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Risks and Financial Instruments (Tables)
 12 Months Ended
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 liabilities in foreign currencies
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$ 1,553,435 in foreign currency as of December 31, 2020:

 

 

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 31, 2019:

 

 

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

The 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 31, 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 31, 2020 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 averaging 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 Real 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 2023; (v) IPCA of 3.6% in 2021, 3.3% in 2022, 3.0% 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 31, 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 31, 2020. 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

 

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

The 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.

 

The 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 Notes 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) 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:

 

 

 

 

12/31/2020

 

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

-


 

-

 


-