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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FINANCIAL INSTRUMENTS

Summary of fair value of financial instruments

​

​	​	​	​	​	​	​	​	​
​	​	2022			​	2021
​		Book		Fair		Book		Fair
​	​	value	​	value	​	value	​	value
Assets
Short-term investments		2,959,135		2,959,135		2,626,212		2,626,212
Trade accounts receivable - net	​	4,999,004	​	4,999,004	​	5,414,075	​	5,414,075
Related parties		—		—		2,678		2,678
Fair value of derivatives		3,272		3,272		3,246		3,246
Other current assets		789,901		789,901		679,193		679,193
Other non-current assets		700,377		700,377		571,637		571,637
Liabilities		​		​		​		​
Trade accounts payable - domestic market	​	4,241,819	​	4,241,819	​	5,277,867	​	5,277,867
Trade accounts payable - debtor risk	​	653,085	​	653,085	​	807,915	​	807,915
Trade accounts payable - imports	​	1,724,019	​	1,724,019	​	1,931,358	​	1,931,358
Loans and Financing		11,179,617		11,267,779		11,109,786		12,630,940
Debentures		1,427,773		1,421,187		2,929,907		2,911,424
Related parties	​	24,890	​	24,890	​	24,648	​	24,648
Fair value of derivatives		19,056		19,056		—		—
Obligations with FIDC (current liabilities)		—		—		45,497		45,497
Other current liabilities		1,216,206		1,216,206		1,090,396		1,090,396
Other non-current liabilities		533,681		533,681		421,873		421,873

​

Summary of capital management risk

​

​	​	​
Net debt/EBITDA		Less or equal 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

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2022
Contractual obligations		Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
Trade accounts payable - domestic market		4,241,819	​	4,241,819	​	—	​	—	​	—
Trade accounts payable - debtor risk		653,085	​	653,085	​	—	​	—	​	—
Trade accounts payable - import		1,724,019	​	1,724,019	​	—	​	—	​	—
Loans and financing	​	17,262,024	​	2,492,262	​	1,987,699	​	1,369,784	​	11,412,279
Debentures		1,863,925	​	628,886	​	270,236	​	964,803	​	—
Related parties		24,890		24,890		—		—		—
Obligations with FIDC		19,056	​	19,056	​	—	​	—	​	—
Other current liabilities		1,216,206	​	1,216,206	​	—	​	—	​	—
Other non-current liabilities	​	533,681	​	—	​	45,431	​	—	​	488,250
​	​	27,538,705	​	11,000,223	​	2,303,366	​	2,334,586	​	11,900,529

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2021
Contractual obligations		Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
Trade accounts payable - domestic market		5,277,867	​	5,277,867	​	—	​	—	​	—
Trade accounts payable - debtor risk		807,915	​	807,915	​	—	​	—	​	—
Trade accounts payable - import		1,931,358	​	1,931,358	​	—	​	—	​	—
Loans and financing	​	17,885,672	​	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
​	​	30,977,915	​	11,806,631	​	3,043,551	​	2,419,579	​	13,708,153

​

Schedule of sensitivity analysis of financial instrument

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
Assumptions		Percentage of change		2022		2021
Foreign currency sensitivity analysis		5%		113,778		19,036
Interest rate sensitivity analysis		10 bps		32,377		55,964
Sensitivity analysis of changes in prices of products sold		1%		824,122		783,451
Sensitivity analysis of changes in raw material and commodity prices		1%		486,066		437,210
Currency forward contracts	​	5%	​	9,507	​	—
Commodity contracts	​	5%	​	2,899	​	4,892

​

Schedule of financial instruments per category

​

​	​	​	​	​	​	​
​	​	​	​	Financial asset at fair		​
2022	​	Financial asset at	​	value through proft or		​
Assets		amortized cost		loss		Total
Short-term investments		—		2,959,135	​	2,959,135
Trade accounts receivable - net	​	4,999,004	​	—	​	4,999,004
Fair value of derivatives		—	​	3,272	​	3,272
Other current assets		789,901		—	​	789,901
Other non-current assets		559,389		140,988	​	700,377
Total		6,348,294		3,103,395	​	9,451,689
Financial income (expenses)		318,105		475,910	​	794,015

​

​	​	​	​	​	​	​
​	​	Financial liability at fair	​	​	​	​
​	​	value through profit or	​	Financial liability at	​	​
Liabilities		loss		amortized cost		Total
Trade accounts payable - domestic market		—	​	4,241,819	​	4,241,819
Trade accounts payable - debtor risk		—	​	653,085	​	653,085
Trade accounts payable - import		—	​	1,724,019	​	1,724,019
Loans and financing	​	—	​	11,179,617	​	11,179,617
Debentures		—	​	1,427,773	​	1,427,773
Related parties	​	—	​	24,890	​	24,890
Other current liabilities		—	​	1,216,206	​	1,216,206
Other non-current liabilities	​	—	​	533,681	​	533,681
Fair value of derivatives	​	19,056	​	—	​	19,056
Total	​	19,056	​	21,001,090	​	21,020,146
Financial income (expenses)		(44,386)	​	(2,642,055)	​	(2,686,441)

​

​	​	​	​	​	​	​
​	​	​	​	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
Trade accounts receivable - net	​	5,414,075	​	—	​	5,414,075
Related parties		2,678		—	​	2,678
Fair value of derivatives		—		3,246	​	3,246
Other current assets		679,193		—	​	679,193
Other non-current assets		479,971		91,666	​	571,637
Total		6,575,917		2,721,124	​	9,297,041
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
Trade accounts payable - domestic market		—	​	5,277,867	​	5,277,867
Trade accounts payable - drawn risk		—	​	807,915	​	807,915
Trade accounts payable - import	​	—	​	1,931,358	​	1,931,358
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	​	—	​	23,639,247	​	23,639,247
Financial income (expenses)		(10,421)	​	(2,177,764)	​	(2,188,185)

​

Summary of derivative instruments

The derivatives instruments can be summarized and categorized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional value

​

Amount receivable

​

Amount payable

Contracts

Position

2022

2021

2022

2021

2022

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Currency forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maturity in 2022

​

buyed in US$

​

—

​

US$ 5.3 milion

​

—

​

3,246

​

—

​

—

Maturity in 2023

​

buyed in US$

​

US$ 30.9 million

​

—

​

—

​

—

​

17,950

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maturity in 2023/2024

​

buyed in US$

​

US$ 2.4 million

​

—

​

3,272

​

—

​

1,106

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total fair value of financial instruments

​

​

​

​

​

​

​

3,272

​

3,246

​

19,056

​

—

​

​	​	​	​	​
Fair value of derivatives		2022		2021
Current assets		3,272		3,246
​	​	3,272	​	3,246
Fair value of derivatives	​	​	​	​
Current liabilities	​	19,056	​	—
​		19,056		—

​

​	​	​	​	​
​		2022		2021
Net Income
Gains on financial instruments		83,465		28,349
Losses on financial instruments		(44,386)		(10,421)
​		39,079		17,928
Other comprehensive income
Gains on financial instruments		—		1,907
Losses on financial instruments	​	(607)	​	—
​		(607)		1,907

​

Schedule of financial assets and liabilities measures at fair value on recurring basis

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Quoted Prices in Non-Active
​	​	​	​	​	​	Markets for Similar Assets
​	​	Balance per financial statements			​	(Level 2)
​		2022		2021		2022	​	2021
​	​	​	​	​	​	​	​	​
Current assets		​	​	​	​	​	​	​
Short-term investments		2,959,135	​	2,626,212	​	2,959,135	​	2,626,212
Fair value of derivatives		3,272	​	3,246	​	3,272	​	3,246
Other current assets		789,901	​	679,193	​	789,901	​	679,193
​	​	​	​	​	​	​	​	​
Non-current assets		​	​	​	​	​	​	​
Related parties		—	​	2,678	​	—	​	2,678
Other non-current assets		700,377	​	571,637	​	700,377	​	571,637
​		4,452,685	​	3,882,966	​	4,452,685	​	3,882,966
​	​	​	​	​	​	​	​	​
Current liabilities		​	​	​	​	​	​	​
Short-term debt		2,492,262	​	234,537	​	2,492,262	​	234,537
Debentures	​	628,886	​	1,531,956	​	628,886	​	1,531,956
Fair value of derivatives		19,056	​	—	​	19,056	​	—
Obligations with FIDC	​	—	​	45,497	​	—	​	45,497
Other current liabilities		1,216,206	​	1,090,396	​	1,216,206	​	1,090,396
​	​	​	​	​	​	​	​	​
Non-current liabilities		​	​	​	​	​	​	​
Long-term debt		8,687,355	​	10,875,249	​	8,687,355	​	10,875,249
Debentures		798,887	​	1,397,951	​	798,887	​	1,397,951
Related parties	​	24,890	​	24,648	​	24,890	​	24,648
Other non-current liabilities		533,681	​	421,873	​	533,681	​	421,873
​		14,401,223	​	15,622,107	​	14,401,223	​	15,622,107

​

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 1, 2020

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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, 2021

​

from financing activities

​

loans and financing

​

parties

​

and others

​

December 31, 2022

Related parties, net

​

21,970

​

2,721

​

—

​

199

​

—

​

24,890

Leasing payable

​

918,365

​

(310,226)

​

(88,370)

​

88,370

​

422,504

​

1,030,643

Debt, Debentures and Losses/Gains on financial instruments, net - Derivative instruments

​

14,036,447

​

(937,815)

​

(968,851)

​

964,607

​

(471,214)

​

12,623,174

​

​

​

​

​

​

​

​

​

​

​

​

​

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