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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Schedule of financial instruments | Schedule of financial instruments
|  |  |  |  |  |  |  |  |  |  |  |  |  | Consolidated
Consolidated |  |  |  |  |  | 12/31/2021 |  |  |  | 12/31/2020
| 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 |  | 5 |  |  |  | 16,646,480 |  | 16,646,480 |  |  |  | 9,944,586 |  | 9,944,586
Short-term investments |  | 6 |  | 2,383,059 |  | 261,673 |  | 2,644,732 |  | 3,305,109 |  | 478,253 |  | 3,783,362
Trade receivables |  | 7 |  |  |  | 2,597,838 |  | 2,597,838 |  |  |  | 2,867,352 |  | 2,867,352
Dividends and interest on equity |  | 10 |  |  |  | 76,878 |  | 76,878 |  |  |  | 38,088 |  | 38,088
Trading securities |  | 10 |  | 12,028 |  |  |  | 12,028 |  | 5,065 |  |  |  | 5,065
Loans - related parties |  | 10 |  |  |  | 4,511 |  | 4,511 |  |  |  |  |  |
Total |  |  |  | 2,395,087 |  | 19,587,380 |  | 21,982,467 |  | 3,310,174 |  | 13,328,279 |  | 16,638,453
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 6 |  |  |  | 147,671 |  | 147,671 |  |  |  | 123,409 |  | 123,409
Other trade receivables |  | 10 |  |  |  | 2,345 |  | 2,345 |  |  |  | 2,445 |  | 2,445
Eletrobrás compulsory loan |  | 10 |  |  |  | 859,607 |  | 859,607 |  |  |  | 852,532 |  | 852,532
Receivables by indemnity |  | 10 |  |  |  | 534,896 |  | 534,896 |  |  |  | 517,183 |  | 517,183
Loans - related parties |  | 10 |  |  |  | 1,143,228 |  | 1,143,228 |  |  |  | 966,050 |  | 966,050
Investments |  | 11 |  | 190,321 |  |  |  | 190,321 |  | 59,879 |  |  |  | 59,879
Total |  |  |  | 190,321 |  | 2,687,747 |  | 2,878,068 |  | 59,879 |  | 2,461,619 |  | 2,521,498
Total Assets |  |  |  | 2,585,408 |  | 22,275,127 |  | 24,860,535 |  | 3,370,053 |  | 15,789,898 |  | 19,159,951
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 14 |  |  |  | 5,532,736 |  | 5,532,736 |  |  |  | 4,155,483 |  | 4,155,483
Trade payables |  | 18 |  |  |  | 6,446,999 |  | 6,446,999 |  |  |  | 4,819,539 |  | 4,819,539
Trade payables - drawee risk |  | 16 |  |  |  | 4,439,967 |  | 4,439,967 |  |  |  | 623,861 |  | 623,861
Dividends and interest on capital |  | 16 |  |  |  | 1,206,870 |  | 1,206,870 |  |  |  | 946,133 |  | 946,133
Leases |  | 17 |  |  |  | 119,047 |  | 119,047 |  |  |  | 93,626 |  | 93,626
Derivative financial instruments |  |  |  |  |  |  |  |  |  | 8,722 |  |  |  | 8,722
Total |  |  |  |  |  | 17,745,619 |  | 17,745,619 |  | 8,722 |  | 10,638,642 |  | 10,647,364
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and financing |  | 14 |  |  |  | 27,221,914 |  | 27,221,914 |  |  |  | 31,215,128 |  | 31,215,128
Trade payables |  | 18 |  |  |  | 98,625 |  | 98,625 |  |  |  | 543,527 |  | 543,527
Derivative financial instruments |  |  |  | 101,822 |  |  |  | 101,822 |  | 97,535 |  |  |  | 97,535
Leases |  | 17 |  |  |  | 492,504 |  | 492,504 |  |  |  | 436,505 |  | 436,505
Total |  |  |  | 101,822 |  | 27,813,043 |  | 27,914,865 |  | 97,535 |  | 32,195,160 |  | 32,292,695
Total Liabilities |  |  |  | 101,822 |  | 45,558,662 |  | 45,660,484 |  | 106,257 |  | 42,833,802 |  | 42,940,059
Schedule of financial instruments at fair value through profit or loss | 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 |  |  |  |  |  | 12/31/2021 |  |  |  |  |  | 12/31/2020
| Level 1 |  | Level 2 |  | Balances |  | Level 1 |  | Level 2 |  | Balances
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  | 2,383,059 |  |  |  | 2,383,059 |  | 3,305,109 |  |  |  | 3,305,109
Trading securities |  | 12,028 |  |  |  | 12,028 |  | 5,065 |  |  |  | 5,065
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | 190,321 |  |  |  | 190,321 |  | 59,879 |  |  |  | 59,879
Total Assets |  | 2,585,408 |  |  |  | 2,585,408 |  | 3,370,053 |  |  |  | 3,370,053
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |  |  |  | 8,722 |  | 8,722
Non-current |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 101,822 |  | 101,822 |  |  |  | 97,535 |  | 97,535
Total Liabilities |  |  |  | 101,822 |  | 101,822 |  |  |  | 106,257 |  | 106,257
Schedule of other Operating Income and Expenses | 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 |  | 12/31/2021 |  | Sales of shares |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
| Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Quantity |  | Share price |  | Net cash received |  | Net gain from the transaction |  | Quantity |  | Equity interest (%) |  | Share price |  | Closing Balance |  | Profit or loss for the period in 2021 (notes 28 and 29)
USIM3 |  | 106,620,851 |  | 15.12% |  | 14.51 |  | 1,547,069 |  | (535,800) |  | 23.57 |  | 12,627 |  | 3,569 |  | 107,156,651 |  | 15.19% |  | 15.69 |  | 1,681,288 |  | (121,593) |  | 623,652 |  | (168,236)
USIM5 |  | 55,144,456 |  | 10.07% |  | 15.16 |  | 835,990 |  | (56,000,000) |  | 23.12 |  | 1,294,720 |  | 502,275 |  | 111,144,456 |  | 20.29% |  | 14.61 |  | 1,623,821 |  | 506,890 |  | 566,837 |  | 32,232
|  |  |  |  |  |  |  | 2,383,059 |  |  |  |  |  | 1,307,347 |  | 505,844 |  |  |  |  |  |  |  | 3,305,109 |  | 385,297 |  | 1,190,489 |  | (136,004)
PATI3 |  | 2,705,726 |  | 11.31% |  | 70.34 |  | 190,321 |  |  |  |  |  |  |  |  |  | 2,065,529 |  | 11.31% |  | 28.99 |  | 59,879 |  | 109,254 |  | 12,579 |  | 17,224
|  |  |  |  |  |  |  | 2,573,380 |  |  |  |  |  | 1,307,347 |  | 505,844 |  |  |  |  |  |  |  | 3,364,988 |  | 494,551 |  | 1,203,068 |  | (118,780)
The consolidated net exposure as of December 31, 2021, is shown below: | The consolidated net exposure as of December 31, 2021, is shown below:
|  |  |  | 12/31/2021
Foreign Exchange Exposure |  | (Amounts in US$’000) |  | (Amounts in €’000)
Cash and cash equivalents overseas |  | 1,656,271 |  | 74,652
Trade receivables |  | 212,424 |  | 5,004
Financial investments |  | 23,748 |  |
Other assets |  | 57,424 |  |
Total Assets |  | 1,949,867 |  | 79,656
Borrowings and financing |  | (3,866,290) |  |
Trade payables |  | (613,961) |  | (2,455)
Advances from customer |  | (197,325) |  |
Other liabilities |  | (9,631) |  |
Total Liabilities |  | (4,687,207) |  | (2,455)
Foreign exchange exposure |  | (2,737,340) |  | 77,201
Cash flow hedge accounting |  | 2,655,350 |  |
Exchange rate swap CDI x Dollar |  | (67,000) |  |
Net foreign exchange exposure |  | (148,990) |  | 77,201
The currencies used in the sensitivity analysis and their respective scenarios are shown below: | The currencies used in the sensitivity analysis and their respective scenarios are shown below:
|  |  |  |  |  |  |  | 12/31/2021
Currency |  | Exchange rate |  | Probable scenario |  | Scenario 1 |  | Scenario 2
USD |  | 5.5805 |  | 5.0611 |  | 6.9756 |  | 8.3708
EUR |  | 6.3210 |  | 5.7378 |  | 7.9013 |  | 9.4815
USD x EUR |  | 1.1327 |  | 1.1337 |  | 1.4159 |  | 1.6991
The effects on the result, considering scenarios 1 and 2 are shown below: | The effects on the result, considering scenarios 1 and 2 are shown below:
|  |  |  |  |  |  |  |  |  | 12/31/2021
Instruments |  | Notional |  | Risk |  | Probable scenario (*) R$ |  | Scenario 1 R$ |  | Scenario 2 R$
Gross exchange position |  | (2,737,340) |  | Dollar |  | 1,421,774 |  | (3,818,931) |  | (7,637,863)
Cash flow hedge accounting |  | 2,655,350 |  | Dollar |  | (1,379,189) |  | 3,704,545 |  | 7,409,090
Exchange rate swap CDI x Dollar |  | (67,000) |  | Dollar |  | 34,800 |  | (93,473) |  | (186,947)
Net exchange position |  | (148,990) |  | Dollar |  | 77,385 |  | (207,859) |  | (415,720)
Net exchange position |  | 77,201 |  | Euro |  | (45,024) |  | 121,997 |  | 243,994
(*) The probable scenarios were calculated considering the following variations for risks: Real x Dollar – valuation of the Real by 9.31% / Real x Euro - valuation of the Real by 9.23% / Euro x Dollar - devaluation of Euro by 0.09%. Source: Central Bank of Brazil and European Central Bank quotations on 2/22/2022.
The effects on the result, considering the probable scenarios, 1 and 2 are shown below: | The effects on the result, considering the probable scenarios, 1 and 2 are shown below:
|  |  |  | 12/31/2021
Class of shares |  | Probable scenario |  | Scenario 1 |  | Scenario 2
|  | 5% |  | 25% |  | 50%
USIM3 |  | (77,353) |  | (386,767) |  | (773,534)
USIM5 |  | (41,799) |  | (208,997) |  | (417,995)
PATI3 |  | (9,516) |  | (47,580) |  | (95,160)
The interest rates used in the sensitivity analysis and their respective scenarios are shown below: | The interest rates used in the sensitivity analysis and their respective scenarios are shown below:
|  |  |  |  |  | 12/31/2021
Interest |  | Interest rate |  | Scenario 1 |  | Scenario 2
CDI |  | 9.15% |  | 11.44% |  | 13.73%
TJLP |  | 5.32% |  | 6.65% |  | 7.98%
LIBOR |  | 0.34% |  | 0.42% |  | 0.51%
The effects on the result, considering scenarios 1 and 2 are shown below: | 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 |  | 9.15 |  | 3,908,490 |  | (5,778,965) |  | (2,041,623) |  | (2,084,411) |  | (2,127,198)
TJLP |  | 5.32 |  |  |  | (800,884) |  | (843,491) |  | (854,143) |  | (864,794)
LIBOR |  | 0.34 |  |  |  | (5,449,749) |  | (5,468,210) |  | (5,472,825) |  | (5,477,440)
(*) |  | The sensitivity analysis is based on the premise of maintaining the market values as of December 31, 2021 as a probable scenario recorded in the company’s assets and liabilities.
Schedule of dollar x Euro swap | Schedule of dollar x Euro swap
|  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
|  |  |  |  |  |  |  | Appreciation (R$) |  | Fair value (market) |  | Impact on financial income (expenses) (note 29)
Counterparties |  | Maturity |  | Functional Currency |  | Notional amount |  | Asset position |  | Liability position |  | Amounts receivable / (payable) |
Exchange rate swap Dollar x Real |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  | 37,322 |  |  |  |
Total dollar x real swap (NDF) |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,322 |  |  |  |
Exchange rate swap Dollar x Euro |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  | 1,784 |  | (4,749) |  | 783
Exchange rate swap Dollar x Euro |  | Settled |  | Dollar |  |  |  |  |  |  |  |  |  | 5,335 |  | (4,321) |  |
Total dollar-to-euro swap |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,119 |  | (9,070) |  | 783
Exchange rate swap GBP x Euro |  | Settled |  | GBP |  |  |  |  |  |  |  |  |  |  |  | (602) |  |
Total Swap GBP x Euro |  |  |  |  |  |  |  |  |  |  |  |  |  | (602) |  |
Exchange rate swap CDI x Dollar |  | 10/02/2023 |  | Dollar |  | (67,000) |  | 298,408 |  | (400,230) |  | (101,822) |  | (9,960) |  | (106,143) |  | 4,203
Total Swap CDI x dollar |  |  |  |  |  | (67,000) |  | 298,408 |  | (400,230) |  | (101,822) |  | (9,960) |  | (106,143) |  | 4,203
Interest rate (Debentures) CDI x IPCA |  | 07/15/2036 |  | Real |  | 576,448 |  | 616,912 |  | (634,400) |  | (17,488) |  | (17,488) |  |  |  |
Interest rate (Debentures) CDI x IPCA |  | 07/15/2031 |  | Real |  | 423,552 |  | 464,380 |  | (481,812) |  | (17,432) |  | (17,432) |  |  |  |
Total interest rate (Debentures) CDI x IPCA |  |  |  |  |  | 1,000,000 |  | 1,081,292 |  | (1,116,212) |  | (34,920) |  | (34,920) |  |  |  |
|  |  |  | 1,379,700 |  | (1,516,442) |  | (136,742) |  | (439) |  | (115,815) |  | 4,986
Schedule of hedging instruments | The table below presents a summary of the relations of hedge as of December 31, 2021: Schedule of hedging instruments
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12/31/2021
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)
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 |  | (60,000) |  | (33,016) |  |
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 |  | 3.2850 |  | 100,000 |  | (100,000) |  | (52,436) |  |
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 |  | 3.2850 |  | 30,000 |  | (24,000) |  | (12,057) |  | (13,773)
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 |  | (100,000) |  | (39,382) |  | (39,382)
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 |  | (24,150) |  | (9,694) |  | (1,891)
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 |  | (56,000) |  | (27,143) |  | (31,147)
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 |  | (24,000) |  | (11,633) |  | (13,349)
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 |  | (24,000) |  | (11,478) |  | (13,194)
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 |  | 3.3940 |  | 355,000 |  | (343,000) |  | (131,680) |  | (26,238)
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) |  |  |  | (794,535)
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 |  | (261,261) |  | (21,781) |  | (1,949,731)
10/1/2020 |  | Bonds with no maturity date 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 |  | (1,237,000) |  | (174,990) |  | (1,506,060)
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 |  |  |  |  |  | (1,374,101)
Total |  |  |  |  |  |  |  |  |  |  |  | 5,728,806 |  | (3,073,456) |  | (525,290) |  | (5,763,401)
(*) |  | On December 31, 2021, the amount of (R$525,290) was recorded in Other Operating Expenses. As of December 31, 2020, (R$ 1,667,886).
The changes in the hedge accounting amounts recognized in shareholders’ equity as of December 31, 2021 are as follows: | The changes in the hedge accounting amounts recognized in shareholders’ equity as of December 31, 2021 are as follows:
|  |  |  |  |  |  | Consolidated
| 12/31/2020 |  | Movement |  | Realization |  | 12/31/2021
Cash flow hedge accounting | 5,125,058 |  | 1,163,633 |  | (525,290) |  | 5,763,401
Schedule of reclassified to other operating income and expenses | The table below shows the result of the derivative instrument on December 31, 2021: Schedule of reclassified to other operating income and expenses
|  |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020
|  |  | Other income and expenses (note 28) |  | Other comprehensive income |  | Exchange variation
Maturity |  | Notional |  |
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
02/02/2021 (Settled) |  | Platts | (36,405) |  |  |  |  |  | (6,888) |  | (2,690) |  | (185)
03/02/2021 (Settled) |  | Platts | (34,116) |  |  |  |  |  | 6,063 |  | (2,870) |  | 117
04/02/2021 (Settled) |  | Platts | 11,961 |  |  |  |  |  |  |  | 59 |  |
05/04/2021 (Settled) |  | Platts | (30,226) |  |  |  |  |  |  |  | 1,133 |  |
05/12/2021 (Settled) |  | Platts | (37,594) |  |  |  |  |  |  |  | 2,308 |  |
06/02/2021 (Settled) |  | Platts | (134,768) |  |  |  |  |  |  |  | 10,880 |  |
07/02/2021 (Settled) |  | Platts | (76,330) |  |  |  |  |  |  |  | 5,638 |  |
08/02/2021 (Settled) |  | Platts | 7,088 |  |  |  |  |  |  |  | (305) |  |
09/02/2021 (Settled) |  | Platts | 233,546 |  |  |  |  |  |  |  | (182) |  |
10/02/2021 (Settled) |  | Platts | 69,116 |  |  |  |  |  |  |  | 2,819 |  |
|  |  | (27,728) |  | (283,149) |  |  |  | (825) |  | 16,790 |  | (16,504)
The change in the amounts related to cash flow hedge accounting - “Platts” index recorded in shareholders’ equity on December 31, 2021, is shown as follows: | The change in the amounts related to cash flow hedge accounting - “Platts” index recorded in shareholders’ equity on December 31, 2021, is shown as follows:
| 12/31/2020 |  | Movement |  | Realization |  | 12/31/2021
Cash flow hedge accounting - “Platts” | 825 |  | 26,903 |  | (27,728) |  |
Income tax and social contribution on cash flow hedge accounting | (280) |  | (9,148) |  | 9,428 |  |
Fair Value of cash flow accounting - Platts, net | 545 |  | 17,755 |  | (18,300) |  |
Schedule of balance sheet and statement of income | Schedule of balance sheet and statement of income
| · | Classification of derivatives in the balance sheet and income
|  |  |  |  |  |  |  |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
Instruments |  |  | Liabilities |  | Other operating income expenses (note 28) |  | Other comprehensive income |  | Financial income (expenses), net (note 29)
|  | Current |  | Non-current |  | Total |  |  |
Exchange rate swap Dollar x Real |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,322 |  |  |  | 783
Exchange rate swap Dollar x Euro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,119 |  | (9,070) |  |
Exchange rate swap GBP x Euro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (602) |  |
Exchange rate swap CDI x Dollar |  |  |  |  | (101,822) |  | (101,822) |  |  |  |  |  |  |  |  |  | (9,960) |  | (106,143) |  | 4,203
Iron ore derivative |  |  |  |  |  |  |  |  | (27,728) |  | (283,149) |  |  |  | (825) |  | 16,790 |  | (16,504) |  |
Interest rate swap CDI x IPCA |  |  | (34,920) |  |  |  | (34,920) |  |  |  |  |  |  |  |  |  | (34,920) |  |  |  |
|  |  | (34,920) |  | (101,822) |  | (136,742) |  | (27,728) |  | (283,149) |  |  |  | (825) |  | 16,351 |  | (132,319) |  | 4,986
The following are the contractual maturities of financial liabilities including interest. | The following are the contractual maturities of financial liabilities including interest.
|  |  |  |  |  |  |  |  | Consolidated
At December 31, 2021 | Less than one year |  | From one to two years |  | From two to five years |  | Over five years |  | Total
Borrowings, financing and debentures (note 14) | 5,532,736 |  | 5,293,830 |  | 6,645,074 |  | 15,283,010 |  | 32,754,650
Lease Liabilities (note 17) | 119,047 |  | 161,417 |  | 134,040 |  | 197,047 |  | 611,551
Derivative financial instruments (note 15 I) |  |  | 101,822 |  |  |  |  |  | 101,822
Trade payables (note 18) | 6,446,999 |  | 44,340 |  | 54,285 |  |  |  | 6,545,624
Trade payables - Drawee Risk (note 16) | 4,439,967 |  |  |  |  |  |  |  | 4,439,967
Dividends and interest on equity (note 16) | 1,206,870 |  |  |  |  |  |  |  | 1,206,870
| 17,745,619 |  | 5,601,409 |  | 6,833,399 |  | 15,480,057 |  | 45,660,484
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: | 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:
|  |  | 12/31/2021 |  |  |  | 12/31/2020
| Closing Balance |  | Fair value |  | Closing Balance |  | Fair value
Perpetual bonds (1) |  |  |  |  | 5,203,773 |  | 5,157,465
Fixed Rate Notes | 15,617,091 |  | 15,700,276 |  | 15,067,341 |  | 15,744,067
(1) The Perpetual Bond was settled on September 23, 2021
Schedule of capital Management | 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 |  | 12/31/2021 |  | 12/31/2020
Shareholder's equity (equity) |  | 23,374,389 |  | 11,251,505
Borrowings and Financing (Third-party capital) |  | 32,507,522 |  | 35,270,653
Gross Debit/Shareholder's equity |  | 1.39 |  | 3.13

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