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v3.21.1

Risks and Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Assets and liabilities in foreign currencies |
| 12/31/2020 |  |  | 12/31/2019 |
Assets in foreign currency |  |  |  |  |
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) | 1,413,276 |  |  | 455,620 |
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers | 307,829 |  |  | 213,544 |
Other assets | 1,767,626 |  |  | 1,445,022 |
| 3,488,731 |  |  | 2,114,186 |
Liabilities in foreign currency |  |  |  |  |
Financing in foreign currency, gross of transaction costs and discount | (9,246,707 | ) |  | (6,895,052 | )
Payables arising from imports, net of advances to foreign suppliers | (633,013 | ) |  | (344,523 | )
| (9,879,720 | ) |  | (7,239,575 | )
Foreign currency hedging instruments | 4,837,554 |  |  | 3,636,418 |
Net liability position – total | (1,553,435 | ) |  | (1,488,971 | )
Net asset (liability) position – income statement effect | 186,306 |  |  | 452,178 |
Net liability position – equity effect | (1,739,741 | ) |  | (1,941,149 | )
Assets and l iabilities in f oreign c urrencies
Sensitivity analysis of assets and liabilities in foreign currency | The table below shows, in the three scenarios, the effect s of exchange rate changes o n the net liability position of R$ 1,553,435 in foreign currency as of December 3 1, 20 20:
| Risk | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  | Base |  |  | 25% |  |  | 50% |
(1) Income statement effect | Real devaluation | 18,631 |  |  | 46,577 |  |  | 93,153 |
(2) Equity effect | (173,974 | ) |  | (434,935 | ) |  | (869,871 | )
(1) + (2) | Net effect | (155,343 | ) |  | (388,358 | ) |  | (776,718 | )
(3) Income statement effect | Real appreciation | (18,631 | ) |  | (46,577 | ) |  | (93,153 | )
(4) Equity effect | 173,974 |  |  | 434,935 |  |  | 869,871 |
(3) + (4) | Net effect | 155,343 |  |  | 388,358 |  |  | 776,718 |
The table below shows, in the three scenarios, the effects of exchange rate changes on the net liability position of R$ 1,488,971 in foreign currency as of December 3 1, 20 19:
| Risk | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  | Base |  |  | 25% |  |  | 50% |
(1) Income statement effect | Real devaluation | 45,218 |  |  | 113,045 |  |  | 226,089 |
(2) Equity effect | (194,115 | ) |  | (485,287 | ) |  | (970,575 | )
(1) + (2) | Net effect | (148,897 | ) |  | (372,242 | ) |  | (744,486 | )
(3) Income statement effect | Real appreciation | (45,218 | ) |  | (113,045 | ) |  | (226,089 | )
(4) Equity effect | 194,115 |  |  | 485,287 |  |  | 970,575 |
(3) + (4) | Net effect | 148,897 |  |  | 372,242 |  |  | 744,486 |
Financial assets and liabilities exposed to floating interest rates | T he financial assets and liabilities exposed to floating interest rates are demonstrated below:
| Note | 12/31/2020 |  |  | 12/31/2019 |
DI |  |  |  |  |  |
Cash equivalents | 4.a | 2,241,852 |  |  | 1,780,939 |
Financial investments | 4.b | 3,749,852 |  |  | 2,610,686 |
Asset position of foreign exchange hedging instruments – DI | 33.g | - |  |  | 19,323 |
Loans and debentures | 16.a | (6,947,362 | ) |  | (6,268,615 | )
Liability position of foreign exchange hedging instruments – DI | 33.g | (2,124,146 | ) |  | (3,318,289 | )
Liability position of fixed interest instruments + IPCA – DI | 33.g | (2,203,705 | ) |  | (821,902 | )
Net liability position in DI |  | (5,283,509 | ) |  | (5,997,858 | )
TJLP |  |  |  |  |  |
Loans –TJLP | 16.a | (29,803 | ) |  | (103,945 | )
Net liability position in TJLP |  | (29,803 | ) |  | (103,945 | )
LIBOR |  |  |  |  |  |
Asset position of foreign exchange hedging instruments – LIBOR | 33.g | 260,958 |  |  | 850,307 |
Loans – LIBOR | 16.a | (573,484 | ) |  | (1,457,263 | )
Net liability position in LIBOR |  | (312,526 | ) |  | (606,956 | )
SELIC |  |  |  |  |  |
Loans – SELIC | 16.a | - |  |  | (30,392 | )
Net liability position in SELIC |  | - |  |  | (30,392 | )
Total net liability position exposed to floating interest |  | (5,625,838 | ) |  | (6,739,151 | )
Sensitivity analysis of floating interest rate risk | The tables below show the incremental expenses and income that would be recognized in finance income, due to the effect of floating interest rate changes in different scenarios.
|  | 12/31/2020
| Risk | Scenario I |  | Scenario II |  | Scenario III
|  | Base |  | 25% |  | 50%
Exposure of interest rate risk |  |  |  |  |  |
Interest effect on cash equivalents and financial | Increase in DI | 13,175 |  | 32,937 |  | 65,875
Interest effect on debt in DI | Increase in DI | (19,674) |  | (49,184) |  | (98,368)
Interest rate hedging instruments (liabilities in DI) effect | Increase in DI | (1,137) |  | (11,934) |  | (29,929)
Incremental expenses |  | (7,636) |  | (28,181) |  | (62,422)
Interest effect on debt in TJLP | Increase in TJLP | (301) |  | (752) |  | (1,503)
Incremental expenses |  | (301) |  | (752) |  | (1,503)
Foreign exchange hedging instruments (assets in LIBOR) effect | Increase in LIBOR | 528 |  | 1,320 |  | 2,640
Interest effect on debt in LIBOR | Increase in LIBOR | (1,410) |  | (3,525) |  | (7,050)
Incremental expenses |  | (882) |  | (2,205) |  | (4,410)
Interest effect on debt in SELIC | Increase in SELIC | (41) |  | (102) |  | (203)
Incremental expenses |  | (41) |  | (102) |  | (203)
|  | 12/31/2019
| Risk | Scenario I |  | Scenario II |  | Scenario III
|  | Base |  | 25% |  | 50%
Exposure of interest rate risk |  |  |  |  |  |
Interest effect on cash equivalents and financial | Increase in DI | 29,304 |  | 73,261 |  | 146,522
Foreign exchange hedging instruments (assets in DI) | Increase in DI | 55 |  | 137 |  | 274
Interest effect on debt in DI | Increase in DI | (44,469) |  | (111,173) |  | (222,345)
Interest rate hedging instruments (liabilities in DI) effect | Increase in DI | (39,175) |  | (85,571) |  | (162,897)
Incremental expenses |  | (54,285) |  | (123,346) |  | (238,446)
Interest effect on debt in TJLP | Increase in TJLP | (1,213) |  | (3,033) |  | (6,065)
Incremental expenses |  | (1,213) |  | (3,033) |  | (6,065)
Foreign exchange hedging instruments (assets in LIBOR) effect | Increase in LIBOR | 1,722 |  | 4,305 |  | 8,609
Interest effect on debt in LIBOR | Increase in LIBOR | (3,551) |  | (8,876) |  | (17,753)
Incremental expenses |  | (1,829) |  | (4,571) |  | (9,144)
Interest effect on debt in SELIC | Increase in SELIC | (251) |  | (628) |  | (1,257)
Incremental expenses |  | (251) |  | (628) |  | (1,257)
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 |  | 12/31/2020 |  | 12/31/2019
AAA |  | 8,190,428 |  | 4,906,077
AA |  | 317,894 |  | 331,512
A |  | 163,839 |  | 418,020
BBB |  | - |  | 56,488
Total |  | 8,672,160 |  | 5,712,097
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 expected losses on doubtful accounts balances on trade receivables:
| 12/31/2020 |  | 12/31/2019
Ipiranga | 447,389 |  | 447,235
Ultragaz | 113,621 |  | 94,985
Oxiteno | 16,430 |  | 13,252
Extrafarma | 73 |  | 3,419
Ultracargo | 1,594 |  | 2,001
Total | 579,107 |  | 560,892
credit risk exposure | The table below presents information about credit risk exposure:
| 12/31/2020 |  | 12/31/2019
| Weighted average rate of losses |  | Accounting balance |  | Provision for losses |  | Weighted average rate of losses |  | Accounting balance |  | Provision for losses
Current | 1.2% |  | 3,751,067 |  | 44,091 |  | 1.3% |  | 3,843,803 |  | 50,198
less than 30 days | 2.2% |  | 134,836 |  | 2,939 |  | 2.1% |  | 185,612 |  | 3,975
31-60 days | 8.2% |  | 43,207 |  | 3,563 |  | 7.1% |  | 37,801 |  | 2,688
61-90 days | 10.9% |  | 42,589 |  | 4,630 |  | 20.4% |  | 24,861 |  | 5,062
91-180 days | 36.8% |  | 76,158 |  | 28,062 |  | 41.8% |  | 91,633 |  | 38,337
more than 180 days | 55.7% |  | 890,756 |  | 495,822 |  | 53.1% |  | 867,618 |  | 460,632
|  |  | 4,938,613 |  | 579,107 |  |  |  | 5,051,328 |  | 560,892
Summary of allowance for doubtful accounts on trade receivables by geographic area | The information about expected losses on doubtful accounts balances by geographic area are as follows:
| 12/31/2020 |  | 12/31/2019
Brazil | 568,461 |  | 550,928
Mexico | - |  | 1,123
Uruguay | 76 |  | 267
Other Latin American countries | 271 |  | 561
United States of America and Canada | 1,146 |  | 889
Europe | 9,120 |  | 7,075
Others | 33 |  | 49
| 579,107 |  | 560,892
Positions of derivative financial instruments to hedge commodity price risk | The table below shows the positions of derivative financial instruments to hedge commodity price risk at December 3 1, 2020:
Derivative |  | Contract |  | Notional amount (m3) |  | Notional amount (USD thousands) |  | Fair value
|  | Position |  | Product |  | Maturity |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | R$ thousands |  | R$ thousands
Term |  | Sold |  | Heating Oil |  | jan-21 |  | 108,429 |  | 76,950 |  | 42,399 |  | 40,529 |  | (563) |  | (2,378)
Term |  | Sold |  | RBOB |  | - |  | - |  | 64,867 |  | - |  | 29,243 |  | - |  | 1,107
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (563) |  | (1,271)
Contractual undiscounted cash outflows | The table below presents a summary of financial liabilities as of December 3 1, 20 20 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.
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) | 20,131,159 | 3,620,550 | 6,716,208 | 1,695,276 | 8,099,125
Currency and interest rate hedging instruments (3) | 472,647 | 133,092 | 88,918 | 106,885 | 143,752
Trade payables | 4,040,652 | 4,040,652 | - | - | -
Leases payable | 2,734,384 | 396,010 | 668,089 | 541,004 | 1,129,281
(1) | To calculate the estimated interest on loans some macroeconomic assumptions were used, including averag ing for the period the following: (i) DI of % 2.29% to 2021, 3.74% to 2022 and 4.84% to 2023; (ii) exchange rate of the R eal against the U.S. dollar of R$ 4.86 in 2021, R$ 4.33 in 2022, R$ 4.17 in 2023, R$ 4.20 in 2024, R$ 4.22 in 2025, R$ 4.24 in 2026, R$ 4.26 in 2027, R$ 4.28 in 2028 and R$ 4.30 in 2029; (iii) TJLP of 4.39%; (iv) IGP-M of 4.79% in 2021, 4.02% in 2022, 3.25% as from 20 2 3; (v) IPCA of 3.6% in 202 1, 3.3% in 202 2, 3.0% as from 202 3 (source: B3, B ulletin 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 curve s of DI x Pre and Pre x IPCA contract s quoted on B3 on December 3 1, 2020 and on the futures curve of LIBOR (ICE – Intercontinental Exchange) and commodities heating oil contracts and RBOB quoted on New York Mercantile Exchange (“NYMEX”) on December 3 1, 2020. In the table above, only the hedging instruments with negative result s 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 |  | Note |  | Notional amount 1 |  | Fair value
|  |  |  | Assets | Liabilities |  |  |  |  |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
Foreign exchange swap |  | Debt |  | USD + 4.58 % | 103.9% DI |  | nov-23 |  | 33.h.1 |  | USD 185,000 |  | USD 245,000 |  | 298,889 |  | 69,298
Foreign exchange swap |  | Debt |  | USD + LIBOR-3M + 1.14% | 105.0% DI |  | jun-22 |  | 33.h.1 |  | USD 50,000 |  | USD 150,000 |  | 94,782 |  | 74,970
Interest rate swap |  | Debt |  | 4.57% + IPCA | 95.8% DI |  | dec-25 |  | 33.h.1 |  | R$ 806,054 |  | R$ 806,054 |  | 203,837 |  | 144,123
Interest rate swap |  | Debt |  | 6.47% | 99.9% DI |  | nov-24 |  | 33.h.1 |  | R$ 90,000 |  | R$ 90,000 |  | 3,498 |  | 584
Term |  | Firm commitments |  | BRL | Heating Oil / RBOB |  | jan-21 |  | 33.h.1 |  | USD 42,399 |  | - |  | (563) |  | -
NDF |  | Firm commitments |  | BRL | USD |  | jan-21 |  | 33.h.1 |  | USD 23,124 |  | - |  | (733) |  | -
Zero Cost Collar |  | Operating margin |  | Put USD 3.86 | Call USD 4.33 |  | - |  | 33.h.2 |  | - |  | USD 60,000 |  | - |  | (121)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 599,710 |  | 288,854
Not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  | Hedged object |  | Rates agreement |  | Maturity |  | Notional amount 1 |  | Fair value
|  |  |  | Assets | Liabilities |  |  |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
Foreign exchange swap |  | Debt |  | USD + 0.18% | 55.5% DI |  | jun-29 |  | USD 320,000 |  | USD 853,000 |  | 519,260 |  | 353,451
NDF |  | Firm commitments |  | BRL | USD |  | may-21 |  | USD 378,550 |  | USD 71,600 |  | (112,152) |  | (1,080)
Interest rate swap |  | Debt |  | 1.9% | 100% DI |  | jan-21 |  | R$ 1,300,000 |  | - |  | (5) |  | -
Foreign exchange swap |  | Debt |  | LIBOR-3M + 2.0% | 105.9% DI |  | - |  | - |  | USD 60,000 |  | - |  | 48,535
Foreign exchange swap |  | Firm commitments |  | USD + 0.00% | 33.5% DI |  | - |  | - |  | USD 17,896 |  | - |  | (2,203)
Foreign exchange swap |  | Operating margin |  | 34.8% DI | USD + 0.00% |  | - |  | - |  | USD 4,680 |  | - |  | 612
Term |  | Firm commitments |  | BRL | Heating Oil / RBOB |  | - |  | - |  | USD 56,000 |  | - |  | (1,271)
|  |  |  |  |  |  |  |  |  |  |  |  | 407,103 |  | 398,044
(1) Currency as indicated.
Foreign Exchange Hedging Instruments Designated as Fair Value Hedge | T he foreign exchange hedging instruments designated as fair value hedge are:
In thousands, except the DI % | 2020 |  | 2019
Notional amount – US$ | 235,000 |  | 395,000
Result of hedging instruments – gain/(loss) – R$ | 574,378 |  | 79,466
Fair value adjustment of debt – R$ | (13,131) |  | (36,764)
Finance expense in the statements of profit or loss – R$ | (597,735) |  | (130,320)
Average effective cost – DI % | 104.1 |  | 104.4
For more information, see Note 16.c.1. T he interest rate hedging instruments designated as fair value hedge are:
In thousands, except the DI % | 2020 |  | 2019
Notional amount – US$ | 806,054 |  | 806,054
Result of hedging instruments – gain/(loss) – R$ | 67,446 |  | 72,957
Fair value adjustment of debt – R$ | (18,446) |  | (76,992)
Finance expense in the statements of profit or loss – R$ | (99,555) |  | (68,054)
Average effective cost – DI % | 95.8 |  | 95.8
For more information, see Note s 16.g.2, 16.g.4 and 16.g.6.
In thousands, except the DI % | 2020 |  | 2019
Notional amount – US$ | 90,000 |  | 90,000
Result of hedging instruments – gain/(loss) – R$ | 6,528 |  | 584
Fair value adjustment of debt – R$ | 3,250 |  | (208)
Finance expense in the statements of profit or loss – R$ | (8,968) |  | (377)
Average effective cost – DI % | 99.9 |  | 99.9
For more information, see Note 16.g.7. The foreign exchange hedging instruments and commodities designated as fair value hedge are as described below. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until the moment of blend the fuel, as occurs with the price practiced in its sales. The subsidiary Ipiranga realizes these operations with over-the-counter derivatives that are designated in a hedge accounting relationship, as a fair value hedge in an amount equivalent to the inventories of imported product.
In thousands, except the DI % | 2020 |  | 2019
Notional amount – US$ | 65,523 |  | -
Result of hedging instruments – gain/(loss) – R$ | (87,448) |  | -
Fair value adjustment of inventories – R$ | 18,468 |  | -
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:
| 2020
| Profit or loss |  | Equity
a – Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities | 497,210 |  | -
b – Exchange rate derivates payable in U.S. dollars (ii) | (330,999) |  | 80
c – Interest rate swaps in R$ (iii) | 58,131 |  | -
d – Non-derivative financial instruments (iv) | (919,219) |  | (737,471)
Total | (694,877) |  | (737,391)
| 2019
| Profit or loss |  | Equity
a – Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities | 230,000 |  | -
b – Exchange rate derivates payable in U.S. dollars (ii) | (1,667) |  | (80)
c – Interest rate swaps in R$ (iii) | (4,035) |  | -
d – Non-derivative financial instruments (iv) | (262,098) |  | (348,959)
Total | (37,800) |  | (349,039)
| 2018
| R$ million
| Profit or loss |  | Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii) | 181,544 |  | -
b – Exchange rate swaps payable in U.S. dollars (ii) | (3.903) |  | 0,176
c – Interest rate swaps in R$ (iii) | 12,474 |  | -
d – Non-derivative financial instruments (iv) | (133,951) |  | (284,624)
Total | 56,163 |  | (289,448)
(i) | D oes not consider the effect of exchange rate variation of exchange S waps 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) | C onsiders 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 1 6.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:
|  |  | 12/31/2020 |  | 12/31/2019
| Category | Note | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |
Cash and bank | Measured at amortized cost | 4.a | 405,081 |  | 405,081 |  | 284,992 |  | 284,992
Financial investments in local currency | Measured at fair value through other comprehensive income | 4.a | 2,241,852 |  | 2,241,852 |  | 1,780,939 |  | 1,780,939
Financial investments in foreign currency | Measured at fair value through profit or loss | 4.a | 14,561 |  | 14,561 |  | 49,448 |  | 49,448
Financial investments: |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency | Measured at fair value through profit or loss | 4.b | 3,643,286 |  | 3,643,286 |  | 1,937,967 |  | 1,937,967
Fixed-income securities and funds in local currency | Measured at fair value through other comprehensive income | 4.b | 31,315 |  | 31,315 |  | 595,816 |  | 595,816
Fixed-income securities (guarantee of loans) | Measured at amortized cost | 4.b | 75,251 |  | 75,251 |  | 76,904 |  | 76,904
Fixed-income securities and funds in foreign currency | Measured at fair value through other comprehensive income | 4.b | 1,278,940 |  | 1,278,940 |  | 303,417 |  | 303,417
Currency and interest rate hedging and commodities instruments | Measured at fair value through profit or loss | 4.b | 981,874 |  | 981,874 |  | 682,615 |  | 682,615
Trade Receivables | Measured at amortized cost | 5.a | 3,391,122 |  | 3,369,766 |  | 3,689,500 |  | 3,663,247
Reseller Financing | Measured at amortized cost | 5.b | 968,384 |  | 965,645 |  | 800,936 |  | 839,090
Total |  |  | 13,031,666 |  | 13,007,571 |  | 10,202,534 |  | 10,214,435
Financial liabilities: |  |  |  |  |  |  |  |  |
Financing | Measured at fair value through profit or loss | 16.a | 1,308,928 |  | 1,308,928 |  | 1,666,092 |  | 1,666,092
Financing | Measured at amortized cost | 16.a | 9,406,013 |  | 10,186,947 |  | 6,008,414 |  | 7,268,742
Debentures | Measured at amortized cost | 16.a | 5,450,751 |  | 5,363,621 |  | 5,657,339 |  | 5,603,669
Debentures | Measured at fair value through profit or loss | 16.a | 1,093,365 |  | 1,093,365 |  | 1,030,892 |  | 1,030,891
Leases payable | Measured at amortized cost | 13 | 1,833,288 |  | 1,833,288 |  | 1,588,673 |  | 1,588,673
Commodities, currency and interest rate hedging instruments | Measured at fair value through profit or loss | 16.a | 117,159 |  | 117,159 |  | 29,985 |  | 29,985
Trade payables | Measured at amortized cost | 17 | 4,040,652 |  | 4,008,457 |  | 2,700,071 |  | 2,678,808
Subscription warrants – indemnification | Measured at fair value through profit or loss | 24 | 86,439 |  | 86,439 |  | 130,657 |  | 130,657
Total |  |  | 23,336,595 |  | 23,998,204 |  | 18,812,123 |  | 19,997,517
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 | 12/31/2020 |  | Level 1 |  | Level 2
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Cash and bank | Measured at amortized cost | 4.a | 405,081 |  | - |  | -
Financial investments in local currency | Measured at fair value through other comprehensive income | 4.a | 2,241,852 |  | - |  | 2,241,852
Financial investments in foreign currency | Measured at fair value through profit or loss | 4.a | 14,561 |  | 14,561 |  | -
Financial investments: |  |  |  |  |  |  |
Fixed-income securities and funds in local currency | Measured at fair value through profit or loss | 4.b | 3,643,286 |  | 3,643,286 |  | -
Fixed-income securities and funds in local currency | Measured at fair value through other comprehensive income | 4.b | 31,315 |  | - |  | 31,315
Fixed-income securities (guarantee of loans) | Measured at amortized cost | 4.b | 75,251 |  | - |  | -
Fixed-income securities and funds in foreign currency | Measured at fair value through other comprehensive income | 4.b | 1,278,940 |  | 30,245 |  | 1,248,695
Currency and interest rate hedging and commodities instruments | Measured at fair value through profit or loss | 4.b | 981,874 |  | - |  | 981,874
Trade Receivables | Measured at amortized cost | 5.a | 3,369,766 |  | - |  | -
Reseller Financing | Measured at amortized cost | 5.b | 965,645 |  | - |  | -
Total |  |  | 13,007,571 |  |  |  |
Financial liabilities: |  |  |  |  |  |  |
Financing | Measured at fair value through profit or loss | 16.a | 1,308,928 |  | - |  | 1,308,928
Financing | Measured at amortized cost | 16.a | 10,186,947 |  | - |  | -
Debentures | Measured at amortized cost | 16.a | 5,363,621 |  | - |  | -
Debentures | Measured at fair value through profit or loss | 16.a | 1,093,365 |  | - |  | 1,093,365
Leases payable | Measured at amortized cost | 13 | 1,833,288 |  | - |  | -
Commodities, currency and interest rate hedging instruments | Measured at fair value through profit or loss | 16.a | 117,159 |  | - |  | 117,159
Trade payables | Measured at amortized cost | 17 | 4,008,457 |  | - |  | -
Subscription warrants – indemnification (1) | Measured at fair value through profit or loss | 24 | 86,439 |  | - |  | 86,439
Total |  |  | 23,998,204 |  |  |  |
| Category | Note | 12/31/2019 |  | Level 1 |  | Level 2
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Cash and bank | Measured at amortized cost | 4.a | 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 (guarantee of loans) | Measured at amortized cost | 4.b | 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 and commodities 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 |  | - |  | -
Reseller Financing | Measured at amortized cost | 5.b | 839,090 |  | - |  | -
Total |  |  | 10,214,435 |  |  |  |
Financial liabilities: |  |  |  |  |  |  |
Financing | Measured at fair value through profit or loss | 16.a | 1,666,092 |  | - |  | 1,666,092
Financing | Measured at amortized cost | 16.a | 7,268,742 |  | - |  | -
Debentures | Measured at amortized cost | 16.a | 5,603,669 |  | - |  | -
Debentures | Measured at fair value through profit or loss | 16.a | 1,030,891 |  | - |  | 1,030,891
Leases payable | Measured at amortized cost | 13 | 1,588,673 |  | - |  | -
Commodities, currency and interest rate hedging instruments | Measured at fair value through profit or loss | 16.a | 29,985 |  | - |  | 29,985
Trade payables | Measured at amortized cost | 17 | 2,678,808 |  | - |  | -
Subscription warrants – indemnification (1) | Measured at fair value through profit or loss | 24 | 130,657 |  | - |  | 130,657
Total |  |  | 19,997,517 |  |  |  |
(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 |
12/31/2020 | Risk | Scenario I Base |  | Scenario II |  | Scenario III
Currency swaps receivable in U.S. dollars |  |  |  |  |  |
(1) U.S. Dollar / Real swaps | Dollar | 1,013,826 |  | 1,522,343 |  | 2,030,860
(2) Debts / firm commitments in dollars | appreciation | (1,013,824) |  | (1,522,330) |  | (2,030,835)
(1)+(2) | Net effect | 2 |  | 13 |  | 25
Currency swaps payable in U.S. dollars |  |  |  |  |  |
(3) Real / U.S. Dollar swaps | Dollar | 59 |  | 17,877 |  | 35,694
(4) Gross margin of Oxiteno/Ipiranga | devaluation | (59) |  | (17,877) |  | (35,694)
(3)+(4) | Net effect | - |  | - |  | -
12/31/2019 | Risk | Scenario I Base |  | 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 |  | 171 |  | 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 | - |  | - |  | -
Options |  |  |  |  |  |
(5) Options Real / U.S. Dollar swaps | Dollar | - |  | 42,101 |  | 102,917
(6) Gross margin of Oxiteno | devaluation | - |  | (42,101) |  | (102,917)
(5)+(6) | Net effect | - |  | - |  | -
Summary of variation of derivative instruments hedging object |
12/31/2020 | Risk | Scenario I Base |  | Scenario II |  | Scenario III
NDF Commodities |  |  |  |  |  |
(1) NDF Commodities | Decrease in | - |  | 551,794 |  | 1,103,589
(2) Gross margin from Ipiranga | Commodities Price | - |  | (551,794 | ) | (1,103,589)
(1)+(2) | Net effect | - |  | - |  | -
12/31/2019 | Risk | Scenario I Base |  |  | Scenario II |  |  | Scenario III |
NDF Commodities |  |  |  |  |  |  |  |  |
(1) NDF 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 | - |  |  | - |  |  | - |

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