v3.22.4
FINANCIAL INSTRUMENTS AND RISKS (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Instruments And Risks  
Schedule of financial risk management
                   
2022
          Fair Value   Gain / (Losses)
Exposure   Risk Notional   Assets Liability   Finance Result Operational Result Equity
     
Cost      19,853.3     271.8   (719.4)    (3,075.2)  452.7   134.3 
    Commodities  4,809.9     100.8   (376.0)     63.5   (32.3)  (475.0)
    US Dollars  14,874.7     157.7   (342.9)     (3,139.2)  477.1   596.6 
    Euros  32.2     1.9   -       (0.7)  (0.3)   1.2 
    Mexican Pesos  136.5     11.4   (0.5)    1.2   8.2   11.5 
     
Fixed Assets      226.8     1.5   (5.4)    (5.9)  4.9   (13.0)
    US Dollars  226.8     1.5   (5.4)    (5.9)  4.9   (13.0)
     
Expenses      204.9     0.5   (4.6)     (42.5)  9.1   (14.8) 
    US Dollars  204.9     0.5   (4.6)    (42.5)  9.1   (14.8)
     
Cash      -       -     -       (17.1)  -     -   
    US Dollars  -       -     -       (17.1)   -     -   
As at December 31, 2022    20,285.0     273.8   (729.4)  -  (3,140.7)  466.7   106.5 

 

    2021
          Fair Value   Gain / (Losses)
Exposure   Risk Notional   Assets Liability   Finance Result Operational Result Equity
 
Cost    18,911.7     597.4   (421.1)    (2,113.5)  1,710.2   2,277.4 
  Commodities  3,179.9     455.3   (41.2)     (126.8)  1,168.1   684.7 
  US Dollars  15,516.2     136.2   (378.4)    (1,970.7)   541.8   1,792.7 
  Euros  31.8     -     (0.8)    (0.1)  0.5   (1.9) 
  Mexican Pesos  183.8     5.9   (0.7)    (15.9)  (0.2)  (198.1)
 
Fixed Assets    1,111.4     1.1   (53.3)    (368.8)  105.3   103.2 
  US Dollars  1,111.4     1.1   (53.3)    (368.8)  105.3   103.2 
 
Expenses    365.8     0.5   (18.1)     (124.5)  36.9   192.9 
  US Dollars  365.8     0.5   (18.1)    (124.5)  36.9   192.9 
 
Equity Instrument    -       -     -       78.0   -     -   
  Stock exchange prices  -       -     -       78.0   -     -   
As at December 31, 2021    20,388.9     599.0   (492.5)     (2,528.8)  1,852.4   2,573.5 
Schedule of detailed information about hedging instruments
   
  2022
  Risk
  Interest rate  Amount 
Brazilian Reais 8.5%  230.1 
Post fixed interest rate     230.1 
 
 
Brazilian Reais 8.5%  2,602.1 
Working Capital in Argentinean Peso  73.5%  74.3 
Other 10.4%  421.3 
US Dollars 14.0%  6.2 
Canadian Dollars 5.3%  511.0 
Pre-fixed interest rate     3,614.9 
  2021
  Risk
  Interest rate  Amount 
Brazilian Reais 11.6%  83.0 
Post fixed interest rate     83.0 
 
 
Brazilian Reais 7.2%  2,343.3 
Working capital in Argentinean Peso  34.7%  30.5 
Other 11.3%  226.0 
US Dollars 13.1%  17.5 
Canadian Dollars 2.5%  430.8 
Pre-fixed interest rate     3,048.1 
Schedule of Notional and fair value amounts per instrument and maturity
         
Transaction Risk Fair value Probable scenario Adverse scenario Remote
scenario
 
Commodities hedge Decrease in commodities price  (275.2)  (466.3)  (1,477.8)  (2,680.3)
Input purchases    275.2   466.3   1,477.8   2,680.3 
Foreign exchange hedge Foreign currency decrease  (172.4)  (425.5)  (3,933.1)  (7,694.0)
Input purchases    172.4   425.5   3,933.1   7,694.0 
Cost effects    -     -     -     -   
 
Foreign exchange hedge Foreign currency decrease  (3.9)  (5.2)  (60.6)  (117.3)
Capex Purchases    3.9   5.2   60.6   117.3 
Fixed asset effects    -     -     -     -   
 
Foreign exchange hedge Foreign currency decrease  (4.1)  (5.1)  (55.3)  (106.5)
Expenses    4.1   5.1   55.3   106.5 
Expense effects    -     -     -     -   
   -     -     -     -   

 

As at December 31, 2022 the Notional and Fair Value amounts per instrument and maturity were as follow:

 

             
    Notional Value
Exposure Risk 2023 2024 2025 2026 >2026 Total
 
Cost    19,758.1   95.2   -     -     -     19,853.3 
   Commodities   4,714.7   95.2   -     -     -     4,809.9 
   US Dollars   14,874.7   -     -     -     -     14,874.7 
   Euros  32.2   -     -     -     -     32.2 
   Mexican Pesos   136.5   -     -     -     -     136.5 
 
Fixed assets    226.8   -     -     -     -     226.8 
   US Dollars   226.8   -     -     -     -     226.8 
 
Expenses    204.9   -     -     -     -     204.9 
   US Dollars   204.9   -     -     -     -     204.9 
   20,189.8   95.2   -     -     -     20,285.0 

 

    Fair Value
Exposure Risk 2023 2024 2025 2026 >2026 Total
 
Costs    (449.1)  1.5   -     -     -     (447.6)
  Commodities  (276.7)  1.5   -     -     -     (275.2)
  US Dollars  (185.2)  -     -     -     -     (185.2)
  Euros  1.9   -     -     -     -     1.9 
  Mexican Pesos  10.9   -     -     -     -     10.9 
 
Fixed assets    (3.9)  -     -     -     -     (3.9)
  US Dollars  (3.9)  -     -     -     -     (3.9)
 
Expenses    (4.1)  -     -     -     -     (4.1)
  US Dollars  (4.1)  -     -     -     -     (4.1)
   (457.1)  1.5   -     -     -     (455.6)
Schedule of Notional and fair value amounts per instrument and maturity
             
    Notional Value
Exposure Risk 2023 2024 2025 2026 >2026 Total
 
Cost    19,758.1   95.2   -     -     -     19,853.3 
   Commodities   4,714.7   95.2   -     -     -     4,809.9 
   US Dollars   14,874.7   -     -     -     -     14,874.7 
   Euros  32.2   -     -     -     -     32.2 
   Mexican Pesos   136.5   -     -     -     -     136.5 
 
Fixed assets    226.8   -     -     -     -     226.8 
   US Dollars   226.8   -     -     -     -     226.8 
 
Expenses    204.9   -     -     -     -     204.9 
   US Dollars   204.9   -     -     -     -     204.9 
   20,189.8   95.2   -     -     -     20,285.0 

 

    Fair Value
Exposure Risk 2023 2024 2025 2026 >2026 Total
 
Costs    (449.1)  1.5   -     -     -     (447.6)
  Commodities  (276.7)  1.5   -     -     -     (275.2)
  US Dollars  (185.2)  -     -     -     -     (185.2)
  Euros  1.9   -     -     -     -     1.9 
  Mexican Pesos  10.9   -     -     -     -     10.9 
 
Fixed assets    (3.9)  -     -     -     -     (3.9)
  US Dollars  (3.9)  -     -     -     -     (3.9)
 
Expenses    (4.1)  -     -     -     -     (4.1)
  US Dollars  (4.1)  -     -     -     -     (4.1)
   (457.1)  1.5   -     -     -     (455.6)
Schedule of terms and debt repayments
             
  2022
  Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years
Trade and other payables (i)  39,354.4   40,656.4   36,818.5   86.8   1,275.1   1,008.4   1,467.6 
Secured bank loans  180.8   245.7   68.2   26.4   25.2   50.4   75.5 
Other unsecured loans  472.5   759.1   169.9   156.7   151.6   165.4   115.5 
Lease liabilities   3,117.4   3,657.4   962.9   1,008.4   621.0   696.9   368.2 
   43,125.1   45,318.6   38,019.5   1,278.3   2,072.9   1,921.1   2,026.8 

 

(i) Mainly includes amounts related to suppliers, taxes, fees and contributions payables, dividends and interest on equity payable, salaries and charges, put options related to the Company’s participation in subsidiaries and other liabilities, except for related parties, with payment term of less than one year.

 

  2021
  Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years
Trade and other payables (i)  38,976.2   40,186.2   34,690.6   1,279.7   2,248.8   327.2   1,639.9 
Secured bank loans  247.0   328.1   88.9   61.7   26.4   50.4   100.7 
Unsecured bank loans  84.1   84.1   84.1   -     -     -     -   
Other unsecured loans  130.1   234.7   46.5   48.2   29.1   20.7   90.2 
Lease liabilities   2,639.3   3,070.9   788.5   756.1   550.7   422.4   553.2 
   42,076.7   43,904.0   35,698.6   2,145.7   2,855.0   820.7   2,384.0 

 

(i) Mainly includes amounts related to suppliers, taxes, fees and contributions payables, dividends and interest on equity payable, salaries and charges, put options related to the Company’s participation in subsidiaries and other liabilities, except for related parties, with payment term of less than one year.
Schedule of consolidated financial instruments
     
  2022
  Amortized cost Fair value through profit or loss  Total 
Financial assets      
Cash and cash equivalents less bank overdrafts  14,852.1   -     14,852.1 
Trade receivables excluding prepaid expenses   7,791.4   -     7,791.4 
Investment securities  219.1   454.5   673.6 
Derivatives hedges  -     273.8   273.8 
Total  22,862.6   728.3   23,590.9 
 
Financial liabilities      
Trade payables  24,837.9   -     24,837.9 
Put options granted on subsidiaries  -     3,060.3   3,060.3 
Derivatives hedges  -     729.4   729.4 
Interest-bearing loans and borrowing  3,770.7   -     3,770.7 
Other liabilities  2,015.6   333.7   2,349.3 
Total  30,624.2   4,123.4   34,747.6 
  2021
  Amortized cost Fair value through profit or loss  Total 
Financial assets  
Cash and cash equivalents less bank overdrafts  16,597.2   -     16,597.2 
Trade receivables excluding prepaid expenses   7,084.7   -     7,084.7 
Investment securities  192.9   1,914.6   2,107.5 
Derivatives hedges  -     599.0   599.0 
Total  23,874.8   2,513.6   26,388.4 
 
Financial liabilities      
Trade payables 25,695.0 - 25,695.0
Put options granted on subsidiaries - 3,291.4 3,291.4
Derivatives hedges - 492.5 492.5
Interest-bearing loans and borrowing 3,100.6 - 3,100.6
Other liabilities 2,263.7 194.7 2,458.4
Total 31,059.3 3,978.6 35,037.9
Schedule of fair value measurement
                 
  2022   2021
           
  Level 1 Level 2 Level 3 Total   Level 1 Level 2 Level 3 Total
Financial assets          
Financial asset at fair value through profit and loss  454.5   -     -     454.5     1,914.6   -     -     1,914.6 
Derivatives - operational hedge  57.0   216.8   -     273.8     159.1   439.9   -     599.0 
 Total  511.5   216.8   -     728.3     2,073.7   439.9   -     2,513.6 
Financial liabilities          
Financial liabilities at fair value through profit and loss  -     -     3,393.9   3,393.9     -     -     3,486.0   3,486.0 
Derivatives - operational hedge  76.1   653.3   -     729.4     193.4   299.1   -     492.5 
 Total  76.1   653.3   3,393.9   4,123.3     193.4   299.1   3,486.0   3,978.5 
Schedule of Reconciliation of changes in the assets
 
Financial liabilities at December 31, 2021 3,486.0 
   Acquisition of investments 161.4 
Total gains and losses during the period (253.5)
   Losses/(gains) recognized in net income (46.3)
   Losses/(gains) recognized in equity (207.2)
Financial liabilities at December 31, 2022 3,393.9