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13. FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2018
Financial Instruments Tables Abstract |
Financial instruments |
|  |  | Consolidated
|  |  | Disclosed on 12/31/2017 |  | Applied on 01/01/2018 |  | Balance at 12/31/2017
Assets |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Cash and cash equivalents |  |  | Loans and Receivables |  | Amortized cost |  | 3,411,572
Short term investments |  |  | Loans and Receivables |  | Amortized cost |  | 735,712
Accounts Receivable Net |  |  | Loans and Receivables |  | Amortized cost |  | 2,197,078
Loans with related parties |  |  | Loans and Receivables |  | Amortized cost |  | 2,441
Derivative financial instruments |  |  | VJR |  | VJR |  |
Trading securities |  |  | VJR |  | VJR |  | 2,952
Dividends receivable |  |  | Amortized cost |  | Amortized cost |  | 41,528
Non-current |  |  |  |  |  |  |
Loans with related parties |  |  | Loans and Receivables |  | Amortized cost |  | 554,694
Other trade receivables |  |  | Loans and Receivables |  | Amortized cost |  | 20,024
Investments |  |  | Available for sale |  | VJR |  | 2,222,479
Liabilities |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Borrowings and financing |  |  | Amortized cost |  | Amortized cost |  | 6,551,764
Derivative financial instruments |  |  | VJR |  | VJR |  |
Trade payables |  |  | Amortized cost |  | Amortized cost |  | 2,460,774
Dividends and interest on capital |  |  | Amortized cost |  | Amortized cost |  | 510,692
Non-current |  |  |  |  |  |  |
Borrowings and financing |  |  | Amortized cost |  | Amortized cost |  | 23,017,953
Financial instruments at fair value through profit or loss |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  | 12/31/2018 |  |  |  | 12/31/2017
| Notes |  | Fair value through profit or loss |  | Measured at amortized cost |  | Balances |  | Fair value through profit or loss |  | Measured at amortized cost |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 4 |  |  |  | 2,248,004 |  | 2,248,004 |  |  |  | 3,411,572 |  | 3,411,572
Financial investments |  | 5 |  |  |  | 895,713 |  | 895,713 |  |  |  | 735,712 |  | 735,712
Trade receivables |  | 6 |  |  |  | 2,078,182 |  | 2,078,182 |  |  |  | 2,197,078 |  | 2,197,078
Dividends receivable |  | 8 |  |  |  | 46,171 |  | 46,171 |  |  |  | 41,528 |  | 41,528
Derivative financial instruments |  | 8 |  | 351 |  |  |  | 351 |  |  |  |  |  |
Trading securities |  | 8 |  | 4,503 |  |  |  | 4,503 |  | 2,952 |  |  |  | 2,952
Loans - related parties |  | 8 |  |  |  | 2,675 |  | 2,675 |  |  |  | 2,441 |  | 2,441
Total |  |  |  | 4,854 |  | 5,270,745 |  | 5,275,599 |  | 2,952 |  | 6,388,331 |  | 6,391,283
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 5 |  |  |  | 7,772 |  | 7,772 |  |  |  |  |  |
Other trade receivables |  | 8 |  |  |  | 820,879 |  | 820,879 |  |  |  | 804,765 |  | 804,765
Investments |  | 9 |  | 2,279,189 |  |  |  | 2,279,189 |  | 2,222,433 |  |  |  | 2,222,433
Loans - related parties |  | 8 |  |  |  | 706,605 |  | 706,605 |  |  |  | 554,694 |  | 554,694
Total |  |  |  | 2,279,189 |  | 1,535,256 |  | 3,814,445 |  | 2,222,433 |  | 1,359,459 |  | 3,581,892
Total Assets |  |  |  | 2,284,043 |  | 6,806,001 |  | 9,090,044 |  | 2,225,385 |  | 7,747,790 |  | 9,973,175
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 5,681,797 |  | 5,681,797 |  |  |  | 6,551,764 |  | 6,551,764
Trade payables |  |  |  |  |  | 3,473,822 |  | 3,473,822 |  |  |  | 2,505,695 |  | 2,505,695
Dividends and interest on capital |  | 14 |  |  |  | 932,005 |  | 932,005 |  |  |  | 510,692 |  | 510,692
Total |  |  |  |  |  | 10,087,624 |  | 10,087,624 |  |  |  | 9,568,151 |  | 9,568,151
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 12 |  |  |  | 23,260,945 |  | 23,260,945 |  |  |  | 23,017,953 |  | 23,017,953
Total |  |  |  |  |  | 23,260,945 |  | 23,260,945 |  |  |  | 23,017,953 |  | 23,017,953
Total Liabilities |  |  |  |  |  | 33,348,569 |  | 33,348,569 |  |  |  | 32,586,104 |  | 32,586,104
Investments in financial instruments classified as available-for-sale |
Consolidated |  | 12/31/2018 |  |  |  | 12/31/2017
| Level 1 |  | Level 2 |  | Balance |  | Level 1 |  | Balance |
Assets |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 351 |  | 351 |  |  |  |  |
Trading securities |  | 4,503 |  |  |  | 4,503 |  | 2,952 |  | 2,952 |
Non-current |  |  |  |  |  |  |  |  |  |  |
Available-for-sale financial assets |  |  |  |  |  |  |  |  |  |  |
Investments |  | 2,279,189 |  |  |  | 2,279,189 |  | 2,222,433 |  | 2,222,433 |
Total Assets |  | 2,283,692 |  | 351 |  | 2,284,043 |  | 2,225,385 |  | 2,225,385 |
Foreign exchange exposure |
|  |  |  | 12/31/2018
Foreign Exchange Exposure |  | (Amounts in US$’000) |  | (Amounts in €’000)
Cash and cash equivalents overseas |  | 376,581 |  | 3,387
Trade receivables |  | 358,283 |  | 1,124
Other assets |  | 8,623 |  | 4,594
Total Assets |  | 743,487 |  | 9,105
Borrowings and financing |  | (4,116,508) |  | (48,791)
Trade payables |  | (175,404) |  | (7,946)
Other liabilities |  | (3,529) |  | (920)
Total Liabilities |  | (4,295,441) |  | (57,657)
Foreign exchange exposure |  | (3,551,954) |  | (48,552)
Cash flow hedge accounting |  | 2,076,045 |  |
Net Investment hedge accounting |  |  |  | 48,000
Net foreign exchange exposure |  | (1,475,909) |  | (552)
Perpetual bonds |  | 1,000,000 |  |
Net foreign exchange exposure excluding perpetual bonds |  | (475,909) |  | (552)
Dollar x Euro swap |
|  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2018
|  |  |  |  |  |  |  | Appreciation (R$) |  | Fair value (market) |  | Impact on financial income (expenses) in 2018
Counterparties |  | Maturity |  | Functional Currency |  | Notional amount |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |
BCP |  | 03/08/2019 |  | Dollar |  | 18,563 |  | 71,967 |  | (71,616) |  | 351 |  | (1)
Total dollar-to-euro swap |  |  |  | 18,563 |  | 71,967 |  | (71,616) |  | 351 |  | (1)
|  |  |  |  |  |  |  | 71,967 |  | (71,616) |  | 351 |  | (1)
Hedging instruments |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2018
Designation Date |  | Hedging Instrument |  | Hedged item |  | Type of hedged risk |  | Hedged period |  | Exchange rate on designation |  | Designated amounts (US$’000) |  | Amortizated part (USD'000) |  | Effect on Result (*) (R$'000) |  | Impact on Shareholders' equity (R$'000)
11/03/2014 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2016 - September 2019 |  | 2.4442 |  | 500,000 |  | (250,003) |  | 171,983 |  | (357,649)
12/01/2014 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2015 - February 2019 |  | 2.5601 |  | 175,000 |  | (154,999) |  | 36,766 |  | (26,295)
12/18/2014 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | May 2020 |  | 2.6781 |  | 100,000 |  |  |  |  |  | (119,670)
07/21/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | July 2019 - March 2021 |  | 3.1813 |  | 60,000 |  |  |  |  |  | (41,610)
07/23/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | July 2019 - March 2021 |  | 3.2850 |  | 100,000 |  |  |  |  |  | (58,980)
07/23/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.285 |  | 30,000 |  | (6,000) |  | 5,102 |  | (14,155)
07/24/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.3254 |  | 100,000 |  | (20,000) |  | 16,198 |  | (43,952)
07/27/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.3557 |  | 25,000 |  | (5,000) |  | 3,898 |  | (10,382)
07/27/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.3557 |  | 70,000 |  | (14,000) |  | 10,914 |  | (29,070)
07/27/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.3557 |  | 30,000 |  | (6,000) |  | 4,677 |  | (12,458)
07/28/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.3815 |  | 30,000 |  | (6,000) |  | 4,523 |  | (11,839)
3/8/2015 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | October 2018 - October 2022 |  | 3.3940 |  | 355,000 |  | (11,998) |  | 6,179 |  | (164,915)
04/02/2018 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | July 2018 - February 2023 |  | 3.3104 |  | 1,170,045 |  | (195,000) |  | 109,951 |  | (550,320)
Total |  |  |  |  |  |  |  |  |  |  |  | 2,745,045 |  | (669,000) |  | 370,191 |  | (1,441,295)
Changes in hedge accounting |
| 12/31/2017 |  | Movement |  | Realization |  | 12/31/2018
Cash flow hedge accounting | 395,524 |  | 1,415,962 |  | (370,191) |  | 1,441,295
Fair value of cash flow hedge, net of taxes | 395,524 |  | 1,415,962 |  | (370,191) |  | 1,441,295
Non-derivative financial liabilities |
|  |  |  |  |  |  |  |  |  |  |  | 12/31/2018
Designation Date |  | Hedging Instrument |  | Hedged item |  | Type of hedged risk |  | Exchange rate on designation |  | Designated amounts (EUR'000) |  | Amortized part (USD’000) | Impact on shareholders' equity
09/01/2015 |  | Non-derivative financial liabilities in EUR – Debt contract |  | Investments in subsidiaries which EUR is the functional currency |  | Foreign exchange - R$ vs. EUR spot rate |  | 4.0825 |  | 120,000 |  | (72,000) | 3,941
Total |  |  |  |  |  |  |  |  |  | 120,000 |  | (72,000) | 3,941
Changes in net investment hedge |
| 12/31/2017 |  | Movement |  |  | 12/31/2018 |
Net Investment hedge accounting | (17,911) |  | 21,852 |  |  | 3,941 |
Fair value of net investment hedge in foreign operations | (17,911) |  | 21,852 |  |  | 3,941 |
Currencies used in sensitivity analysis |
|  |  |  |  |  |  |  | 12/31/2018
Currency |  | Exchange rate |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USD |  | 3,8748 |  | 3,7626 |  | 4,8435 |  | 5,8122
EUR |  | 4,4390 |  | 4,2833 |  | 5,5488 |  | 6,6585
USD x EUR |  | 1,1456 |  | 1,1346 |  | 1,4320 |  | 1,7184
|  |  |  |  |  | 12/31/2018 |  |
Interest |  | Interest rate |  | Scenario 1 |  | Scenario 2 |  |
CDI |  | 6,40% |  | 8,00% |  | 9,60% |  |
TJLP |  | 6,98% |  | 8,73% |  | 10,47% |  |
Libor |  | 2,88% |  | 3,60% |  | 4,32% |  |
Sensitivity analysis effects on income statement |
|  |  |  |  |  |  |  |  |  | 12/31/2018
Instruments |  | Notional |  | Risk |  | Probable scenario (*) |  | Scenario 1 |  | Scenario 2
Hedge accounting of exports |  | 2,076,045 |  | Dollar |  | (232,932) |  | 2,011,065 |  | 4,022,130
Natural currency position |  | (3,551,954) |  | Dollar |  | 398,529 |  | (3,440,778) |  | (6,881,556)
(not including exchange derivatives above) |  |  |  |  |  |  |  |  |  |
Consolidated exchange position |  | (1,475,909) |  | Dollar |  | 165,597 |  | (1,429,713) |  | (2,859,426)
(including exchange derivatives above) |  |  |  |  |  |  |  |  |  |
Net Investment hedge accounting |  | 48,000 |  | Euro |  | (7,474) |  | 53,268 |  | 106,536
Natural currency position |  | (48,552) |  | Euro |  | 7,560 |  | (53,881) |  | (107,762)
Consolidated exchange position |  | (552) |  | Euro |  | 86 |  | (613) |  | (1,226)
(including exchange derivatives above) |  |  |  |  |  |  |  |  |  |
Dollar-to-euro swap |  | 18,563 |  | Dollar |  | (1,011) |  | 14,072 |  | 23,663
Sensitivity analysis of interest rate swaps |
|  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  | Impact on profit or loss
Changes in interest rates |  | % p.a |  | Assets |  | Liabilities |  | Probable scenario (*) |  | Scenario 1 |  | Scenario 2
TJLP |  | 6,98 |  |  |  | (954,635) |  | (2,793) |  | (16,658) |  | (33,316)
Libor |  | 2.88 |  |  |  | (4,799,586) |  | (47,391) |  | (34,505) |  | (69,010)
CDI |  | 6.40 |  | 609,480 |  | (11,667,006) |  | (53,528) |  | (176,924) |  | (353,848)
Contractual maturities of financial liabilities |
|  |  |  |  |  |  |  |  | Consolidated
At December 31, 2018 | Less than one year |  | From one to two years |  | From two to five years |  | Over five years |  | Total
Borrowings, financing and debentures | 5,681,797 |  | 10,192,606 |  | 8,608,664 |  | 4,459,675 |  | 28,942,742
Trade payables | 3,473,822 |  |  |  |  |  |  |  | 3,473,822
Dividends and interest on capital | 932,005 |  |  |  |  |  |  |  | 932,005

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