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
|
|
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.
|