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Loans and Borrowings
 12 Months Ended
Dec. 31, 2024
Loans And Borrowings  
Loans and Borrowings

 

15.Loans and Borrowings
                                     
   
  Charges (p.a.)   Average rate (1)   WAMT (2)   12.31.23   Borrowing   Amortization   Interest paid   Interest accrued (3)   Exchange rate variation   12.31.24
Local currency                                      
Working capital  Fixed / CDI     -
(12.28% on 12.31.23) 		    -   777,528    -    (743,687)   (77,910)     44,069    -    -
Export credit facility  CDI     13.77% (13.26% on 12.31.23)      2.70   1,583,597    -    (470,000)    (166,081)    165,884    -   1,113,400
Debentures  CDI / IPCA     11.24% (10.94% on 12.31.23)      5.84   6,634,434   1,937,680    (978,268)    (538,822)    171,712    -   7,226,736
                                       
Fiscal incentives  Fixed     -
(2.40% on 12.31.23) 		    -   6,604    76,498   (83,108)     (677)    683    -    -
              9,002,163   2,014,178    (2,275,063)    (783,490)    382,348    -   8,340,136
                                       
Foreign currency                                      
Bonds  Fixed / FX USD     5.16% (5.15% on 12.31.23)    13.44   7,559,562    -    (105,735)    (484,110)    509,749   2,121,887   9,601,353
Export credit facility  Fixed /SOFR / FX USD     4.24% (5.49% on 12.31.23)      3.74   2,436,651   777    (1,204,148)    (219,661)    106,276   478,207   1,598,102
Advances for foreign exchange rate contracts  Fixed / FX USD    0% (7.10% on 12.31.23)    -   158,420    -    (152,900)   (10,972)   (2,466)   7,918    -
Working capital  Fixed / EIBOR3M + 1,8% FX TRY, AED and USD     10.62% (13.13% on 12.31.23)      1.07   938,752   329,807    (248,173)    (178,594)    140,620   218,545   1,200,957
                                       
               11,093,385   330,584    (1,710,956)    (893,337)    754,179   2,826,557    12,400,412
               20,095,548   2,344,762    (3,986,019)    (1,676,827)    1,136,527   2,826,557    20,740,548
                                       
Current             2,451,838                       1,230,273
Non-current              17,643,710                        19,510,275
(1)Weighted average annual rate.
(2)Weighted average maturity in years.
(3)lncludes interest amounts, monetary restatement of the principal coupon and mark-to-market for debts hedged with an annual balance of R$662,443, which are object to fair value hedge protection.

 

   
  Charges (p.a.)   Average rate (1)   WAMT (2)   12.31.22   Reclassification (3)   Borrowing   Amortization   Interest paid   Interest accrued   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  IPCA     10.86% (11.80% on 12.31.22)     -     999,646     -    -    (1,018,131)   (91,121)   109,606    -    -
Debentures  CDI / IPCA     10.94% (12.09% on 12.31.22)     5.75   5,940,146     -    -    -    (441,639)   1,135,927    -   6,634,434
Export credit facility  Fixed / CDI     13.26% (9.05% on 12.31.22)     3.67   3,613,555     (2,019,866)    -    -    (234,038)   223,946    -   1,583,597
                                           
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 and EUR     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 / LIBOR / 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 / FX TRY 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)The Company, in order to improve the presentation of the financial statements, reclassified the export credit facility issued in Reais (R$) simultaneously and in connection with a foreign exchange rate swap, resulting essentially in a net cash flow in U.S. Dollars (US$).

 

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

On December 31, 2024 and on December 31, 2023, the Company did not have any financial covenant clauses related to its loans and borrowings agreements.

15.1Issuance of debentures

On June 27, 2024, the Company settled its fifth issuance of simple, non-convertible into shares, unsecured debentures, in three series as shown in the table below, for private placement, in the total amount of R$ 2,000,000.

The debentures were subject to Private Placement with ECO Securitizadora de Direitos Creditórios do Agronegócio S.A. (“Securitization Company”), in the context of its 332nd issuance of agribusiness receivables certificates, in three series, backed by agribusiness credit rights arising from the debentures, for public distribution.

                         
12.31.24
Operation   Series   Issue date   Maturity   Rate   Notional   Updated Value
                         
Debenture - 5th Issue   1st Series   06.27.24   06.14.29   CDI +0.8% p.a.    140,000    136,766
Debenture - 5th Issue   2nd Series   06.27.24   06.13.31   12.9% p.a.    925,000    789,811
Debenture - 5th Issue   3rd Series   06.27.24   06.14.34   IPCA +7.2% p.a.    935,000    838,970
                     2,000,000    1,765,547

 

The issuances costs of R$62,320 are recognized on the statement of income over the term of the debt according to the effective interest rate method.

15.2Guarantees

On December 31, 2024, the amount of bank guarantees contracted by the Company was of R$195,798 (R$207,006 as of December 31, 2023) which were offered mainly in litigations involving the Company’s use of tax credits. These guarantees have an average cost of 1.63% p.a. (1.64% p.a. as of December 31, 2023). Guarantees for the mortgage of assets linked to tax incentives were nil at 12.31.24 (R$6,604 as of December 31, 2023).

15.3Advanced amortization

In 2024, early repayments totaled the principal amount of R$2,213,301 and R$92,341 in interest and others, as a result of the execution of a gross debt reduction program focused on the prepayment of debts with original maturity in the first years and with a higher financial burden.

This amount was allocated mainly to: (i)R$978,268 in principal and R$40,685 in interest and others in Debentures and CRA; (ii) R$105,735 in principal, R$574 in interest and others, and R$1,212 in premium on the repurchase of Bonds 2026 and 2030; (iii) R$1,129,298 in principal and R$52,294 in interest and other amounts in bilateral lines.