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28. FINANCIAL INCOME (EXPENSES) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Financial Income |
Schedule of financial income (expenses) |
|  |  |  |  |  | Consolidated
|  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2018
Financial income |  |  |  |  |  |
Related parties (note 22 b) |  | 51,124 |  | 79,228 |  | 64,888
Income from financial investments |  | 58,061 |  | 93,471 |  | 111,235
Updated shares – Fair value through profit or loss (Note 14 II) (1) |  | 1,190,489 |  | - |  | -
Other income (2) |  | 503,054 |  | 206,343 |  | 1,134,391
|  | 1,802,728 |  | 379,042 |  | 1,310,514
Financial expenses |  |  |  |  |  |
Borrowings and financing - foreign currency (note 13 b) |  | (1,600,973) |  | (1,128,520) |  | (988,821)
Borrowings and financing - local currency (note 13 b) |  | (401,079) |  | (867,785) |  | (1,020,867)
Related parties |  | (13,608) |  | (14,939) |  | (16,092)
Lease liabilities |  | (50,804) |  | (49,118) |  | -
Capitalised interest (notes 11 and 33) |  | 92,506 |  | 117,189 |  | 71,611
Interest and fines |  | (290,673) |  | (158,794) |  | (71,100)
(-) Adjustment present value of trade payables |  | (139,566) |  | - |  | -
Commission, bank fees, Guarantee and bank fees |  | (162,085) |  | (217,784) |  | (182,179)
PIS/COFINS over financial income |  | (39,149) |  | (25,176) |  | (84,404)
Other financial expenses |  | (270,764) |  | (217,864) |  | 19,614
|  | (2,876,195) |  | (2,562,791) |  | (2,272,238)
Others financial items, net |  |  |  |  |  |
Foreign exchange and monetary variation, net |  | 392,971 |  | 47,579 |  | (533,918)
Gains and (losses) on exchange derivatives (*) |  | (115,815) |  | 4,986 |  | (1)
|  | 277,156 |  | 52,565 |  | (533,919)
|  | (2,599,039) |  | (2,510,226) |  |
Financial income (expenses), net |  | (796,311) |  | (2,131,184) |  | (1,495,643)
(*) Statement of gains and (losses) on derivative transactions (note 14) |  |  |  |
Exchange rate swap Dollar x Euro |  | (9,070) |  | 783 |  | (1)
Exchange rate swap GBP x Euro |  | (602) |  |  |  |
Exchange rate swap CDI x Dollar |  | (106,143) |  | 4,203 |  |
|  | (115,815) |  | 4,986 |  | (1)
(1) | It refers to the appreciation of Usiminas’ shares in the amount of R$1,190,489 as of December31, 2020. As of December 31, 2019, Usiminas’ shares were reclassified to financial investments and their pricing fluctuation started to be recognized in the financial result.
(2) | It mainly refers to the recognition of the exclusion of ICMS in the PIS and COFINS calculation base in the amount of R$81,758 on December 31, 2020 (R$160,609 on December 31, 2019) in the Consolidated, and updating in the amount of R$369,571 of receivables for indemnity (see note 9).

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