858 |  | 666,858 |  | - |  | - |  | -
Other non-current liabilities |  | 449,375 |  | - |  | 20,079 |  | - |  | 429,296
|  | 29,416,194 |  | 6,895,431 |  | 4,443,926 |  | 4,479,896 |  | 13,596,941
Schedule of sensitivity analysis of financial instrument |
Assumptions |  | Percentage of change |  | 2020 |  | 2019
Foreign currency sensitivity analysis |  | 5% |  | 15,057 |  | 112,355
Interest rate sensitivity analysis |  | 10 bps |  | 85,147 |  | 70,891
Sensitivity analysis of changes in prices of products sold |  | 1% |  | 438,147 |  | 396,440
Sensitivity analysis of changes in raw material and commodity prices |  | 1% |  | 269,454 |  | 258,906
Sensitivity analysis of Swap of interest rate |  | 50bps |  | - |  | 408
Sensitivity analysis of NDF (Non Deliverable Forwards) |  | 5% |  | 3,703 |  | -
Schedule of financial instruments per category |
|  |  |  | Financial asset at fair |  | Financial asset at fair |  |
2020 |  | Financial asset at |  | value through proft or |  | value through other |  |
Assets |  | amortized cost |  | loss |  | comprehensive income |  | Total
Short-term investments |  | - |  | 3,041,143 |  | - |  | 3,041,143
Related parties |  | 134,354 |  | - |  | - |  | 134,354
Other current assets |  | 591,523 |  | - |  | - |  | 591,523
Other non-current assets |  | 530,864 |  | 60,000 |  | - |  | 590,864
Total |  | 1,256,741 |  | 3,101,143 |  | - |  | 4,357,884
Financial income (expenses) |  | 487,631 |  | 109,396 |  | - |  | 597,027
|  | Financial liability at fair |  |  |  |
|  | value through profit or |  | Financial liability at |  |
Liabilities |  | loss |  | amortized cost |  | Total
Loans and financing |  | - |  | 14,612,934 |  | 14,612,934
Debentures |  | - |  | 2,902,417 |  | 2,902,417
Related parties |  | - |  | 22,855 |  | 22,855
Obligations with FIDC (current liabilities) |  | - |  | 944,513 |  | 944,513
Other current liabilities |  | - |  | 797,082 |  | 797,082
Obligations with FIDC (non-current liabilities) |  |  |  | 42,893 |  | 42,893
Other non-current liabilities |  | - |  | 514,886 |  | 514,886
Fair value of derivatives |  | 971 |  | - |  | 971
Total |  | 971 |  | 19,837,580 |  | 19,838,551
Financial income (expenses) |  | (1,632) |  | (2,294,102) |  | (2,295,734)
|  |  |  | Financial asset at fair |  | Financial asset at fair |  |
2019 |  | Financial asset at |  | value through proft or |  | value through other |  |
Assets |  | amortized cost |  | loss |  | comprehensive income |  | Total
Short-term investments |  | - |  | 3,652,949 |  | - |  | 3,652,949
Fair value of derivatives |  | - |  | - |  | 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
Other current liabilities |  | - |  | 666,858 |  | 666,858
Other non-current liabilities |  | - |  | 449,375 |  | 449,375
Total |  | - |  | 18,184,601 |  | 18,184,601
Financial income (expenses) |  | (20,636) |  | (1,861,180) |  | (1,881,816)
Summary of derivative instruments |
|  |  |  | Notional value |  | Amount receivable |  | Amount payable
Contracts |  | Position |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Swap of interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity in 2020 |  | CDI 111.50% |  | - |  | R$ | 50.0 million |  | - |  | 2,846 |  | - |  | -
Swap of interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity in 2021 |  | buyed in US$ |  | US$ 9.9 milion |  |  | - |  | - |  | - |  | (971) |  | -
Total fair value of financial instruments |  |  |  |  |  |  |  |  | - |  | 2,846 |  | (971) |  | -
Summary of effectiveness testing of derivative financial instruments |
Fair value of derivatives |  | 2020 |  | 2019
Current assets |  | - |  | 2,846
|  | - |  | 2,846
Fair value of derivatives |  |  |  |
Current liabilities |  | 971 |  | -
|  | 971 |  | -
|  | 2020 |  | 2019
Net Income |  |  |  |
Gains on financial instruments |  | 858 |  | 5,518
Losses on financial instruments |  | (1,632) |  | (20,636)
|  | (774) |  | (15,118)
Other comprehensive income |  |  |  |
(Losses) Gains on financial instruments |  | (1,972) |  | 3,502
|  | (1,972) |  | 3,502
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
|  |  |  |  |  | Markets for Similar Assets
|  | Balance per financial statements |  | (Level 2)
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Current assets |  |  |  |  |  |  |  |
Short-term investments |  | 3,041,143 |  | 3,652,949 |  | 3,041,143 |  | 3,652,949
Fair value of derivatives |  | - |  | 2,846 |  | - |  | 2,846
Other current assets |  | 591,523 |  | 618,769 |  | 591,523 |  | 618,769
Non-current assets |  |  |  |  |  |  |  |
Related parties |  | 134,354 |  | 95,445 |  | 134,354 |  | 95,445
Other non-current assets |  | 590,864 |  | 464,169 |  | 590,864 |  | 464,169
|  | 4,357,884 |  | 4,834,178 |  | 4,357,884 |  | 4,834,178
Current liabilities |  |  |  |  |  |  |  |
Short-term debt |  | 1,424,043 |  | 1,544,211 |  | 1,424,043 |  | 1,544,211
Debentures |  | 7,463 |  | 18,015 |  | 7,463 |  | 18,015
Fair value of derivatives |  | 971 |  | - |  | 971 |  | -
Obligations with FIDC |  | 944,513 |  | - |  | 944,513 |  | -
Other current liabilities |  | 797,082 |  | 666,858 |  | 797,082 |  | 666,858
Non-current liabilities |  |  |  |  |  |  |  |
Long-term debt |  | 13,188,891 |  | 11,594,612 |  | 13,188,891 |  | 11,594,612
Debentures |  | 2,894,954 |  | 2,893,029 |  | 2,894,954 |  | 2,893,029
Related parties |  | 22,855 |  | - |  | 22,855 |  | -
Obligations with FIDC |  | 42,893 |  | 1,018,501 |  | 42,893 |  | 1,018,501
Other non-current liabilities |  | 514,886 |  | 449,375 |  | 514,886 |  | 449,375
|  | 19,838,551 |  | 18,184,601 |  | 19,838,551 |  | 18,184,601
Summary of changes in liabilities of cash flow from financing activities |
|  |  |  | Cash transactions |  | Non cash transactions |  |
|  |  |  |  |  |  |  | Interest expense on |  |  |  |
|  |  |  |  |  |  |  | loans and Interest on |  |  |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | Interest paid on |  | loans with related |  | Exchange variation |  | Balances as of
|  | December 31, 2019 |  | from financing activities |  | loans and financing |  | parties |  | and others |  | December 31, 2020
Related parties, net |  | (95,445) |  | (7,777) |  | - |  | (8,277) |  | - |  | (111,499)
Leasing payable |  | 804,269 |  | (247,914) |  | (61,727) |  | 61,727 |  | 300,119 |  | 856,474
Debt, Debentures and Losses/Gains on financial instruments, net - Derivative instruments |  | 16,047,021 |  | (1,963,283) |  | (1,079,981) |  | 1,022,460 |  | 3,490,105 |  | 17,516,322
|  |  |  | Cash transactions |  | Non cash transactions |  |
|  |  |  |  |  |  |  | Interest expense on |  |  |  |
|  |  |  |  |  |  |  | loans and Interest on |  |  |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | Interest paid on |  | loans with related |  | Exchange variation |  | Balances as of
|  | December 31, 2018 |  | from financing activities |  | loans and financing |  | parties |  | and others |  | December 31, 2019
Related parties, net |  | (26,589) |  | (64,089) |  | - |  | (4,767) |  | - |  | (95,445)
Leasing payable |  | 836,368 |  | (161,824) |  | (83,620) |  | 83,620 |  | 129,725 |  | 804,269
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 |  |
|  |  |  |  |  |  |  | loans and Interest on |  | subsidiaries and |  |
|  | Balances as of |  | Proceeds/(Repayment) |  | Interest paid on |  | loans with related |  | associate company and |  | Balances as of
|  | January 01, 2018 |  | from financing activities |  | loans and 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

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