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CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
CONSOLIDATED FINANCIAL STATEMENTS |
Schedule of significant consolidated subsidiaries | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Equity Interests
Consolidated company |  | Country | ​ | Total capital (*)
​ | ​ | ​ |  | 2022 |  | 2021 |  | 2020
Gerdau GTL Spain S.L. |  | Spain |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Internacional Empreendimentos Ltda. - Grupo Gerdau |  | Brazil |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Ameristeel Corporation and subsidiaries (1) |  | USA/Canada |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Açominas S.A. |  | Brazil |  | 99.86 |  | 99.86 |  | 99.86
Gerdau Aços Longos S.A. and subsidiaries (2) |  | Brazil |  | 99.83 |  | 99.83 |  | 99.82
Gerdau Steel Inc. |  | Canada |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Holdings Inc. and subsidiary (3) |  | USA |  | 100.00 |  | 100.00 |  | 100.00
Paraopeba - Fixed-income investment fund (4) (**) |  | Brazil |  | 47.34 |  | 70.62 |  | 89.26
Gerdau Hungria Holdings Limited Liability Company |  | Hungary |  | 100.00 |  | 100.00 |  | 100.00
GTL Equity Investments Corp. |  | British Virgin Islands |  | 100.00 |  | 100.00 |  | 100.00
Empresa Siderúrgica del Perú S.A.A. - Siderperú |  | Peru |  | 90.03 |  | 90.03 |  | 90.03
Gerdau GTL México, S.A. de C.V. |  | Mexico |  | 100.00 |  | 100.00 |  | 100.00
Seiva S.A. - Florestas e Indústrias |  | Brazil |  | 97.73 |  | 97.73 |  | 97.73
Gerdau Laisa S.A. |  | Uruguai |  | 100.00 |  | 100.00 |  | 100.00
Sipar Gerdau Inversiones S.A. |  | Argentina |  | 99.99 |  | 99.99 |  | 99.99
Sipar Aceros S.A. and subsidiary (5) |  | Argentina |  | 99.98 |  | 99.98 |  | 99.98
Sizuca - Siderúrgica Zuliana, C. A. |  | Venezuela |  | — |  | 100.00 |  | 100.00
GTL Trade Finance Inc. |  | British Virgin Islands |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Trade Inc. |  | British Virgin Islands |  | 100.00 |  | 100.00 |  | 100.00
Gerdau Next S.A. and subsidiaries (6) | ​ | Brazil | ​ | 100.00 | ​ | 100.00 | ​ | —
(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly in the subsidiary.
(**) | The percentage of participation including interest of the parent company Metalúrgica Gerdau S.A. in the investment fund is 62.14% in 2022, 73.54% in 2021 and 92.58% in 2020.
(1) | Subsidiaries: Gerdau Ameristeel US Inc., GUSAP III LLP and Chaparral Steel Company.
(2) | Subsidiaries: Gerdau Açominas Overseas Ltd.
(3) | Subsidiary: Gerdau MacSteel Inc.
(4) | Fixed-income investment fund managed by Bank JP Morgan S.A.
(5) | Subsidiary: Siderco S.A.
(6) | Subsidiaries: G2L Logística Ltda, G2base Fundações e Contenções Ltda e G2 Adições Minerais e Químicas Ltda., Gerdau Ventures Participações Ltda, Circulabi S.A. and Cluster Industrial S.A.
​
Schedule of interests in joint ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Equity Interests
Joint ventures |  | Country | ​ | Total capital (*)
​ | ​ | ​ |  | 2022 |  | 2021 |  | 2020
Bradley Steel Processors |  | Canada |  | 50.00 |  | 50.00 |  | 50.00
MRM Guide Rail |  | Canada |  | 50.00 |  | 50.00 |  | 50.00
Gerdau Corsa S.A.P.I. de CV |  | Mexico |  | 75.00 |  | 75.00 |  | 70.00
Gerdau Metaldom Corp. |  | Dominican Rep. |  | 50.00 |  | 50.00 |  | 50.00
Gerdau Summit Aços Fundidos e Forjados S.A. | ​ | Brazil | ​ | 58.73 | ​ | 58.73 | ​ | 58.73
Diaco S.A. | ​ | Colombia | ​ | 49.87 | ​ | 49.87 | ​ | 49.87
Juntos Somos Mais Fidelização S.A. | ​ | Brazil | ​ | 27.50 | ​ | 27.50 | ​ | 27.50
Addiante S.A (1) | ​ | Brazil | ​ | 50.00 | ​ | — | ​ | —
Ubiratã Tecnologia S.A (2) | ​ | Brazil | ​ | 50.00 | ​ | — | ​ | —
(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly held in the joint venture.
(1) | Company jointly controlled by Gerdau Next S.A. with Randon Serviços e Participações Ltda. for exploring the activity of providing leasing services for heavy or agricultural machinery and equipment, railway modules and containers, as well as heavy and light commercial vehicles, intended for road and rail transport.
(2) | Company jointly controlled by Gerdau Next S.A. with Spacetime Labs – STA do Brasil Sistemas de Informação S.A. for activity focused on the development of artificial intelligence and robotic systems for basic industries.
​
Schedule of summarized financial information of the joint ventures | The Company presents the joint venture information in aggregate, since the investments in these entities are not individually material. The financial information of these joint ventures, accounted for under the equity method, is shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Joint ventures
Joint ventures |  | 2022 |  | 2021 |  | 2020
Cash and cash equivalents |  | 948,019 |  | 1,146,411 | ​ | 1,014,518
Total current assets | ​ | 5,358,394 | ​ | 6,175,859 | ​ | 4,047,061
Total non-current assets | ​ | 4,817,960 | ​ | 5,223,576 | ​ | 5,264,743
Short-term debt | ​ | 454,518 | ​ | 890,039 | ​ | 621,198
Total current liabilities | ​ | 3,574,475 | ​ | 4,360,043 | ​ | 2,862,035
Long-term debt | ​ | 921,164 | ​ | 2,054,530 | ​ | 2,880,694
Total non-current liabilities | ​ | 1,232,537 | ​ | 2,374,207 | ​ | 3,808,813
Equity | ​ | 5,369,343 | ​ | 4,665,184 | ​ | 2,640,956
Net sales | ​ | 14,978,713 | ​ | 12,263,023 | ​ | 6,916,719
Cost of sales | ​ | (12,072,326) | ​ | (10,075,640) | ​ | (2,230,550)
Income before financial income (expences) and taxes | ​ | 2,424,468 | ​ | 1,396,769 | ​ | 629,803
Financial income | ​ | 339,310 | ​ | 349,333 | ​ | 18,215
Financial expenses | ​ | (501,573) | ​ | (740,096) | ​ | (301,564)
Income and social contribution taxes | ​ | (518,113) | ​ | (104,359) | ​ | (28,481)
Net income | ​ | 1,713,009 | ​ | 968,064 | ​ | 260,999
Depreciation and amortization | ​ | 299,830 | ​ | 742,566 | ​ | 295,612
Other comprehensive income, net of tax | ​ | (2,056) | ​ | 175 | ​ | 3,358
Total comprehensive income for the year, net of tax |  | 1,710,953 |  | 968,239 | ​ | 264,356
​
Schedule of interests in associate companies | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Equity interests
Associate company |  | Country | ​ | Total capital (*)
​ | ​ | ​ |  | 2022 |  | 2021 |  | 2020
Dona Francisca Energética S.A. |  | Brazil |  | 51.82 |  | 51.82 |  | 51.82
(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly.
Schedule of summarized financial information of the associate companies | The summarized financial information of the associate company, accounted for under the equity method, is shown as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Associate company
Associate company |  | 2022 |  | 2021 |  | 2020
Cash and cash equivalents |  | 12 |  | 16 | ​ | 13
Total current assets | ​ | 10,148 | ​ | 13,570 | ​ | 14,562
Total non-current assets | ​ | 165,267 | ​ | 166,855 | ​ | 114,236
Total current liabilities | ​ | 22,374 | ​ | 19,938 | ​ | 4,452
Total non-current liabilities | ​ | 31,266 | ​ | 42,987 | ​ | 2,119
Equity | ​ | 121,776 | ​ | 117,500 | ​ | 122,227
Net sales | ​ | 66,163 | ​ | 66,796 | ​ | 70,314
Cost of sales | ​ | (32,368) | ​ | (24,676) | ​ | (24,631)
Income before financial income (expences) and taxes | ​ | 32,703 | ​ | 40,193 | ​ | 44,142
Financial income | ​ | 1,187 | ​ | 489 | ​ | 295
Financial expenses | ​ | (6,359) | ​ | (1,153) | ​ | (88)
Income and social contribution taxes | ​ | (3,009) | ​ | (2,298) | ​ | (2,343)
Net income | ​ | 24,522 | ​ | 37,231 | ​ | 42,007
Depreciation and amortization | ​ | 11,646 | ​ | 5,464 | ​ | 4,533
Total comprehensive income for the year, net of tax |  | 24,522 |  | 37,231 | ​ | 42,007
​
Schedule of fair value assessment of assets and liabilities and total purchase price paid for business combination | The Company concluded the fair value assessment of the assets and liabilities of Silat and the following table summarizes the fair value of such assets and liabilities at the date of business combination:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Book Value |  | Acquisition Adjustments |  | Fair value of the acquisition
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | 33,419 | ​ | — | ​ | 33,419
Trade accounts receivable - net | ​ | 13,190 | ​ | — | ​ | 13,190
Inventories | ​ | 24,160 | ​ | — | ​ | 24,160
Other current assets | ​ | 11,091 | ​ | — | ​ | 11,091
Property, plant and equipment | ​ | 233,541 | ​ | 253,216 | ​ | 486,757
Other non-current assets | ​ | 34,410 | ​ | — | ​ | 34,410
Current liabilities | ​ | (26,638) | ​ | — | ​ | (26,638)
Non-current liabilities | ​ | (359) | ​ | (86,093) | ​ | (86,452)
Non-controlling interest | ​ | (5,395) | ​ | (6,100) | ​ | (11,495)
Assets (Liabilities) | ​ | 317,419 | ​ | 161,023 | ​ | 478,442
Negative Goodwill | ​ | — | ​ | (2,481) | ​ | (2,481)
Net assets | ​ | 317,419 | ​ | 158,542 | ​ | 475,961
​
Schedule of total purchase consideration | 3.6 - Total purchase price considered for the 2020 acquisition
​ | ​ | ​
Subsidiary acquired |  | 2020
Siderúrgica Latino-Americana S.A. |  | 475,961
Total consideration paid |  | 475,961
Less: Cash and cash equivalents of acquired subsidiary |  | (33,419)
​ |  | 442,542

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