XML 41 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Basis of preparation of the consolidated financial statements | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes and other explanatory information [abstract] |
Basis of preparation of the consolidated financial statements |
| 3 | Basis of preparation of the consolidated financial statements
These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS® Accounting Standards). The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including other financial instruments) measured at fair value at the end of each reporting period. The consolidated financial statements of the Company for the year ended December 31, 2024, were approved for issue in accordance with a resolution of the Board of Directors on February 20, 2025.
| 3.1 | Revision of the previously issued consolidated financial statements
During the third quarter of 2024, the Company identified an error in the previously issued consolidated financial statements as of and for the years ended December 31, 2023, and 2022 related to the recognition of contracts containing lease arrangements. The error resulted in the non-recognition of right-of-use assets and lease liabilities, as well as the misstatement of costs and expenses that should have impacted the Company’s results through the amortization of right-of-use assets and interest expense on the lease liabilities, instead of being recorded as costs and operational expenses related to third-party services. The Company’s management performed a quantitative and qualitative analysis and concluded that the error was not material to the previously issued financial statements as of and for the years ended December 31, 2023, and 2022 that would require restatement of the previously issued financial statements. Despite the fact it was immaterial, the Company revised the comparative information for the years ended December 31, 2023, and 2022 to reflect the adjustments. The revisions reflect the recognition of right-of-use assets of USD 63,590 and lease liabilities of USD 68,187 in the Company’s consolidated balance sheet as of December 31, 2023, and the related amounts affecting the Company’s other financial statements for the years ended December 31, 2023, and 2022 are shown in the tables below. The effect of the error in periods prior to January 1, 2022, was recorded in retained earnings (or cumulative deficit) in the statement of changes in shareholders’ equity as of January 1, 2022.
| 3.1.1 | Consolidated financial impacts
The following tables present the adjustments and the revised figures to the previously issued consolidated financial statements.
| (a) | Consolidated income statement
Schedule of consolidated income statement |  |  |  |  |  |  |  |
| (As previously reported) |  | Adjustments |  | (Revised)
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Cost of sales | (2,276,757) | (2,395,180) |  | 2,400 | 1,244 |  | (2,274,357) | (2,393,936)
Gross profit | 296,476 | 638,810 |  | 2,400 | 1,244 |  | 298,876 | 640,054
Operating expenses |  |  |  |  |  |  |  |
Selling, general and administrative | (126,948) | (145,543) |  | 349 | 373 |  | (126,599) | (145,170)
Mineral exploration and project evaluation | (99,666) | (98,862) |  | 54 | 61 |  | (99,612) | (98,801)
Total operating expenses | (451,841) | (279,591) |  | 403 | 434 |  | (451,438) | (279,157)
Operating (loss) income | (155,365) | 359,219 |  | 2,803 | 1,678 |  | (152,562) | 360,897
Net financial results |  |  |  |  |  |  |  |
Financial income | 25,503 | 25,018 |  | 290 | - |  | 25,793 | 25,018
Financial expenses | (204,184) | (168,694) |  | (5,707) | (1,084) |  | (209,891) | (169,778)
Total net financial results | (161,641) | (133,727) |  | (5,417) | (1,084) |  | (167,058) | (134,811)
Loss before income tax | (293,470) | 227,377 |  | (2,614) | 594 |  | (296,084) | 227,971
Income tax benefit (expense) | 4,274 | (150,983) |  | - | - |  | 4,274 | (150,983)
Net (loss) income for the year | (289,196) | 76,394 |  | (2,614) | 594 |  | (291,810) | 76,988
Attributable to NEXA's shareholders | (289,354) | 49,101 |  | (2,614) | 594 |  | (291,968) | 49,695
Attributable to non-controlling interests | 158 | 27,293 |  | - | - |  | 158 | 27,293
Net (loss) income for the year | (289,196) | 76,394 |  | (2,614) | 594 |  | (291,810) | 76,988
Weighted average number of outstanding shares – in thousands | 132,439 | 132,439 |  | - | - |  | 132,439 | 132,439
Basic and diluted loss per share – USD | (2.18) | 0.37 |  | (0.02) | 0.01 |  | (2.20) | 0.38
| (b) | Consolidated balance sheet
Schedule of consolidated balance sheet |  |  |  |  |
| (As previously reported) |  | Adjustments |  | (Revised)
| 2023 |  |  |  | 2023
Non-current assets |  |  |  |  |
Right-of-use assets | 11,228 |  | 63,590 |  | 74,818
Total non current assets | 3,780,681 |  | 63,590 |  | 3,844,271
Total assets | 4,840,507 |  | 63,590 |  | 4,904,097
Liabilities and shareholders’ equity |  |  |  |
Current liabilities |  |  |  |  |
Lease liabilities | 3,766 |  | 17,912 |  | 21,678
Total current liabilities | 1,074,882 |  | 17,912 |  | 1,092,794
Non-current liabilities |  |  |  |  |
Lease liabilities | 5,452 |  | 50,275 |  | 55,727
Total non current liabilities | 2,308,991 |  | 50,275 |  | 2,359,266
Total liabilities | 3,383,873 |  | 68,187 |  | 3,452,060
Shareholders’ equity |  |  |  |  |
Attributable to NEXA’s shareholders | 1,201,921 |  | (4,597) |  | 1,197,324
Attributable to non-controlling interests | 254,713 |  | - |  | 254,713
Total shareholders equity | 1,456,634 |  | (4,597) |  | 1,452,037
Total liabilities and shareholders’ equity | 4,840,507 |  | 63,590 |  | 4,904,097
| (c) | Consolidated cash flow
Schedule of consolidated cash flow |  |  |  |  |  |  |  |
| (As previously reported) |  | Adjustments |  | (Revised)
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Loss before income tax | (293,470) | 227,377 |  | (2,614) | 594 |  | (296,084) | 227,971
Depreciation and amortization | 298,393 | 290,937 |  | 12,082 | 1,203 |  | 310,475 | 292,140
Interest and foreign exchange effects | 131,988 | 126,545 |  | 5,417 | 1,085 |  | 137,405 | 127,630
Cash provided by operating activities | 416,608 | 498,883 |  | 14,885 | 2,882 |  | 431,493 | 501,765
Interest paid on lease liabilities | (553) | (994) |  | (5,533) | (549) |  | (6,086) | (1,543)
Net cash provided by operating activities | 246,846 | 266,630 |  | 9,352 | 2,333 |  | 256,198 | 268,963
Payments of lease liabilities | (5,818) | (17,091) |  | (9,352) | (2,333) |  | (15,170) | (19,424)
Net cash used in financing activities | (25,284) | (149,234) |  | (9,352) | (2,333) |  | (34,636) | (151,567)
Increase (decrease) in cash and cash equivalents | (40,567) | (245,991) |  | - | - |  | (40,567) | (245,991)
Cash and cash equivalents at the beginning of the year | 497,826 | 743,817 |  | - | - |  | 497,826 | 743,817
Cash and cash equivalents at the end of the year | 457,259 | 497,826 |  | - | - |  | 457,259 | 497,826
Non-cash investing and financing transactions |  |  |  |  |  |  |  |
Additions to right-of-use assets | (10,304) | (2,018) |  | (58,124) | (432) |  | (68,428) | (2,450)
| (d) | Consolidated Earnings per share
Schedule of consolidated earnings per share |  |  |  |  |  |  |  |
| (As previously reported) |  | Adjustments |  | (Revised)
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Net (loss) income for the year attributable to NEXA's shareholders | (289,354) | 49,101 |  | (2,614) | 594 |  | (291,968) | 49,695
Weighted average number of outstanding shares – in thousands | 132,439 | 132,439 |  | - | - |  | 132,439 | 132,439
Earnings (losses) per share - USD | (2.18) | 0.37 |  | (0.02) | 0.01 |  | (2.20) | 0.38
| (e) | Consolidated statement of comprehensive income
Schedule of consolidated statement of comprehensive income |  |  |  |  |  |  |  |
| (As previously reported) |  | Adjustments |  | (Revised)
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Net (loss) income for the year | (289,196) | 76,394 |  | (2,614) | 594 |  | (291,810) | 76,988
Translation adjustment of foreign subsidiaries | 81,315 | 65,243 |  | 98 | (783) |  | 81,413 | 64,460
Total Other comprehensive income (loss), net of income tax - items that can be reclassified to the income statement | 80,778 | 64,912 |  | 98 | (783) |  | 80,876 | 64,129
Other comprehensive income (loss) for the year, net of income tax | 78,927 | 61,647 |  | 98 | (783) |  | 79,025 | 60,864
Other comprehensive (loss) income for the year, net of income tax | (210,269) | 138,041 |  | (2,516) | (189) |  | (212,785) | 137,852
Attributable to NEXA’s shareholders | (215,324) | 105,972 |  | (2,516) | (189) |  | (217,840) | 105,783
Attributable to non-controlling interests | 5,055 | 32,069 |  | - | - |  | 5,055 | 32,069
Other comprehensive (loss) income for the year, net of income tax | (210,269) | 138,041 |  | (2,516) | (189) |  | (212,785) | 137,852
(f) | Consolidated statement of changes in shareholders’ equity
Schedule of consolidated statement of changes in shareholders equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (As previously reported) |  |  |  | Adjustments |  |  |  | (Revised)
| Retained earnings (cumulative deficit) | Accumulated other comprehensive income (loss) | Total NEXA’s shareholders | Total shareholders’ equity |  | Retained earnings (cumulative deficit) | Accumulated other comprehensive loss | Total NEXA’s shareholders | Total shareholders’ equity |  | Retained earnings (cumulative deficit) | Accumulated other comprehensive income (loss) | Total NEXA’s shareholders | Total shareholders’ equity
At January 1, 2022 | (746,308) | (289,030) | 1,386,273 | 1,644,280 |  | 1,130 | (3,022) | (1,892) | (1,892) |  | (745,178) | (292,052) | 1,384,381 | 1,642,388
Net loss for the year | 49,101 | - | 49,101 | 76,394 |  | 594 | - | 594 | 594 |  | 49,695 | - | 49,695 | 76,988
Other comprehensive income (loss) for the year | - | 56,871 | 56,871 | 61,647 |  | - | (783) | (783) | (783) |  | - | 56,088 | 56,088 | 60,864
Total comprehensive income (loss) for the year | 49,101 | 56,871 | 105,972 | 138,041 |  | 594 | (783) | (189) | (189) |  | 49,695 | 56,088 | 105,783 | 137,852
At December 31, 2022 | (741,081) | (232,159) | 1,442,245 | 1,710,254 |  | 1,724 | (3,805) | (2,081) | (2,081) |  | (739,357) | (235,964) | 1,440,164 | 1,708,173
|  |  | (As previously reported) |  |  |  | Adjustments |  |  |  | (Revised)
| Retained earnings (cumulative deficit) | Accumulated other comprehensive income (loss) | Total NEXA’s shareholders | Total shareholders’ equity |  | Retained earnings (cumulative deficit) | Accumulated other comprehensive income (loss) | Total NEXA’s shareholders | Total shareholders’ equity |  | Retained earnings (cumulative deficit) | Accumulated other comprehensive income (loss) | Total NEXA’s shareholders | Total shareholders’ equity
At January 1, 2023 | (741,081) | (232,159) | 1,442,245 | 1,710,254 |  | 1,724 | (3,805) | (2,081) | (2,081) |  | (739,357) | (235,964) | 1,440,164 | 1,708,173
Net loss for the year | (289,354) | - | (289,354) | (289,196) |  | (2,614) | - | (2,614) | (2,614) |  | (291,968) | - | (291,968) | (291,810)
Other comprehensive income (loss) for the year | - | 74,030 | 74,030 | 78,927 |  | - | 98 | 98 | 98 |  | - | 74,128 | 74,128 | 79,025
Total comprehensive (loss) income for the year | (289,354) | 74,030 | (215,324) | (210,269) |  | (2,614) | 98 | (2,516) | (2,516) |  | (291,968) | 74,128 | (217,840) | (212,785)
At December 31, 2023 | (1,030,435) | (158,129) | 1,201,921 | 1,456,634 |  | (890) | (3,707) | (4,597) | (4,597) |  | (1,031,325) | (161,836) | 1,197,324 | 1,452,037
(g) | Consolidated information by business segment
Schedule of consolidated information by business segment |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 2023
|  | (As previously reported) |  |  | Adjustments |  |  | (Revised)
| Mining | Smelting | Consolidated |  | Mining | Smelting | Consolidated |  | Mining | Smelting | Consolidated
Cost of sales | (1,028,281) | (1,726,568) | (2,276,757) |  | 2,103 | 297 | 2,400 |  | (1,026,178) | (1,726,271) | (2,274,357)
Gross profit | 61,995 | 220,093 | 296,476 |  | 2,103 | 297 | 2,400 |  | 64,098 | 220,390 | 298,876
Selling, general and administrative | (61,903) | (61,233) | (126,948) |  | 213 | 136 | 349 |  | (61,690) | (61,097) | (126,599)
Mineral exploration and project evaluation | (90,297) | (9,369) | (99,666) |  | 59 | (5) | 54 |  | (90,238) | (9,374) | (99,612)
Operating (loss) income | (267,428) | 117,783 | (155,365) |  | 2,375 | 428 | 2,803 |  | (265,053) | 118,211 | (152,562)
Depreciation and amortization | 219,957 | 77,585 | 298,393 |  | 9,196 | 2,886 | 12,082 |  | 229,153 | 80,471 | 310,475
Adjusted EBITDA | 149,058 | 246,967 | 391,156 |  | 11,571 | 3,314 | 14,885 |  | 160,629 | 250,281 | 406,041
Depreciation and amortization |  |  | (298,393) |  |  |  | (12,082) |  |  |  | (310,475)
Net financial results |  |  | (161,641) |  |  |  | (5,417) |  |  |  | (167,058)
Loss before income tax |  |  | (293,470) |  |  |  | (2,614) |  |  |  | (296,084)
|  |  |  |  |  |  |  |  |  |  | 2022
|  | (As previously reported) |  |  | Adjustments |  |  | (Revised)
| Mining | Smelting | Consolidated |  | Mining | Smelting | Consolidated |  | Mining | Smelting | Consolidated
Cost of sales | (905,241) | (2,190,903) | (2,395,180) |  | 871 | 373 | 1,244 |  | (904,370) | (2,190,903) | (2,393,936)
Gross profit | 342,786 | 276,064 | 638,810 |  | 871 | 373 | 1,244 |  | 343,657 | 276,437 | 640,054
Selling, general and administrative | (64,444) | (60,435) | (145,543) |  | 225 | 148 | 373 |  | (64,219) | (60,287) | (145,170)
Mineral exploration and project evaluation | (88,947) | (9,915) | (98,862) |  | 80 | (19) | 61 |  | (88,867) | (9,934) | (98,801)
Operating income (loss) | 124,332 | 248,527 | 359,219 |  | 1,176 | 502 | 1,678 |  | 125,508 | 249,029 | 360,897
Depreciation and amortization | 204,514 | 78,727 | 290,937 |  | 2,026 | (823) | 1,203 |  | 206,540 | 77,904 | 292,140
Adjusted EBITDA | 439,839 | 326,429 | 760,324 |  | 3,202) | (321) | 2,881 |  | 443,041 | 326,108 | 763,205
Depreciation and amortization |  |  | (290,937) |  |  |  | (1,203) |  |  |  | (292,140)
Net financial results |  |  | (133,727) |  |  |  | (1,084) |  |  |  | (134,811)
Income before income tax |  |  | 227,377 |  |  |  | 594 |  |  |  | 227,971
(h) | Consolidated changes in right-of-use
Schedule of consolidated changes in right-of-use |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | (As previously reported) |  |  |  |  | Adjustments |  |  |  | (Revised)
|  |  |  | 2023 |  |  |  |  | 2023 |  |  |  | 2023
| Buildings | Machinery, equipment, and facilities | IT equipment | Vehicles | Total |  | Buildings | Machinery, equipment, and facilities | IT equipment | Vehicles | Total |  | Buildings | Machinery, equipment, and facilities | IT equipment | Vehicles | Total
Balance at the beginning of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 7,300 | 18,106 | 282 | 18,830 | 44,518 |  | 8,482 | 14,214 | 756 | (12,362) | 11,090 |  | 15,782 | 32,320 | 1,038 | 6,468 | 55,608
Accumulated amortization | (4,467) | (15,394) | (84) | (17,678) | (37,623) |  | 100 | (3,880) | (473) | 13,266 | 9,013 |  | (4,367) | (19,274) | (557) | (4,412) | (28,610)
Balance at the beginning of the year | 2,833 | 2,712 | 198 | 1,152 | 6,895 |  | 8,582 | 10,334 | 283 | 904 | 20,103 |  | 11,415 | 13,046 | 481 | 2,056 | 26,998
New contracts | 375 | 7,109 | 117 | 2,703 | 10,304 |  | 73 | 49,131 | - | 8,920 | 58,124 |  | 448 | 56,240 | 117 | 11,623 | 68,428
Disposals and write-offs | - | (874) | - | - | (874) |  | - | (6,500) | - | - | (6,500) |  | - | (7,374) | - | - | (7,374)
Amortization | (1,034) | (1,874) | (61) | (1,884) | (4,853) |  | (190) | (10,021) | (153) | (1,718) | (12,082) |  | (1,224) | (11,895) | (214) | (3,602) | (16,935)
Remeasurement | 197 | (275) | (120) | - | (198) |  | 795 | 422 | 86 | - | 1,303 |  | 992 | 147 | (34) | - | 1,105
Transfers | - | (114) | - | - | (114) |  | - | - | - | - | - |  | - | (114) | - | - | (114)
Foreign exchange effects | 17 | 45 | (1) | 7 | 68 |  | 710 | 1,705 | 18 | 209 | 2,642 |  | 727 | 1,750 | 17 | 216 | 2,710
Balance at the end of the year | 2,388 | 6,729 | 133 | 1,978 | 11,228 |  | 9,970 | 45,071 | 234 | 8,315 | 63,590 |  | 12,358 | 51,800 | 367 | 10,293 | 74,818
Cost | 6,278 | 16,079 | 317 | 22,766 | 45,440 |  | 10,049 | 59,553 | 747 | (4,227) | 66,122 |  | 16,327 | 75,632 | 1,064 | 18,539 | 111,562
Accumulated amortization | (3,890) | (9,350) | (184) | (20,788) | (34,212) |  | (79) | (14,482) | (513) | 12,542 | (2,532) |  | (3,969) | (23,832) | (697) | (8,246) | (36,744)
Balance at the end of the year | 2,388 | 6,729 | 133 | 1,978 | 11,228 |  | 9,970 | 45,071 | 234 | 8,315 | 63,590 |  | 12,358 | 51,800 | 367 | 10,293 | 74,818
| (i) | Consolidated changes in lease labilities
Schedule of consolidated changes in lease liabilities |  |  |  |  |
| (As previously reported) |  | Adjustments |  | (Revised)
| 2023 |  |  |  | 2023
Balance at the beginning of the year | 5,021 |  | 22,184 |  | 27,205
New contracts | 10,304 |  | 58,124 |  | 68,428
Leasing contract and write-offs | - |  | (6,790) |  | (6,790)
Payments of lease liabilities | (5,818) |  | (9,352) |  | (15,170)
Interest paid on lease liabilities | (553) |  | (5,533) |  | (6,086)
Remeasurement | (198) |  | 1,303 |  | 1,105
Accrued interest– note 10 | 427 |  | 5,705 |  | 6,132
Foreign exchange effects | 35 |  | 2,546 |  | 2,581
Balance at the end of the year | 9,218 |  | 68,187 |  | 77,405
Current liabilities | 3,766 |  | 17,912 |  | 21,678
Non-current liabilities | 5,452 |  | 50,275 |  | 55,727

X
- Definition The disclosure of the basis used for the preparation of the financial statements. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_NotesAndOtherExplanatoryInformationAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration