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v3.22.1

Risks and Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract] |
Assets and liabilities in foreign currencies |
| 12/31/2021 |  |  | 12/31/2020 |
Assets in foreign currency |  |  |  |  |
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) | 122,242 |  |  | 1,413,276 |
Foreign trade receivables, net of loss allowance for expected credit losses and advances to foreign customers | 1,324 |  |  | 307,829 |
Other assets | 186,548 |  |  | 1,767,626 |
Asset exposure from subsidiaries held for sale | 3,839,194 |  |  | - |
| 4,149,308 |  |  | 3,488,731 |
Liabilities in foreign currency |  |  |  |  |
Financing in foreign currency, gross of transaction costs and discount | (8,860,833 | ) |  | (9,246,707 | )
Payables arising from imports, net of advances to foreign suppliers | (649,107 | ) |  | (633,013 | )
Liabilities exposure from subsidiaries held for sale | (884,402 | ) |  | - |
| (10,394,342 | ) |  | (9,879,720 | )
Foreign currency hedging instruments | 2,933,572 |  |  | 4,837,554 |
Foreign currency hedging instruments from subsidiaries held for sale | 1,786,471 |  |  | - |
Net liability position – total | (1,524,991 | ) |  | (1,553,435 | )
Net (liability) asset position – income statement effect | (498,604 | ) |  | 186,306 |
Net liability position – equity effect from subsidiaries held for sale | (1,026,387 | ) |  | (1,739,741 | )
Sensitivity analysis of assets and liabilities in foreign currency | The table below shows the effects of exchange rate changes on the net liability position of R$ 1,524,991 in foreign currency as of December 31, 20 2 1:
| Risk | Scenario |
|  | Base |
Income statement effect | Real devaluation | (25,230 | )
| Net effect | (25,230 | )
Income statement effect | Real appreciation | 25,230 |
| Net effect | 25,230 |
Financial assets and liabilities exposed to floating interest rates | The financial assets and liabilities exposed to floating interest rates are demonstrated below:
| Note | 12/31/2021 |  |  | 12/31/2020 |
DI |  |  |  |  |  |
Cash equivalents | 5.a | 1,943,164 |  |  | 2,241,852 |
Financial investments | 5.b | 1,607,608 |  |  | 3,749,852 |
Loans and debentures | 17.a | (4,855,517 | ) |  | (6,947,362 | )
Liability position of foreign exchange hedging instruments – DI | 33.g | (2,283,625 | ) |  | (2,124,146 | )
Liability position of fixed interest instruments + IPCA – DI | 33.g | (2,364,583 | ) |  | (2,203,705 | )
Net liability position in DI |  | (5,952,953 | ) |  | (5,283,509 | )
TJLP |  |  |  |  |  |
Loans – TJLP | 17.a | (326 | ) |  | (29,803 | )
Net liability position in TJLP |  | (326 | ) |  | (29,803 | )
LIBOR |  |  |  |  |  |
Asset position of foreign exchange hedging instruments – LIBOR | 33.g | 279,047 |  |  | 260,958 |
Loans – LIBOR | 17.a | (275,936 | ) |  | (573,484 | )
Net liability position in LIBOR |  | 3,111 |  |  | (312,526 | )
Total net liability position exposed to floating interest |  | (5,950,168 | ) |  | (5,625,838 | )
Sensitivity analysis of floating interest rate risk | The tables below show the incremental expenses and income that would be recognized in finance income, if the market curves of floating interest at the base date were applied to the average balances of the current year, due to the effect of floating interest rate.
|  | 12/31/2021 |  |
| Risk | Scenario |  |
|  | Base |  |
Exposure of interest rate risk |  |  |  |
Interest effect on cash equivalents and financial | Increase in DI | 153,160 |  |
Interest effect on debt in DI | Increase in DI | (360,652 | ) |
Interest rate hedging instruments (liabilities in DI) effect | Increase in DI | (221,157 | ) |
Incremental expenses |  | (428,649 | ) |
Interest effect on debt in TJLP | Increase in TJLP | (7 | ) |
Incremental expenses |  | (7 | ) |
Foreign exchange hedging instruments (assets in LIBOR) effect | Increase in LIBOR | 11 |  |
Interest effect on debt in LIBOR | Increase in LIBOR | (94 | ) |
Incremental expenses |  | (83 | ) |
Summary of credit risk of financial institution and government 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 |  | 12/31/2021 |  |  | 12/31/2020 |
AAA |  | 3,606,000 |  |  | 8,190,428 |
AA |  | 740,879 |  |  | 317,894 |
A |  | 116,594 |  |  | 163,838 |
Total |  | 4,463,473 |  |  | 8,672,160 |
Loss allowance for expected credit losses balances on trade receivables | The subsidiaries of the Company maintained the following loss allowance for expected credit losses balances on trade receivables:
| 12/31/2021 |  |  | 12/31/2020 |
Ipiranga | 422,542 |  |  | 447,389 |
Ultragaz | 135,565 |  |  | 113,621 |
Oxiteno (*) | - |  |  | 16,430 |
Extrafarma (*) | - |  |  | 73 |
Ultracargo | 1,526 |  |  | 1,594 |
Total | 559,633 |  |  | 579,107 |
(*) On December 31, 2021 the balances were reclassified to assets of subsidiaries held for sale.
Credit risk exposure | The table below presents information about credit risk exposure, resulting from the additions of the balances of trade receivables and reseller financing:
| 12/31/2021 |  |  | 12/31/2020 |
| Weighted average rate of losses |  |  | Accounting balance |  |  | Provision for losses |  |  | Weighted average rate of losses |  |  | Accounting balance |  |  | Provision for losses |
Current | 0.6% |  |  | 3,901,536 |  |  | 23,476 |  |  | 1.2% |  |  | 3,751,067 |  |  | 44,091 |
less than 30 days | 7.3% |  |  | 109,284 |  |  | 8,005 |  |  | 2.2% |  |  | 134,836 |  |  | 2,939 |
31-60 days | 20.4% |  |  | 57,545 |  |  | 11,746 |  |  | 8.2% |  |  | 43,207 |  |  | 3,563 |
61-90 days | 23.0% |  |  | 39,177 |  |  | 9,016 |  |  | 10.9% |  |  | 42,589 |  |  | 4,630 |
91-180 days | 49.1% |  |  | 50,588 |  |  | 24,818 |  |  | 36.8% |  |  | 76,158 |  |  | 28,062 |
more than 180 days | 57.5% |  |  | 838,532 |  |  | 482,572 |  |  | 55.7% |  |  | 890,756 |  |  | 495,822 |
|  |  |  | 4,996,662 |  |  | 559,633 |  |  |  |  |  | 4,938,613 |  |  | 579,107 |
Summary of loss allowance for expected credit losses balances by geographic area | The information about loss allowance for expected credit losses balances by geographic area are as follows:
| 12/31/2021 |  |  | 12/31/2020 |
Brazil | 559,532 |  |  | 568,461 |
United States of America and Canada | 3 |  |  | 1,146 |
Other Latin America countries | 15 |  |  | 271 |
Europe | 66 |  |  | 9,120 |
Others | 17 |  |  | 109 |
| 559,633 |  |  | 579,107 |
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, 202 1:
Derivative |  | Contract |  | Notional amount (m 3) |  |  | Notional amount (USD thousands) |  |  | Fair value (R$ thousands) |
|  | Position |  | Product |  | Maturity |  | 12/31/2021 |  |  | 12/31/2020 |  |  | 12/31/2021 |  |  | 12/31/2020 |  |  | 12/31/2021 |  |  | 12/31/2020 |
Term |  | Sold |  | Heating Oil |  | jan-22 |  | 167,255 |  |  | 108,429 |  |  | 103,148 |  |  | 42,399 |  |  | 2,269 |  |  | (563 | )
Term |  | Sold |  | RBOB |  | jan-22 |  | 29,413 |  |  | - |  |  | 17,112 |  |  | - |  |  | (967 | ) |  | - |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,302 |  |  | (563 | )
Contractual undiscounted cash outflows | The table below presents a summary of financial liabilities as of December 31, 20 2 1 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) | 19,825,386 |  |  | 3,605,377 |  |  | 5,081,235 |  |  | 4,237,708 |  |  | 6,901,066 |
Currency and interest rate hedging instruments (3) | 747,861 |  |  | 214,846 |  |  | 272,208 |  |  | 169,274 |  |  | 91,533 |
Trade payables | 5,789,954 |  |  | 5,789,954 |  |  | - |  |  | - |  |  | - |
Leases payable | 2,145,602 |  |  | 304,007 |  |  | 505,547 |  |  | 370,828 |  |  | 965,220 |
(1) | To calculate the estimated interest on loans some macroeconomic assumptions were used, including averaging for the period the following: (i) DI of 11.74% to 2022 and 10.32% to 2023; (ii) exchange rate of the Real against the U.S. dollar of R$ 5.75 in 2022, R$ 5.45 in 2023, R$ 5.10 in 2024 and R$ 4.90 as from 2025; (iii) TJLP of 6.08%; (iv) IPCA of 5.11% in 2022, 3.32% in 2023, 3.1% in 2024 and 3.0% as from 2025. (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 prefixed rate and DI x IPCA contracts quoted on B3 on December 31, 2021 and on the futures curve of LIBOR (ICE – Intercontinental Exchange) and commodities heating oil contracts quoted on New York Mercantile Exchange (“NYMEX”) on December 31, 2021. 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 |  |  |  |  |  | 12/31/2021 |  |  | 12/31/2020 |  |  | 12/31/2021 |  |  | 12/31/2020 |
Foreign exchange swap |  | Debt |  | USD + 4.65 % | 104.87% DI |  | sep-23 |  | 33.h.1 |  | USD 125,000 |  |  | USD 185,000 |  |  | 212,510 |  |  | 298,889 |
Foreign exchange swap |  | Debt |  | USD + LIBOR-3M + 1.14% | 105.00% DI |  | jun-22 |  | 33.h.1 |  | USD 50,000 |  |  | USD 50,000 |  |  | 109,332 |  |  | 94,782 |
Interest rate swap |  | Debt |  | 4.59% + IPCA | 102.00% DI |  | sep-28 |  | 33.h.1 |  | R$ 2,266,054 |  |  | R$ 806,054 |  |  | 166,468 |  |  | 203,837 |
Interest rate swap |  | Debt |  | 6.47% | 99.94% DI |  | nov-24 |  | 33.h.1 |  | R$ 90,000 |  |  | R$ 90,000 |  |  | (9,044 | ) |  | 3,498 |
Term |  | Firm commitments |  | BRL | Heating Oil |  | jan-22 |  | 33.h.1 |  | USD 120,260 |  |  | USD 42,399 |  |  | 1,302 |  |  | (563 | )
NDF |  | Firm commitments |  | BRL | USD |  | jan-22 |  | 33.h.1 |  | USD 68,361 |  |  | USD 23,124 |  |  | 5,702 |  |  | (733 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 486,270 |  |  | 599,710 |
Not designated as hedge accounting
Product |  | Hedged object |  | Rates agreement |  | Maturity |  | Notional amount 1 |  |  | Fair value |
|  |  |  | Assets | Liabilities |  |  |  | 12/31/2021 |  |  | 12/31/2020 |  |  | 12/31/2021 |  |  | 12/31/2020 |
Foreign exchange swap |  | Debt |  | USD + 0.18% | 55.5% DI |  | - |  | - |  |  | USD 320,000 |  |  | - |  |  | 300,000519,260 |
NDF |  | Firm commitments |  | USD | BRL |  | jun-22 |  | USD 625,762 |  |  | USD 378,550 |  |  | 3,463 |  |  | (112,152 | )
Interest rate swap |  | Debt |  | 2.67% | 100% DI |  | - |  | - |  |  | R$ 1,300,000 |  |  | - |  |  | (5 | )
Interest rate swap |  | Debt |  | 5.25% | DI - 1.36% |  | jun-29 |  | USD 300,000 |  |  | - |  |  | (126,752 | ) |  | - |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (123,289 | ) |  | 407,103 |
(1) Currency as indicated.
Summary of 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 % | 12/31/2021 |  |  | 12/31/2020 |
Notional amount – US$ | 175,000 |  |  | 235,000 |
Result of hedging instruments – gain/(loss) – R$ | 21,812 |  |  | 574,378 |
Fair value adjustment of debt – R$ | 47,064 |  |  | (13,131 | )
Finance expense in the statements of profit or loss – R$ | (105,059 | ) |  | (597,735 | )
Average effective cost – DI % | 104.9 |  |  | 104.1 |
For more information, see Note 17.c.1. The interest rate hedging instruments designated as fair value hedge are:
In thousands, except the DI % | 12/31/2021 |  |  | 12/31/2020 |
Notional amount – US$ | 2,226,054 |  |  | 806,054 |
Result of hedging instruments – gain/(loss) – R$ | (17,922 | ) |  | 67,446 |
Fair value adjustment of debt – R$ | 166,374 |  |  | (18,446 | )
Finance expense in the statements of profit or loss – R$ | (245,710 | ) |  | (99,555 | )
Average effective cost – DI % | 102.0 |  |  | 95.8 |
For more information, see Notes 17.f.2, 17.f.4, 17.f.6, 17.f.8, 17.f.9 and f.10.
In thousands, except the DI % | 12/31/2021 |  |  | 12/31/2020 |
Notional amount – US$ | 90,000 |  |  | 90,000 |
Result of hedging instruments – gain/(loss) – R$ | (10,088 | ) |  | 6,528 |
Fair value adjustment of debt – R$ | 11,756 |  |  | 3,250 |
Finance expense in the statements of profit or loss – R$ | (5,914 | ) |  | (8,968 | )
Average effective cost – DI % | 99.9 |  |  | 99.9 |
For more information, see Note 17.f.7.
In thousands | 12/31/2021 |  |  | 12/31/2020 |
Notional amount – US$ | 188,621 |  |  | 65,523 |
Result of hedging instruments – gain/(loss) – R$ | (129,670 | ) |  | (87,448 | )
Fair value adjustment of inventories – R$ | (4,352 | ) |  | 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:
| 12/31/2021 |
| Profit (loss) |  |  | Equity |
a – Currency swaps receivable in U.S. dollars (i) and (ii) and commodities | (205,680 | ) |  | - |
b – Interest rate swaps in R$ (iii) | (101,488 | ) |  | - |
c – Non-derivative financial instruments (iv) | 21,547 |  |  | (753,655 | )
Total | (285,621 | ) |  | (753,655 | )
| 12/31/2020 |
| Profit (loss) |  |  | Equity |
a – Currency swaps receivable in U.S. dollars (i) and (ii) and commodities | 497,210 |  |  | - |
b – Currency swaps 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 | )
| 12/31/2019 |
| Profit or loss |  |  | Equity |
a – Currency swaps receivable in U.S. dollars (i) and (ii) and commodities | 230,000 |  |  | - |
b – Currency swaps 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 | )
(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 more information see Note 17.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:
|  |  | 12/31/2021 |  |  | 12/31/2020 |
| Category | Note | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and bank | Measured at amortized cost | 5.a | 334,547 |  |  | 334,547 |  |  | 405,081 |  |  | 405,081 |
Financial investments in local currency | Measured at fair value through other comprehensive income | 5.a | 1,943,164 |  |  | 1,943,164 |  |  | 2,241,852 |  |  | 2,241,852 |
Financial investments in foreign currency | Measured at fair value through profit or loss | 5.a | 2,363 |  |  | 2,363 |  |  | 14,561 |  |  | 14,561 |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency | Measured at fair value through profit or loss | 5.b | 1,607,608 |  |  | 1,607,608 |  |  | 3,643,286 |  |  | 3,643,286 |
Fixed-income securities and funds in local currency | Measured at fair value through other comprehensive income | 5.b | - |  |  | - |  |  | 31,315 |  |  | 31,315 |
Fixed-income securities (guarantee of loans) | Measured at amortized cost | 5.b | - |  |  | - |  |  | 75,251 |  |  | 75,251 |
Fixed-income securities and funds in foreign currency | Measured at fair value through other comprehensive income | 5.b | 103,239 |  |  | 103,239 |  |  | 1,278,940 |  |  | 1,278,940 |
Currency and interest rate hedging and commodities instruments | Measured at fair value through profit or loss | 5.b | 472,552 |  |  | 472,552 |  |  | 981,874 |  |  | 981,874 |
Trade Receivables | Measured at amortized cost | 6.a | 3,438,995 |  |  | 3,367,012 |  |  | 3,391,122 |  |  | 3,369,766 |
Reseller Financing | Measured at amortized cost | 6.b | 998,034 |  |  | 992,359 |  |  | 968,384 |  |  | 965,645 |
Total |  |  | 8,900,502 |  |  | 8,822,844 |  |  | 13,031,666 |  |  | 13,007,571 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Financing | Measured at fair value through profit or loss | 17.a | 1,011,374 |  |  | 1,011,374 |  |  | 1,308,928 |  |  | 1,308,928 |
Financing | Measured at amortized cost | 17.a | 8,082,323 |  |  | 8,380,088 |  |  | 9,406,013 |  |  | 10,186,947 |
Debentures | Measured at amortized cost | 17.a | 4,599,525 |  |  | 4,529,439 |  |  | 5,450,751 |  |  | 5,363,621 |
Debentures | Measured at fair value through profit or loss | 17.a | 2,487,244 |  |  | 2,487,244 |  |  | 1,093,365 |  |  | 1,093,365 |
Leases payable | Measured at amortized cost | 14 | 1,348,311 |  |  | 1,348,311 |  |  | 1,833,288 |  |  | 1,833,288 |
Commodities, currency and interest rate hedging instruments | Measured at fair value through profit or loss | 17.a | 197,177 |  |  | 197,177 |  |  | 117,159 |  |  | 117,159 |
Trade payables | Measured at amortized cost | 18 | 5,789,954 |  |  | 5,727,724 |  |  | 4,040,652 |  |  | 4,008,457 |
Subscription warrants – indemnification | Measured at fair value through profit or loss | 25 | 51,296 |  |  | 51,296 |  |  | 86,439 |  |  | 86,439 |
Total |  |  | 23,567,204 |  |  | 23,732,653 |  |  | 23,336,595 |  |  | 23,998,204 |
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 | 12/31/2021 |  |  | Level 1 |  |  | Level 2 |
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |
Cash and bank | Measured at amortized cost | 5.a | 334,547 |  |  | - |  |  | - |
Financial investments in local currency | Measured at fair value through other comprehensive income | 5.a | 1,943,164 |  |  | - |  |  | 1,943,164 |
Financial investments in foreign currency | Measured at fair value through profit or loss | 5.a | 2,363 |  |  | 2,363 |  |  | - |
Financial investments: |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency | Measured at fair value through profit or loss | 5.b | 1,607,608 |  |  | 1,607,608 |  |  | - |
Fixed-income securities and funds in foreign currency | Measured at fair value through other comprehensive income | 5.b | 103,239 |  |  | - |  |  | 103,239 |
Currency and interest rate hedging and commodities instruments | Measured at fair value through profit or loss | 5.b | 472,552 |  |  | - |  |  | 472,552 |
Trade Receivables | Measured at amortized cost | 6.a | 3,367,012 |  |  | - |  |  | - |
Reseller Financing | Measured at amortized cost | 6.b | 992,359 |  |  | - |  |  | - |
Total |  |  | 8,822,844 |  |  |  |  |  |  |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Financing | Measured at fair value through profit or loss | 17.a | 1,011,374 |  |  | - |  |  | 1,011,374 |
Financing | Measured at amortized cost | 17.a | 8,380,088 |  |  | - |  |  | - |
Debentures | Measured at amortized cost | 17.a | 4,529,439 |  |  | - |  |  | - |
Debentures | Measured at fair value through profit or loss | 17.a | 2,487,244 |  |  | - |  |  | 2,487,244 |
Leases payable | Measured at amortized cost | 14 | 1,348,311 |  |  | - |  |  | - |
Commodities, currency and interest rate hedging instruments | Measured at fair value through profit or loss | 17.a | 197,177 |  |  | - |  |  | 197,177 |
Trade payables | Measured at amortized cost | 18 | 5,727,724 |  |  | - |  |  | - |
Subscription warrants – indemnification (1) | Measured at fair value through profit or loss | 25 | 51,296 |  |  | - |  |  | 51,296 |
Total |  |  | 23,732,653 |  |  |  |  |  |  |
| Category | Note | 12/31/2020 |  |  | Level 1 |  |  | Level 2 |
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |
Cash and bank | Measured at amortized cost | 5.a | 405,081 |  |  | - |  |  | - |
Financial investments in local currency | Measured at fair value through other comprehensive income | 5.a | 2,241,852 |  |  | - |  |  | 2,241,852 |
Financial investments in foreign currency | Measured at fair value through profit or loss | 5.a | 14,561 |  |  | 14,561 |  |  | - |
Financial investments: |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency | Measured at fair value through profit or loss | 5.b | 3,643,286 |  |  | 3,643,286 |  |  | - |
Fixed-income securities and funds in local currency | Measured at fair value through other comprehensive income | 5.b | 31,315 |  |  | - |  |  | 31,315 |
Fixed-income securities (guarantee of loans) | Measured at amortized cost | 5.b | 75,251 |  |  | - |  |  | - |
Fixed-income securities and funds in foreign currency | Measured at fair value through other comprehensive income | 5.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 | 5.b | 981,874 |  |  | - |  |  | 981,874 |
Trade Receivables | Measured at amortized cost | 6.a | 3,369,766 |  |  | - |  |  | - |
Reseller Financing | Measured at amortized cost | 6.b | 965,645 |  |  | - |  |  | - |
Total |  |  | 13,007,571 |  |  |  |  |  |  |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Financing | Measured at fair value through profit or loss | 17.a | 1,308,928 |  |  | - |  |  | 1,308,928 |
Financing | Measured at amortized cost | 17.a | 10,186,947 |  |  | - |  |  | - |
Debentures | Measured at amortized cost | 17.a | 5,363,621 |  |  | - |  |  | - |
Debentures | Measured at fair value through profit or loss | 17.a | 1,093,365 |  |  | - |  |  | 1,093,365 |
Leases payable | Measured at amortized cost | 14 | 1,833,288 |  |  | - |  |  | - |
Commodities, currency and interest rate hedging instruments | Measured at fair value through profit or loss | 17.a | 117,159 |  |  | - |  |  | 117,159 |
Trade payables | Measured at amortized cost | 18 | 4,008,457 |  |  | - |  |  | - |
Subscription warrants – indemnification (1) | Measured at fair value through profit or loss | 25 | 86,439 |  |  | - |  |  | 86,439 |
Total |  |  | 23,998,204 |  |  |  |  |  |  |
(1) | Refers to subscription warrants issued by the Company in the Extrafarma acquisition.
Changes in exchange rate |
12/31/2021 | Risk | Scenario Base |
Currency swaps receivable in U.S. dollars |  |  |
(1) U.S. Dollar / Real swaps | Dollar appreciation | 137,304 |
(2) Debts / firm commitments in dollars | (137,301 | )
(1)+(2) | Net effect in result | 3 |
Currency swaps payable in U.S. dollars |  |  |
(3) Real / U.S. Dollar swaps | Dollar devaluation | 49,935,747 |
(4) Gross margin of Oxiteno/Ipiranga | (49,935,747 | )
(3)+(4) | Net effect in result | - |
Cash Flow Hedge |  |  |
(1) Cash Flow Hedge | Dollar devaluation | 528,360 |
(2) Debts | (528,360 | )
(1)+(2) | Net effect in equity | - |
Net Investment hedge in foreign entities |  |  |
(1) Net Investment Hedge | Dollar devaluation | 252,423 |
(2) Debts | (252,423 | )
(1)+(2) | Net effect in equity | - |
Summary of variation of derivative instruments hedging object |
12/31/2021 | Risk | Scenario Base |
Interest rate swap (Real) – Debentures - CRA |  |  |
(1) Fixed rate swap - DI | Decrease in Pre-fixed rate | (20,053,149 | )
(2) Fixed rate debt | 20,053,149 |
(1)+(2) | Net effect in result | - |

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