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Right-of-use assets and leases payable | 12 Months Ended
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Dec. 31, 2024
Right-of-use assets and leases payable |
Right-of-use assets and leases payable | 12. Right-of-use assets and leases payable Accounting policy The Company and its subsidiaries recognized in the statement of financial position right-of-use assets and the respective lease liabilities initially measured at the present value of future lease payments, discounted by the incremental loan rate of the Company, considering the related contract costs. Right-of-use assets include amounts related to port area lease grants. The remeasurement of assets and liabilities based on the contractual index is recognized in the statement of financial position, not having an effect on the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result, considering, if it is the case, any penalties provided in contractual clauses. The Company and its subsidiaries have no intention of purchasing the underlying asset. The amortization expenses of right-of-use assets are recognized in the statement of income over the lease contract term. When the right-of-use asset is used in the construction of the property, plant, and equipment (“PP&E”), its amortization is capitalized until the asset under construction is completed. The liability is increased for interest and decreased by lease payments made. The interest is recognized in the statement of income using the effective interest rate method. For short-term leases of 12 months or less and lease contracts of low-value assets, which do not have a purchase option at the end of the contract the Company and its subsidiaries recognize the lease expense in the statement of income as incurred over the lease term. a. Right-of-use assets
| Weighted average useful life (years) |  | Balance as of 12/31/2023 |  |  | Additions and remeasurement (i) |  |  | Write-offs |  |  | Transfers (ii) |  |  | Amortization |  |  | Balance as of 12/31/2024 |
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | 9 |  | 1,998,866 |  |  | 196,194 |  |  | (207,945 | ) |  | ‐ |  |  | ‐ |  |  | 1,987,115 |
Port areas | 32 |  | 314,964 |  |  | 2,025 |  |  | ‐ |  |  | 26,750 |  |  | ‐ |  |  | 343,739 |
Vehicles | 3 |  | 270,388 |  |  | 143,043 |  |  | (56,337 | ) |  | ‐ |  |  | ‐ |  |  | 357,094 |
Equipment | 3 |  | 38,278 |  |  | 5,958 |  |  | (10,591 | ) |  | ‐ |  |  | ‐ |  |  | 33,645 |
Others | 20 |  | 27,846 |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | 27,846 |
|  |  | 2,650,342 |  |  | 347,220 |  |  | (274,873 | ) |  | 26,750 |  |  | ‐ |  |  | 2,749,439 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | ‐ |  | (753,198 | ) |  | ‐ |  |  | 131,716 |  |  | (4,402 | ) |  | (197,849 | ) |  | (823,733 | )
Port areas | ‐ |  | (44,620 | ) |  | ‐ |  |  | ‐ |  |  | - |  |  | (8,072 | ) |  | (52,692 | )
Vehicles | ‐ |  | (109,967 | ) |  | ‐ |  |  | 35,669 |  |  | ‐ |  |  | (95,538 | ) |  | (169,836 | )
Equipment | ‐ |  | (5,184 | ) |  | ‐ |  |  | 9,778 |  |  | ‐ |  |  | (10,601 | ) |  | (6,007 | )
Others | ‐ |  | (25,847 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | - |  |  | (25,847 | )
|  |  | (938,816 | ) |  | ‐ |  |  | 177,163 |  |  | (4,402 | ) |  | (312,060 | ) |  | (1,078,115 | )
Net amount |  |  | 1,711,526 |  |  | 347,220 |  |  | (97,710 | ) |  | 22,348 |  |  | (312,060 | ) |  | 1,671,324 |
(i) | Considers R$ 342,332 referring to additions and remeasurements between right-of-use assets and leases payable.
(ii) | Refers to the amortization of the right of use, which is being capitalized as Construction in progress until the beginning of its operation. Additionally, the cost includes the advance balance of the grant of Maceió carried out in Ipiranga.
| Weighted average useful life (years) |  | Balance as of 12/31/2022 |  |  | Additions and remeasurement (i) |  |  | Write-offs |  |  | Transfers (ii) |  |  | Amortization |  |  | Acquisition of subsidiary (iii) |  |  | Balance as of 12/31/2023 |
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | 10 |  | 2,019,898 |  |  | 140,245 |  |  | (165,551 | ) |  | ‐ |  |  | ‐ |  |  | 4,274 |  |  | 1,998,866 |
Port areas | 29 |  | 311,174 |  |  | 3,790 |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | 314,964 |
Vehicles | 4 |  | 186,455 |  |  | 120,705 |  |  | (71,781 | ) |  | ‐ |  |  | ‐ |  |  | 35,009 |  |  | 270,388 |
Equipment | 5 |  | 26,345 |  |  | 12,910 |  |  | (1,973 | ) |  | ‐ |  |  | ‐ |  |  | 996 |  |  | 38,278 |
Others | 20 |  | 27,846 |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | 27,846 |
|  |  | 2,571,718 |  |  | 277,650 |  |  | (239,305 | ) |  | ‐ |  |  | ‐ |  |  | 40,279 |  |  | 2,650,342 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | ‐ |  | (634,688 | ) |  | ‐ |  |  | 95,896 |  |  | (4,491 | ) |  | (209,522 | ) |  | (393 | ) |  | (753,198 | )
Port areas | ‐ |  | (36,773 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (7,847 | ) |  | ‐ |  |  | (44,620 | )
Vehicles | ‐ |  | (83,902 | ) |  | ‐ |  |  | 63,708 |  |  | ‐ |  |  | (80,661 | ) |  | (9,112 | ) |  | (109,967 | )
Equipment | ‐ |  | (2,850 | ) |  | ‐ |  |  | 1,974 |  |  | ‐ |  |  | (4,151 | ) |  | (157 | ) |  | (5,184 | )
Others | ‐ |  | (22,128 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (3,719 | ) |  | ‐ |  |  | (25,847 | )
|  |  | (780,341 | ) |  | ‐ |  |  | 161,578 |  |  | (4,491 | ) |  | (305,900 | ) |  | (9,662 | ) |  | (938,816 | )
Net amount |  |  | 1,791,377 |  |  | 277,650 |  |  | (77,727 | ) |  | (4,491 | ) |  | (305,900 | ) |  | 30,617 |  |  | 1,711,526 |
(i) | Considers R$ 257,201 referring to additions and remeasurements between right-of-use assets and leases payable.
(ii) | Refers to the amortization of the right of use, which is being capitalized as Construction in progress until the beginning of its operation.
(iii) | For further information, see Note 27.
| Weighted average useful life (years) |  | Balance as of 12/31/2021 |  |  | Additions and remeasurement |  |  | Write-offs |  |  | Transfers (i) |  |  | Amortization |  |  | Balance as of 12/31/2022 |
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | 10 |  | 1,793,473 |  |  | 366,805 |  |  | (140,380 | ) |  | ‐ |  |  | ‐ |  |  | 2,019,898 |
Port areas | 29 |  | 299,630 |  |  | 11,868 |  |  | (324 | ) |  | ‐ |  |  | ‐ |  |  | 311,174 |
Vehicles | 4 |  | 146,173 |  |  | 115,666 |  |  | (75,384 | ) |  | ‐ |  |  | ‐ |  |  | 186,455 |
Equipment | 5 |  | 16,740 |  |  | 9,958 |  |  | (353 | ) |  | ‐ |  |  | ‐ |  |  | 26,345 |
Others | 20 |  | 27,846 |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | 27,846 |
|  |  | 2,283,862 |  |  | 504,297 |  |  | (216,441 | ) |  | ‐ |  |  | ‐ |  |  | 2,571,718 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  | (489,470 | ) |  | ‐ |  |  | 79,003 |  |  | (5,311 | ) |  | (218,910 | ) |  | (634,688 | )
Port areas |  |  | (23,526 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (13,247 | ) |  | (36,773 | )
Vehicles |  |  | (98,867 | ) |  | ‐ |  |  | 66,554 |  |  | ‐ |  |  | (51,589 | ) |  | (83,902 | )
Equipment |  |  | (1,834 | ) |  | ‐ |  |  | 399 |  |  | ‐ |  |  | (1,415 | ) |  | (2,850 | )
Others |  |  | (18,870 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (3,258 | ) |  | (22,128 | )
|  |  | (632,567 | ) |  | ‐ |  |  | 145,956 |  |  | (5,311 | ) |  | (288,419 | ) |  | (780,341 | )
Net amount |  |  | 1,651,295 |  |  | 504,297 |  |  | (70,485 | ) |  | (5,311 | ) |  | (288,419 | ) |  | 1,791,377 |
(i) | Refers to R$ 5,311 transferred to property, plant and equipment.
b. Leases payable The changes in leases payable are shown below:
Balance as of December 31, 2021 | 1,348,311 |
Interest accrued | 128,069 |
Payments of leases | (351,011 | )
Interest payment | (6,868 | )
Additions and remeasurement | 482,439 |
Write-offs | (77,171 | )
Balance as of December 31, 2022 | 1,523,769 |
Interest accrued | 143,005 |
Payments of leases | (213,527 | )
Interest payment | (145,586 | )
Additions and remeasurement | 257,201 |
Write-offs | (71,569 | )
Acquisition of subsidiary | 30,641 |
Balance as of December 31, 2023 | 1,523,934 |
Interest accrued | 133,767 |
Payments of leases | (285,404 | )
Interest payment | (148,084 | )
Additions and remeasurement | 342,332 |
Write-offs | (81,393 | )
Balance as of December 31, 2024 | 1,485,152 |
Current | 316,460 |
Non-current | 1,168,692 |
The undiscounted future cash outflows are presented below:
| 12/31/2024 |  |  | 12/31/2023 |
Up to 1 year | 355,336 |  |  | 418,450 |
1 to 2 years | 282,945 |  |  | 322,165 |
2 to 3 years | 240,984 |  |  | 227,785 |
3 to 4 years | 188,002 |  |  | 189,744 |
4 to 5 years | 158,559 |  |  | 147,977 |
More than 5 years | 891,997 |  |  | 1,003,655 |
Total | 2,117,823 |  |  | 2,309,776 |
The contracts of leases payable are substantially indexed by the IGP-M. b.1. Discount rates The weighted nominal average discount rates for the lease contracts of the Company are:
Contracts by maturity date and discount rate |
Maturity dates of the contracts | Rate (% p.a.) |
From 1 to 5 years | 10.56% |
From 6 to 10 years | 10.16% |
From 11 to 15 years | 9.81% |
More than 15 years | 9.68% |
c. Lease contracts of leases of low-value assets and short-term leases
| Up to 1 year |  |  | Between 1 and 5 years |  |  | Total |
12/31/2024 | 8,022 |  |  | 2,637 |  |  | 10,659 |
12/31/2023 | 7,693 |  |  | 1,872 |  |  | 9,565 |
The amount of leases considered as of low value, short term and variable payments, recognized as an expense for the year ended December 31, 2024 was R$ 9,850 (R$ 7,794 for the year ended December 31, 2023 and R$ 18,466 for the year ended December 31,2022).

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