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Loans and borrowings
 12 Months Ended
Dec. 31, 2023
Loans And Borrowings  
Loans and borrowings

 

15.Loans and borrowings
                                         
  Charges (p.a.)   Average rate (1)   WAMT (2)   12.31.22   Reclassification (5)   Borrowing   Amortization   Interest paid   Interest accrued (3)   Exchange rate variation   12.31.23
Local currency                                          
Working capital  Fixed / CDI     12.28% (10.72% on 12.31.22)
 		     0.65   409,186   -   740,000    (390,582)   (37,352)     56,276    -   777,528
Certificate of agribusiness receivables (4)  IPCA     10.86% (11.80% on 12.31.22)
 		    -   999,646   -    -    (1,018,131)   (91,121)    109,606    -    -
Export credit facility  CDI     13.26% (9.05% on 12.31.22)
 		     3.67   3,613,555   (2,019,866)    -    -    (234,038)    223,946    -   1,583,597
Debentures  CDI / IPCA     10.94% (12.09% on 12.31.22)
 		     5.75   5,940,146   -    -    -    (441,639)    1,135,927    -   6,634,434
                                           
Fiscal incentives  Fixed     2.40% (2.40% on 12.31.22)
 		    -   5,286   -   100,195   (98,877)     (832)    832    -   6,604
               10,967,819   (2,019,866)   840,195    (1,507,590)    (804,982)    1,526,587    -   9,002,163
                                           
Foreign currency                                          
Bonds  Fixed / FX USD     5.15% (4.91% on 12.31.22)
 		   14.30    11,902,290   -    -    (3,672,960)    (606,725)    663,684    (726,727)   7,559,562
Export credit facility  Fixed /SOFR / FX USD     5.49% (7.10% on 12.31.22)      3.23   132,887     2,019,866   1,006,496    (534,993)    (156,178)    126,784    (158,211)   2,436,651
Advances for foreign exchange rate contracts  Fixed / FX USD    7.10% (0.00% on 12.31.22)     0.23    -   -   306,684    (153,684)     (4,304)     19,122     (9,398)   158,420
Working capital  Fixed / EIBOR3M + 1,8% FX TRY, AED and USD     13.13% (16.83% on 12.31.22)      1.84   514,004   -   1,683,112    (1,020,713)    (107,636)    122,454    (252,469)   938,752
                                           
               12,549,181     2,019,866   2,996,292    (5,382,350)    (874,843)    932,044    (1,146,805)    11,093,385
               23,517,000   -   3,836,487    (6,889,940)    (1,679,825)    2,458,631    (1,146,805)    20,095,548
                                           
Current             3,879,874                           2,451,838
Non-current              19,637,126                            17,643,710

 

(1)Weighted average annual rate.
(2)Weighted average maturity in years.
(3)Includes interest amounts, monetary restatement of the principal coupon and mark-to-market for debts hedged object to fair value hedge protection.
(4)The Certificates of Agribusiness Receivables (“CRA”) issued by the Company are backed by receivables of BRF S.A. from certain subsidiaries abroad.
(5)The Company, reclassified the 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.
                                       
  Charges (p.a.)   Average rate (1)   WAMT (2)   12.31.21   Borrowing   Amortization   Interest paid   Interest accrued   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  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  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.

 

The maturity schedule of the loans and borrowings is presented on note 23.1.

On December 31, 2023 and on December 31, 2022 the Company did not have any financial covenant clauses related to its loans and borrowings agreements.

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, being renewed for another two years on October 26, 2022. The referenced credit facilities can be withdrawn totally or partially, at the Company’s will, whenever necessary. As of December 31, 2023, the credit facilities were available, but unused.

15.2. Guarantees

             
               
          12.31.23   12.31.22
Total loans and borrowings                20,095,548          23,517,000
Mortgage guarantees              
Related to tax incentives and other                        6,604                  5,286

On December 31, 2023, the amount of bank guarantees contracted by the Company was of R$207,006 (R$447,736 as of December 31, 2022) which were offered mainly in litigations involving the Company’s use of tax credits. These guarantees have an average cost of 1.64% p.a. (1.92% p.a. as of December 31, 2022).

15.3.Repurchase of senior notes

During the year ended on December 31, 2023, the Company repurchased the following senior notes: 4.75% Senior Notes due in 2024 and 4.35% due in 2026. The result of the repurchases is set forth below:

                         
Instrument   Currency   Maturity   Notional repurchased   Outstanding notional (1)
      (loan currency)   (Reais) (2)   (loan currency)   (Reais) (3)
                         
BRF S.A. - BRFSBZ 4.75   USD   2024     295,363     1,521,887     -    -
BRF S.A. - BRFSBZ 4.35   USD   2026     200,000     984,580     299,282    1,448,914

 

(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 12.31.23.

 

 

The Company paid the amount equivalent to R$2,515,194 for the repurchase these liabilities, which includes notional, interest, premium and taxes. The repurchase generated a financial income in the amount of R$46,768 referring to the discount on the repurchase and financial expenses of R$2,175 related to financial taxes and R$9,034 with the write-off of the costs of issuance.