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v3.20.1

Risks and Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Assets and liabilities in foreign currencies | Assets and Liabilities in Foreign Currencies
In millions of Brazilian Reais |  | 12/31/2019 |  |  | 12/31/2018 |
Assets in foreign currency |  |  |  |  |  |  |  |
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) |  |  | 455.6 |  |  |  | 254.2 |
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers |  |  | 213.5 |  |  |  | 235.1 |
Other net assets in foreign (except cash, cash equivalents, financial investments, trade receivables, financing, and payables) |  |  | 1,445.0 |  |  |  | 1,384.9 |
|  |  | 2,114.1 |  |  |  | 1,874.2 |
Liabilities in foreign currency |  |  |  |  |  |  |  |
Financing in foreign currency, gross of transaction costs and discount |  |  | (6,895.1 | ) |  |  | (5,515.6 | )
Payables arising from imports, net of advances to foreign suppliers |  |  | (344.5 | ) |  |  | (567.7 | )
|  |  | (7,239.6 | ) |  |  | (6,083.3 | )
Foreign currency hedging instruments |  |  | 3,636.4 |  |  |  | 2,483.0 |
Net liability position – Total |  |  | (1,489.1 | ) |  |  | (1,726.1 | )
Net asset (liability) position – Income statement effect |  |  | 452.0 |  |  |  | 282.7 |
Net liability position – Equity effect |  |  | (1,941.1 | ) |  |  | (2,008.8 | )
Sensitivity analysis of assets and liabilities in foreign currency | The table below shows, in the three scenarios, the effects of exchange rate changes on the net liability position of R$ 1,489.1 million in foreign currency as of December 31, 2019:
In millions of Brazilian Reais |  | Risk |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  | Likely |  |  | 25% |  |  | 50% |
(1) Income statement effect |  | Real devaluation |  |  | 45.2 |  |  |  | 113.0 |  |  |  | 226.0 |
(2) Equity effect |  |  | (194.1 | ) |  |  | (485.3 | ) |  |  | (970.6 | )
(1) + (2) |  | Net effect |  |  | (148.9 | ) |  |  | (372.3 | ) |  |  | (744.6 | )
(3) Income statement effect |  | Real appreciation |  |  | (45.2 | ) |  |  | (113.0 | ) |  |  | (226.0 | )
(4) Equity effect |  |  | 194.1 |  |  |  | 485.3 |  |  |  | 970.6 |
(3) + (4) |  | Net effect |  |  | 148.9 |  |  |  | 372.3 |  |  |  | 744.6 |
The table below shows, in the three scenarios, the effects of exchange rate changes on the net liability position of R$ 1,726.1 million in foreign currency as of December 31, 2018:
In millions of Brazilian Reais |  | Risk |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  | Likely |  |  | 25% |  |  | 50% |
(1) Income statement effect |  | Real devaluation |  |  | 28.3 |  |  |  | 70.7 |  |  |  | 141.4 |
(2) Equity effect |  |  | (200.9 | ) |  |  | (502.2 | ) |  |  | (1.004.4 | )
(1) + (2) |  | Net effect |  |  | (172.6 | ) |  |  | (431.5 | ) |  |  | (863.0 | )
(3) Income statement effect |  | Real appreciation |  |  | (28.3 | ) |  |  | (70.7 | ) |  |  | (141.4 | )
(4) Equity effect |  |  | 200.9 |  |  |  | 502.2 |  |  |  | 1.004.4 |
(3) + (4) |  | Net effect |  |  | 172.6 |  |  |  | 431.5 |  |  |  | 863.0 |
Financial assets and liabilities exposed to floating interest rates | The financial assets and liabilities exposed to floating interest rates are demonstrated below:
In millions of Brazilian Reais |  | Note |  | 12/31/2019 |  |  | 12/31/2018 |
DI |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | 4.a |  |  | 1,780.9 |  |  |  | 3,722.3 |
Financial investments |  | 4.b |  |  | 2,610.7 |  |  |  | 2,537.3 |
Asset position of foreign exchange hedging instruments—DI |  | 34.g |  |  | 19.3 |  |  |  | 33.9 |
Loans and debentures |  | 16.a |  |  | (6,268.6 | ) |  |  | (8,440.9 | )
Liability position of foreign exchange hedging instruments—DI |  | 34.g |  |  | (3,318.3 | ) |  |  | (2,205.5 | )
Liability position of fixed interest instruments + IPCA – DI |  | 34.g |  |  | (821.9 | ) |  |  | (823.5 | )
Net liability position in DI |  |  |  |  | (5,997.9 | ) |  |  | (5,176.4 | )
TJLP |  |  |  |  |  |  |  |  |  |
Loans – TJLP |  | 16.a |  |  | (103.9 | ) |  |  | (201.2 | )
Net liability position in TJLP |  |  |  |  | (103.9 | ) |  |  | (201.2 | )
LIBOR |  |  |  |  |  |  |  |  |  |
Asset position of foreign exchange hedging instruments—LIBOR |  | 34.g |  |  | 850.3 |  |  |  | 811.6 |
Loans—LIBOR |  | 16.a |  |  | (1,457.3 | ) |  |  | (1,437.1 | )
Net liability position in LIBOR |  |  |  |  | (607.0 | ) |  |  | (625.5 | )
TIIE |  |  |  |  |  |  |  |  |  |
Loans—TIIE |  | 16.a |  |  | 0 |  |  |  | (4.0 | )
Net liability position in TIIE |  |  |  |  | 0 |  |  |  | (4.0 | )
SELIC |  |  |  |  |  |  |  |  |  |
Loans – SELIC |  | 16.a |  |  | (30.4 | ) |  |  | (51.5 | )
Net liability position in SELIC |  |  |  |  | (30.4 | ) |  |  | (51.5 | )
Total net liability position exposed to floating interest |  |  |  |  | (6,739.2 | ) |  |  | (6,058.6 | )
Sensitivity analysis of floating interest rate risk | The tables below show the incremental expenses and income that would be recognized in financial income, due to the effect of floating interest rate changes in different scenarios.
|  |  |  | 12/31/2019 |
In millions of Brazilian Reais |  | Risk |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  | Likely |  |  | 25% |  |  | 50% |
Exposure of interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest effect on cash equivalents and financial investments |  | Increase in DI |  |  | 29.3 |  |  |  | 73.3 |  |  |  | 146.5 |
Foreign exchange hedging instruments (assets in CDI) effect |  | Increase in DI |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.3 |
Interest effect on debt in DI |  | Increase in DI |  |  | (44.5 | ) |  |  | (111.2 | ) |  |  | (222.3 | )
Interest rate hedging instruments (liabilities in CDI) effect |  | Increase in DI |  |  | (39.2 | ) |  |  | (85.6 | ) |  |  | (162.9 | )
Incremental expenses |  |  |  |  | (54.3 | ) |  |  | (123.4 | ) |  |  | (238.4 | )
Interest effect on debt in TJLP |  | Increase in TJLP |  |  | (1.2 | ) |  |  | (3.0 | ) |  |  | (6.1 | )
Incremental expenses |  |  |  |  | (1.2 | ) |  |  | (3.0 | ) |  |  | (6.1 | )
Foreign exchange hedging instruments (assets in LIBOR) effect |  | Increase in LIBOR |  |  | 1.7 |  |  |  | 4.3 |  |  |  | 8.6 |
Interest effect on debt in LIBOR |  | Increase in LIBOR |  |  | (3.6 | ) |  |  | (8.9 | ) |  |  | (17.8 | )
Incremental expenses |  |  |  |  | (1.9 | ) |  |  | (4.6 | ) |  |  | (9.2 | )
Interest effect on debt in TIIE |  | Increase in TIIE |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Incremental expenses |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Interest effect on debt in SELIC |  | Increase in SELIC |  |  | (0.3 | ) |  |  | (0.6 | ) |  |  | (1.3 | )
Incremental expenses |  |  |  |  | (0.3 | ) |  |  | (0.6 | ) |  |  | (1.3 | )
|  |  |  | 12/31/2018 |
In millions of Brazilian Reais |  | Risk |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  | Likely |  |  | 25% |  |  | 50% |
Exposure of interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest effect on cash equivalents and financial investments |  | Increase in DI |  |  | 32.7 |  |  |  | 81.7 |  |  |  | 163.3 |
Foreign exchange hedging instruments (assets in DI) effect |  | Increase in DI |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.5 |
Interest effect on debt in DI |  | Increase in DI |  |  | (55.0 | ) |  |  | (137.4 | ) |  |  | (274.9 | )
Interest rate hedging instruments (liabilities in DI) effect |  | Increase in DI |  |  | (33.7 | ) |  |  | (73.4 | ) |  |  | (139.6 | )
Incremental expenses |  |  |  |  | (55.9 | ) |  |  | (128.9 | ) |  |  | (250.7 | )
Interest effect on debt in TJLP |  | Increase in TJLP |  |  | (1.7 | ) |  |  | (4.2 | ) |  |  | (8.3 | )
Incremental expenses |  |  |  |  | (1.7 | ) |  |  | (4.2 | ) |  |  | (8.3 | )
Foreign exchange hedging instruments (assets in LIBOR) effect |  | Increase in LIBOR |  |  | 2.8 |  |  |  | 6.9 |  |  |  | 13.9 |
Interest effect on debt in LIBOR |  | Increase in LIBOR |  |  | (3.6 | ) |  |  | (9.1 | ) |  |  | (18.1 | )
Incremental expenses |  |  |  |  | (0.8 | ) |  |  | (2.2 | ) |  |  | (4.2 | )
Interest effect on debt in TIIE |  | Increase in TIIE |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.5 | )
Incremental expenses |  |  |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.5 | )
Interest effect on debt in SELIC |  | Increase in SELIC |  |  | (0.4 | ) |  |  | (1.0 | ) |  |  | (2.0 | )
Incremental expenses |  |  |  |  | (0.4 | ) |  |  | (1.0 | ) |  |  | (2.0 | )
Summary of Credit Risk of Cash, Cash Equivalents and Financial Investments | The credit risk of financial institution and government of cash, cash equivalents and financial investments is summarized below:
|  | Fair Value |
Counterparty credit rating |  | 12/31/2019 |  |  | 12/31/2018 |
AAA |  |  | 4,906,077 |  |  |  | 5,933,671 |
AA |  |  | 331,512 |  |  |  | 707,358 |
A |  |  | 418,020 |  |  |  | 262,553 |
BBB |  |  | 56,488 |  |  |  | 90,824 |
Total |  |  | 5,712,097 |  |  |  | 6,994,406 |
Allowance for expected losses on doubtful accounts balances on trade receivables | The subsidiaries of the Company request guarantees related to trade receivables and other receivables in specific situations to customers, but these guarantees don’t influence in the calculation of risk of loss. The subsidiaries of the Company maintained the following allowance for
|  | 12/31/2019 |  |  | 12/31/2018 |
Ipiranga |  |  | 447,235 |  |  |  | 442,486 |
Ultragaz |  |  | 94,985 |  |  |  | 61,975 |
Oxiteno |  |  | 13,252 |  |  |  | 12,371 |
Extrafarma |  |  | 3,419 |  |  |  | 5,858 |
Ultracargo |  |  | 2,001 |  |  |  | 2,089 |
Total |  |  | 560,892 |  |  |  | 524,779 |
credit risk exposure | The table below presents information about credit risk exposure:
|  | 12/31/2019 |  |  | 12/31/2018 |
|  | Weighted average rate of losses |  |  | Accounting balance |  |  | Provision for losses |  |  | Weighted average rate of losses |  |  | Accounting balance |  |  | Provision for losses |
Current |  |  | 1.3 | % |  |  | 3,843,803 |  |  |  | 50,198 |  |  |  | 1.5 | % |  |  | 4,372,784 |  |  |  | 66,208 |
less than 30 days |  |  | 2.1 | % |  |  | 185,612 |  |  |  | 3,975 |  |  |  | 4.0 | % |  |  | 132,884 |  |  |  | 5,344 |
31-60 days |  |  | 7.1 | % |  |  | 37,801 |  |  |  | 2,688 |  |  |  | 7.9 | % |  |  | 68,733 |  |  |  | 5,396 |
61-90 days |  |  | 20.4 | % |  |  | 24,861 |  |  |  | 5,062 |  |  |  | 11.3 | % |  |  | 59,006 |  |  |  | 6,664 |
91-180 days |  |  | 41.8 | % |  |  | 91,633 |  |  |  | 38,337 |  |  |  | 55.8 | % |  |  | 105,703 |  |  |  | 58,959 |
more than 180 days |  |  | 53.1 | % |  |  | 867,618 |  |  |  | 460,632 |  |  |  | 58.6 | % |  |  | 652,075 |  |  |  | 382,208 |
|  |  |  |  |  |  | 5,051,328 |  |  |  | 560,892 |  |  |  |  |  |  |  | 5,391,185 |  |  |  | 524,779 |
Summary of allowance for doubtful accounts on trade receivables by geographic area | The information about expected losses on doubtful a c counts balances by geographic area are as follows:
|  | 12/31/2019 |  |  | 12/31/2018 |
Brasil |  |  | 550,928 |  |  |  | 513,136 |
México |  |  | 1,123 |  |  |  | 621 |
Uruguai |  |  | 267 |  |  |  | 257 |
Outros países da América Latina |  |  | 561 |  |  |  | 1,750 |
Estados Unidos e Canadá |  |  | 889 |  |  |  | 1,394 |
Europa |  |  | 7,075 |  |  |  | 6,842 |
Outros |  |  | 49 |  |  |  | 779 |
|  |  | 560,892 |  |  |  | 524,779 |
Contractual undiscounted cash outflows | The table below presents a summary of financial liabilities as of December 31, 2019 by the Company and its subsidiaries, listed by maturity. The amounts disclosed in this table are the contractual undiscounted cash outflows, and, therefore, these amounts may be different from the amounts disclosed on the balance sheet.
|  | 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) |  |  | 17,224.8 |  |  |  | 1,532.0 |  |  |  | 5,954.9 |  |  |  | 4,686.3 |  |  |  | 5,051.5 |
Currency and interest rate hedging instruments (3) |  |  | 588.4 |  |  |  | 131.1 |  |  |  | 143.7 |  |  |  | 129.3 |  |  |  | 184.3 |
Trade payables |  |  | 2,700.1 |  |  |  | 2,700.1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Leases payable |  |  | 2,043.8 |  |  |  | 310.0 |  |  |  | 904.7 |  |  |  | 508.7 |  |  |  | 320.4 |
(1) | To calculate the estimated interest on loans some macroeconomic assumptions were used, including averaging for the period the following: (i) DI of % 4.40% to 2020, 4.95% to 2021, 5.57% to 2022 and 6.01% to 2023, (ii) exchange rate of the Real against the U.S. dollar of R$ 4,05 in 2020, R$ 4.17 in 2021, R$ 4.33 in 2022, R$ 4.52 in 2023, R$ 4.73 in 2024, R$ 4.93 in 2025, R$ 5.13 in 2026, R$ 5.34 in 2027, R$ 5.56 in 2028 and R$ 5.78 in 2029 (iii) TJLP of 5.57%, (iv) IGP-M of 4.18% in 2020, 3.99% in 2021, 3.75% in 2022, 3.58% as from 2023 and (v) IPCA of 3.46% in 2020, 3.45% in 2021, 3.50% in 2022 and 3.25% as from 2023(source:B3, Bulletin Focus and financial institutions).
(2) | Includes estimated interest payments on short-term and long-term loans until the payment date.
(3) | The currency and interest rate hedging instruments were estimated based on projected U.S dollar futures contracts and the futures curves of DI x Pre and Pre x IPCA contracts quoted on B3 on December 28, 2019 and on the futures curve of LIBOR (ICE—IntercontinentalExchange) and commodities heating oil contracts and RBOB quoted on New York Mercantile Exchange (“NYMEX”) on December 31, 2019. In the table above, only the hedging instruments with negative results at the time of settlement were considered.
Position of hedging instruments | The table below summarizes the position of hedging instruments entered by the Company and its subsidiaries: Designated as hedge accounting
Product |  | Hedged object |  |  | Rates agreement |  |  | Maturity |  |  | Notional amount 1 |  |  | Fair value |
|  |  |  |  | Assets |  |  | Liabilities |  |  |  |  |  | 12/31/2019 |  |  | 12/31/2018 |  |  | 12/31/2019 |  |  | 12/31/2018 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | R$ million |  |  | R$ million |
Foreign exchange swap |  |  | Debt |  |  |  | USD + 4.51 % |  |  |  | 104.0% DI |  |  |  | nov-23 |  |  | USD | 245.0 |  |  | USD | 245.0 |  |  |  | 69.3 |  |  |  | (10.3 | )
Foreign exchange swap |  |  | Debt |  |  |  | LIBOR-3M + 1.11% = 4.1% |  |  |  | 105.0% DI |  |  |  | jul-23 |  |  | USD | 150.0 |  |  | USD | 150.0 |  |  |  | 75.0 |  |  |  | 45.6 |
Interest rate swap |  |  | Debt |  |  |  | 4.57% + IPCA |  |  |  | 95.8% DI |  |  |  | oct-24 |  |  | R$ | 806.1 |  |  | R$ | 806.1 |  |  |  | 144.1 |  |  |  | 35.6 |
Interest rate swap |  |  | Debt |  |  |  | 6.47% |  |  |  | 100% DI |  |  |  | nov-24 |  |  | R$ | 90.0 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Zero Cost Collar |  |  | Operating margin |  |  |  | Put USD 3.68 |  |  |  | Call USD 4.60 |  |  |  | dec-20 |  |  | USD | 60.0 |  |  | USD | 149.4 |  |  |  | (0.1 | ) |  |  | 0.3 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 288.9 |  |  |  | 71.2 |
Not designated as hedge accounting
Product |  | Hedged object |  | Rates agreement |  | Maturity |  | Notional amount 1 |  |  | Fair value |
|  |  |  | Assets |  | Liabilities |  |  |  | 12/31/2019 |  |  | 12/31/2018 |  |  | 12/31/2019 |  |  | 12/31/2018 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | R$ million |  |  | R$ million |
Foreign exchange swap |  | Debt |  | USD + 3.60% |  | 65.0% DI |  | jun-29 |  | USD | 853.0 |  |  | USD | 758.3 |  |  |  | 353.5 |  |  |  | 246.5 |
Foreign exchange swap |  | Debt |  | LIBOR-3M + 2.0% = 4.3% |  | 105.9% DI |  | jun-20 |  | USD | 60.0 |  |  | USD | 60.0 |  |  |  | 48.5 |  |  |  | 38.0 |
Foreign exchange swap |  | Firm commitments |  | USD + 0.00% |  | 39.9% DI |  | oct-19 |  | USD | 17.9 |  |  | USD | 98.5 |  |  |  | (2.2 | ) |  |  | (8.6 | )
Foreign exchange swap |  | Operating margin |  | 34.8% DI |  | USD + 0.00% |  | feb-20 |  | USD | 4.7 |  |  | USD | 8.9 |  |  |  | 0.6 |  |  |  | 0.1 |
NDF |  | Firm commitments |  | BRL |  | USD |  | jan-20 |  | USD | 71.6 |  |  |  | — |  |  |  | (1.1 | ) |  |  | — |
Term |  | Firm commitments |  | BRL |  | Heating oil / RBOB |  | jan-20 |  | USD | 56.0 |  |  |  | — |  |  |  | (1.3 | ) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 398.0 |  |  |  | 276.0 |
(1) | In million. Currency as indicated.
Foreign Exchange Hedging Instruments Designated as Fair Value Hedge | The foreign exchange hedging instruments designated as fair value hedge are:
In millions, except the DI % |  | 12/31/2019 |  |  | 12/31/2018 |
Notional amount – US$ |  |  | 395.0 |  |  |  | 395.0 |
Result of hedging instruments – gain/(loss) – R$ |  |  | 79.5 |  |  |  | 149.2 |
Fair value adjustment of debt – R$ |  |  | (36.8 | ) |  |  | (28.5 | )
Financial expense in the statements of profit or loss – R$ |  |  | (130.3 | ) |  |  | (215.9 | )
Average effective cost – DI % |  |  | 104.4 |  |  |  | 104.4 |
For more information, see Note 16.c.1. The interest rate hedging instruments designated as fair value hedge are:
In millions, except the DI % |  | 12/31/2019 |  |  | 12/31/2018 |
Notional amount – R$ |  |  | 806.1 |  |  |  | 806.1 |
Result of hedging instruments – gain/(loss) – R$ |  |  | 73.0 |  |  |  | 25.8 |
Fair value adjustment of debt – R$ |  |  | (77.0 | ) |  |  | (13.3 | )
Financial expense in the statements of profit or loss – R$ |  |  | (68.1 | ) |  |  | (50.2 | )
Average effective cost – DI % |  |  | 95.8 |  |  |  | 95.8 |
For more information, see Notes 16.g.2, 16.g.4 and 16.g.6.
In millions, except the DI % |  | 12/31/2019 |  |  | 12/31/2018 |
Notional amount – R$ |  |  | 90.0 |  |  |  | — |
Result of hedging instruments – gain/(loss) – R$ |  |  | 0.6 |  |  |  | — |
Fair value adjustment of debt – R$ |  |  | (0.2 | ) |  |  | — |
Financial expense in the statements of profit or loss – R$ |  |  | (0.4 | ) |  |  | — |
Average effective cost – CDI % |  |  | 99.9 |  |  |  | — |
Value of gains (losses) recognized | The following tables summarize the value of gains (losses) recognized, which affected the equity of the Company and its subsidiaries:
|  | 2019 |
|  | R$ million |
|  | Profit or loss |  |  | Equity |
a – Exchange rate swaps receivable in U.S. dollars (i) (ii) |  |  | 230.0 |  |  |  | 0.0 |
b – Exchange rate swaps payable in U.S. dollars (ii) |  |  | (1.7 | ) |  |  | (0.1 | )
c – Interest rate swaps in R$ (iii) |  |  | (4.0 | ) |  |  | 0 |
d – Non-derivative financial instruments (iv) |  |  | (262.1 | ) |  |  | (349.0 | )
Total |  |  | (37.8 | ) |  |  | (349.0 | )
|  | 2018 |
|  | R$ million |
|  | Profit or loss |  |  | Equity |
a – Exchange rate swaps receivable in U.S. dollars (i) (ii) |  |  | 181.5 |  |  |  | — |
b – Exchange rate swaps payable in U.S. dollars (ii) |  |  | (3.8 | ) |  |  | 0.2 |
c – Interest rate swaps in R$ (iii) |  |  | 12.5 |  |  |  | — |
d – Non-derivative financial instruments (iv) |  |  | (134.0 | ) |  |  | (289.6 | )
Total |  |  | 56.2 |  |  |  | (289.4 | )
|  | 2017 |
|  | R$ million |
|  | 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 | )
(i) | Does not consider the effect of exchange rate variation of exchange Swaps receivable in U.S. dollars when this effect is offset in the gain or loss of the hedged item (debt/firm commitments);
(ii) | Considers the designation effect of foreign exchange hedging;
(iii) | Considers the designation effect of interest rate hedging in Brazilian Reais; and
(iv) | Considers the results of notes in the foreign market (for further information see Note 16.b).
Fair values and the carrying values of the financial instruments | The fair values and the carrying values of the financial instruments, including currency and interest rate hedging instruments, are stated below:
|  |  |  |  |  |  |  | 12/31/2019 |  |  | 12/31/2018 |
|  | Category |  |  | Note |  |  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and bank deposits |  |  | Measured at amortized cost |  |  |  | 4.a |  |  |  | 284,992 |  |  |  | 284,992 |  |  |  | 205,482 |  |  |  | 205,482 |
Financial investments in local currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.a |  |  |  | 1,780,939 |  |  |  | 1,780,939 |  |  |  | 3,722,308 |  |  |  | 3,722,308 |
Financial investments in foreign currency |  |  | Measured at fair value through profit or loss |  |  |  | 4.a |  |  |  | 49,448 |  |  |  | 49,448 |  |  |  | 11,161 |  |  |  | 11,161 |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency |  |  | Measured at fair value through profit or loss |  |  |  | 4.b |  |  |  | 1,937,967 |  |  |  | 1,937,967 |  |  |  | 2,462,018 |  |  |  | 2,462,018 |
Fixed-income securities and funds in local currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.b |  |  |  | 595,816 |  |  |  | 595,816 |  |  |  | 2,208 |  |  |  | 2,208 |
Fixed-income securities and funds in local currency |  |  | Measured at amortized cost |  |  |  | 4.b |  |  |  | 76,904 |  |  |  | 76,904 |  |  |  | 73,089 |  |  |  | 73,089 |
Fixed-income securities and funds in foreign currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.b |  |  |  | 303,417 |  |  |  | 303,417 |  |  |  | 154,811 |  |  |  | 154,811 |
Currency and interest rate hedging and commodities instruments |  |  | Measured at fair value through profit or loss |  |  |  | 4.b |  |  |  | 682,615 |  |  |  | 682,615 |  |  |  | 363,329 |  |  |  | 363,329 |
Trade Receivables |  |  | Measured at amortized cost |  |  |  | 5.a |  |  |  | 3,689,500 |  |  |  | 3,663,247 |  |  |  | 4,150,876 |  |  |  | 4,111,971 |
Reseller Financing |  |  | Measured at amortized cost |  |  |  | 5.b |  |  |  | 800,936 |  |  |  | 839,090 |  |  |  | 715,530 |  |  |  | 752,471 |
Total |  |  |  |  |  |  |  |  |  |  | 10,202,533 |  |  |  | 10,214,435 |  |  |  | 11,860,812 |  |  |  | 11,858,848 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing |  |  | Measured at fair value through profit or loss |  |  |  | 16.a |  |  |  | 1,666,092 |  |  |  | 1,666,092 |  |  |  | 1,567,374 |  |  |  | 1,567,374 |
Financing |  |  | Measured at amortized cost |  |  |  | 16.a |  |  |  | 6,008,415 |  |  |  | 7,268,742 |  |  |  | 6,889,310 |  |  |  | 6,840,079 |
Debentures |  |  | Measured at amortized cost |  |  |  | 16.a |  |  |  | 5,657,339 |  |  |  | 5,603,669 |  |  |  | 5,826,242 |  |  |  | 5,770,979 |
Debentures |  |  | Measured at fair value through profit or loss |  |  |  | 16.a |  |  |  | 1,030,892 |  |  |  | 1,030,891 |  |  |  | 833,213 |  |  |  | 833,213 |
Leases payable |  |  | Measured at amortized cost |  |  |  | 13 |  |  |  | 1,588,673 |  |  |  | 1,588,673 |  |  |  | 46,066 |  |  |  | 46,066 |
Commodities, currency and interest rate hedging instruments |  |  | Measured at fair value through profit or loss |  |  |  | 16 |  |  |  | 29,985 |  |  |  | 29,985 |  |  |  | 43,944 |  |  |  | 43,944 |
Trade payable |  |  | Measured at amortized cost |  |  |  | 17 |  |  |  | 2,700,071 |  |  |  | 2,678,808 |  |  |  | 2,731,677 |  |  |  | 2,710,352 |
Subscription warrants – indemnification |  |  | Measured at fair value through profit or loss |  |  |  | 25 |  |  |  | 130,657 |  |  |  | 130,657 |  |  |  | 123,095 |  |  |  | 123,095 |
Total |  |  |  |  |  |  |  |  |  |  | 18,812,123 |  |  |  | 19,997,517 |  |  |  | 18,060,921 |  |  |  | 17,935,102 |
Summary of the financial assets and financial liabilities measured at fair value | The table below shows the categories of the financial assets and financial liabilities:
|  | Category |  |  | Note |  |  | 12/31/2019 |  |  | Level 1 |  |  | Level 2 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks |  |  | Measured at amortized cost |  |  |  | 4.a |  |  |  | 284,992 |  |  |  | 284,992 |  |  |  | — |
Financial investments in local currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.a |  |  |  | 1,780,939 |  |  |  | — |  |  |  | 1,780,939 |
Financial investments in foreign currency |  |  | Measured at fair value through profit or loss |  |  |  | 4.a |  |  |  | 49,448 |  |  |  | 49,448 |  |  |  | — |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency |  |  | Measured at fair value through profit or loss |  |  |  | 4.b |  |  |  | 1,937,967 |  |  |  | 1,937,967 |  |  |  | — |
Fixed-income securities and funds in local currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.b |  |  |  | 595,816 |  |  |  | — |  |  |  | 595,816 |
Fixed-income securities and funds in local currency |  |  | Measured at amortized cost |  |  |  | 4.b |  |  |  | 76,904 |  |  |  | — |  |  |  | 76,904 |
Fixed-income securities and funds in foreign currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.b |  |  |  | 303,417 |  |  |  | 18,985 |  |  |  | 284,432 |
Currency and interest rate hedging instruments |  |  | Measured at fair value through profit or loss |  |  |  | 4.b |  |  |  | 682,615 |  |  |  | — |  |  |  | 682,615 |
Trade Receivables |  |  | Measured at amortized cost |  |  |  | 5.a |  |  |  | 3,663,247 |  |  |  | — |  |  |  | 3,663,247 |
Reseller Financing |  |  | Measured at amortized cost |  |  |  | 5.b |  |  |  | 839,090 |  |  |  | — |  |  |  | 839,090 |
Total |  |  |  |  |  |  |  |  |  |  | 10,214,435 |  |  |  | 2,291,392 |  |  |  | 7,923,043 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing |  |  | Measured at fair value through profit or loss |  |  |  | 16 |  |  |  | 1,666,092 |  |  |  | — |  |  |  | 1,666,092 |
Financing |  |  | Measured at amortized cost |  |  |  | 16 |  |  |  | 7,268,742 |  |  |  | 4,587,932 |  |  |  | 2,680,810 |
Debentures |  |  | Measured at amortized cost |  |  |  | 16 |  |  |  | 5,603,669 |  |  |  | — |  |  |  | 5,603,669 |
Debentures |  |  | Measured at fair value through profit or loss |  |  |  | 16 |  |  |  | 1,030,891 |  |  |  | — |  |  |  | 1,030,891 |
Leases payable |  |  | Measured at amortized cost |  |  |  | 13 |  |  |  | 1,588,673 |  |  |  | — |  |  |  | 1,588,673 |
Currency and interest rate hedging instruments |  |  | Measured at fair value through profit or loss |  |  |  | 16 |  |  |  | 29,985 |  |  |  | — |  |  |  | 29,985 |
Trade payables |  |  | Measured at amortized cost |  |  |  | 17 |  |  |  | 2,678,808 |  |  |  | — |  |  |  | 2,678,808 |
Subscription warrants – indemnification (1) |  |  | Measured at fair value through profit or loss |  |  |  | 25 |  |  |  | 130,657 |  |  |  | — |  |  |  | 130,657 |
Total |  |  |  |  |  |  |  |  |  |  | 19,997,517 |  |  |  | 4,587,932 |  |  |  | 15,409,585 |
|  | Category |  |  | Note |  |  | 12/31/2019 |  |  | Level 1 |  |  | Level 2 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks |  |  | Measured at amortized cost |  |  |  | 4.a |  |  |  | 205,482 |  |  |  | 205,482 |  |  |  | — |
Financial investments in local currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.a |  |  |  | 3,722,308 |  |  |  | — |  |  |  | 3,722,308 |
Financial investments in foreign currency |  |  | Measured at fair value through profit or loss |  |  |  | 4.a |  |  |  | 11,161 |  |  |  | 11,161 |  |  |  | — |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency |  |  | Measured at fair value through profit or loss |  |  |  | 4.b |  |  |  | 2,462,018 |  |  |  | 2,462,018 |  |  |  | — |
Fixed-income securities and funds in local currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.b |  |  |  | 2,208 |  |  |  | — |  |  |  | 2,208 |
Fixed-income securities and funds in local currency |  |  | Measured at amortized cost |  |  |  | 4.b |  |  |  | 73,089 |  |  |  | — |  |  |  | 73,089 |
Fixed-income securities and funds in foreign currency |  |  | Measured at fair value through other comprehensive income |  |  |  | 4.b |  |  |  | 154,811 |  |  |  | 1,666 |  |  |  | 153,145 |
Currency and interest rate hedging instruments |  |  | Measured at fair value through profit or loss |  |  |  | 4.b |  |  |  | 363,329 |  |  |  | — |  |  |  | 363,329 |
Trade Receivables |  |  | Measured at amortized cost |  |  |  | 5.a |  |  |  | 4,111,971 |  |  |  | — |  |  |  | 4,111,971 |
Reseller Financing |  |  | Measured at amortized cost |  |  |  | 5.b |  |  |  | 752,471 |  |  |  | — |  |  |  | 752,471 |
Total |  |  |  |  |  |  |  |  |  |  | 11,858,848 |  |  |  | 2,680,327 |  |  |  | 9,178,521 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing |  |  | Measured at fair value through profit or loss |  |  |  | 16.a |  |  |  | 1,567,374 |  |  |  | — |  |  |  | 1,567,374 |
Financing |  |  | Measured at amortized cost |  |  |  | 16.a |  |  |  | 6,840,079 |  |  |  | 2,841,436 |  |  |  | 3,998,643 |
Debentures |  |  | Measured at amortized cost |  |  |  | 16.a |  |  |  | 5,770,979 |  |  |  | — |  |  |  | 5,770,979 |
Debentures |  |  | Measured at fair value through profit or loss |  |  |  | 16.a |  |  |  | 833,213 |  |  |  | — |  |  |  | 833,213 |
Leases payable |  |  | Measured at amortized cost |  |  |  | 13 |  |  |  | 46,066 |  |  |  | — |  |  |  | 46,066 |
Currency and interest rate hedging instruments |  |  | Measured at fair value through profit or loss |  |  |  | 16.a |  |  |  | 43,944 |  |  |  | — |  |  |  | 43,944 |
Trade payables |  |  | Measured at amortized cost |  |  |  | 17 |  |  |  | 2,710,352 |  |  |  | — |  |  |  | 2,710,352 |
Subscription warrants – indemnification (1) |  |  | Measured at fair value through profit or loss |  |  |  | 25 |  |  |  | 123,095 |  |  |  | — |  |  |  | 123,095 |
Total |  |  |  |  |  |  |  |  |  |  | 17,935,102 |  |  |  | 2.841.436 |  |  |  | 15,093,666 |
(1) | Refers to subscription warrants issued by the Company in the Extrafarma acquisition.
The fair value of trade receivables and trade payables are classified as level 2.
Changes in exchange rate |
12/31/2019 |  | Risk |  |  | Scenario I Likely |  |  | Scenario II |  |  | Scenario III |
Currency swaps receivable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) U.S. Dollar / Real swaps |  |  | Dollar |  |  |  | 700,499 |  |  |  | 1,668,202 |  |  |  | 2,635,905 |
(2) Debts/firm commitments in dollars |  |  | appreciation |  |  |  | (700,465 | ) |  |  | (1,668,031 | ) |  |  | (2,635,596 | )
(1)+(2) |  |  | Net effect |  |  |  | 34 |  |  |  | 172 |  |  |  | 309 |
Currency swaps payable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(3) Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | 376 |  |  |  | 62,559 |  |  |  | 124,742 |
(4) Gross margin of Oxiteno |  |  | devaluation |  |  |  | (376 | ) |  |  | (62,559 | ) |  |  | (124,742 | )
(3)+(4) |  |  | Net effect |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(5) Options Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | 0 |  |  |  | 42,101 |  |  |  | 102,917 |
(6) Gross margin of Oxiteno |  |  | devaluation |  |  |  | 0 |  |  |  | (42,101 | ) |  |  | (102,917 | )
(5)+(6) |  |  | Net effect |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
12/31/2018 |  | Risk |  |  | Scenario I Likely |  |  | Scenario II |  |  | Scenario III |
Currency swaps receivable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) U.S. Dollar / Real swaps |  |  | Dollar |  |  |  | 372,022 |  |  |  | 1,039,669 |  |  |  | 1,707,316 |
(2) Debts/firm commitments in dollars |  |  | appreciation |  |  |  | (372,019 | ) |  |  | (1,039,661 | ) |  |  | (1,707,303 | )
(1)+(2) |  |  | Net effect |  |  |  | 3 |  |  |  | 8 |  |  |  | 13 |
Currency swaps payable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(3) Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | (65 | ) |  |  | 8,545 |  |  |  | 17,154 |
(4) Gross margin of Oxiteno |  |  | devaluation |  |  |  | 65 |  |  |  | (8,545 | ) |  |  | (17,154 | )
(3)+(4) |  |  | Net effect |  |  |  | — |  |  |  | — |  |  |  | — |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(5) Options Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | — |  |  |  | 97,938 |  |  |  | 244,572 |
(6) Gross margin of Oxiteno |  |  | devaluation |  |  |  | — |  |  |  | (97,938 | ) |  |  | (244,572 | )
(5)+(6) |  |  | Net effect |  |  |  | — |  |  |  | — |  |  |  | — |
Summary of variation of derivative instruments hedging object |
12/31/2019 |  | Risk |  |  | Scenario I Likely |  |  | Scenario II |  |  | Scenario III |
NDF Commodities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) NDF of Commodities |  |  | Decrease in |  |  |  | 100,542 |  |  |  | 1,490,893 |  |  |  | 2,881,245 |
(2) Gross margin from Ipiranga |  |  | Commodities Price |  |  |  | (100,542 | ) |  |  | (1,490,893 | ) |  |  | (2,881,245 | )
(1) + (2) |  |  | Net effect |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |

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