XML 57 R46.htm IDEA: XBRL DOCUMENT v3.19.1
9. INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Investments Tables Abstract  
Direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments
                              12/31/2018                     12/31/2017
Companies   Number of shares (in units)         Participation in               Participation in      
      % equity interest   Assets   Liabilities       Fair Value Allocation   Net income / (loss) for the year   % equity interest   Assets   Liabilities       Fair Value Allocation Net income / (loss) for the year
            Shareholders’ equity             Shareholders’ equity  
                         
                         
Joint-venture and Joint-operation                                                
MRS Logística S.A.(*)     126,716,070                 37.27     3,125,912       1,693,200           1,878,095            194,403               37.27    3,039,761    1,714,729          1,782,162          171,905
CBSI - Companhia Brasileira de Serviços de Infraestrutura       1,876,146                 50.00          25,941            19,997                  5,944                4,501               50.00         16,005         13,654                 2,351              1,785
Transnordestina Logística S.A.       24,168,304                 46.30     4,065,604       2,883,851           1,181,753        271,116        (20,429)               46.28    3,806,380    2,604,198          1,202,182          271,116      (21,357)
                7,217,457       4,597,048           3,065,792        271,116        178,475        6,862,146    4,332,581          2,986,695          271,116      152,333
Associates                                                    
Arvedi Metalfer do Brasil       46,994,971                 20.00          40,712            26,308                14,404              (5,087)               20.00         43,653         23,978               19,675            (4,368)
                     40,712            26,308                14,404              (5,087)             43,653         23,978               19,675            (4,368)
Classified as fair value through profit or loss and comprehensive income (Note 13 I)                                
Usiminas                             2,250,623                              2,200,459      
Panatlântica                                  28,566                                   21,974      
                              2,279,189                              2,222,433      
                                                     
Other Investments                                       112                                          76      
                                                     
Total Investments                             5,359,497        271,116                          5,228,879          271,116  
                                                    5,630,613                                                  5,499,995  
Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments

      Consolidated
  12/31/2018   12/31/2017
   
Opening balance of investments 5,499,995   4,568,451
Opening balance of loss provisions      
Capital increase     20,579
Dividends (87,846)   (79,189)
Comprehensive income (1) 272   850,640
Equity in results of affiliated companies (2) 173,145   147,800
Receipt of sale - Usiminas' shares (39,377)    
Update of shares measured at Fair Value through profit or loss (VJR) (note 13 II) 96,133    
Amortization of fair value – investment in MRS (11,746)   (11,746)
Others 37   3,460
Closing balance of investments 5,630,613   5,499,995
Equity in results

      Consolidated
  12/31/2018   12/31/2017
       
Equity in results of affiliated companies      
MRS Logística S.A. 194,403   171,905
CBSI - Companhia Brasileira de Serviços de Infraestrutura 4,501   1,785
Transnordestina Logística S.A. (20,429)   (21,357)
Arvedi Metalfer do Brasil S.A. (5,087)   (4,368)
Others (243)   (165)
  173,145   147,800
Eliminations      
To cost of sales (42,806)   (40,823)
To taxes 14,554   13,880
Others      
Amortization of fair value – investment in MRS (11,746)   (11,746)
Others 2,559    
Equity in results adjusted 135,706   109,111
Joint ventures and joint operations financial information

                12/31/2018               12/31/2017  
    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%   46.30%   48.75%  
Balance sheet                                  
Current assets                                  
Cash and cash equivalents           345,962              2,091                     19,234                      29,870          484,978                101                        5,763                        16,231  
Advances to suppliers             17,750                   73                       1,734                           937            14,911                  37                                                                 22  
Other current assets           736,768            41,284                   108,851                      16,718          685,311           28,475                      49,494                        16,447  
Total current assets        1,100,480            43,448                   129,819                      47,525       1,185,200           28,613                      55,257                        32,700  
Non-current assets                                  
Other non-current assets           804,570              2,111                   222,630                      25,840          693,434                974                    238,004                        27,459  
Investments, PP&E and intangible assets        6,482,292              6,324                8,428,567                    457,578       6,277,550             2,423                 7,927,881                      484,406  
Total non-current assets        7,286,862              8,435                8,651,197                    483,418       6,970,984             3,397                 8,165,885                      511,865  
Total Assets        8,387,342            51,883                8,781,016                    530,943       8,156,184           32,010                 8,221,142                      544,565  
                                   
Current liabilities                                  
Borrowings and financing           422,793     4,350.0000                     75,906                                            668,947             1,411                      52,691                                      
Other current liabilities        1,368,290            33,844                   179,816                      18,298       1,272,365           25,898                    113,739                        33,666  
Total current liabilities        1,791,083            38,194                   255,722                      18,298       1,941,312           27,309                    166,430                        33,666  
Non-current liabilities                                  
Borrowings and financing        2,111,518              1,262                5,754,073                                         2,084,422                                        5,457,768                                      
Other non-current liabilities           640,535                 539                   218,839                      15,113          575,170                               434                          3,471  
Total non-current liabilities        2,752,053              1,801                5,972,912                      15,113       2,659,592                     5,458,202                          3,471  
Shareholders’ equity        3,844,206            11,888                2,552,382                    497,532       3,555,280             4,701                 2,596,510                      507,428  
Total liabilities and shareholders’
equity		        8,387,342            51,883                8,781,016                    530,943       8,156,184           32,010                 8,221,142                      544,565  
                                   
                01/01/2018 at 12/31/2018               01/01/2017 a 12/31/2017  
    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%   46.30%   48.75%  
Statements of Income                                  
Net revenue        3,726,448          166,080                                                     166,358       3,492,805         135,399                                                        168,194  
Cost of sales and services      (2,476,628)        (142,254)                                                      (77,829)     (2,307,108)       (120,647)                                                        (76,810)  
Gross profit        1,249,820            23,826                          88,529       1,185,697           14,752                            91,384  
Operating (expenses) income          (313,606)          (10,884)                    (18,020)                     (60,104)        (283,151)           (8,340)                    (32,245)                      (58,465)  
Financial income (expenses), net         (151,839)               (179)                    (26,103)                          (126)        (187,295)           (1,004)                    (13,938)                             317  
Income before income tax and social
contribution		           784,375            12,763                    (44,123)                      28,299          715,251             5,408                    (46,183)                        33,236  
Current and deferred income tax
and social contribution		         (262,760)            (3,761)                                                        (9,452)        (254,001)           (1,838)                                                        (11,105)  
(Loss) profit for the year, net           521,615              9,002                    (44,123)                      18,847          461,250             3,570                    (46,183)                        22,131  
Assumptions for impairment test
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 7.9% in real terms.