EX-99.1 2 ex99-1.htm EX-99.1

INDEX

STATEMENTS OF FINANCIAL POSITION | 4
STATEMENTS OF INCOME (LOSS) | 5
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | 6
STATEMENTS OF CHANGES IN EQUITY | 7
STATEMENTS OF CASH FLOWS | 8
STATEMENTS OF VALUE ADDED | 9
MANAGEMENT REPORT | 10
1.COMPANY’S OPERATIONS | 30
2.BASIS OF PREPARATION AND PRESENTATION OF INTERIM FINANCIAL INFORMATION | 33
3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 34
4.CASH AND CASH EQUIVALENTS | 35
5.MARKETABLE SECURITIES | 35
6.TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES | 36
7.INVENTORIES | 37
8.BIOLOGICAL ASSETS | 38
9.RECOVERABLE TAXES | 40
10.DEFERRED INCOME TAXES | 42
11.JUDICIAL DEPOSITS | 44
12.INVESTMENTS | 44
13.PROPERTY, PLANT AND EQUIPMENT | 46
14.INTANGIBLE ASSETS | 48
15.LOANS AND BORROWINGS | 50
16.TRADE ACCOUNTS PAYABLE | 52
17.SUPPLY CHAIN FINANCE | 53
18.LEASES | 54
19.SHARE-BASED PAYMENT | 57
20.EMPLOYEES BENEFITS PLANS | 57
21.PROVISION FOR TAX, CIVIL AND LABOR RISKS | 57
22.EQUITY | 58
23.EARNINGS (LOSS) PER SHARE | 60
24.FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 60
25.SEGMENT INFORMATION | 71
26.NET SALES | 73
27.OTHER OPERATING INCOME (EXPENSES), NET | 74
28.FINANCIAL INCOME (EXPENSES), NET | 74
29.STATEMENT OF INCOME BY NATURE | 75

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 2

30.RELATED PARTIES | 76
31.COMMITMENTS | 79
32.TRANSACTIONS THAT DO NOT INVOLVE CASH | 79
33.EVENTS AFTER THE REPORTING PERIOD | 79
34.APPROVAL OF THE FINANCIAL STATEMENTS | 80
COMENTARY ABOUT THE BEHAVIOR OF THE COMPANY’S PROJECTIONS | 81
BREAKDOWN OF THE CAPITAL BY OWNER (NOT REVIEWED) | 81
INDEPENDENT AUDITORS’ REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION | 82
OPINION OF THE AUDIT AND INTEGRITY COMMITTEE | 83
STATEMENT OF EXECUTIVE BOARD ON THE INTERIM FINANCIAL INFORMATION AND INDEPENDENT AUDITOR’S REPORT | 84

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 3

Table of Contents
(in thousands of Brazilian Reais)

STATEMENTS OF FINANCIAL POSITION

|  |  | Parent company |  | Consolidated |  |  |  |  | Parent company |  | Consolidated
ASSETS | Note |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21 |  | LIABILITIES | Note |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  | CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 4 |  | 4,648,258 |  | 4,633,816 |  | 9,082,246 |  | 7,528,820 |  | Loans and borrowings | 15 |  | 2,456,969 |  | 2,790,926 |  | 2,865,893 |  | 3,203,068
Marketable securities | 5 |  | 332,653 |  | 324,771 |  | 343,029 |  | 346,855 |  | Trade accounts payable | 16 |  | 10,046,725 |  | 10,440,754 |  | 11,229,888 |  | 11,701,996
Trade and other receivables | 6 |  | 6,171,126 |  | 7,270,531 |  | 3,314,044 |  | 4,107,156 |  | Supply chain finance | 17 |  | 1,832,960 |  | 2,237,975 |  | 1,832,960 |  | 2,237,975
Inventories | 7 |  | 7,065,543 |  | 7,403,503 |  | 8,751,444 |  | 9,654,870 |  | Lease liability | 18 |  | 345,764 |  | 364,470 |  | 439,033 |  | 471,956
Biological assets | 8 |  | 2,827,149 |  | 2,786,692 |  | 2,930,910 |  | 2,899,921 |  | Payroll, related charges and employee profit sharing |  |  | 715,358 |  | 810,960 |  | 766,890 |  | 900,394
Recoverable taxes | 9 |  | 847,850 |  | 881,927 |  | 949,464 |  | 976,133 |  | Taxes payable |  |  | 243,919 |  | 246,744 |  | 469,784 |  | 454,038
Recoverable income taxes | 9 |  | 50,481 |  | 29,784 |  | 114,359 |  | 71,762 |  | Derivative financial instruments | 24 |  | 155,347 |  | 325,430 |  | 157,566 |  | 327,443
Derivative financial instruments | 24 |  | 243,067 |  | 132,498 |  | 243,639 |  | 134,551 |  | Provision for tax, civil and labor risks | 21 |  | 818,831 |  | 956,193 |  | 822,099 |  | 959,132
Restricted cash |  |  | 25,543 |  | 24,963 |  | 25,543 |  | 24,963 |  | Employee benefits | 20 |  | 42,097 |  | 42,097 |  | 52,307 |  | 54,354
Assets held for sale |  |  | 5,000 |  | 5,000 |  | 13,888 |  | 16,628 |  | Advances from related parties | 30 |  | 9,179,968 |  | 12,393,604 |  | - |  | -
Other current assets |  |  | 344,808 |  | 324,680 |  | 523,367 |  | 481,464 |  | Other current liabilities |  |  | 240,918 |  | 357,887 |  | 791,573 |  | 914,933
Total current assets |  |  | 22,561,478 |  | 23,818,165 |  | 26,291,933 |  | 26,243,123 |  | Total current liabilities |  |  | 26,078,856 |  | 30,967,040 |  | 19,427,993 |  | 21,225,289
NON-CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  | NON-CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
LONG-TERM RECEIVALBLES |  |  |  |  |  |  |  |  |  |  | Loans and borrowings | 15 |  | 17,277,776 |  | 19,320,254 |  | 19,711,342 |  | 22,252,962
Marketable securities | 5 |  | 15,024 |  | 15,438 |  | 418,077 |  | 447,413 |  | Trade accounts payable | 16 |  | 11,523 |  | 8,718 |  | 11,523 |  | 12,628
Trade and other receivables | 6 |  | 31,188 |  | 34,540 |  | 31,507 |  | 34,978 |  | Lease liability | 18 |  | 1,848,857 |  | 1,803,853 |  | 2,031,710 |  | 2,007,290
Recoverable taxes | 9 |  | 4,859,694 |  | 4,765,453 |  | 4,869,426 |  | 4,780,096 |  | Taxes payable |  |  | 128,821 |  | 130,565 |  | 130,311 |  | 132,195
Recoverable income taxes | 9 |  | 197,020 |  | 194,979 |  | 208,303 |  | 206,355 |  | Provision for tax, civil and labor risks | 21 |  | 688,034 |  | 517,522 |  | 729,181 |  | 558,500
Deferred income taxes | 10 |  | 2,605,809 |  | 2,885,387 |  | 2,658,979 |  | 2,941,270 |  | Deferred income taxes | 10 |  | - |  | - |  | 16,942 |  | 23,710
Judicial deposits | 11 |  | 565,149 |  | 545,631 |  | 571,166 |  | 550,319 |  | Liabilities with related parties | 30 |  | 46,845 |  | 45,921 |  | - |  | -
Biological assets | 8 |  | 1,413,743 |  | 1,367,013 |  | 1,459,101 |  | 1,414,482 |  | Employee benefits | 20 |  | 369,625 |  | 361,356 |  | 487,970 |  | 498,231
Derivative financial instruments | 24 |  | 47,137 |  | 10,804 |  | 47,137 |  | 10,804 |  | Derivative financial instruments | 24 |  | 12,827 |  | 41,861 |  | 12,827 |  | 41,861
Restricted cash |  |  | 1 |  | 1 |  | 1 |  | 1 |  | Other non-current liabilities |  |  | 260,079 |  | 251,512 |  | 351,685 |  | 325,098
Other non-current assets |  |  | 126,211 |  | 70,228 |  | 131,483 |  | 76,757 |  |  |  |  |  |  |  |  |  |  |
Total long-term receivables |  |  | 9,860,976 |  | 9,889,474 |  | 10,395,180 |  | 10,462,475 |  | Total non-current liabilities |  |  | 20,644,387 |  | 22,481,562 |  | 23,483,491 |  | 25,852,475
|  |  |  |  |  |  |  |  |  |  | EQUITY | 22 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Capital |  |  | 12,842,509 |  | 12,460,471 |  | 12,842,509 |  | 12,460,471
|  |  |  |  |  |  |  |  |  |  | Capital reserves |  |  | 2,338,476 |  | 141,834 |  | 2,338,476 |  | 141,834
Investments | 12 |  | 11,629,256 |  | 13,269,948 |  | 67,375 |  | 7,113 |  | Other equity transactions |  |  | (58,991) |  | (67,531) |  | (58,991) |  | (67,531)
Property, plant and equipment | 13 |  | 11,875,579 |  | 11,723,211 |  | 13,037,064 |  | 13,040,862 |  | Accumulated losses |  |  | (1,001,320) |  | (2,132,230) |  | (1,001,320) |  | (2,132,230)
Intangible assets | 14 |  | 3,219,061 |  | 3,210,336 |  | 5,822,245 |  | 6,149,814 |  | Treasury shares |  |  | (127,286) |  | (127,286) |  | (127,286) |  | (127,286)
|  |  |  |  |  |  |  |  |  |  | Other comprehensive loss |  |  | (1,570,281) |  | (1,812,726) |  | (1,570,281) |  | (1,812,726)
|  |  |  |  |  |  |  |  |  |  | Attributable to controlling shareholders |  |  | 12,423,107 |  | 8,462,532 |  | 12,423,107 |  | 8,462,532
Total non-current assets |  |  | 36,584,872 |  | 38,092,969 |  | 29,321,864 |  | 29,660,264 |  | Non-controlling interests |  |  | - |  | - |  | 279,206 |  | 363,091
|  |  |  |  |  |  |  |  |  |  | Total equity |  |  | 12,423,107 |  | 8,462,532 |  | 12,702,313 |  | 8,825,623
TOTAL ASSETS |  |  | 59,146,350 |  | 61,911,134 |  | 55,613,797 |  | 55,903,387 |  | TOTAL LIABILITIES AND EQUITY |  |  | 59,146,350 |  | 61,911,134 |  | 55,613,797 |  | 55,903,387

The accompanying notes are an integral part of the interim financial information.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 4

Table of Contents
(in thousands of Brazilian Reais)

STATEMENTS OF INCOME (LOSS)

|  |  | Parent company |  | Consolidated
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021
| Note |  | Jan - Mar |  | Restated (1) Jan - Mar |  | Jan - Mar |  | Restated (1) Jan - Mar
CONTINUING OPERATIONS |  |  |  |  |  |  |  |  |
NET SALES | 26 |  | 10,071,859 |  | 9,291,389 |  | 12,041,242 |  | 10,591,977
Cost of sales | 29 |  | (9,358,029) |  | (7,198,389) |  | (10,928,229) |  | (8,496,323)
GROSS PROFIT |  |  | 713,830 |  | 2,093,000 |  | 1,113,013 |  | 2,095,654
OPERATING INCOME (EXPENSES) |  |  |  |  |  |  |  |  |
Selling expenses | 29 |  | (1,272,112) |  | (1,109,588) |  | (1,490,602) |  | (1,342,298)
General and administrative expenses | 29 |  | (86,740) |  | (107,798) |  | (143,512) |  | (171,966)
Impairment loss on trade receivables | 6 |  | (3,397) |  | (2,556) |  | (3,303) |  | (3,420)
Other operating income (expenses), net | 27 |  | (5,939) |  | 43,132 |  | (2,673) |  | 49,941
Income from associates and joint ventures | 12 |  | (1,868,686) |  | 976,726 |  | - |  | -
INCOME (LOSS) BEFORE FINANCIAL RESULTS AND INCOME TAXES |  |  | (2,523,044) |  | 1,892,916 |  | (527,077) |  | 627,911
Financial income |  |  | 191,468 |  | 108,870 |  | 214,025 |  | 122,655
Financial expenses |  |  | (810,994) |  | (710,928) |  | (803,865) |  | (626,417)
Foreign exchange and monetary variations |  |  | 1,826,300 |  | (1,304,691) |  | (184,462) |  | (98,878)
FINANCIAL INCOME (EXPENSES), NET | 28 |  | 1,206,774 |  | (1,906,749) |  | (774,302) |  | (602,640)
INCOME (LOSS) BEFORE TAXES |  |  | (1,316,270) |  | (13,833) |  | (1,301,379) |  | 25,271
Income taxes | 10 |  | (221,638) |  | 38,275 |  | (245,082) |  | (2,810)
INCOME (LOSS) FROM CONTINUING OPERATIONS |  |  | (1,537,908) |  | 24,442 |  | (1,546,461) |  | 22,461
LOSS FROM DISCONTINUED OPERATIONS | 1.3 |  | (34,540) |  | - |  | (34,540) |  | -
INCOME (LOSS) FOR THE PERIOD |  |  | (1,572,448) |  | 24,442 |  | (1,581,001) |  | 22,461
Net Income (loss) from Continuing Operation Attributable to |  |  |  |  |  |  |  |  |
Controlling shareholders |  |  | (1,537,908) |  | 24,442 |  | (1,537,908) |  | 24,442
Non-controlling interest |  |  | - |  | - |  | (8,553) |  | (1,981)
|  |  | (1,537,908) |  | 24,442 |  | (1,546,461) |  | 22,461
Net Loss From Discontinued Operations Attributable to |  |  |  |  |  |  |  |  |
Controlling shareholders |  |  | (34,540) |  | - |  | (34,540) |  | -
Non-controlling interest |  |  | - |  | - |  | - |  | -
|  |  | (34,540) |  | - |  | (34,540) |  | -
INCOME (LOSS) PER SHARE FROM CONTINUED OPERATIONS |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  |  |  |  |  |  | 974,273,625 |  | 807,707,162
Income (loss) per share - basic | 23 |  |  |  |  |  | (1.58) |  | 0.03
Weighted average shares outstanding - diluted |  |  |  |  |  |  | 974,273,625 |  | 809,043,375
Income (loss) per share - diluted | 23 |  |  |  |  |  | (1.58) |  | 0.03
LOSSES PER SHARE FROM DISCONTINUED OPERATIONS |  |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  |  |  |  |  |  | 974,273,625 |  | -
Losses per share - basic | 23 |  |  |  |  |  | (0.04) |  | -
Weighted average shares outstanding - diluted |  |  |  |  |  |  | 974,273,625 |  | -
Losses per share - diluted | 23 |  |  |  |  |  | (0.04) |  | -

| (1) | The amounts of (i) employee participation and bonuses, and (ii) freight and port expenses in intra-group transactions were subject to an immaterial classification error correction (note 3).

The accompanying notes are an integral part of the interim financial information.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 5

Table of Contents
(in thousands of Brazilian Reais)

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

|  |  | Parent company |  | Consolidated
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021
| Note |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
Income (loss) for the period |  |  | (1,572,448) |  | 24,442 |  | (1,581,001) |  | 22,461
Other comprehensive income (loss), net of taxes |  |  |  |  |  |  |  |  |
Loss on foreign currency translation of foreign operations |  |  | (80,327) |  | (48,311) |  | (155,934) |  | (80,360)
Gain (loss) on net investment hedge |  |  | 210,404 |  | (124,761) |  | 210,404 |  | (124,761)
Cash flow hedges – effective portion of changes in fair value | 24 |  | 224,323 |  | (201,592) |  | 224,678 |  | (201,592)
Cash flow hedges – reclassified to profit or loss | 24 |  | (115,708) |  | 106,121 |  | (115,708) |  | 106,121
Items that are or may be reclassified subsequently to profit or loss |  |  | 238,692 |  | (268,543) |  | 163,440 |  | (300,592)
Equity investments measured at FVTOCI (1) - changes in fair value | 5 |  | - |  | 26,030 |  | - |  | 26,030
Actuarial gains on pension and post-employment plans | 20 |  | 3,753 |  | 3,900 |  | 3,673 |  | 3,854
Items that will not be reclassified to profit or loss |  |  | 3,753 |  | 29,930 |  | 3,673 |  | 29,884
Comprehensive income (loss) for the period |  |  | (1,330,003) |  | (214,171) |  | (1,413,888) |  | (248,247)
Attributable to |  |  |  |  |  |  |  |  |
Controlling shareholders |  |  | (1,330,003) |  | (214,171) |  | (1,330,003) |  | (214,171)
Non-controlling interest |  |  | - |  | - |  | (83,885) |  | (34,076)
|  |  | (1,330,003) |  | (214,171) |  | (1,413,888) |  | (248,247)

| (1) | FVTOCI: Fair Value Through Other Comprehensive Income.

Items above are stated net of income taxes and the related taxes are disclosed in note 10.

The accompanying notes are an integral part of the interim financial information.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 6

Table of Contents
(in thousands of Brazilian Reais)

STATEMENTS OF CHANGES IN EQUITY

|  |  | Attributed to controlling shareholders
|  |  |  |  |  |  |  |  |  |  | Other comprehensive income (loss) |  |  |  |  |  |  |  |
|  |  | Capital |  | Capital reserves | Other equity transactions |  | Treasury shares |  | Accumulated foreign currency translation adjustments |  | Gains (losses) on marketable securities at FVTOCI (2) |  | Gains (losses) on cash flow hedge |  | Actuarial gains (losses) |  | Retained losses |  | Total equity |  | Non-controlling interest |  | Total shareholders' equity (consolidated)
BALANCES AT DECEMBER 31, 2020 |  |  | 12,460,471 |  | 141,834 |  | 246 |  | (123,938) |  | (678,969) |  | 7,016 |  | (438,221) |  | (188,627) |  | (2,594,028) |  | 8,585,784 |  | 227,750 |  | 8,813,534
Comprehensive income (loss) (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on foreign currency translation of foreign operations |  |  | - |  | - |  | - |  | - |  | (386,542) |  | - |  | - |  | - |  | - |  | (386,542) |  | (16,933) |  | (403,475)
Loss on net investment hedge |  |  | - |  | - |  | - |  | - |  | (96,555) |  | - |  | - |  | - |  | - |  | (96,555) |  | - |  | (96,555)
Marketable securities at FVTOCI (2) - changes in fair value |  |  | - |  | - |  | - |  | - |  | - |  | 26,030 |  | - |  | - |  | - |  | 26,030 |  | - |  | 26,030
Unrealized losses in cash flow hedge |  |  | - |  | - |  | - |  | - |  | - |  | - |  | (145,683) |  | - |  | - |  | (145,683) |  | (1,821) |  | (147,504)
Actuarial losses on pension and post-employment plans |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 131,168 |  | - |  | 131,168 |  | (497) |  | 130,671
Income for the year |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 419,455 |  | 419,455 |  | 17,929 |  | 437,384
SUB-TOTAL COMPREHENSIVE INCOME (LOSS) |  |  | - |  | - |  | - |  | - |  | (483,097) |  | 26,030 |  | (145,683) |  | 131,168 |  | 419,455 |  | (52,127) |  | (1,322) |  | (53,449)
Marketable securities at FVTOCI (2) - realized gain |  |  | - |  | - |  |  |  | - |  | - |  | (33,046) |  | - |  | - |  | 33,046 |  | - |  | - |  | -
Employee benefits remeasurement - defined benefit |  |  | - |  | - |  |  |  | - |  | - |  | - |  | - |  | (9,297) |  | 9,297 |  | - |  | - |  | -
Dividends |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (80) |  | (80)
Share-based payments |  |  | - |  | - |  | (8,762) |  | (3,348) |  | - |  | - |  | - |  | - |  | - |  | (12,110) |  | - |  | (12,110)
Acquisition of non-controlling interests |  |  | - |  | - |  | (79,673) |  | - |  | - |  | - |  | - |  | - |  | - |  | (79,673) |  | (157,918) |  | (237,591)
Write-off of put option held by minority shareholders |  |  | - |  | - |  | 20,658 |  | - |  | - |  | - |  | - |  | - |  | - |  | 20,658 |  | 294,661 |  | 315,319
Acquisition of treasury shares |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
BALANCES AT DECEMBER 31, 2021 |  |  | 12,460,471 |  | 141,834 |  | (67,531) |  | (127,286) |  | (1,162,066) |  | - |  | (583,904) |  | (66,756) |  | (2,132,230) |  | 8,462,532 |  | 363,091 |  | 8,825,623
Comprehensive income (loss) (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses on foreign currency translation of foreign operations |  |  | - |  | - |  | - |  | - |  | (80,327) |  | - |  | - |  | - |  | - |  | (80,327) |  | (75,607) |  | (155,934)
Gain on net investment hedge |  |  | - |  | - |  | - |  | - |  | 210,404 |  | - |  | - |  | - |  | - |  | 210,404 |  | - |  | 210,404
Unrealized gains in cash flow hedge |  |  | - |  | - |  | - |  | - |  | - |  | - |  | 108,615 |  | - |  | - |  | 108,615 |  | 355 |  | 108,970
Actuarial gains (losses) on pension and post-employment plans |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 3,753 |  | - |  | 3,753 |  | (80) |  | 3,673
Loss for the period |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (1,572,448) |  | (1,572,448) |  | (8,553) |  | (1,581,001)
SUB-TOTAL COMPREHENSIVE INCOME (LOSS) |  |  | - |  | - |  | - |  | - |  | 130,077 |  | - |  | 108,615 |  | 3,753 |  | (1,572,448) |  | (1,330,003) |  | (83,885) |  | (1,413,888)
Capital increase through issuance of shares (note 22.1) |  |  | 500,000 |  | 4,900,000 |  | - |  | - |  | - |  |  |  | - |  | - |  |  |  | 5,400,000 |  | - |  | 5,400,000
Expenses with public exchange offer of shares (note 22.1) |  |  | (117,962) |  | - |  | - |  | - |  | - |  | - |  | - |  |  |  | - |  | (117,962) |  | - |  | (117,962)
Appropriation of income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation of accumulated losses with capital reserve (note 22.3) |  |  | - |  | (2,703,358) |  | - |  | - |  | - |  | - |  | - |  | - |  | 2,703,358 |  | - |  | - |  | -
Share-based payments |  |  | - |  | - |  | 8,540 |  | - |  | - |  | - |  | - |  | - |  | - |  | 8,540 |  | - |  | 8,540
BALANCES AT MARCH 31, 2022 |  |  | 12,842,509 |  | 2,338,476 |  | (58,991) |  | (127,286) |  | (1,031,989) |  | - |  | (475,289) |  | (63,003) |  | (1,001,320) |  | 12,423,107 |  | 279,206 |  | 12,702,313

| (1) | All changes in other comprehensive income are presented net of taxes.

| (2) | FVTOCI: Fair Value Through Other Comprehensive Income.

The accompanying notes are an integral part of the interim financial information.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 7

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STATEMENTS OF CASH FLOWS

|  | Parent company |  | Consolidated
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  |  |  | Restated (4) |  |  |  | Restated (4)
|  | Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | (1,537,908) |  | 24,442 |  | (1,546,461) |  | 22,461
Adjustments for: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 328,613 |  | 343,103 |  | 401,823 |  | 423,224
Depreciation and depletion of biological assets |  | 264,295 |  | 215,508 |  | 276,997 |  | 238,196
Result on disposal of property, plant and equipments and investment |  | (2,013) |  | (3,771) |  | (1,996) |  | (5,736)
Write-down of inventories to net realizable value |  | 130,992 |  | 17,705 |  | 139,412 |  | 20,680
Provision for tax, civil and labor risks |  | 115,851 |  | 34,262 |  | 116,915 |  | 34,538
Income from investments under the equity method |  | 1,868,686 |  | (976,726) |  | - |  | -
Financial results, net |  | (1,206,774) |  | 1,906,749 |  | 774,302 |  | 602,640
Tax recoveries and gains in tax lawsuits |  | (7,816) |  | (54,998) |  | (9,691) |  | (54,998)
Deferred income tax |  | 221,818 |  | (38,275) |  | 213,461 |  | (29,082)
Employee profit sharing |  | (2,613) |  | 8,122 |  | (9,671) |  | 20,560
Other provisions |  | (14,087) |  | (11,360) |  | (14,186) |  | 2,218
|  | 159,044 |  | 1,464,761 |  | 340,905 |  | 1,274,701
Trade accounts receivable |  | 1,100,919 |  | 230,240 |  | 414,768 |  | 1,363,883
Inventories |  | 206,968 |  | (1,362,021) |  | 487,199 |  | (1,290,313)
Biological assets - current |  | (40,457) |  | (161,719) |  | (59,921) |  | (173,698)
Trade accounts payable |  | (660,219) |  | 223,474 |  | (763,224) |  | 242,128
Supply chain finance |  | (399,906) |  | 32,298 |  | (399,906) |  | 32,298
Cash generated by operating activities |  | 366,349 |  | 427,033 |  | 19,821 |  | 1,448,999
Investments in securities at FVTPL (1) |  | - |  | (23,894) |  | (42,600) |  | (23,894)
Redemptions of securities at FVTPL (1) |  | 7,330 |  | 22,478 |  | 61,403 |  | 22,588
Interest received |  | 56,799 |  | 22,223 |  | 53,031 |  | 22,952
Payment of tax, civil and labor provisions |  | (98,138) |  | (147,116) |  | (98,128) |  | (147,116)
Derivative financial instruments |  | (1,622,674) |  | 792,163 |  | (1,612,465) |  | 820,339
Other operating assets and liabilities (2) |  | (2,443,812) |  | (386,352) |  | 3,348 |  | (187,273)
Net cash provided by (used in) operating activities |  | (3,734,146) |  | 706,535 |  | (1,615,590) |  | 1,956,595
INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Redemptions of securities at amortized cost |  | - |  | - |  | - |  | 166,112
Redemptions of securities at FVTOCI (3) |  | - |  | - |  | - |  | 86,059
Redemption of restricted cash |  | - |  | 400 |  | - |  | 400
Additions to property, plant and equipment |  | (313,853) |  | (211,172) |  | (354,500) |  | (239,125)
Additions to biological assets - non-current |  | (306,388) |  | (260,000) |  | (329,103) |  | (288,034)
Proceeds from disposals of property, plant, equipments and investment |  | 1,019 |  | 4,886 |  | 1,019 |  | 4,886
Additions to intangible assets |  | (53,480) |  | (46,071) |  | (55,681) |  | (41,228)
Business combination, net of cash |  | - |  | - |  | - |  | (41,212)
Capital increase in affiliates |  | (60,261) |  | (266) |  | (60,261) |  | (266)
Capital increase in subsidiaries |  | (83,000) |  | 30,998 |  | - |  | -
Net cash used in investing activities |  | (815,963) |  | (481,225) |  | (798,526) |  | (352,408)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Proceeds from debt issuance |  | 27,415 |  | 21,105 |  | 208,809 |  | 142,964
Repayment of debt |  | (153,013) |  | (62,621) |  | (282,355) |  | (90,378)
Payment of interest |  | (383,281) |  | (379,718) |  | (454,257) |  | (456,015)
Payment of interest derivatives - fair value hedge |  | (33,288) |  | - |  | (33,288) |  | -
Capital increase through issuance of shares (note 22.1) |  | 5,282,038 |  | - |  | 5,282,038 |  | -
Acquisition of non-controlling interests |  | - |  | - |  | - |  | (238,421)
Payment of lease liabilities |  | (113,896) |  | (134,856) |  | (148,396) |  | (168,433)
Net cash provided by (used in) financing activities |  | 4,625,975 |  | (556,090) |  | 4,572,551 |  | (810,283)
EFFECT OF EXCHANGE RATE VARIATION ON CASH AND CASH EQUIVALENTS |  | (61,424) |  | 11,728 |  | (605,009) |  | 296,293
Net increase (decrease) in cash and cash equivalents |  | 14,442 |  | (319,052) |  | 1,553,426 |  | 1,090,197
Balance at the beginning of the period |  | 4,633,816 |  | 3,876,139 |  | 7,528,820 |  | 7,576,625
Balance at the end of the period |  | 4,648,258 |  | 3,557,087 |  | 9,082,246 |  | 8,666,822

| (1) | FVTPL: Fair Value Through Profit and Loss.

| (2) | In the Parent company, contemplates mainly the effects of prepayments of exports with subsidiaries in the amount of R$3,220,112 in the three-month period ended on March 31, 2022 (R$(34,633) in the same period of the previous year).

| (3) | FVTOCI: Fair Value Through Other Comprehensive Income.

| (4) | Restated due to the change of accounting policy for the presentation of interest paid as described in note 3.

The accompanying notes are an integral part of the interim financial information.

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STATEMENTS OF VALUE ADDED

|  | Parent company |  | Consolidated
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Restated(1) Jan - Mar
1 - REVENUES |  | 11,412,355 |  | 10,565,565 |  | 13,493,535 |  | 11,894,040
Sales of goods and products |  | 11,109,473 |  | 10,320,539 |  | 13,157,220 |  | 11,622,715
Other income |  | (5,306) |  | 43,970 |  | (2,040) |  | 50,779
Revenue related to construction of own assets |  | 311,585 |  | 203,612 |  | 341,658 |  | 223,966
Expected credit losses |  | (3,397) |  | (2,556) |  | (3,303) |  | (3,420)
2 - SUPPLIES ACQUIRED FROM THIRD PARTIES |  | (8,986,554) |  | (6,660,934) |  | (10,514,337) |  | (8,014,710)
Costs of goods sold |  | (7,734,236) |  | (5,685,955) |  | (9,139,825) |  | (6,906,825)
Materials, energy, third parties services and other |  | (1,237,592) |  | (976,671) |  | (1,353,522) |  | (1,112,089)
Reversal for inventories losses |  | (14,726) |  | 1,692 |  | (20,990) |  | 4,204
3 - GROSS ADDED VALUE (1-2) |  | 2,425,801 |  | 3,904,631 |  | 2,979,198 |  | 3,879,330
4 - DEPRECIATION AND AMORTIZATION |  | (592,908) |  | (558,611) |  | (678,820) |  | (661,420)
5 - NET ADDED VALUE (3-4) |  | 1,832,893 |  | 3,346,020 |  | 2,300,378 |  | 3,217,910
6 - RECEIVED FROM THIRD PARTIES |  | (1,677,852) |  | 1,084,759 |  | 213,391 |  | 121,815
Income from associates and joint ventures |  | (1,868,686) |  | 976,726 |  | - |  | -
Financial income |  | 191,468 |  | 108,871 |  | 214,025 |  | 122,653
Others |  | (634) |  | (838) |  | (634) |  | (838)
7 - ADDED VALUE TO BE DISTRIBUTED (5+6) |  | 155,041 |  | 4,430,779 |  | 2,513,769 |  | 3,339,725
8 - DISTRIBUTION OF ADDED VALUE |  | 155,041 |  | 4,430,779 |  | 2,513,769 |  | 3,339,725
Payroll |  | 1,270,477 |  | 1,233,378 |  | 1,486,481 |  | 1,384,199
Salaries |  | 926,493 |  | 875,881 |  | 1,094,352 |  | 999,813
Benefits |  | 277,558 |  | 293,095 |  | 319,626 |  | 315,329
Government severance indemnity fund for employees |  | 66,426 |  | 64,402 |  | 72,503 |  | 69,057
Taxes, Fees and Contributions |  | 1,372,103 |  | 1,104,455 |  | 1,492,654 |  | 1,155,412
Federal |  | 705,638 |  | 425,294 |  | 766,255 |  | 474,121
State |  | 654,133 |  | 668,209 |  | 712,387 |  | 667,999
Municipal |  | 12,332 |  | 10,952 |  | 14,012 |  | 13,292
Capital Remuneration from Third Parties |  | (949,631) |  | 2,068,504 |  | 1,081,095 |  | 777,653
Interests, including exchange variation |  | (991,386) |  | 2,025,803 |  | 1,014,173 |  | 735,476
Rents |  | 41,755 |  | 42,701 |  | 66,922 |  | 42,177
Interest on Own-Capital |  | (1,537,908) |  | 24,442 |  | (1,546,461) |  | 22,461
Income (loss) for the period from continuing operations |  | (1,537,908) |  | 24,442 |  | (1,537,908) |  | 24,442
Non-controlling interest |  | - |  | - |  | (8,553) |  | (1,981)

| (1) | The comparative period was subject to an immaterial classification error correction in freight and port expenses intra-group transactions (note 3).

The accompanying notes are an integral part of the interim financial information.

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| 1. | COMPANY’S OPERATIONS

BRF S.A. (“BRF”) and its subsidiaries (collectively the “Company”) is a publicly traded company, listed on the segment Novo Mercado of Brasil, Bolsa, Balcão (“B3”), under the ticker BRFS3, and listed on the New York Stock Exchange (“NYSE”), under the ticker BRFS. The Company’s registered office is at Rua Jorge Tzachel, nº 475, Bairro Fazenda, Itajaí - Santa Catarina and the main business office is in the city of São Paulo.

BRF is a Brazilian multinational company, with global presence, which owns a comprehensive portfolio of products, and it is one of the world’s largest companies of food products. The Company operates by raising, producing and slaughtering poultry and pork for processing, production and sale of fresh meat, processed products, pasta, margarine, pet food and others.

The Company holds as main brands Sadia, Perdigão, Qualy, Chester®, Kidelli, Perdix, Banvit, Biofresh and Gran Plus, present mainly in Brazil, Turkey and Middle Eastern countries.

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1.1. Equity interest

|  |  |  |  |  |  | % equity interest
Entity |  |  | Main activity |  | Country (1) |  | 03.31.22 |  | 12.31.21
BRF GmbH |  |  | Holding |  | Austria |  | 100.00 |  | 100.00
BRF Foods LLC |  |  | Import, industrialization and commercialization of products |  | Russia |  | 99.99 |  | 99.99
BRF Global Company Nigeria Ltd. |  |  | Marketing and logistics services |  | Nigeria |  | 99.00 |  | 99.00
BRF Global Company South Africa Proprietary Ltd. |  |  | Administrative, marketing and logistics services |  | South Africa |  | 100.00 |  | 100.00
BRF Global Company Nigeria Ltd. |  |  | Marketing and logistics services |  | Nigeria |  | 1.00 |  | 1.00
BRF Global GmbH |  |  | Holding and trading |  | Austria |  | 100.00 |  | 100.00
BRF Foods LLC |  |  | Import, industrialization and commercialization of products |  | Russia |  | 0.01 |  | 0.01
BRF Japan KK |  |  | Marketing and logistics services, import, export, industrialization and commercialization of products |  | Japan |  | 100.00 |  | 100.00
BRF Korea LLC |  |  | Marketing and logistics services |  | Korea |  | 100.00 |  | 100.00
BRF Shanghai Management Consulting Co. Ltd. |  |  | Provision of consultancy and marketing services |  | China |  | 100.00 |  | 100.00
BRF Shanghai Trading Co. Ltd. |  |  | Import, export and commercialization of products |  | China |  | 100.00 |  | 100.00
BRF Singapore Foods PTE Ltd. |  |  | Administrative, marketing and logistics services |  | Singapore |  | 100.00 |  | 100.00
Eclipse Holding Cöoperatief U.A. |  |  | Holding |  | The Netherlands |  | 99.99 |  | 99.99
Buenos Aires Fortune S.A. |  |  | Holding |  | Argentina |  | 4.36 |  | 4.36
Eclipse Latam Holdings |  |  | Holding |  | Spain |  | 100.00 |  | 100.00
Buenos Aires Fortune S.A. |  |  | Holding |  | Argentina |  | 95.64 |  | 95.64
Perdigão Europe Lda. |  |  | Import, export of products and administrative services |  | Portugal |  | 100.00 |  | 100.00
ProudFood Lda. |  |  | Import and commercialization of products |  | Angola |  | 90.00 |  | 90.00
Sadia Chile S.A. |  |  | Import, export and commercialization of products |  | Chile |  | 40.00 |  | 40.00
Wellax Food Logistics C.P.A.S.U. Lda. |  |  | Import, commercialization of products and administrative services |  | Portugal |  | 100.00 |  | 100.00
One Foods Holdings Ltd. |  |  | Holding |  | UAE |  | 100.00 |  | 100.00
Al-Wafi Food Products Factory LLC | (b) |  | Import, export, industrialization and commercialization of products |  | UAE |  | 49.00 |  | 49.00
Badi Ltd. |  |  | Holding |  | UAE |  | 100.00 |  | 100.00
Al-Wafi Al-Takamol International for Foods Products |  |  | Import and commercialization of products |  | Saudi Arabia |  | 100.00 |  | 100.00
Joody Al Sharqiya Food Production Factory LLC |  |  | Import and commercialization of products |  | Saudi Arabia |  | 100.00 |  | 100.00
BRF Kuwait Food Management Company WLL |  |  | Import, commercialization and distribution of products |  | Kuwait |  | 49.00 |  | 49.00
BRF Foods GmbH |  |  | Industrialization, import and commercialization of products |  | Austria |  | 100.00 |  | 100.00
Al Khan Foodstuff LLC ("AKF") | (b) |  | Import, commercialization and distribution of products |  | Oman |  | 70.00 |  | 70.00
TBQ Foods GmbH |  |  | Holding |  | Austria |  | 60.00 |  | 60.00
Banvit Bandirma Vitaminli |  |  | Import, industrialization and commercialization of products |  | Turkey |  | 91.71 |  | 91.71
Banvit Enerji ve Elektrik Üretim Ltd. Sti. | (a) |  | Generation and commercialization of electric energy |  | Turkey |  | 100.00 |  | 100.00
Nutrinvestments BV |  |  | Holding |  | The Netherlands |  | 100.00 |  | 100.00
Banvit ME FZE |  |  | Marketing and logistics services |  | UAE |  | 100.00 |  | 100.00
One Foods Malaysia SDN. BHD. |  |  | Marketing and logistics services |  | Malaysia |  | 100.00 |  | 100.00
Federal Foods LLC | (b) |  | Import, commercialization and distribution of products |  | UAE |  | 49.00 |  | 49.00
Federal Foods Qatar | (b) |  | Import, commercialization and distribution of products |  | Qatar |  | 49.00 |  | 49.00
BRF Hong Kong LLC | (a) |  | Import, commercialization and distribution of products |  | Hong Kong |  | 100.00 |  | 100.00
Eclipse Holding Cöoperatief U.A. |  |  | Holding |  | The Netherlands |  | 0.01 |  | 0.01
Establecimiento Levino Zaccardi y Cia. S.A. | (a) |  | Industrialization and commercialization of dairy products |  | Argentina |  | 99.99 |  | 99.99
BRF Energia S.A. |  |  | Commercialization of eletric energy |  | Brazil |  | 100.00 |  | 100.00
BRF Pet S.A. |  |  | Industrialization, commercialization and distribution of feed and nutrients for animals |  | Brazil |  | 100.00 |  | 100.00
Affinity Petcare Brasil Participações Ltda. |  |  | Holding |  | Brazil |  | 100.00 |  | 100.00
Mogiana Alimentos S.A. |  |  | Manufacturing, distribution and sale of Pet Food products |  | Brazil |  | 50.00 |  | 50.00
Gewinner Participações Ltda. |  |  | Industrialization, distribution and sale of feed and nutrients for animals |  | Brazil |  | 100.00 |  | 100.00
Hecosul Alimentos Ltda. |  |  | Manufacturing and sale of animal feed |  | Brazil |  | 100.00 |  | 100.00
Hercosul Distribuição Ltda. |  |  | Import, export, wholesale and retail sale of food products for animals |  | Brazil |  | 100.00 |  | 100.00
Hercosul Soluções em Transportes Ltda. |  |  | Road freight |  | Brazil |  | 100.00 |  | 100.00
Hercosul International S.R.L. |  |  | Manufacturing, export, import and sale of feed and nutrients for animals |  | Paraguay |  | 99.00 |  | 99.00
Paraguassu Participações S.A. |  |  | Holding |  | Brazil |  | 100.00 |  | 100.00
Mogiana Alimentos S.A. |  |  | Manufacturing, distribution and sale of Pet Food products |  | Brazil |  | 50.00 |  | 50.00
Hercosul International S.R.L. |  |  | Manufacturing, export, import and sale of feed and nutrients for animals |  | Paraguay |  | 1.00 |  | 1.00
Potengi Holdings S.A. | (c) |  | Holding |  | Brazil |  | 50.00 |  | -
PR-SAD Administração de bem próprio S.A. |  |  | Management of assets |  | Brazil |  | 33.33 |  | 33.33
ProudFood Lda. |  |  | Import and commercialization of products |  | Angola |  | 10.00 |  | 10.00
PSA Laboratório Veterinário Ltda. |  |  | Veterinary activities |  | Brazil |  | 99.99 |  | 99.99
BRF Investimentos Ltda. | (a) (d) |  | Industrialization and commercialization of products |  | Brazil |  | 99.99 |  | 99.99
Sadia Alimentos S.A. |  |  | Holding |  | Argentina |  | 43.10 |  | 43.10
Sadia Chile S.A. |  |  | Import, export and commercialization of products |  | Chile |  | 60.00 |  | 60.00
Sadia Uruguay S.A. |  |  | Import and commercialization of products |  | Uruguay |  | 100.00 |  | 100.00
Sadia Alimentos S.A. |  |  | Holding |  | Argentina |  | 56.90 |  | 56.90
Vip S.A. Empreendimentos e Participações Imobiliárias |  |  | Commercialization of owned real state |  | Brazil |  | 100.00 |  | 100.00
Establecimiento Levino Zaccardi y Cia. S.A. | (a) |  | Industrialization and commercialization of dairy products |  | Argentina |  | 0.01 |  | 0.01
PSA Laboratório Veterinário Ltda. |  |  | Veterinary activities |  | Brazil |  | 0.01 |  | 0.01
BRF Investimentos Ltda. | (a) (d) |  | Industrialization and commercialization of products |  | Brazil |  | 0.01 |  | 0.01

| (1) | UAE – United Arab Emirates.

| (a) | Dormant subsidiaries. The Company is evaluating the liquidation of these subsidiaries.

| (b) | For these entities, the Company has agreements that ensure full economic rights, except for AKF, in which the economic rights are of 99%.

| (c) | Affiliate with subsidiary of AES Brasil Energia S.A. (note 12).

| (d) | On February 11, 2022, the name of Sino dos Alpes Alimentos Ltda. was changed to BRF Investimentos Ltda.

Except for the associates PR-SAD Administração de bem próprio S.A. and Potengi Holdings S.A., in which the Company recognizes the investments by the equity method, all other entities presented in the table above were consolidated.

1.2. Business combinations

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| 1.2.1. | Mogiana Group

On February 18, 2022, according to conditions established in the agreement, the Company, through its wholly-owned subsidiary BRF Pet, concluded the price adjustment of the consideration for the acquisition of Paraguassu Participações S.A. ("Paraguassu") and Affinity Petcare Brasil Participações Ltda. ("Affinity"), both owner of 100% of the capital stock of Mogiana Alimentos S.A. (together form the “Mogiana Group”). After the price adjustment, the fair value of the consideration transferred was R$477,408, of which R$290,225 were paid in cash, R$145,548 will be paid in the next 6 years and R$41,635 refers to contingent consideration.

Based on the price adjustment, there was a change in the determination of the value of the goodwill recognized. A summary of the final amounts in the business combination with the Mogiana Group are presented below:

Mogiana Group Combined |  | Fair value at the acquisition date
Assets |  |
Cash and cash equivalents |  | 938
Marketable securities |  | 29,824
Trade and other receivables |  | 59,758
Inventories |  | 54,517
Recoverable taxes |  | 27,748
Property, plant and equipment |  | 139,042
Intangible assets |  | 206,553
Other current and non-current assets |  | 5,486
|  | 523,866
Liabilities |  |
Trade accounts payable |  | 55,919
Loans and borrowings |  | 22,688
Lease liability |  | 10,168
Taxes payable |  | 11,487
Payroll, related charges and employee profit sharing |  | 6,296
Provision for tax, civil and labor risks (1) |  | 34,976
Employee benefits |  | 2,081
Deferred income taxes |  | 815
Other current and non-current liabilities |  | 16,932
|  | 161,362
Net assets acquired |  | 362,504
Fair value of consideration transferred |  | 477,408
Goodwill |  | 114,904

| (1) | Includes R$28,853 related to contingent liabilities recognized in the business combination.

The goodwill of R$114,904 arising from the business combination consists mainly of the synergies expected with the combination of the operations BRF Pet, Mogiana Group and Hercosul Group strengthening the Company’s presence in the pet food sector.

1.3. Discontinued Operations

In the first quarter of 2022, BRF S.A. and certain of its subsidiaries entered into an agreement with Tyson International Holding Co. and Tyson Foods, Inc., in connection with the sale of BRF’s operations in Europe and Thailand, closed on June 3, 2019. This agreement provides for the termination of certain disputes related to losses incurred by the disposed entities and also terminates Tyson's license to use certain BRF trademarks, with payment of the amount equivalent to R$34,540 (USD7,000) by BRF. This transaction resulted in an expense which is presented under Net Loss from Discontinued Operations, consistently with the practice adopted in the sale of the operations in 2019.

| 1.4. | Investigations involving BRF

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The Company has been subject to two investigations conducted by Brazilian governmental entities, denominated “Carne Fraca Operation” in 2017 and “Trapaça Operation” in 2018. The Company’s Audit and Integrity Committee conducted independent investigations, along with the Independent Investigation Committee, composed of external members and with external legal advisors in Brazil and abroad with respect to the allegations involving BRF employees and former employees. In 2021, the Division of Enforcement of the U.S. Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) issued letters notifying the closure of the investigation against BRF, with no imposition of any sanctions or penalties against the Company.

The main impacts observed as result of the referred investigations were recorded in Other Operating Expenses in the amount of R$180 for the three-month period ended on March 31, 2022 (R$5,237 in the same period of the previous year) mostly related to expenditures with lawyers, legal advisors and consultants.

In addition to the impacts already recorded, there are uncertainties about the outcome of these investigations which may result in penalties, fines and normative sanctions, right restrictions and other forms of liabilities, for which the Company is not able to make a reliable estimate of the potential losses. The outcomes may result in payments of substantial amounts, which may cause a material adverse effect on the Company’s financial position, results and cash flows in the future.

1.5. Seasonality

During the months of November and December of each year, the Company is impacted by seasonality in the Brazil operating segment due to Christmas and New Year’s Celebrations. The products that are relevant contributors are: turkey, Chester®, ham and pork cuts (hind leg/pork loin).

In the International operating segment, seasonality is due to Ramadan, which is the holy month of the Muslim calendar. The beginning of Ramadan depends on the beginning of the moon cycle and in 2022 it takes place between April 2nd, 2022 and May 1st, 2022.

| 2. | BASIS OF PREPARATION AND PRESENTATION OF INTERIM FINANCIAL INFORMATION

The parent company’s and consolidated interim financial information were prepared in accordance with the accounting practices adopted in Brazil and with international financial reporting standards (“IFRS”), issued by International Accounting Standards Board (“IASB”). All the relevant information applicable to the interim financial information, and only them, are being evidenced and correspond to those used by administration in its management.

The parent company’s and consolidated interim financial information are expressed in thousands of Brazilian Reais (“R$”), unless otherwise stated. For disclosures of amounts in other currencies, the values were also expressed in thousands, unless otherwise stated.

The preparation of the parent company’s and consolidated interim financial information require Management to make judgments, use estimates and adopt assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, as well as the disclosures of contingent liabilities. The uncertainty inherent to these judgments, assumptions and estimates could result in material adjustments to the carrying amount of certain assets and liabilities in future periods.

Any judgments, estimates and assumptions are reviewed at each reporting period.

The parent company’s and consolidated interim financial information were prepared based on the recoverable historical cost, except for the following material items recognized in the statements of financial position:

(i) derivative financial instruments and non-derivative financial instruments measured at fair value;

(ii) share-based payments and employee benefits measured at fair value;

(iii) biological assets measured at fair value; and

(iv) assets held for sale in instances where the fair value is lower than historical cost.

The Company prepared parent company’s and consolidated interim financial information under the going concern assumption and disclosed all relevant information in its explanatory notes, in order to clarify and complement the accounting basis adopted.

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| 3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim financial information, in this case quarterly financial information, aim to provide updated information based on the last annual financial statements disclosed. Therefore, the quarterly financial information focus on new activities, events and circumstances and do not repeat the information previously disclosed, except when Management judges that the maintenance of the information is relevant.

The interim financial information were prepared based on the accounting policies and estimates calculation methodologies adopted in the preparation of the annual financial statements for the year ended December 31, 2021 (note 3), except for the income taxes, which were measured according to CPC 21 / IAS 34 by applying the estimated annual effective tax rate to the Income (Loss) Before Taxes for the interim period.

As presented in the financial statements for the year ended on December 31, 2021 (note 3), the Company changed the classification of payment of interest in the statement of cash flows, reclassifying this item from Operating Activities to Financing Activities. To ensure comparability between the periods presented, the Company performed the following reclassifications in the three-month period ended on March 31, 2021:

|  |  |  |  |  |  |  |  |  | Jan - Mar 2021
|  |  |  |  |  | Parent company |  |  |  |  |  | Consolidated
|  | Previously presented |  | Reclassification |  | Restated |  | Previously presented |  | Reclassification |  | Restated
Net cash provided by operating activities |  | 326,817 |  | 379,718 |  | 706,535 |  | 1,500,580 |  | 456,015 |  | 1,956,595
Net cash used in investing activities |  | (481,225) |  | - |  | (481,225) |  | (352,408) |  | - |  | (352,408)
Net cash provided by (used in) financing activities |  | (176,372) |  | (379,718) |  | (556,090) |  | (354,268) |  | (456,015) |  | (810,283)
Effect of exchange rate variation on cash and cash equivalents |  | 11,728 |  | - |  | 11,728 |  | 296,293 |  | - |  | 296,293
Net increase in cash and cash equivalents |  | (319,052) |  | - |  | (319,052) |  | 1,090,197 |  | - |  | 1,090,197

Also as presented in the financial statements for the year ended on December 31, 2021 (note 3), in order to improve the level of detail in the presentation of information in the financial statements, the Company began to classify the expenditures with employee participation and bonuses by function in the statement of income (loss).

Additionally, as of the three-month period ended on March 31, 2022, the Company performed the reclassification of freight and port expenses in intra-group transactions, beginning to classify them as Cost of Sales and no longer as Selling Expenses, as these are costs incurred to bring inventories to their current condition and location.

To ensure comparability between the periods presented, the Company performed the following reclassifications in the three-month period ended on March 31, 2021:

|  |  |  |  |  | Parent company |  |  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  | 2021 |  |  |  |  |  |  |  | 2021
|  |  |  |  |  | Jan - Mar |  |  |  |  |  |  |  |  |  | Jan - Mar
|  |  |  | Reclassification |  |  |  |  |  | Reclassification |  |  |  |
|  | Previously presented |  | Employee participation and bonuses |  | Restated |  | Previously presented |  | Employee participation and bonuses |  | Freight and port expenses |  | Restated |  | Correspon-ding Notes
Cost of sales |  | (7,204,997) |  | 6,608 |  | (7,198,389) |  | (8,397,017) |  | 1,489 |  | (100,795) |  | (8,496,323) |  | 29
Operating Income (Expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling expenses |  | (1,103,976) |  | (5,612) |  | (1,109,588) |  | (1,433,026) |  | (10,067) |  | 100,795 |  | (1,342,298) |  | 29
General and administrative expenses |  | (98,680) |  | (9,118) |  | (107,798) |  | (159,984) |  | (11,982) |  | - |  | (171,966) |  | 29
Other operating income (expenses), net |  | 35,010 |  | 8,122 |  | 43,132 |  | 29,381 |  | 20,560 |  | - |  | 49,941 |  | 27

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| 4. | CASH AND CASH EQUIVALENTS

| Average rate (1) |  | Parent company |  | Consolidated
|  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Cash and bank accounts |  |  |  |  |  |  |  |  |
U.S. Dollar | - |  | 474 |  | 558 |  | 2,160,800 |  | 946,790
Saudi Riyal | - |  | - |  | - |  | 369,436 |  | 312,728
Brazilian Reais | - |  | 83,600 |  | 160,309 |  | 146,179 |  | 185,941
Euro | - |  | 582 |  | 1,438 |  | 129,012 |  | 103,630
Turkish lira | - |  | - |  | - |  | 139,352 |  | 42,899
Other currencies | - |  | 1,600 |  | 140 |  | 530,187 |  | 601,520
|  |  | 86,256 |  | 162,445 |  | 3,474,966 |  | 2,193,508
Cash equivalents |  |  |  |  |  |  |  |  |
In Brazilian Reais |  |  |  |  |  |  |  |  |
Investment funds | 8.26% |  | 3,601 |  | 3,641 |  | 3,601 |  | 3,641
Bank deposit certificates | 12.02% |  | 4,250,020 |  | 4,410,146 |  | 4,310,524 |  | 4,451,214
|  |  | 4,253,621 |  | 4,413,787 |  | 4,314,125 |  | 4,454,855
In U.S. Dollar |  |  |  |  |  |  |  |  |
Term deposit | 0.46% |  | 198,829 |  | - |  | 198,829 |  | 62,043
Overnight | 0.15% |  | 109,552 |  | 57,584 |  | 983,919 |  | 701,386
Other currencies |  |  |  |  |  |  |  |  |
Term deposit | 3.13% |  | - |  | - |  | 110,407 |  | 117,028
|  |  | 308,381 |  | 57,584 |  | 1,293,155 |  | 880,457
|  |  | 4,648,258 |  | 4,633,816 |  | 9,082,246 |  | 7,528,820

| (1) | Weighted average annual rate.

| 5. | MARKETABLE SECURITIES

|  |  |  |  | Average rate (2) |  | Parent company |  | Consolidated
| WAM (1) |  | Currency |  |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks (3) | - |  | USD / HKD |  | - |  | - |  | - |  | 11,091 |  | 13,338
Fair value through profit and loss |  |  |  |  |  |  |  |  |  |  |  |  |
Financial treasury bills | 2.79 |  | R$ |  | 9.15% |  | 332,653 |  | 324,771 |  | 332,653 |  | 324,771
Investment funds - FIDC BRF | 1.96 |  | R$ |  | - |  | 15,024 |  | 15,438 |  | 15,024 |  | 15,438
Other | 0.55 |  | R$ / ARS |  | - |  | - |  | - |  | 10,376 |  | 22,084
|  |  |  |  |  |  | 347,677 |  | 340,209 |  | 358,053 |  | 362,293
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign bonds and other (4) | 1.33 |  | AOA |  | 4.03% |  | - |  | - |  | 391,962 |  | 418,637
|  |  |  |  |  |  | 347,677 |  | 340,209 |  | 761,106 |  | 794,268
Current |  |  |  |  |  |  | 332,653 |  | 324,771 |  | 343,029 |  | 346,855
Non-current (5) |  |  |  |  |  |  | 15,024 |  | 15,438 |  | 418,077 |  | 447,413

| (1) | Weighted average maturity in years.

| (2) | Weighted average annual rate.

| (3) | It’s comprised of Aleph Farms Ltd. stocks.

| (4) | It’s comprised of private securities and sovereign securities of the Angola Government and are presented net of expected credit losses in the amount of R$5,785 (R$18,630 on December 31, 2021).

| (5) | Maturity until December of 2023.

On March 31, 2022, the amount of R$139,109 (R$232,821 on December 31, 2021) classified as cash and cash equivalents and marketable securities were pledged as guarantee, with no use restrictions, for future contracts traded on B3.

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| 6. | TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Trade accounts receivable |  |  |  |  |  |  |
Domestic market |  |  |  |  |  |  |
Third parties | 924,557 |  | 1,504,012 |  | 1,037,704 |  | 1,610,300
Related parties | 8,353 |  | 6,230 |  | - |  | -
Foreign market |  |  |  |  |  |  |
Third parties | 456,424 |  | 578,747 |  | 2,787,259 |  | 3,087,642
Related parties | 5,246,958 |  | 5,718,547 |  | - |  | -
| 6,636,292 |  | 7,807,536 |  | 3,824,963 |  | 4,697,942
( - ) Adjustment to present value | (10,617) |  | (10,688) |  | (14,251) |  | (14,394)
( - ) Expected credit losses | (518,163) |  | (588,946) |  | (559,963) |  | (638,583)
| 6,107,512 |  | 7,207,902 |  | 3,250,749 |  | 4,044,965
Current | 6,101,795 |  | 7,202,530 |  | 3,244,712 |  | 4,039,155
Non-current | 5,717 |  | 5,372 |  | 6,037 |  | 5,810
Other receivables |  |  |  |  |  |  |
Other receivables | 111,076 |  | 114,563 |  | 111,076 |  | 114,565
( - ) Adjustment to present value | (1,216) |  | (1,609) |  | (1,216) |  | (1,610)
( - ) Expected credit losses | (15,058) |  | (15,785) |  | (15,058) |  | (15,786)
| 94,802 |  | 97,169 |  | 94,802 |  | 97,169
Current | 69,331 |  | 68,001 |  | 69,332 |  | 68,001
Non-current (1) | 25,471 |  | 29,168 |  | 25,470 |  | 29,168

| (1) | Weighted average maturity of 1.79 years.

The Company performs credit assignments with no right of return to the BRF Clients’ Credit Rights Investment Fund (“FIDC BRF“), which has the sole purpose to acquire credit rights arising from commercial transactions carried out between the Company and its clients in Brazil. On March 31, 2022, FIDC BRF had an outstanding balance of R$751,647 (R$902,679 on December 31, 2021) in the parent company and consolidated related to such credit rights, which were written-off of the Company’s statement of financial position when the credits were sold.

On March 31, 2022, other receivables are mainly represented by receivables from the sale of farms and various properties, with a balance of R$85,660 (R$88,098 on December 31, 2021).

The movements of the expected credit losses are presented below:

Parent company | Consolidated
| 03.31.22 |  | 03.31.22
Beginning balance | (588,946) |  | (638,583)
(Additions) Reversals | (3,397) |  | (3,303)
Write-offs | 3,745 |  | 5,003
Exchange rate variation | 70,435 |  | 76,920
Ending balance | (518,163) |  | (559,963)

The aging of trade accounts receivable is as follows:

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| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Not overdue | 6,082,966 |  | 7,199,276 |  | 3,055,619 |  | 3,933,343
Overdue |  |  |  |  |  |  |
01 to 60 days | 32,935 |  | 21,934 |  | 207,227 |  | 127,249
61 to 90 days | 2,316 |  | 1,036 |  | 5,774 |  | 6,241
91 to 120 days | 814 |  | 794 |  | 5,201 |  | 3,770
121 to 180 days | 1,536 |  | 1,481 |  | 1,212 |  | 3,002
181 to 360 days | 2,920 |  | 4,950 |  | 8,389 |  | 9,687
More than 360 days | 512,805 |  | 578,065 |  | 541,541 |  | 614,650
( - ) Adjustment to present value | (10,617) |  | (10,688) |  | (14,251) |  | (14,394)
( - ) Expected credit losses | (518,163) |  | (588,946) |  | (559,963) |  | (638,583)
| 6,107,512 |  | 7,207,902 |  | 3,250,749 |  | 4,044,965

| 7. | INVENTORIES

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Finished goods | 3,570,120 |  | 3,170,964 |  | 4,829,421 |  | 4,914,882
Work in progress | 280,470 |  | 253,801 |  | 302,063 |  | 272,997
Raw materials | 2,081,286 |  | 2,768,167 |  | 2,347,271 |  | 3,126,017
Packaging materials | 137,168 |  | 145,392 |  | 121,915 |  | 182,501
Secondary materials | 747,520 |  | 755,623 |  | 847,432 |  | 790,801
Supplies | 185,132 |  | 190,693 |  | 242,257 |  | 250,475
Imports in transit | 145,145 |  | 115,873 |  | 145,418 |  | 115,950
Other | 90,852 |  | 141,322 |  | 91,759 |  | 142,490
(-) Adjustment to present value | (172,150) |  | (138,332) |  | (176,092) |  | (141,243)
| 7,065,543 |  | 7,403,503 |  | 8,751,444 |  | 9,654,870

The movements in the write-down of inventories to the net realizable value, for which the additions, reversals and write-offs were recorded against Cost of Sales, are presented in the table below:

| Parent company
|  |  |  |  |  |  | 03.31.22
| Realizable value through sale | Impaired inventories | Obsolete inventories | Total
Beginning balance | (19,103) |  | (45,084) |  | (5,790) |  | (69,977)
Additions | (124,799) |  | (41,489) |  | (1,279) |  | (167,567)
Reversals | 36,575 |  | - |  | - |  | 36,575
Write-offs | - |  | 37,790 |  | 1,398 |  | 39,188
Ending balance | (107,327) |  | (48,783) |  | (5,671) |  | (161,781)

| Consolidated
|  |  |  |  |  |  | 03.31.22
| Realizable value through sale | Impaired inventories | Obsolete inventories | Total
Beginning balance | (31,026) |  | (54,015) |  | (11,654) |  | (96,695)
Additions | (131,113) |  | (51,664) |  | (2,379) |  | (185,156)
Reversals | 45,744 |  | - |  | - |  | 45,744
Write-offs | - |  | 46,575 |  | 2,918 |  | 49,493
Exchange rate variation | 765 |  | 990 |  | 494 |  | 2,249
Ending balance | (115,630) |  | (58,114) |  | (10,621) |  | (184,365)

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| 8. | BIOLOGICAL ASSETS

The live animals are represented by poultry and pork and segregated into consumables and animals for production. The rollforward of the biological assets are presented below:

| Parent company
|  |  |  |  |  |  |  |  |  |  |  |  | 03.31.22
| Current | Non-current
| Live animals | Live animals |  |  |
| Poultry | Pork | Total | Poultry | Pork | Forests | Total
Beginning balance | 1,040,204 |  | 1,746,488 |  | 2,786,692 |  | 505,778 |  | 540,298 |  | 320,937 |  | 1,367,013
Additions/Transfer | 3,825,561 |  | 2,554,513 |  | 6,380,074 |  | 31,225 |  | 121,247 |  | 19,278 |  | 171,750
Changes in fair value (1) | 535,539 |  | 115,192 |  | 650,731 |  | 15,961 |  | (67,030) |  | - |  | (51,069)
Harvest | - |  | - |  | - |  | - |  | - |  | (15,612) |  | (15,612)
Write-off | - |  | - |  | - |  | - |  | - |  | (451) |  | (451)
Transfer between current and non-current | 22,059 |  | 35,829 |  | 57,888 |  | (22,059) |  | (35,829) |  | - |  | (57,888)
Transfer to inventories | (4,438,872) |  | (2,609,364) |  | (7,048,236) |  | - |  | - |  | - |  | -
Ending balance | 984,491 |  | 1,842,658 |  | 2,827,149 |  | 530,905 |  | 558,686 |  | 324,152 |  | 1,413,743
| Consolidated
|  |  |  |  |  |  |  |  |  |  |  |  | 03.31.22
| Current | Non-current
| Live animals | Live animals |  |  |
| Poultry | Pork | Total | Poultry | Pork | Forests | Total
Beginning balance | 1,153,433 |  | 1,746,488 |  | 2,899,921 |  | 553,247 |  | 540,298 |  | 320,937 |  | 1,414,482
Additions/Transfer | 4,289,782 |  | 2,554,513 |  | 6,844,295 |  | 45,456 |  | 121,247 |  | 19,278 |  | 185,981
Changes in fair value (1) | 908,421 |  | 115,192 |  | 1,023,613 |  | 13,403 |  | (67,030) |  | - |  | (53,627)
Harvest | - |  | - |  | - |  | - |  | - |  | (15,612) |  | (15,612)
Write-off | - |  | - |  | - |  | - |  | - |  | (451) |  | (451)
Transfer between current and non-current | 23,719 |  | 35,829 |  | 59,548 |  | (23,719) |  | (35,829) |  | - |  | (59,548)
Transfer to inventories | (5,258,171) |  | (2,609,364) |  | (7,867,535) |  | - |  | - |  | - |  | -
Exchange variation | (28,932) |  | - |  | (28,932) |  | (12,124) |  | - |  | - |  | (12,124)
Ending balance | 1,088,252 |  | 1,842,658 |  | 2,930,910 |  | 576,263 |  | 558,686 |  | 324,152 |  | 1,459,101

| (1) | The change in the fair value of biological assets includes depreciation of breeders and depletion of forests in the amount of R$264,295 in the parent company and R$276,997 in the consolidated.

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The book value and estimated quantities of live animals are set forth below:

| Parent company
| 03.31.22 |  | 12.31.21
| Quantity (thousand of heads) |  | Book value |  | Quantity (thousand of heads) |  | Book value
Consumable biological assets |  |  |  |  |  |  |
Immature poultry | 158,495 |  | 984,491 |  | 176,802 |  | 1,040,204
Immature pork | 4,317 |  | 1,842,658 |  | 4,469 |  | 1,746,488
Total current | 162,812 |  | 2,827,149 |  | 181,271 |  | 2,786,692
Production biological assets |  |  |  |  |  |  |
Immature poultry | 6,087 |  | 206,699 |  | 5,510 |  | 174,706
Mature poultry | 10,079 |  | 324,206 |  | 10,420 |  | 331,072
Immature pork | 220 |  | 149,180 |  | 223 |  | 141,101
Mature pork | 447 |  | 409,506 |  | 452 |  | 399,197
Total non-current | 16,833 |  | 1,089,591 |  | 16,605 |  | 1,046,076
| 179,645 |  | 3,916,740 |  | 197,876 |  | 3,832,768

| Consolidated
| 03.31.22 |  | 12.31.21
| Quantity (thousand of heads) |  | Book value |  | Quantity (thousand of heads) |  | Book value
Consumable biological assets |  |  |  |  |  |  |
Immature poultry | 178,794 |  | 1,088,252 |  | 197,859 |  | 1,153,433
Immature pork | 4,317 |  | 1,842,658 |  | 4,469 |  | 1,746,488
Total current | 183,111 |  | 2,930,910 |  | 202,328 |  | 2,899,921
Production biological assets |  |  |  |  |  |  |
Immature poultry | 6,748 |  | 225,871 |  | 6,170 |  | 192,017
Mature poultry | 11,380 |  | 350,392 |  | 11,621 |  | 361,230
Immature pork | 220 |  | 149,180 |  | 223 |  | 141,101
Mature pork | 447 |  | 409,506 |  | 452 |  | 399,197
Total non-current | 18,795 |  | 1,134,949 |  | 18,466 |  | 1,093,545
| 201,906 |  | 4,065,859 |  | 220,794 |  | 3,993,466

The Company has forests pledged as collateral for financing and tax and civil contingencies on March 31, 2022 in the amount of R$65,034 in the parent company and in the consolidated (R$69,308 in the parent company and in the consolidated on December 31, 2021).

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 39

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| 9. | RECOVERABLE TAXES

The rollforward of recoverable taxes are set forth below:

|  |  |  | Parent company
|  | Note |  | 12.31.21 |  | Additions |  | Offset / Reversals |  | Transfers (1) |  | Interest |  | 03.31.22
ICMS and VAT |  | 9.1 |  |  |  |  |  |  |  |  |  |  |  |
Recoverable ICMS and VAT |  |  |  | 1,811,678 |  | 165,220 |  | (29,516) |  | (49,983) |  | 61 |  | 1,897,460
(-) Impairment |  |  |  | (137,589) |  | (8,483) |  | 17,544 |  | 6,451 |  | - |  | (122,077)
PIS and COFINS |  | 9.2 |  |  |  |  |  |  |  |  |  |  |  |
Recoverable PIS and COFINS |  |  |  | 2,658,067 |  | 119,160 |  | (217,834) |  | - |  | 27,342 |  | 2,586,735
(-) Impairment |  |  |  | (14,228) |  | - |  | - |  | - |  | - |  | (14,228)
IPI |  | 9.3 |  |  |  |  |  |  |  |  |  |  |  |
Recoverable IPI |  |  |  | 928,037 |  | 1,601 |  | (3,960) |  | - |  | 29,105 |  | 954,783
(-) Impairment |  |  |  | (1,984) |  | - |  | 1,984 |  | - |  | - |  | -
INSS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable INSS |  |  |  | 318,126 |  | 1,294 |  | - |  | - |  | 4,169 |  | 323,589
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other recoverable taxes |  |  |  | 85,803 |  | (2,498) |  | (934) |  | - |  | - |  | 82,371
(-) Impairment |  |  |  | (530) |  | - |  | (559) |  | - |  | - |  | (1,089)
|  |  |  | 5,647,380 |  | 276,294 |  | (233,275) |  | (43,532) |  | 60,677 |  | 5,707,544
Current |  |  |  | 881,927 |  |  |  |  |  |  |  |  |  | 847,850
Non-current |  |  |  | 4,765,453 |  |  |  |  |  |  |  |  |  | 4,859,694
|  | Note |  | 12.31.21 |  | Additions |  | Offset / Reversals |  | Transfers (1) |  | Restatement |  | 03.31.22
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable income taxes |  |  |  | 240,652 |  | (8,737) |  | - |  | - |  | 31,475 |  | 263,390
(-) Impairment |  |  |  | (15,889) |  | - |  | - |  | - |  | - |  | (15,889)
|  |  |  | 224,763 |  | (8,737) |  | - |  | - |  | 31,475 |  | 247,501
Current |  |  |  | 29,784 |  |  |  |  |  |  |  |  |  | 50,481
Non-current |  |  |  | 194,979 |  |  |  |  |  |  |  |  |  | 197,020

| (1) | The transfers occur from Recoverable Taxes to Other Current Assets and Other Non-Current Assets when sales of credits are made to third parties.

|  |  |  | Consolidated
|  | Note |  | 12.31.21 |  | Additions |  | Offset / Reversals |  | Transfers (1) |  | Interest |  | Exchange variation |  | 03.31.22
ICMS and VAT |  | 9.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable ICMS and VAT |  |  |  | 1,886,027 |  | 199,176 |  | (44,094) |  | (49,983) |  | 61 |  | (12,671) |  | 1,978,516
(-) Impairment |  |  |  | (137,854) |  | (8,483) |  | 17,543 |  | 6,450 |  | - |  | - |  | (122,344)
PIS and COFINS |  | 9.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable PIS and COFINS |  |  |  | 2,685,276 |  | 119,400 |  | (221,571) |  | - |  | 27,342 |  | - |  | 2,610,447
(-) Impairment |  |  |  | (14,228) |  | - |  | - |  | - |  | - |  | - |  | (14,228)
IPI |  | 9.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable IPI |  |  |  | 929,645 |  | 1,736 |  | (3,977) |  | - |  | 29,103 |  | - |  | 956,507
(-) Impairment |  |  |  | (1,984) |  | - |  | 1,984 |  | - |  | - |  | - |  | -
INSS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable INSS |  |  |  | 318,138 |  | 2,084 |  | - |  | - |  | 4,169 |  | - |  | 324,391
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other recoverable taxes |  |  |  | 92,216 |  | (2,491) |  | (2,505) |  | - |  | - |  | (59) |  | 87,161
(-) Impairment |  |  |  | (1,007) |  | - |  | (553) |  | - |  | - |  | - |  | (1,560)
|  |  |  | 5,756,229 |  | 311,422 |  | (253,173) |  | (43,533) |  | 60,675 |  | (12,730) |  | 5,818,890
Current |  |  |  | 976,133 |  |  |  |  |  |  |  |  |  |  |  | 949,464
Non-current |  |  |  | 4,780,096 |  |  |  |  |  |  |  |  |  |  |  | 4,869,426
|  | Note |  | 12.31.21 |  | Additions |  | Offset / Reversals |  | Transfers (1) |  | Interest |  | Exchange variation |  | 03.31.22
Income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recoverable income taxes |  |  |  | 294,050 |  | 39,667 |  | (13,181) |  | - |  | 31,478 |  | (13,419) |  | 338,595
(-) Impairment |  |  |  | (15,933) |  | - |  | - |  | - |  | - |  | - |  | (15,933)
|  |  |  | 278,117 |  | 39,667 |  | (13,181) |  | - |  | 31,478 |  | (13,419) |  | 322,662
Current |  |  |  | 71,762 |  |  |  |  |  |  |  |  |  |  |  | 114,359
Non-current |  |  |  | 206,355 |  |  |  |  |  |  |  |  |  |  |  | 208,303

| (1) | The transfers occur from Recoverable Taxes to Other Current Assets and Other Non-Current Assets when sales of credits are made to third parties.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 40

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| 9.1. | ICMS – Tax on Movement of Goods and Services and VAT – Value Added Taxes

The Company has recoverable ICMS balances in the States of Paraná, Santa Catarina, Mato Grosso do Sul, Minas Gerais and Amazonas, which will be realized in the short and long term, based on the recoverability study reviewed and approved by the Management.

In other jurisdictions outside Brazil, value added taxes (VAT) are due in regular operations of the Company with goods and services.

| 9.2. | PIS and COFINS –Social Integration Plan and Contribution for Social Security Financing

As of March 31, 2022, the updated balance of the processes related to the exclusion of the ICMS from the PIS and COFINS calculation basis recognized by the Company is R$2,259,726 (R$2,341,737 as of December 31, 2021). The amount of R$109,350 related do these credits was offset against other federal taxes in the three-month period ended on March 31, 2022 (R$59,327 in the same period of the previous year).

In the study prepared by the Management, its realization is estimated through offsetting with federal taxes or through reimbursement of the amounts as expectation below:

| PIS and COFINS
Current | 501,529
Non-current | 1,758,197
2023 | 718,149
2024 | 414,279
2025 | 625,769
| 2,259,726

| 9.3. | IPI - Industrialized Product Tax

The Company recognized relevant tax assets as result of gains from lawsuits related to IPI, specially “crédito prêmio”. The balance referring to these assets in the parent company and consolidated on March 31, 2022 is R$966,013 (R$945,845 on December 31, 2021), of which R$949,086 (R$919,982 on December 31, 2021) is recorded as Recoverable Taxes and the remainder, referring to cases in which the government will reimburse in cash, is recorded as Other Non-Current Assets, in the amount of R$16,927 (R$16,927 on December 31, 2021).

According to projections prepared by the Management, its realization is estimated through the refund of the amounts as expected below:

| IPI
Current | 8,936
Non-current | 966,013
2023 | 16,927
2025 | 697,086
2026 | 252,000
| 974,949

| 9.4. | Realization of Brazilian federal tax credits

The Company received in cash, through court orders related to recoverable IPI balances, the amount of R$8,936 in the three-month period ended on March 31, 2022 in the parent company and consolidated (null in the same period of the previous year).

The Company used PIS, COFINS, IPI, and other recoverable taxes to offset federal taxes payable such as INSS, Income Taxes and Other in the amount of R$222,728 in the three-month period ended on March 31, 2022 (R$303,976 in the same period of the previous year), preserving its liquidity and optimizing its capital structure.

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| 10. | DEFERRED INCOME TAXES

| 10.1. | Breakdown

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Assets |  |  |  |  |  |  |
Tax losses carryforward | 2,828,252 |  | 2,805,912 |  | 2,847,667 |  | 2,822,754
Negative calculation basis (social contribution) | 1,018,171 |  | 1,040,511 |  | 1,025,160 |  | 1,046,574
Temporary differences - Assets |  |  |  |  |  |  |
Provisions for tax, civil and labor risks | 467,170 |  | 456,206 |  | 469,252 |  | 458,229
Expected credit losses | 159,725 |  | 184,230 |  | 160,049 |  | 184,643
Impairment on tax credits | 54,235 |  | 64,297 |  | 54,235 |  | 64,297
Provision for other obligations | 100,379 |  | 136,571 |  | 112,218 |  | 150,609
Employees' profit sharing | 2,273 |  | 47,227 |  | 2,273 |  | 47,227
Write-down to net realizable value of inventories | 55,006 |  | 25,204 |  | 57,132 |  | 27,934
Employees' benefits plan | 139,986 |  | 137,174 |  | 149,017 |  | 148,990
Lease basis difference | 100,449 |  | 95,563 |  | 100,449 |  | 95,563
Unrealized losses on derivatives, net | - |  | 21,310 |  | - |  | 21,310
Other temporary differences | 17,099 |  | 20,501 |  | 35,003 |  | 42,566
| 4,942,745 |  | 5,034,706 |  | 5,012,455 |  | 5,110,696
Temporary differences - Liabilities |  |  |  |  |  |  |
Goodwill amortization basis difference | (322,151) |  | (307,442) |  | (322,151) |  | (307,442)
Depreciation (useful life) basis difference | (895,771) |  | (884,245) |  | (901,061) |  | (895,407)
Business combination (1) | (911,329) |  | (900,108) |  | (927,871) |  | (920,214)
Unrealized gains on derivatives, net | (154,295) |  | - |  | (154,295) |  | -
Unrealized fair value gains, net | (31,508) |  | (37,109) |  | (31,953) |  | (37,692)
Other temporary differences | (21,882) |  | (20,415) |  | (33,087) |  | (32,381)
| (2,336,936) |  | (2,149,319) |  | (2,370,418) |  | (2,193,136)
Total deferred taxes | 2,605,809 |  | 2,885,387 |  | 2,642,037 |  | 2,917,560
Total Assets | 2,605,809 |  | 2,885,387 |  | 2,658,979 |  | 2,941,270
Total Liabilities | - |  | - |  | (16,942) |  | (23,710)
| 2,605,809 |  | 2,885,387 |  | 2,642,037 |  | 2,917,560

| (1) | The deferred tax liability on business combination is substantially represented by the allocation of goodwill to property, plant and equipment, brands and contingent liabilities.

The roll-forward of deferred income taxes, net, is set forth below:

Parent company | Consolidated
| 03.31.22 |  | 03.31.22
Beginning balance | 2,885,387 |  | 2,917,560
Deferred income taxes recognized in income from continuing operations | (221,818) |  | (213,461)
Deferred income taxes recognized in other comprehensive income | (57,714) |  | (57,713)
Deferred income and social contribution taxes recognized in business combination | (46) |  | (50)
Other (1) | - |  | (4,299)
Ending balance | 2,605,809 |  | 2,642,037

| (1) | Related to the foreign exchange variation effect on the balances in foreign companies.

| 10.2. | Estimated period of realization

Deferred tax assets arising from temporary differences will be realized as the differences are settled or realized. The period of settlement or realization of such differences is subject to externalities and is linked to several factors that are not under the control of Management.

In estimating the realization of deferred tax credits on tax losses carryforward, Management considers its budget and strategic plans, which were approved by the Board of Directors, adjusted for changes in economic assumptions and based on the estimates of the main tax additions and exclusions. The recoverability study is reviewed by the Fiscal

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 42

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Council and approved by the Board of Directors. Based on this estimate, Management believes that it is probable that these deferred tax credits will be realized, as presented below:

| Parent company |  | Consolidated
2022 | 50,574 |  | 50,574
2023 | 307,778 |  | 309,537
2024 | 294,687 |  | 299,366
2025 | 352,431 |  | 359,969
2026 | 392,953 |  | 400,725
2027 to 2029 | 1,362,961 |  | 1,367,518
2030 and 2031 | 1,085,039 |  | 1,085,138
| 3,846,423 |  | 3,872,827

The Company has tax losses carryforward in Brazil, which at current tax rates represent R$6,286,222 on March 31, 2022 (R$6,204,203 on December 31, 2021). Within this amount, R$3,846,423 on March 31, 2022 and (R$3,846,423 on December 31, 2021) are recognized as an asset, according to the recoverability expectation. The deferred tax credits on tax losses and negative social contribution basis related to the parent company and its subsidiaries domiciled in Brazil do not expire and the use to offset income taxes payable is limited to 30% of future taxable income.

| 10.3. | Effective income tax rate reconciliation

| Parent company |  | Consolidated
| 2022 |  | 2021 |  | 2022 |  | 2021
| Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
Income (loss) before taxes - continued operations | (1,316,270) |  | (13,833) |  | (1,301,379) |  | 25,271
Nominal tax rate | 34% |  | 34% |  | 34% |  | 34%
Benefit (expense) at nominal rate | 447,532 |  | 4,703 |  | 442,469 |  | (8,592)
Adjustments to income taxes |  |  |  |  |  |  |
Income from associates and joint ventures | (635,353) |  | 332,087 |  | - |  | -
Difference of tax rates on results of foreign subsidiaries | - |  | - |  | 122,432 |  | 63,756
Difference of functional currency of foreign subsidiaries | - |  | - |  | (775,894) |  | 240,543
Deferred tax assets not recognized (1) | (103,636) |  | (500,322) |  | (103,636) |  | (500,322)
Interest on overpayment of taxes | 19,717 |  | - |  | 19,737 |  | -
Share-based payment | (6,002) |  | (5,627) |  | (6,002) |  | (5,627)
Penalties | (884) |  | (2,312) |  | (884) |  | (2,312)
Investment grant | 27,038 |  | 23,346 |  | 27,038 |  | 23,346
Adjustment to the expcted annual rate | - |  | 160,999 |  | - |  | 160,999
Other permanent differences | 29,950 |  | 25,401 |  | 29,658 |  | 25,399
| (221,638) |  | 38,275 |  | (245,082) |  | (2,810)
Effective rate | -16.8% |  | 276.7% |  | -18.8% |  | 11.1%
Current tax | 180 |  | - |  | (31,621) |  | (31,892)
Deferred tax | (221,818) |  | 38,275 |  | (213,461) |  | 29,082

| (1) | Amount related to the non-recognition of deferred tax on tax losses carryforward in the parent company and in the consolidated, due to limited capacity of realization (note 10.2).

The Company’s management determined that the total profits recorded by the holdings of its wholly-owned subsidiaries abroad will not be redistributed. Such funds will be used for investments in the wholly-owned subsidiaries.

Income tax returns in Brazil are subject to review by the tax authorities for a period of five years from the date of their delivery. The Company may be subject to additional collection of taxes, fines and interest as a result of these reviews. The results obtained by subsidiaries abroad are subject to taxation in accordance with the tax laws of each country.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 43

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| 11. | JUDICIAL DEPOSITS

The rollforward of the judicial deposits is set forth below:

| Parent company
|  |  |  |  |  |  | 03.31.22
| Tax | Labor | Civil, commercial and other | Total
Beginning balance | 257,244 |  | 245,136 |  | 43,251 |  | 545,631
Additions | - |  | 19,767 |  | 18,380 |  | 38,147
Release in favor of the Company | (1,512) |  | (3,960) |  | (212) |  | (5,684)
Release in favor of the counterparty | - |  | (22,124) |  | (958) |  | (23,082)
Interest | 3,540 |  | 5,584 |  | 1,013 |  | 10,137
Ending balance | 259,272 |  | 244,403 |  | 61,474 |  | 565,149

| Consolidated
|  |  |  |  |  |  | 03.31.22
| Tax | Labor | Civil, commercial and other | Total
Beginning balance | 259,468 |  | 246,007 |  | 44,844 |  | 550,319
Additions | 39 |  | 19,945 |  | 19,405 |  | 39,389
Release in favor of the Company | (1,512) |  | (3,960) |  | (212) |  | (5,684)
Release in favor of the counterparty | - |  | (22,135) |  | (958) |  | (23,093)
Interest | 3,595 |  | 5,586 |  | 1,066 |  | 10,247
Exchange rate variation | - |  | (12) |  | - |  | (12)
Ending balance | 261,590 |  | 245,431 |  | 64,145 |  | 571,166

| 12. | INVESTMENTS

| 12.1. | Partnership with AES Brasil Energia S.A.

On August 16, 2021, the Company executed an investment agreement with a subsidiary of AES Brasil Energia S.A. to incorporate an entity in partnership for the construction of a wind energy park for self-generation in the wind farm complex of Cajuína, Rio Grande do Norte, with an installed capacity of 160MWm (average Megawatt), generating 80MWm to be supplied to the Company by means of a 15-year power purchase agreement.

The partnership was closed on March 14, 2022, date in which the first capital contribution was made by BRF S.A. in the amount of R$60,060 in Potengi Holdings S.A., affiliated entity. From that date, BRF became owner of 50% of the capital stock and 24% of the economic rights of Potengi Holdings S.A.

The operation of the park is scheduled to begin by 2024.

| 12.2. | Composition and the rollforward the investments

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Investments | 11,628,673 |  | 13,269,365 |  | 66,781 |  | 6,520
Participation in subsidiaries | 11,561,892 |  | 13,262,845 |  | - |  | -
Participation in affiliates | 66,781 |  | 6,520 |  | 66,781 |  | 6,520
Other investments | 583 |  | 583 |  | 594 |  | 593
| 11,629,256 |  | 13,269,948 |  | 67,375 |  | 7,113

The rollforward of the direct investments in subsidiaries and affiliates of the parent company during the three-month period is set forth below:

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 44

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| Subsidiaries |  | Affiliates |
| BRF Energia S.A. |  | BRF GmbH |  | Establec. Levino Zaccardi |  | BRF Pet S.A. |  | PSA Labor. Veter. Ltda |  | Hercosul International S.R.L. |  | Sadia Alimentos S.A. |  | Proud Food Lda |  | Sadia Uruguay S.A. |  | Sadia Chile S.A. |  | Eclipse Holding Cooperatief |  | VIP S.A. Empr. e Particip. Imob |  | Potengi Holdings S.A. (1) |  | PR-SAD Adm. Bem próprio S.A. |  | Total
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 03.31.22
a) Participation as of March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
% of participation | 100.00% |  | 100.00% |  | 99.99% |  | 100.00% |  | 99.99% |  | 1.00% |  | 43.10% |  | 10.00% |  | 100.00% |  | 60.00% |  | 0.01% |  | 100.00% |  | 50.00% |  | 33.33% |  |
Total quantity of shares and quotas | 7,176,530 |  | 1 |  | 9,918,875 |  | 2,087,898,669 |  | 5,463,850 |  | 200,000 |  | 594,576,682 |  | 150,000 |  | 2,352,881,073 |  | 3,027,987,368 |  | 10,000 |  | 14,249,459 |  | 184,199,688 |  | - |  |
Quantity of shares and quotas held | 7,176,530 |  | 1 |  | 9,918,538 |  | 2,087,898,669 |  | 5,463,849 |  | 2,000 |  | 256,253,695 |  | 15,000 |  | 2,352,881,073 |  | 1,816,792,421 |  | 1 |  | 14,249,459 |  | 92,090,655 |  | - |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |
b) Information as of March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share capital | 7,177 |  | 6,523 |  | 1,765 |  | 1,069,740 |  | 5,564 |  | 63,362 |  | 338,054 |  | 19,816 |  | 497,012 |  | 16,169 |  | 334,999 |  | 1,311 |  | - |  | - |  |
Shareholders' equity | 540 |  | 10,341,711 |  | 59 |  | 1,033,243 |  | 8,206 |  | 27,062 |  | 4,303 |  | 89,520 |  | 89,520 |  | (45,120) |  | (712) |  | 2,388 |  | - |  | - |  |
Fair value of assets and liabilities acquired | - |  | - |  | - |  | - |  | - |  | 136 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  |
Goodwill | - |  | - |  | - |  | - |  | - |  | 278 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  |
Income (loss) for the period | (56) |  | (1,872,711) |  | 21 |  | (6,256) |  | 85 |  | (860) |  | 869 |  | 199 |  | 1,486 |  | 14,524 |  | (525) |  | 38 |  | - |  | - |  |
c) Movements of investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance (12.31.21) | 596 |  | 12,101,820 |  | 77 |  | 1,051,231 |  | 8,121 |  | 772 |  | 1,942 |  | 614 |  | 95,322 |  | - |  | - |  | 2,350 |  | - |  | 6,520 |  | 13,269,365
Result Movements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) | (56) |  | (1,872,711) |  | 21 |  | (6,244) |  | 85 |  | (13) |  | (116) |  | 20 |  | 1,373 |  | 8,917 |  | - |  | 38 |  | - |  | - |  | (1,868,686)
Capital movements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital increase (reduction) | - |  | - |  | - |  | 83,000 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 201 |  | 83,201
Acquisition (sale) of equity interest | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 60,060 |  | - |  | 60,060
Exchange rate variation on goodwill | - |  | - |  | - |  | - |  | - |  | (21) |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (21)
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income | - |  | 147,142 |  | (39) |  | (11,744) |  | - |  | (53) |  | 29 |  | 51 |  | (7,175) |  | 2,269 |  | - |  | - |  | - |  | - |  | 130,480
Constitution (reversal) of provision for loss | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (11,186) |  | - |  | - |  | - |  | - |  | (11,186)
Discontinued operations | - |  | (34,540) |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (34,540)
Ending balance (03.31.22) | 540 |  | 10,341,711 |  | 59 |  | 1,116,243 |  | 8,206 |  | 685 |  | 1,855 |  | 685 |  | 89,520 |  | - |  | - |  | 2,388 |  | 60,060 |  | 6,721 |  | 11,628,673

| (1) | Economic participation of 24%.

On March 31, 2022, these subsidiaries and affiliates do not have any restriction to amortize their loans or advances to the Company.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 45

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| 13. | PROPERTY, PLANT AND EQUIPMENT

The rollforward of property, plant and equipment is set forth below:

| Parent company
| Average rate (1) |  | 12.31.21 |  | Additions |  | Disposals |  | Transfers (2) |  | 03.31.22
Cost |  |  |  |  |  |  |  |  |  |  |
Land |  |  | 554,968 |  | 2,378 |  | - |  | 7,551 |  | 564,897
Buildings, facilities and improvements |  |  | 10,436,213 |  | 135,752 |  | (12,318) |  | 150,642 |  | 10,710,289
Machinery and equipment |  |  | 8,109,401 |  | 5,301 |  | (23,731) |  | 251,711 |  | 8,342,682
Furniture and fixtures |  |  | 113,358 |  | 36 |  | (240) |  | 11,323 |  | 124,477
Vehicles |  |  | 203,697 |  | 36 |  | (463) |  | - |  | 203,270
Construction in progress |  |  | 1,096,575 |  | 311,585 |  | - |  | (426,956) |  | 981,204
Advances to suppliers |  |  | 7,523 |  | (1,035) |  | - |  | - |  | 6,488
|  |  | 20,521,735 |  | 454,053 |  | (36,752) |  | (5,729) |  | 20,933,307
Depreciation |  |  |  |  |  |  |  |  |  |  |
Land (3) | 20.97% |  | (20,305) |  | (1,736) |  | - |  | - |  | (22,041)
Buildings, facilities and improvements | 9.56% |  | (4,188,543) |  | (146,488) |  | 12,298 |  | 2 |  | (4,322,731)
Machinery and equipment | 6.98% |  | (4,420,596) |  | (128,197) |  | 20,065 |  | 166 |  | (4,528,562)
Furniture and fixtures | 6.67% |  | (56,748) |  | (1,542) |  | 193 |  | (168) |  | (58,265)
Vehicles | 28.15% |  | (112,332) |  | (14,149) |  | 352 |  | - |  | (126,129)
|  |  | (8,798,524) |  | (292,112) |  | 32,908 |  | - |  | (9,057,728)
|  |  | 11,723,211 |  | 161,941 |  | (3,844) |  | (5,729) |  | 11,875,579

| (1) | Weighted average annual rate.

| (2) | Refers to the transfer of R$5,729 to intangible assets.

| (3) | Land depreciation refers to right-of-use assets. The amount of R$935 of depreciation was recognized in the cost of formation of forests and will be realized in the result according to the depletion (note 18.1).

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 46

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| Consolidated
| Average rate (1) |  | 12.31.21 |  | Additions |  | Disposals |  | Transfers (2) |  | Exchange rate variation |  | 03.31.22
Cost |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  |  | 710,017 |  | 2,378 |  | (134) |  | 7,551 |  | (22,052) |  | 697,760
Buildings, facilities and improvements |  |  | 11,294,650 |  | 182,167 |  | (21,060) |  | 147,320 |  | (122,520) |  | 11,480,557
Machinery and equipment |  |  | 8,735,375 |  | 5,541 |  | (25,040) |  | 261,256 |  | (100,171) |  | 8,876,961
Furniture and fixtures |  |  | 150,865 |  | 39 |  | (265) |  | 11,731 |  | (6,251) |  | 156,119
Vehicles |  |  | 384,289 |  | 36 |  | (464) |  | - |  | (26,918) |  | 356,943
Construction in progress |  |  | 1,144,725 |  | 341,658 |  | (2,499) |  | (433,822) |  | (7,466) |  | 1,042,596
Advances to suppliers |  |  | 33,109 |  | 6,775 |  | - |  | - |  | (5,785) |  | 34,099
|  |  | 22,453,030 |  | 538,594 |  | (49,462) |  | (5,964) |  | (291,163) |  | 22,645,035
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |
Land (3) | 15.34% |  | (36,788) |  | (2,999) |  | 134 |  | - |  | 2,665 |  | (36,988)
Buildings, facilities and improvements | 8.20% |  | (4,494,435) |  | (173,451) |  | 21,040 |  | 8,887 |  | 42,746 |  | (4,595,213)
Machinery and equipment | 6.83% |  | (4,612,648) |  | (140,634) |  | 21,342 |  | (8,779) |  | 42,948 |  | (4,697,771)
Furniture and fixtures | 6.66% |  | (72,820) |  | (2,072) |  | 211 |  | (168) |  | 2,964 |  | (71,885)
Vehicles | 27.89% |  | (195,477) |  | (25,118) |  | 352 |  | - |  | 14,129 |  | (206,114)
|  |  | (9,412,168) |  | (344,274) |  | 43,079 |  | (60) |  | 105,452 |  | (9,607,971)
|  |  | 13,040,862 |  | 194,320 |  | (6,383) |  | (6,024) |  | (185,711) |  | 13,037,064

| (1) | Weighted average annual rate.

| (2) | Refers to the transfer of R$6,024 for intangible assets.

| (3) | Land depreciation refers to right-of-use assets. The amount of R$935 of depreciation was recognized in the cost of formation of forests and will be realized in the result according to the depletion (note 18.1).

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 47

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The amount of capitalized borrowing costs during the three-month period ended on March 31, 2022 was of R$23,921 in the parent company and R$25,847 in the consolidated (R$10,183 in the parent company and in the consolidated in the same period of the previous year).

The weighted average rate used to determine the amount of borrowing costs subject to capitalization was 8.37% p.a. in the parent company and 8.54% p.a. in the consolidated (6.50% p.a. in the parent company and in the consolidated in the same period of the previous year).

The book value of the property, plant and equipment items that are pledged as collateral for transactions of different natures are set forth below:

|  |  |  | Parent company | Consolidated
|  | Type of collateral |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Land |  | Financial/Tax |  | 151,151 |  | 150,420 |  | 151,151 |  | 150,420
Buildings, facilities and improvements |  | Financial/Tax |  | 1,221,744 |  | 1,207,344 |  | 1,224,062 |  | 1,209,662
Machinery and equipment |  | Financial/Labor/Tax/Civil |  | 1,311,070 |  | 1,280,116 |  | 1,312,095 |  | 1,284,033
Furniture and fixtures |  | Financial/Tax |  | 15,408 |  | 14,960 |  | 15,408 |  | 14,960
Vehicles |  | Financial/Tax |  | 247 |  | 276 |  | 247 |  | 276
|  |  |  | 2,699,620 |  | 2,653,116 |  | 2,702,963 |  | 2,659,351

| 14. | INTANGIBLE ASSETS

The intangible assets rollforward is set forth below:

|  |  | Parent company
| Average rate (1) |  | 12.31.21 |  | Additions |  | Disposals |  | Transfers |  | 03.31.22
Cost |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 1,783,655 |  | - |  | - |  | - |  | 1,783,655
Trademarks |  |  | 1,152,885 |  | - |  | - |  | - |  | 1,152,885
Non-compete agreement |  |  | 69,950 |  | - |  | (42) |  | - |  | 69,908
Outgrowers relationship |  |  | 4,740 |  | - |  | (249) |  | - |  | 4,491
Patents |  |  | 2,485 |  | - |  | - |  | - |  | 2,485
Software |  |  | 726,021 |  | - |  | (67,448) |  | 49,372 |  | 707,945
Intangible in progress |  |  | 71,072 |  | 53,480 |  | - |  | (43,643) |  | 80,909
|  |  | 3,810,808 |  | 53,480 |  | (67,739) |  | 5,729 |  | 3,802,278
Amortization |  |  |  |  |  |  |  |  |  |  |
Non-compete agreement | 66.31% |  | (68,587) |  | (625) |  | 42 |  | - |  | (69,170)
Outgrowers relationship | 25.07% |  | (4,425) |  | (44) |  | 249 |  | - |  | (4,220)
Patents | 10.00% |  | (2,301) |  | (6) |  | - |  | - |  | (2,307)
Software | 39.59% |  | (525,159) |  | (36,759) |  | 54,398 |  | - |  | (507,520)
|  |  | (600,472) |  | (37,434) |  | 54,689 |  | - |  | (583,217)
|  |  | 3,210,336 |  | 16,046 |  | (13,050) |  | 5,729 |  | 3,219,061

| (1) | Weighted average annual rate.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 48

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|  |  | Consolidated
| Average rate (1) |  | 12.31.21 |  | Additions |  | Disposals |  | Business combination (note 1.2) |  | Transfers |  | Exchange rate variation | 03.31.22
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 3,425,183 |  | - |  | - |  | (4,026) |  | - |  | (186,359) | 3,234,798
Trademarks |  |  | 1,733,335 |  | - |  | - |  | - |  | - |  | (24,875) | 1,708,460
Non-compete agreement |  |  | 110,208 |  | - |  | (43) |  | - |  | - |  | (5,740) | 104,425
Outgrowers relationship |  |  | 4,740 |  | - |  | (249) |  | - |  | - |  | - | 4,491
Patents |  |  | 3,518 |  | - |  | - |  | - |  | - |  | (243) | 3,275
Customer relationship |  |  | 1,119,534 |  | - |  | - |  | - |  | - |  | (169,107) | 950,427
Software |  |  | 770,399 |  | 2 |  | (67,446) |  | - |  | 50,324 |  | (7,246) | 746,033
Intangible in progress |  |  | 98,716 |  | 55,680 |  | - |  | - |  | (44,360) |  | (6,588) | 103,448
|  |  | 7,265,633 |  | 55,682 |  | (67,738) |  | (4,026) |  | 5,964 |  | (400,158) | 6,855,357
Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-compete agreement | 49.02% |  | (106,749) |  | (737) |  | 43 |  | - |  | - |  | 5,740 | (101,703)
Outgrowers relationship | 25.07% |  | (4,425) |  | (44) |  | 249 |  | - |  | - |  | - | (4,220)
Patents | 10.00% |  | (2,928) |  | (13) |  | - |  | - |  | - |  | 149 | (2,792)
Customer relationship | 8.00% |  | (437,774) |  | (20,327) |  | - |  | - |  | - |  | 74,052 | (384,049)
Software | 31.73% |  | (563,943) |  | (37,363) |  | 54,398 |  | - |  | 60 |  | 6,500 | (540,348)
|  |  | (1,115,819) |  | (58,484) |  | 54,690 |  | - |  | 60 |  | 86,441 | (1,033,112)
|  |  | 6,149,814 |  | (2,802) |  | (13,048) |  | (4,026) |  | 6,024 |  | (313,717) | 5,822,245

| (1) | Weighted average annual rate.

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| 15. | LOANS AND BORROWINGS

| Parent company
| Charges (p.a.) |  | Average rate (1) |  | WAMT (2) |  | 12.31.21 |  | Borrowing |  | Amortization |  | Interest paid |  | Interest accrued |  | Exchange rate variation |  | 03.31.22
Local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Working capital | Fixed |  | 5.13% (5.14% on 12.31.21) |  | 0.4 |  | 383,342 |  | - |  | (10,998) |  | (279) |  | 4,651 |  | - |  | 376,716
Certificate of agribusiness receivables (3) | IPCA |  | 16.44% (16.57% on 12.31.21) |  | 1.7 |  | 967,948 |  | - |  | - |  | - |  | 37,421 |  | - |  | 1,005,369
Export credit facility (4) | Fixed / CDI / FX USD |  | 13.49% (10.99% on 12.31.21) |  | 4.0 |  | 3,500,875 |  | - |  | - |  | (61,925) |  | 59,624 |  | (327,776) |  | 3,170,798
Debentures | CDI / IPCA |  | 15.62% (15.54% on 12.31.21) |  | 7.1 |  | 4,210,015 |  | (122) |  | - |  | (69,726) |  | 159,348 |  | - |  | 4,299,515
Fiscal incentives | Fixed |  | 2.40% (2.40% on 12.31.21) |  | - |  | 3,601 |  | 27,537 |  | - |  | (91) |  | 123 |  | - |  | 31,170
|  |  |  |  |  |  | 9,065,781 |  | 27,415 |  | (10,998) |  | (132,021) |  | 261,167 |  | (327,776) |  | 8,883,568
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds | Fixed / FX USD and EUR |  | 4.92% (4.92% on 12.31.21) |  | 12.7 |  | 12,764,287 |  | - |  | - |  | (247,678) |  | 176,133 |  | (1,960,010) |  | 10,732,732
Export credit facility | Fixed / LIBOR /FX USD |  | 3.06% (3.06% on 12.31.21) |  | 4.0 |  | 281,112 |  | - |  | (142,015) |  | (3,582) |  | 1,942 |  | (19,012) |  | 118,445
|  |  |  |  |  |  | 13,045,399 |  | - |  | (142,015) |  | (251,260) |  | 178,075 |  | (1,979,022) |  | 10,851,177
|  |  |  |  |  |  | 22,111,180 |  | 27,415 |  | (153,013) |  | (383,281) |  | 439,242 |  | (2,306,798) |  | 19,734,745
Current |  |  |  |  |  |  | 2,790,926 |  |  |  |  |  |  |  |  |  |  |  | 2,456,969
Non-current |  |  |  |  |  |  | 19,320,254 |  |  |  |  |  |  |  |  |  |  |  | 17,277,776

| (1) | Weighted average annual rate.

| (2) | Weighted average maturity in years.

| (3) | The Certificates of Agribusiness Receivables (“CRA”) issued by the Company are backed by receivables of BRF S.A. from certain subsidiaries abroad.

| (4) | On March 31, 2022, includes the amount of R$1,814,224 (R$2,160,061 on December 31, 2021) referring to an Export Credit Facility issued in Reais simultaneously and in connection with a foreign exchange rate swap, resulting essentially in a net cash flow in U.S. Dollars. As the transactions are inseparable, both are recorded together under Loans and Borrowings by their amortized cost.

The maturity schedule of the loans and borrowings is presented on note 24.3.

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 50

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| Consolidated
| Charges (p.a.) |  | Average rate (1) |  | WAMT (2) |  | 12.31.21 |  | Borrowing |  | Amortization |  | Interest paid |  | Interest accrued |  | Exchange rate variation |  | 03.31.22
Local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Working capital | Fixed / CDI |  | 5.22% (5.24% on 12.31.21) |  | 0.5 |  | 406,962 |  | - |  | (12,273) |  | (279) |  | 4,905 |  | - |  | 399,315
Certificate of agribusiness receivables (3) | IPCA |  | 16.44% (16.57% on 12.31.21) |  | 1.7 |  | 967,948 |  | - |  | - |  | - |  | 37,421 |  | - |  | 1,005,369
Development bank credit lines | TJLP / TLP/ IPCA / FINAME |  | 4.26% (3.12% on 12.31.21) |  | 2.4 |  | 7,679 |  | - |  | (2,894) |  | (136) |  | 89 |  | - |  | 4,738
Debentures | CDI / IPCA |  | 15.62% (15.54% on 12.31.21) |  | 7.1 |  | 4,210,015 |  | (122) |  | - |  | (69,726) |  | 159,348 |  | - |  | 4,299,515
Export credit facility (4) | Fixed / CDI / FX USD |  | 8.20% (10.87% on 12.31.21) |  | 5.4 |  | 3,516,273 |  | - |  | (15,706) |  | (61,925) |  | 59,932 |  | (327,776) |  | 3,170,798
Fiscal incentives | Fixed |  | 2.40% (2.40% on 12.31.21) |  | - |  | 3,601 |  | 27,537 |  | - |  | (91) |  | 123 |  | - |  | 31,170
|  |  |  |  |  |  | 9,112,478 |  | 27,415 |  | (30,873) |  | (132,157) |  | 261,818 |  | (327,776) |  | 8,910,905
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds | Fixed / FX USD and EUR |  | 4.82% (4.82% on 12.31.21) |  | 11.2 |  | 15,544,012 |  | - |  | - |  | (304,701) |  | 206,330 |  | (2,376,375) |  | 13,069,266
Export credit facility | Fixed / LIBOR / FX USD |  | 3.74% (3.43% on 12.31.21) |  | 1.3 |  | 311,385 |  | - |  | (145,932) |  | (4,176) |  | 2,146 |  | (20,875) |  | 142,548
Advances for foreign exchange rate contracts | Fixed / FX USD |  | - |  | - |  | 3,103 |  | - |  | (2,766) |  | - |  | (53) |  | (284) |  | -
Working capital | Fixed / FX TRY and USD |  | 17.28% (13.35% on 12.31.21) |  | 1.5 |  | 485,052 |  | 181,394 |  | (102,784) |  | (13,223) |  | 17,008 |  | (112,931) |  | 454,516
|  |  |  |  |  |  | 16,343,552 |  | 181,394 |  | (251,482) |  | (322,100) |  | 225,431 |  | (2,510,465) |  | 13,666,330
|  |  |  |  |  |  | 25,456,030 |  | 208,809 |  | (282,355) |  | (454,257) |  | 487,249 |  | (2,838,241) |  | 22,577,235
Current |  |  |  |  |  |  | 3,203,068 |  |  |  |  |  |  |  |  |  |  |  | 2,865,893
Non-current |  |  |  |  |  |  | 22,252,962 |  |  |  |  |  |  |  |  |  |  |  | 19,711,342

| (1) | Weighted average annual rate.

| (2) | Weighted average maturity in years.

| (3) | The Certificate of Agribusiness Receivable (“CRA”) issued by the Company are backed by receivables of BRF S.A. from certain subsidiaries abroad.

| (4) | On March 31, 2022, includes the amount of R$1,814,224 (R$2,160,061 on December 31, 2021) referring to an Export Credit Facility issued in Reais simultaneously and in connection with a foreign exchange rate swap, resulting essentially in a net cash flow in U.S. Dollars. As the transactions are inseparable, both are recorded together under Loans and Borrowings by their amortized cost.

On March 31, 2022 and on December 31, 2021 the Company did not have any financial covenant clauses related to its loans and borrowings agreements.

The maturity schedule of the loans and borrowings is presented on note 24.3.

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| 15.1. | Revolving credit facility

With the purpose of maintaining a prudential and sustainable short-term liquidity position, in line with the adoption of measures to extend its average debt maturity and reduce the cost of debt, on December 27, 2019, the Company retained from Banco do Brasil a revolving credit facility up to the limit of R$1,500,000 for a period of three years. On October 28, 2020 the Company retained an additional revolving credit facility before Banco do Brasil, up to the limit of R$1,500,000, for the next three years. The referenced credit facilities can be withdrawn totally or partially, at the Company’s will, whenever necessary. As of March 31, 2022, the credit facilities were available, but unused.

15.2. Guarantees

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Total loans and borrowings | 19,734,745 |  | 22,111,180 |  | 22,577,235 |  | 25,456,030
Mortgage guarantees | 31,170 |  | 3,601 |  | 31,170 |  | 20,343
Related to FINAME | - |  | - |  | - |  | 16,742
Related to tax incentives and other | 31,170 |  | 3,601 |  | 31,170 |  | 3,601

On March 31, 2022, the amount of bank guarantees contracted by the Company was of R$478,901 (R$478,468 as of December 31, 2021) which were offered mainly in litigations involving the Company’s use of tax credits. These guarantees have an average cost of 1.95% p.a. (1.93% p.a. as of December 31, 2021).

| 16. | TRADE ACCOUNTS PAYABLE

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Trade accounts payable |  |  |  |  |  |  |
Domestic market |  |  |  |  |  |  |
Third parties | 9,437,334 |  | 9,687,524 |  | 9,544,995 |  | 9,812,778
Related parties | 7,304 |  | 26,106 |  | - |  | -
Foreign market |  |  |  |  |  |  |
Third parties | 771,153 |  | 850,441 |  | 1,857,120 |  | 2,019,824
| 10,215,791 |  | 10,564,071 |  | 11,402,115 |  | 11,832,602
(-) Adjustment to present value | (157,543) |  | (114,599) |  | (160,704) |  | (117,978)
| 10,058,248 |  | 10,449,472 |  | 11,241,411 |  | 11,714,624
Current | 10,046,725 |  | 10,440,754 |  | 11,229,888 |  | 11,701,996
Non-current | 11,523 |  | 8,718 |  | 11,523 |  | 12,628

Within the trade accounts payable balance as of March 31, 2022, R$3,419,153 in the parent company and R$3,616,538 in the consolidated (R$3,754,104 in the parent company and R$3,905,827 in the consolidated as of December 31, 2021) correspond to supply chain finance transactions in which there were no changes in the payment terms and prices negotiated with the suppliers.

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| 17. | SUPPLY CHAIN FINANCE

Parent company and Consolidated
|  | 03.31.22 |  | 12.31.21
Supply chain finance |  |  |  |
Domestic market |  | 1,603,953 |  | 1,971,441
Foreign market |  | 261,314 |  | 293,732
|  | 1,865,267 |  | 2,265,173
(-) Adjustment to present value |  | (32,307) |  | (27,198)
|  | 1,832,960 |  | 2,237,975

The Company has agreements with several financial institutions that allow the suppliers to anticipate their receivables. The suppliers may choose whether to participate and if so, with which institution. The anticipation allows the suppliers to better manage their cash flow needs. This flexibility allows the Company to intensify its commercial relations with the network of suppliers by potentially leveraging benefits such as preference for supply in case of restricted supply, better price conditions and/or more flexible payment terms, among others, without identifiable changes in other commercial conditions. The operations presented in this line item are the ones in which there were changes in the payment terms and prices negotiated with the suppliers.

On March 31, 2022, the discount rates applied to the supply chain finance transactions agreed between our suppliers and the financial institutions in the domestic market were set between 0.88% and 1.21% p.m. (0.67% to 1.02% p.m. on December 31, 2021).

On March 31, 2022, the discount rates applied to the supply chain finance transactions agreed between our suppliers and the financial institutions in the external market were set between 0.13% and 0.43% p.m. (0.19% to 0.39% p.m. on December 31, 2021).

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| 18. | LEASES

The Company is lessee in several lease agreements for forest lands, offices, distribution centers, outgrowers, vehicles, among others. Some contracts have a renewal option for an additional period at the end of the agreement, established by contractual amendments. Automatic renewals or renewals for undetermined periods are not allowed.

The contract clauses mentioned, with respect to renewal, readjustment and purchase option, are contracted according to market practices. In addition, there are no clauses of contingent payments or restrictions on dividends distribution, payments of interest on shareholders’ equity or obtaining debt.

| 18.1. | Right-of-use assets

The right-of-use assets as set forth below are part of the balances of property, plant and equipment and intangible assets (notes 13 and 14).

| Parent company
| Average rate (1) |  | 12.31.21 |  | Additions |  | Disposals |  | 03.31.22
Cost |  |  |  |  |  |  |  |  |
Land |  |  | 47,514 |  | - |  | - |  | 47,514
Buildings |  |  | 2,912,644 |  | 135,753 |  | (6,197) |  | 3,042,200
Machinery and equipment |  |  | 111,979 |  | 4,447 |  | (7,549) |  | 108,877
Vehicles |  |  | 196,249 |  | - |  | (464) |  | 195,785
Software |  |  | 79,732 |  | - |  | (67,428) |  | 12,304
|  |  | 3,348,118 |  | 140,200 |  | (81,638) |  | 3,406,680
Depreciation |  |  |  |  |  |  |  |  |
Land | 15.66% |  | (19,958) |  | (1,717) |  | - |  | (21,675)
Buildings | 25.74% |  | (1,183,829) |  | (92,035) |  | 6,220 |  | (1,269,644)
Machinery and equipment | 62.77% |  | (72,335) |  | (15,165) |  | 7,451 |  | (80,049)
Vehicles | 28.57% |  | (106,405) |  | (13,992) |  | 353 |  | (120,044)
Software | 61.25% |  | (61,193) |  | (2,631) |  | 54,377 |  | (9,447)
|  |  | (1,443,720) |  | (125,540) |  | 68,401 |  | (1,500,859)
|  |  | 1,904,398 |  | 14,660 |  | (13,237) |  | 1,905,821

| (1) | Weighted average annual rate.

| Consolidated
| Average rate (1) |  | 12.31.21 |  | Additions |  | Disposals |  | Exchange rate variation |  | 03.31.22
Cost |  |  |  |  |  |  |  |  |  |  |
Land |  |  | 145,394 |  | - |  | (134) |  | (15,002) |  | 130,258
Buildings |  |  | 3,223,625 |  | 180,057 |  | (14,938) |  | (46,890) |  | 3,341,854
Machinery and equipment |  |  | 117,412 |  | 4,447 |  | (7,571) |  | (362) |  | 113,926
Vehicles |  |  | 369,979 |  | - |  | (464) |  | (26,708) |  | 342,807
Software |  |  | 79,731 |  | - |  | (67,428) |  | - |  | 12,303
|  |  | 3,936,141 |  | 184,504 |  | (90,535) |  | (88,962) |  | 3,941,148
Depreciation |  |  |  |  |  |  |  |  |  |  |
Land | 9.36% |  | (36,439) |  | (2,979) |  | 134 |  | 2,665 |  | (36,619)
Buildings | 20.30% |  | (1,383,968) |  | (114,562) |  | 14,962 |  | 31,407 |  | (1,452,161)
Machinery and equipment | 52.54% |  | (73,385) |  | (15,534) |  | 7,472 |  | (281) |  | (81,728)
Vehicles | 28.72% |  | (189,817) |  | (23,992) |  | 352 |  | 13,726 |  | (199,731)
Software | 61.49% |  | (61,193) |  | (2,631) |  | 54,377 |  | - |  | (9,447)
|  |  | (1,744,802) |  | (159,698) |  | 77,297 |  | 47,517 |  | (1,779,686)
|  |  | 2,191,339 |  | 24,806 |  | (13,238) |  | (41,445) |  | 2,161,462

| (1) | Weighted average annual rate.

| 18.2. | Lease liabilities

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| Parent company
| WAM (1) |  | 12.31.21 |  | Additions |  | Payments |  | Interest paid |  | Interest accrued |  | Disposals |  | 03.31.22
Land | 6.7 |  | 32,693 |  | - |  | (1,626) |  | (968) |  | 968 |  | - |  | 31,067
Buildings | 7.8 |  | 1,977,283 |  | 135,753 |  | (79,786) |  | (19,106) |  | 38,467 |  | (5,269) |  | 2,047,342
Machinery and equipment | 3.9 |  | 40,220 |  | 4,447 |  | (15,196) |  | (762) |  | 762 |  | (10) |  | 29,461
Vehicles | 2.3 |  | 98,460 |  | - |  | (14,561) |  | (1,934) |  | 1,934 |  | (126) |  | 83,773
Software | 2.3 |  | 19,667 |  | - |  | (2,727) |  | (140) |  | 140 |  | (13,962) |  | 2,978
|  |  | 2,168,323 |  | 140,200 |  | (113,896) |  | (22,910) |  | 42,271 |  | (19,367) |  | 2,194,621
Current |  |  | 364,470 |  |  |  |  |  |  |  |  |  |  |  | 345,764
Non-current |  |  | 1,803,853 |  |  |  |  |  |  |  |  |  |  |  | 1,848,857

| (1) | Weighted average maturity in years.

| Consolidated
| WAM (1) |  | 12.31.21 |  | Additions |  | Payments |  | Interest paid |  | Interest accrued |  | Disposals |  | Exchange rate variation |  | 03.31.22
Land | 8.2 |  | 126,293 |  | - |  | (1,139) |  | (3,490) |  | 3,490 |  | - |  | (15,242) |  | 109,912
Buildings | 1.7 |  | 2,095,375 |  | 180,057 |  | (103,984) |  | (20,436) |  | 39,795 |  | (5,268) |  | (15,392) |  | 2,170,147
Machinery and equipment | 1.3 |  | 45,218 |  | 4,447 |  | (15,575) |  | (862) |  | 860 |  | (10) |  | (648) |  | 33,430
Vehicles | 1.7 |  | 192,694 |  | - |  | (24,971) |  | (2,760) |  | 2,760 |  | (125) |  | (13,322) |  | 154,276
Software | 2.3 |  | 19,666 |  | - |  | (2,727) |  | (140) |  | 140 |  | (13,961) |  | - |  | 2,978
|  |  | 2,479,246 |  | 184,504 |  | (148,396) |  | (27,688) |  | 47,045 |  | (19,364) |  | (44,604) |  | 2,470,743
Current |  |  | 471,956 |  |  |  |  |  |  |  |  |  |  |  |  |  | 439,033
Non-current |  |  | 2,007,290 |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,031,710

| (1) | Weighted average maturity in years.

| 18.3. | Lease liabilities maturity schedule

The maturity schedule of the minimum required future payments is presented below:

| Parent company |  | Consolidated
| 03.31.22 |  | 03.31.22
Current | 345,764 |  | 439,033
Non-current | 1,848,857 |  | 2,031,710
April to december 2023 | 300,511 |  | 361,195
2024 | 344,499 |  | 372,125
2025 | 272,113 |  | 286,763
2026 | 197,792 |  | 202,670
2027 onwards | 733,942 |  | 808,957
| 2,194,621 |  | 2,470,743

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| 18.4. | Incremental borrowing rate

The Company uses nominal incremental borrowing rates to measure its lease liabilities. The nominal and real interest rates are presented below:

|  | 03.31.22 |  | 12.31.21
Contract Terms |  | Nominal rate % p.a. |  | Real rate % p.a. |  | Nominal rate % p.a. |  | Real rate % p.a.
1 year |  | - |  | - |  | 5.34% |  | 0.86%
2 years |  | - |  | - |  | 5.24% |  | 1.02%
3 years |  | - |  | - |  | 6.83% |  | 2.60%
4 years |  | 12.24% |  | 6.61% |  | 8.49% |  | 4.41%
5 years |  | - |  | - |  | 9.69% |  | 4.85%
6 years |  | - |  | - |  | 10.61% |  | 5.15%
7 years |  | - |  | - |  | 11.18% |  | 10.56%
12 years |  | - |  | - |  | 9.85% |  | 5.55%
16 years |  | - |  | - |  | 12.44% |  | 6.70%
17 years |  | - |  | - |  | 13.12% |  | 6.77%
18 years |  | - |  | - |  | 13.01% |  | 6.70%
20 years |  | - |  | - |  | 12.95% |  | 7.07%

The nominal rates presented above as of March 31, 2022 refer to the incremental borrowing rates used in contracts recognized in the first quarter of 2022 and the rates as of December 31, 2021 refer to the rates used in contracts recognized during the year ended December 31, 2021.

| 18.5. | Amounts recognized in the statement of income

The amounts directly recognized in the statement of income presented below relate to items exempt of recognition: low-value assets, short-term leases and leases with variable payments.

Parent Company | Consolidated
|  | 2022 |  | 2022 |
|  | Jan - Mar |  | Jan - Mar |
Variable payments not included in the lease liabilities |  | 13,170 |  | 52,916 |
Expenses related to short-term leases |  | 13,972 |  | 32,467 |
Expenses related to low-value assets |  | 1,790 |  | 1,808 |
|  | 28,932 |  | 87,191 |

| 19. | SHARE-BASED PAYMENT

The rules for the restricted shares plans granted to executives were disclosed in the financial statements for the year ended December 31, 2021 (note 19).

The breakdown of the outstanding shares granted is set forth as follows:

Date |  | Quantity |  | Grant (1)
Grant |  | Vesting date |  | Shares granted |  | Outstanding shares |  | Fair value of the shares
06.01.19 |  | 06.01.22 |  | 674,296 |  | 189,512 |  | 30.61
07.01.19 |  | 07.01.22 |  | 1,141,353 |  | 310,072 |  | 30.61
09.16.19 |  | 10.01.22 |  | 68,605 |  | 22,867 |  | 30.61
06.01.20 |  | 06.01.23 |  | 3,571,736 |  | 2,142,385 |  | 21.28
07.01.21 |  | 07.01.24 |  | 2,883,737 |  | 2,622,344 |  | 28.58
|  |  |  | 8,339,727 |  | 5,287,180 |  |

| (1) | Amounts expressed in Brazilian Reais.

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The rollforward of the granted options and shares for the three-month period ended on March 31, 2022, is presented as follows:

|  | Consolidated
Outstanding options/stocks as of December 31, 2021 |  | 5,395,519
Forfeiture (1) : |  |
Restricted stocks – grant of July, 2021 |  | (59,625)
Restricted stocks – grant of June, 2020 |  | (38,469)
Restricted stocks – grant of June, 2019 |  | (10,245)
Outstanding options/stocks as of March 31, 2022 |  | 5,287,180

| (1) | The forfeitures are related to the resignation of eligible executive before the end of the vesting period.

The Company has registered under shareholders’ equity, the fair value of share-based compensation plans in the amount of R$214,490 (R$205,949 as of December 31, 2021) and in the amount of R$32,414 under non-current liabilities (R$11,816 as of December 31, 2021). In the statement of income for the three-month period ended on March 31, 2022 the amount recognized as expense was R$30,086 in the parent company and in the consolidated (R$20,309 in the same period of the previous year in the parent company and in the consolidated).

| 20. | EMPLOYEES BENEFITS PLANS

The Company offers pension and other post-employment plans to the employees. The characteristics of such benefits were disclosed in the annual financial statements for the year ended on December 31, 2021 (note 20) and have not been changed during the following periods. The actuarial liabilities are presented below:

| Parent company |  | Consolidated
| Liabilities |  | Liabilities
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Medical assistance | 197,702 |  | 193,545 |  | 197,702 |  | 195,345
F.G.T.S. Penalty (1) | 54,899 |  | 53,881 |  | 54,899 |  | 53,881
Award for length of service | 100,473 |  | 98,474 |  | 100,473 |  | 98,474
Other | 58,648 |  | 57,553 |  | 187,203 |  | 204,885
| 411,722 |  | 403,453 |  | 540,277 |  | 552,585
Current | 42,097 |  | 42,097 |  | 52,307 |  | 54,354
Non-current | 369,625 |  | 361,356 |  | 487,970 |  | 498,231

| (1) | FGTS – Government Severance Indemnity Fund for Employees

The Company estimated costs for pension and post-employment plans for the year of 2022, according to an appraisal report prepared in 2021 by an actuarial expert and recorded in the statement of income for the three month period ended on March 31, 2022 against other comprehensive income a gain of R$3,753 in the parent company and R$3,673 in consolidated, net of taxes (R$3,900 in the parent company and R$3,854 in consolidated in the same period of the previous year).

| 21. | PROVISION FOR TAX, CIVIL AND LABOR RISKS

The Company and its subsidiaries are involved in certain legal matters arising in the normal course of business, which include civil, tax, social security, labor, commercial and other processes.

Company’s Management believes that, based on the elements existing at the base date of these interim financial information, the provision for tax, civil, labor, commercial and other risks, is sufficient to cover eventual losses with administrative and legal proceedings, as set forth below.

The rollforward of the provisions for tax, labor, civil, commercial and other risks classified as with probable loss, and contingent liabilities is presented below:

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| Parent company
|  |  |  |  |  |  |  |  | 03.31.22
| Tax | Labor | Civil, commercial and other | Contingent liabilities (1) | Total
Beginning balance | 397,067 |  | 624,258 |  | 354,531 |  | 97,859 |  | 1,473,715
Additions | 48,234 |  | 87,835 |  | 13,853 |  | - |  | 149,922
Reversals | (578) |  | (52,631) |  | (5,295) |  | (50) |  | (58,554)
Payments | (47,627) |  | (60,589) |  | (13,006) |  | - |  | (121,222)
Interest | 10,976 |  | 44,168 |  | 7,860 |  | - |  | 63,004
Ending balance | 408,072 |  | 643,041 |  | 357,943 |  | 97,809 |  | 1,506,865
Current |  |  |  |  |  |  |  |  | 818,831
Non-current |  |  |  |  |  |  |  |  | 688,034

| (1) | Contingent liabilities recognized at fair value as of the acquisition date, arising from the business combination with Sadia.

| Consolidated
|  |  |  |  |  |  |  |  | 03.31.22
| Tax | Labor | Civil, commercial and other | Contingent liabilities (1) | Total
Beginning balance | 400,101 |  | 628,767 |  | 357,013 |  | 131,751 |  | 1,517,632
Additions | 48,234 |  | 88,826 |  | 13,986 |  | - |  | 151,046
Reversals | (579) |  | (52,662) |  | (5,325) |  | (50) |  | (58,616)
Payments | (47,627) |  | (60,589) |  | (13,005) |  | - |  | (121,221)
Interest | 11,047 |  | 44,192 |  | 7,927 |  | - |  | 63,166
Exchange rate variation | (25) |  | (659) |  | (42) |  | (1) |  | (727)
Ending balance | 411,151 |  | 647,875 |  | 360,554 |  | 131,700 |  | 1,551,280
Current |  |  |  |  |  |  |  |  | 822,099
Non-current |  |  |  |  |  |  |  |  | 729,181

| (1) | Contingent liabilities recognized at fair value as of the acquisition date, arising from the business combination with Sadia, Hercosul and Mogiana.

The Company is involved in contingencies for which losses are possible, in accordance with the assessment prepared by Management with support from legal advisors. Such contingencies have the same characteristics of those disclosed in 2021 financial statements and on March 31, 2022, had balances of, R$1,951,500 (R$1,679,407 as of December 31, 2021) for civil risks, R$ 271,096 (R$338,999 as of December 31, 2021) for labor risks and R$12,670,128 (R$12,499,764 as of December 31, 2021) for tax risks, of which solely the ones arising from the business combination with Sadia, Hercosul and Mogiana are provisioned, measured by the estimated fair value at the business combination date: R$131,700 (R$131,751 as of December 31, 2021).

| 22. | EQUITY

| 22.1. | Capital stock

On January 17, 2022 an Extraordinary General Shareholders’ Meeting was held and approved the amendment to the limit of authorization for capital increase, regardless of statutory reform, which was set to 1,325,000,000 ordinary shares. On the same occasion, the capital increase of the Company was also approved, through public offering of up to 325,000,000 new ordinary shares.

The pricing of the public offering of shares was on February 1, 2022 and the Board of Directors approved the offering of 270,000,000 shares at the price of R$20.00 (twenty Brazilian Reais), in a total amount of R$5,400,000. From this amount, R$500,000 were allocated to the capital stock and the remaining was allocated to the formation of a capital reserve. The settlement of the offering was on February 4, 2022 and incurred expenses of R$117,962.

On March 31, 2022, the subscribed and paid capital of the Company was R$13,053,418, which is composed of 1,082,473,246 common book-entry shares with no par value. The value of the capital stock is net of the public offering expenses of R$210,909, made on July 22, 2009 and February 4, 2022.

| 22.1.1. | Breakdown of capital stock by nature

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Parent company
| 03.31.22 |  | 12.31.21
Common shares | 1,082,473,246 |  | 812,473,246
Treasury shares | (5,053,554) |  | (5,053,554)
Outstanding shares | 1,077,419,692 |  | 807,419,692

| 22.1.2. | Rollforward of outstanding shares

Parent company
Quantity of outstanding of shares
|  | 03.31.22 |  | 12.31.21
Shares at the beginning of the period |  | 807,419,692 |  | 807,707,162
Purchase of treasury shares |  | - |  | (1,232,300)
Issue of shares on 02.01.22 |  | 270,000,000 |  | -
Delivery of restricted shares |  | - |  | 944,830
Shares at the end of the period |  | 1,077,419,692 |  | 807,419,692

| 22.2. | Capital reserves and Other equity transactions

The 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.

Parent company and Consolidated
|  | 03.31.22 |  | 12.31.21
Capital reserves |  | 2,338,476 |  | 141,834
Other equity transactions |  | (58,991) |  | (67,531)
Share-based payments |  | 214,489 |  | 205,949
Acquisition of non-controlling interest |  | (273,260) |  | (273,260)
Capital transactions with controlled entities |  | (220) |  | (220)
|  | 2,279,485 |  | 74,303

| 22.3. | Absorption of accumulated losses

On January 31, 2022 the Company offset accumulated losses with capital reserves, as provided in Law 6.404/1976 (“Lei das S.A”) – Brazilian Corporate Law in the amount of R$2,703,358.

| 22.4. | 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$93,946.

Parent company
Quantity of outstanding of shares
|  | 03.31.22 |  | 12.31.21
Shares at the beggining of the period |  | 5,053,554 |  | 4,766,084
Purchase of treasury shares |  | - |  | 1,232,300
Delivery of restricted shares |  | - |  | (944,830)
Shares at the end of the period |  | 5,053,554 |  | 5,053,554

The Company has share buyback program, approved on September 30, 2021 up to the limit of 3,696,858 common shares, with an 18-month term. Up to March 31, 2022, the Company repurchased 1.232.300 common shares at the cost of R$27,721 under the Restricted Shares Plan.

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| 23. | EARNINGS (LOSS) PER SHARE

| Continued operations |  | Discontinued operations |  | Continued and discontinued operations
| 2022 |  | 2021 |  | 2022 |  | 2022
| Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
Basic numerator |  |  |  |  |  |  |
Net earnings (loss) for the period attributable to controlling shareholders | (1,537,908) |  | 24,442 |  | (34,540) |  | (1,572,448)
Basic denominator |  |  |  |  |  |  |
Common shares | 1,082,473,246 |  | 812,473,246 |  | 1,082,473,246 |  | 1,082,473,246
Weighted average number of outstanding shares - basic (except treasury shares) | 974,273,625 |  | 807,707,162 |  | 974,273,625 |  | 974,273,625
Net earnings (loss) per share basic - R$ | (1.58) |  | 0.03 |  | (0.04) |  | (1.61)
Diluted numerator |  |  |  |  |  |  |
Net earnings (loss) for the period attributable to controlling shareholders | (1,537,908) |  | 24,442 |  | (34,540) |  | (1,572,448)
Diluted denominator |  |  |  |  |  |  |
Weighted average number of outstanding shares - basic (except treasury shares) | 974,273,625 |  | 807,707,162 |  | 974,273,625 |  | 974,273,625
Number of potential shares | - |  | 1,336,213 |  | - |  | -
Weighted average number of outstanding shares - diluted | 974,273,625 |  | 809,043,375 |  | 974,273,625 |  | 974,273,625
Net earnings (loss) per share diluted - R$ | (1.58) |  | 0.03 |  | (0.04) |  | (1.61)

For the three-month period ended on March 31, 2021, the Income (loss) from discontinued operations was null.

| 24. | FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

| 24.1. | Overview

In the ordinary course of business, the Company is exposed to credit, liquidity and market risks, which are actively managed in compliance with the Financial Risk Management Policy (“Risk Policy”) and internal guidelines and strategic documents subject to such policy, executing the formal designation of its hedge accounting relations. The Risk Policy was approved by the Board of Directors on December 16, 2021, is valid for one year and is available at the Company’s website. The Company’s risk management strategies, objectives and governance are disclosed in the financial statements for the year ended on December 31, 2021.

| 24.2. | Credit risk management

The Company is exposed to the credit risk related to the financial assets held: trade and non-trade accounts receivable, marketable securities, derivative instruments and cash and equivalents. The Company’s credit risk exposure can be assessed in notes 4, 5 and 6.

On March 31, 2022, the Company held financial investments over R$100,000 at the following financial institutions: Banco Bradesco, Banco do Brasil, Banco BNP Paribas, Banco BTG Pactual, Banco Itaú, Banco Pan, Banco Safra, Banco Santander, Banco Votorantim, Caixa Econômica Federal, HSBC and J.P. Morgan Chase Bank.

The Company also held derivative contracts with the following financial institutions: Akbank T.A.S., Banco Bradesco, Banco Itaú, Banco Santander, Banco Votorantim, Bank of America Merrill Lynch, Banco BNP Paribas, Banco XP, Citibank, Deutsche Bank, Goldman Sachs, J.P. Morgan Chase Bank, Morgan Stanley, Rabobank and T. Garanti Bankasi A.Ş.

| 24.3. | Capital management and liquidity risk

On March 31, 2022, the non-current consolidated gross debt, as presented below, represented 87.62% (86.78% as of December 31, 2021) of the total gross debt, which has an average term of nine years.

The Company monitors the gross debt and net debt as set forth below:

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 60

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| Consolidated
| 03.31.22 |  | 12.31.21
| Current |  | Non-current |  | Total |  | Total
Foreign currency loans and borrowings | (1,822,658) |  | (11,843,672) |  | (13,666,330) |  | (16,343,552)
Local currency loans and borrowings | (1,043,235) |  | (7,867,670) |  | (8,910,905) |  | (9,112,478)
Derivative financial instruments, net | 86,073 |  | 34,310 |  | 120,383 |  | (223,949)
Gross debt | (2,779,820) |  | (19,677,032) |  | (22,456,852) |  | (25,679,979)
Cash and cash equivalents | 9,082,246 |  | - |  | 9,082,246 |  | 7,528,820
Marketable securities | 343,029 |  | 418,077 |  | 761,106 |  | 794,268
Restricted cash | 25,543 |  | 1 |  | 25,544 |  | 24,964
| 9,450,818 |  | 418,078 |  | 9,868,896 |  | 8,348,052
Net debt | 6,670,998 |  | (19,258,954) |  | (12,587,956) |  | (17,331,927)

The table below summarizes the significant commitments and contractual obligations that may impact the Company’s liquidity:

| Parent company
| 03.31.22
| Book value |  | Contractual cash flow |  | Up to 12 months |  | Apr - Dec 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 onwards
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and borrowings | 19,734,745 |  | 29,717,729 |  | 3,265,592 |  | 3,083,696 |  | 2,444,853 |  | 2,050,394 |  | 1,559,306 |  | 17,313,888
Principal |  |  | 20,405,684 |  | 2,125,805 |  | 2,396,983 |  | 1,621,161 |  | 1,291,166 |  | 867,382 |  | 12,103,187
Interest |  |  | 9,312,045 |  | 1,139,787 |  | 686,713 |  | 823,692 |  | 759,228 |  | 691,924 |  | 5,210,701
Trade accounts payable | 10,058,248 |  | 10,215,791 |  | 10,204,268 |  | 5,352 |  | 3,917 |  | 1,180 |  | 1,074 |  | -
Supply chain finance | 1,832,960 |  | 1,865,267 |  | 1,865,267 |  | - |  | - |  | - |  | - |  | -
Lease liabilities | 2,194,621 |  | 2,814,340 |  | 369,449 |  | 337,455 |  | 413,350 |  | 348,862 |  | 270,949 |  | 1,074,275
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | 5,422 |  | 5,422 |  | - |  | - |  | - |  | - |  | - |  | 5,422
Currency derivatives | 26 |  | 26 |  | 26 |  | - |  | - |  | - |  | - |  | -
Commodities derivatives | 106,346 |  | (98,748) |  | (91,342) |  | (7,406) |  | - |  | - |  | - |  | -
Financial instruments not designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives | 56,380 |  | 56,380 |  | 56,380 |  | - |  | - |  | - |  | - |  | -

| Consolidated
| 03.31.22
| Book value |  | Contractual cash flow |  | Up to 12 months |  | Apr - Dec 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 onwards
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and borrowings | 22,577,235 |  | 30,630,678 |  | 3,581,048 |  | 2,964,161 |  | 3,549,315 |  | 2,083,306 |  | 3,411,544 |  | 15,041,304
Principal |  |  | 23,101,605 |  | 2,751,449 |  | 2,416,618 |  | 1,634,542 |  | 1,304,547 |  | 2,884,569 |  | 12,109,880
Interest |  |  | 7,529,073 |  | 829,599 |  | 547,543 |  | 1,914,773 |  | 778,759 |  | 526,975 |  | 2,931,424
Trade accounts payable | 11,241,411 |  | 11,402,115 |  | 11,390,592 |  | 5,352 |  | 3,917 |  | 1,180 |  | 1,074 |  | -
Supply chain finance | 1,832,960 |  | 1,865,267 |  | 1,865,267 |  | - |  | - |  | - |  | - |  | -
Lease liabilities | 2,470,743 |  | 3,150,552 |  | 469,107 |  | 405,599 |  | 446,497 |  | 367,644 |  | 277,631 |  | 1,184,074
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | 5,422 |  | 5,422 |  | - |  | - |  | - |  | - |  | - |  | 5,422
Currency derivatives | 26 |  | 26 |  | 26 |  | - |  | - |  | - |  | - |  | -
Commodities derivatives | 106,346 |  | 106,346 |  | 98,940 |  | 7,406 |  | - |  | - |  | - |  | -
Financial instruments not designated as cash flow hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives | 58,599 |  | 58,599 |  | 58,599 |  | - |  | - |  | - |  | - |  | -

The Company does not expect that the cash outflows to fulfill the obligations shown above will be significantly anticipated by factors unrelated to its best interests, or have its value substantially modified outside the normal course of business.

24.4. Market risk management

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| 24.4.1. | Interest rate risk

The Company’s exposure to interest rates is set forth below:

Consolidated
|  |  |  |  |  |  |  |  | 03.31.22
|  |  | Notional |  |
Index |  |  | Assets |  | Liabilities |  | Derivative financial instruments |  | Exposure, Net
Fixed |  |  |  |  |  |  |  |  |
Fixed Reais |  |  | 170,345 |  | (424,282) |  | (6,506,598) |  | (6,760,535)
Fixed U.S. Dollars (USD) |  |  | 3,574,008 |  | (13,913,304) |  | 6,007,189 |  | (4,332,107)
Fixed Turkish Liras (TRY) |  |  | 70,267 |  | (427,871) |  | (71,067) |  | (428,671)
Fixed Euros (EUR) |  |  | 786,811 |  | (876,045) |  | 668,026 |  | 578,792
Fixed Other |  |  | 585,616 |  | - |  | (97,550) |  | 488,066
Floating |  |  |  |  |  |  |  |  |
Floating IPCA Reais |  |  | - |  | (4,331,732) |  | 3,600,000 |  | (731,732)
Floating CDI Reais |  |  | 4,681,850 |  | (1,678,268) |  | (3,600,000) |  | (596,418)
Floating Libor U.S. Dollars (USD) |  | - |  | (118,445) |  | - |  | (118,445)
|  |  | 9,868,897 |  | (21,769,947) |  | - |  | (11,901,050)
Interest and fair value adjustment of derivatives | - |  | (807,289) |  | 120,383 |  | (686,906)
Total |  |  | 9,868,897 |  | (22,577,236) |  | 120,383 |  | (12,587,956)

The derivative financial instruments used to hedge the exposure to interest rates as of March 31, 2022 are presented in the table below:

03.31.22
|  |  |  |  |  |  |  |  |  |  |  |  | Fair value (R$)
Fair value hedge - Derivative instruments |  | Hedged Object |  | Maturity |  | Asset |  | Liability |  | Notional |  | Instrument |  | Object (1)
Parent company and Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | Debenture - 1st Issue - 3rd series - IPCA + 5.50% p.a. |  | 2nd Qtr. 2026 |  | IPCA + 5.50% p.a. |  | CDI + 0.29% p.a. |  | 400,000 | BRL |  | 10,496 |  | (8,262)
Interest rate swap |  | Debenture - 2nd Issue - 1st series - IPCA + 5.30% p.a. |  | 3rd Qtr. 2027 |  | IPCA + 5.30% p.a. |  | CDI + 2.16% p.a. |  | 705,000 | BRL |  | 16,836 |  | 43,843
Interest rate swap |  | Debenture - 2nd Issue - 2nd series - IPCA + 5.60% p.a. |  | 3rd Qtr. 2030 |  | IPCA + 5.60% p.a. |  | CDI + 2.29% p.a. |  | 1,495,000 | BRL |  | (2,200) |  | 117,274
Interest rate swap |  | Debenture - 3rd Issue - single series - IPCA + 4.78% p.a. |  | 2nd Qtr. 2031 |  | IPCA + 4.78% p.a. |  | CDI + 0.12% p.a. |  | 1,000,000 | BRL |  | 10,749 |  | 12,238
|  |  |  |  |  |  |  |  |  | 3,600,000 |  |  | 35,881 |  | 165,093

| (1) | Corresponds to the accumulated amount of fair value hedge adjustments on the hedged items, included in the carrying amount of the debentures.

| 24.4.2. | Foreign exchange risk

i. Statement of financial position exposure

Assets and liabilities denominated in foreign currency for which the exchange variations are recognized in the Financial Results are as follows, summarized in Brazilian Reais:

|  | Consolidated
|  | 03.31.22 |  | 12.31.21
Cash and cash equivalents |  | 3,731,613 |  | 2,064,631
Trade accounts receivable |  | 5,324,547 |  | 6,377,104
Trade accounts payable |  | (1,142,613) |  | (1,221,354)
Loans and borrowings |  | (13,986,934) |  | (16,726,412)
Other assets and liabilities, net |  | (12,950) |  | 49,732
Exposure of assets and liabilities in foreign currencies |  | (6,086,337) |  | (9,456,299)
Derivative financial instruments (hedge) |  | 6,506,598 |  | 8,454,971
Exposure in result, net |  | 420,261 |  | (1,001,328)

BRF S.A. | INTERIM FINANCIAL INFORMATION – March 31, 2022 | 62

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The net P&L exposure is mainly composed of the following currencies:

Net P&L Exposure |  | 03.31.22 |  | 12.31.21
Argentinian Peso (ARS) |  | (5,376) |  | (5,783)
Angolan kwanza (AOA) |  | 275,034 |  | 318,660
Euros (EUR) |  | 121,968 |  | 33,381
Yen (JPY) |  | 44,851 |  | 77,178
Turkish Liras (TRY) |  | 128,797 |  | 266,541
U.S. Dollars (USD) |  | (145,013) |  | (1,691,305)
Total |  | 420,261 |  | (1,001,328)

The Company is exposed to other currencies, although they have been grouped in the currencies above due to its high correlation or for not being individually significant.

The derivative financial instruments acquired to hedge the foreign currency statement of financial position exposure on March 31, 2022 are not designated as hedge accounting and are set forth below:

03.31.22
Derivative instruments not designated |  | Asset |  | Liability |  | Maturity |  | Notional |  | Exercise rate |  | Fair value (R$)
Parent company |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | EUR |  | BRL |  | 2nd Qtr. 2022 |  | EUR | 150,000 |  | 5.3093 |  | (1,504)
Non-deliverable forward |  | USD |  | BRL |  | 2nd Qtr. 2022 |  | USD | 1,055,928 |  | 4.8622 |  | (50,999)
Futures - B3 |  | USD |  | BRL |  | 2nd Qtr. 2022 |  | USD | 151,000 |  | 5.6169 |  | (3,877)
|  |  |  |  |  |  |  |  |  |  |  |  | (56,380)
Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | EUR |  | JPY |  | 2nd Qtr. 2022 |  | EUR | 18,628 |  | 134.2045 |  | 572
Non-deliverable forward |  | USD |  | EUR |  | 2nd Qtr. 2022 |  | EUR | 41,763 |  | 1.1015 |  | (1,832)
Non-deliverable forward |  | USD |  | TRY |  | 2nd Qtr. 2022 |  | USD | 15,000 |  | 14.8953 |  | (387)
Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  | (58,027)

| ii. | Operating income exposure

The derivative financial instruments designated as cash flow hedges for foreing exchange operating income exposure on March 31, 2022 are set forth below:

03.31.22
Cash flow hedge - Derivative instruments |  | Hedged object |  | Asset |  | Liability |  | Maturity |  | Notional |  | Designation rate |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | USD Exports |  | BRL |  | USD |  | 2nd Qtr. 2022 |  | USD | 166,000 |  | 5.3356 |  | 91,343
Non-deliverable forward |  | USD Exports |  | BRL |  | USD |  | 3rd Qtr. 2022 |  | USD | 8,000 |  | 4.9713 |  | 684
Collar |  | USD Exports |  | BRL |  | USD |  | 2nd Qtr. 2022 |  | USD | 30,000 |  | 5.8056 |  | 21,862
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 113,889

| iii. | Investments exposure

The non-derivative financial instruments designated as net investment hedge instruments on March 31, 2022 are set forth below:

03.31.22
Net investment hedge - Non-derivative instruments |  | Object (Investment) |  | Liability |  | Maturity |  | Notional |  | Rate |  | Fair value (1)
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Bond - BRF SA BRFSBZ 4.35 |  | Federal Foods LLC |  | USD |  | 3rd Qtr. 2026 |  | USD | 75,673 |  | 3.7649 |  | (74,323)
Bond - BRF SA BRFSBZ 4.35 |  | BRF Kuwait Food Management Company WLL |  | USD |  | 3rd Qtr. 2026 |  | USD | 108,757 |  | 3.7649 |  | (93,193)
Bond - BRF SA BRFSBZ 4.35 |  | Al Khan Foodstuff LLC |  | USD |  | 3rd Qtr. 2026 |  | USD | 65,570 |  | 3.7649 |  | (63,309)
|  |  |  |  |  |  |  |  |  |  |  |  | (230,825)

| (1) | Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income.

| 24.4.3. | Commodities price risk

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The financial instruments designated as cash flow hedges and fair value hedges for the commodities price exposure on March 31, 2022 are set forth below:

03.31.22
Cash flow hedge - Derivative instruments |  | Hedged object |  | Index |  | Maturity |  | Quantity |  | Exercise price (1) |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 2nd Qtr. 2022 |  | 46,482 | ton |  | 387.97 |  | 26,545
Non-deliverable forward - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 3rd Qtr. 2022 |  | 68,638 | ton |  | 389.07 |  | 28,412
Non-deliverable forward - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 4th Qtr. 2022 |  | 19,999 | ton |  | 409.44 |  | 4,135
Collar - buy |  | Soybean meal purchase - floating price |  | Soybean meal - CBOT |  | 2nd Qtr. 2022 |  | 97,679 | ton |  | 457.77 |  | 15,763
Non-deliverable forward - buy |  | Corn purchase - floating price |  | Corn - CBOT |  | 2nd Qtr. 2022 |  | 14,999 | ton |  | 282.57 |  | 417
Non-deliverable forward - buy |  | Corn purchase - floating price |  | Corn - CBOT |  | 3rd Qtr. 2022 |  | 14,998 | ton |  | 263.12 |  | 778
Corn future - buy |  | Corn purchase - floating price |  | Corn - B3 |  | 2nd Qtr. 2022 |  | 173,286 | ton |  | 1,680.37 |  | 7,796
Collar - buy |  | Corn purchase - floating price |  | Corn - B3 |  | 2nd Qtr. 2022 |  | 66,015 | ton |  | 1,604.70 |  | 526
Non-deliverable forward - buy |  | Soybean oil purchase - floating price |  | Soybean oil - CBOT |  | 2nd Qtr. 2022 |  | 2,800 | ton |  | 1,611.05 |  | (1,187)
Collar - buy |  | Soybean oil purchase - floating price |  | Soybean oil - CBOT |  | 2nd Qtr. 2022 |  | 1,100 | ton |  | 1,243.40 |  | 755
Collar - buy |  | Soybean oil purchase - floating price |  | Soybean oil - CBOT |  | 3rd Qtr. 2022 |  | 500 | ton |  | 1,256.63 |  | 301
|  |  |  |  |  |  |  |  |  |  |  |  | 84,241

| (1) | Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton.

03.31.22
Fair value hedge - Derivative instruments |  | Hedged object |  | Index |  | Maturity |  | Quantity |  | Exercise price (1) |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 2nd Qtr. 2022 |  | 213,953 | ton |  | 218.10 |  | (71,283)
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 3rd Qtr. 2022 |  | 61,938 | ton |  | 197.41 |  | (22,420)
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 4th Qtr. 2022 |  | 5,800 | ton |  | 216.21 |  | (1,439)
Non-deliverable forward - sell |  | Corn purchase - fixed price |  | Corn - CBOT |  | 2nd Qtr. 2023 |  | 28,442 | ton |  | 212.15 |  | (7,405)
Corn future - sell |  | Corn purchase - fixed price |  | Corn - B3 |  | 3rd Qtr. 2022 |  | 347,760 | ton |  | 1,409.04 |  | (8,049)
Corn future - sell |  | Corn purchase - fixed price |  | Corn - B3 |  | 4th Qtr. 2022 |  | 24,651 | ton |  | 1,452.53 |  | (418)
Corn future - sell |  | Corn purchase - fixed price |  | Corn - B3 |  | 1st Qtr. 2023 |  | 2,484 | ton |  | 1,433.33 |  | (63)
Corn future - sell |  | Corn purchase - fixed price |  | Corn - B3 |  | 3rd Qtr. 2023 |  | 15,174 | ton |  | 1,226.62 |  | -
|  |  |  |  |  |  |  |  |  |  |  |  | (111,077)

| (1) | Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton.

03.31.22
Fair value hedge - Derivative instruments |  | Protection object |  | Assets |  | Liabilities |  | Maturity |  | Notional |  | Exercise price |  | Fair value
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deliverable forward |  | Cost in USD |  | BRL |  | USD |  | 2nd Qtr. 2022 |  | USD | 46,663 |  | 5.7357 |  | 39,374
Non-deliverable forward |  | Cost in USD |  | BRL |  | USD |  | 3rd Qtr. 2022 |  | USD | 12,227 |  | 5.7418 |  | 9,131
Non-deliverable forward |  | Cost in USD |  | BRL |  | USD |  | 4th Qtr. 2022 |  | USD | 1,254 |  | 6.0520 |  | 1,137
Non-deliverable forward |  | Cost in USD |  | BRL |  | USD |  | 2nd Qtr. 2023 |  | USD | 6,034 |  | 6.4463 |  | 5,834
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,476

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| 24.5. | Effects of hedge instruments on financial information

The effects of the financial instruments for hedging exchange rate, commodities price and interest rates in the income (loss) for the period, in Other Comprehensive Income and in the financial position are set forth below:

Income for the period |  |  |  |  |  |  |  |  |  | Consolidated
03.31.22 |  | Note |  | Exposure |  | Hedge accounting |  | Foreign Exchange |  | Commodities |  | Interest Rate |  | Total
Net Sales |  |  |  |  |  |  |  | 11,930,576 |  | - |  | - |  | 11,930,576
Derivatives result |  |  |  | Operating Results |  | Cash flow |  | 110,666 |  | - |  | - |  | 110,666
Net Revenue |  | 26 |  |  |  |  |  | 12,041,242 |  | - |  | - |  | 12,041,242
Cost of Sales |  |  |  |  |  |  |  | - |  | (10,522,033) |  | - |  | (10,522,033)
Derivatives result |  |  |  | Operating Results |  | Cash flow / Fair value |  | - |  | (406,196) |  | - |  | (406,196)
Cost of Sales |  |  |  |  |  |  |  | - |  | (10,928,229) |  | - |  | (10,928,229)
Interests on loans and borrowings |  |  |  |  |  |  |  | - |  | - |  | (536,756) |  | (536,756)
Interest Rate Derivatives result |  |  |  | Interest expenses |  | Fair value |  | - |  | - |  | 107,016 |  | 107,016
Foreign Exchange variation on assets and liabilities |  |  |  |  |  |  |  | 1,313,706 |  | - |  | - |  | 1,313,706
Foreign Exchange Derivatives result |  |  |  | Financial Position |  | Not designated |  | (1,498,168) |  | - |  | - |  | (1,498,168)
Effects on Financial Result |  | 28 |  |  |  |  |  | (184,462) |  | - |  | (429,740) |  | (614,202)
Other Comprehensive Income |  |  |  |  |  |  |  |  |  | Consolidated
03.31.22 |  |  |  | Exposure |  | Hedge accounting |  | Foreign Exchange |  | Commodities |  | Interest Rate |  | Total
Derivative Instruments - current |  |  |  | Operating Results |  | Cash flow |  | 112,578 |  | 51,768 |  | - |  | 164,346
Non-derivative Instruments - non-current |  |  |  | Foreign investments |  | Net investment |  | 210,404 |  | - |  | - |  | 210,404
Other Comprehensive Income (1) |  |  |  |  |  |  |  | 322,982 |  | 51,768 |  | - |  | 374,750
Statement of financial position |  |  |  |  |  |  |  |  |  | Consolidated
03.31.22 |  | Note |  | Exposure |  | Hedge accounting |  | Foreign Exchange |  | Commodities |  | Interest Rate |  | Total
Designated derivatives |  |  |  | Operating Results |  | Cash flow / Fair value |  | 169,365 |  | (26,836) |  | 35,881 |  | 178,410
Not designated derivatives |  |  |  | Financial Position |  | Not designated |  | (58,027) |  | - |  | - |  | (58,027)
Asset / (Liability) net |  |  |  |  |  |  |  | 111,338 |  | (26,836) |  | 35,881 |  | 120,383
Derivative Instruments - current (2) |  |  |  | Operating Results |  | Cash flow |  | 116,542 |  | 155,514 |  | - |  | 272,056
Non-derivative instruments – current |  |  |  | Operating Results |  | Cash flow |  | (444,953) |  | - |  | - |  | (444,953)
Non-derivative instruments – non-current |  |  |  | Operating Results |  | Cash flow |  | (548,640) |  | - |  | - |  | (548,640)
Non-derivative Instruments - non-current |  |  |  | Foreign investments |  | Net investment |  | (230,825) |  | - |  | - |  | (230,825)
Other Comprehensive Income (1) |  |  |  |  |  |  |  | (1,107,876) |  | 155,514 |  | - |  | (952,362)
Derivatives result |  |  |  | Operating Results |  | Cash flow / Fair value |  | - |  | 140,311 |  | - |  | 140,311
Inventories |  | 7 |  |  |  |  |  | - |  | 140,311 |  | - |  | 140,311

| (1) | All effects are presented gross of taxes.

| (2) | Includes R$(1,630) related to the time value of the foreign exchange option contracts, and R$1,871 related to the time value of the commodity options contracts.

Statement of financial position |  |  |  |  |  |  |  |  |  | Consolidated
12.31.21 |  | Note |  | Exposure |  | Hedge accounting |  | Foreign Exchange |  | Commodities |  | Interest Rate |  | Total
Designated derivatives |  |  |  | Operating Results |  | Cash flow / Fair value |  | (10,342) |  | 47,620 |  | (30,108) |  | 7,170
Not designated derivatives |  |  |  | Financial Position |  | Not designated |  | (231,119) |  | - |  | - |  | (231,119)
Asset / (Liability) net |  |  |  |  |  |  |  | (241,461) |  | 47,620 |  | (30,108) |  | (223,949)
Derivative Instruments - current (3) |  |  |  | Operating Results |  | Cash flow |  | 3,964 |  | 103,746 |  | - |  | 107,710
Non-derivative instruments – current |  |  |  | Operating Results |  | Cash flow |  | (444,953) |  | - |  | - |  | (444,953)
Non-derivative instruments – non-current |  |  |  | Operating Results |  | Cash flow |  | (548,640) |  | - |  | - |  | (548,640)
Non-derivative Instruments - non-current |  |  |  | Foreign investments |  | Net investment |  | (441,229) |  | - |  | - |  | (441,229)
Other Comprehensive Income (2) |  |  |  |  |  |  |  | (1,430,858) |  | 103,746 |  | - |  | (1,327,112)
Derivatives result |  |  |  | Operating Results |  | Cash flow / Fair value |  | - |  | 531,732 |  | - |  | 531,732
Inventories |  | 7 |  |  |  |  |  | - |  | 531,732 |  | - |  | 531,732

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On December 16, 2021, the Financial Risk Management Policy was amended and from this date, non-derivative financial instruments may only be designated as hedge instruments in net investment hedge relations. Thus, on December 16, 2021, the cash flow hedge relations presented below were discontinued because the hedging instruments were non-derivative financial instruments (loans) and no longer met the Company’s strategies and objectives.

03.31.22
Cash flow hedge - Non-derivative instruments |  | Hedged object |  | Liability |  | Maturity |  | Notional |  | Designation rate |  | Rate (1) |  | Balance (2)
Parent company and consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bond BRF SA BRFSBZ 5 7/8 (3) |  | USD Exports |  | USD |  | 2nd Qtr. 2022 |  | USD | 150,000 |  | 2.0213 |  | 4.9877 |  | (444,953)
Bond BRF SA BRFSBZ 3.95 |  | USD Exports |  | USD |  | 2nd Qtr. 2023 |  | USD | 150,000 |  | 2.0387 |  | 5.6963 |  | (548,640)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (993,593)

| (1) | Average discontinuance rates.

| (2) | Effective portion of the accumulated foreign exchange variations on the designated loans.

| (3) | During the existence of the loan, there were early settlements with the corresponding discontinuance of the hedge relation.

The amounts above will be kept under Other Comprehensive Income until their respective months of maturity, according to the previous designation and effectiveness of each relationship.

Summarized financial position of derivative financial instruments:

| Parent company |  | Consolidated
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Assets |  |  |  |  |  |  |
Designated as hedge accounting |  |  |  |  |  |  |
Currency derivatives | 169,391 |  | 27,617 |  | 169,391 |  | 27,617
Commodities derivatives | 79,510 |  | 105,228 |  | 79,510 |  | 105,228
Interest rate derivatives | 41,303 |  | 10,457 |  | 41,303 |  | 10,457
Not designated as hedge accounting |  |  |  |  |  |  |
Currency derivatives | - |  | - |  | 572 |  | 2,053
| 290,204 |  | 143,302 |  | 290,776 |  | 145,355
Current assets | 243,067 |  | 132,498 |  | 243,639 |  | 134,551
Non-current assets | 47,137 |  | 10,804 |  | 47,137 |  | 10,804
Liabilities |  |  |  |  |  |  |
Designated as hedge accounting |  |  |  |  |  |  |
Currency derivatives | (26) |  | (36,676) |  | (26) |  | (37,959)
Commodities derivatives | (106,346) |  | (57,608) |  | (106,346) |  | (57,608)
Interest rate derivatives | (5,422) |  | (40,565) |  | (5,422) |  | (40,565)
Not designated as hedge accounting |  |  |  |  |  |  |
Currency derivatives | (56,380) |  | (232,442) |  | (58,599) |  | (233,172)
| (168,174) |  | (367,291) |  | (170,393) |  | (369,304)
Current liabilities | (155,347) |  | (325,430) |  | (157,566) |  | (327,443)
Non-current liabilities | (12,827) |  | (41,861) |  | (12,827) |  | (41,861)

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| 24.6. | Sensitivity analysis

The Management believes that the most relevant risks that may affect the Company’s results are the volatility of commodities prices and foreign exchange rates. Currently the fluctuation of the interest rates does not affect significantly the Company’s results since Management has chosen to keep at fixed rates a considerable portion of its debts.

The amounts below represent the possible impacts (incremental results) of the hedging instruments and their respective hedged positions, considering situations of increase and decrease in the selected risk factors.

The information used in the preparation of the analysis is based on the position as of March 31, 2022, which has been described in the items above. The estimated values may differ significantly to numbers and results that will be effectively registered by the Company. Positive values indicate gains and negative values indicate losses.

|  | Scenario
Exchange rate - Balance |  | Base |  | - 50% |  | - 25% |  | - 10% |  | + 10% |  | + 25% |  | + 50%
USD |  | 4.7378 |  | 2.3689 |  | 3.5534 |  | 4.2640 |  | 5.2116 |  | 5.9223 |  | 7.1067
Monetary Assets and Liabilities |  |  |  | 3,076,101 |  | 1,538,051 |  | 615,220 |  | (615,220) |  | (1,538,051) |  | (3,076,101)
Derivative Instruments - Not designated |  |  |  | (3,003,595) |  | (1,501,797) |  | (600,719) |  | 600,719 |  | 1,501,797 |  | 3,003,595
Net effect |  |  |  | 72,506 |  | 36,254 |  | 14,501 |  | (14,501) |  | (36,254) |  | (72,506)
EUR |  | 5.2561 |  | 2.6281 |  | 3.9421 |  | 4.7305 |  | 5.7817 |  | 6.5701 |  | 7.8842
Monetary Assets and Liabilities |  |  |  | 277,131 |  | 138,565 |  | 55,426 |  | (55,426) |  | (138,565) |  | (277,131)
Derivative Instruments - Not designated |  |  |  | (334,013) |  | (167,007) |  | (66,803) |  | 66,803 |  | 167,007 |  | 334,013
Net effect |  |  |  | (56,882) |  | (28,442) |  | (11,377) |  | 11,377 |  | 28,442 |  | 56,882
JPY |  | 0.0390 |  | 0.0195 |  | 0.0293 |  | 0.0351 |  | 0.0429 |  | 0.0488 |  | 0.0585
Monetary Assets and Liabilities |  |  |  | (71,201) |  | (35,600) |  | (14,240) |  | 14,240 |  | 35,600 |  | 71,201
Derivative Instruments - Not designated |  |  |  | 48,775 |  | 24,388 |  | 9,755 |  | (9,755) |  | (24,388) |  | (48,775)
Net effect |  |  |  | (22,426) |  | (11,212) |  | (4,485) |  | 4,485 |  | 11,212 |  | 22,426
TRY |  | 0.3228 |  | 0.1614 |  | 0.2421 |  | 0.2905 |  | 0.3551 |  | 0.4035 |  | 0.4842
Monetary Assets and Liabilities |  |  |  | (99,932) |  | (49,966) |  | (19,986) |  | 19,986 |  | 49,966 |  | 99,932
Derivative Instruments - Not designated |  |  |  | 35,534 |  | 17,767 |  | 7,107 |  | (7,107) |  | (17,767) |  | (35,534)
Net effect |  |  |  | (64,398) |  | (32,199) |  | (12,879) |  | 12,879 |  | 32,199 |  | 64,398
AOA |  | 0.0108 |  | 0.0054 |  | 0.0081 |  | 0.0097 |  | 0.0118 |  | 0.0135 |  | 0.0161
Monetary Assets and Liabilities |  |  |  | (137,517) |  | (68,758) |  | (27,503) |  | 27,503 |  | 68,758 |  | 137,517
Net effect |  |  |  | (137,517) |  | (68,758) |  | (27,503) |  | 27,503 |  | 68,758 |  | 137,517

|  | Scenario
Exchange rate - Operating results |  | Base |  | - 50% |  | - 25% |  | - 10% |  | + 10% |  | + 25% |  | + 50%
USD |  | 4.7378 |  | 2.3689 |  | 3.5534 |  | 4.2640 |  | 5.2116 |  | 5.9223 |  | 7.1067
Revenue in USD |  |  |  | (483,256) |  | (241,628) |  | (96,651) |  | 96,651 |  | 241,628 |  | 483,256
NDF |  |  |  | 412,189 |  | 206,094 |  | 82,438 |  | (82,438) |  | (206,094) |  | (412,189)
Collar |  |  |  | 71,067 |  | 35,534 |  | 14,213 |  | (14,213) |  | (23,491) |  | (53,982)
Net effect |  |  |  | - |  | - |  | - |  | - |  | 12,043 |  | 17,085

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|  | Scenario
Exchange rate - Operating results |  | Base (1) |  | - 50% |  | - 25% |  | - 10% |  | + 10% |  | + 25% |  | + 50%
USD |  | 4.7378 |  | 2.3689 |  | 3.5534 |  | 4.2640 |  | 5.2116 |  | 5.9223 |  | 7.1067
Cost of Sales |  |  |  | (156,770) |  | (78,385) |  | (31,354) |  | 31,354 |  | 78,385 |  | 156,770
NDF |  |  |  | 156,770 |  | 78,385 |  | 31,354 |  | (31,354) |  | (78,385) |  | (156,770)
Net effect |  |  |  | - |  | - |  | - |  | - |  | - |  | -
Soybean Meal - CBOT |  | 496 |  | 248 |  | 372 |  | 447 |  | 546 |  | 620 |  | 744
Cost of Sales |  |  |  | 57,755 |  | 28,878 |  | 11,551 |  | (11,551) |  | (28,878) |  | (57,755)
Collar |  |  |  | (19,829) |  | (7,484) |  | (2,859) |  | 4,353 |  | 11,854 |  | 24,371
NDF |  |  |  | (32,721) |  | (16,361) |  | (6,544) |  | 6,544 |  | 16,361 |  | 32,721
Net effect |  |  |  | 5,205 |  | 5,033 |  | 2,148 |  | (654) |  | (663) |  | (663)
Soybean Oil - CBOT |  | 1,526 |  | 763 |  | 1,144 |  | 1,373 |  | 1,678 |  | 1,907 |  | 2,288
Cost of Sales |  |  |  | 3,356 |  | 1,678 |  | 671 |  | (671) |  | (1,678) |  | (3,356)
Collar |  |  |  | (668) |  | (178) |  | (165) |  | 245 |  | 613 |  | 1,226
NDF |  |  |  | (2,130) |  | (1,065) |  | (426) |  | 426 |  | 1,065 |  | 2,130
Net effect |  |  |  | 558 |  | 435 |  | 80 |  | - |  | - |  | -
Corn - CBOT |  | 284 |  | 142 |  | 213 |  | 255 |  | 312 |  | 355 |  | 426
Cost of Sales |  |  |  | (39,741) |  | (19,871) |  | (7,948) |  | 7,948 |  | 19,871 |  | 39,741
NDF |  |  |  | 39,741 |  | 19,871 |  | 7,948 |  | (7,948) |  | (19,871) |  | (39,741)
Net effect |  |  |  | - |  | - |  | - |  | - |  | - |  | -
Corn - B3 |  | 1,503 |  | 751 |  | 1,127 |  | 1,352 |  | 1,653 |  | 1,878 |  | 2,254
Cost of Sales |  |  |  | (113,285) |  | (56,643) |  | (22,657) |  | 22,657 |  | 56,643 |  | 113,285
Collar |  |  |  | (42,615) |  | (17,499) |  | (2,794) |  | 4,742 |  | 19,619 |  | 44,735
Future |  |  |  | 162,646 |  | 81,323 |  | 32,529 |  | (32,529) |  | (81,323) |  | (162,646)
Net effect |  |  |  | 6,746 |  | 7,181 |  | 7,078 |  | (5,130) |  | (5,061) |  | (4,626)

| (1) | Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton.

24.7. Financial instruments by category

| Parent company
| 03.31.22
| Amortized cost |  | Fair value through profit and loss |  | Total
Assets |  |  |  |  |
Cash and bank | 86,256 |  | - |  | 86,256
Cash equivalents | - |  | 4,562,002 |  | 4,562,002
Marketable securities | - |  | 347,677 |  | 347,677
Restricted cash | 25,544 |  | - |  | 25,544
Trade accounts receivable | 5,829,090 |  | 278,422 |  | 6,107,512
Other receivables | 94,802 |  | - |  | 94,802
Derivatives designated as hedge accounting (1) | - |  | 290,204 |  | 290,204
Liabilities |  |  |  |  |
Trade accounts payable | (10,058,248) |  | - |  | (10,058,248)
Supply chain finance | (1,832,960) |  | - |  | (1,832,960)
Loans and borrowings (2) | (16,366,314) |  | (3,368,431) |  | (19,734,745)
Derivatives not designated | - |  | (56,380) |  | (56,380)
Derivatives designated as hedge accounting (1) | - |  | (111,794) |  | (111,794)
| (22,221,830) |  | 1,941,700 |  | (20,280,130)

| (1) | All derivatives are classified at fair value through profit and loss. Those designated as hedge accounting instruments have their gains and losses also affecting Equity and Inventories.

| (2) | The part of the loans and borrowings that is object in a fair value hedge is classified as Fair value through profit and loss. The rest of the loans and borrowings balance is classified as amortized cost and those designated as cash flow or net investment hedge accounting instruments have their gains and losses also affecting Equity.

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| Consolidated
| 03.31.22
| Amortized cost |  | Fair value through other comprehensive income | Fair value through profit and loss |  | Total
|  | Equity instruments |  |
Assets |  |  |  |  |  |  |
Cash and bank | 3,474,966 |  | - |  | - |  | 3,474,966
Cash equivalents | - |  | - |  | 5,607,280 |  | 5,607,280
Marketable securities | 391,962 |  | 11,091 |  | 358,053 |  | 761,106
Restricted cash | 25,544 |  | - |  | - |  | 25,544
Trade accounts receivable | 2,972,327 |  | - |  | 278,422 |  | 3,250,749
Other receivables | 94,802 |  | - |  | - |  | 94,802
Derivatives not designated | - |  | - |  | 572 |  | 572
Derivatives designated as hedge accounting (1) | - |  | - |  | 290,204 |  | 290,204
Liabilities |  |  |  |  |  |  |
Trade accounts payable | (11,241,411) |  | - |  | - |  | (11,241,411)
Supply chain finance | (1,832,960) |  | - |  | - |  | (1,832,960)
Loans and borrowings (2) | (19,208,804) |  | - |  | (3,368,431) |  | (22,577,235)
Derivatives not designated | - |  | - |  | (58,599) |  | (58,599)
Derivatives designated as hedge accounting (1) | - |  | - |  | (111,794) |  | (111,794)
| (25,323,574) |  | 11,091 |  | 2,995,707 |  | (22,316,776)

| (1) | All derivatives are classified at fair value through profit and loss. Those designated as hedge accounting instruments have their gains and losses also affecting Equity and Inventories.

| (2) | The part of the loans and borrowings that is object in a fair value hedge is classified as Fair value through profit and loss. The rest of the loans and borrowings balance is classified as amortized cost and those designated as cash flow or net investment hedge accounting instruments have their gains and losses also affecting Equity.

| 24.8. | Fair value of financial instruments

The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Depending on the inputs used for measurement, the financial instruments at fair value may be classified into 3 hierarchy levels:

| » | Level 1 – Uses quoted prices (unadjusted) for identical instruments in active markets. In this category are classified investments in stocks, savings accounts, overnights, term deposits, Financial Treasury Bills (“LFT”) and investment funds;

| » | Level 2 – Uses prices quoted in active markets for similar instruments, prices quoted for identical or similar instruments in non-active markets and evaluation models for which inputs are observable. In this level are classified the investments in Bank Deposit Certificates (“CDB”) and derivatives, which are measured by well-known pricing models: discounted cash flows and Black-Scholes. The observable inputs are interest rates and curves, volatility factors and foreign exchange rates;

| » | Level 3 – Instruments for which significant inputs are non-observable. The Company does not have financial instruments in this category.

The table below presents the overall classification of financial instruments measured at fair value by measurement hierarchy. For the three-month period ended on March 31, 2022, there were no changes among the 3 levels of hierarchy.

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| Parent company
| 03.31.22 |  | 12.31.21
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |
Fair value through profit and loss |  |  |  |  |  |  |  |  |  |  |
Savings account and overnight | 109,552 |  | - |  | 109,552 |  | 57,584 |  | - |  | 57,584
Bank deposit certificates | - |  | 4,250,020 |  | 4,250,020 |  | - |  | 4,410,146 |  | 4,410,146
Financial treasury bills | 332,653 |  | - |  | 332,653 |  | 324,771 |  | - |  | 324,771
Investment funds | 18,625 |  | - |  | 18,625 |  | 19,079 |  | - |  | 19,079
Trade accounts receivable | - |  | 278,422 |  | 278,422 |  | - |  | 335,566 |  | 335,566
Derivatives | - |  | 290,204 |  | 290,204 |  | - |  | 143,302 |  | 143,302
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Fair value through profit and loss |  |  |  |  |  |  |  |  |  |  |
Derivatives | - |  | (168,174) |  | (168,174) |  | - |  | (367,291) |  | (367,291)
Loans and borrowings | - |  | (3,368,431) |  | (3,368,431) |  | - |  | (3,368,431) |  | (3,368,431)
| 659,659 |  | 1,282,041 |  | 1,941,700 |  | 401,434 |  | 1,153,292 |  | 1,554,726

| Consolidated
| 03.31.22 |  | 12.31.21
| Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |
Fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |
Stocks | 11,091 |  | - |  | 11,091 |  | 13,338 |  | - |  | 13,338
Fair value through profit and loss |  |  |  |  |  |  |  |  |  |  |
Savings account and overnight | 983,919 |  | - |  | 983,919 |  | 701,386 |  | - |  | 701,386
Term deposits | 309,236 |  | - |  | 309,236 |  | 179,071 |  | - |  | 179,071
Bank deposit certificates | - |  | 4,310,524 |  | 4,310,524 |  | - |  | 4,451,214 |  | 4,451,214
Financial treasury bills | 332,653 |  | - |  | 332,653 |  | 324,771 |  | - |  | 324,771
Investment funds | 23,556 |  | - |  | 23,556 |  | 35,718 |  | - |  | 35,718
Trade accounts receivable | - |  | 278,422 |  | 278,422 |  | - |  | 335,566 |  | 335,566
Derivatives | - |  | 290,776 |  | 290,776 |  | - |  | 145,355 |  | 145,355
Other titles | 5,445 |  | - |  | 5,445 |  | 5,445 |  | - |  | 5,445
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Fair value through profit and loss |  |  |  |  |  |  |  |  |  |  |
Derivatives | - |  | (170,393) |  | (170,393) |  | - |  | (369,304) |  | (369,304)
Loans and borrowings | - |  | (3,368,431) |  | (3,368,431) |  | - |  | (3,368,431) |  | (3,368,431)
| 1,665,900 |  | 1,340,898 |  | 3,006,798 |  | 1,259,729 |  | 1,194,400 |  | 2,454,129

Except for the items set forth below, the fair value of all other financial instruments is approximate to their book value. The fair value of the bonds set forth below is based on prices observed in active markets, level 1 of the fair value hierarchy, while the debentures are based on level 2 and are measured by discounted cash flows.

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|  |  |  | Parent company and Consolidated
|  |  |  |  |  | 03.31.22 |  | 12.31.21
|  | Currency |  | Maturity |  | Book value |  | Fair value |  | Book value |  | Fair value
BRF S.A. |  |  |  |  |  |  |  |  |  |  |  |
BRF SA BRFSBZ 5 7/8 |  | USD |  | 2022 |  | (342,861) |  | (352,559) |  | (396,802) |  | (409,454)
BRF SA BRFSBZ 4 3/4 |  | USD |  | 2024 |  | (1,423,014) |  | (1,441,322) |  | (1,653,847) |  | (1,726,951)
BRF SA BRFSBZ 3.95 |  | USD |  | 2023 |  | (1,119,745) |  | (1,132,744) |  | (1,303,821) |  | (1,337,246)
BRF SA BRFSBZ 2 3/4 |  | EUR |  | 2022 |  | (898,883) |  | (896,152) |  | (1,072,454) |  | (1,076,964)
BRF SA BRFSBZ 4 7/8 |  | USD |  | 2030 |  | (3,273,273) |  | (3,150,477) |  | (3,914,280) |  | (3,993,593)
BRF SA BRFSBZ 5 3/4 |  | USD |  | 2050 |  | (3,674,956) |  | (3,354,272) |  | (4,423,083) |  | (4,521,103)
Debenture - 1st Issue |  | BRL |  | 2026 |  | (860,572) |  | (838,317) |  | (823,946) |  | (821,444)
Debenture - 2nd Issue |  | BRL |  | 2030 |  | (2,373,467) |  | (2,361,605) |  | (2,351,363) |  | (2,382,298)
Debenture - 3rd Issue |  | BRL |  | 2031 |  | (1,065,476) |  | (909,984) |  | (1,034,706) |  | (915,353)
Parent company |  |  |  |  |  | (15,032,247) |  | (14,437,432) |  | (16,974,302) |  | (17,184,406)
BRF GmbH |  |  |  |  |  |  |  |  |  |  |  |
BRF SA BRFSBZ 4.35 |  | USD |  | 2026 |  | (2,336,534) |  | (2,308,194) |  | (2,779,725) |  | (2,854,701)
Consolidated |  |  |  |  |  | (17,368,781) |  | (16,745,626) |  | (19,754,027) |  | (20,039,107)

| 25. | SEGMENT INFORMATION

The operating segments are reported consistently with the management reports provided to the main strategic and operational decision makers for assessing the performance of each segment and allocation of resources. The operating segments information is prepared considering three reportable segments, being: Brazil, International and Other Segments.

The operating segments include the sales of all distribution channels and are subdivided according to the nature of the products, for which the characteristics are described below:

| » | Poultry: production and sale of whole poultry and in-natura cuts.

| » | Pork and others: production and sale of in-natura cuts.

| » | Processed: production and sale of processed food, frozen and processed products derived from poultry, pork and beef, margarine, vegetables and soybean-based products.

| » | Other sales: sale of flour for food service and others.

Other segments are comprised of commercialization and development of animal nutrition ingredients, human nutrition, plant nutrition (fertilizers), healthcare (health and wellness), pet food, as well as commercialization of agricultural products.

The items not allocated to the segments are presented as Corporate and refer to relevant events not attributable to the operating segments.

The net sales by nature for each reportable operating segment is set forth below:

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|  | Consolidated
|  | 2022 |  | 2021
Net sales |  | Jan - Mar |  | Jan - Mar
Brazil |  |  |  |
In-natura |  | 1,434,335 |  | 1,347,424
Poultry |  | 1,169,526 |  | 1,033,448
Pork and other |  | 264,809 |  | 313,976
Processed |  | 4,442,679 |  | 4,033,668
Other sales |  | 6,144 |  | 11,841
|  | 5,883,158 |  | 5,392,933
International |  |  |  |
In-natura |  | 4,574,197 |  | 4,030,870
Poultry |  | 4,280,299 |  | 3,416,418
Pork and other |  | 293,898 |  | 614,452
Processed |  | 864,770 |  | 680,905
Other sales |  | 57,561 |  | 109,292
|  | 5,496,528 |  | 4,821,067
Other segments |  | 661,556 |  | 377,977
|  | 12,041,242 |  | 10,591,977

The income (loss) before financial results for each segment and for Corporate is set forth below:

|  | Consolidated
|  | 2022 |  | 2021
|  | Jan - Mar |  | Jan - Mar
Brazil |  | (762,892) |  | 374,478
International |  | 151,103 |  | 174,824
Other segments |  | 86,243 |  | 90,893
Sub total |  | (525,546) |  | 640,195
Corporate |  | (1,531) |  | (12,284)
|  | (527,077) |  | 627,911

The composition of the main effects not allocated to the operating segments and presented as Corporate is set forth below:

|  | Consolidated
|  | 2022 |  | 2021
Corporate |  | Jan - Mar |  | Jan - Mar
Impairment and result in the sale of investments |  | - |  | 119
Results with sale and disposal of fixed assets |  | 1,991 |  | 5,655
Reversal/(provision) for tax and civil contingencies |  | (3,848) |  | (4,318)
Expenses with demobilization |  | 57 |  | (2,204)
Investigations involving the Company (note 1.4) |  | (180) |  | (5,237)
Expenses COVID-19 (1) |  | (1,210) |  | (7,942)
Other |  | 1,659 |  | 1,643
|  | (1,531) |  | (12,284)

| (1) | Mainly comprised of donations in Brazil, consultants and expenses with health and safety, which are not associated with the business segments.

No customer individually or in aggregate (economic group) accounted for more than 5% of net sales for the three-month period ended March 31, 2022 and 2021.

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The goodwill arising from business combinations and the intangible assets with indefinite useful life (trademarks) were allocated to the reportable operating segments, considering the economic benefits generated by such intangible assets. The allocation of these intangible assets is presented below:

| Consolidated
| Goodwill |  | Trademarks |  | Total
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Brazil | 1,151,498 |  | 1,151,498 |  | 982,478 |  | 982,478 |  | 2,133,976 |  | 2,133,976
International | 1,627,044 |  | 1,813,986 |  | 251,107 |  | 275,982 |  | 1,878,151 |  | 2,089,968
Other segments | 456,256 |  | 459,699 |  | 474,875 |  | 474,875 |  | 931,131 |  | 934,574
| 3,234,798 |  | 3,425,183 |  | 1,708,460 |  | 1,733,335 |  | 4,943,258 |  | 5,158,518

Information related to total assets by reportable segment is not disclosed, as it is not included in the set of information made available to the Company’s management, which makes investment decisions and determine allocation of resources based on information about the consolidated assets.

| 26. | NET SALES

| Parent company |  | Consolidated
| 2022 |  | 2021 |  | 2022 |  | 2021
| Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
Gross sales |  |  |  |  |  |  |
Brazil | 7,215,437 |  | 6,686,416 |  | 7,215,437 |  | 6,686,416
International | 3,816,871 |  | 3,549,009 |  | 5,734,655 |  | 5,183,824
Other segments | 467,223 |  | 390,088 |  | 796,367 |  | 416,640
| 11,499,531 |  | 10,625,513 |  | 13,746,459 |  | 12,286,880
Sales deductions |  |  |  |  |  |  |
Brazil | (1,332,279) |  | (1,293,483) |  | (1,332,279) |  | (1,293,483)
International | (47,200) |  | (4,582) |  | (238,127) |  | (362,757)
Other segments | (48,193) |  | (36,059) |  | (134,811) |  | (38,663)
| (1,427,672) |  | (1,334,124) |  | (1,705,217) |  | (1,694,903)
Net sales |  |  |  |  |  |  |
Brazil | 5,883,158 |  | 5,392,933 |  | 5,883,158 |  | 5,392,933
International | 3,769,671 |  | 3,544,427 |  | 5,496,528 |  | 4,821,067
Other segments | 419,030 |  | 354,029 |  | 661,556 |  | 377,977
| 10,071,859 |  | 9,291,389 |  | 12,041,242 |  | 10,591,977

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| 27. | OTHER OPERATING INCOME (EXPENSES), NET

| Parent company |  | Consolidated
| 2022 |  | 2021 |  | 2022 |  | 2021
| Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
Recovery of expenses (1) | 66,678 |  | 59,954 |  | 68,750 |  | 59,956
Provision reversal | 1,036 |  | - |  | 1,042 |  | -
Scrap sales | 2,848 |  | 2,978 |  | 3,468 |  | 3,015
Provision for civil and tax risks | (55,215) |  | (4,313) |  | (55,495) |  | (4,625)
Other employees benefits | (5,440) |  | (7,334) |  | (5,440) |  | (7,334)
Insurance claims costs | (15,561) |  | (3,176) |  | (15,648) |  | (3,411)
Gains (losses) on the disposal of non-financial assets | 2,013 |  | 3,771 |  | 1,996 |  | 5,736
Demobilization expenses | 57 |  | (2,131) |  | 57 |  | (2,204)
Expected credit losses in other receivables | 483 |  | (340) |  | 483 |  | (340)
Other | (2,838) |  | (6,277) |  | (1,886) |  | (852)
| (5,939) |  | 43,132 |  | (2,673) |  | 49,941

| (1) | Includes recovery of PIS, COFINS and ICMS taxes on inputs, INSS and other in the amount of R$7,617 for three-month period ended March 31, 2022 (R$26,567 of recovery of PIS and COFINS taxes on inputs in the same period of previous year).

| 28. | FINANCIAL INCOME (EXPENSES), NET

|  |  | Parent company |  |  | Consolidated
|  |  | 2022 |  | 2021 |  |  | 2022 |  | 2021
| Note |  | Jan - Mar |  | Jan - Mar |  |  | Jan - Mar |  | Jan - Mar
Financial income |  |  |  |  |  |  |  |  |  |
Interest on cash and cash equivalents | 4 |  | 94,769 |  | 12,145 |  |  | 101,277 |  | 16,906
Income with marketable securities | 5 |  | 14,798 |  | 6,655 |  |  | 29,037 |  | 14,137
Fair value through profit and loss |  |  | 14,798 |  | 6,655 |  |  | 14,868 |  | 9,646
Amortized cost |  |  | - |  | - |  |  | 14,169 |  | 4,491
Interest on recoverable taxes | 9 |  | 63,827 |  | 77,522 |  |  | 63,963 |  | 77,538
Interest on other assets |  |  | 17,702 |  | 12,557 |  |  | 18,667 |  | 12,714
Financial income on other assets |  |  | 372 |  | (9) |  |  | 1,081 |  | 1,360
|  |  | 191,468 |  | 108,870 |  |  | 214,025 |  | 122,655
Financial expenses |  |  |  |  |  |  |  |  |  |
Interests on loans and borrowings | 15 |  | (382,871) |  | (364,329) |  |  | (429,740) |  | (414,940)
Interest with related parties | 30 |  | (66,353) |  | (75,445) |  |  | - |  | -
Interest on contingencies | 21 |  | (60,770) |  | (41,622) |  |  | (60,770) |  | (41,622)
Interest on leases | 18 |  | (42,269) |  | (43,673) |  |  | (47,131) |  | (55,289)
Interest on actuarial liabilities |  |  | (8,304) |  | (9,984) |  |  | (9,532) |  | (11,420)
Discount on assignment of credits |  |  | (33,067) |  | (12,216) |  |  | (34,464) |  | (14,131)
Bank expenses |  |  | (9,815) |  | (10,815) |  |  | (17,376) |  | (21,886)
Taxes on financial income |  |  | (8,877) |  | (5,717) |  |  | (9,574) |  | (6,717)
Put/Call Options Result - Business Combinations |  |  | - |  | - |  |  | - |  | 102,293
Adjustment to present value | 6 and 16 |  | (179,170) |  | (143,096) |  |  | (175,030) |  | (143,379)
Other financial expenses |  |  | (19,498) |  | (4,031) |  |  | (20,248) |  | (19,326)
|  |  | (810,994) |  | (710,928) |  |  | (803,865) |  | (626,417)
Foreign exchange and monetary variations |  |  |  |  |  |  |  |  |  |
Exchange rate variation on monetary assets and liabilities |  |  | 3,333,288 |  | (1,777,888) |  |  | 1,313,706 |  | (592,385)
Derivative results |  |  | (1,506,988) |  | 473,197 |  |  | (1,498,168) |  | 493,507
|  |  | 1,826,300 |  | (1,304,691) |  |  | (184,462) |  | (98,878)
|  |  | 1,206,774 |  | (1,906,749) |  |  | (774,302) |  | (602,640)

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| 29. | STATEMENT OF INCOME BY NATURE

The Company discloses its statement of income by function and thus presents below the details by nature:

| Parent company |  | Consolidated
| 2022 |  | 2021 |  | 2022 |  | 2021
| Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
Costs of sales |  |  |  |  |  |  |
Raw materials and supplies (1) | 7,001,938 |  | 5,031,063 |  | 8,328,576 |  | 6,223,700
Salaries and employees benefits | 1,052,615 |  | 1,013,235 |  | 1,153,770 |  | 1,037,911
Depreciation | 508,204 |  | 444,840 |  | 537,137 |  | 485,709
Amortization | 19,288 |  | 25,112 |  | 39,214 |  | 41,062
Other | 775,984 |  | 684,139 |  | 869,532 |  | 707,941
| 9,358,029 |  | 7,198,389 |  | 10,928,229 |  | 8,496,323
Sales expenses |  |  |  |  |  |  |
Indirect and direct logistics expenses | 707,513 |  | 553,522 |  | 681,725 |  | 561,033
Marketing | 93,109 |  | 112,634 |  | 134,193 |  | 157,181
Salaries and employees benefits | 258,387 |  | 256,101 |  | 359,876 |  | 347,819
Depreciation | 41,583 |  | 43,436 |  | 71,598 |  | 75,021
Amortization | 13,883 |  | 25,354 |  | 17,591 |  | 32,337
Other | 157,637 |  | 118,541 |  | 225,619 |  | 168,907
| 1,272,112 |  | 1,109,588 |  | 1,490,602 |  | 1,342,298
Administrative expenses |  |  |  |  |  |  |
Salaries and employees benefits | 45,557 |  | 51,860 |  | 75,909 |  | 92,218
Fees | 14,371 |  | 14,761 |  | 14,416 |  | 14,761
Depreciation | 5,685 |  | 8,769 |  | 8,607 |  | 15,559
Amortization | 4,265 |  | 11,100 |  | 4,673 |  | 11,732
Other (2) | 16,862 |  | 21,308 |  | 39,907 |  | 37,696
| 86,740 |  | 107,798 |  | 143,512 |  | 171,966

| (1) | Includes recoveries of ICMS, PIS and COFINS taxes on inputs, INSS credits and export credits in the amount of R$31,206 for three-month period ended March 31, 2022 (R$35,949 in the same period of previous year).

| (2) | Includes reversal of provisions related to expenses with mergers and acquisitions in the amount of R$247 for three-month period ended March 31, 2022 (null in the same period of the previous year).

The Company incurred in expenses with internal research and development of new products of R$11,157 for the three-month period ended on March 31, 2022 in the parent company and in the consolidated (R$10,852 in the parent company and in the consolidated in the same period of the previous year).

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| 30. | RELATED PARTIES

The balances of the transactions with related parties are as follows:

|  |  |  |  |  |  |  |  | Parent company
| Accounts receivable |  | Dividends and interest on shareholders' equity receivable |  | Trade accounts payable |  | Other rights |  | Advances and other liabilities
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Banvit | - |  | - |  | - |  | - |  | - |  | - |  | 171 |  | 609 |  | - |  | -
BRF Energia S.A. | - |  | - |  | - |  | - |  | (7,123) |  | (25,932) |  | - |  | - |  | - |  | -
BRF Foods GmbH | 401,892 |  | 608,379 |  | - |  | - |  | - |  | - |  | - |  | 137 |  | - |  | (61)
BRF Global GmbH | 4,682,403 |  | 4,937,329 |  | - |  | - |  | - |  | - |  | - |  | - |  | (7,658,857) | (1) | (10,562,776)
BRF GmbH | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (1,521,111) | (2) | (1,830,251)
BRF Pet S.A. | 4,668 |  | 3,489 |  | - |  | - |  | (181) |  | (174) |  | 514 |  | 588 |  | - |  | -
Federal Foods | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (517)
Hercosul Alimentos Ltda. | 1,691 |  | - |  | - |  | - |  | - |  | - |  | - |  | 4 |  | - |  | -
Hercosul International S.R.L. | 173 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Joody Al Sharqiya Food Production Factory LLC | - |  | - |  | - |  | - |  | - |  | - |  | 53 |  | 62 |  | - |  | -
Mogiana Alimentos S.A. | 1,994 |  | 2,741 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Sadia Alimentos S.A. | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (4,306) |  | (4,265)
Sadia Chile S.A. | 151,653 |  | 172,499 |  | - |  | - |  | - |  | - |  | 38 |  | 5 |  | - |  | -
Sadia Uruguay S.A. | 10,837 |  | 340 |  | - |  | - |  | - |  | - |  | - |  | - |  | (42,539) |  | (41,655)
VIP S.A. Empreendimentos e Partic. Imob. | - |  | - |  | 14 |  | 14 |  | - |  | - |  | - |  | - |  | - |  | -
Marfrig Global Foods S.A. | 7,040 |  | 9,252 |  | - |  | - |  | (36,525) |  | (35,312) |  | - |  | - |  | - |  | -
Quickfood S.A. | 7,609 |  | 8,690 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Marfrig Alimentos S.A. | 153 |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total | 5,270,113 |  | 5,742,719 |  | 14 |  | 14 |  | (43,829) |  | (61,418) |  | 776 |  | 1,405 |  | (9,226,813) |  | (12,439,525)

| (1) | The amount corresponds to export pre-payments, usual operation between the productive units in Brazil with the wholly-owned subsidiaries that operate as trading companies in the international market.

| (2) | BRF S.A. performs reimbursement to certain subsidiaries for losses incurred in the normal course of their operations, generating liabilities recorded as Other Obligations with Related Parties.

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| Consolidated
| Accounts receivable |  | Trade accounts payable
| 03.31.22 |  | 12.31.21 |  | 03.31.22 |  | 12.31.21
Marfrig Global Foods S.A. | 7,040 |  | 9,252 |  | (36,525) |  | (36,058)
Marfrig Chile S.A. | 1,979 |  | 1,434 |  | (77) |  | (24)
Quickfood S.A. | 7,609 |  | 8,690 |  | - |  | -
Marfrig Alimentos S.A. | 153 |  | - |  | - |  | -
Total | 16,781 |  | 19,376 |  | (36,602) |  | (36,082)

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|  |  |  |  | Parent company
| Sales |  | Financial results, net |  | Purchases
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar |  | Jan - Mar
BRF Energia S.A. | - |  | - |  | - |  | - |  | (79,557) |  | (81,873)
BRF Foods GmbH | 70,861 |  | 51,057 |  | - |  | - |  | - |  | -
BRF Global GmbH | 3,401,745 |  | 3,418,973 |  | (65,428) |  | (74,938) |  | - |  | -
BRF Pet S.A. | 3,213 |  | 2,934 |  | - |  | - |  | (5) |  | -
Establecimiento Levino Zaccardi y Cia. S.A. | - |  | - |  | - |  | 3 |  | - |  | -
Hercosul Alimentos Ltda. | 1,622 |  | - |  | - |  | - |  | - |  | -
Hercosul International S.R.L. | 188 |  | - |  | - |  | - |  | - |  | -
Mogiana Alimentos S.A. | 2,180 |  | - |  | - |  | - |  | - |  | -
Sadia Alimentos S.A. | - |  | - |  | (42) |  | (42) |  | - |  | -
Sadia Chile S.A. | 54,547 |  | 38,782 |  | - |  | - |  | - |  | -
Sadia Uruguay S.A. | 25,091 |  | 15,721 |  | (883) |  | (468) |  | - |  | -
Marfrig Global Foods S.A. | 22,561 |  | - |  | - |  | - |  | (110,790) |  | -
Marfrig Chile S.A. | 1,409 |  | - |  | - |  | - |  | - |  | -
Quickfood S.A. | 13,494 |  | - |  | - |  | - |  | - |  | -
Marfrig Alimentos S.A. | 242 |  | - |  | - |  | - |  | - |  | -
Total | 3,597,153 |  | 3,527,467 |  | (66,353) |  | (75,445) |  | (190,352) |  | (81,873)

| Consolidated
| Sales | Purchases
| 2022 |  | 2022
| Jan - Mar |  | Jan - Mar
Marfrig Global Foods S.A. | 22,561 |  | (124,775)
Marfrig Chile S.A. | 3,474 |  | (112)
Quickfood S.A. | 13,494 |  | -
Marfrig Alimentos S.A. | 242 |  | -
Total | 39,771 |  | (124,887)

The subsidiaries of the Company enter into loan agreements pursuant its cash management strategy. As of March 31, 2022, the balance of these transactions was R$1,938,212 (R$2,327,576 as of December 31, 2021) with a weighted average rate of 4.28% p.a. (4.27% p.a. as of December 31, 2021).

The Company made contributions related to the post-employment benefit plans of its employees to BRF Previdência, which holds these plans (note 20). Additionally, the Company leased properties owned by BRF Previdência, and for the three-month period ended on March 31, 2022 the total amount of lease payments was R$5,148 (R$5,161 in the same period of the previous year).

The Company maintains other transactions with related parties resulting from guarantees, transferences and donations to related associations and institutes, as well as leasing and other commercial transactions with related people and entities. Such transactions are compliant with the Related Party Transactions Policy and are not relevant, individually or in aggregate.

| 30.1. | Management remuneration

The total remuneration and benefits expense with board members, statutory directors and the head of internal audit are set forth below:

| Consolidated
| 2022 |  | 2021
| Jan - Mar |  | Jan - Mar
Salary and profit sharing | 17,188 |  | 13,675
Short-term benefits (1) | 363 |  | 194
Private pension | 242 |  | 297
Termination benefits | 530 |  | 749
Share-based payment | 9,091 |  | 6,848
| 27,414 |  | 21,763

| (1) | Comprises: medical assistance, educational expenses and others.

In addition, the executive officers (non-statutory) received among remuneration and benefits the total amount of R$6,457 for the three-month period ended on March 31, 2022 (R$8,229 in the same period of the previous year).

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| 31. | COMMITMENTS

In the normal course of the business, the Company enters into agreements with third parties for the purchase of raw material, mainly corn and soymeal. The agreed prices in these agreements can be fixed or variable. The Company also enters into other agreements, such as electricity supply, packaging supplies, construction of buildings and others for the supply of its manufacturing activities. The firm commitments schedule is set forth below:

Parent company |  | Consolidated
|  | 03.31.22 |  | 03.31.22
Current |  | 5,115,816 |  | 5,714,885
Non-current |  | 2,902,821 |  | 3,210,341
April to december 2023 |  | 1,110,395 |  | 1,332,074
2024 |  | 617,797 |  | 684,114
2025 |  | 377,056 |  | 396,580
2026 |  | 269,748 |  | 269,748
2027 onwards |  | 527,825 |  | 527,825
|  | 8,018,637 |  | 8,925,226

| 32. | TRANSACTIONS THAT DO NOT INVOLVE CASH

The following transactions did not involve cash or cash equivalents during the three-month period ended on March 31, 2022:

| (i) | Capitalized loan interest: as referred in note 13.

| (ii) | Addition of lease by right-of-use assets and respective lease liability: for the three-month period ended on March 31, 2022 amounted to R$140,200 in the parent company and R$184,504 in the consolidated (R$54,911 in the parent company and R$132,367 in the same period of the previous year).

| 33. | EVENTS AFTER THE REPORTING PERIOD

| 33.1. | Hyperinflationary economy – Turkey

Levels of inflation in Turkey have been high in the recent periods and exceeded 100% for the three-year cumulative inflation, according to the Turkish Statistical Institute. Based on this index and on qualitative analyses, is the Company concluded that Turkey is considered a hyperinflationary economy, and, therefore, the corresponding accounting procedures will be applied for the Company’s subsidiaries in Turkey from the second quarter of 2022.

| 33.2. | Nomination of members of the Board of Directors

On April 1, 2022, the members of the Board of Directors elected in the Ordinary and Extraordinary Shareholders’ Meeting occurred on March 28, 2022 took office.

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| 34. | APPROVAL OF THE INTERIM FINANCIAL INFORMATION

The financial statements were approved and the issuance authorized by the Board of Directors on May 4, 2022.

BOARD OF DIRECTORS |
Chairman | Marcos Antonio Molina dos Santos
Vice-Chairman (Independent) | Sérgio Agapito Lires Rial
Independent Member | Aldo Luiz Mendes
Independent Member | Altamir Batista Mateus da Silva
Independent Member | Deborah Stern Vieitas
Non-Independent Member | Eduardo Augusto Rocha Pocetti
Non-Independent Member | Márcia Aparecida Pascoal Marçal dos Santos
Independent Member | Pedro de Camargo Neto
Independent Member | Augusto Marques da Cruz Filho
Independent Member | Flavia Maria Bittencourt
FISCAL COUNCIL |
Member | Attílio Guaspari
Member | Marco Antônio Peixoto Simões Velozo
Member | Bernardo Szpigel
AUDIT AND INTEGRITY COMMITTEE |
Comittee Coordinator (Independent) | Augusto Marques da Cruz Filho
Independent Member | Deborah Stern Vieitas
Non-Independent Member | Eduardo Augusto Rocha Pocetti
Independent Member | Manoel Cordeiro Silva Filho
BOARD OF EXECUTIVE OFFICERS |
Global Chief Executive Officer | Lorival Nogueira Luz Júnior
Chief Financial and Investor Relations Officer | Fabio Luis Mendes Mariano
Vice-President of Human Resources and Shared Services | Alessandro Rosa Bonorino
Vice-President of Institutional Relations, Reputation and Sustainability | Grazielle Tallia Parenti
Vice-President of Integrated Planning and Logistics | Leonardo Campo Dallorto
Vice-President of New Business | Marcel Sacco
Vice-President of Operations and Procurement | Vinícius Guimarães Barbosa
Marcos Roberto Badollato | Heitor Carpigiani de Paula
Accounting Director | Accountant – CRC 1SP336262/O-4

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COMENTARY ABOUT THE BEHAVIOR OF THE COMPANY’S PROJECTIONS

On December 07, 2021, the Management disclosed certain estimates and expectations in connection with the Company updating the perspectives scenarios as follows:

(a) Investments estimates of, approximately, R$55 billion up to 2030, including disbursements made in 2021, setting up a prudent net financial leverage limit (ratio between net debt and Adjusted EBITDA of the 12 prior months) up to three times;

(b) Period between 2021 and 2024: expectation to achieve a net revenue of approximately R$65 billion, with a growing EBITDA twice the size in comparison to the last 12 months ended September 30, 2020;

(c) Period between 2025 and 2027: growth expectation of the net revenue and of the EBITDA of approximately 2,5 times in relation to the last 12 months ended September 30, 2020 and a revenue growth of more than 60% in the Brazilian market;

(d) Period between 2028 and 2030: expectation to reach a net revenue of more than R$100 billion and an EBITDA growth of more than 3,5 times in relation to the last 12 months ended September 30, 2020, average EBITDA Margin above 15%, average net margin of 6% and return on invested capital (“ROIC”) of 16%, approximately.

The projections disclosed above are mere forecast and reflect the current Management’s expectation in relation to BRF’s future. Nevertheless, these projections depend on volatile market conditions and factors that are not under the Company's control and, therefore, may differ in relation to numbers and results that will be effectively registered by the Company.

BREAKDOWN OF THE CAPITAL BY OWNER (NOT REVIEWED)

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:

|  | 03.31.22 |  | 12.31.21
Shareholders |  | Quantity |  | % |  | Quantity |  | %
Major shareholders |  |  |  |  |  |  |  |
Marfrig Global Foods S.A. |  | 359,933,739 |  | 33.25 |  | 269,734,803 |  | 33.20
Caixa de Previd. dos Func. do Banco do Brasil |  | 66,291,838 |  | 6.12 |  | 49,829,952 |  | 6.13
Fundação Petrobras de Seguridade Social - Petros |  | 56,947,828 |  | 5.26 |  | 56,947,828 |  | 7.01
Kapitalo Investimentos Ltda. |  | 56,475,080 |  | 5.22 |  | 40,784,398 |  | 5.02
Management |  |  |  |  |  |  |  |
Board of Directors |  | 4,600 |  | 0.01 |  | 6,314,932 |  | 0.78
Executives |  | 897,182 |  | 0.08 |  | 917,317 |  | 0.11
Treasury shares |  | 5,053,554 |  | 0.47 |  | 5,053,554 |  | 0.62
Other |  | 536,869,425 |  | 49.59 |  | 382,890,462 |  | 47.13
|  | 1,082,473,246 |  | 100.00 |  | 812,473,246 |  | 100.00

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

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INDEPENDENT AUDITORS’ REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

To the Board of Directors and Shareholders of

BRF S.A.

Itajaí - SC

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of BRF S.A. (“the Company”) contained in the Quarterly Information Form - ITR for the quarter ended March 31, 2022, which comprises the statement of financial position as of March 31, 2022 and the respective statements of income (loss), comprehensive income (loss), changes in equity and cash flows for the three-month period then ended, including the explanatory notes.

The Company's management is responsible for the preparation of this individual and consolidated interim financial information in accordance with Technical Pronouncement CPC 21 (R1) – Demonstração Intermediária and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of this information in accordance with standards issued by the Comissão de Valores Mobiliários – CVM, applicable to the preparation of Quarterly Information Form - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with the Brazilian and International standards on review engagements of interim financial information (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for the financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the Quarterly Information Form – ITR referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by IASB, applicable to the preparation of Quarterly Information Form - ITR, and presented in accordance with the standards issued by the Comissão de Valores Mobiliários – CVM.

Emphasis of matter

We draw attention to explanatory note 1.4 to the interim financial information, individual and consolidated, which describe the investigations concluded by United States Government authorities and the ongoing investigations conducted by Brazilian Government authorities involving the Company, as well as their current and potential developments. In the current stage of the ongoing investigations, it is not possible to determine the potential financial and non-financial impacts on the Company resulting from them and their potential developments and, consequently, to record potential losses which could have a material adverse effect on the Company´s financial position, results of operations and cash flows in the future. Our conclusion is not qualified in respect of these matters.

Other matters - Statements of Value Added

The interim financial information mentioned above includes Statements of Value Added, individual and consolidated, for the three-month period ended March 31, 2022, prepared under the responsibility of the Company's management, presented as supplementary information for the purposes of IAS 34. These statements were submitted to review procedures together with the review of the Quarterly Information, with the objective of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in Technical Pronouncement CPC 09 - Statement of Added Value. Based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in accordance with the criteria defined in this Pronouncement and consistent with the individual and consolidated interim financial information taken as a whole.

São Paulo, May 04, 2022

KPMG Auditores Independentes Ltda

CRC 2SP014428/O-6

Original report in Portuguese signed by

Fabian Junqueira Sousa

Accountant CRC 1SP235639/O-0

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OPINION OF THE AUDIT AND INTEGRITY COMMITTEE

The Audit and Integrity Committee of BRF S.A., in fulfilling its statutory and legal duties, examined the interim financial information (parent company and consolidated) for the three-month period ended on March 31, 2022, the Management Report and the review report issued without modification by KPMG Auditores Independentes.

There were no situations of significant divergence between the Company's Management, the independent auditors and the Audit Committee in relation to the Company's interim financial information.

Based on the documents reviewed and the explanations provided, the members of the Audit and Integrity Committee, undersigned, issued the opinion that the interim financial information are in a position to be approved.

São Paulo, May 4, 2022.

Augusto Marques da Cruz Filho

Coordinator (Independent)

Eduardo Augusto Rocha Pocetti

Non-Independent member

Deborah Stern Vieitas

Independent member

Manoel Cordeiro Silva Filho

Independent member

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STATEMENT OF EXECUTIVE BOARD ON THE INTERIM FINANCIAL INFORMATION AND INDEPENDENT AUDITOR’S REPORT

In compliance with the dispositions of sections V and VI of the article 25 of the CVM Instruction No. 480/09, the executive board of BRF S.A. states that:

| (i) | reviewed, discussed and agreed with the Company's interim financial information for the three-month period ended on March 31, 2022, and

| (ii) | reviewed, discussed and agreed with the opinions expressed in the audit report issued by KPMG Auditores Independentes on May 11, 2022 for the Company's interim financial information for the three-month period ended on March 31, 2022.

São Paulo, May 4, 2022.

Lorival Nogueira Luz Júnior

Global Chief Executive Officer

Fabio Luis Mendes Mariano

Chief Financial and Investor Relations Officer

Alessandro Rosa Bonorino

Vice-President of Human Resources and Shared Services

Grazielle Tallia Parenti

Vice-President of Institutional Relations, Reputation and Sustainability

Leonardo Campo Dallorto

Vice-President of Integrated Planning and Logistics

Marcel Sacco

Vice-President of New Business

Vinícius Guimarães Barbosa

Vice-President of Operations and Procurement

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