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14. FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract] |
Schedule of financial instruments |
• | Classification of financial instruments
|  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
Consolidated |  |  |  |  |  | 12/31/2020 |  |  |  | 12/31/2019
| 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 |  |  |  | 9,944,586 |  | 9,944,586 |  |  |  | 1,088,955 |  | 1,088,955
Short-term investments |  | 5 |  | 3,305,109 |  | 478,253 |  | 3,783,362 |  | 2,114,620 |  | 518,553 |  | 2,633,173
Trade receivables |  | 6 |  |  |  | 2,867,352 |  | 2,867,352 |  |  |  | 2,047,931 |  | 2,047,931
Dividends and interest on equity |  | 9 |  |  |  | 38,088 |  | 38,088 |  |  |  | 44,554 |  | 44,554
Derivative financial instruments |  | 9 |  |  |  |  |  |  |  | 1,364 |  |  |  | 1,364
Trading securities |  | 9 |  | 5,065 |  |  |  | 5,065 |  | 4,034 |  |  |  | 4,034
Total |  |  |  | 3,310,174 |  | 13,328,279 |  | 16,638,453 |  | 2,120,018 |  | 3,699,993 |  | 5,820,011
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 5 |  |  |  | 123,409 |  | 123,409 |  |  |  | 95,719 |  | 95,719
Other trade receivables |  | 9 |  |  |  | 2,445 |  | 2,445 |  |  |  | 7,059 |  | 7,059
Eletrobrás compulsory loan |  | 9 |  |  |  | 852,532 |  | 852,532 |  |  |  | 845,284 |  | 845,284
Receivables by indemnity |  | 9 |  |  |  | 517,183 |  | 517,183 |  |  |  |  |  |
Loans - related parties |  | 9 |  |  |  | 966,050 |  | 966,050 |  |  |  | 846,300 |  | 846,300
Investments |  | 10 |  | 59,879 |  |  |  | 59,879 |  | 47,300 |  |  |  | 47,300
Derivative financial instruments |  | 9 |  |  |  |  |  |  |  | 4,203 |  |  |  | 4,203
Total |  |  |  | 59,879 |  | 2,461,619 |  | 2,521,498 |  | 51,503 |  | 1,794,362 |  | 1,845,865
Total Assets |  |  |  | 3,370,053 |  | 15,789,898 |  | 19,159,951 |  | 2,171,521 |  | 5,494,355 |  | 7,665,876
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 13 |  |  |  | 4,155,483 |  | 4,155,483 |  |  |  | 5,152,234 |  | 5,152,234
Trade payables |  | 17 |  |  |  | 4,819,539 |  | 4,819,539 |  |  |  | 3,012,654 |  | 3,012,654
Trade payables - drawee risk |  | 15 |  |  |  | 623,861 |  | 623,861 |  |  |  | 1,121,312 |  | 1,121,312
Dividends and interest on capital |  | 15 |  |  |  | 946,133 |  | 946,133 |  |  |  | 13,252 |  | 13,252
Leases |  | 16 |  |  |  | 93,626 |  | 93,626 |  |  |  | 35,040 |  | 35,040
Derivative financial instruments |  |  |  | 8,722 |  |  |  | 8,722 |  |  |  |  |  |
Total |  |  |  | 8,722 |  | 10,638,642 |  | 10,647,364 |  |  |  | 9,334,492 |  | 9,334,492
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 13 |  |  |  | 31,215,128 |  | 31,215,128 |  |  |  | 22,938,469 |  | 22,938,469
Trade payables |  | 17 |  |  |  | 543,527 |  | 543,527 |  |  |  |  |  |
Derivative financial instruments |  |  |  | 97,535 |  |  |  | 97,535 |  |  |  |  |  |
Leases |  | 16 |  |  |  | 436,505 |  | 436,505 |  |  |  | 439,350 |  | 439,350
Total |  |  |  | 97,535 |  | 32,195,160 |  | 32,292,695 |  |  |  | 23,377,819 |  | 23,377,819
Total Liabilities |  |  |  | 106,257 |  | 42,833,802 |  | 42,940,059 |  |  |  | 32,712,311 |  | 32,712,311
Schedule of financial instruments at fair value through profit or loss | The table below shows the financial instruments recorded at fair value through profit or loss, classifying them according to the fair value hierarchy:
Consolidated |  |  |  |  |  | 12/31/2020 |  |  |  |  |  | 12/31/2019
| Level 1 |  | Level 2 |  | Balances |  | Level 1 |  | Level 2 |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 3,305,109 |  |  |  | 3,305,109 |  | 2,114,620 |  |  |  | 2,114,620
Derivative financial instruments |  |  |  |  |  |  |  |  |  | 1,364 |  | 1,364
Trading securities |  | 5,065 |  |  |  | 5,065 |  | 4,034 |  |  |  | 4,034
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 59,879 |  |  |  | 59,879 |  | 47,300 |  |  |  | 47,300
Derivative financial instruments |  |  |  |  |  |  |  |  |  | 4,203 |  | 4,203
Total Assets |  | 3,370,053 |  |  |  | 3,370,053 |  | 2,165,954 |  | 5,567 |  | 2,171,521
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 8,722 |  | 8,722 |  |  |  |  |  |
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 97,535 |  | 97,535 |  |  |  |  |  |
Total Liabilities |  |  |  | 106,257 |  | 106,257 |  |  |  |  |  |
Schedule of other Operating Income and Expenses | In accordance with the Company’s policy, the gains and losses arising from the variation in the share price are recorded directly in the income statement as financial result in the case of financial investments, or as other operating income and expenses in the case of long-term investments.
Class of shares |  | 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
| Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Fair value adjustment recognized in profit or loss (note 27 and 28)
USIM3 |  | 107,156,651 |  | 15.19% |  | 15.69 |  | 1,681,288 |  | 107,156,651 |  | 15.19% |  | 9.87 |  | 1,057,636 |  | 623,652 |  | (168,236)
USIM5 |  | 111,144,456 |  | 20.29% |  | 14.61 |  | 1,623,821 |  | 111,144,456 |  | 20.29% |  | 9.51 |  | 1,056,984 |  | 566,837 |  | 32,232
|  |  |  |  |  |  |  | 3,305,109 |  |  |  |  |  |  |  | 2,114,620 |  | 1,190,489 |  | (136,004)
PATI3 |  | 2,065,529 |  | 11.31% |  | 28.99 |  | 59,879 |  | 2,065,529 |  | 11.31% |  | 22.90 |  | 47,300 |  | 12,579 |  | 17,224
|  |  |  |  |  |  |  | 3,364,988 |  |  |  |  |  |  |  | 2,161,920 |  | 1,203,068 |  | (118,780)
Schedule of foreign exchange exposure | The consolidated net exposure as of December 31, 2020 is shown below:
|  |  |  | 12/31/2020
Foreign Exchange Exposure |  | (Amounts in US$’000) |  | (Amounts in €’000)
Cash and cash equivalents overseas |  | 664,951 |  | 13,372
Trade receivables |  | 387,039 |  | 2,560
Financial investments |  | 23,748 |  |
Other assets |  | 9,158 |  | 4,474
Total Assets |  | 1,084,896 |  | 20,406
Borrowings and financing |  | (4,812,268) |  |
Trade payables |  | (139,672) |  | (9,258)
Iron ore derivative |  | (172) |  |
Other liabilities |  | (9,305) |  | (1,010)
Total Liabilities |  | (4,961,417) |  | (10,268)
Foreign exchange exposure |  | (3,876,521) |  | 10,138
Cash flow hedge accounting |  | 3,992,200 |  |
Exchange rate swap CDI x Dollar |  | (67,000) |  |
Net foreign exchange exposure |  | 48,679 |  | 10,138
Schedule of currencies used in sensitivity analysis | The currencies used in the sensitivity analysis and their respective scenarios are shown below:
|  |  |  |  |  |  |  | 12/31/2020
Currency |  | Exchange rate |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USD |  | 5.1967 |  | 5.2617 |  | 6.4959 |  | 7.7951
EUR |  | 6.3779 |  | 6.3867 |  | 7.9724 |  | 9.5669
USD x EUR |  | 1.2271 |  | 1.2124 |  | 1.5339 |  | 1.8407
Schedule of sensitivity analysis effects on exchange position | The effects on the result, considering scenarios 1 and 2 are shown below:
|  |  |  |  |  |  |  |  |  | 12/31/2020
Instruments |  | Notional |  | Risk |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
Gross exchange position |  | (3,876,521) |  | Dollar |  | (251,974) |  | (5,036,279) |  | (10,072,558)
Cash flow hedge accounting |  | 3,992,200 |  | Dollar |  | 259,493 |  | 5,186,566 |  | 10,373,133
Exchange rate swap CDI x Dollar |  | (67,000) |  | Dollar |  | (4,355) |  | (87,045) |  | (174,089)
Net exchange position |  | 48,679 |  | Dollar |  | 3,164 |  | 63,242 |  | 126,486
Net exchange position |  | 10,138 |  | Euro |  | 89 |  | 16,165 |  | 32,330
Exchange rate swap Dollar x Euro |  | 40,697 |  | Dollar |  | 5,264 |  | 50,134 |  | 78,337
(*) The probable scenarios were calculated considering the following variations for risks: Real x Dollar - devaluation of the Real by 1.25% / Real x Euro - devaluation of the Real by 0.14% / Euro x Dollar - appreciation of Euro by 1.20%. Source: Central Bank of Brazil and European Central Bank quotations on 1/14/2021.
Schedule of sensitivity analysis effects on class of shares | The effects on the result, considering the probable scenarios, 1 and 2 are shown below:
|  |  |  | 12/31/2020
Class of shares |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USIM3 |  | (84,064) |  | (420,322) |  | (840,644)
USIM5 |  | (81,191) |  | (405,955) |  | (811,910)
PATI3 |  | (2,994) |  | (14,970) |  | (29,940)
Schedule of sensitivity analysis of interest rate swaps | The interest rates used in the sensitivity analysis and their respective scenarios are shown below:
|  |  |  |  | 12/31/2020
Interest |  | Interest Rate |  |  | Scenario 1 |  | Scenario 2
CDI |  | 1.90% |  |  | 2.38% |  | 2.85%
TJLP |  | 4.55% |  |  | 5.69% |  | 6.38%
LIBOR |  | 0.26% |  |  | 0.32% |  | 0.39%
The effects on the result, considering scenarios 1 and 2 are shown below:
|  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  | Impact on profit or loss
Changes in interest rates |  | % p.a |  | Assets |  | Liabilities |  | Probable scenario (*) |  | Scenario 1 |  | Scenario 2
CDI |  | 1.90 |  | 5,779,452 |  | (9,104,416) |  | (10,673) |  | (15,794) |  | (31,588)
TJLP |  | 4.55 |  |  |  | (817,374) |  | (2,155) |  | (9,298) |  | (18,596)
Libor |  | 0.26 |  |  |  | (4,533,341) |  | (43,321) |  | (2,920) |  | (5,840)
(*) The sensitivity analysis is based on the premise of maintaining the market values as of December 31, 2020 as a probable scenario recorded in the company’s assets and liabilities.
Schedule of sensitivity analysis of price risks platts index | The effects on the result, considering scenarios 1 and 2 are shown below:
|  | 12/31/2020
Maturity |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
2/2/2021 |  | (33,677) |  | (120,262) |  | (240,524)
3/2/2021 |  | (43,144) |  | (127,915) |  | (255,830)
|  | (76,821) |  | (248,177) |  | (496,354)
(*) The probable scenario was calculated considering the quotation of “Platts” on 1/14/2021 for the maturities of 2/2/2021 and 3/2/2021. Source: Bloomberg.
Schedule of dollar x Euro swap | The Company has derivative transactions with Banco Bradesco to protect its debt in NCE raised in September 2019 with maturity in October 2023 in the amount of US$67 million (equivalent to R$278 million) at a cost compatible with that usually practiced by the Company.
|  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2020
|  |  |  |  |  |  |  | Appreciation (R$) |  | Fair value (market) |  | Impact on financial income (expenses) in 2020
Counterparties |  | Maturity |  | Functional Currency |  | Notional amount |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |
Exchange rate swap Dollar x Euro |  | 04/26/2021 to 06/08/2021 |  | Dollar |  | 17,377 |  | 90,315 |  | (93,823) |  | (3,508) |  | (4,749)
Exchange rate swap Dollar x Euro |  | 01/06/2021 a 06/11/2021 |  | Dollar |  | 23,320 |  | 121,207 |  | (125,528) |  | (4,321) |  | (4,321)
Total dollar-to-euro swap |  |  |  |  |  | 40,697 |  | 211,522 |  | (219,351) |  | (7,829) |  | (9,070)
Exchange rate swap GBP x Euro |  | Settled |  | GBP |  | 3,956 |  |  |  |  |  |  |  | (602)
Total Swap GBP x Euro |  |  |  | 3,956 |  |  |  |  |  |  |  | (602)
Exchange rate swap CDI x Dollar |  | 02/10/2023 |  | Dollar |  | (67,000) |  | 289,544 |  | (387,079) |  | (97,535) |  | (106,143)
Total Swap CDI x dollar |  |  |  |  |  | (67,000) |  | 289,544 |  | (387,079) |  | (97,535) |  | (106,143)
|  |  |  | 501,066 |  | (606,430) |  | (105,364) |  | (115,815)
Schedule of hedging instruments | The table below presents a summary of the relations of hedge as of December 31, 2020:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2020
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$'000)
12/18/2014 |  | Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | May 2020 |  | 2.6805 |  | 30,000 |  | (30,000) |  | (82,374) |  | -
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 |  | 2.678 |  | 35,000 |  | (35,000) |  | (96,190) |  | -
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 |  | 2.676 |  | 35,000 |  | (35,000) |  | (96,261) |  | -
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 |  | (45,000) |  | (58,475) |  | (30,231)
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 |  | 3.285 |  | 100,000 |  | (75,000) |  | (92,026) |  | (47,793)
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 |  | August 2018 - October 2022 |  | 3.285 |  | 30,000 |  | (18,000) |  | (14,185) |  | (22,940)
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 |  | August 2018 - October 2022 |  | 3.3254 |  | 100,000 |  | (60,000) |  | (46,474) |  | (74,852)
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 |  | August 2018 - October 2022 |  | 3.3557 |  | 25,000 |  | (15,000) |  | (11,467) |  | (18,410)
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 |  | August 2018 - October 2022 |  | 3.3557 |  | 70,000 |  | (42,000) |  | (32,108) |  | (51,548)
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 |  | August 2018 - October 2022 |  | 3.3557 |  | 30,000 |  | (18,000) |  | (13,760) |  | (22,092)
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 |  | August 2018 - October 2022 |  | 3.3815 |  | 30,000 |  | (18,000) |  | (13,605) |  | (21,782)
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 |  | July 2018 - October 2022 |  | 3.394 |  | 355,000 |  | (276,500) |  | (338,777) |  | (141,512)
2/4/2018 |  | 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 |  | (820,045) |  | (306,189) |  | (660,205)
07/31/2019 |  | Bonds and Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | January 2020 - April 2026 |  | 3.7649 |  | 1,342,761 |  | (247,061) |  | (329,966) |  | (1,568,823)
10/1/2020 |  | Bonds without express maturity and Export prepayments in US$ to third parties |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2020 - December 2050 |  | 4.0745 |  | 1,416,000 |  | (102,000) |  | (136,029) |  | (1,474,571)
01/28/2020 |  | Bonds |  | Part of the highly probable future monthly iron ore exports |  | Foreign exchange - R$ vs. US$ spot rate |  | March 2017 - January 2028 |  | 4.2064 |  | 1,000,000 |  | - |  | - |  | (990,299)
Total |  |  |  |  |  |  |  |  |  |  |  | 5,828,806 |  | (1,836,606) |  | (1,667,886) |  | (5,125,058)
(*) On December 31, 2020, the amount of (R$1,667,886) was recorded in Other Operating Expenses. As of December 31, 2019, (R$790,353).
Schedule of changes in hedge accounting | The changes in the hedge accounting amounts recognized in shareholders’ equity as of December 31, 2020 are as follows :
|  |  |  |  |  |  | Consolidated
| 12/31/2019 |  | Movement |  | Realization |  | 12/31/2020
Cash flow hedge accounting | 1,255,770 |  | 5,537,174 |  | (1,667,886) |  | 5,125,058
Schedule of reclassified to other operating income and expenses | The table below shows the result of the derivative instrument on December 31, 2020 recognized in Other Comprehensive Income and, when carrying out shipments, the amount reclassified to Other Operating Income and Expenses:
|  |  |  |  |  |  |  | 12/31/2020 |  |  |  |  |  | 12/31/2020
|  |  |  | Appreciation (R$) |  | Fair value (market) |  | Other income and expenses |  | Other comprehensive income |  | Exchange variation
Maturity |  | Notional |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |  |  |
09/02/2020 (Settled) |  | Platts |  |  |  |  |  |  |  | (31,678) |  |  |  | (136)
10/02/2020 (Settled) |  | Platts |  |  |  |  |  |  |  | (132,997) |  |  |  | (9,051)
11/04/2020 (Settled) |  | Platts |  |  |  |  |  |  |  | (85,164) |  |  |  | (7,301)
12/02/2020 (Settled) |  | Platts |  |  |  |  |  |  |  | (33,310) |  |  |  | 52
2/2/2021 |  | Platts |  | 486,852 |  | (493,925) |  | (7,073) |  |  |  | (6,888) |  | (185)
2/3/2021 |  | Platts |  | 527,684 |  | (521,504) |  | 6,180 |  |  |  | 6,063 |  | 117
|  |  |  | 1,014,536 |  | (1,015,429) |  | (893) |  | (283,149) |  | (825) |  | (16,504)
Schedule of changes in hedge accounting platts | The change in the amounts related to cash flow hedge accounting - “Platts” index recorded in shareholders’ equity on December 31, 2020 is shown as follows:
| 12/31/2019 |  | Movement |  | Realization |  | 12/31/2020
Cash flow hedge accounting – “Platts” |  |  | 283,974 |  | (283,149) |  | 825
Income tax and social contribution on cash flow hedge accounting |  |  | (96,551) |  | 96,271 |  | (280)
Fair Value of cash flow accounting - Platts, net |  |  | 187,423 |  | (186,878) |  | 545
Schedule of non-derivative financial liabilities | In order to eliminate this exposure and cover future fluctuations in the Euro on these loans, non-derivative financial liabilities were designated, represented by loan contracts with financial institutions in the amount of € 120 million which matured on January 31, 2020, when was settled financially.
|  |  |  |  |  |  |  |  |  |  |  | 12/31/2020
Designation Date |  | Hedging Instrument |  | Hedged item |  | Type of hedged risk |  | Exchange rate on designation |  | Designated amounts (EUR'000) |  | Impact on shareholders' equity
09/30/2015 |  | 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 |  | 6,293
Total |  |  |  |  |  |  |  |  |  | 120,000 |  | 6,293
Schedule of balance sheet and statement of income |
• | Classification of derivatives in the balance sheet and income
|  |  |  |  |  |  |  |  |  |  |  | 12/31/2020 |  | 12/31/2019
Instruments |  | Liabilities |  | Other operating income expenses |  | Other comprehensive income |  | Financial income (expenses), net (note 28)
| Current |  | Non-current |  | Total |  |  |
Exchange rate swap Dollar x Euro |  | (7,829) |  |  |  | (7,829) |  |  |  |  |  | (9,070) |  | 783
Exchange rate swap GBP x Euro |  |  |  |  |  |  |  |  |  |  |  | (602) |  |
Exchange rate swap CDI x Dollar |  |  |  | (97,535) |  | (97,535) |  |  |  |  |  | (106,143) |  | 4,203
Iron ore derivative |  | (893) |  |  |  | (893) |  | (283,149) |  | (825) |  | (16,504) |  |
|  | (8,722) |  | (97,535) |  | (106,257) |  | (283,149) |  | (825) |  | (132,319) |  | 4,986
Schedule of contractual maturities of financial liabilities | The following are the contractual maturities of financial liabilities including interest.
|  |  |  |  |  |  |  |  | Consolidated
At December 31, 2020 | Less than one year |  | From one to two years |  | From two to five years |  | Over five years |  | Total
Borrowings, financing and debentures (note 13) | 4,155,483 |  | 14,146,118 |  | 4,671,511 |  | 12,397,499 |  | 35,370,611
Lease Liabilities (note 16) | 93,626 |  | 143,227 |  | 115,398 |  | 177,880 |  | 530,131
Derivative financial instruments (note 14 I) | 8,722 |  |  |  | 97,535 |  |  |  | 106,257
Trade payables (note 17) | 4,819,539 |  | 528,551 |  | 14,976 |  |  |  | 5,363,066
Trade payables – Drawee risk (note 14 I) | 623,861 |  |  |  |  |  |  |  | 623,861
Dividends and interest on equity (note 15) | 946,133 |  |  |  |  |  |  |  | 946,133
Total | 10,647,364 |  | 14,817,896 |  | 4,899,420 |  | 12,575,379 |  | 42,940,059
Schedule of fair values of assets and liabilities | The estimated fair value for certain consolidated long-term borrowings and financing was calculated at current market rates, considering the nature, term and risks similar to those of the registered contracts, as follows:
|  |  | 12/31/2020 |  |  |  | 12/31/2019
| Closing Balance |  | Fair value |  | Closing Balance |  | Fair value
Perpetual bonds | 5,203,773 |  | 5,157,465 |  | 4,036,186 |  | 3,706,553
Fixed Rate Notes | 15,067,341 |  | 15,744,067 |  | 8,090,297 |  | 8,345,471
Schedule of capital Management | The Company seeks to optimize its capital structure in order to reduce its financial costs and maximize the return to its shareholders. The table below shows the evolution of the Company’s consolidated capital structure, with financing by equity and third-party capital:
Thousands of reais |  | 12/31/2020 |  | 12/31/2019
Shareholder's equity (equity) |  | 11,251,505 |  | 11,361,932
Borrowings and Financing (Third-party capital) |  | 35,270,653 |  | 27,967,036
Gross Debit/Shareholder's equity |  | 3.13 |  | 2.46

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