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v3.25.1

Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments |
Fair values and the carrying values of the financial instruments | The balances of financial instrument assets and liabilities and the measurement criteria are presented in accordance with the following categories:
(a) | Level 1 – prices negotiated (without adjustment) in active markets for identical assets or liabilities;
(b) | Level 2 – inputs other than prices negotiated in active markets included in Level 1 and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and
(c) | Level 3 - inputs for assets or liabilities that are not based on observable market variables (unobservable inputs).
|  |  |  | Level |  |  | Carrying value |  |  | Carrying value |  |  | Fair value |
December 31, 2024 | Note |  |  |  |  |  | Measured at fair value through profit or loss |  |  | Measured at amortized cost |  |  | Total |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks | 4.a |  |  | - |  |  | ‐ |  |  | 405,840 |  |  | 405,840 |  |  | 405,840 |
Securities and funds in local currency | 4.a |  |  | - |  |  | ‐ |  |  | 1,286,152 |  |  | 1,286,152 |  |  | 1,286,152 |
Securities and funds in foreign currency | 4.a |  |  | - |  |  | ‐ |  |  | 379,601 |  |  | 379,601 |  |  | 379,601 |
Securities and funds in local currency | 4.b |  |  | Level 2 |  |  | 2,271,979 |  |  | ‐ |  |  | 2,271,979 |  |  | 2,271,979 |
Securities and funds in foreign currency | 4.b |  |  | - |  |  | ‐ |  |  | 2,854,126 |  |  | 2,854,126 |  |  | 2,854,126 |
Derivative instruments | 4.b |  |  | Level 2 |  |  | 833,986 |  |  | ‐ |  |  | 833,986 |  |  | 833,986 |
Energy trading futures contracts | 25.h |  |  | Level 2 |  |  | 404,695 |  |  | ‐ |  |  | 404,695 |  |  | 404,695 |
Trade receivables | 5.a |  |  | - |  |  | ‐ |  |  | 3,913,004 |  |  | 3,913,004 |  |  | 3,913,004 |
Reseller financing | 5.a |  |  | - |  |  | ‐ |  |  | 1,404,883 |  |  | 1,404,883 |  |  | 1,404,883 |
Other receivables and other assets | - |  |  | - |  |  | ‐ |  |  | 386,853 |  |  | 386,853 |  |  | 386,853 |
Total |  |  |  |  |  |  | 3,510,660 |  |  | 10,630,459 |  |  | 14,141,119 |  |  | 14,141,119 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing | 15.a |  |  | Level 2 |  |  | 2,085,149 |  |  | 7,004,027 |  |  | 9,089,176 |  |  | 8,871,550 |
Debentures | 15.a |  |  | Level 2 |  |  | 3,468,647 |  |  | 1,302,687 |  |  | 4,771,334 |  |  | 4,728,701 |
Derivative instruments | 15.a |  |  | Level 2 |  |  | 441,600 |  |  | ‐ |  |  | 441,600 |  |  | 441,600 |
Energy trading futures contracts | 26.h |  |  | Level 2 |  |  | 114,776 |  |  | ‐ |  |  | 114,776 |  |  | 114,776 |
Trade payables | 16.a |  |  | - |  |  | ‐ |  |  | 3,518,385 |  |  | 3,518,385 |  |  | 3,518,385 |
Trade payables - reverse factoring | 16.b |  |  | - |  |  | ‐ |  |  | 1,014,504 |  |  | 1,014,504 |  |  | 1,014,504 |
Subscription warrants – indemnification | 19 |  |  | Level 1 |  |  | 47,745 |  |  | ‐ |  |  | 47,745 |  |  | 47,745 |
Financial liabilities of customers | - |  |  | - |  |  | ‐ |  |  | 180,225 |  |  | 180,225 |  |  | 180,225 |
Contingent consideration | - |  |  | Level 3 |  |  | 42,186 |  |  | 52,988 |  |  | 95,174 |  |  | 95,174 |
Other payables | - |  |  | - |  |  | ‐ |  |  | 171,520 |  |  | 171,520 |  |  | 171,520 |
Total |  |  |  |  |  |  | 6,200,103 |  |  | 13,244,336 |  |  | 19,444,439 |  |  | 19,184,180 |
|  |  |  | Level |  |  | Carrying value |  |  | Carrying value |  |  | Fair value |
December 31, 2023 | Note |  |  |  |  |  | Measured at fair value through profit or loss |  |  | Measured at amortized cost |  |  | Total |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |
Cash and banks | 4.a |  |  | - |  |  | ‐ |  |  | 125,152 |  |  | 125,152 |  |  | 125,152 |
Securities and funds in local currency | 4.a |  |  | - |  |  | ‐ |  |  | 5,476,726 |  |  | 5,476,726 |  |  | 5,476,726 |
Securities and funds in foreign currency | 4.a |  |  | - |  |  | ‐ |  |  | 323,810 |  |  | 323,810 |  |  | 323,810 |
Financial investments |  |  |  |  |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |
Securities and funds in local currency | 4.b |  |  | Level 2 |  |  | 82,592 |  |  | ‐ |  |  | 82,592 |  |  | 82,592 |
Derivative instruments | 4.b |  |  | Level 2 |  |  | 1,162,283 |  |  | ‐ |  |  | 1,162,283 |  |  | 1,162,283 |
Trade receivables | 5.a |  |  | - |  |  | ‐ |  |  | 4,269,473 |  |  | 4,269,473 |  |  | 4,269,473 |
Reseller financing | 5.a |  |  | - |  |  | ‐ |  |  | 1,189,886 |  |  | 1,189,886 |  |  | 1,189,886 |
Trade receivables - sale of subsidiaries | 5.c |  |  | - |  |  | ‐ |  |  | 924,364 |  |  | 924,364 |  |  | 924,364 |
Other receivables and other assets | - |  |  | - |  |  | ‐ |  |  | 393,036 |  |  | 393,036 |  |  | 393,036 |
Total |  |  |  |  |  |  | 1,244,875 |  |  | 12,702,447 |  |  | 13,947,322 |  |  | 13,947,322 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing | 15.a |  |  | Level 2 |  |  | 1,584,452 |  |  | 4,449,857 |  |  | 6,034,309 |  |  | 5,853,165 |
Debentures | 15.a |  |  | Level 2 |  |  | 4,618,704 |  |  | 488,269 |  |  | 5,106,973 |  |  | 5,094,933 |
Derivative instruments | 15.a |  |  | Level 2 |  |  | 626,735 |  |  | ‐ |  |  | 626,735 |  |  | 626,735 |
Trade payables | 16.a |  |  | - |  |  | - |  |  | 4,682,671 |  |  | 4,682,671 |  |  | 4,682,671 |
Trade payables - reverse factoring | 16.b |  |  | - |  |  | ‐ |  |  | 1,039,366 |  |  | 1,039,366 |  |  | 1,039,366 |
Subscription warrants – indemnification | 19 |  |  | Level 1 |  |  | 87,299 |  |  | ‐ |  |  | 87,299 |  |  | 87,299 |
Financial liabilities of customers | - |  |  | - |  |  | ‐ |  |  | 308,934 |  |  | 308,934 |  |  | 308,934 |
Contingent consideration | 27.c |  |  | Level 3 |  |  | 112,196 |  |  | ‐ |  |  | 112,196 |  |  | 112,196 |
Other payables | - |  |  | - |  |  | ‐ |  |  | 190,090 |  |  | 190,090 |  |  | 190,090 |
Total |  |  |  |  |  |  | 7,029,386 |  |  | 11,159,187 |  |  | 18,188,573 |  |  | 17,995,389 |
Changes in financial liabilities measured at level 3 of the fair value hierarchy | The changes in financial liabilities measured at level 3 of the fair value hierarchy are presented below:
Balance as of December 31, 2022 | - |
Additions | 111,151 |
Monetary variation | 1,045 |
Balance as of December 31, 2023 | 112,196 |
Update of earnout assumptions | (71,388 | )
Settlement | (7,500 | )
Monetary variation | 8,878 |
Balance as of December 31, 2024 | 42,186 |
Summary of risks, which are mitigated and managed using specific financial instruments |
Risks |  | Exposure origin |  | Management
Market risk - exchange rate |  | Possibility of losses resulting from exposures to exchange rates other than the functional presentation currency, which may be of a financial or operational origin. |  | Seek exchange rate neutrality, using hedging instruments if applicable.
Market risk - interest rate |  | Possibility of losses resulting from the contracting of fixed-rate financial assets or liabilities. |  | Maintain most of the net financial exposure indexed to floating rates, linked to the basic interest rate.
Market risk - commodity prices |  | Possibility of losses resulting from changes in the prices of the main raw materials or products sold by the Company and their effects on profit or loss, statement of financial position and cash flow. |  | Hedging instruments, if applicable.
Credit risk |  | Possibility of losses associated with the counterparty's failure to comply with financial obligations due to insolvency issues or deterioration in risk classification. |  | Diversification and monitoring of counterparty’s solvency and liquidity indicators.
Liquidity risk |  | Possibility of inability to honor obligations, including guarantees, and incurring losses. |  | For cash management: financial investments liquidity. For debt management: seek the combination of better terms and costs, by monitoring the ratio of average debt term to financial leverage.
Assets and liabilities exposed to foreign currency, translated to Reais, and/or exposed to floating interest rates |
|  |  |  |  |  |  | Exchange rate |  |  |  |  |  | Interest rate |
| Note |  |  | Currency |  |  | 12/31/2024 |  |  | 12/31/2023 |  |  | Index |  |  | 12/31/2024 |  |  | 12/31/2023 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents, and financial investments | 4.a |  |  | USD |  |  | 3,428,520 |  |  | 371,474 |  |  | DI |  |  | 3,558,131 |  |  | 5,559,318 |
Trade receivables, net of allowance for expected credit losses | 5.a |  |  | USD |  |  | 27,393 |  |  | 84,855 |  |  | - |  |  | ‐ |  |  | ‐ |
Inventories | 6 |  |  | USD |  |  | 93,821 |  |  | - |  |  | - |  |  | - |  |  | - |
Trade receivables - sale of subsidiaries | 5.c |  |  | BRL/ USD |  |  | ‐ |  |  | 715,877 |  |  | DI |  |  | ‐ |  |  | 208,487 |
Other assets in foreign currency | - |  |  | USD |  |  | 21,028 |  |  | 152,393 |  |  | - |  |  | ‐ |  |  | ‐ |
|  |  |  |  |  |  | 3,570,762 |  |  | 1,324,599 |  |  |  |  |  | 3,558,131 |  |  | 5,767,805 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, financing and debentures (1) | 15.a |  |  | USD/ EUR/ JPY |  |  | (6,681,657 | ) |  | (5,297,013 | ) |  | DI |  |  | (3,515,010 | ) |  | (1,242,524 | )
Loans – FINEP | 15.a |  |  | - |  |  | ‐ |  |  | ‐ |  |  | TJLP |  |  | (679 | ) |  | (1,264 | )
Payables arising from imports | 16.a |  |  | USD |  |  | (936,140 | ) |  | (1,730,426 | ) |  | - |  |  | ‐ |  |  | ‐ |
Other liabilities in foreign currency | - |  |  | USD |  |  | (41,298 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |
|  |  |  |  |  |  | (7,659,095 | ) |  | (7,027,439 | ) |  |  |  |  | (3,515,689 | ) |  | (1,243,788 | )
Derivative instruments | 25.f |  |  | USD / EUR / JPY |  |  | 3,470,855 |  |  | 5,309,125 |  |  | DI |  |  | (6,380,131 | ) |  | (8,567,676 | )
|  |  |  |  |  |  | (617,478 | ) |  | (393,715 | ) |  |  |  |  | (6,337,689 | ) |  | (4,043,659 | )
Net liability position - effect on equity |  |  |  |  |  |  | ‐ |  |  | (10,857 | ) |  |  |  |  | ‐ |  |  | ‐ |
Net liability position - effect on profit or loss |  |  |  |  |  |  | (617,478 | ) |  | (382,858 | ) |  |  |  |  | (6,337,689 | ) |  | (4,043,659 | )
(1) | Gross transaction costs of R$ 7,807 (R$ 10,116 as of December 31, 2023 and R$ 12,405 as of December 31, 2022) and discount on notes in the foreign market of R$ 5,246 (R$ 8,107 as of December 31, 2023 and R$ 10,968 as of December 31, 2022).
Sensitivity analysis with devaluation of the Real and interest rate increase | Sensitivity analysis with devaluation of the Real and interest rate increase
| Exchange rate - Real devaluation (i) |  |  | Interest rate increase (ii) |
Effect on profit or loss | (28,637 | ) |  | (260,723 | )
Total | (28,637 | ) |  | (260,723 | )
(i) | The average U.S. dollar rate of R$ 6.4226 was used for the sensitivity analysis, based on future market curves as of December 31, 2024 on the net position of the Company exposed to the currency risk, simulating the effects of devaluation of the Real on profit or loss. The closing rate considered was R$ 6.1923. The table above shows the effects of the exchange rate changes on the net liability position of R$ 617,478 (or US$ 99,716 using the closing rate) in foreign currency as of December 31, 2024.
(ii) | For the probable scenario presented, the Company used as a base scenario the market curves affected by the Interbank Deposit (DI) rate and the Long-Term Interest Rate (TJLP). The sensitivity analysis shows the incremental expenses and income that would be recognized in financial result, if the market curves of floating interest at the base date were applied to the average balances of the current year. The annual base rate used was 10.88% and the sensitivity rate was 14.77% according to reference rates made available by B3.
Positions of derivative financial instruments to hedge commodity price risk |
Derivative |  | Fair value (R$ thousand) |  | Possible scenario (∆ of 10% - R$ thousand)
|  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Commodity forward |  | (7,707 | ) | 20,702 |  | (12,430 | ) | 2,663
(*) The table above shows the positions of derivative financial instruments to hedge commodity price risk as of December 31, 2024 and 2023, in addition to a sensitivity analysis considering a valuation of 10% of the closing price for each year. For further information, see Note 25.f.
Summary of credit risk of financial institution and government of cash, cash equivalents and financial investments | The credit risk of financial institutions and governments related to cash and cash equivalents, financial ivestments and derivative financial instruments as of December 31, 2024, by counterparty rating, is summarized below:
|  | Fair value
Counterparty credit rating |  | 12/31/2024 |  | 12/31/2023
AAA |  | 7,557,385 |  | 6,714,493
AA |  | 285,520 |  | 408,375
A |  | 3,668 |  | 464
Others (*) |  | 185,111 |  | 47,231
Total |  | 8,031,684 |  | 7,170,563
(*) Refers substantially to investments as minority interest, which are classified as long-term investments.
Contractual undiscounted cash outflows | The table below presents a summary of financial liabilities and leases payable as of December 31, 2024 by the Company and its subsidiaries, listed by maturity. The amounts presented are the contractual undiscounted cash flows, and may differ from the amounts disclosed in the statement of financial position:
| Less than 1 year |  |  | Between 1 and 3 years |  |  | Between 3 and 5 years |  |  | More than 5 years |  |  | Total |
Loans including future contractual interest (1) (2) | 4,087,776 |  |  | 6,071,329 |  |  | 4,646,153 |  |  | 1,503,918 |  |  | 16,309,176 |
Derivative instruments (3) | 392,381 |  |  | 933,913 |  |  | (1,082,726 | ) |  | (779,771 | ) |  | (536,203 | )
Trade payables | 3,518,385 |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | 3,518,385 |
Trade payables - reverse factoring | 1,014,504 |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | 1,014,504 |
Leases payable | 355,336 |  |  | 523,929 |  |  | 346,561 |  |  | 891,997 |  |  | 2,117,823 |
Financial liabilities of customers | 30,257 |  |  | 170,158 |  |  | ‐ |  |  | ‐ |  |  | 200,415 |
Contingent consideration | ‐ |  |  | ‐ |  |  | 42,186 |  |  | ‐ |  |  | 42,186 |
Other payables | 159,930 |  |  | 17,990 |  |  | ‐ |  |  | ‐ |  |  | 177,920 |
| 9,558,569 |  |  | 7,717,319 |  |  | 3,952,174 |  |  | 1,616,144 |  |  | 22,844,206 |
(1) | The interest on loans was estimated based on the US dollar futures contracts, Yen futures contracts, Euro futures contracts and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 as of December 31, 2024.
(2) | Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.
(3) | The derivative 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 as of December 31, 2024. In the table above, only the derivative 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 period is as follows:
|  | 12/31/2024 |  | 12/31/2023 |
Gross debt (a) |  | 15,787,262 |  | 13,291,951 |
Cash, cash equivalents, and short-term investments (b) |  | 8,031,684 |  | 7,170,563 |
Net debt = (a) - (b) |  | 7,755,578 |  | 6,121,388 |
Equity |  | 15,823,444 |  | 14,029,826 |
Net debt-to-equity ratio |  | 49.01% |  | 43.63% |
Position of hedging instruments | The table below summarizes the gross balance of the position of derivative 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 |  | Contracted rates | Maturity |  |  | Notional amount (2) |  | Fair value as of 12/31/2024 |  |  | Gains (losses) as of 12/31/2024 |  |  |  |
|  | Assets | Liabilities |  |  |  | 12/31/2024 |  | Assets |  |  | Liabilities |  |  | Profit or loss |  |  | Fair value adjustment of debt - R$ |
Foreign exchange swapp (1) |  | USD + 3.28% | 105.7% of DI |  | Sept/25 |  | USD 206,067 |  | 76,649 |  |  | (3,808 | ) |  | 171,493 |  |  | 5,647 |
Foreign exchange swap (1) |  | EUR + 5.16% | 109.2% of DI |  | Mar/25 |  | EUR 115,518 |  | 76,123 |  |  | ‐ |  |  | 84,875 |  |  | (1,742 | )
Foreign exchange swap (1) |  | JPY + 1.50% | 109.4% of DI |  | Mar/25 |  | JPY 12,564,393 |  | ‐ |  |  | (45,826 | ) |  | 47,567 |  |  | 5,294 |
Foreign exchange swap (1) |  | SOFR + 1.29% | 112.5% of DI |  | Sept/25 |  | USD 4,535 |  | 2,114 |  |  | ‐ |  |  | 2,566 |  |  | (30 | )
Interest rate swap (1) |  | IPCA + 5.13% | 104.5% of DI |  | Jun/32 |  | BRL 2,660,000 |  | 189,156 |  |  | - |  |  | (345,529 | ) |  | 355,746 |
Interest rate swap (1) |  | IPCA + 2.83% | 69.5% of DI |  | Nov/41 |  | BRL 151,465 |  | - |  |  | (3,321 | ) |  | (3,321 | ) |  | 37,511 |
Interest rate swap (1) |  | 11.17% | 104.3% of DI |  | Jul/27 |  | BRL 525,791 |  | ‐ |  |  | (53,638 | ) |  | (67,786 | ) |  | 62,628 |
Commodity forward (1) |  | USD | Heating Oil/ RBOB |  | Jan/25 |  | USD 5,753 |  | 3,104 |  |  | (11,869 | ) |  | (25,309 | ) |  | ‐ |
NDF (1) |  | USD | USD |  | Feb/25 |  | USD 6,853 |  | 729 |  |  | (6,022 | ) |  | (34,336 | ) |  | ‐ |
|  |  |  |  |  |  | Total - designated |  | 347,875 |  |  | (124,484 | ) |  | (169,780 | ) |  | 465,054 |
Derivatives not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swap |  | USD + 0.00% | 52.5% of CDI |  | Jun/29 |  | USD 300,000 |  | 465,032 |  |  | ‐ |  |  | 268,734 |  |  | ‐ |
NDF |  | USD | BRL |  | Mar/25 |  | USD 15,425 |  | 13,546 |  |  | (6,501 | ) |  | 42,241 |  |  | ‐ |
Commodity forward |  | BRL | Heating Oil/ RBOB |  | Mar/25 |  | USD 2,422 |  | 4,926 |  |  | (3,867 | ) |  | 53,069 |  |  | ‐ |
Interest rate swap |  | USD + 5.25% | CDI -1.4% |  | Jun/29 |  | USD 300,000 |  | ‐ |  |  | (306,748 | ) |  | (166,103 | ) |  | ‐ |
|  |  |  |  |  |  | Total - not designated |  | 483,504 |  |  | (317,116 | ) |  | 197,941 |  |  | ‐ |
|  |  |  |  |  |  | Total |  | 831,379 |  |  | (441,600 | ) |  | 28,161 |  |  | 465,054 |
(1) | Derivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).
(2) | Currency as indicated.
Derivatives designated as hedge accounting |
Product |  | Contracted rates | Maturity |  | Notional amount (3) |  |  | Fair value as of 12/31/2023 |  |  | Gains (losses) as of 12/31/2023 |
|  | Assets | Liabilities |  |  |  | 12/31/2023 |  |  | Assets |  |  | Liabilities |  |  | Profit or loss |  |  | Fair value adjustment of debt - R$ |
Foreign exchange swap (2) |  | USD + 0.00% | 53.60% of DI |  | Oct/26 |  | USD 234,000 |  |  | ‐ |  |  | (106,657 | ) |  | (145,949 | ) |  | - |
Foreign exchange swap (1) |  | USD + 5.47% | 110.02% of DI |  | Sept/25 |  | USD 206,067 |  |  | ‐ |  |  | (119,094 | ) |  | (223,555 | ) |  | (3,768 | )
Foreign exchange swap (1) |  | EUR + 5.12% | 111.93% of DI |  | Jan/24 |  | EUR 22,480 |  |  | ‐ |  |  | (22,529 | ) |  | (23,304 | ) |  | 230 |
Foreign exchange swap (1) |  | JPY + 1.50% | 109.40% of DI |  | Mar/25 |  | JPY 12,564,393 |  |  | ‐ |  |  | (120,746 | ) |  | (130,726 | ) |  | (4,775 | )
Interest rate swap (1) |  | IPCA + 5.03% | 102.87% of DI |  | Jun/32 |  | BRL 3,226,054 |  |  | 598,311 |  |  | ‐ |  |  | 260,301 |  |  | (313,641 | )
Interest rate swap (1) |  | 10.48% | 103.64% of DI |  | Jun/27 |  | BRL 615,791 |  |  | 12,515 |  |  | (3,182 | ) |  | 10,694 |  |  | (10,163 | )
Commodity forward (1) |  | BRL | Heating Oil/ RBOB |  | Jan/24 |  | USD 129,894 |  |  | 22,343 |  |  | (854 | ) |  | (50,977 | ) |  | ‐ |
NDF (1) |  | BRL | USD |  | Feb/24 |  | USD 211,179 |  |  | 3,959 |  |  | (833 | ) |  | 19,012 |  |  | ‐ |
|  |  |  |  |  |  | Total - designated |  |  | 637,128 |  |  | (373,895 | ) |  | (284,504 | ) |  | (332,117 | )
Derivatives not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swap |  | 0.00% | 52.99% of CDI |  | Jun/29 |  | USD 375,000 |  |  | 186,925 |  |  | (45,877 | ) |  | (188,395 | ) |  | ‐ |
NDF |  | USD | BRL |  | Mar/24 |  | USD 457,099 |  |  | 1,468 |  |  | (8,409 | ) |  | (105,597 | ) |  | ‐ |
Commodity forward |  | BRL | Heating Oil/ Marine Fuel/ Others |  | Mar/24 |  | USD 18,127 |  |  | 1,524 |  |  | (2,310 | ) |  | 5,489 |  |  | ‐ |
Interest rate swap |  | 5.25% | 1.36% of CDI |  | Jun/29 |  | USD 300,000 |  |  | ‐ |  |  | (196,243 | ) |  | 9,257 |  |  | ‐ |
|  |  |  |  |  |  | Total - not designated |  |  | 189,917 |  |  | (252,839 | ) |  | (279,246 | ) |  | ‐ |
|  |  |  |  |  |  | Total |  |  | 827,045 |  |  | (626,734 | ) |  | (563,750 | ) |  | (332,117 | )
(1) | Derivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).
(2) | Derivative financial instruments designated for cash flow hedge accounting (see Note 25.g.2).
(3) | Currency as indicated.
Derivatives designated as hedge accounting |  |  |  |  |  |  |  |  |  |
Product |  | Contracted rates |  | Maturity |  | Notional amount (3) |  | Gains (losses) as of 12/31/2022 |
|  | Assets | Liabilities |  |  |  | 12/31/2022 |  | Profit or loss |  |  | Fair value adjustment of debt - R$ |
Foreign exchange swap |  | USD + 4.95% | 106.67% of DI |  | Sept-25 |  | USD 221,339 |  | (121,296 | ) |  | 28,000 |
Foreign exchange swap |  | EUR + 3.42% | 111.60% of DI |  | Mar-23 |  | EUR 9,709 |  | 2,573 |  |  | (8 | )
Foreign exchange swap |  | USD + LIBOR-3M + 1.14% | 105.00% of DI |  | - |  | - |  | (21,566 | ) |  | ‐ |
Interest rate swap |  | IPCA + 5.03% | 102.87% of DI |  | Jun-32 |  | BRL 3,226,054 |  | (143,762 | ) |  | (44,312 | )
Interest rate swap |  | 6.47% | 99.94% of DI |  | Nov-24 |  | BRL 90,000 |  | (5,069 | ) |  | (486 | )
Commodity Forward |  | BRL | Heating Oil/ RBOB |  | Jul-23 |  | USD 181,880 |  | (944,896 | ) |  | ‐ |
NDF |  | BRL | USD |  | Jan-23 |  | USD 127,233 |  | 53,672 |  |  | ‐ |
|  |  |  |  |  |  | Total - designated |  | (1,180,344 | ) |  | (16,806 | )
Derivatives not designated as hedge accounting |  |  |  |  |  |  |  |  |  |
Foreign exchange swap |  | 0.00% | 53.0% of CDI |  | Jun-29 |  | USD 375,000 |  | (85,474 | ) |  | ‐ |
NDF |  | USD | BRL |  | Jul-23 |  | USD 1,116,702 |  | (440,359 | ) |  | ‐ |
Interest rate swap |  | USD + 5.25% | CDI - 1.36% |  | Jun-29 |  | USD 300,000 |  | (266,445 | ) |  | ‐ |
|  |  |  |  |  |  | Total - not designated |  | (792,278 | ) |  | ‐ |
|  |  |  |  |  |  | Total |  | (1,972,622 | ) |  | (16,806 | )
Sensitivity analysis level 2 hierarchy | Sensitivity analysis – level 2 hierarchy
| Valuation technique |  | Fair value of energy contracts |  |  | Sensitivity of inputs to fair value (a) |
Financial assets | Discounted cash flow method |  | 404,695 |  |  | +10% | 382,794 |
|  |  |  | -10% | 404,581 |
Financial liabilities |  | 114,776 |  |  | +10% | 115,361 |
|  |  |  | -10% | 125,715 |
(a) This 10% variation scenario represents a fluctuation considered reasonable by the Company, based on the history of negotiations concluded under similar market conditions.

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