XML 95 R44.htm IDEA: XBRL DOCUMENT v3.20.1
8 INVESTMENTS (Tables)
 12 Months Ended
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