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8 INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments Abstract |
Schedule of direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments | 8.a) Investments in joint ventures, joint operations, associates and other investments
|  | 12/31/2019 |  |  | 12/31/2018
Companies |  | Participation in |  | Participation in
| Assets |  | Liabilities |  | Shareholders’ equity |  | Fair Value |  | Profit / (Loss) for the period |  | Assets |  | Liabilities |  | Shareholders’ equity |  | Fair Value |  | Profit / (Loss) for the period
Joint-venture and Joint-operation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRS Logística S.A. |  | 4,145,205 |  | 2,616,218 |  | 1,528,987 |  | 433,635 |  | 187,597 |  | 3,125,912 |  | 1,693,200 |  | 1,432,712 |  | 445,383 |  | 194,403
MRS - fair value amortization (Note 8.b) |  |  |  |  |  |  |  |  |  | (11,747) |  |  |  |  |  |  |  |  |  | (11,746)
CBSI - Companhia Brasileira de Serviços de Infraestrutura |  |  |  |  |  |  |  |  |  | 6,695 |  | 25,941 |  | 19,997 |  | 5,944 |  |  |  | 4,501
Transnordestina Logística S.A. (*) |  | 4,398,434 |  | 3,209,378 |  | 1,189,056 |  | 271,116 |  | (17,100) |  | 4,065,604 |  | 2,883,851 |  | 1,181,753 |  | 271,116 |  | (20,429)
|  | 8,543,639 |  | 5,825,596 |  | 2,718,043 |  | 704,751 |  | 165,445 |  | 7,217,457 |  | 4,597,048 |  | 2,620,409 |  | 716,499 |  | 166,729
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arvedi Metalfer do Brasil |  | 44,435 |  | 31,712 |  | 12,723 |  |  |  | (1,682) |  | 40,712 |  | 26,308 |  | 14,404 |  |  |  | (5,087)
|  | 44,435 |  | 31,712 |  | 12,723 |  |  |  | (1,682) |  | 40,712 |  | 26,308 |  | 14,404 |  |  |  | (5,087)
Classified at fair value through profit or loss (note 12 I) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Usiminas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,250,623 |  |  |  |
Panatlântica |  |  |  |  |  | 47,300 |  |  |  |  |  |  |  |  |  | 28,566 |  |  |  |
|  |  |  |  |  | 47,300 |  |  |  |  |  |  |  |  |  | 2,279,189 |  |  |  |
Eliminations (Note 8.b) |  |  |  |  |  |  |  |  |  | (38,219) |  |  |  |  |  |  |  |  |  | (28,252)
Other Investiments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  |  |  |  |  | 157 |  |  |  | 171 |  |  |  |  |  | 112 |  |  |  | 2,316
|  |  |  |  |  | 157 |  |  |  | 171 |  |  |  |  |  | 112 |  |  |  | 2,316
Total Investiments in affiliated companies |  |  |  |  |  | 3,482,974 |  |  |  |  |  |  |  |  |  | 5,630,613 |  |  |  |
Total Equity in results of affiliated companies (Note 8.b) |  |  |  |  |  |  |  |  |  | 125,715 |  |  |  |  |  |  |  |  |  | 135,706
Investment properties |  |  |  |  |  | 101,195 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Investments |  |  |  |  |  | 3,584,169 |  |  |  |  |  |  |  |  |  | 5,630,613 |  |  |  |
(*) As of December 31, 2019, and 2018, the Fair Value generated in the loss of control of Transnordestina Logística S.A. is R$ 659,105 and impairment of R$ 387,989.
Schedule of changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments | Changes of investments balances in joint ventures, joint operations, associates and other investments
|  |  | Consolidated
| 12/31/2019 |  | 12/31/2018
Opening balance of investments | 5,630,613 |  | 5,499,995
Capital increase | 27,909 |  |
Dividends (1) | (94,603) |  | (87,846)
Comprehensive income (2) | (2,592) |  | 272
Equity in results of affiliated companies (3) | 175,524 |  | 173,145
Receipt arising from the sale of Usiminas’ shares |  |  | (39,377)
Update of shares classified at fair value through profit or loss (Note 12 II) | (118,780) |  | 96,133
Reclassification of Usiminas shares | (2,114,620) |  |
Consolidation CBSI (Note 8d) | (8,775) |  |
Amortization of fair value - investment MRS | (11,747) |  | (11,746)
Others | 45 |  | 37
Closing balance of investments | 3,482,974 |  | 5,630,613
(1) In 2019, refers to the allocation of dividends of Itá Energética, CSN Energia, CSN Mineração, Sepetiba Tecon, CBSI – Companhia Brasileira de Serviços de Infraestrutura and joint venture MRS Logística. (2) Refers to translation to the reporting currency of the foreign investments of which functional currency is not the Brazilian Reais, actuarial gain/loss and gain/loss on investment hedge from investments accounted for under the equity method. (3) The table below shows the reconciliation of the equity in results of affiliated companies classified as joint venture and associates and 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.
Schedule of equity in results |
|  |  | Consolidated
| 12/31/2019 |  | 12/31/2018
Equity in results of affiliated companies |  |  |
MRS Logística S.A. | 187,597 |  | 194,403
CBSI - Companhia Brasileira de Serviços de Infraestrutura (1) | 6,695 |  | 4,501
Transnordestina Logística S.A. | (17,100) |  | (20,429)
Arvedi Metalfer do Brasil S.A. | (1,682) |  | (5,087)
Others | 14 |  | (243)
| 175,524 |  | 173,145
Eliminations |  |  |
To cost of sales | (57,908) |  | (42,806)
To taxes | 19,689 |  | 14,554
Others |  |  |
Amortization of fair value – investment in MRS | (11,747) |  | (11,746)
Others | 157 |  | 2,559
Equity in results adjusted | 125,715 |  | 135,706
(1) Refers to the equity in results of affiliated companies until November 30, 2019.
Schedule of 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´ results:
|  |  |  |  |  | 12/31/2019 |  |  |  |  |  |  |  | 12/31/2018
|  | Joint-Venture |  | Joint-Operation |  | Joint-Venture |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Itá Energética |  | MRS Logística |  | CBSI |  | Transnordestina Logística |  | Itá Energética
| 34.94% |  | 47.26% |  | 48.75% |  | 34.94% |  | 50.00% |  | 46.30% |  | 48.75%
Balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 670,296 |  | 17,166 |  | 65,793 |  | 345,962 |  | 2,091 |  | 19,234 |  | 29,870
Advances to suppliers |  | 20,100 |  | 3,240 |  | 363 |  | 17,750 |  | 73 |  | 1,734 |  | 937
Other current assets |  | 1,326,281 |  | 59,405 |  | 15,955 |  | 736,768 |  | 41,284 |  | 108,851 |  | 16,718
Total current assets |  | 2,016,677 |  | 79,811 |  | 82,111 |  | 1,100,480 |  | 43,448 |  | 129,819 |  | 47,525
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | 789,562 |  | 258,391 |  | 24,361 |  | 804,570 |  | 2,111 |  | 222,630 |  | 25,840
Investments, PP&E and intangible assets |  | 8,316,033 |  | 8,968,447 |  | 426,403 |  | 6,482,292 |  | 6,324 |  | 8,428,567 |  | 457,578
Total non-current assets |  | 9,105,595 |  | 9,226,838 |  | 450,764 |  | 7,286,862 |  | 8,435 |  | 8,651,197 |  | 483,418
Total Assets |  | 11,122,272 |  | 9,306,649 |  | 532,875 |  | 8,387,342 |  | 51,883 |  | 8,781,016 |  | 530,943
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 653,784 |  | 103,877 |  |  |  | 422,793 |  | 4,350 |  | 75,906 |  |
Leases |  | 256,034 |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | 1,561,684 |  | 171,821 |  | 16,793 |  | 1,368,290 |  | 33,844 |  | 179,816 |  | 18,298
Total current liabilities |  | 2,471,502 |  | 275,698 |  | 16,793 |  | 1,791,083 |  | 38,194 |  | 255,722 |  | 18,298
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 2,369,615 |  | 6,084,424 |  |  |  | 2,111,518 |  | 1,262 |  | 5,754,073 |  |
Leases |  | 1,650,758 |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilities |  | 527,871 |  | 430,603 |  | 16,550 |  | 640,535 |  | 539 |  | 218,839 |  | 15,113
Total non-current liabilities |  | 4,548,244 |  | 6,515,027 |  | 16,550 |  | 2,752,053 |  | 1,801 |  | 5,972,912 |  | 15,113
Shareholders’ equity |  | 4,102,526 |  | 2,515,924 |  | 499,532 |  | 3,844,206 |  | 11,888 |  | 2,552,382 |  | 497,532
Total liabilities and shareholders’ equity |  | 11,122,272 |  | 9,306,649 |  | 532,875 |  | 8,387,342 |  | 51,883 |  | 8,781,016 |  | 530,943
|  | 01/01/2019 a 11/30/2019 |  |  |  |  |  | 01/01/2019 a 12/31/2019 |  |  |  |  |  |  |  | 01/01/2018 a 12/31/2018
|  |  |  | Joint-Venture |  | Joint-Operation |  | Joint-Venture |  | Joint-Operation
Participação (%) |  | CBSI |  | MRS Logística |  | Transnordestina Logística |  | Itá Energética |  | MRS Logística |  | CBSI |  | Transnordestina Logística |  | Itá Energética
| 50.00% |  | 34.94% |  | 47.26% |  | 48.75% |  | 34.94% |  | 50.00% |  | 46.30% |  | 48.75%
Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | 267,436 |  | 3,200,809 |  |  |  | 163,048 |  | 3,726,448 |  | 166,080 |  |  |  | 166,358
Cost of sales and services |  | (233,830) |  | (2,382,828) |  |  |  | (83,129) |  | (2,476,628) |  | (142,254) |  |  |  | (77,829)
Gross profit |  | 33,606 |  | 817,981 |  |  |  | 79,919 |  | 1,249,820 |  | 23,826 |  | - |  | 88,529
Operating (expenses) income |  | (12,328) |  | 207,840 |  | (18,077) |  | (62,660) |  | (313,606) |  | (10,884) |  | (18,020) |  | (60,104)
Financial income (expenses), net |  | (1,460) |  | (268,089) |  | (18,386) |  | 1,183 |  | (151,839) |  | (179) |  | (26,103) |  | (126)
Income before income tax and social contribution |  | 19,818 |  | 757,732 |  | (36,463) |  | 18,442 |  | 784,375 |  | 12,763 |  | (44,123) |  | 28,299
Current and deferred income tax and social contribution |  | (6,428) |  | (254,378) |  |  |  | (6,147) |  | (262,760) |  | (3,761) |  |  |  | (9,452)
(Loss) profit for the year, net |  | 13,390 |  | 503,354 |  | (36,463) |  | 12,295 |  | 521,615 |  | 9,002 |  | (44,123) |  | 18,847
Schedule of determination of the purchase price | Determination of the purchase price:
Description |  | R$ |  | Reference
Fair value of the interest held by the acquirer in the acquiree immediately before the combination |  | 8,775 |  | (i)
Amount paid on the acquisition of CBSI |  | 24,000 |  | (ii)
Purchase price considered for the business combination |  | 32,775 |  |
i. 50% of the stake held prior to the acquisition; ii. Total amount paid for another 50% of the CBSI company.
Schedule of business combination | Below are the values resulting from the business combination:
Assumptions |  | R$
Consideration paid for the acquisition of the remaining 50% interest in CBSI |  | 24,000
Fair value of the stake previously held by CSN |  | 8,775
Total consideration paid for the acquisition of CBSI |  | 32,775
Fair value of CBSI's shareholders' equity on the acquisition date |  | (17,550)
Goodwill |  | 15,225
Schedule of balance sheet | The balance sheet of the assets acquired, and liabilities assumed on November 29, 2019 is shown below:
ASSETS |  |
Cash and cash equivalents |  | 2,656
Accounts receivable |  | 67,340
Deferred taxes |  | 476
Other assets |  | 11,301
Inventory |  | 16,939
Fixed assets |  | 9,123
Intangible assets |  | 348
Total assets acquired |  | 108,183
LIABILITIES |  |
Borrowings and financing |  | 19,781
Trade payables |  | 15,564
Payroll and related taxes |  | 32,855
Tax payables |  | 1,950
Provisions |  | 5,369
Other liabilities |  | 15,114
Total liabilities assumed |  | 90,633
Equity acquired |  | 17,550
Schedule of assumptions for impairment test | Already with a view to implementing these activities, during 2019 some land and buildings that were classified as fixed assets were reclassified to investment properties as shown below:
|  |  |  |  | Consolidated
| Land |  | Buildings |  | Total
Cost | 68,877 |  | 53,816 |  | 122,693
Accumulated depreciation |  |  | (21,498) |  | (21,498)
Balance at December 31,2019 | 68,877 |  | 32,318 |  | 101,195

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