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24. FINANCIAL INCOME (EXPENSES)
 12 Months Ended
Dec. 31, 2017
Financial Income Expenses  
FINANCIAL INCOME (EXPENSES)
24.FINANCIAL INCOME (EXPENSES)

 

    12/31/2017   12/31/2016  

12/31/2015

Financial income            
Related parties (Note 18 b)                     61,549                     60,964   65,084
Income from short-term investments                     162,292                   301,401   212,826
Gain from derivative                     28,503                       5,829   870
Gain on repurchase of debt securities                       146,214   166,642
Other income (*)                     42,730                   129,182   42,298
                    295,074                   643,590   487,720
Financial expenses            
Borrowings and financing - foreign currency                 (827,841)                 (930,508)   (938,047)
Borrowings and financing - local currency              (1,610,714)              (2,229,849)   (2,116,149)
Related parties (Note 18 b)                         (3,185)   (1,333)
Capitalized interest (Notes 9 and 29)  

91,957

 

                   215,794   166,366
Losses on derivatives                            (362)   (4,956)
Interest, fines and late payment charges                   (72,343)                   (38,002)   (20,511)
Commission and bank fees                 (159,088)                 (155,249)   (81,594)
PIS/COFINS over financial income                   (21,926)                   (39,154)   (23,699)
REFIS effect net- Law 11,941/09            
Other financial expenses (**)                 (142,296)   (102,450)   (105,050)
               (2,742,251)   (3,282,965)   (3,124,973)
Inflation adjustment and exchange differences, net            
Inflation adjustments, net                   (10,556)                       7,865   44,422
Exchange differences, net                     (5,665)                   921,310   (1,618,659)
Exchange gain (losses) on derivatives                        (229)                 (812,227)   846,328
                    (16,450)                   116,948   (727,909)
             
Financial expenses   (2,758,701)   (3,166,017)   (3,852,882)
             
Financial expenses, net   (2,463,627)              (2,522,427)   (3,365,162)
             
Statement of gains and (losses) on derivative transactions          
Dollar-to-CDI swap           (18)
Dollar-to-real swap (NDF)           785,702
Future Dollar                     (805,760)   25,381
Dollar-to-euro swap (NDF)           39,668
Dollar-to-euro swap   (229)                     (6,467)   (4,405)
    (229)                 (812,227)   846,328
             
Swap Pré x CDI                            (299)   (4,956)
Swap CDI x Pré                              (63)   870
Future DI   28,503                       5,829    
    28,503                       5,467   (4,086)
    28,274                 (806,760)   842,242

 

(*) Refers substantially an updating of tax credits.

 

(**) Refers substantially IOF (tax on financial transactions) and provision for IRRF (Corporate Income Tax) / CSLL (Social Contribution on Profit).