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BASIS OF CONSOLIDATION AND INVESTMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Schedule of consolidated entities information | Schedule of consolidated entities information
| Number of shares held by CSN in units | Equity interests (%) |
Companies | 12/31/2021 |  | 12/31/2020 |  | Core business
Direct interest in subsidiaries: full consolidation |  |  |  |  |  |
CSN Islands VII Corp. | 20,001,000 | 100.00 |  | 100.00 |  | Financial transactions
CSN Inova Ventures | 50,000 | 100.00 |  | 100.00 |  | Equity interests and Financial transactions
CSN Islands XII Corp. | 1,540 | 100.00 |  | 100.00 |  | Financial transactions
CSN Steel S.L.U. | 22,042,688 | 100.00 |  | 100.00 |  | Equity interests and Financial transactions
TdBB S.A (*) |  | 100.00 |  | 100.00 |  | Equity interests
Sepetiba Tecon S.A. | 254,015,052 | 99.99 |  | 99.99 |  | Port services
Minérios Nacional S.A. | 141,719,295 | 99.99 |  | 99.99 |  | Mining and Equity interests
Companhia Florestal do Brasil (1) | 71,171,281 | 99.99 |  | 99.99 |  | Reforestation
Estanho de Rondônia S.A. | 195,454,162 | 99.99 |  | 99.99 |  | Tin Mining
Companhia Metalúrgica Prada | 555,142,354 | 99.99 |  | 99.99 |  | Manufacture of containers and distribution of steel products
CSN Mineração S.A.(2) | 4,374,779,493 | 78.24 |  | 87.52 |  | Mining
CSN Energia S.A. | 43,149 | 99.99 |  | 99.99 |  | Sale of electric power
FTL - Ferrovia Transnordestina Logística S.A. (3) | 510,726,198 | 92.71 |  | 92.38 |  | Railroad logistics
Nordeste Logística S.A. | 99,999 | 99.99 |  | 99.99 |  | Port services
CSN Inova Ltd. | 10,000 | 100.00 |  | 100.00 |  | Advisory and implementation of new development project
CBSI - Companhia Brasileira de Serviços de Infraestrutura | 4,669,986 | 99.99 |  | 99.99 |  | Equity interests and product sales and iron ore
CSN Cimentos S.A.(4) | 385,666,665 | 99.99 |  | 90.00 |  | Manufacturing and sale of cement
Berkeley Participações e Empreendimentos S.A. (5) | 1,000 | 100.00 |  |  |  | Electric power generation and equity interests
CSN Inova Soluções S.A. (5) | 999 | 99.99 |  |  |  | Equity interests
CSN Participações I (6) | 999 | 99.99 |  |  |  | Equity interests
CSN Participações II (6) | 999 | 99.99 |  |  |  | Equity interests
CSN Participações III (6) | 999 | 99.99 |  |  |  | Equity interests
CSN Participações IV (6) | 999 | 99.99 |  |  |  | Equity interests
CSN Participações V (6) | 999 | 99.99 |  |  |  | Equity interests
Indirect interest in subsidiaries: full consolidation |  |  |  |  |  |
Lusosider Projectos Siderúrgicos S.A. |  | 100.00 |  | 100.00 |  | Equity interests and product sales
Lusosider Aços Planos, S. A. |  | 99.99 |  | 99.99 |  | Steel and Equity interests
CSN Resources S.A. |  | 100.00 |  | 100.00 |  | Financial transactions and Equity interests
Companhia Brasileira de Latas |  | 99.99 |  | 99.99 |  | Sale of cans and containers in general and Equity interests
Companhia de Embalagens Metálicas MMSA |  | 99.99 |  | 99.99 |  | Production and sale of cans and related activities
Companhia de Embalagens Metálicas - MTM |  | 99.99 |  | 99.99 |  | Production and sale of cans and related activities
CSN Steel Holdings 1, S.L.U. |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
CSN Productos Siderúrgicos S.L. |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
Stalhwerk Thüringen GmbH |  | 100.00 |  | 100.00 |  | Production and sale of long steel and related activities
CSN Steel Sections Polska Sp.Z.o.o |  | 100.00 |  | 100.00 |  | Financial transactions, product sales and Equity interests
CSN Mining Holding, S.L |  | 78.24 |  | 87.52 |  | Financial transactions, product sales and Equity interests
CSN Mining GmbH |  | 78.24 |  | 87.52 |  | Financial transactions, product sales and Equity interests
CSN Mining Asia Limited |  | 78.24 |  | 87.52 |  | Commercial representation
Lusosider Ibérica S.A. |  | 100.00 |  | 100.00 |  | Steel, commercial and industrial activities and equity interests
CSN Mining Portugal, Unipessoal Lda. |  | 78.24 |  | 87.52 |  | Commercial and representation of products
Companhia Siderúrgica Nacional, LLC |  | 100.00 |  | 100.00 |  | Import and distribution/resale of products
CSN Cimentos S.A.(4) |  |  |  | 10.00 |  | Manufacturing and sale of cement
Elizabeth Cimentos S.A.(7) |  | 99.98 |  |  |  | Manufacturing and sale of cement
Elizabeth Mineração Ltda (7) |  | 99.96 |  |  |  | Mining
Direct interest in joint operations: proportionate consolidation |  |  |  |  |  |
Itá Energética S.A. | 253,606,846 | 48.75 |  | 48.75 |  | Electric power generation
Consórcio da Usina Hidrelétrica de Igarapava |  | 17.92 |  | 17.92 |  | Electric power consortium
Direct interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. (8) | 63,377,198 | 18.64 |  | 18.64 |  | Railroad transportation
Aceros Del Orinoco S.A. |  | 31.82 |  | 31.82 |  | Dormant company
Transnordestina Logística S.A. (9) | 24,670,093 | 47.26 |  | 47.26 |  | Railroad logistics
Equimac S.A | 1,395 | 50.00 |  | 50.00 |  | Rental of commercial and industrial machinery and equipment
Indirect interest in joint ventures: equity method |  |  |  |  |  |
MRS Logística S.A. (6) |  | 14.58 |  | 16.30 |  | Railroad transportation
Direct interest in associates: equity method |  |  |  |  |  |
Arvedi Metalfer do Brasil S.A. (10) | 57,224,882 | 20.00 |  | 20.00 |  | Metallurgy and Equity interests
Exclusive funds: full consolidation |  |  |  |  |  |
Diplic II - Private credit balanced mutual fund |  | 100.00 |  | 100.00 |  | Investment fund
Caixa Vértice - Private credit balanced mutual fund |  | 100.00 |  | 100.00 |  | Investment fund
VR1 - Private credit balanced mutual fund |  | 100.00 |  | 100.00 |  | Investment fund
(*) Dormant companies.
| 1. | On November 22, 2021, a capital increase was approved for Companhia Florestal do Brasil in the total amount of R$ 3,404, through the issuance of 4,816,890 new shares, and CSN now holds 71,171,281 common shares (in December 2020 it held 66,354,391).
| 2. | On February 17, 2021, CSN Mineração S.A.'s shares were split, in the proportion of 1:30, and CSN now holds 4,752,584,400 shares. Subsequently, the public distribution of a percentage of these shares was approved, leading to a decrease in CSN's participation, which now holds 4,374,779,493 shares (note 11.c). On December 31, 2020, CSN held 158,419,480 shares in CSN Mineração S.A.
| 3. | On March 23, 2021, the capital increase in FTL - Ferrovia Transnordestina Logística S.A. ("FTL") in the total amount of R$10,860, through the issuance of 24,133,368 new shares, which were subscribed and paid up by CSN, which now holds 510,726,198 common shares. On December 31, 2020, CSN held 486,592,830 common shares of FTL.
| 4. | On January 31, 2021, CSN subscribed shares in the capital increase of CSN Cimentos S.A., which were paid up through the transfer of assets, liabilities, property, rights and obligations that made up the activities of CSN's cement segment. As a result, the number of shares held by CSN increased, to a total of 2,956,094,581 common shares (see note 11.c). On May 14, 2021, CSN Cimentos S.A.'s shares were split into 8.868283773:1, and CSN now holds 333,333,333 common shares. On August 31, 2021, after approval of the capital increase in CSN Cimentos S.A., CSN now holds 366,666,665 shares. On September 9, 2021, there was a capital increase in CSN Cimentos, with the issuance of new shares, thus CSN now holds 381,666,665 common shares. On November 10, 2021, upon approval of the capital increase and issuance of 4,000,000 new shares of CSN Cimentos S.A., CSN now holds 385,666,665 common shares. As of December 31, 2020, CSN held 90 shares in CSN Cimentos S.A..
| 5. | Berkeley Participações e Empreendimentos S.A. was acquired on May 10, 2021, and Fremont Empreendimentos e Participações S.A. was acquired on June 30, 2021, under a share purchase agreement signed on that same date. On August 2, 2021, the name of Fremont Empreendimentos e Participações S.A was changed to CSN Inova Soluções S.A.
| 6. | On November 03, 2021, CSN together with Companhia Florestal do Brasil, established five new companies with the following corporate names: CSN Participações I, CSN Participações II, CSN Participações III, CSN Participações IV and CSN Participações V., all of which have the purpose of participating in the capital stock of other companies.
| 7. | On August 31, 2021, the subsidiary CSN Cimentos acquired control of Elizabeth Cimentos S.A and Elizabeth Mineração Ltda. (see note 4).
| 8. | On December 31, 2021, and December 31, 2020, the Company directly held 63,377,198 shares, of which 26,611,282 were common shares and 36,765,916 preferred shares, and its direct subsidiary CSN Mineração S.A. held 63,338,872 shares, of which 25,802,872 were common shares and 37,536,000 preferred shares, in MRS Logística S.A.
| 9. | On December 31, 2021, and 2020, the Company held 24,670,093, of which 24,168,304 were common shares and 501,789 were Class B preferred shares, of the company Transnordestina Logística S.A.
| 10. | On December 24, 2021, a capital increase was approved for Arvedi Metalfer Do Brasil S.A. Through the increase, CSN subscribed 8,150,000 new shares, and now holds 57,224,882 common shares. As of December 31, 2020, CSN held 49,074,882 shares of Arvedi Metalfer do Brasil S.A.
Schedule of direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments | The number of shares, the balances of assets and liabilities, shareholders’ equity and the profit / (loss) amounts for the year in those investees are as follows: Schedule of direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments
|  |  |  |  |  |  |  | 12/31/2021 |  |  |  |  |  |  |  | 12/31/2020
Companies |  | Participation in |  | Participation in
| Assets |  | Liabilities |  | Shareholders’ equity |  | Profit / (Loss ) for the period |  | Assets |  | Liabilities |  | Shareholders’ equity |  | Profit / (Loss ) for the period
Joint-venture e Joint-operation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRS Logística S.A. |  | 5,046,851 |  | 3,240,312 |  | 1,806,539 |  | 260,622 |  | 4,175,249 |  | 2,567,882 |  | 1,607,367 |  | 160,371
Fair Value - MRS Logística S.A. |  |  |  |  |  | 410,144 |  | (11,747) |  |  |  |  |  | 421,888 |  | (11,747)
CBSI - Companhia Brasileira de Serviços de Infraestrutura |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transnordestina Logística S.A. (*) |  | 4,885,994 |  | 3,771,760 |  | 1,114,234 |  | (45,870) |  | 4,657,691 |  | 3,497,587 |  | 1,160,104 |  | (28,952)
Fair Value (*) - Transnordestina |  |  |  |  |  | 271,116 |  |  |  |  |  |  |  | 271,116 |  |
Equimac S.A. |  | 20,155 |  | 11,727 |  | 8,428 |  | (608) |  | 7,536 |  | 301 |  | 7,235 |  | (329)
|  | 9,953,000 |  | 7,023,799 |  | 3,610,461 |  | 202,397 |  | 8,840,476 |  | 6,065,770 |  | 3,467,710 |  | 119,343
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arvedi Metalfer do Brasil |  | 46,739 |  | 25,198 |  | 21,541 |  | 3,265 |  | 40,528 |  | 32,490 |  | 8,038 |  | (6,765)
|  | 46,739 |  | 25,198 |  | 21,541 |  | 3,265 |  | 40,528 |  | 32,490 |  | 8,038 |  | (6,765)
Classified at fair value through profit or loss (note 12 I) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Panatlântica |  |  |  |  |  | 190,321 |  |  |  |  |  |  |  | 59,879 |  |
|  |  |  |  |  | 190,321 |  |  |  |  |  |  |  | 59,879 |  |
Eliminations |  |  |  |  |  |  |  | (41,568) |  |  |  |  |  |  |  | (30,856)
Other Investiments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Others |  |  |  |  |  | 27,324 |  | 18,410 |  |  |  |  |  | 279 |  | (9,967)
|  |  |  |  |  | 27,324 |  | 18,410 |  |  |  |  |  | 279 |  | (9,967)
Total Investiments |  |  |  |  |  | 3,849,647 |  |  |  |  |  |  |  | 3,535,906 |  |
Total Equity in results of affiliated companies |  |  |  |  |  |  | 182,504 |  |  |  |  |  |  |  | 71,755
Investiments properties |  |  |  |  |  | 162,181 |  |  |  |  |  |  |  | 159,874 |  |
Total Investments |  |  |  |  |  | 4,011,828 |  |  |  |  |  |  |  | 3,695,780 |  |
(*) As of December 31, 2021, and December 31, 2020, the net balance of R$271,116 refers to the Fair Value generated by the loss of control of Transnordestina Logística SA in the amount of R$659,105 and impairment of R$387,989.
Schedule of changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments |
| 11.b) | Changes in investments in subsidiaries, jointly controlled companies, joint operations, associates, and other investments
Schedule of changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments
|  |  | Consolidated
| 12/31/2021 |  | 12/31/2020
Opening balance of investments (assets) | 3,535,906 |  | 3,482,974
Capital increase and (Decrease)/acquisition of shares(1) | 58,178 |  | 3,400
Dividends (2) | (61,898) |  | (82,642)
Comprehensive income (3) | 453 |  | 6,895
Update of shares measured at fair value through profit or loss (Note 15 II) | 109,254 |  | 12,579
Equity in results of affiliated companies (6) | 219,508 |  | 124,324
Amortization of fair value - investment MRS | (11,747) |  | (11,747)
Others | (7) |  | 123
Closing balance of investments (assets) | 3,849,647 |  | 3,535,906
| 1. | In January 2021 a capital increase was made in the subsidiary CSN Cimentos, resulting from the payment by CSN of net assets comprising certain assets and liabilities (see note 11.c). In 2021, through CSN Inova Ventures, strategic investments were made in startups, as follows: 2D Materials, H2Pro Ltda., 1S1 Energy, Traive INC., OICO Holdings, and Clarke Software, with total investments of US$ 4,950, corresponding to R$27,040.In August 2021 Panatlântica increased its capital through Profit Reserves, CSN received the bonus of shares in the amount of R$21,187. In December 2021 there was a capital increase in Arvedi Metalfer, and on this occasion CSN subscribed and paid in the amount of R$8,150.
| 2. | In 2021, refers mainly to dividends from the subsidiary CSN Mineração S.A. in the amount of R$2,984,155 (R$2,437,482 at December 31, 2020).
| 3. | Refers to the translation into the reporting currency of investments abroad whose functional currency is not the Brazilian Real, actuarial gain/(loss) and reflection and hedge of investments reflecting investments accounted for under the equity method.
| 4. | The reconciliation of the equity in earnings of companies with shared control classified as joint ventures and associates and the amount presented in the income statement is presented below and results from the elimination of the results of CSN's transactions with these companies:
Schedule of equity in results | Schedule of equity in results
|  |  | Consolidated
| 12/31/2021 |  | 12/31/2020
Equity in results of affiliated companies |  |  |
MRS Logística S.A. | 260,622 |  | 160,370
Transnordestina Logística S.A. | (45,870) |  | (28,952)
Arvedi Metalfer do Brasil S.A. | 3,265 |  | (6,765)
Equimac S.A. | (608) |  | (329)
Others | 2,099 |  |
| 219,508 |  | 124,324
Eliminations |  |  |
To cost of sales | (62,982) |  | (46,751)
To taxes | 21,414 |  | 15,895
Others |  |  |
Amortizated at fair value - Investment in MRS | (11,747) |  | (11,747)
Others | 16,311 |  | (9,966)
Equity in results | 182,504 |  | 71,755
Schedule of breakdown of the net assets contributed | Schedule of breakdown of the net assets contributed
|  | 12/31/2020 |  | 01/31/2021
Assets |  | Appraisal reports |  | Close balance
Trade receivables |  | 37,171 |  | 54,684
Inventories |  | 134,309 |  | 164,460
Other assets |  | 29,186 |  | 30,228
Property, plant and equipment |  | 3,151,349 |  | 3,129,161
Intangíible assets |  | 8,086 |  | 8,086
Liabilities |  |  |  |
Trade payables |  | (253,186) |  | (278,538)
Other payables current |  | (42,074) |  | (34,301)
Lease liabilities |  | (42,257) |  | (24,430)
Other provisions |  | (66,490) |  | (64,125)
Net assets |  | 2,956,094 |  | 2,985,225
Schedule of primary distribution of shares | Schedule of primary distribution of shares
Gain on participation in the capital increase | 1,060,530
Loss due to dilution of participation with issue of new shares | (231,044)
Equity adjustment by dilution of share percentage | (7,393)
Net gain from the transaction | 822,093
Schedule of Secondary Distribution of shares | Schedule of Secondary Distribution of shares
Equity in the transaction |  | 9,947,525
Number of share before initial public offering |  | 5,430,057,060
Cost per share |  | R$ 1.83
Number of shares sold by CSN |  | 377,804,907
Price per share |  | R$ 8.50
(+) Net cash generated in the transaction |  | 3,211,342
(-) Transaction cost |  | (46,730)
(=) net cash reveivable (a) |  | 3,164,612
(-) Cost of shares (b) |  | (692,115)
(=) Net gain from the transaction (a)+(b) |  | 2,472,497
Schedule of share repurchase programs of subsidiary CSN Mineracao | Schedule of share repurchase programs of subsidiary CSN Mineracao
Program |  | Board’s Authorization |  | Authorized quantity |  | Program period |  | Average buyback price |  | Minimum and maximum buyback price |  | Sale of shares |  | Treasury balance in R$
1º |  | 3/24/2021 |  | 58,415,015 |  | from 3/25/2021 to 9/24/2021 |  | R$6.1451 |  | R$5.5825 and R$6.7176 |  | 52,940,500 |  | 325,324,667
2º |  | 11/03/2021 |  | 53,000,000 |  | from 11/04/2021 to 9/24/2022 |  | R$6.2076 |  | R$5.0392 and R$6.1208 |  | 52,466,800 |  | 325,692,908
|  |  |  |  |  |  |  |  |  |  |  | 105,407,300 |  | 651,017,574
Schedule of joint ventures and joint operations financial information | Schedule of joint ventures and joint operations financial information
|  |  |  |  |  |  |  | 12/31/2021 |  |  |  |  |  |  |  | 12/31/2020
|  | Joint-Venture |  | Joint-Operation |  | Joint-Venture |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética
| 37.27% |  | 47.26% |  | 50.00% |  | 48.75% |  | 34.94% |  | 47.26% |  | 50.00% |  | 48.75%
Balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1,836,612 |  | 1,259 |  | 2,077 |  | 42,500 |  | 1,206,484 |  | 1,390 |  | 1,351 |  | 48,919
Advances to suppliers |  | 44,011 |  | 11,486 |  | 407 |  | 1,254 |  | 27,312 |  | 1,948 |  |  |  | 742
Other current assets |  | 1,065,913 |  | 55,334 |  | 8,862 |  | 18,453 |  | 823,204 |  | 51,793 |  | 2,356 |  | 89,521
Total current assets |  | 2,946,536 |  | 68,079 |  | 11,346 |  | 62,207 |  | 2,057,000 |  | 55,131 |  | 3,707 |  | 139,182
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | 980,861 |  | 124,776 |  |  |  | 19,578 |  | 608,878 |  | 225,492 |  |  |  | 20,807
Investments, PP&E and intangible assets |  | 9,614,144 |  | 10,145,422 |  | 28,964 |  | 358,265 |  | 8,537,009 |  | 9,574,588 |  | 11,365 |  | 390,672
Total non-current assets |  | 10,595,005 |  | 10,270,198 |  | 28,964 |  | 377,843 |  | 9,145,887 |  | 9,800,080 |  | 11,365 |  | 411,479
Total Assets |  | 13,541,541 |  | 10,338,277 |  | 40,310 |  | 440,050 |  | 11,202,887 |  | 9,855,211 |  | 15,072 |  | 550,661
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 767,992 |  | 228,769 |  | 4,041 |  |  |  | 828,439 |  | 241,029 |  |  |  |
Lease liabilities |  | 383,323 |  |  |  |  |  |  |  | 317,526 |  |  |  |  |  |
Other current liabilities |  | 1,513,799 |  | 157,946 |  | 4,063 |  | 40,473 |  | 1,117,975 |  | 125,794 |  | 602 |  | 19,721
Total current liabilities |  | 2,665,114 |  | 386,715 |  | 8,104 |  | 40,473 |  | 2,263,940 |  | 366,823 |  | 602 |  | 19,721
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 3,551,278 |  | 6,665,700 |  | 15,351 |  |  |  | 2,162,657 |  | 6,368,070 |  |  |  |
Lease liabilities |  | 1,718,366 |  |  |  |  |  |  |  | 1,674,594 |  |  |  |  |  |
Other non-current liabilities |  | 759,538 |  | 928,254 |  |  |  | 16,098 |  | 788,862 |  | 665,653 |  |  |  | 15,900
Total non-current liabilities |  | 6,029,182 |  | 7,593,954 |  | 15,351 |  | 16,098 |  | 4,626,113 |  | 7,033,723 |  |  |  | 15,900
Shareholders’ equity |  | 4,847,245 |  | 2,357,608 |  | 16,855 |  | 383,479 |  | 4,312,834 |  | 2,454,665 |  | 14,470 |  | 515,040
Total liabilities and shareholders’ equity |  | 13,541,541 |  | 10,338,277 |  | 40,310 |  | 440,050 |  | 11,202,887 |  | 9,855,211 |  | 15,072 |  | 550,661
| 01/01/2021 a 12/31/2021 |  | 01/01/2020 a 12/31/2020 | 01/01/2019 a 12/31/2019
|  | Joint-Venture |  | Joint-Operation |  |  |  | Joint-Venture |  | Joint-Operation |  |  |  | Joint-Venture |  |  |  | Joint-Operation
Equity interest (%) |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | MRS Logística |  | Transnordestina Logística |  | Equimac S.A. |  | Itá Energética |  | CBSI |  | MRS Logística |  | Transnordestina Logística |  | Itá Energética
| 37.27% |  | 47.26% |  | 50.00% |  | 48.75% |  | 34.94% |  | 47.26% |  | 50.00% |  | 48.75% |  | 50.00% |  | 34.94% |  | 46.30% |  | 48.75%
Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | 4,427,385 |  | 138 |  | 15,238 |  | 221,023 |  | 3,604,965 |  | 35 |  | 2,308 |  | 173,426 |  | 267,436 |  | 3,200,809 |  |  |  | 163,048
Cost of sales and services |  | (2,919,527) |  |  |  | (13,001) |  | (81,649) |  | (2,521,991) |  |  |  | (2,386) |  | (74,048) |  | (233,830) |  | (2,382,828) |  |  |  | (83,129)
Gross profit |  | 1,507,858 |  | 138 |  | 2,237 |  | 139,374 |  | 1,082,974 |  | 35 |  | (78) |  | 99,378 |  | 33,606 |  | 817,981 |  |  |  | 79,919
Operating (expenses) income |  | (116,499) |  | (76,543) |  | (3,453) |  | (69,097) |  | (105,267) |  | (42,108) |  | (576) |  | (67,885) |  | (12,328) |  | 207,840 |  | (18,077) |  | (62,660)
Financial income (expenses), net |  | (345,513) |  | (20,651) |  |  |  | 1,274 |  | (330,756) |  | (19,186) |  | (4) |  | (764) |  | (1,460) |  | (268,089) |  | (18,386) |  | 1,183
Income before income tax and social contribution |  | 1,045,846 |  | (97,056) |  | (1,216) |  | 71,551 |  | 646,951 |  | (61,259) |  | (658) |  | 30,729 |  | 19,818 |  | 757,732 |  | (36,463) |  | 18,442
Current and deferred income tax and social contribution |  | (346,551) |  |  |  |  |  | (24,390) |  | (216,649) |  |  |  |  |  | (10,391) |  | (6,428) |  | (254,378) |  |  |  | (6,147)
Profit / (loss) for the year |  | 699,295 |  | (97,056) |  | (1,216) |  | 47,161 |  | 430,302 |  | (61,259) |  | (658) |  | 20,338 |  | 13,390 |  | 503,354 |  | (36,463) |  | 12,295
Measurement of recoverable value | Measurement of recoverable value
Cash Flow Projection | By 2057
Gross margin | Estimated based on market study to capture cargo and operating costs according to market trend studies
Cost estimate | Study-based costs and market trends
Perpetuity growth rate | Growth rate was not considered as a result of the projection model until the end of the concession.
Discount rate | Range from 5.18% to 7.50% in real terms
Schedule of investment properties | The balance of investment properties as of December 31, 2021 and 2020, is shown below: Schedule of investment properties
|  |  |  |  |  | Consolidated
|  | Land |  | Buildings |  | Total
Balance at December 31, 2019 |  | 68,877 |  | 32,318 |  | 101,195
Cost |  | 68,877 |  | 53,816 |  | 122,693
Accumulated depreciation |  |  |  | (21,498) |  | (21,498)
Balance at December 31, 2019 |  | 68,877 |  | 32,318 |  | 101,195
Acquisitions |  | 28,733 |  | 32,864 |  | 61,597
Depreciation |  |  |  | (2,786) |  | (2,786)
Write-off |  |  |  | (132) |  | (132)
Balance at December 31, 2020 |  | 97,610 |  | 62,264 |  | 159,874
Cost |  | 97,610 |  | 86,548 |  | 184,158
Accumulated depreciation |  |  |  | (24,284) |  | (24,284)
Balance at December 31, 2020 |  | 97,610 |  | 62,264 |  | 159,874
Depreciation (note 27) |  |  |  | (3,055) |  | (3,055)
Transfer of property, plant and equipment |  | 4,065 |  | 1 |  | 4,066
Acquisition of Elizabeth |  |  |  | 1,296 |  | 1,296
Transfers to other asset groups |  | (133) |  | 133 |  |
Balance at December 31, 2021 |  | 101,542 |  | 60,639 |  | 162,181
Cost |  | 101,542 |  | 87,977 |  | 189,519
Accumulated depreciation |  |  |  | (27,338) |  | (27,338)
Balance at December 31, 2021 |  | 101,542 |  | 60,639 |  | 162,181
Schedule of average estimated useful life | The average estimated useful lives for the years are as follows (in years): Schedule of average estimated useful life
|  |  | Consolidated
| 12/31/2021 |  | 12/31/2020
Buildings | 27 |  | 27

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