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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

FINANCIAL INSTRUMENTS

Summary of fair value of financial instruments


		2021				2020
		Book		Fair		Book		Fair
		value		value		value		value
Assets
Short-term investments		2,626,212		2,626,212		3,041,143		3,041,143
Related parties		2,678		2,678		134,354		134,354
Fair value of derivatives		3,246		3,246		—		—
Other current assets		679,193		679,193		591,523		591,523
Other non-current assets		571,637		571,637		590,864		590,864
Liabilities
Loans and Financing		11,109,786		12,630,940		14,612,934		17,014,948
Debentures		2,929,907		2,911,424		2,902,417		2,775,619
Related parties		24,648		24,648		22,855		22,855
Fair value of derivatives		—		—		971		971
Obligations with FIDC (current liabilities)		45,497		45,497		944,513		944,513
Other current liabilities		1,090,396		1,090,396		797,082		797,082
Obligations with FIDC (non-current liabilities)		—		—		42,893		42,893
Other non-current liabilities		421,873		421,873		514,886		514,886

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


		2021
Contractual obligations		Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
Trade accounts payable		8,017,140		8,017,140		—		—		—
Loans and financing		17,885,671		851,225		2,227,608		2,308,361		12,498,477
Debentures		3,492,689		1,802,373		780,537		111,218		798,561
Related parties		24,648		—		—		—		24,648
Obligations with FIDC		45,497		45,497		—		—		—
Other current liabilities		1,090,396		1,090,396		—		—		—
Other non-current liabilities		421,873		—		35,406		—		386,467
		30,977,914		11,806,631		3,043,551		2,419,579		13,708,153


		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

Schedule of sensitivity analysis of financial instrument



Assumptions		Percentage of change		2021		2020
Foreign currency sensitivity analysis		5%		19,036		15,057
Interest rate sensitivity analysis		10 bps		55,964		85,147
Sensitivity analysis of changes in prices of products sold		1%		783,451		438,147
Sensitivity analysis of changes in raw material and commodity prices		1%		437,210		269,454
Currency forward contracts		5%		—		3,703
Commodity contracts		5%		4,892		—

Schedule of financial instruments per category


				Financial asset at fair
2021		Financial asset at		value through proft or
Assets		amortized cost		loss			Total
Short-term investments		—		2,626,212			2,626,212
Fair value of derivatives		3,246		—			3,246
Related parties		2,678		—			2,678
Other current assets		679,193		—			679,193
Other non-current assets		479,971		91,666			571,637
Total		1,165,088		2,717,878			3,882,966
Financial income (expenses)		1,226,743		210,988			1,437,731


		Financial liability at fair
		value through profit or		Financial liability at
Liabilities		loss		amortized cost		Total
Loans and financing		—		11,109,786		11,109,786
Debentures		—		2,929,907		2,929,907
Related parties		—		24,648		24,648
Obligations with FIDC (current liabilities)		—		45,497		45,497
Other current liabilities		—		1,090,396		1,090,396
Other non-current liabilities		—		421,873		421,873
Total		—		15,622,107		15,622,107
Financial income (expenses)		(10,421)		(2,177,764)		(2,188,185)



				Financial asset at fair
2020		Financial asset at		value through proft or
Assets		amortized cost		loss			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)

Summary of derivative instruments

Notional value

Amount receivable

Amount payable

Contracts

Position

2021

2020

2021

2020

2021

2020

Swap of interest rate

Maturity in 2022

buyed in US$

US$ 5.3 milion

US$ 9.9 milion

3,246

—

—

(971)

Total fair value of financial instruments

3,246

—

—

(971)

Summary of effectiveness testing of derivative financial instruments


Fair value of derivatives		2021		2020
Current assets		3,246		—
		3,246		—
Fair value of derivatives
Current liabilities		—		971
		—		971


		2021		2020
Net Income
Gains on financial instruments		28,349		858
Losses on financial instruments		(10,421)		(1,632)
		17,928		(774)
Other comprehensive income
Gains (Losses) on financial instruments		1,907		(1,972)
		1,907		(1,972)

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)
		2021		2020		2021		2020

Current assets
Short-term investments		2,626,212		3,041,143		2,626,212		3,041,143
Fair value of derivatives		3,246		—		3,246		—
Other current assets		679,193		591,523		679,193		591,523

Non-current assets
Related parties		2,678		134,354		2,678		134,354
Other non-current assets		571,637		590,864		571,637		590,864
		3,882,966		4,357,884		3,882,966		4,357,884

Current liabilities
Short-term debt		234,537		1,424,043		234,537		1,424,043
Debentures		1,531,956		7,463		1,531,956		7,463
Fair value of derivatives		—		971		—		971
Obligations with FIDC		45,497		944,513		45,497		944,513
Other current liabilities		1,090,396		797,082		1,090,396		797,082

Non-current liabilities
Long-term debt		10,875,249		13,188,891		10,875,249		13,188,891
Debentures		1,397,951		2,894,954		1,397,951		2,894,954
Related parties		24,648		22,855		24,648		22,855
Obligations with FIDC		—		42,893		—		42,893
Other non-current liabilities		421,873		514,886		421,873		514,886
		15,622,107		19,838,551		15,622,107		19,838,551

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
		January 01, 2019		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
								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, 2020		from financing activities		loans and financing		parties		and others		December 31, 2021
Related parties, net		(111,499)		139,556		—		(6,089)		2		21,970
Leasing payable		856,474		(275,944)		(68,699)		68,699		337,835		918,365
Debt, Debentures and Losses/Gains on financial instruments, net - Derivative instruments		17,516,322		(4,506,918)		(1,100,826)		1,059,841		1,068,028		14,036,447