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Presentation of Financial Statements and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Statement [LineItems]

Summary of Foreign Subsidiaries

The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:

Subsidiary		Functional currency		Location
Oxiteno México S.A. de C.V.		Mexican Peso		Mexico
Oxiteno Servicios Corporativos S.A. de C.V.		Mexican Peso		Mexico
Oxiteno Servicios Industriales S.A. de C.V.		Mexican Peso		Mexico
Oxiteno USA LLC		U.S. Dollar		United States
Oxiteno Uruguay S.A. (i)		U.S. Dollar		Uruguay
Oxiteno Andina, C.A. (ii)		Bolivar Soberano		Venezuela

⁽ⁱ⁾  The subsidiary Oxiteno Uruguay S.A. (“Oxiteno Uruguay”) determined its functional currency as the U.S. dollar (“US$”), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.

⁽ⁱⁱ⁾  According the definition and general guidance of IAS 29, the characteristics of the economic environment of Venezuela indicate that this country is a hyperinflationary economy. As a result, the financial information of Oxiteno Andina, C.A. (“Oxiteno Andina”) was adjusted by the Venezuelan Consumer Price Index.

Summary of Impairment Loss of Subsidiary

Current assets
Cash and cash equivalents			1,703
Trade receivables			290
Inventories			985
Other receivables			160
		3,138
Non-current assets
Property, plant, and equipment, net			2,427
Total of impairment loss			5,565

Summary of Classification and Measurement of Financial Instruments

		2017
		Classification as previously reported according to IAS 39						New classification according to IFRS 9
		Category		Carrying value				Measured at fair value through profit or loss				Measured at fair value through other comprehensive income				Measured at amortized cost
Financial assets:
Cash and cash equivalents
Cash and bank deposits		Loans and receivables			147,926				—				—				147,926
Financial investments in local currency		Measured at fair value through profit or loss			4,821,605				—				4,821,605				—
Financial investments in foreign currency		Measured at fair value through profit or loss			32,473				32,473				—				—
Financial investments:
Fixed-income securities and funds in local currency		Available for sale			68,742				—				2,720				66,022
Fixed-income securities and funds in local currency		Measured at fair value through profit or loss			1,076,849				1,076,849				—				—
Fixed-income securities and funds in local currency		Held to maturity			7,449				—				—				7,449
Fixed-income securities and funds in foreign currency		Available for sale			129,131				—				129,131				—
Currency and interest rate hedging instruments		Measured at fair value through profit or loss			85,753				85,753				—				—
Total					6,369,928				1,195,075				4,953,456				221,397

Summary of Impacts of Adoption

The tables below summarize the effects of the IFRS 9 and 15 adoption and reclassifications on statements of financial position, statements of profit or loss and statements of cash flow:

2. x.1 Adoption of the Pronouncements as of January 1, 2017

Statements of Financial Position

Assets		As previously reported – 12/31/2016				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification – 1/1/2017
Current assets
Trade receivables and reseller financing			3,502,322				(84,713	)			(29,442	)			—				3,388,167
Inventories			2,761,207				—				20,170				—				2,781,377
Contractual assets with customers – exclusive rights			—				—				448,316				—				448,316
Other current assets			6,748,267				—				—				—				6,748,267
Total current assets			13,011,796				(84,713	)			439,044				—				13,366,127
Non-current assets
Contractual assets with customers – exclusive rights			—				—				989,768				—				989,768
Deferred income and social contribution taxes			417,344				28,802				13,472				—				459,618
Other non-current assets			1,429,262				—				—				—				1,429,262
Total long term assets			1,846,606				28,802				1,003,240				—				2,878,648
Investments			141,687				—				—				—				141,687
Property, plant, and equipment			5,787,982				—				—				8,436				5,796,418
Intangible assets			3,371,599				—				(1,471,527	)			(8,436	)			1,891,636
Total non-current assets			11,147,874				28,802				(468,287	)			—				10,708,389
Total assets			24,159,670				(55,911	)			(29,243	)			—				24,074,516

Liabilities		As previously reported – 12/31/2016				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification – 1/1/2017
Current liabilities
Taxes payable			171,033				—				(2,647	)			—				168,386
Other current liabilities			5,315,913				—				—				—				5,315,913
Total current liabilities			5,486,946				—				(2,647	)			—				5,484,299
Non-current liabilities
Total non-current liabilities			10,114,166				—				—				—				10,114,166
Equity
Profit reserves			4,466,392				(55,831	)			(26,596	)			—				4,383,965
Other equity items			4,061,231				—				—				—				4,061,231
Equity attributable to:
Shareholders of the Company			8,527,623				(55,831	)			(26,596	)			—				8,445,196
Non-controlling interests in subsidiaries			30,935				(80	)			—				—				30,855
Total equity			8,558,558				(55,911	)			(26,596	)			—				8,476,051
Total liabilities and equity			24,159,670				(55,911	)			(29,243	)			—				24,074,516

Statements of Profit or Loss

		As previously reported – 2016				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification – 2016
Net revenue from sales and services			77,352,955				—				(471,115	)			(141,807	)			76,740,033
Cost of products and services sold			(70,342,723	)			—				3,971				141,807				(70,196,945	)
Gross profit			7,010,232				—				(467,144	)			—				6,543,088
Operating income (expenses)
Selling and marketing			(2,651,501	)			(44,074	)			475,382				—				(2,220,193	)
Other operating income (expenses) items			(1,253,021	)			—				—				—				(1,253,021	)
Operating income before financial income (expenses) and share of profit of joint ventures and associates			3,105,710				(44,074	)			8,238				—				3,069,874
Financial result, net			(842,576	)			—				—				—				(842,576	)
Share of profit of joint ventures and associates			7,476				—				—				—				7,476
Income before income and social contribution taxes			2,270,610				(44,074	)			8,238				—				2,234,774
Income and social contribution taxes
Current			(800,497	)			—				—				—				(800,497	)
Deferred			100,505				14,835				(2,801	)			—				112,539
			(699,992	)			14,835				(2,801	)			—				(687,958	)
Net income for the year			1,570,618				(29,239	)			5,437				—				1,546,816
Net income for the year attributable to:
Shareholders of the Company			1,561,585				(29,189	)			5,441				—				1,537,837
Non-controlling interests in subsidiaries			9,033				(50	)			(4	)			—				8,979
Earnings per share (based on weighted average number of shares outstanding) – R$
Basic			1.4422																1.4203
Diluted			1.4313																1.4095

Statements of Cash Flows

		As previously reported – 2016				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification – 2016
Cash flows from operating activities
Net income for the year			1,570,618				(29,239	)			5,437				—				1,546,816
Adjustments to reconcile net income to cash provided by operating activities
Share of loss (profit) of joint ventures and associates			(7,476	)			—				—				—				(7,476	)
Amortization of contractual assets with customers – exclusive rights			—				—				463,490				—				463,490
Depreciation and amortization			1,103,538				—				(475,382	)			—				628,156
PIS and COFINS credits on depreciation			12,581				—				—				—				12,581
Asset retirement obligation			(2,785	)			—				—				2,785				—
Interest, monetary, and foreign exchange rate variations			763,793				—				—				—				763,793
Deferred income and social contribution taxes			(100,505	)			(14,835	)			2,801				—				(112,539	)
(Gain) loss on disposal of property, plant and equipment and intangibles			6,134				—				—				—				6,134
Estimated credit losses on doubtful accounts			—				—				—				79,983				79,983
Provision for losses in inventories			—				—				—				555				555
Provision for post-employment benefits			—				—				—				7,631				7,631
Other provisions and adjustments			(6,515	)			—				5,612				—				(903	)
			3,339,383				(44,074	)			1,958				90,954				3,388,221
(Increase) decrease in current assets
Trade receivables and reseller financing			(326,695	)			44,074				(4,115	)			(86,145	)			(372,881	)
Inventories			(262,993	)			—				—				(4,526	)			(267,519	)
Other current asset items			(254,774	)			—				—				—				(254,774	)
Increase (decrease) in current liabilities
Taxes payable			2,229				—				—				1,792				4,021
Insurance and other payables			56,811				—				—				(2,785	)			54,026
Other current liabilities items			791,257				—				—				—				791,257
(Increase) decrease in non-current assets
Other non-current asset items			(211,967	)			—				—				—				(211,967	)
Increase (decrease) in non-current liabilities
Post-employment benefits			(40	)			—				—				(7,631	)			(7,671	)
Other non-current liabilities items			24,647				—				—				—				24,647
Payments of contractual assets with customers – exclusive rights			—				—				(514,291	)			—				(514,291	)
Income and social contribution taxes paid			(644,188	)			—				—				—				(644,188	)
Net cash provided by operating activities			2,513,670				—				(524,789	)			—				1,988,881

		As previously reported –2016				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification – 2016
Cash flows from investing activities
Acquisition of property, plant, and equipment			(1,015,199	)			—				—				(18,738	)			(1,033,937	)
Acquisition of intangible assets			(651,171	)			—				524,789				18,738				(107,644	)
Other investing activities items			(182,406	)			—				—				—				(182,406	)
Net cash used in investing activities			(1,848,776	)			—				524,789				—				(1,323,987	)
Net cash provided by financing activities			928,388				—				—				—				928,388
Effect of exchange rate changes on cash and cash equivalents in foreign currency			(22,017	)			—				—				—				(22,017	)
Increase in cash and cash equivalents			1,571,265				—				—				—				1,571,265
Cash and cash equivalents at the beginning of the year			2,702,893				—				—				—				2,702,893
Cash and cash equivalents at the end of the year			4,274,158				—				—				—				4,274,158

2. x.2 Adoption of the Pronouncements as of December 31, 2017

Statements of Financial Position

Assets		As previously reported – 12/31/2017				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				Fair value CBLSA (4)				After adoption IFRS 9 and 15 and reclassification – 12/31/2017
Current assets
Trade receivables and reseller financing			4,337,118				(157,198	)			(32,026	)			—				—				4,147,894
Inventories			3,491,879				—				21,698				—				133				3,513,710
Contractual assets with customers – exclusive rights			—				—				456,213				—				—				456,213
Other current assets			7,372,294				—				—				—				—				7,372,294
Total current assets			15,201,291				(157,198	)			445,885				—				133				15,490,111
Non-current assets
Contractual assets with customers – exclusive rights			—				—				1,046,147				—				—				1,046,147
Deferred income and social contribution taxes			545,611				53,447				15,003				—				—				614,061
Other non-current assets			2,107,965				—				—				—				—				2,107,965
Total long term assets			2,653,576				53,447				1,061,150				—				—				3,768,173
Investments			150,194				—				—				—				—				150,194
Property, plant, and equipment			6,607,788				—				—				26,740				3,298				6,637,826
Intangible assets			3,727,473				—				(1,538,095	)			(26,740	)			75,404				2,238,042
Total non-current assets			13,139,031				53,447				(476,945	)			—				78,702				12,794,235
Total assets			28,340,322				(103,751	)			(31,060	)			—				78,835				28,284,346

Liabilities		As previously reported – 12/31/2017				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				Fair value CBLSA (4)				After adoption IFRS 9 and 15 and reclassification – 12/31/2017
Current liabilities
Taxes payable			225,829				—				(4,300	)			—				—				221,529
Other current liabilities			6,788,159				—				—								—				6,788,159
Total current liabilities			7,013,988				—				(4,300	)			—				—				7,009,688
Non-current liabilities
Deferred income and social contribution taxes			38,524				—				—				—				45,118				83,642
Other non-current assets			11,566,978				—				—				—								11,566,978
Total non-current liabilities			11,605,502				—				—				—				45,118				11,650,620
Equity
Profit reserves			3,760,079				(103,468	)			(26,760	)			—				—				3,629,851
Valuation adjustments			159,643				—				—				—				(4,819	)			154,824
Other equity items			5,461,539				—												—				5,461,539
Equity attributable to:
Shareholders of the Company			9,381,261				(103,468	)			(26,760	)			—				(4,819	)			9,246,214
Non-controlling interests in subsidiaries			339,571				(283	)							—				38,536				377,824
Total equity			9,720,832				(103,751	)			(26,760	)			—				33,717				9,624,038
Total liabilities and equity			28,340,322				(103,751	)			(31,060	)			—				78,835				28,284,346

Statements of Profit or Loss

		As previously reported – 2017				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification – 2017
Net revenue from sales and services			80,007,422				—				(474,628	)			(302,780	)			79,230,014
Cost of products and services sold			(72,735,781	)			—				1,528				302,780				(72,431,473	)
Gross profit			7,271,641				—				(473,100	)			—				6,798,541
Operating income (expenses)
Selling and marketing			(2,885,311	)			(72,485	)			471,407				—				(2,486,389	)
Other operating income (expenses) items			(1,519,410	)			—				—				—				(1,519,410	)
Operating income before financial income (expenses) and share of profit of joint ventures and associates			2,866,920				(72,485	)			(1,693	)			—				2,792,742
Financial result, net			(474,296	)			—				—				—				(474,296	)
Share of profit of joint ventures and associates			20,673				—				—				—				20,673
Income before income and social contribution taxes			2,413,297				(72,485	)			(1,693	)			—				2,339,119
Income and social contribution taxes
Current			(922,458	)			—				—				—				(922,458	)
Deferred			83,029				25,599				576				—				109,204
			(839,429	)			25,599				576				—				(813,254	)
Net income for the year			1,573,868				(46,886	)			(1,117	)			—				1,525,865
Net income for the year attributable to:
Shareholders of the Company			1,574,306				(46,825	)			(976	)			—				1,526,505
Non-controlling interests in subsidiaries			(438	)			(61	)			(141	)			—				(640	)
Earnings per share (based on weighted average number of shares outstanding) – R$
Basic			1.4528																1.4084
Diluted			1.4423																1.3984

Statements of Cash Flows

		As previously reported –2017				IFRS 9 adoption (1)				IFRS 15 adoption (2)				Reclassifications (3)				After adoption IFRS 9 and 15 and reclassification –2017
Cash flows from operating activities
Net income for the year			1,573,868				(46,886	)			(1,117	)			—				1,525,865
Adjustments to reconcile net income to cash provided by operating activities
Share of loss (profit) of joint ventures and associates			(20,673	)			—				—				—				(20,673	)
Amortization of contractual assets with customers – exclusive rights			—				—				463,049				—				463,049
Depreciation and amortization			1,175,951				—				(471,407	)			—				704,544
PIS and COFINS credits on depreciation			13,134				—				—				—				13,134
Asset retirement obligation			(15,432	)			—				—				15,432				—
Interest, monetary, and foreign exchange rate variations			854,671				—				—				—				854,671
Deferred income and social contribution taxes			(83,029	)			(25,599	)			(576	)			—				(109,204	)
(Gain) loss on disposal of property, plant and equipment and intangibles			2,242				—				—				—				2,242
Estimated credit losses on doubtful accounts			—				—				—				132,756				132,756
Provision for losses in inventories			—				—				—				(802	)			(802	)
Provision for post-employment benefits			—				—				—				13,968				13,968
Other provisions and adjustments			(868	)			—				2,407				—				1,539
			3,499,864				(72,485	)			(7,644	)			161,354				3,581,089
(Increase) decrease in current assets
Trade receivables and reseller financing			(665,145	)			72,485				(3,006	)			(129,574	)			(725,240	)
Inventories			(605,757	)			—				—				(727	)			(606,484	)
Other current asset items			30,860				—				—				—				30,860
Increase (decrease) in current liabilities
Taxes payable			34,707				—				—				(1,653	)			33,054
Insurance and other payables			(33,955	)			—				—				(15,432	)			(49,387	)
Other current liabilities items			1,216,294				—				—				—				1,216,294
(Increase) decrease in non-current assets
Other non-current asset items			(393,991	)			—				—				—				(393,991	)
Increase (decrease) in non-current liabilities
Post-employment benefits			13,209				—				—				(13,968	)			(759	)
Other non-current liabilities items			20,142				—				—				—				20,142
Payments of contractual assets with customers – exclusive rights			—				—				(529,732	)			—				(529,732	)
Income and social contribution taxes paid			(836,808	)			—				—				—				(836,808	)
Net cash provided by operating activities			2,279,420				—				(540,382	)			—				1,739,038
Cash flows from investing activities
Acquisition of property, plant, and equipment			(1,262,558	)			—				—				(39,629	)			(1,302,187	)
Acquisition of intangible assets			(801,971	)			—				540,382				39,629				(221,960	)
Other investing activities items			152,392				—				—				—				152,392
Net cash used in investing activities			(1,912,137	)			—				540,382				—				(1,371,755	)
Net cash provided by financing activities			340,349				—				—				—				340,349
Effect of exchange rate changes on cash and cash equivalents in foreign currency			20,214				—				—				—				20,214
Increase in cash and cash equivalents			727,846				—				—				—				727,846
Cash and cash equivalents at the beginning of the year			4,274,158				—				—				—				4,274,158
Cash and cash equivalents at the end of the year			5,002,004				—				—				—				5,002,004

Summary of Adoption of Pronouncesments Issued

The following standards, amendments, and interpretations to IFRS were issued by the IASB are not effective as of December 31, 2018:

		Effective date
(i) IFRS 16—Lease: requires lessees’ record, in the financial statements, a liability reflecting future payments of a lease and the right to use an asset for the lease contracts, except for certain short-term leases and low asset value contracts. The criteria for recognition and measurement of leases in the financial statements of lessors are substantially maintained.		2019
(ii)  Uncertainty over income tax treatments – IFRIC 23: clarifies how to apply the recognition and measurement requirements in IAS 12– when there is uncertainty over income tax treatments. In such circumstance, an entity shall recognize and measure its current or deferred tax asset or liability applying the requirements in IAS 12 based on taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, applying this interpretation.		2019

IFRS 16 [member]

Statement [LineItems]

Summary of he Range Of Estimated Impacts On the Adoption Of the Ifrs 16

The table below summarizes the range of estimated impacts on the adoption of the IFRS 16, as of January 1, 2019:

		From				To
Current assets
Prepaid expenses			(38,939	)			(38,939	)
Non-current assets
Prepaid expenses			(288,630	)			(288,630	)
Right of use assets			1,731,314				1,940,091
Intangible assets			(39,178	)			(39,178	)
Total assets			1,364,567				1,573,344
Current liabilities
Lease contracts payable			184,136				219,399
Non-Current liabilities
Lease contracts payable			1,180,431				1,353,945
Total liabilities			1,364,567				1,573,344

X

- Definition

The disclosure of the known or reasonably estimable information relevant to assessing the possible impact that the application of a new IFRS, that has been issued but is not yet effective, will have.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 8
-IssueDate 2018-01-01
-Paragraph 30
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=8&date=2018-03-01&anchor=para_30_b&doctype=Standard
-URIDate 2018-03-16

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Namespace Prefix:	ifrs-full_
Data Type:	nonnum:textBlockItemType
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Period Type:	duration

X

- Definition

The disclosure of changes in accounting estimates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 8
-IssueDate 2018-01-01
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