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Loans, financing, debentures and hedge derivative financial instruments | 12 Months Ended
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Dec. 31, 2021
Disclosure of detailed information about borrowings [abstract] |
Loans, financing, debentures and hedge derivative financial instruments | 17. Loans, f inancing, d ebentures and h edge d erivative f inancial i nstruments a. Composition
Description | 12/31/2021 |  |  | 12/31/2020 |  |  | Index/ Currency | Weighted average financial charges 12/31/2021 – % p.a. | Maturity
Foreign currency: |  |  |  |  |  |  |  |  |
Notes in the foreign market (b) (*) | 7,821,441 |  |  | 7,267,687 |  |  | US$ | 5.3 | 2026 to 2029
Foreign loan (c.1) (*) | 735,438 |  |  | 1,047,644 |  |  | US$ | 4.0 | 2023
Foreign loan (c.1) (*) | 275,936 |  |  | 261,284 |  |  | US$ + LIBOR (1) | 1.0 | 2022
Financial institutions (d) | - |  |  | 154,783 |  |  | US$ | - | 2022
Financial institutions (d) | - |  |  | 39,350 |  |  | MX$(2) | - | 2021
Financial institutions (d) | - |  |  | 312,200 |  |  | US$ + LIBOR (1) | - | 2021
Advances on foreign exchange contracts | - |  |  | 105,579 |  |  | US$ | - | 2021
Total foreign currency | 8,832,815 |  |  | 9,188,527 |  |  |  |  |
Brazilian Reais: |  |  |  |  |  |  |  |  |
Debentures – CRA (f.2, f.4 and f.6) | 2,063,788 |  |  | 2,037,602 |  |  | DI | 95.8 | 2022 to 2023
Debentures – 6ª issuance (f.5) | 1,764,199 |  |  | 1,734,113 |  |  | DI | 105.3 | 2023
Debentures – CRA (f.2, f.4, f.6 and f.10) (*) | 1,940,237 |  |  | 1,000,824 |  |  | IPCA | 4.7 | 2024 to 2028
Debentures – Ipiranga (f.1 and f.3) | 771,538 |  |  | 1,679,036 |  |  | DI | 105.0 | 2022
Debentures – Ultracargo Logística and Tequimar Vila do Conde (f.8 and f.9) (*) | 466,061 |  |  | - |  |  | IPCA | 4.1 | 2028
Banco do Brasil (e) | 204,813 |  |  | 407,420 |  |  | DI | 110.9 | 2022
Debentures – Ultracargo Logística (f.7) (*) | 80,946 |  |  | 92,541 |  |  | R$ | 6.5 | 2024
Bank Credit Bill | 51,179 |  |  | 50,692 |  |  | R$ + DI | 2.0 | 2022
Financial institutions (d) | 4,564 |  |  | - |  |  | R$ | - | 2022
FINEP | 326 |  |  | 29,803 |  |  | TJLP (3) | (1.5) | 2022
Notes - Ultrapar (g.1) | - |  |  | 1,038,499 |  |  | R$ + DI | - | 2021
Total in Brazilian Reais | 7,347,651 |  |  | 8,070,530 |  |  |  |  |
Total foreign currency and Brazilian Reais | 16,180,466 |  |  | 17,259,057 |  |  |  |  |
Currency and interest rate hedging instruments (**) | 197,177 |  |  | 117,159 |  |  |  |  |
Total | 16,377,643 |  |  | 17,376,216 |  |  |  |  |
Current | 2,866,051 |  |  | 3,255,944 |  |  |  |  |
Non-current | 13,511,592 |  |  | 14,120,272 |  |  |  |  |
(*) These transactions were designated for hedge accounting (see Note 33.h). (**) Accumulated losses (see Note 33.i). (1) LIBOR = London Interbank Offered Rate. (2) MX$ = Mexican Peso. (3) TJLP (Long-term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of Banco Nacional de Desenvolvimento Econômico e Social (“BNDES”), the Brazilian Development Bank. On December 31, 2021, TJLP was fixed at 5.32 % p.a. The changes in loans, financing, debentures and hedge derivative financial instruments are shown below:
Balance as of December 31, 2018 | 15,116,139 |
New loans and debentures with cash effect | 2,105,737 |
Interest accrued | 845,844 |
Principal payment | (2,644,704 | )
Interest payment | (1,469,780 | )
Monetary and exchange rate variation | 296,441 |
Change in fair value | 113,060 |
Balance as of December 31, 2019 | 14,392,722 |
New loans and debentures with cash effect | 3,591,624 |
Interest accrued | 757,161 |
Principal payment | (2,795,002 | )
Interest payment | (740,853 | )
Monetary and exchange rate variation | 2,048,688 |
Change in fair value | 34,702 |
Hedge result | 87,174 |
Balance as of December 31, 2020 | 17,376,216 |
New loans and debentures with cash effect | 1,462,220 |
Interest accrued | 801,102 |
Principal payment | (2,922,214 | )
Interest payment | (749,043 | )
Monetary and exchange rate variation | 800,749 |
Change in fair value | (229,657 | )
Hedge result | 80,018 |
Reclassification to liabilities held for sale (i) | (241,748 | )
Balance as of December 31, 2021 | 16,377,643 |
(i) For further information, see Note 3.c.1. The long-term debt had the following principal maturity schedule:
| 12/31/2021 |  |  | 12/31/2020 |
From 1 to 2 years | 3,092,734 |  |  | 2,702,626 |
From 2 to 3 years | 774,904 |  |  | 3,091,641 |
From 3 to 4 years | 270,401 |  |  | 784,778 |
From 4 to 5 years | 3,056,499 |  |  | 231,271 |
More than 5 years | 6,317,054 |  |  | 7,309,956 |
| 13,511,592 |  |  | 14,120,272 |
The transaction costs and issuance premiums associated with debt issuance were added to their financial liabilities, as shown in Note 17.h. The Company’s management entered into hedging instruments against foreign exchange and interest rate variations for a portion of its debt obligations (see Note 33.h). b. Notes in the foreign market On October 6, 2016 the subsidiary Ultrapar International S.A. (“Ultrapar International”) issued US$ 750,000 (equivalent to R$ 4,185,375 as of December 31, 2021) in notes in the foreign market, maturing in October 2026, with interest rate of 5.25% p.a., paid semiannually. The issue price was 98.097% of the face value of the note. The notes were guaranteed by the Company and its subsidiary IPP. The Company has designated hedge relationships for this transaction (see Notes 33.h.2 and 33.h.3). On June 6, 2019 the subsidiary Ultrapar International issued US$ 500,000 (equivalent to R$ 2,790,250 as of December 31, 2021) in notes in the foreign market, maturing in June 2029, with interest rate of 5.25% p. a., paid semiannually. The issue price was 100% of the face value of the note. The notes were guaranteed by the Company and its subsidiary IPP. The Company has designated hedge relationships for part of this transaction (see Note 33.h.3). On June 21, 2019, the subsidiary Ultrapar International repurchased US$ 200,000 (equivalent to R$ 1,116,100 as of December 31, 2021) in notes in the foreign market maturing in October 2026. On July 13, 2020 the subsidiary Ultrapar International carried out the reopening of notes in the foreign market issued in 2019, realizing new issuance in the amount of US$ 350,000 (equivalent to R$ 1,953,175 as of December 31, 2021) maturing in June 2029, to the coupon (interest) and yield of 5.25% per year, paid semiannually. The issue price was 99.994% of face value of the note. The notes were guaranteed by the Company and the subsidiary IPP. As a result of the issuance of the notes in the foreign market the Company and its subsidiaries are required to perform certain obligations, including: Restriction on sale of all or substantially all assets of the Company and subsidiaries Ultrapar International and IPP; Restriction on encumbrance of assets exceeding US$ 150,000 (equivalent to R$ 837,075 as of December 31, 2021) or 15% of the amount of the consolidated tangible assets. The Company and its subsidiaries are in compliance with the levels of covenants required by this debt. The restrictions imposed on the Company and its subsidiaries are customary in transactions of this nature and have not limited their ability to conduct their business to date. c. Foreign l oans c.1. The subsidiary IPP has foreign loans in the amount of US$ 175,000 (equivalent to R$ 976,588 as of December 31, 2021). IPP also contracted hedging instruments with floating interest rate in U.S. dollar and exchange rate variation, changing the foreign loans charges, on average, to 104.9% of DI. IPP designated these hedging instruments as a fair value hedge (see Note 33.h.1). Therefore, loans and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. The foreign loans are secured by the Company. The foreign loans have the maturity distributed as follows:
Maturity | US$ |  |  | R$ |  |  | Cost in % of DI |
Charges (1) | 6,234 |  |  | 34,786 |  |  | - |
Jun/2022 | 50,000 |  |  | 279,025 |  |  | 105.0 |
Sep/2023 | 60,000 |  |  | 334,830 |  |  | 105.0 |
Sep/2023 | 65,000 |  |  | 362,733 |  |  | 104.8 |
Total / average cost | 181,234 |  |  | 1,011,374 |  |  | 104.9 |
(1) Includes interest, transaction costs and fair value adjustments. d. Financial i nstitutions In December 2021, the subsidiary Abastece Aí ended the year with a short-term liabilities in the amount of R$ 4,564. The subsidiary Oxiteno México S.A de C.V has contracted loan of US$ 20,000 with maturity in April 2022. The other maturities of this item are represented by Oxiteno Uruguay with maturities between October 2021 and July 2022 and by Oxiteno USA, which has already been fully settled on its maturity in September 2021. As of December 31, 2021 the balances of R$ 163,478 were reclassified to liabilities held for sale. e. Banco do Brasil The subsidiary IPP has floating interest rate loans with Banco do Brasil in the amount of R$ 204,813 as of December 31, 2021, of which R$ 1,646 in charges, intended for marketing, processing, or manufacturing of agricultural goods (ethanol) with maturity in May 2022. f. Debentures f.1 In May 2016 the subsidiary IPP carried out fourth issuance of public debentures, in one single series of 500 simple, nominative, registered debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:
Face value unit: | R$ 1,000,000.00
Final maturity: | May 25, 2021
Payment of the face value: | Annual as from May 2019
Interest: | 105.0% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Subsidiary IPP paid in advance its fourth public issuance of debentures upon maturity. f.2 In April 2017 the subsidiary IPP carried out its fifth issuance of debentures, in two series, being one of 660,139 and another of 352,361, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Eco Consult – Consultoria de Operações Financeiras Agropecuárias Ltda. The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were later assigned and transferred to Eco Securitizadora de Direitos Creditórios do Agronegócio S.A. that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 660,139
Face value unit: | R$ 1,000.00
Final maturity: | April 18, 2022
Payment of the face value: | Lump sum at final maturity
Interest: | 95.0% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Amount: | 352,361
Face value unit: | R$ 1,000.00
Final maturity: | April 15, 2024
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.68%
Payment of interest: | Annually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 93.9 % of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. f.3 In July 2017 the subsidiary IPP carried out sixth issuance of public debentures, in one single series of 1,500,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | July 28, 2022
Payment of the face value: | Annual as from July 2021
Interest: | 105.0% of DI
Payment of interest: | Annually
Reprice: | Not applicable
f.4 In October 2017 the subsidiary IPP carried out its seventh issuance of debentures in the amount of R$ 944,077, in two series, being on of 730,384 and another of 213,693, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert Companhia Securitizadora. The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were later assigned and transferred to Vert Créditos Ltda., that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). The financial settlement occurred on November 1, 2017. The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 730,384
Face value unit: | R$ 1,000.00
Final maturity: | October 24, 2022
Payment of the face value: | Lump sum at final maturity
Interest: | 95.0% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Amount: | 213,693
Face value unit: | R$ 1,000.00
Final maturity: | October 24, 2024
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.34%
Payment of interest: | Annually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 97.3% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. f.5 In March 2018 the Company carried out sixth issuance of public debentures, in a single series of 1,725,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | March 5, 2023
Payment of the face value: | Lump sum at final maturity
Interest: | 105.25% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
f.6 In December 2018 the subsidiary IPP carried out its eighth issuance of debentures in the amount of R$900,000, in two series, being one of R$660,000 and another of R$240,000, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert Companhia Securitizadora. The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were subscribed with the purpose to bind the issuance of CRA. The financial settlement occurred on December 21, 2018. The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 660,000
Face value unit: | R$ 1,000.00
Final maturity: | December 18, 2023
Payment of the face value: | Lump sum at final maturity
Interest: | 97.5% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Amount: | 240,000
Face value unit: | R$ 1,000.00
Final maturity: | December 15, 2025
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.61%
Payment of interest: | Annually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 97.1% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. f.7 In November 2019 the subsidiary Ultracargo Logística made its first issuance of debentures, in a single series of 90,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | November 19, 2024
Payment of the face value: | Lump sum at final maturity
Interest: | 6.47%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary Ultracargo Logística contracted hedging instruments subjected interest rate variation, changing the debentures fixed for 99.94% of the DI. Ultracargo Logística designated these hedging instruments as fair value hedges therefore debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized in profit or loss. f.8 In March 20 21 the subsidiary Tequimar Vila do Conde made its first issuance of debentures, in a single series of 360,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | March 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.04%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary Tequimar Vila do Conde contracted hedging instruments subjected interest rate variation changing the debentures fixed for 111.4% of the DI. Tequimar Vila do Conde designated these hedging instruments as fair value hedges therefore debentures and hedging instruments are both measured at fair value from inception with changes in fair value recognized in profit or loss. f.9 In March 2021 the subsidiary Ultracargo Logística made its second issuance of debentures, in a single series of 100,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | March 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.37%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary Ultracargo Logística contracted hedging instruments subjected interest rate variation changing the debentures fixed for 111.4% of the DI. Ultracargo Logística designated these hedging instruments as fair value hedges therefore debentures and hedging instruments are both measured at fair value from inception with changes in fair value recognized in profit or loss. f.10 In September 2021, subsidiary IPP carried out its tenth issue of debentures in the total amount of R$ 960,000, in a single series of 960,000 simple, nonconvertible, registered, book-entry and unsecured debentures, privately placed by Vert Companhia Securitizadora. The funds were used exclusively for the purchase of ethanol by the subsidiary IPP. The debentures were subscribed for the purpose to bind the issuance of CRA. The financial settlement ocurred on September 16, 2021. The debentures have an additional guarantee from Ultrapar and the main characteristics are as follows:
Amount: | 960,000
Face value unit: | R$ 1,000.00
Final maturity: | September 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.83%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to the IPCA to 102.75% of the DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. The debentures have maturity dates distributed as shown below (includes accrued interest through December 31, 2021):
Maturity |  | 12/31/2021 |
Charges (1) |  | (22,759 | )
Apr/2022 |  | 660,139 |
Jul/2022 |  | 750,000 |
Oct/2022 |  | 730,384 |
Mar/2023 |  | 1,725,000 |
Dec/2023 |  | 660,000 |
Apr/2024 |  | 443,944 |
Oct/2024 |  | 267,316 |
Nov/2024 |  | 90,000 |
Dec/2025 |  | 287,294 |
Mar/2028 |  | 498,474 |
Sep/2028 |  | 996,977 |
Total |  | 7,086,769 |
(1) Includes interest, transaction cost and fair value adjustments. g. Notes g.1 In April 2020 the Company carried out second public issuance of notes in a single series of 40 commercial notes, not convertible into shares, of unsecured type, whose main characteristics are:
Face value unit: | R$ 25,000,000.00
Final maturity: | April 6, 2021
Payment of the face value: | Lump sum at final maturity
Interest: | DI + 3.10%
Payment of interest: | Lump sum at final maturity
Reprice: | Not applicable
The Company paid in advance its second public issuance of notes on maturity. h. Transaction costs Transaction costs incurred in issuing debt were deducted from the value of the related financial instruments and are recognized as an expense according to the effective interest rate method as follows:
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2020 |  |  | Incurred cost |  |  | Amortization |  |  | Reclassification to liabilities held for sale (i) |  |  | Balance on 12/31/2021 |
Debentures (f) | 0.2 |  | 28,348 |  |  | 40,953 |  |  | (14,811 | ) |  | - |  |  | 54,490 |
Notes in the foreign market (b) | 0.1 |  | 37,112 |  |  | - |  |  | (4,890 | ) |  | (4,204 | ) |  | 28,018 |
Notes (g) |  |  | 1,318 |  |  | - |  |  | (1,318 | ) |  | - |  |  | - |
Banco do Brasil (e) | 0.1 |  | 332 |  |  | - |  |  | (256 | ) |  | - |  |  | 76 |
Total |  |  | 67,110 |  |  | 40,953 |  |  | (21,275 | ) |  | (4,204 | ) |  | 82,584 |
(i) See Note 3.c.1.
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2019 |  |  | Incurred cost |  |  | Amortization |  |  | Balance on 12/31/2020 |
Debentures (f) | 0.2 |  | 41,406 |  |  | - |  |  | (13,058 | ) |  | 28,348 |
Notes in the foreign market (b) | 0.1 |  | 28,114 |  |  | 13,263 |  |  | (4,265 | ) |  | 37,112 |
Notes (g) | 0.5 |  | - |  |  | 6,802 |  |  | (5,484 | ) |  | 1,318 |
Banco do Brasil (e) | 0.1 |  | 770 |  |  | - |  |  | (438 | ) |  | 332 |
Foreign loans (c) |  |  | 94 |  |  | - |  |  | (94 | ) |  | - |
Others |  |  | 1,382 |  |  | - |  |  | (1,382 | ) |  | - |
Total |  |  | 71,766 |  |  | 20,065 |  |  | (24,721 | ) |  | 67,110 |
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2018 |  |  | Incurred cost |  |  | Amortization |  |  | Balance on 12/31/2019 |
Debentures (g) | 0.2 |  | 56,376 |  |  | 692 |  |  | (15,662 | ) |  | 41,406 |
Notes in the foreign market (b) | 0.1 |  | 13,881 |  |  | 18,442 |  |  | (4,209 | ) |  | 28,114 |
Banco do Brasil (f) | 0.2 |  | 3,437 |  |  | - |  |  | (2,667 | ) |  | 770 |
Foreign loans (c) | - |  | 331 |  |  | - |  |  | (237 | ) |  | 94 |
Others | 0.2 |  | 2,432 |  |  | - |  |  | (1,050 | ) |  | 1,382 |
Total |  |  | 76,457 |  |  | 19,134 |  |  | (23,825 | ) |  | 71,766 |
The amount to be appropriated to profit or loss in the future is as follows:
| Up to 1 year |  |  | 1 to 2 years |  |  | 2 to 3 years |  |  | 3 to 4 years |  |  | 4 to 5 years |  |  | More than 5 years |  |  | Total |
Debentures (f) | 15,060 |  |  | 11,129 |  |  | 6,990 |  |  | 6,075 |  |  | 5,886 |  |  | 9,350 |  |  | 54,490 |
Notes in the foreign market (b) | 4,126 |  |  | 4,128 |  |  | 4,143 |  |  | 4,135 |  |  | 3,897 |  |  | 7,589 |  |  | 28,018 |
Banco do Brasil (e) | 76 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 76 |
Total | 19,262 |  |  | 15,257 |  |  | 11,133 |  |  | 10,210 |  |  | 9,783 |  |  | 16,939 |  |  | 82,584 |
i. Guarantees The financings does not have guaranteed by collateral as of December 31, 2021 (R$ 75,251 as of December 31, 2020) and has guarantees and promissory notes in the amount of R$ 14,151,506 as of December 31, 2021 (R$ 13,758,033 as of December 31, 2020). The Company and its subsidiaries offer collateral in the form of letters of credit for commercial and legal proceedings in the amount of R$ 118,231 as of December 31, 2021 (R$ 129,139 as of December 31, 2020). The subsidiary IPP issued collateral to financial institutions in connection with the amounts payable by some of their customers to such institutions (vendor financing) as follows:
| IPP |
| 12/31/2021 |  |  | 12/31/2020 |
Maximum amount of future payments related to such collateral | 690,347 |  |  | 330,944 |
Maturities of up to | 49 months |  |  | 46 months |
Fair value of collateral | 9,923 |  |  | 5,496 |
If the subsidiary IPP is required to make any payment under these collateral arrangements, this subsidiary may recover the amount paid directly from its customers through commercial collection. Until December 31, 2021 the subsidiary IPP did not have losses in connection with these collateral arrangements. The fair value of collateral is recognized in current liabilities as “other payables”, which is recognized in the statement of profit or loss as customers settle their obligations with the financial institutions.

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