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8. INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Investments Tables  
Sale of the Subsidiary - CGPAR
  R$ (000)
Consideration paid 99,452
Net assets acquired at book value (64,063)
Capital distribution (35,389)
Direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments

 

12/31/2017    12/ 31/ 2016   
Companies   Number of shares held by   % Direct
equity
interest 		   Participation In            % Direct
equity
interest 		       Participation In       
Assets   Liabilities   Shareholders'
equity 		   Profit
(loss) for
period 		   Assets   Liabilities   Shareholder
s' equity 		   Profit
(loss) for
period 		  
 
 
CSN in units     
Common    Preferred     
Investments under the equity method                                               
Subsidiaries                                                   
CSN Islands VII Corp.    20,001,000        100.00    5,242,890    5,421,043    (178,153)    (385,919)    100.00    6,436,140    6,228,374    207,766    167,767   
CSN Islands IX Corp.  (1)                                             (388)   
CSN Islands XI Corp.    50,000        100.00    2,514,894    2,557,398    (42,504)    (63,201)    100.00    2,530,563    2,509,866    20,697    (1,295)   
CSN Islands XII Corp.    1,540        100.00    2,166,682    3,312,505    (1,145,823)    (126,524)    100.00    2,244,240    3,263,539    (1,019,299)    75,787   
CSN Minerals S.L.U.  (2)                         331,897    100.00    3,833,669    9,840    3,823,829    (927,265)   
CSN Export Europe, S.L.U.  (2)                         22,600    100.00    666,362    30,077    636,285    (185,057)   
CSN Metals S.L.U.  (2)                         23,188    100.00    636,408    20,668    615,740    (175,236)   
CSN Americas S.L.U.  (2)                         193,652    100.00    1,492,678    4,445    1,488,233    (220,412)   
CSN Steel S.L.U.  (2)   2,042,688        100.00    6,905,164    322,963    6,582,201    108,427    100.00    2,537,179    1,585,977    951,202    323,043   
Sepetiba Tecon S.A.    254,015,052        99.99    459,647    160,402    299,245    29,768    99.99    441,214    165,172    276,042    22,794   
M inérios Nacional S.A.    66,393,587        99.99    105,586    65,290    40,296    (13,600)    99.99    74,738    28,038    46,700    (12,548)   
Fair Value - M inérios Nacional                        2,123,507                    2,123,507       
Estanho de Rondônia S.A.    121,861,697        99.99    46,005    41,032    4,973    (6,291)    99.99    32,816    21,552    11,264    (13,061)   
Companhia M etalúrgica Prada    313,651,399        99.99    655,748    485,915    169,833    (29,258)    99.99    769,337    620,509    148,828    (45,783)   
CSN Mineração S.A.    158,419,480        87.52    14,273,290    5,620,137    8,653,153    767,568    87.52    13,039,767    4,943,090    8,096,677    580,146   
CSN Energia S.A.    43,149        99.99    146,130    55,030    91,100    56,987    100.00    109,290    39,654    69,636    26,240   
FTL - Ferrovia Transnordestina                                                   
Logística S.A.    395,302,149        90.78    419,388    138,888    280,500    (77,384)    90.78    484,218    126,334    357,884    (11,376)   
Companhia Florestal do Brasil    41,673,302        99.99    34,910    3,734    31,176    (1,499)    99.99    35,206    5,179.0    30,027    (2,215)   
Nordeste Logística    99,999        99.99    80    55    25    (1)    99.99    81    55    26    (74)   
CGPAR - Construção Pesada S.A  (3)                         723    100.00    40,889    27,558    13,331    5,887   
Fair value fixed assets - CGPAR                            (3,940)                53,949    (3,940)   
                32,970,414    18,184,392    16,909,529    827,193        35,404,795    19,629,927    17,952,324    (396,986)   
Jo int-venture and Jo int-o peratio n                                               
Itá Energética S.A.    253,606,846        48.75    265,476    18,104    247,372    10,789    48.75    282,383    27,728    254,655    8,591   
M RS Logística S.A.    26,611,282    2,673,312    18.64    1,520,264    857,581    662,683    85,974    18.64    1,411,526    795,903    615,623    77,828   
CBSI - Companhia Brasileira de    1,876,146        50.00    16,005    13,654    2,351    1,785    50.00    13,574    11,517    2,057    2,953   
Serviços de Infraestrutura                                                   
Transnordestina Logística S.A.    24,168,304        46.28    3,806,380    2,604,198    1,202,182    (21,357)    49.02    3,786,556    2,566,315    1,220,241    (52,127)   
Fair Value allocated to TLSA in loss of control                    271,116                    271,116       
                5,608,125    3,493,537    2,385,704    77,191        5,494,039    3,401,463    2,363,692    37,245   
A sso ciates                                                   
Arvedi M etalfer do Brasil    46,994,971        20.00    43,653    23,978    19,675    (4,368)    20.00    53,101    48,258    4,843    1,372   
                43,653    23,978    19,675    (4,368)        53,101    48,258    4,843    1,372   
C lassified as available fo r sale (no te 12 I)                                               
Usiminas                        2,200,459                    1,353,664       
Panatlântica                        21,974                    20,604       
                        2,222,433                    1,374,268       
Other investments                                                   
                        (72,473)    1,985                (74,459)    7,583   
Others                        63,537    (165)                63,541    (19,557)   
                        (8,936)    1,820                (10,918)    (11,974)   
T o tal Investments                        21,528,405    901,836                21,684,209    (370,343)   
   
C lassificatio n o f investiments in the balance sheet                                               
Investments in assets                        22,894,885                    22,703,508       
Investments whith short liabilities                        (1,366,480)                    (1,019,299)       
                        21,528,405                    21,684,209       

(1) Company terminated in 2016;
(2) Merger of the companies by the subsidiary CSN Steel S.L.U. in December 2017, according to note 2;

(3) Company sold in July 2017, to the subsidiary CSN Mineração.
Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments

Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments

 

      Consolidated
  12/31/2017   12/31/2016
Opening balance of investments 4,568,451   3,998,239
       
Capital increase/acquisition of shares 20,579   190,651
Dividends (1) (79,189)   (36,765)
Comprehensive income (2)     850,640   713,442
Equity in results of affiliated companies (4) 147,800   108,031
Amortization of fair value – investment in MRS (11,746)   (11,746)
Amortization of fair value – investment in CGPAR                       (3,940)
Impairment of the Fair Value of Transnordestina (3)     (387,989)
Others 3,460   (1,472)
Closing balance of investments 5,499,995   4,568,451
       
Total 5,499,995   4,568,451

 

(1) In 2017 refers to the allocation of dividends from subsidiaries Sepetiba Tecon, MRS Logistica, CSN Energia, Itá Energética, CBSI – Companhia Brasileira de Serviços de Infraestrutura, CSN Minerals, CSN Steel, CSN Metals, CSN Mineração and CSN Americas.

 

(2) Refers to the mark-to-market of investments classified as available for sale and translation to the reporting currency of the foreign investments (the functional currency of which is not the Brazilian Reais), actuarial gain/loss and gain/loss on net investment hedge from investments measured by equity method.

 

(3) Refers to impairment of the fair value of Transnordestina Logística S.A, see note 8.d).

 

(4) The reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in the income statement and it is due to the elimination of the results of the CSN´s transactions with these companies
Equity in results
      Consolidated
  12/31/2017   12/31/2016  
Equity in results of affiliated companies        
MRS Logística S.A.                   171,905                     155,617  
CBSI - Companhia Brasileira de Serviços de Infraestrutura                       1,785                         2,953  
Transnordestina                   (21,357)                     (52,127)  
Arvedi Metalfer do Brasil                     (4,368)                         1,372  
Others                        (165)                            216  
  147,800   108,031  
Eliminations        
To cost of sales                   (40,823)                     (41,556)  
To taxes 13,880                       14,129  
Others          
Amortization of fair value -  Investments in MRS                   (11,746)                     (11,746)  
Amortization of fair value - Investments in CGPAR                           (3,940)  
Equity in results                   109,111                       64,918  
Joint ventures and joint operations financial information

The balances of the balance sheets and income statements of joint venture and joint operation are presented as follows and refer to 100% of the companies´ profit/loss:

 

                12/31/2017               12/31/2016
    Joint-Venture   Joint-Operation   Joint venture  

 

Joint-Operation

Equity interest (%)   MRS Logística   CBSI    Transnordestina Logística   Itá Energética   MRS Logística   CBSI    Transnordestina Logística   Itá Energética
  34.94%   50.00%   46.30%   48.75%   34.94%   50.00%   49.02%   48.75%
Balance sheet                                
Current assets                                
Cash and cash equivalents           484,978                 101                       5,763                      16,231          345,164             2,925                        1,899                  17,689
Advances to suppliers             14,911                   37                                 22              7,452                951                             99
Other current assets           685,311            28,475                     49,494                      16,447          406,170           19,603                      54,652                  16,054
Total current assets        1,185,200            28,613                     55,257                      32,700          758,786           23,479                      56,551                  33,842
Non-current assets                                
Other non-current assets           693,434                 974                   238,004                      27,459          598,577                234                    261,292                  29,219
Investments, PP&E and intangible assets        6,277,550              2,423                7,927,881                    484,406       6,215,442             3,434                 7,407,189                516,186
Total non-current assets        6,970,984              3,397                8,165,885                    511,865       6,814,019             3,668                 7,668,481                545,405
Total Assets        8,156,184            32,010                8,221,142                    544,565       7,572,805           27,147                 7,725,032                579,247
                                 
Current liabilities                                
Borrowings and financing           668,947              1,411                     52,691              653,491                          76,441    
Other current liabilities        1,272,365            25,898                   113,739                      33,666          740,319           23,034                    134,747                  53,858
Total current liabilities        1,941,312            27,309                   166,430                      33,666       1,393,810           23,034                    211,188                  53,858
Non-current liabilities                                
Borrowings and financing        2,084,422                    5,457,768           2,176,357                     5,024,404    
Other non-current liabilities           575,170                    -                            434                        3,471          699,830                  -                               -                      3,020
Total non-current liabilities        2,659,592                    -                  5,458,202                        3,471       2,876,187                  -                   5,024,404                    3,020
Shareholders’ equity        3,555,280              4,701                2,596,510                    507,428       3,302,808             4,113                 2,489,440                522,369
Total liabilities and shareholders’
equity		        8,156,184            32,010                8,221,142                    544,565       7,572,805           27,147                 7,725,032                579,247
                                 
                01/01/2017 to 12/31/2017               01/01/2016 to 12/31/2016
    Joint-Venture   Joint-Operation Joint venture   Joint-Operation
Equity interest (%)   MRS Logística   CBSI   Transnordestina Logística   Itá Energética   MRS Logística   CBSI   Transnordestina Logística   Itá Energética
  34.94%   50.00%   46.30%   48.75%   34.94%   50.00%   49.02%   48.75%
Statements of Income                                
Net revenue        3,492,805          135,399                        168,194       3,279,420         122,870                    172,263
Cost of sales and services      (2,307,108)        (120,647)                         (76,810)     (2,208,786)       (105,692)                    (91,568)
Gross profit        1,185,697            14,752                             -                        91,384       1,070,634           17,178                             -                    80,695
Operating (expenses) income         (283,151)            (8,340)                    (32,245)                     (58,465)        (160,187)           (8,367)                    (97,596)                (54,616)
Finance income (costs), net         (187,295)            (1,004)                    (13,938)                           317        (249,300)           (1,676)                      (6,032)                       397
Income before income tax and social
contribution		           715,251              5,408                    (46,183)                      33,236          661,147             7,135                  (103,628)                  26,476
Current and deferred income tax
and social contribution		       (254,001)            (1,838)                         (11,105)        (243,602)           (1,229)                      (8,854)
(Loss) profit for the year, net           461,250              3,570                    (46,183)                      22,131          417,545             5,906                  (103,628)                  17,622

Assumptions for impairment test

Measurement of recoverable value:

 

Cash Flow Projection Until 2057
Gross Margin Based on market studies to capture operations costs and loads, according studied of market trends.
Estimated Costs Costs based on studies and market trends.
Growth rate in perpetuity Growth rate was not considered due to the projection model until the end of the concession.
Discount rate Between 5.1% to 6.25% in real terms.