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Financial instruments and risk management (Tables)
12 Months Ended
Dec. 31, 2021
Financial instruments and risk management  
Schedule of carrying amounts and fair values of financial assets and financial liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, segregated by category:

 

 

December 31, 2021


 

Amortized cost



Assets/liabilities measured at FVTPL



Total


Financial assets

 



 



 


Cash and cash equivalents

135,727



-



135,727


Financial investments 798,786

-

798,786

Trade receivables

340,519



-



340,519


Contract assets

134,388



-



134,388


Derivatives

-



896



896


Other assets

32,949



-



32,949


 

1,442,369



896



1,443,265


 

 



 



 


Financial liabilities

 



 



 


Suppliers and other payables

33,566



-



33,566


Loans and borrowings

788,709



-



788,709


Lease liabilities

81,888



-



81,888


Accounts payable for business combination

85,726



  -



85,726


Derivatives

-



535



535


Contract liabilities

13,722



  -



13,722


Other liabilities

15,329



-



15,329


 

1,018,940



535



1,019,475


 


 

December 31, 2020


 

Amortized cost



Assets/liabilities measured at FVTPL



Total


Financial assets

 



 



 


Cash and cash equivalents

162,827



-



162,827


Trade receivables

196,256



-



196,256


Contract assets

50,625



-



50,625


Derivatives

-


8,837



8,837


Other assets

15,368



-



15,368


 

425,076



8,837



433,913


 

 



 



 


Financial liabilities

 



 



 


Suppliers and other payables

15,312



-



15,312


Loans and borrowings

89,230



-



89,230


Lease liabilities

75,228



-



75,228


Derivatives

-



5,392



5,392


Contract liabilities

9,987



-



9,987


Other liabilities

8,856



-



8,856


 

198,613



5,392



204,005


Schedule of foreign currency risk

 

December, 2021



December, 2020


 

USD



Other



USD



Other


Financial investments 798,786

-

-

-

Suppliers and other payables

(8,763

)

(722

)

(3,057

)

(540

)

Trade receivables

233,724



7,273



160,411



3,855


Loans and borrowings

(266,561

)

-



(37,116

)

-


Lease liabilities (32,159 )
(962 )
(30,307 )
-

Derivatives

361



-



(1,321

)

-


Net exposure

725,388



5,589



88,610



3,315


Schedule of sensitivity analysis of non-derivative financial instruments



Risk


Exposure in R$


Probable scenario (i)



Adverse Scenario (ii)



Remote Scenario (iii)


Short-term financial investments


Interest rate increase - CDI


66,007


  10.67

%

11.39

%

12.11

%






7,043

7,518

7,993














Loans and borrowings


Interest rate increase - CDI


(609,374

)

10.67

%

11.39

%

12.11

%

 


 


 


(65,020

)

(69,408

)

(73,795

)

 


 


 


 



 



 


Loans and borrowings


Interest rate increase - Libor


(179,333

)

0.27

%

0.54

%

0.81

%

 


 


 


(484

)

(968

)

(1,452

)

Effect on earnings (reduction)


 


 


(8,367

)

(12,763

)

(17,160

)

 

Sensitivity analysis for exchange rate risk

 

 


Risk


Probable scenario (i)



Adverse Scenario (ii)



Remote Scenario (iii)


Net exchange variation on transactions


 


 



 



 


Exchange variation in the year


Foreign currency appreciation - USD


5.30



5.50



5.70


 


 


 



 



 


Effect on earnings (increase)


 


(5,718

)

(5,933

)

(6,378

)



 


303



88



(357

)
Schedule of maximum credit risk exposure

 

December 31, 2021



December 31, 2020


Hedge financial instruments (current and non-current)

896



8,837


Cash and cash equivalents

135,727



162,827


Financial investments 798,786

-

Trade receivables

340,519



196,256


Contract assets

134,388



50,625


Other receivables (current and non-current)

32,949



15,368


Schedule of exposure to credit risk for trade receivables, contract assets and other receivables by geographic region

At 31 December 2021, the exposure to credit risk for trade receivables, contract assets and other receivables by geographic region was as follows:

 

 

December 31, 2021



December 31, 2020


NAE (North America and Europe)

297,430

180,522

      North America

287,992



179,943


     Europe

9,438



579


LATAM (Latin America) 202,528

75,577
APJ (Asia, Pacific and Japan) 7,917

6,150
Total 507,875

262,249
Schedule of remaining contractual maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities on the reporting date. The amounts are gross and undiscounted, including contractual interest payments and excluding the impact of netting agreements:

 

 

2021


 

Carrying amount



Cash contractual cash flow



6 months or less



6- 12 months



1-2 years



2-5 Years


Non-derivative financial liabilities

 



 



 



 



 



 


Trade payables

33,566



33,566



33,566



                  -



                  -



                -


Loans and borrowings

788,709



974,942



136,161



88,045



171,022



579,714


Lease liabilities

81,888



87,662



12,435



12,251



22,284



40,682


Accounts payable for business combination

85,726



85,726



  1,064



47,860



12,179



24,623


Contract liabilities

13,722



13,722



13,722



  -



 -



 -


Other payables (current and non-current)

15,329



15,329



    15,329



  -



   -



   -


Derivatives

535



535

535









 

1,019,475



1,211,482



212,812



   148,156



205,485



645,029


 

 

2020


 

Carrying amount



Contractual cash flow



6 months or less



6-12 months



1-2 years



2-6 years


Non-derivative financial liabilities

 



 



 



 



 



 


Trade payables

15,312



15,312



15,312



                  -



                  -



                -


Loans and borrowings

89,230



111,779



78,898



7,313



23,901



1,667


Lease liabilities

75,228



93,242



11,393



10,470



19,053



52,326


Contract liabilities

9,987



9,987



9,987



                  -



                  -



                -


Other payables (current and non-current)

     8,856



                8,856



            8,856



                   -



-



                 -


Derivatives 5,392

5,392

1,920

3,472






 

204,005



244,568



126,366



    21,255



  42,954



   53,993

Schedule of financing lines and bank credit lines

Financing Lines

Guaranteed unsecured account, reviewed annually, and paid upon request:

 

 

December 30, 2021



December 31, 2020


Used

                      -



              -


Not used

                      -



            2,200


 

-



              2,200


 

Bank credit lines

 

 

December 30, 2021



December 31, 2020


Used

      11,161



              89,197


Not used

            47,434



    61,521


 

            58,595



  150,718


Schedule of agreements for financial derivatives (NDFs)

As of December 31, 2021, the Group had the following agreements for financial derivatives (NDFs):

 

 


2021


Maturity


Nominal value (USD)


Contracted rate


Amount in R$


Market rate


Fair value


February 25, 2022


(560

)

5.6220


(3,148

)

5.3459


(17

)

Total


 


 


 


 


(17

)

 

 


2020


Maturity


Nominal value (USD)


Contracted rate


Amount in R$


Market rate


Fair value


  June 15, 2021


(3,100

)

5.4928


(17,064

)

5.4763


                968


  April 15, 2021


(800

)

5.6345


(4,508

)

5.1909


                353


Total


 


 


 


 


             1,321


Schedule of composition of the balances involving options to buy and sell currencies

The composition of the balances involving options to buy and sell currencies is as follows:

 

 


2021


Maturity


Nominal value (USD)


Contracted rate


Amount in R$


Market rate


Fair value


01/21/2021 - 01/17/2022


875


Put option


4,900


5.8257


                (349

)

02/25/2021 - 02/25/2022


490


Put option


2,909


5.6490


              (170)


 


 


 


 


 


                  (519

)

 


 


 


 


 


 


01/21/2021 - 01/17/2022


875


Call option


(4,900

)

5.5563


                298


02/25/2021 - 02/25/2022


490


Call option


(2,909

)

5.4690


                196


 


 


 


 


 


                494


 


 


 


 


 


  (25

)

  

 


2020


Maturity


Nominal value (USD)


Contracted rate


Amount in R$


Market rate


Fair value


15/01 - 15/06/2021


1,800


Call option


587


5.6770


(12

)

31/05 - 15/12/2021


2,800


Call option


786


5.5656


(569

)

15/04 - 30/11/2021


6,900


Call option


2,161


5.5116


(1,277

)

 


 


 


 


 


(1,858

)

 


 


 


 


 


 


15/01 - 15/06/2021


1,800


Put option


(587

)

5.4800


512


31/05 - 15/12/2021


2,800


Put option


(786

)

5.2425


862


15/04 - 30/11/2021


6,900


Put option


(2,161

)

5.3388


2,608


 


 


 


 


 


 3,982


 


 


 


 


 


2,124


Schedule of interest rate profile of interest-bearing financial instruments

The interest rate profile of the Group’s interest-bearing financial instruments, as reported to the Group’s Management, is as follows:

 

 


2021


Maturity


Notional (USD)


Amount in R$


Floating rate receivable


Fixed rate payable


Fair value


07/16/2026


                 30,000


              152,100


3-month LIBOR


3,07%


           403


 


 


 


 


 


                         403

Schedule of financial instruments by type of measurement of fair value

 


Carrying amount



Fair value


 


December 31, 2021



December 31, 2020



December 31, 2021



December 31, 2020


Level 2


 



 



 



 


Derivatives:


 



 



 



 


Non-Deliverable Forward - NDF


(17

)

1,321



(17

)

1,321


Call and put option term


403



2,124



403



2,124


Interest rate swap


(25

)

-



(25

)

-


 


                      361



3,445



                      361



3,445


Non-derivatives











Lease liabilities
(81,888 )
(75,228 )
(87,662 )
(93,242 )
Loans and borrowings
(788,709 )
(89,230 )
(974,942 )
(111,779 )


(870,597 )
(164,458 )
(1,062,604 )
(205,021 )


(870,236 )
(161,013 )
(1,062,243 )
(201,576 )