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Loans and borrowings
12 Months Ended
Dec. 31, 2021
Loans and borrowings  
Loans and borrowings

16            Loans and borrowings

Loans and borrowings operations can be summarized as follows:

 

 

Currency


Average interest rate per year (%)


Year of maturity


December 31, 2021



December 31, 2020


Itaú (i)

USD


4.82% p.a. 


2022


2,349



5,936


Santander Bank S/A (iv)

BRL


12.87% p.a.


2021


-



33


Bradesco (i)

BRL


CDI + 3.57% / CDI + 1.10%


2021 / 2023


11,684



52,081


Banco do Brasil (ii) 

USD


3.05%


2021


-



20,748


HSBC - CI&T Inc. (iii)

USD


Prime rate + 1%


2021


-



10,432


Citibank - CI&T Inc. (iii)

USD


Libor 3 months rate + 1.90%


2022


11,164



-


Banco do Brasil (ii)

USD


2.37% p.a.


2022


56,551



-


Citibank (ii)

USD


2.28% p.a. / 2.30% p.a.


2022


28,328



-


Santander Bank S/A (v)

BRL


CDI + 1.60%

p.a.


2026


204,047



-


Bradesco (i)

BRL


CDI + 1.75% 


2026


306,417



-


Citibank (ii)

USD


Libor 3 months rate + 2.07%


2026


168,169



-


Total

 


 


 


788,709



89,230



(i) Export credit note - NCE: Refers to financing to export software development services.
(ii) Advance on Foreign Exchange Contract (ACC).
(iii) Refers to Revolving Credit Facility.
(vi) Refers to Leasing contracts.
(v)
Refers to Law 4131 - Foreign currency loans granted by the banks abroad to a Brazilian company.

 

These balances were included as current and non-current borrowings in the consolidated statement of financial position as follows:

 

 

December 31, 2021



December 31, 2020


Current 

164,403



75,377


Non-current

624,306



  13,853


Total

788,709



89,230


 

The principal balances of long-term loans and borrowings as of December 31, 2021, mature as follows

 

Maturity



2023

112,031


2024

143,197


2025

196,925


2026

172,153


Non-current liabilities

624,306


 

The reconciliation of change in liabilities to cash flows arising from financing activities is shown below:


 

Liabilities



Leases



Share premium



Total


 

Loans and borrowings



Leases (note 15.b)



and Reserves



 


Balance as of January 1, 2021

89,230



75,228



116,072



280,530


Changes in cash flow from financing activities

 



 



 



 


Proceeds from loans and borrowings

740,596



-



-



740,596


Loans, borrowings and lease liabilities payments

(75,196

)

(17,656

)

-



(92,852

)
Issuance of common shares at initial public offering -

-

915,947

915,947
Transaction cost of offering -

-

(66,876 )
(66,876 )

Share-based plan contributions

-



-



1,282



1,282


Interest on equity paid

-



-



(6,288

)

(6,288

)

Dividends paid (note 22)

-



-



(126,045

)

(126,045

)

Total changes in cash flow from financing activities

665,400



(17,656

)

718,020



1,365,764


Exchange rate changes

601



2,054



-



  2,655


Other changes - liabilities

 



 



 



 


Additions due to business combination (note 9.c)

-



6,139



-



6,139


New leases

-



15,504



-



15,504


Remeasurement

-



1,351



 



1,351


Interest expenses

23,366



6,369



-



29,735


Interest paid

(12,149

)

(5,753

)

-



(17,902

)

Other borrowing/lease costs

22,261



(213

)

-



22,048


Lease write-offs

-



(1,135

)

-



(1,135

)

Total other changes - liabilities

33,478



22,262



-



55,740


Total other changes - equity

-



-



217,950



217,950


Balance as of December 31, 2021

788,709



81,888



1,052,042



1,922,639


 

 

Liabilities



Leases



Net Equity



Total


 

Loans and financing



Leases (Note 15.b)



Reserves



 


Balance as of January 1, 2020

27,849



77,393



36,937



142,179


Financing cash flow variations

 



 



 



 


Proceeds from loans and borrowings

144,269



-



-



144,269


Loan and borrowings payments, and lease payments

(88,107

)

(15,500

)

-



(103,607

)

Interest on own capital

-



-



(4,276

)

(4,276

)

Dividends paid

-



-



(30,977

)

(30,977

)

Total changes in financing cash flows

56,162



(15,500

)

(35,253

)

5,409


Effect of changes in exchange rates

1,310



7,657



-



8,967


Other changes - related to liabilities

 



 



 



 


New leases

-



16,715



-



16,715


Interest expense

5,281



5,023



-



10,304


Interest paid

(3,880

)

(5,023

)

-



(8,903

)

Other costs

2,508



-



-



2,508


Lease write-offs

-



(11,037

)

-



(11,037

)

Total other changes related to liabilities

3,909



5,678



-



9,587


Total other changes related to equity

-



-



114,388



114,388


Balance as of December 31, 2020

89,230



75,228



116,072



280,530




Liabilities

Leases

Net Equity

Total

 

 

Loans and financing

Leases (Note 15.b)

Reserves

 

Balance as of January 1, 2019

42,288

81,893

85,330

209,511

Financing cash flow variations

 

 

 

 

Loans and borrowings

8,179

-

-

8,179

Loan and borrowings payments, and lease payments 

(24,161

)

(10,949

)

-

(35,110

)

Interest on own capital

-

-

(2,676

)

(2,676

)

Dividends paid

-

-

(40,059

)

(40,059

)

Total changes in financing cash flows

(15,982

)

(10,949

)

(42,735

)

(69,666

)

Effect of changes in exchange rates

484

(53

)

-

431

Other changes - related to liabilities

 

 

 

 

Capital increase (Note 18.a)

-

-

(43,500

)

(43,500

)

Partial spin-off (Note 1.a)

-

-

213

213

New leases

-

6,496

-

6,496

Interest expense

1,928

6,135

-

8,063

Interest paid 

(1,912

)

(6,129

)

-

(8,041

)

Other borrowing costs

1,043

 

 

-

 

 

-

 

 

1,043

 

Total other changes related to liabilities

1,059

6,502

(43,287

)

(35,726

)

Total other changes related to equity

-

-

37,629

37,629

Balance as of December 31, 2019

27,849

77,393

36,937

142,179


Loans and borrowings covenants

The loans and borrowings described above are subject to covenants, which establish the early maturity of debts. Early maturity of the loans could be caused by:  

 

Disposal, merger, incorporation, spin-off, or any other corporate reorganization process that implies a change in the shareholding control, except for the prior consent from the creditor, and if it does not affect the liquidity capacity of this instrument. During 2021, due to corporate reorganization as mentioned in the note 1.a, the Company obtained the necessary waivers from financial creditors.


Failure to send the annual financial statements within 180 days of the fiscal year-end.


Public notice of default before a relevant notary office, in the amount of R$500, unless it has been proved to the creditor that the public note was issued due to a third-party mistake or bad faith, the public note of default was canceled, or the payment of the relevant debt was deposited in court within 30 days from such public notice default


The Group has complied with these covenants as of December 31, 2021 and December 31,2020.