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31. Risks and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Risks And Financial Instruments Tables

Assets and liabilities in foreign currencies

In millions of Brazilian Reais		2017		2016
Assets in foreign currency
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)		236.4		423.9
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers		214.9		323.4
Net investments in foreign subsidiaries (except cash, cash equivalents, financial investments, trade receivables, financing, and payables)		930.0		600.9
		1,381.3		1,348.2
Liabilities in foreign currency
Financing in foreign currency, gross of transaction costs and discount		(4,416.2)		(4,736.3)
Payables arising from imports, net of advances to foreign suppliers		(173,1)		(57.1)
		(4,589.3)		(4,793.4)
Foreign currency hedging instruments		1,777.6		2,206.4
Net asset (liability) position – Total		(1,430.4)		(1,238.8)
Net asset (liability) position – Income statement effect		(26.1)		24.8
Net asset (liability) position – Shareholders’ equity effect		(1,404.3)		(1,263.6)

Sensitivity analysis of assets and liabilities in foreign currency

In millions of Brazilian Reais	Risk		Scenario I		Scenario II		Scenario III
			10%		25%		50%
(1) Income statement effect	Real devaluation		(2.6)		(6.5)		(13.0)
(2) Shareholders’ equity effect			(140.4)		(351.1)		(702.2)
(1) + (2)	Net effect		(143.0)		(357.6)		(715.2)
(3) Income statement effect	Real appreciation		2.6		6.5		13.0
(4) Shareholders’ equity effect			140.4		351.1		702.2
(3) + (4)	Net effect		143.0		357.6		715.2

Financial assets and liabilities exposed to floating interest rates

	Note		2017		2016
CDI
Cash equivalents	4		4,821.6		3,837.8
Financial investments	4		1,153.0		1,174.5
Asset position of foreign exchange hedging instruments - CDI	31		29.9		28.3
Loans and debentures	14		(7,987.3)		(5,862.3)
Liability position of foreign exchange hedging instruments - CDI	31		(1,877.4)		(2,181.6)
Liability position of fixed interest instruments - CDI	31		(586.6)		-
Net liability position in CDI			(4,446.8)		(3,003.3)
TJLP
Loans –TJLP	14		(301.9)		(404.4)
Net liability position in TJLP			(301.9)		(404.4)
LIBOR
Asset position of foreign exchange hedging instruments - LIBOR	31		984.3		1,149.7
Loans - LIBOR	14		(1,418.5)		(1,470.1)
Net liability position in LIBOR			(434.2)		(320.4)
TIIE
Loans - TIIE	14		(3.4)		(9.6)
Net liability position in TIIE			(3.4)		(9.6)
SELIC
Loans – SELIC	14		(100.3)		(99.5)
Net liability position in SELIC			(100.3)		(99.5)
Total net liability position exposed to floating interest			(5,286.6)		(3,837.2)

Sensitivity analysis of floating interest rate risk

In millions of Brazilian Reais
	Risk		Scenario I		Scenario II		Scenario III
			10%		25%		50%
Exposure of interest rate risk
Interest effect on cash equivalents and financial investments	Increase in CDI		47.3		118.1		236.3
Foreign exchange hedging instruments (assets in CDI) effect	Increase in CDI		0.2		0.5		1.0
Interest effect on debt in CDI	Increase in CDI		(67.2)		(168.0)		(336.0)
Interest rate hedging instruments (liabilities in CDI) effect	Increase in CDI		(38.6)		(94.2)		(186.7)
Incremental expenses			(58.3)		(143.6)		(285.4)
Interest effect on debt in TJLP	Increase in TJLP		(2.3)		(5.6)		(11.3)
Incremental expenses			(2.3)		(5.6)		(11.3)
Foreign exchange hedging instruments (assets in LIBOR) effect	Increase in LIBOR		1.4		3.4		6.8
Interest effect on debt in LIBOR	Increase in LIBOR		(1.7)		(4.4)		(8.7)
Incremental expenses			(0.3)		(1.0)		(1.9)
Interest effect on debt in TIIE	Increase in TIIE		(0.0)		(0.1)		(0.2)
Incremental expenses			(0.0)		(0.1)		(0.2)
Interest effect on debt in SELIC	Increase in SELIC		(1.0)		(2.5)		(4.9)
Incremental expenses			(1.0)		(2.5)		(4.9)

Allowance for doubtful accounts on trade receivables

	2017		2016
Ipiranga	238,697		182,252
Ultragaz	39,034		33,804
Oxiteno	10,755		10,856
Extrafarma	4,922		3,449
Ultracargo	2,172		2,971
Total	295,580		233,332

Contractual undiscounted cash outflows

							In millions of Brazilian Reais
Financial liabilities	Total		Less than 1 year		Between 1 and 3 years		Between 3 and 5 years		More than 5 years
Loans including future contractual interest (1) (2)	16,571.3		3,809.9		3,514.4		4,968.0		4,279.0
Currency and interest rate hedging instruments (3)	422.2		145.2		136.6		113.4		27.0
Trade payables	2,155.5		2,155.5		-		-		-

Position of hedging instruments

		Notional amount1				Fair value				Amounts receivable		Amounts payable
Hedging instruments	Maturity	2017		2016		2017		2016		2017
						R$		R$		R$		R$
						million		million		million		million
a –Exchange rate swaps receivable in U.S. dollars
Receivables in U.S. dollars (LIBOR)	Jan 2018 to Oct 2026	US$ 300.0		US$ 350.0		984.3		1,149.7		984.3		-
Receivables in U.S. dollars (Fixed)		US$ 956.6		US$ 1,062.4		823.1		1,084.6		823.1		-
Payables in CDI interest rate		US$ (1,256.6)		US$ (1,412.4)		(1,877.4)		(2,181.6)		-		1,877.4
Total result		-		-		(70.0)		52.7		1,807.4		1,877.4
b – Exchange rate swaps payable in U.S. dollars + COUPON	Jan 2018 to Apr 2018
Receivables in CDI interest rates		US$ 9.1		US$ 8.5		29.9		28.3		29.9		-
Payables in U.S. dollars (Fixed)		US$ (9.1)		US$ (8.5)		(29.8)		(27.9)		-		29.8
Total result		-		-		0.1		0.4		29.9		29.8
c – Interest rate swaps in Brazilian Reais	Oct 2024
Receivables in fixed interest rates + IPCA		R$ 566.1		-		583.3		-		583.3		-
Payables in CDI interest rates		R$ (566.1)		-		(586.6)		-		-		586.6
Total result		-		-		(3.3)		-		583.3		586.6
Total gross result						(73.2)		53.1		2,420.6		2,493.8
Income tax						(4.7)		(36.9)		(4.7)		-
Total net result						(77.9)		16.2		2,415.9		2,493.8
Positive result (see Note 4)						85.8		218.5
Negative result (see Note 14)						(163.7)		(202.3)

Value of gains (losses) recognized

	R$ million
	2017
	Profit or loss		Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(72.1)		5.3
b – Exchange rate swaps payable in U.S. dollars (ii)	3.2		-
c – Interest rate swaps in R$ (iii)	15.9		-
d – Non-derivative financial instruments (iv)	(104.2)		(36.7)
Total	(157.2)		(31.4)

	R$ million
	2016		2016
	Profit or loss			Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(177.0)			(13.8)
b – Exchange rate swaps payable in U.S. dollars (ii)	9.2			-
c – Interest rate swaps in R$ (iii)	(0.5)			-
d – Non-derivative financial instruments (iv)	(28.5)			(14.9)
Total	(196.8)			(28.7)

	R$ million
	2015
	Profit or loss		Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(143.1)		6.3
b – Exchange rate swaps payable in U.S. dollars (ii)	(2.2)		(31.3)
c – Interest rate swaps in R$ (iii)	1.1		-
Total	(144.2)		(25.0)

Fair values and the carrying values of the financial instruments

			2017				2016
	Category	Note	Carrying value		Fair value		Carrying value		Fair value
Financial assets:
Cash and cash equivalents
Cash and bank deposits	Loans and receivables	4	147,926		147,926		113,318		113,318
Financial investments in local currency	Measured at fair value through profit or loss	4	4,821,605		4,821,605		3,837,807		3,837,807
Financial investments in foreign currency	Measured at fair value through profit or loss	4	32,473		32,473		323,033		323,033
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	68,742		68,742		113,640		113,640
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,076,849		1,076,849		1,053,369		1,053,369
Fixed-income securities and funds in local currency	Held to maturity	4	7,449		7,449		7,449		7,449
Fixed-income securities and funds in foreign currency	Available for sale	4	129,131		129,131		34,775		34,775
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	85,753		85,753		218,458		218,458
Total			6,369,928		6,369,928		5,701,849		5,701,849
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,047,809		1,047,809		1,428,907		1,428,907
Financing	Measured at amortized cost	14	6,740,872		6,761,907		6,990,269		6,881,085
Debentures	Measured at amortized cost	14	5,035,247		5,037,072		2,746,881		2,746,915
Debentures	Measured at fair value through profit or loss	14	554,402		554,402		-		-
Finance leases	Measured at amortized cost	14	48,515		48,515		48,716		48,716
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	163,749		163,749		202,357		202,357
Subscription warrants – indemnification	Measured at fair value through profit or loss	22	171,459		171,459		153,429		153,429
Total			13,762,053		13,784,913		11,570,559		11,461,409

Summary of the financial assets and financial liabilities measured at fair value

	Category	Note		2017		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents
Cash and banks	Loans and receivables	4		147,926		147,926		-		-
Financial investments in local currency	Measured at fair value through profit or loss	4		4,821,605		4,821,605		-		-
Financial investments in foreign currency	Measured at fair value through profit or loss	4		32,473		32,473		-		-
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4		68,742		68,742		-		-
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4		1,076,849		1,076,849		-		-
Fixed-income securities and funds in local currency	Held to maturity	4		7,449		7,449		-		-
Fixed-income securities and funds in foreign currency	Available for sale	4		129,131		40,556		88,575		-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4		85,753		-		85,753		-
Total				6,369,928		6,195,600		174,328		-
Financial liabilities:
Financing	Measured at fair value through profit or loss	14		1,047,809		-		1,047,809		-
Financing	Measured at amortized cost	14		6,761,907		2,523,643		4,238,264		-
Debentures	Measured at amortized cost	14		5,037,072		-		5,037,072		-
Debentures	Measured at fair value through profit or loss	14		554,402		-		554,402		-
Finance leases	Measured at amortized cost	14		48,515		-		48,515		-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14		163,749		-		163,749		-
Subscription warrants – indemnification (1)	Measured at fair value through profit or loss	22		171,459		-		171,459		-
Total				13,784,913		2,523,643		11,261,270		-

	Category	Note		2016		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents
Cash and banks	Loans and receivables	4		113,318		113,318		-		-
Financial investments in local currency	Measured at fair value through profit or loss	4		3,837,807		3,837,807		-		-
Financial investments in foreign currency	Measured at fair value through profit or loss	4		323,033		323,033		-		-
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4		113,640		113,640		-		-
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4		1,053,369		1,053,369		-		-
Fixed-income securities and funds in local currency	Held to maturity	4		7,449		7,449		-		-
Fixed-income securities and funds in foreign currency	Available for sale	4		34,775		32,167		2,608		-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4		218,458		-		218,458		-
Total				5,701,849		5,480,783		221,066		-
Financial liabilities:
Financing	Measured at fair value through profit or loss	14		1,428,907		-		1,428,907		-
Financing	Measured at amortized cost	14		6,881,085		2,338,920		4,542,165		-
Debentures	Measured at amortized cost	14		2,746,915		-		2,746,915		-
Finance leases	Measured at amortized cost	14		48,716		-		48,716		-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14		202,357		-		202,357		-
Subscription warrants – indemnification (1)	Measured at fair value through profit or loss	22		153,429		-		153,429		-
Total				11,461,409		2,338,920		9,122,489		-

Changes in exchange rate

	Risk		Scenario I (likely)		Scenario II		Scenario III
Currency swaps receivable in U.S. dollars
(1) U.S. Dollar / Real swaps	Dollar		198,138		690,432		1,182,726
(2) Debts/firm commitments in dollars	appreciation		(198,130)		(690,415)		(1,182,700)
(1)+(2)	Net effect		8		17		26
Currency swaps payable in U.S. dollars
(3) Real / U.S. Dollar swaps	Dollar		(97)		7,486		15,069
(4) Gross margin of Oxiteno	devaluation		97		(7,486)		(15,069)
(3)+(4)	Net effect		-		-		-

	Risk		Scenario I (likely)		Scenario II		Scenario III
Interest rate swap (in Brazilian Reais) – Debentures - CRA
(1) Fixed rate swap - CDI	Decrease in		13,691		95,292		192,204
(2) Fixed rate debt	Pre-fixed rate		(13,691)		(95,292)		(192,204)
(1) + (2)	Net effect		-		-		-

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An entity shall disclose by class of financial instrument the amount that best represents its maximum exposure to credit risk at the end of the reporting period without taking account of any collateral held or other credit enhancements (eg netting agreements that do not quality for offset in accordance with IAS 32); this disclosure is not required for financial instruments whose carrying amount best represents the maximum exposure to credit risk.

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Currency risk (or foreign exchange risk) arises on financial instruments that are denominated in a foreign currency, ie in a currency other than the functional currency in which they are measured. For the purpose of this IFRS, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency.

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For each class of financial assets and financial liabilities, an entity shall disclose the fair value of that class of assets and liabilities in a way that permits it to be compared with its carrying amount.

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An entity shall determine appropriate classes of assets and liabilities on the basis of the following: (a) the nature, characteristics and risks of the asset or liability; and (b)the level of the fair value hierarchy within which the fair value measurement is categorised.

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Interest rate risk arises on interest-bearing financial instruments recognised in the statement of financial position (eg debt instruments acquired or issued) and on some financial instruments not recognised in the statement of financial position (eg some loan commitments).

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A sensitivity analysis is disclosed for each currency to which an entity has significant exposure.

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An entity shall disclose net gains or net losses on (i) financial assets or financial liabilities at fair value through profit or loss, showing separately those on financial assets or financial liabilities designated as such upon initial recognition, and those on financial assets or financial liabilities that are classified as held for trading in accordance with IAS 39, (ii) available-for-sale financial assets, showing separately the amount of gain or loss recognised in other comprehensive income during the period and the amount reclassified from equity to profit or loss for the period; (iii) held-to-maturity investments; (iv) loans and receivables; and (v) financial liabilities measured at amortised cost;

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