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v3.23.1

Risks and Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract] |
Assets and liabilities in foreign currencies |
| 12/31/2022 |  |  | 12/31/2021 |
Assets in foreign currency |  |  |  |  |
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) | 311,017 |  |  | 122,242 |
Foreign trade receivables, net of allowance for expected credit losses | 6,131 |  |  | 1,324 |
Other receivables | 727,057 |  |  | - |
Other assets of foreign subsidiaries | 280,738 |  |  | 186,548 |
Asset exposure from subsidiaries held for sale | - |  |  | 3,839,194 |
| 1,324,943 |  |  | 4,149,308 |
Liabilities in foreign currency |  |  |  |  |
Financing in foreign currency, gross of transaction costs and discount | (5,213,100 | ) |  | (8,860,833 | )
Payables arising from imports | (1,939,984 | ) |  | (649,107 | )
Liabilities exposure of subsidiaries held for sale | - |  |  | (884,402 | )
| (7,153,084 | ) |  | (10,394,342 | )
Foreign currency hedging instruments | 5,274,302 |  |  | 2,933,572 |
Foreign currency hedging instruments from subsidiaries held for sale | - |  |  | 1,786,471 |
Net liability position - total | (553,839 | ) |  | (1,524,991 | )
Net (liability) asset position - effect on statement of income | (553,839 | ) |  | (498,604 | )
Net liability position - effect on equity in subsidiaries held for sale | - |  |  | (1,026,387 | )
Sensitivity analysis of assets and liabilities in foreign currency | The table below shows the effects of the exchange rate changes on the net liability position of R$ 553,839 in foreign currency as of December 31, 2022:
| Risk | Base Scenario |
Effect on statement of income | Real devaluation | (26,555 | )
| Net effect | (26,555 | )
Effect on statement of income | Real appreciation | 26,555 |
| Net effect | 26,555 |
(*) Average US dollar on December 31, 2022, according to benchmark rates as published by B3.
Financial assets and liabilities exposed to floating interest rates | The financial assets and liabilities exposed to floating interest rates are demonstrated below:
| Note | 12/31/2022 |  |  | 12/31/2021 |
DI |  |  |  |  |  |
Cash equivalents | 5.a | 5,204,766 |  |  | 1,943,164 |
Financial investments | 5.b | 406,683 |  |  | 1,607,608 |
Loans and debentures | 17 | (2,460,698 | ) |  | (4,855,517 | )
Liability position of foreign exchange hedging instruments - DI | 32.g | (2,651,609 | ) |  | (2,283,625 | )
Liability position of fixed interest instruments + IPCA - DI | 32.g | (3,416,868 | ) |  | (2,364,583 | )
Net liability position in DI |  | (2,917,726 | ) |  | (5,952,953 | )
TJLP |  |  |  |  |  |
Loans – TJLP | 17 | - |  |  | (326 | )
Net liability position in TJLP |  | - |  |  | (326 | )
LIBOR |  |  |  |  |  |
Asset position of foreign exchange hedging instruments - LIBOR | 32.g | - |  |  | 279,047 |
Loans - LIBOR | 17 | - |  |  | (275,936 | )
Net liability position in LIBOR |  | - |  |  | 3,111 |
Total net liability position exposed to floating interest |  | (2,917,726 | ) |  | (5,950,168 | )
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.
|  | 12/31/2022 |
Exposure to interest rate risk | Risk | Probable Scenario |
Interest effect on cash equivalents and financial investments | Increase in DI (i) | 26,382 |
Interest effect on debt in DI | Increase in DI (i) | (34,907 | )
Effect on income of short positions in DI of debt hedging instruments | Increase in DI (i) | (102,175 | )
Incremental expenses |  | (110,700 | )
Interest effect on debt in TJLP | Increase in TJLP (ii) | - |
Incremental expenses |  | - |
(i) Base rates used was 12.37% and sensivity rate was 13.41%. (ii) Base rates used was 6.08% and sensivity rate was 7.20%.
Summary of credit risk of financial institution and government of cash, cash equivalents and financial investments | The credit risk of financial institution and government related to cash, cash equivalents and financial investments is summarized below:
|  | Fair value |
Counterparty credit rating |  | 12/31/2022 |  |  | 12/31/2021 |
AAA |  | 5,720,996 |  |  | 3,606,000 |
AA |  | 809,583 |  |  | 740,879 |
A |  | 3,457 |  |  | 116,594 |
Others (*) |  | 50,926 |  |  | - |
Total |  | 6,584,962 |  |  | 4,463,473 |
(*) Refers substantially to investiments with minoritary participation of UVC, which are classificated in long term financial investments.
Loss allowance for expected credit losses balances on trade receivables | The Company’s subsidiaries request guarantees related to trade receivables and other receivables in specific situations to customers. The Company’s subsidiaries maintained the following allowances for expected credit losses:
| 12/31/2022 |  |  | 12/31/2021 |
Ipiranga | 373,514 |  |  | 422,542 |
Ultragaz | 120,076 |  |  | 135,565 |
Ultracargo | 2,450 |  |  | 1,526 |
Total | 496,040 |  |  | 559,633 |
Credit risk exposure | The table below presents information on credit risk exposure, resulting from the balances of trade receivables and reseller financing:
| 12/31/2022 |  |  | 12/31/2021 |
| Weighted average rate of losses |  |  | Accounting balance |  |  | Allowance for expected credit losses |  |  | Weighted average rate of losses |  |  | Accounting balance |  |  | Allowance for expected credit losses |
Current | 0.5% |  |  | 4,756,388 |  |  | 22,752 |  |  | 0.6% |  |  | 3,901,536 |  |  | 23,476 |
Less than 30 days | 7.5% |  |  | 29,817 |  |  | 2,230 |  |  | 7.3% |  |  | 109,284 |  |  | 8,005 |
31-60 days | 11.1% |  |  | 22,633 |  |  | 2,516 |  |  | 20.4% |  |  | 57,545 |  |  | 11,746 |
61-90 days | 26.5% |  |  | 32,522 |  |  | 8,617 |  |  | 23.0% |  |  | 39,177 |  |  | 9,016 |
91-180 days | 34.4% |  |  | 58,529 |  |  | 20,159 |  |  | 49.1% |  |  | 50,588 |  |  | 24,818 |
More than 180 days | 50.7% |  |  | 868,072 |  |  | 439,766 |  |  | 57.5% |  |  | 838,532 |  |  | 482,572 |
|  |  |  | 5,767,961 |  |  | 496,040 |  |  |  |  |  | 4,996,662 |  |  | 559,633 |
Summary of loss allowance for expected credit losses balances by geographic area | The information on allowance for expected credit losses balances by geographic area is as follows:
| 12/31/2022 |  |  | 12/31/2021 |
Brazil | 495,929 |  |  | 559,532 |
United States of America and Canada | 61 |  |  | 3 |
Other Latin American countries | 31 |  |  | 15 |
Europe | 5 |  |  | 66 |
Others | 14 |  |  | 17 |
| 496,040 |  |  | 559,633 |
Positions of derivative financial instruments to hedge commodity price risk | The table below shows the positions of hedging financial instruments to hedge commodity price risk as of December 31, 2022 and December 31, 2021:
Derivative |  | Contract |  | Notional amount (m 3) |  |  | Notional amount (USD thousand) |  |  | Fair value (R$ thousand) |  |  | Possible scenario (∆ of 10% - R$ thousand) |
|  | Position |  | Product |  | Maturity |  | 12/31/2022 |  |  | 12/31/2021 |  |  | 12/31/2022 |  |  | 12/31/2021 |  |  | 12/31/2022 |  |  | 12/31/2021 |  |  | 12/31/2022 |  |  | 12/31/2021 |
Term |  | Sold |  | Heating Oil |  | Jul-23 |  | 158,828 |  |  | 167,255 |  |  | 150,498 |  |  | 103,148 |  |  | (52,214 | ) |  | 2,269 |  |  | (124,293 | ) |  | (55,066 | )
Term |  | Sold |  | RBOB |  | Jan-23 |  | 52,466 |  |  | 29,413 |  |  | 31,382 |  |  | 17,112 |  |  | (15,481 | ) |  | (967 | ) |  | (33,404 | ) |  | (10,613 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (67,695 | ) |  | 1,302 |  |  | (157,697 | ) |  | (65,679 | )
Contractual undiscounted cash outflows | The table below presents a summary of financial liabilities and leases payable as of December 31, 2022 by the Company and its subsidiaries, listed by maturity. The amounts disclosed in this table are the contractual undiscounted cash flows, and, therefore, these amounts may be different from the amounts disclosed in the statement of financial position.
| 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) | 13,960,937 |  |  | 3,744,329 |  |  | 2,524,250 |  |  | 2,993,156 |  |  | 4,699,202 |
Derivative instruments (3) | 2,292,609 |  |  | 584,748 |  |  | 725,668 |  |  | 648,202 |  |  | 333,991 |
Trade payables | 7,377,846 |  |  | 7,377,846 |  |  | - |  |  | - |  |  | - |
Leases payable | 2,404,105 |  |  | 343,792 |  |  | 596,602 |  |  | 374,456 |  |  | 1,089,255 |
Financial liabilities of customers | 551,587 |  |  | 184,159 |  |  | 354,389 |  |  | 13,039 |  |  | - |
Contingent consideration | 89,640 |  |  | - |  |  | - |  |  | 89,640 |  |  | - |
(1) | The interest on loans, it was estimated based on the US dollar futures contracts and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on December 31, 2022.
(2) | Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.
(3) | The hedging instruments were estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on December 31, 2022. In the table above, only the hedging instruments with negative results at the time of settlement were considered.
Schedule of leverage ratio at the end of the year | The leverage ratio at the end of the year is the following:
| 12/31/2022 |  |  | 12/31/2021 |
Loans and financing | 13,274,130 |  |  | 17,725,954 |
Cash and cash equivalents, financial investments and derivative financial instruments | 6,584,962 |  |  | 4,463,473 |
Net debt | 6,689,168 |  |  | 13,262,481 |
Equity | 12,174,968 |  |  | 10,469,240 |
Leverage ratio | 54.94% |  |  | 126.68% |
Position of hedging instruments | The table below summarizes the gross balance of the position of hedging instruments contracted as well as of the gains (losses) that affect the equity and the statement of income of the Company and its subsidiaries:
Derivatives designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  | Hedged object |  | Contracted rates |  | Maturity |  | Note |  | Notional amount1 |  |  | Fair value 12/31/2022 |  |  | Gains (losses) 12/31/2022 |
|  |  |  | Assets | Liabilities |  |  |  |  |  | 12/31/2022 |  |  | Assets |  |  | Liabilities |  |  | Income statement |
Foreign exchange swap |  | Financing |  | USD + 4.95 % | 106.67% DI |  | Sept-25 |  | 32.h.1 |  | 221,339 |  |  | 106,550 |  |  | (9,243 | ) |  | (121,296 | )
Foreign exchange swap |  | Financing |  | USD +LIBOR-3M +1.14% | 105.00% DI |  | Jun-22 |  | 32.h.1 |  | - |  |  | - |  |  | - |  |  | (21,566 | )
Foreign exchange swap |  | Financing |  | EUR + 3.42% | 111.60% DI |  | Mar-23 |  | 32.h.1 |  | 9,709 |  |  | 1,954 |  |  | - |  |  | 2,573 |
Interest rate swap |  | Financing |  | IPCA +5.03% | 102.87% DI |  | Jun-32 |  | 32.h.1 |  | 3,226,054 |  |  | 173,741 |  |  | (59,789 | ) |  | (143,762 | )
Term |  | Financing |  | 6.47% | 99.94% DI |  | Nov-24 |  | 32.h.1 |  | 90,000 |  |  | - |  |  | (9,513 | ) |  | (5,069 | )
NDF |  | Firm commitments |  | BRL | Heating Oil/ RBOB |  | Jul-23 |  | 32.h.1 |  | 181,880 |  |  | 2,936 |  |  | (70,630 | ) |  | (944,896 | )
NDF |  | Firm commitments |  | BRL | USD |  | Jan-23 |  | 32.h.1 |  | 127,233 |  |  | 4,712 |  |  | (3,074 | ) |  | 53,762 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 289,893 |  |  | (152,249 | ) |  | (1,180,344 | )
Product |  | Hedged object |  | Contracted rates |  | Maturity |  | Note |  | Notional amount1 |  |  | Fair value2 12/31/20 2 1 |  |  | Gains (losses) on 12/31/2021 |
|  |  |  | Assets | Liabilities |  |  |  |  |  | 12/31/2021 |  |  | Assets |  |  | Liabilities |  |  | Income statement |
Foreign exchange swap |  | Financing |  | USD +4.65% | 104.87% DI |  | Sept-23 |  | 32.h.1 |  | 125,000 |  |  | 212,509 |  |  | - |  |  | 11,712 |
Foreign exchange swap |  | Financing |  | USD +LIBOR-3M | 105.00% DI |  | Jun-22 |  | 32.h.1 |  | 50,000 |  |  | 109,332 |  |  | - |  |  | 10,779 |
Interest rate swap |  | Financing |  | 4.59% + IPCA | 102.00% DI |  | Sept-28 |  | 32.h.1 |  | 2,226,054 |  |  | 201,638 |  |  | (35,170 | ) |  | (17,922 | )
Interest rate swap |  | Financing |  | 6.47% | 99.94% DI |  | Nov-24 |  | 32.h.1 |  | 90,000 |  |  | - |  |  | (9,044 | ) |  | (10,088 | )
Term |  | Firm commitments |  | BRL | Heating Oil/ RBOB |  | Jan-22 |  | 32.h.1 |  | 120,260 |  |  | 3,115 |  |  | (1,813 | ) |  | (130,773 | )
NDF |  | Firm commitments |  | BRL | USD |  | Jan-22 |  | 32.h.1 |  | 68,361 |  |  | 7,048 |  |  | (1,346 | ) |  | 813 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 533,642 |  |  | (47,373 | ) |  | (135,479 | )
Derivatives not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product |  | Hedged object |  | Contracted rates |  | Maturity |  | Notional amount1 |  |  | Fair value2 12/31/2022 |  |  | Gains (losses) 12/31/2022 |
|  |  |  | Assets | Liabilities |  |  |  | 12/31/2022 |  |  | Assets |  |  | Liabilities |  |  | Income statement |
NDF |  | Firm commitments |  | USD | BRL |  | Jul-23 |  | 1,116,702 |  |  | 36,472 |  |  | (54,067 | ) |  | (440,359 | )
Interest rate swap |  | Financing |  | 5.25% | 1.36% |  | Jun-29 |  | 300,000 |  |  | - |  |  | (308,821 | ) |  | (266,445 | )
Foreign exchange swap |  | Financing |  | 0.00% | 52.99% |  | Jun-29 |  | 375,000 |  |  | 230,145 |  |  | (9,174 | ) |  | (85,474 | )
|  |  |  |  |  |  |  |  |  |  |  | 266,617 |  |  | (372,062 | ) |  | (792,278 | )
Product |  | Hedged object |  | Contracted rates |  | Maturity |  | Notional amount1 |  |  | Fair value 12/31/2021 |  |  | Gains (losses) 12/31/2021 |
|  |  |  | Assets | Liabilities |  |  |  | 12/31/2021 |  |  | Assets |  |  | Liabilities |  |  | Income statement |
NDF |  | Firm commitments |  | USD | BRL |  | Jun-22 |  | 625,762 |  |  | 26,516 |  |  | (23,052 | ) |  | 54,743 |
Interest rate swap |  | Financing |  | 5.25% | DI - 1.36% |  | Jun-29 |  | 300,000 |  |  | - |  |  | (126,752 | ) |  | (109,081 | )
Foreign exchange swap |  | Financing |  | 2.67% | 100.00% |  | May-21 |  | - |  |  | - |  |  | - |  |  | 17 |
|  |  |  |  |  |  |  |  |  |  |  | 26,516 |  |  | (149,804 | ) |  | (54,321 | )
1 Currency as indicated. 2 Amounts, net of income tax.
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 % | 12/31/2022 |  |  | 12/31/2021 |
Notional amount – US$ | 221,339 |  |  | 175,000 |
Result of hedging instruments - gain/(loss) - R$ | (142,863 | ) |  | 21,812 |
Fair value adjustment of debt - R$ | 28,000 |  |  | 47,064 |
Financial result of the debt - R$ | 28,291 |  |  | (105,059 | )
Average effective cost - DI % | 107 |  |  | 104.90 |
Notional amount – EUR | 9,709 |  |  | - |
Result of hedging instruments - gain/(loss) - R$ | 2,573 |  |  | - |
Fair value adjustment of debt - R$ | (8 | ) |  | - |
Average effective cost - DI % | 112 |  |  | - |
For further information, see Note 17.b.1 |  |  |  |  |
The interest rate hedging instruments designated as fair value hedge are:
In thousands, except the DI % | 12/31/2022 |  |  | 12/31/2021 |
Notional amount – R$ | 3,226,054 |  |  | 2,226,054 |
Result of hedging instruments - gain/(loss) - R$ | (143,762 | ) |  | (17,922 | )
Fair value adjustment of debt - R$ | (44,312 | ) |  | 166,374 |
Financial result of the debt - R$ | (293,955 | ) |  | (245,710 | )
Average effective cost - DI % | 102.9 |  |  | 102.0 |
In thousands, except the DI % | 12/31/2022 |  |  | 12/31/2021 |
Notional amount – R$ | 90,000 |  |  | 90,000 |
Result of hedging instruments - gain/(loss) - R$ | (5,069 | ) |  | (10,088 | )
Fair value adjustment of debt - R$ | (486 | ) |  | 11,756 |
Financial result of the debt - R$ | (6,330 | ) |  | (5,914 | )
Average effective cost - DI % | 99.9 |  |  | 99.9 |
The foreign exchange hedging instruments and commodities designated as fair value hedge are as described below and are concentrated in subsidiary IPP. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until fuel blending, as occurs with the price adopted in its sales. IPP carries out 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 | 12/31/2022 |  |  | 12/31/2021 |
Notional amount – US$ | 309,113 |  |  | 188,621 |
Result of hedging instruments - gain/(loss) - R$ | (891,223 | ) |  | (129,670 | )
Adjustment of inventory fair value – US$ | 34,126 |  |  | (4,352 | )
Fair values and the carrying values of the financial instruments | The fair values and the carrying amounts of the financial instruments, including foreign exchange and interest rate hedging instruments, are stated below:
|  | Carrying value |  | Fair value |  |
December 31, 2022 | Note | Measured at fair value through profit or loss |  |  | Measured at fair value through other comprehensive income |  |  | Measured at amortized cost |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks | 5.a | - |  |  | - |  |  | 111,797 |  |  | 111,797 |  |  | - |  |  | - |
Fixed-income securities in local currency | 5.a | - |  |  | - |  |  | 5,204,766 |  |  | 5,204,766 |  |  | - |  |  | - |
Fixed-income securities in foreign currency | 5.a | - |  |  | - |  |  | 305,206 |  |  | 305,206 |  |  | - |  |  | - |
Financial investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Fixed-income securities and funds in local currency | 5.b | 406,683 |  |  | - |  |  | - |  |  | - |  |  | 406,683 |  |  | - |
Fixed-income securities and funds in foreign currency | 5.b | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Foreign exchange, interest rate and commodity hedging instruments | 5.b | 556,510 |  |  | - |  |  | - |  |  | - |  |  | 556,510 |  |  | - |
Trade receivables | 6.a | - |  |  | - |  |  | 4,533,327 |  |  | 4,504,245 |  |  | - |  |  | - |
Reseller financing | 6.b | - |  |  | - |  |  | 1,234,634 |  |  | 1,234,613 |  |  | - |  |  | - |
Financial liabilities of customers | 6.c | - |  |  | - |  |  | 1,096,565 |  |  | 1,096,565 |  |  | - |  |  | - |
Total |  | 963,193 |  |  | - |  |  | 12,486,295 |  |  | 12,457,192 |  |  | 963,193 |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing | 17.a | 1,216,341 |  |  | - |  |  | 3,973,816 |  |  | 3,971,551 |  |  | 1,216,341 |  |  | - |
Debentures | 17.a | 3,575,195 |  |  | - |  |  | 2,460,698 |  |  | - |  |  | 5,949,028 |  |  | - |
Foreign exchange, interest rate and commodity hedging instruments | 17.a | 524,312 |  |  | - |  |  | - |  |  | - |  |  | 524,312 |  |  | - |
Trade payables | 18.a | - |  |  | - |  |  | 4,710,952 |  |  | 4,710,952 |  |  | - |  |  | - |
Trade payables – reverse factoring | 18.b | - |  |  | - |  |  | 2,666,894 |  |  | 2,666,894 |  |  | - |  |  | - |
Stock warrant – indemnification (1) | 24 | 42,776 |  |  | - |  |  | - |  |  | - |  |  | 42,776 |  |  | - |
Financial liabilities of customers |  | 450,586 |  |  | - |  |  | - |  |  | 450,586 |  |  | - |  |  | - |
Contingent consideration | 34.a | 89,640 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 89,640 |
Total |  | 5,898,850 |  |  | - |  |  | 13,812,360 |  |  | 11,799,983 |  |  | 7,732,457 |  |  | 89,640 |
|  | Carrying value |  |  | Fair value |
December 31, 2021 | Note | Measured at fair value through profit or loss |  |  | Measured at fair value through other comprehensive income |  |  | Measured at amortized cost |  |  | Level 1 |  |  | Level 2 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks | 5.a | - |  |  | - |  |  | 334,547 |  |  | 334,547 |  |  | - |
Fixed-income securities in local currency | 5.a | - |  |  | 1,943,164 |  |  | - |  |  | - |  |  | 1,943,164 |
Fixed-income securities in foreign currency | 5.a | 2,363 |  |  | - |  |  | - |  |  | 2,363 |  |  | - |
Fixed-income securities and funds in local currency | 5.b | 1,607,608 |  |  | - |  |  | - |  |  | 1,607,608 |  |  | - |
Fixed-income securities and funds in foreign currency | 5.b | - |  |  | 103,239 |  |  | - |  |  | - |  |  | 103,239 |
Foreign exchange, interest rate and commodity hedging instruments | 5.b | 472,552 |  |  | - |  |  | - |  |  | - |  |  | 472,552 |
Trade receivables | 6.a | - |  |  | - |  |  | 3,438,995 |  |  | 3,367,012 |  |  | - |
Reseller financing | 6.b | - |  |  | - |  |  | 998,034 |  |  | 992,359 |  |  | - |
Total |  | 2,082,523 |  |  | 2,046,403 |  |  | 4,771,576 |  |  | 6,303,889 |  |  | 2,518,955 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing | 17.a | 1,011,374 |  |  | - |  |  | 8,082,323 |  |  | 8,380,088 |  |  | 1,011,374 |
Debentures | 17.a | 2,487,244 |  |  | - |  |  | 4,599,525 |  |  | 4,529,439 |  |  | 2,487,244 |
Leases payable | 14 | - |  |  | - |  |  | 1,348,311 |  |  | 1,348,311 |  |  | - |
Foreign exchange, interest rate and commodity hedging instruments | 17.a | 197,177 |  |  | - |  |  | - |  |  | - |  |  | 197,177 |
Trade payables | 18 | - |  |  | - |  |  | 5,727,724 |  |  | 5,727,724 |  |  | - |
Stock warrant – indemnification (1) | 24 | 51,296 |  |  | - |  |  | - |  |  | - |  |  | 51,296 |
Total |  | 3,747,091 |  |  | - |  |  | 19,757,883 |  |  | 19,985,562 |  |  | 3,747,091 |

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