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EQUITY
 12 Months Ended
Dec. 31, 2021
Equity  
EQUITY

 

21.EQUITY
21.1.Capital stock

On December 31, 2021, the subscribed and paid capital of the Company was R$12,553,418, which is composed of 812,473,246 common book-entry shares with no par value. The value of the capital stock is net of the public offering expenses of R$92,947, made on July 22, 2009.

The Company is authorized to increase the capital stock, irrespective of amendment to the bylaws, up to the limit of 1,000,000,000 (one billion) common book-entry shares with no par value.

On February 4, 2022, a capital increase was concluded (note 34.2).

21.1.1.Breakdown of capital stock by nature
  12.31.21   12.31.20   12.31.19
Common shares      812,473,246        812,473,246        812,473,246
Treasury shares         (5,053,554)           (4,766,084)             (713,446)
Outstanding shares      807,419,692        807,707,162        811,759,800

 

21.1.2.Breakdown of capital stock by owner

The shareholding position of the shareholders holding more than 5% of the voting stock, management and members of the Board of Directors is presented below:

    12.31.21   12.31.20
Shareholders   Quantity   %   Quantity   %
Major shareholders                
Marfrig Global Food S.A.        269,734,803   33.20    Not available (2) 
Fundação Petrobras de Seguridade Social - Petros (1)          56,947,828   7.01        92,716,266   11.41
Caixa de Previd. dos Func. do Banco do Brasil (1)          49,829,952   6.13        74,856,852   9.21
Kapitalo Investimentos Ltda.          40,784,398   5.02    Not available (2) 
Management                
Board of Directors            6,314,932   0.78         6,865,302   0.84
Executives               917,317   0.11            605,902   0.07
Treasury shares            5,053,554   0.62         4,766,084   0.59
Other        382,890,462   47.13      632,662,840   77.88
         812,473,246   100.00      812,473,246   100.00
(1)The pension funds are controlled by employees that participate in the respective entities.
(2)Information not available, as participation was null or less than 5%.

 

The Company is bound to arbitration in the Market Arbitration Chamber, as established by the arbitration clause in the by-laws.

21.1.3.Rollforward of outstanding shares

On December 31, 2021, the quantity of outstanding of shares was 807,419,692. In the year ended December 31, 2021, 944,830 shares were delivered in accordance with the Company’s Restricted Share plan.

             
Quantity of outstanding of shares
    12.31.21   12.31.20   12.31.19
Shares at the beginning of the year        807,707,162        811,759,800        811,416,022
Purchase of treasury shares           (1,232,300)           (4,836,000)                       -   
Delivery of restricted shares               944,830               783,362               343,778
Shares at the end of the year        807,419,692        807,707,162        811,759,800

 

21.2.Capital reserves and Other equity transactions

For better presentation of the transactions, the balance previously presented in Capital reserves was split between Capital reserves and Other equity transactions. In the current presentation, Capital reserves contemplate only the balances related with results on the sale and exchange of stocks, in compatibility with the Law 6.404/1976 (“Lei das S.A”) – Brazilian Corporate Law.

    12.31.21   12.31.20   12.31.19
Capital reserves               141,834               141,834               141,834
Other equity transactions               (67,531)                     246                 51,011
Share-based payments               205,949               214,711               214,531
Acquisition of non-controlling interest             (273,260)             (214,245)             (163,300)
Capital transactions with controlled entities                    (220)                    (220)                    (220)
                74,303               142,080               192,845

 

21.3.Absorption of accumulated losses

The Net income for the year ended December 31, 2021, in the amount of R$437,384 was fully used to offset accumulated losses.

 

21.4.Treasury shares

The Company has 5,053,554 shares held in treasury, with an average cost of R$25.19 (twenty-five Brazilian Reais and nineteen cents) per share and corresponding market value of R$113,806. In the year ended December 31, 2021, 944,830 shares were delivered in accordance with the Company’s Restricted Share plan.

             
Quantity of outstanding of shares
    12.31.21   12.31.20   12.31.19
Shares at the beggining of the year            4,766,084               713,446            1,057,224
Purchase of treasury shares            1,232,300            4,836,000                       -   
Delivery of restricted shares             (944,830)             (783,362)             (343,778)
Shares at the end of the year            5,053,554            4,766,084               713,446

 

On September 30, 2021, the Company’s Board of Directors approved the Company’s share buyback program up to the limit of 3,696,858 common shares, in an 18-month term. The goal of the program is to comply with the obligations assumed by the Company under the Restricted Shares Plan.

In the year ended December 2021, the Company purchased 1,232,300 common shares at the total cost of R$27,721.