UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F/A
(Amendment No. 1)
¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2017
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-15148
BRF S.A.
(Exact Name of Registrant as Specified in its charter)
N/A
(Translation of Registrant’s name into English)
Federative Republic of Brazil
(Jurisdiction of Incorporation or Organization)
R. Hungria, 1400 - 5th Floor
Jd. Europa – 01455-000
São Paulo – SP, Brazil
(Address of principal executive offices)
Lorival Nogueira Luz Júnior, Global Chief Executive and Financial and Investor Relations Officer
Tel. (5511) 2322-5005, Fax (5511) 2322-5740
R. Hungria, 1400 - 5th Floor
Jd. Europa – 01455-000
São Paulo – SP, Brazil
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
Common Shares, no par value* American Depositary Shares (as evidenced by American Depositary Receipts), each representing one share of common stock |
Name of each exchange on which registered The New York Stock Exchange The New York Stock Exchange |
____________________
* Not for trading purposes, but only in connection with the registration of American Depositary Shares representing those common shares.
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
At December 31, 2017 |
812,473,246 shares of common stock |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ¨ No x
Note- Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Emerging growth company ¨ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
¨ U.S. GAAP |
x International Financial Reporting Standards as issued by the International Accounting Standards Board |
¨ Other |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17 ¨ Item 18 ¨.
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x
EXPLANATORY NOTE
This Amendment No. 1 to the Annual Report on Form 20-F of BRF S.A. (the “Company”) amends the Company’s Annual Report on Form 20-F for the year ended December 31, 2017 (the “Original 2017 20-F”), which was filed with the Securities and Exchange Commission on April 30, 2018. The Company is filing this Amendment No. 1 solely to furnish Exhibit 101, which was not included in the Original 2017 20-F. Exhibit 101 includes information about the Company in eXtensible Business Reporting Language (XBRL).
Except as described above, this Amendment No. 1 does not amend any information set forth in the Original 2017 20-F, and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to April 30, 2018.
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and are otherwise not subject to liability under those sections.
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SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing this Amendment No. 1 to Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the annual report on Form 20-F on its behalf.
BRF S.A.
By: /s/ Lorival Nogueira Luz Júnior
Name: Lorival Nogueira Luz Júnior
Title: Global Chief Executive and Financial and Investor Relations Officer
Date: May 29, 2018
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EXHIBIT INDEX
Exhibit Number |
Description |
101.INS |
XBRL Instance Document |
101.SCH |
XBRL Taxonomy Extension Schema Document |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
5
Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Document And Entity Information | |
Entity Registrant Name | BRF S.A. |
Entity Central Index Key | 0001122491 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Trading Symbol | BRF |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 812,473,246 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2017 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - BRL (R$) R$ in Millions |
Paid-in capital [Member] |
Capital Reserve [Member] |
Treasury Shares [Member] |
Legal reserve [Member] |
Reserve for expansion [Member] |
Reserve for capital increases [Member] |
Reserve for tax incentives [Member] |
Acumulated foreign currency translation adjustments [Member] |
Available for sale marketable securities [Member] |
Gain (losses) on cash flow hedge [Member] |
Actuarial gains (losses) [Member] |
Retained earnings (losses) [Member] |
Total equity [Member] |
Non-controlling interest [Member] |
Total |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
BALANCES AT BEGINNING at Dec. 31, 2014 | R$ 12,460.5 | R$ 109.4 | R$ (304.9) | R$ 384.6 | R$ 1,901.4 | R$ 1,274.2 | R$ 385.6 | R$ (152.6) | R$ (17.3) | R$ (448.7) | R$ (1.7) | R$ 15,590.4 | R$ 99.5 | R$ 15,689.9 | |
Gain (loss) on foreign currency translation adjustments | 184.9 | 184.9 | 184.9 | ||||||||||||
Unrealized gain (loss) in available for sale marketable securities | 8.8 | 8.8 | 8.8 | ||||||||||||
Unrealized loss in cash flow hedge | (674.4) | (674.4) | (674.4) | ||||||||||||
Actuarial gains (losses) on pension and post-employment plans | 21.6 | 10.5 | 32.1 | 32.1 | |||||||||||
Net profit (loss) for the year | 3,111.2 | 3,111.2 | 19.7 | 3,130.9 | |||||||||||
SUB-TOTAL COMPREHENSIVE INCOME | 184.9 | 8.8 | (674.4) | 21.6 | 3,121.7 | 2,662.6 | 19.7 | 2,682.2 | |||||||
Dividends outstanding share at the end of year | (91.4) | (91.4) | (91.4) | ||||||||||||
Interest on shareholders' equity outstanding share at the end of year | (899.3) | (899.3) | (899.3) | ||||||||||||
Loss absorbing with legal reserve | 155.6 | (155.6) | |||||||||||||
Reserve for expansion | 1,219.4 | (1,219.4) | |||||||||||||
Loss absorbing with future capital increase | 624.3 | (624.3) | |||||||||||||
Reserve for tax incentives | 131.7 | (131.7) | |||||||||||||
Share-based payments | 67.4 | 67.4 | 67.4 | ||||||||||||
Losses on shares sold | (40.3) | (40.3) | (40.3) | ||||||||||||
Valuation of shares | 111.2 | 111.2 | 111.2 | ||||||||||||
Acquisition of non-controlling interest | (240.9) | (240.9) | (240.9) | ||||||||||||
Non-controlling interest | 199.9 | 199.9 | |||||||||||||
Treasury shares acquired | (3,765.8) | (3,765.8) | (3,765.8) | ||||||||||||
Treasury shares sold | 122.7 | 122.7 | 122.7 | ||||||||||||
BALANCES AT END at Dec. 31, 2015 | 12,460.5 | 7.0 | (3,947.9) | 540.2 | 3,120.8 | 1,898.6 | 517.2 | 32.3 | (8.5) | (1,123.2) | 19.9 | 13,516.8 | 319.1 | 13,836.0 | |
Gain (loss) on foreign currency translation adjustments | (726.1) | (726.1) | (726.1) | ||||||||||||
Unrealized gain (loss) in available for sale marketable securities | (17.5) | (17.5) | (17.5) | ||||||||||||
Unrealized loss in cash flow hedge | 547.3 | 547.3 | 547.3 | ||||||||||||
Actuarial gains (losses) on pension and post-employment plans | (14.5) | 19.1 | 4.6 | 4.6 | |||||||||||
Net profit (loss) for the year | (372.4) | (372.4) | 5.0 | (367.4) | |||||||||||
SUB-TOTAL COMPREHENSIVE INCOME | (726.1) | (17.5) | 547.3 | (14.5) | (353.3) | (564.1) | 5.0 | (559.1) | |||||||
Dividends outstanding share at the end of year | (98.2) | (98.2) | (98.2) | ||||||||||||
Interest on shareholders' equity outstanding share at the end of year | (513.2) | (513.2) | (513.2) | ||||||||||||
Loss absorbing with future capital increase | (475.8) | 475.8 | |||||||||||||
Reserve for tax incentives | 122.6 | (122.6) | |||||||||||||
Share-based payments | 75.8 | 75.8 | 75.8 | ||||||||||||
Losses on shares sold | (1.6) | (1.6) | (1.6) | ||||||||||||
Valuation of shares | (7.8) | (7.8) | (7.8) | ||||||||||||
Options forfeited | (32.4) | (32.4) | (32.4) | ||||||||||||
Non-controlling interest | 55.3 | 55.3 | |||||||||||||
Treasury shares acquired | (543.3) | (543.3) | (543.3) | ||||||||||||
Treasury shares sold | 8.0 | 8.0 | 8.0 | ||||||||||||
Treasury Shares Canceled | 3,761.3 | (3,022.6) | (738.8) | ||||||||||||
BALANCES AT END at Dec. 31, 2016 | 12,460.5 | 41.0 | (721.9) | 540.2 | 170.8 | 639.8 | (693.8) | (26.0) | (575.9) | 5.4 | (0.1) | 11,840.0 | 379.4 | 12,219.4 | |
Gain (loss) on foreign currency translation adjustments | (73.1) | (73.1) | (73.2) | ||||||||||||
Unrealized gain (loss) in available for sale marketable securities | (30.3) | (30.3) | (30.3) | ||||||||||||
Unrealized loss in cash flow hedge | 3.7 | 3.7 | 3.7 | ||||||||||||
Actuarial gains (losses) on pension and post-employment plans | (15.2) | 16.8 | 1.6 | 1.6 | |||||||||||
Net profit (loss) for the year | (1,125.6) | (1,125.6) | 26.7 | (1,098.9) | |||||||||||
SUB-TOTAL COMPREHENSIVE INCOME | (73.1) | (30.3) | 3.7 | (15.2) | (1,108.8) | (1,223.7) | 26.7 | (1,197.0) | |||||||
Loss absorbing with legal reserve | (438.8) | 438.8 | |||||||||||||
Loss absorbing with future capital increase | (30.3) | 30.3 | |||||||||||||
Reserve for tax incentives | (639.8) | 639.8 | |||||||||||||
Share-based payments | 25.6 | 25.6 | 25.6 | ||||||||||||
Acquisition of non-controlling interest | 48.5 | 48.5 | 48.5 | ||||||||||||
Non-controlling interest | 106.5 | 106.5 | |||||||||||||
Treasury shares sold | 650.4 | 650.4 | 650.4 | ||||||||||||
Losses in Treasury Shares Sold | (140.5) | (140.5) | (140.5) | ||||||||||||
BALANCES AT END at Dec. 31, 2017 | R$ 12,460.5 | R$ 115.1 | R$ (71.5) | R$ 101.4 | R$ (766.9) | R$ (56.3) | R$ (572.2) | R$ (9.8) | R$ 11,200.3 | R$ 512.6 | R$ 11,712.9 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - R$ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statement of changes in equity [abstract] | ||
Outstanding dividend per share | R$ 0.121749293 | R$ 0.112896461 |
Interest on shareholders equity per share | R$ 0.642347435 | R$ 1.086894475 |
1. COMPANY'S OPERATIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Companys Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPANY'S OPERATIONS |
1. COMPANY’S OPERATIONS
BRF S.A. (“BRF”) and its consolidated subsidiaries (collectively the “Company”) is a multinational Brazilian Company, which owns a comprehensive and diverse portfolio of products and it is one of the world’s largest producers of foods. With a focus on raising, producing and slaughtering of poultry and pork for processing, production and sale of fresh meat, processed products, pasta, sauce, mayonnaise, frozen vegetables and soybean by-products, among which the following are highlighted:
· Whole chickens and frozen cuts of chicken, turkey and pork;
· Ham products, bologna, sausages, frankfurters and other smoked products;
· Hamburgers, breaded meat products and meatballs;
· Lasagnas, pizzas, cheese breads, pies and frozen vegetables;
· Margarine, sauces and mayonnaise; and
· Soy meal and refined soy flour, as well as animal feed.
BRF is a public company, listed on the New Market of B3 (“Brasil, Bolsa, Balcão”), under the ticker BRFS3, and listed on the New York Stock Exchange (“NYSE”), under the ticker BRFS. Its headquarters are located at Rua Jorge Tzachel, 475 in the City of Itajaí, State of Santa Catarina.
Our portfolio strategy is focused on creating new, convenient, practical and healthy products for our consumers based on their needs. We seek to achieve that goal through strong innovation to provide us with increasing value-added items that will differentiate us from our competitors and strengthen our brands.
The Company's business model is by means of a vertical and integrated production system, which are distributed through an extensive distribution network, reaching the 5 continents, to meet the supermarkets, retail stores, wholesalers, restaurants and other institutional customers. In addition, our facilities are strategically located near to their raw material suppliers or its main consumption centers.
The Company has as main brands Sadia, Perdigão, Qualy, Chester®, Perdix, Paty and Banvit that are highly recognized, especially in Brazil, Argentina, Turkey and the Middle East.
During the first semester of 2017, the Company developed its new management structure model, which was approved by Board of Directors on June 29, 2017, with the effective date July 1st, 2017. The new model aims to improve and standardize processes, and is organized into 5 operating segments as follows: Brazil, Southern Cone (dismemberment from the "LATAM" segment and currently formed of the Argentina, Uruguay, Paraguay and Chile), International (grouping of the segments "Europe", "Africa" and "Asia" and inclusion of "Americas" from the dismemberment of "LATAM"), One Foods (previously denominated "MENA"), and Other Segments (note 5). The One Foods segment also began to incorporate the operations of Malaysia and some countries in the African continent and Eastern Europe.
1.1. Equity interest
(a) Dormant subsidiaries.
(b) The wholly-owned subsidiary BRF Global GmbH, operates as a trading in the European market and owns 101 direct subsidiaries in Madeira Island, Portugal, with an investment as of December 31, 2017 of R$3.6 (R$3.3 as of December 31, 2016) and a direct subsidiary in Den Bosch, The Netherlands, denominated Qualy 20 with an investment as of December 31, 2017 of R$6.5 (R$6.6 as of December 31, 2016). The wholly-owned subsidiary Qualy 5201 B.V. owns 212 subsidiaries in The Netherlands being the amount of this investment as of December 31, 2017 of R$20.2 (R$18.2 as of December 31, 2016). The indirect subsidiary Invicta Food Group Ltd. owns 120 direct subsidiaries in Ashford, England, with an investment of R$126.6 as of December 31, 2017 (R$112.5 as of December 31, 2016). The indirect subsidiary Universal Meats (UK) Ltd owns 99 direct subsidiaries in Ashford, England with an investment of R$41.6 as of December 1, 2017 (R$37.5 as of December 31, 2016). The indirect subsidiary Golden Foods Siam Europe Ltd (GFE) owns 32 subsidiaries in Ashford. England with an investment of R$0.02 as of December 31, 2017 (R$114.1 as of December 31, 2016). The purpose of these subsidiaries is to operate in the European market to increase the Company’s market share, which is regulated by a system of poultry and turkey meat import quotas.
(c) On January 02, 2017, disposal of subsidiary to BRF Foods GmbH.
(d) On January 11, 2017, establishment of equity interest.
(e) On January 12, 2017, acquisition of equity interest by One Foods Holdings Ltd. On December 31, 2016, such equity interests were held by wholly-owned subsidiary BRF GmbH.
(f) On January 13, 2017, with investment in SHB through capital increase in direct capital increase in direct subsidiaries. On December 31, 2016, SHB’s equity interest was held by BRF S.A. (99.00%) and by wholly-owned subsidiary PSA Laboratório Veterinário Ltda (1.00%).
(g) On January 13, 2017, establishment of equity interest.
(h) On February 28, 2017, acquisition of equity interest by BRF GmbH and BRF Global GmbH. On December 31, 2016, such equity interest was held by wholly-owned subsidiary Sadia Foods GmbH.
(i) On March 08, 2017, establishment of the subsidiaries TBQ Foods GmbH.
(j) On March 31, 2017, establishment of equity interest, 90% held by the subsidiary BRF GmbH and 10% held by the subsidiary BRF Holland B.V., both wholly-owned subsidiary.
(k) On April 10, 2017, disposal of 100% of equity interest to One Foods Holdings Ltd.
(l) On April 18, 2017, acquisition of 7.16% of equity interest.
(m) On April 27,2017, change in equity interest of the subsidiaries of Campo Austral, as a result of the conclusion of the merger process started a November 01, 2016.
(n) On May 25, 2017, subsidiary TBQ Foods GmbH acquired 79.48% of the shares issued by Banvit Bandirma Vitaminli Yem Sanayii A.S..
(o) On June 21, 2017, change name and corporate purpose of K&S Alimentos S.A. to BRF Pet S.A..
(p) On August 11, 2017, concluded the acquisition of part of the shares issued by Banvit Bandirma Vitaminli Yem Sanayii S.A., and thus holds 91.71% of the equity interest.
(q) On December 11, 2017, change in equity interest of the Sadia Overseas Ltd.
1.2. Business combination with Qatar Investment Authority ("QIA")
On January 9, 2017, BRF has entered into a share purchase agreement with the controlling shareholders of Banvit Bandirma Vitaminli Yem Sanayii A.Ş. (“Banvit” and “Shareholders”), for the acquisition of 79.5% of the shares issued by Banvit (“Shares”), the largest poultry producer in Turkey.
On May 25, 2017, Qatar Investment Authority (“QIA”), the sovereign wealth fund of the State of Qatar, acquired 40% of participation in the TBQ Foods GmbH (“TBQ”), a subsidiary of BRF. On the same date, TBQ celebrated a share purchase agreement with the controlling shareholders of Banvit, and on August 11, 2017, concluded the mandatory tender offer to non-controlling shareholders, acquiring an equity interest equivalent to 91.71%. The total value of the transaction was R$1,277.7 (Note 6.1.2).
1.3. Corporate reorganization One Foods Holdings Ltd. (“One Foods”)
On January 11, 2017, BRF established a new wholly-owned subsidiary, One Foods, based in Dubai, which will focus on predominantly Muslim markets.
The constitution of this subsidiary involved a restructuring that included: i) sale and purchase agreement on which One Foods acquired from BRF GmbH, BRF wholly-owned subsidiary, certain equity interest in entities that serve the Halal Business (for further details refer to note 1.1); and ii) contribution of the equity interest in SHB Indústria e Comércio de Alimentos (“SHB”) to One Foods. SHB holds grain storage facilities, feed mills, outgrowers (outsourced farmers) agreements, hatcheries and 8 slaughtering and processing plants in Brazil.
In addition, BRF entered into certain agreements with One Foods that provide for the licensing of certain brands, operational and corporate activities cost sharing and supply of raw materials and finished goods (note 30).
1.4. Business Combination – Banvit Bandirma Vitaminli Yem Sanayii Anonim Sirketi (“Banvit”)
On May 25, 2017, BRF has concluded the acquisition of Banvit, one of the largest poultry producers in Turkey. In line with Company’s continuous commitment to the Muslim markets, this acquisition allows One Foods to entry into the Turkish market, which has one of the largest poultry Halal consumption in the world (Note 6.1.2 and 6.1.3).
1.5. Weak Flesh Operation
The Brazilian authorities are investigating Brazil’s meat processing industry in the so called “Weak Flesh Operation,” which became public on March 17, 2017. The investigation involves a number of companies in the industry in Brazil.
On March 17, 2017, BRF became aware of a decision issued by a federal judge of the 14th Federal Court of Curitiba - Paraná, authorizing the search and seizure of information and documents of BRF, and the detention of certain individuals in the context of this Weak Flesh Operation. Two BRF employees were detained (both currently has been released) and three were identified for questioning.
In addition to the above, the Mineiros plant was temporarily suspended by the Ministry of Agriculture, Livestock and Food Supply (“MAPA”) on March 17, 2017, so that MAPA could conduct an additional audit on the production process of such plant. After conducting an audit, the MAPA authorized the Mineiros plant to resume operations as of April 8, 2017. The Mineiros plant reopened and resumed its operations on April 11, 2017.
On April 15, 2017, the Brazilian Federal Police issued a report on the investigation and recommended charges against three BRF employees. On April 20, 2017, based on the Brazilian Federal Police investigation, Brazilian federal prosecutors filed charges against two BRF employees (one BRF regional manufacturing officer and one BRF corporate affairs manager). On April 24, 2017, the federal judge of the 14th Federal Court of Curitiba - Paraná, accepted the charges filed. Based on the charges filed against such two employees, the main allegations at this stage involve alleged misconduct relating to improper offers and/or promises to government inspectors.
BRF informed certain regulators and governmental entities, including the U.S. Securities and Exchange Commission and U.S. Department of Justice in relation to Weak Flesh Operation and are cooperating with authorities.
BRF's Statutory Audit Committee has initiated an investigation with respect to the allegations involving BRF employees in the Weak Flesh Operation and it involved outside counsel. The investigation is substantially concluded and the results obtained have not indicated necessary adjustments in the Financial Statements. The effects of the Weak Flesh Operation had operational consequences for the Company, which incurred expenses in the amount of R$157.5 recorded in other operating expenses, such as media and communication expenses, lawyers fees, freight, storage, among other in the amount of R$80.3 (note 33) and inventory losses, arising from closed external markets and/or blocked products in the amount of R$77.2, recorded in the 2nd quarter.
Additionally, in the 4th quarter, the Company also redirected inventories of finished products for use as raw material, generating a complementary provision for adjustment to realizable value in the amount of R$205.9, recorded as other operating results.
1.6. Tax Amnesty Program (“PERT”)
The Company joined to the Tax Amnesty Program, which was established through Provisional Measures No. 783 of May 31, 2017 and No. 798 of August 31, 2017, regulated by the Normative Instruction issued by Brazilian Federal Revenue Office ("RFB") No. 1,711 of June 16, 2017 and No. 1,733 of August 31, 2017 and by the Ordinance issued by the National Treasury Attorney's Office No. 690 of June 29, 2017, amended by Ordinance Administrative No 1,032, of October 25, 2017 , that provides for a Tax Amnesty Program ("Provisional Measures").
BRF has included in the Tax Amnesty Program certain PIS, COFINS and CSLL debts ("tax debts") which were being executed by the competent government body, as the compensation of the tax debts with certain IPI credits was not accepted by RFB.
The nominal value of these debts was R$454.6, of which 20% were paid in monthly installments until December 2017, and the remaining balance will be paid in 145 monthly installments, with the reductions set out in the respective Provisional Measures. In addition, R$117.8 were already recorded as part of the provision for tax, labor and civil risks.
As a consequence of the withdrawal of the judicial suit mentioned above, the asset related to the IPI premium credit was recognized as recoverable taxes in the amount of R$ 640.6.
It is estimated that such credits will be realized in the long term, as the enforcement action is terminated and the credits cleared for compensation and/or issue of special judicial orders.
Considering the net effect of the debts entered in Tax Amnesty Program, including reductions by the program, the provisions already recorded, the recognized tax assets of the active processes, attorney's fees and taxation of the gain, the Company recorded a gain of R$154.6 in other operating income and R$315.5 in financial income, which include the cumulative effects of the current and previous years.
In addition, the Company joined Tax Amnesty Program for other debts discussed within the scope of the RFB, in the form of settlement of the balance by offsetting tax loss carryforwards and negative basis. The effect recorded was a loss of R$7.0 in other operating expenses and R$13.4 in the financial expenses.
The net effect of the Tax Amnesty Program recorded was a gain of R$147.7 in other operating income (note 33) and R$302.1 in financial income (note 34).
1.7. Seasonality
In Brazil and Southern Cone operating segments, in months of November and December of each year, the Company is impacted by seasonality due Christmas and New Year’s Celebrations, being the best-selling products in this period: turkey, Chester®, ham and pork loins.
In One Foods operating segment, seasonality is due to Ramadan, which is the holy month of the Muslim Calendar. The start of Ramadan depends on the beginning of the moon cycle and therefore can vary each year.
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2. MANAGEMENT'S STATEMENT AND BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS |
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Managements Statement And Basis Of Preparation And Presentation Of Financial Statements | |||||||||||||||||||
MANAGEMENT'S STATEMENT AND BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS |
The Company’s consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”).
The Company’s consolidated financial statements are expressed in millions of Brazilian Reais (“R$”), as well as the amounts of other currencies disclosed in the financial statements. Amounts disclosed in Brazilian Reais are informed when applicable.
The preparation of the Company’s financial statements 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, as of the reporting date. However, the uncertainty inherent to these judgments, assumptions and estimates could result in material adjustments to the carrying amount of the affected assets and liabilities in future periods.
The Company reviews its judgments, estimates and assumptions on a quarterly.
The consolidated financial statements were prepared on the historical cost basis except for the following items which are measured at fair value:
The Company’s Management notes that the consolidated financial statements were prepared considering the continuing capacity of the Company’s operating activities, demonstrated through several acquisitions and maintenance of its operations in the operating segments in which it operates.
In addition, all the relevant information was disclosed in the explanatory notes, in order to clarify and complement the accounting basis used in the preparation of the financial statements and used by the Management. |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The financial statements of foreign subsidiaries are translated into Brazilian Reais in accordance with their functional currency using the following criteria:
Foreign subsidiaries with functional currency – Argentine Peso, Bath, Chilean Peso, Dirham, Euro, Forint Hungary, Hong Kong Dollar, Kwait Dinar, Oman Riyal, Pound Sterling, Rande Africa, Renminbi Yuan China, Ringgit Malaysia, Riyal Saudi Arabia, Riyal Qatar, Romanian Leu, Ruble Russia, Singapore Dollar, Turkish Lira, Uruguayan Peso, U.S. Dollar, Vietnamere Dong, Won South Korea and Yen.
Foreign subsidiaries with functional currency – Brazilian Reais
As a result of the Company’s organizational change, as disclosed in note 1.3 Corporate reorganization One Foods Holdings Ltd., the functional currency of some of the Company’s subsidiaries was changed for the year ended December 31, 2017, and treated in a prospective manner, as explained in IAS 21.
Goodwill arising from business combination with entities in foreign market is expressed in the functional currency of that entity and converted by the closing exchange rate for the reporting currency of the acquirer, with the effects recognized in other comprehensive income.
The accounting policies have been consistently applied by all subsidiaries included in consolidation.
When the investment has simply been moved from one part of the group to another, the acquirer in a common control transaction use book value (carry-over basis) accounting.
When acquiring a business, management evaluate the assets acquired and the liabilities assumed in order to classify and allocate them assessing the terms of the agreement, economic circumstances and other conditions at the acquisition date.
Goodwill is initially measured as the excess of the consideration paid over the fair value of the net assets acquired.
After initial recognition, goodwill is measured at cost, net of any accumulated impairment losses. For purposes of impairment testing, the goodwill recognized in a business combination, as from the acquisition date, is allocated to each of the Company’s cash generating units.
Hedges that meet the criteria of hedge accounting are recorded as cash flow hedge, fair value hedge or hedge of foreign net investment, and the latter is not practiced by the Company.
In a cash flow hedge, the effective portion of the gain or loss on the hedging instrument is recognized as other comprehensive income, while the ineffective portion of the hedge is recognized immediately as financial income or expense.
The amounts recorded as other comprehensive income are immediately transferred to the statement of income when the hedged transaction affects the statement of income.
If the occurrence of the forecasted transaction or firm commitment is no longer expected, the amounts previously recognized in other comprehensive income are transferred to the statement of income. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its classification as a hedge is revoked, the gains or losses previously recognized remain recorded in other comprehensive income until the forecasted transaction or firm commitment affect the statement of income.
In a fair value hedge, the effective portion of the gain or loss on the hedging instrument is recognized into income statement at the same time as the hedge object’s fair value variation. When the hedge object is a firm commitment, the amount initially recorded of the asset or liability is adjusted with the gain or loss.
The Company adopts procedures and analysis to establish credit limits and substantially does not require collateral from customers. In the event of default, collection attempts are made, which include direct contact with customers and collection through third parties. Should these efforts prove unsuccessful, court measures are considered and the notes are reclassified to non-current assets at the same time an allowance is recognized. The notes are written-off from the allowance when management considers that they are not recoverable after taking all appropriate measures to collect them.
The income statement and cash flows from discontinued operations are presented separately from those of continuing operations of the Company.
Depreciation is recognized based on the estimated economic useful life of each asset on a straight-line basis. The estimated useful life, residual values and depreciation methods are annually reviewed and the effects of any changes in estimates are accounted for prospectively. Land is not depreciated.
The Company annually performs an analysis of impairment indicators of property, plant and equipment. The recoverability of these assets was tested for impairment in 2017, and no adjustments were identified. The realization of the test involved the adoption of assumptions and judgments, as disclosed in note 18. In accordance with IAS 36, an impairment for loss for property, plant and equipment, is only recognized if the related cash-generating unit is devalued. Such condition is also applied if the asset’s recoverable amount is less than its carrying amount. The recoverable amount of asset or cash-generating unit is the greater of its value in use and its fair value less cost to sell.
Gains and losses on disposals of property, plant and equipment items are calculated by comparing the proceeds of the disposals with their net book values and recognized in the statement of income at the disposal date.
The useful life of intangible assets is assessed as finite or indefinite.
Intangible assets with a finite life are amortized over the economic useful life and reviewed for impairment whenever there is an indication that their carrying values may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at least at the end of each fiscal year. The amortization of intangible assets with a finite useful life is recognized in the statement of income as an expense consistently with the economic useful life of the intangible asset.
Intangible assets with an indefinite useful life are not amortized, but are tested annually for impairment on an individual basis or at the cash generating unit level. The Company records goodwill and trademarks as intangibles assets with indefinite useful life.
Goodwill recoverability was tested for fiscal year 2017 and no impairment loss was identified. Such test involved the adoption of assumptions and judgments, disclosed in note 18.
The income from foreign subsidiaries is subject to taxation pursuant to the local tax rates and legislation. In Brazil, these incomes are taxed according to the Law 12.973/14, respecting the tax treaty signed by each country with Brazil in order to avoid double taxation.
Deferred taxes are recorded on IRPJ and CSLL tax losses, and on temporary differences between the tax basis and the carrying amount on assets and liabilities and classified as non-current assets, as required by IAS 01. When the Company’s analysis indicates that the realization of these credits is not probable, the deferred taxes are derecognized.
Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity. In the consolidated financial statements, the Company’s tax assets and liabilities can be offset against the tax assets and liabilities of the subsidiaries if, and only if, these entities have a legally enforceable right to make or receive a single net payment and intend to make or receive this net payment, or recover the assets and settle the liabilities simultaneously. Therefore, for presentation purposes, the balances of tax assets and tax liabilities are being disclosed separately.
Deferred tax assets and liabilities must be measured by enacted or substantially enacted rates that are expected to be applicable for the period when the assets are realized and liabilities settled.
The Company is part of various lawsuits, including, tax, labor and civil claims, mainly in Brazil. The assessment of the likelihood of an unfavorable outcome in these lawsuits includes the analysis of the available evidence, the hierarchy of the laws, available prior court decisions, as well as the most recent court decisions and their importance to the Brazilian legal system, as well as the opinion of external legal counsel. The provisions are reviewed and adjusted to reflect changes in the circumstances, such as the applicable statute of limitation, conclusions of tax inspections or additional exposures identified based on new claims or court decisions.
A contingent liabilities of business combinations are recognized if they arise from a present obligation that arose from past events and if their fair value can be measured reliably and subsequently are measured at the higher of:
As a result of the business combinations with Sadia, Avex and Dánica group the Company recognized contingent liabilities related to tax, civil and labor claims.
Finance lease agreements are recognized in property, plant and equipment and in liabilities at the lower of the present value of the minimum future payments of the agreement and the fair value of the asset, including, when applicable, the initial direct costs incurred in the transaction. The amounts recorded in property, plant and equipment are depreciated and the underlying interest is recorded in the statement of income in accordance with the terms of the lease agreement.
Operating lease agreements are recognized as straight-line expenses throughout the lease terms.
The expense or income arising from the movement during the year is recognized in the statement of income under other operating expense or income. Expense is reversed/trued up in case of failure to satisfy a service vesting condition (forfeiture).
The effect of outstanding options is reflected as additional dilution in the calculation of diluted earnings per share.
The measurements comprise the actuarial gains and losses, the effect of a limit on contributions and returns on plan assets, are recognized in the balance sheet with a contra entry in other comprehensive income when incurred. These measurements are not reclassified to statement of income in subsequent periods.
The Company recognizes the net defined benefit asset, when:
· controls a resource and has the ability to use the surplus to generate future benefits;
· the control is a result of past events; and
· the future economic benefits are available to the Company in the form of a reduction in future contributions or a cash refund, either directly to the Company or indirectly to another deficitary plan. The asset ceiling is the present value of those future benefits.
The past service cost is recognized in the statement of income at the earliest of the following dates:
The past service cost and net interest on net defined benefit liability or asset are recognized in the statement of income within other operating expense or income.
Revenues are recognized when the sales value is reliably measurable and when the Company no longer has control over the goods sold, or otherwise any involvement related to the ownership, the costs incurred or to be incurred due to transaction can be reliably measured, it is probable that economic benefits will be received by the Company and the risks and benefits were fully transferred to the purchaser.
For financial statement presentation purposes, interest on shareholders’ equity is stated as dividends directly in shareholders’ equity.
The exchange rates in Brazilian Reais effective at the balance sheet dates were as follows:
· fair value of financial instruments (note 4); · impairment of non-financial assets (note 5 and 18); · measurement of fair value of items related to business combinations (note 6); · allowance for doubtful accounts (note 9); · net realizable value provision for inventories (note 10); · fair value of biological assets (note 11); · loss on the reduction of recoverable value of taxes (note 12 and 13); · useful lives of property, plant and equipment and intangible (note 17 and 18); · share-based payment transactions (note 24); · pension and post-employment plans (note 25); · provision for tax, civil and labor risks (note 26); e · definition of the moment when significant risks and rewards of ownership are transferred in recognizing revenue.
The Company reviews the estimates and underlying assumptions used in its accounting estimates on a quarterly basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised. |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
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Financial Instruments And Risk Management | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
4.1. Overview
In the normal course of its business, the Company is exposed to credit, liquidity and market risks, which are actively managed in conformity to the Financial Risk Management Policy and Strategy Papers (this set called hereafter as “Risk Policy”) and internal guidelines subject to such policy.
The Risk Policy is under the management of the Board of Directors, Risk Management Committee and Financial Risk Management, with clear and defined roles and responsibilities, as follows:
· The Board of Directors is responsible for approving the Risk Policy and defining the limits of tolerance of the different risks identified as acceptable for the Company on behalf of its shareholders. The current risk policy was reviewed and approved on November 26, 2015, with maturity of two years, which was automatically renewed for the same period since there was no express change;
· The Financial Risk Management Committee formally and subordinated to the Executive Board, is in charge of the execution of the Risk Policy, which comprises the supervision of the risk management process, planning and verification of the impacts of the decisions implemented, as well as the evaluation and approval of hedging strategies and monitoring the risk exposure levels to ensure compliance with Risk Policy; and
· The Risk Management area has a crucial role in monitoring, evaluating and reporting of the financial risks taken by the Company.
The Risk Policy does not authorize the Company’s management to contract leveraged derivative transactions and determines that any individual hedge operations (notional amount) must not exceed 2.5% of the Company’s shareholders’ equity. The contracting of derivatives is exclusively for hedge purposes.
a. Credit risk management
The Company is subject to the credit risk related to trade accounts receivable, marketable securities, derivative contracts and cash and cash equivalents.
Credit risk associated with trade accounts receivable is actively managed through the use of specific systems. Furthermore, it should be noted the diversification of the customer portfolio and the concession of credit to customers with good financial and operational conditions. The Company does not usually require collateral for sales to customer, and has a contracted credit insurance policy for specific markets.
Credit risk associated with marketable securities, cash and cash equivalents and derivative contracts is limited to the counterparties listed below and is managed according to the rating and concentration of the Company’s portfolio.
On December 31, 2017, the Company had financial investments over R$100.0 at the following financial institutions: Banco Bradesco, Banco do Brasil, Banco HSBC, Banco Itaú, Banco Safra, Banco Santander, Caixa Econômica Federal, Citbank and JP Morgan.
The Company also held derivative contracts with the following financial institutions: Banco Bradesco, Banco do Brasil, Banco Itaú, Banco Santander, Banco Votorantim, Citibank, Deutsche Bank, Merrill Lynch, Morgan Stanley e Rabobank.
b. Liquidity risk management
Liquidity risk management aims to reduce the impacts caused by events which may affect the Company’s cash flow. Thus, the Company utilizes the following metrics:
· Cash Flow at Risk (“CFaR”), which aims to statistically estimates the cash flows for the next 12 months and the Company’s liquidity exposure. The Company determined that the minimum cash available should be equivalent mainly to the average monthly billing and Earning Before Income, Tax, Depreciation and Amortization (“EBITDA”) for the last twelve-month period; and
· Value at Risk ("VaR") is used to measure the risk of variations in the fair value of the derivatives, determining statistically the potential maximum adjustments in intervals of 1 to 21-days.
The Company maintains its leverage levels in order to avoid any impact to its ability to settle commitments and obligations. As a guideline, the majority of the debt should be in long-term. On December 31, 2017, the long-term debt portion accounted for 75.4% (82.9% as of December 31, 2016) of the total outstanding debt with an average term greater than 4 years.
The table below summarizes the commitments and contractual obligations that may impact the Company’s liquidity:
c. Interest rate risk management
Interest rates risk is the one the Company incurs in economic losses resulting from changes in these rates, which could affect its assets and liabilities.
The Company’s Risk Policy does not restrict exposure to different interest rates, neither establishes limits for fixed or floating rates. However, the Company continually monitors the market interest rates, in order to evaluate any need to enter into hedging transaction to protect from the exposure to fluctuation of such rates and manage the mismatch between its financial investments and debts. In these transactions, the Company enters into contracts that exchange floating rate for fixed rate or vice-versa. Such transactions were designated by the Company as cash flow hedge.
The Company’s indebtedness is essentially tied to the London Interbank Offered rate ("LIBOR"), fixed coupon (“R$ and USD”), Interbank Deposit Certificate (“CDI”) and Amplified Consumer Price Index (“IPCA”). In case of adverse changes in the market that result in LIBOR, CDI and IPCA hikes, the cost of the floating indebtedness rises and on the other hand, the cost of the fixed indebtedness decreases in relative terms.
With regards to the Company's marketable securities, the main index is the Interbank Deposit Certificate ("CDI") for investments in Brazil and fixed coupon (“USD”) for investments in the Foreign market.
d. Foreign exchange risk management
Foreign exchange risk is the one related to variations of foreign exchange rates that may cause the Company to incur unexpected losses, leading to a reduction of assets or an increase in liabilities.
The Risk Policy is intended to protect the Company's results from these variations, in order to:
· Protect operating revenues and costs that are related to transactions arising from commercial activities, such as estimated exports and purchases of raw materials, utilizing hedging instruments, that is, to protect its future cash flow denominated in foreign currency; and
· Manage assets and liabilities denominated in foreign currencies in order to protect the balance sheet of the Company, through the use of over-the-counter and futures transactions.
The Company’s consolidated financial statements are mainly impacted by the following currencies: Argentine Peso, Baht, Yen, Dirham, Euro, Kwait Dinar, Pound Sterling, Riyal Saudi Arabia, Riyal Qatar, Turkish Lira and U.S. Dollar.
Assets and liabilities denominated in foreign currency are as follows, summarized in Brazilian Reais:
The net exposure is mainly composed of the following currencies:
The Company’s foreign subsidiaries have amounts denominated in Brazilian Reais registered as trade accounts payable, which reduces the exposure to liabilities in foreign currencies registered in Brazil. On December 31, 2017, this effect overcame the amount of trade accounts payable in foreign currencies registered in Brazil, generating an inversion of the trade accounts payable exposure when compared to December 31, 2016. In other situations, this dynamic may also occur for cash and cash equivalents.
The investments, net line item is comprised of natural hedges derived from assets and liabilities of foreign subsidiaries with the Brazilian Reais as functional currency.
The Company has a foreign exchange exposure that impacts shareholders’ equity equivalent to R$5,519.3 on December 31, 2017 (R$4,348.1 on December 31, 2016). This exposure does not contemplate the effects of the financial instruments designated as hedging instruments presented in the note 4.2.1, whose changes in fair value present a temporary effect on shareholders’ equity until the hedge transaction occurs.
e. Commodity price risk management
In the normal course of its operations, the Company purchases commodities, mainly corn, soymeal, soybean oil and live hog, which are some of the individual components of production cost.
Corn, soybean meal and soybean oil prices are subject to volatility resulting from weather conditions, crop yield, transportation and storage costs, government’s agricultural policy, foreign exchange rates and the prices of these commodities on the international market, among others factors. The prices of hog acquired from third parties are subject to market conditions and are influenced by internal availability and levels of demand in the international market, among other aspects.
The Risk Policy establishes limits for hedging the corn, soybean meal and soybean oil prices purchase flow, aiming to reduce the impact resulting from a price increase of these raw materials, and may utilize derivative instruments or inventory management for this purpose.
f. Capital management
The Company’s definition of the adequate capital structure is essentially associated with (i) cash strength as a tolerance factor to liquidity volatility, (ii) financial leverage and (iii) maximization of the opportunity cost of capital.
The cash and liquidity strategy takes into consideration the historical scenarios of volatility of results as well as simulations of sectorial and systemic crises and is based on permitting the resilience in scenarios of restricted access to capital.
Financial leverage aims the balance between the different sources of funding and their conditions of allocation in order to maximize the opportunity cost to BRF in its business expansion initiatives. Moreover, the objective of maintaining the investment grade disciplines the weighting of using own and third party capital.
The Company monitors debt levels and net debt, which are shown below:
4.2. Derivative and non-derivative financial instruments designated as hedge accounting
As established by IAS 39, the Company applies hedge accounting to its derivative instruments classified as cash flow hedge of highly probable forecasted transactions and fair value hedge of firm commitments, in accordance with the Risk Policy. The cash flow hedge consists of hedging the exposure to variations of the cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect profit and loss. The fair value hedge of a firm commitment is a protection against fluctuations of a specific type of risk associated to a firm agreement to exchange a determined quantity for a determined price in a specific date, or in specific future determined dates.
The Risk Policy has also the purpose of determining parameters for using financial instruments, including derivatives, which are designated as protection to operating and financial assets and liabilities, which are exposed to the variations of foreign exchange rates, the fluctuation of interest rates and changes to commodity prices. The Risk Management Committee is responsible for ensuring compliance to the requirements established by the Company’s Risk Policy, supported by the Market Risk Management area.
The Company formally designated its operations for hedge accounting treatment for the derivative financial instruments to protect cash flows and export revenues by documenting:
· The relationship of the hedge;
· The objective and risk management strategy of the Company to enter into a hedge transaction;
· The identification of the financial instrument;
· The hedge object or transaction;
· The nature of the risk to be hedged;
· The description of the hedge relationship;
· The demonstration of the correlation between the hedge transaction and the hedge object, when applicable; and
· The prospective demonstration of the effectiveness of the hedge.
The transactions for which the Company has designated cash flow hedge accounting are highly probable and present an exposure to variations in cash flow that could affect profit and loss. The transactions for which the Company has designated fair value hedge accounting are firm commitments that present an exposure to variations in the fair value that could affect profit and loss.
The instruments hired for these hedge relations are highly effective in protecting the variations of the fair value or cash flow attributable to the hedged risk. The prospective and retrospective effectiveness tests are prepared at each period end, following the criteria demonstrated below:
· The prospective test is based on the comparison between the critical terms of the hedging instruments and of the hedged items. The hedged items (future monthly export sales or firm commitments) and the hedge instruments have the same critical terms, as follows:
· Both fair values change due to the exchange rate or commodities prices variation (spot or forward rate method);
· Their notional amounts are similar; and
· Their maturities are identical, both the hedged item and the settlement of the financial instrument will occur at the same period.
· The retrospective test is based on the comparison of the accumulated variation since the inception between the fair value of the hedging instrument and the fair value of the hedged item. The actual effectiveness of the hedge relation is assessed on the instruments settlement date, by comparing the accumulated change of the expected revenues with the actual gains or losses realized on the financial instrument.
The Company, within its hedge accounting strategy, utilizes the following financial instruments:
a. Non-deliverable forwards – NDF
Non-deliverable forward contract is the future commitment to purchase or sell certain currencies or commodities on a certain date in the future for a predetermined price. This contract does not require physical settlement of contracted positions, but the financial settlement of the difference between the settlement price and the predetermined price of the contract.
b. Interest rate and currency swap
Similar to a non-deliverable forward contract, the swap is the future commitment to buy or sell certain interest rates or currency at a specified date in the future for a predetermined price. The particularity in this type of transaction is the possibility to exchange cash flows on several dates. The Company contracts swaps that do not require the physical settlement of contracted positions, but the financial settlement of the difference between the settlement price and the price established in the contract.
c. Options
A put option (“PUT”) gives to the holder (option holder) the right to buy an asset at a certain price (strike) at certain future date (the exercise date). A call option (“CALL”) gives to the holder the right to sell an asset at a certain price at a certain future date. In addition, there is a possibility of buying (premium disbursement, with rights) or selling (premium receiving, with obligations).
d. Export prepayments – PPEs
The Company utilizes the exchange rates variation of export prepayments contracts (“PPEs”) as a hedge instrument for the highly probable future sales in foreign currency.
e. Senior unsecured notes – Bonds
The Company designates part of the transactions involving Senior Unsecured Notes as hedge accounting for its highly probable future sales in foreign currency.
4.2.1 Breakdown of the balances of derivative financial instruments
The positions of outstanding derivative financial instruments are as follows:
(1) The fair value determination method used by the Company consists of calculating the future value based on the contracted conditions and determining the present value based on market curves, obtained from the database of Bloomberg, Reuters, Brazil Central Bank and B3.
(2) Total Return Swap asset in BRF’s stocks and liability in percentage of CDI.
a. Non-deliverable forwards – NDF
i. Currency non-deliverable forwards - NDF
The position of the currency non-deliverable forward – NDF, by maturity, as well as the weighted average exchange rates and the fair value, are presented as follows:
ii. Commodities non-deliverable forwards – NDF
The position of the commodities non-deliverable forwards – NFD, by maturity, as well as weighted average exchange rates and the fair value, are presented as follows:
b. Interest rate and currency swap
The position of interest rate and currency swap is presented as follows:
c. Options (1)
i. Currency options
The Company designates as a cash flow hedge or fair value hedge only the variation in the intrinsic value of its options, recognizing the time value of the premium in the financial result. If the hedge is not effective and the option is not exercised due to devaluation of the Brazilian Real, the losses related to the options will be registered as financial expenses in the statement of income.
The Company has designated transactions involving options denominated collar where there is a purchase of a put option ("PUT") and a sale of a call option ("CALL"), simultaneously, such that the premium paid for the call is compensated by the premium received in the put.
When the market price of any of the options is not available in an active market, the fair value is based on an option pricing model (Black-Scholes or Binomial).
(1) The average rates of options contracts may not reflect the expected final result, such as those presented in the table of sensitivity analysis, since its consists of several transactions.
ii. Soybean meal options
4.2.2 Breakdown of the balances of non-derivative financial instruments
The position of non-derivative financial instruments designated as cash flow hedge is presented as follows:
(1) Reference value converted by FX rate in effect at year-end or partial repeal dates. This amount set forth the total that may impact the Company’s shareholders’ equity.
a. Export prepayments – PPEs
The position of PPEs designated as cash flow hedge is presented as follows:
(1) Reference value converted by the Ptax rate at the end of the year or partial revocation dates. This amount set forth the total that may impact the Company's shareholders' equity.
b. Senior unsecured notes – Bonds
The position of bonds designated as cash flow hedge is presented as follows:
(1) Reference value converted by the Ptax rate at the end of the year or partial revocation dates. This amount set forth the total that may impact the Company's shareholders' equity.
4.3. Gains and losses of derivative and non-derivative financial instruments
The unrealized gains and losses of derivative and non-derivative financial instruments designated as cash flow hedge while unrealized are recorded as a component of other comprehensive income, as set forth below:
In the year ended December 31, 2017, the realized gains and losses with derivative and non-derivative financial instruments designated as cash flow hedge resulted in a gain of R$196.1 (gain of R$707.2 in the year ended December 31, 2016), composed by a gain amounting to R$176.6 (gain of R$671.3 in the year ended December 31, 2016) recorded as gross revenues and costs of products sold and a gain of R$19.5 (gain of R$35.9 in the year ended December 31, 2016) recorded in the financial result.
In the year ended December 31, 2017, the realized gains and losses with derivative financial instruments designated as fair value hedge resulted in a gain of R$34.5 (nil effect in the year ended December 31, 2016) recorded as costs of products sold.
4.4. Breakdown of financial instruments by category – except derivatives
4.5. Determination of the fair value of financial instruments
The Company discloses its financial assets and liabilities at fair value, based on the appropriate accounting pronouncements, which refers to concepts of valuation and disclosure requirements.
Particularly related to the disclosure, the Company applies the hierarchy requirements set out in IFRS 13, which involves the following aspects:
· The fair value is the price that an asset could be exchanged and a liability could be settled, between knowledgeable willing parties in an arm’s length transaction; and
· Hierarchy on 3 levels for measurement of the fair value, according to observable inputs for the valuation of an asset or liability on the date of its measurement.
The valuation established on 3 levels of hierarchy for measurement of the fair value is based on observable and non-observable inputs. Observable inputs reflect market data obtained from independent sources, while non-observable inputs reflect the Company’s valuation technics. These 2 types of inputs create the hierarchy of fair value set forth below:
· Level 1 – Prices quoted (unadjusted) for identical instruments in active markets. Investments in credit linked notes, private securities, Financial Treasury Bills (“LFT”) and stocks are classified at level 1 of the fair value hierarchy.
· Level 2 – 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. Investments in Bank Deposit Certificates (“CDB”) and derivatives are classified at level 2, since the determination of fair value is based on the price quotation widely accepted in the markets. Readily observable market inputs are used, such as interest rate forecasts, volatility factors and foreign currency rates.
· Level 3 – Instruments whose significant inputs are non-observable. The Company does not have financial instruments in this classification.
The table below presents the overall classification of financial assets and liabilities according to the valuation hierarchy. For the year ended on December 31, 2017, there were no changes between the 3 levels of hierarchy.
4.6. Comparison between book value and fair value of financial instruments
Except for the items presented below, the book value of all other financial instruments approximate fair value. The fair value of financial instruments presented below was based in prices observed in active markets, level 1 of the hierarchy for fair value measurement.
4.7. Table of sensitivity analysis
In preparation of the sensitivity analysis, Management considered the derivative financial instruments used to mitigate the currency risk and commodities as relevant market risks that could impact the Company's results. Currently, Management believes that fluctuations in interest rates do not significantly affect its financial results, since it has fixed through derivative financial instruments (interest rate swap), a considerable part of its floating debt.
The table below presents the possible impacts of derivative and non-derivative financial instruments considering scenarios of appreciation and depreciation of the main traded currencies by the Company with respect to its functional currency (Brazilian Real) and changes in corn prices on the Chicago Board of Trade (“CBOT”). The amount of exports utilized corresponds to notional value of derivative financial instruments entered into in order to hedge highly probable transactions.
Quantitative and qualitative information used in preparing these analyzes are based on the position for the year ended December 31, 2017. Future results may differ significantly from those estimates amounts, if the reality becomes different from the assumptions used.
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5. SEGMENT INFORMATION |
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Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION |
The operating segments are reported consistently with the management reports provided to the chief operating decision maker for assessing the performance of each segment and allocating resources.
As disclosed in note 1, in order to reflect the management structure changes, the segment information is prepared considering the 5 operating segments, as follows: Brazil, Southern Cone, International, One Foods and Other Segments, which primarily observe our geographical structure. The information for the years ended December 31, 2016 and 2015 was restated in order to be comparable to the information for the year ended December 31, 2017, according to the new segments of the Company.
These segments include sales of all distribution channels and operations subdivided according to the nature of the products whose characteristics are described below:
Other segments are divided into:
The net sales for each reportable operating segment are presented below:
The operating income for each reportable operating segment is presented below:
The Corporate line presented above refers to relevant events not attributable to the normal course of its business either to the operating segments, which are recognized as other operating income (expense). For the year ended December 31, 2017, the main events were: R$332.9 in provisions for contingencies, mainly public civil actions, R$157.5 in expenses related to Weak Flesh Operation, R$205.9 provision for adjustment to realizable value of inventories related to Weak Flesh Operation, R$51.9 in business combination costs related to Banvit, R$36.7 in business combination costs related to Lactalis divestiture, R$9.9 in health insurance claims, R$147.7 gain on tax amnesty program and other events of R$31.3.
No customer individually or in aggregate accounted for more than 5% of net sales for the years ended December 31, 2017, 2016 and 2015.
The goodwill and intangible assets with indefinite useful life (trademarks) arising from business combinations were allocated to the reportable operating segments, considering the generated economic benefits by such intangible assets, as presented below:
The Company performed the impairment test of the assets allocated to the reportable segments using the discounted cash flow methodology. The results and main assumptions used are disclosed in note 18.
Information referring to the total assets by reportable segments is not being disclosed, as it is not included in the set of information made available to the chief operating decision maker, which take investment decisions and determine allocation of assets on a consolidated basis. |
6. BUSINESS COMBINATION AND ACQUISITION OF INTEREST |
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BUSINESS COMBINATION AND ACQUISITION OF INTEREST |
For the year ended 2016, BRF acquired 100% of the equity interest in Universal, Eclipse and Calchaquí. The details of the transactions were disclosed in the financial statements for the year ended December 31, 2016 (Note 6.1.3, 6.1.4 and 6.1.5).
During the first semester of 2017, the Company completed the analysis of the fair value of assets acquired and liabilities assumed, which are shown below:
The conciliation between the preliminary goodwill disclosed on December, 31, 2016 (notes 6.1.3, 6.1.4 and 6.1.5) and the goodwill by expectation of future profitability are shown below:
The amounts of goodwill based on expectation of future profitability were allocated to the operating segment Southern Cone, for Eclipse and Calchaquí, and International for Universal.
On March 07, 2017, BRF Foods GmbH, a wholly-owned subsidiary of One Foods Holdings Ltd has incorporated a new company named TBQ Foods GmbH (“TBQ”), with the purpose of being the acquirer of Banvit (note 6.1.3).
On May 24, 2017 BRF Foods GmbH has entered into an agreement with Qatar Investment Authority (“QIA”), the sovereign wealth fund of the State of Qatar, which acquired equity interests in TBQ, so that BRF Foods GmbH and QIA withhold respectively, 60% and 40% of participation. TBQ’s shareholders’ agreement grants BRF Foods GmbH control over the entity, and QIA’s rights are solely protective.
The agreement with QIA includes options, which grant QIA the right to sell its shares to BRF (“put option”) or exchange for participation into One Foods Holdings Ltd. (“roll-up”). It also includes a call option held by BRF Foods GmbH. The options may be exercised only in certain conditions stablished in the agreement, and will expire in 4,5 years after May 24, 2017. BRF Foods GmbH recognized a liability, in non-current liabilities, related to the Put and Roll-up options in the amount of TRY505.4 (equivalent to R$465.0).
In compliance with IFRS 3, IAS 28, IFRS 10, non-controlling interest is not recognized for the shares subject to the put option. This participation is expressed by the liability described above
Following the transaction concluded in May 25, 2017 for the acquisition of 79.48% of participation in Banvit Bandirma Vitaminli Yem Sanayii A.Ş. ("Banvit") and in accordance to regulatory rules of Turkish capital markets, TBQ Foods GmbH (“TBQ”), subsidiary of the Company, performed a mandatory tender offer to the non-controlling shareholders (“Offer”) for the amount of TRY917.9 (equivalent to R$844.9).
The Offer occurred between July 17, 2017 and August 11, 2017, resulting in the acquisition of 12,225,326 Banvit’s shares, equivalent to 12.23% of participation. The Offer totaled TRY164.1 (equivalent to R$151.0), paid from the restricted cash. After the conclusion of the Offer, TBQ holds 91.71% of equity stake in Banvit and the remaining interest, 8.29%, is negotiated in the Istanbul Stock Exchange (“ISE”) under the ticker BANVT.
According to the price adjustment conditions stablished in the share purchase agreement, during August 2017, TBQ has complemented the amount paid to Banvit’s prior controlling shareholders in US$41,1 (equivalent to R$129.3), of which US$22.0 were paid from the restricted cash, US$11.5 contributed by BRF Foods GmbH and US$7.6 contributed by Qatar Investment Authority (“QIA”).
Following the conclusion of the price adjustment payment and the mandatory tender offer, TBQ derecognized the remaining amount of TRY111.3 (equivalent to R$102.5) recorded as other current liabilities. In compliance with IFRS 3, IAS 28, IFRS 10, non-controlling interest related to the shares listed in ISE are now presented separately under the financial statements.
In order to comply with the requirements of IFRS 3 a fair value report of the acquired assets and assumed liabilities has been prepared with the purpose of allocating the purchase price. The fair value of the assets and liabilities is demonstrated in the table below and reflected in the financial statements:
In 2017, the business combination contributed with net revenue of R$1,385.1 and net income of R$154.6 from the acquisition date until December 31, 2017 in the consolidated income statement. If the acquisitions had occurred at the beginning of 2017, the consolidated net revenue for this year would be increased in R$830.8 and the consolidated net income for the year would be increased in R$54.6.
On April 18, 2017, BRF through its wholly-owned subsidiary BRF GmbH, entered into a share purchase agreement for the acquisition of the additional 7.16% ownership in BRF Invicta, for the amount of GBP20.3 (equivalents to R$79.1). The premium paid in the acquisition of non-controlling shareholders’ was GBP14.2 (equivalent to R$55.3) recorded as capital reserve. |
7. CASH AND CASH EQUIVALENTS |
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CASH AND CASH EQUIVALENTS |
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8. MARKETABLE SECURITIES |
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MARKETABLE SECURITIES |
The unrealized loss by the change in fair value of the available for sale securities, recorded in other comprehensive income, corresponds to the accumulated amount of R$56.3 net of income tax of R$23.0 (loss of R$26.0 net of income tax of R$11.5 as of December 31, 2016).
Additionally, on December 31, 2017, of the total of marketable securities, R$16.2 (R$74.1 as of December 31, 2016) were pledged as collateral (without restrictions for use) for operations with future contracts denominated in U.S. Dollars, traded on the B3.
The Company also has restricted cash in the amount of R$535.6 on December 31, 2017 (R$645.8 on December 31, 2016) (note 15). |
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES |
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TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES |
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES
(1) Weighted average maturity of 3.22 years.
Of the foreign related parties balance, is linked to Agribusiness Receivable Certificate ("CRA") operation, as disclosed in note 19.2.
On December 31, 2017 notes receivable are comprised mainly by receivables from the (i) sale of Ana Rech assets to JBS, of R$4.0 and (ii) disposal of several other assets and farms, R$204.9.
The trade accounts receivable from related parties are disclosed in note 30. The consolidated balances, refers to transaction with associates UP!, in domestic market and with joint ventures SATS BRF, in foreign market.
The rollforward of allowance for doubtful accounts is presented below:
(1) Balance arising from the business combination with Banvit (note 6.1.3).
The aging of trade accounts receivable is as follows:
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10. INVENTORIES |
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INVENTORIES |
The costs of sales attributed to products sold during the year ended December 31, 2017 totaled R$26,565.3 (R$26,206.4 in 2016 and R$22,107.7 in 2015). Such amounts include the additions and reversals of inventory provisions, except for the effects recorded as other operating results, presented in the table below:
(1) Manly amount is effect from Weak Flesh Operation (note 1.5).
On December 31, 2017 and 2016, there were no inventory items pledged as collateral. |
11. BIOLOGICAL ASSETS |
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Biological Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BIOLOGICAL ASSETS |
11. BIOLOGICAL ASSETS
The balance of biological assets is segregated in current and non-current assets are presented below:
The rollforward of biological assets for the year is presented below:
(1) The fair value variation of biological assets includes depreciation of breeding stock in the amount of R$758,7 (R$680,9 as of December 31, 2016).
(2) Balance arising from the business combination with Banvit (note 6.1.3).
The acquisitions of biological assets for production (non-current) occur when there is an expectation that the production plan cannot be met with its own animals and, usually, these acquisitions refer to immature animals in the beginning of the life cycle.
The living animals comprises poultry and pork and are segregated into consumable and for production.
The animals classified as consumables are those intended for slaughtering to produce in-natura meat or processed products. Until they reach the adequate weight for slaughtering, they are classified as immature. The slaughtering and production process occurs sequentially and in a very short period of time, so that only live animals ready for slaughtering are classified as mature.
The animals classified as for production (breeding stock) are those that have the function of producing other biological assets. Until they reach the age of reproduction they are classified as immature and when they are able to initiate the reproductive cycle, they are classified as mature.
The Company determined that the cost approach is the most appropriate methodology in order to obtain the fair value of its live animals, as required by IFRS 13. This is mainly due to the short life period of the animal, and the price that would be received in a sale in an active market that represent the amount near to the cost to produce an animal in the same level of maturity.
For the breeding stock the production cost is reduced throughout its life considering its normal devaluation.
The Company determined that income approach is the most appropriate methodology in order to obtain the fair value of its forests, as the asset value is correlated to the present value of the future cash flows generated by the biological asset.
The quantities and balances per live animals assets are presented below:
The Company has areas planted with forests in the amount of 29,930 hectares (31,095 hectares on December 31, 2016), concentrated in the South, Southeast and Midwest regions.
The Company has forests as collateral for loan and tax/civil contingencies in the amount of R$56.1 (R$66.5 on December 31, 2016).
11.1. Table of sensitivity analysis
The live animals and forests fair value is determined using non-observable information and the best practices and data available at the moment the appraisal is done, being classified as level 3 in the fair value hierarchy, as required by IFRS 13.
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12. RECOVERABLE TAXES |
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Recoverable Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECOVERABLE TAXES |
12. RECOVERABLE AND INCOME AND SOCIAL CONTRIBUTION TAXES
(1) Main variation refers to adhesion to the tax amnesty program, as disclosed in note 1.6.
The rollforward of the allowance for losses is presented below:
12.1. State ICMS (“VAT”)
Due to its (i) export activity, (ii) domestic sales that are subject to reduced tax rates and (iii) acquisition of property, plant and equipment, the Company accumulates tax credits that are offset against debits generated in sales in the domestic market or transferred to third parties.
The Company has ICMS tax credits in the States of Mato Grosso do Sul, Paraná, Minas Gerais, Santa Catarina, Distrito Federal and Rio Grande do Sul, for which Management understands that realization will occur in short or long term, based on a credit recoverability study prepared by Management.
12.2. PIS and COFINS
Tax credits on Contribution to the Social Integration Program (“PIS”) and Contribution to Social Fund Programs (“COFINS”) arise from credits on purchases of raw materials used in the production of exported products or products that are taxed at zero rate, such as in-natura meat and margarine.
The recovery of these tax credits can be achieved by offsetting them against domestic sales operations of taxed products and other federal taxes or compensation claims.
12.3. Income and social contribution taxes
These correspond to withholding taxes on marketable securities, interest and prepayments of income and social contribution taxes, which are realizable by offsetting them against other federal taxes.
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13. INCOME AND SOCIAL CONTRIBUTION TAXES |
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Income And Social Contribution Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME AND SOCIAL CONTRIBUTION TAXES |
(1) The deferred tax asset on the business combination with Sadia is mainly computed on the difference between the goodwill amortization tax basis and goodwill accounting basis identified in the purchase price allocation. Deferred tax liability on business combination with Sadia is substantially represented by the fair value of property, plant and equipment, trademarks and contingent liabilities.
(2) Deferred tax liabilities related to the business combinations with Quickfood (trademarks, customer relationship, Fair value of property, plant and equipment) and AFC (customer relationship).
The roll-forward of deferred tax is set forth below:
13.2. Estimated time of realization
Deferred tax arising from temporary differences will be realized as these differences are settled. The period of the settlement or realization of such differences is uncertain and is tied to several factors that are not under control of the Management.
When assessing the likelihood of the realization of deferred tax assets on income tax loss carryforward and negative calculation basis of social contribution tax, Management considers the Company’s budget, strategic plan and projected taxable income. Based on this estimate, Management believes that it is more likely than not that the deferred tax will be realized, as shown below:
During 2017, although tax loss carryforwards were generated in Austria (BRF GmbH and BRF Foods), no deferred tax assets were recorded since the Company did not consider that it possible to use them in the next 10 years. In BRF GmbH, despite it was recorded a loss of R$499.5, it was not possible to recorded deferred tax asset of 25% on this basis or R$124.9. For BRF Foods, likewise, despite a loss of R$322.1, R$80.5 of deferred tax asset was not recorded.
13.3. Income and social contribution taxes reconciliation
(1) On December 27, 2017, it was sanctioned by the Honorable Congreso de la Nación, the Law 27,430 (through Decree nº1.112 / 2017) that changed the income tax rate in Argentina. The enacted 35% tax rate in 2017 was changed to 30% in 2018 and 2019 and to 25% in 2020. The change in the rate was considered in the study of deferred taxes recorded in the Argentine subsidiaries and generated a reduction of deferred income tax assets in the amount of R$58.3, which was recorded during the year of 2017. In addition, the Company derecognized in the amount of R$59.5 arising from the analysis of the expectation of recoverability of deferred income tax balances on losses in Argentina.
The taxable income, current and deferred income tax from foreign subsidiaries is presented below:
Company determined that the earnings recorded by the holdings of its wholly-owned subsidiaries located abroad will not be redistributed.
Such resources will be used for investments in the subsidiaries, and thus no deferred income tax was recognized. The total of undistributed earnings corresponds to R$3,182.4 as of December 31, 2017 (R$3,317.1 as of December 31, 2016).
Brazilian income taxes are subject to review for a five-year period, during which the tax authorities might audit and assess the Company for additional taxes and penalties. Subsidiaries located abroad are taxed in their respective jurisdictions, according to local regulations.
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14. JUDICIAL DEPOSITS |
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JUDICIAL DEPOSITS |
The rollforward of the judicial deposits is presented below:
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15. RESTRICTED CASH |
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RESTRICTED CASH |
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16. INVESTMENTS |
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INVESTMENTS |
16. INVESTMENTS
16.1. Investments breakdown
On December 31, 2017, these associates, affiliates and joint ventures do not have any restriction to transfer dividends or repay their loans or advances to the Company.
16.2. Summary of financial information in affiliates
(1) On March 18, 2016, the Company acquired control and total shares, being treated as wholly-owned subsidiary from this date and on June 21, 2017 the name and corporate purpose was changed of K&S Alimentos S.A. to BRF Pet S.A.
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17. PROPERTY, PLANT AND EQUIPMENT, NET |
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Property Plant And Equipment Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET |
Property, plant and equipment rollforward is presented below:
The Company has fully depreciated items that are still operating, which are set forth below:
During the year ended December 31, 2017, the Company capitalized interest in the amount of R$35.4 (R$59.1 as of December 31, 2016). The weighted average interest rate utilized to determine the capitalized amount was 14.73% (10.56% as of December 31, 2016).
On December 31, 2017, except for the built to suit agreement mentioned in note 23.2, the Company had no commitments assumed related to acquisition or construction of property, plant and equipment items.
The property, plant and equipment items that are pledged as collateral for transactions of different natures are presented below:
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18. INTANGIBLE ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Intangible Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS |
18. INTANGIBLE ASSETS
The intangible assets rollforward is set forth below:
Amortization of outgrowers relationship, suppliers relationship and import quotas amortization are recognized as a cost of sales in the statement of income, the amortization of customer relationship is recognized in selling expenses, while non-compete agreement, patents and software amortization is recorded according to its use as cost of sales, administrative or sales expenses.
Trademarks recorded in intangible assets come mainly from the business combination with Sadia, Quickfood and Avex and are considered assets with indefinite useful life.
The goodwill is based on expected future profitability supported by valuation reports, after purchase price allocation.
Goodwill and intangible assets with indefinite useful life (trademarks) are allocated to cash-generating units as presented in note 5.
The Company annually performs an impairment test of its assets through the discounted cash flow method. In 2017, BRF used its strategic plan as a basis for the test, which considers the future cash flows until 2020 and perpetuity of 3.84% from the same date, based on historical information and market projections of government agencies and associations, such as the International Monetary Fund (IMF), Brazilian Central Bank (BACEN), among others. In the Management’s opinion, the use of a three-year projection period is adequate as it provides more reliable information as well as greater security in evaluating the expected profitability of the tested assets.
Management adopted the weighted average cost of capital – WACC as the discount rate to the development of discount cash flow, that varied from 9.74% p.a. to 13.25% p.a., according to the reportable operating segment and also adopted the assumptions shown in the table below:
The rates above do not consider any tax effect.
Based on Management analyses performed during 2017, no impairment loss was identified.
In addition to the above mentioned recovery analysis, management prepared a sensitivity analysis for each reportable operating segment considering the variations in the EBIT margin and in the nominal WACC as presented below:
(1) WACC in Reais for the Brazil segment and in USD for the other segments.
Based on the above scenarios, the Company determined that there is no need to recognize an impairment loss to the intangible assets with indefinite useful life.
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19. LOANS AND FINANCING |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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LOANS AND FINANCING |
Rural credit: The Company and its subsidiaries entered into rural credit loans with several commercial banks, under a Brazilian Federal government program that promotes investments in rural activities.
Working capital in foreign currency: Refers to credit lines taken from financial institutions and utilized primarily to short term working capital and import operations of subsidiaries located in Argentina and Turkey. The loans are denominated in Argentine Pesos and Turkey Lira with maturity in 2018.
On September 29, 2015, BRF completed the CRA issuance related to the public distribution offering of the 1st series of the 3rd Issue by Octante Securitizadora S.A. (“Securitization Company”) in the amount of R$1,000.0 net of interest, which will mature on October 01, 2018, and were issued with a coupon of 96.90% p.a. of the DI rate, payable every each 9 months. The CRAs arise from the Company’s exports contracted with BRF Global GmbH and were assigned and/or promised to the Securitization Company.
On April 19, 2016, BRF completed the CRA issuance related to the public distribution offering of the 1st series of the 9th Issue by Octante Securitizadora S.A. (“Securitization Company”) in the amount of R$1,000.0 net of interest, which will mature on April 19, 2019 and were issued with a coupon of 96.50% p.a. of the DI rate, payable each 9 months. The CRAs arise from the Company’s exports contracted with BRF Global GmbH and were assigned and/or promised to the Securitization Company.
On December 22, 2016, BRF completed the CRA issuance related to the public distribution offering of the 1st and 2nd series of the 1st Issue by Vert Companhia Securitizadora, in the amount of R$1,500.0 net of interest. The 1st series CRA were issued with a coupon of 96.00% p.a. of the DI rate, with will mature on December 16, 2020 and payable every each 8 months. The 2nd series CRA were issued with a coupon of 5.8970% p.a. updated by the Amplified Consumer Price Index (“IPCA”), with will mature on December 18, 2023 and with interest payable each 16 or 18 month. The CRAs arise from the Company’s exports contracted with BRF Global GmbH and BRF Foods GmbH.
On August 15, 2017, the CRA related to the issuance of December 16, 2016 and linked to the public offering of the 1st. Series was transferred to SHB, based on exports between SHB and BRF Foods Gmbh. The conditions negotiated at the date of issue remain in force.
The Company and its subsidiaries have several outstanding obligations with National Bank for Economic and Social Development (“BNDES”). The loans were obtained for the acquisition of equipment and expansion of productive facilities. FINEM: Credit lines of Financing for Enterprises ("FINEM") which are subject to the variations of UMBNDES, TJLP and SELIC currency basket. The values of principal and interest are paid in monthly installments, with maturities between 2018 and 2020 and are secured by pledge of equipment, facilities and mortgage on properties owned by the Company.
FINEP: Credit lines of Financial of Studies and Projects (“FINEP”) obtained with reduced charges for projects of research, development and innovation, with maturities dates between 2018 and 2019.
Senior Notes BRF 2018: On May 15, 2013, BRF completed international offering of 5 year bonds in the aggregate amount of R$500.0 (the “BRL Bonds”) which will mature on May 22, 2018 (“Senior Notes BRF 2018”), issued with a coupon (interest) of 7.75% p.a. (yield to maturity 7.75%), payable semi-annually beginning as from November 22, 2013.
BFF Notes 2020: On January 28, 2010, BFF International Limited issued senior notes in the total value of R$1,392.0, whose notes are guaranteed by BRF, with a nominal interest rate of 7.25% p.a. and effective rate of 7.54% p.a. maturing on January 28, 2020. On June 20, 2013, the amount of R$271.9 of these senior notes was exchanged by Senior Notes BRF 2023 and on May 15, 2014, the amount of R$908.0 was repurchased with part of the proceeds obtained from the Senior Notes BRF 2024. On May 28, 2015, the Company concluded a Tender Offer, in amount of R$321.8, such that the outstanding balance amounted to R$375.5 and the premium paid, net of interest, was R$50.7. On September 14, 2016, the Company concluded a Tender Offer, in amount of R$107.0, being the premium paid, net of interest, was R$13.6. The premium paid to holders of existing bonds was recorded as a financial expense.
Senior Notes BRF2022: On June 6, 2012, BRF issued senior notes of R$1,009.2, with nominal interest rate of 5.88% p.a. and an effective rate of 6.00% p.a. maturing on June 6, 2022. On June 26, 2012, the Company reopened this transaction for an additional amount of R$518.6, with nominal interest rate of 5.88% p.a. and effective rate of 5.50% p.a. On May 28, 2015, the Company concluded a Tender Offer, in amount of R$1,832.3, such that the outstanding balance amounted to R$548.8 and the premium paid, net of interest, was R$251.9. On September 14, 2016, the Company concluded a Tender Offer, in amount of R$180.3, being the premium paid, net of interest, was R$18.9. The premium paid to holders of existing bonds was recorded as a financial expense.
Senior Notes BRF 2022 (“Green Bonds”): On May 29, 2015, BRF concluded a Senior Notes offer of 7 (seven) year in the total amount of R$1,747.1, which will mature on May 03, 2022 (“Senior Notes BRF 2022”), issued with a coupon (interest) of 2.75% p.a. (yield to maturity 2.822%), payable annually beginning on June 03, 2016.
Senior Notes BRF 2023: On May 15, 2013, BRF completed international offerings of 10 years bonds in the aggregate amount of R$1,011.7 (the “USD Bonds”), which will mature on May 22, 2023 (“Senior Notes BRF 2023”), issued with a coupon (interest) of 3.95% per year (yield to maturity 4.135%), payable semi-annually beginning on November 22, 2013.
Senior Notes BRF 2024: On May 15, 2014, BRF completed international offerings of 10 years bonds in the aggregate amount of R$1,662.5 (the “USD Bonds”), which will mature on May 22, 2024 (“Senior Notes BRF 2024”), issued with a coupon (interest) of 4.75% p.a. (yield to maturity 4.952%), payable semi-annually beginning on November 22, 2014.
Senior Notes BRF 2026: On September 29, 2016, BRF through its wholly-owned subsidiary BRF GmbH concluded a Senior Notes offer of 10 years in the total amount of R$1,611.8, with will mature on September 29, 2026, issued with a coupon (interest) of 4.35% p.a. (yield to maturity de 4.625%), payable semi-annually beginning on March 29, 2017.
Export prepayments: Under the terms of each of these credit facilities, the Company entered into loans which must be evidenced subsequently by the trade accounts receivable related to the exports of its products, with maturity between 2018 and 2019.
Commercial credit lines: Denominated in U.S. Dollars with quarterly payments of interest and principal maturing in 2018 and are utilized for purchases of imported raw materials and other working capital needs.
The Company has a loan facility obtained through the Special Program for Asset Recovery (“Programa Especial de Saneamento de Ativos”) promoted by the federal government and securitized by commercial financial institutions. Such loan facility is subject to the variations of the General Market Price Index (“IGPM”) plus interest of 4.90% p.a. The principal is payable in a single installment with maturity date in 2020, being secured by endorsements and pledges of public debt securities (note 15).
With the purpose of improving its financial liquidity, the Company and its wholly-owned subsidiary BRF Global GmbH obtained a credit line Revolver Credit Facility ("Revolver Credit Facility") in the amount of US$1,000.0, with a maturity date in May 2019, from a syndicate comprised of 28 banks. The transaction was structured to allow the Company to utilize the credit line at any time, during the contracted period. In April 2017, the company used US$650.0 of the credit line with a LIBOR rate of + 1.25% and maturity in May 2019. The Company settled in advance the credit line used in October 2017.
The maturity schedule of the loans and financing balances is as follows:
The Company is the guarantor of a loan obtained by Instituto Sadia de Sustentabilidade from the BNDES. The loan was obtained with the purpose of allowing the implementation of biodigesters in the farms of the outgrowers which take part in the Company´s integration system, targeting the reduction of the emission of Greenhouse Gases. The value of these guarantees on December 31, 2017 totaled R$17.3 (R$28.4 as of December 31, 2016).
The Company is the guarantor of loans related to a special program, which aimed the local development of outgrowers in the central region of Brazil. The proceeds of such loans are utilized by the outgrowers to improve farm conditions and will be paid by them in 10 years, taking as collateral the land and equipment acquired by the outgrowers through this program. The guarantee as of December 31, 2017 totaled R$87.1 (R$138.5 as of December 31, 2016).
On December 31, 2017, the Company contracted bank guarantees in the amount of R$1,477.8 (R$1,934.5 as of December 31, 2016) offered mainly in litigations involving the Company´s use of tax credits. These guarantees have an average cost of 1.09% p.a. (0.90% p.a. as of December 31, 2016).
In the normal course of the business, the Company enters into agreements with third parties which are mainly related to the purchase of raw materials, such as corn and soymeal, where the agreed prices can be fixed or to be fixed. The Company enters into other agreements, such as electricity, packaging supplies and manufacturing activities. The amounts of the agreements at the date of these financial statements are set forth below:
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20. TRADE ACCOUNTS PAYABLE |
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TRADE ACCOUNTS PAYABLE |
In the year ended on December 31, 2017, the average payment period is 97 days (99 days on December 31, 2016).
On the suppliers balance as of December 31, 2017, R$1,787.7 (R$1,556.5 as of December 31, 2016) corresponds to the supply chain finance transactions on which there were no changes in the payment terms and prices negotiated with the suppliers.
The information on accounts payable involving related parties is presented in note 30. The trade accounts payable to related parties refer to transactions with associates UP! in domestic market. |
21. SUPPLY CHAIN FINANCE |
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SUPPLY CHAIN FINANCE |
The Company has partnerships with several financial institutions that allow the suppliers to anticipate their receivables. The suppliers do have the freedom to choose whether to anticipate or not and, if positive, 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.
The Company has not identified a material change in the existing commercial conditions with its suppliers.
As such, these transactions are presented in the operating cash flows for the year ended December 31, 2017 and December 31, 2016.
On December 31, 2017, the discount rates applied to the supply chain finance transactions agreed between our suppliers and the financial institutions in the internal market were set between 0.57% to 0.84% p.m. (1.08% to 1.33% p.m. on December 31, 2016).
On December 31, 2017, 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 0.19% to 0.29% p.a. (0.17% to 0.25% p.m. on December 31, 2016). |
22. OTHER FINANCIAL ASSETS AND LIABILITIES |
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OTHER FINANCIAL ASSETS AND LIABILITIES |
The collateral given in the transactions presented above are disclosed in note 8. |
23. LEASES |
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LEASES |
The Company is lessee in several contracts, which can be classified as operating or finance lease.
The minimum future payments of non-cancellable operating lease are presented below:
The payments of operating lease agreements recognized as expense in the year ended December 31, 2017 amounted to R$306.7 (R$308.3 as of December 31, 2016).
The Company enters into finance leases mainly for the acquisitions of machinery, equipment, vehicles, software and buildings, presented below:
The minimum future payments required for these finance leases are segregated as follows, and were recorded in current and non-current liabilities:
The contract terms for both modalities, with respect to renewal, adjustment and purchase option, are 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.
The Company also has commitments regarding financial leases, related to a built to suit agreement for the construction of facilities which will be build by third parties. The agreements terms will be 13 years from the signing date as well as the charge of rent expenses. If the Company defaults on its obligations, it will be subject to fines and/or acceleration of rent outstanding installments falling due, according to the terms of the contract.
The estimated schedule of future payments related to this agreement is set forth below:
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24. SHARE BASED PAYMENT |
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SHARE BASED PAYMENT |
24. SHARE BASED PAYMENT
24.1. Stock options plan
The Company grants stock options to its employees eligible by the Board of Directors, which are determined in stock options plans that were approved by an Ordinary and a Special Meeting of Shareholders on March 31, 2010 (Plan I) and April 08, 2015 (Plan II).
Plan I comprise two instruments: (i) annual stock option grant, and (ii) an additional stock option grant, which the employee might adhere using part of its profit sharing bonus. Plan II comprises only the annual grant.
The vesting conditions are based on attainment of results and in the value of the Company businesses.
The plans include shares issued by the Company up to the limit of 2% of the total stock, and its purpose is to: (i) attract, retain and motivate the beneficiaries, (ii) add value for shareholders, and (iii) encourage the view of entrepreneur of the business.
The plans are managed by the Board of Directors, within the limits established by the general guidelines of the plan and applicable legislation.
The quantity of granted options is determined by the Board of Directors, with an exercise price equivalent to the average amount of the closing price of the share at the last twenty trading sessions of the B3, prior to the grant date. The exercise price is updated monthly by the variation of the Amplified Consumer Price Index (“IPCA”) between the grant date and the month prior to the option exercise notice by the beneficiary.
The vesting period during which the participant can not exercise the purchase of the shares for Plan I is 1 to 3 years and for Plan II is 1 to 4 years, respecting the following deadlines from the grant date of the option.
After the vesting period and within no more than five years for Plan I and six years for Plan II from the grant date, the beneficiary is no longer entitled to the right to the unexercised options. To satisfy the exercise of the options, the Company may issue new shares or use shares held in treasury.
According to the ordinary meeting of the Board of Directors held on March 30, 2017 and November 30, 2017, the granting of 863,528 and 290,771 options, respectively, was approved.
The breakdown of the outstanding granted options is presented as follows:
(1) Amounts expressed in Brazilian Reais
24.2. Stock options plan – Restricted shares
On August 31, 2017, 716,486 restricted shares were granted in accordance with the plan that were approved by an Ordinary and a Special Meeting of Shareholders on April 26, 2017. The purpose of this plan is: (i) to stimulate the expansion, success and achievement of the Company's social objectives; (ii) to align the interests of the Company's shareholders with those of the eligible persons; and (iii) to enable the Company and the companies under its control to attract and retain the persons related to it.
Under the terms of the plan, directors may be elected, statutory or not, and people occupying other positions of the Company or subsidiaries. The granting of rights to beneficiaries is conditional on: (i) continuity of the employment relationship with the Company for 3 years after the grant date; (ii) achievement of a minimum shareholder return defined by the Board of Directors in the granting agreements and determined at the end of the vesting period; or (iii) any other conditions determined by the Board of Directors in each grant made.
Each year, or whenever it deems it appropriate, the Board of Directors shall approve the granting of restricted shares, electing the beneficiaries in favor of which the Company will sell the restricted shares, establishing the terms, quantities and conditions of acquisition of rights related to restricted shares.
The total number of restricted shares that may be granted under the plan shall not exceed 0.5% of the registered common shares, in book-entry form without par value, representing the Company's total share capital.
24.3. Rollforward of the stock options plan and outstanding granted options
The rollforward of the outstanding granted options for the year ended December 31, 2017 is presented as follows:
The weighted average exercise prices of the outstanding options conditioned to services is R$60.29 (sixty Brazilian Reais and twenty-nine cents), and the weighted average of the remaining vesting period is 34 months.
The Company records as capital reserve in shareholders’ equity the fair value of the options in the amount of R$261.8 (R$236.2 as of December 31, 2016). In the statement of income in the year ended December 31, 2017 the amount recognized as expense was R$25.6 (R$43.5 as of December 31, 2016).
During the year ended on December 31, 2017, no executive exercised stock options.
24.4. Fair Value Measurement
The weighted average fair value of options outstanding as of December 31, 2017 was R$11.36 (eleven Brazilian Reais and thirty-six cents) (R$11.54 as of December 31, 2016). The fair value of the stock options was measured using the Black-Scholes pricing model, based on the following assumptions:
24.5. Expected period
The expected period is that in which it is believed that the options will be exercised and was determined under the assumption that the beneficiaries will exercise their options at the limit of the exercise period.
24.6. Risk-free interest rate
The Company uses as risk-free interest rate the National Treasury Bond (“NTN-B”) available on the date of calculation and with maturity equivalent to the terms of the option.
24.7. Volatility
The estimated volatility considered the weighting of the trading history of the Company’s shares.
24.8. Expected dividends
The percentage of dividends used is based on the average payment of dividends per share in relation to the market value of the shares for the past four years.
24.9. Expected inflation rate
The expected average inflation rate is based on estimated IPCA by Central Bank of Brazil, considering the remaining average terms of the option.
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25. EMPLOYEES BENEFITS PLANS |
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Employees Benefits Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEES BENEFITS PLANS |
The Company sponsors pension plans for its employees and executives as presented below:
These plans are managed by BRF Previdência a pension fund entity of non-economic nature and non-profit, through its Deliberative Board which is responsible for defining pension premises and policies, as well as establishing fundamentals guidelines and organization, operation and management rules. The Deliberative Board is composed of representatives from the sponsor and participants, the proportion of 2/3 and 1/3 respectively.
Plan I and II are structured as defined benefit during the accumulation of mathematics provisions with option to change the account balance to be applicable in lifetime monthly income on the grant date benefit. The main actuarial risks are (i) survival time over the ones set out in the mortality tables and (ii) actual return on equity below the actual discount rate.
The main purpose of FAF plan is to supplement the benefit paid by the Brazilian Social Security (“INSS – Instituto Nacional de Securidade Social”), calculated proportionally according to the length of service performed and in line with the type of retirement. The main actuarial risks are (i) survival time over the ones set out in the mortality tables, (ii) turnover lower than expected, (iii) salary growth higher than expected, (iv) actual return on assets below the actual discount rate, (v) amendment of the rules of social security and actual family composition of the retired employee or executive different from the established assumption.
In plans I and II, the contributions performed by the participants are made by the sponsor in equal basic contributions. In the Plan FAF, the contribution is made through a percentage actuarially defined for the participant and the sponsor. The actuarial calculations of the plans managed by BRF Previdência are made by independent actuaries, on an annual basis, according to the rules in force.
In case of a deficit result in plans, it must be supported by the sponsor, participants and beneficiaries, in the proportion of their contributions.
The economic benefit presented as an asset, considers only the part of the surplus that is actually recoverable. The form of recovery of the surplus of the plans will be through reductions in future contributions.
Plan III is a defined contribution plan, where contributions are known and the benefit amount depends directly on the contributions made by participants and sponsors, time of contribution and of the result obtained through investment of contributions. The contributions are made on a 1 to 1 basis (the contributions of the sponsor are equal to the basic contributions of the participants) and that may vary from 0.7% to 7.0% according to the salary range of the participant. The contributions made by the Company in the years ended December 31, 2017 and December 31, 2016 amounted R$15.9 and R$11.6 respectively. On December 31, 2017, the plan has 31,850 participants (30,678 participants as of December 31, 2016).
If participants of the plans I, II and III end the employment relationship with the sponsor, the balance formed by the contributions of the sponsor not used for the payment of benefits, will form a fund of overage of contributions that may be used to compensate the future contributions of the sponsor.
The assets and actuarial liabilities are presented below:
The main actuarial assumptions and demographic data used in the actuarial calculations are summarized below:
The composition of the investment portfolios is presented below:
The following amounts represent the expected benefit payments for future years and the average duration of the plan obligations:
The quantitative sensitivity analysis regarding the relevant assumptions of defined benefit plan – FAF on December 31, 2017 is presented below:
The Company offers the following post-employment and other employee benefits plans in addition to the pension plans, which are measured by actuarial calculation and recognized in the financial statement:
As settled by the Regional Labor Court (“TRT”) on April 20, 2007, retirement does not affect the employment contract between the Company and its employees. The benefit paid is equivalent to 50% of F.G.T.S being 40% corresponding to a penalty and 10% of social contribution. Main actuarial risks related are (i) survival time over the ones set out in the mortality tables, (ii) turnover lower than expected and (iii) salary growth higher than expected.
The Company offers to the retired employee according to the Law No. 9,656/98 a medical plan with fixed contribution, which guarantees to the retired employee that contributed to the health plan by reason of employment relationship, for at least 10 years, the right of maintenance as beneficiary, on the same conditions of coverage enjoyed when the employment contract was in force. Main actuarial risks related are (i) survival time over the ones set out in the mortality tables, (ii) turnover lower than expected and (iii) medical costs growth higher than expected.
The Company usually rewards employees that attain at least 10 years of services rendered and subsequently every 5 years, with an additional remuneration ranging from 1 to 5 current salaries at the date of the event (the longer the service time the higher the remuneration), provided they remain as active employees. Main actuarial risks related are (i) survival time over the ones set out in the mortality tables, (ii) turnover lower than expected and (iii) salary growth higher than expected.
On retirement, employees with over 10 years of service to the Company are eligible for additional compensation from 1 to 2 current wages in force at the time of retirement. Main actuarial risks related are (i) survival time higher than the ones set out in the mortality tables, (ii) turnover lower than expected and (iii) salary growth higher than expected.
The Company offers life insurance benefit to the employees who, at the time of their termination, are retired and during the employment contract opted for the insurance. For the employees with 10-20 years of service, the maintenance period of insurance is 2 years, from 21 years of service, the period is 3 years. Main actuarial risks related are (i) survival time higher than the ones set out in the mortality tables, (ii) turnover lower than expected and (iii) salary growth higher than expected.
The rollforward of actuarial liabilities related to other benefits, prepared based on an actuarial report, are as follows:
The main actuarial assumptions and demographic data used in the actuarial calculations are summarized below:
The following amounts represent the expected benefit payments for future years (10 years), from the obligation of benefits granted and the average duration of the plan obligations:
The Company made the sensitivity analysis regarding the relevant assumptions of the plans on December 31, 2017, as presented below:
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26. PROVISION FOR TAX, CIVIL AND LABOR RISKS |
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PROVISION FOR TAX, CIVIL AND LABOR RISKS |
The Company and its subsidiaries are involved in certain legal proceedings arising from the normal course of business, which include civil, administrative, tax, social security and labor claims.
The Company classifies the risk of unfavorable decisions in the legal proceedings as “probable”, “possible” or “remote”. The provisions recorded relating to such proceedings is determined by the Company’s management, based on legal advice and reasonably reflect the estimated probable losses.
The Company’s management believes that its provision for tax, civil and labor risks, accounted for according to IAS 37 is sufficient to cover estimated losses related to its legal proceedings, as presented below:
The rollforward of the provisions for tax, civil and labor risks is summarized below:
(1) Balance arising from the business combination with Banvit (note 6.1.3).
The tax contingencies consolidated and classified as probable losses relate to the following main legal proceedings:
ICMS: The Company discusses administratively and judicially judgments of ICMS arising from the ICMS tax credits on mainly related to the acquisition of use and consumption materials, property, plant and equipment, communication service, presumed credit, alleged underpayment of tax rate differential, tax rebate, isolated fine and others, in amount to R$157.0 (R$129.1 as of December 31, 2016).
PIS and COFINS: The Company discusses administratively and judicially the use of certain tax credits arising from the acquisition of raw materials to offset federal taxes, which amount is R$106.5 (R$102.0 as of December 31, 2016).
Other tax contingencies: The Company recorded other provisions for tax claims related to payment of social security contributions (SAT, INCRA, FUNRURAL, Education Salary), contributions due to joint liability for services provided by third parties, through assignment of labor debits included in REFIS with deposit awaiting consolidation and conversion into payment, in addition to debits as tax debts arising from differences of accessory obligations, import taxes, industrialized products tax, payment of compensation fees and others. In view of the amnesty payments the provision amounted in R$51.6 (R$105.4 as of December 31, 2016).
The Company is defendant in several labor claims individual or with the Public Minister, mainly related to overtime, time spent by the workers for changing uniforms, in-commuting hours, rest breaks, occupational accidents, among others. None of these labor claims is individually significant. The Company recorded a provision based on past history of payments and loss prognosis.
Civil contingencies are mainly related to claims relating to traffic accidents, moral and property damage, physical casualties, consumer relations, contractual breaches, and other.
The Company is involved in other tax, civil, labor and social security contingencies, for which losses have been assessed as possible by management with the support from legal counsel and therefore no provision was recorded. On December 31, 2017, the total amount of the possible contingencies was R$13,278.4 (R$13,667.9 as of December 31, 2016), of which R$370.6 (R$499.9 as of December 31, 2016) was recorded at fair value as a result of business combinations with Sadia, Avex and Dánica group, according to the requirements of paragraph 23 of IFRS 3.
Tax contingencies amounted to R$11,469.9 (R$11,953.1 as of December 31, 2016), from which R$370.2 (R$490.3 as of December 31, 2016) was recorded at fair value as a result of business combination with Sadia, Avex and Dánica group, according to the requirements of paragraph 23 of IFRS 3.
The most relevant tax cases are set forth below:
Profits earned abroad: The Company was assessed by the Brazilian Internal Revenue Service for alleged underpayment of income tax and social contribution on profits earned by its subsidiaries located abroad, in a total amount of R$506.3 (R$688.6 as of December 31, 2016). The Company’s legal defense is based on the facts that the subsidiaries located abroad are subject exclusively to the full taxation in the countries in which they are based as a result of the treaties signed to avoid double taxation. One of the cases was tried at the administrative level in 2017 and part of the debit was canceled. The total profits earned abroad are disclosed in note 13.3.
Income Tax and Social Contribution: The Company discusses administratively and judicially several tax assessment notices involving compensation of tax losses, refunds and offset of income and social contribution tax credits against other federal tax debts, including credits arising from the Plano Verão legal dispute. Also, on February 05, 2015 BRF received a tax assessment notice, related to the compensation of tax loss carryforwards and negative calculation basis up to limit of 30% when it has incorporated one of the groups entity during calendar year 2012. The contingent liabilities relative to the subjects discussed totaled R$1,276.4 (R$1,160.2 as of December 31, 2016).
ICMS: The Company is involved in the following disputes associated to the ICMS tax: (i) alleged undue ICMS tax credits generated by tax incentives granted by certain States local rules (“guerra fiscal”) in a total amount of R$1,690.6 (R$2,153.5 as of December 31, 2016); (ii) maintenance of ICMS tax credits on the acquisition of certain products with a reduced tax burden (“cesta básica”) in a total amount of R$789.9 (R$716.2 as of December 31, 2016); (iii) absence of evidence to prove the balances of exports in the amount of R$333.8 (R$356.8 as of December 31, 2016) and part of the assessment was canceled 2017; and (iv) R$1,946.2 (R$1,763.2 as of December 31, 2016) related to other ICMS claims.
Related to the disputes involving “guerra fiscal” (item i above), on December, 18, 2017 was published the Agreement ICMS Nº 190/2017 which regulates a Supplementary Law Nº 160/2017, allowing, after the necessary internal regulations of the States, the remission of the debts assessed/executed. A significant number of cases were reclassified to risk of remote loss arising from favorable decisions not yet definitive in some cases.
In addition to this theme, BRF received on December 14, 2015 a tax assessment notice from the State of Paraná, demanding a partial rebate of ICMS credits in a total amount of R$339.6 (R$332.2 on December 31, 2016) related to “guerra fiscal”, undue credit related to materials consumed in production and undue credits over meats and imports, of which R$20.4 was reclassified to probable loss risk, R$220.5 to remote loss risk and R$98.7 to possible loss risk, because of evolution of process.
Related to the “ICMS cesta básica” (item ii above), in a meeting held on October 16, 2014 the Federal Supreme Court ("STF") was favorable to Tax Authority of State of Rio Grande do Sul, in the judgment of the extraordinary appeal No.635,688 submitted by company Santa Lúcia, understanding as improper the integral maintenance of ICMS tax credits on the reduced tax basis of food products that composes the basic food basket. The decision has a wide reflection effect (applicable to all taxpayers). However, there is still a claim for clarification waiting to be judged, requesting more details related to the timing of such decision (i.e. whether the decision will have retrospective effects), which suggests the need to wait for this final decision to recognize the effects on our financial statements.
IPI: The Company discusses administratively and judicially the non-ratification of compensation of IPI credits resulting from purchases of exempted goods, sales to Manaus Free Zone and purchases of supplies of non-taxpayers with PIS and COFINS being some cases having favorable decisions. Such discussed debits totaled the amount of R$441.7 (R$459.2 as of December 31, 2016).
IPI Premium Credits: The Company was involved in a judicial dispute in a total amount of R$440.1 as of December 31, 2016. On September 15, 2017, the Company opted to join the Tax Amnesty Program related to two processes, being that a residual value of R$31.0.
PIS and COFINS: The Company is involved in administrative proceedings regarding (i) offsetting of credits against other federal tax debts, (ii) disputes about the application (or not) of tax exemptions to some of our products (seasoned meats), iii) levied on the sale of certain types of products (non processed meat), (iv) Decrees 2.445 and 2.449 (“semestralidade”) and others in the amount of R$4,001.2 (R$3,614.9 as of December 31, 2014).
Social Security Taxes: The Company is involved in disputes related to social security taxes allegedly due on payments to service providers as well as joint responsibility with civil construction service providers and others in a total amount of R$262.9 (R$237.2 as of December 31, 2016).
Other Contingencies: The Company is involved in proceedings regarding to a requirement of a fine of 50% of the compensation amount of PIS/COFINS and IRPJ not approved awaiting final decision of the processes, basis of calculation of social contribution on net income, tax on services and others of several natures, fees, property tax, import tax, IOF, as well as an isolate fine arising from alleged errors on Digital Fiscal Bookkeeping (“EFD”) on 2012, totaling R$190.0) (R$29.7 as of December 31, 2016).
Additionally, the Company’s management assessed as relevant disclose information about the processes below:
HUAINE: the Company was included as co-responsible in a debt from Huaine Participações Ltda (former holding of Perdigão). In this lawsuit it is being discussed the inclusion of the Company in the liability from the tax execution in the amount of R$670.9 (R$642.8 as of December 31, 2016). BRF presented a guarantee to the debt, which was duly accepted by the judge and filed a motion to stay execution, which is awaiting judgment. The Company’s legal advisors classified the risk of losses as remote.
On December 31, 2017 the contingencies assessed as possible loss totaled R$139.3 (R$34.9 as of December 31, 2016).
The civil contingencies for which losses were assessed as possible totaled R$1,714.9 (R$1,679.8 as of December 31, 2016) and were mainly related to indemnification for material and moral damages.
On March 20, 2017, the Supreme court ruled that the amount of ICMS (i.e., the state-level value added tax) levied on the sale of products or services should not be included in the taxable base of PIS/COFINS (i.e., the federal social contribution taxes that operate like value added taxes). Considering that BRF S/A has a favorable decision in a lawsuit with this discussion and considering that our legal advisors believe that this last appeal filled by the government has a low probability to impact the lawsuits initiated before the judgment mentioned herein, the Company calculated a contingent asset of R$630.3. The Company has another 07 (seven) lawsuits about the subject filed by other companies that were merged over the past years, but with amounts have not yet been reasonably estimated to date. |
27. SHAREHOLDERS' EQUITY |
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SHAREHOLDERS' EQUITY |
27. SHAREHOLDERS’ EQUITY
27.1. Capital stock
On December 31, 2017, the capital subscribed and paid by the Company is R$12,553.4, which is composed of 812,473,246 book-entry shares of common stock without par value. The value of the capital stock is net of the public offering expenses of R$92.9.
The Company is authorized to increase the capital stock, irrespective of amendment to the bylaws, up to the limit of 1,000,000,000 common shares, in book-entry form without par value.
27.2. Breakdown of capital stock by nature
27.3. Rollforward of outstanding shares
27.4. Shareholders’ remuneration
27.5. Loss absorption
Legal reserve: It is computed based on five percent (5%) of net profit of each fiscal year as specified in article 193 of Law No. 6,404/76, modified by Law No. 11,638/07, which shall not exceed twenty percent (20%) of the capital stock. On December 31, 2017, this reserve corresponds to 0.81% of capital stock and absorbed R$438.8 related of loss (4.34% as of December 31, 2016).
Reserve for capital increase: it is calculated based on twenty percent (20%) towards the establishment of reserves for capital increase, which shall not exceed twenty percent (20%) of the capital stock. On December 31, 2017, this reserve absorbed (i) R$140.5 related to cancellation of treasury shares and (ii) R$30.3 of loss, with full settlement. On December 31, 2016, this reserve corresponds to 1.37% of capital stock.
Reserve for tax incentives: Constituted as specified in article 195-A of the Law No. 6,404/1976, modified by Law No. 11,638/07, based on the amounts of government grants for investment. On December 31, 2017, this reserve absorbed R$639.7 of the loss, with full settlement.
27.6. Capital reserve
27.6.1. Capital reserve
27.6.2. Treasury shares
The Company has 1,333,701 shares in treasury, with an average cost of R$53.60 (fifty-three Brazilian Reais and sixty cents) per share, with a market value corresponding to R$48.8.
On August 10, 2017, the Board of Directors authorized the sale of shares in treasury. On August 16, 2017, the Company sold 12,134,300 shares of its own at a cost of R$650.4, with a sale value of R$509.9. The main purpose of such disposal is to accelerate the reduction of Company's financial leverage ratios through the entry of the respective funds into its cash. Additionally, the Company contracted with A-rated financial institution Total Return Swap instrument (note 4.2.1), registered in B3, in amounts equivalent to those of the shares Held in treasury sold, with periods of maturity on February 05, 2019, with no possibility of renewal, for which shall receive the variation of the price related to the shares of its issue and pay a percentage of the CDI. The fair value adjustment is recorded in financial expenses.
27.7. Breakdown of the capital by owner
The shareholding position of shareholders holding more than 5% of the voting capital, management and members of the Board of Directors is presented below (unaudited):
(1) The pension funds are controlled by employees that participate in the respective entities.
The Company is bound to arbitration in the Market Arbitration Chamber, as established by the arbitration clause in its bylaws.
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28. (LOSS)EARNINGS PER SHARE |
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(LOSS) EARNINGS PER SHARE |
Diluted result is calculated considering the numbers of dilutive potential ordinary shares (stock options). However, due to loss reported for the years ended December 31, 2017 and 2016, the numbers of dilutive potential ordinary shares (stock options) has antidilutive effect and therefore was not considered in the calculation of diluted loss per share. |
29. GOVERNMENT GRANTS |
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GOVERNMENT GRANTS |
The Company has tax benefits related to ICMS for investments granted by the governments of states of Goiás, Pernambuco and Mato Grosso. Such incentives are directly associated to the manufacturing facilities operations, job generation and to the economic and social development in the respective states.
On December 31, 2017, this incentive totaled R$144.4 (R$122.6 in 2016 and R$131.7 in 2015) composing the Reserve for Tax Incentives. |
30. RELATED PARTIES |
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RELATED PARTIES |
30. RELATED PARTIES
As part of the Company’s operations, rights and obligations arise between related parties, resulting from transactions of purchase and sale of products, loans agreed based on contracts, on market or commutative conditions for similar transactions.
All the relationships between the Company and its subsidiaries were disclosed irrespectively of the existence or not of transactions between these parties.
In the scope of the creation of the wholly-owned subsidiary One Foods (note 1.2), the Company began to carry out transactions of purchase and sale of raw materials and finished products, industrialization process, trademark licensing and sharing of costs with entities of the One Foods, whose conditions were approved by the Board of Directors on March 30, 2017 on a temporary basis and the final contracts with maturity until December 31, 2018, approved on November 30, 2017. The amounts related to such transactions are detailed in the tables below according to their nature.
Specifically, to transactions of the purchase, sale and industrialization, which are commutative between BRF SA and SHB (a wholly-owned subsidiary of One Foods), and, sharing of costs, prices are determined based on cost plus tax impacts, in order to preserve the value chain of the companies.
30.1. Transactions and balances
All companies presented in note 1.1, which describes the relationship with BRF as well as the nature of the operations of each entity, are controlled by BRF, except for UP! Alimentos, PP-BIO, PR-SAD and SATS BRF which are associates or joint ventures.
The Company also recorded a liability in the amount of R$3.7 (R$6.2 as of December 31, 2016) related to the fair value of the guarantees offered to BNDES concerning a loan made by Instituto Sadia de Sustentabilidade.
Due to the acquisition of biodigesters from Instituto Sadia de Sustentabilidade, as of December 31, 2017 the Company recorded a payable to this entity of R$13.6 included in other liabilities (R$22.2 as of December 31, 2016).
The Company has entered into transactions with companies that are owned by members
of its Board of Directors as demonstrated below:
(1) Entity on which BRF has no equity interest, but have relationship with the Board of Directors, and provided services to the Company related international marketing and innovation.
(2) Entities are no longer related parties, because Board of Director member has no more relationship with them.
30.2. Other Related Parties
The Company leased properties owned by Fundação Attílio Francisco Xavier Fontana (“FAF”). For the year ended December 31, 2017, the total amount paid as rent was R$15.8 (R$14.4 as of December 31, 2016). The rent value was set based on market conditions.
30.3. Granted guarantees
All granted guarantees on behalf of related parties were disclosed in note 19.9.
30.4. Management remuneration
Key management personnel include board members, statutory directors and the head of internal audit.
The total remuneration and benefits paid to these professionals are demonstrated below:
(1) Comprises: Medical assistance, educational expenses and others.
In addition, the executive officers who are also an integral part of the key management personnel received between remuneration and benefits the total amount of R$23.0 for year ended December 31, 2017 (R$16.0 as of December 31, 2016 and R$7.6 as of December 31, 2015).
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31. NET SALES |
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NET SALES |
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32. RESEARCH AND DEVELOPMENT COSTS |
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RESEARCH AND DEVELOPMENT COSTS |
Consist of expenditures on internal research and development of new products which are recognized when incurred. The expenditures amounted to R$52.0 for the year ended December 31, 2017 (R$200.2 in 2016 and R$227.3 in 2015). |
33. OTHER OPERATING INCOME (EXPENSES), NET |
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OTHER OPERATING INCOME (EXPENSES), NET |
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34. FINANCIAL INCOME (EXPENSES), NET |
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35. STATEMENT OF INCOME BY NATURE |
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STATEMENT OF INCOME BY NATURE |
The Company has chosen to disclose its statement of income by function and thus presents below the details by nature:
The composition of other operating expenses is disclosed in note 33. |
36. INSURANCE COVERAGE |
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INSURANCE COVERAGE |
The Company´s insurance policy considers the concentration and relevance of the risks identified in its risk management program. Thus, the contracted insurance coverage is adequate to the entity´s size, activities and for amounts considered reasonable for Management to cover any damages. The Company also follows the orientations provided by its advisors.
Each legal entity has its own coverages, which are not complementary. |
37. NEW ACCOUNTING PRONOUNCEMENTS NOT ADOPTED |
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NEW ACCOUNTING PRONOUNCEMENTS NOT ADOPTED |
IFRS 15 – Revenue from contracts with customers
On May 2014, IASB issued IFRS 15 that establishes a 5-step model to determine the revenue to be recognized in contracts with customers. In accordance with this standard, revenues are recognized based on an amount that reflects the consideration that an entity expects to be entitled for delivering goods or providing services to a customer. The guidelines of IFRS 15 consider a more structured approach to measure and recognize revenue.
This standard is applicable to all entities and will replace all current requirements related to revenue recognition. The adoption of IFRS 15 is mandatory to periods beginning on January 1, 2018 onwards, early adoption is not permitted in Brazil.
The Company assessed the content of this standard and in this assessment, recognition and measurement of revenue, rebates, discounts and returns, as well as policies, processes and individual relevant agreements, have not been substantially changed by the new standard.
The Company will adopt the new standard using the modified cumulative retrospective transition method.
IFRS 9 – Financial instruments
The Company is required to adopt IFRS 9 in replacement of IAS 39 Financial Instruments: Recognition and measurement from January 01, 2018. The Company has assessed the estimated impact on its consolidated financial statements based on analysis undertaken to date and the actual impacts may change because the new accounting policies are subject to change until the Company presents its first financial statements that include the date of initial application.
The Company has assessed the estimated impact on its consolidated financial statements and expects that the effects are immaterial.
The most relevant changes for the Company related to the adoption of IFRS 9 in comparison with IAS 39 and its impacts on its financial statements are as follows:
Classification of financial assets
IFRS 9 contains a new classification and measurement approach for financial assets which contains three principal classification categories: measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit and loss (FVTPL). The standard eliminates the IAS 39 categories of held to maturity, loans and receivables and available for sale.
This change modifies the disclosures, which must reflect the new categories. On adoption of the standard there are no expected impacts in measurement of financial instruments registered in the Company the requires adjustments.
Hedge accounting
The Company has chosen to apply the new hedge accounting requirements of IFRS 9. The standard requires that hedge accounting relationships are aligned with the Company’s risk management objectives and strategy, the application of a more qualitative and forward-looking approach to assessing hedge effectiveness and prohibits voluntary discontinuation of hedge accounting.
The company usually designates as a hedge instrument only the changes in fair value of the spot element of a forward exchange contract and only the changes in intrinsic value of the options on cash flow hedge accounting relationships. Under IAS 39, the change in fair value of the forward element of the forward exchange contracts and of the time value of the options are recognized immediately in profit or loss. On adoption of IFRS 9, the Company has elected to separately account for the time value of purchased options, the forward element of forward contracts and foreign currency basis spreads as cost of hedging. Consequently, these changes will be recognized in other comprehensive income and accumulated in a cost of hedging reserve as a separate component within equity and accounted for subsequently as gains and losses accumulated in the cash flow hedge reserve.
Impairment of financial assets
IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with a forward-looking ‘expected credit loss’ model. This will require considerable judgement about how changes in economic factors affect expected credit losses, which will be determined on a probability-weighted basis.
The new impairment model will apply to financial assets measured at amortized cost or FVOCI, except for investments in equity instruments and to contract assets.
For financial investments and cash and equivalents, the Company does not expect any relevant impact on credit losses, due to the elevated ratings of its counterparties.
For trade receivables and notes receivables, the Company has elected the practical expedient of the aging-based provision matrix in paragraph B5.5.35 of IFRS 9, with the appropriate groupings of the receivables.
Disclosures
IFRS 9 requires extensive new disclosures, in particular about hedge accounting, credit risk and expected credit losses. The Company’s is assessing the gaps against current processes and required information and is implementing changes on its controls to comply with the new standard.
Transition
Changes in accounting policies resulting from the adoption of IFRS 9 will be applied retrospectively, except as described below:
IFRS 16 - Leases
On January 2016, the IASB issued the final version of IFRS 16 – Leases, which supersedes IAS 17 – Leases, which will be applicable to periods beginning on January 01, 2019. The adoption of this standard introduces a single model for the accounting of leases, for the lessee, for which should be recognized a right of use asset and an obligation to make payments related to the lease. Assets with a term of less than 12 months and of low value, are exempt from this treatment.
The Company is assessing the content and possible impacts of adoption this pronouncement in its consolidated financial statements, but the process is ongoing. The Company understands that the effective impact will depend on economic conditions at the time of adoption, for example (i) rate of indebtedness of the Company (ii) agreements portfolio in force and (iii) possible agreement renewals. |
38. SUBSEQUENT EVENTS |
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Subsequent Events | ||||
SUBSEQUENT EVENTS |
38.1. Trapaça Operation
On March 5, 2018, the Company learned of a decision issued by a federal judge of the 1st Federal Court of Ponta Grossa/PR, authorizing the search and seizure of information and documents from us and certain current and former employees, and the temporary detention of certain individuals. In what media reports have identified as “Operação Trapaça,” in total eleven current or former employees of BRF were temporarily detained for questioning. All such current and former employees have been released. A number of other BRF employees and former employees were identified for questioning. Based on the judge’s decision authorizing the temporary detention and the search and seizure, the main allegations at this stage involve alleged misconduct relating to quality violations, improper use of feed components, and falsification of tests at certain BRF manufacturing plants and accredited labs.
The Company is cooperating with authorities and initiated an internal investigation with respect to the allegations. BRF’s Statutory Audit Committee has initiated an investigation with respect to the alleged misconduct involving BRF employees in the Trapaça Operation and it involved outside counsel. The investigation is still at its early stages and at this point the results obtained have not indicated necessary adjustments in BRF’s financial statements.
As a result of the Trapaça Operation, on March 5, 2018, BRF received notice from Ministry of Agriculture, Livestock and Food Supply (“MAPA”) that it immediately suspended exports from its Rio Verde/GO, Carambeí/PR and Mineiros/GO plants to 12 (twelve) countries that require specific sanitary requirements for the control of the bacteria group Salmonella spp and Salmonella pullorum. On March 15, 2018, MAPA suspended exports from 9 (nine) other BRF plants to the European Union, but revoked the temporary suspension on April 18, 2018. Although to date, the Company have not received any formal notice from Brazilian or European authorities, media reports indicate that the European Union is considering suspending imports of poultry from certain production facilities in Brazil, including supposedly due to sanitary concerns. If the European Union, were to implement any such ban of imports from BRF’s production facilities, the Company may not be able to sell its products from such embargoed production plants in the European Union, and depending on the extension of such suspension, it’s results of operations may be adversely affected if BRF are not capable of directing any exceeding production capacity resulting from suspension to other markets at similar prices.
The outcome of this operation may result in penalties, fines and sanctions from governmental authorities or other forms of liabilities. Also, as a result of this operation, the Company may present losses related to contingencies, adjustments to net realizable value of inventories and recoverability of certain assets, all of which are not possible to be estimated at this moment and therefore, no provision has been recorded.
38.2. U.S. Class Action
On March 12, 2018, a purported shareholder class action lawsuit was filed in U.S. Federal District Court in the Southern District of New York alleging, among other things, that BRF and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices related to the regulatory issues. Because this lawsuit is in its early stage, the possible loss or range of losses, if any, arising from this litigation cannot be estimated. While BRF believes that the claims are without merit and will continue to defend against the litigation vigorously, in the event that this litigation is decided against the Company, or BRF enter into an agreement to settle there can be no assurance that an unfavorable outcome would not have a material impact. 38.3. Extraordinary General Shareholders’ Meeting for probable change of Board of Directors
On March 5, 2018, the Company was called for an Extraordinary General Shareholders’ Meeting to be held jointly with the Ordinary General Shareholders’ Meeting on April 26, 2018 at the request of two of our significant shareholders, Caixa de Previdência dos Funcionários do Banco do Brasil (“PREVI”) and Fundação Petrobras de Seguridade Social (“PETROS”), which jointly own more than 20% of BRF’s capital stock. In their request, PREVI and PETROS called for (i) removal of all current members of the Board of Directors; (ii) approval of the number of 10 members to compose the Board of Directors; (iii) election of new members to fill the positions on the Board of Directors; and (iv) election of the Chairman and Vice-Chairman of the Board of Directors.
On April 6, 2018, at an Extraordinary Meeting of the Company’s current Board of Directors, it submitted to shareholders an alternative composition to the Company’s Board vis-à-vis the one proposed by PREVI and PETROS. Later on, five out of the ten candidates appointed by the Board of Directors to comprise this alternative Board composition presented to the Company with a request for their names to be withdrawn from such composition.
On April 12, 2018, the Company received from Aberdeen Asset Management PLC, for and on behalf of the investment funds and portfolios under management of companies belonging to its economic group, which, according to its declaration, jointly own more that 5% of BRF´s capital stock, a request for the adoption of the cumulative voting system for the election of the members of the Board of Directors to be held at the 2018 Shareholders’ Meeting of BRF.
On April 13, 2018, Mr. Luiz Fernando Furlan, BRF’s shareholder (and Board member), proposed Ms. Luiza Helena Trajano Inácio Rodrigues and Mr. Vicente Falconi Campos as candidates for the composition of the Board of Directors.
On April 17, 2018, the shareholders Walter Fontana Filho and Vicente Falconi Campos proposed as Chairman and Vice-Chairman of the Board of Directors, once duly elected, Mr. Luiz Fernando Furlan and Ms. Luiza Helena Trajano Inácio Rodrigues, respectively.
On April 18, 2018, Mr. Abilio dos Santos Diniz, Tarpon Investimentos S.A. and PETROS, proposed Mr. Pedro Pullen Parente to the position of member of BRF’s Board of Directors and as its Chairman.
On April 19, 2018, a voting agreement was executed by and between PREVI, PETROS, investment funds represented by their manager Tarpon Gestora de Recursos S.A. and Mr. Abilio dos Santos Diniz, as holders, directly and indirectly, of 32.80% of the shares issued by BRF, on a number of issues regarding the matters to be discussed at 2018 Shareholders’ Meeting of BRF (including the election of members of our Board of Directors). Also on April 19, 2018, BRF’s Board of Directors decided, in connection with the election of its members for a new term, for the appointment of the following names to compose the slate of BRF’s Board of Directors, in case of withdrawal of the request for cumulative voting presented by Aberdeen Asset Management PLC: Mr. Augusto Marques da Cruz Filho, Mr. Dan Ioschpe, Ms. Flávia Buarque de Almeida, Mr. Francisco Petros Oliveira Lima Papathanasiadis, Mr. José Luiz Osório, Mr. Luiz Fernando Furlan, Mr. Pedro Pullen Parente, Mr. Roberto Antônio Mendes, Mr. Roberto Rodrigues and Mr. Walter Malieni Jr. The appointment of Messrs. Pedro Pullen Parente and Augusto Marques da Cruz Filho to run for Chairman and Vice-Chairman, respectively, was also approved and the composition proposed by BRF’s Board of Directors matched with the composition of BRF’s Board of Directors proposed by significant shareholders under the voting agreement discussed above (assuming that the request for cumulative voting presented would be withdrawn). Ms. Luiza Helena Trajano Inácio Rodrigues withdrawn her name from the list of candidates to be elected in the 2018 Shareholders’ Meeting.
On April 25, 2018, Aberdeen Asset Management PLC sent a letter withdrawing its request for the adoption of the cumulative voting system at BRF’s 2018 Shareholders’ Meeting, however the Brazilian Securities and Exchange Commission (“Comissão de Valores Mobiliários”), or the CVM, delivered to the Company a letter immediately prior to the beginning of BRF’s 2018 Shareholders’ Meeting demanding the adoption of the cumulative voting system in BRF’s 2018 Shareholders’ Meeting as other shareholders had previously delivered to the Company their votes based on such system. As a result, the Company adopted the cumulative voting system in its 2018 Shareholders’ Meeting.
As a result of the adoption of the cumulative voting system, the voting slate system originally proposed by both (1) PREVI and PETROS and (2) the Board were no longer be adopted, and the election of the Company’s Board members at 2018 Shareholders’ Meeting of BRF were candidate-based (rather than slate-based). All candidates proposed by BRF’s Board of Directors and significant shareholders as discussed above to become members of BRF’s Board were elected in its 2018 Shareholders’ Meeting.
Only 4 out of the 10 members of our Board of Directors elected in 2018 Shareholders’ Meeting were previously members of BRF’s Board of Directors. Substantial changes in the composition of the Board of Directors may result in significant changes to business strategy and give cause for changes at BRF’s senior management. |
39. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS |
12 Months Ended | |||
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Approval Of Consolidated Financial Statements | ||||
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS |
The consolidated financial statements were approved by the Board of Directors on April 27, 2018 |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Summary Of Significant Accounting Policies Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation |
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Functional currency |
The financial statements of foreign subsidiaries are translated into Brazilian Reais in accordance with their functional currency using the following criteria:
Foreign subsidiaries with functional currency – Argentine Peso, Bath, Chilean Peso, Dirham, Euro, Forint Hungary, Hong Kong Dollar, Kwait Dinar, Oman Riyal, Pound Sterling, Rande Africa, Renminbi Yuan China, Ringgit Malaysia, Riyal Saudi Arabia, Riyal Qatar, Romanian Leu, Ruble Russia, Singapore Dollar, Turkish Lira, Uruguayan Peso, U.S. Dollar, Vietnamere Dong, Won South Korea and Yen.
Foreign subsidiaries with functional currency – Brazilian Reais
As a result of the Company’s organizational change, as disclosed in note 1.3 Corporate reorganization One Foods Holdings Ltd., the functional currency of some of the Company’s subsidiaries was changed for the year ended December 31, 2017, and treated in a prospective manner, as explained in IAS 21.
Goodwill arising from business combination with entities in foreign market is expressed in the functional currency of that entity and converted by the closing exchange rate for the reporting currency of the acquirer, with the effects recognized in other comprehensive income.
The accounting policies have been consistently applied by all subsidiaries included in consolidation. |
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Investments |
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Business combinations |
When the investment has simply been moved from one part of the group to another, the acquirer in a common control transaction use book value (carry-over basis) accounting.
When acquiring a business, management evaluate the assets acquired and the liabilities assumed in order to classify and allocate them assessing the terms of the agreement, economic circumstances and other conditions at the acquisition date.
Goodwill is initially measured as the excess of the consideration paid over the fair value of the net assets acquired.
After initial recognition, goodwill is measured at cost, net of any accumulated impairment losses. For purposes of impairment testing, the goodwill recognized in a business combination, as from the acquisition date, is allocated to each of the Company’s cash generating units. |
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Segment information |
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Cash and cash equivalents |
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Financial instruments |
Hedges that meet the criteria of hedge accounting are recorded as cash flow hedge, fair value hedge or hedge of foreign net investment, and the latter is not practiced by the Company.
In a cash flow hedge, the effective portion of the gain or loss on the hedging instrument is recognized as other comprehensive income, while the ineffective portion of the hedge is recognized immediately as financial income or expense.
The amounts recorded as other comprehensive income are immediately transferred to the statement of income when the hedged transaction affects the statement of income.
If the occurrence of the forecasted transaction or firm commitment is no longer expected, the amounts previously recognized in other comprehensive income are transferred to the statement of income. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its classification as a hedge is revoked, the gains or losses previously recognized remain recorded in other comprehensive income until the forecasted transaction or firm commitment affect the statement of income.
In a fair value hedge, the effective portion of the gain or loss on the hedging instrument is recognized into income statement at the same time as the hedge object’s fair value variation. When the hedge object is a firm commitment, the amount initially recorded of the asset or liability is adjusted with the gain or loss.
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Adjustment to present value |
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Trade accounts receivables and other receivables |
The Company adopts procedures and analysis to establish credit limits and substantially does not require collateral from customers. In the event of default, collection attempts are made, which include direct contact with customers and collection through third parties. Should these efforts prove unsuccessful, court measures are considered and the notes are reclassified to non-current assets at the same time an allowance is recognized. The notes are written-off from the allowance when management considers that they are not recoverable after taking all appropriate measures to collect them. |
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Inventories |
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Biological assets |
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Assets held for sale and discontinued operations |
The income statement and cash flows from discontinued operations are presented separately from those of continuing operations of the Company. |
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Property, plant and equipment |
Depreciation is recognized based on the estimated economic useful life of each asset on a straight-line basis. The estimated useful life, residual values and depreciation methods are annually reviewed and the effects of any changes in estimates are accounted for prospectively. Land is not depreciated.
The Company annually performs an analysis of impairment indicators of property, plant and equipment. The recoverability of these assets was tested for impairment in 2017, and no adjustments were identified. The realization of the test involved the adoption of assumptions and judgments, as disclosed in note 18. In accordance with IAS 36, an impairment for loss for property, plant and equipment, is only recognized if the related cash-generating unit is devalued. Such condition is also applied if the asset’s recoverable amount is less than its carrying amount. The recoverable amount of asset or cash-generating unit is the greater of its value in use and its fair value less cost to sell.
Gains and losses on disposals of property, plant and equipment items are calculated by comparing the proceeds of the disposals with their net book values and recognized in the statement of income at the disposal date. |
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Intangible assets |
The useful life of intangible assets is assessed as finite or indefinite.
Intangible assets with a finite life are amortized over the economic useful life and reviewed for impairment whenever there is an indication that their carrying values may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at least at the end of each fiscal year. The amortization of intangible assets with a finite useful life is recognized in the statement of income as an expense consistently with the economic useful life of the intangible asset.
Intangible assets with an indefinite useful life are not amortized, but are tested annually for impairment on an individual basis or at the cash generating unit level. The Company records goodwill and trademarks as intangibles assets with indefinite useful life.
Goodwill recoverability was tested for fiscal year 2017 and no impairment loss was identified. Such test involved the adoption of assumptions and judgments, disclosed in note 18. |
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Income taxes |
The income from foreign subsidiaries is subject to taxation pursuant to the local tax rates and legislation. In Brazil, these incomes are taxed according to the Law 12.973/14, respecting the tax treaty signed by each country with Brazil in order to avoid double taxation.
Deferred taxes are recorded on IRPJ and CSLL tax losses, and on temporary differences between the tax basis and the carrying amount on assets and liabilities and classified as non-current assets, as required by IAS 01. When the Company’s analysis indicates that the realization of these credits is not probable, the deferred taxes are derecognized.
Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity. In the consolidated financial statements, the Company’s tax assets and liabilities can be offset against the tax assets and liabilities of the subsidiaries if, and only if, these entities have a legally enforceable right to make or receive a single net payment and intend to make or receive this net payment, or recover the assets and settle the liabilities simultaneously. Therefore, for presentation purposes, the balances of tax assets and tax liabilities are being disclosed separately.
Deferred tax assets and liabilities must be measured by enacted or substantially enacted rates that are expected to be applicable for the period when the assets are realized and liabilities settled. |
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Accounts payable and trade accounts payable |
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Provision for tax, civil and labor risks and contingent liabilities |
The Company is part of various lawsuits, including, tax, labor and civil claims, mainly in Brazil. The assessment of the likelihood of an unfavorable outcome in these lawsuits includes the analysis of the available evidence, the hierarchy of the laws, available prior court decisions, as well as the most recent court decisions and their importance to the Brazilian legal system, as well as the opinion of external legal counsel. The provisions are reviewed and adjusted to reflect changes in the circumstances, such as the applicable statute of limitation, conclusions of tax inspections or additional exposures identified based on new claims or court decisions.
A contingent liabilities of business combinations are recognized if they arise from a present obligation that arose from past events and if their fair value can be measured reliably and subsequently are measured at the higher of:
As a result of the business combinations with Sadia, Avex and Dánica group the Company recognized contingent liabilities related to tax, civil and labor claims. |
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Leases |
Finance lease agreements are recognized in property, plant and equipment and in liabilities at the lower of the present value of the minimum future payments of the agreement and the fair value of the asset, including, when applicable, the initial direct costs incurred in the transaction. The amounts recorded in property, plant and equipment are depreciated and the underlying interest is recorded in the statement of income in accordance with the terms of the lease agreement.
Operating lease agreements are recognized as straight-line expenses throughout the lease terms. |
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Share based payments |
The expense or income arising from the movement during the year is recognized in the statement of income under other operating expense or income. Expense is reversed/trued up in case of failure to satisfy a service vesting condition (forfeiture).
The effect of outstanding options is reflected as additional dilution in the calculation of diluted earnings per share. |
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Pension and other post-employment plans |
The measurements comprise the actuarial gains and losses, the effect of a limit on contributions and returns on plan assets, are recognized in the balance sheet with a contra entry in other comprehensive income when incurred. These measurements are not reclassified to statement of income in subsequent periods.
The Company recognizes the net defined benefit asset, when:
· controls a resource and has the ability to use the surplus to generate future benefits;
· the control is a result of past events; and
· the future economic benefits are available to the Company in the form of a reduction in future contributions or a cash refund, either directly to the Company or indirectly to another deficitary plan. The asset ceiling is the present value of those future benefits.
The past service cost is recognized in the statement of income at the earliest of the following dates:
The past service cost and net interest on net defined benefit liability or asset are recognized in the statement of income within other operating expense or income. |
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Earnings (Losses) per share |
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Revenue recognition |
Revenues are recognized when the sales value is reliably measurable and when the Company no longer has control over the goods sold, or otherwise any involvement related to the ownership, the costs incurred or to be incurred due to transaction can be reliably measured, it is probable that economic benefits will be received by the Company and the risks and benefits were fully transferred to the purchaser. |
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Employee and management profit sharing |
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Financial income and expenses |
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Grants and government assistance |
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Dividends and interest on shareholders' equity |
For financial statement presentation purposes, interest on shareholders’ equity is stated as dividends directly in shareholders’ equity. |
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Transactions and balances in foreign currency |
The exchange rates in Brazilian Reais effective at the balance sheet dates were as follows:
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Accounting judgments, estimates and assumptions |
· fair value of financial instruments (note 4); · impairment of non-financial assets (note 5 and 18); · measurement of fair value of items related to business combinations (note 6); · allowance for doubtful accounts (note 9); · net realizable value provision for inventories (note 10); · fair value of biological assets (note 11); · loss on the reduction of recoverable value of taxes (note 12 and 13); · useful lives of property, plant and equipment and intangible (note 17 and 18); · share-based payment transactions (note 24); · pension and post-employment plans (note 25); · provision for tax, civil and labor risks (note 26); e · definition of the moment when significant risks and rewards of ownership are transferred in recognizing revenue.
The Company reviews the estimates and underlying assumptions used in its accounting estimates on a quarterly basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised. |
1. COMPANY'S OPERATIONS (Tables) |
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Schedule of equity interest | The One Foods segment also began to incorporate the operations of Malaysia and some countries in the African continent and Eastern Europe.
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Summary Of Significant Accounting Policies Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of exchange rates in Brazilian Reais | The exchange rates in Brazilian Reais effective at the balance sheet dates were as follows:
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4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) |
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Financial Instruments And Risk Management Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of commitments and contractual obligations | The table below summarizes the commitments and contractual obligations that may impact the Company’s liquidity:
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Schedule of assets and liabilities denominated in foreign currency | Assets and liabilities denominated in foreign currency are as follows, summarized in Brazilian Reais:
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Schedule of debt levels and net debt | The Company monitors debt levels and net debt, which are shown below:
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Schedule of derivative financial instruments | The positions of outstanding derivative financial instruments are as follows:
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Schedule of position of the currency non-deliverable forward - NDF | The position of the currency non-deliverable forward – NDF, by maturity, as well as the weighted average exchange rates and the fair value, are presented as follows:
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Schedule of position of the commodities non-deliverable forwards - NFD | The position of the commodities non-deliverable forwards – NFD, by maturity, as well as weighted average exchange rates and the fair value, are presented as follows:
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Schedule of interest rate and currency swap | The position of interest rate and currency swap is presented as follows:
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Schedule of currency options |
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Schedule of position of non-derivative financial instruments is presented | The position of non-derivative financial instruments designated as cash flow hedge is presented as follows:
The position of PPEs designated as cash flow hedge is presented as follows:
The position of bonds designated as cash flow hedge is presented as follows:
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Schedule of gains and losses of derivative and non-derivative financial instruments | The unrealized gains and losses of derivative and non-derivative financial instruments designated as cash flow hedge while unrealized are recorded as a component of other comprehensive income, as set forth below:
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Schedule of breakdown of financial instruments by category - except derivatives |
For the year ended on December 31, 2017, there were no changes between the 3 levels of hierarchy.
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Schedule of classification of financial assets and liabilities according to the valuation hierarchy | The table below presents the overall classification of financial assets and liabilities according to the valuation hierarchy. For the year ended on December 31, 2017, there were no changes between the 3 levels of hierarchy.
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Schedule of comparison between book value and fair value of financial instruments | Except for the items presented below, the book value of all other financial instruments approximate fair value. The fair value of financial instruments presented below was based in prices observed in active markets, level 1 of the hierarchy for fair value measurement.
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Schedule of quantitative and qualitative information | Quantitative and qualitative information used in preparing these analyzes are based on the position for the year ended December 31, 2017. Future results may differ significantly from those estimates amounts, if the reality becomes different from the assumptions used.
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5. SEGMENT INFORMATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net sales for each operating segment | The net sales for each reportable operating segment are presented below:
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Schedule of operating income for each operating segment | The goodwill and intangible assets with indefinite useful life (trademarks) arising from business combinations were allocated to the reportable operating segments, considering the generated economic benefits by such intangible assets, as presented below:
|
6. BUSINESS COMBINATION AND ACQUSITION OF ENTITIES INTEREST (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Qatar National Import and Export Co. ("QNIE") [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the acquired assets and assumed liabilities | The fair value of net acquired assets for the allocation of the purchase price paid by Federal Foods Qatar Ltd is as follows:
|
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Golden Foods Siam ("GFS") [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the acquired assets and assumed liabilities | The
fair value of the acquired assets and assumed liabilities to determine the allocation of the consideration paid was as follows:
|
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Universal Meats (UK) Limited ("Universal") [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the acquired assets and assumed liabilities | The
fair value of the acquired assets and assumed liabilities for the preliminary allocation of the purchase price paid is as follows:
|
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Schedule of fair value of the consideration paid | The fair value of the consideration paid was determined as follows:
|
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Al Khan Foodstuff LLC ("AKF") [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the acquired assets and assumed liabilities | The fair value of assets acquired and liabilities assumed to determining the price paid on the step acquisition of AKF is demonstrated below:
|
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Schedule of fair value of the consideration paid | The total consideration paid was determined as follows:
|
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FFM Further Processing SDN BHD ("FFP") [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the acquired assets and assumed liabilities | The
fair value of acquired assets and assumed liabilities for the allocation of the purchase price paid is demonstrated below:
|
7. CASH AND CASH EQUIVALENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash And Cash Equivalents Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of cash and cash equivalents |
|
8. MARKETABLE SECURITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of marketable securities |
|
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivable Net And Other Receivables Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of trade accounts receivable, net and notes receivable |
(1) Weighted average maturity of 3.22 years. |
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Schedule of allowance for doubtful accounts |
Of the foreign related parties balance, is linked to Agribusiness Receivable Certificate ("CRA") operation, as disclosed in note 19.2.
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Schedule of Agribusiness Receivable Certificate |
The rollforward of allowance for doubtful accounts is presented below:
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Schedule of aging of trade accounts receivable |
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10. INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories |
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Schedule of changes in the provision for obsolescence | Such amounts include the additions and reversals of inventory provisions, except for the effects recorded as other operating results, presented in the table below:
(1) Manly amount is effect from Weak Flesh Operation (note 1.5). |
11. BIOLOGICAL ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Biological Assets Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of biological assets | The balance of biological assets is segregated in current and non-current assets are presented below:
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Schedule of reconciliation of biological assets |
The rollforward of biological assets for the year is presented below:
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Schedule of live animals information | The quantities and balances per live animals assets are presented below:
|
12. RECOVERABLE AND INCOME AND SOCIAL CONTRIBUTION TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoverable And Income And Social Contribution Taxes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recoverable taxes |
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Schedule of rollforward of provision for losses | The rollforward of the allowance for losses is presented below:
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13. INCOME AND SOCIAL CONTRIBUTION TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income And Social Contribution Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred income and social contribution taxes |
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Schedule of rollforward deferred tax | The roll-forward of deferred tax is set forth below:
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Schedule of deferred tax | Based on this estimate, Management believes that it is more likely than not that the deferred tax will be realized, as shown below:
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Schedule of income and social contribution taxes reconciliation |
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Schedule of current and deferred income tax from foreign subsidiaries | The taxable income, current and deferred income tax from foreign subsidiaries is presented below:
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14. JUDICIAL DEPOSITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Judicial Deposits Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of detailed information about judicial deposits | The rollforward of the judicial deposits is presented below:
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15. RESTRICTED CASH (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of detailed information about restricted cash |
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16. INVESTMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of detailed information about investment in associates and joint ventures | On December 31, 2017, these associates, affiliates and joint ventures do not have any restriction to transfer dividends or repay their loans or advances to the Company.
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Schedule of financial information in associate |
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17. PROPERTY, PLANT AND EQUIPMENT, NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment Net Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of detailed information about property, plant and equipment | Property, plant and equipment rollforward is presented below:
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Schedule of total amount of fully depreciated items still operating | The Company has fully depreciated items that are still operating, which are set forth below:
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Schedule of book value of the collateral property, plant and equipment | The property, plant and equipment items that are pledged as collateral for transactions of different natures are presented below:
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18. INTANGIBLE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in intangible assets and goodwill | The intangible assets rollforward is set forth below:
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Schedule of pre tax rates | Management adopted the weighted average cost of capital – WACC as the discount rate to the development of discount cash flow, that varied from 9.74% p.a. to 13.25% p.a., according to the reportable operating segment and also adopted the assumptions shown in the table below:
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Schedule of variations in the EBIT margin and WACC | In addition to the above mentioned recovery analysis, management prepared a sensitivity analysis for each reportable operating segment considering the variations in the EBIT margin and in the nominal WACC as presented below:
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19. LOANS AND FINANCING (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loans And Financing Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans and financing |
The maturity schedule of the loans and financing balances is as follows:
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Schedule of guarantees |
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Schedule of commitments for purchases of goods and services | The Company enters into other agreements, such as electricity, packaging supplies and manufacturing activities. The amounts of the agreements at the date of these financial statements are set forth below:
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20. TRADE ACCOUNTS PAYABLE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Payable Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of trade and accounts payable |
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21. SUPPLY CHAIN FINANCE (Tables) |
12 Months Ended | ||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||
Supply Chain Finance Tables | |||||||||||||||||
Schedule of supply chain finance |
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22. DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other financial assets and liabilities. |
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23. LEASES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of minimum future payments of non-cancellable operating lease | The minimum future payments of non-cancellable operating lease are presented below:
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Schedule of finance leases mainly for the acquisitions of machinery, equipment, vehicles, software and buildings | The Company enters into finance leases mainly for the acquisitions of machinery, equipment, vehicles, software and buildings, presented below:
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Schedule of minimum future payments for these finance leases | The minimum future payments required for these finance leases are segregated as follows, and were recorded in current and non-current liabilities:
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Schedule of estimated schedule of future payments | The estimated schedule of future payments related to this agreement is set forth below:
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24. SHARE BASED PAYMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Payment Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of vesting period deadlines according to plan | The vesting period during which the participant can not exercise the purchase of the shares for Plan I is 1 to 3 years and for Plan II is 1 to 4 years, respecting the following deadlines from the grant date of the option.
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Schedule of breakdown of outstanding granted options | The breakdown of the outstanding granted options is presented as follows:
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Schedule of restricted stock plan | The total number of restricted shares that may be granted under the plan shall not exceed 0.5% of the registered common shares, in book-entry form without par value, representing the Company's total share capital.
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Schedule of outstanding granted options | The rollforward of the outstanding granted options for the year ended December 31, 2017 is presented as follows:
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Schedule of expected maturity of the option | The fair value of the stock options was measured using the Black-Scholes pricing model, based on the following assumptions:
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25. EMPLOYEES BENEFITS PLANS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employees Benefits Plans Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of pension plans for its employees and executives | The Company sponsors pension plans for its employees and executives as presented below:
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Schedule of assets and actuarial liabilities | The assets and actuarial liabilities are presented below:
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Schedule of actuarial assumptions and demographic data | The main actuarial assumptions and demographic data used in the actuarial calculations are summarized below:
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Schedule of composition of the investment portfolio | The composition of the investment portfolios is presented below:
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Schedule of expected benefit payments and average terms of plan obligations | The following amounts represent the expected benefit payments for future years and the average duration of the plan obligations:
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Schedule of quantitative sensitivity analysis regarding relevant assumptions of defined benefit plan | The quantitative sensitivity analysis regarding the relevant assumptions of defined benefit plan – FAF on December 31, 2017 is presented below:
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Schedule of description and characteristics of benefits and associated risks |
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Schedule of liabilities related to other benefits | The rollforward of actuarial liabilities related to other benefits, prepared based on an actuarial report, are as follows:
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Schedule of actuarial assumptions and demographic data | The main actuarial assumptions and demographic data used in the actuarial calculations are summarized below:
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Schedule of expected benefit payments for future |
The following amounts represent the expected benefit payments for future years (10 years), from the obligation of benefits granted and the average duration of the plan obligations:
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Schedule of sensitivity analysis of post-employment plans | The Company made the sensitivity analysis regarding the relevant assumptions of the plans on December 31, 2017, as presented below:
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26. PROVISION FOR TAX, CIVIL AND LABOR RISKS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision For Tax Civil And Labor Risks Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contingencies for probable losses | The rollforward of the provisions for tax, civil and labor risks is summarized below:
(1) Balance arising from the business combination with Banvit (note 6.1.3). |
27. SHAREHOLDERS' EQUITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders Equity Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of breakdown of capital stock by nature |
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Schedule of rollforward of outstanding shares |
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Schedule of shareholders' remuneration |
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Schedule of profit distribution/Loss absorption |
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Schedule of capital reserve |
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Schedule of treasury shares |
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Schedule of Breakdown of the capital by owner | The shareholding position of shareholders holding more than 5% of the voting capital, management and members of the Board of Directors is presented below (unaudited):
|
28. (LOSS) EARNINGS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Earnings Per Share Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share |
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30. RELATED PARTIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Related Parties Tables | ||||||||||||||||||||||||||||||||||||||||||
Schedule of the balances and rates charged for the transactions | The Company has entered into transactions with companies that are owned by members of its Board of Directors as demonstrated below:
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Schedule of total remuneration and benefits paid to professionals | The total remuneration and benefits paid to these professionals are demonstrated below:
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31. NET SALES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net sales |
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33. OTHER OPERATING INCOME (EXPENSES), NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Income Expenses Net Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other operating income (expense) |
|
34. FINANCIAL INCOME (EXPENSES), NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Income Expenses Net Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of finance income |
|
35. STATEMENT OF INCOME BY NATURE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement Of Income By Nature Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of statement of income by nature | The Company has chosen to disclose its statement of income by function and thus presents below the details by nature:
The composition of other operating expenses is disclosed in note 33. |
36. INSURANCE COVERAGE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||
Insurance Coverage Tables | |||||||||||||||||||||||||||||||
Schedule of insurance coverage | The Company also follows the orientations provided by its advisors.
|
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
SummaryOfSignificantAccountingPoliciesDetailsLineItems [Line Items] | ||
WACC annual rate | 12.70% | 14.30% |
Percentage of taxable income | 15.00% | |
Corporate Income Tax ("IRPJ") [Member] | ||
SummaryOfSignificantAccountingPoliciesDetailsLineItems [Line Items] | ||
Percentage of taxable income | 10.00% | |
Social Contribution Tax ("CSLL") [Member] | ||
SummaryOfSignificantAccountingPoliciesDetailsLineItems [Line Items] | ||
Percentage of taxable income | 9.00% |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 5) R$ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
BRL (R$)
|
Dec. 31, 2016
BRL (R$)
|
|||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Fair value | R$ | [1] | R$ (209.0) | R$ (331.5) | ||
Designated as Cash Flow Hedge [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Fair value | R$ | (2.6) | ||||
Not Designated As Cash Flow Hedge [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Fair value | R$ | R$ (0.6) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Jan-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | January 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Jan-18 [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 130.0 | ||||
Average rate | 3.2891 | 3.2891 | |||
Fair value | $ (3.2) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Jan-18 [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 15.0 | ||||
Average rate | 3.9244 | 3.9244 | |||
Fair value | $ (0.6) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Jan-18 [Member] | United Kingdom, Pounds | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 10.0 | ||||
Average rate | 4.3710 | 4.3710 | |||
Fair value | $ (0.9) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Feb-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | February 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Feb-18 [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 78.4 | ||||
Average rate | 3.3128 | 3.3128 | |||
Fair value | $ (0.5) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Feb-18 [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | |||||
Average rate | 0.0000 | 0.0000 | |||
Fair value | |||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Feb-18 [Member] | United Kingdom, Pounds | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 15.0 | ||||
Average rate | 4.4690 | 4.4690 | |||
Fair value | |||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 208.4 | ||||
Average rate | 3.2980 | 3.2980 | |||
Fair value | $ (3.7) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 15.0 | ||||
Average rate | 3.9244 | 3.9244 | |||
Fair value | $ (0.6) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option [Member] | United Kingdom, Pounds | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 25.0 | ||||
Average rate | 4.4298 | 4.4298 | |||
Fair value | $ (0.9) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Jan-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | January 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Jan-18 [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 20.0 | ||||
Average rate | 3.3238 | 3.3238 | |||
Fair value | $ 0.2 | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Feb-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | February 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Feb-18 [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 40.0 | ||||
Average rate | 3.3059 | 3.3059 | |||
Fair value | $ (0.7) | ||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Mar-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | March 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option Maturity On Mar-18 [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 20.0 | ||||
Average rate | 3.3340 | 3.3340 | |||
Fair value | |||||
Currency Non-Deliverable Forwards [Member] | Designated as Cash Flow Hedge [Member] | Short Option [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 80.0 | ||||
Average rate | 3.3174 | 3.3174 | |||
Fair value | $ (0.4) | ||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option Maturity On Mar-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | March 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option Maturity On Mar-18 [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 800.0 | ||||
Average rate | 3.3381 | 3.3381 | |||
Fair value | $ (2.0) | ||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option Maturity On Mar-18 [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 30.0 | ||||
Average rate | 4.0000 | 4.0000 | |||
Fair value | $ 0.2 | ||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option [Member] | USD | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 800.0 | ||||
Average rate | 3.3381 | 3.3381 | |||
Fair value | $ (2.0) | ||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 30.0 | ||||
Average rate | 4.0000 | 4.0000 | |||
Fair value | $ 0.2 | ||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option Maturity On Mar-18 [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Maturities | March 2018 |
||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option Maturity On Mar-18 [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 550.0 | ||||
Average rate | 1.1817 | 1.1817 | |||
Fair value | $ 36.2 | ||||
Currency Non-Deliverable Forwards [Member] | Not Designated As Cash Flow Hedge [Member] | Long Option [Member] | Euro Member Countries, Euro | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Notional | $ 550.0 | ||||
Average rate | 1.1817 | 1.1817 | |||
Fair value | $ 36.2 | ||||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 6) R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
BRL (R$)
T
|
Dec. 31, 2016
BRL (R$)
|
||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Fair value | [1] | R$ (209.0) | R$ (331.5) | ||
Designated as Hedging Instrument [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Fair value | [1] | R$ (181.4) | R$ (25.2) | ||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Quantity Ton | T | 92.0 | ||||
Average rate US$/Ton | 130.65 | ||||
Fair value | R$ (3.0) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | April 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | April 2018 |
||||
Quantity Ton | T | 10.0 | ||||
Average rate US$/Ton | 131.80 | ||||
Fair value | R$ (0.5) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | June 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | June 2018 |
||||
Quantity Ton | T | 43.0 | ||||
Average rate US$/Ton | 131.71 | ||||
Fair value | R$ (1.7) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | July 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | July 2018 |
||||
Quantity Ton | T | 13.0 | ||||
Average rate US$/Ton | 129.43 | ||||
Fair value | R$ (0.2) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | August 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | August 2018 |
||||
Quantity Ton | T | 8.0 | ||||
Average rate US$/Ton | 129.82 | ||||
Fair value | R$ (0.2) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | September 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | September 2018 |
||||
Quantity Ton | T | 8.0 | ||||
Average rate US$/Ton | 128.74 | ||||
Fair value | R$ (0.2) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Meal (NDF) [Member] | November 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | November 2018 |
||||
Quantity Ton | T | 10.0 | ||||
Average rate US$/Ton | 128.74 | ||||
Fair value | R$ (0.2) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Corn (NDF) [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Quantity Ton | T | 491.6 | ||||
Average rate US$/Ton | 146.42 | ||||
Fair value | R$ (4.5) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Corn (NDF) [Member] | April 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | April 2018 |
||||
Quantity Ton | T | 320.0 | ||||
Average rate US$/Ton | 145.12 | ||||
Fair value | R$ (4.0) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Corn (NDF) [Member] | August 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | August 2018 |
||||
Quantity Ton | T | 20.0 | ||||
Average rate US$/Ton | 148.40 | ||||
Fair value | R$ (0.1) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Corn (NDF) [Member] | November 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | November 2018 |
||||
Quantity Ton | T | 80.0 | ||||
Average rate US$/Ton | 152.38 | ||||
Fair value | R$ (0.3) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Corn (NDF) [Member] | February 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | February 2018 |
||||
Quantity Ton | T | 36.6 | ||||
Average rate US$/Ton | 138.10 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Corn (NDF) [Member] | December 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | December 2018 |
||||
Quantity Ton | T | 35.0 | ||||
Average rate US$/Ton | 152.26 | ||||
Fair value | R$ (0.1) | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Quantity Ton | T | 15.0 | ||||
Average rate US$/Ton | 737.02 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | April 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | April 2018 |
||||
Quantity Ton | T | 3.0 | ||||
Average rate US$/Ton | 733.33 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | June 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | June 2018 |
||||
Quantity Ton | T | 2.0 | ||||
Average rate US$/Ton | 745.16 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | July 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | July 2018 |
||||
Quantity Ton | T | 1.0 | ||||
Average rate US$/Ton | 744.50 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | August 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | August 2018 |
||||
Quantity Ton | T | 1.0 | ||||
Average rate US$/Ton | 744.94 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | September 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | September 2018 |
||||
Quantity Ton | T | 2.0 | ||||
Average rate US$/Ton | 741.63 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | November 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | November 2018 |
||||
Quantity Ton | T | 3.0 | ||||
Average rate US$/Ton | 732.74 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Long [Member] | Soybean Oil (NDF) [Member] | February 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | February 2018 |
||||
Quantity Ton | T | 3.0 | ||||
Average rate US$/Ton | 731.33 | ||||
Fair value | |||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Short [Member] | Corn (NDF) [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Quantity Ton | T | 54.7 | ||||
Average rate US$/Ton | 149.61 | ||||
Fair value | R$ 0.7 | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Short [Member] | Corn (NDF) [Member] | June 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | June 2018 |
||||
Quantity Ton | T | 33.7 | ||||
Average rate US$/Ton | 149.87 | ||||
Fair value | R$ 0.6 | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Short [Member] | Corn (NDF) [Member] | August 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | August 2018 |
||||
Quantity Ton | T | 21.0 | ||||
Average rate US$/Ton | 149.19 | ||||
Fair value | R$ 0.1 | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Short [Member] | Soybean (NDF) [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Quantity Ton | T | 23.0 | ||||
Average rate US$/Ton | 367.26 | ||||
Fair value | R$ 1.1 | ||||
Commodities Non-Deliverable Forwards [Member] | Designated as Hedging Instrument [Member] | Short [Member] | Soybean (NDF) [Member] | February 2018 [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Maturities | February 2018 |
||||
Quantity Ton | T | 23.0 | ||||
Average rate US$/Ton | 367.26 | ||||
Fair value | R$ 1.1 | ||||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 7) - BRL (R$) R$ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Fair value | [1] | R$ (209.0) | R$ (331.5) | |
Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 06.18.18 |
|||
Assets (Hedged object) | LIBOR 3M + 2.60% p.a. |
|||
Liabilities (Protected risk) | 5.47% p.a. |
|||
Notional | R$ 100.0 | |||
Fair value | R$ (2.5) | |||
Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 02.01.19 |
|||
Assets (Hedged object) | LIBOR 6M + 2.70% p.a. |
|||
Liabilities (Protected risk) | 5.90% p.a. |
|||
Notional | R$ 100.0 | |||
Fair value | R$ (5.4) | |||
Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 02.01.19 |
|||
Assets (Hedged object) | LIBOR 6M + 2.70% p.a. |
|||
Liabilities (Protected risk) | 5.88% p.a. |
|||
Notional | R$ 100.0 | |||
Fair value | R$ (5.4) | |||
Designated as Cash Flow Hedge [Member] | Currency Swap [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 05.22.18 |
|||
Assets (Hedged object) | R$ + 7.75% |
|||
Liabilities (Protected risk) | US$ + 1.60% |
|||
Notional | R$ 250.0 | |||
Fair value | (153.0) | |||
Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Notional | 300.0 | |||
Fair value | (13.3) | |||
Designated as Cash Flow Hedge [Member] | Interest Rate & Currency Swap[Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Fair value | R$ (166.3) | |||
Not Designated as Cash Flow Hedge [Member] | Currency Swap [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 04.12.19 |
|||
Assets (Hedged object) | US$ + 2,67% p.a. |
|||
Liabilities (Protected risk) | 110.91% CDI |
|||
Notional | R$ 50.0 | |||
Fair value | 1.3 | |||
Not Designated as Cash Flow Hedge [Member] | Interest Rate & Currency Swap[Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Fair value | R$ (61.3) | |||
Not Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 01.22.18 |
|||
Assets (Hedged object) | LIBOR 6M + 2.82% p.a. |
|||
Liabilities (Protected risk) | 5.86% p.a. |
|||
Notional | R$ 8.3 | |||
Fair value | ||||
Not Designated as Cash Flow Hedge [Member] | Interest rate - Bond | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 05.22.18 |
|||
Assets (Hedged object) | R$ (Fixed rate of 7.75% p.a.) |
|||
Liabilities (Protected risk) | 68.84% CDI |
|||
Notional | R$ 50.0 | |||
Fair value | R$ 0.5 | |||
Not Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 04.02.19 |
|||
Assets (Hedged object) | R$ (Fixed rate of 9.61% p.a.) |
|||
Liabilities (Protected risk) | 95.00% CDI |
|||
Notional | R$ 250.0 | |||
Fair value | R$ 11.5 | |||
Not Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 04.02.19 |
|||
Assets (Hedged object) | R$ (Fixed rate of 9.61% p.a.) |
|||
Liabilities (Protected risk) | 93.54% CDI |
|||
Notional | R$ 249.0 | |||
Fair value | R$ 11.9 | |||
Not Designated as Cash Flow Hedge [Member] | Stock Swap [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Maturity | 02.05.19 |
|||
Assets (Hedged object) | BRFS3 |
|||
Liabilities (Protected risk) | 110.00% CDI |
|||
Notional | R$ 510.1 | |||
Fair value | (86.4) | |||
Not Designated as Cash Flow Hedge [Member] | Interest Rate [Member] | ||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||||
Fair value | R$ 23.9 | |||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 8) R$ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
BRL (R$)
T
|
Dec. 31, 2016
BRL (R$)
|
|||
Disclosure of detailed information about hedges [line items] | ||||
Fair value | [1] | R$ (209.0) | R$ (331.5) | |
Designated as Cash Flow Hedge [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Fair value | (2.6) | |||
Designated as Cash Flow Hedge [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Fair value | R$ (1.6) | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Jan-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | January 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Jan-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (60.0) | |||
Average US$ | 3.4500 | |||
Fair value | R$ (2.0) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Jan-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | January 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Jan-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 60.0 | |||
Average US$ | 3.1900 | |||
Fair value | R$ 0.9 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Feb-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | February 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Feb-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (61.8) | |||
Average US$ | 3.3660 | |||
Fair value | R$ (3.2) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Feb-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | February 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Feb-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 61.8 | |||
Average US$ | 3.2501 | |||
Fair value | R$ 2.2 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Mar-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | March 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Mar-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (100.0) | |||
Average US$ | 3.4074 | |||
Fair value | R$ (5.6) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Mar-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | March 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Mar-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 100.0 | |||
Average US$ | 3.2894 | |||
Fair value | R$ 6.0 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Apr-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | April 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Apr-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (40.0) | |||
Average US$ | 3.4393 | |||
Fair value | R$ (2.6) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Apr-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | April 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Apr-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 40.0 | |||
Average US$ | 3.3025 | |||
Fair value | R$ 3.0 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On June-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On June-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (40.0) | |||
Average US$ | 3.4745 | |||
Fair value | R$ (3.3) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On June-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On June-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 40.0 | |||
Average US$ | 3.2250 | |||
Fair value | R$ 2.3 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On July-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | July 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On July-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (20.0) | |||
Average US$ | 3.4930 | |||
Fair value | R$ (1.9) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On July-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | July 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On July-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 20.0 | |||
Average US$ | 3.3100 | |||
Fair value | R$ 2.0 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Aug-17 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | August 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Aug-17 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (20.0) | |||
Average US$ | 3.5280 | |||
Fair value | R$ (2.0) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Aug-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | August 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Aug-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 20.0 | |||
Average US$ | 3.2900 | |||
Fair value | R$ 1.9 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Sep-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | September 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Sep-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (20.0) | |||
Average US$ | 3.5380 | |||
Fair value | R$ (2.2) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Sep-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | September 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Sep-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 20.0 | |||
Average US$ | 3.2800 | |||
Fair value | R$ 1.9 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Apr-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | April 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On Apr-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (20.0) | |||
Average US$ | 3.4500 | |||
Fair value | R$ (1.3) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Apr-17 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | April 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On Apr-17 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 20.0 | |||
Average US$ | 3.2600 | |||
Fair value | R$ 1.1 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On June-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On June-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (20.0) | |||
Average US$ | 3.4857 | |||
Fair value | R$ (1.7) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On June-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Designated as Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On June-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 20.0 | |||
Average US$ | 3.3300 | |||
Fair value | R$ 2.1 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On Feb-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | February 2018 |
|||
Quantity Ton | T | 10 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On Feb-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 142.91 | |||
Fair value | ||||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On Feb-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | February 2018 |
|||
Quantity Ton | T | (10) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On Feb-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 122.04 | |||
Fair value | R$ (0.2) | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On Apr-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | April 2018 |
|||
Quantity Ton | T | 20 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On Apr-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 146.65 | |||
Fair value | R$ 0.1 | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On Apr-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | April 2018 |
|||
Quantity Ton | T | (20) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On Apr-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 125.39 | |||
Fair value | R$ (0.7) | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On June-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Quantity Ton | T | 10 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On June-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 145.07 | |||
Fair value | R$ 0.2 | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On June-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Quantity Ton | T | (10) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On June-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 126.18 | |||
Fair value | R$ (0.5) | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On July-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | July 2018 |
|||
Quantity Ton | T | 10 | |||
Designated as Cash Flow Hedge [Member] | Collar - Call (Purchase) Maturity On July-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 141.14 | |||
Fair value | R$ 0.2 | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On July-18 [Member] | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | July 2018 |
|||
Quantity Ton | T | (10) | |||
Designated as Cash Flow Hedge [Member] | Collar - Put (Sale) Maturity On July-18 [Member] | USD | Soybean Meal (NDF) [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Average US$ | 129.72 | |||
Fair value | R$ (0.7) | |||
Not Designated As Cash Flow Hedge [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Fair value | R$ (0.6) | |||
Not Designated As Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On June-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Not Designated As Cash Flow Hedge [Member] | Collar - Call (Sale) Maturity On June-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ (50.0) | |||
Average US$ | 4.4342 | |||
Fair value | R$ (2.0) | |||
Not Designated As Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On June-18 [Member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Maturities | June 2018 |
|||
Not Designated As Cash Flow Hedge [Member] | Collar - Put (Purchase) Maturity On June-18 [Member] | USD | ||||
Disclosure of detailed information about hedges [line items] | ||||
Notional (US$) | R$ 50.0 | |||
Average US$ | 3.6960 | |||
Fair value | R$ 1.4 | |||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 9) - Designated as Cash Flow Hedge [Member] - BRL (R$) R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Value (notional) | R$ 477.0 | R$ 568.7 | |||
Fair value | [1] | R$ 1,679.5 | 1,954.9 | ||
Export Prepayment - PPEs [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Hedge object | Exchange |
||||
Reference currency (notional) | USD |
||||
Value (notional) | R$ 208.3 | 300.0 | |||
Fair value | [1] | R$ 689.2 | 977.7 | ||
Senior Unsecured Notes - Bonds [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Hedge object | Exchange |
||||
Reference currency (notional) | USD |
||||
Value (notional) | R$ 268.7 | 268.7 | |||
Fair value | [1] | R$ 990.3 | R$ 977.2 | ||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 10) - Designated as Cash Flow Hedge [Member] R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
BRL (R$)
|
Dec. 31, 2016
BRL (R$)
|
||||
FinancialInstrumentsAndRiskManagementLineItems [Line Items] | |||||
Value (notional) | R$ 477.0 | R$ 568.7 | |||
Fair value | [1] | R$ 1,679.5 | 1,954.9 | ||
Export Prepayment - PPEs [Member] | |||||
FinancialInstrumentsAndRiskManagementLineItems [Line Items] | |||||
Type of risk hedged | US$ (E.R.) |
||||
Maturities | 01.2018 to 02.2019 |
||||
Value (notional) | R$ 208.3 | 300.0 | |||
Average rate | 1.8643 | ||||
Fair value | [1] | R$ 689.2 | R$ 977.7 | ||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 11) - Designated as Cash Flow Hedge [Member] R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
BRL (R$)
|
Dec. 31, 2016
BRL (R$)
|
||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Value (notional) | R$ 477.0 | R$ 568.7 | |||
Fair value | [1] | 1,679.5 | 1,954.9 | ||
Senior Unsecured Notes - Bonds [Member] | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Value (notional) | R$ 268.7 | 268.7 | |||
Average rate | 2.0310 | ||||
Fair value | [1] | R$ 990.3 | R$ 977.2 | ||
Senior Unsecured Notes - Bonds [Member] | BRF SA BRFSBZ5 | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Type of risk hedged | US$ (E.R.) |
||||
Maturities | 06.2022 |
||||
Value (notional) | R$ 118.7 | ||||
Average rate | 2.0213 | ||||
Fair value | [1] | R$ 494.1 | |||
Senior Unsecured Notes - Bonds [Member] | BRF SA BRFSBZ3 | |||||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||||
Type of risk hedged | US$ (E.R.) |
||||
Maturities | 05.2023 |
||||
Value (notional) | R$ 150.0 | ||||
Average rate | 2.0387 | ||||
Fair value | [1] | R$ 496.2 | |||
|
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 12) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||
Gross losses | R$ (863.7) | R$ (863.7) | |
Deferred taxes on losses | (3.8) | 272.7 | R$ (346.4) |
OCI recognized by subsidiaries | |||
Losses, net of taxes | (572.2) | (576.0) | |
Change in gross losses | 820.0 | ||
Income taxes on financial instruments adjustments | 3.8 | (272.7) | |
OCI recognized by subsidiaries | |||
Impact in other comprehensive income | 287.7 | 547.3 | |
Designated as Cash Flow Hedge [Member] | |||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||
Derivatives designated as cash flow hedges | (181.6) | (51.7) | |
Designated as Cash Flow Hedge [Member] | Foreign Exchange Risks [Member] | |||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||
Derivatives designated as cash flow hedges | (162.5) | (29.2) | |
Non derivatives designated as cash flow hedges | (682.1) | (812.0) | |
Designated as Cash Flow Hedge [Member] | Interest Risks [Member] | |||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||
Derivatives designated as cash flow hedges | (8.5) | (25.9) | |
Designated as Cash Flow Hedge [Member] | Commodity Risks [Member] | |||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | |||
Derivatives designated as cash flow hedges | R$ (10.6) | R$ 3.4 |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 13) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | R$ 630.8 | R$ 1,092.5 |
Liabilities amortized cost | (208.8) | (529.6) |
Liabilities fair value | (16,310.2) | |
Total assets and liabilities | (14,696.4) | |
Trade Accounts Payable [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (6,445.5) | (5,839.8) |
Supply Chain Finance [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (715.2) | (1,335.6) |
Local Currency [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (9,343.0) | (8,643.7) |
Foreign Currency [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (11,101.3) | (10,318.7) |
Finance Lease Payable [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (232.6) | (216.8) |
Loans and Financing - NCE [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities fair value | ||
Financial Liabilities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities fair value | (27,837.6) | |
Total assets and liabilities | (26,354.6) | |
Financial Liabilities [Member] | Trade Accounts Payable [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (6,445.5) | (5,839.8) |
Financial Liabilities [Member] | Supply Chain Finance [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (715.2) | (1,335.6) |
Financial Liabilities [Member] | Local Currency [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (9,343.0) | (8,643.7) |
Financial Liabilities [Member] | Foreign Currency [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (11,101.3) | (10,318.7) |
Financial Liabilities [Member] | Finance Lease Payable [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities amortized cost | (232.6) | (216.8) |
Financial Liabilities [Member] | Loans and Financing - NCE [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities fair value | ||
Cash and Bank Accounts [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 1,670.1 | 1,730.4 |
Cash Equivalents [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets fair value | 4,340.7 | 4,626.5 |
Marketable Securities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 257.0 | 255.5 |
Assets fair value | 540.3 | 894.5 |
Restricted Cash [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 535.6 | 645.8 |
Trade Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 3,925.3 | 3,095.8 |
Other Credits [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 229.5 | 335.5 |
Other Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 28.9 | 74.2 |
Loans & Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Liabilities fair value | 5,853.8 | |
Total assets and liabilities | 5,235.9 | |
Loans & Receivables [Member] | Cash and Bank Accounts [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 1,670.1 | 1,730.4 |
Loans & Receivables [Member] | Cash Equivalents [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets fair value | ||
Loans & Receivables [Member] | Marketable Securities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Assets fair value | ||
Loans & Receivables [Member] | Restricted Cash [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Loans & Receivables [Member] | Trade Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 3,925.3 | 3,095.8 |
Loans & Receivables [Member] | Other Credits [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 229.5 | 335.5 |
Loans & Receivables [Member] | Other Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 229.5 | 74.2 |
Loans & Receivables [Member] | Cash Equivalents [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets fair value | ||
Available For Sale [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 344.2 | 623.3 |
Liabilities fair value | 344.3 | |
Total assets and liabilities | 623.3 | |
Available For Sale [Member] | Cash and Bank Accounts [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Available For Sale [Member] | Cash Equivalents [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets fair value | ||
Available For Sale [Member] | Marketable Securities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Assets fair value | 344.3 | 623.3 |
Available For Sale [Member] | Restricted Cash [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Available For Sale [Member] | Trade Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Available For Sale [Member] | Other Credits [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Available For Sale [Member] | Other Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Trading Securities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 196.0 | 271.2 |
Liabilities fair value | 4,536.7 | |
Total assets and liabilities | 4,897.7 | |
Trading Securities [Member] | Cash and Bank Accounts [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Trading Securities [Member] | Cash Equivalents [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets fair value | 4,340.7 | 4,626.5 |
Trading Securities [Member] | Marketable Securities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Assets fair value | 196.0 | 271.2 |
Trading Securities [Member] | Restricted Cash [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Trading Securities [Member] | Trade Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Trading Securities [Member] | Other Credits [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Trading Securities [Member] | Other Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Held To Maturity [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 797.2 | 1,150.0 |
Liabilities fair value | 792.6 | |
Total assets and liabilities | 901.3 | |
Held To Maturity [Member] | Cash and Bank Accounts [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Held To Maturity [Member] | Marketable Securities [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 257.0 | 255.5 |
Held To Maturity [Member] | Restricted Cash [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | 535.6 | 645.8 |
Held To Maturity [Member] | Trade Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Held To Maturity [Member] | Other Credits [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost | ||
Held To Maturity [Member] | Other Receivables [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Assets amortized cost |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 14) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | R$ 630.8 | R$ 1,092.5 |
Financial liabilities | (208.8) | (529.6) |
Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | (90.7) | (222.8) |
Not Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | (299.5) | (306.8) |
Available For Sale [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 344.2 | 623.3 |
Available For Sale [Member] | Credit Linked Notes [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 15.4 | 187.4 |
Available For Sale [Member] | Public securities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 56.4 | |
Available For Sale [Member] | Stocks [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 328.8 | 379.5 |
Held To Maturity [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 797.2 | 1,150.0 |
Held To Maturity [Member] | Financial Treasury Bills [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 166.3 | 180.5 |
Held To Maturity [Member] | Investment funds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 29.7 | 42.3 |
Other financial assets [Member] | Not Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 63.1 | 0.5 |
Level 1 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 540.2 | 846.1 |
Financial liabilities | ||
Level 1 [Member] | Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 27.5 | 197.5 |
Level 1 [Member] | Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | ||
Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | ||
Level 1 [Member] | Available For Sale [Member] | Credit Linked Notes [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 15.4 | 187.4 |
Level 1 [Member] | Available For Sale [Member] | Public securities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 56.4 | |
Level 1 [Member] | Available For Sale [Member] | Stocks [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 328.8 | 379.5 |
Level 1 [Member] | Held To Maturity [Member] | Financial Treasury Bills [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 166.3 | 180.5 |
Level 1 [Member] | Held To Maturity [Member] | Investment funds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 29.7 | 42.3 |
Level 1 [Member] | Held To Maturity [Member] | Bank deposit certificates [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 1 [Member] | Other financial assets [Member] | Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 1 [Member] | Other financial assets [Member] | Not Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 2 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 90.6 | 246.4 |
Financial liabilities | (208.8) | (529.6) |
Level 2 [Member] | Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | (90.7) | (222.8) |
Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | (299.5) | (306.8) |
Level 2 [Member] | Available For Sale [Member] | Credit Linked Notes [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Financial liabilities | ||
Level 2 [Member] | Available For Sale [Member] | Public securities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 2 [Member] | Available For Sale [Member] | Stocks [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 2 [Member] | Held To Maturity [Member] | Financial Treasury Bills [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 2 [Member] | Held To Maturity [Member] | Investment funds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 2 [Member] | Other financial assets [Member] | Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 27.5 | 0.5 |
Level 2 [Member] | Other financial assets [Member] | Not Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | 63.1 | 197.5 |
Level 3 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Financial liabilities | ||
Level 3 [Member] | Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | ||
Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Other Financial Liabilities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial liabilities | ||
Level 3 [Member] | Available For Sale [Member] | Credit Linked Notes [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 3 [Member] | Available For Sale [Member] | Public securities [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 3 [Member] | Available For Sale [Member] | Stocks [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 3 [Member] | Held To Maturity [Member] | Financial Treasury Bills [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 3 [Member] | Held To Maturity [Member] | Investment funds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 3 [Member] | Other financial assets [Member] | Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets | ||
Level 3 [Member] | Other financial assets [Member] | Not Designated as Hedging Instrument [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Financial assets |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 15) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (16,310.2) | |
Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | (9,033.7) | R$ (8,996.5) |
Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (8,911.1) | (9,027.3) |
BRF Bonds [Member] | BRF SA BRFSBZ5 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2022 | |
BRF Bonds [Member] | BRF SA BRFSBZ5 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (369.6) | (364.0) |
BRF Bonds [Member] | BRF SA BRFSBZ5 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (406.7) | (415.1) |
BRF Bonds [Member] | BRF SA BRFSBZ4 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2024 | |
BRF Bonds [Member] | BRF SA BRFSBZ4 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | (2,424.1) | |
BRF Bonds [Member] | BRF SA BRFSBZ4 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | (2,404.4) | |
BRF Bonds [Member] | BRF SA BRFSBZ3 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2023 | |
BRF Bonds [Member] | BRF SA BRFSBZ3 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (1,608.3) | (1,568.1) |
BRF Bonds [Member] | BRF SA BRFSBZ3 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (1,578.7) | (1,567.4) |
BRF Bonds [Member] | BRF SA BRFSBZ7 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2018 | |
BRF Bonds [Member] | BRF SA BRFSBZ7 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (503.8) | (502.9) |
BRF Bonds [Member] | BRF SA BRFSBZ7 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (502.4) | (475.9) |
BRF Bonds [Member] | BRF SA BRFSBZ2 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2022 | |
BRF Bonds [Member] | BRF SA BRFSBZ2 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (1,997.5) | (1,729.1) |
BRF Bonds [Member] | BRF SA BRFSBZ2 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (1,974.5) | (1,795.8) |
BFF Bonds [Member] | Sadia Overseas BRFSBZ7 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2020 | |
BFF Bonds [Member] | Sadia Overseas BRFSBZ7 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (292.2) | (287.2) |
BFF Bonds [Member] | Sadia Overseas BRFSBZ7 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (299.9) | (308.7) |
Sadia Bonds [Member] | Sadia Overseas BRFSBZ6 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2017 | |
Sadia Bonds [Member] | Sadia Overseas BRFSBZ6 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | (370.0) | |
Sadia Bonds [Member] | Sadia Overseas BRFSBZ6 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | (376.7) | |
Bonds BRF Gmbh [Member] | BRF SA BRFSBZ4 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2026 | |
Bonds BRF Gmbh [Member] | BRF SA BRFSBZ4 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (1,628.9) | (1,606.6) |
Bonds BRF Gmbh [Member] | BRF SA BRFSBZ4 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (1,553.1) | (1,538.8) |
Quickfood Bonds [Member] | Quickfood [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2022 | |
Quickfood Bonds [Member] | Quickfood [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (168.0) | (144.5) |
Quickfood Bonds [Member] | Quickfood [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (168.0) | (144.5) |
Bonds BRF - SHB [Member] | BRF SA BRFSBZ4 [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Maturity | 2024 | |
Bonds BRF - SHB [Member] | BRF SA BRFSBZ4 [Member] | Book Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (2,465.4) | |
Bonds BRF - SHB [Member] | BRF SA BRFSBZ4 [Member] | Fair Value [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Total | R$ (2,427.8) |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 16) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
BRL (R$)
Number
|
Dec. 31, 2016 |
|
USD | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Exchange rate | 3.3080 | 3.2591 |
USD | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (24.3) | |
Exchange rate | Number | 3.3080 | |
USD | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (300.8) | |
Exchange rate | Number | 2.9772 | |
USD | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (715.8) | |
Exchange rate | Number | 2.4810 | |
USD | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 667.0 | |
Exchange rate | Number | 4.1350 | |
USD | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 1,358.4 | |
Exchange rate | Number | 4.9620 | |
USD | Designated as Hedging Instrument [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
USD | Designated as Hedging Instrument [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
USD | Designated as Hedging Instrument [Member] | Export Prepayment - PPEs [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
USD | Designated as Hedging Instrument [Member] | Senior Unsecured Notes - Bonds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
USD | Designated as Hedging Instrument [Member] | Swap [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
USD | Designated as Hedging Instrument [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Appreciation of R$ |
|
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (1.3) | |
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 0.7 | |
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Export Prepayment - PPEs [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (300.8) | |
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Senior Unsecured Notes - Bonds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (343.1) | |
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Swap [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (157.8) | |
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 802.2 | |
USD | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 0.1 | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 94.1 | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 115.1 | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Export Prepayment - PPEs [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (231.9) | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Senior Unsecured Notes - Bonds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (254.2) | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Swap [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (117.0) | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 396.2 | |
USD | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (2.3) | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 237.2 | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 313.6 | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Export Prepayment - PPEs [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (128.5) | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Senior Unsecured Notes - Bonds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (120.9) | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Swap [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (55.9) | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (240.0) | |
USD | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (5.6) | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (239.9) | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (277.9) | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Export Prepayment - PPEs [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (473.1) | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Senior Unsecured Notes - Bonds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (565.3) | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Swap [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (259.8) | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 1,810.1 | |
USD | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 5.8 | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (478.4) | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (608.7) | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Export Prepayment - PPEs [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (645.4) | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Senior Unsecured Notes - Bonds [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (787.4) | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Swap [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (361.7) | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 2,870.3 | |
USD | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 11.3 | |
USD | Not Designated as Hedging Instrument [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Appreciation of R$ |
|
USD | Not Designated as Hedging Instrument [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Appreciation of R$ |
|
USD | Not Designated as Hedging Instrument [Member] | Current Scenario [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (24.1) | |
USD | Not Designated as Hedging Instrument [Member] | Current Scenario [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (0.2) | |
USD | Not Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (288.7) | |
USD | Not Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (12.1) | |
USD | Not Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (685.7) | |
USD | Not Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (30.0) | |
USD | Not Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 637.5 | |
USD | Not Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 29.6 | |
USD | Not Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 1,299.1 | |
USD | Not Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 59.3 | |
USD | Cost (object) [Member] | Future - BM&Fbovespa [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Appreciation of R$ |
|
Euro Member Countries, Euro | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Exchange rate | 3.9693 | 3.4384 |
Euro Member Countries, Euro | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 32.2 | |
Exchange rate | Number | 3.9693 | |
Euro Member Countries, Euro | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (198.0) | |
Exchange rate | Number | 3.5724 | |
Euro Member Countries, Euro | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (543.4) | |
Exchange rate | Number | 2.9770 | |
Euro Member Countries, Euro | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 607.7 | |
Exchange rate | Number | 4.9616 | |
Euro Member Countries, Euro | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 1,183.3 | |
Exchange rate | Number | 5.9540 | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Appreciation of R$ |
|
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (0.7) | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 0.7 | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 5.3 | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (5.3) | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 14.2 | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (14.2) | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (15.6) | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 15.6 | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (30.4) | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 30.4 | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Current Scenario [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 33.1 | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Current Scenario [Member] | NDF - Purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (0.9) | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (185.2) | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | NDF - Purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (12.8) | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (512.7) | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | NDF - Purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (30.7) | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 578.9 | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | NDF - Purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 28.8 | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | NDF - Purchase of US$ [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 1,124.7 | |
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | NDF - Purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
Net effect | R$ 58.6 | |
United Kingdom, Pounds | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Exchange rate | 4.4714 | 4.0364 |
United Kingdom, Pounds | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
United Kingdom, Pounds | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Appreciation of R$ |
|
United Kingdom, Pounds | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | Number | 4.4714 | |
United Kingdom, Pounds | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | Number | 4.0243 | |
United Kingdom, Pounds | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | Number | 3.3536 | |
United Kingdom, Pounds | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | Number | 5.5893 | |
United Kingdom, Pounds | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | Number | 6.7071 | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (1.0) | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Current Scenario [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 1.0 | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 10.1 | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario I 10% Appreciation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (10.1) | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 26.9 | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario II 25% Appreciation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (26.9) | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (29.0) | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario III 25% Devaluation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 29.0 | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Non-Deliverable Forwards [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (56.9) | |
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Scenario IV 50% devaluation [Member] | Export [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 56.9 |
4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details 17) - USD R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
BRL (R$)
Number
|
Dec. 31, 2016 |
|
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Exchange rate | 3.3080 | 3.2591 |
Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (24.3) | |
Exchange rate | Number | 3.3080 | |
Designated as Hedging Instrument [Member] | Cost (object) [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 0.1 | |
Designated as Hedging Instrument [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Devaluation of R$ |
|
Designated as Hedging Instrument [Member] | Options - Currencies [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 0.7 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 143.85 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 129.47 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 107.89 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 179.81 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 215.78 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - sale [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Increase in the price of corn | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - sale [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 1.0 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - sale [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 3.6 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - sale [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 7.6 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - sale [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (5.5) | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - sale [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (12.0) | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Decrease in the price of corn | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - purchase [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (4.2) | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (27.6) | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (62.7) | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 54.3 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 112.8 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Decrease in the price of corn | |
Designated as Hedging Instrument [Member] | Corn [Member] | Cost (object) [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 3.1 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Cost (object) [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 23.9 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Cost (object) [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 55.1 | |
Designated as Hedging Instrument [Member] | Corn [Member] | Cost (object) [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (48.8) | |
Designated as Hedging Instrument [Member] | Corn [Member] | Cost (object) [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (100.8) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 127.11 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 114.40 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 0.1 | |
Exchange rate | 95.33 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 158.89 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 190.66 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Non-Deliverable Forwards - purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Decrease in the price of soybean meal | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Non-Deliverable Forwards - purchase [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (1.1) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (4.9) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (10.7) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 8.6 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 18.3 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Increase in the price of soybean meal | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Cost (object) [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 1.3 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Cost (object) [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 10.5 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Cost (object) [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 25.1 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Cost (object) [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (14.8) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Cost (object) [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (39.1) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Options - Currencies [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Decrease in the price of soybean meal | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Options - Currencies [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (0.2) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Options - Currencies [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (5.6) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Options - Currencies [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (14.3) | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Options - Currencies [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 6.2 | |
Designated as Hedging Instrument [Member] | Soybean Meal [Member] | Options - Currencies [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 20.8 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 353.38 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 318.04 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 265.04 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 441.73 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | ||
Exchange rate | 530.07 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Non-Deliverable Forwards - purchase [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Decrease in the price of soybean | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Non-Deliverable Forwards - purchase [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (1.1) | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (3.7) | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (7.8) | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 5.7 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Non-Deliverable Forwards - purchase [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 12.4 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Cost (object) [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Risk | Increase in the price of soybean | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Cost (object) [Member] | Current Scenario [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ 1.1 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Cost (object) [Member] | Scenario I 10% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 3.7 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Cost (object) [Member] | Scenario II 25% Appreciation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | 7.8 | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Cost (object) [Member] | Scenario III 25% Devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | (5.7) | |
Designated as Hedging Instrument [Member] | Soybean [Member] | Cost (object) [Member] | Scenario IV 50% devaluation [Member] | ||
FinancialInstrumentsAndRiskManagementDetailsLineItems [Line Items] | ||
Net effect | R$ (12.4) |
5. SEGMENT INFORMATION (Details) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of operating segments [line items] | |||
Net sales | R$ 33,469.4 | R$ 33,732.9 | R$ 32,196.6 |
ONE FOODS [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 6,696.8 | 6,226.5 | 6,358.3 |
In-natura | ONE FOODS [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 5,591.6 | 5,584.2 | 5,922.2 |
Poultry [Member] | ONE FOODS [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 5,557.2 | 5,542.1 | 5,886.8 |
Processed foods | ONE FOODS [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 909.7 | 642.3 | 436.2 |
Other sales | ONE FOODS [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 195.5 | ||
Other | ONE FOODS [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 34.4 | 42.1 | 35.3 |
Other segments [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 1,225.3 | 1,297.1 | 782.0 |
Other segments [Member] | Ingredients [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 269.2 | ||
Other segments [Member] | Other sales | |||
Disclosure of operating segments [line items] | |||
Net sales | 956.1 | 1,297.1 | 782.0 |
Brazil [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 15,188.6 | 14,808.1 | 15,255.5 |
Brazil [Member] | In-natura | |||
Disclosure of operating segments [line items] | |||
Net sales | 3,489.9 | 3,109.0 | 2,997.9 |
Brazil [Member] | Poultry [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 2,697.5 | 2,410.3 | 2,265.0 |
Brazil [Member] | Pork and other | |||
Disclosure of operating segments [line items] | |||
Net sales | 792.4 | 698.7 | 732.9 |
Brazil [Member] | Processed foods | |||
Disclosure of operating segments [line items] | |||
Net sales | 11,681.6 | 11,600.8 | 12,206.5 |
Brazil [Member] | Other sales | |||
Disclosure of operating segments [line items] | |||
Net sales | 17.1 | 98.3 | 51.1 |
INTERNATIONAL [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 8,497.1 | 9,636.4 | 7,915.1 |
INTERNATIONAL [Member] | In-natura | |||
Disclosure of operating segments [line items] | |||
Net sales | 5,531.7 | 6,547.6 | 5,738.2 |
INTERNATIONAL [Member] | Poultry [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 4,255.4 | 5,063.5 | 4,378.7 |
INTERNATIONAL [Member] | Pork and other | |||
Disclosure of operating segments [line items] | |||
Net sales | 1,276.3 | 1,484.1 | 1,359.5 |
INTERNATIONAL [Member] | Processed foods | |||
Disclosure of operating segments [line items] | |||
Net sales | 2,728.2 | 2,867.4 | 2,175.4 |
INTERNATIONAL [Member] | Other sales | |||
Disclosure of operating segments [line items] | |||
Net sales | 237.2 | 221.4 | 1.5 |
SOUTHERN CONE [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 1,861.6 | 1,764.8 | 1,885.8 |
SOUTHERN CONE [Member] | In-natura | |||
Disclosure of operating segments [line items] | |||
Net sales | 395.2 | 383.0 | 564.9 |
SOUTHERN CONE [Member] | Poultry [Member] | |||
Disclosure of operating segments [line items] | |||
Net sales | 195.8 | 230.2 | 290.3 |
SOUTHERN CONE [Member] | Pork and other | |||
Disclosure of operating segments [line items] | |||
Net sales | 199.4 | 152.8 | 274.6 |
SOUTHERN CONE [Member] | Processed foods | |||
Disclosure of operating segments [line items] | |||
Net sales | 1,408.8 | 1,348.0 | 1,271.1 |
SOUTHERN CONE [Member] | Other sales | |||
Disclosure of operating segments [line items] | |||
Net sales | R$ 57.6 | R$ 33.8 | R$ 49.8 |
5. SEGMENT INFORMATION (Details 1) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of operating segments [line items] | ||
Total | R$ 5,842.1 | R$ 5,656.7 |
ONE FOODS [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 1,777.3 | 1,395.4 |
BRAZIL | ||
Disclosure of operating segments [line items] | ||
Total | 2,134.0 | 2,134.0 |
INTERNATIONAL [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 1,369.9 | 1,271.7 |
SOUTHERN CONE [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 560.9 | 855.6 |
Goodwill [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 4,192.2 | 4,343.5 |
Goodwill [Member] | ONE FOODS [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 1,388.1 | 1,225.0 |
Goodwill [Member] | BRAZIL | ||
Disclosure of operating segments [line items] | ||
Total | 1,151.5 | 1,151.5 |
Goodwill [Member] | INTERNATIONAL [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 1,345.4 | 1,247.0 |
Goodwill [Member] | SOUTHERN CONE [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 307.2 | 720.0 |
Trademarks [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 1,649.9 | 1,313.2 |
Trademarks [Member] | ONE FOODS [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 389.2 | 170.4 |
Trademarks [Member] | BRAZIL | ||
Disclosure of operating segments [line items] | ||
Total | 982.5 | 982.5 |
Trademarks [Member] | INTERNATIONAL [Member] | ||
Disclosure of operating segments [line items] | ||
Total | 24.5 | 24.7 |
Trademarks [Member] | SOUTHERN CONE [Member] | ||
Disclosure of operating segments [line items] | ||
Total | R$ 253.7 | R$ 135.6 |
6. BUSINESS COMBINATION AND ACQUISITION OF INTEREST (Details) - BRL (R$) R$ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Universal Meats UK [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash and cash equivalents | R$ 22.5 | |
Trade accounts receivable, net | 108.6 | |
Inventories | 64.3 | |
Recoverable taxes | ||
Deferred income and social contribution taxes | ||
Biological assets | ||
Property, plant and equipment | 0.4 | |
Intangible assets | 127.2 | |
Trademarks | ||
Customer relationship | 43.3 | 43.3 |
Import quotas | 83.9 | 83.9 |
Other | (3.8) | |
Other assets | 6.9 | |
Financial assets | 329.9 | |
Trade accounts payable | 30.6 | |
Tax payable | 3.2 | |
Short-term debt | 20.7 | |
Deferred income and social contribution taxes | 21.2 | |
Provision for tax, civil and labor risks | ||
Other liabilities | 18.8 | |
Financial liabilities | 94.5 | |
Net assets acquired | 235.4 | |
Fair value of consideration paid | 280.8 | |
Goodwill | 45.4 | 168.8 |
Eclipse Holding Cooperatief U.A. [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash and cash equivalents | 1.7 | |
Trade accounts receivable, net | 43.0 | |
Inventories | 18.4 | |
Recoverable taxes | 11.8 | |
Deferred income and social contribution taxes | 15.7 | |
Biological assets | 23.7 | |
Property, plant and equipment | 203.5 | 165.2 |
Intangible assets | 64.6 | |
Trademarks | 64.5 | 64.5 |
Customer relationship | ||
Import quotas | ||
Other | 0.1 | 0.1 |
Other assets | 3.8 | |
Financial assets | 386.2 | |
Payroll and related charges | 9.4 | |
Trade accounts payable | 50.3 | |
Tax payable | 8.2 | |
Short-term debt | 33.7 | |
Deferred income and social contribution taxes | ||
Provision for tax, civil and labor risks | 37.6 | |
Other liabilities | 20.3 | |
Financial liabilities | 159.5 | |
Net assets acquired | 226.7 | |
Fair value of consideration paid | 228.5 | |
Goodwill | 1.8 | 231.5 |
AlimentosCalchaquiProductsSevenS.A. [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash and cash equivalents | 11.7 | |
Trade accounts receivable, net | 14.5 | |
Inventories | 13.3 | |
Recoverable taxes | 12.0 | |
Deferred income and social contribution taxes | ||
Biological assets | ||
Property, plant and equipment | 75.4 | 62.3 |
Intangible assets | 122.9 | |
Trademarks | 122.3 | 122.3 |
Customer relationship | ||
Import quotas | ||
Other | 0.6 | 0.6 |
Other assets | 0.2 | |
Financial assets | 250.0 | |
Payroll and related charges | 3.5 | |
Trade accounts payable | 14.8 | |
Tax payable | 15.2 | |
Short-term debt | ||
Deferred income and social contribution taxes | ||
Provision for tax, civil and labor risks | 14.4 | |
Other liabilities | 33.2 | |
Financial liabilities | 81.1 | |
Net assets acquired | 168.9 | |
Fair value of consideration paid | 387.0 | |
Goodwill | R$ 218.1 | R$ 403.1 |
6. BUSINESS COMBINATION AND ACQUISITION OF INTEREST (Details 1) - BRL (R$) R$ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Universal Meats UK [Member] | ||
BusinessCombinationAndAcquisitionOfInterestLineItems [Line Items] | ||
Preliminary goodwill (disclosed on December 31, 2016) | R$ 45.4 | R$ 168.8 |
Allocations | 123.4 | |
Property, plant and equipment, net | 0.4 | |
Trademarks | ||
Import quotas | 83.9 | 83.9 |
Customer relationship | 43.3 | 43.3 |
Other | (3.8) | |
Goodwill for future expected profitability | 45.4 | |
Eclipse Holding Cooperatief U.A. [Member] | ||
BusinessCombinationAndAcquisitionOfInterestLineItems [Line Items] | ||
Preliminary goodwill (disclosed on December 31, 2016) | 1.8 | 231.5 |
Allocations | 229.8 | |
Property, plant and equipment, net | 203.5 | 165.2 |
Trademarks | 64.5 | 64.5 |
Import quotas | ||
Customer relationship | ||
Other | 0.1 | 0.1 |
Goodwill for future expected profitability | 1.7 | |
AlimentosCalchaquiProductsSevenS.A. [Member] | ||
BusinessCombinationAndAcquisitionOfInterestLineItems [Line Items] | ||
Preliminary goodwill (disclosed on December 31, 2016) | 218.1 | 403.1 |
Allocations | 185.2 | |
Property, plant and equipment, net | 75.4 | 62.3 |
Trademarks | 122.3 | 122.3 |
Import quotas | ||
Customer relationship | ||
Other | R$ 0.6 | 0.6 |
Goodwill for future expected profitability | R$ 217.9 |
6. BUSINESS COMBINATION AND ACQUISITION OF INTEREST (Details 2) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
May 25, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Disclosure of detailed information about business combination [line items] | |||
Deferred tax assets | R$ 1,369.4 | R$ 1,103.1 | |
Deferred taxes liabilities | R$ 155.3 | R$ 156.2 | |
Banvit Bandirma Vitaminli Yem Sanayii A.S. [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | R$ 93.7 | ||
Trade accounts receivable, net | 171.3 | ||
Inventories | 153.7 | ||
Biological assets | 103.0 | ||
Deferred tax assets | 41.3 | ||
Investments | 6.9 | ||
Property, plant and equipment | 547.7 | ||
Intangible assets | |||
Software | 2.7 | ||
Trademarks | 230.1 | ||
Customer relationship | 431.7 | ||
Other assets | 25.9 | ||
Financial assets | 1,808.0 | ||
Payroll and related charges | 22.9 | ||
Trade accounts payable | 192.9 | ||
Debt | 389.2 | ||
Deferred taxes liabilities | 37.8 | ||
Provision for tax, civil and labor risks | 1.8 | ||
Other post-employment plans | 26.0 | ||
Other liabilities | 55.4 | ||
Financial liabilities | 726.0 | ||
Net assets acquired | 1,082.0 | ||
Non-controlling interest | (58.1) | ||
Fair value of consideration paid | 1,227.7 | ||
Goodwill | R$ 203.8 |
6. BUSINESS COMBINATION AND ACQUISITION OF INTEREST (Details Narrative) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Aug. 11, 2017 |
May 25, 2017 |
May 24, 2017 |
Mar. 31, 2017 |
Jan. 09, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|---|---|
Disclosure of detailed information about business combination [line items] | |||||||
Restricted cash | R$ 535.6 | R$ 645.9 | |||||
Universal Meats UK [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 100.00% | ||||||
Purchase price | R$ 280.8 | ||||||
Eclipse Holding Cooperatief U.A. [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 100.00% | ||||||
Purchase price | 228.5 | ||||||
AlimentosCalchaquiProductsSevenS.A. [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 100.00% | ||||||
Purchase price | R$ 387.0 | ||||||
BRF Foods GmbH [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 60.00% | ||||||
Non-current liabilities | R$ 465.0 | ||||||
BRF Foods GmbH [Member] | Turkey, New Lira [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Non-current liabilities | R$ 505.4 | ||||||
Qatar Investment Authority [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 91.71% | 40.00% | 40.00% | 79.50% | |||
Purchase price | R$ 1,277.7 | ||||||
TBQ Foods GmbH [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Non-controlling interest | R$ 844.9 | ||||||
TBQ Foods GmbH [Member] | Turkey, New Lira [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Non-controlling interest | 917.9 | ||||||
Banvit Bandirma Vitaminli Yem Sanayii A.S. [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Non-controlling interest | (58.1) | ||||||
Cash transferred | 12,225,326.0 | ||||||
Restricted cash | 151.0 | ||||||
Purchase price | R$ 1,227.7 | ||||||
Banvit Bandirma Vitaminli Yem Sanayii A.S. [Member] | Turkey, New Lira [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Cash transferred | 164.1 | ||||||
Banvit Bandirma Vitaminli Yem Sanayii A.S. [Member] | UNITED STATES [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Purchase price | R$ 411.0 |
7. CASH AND CASH EQUIVALENTS (Details) € in Millions, £ in Millions, R$ in Millions, $ in Millions |
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
BRL (R$)
|
Dec. 31, 2017
EUR (€)
|
Dec. 31, 2017
GBP (£)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
BRL (R$)
|
Dec. 31, 2016
EUR (€)
|
Dec. 31, 2016
GBP (£)
|
Dec. 31, 2015
BRL (R$)
|
Dec. 31, 2014
BRL (R$)
|
---|---|---|---|---|---|---|---|---|---|---|
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash and bank accounts | R$ 1,670.2 | R$ 1,730.4 | ||||||||
Cash equivalents | 6,010.8 | 6,356.9 | ||||||||
Cash and cash equivalents | R$ 6,010.8 | 6,356.9 | R$ 5,362.9 | R$ 6,006.9 | ||||||
USD | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash and bank accounts | $ | $ 525.1 | $ 680.1 | ||||||||
USD | Fixed term deposit [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | $ | $ 66.2 | 327.0 | ||||||||
Average rate (p.a.) | 2.95% | 2.95% | 2.95% | 2.95% | ||||||
USD | Overnight [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | $ | $ 645.6 | $ 421.5 | ||||||||
Average rate (p.a.) | 0.50% | 0.50% | 0.50% | 0.50% | ||||||
Brazil | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash and bank accounts | R$ 135.0 | 46.4 | ||||||||
Cash equivalents | 3,861.9 | |||||||||
Brazil | Investment funds [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | R$ 5.3 | 26.9 | ||||||||
Average rate (p.a.) | 1.87% | 1.87% | 1.87% | 1.87% | ||||||
Brazil | Savings account [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | R$ 4.0 | 4.8 | ||||||||
Average rate (p.a.) | 2.76% | 2.76% | 2.76% | 2.76% | ||||||
Brazil | Bank deposit certificates [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | R$ 3,527.8 | 3,830.2 | ||||||||
Average rate (p.a.) | 6.96% | 6.96% | 6.96% | 6.96% | ||||||
Euro Member Countries, Euro | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash and bank accounts | € | € 181.8 | € 274.3 | ||||||||
Other currencies | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash and bank accounts | £ | £ 828.3 | £ 729.6 | ||||||||
Other currencies | Fixed term deposit [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | £ | £ 91.7 | £ 16.1 | ||||||||
Average rate (p.a.) | 1.78% | 1.78% | 1.78% | 1.78% | ||||||
USD and Other Currencies [Member] | ||||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||||
Cash equivalents | R$ 803.5 | R$ 764.6 |
8. MARKETABLE SECURITIES (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
MarketableSecuritiesLineItems [Line Items] | ||
Financial assets | R$ 630.8 | R$ 1,092.5 |
Current | 228.4 | 622.3 |
Non-current | 568.8 | 527.7 |
Available For Sale [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Financial assets | R$ 344.2 | 623.3 |
Available For Sale [Member] | Credit Linked Notes [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
WATM | 5 years 5 months 23 days | |
Currency | US$ |
|
Average interest rate (p.a.) | 3.85% | |
Financial assets | R$ 15.4 | 187.4 |
Available For Sale [Member] | Public securities [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Currency | US$ |
|
Financial assets | 56.4 | |
Available For Sale [Member] | Stocks [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Currency | R$ |
|
Average interest rate (p.a.) | ||
Financial assets | R$ 328.8 | 379.5 |
Held For Trading [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Financial assets | R$ 196.0 | 271.2 |
Held For Trading [Member] | Bank deposit certificates [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Currency | R$ |
|
Financial assets | 48.4 | |
Held For Trading [Member] | Financial Treasury Bills [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
WATM | 1 year 9 months 25 days | |
Currency | R$ |
|
Average interest rate (p.a.) | 6.90% | |
Financial assets | R$ 166.3 | 180.5 |
Held For Trading [Member] | Investment funds [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
WATM | 1 year | |
Currency | ARS |
|
Average interest rate (p.a.) | 25.00% | |
Financial assets | R$ 29.7 | 42.3 |
Held To Maturity [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Financial assets | 797.2 | 1,150.0 |
Held To Maturity [Member] | Financial Treasury Bills [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Financial assets | 166.3 | 180.5 |
Held To Maturity [Member] | Investment funds [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Financial assets | R$ 29.7 | 42.3 |
Held To Maturity [Member] | Sovereign Bonds & Others [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
WATM | 4 years 4 months 2 days | |
Currency | AOA and R$ |
|
Financial assets | R$ 257.0 | R$ 255.5 |
Held To Maturity [Member] | Sovereign Bonds & Others [Member] | Bottom of range [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Average interest rate (p.a.) | 3.82% | |
Held To Maturity [Member] | Sovereign Bonds & Others [Member] | Top of range [Member] | ||
MarketableSecuritiesLineItems [Line Items] | ||
Average interest rate (p.a.) | 6.90% |
8. MARKETABLE SECURITIES (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of associates [line items] | |||
Unrealized loss in available for sale securities, net of tax | R$ 56.3 | R$ 26.0 | |
Unrealized loss in available for sale securities,tax | (11.5) | (13.5) | R$ 1.8 |
Marketable securities, pledged as collateral | 16.2 | 74.1 | |
Restricted cash | R$ 535.6 | R$ 645.9 | |
Minerva [Member] | |||
Disclosure of associates [line items] | |||
Number of stocks | 26,000,000 | ||
Stocks per value | R$ 10.65 | ||
Cofco Meat [Member] | |||
Disclosure of associates [line items] | |||
Number of stocks | 77,583 | ||
Cofco Meat [Member] | USD | |||
Disclosure of associates [line items] | |||
Stocks per value | R$ 1.58 |
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Trade accounts receivable, net | ||
Trade accounts receivable, gross | R$ 4,406.6 | R$ 3,518.6 |
Adjustment to present value | (13.7) | (16.3) |
Allowance for doubtful accounts | (467.6) | (406.5) |
Trade accounts receivable, net | 3,925.3 | 3,095.8 |
Current | 3,919.0 | 3,085.1 |
Non-current | 6.3 | 10.7 |
Notes Receivables [Member] | ||
Trade accounts receivable, net | ||
Trade accounts receivable, gross | 260.6 | 367.9 |
Adjustment to present value | (0.3) | (0.2) |
Allowance for doubtful accounts | (30.8) | (32.2) |
Trade accounts receivable, net | 229.5 | 335.5 |
Current | 113.1 | 149.0 |
Non-current | 116.4 | 186.5 |
Domestic [Member] | Trade Receivables [Member] | ||
Trade accounts receivable, net | ||
Customers | 1,622.8 | 1,308.1 |
Related parties | 2.6 | 1.1 |
Foregin [Member] | Trade Receivables [Member] | ||
Trade accounts receivable, net | ||
Customers | 2,754.0 | 2,144.7 |
Related parties | R$ 27.2 | R$ 64.7 |
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES (Details 1) R$ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
BRL (R$)
| |
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | |
Principal value | R$ 3,500.0 |
Updated value | R$ 3,571.7 |
Due Maturity10.01.2018[Member] | |
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | |
Average rate | 96.90% |
Principal value | R$ 1,000.0 |
Updated value | R$ 997.8 |
Due Maturity04.19.2019[Member] | |
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | |
Average rate | 96.50% |
Principal value | R$ 1,000.0 |
Updated value | R$ 1,009.4 |
Due Maturity12.16.2020[Member] | |
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | |
Average rate | 96.00% |
Principal value | R$ 780.0 |
Updated value | R$ 801.0 |
Due Maturity12.18.2023[Member] | |
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | |
Average rate | 5.90% |
Principal value | R$ 720.0 |
Updated value | R$ 763.5 |
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES (Details 2) - Trade Receivables [Member] - BRL (R$) R$ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Reconciliation of changes in allowance account for credit losses of financial assets | ||||
Beginning balance | R$ (406.5) | R$ (432.0) | ||
Additions | (187.3) | (199.2) | ||
Business combination (1) | [1] | (11.6) | (10.6) | |
Reversals | 112.0 | 148.6 | ||
Write-offs | 30.8 | 30.7 | ||
Exchange rate variation | (5.0) | 56.0 | ||
Ending balance | R$ (467.6) | R$ (406.5) | ||
|
9. TRADE ACCOUNTS RECEIVABLE, NET AND OTHER RECEIVABLES (Details 3) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | R$ 3,925.3 | R$ 3,095.8 |
( - ) Adjustment to present value | (13.7) | (16.3) |
( - ) Allowance for doubtful accounts | (467.6) | (406.5) |
Current [Member] | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | 3,272.1 | 2,389.9 |
01 to 60 days [Member] | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | 364.3 | 393.8 |
61 to 90 days [Member] | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | 98.9 | 42.0 |
91 to 120 days | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | 33.7 | 25.3 |
121 to 180 days | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | 74.6 | 72.3 |
181 to 360 days | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | 170.8 | 157.2 |
More than 361 days | ||
TradeAccountsReceivableNetAndOtherReceivablesLineItems [Line Items] | ||
Trade Receivables | R$ 392.2 | R$ 438.1 |
10. INVENTORIES (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
InventoriesLineItems [Line Items] | |||
Finished goods | R$ 3,166.4 | R$ 3,207.9 | |
Work in process | 156.7 | 172.8 | |
Raw materials | 1,220.1 | 900.8 | |
Packaging materials | 87.2 | 76.8 | |
Secondary materials | 324.9 | 265.3 | |
Warehouse | 247.4 | 205.7 | |
Imports in transit | 103.9 | 113.0 | |
Other | 11.4 | 6.7 | |
(-) Provision | (327.1) | (127.4) | R$ (81.8) |
Inventories | 4,948.2 | 4,791.6 | |
Provision For Adjustment to Realizable Value [Member] | |||
InventoriesLineItems [Line Items] | |||
(-) Provision | (253.7) | (93.5) | (20.0) |
Provision For Deterioration [Member] | |||
InventoriesLineItems [Line Items] | |||
(-) Provision | (66.4) | (26.2) | (49.6) |
Provision For Obsolescense [Member] | |||
InventoriesLineItems [Line Items] | |||
(-) Provision | (6.9) | (7.7) | R$ (12.2) |
Adjustment to Present Value [Member] | |||
InventoriesLineItems [Line Items] | |||
(-) Provision | R$ (42.8) | R$ (30.1) |
10. INVENTORIES (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
InventoriesLineItems [Line Items] | ||
Beginning balance | R$ (127.4) | R$ (81.8) |
Additions | (305.4) | (134.5) |
Reversals | 80.8 | 15.3 |
Write-offs | 24.5 | 48.5 |
Business Combination | 0.8 | |
Exchange rate variation | (0.2) | 25.1 |
Ending balance | (327.1) | (127.4) |
Provision For Adjustment to Realizable Value [Member] | ||
InventoriesLineItems [Line Items] | ||
Beginning balance | (93.5) | (20.0) |
Additions | (240.7) | (113.9) |
Reversals | 80.8 | 15.3 |
Write-offs | ||
Exchange rate variation | (0.3) | 25.1 |
Ending balance | (253.7) | (93.5) |
Provision For Deterioration [Member] | ||
InventoriesLineItems [Line Items] | ||
Beginning balance | (26.2) | (49.6) |
Additions | (62.4) | (19.0) |
Reversals | ||
Write-offs | 22.3 | 44.6 |
Exchange rate variation | (0.1) | (2.2) |
Ending balance | (66.4) | (26.2) |
Provision For Obsolescense [Member] | ||
InventoriesLineItems [Line Items] | ||
Beginning balance | (7.7) | (12.2) |
Additions | (2.4) | (1.5) |
Reversals | ||
Write-offs | 2.2 | 3.8 |
Business Combination | 0.8 | |
Exchange rate variation | 0.2 | 2.2 |
Ending balance | R$ (6.9) | R$ (7.7) |
11. BIOLOGICAL ASSETS (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of detailed information about biological assets [line items] | ||
Current biological assets | R$ 1,510.5 | R$ 1,644.9 |
Noncurrent biological assets | 903.7 | 917.3 |
Biological assets | 2,414.2 | 2,562.3 |
Live animals [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Current biological assets | 1,510.5 | 1,644.9 |
Noncurrent biological assets | 639.8 | 647.3 |
Forests [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Noncurrent biological assets | R$ 263.9 | R$ 270.0 |
11. BIOLOGICAL ASSETS (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | R$ 2,562.3 | ||||||||
Ending balance | 2,414.2 | R$ 2,562.3 | |||||||
Current biological assets [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 1,644.9 | 1,329.9 | |||||||
Additions/Transfer | 2,240.0 | 1,932.4 | |||||||
Business combination | [1] | 103.0 | 17.9 | ||||||
Fair value measurement | [2] | 1,379.1 | 1,777.6 | ||||||
Harvest | |||||||||
Write-off | |||||||||
Transfer between current and non-current | 148.6 | 143.0 | |||||||
Transfer to/from assets held for sale | |||||||||
Transfer to inventories | (3,997.3) | (3,550.0) | |||||||
Exchange variation | (7.8) | (5.9) | |||||||
Ending balance | 1,510.5 | 1,644.9 | |||||||
Current biological assets [Member] | Live animals [Member] | Poultry [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 770.8 | 595.5 | |||||||
Additions/Transfer | 547.9 | 246.4 | |||||||
Business combination | [1],[3] | 103.0 | |||||||
Fair value measurement | [2] | 1,290.4 | 1,664.7 | ||||||
Harvest | |||||||||
Write-off | |||||||||
Transfer between current and non-current | 69.9 | 72.3 | |||||||
Transfer to/from assets held for sale | |||||||||
Transfer to inventories | (2,076.2) | (1,804.8) | |||||||
Exchange variation | (5.9) | (3.3) | |||||||
Ending balance | 699.9 | 770.8 | |||||||
Current biological assets [Member] | Live animals [Member] | Pork [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 874.3 | 734.4 | |||||||
Additions/Transfer | 1,692.0 | 1,686.0 | |||||||
Business combination | [1] | 17.9 | |||||||
Fair value measurement | [2] | 88.7 | 112.9 | ||||||
Harvest | |||||||||
Write-off | |||||||||
Transfer between current and non-current | 78.7 | 70.7 | |||||||
Transfer to/from assets held for sale | |||||||||
Transfer to inventories | (1,921.2) | (1,745.1) | |||||||
Exchange variation | (1.9) | (2.6) | |||||||
Ending balance | 810.6 | 874.3 | |||||||
Non-current biological assets [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 917.3 | 761.0 | |||||||
Additions/Transfer | 323.4 | 273.7 | |||||||
Business combination | [1] | 29.7 | |||||||
Fair value measurement | [2] | (137.0) | 46.0 | ||||||
Harvest | (41.2) | (31.0) | |||||||
Write-off | (12.3) | (8.8) | |||||||
Transfer between current and non-current | (142.4) | (143.0) | |||||||
Transfer to/from assets held for sale | (3.9) | (4.4) | |||||||
Transfer to inventories | |||||||||
Exchange variation | (0.3) | (5.9) | |||||||
Ending balance | 903.6 | 917.3 | |||||||
Non-current biological assets [Member] | Live animals [Member] | Poultry [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 349.0 | 294.9 | |||||||
Additions/Transfer | 84.3 | 45.0 | |||||||
Business combination | [1] | 24.0 | |||||||
Fair value measurement | [2] | (31.0) | 66.6 | ||||||
Harvest | |||||||||
Write-off | (8.4) | ||||||||
Transfer between current and non-current | (69.9) | (72.3) | |||||||
Transfer to/from assets held for sale | (4.1) | ||||||||
Transfer to inventories | |||||||||
Exchange variation | 1.8 | (5.1) | |||||||
Ending balance | 325.8 | 349.0 | |||||||
Non-current biological assets [Member] | Live animals [Member] | Pork [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 298.3 | 236.0 | |||||||
Additions/Transfer | 203.8 | 191.2 | |||||||
Business combination | [1] | 5.8 | |||||||
Fair value measurement | [2] | (113.4) | (63.0) | ||||||
Harvest | |||||||||
Write-off | (0.2) | ||||||||
Transfer between current and non-current | (72.5) | (70.7) | |||||||
Transfer to/from assets held for sale | (4.1) | ||||||||
Transfer to inventories | |||||||||
Exchange variation | (2.1) | (1.0) | |||||||
Ending balance | 313.9 | 298.3 | |||||||
Non-current biological assets [Member] | Forests [Member] | |||||||||
Disclosure of reconciliation of changes in biological assets [line items] | |||||||||
Beginning balance | 270.0 | 230.2 | |||||||
Additions/Transfer | 35.3 | 37.5 | |||||||
Business combination | [1] | ||||||||
Fair value measurement | [2] | 7.4 | 42.4 | ||||||
Harvest | (41.2) | (31.0) | |||||||
Write-off | (3.7) | (8.8) | |||||||
Transfer between current and non-current | |||||||||
Transfer to/from assets held for sale | (3.9) | (0.3) | |||||||
Transfer to inventories | |||||||||
Exchange variation | |||||||||
Ending balance | R$ 263.9 | R$ 270.0 | |||||||
|
11. BIOLOGICAL ASSETS (Details 2) Number in Thousands, R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
BRL (R$)
Number
|
Dec. 31, 2016
BRL (R$)
Number
|
|
Disclosure of detailed information about biological assets [line items] | ||
Total current | R$ 1,510.5 | R$ 1,644.9 |
Total non-current | R$ 903.7 | R$ 917.3 |
Live animals [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 221,804 | 225,300 |
Total current | R$ 1,510.5 | R$ 1,644.9 |
Total non-current | 639.8 | 647.3 |
Total | R$ 2,150.3 | R$ 2,292.3 |
Live animals [Member] | Consumable biological assets [member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 203,324 | 206,242 |
Total current | R$ 1,510.5 | R$ 1,644.9 |
Live animals [Member] | Consumable biological assets [member] | Immature [member] | Poultry [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 199,337 | 202,454 |
Total current | R$ 699.9 | R$ 770.7 |
Live animals [Member] | Consumable biological assets [member] | Immature [member] | Pork [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 3,987 | 3,788 |
Total current | R$ 810.6 | R$ 874.2 |
Live animals [Member] | Production biological assets [member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 18,480 | 19,027 |
Total current | R$ 639.8 | R$ 647.3 |
Live animals [Member] | Production biological assets [member] | Immature [member] | Poultry [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 6,693 | 6,735 |
Total current | R$ 117.2 | R$ 119.9 |
Live animals [Member] | Production biological assets [member] | Immature [member] | Pork [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 229 | 195 |
Total current | R$ 51.2 | R$ 58.9 |
Live animals [Member] | Production biological assets [member] | Mature [member] | Poultry [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 11,113 | 11,670 |
Total current | R$ 208.6 | R$ 229.2 |
Live animals [Member] | Production biological assets [member] | Mature [member] | Pork [Member] | ||
Disclosure of detailed information about biological assets [line items] | ||
Quantity (Heads) | Number | 445 | 427 |
Total current | R$ 246.2 | R$ 239.4 |
11. BIOLOGICAL ASSETS (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Biological Assets Details Narrative | |||
Depreciation of breeding stock | R$ 758.7 | R$ 680.9 | R$ 545.0 |
12. RECOVERABLE AND INCOME AND SOCIAL CONTRIBUTION TAXES (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
RecoverableTaxesLineItems [Line Items] | |||
Provision for losses | R$ (169.5) | R$ (164.6) | R$ (171.4) |
Current tax assets | 3,147.1 | 2,328.7 | |
Current | 728.9 | 846.1 | |
Non-current | 2,418.2 | 1,482.6 | |
Current tax assets | 528.7 | 433.7 | |
Provision for losses | (9.0) | (9.0) | |
Current tax assets | 519.3 | 424.7 | |
Current | 499.3 | 388.7 | |
Non-current | 20.0 | 36.0 | |
State ICMS ("VAT") [Member] | |||
RecoverableTaxesLineItems [Line Items] | |||
Current tax assets | 1,681.9 | 1,575.1 | |
Provision for losses | 122.9 | (114.3) | (113.9) |
PIS and COFINS ("Federal Taxes to Social Fund Programs") [Member] | |||
RecoverableTaxesLineItems [Line Items] | |||
Current tax assets | 430.6 | 331.6 | |
Provision for losses | (19.7) | (19.9) | (25.1) |
Income tax credits [Member] | |||
RecoverableTaxesLineItems [Line Items] | |||
Current tax assets | 433.7 | ||
IPI ("Federal VAT") [Member] | |||
RecoverableTaxesLineItems [Line Items] | |||
Current tax assets | 791.2 | 201.3 | |
Provision for losses | (13.5) | (14.7) | (14.7) |
INSS ("Brazilian Social Security") [Member] | |||
RecoverableTaxesLineItems [Line Items] | |||
Current tax assets | 280.4 | 280.4 | |
Other [Member] | |||
RecoverableTaxesLineItems [Line Items] | |||
Current tax assets | 123.9 | 95.9 | |
Provision for losses | R$ (4.4) | R$ (6.7) | R$ (8.7) |
12. RECOVERABLE AND INCOME AND SOCIAL CONTRIBUTION TAXES (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
RecoverableTaxesLineItems [Line Items] | ||
Beginning balance | R$ (164.6) | R$ (171.4) |
Additions | (40.0) | (28.7) |
Write-offs | 34.5 | 33.4 |
Exchange rate variation | 0.6 | 2.1 |
Ending balance | (169.5) | (164.6) |
State ICMS ("VAT") [Member] | ||
RecoverableTaxesLineItems [Line Items] | ||
Beginning balance | (114.3) | (113.9) |
Additions | (37.7) | (28.2) |
Write-offs | 29.1 | 27.8 |
Exchange rate variation | ||
Ending balance | 122.9 | (114.3) |
PIS and COFINS ("Federal Taxes to Social Fund Programs") [Member] | ||
RecoverableTaxesLineItems [Line Items] | ||
Beginning balance | (19.9) | (25.1) |
Additions | (0.2) | |
Write-offs | 0.2 | 5.4 |
Exchange rate variation | ||
Ending balance | (19.7) | (19.9) |
Income and social contribution tax [Member] | ||
RecoverableTaxesLineItems [Line Items] | ||
Beginning balance | (9.0) | (9.0) |
Additions | ||
Write-offs | ||
Exchange rate variation | ||
Ending balance | (9.0) | (9.0) |
IPI ("Federal VAT") [Member] | ||
RecoverableTaxesLineItems [Line Items] | ||
Beginning balance | (14.7) | (14.7) |
Additions | ||
Write-offs | 1.2 | |
Exchange rate variation | ||
Ending balance | (13.5) | (14.7) |
Other [Member] | ||
RecoverableTaxesLineItems [Line Items] | ||
Beginning balance | (6.7) | (8.7) |
Additions | (2.3) | (0.3) |
Write-offs | 4.0 | 0.2 |
Exchange rate variation | 0.6 | 2.1 |
Ending balance | R$ (4.4) | R$ (6.7) |
13. INCOME AND SOCIAL CONTRIBUTION TAXES (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Assets | ||||||||
Tax loss carryforwards (corporate income tax) | R$ 1,438.9 | R$ 1,317.3 | ||||||
Negative calculation basis (social contribution tax) | 401.4 | 376.6 | ||||||
Temporary differences | ||||||||
Total net deferred tax assets | 1,369.4 | 1,103.1 | ||||||
Business combination - Sadia | [1] | (727.1) | (703.0) | |||||
Business combination - Danica and Avex | (4.5) | (6.7) | ||||||
Business combination - AFC | (34.4) | |||||||
Business combination - AKF | (17.8) | (19.1) | ||||||
Business combination - Federal Foods | (7.6) | |||||||
Business combination - Invicta | (30.9) | (39.8) | ||||||
Other - exchange rate variation | (54.9) | (48.6) | ||||||
Deferred income taxes | 155.3 | 156.2 | ||||||
Total deferred tax | 1,214.1 | 947.0 | R$ 1,067.7 | |||||
Provisions for tax, civil and labor risks [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 398.0 | 268.2 | ||||||
Suspended collection taxes [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 12.3 | 22.1 | ||||||
Allowance for doubtful accounts [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 116.1 | 107.2 | ||||||
Provision for property, plant and equipment losses [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 6.3 | 3.2 | ||||||
Provision for losses on tax credits [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 53.2 | 51.3 | ||||||
Provision for other obligations [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 92.8 | 67.5 | ||||||
Provision for inventory losses [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 98.6 | 17.6 | ||||||
Employees' benefits plan [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 127.4 | 112.2 | ||||||
Unrealized losses on derivatives financial instruments [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 80.4 | 133.3 | ||||||
Unrealized losses on inventories [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 4.4 | 2.4 | ||||||
Provision for losses - notes receivables [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 13.7 | 13.2 | ||||||
Business combination - Sadia [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 206.8 | 329.0 | ||||||
Other temporary differences [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences assets | 96.7 | 106.5 | ||||||
Temporary differences liabilities | (27.4) | (36.2) | ||||||
Business combination - other companies [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences liabilities | [2] | (35.8) | (58.2) | |||||
Difference between tax basis and accounting basis of goodwill amortization [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences liabilities | (301.8) | (254.3) | ||||||
Difference between tax depreciation rate and accounting depreciation rate (useful life) [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences liabilities | (694.2) | (694.5) | ||||||
Unrealized gains on fair value [Member] | ||||||||
Temporary differences | ||||||||
Temporary differences liabilities | R$ (38.5) | R$ (78.3) | ||||||
|
13. INCOME AND SOCIAL CONTRIBUTION TAXES (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income And Social Contribution Taxes | ||
Beginning balance | R$ 947.0 | R$ 1,067.7 |
Deferred income taxes recognized in the income statement | 230.0 | 104.1 |
Deferred income taxes - write-off dairy segment | (56.9) | |
Deferred income taxes recognized in other comprehensive income | 15.2 | (261.6) |
Business combination | (15.9) | (20.8) |
Deferred income and social contribution taxes on disposals of goodwill from BRF Gmbh and Invicta | 44.4 | |
Exchange rate variation over deferred income taxes related to business combination | (7.2) | 44.0 |
Other | 57.5 | 13.6 |
Ending balance | R$ 1,214.1 | R$ 947.0 |
13. INCOME AND SOCIAL CONTRIBUTION TAXES (Details 2) R$ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
BRL (R$)
| |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | R$ 1,840.3 |
2018 [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | 27.9 |
2019 [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | 74.8 |
2020 [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | 137.8 |
2021 [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | 155.3 |
2022 onwards [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | 184.5 |
2022 [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | 714.4 |
2026 onwards [Member] | |
IncomeAndSocialContributionTaxesLineItems [Line Items] | |
Deferred tax | R$ 545.6 |
13. INCOME AND SOCIAL CONTRIBUTION TAXES (Details 3) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income And Social Contribution Taxes | |||
Income before taxes from continued operations | R$ (1,345.5) | R$ (317.5) | R$ 2,558.2 |
Nominal tax rate | 34.00% | 34.00% | 34.00% |
Credit (expense) at nominal rate | R$ 457.5 | R$ 107.9 | R$ (869.8) |
Reconciling itens | |||
Income (loss) from associates and joint venture | 7.6 | 10.0 | (35.3) |
Exchange rate variation on net foreign assets | 71.7 | (224.6) | 460.2 |
Difference of tax rates on results of foreign subsidiaries | 87.0 | (105.4) | 641.5 |
Interest on shareholders' equity | (363.8) | 174.5 | 305.7 |
Taxation of foreign results | (39.5) | (54.6) | |
Stock options | (7.3) | (14.8) | (20.0) |
Transfer pricing | (15.8) | (1.5) | (8.4) |
Profit sharing | (0.8) | (10.5) | |
Penalties | (6.8) | (7.9) | (4.2) |
Investment grant | (117.8) | 41.7 | 44.8 |
Other permanent differences | 49.1 | 10.5 | (59.8) |
Total income tax expense continuing operations | 8.4 | (49.9) | 389.6 |
Current income tax | (16.6) | 154.0 | 17.1 |
Deferred income tax | (230.0) | (104.1) | (406.6) |
Income tax expense continuing operations | 8.4 | (49.9) | 389.6 |
Current income tax | 16.6 | (154.0) | (17.1) |
Deferred income tax | R$ 230.0 | R$ 104.1 | R$ 406.6 |
13. INCOME AND SOCIAL CONTRIBUTION TAXES (Details 4) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income And Social Contribution Taxes | |||
Taxable income (loss) from foreign subsidiaries | R$ (432.3) | R$ (1,289.8) | R$ 2,064.7 |
Current income tax expense reported by foreign subsidiaries | (67.1) | (58.2) | (41.0) |
Deferred income tax from foreign subsidiaries | R$ (18.0) | R$ 348.1 | R$ 5.8 |
13. INCOME AND SOCIAL CONTRIBUTION TAXES (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income And Social Contribution Taxes | ||
Undistributed earnings corresponds | R$ 3,182.4 | R$ 3,317.1 |
14. JUDICIAL DEPOSITS (Details) - BRL (R$) R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
JudicialDepositsLineItems [Line Items] | |||||
Beginning balance | R$ 732.6 | R$ 732.1 | |||
Additions | 219.5 | 249.8 | |||
Business combination (1) | 0.2 | [1] | |||
Reversals | (135.6) | (29.4) | |||
Write-offs | (156.0) | (288.3) | |||
Price index update | 30.2 | 70.8 | |||
Exchange rate variation | (1.8) | (2.6) | |||
Ending balance | 688.9 | 732.6 | |||
Tax [Member] | |||||
JudicialDepositsLineItems [Line Items] | |||||
Beginning balance | 312.5 | 376.7 | |||
Additions | 23.4 | 82.7 | |||
Business combination (1) | 0.2 | [1] | |||
Reversals | (52.5) | (4.8) | |||
Write-offs | (9.0) | (184.4) | |||
Price index update | 18.2 | 42.1 | |||
Exchange rate variation | (0.1) | ||||
Ending balance | 292.5 | 312.5 | |||
Labor [Member] | |||||
JudicialDepositsLineItems [Line Items] | |||||
Beginning balance | 377.4 | 311.3 | |||
Additions | 188.3 | 161.6 | |||
Business combination (1) | |||||
Reversals | (78.7) | (20.7) | |||
Write-offs | (136.5) | (97.8) | |||
Price index update | 11.2 | 25.6 | |||
Exchange rate variation | (1.7) | (2.6) | |||
Ending balance | 360.0 | 377.4 | |||
Civil, commercial and other [Member] | |||||
JudicialDepositsLineItems [Line Items] | |||||
Beginning balance | 42.7 | 44.1 | |||
Additions | 7.8 | 5.5 | |||
Business combination (1) | |||||
Reversals | (4.4) | (3.9) | |||
Write-offs | (10.5) | (6.1) | |||
Price index update | 0.8 | 3.1 | |||
Exchange rate variation | |||||
Ending balance | R$ 36.4 | R$ 42.7 | |||
|
15. RESTRICTED CASH (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Total restricted cash | R$ 535.6 | R$ 645.9 | ||||||||||
Current | 127.8 | 218.3 | ||||||||||
Non-current | R$ 407.8 | R$ 427.6 | ||||||||||
Bank deposit certificates [Member] | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Maturity | [1],[2] | 3 years 6 months 18 days | ||||||||||
Average interest rate (p.a.) | 8.05% | [1] | ||||||||||
Bank deposit certificates [Member] | Brazil | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Total restricted cash | [1] | R$ 326.4 | R$ 384.4 | |||||||||
National treasury certificates [Member] | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Maturity | [2],[3] | 2 years 3 months 14 days | ||||||||||
Average interest rate (p.a.) | 11.47% | [3] | ||||||||||
National treasury certificates [Member] | Brazil | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Total restricted cash | [3] | R$ 190.2 | R$ 171.4 | |||||||||
Bank deposit [Member] | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Average interest rate (p.a.) | [4] | |||||||||||
Bank deposit [Member] | USD | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Total restricted cash | [4] | R$ 19.0 | R$ 90.1 | |||||||||
|
16. INVESTMENTS (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of joint ventures [line items] | ||
Investment in associates and joint ventures | R$ 54.1 | R$ 51.7 |
Total investment in associates and joint ventures | 60.2 | 57.3 |
Other investments | 8.0 | 1.4 |
Total investment | 68.2 | 58.7 |
SATS BRF Food PTE Ltd [Member] | ||
Disclosure of joint ventures [line items] | ||
Goodwill | R$ 6.1 | R$ 5.6 |
16. INVESTMENTS (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Disclosure of joint ventures [line items] | |||||||
Current assets | R$ 19,185.4 | R$ 18,893.7 | |||||
Non-current assets | 26,043.1 | 24,051.2 | |||||
Current liabilities | 14,907.9 | 12,640.4 | |||||
Shareholder's equity | 11,712.9 | 12,219.4 | R$ 13,836.0 | R$ 15,689.9 | |||
Book value of investment | 7.5 | 6.4 | |||||
Dividends declared | 25.6 | 26.9 | |||||
Net revenues | 33,469.4 | 33,732.9 | 32,196.6 | ||||
Net income (loss) | (1,098.9) | (367.4) | R$ 3,130.9 | ||||
Equity pick-up | 25.6 | 29.2 | |||||
K&S Alimentos S.A [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Current assets | |||||||
Non-current assets | 6.7 | ||||||
Current liabilities | |||||||
Non-current liabilities | R$ 6.7 | ||||||
Shareholder's equity | |||||||
% of participation | 33.33% | 0.00% | |||||
Book value of investment | R$ 2.2 | ||||||
Dividends declared | |||||||
Net revenues | 24.8 | [1] | |||||
Net income (loss) | 4.7 | [1] | |||||
Equity pick-up | 2.3 | [1] | |||||
PP-BIO Administracao de bem proprio S.A. [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Current assets | |||||||
Non-current assets | 5.9 | ||||||
Current liabilities | |||||||
Non-current liabilities | |||||||
Shareholder's equity | R$ 5.9 | ||||||
% of participation | 33.33% | ||||||
PP-BIO Administracao de bem proprio S.A. [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Current assets | |||||||
Non-current assets | 15.9 | ||||||
Current liabilities | |||||||
Non-current liabilities | R$ 15.9 | ||||||
% of participation | 33.33% | ||||||
Book value of investment | R$ 5.3 | R$ 2.0 | |||||
Dividends declared | |||||||
Net revenues | |||||||
Net income (loss) | |||||||
Equity pick-up | |||||||
PR-SAD Administracao de bem proprio S.A. [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Current assets | |||||||
Non-current assets | 13.1 | ||||||
Current liabilities | |||||||
Non-current liabilities | |||||||
Shareholder's equity | R$ 13.1 | ||||||
% of participation | 33.33% | ||||||
PR-SAD Administracao de bem proprio S.A. [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Current assets | 49.4 | ||||||
Non-current assets | 0.2 | ||||||
Current liabilities | (49.5) | ||||||
Non-current liabilities | R$ 0.1 | ||||||
% of participation | 50.00% | ||||||
Book value of investment | R$ 4.4 | R$ 5.3 | |||||
Dividends declared | |||||||
Net revenues | |||||||
Net income (loss) | |||||||
Equity pick-up | |||||||
UP Alimentos Ltda. [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Current assets | 49.4 | 51.0 | |||||
Non-current assets | 0.2 | 0.2 | |||||
Current liabilities | (49.5) | (51.2) | |||||
Non-current liabilities | 0.1 | ||||||
Shareholder's equity | |||||||
% of participation | 50.00% | 50.00% | |||||
Book value of investment | |||||||
Dividends declared | 25.6 | 26.9 | |||||
Net revenues | 174.9 | 191.3 | |||||
Net income (loss) | 51.1 | 53.8 | |||||
Equity pick-up | R$ 25.6 | R$ 26.9 | |||||
|
17. PROPERTY, PLANT AND EQUIPMENT, NET (Details) - BRL (R$) R$ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | R$ 11,746.2 | R$ 10,915.8 | |||||||||
Additions | (8.2) | 979.3 | |||||||||
Business combinations | [1] | 770.7 | 317.0 | ||||||||
Disposals | 113.1 | (196.3) | |||||||||
Reversals | 37.0 | ||||||||||
Transfers | (195.7) | [2] | (19.5) | [3] | |||||||
Exchange rate variation | (9.5) | (287.0) | |||||||||
Ending balance | 12,190.6 | 11,746.2 | |||||||||
Cost [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 17,359.4 | 15,871.0 | |||||||||
Additions | 850.9 | 1,723.9 | |||||||||
Business combinations | [1] | 805.9 | 594.8 | ||||||||
Disposals | (258.6) | (381.3) | |||||||||
Reversals | |||||||||||
Transfers | (201.2) | [2] | (28.9) | [3] | |||||||
Exchange rate variation | (23.6) | (420.1) | |||||||||
Ending balance | 18,532.9 | 17,359.4 | |||||||||
Cost [Member] | Land [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 575.9 | 584.7 | |||||||||
Additions | 6.2 | 0.5 | |||||||||
Business combinations | [1] | 123.5 | 33.2 | ||||||||
Disposals | (2.0) | (37.5) | |||||||||
Reversals | |||||||||||
Transfers | 6.1 | [2] | 12.4 | [3] | |||||||
Exchange rate variation | (3.5) | (17.4) | |||||||||
Ending balance | 706.2 | 575.9 | |||||||||
Cost [Member] | Buildings and improvements [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 5,648.6 | 5,437.9 | |||||||||
Additions | 60.2 | 18.7 | |||||||||
Business combinations | [1] | 258.8 | 175.3 | ||||||||
Disposals | (36.7) | (127.3) | |||||||||
Reversals | |||||||||||
Transfers | 183.6 | [2] | 285.3 | [3] | |||||||
Exchange rate variation | (11.8) | (141.3) | |||||||||
Ending balance | 6,102.8 | 5,648.6 | |||||||||
Cost [Member] | Machinery and equipment [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 7,994.1 | 7,027.1 | |||||||||
Additions | 57.9 | 142.2 | |||||||||
Business combinations | [1] | 389.1 | 304.9 | ||||||||
Disposals | (175.4) | (182.9) | |||||||||
Reversals | |||||||||||
Transfers | 569.8 | [2] | 864.8 | [3] | |||||||
Exchange rate variation | 45.7 | (162.0) | |||||||||
Ending balance | 8,881.2 | 7,994.1 | |||||||||
Cost [Member] | Facilities [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 2,047.9 | 1,854.5 | |||||||||
Additions | 14.8 | 1.9 | |||||||||
Business combinations | [1] | 53.2 | |||||||||
Disposals | (25.8) | (13.2) | |||||||||
Reversals | |||||||||||
Transfers | 137.3 | [2] | 210.6 | [3] | |||||||
Exchange rate variation | 0.8 | (59.1) | |||||||||
Ending balance | 2,175.0 | 2,047.9 | |||||||||
Cost [Member] | Furniture [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 163.5 | 137.9 | |||||||||
Additions | 2.1 | 3.1 | |||||||||
Business combinations | [1] | 16.1 | 12.6 | ||||||||
Disposals | (4.2) | (15.4) | |||||||||
Reversals | |||||||||||
Transfers | 5.8 | [2] | 14.9 | [3] | |||||||
Exchange rate variation | (11.8) | 10.4 | |||||||||
Ending balance | 171.5 | 163.5 | |||||||||
Cost [Member] | Vehicles [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 27.3 | 20.3 | |||||||||
Additions | 0.3 | 0.1 | |||||||||
Business combinations | [1] | 4.8 | 10.7 | ||||||||
Disposals | (8.9) | (5.0) | |||||||||
Reversals | |||||||||||
Transfers | 4.8 | [2] | 2.6 | [3] | |||||||
Exchange rate variation | 0.3 | (1.4) | |||||||||
Ending balance | 28.6 | 27.3 | |||||||||
Cost [Member] | Construction in progress [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 886.0 | 789.8 | |||||||||
Additions | 693.6 | 1,517.0 | |||||||||
Business combinations | [1] | 13.6 | 4.7 | ||||||||
Disposals | (5.6) | ||||||||||
Reversals | |||||||||||
Transfers | (1,091.0) | [2] | (1,376.3) | [3] | |||||||
Exchange rate variation | (42.7) | (49.2) | |||||||||
Ending balance | 453.9 | 886.0 | |||||||||
Cost [Member] | Advances to suppliers [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Beginning balance | 16.1 | 18.8 | |||||||||
Additions | 15.8 | 40.4 | |||||||||
Business combinations | [1] | 0.2 | |||||||||
Disposals | |||||||||||
Reversals | |||||||||||
Transfers | (17.6) | [2] | (43.2) | [3] | |||||||
Exchange rate variation | (0.6) | (0.1) | |||||||||
Ending balance | 13.7 | R$ 16.1 | |||||||||
Amortization/Depreciation [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | (493550.00%) | ||||||||||
Beginning balance | (5,613.2) | R$ (727.4) | |||||||||
Additions | (859.1) | (277.8) | |||||||||
Business combinations | [1] | (35.2) | 185.0 | ||||||||
Disposals | 145.5 | ||||||||||
Reversals | 9.4 | ||||||||||
Transfers | 5.5 | [2] | 133.1 | [3] | |||||||
Exchange rate variation | 14.1 | (5,613.2) | |||||||||
Ending balance | R$ (6,342.3) | R$ (5,613.2) | |||||||||
Amortization/Depreciation [Member] | Buildings and improvements [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | 3.02% | 3.03% | |||||||||
Beginning balance | R$ (1,694.4) | R$ (1,525.9) | |||||||||
Additions | (184.0) | (163.8) | |||||||||
Business combinations | [1] | (11.4) | (76.0) | ||||||||
Disposals | 17.0 | 35.3 | |||||||||
Reversals | |||||||||||
Transfers | 3.7 | [2] | 6.4 | [3] | |||||||
Exchange rate variation | (3.4) | 29.6 | |||||||||
Ending balance | R$ (1,872.4) | R$ (1,694.4) | |||||||||
Amortization/Depreciation [Member] | Machinery and equipment [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | 5.93% | 5.89% | |||||||||
Beginning balance | R$ (3,193.9) | R$ (2,786.0) | |||||||||
Additions | (567.2) | (464.0) | |||||||||
Business combinations | [1] | (21.0) | (155.6) | ||||||||
Disposals | 107.4 | 128.7 | |||||||||
Reversals | |||||||||||
Transfers | 3.5 | [2] | 0.4 | [3] | |||||||
Exchange rate variation | 14.7 | 82.6 | |||||||||
Ending balance | R$ (3,656.5) | R$ (3,193.9) | |||||||||
Amortization/Depreciation [Member] | Facilities [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | 3.78% | 3.79% | |||||||||
Beginning balance | R$ (646.3) | R$ (549.9) | |||||||||
Additions | (91.3) | (85.1) | |||||||||
Business combinations | [1] | (29.3) | |||||||||
Disposals | 10.8 | 6.9 | |||||||||
Reversals | |||||||||||
Transfers | 0.5 | [2] | [3] | ||||||||
Exchange rate variation | 1.8 | 11.1 | |||||||||
Ending balance | R$ (724.5) | R$ (646.3) | |||||||||
Amortization/Depreciation [Member] | Furniture [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | 8.05% | 8.02% | |||||||||
Beginning balance | R$ (66.5) | R$ (64.7) | |||||||||
Additions | (13.4) | (11.8) | |||||||||
Business combinations | [1] | (8.3) | |||||||||
Disposals | 3.1 | 9.7 | |||||||||
Reversals | |||||||||||
Transfers | (0.9) | [2] | 0.1 | [3] | |||||||
Exchange rate variation | 8.5 | ||||||||||
Ending balance | R$ (77.7) | R$ (66.5) | |||||||||
Amortization/Depreciation [Member] | Vehicles [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | 19.99% | 20.06% | |||||||||
Beginning balance | R$ (12.1) | R$ (9.0) | |||||||||
Additions | (3.2) | (2.7) | |||||||||
Business combinations | [1] | (2.8) | (8.6) | ||||||||
Disposals | 7.2 | 4.4 | |||||||||
Reversals | |||||||||||
Transfers | (1.3) | [2] | 2.5 | [3] | |||||||
Exchange rate variation | 1.0 | 1.3 | |||||||||
Ending balance | R$ (11.2) | R$ (12.1) | |||||||||
Provision for losses [Member] | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Weighted average depreciation rate (p.a.) | (1980.00%) | ||||||||||
Beginning balance | R$ (17.2) | ||||||||||
Additions | |||||||||||
Business combinations | [1] | ||||||||||
Disposals | 37.0 | ||||||||||
Reversals | |||||||||||
Transfers | [3] | ||||||||||
Exchange rate variation | |||||||||||
|
17. PROPERTY, PLANT AND EQUIPMENT, NET (Details 1) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | R$ 1,000.2 | R$ 945.5 |
Buildings and improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | 138.2 | 122.2 |
Machinery and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | 700.0 | 674.3 |
Facilities [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | 74.0 | 74.4 |
Furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | 22.7 | 20.1 |
Vehicles [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | 5.3 | 5.0 |
Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total amount of fully depreciated items still operating | R$ 60.0 | R$ 49.5 |
17. PROPERTY, PLANT AND EQUIPMENT, NET (Details 2) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 4,503.8 | R$ 4,189.8 |
Land [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 330.0 | R$ 258.9 |
Type of collateral | Financial/Tax | Financial/Tax |
Buildings and improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 1,290.4 | R$ 1,253.6 |
Type of collateral | Financial/Tax | Financial/Tax |
Machinery and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 2,318.7 | R$ 2,129.4 |
Type of collateral | Financial/Labor/Tax/Civil | Financial/Labor/Tax/Civil |
Facilities [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 540.9 | R$ 523.3 |
Type of collateral | Financial/Tax | Financial/Tax |
Furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 21.9 | R$ 23.6 |
Type of collateral | Financial/Tax | Financial/Tax |
Vehicles [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 1.5 | R$ 1.0 |
Type of collateral | Financial/Tax | Financial/Tax |
Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Book value of the collateral | R$ 0.4 | R$ 0.0 |
Type of collateral | Financial/Tax | Financial/Tax |
17. PROPERTY, PLANT AND EQUIPMENT, NET (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property plant and equipment transfers to assets | R$ (195.7) | [1] | R$ (19.5) | [2] | ||||
Amount of capitalized interest | R$ 35.4 | R$ 59.1 | ||||||
Percentage of weighted average interest rate utilized | 14.73% | 10.56% | ||||||
Intangible assets [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property plant and equipment transfers to assets | R$ 146.3 | R$ 53.3 | ||||||
Biological assets [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property plant and equipment transfers to assets | 35.3 | 37.5 | ||||||
Assets held for sale [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property plant and equipment transfers to assets | R$ 13.9 | R$ 28.3 | ||||||
|
18. INTANGIBLE ASSETS (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | R$ 6,672.6 | R$ 5,010.9 |
Additions | (247.8) | (130.9) |
Disposals | (1.4) | (2.2) |
Business combination | 632.3 | 2,560.4 |
Transfers | 146.3 | 56.2 |
Exchange rate variation | (4.4) | (821.8) |
Ending balance | 7,197.6 | 6,672.6 |
Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 7,121.6 | 5,340.4 |
Additions | 52.1 | 62.7 |
Disposals | (178.9) | (50.1) |
Business combination | 632.1 | 2,564.2 |
Transfers | 146.3 | 59.0 |
Exchange rate variation | 3.7 | (854.6) |
Ending balance | 7,776.9 | 7,121.6 |
Cost [Member] | Al Khan Foodstuff LLC ("AKF") [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 129.5 | |
Additions | ||
Disposals | ||
Business combination | (2.1) | 136.5 |
Transfers | 11.0 | |
Exchange rate variation | 4.1 | (18.0) |
Ending balance | 131.5 | 129.5 |
Cost [Member] | Alimentos Calchaqui Productos 7 S.A. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 342.0 | |
Additions | ||
Disposals | ||
Business combination | (152.3) | 397.8 |
Transfers | ||
Exchange rate variation | (31.8) | (55.8) |
Ending balance | 157.9 | 342.0 |
Cost [Member] | Avex S.A. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 49.4 | 49.4 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 49.4 | 49.4 |
Cost [Member] | Avex [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 18.8 | 27.6 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | (2.7) | (8.8) |
Ending balance | 16.1 | 18.8 |
Cost [Member] | BRF Al Yasra Food K.S.C.C. ("BRF AFC") [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 162.7 | 162.7 |
Additions | ||
Disposals | ||
Business combination | (33.4) | |
Transfers | ||
Exchange rate variation | 2.6 | (33.4) |
Ending balance | 131.9 | 162.7 |
Cost [Member] | BRF Holland B.V. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 22.5 | 27.8 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | 3.5 | (5.3) |
Ending balance | 26.0 | 22.5 |
Cost [Member] | BRF Invicta Ltd [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 119.0 | 170.7 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | 12.9 | (51.7) |
Ending balance | 131.9 | 119.0 |
Cost [Member] | Danica [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4.8 | 7.0 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | (0.7) | (2.2) |
Ending balance | 4.1 | 4.8 |
Cost [Member] | Eclipse Holding Cooperatief U.A. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 209.9 | |
Additions | ||
Disposals | ||
Business combination | (202.1) | 230.5 |
Transfers | 0.3 | |
Exchange rate variation | (6.4) | (20.9) |
Ending balance | 1.4 | 209.9 |
Cost [Member] | Eleva Alimentos [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 808.1 | 808.1 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 808.1 | 808.1 |
Cost [Member] | Federal Foods LLC [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 70.5 | 84.4 |
Additions | ||
Disposals | ||
Business combination | (7.3) | |
Transfers | ||
Exchange rate variation | 0.7 | (13.9) |
Ending balance | 63.9 | 70.5 |
Cost [Member] | Federal Foods Qatar [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 308.4 | |
Additions | ||
Disposals | ||
Business combination | 564.2 | |
Transfers | (182.9) | |
Exchange rate variation | 4.8 | (72.9) |
Ending balance | 313.2 | 308.4 |
Cost [Member] | Golden Foods Sales Limited [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 684.5 | |
Additions | ||
Disposals | ||
Business combination | 1,079.4 | |
Transfers | (199.1) | |
Exchange rate variation | 87.1 | (195.8) |
Ending balance | 771.6 | 684.5 |
Cost [Member] | GQFE Golden Quality Foods Europe [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 2.4 | |
Additions | ||
Disposals | ||
Business combination | 3.1 | |
Transfers | ||
Exchange rate variation | 0.4 | (0.7) |
Ending balance | 2.8 | 2.4 |
Cost [Member] | Incubatorio Paraiso [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 0.7 | 0.7 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 0.7 | 0.7 |
Cost [Member] | Invicta Food Group [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 0.6 | 0.9 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | 0.1 | (0.3) |
Ending balance | 0.7 | 0.6 |
Cost [Member] | Paraiso Agroindustrial [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 16.8 | 16.8 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 16.8 | 16.8 |
Cost [Member] | Perdigao Mato Grosso [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 7.6 | 7.6 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 7.6 | 7.6 |
Cost [Member] | Quickfood S.A. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 113.8 | 167.0 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | (16.7) | (53.2) |
Ending balance | 97.1 | 113.8 |
Cost [Member] | Sadia [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,214.0 | 1,214.0 |
Additions | ||
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 1,214.0 | 1,214.0 |
Cost [Member] | Universal Meats Ltd. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 57.6 | |
Additions | ||
Disposals | ||
Business combination | (10.2) | 146.4 |
Transfers | (61.4) | |
Exchange rate variation | 4.6 | (27.4) |
Ending balance | 52.0 | 57.6 |
Cost [Member] | Banvit Bandirma Vitaminli [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | ||
Additions | ||
Disposals | ||
Business combination | 203.8 | |
Transfers | ||
Exchange rate variation | (10.0) | |
Ending balance | 193.8 | |
Cost [Member] | Non-Compete Agreement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 51.0 | 15.6 |
Additions | 11.5 | 18.6 |
Disposals | (0.3) | |
Business combination | 0.5 | |
Transfers | 27.4 | |
Exchange rate variation | (1.0) | (10.3) |
Ending balance | 62.0 | 51.0 |
Cost [Member] | Goodwill [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4,343.5 | 2,778.1 |
Additions | ||
Disposals | ||
Business combination | (203.7) | 2,557.9 |
Transfers | (432.1) | |
Exchange rate variation | 52.4 | (560.4) |
Ending balance | 4,192.2 | 4,343.5 |
Cost [Member] | Import Quotas [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 58.2 | 62.3 |
Additions | ||
Disposals | ||
Business combination | 42.2 | |
Transfers | 17.5 | |
Exchange rate variation | 11.4 | (21.6) |
Ending balance | 111.8 | 58.2 |
Cost [Member] | Outgrowers Relationship [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 14.7 | 14.2 |
Additions | 0.3 | 0.5 |
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | 15.0 | 14.7 |
Cost [Member] | Trademarks [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,313.2 | 1,372.0 |
Additions | ||
Disposals | ||
Business combination | 386.9 | |
Transfers | 5.9 | |
Exchange rate variation | (50.2) | (64.7) |
Ending balance | 1,649.9 | 1,313.2 |
Cost [Member] | Patents [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 6.9 | 4.8 |
Additions | 2.4 | |
Disposals | ||
Business combination | 0.6 | |
Transfers | ||
Exchange rate variation | (0.1) | (0.9) |
Ending balance | 6.8 | 6.9 |
Cost [Member] | Customer Relationship [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 815.2 | 620.8 |
Additions | ||
Disposals | ||
Business combination | 403.5 | |
Transfers | 10.6 | 370.6 |
Exchange rate variation | (8.5) | (176.2) |
Ending balance | 1,220.8 | 815.2 |
Cost [Member] | Supplier Relationship [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 14.6 | 9.7 |
Additions | ||
Disposals | (2.0) | (6.5) |
Business combination | ||
Transfers | (10.6) | 16.2 |
Exchange rate variation | 0.1 | (4.8) |
Ending balance | 2.1 | 14.6 |
Cost [Member] | Software [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 504.3 | 462.9 |
Additions | 40.3 | 41.2 |
Disposals | (176.9) | (43.3) |
Business combination | 2.7 | 5.7 |
Transfers | 146.3 | 53.5 |
Exchange rate variation | (0.4) | (15.7) |
Ending balance | 516.3 | 504.3 |
Amortization/Depreciation [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (449.0) | (329.5) |
Additions | (299.9) | (193.6) |
Disposals | 177.5 | 47.9 |
Business combination | 0.2 | (3.8) |
Transfers | (2.8) | |
Exchange rate variation | (8.1) | 32.8 |
Ending balance | R$ (579.3) | R$ (449.0) |
Amortization/Depreciation [Member] | Non-Compete Agreement [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 27.59% | 30.07% |
Beginning balance | R$ (7.6) | R$ (0.7) |
Additions | (16.1) | (7.8) |
Disposals | 0.3 | |
Business combination | ||
Transfers | ||
Exchange rate variation | 0.3 | 0.6 |
Ending balance | R$ (23.4) | R$ (7.6) |
Amortization/Depreciation [Member] | Import Quotas [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 73.63% | 50.00% |
Beginning balance | R$ (21.7) | |
Additions | (63.5) | (25.6) |
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | (7.9) | 3.9 |
Ending balance | R$ (93.1) | R$ (21.7) |
Amortization/Depreciation [Member] | Outgrowers Relationship [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 13.15% | 12.50% |
Beginning balance | R$ (7.7) | R$ (5.8) |
Additions | (1.9) | (1.9) |
Disposals | ||
Business combination | ||
Transfers | ||
Exchange rate variation | ||
Ending balance | R$ (9.6) | R$ (7.7) |
Amortization/Depreciation [Member] | Patents [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 27.42% | 24.07% |
Beginning balance | R$ (3.9) | R$ (3.0) |
Additions | (1.1) | (1.1) |
Disposals | ||
Business combination | (0.6) | |
Transfers | ||
Exchange rate variation | 0.1 | 0.8 |
Ending balance | R$ (4.9) | R$ (3.9) |
Amortization/Depreciation [Member] | Customer Relationship [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 7.59% | 7.71% |
Beginning balance | R$ (81.3) | R$ (49.8) |
Additions | (72.2) | (47.3) |
Disposals | ||
Business combination | 0.2 | |
Transfers | (2.7) | |
Exchange rate variation | (1.2) | 18.5 |
Ending balance | R$ (154.5) | R$ (81.3) |
Amortization/Depreciation [Member] | Supplier Relationship [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 5.00% | 42.00% |
Beginning balance | R$ (2.0) | R$ (9.7) |
Additions | (0.1) | |
Disposals | 2.0 | 6.5 |
Business combination | ||
Transfers | ||
Exchange rate variation | 1.2 | |
Ending balance | R$ (0.1) | R$ (2.0) |
Amortization/Depreciation [Member] | Software [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Weighted average amortization rate (p.a.) | 19.93% | 20.00% |
Beginning balance | R$ (324.8) | R$ (260.5) |
Additions | (145.0) | (109.9) |
Disposals | 175.5 | 41.1 |
Business combination | (3.2) | |
Transfers | (0.1) | |
Exchange rate variation | 0.6 | 7.8 |
Ending balance | R$ (293.7) | R$ (324.8) |
18. INTANGIBLE ASSETS (Details 1) - Discounted cash flow [Member] |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
PIB Brazil [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Percentage of discounted rate | 2.83% | 3.11% | 2.56% | 0.70% |
Inflation Brazil [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Percentage of discounted rate | 3.84% | 3.95% | 4.20% | 3.03% |
18. INTANGIBLE ASSETS (Details 2) |
Dec. 31, 2017
R$ / shares
|
---|---|
Disclosure of detailed information about intangible assets [line items] | |
Apreciation (devaluation) before | 1.00% |
Apreciation (devaluation) variations | 0.00% |
Apreciation (devaluation) after | (1.00%) |
ONE FOODS [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
WACC,before | 11.94% |
WACC, variations | 10.94% |
WACC, after | 9.94% |
EBIT MARGIN, before | 14.00% |
EBIT MARGIN, variation | R$ 13.00 |
EBIT MARGIN,after | R$ 12.00 |
BRAZIL [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
WACC,before | 12.99% |
WACC, variations | 11.99% |
WACC, after | 10.99% |
EBIT MARGIN, before | 15.82% |
EBIT MARGIN, variation | R$ 14.82 |
EBIT MARGIN,after | R$ 13.82 |
INTERNATIONAL [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
WACC,before | 10.51% |
WACC, variations | 9.51% |
WACC, after | 8.51% |
EBIT MARGIN, before | 8.98% |
EBIT MARGIN, variation | R$ 7.98 |
EBIT MARGIN,after | R$ 6.98 |
SOUTHERN CONE [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
WACC,before | 14.25% |
WACC, variations | 13.25% |
WACC, after | 12.25% |
EBIT MARGIN, before | 7.86% |
EBIT MARGIN, variation | R$ 6.86 |
EBIT MARGIN,after | R$ 5.86 |
18. INTANGIBLE ASSETS (Details Narrative) |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Top of range [Member] | Discounted cash flow [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of discounted rate | 9.74% | 13.25% |
19. LOANS AND FINANCING (Details) - BRL (R$) R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
LoansAndFinancingLineItems [Line Items] | |||||
Current | R$ 1,987.9 | ||||
Non-current | 6,655.8 | ||||
Local currency Debt | 8,643.7 | ||||
Current | 1,257.1 | ||||
Non-current | 9,061.6 | ||||
Foreign currency Debt | 10,318.7 | ||||
Short term Borrowings | 3,245.0 | ||||
Long term Borrowings | R$ 15,413.0 | 15,717.4 | |||
Borrowings | R$ 20,444.4 | 18,962.4 | |||
Working Capital [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | 7.79% (8.90% on 12.31.16) |
||||
Weighted average interest rate (p.a.) | 7.79% (8.90% on 12.31.16) |
||||
WAMT | [1] | 9 months 18 days | |||
Current | R$ 1,631.5 | 1,326.1 | |||
Non-current | 923.9 | ||||
Local currency Debt | R$ 2,555.4 | 1,326.1 | |||
Charges (p.a.) | 23.10% (14.28% on 12.31.16) + e.r. ARS / + e.r US$ |
||||
Weighted average interest rate (p.a.) | 23.10% (14.28% on 12.31.16) + e.r. ARS / + e.r US$ |
||||
WAMT | [1] | 1 year 6 months | |||
Current | R$ 128.1 | 236.9 | |||
Non-current | 39.7 | 55.8 | |||
Foreign currency Debt | R$ 167.9 | 292.7 | |||
Certificate Of Agribusiness Receivables [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | 96.51% of CDI / IPCA + 5,90% (96.50% of CDI /IPCA + 5.90 on 12.31.16) | ||||
Weighted average interest rate (p.a.) | 7.41% (13.43% on 12.31.16) | ||||
WAMT | [1] | 2 years 4 months 24 days | |||
Current | R$ 1,097.9 | ||||
Non-current | 2,473.8 | ||||
Local currency Debt | R$ 3,571.7 | ||||
Development Bank Credit Lines [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | Fixed rate / Selic / TJLP + 1.48% (Fixed rate/Selic / TJLP + 0.75% on 12.31.16) |
||||
Weighted average interest rate (p.a.) | 6.78% (7.93% on 12.31.16) |
||||
WAMT | [1] | 1 year 8 months 12 days | |||
Current | R$ 313.3 | 381.3 | |||
Non-current | 256.8 | 499.7 | |||
Local currency Debt | R$ 570.1 | 881.0 | |||
Charges (p.a.) | UMBNDES + 1.73% (UMBNDES + 2.10% on 12.31.16) + e.r. US$ and other currencies |
||||
Weighted average interest rate (p.a.) | 6.22% (6.24% on 12.31.16) + e.r. US$ and other currencies |
||||
WAMT | [1] | 1 year | |||
Current | R$ 2.6 | 5.9 | |||
Non-current | 1.0 | 3.0 | |||
Foreign currency Debt | R$ 3.6 | 8.9 | |||
Bonds [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | 7.75% (7.75% on 12.31.16) | ||||
Weighted average interest rate (p.a.) | 7.75% (7.75% on 12.31.16) | ||||
WAMT | 4 months 24 days | ||||
Current | R$ 503.8 | 4.1 | |||
Non-current | 498.8 | ||||
Local currency Debt | R$ 503.8 | 502.9 | |||
Charges (p.a.) | 4.08% (4.71% on 12.31.16) + e.r. US$, EUR and ARS |
||||
Weighted average interest rate (p.a.) | 4.08% (4.71% on 12.31.16) + e.r. US$, EUR and ARS |
||||
WAMT | 6 years | ||||
Current | 212.9 | ||||
Non-current | |||||
Foreign currency Debt | 212.9 | ||||
Export Credit Facility [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | 100.35% (13.68% on 12.31.16) |
||||
Weighted average interest rate (p.a.) | 6.91% (13.68% on 12.31.16) |
||||
WAMT | [1] | 1 year 2 months 12 days | |||
Current | R$ 39.2 | 72.3 | |||
Non-current | 1,850.0 | 1,850.0 | |||
Local currency Debt | R$ 1,889.2 | 1,922.3 | |||
Charges (p.a.) | LIBOR + 1.85% (LIBOR + 2.71% on 12.31.16) + e.r. US$ |
||||
Weighted average interest rate (p.a.) | 3.35% (3.85% on 12.31.16) + e.r. US$ |
||||
WAMT | [1] | 2 years 2 months 12 days | |||
Current | R$ 2.6 | 5.9 | |||
Non-current | 1.0 | 3.0 | |||
Foreign currency Debt | R$ 3.6 | 8.9 | |||
Special Program Asset Restructuring [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | Fixed rate / IGPM + 4.90% (Fixed rate / IGPM + 4.90% on 12.31.16) |
||||
Weighted average interest rate (p.a.) | 4.36% (12.09% on 12.31.16) |
||||
WAMT | [1] | 2 years 2 months 12 days | |||
Current | R$ 3.5 | 3.5 | |||
Non-current | 245.8 | 248.0 | |||
Local currency Debt | R$ 249.4 | 251.6 | |||
Other Secured Debts [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | (8.50% on 12.31.16) | ||||
Weighted average interest rate (p.a.) | (8.50% on 12.31.16) | ||||
Current | 32.3 | ||||
Non-current | 97.3 | ||||
Local currency Debt | 129.6 | ||||
Current | 0.8 | ||||
Non-current | |||||
Foreign currency Debt | 0.8 | ||||
Fiscal Incentives [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | 2.40% (2.40% on 12.31.16) |
||||
Weighted average interest rate (p.a.) | 2.40% (2.40% on 12.31.16) |
||||
WAMT | [1] | 6 months | |||
Current | R$ 3.6 | 0.1 | |||
Non-current | |||||
Local currency Debt | R$ 3.6 | 0.1 | |||
Current | 1,438.6 | ||||
Non-current | 9,662.8 | ||||
Foreign currency Debt | 11,101.3 | ||||
Short term Borrowings | 5,031.4 | ||||
Long term Borrowings | 15,413.0 | ||||
Borrowings | R$ 20,444.4 | ||||
Advances For Foreign Exchange Rate Contracts [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Charges (p.a.) | 2.39% (1.76% on 12.31.15) + e.r. US$ | ||||
Weighted average interest rate (p.a.) | 2.39% (1.76% on 12.31.15) + e.r. US$ | ||||
WAMT | [1] | 9 months 18 days | |||
Securitization Of Agribusiness Receivables [Member] | |||||
LoansAndFinancingLineItems [Line Items] | |||||
Current | R$ 168.1 | ||||
Non-current | 3,462.0 | ||||
Local currency Debt | R$ 3,630.1 | ||||
|
19. LOANS AND FINANCING (Details 1) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | R$ 20,444.4 | R$ 18,962.4 |
2018 [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | 5,031.4 | |
2019 [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | 3,983.4 | |
2020 [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | 1,684.7 | |
2021 [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | 125.4 | |
2022 onwards [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | 3,106.2 | |
2022 [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Borrowings | R$ 6,512.8 |
19. LOANS AND FINANCING (Details 2) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
LoansAndFinancingLineItems [Line Items] | ||
Total of loans and financing | R$ 20,444.4 | R$ 18,962.4 |
Mortgage guarantees Related to FINEM-BNDES, FNE-BNB, & tax incentives and other | 577.2 | 1,019.6 |
Related to FINEM-BNDES [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Mortgage guarantees Related to FINEM-BNDES, FNE-BNB, & tax incentives and other | 462.8 | 771.3 |
Related to FNE-BNB [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Mortgage guarantees Related to FINEM-BNDES, FNE-BNB, & tax incentives and other | 129.6 | |
Related to tax incentives and other [Member] | ||
LoansAndFinancingLineItems [Line Items] | ||
Mortgage guarantees Related to FINEM-BNDES, FNE-BNB, & tax incentives and other | R$ 114.4 | R$ 118.7 |
19. LOANS AND FINANCING (Details 3) R$ in Millions |
Dec. 31, 2017
BRL (R$)
|
---|---|
LoansAndFinancingLineItems [Line Items] | |
Commitments | R$ 6,564.4 |
2018 [Member] | |
LoansAndFinancingLineItems [Line Items] | |
Commitments | 4,862.1 |
2019 [Member] | |
LoansAndFinancingLineItems [Line Items] | |
Commitments | 922.9 |
2020 [Member] | |
LoansAndFinancingLineItems [Line Items] | |
Commitments | 346.9 |
2021 [Member] | |
LoansAndFinancingLineItems [Line Items] | |
Commitments | 208.7 |
2022 onwards [Member] | |
LoansAndFinancingLineItems [Line Items] | |
Commitments | 100.8 |
2023 onwards [Member] | |
LoansAndFinancingLineItems [Line Items] | |
Commitments | R$ 123.0 |
19. LOANS AND FINANCING (Detail Narratives) - BRL (R$) R$ / shares in Units, R$ in Millions |
Sep. 14, 2016 |
May 28, 2015 |
May 15, 2014 |
Jan. 28, 2010 |
Dec. 16, 2016 |
Sep. 29, 2016 |
Apr. 19, 2016 |
Jan. 12, 2016 |
Sep. 29, 2015 |
Jun. 20, 2013 |
May 15, 2013 |
Jun. 26, 2012 |
Jun. 06, 2012 |
May 31, 2007 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Securitization of receivables | R$ 1,500.0 | |||||||||||||
USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Line of credit, revolving credit facility | R$ 1,000.0 | |||||||||||||
Instrument Due on October 01, 2018 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Securitization of receivables | R$ 1,000.0 | |||||||||||||
Interest rate | 96.90% | |||||||||||||
Instrument Due on April 19, 2019 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Securitization of receivables | R$ 1,000.0 | |||||||||||||
Interest rate | 96.50% | |||||||||||||
Instrument Due on December 16, 2020 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 96.00% | |||||||||||||
Instrument Due on December 18, 2023 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 5.897% | |||||||||||||
Instrument Due on May 24, 2017 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Premium paid, net of interest | R$ 14.6 | |||||||||||||
Instrument Due on May 24, 2017 [Member] | USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 6.88% | |||||||||||||
Bonds issued | R$ 250.0 | |||||||||||||
Amount of senior notes exchanged | R$ 29.3 | |||||||||||||
Repurchase of senior notes | 47.0 | R$ 61.0 | ||||||||||||
Outstanding balance of notes | 112.8 | |||||||||||||
Premium paid, net of interest | 4.7 | |||||||||||||
Instrument Due on May 22, 2018 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 7.75% | |||||||||||||
Bonds issued | R$ 500.0 | |||||||||||||
Percentage of yield to maturity | R$ 7.75 | |||||||||||||
Instrument Due on January 28, 2020 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Amount of senior notes exchanged | 120.7 | |||||||||||||
Repurchase of senior notes | R$ 104.9 | 101.4 | ||||||||||||
Outstanding balance of notes | 118.3 | |||||||||||||
Premium paid, net of interest | 13.4 | 52.0 | ||||||||||||
Senior notes issued | 750.0 | |||||||||||||
Instrument Due on January 28, 2020 [Member] | USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 7.25% | |||||||||||||
Amount of senior notes exchanged | R$ 29.3 | R$ 120.7 | ||||||||||||
Repurchase of senior notes | 32.2 | 101.4 | R$ 409.6 | 47.0 | ||||||||||
Outstanding balance of notes | 118.3 | 112.8 | ||||||||||||
Premium paid, net of interest | 4.1 | 16.0 | 14.6 | |||||||||||
Senior notes issued | R$ 750.0 | |||||||||||||
Percentage of effective interest rate | 7.54% | |||||||||||||
Instrument Due on June 6, 2022 [Member] | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 5.88% | |||||||||||||
Repurchase of senior notes | 176.7 | |||||||||||||
Outstanding balance of notes | 258.6 | |||||||||||||
Premium paid, net of interest | 18.6 | |||||||||||||
Senior notes issued | R$ 250.0 | |||||||||||||
Percentage of effective interest rate | 5.50% | |||||||||||||
Instrument Due on June 6, 2022 [Member] | USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 5.88% | |||||||||||||
Repurchase of senior notes | 54.2 | 577.1 | ||||||||||||
Outstanding balance of notes | 172.9 | |||||||||||||
Premium paid, net of interest | R$ 5.7 | R$ 79.4 | ||||||||||||
Senior notes issued | R$ 500.0 | |||||||||||||
Percentage of effective interest rate | 6.00% | |||||||||||||
Instrument Due on May 03, 2022 [Member] | Euro Member Countries, Euro | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 2.75% | |||||||||||||
Senior notes issued | R$ 500.0 | |||||||||||||
Percentage of yield to maturity | R$ 2.822 | |||||||||||||
Instrument Due on May 22, 2023 [Member] | USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 3.95% | |||||||||||||
Bonds issued | R$ 500.0 | |||||||||||||
Percentage of yield to maturity | R$ 4.135 | |||||||||||||
Instrument Due on May 22, 2024 [Member] | USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 4.75% | |||||||||||||
Bonds issued | R$ 750.0 | |||||||||||||
Percentage of yield to maturity | R$ 4.952 | |||||||||||||
Instrument Due on September 29, 2026 [Member] | USD | ||||||||||||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||||||||||||
Interest rate | 4.35% | |||||||||||||
Senior notes issued | R$ 500.0 | |||||||||||||
Percentage of yield to maturity | R$ 4.625 |
20. TRADE ACCOUNTS PAYABLE (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
TradeAccountsPayableLineItems [Line Items] | ||
Adjustment to present value | R$ (52.8) | R$ (48.9) |
Trade and accounts payable | 6,445.5 | 5,839.8 |
Domestic [Member] | ||
TradeAccountsPayableLineItems [Line Items] | ||
Third parties | 4,451.1 | 4,148.1 |
Related parties | 16.6 | 13.1 |
Total | 4,467.7 | 4,161.2 |
Foregin [Member] | ||
TradeAccountsPayableLineItems [Line Items] | ||
Third parties | 2,030.6 | 1,727.5 |
Related parties | ||
Total | R$ 2,030.6 | R$ 1,727.5 |
20. TRADE ACCOUNTS PAYABLE (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Trade Accounts Payable Details Narrative | ||
Average payment period | 97 days | 99 days |
Trade accounts payable related to supply chain financing | R$ 1,787.7 | R$ 1,556.5 |
21. SUPPLY CHAIN FINANCE (Details) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
SupplyChainFinanceLineItems [Line Items] | ||
Suppliers | R$ 715.2 | R$ 1,335.6 |
Domestic suppliers [Member] | ||
SupplyChainFinanceLineItems [Line Items] | ||
Suppliers | 518.4 | 1,007.1 |
Foreign suppliers [Member] | ||
SupplyChainFinanceLineItems [Line Items] | ||
Suppliers | R$ 196.8 | R$ 328.5 |
21. SUPPLY CHAIN FINANCE (Details Narratives) |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Domestic suppliers [Member] | Bottom of range [Member] | ||
SupplyChainFinanceLineItems [Line Items] | ||
Discount rates applied on transactions | 0.57% | 1.08% |
Domestic suppliers [Member] | Top of range [Member] | ||
SupplyChainFinanceLineItems [Line Items] | ||
Discount rates applied on transactions | 0.84% | 1.33% |
Foreign suppliers [Member] | Bottom of range [Member] | ||
SupplyChainFinanceLineItems [Line Items] | ||
Discount rates applied on transactions | 0.19% | 0.17% |
Foreign suppliers [Member] | Top of range [Member] | ||
SupplyChainFinanceLineItems [Line Items] | ||
Discount rates applied on transactions | 0.29% | 0.25% |
22. DERIVATIVE FINANCIAL INSTRUMENTS (Details) - BRL (R$) R$ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Current assets | R$ 90,500 | R$ 198,000 | |
Current liabilities | (299,500) | 529,600 | |
Designated as Cash Flow Hedge [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 27,500 | 197,400 | |
Liabilities | (208,800) | (222,900) | |
Designated as Cash Flow Hedge [Member] | Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (6,800) | (1,800) | |
Designated as Cash Flow Hedge [Member] | Commodities (Soy Meal) Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (3,000) | (900) | |
Designated as Cash Flow Hedge [Member] | Currency Option Contracts [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (25,900) | (35,100) | |
Designated as Cash Flow Hedge [Member] | Deliverable Forwards Contracts [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (300) | R$ (33,800) | |
Designated as Cash Flow Hedge [Member] | Commodities (Corn) Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (4,600) | (600) | |
Designated as Cash Flow Hedge [Member] | Exchange Rate Contracts Currency (Swap) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (166,300) | (184,200) | |
Designated as Cash Flow Hedge [Member] | Commodities Soybean Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (100) | ||
Designated as Cash Flow Hedge [Member] | Com option contract [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (600) | ||
Designated as Cash Flow Hedge [Member] | Soybean option contract [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (1,500) | ||
Designated as Cash Flow Hedge [Member] | Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 1,100 | 76,300 | |
Designated as Cash Flow Hedge [Member] | Currency Option Contracts [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 23,600 | 118,700 | |
Designated as Cash Flow Hedge [Member] | Non-Deliverable Forward of Commodities (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 800 | 2,400 | |
Designated as Cash Flow Hedge [Member] | Commodities Soy Non-Deliverable Forward of Commodities (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 1,100 | ||
Designated as Cash Flow Hedge [Member] | Com option contract [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 800 | ||
Designated as Cash Flow Hedge [Member] | Commodities Soybean Oil Non Deliverable Forward [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 100 | ||
Non Derivatives Designated as Cash Flow Hedges [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 63,000 | 400 | |
Liabilities | (10,600) | (306,700) | |
Non Derivatives Designated as Cash Flow Hedges [Member] | Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (2,000) | (83,000) | |
Non Derivatives Designated as Cash Flow Hedges [Member] | Exchange Rate Contracts Currency (Swap) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (86,500) | (218,500) | |
Non Derivatives Designated as Cash Flow Hedges [Member] | Dollar future contracts - BM&FBovespa | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | (200) | (5,200) | |
Non Derivatives Designated as Cash Flow Hedges [Member] | Non-Deliverable Forward (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 10,700 | ||
Non Derivatives Designated as Cash Flow Hedges [Member] | Non-Deliverable Forward of Commodities (NDF) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | R$ 2,200 | ||
Non Derivatives Designated as Cash Flow Hedges [Member] | Exchange Rate Contracts Currency (Swap) [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 25,100 | 400 | |
Non Derivatives Designated as Cash Flow Hedges [Member] | Dollar Future Contracts - BM&FBOVESPA [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | |||
Non Derivatives Designated as Cash Flow Hedges [Member] | Non deliverable forward of currency [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | 36,400 | ||
Non Derivatives Designated as Cash Flow Hedges [Member] | Currency Option Contracts [Member] | |||
OtherFinancialAssetsAndLiabilitiesLineItems [Line Items] | |||
Assets | R$ 1,500 |
23. LEASES (Details) R$ in Millions |
Dec. 31, 2017
BRL (R$)
|
---|---|
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | R$ 655.5 |
2018 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 374.9 |
2019 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 76.8 |
2020 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 44.6 |
2021 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 34.5 |
2022 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 31.7 |
2023 onwards [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | R$ 93.0 |
23. LEASES (Details 1) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | R$ 240.5 | R$ 194.8 | |||
Cost [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 430.4 | 341.1 | |||
Cost [Member] | Software [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 97.1 | 78.7 | |||
Cost [Member] | Machinery and equipment [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 98.1 | 115.8 | |||
Cost [Member] | Vehicles [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 0.3 | 0.5 | |||
Cost [Member] | Land [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 1.4 | 1.7 | |||
Cost [Member] | Buildings and improvements [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 218.8 | 144.4 | |||
Cost [Member] | Facilities [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | 14.7 | ||||
Accumulated Depreciation [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | (189.9) | (146.3) | |||
Accumulated Depreciation [Member] | Software [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | R$ (84.6) | R$ (63.5) | |||
Weighted average interest rate | [1] | 80.00% | 80.00% | ||
Accumulated Depreciation [Member] | Machinery and equipment [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | R$ (45.3) | R$ (38.4) | |||
Weighted average interest rate | [1] | 44.88% | 44.88% | ||
Accumulated Depreciation [Member] | Vehicles [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | R$ (0.2) | R$ (0.3) | |||
Weighted average interest rate | [1] | 20.00% | 20.00% | ||
Accumulated Depreciation [Member] | Buildings and improvements [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | R$ (59.1) | R$ (44.1) | |||
Weighted average interest rate | [1] | 8.33% | 8.33% | ||
Accumulated Depreciation [Member] | Facilities [Member] | |||||
Disclosure of finance lease and operating lease by lessee [line items] | |||||
Finance leases mainly for the acquisitions | R$ (0.7) | ||||
Weighted average interest rate | [1] | 6.67% | 6.67% | ||
|
23. LEASES (Details 2) R$ in Millions |
Dec. 31, 2017
BRL (R$)
|
---|---|
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | R$ 232.6 |
Interest | 120.2 |
Minimum future payments | 352.8 |
2018 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | 51.7 |
Interest | 20.9 |
Minimum future payments | 72.5 |
2019 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | 43.3 |
Interest | 20.2 |
Minimum future payments | 63.5 |
2020 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | 30.4 |
Interest | 15.0 |
Minimum future payments | 45.4 |
2021 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | 20.4 |
Interest | 9.0 |
Minimum future payments | 29.4 |
2022 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | 16.1 |
Interest | 8.3 |
Minimum future payments | 24.4 |
2023 onwards [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Present value of minimum payments | 70.7 |
Interest | 46.8 |
Minimum future payments | R$ 117.6 |
23. LEASES (Details 3) R$ in Millions |
Dec. 31, 2017
BRL (R$)
|
---|---|
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | R$ 122.5 |
2018 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | |
2019 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 9.4 |
2020 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 9.4 |
2021 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 9.4 |
2022 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 9.4 |
2023 onwards [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | R$ 84.9 |
23. LEASES (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Leases Details Narrative | ||
Operating lease agreements recognized as expense | R$ 306.7 | R$ 308.3 |
24. SHARE BASED PAYMENT (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Plan I [Member] | Period 1 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 1/3 |
Deadline | 1 year |
Plan I [Member] | Period 2 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 2/3 |
Deadline | 2 years |
Plan I [Member] | Period 3 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 3/3 |
Deadline | 3 years |
Plan II [Member] | Period 1 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 1/4 |
Deadline | 1 year |
Plan II [Member] | Period 2 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 2/4 |
Deadline | 2 years |
Plan II [Member] | Period 3 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 3/4 |
Deadline | 3 years |
Plan II [Member] | Period 4 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Quantity | 4/4 |
Deadline | 4 years |
24. SHARE BASED PAYMENT (Details 1) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Nov. 30, 2017
Number
|
Aug. 31, 2017
Number
|
Mar. 31, 2017
Number
|
Dec. 31, 2017
shares
R$ / shares
|
Dec. 31, 2016
Number
|
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Options granted | 290,771 | 716,846 | 863,528 | ||
Outstanding options | 12,872,189 | 16,506,807 | |||
Plan I [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Options granted | shares | 12,355,929 | ||||
Outstanding options | shares | 4,560,896 | ||||
Plan I [Member] | Period 1 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | May 02, 2013 | ||||
Beginning of the year | May 01, 2014 | ||||
End of the year | May 01, 2018 | ||||
Options granted | shares | 3,490,201 | ||||
Outstanding options | shares | 304,968 | ||||
Fair value of the option | R$ 11.88 | ||||
Price of converted share Grant date | 46.86 | ||||
Price of converted share Updated IPCA | R$ 62.12 | ||||
Plan I [Member] | Period 2 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Apr. 04, 2014 | ||||
Beginning of the year | Apr. 03, 2015 | ||||
End of the year | Apr. 03, 2019 | ||||
Options granted | shares | 1,552,564 | ||||
Outstanding options | shares | 483,201 | ||||
Fair value of the option | R$ 12.56 | ||||
Price of converted share Grant date | 44.48 | ||||
Price of converted share Updated IPCA | R$ 55.85 | ||||
Plan I [Member] | Period 3 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | May 02, 2014 | ||||
Beginning of the year | May 01, 2015 | ||||
End of the year | May 01, 2019 | ||||
Options granted | shares | 1,610,450 | ||||
Outstanding options | shares | 670,107 | ||||
Fair value of the option | R$ 14.11 | ||||
Price of converted share Grant date | 47.98 | ||||
Price of converted share Updated IPCA | R$ 59.84 | ||||
Plan I [Member] | Period 4 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Dec. 18, 2014 | ||||
Beginning of the year | Dec. 17, 2015 | ||||
End of the year | Dec. 17, 2019 | ||||
Options granted | shares | 5,702,714 | ||||
Outstanding options | shares | 3,102,620 | ||||
Fair value of the option | R$ 14.58 | ||||
Price of converted share Grant date | 63.49 | ||||
Price of converted share Updated IPCA | R$ 77.15 | ||||
Plan II [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Options granted | shares | 13,230,252 | ||||
Outstanding options | shares | 7,604,473 | ||||
Plan II [Member] | Period 1 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Oct. 01, 2015 | ||||
Beginning of the year | Oct. 01, 2016 | ||||
End of the year | Oct. 01, 2021 | ||||
Options granted | shares | |||||
Outstanding options | shares | |||||
Fair value of the option | R$ 20.64 | ||||
Price of converted share Grant date | 70.09 | ||||
Price of converted share Updated IPCA | R$ 75.97 | ||||
Plan II [Member] | Period 2 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Dec. 07, 2015 | ||||
Beginning of the year | Dec. 06, 2016 | ||||
End of the year | Dec. 06, 2021 | ||||
Options granted | shares | |||||
Outstanding options | shares | |||||
Fair value of the option | R$ 17.31 | ||||
Price of converted share Grant date | 56.00 | ||||
Price of converted share Updated IPCA | |||||
Plan II [Member] | Period 3 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Apr. 26, 2016 | ||||
Beginning of the year | Apr. 30, 2017 | ||||
End of the year | Dec. 30, 2022 | ||||
Options granted | shares | 8,724,733 | ||||
Outstanding options | shares | 4,375,000 | ||||
Fair value of the option | R$ 9.21 | ||||
Price of converted share Grant date | 56.00 | ||||
Price of converted share Updated IPCA | R$ 59.09 | ||||
Plan II [Member] | Period 4 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | May 31, 2016 | ||||
Beginning of the year | May 31, 2017 | ||||
End of the year | Dec. 30, 2022 | ||||
Options granted | shares | 3,351,220 | ||||
Outstanding options | shares | 2,303,260 | ||||
Fair value of the option | R$ 10.97 | ||||
Price of converted share Grant date | 46.68 | ||||
Price of converted share Updated IPCA | R$ 48.87 | ||||
Plan II [Member] | Period 5 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Mar. 30, 2017 | ||||
Beginning of the year | Mar. 30, 2018 | ||||
End of the year | Dec. 29, 2023 | ||||
Options granted | shares | 863,528 | ||||
Outstanding options | shares | 635,442 | ||||
Fair value of the option | R$ 9.45 | ||||
Price of converted share Grant date | 38.43 | ||||
Price of converted share Updated IPCA | R$ 39.01 | ||||
Plan II [Member] | Period 6 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Grant date | Dec. 01, 2017 | ||||
Beginning of the year | Dec. 01, 2018 | ||||
End of the year | Dec. 29, 2023 | ||||
Options granted | shares | 290,771 | ||||
Outstanding options | shares | 290,771 | ||||
Fair value of the option | R$ 7.91 | ||||
Price of converted share Grant date | 41.69 | ||||
Price of converted share Updated IPCA | R$ 41.69 |
24. SHARE BASED PAYMENT (Details 2) R$ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
BRL (R$)
shares
| |
Restricted Stock Plan Due August 31, 2019 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 08.31.17 |
Shares granted | 716,846 |
Outstanding shares | 706,820 |
Fair value of the shares | R$ | R$ 41,850 |
Restricted Stock Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Shares granted | 716,846 |
Outstanding shares | 706,820 |
24. SHARE BASED PAYMENT (Details 3) |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2017
Number
|
Aug. 31, 2017
Number
|
Mar. 31, 2017
Number
|
Dec. 31, 2017
shares
Number
|
|
Disclosure of defined benefit plans [line items] | ||||
Outstanding options as of (Begninning) | 16,506,807 | |||
Issued - grant of 2017 | 290,771 | 716,846 | 863,528 | |
Exercised: | ||||
Outstanding options as of (Ending) | shares | 12,872,189 | |||
Grant of 2017 | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (228,086) | |||
Grant of 2017 (Restricted stock) | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (10,026) | |||
Grant of 2016 | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (2,681,350) | |||
Grant of 2014 | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (1,725,218) | |||
Grant 4 [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (152,145) | |||
Grant of 2013 | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (415,017) | |||
Grant of 2012 | ||||
Disclosure of defined benefit plans [line items] | ||||
Forfeited: | (293,921) |
24. SHARE BASED PAYMENT (Details 4) |
12 Months Ended |
---|---|
Dec. 31, 2016
R$ / shares
| |
Plan I [Member] | |
Expected maturity of the option: | |
Exercise in the 1st year | 3 years |
Exercise in the 2nd year | 3 years 6 months |
Exercise in the 3rd year | 4 years |
Risk-free interest rate | 5.09% |
Volatility | 26.05% |
Expected dividends over shares | 1.236% |
Expected inflation rate | R$ 3.71 |
Plan II [Member] | |
Expected maturity of the option: | |
Exercise in the 1st year | 3 years 6 months |
Exercise in the 2nd year | 4 years |
Exercise in the 3rd year | 4 years |
Exercise in the 4th year | 5 years |
Risk-free interest rate | 6.25% |
Volatility | 27.07% |
Expected dividends over shares | 2.40% |
Expected inflation rate | R$ 3.79 |
24. SHARE BASED PAYMENT (Details Narrative) R$ / shares in Units, R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
BRL (R$)
Number
R$ / shares
|
Dec. 31, 2016
BRL (R$)
R$ / shares
|
Dec. 31, 2015
BRL (R$)
|
|
Share Based Payment Details Narrative | |||
Weighted average exercise prices of the outstanding options | R$ 60.29 | ||
Weighted average of the remaining contractual term | 34 months | ||
Capital reserve | R$ | R$ 115.1 | R$ 41.0 | R$ 7.0 |
Expense from share-based payment transactions with employees | R$ | R$ 43.5 | ||
Number of share exercised | Number | |||
Average price per share (in dollars per share) | R$ 53.60 | ||
Weighted average fair value of options outstanding | R$ 11.36 | R$ 11.54 |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Plan I [Member] | |
Disclosure of defined benefit plans [line items] | |
Modality | Defined Benefit |
Adhesions | Closed |
Plan II [Member] | |
Disclosure of defined benefit plans [line items] | |
Modality | Defined Benefit |
Adhesions | Closed |
Plan III [Member] | |
Disclosure of defined benefit plans [line items] | |
Modality | Defined Contribution |
Adhesions | Open |
FAF [Member] | |
Disclosure of defined benefit plans [line items] | |
Modality | Defined Benefit |
Adhesions | Closed |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
FAF [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | ||
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | ||
Ending balance | ||
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | ||
Ending balance | ||
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | ||
Ending balance | ||
Rollforward of comprehensive income [Roll Forward] | ||
Beginning balance | 23.4 | 27.4 |
Reversion to statement of income | (23.3) | (27.4) |
Ending balance | 26.8 | 23.4 |
Costs recognized in statement of income [Roll Forward] | ||
Costs recognized in statement of income | (26.8) | (23.4) |
Estimated costs for the next period | ||
Costs of defined benefit | (28.0) | (26.8) |
Estimated costs for the next period | (28.0) | (26.8) |
FAF [Member] | Present value of defined benefit obligation [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | 2,275.9 | 2,000.5 |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | 2,000.5 | 1,675.5 |
Interest income | 217.3 | 197.1 |
Ending balance | 2,275.9 | 2,000.5 |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | 2,000.5 | 1,675.5 |
Interest income | 217.3 | 197.1 |
Current service cost | 26.8 | 23.4 |
Benefit paid | (117.5) | (105.0) |
Contributions of the sponsor | 0.3 | |
Actuarial gains - experience | (48.7) | 27.5 |
Actuarial gains (losses) - hypothesis | 197.6 | 153.5 |
Actuarial gains - demographic hypothesis | 28.3 | |
Ending balance | 2,275.9 | 2,000.5 |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | 2,000.5 | 1,675.5 |
Interest income | 217.3 | 197.1 |
Benefit paid | (117.5) | (105.0) |
Contributions paid by the employee | 0.3 | |
Ending balance | 2,275.9 | 2,000.5 |
Rollforward of comprehensive income [Roll Forward] | ||
Actuarial gains (losses) | (148.9) | (209.2) |
Costs recognized in statement of income [Roll Forward] | ||
Current service costs | (26.8) | (23.4) |
Interest income in statement of income | (217.3) | (197.1) |
Interest income | (217.3) | (197.1) |
FAF [Member] | Plan assets [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | (3,077.4) | (2,838.8) |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | (2,838.8) | (2,419.0) |
Interest income | (311.2) | (287.4) |
Ending balance | (3,077.4) | (2,838.8) |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | (2,838.8) | (2,419.0) |
Interest income | (311.2) | (287.4) |
Benefit paid | 117.5 | 105.0 |
Contributions of the sponsor | (0.3) | |
Ending balance | (3,077.4) | (2,838.8) |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | (2,838.8) | (2,419.0) |
Interest income | (311.2) | (287.4) |
Transfers | (38.0) | |
Benefit paid | 117.5 | 105.0 |
Contributions paid by the Company | (0.1) | |
Contributions paid by the employee | (0.3) | |
Return on assets higher (lower) than projection | (45.0) | (237.0) |
Early elimination of obligations | 38.0 | |
Ending balance | (3,077.4) | (2,838.8) |
Rollforward of comprehensive income [Roll Forward] | ||
Return on assets higher (lower) than projection | (45.0) | (237.0) |
Costs recognized in statement of income [Roll Forward] | ||
Interest income in statement of income | 311.2 | 287.4 |
Projected return on assets | 311.2 | 287.4 |
Interest income | 311.2 | 287.4 |
FAF [Member] | Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | (801.5) | (838.3) |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | (838.3) | |
Ending balance | (801.5) | (838.3) |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | (838.3) | |
Ending balance | (801.5) | (838.3) |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | (838.3) | |
Ending balance | (801.5) | (838.3) |
FAF [Member] | Effect of asset ceiling [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | 801.5 | 838.3 |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | 838.3 | 743.6 |
Interest income | 93.9 | 90.3 |
Changes in surplus of asset ceiling | (130.7) | 4.4 |
Ending balance | 801.5 | 838.3 |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | 838.3 | 743.6 |
Interest income | 93.9 | 90.3 |
Ending balance | 801.5 | 838.3 |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | 838.3 | 743.6 |
Interest income | 93.9 | 90.3 |
Ending balance | 801.5 | 838.3 |
Rollforward of comprehensive income [Roll Forward] | ||
Changes on irrecoverable surplus | (130.7) | 4.4 |
Costs recognized in statement of income [Roll Forward] | ||
Interest income in statement of income | (93.9) | (90.3) |
Interest income | (93.9) | (90.3) |
Plans I and II [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | (2.2) | (3.2) |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | (3.2) | |
Ending balance | (2.2) | (3.2) |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | (3.2) | |
Ending balance | (2.2) | (3.2) |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | (3.2) | |
Ending balance | (2.2) | (3.2) |
Rollforward of comprehensive income [Roll Forward] | ||
Beginning balance | (2.1) | (1.5) |
Reversion to statement of income | 2.1 | 1.5 |
Ending balance | (1.3) | (2.1) |
Costs recognized in statement of income [Roll Forward] | ||
Costs recognized in statement of income | 0.4 | 0.6 |
Estimated costs for the next period | ||
Costs of defined benefit | 0.2 | 0.4 |
Estimated costs for the next period | 0.2 | 0.4 |
Plans I and II [Member] | Present value of defined benefit obligation [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | 16.0 | 15.2 |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | 15.2 | 12.9 |
Interest income | 1.6 | 1.5 |
Ending balance | 16.0 | 15.2 |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | 15.2 | 12.9 |
Interest income | 1.6 | 1.5 |
Current service cost | ||
Benefit paid | (1.5) | (1.2) |
Contributions of the sponsor | ||
Actuarial gains - experience | (0.6) | 1.0 |
Actuarial gains (losses) - hypothesis | 1.2 | 1.0 |
Actuarial gains - demographic hypothesis | ||
Ending balance | 16.0 | 15.2 |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | 15.2 | 12.9 |
Interest income | 1.6 | 1.5 |
Benefit paid | (1.5) | (1.2) |
Contributions paid by the employee | ||
Ending balance | 16.0 | 15.2 |
Rollforward of comprehensive income [Roll Forward] | ||
Actuarial gains (losses) | (0.6) | (2.1) |
Costs recognized in statement of income [Roll Forward] | ||
Current service costs | ||
Interest income in statement of income | (1.6) | (1.5) |
Interest income | (1.6) | (1.5) |
Plans I and II [Member] | Plan assets [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | (26.7) | (26.4) |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | (26.4) | (21.9) |
Interest income | (2.9) | (2.6) |
Ending balance | (26.7) | (26.4) |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | (26.4) | (21.9) |
Interest income | (2.9) | (2.6) |
Benefit paid | 1.5 | 1.2 |
Contributions of the sponsor | ||
Ending balance | (26.7) | (26.4) |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | (26.4) | (21.9) |
Interest income | (2.9) | (2.6) |
Transfers | ||
Benefit paid | 1.5 | 1.2 |
Contributions paid by the Company | ||
Contributions paid by the employee | ||
Return on assets higher (lower) than projection | 1.2 | (3.1) |
Early elimination of obligations | ||
Ending balance | (26.7) | (26.4) |
Rollforward of comprehensive income [Roll Forward] | ||
Return on assets higher (lower) than projection | 1.2 | (3.1) |
Costs recognized in statement of income [Roll Forward] | ||
Interest income in statement of income | 2.9 | 2.6 |
Projected return on assets | 2.9 | 2.6 |
Interest income | 2.9 | 2.6 |
Plans I and II [Member] | Surplus [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | (10.7) | (11.3) |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | (11.3) | |
Ending balance | (10.7) | (11.3) |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | (11.3) | |
Ending balance | (10.7) | (11.3) |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | (11.3) | |
Ending balance | (10.7) | (11.3) |
Plans I and II [Member] | Effect of asset ceiling [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Net acturial asset | 8.5 | 8.0 |
Rollforward of surplus of asset ceiling [Roll Forward] | ||
Beginning balance | 8.0 | 4.4 |
Interest income | 0.9 | 0.5 |
Changes in surplus of asset ceiling | (0.5) | 3.1 |
Ending balance | 8.5 | 8.0 |
Changes in actuarial obligation [Roll Forward] | ||
Beginning balance | 8.0 | 4.4 |
Interest income | 0.9 | 0.5 |
Ending balance | 8.5 | 8.0 |
Rollforward of assets fair value [Roll Forward] | ||
Beginning balance | 8.0 | 4.4 |
Interest income | 0.9 | 0.5 |
Ending balance | 8.5 | 8.0 |
Rollforward of comprehensive income [Roll Forward] | ||
Changes on irrecoverable surplus | (0.5) | 3.1 |
Costs recognized in statement of income [Roll Forward] | ||
Interest income in statement of income | (0.9) | (0.5) |
Interest income | R$ (0.9) | R$ (0.5) |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 2) - Number |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
FAF [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 9.74% | 11.20% |
Inflation rate | 4.25% | 4.85% |
Wage growth rate | 4.93% | 5.53% |
Number of active participants | 7,924 | 8,384 |
Number of participants in direct proportional benefit | 10 | 41 |
Number of assisted beneficiary participants | 6,233 | 5,984 |
FAF [Member] | Schedule of mortality [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Schedule of mortality & disabled mortality | AT-2000 | AT-2000 |
FAF [Member] | Schedule of disabled mortality [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Schedule of mortality & disabled mortality | RRB-1983 | RRB-1983 |
Plans I and II [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 9.72% | 11.25% |
Inflation rate | 4.25% | 4.85% |
Wage growth rate | ||
Number of active participants | ||
Number of participants in direct proportional benefit | ||
Number of assisted beneficiary participants | 51 | 54 |
Plans I and II [Member] | Schedule of mortality [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Schedule of mortality & disabled mortality | AT-2000 | AT-2000 |
Plans I and II [Member] | Schedule of disabled mortality [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Schedule of mortality & disabled mortality | RRB-1983 | RRB-1983 |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 3) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
FAF [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 3,077.4 | R$ 2,838.6 |
Percentage of plan assets at fair value | 100.00% | 100.00% |
% of nominal return on assets | 10.90% | 14.90% |
FAF [Member] | Fixed income [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 2,238.1 | R$ 2,110.8 |
Percentage of plan assets at fair value | 72.70% | 74.40% |
FAF [Member] | Variable income [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 363.6 | R$ 339.8 |
Percentage of plan assets at fair value | 11.80% | 12.00% |
FAF [Member] | Real estate [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 197.7 | R$ 227.9 |
Percentage of plan assets at fair value | 6.40% | 8.00% |
FAF [Member] | Structured investments [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 257.5 | R$ 141.6 |
Percentage of plan assets at fair value | 8.40% | 5.00% |
FAF [Member] | Transactions with participants [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 20.4 | R$ 18.5 |
Percentage of plan assets at fair value | 0.70% | 0.60% |
Plans I and II [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 26.7 | R$ 26.5 |
Percentage of plan assets at fair value | 100.00% | 100.00% |
% of nominal return on assets | 8.92% | 13.19% |
Plans I and II [Member] | Fixed income [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 23.1 | R$ 23.0 |
Percentage of plan assets at fair value | 86.40% | 87.10% |
Plans I and II [Member] | Variable income [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 2.5 | R$ 2.9 |
Percentage of plan assets at fair value | 9.30% | 10.80% |
Plans I and II [Member] | Real estate [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | ||
Percentage of plan assets at fair value | 0.00% | |
Plans I and II [Member] | Structured investments [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 1.1 | R$ 0.5 |
Percentage of plan assets at fair value | 4.10% | 1.90% |
Plans I and II [Member] | Transactions with participants [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets at fair value | R$ 0.1 | |
Percentage of plan assets at fair value | 0.20% | 0.20% |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 4) R$ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
BRL (R$)
Number
| |
Disclosure of defined benefit plans [line items] | |
2018 | R$ 76.6 |
2019 | 25.2 |
2020 | 30.2 |
2021 | 32.1 |
2022 | 31.5 |
2023 to 2027 | R$ 164.7 |
Weighted average duration - in years | Number | 7 |
FAF [Member] | |
Disclosure of defined benefit plans [line items] | |
2018 | R$ 128.7 |
2019 | 137.5 |
2020 | 147.6 |
2021 | 160.1 |
2022 | 171.8 |
2023 to 2027 | R$ 1,039.3 |
Weighted average duration - in years | Number | 12.48 |
Plans I and II [Member] | |
Disclosure of defined benefit plans [line items] | |
2018 | R$ 1.2 |
2019 | 1.3 |
2020 | 1.3 |
2021 | 1.4 |
2022 | 1.4 |
2023 to 2027 | R$ 7.7 |
Weighted average duration - in years | Number | 10.23 |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 5) - FAF [Member] R$ in Millions |
Dec. 31, 2017
BRL (R$)
|
|||
---|---|---|---|---|
Discount rate [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Assumptions utilized | 9.74% | |||
Average rate | 10.74% | |||
Actuarial liabilities | R$ (252.0) | [1] | ||
Average rate | 8.74% | |||
Actuarial liabilities | R$ 292.7 | [1] | ||
Wage growth rate [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Assumptions utilized | 4.93% | |||
Average rate | 5.93% | |||
Actuarial liabilities | R$ 74.7 | [1] | ||
Average rate | 3.93% | |||
Actuarial liabilities | R$ (53.1) | [1] | ||
|
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 6) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Disclosure of defined benefit plans [line items] | |||||||
Recognised liabilities defined benefit plan | R$ 394.8 | R$ 330.1 | |||||
Current | 85.2 | 76.7 | |||||
Non-current | 309.6 | 253.4 | |||||
Medical plan [Member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Recognised liabilities defined benefit plan | 112.3 | ||||||
Medical plan [Member] | Present value of defined benefit obligation [Member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Recognised liabilities defined benefit plan | 132.8 | ||||||
F.G.T.S. Penalty [Member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Recognised liabilities defined benefit plan | [1] | 161.3 | 137.2 | ||||
Award for length of service [Member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Recognised liabilities defined benefit plan | 49.3 | 52.0 | |||||
OtherMember | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Recognised liabilities defined benefit plan | [2] | R$ 51.4 | R$ 28.6 | ||||
|
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 7) - BRL (R$) R$ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Medical plan [Member] | |||||||
Rollforward of comprehensive income [Roll Forward] | |||||||
Beginning balance | R$ (31.2) | R$ (59.0) | |||||
Actuarial gains (losses) | (6.2) | 27.8 | |||||
Ending balance | (37.4) | (31.2) | |||||
Estimated costs for the next period [Roll Forward] | |||||||
Current service costs | (0.2) | (0.2) | |||||
Interest on actuarial liabilities | (12.7) | (12.3) | |||||
Past service costs - changes in plan | (2.9) | ||||||
Estimated costs for the next period | (12.9) | (15.4) | |||||
Medical plan [Member] | Present value of defined benefit obligation [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Present value of actuarial liabilities | R$ 132.8 | R$ 112.3 | |||||
Net liabilities | 132.8 | 112.3 | 132.8 | 112.3 | |||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | 112.3 | 130.0 | |||||
Interest income | 12.3 | 15.4 | |||||
Early settlement of obligations | (0.1) | ||||||
Current service costs | 0.2 | 0.2 | |||||
Past service costs - changes in plan | 2.9 | 0.1 | |||||
Benefits paid directly by the Company | (1.1) | (5.5) | |||||
Actuarial (gains) losses | (5.1) | (38.1) | |||||
Actuarial losses (gains) - demographic hypothesis | (2.4) | (0.4) | |||||
Actuarial (gains) losses - economic hypothesis | 13.7 | 10.6 | |||||
Ending balance | 132.8 | 112.3 | |||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | (1.1) | (5.5) | |||||
Ending balance | 132.8 | 112.3 | |||||
Costs recognized in statement of income [Roll Forward] | |||||||
Interest income | (12.3) | (15.4) | |||||
Current service costs | (0.2) | (0.2) | |||||
Past service costs | (2.9) | (0.1) | |||||
Gains on early settlement | 0.1 | ||||||
Cost recognizzed in statement of income | (15.4) | (15.6) | |||||
Medical plan [Member] | Plan assets [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Net liabilities | |||||||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | |||||||
Benefits paid directly by the Company | 1.1 | 5.5 | |||||
Ending balance | |||||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | 1.1 | 5.5 | |||||
Contributions of the sponsor | (1.1) | (5.5) | |||||
Ending balance | |||||||
F.G.T.S. Penalty [Member] | |||||||
Rollforward of comprehensive income [Roll Forward] | |||||||
Beginning balance | 64.8 | 89.8 | |||||
Actuarial gains (losses) | (21.6) | (25.0) | |||||
Ending balance | (86.5) | 64.8 | |||||
Estimated costs for the next period [Roll Forward] | |||||||
Current service costs | (6.5) | (6.0) | |||||
Interest on actuarial liabilities | (12.2) | (13.2) | |||||
Past service costs - changes in plan | |||||||
Estimated costs for the next period | (18.8) | (19.2) | |||||
F.G.T.S. Penalty [Member] | Present value of defined benefit obligation [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Present value of actuarial liabilities | 161.3 | 137.2 | |||||
Net liabilities | 161.3 | 137.2 | 161.3 | 137.2 | |||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | 137.2 | 105.2 | |||||
Interest income | 13.2 | 10.7 | |||||
Early settlement of obligations | (13.8) | ||||||
Current service costs | 6.0 | 4.3 | |||||
Past service costs - changes in plan | 13.8 | ||||||
Benefits paid directly by the Company | (16.6) | (7.9) | |||||
Actuarial (gains) losses | 14.8 | 7.5 | |||||
Actuarial losses (gains) - demographic hypothesis | (4.3) | 13.8 | |||||
Actuarial (gains) losses - economic hypothesis | 11.1 | 3.7 | |||||
Ending balance | 161.3 | 137.2 | |||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | (16.6) | (7.9) | |||||
Ending balance | 161.3 | 137.2 | |||||
Costs recognized in statement of income [Roll Forward] | |||||||
Interest income | (13.2) | (10.7) | |||||
Current service costs | (6.0) | (4.3) | |||||
Past service costs | (13.8) | ||||||
Gains on early settlement | 13.8 | ||||||
Cost recognizzed in statement of income | (19.1) | (15.0) | |||||
F.G.T.S. Penalty [Member] | Plan assets [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Net liabilities | |||||||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | |||||||
Benefits paid directly by the Company | 16.6 | 7.9 | |||||
Ending balance | |||||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | 16.6 | 7.9 | |||||
Contributions of the sponsor | (16.6) | (7.9) | |||||
Ending balance | |||||||
Award for length of service [Member] | |||||||
Rollforward of comprehensive income [Roll Forward] | |||||||
Beginning balance | (38.0) | (22.7) | |||||
Actuarial gains (losses) | 0.5 | (15.3) | |||||
Ending balance | (37.5) | (38.0) | |||||
Estimated costs for the next period [Roll Forward] | |||||||
Current service costs | (2.1) | (2.1) | |||||
Interest on actuarial liabilities | (4.0) | (5.1) | |||||
Past service costs - changes in plan | |||||||
Estimated costs for the next period | (6.1) | (7.2) | |||||
Award for length of service [Member] | Present value of defined benefit obligation [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Present value of actuarial liabilities | 49.3 | 52.0 | |||||
Net liabilities | 49.3 | 52.0 | 49.3 | 52.0 | |||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | 52.0 | 41.4 | |||||
Interest income | 5.1 | 4.2 | |||||
Early settlement of obligations | (4.3) | ||||||
Current service costs | 2.1 | 1.4 | |||||
Past service costs - changes in plan | 4.3 | ||||||
Benefits paid directly by the Company | (9.5) | (10.4) | |||||
Actuarial (gains) losses | 7.3 | ||||||
Actuarial losses (gains) - demographic hypothesis | (1.8) | 7.1 | |||||
Actuarial (gains) losses - economic hypothesis | 1.4 | 0.9 | |||||
Ending balance | 49.3 | 52.0 | |||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | (9.5) | (10.4) | |||||
Ending balance | 49.3 | 52.0 | |||||
Costs recognized in statement of income [Roll Forward] | |||||||
Interest income | (5.1) | (4.2) | |||||
Current service costs | (2.1) | (1.4) | |||||
Past service costs | (4.3) | ||||||
Gains on early settlement | 4.3 | ||||||
Cost recognizzed in statement of income | (7.2) | (5.6) | |||||
Award for length of service [Member] | Plan assets [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Net liabilities | |||||||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | |||||||
Benefits paid directly by the Company | 9.5 | 10.4 | |||||
Ending balance | |||||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | 9.5 | 10.4 | |||||
Contributions of the sponsor | (9.5) | (10.4) | |||||
Ending balance | |||||||
OtherMember | |||||||
Rollforward of comprehensive income [Roll Forward] | |||||||
Beginning balance | [1] | (12.9) | (6.9) | ||||
Actuarial gains (losses) | [1] | (3.0) | (6.0) | ||||
Ending balance | [1] | (16.0) | (12.9) | ||||
Estimated costs for the next period [Roll Forward] | |||||||
Current service costs | [1] | (0.8) | (0.9) | ||||
Interest on actuarial liabilities | [1] | (2.5) | (2.9) | ||||
Past service costs - changes in plan | [1] | ||||||
Estimated costs for the next period | [1] | (3.3) | (3.8) | ||||
OtherMember | Present value of defined benefit obligation [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Present value of actuarial liabilities | [1] | 31.2 | 28.6 | ||||
Net liabilities | [1] | 31.2 | 28.6 | 31.2 | 28.6 | ||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | [1] | 28.6 | 22.4 | ||||
Interest income | [1] | 2.9 | 2.4 | ||||
Early settlement of obligations | [1] | (2.5) | |||||
Current service costs | [1] | 0.9 | 0.6 | ||||
Past service costs - changes in plan | [1] | 2.5 | |||||
Benefits paid directly by the Company | [1] | (4.1) | (2.9) | ||||
Actuarial (gains) losses | [1] | 2.0 | 2.9 | ||||
Actuarial losses (gains) - demographic hypothesis | [1] | (0.8) | 2.2 | ||||
Actuarial (gains) losses - economic hypothesis | [1] | 1.7 | 0.9 | ||||
Ending balance | [1] | 31.2 | 28.6 | ||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | [1] | (4.1) | (2.9) | ||||
Ending balance | [1] | 31.2 | 28.6 | ||||
Costs recognized in statement of income [Roll Forward] | |||||||
Interest income | [1] | (2.9) | (2.4) | ||||
Current service costs | [1] | (0.9) | (0.6) | ||||
Past service costs | [1] | (2.5) | |||||
Gains on early settlement | [1] | 2.5 | |||||
Cost recognizzed in statement of income | [1] | (3.7) | (3.0) | ||||
OtherMember | Plan assets [Member] | |||||||
Composition of actuarial liabilities [Roll Forward] | |||||||
Net liabilities | [1] | ||||||
Rollforward of present value of actuarial liabilities [Roll Forward] | |||||||
Beginning balance | [1] | ||||||
Benefits paid directly by the Company | [1] | 4.1 | 2.9 | ||||
Ending balance | [1] | ||||||
Rollforward of assets plan [Roll Forward] | |||||||
Benefits paid directly by the Company | [1] | 4.1 | 2.9 | ||||
Contributions of the sponsor | [1] | (4.1) | (2.9) | ||||
Ending balance | [1] | ||||||
|
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 8) - Number |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Medical plan [Member] | ||
Economic hypothesis | ||
Discount rate | 9.76% | 11.22% |
Inflation rate | 4.25% | 4.85% |
Medical inflation | 7.38% | 8.00% |
Wage growth rate | ||
F.G.T.S. balance growth | ||
Demoraphic data | ||
Number of active participants | 1,287 | 1,477 |
Number of assisted beneficiary participants | 643 | 638 |
Medical plan [Member] | Schedule of mortality [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | AT-2000 | AT-2000 |
Medical plan [Member] | Schedule of disabled [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | RRB-1944 | RRB-1944 |
Medical plan [Member] | Schedule of disabled mortality [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | RRB-1983 | RRB-1983 |
Medical plan [Member] | Schedule of turnover - BRF's historical [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | 2017 | 2016 |
F.G.T.S. Penalty [Member] | ||
Economic hypothesis | ||
Discount rate | 9.30% | 11.64% |
Inflation rate | 4.25% | 4.85% |
Medical inflation | ||
Wage growth rate | 4.25% | 5.80% |
F.G.T.S. balance growth | 4.00% | 4.00% |
Award for length of service [Member] | ||
Economic hypothesis | ||
Discount rate | 9.30% | 11.69% |
Inflation rate | 4.25% | 4.85% |
Medical inflation | ||
Wage growth rate | 4.25% | 5.80% |
F.G.T.S. balance growth | ||
Life insurance [Member] | ||
Demoraphic data | ||
Number of active participants | 89,596 | 90,861 |
Number of assisted beneficiary participants | 2,097 | 2,863 |
Life insurance [Member] | Schedule of mortality [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | AT-2000 | AT-2000 |
Life insurance [Member] | Schedule of disabled [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | RRB-1944 | RRB-1944 |
Life insurance [Member] | Schedule of disabled mortality [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | RRB-1983 | RRB-1983 |
Life insurance [Member] | Schedule of turnover - BRF's historical [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | 2017 | 2016 |
OtherMember | ||
Economic hypothesis | ||
Discount rate | 9.30% | 11.64% |
Inflation rate | 4.25% | 4.85% |
Medical inflation | ||
Wage growth rate | 4.25% | 5.80% |
F.G.T.S. balance growth | ||
Demoraphic data | ||
Number of active participants | 86,817 | 86,864 |
Number of assisted beneficiary participants | ||
OtherMember | Schedule of mortality [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | AT-2000 | AT-2000 |
OtherMember | Schedule of disabled [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | RRB-1944 | RRB-1944 |
OtherMember | Schedule of disabled mortality [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | RRB-1983 | RRB-1983 |
OtherMember | Schedule of turnover - BRF's historical [Member] | ||
Demographic hypothesis | ||
Schedule of mortality, disabled, disabled mortality, turnover - BRF's historical | 2017 | 2016 |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 9) R$ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
BRL (R$)
Number
| |
Disclosure of defined benefit plans [line items] | |
2017 | R$ 76.6 |
2018 | 25.2 |
2019 | 30.2 |
2020 | 32.1 |
2021 | 31.5 |
2022 to 2026 | R$ 164.7 |
Weighted average duration - in years | Number | 7 |
Medical plan [Member] | |
Disclosure of defined benefit plans [line items] | |
2017 | R$ 5.3 |
2018 | 5.8 |
2019 | 6.4 |
2020 | 7.0 |
2021 | 7.6 |
2022 to 2026 | R$ 49.3 |
Weighted average duration - in years | Number | 15 |
F.G.T.S. Penalty [Member] | |
Disclosure of defined benefit plans [line items] | |
2017 | R$ 52.8 |
2018 | 11.4 |
2019 | 13.9 |
2020 | 15.9 |
2021 | 15.1 |
2022 to 2026 | R$ 79.2 |
Weighted average duration - in years | Number | 4 |
Award for length of service [Member] | |
Disclosure of defined benefit plans [line items] | |
2017 | R$ 11.0 |
2018 | 5.4 |
2019 | 7.0 |
2020 | 6.5 |
2021 | 6.3 |
2022 to 2026 | R$ 25.7 |
Weighted average duration - in years | Number | 5 |
OtherMember | |
Disclosure of defined benefit plans [line items] | |
2017 | R$ 7.5 |
2018 | 2.5 |
2019 | 3.0 |
2020 | 2.7 |
2021 | 2.5 |
2022 to 2026 | R$ 10.5 |
Weighted average duration - in years | Number | 6 |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details 10) R$ in Millions |
Dec. 31, 2017
BRL (R$)
|
---|---|
Medical plan [Member] | Discount rate [Member] | |
Disclosure of defined benefit plans [line items] | |
Assumptions utilized | 9.76% |
Average (%) | 10.76% |
Actuarial liabilities | R$ (16.4) |
Average (%) | 8.76% |
Actuarial liabilities | R$ 20.3 |
Medical plan [Member] | Medical inflation [Member] | |
Disclosure of defined benefit plans [line items] | |
Assumptions utilized | 7.38% |
Average (%) | 8.38% |
Actuarial liabilities | R$ 20.0 |
Average (%) | 6.38% |
Actuarial liabilities | R$ (16.4) |
Medical plan [Member] | Turnover [Member] | |
Disclosure of defined benefit plans [line items] | |
Average (%) | 300.00% |
Actuarial liabilities | R$ (0.5) |
Average (%) | (3.00%) |
Actuarial liabilities | R$ 0.8 |
F.G.T.S. Penalty [Member] | Discount rate [Member] | |
Disclosure of defined benefit plans [line items] | |
Assumptions utilized | 9.30% |
Average (%) | 10.30% |
Actuarial liabilities | R$ (4.9) |
Average (%) | 8.30% |
Actuarial liabilities | R$ 5.5 |
F.G.T.S. Penalty [Member] | Turnover [Member] | |
Disclosure of defined benefit plans [line items] | |
Average (%) | 300.00% |
Actuarial liabilities | R$ (16.7) |
Average (%) | (3.00%) |
Actuarial liabilities | R$ 22.8 |
F.G.T.S. Penalty [Member] | Wage growth rate [Member] | |
Disclosure of defined benefit plans [line items] | |
Assumptions utilized | 4.25% |
Average (%) | 5.25% |
Actuarial liabilities | R$ 0.8 |
Average (%) | 3.25% |
Actuarial liabilities | R$ (0.3) |
25. PENSION AND OTHER POST-EMPLOYMENT PLANS (Details Narrative) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
BRL (R$)
Number
|
Dec. 31, 2016
BRL (R$)
Number
|
|
FAF [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected contribution plans 2017 | R$ 0.4 | |
Plan III [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined contributions made by company | R$ 15.9 | R$ 11.6 |
Number of participants under plan | Number | 31,850 | 30,678 |
Plan III [Member] | Bottom of range [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of basic contributions | 0.70% | |
Plan III [Member] | Top of range [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of basic contributions | 7.00% |
26. PROVISION FOR TAX, CIVIL AND LABOR RISKS (Details) - BRL (R$) R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Reconciliation of changes in other provisions | |||||
Beginning balance | R$ 1,383.9 | R$ 1,205.9 | |||
Additions | 1,056.1 | 749.3 | |||
Business combination | [1] | 1.8 | 51.0 | ||
Reversals | (536.2) | (335.4) | |||
Payments | (509.3) | (401.1) | |||
Price index update | 397.1 | 129.0 | |||
Exchange rate variation | (20.2) | (14.8) | |||
Ending balance | 1,773.2 | 1,383.9 | |||
Current | 536.1 | 276.2 | |||
Non-current | 1,237.1 | 1,107.7 | |||
Tax [Member] | |||||
Reconciliation of changes in other provisions | |||||
Beginning balance | 281.7 | 240.5 | |||
Additions | 177.1 | 107.2 | |||
Business combination | [1] | 28.7 | |||
Reversals | (50.8) | (48.0) | |||
Payments | (127.0) | (69.4) | |||
Price index update | 26.6 | 26.5 | |||
Exchange rate variation | (4.2) | (3.8) | |||
Ending balance | 303.4 | 281.7 | |||
Labor [Member] | |||||
Reconciliation of changes in other provisions | |||||
Beginning balance | 377.0 | ||||
Additions | 704.0 | 559.5 | |||
Business combination | [1] | 1.8 | 17.8 | ||
Reversals | (270.8) | (254.3) | |||
Payments | (338.9) | (282.0) | |||
Price index update | 128.5 | 70.0 | |||
Exchange rate variation | (12.6) | (8.3) | |||
Civil, commercial and other [Member] | |||||
Reconciliation of changes in other provisions | |||||
Beginning balance | 122.5 | 65.7 | |||
Additions | 164.1 | 82.6 | |||
Business combination | [1] | 4.5 | |||
Reversals | (75.1) | (12.2) | |||
Payments | (43.3) | (49.7) | |||
Price index update | 242.0 | 32.5 | |||
Exchange rate variation | (2.7) | (0.9) | |||
Ending balance | 407.5 | 122.5 | |||
Contingent liabilities [Member] | |||||
Reconciliation of changes in other provisions | |||||
Beginning balance | 499.9 | 522.6 | |||
Additions | 11.0 | ||||
Business combination | [1] | ||||
Reversals | (139.5) | (20.9) | |||
Payments | |||||
Price index update | |||||
Exchange rate variation | (0.8) | (1.8) | |||
Ending balance | R$ 370.6 | R$ 499.9 | |||
|
26. PROVISION FOR TAX, CIVIL AND LABOR RISKS (Details Narrative) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 14, 2015 |
---|---|---|---|---|
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | R$ 1,773.2 | R$ 1,383.9 | R$ 1,205.9 | |
Huaine Participacoes Ltda [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 670.9 | 642.8 | ||
Tax Contingent Liability [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 11,469.9 | 11,953.1 | ||
Tax Contingent Liability For Profits Earned Abroad [Member] | Brazilian Internal Revenue Service [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 506.3 | 688.6 | ||
Tax Contingent Liability For Social Security Taxes [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 262.9 | 237.2 | ||
Tax Contingent Liability For Other Contingencies [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 190.0 | 29.7 | ||
Sadia, Avex &Danica Group [Member] | Tax Contingent Liability [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 370.2 | 490.3 | ||
State ICMS ("VAT") [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Reversal of undue tax credits | 332.2 | R$ 339.6 | ||
Maintenance of ICMS tax credits | 789.9 | 716.2 | ||
Balance of export for tax credits | 333.8 | 356.8 | ||
State ICMS ("VAT") [Member] | Tax Contingent Liability For Undue ICMS Tax Credits [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Undue tax credits | 1,690.6 | 2,153.5 | ||
State ICMS ("VAT") [Member] | Other Claims [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 1,946.2 | 1,763.2 | ||
PIS and COFINS ("Federal Taxes to Social Fund Programs") [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 4,001.2 | 3,614.9 | ||
IPI ("Federal VAT") [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 441.7 | 459.2 | ||
IPI ("Federal VAT") [Member] | Tax Contingent Liability For Premium Credits [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 440.1 | |||
Tax [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | 303.4 | 281.7 | 240.5 | |
Tax [Member] | State ICMS ("VAT") [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | 157.0 | 129.1 | ||
Tax [Member] | PIS and COFINS ("Federal Taxes to Social Fund Programs") [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | 106.5 | 102.0 | ||
Tax [Member] | Other [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | 51.6 | 105.4 | ||
Contingent liabilities [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 13,278.4 | 13,667.9 | ||
Contingent liabilities [Member] | Tax Contingent Liability For Income Tax and Social Contribution [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 1,276.4 | 1,160.2 | ||
Contingent liabilities [Member] | Sadia, Avex &Danica Group [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | 370.6 | 499.9 | ||
Labor [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | 377.0 | |||
Possible contingencies amounts | 139.3 | 34.9 | ||
Civil, commercial and other [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Provision amounts | 407.5 | 122.5 | R$ 65.7 | |
Civil, commercial and other [Member] | Indemnification For Material & Moral Damages [Member] | ||||
ProvisionForTaxCivilAndLaborRisksLineItems [Line Items] | ||||
Possible contingencies amounts | R$ 1,714.9 | R$ 1,679.8 |
27. SHAREHOLDERS' EQUITY (Details) - shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
ShareholdersEquityLineItems [Line Items] | ||||
Outstanding shares | 811,139,545 | 799,005,245 | 809,972,245 | 867,284,349 |
Paid-in capital [Member] | ||||
ShareholdersEquityLineItems [Line Items] | ||||
Outstanding shares | 812,473,246 | 812,473,246 | 872,473,246 | |
Treasury Shares [Member] | ||||
ShareholdersEquityLineItems [Line Items] | ||||
Outstanding shares | (1,333,701) | (13,468,001) | (62,501,001) |
27. SHAREHOLDERS' EQUITY (Details 1) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Shareholders Equity Details 1 | |||
Shares at the beginning of the period | 799,005,245 | 809,972,245 | 867,284,349 |
Purchase of treasury shares | 59,247,400 | ||
Sale of treasury shares | (12,134,300) | 12,134,300 | 1,935,296 |
Shares at the end of the period | 811,139,545 | 799,005,245 | 809,972,245 |
27. SHAREHOLDERS' EQUITY (Details 2) - BRL (R$) R$ / shares in Units, R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Shareholders Equity Details 2 | |||
Net profit (Loss) | R$ (1,125.6) | R$ (372.4) | R$ 2,928.1 |
Legal reserve (5.00%) | (155.6) | ||
Dividends calculation base | (1,125.6) | (372.4) | 2,955.6 |
Minimum mandatory dividend (25.00%) | 738.9 | ||
Remuneration of shareholders' exceeding the mandatory minimum | 513.2 | 251.8 | |
Total remuneration of shareholders' in the year, as interest on shareholders' equity and dividends (R$91,443 in 2015) | 513.2 | 990.7 | |
Withholding income tax on interest on shareholders' equity | (48.3) | ||
Remuneration of shareholders', net of withholding income tax | R$ 436.2 | R$ 901.8 | |
Percentage of calculation base | 33.52% | ||
Earnings paid per share | R$ 0.7641 | R$ 1.19979 | |
Payment of interest on shareholders' equity, paid in the year - gross of withholding income tax of R$76,982 in 2016 (R$40,453 in 2015) | R$ (513.2) | R$ (425.9) | |
Paid in the previous period - interest on shareholders' equity - gross withholding income tax of R$48,318 in 2015 (R$33,934 in 2014) | (473.4) | (376.7) | |
Paid in the previous period - Dividends | (189.7) | (86.5) | |
Payments maid during in the year | (1,176.3) | (889.1) | |
Total remuneration of shareholders' outstanding | 564.8 | ||
Total withholding income tax on interest on shareholders' equity | (48.3) | ||
Remaining amounts outstanding | 1.9 | 2.3 | 1.9 |
Interest on shareholders' equity outstanding | R$ 1.9 | R$ 2.3 | 518.5 |
Legal reserve percenatge | 5.00% | ||
Minimum mandatory dividend percenatge | 25.00% | ||
Interest on remuneration of shareholders' | 91,443.0 | ||
Withholding income tax of interest on shareholders' equity | R$ 76,982.0 | 4,000,453.0 | |
Withholding income tax of previous period - interest on shareholders' equity | R$ 48,318.0 |
27. SHAREHOLDERS' EQUITY (Details 3) - BRL (R$) R$ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Feb. 12, 2016 |
Dec. 17, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
ShareholdersEquityLineItems [Line Items] | ||||||
Dividends | R$ 91.4 | R$ (98.2) | R$ (91.4) | |||
Interest on shareholdes' equity | R$ 513.2 | R$ 438.8 | ||||
Legal reserve | (155.6) | |||||
Capital increase reserve | R$ 115.1 | 41.0 | R$ 7.0 | |||
Limit on capital, Legal reserve | 20.00% | |||||
Limit on capital, Capital increase reserve | 20.00% | |||||
Income Appropriation [Member] | ||||||
ShareholdersEquityLineItems [Line Items] | ||||||
Actuarial loss FAF | R$ (16.8) | (19.1) | ||||
Interest on shareholdes' equity | 513.2 | |||||
Legal reserve | (438.8) | |||||
Capital increase reserve | (30.3) | (989.1) | ||||
Reserve for tax incentives | (639.7) | 122.6 | ||||
Profit distribution/Loss absorption | (1,125.6) | (372.4) | ||||
Reserve Balances [Member] | ||||||
ShareholdersEquityLineItems [Line Items] | ||||||
Actuarial loss FAF | ||||||
Interest on shareholdes' equity | ||||||
Legal reserve | 101.4 | 540.2 | ||||
Capital increase reserve | 170.8 | |||||
Profit distribution/Loss absorption | R$ 101.4 | R$ 1,350.7 |
27. SHAREHOLDERS' EQUITY (Details 4) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
ShareholdersEquityLineItems [Line Items] | |||
Capital reserve | R$ 115.1 | R$ 41.0 | R$ 7.0 |
Capital Reserve [Member] | |||
ShareholdersEquityLineItems [Line Items] | |||
Result on disposal of shares | (40.7) | (40.7) | (39.0) |
Granted shares canceled | (32.4) | (32.4) | |
Valuation of stock exchange | 166.2 | 166.2 | 174.0 |
Shares based payment | 261.8 | 236.2 | 160.3 |
Goodwill on acquisition of non-controlling interest | (40.5) | (47.4) | (47.4) |
Acquisition of non-controlling entities | (199.3) | (240.9) | (240.9) |
Capital reserve | R$ 115.1 | R$ 41.0 | R$ 7.0 |
27. SHAREHOLDERS' EQUITY (Details 5) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Shareholders Equity Details 5 | |||
Shares at the beginning of the period | 13,468,001 | 62,501,001 | |
Cancellation of treasury shares | (60,000,000) | ||
Purchase of treasury shares | (59,247,400) | ||
Sale of treasury shares | 12,134,300 | (12,134,300) | (1,935,296) |
Shares at the end of the period | 1,333,701 | 13,468,001 | 62,501,001 |
27. SHAREHOLDERS' EQUITY (Details 6) - shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 812,473,246 | 812,473,246 |
% | 100.00% | 100.00% |
Treasury Shares [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 1,333,701 | 13,468,001 |
% | 0.16% | 1.66% |
Fundacao Petrobras de Seguridade Social - Petros [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 92,716,266 | 92,761,499 |
% | 11.41% | 11.42% |
Caixa de Previd. dos Func. Do Banco do Brasil [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 86,605,452 | 86,628,752 |
% | 10.66% | 10.66% |
Tarpon [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 59,014,607 | 95,984,835 |
% | 7.26% | 11.81% |
Aberdeen [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 40,748,226 | 36,580,714 |
% | 5.02% | 4.50% |
Board of Directors [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 41,220,470 | 37,348,439 |
% | 5.07% | 4.60% |
Executives [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 157,546 | 50,252 |
% | 0.02% | 0.01% |
Other [Member] | ||
ShareholdersEquityLineItems [Line Items] | ||
Quantity | 490,676,978 | 449,650,754 |
% | 60.40% | 55.34% |
27. SHAREHOLDERS' EQUITY (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Feb. 26, 2016 |
Feb. 25, 2016 |
Feb. 12, 2016 |
Dec. 17, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
ShareholdersEquityLineItems [Line Items] | ||||||||
Capital subscribed and paid | R$ 12,553.4 | |||||||
Number of shares issued | 812,473,246 | |||||||
Public offering expenses, net | R$ 92.9 | |||||||
Cancellation of shares | 60,000,000 | |||||||
Number of shares authorised | 1,000,000,000 | |||||||
Interest on shareholdes' equity | R$ 513.2 | R$ 438.8 | ||||||
Dividends | R$ 91.4 | R$ (98.2) | R$ (91.4) | |||||
Dividend payables | R$ 98.2 | |||||||
Number of treasury shares | 1,333,701 | |||||||
Par value per share (in dollars per share) | R$ 53.60 | |||||||
Market value of treasury shares | R$ 48.8 | |||||||
Shares repurchased | 20,000,000 | |||||||
Number of sold treasury shares | 140,600 | |||||||
Treasury Shares [Member] | ||||||||
ShareholdersEquityLineItems [Line Items] | ||||||||
Dividends | ||||||||
Shares repurchased | 12,134,300 | |||||||
Shares repurchased, value | R$ 509.9 |
28. EARNINGS PER SHARE (Details) - BRL (R$) R$ / shares in Units, R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Basic numerator | |||
Net (loss) profit for the year attributable to shareholders | R$ (1,125.6) | R$ (372.4) | R$ 3,130.8 |
Basic denominator | |||
Common shares | 812,473,246 | 812,473,246 | 872,473,246 |
Weighted average number of outstanding shares - basic (except treasury shares) | 803,559,763 | 801,903,266 | 842,000,012 |
Net (loss) earnings per share basic - R$ | R$ (1.36748) | R$ (0.45808) | R$ 3.71836 |
Diluted numerator | |||
Net (loss) profit for the period attributable to controlling shareholders | R$ (1,125.6) | R$ (372.4) | R$ 3,130.8 |
Diluted denominator | |||
Weighted average number of outstanding shares - basic (except treasury shares) | 803,559,763 | 801,903,266 | 842,000,012 |
Number of potential shares (stock options) | 401,809 | ||
Weighted average number of outstanding shares - diluted | 803,559,763 | 801,903,266 | 842,401,821 |
Net (loss) earnings per share diluted - R$ | R$ (1.36748) | R$ (0.45808) | R$ 3.71659 |
29. GOVERNMENT GRANTS (Details Narrative) - BRL (R$) R$ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Government Grants Details Narrative | ||
Government grants | R$ 144.4 | R$ 122.6 |
30. RELATED PARTIES (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Corall Consultoria LTDA [Member] | Mr. Artur Paranhos Tacla [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Type of transations |
|
|
|
|||
Amounts of revenues (expenses) | R$ (1.8) | |||||
Edavila Consultoria Empresarial Eireli [Member] | Mr. Luiz Fernando Furlan, Walter Fontana Filho and Jose Carlos Reis de Magalhaes Neto [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Type of transations |
|
|
|
|||
Amounts of revenues (expenses) | R$ (0.5) | R$ (0.3) | ||||
Hortigil Hortifruti S.A. (Hortigil) [Member] | Mr. Manoel Cordeiro Silva Filho [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Type of transations |
|
|
|
|||
Amounts of revenues (expenses) | R$ 3.5 | R$ 15.3 | ||||
Instituto de Desenvolvimento Gerencial S.A. [Member] | Mr. Vicente Falconi Campos [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Type of transations |
|
|
|
|||
Amounts of revenues (expenses) | R$ (0.9) | R$ (5.0) | R$ (11.3) |
31. RELATED PARTIES (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of transactions between related parties [line items] | |||
Rental expense | R$ 15.8 | R$ 14.4 | |
Management remuneration - non-statutory | 23.0 | 16.0 | R$ 7.6 |
Instituto Sadia de Sustentabilidade [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Liability related to the fair value of the guarantees | 3.7 | 6.2 | |
Amounts payable | R$ 13.6 | 22.2 | |
Other liabilities | R$ 30.6 |
31. RELATED PARTIES (Details 1) - BRL (R$) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Related Parties Details 1 | ||
Salary and profit sharing | R$ 32.8 | R$ 27.5 |
Short term benefits (1) | 0.4 | 0.3 |
Pension plan | 0.6 | 0.8 |
Post-employment benefits | 0.2 | 0.2 |
Termination benefits | 5.8 | 5.9 |
Share based payment | 17.0 | 16.8 |
Total remuneration and benefits paid to professionals | R$ 56.8 | R$ 51.5 |
32. RESEARCH AND DEVELOPMENT COSTS (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Research And Development Costs Details Narrative | |||
Research and development costs | R$ 52.0 | R$ 200.2 | R$ 227.3 |
33. OTHER OPERATING INCOME (EXPENSES), NET (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||||
Income | ||||||||||
Tax amnesty program ("PERT") | R$ 147.7 | |||||||||
Recovery of expenses | [1] | 120.6 | 101.3 | 241.1 | ||||||
Scrap sales | 14.5 | 14.4 | 12.3 | |||||||
Provision reversal | 13.4 | 56.1 | 141.7 | |||||||
Gain on step business combination | 59.6 | |||||||||
Gain on disposals of property, plant and equipment | 38.4 | |||||||||
Other | 69.3 | 30.5 | 45.8 | |||||||
Income | 365.4 | 300.3 | 566.6 | |||||||
Expenses | ||||||||||
Provision for civil, labor and tax risks | (332.9) | (136.9) | (44.8) | |||||||
Provision for adjustment to realizable value of inventories (effect Weak Flesh Operation) (2) | [2] | (283.1) | ||||||||
Expenses arising from Weak Flesh Operation (2) | [2] | (80.3) | ||||||||
Rewards and short-term incentive | (111.3) | (11.1) | (302.8) | |||||||
Disabled operations (3) | [3] | (81.4) | (106.2) | (86.1) | ||||||
Business combination costs | (51.9) | |||||||||
Discontinued operations | (44.7) | (17.4) | ||||||||
Other employees benefits | (43.7) | (41.1) | (52.5) | |||||||
Costs on business disposals | (36.7) | |||||||||
Stock options plan | (25.6) | (43.5) | (58.9) | |||||||
Insurance claims costs | (24.3) | (33.1) | (15.1) | |||||||
Loss on disposals of property, plant and equipment | (17.1) | (16.4) | ||||||||
Allowance for doubtful accounts | (13.6) | (5.5) | (196.7) | |||||||
Other | (107.0) | (103.1) | (120.0) | |||||||
Expenses | (1,253.6) | (497.8) | (1,011.3) | |||||||
OTHER OPERATING INCOME (EXPENSES), NET | R$ (888.2) | R$ (197.5) | R$ (444.7) | |||||||
|
33. OTHER OPERATING INCOME (EXPENSES), NET (Details Narrative) - BRL (R$) R$ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Operating Income Expenses Net Details Narrative | |||
Depreciation charge of idleness cost | R$ 41.4 | R$ 29.4 | R$ 18.3 |
34. FINANCIAL INCOME (EXPENSES), NET (Details) - BRL (R$) R$ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Financial income | |||||
Exchange rate variation on other liabilities | R$ 361.9 | ||||
Interest on assets | 305.5 | 318.1 | 235.0 | ||
Tax amnesty program ("PERT") | 147.7 | ||||
Interest on cash and cash equivalents | 272.8 | 217.5 | 164.2 | ||
Exchange rate variation on net assets of foreign subsidiaries (1) | [1] | 213.5 | |||
Interests on financial assets classified as | |||||
Held to maturity | 61.7 | 84.8 | 55.1 | ||
Held for trading | 19.8 | 43.6 | 47.4 | ||
Available for sale | 8.2 | 16.6 | |||
Exchange rate variation on marketable securities | 56.2 | 381.3 | |||
Exchange rate variation on other assets | 338.7 | 1,081.0 | |||
Gains from derivative transactions, net | 14.8 | ||||
Exchange rate variation on loans and financing | 1,314.8 | ||||
Exchange rate variation on net foreign assets | 1,353.5 | ||||
Other | 6.4 | ||||
Financial income | 1,545.6 | 2,373.7 | 3,355.3 | ||
Financial expenses | |||||
Interest on loans and financing | (1,480.5) | (1,208.9) | (819.2) | ||
Exchange rate variation on other assets | (574.9) | ||||
Interest on liabilities | (500.0) | (279.8) | (165.4) | ||
Adjustment to present value | (302.5) | (353.6) | (240.1) | ||
Exchange rate variation on loans and financing | (211.7) | (2,085.8) | |||
Losses on derivative transactions, net | (114.4) | (1,092.2) | |||
Exchange rate variation on marketable securities | (94.6) | ||||
Financial expenses on accounts payable | (22.4) | (76.4) | (45.5) | ||
Exchange rate variation on other liabilities | (565.9) | (1,080.5) | |||
Exchange rate variation on net foreign assets | (660.5) | ||||
Premium paid for the repurchase of bonds (Tender Offer) | (31.8) | (310.3) | |||
Other | (326.3) | (237.3) | (278.7) | ||
Financial expenses | 3,627.3 | 4,506.4 | 5,025.5 | ||
Financial income (expenses) | R$ (2,081.6) | R$ (2,132.7) | R$ (1,670.2) | ||
|
35. STATEMENT OF INCOME BY NATURE (Details) - BRL (R$) R$ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Costs of sales | ||||||
Costs of goods | R$ 18,716.5 | R$ 18,994.0 | R$ 15,339.0 | |||
Depreciation | 1,469.8 | 1,290.5 | 1,080.9 | |||
Amortization | 91.9 | 6.0 | 4.5 | |||
Salaries and employees benefits | 4,004.6 | 3,716.3 | 3,394.4 | |||
Others | 2,282.5 | 2,199.6 | 2,288.9 | |||
Costs of sales | 26,565.3 | 26,206.4 | 22,107.7 | |||
Sales expenses | ||||||
Depreciation | 65.5 | 64.7 | 55.3 | |||
Amortization | 69.7 | 14.7 | 12.9 | |||
Salaries and employees benefits | 1,291.2 | 1,200.0 | 1,081.8 | |||
Indirect and direct logistics expenses | 2,188.8 | 2,124.9 | 2,211.0 | |||
Others | 1,114.9 | 1,561.4 | 1,444.9 | |||
Sales expenses | 4,730.1 | 4,965.7 | 4,805.9 | |||
Administrative expenses | ||||||
Depreciation | 41.2 | 24.5 | 20.0 | |||
Amortization | 138.7 | 173.0 | 124.7 | |||
Salaries and employees benefits | 269.1 | 265.8 | 301.3 | |||
Fees | 31.0 | 28.6 | 26.2 | |||
Others | 92.0 | 85.5 | 33.9 | |||
Administrative expenses | 572.0 | 577.4 | 506.1 | |||
Other operating expenses (1) | ||||||
Depreciation | [1] | 41.4 | 29.4 | 18.3 | ||
Others | [1] | 1,212.2 | 468.4 | 993.0 | ||
Other operating expenses (1) | [1] | R$ 1,253.6 | R$ 497.8 | R$ 1,011.3 | ||
|
36. INSURANCE COVERAGE (Details) R$ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
BRL (R$)
| ||
Operational risks [Member] | ||
Disclosure of types of insurance contracts [line items] | ||
Coverage |
|
|
Amount of coverage | R$ 893.2 | |
Carriage of goods [Member] | ||
Disclosure of types of insurance contracts [line items] | ||
Coverage |
|
|
Amount of coverage | R$ 932.0 | |
Civil responsibility [Member] | ||
Disclosure of types of insurance contracts [line items] | ||
Coverage |
|
|
Amount of coverage | R$ 264.6 |
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