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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL INSTRUMENTS

Summary of fair value of financial instruments


		2023				2022
		Book		Fair		Book		Fair
		value		value		value		value
Assets
Short-term investments		2,338,097		2,338,097		2,959,135		2,959,135
Trade accounts receivable - net		4,875,394		4,875,394		4,999,004		4,999,004
Fair value of derivatives		766		766		3,272		3,272
Other current assets		543,288		543,288		789,901		789,901
Other non-current assets		355,390		355,390		700,377		700,377
Liabilities
Trade accounts payable - domestic market		4,120,701		4,120,701		4,241,819		4,241,819
Trade accounts payable - debtor risk		584,320		584,320		653,085		653,085
Trade accounts payable - imports		1,196,162		1,196,162		1,724,019		1,724,019
Loans and Financing		10,079,675		10,161,103		11,179,617		11,267,779
Debentures		813,633		812,413		1,427,773		1,421,187
Related parties		24,992		24,992		24,890		24,890
Fair value of derivatives		20,648		20,648		19,056		19,056
Other current liabilities		1,192,461		1,192,461		1,216,206		1,216,206
Other non-current liabilities		859,917		859,917		533,681		533,681

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


		2023
Contractual obligations		Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
Trade accounts payable - domestic market		4,120,701		4,120,701		—		—		—
Trade accounts payable - debtor risk		584,320		584,320		—		—		—
Trade accounts payable - import		1,196,162		1,196,162		—		—		—
Loans and financing		15,355,211		1,783,201		2,327,202		3,038,617		8,206,191
Debentures		1,055,196		14,421		199,915		840,860		—
Related parties		24,992		24,992		—		—		—
Fair value of derivatives		20,648		19,042		1,606		—		—
Other current liabilities		1,192,461		1,192,461		—		—		—
Other non-current liabilities		859,917		—		59,029		—		800,888
		24,409,608		8,935,300		2,587,752		3,879,477		9,007,079


		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		—		—		—
Fair value of derivatives		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		2,334,587		11,900,529

Schedule of sensitivity analysis of financial instrument


Assumptions		Percentage of change		2023		2022
Foreign currency sensitivity analysis - Loans and financing		5%		10,197		(40,693)
Foreign currency sensitivity analysis - Imports/Exports		5%		(28,929)		(73,085)
Interest rate sensitivity analysis		10 bps		29,939		32,377
Sensitivity analysis of changes in prices of products sold		1%		689,164		824,122
Sensitivity analysis of changes in raw material and commodity prices		1%		425,232		486,066
Currency forward contracts		5%		(8,311)		9,507
Commodity contracts		5%		(2,850)		2,899
Swaps USD x DI		5%		7,604		—
Swaps IPCA x DI		5%		(152)		—

Schedule of financial instruments per category


				Financial asset at fair
2023		Financial asset at		value through profit or
Assets		amortized cost		loss		Total
Short-term investments		—		2,338,097		2,338,097
Trade accounts receivable - net		4,875,394		—		4,875,394
Fair value of derivatives		—		766		766
Other current assets		529,629		13,659		543,288
Other non-current assets		353,370		2,020		355,390
Total		5,758,393		2,354,542		8,112,935
Financial income (expenses)		550,407		584,255		1,134,662


		Financial liability at fair
2023		value through profit or		Financial liability at
Liabilities		loss		amortized cost		Total
Trade accounts payable - domestic market		—		4,120,701		4,120,701
Trade accounts payable - debtor risk		—		584,320		584,320
Trade accounts payable - import		—		1,196,162		1,196,162
Loans and financing		—		10,079,675		10,079,675
Debentures		—		813,633		813,633
Related parties		—		24,992		24,992
Fair value of derivatives		20,648		—		20,648
Other current assets		—		1,192,461		1,192,461
Other non-current assets		—		859,917		859,917
Total		20,648		18,871,861		18,892,509
Financial income (expenses)		(54,874)		(2,185,910)		(2,240,784)


				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
2022		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 - drawn 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
Fair value of derivatives		19,056		—		19,056
Other current liabilities		—		1,216,206		1,216,206
Other non-current liabilities		—		533,681		533,681
Total		19,056		21,001,090		21,020,146
Financial income (expenses)		(44,386)		(2,642,055)		(2,686,441)

Summary of derivative instruments


				Notional value				Amount receivable				Amount payable
Contracts		Position		2023		2022		2023		2022		2023		2022

Currency forward contracts
Maturity in 2024		buyed in US$		US$ 34.2 million		US$ 30.9 million		—		—		17,337		17,950

Commodity contracts
Maturity in 2024		buyed in US$		US$ 12.1 million		US$ 2.4 million		32		3,272		1,349		1,106

Swaps IPCA x DI
Maturity in 2024		99.2% of CDI		R$ 450.0 million		—		734		—		356		—

Swaps USD x DI
Maturity in 2026		107.9% of CDI		US$ 30.6 million		—		—		—		1,606		—

Total fair value of financial instruments								766		3,272		20,648		19,056


Fair value of derivatives		2023		2022
Current assets		766		3,272
		766		3,272
Fair value of derivatives
Current liabilities		19,042		19,056
Non-current liabilities		1,606		—
		20,648		19,056


		2023		2022
Net Income
Gains on financial instruments		39,895		83,465
Losses on financial instruments		(54,874)		(44,386)
		(14,979)		39,079
Other comprehensive income
Gains on financial instruments		783		—
Losses on financial instruments		—		(607)
		783		(607)

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, 2021		from financing activities		loans and financing		parties		and others		December 31, 2021
Related parties		(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 - 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		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 - Derivative instruments		14,036,447		(937,815)		(968,851)		964,607		(471,214)		12,623,174

				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, 2022		from financing activities		loans and financing		parties		and others		December 31, 2023
Related parties		24,890		102		—		—		—		24,992
Leasing payable		1,030,643		(388,202)		(127,787)		127,787		635,161		1,277,602
Debt, Debentures and Losses/Gains on financial instruments - Derivative instruments		12,623,174		(1,054,000)		(858,301)		840,069		(637,752)		10,913,190