Cover
Cover | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | BRF S.A. |
Entity Central Index Key | 0001122491 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | R$ 6889844 | R$ 7576625 |
Marketable securities | 343,182 | 314,158 |
Trade and other receivables | 3,586,751 | 4,136,421 |
Inventories | 9,258,921 | 6,802,759 |
Biological assets | 2,668,065 | 2,129,010 |
Recoverable taxes | 883,740 | 899,120 |
Recoverable income taxes | 94,936 | 43,840 |
Derivative financial instruments | 83,144 | 377,756 |
Restricted cash | 24,529 | 1 |
Assets held for sale | 21,773 | 186,025 |
Other current assets | 387,341 | 446,269 |
Total current assets | 24,242,226 | 22,911,984 |
NON-CURRENT ASSETS | ||
Marketable securities | 375,906 | 344,577 |
Trade and other receivables | 41,886 | 49,864 |
Recoverable taxes | 4,743,657 | 4,868,198 |
Recoverable income taxes | 59,864 | 54,859 |
Deferred income taxes | 2,505,005 | 2,109,064 |
Judicial deposits | 543,106 | 553,341 |
Biological assets | 1,382,832 | 1,221,749 |
Derivative financial instruments | 2,139 | 234 |
Restricted cash | 1 | 24,357 |
Other non-current assets | 77,528 | 82,123 |
Total long-term receivables | 9,731,924 | 9,308,366 |
Investments | 6,911 | 8,874 |
Property, plant and equipment, net | 12,822,742 | 12,215,580 |
Intangible assets | 6,245,045 | 5,220,102 |
Total non-current assets | 28,806,622 | 26,752,922 |
TOTAL ASSETS | 53,048,848 | 49,664,906 |
CURRENT LIABILITIES | ||
Loans and borrowings | 2,861,250 | 1,059,984 |
Trade accounts payable | 11,077,197 | 8,996,206 |
Supply chain finance | 1,889,219 | 1,452,637 |
Lease liability | 485,905 | 383,162 |
Payroll, related charges and employee profit sharing | 1,003,089 | 940,816 |
Taxes payable | 372,343 | 395,630 |
Derivative financial instruments | 186,147 | 384,969 |
Provision for tax, civil and labor risks | 1,050,188 | 865,338 |
Employee benefits | 125,312 | 125,230 |
Liabilities directly associated with assets held for sale | 21,718 | |
Other current liabilities | 1,183,243 | 814,638 |
Total current liabilities | 20,233,893 | 15,440,328 |
NON-CURRENT LIABILITIES | ||
Loans and borrowings | 21,317,352 | 21,344,442 |
Trade accounts payable | 11,999 | 13,781 |
Lease liability | 2,069,305 | 2,153,519 |
Taxes payable | 133,560 | 141,252 |
Provision for tax, civil and labor risks | 508,353 | 837,382 |
Deferred income taxes | 34,482 | 26,527 |
Employee benefits | 696,862 | 651,325 |
Derivative financial instruments | 36,077 | 727 |
Other non-current liabilities | 330,719 | 242,089 |
Total non-current liabilities | 25,138,709 | 25,411,044 |
EQUITY | ||
Capital | 12,460,471 | 12,460,471 |
Capital reserves | 141,834 | 141,834 |
Other equity transactions | (80,313) | 246 |
Accumulated losses | (3,062,798) | (2,594,028) |
Treasury shares | (105,620) | (123,938) |
Other comprehensive loss | (1,753,727) | (1,298,801) |
Attributable to controlling shareholders | 7,599,847 | 8,585,784 |
Non-controlling interests | 76,399 | 227,750 |
Total equity | 7,676,246 | 8,813,534 |
TOTAL LIABILITIES AND EQUITY | R$ 53048848 | R$ 49664906 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONTINUING OPERATIONS | ||||
NET SALES | R$ 12389985 | R$ 9942591 | R$ 34618863 | R$ 27995582 |
Cost of sales | (9,765,303) | (7,598,133) | (27,573,239) | (21,419,255) |
GROSS PROFIT | 2,624,682 | 2,344,458 | 7,045,624 | 6,576,327 |
OPERATING INCOME (EXPENSES) | ||||
Selling expenses | (1,647,761) | (1,366,469) | (4,624,899) | (4,011,692) |
General and administrative expenses | (221,707) | (217,348) | (573,966) | (550,373) |
Impairment loss on trade receivables | (3,135) | (3,371) | (11,627) | (15,126) |
Other operating income (expenses), net | (21,599) | (13,193) | 103,581 | 91,243 |
INCOME BEFORE FINANCIAL RESULTS AND INCOME TAXES | 730,480 | 744,077 | 1,938,713 | 2,090,379 |
Financial income | 133,806 | 72,702 | 340,283 | 267,413 |
Financial expenses | (1,047,189) | (591,666) | (2,470,878) | (1,327,579) |
Foreign exchange and monetary variations | (71,575) | 82,545 | (216,381) | (173,025) |
FINANCIAL INCOME (EXPENSES), NET | (984,958) | (436,419) | (2,346,976) | (1,233,191) |
INCOME (LOSS) BEFORE TAXES | (254,478) | 307,658 | (408,263) | 857,188 |
Income taxes | (16,505) | (88,949) | (38,818) | (234,654) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (270,983) | 218,709 | (447,081) | 622,534 |
LOSS FROM DISCONTINUED OPERATIONS | (6,516) | (47,802) | ||
INCOME (LOSS) FOR THE PERIOD | (277,499) | 218,709 | (494,883) | 622,534 |
Net Income (loss) from Continuing Operation Attributable to | ||||
Controlling shareholders | (275,600) | 216,791 | (454,014) | 609,668 |
Non-controlling interest | 4,617 | 1,918 | 6,933 | 12,866 |
Net Loss From Discontinued Operations Attributable to | ||||
Controlling shareholders | (6,516) | (47,802) | ||
Non-controlling interest | ||||
LOSS FROM DISCONTINUED OPERATIONS | R$ 6516 | R$ 47802 | ||
INCOME (LOSS) PER SHARE FROM CONTINUED OPERATIONS | ||||
Weighted average shares outstanding - basic | 807,709,278 | 807,406,368 | 808,013,781 | 809,583,921 |
Income (loss) per share - basic | R$ 0.34 | R$ 0.27 | R$ 0.56 | R$ 0.75 |
Weighted average shares outstanding - diluted | 807,709,278 | 807,464,700 | 808,013,781 | 809,642,253 |
Income (loss) per share - diluted | R$ 0.34 | R$ 0.27 | R$ 0.56 | R$ 0.75 |
LOSSES PER SHARE FROM DISCONTINUED OPERATIONS | ||||
Weighted average shares outstanding - basic | 807,709,278 | 808,013,781 | ||
Losses per share - basic | R$ 0.01 | R$ 0.06 | ||
Weighted average shares outstanding - diluted | 807,709,278 | 808,013,781 | ||
Losses per share - diluted | R$ 0.01 | R$ 0.06 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Profit or loss [abstract] | |||||
Income (loss) for the period | R$ 277499 | R$ 218709 | R$ 494883 | R$ 622534 | |
Other comprehensive income (loss) | |||||
Loss on foreign currency translation of foreign operations | (64,635) | (90,273) | (204,216) | (195,970) | |
Loss on net investment hedge | (106,956) | (43,428) | (61,079) | (385,539) | |
Cash flow hedges - effective portion of changes in fair value | (254,306) | (82,428) | (188,047) | (1,735,875) | |
Cash flow hedges - reclassified to profit or loss | (42,306) | 279,724 | (51,452) | 1,191,688 | |
Gain on debt investments measured at FVTOCI | [1] | 348 | 178 | ||
Items that are or may be reclassified subsequently to profit or loss | (468,203) | 63,943 | (504,794) | (1,125,518) | |
Gain (loss) on equity investments measured at FVTOCI | [1] | (924) | 26,030 | 4,079 | |
Actuarial gains on pension and post-employment plans | 3,694 | 7,170 | 11,729 | 20,134 | |
Items that will not be reclassified to profit or loss | 3,694 | 6,246 | 37,759 | 24,213 | |
Comprehensive income (loss), net of taxes | (742,008) | 288,898 | (961,918) | (478,771) | |
Attributable to | |||||
Controlling shareholders | (744,478) | 285,526 | (923,696) | (535,845) | |
Non-controlling interest | 2,470 | 3,372 | (38,222) | 57,074 | |
Total comprehensive income (loss), net of taxes | R$ 742008 | R$ 288898 | R$ 961918 | R$ 478771 | |
[1] | FVTOCI: Fair Value Through Other Comprehensive Income. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - BRL (R$) R$ in Thousands | Issued capital [member] | Capital reserve [member] | Other equity transaction [member] | Treasury shares [member] | Reserve of exchange differences on translation [member] | Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | Reserve of cash flow hedges [member] | Reserve of remeasurements of defined benefit plans [member] | Retained earnings [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total | |
BALANCES AT DECEMBER 31, 2019 at Dec. 31, 2019 | R$ 12460471 | R$ 141834 | R$ 51011 | R$ 38239 | R$ 193379 | R$ 4454 | R$ 176823 | R$ 4131913 | R$ 7760695 | R$ 252726 | R$ 8013421 | ||
Comprehensive income (loss) | |||||||||||||
Gains (losses) on foreign currency translation of foreign operations | (240,273) | (240,273) | 44,303 | (195,970) | |||||||||
Loss on net investment hedge | (385,539) | (385,539) | (385,539) | ||||||||||
Gains on marketable securities measured at FVTOCI | [1] | 4,257 | 4,257 | 4,257 | |||||||||
Unrealized losses in cash flow hedge | (544,187) | (544,187) | |||||||||||
Actuarial gains (losses) on pension and post-employment plans | 20,229 | 20,229 | (95) | 20,134 | |||||||||
Income for the period | 609,668 | 609,668 | 12,866 | 622,534 | |||||||||
SUB-TOTAL COMPREHENSIVE INCOME (LOSS) | (625,812) | 4,257 | 20,229 | 609,668 | (535,845) | 57,074 | (478,771) | ||||||
Share-based payments | (1,274) | 20,371 | 19,097 | 19,097 | |||||||||
Acquisition of non-controlling interests | (50,945) | (50,945) | (54,863) | (105,808) | |||||||||
BALANCES AT SEPTEMBER 30, 2020 at Sep. 30, 2020 | 12,460,471 | 141,834 | (1,208) | (123,938) | (819,191) | 8,711 | (156,594) | (3,522,245) | 7,086,932 | 254,937 | 7,341,869 | ||
Comprehensive income (loss) | |||||||||||||
Acquisition of treasury shares | (106,070) | (106,070) | (106,070) | ||||||||||
BALANCES AT DECEMBER 31, 2019 at Dec. 31, 2020 | 12,460,471 | 141,834 | 246 | (123,938) | (678,969) | 7,016 | (438,221) | R$ 188627 | (2,594,028) | 8,585,784 | 227,750 | 8,813,534 | |
Comprehensive income (loss) | |||||||||||||
Gains (losses) on foreign currency translation of foreign operations | (159,117) | (159,117) | (45,099) | (204,216) | |||||||||
Loss on net investment hedge | (61,079) | (61,079) | (61,079) | ||||||||||
Gains on marketable securities measured at FVTOCI | [1] | 26,030 | 26,030 | 26,030 | |||||||||
Unrealized losses in cash flow hedge | (239,566) | (239,566) | 67 | (239,499) | |||||||||
Actuarial gains (losses) on pension and post-employment plans | 11,852 | 11,852 | (123) | 11,729 | |||||||||
Income for the period | (501,816) | (501,816) | 6,933 | (494,883) | |||||||||
SUB-TOTAL COMPREHENSIVE INCOME (LOSS) | (220,196) | 26,030 | (239,566) | 11,852 | (501,816) | (923,696) | (38,222) | (961,918) | |||||
Realized gain in marketable securities at FVTOCI | [1] | (33,046) | 33,046 | ||||||||||
Dividends | (80) | (80) | |||||||||||
Share-based payments | (886) | 18,318 | 17,432 | 17,432 | |||||||||
Acquisition of non-controlling interests | [2] | (79,673) | (79,673) | (113,049) | (192,722) | ||||||||
BALANCES AT SEPTEMBER 30, 2020 at Sep. 30, 2021 | R$ 12460471 | R$ 141834 | R$ 80313 | R$ 105620 | R$ 899165 | R$ 677787 | R$ 176775 | R$ 3062798 | R$ 7599847 | R$ 76399 | R$ 7676246 | ||
[1] | FVTOCI: Fair Value Through Other Comprehensive Income. | ||||||||||||
[2] | Acquisition of remaining participation in the subsidiary AFC (note 1.1). |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
OPERATING ACTIVITIES | ||||||
Income (loss) from continuing operations | R$ 270983 | R$ 218709 | R$ 447081 | R$ 622534 | ||
Adjustments for: | ||||||
Depreciation and amortization | 1,301,510 | 1,127,954 | ||||
Depreciation and depletion of biological assets | 754,783 | 645,551 | ||||
Result on disposal of property, plant and equipments and investment | (89,775) | 24,279 | ||||
Write-down of inventories to net realizable value | 68,965 | 96,916 | ||||
Provision for tax, civil and labor risks | 73,645 | 260,311 | ||||
Financial results, net | 2,346,976 | 1,233,191 | ||||
Tax recoveries and gains in tax lawsuits | (64,877) | (294,890) | ||||
Deferred income tax | (271,803) | 187,959 | ||||
Employee profit sharing | 65,255 | 159,669 | ||||
Other provisions | 5,790 | 67,558 | ||||
Cash flow provided by operating activities before working capital | 3,743,388 | 4,131,032 | ||||
Trade accounts receivable | 849,748 | 827,060 | ||||
Inventories | (2,385,327) | (1,980,815) | ||||
Biological assets - current | (551,526) | (295,995) | ||||
Trade accounts payable | 1,181,000 | 1,521,185 | ||||
Supply chain finance | 443,092 | 282,351 | ||||
Cash generated by operating activities | 3,280,375 | 4,484,818 | ||||
Investments in securities at FVTPL | [1] | (46,695) | ||||
Redemptions of securities at FVTPL | [1] | 66,797 | 102,172 | |||
Interest received | 61,872 | 77,686 | ||||
Payment of tax, civil and labor provisions | (269,704) | (215,439) | ||||
Derivative financial instruments | (35,097) | 1,285,272 | ||||
Payment of income taxes | (152) | |||||
Other operating assets and liabilities | (123,894) | 378,166 | ||||
Net cash provided by operating activities | 2,933,654 | 6,112,523 | ||||
INVESTING ACTIVITIES | ||||||
Investments in securities at amortized cost | (4,060) | |||||
Redemptions of securities at amortized cost | 166,112 | |||||
Investments in securities at FVTOCI | [2] | (12,866) | ||||
Redemptions of securities at FVTOCI | [2] | 86,059 | 26,352 | |||
Redemption of restricted cash | 400 | 285,622 | ||||
Additions to property, plant and equipment | (1,050,838) | (542,600) | ||||
Additions to biological assets - non-current | (922,801) | (725,484) | ||||
Proceeds from disposals of property, plant, equipments and investment | 49,340 | 69,696 | ||||
Additions to intangible assets | (133,436) | (74,384) | ||||
Business combination, net of cash | (983,709) | |||||
Sale of participation in subsidiaries with loss of control | 132,951 | 38,546 | ||||
Acquisition of participation in joint ventures and subsidiaries | 1,974 | (819) | ||||
Net cash used in investing activities | (2,670,874) | (923,071) | ||||
Net cash provided by investing activities from discontinued operations | (17,550) | |||||
Net cash used in investing activities | (2,688,424) | (923,071) | ||||
FINANCING ACTIVITIES | ||||||
Proceeds from debt issuance | 1,831,117 | 8,666,404 | ||||
Repayment of debt | (980,677) | (6,360,934) | ||||
Payment of interest | (1,021,601) | (1,002,146) | R$ 136625 | |||
Payment of interest derivatives - fair value hedge | (1,086) | |||||
Treasury shares acquisition | (106,070) | |||||
Acquisition of non-controlling interests | (238,421) | (100,390) | ||||
Payment of lease liabilities | (548,911) | (402,259) | ||||
Net cash provided by (used in) financing activities | (959,579) | 694,605 | ||||
EFFECT OF EXCHANGE RATE VARIATION ON CASH AND CASH EQUIVALENTS | 27,568 | 1,276,745 | ||||
Net increase (decrease) in cash and cash equivalents | (686,781) | 7,160,802 | ||||
Balance at the beginning of the period | 7,576,625 | 4,237,785 | 4,237,785 | |||
Balance at the end of the period | R$ 6889844 | R$ 11398587 | R$ 6889844 | R$ 11398587 | R$ 7576625 | |
[1] | FVTPL: Fair Value Through Profit and Loss. | |||||
[2] | FVTOCI: Fair Value Through Other Comprehensive Income. |
COMPANY_S OPERATIONS
COMPANY’S OPERATIONS | 9 Months Ended |
Sep. 30, 2021 | |
COMPANY’S OPERATIONS | 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 and others. The Company holds as main brands Sadia, Perdigão, Qualy, Chester®, Kidelli, Perdix and Banvit, present mainly in Brazil, Turkey and Middle Eastern countries. 1.1. Equity interest Schedule of equity interest % equity interest Entity Main activity Country (1) 09.30.21 12.31.20 BRF GmbH Holding Austria 100.00 100.00 BRF Foods LLC (g) Import, industrialization and commercialization of products Russia 99.99 99.90 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 (h) Import, industrialization and commercialization of products Russia 0.01 0.10 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 Perdigão International Ltd. (d) Import and export of products Cayman Island - 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 BRF Austria GmbH (o) Holding Austria 100.00 100.00 One Foods Holdings Ltd. Holding UAE 100.00 100.00 Al-Wafi Food Products Factory LLC 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 (b) Import and commercialization of products Saudi Arabia 100.00 - BRF Al Yasra Food K.S.C.C. ("BRF AFC") (c) Import, commercialization and distribution of products Kuwait 100.00 75.00 BRF Foods GmbH Industrialization, import and commercialization of products Austria 100.00 100.00 Al Khan Foodstuff LLC ("AKF") Import, commercialization and distribution of products Oman 70.00 70.00 FFQ GmbH (e) Industrialization, import and commercialization of products Austria - 100.00 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 ÜretimLtd. Sti. (a) Generation and commercialization of electric energy Turkey 100.00 100.00 Banvit Foods SRL (f) Industrialization of grains and animal feed Romania - 0.01 Nutrinvestments BV Holding The Netherlands 100.00 100.00 Banvit ME FZE Marketing and logistics services UAE 100.00 100.00 Banvit Foods SRL (f) Industrialization of grains and animal feed Romania - 99.99 One Foods Malaysia SDN. BHD. Marketing and logistics services Malaysia 100.00 100.00 Federal Foods LLC Import, commercialization and distribution of products UAE 49.00 49.00 Federal Foods Qatar 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. (n) Holding Brazil 100.00 - Mogiana Alimentos S.A. (l) Manufacturing, distribution and sale of Pet Food products Brazil 50.00 - Gewinner Participações Ltda. (j) Industrialization, distribution and sale of feed and nutrients for animals Brazil 100.00 - Hecosul Alimentos Ltda. (j) Manufacturing and sale of animal feed Brazil 100.00 - Hercosul Distribuição Ltda. (j) Import, export, wholesale and retail sale of food products for animals Brazil 100.00 - Hercosul Soluções em Transportes Ltda. (j) Road freight Brazil 100.00 - Hercosul International S.R.L. (j) Manufacturing, export, import and sale of feed and nutrients for animals Paraguay 99.00 - Paraguassu Participações S.A. (m) Holding Brazil 100.00 - Mogiana Alimentos S.A. (l) Manufacturing, distribution and sale of Pet Food products Brazil 50.00 - Hercosul International S.R.L. (k) Manufacturing, export, import and sale of feed and nutrients for animals Paraguay 1.00 - PP-BIO Administração de bem próprio S.A. (i) Management of assets Brazil - 33.33 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 Sino dos Alpes Alimentos Ltda. (a) 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 International Ltd. (l) Import and commercialization of products Cayman Island - 100.00 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 Sino dos Alpes Alimentos Ltda. (a) 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) On January 18, 2021, 100% of the capital stock of Joody Al Sharqiya Food Production Factory LLC was acquired (note 1.2.1). (c) On March 9, 2021, the minority stake on BRF AFC was acquired, as described below. (d) On March 24, 2021, the subsidiary Perdigão International Ltd. was dissolved. (e) On March 30, 2021, the subsidiary FFQ GmbH was dissolved. (f) On May 4, 2021 the sale of shares held in Banvit Foods SRL was concluded, as described below. (g) On May 31, 2021, BRF GmbH purchased additional 0.09% interest in BRF Food LLC from BRF Global GmbH. (h) On May 31, 2021, BRF Global GmbH sold 0.09% interest in BRF Food LLC to BRF GmbH. (i) On July 30, 2021, BRF S.A. sold all the shares held in PP-BIO Administração de bem próprio S.A. (j) On August 02, 2021, 99% of the capital stock of Hercosul International S.R.L. was acquired by BRF Pet S.A., as per note 1.2.2 (k) On August 02, 2021, 1% of the capital stock of Hercosul International S.R.L. was acquired by BRF S.A., as per note 1.2.2 (l) On August 19, 2021, the subsidiary Sadia International Ltd. was dissolved. (m) On September 01, 2021, Paraguassu Participações S.A. was acquired by BRF Pet S.A., as per note 1.2.3 (n) On September 01, 2021, Affinity Petcare Brasil Participações Ltda. was acquired by BRF Pet S.A., as per note 1.2.3 (o) On October 21, 2021 it was approved the merger of BRF Austria GmbH into BRF GmbH retroactively to 01 January 2021 according to the Austrian law. On March 9, 2021 the Company, through its wholly-owned subsidiary One Foods Holdings Ltd.(“One Foods”) acquired from Al Yasra Food Company W.L.L their minority stake of 25% of BRF Al Yasra Food K.S.C.C. (“BRF AFC”), entity located in Kuwait, responsible for the distribution of BRF products in the country. The transaction was concluded for the amount equivalent to R$ 238,421 79,673 On May 4, 2021, Nutrinvestment BV and Banvit Bandirma Vitaminli, indirectly controlled subsidiaries of the Company, concluded the sale to Aaylex System Group S.A. of 100% of the shares held in Banvit Foods SRL, engaged in the activities of manufacture of animal feed and egg hatchery in Romania. The sale amount, received on that date, was equivalent to R$132,425 (EUR 20,300). In June, the parties established a price adjustment due to net debt and working capital, in the amount equivalent to R$ 13,059 76,148 Except for the associate PR-SAD in which the Company records the investments by the equity method, all other entities shown in the table above were consolidated. 1.2. Business combinations 1.2.1. On January 18, 2021 100 The goodwill of R$12,376 arising from the business combination consists mainly of the synergies expected with the combination of the operations of BRF and Joody Al, strengthening the Company’s presence in the Saudi Arabian market. The results and the goodwill are presented in the International segment (note 24). The fair value of the acquired assets and assumed liabilities in the business combination is presented below Fair value at the acquisition date Assets Cash and cash equivalents 408 Inventories 832 Advances 232 Property, plant and equipment, net 30,128 Total 31,600 Liabilities Trade accounts payable 1,420 Taxes payable 550 Employee benefits 286 Other current liabilities 100 Total 2,356 Net assets acquired 29,244 Fair value of consideration transferred 41,620 Goodwill 12,376 1.2.2. On August 2, 2021 the Company concluded the acquisition of 100% of the capital stock of the companies that compose the Hercosul Group, after with the fulfillment of the conditions precedent. From this date, BRF Pet S.A. (“BRF Pet”) became owner of 100% of Gewinner Participações Ltda. and 99% of Hercosul International S.R.L. (“Hercosul International”) and BRF S.A. became owner of 1% of Hercosul International. The initial fair value of the consideration transferred was of R$794,535 of which R$675,355 was paid in cash and R$119,180 will be paid in the next 4 years. The amount payable is subject to interest and was recorded as other liabilities, with subsequent changes recorded as financial expenses. According to conditions established in the acquisition contract, which are common to transactions of this nature, the value of the consideration may be adjusted based on the net debt, working capital and contingent assets of the Hercosul Group and for which the Company has used its best estimate at the disclosure date of this condensed consolidated interim financial information. There is no maximum amount defined for the price adjustment. The Company incurred in expenses with advisors, lawyers and other related to the acquisition and integration of Hercosul Group in the amount of R$ 14,335 The preliminary goodwill of R$ 766,183 Due to the size and complexity of the Hercosul Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: Fair value at the acquisition date Gewinner Participações Hercosul International Assets Cash and cash equivalents 17,743 4,402 Trade and other receivables 40,838 8,475 Inventories 34,355 9,623 Recoverable taxes 15,771 4,078 Advances 29,103 - Property, plant and equipment, net 23,829 59,135 Intangible assets 647 393 Other assets 773 2,805 Total 163,059 88,911 Liabilities Social and Labor Obligations 6,681 200 Trade accounts payable 66,760 8,320 Taxes payable 14,879 200 Loans and borrowings 65,825 29,555 Other liabilities 10,720 20,478 Total 164,865 58,753 Net assets acquired (1,806) 30,158 Fair value of consideration transferred 726,186 68,349 Preliminary goodwill 727,992 38,191 In addition to the information presented above, the following assets will probably have fair value allocations in the business combination and have not yet been measured: inventories, trademarks, customer relationship and fixed assets. Management expects this report to be completed in the beginning of 2022, when the final allocation of the purchase price and its respective accounting effects will be determined. This business combination contributed net revenue of R$ 32,458 2,016 1.2.3. On September 1, 2021, the Company, through its wholly-owned subsidiary BRF Pet dedicated to the pet food sector, concluded 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 fulfillment of all conditions precedent. Therefore, from this date, Paraguassu and Affinity became wholly-owned subsidiaries of BRF Pet. The initial fair value of the consideration transferred was of R$435,773 of which R$290,225 was paid in cash and R$145,548 will be paid in the next 6 years. The amount payable is subject to interest and was recorded as other liabilities, with subsequent changes recorded as financial expenses. In addition, from the term value, R$60,000 will be deposited in an escrow account (restricted cash) after the first anniversary of the acquisition, as a guarantee for BRF Pet in case of eventual indemnities provided for in the acquisition contract. According to conditions established in the acquisition contract, which are common to transactions of this nature, the value of the consideration may be adjusted based on the net debt, working capital and contingent assets of Mogiana Alimentos S.A. and for which the Company has used its best estimate at the disclosure date of this condensed consolidated interim financial information. There is no maximum amount defined for the price adjustment. The Company incurred in expenses with advisors, lawyers and other related to the acquisition and integration of Mogiana in the amount of R$ 8,146 The preliminary goodwill of R$ 283,426 Due to the size and complexity of the Mogiana Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: Mogiana Group Combined Fair value at the acquisition date Assets Cash and cash equivalents 938 Marketable securities 29,842 Trade and other receivables 61,184 Inventories 55,334 Recoverable taxes 29,020 Property, plant and equipment, net 101,618 Intangible assets 1,064 Other assets 5,500 Total 284,500 Liabilities Trade accounts payable 55,838 Loans and borrowings 22,734 Lease liability 11,147 Taxes payable 10,438 Labor Obligations 6,296 Contingencies 8,363 Employee benefits 2,081 Deferred Taxes 750 Other liabilities 14,506 Total 132,153 Net assets acquired 152,347 Fair value of consideration transferred 435,773 Preliminary goodwill 283,426 In addition to the information presented above, the following assets will probably have fair value allocations in the business combination and have not yet been measured: inventories, trademarks, customer relationship, non-compete agreement and fixed assets. Management expects this report to be completed in the beginning of 2022, when the final allocation of the purchase price and its respective accounting effects will be determined. This business combination contributed net revenue of R$ 41,438 1,901 1.3. Discontinued Operations In the nine-month period ended on September 30, 2021, the Company completed the price adjustment process related to sale of Campo Austral S.A. and determined a preliminary price adjustment related to the sale of Avex S.A., which is subject to modifications until the final agreement is signed between the parties. The referred price adjustment totaled an expense of R$59,270 (R$47,802 net of taxes) and are presented in Net Loss of Discontinued Operations, consistently with the practice adopted in the sale of the operations in 2019. 1.4. Partnership – self-generation of energy 1.4.1. On August 16, 2021, the Company entered into an investment agreement with a subsidiary of AES Brasil Energia S.A. to incorporate a joint venture 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. Through this partnership, the Company is expected to meet about a third of its energy needs for the Brazilian operations and the operation of the park is scheduled to begin by 2024. The closing of this partnership is subject to approval of the competent authorities and the verification of other usual conditions in operations of this nature. 1.4.2. On September 16, 2021, the Company together with Intrepid Participações S.A. (“Intrepid”) entered into a 15-year renewable energy power purchase agreement together with a call option agreement, which provides for the entry of BRF, through a holding company jointly held with Intrepid, aiming the construction of a sun energy self-generation plant in Mauriti and Milagres, Ceará, with an installed capacity of 320MWp (Megawatt-peak) generating, on average, 80MWm. The call option agreement provides BRF with the right to acquire participation in Intrepid for a fixed price. Should BRF exercise the option, the Company will directly invest the approximate amount of R$50 million, to be disbursed during the Project’s development. The operation of the complex is scheduled to begin by 2024. 1.5. Investigations involving BRF 1.5.1. Carne Fraca Trapaça The Company has been subject to two investigations conducted by Brazilian governmental entities, denominated “ Carne Fraca Operation Trapaça Operation The main impacts observed as result of the referred investigations were recorded in Other Operating Expenses in the amount of R$ 8,554 28,099 412 $4,027 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. Regarding the investigations conducted by regulators offices and governmental entities in the United States of America about these operations, on February 25, 2021, the Division of Enforcement of the U.S. Securities and Exchange Commission (“SEC”) issued a letter to the Company stating that it has concluded its investigation and, based on information to date, does not intend to recommend an enforcement action by the SEC against the Company. On May 5, 2021, the U.S. Department of Justice (“DOJ”) issued a letter stating that it has closed its investigation against BRF, based on information to date. No sanctions or penalties were imposed against the Company. 1.5.2. Governance enhancement The Company has been taking actions to strengthen the compliance with its policies, procedures and internal controls. Among the actions implemented, are: (i) strengthening in the risk management, specially compliance, (ii) continuous improvement of the Compliance, Internal Audit and Internal Controls departments, (iii) review and issuance of new policies and procedures specifically related to applicable anticorruption laws, (iv) review and enhancement of the procedures for reputational verification of business partners, (v) review and enhancement of the processes of internal investigation, (vi) expansion of the independent reporting channel, (vii) review of transactional controls, and (viii) review and issuance of new consequence policy for misconduct. 1.6. Coronavirus (COVID-19) On January 31, 2020 the World Health Organization announced that the COVID-19 is a global health emergency and on March 11, 2020 declared it a global pandemic. The outbreak has triggered significant decisions from governments and private sector entities, which in addition to the potential impact, increased the uncertainty level for the economic agents and may cause effects in the amounts recognized in the condensed interim financial information. BRF continues to operate its industrial complexes, distribution centers, logistics, supply chain and administrative offices, even if temporarily and partially under remote work regime in some of the corporate offices. Therefore, until the date of approval of this interim financial information, there has been no relevant change in its production plan, operation and/or commercialization. Additionally, management has developed and implemented contingency plans to maintain the operations and monitors the effects of the pandemic through a permanent multidisciplinary monitoring committee, formed by executives, specialists in the public health area and consultants. Due to the pandemic, the Company has incurred in direct expenditures, such as transportation, personnel, prevention, control and donations, which are presented in the statement of income (loss) within the following line items 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Cost of sales (1) (41,391) (163,047) (99,019) (273,308) Selling expenses (27,315) (51,405) (2,241) (48,558) General and administrative expenses (3,714) (20,661) (43,911) (69,976) Total expense (72,420) (235,113) (145,171) (391,842) (1) In the nine months ended September 30, 2020 includes non-incremental expenditures related do idleness in the amount of R$55,926. The management considered in its projections of results and cash flows, to the best of its knowledge, the effects and uncertainties regarding the pandemic. Due to the high volatility and uncertainty around the length and the impact of the pandemic, the Company will continue to monitor the situation and evaluate the impacts on assumptions and estimates used in preparing our financial reporting. 1.7. U.S. Class Action As disclosed in the Company’s Consolidated Financial Statements for the year ended December 31, 2020 (note 1.3), on March 27, 2020, the parties reached an agreement to settle the shareholder class action lawsuit filed against the Company, by the payment of an amount equivalent to R$204,436 (USD40,000). Since this event evidenced an existing condition as of December 31, 2019, the settlement was reflected in Other Operating Expenses (note 26), with a corresponding increase in deferred income tax of R$69,508 (note 10) in the year ended on December 31, 2019. The Company is subject to the reporting requirements established by the Brazilian Corporation Law and the regulations of the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários, or “CVM”). The liability of this class action lawsuit was not recognized in the financial statements filed with the CVM for the year ended December 31, 2019, which were filed on March 3, 2020. Therefore, the class action lawsuit was recognized in the interim financial information filed with the CVM for the nine months ended September 30, 2020. The main differences between these condensed consolidated interim financial information and those filed with the CVM, resulting from this event, are disclosed below. As filed with the CVM Adjustment for class action settlement As filed with the SEC Corresponding notes 09.30.20 09.30.20 09.30.20 09.30.20 Statement of income (loss) Other operating income (expenses), net (113,193) 204,436 91,243 24 and 26 Income taxes (165,146) (69,508) (234,654) 10 Net income from continuing operations 487,606 134,928 622,534 22 1.8. 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 2021 occurred between April 13, 2021 and May 12, 2021. |
BASIS OF PREPARATION AND PRESEN
BASIS OF PREPARATION AND PRESENTATION OF INTERIM FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
BASIS OF PREPARATION AND PRESENTATION OF INTERIM FINANCIAL INFORMATION | 2. BASIS OF PREPARATION AND PRESENTATION OF INTERIM FINANCIAL INFORMATION The condensed consolidated interim financial information was prepared in accordance with the IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board - IASB. All the relevant information applicable to the condensed consolidated interim financial information, and only them, are being evidenced and correspond to those used by administration in its management. The condensed consolidated interim financial information is 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 condensed consolidated interim financial information requires 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 condensed consolidated interim financial information was 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 condensed 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated 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 condensed consolidated interim financial information was 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, 2020 (note 3), except for: (i) the income taxes, which were measured according to IAS 34 by applying the estimated annual effective tax rate to the pre-tax profit or loss for the interim period; and (ii) reclassification of payment of interest in the statements of cash flows, as described below. In the nine-month period ended on September 30, 2021, the Company changed the classification of payment of interest in the statement of cash flows, reclassifying this item from Operating Activities to Financing Activities. This change was made for better presentation of the Company’s cash flows and convergence with the reports used by the administration in its management. To ensure comparability between the periods presented, the Company performed the following reclassifications for the nine-month period ended on September 30, 2020: Jan - Sep 2020 Previously presented Reclassification Restated Net cash provided by operating activities 5,110,377 1,002,146 6,112,523 Net cash used in investing activities (923,071) (923,071) Net cash provided by (used in) financing activities 1,696,751 (1,002,146) 694,605 Effect of exchange rate variation on cash and cash equivalents 1,276,745 1,276,745 Net increase in cash and cash equivalents 7,160,802 7,160,802 There were no other changes on such policies and estimates calculation methodologies. As allowed by IAS 34, Management decided not to disclose again the details of the accounting policies adopted by the Company. Hence, the condensed consolidated interim financial information should be read along with the annual financial statements for the year ended on December 31, 2020, in order to allow the users to further understand the Company’s financial conditions and liquidity, as well as its capacity to generate profits and cash flows. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 9 Months Ended |
Sep. 30, 2021 | |
CASH AND CASH EQUIVALENTS | 4. CASH AND CASH EQUIVALENTS Schedule of cash and cash equivalents Average rate (1) 09.30.21 12.31.20 Cash and bank accounts Turkish lira - 660,171 347,740 U.S. Dollar - 633,222 1,185,208 Saudi Riyal - 351,645 250,879 Brazilian Reais - 117,762 112,181 Euro - 67,973 54,687 Other currencies - 372,324 488,377 2,203,097 2,439,072 Cash equivalents In Brazilian Reais Investment funds 4.12% 4,120 4,684 Bank deposit certificates 5.84% 4,082,178 3,662,448 4,086,298 3,667,132 In U.S. Dollar Term deposit - - 198,878 Overnight 0.15% 600,449 1,220,232 Other currencies Term deposit - - 51,311 600,449 1,470,421 6,889,844 7,576,625 (1) Weighted average annual rate. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2021 | |
MARKETABLE SECURITIES | 5. MARKETABLE SECURITIES Schedule of marketable securities Average rate (2) WAM (1) Currency 09.30.21 12.31.20 Fair value through other comprehensive income Stocks (3) - USD HKD - 13,290 42,029 Fair value through profit and loss Financial treasury bills 3.29 R$ 1.90 318,893 312,515 Investment funds - FIDC BRF 2.46 R$ - 14,966 15,044 Committed 0.50 R$ - 22,810 - Other 0.02 R$ / ARS - 1,479 1,643 358,148 329,202 Amortized cost Sovereign bond and other (4) 1.57 AOA 4.00 347,650 287,504 719,088 658,735 Current 343,182 314,158 Non-current (5) 375,906 344,577 (1) Weighted average maturity in years. (2) Weighted average annual rate. (3) It’s comprised of Aleph Farms Ltd. stocks on September 30, 2021 and Cofco Meats stocks on December 31, 2020. (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$17,943 (R$9,894 on December 31, 2020). (5) Maturity until December of 2023. On September 30, 2021, the amount of R$ 281,649 366,671 |
TRADE ACCOUNTS RECEIVABLE AND O
TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES | 9 Months Ended |
Sep. 30, 2021 | |
TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES | 6. TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Schedule of trade accounts receivable, net and notes receivable 09.30.21 12.31.20 Trade accounts receivable Domestic market Third parties 977,964 2,002,586 Foreign market Third parties 3,218,914 2,716,551 4,196,878 4,719,137 ( - ) Adjustment to present value (10,867) (13,316) ( - ) Expected credit losses (633,850) (605,940) 3,552,161 4,099,881 Current 3,545,760 4,092,855 Non-current 6,401 7,026 Other receivables Other receivables 93,844 113,949 ( - ) Adjustment to present value (1,409) (156) ( - ) Expected credit losses (15,959) (27,389) 76,476 86,404 Current 40,991 43,566 Non-current (1) 35,485 42,838 (1) Weighted average maturity of 2.00 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 September 30, 2021, FIDC BRF had an outstanding balance of R$ 770,894 549,083 On September 30, 2021, other receivables are mainly represented by receivables from the sale of farms and various properties, with a balance of R$ 59,468 78,258 The movements of the expected credit losses are presented below: 09.30.21 12.31.20 Beginning balance (605,940) (503,848) (Additions) Reversals (11,627) (12,137) Write-offs 9,060 19,451 Exchange rate variation (25,343) (109,406) Ending balance (633,850) (605,940) The aging of trade accounts receivable is as follows: 09.30.21 12.31.20 Not overdue 3,334,545 4,010,140 Overdue 01 to 60 days 228,974 104,195 61 to 90 days 4,837 6,045 91 to 120 days 3,368 398 121 to 180 days 7,206 7,024 181 to 360 days 10,209 15,688 More than 360 days 607,739 575,647 ( - ) Adjustment to present value (10,867) (13,316) ( - ) Expected credit losses (633,850) (605,940) 3,552,161 4,099,881 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
INVENTORIES | 7. INVENTORIES Schedule of inventories 09.30.21 12.31.20 Finished goods 5,211,775 3,610,585 Work in progress 234,600 192,335 Raw materials 2,614,888 2,046,681 Packaging materials 172,165 92,256 Secondary materials 610,494 531,801 Supplies 219,876 207,033 Imports in transit 162,140 107,829 Other 162,378 94,816 (-) Adjustment to present value (129,395) (80,577) 9,258,921 6,802,759 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: Realizable value through sale Impaired inventories Obsolete inventories Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance (31,155) (10,712) (29,831) (42,526) (14,719) (14,919) (75,705) (68,157) Additions (117,668) (106,357) (68,608) (91,237) (7,254) (10,304) (193,530) (207,898) Reversals 124,565 85,816 124,565 85,816 Write-offs 71,824 104,115 7,499 10,688 79,323 114,803 Exchange rate variation (237) 98 (232) (183) (226) (184) (695) (269) Ending balance (24,495) (31,155) (26,847) (29,831) (14,700) (14,719) (66,042) (75,705) |
BIOLOGICAL ASSETS
BIOLOGICAL ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
BIOLOGICAL ASSETS | 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: Current Non-current Live animals Live animals Poultry Pork Total Poultry Pork Forests Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance 868,428 615,685 1,260,582 987,354 2,129,010 1,603,039 472,053 414,668 425,252 337,804 324,444 328,553 1,221,749 1,081,025 Additions/Transfer 10,109,223 9,705,994 7,014,758 7,108,084 17,123,981 16,814,078 66,375 71,494 331,740 363,027 29,489 38,536 427,604 473,057 Changes in fair value (1) 1,850,293 2,059,397 330,097 368,019 2,180,390 2,427,416 97,527 51,660 (152,576) (184,005) 21,711 (55,049) (110,634) Harvest - - - - - (36,945) (59,586) (36,945) (59,586) Write-off - - - - - (2,067) (5,099) (2,067) (5,099) Transfer between current and non-current 72,776 57,164 91,501 91,574 164,277 148,738 (72,776) (57,164) (91,501) (91,574) (164,277) (148,738) Transfer to assets held for sale - - - - - (10,389) 329 - (10,060) Transfer to inventories (11,793,780) (11,571,369) (7,123,342) (7,294,449) (18,917,122) (18,865,818) - Exchange variation (12,471) 1,557 - - (12,471) 1,557 (8,183) 1,784 (8,183) 1,784 Ending balance 1,094,469 868,428 1,573,596 1,260,582 2,668,065 2,129,010 554,996 472,053 512,915 425,252 314,921 324,444 1,382,832 1,221,749 (1) The change in the fair value of biological assets includes depreciation of breeders and depletion of forests in the amount of R$ 754,783 876,976 The estimated balances and quantities of live animals are set forth below: 09.30.21 12.31.20 Quantity Book value Quantity Book value Consumable biological assets Immature poultry 228,202 1,094,469 199,877 868,428 Immature pork 4,171 1,573,596 4,204 1,260,582 Total current 232,373 2,668,065 204,081 2,129,010 Production biological assets Immature poultry 6,525 210,896 7,320 188,967 Mature poultry 11,502 344,100 11,395 283,086 Immature pork 208 126,619 203 93,466 Mature pork 454 386,296 457 331,786 Total non-current 18,689 1,067,911 19,375 897,305 251,062 3,735,976 223,456 3,026,315 The Company has forests pledged as collateral for financing and tax/civil contingencies on September 30, 2021 in the amount of R$ 72,677 68,381 |
RECOVERABLE TAXES
RECOVERABLE TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Recoverable Taxes | |
RECOVERABLE TAXES | 9. RECOVERABLE TAXES The rollforward of recoverable taxes are set forth below Note 12.31.20 Business combination (note 1.2) Additions Compensations / Reversals Transfers (1) Interest Exchange variation 09.30.21 ICMS and VAT Recoverable ICMS and VAT 1,568,975 7,523 425,762 (108,947) (134,393) 180 (2,621) 1,756,479 (-) Impairment (154,721) - (23,020) 28,557 17,104 - - (132,080) PIS and COFINS 9.1 Recoverable PIS and COFINS 3,168,099 35,268 371,314 (888,864) - 56,881 - 2,742,698 (-) Impairment (14,228) - - - - - - (14,228) IPI 9.2 Recoverable IPI 808,528 1,149 5,368 (460) - 76,526 - 891,111 (-) Impairment (1,984) - - - - - - (1,984) INSS Recoverable INSS 341,825 12 13,955 (56,356) - 3,800 - 303,236 (-) Impairment (102) - - - - - - (102) Other Other recoverable taxes 52,889 3,995 28,768 (1,408) - - (34) 84,210 (-) Impairment (1,963) - - 20 - - - (1,943) Total 5,767,318 47,947 822,147 (1,027,458) (117,289) 137,387 (2,655) 5,627,397 Current 899,120 883,740 Non-current 4,868,198 4,743,657 12.31.20 Business combination Additions Compensations / Reversals Transfers (1) Interest Exchange variation 09.30.21 Income taxes Recoverable income taxes 107,728 922 69,015 (13,634) - 135 (337) 163,829 (-) Impairment (9,029) - - - - - - (9,029) Total 98,699 922 69,015 (13,634) - 135 (337) 154,800 Current 43,840 94,936 Non-current 54,859 59,864 (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. Note 12.31.19 Additions Compensations Transfers (1) Restatement Exchange variation 12.31.20 ICMS and VAT 9.1 Recoverable ICMS and VAT 1,635,663 570,056 (549,446) (127,370) 240 39,832 1,568,975 (-) Impairment (141,193) (38,033) 3,022 21,483 (154,721) PIS and COFINS 9.2 Recoverable PIS and COFINS 2,990,313 729,213 (594,483) 43,056 3,168,099 (-) Impairment (16,922) - 2,694 - - - (14,228) IPI 9.3 Recoverable IPI 848,865 2,319 (7,201) (92,812) 57,357 808,528 (-) Impairment (3,818) (263) 2,097 (1,984) INSS Recoverable INSS 255,967 88,621 (7,663) 4,893 7 341,825 (-) Impairment (102) (102) Other taxes Other recoverable taxes 80,145 11,952 (901) (38,277) (30) 52,889 (-) Impairment (5,639) 3,676 (1,963) Total 5,643,279 1,363,865 (1,148,205) (236,976) 105,546 39,809 5,767,318 Current 473,732 899,120 Non-current 5,169,547 4,868,198 Note 12.31.19 Additions Compensations Transfers (1) Restatement Exchange variation 12.31.20 Income taxes 9.4 Recoverable income taxes 430,778 58,007 (422,496) 4,341 37,098 107,728 (-) Impairment (9,029) (9,029) Total 421,749 58,007 (422,496) 4,341 37,098 98,699 Current 152,486 43,840 Non-current 269,263 54,859 (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. 9.1. PIS and COFINS –Social Integration Plan and Contribution for Social Security Financing On December 7, 2020 and July 13, 2021, the processes filed by Batávia S.A. (subsidiary incorporated by BRF S.A.) and UP! Alimentos Ltda. (an entity jointly controlled by BRF S.A., whose operations were closed), respectively, granting the Company the right to exclude ICMS from the PIS and COFINS calculation basis , the amount of R$ was recognized under Recoverable PIS and COFINS, being R$40,501 of principal recorded in Other Operating Income and R$50,434 of interests recorded in Financial Income. As of September 30, 2021, 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$2,396,028 (R$2,818,391 as of December 31, 2020). The amount of R$554,287 related do these credits was offset against other federal taxes in the nine-month period ended on September 30, 2021 (null 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 expected below PIS and COFINS Current 499,000 Non-current 1,897,028 October to december 2022 327,516 2023 537,000 2024 672,000 2025 360,512 Total 2,396,028 9.2. IPI - Industrialized Product Tax The Company recognized relevant tax assets as result of gains from lawsuits related to IPI, specially “ crédito prêmio According to projections prepared by the Management, its realization is estimated through the refund of the amounts as expected below IPI Current 40,370 Non-current 898,454 October to december 2022 16,927 2025 647,252 2026 234,275 Total 938,824 9.3. Realization of Brazilian federal tax credits The Company received in cash, through court orders related to IPI credits, the amount of R$1,368 in the nine-month period ended on September 30, 2021 (R$235,405 in the same period of the previous year). The Company used PIS, COFINS, IPI, IRPJ, CSLL, INSS and other tax credits to offset federal taxes payable such as INSS and Income Taxes in the amount of R$944,853 in the nine-month period ended September 30, 2021 (R$694,206 in the same period of the previous year), preserving its liquidity and optimizing its capital structure. |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
DEFERRED INCOME TAXES | 10. DEFERRED INCOME TAXES Schedule of deferred income and social contribution taxes 10.1. Breakdown 09.30.21 12.31.20 Assets Tax losses carryforward 2,065,129 2,060,846 Negative calculation basis (social contribution) 773,829 772,283 Temporary differences - Assets Provisions for tax, civil and labor risks 479,238 458,019 Suspended collection taxes 2,754 1,871 Expected credit losses 180,735 194,977 Impairment on tax credits 56,136 67,900 Provision for other obligations 106,406 115,959 Employees' profit sharing 24,646 86,752 Write-down to net realizable value of inventories 17,461 19,189 Employees' benefits plan 242,815 216,510 Lease basis difference 111,216 86,308 Adjustment to the expcted annual rate 557,112 - Other temporary differences 21,624 40,028 4,639,101 4,120,642 Temporary differences - Liabilities Goodwill amortization basis difference (292,732) (320,729) Depreciation (useful life) basis difference (871,534) (851,436) Business combination (1) (909,127) (761,429) Unrealized gains on derivatives, net (18,045) (42,493) Unrealized fair value gains, net (32,340) (39,269) Other temporary differences (44,800) (22,749) (2,168,578) (2,038,105) Total deferred taxes 2,470,523 2,082,537 Total Assets 2,505,005 2,109,064 Total Liabilities (34,482) (26,527) 2,470,523 2,082,537 (1) The deferred tax asset on the Sadia business combination was recorded on the amortization difference between the accounting and tax goodwill calculated as of the purchase price allocation date. The deferred tax liability on the Sadia 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: 09.30.21 12.31.20 Beginning balance 2,082,537 1,830,060 Deferred taxes on profit recognized in income of continuing operations 271,803 172,763 Deferred income taxes recognized in other comprehensive income 116,986 32,070 Deferred taxes on profit recognized in income of discontinued operations 11,468 Other (1) (12,271) 47,644 Ending balance 2,470,523 2,082,537 (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 based on the estimates of the main tax additions and exclusions. The recoverability study is reviewed by the Fiscal 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: 2021 111,727 2022 140,612 2023 231,408 2024 291,677 2025 335,681 2026 to 2028 1,035,323 2029 onwards 692,530 2,838,958 The Company has tax losses carryforward in Brazil, which at current tax rates represent R$ 5,381,785 4,589,674 2,822,245 30 10.3. Effective income tax rate reconciliation Schedule of income and social contribution taxes reconciliation 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Income (loss) before taxes - continued operations (254,478) (408,263) 307,658 857,188 Nominal tax rate 34% 34% 34% 34% Benefit (expense) at nominal rate 86,523 138,809 (104,604) (291,444) Adjustments to income taxes Difference of tax rates on results of foreign subsidiaries 3,969 26,062 62,127 1,060,802 Difference of functional currency of foreign subsidiaries 264,645 (25,589) 289,404 1,343,322 Deferred tax assets not recognized (1) (420,364) (792,387) (136,621) (2,427,841) Share-based payment (6,928) (18,215) (11,906) (16,718) Penalties (3,690) (7,012) 367 (5,813) Investment grant 25,293 59,454 21,441 40,955 Adjustment to the expcted annual rate 38,464 557,112 (216,245) 58,806 Other permanent differences (4,417) 22,948 7,088 3,277 Total (16,505) (38,818) (88,949) (234,654) Effective rate -6.5% -9.5% 28.9% 27.4% Current tax 5,020 (310,621) (8,363) (46,695) Deferred tax (21,525) 271,803 (80,586) (187,959) (1) Amount related to the non-recognition of deferred tax on tax losses carryforward in the amount of R$ 2,330,550 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. |
JUDICIAL DEPOSITS
JUDICIAL DEPOSITS | 9 Months Ended |
Sep. 30, 2021 | |
Judicial Deposits | |
JUDICIAL DEPOSITS | 11. JUDICIAL DEPOSITS The rollforward of the judicial deposits is set forth below: Schedule of detailed information about judicial deposits Tax Labor Civil, commercial and other Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance 248,990 244,977 269,812 301,808 34,539 28,965 553,341 575,750 Additions 5,005 12,294 78,478 133,847 8,956 6,719 92,439 152,860 Release in favor of the Company (1,728) (11,948) (31,350) (51,414) (817) (370) (33,895) (63,732) Release in favor of the counterparty (207) (907) (93,479) (126,405) (3,168) (2,055) (96,854) (129,367) Business combination (note 1.2) 2,132 - 859 - - - 2,991 - Interest 2,811 4,574 19,972 11,980 2,308 1,280 25,091 17,834 Exchange rate variation - - (7) (4) - - (7) (4) Ending balance 257,003 248,990 244,285 269,812 41,818 34,539 543,106 553,341 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2021 | |
PROPERTY, PLANT AND EQUIPMENT, NET | 12. PROPERTY, PLANT AND EQUIPMENT, NET The rollforward of property, plant and equipment is set forth below: Schedule of detailed information about property, plant and equipment Average rate (1) 12.31.20 Additions Disposals Business combination (note 1.2) Transfers (2) Exchange rate variation 09.30.21 Cost Land 608,389 4,799 (6,879) 11,351 97,103 (1,590) 713,173 Buildings, facilities and improvements 10,444,526 398,380 (123,275) 68,178 307,450 (3,068) 11,092,191 Machinery and equipment 8,395,520 109,967 (184,601) 120,359 186,388 10,509 8,638,142 Furniture and fixtures 157,085 671 (5,020) 2,870 6,480 (3,058) 159,028 Vehicles 346,218 46,355 (23,460) 2,037 724 2,049 373,923 Construction in progress 608,255 1,015,219 (4) 9,915 (613,508) 2,436 1,022,313 Advances to suppliers 12,748 21,934 - - (16) (1,360) 33,306 20,572,741 1,597,325 (343,239) 214,710 (15,379) 5,918 22,032,076 Depreciation Land (3) 15.34% (13,800) (8,963) 1,734 - (11,335) (1,169) (33,533) Buildings, facilities and improvements 9.09% (3,851,225) (598,869) 75,706 - 7,876 (5,586) (4,372,098) Machinery and equipment 6.93% (4,304,007) (402,819) 166,577 - 2,777 (7,387) (4,544,859) Furniture and fixtures 6.66% (79,924) (8,597) 4,023 - 672 1,529 (82,297) Vehicles 25.25% (108,205) (77,548) 14,653 - 1 (5,448) (176,547) (8,357,161) (1,096,796) 262,693 - (9) (18,061) (9,209,334) 12,215,580 500,529 (80,546) 214,710 (15,388) (12,143) 12,822,742 (1) Weighted average annual rate. (2) Refers to the transfer of R$ 23,431 8,043 (3) Land depreciation refers to right-of-use assets. The amount of R$ 3,083 Average rate (1) 12.31.19 Additions Disposals Transfers (2) Exchange rate variation 12.31.20 Cost Land 603,479 7,582 (13,665) 6,031 4,962 608,389 Buildings, facilities and improvements 10,148,798 287,834 (148,793) 268 156,419 10,444,526 Machinery and equipment 8,177,047 20,293 (166,183) 278,530 85,833 8,395,520 Furniture and fixtures 140,439 851 (8,604) 18,946 5,453 157,085 Vehicles 213,199 165,737 (54,491) (5,639) 27,412 346,218 Construction in progress 348,907 778,151 - (516,360) (2,443) 608,255 Advances to suppliers 528 8,885 - 3,851 (516) 12,748 19,632,397 1,269,333 (391,736) (214,373) 277,120 20,572,741 Depreciation Land (3) 21.32% (5,086) (7,132) 813 (1,802) (593) (13,800) Buildings, facilities and improvements 9.45% (3,263,801) (688,767) 122,812 15,895 (37,364) (3,851,225) Machinery and equipment 6.64% (3,950,250) (487,956) 110,163 56,748 (32,712) (4,304,007) Furniture and fixtures 6.67% (71,779) (11,704) 6,931 (801) (2,571) (79,924) Vehicles 25.87% (64,592) (72,562) 41,236 2,389 (14,676) (108,205) (7,355,508) (1,268,121) 281,955 72,429 (87,916) (8,357,161) 12,276,889 1,212 (109,781) (141,944) 189,204 12,215,580 (1) Weighted average annual rate. (2) Refers to the transfer of R$ 45,245 96,788 (89) Land depreciation refers to right-of-use assets. The amount of R$ 4,266 The amount of capitalized borrowing costs during the nine-month period ended on September 30, 2021 was of R$ 36,620 13,745 13,278 5,357 The weighted average rate used to determine the amount of borrowing costs subject to capitalization was 7.27 6.15 The book value of the property, plant and equipment items that are pledged as collateral for transactions of different natures are set forth below: Schedule of book value of the collateral property, plant and equipment Type of collateral 09.30.21 12.31.20 Land Financial/Tax 150,852 223,918 Buildings, facilities and improvements Financial/Tax 1,204,773 1,491,531 Machinery and equipment Financial/Labor/Tax/Civil 1,288,772 1,470,295 Furniture and fixtures Financial/Tax 15,034 15,700 Vehicles Financial/Tax 305 294 2,659,736 3,201,738 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
INTANGIBLE ASSETS | 13. INTANGIBLE ASSETS The intangible assets rollforward is set forth below: Average rate (1) 12.31.20 Additions Disposals Business combination (note 1.2) Transfers Exchange rate variation 09.30.21 Cost Goodwill 2,935,577 (6,145) 1,061,987 - 40,012 4,031,431 Trademarks 1,327,738 275 - (21,752) 1,306,261 Non-compete agreement 107,162 378 (3,079) - - 1,652 106,113 Outgrowers relationship 5,328 197 - - 5,525 Patents 6,205 (3,723) - - 3 2,485 Customer relationship 1,067,713 - - (3,161) 1,064,552 Software 657,255 5,218 (581) 1,826 143,434 (324) 806,828 Intangible in progress 46,054 132,856 - (120,008) (14) 58,888 6,153,032 138,649 (13,528) 1,064,088 23,426 16,416 7,382,083 Amortization Non-compete agreement 21.56% (97,408) (7,596) 3,079 - - (1,447) (103,372) Outgrowers relationship 15.82% (4,695) (439) - - (5,134) Patents 10.00% (5,999) (18) 3,723 - - (1) (2,295) Customer relationship 7.39% (375,131) (59,525) - - (2,236) (436,892) Software 40.48% (449,697) (140,218) 463 - 5 102 (589,345) (932,930) (207,796) 7,265 - 5 (3,582) (1,137,038) 5,220,102 (69,147) (6,263) 1,064,088 23,431 12,834 6,245,045 (1) Weighted average annual rate. Average rate (1) 12.31.19 Additions Disposals Transfers (2) Exchange rate variation 12.31.20 Cost Goodwill 2,713,602 - - (6,970) 228,945 2,935,577 Trademarks 1,322,262 - - - 5,476 1,327,738 Non-compete agreement 99,229 413 (379) - 7,899 107,162 Outgrowers relationship 14,604 - (9,276) - - 5,328 Patents 6,305 - (115) - 15 6,205 Customer relationship 892,758 - - - 174,955 1,067,713 Software 523,615 73,423 (45,851) 97,117 8,951 657,255 Intangible in progress 12,151 95,111 - (61,434) 226 46,054 5,584,526 168,947 (55,621) 28,713 426,467 6,153,032 Amortization Non-compete agreement 23.41% (74,190) (18,784) 379 - (4,813) (97,408) Outgrowers relationship 12.75% (12,744) (1,030) 9,079 - - (4,695) Patents 10.00% (5,626) (476) 115 - (12) (5,999) Customer relationship 7.35% (242,263) (79,969) - - (52,899) (375,131) Software 34.22% (341,624) (153,288) 43,718 9,562 (8,065) (449,697) (676,447) (253,547) 53,291 9,562 (65,789) (932,930) 4,908,079 (84,600) (2,330) 38,275 360,678 5,220,102 (1) Weighted average annual rate. (2) Related to transfer of R$6,970 to assets held for sales. During the nine-month period ended on September 30, 2021, Management did not identify any event that could indicate an impairment of such assets. |
LOANS AND BORROWINGS
LOANS AND BORROWINGS | 9 Months Ended |
Sep. 30, 2021 | |
Loans And Borrowings | |
LOANS AND BORROWINGS | 14. LOANS AND BORROWINGS Schedule of loan and financing Charges (p.a.) Average rate (1) WAMT (2) 12.31.20 Borrowing Business combination (note 1.2) Amortization Interest paid Interest accrued Exchange rate variation 09.30.21 Local currency Working capital Fixed / CDI 5.36% 1.0 368,681 300,000 25,950 (364,451) (11,466) 8,764 - 327,478 Certificate of agribusiness receivables (3) IPCA 15.58% 2.2 821,093 - - - 95 100,446 - 921,634 Development bank credit lines TJLP / TLP/ IPCA / FINAME 3.13% 6.1 - - 9,006 (344) - 14 - 8,676 Debentures CDI / IPCA 14.36% 7.6 3,022,005 965,549 - - (143,009) 282,313 - 4,126,858 Export credit facility (4) Fixed / CDI / FX USD 8.40% (3.69% on 12.31.20) 1.2 2,408,697 - 20,456 (524) (107,941) 84,278 96,641 2,501,607 Fiscal incentives Fixed 2.40% - 44,816 63,700 - (82,401) (627) 647 - 26,135 6,665,292 1,329,249 55,412 (447,720) (262,948) 476,462 96,641 7,912,388 Foreign currency Bonds Fixed / FX USD and EUR 4.82% 11.7 14,829,993 - - (312,741) (703,844) 667,042 560,242 15,040,692 Export credit facility Fixed / LIBOR / FX USD 3.50% (3.13% on 12.31.20) 1.6 392,636 - 30,476 (135,668) (6,649) 7,807 18,300 306,902 Advances for foreign exchange rate contracts Fixed / FX USD 1.32% 0.4 - 249,000 2,672 - - 472 9,840 261,984 Working capital Fixed / FX TRY and USD 13.64% (10.98% on 12.31.20) 1.8 516,505 252,868 29,555 (84,548) (48,160) 61,976 (71,560) 656,636 15,739,134 501,868 62,703 (532,957) (758,653) 737,297 516,822 16,266,214 22,404,426 1,831,117 118,115 (980,677) (1,021,601) 1,213,759 613,463 24,178,602 Current 1,059,984 2,861,250 Non-current 21,344,442 21,317,352 Charges (p.a.) Average rate (1) WAMT (2) 12.31.19 Borrowing Amortization Interest paid Interest accrued Exchange rate variation 12.31.20 Local currency Working capital Fixed / CDI 3.25% 0.6 3,312,639 1,200,000 (3,947,237) (340,227) 143,506 - 368,681 Certificate of agribusiness receivables (3) CDI / IPCA 10.21% 3.0 1,597,447 - (780,000) (100,932) 104,578 - 821,093 Development bank credit lines Fixed / Selic / TJLP (5.09% on 12.31.19) - 45,516 - (45,470) (427) 381 - - Debentures CDI / IPCA 8.28% 7.7 755,760 2,124,725 - (38,339) 179,859 - 3,022,005 Export credit facility (4) Fixed / CDI / USD 3.69% (5.83% on 12.31.19) 6.8 1,612,365 1,490,809 (1,113,176) (111,498) 152,968 377,229 2,408,697 Special program asset restructuring IGPM (12.22% on 12.31.19) - 284,308 - (287,621) (5,142) 8,455 - Fiscal incentives Fixed 2.40% - 5,720 73,671 (34,609) (667) 701 - 44,816 7,613,755 4,889,205 (6,208,113) (597,232) 590,448 377,229 6,665,292 Foreign currency Bonds Fixed / USD / EUR 4.81% 12.4 10,407,484 4,282,961 (3,010,421) (760,879) 881,137 3,029,711 14,829,993 Export credit facility Fixed / LIBOR / USD 3.13% (5.77% on 12.31.19) 2.2 407,275 - (118,113) (20,686) 17,627 106,533 392,636 Advances for foreign exchange rate contracts Fixed / USD - - - 529,211 (529,210) - - (1) - Working capital Fixed / TRY 10.98% (16.56% on 12.31.19) 1.2 191,765 718,956 (381,502) (42,742) 46,704 (16,676) 516,505 11,006,524 5,531,128 (4,039,246) (824,307) 945,468 3,119,567 15,739,134 18,620,279 10,420,333 (10,247,359) (1,421,539) 1,535,916 3,496,796 22,404,426 Current 3,132,029 1,059,984 Non-current 15,488,250 21,344,442 (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) The Export Credit Facility was 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 September 30, 2021 and on December 31, 2020 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 23.3. 14.1. 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 three years 1,500,000 three years 14.2. Issuance of debentures On June 02, 2021, 1,000,000 (one million) Debentures were subscribed with a notional value of R$ 1,000.00 (one thousand Brazilian Reais), in a total amount of R$1,000,000, in a single series. The Debentures are simple, not convertible into shares, unsecured and for private placement. The Debentures were privately placed with VERT Companhia Securitizadora, to back its sixtieth issuance of Agribusiness Receivables Certificates which were object of public distribution with restricted placement efforts. Schedule of loan and financing 09.30.21 Operation Series Issue date Maturity Rate Notional Updated Value Debenture - 3rd Issue 1st Series 06.02.21 05.14.31 IPCA + 4.78% p.a. 1,000,000 1,018,992 The issuance costs of R$34,258 are recognized on the statement of income over the term of the debt according to the effective interest rate method. 14.3. Senior Notes repurchase offer During June 2021, the Company made an offer to repurchase its 4.875% Senior Notes due on 2030, in which it repurchased the principal amount equivalent to R$297,141 (USD59,402). The Company paid the amount of R$317,532 for the repurchase of these liabilities, amount that includes principal, interest and premium. The Company incurred in financial expenses in the amount of R$14,114 with the premium paid, R$2,491 with taxes and R$3,089 with the write-off of the costs of issuance. The principal outstanding after the repurchase is equivalent to R$3,454,509 (USD690,598). 14.4. Guarantees Schedule of commitment for purchase goods and services 09.30.21 12.31.20 Total loans and borrowings 24,178,602 22,404,426 Mortgage guarantees 44,182 44,816 Related to tax incentives and other 44,182 44,816 On September 30, 2021, the amount of bank guarantees contracted by the Company was of R$ 556,103 (R$ 590,933 as of December 31, 2020) which were offered mainly in litigations involving the Company’s use of tax credits. These guarantees have an average cost of 1.93 1.95 |
TRADE ACCOUNTS PAYABLE
TRADE ACCOUNTS PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
TRADE ACCOUNTS PAYABLE | 15. TRADE ACCOUNTS PAYABLE Schedule of trade and accounts payable 09.30.21 12.31.20 Trade accounts payable Domestic market Third parties 9,216,162 7,611,170 Foreign market Third parties 1,979,481 1,487,206 11,195,643 9,098,376 (-) Adjustment to present value (106,447) (88,389) Trade and accounts payable 11,089,196 9,009,987 Current 11,077,197 8,996,206 Non-current 11,999 13,781 Within the trade accounts payable balance as of September 30, 2021, R$ 3,551,550 (R$ 2,576,071 as of December 31, 2020) correspond to supply chain finance transactions in which there were no changes in the payment terms and prices negotiated with the suppliers. |
SUPPLY CHAIN FINANCE
SUPPLY CHAIN FINANCE | 9 Months Ended |
Sep. 30, 2021 | |
Supply Chain Finance | |
SUPPLY CHAIN FINANCE | 16. SUPPLY CHAIN FINANCE Schedule of supply chain finance 09.30.21 12.31.20 Supply chain finance Domestic market 1,749,226 1,309,167 Foreign market 168,093 165,060 Suppliers 1,917,319 1,474,227 (-) Adjustment to present value (28,100) (21,590) Supply chain finance 1,889,219 1,452,637 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 September 30, 2021, 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 0.54 0.74 0.38 0.47 On September 30, 2021, 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 0.18 0.38 0.18 0.40 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
LEASES | 17. 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. 17.1. 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 12 and 13) Average rate (1) 12.31.20 Additions Disposals Transfers Business combination (note 1.2) Exchange rate variation 09.30.21 Cost Land 48,661 3,761 (1,845) 89,060 - 3,361 142,998 Buildings 2,861,916 397,918 (48,583) (89,060) 4,736 4,897 3,131,824 Machinery and equipment 112,593 98,353 (98,660) - 3,346 364 115,996 Vehicles 344,918 46,309 (23,112) - 925 6,622 375,662 Software 74,582 5,213 (64) - - - 79,731 3,442,670 551,554 (172,264) - 9,007 15,244 3,846,211 Depreciation Land 8.76% (13,526) (8,906) 995 (11,335) - (430) (33,202) Buildings 25.13% (914,816) (429,368) 37,712 11,335 (4,418) (1,299,555) Machinery and equipment 53.81% (107,316) (47,102) 98,415 - (283) (56,286) Vehicles 27.86% (101,495) (76,969) 11,807 - (3,357) (170,014) Software 42.22% (33,048) (21,216) 64 - - - (54,200) (1,170,201) (583,561) 148,993 - (8,488) (1,613,257) 2,272,469 (32,007) (23,271) - 9,007 6,756 2,232,954 (1) Weighted average annual rate. Average rate (1) 12.31.19 Additions Disposals Transfers Exchange rate variation 12.31.20 Cost Land 22,790 5,900 (961) 20,751 181 48,661 Buildings 2,615,883 287,451 (86,557) (2,487) 47,626 2,861,916 Machinery and equipment 115,173 5,518 (8,289) - 191 112,593 Vehicles 207,443 165,699 (54,260) - 26,036 344,918 Software 55,705 72,766 (35,625) (18,264) - 74,582 3,016,994 537,334 (185,692) - 74,034 3,442,670 Depreciation Land 16.32% (5,086) (6,861) 813 (1,799) (593) (13,526) Buildings 29.11% (512,836) (464,159) 85,042 (6,765) (16,098) (914,816) Machinery and equipment 42.48% (96,958) (17,865) 7,610 - (103) (107,316) Vehicles 26.39% (57,357) (71,768) 41,024 - (13,394) (101,495) Software 45.21% (44,815) (32,422) 35,625 8,564 - (33,048) (717,052) (593,075) 170,114 - (30,188) (1,170,201) 2,299,942 (55,741) (15,578) - 43,846 2,272,469 (1) Weighted average annual rate. 17.2. Lease liabilities Schedule of lease liabilities WAM (1) 12.31.20 Additions Payments Interest paid Interest accrued Disposals Transfers Business combination (note 1.2) Exchange rate variation 09.30.21 Land 4.6 37,868 3,761 (5,256) (6,360) 6,360 (970) 82,851 - 7,252 125,506 Buildings 1.9 2,195,407 397,918 (402,354) (84,086) 133,023 (16,994) (82,851) 6,557 (22,587) 2,124,033 Machinery and equipment 0.9 3,773 98,353 (45,352) (2,783) 2,783 (34) - 3,703 97 60,540 Vehicles 1.8 256,423 46,309 (74,416) (13,893) 13,893 (1,574) - 886 (9,387) 218,241 Software 1.5 43,210 5,213 (21,533) (1,906) 1,906 - - - 26,890 2,536,681 551,554 (548,911) (109,028) 157,965 (19,572) - 11,146 (24,625) 2,555,210 Current 383,162 485,905 Non-current 2,153,519 2,069,305 (1) Weighted average maturity in years. WAM (1) 12.31.19 Additions Payments Interest paid Interest accrued Disposals Transfers Exchange rate variation 12.31.20 Land 4.7 20,355 5,900 (5,819) (4,716) 4,716 (1,729) 18,811 350 37,868 Buildings 3.4 2,227,026 310,204 (425,594) (99,426) 170,763 (762) (18,238) 31,434 2,195,407 Machinery and equipment 1.8 25,687 5,518 (26,776) (13,285) 13,285 (755) 8 91 3,773 Vehicles 2.2 156,975 165,699 (64,674) (15,231) 15,231 (14,155) (581) 13,159 256,423 Software 1.6 1,137 72,767 (30,693) (3,967) 3,966 - - - 43,210 2,431,180 560,088 (553,556) (136,625) 207,961 (17,401) - 45,034 2,536,681 Current 376,628 383,162 Non-current 2,054,552 2,153,519 (1) Weighted average maturity in years. 17.3. Lease liabilities maturity schedule The maturity schedule of the minimum required future payments are presented below 09.30.21 Current 485,905 Non-current 2,069,305 October to December 2022 132,751 2023 444,474 2024 326,767 2025 234,653 2026 onwards 930,660 2,555,210 17.4. Incremental borrowing rate The Company uses nominal incremental borrowing rates to measure its lease liabilities. The nominal and real interest rates are presented below: 09.30.21 12.31.20 Contract Terms Nominal rate % p.a. Real rate % p.a. Nominal rate % p.a. Real rate % p.a. 1 year 4.92% 0.43% 5.69% 1.05% 2 years 4.81% 0.49% 5.96% 2.61% 3 years 6.31% 2.14% 6.80% 2.53% 4 years 7.15% 2.90% 8.50% 4.56% 5 years 9.69% 4.85% 8.98% 4.40% 6 years 10.61% 5.15% - - 7 years 10.96% 5.74% - - 8 years - - 10.47% 5.71% 9 years - - 10.75% 5.97% 10 years - - 11.39% 6.64% 12 years 9.85% 5.55% - - 13 years - - 11.68% 7.38% 14 years - - 11.84% 7.13% 16 years 12.44% 6.70% - - 20 years 12.95% 7.07% 13.26% 9.00% The nominal rates presented above as of September 30, 2021 refer to the incremental borrowing rates used in contracts recognized in the nine-month period ended on September 30, 2021 and the rates as of December 31, 2020 refer to the rates used in contracts recognized during the year ended on December 31, 2020. 17.5. 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. 2021 Jul - Sep Jan - Sep Variable payments not included in the lease liabilities 74,078 226,488 Expenses related to short-term leases 42,833 134,928 Expenses related to low-value assets 1,432 2,887 Amounts recognized in the statement of income 118,343 364,303 |
SHARE-BASED PAYMENT
SHARE-BASED PAYMENT | 9 Months Ended |
Sep. 30, 2021 | |
SHARE-BASED PAYMENT | 18. SHARE-BASED PAYMENT The terms of stock options and restricted shares plans granted to executives were disclosed in the financial statements for the year ended December 31, 2020 (note 19). The breakdown of the outstanding granted restricted shares is set forth as follows: Date Quantity Grant (1) Grant Vesting date Shares granted Outstanding shares Fair value of the shares 10.01.18 10.01.21 2,311,394 867,956 21.44 06.01.19 06.01.22 674,296 186,424 30.61 07.01.19 07.01.22 1,141,353 267,909 30.61 09.16.19 10.01.22 68,605 20,580 30.61 06.01.20 06.01.23 3,571,736 2,163,272 21.28 07.01.21 07.01.24 2,883,737 2,764,913 28.58 10,651,121 6,271,054 (1) Amounts expressed in Brazilian Reais. The rollforward of the granted options and shares for the nine-month period ended on September 30, 2021, is presented as follows: Outstanding options/stocks as of December 31, 2020 (1) 7,873,348 Granted Restricted stocks - July 2021 2,883,737 Exercised / Delivered: Restricted stocks – grant of June, 2020 (457,939) Restricted stocks – grant of September, 2019 (18,237) Restricted stocks – grant of July, 2019 (113,957) Restricted stocks – grant of June, 2019 (114,271) Forfeiture (2) Restricted stocks – grant of July, 2021 (118,824) Restricted stocks – grant of June, 2020 (838,436) Restricted stocks - grant of July, 2019 (275,372) Restricted stocks – grant of June, 2019 (113,582) Restricted stocks - grant of October, 2018 (15,083) Expired: Stock options - grant of May, 2016 (1,145,330) Stock options - grant of April, 2016 (1,275,000) Outstanding options/stocks as of September 30, 2021 6,271,054 (1) Includes stock options outstanding on December 31, 2020, as presented in the financial statements for the year of 2020. (2) 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 213,825 223,191 17,397 21,521 40,074 43,263 ), and during the three-month period ended on September 30, 2021 the amount recognized as expense was R$ 12,749 21,239 ). |
EMPLOYEES BENEFITS PLANS
EMPLOYEES BENEFITS PLANS | 9 Months Ended |
Sep. 30, 2021 | |
EMPLOYEES BENEFITS PLANS | 19. 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, 2020 (note 20) and have not been changed during the following periods. The actuarial liabilities are presented below: Schedule of quantitative sensitivity analysis regarding relevant assumptions of defined benefit plan Liabilities 09.30.21 12.31.20 Medical assistance 196,283 185,802 F.G.T.S. Penalty (1) 294,012 282,229 Award for length of service 113,900 108,908 Other 217,979 199,616 822,174 776,555 Current 125,312 125,230 Non-current 696,862 651,325 (1) FGTS – Government Severance Indemnity Fund for Employees The Company estimated costs for pension and post-employment plans for the year of 2021, according to an appraisal report prepared in 2020 by an actuarial expert and recorded in the condensed consolidated statement of income (loss) for nine-month ended September 30, 2021 against other comprehensive income a gain of R$ 11,729 20,134 3,694 7,170 |
PROVISION FOR TAX, CIVIL AND LA
PROVISION FOR TAX, CIVIL AND LABOR RISKS | 9 Months Ended |
Sep. 30, 2021 | |
Provision For Tax Civil And Labor Risks | |
PROVISION FOR TAX, CIVIL AND LABOR RISKS | 20. 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 this condensed consolidated 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. 20.1. Contingencies with probable losses The rollforward of the provisions for tax, labor, civil, commercial and other risks classified as with probable loss, and contingent liabilities is presented below: Tax Labor Civil, commercial and other Contingent liabilities (1) Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance 427,302 583,464 634,706 603,074 343,530 307,177 297,182 300,654 1,702,720 1,794,369 Additions 157,624 103,773 204,697 435,723 52,977 52,961 415,298 592,457 Business combination (note 1.2) 2,553 1,972 4,725 9,250 Reversals (67,752) (246,499) (110,114) (250,029) (54,475) (34,556) (194,845) (3,464) (427,186) (534,548) Payments (144,276) (70,699) (204,947) (298,599) (17,335) (29,889) (366,558) (399,187) Interest 52,451 57,275 91,194 144,516 81,942 47,818 225,587 249,609 Exchange rate variation (16) (12) (466) 21 (75) 19 (13) (8) (570) 20 Ending balance 427,886 427,302 617,042 634,706 411,289 343,530 102,324 297,182 1,558,541 1,702,720 Current 1,050,188 865,338 Non-current 508,353 837,382 (1) Contingent liabilities recognized at fair value as of the acquisition date, arising from the business combination with Sadia. The reversals in the period refer mainly to the closing of the processes related to ICMS credits in the context of the “ Guerra Fiscal 20.2. Contingencies with possible losses 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 the 2020 financial statements and on September 30, 2021 had balances of, R$ 1,619,032 1,523,987 315,579 197,097 13,187,530 12,536,528 102,324 297,182 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity | |
EQUITY | 21. EQUITY 21.1. Capital stock On September 30, 2021, the subscribed and paid capital of the Company was R$ 12,553,418 812,473,246 92,947 The Company is authorized to increase the capital stock, irrespective of amendment to the bylaws, up to the limit of 1,000,000,000 (one billion) common book-entry shares with no par value. 21.1.1. Breakdown of capital stock by nature Schedule of breakdown of capital stock by nature 09.30.21 12.31.20 Common shares 812,473,246 812,473,246 Treasury shares (4,061,680) (4,766,084) Outstanding shares 808,411,566 807,707,162 21.1.2. Rollforward of outstanding shares On September 30, 2021, the quantity of outstanding of shares was 808,411,566, in the period were delivered of 704,404 shares, in accordance with Restricted Share plan of Company. Quantity of outstanding of shares 09.30.21 12.31.20 Shares at the beginning of the period 807,707,162 811,759,800 Purchase of treasury shares (4,836,000) Delivery of restricted shares 704,404 783,362 Shares at the end of the period 808,411,566 807,707,162 21.2. Capital reserves and Other equity transactions For better presentation of the transactions, the balance priorly presented in Capital reserves was split between Capital reserves and Other equity transactions. In the current presentation, 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” 09.30.21 12.31.20 Capital reserves 141,834 141,834 Other equity transactions (80,313) 246 Share-based payments 213,825 214,711 Acquisition of non-controlling entities (293,918) (214,245) Capital transactions with controlled entities (220) (220) 61,521 142,080 21.3. Treasury shares The Company has 4,061,680 26.00 110,031 Quantity of outstanding of shares 09.30.21 12.31.20 Shares at the beggining of the period 4,766,084 713,446 Purchase of treasury shares 4,836,000 Delivery of restricted shares (704,404) (783,362) Shares at the end of the period 4,061,680 4,766,084 On September 30, 2021, the Company’s Board of Directors approved the Company’s share buyback program up to the limit of 3,696,858 (three million, six hundred and ninety-six thousand, eight hundred and fifty-eight) common shares, in a 18-month term. The goal of the program is to comply with the obligations assumed by the Company under the Restricted Stock Plan. In October 2021, the Company purchased 1,232,300 (one million, two hundred and thirty-two thousand, three hundred) common shares at the cost of R$27,722. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
EARNINGS (LOSS) PER SHARE | 22. EARNINGS (LOSS) PER SHARE Schedule of earnings per share Continued operations 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Basic numerator Net earnings (loss) for the period attributable to controlling shareholders (275,600) (454,014) 216,791 609,668 Basic denominator Common shares 812,473,246 812,473,246 812,473,246 812,473,246 Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,406,368 809,583,921 Net earnings (loss) per share basic - R$ (0.34) (0.56) 0.27 0.75 Diluted numerator Net earnings (loss) for the period attributable to controlling shareholders (275,600) (454,014) 216,791 609,668 Diluted denominator Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,406,368 809,583,921 Number of potential shares - 58,332 58,332 Weighted average number of outstanding shares - diluted 807,709,278 808,013,781 807,464,700 809,642,253 Net earnings (loss) per share diluted - R$ (0.34) (0.56) 0.27 0.75 Discontinued operations Continued and discontinued operations 2021 2021 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Basic numerator Net earnings (loss) for the exercise attributable to controlling shareholders (6,516) (47,802) (282,116) (501,816) Basic denominator Common shares 812,473,246 812,473,246 812,473,246 812,473,246 Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,709,278 808,013,781 Net earnings (loss) per share basic - R$ (0.01) (0.06) (0.35) (0.62) Diluted numerator Net earnings (loss) for the exercise attributable to controlling shareholders (6,516) (47,802) (282,116) (501,816) Diluted denominator Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,709,278 808,013,781 Number of potential shares - - - - Weighted average number of outstanding shares - diluted 807,709,278 808,013,781 807,709,278 808,013,781 Net earnings (loss) per share diluted - R$ (0.01) (0.06) (0.35) (0.62) |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 9 Months Ended |
Sep. 30, 2021 | |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | For the year ended December 31, 2020, the Income (loss) from discontinued operations was null. 23. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT 23.1. 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, as disclosed in the financial statements for the year ended on December 31, 2020. 23.2. 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. On September 30, 2021, the Company held financial investments over R$ 100,000 The Company also held derivative contracts with the following financial institutions: Banco Bradesco, Banco do Brasil, Banco Itaú, Banco Santander, Banco Votorantim, Bank of America Merrill Lynch, Banco BNP Paribas, Citibank, Goldman Sachs, J.P. Morgan Chase Bank, Morgan Stanley, Rabobank, T.Garanti Bankasi A.Ş. and Banco XP. 23.3. Capital management and liquidity risk On September 30, 2021, the long-term consolidated gross debt represented 87.51 93.66 The Company monitors the gross debt and net debt as set forth below: 09.30.21 12.31.20 Current Non-current Total Total Foreign currency loans and borrowings (2,334,507) (13,931,707) (16,266,214) (15,739,134) Local currency loans and borrowings (526,743) (7,385,645) (7,912,388) (6,665,292) Derivative financial liabilities (186,147) (36,077) (222,224) (385,696) Gross debt (3,047,397) (21,353,429) (24,400,826) (22,790,122) Marketable securities and cash and cash equivalents 7,233,026 375,906 7,608,932 8,235,360 Derivative financial assets 83,144 2,139 85,283 377,990 Restricted cash 24,529 1 24,530 24,358 Net debt (16,682,081) (14,152,414) The table below summarizes the significant commitments and contractual obligations that may impact the Company’s liquidity: 09.30.21 Book Contractual cash flow Up to 12 months Oct - Dec 2022 2023 2024 2025 2026 onwards Non derivative financial liabilities Loans and borrowings 24,178,602 39,715,036 3,441,569 530,504 3,948,651 3,011,583 1,812,210 26,970,519 Principal 26,996,059 2,226,146 400,000 2,839,213 2,054,081 907,058 18,569,561 Interest 12,718,977 1,215,423 130,504 1,109,438 957,502 905,152 8,400,958 Trade accounts payable 11,089,196 11,195,643 11,183,638 3,272 5,778 2,849 106 - Supply chain finance 1,889,219 1,917,319 1,917,319 - - - - - Lease liabilities 2,555,210 3,214,065 519,189 144,233 515,998 405,335 311,068 1,318,242 Derivative financial liabilities Financial instruments designated as cash flow hedge Interest rate derivatives 36,077 36,077 - - - - - 36,077 Currency derivatives 82,654 82,654 82,654 - - - - - Commodities derivatives 94,094 94,094 94,094 - - - - - Financial instruments not designated as cash flow hedge Currency derivatives 9,399 9,399 9,399 - - - - - The Company does not expect that the cash outflows to fulfill the obligations shown above will be significantly influenced by factors unrelated to its best interests, or substantially modified outside the normal course of business. 23.4. Market risk management 23.4.1. Interest rate risk The indebtedness is essentially linked to fixed coupon (R$, USD, EUR e TRY), Interbank Deposit Certificate (“CDI”), Broad Consumer Price Index (“IPCA”) and London Interbank Offered Rate (“LIBOR”). In situations of adverse market changes that result in an increase in these rates, the cost of floating-rate debt rises and on the other hand, the cost of fixed-rate debt decreases in relative terms. Regarding the marketable securities, the Company holds, mainly, instruments indexed by the CDI for investments in Brazil and fixed coupon in USD for investments in the foreign market. The Company’s exposure to interest rates can be assessed in notes 5 and 14. The derivative financial instruments used to hedge the exposure to interest rates as of September 30, 2021 are presented in the table below: 09.30.21 Fair value (R$) Fair value hedge - Derivative instruments Hedged Object Maturity Asset Liability Notional Instrument Object (1) 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 (2,351) 27,316 Interest rate swap Debenture - 2nd Issue - 2nd series - IPCA + 5.60% p.a 3rd Qtr. 2030 IPCA + 5.60% p.a CDI + 2.32% p.a. 1,495,000 BRL (31,528) 71,026 Interest rate swap Debenture - 3rd Issue - single series - IPCA + 4.78% p.a 2nd Qtr. 2031 IPCA + 4.78% p.a CDI + 0.60% p.a. 200,000 BRL (59) (1,376) (33,938) 96,966 (1) Corresponds to the accumulated amount of fair value hedge adjustments on the hedged items, included in the carrying amount of the debentures. 23.4.2. Foreign exchange risk This risk is the one that may cause unexpected losses to the Company resulting from volatility of the FX rates, reducing its assets and revenues, or increasing its liabilities and costs. The Company’s exposure is managed in three dimensions: statement of financial position exposure, operating income exposure and investments exposure. 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: 09.30.21 12.31.20 Cash and cash equivalents 1,562,136 2,855,979 Trade accounts receivable 6,567,534 5,765,753 Trade accounts payable (1,144,743) (859,790) Loans and borrowings (15,274,760) (14,947,793) Other assets and liabilities, net 12,934 225,694 Exposure of assets and liabilities in foreign currencies (8,276,899) (6,960,157) Derivative financial instruments (hedge) 7,764,347 6,849,947 Exposure in result, net (512,552) (110,210) The net P&L exposure is mainly composed of the following currencies: Net P&L Exposure 09.30.21 12.31.20 Argentinian Peso (ARS) (5,804) (5,310) Angolan kwanza (AOA) 263,009 - Euros (EUR) (57,530) 112,672 Yen (JPY) 82,372 29,976 Turkish Liras (TRY) (241,033) 178,906 U.S. Dollars (USD) (553,566) (426,454) Total (512,552) (110,210) 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 September 30, 2021 are not designated as hedge accounting and are set forth below: 09.30.21 Derivative instruments not designated Asset Liability Maturity Notional Exercise rate Fair value (R$) Non-deliverable forward EUR BRL 4th Qtr. 2021 EUR 265,000 6.4336 (8,522) Non-deliverable forward USD BRL 4th Qtr. 2021 USD 715,000 5.4864 12,727 Futures - B3 USD BRL 4th Qtr. 2021 USD 358,000 5.4672 6,462 Currency swap USD + 1.29% p.a. CDI + 0.80% p.a. 1st Qtr. 2022 USD 47,583 - 8,450 Non-deliverable forward EUR JPY 4th Qtr. 2021 EUR 19,230 130.0080 (877) Non-deliverable forward USD EUR 4th Qtr. 2021 EUR 34,133 1.1719 2,225 Total 20,465 ii. Operating income exposure The derivative and non-derivative financial instruments designated as cash flow hedges for foreing exchange operating income exposure on September 30, 2021 are set forth below: 09.30.21 Cash flow hedge - Derivative instruments Hedged object Asset Liability Maturity Notional Designation rate Fair value Non-deliverable forward USD Exports BRL USD 4th Qtr. 2021 USD 313,000 5.3157 (48,724) Non-deliverable forward USD Exports BRL USD 1st Qtr. 2022 USD 63,000 5.4348 (8,220) Non-deliverable forward USD Exports BRL USD 2nd Qtr. 2022 USD 5,000 5.5782 (365) Collar USD Exports BRL USD 4th Qtr. 2021 USD 44,000 5.5772 3,204 Collar USD Exports BRL USD 1st Qtr. 2022 USD 30,000 5.7162 1,869 Collar USD Exports BRL USD 2nd Qtr. 2022 USD 10,000 5.7125 (187) (52,423) 09.30.21 Cash flow hedge - Non-derivative instruments Hedged object Liability Maturity Notional Designation rate Fair value (1) Bond BRF SA BRFSBZ 5 7/8 (2) USD Exports USD 2nd Qtr. 2022 USD 70,928 2.0213 (426,732) Bond BRF SA BRFSBZ 3.95 USD Exports USD 2nd Qtr. 2023 USD 150,000 2.0387 (510,105) (936,837) (1) Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income. (2) For this instrument, the initial designation was of USD150,000, however there were repurchases with corresponding revocation of the designation in the amounts of USD31,338 at the rate of 3.2408, USD9,350 at the rate of 4.1827, USD27,190 at the rate of 5.1889 e USD11,194 at the rate of 5.5714. The accumulated exchange rate variation of the revoked portions is fixed and reserved in Other Comprehensive Income until the recognition of the hedge object in the second quarter of 2022. iii. Investments exposure The Company holds investments abroad in functional currencies different than the Brazilian Real, which generate currency exposure that affects directly the Company’s Equity, in Other Comprehensive Income. The non-derivative financial instruments designated as net investment hedge instruments on September 30, 2021 are set forth below: 09.30.21 Net investment hedge - Object (Investment) Liability Maturity Notional Rate Fair value (1) Bond - BRF SA BRFSBZ 4.35 Federal Foods LLC USD 3rd Qtr. 2026 USD 75,673 3.7649 (127,395) Bond - BRF SA BRFSBZ 4.35 BRF Al Yasra Food USD 3rd Qtr. 2026 USD 108,757 3.7649 (169,128) Bond - BRF SA BRFSBZ 4.35 Al Khan Foodstuff LLC USD 3rd Qtr. 2026 USD 65,570 3.7649 (109,230) (405,753) (1) Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income. 23.4.3. Commodities price risk The financial instruments designated as cash flow hedges and fair value hedges for the commodities price exposure on September 30, 2021 are set forth below: 09.30.21 Cash flow hedge - Derivative instruments Hedged object Index Maturity Quantity Exercise price (1) Fair value Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 4th Qtr. 2021 32,977 ton 417.29 (9,400) Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 1st Qtr. 2022 85,963 ton 412.66 (21,089) Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 2nd Qtr. 2022 184,877 ton 395.96 (22,888) Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 3rd Qtr. 2022 30,946 ton 387.86 (1,943) Collar - buy Soybean meal purchase - floating price Soybean meal - CBOT 4th Qtr. 2021 9,989 ton 421.11 (2,156) Collar - buy Soybean purchase - floating price Soybean - CBOT 4th Qtr. 2021 19,999 ton 458.84 172 Non-deliverable forward - buy Corn purchase - floating price Corn - B3 3rd Qtr. 2022 2,025 ton 1,333.16 (33) Collar - buy Corn purchase - floating price Corn - B3 4th Qtr. 2021 13,230 ton 1,587.07 126 Collar - buy Corn purchase - floating price Corn - B3 1st Qtr. 2022 17,037 ton 1,683.33 (303) Collar - buy Corn purchase - floating price Corn - B3 2nd Qtr. 2022 7,992 ton 1,616.67 (97) Collar - buy Soybean oil purchase - floating price Soybean oil - CBOT 4th Qtr. 2021 2,994 ton 794.77 7,069 (50,542) (1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. 09.30.21 Cash flow hedge - Protection object Assets Liabilities Maturity Notional Exercise price Fair value (R$) Non-deliverable forward Cost in USD USD TRY 4th Qtr. 2021 USD 7,098 8.8251 998 998 09.30.21 Fair value hedge - Derivative instruments Hedged object Index Maturity Quantity Exercise price (1) Fair value Non-deliverable forward - sell Soybean purchase - fixed price Soybean - CBOT 1st Qtr. 2022 15,000 ton 503.65 2,956 Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 4th Qtr. 2021 179,299 ton 202.24 (8,839) Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 1st Qtr. 2022 63,077 ton 200.41 (4,783) Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 2nd Qtr. 2022 170,790 ton 216.20 59 Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 3rd Qtr. 2022 39,995 ton 184.67 (5,034) Corn future - sell Corn purchase - fixed price Corn - B3 4th Qtr. 2021 7,803 ton 1,562.51 186 Corn future - sell Corn purchase - fixed price Corn - B3 1st Qtr. 2022 104,571 ton 1,631.40 2,488 Corn future - sell Corn purchase - fixed price Corn - B3 2nd Qtr. 2022 9,882 ton 1,537.49 124 Corn future - sell Corn purchase - fixed price Corn - B3 3rd Qtr. 2022 176,985 ton 1,339.50 1,459 Corn future - sell Corn purchase - fixed price Corn - B3 4th Qtr. 2022 14,985 ton 1,350.41 - Collar - sell Corn purchase - fixed price Corn - B3 4th Qtr. 2021 62,910 ton 1,649.32 4,350 Collar - sell Corn purchase - fixed price Corn - B3 1st Qtr. 2022 25,380 ton 1,567.91 248 Put - Buy Corn purchase - fixed price Corn - B3 4th Qtr. 2021 5,994 ton 1,616.67 583 (6,203) (1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. 09.30.21 Fair value hedge - Protection object Assets Liabilities Maturity Notional Exercise price Fair value Non-deliverable forward Cost in USD BRL USD 4th Qtr. 2021 USD 36,262 5.3508 (5,001) Non-deliverable forward Cost in USD BRL USD 1st Qtr. 2022 USD 20,196 5.3666 (4,335) Non-deliverable forward Cost in USD BRL USD 2nd Qtr. 2022 USD 36,924 5.6119 (4,575) Non-deliverable forward Cost in USD BRL USD 3rd Qtr. 2022 USD 7,386 5.6278 (1,387) (15,298) 23.5. Effects of hedge instruments on financial information The effects of financial instruments for hedging exchange rate, commodities price and interest rates in the condensed consolidated statement of income (loss) for the period, in Other Comprehensive Income and in the condensed consolidated statement of financial position are set forth below: Income for the period Jul - Sep 2021 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Net Sales 12,349,193 - - 12,349,193 Derivatives result Operating Results Cash flow 40,792 - - 40,792 Net Revenue 25 12,389,985 - - 12,389,985 Cost of Sales - (9,757,320) - (9,757,320) Derivatives result Operating Results Cash flow / Fair value - (7,983) - (7,983) Cost of Sales - (9,765,303) - (9,765,303) Interests on loans and borrowings - - (361,115) (361,115) Interest Rate Derivatives result Interest expenses Fair value - - (40,065) (40,065) Foreign Exchange variation on assets and liabilities (625,672) - - (625,672) Foreign Exchange Derivatives result Financial Position Not designated 594,162 - - 594,162 Effects on Financial Result 27 (31,510) - (401,180) (432,690) Other Comprehensive Income Jul - Sep 2021 Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Derivative Instruments - current Operating Results Cash flow (183,860) (169,440) - (353,300) Non-derivative Instruments – current Operating Results Cash flow (31,010) - - (31,010) Non-derivative Instruments – non-current Operating Results Cash flow (65,580) - - (65,580) Non-derivative Instruments - non-current Foreign investments Net investment (106,955) - - (106,955) Other Comprehensive Income (1) (387,405) (169,440) - (556,845) Income for the period Jan - Sep 2021 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Net Sales 34,539,353 - - 34,539,353 Derivatives result Operating Results Cash flow 79,510 - - 79,510 Net Revenue 25 34,618,863 - - 34,618,863 Cost of Sales - (27,388,645) - (27,388,645) Derivatives result Operating Results Cash flow / Fair value - (184,594) - (184,594) Cost of Sales - (27,573,239) - (27,573,239) Interests on loans and borrowings - - (1,216,925) (1,216,925) Interest Rate Derivatives result Interest expenses Fair value - - (35,025) (35,025) Foreign Exchange variation on assets and liabilities (359,457) - - (359,457) Foreign Exchange Derivatives result Financial Position Not designated 178,101 - - 178,101 Effects on Financial Result 27 (181,356) - (1,251,950) (1,433,306) Other Comprehensive Income Jan - Sep 2021 Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Derivative Instruments - current Operating Results Cash flow (100,366) (209,373) - (309,739) Non-derivative Instruments – current Operating Results Cash flow (17,214) - - (17,214) Non-derivative Instruments – non-current Operating Results Cash flow (36,405) - - (36,405) Non-derivative Instruments - non-current Foreign investments Net investment (61,079) - - (61,079) Other Comprehensive Income (1) (215,064) (209,373) - (424,437) (1) All effects are presented gross of taxes. Statement of financial position 09.30.21 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Designated derivatives Operating Results Cash flow / Fair value (66,723) (56,745) (33,938) (157,406) Not designated derivatives Financial Position Not designated 20,465 - - 20,465 Asset / (Liability) net (46,258) (56,745) (33,938) (136,941) Derivative Instruments - current (2) Operating Results Cash flow (52,423) (38,067) - (90,490) Non-derivative instruments – current Operating Results Cash flow (426,732) - - (426,732) Non-derivative instruments – non-current Operating Results Cash flow (510,105) - - (510,105) Non-derivative Instruments - non-current Foreign investments Net investment (405,753) - - (405,753) Other Comprehensive Income (1) (1,395,013) (38,067) - (1,433,080) Derivatives result Operating Results Cash flow / Fair value - 538,512 - 538,512 Inventories 7 - 538,512 - 538,512 (1) All effects are presented gross of taxes. (2) Includes R$(2,192) related to the time value of the foreign exchange option contracts, and R$(234) related to the time value of the commodity options contracts. Statement of financial position 12.31.20 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Designated derivatives Operating Results Cash flow / Fair value 95,558 (144,057) - (48,499) Not designated derivatives Financial Position Not designated 55,442 - (14,649) 40,793 Asset / (Liability) net 151,000 (144,057) (14,649) (7,706) Derivative Instruments - current Operating Results Cash flow 47,942 171,306 - 219,248 Non-derivative instruments – non-current Operating Results Cash flow (883,218) - - (883,218) Non-derivative Instruments - non-current Foreign investments Net investment (344,674) - - (344,674) Other Comprehensive Income (1,179,950) 171,306 - (1,008,644) Derivatives result Operating Results Cash flow / Fair value - 442,398 - 442,398 Inventories 7 - 442,398 - 442,398 In the statement of cash flows, the effect of the derivative financial instruments designated as hedge accounting is presented in the line item in which the hedged object is recorded. For the instruments not designated, the effects are presented in the Derivative Financial Instruments line item. Summarized financial position of derivative financial instruments: 09.30.21 12.31.20 Assets Designated as hedge accounting Currency derivatives 15,931 177,208 Commodities derivatives 37,349 125,304 Interest rate derivatives 2,139 - Not designated as hedge accounting Currency derivatives 29,864 75,478 85,283 377,990 Current assets 83,144 377,756 Non-current assets 2,139 234 Liabilities Designated as hedge accounting Currency derivatives (82,654) (81,650) Commodities derivatives (94,094) (269,361) Interest rate derivatives (36,077) - Not designated as hedge accounting Currency derivatives (9,399) (20,036) Interest rate derivatives - (14,649) (222,224) (385,696) Current liabilities (186,147) (384,969) Non-current liabilities (36,077) (727) 23.6. 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 September 30, 2021, which has been described in the items above. The future results may diverge significantly of the estimated values if the reality presents different than the assumptions used. Positive values indicate gains and negative values indicate losses. Scenario Exchange rate - Balance Base - 50% - 25% - 10% + 10% + 25% + 50% USD 5.4394 2.7197 4.0796 4.8955 5.9833 6.7993 8.1591 Monetary Assets and Liabilities 3,433,220 1,716,610 686,644 (686,644) (1,716,610) (3,433,220) Derivative Instruments - Not designated (3,156,437) (1,578,218) (631,287) 631,287 1,578,218 3,156,437 Net effect 276,783 138,392 55,357 (55,357) (138,392) (276,783) EUR 6.2983 3.1492 4.7237 5.6685 6.9281 7.8729 9.4475 Monetary Assets and Liabilities 820,571 410,286 164,114 (164,114) (410,286) (820,571) Derivative Instruments - Not designated (786,712) (393,356) (157,342) 157,342 393,356 786,712 Net effect 33,859 16,930 6,772 (6,772) (16,930) (33,859) JPY 0.0488 0.0244 0.0366 0.0439 0.0537 0.0610 0.0732 Monetary Assets and Liabilities (102,161) (51,080) (20,432) 20,432 51,080 102,161 Derivative Instruments - Not designated 60,975 30,488 12,195 (12,195) (30,488) (60,975) Net effect (41,186) (20,592) (8,237) 8,237 20,592 41,186 TRY 0.6124 0.3062 0.4593 0.5512 0.6736 0.7655 0.9186 Monetary Assets and Liabilities 120,516 60,258 24,103 (24,103) (60,258) (120,516) Net effect 120,516 60,258 24,103 (24,103) (60,258) (120,516) AOA 0.0091 0.0045 0.0068 0.0082 0.0100 0.0113 0.0136 Monetary Assets and Liabilities (131,504) (65,752) (26,301) 26,301 65,752 131,504 Net effect (131,504) (65,752) (26,301) 26,301 65,752 131,504 Scenario Exchange rate - Operating results Base - 50% - 25% - 10% + 10% + 25% + 50% USD 5.4394 2.7197 4.0796 4.8955 5.9833 6.7993 8.1591 Revenue in USD (1,865,518) (932,759) (373,104) 373,104 932,759 1,865,518 NDF 1,036,206 518,103 207,241 (207,241) (518,103) (1,036,206) Collar 222,657 108,429 39,893 (23,342) (88,388) (202,615) Loans - Designated 600,858 300,429 120,172 (120,172) (300,429) (600,858) Net effect (5,797) (5,798) (5,798) 22,349 25,839 25,839 Scenario Exchange rate - Operating results Base - 50% - 25% - 10% + 10% + 25% + 50% USD 5.4394 2.7197 4.0796 4.8955 5.9833 6.7993 8.1591 Cost of Sales (274,059) (137,030) (54,812) 54,812 137,030 274,059 NDF 274,059 137,030 54,812 (54,812) (137,030) (274,059) Net effect - - - - - - Scenario Operating results - Commodities Base (1) - 50% - 25% - 10% + 10% + 25% + 50% Soy Grain - CBOT 464 232 348 418 510 580 696 Cost of Sales 1,160 580 232 (232) (580) (1,160) Collar (4,139) (1,832) (447) 554 1,938 4,246 NDF 3,505 1,753 701 (701) (1,753) (3,505) Net effect 526 501 486 (379) (395) (419) Soybean Meal - CBOT 371 185 278 334 408 464 556 Cost of Sales 63,940 31,970 12,788 (12,788) (31,970) (63,940) Collar (1,810) (905) (362) 238 537 1,369 NDF (62,130) (31,065) (12,426) 12,426 31,065 62,130 Net effect - - - (124) (368) (441) Soybean Oil - CBOT 1,294 647 970 1,165 1,423 1,617 1,941 Cost of Sales 1,937 968 387 (387) (968) (1,937) Collar (1,547) (968) (387) 387 968 1,937 Net effect 390 - - - - - Corn - CBOT 213 107 160 192 235 267 320 Cost of Sales (48,318) (24,159) (9,664) 9,664 24,159 48,318 NDF 48,318 24,159 9,664 (9,664) (24,159) (48,318) Net effect - - - - - - Corn - B3 1,445 722 1,084 1,300 1,589 1,806 2,167 Cost of Sales (266,037) (133,018) (53,207) 53,207 133,018 266,037 Collar 40,052 20,741 9,025 (5,087) (13,216) (32,528) NDF 219,671 109,835 43,934 (43,934) (109,835) (219,671) Put 4,594 2,297 919 (502) (502) (502) Net effect (1,720) (145) 671 3,684 9,465 13,336 (1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. 23.7. Financial instruments by category Schedule of financial instruments by category 09.30.21 Amortized cost Fair value through other comprehensive income Fair value through profit and loss Total Equity instruments Assets Cash and bank 2,203,097 - - 2,203,097 Cash equivalents - - 4,686,747 4,686,747 Marketable securities 347,650 13,290 358,148 719,088 Restricted cash 24,530 - - 24,530 Trade accounts receivable 3,236,504 - 315,657 3,552,161 Other receivables 76,476 - - 76,476 Derivatives not designated - - 29,864 29,864 Derivatives designated as hedge accounting (1) - - 55,419 55,419 Liabilities Trade accounts payable (11,089,196) - - (11,089,196) Supply chain finance (1,889,219) - - (1,889,219) Loans and borrowings (2) (21,782,488) - (2,396,114) (24,178,602) Derivatives not designated - - (9,399) (9,399) Derivatives designated as hedge accounting (1) - - (212,825) (212,825) Written option– business combination - - (471,738) (471,738) (28,872,646) 13,290 2,355,759 (26,503,597) (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 the 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. 12.31.20 Amortized cost Fair value through other comprehensive income Fair value through profit and loss Total Equity instruments Assets Cash and bank 2,439,072 - - 2,439,072 Cash equivalents - - 5,137,553 5,137,553 Marketable securities 287,504 42,029 329,202 658,735 Restricted cash 24,358 - - 24,358 Trade accounts receivable 3,789,616 - 310,265 4,099,881 Other receivables 86,404 - - 86,404 Derivatives not designated - - 75,478 75,478 Derivatives designated as hedge accounting - - 302,512 302,512 Liabilities Trade accounts payable (9,009,987) - - (9,009,987) Supply chain finance (1,452,637) - - (1,452,637) Loans and borrowings (22,404,426) - - (22,404,426) Derivatives not designated - - (34,685) (34,685) Derivatives designated as hedge accounting - - (351,011) (351,011) Written option– business combination - - (185,401) (185,401) (26,240,096) 42,029 5,583,913 (20,614,154) 23.8. 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 has a financial liability arising from a put option written in the context of a business combination. The table below presents the overall classification of financial instruments measured at fair value by measurement hierarchy. For the nine-month period ended on September 30, 2021, there were no changes among the 3 levels of hierarchy. 09.30.21 12.31.20 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Fair value through other comprehensive income Stocks 13,290 - - 13,290 42,029 - - 42,029 Fair value through profit and loss Savings account and overnight 600,449 - - 600,449 1,220,232 - - 1,220,232 Term deposits - - - - 250,189 - - 250,189 Bank deposit certificates - 4,082,178 - 4,082,178 - 3,662,448 - 3,662,448 Financial treasury bills 318,893 - - 318,893 312,515 - - 312,515 Investment funds 43,375 - - 43,375 21,371 - - 21,371 Trade accounts receivable - 315,657 - 315,657 - 310,265 - 310,265 Derivatives - 85,283 - 85,283 - 377,990 - 377,990 Financial Liabilities Fair value through profit and loss Derivatives - (222,224) - (222,224) - (385,696) - (385,696) Loans and borrowings - (2,396,114) - (2,396,114) - - - - Written option– business combination - - (471,738) (471,738) - - (185,401) (185,401) 976,007 1,864,780 (471,738) 2,369,049 1,846,336 3,965,007 (185,401) 5,625,942 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. Schedule of comparison between book value and fair value of financial instruments 09.30.21 12.31.20 Currency Maturity Book Fair Book Fair BRF S.A. BRF SA BRFSBZ 5 7/8 USD 2022 (392,757) (405,968) (367,714) (389,611) BRF SA BRFSBZ 4 3/4 USD 2024 (1,633,188) (1,726,110) (1,538,086) (1,659,891) BRF SA BRFSBZ 3.95 USD 2023 (1,283,410) (1,329,486) (1,207,468) (1,275,598) BRF SA BRFSBZ 2 3/4 EUR 2022 (1,060,043) (1,072,548) (1,081,404) (1,105,478) BRF SA BRFSBZ 4 7/8 USD 2030 (3,760,174) (3,817,461) (3,951,539) (4,333,054) BRF SA BRFSBZ 5 3/4 USD 2050 (4,234,323) (4,182,534) (4,106,115) (4,705,851) Debenture - 1st Issue BRL 2026 (815,842) (817,075) (771,138) (778,016) Debenture - 2nd Issue BRL 2030 (2,292,024) (2,297,006) (2,250,867) (2,225,796) Debenture - 3rd Issue BRL 2031 (1,018,992) (882,766) - - BRF GmbH BRF SA BRFSBZ 4.35 USD 2026 (2,676,797) (2,813,142) (2,577,667) (2,779,574) (19,167,550) (19,344,096) (17,851,998) (19,252,869) 23.8.1. Level 3 measurement The Company holds a financial liability arising from a put option written in the context of a business combination. This option gives the non-controlling shareholder the right to sell its equity stake in the subsidiary for an amount equivalent, in Turkish Liras, to a multiple of the Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of the economic group of this subsidiary in the last 12 months prior to the exercise. The exercise period is comprised of the six-month period beginning on May 25, 2021. This liability is measured at the present value of redemption amount using internal assumptions regarding the results of that economic group. The effects of the subsequent measurement resulted in a loss in financial results of R$ 278,618 533,774 352,790 143,421 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
SEGMENT INFORMATION | 24. 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 » Pork and others » Processed » Other sales 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 for each reportable operating segment is set forth below: Schedule of net sales for each operating segment 2021 2020 Net sales Jul - Sep Jan - Sep Jul - Sep Jan - Sep Brazil In-natura 1,634,165 4,380,670 1,251,395 3,601,927 Poultry 1,255,312 3,324,314 907,235 2,670,960 Pork and other 378,853 1,056,356 344,160 930,967 Processed 4,740,367 13,167,042 4,032,656 10,966,468 Other sales 17,509 54,550 7,654 21,321 6,392,041 17,602,262 5,291,705 14,589,716 International In-natura 4,642,946 13,250,947 3,635,187 10,651,454 Poultry 4,047,027 11,291,729 3,016,452 8,994,799 Pork and other 595,919 1,959,218 618,735 1,656,655 Processed 758,768 2,162,453 589,996 1,664,171 Other sales 46,992 284,362 84,187 216,733 5,448,706 15,697,762 4,309,370 12,532,358 Other segments 549,238 1,318,839 341,516 873,508 12,389,985 34,618,863 9,942,591 27,995,582 The income (loss) before financial results for each segment and for Corporate is set forth below: Schedule of operating income for each operating segment 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Brazil 515,846 1,015,749 566,784 1,282,928 International 113,515 569,495 200,302 868,636 Other segments 105,017 282,076 62,496 122,654 Sub total 734,378 1,867,320 829,582 2,274,218 Corporate (3,898) 71,393 (85,505) (183,839) 730,480 1,938,713 744,077 2,090,379 The composition of the main effects not allocated to the operating segments and presented as Corporate is set forth below: Schedule of composition of the main effects not allocated to the operating segments 2021 2020 Corporate Jul - Sep Jan - Sep Jul - Sep Jan - Sep Expenses COVID-19 (1) (23,386) (48,382) (40,568) (66,828) Investigations involving the Company (note 1.5) (412) (8,554) (4,027) (28,099) Expenses with demobilization (634) (3,654) (5,034) (5,034) Impairment and result in the sale of investments 52,557 76,147 - (6,763) Reversal/(provision) for tax and civil contingencies (35,230) 39,695 (5,350) (65,239) Results with sale and disposal of fixed assets 4,173 16,258 (5,544) (11,531) Results with disposal of businesses - (26,943) (26,943) Arbitration reversal - - - 14,520 Restructuring plan - - - 13 Other (966) (117) 1,961 12,065 (3,898) 71,393 (85,505) (183,839) (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 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: Schedule of goodwill and intangible assets arising from business combination Goodwill Trademarks Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Brazil 1,151,498 1,151,498 982,478 982,478 2,133,976 2,133,976 International 1,868,105 1,784,079 323,485 345,260 2,191,590 2,129,339 Other segments 1,011,828 - 298 - 1,012,126 - 4,031,431 2,935,577 1,306,261 1,327,738 5,337,692 4,263,315 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. |
NET SALES
NET SALES | 9 Months Ended |
Sep. 30, 2021 | |
Net Sales | |
NET SALES | 25. NET SALES Schedule of net sales 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Gross sales Brazil 7,916,297 21,802,401 6,512,264 18,018,393 International 5,839,915 16,826,837 4,636,072 13,440,650 Other segments 625,962 1,473,572 378,246 968,825 14,382,174 40,102,810 11,526,582 32,427,868 Sales deductions Brazil (1,524,256) (4,200,139) (1,220,559) (3,428,677) International (391,209) (1,129,075) (326,702) (908,292) Other segments (76,724) (154,733) (36,730) (95,317) (1,992,189) (5,483,947) (1,583,991) (4,432,286) Net sales Brazil 6,392,041 17,602,262 5,291,705 14,589,716 International 5,448,706 15,697,762 4,309,370 12,532,358 Other segments 549,238 1,318,839 341,516 873,508 12,389,985 34,618,863 9,942,591 27,995,582 |
OTHER OPERATING INCOME (EXPENSE
OTHER OPERATING INCOME (EXPENSES), NET | 9 Months Ended |
Sep. 30, 2021 | |
OTHER OPERATING INCOME (EXPENSES), NET | 26. OTHER OPERATING INCOME (EXPENSES), NET Schedule of other operating income (expense) 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Recovery of expenses (1) 16,136 85,372 83,114 318,172 Provision reversal 809 809 1,756 72,381 Scrap sales 3,317 9,273 3,111 8,672 Provision for civil and tax risks (32,202) 42,518 (13,719) (79,238) Other employees benefits (8,225) (22,637) (6,862) (22,512) Insurance claims costs (16,741) (28,023) (877) (3,394) Gains (losses) on the disposal of non-financial assets 53,761 89,775 (16,874) (24,026) Employee participation and bonuses (36,200) (65,255) (41,678) (159,669) Demobilization expenses (634) (3,654) (8,534) (14,790) Expected credit losses in other receivables 1,831 742 32 (3,125) Other (2) (3,451) (5,339) (12,662) (1,228) OTHER OPERATING INCOME (EXPENSES), NET (21,599) 103,581 (13,193) 91,243 (1) Includes recovery of PIS and COFINS taxes on inputs in the amount of R$27,280 and effects of the final decision related to the exclusion of ICMS from the PIS and COFINS calculation basis of Batávia and UP! Alimentos Ltda. in the amount of R$40,501 (note 9.1) for the nine-month period ended on September 30, 2021 (R$295,593 of recovery of PIS and COFINS taxes on inputs in the same period of previous year). (2) Includes expenditures with investigations (note 1.5). |
FINANCIAL INCOME (EXPENSES), NE
FINANCIAL INCOME (EXPENSES), NET | 9 Months Ended |
Sep. 30, 2021 | |
FINANCIAL INCOME (EXPENSES), NET | 27. FINANCIAL INCOME (EXPENSES), NET Schedule of finance income 2021 2020 Note Jul - Sep Jan - Sep Jul - Sep Jan - Sep Financial income Interest on cash and cash equivalents 4 46,831 104,195 34,938 85,967 Income with marketable securities 5 14,082 32,100 6,530 51,917 Fair value through other comprehensive income - - 84 538 Fair value through profit and loss 3,888 7,884 1,588 7,304 Amortized cost 10,194 24,216 4,858 44,075 Interest on recoverable taxes (1) 9 60,908 172,869 18,723 99,063 Interest on other assets 11,985 31,119 12,511 30,466 Financial income 133,806 340,283 72,702 267,413 Financial expenses Interests on loans and borrowings 14 (361,115) (1,216,925) (490,955) (1,122,525) Interest on contingencies 20 (64,696) (185,584) (25,004) (110,581) Interest on leases 17 (48,555) (165,536) (50,829) (154,692) Interest on actuarial liabilities (11,181) (33,810) (10,178) (30,541) Interest on other liabilities 2,278 1,927 4,030 9,414 Written option - Business combination 23.8.1 (352,790) (278,618) 143,421 533,774 Adjustment to present value 6 and 15 (170,911) (457,011) (109,760) (291,258) Other (40,219) (135,321) (52,391) (161,170) Financial expenses (1,047,189) (2,470,878) (591,666) (1,327,579) Foreign exchange and monetary variations Exchange rate variation on monetary assets and liabilities (625,672) (359,457) 4,420 (1,529,314) Derivative results 554,097 143,076 78,125 1,356,289 Monetary, exchange and derivative results, net (71,575) (216,381) 82,545 (173,025) Financial income (expenses), net (984,958) (2,346,976) (436,419) (1,233,191) (1) For the nine-month period ended on September 30, 2021, the effect includes the final decision related to the exclusion of ICMS from the PIS and COFINS calculation basis from Batávia and UP! Alimentos Ltda. (note 9) in the amount of R$50,434 (null in the same period of the previous year). |
STATEMENT OF INCOME BY NATURE
STATEMENT OF INCOME BY NATURE | 9 Months Ended |
Sep. 30, 2021 | |
STATEMENT OF INCOME BY NATURE | 28. STATEMENT OF INCOME BY NATURE The Company discloses its statement of income by function and thus presents below the details by nature: 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Costs of sales Raw materials and supplies (1) 7,370,370 20,634,986 5,417,106 15,140,087 Salaries and employees benefits 1,106,742 3,210,703 1,060,402 3,007,577 Depreciation 529,589 1,537,582 466,876 1,379,928 Amortization 32,106 103,626 40,500 98,083 Other 726,496 2,086,342 613,249 1,793,580 Costs of sales 9,765,303 27,573,239 7,598,133 21,419,255 Sales expenses Indirect and direct logistics expenses 835,633 2,251,726 619,365 1,827,774 Marketing 166,046 482,650 137,473 427,706 Salaries and employees benefits 362,960 1,059,427 363,920 1,035,654 Depreciation 81,781 273,804 49,703 160,816 Amortization 21,971 76,121 27,454 70,166 Other 179,370 481,171 168,554 489,576 Sales expenses 1,647,761 4,624,899 1,366,469 4,011,692 Administrative expenses Salaries and employees benefits 92,080 276,389 91,931 247,770 Fees 14,977 39,801 12,387 41,600 Depreciation 8,176 34,882 13,917 35,544 Amortization 7,212 30,278 13,255 28,968 Other 99,262 192,616 85,858 196,491 Administrative expenses 221,707 573,966 217,348 550,373 (1) Includes recoveries of PIS and COFINS taxes on inputs and export credits in the amount of R$43,817 for the nine-month period ended on September 30, 2021 (null in the same period of the previous year). The Company incurred in expenses with internal research and development of new products of R$ 30,840 48,228 10,385 17,041 |
RELATED PARTIES
RELATED PARTIES | 9 Months Ended |
Sep. 30, 2021 | |
RELATED PARTIES | 29. RELATED PARTIES In the normal course of business, rights and obligations arise between related parties, resulting from transactions of sale and purchase of products, as well as from financial operations. The Company holds a Related Parties Transactions Policy, which was reviewed and approved by the Board of Directors and applies to all subsidiaries of the group. The policy mentioned above provides the conditions that must be observed for the realization of a transaction between related parties, as well as establishes approval hierarchies according to the value and nature of the transactions involved. The policy also foresees situations of conflict of interests and how they must be conducted. In May and June 2021, Marfrig Global Foods S.A. (“Marfrig”) acquired common shares issued by BRF S.A., achieving 31.66% of participation in the Company’s capital stock. With such participation, Marfrig is able to exercise significant influence over BRF S.A., becoming a related party. On October 20, 2021, the Administrative Council for Economic Defense’s Court ( Tribunal do Conselho Administrativo de Defesa Econômica Schedule of transaction and balances of other parties Accounts receivable Trade accounts payable 09.30.21 09.30.21 Marfrig Global Foods S.A. 4,813 (21,708) Marfrig Chile S.A. 610 - Quickfood S.A. 12,184 - Marfrig Alimentos S.A. 99 - Total 17,706 (21,708) Sales Purchases 2021 2021 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Marfrig Global Foods S.A. (1) 12,982 20,925 (96,907) (151,437) Marfrig Chile S.A. (1) 899 3,055 - - Quickfood S.A. (1) 19,207 19,207 - - Marfrig Alimentos S.A. (1) 139 139 (54,530) (54,530) Total 33,227 43,326 (151,437) (205,967) (1) The period ranges from May 21,2021 to September 30, 2021. The subsidiaries of the Company enter into loan agreements pursuant its cash management strategy. As of September 30, 2021, the balance of these transactions was R$ 2,458,346 2,116,463 3.94 3.01 The Company has 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 nine-month period ended on September 30, 2021 the total amount of lease payments was R$ 15,410 14,646 5,202 4,882 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. 29.1. Management remuneration The total remuneration and benefits expense with board members, statutory directors and the head of internal audit are set forth below: Schedule of total remuneration and benefits paid to professionals 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Salary and profit sharing 14,930 46,117 14,064 49,669 Short-term benefits (1) 76 500 680 2,291 Private pension 282 872 304 1,200 Termination benefits 200 1,698 2,104 6,507 Share-based payment 7,668 21,854 5,561 13,955 Total remuneration and benefits paid to professionals 23,156 71,041 22,713 73,622 (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$ 19,484 15,739 6,257 6,304 |
COMMITMENTS
COMMITMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Commitments | |
COMMITMENTS | 30. 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: 09.30.21 Current 5,508,563 Non-current 1,996,385 October to December 2022 425,407 2023 704,311 2024 289,910 2025 173,878 2026 onwards 402,879 Total 7,504,948 |
TRANSACTIONS THAT DO NOT INVOLV
TRANSACTIONS THAT DO NOT INVOLVE CASH | 9 Months Ended |
Sep. 30, 2021 | |
Transactions That Do Not Involve Cash | |
TRANSACTIONS THAT DO NOT INVOLVE CASH | 31. TRANSACTIONS THAT DO NOT INVOLVE CASH The following transactions did not involve cash or cash equivalents during the nine-month period ended on September 30, 2021: (i) Capitalized loan interest: as referred in note 13. (ii) Addition of lease by right-of-use assets and respective lease liability: in the nine-month period ended on September 30, 2021 amounted to R$ 551,554 268,520 172,979 40,920 |
EVENTS AFTER THE REPORTING PERI
EVENTS AFTER THE REPORTING PERIOD | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
EVENTS AFTER THE REPORTING PERIOD | 32. EVENTS AFTER THE REPORTING PERIOD 32.1. Amendment to the shareholders’ agreement with Qatar Holding On December 13, 2021, the Company has executed an amendment to the shareholders’ agreement with Qatar Holding LLC, a wholly-owned subsidiary of the Qatar Investment Authority (“QIA”). The amendment provides for new terms and conditions of their partnership in TBQ Foods GmbH (“TBQ”), a holding company held 60% by BRF and 40% by QIA, which holds 91.7% of the shares issued by Banvit Bandırma Vitaminli Yem Sanayi Anonim Şirketi (“Banvit”). In the amendment, BRF and QIA have agreed on the termination of the put option available to QIA under the original shareholders’ agreement. From 2023, QIA will have further alternatives to liquidate its investment in Banvit and in any event, BRF’s financial liability towards QIA has been terminated. On December 13, 2021, the financial liability was derecognized with a corresponding increase in the non-controlling interests. 32.2. Call notice for the 2022 Extraordinary General Shareholders' Meeting On December 16, 2021, the Board of Directors approved the call notice and the management proposal for the Extraordinary General Shareholders' Meeting ("EGM") to be held on January 17, 2022. The agenda of the meeting include: (i) to resolve on the proposal to amend the limit of authorization for capital increase, regardless of statutory reform, with the resulting amendment of article 7 and the consolidation of the Company’s bylaws; (ii) to approve the Company's capital increase by means of a public offering for primary distribution, pursuant to CVM Instruction 476 of January 16, 2009 and other applicable regulations, of up to 325,000,000 (iii) to establish that, of the total value of the offering: (a) R$ 500,000 (iv) to authorize the Board of Directors to (a) establish the quantity of shares to be effectively issued (respecting the maximum quantity established by the EGM), (b) approve the share price, and (c) homologate the capital increase. |
APPROVAL OF THE CONDENSED CONSO
APPROVAL OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Approval Of Condensed Consolidated Interim Financial Information | |
APPROVAL OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION | 33. APPROVAL OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION The condensed consolidated interim financial information was approved and the issuance authorized by the Board of Directors on January 14, 2022. BOARD OF DIRECTORS Chairman (Independent) Pedro Pullen Parente Vice-Chairman (Independent) Augusto Marques da Cruz Filho Independent Member Dan Ioschpe Independent Member Flavia Buarque de Almeida Independent Member Flavia Maria Bittencourt Non-Independent Member Ivandré Motiel da Silva Independent Member José Luiz Osório de Almeida Filho Independent Member Luiz Fernando Furlan Independent Member Marcelo Feriozzi Bacci Independent Member Roberto Rodrigues FISCAL COUNCIL Chairman Attílio Guaspari Member André Vicentini Member Maria Paula Soares Aranha AUDIT AND INTEGRITY COMMITTEE Comittee Coordinator (Independent) Augusto Marques da Cruz Filho Non-Independent Member Ivandré Motiel da Silva Independent Member Marcelo Feriozzi Bacci External Member Jerônimo Antunes External Member Valmir Pedro Rossi BOARD OF EXECUTIVE OFFICERS Global Chief Executive Officer Lorival Nogueira Luz Júnior Chief Financial and Investor Relations Officer Carlos Alberto Bezerra de Moura Vice-President of People, Services and Technology Alessandro Rosa Bonorino Vice-President of Institutional Relations 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 Brazil Market Sidney Rogério Manzaro Vice-President of Operations and Procurement Vinícius Guimarães Barbosa Marcos Roberto Badollato Heitor Carpigiani de Paula Accounting Director Accountant – CRC 1SP336262/O-4 |
COMPANY_S OPERATIONS (Tables)
COMPANY’S OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of equity interest | Schedule of equity interest % equity interest Entity Main activity Country (1) 09.30.21 12.31.20 BRF GmbH Holding Austria 100.00 100.00 BRF Foods LLC (g) Import, industrialization and commercialization of products Russia 99.99 99.90 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 (h) Import, industrialization and commercialization of products Russia 0.01 0.10 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 Perdigão International Ltd. (d) Import and export of products Cayman Island - 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 BRF Austria GmbH (o) Holding Austria 100.00 100.00 One Foods Holdings Ltd. Holding UAE 100.00 100.00 Al-Wafi Food Products Factory LLC 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 (b) Import and commercialization of products Saudi Arabia 100.00 - BRF Al Yasra Food K.S.C.C. ("BRF AFC") (c) Import, commercialization and distribution of products Kuwait 100.00 75.00 BRF Foods GmbH Industrialization, import and commercialization of products Austria 100.00 100.00 Al Khan Foodstuff LLC ("AKF") Import, commercialization and distribution of products Oman 70.00 70.00 FFQ GmbH (e) Industrialization, import and commercialization of products Austria - 100.00 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 ÜretimLtd. Sti. (a) Generation and commercialization of electric energy Turkey 100.00 100.00 Banvit Foods SRL (f) Industrialization of grains and animal feed Romania - 0.01 Nutrinvestments BV Holding The Netherlands 100.00 100.00 Banvit ME FZE Marketing and logistics services UAE 100.00 100.00 Banvit Foods SRL (f) Industrialization of grains and animal feed Romania - 99.99 One Foods Malaysia SDN. BHD. Marketing and logistics services Malaysia 100.00 100.00 Federal Foods LLC Import, commercialization and distribution of products UAE 49.00 49.00 Federal Foods Qatar 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. (n) Holding Brazil 100.00 - Mogiana Alimentos S.A. (l) Manufacturing, distribution and sale of Pet Food products Brazil 50.00 - Gewinner Participações Ltda. (j) Industrialization, distribution and sale of feed and nutrients for animals Brazil 100.00 - Hecosul Alimentos Ltda. (j) Manufacturing and sale of animal feed Brazil 100.00 - Hercosul Distribuição Ltda. (j) Import, export, wholesale and retail sale of food products for animals Brazil 100.00 - Hercosul Soluções em Transportes Ltda. (j) Road freight Brazil 100.00 - Hercosul International S.R.L. (j) Manufacturing, export, import and sale of feed and nutrients for animals Paraguay 99.00 - Paraguassu Participações S.A. (m) Holding Brazil 100.00 - Mogiana Alimentos S.A. (l) Manufacturing, distribution and sale of Pet Food products Brazil 50.00 - Hercosul International S.R.L. (k) Manufacturing, export, import and sale of feed and nutrients for animals Paraguay 1.00 - PP-BIO Administração de bem próprio S.A. (i) Management of assets Brazil - 33.33 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 Sino dos Alpes Alimentos Ltda. (a) 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 International Ltd. (l) Import and commercialization of products Cayman Island - 100.00 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 Sino dos Alpes Alimentos Ltda. (a) 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) On January 18, 2021, 100% of the capital stock of Joody Al Sharqiya Food Production Factory LLC was acquired (note 1.2.1). (c) On March 9, 2021, the minority stake on BRF AFC was acquired, as described below. (d) On March 24, 2021, the subsidiary Perdigão International Ltd. was dissolved. (e) On March 30, 2021, the subsidiary FFQ GmbH was dissolved. (f) On May 4, 2021 the sale of shares held in Banvit Foods SRL was concluded, as described below. (g) On May 31, 2021, BRF GmbH purchased additional 0.09% interest in BRF Food LLC from BRF Global GmbH. (h) On May 31, 2021, BRF Global GmbH sold 0.09% interest in BRF Food LLC to BRF GmbH. (i) On July 30, 2021, BRF S.A. sold all the shares held in PP-BIO Administração de bem próprio S.A. (j) On August 02, 2021, 99% of the capital stock of Hercosul International S.R.L. was acquired by BRF Pet S.A., as per note 1.2.2 (k) On August 02, 2021, 1% of the capital stock of Hercosul International S.R.L. was acquired by BRF S.A., as per note 1.2.2 (l) On August 19, 2021, the subsidiary Sadia International Ltd. was dissolved. (m) On September 01, 2021, Paraguassu Participações S.A. was acquired by BRF Pet S.A., as per note 1.2.3 (n) On September 01, 2021, Affinity Petcare Brasil Participações Ltda. was acquired by BRF Pet S.A., as per note 1.2.3 (o) On October 21, 2021 it was approved the merger of BRF Austria GmbH into BRF GmbH retroactively to 01 January 2021 according to the Austrian law. |
The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: | The fair value of the acquired assets and assumed liabilities in the business combination is presented below Fair value at the acquisition date Assets Cash and cash equivalents 408 Inventories 832 Advances 232 Property, plant and equipment, net 30,128 Total 31,600 Liabilities Trade accounts payable 1,420 Taxes payable 550 Employee benefits 286 Other current liabilities 100 Total 2,356 Net assets acquired 29,244 Fair value of consideration transferred 41,620 Goodwill 12,376 1.2.2. On August 2, 2021 the Company concluded the acquisition of 100% of the capital stock of the companies that compose the Hercosul Group, after with the fulfillment of the conditions precedent. From this date, BRF Pet S.A. (“BRF Pet”) became owner of 100% of Gewinner Participações Ltda. and 99% of Hercosul International S.R.L. (“Hercosul International”) and BRF S.A. became owner of 1% of Hercosul International. The initial fair value of the consideration transferred was of R$794,535 of which R$675,355 was paid in cash and R$119,180 will be paid in the next 4 years. The amount payable is subject to interest and was recorded as other liabilities, with subsequent changes recorded as financial expenses. According to conditions established in the acquisition contract, which are common to transactions of this nature, the value of the consideration may be adjusted based on the net debt, working capital and contingent assets of the Hercosul Group and for which the Company has used its best estimate at the disclosure date of this condensed consolidated interim financial information. There is no maximum amount defined for the price adjustment. The Company incurred in expenses with advisors, lawyers and other related to the acquisition and integration of Hercosul Group in the amount of R$ 14,335 The preliminary goodwill of R$ 766,183 Due to the size and complexity of the Hercosul Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: Fair value at the acquisition date Gewinner Participações Hercosul International Assets Cash and cash equivalents 17,743 4,402 Trade and other receivables 40,838 8,475 Inventories 34,355 9,623 Recoverable taxes 15,771 4,078 Advances 29,103 - Property, plant and equipment, net 23,829 59,135 Intangible assets 647 393 Other assets 773 2,805 Total 163,059 88,911 Liabilities Social and Labor Obligations 6,681 200 Trade accounts payable 66,760 8,320 Taxes payable 14,879 200 Loans and borrowings 65,825 29,555 Other liabilities 10,720 20,478 Total 164,865 58,753 Net assets acquired (1,806) 30,158 Fair value of consideration transferred 726,186 68,349 Preliminary goodwill 727,992 38,191 |
The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: | Due to the size and complexity of the Hercosul Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: Fair value at the acquisition date Gewinner Participações Hercosul International Assets Cash and cash equivalents 17,743 4,402 Trade and other receivables 40,838 8,475 Inventories 34,355 9,623 Recoverable taxes 15,771 4,078 Advances 29,103 - Property, plant and equipment, net 23,829 59,135 Intangible assets 647 393 Other assets 773 2,805 Total 163,059 88,911 Liabilities Social and Labor Obligations 6,681 200 Trade accounts payable 66,760 8,320 Taxes payable 14,879 200 Loans and borrowings 65,825 29,555 Other liabilities 10,720 20,478 Total 164,865 58,753 Net assets acquired (1,806) 30,158 Fair value of consideration transferred 726,186 68,349 Preliminary goodwill 727,992 38,191 |
Due to the size and complexity of the Mogiana Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: | Due to the size and complexity of the Mogiana Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: Mogiana Group Combined Fair value at the acquisition date Assets Cash and cash equivalents 938 Marketable securities 29,842 Trade and other receivables 61,184 Inventories 55,334 Recoverable taxes 29,020 Property, plant and equipment, net 101,618 Intangible assets 1,064 Other assets 5,500 Total 284,500 Liabilities Trade accounts payable 55,838 Loans and borrowings 22,734 Lease liability 11,147 Taxes payable 10,438 Labor Obligations 6,296 Contingencies 8,363 Employee benefits 2,081 Deferred Taxes 750 Other liabilities 14,506 Total 132,153 Net assets acquired 152,347 Fair value of consideration transferred 435,773 Preliminary goodwill 283,426 |
Due to the pandemic, the Company has incurred in direct expenditures, such as transportation, personnel, prevention, control and donations, which are presented in the statement of income (loss) within the following line items | Due to the pandemic, the Company has incurred in direct expenditures, such as transportation, personnel, prevention, control and donations, which are presented in the statement of income (loss) within the following line items 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Cost of sales (1) (41,391) (163,047) (99,019) (273,308) Selling expenses (27,315) (51,405) (2,241) (48,558) General and administrative expenses (3,714) (20,661) (43,911) (69,976) Total expense (72,420) (235,113) (145,171) (391,842) |
The main differences between these condensed consolidated interim financial information and those filed with the CVM, resulting from this event, are disclosed below. | The Company is subject to the reporting requirements established by the Brazilian Corporation Law and the regulations of the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários, or “CVM”). The liability of this class action lawsuit was not recognized in the financial statements filed with the CVM for the year ended December 31, 2019, which were filed on March 3, 2020. Therefore, the class action lawsuit was recognized in the interim financial information filed with the CVM for the nine months ended September 30, 2020. The main differences between these condensed consolidated interim financial information and those filed with the CVM, resulting from this event, are disclosed below. As filed with the CVM Adjustment for class action settlement As filed with the SEC Corresponding notes 09.30.20 09.30.20 09.30.20 09.30.20 Statement of income (loss) Other operating income (expenses), net (113,193) 204,436 91,243 24 and 26 Income taxes (165,146) (69,508) (234,654) 10 Net income from continuing operations 487,606 134,928 622,534 22 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
To ensure comparability between the periods presented, the Company performed the following reclassifications for the nine-month period ended on September 30, 2020: | To ensure comparability between the periods presented, the Company performed the following reclassifications for the nine-month period ended on September 30, 2020: Jan - Sep 2020 Previously presented Reclassification Restated Net cash provided by operating activities 5,110,377 1,002,146 6,112,523 Net cash used in investing activities (923,071) (923,071) Net cash provided by (used in) financing activities 1,696,751 (1,002,146) 694,605 Effect of exchange rate variation on cash and cash equivalents 1,276,745 1,276,745 Net increase in cash and cash equivalents 7,160,802 7,160,802 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents Average rate (1) 09.30.21 12.31.20 Cash and bank accounts Turkish lira - 660,171 347,740 U.S. Dollar - 633,222 1,185,208 Saudi Riyal - 351,645 250,879 Brazilian Reais - 117,762 112,181 Euro - 67,973 54,687 Other currencies - 372,324 488,377 2,203,097 2,439,072 Cash equivalents In Brazilian Reais Investment funds 4.12% 4,120 4,684 Bank deposit certificates 5.84% 4,082,178 3,662,448 4,086,298 3,667,132 In U.S. Dollar Term deposit - - 198,878 Overnight 0.15% 600,449 1,220,232 Other currencies Term deposit - - 51,311 600,449 1,470,421 6,889,844 7,576,625 (1) Weighted average annual rate. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of marketable securities | Schedule of marketable securities Average rate (2) WAM (1) Currency 09.30.21 12.31.20 Fair value through other comprehensive income Stocks (3) - USD HKD - 13,290 42,029 Fair value through profit and loss Financial treasury bills 3.29 R$ 1.90 318,893 312,515 Investment funds - FIDC BRF 2.46 R$ - 14,966 15,044 Committed 0.50 R$ - 22,810 - Other 0.02 R$ / ARS - 1,479 1,643 358,148 329,202 Amortized cost Sovereign bond and other (4) 1.57 AOA 4.00 347,650 287,504 719,088 658,735 Current 343,182 314,158 Non-current (5) 375,906 344,577 (1) Weighted average maturity in years. (2) Weighted average annual rate. (3) It’s comprised of Aleph Farms Ltd. stocks on September 30, 2021 and Cofco Meats stocks on December 31, 2020. (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$17,943 (R$9,894 on December 31, 2020). (5) Maturity until December of 2023. |
TRADE ACCOUNTS RECEIVABLE AND_2
TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of trade accounts receivable, net and notes receivable | Schedule of trade accounts receivable, net and notes receivable 09.30.21 12.31.20 Trade accounts receivable Domestic market Third parties 977,964 2,002,586 Foreign market Third parties 3,218,914 2,716,551 4,196,878 4,719,137 ( - ) Adjustment to present value (10,867) (13,316) ( - ) Expected credit losses (633,850) (605,940) 3,552,161 4,099,881 Current 3,545,760 4,092,855 Non-current 6,401 7,026 Other receivables Other receivables 93,844 113,949 ( - ) Adjustment to present value (1,409) (156) ( - ) Expected credit losses (15,959) (27,389) 76,476 86,404 Current 40,991 43,566 Non-current (1) 35,485 42,838 (1) Weighted average maturity of 2.00 |
The movements of the expected credit losses are presented below: | The movements of the expected credit losses are presented below: 09.30.21 12.31.20 Beginning balance (605,940) (503,848) (Additions) Reversals (11,627) (12,137) Write-offs 9,060 19,451 Exchange rate variation (25,343) (109,406) Ending balance (633,850) (605,940) |
The aging of trade accounts receivable is as follows: | The aging of trade accounts receivable is as follows: 09.30.21 12.31.20 Not overdue 3,334,545 4,010,140 Overdue 01 to 60 days 228,974 104,195 61 to 90 days 4,837 6,045 91 to 120 days 3,368 398 121 to 180 days 7,206 7,024 181 to 360 days 10,209 15,688 More than 360 days 607,739 575,647 ( - ) Adjustment to present value (10,867) (13,316) ( - ) Expected credit losses (633,850) (605,940) 3,552,161 4,099,881 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of inventories | Schedule of inventories 09.30.21 12.31.20 Finished goods 5,211,775 3,610,585 Work in progress 234,600 192,335 Raw materials 2,614,888 2,046,681 Packaging materials 172,165 92,256 Secondary materials 610,494 531,801 Supplies 219,876 207,033 Imports in transit 162,140 107,829 Other 162,378 94,816 (-) Adjustment to present value (129,395) (80,577) 9,258,921 6,802,759 |
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: | 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: Realizable value through sale Impaired inventories Obsolete inventories Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance (31,155) (10,712) (29,831) (42,526) (14,719) (14,919) (75,705) (68,157) Additions (117,668) (106,357) (68,608) (91,237) (7,254) (10,304) (193,530) (207,898) Reversals 124,565 85,816 124,565 85,816 Write-offs 71,824 104,115 7,499 10,688 79,323 114,803 Exchange rate variation (237) 98 (232) (183) (226) (184) (695) (269) Ending balance (24,495) (31,155) (26,847) (29,831) (14,700) (14,719) (66,042) (75,705) |
BIOLOGICAL ASSETS (Tables)
BIOLOGICAL ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: | 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: Current Non-current Live animals Live animals Poultry Pork Total Poultry Pork Forests Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance 868,428 615,685 1,260,582 987,354 2,129,010 1,603,039 472,053 414,668 425,252 337,804 324,444 328,553 1,221,749 1,081,025 Additions/Transfer 10,109,223 9,705,994 7,014,758 7,108,084 17,123,981 16,814,078 66,375 71,494 331,740 363,027 29,489 38,536 427,604 473,057 Changes in fair value (1) 1,850,293 2,059,397 330,097 368,019 2,180,390 2,427,416 97,527 51,660 (152,576) (184,005) 21,711 (55,049) (110,634) Harvest - - - - - (36,945) (59,586) (36,945) (59,586) Write-off - - - - - (2,067) (5,099) (2,067) (5,099) Transfer between current and non-current 72,776 57,164 91,501 91,574 164,277 148,738 (72,776) (57,164) (91,501) (91,574) (164,277) (148,738) Transfer to assets held for sale - - - - - (10,389) 329 - (10,060) Transfer to inventories (11,793,780) (11,571,369) (7,123,342) (7,294,449) (18,917,122) (18,865,818) - Exchange variation (12,471) 1,557 - - (12,471) 1,557 (8,183) 1,784 (8,183) 1,784 Ending balance 1,094,469 868,428 1,573,596 1,260,582 2,668,065 2,129,010 554,996 472,053 512,915 425,252 314,921 324,444 1,382,832 1,221,749 (1) The change in the fair value of biological assets includes depreciation of breeders and depletion of forests in the amount of R$ 754,783 876,976 |
The estimated balances and quantities of live animals are set forth below: | The estimated balances and quantities of live animals are set forth below: 09.30.21 12.31.20 Quantity Book value Quantity Book value Consumable biological assets Immature poultry 228,202 1,094,469 199,877 868,428 Immature pork 4,171 1,573,596 4,204 1,260,582 Total current 232,373 2,668,065 204,081 2,129,010 Production biological assets Immature poultry 6,525 210,896 7,320 188,967 Mature poultry 11,502 344,100 11,395 283,086 Immature pork 208 126,619 203 93,466 Mature pork 454 386,296 457 331,786 Total non-current 18,689 1,067,911 19,375 897,305 251,062 3,735,976 223,456 3,026,315 |
RECOVERABLE TAXES (Tables)
RECOVERABLE TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Recoverable Taxes | |
The rollforward of recoverable taxes are set forth below | The rollforward of recoverable taxes are set forth below Note 12.31.20 Business combination (note 1.2) Additions Compensations / Reversals Transfers (1) Interest Exchange variation 09.30.21 ICMS and VAT Recoverable ICMS and VAT 1,568,975 7,523 425,762 (108,947) (134,393) 180 (2,621) 1,756,479 (-) Impairment (154,721) - (23,020) 28,557 17,104 - - (132,080) PIS and COFINS 9.1 Recoverable PIS and COFINS 3,168,099 35,268 371,314 (888,864) - 56,881 - 2,742,698 (-) Impairment (14,228) - - - - - - (14,228) IPI 9.2 Recoverable IPI 808,528 1,149 5,368 (460) - 76,526 - 891,111 (-) Impairment (1,984) - - - - - - (1,984) INSS Recoverable INSS 341,825 12 13,955 (56,356) - 3,800 - 303,236 (-) Impairment (102) - - - - - - (102) Other Other recoverable taxes 52,889 3,995 28,768 (1,408) - - (34) 84,210 (-) Impairment (1,963) - - 20 - - - (1,943) Total 5,767,318 47,947 822,147 (1,027,458) (117,289) 137,387 (2,655) 5,627,397 Current 899,120 883,740 Non-current 4,868,198 4,743,657 12.31.20 Business combination Additions Compensations / Reversals Transfers (1) Interest Exchange variation 09.30.21 Income taxes Recoverable income taxes 107,728 922 69,015 (13,634) - 135 (337) 163,829 (-) Impairment (9,029) - - - - - - (9,029) Total 98,699 922 69,015 (13,634) - 135 (337) 154,800 Current 43,840 94,936 Non-current 54,859 59,864 (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. Note 12.31.19 Additions Compensations Transfers (1) Restatement Exchange variation 12.31.20 ICMS and VAT 9.1 Recoverable ICMS and VAT 1,635,663 570,056 (549,446) (127,370) 240 39,832 1,568,975 (-) Impairment (141,193) (38,033) 3,022 21,483 (154,721) PIS and COFINS 9.2 Recoverable PIS and COFINS 2,990,313 729,213 (594,483) 43,056 3,168,099 (-) Impairment (16,922) - 2,694 - - - (14,228) IPI 9.3 Recoverable IPI 848,865 2,319 (7,201) (92,812) 57,357 808,528 (-) Impairment (3,818) (263) 2,097 (1,984) INSS Recoverable INSS 255,967 88,621 (7,663) 4,893 7 341,825 (-) Impairment (102) (102) Other taxes Other recoverable taxes 80,145 11,952 (901) (38,277) (30) 52,889 (-) Impairment (5,639) 3,676 (1,963) Total 5,643,279 1,363,865 (1,148,205) (236,976) 105,546 39,809 5,767,318 Current 473,732 899,120 Non-current 5,169,547 4,868,198 Note 12.31.19 Additions Compensations Transfers (1) Restatement Exchange variation 12.31.20 Income taxes 9.4 Recoverable income taxes 430,778 58,007 (422,496) 4,341 37,098 107,728 (-) Impairment (9,029) (9,029) Total 421,749 58,007 (422,496) 4,341 37,098 98,699 Current 152,486 43,840 Non-current 269,263 54,859 (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. |
In the study prepared by the Management, its realization is estimated through offsetting with federal taxes or through reimbursement of the amounts as expected below | In the study prepared by the Management, its realization is estimated through offsetting with federal taxes or through reimbursement of the amounts as expected below PIS and COFINS Current 499,000 Non-current 1,897,028 October to december 2022 327,516 2023 537,000 2024 672,000 2025 360,512 Total 2,396,028 |
According to projections prepared by the Management, its realization is estimated through the refund of the amounts as expected below | According to projections prepared by the Management, its realization is estimated through the refund of the amounts as expected below IPI Current 40,370 Non-current 898,454 October to december 2022 16,927 2025 647,252 2026 234,275 Total 938,824 |
DEFERRED INCOME TAXES (Tables)
DEFERRED INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of deferred income and social contribution taxes | Schedule of deferred income and social contribution taxes 10.1. Breakdown 09.30.21 12.31.20 Assets Tax losses carryforward 2,065,129 2,060,846 Negative calculation basis (social contribution) 773,829 772,283 Temporary differences - Assets Provisions for tax, civil and labor risks 479,238 458,019 Suspended collection taxes 2,754 1,871 Expected credit losses 180,735 194,977 Impairment on tax credits 56,136 67,900 Provision for other obligations 106,406 115,959 Employees' profit sharing 24,646 86,752 Write-down to net realizable value of inventories 17,461 19,189 Employees' benefits plan 242,815 216,510 Lease basis difference 111,216 86,308 Adjustment to the expcted annual rate 557,112 - Other temporary differences 21,624 40,028 4,639,101 4,120,642 Temporary differences - Liabilities Goodwill amortization basis difference (292,732) (320,729) Depreciation (useful life) basis difference (871,534) (851,436) Business combination (1) (909,127) (761,429) Unrealized gains on derivatives, net (18,045) (42,493) Unrealized fair value gains, net (32,340) (39,269) Other temporary differences (44,800) (22,749) (2,168,578) (2,038,105) Total deferred taxes 2,470,523 2,082,537 Total Assets 2,505,005 2,109,064 Total Liabilities (34,482) (26,527) 2,470,523 2,082,537 (1) The deferred tax asset on the Sadia business combination was recorded on the amortization difference between the accounting and tax goodwill calculated as of the purchase price allocation date. The deferred tax liability on the Sadia 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: | The roll-forward of deferred income taxes, net, is set forth below: 09.30.21 12.31.20 Beginning balance 2,082,537 1,830,060 Deferred taxes on profit recognized in income of continuing operations 271,803 172,763 Deferred income taxes recognized in other comprehensive income 116,986 32,070 Deferred taxes on profit recognized in income of discontinued operations 11,468 Other (1) (12,271) 47,644 Ending balance 2,470,523 2,082,537 (1) Related to the foreign exchange variation effect on the balances in foreign companies. |
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 based on the estimates of the main tax additions and exclusions. The recoverability study is reviewed by the Fiscal 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: | 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 based on the estimates of the main tax additions and exclusions. The recoverability study is reviewed by the Fiscal 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: 2021 111,727 2022 140,612 2023 231,408 2024 291,677 2025 335,681 2026 to 2028 1,035,323 2029 onwards 692,530 2,838,958 |
Schedule of income and social contribution taxes reconciliation | 10.3. Effective income tax rate reconciliation Schedule of income and social contribution taxes reconciliation 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Income (loss) before taxes - continued operations (254,478) (408,263) 307,658 857,188 Nominal tax rate 34% 34% 34% 34% Benefit (expense) at nominal rate 86,523 138,809 (104,604) (291,444) Adjustments to income taxes Difference of tax rates on results of foreign subsidiaries 3,969 26,062 62,127 1,060,802 Difference of functional currency of foreign subsidiaries 264,645 (25,589) 289,404 1,343,322 Deferred tax assets not recognized (1) (420,364) (792,387) (136,621) (2,427,841) Share-based payment (6,928) (18,215) (11,906) (16,718) Penalties (3,690) (7,012) 367 (5,813) Investment grant 25,293 59,454 21,441 40,955 Adjustment to the expcted annual rate 38,464 557,112 (216,245) 58,806 Other permanent differences (4,417) 22,948 7,088 3,277 Total (16,505) (38,818) (88,949) (234,654) Effective rate -6.5% -9.5% 28.9% 27.4% Current tax 5,020 (310,621) (8,363) (46,695) Deferred tax (21,525) 271,803 (80,586) (187,959) (1) Amount related to the non-recognition of deferred tax on tax losses carryforward in the amount of R$ 2,330,550 |
Schedule of income and social contribution taxes reconciliation | Schedule of income and social contribution taxes reconciliation 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Income (loss) before taxes - continued operations (254,478) (408,263) 307,658 857,188 Nominal tax rate 34% 34% 34% 34% Benefit (expense) at nominal rate 86,523 138,809 (104,604) (291,444) Adjustments to income taxes Difference of tax rates on results of foreign subsidiaries 3,969 26,062 62,127 1,060,802 Difference of functional currency of foreign subsidiaries 264,645 (25,589) 289,404 1,343,322 Deferred tax assets not recognized (1) (420,364) (792,387) (136,621) (2,427,841) Share-based payment (6,928) (18,215) (11,906) (16,718) Penalties (3,690) (7,012) 367 (5,813) Investment grant 25,293 59,454 21,441 40,955 Adjustment to the expcted annual rate 38,464 557,112 (216,245) 58,806 Other permanent differences (4,417) 22,948 7,088 3,277 Total (16,505) (38,818) (88,949) (234,654) Effective rate -6.5% -9.5% 28.9% 27.4% Current tax 5,020 (310,621) (8,363) (46,695) Deferred tax (21,525) 271,803 (80,586) (187,959) (1) Amount related to the non-recognition of deferred tax on tax losses carryforward in the amount of R$ 2,330,550 |
JUDICIAL DEPOSITS (Tables)
JUDICIAL DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Judicial Deposits | |
Schedule of detailed information about judicial deposits | The rollforward of the judicial deposits is set forth below: Schedule of detailed information about judicial deposits Tax Labor Civil, commercial and other Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance 248,990 244,977 269,812 301,808 34,539 28,965 553,341 575,750 Additions 5,005 12,294 78,478 133,847 8,956 6,719 92,439 152,860 Release in favor of the Company (1,728) (11,948) (31,350) (51,414) (817) (370) (33,895) (63,732) Release in favor of the counterparty (207) (907) (93,479) (126,405) (3,168) (2,055) (96,854) (129,367) Business combination (note 1.2) 2,132 - 859 - - - 2,991 - Interest 2,811 4,574 19,972 11,980 2,308 1,280 25,091 17,834 Exchange rate variation - - (7) (4) - - (7) (4) Ending balance 257,003 248,990 244,285 269,812 41,818 34,539 543,106 553,341 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of detailed information about property, plant and equipment | The rollforward of property, plant and equipment is set forth below: Schedule of detailed information about property, plant and equipment Average rate (1) 12.31.20 Additions Disposals Business combination (note 1.2) Transfers (2) Exchange rate variation 09.30.21 Cost Land 608,389 4,799 (6,879) 11,351 97,103 (1,590) 713,173 Buildings, facilities and improvements 10,444,526 398,380 (123,275) 68,178 307,450 (3,068) 11,092,191 Machinery and equipment 8,395,520 109,967 (184,601) 120,359 186,388 10,509 8,638,142 Furniture and fixtures 157,085 671 (5,020) 2,870 6,480 (3,058) 159,028 Vehicles 346,218 46,355 (23,460) 2,037 724 2,049 373,923 Construction in progress 608,255 1,015,219 (4) 9,915 (613,508) 2,436 1,022,313 Advances to suppliers 12,748 21,934 - - (16) (1,360) 33,306 20,572,741 1,597,325 (343,239) 214,710 (15,379) 5,918 22,032,076 Depreciation Land (3) 15.34% (13,800) (8,963) 1,734 - (11,335) (1,169) (33,533) Buildings, facilities and improvements 9.09% (3,851,225) (598,869) 75,706 - 7,876 (5,586) (4,372,098) Machinery and equipment 6.93% (4,304,007) (402,819) 166,577 - 2,777 (7,387) (4,544,859) Furniture and fixtures 6.66% (79,924) (8,597) 4,023 - 672 1,529 (82,297) Vehicles 25.25% (108,205) (77,548) 14,653 - 1 (5,448) (176,547) (8,357,161) (1,096,796) 262,693 - (9) (18,061) (9,209,334) 12,215,580 500,529 (80,546) 214,710 (15,388) (12,143) 12,822,742 (1) Weighted average annual rate. (2) Refers to the transfer of R$ 23,431 8,043 (3) Land depreciation refers to right-of-use assets. The amount of R$ 3,083 Average rate (1) 12.31.19 Additions Disposals Transfers (2) Exchange rate variation 12.31.20 Cost Land 603,479 7,582 (13,665) 6,031 4,962 608,389 Buildings, facilities and improvements 10,148,798 287,834 (148,793) 268 156,419 10,444,526 Machinery and equipment 8,177,047 20,293 (166,183) 278,530 85,833 8,395,520 Furniture and fixtures 140,439 851 (8,604) 18,946 5,453 157,085 Vehicles 213,199 165,737 (54,491) (5,639) 27,412 346,218 Construction in progress 348,907 778,151 - (516,360) (2,443) 608,255 Advances to suppliers 528 8,885 - 3,851 (516) 12,748 19,632,397 1,269,333 (391,736) (214,373) 277,120 20,572,741 Depreciation Land (3) 21.32% (5,086) (7,132) 813 (1,802) (593) (13,800) Buildings, facilities and improvements 9.45% (3,263,801) (688,767) 122,812 15,895 (37,364) (3,851,225) Machinery and equipment 6.64% (3,950,250) (487,956) 110,163 56,748 (32,712) (4,304,007) Furniture and fixtures 6.67% (71,779) (11,704) 6,931 (801) (2,571) (79,924) Vehicles 25.87% (64,592) (72,562) 41,236 2,389 (14,676) (108,205) (7,355,508) (1,268,121) 281,955 72,429 (87,916) (8,357,161) 12,276,889 1,212 (109,781) (141,944) 189,204 12,215,580 (1) Weighted average annual rate. (2) Refers to the transfer of R$ 45,245 96,788 (89) Land depreciation refers to right-of-use assets. The amount of R$ 4,266 |
Schedule of book value of the collateral property, plant and equipment | The book value of the property, plant and equipment items that are pledged as collateral for transactions of different natures are set forth below: Schedule of book value of the collateral property, plant and equipment Type of collateral 09.30.21 12.31.20 Land Financial/Tax 150,852 223,918 Buildings, facilities and improvements Financial/Tax 1,204,773 1,491,531 Machinery and equipment Financial/Labor/Tax/Civil 1,288,772 1,470,295 Furniture and fixtures Financial/Tax 15,034 15,700 Vehicles Financial/Tax 305 294 2,659,736 3,201,738 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
The intangible assets rollforward is set forth below: | The intangible assets rollforward is set forth below: Average rate (1) 12.31.20 Additions Disposals Business combination (note 1.2) Transfers Exchange rate variation 09.30.21 Cost Goodwill 2,935,577 (6,145) 1,061,987 - 40,012 4,031,431 Trademarks 1,327,738 275 - (21,752) 1,306,261 Non-compete agreement 107,162 378 (3,079) - - 1,652 106,113 Outgrowers relationship 5,328 197 - - 5,525 Patents 6,205 (3,723) - - 3 2,485 Customer relationship 1,067,713 - - (3,161) 1,064,552 Software 657,255 5,218 (581) 1,826 143,434 (324) 806,828 Intangible in progress 46,054 132,856 - (120,008) (14) 58,888 6,153,032 138,649 (13,528) 1,064,088 23,426 16,416 7,382,083 Amortization Non-compete agreement 21.56% (97,408) (7,596) 3,079 - - (1,447) (103,372) Outgrowers relationship 15.82% (4,695) (439) - - (5,134) Patents 10.00% (5,999) (18) 3,723 - - (1) (2,295) Customer relationship 7.39% (375,131) (59,525) - - (2,236) (436,892) Software 40.48% (449,697) (140,218) 463 - 5 102 (589,345) (932,930) (207,796) 7,265 - 5 (3,582) (1,137,038) 5,220,102 (69,147) (6,263) 1,064,088 23,431 12,834 6,245,045 (1) Weighted average annual rate. Average rate (1) 12.31.19 Additions Disposals Transfers (2) Exchange rate variation 12.31.20 Cost Goodwill 2,713,602 - - (6,970) 228,945 2,935,577 Trademarks 1,322,262 - - - 5,476 1,327,738 Non-compete agreement 99,229 413 (379) - 7,899 107,162 Outgrowers relationship 14,604 - (9,276) - - 5,328 Patents 6,305 - (115) - 15 6,205 Customer relationship 892,758 - - - 174,955 1,067,713 Software 523,615 73,423 (45,851) 97,117 8,951 657,255 Intangible in progress 12,151 95,111 - (61,434) 226 46,054 5,584,526 168,947 (55,621) 28,713 426,467 6,153,032 Amortization Non-compete agreement 23.41% (74,190) (18,784) 379 - (4,813) (97,408) Outgrowers relationship 12.75% (12,744) (1,030) 9,079 - - (4,695) Patents 10.00% (5,626) (476) 115 - (12) (5,999) Customer relationship 7.35% (242,263) (79,969) - - (52,899) (375,131) Software 34.22% (341,624) (153,288) 43,718 9,562 (8,065) (449,697) (676,447) (253,547) 53,291 9,562 (65,789) (932,930) 4,908,079 (84,600) (2,330) 38,275 360,678 5,220,102 (1) Weighted average annual rate. (2) Related to transfer of R$6,970 to assets held for sales. |
LOANS AND BORROWINGS (Tables)
LOANS AND BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans And Borrowings | |
Schedule of loan and financing | Schedule of loan and financing Charges (p.a.) Average rate (1) WAMT (2) 12.31.20 Borrowing Business combination (note 1.2) Amortization Interest paid Interest accrued Exchange rate variation 09.30.21 Local currency Working capital Fixed / CDI 5.36% 1.0 368,681 300,000 25,950 (364,451) (11,466) 8,764 - 327,478 Certificate of agribusiness receivables (3) IPCA 15.58% 2.2 821,093 - - - 95 100,446 - 921,634 Development bank credit lines TJLP / TLP/ IPCA / FINAME 3.13% 6.1 - - 9,006 (344) - 14 - 8,676 Debentures CDI / IPCA 14.36% 7.6 3,022,005 965,549 - - (143,009) 282,313 - 4,126,858 Export credit facility (4) Fixed / CDI / FX USD 8.40% (3.69% on 12.31.20) 1.2 2,408,697 - 20,456 (524) (107,941) 84,278 96,641 2,501,607 Fiscal incentives Fixed 2.40% - 44,816 63,700 - (82,401) (627) 647 - 26,135 6,665,292 1,329,249 55,412 (447,720) (262,948) 476,462 96,641 7,912,388 Foreign currency Bonds Fixed / FX USD and EUR 4.82% 11.7 14,829,993 - - (312,741) (703,844) 667,042 560,242 15,040,692 Export credit facility Fixed / LIBOR / FX USD 3.50% (3.13% on 12.31.20) 1.6 392,636 - 30,476 (135,668) (6,649) 7,807 18,300 306,902 Advances for foreign exchange rate contracts Fixed / FX USD 1.32% 0.4 - 249,000 2,672 - - 472 9,840 261,984 Working capital Fixed / FX TRY and USD 13.64% (10.98% on 12.31.20) 1.8 516,505 252,868 29,555 (84,548) (48,160) 61,976 (71,560) 656,636 15,739,134 501,868 62,703 (532,957) (758,653) 737,297 516,822 16,266,214 22,404,426 1,831,117 118,115 (980,677) (1,021,601) 1,213,759 613,463 24,178,602 Current 1,059,984 2,861,250 Non-current 21,344,442 21,317,352 Charges (p.a.) Average rate (1) WAMT (2) 12.31.19 Borrowing Amortization Interest paid Interest accrued Exchange rate variation 12.31.20 Local currency Working capital Fixed / CDI 3.25% 0.6 3,312,639 1,200,000 (3,947,237) (340,227) 143,506 - 368,681 Certificate of agribusiness receivables (3) CDI / IPCA 10.21% 3.0 1,597,447 - (780,000) (100,932) 104,578 - 821,093 Development bank credit lines Fixed / Selic / TJLP (5.09% on 12.31.19) - 45,516 - (45,470) (427) 381 - - Debentures CDI / IPCA 8.28% 7.7 755,760 2,124,725 - (38,339) 179,859 - 3,022,005 Export credit facility (4) Fixed / CDI / USD 3.69% (5.83% on 12.31.19) 6.8 1,612,365 1,490,809 (1,113,176) (111,498) 152,968 377,229 2,408,697 Special program asset restructuring IGPM (12.22% on 12.31.19) - 284,308 - (287,621) (5,142) 8,455 - Fiscal incentives Fixed 2.40% - 5,720 73,671 (34,609) (667) 701 - 44,816 7,613,755 4,889,205 (6,208,113) (597,232) 590,448 377,229 6,665,292 Foreign currency Bonds Fixed / USD / EUR 4.81% 12.4 10,407,484 4,282,961 (3,010,421) (760,879) 881,137 3,029,711 14,829,993 Export credit facility Fixed / LIBOR / USD 3.13% (5.77% on 12.31.19) 2.2 407,275 - (118,113) (20,686) 17,627 106,533 392,636 Advances for foreign exchange rate contracts Fixed / USD - - - 529,211 (529,210) - - (1) - Working capital Fixed / TRY 10.98% (16.56% on 12.31.19) 1.2 191,765 718,956 (381,502) (42,742) 46,704 (16,676) 516,505 11,006,524 5,531,128 (4,039,246) (824,307) 945,468 3,119,567 15,739,134 18,620,279 10,420,333 (10,247,359) (1,421,539) 1,535,916 3,496,796 22,404,426 Current 3,132,029 1,059,984 Non-current 15,488,250 21,344,442 (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) The Export Credit Facility was 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. |
Schedule of loan and financing | Schedule of loan and financing 09.30.21 Operation Series Issue date Maturity Rate Notional Updated Value Debenture - 3rd Issue 1st Series 06.02.21 05.14.31 IPCA + 4.78% p.a. 1,000,000 1,018,992 |
Schedule of commitment for purchase goods and services | Schedule of commitment for purchase goods and services 09.30.21 12.31.20 Total loans and borrowings 24,178,602 22,404,426 Mortgage guarantees 44,182 44,816 Related to tax incentives and other 44,182 44,816 |
TRADE ACCOUNTS PAYABLE (Tables)
TRADE ACCOUNTS PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of trade and accounts payable | Schedule of trade and accounts payable 09.30.21 12.31.20 Trade accounts payable Domestic market Third parties 9,216,162 7,611,170 Foreign market Third parties 1,979,481 1,487,206 11,195,643 9,098,376 (-) Adjustment to present value (106,447) (88,389) Trade and accounts payable 11,089,196 9,009,987 Current 11,077,197 8,996,206 Non-current 11,999 13,781 |
SUPPLY CHAIN FINANCE (Tables)
SUPPLY CHAIN FINANCE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supply Chain Finance | |
Schedule of supply chain finance | Schedule of supply chain finance 09.30.21 12.31.20 Supply chain finance Domestic market 1,749,226 1,309,167 Foreign market 168,093 165,060 Suppliers 1,917,319 1,474,227 (-) Adjustment to present value (28,100) (21,590) Supply chain finance 1,889,219 1,452,637 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
The right-of-use assets as set forth below are part of the balances of property, plant and equipment and intangible assets (notes 12 and 13) | The right-of-use assets as set forth below are part of the balances of property, plant and equipment and intangible assets (notes 12 and 13) Average rate (1) 12.31.20 Additions Disposals Transfers Business combination (note 1.2) Exchange rate variation 09.30.21 Cost Land 48,661 3,761 (1,845) 89,060 - 3,361 142,998 Buildings 2,861,916 397,918 (48,583) (89,060) 4,736 4,897 3,131,824 Machinery and equipment 112,593 98,353 (98,660) - 3,346 364 115,996 Vehicles 344,918 46,309 (23,112) - 925 6,622 375,662 Software 74,582 5,213 (64) - - - 79,731 3,442,670 551,554 (172,264) - 9,007 15,244 3,846,211 Depreciation Land 8.76% (13,526) (8,906) 995 (11,335) - (430) (33,202) Buildings 25.13% (914,816) (429,368) 37,712 11,335 (4,418) (1,299,555) Machinery and equipment 53.81% (107,316) (47,102) 98,415 - (283) (56,286) Vehicles 27.86% (101,495) (76,969) 11,807 - (3,357) (170,014) Software 42.22% (33,048) (21,216) 64 - - - (54,200) (1,170,201) (583,561) 148,993 - (8,488) (1,613,257) 2,272,469 (32,007) (23,271) - 9,007 6,756 2,232,954 (1) Weighted average annual rate. Average rate (1) 12.31.19 Additions Disposals Transfers Exchange rate variation 12.31.20 Cost Land 22,790 5,900 (961) 20,751 181 48,661 Buildings 2,615,883 287,451 (86,557) (2,487) 47,626 2,861,916 Machinery and equipment 115,173 5,518 (8,289) - 191 112,593 Vehicles 207,443 165,699 (54,260) - 26,036 344,918 Software 55,705 72,766 (35,625) (18,264) - 74,582 3,016,994 537,334 (185,692) - 74,034 3,442,670 Depreciation Land 16.32% (5,086) (6,861) 813 (1,799) (593) (13,526) Buildings 29.11% (512,836) (464,159) 85,042 (6,765) (16,098) (914,816) Machinery and equipment 42.48% (96,958) (17,865) 7,610 - (103) (107,316) Vehicles 26.39% (57,357) (71,768) 41,024 - (13,394) (101,495) Software 45.21% (44,815) (32,422) 35,625 8,564 - (33,048) (717,052) (593,075) 170,114 - (30,188) (1,170,201) 2,299,942 (55,741) (15,578) - 43,846 2,272,469 (1) Weighted average annual rate. |
Schedule of lease liabilities | Schedule of lease liabilities WAM (1) 12.31.20 Additions Payments Interest paid Interest accrued Disposals Transfers Business combination (note 1.2) Exchange rate variation 09.30.21 Land 4.6 37,868 3,761 (5,256) (6,360) 6,360 (970) 82,851 - 7,252 125,506 Buildings 1.9 2,195,407 397,918 (402,354) (84,086) 133,023 (16,994) (82,851) 6,557 (22,587) 2,124,033 Machinery and equipment 0.9 3,773 98,353 (45,352) (2,783) 2,783 (34) - 3,703 97 60,540 Vehicles 1.8 256,423 46,309 (74,416) (13,893) 13,893 (1,574) - 886 (9,387) 218,241 Software 1.5 43,210 5,213 (21,533) (1,906) 1,906 - - - 26,890 2,536,681 551,554 (548,911) (109,028) 157,965 (19,572) - 11,146 (24,625) 2,555,210 Current 383,162 485,905 Non-current 2,153,519 2,069,305 (1) Weighted average maturity in years. WAM (1) 12.31.19 Additions Payments Interest paid Interest accrued Disposals Transfers Exchange rate variation 12.31.20 Land 4.7 20,355 5,900 (5,819) (4,716) 4,716 (1,729) 18,811 350 37,868 Buildings 3.4 2,227,026 310,204 (425,594) (99,426) 170,763 (762) (18,238) 31,434 2,195,407 Machinery and equipment 1.8 25,687 5,518 (26,776) (13,285) 13,285 (755) 8 91 3,773 Vehicles 2.2 156,975 165,699 (64,674) (15,231) 15,231 (14,155) (581) 13,159 256,423 Software 1.6 1,137 72,767 (30,693) (3,967) 3,966 - - - 43,210 2,431,180 560,088 (553,556) (136,625) 207,961 (17,401) - 45,034 2,536,681 Current 376,628 383,162 Non-current 2,054,552 2,153,519 (1) Weighted average maturity in years. |
The maturity schedule of the minimum required future payments are presented below | The maturity schedule of the minimum required future payments are presented below 09.30.21 Current 485,905 Non-current 2,069,305 October to December 2022 132,751 2023 444,474 2024 326,767 2025 234,653 2026 onwards 930,660 2,555,210 |
The Company uses nominal incremental borrowing rates to measure its lease liabilities. The nominal and real interest rates are presented below: | The Company uses nominal incremental borrowing rates to measure its lease liabilities. The nominal and real interest rates are presented below: 09.30.21 12.31.20 Contract Terms Nominal rate % p.a. Real rate % p.a. Nominal rate % p.a. Real rate % p.a. 1 year 4.92% 0.43% 5.69% 1.05% 2 years 4.81% 0.49% 5.96% 2.61% 3 years 6.31% 2.14% 6.80% 2.53% 4 years 7.15% 2.90% 8.50% 4.56% 5 years 9.69% 4.85% 8.98% 4.40% 6 years 10.61% 5.15% - - 7 years 10.96% 5.74% - - 8 years - - 10.47% 5.71% 9 years - - 10.75% 5.97% 10 years - - 11.39% 6.64% 12 years 9.85% 5.55% - - 13 years - - 11.68% 7.38% 14 years - - 11.84% 7.13% 16 years 12.44% 6.70% - - 20 years 12.95% 7.07% 13.26% 9.00% |
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. | 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. 2021 Jul - Sep Jan - Sep Variable payments not included in the lease liabilities 74,078 226,488 Expenses related to short-term leases 42,833 134,928 Expenses related to low-value assets 1,432 2,887 Amounts recognized in the statement of income 118,343 364,303 |
SHARE-BASED PAYMENT (Tables)
SHARE-BASED PAYMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
The breakdown of the outstanding granted restricted shares is set forth as follows: | The breakdown of the outstanding granted restricted shares is set forth as follows: Date Quantity Grant (1) Grant Vesting date Shares granted Outstanding shares Fair value of the shares 10.01.18 10.01.21 2,311,394 867,956 21.44 06.01.19 06.01.22 674,296 186,424 30.61 07.01.19 07.01.22 1,141,353 267,909 30.61 09.16.19 10.01.22 68,605 20,580 30.61 06.01.20 06.01.23 3,571,736 2,163,272 21.28 07.01.21 07.01.24 2,883,737 2,764,913 28.58 10,651,121 6,271,054 (1) Amounts expressed in Brazilian Reais. |
The rollforward of the granted options and shares for the nine-month period ended on September 30, 2021, is presented as follows: | The rollforward of the granted options and shares for the nine-month period ended on September 30, 2021, is presented as follows: Outstanding options/stocks as of December 31, 2020 (1) 7,873,348 Granted Restricted stocks - July 2021 2,883,737 Exercised / Delivered: Restricted stocks – grant of June, 2020 (457,939) Restricted stocks – grant of September, 2019 (18,237) Restricted stocks – grant of July, 2019 (113,957) Restricted stocks – grant of June, 2019 (114,271) Forfeiture (2) Restricted stocks – grant of July, 2021 (118,824) Restricted stocks – grant of June, 2020 (838,436) Restricted stocks - grant of July, 2019 (275,372) Restricted stocks – grant of June, 2019 (113,582) Restricted stocks - grant of October, 2018 (15,083) Expired: Stock options - grant of May, 2016 (1,145,330) Stock options - grant of April, 2016 (1,275,000) Outstanding options/stocks as of September 30, 2021 6,271,054 (1) Includes stock options outstanding on December 31, 2020, as presented in the financial statements for the year of 2020. (2) The forfeitures are related to the resignation of eligible executive before the end of the vesting period. |
EMPLOYEES BENEFITS PLANS (Table
EMPLOYEES BENEFITS PLANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of quantitative sensitivity analysis regarding relevant assumptions of defined benefit plan | 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, 2020 (note 20) and have not been changed during the following periods. The actuarial liabilities are presented below: Schedule of quantitative sensitivity analysis regarding relevant assumptions of defined benefit plan Liabilities 09.30.21 12.31.20 Medical assistance 196,283 185,802 F.G.T.S. Penalty (1) 294,012 282,229 Award for length of service 113,900 108,908 Other 217,979 199,616 822,174 776,555 Current 125,312 125,230 Non-current 696,862 651,325 (1) FGTS – Government Severance Indemnity Fund for Employees |
PROVISION FOR TAX, CIVIL AND _2
PROVISION FOR TAX, CIVIL AND LABOR RISKS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Provision For Tax Civil And Labor Risks | |
The rollforward of the provisions for tax, labor, civil, commercial and other risks classified as with probable loss, and contingent liabilities is presented 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: Tax Labor Civil, commercial and other Contingent liabilities (1) Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Beginning balance 427,302 583,464 634,706 603,074 343,530 307,177 297,182 300,654 1,702,720 1,794,369 Additions 157,624 103,773 204,697 435,723 52,977 52,961 415,298 592,457 Business combination (note 1.2) 2,553 1,972 4,725 9,250 Reversals (67,752) (246,499) (110,114) (250,029) (54,475) (34,556) (194,845) (3,464) (427,186) (534,548) Payments (144,276) (70,699) (204,947) (298,599) (17,335) (29,889) (366,558) (399,187) Interest 52,451 57,275 91,194 144,516 81,942 47,818 225,587 249,609 Exchange rate variation (16) (12) (466) 21 (75) 19 (13) (8) (570) 20 Ending balance 427,886 427,302 617,042 634,706 411,289 343,530 102,324 297,182 1,558,541 1,702,720 Current 1,050,188 865,338 Non-current 508,353 837,382 (1) Contingent liabilities recognized at fair value as of the acquisition date, arising from the business combination with Sadia. The reversals in the period refer mainly to the closing of the processes related to ICMS credits in the context of the “ Guerra Fiscal |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity | |
Schedule of breakdown of capital stock by nature | Schedule of breakdown of capital stock by nature 09.30.21 12.31.20 Common shares 812,473,246 812,473,246 Treasury shares (4,061,680) (4,766,084) Outstanding shares 808,411,566 807,707,162 |
On September 30, 2021, the quantity of outstanding of shares was 808,411,566, in the period were delivered of 704,404 shares, in accordance with Restricted Share plan of Company. | On September 30, 2021, the quantity of outstanding of shares was 808,411,566, in the period were delivered of 704,404 shares, in accordance with Restricted Share plan of Company. Quantity of outstanding of shares 09.30.21 12.31.20 Shares at the beginning of the period 807,707,162 811,759,800 Purchase of treasury shares (4,836,000) Delivery of restricted shares 704,404 783,362 Shares at the end of the period 808,411,566 807,707,162 |
For better presentation of the transactions, the balance priorly presented in Capital reserves was split between Capital reserves and Other equity transactions. In the current presentation, 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. | For better presentation of the transactions, the balance priorly presented in Capital reserves was split between Capital reserves and Other equity transactions. In the current presentation, 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” 09.30.21 12.31.20 Capital reserves 141,834 141,834 Other equity transactions (80,313) 246 Share-based payments 213,825 214,711 Acquisition of non-controlling entities (293,918) (214,245) Capital transactions with controlled entities (220) (220) 61,521 142,080 |
The Company has 4,061,680 shares held in treasury, with an average cost of R$26.00 (twenty-six Brazilian Reais) per share, and corresponding market value of R$110,031, in the period were delivered of 704,404 shares, in accordance with Restricted Share plan of Company. | The Company has 4,061,680 26.00 110,031 Quantity of outstanding of shares 09.30.21 12.31.20 Shares at the beggining of the period 4,766,084 713,446 Purchase of treasury shares 4,836,000 Delivery of restricted shares (704,404) (783,362) Shares at the end of the period 4,061,680 4,766,084 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of earnings per share | Schedule of earnings per share Continued operations 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Basic numerator Net earnings (loss) for the period attributable to controlling shareholders (275,600) (454,014) 216,791 609,668 Basic denominator Common shares 812,473,246 812,473,246 812,473,246 812,473,246 Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,406,368 809,583,921 Net earnings (loss) per share basic - R$ (0.34) (0.56) 0.27 0.75 Diluted numerator Net earnings (loss) for the period attributable to controlling shareholders (275,600) (454,014) 216,791 609,668 Diluted denominator Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,406,368 809,583,921 Number of potential shares - 58,332 58,332 Weighted average number of outstanding shares - diluted 807,709,278 808,013,781 807,464,700 809,642,253 Net earnings (loss) per share diluted - R$ (0.34) (0.56) 0.27 0.75 Discontinued operations Continued and discontinued operations 2021 2021 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Basic numerator Net earnings (loss) for the exercise attributable to controlling shareholders (6,516) (47,802) (282,116) (501,816) Basic denominator Common shares 812,473,246 812,473,246 812,473,246 812,473,246 Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,709,278 808,013,781 Net earnings (loss) per share basic - R$ (0.01) (0.06) (0.35) (0.62) Diluted numerator Net earnings (loss) for the exercise attributable to controlling shareholders (6,516) (47,802) (282,116) (501,816) Diluted denominator Weighted average number of outstanding shares - basic (except treasury shares) 807,709,278 808,013,781 807,709,278 808,013,781 Number of potential shares - - - - Weighted average number of outstanding shares - diluted 807,709,278 808,013,781 807,709,278 808,013,781 Net earnings (loss) per share diluted - R$ (0.01) (0.06) (0.35) (0.62) |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
The Company monitors the gross debt and net debt as set forth below: | The Company monitors the gross debt and net debt as set forth below: 09.30.21 12.31.20 Current Non-current Total Total Foreign currency loans and borrowings (2,334,507) (13,931,707) (16,266,214) (15,739,134) Local currency loans and borrowings (526,743) (7,385,645) (7,912,388) (6,665,292) Derivative financial liabilities (186,147) (36,077) (222,224) (385,696) Gross debt (3,047,397) (21,353,429) (24,400,826) (22,790,122) Marketable securities and cash and cash equivalents 7,233,026 375,906 7,608,932 8,235,360 Derivative financial assets 83,144 2,139 85,283 377,990 Restricted cash 24,529 1 24,530 24,358 Net debt (16,682,081) (14,152,414) |
The table below summarizes the significant commitments and contractual obligations that may impact the Company’s liquidity: | The table below summarizes the significant commitments and contractual obligations that may impact the Company’s liquidity: 09.30.21 Book Contractual cash flow Up to 12 months Oct - Dec 2022 2023 2024 2025 2026 onwards Non derivative financial liabilities Loans and borrowings 24,178,602 39,715,036 3,441,569 530,504 3,948,651 3,011,583 1,812,210 26,970,519 Principal 26,996,059 2,226,146 400,000 2,839,213 2,054,081 907,058 18,569,561 Interest 12,718,977 1,215,423 130,504 1,109,438 957,502 905,152 8,400,958 Trade accounts payable 11,089,196 11,195,643 11,183,638 3,272 5,778 2,849 106 - Supply chain finance 1,889,219 1,917,319 1,917,319 - - - - - Lease liabilities 2,555,210 3,214,065 519,189 144,233 515,998 405,335 311,068 1,318,242 Derivative financial liabilities Financial instruments designated as cash flow hedge Interest rate derivatives 36,077 36,077 - - - - - 36,077 Currency derivatives 82,654 82,654 82,654 - - - - - Commodities derivatives 94,094 94,094 94,094 - - - - - Financial instruments not designated as cash flow hedge Currency derivatives 9,399 9,399 9,399 - - - - - |
The derivative financial instruments used to hedge the exposure to interest rates as of September 30, 2021 are presented in the table below: | The derivative financial instruments used to hedge the exposure to interest rates as of September 30, 2021 are presented in the table below: 09.30.21 Fair value (R$) Fair value hedge - Derivative instruments Hedged Object Maturity Asset Liability Notional Instrument Object (1) 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 (2,351) 27,316 Interest rate swap Debenture - 2nd Issue - 2nd series - IPCA + 5.60% p.a 3rd Qtr. 2030 IPCA + 5.60% p.a CDI + 2.32% p.a. 1,495,000 BRL (31,528) 71,026 Interest rate swap Debenture - 3rd Issue - single series - IPCA + 4.78% p.a 2nd Qtr. 2031 IPCA + 4.78% p.a CDI + 0.60% p.a. 200,000 BRL (59) (1,376) (33,938) 96,966 (1) Corresponds to the accumulated amount of fair value hedge adjustments on the hedged items, included in the carrying amount of the debentures. |
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: | 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: 09.30.21 12.31.20 Cash and cash equivalents 1,562,136 2,855,979 Trade accounts receivable 6,567,534 5,765,753 Trade accounts payable (1,144,743) (859,790) Loans and borrowings (15,274,760) (14,947,793) Other assets and liabilities, net 12,934 225,694 Exposure of assets and liabilities in foreign currencies (8,276,899) (6,960,157) Derivative financial instruments (hedge) 7,764,347 6,849,947 Exposure in result, net (512,552) (110,210) |
The net P&L exposure is mainly composed of the following currencies: | The net P&L exposure is mainly composed of the following currencies: Net P&L Exposure 09.30.21 12.31.20 Argentinian Peso (ARS) (5,804) (5,310) Angolan kwanza (AOA) 263,009 - Euros (EUR) (57,530) 112,672 Yen (JPY) 82,372 29,976 Turkish Liras (TRY) (241,033) 178,906 U.S. Dollars (USD) (553,566) (426,454) Total (512,552) (110,210) |
The derivative financial instruments acquired to hedge the foreign currency statement of financial position exposure on September 30, 2021 are not designated as hedge accounting and are set forth below: | The derivative financial instruments acquired to hedge the foreign currency statement of financial position exposure on September 30, 2021 are not designated as hedge accounting and are set forth below: 09.30.21 Derivative instruments not designated Asset Liability Maturity Notional Exercise rate Fair value (R$) Non-deliverable forward EUR BRL 4th Qtr. 2021 EUR 265,000 6.4336 (8,522) Non-deliverable forward USD BRL 4th Qtr. 2021 USD 715,000 5.4864 12,727 Futures - B3 USD BRL 4th Qtr. 2021 USD 358,000 5.4672 6,462 Currency swap USD + 1.29% p.a. CDI + 0.80% p.a. 1st Qtr. 2022 USD 47,583 - 8,450 Non-deliverable forward EUR JPY 4th Qtr. 2021 EUR 19,230 130.0080 (877) Non-deliverable forward USD EUR 4th Qtr. 2021 EUR 34,133 1.1719 2,225 Total 20,465 |
The derivative and non-derivative financial instruments designated as cash flow hedges for foreing exchange operating income exposure on September 30, 2021 are set forth below: | The derivative and non-derivative financial instruments designated as cash flow hedges for foreing exchange operating income exposure on September 30, 2021 are set forth below: 09.30.21 Cash flow hedge - Derivative instruments Hedged object Asset Liability Maturity Notional Designation rate Fair value Non-deliverable forward USD Exports BRL USD 4th Qtr. 2021 USD 313,000 5.3157 (48,724) Non-deliverable forward USD Exports BRL USD 1st Qtr. 2022 USD 63,000 5.4348 (8,220) Non-deliverable forward USD Exports BRL USD 2nd Qtr. 2022 USD 5,000 5.5782 (365) Collar USD Exports BRL USD 4th Qtr. 2021 USD 44,000 5.5772 3,204 Collar USD Exports BRL USD 1st Qtr. 2022 USD 30,000 5.7162 1,869 Collar USD Exports BRL USD 2nd Qtr. 2022 USD 10,000 5.7125 (187) (52,423) 09.30.21 Cash flow hedge - Non-derivative instruments Hedged object Liability Maturity Notional Designation rate Fair value (1) Bond BRF SA BRFSBZ 5 7/8 (2) USD Exports USD 2nd Qtr. 2022 USD 70,928 2.0213 (426,732) Bond BRF SA BRFSBZ 3.95 USD Exports USD 2nd Qtr. 2023 USD 150,000 2.0387 (510,105) (936,837) (1) Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income. (2) For this instrument, the initial designation was of USD150,000, however there were repurchases with corresponding revocation of the designation in the amounts of USD31,338 at the rate of 3.2408, USD9,350 at the rate of 4.1827, USD27,190 at the rate of 5.1889 e USD11,194 at the rate of 5.5714. The accumulated exchange rate variation of the revoked portions is fixed and reserved in Other Comprehensive Income until the recognition of the hedge object in the second quarter of 2022. iii. Investments exposure The Company holds investments abroad in functional currencies different than the Brazilian Real, which generate currency exposure that affects directly the Company’s Equity, in Other Comprehensive Income. The non-derivative financial instruments designated as net investment hedge instruments on September 30, 2021 are set forth below: 09.30.21 Net investment hedge - Object (Investment) Liability Maturity Notional Rate Fair value (1) Bond - BRF SA BRFSBZ 4.35 Federal Foods LLC USD 3rd Qtr. 2026 USD 75,673 3.7649 (127,395) Bond - BRF SA BRFSBZ 4.35 BRF Al Yasra Food USD 3rd Qtr. 2026 USD 108,757 3.7649 (169,128) Bond - BRF SA BRFSBZ 4.35 Al Khan Foodstuff LLC USD 3rd Qtr. 2026 USD 65,570 3.7649 (109,230) (405,753) (1) Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income. |
The financial instruments designated as cash flow hedges and fair value hedges for the commodities price exposure on September 30, 2021 are set forth below: | The financial instruments designated as cash flow hedges and fair value hedges for the commodities price exposure on September 30, 2021 are set forth below: 09.30.21 Cash flow hedge - Derivative instruments Hedged object Index Maturity Quantity Exercise price (1) Fair value Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 4th Qtr. 2021 32,977 ton 417.29 (9,400) Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 1st Qtr. 2022 85,963 ton 412.66 (21,089) Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 2nd Qtr. 2022 184,877 ton 395.96 (22,888) Non-deliverable forward - buy Soybean meal purchase - floating price Soybean meal - CBOT 3rd Qtr. 2022 30,946 ton 387.86 (1,943) Collar - buy Soybean meal purchase - floating price Soybean meal - CBOT 4th Qtr. 2021 9,989 ton 421.11 (2,156) Collar - buy Soybean purchase - floating price Soybean - CBOT 4th Qtr. 2021 19,999 ton 458.84 172 Non-deliverable forward - buy Corn purchase - floating price Corn - B3 3rd Qtr. 2022 2,025 ton 1,333.16 (33) Collar - buy Corn purchase - floating price Corn - B3 4th Qtr. 2021 13,230 ton 1,587.07 126 Collar - buy Corn purchase - floating price Corn - B3 1st Qtr. 2022 17,037 ton 1,683.33 (303) Collar - buy Corn purchase - floating price Corn - B3 2nd Qtr. 2022 7,992 ton 1,616.67 (97) Collar - buy Soybean oil purchase - floating price Soybean oil - CBOT 4th Qtr. 2021 2,994 ton 794.77 7,069 (50,542) (1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. 09.30.21 Cash flow hedge - Protection object Assets Liabilities Maturity Notional Exercise price Fair value (R$) Non-deliverable forward Cost in USD USD TRY 4th Qtr. 2021 USD 7,098 8.8251 998 998 09.30.21 Fair value hedge - Derivative instruments Hedged object Index Maturity Quantity Exercise price (1) Fair value Non-deliverable forward - sell Soybean purchase - fixed price Soybean - CBOT 1st Qtr. 2022 15,000 ton 503.65 2,956 Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 4th Qtr. 2021 179,299 ton 202.24 (8,839) Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 1st Qtr. 2022 63,077 ton 200.41 (4,783) Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 2nd Qtr. 2022 170,790 ton 216.20 59 Non-deliverable forward - sell Corn purchase - fixed price Corn - CBOT 3rd Qtr. 2022 39,995 ton 184.67 (5,034) Corn future - sell Corn purchase - fixed price Corn - B3 4th Qtr. 2021 7,803 ton 1,562.51 186 Corn future - sell Corn purchase - fixed price Corn - B3 1st Qtr. 2022 104,571 ton 1,631.40 2,488 Corn future - sell Corn purchase - fixed price Corn - B3 2nd Qtr. 2022 9,882 ton 1,537.49 124 Corn future - sell Corn purchase - fixed price Corn - B3 3rd Qtr. 2022 176,985 ton 1,339.50 1,459 Corn future - sell Corn purchase - fixed price Corn - B3 4th Qtr. 2022 14,985 ton 1,350.41 - Collar - sell Corn purchase - fixed price Corn - B3 4th Qtr. 2021 62,910 ton 1,649.32 4,350 Collar - sell Corn purchase - fixed price Corn - B3 1st Qtr. 2022 25,380 ton 1,567.91 248 Put - Buy Corn purchase - fixed price Corn - B3 4th Qtr. 2021 5,994 ton 1,616.67 583 (6,203) (1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. 09.30.21 Fair value hedge - Protection object Assets Liabilities Maturity Notional Exercise price Fair value Non-deliverable forward Cost in USD BRL USD 4th Qtr. 2021 USD 36,262 5.3508 (5,001) Non-deliverable forward Cost in USD BRL USD 1st Qtr. 2022 USD 20,196 5.3666 (4,335) Non-deliverable forward Cost in USD BRL USD 2nd Qtr. 2022 USD 36,924 5.6119 (4,575) Non-deliverable forward Cost in USD BRL USD 3rd Qtr. 2022 USD 7,386 5.6278 (1,387) (15,298) |
The effects of financial instruments for hedging exchange rate, commodities price and interest rates in the condensed consolidated statement of income (loss) for the period, in Other Comprehensive Income and in the condensed consolidated statement of financial position are set forth below: | The effects of financial instruments for hedging exchange rate, commodities price and interest rates in the condensed consolidated statement of income (loss) for the period, in Other Comprehensive Income and in the condensed consolidated statement of financial position are set forth below: Income for the period Jul - Sep 2021 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Net Sales 12,349,193 - - 12,349,193 Derivatives result Operating Results Cash flow 40,792 - - 40,792 Net Revenue 25 12,389,985 - - 12,389,985 Cost of Sales - (9,757,320) - (9,757,320) Derivatives result Operating Results Cash flow / Fair value - (7,983) - (7,983) Cost of Sales - (9,765,303) - (9,765,303) Interests on loans and borrowings - - (361,115) (361,115) Interest Rate Derivatives result Interest expenses Fair value - - (40,065) (40,065) Foreign Exchange variation on assets and liabilities (625,672) - - (625,672) Foreign Exchange Derivatives result Financial Position Not designated 594,162 - - 594,162 Effects on Financial Result 27 (31,510) - (401,180) (432,690) Other Comprehensive Income Jul - Sep 2021 Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Derivative Instruments - current Operating Results Cash flow (183,860) (169,440) - (353,300) Non-derivative Instruments – current Operating Results Cash flow (31,010) - - (31,010) Non-derivative Instruments – non-current Operating Results Cash flow (65,580) - - (65,580) Non-derivative Instruments - non-current Foreign investments Net investment (106,955) - - (106,955) Other Comprehensive Income (1) (387,405) (169,440) - (556,845) Income for the period Jan - Sep 2021 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Net Sales 34,539,353 - - 34,539,353 Derivatives result Operating Results Cash flow 79,510 - - 79,510 Net Revenue 25 34,618,863 - - 34,618,863 Cost of Sales - (27,388,645) - (27,388,645) Derivatives result Operating Results Cash flow / Fair value - (184,594) - (184,594) Cost of Sales - (27,573,239) - (27,573,239) Interests on loans and borrowings - - (1,216,925) (1,216,925) Interest Rate Derivatives result Interest expenses Fair value - - (35,025) (35,025) Foreign Exchange variation on assets and liabilities (359,457) - - (359,457) Foreign Exchange Derivatives result Financial Position Not designated 178,101 - - 178,101 Effects on Financial Result 27 (181,356) - (1,251,950) (1,433,306) Other Comprehensive Income Jan - Sep 2021 Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Derivative Instruments - current Operating Results Cash flow (100,366) (209,373) - (309,739) Non-derivative Instruments – current Operating Results Cash flow (17,214) - - (17,214) Non-derivative Instruments – non-current Operating Results Cash flow (36,405) - - (36,405) Non-derivative Instruments - non-current Foreign investments Net investment (61,079) - - (61,079) Other Comprehensive Income (1) (215,064) (209,373) - (424,437) (1) All effects are presented gross of taxes. Statement of financial position 09.30.21 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Designated derivatives Operating Results Cash flow / Fair value (66,723) (56,745) (33,938) (157,406) Not designated derivatives Financial Position Not designated 20,465 - - 20,465 Asset / (Liability) net (46,258) (56,745) (33,938) (136,941) Derivative Instruments - current (2) Operating Results Cash flow (52,423) (38,067) - (90,490) Non-derivative instruments – current Operating Results Cash flow (426,732) - - (426,732) Non-derivative instruments – non-current Operating Results Cash flow (510,105) - - (510,105) Non-derivative Instruments - non-current Foreign investments Net investment (405,753) - - (405,753) Other Comprehensive Income (1) (1,395,013) (38,067) - (1,433,080) Derivatives result Operating Results Cash flow / Fair value - 538,512 - 538,512 Inventories 7 - 538,512 - 538,512 (1) All effects are presented gross of taxes. (2) Includes R$(2,192) related to the time value of the foreign exchange option contracts, and R$(234) related to the time value of the commodity options contracts. Statement of financial position 12.31.20 Note Exposure Hedge accounting Foreign Exchange Commodities Interest Rate Total Designated derivatives Operating Results Cash flow / Fair value 95,558 (144,057) - (48,499) Not designated derivatives Financial Position Not designated 55,442 - (14,649) 40,793 Asset / (Liability) net 151,000 (144,057) (14,649) (7,706) Derivative Instruments - current Operating Results Cash flow 47,942 171,306 - 219,248 Non-derivative instruments – non-current Operating Results Cash flow (883,218) - - (883,218) Non-derivative Instruments - non-current Foreign investments Net investment (344,674) - - (344,674) Other Comprehensive Income (1,179,950) 171,306 - (1,008,644) Derivatives result Operating Results Cash flow / Fair value - 442,398 - 442,398 Inventories 7 - 442,398 - 442,398 |
Summarized financial position of derivative financial instruments: | Summarized financial position of derivative financial instruments: 09.30.21 12.31.20 Assets Designated as hedge accounting Currency derivatives 15,931 177,208 Commodities derivatives 37,349 125,304 Interest rate derivatives 2,139 - Not designated as hedge accounting Currency derivatives 29,864 75,478 85,283 377,990 Current assets 83,144 377,756 Non-current assets 2,139 234 Liabilities Designated as hedge accounting Currency derivatives (82,654) (81,650) Commodities derivatives (94,094) (269,361) Interest rate derivatives (36,077) - Not designated as hedge accounting Currency derivatives (9,399) (20,036) Interest rate derivatives - (14,649) (222,224) (385,696) Current liabilities (186,147) (384,969) Non-current liabilities (36,077) (727) |
The information used in the preparation of the analysis is based on the position as of September 30, 2021, which has been described in the items above. The future results may diverge significantly of the estimated values if the reality presents different than the assumptions used. Positive values indicate gains and negative values indicate losses. | The information used in the preparation of the analysis is based on the position as of September 30, 2021, which has been described in the items above. The future results may diverge significantly of the estimated values if the reality presents different than the assumptions used. Positive values indicate gains and negative values indicate losses. Scenario Exchange rate - Balance Base - 50% - 25% - 10% + 10% + 25% + 50% USD 5.4394 2.7197 4.0796 4.8955 5.9833 6.7993 8.1591 Monetary Assets and Liabilities 3,433,220 1,716,610 686,644 (686,644) (1,716,610) (3,433,220) Derivative Instruments - Not designated (3,156,437) (1,578,218) (631,287) 631,287 1,578,218 3,156,437 Net effect 276,783 138,392 55,357 (55,357) (138,392) (276,783) EUR 6.2983 3.1492 4.7237 5.6685 6.9281 7.8729 9.4475 Monetary Assets and Liabilities 820,571 410,286 164,114 (164,114) (410,286) (820,571) Derivative Instruments - Not designated (786,712) (393,356) (157,342) 157,342 393,356 786,712 Net effect 33,859 16,930 6,772 (6,772) (16,930) (33,859) JPY 0.0488 0.0244 0.0366 0.0439 0.0537 0.0610 0.0732 Monetary Assets and Liabilities (102,161) (51,080) (20,432) 20,432 51,080 102,161 Derivative Instruments - Not designated 60,975 30,488 12,195 (12,195) (30,488) (60,975) Net effect (41,186) (20,592) (8,237) 8,237 20,592 41,186 TRY 0.6124 0.3062 0.4593 0.5512 0.6736 0.7655 0.9186 Monetary Assets and Liabilities 120,516 60,258 24,103 (24,103) (60,258) (120,516) Net effect 120,516 60,258 24,103 (24,103) (60,258) (120,516) AOA 0.0091 0.0045 0.0068 0.0082 0.0100 0.0113 0.0136 Monetary Assets and Liabilities (131,504) (65,752) (26,301) 26,301 65,752 131,504 Net effect (131,504) (65,752) (26,301) 26,301 65,752 131,504 Scenario Exchange rate - Operating results Base - 50% - 25% - 10% + 10% + 25% + 50% USD 5.4394 2.7197 4.0796 4.8955 5.9833 6.7993 8.1591 Revenue in USD (1,865,518) (932,759) (373,104) 373,104 932,759 1,865,518 NDF 1,036,206 518,103 207,241 (207,241) (518,103) (1,036,206) Collar 222,657 108,429 39,893 (23,342) (88,388) (202,615) Loans - Designated 600,858 300,429 120,172 (120,172) (300,429) (600,858) Net effect (5,797) (5,798) (5,798) 22,349 25,839 25,839 Scenario Exchange rate - Operating results Base - 50% - 25% - 10% + 10% + 25% + 50% USD 5.4394 2.7197 4.0796 4.8955 5.9833 6.7993 8.1591 Cost of Sales (274,059) (137,030) (54,812) 54,812 137,030 274,059 NDF 274,059 137,030 54,812 (54,812) (137,030) (274,059) Net effect - - - - - - Scenario Operating results - Commodities Base (1) - 50% - 25% - 10% + 10% + 25% + 50% Soy Grain - CBOT 464 232 348 418 510 580 696 Cost of Sales 1,160 580 232 (232) (580) (1,160) Collar (4,139) (1,832) (447) 554 1,938 4,246 NDF 3,505 1,753 701 (701) (1,753) (3,505) Net effect 526 501 486 (379) (395) (419) Soybean Meal - CBOT 371 185 278 334 408 464 556 Cost of Sales 63,940 31,970 12,788 (12,788) (31,970) (63,940) Collar (1,810) (905) (362) 238 537 1,369 NDF (62,130) (31,065) (12,426) 12,426 31,065 62,130 Net effect - - - (124) (368) (441) Soybean Oil - CBOT 1,294 647 970 1,165 1,423 1,617 1,941 Cost of Sales 1,937 968 387 (387) (968) (1,937) Collar (1,547) (968) (387) 387 968 1,937 Net effect 390 - - - - - Corn - CBOT 213 107 160 192 235 267 320 Cost of Sales (48,318) (24,159) (9,664) 9,664 24,159 48,318 NDF 48,318 24,159 9,664 (9,664) (24,159) (48,318) Net effect - - - - - - Corn - B3 1,445 722 1,084 1,300 1,589 1,806 2,167 Cost of Sales (266,037) (133,018) (53,207) 53,207 133,018 266,037 Collar 40,052 20,741 9,025 (5,087) (13,216) (32,528) NDF 219,671 109,835 43,934 (43,934) (109,835) (219,671) Put 4,594 2,297 919 (502) (502) (502) Net effect (1,720) (145) 671 3,684 9,465 13,336 (1) Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. |
Schedule of financial instruments by category | Schedule of financial instruments by category 09.30.21 Amortized cost Fair value through other comprehensive income Fair value through profit and loss Total Equity instruments Assets Cash and bank 2,203,097 - - 2,203,097 Cash equivalents - - 4,686,747 4,686,747 Marketable securities 347,650 13,290 358,148 719,088 Restricted cash 24,530 - - 24,530 Trade accounts receivable 3,236,504 - 315,657 3,552,161 Other receivables 76,476 - - 76,476 Derivatives not designated - - 29,864 29,864 Derivatives designated as hedge accounting (1) - - 55,419 55,419 Liabilities Trade accounts payable (11,089,196) - - (11,089,196) Supply chain finance (1,889,219) - - (1,889,219) Loans and borrowings (2) (21,782,488) - (2,396,114) (24,178,602) Derivatives not designated - - (9,399) (9,399) Derivatives designated as hedge accounting (1) - - (212,825) (212,825) Written option– business combination - - (471,738) (471,738) (28,872,646) 13,290 2,355,759 (26,503,597) (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 the 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. 12.31.20 Amortized cost Fair value through other comprehensive income Fair value through profit and loss Total Equity instruments Assets Cash and bank 2,439,072 - - 2,439,072 Cash equivalents - - 5,137,553 5,137,553 Marketable securities 287,504 42,029 329,202 658,735 Restricted cash 24,358 - - 24,358 Trade accounts receivable 3,789,616 - 310,265 4,099,881 Other receivables 86,404 - - 86,404 Derivatives not designated - - 75,478 75,478 Derivatives designated as hedge accounting - - 302,512 302,512 Liabilities Trade accounts payable (9,009,987) - - (9,009,987) Supply chain finance (1,452,637) - - (1,452,637) Loans and borrowings (22,404,426) - - (22,404,426) Derivatives not designated - - (34,685) (34,685) Derivatives designated as hedge accounting - - (351,011) (351,011) Written option– business combination - - (185,401) (185,401) (26,240,096) 42,029 5,583,913 (20,614,154) |
The table below presents the overall classification of financial instruments measured at fair value by measurement hierarchy. For the nine-month period ended on September 30, 2021, there were no changes among the 3 levels of hierarchy. | The table below presents the overall classification of financial instruments measured at fair value by measurement hierarchy. For the nine-month period ended on September 30, 2021, there were no changes among the 3 levels of hierarchy. 09.30.21 12.31.20 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Fair value through other comprehensive income Stocks 13,290 - - 13,290 42,029 - - 42,029 Fair value through profit and loss Savings account and overnight 600,449 - - 600,449 1,220,232 - - 1,220,232 Term deposits - - - - 250,189 - - 250,189 Bank deposit certificates - 4,082,178 - 4,082,178 - 3,662,448 - 3,662,448 Financial treasury bills 318,893 - - 318,893 312,515 - - 312,515 Investment funds 43,375 - - 43,375 21,371 - - 21,371 Trade accounts receivable - 315,657 - 315,657 - 310,265 - 310,265 Derivatives - 85,283 - 85,283 - 377,990 - 377,990 Financial Liabilities Fair value through profit and loss Derivatives - (222,224) - (222,224) - (385,696) - (385,696) Loans and borrowings - (2,396,114) - (2,396,114) - - - - Written option– business combination - - (471,738) (471,738) - - (185,401) (185,401) 976,007 1,864,780 (471,738) 2,369,049 1,846,336 3,965,007 (185,401) 5,625,942 |
Schedule of comparison between book value and fair value of financial instruments | Schedule of comparison between book value and fair value of financial instruments 09.30.21 12.31.20 Currency Maturity Book Fair Book Fair BRF S.A. BRF SA BRFSBZ 5 7/8 USD 2022 (392,757) (405,968) (367,714) (389,611) BRF SA BRFSBZ 4 3/4 USD 2024 (1,633,188) (1,726,110) (1,538,086) (1,659,891) BRF SA BRFSBZ 3.95 USD 2023 (1,283,410) (1,329,486) (1,207,468) (1,275,598) BRF SA BRFSBZ 2 3/4 EUR 2022 (1,060,043) (1,072,548) (1,081,404) (1,105,478) BRF SA BRFSBZ 4 7/8 USD 2030 (3,760,174) (3,817,461) (3,951,539) (4,333,054) BRF SA BRFSBZ 5 3/4 USD 2050 (4,234,323) (4,182,534) (4,106,115) (4,705,851) Debenture - 1st Issue BRL 2026 (815,842) (817,075) (771,138) (778,016) Debenture - 2nd Issue BRL 2030 (2,292,024) (2,297,006) (2,250,867) (2,225,796) Debenture - 3rd Issue BRL 2031 (1,018,992) (882,766) - - BRF GmbH BRF SA BRFSBZ 4.35 USD 2026 (2,676,797) (2,813,142) (2,577,667) (2,779,574) (19,167,550) (19,344,096) (17,851,998) (19,252,869) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of net sales for each operating segment | The net sales for each reportable operating segment is set forth below: Schedule of net sales for each operating segment 2021 2020 Net sales Jul - Sep Jan - Sep Jul - Sep Jan - Sep Brazil In-natura 1,634,165 4,380,670 1,251,395 3,601,927 Poultry 1,255,312 3,324,314 907,235 2,670,960 Pork and other 378,853 1,056,356 344,160 930,967 Processed 4,740,367 13,167,042 4,032,656 10,966,468 Other sales 17,509 54,550 7,654 21,321 6,392,041 17,602,262 5,291,705 14,589,716 International In-natura 4,642,946 13,250,947 3,635,187 10,651,454 Poultry 4,047,027 11,291,729 3,016,452 8,994,799 Pork and other 595,919 1,959,218 618,735 1,656,655 Processed 758,768 2,162,453 589,996 1,664,171 Other sales 46,992 284,362 84,187 216,733 5,448,706 15,697,762 4,309,370 12,532,358 Other segments 549,238 1,318,839 341,516 873,508 12,389,985 34,618,863 9,942,591 27,995,582 |
Schedule of operating income for each operating segment | The income (loss) before financial results for each segment and for Corporate is set forth below: Schedule of operating income for each operating segment 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Brazil 515,846 1,015,749 566,784 1,282,928 International 113,515 569,495 200,302 868,636 Other segments 105,017 282,076 62,496 122,654 Sub total 734,378 1,867,320 829,582 2,274,218 Corporate (3,898) 71,393 (85,505) (183,839) 730,480 1,938,713 744,077 2,090,379 |
Schedule of composition of the main effects not allocated to the operating segments | The composition of the main effects not allocated to the operating segments and presented as Corporate is set forth below: Schedule of composition of the main effects not allocated to the operating segments 2021 2020 Corporate Jul - Sep Jan - Sep Jul - Sep Jan - Sep Expenses COVID-19 (1) (23,386) (48,382) (40,568) (66,828) Investigations involving the Company (note 1.5) (412) (8,554) (4,027) (28,099) Expenses with demobilization (634) (3,654) (5,034) (5,034) Impairment and result in the sale of investments 52,557 76,147 - (6,763) Reversal/(provision) for tax and civil contingencies (35,230) 39,695 (5,350) (65,239) Results with sale and disposal of fixed assets 4,173 16,258 (5,544) (11,531) Results with disposal of businesses - (26,943) (26,943) Arbitration reversal - - - 14,520 Restructuring plan - - - 13 Other (966) (117) 1,961 12,065 (3,898) 71,393 (85,505) (183,839) (1) Mainly comprised of donations in Brazil, consultants and expenses with health and safety, which are not associated with the business segments. |
Schedule of goodwill and intangible assets arising from business combination | 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: Schedule of goodwill and intangible assets arising from business combination Goodwill Trademarks Total 09.30.21 12.31.20 09.30.21 12.31.20 09.30.21 12.31.20 Brazil 1,151,498 1,151,498 982,478 982,478 2,133,976 2,133,976 International 1,868,105 1,784,079 323,485 345,260 2,191,590 2,129,339 Other segments 1,011,828 - 298 - 1,012,126 - 4,031,431 2,935,577 1,306,261 1,327,738 5,337,692 4,263,315 |
NET SALES (Tables)
NET SALES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net Sales | |
Schedule of net sales | Schedule of net sales 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Gross sales Brazil 7,916,297 21,802,401 6,512,264 18,018,393 International 5,839,915 16,826,837 4,636,072 13,440,650 Other segments 625,962 1,473,572 378,246 968,825 14,382,174 40,102,810 11,526,582 32,427,868 Sales deductions Brazil (1,524,256) (4,200,139) (1,220,559) (3,428,677) International (391,209) (1,129,075) (326,702) (908,292) Other segments (76,724) (154,733) (36,730) (95,317) (1,992,189) (5,483,947) (1,583,991) (4,432,286) Net sales Brazil 6,392,041 17,602,262 5,291,705 14,589,716 International 5,448,706 15,697,762 4,309,370 12,532,358 Other segments 549,238 1,318,839 341,516 873,508 12,389,985 34,618,863 9,942,591 27,995,582 |
OTHER OPERATING INCOME (EXPEN_2
OTHER OPERATING INCOME (EXPENSES), NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of other operating income (expense) | Schedule of other operating income (expense) 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Recovery of expenses (1) 16,136 85,372 83,114 318,172 Provision reversal 809 809 1,756 72,381 Scrap sales 3,317 9,273 3,111 8,672 Provision for civil and tax risks (32,202) 42,518 (13,719) (79,238) Other employees benefits (8,225) (22,637) (6,862) (22,512) Insurance claims costs (16,741) (28,023) (877) (3,394) Gains (losses) on the disposal of non-financial assets 53,761 89,775 (16,874) (24,026) Employee participation and bonuses (36,200) (65,255) (41,678) (159,669) Demobilization expenses (634) (3,654) (8,534) (14,790) Expected credit losses in other receivables 1,831 742 32 (3,125) Other (2) (3,451) (5,339) (12,662) (1,228) OTHER OPERATING INCOME (EXPENSES), NET (21,599) 103,581 (13,193) 91,243 (1) Includes recovery of PIS and COFINS taxes on inputs in the amount of R$27,280 and effects of the final decision related to the exclusion of ICMS from the PIS and COFINS calculation basis of Batávia and UP! Alimentos Ltda. in the amount of R$40,501 (note 9.1) for the nine-month period ended on September 30, 2021 (R$295,593 of recovery of PIS and COFINS taxes on inputs in the same period of previous year). (2) Includes expenditures with investigations (note 1.5). |
FINANCIAL INCOME (EXPENSES), _2
FINANCIAL INCOME (EXPENSES), NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of finance income | Schedule of finance income 2021 2020 Note Jul - Sep Jan - Sep Jul - Sep Jan - Sep Financial income Interest on cash and cash equivalents 4 46,831 104,195 34,938 85,967 Income with marketable securities 5 14,082 32,100 6,530 51,917 Fair value through other comprehensive income - - 84 538 Fair value through profit and loss 3,888 7,884 1,588 7,304 Amortized cost 10,194 24,216 4,858 44,075 Interest on recoverable taxes (1) 9 60,908 172,869 18,723 99,063 Interest on other assets 11,985 31,119 12,511 30,466 Financial income 133,806 340,283 72,702 267,413 Financial expenses Interests on loans and borrowings 14 (361,115) (1,216,925) (490,955) (1,122,525) Interest on contingencies 20 (64,696) (185,584) (25,004) (110,581) Interest on leases 17 (48,555) (165,536) (50,829) (154,692) Interest on actuarial liabilities (11,181) (33,810) (10,178) (30,541) Interest on other liabilities 2,278 1,927 4,030 9,414 Written option - Business combination 23.8.1 (352,790) (278,618) 143,421 533,774 Adjustment to present value 6 and 15 (170,911) (457,011) (109,760) (291,258) Other (40,219) (135,321) (52,391) (161,170) Financial expenses (1,047,189) (2,470,878) (591,666) (1,327,579) Foreign exchange and monetary variations Exchange rate variation on monetary assets and liabilities (625,672) (359,457) 4,420 (1,529,314) Derivative results 554,097 143,076 78,125 1,356,289 Monetary, exchange and derivative results, net (71,575) (216,381) 82,545 (173,025) Financial income (expenses), net (984,958) (2,346,976) (436,419) (1,233,191) (1) For the nine-month period ended on September 30, 2021, the effect includes the final decision related to the exclusion of ICMS from the PIS and COFINS calculation basis from Batávia and UP! Alimentos Ltda. (note 9) in the amount of R$50,434 (null in the same period of the previous year). |
STATEMENT OF INCOME BY NATURE (
STATEMENT OF INCOME BY NATURE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
The Company discloses its statement of income by function and thus presents below the details by nature: | The Company discloses its statement of income by function and thus presents below the details by nature: 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Costs of sales Raw materials and supplies (1) 7,370,370 20,634,986 5,417,106 15,140,087 Salaries and employees benefits 1,106,742 3,210,703 1,060,402 3,007,577 Depreciation 529,589 1,537,582 466,876 1,379,928 Amortization 32,106 103,626 40,500 98,083 Other 726,496 2,086,342 613,249 1,793,580 Costs of sales 9,765,303 27,573,239 7,598,133 21,419,255 Sales expenses Indirect and direct logistics expenses 835,633 2,251,726 619,365 1,827,774 Marketing 166,046 482,650 137,473 427,706 Salaries and employees benefits 362,960 1,059,427 363,920 1,035,654 Depreciation 81,781 273,804 49,703 160,816 Amortization 21,971 76,121 27,454 70,166 Other 179,370 481,171 168,554 489,576 Sales expenses 1,647,761 4,624,899 1,366,469 4,011,692 Administrative expenses Salaries and employees benefits 92,080 276,389 91,931 247,770 Fees 14,977 39,801 12,387 41,600 Depreciation 8,176 34,882 13,917 35,544 Amortization 7,212 30,278 13,255 28,968 Other 99,262 192,616 85,858 196,491 Administrative expenses 221,707 573,966 217,348 550,373 (1) Includes recoveries of PIS and COFINS taxes on inputs and export credits in the amount of R$43,817 for the nine-month period ended on September 30, 2021 (null in the same period of the previous year). |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of transaction and balances of other parties | Schedule of transaction and balances of other parties Accounts receivable Trade accounts payable 09.30.21 09.30.21 Marfrig Global Foods S.A. 4,813 (21,708) Marfrig Chile S.A. 610 - Quickfood S.A. 12,184 - Marfrig Alimentos S.A. 99 - Total 17,706 (21,708) Sales Purchases 2021 2021 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Marfrig Global Foods S.A. (1) 12,982 20,925 (96,907) (151,437) Marfrig Chile S.A. (1) 899 3,055 - - Quickfood S.A. (1) 19,207 19,207 - - Marfrig Alimentos S.A. (1) 139 139 (54,530) (54,530) Total 33,227 43,326 (151,437) (205,967) (1) The period ranges from May 21,2021 to September 30, 2021. |
Schedule of total remuneration and benefits paid to professionals | The total remuneration and benefits expense with board members, statutory directors and the head of internal audit are set forth below: Schedule of total remuneration and benefits paid to professionals 2021 2020 Jul - Sep Jan - Sep Jul - Sep Jan - Sep Salary and profit sharing 14,930 46,117 14,064 49,669 Short-term benefits (1) 76 500 680 2,291 Private pension 282 872 304 1,200 Termination benefits 200 1,698 2,104 6,507 Share-based payment 7,668 21,854 5,561 13,955 Total remuneration and benefits paid to professionals 23,156 71,041 22,713 73,622 (1) Comprises: medical assistance, educational expenses and others. |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments | |
The firm commitments schedule is set forth below: | 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: 09.30.21 Current 5,508,563 Non-current 1,996,385 October to December 2022 425,407 2023 704,311 2024 289,910 2025 173,878 2026 onwards 402,879 Total 7,504,948 |
Schedule of equity interest (De
Schedule of equity interest (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
B R F Gmb H [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF GmbH | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Austria | |
% equity interest | 100.00% | 100.00% | |
B R F Foods L L C [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Foods LLC | ||
Main activity of subsidiary | Import, industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Russia | |
% equity interest | 99.99% | 99.90% | |
B R F Global Company Nigeria Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Global Company Nigeria Ltd. | ||
Main activity of subsidiary | Marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | Nigeria | |
% equity interest | 99.00% | 99.00% | |
B R F Global Company South Africa Proprietary Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Global Company South Africa Proprietary Ltd. | ||
Main activity of subsidiary | Administrative, marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | South Africa | |
% equity interest | 100.00% | 100.00% | |
B R F Global Company Nigeria Ltd One [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Global Company Nigeria Ltd. | ||
Main activity of subsidiary | Marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | Nigeria | |
% equity interest | 1.00% | 1.00% | |
B R F Global Gmb H [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Global GmbH | ||
Main activity of subsidiary | Holding and trading | ||
Country of incorporation of subsidiary | [1] | Austria | |
% equity interest | 100.00% | 100.00% | |
B R F Foods L L C One [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Foods LLC | ||
Main activity of subsidiary | Import, industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Russia | |
% equity interest | 0.01% | 0.10% | |
B R F Japan K K [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Japan KK | ||
Main activity of subsidiary | Marketing and logistics services, import, export, industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Japan | |
% equity interest | 100.00% | 100.00% | |
Brf korea llc [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Korea LLC | ||
Main activity of subsidiary | Marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | Korea | |
% equity interest | 100.00% | 100.00% | |
B R F Shanghai Management Consulting Co Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Shanghai Management Consulting Co. Ltd. | ||
Main activity of subsidiary | Provision of consultancy and marketing services | ||
Country of incorporation of subsidiary | [1] | China | |
% equity interest | 100.00% | 100.00% | |
B R F Shanghai Trading Co Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Shanghai Trading Co. Ltd. | ||
Main activity of subsidiary | Import, export and commercialization of products | ||
Country of incorporation of subsidiary | [1] | China | |
% equity interest | 100.00% | 100.00% | |
B R F Singapore Foods P T E Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Singapore Foods PTE Ltd. | ||
Main activity of subsidiary | Administrative, marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | Singapore | |
% equity interest | 100.00% | 100.00% | |
Eclipse Holding Cooperatief U A One [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Eclipse Holding Cöoperatief U.A. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | The Netherlands | |
% equity interest | 99.99% | 99.99% | |
Buenos Aires Fortune S A [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Buenos Aires Fortune S.A. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Argentina | |
% equity interest | 95.64% | 4.36% | |
Buenos Aires Fortune S A One [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Buenos Aires Fortune S.A. | ||
Country of incorporation of subsidiary | [1] | Argentina | |
% equity interest | 4.36% | 95.64% | |
Eclipse latam holdings [member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Eclipse Latam Holdings | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Spain | |
% equity interest | 100.00% | 100.00% | |
Perdigao Europe Lda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Perdigão Europe Lda. | ||
Main activity of subsidiary | Import, export of products and administrative services | ||
Country of incorporation of subsidiary | [1] | Portugal | |
% equity interest | 100.00% | 100.00% | |
Perdigao International Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Perdigão International Ltd. | ||
Main activity of subsidiary | Import and export of products | ||
Country of incorporation of subsidiary | [1] | Cayman Island | |
% equity interest | 100.00% | ||
Proud Food Ldaone [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | ProudFood Lda. | ||
Main activity of subsidiary | Import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Angola | |
% equity interest | 90.00% | 90.00% | |
Sadia Chile S A [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sadia Chile S.A. | ||
Main activity of subsidiary | Import, export and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Chile | |
% equity interest | 40.00% | 40.00% | |
Wellax Food Logistics C P A S U Lda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Wellax Food Logistics C.P.A.S.U. Lda. | ||
Main activity of subsidiary | Import, commercialization of products and administrative services | ||
Country of incorporation of subsidiary | [1] | Portugal | |
% equity interest | 100.00% | 100.00% | |
B R F Austria Gmb H [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Austria GmbH | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Austria | |
% equity interest | 100.00% | 100.00% | |
One Foods Holdings Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | One Foods Holdings Ltd. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | UAE | |
% equity interest | 100.00% | 100.00% | |
Al Wafi Food Products Factory L L C [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Al-Wafi Food Products Factory LLC | ||
Main activity of subsidiary | Import, export, industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | UAE | |
% equity interest | 49.00% | 49.00% | |
Badi Ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Badi Ltd. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | UAE | |
% equity interest | 100.00% | 100.00% | |
Al Wafi Al Takamol Internationalfor Foods Products [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Al-Wafi Al-Takamol International for Foods Products | ||
Main activity of subsidiary | Import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Saudi Arabia | |
% equity interest | 100.00% | 100.00% | |
Foody a 1 shakrqiya food production factory [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Joody Al Sharqiya Food Production Factory LLC | ||
Main activity of subsidiary | Import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Saudi Arabia | |
% equity interest | 100.00% | ||
B R F Al Yasra Food K S C C B R F A F C [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Al Yasra Food K.S.C.C. ("BRF AFC") | ||
Main activity of subsidiary | Import, commercialization and distribution of products | ||
Country of incorporation of subsidiary | [1] | Kuwait | |
% equity interest | 100.00% | 75.00% | |
B R F Foods Gmb H [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Foods GmbH | ||
Main activity of subsidiary | Industrialization, import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Austria | |
% equity interest | 100.00% | 100.00% | |
Al Khan Foodstuff L L C A K F [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Al Khan Foodstuff LLC ("AKF") | ||
Main activity of subsidiary | Import, commercialization and distribution of products | ||
Country of incorporation of subsidiary | [1] | Oman | |
% equity interest | 70.00% | 70.00% | |
Ffq gmbh [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | FFQ GmbH | ||
Main activity of subsidiary | Industrialization, import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Austria | |
% equity interest | 10000.00% | ||
Tbq Foods Gmb H [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | TBQ Foods GmbH | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Austria | |
% equity interest | 60.00% | 60.00% | |
Banvit bandirma vitaminli [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Banvit Bandirma Vitaminli | ||
Main activity of subsidiary | Import, industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Turkey | |
% equity interest | 91.71% | 91.71% | |
Banvit enerjive elektrik uretim ltd sti [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Banvit Enerji ve Elektrik ÜretimLtd. Sti. | ||
Main activity of subsidiary | Generation and commercialization of electric energy | ||
Country of incorporation of subsidiary | [1] | Turkey | |
% equity interest | 100.00% | 100.00% | |
Banvit Foods Srl [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Banvit Foods SRL | ||
Main activity of subsidiary | Industrialization of grains and animal feed | ||
Country of incorporation of subsidiary | [1] | Romania | |
% equity interest | 0.01% | ||
Nutrinvestments bv [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Nutrinvestments BV | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | The Netherlands | |
% equity interest | 100.00% | 100.00% | |
Banvit mefze [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Banvit ME FZE | ||
Main activity of subsidiary | Marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | UAE | |
% equity interest | 100.00% | 100.00% | |
Banvit foods srl one [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Banvit Foods SRL | ||
Main activity of subsidiary | Industrialization of grains and animal feed | ||
Country of incorporation of subsidiary | [1] | Romania | |
% equity interest | 99.99% | ||
One foods malaysia sdnbhd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | One Foods Malaysia SDN. BHD. | ||
Main activity of subsidiary | Marketing and logistics services | ||
Country of incorporation of subsidiary | [1] | Malaysia | |
% equity interest | 100.00% | 100.00% | |
Federal foods llc [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Federal Foods LLC | ||
Main activity of subsidiary | Import, commercialization and distribution of products | ||
Country of incorporation of subsidiary | [1] | UAE | |
% equity interest | 49.00% | 49.00% | |
Federal foods qatar [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Federal Foods Qatar | ||
Main activity of subsidiary | Import, commercialization and distribution of products | ||
Country of incorporation of subsidiary | [1] | Qatar | |
% equity interest | 49.00% | 49.00% | |
Brf hong kong llc [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Hong Kong LLC | ||
Main activity of subsidiary | Import, commercialization and distribution of products | ||
Country of incorporation of subsidiary | [1] | Hong Kong | |
% equity interest | 100.00% | 100.00% | |
Eclipse holding cooperatief ua two [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Eclipse Holding Cöoperatief U.A. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | The Netherlands | |
% equity interest | 0.01% | 0.01% | |
Establecimiento levino zaccardiy cia sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Establecimiento Levino Zaccardi y Cia. S.A. | ||
Main activity of subsidiary | Industrialization and commercialization of dairy products | ||
Country of incorporation of subsidiary | [1] | Argentina | |
% equity interest | 99.99% | 99.99% | |
Brf energia sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Energia S.A. | ||
Main activity of subsidiary | Commercialization of eletric energy | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | 100.00% | |
Brf pet sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | BRF Pet S.A. | ||
Main activity of subsidiary | Industrialization, commercialization and distribution of feed and nutrients for animals | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | 100.00% | |
Affinity petcare brazil [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Affinity Petcare Brasil Participações Ltda. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | ||
Mogiana alimentos sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Mogiana Alimentos S.A. | ||
Main activity of subsidiary | Manufacturing, distribution and sale of Pet Food products | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 50.00% | ||
Gewinner participacoes ltda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Gewinner Participações Ltda. | ||
Main activity of subsidiary | Industrialization, distribution and sale of feed and nutrients for animals | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | ||
Hecosul alimentos ltda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Hecosul Alimentos Ltda. | ||
Main activity of subsidiary | Manufacturing and sale of animal feed | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | ||
Hercosul distribuicao ltda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Hercosul Distribuição Ltda. | ||
Main activity of subsidiary | Import, export, wholesale and retail sale of food products for animals | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | ||
Hercosul solucaesem transportes lda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Hercosul Soluções em Transportes Ltda. | ||
Main activity of subsidiary | Road freight | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | ||
Hercosul international sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Hercosul International S.R.L. | ||
Main activity of subsidiary | Manufacturing, export, import and sale of feed and nutrients for animals | ||
Country of incorporation of subsidiary | [1] | Paraguay | |
% equity interest | 99.00% | ||
Paraguassu participacaes sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Paraguassu Participações S.A. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | ||
Hercosul International S A One [Member] | |||
Reserve Quantities [Line Items] | |||
% equity interest | 1.00% | ||
Ppbio administracaodebemproprio sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | PP-BIO Administração de bem próprio S.A. | ||
Main activity of subsidiary | Management of assets | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 33.33% | ||
Prsad administracaodebemproprio sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | PR-SAD Administração de bem próprio S.A. | ||
Main activity of subsidiary | Management of assets | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 33.33% | 33.33% | |
Proud food lda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | ProudFood Lda. | ||
Main activity of subsidiary | Import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Angola | |
% equity interest | 10.00% | 10.00% | |
PSA Laboratorio Veterinario Ltda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | PSA Laboratório Veterinário Ltda. | ||
Main activity of subsidiary | Veterinary activities | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 99.99% | 99.99% | |
Sinodos alpes alimentos ltda [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sino dos Alpes Alimentos Ltda. | ||
Main activity of subsidiary | Industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 99.99% | 99.99% | |
Sadia alimentos sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sadia Alimentos S.A. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Argentina | |
% equity interest | 43.10% | 43.10% | |
Sadia chile sa one [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sadia Chile S.A. | ||
Main activity of subsidiary | Import, export and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Chile | |
% equity interest | 60.00% | 60.00% | |
Sadia international ltd [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sadia International Ltd. | ||
Main activity of subsidiary | Import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Cayman Island | |
% equity interest | 100.00% | ||
Sadia uruguay sa [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sadia Uruguay S.A. | ||
Main activity of subsidiary | Import and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Uruguay | |
% equity interest | 100.00% | ||
Sadia Uruguay S A 1 [Member] | |||
Reserve Quantities [Line Items] | |||
% equity interest | 100.00% | ||
Sadia alimentos sa one [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sadia Alimentos S.A. | ||
Main activity of subsidiary | Holding | ||
Country of incorporation of subsidiary | [1] | Argentina | |
% equity interest | 56.90% | 56.90% | |
Vip saempreendimentose participacoesImobiliarias [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Vip S.A. Empreendimentos e Participações Imobiliárias | ||
Main activity of subsidiary | Commercialization of owned real state | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 100.00% | 100.00% | |
Establecimiento levino zaccardiy cia sa one [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Establecimiento Levino Zaccardi y Cia. S.A. | ||
Main activity of subsidiary | Industrialization and commercialization of dairy products | ||
Country of incorporation of subsidiary | [1] | Argentina | |
% equity interest | 0.01% | 0.01% | |
Psa laboratorio veterinario ltda one [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | PSA Laboratório Veterinário Ltda. | ||
Main activity of subsidiary | Veterinary activities | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 0.01% | 0.01% | |
Sinodos alpes alimentos ltda one [Member] | |||
Reserve Quantities [Line Items] | |||
Name of subsidiary | Sino dos Alpes Alimentos Ltda. | ||
Main activity of subsidiary | Industrialization and commercialization of products | ||
Country of incorporation of subsidiary | [1] | Brazil | |
% equity interest | 0.01% | 0.01% | |
[1] | UAE – United Arab Emirates. |
The Company's current best esti
The Company's current best estimate of the fair value of the assets and liabilities is presented below and reflected in the Company's condensed consolidated interim financial information: (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
DisclosureOfCompanysOperationsLineItems [Line Items] | |||
Cash and cash equivalents | R$ 6889844 | R$ 7576625 | |
Inventories | 9,258,921 | 6,802,759 | |
Property, plant and equipment, net | 12,822,742 | 12,215,580 | R$ 12276889 |
Total | 53,048,848 | 49,664,906 | |
Trade accounts payable | 11,077,197 | 8,996,206 | |
Taxes payable | 372,343 | 395,630 | |
Employee benefits | 125,312 | 125,230 | |
Other current liabilities | 1,183,243 | 814,638 | |
Total | 25,138,709 | 25,411,044 | |
Goodwill | 4,031,431 | 2,935,577 | |
Assets | |||
Trade and other receivables | 3,586,751 | 4,136,421 | |
Recoverable taxes | 883,740 | 899,120 | |
Intangible assets | 6,245,045 | 5,220,102 | R$ 4908079 |
Liabilities | |||
Social and Labor Obligations | 1,003,089 | 940,816 | |
Loans and borrowings | 2,861,250 | R$ 1059984 | |
Foody a 1 shakrqiya food production factory [Member] | |||
DisclosureOfCompanysOperationsLineItems [Line Items] | |||
Cash and cash equivalents | 408 | ||
Inventories | 832 | ||
Property, plant and equipment, net | 30,128 | ||
Total | 31,600 | ||
Trade accounts payable | 1,420 | ||
Taxes payable | 550 | ||
Employee benefits | 286 | ||
Other current liabilities | 100 | ||
Total | 2,356 | ||
Net assets acquired | 29,244 | ||
Fair value of consideration transferred | 41,620 | ||
Goodwill | 12,376 | ||
Gewinner participacoes ltda [Member] | |||
DisclosureOfCompanysOperationsLineItems [Line Items] | |||
Cash and cash equivalents | 17,743 | ||
Inventories | 34,355 | ||
Property, plant and equipment, net | 23,829 | ||
Total | 163,059 | ||
Trade accounts payable | 66,760 | ||
Taxes payable | 14,879 | ||
Total | 164,865 | ||
Net assets acquired | (1,806) | ||
Fair value of consideration transferred | 726,186 | ||
Assets | |||
Trade and other receivables | 40,838 | ||
Recoverable taxes | 15,771 | ||
Intangible assets | 647 | ||
Other assets | 773 | ||
Liabilities | |||
Social and Labor Obligations | 6,681 | ||
Loans and borrowings | 65,825 | ||
Other liabilities | 10,720 | ||
Preliminary goodwill | 727,992 | ||
Hercosul international sa [Member] | |||
DisclosureOfCompanysOperationsLineItems [Line Items] | |||
Cash and cash equivalents | 4,402 | ||
Inventories | 9,623 | ||
Property, plant and equipment, net | 59,135 | ||
Total | 88,911 | ||
Trade accounts payable | 8,320 | ||
Taxes payable | 200 | ||
Total | 58,753 | ||
Net assets acquired | 30,158 | ||
Fair value of consideration transferred | 68,349 | ||
Assets | |||
Trade and other receivables | 8,475 | ||
Recoverable taxes | 4,078 | ||
Intangible assets | 393 | ||
Other assets | 2,805 | ||
Liabilities | |||
Social and Labor Obligations | 200 | ||
Loans and borrowings | 29,555 | ||
Other liabilities | 20,478 | ||
Preliminary goodwill | R$ 38191 |
Due to the size and complexity
Due to the size and complexity of the Mogiana Group operations, at the disclosure date of this condensed interim financial information, the evaluation by an independent party of the fair value of the assets acquired and liabilities assumed is in progress. (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash and cash equivalents | R$ 6889844 | R$ 7576625 | |
Marketable securities | 343,182 | 314,158 | |
Trade and other receivables | 3,586,751 | 4,136,421 | |
Inventories | 9,258,921 | 6,802,759 | |
Recoverable taxes | 883,740 | 899,120 | |
Property, plant and equipment, net | 12,822,742 | 12,215,580 | R$ 12276889 |
Intangible assets | 6,245,045 | 5,220,102 | 4,908,079 |
Total | 53,048,848 | 49,664,906 | |
Liabilities | |||
Trade accounts payable | 11,077,197 | 8,996,206 | |
Loans and borrowings | 2,861,250 | 1,059,984 | |
Lease liability | 485,905 | 383,162 | R$ 376628 |
Taxes payable | 372,343 | 395,630 | |
Labor Obligations | 1,003,089 | 940,816 | |
Employee benefits | 125,312 | 125,230 | |
Deferred Taxes | 34,482 | 26,527 | |
Total | 25,138,709 | R$ 25411044 | |
Mogiana alimentos sa [Member] | |||
Assets | |||
Cash and cash equivalents | 938 | ||
Marketable securities | 29,842 | ||
Trade and other receivables | 61,184 | ||
Inventories | 55,334 | ||
Recoverable taxes | 29,020 | ||
Property, plant and equipment, net | 101,618 | ||
Intangible assets | 1,064 | ||
Other assets | 5,500 | ||
Total | 284,500 | ||
Liabilities | |||
Trade accounts payable | 55,838 | ||
Loans and borrowings | 22,734 | ||
Lease liability | 11,147 | ||
Taxes payable | 10,438 | ||
Labor Obligations | 6,296 | ||
Contingencies | 8,363 | ||
Employee benefits | 2,081 | ||
Deferred Taxes | 750 | ||
Other liabilities | 14,506 | ||
Total | 132,153 | ||
Net assets acquired | 152,347 | ||
Fair value of consideration transferred | 435,773 | ||
Preliminary goodwill | R$ 283426 |
Due to the pandemic, the Compan
Due to the pandemic, the Company has incurred in direct expenditures, such as transportation, personnel, prevention, control and donations, which are presented in the statement of income (loss) within the following line items (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Cost of sales | [1] | R$ 41391 | R$ 99019 | R$ 163047 | R$ 273308 |
Selling expenses | (27,315) | (2,241) | (51,405) | (48,558) | |
General and administrative expenses | (3,714) | (43,911) | (20,661) | (69,976) | |
Total expense | R$ 72420 | R$ 145171 | R$ 235113 | R$ 391842 | |
[1] | In the nine months ended September 30, 2020 includes non-incremental expenditures related do idleness in the amount of R$55,926. |
The main differences between th
The main differences between these condensed consolidated interim financial information and those filed with the CVM, resulting from this event, are disclosed below. (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Other operating income (expenses), net | R$ 21599 | R$ 13193 | R$ 103581 | R$ 91243 |
Income taxes | 16,505 | 88,949 | 38,818 | 234,654 |
Net income from continuing operations | R$ 270983 | R$ 218709 | (447,081) | R$ 622534 |
Asfiledwiththe C V M [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other operating income (expenses), net | (113,193) | |||
Income taxes | (165,146) | |||
Net income from continuing operations | 487,606 | |||
Adjustment For Class Action Settlement [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other operating income (expenses), net | 204,436 | |||
Income taxes | (69,508) | |||
Net income from continuing operations | 134,928 | |||
As Filed With The S E C [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other operating income (expenses), net | 91,243 | |||
Income taxes | (234,654) | |||
Net income from continuing operations | R$ 622534 |
COMPANY_S OPERATIONS (Details N
COMPANY’S OPERATIONS (Details Narrative) - BRL (R$) | May 04, 2021 | Mar. 09, 2021 | May 07, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Reserve Quantities [Line Items] | |||||||||
Capital reserve | R$ 141834000 | R$ 141834000 | R$ 141834000 | ||||||
Percentage of ownership | 5.00% | 5.00% | |||||||
Other operating income (expenses), net | (21,599,000) | R$ 13193000 | R$ 103581000 | R$ 91243000 | |||||
Revenue | 12,389,985,000 | 9,942,591,000 | 34,618,863,000 | 27,995,582,000 | |||||
Profit (loss) | (277,499,000) | 218,709,000 | (494,883,000) | 622,534,000 | |||||
Joody Al Sharqiya Food Production Factory [Member] | Share Purchase Agreement [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Transaction closing date | Jan. 18, 2021 | ||||||||
Percentage of ownership | 100.00% | ||||||||
B R F Al Yasra Food K S C C B R F A F C [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Transaction amount | R$ 238421 | ||||||||
Capital reserve | R$ 79673 | ||||||||
Banvit bandirma vitaminli [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Transaction amount | R$ 13059 | ||||||||
Capital reserve | R$ 76148 | ||||||||
Hercosul distribuicao ltda [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Other operating income (expenses), net | 14,335,000 | ||||||||
[custom:PreliminaryGoodwill-0] | 766,183,000 | 766,183,000 | |||||||
Revenue | 32,458,000 | ||||||||
Profit (loss) | 2,016,000 | ||||||||
Mogiana alimentos sa [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Other operating income (expenses), net | 8,146,000 | ||||||||
[custom:PreliminaryGoodwill-0] | 283,426,000 | 283,426,000 | |||||||
Revenue | 41,438,000 | ||||||||
Profit (loss) | R$ 1901000 | ||||||||
Carne Fraca And Trapaca [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Other operating income (expenses), net | R$ 8554000 | R$ 4027000 | R$ 28099000 | R$ 412000 |
To ensure comparability between
To ensure comparability between the periods presented, the Company performed the following reclassifications for the nine-month period ended on September 30, 2020: (Details) R$ in Thousands | 9 Months Ended |
Sep. 30, 2021BRL (R$) | |
Disclosure of changes in accounting estimates [line items] | |
Net cash provided by operating activities | R$ 6112523 |
Net cash used in investing activities | (923,071) |
Net cash provided by (used in) financing activities | 694,605 |
Effect of exchange rate variation on cash and cash equivalents | 1,276,745 |
Net increase in cash and cash equivalents | 7,160,802 |
Previously stated [member] | |
Disclosure of changes in accounting estimates [line items] | |
Net cash provided by operating activities | 5,110,377 |
Net cash used in investing activities | (923,071) |
Net cash provided by (used in) financing activities | 1,696,751 |
Effect of exchange rate variation on cash and cash equivalents | 1,276,745 |
Net increase in cash and cash equivalents | 7,160,802 |
Reclassification [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Net cash provided by operating activities | 1,002,146 |
Net cash used in investing activities | |
Net cash provided by (used in) financing activities | (1,002,146) |
Effect of exchange rate variation on cash and cash equivalents | |
Net increase in cash and cash equivalents |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents (Details) - BRL (R$) | Sep. 30, 2021 | Dec. 31, 2020 |
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | R$ 2203097000 | R$ 2439072000 |
Cash equivalents | 6,889,844,000 | 7,576,625,000 |
Turkey, New Lira | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | 660,171,000 | 347,740,000 |
United States of America, Dollars | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | 633,222,000 | 1,185,208,000 |
United States of America, Dollars | Fixed term deposit [Member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash equivalents | 198,878,000 | |
United States of America, Dollars | Overnight [Member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash equivalents | 600,449,000 | 1,220,232,000 |
Saudi Arabia, Riyals | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | 351,645,000 | 250,879,000 |
Brazilian reais [Member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | 117,762,000 | 112,181,000 |
Cash equivalents | 4,086,298,000 | 3,667,132,000 |
Brazilian reais [Member] | Investment funds [member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash equivalents | 4,120,000 | 4,684,000 |
Brazilian reais [Member] | Bank deposit certificates [Member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash equivalents | 4,082,178,000 | 3,662,448,000 |
Euro Member Countries, Euro | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | 67,973,000 | 54,687,000 |
Others currencies [Member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash | 372,324,000 | 488,377,000 |
Cash equivalents | 600,449,000 | 1,470,421,000 |
Others currencies [Member] | Fixed term deposit [Member] | ||
CashAndCashEquivalentLineItems [Line Items] | ||
Cash equivalents | R$ 51311000 |
Schedule of marketable securiti
Schedule of marketable securities (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Fair value through other comprehensive income | [1] | R$ 13290 | R$ 42029 |
WAM | 2 years | ||
Fair value through profit and loss | R$ 358148 | 329,202 | |
Amortized cost | 719,088 | 658,735 | |
Current | 343,182 | 314,158 | |
Non-current | [2] | R$ 375906 | 344,577 |
Stocks [Member] | Financial assets available-for-sale, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | [1] | USD | |
Stocks [Member] | Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | [1] | HKD | |
Financial Treasury Bills [Member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Fair value through profit and loss | R$ 318893 | 312,515 | |
Financial Treasury Bills [Member] | Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | R$ | ||
WAM | [3] | 3 years 3 months 15 days | |
Average interest rate (p.a.) | [4] | 1.90% | |
Investment Funds F I D C B R F [Member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Fair value through profit and loss | R$ 14966 | 15,044 | |
Investment Funds F I D C B R F [Member] | Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | R$ | ||
WAM | [3] | 2 years 5 months 16 days | |
Committed [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Fair value through profit and loss | R$ 22810 | ||
Committed [member] | Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | R$ | ||
WAM | [3] | 6 months | |
Other [Member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Fair value through profit and loss | R$ 1479 | 1,643 | |
Other [Member] | Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | R$ / ARS | ||
WAM | [3] | 7 days | |
Sovereign bonds and others [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Amortized cost | [5] | R$ 347650 | R$ 287504 |
Sovereign bonds and others [member] | Held-to-maturity investments, category [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Currency | [5] | AOA | |
WAM | [3],[5] | 1 year 6 months 25 days | |
Average interest rate (p.a.) | [4],[5] | 4.00% | |
[1] | It’s comprised of Aleph Farms Ltd. stocks on September 30, 2021 and Cofco Meats stocks on December 31, 2020. | ||
[2] | Maturity until December of 2023. | ||
[3] | Weighted average maturity in years. | ||
[4] | Weighted average annual rate. | ||
[5] | 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$17,943 (R$9,894 on December 31, 2020). |
Schedule of trade accounts rece
Schedule of trade accounts receivable, net and notes receivable (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Trade accounts receivable gross | R$ 4196878 | R$ 4719137 | |
Adjustment to present value | (10,867) | (13,316) | |
Expected credit losses | (633,850) | (605,940) | |
Trade receivable total | 3,552,161 | 4,099,881 | |
Current trade receivables | 3,586,751 | 4,136,421 | |
Non-current trade receivables | R$ 41886 | 49,864 | |
Weighted average maturity | 2 years | ||
Other Receivables [Member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
Trade accounts receivable gross | R$ 93844 | 113,949 | |
Adjustment to present value | (1,409) | (156) | |
Expected credit losses | (15,959) | (27,389) | |
Trade receivable total | 76,476 | 86,404 | |
Current trade receivables | 40,991 | 43,566 | |
Non-current trade receivables | [1] | 35,485 | 42,838 |
Country of domicile [member] | Trade receivables [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
[custom:TradeAndOtherReceivablesDueFromCustomers-0] | 977,964 | 2,002,586 | |
Foreign countries [member] | Trade receivables [member] | |||
DisclosureOfMarketableSecuritiesLineItems [Line Items] | |||
[custom:TradeAndOtherReceivablesDueFromCustomers-0] | R$ 3218914 | R$ 2716551 | |
[1] | Weighted average maturity of 2.00 |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - BRL (R$) | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents and marketable securities | R$ 281649 | R$ 366671 |
The movements of the expected c
The movements of the expected credit losses are presented below: (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Beginning balance | R$ 605940 | R$ 503848 |
(Additions) Reversals | (11,627) | (12,137) |
Write-offs | 9,060 | 19,451 |
Exchange rate variation | (25,343) | (109,406) |
Ending balance | R$ 633850 | R$ 605940 |
The aging of trade accounts rec
The aging of trade accounts receivable is as follows: (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
TradeAndOtherReceivablesLineItems [Line Items] | ||
Adjustment to present value | R$ 10867 | R$ 13316 |
Expected credit losses | (633,850) | (605,940) |
Trade receivable total | 3,552,161 | 4,099,881 |
Current [member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | 3,334,545 | 4,010,140 |
Later than one month and not later than two months [member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | 228,974 | 104,195 |
Later than two months and not later than three months [member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | 4,837 | 6,045 |
Later than three months and not later than four months [member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | 3,368 | 398 |
Later Than Four Months And Not Later Than S Ix Months [Member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | 7,206 | 7,024 |
Later Than Six Months And Not Later Three Sixty Days [Member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | 10,209 | 15,688 |
Later Than Three Sixty One [Member] | ||
TradeAndOtherReceivablesLineItems [Line Items] | ||
[custom:TradeReceivablesGross-0] | R$ 607739 | R$ 575647 |
Schedule of inventories (Detail
Schedule of inventories (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finished goods | R$ 5211775 | R$ 3610585 |
Work in progress | 234,600 | 192,335 |
Raw materials | 2,614,888 | 2,046,681 |
Packaging materials | 172,165 | 92,256 |
Secondary materials | 610,494 | 531,801 |
Supplies | 219,876 | 207,033 |
Imports in transit | 162,140 | 107,829 |
Other | 162,378 | 94,816 |
(-) Adjustment to present value | (129,395) | (80,577) |
R$ 9258921 | R$ 6802759 |
The movements in the write-down
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: (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
DisclosureOfInventoriesLineItems [Line Items] | ||
Beginning balance | R$ 75705 | R$ 68157 |
Additions | (193,530) | (207,898) |
Reversals | 124,565 | 85,816 |
Write-offs | 79,323 | 114,803 |
Exchange rate variation | (695) | (269) |
Ending balance | (66,042) | (75,705) |
Provision for adjustment to realizable value [member] | ||
DisclosureOfInventoriesLineItems [Line Items] | ||
Beginning balance | (31,155) | (10,712) |
Additions | (117,668) | (106,357) |
Reversals | 124,565 | 85,816 |
Write-offs | ||
Exchange rate variation | (237) | 98 |
Ending balance | (24,495) | (31,155) |
Provision For Deterioration [Member] | ||
DisclosureOfInventoriesLineItems [Line Items] | ||
Beginning balance | (29,831) | (42,526) |
Additions | (68,608) | (91,237) |
Reversals | ||
Write-offs | 71,824 | 104,115 |
Exchange rate variation | (232) | (183) |
Ending balance | (26,847) | (29,831) |
Provision For Obsolescense [Member] | ||
DisclosureOfInventoriesLineItems [Line Items] | ||
Beginning balance | (14,719) | (14,919) |
Additions | (7,254) | (10,304) |
Reversals | ||
Write-offs | 7,499 | 10,688 |
Exchange rate variation | (226) | (184) |
Ending balance | R$ 14700 | R$ 14719 |
The live animals are represente
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: (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about biological assets [line items] | |||
Depreciation of breeding stock | R$ 754783 | R$ 876976 | |
Current biological assets [member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 2,129,010 | 1,603,039 | |
Additions/Transfer | 17,123,981 | 16,814,078 | |
Changes in fair value | [1] | 2,180,390 | 2,427,416 |
Harvest | |||
Write-off | |||
Transfer between current and non-current | 164,277 | 148,738 | |
Transfer to assets held for sale | |||
Transfer to inventories | (18,917,122) | (18,865,818) | |
Exchange variation | (12,471) | 1,557 | |
Ending balance | 2,668,065 | 2,129,010 | |
Current biological assets [member] | Live Animals [Member] | Poultry [Member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 868,428 | 615,685 | |
Additions/Transfer | 10,109,223 | 9,705,994 | |
Changes in fair value | [1] | 1,850,293 | 2,059,397 |
Harvest | |||
Write-off | |||
Transfer between current and non-current | 72,776 | 57,164 | |
Transfer to assets held for sale | |||
Transfer to inventories | (11,793,780) | (11,571,369) | |
Exchange variation | (12,471) | 1,557 | |
Ending balance | 1,094,469 | 868,428 | |
Current biological assets [member] | Live Animals [Member] | Pork [Member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 1,260,582 | 987,354 | |
Additions/Transfer | 7,014,758 | 7,108,084 | |
Changes in fair value | [1] | 330,097 | 368,019 |
Harvest | |||
Write-off | |||
Transfer between current and non-current | 91,501 | 91,574 | |
Transfer to assets held for sale | |||
Transfer to inventories | (7,123,342) | (7,294,449) | |
Exchange variation | |||
Ending balance | 1,573,596 | 1,260,582 | |
Non-current biological assets [member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 1,221,749 | 1,081,025 | |
Additions/Transfer | 427,604 | 473,057 | |
Changes in fair value | [1] | (55,049) | (110,634) |
Harvest | (36,945) | (59,586) | |
Write-off | (2,067) | (5,099) | |
Transfer between current and non-current | (164,277) | (148,738) | |
Transfer to assets held for sale | (10,060) | ||
Transfer to inventories | |||
Exchange variation | (8,183) | 1,784 | |
Ending balance | 1,382,832 | 1,221,749 | |
Non-current biological assets [member] | Live Animals [Member] | Poultry [Member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 472,053 | 414,668 | |
Additions/Transfer | 66,375 | 71,494 | |
Changes in fair value | [1] | 97,527 | 51,660 |
Harvest | |||
Write-off | |||
Transfer between current and non-current | (72,776) | (57,164) | |
Transfer to assets held for sale | (10,389) | ||
Transfer to inventories | |||
Exchange variation | (8,183) | 1,784 | |
Ending balance | 554,996 | 472,053 | |
Non-current biological assets [member] | Live Animals [Member] | Pork [Member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 425,252 | 337,804 | |
Additions/Transfer | 331,740 | 363,027 | |
Changes in fair value | [1] | (152,576) | (184,005) |
Harvest | |||
Write-off | |||
Transfer between current and non-current | (91,501) | (91,574) | |
Transfer to assets held for sale | |||
Transfer to inventories | |||
Exchange variation | |||
Ending balance | 512,915 | 425,252 | |
Non-current biological assets [member] | Forests [Member] | |||
Disclosure of detailed information about biological assets [line items] | |||
Beginning balance | 324,444 | 328,553 | |
Additions/Transfer | 29,489 | 38,536 | |
Changes in fair value | [1] | 21,711 | |
Harvest | (36,945) | (59,586) | |
Write-off | (2,067) | (5,099) | |
Transfer between current and non-current | |||
Transfer to assets held for sale | 329 | ||
Transfer to inventories | |||
Exchange variation | |||
Ending balance | R$ 314921 | R$ 324444 | |
[1] | The change in the fair value of biological assets includes depreciation of breeders and depletion of forests in the amount of R$ 754,783 876,976 |
The estimated balances and quan
The estimated balances and quantities of live animals are set forth below: (Details) R$ in Thousands, Number in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021BRL (R$)Number | Dec. 31, 2020BRL (R$)Number | |
Disclosure of detailed information about biological assets [line items] | ||
Current biological assets | R$ 2668065 | R$ 2129010 |
Live Animals [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 251,062 | 223,456 |
Current biological assets | R$ 3735976 | R$ 3026315 |
Live Animals [Member] | Consumable biological assets [member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 232,373 | 204,081 |
Current biological assets | R$ 2668065 | R$ 2129010 |
Live Animals [Member] | Consumable biological assets [member] | Immature biological assets [member] | Poultry [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 228,202 | 199,877 |
Current biological assets | R$ 1094469 | R$ 868428 |
Live Animals [Member] | Consumable biological assets [member] | Immature biological assets [member] | Pork [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 4,171 | 4,204 |
Current biological assets | R$ 1573596 | R$ 1260582 |
Live Animals [Member] | Bearer biological assets [member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 18,689 | 19,375 |
Current biological assets | R$ 1067911 | R$ 897305 |
Live Animals [Member] | Bearer biological assets [member] | Immature biological assets [member] | Poultry [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 6,525 | 7,320 |
Current biological assets | R$ 210896 | R$ 188967 |
Live Animals [Member] | Bearer biological assets [member] | Immature biological assets [member] | Pork [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 208 | 203 |
Current biological assets | R$ 126619 | R$ 93466 |
Live Animals [Member] | Bearer biological assets [member] | Mature biological assets [member] | Poultry [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 11,502 | 11,395 |
Current biological assets | R$ 344100 | R$ 283086 |
Live Animals [Member] | Bearer biological assets [member] | Mature biological assets [member] | Pork [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
[custom:QuantityOfBiologicalAssets] | Number | 454 | 457 |
Current biological assets | R$ 386296 | R$ 331786 |
TRADE ACCOUNTS RECEIVABLE AND_3
TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (Details Narrative) - BRL (R$) | Sep. 30, 2021 | Dec. 31, 2020 |
Amount of accounts receivable - third parties | R$ 770894 | R$ 549083 |
Receivables from the sales of several other assets and farms | R$ 59468 | R$ 78258 |
BIOLOGICAL ASSETS (Details Narr
BIOLOGICAL ASSETS (Details Narrative) - BRL (R$) | Sep. 30, 2021 | Dec. 31, 2020 |
Forests pledged as collateral for financing contingencies | R$ 72677 | R$ 68381 |
The rollforward of recoverable
The rollforward of recoverable taxes are set forth below (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | |||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | R$ 5627397 | R$ 5767318 | ||
Business combination | 47,947 | |||
Additions | 822,147 | 1,363,865 | ||
Compensations | (1,027,458) | (1,148,205) | ||
Transfers | (117,289) | [1] | (236,976) | |
[custom:ProvisionForTaxInterest] | [1] | 137,387 | ||
Exchange variation | (2,655) | 39,809 | ||
Ending balance | 5,627,397 | 5,767,318 | ||
Provision for tax losses | 5,767,318 | 5,643,279 | ||
[custom:ProvisionForRestatement] | 105,546 | |||
Icms and vat recoverable [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 1,756,479 | 1,568,975 | ||
Business combination | 7,523 | |||
Additions | 425,762 | 570,056 | ||
Compensations | (108,947) | (549,446) | ||
Transfers | (134,393) | [1] | (127,370) | |
[custom:ProvisionForTaxInterest] | 180 | |||
Exchange variation | (2,621) | 39,832 | ||
Ending balance | 1,756,479 | 1,568,975 | ||
Provision for tax losses | 1,568,975 | 1,635,663 | ||
[custom:ProvisionForRestatement] | 240 | |||
I C M S And V A T Impairment [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | (132,080) | (154,721) | ||
Additions | (23,020) | (38,033) | ||
Compensations | 28,557 | 3,022 | ||
Transfers | 17,104 | [1] | 21,483 | |
Exchange variation | ||||
Ending balance | (132,080) | (154,721) | ||
Provision for tax losses | (154,721) | (141,193) | ||
[custom:ProvisionForRestatement] | ||||
Pis and cofins recoverable [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 2,742,698 | 3,168,099 | ||
Business combination | 35,268 | |||
Additions | 371,314 | 729,213 | ||
Compensations | (888,864) | (594,483) | ||
Transfers | ||||
[custom:ProvisionForTaxInterest] | 56,881 | |||
Exchange variation | ||||
Ending balance | 2,742,698 | 3,168,099 | ||
Provision for tax losses | 3,168,099 | 2,990,313 | ||
[custom:ProvisionForRestatement] | 43,056 | |||
P I S And C O F I N S Impairment [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | (14,228) | (14,228) | ||
Ending balance | (14,228) | (14,228) | ||
Provision for tax losses | (14,228) | |||
Ipi recoverable [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 891,111 | 808,528 | ||
Business combination | 1,149 | |||
Additions | 5,368 | 2,319 | ||
Compensations | (460) | (7,201) | ||
Transfers | (92,812) | |||
[custom:ProvisionForTaxInterest] | 76,526 | |||
Exchange variation | ||||
Ending balance | 891,111 | 808,528 | ||
Provision for tax losses | 808,528 | 848,865 | ||
[custom:ProvisionForRestatement] | 57,357 | |||
ipI impairment [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | (1,984) | (1,984) | ||
Additions | (263) | |||
Compensations | 2,097 | |||
Transfers | ||||
Exchange variation | ||||
Ending balance | (1,984) | (1,984) | ||
Provision for tax losses | (1,984) | (3,818) | ||
[custom:ProvisionForRestatement] | ||||
Inss recoverable [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 303,236 | 341,825 | ||
Business combination | 12 | |||
Additions | 13,955 | 88,621 | ||
Compensations | (56,356) | (7,663) | ||
Transfers | ||||
[custom:ProvisionForTaxInterest] | 3,800 | |||
Exchange variation | 7 | |||
Ending balance | 303,236 | 341,825 | ||
Provision for tax losses | 341,825 | 255,967 | ||
[custom:ProvisionForRestatement] | 4,893 | |||
I N S S Impairment [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | (102) | (102) | ||
Additions | ||||
Compensations | ||||
Transfers | ||||
Exchange variation | ||||
Ending balance | (102) | (102) | ||
Provision for tax losses | (102) | (102) | ||
[custom:ProvisionForRestatement] | ||||
Other taxes recoverable [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 84,210 | 52,889 | ||
Business combination | 3,995 | |||
Additions | 28,768 | 11,952 | ||
Compensations | (1,408) | (901) | ||
Transfers | (38,277) | |||
Exchange variation | (34) | (30) | ||
Ending balance | 84,210 | 52,889 | ||
Provision for tax losses | 52,889 | 80,145 | ||
[custom:ProvisionForRestatement] | ||||
Other taxes impairment [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | (1,943) | (1,963) | ||
Additions | ||||
Compensations | 20 | 3,676 | ||
Transfers | ||||
Exchange variation | ||||
Ending balance | (1,943) | (1,963) | ||
Provision for tax losses | (1,963) | (5,639) | ||
[custom:ProvisionForRestatement] | ||||
Income taxes recoverable [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 163,829 | 107,728 | ||
Business combination | 922 | |||
Additions | 69,015 | 58,007 | ||
Compensations | (13,634) | (422,496) | ||
Transfers | ||||
[custom:ProvisionForTaxInterest] | 135 | |||
Exchange variation | (337) | 37,098 | ||
Ending balance | 163,829 | 107,728 | ||
Provision for tax losses | 107,728 | 430,778 | ||
[custom:ProvisionForRestatement] | 4,341 | |||
Income taxes impairment [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | (9,029) | (9,029) | ||
Additions | ||||
Compensations | ||||
Transfers | ||||
Exchange variation | ||||
Ending balance | (9,029) | (9,029) | ||
Provision for tax losses | (9,029) | (9,029) | ||
[custom:ProvisionForRestatement] | ||||
income taxes [Member] | ||||
DisclosureOfRecoverableTaxesLineItems [Line Items] | ||||
Ending balance | 154,800 | 98,699 | ||
Business combination | 922 | |||
Additions | 69,015 | 58,007 | ||
Compensations | (13,634) | (422,496) | ||
Transfers | ||||
[custom:ProvisionForTaxInterest] | 135 | |||
Exchange variation | (337) | 37,098 | ||
Ending balance | 154,800 | 98,699 | ||
Provision for tax losses | R$ 98699 | 421,749 | ||
[custom:ProvisionForRestatement] | R$ 4341 | |||
[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. |
In the study prepared by the Ma
In the study prepared by the Management, its realization is estimated through offsetting with federal taxes or through reimbursement of the amounts as expected below (Details) - Pis and cofins [Member] R$ in Thousands | Sep. 30, 2021BRL (R$) |
DisclosureOfRecoverableTaxesLineItems [Line Items] | |
Current | R$ 499000 |
Non-current | 1,897,028 |
October to december 2022 | 327,516 |
2023 | 537,000 |
2024 | 672,000 |
2025 | 360,512 |
Total | R$ 2396028 |
According to projections prepar
According to projections prepared by the Management, its realization is estimated through the refund of the amounts as expected below (Details) - Ipi federal vat [Member] R$ in Thousands | Sep. 30, 2021BRL (R$) |
DisclosureOfRecoverableTaxesLineItems [Line Items] | |
Current | R$ 40370 |
Non-current | 898,454 |
October to december 2022 | 16,927 |
2025 | 647,252 |
2026 | 234,275 |
Total | R$ 938824 |
Schedule of deferred income and
Schedule of deferred income and social contribution taxes (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Tax losses carryforward | R$ 2065129 | R$ 2060846 | |
Adjustments for current tax of prior periods | 773,829 | 772,283 | |
Deferred tax expense (income) relating to origination and reversal of temporary differences | 4,639,101 | 4,120,642 | |
Temporary differences - Liabilities Total | (2,168,578) | (2,038,105) | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | 2,168,578 | 2,038,105 | |
Deferred tax liability (asset) | 2,470,523 | 2,082,537 | R$ 1830060 |
Deferred tax assets | 2,505,005 | 2,109,064 | |
Deferred tax liabilities | (34,482) | (26,527) | |
Provisions For Tax Civi Land Labor Risks [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 479,238 | 458,019 | |
Suspended Collection Taxes [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 2,754 | 1,871 | |
Expected Credit Losses [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 180,735 | 194,977 | |
Impairment On Tax Credits [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 56,136 | 67,900 | |
Provision For Other Obligations [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 106,406 | 115,959 | |
Employees Profit Sharing [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 24,646 | 86,752 | |
Write Down To Net Realizable Value Of Inventories [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 17,461 | 19,189 | |
Employees Benefits Plan [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 242,815 | 216,510 | |
Lease Basis Difference [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 111,216 | 86,308 | |
Adjustment to the expcted annual rate [member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 557,112 | 0 | |
Other temporary differences [member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Deferred tax expense (income) relating to origination and reversal of temporary differences | 21,624 | 40,028 | |
Temporary differences - Liabilities Total | 44,800 | 22,749 | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | (44,800) | (22,749) | |
Difference on tax accounting basis for goodwill amortization [member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Temporary differences - Liabilities Total | (292,732) | (320,729) | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | 292,732 | 320,729 | |
Difference Between Tax Depreciation Rate And Accounting Depreciation Rate Usefullife [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Temporary differences - Liabilities Total | (871,534) | (851,436) | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | 871,534 | 851,436 | |
Business Combination [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Temporary differences - Liabilities Total | (909,127) | (761,429) | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | 909,127 | 761,429 | |
Unrealized Gains On Derivatives Net [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Temporary differences - Liabilities Total | (18,045) | (42,493) | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | 18,045 | 42,493 | |
Unrealized Fair Value Gains Net [Member] | |||
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |||
Temporary differences - Liabilities Total | (32,340) | (39,269) | |
Deferred tax expense income relating to origination and reversal of temporary differences liabilities | R$ 32340 | R$ 39269 |
The roll-forward of deferred in
The roll-forward of deferred income taxes, net, is set forth below: (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Beginning balance | R$ 2082537 | R$ 1830060 | |
Deferred taxes on profit recognized in income of continuing operations | 271,803 | 172,763 | |
Deferred income taxes recognized in other comprehensive income | 116,986 | 32,070 | |
Deferred taxes on profit recognized in income of discontinued operations | 11,468 | ||
Other (1) | [1] | (12,271) | 47,644 |
Ending balance | R$ 2470523 | R$ 2082537 | |
[1] | Related to the foreign exchange variation effect on the balances in foreign companies. |
In estimating the realization o
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 based on the estimates of the main tax additions and exclusions. (Details) R$ in Thousands | 9 Months Ended |
Sep. 30, 2021BRL (R$) | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | R$ 2838958 |
Not later than one year [member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | 111,727 |
Later than one year and not later than two years [member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | 140,612 |
Later than two years and not later than three years [member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | 231,408 |
Later than three years and not later than four years [member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | 291,677 |
Later than four years and not later than five years [member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | 335,681 |
Later Than Five Years And Not Later Than Eight Years [Member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | 1,035,323 |
Later Than Eight Years [Member] | |
DisclosureOfDeferredIncomeTaxesLineItems [Line Items] | |
Deferred tax | R$ 692530 |
Schedule of income and social c
Schedule of income and social contribution taxes reconciliation (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Income (loss) before taxes - continued operations | R$ 254478 | R$ 307658 | R$ 408263 | R$ 857188 | |
Nominal tax rate | 34.00% | 34.00% | 34.00% | 34.00% | |
Benefit (expense) at nominal rate | R$ 86523 | R$ 104604 | R$ 138809 | R$ 291444 | |
Adjustments to income taxes | |||||
Difference of tax rates on results of foreign subsidiaries | 3,969 | 62,127 | 26,062 | 1,060,802 | |
Difference of functional currency of foreign subsidiaries | 264,645 | 289,404 | (25,589) | 1,343,322 | |
Deferred tax assets not recognized | [1] | (420,364) | (136,621) | (792,387) | (2,427,841) |
Share-based payment | (6,928) | (11,906) | (18,215) | (16,718) | |
Penalties | (3,690) | 367 | (7,012) | (5,813) | |
Investment grant | 25,293 | 21,441 | 59,454 | 40,955 | |
Adjustment to the expcted annual rate | 38,464 | (216,245) | 557,112 | 58,806 | |
Other permanent differences | (4,417) | 7,088 | 22,948 | 3,277 | |
Total | R$ 16505 | R$ 88949 | R$ 38818 | R$ 234654 | |
Effective rate | (6.50%) | 28.90% | (9.50%) | 27.40% | |
Current tax | R$ 5020 | R$ 8363 | R$ 310621 | R$ 46695 | |
Deferred tax | R$ 21525 | R$ 80586 | 271,803 | R$ 187959 | |
Non-recognition of deferred tax on tax losses and negative basis | R$ 2330550 | ||||
[1] | Amount related to the non-recognition of deferred tax on tax losses carryforward in the amount of R$ 2,330,550 |
DEFERRED INCOME TAXES (Details
DEFERRED INCOME TAXES (Details Narrative) - BRL (R$) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Tax losses carryforward | R$ 5381785 | R$ 4589674 |
Income tax asset | R$ 2822245 | R$ 2822245 |
Future taxable income | 30.00% |
Schedule of detailed informatio
Schedule of detailed information about judicial deposits (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
DisclosureOfJudicialDepositsLineItems [Line Items] | ||
Beginning balance | R$ 553341 | R$ 575750 |
Additions | 92,439 | 152,860 |
Release in favor of the Company | (33,895) | (63,732) |
Release in favor of the counterparty | (96,854) | (129,367) |
Business combination (note 1.2) | 2,991 | |
Interest | 25,091 | 17,834 |
Exchange rate variation | (7) | (4) |
Ending balance | 543,106 | 553,341 |
Tax [Member] | ||
DisclosureOfJudicialDepositsLineItems [Line Items] | ||
Beginning balance | 248,990 | 244,977 |
Additions | 5,005 | 12,294 |
Release in favor of the Company | (1,728) | (11,948) |
Release in favor of the counterparty | (207) | (907) |
Business combination (note 1.2) | 2,132 | |
Interest | 2,811 | 4,574 |
Exchange rate variation | ||
Ending balance | 257,003 | 248,990 |
Labor [Member] | ||
DisclosureOfJudicialDepositsLineItems [Line Items] | ||
Beginning balance | 269,812 | 301,808 |
Additions | 78,478 | 133,847 |
Release in favor of the Company | (31,350) | (51,414) |
Release in favor of the counterparty | (93,479) | (126,405) |
Business combination (note 1.2) | 859 | |
Interest | 19,972 | 11,980 |
Exchange rate variation | (7) | (4) |
Ending balance | 244,285 | 269,812 |
Civilcommercialandother [Member] | ||
DisclosureOfJudicialDepositsLineItems [Line Items] | ||
Beginning balance | 34,539 | 28,965 |
Additions | 8,956 | 6,719 |
Release in favor of the Company | (817) | (370) |
Release in favor of the counterparty | (3,168) | (2,055) |
Business combination (note 1.2) | ||
Interest | 2,308 | 1,280 |
Exchange rate variation | ||
Ending balance | R$ 41818 | R$ 34539 |
Schedule of detailed informat_2
Schedule of detailed information about property, plant and equipment (Details) - BRL (R$) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | R$ 12215580000 | R$ 12276889000 | |||
Additions other than through business combinations, property, plant and equipment | 500,529,000 | 1,212,000 | |||
Disposals, property, plant and equipment | (80,546,000) | (109,781,000) | |||
Acquisitions through business combinations, property, plant and equipment | 214,710,000 | ||||
Transfers | (15,388,000) | [1] | (141,944,000) | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (12,143,000) | 189,204,000 | |||
Property, plant and equipment at end of period | 12,822,742,000 | 12,215,580,000 | |||
Land depreciation | 3,083,000 | 4,266 | |||
Biological Asset [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Transfers | (89,000) | ||||
Classification of assets as held for sale [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Transfers | 8,043,000 | 96,788,000 | |||
Intangible assets other than goodwill [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Transfers | 23,431,000 | 45,245,000 | |||
Gross carrying amount [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 20,572,741,000 | 19,632,397,000 | |||
Additions other than through business combinations, property, plant and equipment | 1,597,325,000 | 1,269,333,000 | |||
Disposals, property, plant and equipment | (343,239,000) | (391,736,000) | |||
Acquisitions through business combinations, property, plant and equipment | 214,710,000 | ||||
Transfers | (15,379,000) | [1] | (214,373,000) | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | 5,918,000 | 277,120,000 | |||
Property, plant and equipment at end of period | 22,032,076,000 | 20,572,741,000 | |||
Gross carrying amount [member] | Land [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 608,389,000 | 603,479,000 | |||
Additions other than through business combinations, property, plant and equipment | 4,799,000 | 7,582,000 | |||
Disposals, property, plant and equipment | (6,879,000) | (13,665,000) | |||
Acquisitions through business combinations, property, plant and equipment | 11,351,000 | ||||
Transfers | 97,103,000 | [1] | 6,031,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (1,590,000) | 4,962,000 | |||
Property, plant and equipment at end of period | 713,173,000 | 608,389,000 | |||
Gross carrying amount [member] | Buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 10,444,526,000 | 10,148,798,000 | |||
Additions other than through business combinations, property, plant and equipment | 398,380,000 | 287,834,000 | |||
Disposals, property, plant and equipment | (123,275,000) | (148,793,000) | |||
Acquisitions through business combinations, property, plant and equipment | 68,178,000 | ||||
Transfers | 307,450,000 | [1] | 268,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (3,068,000) | 156,419,000 | |||
Property, plant and equipment at end of period | 11,092,191,000 | 10,444,526,000 | |||
Gross carrying amount [member] | Machinery [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 8,395,520,000 | 8,177,047,000 | |||
Additions other than through business combinations, property, plant and equipment | 109,967,000 | 20,293,000 | |||
Disposals, property, plant and equipment | (184,601,000) | (166,183,000) | |||
Acquisitions through business combinations, property, plant and equipment | 120,359,000 | ||||
Transfers | 186,388,000 | [1] | 278,530,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | 10,509,000 | 85,833,000 | |||
Property, plant and equipment at end of period | 8,638,142,000 | 8,395,520,000 | |||
Gross carrying amount [member] | Fixtures and fittings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 157,085,000 | 140,439,000 | |||
Additions other than through business combinations, property, plant and equipment | 671,000 | 851,000 | |||
Disposals, property, plant and equipment | (5,020,000) | (8,604,000) | |||
Acquisitions through business combinations, property, plant and equipment | 2,870,000 | ||||
Transfers | 6,480,000 | [1] | 18,946,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (3,058,000) | 5,453,000 | |||
Property, plant and equipment at end of period | 159,028,000 | 157,085,000 | |||
Gross carrying amount [member] | Vehicles [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 346,218,000 | 213,199,000 | |||
Additions other than through business combinations, property, plant and equipment | 46,355,000 | 165,737,000 | |||
Disposals, property, plant and equipment | (23,460,000) | (54,491,000) | |||
Acquisitions through business combinations, property, plant and equipment | 2,037,000 | ||||
Transfers | 724,000 | [1] | (5,639,000) | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | 2,049,000 | 27,412,000 | |||
Property, plant and equipment at end of period | 373,923,000 | 346,218,000 | |||
Gross carrying amount [member] | Construction in progress [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 608,255,000 | 348,907,000 | |||
Additions other than through business combinations, property, plant and equipment | 1,015,219,000 | 778,151,000 | |||
Disposals, property, plant and equipment | (4,000) | ||||
Acquisitions through business combinations, property, plant and equipment | 9,915,000 | ||||
Transfers | (613,508,000) | [1] | (516,360,000) | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | 2,436,000 | (2,443,000) | |||
Property, plant and equipment at end of period | 1,022,313,000 | 608,255,000 | |||
Gross carrying amount [member] | Advances to suppliers [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | 12,748,000 | 528,000 | |||
Additions other than through business combinations, property, plant and equipment | 21,934,000 | 8,885,000 | |||
Disposals, property, plant and equipment | |||||
Acquisitions through business combinations, property, plant and equipment | |||||
Transfers | (16,000) | [1] | 3,851,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (1,360,000) | (516,000) | |||
Property, plant and equipment at end of period | 33,306,000 | 12,748,000 | |||
Accumulated depreciation and amortisation [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | (8,357,161,000) | (7,355,508,000) | |||
Additions other than through business combinations, property, plant and equipment | (1,096,796,000) | (1,268,121,000) | |||
Disposals, property, plant and equipment | 262,693,000 | 281,955,000 | |||
Acquisitions through business combinations, property, plant and equipment | |||||
Transfers | (9,000) | [1] | 72,429,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (18,061,000) | (87,916,000) | |||
Property, plant and equipment at end of period | (9,209,334,000) | (8,357,161,000) | |||
Accumulated depreciation and amortisation [member] | Land [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | (13,800,000) | [3] | (5,086,000) | ||
Additions other than through business combinations, property, plant and equipment | (8,963,000) | [3] | (7,132,000) | ||
Disposals, property, plant and equipment | 1,734,000 | [3] | 813,000 | ||
Acquisitions through business combinations, property, plant and equipment | [3] | ||||
Transfers | (11,335,000) | [1],[3] | (1,802,000) | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (1,169,000) | [3] | (593,000) | ||
Property, plant and equipment at end of period | [3] | R$ 33533000 | R$ 13800000 | ||
Depreciation rate, property, plant and equipment | 15.34% | [3],[4] | 21.32% | [5] | |
Accumulated depreciation and amortisation [member] | Buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | R$ 3851225000 | R$ 3263801000 | |||
Additions other than through business combinations, property, plant and equipment | (598,869,000) | (688,767,000) | |||
Disposals, property, plant and equipment | 75,706,000 | 122,812,000 | |||
Acquisitions through business combinations, property, plant and equipment | |||||
Transfers | 7,876,000 | [1] | 15,895,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (5,586,000) | (37,364,000) | |||
Property, plant and equipment at end of period | R$ 4372098000 | R$ 3851225000 | |||
Depreciation rate, property, plant and equipment | 9.09% | [4] | 9.45% | [5] | |
Accumulated depreciation and amortisation [member] | Machinery [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | R$ 4304007000 | R$ 3950250000 | |||
Additions other than through business combinations, property, plant and equipment | (402,819,000) | (487,956,000) | |||
Disposals, property, plant and equipment | 166,577,000 | 110,163,000 | |||
Acquisitions through business combinations, property, plant and equipment | |||||
Transfers | 2,777,000 | [1] | 56,748,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (7,387,000) | (32,712,000) | |||
Property, plant and equipment at end of period | R$ 4544859000 | R$ 4304007000 | |||
Depreciation rate, property, plant and equipment | 6.93% | [4] | 6.64% | [5] | |
Accumulated depreciation and amortisation [member] | Fixtures and fittings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | R$ 79924000 | R$ 71779000 | |||
Additions other than through business combinations, property, plant and equipment | (8,597,000) | (11,704,000) | |||
Disposals, property, plant and equipment | 4,023,000 | 6,931,000 | |||
Acquisitions through business combinations, property, plant and equipment | |||||
Transfers | 672,000 | [1] | (801,000) | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | 1,529,000 | (2,571,000) | |||
Property, plant and equipment at end of period | R$ 82297000 | R$ 79924000 | |||
Depreciation rate, property, plant and equipment | 6.66% | [4] | 6.67% | [5] | |
Accumulated depreciation and amortisation [member] | Vehicles [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment at beginning of period | R$ 108205000 | R$ 64592000 | |||
Additions other than through business combinations, property, plant and equipment | (77,548,000) | (72,562,000) | |||
Disposals, property, plant and equipment | 14,653,000 | 41,236,000 | |||
Acquisitions through business combinations, property, plant and equipment | |||||
Transfers | 1,000 | [1] | 2,389,000 | [2] | |
Increase (decrease) through net exchange differences, property, plant and equipment | (5,448,000) | (14,676,000) | |||
Property, plant and equipment at end of period | R$ 176547000 | R$ 108205000 | |||
Depreciation rate, property, plant and equipment | 25.25% | [4] | 25.87% | [5] | |
[1] | Refers to the transfer of R$ 23,431 8,043 | ||||
[2] | Refers to the transfer of R$ 45,245 96,788 (89) | ||||
[3] | Land depreciation refers to right-of-use assets. The amount of R$ 3,083 | ||||
[4] | Weighted average annual rate. | ||||
[5] | Weighted average annual rate. |
Schedule of book value of the c
Schedule of book value of the collateral property, plant and equipment (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 2659736 | R$ 3201738 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Type of collateral | Financial/Tax | |
Book value of the collateral | R$ 150852 | 223,918 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Type of collateral | Financial/Tax | |
Book value of the collateral | R$ 1204773 | 1,491,531 |
Machinery [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Type of collateral | Financial/Labor/Tax/Civil | |
Book value of the collateral | R$ 1288772 | 1,470,295 |
Fixtures and fittings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Type of collateral | Financial/Tax | |
Book value of the collateral | R$ 15034 | 15,700 |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Type of collateral | Financial/Tax | |
Book value of the collateral | R$ 305 | R$ 294 |
The intangible assets rollforwa
The intangible assets rollforward is set forth below: (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | |||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | R$ 5220102 | R$ 4908079 | ||
Additions | (69,147) | (84,600) | ||
Disposals | (6,263) | (2,330) | ||
Business combination | 1,064,088 | |||
Transfers | 23,431 | 38,275 | ||
Exchange rate variation | 12,834 | 360,678 | ||
Ending balance | 6,245,045 | 5,220,102 | ||
Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 6,153,032 | 5,584,526 | ||
Additions | 138,649 | 168,947 | ||
Disposals | (13,528) | (55,621) | ||
Business combination | 1,064,088 | |||
Transfers | 23,426 | 28,713 | ||
Exchange rate variation | 16,416 | 426,467 | ||
Ending balance | 7,382,083 | 6,153,032 | ||
Gross carrying amount [member] | Goodwill For Future Profitability [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 2,935,577 | 2,713,602 | ||
Additions | ||||
Disposals | (6,145) | |||
Business combination | 1,061,987 | (6,970) | ||
Transfers | 228,945 | |||
Exchange rate variation | 40,012 | |||
Ending balance | 4,031,431 | 2,935,577 | ||
Gross carrying amount [member] | Brand names [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,327,738 | 1,322,262 | ||
Additions | ||||
Disposals | ||||
Business combination | 275 | |||
Transfers | ||||
Exchange rate variation | (21,752) | 5,476 | ||
Ending balance | 1,306,261 | 1,327,738 | ||
Gross carrying amount [member] | Non Compete Agreement [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 107,162 | 99,229 | ||
Additions | 378 | 413 | ||
Disposals | (3,079) | (379) | ||
Business combination | ||||
Transfers | ||||
Exchange rate variation | 1,652 | 7,899 | ||
Ending balance | 106,113 | 107,162 | ||
Gross carrying amount [member] | Outgrowers Relationship [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 5,328 | 14,604 | ||
Additions | 197 | |||
Disposals | (9,276) | |||
Business combination | ||||
Transfers | ||||
Exchange rate variation | ||||
Ending balance | 5,525 | 5,328 | ||
Gross carrying amount [member] | Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 6,205 | 6,305 | ||
Additions | ||||
Disposals | (3,723) | (115) | ||
Business combination | ||||
Transfers | ||||
Exchange rate variation | 3 | 15 | ||
Ending balance | 2,485 | 6,205 | ||
Gross carrying amount [member] | Customer-related intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,067,713 | 892,758 | ||
Additions | ||||
Disposals | ||||
Business combination | ||||
Transfers | ||||
Exchange rate variation | (3,161) | 174,955 | ||
Ending balance | 1,064,552 | 1,067,713 | ||
Gross carrying amount [member] | Computer software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 657,255 | 523,615 | ||
Additions | 5,218 | 73,423 | ||
Disposals | (581) | (45,851) | ||
Business combination | 1,826 | |||
Transfers | 143,434 | 97,117 | ||
Exchange rate variation | (324) | 8,951 | ||
Ending balance | 806,828 | 657,255 | ||
Gross carrying amount [member] | Intangible assets under development [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 46,054 | 12,151 | ||
Additions | 132,856 | 95,111 | ||
Disposals | ||||
Business combination | ||||
Transfers | (120,008) | (61,434) | ||
Exchange rate variation | (14) | 226 | ||
Ending balance | 58,888 | 46,054 | ||
Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (932,930) | (676,447) | ||
Additions | (207,796) | (253,547) | ||
Disposals | 7,265 | 53,291 | ||
Business combination | ||||
Transfers | 5 | 9,562 | ||
Exchange rate variation | (3,582) | (65,789) | ||
Ending balance | (1,137,038) | (932,930) | ||
Accumulated depreciation and amortisation [member] | Non Compete Agreement [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (97,408) | (74,190) | ||
Additions | (7,596) | (18,784) | ||
Disposals | 3,079 | 379 | ||
Business combination | ||||
Transfers | ||||
Exchange rate variation | (1,447) | (4,813) | ||
Ending balance | R$ 103372 | R$ 97408 | ||
[custom:PercentageOfAmortisationRatesIntangibleAssetsOtherThanGoodwill] | 21.56% | [1] | 23.41% | [2] |
Accumulated depreciation and amortisation [member] | Outgrowers Relationship [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | R$ 4695 | R$ 12744 | ||
Additions | (439) | (1,030) | ||
Disposals | 9,079 | |||
Business combination | ||||
Transfers | ||||
Exchange rate variation | ||||
Ending balance | R$ 5134 | R$ 4695 | ||
[custom:PercentageOfAmortisationRatesIntangibleAssetsOtherThanGoodwill] | 15.82% | [1] | 12.75% | [2] |
Accumulated depreciation and amortisation [member] | Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | R$ 5999 | R$ 5626 | ||
Additions | (18) | (476) | ||
Disposals | 3,723 | 115 | ||
Business combination | ||||
Transfers | ||||
Exchange rate variation | (1) | (12) | ||
Ending balance | R$ 2295 | R$ 5999 | ||
[custom:PercentageOfAmortisationRatesIntangibleAssetsOtherThanGoodwill] | 10.00% | [1] | 10.00% | [2] |
Accumulated depreciation and amortisation [member] | Customer-related intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | R$ 375131 | R$ 242263 | ||
Additions | (59,525) | (79,969) | ||
Disposals | ||||
Business combination | ||||
Transfers | ||||
Exchange rate variation | (2,236) | (52,899) | ||
Ending balance | R$ 436892 | R$ 375131 | ||
[custom:PercentageOfAmortisationRatesIntangibleAssetsOtherThanGoodwill] | 7.39% | [1] | 7.35% | [2] |
Accumulated depreciation and amortisation [member] | Computer software [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | R$ 449697 | R$ 341624 | ||
Additions | (140,218) | (153,288) | ||
Disposals | 463 | 43,718 | ||
Business combination | ||||
Transfers | 5 | 9,562 | ||
Exchange rate variation | 102 | (8,065) | ||
Ending balance | R$ 589345 | R$ 449697 | ||
[custom:PercentageOfAmortisationRatesIntangibleAssetsOtherThanGoodwill] | 40.48% | [1] | 34.22% | [2] |
[1] | Weighted average annual rate. | |||
[2] | Weighted average annual rate. |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - BRL (R$) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Land depreciation | R$ 3083000 | R$ 3083000 | R$ 4266 | ||
Capitalized borrowing costs | R$ 13278 | R$ 5357 | R$ 36620 | R$ 13745 | |
Weighted average interest rate on capitalized amount | 7.27% | 6.15% |
Schedule of loan and financing
Schedule of loan and financing (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Loan and financing beginning of period | R$ 22404426 | R$ 18620279 | ||||
Borrowing | 1,831,117 | 10,420,333 | ||||
Business combination | [1] | 118,115 | ||||
Amortization | (980,677) | (10,247,359) | ||||
Interest paid | (1,021,601) | (1,421,539) | ||||
Interest accrued | 1,213,759 | 1,535,916 | ||||
Exchange rate variation | 613,463 | 3,496,796 | ||||
Loan and financing end of period | 24,178,602 | 22,404,426 | ||||
Loan and financing end of period | 24,178,602 | 22,404,426 | R$ 18620279 | |||
Current | 2,861,250 | 1,059,984 | 3,132,029 | |||
Non-current | R$ 21317352 | 21,344,442 | 15,488,250 | |||
Debenture [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Rate | IPCA + 4.78% p.a. | |||||
Maturity | 05.14.31 | |||||
Series | 1st Series | |||||
Issue date | 06.02.21 | |||||
Notional | R$ 1000000 | |||||
Updated Value | 1,018,992 | |||||
Local Currency [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Loan and financing beginning of period | 6,665,292 | 7,613,755 | ||||
Borrowing | 1,329,249 | 4,889,205 | ||||
Business combination | 55,412 | |||||
Amortization | (447,720) | (6,208,113) | ||||
Interest paid | (262,948) | (597,232) | ||||
Interest accrued | 476,462 | 590,448 | ||||
Exchange rate variation | 96,641 | 377,229 | ||||
Loan and financing end of period | 7,912,388 | 6,665,292 | ||||
Loan and financing end of period | R$ 7912388 | R$ 6665292 | 7,613,755 | |||
Local Currency [Member] | Working capital [membe] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | Fixed / CDI | Fixed / CDI | ||||
Rate | [2] | 5.36% (3.25% on 12.31.20) | 3.25% (6.07% on 12.31.19) | |||
Maturity | [3] | 1.0 | 0.6 | |||
Loan and financing beginning of period | R$ 368681 | R$ 3312639 | ||||
Borrowing | 300,000 | 1,200,000 | ||||
Business combination | 25,950 | |||||
Amortization | (364,451) | (3,947,237) | ||||
Interest paid | (11,466) | (340,227) | ||||
Interest accrued | 8,764 | 143,506 | ||||
Exchange rate variation | 0 | |||||
Loan and financing end of period | 327,478 | 368,681 | ||||
Loan and financing end of period | R$ 327478 | R$ 368681 | 3,312,639 | |||
Local Currency [Member] | Certificate Of Agribusiness Receivables [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | [4] | IPCA | CDI / IPCA | |||
Rate | [2],[4] | 15.58% (10.21% on 12.31.20) | 10.21% (6.73% on 12.31.19) | |||
Maturity | [3],[4] | 2.2 | 3.0 | |||
Loan and financing beginning of period | [4] | R$ 821093 | R$ 1597447 | |||
Amortization | [4] | (780,000) | ||||
Interest paid | [4] | 95 | (100,932) | |||
Interest accrued | [4] | 100,446 | 104,578 | |||
Loan and financing end of period | [4] | 921,634 | 821,093 | |||
Loan and financing end of period | [4] | R$ 921634 | R$ 821093 | 1,597,447 | ||
Local Currency [Member] | Development Bank Credit Lines [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | TJLP / TLP/ IPCA / FINAME | Fixed / Selic / TJLP | ||||
Rate | [2] | 3.13% | (5.09% on 12.31.19) | |||
Maturity | [3] | 6.1 | ||||
Loan and financing beginning of period | R$ 0 | R$ 45516 | ||||
Business combination | 9,006 | |||||
Amortization | (344) | (45,470) | ||||
Interest paid | (427) | |||||
Interest accrued | 14 | 381 | ||||
Loan and financing end of period | 8,676 | 0 | ||||
Loan and financing end of period | R$ 8676 | R$ 0 | 45,516 | |||
Local Currency [Member] | Debentures [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | CDI / IPCA | CDI / IPCA | ||||
Rate | [2] | 14.36% (8.28% on 12.31.20) | 8.28% (7.40% on 12.31.19) | |||
Maturity | [3] | 7.6 | 7.7 | |||
Loan and financing beginning of period | R$ 3022005 | R$ 755760 | ||||
Borrowing | 965,549 | 2,124,725 | ||||
Interest paid | (143,009) | (38,339) | ||||
Interest accrued | 282,313 | 179,859 | ||||
Loan and financing end of period | 4,126,858 | 3,022,005 | ||||
Loan and financing end of period | R$ 4126858 | R$ 3022005 | 755,760 | |||
Local Currency [Member] | Export Credit Facility [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | [1] | Fixed / CDI / FX USD | Fixed / CDI / USD | |||
Rate | [1],[2] | 8.40% (3.69% on 12.31.20) | 3.69% (5.83% on 12.31.19) | |||
Maturity | [1],[3] | 1.2 | 6.8 | |||
Loan and financing beginning of period | [1] | R$ 2408697 | R$ 1612365 | |||
Borrowing | [1] | 1,490,809 | ||||
Business combination | [1] | 20,456 | ||||
Amortization | [1] | (524) | (1,113,176) | |||
Interest paid | [1] | (107,941) | (111,498) | |||
Interest accrued | [1] | 84,278 | 152,968 | |||
Exchange rate variation | [1] | 96,641 | 377,229 | |||
Loan and financing end of period | [1] | 2,501,607 | 2,408,697 | |||
Loan and financing end of period | [1] | R$ 2501607 | R$ 2408697 | 1,612,365 | ||
Local Currency [Member] | Fiscal Incentives [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | Fixed | Fixed | ||||
Rate | [2] | 2.40% (2.40% on 12.31.20) | 2.40% (2.40% on 12.31.19) | |||
Loan and financing beginning of period | R$ 44816 | R$ 5720 | ||||
Borrowing | 63,700 | 73,671 | ||||
Amortization | (82,401) | (34,609) | ||||
Interest paid | (627) | (667) | ||||
Interest accrued | 647 | 701 | ||||
Loan and financing end of period | 26,135 | 44,816 | ||||
Loan and financing end of period | 26,135 | R$ 44816 | 5,720 | |||
Local Currency [Member] | Special Program Asset Restructuring [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | IGPM | |||||
Rate | [2] | (12.22% on 12.31.19) | ||||
Loan and financing beginning of period | [1] | R$ 284308 | ||||
Amortization | (287,621) | |||||
Interest paid | (5,142) | |||||
Interest accrued | 8,455 | |||||
Loan and financing end of period | [1] | |||||
Loan and financing end of period | [1] | 284,308 | ||||
Foreign Currency [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Loan and financing beginning of period | 15,739,134 | 11,006,524 | ||||
Borrowing | 501,868 | 5,531,128 | ||||
Business combination | [1] | 62,703 | ||||
Amortization | (532,957) | (4,039,246) | ||||
Interest paid | (758,653) | (824,307) | ||||
Interest accrued | 737,297 | 945,468 | ||||
Exchange rate variation | 516,822 | 3,119,567 | ||||
Loan and financing end of period | 16,266,214 | 15,739,134 | ||||
Loan and financing end of period | R$ 16266214 | R$ 15739134 | 11,006,524 | |||
Foreign Currency [Member] | Working capital [membe] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | Fixed / FX TRY and USD | Fixed / TRY | ||||
Rate | [2] | 13.64% (10.98% on 12.31.20) | 10.98% (16.56% on 12.31.19) | |||
Maturity | [3] | 1.8 | 1.2 | |||
Loan and financing beginning of period | R$ 516505 | R$ 191765 | ||||
Borrowing | 252,868 | 718,956 | ||||
Business combination | [1] | 29,555 | ||||
Amortization | (84,548) | (381,502) | ||||
Interest paid | (48,160) | (42,742) | ||||
Interest accrued | 61,976 | 46,704 | ||||
Exchange rate variation | (71,560) | (16,676) | ||||
Loan and financing end of period | 656,636 | 516,505 | ||||
Loan and financing end of period | R$ 656636 | R$ 516505 | 191,765 | |||
Foreign Currency [Member] | Export Credit Facility [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | Fixed / LIBOR / FX USD | Fixed / LIBOR / USD | ||||
Rate | [2] | 3.50% (3.13% on 12.31.20) | 3.13% (5.77% on 12.31.19) | |||
Maturity | [3] | 1.6 | 2.2 | |||
Loan and financing beginning of period | R$ 392636 | R$ 407275 | ||||
Business combination | [1] | 30,476 | ||||
Amortization | (135,668) | (118,113) | ||||
Interest paid | (6,649) | (20,686) | ||||
Interest accrued | 7,807 | 17,627 | ||||
Exchange rate variation | 18,300 | 106,533 | ||||
Loan and financing end of period | 306,902 | 392,636 | ||||
Loan and financing end of period | R$ 306902 | R$ 392636 | 407,275 | |||
Foreign Currency [Member] | Bond [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | Fixed / FX USD and EUR | Fixed / USD / EUR | ||||
Rate | [2] | 4.82% (4.81% on 12.31.20) | 4.81% (4.36% on 12.31.19) | |||
Maturity | [3] | 11.7 | 12.4 | |||
Loan and financing beginning of period | R$ 14829993 | R$ 10407484 | ||||
Borrowing | 4,282,961 | |||||
Amortization | (312,741) | (3,010,421) | ||||
Interest paid | (703,844) | (760,879) | ||||
Interest accrued | 667,042 | 881,137 | ||||
Exchange rate variation | 560,242 | 3,029,711 | ||||
Loan and financing end of period | 15,040,692 | 14,829,993 | ||||
Loan and financing end of period | R$ 15040692 | R$ 14829993 | 10,407,484 | |||
Foreign Currency [Member] | Advances For Foreign Exchange Rate Contracts [Member] | ||||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||||
Charges (p.a.) | Fixed / FX USD | Fixed / USD | ||||
Rate | [2] | 1.32% | ||||
Maturity | [3] | 0.4 | ||||
Loan and financing beginning of period | R$ 0 | R$ 0 | ||||
Borrowing | 249,000 | 529,211 | ||||
Business combination | [1] | 2,672 | ||||
Amortization | (529,210) | |||||
Interest accrued | 472 | |||||
Exchange rate variation | 9,840 | (1) | ||||
Loan and financing end of period | 261,984 | 0 | ||||
Loan and financing end of period | R$ 261984 | R$ 0 | R$ 0 | |||
[1] | The Export Credit Facility was 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. | |||||
[2] | Weighted average annual rate. | |||||
[3] | Weighted average maturity in years. | |||||
[4] | The Certificates of Agribusiness Receivables (“CRA”) issued by the Company are backed by receivables of BRF S.A. from certain subsidiaries abroad. |
Schedule of commitment for purc
Schedule of commitment for purchase goods and services (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
DisclosureOfLoansAndFinancingLineItems [Line Items] | |||
Borrowings | R$ 24178602 | R$ 22404426 | R$ 18620279 |
Mortgage guarantees | 44,182 | 44,816 | |
Related To Tax Incentives And Other [Member] | |||
DisclosureOfLoansAndFinancingLineItems [Line Items] | |||
Mortgage guarantees | R$ 44182 | R$ 44816 |
LOANS AND BORROWINGS (Details N
LOANS AND BORROWINGS (Details Narrative) - BRL (R$) R$ in Thousands | Oct. 28, 2020 | Dec. 27, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||
Revolving credit facility, maximum borrowing capacity | R$ 1500000 | R$ 1500000 | ||
Revolving credit facility, term | 3 years | 3 years | ||
Guarantees [member] | ||||
DisclosureOfLoansAndFinancingLineItems [Line Items] | ||||
Bank acceptance assets | R$ 556103 | R$ 590933 | ||
Average cost percentage | 1.93% | 1.95% |
Schedule of trade and accounts
Schedule of trade and accounts payable (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfTradePayablesLineItems [Line Items] | ||
Third parties | R$ 11195643 | R$ 9098376 |
(-) Adjustment to present value | (106,447) | (88,389) |
Trade and accounts payable | 11,089,196 | 9,009,987 |
Current | 11,077,197 | 8,996,206 |
Non-current | 11,999 | 13,781 |
Country of domicile [member] | ||
DisclosureOfTradePayablesLineItems [Line Items] | ||
Third parties | 9,216,162 | 7,611,170 |
Foreign countries [member] | ||
DisclosureOfTradePayablesLineItems [Line Items] | ||
Third parties | R$ 1979481 | R$ 1487206 |
TRADE ACCOUNTS PAYABLE (Details
TRADE ACCOUNTS PAYABLE (Details Narrative) - BRL (R$) | Sep. 30, 2021 | Dec. 31, 2020 |
Trade accounts payable related to supply chain financing | R$ 3551550 | R$ 2576071 |
Schedule of supply chain financ
Schedule of supply chain finance (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfSupplyChainFinanceLineItems [Line Items] | ||
Suppliers | R$ 1917319 | R$ 1474227 |
(-) Adjustment to present value | (28,100) | (21,590) |
Supply chain finance | 1,889,219 | 1,452,637 |
Domestic suppliers [member] | ||
DisclosureOfSupplyChainFinanceLineItems [Line Items] | ||
Suppliers | 1,749,226 | 1,309,167 |
Foreign suppliers [member] | ||
DisclosureOfSupplyChainFinanceLineItems [Line Items] | ||
Suppliers | R$ 168093 | R$ 165060 |
SUPPLY CHAIN FINANCE (Details N
SUPPLY CHAIN FINANCE (Details Narrative) | Sep. 30, 2021 | Dec. 31, 2020 |
Domestic suppliers [member] | Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rates applied on transactions | 0.54% | 0.38% |
Domestic suppliers [member] | Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rates applied on transactions | 0.74% | 0.47% |
Foreign suppliers [member] | Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rates applied on transactions | 0.18% | 0.18% |
Foreign suppliers [member] | Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Discount rates applied on transactions | 0.38% | 0.40% |
The right-of-use assets as set
The right-of-use assets as set forth below are part of the balances of property, plant and equipment and intangible assets (notes 12 and 13) (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | R$ 2272469 | R$ 2299942 | R$ 2299942 |
Additions | (32,007) | 40,920 | (55,741) |
Disposals | (23,271) | (15,578) | |
Exchange rate variation | 6,756 | 43,846 | |
Right-of-use assets at ending | 2,232,954 | 2,272,469 | |
Business combination | 9,007 | ||
Right-of-use assets at beginning | 2,232,954 | 2,272,469 | |
Gross carrying amount [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | 3,442,670 | 3,016,994 | 3,016,994 |
Additions | 551,554 | 537,334 | |
Disposals | (172,264) | (185,692) | |
Exchange rate variation | 15,244 | 74,034 | |
Right-of-use assets at ending | 3,846,211 | 3,442,670 | |
Business combination | 9,007 | ||
Right-of-use assets at beginning | 3,846,211 | 3,442,670 | |
Gross carrying amount [member] | Land [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | 48,661 | 22,790 | 22,790 |
Additions | 3,761 | 5,900 | |
Disposals | (1,845) | (961) | |
Transfers | 89,060 | 20,751 | |
Exchange rate variation | 3,361 | 181 | |
Right-of-use assets at ending | 142,998 | 48,661 | |
Right-of-use assets at beginning | 142,998 | 48,661 | |
Gross carrying amount [member] | Buildings [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | 2,861,916 | 2,615,883 | 2,615,883 |
Additions | 397,918 | 287,451 | |
Disposals | (48,583) | (86,557) | |
Transfers | (89,060) | (2,487) | |
Exchange rate variation | 4,897 | 47,626 | |
Right-of-use assets at ending | 3,131,824 | 2,861,916 | |
Business combination | 4,736 | ||
Right-of-use assets at beginning | 3,131,824 | 2,861,916 | |
Gross carrying amount [member] | Machinery [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | 112,593 | 115,173 | 115,173 |
Additions | 98,353 | 5,518 | |
Disposals | (98,660) | (8,289) | |
Exchange rate variation | 364 | 191 | |
Right-of-use assets at ending | 115,996 | 112,593 | |
Business combination | 3,346 | ||
Right-of-use assets at beginning | 115,996 | 112,593 | |
Gross carrying amount [member] | Vehicles [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | 344,918 | 207,443 | 207,443 |
Additions | 46,309 | 165,699 | |
Disposals | (23,112) | (54,260) | |
Exchange rate variation | 6,622 | 26,036 | |
Right-of-use assets at ending | 375,662 | 344,918 | |
Business combination | 925 | ||
Right-of-use assets at beginning | 375,662 | 344,918 | |
Gross carrying amount [member] | Softwares [Member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | 74,582 | 55,705 | 55,705 |
Additions | 5,213 | 72,766 | |
Disposals | (64) | (35,625) | |
Transfers | (18,264) | ||
Right-of-use assets at ending | 79,731 | 74,582 | |
Right-of-use assets at beginning | 79,731 | 74,582 | |
Accumulated impairment [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | (1,170,201) | (717,052) | (717,052) |
Additions | (583,561) | (593,075) | |
Disposals | 148,993 | 170,114 | |
Exchange rate variation | (8,488) | (30,188) | |
Right-of-use assets at ending | (1,613,257) | (1,170,201) | |
Business combination | |||
Right-of-use assets at beginning | (1,613,257) | (1,170,201) | |
Accumulated impairment [member] | Land [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | (13,526) | (5,086) | (5,086) |
Additions | (8,906) | (6,861) | |
Disposals | 995 | 813 | |
Transfers | (11,335) | (1,799) | |
Exchange rate variation | (430) | (593) | |
Right-of-use assets at ending | R$ 33202 | R$ 13526 | |
Average rate | 8.76% | 16.32% | |
Right-of-use assets at beginning | R$ 33202 | R$ 13526 | |
Accumulated impairment [member] | Buildings [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | (914,816) | (512,836) | (512,836) |
Additions | (429,368) | (464,159) | |
Disposals | 37,712 | 85,042 | |
Transfers | 11,335 | (6,765) | |
Exchange rate variation | (4,418) | (16,098) | |
Right-of-use assets at ending | (1,299,555) | R$ 914816 | |
Business combination | |||
Average rate | 25.13% | 29.11% | |
Right-of-use assets at beginning | R$ 1299555 | R$ 914816 | |
Accumulated impairment [member] | Machinery [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | (107,316) | (96,958) | (96,958) |
Additions | (47,102) | (17,865) | |
Disposals | 98,415 | 7,610 | |
Exchange rate variation | (283) | (103) | |
Right-of-use assets at ending | (56,286) | R$ 107316 | |
Business combination | |||
Average rate | 53.81% | 42.48% | |
Right-of-use assets at beginning | R$ 56286 | R$ 107316 | |
Accumulated impairment [member] | Vehicles [member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | (101,495) | (57,357) | (57,357) |
Additions | (76,969) | (71,768) | |
Disposals | 11,807 | 41,024 | |
Exchange rate variation | (3,357) | (13,394) | |
Right-of-use assets at ending | (170,014) | R$ 101495 | |
Business combination | |||
Average rate | 27.86% | 26.39% | |
Right-of-use assets at beginning | R$ 170014 | R$ 101495 | |
Accumulated impairment [member] | Softwares [Member] | |||
PresentationOfLeasesForLesseeLineItems [Line Items] | |||
Right-of-use assets at beginning | (33,048) | R$ 44815 | (44,815) |
Additions | (21,216) | (32,422) | |
Disposals | 64 | 35,625 | |
Transfers | 8,564 | ||
Right-of-use assets at ending | R$ 54200 | R$ 33048 | |
Average rate | 42.22% | 45.21% | |
Right-of-use assets at beginning | R$ 54200 | R$ 33048 |
Schedule of lease liabilities (
Schedule of lease liabilities (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
PresentationOfLeasesForLesseeLineItems [Line Items] | ||||
Lease liabilities at beginning | R$ 2536681 | R$ 2431180 | R$ 2431180 | |
Additions | 551,554 | 560,088 | ||
Payments | (548,911) | (553,556) | ||
Interest paid | 1,021,601 | 1,002,146 | (136,625) | |
Interest accrued | 157,965 | 207,961 | ||
Disposals | (19,572) | (17,401) | ||
Exchange rate variation | (24,625) | 45,034 | ||
Lease liabilities at ending | 2,555,210 | 2,536,681 | ||
Business combination | 11,146 | |||
Interest paid | (109,028) | |||
Current | 485,905 | 383,162 | R$ 376628 | |
Non-current | R$ 2069305 | R$ 2153519 | R$ 2054552 | |
Land [member] | ||||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||||
Weighted average maturity | 4 years 7 months 6 days | 4 years 8 months 12 days | ||
Lease liabilities at beginning | R$ 37868 | 20,355 | R$ 20355 | |
Additions | 3,761 | 5,900 | ||
Payments | (5,256) | (5,819) | ||
Interest paid | (6,360) | (4,716) | ||
Interest accrued | 6,360 | 4,716 | ||
Disposals | (970) | (1,729) | ||
Transfers | 82,851 | 18,811 | ||
Exchange rate variation | 7,252 | 350 | ||
Lease liabilities at ending | R$ 125506 | R$ 37868 | ||
Buildings [member] | ||||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||||
Weighted average maturity | 1 year 10 months 25 days | 4 years 8 months 12 days | ||
Lease liabilities at beginning | R$ 2195407 | 2,227,026 | R$ 2227026 | |
Additions | 397,918 | 310,204 | ||
Payments | (402,354) | (425,594) | ||
Interest paid | (84,086) | (99,426) | ||
Interest accrued | 133,023 | 170,763 | ||
Disposals | (16,994) | (762) | ||
Transfers | (82,851) | (18,238) | ||
Exchange rate variation | (22,587) | 31,434 | ||
Lease liabilities at ending | 2,124,033 | R$ 2195407 | ||
Business combination | R$ 6557 | |||
Machinery [member] | ||||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||||
Weighted average maturity | 10 months 25 days | 1 year 9 months 18 days | ||
Lease liabilities at beginning | R$ 3773 | 25,687 | R$ 25687 | |
Additions | 98,353 | 5,518 | ||
Payments | (45,352) | (26,776) | ||
Interest paid | (2,783) | (13,285) | ||
Interest accrued | 2,783 | 13,285 | ||
Disposals | (34) | (755) | ||
Transfers | 8 | |||
Exchange rate variation | 97 | 91 | ||
Lease liabilities at ending | 60,540 | R$ 3773 | ||
Business combination | R$ 3703 | |||
Vehicles [member] | ||||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||||
Weighted average maturity | 1 year 9 months 18 days | 2 years 2 months 12 days | ||
Lease liabilities at beginning | R$ 256423 | 156,975 | R$ 156975 | |
Additions | 46,309 | 165,699 | ||
Payments | (74,416) | (64,674) | ||
Interest paid | (13,893) | (15,231) | ||
Interest accrued | 13,893 | 15,231 | ||
Disposals | (1,574) | (14,155) | ||
Transfers | (581) | |||
Exchange rate variation | (9,387) | 13,159 | ||
Lease liabilities at ending | 218,241 | R$ 256423 | ||
Business combination | R$ 886 | |||
Softwares [Member] | ||||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||||
Weighted average maturity | 1 year 6 months | 1 year 7 months 6 days | ||
Lease liabilities at beginning | R$ 43210 | R$ 1137 | R$ 1137 | |
Additions | 5,213 | 72,767 | ||
Payments | (21,533) | (30,693) | ||
Interest paid | (1,906) | (3,967) | ||
Interest accrued | 1,906 | 3,966 | ||
Lease liabilities at ending | R$ 26890 | R$ 43210 |
The maturity schedule of the mi
The maturity schedule of the minimum required future payments are presented below (Details) R$ in Thousands | Sep. 30, 2021BRL (R$) |
PresentationOfLeasesForLesseeLineItems [Line Items] | |
Current | R$ 485905 |
Non-current | 2,069,305 |
Future payments of finance leases | 2,555,210 |
Later than one year and not later than two years [member] | |
PresentationOfLeasesForLesseeLineItems [Line Items] | |
Future payments of finance leases | 132,751 |
Later than two years and not later than three years [member] | |
PresentationOfLeasesForLesseeLineItems [Line Items] | |
Future payments of finance leases | 444,474 |
Later than three years and not later than four years [member] | |
PresentationOfLeasesForLesseeLineItems [Line Items] | |
Future payments of finance leases | 326,767 |
Later than four years and not later than five years [member] | |
PresentationOfLeasesForLesseeLineItems [Line Items] | |
Future payments of finance leases | 234,653 |
Later than five years [member] | |
PresentationOfLeasesForLesseeLineItems [Line Items] | |
Future payments of finance leases | R$ 930660 |
The Company uses nominal increm
The Company uses nominal incremental borrowing rates to measure its lease liabilities. The nominal and real interest rates are presented below: (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lease liabilities one [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 1 year | |
Nominal rate | 4.92% | 5.69% |
Actual rate | 0.43% | 1.05% |
Lease liabilities two [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 2 years | |
Nominal rate | 4.81% | 5.96% |
Actual rate | 0.49% | 2.61% |
Lease liabilities three [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 3 years | |
Nominal rate | 6.31% | 6.80% |
Actual rate | 2.14% | 2.53% |
Lease liabilities four [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 4 years | |
Nominal rate | 7.15% | 8.50% |
Actual rate | 2.90% | 4.56% |
Lease liabilities five [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 5 years | |
Nominal rate | 9.69% | 8.98% |
Actual rate | 4.85% | 4.40% |
Lease liabilities six [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 6 years | |
Nominal rate | 10.61% | |
Actual rate | 5.15% | |
Lease liabilities seven [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 7 years | |
Nominal rate | 10.96% | |
Actual rate | 5.74% | |
Lease liabilities eight [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 8 years | |
Nominal rate | 10.47% | |
Actual rate | 5.71% | |
Lease liabilities nine [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 9 years | |
Nominal rate | 10.75% | |
Actual rate | 5.97% | |
Lease Liabilities Ten [Member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 10 years | |
Nominal rate | 11.39% | |
Actual rate | 6.64% | |
Lease liabilities eleven [Member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 12 years | |
Nominal rate | 9.85% | |
Actual rate | 5.55% | |
Lease liabilities twelve [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 13 years | |
Nominal rate | 11.68% | |
Actual rate | 7.38% | |
Lease Liabilities Thirteen [Member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 14 years | |
Nominal rate | 11.84% | |
Actual rate | 7.13% | |
Lease Liabilities Fourteen [Member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 16 years | |
Nominal rate | 12.44% | |
Actual rate | 6.70% | |
Lease liabilities fifteen [member] | ||
PresentationOfLeasesForLesseeLineItems [Line Items] | ||
Weighted average maturity lease liabilities | 20 years | |
Nominal rate | 12.95% | 13.26% |
Actual rate | 7.07% | 9.00% |
The amounts directly recognized
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. (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Presentation of leases for lessee [abstract] | ||
Variable payments not included in the lease liabilities | R$ 74078 | R$ 226488 |
Expenses related to short-term leases | 42,833 | 134,928 |
Expenses related to low-value assets | 1,432 | 2,887 |
Amounts recognized in the statement of income | R$ 118343 | R$ 364303 |
The breakdown of the outstandin
The breakdown of the outstanding granted restricted shares is set forth as follows: (Details) Number in Thousands | 9 Months Ended | |||
Sep. 30, 2021NumberR$ / shares | Dec. 31, 2020Number | [1] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Options granted | 10,651,121 | |||
Outstanding options | 6,271,054 | 7,873,348 | ||
Stock Option One [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
[custom:OutstandingGrantedOptionsGrantDate] | Oct. 1, 2018 | |||
Options granted | 2,311,394 | |||
Outstanding options | 867,956 | |||
Fair value of the option | R$ / shares | [2] | R$ 21.44 | ||
Stock Option Two [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
[custom:OutstandingGrantedOptionsGrantDate] | Jun. 1, 2019 | |||
Options granted | 674,296 | |||
Outstanding options | 186,424 | |||
Fair value of the option | R$ / shares | [2] | R$ 30.61 | ||
Stock Option Three [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
[custom:OutstandingGrantedOptionsGrantDate] | Jul. 1, 2019 | |||
Options granted | 1,141,353 | |||
Outstanding options | 267,909 | |||
Fair value of the option | R$ / shares | [2] | R$ 30.61 | ||
Stock Option Four [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
[custom:OutstandingGrantedOptionsGrantDate] | Sep. 16, 2019 | |||
Options granted | 68,605 | |||
Outstanding options | 20,580 | |||
Fair value of the option | R$ / shares | [2] | R$ 30.61 | ||
Stock Option Five [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
[custom:OutstandingGrantedOptionsGrantDate] | Jun. 1, 2020 | |||
Options granted | 3,571,736 | |||
Outstanding options | 2,163,272 | |||
Fair value of the option | R$ / shares | [2] | R$ 21.28 | ||
Stock Option Six [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
[custom:OutstandingGrantedOptionsGrantDate] | Jul. 1, 2021 | |||
Options granted | 2,883,737 | |||
Outstanding options | 2,764,913 | |||
Fair value of the option | R$ / shares | [2] | R$ 28.58 | ||
[1] | Includes stock options outstanding on December 31, 2020, as presented in the financial statements for the year of 2020. | |||
[2] | Amounts expressed in Brazilian Reais. |
The rollforward of the granted
The rollforward of the granted options and shares for the nine-month period ended on September 30, 2021, is presented as follows: (Details) - Number Number in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding options as of (Beginning) | [1] | 7,873,348 | ||
Outstanding options as of (Beginning) | 6,271,054 | 7,873,348 | [1] | |
Outstanding options as of (Ending) | 6,271,054 | 7,873,348 | [1] | |
Issued Grant July 2021 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding options as of (Beginning) | 2,883,737 | |||
Outstanding options as of (Beginning) | ||||
Exercised On June 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercised/Delivered | (457,939) | |||
Exercised On September 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercised/Delivered | (18,237) | |||
Exercised On July 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercised/Delivered | (113,957) | |||
Exercised On June 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercised/Delivered | (114,271) | |||
Forfeiture Grant Of July 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Forfeiture | [2] | (118,824) | ||
Forfeiture Grant Of June 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Forfeiture | [2] | (838,436) | ||
Forfeiture Grant Of July 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Forfeiture | [2] | (275,372) | ||
Forfeiture Grant Of June 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Forfeiture | [2] | (113,582) | ||
Forfeiture Grant Of October 2018 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Forfeiture | [2] | (15,083) | ||
Expired Grant Of May 2016 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options expired in share-based payment arrangement | (1,145,330) | |||
Expired Grant Of April 2016 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options expired in share-based payment arrangement | (1,275,000) | |||
[1] | Includes stock options outstanding on December 31, 2020, as presented in the financial statements for the year of 2020. | |||
[2] | The forfeitures are related to the resignation of eligible executive before the end of the vesting period. |
Schedule of quantitative sensit
Schedule of quantitative sensitivity analysis regarding relevant assumptions of defined benefit plan (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Recognised liabilities defined benefit plan | R$ 822174 | R$ 776555 | |
Current | 125,312 | 125,230 | |
Non-current | 696,862 | 651,325 | |
Medical Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Recognised liabilities defined benefit plan | 196,283 | 185,802 | |
F G T S Penalty [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Recognised liabilities defined benefit plan | [1] | 294,012 | 282,229 |
Award For Length Of Service [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Recognised liabilities defined benefit plan | 113,900 | 108,908 | |
Others [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Recognised liabilities defined benefit plan | R$ 217979 | R$ 199616 | |
[1] | FGTS – Government Severance Indemnity Fund for Employees |
SHARE-BASED PAYMENT (Details Na
SHARE-BASED PAYMENT (Details Narrative) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair value of share-based compensatio | R$ 213825 | R$ 223191 | |||
Non-current liabilities | R$ 17397 | 17,397 | R$ 21521 | ||
Amount recognized expenses | R$ 12749 | R$ 21239 | R$ 40074 | R$ 43263 |
EMPLOYEES BENEFITS PLANS (Detai
EMPLOYEES BENEFITS PLANS (Details Narrative) - BRL (R$) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Actuarial gain (loss) on pension and post-employment plans | R$ 11729 | |||
[custom:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans1] | R$ 3694 | R$ 7170 | R$ 20134 |
The rollforward of the provisio
The rollforward of the provisions for tax, labor, civil, commercial and other risks classified as with probable loss, and contingent liabilities is presented below: (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Beginning balance | R$ 1702720 | R$ 1794369 |
Additions | 415,298 | 592,457 |
Business combination (note 1.2) | 9,250 | |
Reversals | (427,186) | (534,548) |
Payments | (366,558) | (399,187) |
Interest | 225,587 | 249,609 |
Exchange rate variation | (570) | 20 |
Ending balance | 1,558,541 | 1,702,720 |
Current | 1,050,188 | 865,338 |
Non-current | 508,353 | 837,382 |
Provision For Tax [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Beginning balance | 427,302 | 583,464 |
Additions | 157,624 | 103,773 |
Business combination (note 1.2) | 2,553 | |
Reversals | (67,752) | (246,499) |
Payments | (144,276) | (70,699) |
Interest | 52,451 | 57,275 |
Exchange rate variation | (16) | (12) |
Ending balance | 427,886 | 427,302 |
Provision For Labor [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Beginning balance | 634,706 | 603,074 |
Additions | 204,697 | 435,723 |
Business combination (note 1.2) | 1,972 | |
Reversals | (110,114) | (250,029) |
Payments | (204,947) | (298,599) |
Interest | 91,194 | 144,516 |
Exchange rate variation | (466) | 21 |
Ending balance | 617,042 | 634,706 |
Provision For Civil Commercial And Other [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Beginning balance | 343,530 | 307,177 |
Additions | 52,977 | 52,961 |
Business combination (note 1.2) | 4,725 | |
Reversals | (54,475) | (34,556) |
Payments | (17,335) | (29,889) |
Interest | 81,942 | 47,818 |
Exchange rate variation | (75) | 19 |
Ending balance | 411,289 | 343,530 |
Contingent liabilities [member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Beginning balance | 297,182 | 300,654 |
Additions | ||
Business combination (note 1.2) | ||
Reversals | (194,845) | (3,464) |
Payments | ||
Interest | ||
Exchange rate variation | (13) | (8) |
Ending balance | R$ 102324 | R$ 297182 |
PROVISION FOR TAX, CIVIL AND _3
PROVISION FOR TAX, CIVIL AND LABOR RISKS (Details Narrative) - BRL (R$) | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Fair value | R$ 102324 | R$ 297182 |
Provision For Civil Commercial And Other [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Amount of contingencies | 1,619,032 | 1,523,987 |
Provision For Labor [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Amount of contingencies | 315,579 | 197,097 |
Provision For Tax [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||
Amount of contingencies | R$ 13187530 | R$ 12536528 |
Schedule of breakdown of capita
Schedule of breakdown of capital stock by nature (Details) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
EquityLineitems [Line Items] | ||
Outstanding shares | 808,411,566 | 807,707,162 |
Issued capital [member] | ||
EquityLineitems [Line Items] | ||
Outstanding shares | 812,473,246 | 812,473,246 |
Treasury shares [member] | ||
EquityLineitems [Line Items] | ||
Outstanding shares | (4,061,680) | (4,766,084) |
On September 30, 2021, the quan
On September 30, 2021, the quantity of outstanding of shares was 808,411,566, in the period were delivered of 704,404 shares, in accordance with Restricted Share plan of Company. (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
EQUITY | ||
Shares at the beginning of the period | 807,707,162 | 811,759,800 |
Purchase of treasury shares | (4,836,000) | |
Delivery of restricted shares | 704,404 | 783,362 |
Shares at the end of the period | 808,411,566 | 807,707,162 |
For better presentation of the
For better presentation of the transactions, the balance priorly presented in Capital reserves was split between Capital reserves and Other equity transactions. In the current presentation, Capital reserves contemplate only the balances related with resul (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Capital reserve | R$ 141834 | R$ 141834 |
Other equity transactions | (80,313) | 246 |
Capital reserve [member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital reserve | 61,521 | 142,080 |
Other equity transactions | (80,313) | 246 |
Share based payment | 213,825 | 214,711 |
Acquisition of non-controlling entities | (293,918) | (214,245) |
Capital transactions with subsidiaries | R$ 220 | R$ 220 |
The Company has 4,061,680 share
The Company has 4,061,680 shares held in treasury, with an average cost of R$26.00 (twenty-six Brazilian Reais) per share, and corresponding market value of R$110,031, in the period were delivered of 704,404 shares, in accordance with Restricted Share pla (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
EquityLineitems [Line Items] | ||
Shares at the beginning of the period | 807,707,162 | 811,759,800 |
Purchase of treasury shares | (4,836,000) | |
Delivery of restricted shares | 704,404 | 783,362 |
Shares at the end of the period | 808,411,566 | 807,707,162 |
Treasury shares [member] | ||
EquityLineitems [Line Items] | ||
Shares at the beginning of the period | 4,766,084 | 713,446 |
Purchase of treasury shares | 4,836,000 | |
Delivery of restricted shares | (704,404) | (783,362) |
Shares at the end of the period | 4,061,680 | 4,766,084 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - BRL (R$) | Jul. 22, 2009 | Sep. 30, 2021 |
Equity | ||
Capital subscribed and paid | R$ 12553418 | |
Number of shares issued | 812,473,246 | |
Public offering expenses, net | R$ 92947 |
Schedule of earnings per share
Schedule of earnings per share (Details) - BRL (R$) R$ / shares in Units, R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic numerator | ||||
Net earnings (loss) for the period attributable to controlling shareholders | R$ 275600 | R$ 216791 | R$ 454014 | R$ 609668 |
Basic denominator | ||||
Common shares | 812,473,246 | 812,473,246 | 812,473,246 | 812,473,246 |
Weighted average number of outstanding shares - basic (except treasury shares) | 807,709,278 | 807,406,368 | 808,013,781 | 809,583,921 |
Net earnings (loss) per share basic - R$ | R$ 0.34 | R$ 0.27 | R$ 0.56 | R$ 0.75 |
Diluted numerator | ||||
Net earnings (loss) for the period attributable to controlling shareholders | R$ 275600 | R$ 216791 | R$ 454014 | R$ 609668 |
Diluted denominator | ||||
Weighted average number of outstanding shares - basic (except treasury shares) | 807,709,278 | 807,406,368 | 808,013,781 | 809,583,921 |
Number of potential shares | 58,332 | 58,332 | ||
Weighted average number of outstanding shares - diluted | 807,709,278 | 807,464,700 | 808,013,781 | 809,642,253 |
Net earnings (loss) per share diluted - R$ | R$ 0.34 | R$ 0.27 | R$ 0.56 | R$ 0.75 |
Net (loss) for the exercise attributable to controlling shareholders | R$ 6516 | R$ 47802 | ||
Net earnings (loss) for the exercise attributable to controlling shareholders | R$ 282116 | R$ 501816 | ||
Common shares | 812,473,246 | 812,473,246 | ||
Common shares | 812,473,246 | 812,473,246 | ||
Weighted average number of outstanding shares - basic (except treasury shares) | 807,709,278 | 808,013,781 | ||
Weighted average number of outstanding shares - basic (except treasury shares) | 807,709,278 | 807,406,368 | 808,013,781 | 809,583,921 |
Net (loss) per share basic - R$ | R$ 0.01 | R$ 0.06 | ||
Net earnings (loss) per share basic - R$ | R$ 0.34 | R$ 0.27 | R$ 0.56 | R$ 0.75 |
Net (loss) for the exercise attributable to controlling shareholders | R$ 6516 | R$ 47802 | ||
Net earnings (loss) for the exercise attributable to controlling shareholders | R$ 282116 | R$ 501816 | ||
Weighted average number of outstanding shares - basic (except treasury shares) | 807,709,278 | 808,013,781 | ||
Weighted average number of outstanding shares - basic (except treasury shares) | 807,709,278 | 808,013,781 | ||
Weighted average number of outstanding shares - diluted | 807,709,278 | 808,013,781 | ||
Weighted average number of outstanding shares - diluted | 807,709,278 | 807,464,700 | 808,013,781 | 809,642,253 |
Net earnings (loss) per share diluted | R$ 0.01 | R$ 0.06 |
The Company monitors the gross
The Company monitors the gross debt and net debt as set forth below: (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments liabilities, Current | R$ 186147 | R$ 384969 |
Derivative financial instruments liabilities, Non-current | 36,077 | 727 |
Derivative financial instruments liabilities | 222,224 | 385,696 |
Derivative financial assets, current | 83,144 | 377,756 |
Derivative financial assets, non current | 2,139 | 234 |
Derivative financial assets | 85,283 | 377,990 |
Restricted cash, Current | 24,529 | 1 |
Restricted cash, Non-current | 1 | 24,357 |
Liquidity risk [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Foreign currency loans and borrowings, current | (2,334,507) | |
Foreign currency loans and borrowings, non current | (13,931,707) | |
Foreign currency loans and borrowings | (16,266,214) | (15,739,134) |
Local currency loans and borrowings, current | (526,743) | |
Local currency loans and borrowings, non current | (7,385,645) | |
Local currency loans and borrowings | (7,912,388) | (6,665,292) |
Derivative financial instruments liabilities, Current | (186,147) | |
Derivative financial instruments liabilities, Non-current | (36,077) | |
Derivative financial instruments liabilities | (222,224) | (385,696) |
Gross debt, Current | (3,047,397) | |
Gross debt, Non-current | (21,353,429) | |
Gross debt | (24,400,826) | (22,790,122) |
Marketable securities and cash and cash equivalents, Current | 7,233,026 | |
Marketable securities and cash and cash equivalents, Non-current | 375,906 | |
Marketable securities and cash and cash equivalents | 7,608,932 | 8,235,360 |
Derivative financial assets, current | 83,144 | |
Derivative financial assets, non current | 2,139 | |
Derivative financial assets | 85,283 | 377,990 |
Restricted cash, Current | 24,529 | |
Restricted cash, Non-current | 1 | |
Restricted cash | 24,530 | 24,358 |
Net debt | R$ 16682081 | R$ 14152414 |
The table below summarizes the
The table below summarizes the significant commitments and contractual obligations that may impact the Company’s liquidity: (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | R$ 36077 | R$ 727 |
Liquidity risk [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | (36,077) | |
Liquidity risk [member] | Exchange rate variation on other liabilities | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 24,178,602 | |
Cash flow contracted | 39,715,036 | |
Liquidity risk [member] | Exchange rate variation on other liabilities | Not later than one year [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 3,441,569 | |
Liquidity risk [member] | Exchange rate variation on other liabilities | Later than one year and not later than two years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 530,504 | |
Liquidity risk [member] | Exchange rate variation on other liabilities | Later than two years and not later than three years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 3,948,651 | |
Liquidity risk [member] | Exchange rate variation on other liabilities | Later than three years and not later than four years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 3,011,583 | |
Liquidity risk [member] | Exchange rate variation on other liabilities | Later than four years and not later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 1,812,210 | |
Liquidity risk [member] | Exchange rate variation on other liabilities | Later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 26,970,519 | |
Liquidity risk [member] | Principal [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Cash flow contracted | 26,996,059 | |
Liquidity risk [member] | Principal [Member] | Not later than one year [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 2,226,146 | |
Liquidity risk [member] | Principal [Member] | Later than one year and not later than two years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 400,000 | |
Liquidity risk [member] | Principal [Member] | Later than two years and not later than three years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 2,839,213 | |
Liquidity risk [member] | Principal [Member] | Later than three years and not later than four years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 2,054,081 | |
Liquidity risk [member] | Principal [Member] | Later than four years and not later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 907,058 | |
Liquidity risk [member] | Principal [Member] | Later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 18,569,561 | |
Liquidity risk [member] | Interest [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Cash flow contracted | 12,718,977 | |
Liquidity risk [member] | Interest [Member] | Not later than one year [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 1,215,423 | |
Liquidity risk [member] | Interest [Member] | Later than one year and not later than two years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 130,504 | |
Liquidity risk [member] | Interest [Member] | Later than two years and not later than three years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 1,109,438 | |
Liquidity risk [member] | Interest [Member] | Later than three years and not later than four years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 957,502 | |
Liquidity risk [member] | Interest [Member] | Later than four years and not later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 905,152 | |
Liquidity risk [member] | Interest [Member] | Later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 8,400,958 | |
Liquidity risk [member] | Trade Accounts Payable [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 11,089,196 | |
Cash flow contracted | 11,195,643 | |
Liquidity risk [member] | Trade Accounts Payable [Member] | Not later than one year [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 11,183,638 | |
Liquidity risk [member] | Trade Accounts Payable [Member] | Later than one year and not later than two years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 3,272 | |
Liquidity risk [member] | Trade Accounts Payable [Member] | Later than two years and not later than three years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 5,778 | |
Liquidity risk [member] | Trade Accounts Payable [Member] | Later than three years and not later than four years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 2,849 | |
Liquidity risk [member] | Trade Accounts Payable [Member] | Later than four years and not later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 106 | |
Liquidity risk [member] | Supply Chain Finance [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 1,889,219 | |
Cash flow contracted | 1,917,319 | |
Liquidity risk [member] | Supply Chain Finance [Member] | Not later than one year [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 1,917,319 | |
Liquidity risk [member] | Lease liabilities [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 2,555,210 | |
Cash flow contracted | 3,214,065 | |
Liquidity risk [member] | Lease liabilities [member] | Not later than one year [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 519,189 | |
Liquidity risk [member] | Lease liabilities [member] | Later than one year and not later than two years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 144,233 | |
Liquidity risk [member] | Lease liabilities [member] | Later than two years and not later than three years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 515,998 | |
Liquidity risk [member] | Lease liabilities [member] | Later than three years and not later than four years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 405,335 | |
Liquidity risk [member] | Lease liabilities [member] | Later than four years and not later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 311,068 | |
Liquidity risk [member] | Lease liabilities [member] | Later than five years [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 1,318,242 | |
Liquidity risk [member] | Interest Rate Derivatives [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 36,077 | |
Cash flow contracted | 36,077 | |
Liquidity risk [member] | Interest Rate Derivatives [Member] | Later than five years [member] | Cash Flow Hedges Derivative Instruments [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 36,077 | |
Liquidity risk [member] | Currency swap contract [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 82,654 | |
Cash flow contracted | 82,654 | |
Liquidity risk [member] | Currency swap contract [member] | Not later than one year [member] | Cash Flow Hedges Derivative Instruments [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 82,654 | |
Liquidity risk [member] | Commodities Derivatives [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 94,094 | |
Cash flow contracted | 94,094 | |
Liquidity risk [member] | Commodities Derivatives [Member] | Not later than one year [member] | Cash Flow Hedges Derivative Instruments [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 94,094 | |
Liquidity risk [member] | Currency Swap Contract One [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | 9,399 | |
Cash flow contracted | 9,399 | |
Liquidity risk [member] | Currency Swap Contract One [Member] | Not later than one year [member] | Not Designated Cash Flow Hedges [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Book value | R$ 9399 |
The derivative financial instru
The derivative financial instruments used to hedge the exposure to interest rates as of September 30, 2021 are presented in the table below: (Details) R$ in Thousands | 9 Months Ended | |
Sep. 30, 2021BRL (R$) | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Fair value | R$ 33938 | |
Object | R$ 96966 | [1] |
Cash Flow Hedges Derivative Instruments [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | Debenture - 2nd Issue - 1st series - IPCA + 5.30% p.a | |
Maturity | 3rd Qtr. 2027 | |
Assets | IPCA + 5.30% p.a | |
Liabilities | CDI + 2.16% p.a. | |
Notional | R$ 705000 | |
Fair value | (2,351) | |
Object | R$ 27316 | [1] |
Cash Flow Hedges Derivative Instruments 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | Debenture - 2nd Issue - 2nd series - IPCA + 5.60% p.a | |
Maturity | 3rd Qtr. 2030 | |
Assets | IPCA + 5.60% p.a | |
Liabilities | CDI + 2.32% p.a. | |
Notional | R$ 1495000 | |
Fair value | (31,528) | |
Object | R$ 71026 | [1] |
Cash Flow Hedges Derivative Instruments 2 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | Debenture - 3rd Issue - single series - IPCA + 4.78% p.a | |
Maturity | 2nd Qtr. 2031 | |
Assets | IPCA + 4.78% p.a | |
Liabilities | CDI + 0.60% p.a. | |
Notional | R$ 200000 | |
Fair value | (59) | |
Object | R$ 1376 | [1] |
[1] | Corresponds to the accumulated amount of fair value hedge adjustments on the hedged items, included in the carrying amount of the debentures. |
Assets and liabilities denomina
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: (Details) - Currency risk [member] - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | R$ 512552 | R$ 110210 |
Exposure of assets and liabilities in foreign currencies | (8,276,899) | (6,960,157) |
Cash And Cash Equivalents 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | 1,562,136 | 2,855,979 |
Trade receivables [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | 6,567,534 | 5,765,753 |
Trade Accounts Payable [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | (1,144,743) | (859,790) |
Exchange rate variation on other liabilities | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | (15,274,760) | (14,947,793) |
Other Assets And Liabilities Net [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | 12,934 | 225,694 |
Hedge [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Exposure in result | R$ 7764347 | R$ 6849947 |
The net P&L exposure is mainly
The net P&L exposure is mainly composed of the following currencies: (Details) - Currency risk [member] - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | R$ 512552 | R$ 110210 |
Argentina, Pesos | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | (5,804) | (5,310) |
Angola, Kwanza | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | 263,009 | 0 |
Euro Member Countries, Euro | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | (57,530) | 112,672 |
Japan, Yen | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | 82,372 | 29,976 |
Turkey, New Lira | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | (241,033) | 178,906 |
United States of America, Dollars | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Net P and L Exposure | R$ 553566 | R$ 426454 |
The derivative financial inst_2
The derivative financial instruments acquired to hedge the foreign currency statement of financial position exposure on September 30, 2021 are not designated as hedge accounting and are set forth below: (Details) R$ in Thousands | 9 Months Ended |
Sep. 30, 2021BRL (R$)Number | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Fair value | R$ 33938 |
Currency risk [member] | Not Designated Hedge [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Fair value | R$ 20465 |
Currency risk [member] | Not Designated Hedge [Member] | Nondeliverable Forward [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Assets | EUR |
Liabilities | BRL |
Maturity | 4th Qtr. 2021 |
Notional | R$ 265000 |
Average rate | Number | 6.4336 |
Fair value | R$ 8522 |
Currency risk [member] | Not Designated Hedge [Member] | Nondeliverable Forward One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Assets | USD |
Liabilities | BRL |
Maturity | 4th Qtr. 2021 |
Notional | R$ 715000 |
Average rate | Number | 5.4864 |
Fair value | R$ 12727 |
Currency risk [member] | Not Designated Hedge [Member] | Futures B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Assets | USD |
Liabilities | BRL |
Maturity | 4th Qtr. 2021 |
Notional | R$ 358000 |
Average rate | Number | 5.4672 |
Fair value | R$ 6462 |
Currency risk [member] | Not Designated Hedge [Member] | Currency Swap 1 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Assets | USD + 1.29% p.a. |
Liabilities | CDI + 0.80% p.a. |
Maturity | 1st Qtr. 2022 |
Notional | R$ 47583 |
Fair value | R$ 8450 |
Currency risk [member] | Not Designated Hedge [Member] | Nondeliverable Forward Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Assets | EUR |
Liabilities | JPY |
Maturity | 4th Qtr. 2021 |
Notional | R$ 19230 |
Average rate | Number | 130.0080 |
Fair value | R$ 877 |
Currency risk [member] | Not Designated Hedge [Member] | Nondeliverable Forward Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Assets | USD |
Liabilities | EUR |
Maturity | 4th Qtr. 2021 |
Notional | R$ 34133 |
Average rate | Number | 1.1719 |
Fair value | R$ 2225 |
The derivative and non-derivati
The derivative and non-derivative financial instruments designated as cash flow hedges for foreing exchange operating income exposure on September 30, 2021 are set forth below: (Details) R$ in Thousands | 9 Months Ended | |
Sep. 30, 2021BRL (R$)Number | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative instrument, Fair value | R$ 33938 | |
Cash flow hedges [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative instrument, Fair value | R$ 998 | |
Cash flow hedges [member] | Nondeliverable Forward [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets | USD | |
Liabilities | TRY | |
Maturity | 4th Qtr. 2021 | |
Average rate | Number | 8.8251 | |
Derivative instrument, Fair value | R$ 998 | |
Currency risk [member] | Cash flow hedges [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative instrument, Fair value | R$ 52423 | |
Currency risk [member] | Cash flow hedges [member] | Nondeliverable Forward [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Assets | BRL | |
Liabilities | USD | |
Maturity | 4th Qtr. 2021 | |
Notional | R$ 313000 | |
Average rate | Number | 5.3157 | |
Derivative instrument, Fair value | R$ 48724 | |
Currency risk [member] | Cash flow hedges [member] | Nondeliverable Forward One [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Assets | BRL | |
Liabilities | USD | |
Maturity | 1st Qtr. 2022 | |
Notional | R$ 63000 | |
Average rate | Number | 5.4348 | |
Derivative instrument, Fair value | R$ 8220 | |
Currency risk [member] | Cash flow hedges [member] | Nondeliverable Forward Two [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Assets | BRL | |
Liabilities | USD | |
Maturity | 2nd Qtr. 2022 | |
Notional | R$ 5000 | |
Average rate | Number | 5.5782 | |
Derivative instrument, Fair value | R$ 365 | |
Currency risk [member] | Cash flow hedges [member] | Collar [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Assets | BRL | |
Liabilities | USD | |
Maturity | 4th Qtr. 2021 | |
Notional | R$ 44000 | |
Average rate | Number | 5.5772 | |
Derivative instrument, Fair value | R$ 3204 | |
Currency risk [member] | Cash flow hedges [member] | Collar One [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Assets | BRL | |
Liabilities | USD | |
Maturity | 1st Qtr. 2022 | |
Notional | R$ 30000 | |
Average rate | Number | 5.7162 | |
Derivative instrument, Fair value | R$ 1869 | |
Currency risk [member] | Cash flow hedges [member] | Collar Two [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Assets | BRL | |
Liabilities | USD | |
Maturity | 2nd Qtr. 2022 | |
Notional | R$ 10000 | |
Average rate | Number | 5.7125 | |
Derivative instrument, Fair value | R$ 187 | |
Currency risk [member] | Cash flow hedges [member] | Bond B R F S A B R F S B Z 5 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | [1] |
Liabilities | USD | [1] |
Maturity | 2nd Qtr. 2022 | [1] |
Notional | R$ 70928 | [1] |
Average rate | Number | 2.0213 | [1] |
Derivative instrument, Fair value | R$ 426732 | [1],[2] |
Currency risk [member] | Cash flow hedges [member] | Bond B R F S A B R F S B Z 3 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Hedged object | USD Exports | |
Liabilities | USD | |
Maturity | 2nd Qtr. 2023 | |
Notional | R$ 150000 | |
Average rate | Number | 2.0387 | |
Derivative instrument, Fair value | R$ 510105 | [2] |
Currency risk [member] | Cash Flow Hedges Non Deriative [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative instrument, Fair value | (936,837) | [2] |
Currency risk [member] | Hedges of net investment in foreign operations [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Non-derivative instrument, Fair value | R$ 405753 | |
Currency risk [member] | Hedges of net investment in foreign operations [member] | Bond B R F S A B R F S B Z 4 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities | USD | |
Maturity | 3rd Qtr. 2026 | |
Notional | R$ 75673 | |
Average rate | Number | 3.7649 | |
Proctection (Investment) | Federal Foods LLC | |
Non-derivative instrument, Fair value | R$ 127395 | |
Currency risk [member] | Hedges of net investment in foreign operations [member] | Bond B R F S A B R F S B Z 4 One [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities | USD | |
Maturity | 3rd Qtr. 2026 | |
Notional | R$ 108757 | |
Average rate | Number | 3.7649 | |
Proctection (Investment) | BRF Al Yasra Food | |
Non-derivative instrument, Fair value | R$ 169128 | |
Currency risk [member] | Hedges of net investment in foreign operations [member] | Bond B R F S A B R F S B Z 4 Two [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities | USD | |
Maturity | 3rd Qtr. 2026 | |
Notional | R$ 65570 | |
Average rate | Number | 3.7649 | |
Proctection (Investment) | Al Khan Foodstuff LLC | |
Non-derivative instrument, Fair value | R$ 109230 | |
[1] | For this instrument, the initial designation was of USD150,000, however there were repurchases with corresponding revocation of the designation in the amounts of USD31,338 at the rate of 3.2408, USD9,350 at the rate of 4.1827, USD27,190 at the rate of 5.1889 e USD11,194 at the rate of 5.5714. The accumulated exchange rate variation of the revoked portions is fixed and reserved in Other Comprehensive Income until the recognition of the hedge object in the second quarter of 2022. | |
[2] | Corresponds to the effective portion of the hedge result accumulated in Other Comprehensive Income. |
The financial instruments desig
The financial instruments designated as cash flow hedges and fair value hedges for the commodities price exposure on September 30, 2021 are set forth below: (Details) R$ in Thousands | 9 Months Ended |
Sep. 30, 2021BRL (R$)Number | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Derivative instrument, Fair value | R$ | R$ 33938 |
Cash flow hedges [member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Derivative instrument, Fair value | R$ | R$ 998 |
Cash flow hedges [member] | Nondeliverable Forward [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Maturity | 4th Qtr. 2021 |
Quantity | 7,098,000 |
Exercise rate | 8.8251 |
Derivative instrument, Fair value | R$ | R$ 998 |
[custom:HedgingInstrumentAssetsHedgedObject] | USD |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | TRY |
Commodity price risk [member] | Cash flow hedges [member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Derivative instrument, Fair value | R$ | R$ 50542 |
Commodity price risk [member] | Cash flow hedges [member] | Non Deliverable Forward Buy One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean meal purchase - floating price |
Index | Soybean meal - CBOT |
Maturity | 4th Qtr. 2021 |
Quantity | 32,977,000 |
Exercise rate | 417.29 |
Derivative instrument, Fair value | R$ | R$ 9400 |
Commodity price risk [member] | Cash flow hedges [member] | Non Deliverable Forward Buy Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean meal purchase - floating price |
Index | Soybean meal - CBOT |
Maturity | 1st Qtr. 2022 |
Quantity | 85,963,000 |
Exercise rate | 412.66 |
Derivative instrument, Fair value | R$ | R$ 21089 |
Commodity price risk [member] | Cash flow hedges [member] | Non Deliverable Forward Buy Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean meal purchase - floating price |
Index | Soybean meal - CBOT |
Maturity | 2nd Qtr. 2022 |
Quantity | 184,877,000 |
Exercise rate | 395.96 |
Derivative instrument, Fair value | R$ | R$ 22888 |
Commodity price risk [member] | Cash flow hedges [member] | Non Deliverable Forward Buy Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean meal purchase - floating price |
Index | Soybean meal - CBOT |
Maturity | 3rd Qtr. 2022 |
Quantity | 30,946,000 |
Exercise rate | 387.86 |
Derivative instrument, Fair value | R$ | R$ 1943 |
Commodity price risk [member] | Cash flow hedges [member] | Collar Buy [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean meal purchase - floating price |
Index | Soybean meal - CBOT |
Maturity | 4th Qtr. 2021 |
Quantity | 9,989,000 |
Exercise rate | 421.11 |
Derivative instrument, Fair value | R$ | R$ 2156 |
Commodity price risk [member] | Cash flow hedges [member] | Collar Buy One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean purchase - floating price |
Index | Soybean - CBOT |
Maturity | 4th Qtr. 2021 |
Quantity | 19,999,000 |
Exercise rate | 458.84 |
Derivative instrument, Fair value | R$ | R$ 172 |
Commodity price risk [member] | Cash flow hedges [member] | Non Deliverable Forward Buy Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - floating price |
Index | Corn - B3 |
Maturity | 3rd Qtr. 2022 |
Quantity | 2,025,000 |
Exercise rate | 1,333.16 |
Derivative instrument, Fair value | R$ | R$ 33 |
Commodity price risk [member] | Cash flow hedges [member] | Collar Buy Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - floating price |
Index | Corn - B3 |
Maturity | 4th Qtr. 2021 |
Quantity | 13,230,000 |
Exercise rate | 1,587.07 |
Derivative instrument, Fair value | R$ | R$ 126 |
Commodity price risk [member] | Cash flow hedges [member] | Collar Buy Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - floating price |
Index | Corn - B3 |
Maturity | 1st Qtr. 2022 |
Quantity | 17,037,000 |
Exercise rate | 1,683.33 |
Derivative instrument, Fair value | R$ | R$ 303 |
Commodity price risk [member] | Cash flow hedges [member] | Collar Buy Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - floating price |
Index | Corn - B3 |
Maturity | 2nd Qtr. 2022 |
Quantity | 7,992,000 |
Exercise rate | 1,616.67 |
Derivative instrument, Fair value | R$ | R$ 97 |
Commodity price risk [member] | Cash flow hedges [member] | Collar Buy Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean oil purchase - floating price |
Index | Soybean oil - CBOT |
Maturity | 4th Qtr. 2021 |
Quantity | 2,994,000 |
Exercise rate | 794.77 |
Derivative instrument, Fair value | R$ | R$ 7069 |
Commodity price risk [member] | Fair value hedges [member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Derivative instrument, Fair value | R$ | R$ 15298 |
Commodity price risk [member] | Fair value hedges [member] | Nondeliverable Forward [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Maturity | 4th Qtr. 2021 |
Quantity | 36,262,000 |
Exercise rate | 5.3508 |
Derivative instrument, Fair value | R$ | R$ 5001 |
Proctection (Investment) | Cost in USD |
Commodity price risk [member] | Fair value hedges [member] | Non Deliverable Forward Sell [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Soybean purchase - fixed price |
Index | Soybean - CBOT |
Maturity | 1st Qtr. 2022 |
Quantity | 15,000,000 |
Exercise rate | 503.65 |
Derivative instrument, Fair value | R$ | R$ 2956 |
Commodity price risk [member] | Fair value hedges [member] | Non Deliverable Forward Sell One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - CBOT |
Maturity | 4th Qtr. 2021 |
Quantity | 179,299,000 |
Exercise rate | 202.24 |
Derivative instrument, Fair value | R$ | R$ 8839 |
Commodity price risk [member] | Fair value hedges [member] | Non Deliverable Forward Sell Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - CBOT |
Maturity | 1st Qtr. 2022 |
Quantity | 63,077,000 |
Exercise rate | 200.41 |
Derivative instrument, Fair value | R$ | R$ 4783 |
Commodity price risk [member] | Fair value hedges [member] | Non Deliverable Forward Sell Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - CBOT |
Maturity | 2nd Qtr. 2022 |
Quantity | 170,790,000 |
Exercise rate | 216.20 |
Derivative instrument, Fair value | R$ | R$ 59 |
Commodity price risk [member] | Fair value hedges [member] | Non Deliverable Forward Sell Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - CBOT |
Maturity | 3rd Qtr. 2022 |
Quantity | 39,995,000 |
Exercise rate | 184.67 |
Derivative instrument, Fair value | R$ | R$ 5034 |
Commodity price risk [member] | Fair value hedges [member] | Corn Future Sell [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 4th Qtr. 2021 |
Quantity | 7,803,000 |
Exercise rate | 1,562.51 |
Derivative instrument, Fair value | R$ | R$ 186 |
Commodity price risk [member] | Fair value hedges [member] | Corn Future Sell One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 1st Qtr. 2022 |
Quantity | 104,571,000 |
Exercise rate | 1,631.40 |
Derivative instrument, Fair value | R$ | R$ 2488 |
Commodity price risk [member] | Fair value hedges [member] | Corn Future Sell Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 2nd Qtr. 2022 |
Quantity | 9,882,000 |
Exercise rate | 1,537.49 |
Derivative instrument, Fair value | R$ | R$ 124 |
Commodity price risk [member] | Fair value hedges [member] | Corn Future Sell Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 3rd Qtr. 2022 |
Quantity | 176,985,000 |
Exercise rate | 1,339.50 |
Derivative instrument, Fair value | R$ | R$ 1459 |
Commodity price risk [member] | Fair value hedges [member] | Corn Future Sell Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 4th Qtr. 2022 |
Quantity | 14,985,000 |
Exercise rate | 1,350.41 |
Commodity price risk [member] | Fair value hedges [member] | Collar Sell [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 4th Qtr. 2021 |
Quantity | 62,910,000 |
Exercise rate | 1,649.32 |
Derivative instrument, Fair value | R$ | R$ 4350 |
Commodity price risk [member] | Fair value hedges [member] | Collar Sell One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 1st Qtr. 2022 |
Quantity | 25,380,000 |
Exercise rate | 1,567.91 |
Derivative instrument, Fair value | R$ | R$ 248 |
Commodity price risk [member] | Fair value hedges [member] | Put Buy [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | Corn purchase - fixed price |
Index | Corn - B3 |
Maturity | 4th Qtr. 2021 |
Quantity | 5,994,000 |
Exercise rate | 1,616.67 |
Derivative instrument, Fair value | R$ | R$ 583 |
Commodity price risk [member] | Fair value hedges [member] | Nondeliverable Forward One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Maturity | 1st Qtr. 2022 |
Quantity | 20,196,000 |
Exercise rate | 5.3666 |
Derivative instrument, Fair value | R$ | R$ 4335 |
Proctection (Investment) | Cost in USD |
Commodity price risk [member] | Fair value hedges [member] | Nondeliverable Forward Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Maturity | 2nd Qtr. 2022 |
Quantity | 36,924,000 |
Exercise rate | 5.6119 |
Derivative instrument, Fair value | R$ | R$ 4575 |
Proctection (Investment) | Cost in USD |
Commodity price risk [member] | Fair value hedges [member] | Nondeliverable Forward Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Maturity | 3rd Qtr. 2022 |
Quantity | 7,386,000 |
Exercise rate | 5.6278 |
Derivative instrument, Fair value | R$ | R$ 1387 |
Proctection (Investment) | Cost in USD |
Currency risk [member] | Cash flow hedges [member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Derivative instrument, Fair value | R$ | R$ 52423 |
Currency risk [member] | Cash flow hedges [member] | Nondeliverable Forward [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | USD Exports |
Maturity | 4th Qtr. 2021 |
Exercise rate | 5.3157 |
Derivative instrument, Fair value | R$ | R$ 48724 |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
Currency risk [member] | Cash flow hedges [member] | Nondeliverable Forward One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | USD Exports |
Maturity | 1st Qtr. 2022 |
Exercise rate | 5.4348 |
Derivative instrument, Fair value | R$ | R$ 8220 |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
Currency risk [member] | Cash flow hedges [member] | Nondeliverable Forward Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Hedged object | USD Exports |
Maturity | 2nd Qtr. 2022 |
Exercise rate | 5.5782 |
Derivative instrument, Fair value | R$ | R$ 365 |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
Currency risk [member] | Fair value hedges [member] | Nondeliverable Forward [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
Currency risk [member] | Fair value hedges [member] | Nondeliverable Forward One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
Currency risk [member] | Fair value hedges [member] | Nondeliverable Forward Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
Currency risk [member] | Fair value hedges [member] | Nondeliverable Forward Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
[custom:HedgingInstrumentAssetsHedgedObject] | BRL |
[custom:HedgingInstrumentLiabilitiesProtectedRisk] | USD |
The effects of financial instru
The effects of financial instruments for hedging exchange rate, commodities price and interest rates in the condensed consolidated statement of income (loss) for the period, in Other Comprehensive Income and in the condensed consolidated statement of fina (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Net Revenue | R$ 12389985 | R$ 9942591 | R$ 34618863 | R$ 27995582 | ||
Cost of Sales | 9,765,303 | R$ 7598133 | 27,573,239 | 21,419,255 | ||
Cost of Sales | (9,765,303) | (27,573,239) | ||||
Interests on loans and borrowings | (361,115) | (1,216,925) | ||||
Effects on Financial Result | (432,690) | (1,433,306) | ||||
Other Comprehensive Income | (556,845) | (961,918) | (478,771) | |||
Other comprehensive income | 556,845 | 961,918 | R$ 478771 | |||
[custom:OtherComprehensiveIncome1] | (424,437) | |||||
[custom:AssetLiabilityNet-0] | 136,941 | 136,941 | R$ 7706 | |||
Asset / (Liability) net | (136,941) | (136,941) | (7,706) | |||
Other Comprehensive Income | (1,753,727) | (1,753,727) | (1,298,801) | |||
Inventories | 538,512 | 538,512 | 442,398 | |||
[custom:AccumulatedOtherComprehensiveIncome1-0] | 538,512 | 538,512 | 442,398 | |||
Non Derivative Instruments Non Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (1,008,644) | |||||
Cash flow hedges [member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Interest Rate Derivatives result | (40,065) | (35,025) | ||||
Cash flow hedges [member] | Derivative Instruments Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (353,300) | (309,739) | ||||
Other comprehensive income | 353,300 | 309,739 | ||||
Other Comprehensive Income | (90,490) | (90,490) | 219,248 | |||
Cash flow hedges [member] | Non Derivative Instruments Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (31,010) | (17,214) | ||||
Other comprehensive income | 31,010 | 17,214 | ||||
Cash flow hedges [member] | Non Derivative Instruments Non Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (65,580) | (36,405) | ||||
Other comprehensive income | 65,580 | 36,405 | ||||
Other Comprehensive Income | (510,105) | (510,105) | (883,218) | |||
Cash Flow Hedgesand Fair Value [Member] | Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | (157,406) | (157,406) | 48,499 | |||
Asset / (Liability) net | 157,406 | 157,406 | (48,499) | |||
Not Designated [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Increase (decrease) through foreign exchange, financial assets | (625,672) | (359,457) | ||||
Foreign Exchange Derivatives result | 594,162 | 178,101 | ||||
Not Designated [Member] | Not Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | (20,465) | (20,465) | (40,793) | |||
Asset / (Liability) net | 20,465 | 20,465 | 40,793 | |||
Net Investment [Member] | Non Derivative Instruments Non Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (106,955) | (61,079) | ||||
Other comprehensive income | 106,955 | 61,079 | ||||
Other Comprehensive Income | (405,753) | (405,753) | (344,674) | |||
Net Sales [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Net Revenue | 12,349,193 | 34,539,353 | ||||
Derivatives Result [Member] | Cash flow hedges [member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Net Revenue | 40,792 | 79,510 | ||||
Derivatives Result [Member] | Cash Flow Hedgesand Fair Value [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Cost of Sales | (7,983) | (184,594) | ||||
Cost Of Sales One [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Cost of Sales | (9,757,320) | (27,388,645) | ||||
Foreign Exchange One [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Net Revenue | 12,389,985 | 34,618,863 | ||||
Effects on Financial Result | (31,510) | (181,356) | ||||
Other Comprehensive Income | R$ 387405 | 215,064 | ||||
Other comprehensive income | R$ 387405 | (215,064) | ||||
[custom:AssetLiabilityNet-0] | 46,258 | 46,258 | (151,000) | |||
Asset / (Liability) net | (46,258) | (46,258) | 151,000 | |||
Other Comprehensive Income | (1,395,013) | (1,395,013) | (1,179,950) | |||
Foreign Exchange One [Member] | Cash flow hedges [member] | Derivative Instruments Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (183,860) | (100,366) | ||||
Other comprehensive income | 183,860 | 100,366 | ||||
Other Comprehensive Income | (52,423) | (52,423) | 47,942 | |||
Foreign Exchange One [Member] | Cash flow hedges [member] | Non Derivative Instruments Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (31,010) | (17,214) | ||||
Other comprehensive income | 31,010 | 17,214 | ||||
Foreign Exchange One [Member] | Cash flow hedges [member] | Non Derivative Instruments Non Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (65,580) | (36,405) | ||||
Other comprehensive income | 65,580 | 36,405 | ||||
Other Comprehensive Income | (510,105) | (510,105) | (883,218) | |||
Foreign Exchange One [Member] | Cash Flow Hedgesand Fair Value [Member] | Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | (66,723) | (66,723) | (95,558) | |||
Asset / (Liability) net | 66,723 | 66,723 | 95,558 | |||
Foreign Exchange One [Member] | Not Designated [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Increase (decrease) through foreign exchange, financial assets | (625,672) | (359,457) | ||||
Foreign Exchange Derivatives result | 594,162 | 178,101 | ||||
Foreign Exchange One [Member] | Not Designated [Member] | Not Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | (20,465) | (20,465) | (55,442) | |||
Asset / (Liability) net | 20,465 | 20,465 | 55,442 | |||
Foreign Exchange One [Member] | Net Investment [Member] | Non Derivative Instruments Non Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (106,955) | (61,079) | ||||
Other comprehensive income | 106,955 | 61,079 | ||||
Other Comprehensive Income | (405,753) | (405,753) | (344,674) | |||
Foreign Exchange One [Member] | Net Sales [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Net Revenue | 12,349,193 | 34,539,353 | ||||
Foreign Exchange One [Member] | Derivatives Result [Member] | Cash flow hedges [member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Net Revenue | 40,792 | 79,510 | ||||
Commodities [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Cost of Sales | (9,765,303) | (27,573,239) | ||||
Other Comprehensive Income | (169,440) | 209,373 | ||||
Other comprehensive income | 169,440 | (209,373) | ||||
[custom:AssetLiabilityNet-0] | 56,745 | 56,745 | 144,057 | |||
Asset / (Liability) net | (56,745) | (56,745) | (144,057) | |||
Other Comprehensive Income | (38,067) | (38,067) | 171,306 | |||
Inventories | 538,512 | 538,512 | ||||
Inventories | 442,398 | |||||
Commodities [Member] | Cash flow hedges [member] | Derivative Instruments Current [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Other Comprehensive Income | (169,440) | (209,373) | ||||
Other comprehensive income | 169,440 | 209,373 | ||||
Other Comprehensive Income | (38,067) | (38,067) | 171,306 | |||
Commodities [Member] | Cash Flow Hedgesand Fair Value [Member] | Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | (56,745) | (56,745) | 144,057 | |||
Asset / (Liability) net | 56,745 | 56,745 | (144,057) | |||
Commodities [Member] | Derivatives Result [Member] | Cash Flow Hedgesand Fair Value [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Cost of Sales | (7,983) | (184,594) | ||||
Commodities [Member] | Cost Of Sales One [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Cost of Sales | (9,757,320) | (27,388,645) | ||||
Interest Rate [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Interests on loans and borrowings | (361,115) | (1,216,925) | ||||
Effects on Financial Result | (401,180) | (1,251,950) | ||||
[custom:AssetLiabilityNet-0] | 33,938 | 33,938 | 14,649 | |||
Asset / (Liability) net | (33,938) | (33,938) | (14,649) | |||
Interest Rate [Member] | Cash flow hedges [member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
Interest Rate Derivatives result | (40,065) | (35,025) | ||||
Interest Rate [Member] | Cash Flow Hedgesand Fair Value [Member] | Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | (33,938) | (33,938) | ||||
Asset / (Liability) net | R$ 33938 | R$ 33938 | ||||
Interest Rate [Member] | Not Designated [Member] | Not Designated Derivatives [Member] | ||||||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||||||
[custom:AssetLiabilityNet-0] | 14,649 | |||||
Asset / (Liability) net | R$ 14649 |
Summarized financial position o
Summarized financial position of derivative financial instruments: (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments assets | R$ 85283 | R$ 377990 |
Derivative financial instruments assets, Current | 83,144 | 377,756 |
Derivative financial instruments assets, Non-current | 2,139 | 234 |
Derivative financial instruments liabilities | (222,224) | (385,696) |
Derivative financial instruments liabilities | 222,224 | 385,696 |
Derivative financial instruments liabilities, Current | (186,147) | (384,969) |
Derivative financial instruments liabilities, Non-current | (36,077) | (727) |
Cash Flow Hedges Derivative Instruments [Member] | Currency Risk 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments assets | 15,931 | 177,208 |
Derivative financial instruments liabilities | (82,654) | (81,650) |
Derivative financial instruments liabilities | 82,654 | 81,650 |
Cash Flow Hedges Derivative Instruments [Member] | Commodity price risk [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments assets | 37,349 | 125,304 |
Derivative financial instruments liabilities | (94,094) | (269,361) |
Derivative financial instruments liabilities | 94,094 | 269,361 |
Not Designated Cash Flow Hedges [Member] | Currency Risk 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments assets | 29,864 | 75,478 |
Derivative financial instruments liabilities | (9,399) | (20,036) |
Derivative financial instruments liabilities | 9,399 | 20,036 |
Not Designated Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments assets | 2,139 | |
Derivative financial instruments liabilities | (14,649) | |
Derivative financial instruments liabilities | R$ 14649 | |
Designated Cash Flow Hedges [Member] | Interest Rate Deriatives [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Derivative financial instruments liabilities | (36,077) | |
Derivative financial instruments liabilities | R$ 36077 |
The information used in the pre
The information used in the preparation of the analysis is based on the position as of September 30, 2021, which has been described in the items above. The future results may diverge significantly of the estimated values if the reality presents different (Details) R$ in Thousands | 9 Months Ended |
Sep. 30, 2021BRL (R$)Number | |
Scenario One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 526 |
Scenario One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 390 |
Scenario One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,720) |
Scenario One [Member] | Collar [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,810) |
Scenario One [Member] | Collar [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,547) |
Scenario One [Member] | Collar [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 40,052 |
Scenario One [Member] | Cost Of Sales One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,160 |
Scenario One [Member] | Cost Of Sales One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 63,940 |
Scenario One [Member] | Cost Of Sales One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,937 |
Scenario One [Member] | Cost Of Sales One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (48,318) |
Scenario One [Member] | Cost Of Sales One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (266,037) |
Scenario One [Member] | N D F One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 3,505 |
Scenario One [Member] | N D F One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (62,130) |
Scenario One [Member] | N D F One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 48,318 |
Scenario One [Member] | N D F One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 219,671 |
Scenario Two [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 501 |
Scenario Two [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (145) |
Scenario Two [Member] | Collar [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (905) |
Scenario Two [Member] | Collar [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (968) |
Scenario Two [Member] | Collar [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 20,741 |
Scenario Two [Member] | Cost Of Sales One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 580 |
Scenario Two [Member] | Cost Of Sales One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 31,970 |
Scenario Two [Member] | Cost Of Sales One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 968 |
Scenario Two [Member] | Cost Of Sales One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (24,159) |
Scenario Two [Member] | Cost Of Sales One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (133,018) |
Scenario Two [Member] | N D F One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,753 |
Scenario Two [Member] | N D F One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (31,065) |
Scenario Two [Member] | N D F One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 24,159 |
Scenario Two [Member] | N D F One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 109,835 |
Scenario Three [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 486 |
Scenario Three [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 671 |
Scenario Three [Member] | Collar [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (362) |
Scenario Three [Member] | Collar [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (387) |
Scenario Three [Member] | Collar [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 9,025 |
Scenario Three [Member] | Cost Of Sales One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 232 |
Scenario Three [Member] | Cost Of Sales One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 12,788 |
Scenario Three [Member] | Cost Of Sales One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 387 |
Scenario Three [Member] | Cost Of Sales One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (9,664) |
Scenario Three [Member] | Cost Of Sales One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (53,207) |
Scenario Three [Member] | N D F One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 701 |
Scenario Three [Member] | N D F One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (12,426) |
Scenario Three [Member] | N D F One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 9,664 |
Scenario Three [Member] | N D F One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 43,934 |
Scenario Four [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (379) |
Scenario Four [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (124) |
Scenario Four [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 3,684 |
Scenario Four [Member] | Collar [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 238 |
Scenario Four [Member] | Collar [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 387 |
Scenario Four [Member] | Collar [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (5,087) |
Scenario Four [Member] | Cost Of Sales One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (232) |
Scenario Four [Member] | Cost Of Sales One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (12,788) |
Scenario Four [Member] | Cost Of Sales One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (387) |
Scenario Four [Member] | Cost Of Sales One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 9,664 |
Scenario Four [Member] | Cost Of Sales One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 53,207 |
Scenario Four [Member] | N D F One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (701) |
Scenario Four [Member] | N D F One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 12,426 |
Scenario Four [Member] | N D F One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (9,664) |
Scenario Four [Member] | N D F One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (43,934) |
Scenario Five [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (395) |
Scenario Five [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (368) |
Scenario Five [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 9,465 |
Scenario Five [Member] | Collar [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 537 |
Scenario Five [Member] | Collar [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 968 |
Scenario Five [Member] | Collar [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (13,216) |
Scenario Five [Member] | Collar [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (109,835) |
Scenario Five [Member] | Cost Of Sales One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (580) |
Scenario Five [Member] | Cost Of Sales One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (31,970) |
Scenario Five [Member] | Cost Of Sales One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (968) |
Scenario Five [Member] | Cost Of Sales One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 24,159 |
Scenario Five [Member] | Cost Of Sales One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 133,018 |
Scenario Five [Member] | N D F One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,753) |
Scenario Five [Member] | N D F One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 31,065 |
Scenario Five [Member] | N D F One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (24,159) |
Scenario Six [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (419) |
Scenario Six [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (441) |
Scenario Six [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 13,336 |
Scenario Six [Member] | Collar [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,369 |
Scenario Six [Member] | Collar [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,937 |
Scenario Six [Member] | Collar [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (32,528) |
Scenario Six [Member] | Cost Of Sales One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,160) |
Scenario Six [Member] | Cost Of Sales One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (63,940) |
Scenario Six [Member] | Cost Of Sales One [Member] | Soybean Oil C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,937) |
Scenario Six [Member] | Cost Of Sales One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 48,318 |
Scenario Six [Member] | Cost Of Sales One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 266,037 |
Scenario Six [Member] | N D F One [Member] | Soy Grain C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (3,505) |
Scenario Six [Member] | N D F One [Member] | Soybean Meal C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 62,130 |
Scenario Six [Member] | N D F One [Member] | Corn C B O T [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (48,318) |
Scenario Six [Member] | N D F One [Member] | Corn B 3 [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 219671 |
United States of America, Dollars | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 5.4394 |
United States of America, Dollars | Scenario One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 2.7197 |
Monetary Assets and Liabilities | R$ 3433220 |
Derivative Instruments - Not designated | (3,156,437) |
Net effect | 276,783 |
Net effect on operating results | (5,797) |
United States of America, Dollars | Scenario One [Member] | Revenue In U S D [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,865,518) |
United States of America, Dollars | Scenario One [Member] | N D F [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,036,206 |
United States of America, Dollars | Scenario One [Member] | Collar [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 222,657 |
United States of America, Dollars | Scenario One [Member] | Loans Designated [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 600,858 |
United States of America, Dollars | Scenario One [Member] | Cost Of Sales One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (274,059) |
United States of America, Dollars | Scenario One [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 274059 |
United States of America, Dollars | Scenario Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 4.0796 |
Monetary Assets and Liabilities | R$ 1716610 |
Derivative Instruments - Not designated | (1,578,218) |
Net effect | 138,392 |
Net effect on operating results | (5,798) |
United States of America, Dollars | Scenario Two [Member] | Revenue In U S D [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (932,759) |
United States of America, Dollars | Scenario Two [Member] | N D F [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 518,103 |
United States of America, Dollars | Scenario Two [Member] | Collar [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 108,429 |
United States of America, Dollars | Scenario Two [Member] | Loans Designated [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 300,429 |
United States of America, Dollars | Scenario Two [Member] | Cost Of Sales One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (137,030) |
United States of America, Dollars | Scenario Two [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 137030 |
United States of America, Dollars | Scenario Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 4.8955 |
Monetary Assets and Liabilities | R$ 686644 |
Derivative Instruments - Not designated | (631,287) |
Net effect | 55,357 |
Net effect on operating results | (5,798) |
United States of America, Dollars | Scenario Three [Member] | Revenue In U S D [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (373,104) |
United States of America, Dollars | Scenario Three [Member] | N D F [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 207,241 |
United States of America, Dollars | Scenario Three [Member] | Collar [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 39,893 |
United States of America, Dollars | Scenario Three [Member] | Loans Designated [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 120,172 |
United States of America, Dollars | Scenario Three [Member] | Cost Of Sales One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (54,812) |
United States of America, Dollars | Scenario Three [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 54812 |
United States of America, Dollars | Scenario Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 5.9833 |
Monetary Assets and Liabilities | R$ 686644 |
Derivative Instruments - Not designated | 631,287 |
Net effect | (55,357) |
Net effect on operating results | 22,349 |
United States of America, Dollars | Scenario Four [Member] | Revenue In U S D [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 373,104 |
United States of America, Dollars | Scenario Four [Member] | N D F [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (207,241) |
United States of America, Dollars | Scenario Four [Member] | Collar [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (23,342) |
United States of America, Dollars | Scenario Four [Member] | Loans Designated [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (120,172) |
United States of America, Dollars | Scenario Four [Member] | Cost Of Sales One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 54,812 |
United States of America, Dollars | Scenario Four [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 54812 |
United States of America, Dollars | Scenario Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 6.7993 |
Monetary Assets and Liabilities | R$ 1716610 |
Derivative Instruments - Not designated | 1,578,218 |
Net effect | (138,392) |
Net effect on operating results | 25,839 |
United States of America, Dollars | Scenario Five [Member] | Revenue In U S D [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 932,759 |
United States of America, Dollars | Scenario Five [Member] | N D F [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (518,103) |
United States of America, Dollars | Scenario Five [Member] | Collar [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (88,388) |
United States of America, Dollars | Scenario Five [Member] | Loans Designated [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (300,429) |
United States of America, Dollars | Scenario Five [Member] | Cost Of Sales One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 137,030 |
United States of America, Dollars | Scenario Five [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 137030 |
United States of America, Dollars | Scenario Six [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 8.1591 |
Monetary Assets and Liabilities | R$ 3433220 |
Derivative Instruments - Not designated | 3,156,437 |
Net effect | (276,783) |
Net effect on operating results | 25,839 |
United States of America, Dollars | Scenario Six [Member] | Revenue In U S D [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 1,865,518 |
United States of America, Dollars | Scenario Six [Member] | N D F [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (1,036,206) |
United States of America, Dollars | Scenario Six [Member] | Collar [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (202,615) |
United States of America, Dollars | Scenario Six [Member] | Loans Designated [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | (600,858) |
United States of America, Dollars | Scenario Six [Member] | Cost Of Sales One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | 274,059 |
United States of America, Dollars | Scenario Six [Member] | N D F One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Net effect on operating results | R$ 274059 |
Euro Member Countries, Euro | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 6.2983 |
Euro Member Countries, Euro | Scenario One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 3.1492 |
Monetary Assets and Liabilities | R$ 820571 |
Derivative Instruments - Not designated | (786,712) |
Net effect | R$ 33859 |
Euro Member Countries, Euro | Scenario Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 4.7237 |
Monetary Assets and Liabilities | R$ 410286 |
Derivative Instruments - Not designated | (393,356) |
Net effect | R$ 16930 |
Euro Member Countries, Euro | Scenario Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 5.6685 |
Monetary Assets and Liabilities | R$ 164114 |
Derivative Instruments - Not designated | (157,342) |
Net effect | R$ 6772 |
Euro Member Countries, Euro | Scenario Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 6.9281 |
Monetary Assets and Liabilities | R$ 164114 |
Derivative Instruments - Not designated | 157,342 |
Net effect | R$ 6772 |
Euro Member Countries, Euro | Scenario Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 7.8729 |
Monetary Assets and Liabilities | R$ 410286 |
Derivative Instruments - Not designated | 393,356 |
Net effect | R$ 16930 |
Euro Member Countries, Euro | Scenario Six [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 9.4475 |
Monetary Assets and Liabilities | R$ 820571 |
Derivative Instruments - Not designated | 786,712 |
Net effect | R$ 33859 |
Japan, Yen | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0488 |
Japan, Yen | Scenario One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0244 |
Monetary Assets and Liabilities | R$ 102161 |
Derivative Instruments - Not designated | 60,975 |
Net effect | R$ 41186 |
Japan, Yen | Scenario Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0366 |
Monetary Assets and Liabilities | R$ 51080 |
Derivative Instruments - Not designated | 30,488 |
Net effect | R$ 20592 |
Japan, Yen | Scenario Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0439 |
Monetary Assets and Liabilities | R$ 20432 |
Derivative Instruments - Not designated | 12,195 |
Net effect | R$ 8237 |
Japan, Yen | Scenario Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0537 |
Monetary Assets and Liabilities | R$ 20432 |
Derivative Instruments - Not designated | (12,195) |
Net effect | R$ 8237 |
Japan, Yen | Scenario Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0610 |
Monetary Assets and Liabilities | R$ 51080 |
Derivative Instruments - Not designated | (30,488) |
Net effect | R$ 20592 |
Japan, Yen | Scenario Six [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0732 |
Monetary Assets and Liabilities | R$ 102161 |
Derivative Instruments - Not designated | (60,975) |
Net effect | R$ 41186 |
Turkey, New Lira | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.6124 |
Turkey, New Lira | Scenario One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.3062 |
Monetary Assets and Liabilities | R$ 120516 |
Net effect | R$ 120516 |
Turkey, New Lira | Scenario Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.4593 |
Monetary Assets and Liabilities | R$ 60258 |
Net effect | R$ 60258 |
Turkey, New Lira | Scenario Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.5512 |
Monetary Assets and Liabilities | R$ 24103 |
Net effect | R$ 24103 |
Turkey, New Lira | Scenario Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.6736 |
Monetary Assets and Liabilities | R$ 24103 |
Net effect | R$ 24103 |
Turkey, New Lira | Scenario Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.7655 |
Monetary Assets and Liabilities | R$ 60258 |
Net effect | R$ 60258 |
Turkey, New Lira | Scenario Six [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.9186 |
Monetary Assets and Liabilities | R$ 120516 |
Net effect | R$ 120516 |
Angola, Kwanza | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0091 |
Angola, Kwanza | Scenario One [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0045 |
Monetary Assets and Liabilities | R$ 131504 |
Net effect | R$ 131504 |
Angola, Kwanza | Scenario Two [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0068 |
Monetary Assets and Liabilities | R$ 65752 |
Net effect | R$ 65752 |
Angola, Kwanza | Scenario Three [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0082 |
Monetary Assets and Liabilities | R$ 26301 |
Net effect | R$ 26301 |
Angola, Kwanza | Scenario Four [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0100 |
Monetary Assets and Liabilities | R$ 26301 |
Net effect | R$ 26301 |
Angola, Kwanza | Scenario Five [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0113 |
Monetary Assets and Liabilities | R$ 65752 |
Net effect | R$ 65752 |
Angola, Kwanza | Scenario Six [Member] | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | |
Base | Number | 0.0136 |
Monetary Assets and Liabilities | R$ 131504 |
Net effect | R$ 131504 |
Schedule of financial instrumen
Schedule of financial instruments by category (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets fair value through profit and loss | R$ 358148 | R$ 329202 |
Liabilities amortized cost | (28,872,646) | (26,240,096) |
Liabilities fair value | (26,503,597) | (20,614,154) |
Liabilities fair value through profit and loss | 2,355,759 | 5,583,913 |
Liabilities at fair value through other comprehensive income - Equity instruments | 13,290 | 42,029 |
Trade Accounts Payable [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities amortized cost | (11,089,196) | (9,009,987) |
Liabilities fair value | (11,089,196) | (9,009,987) |
Supply Chain Finance [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities amortized cost | (1,889,219) | (1,452,637) |
Liabilities fair value | (1,889,219) | (1,452,637) |
Loans And Financing [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities amortized cost | (21,782,488) | (22,404,426) |
Liabilities fair value | (24,178,602) | (22,404,426) |
Derivatives Not Designated [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets fair value | 29,864 | 75,478 |
Assets fair value through profit and loss | 29,864 | 75,478 |
Liabilities fair value | (9,399) | (34,685) |
Liabilities fair value through profit and loss | (9,399) | (34,685) |
Cash And Bank Accounts [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets amortized cost | 2,203,097 | 2,439,072 |
Assets fair value | 2,203,097 | 2,439,072 |
Cash Equivalents 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets fair value | 4,686,747 | 5,137,553 |
Assets fair value through profit and loss | 4,686,747 | 5,137,553 |
Marketable Securities [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets amortized cost | 347,650 | 287,504 |
Assets fair value | 719,088 | 658,735 |
Assets fair value through profit and loss | 358,148 | 329,202 |
Assets at fair value through other comprehensive income - Equity instruments | 13,290 | 42,029 |
Restricted Cash [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets amortized cost | 24,530 | 24,358 |
Assets fair value | 24,530 | 24,358 |
Trade receivables [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets amortized cost | 3,236,504 | 3,789,616 |
Assets fair value | 3,552,161 | 4,099,881 |
Assets fair value through profit and loss | 315,657 | 310,265 |
Other Receivables [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets amortized cost | 76,476 | 86,404 |
Assets fair value | 76,476 | 86,404 |
Derivatives Designated As Hedge Accounting [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Assets fair value | 55,419 | 302,512 |
Assets fair value through profit and loss | 55,419 | 302,512 |
Liabilities fair value | (212,825) | (351,011) |
Liabilities fair value through profit and loss | (212,825) | (351,011) |
Written Option Business Combination [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Liabilities fair value | (471,738) | (185,401) |
Liabilities fair value through profit and loss | R$ 471738 | R$ 185401 |
The table below presents the ov
The table below presents the overall classification of financial instruments measured at fair value by measurement hierarchy. For the nine-month period ended on September 30, 2021, there were no changes among the 3 levels of hierarchy. (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | R$ 358148 | R$ 329202 |
Financial liabilities, fair value through profit and loss | 2,355,759 | 5,583,913 |
Total | 2,369,049 | 5,625,942 |
Stocks [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through other comprehensive income | 13,290 | 42,029 |
Savings Account And Overnight [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 600,449 | 1,220,232 |
Term Deposits [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 250,189 | |
Bank deposit certificates [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 4,082,178 | 3,662,448 |
Financial Treasury Bills [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 318,893 | 312,515 |
Investment funds [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 43,375 | 21,371 |
Trade Accounts Receivable 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 315,657 | 310,265 |
Derivatives [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 85,283 | 377,990 |
Financial liabilities, fair value through profit and loss | (222,224) | (385,696) |
Exchange rate variation on other liabilities | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial liabilities, fair value through profit and loss | (2,396,114) | |
Written Option Business Combination [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial liabilities, fair value through profit and loss | (471,738) | (185,401) |
Level 1 of fair value hierarchy [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Total | 976,007 | 1,846,336 |
Level 1 of fair value hierarchy [member] | Stocks [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through other comprehensive income | 13,290 | 42,029 |
Level 1 of fair value hierarchy [member] | Savings Account And Overnight [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 600,449 | 1,220,232 |
Level 1 of fair value hierarchy [member] | Term Deposits [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 250,189 | |
Level 1 of fair value hierarchy [member] | Financial Treasury Bills [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 318,893 | 312,515 |
Level 1 of fair value hierarchy [member] | Investment funds [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 43,375 | 21,371 |
Level 2 of fair value hierarchy [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Total | 1,864,780 | 3,965,007 |
Level 2 of fair value hierarchy [member] | Bank deposit certificates [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 4,082,178 | 3,662,448 |
Level 2 of fair value hierarchy [member] | Trade Accounts Receivable 1 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 315,657 | 310,265 |
Level 2 of fair value hierarchy [member] | Derivatives [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial assets, fair value through profit and loss | 85,283 | 377,990 |
Financial liabilities, fair value through profit and loss | (222,224) | (385,696) |
Level 2 of fair value hierarchy [member] | Exchange rate variation on other liabilities | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial liabilities, fair value through profit and loss | (2,396,114) | |
Level 3 of fair value hierarchy [member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Total | (471,738) | (185,401) |
Level 3 of fair value hierarchy [member] | Written Option Business Combination [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial liabilities, fair value through profit and loss | R$ 471738 | R$ 185401 |
Schedule of comparison between
Schedule of comparison between book value and fair value of financial instruments (Details) - BRL (R$) R$ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Financial liabilities, book value | R$ 19167550 | R$ 17851998 |
Financial liabilities, fair value | (26,503,597) | (20,614,154) |
[custom:FinancialLiabilitiesAtFairValueOne-0] | R$ 19344096 | (19,252,869) |
B R Fbonds B R F S A B R F S B Z 5 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2022 | |
Financial liabilities, book value | R$ 392757 | (367,714) |
Financial liabilities, fair value | R$ 405968 | (389,611) |
B R Fbonds B R F S A B R F S B Z 4 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2024 | |
Financial liabilities, book value | R$ 1633188 | (1,538,086) |
Financial liabilities, fair value | R$ 1726110 | (1,659,891) |
B R Fbonds B R F S A B R F S B Z 3 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2023 | |
Financial liabilities, book value | R$ 1283410 | (1,207,468) |
Financial liabilities, fair value | R$ 1329486 | (1,275,598) |
B R Fbonds B R F S A B R F S B Z 2 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2022 | |
Financial liabilities, book value | R$ 1060043 | (1,081,404) |
Financial liabilities, fair value | R$ 1072548 | (1,105,478) |
B R Fbonds B R F S A B R F S B Z 478 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2030 | |
Financial liabilities, book value | R$ 3760174 | (3,951,539) |
Financial liabilities, fair value | R$ 3817461 | (4,333,054) |
B R Fbonds B R F S A B R F S B Z 534 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2050 | |
Financial liabilities, book value | R$ 4234323 | (4,106,115) |
Financial liabilities, fair value | R$ 4182534 | (4,705,851) |
Debentures [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2026 | |
Financial liabilities, book value | R$ 815842 | (771,138) |
Financial liabilities, fair value | R$ 817075 | (778,016) |
Debentures One [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2030 | |
Financial liabilities, book value | R$ 2292024 | (2,250,867) |
Financial liabilities, fair value | R$ 2297006 | (2,225,796) |
Debentures Two [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2031 | |
Financial liabilities, book value | R$ 1018992 | |
Financial liabilities, fair value | R$ 882766 | |
B R F Gmb Hbonds B R F S A B R F S B Z 4 [Member] | ||
DisclosureOfFinancialInstrumentsAndRisksManagementLineItems [Line Items] | ||
Maturity | 2026 | |
Financial liabilities, book value | R$ 2676797 | (2,577,667) |
Financial liabilities, fair value | R$ 2813142 | R$ 2779574 |
FINANCIAL INSTRUMENTS AND RIS_3
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details Narrative) - BRL (R$) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financial investment | R$ 100000 | R$ 100000 | |||
Percentage of long term gross debt | 87.51% | 93.66% | |||
Gain (loss) in financial results | R$ 352790 | R$ 143421 | R$ 278618 | R$ 533774 |
Schedule of net sales for each
Schedule of net sales for each operating segment (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure of operating segments [line items] | ||||
NET SALES | R$ 12389985 | R$ 9942591 | R$ 34618863 | R$ 27995582 |
Other Segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 549,238 | 341,516 | 1,318,839 | 873,508 |
Domestic [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 6,392,041 | 5,291,705 | 17,602,262 | 14,589,716 |
Domestic [Member] | In Natura [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 1,634,165 | 1,251,395 | 4,380,670 | 3,601,927 |
Domestic [Member] | Poultry [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 1,255,312 | 907,235 | 3,324,314 | 2,670,960 |
Domestic [Member] | Pork And Other [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 378,853 | 344,160 | 1,056,356 | 930,967 |
Domestic [Member] | Processed Foods [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 4,740,367 | 4,032,656 | 13,167,042 | 10,966,468 |
Domestic [Member] | Other Sales [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 17,509 | 7,654 | 54,550 | 21,321 |
International [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 5,448,706 | 4,309,370 | 15,697,762 | 12,532,358 |
International [Member] | In Natura [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 4,642,946 | 3,635,187 | 13,250,947 | 10,651,454 |
International [Member] | Poultry [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 4,047,027 | 3,016,452 | 11,291,729 | 8,994,799 |
International [Member] | Pork And Other [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 595,919 | 618,735 | 1,959,218 | 1,656,655 |
International [Member] | Processed Foods [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | 758,768 | 589,996 | 2,162,453 | 1,664,171 |
International [Member] | Other Sales [Member] | ||||
Disclosure of operating segments [line items] | ||||
NET SALES | R$ 46992 | R$ 84187 | R$ 284362 | R$ 216733 |
Schedule of operating income fo
Schedule of operating income for each operating segment (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure of operating segments [line items] | ||||
Total | R$ 730480 | R$ 744077 | R$ 1938713 | R$ 2090379 |
Corporate 1 [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | (3,898) | (85,505) | 71,393 | (183,839) |
Other Segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 105,017 | 62,496 | 282,076 | 122,654 |
Sub Total [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 734,378 | 829,582 | 1,867,320 | 2,274,218 |
Domestic [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 515,846 | 566,784 | 1,015,749 | 1,282,928 |
International [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | R$ 113515 | R$ 200302 | R$ 569495 | R$ 868636 |
Schedule of composition of the
Schedule of composition of the main effects not allocated to the operating segments (Details) - Corporate 1 [Member] - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure of operating segments [line items] | ||||
Total | R$ 3898 | R$ 85505 | R$ 71393 | R$ 183839 |
Expenses C O V I D 19 [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | (23,386) | (40,568) | (48,382) | (66,828) |
Investigations Involving The Company [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | (412) | (4,027) | (8,554) | (28,099) |
Expenses With Demobilization [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | (634) | (5,034) | (3,654) | (5,034) |
Impairment and result in the sale of investments [member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 52,557 | 76,147 | (6,763) | |
Reversal provision for tax and civil contingencies [member] | ||||
Disclosure of operating segments [line items] | ||||
Total | (35,230) | (5,350) | 39,695 | (65,239) |
Results with sale and disposal of fixed assets [member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 4,173 | (5,544) | 16,258 | (11,531) |
Results With Disposal Of Businesses [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | (26,943) | (26,943) | ||
Arbitration reversal [member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 14,520 | |||
Restructuring Plan [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | 13 | |||
Others [Member] | ||||
Disclosure of operating segments [line items] | ||||
Total | R$ 966 | R$ 1961 | R$ 117 | R$ 12065 |
Schedule of goodwill and intang
Schedule of goodwill and intangible assets arising from business combination (Details) - BRL (R$) R$ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | |||
Goodwill | R$ 4031431 | R$ 2935577 | |
Trademarks | 1,306,261 | 1,327,738 | |
Total | 6,245,045 | 5,220,102 | R$ 4908079 |
Other Segments [Member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 1,011,828 | ||
Trademarks | 298 | ||
Total | 1,012,126 | ||
Domestic [Member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 1,151,498 | 1,151,498 | |
Trademarks | 982,478 | 982,478 | |
Total | 2,133,976 | 2,133,976 | |
International [Member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 1,868,105 | 1,784,079 | |
Trademarks | 323,485 | 345,260 | |
Total | R$ 2191590 | R$ 2129339 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Percentage of net sales | 5.00% | 5.00% |
Schedule of net sales (Details)
Schedule of net sales (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
DisclosureOfNetSalesLineItems [Line Items] | ||||
Gross sales | R$ 14382174 | R$ 11526582 | R$ 40102810 | R$ 32427868 |
Sales deductions | (1,992,189) | (1,583,991) | (5,483,947) | (4,432,286) |
Net sales | 12,389,985 | 9,942,591 | 34,618,863 | 27,995,582 |
Other Segments [Member] | ||||
DisclosureOfNetSalesLineItems [Line Items] | ||||
Gross sales | 625,962 | 378,246 | 1,473,572 | 968,825 |
Sales deductions | (76,724) | (36,730) | (154,733) | (95,317) |
Net sales | 549,238 | 341,516 | 1,318,839 | 873,508 |
Domestic [Member] | ||||
DisclosureOfNetSalesLineItems [Line Items] | ||||
Gross sales | 7,916,297 | 6,512,264 | 21,802,401 | 18,018,393 |
Sales deductions | (1,524,256) | (1,220,559) | (4,200,139) | (3,428,677) |
Net sales | 6,392,041 | 5,291,705 | 17,602,262 | 14,589,716 |
International [Member] | ||||
DisclosureOfNetSalesLineItems [Line Items] | ||||
Gross sales | 5,839,915 | 4,636,072 | 16,826,837 | 13,440,650 |
Sales deductions | (391,209) | (326,702) | (1,129,075) | (908,292) |
Net sales | R$ 5448706 | R$ 4309370 | R$ 15697762 | R$ 12532358 |
Schedule of other operating inc
Schedule of other operating income (expense) (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Recovery of expenses | [1] | R$ 16136 | R$ 83114 | R$ 85372 | R$ 318172 |
Provision reversal | 809 | 1,756 | 809 | 72,381 | |
Scrap sales | 3,317 | 3,111 | 9,273 | 8,672 | |
Provision for civil and tax risks | (32,202) | (13,719) | 42,518 | (79,238) | |
Other employees benefits | (8,225) | (6,862) | (22,637) | (22,512) | |
Insurance claims costs | (16,741) | (877) | (28,023) | (3,394) | |
Gains (losses) on the disposal of non-financial assets | 53,761 | (16,874) | 89,775 | (24,026) | |
Employee participation and bonuses | (36,200) | (41,678) | (65,255) | (159,669) | |
Demobilization expenses | (634) | (8,534) | (3,654) | (14,790) | |
Expected credit losses in other receivables | 1,831 | 32 | 742 | (3,125) | |
Other | [2] | (3,451) | (12,662) | (5,339) | (1,228) |
OTHER OPERATING INCOME (EXPENSES), NET | R$ 21599 | R$ 13193 | R$ 103581 | R$ 91243 | |
[1] | Includes recovery of PIS and COFINS taxes on inputs in the amount of R$27,280 and effects of the final decision related to the exclusion of ICMS from the PIS and COFINS calculation basis of Batávia and UP! Alimentos Ltda. in the amount of R$40,501 (note 9.1) for the nine-month period ended on September 30, 2021 (R$295,593 of recovery of PIS and COFINS taxes on inputs in the same period of previous year). | ||||
[2] | Includes expenditures with investigations (note 1.5). |
Schedule of finance income (Det
Schedule of finance income (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Financial income | |||||
Interest on cash and cash equivalents | R$ 46831 | R$ 34938 | R$ 104195 | R$ 85967 | |
Income with marketable securities | 14,082 | 6,530 | 32,100 | 51,917 | |
Fair value through other comprehensive income | 84 | 538 | |||
Fair value through profit and loss | 3,888 | 1,588 | 7,884 | 7,304 | |
Amortized cost | 10,194 | 4,858 | 24,216 | 44,075 | |
Interest on recoverable taxes | [1] | 60,908 | 18,723 | 172,869 | 99,063 |
Interest on other assets | 11,985 | 12,511 | 31,119 | 30,466 | |
Financial income | 133,806 | 72,702 | 340,283 | 267,413 | |
Financial expenses | |||||
Interests on loans and borrowings | (361,115) | (490,955) | (1,216,925) | (1,122,525) | |
Interest on contingencies | (64,696) | (25,004) | (185,584) | (110,581) | |
Interest on leases | (48,555) | (50,829) | (165,536) | (154,692) | |
Interest on actuarial liabilities | (11,181) | (10,178) | (33,810) | (30,541) | |
Interest on other liabilities | 2,278 | 4,030 | 1,927 | 9,414 | |
Written option - Business combination | (352,790) | 143,421 | (278,618) | 533,774 | |
Adjustment to present value | (170,911) | (109,760) | (457,011) | (291,258) | |
Other | (40,219) | (52,391) | (135,321) | (161,170) | |
Financial expenses | (1,047,189) | (591,666) | (2,470,878) | (1,327,579) | |
Foreign exchange and monetary variations | |||||
Exchange rate variation on monetary assets and liabilities | (625,672) | 4,420 | (359,457) | (1,529,314) | |
Derivative results | 554,097 | 78,125 | 143,076 | 1,356,289 | |
Monetary, exchange and derivative results, net | (71,575) | 82,545 | (216,381) | (173,025) | |
Financial income (expenses), net | R$ 984958 | R$ 436419 | R$ 2346976 | R$ 1233191 | |
[1] | For the nine-month period ended on September 30, 2021, the effect includes the final decision related to the exclusion of ICMS from the PIS and COFINS calculation basis from Batávia and UP! Alimentos Ltda. (note 9) in the amount of R$50,434 (null in the same period of the previous year). |
The Company discloses its state
The Company discloses its statement of income by function and thus presents below the details by nature: (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Costs of sales | |||||
Raw materials and supplies | [1] | R$ 7370370 | R$ 5417106 | R$ 20634986 | R$ 15140087 |
Salaries and employees benefits | 1,106,742 | 1,060,402 | 3,210,703 | 3,007,577 | |
Depreciation | 529,589 | 466,876 | 1,537,582 | 1,379,928 | |
Amortization | 32,106 | 40,500 | 103,626 | 98,083 | |
Other | 726,496 | 613,249 | 2,086,342 | 1,793,580 | |
Costs of sales | 9,765,303 | 7,598,133 | 27,573,239 | 21,419,255 | |
Sales expenses | |||||
Indirect and direct logistics expenses | 835,633 | 619,365 | 2,251,726 | 1,827,774 | |
Marketing | 166,046 | 137,473 | 482,650 | 427,706 | |
Salaries and employees benefits | 362,960 | 363,920 | 1,059,427 | 1,035,654 | |
Depreciation | 81,781 | 49,703 | 273,804 | 160,816 | |
Amortization | 21,971 | 27,454 | 76,121 | 70,166 | |
Other | 179,370 | 168,554 | 481,171 | 489,576 | |
Sales expenses | 1,647,761 | 1,366,469 | 4,624,899 | 4,011,692 | |
Administrative expenses | |||||
Salaries and employees benefits | 92,080 | 91,931 | 276,389 | 247,770 | |
Fees | 14,977 | 12,387 | 39,801 | 41,600 | |
Depreciation | 8,176 | 13,917 | 34,882 | 35,544 | |
Amortization | 7,212 | 13,255 | 30,278 | 28,968 | |
Other | 99,262 | 85,858 | 192,616 | 196,491 | |
Administrative expenses | R$ 221707 | R$ 217348 | R$ 573966 | R$ 550373 | |
[1] | Includes recoveries of PIS and COFINS taxes on inputs and export credits in the amount of R$43,817 for the nine-month period ended on September 30, 2021 (null in the same period of the previous year). |
Schedule of transaction and bal
Schedule of transaction and balances of other parties (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Disclosure of transactions between related parties [line items] | ||||||
Other current receivables | R$ 17706 | R$ 17706 | ||||
Current trade payables | 11,077,197 | 11,077,197 | R$ 8996206 | |||
Revenue | 12,389,985 | R$ 9942591 | 34,618,863 | R$ 27995582 | ||
[custom:Purchase] | [1] | (151,437) | (205,967) | |||
[custom:Revenue1] | [1] | 33,227 | 43,326 | |||
Marfrig Global Foods [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Other current receivables | 4,813 | 4,813 | ||||
Current trade payables | (21,708) | (21,708) | ||||
Revenue | [1] | 12,982 | 20,925 | |||
[custom:Purchase] | [1] | (96,907) | (151,437) | |||
Marfrig Chile [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Other current receivables | 610 | 610 | ||||
Revenue | [1] | 899 | 3,055 | |||
Quick Foods [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Other current receivables | 12,184 | 12,184 | ||||
Revenue | [1] | 19,207 | 19,207 | |||
Marfrig Alimentos [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Other current receivables | 99 | 99 | ||||
Revenue | [1] | 139 | 139 | |||
[custom:Purchase] | [1] | R$ 54530 | R$ 54530 | |||
[1] | The period ranges from May 21,2021 to September 30, 2021. |
STATEMENT OF INCOME BY NATURE_2
STATEMENT OF INCOME BY NATURE (Details Narrative) - BRL (R$) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Incurred in expenses | R$ 10385 | R$ 17041 | R$ 30840 | R$ 48228 |
Schedule of total remuneration
Schedule of total remuneration and benefits paid to professionals (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Salary and profit sharing | R$ 14930 | R$ 14064 | R$ 46117 | R$ 49669 | |
Short-term benefits | [1] | 76 | 680 | 500 | 2,291 |
Private pension | 282 | 304 | 872 | 1,200 | |
Termination benefits | 200 | 2,104 | 1,698 | 6,507 | |
Share-based payment | 7,668 | 5,561 | 21,854 | 13,955 | |
Total remuneration and benefits paid to professionals | R$ 23156 | R$ 22713 | R$ 71041 | R$ 73622 | |
[1] | Comprises: medical assistance, educational expenses and others. |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) - BRL (R$) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash | R$ 2203097000 | R$ 2203097000 | R$ 2439072000 | ||
Weighted average rate | 3.94% | 3.94% | 3.01% | ||
lease payments | R$ 5202000 | R$ 4882000 | R$ 15410000 | R$ 14646000 | |
Management remuneration - non-statutory | R$ 6257000 | R$ 6304000 | R$ 19484000 | R$ 15739000 |
The firm commitments schedule i
The firm commitments schedule is set forth below: (Details) R$ in Thousands | Sep. 30, 2021BRL (R$) |
Commitments | |
Current | R$ 5508563 |
Non-current | 1,996,385 |
October to December 2022 | 425,407 |
2023 | 704,311 |
2024 | 289,910 |
2025 | 173,878 |
2026 onwards | 402,879 |
Total | R$ 7504948 |
TRANSACTIONS THAT DO NOT INVO_2
TRANSACTIONS THAT DO NOT INVOLVE CASH (Details Narrative) - BRL (R$) R$ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
DisclosureOfTransactionsThatDoNotInvolveCashLineItems [Line Items] | |||
Addition of lease | R$ 32007 | R$ 40920 | R$ 55741 |
Right-of-use assets [member] | |||
DisclosureOfTransactionsThatDoNotInvolveCashLineItems [Line Items] | |||
Addition of lease | R$ 551554 | R$ 268520 |
EVENTS AFTER THE REPORTING PE_2
EVENTS AFTER THE REPORTING PERIOD (Details Narrative) - Event After Reporting Period [Member] - BRL (R$) R$ in Thousands | Dec. 16, 2021 | Dec. 13, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | ||
Description of nature of non-adjusting event after reporting period | TBQ Foods GmbH (“TBQ”), a holding company held 60% by BRF and 40% by QIA, which holds 91.7% of the shares issued by Banvit Bandırma Vitaminli Yem Sanayi Anonim Şirketi (“Banvit”). | |
Public offering for primary distribution | R$ 325000000 | |
Total value of the offering | R$ 500000 |