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LOANS AND BORROWINGS | 12 Months Ended
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Dec. 31, 2022
Loans And Borrowings |
LOANS AND BORROWINGS |
| 15. | LOANS AND BORROWINGS
Schedule of loan and financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Charges (p.a.) |  | Average rate (1) |  | WAMT (2) |  | 12.31.21 |  | Borrowing |  | Amortization |  | Interest paid |  | Interest accrued (3) |  | Exchange rate variation |  | 12.31.22
Local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Working capital | Fixed / CDI |  | 10.72% (5.24% on 12.31.21) |  | 0.6 |  | 406,962 |  | 386,844 |  | (392,684) |  | (18,473) |  | 26,902 |  | (365) |  | 409,186
Certificate of agribusiness receivables (4) | IPCA |  | 11.80% (16.57% on 12.31.21) |  | 1.0 |  | 967,948 |  | (242) |  | - |  | (86,620) |  | 118,560 |  | - |  | 999,646
Development bank credit lines | TJLP / TLP/ IPCA / FINAME |  | (3.12% on 12.31.21) |  | - |  | 7,679 |  | - |  | (6,328) |  | (1,472) |  | 121 |  | - |  | -
Debentures | CDI / IPCA |  | 12.09% (15.54% on 12.31.21) |  | 8.5 |  | 4,210,015 |  | 1,649,905 |  | (70,000) |  | (258,593) |  | 408,819 |  | - |  | 5,940,146
Export credit facility (5) | Fixed / CDI |  | 9.05% (10.87% on 12.31.21) |  | 5.3 |  | 3,516,273 |  | 637,000 |  | (415,706) |  | (272,642) |  | 290,544 |  | (141,914) |  | 3,613,555
Fiscal incentives | Fixed |  | 2.40% (2.40% on 12.31.21) |  | - |  | 3,601 |  | 100,326 |  | (98,667) |  | (827) |  | 853 |  | - |  | 5,286
|  |  |  |  |  |  | 9,112,478 |  | 2,773,833 |  | (983,385) |  | (638,627) |  | 845,799 |  | (142,279) |  | 10,967,819
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds | Fixed / FX USD and EUR |  | 4.91% (4.82% on 12.31.21) |  | 11.0 |  | 15,544,012 |  | - |  | (2,416,162) |  | (793,711) |  | 724,476 |  | (1,156,325) |  | 11,902,290
Export credit facility | Fixed / LIBOR / FX USD |  | 7.10% (3.43% on 12.31.21) |  | 0.2 |  | 311,385 |  | - |  | (170,051) |  | (7,119) |  | 7,609 |  | (8,937) |  | 132,887
Advances for foreign exchange rate contracts | Fixed / FX USD |  | - |  | - |  | 3,103 |  | - |  | (2,766) |  | - |  | (53) |  | (284) |  | -
Working capital | Fixed / FX TRY and USD |  | 16.83% (13.35% on 12.31.21) |  | 0.7 |  | 485,052 |  | 618,780 |  | (412,058) |  | (78,844) |  | 74,581 |  | (173,507) |  | 514,004
|  |  |  |  |  |  | 16,343,552 |  | 618,780 |  | (3,001,037) |  | (879,674) |  | 806,613 |  | (1,339,053) |  | 12,549,181
|  |  |  |  |  |  | 25,456,030 |  | 3,392,613 |  | (3,984,422) |  | (1,518,301) |  | 1,652,412 |  | (1,481,332) |  | 23,517,000
Current |  |  |  |  |  |  | 3,203,068 |  |  |  |  |  |  |  |  |  |  |  | 3,879,874
Non-current |  |  |  |  |  |  | 22,252,962 |  |  |  |  |  |  |  |  |  |  |  | 19,637,126
| (1) | Weighted average annual rate.
| (2) | Weighted average maturity in years.
| (3) | Includes interest amounts, monetary restatement of the principal and coupon.
| (4) | The Certificate of Agribusiness Receivable (“CRA”) issued by the Company are backed by receivables of BRF S.A. from certain subsidiaries abroad.
| (5) | On December 31, 2022, includes the amount of R$2,019,866 (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.
| Charges (p.a.) |  | Average rate (1) |  | WAMT (2) |  | 12.31.20 |  | Borrowing |  | Business combination |  | Amortization |  | Interest paid |  | Interest accrued |  | Exchange rate variation |  | 12.31.21
Local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Working capital | Fixed / CDI |  | 5.24% (3.25% on 12.31.20) |  | 0.7 |  | 368,681 |  | 400,000 |  | 25,950 |  | (389,734) |  | (11,910) |  | 13,975 |  | - |  | 406,962
Certificate of agribusiness receivables | IPCA |  | 16.57% (10.21% on 12.31.20) |  | 2.0 |  | 821,093 |  | - |  | - |  | - |  | 95 |  | 146,760 |  | - |  | 967,948
Development bank credit lines | TJLP / TLP/ IPCA / FINAME |  | 3.12% |  | 3.7 |  | - |  | - |  | 9,006 |  | (1,351) |  | (87) |  | 111 |  | - |  | 7,679
Debentures | CDI / IPCA |  | 15.54% (8.28% on 12.31.20) |  | 7.3 |  | 3,022,005 |  | 965,549 |  | - |  | - |  | (188,668) |  | 411,129 |  | - |  | 4,210,015
Export credit facility | Fixed / CDI / FX USD |  | 10.87% (3.69% on 12.31.20) |  | 4.2 |  | 2,408,697 |  | 937,250 |  | 20,456 |  | (5,632) |  | (117,679) |  | 122,510 |  | 150,671 |  | 3,516,273
Fiscal incentives | Fixed |  | 2.40% (2.40% on 12.31.20) |  | - |  | 44,816 |  | 82,064 |  | - |  | (123,236) |  | (797) |  | 754 |  | - |  | 3,601
|  |  |  |  |  |  | 6,665,292 |  | 2,384,863 |  | 55,412 |  | (519,953) |  | (319,046) |  | 695,239 |  | 150,671 |  | 9,112,478
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds | Fixed / FX USD and EUR |  | 4.82% (4.81% on 12.31.20) |  | 11.6 |  | 14,829,993 |  | - |  | - |  | (314,806) |  | (790,836) |  | 888,804 |  | 930,857 |  | 15,544,012
Export credit facility | Fixed / LIBOR / FX USD |  | 3.43% (3.13% on 12.31.20) |  | 1.3 |  | 392,636 |  | - |  | 30,476 |  | (138,870) |  | (10,867) |  | 10,466 |  | 27,544 |  | 311,385
Advances for foreign exchange rate contracts | Fixed / FX USD |  | - |  | - |  | - |  | 249,000 |  | 2,672 |  | (249,000) |  | (1,182) |  | 1,363 |  | 250 |  | 3,103
Working capital | Fixed / FX TRY and USD |  | 13.35% (10.98% on 12.31.20) |  | 1.5 |  | 516,505 |  | 356,919 |  | 29,555 |  | (172,718) |  | (71,436) |  | 85,339 |  | (259,112) |  | 485,052
|  |  |  |  |  |  | 15,739,134 |  | 605,919 |  | 62,703 |  | (875,394) |  | (874,321) |  | 985,972 |  | 699,539 |  | 16,343,552
|  |  |  |  |  |  | 22,404,426 |  | 2,990,782 |  | 118,115 |  | (1,395,347) |  | (1,193,367) |  | 1,681,211 |  | 850,210 |  | 25,456,030
Current |  |  |  |  |  |  | 1,059,984 |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,203,068
Non-current |  |  |  |  |  |  | 21,344,442 |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,252,962
| (1) | Weighted average annual rate.
| (2) | Weighted average maturity in years.
The maturity schedule of the loans and borrowings is presented on note 24.3. On December 31, 2022 and on December 31, 2021 the Company did not have any financial covenant clauses related to its loans and borrowings agreements. In the ordinary course of business, the Company from time to time may consider repurchasing any of its Senior Unsecured Notes (Bonds), subject market conditions, as alternative for improving the cost of capital and for better equalization of the foreign exchange balances and of the indebtedness profile. Such repurchases may be carried out in different ways, including open market transactions. Subject to compliance with applicable laws, any such transaction may be carried out at any time, and the Company has no obligation to acquire any particular amount of Bonds. 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 12, 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 3 years, which renewal was approved by the Board of Directors on October 21, 2022, under the same conditions, for an additional period of 2 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 3 years. The referenced credit facilities can be withdrawn totally or partially, at the Company’s will, whenever necessary. As of December 31, 2022, the credit facilities were available, but unused. 15.2. Guarantees
Schedule of commitment for purchase goods and services |  |  |
| 12.31.22 |  | 12.31.21
Total loans and borrowings | 23,517,000 |  | 25,456,030
Mortgage guarantees | 5,286 |  | 20,343
Related to FINAME | - |  | 16,742
Related to tax incentives and other | 5,286 |  | 3,601
On December 31, 2022, the amount of bank guarantees contracted by the Company was of R$447,736 (R$478,468 as of December 31, 2021) which were offered mainly in litigations involving the Company’s use of tax credits. These guarantees have an average cost of 1.92% p.a. (1.93% p.a. as of December 31, 2021). 15.3. Debentures offering On July 13, 2022, the securitization company subscribed, under the private placement, 1,700,000 (one million and seven hundred thousand) debentures with a unit face value of R$ 1 (one thousand Reais) and consists of two series, in a total amount of R$1,700,000 (one billion and seven hundred million Reais). The first series is composed of 710,000 (seven hundred and ten thousand) debentures, with maturity on July 13, 2027 and indexed to DI. The second series is composed of 990,000 (nine hundred and ninety thousand) debentures, with maturity on July 13, 2032 and indexed to IPCA. 15.4. Senior Notes repurchase During the year ended on December 31, 2022, the Company repurchased the following issues of senior notes: 4.875% Senior Notes due in 2030 and 5.75% Senior Notes due in 2050. The result of the repurchases is set forth below:
Schedule of repurchase of senior notes |  |  |  |  |  |  |  |  |  |  |  |
Instrument |  | Currency |  | Maturity |  | Notional repurchased |  | Outstanding notional (1)
|  |  | (loan currency) |  | (Reais) (2) |  | (loan currency) |  | (Reais) (3)
BRF S.A. - BRFSBZ 4 7/8 |  | USD |  | 2030 |  | 102,291 |  | 537,837 |  | 588,307 |  | 3,069,609
BRF S.A. - BRFSBZ 5 3/4 |  | USD |  | 2050 |  | 128,810 |  | 676,862 |  | 671,190 |  | 3,502,068
| (1) | Outstanding notional after the tender offer.
| (2) | Represented by the amount in the original loan currency, translated by the foreign exchange rate at the settlement date of the repurchase.
| (3) | Represented by the amount in the original loan currency, translated by the foreign exchange rate at the settlement date 12.31.22.
The Company paid the amount equivalent to R$950,924 for the repurchase of these liabilities, which includes notional as depicted above, increased by interest, premium and taxes in the amount of R$12,142 and net of financial income in the amount of R$275,917 referring to the discount on the repurchase. Furthermore, the repurchase generated financial expenses in the amount of R$12,830 related to financial taxes and R$23,941 with the write-off of the costs of issuance.

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