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CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income (loss) for the year R$ 1,216,887 R$ 2,326,382 R$ (338,667)
Adjustments to reconcile net income for the year to net cash provided by operating activities      
Depreciation and amortization 2,074,295 1,891,814 2,092,551
Impairment of Assets     1,114,807
Equity method investees 17,050 (10,141) 34,597
Exchange variation, net 247,555 322,621 4,057
(Gains) Losses on financial instruments, net 15,118 (32,092) 9,441
Post-employment benefits 165,487 189,603 192,724
Stock based compensation 43,895 41,186 35,576
Income tax 457,833 (168,951) 295,391
Losses (Gains) on disposal of property, plant and equipment 2,129 (41,109) (69,510)
Results in operations with subsidiaries   414,507 721,682
Impairment of financial assets 21,044 9,914 18,342
Provision for tax, labor and civil claims 38,417 (56,409) (110,281)
Tax credits recovery (402,499)    
Reversal of contingent liabilities, net     (929,711)
Interest income on short-term investments (72,784) (49,745) (75,387)
Interest expense on loans 938,120 1,177,686 1,323,448
Reversal of monetary update of contingent liabilities, net     (369,819)
Interest on loans with related parties (4,767) (545) (95)
Provision (Reversal) for net realisable value adjustment in inventory 24,665 8,228 (20,195)
Cash flows from operations before changes in working capital 4,782,445 6,022,949 3,928,951
Changes in assets and liabilities      
Decrease (Increase) in trade accounts receivable 656,831 71,631 (54,690)
Decrease (Increase) in inventories 1,556,713 (2,427,473) (1,269,455)
Increase (Decrease) in trade accounts payable (642,699) 900,388 800,164
Decrease (Increase) in other receivables 146,825 (118,988) (371,745)
Decrease in other payables (462,906) (1,160,626) (56,909)
Dividends from joint ventures 44,037 55,357 40,644
Purchases of trading securities (3,676,744) (1,512,123) (2,390,104)
Proceeds from maturities and sales of trading securities 521,616 1,629,595 2,905,411
Cash provided by operating activities 2,926,118 3,460,710 3,532,267
Interest paid on loans and financing (945,027) (1,162,364) (1,330,116)
Interest paid on lease liabilities (83,620)    
Income and social contributions taxes paid (254,679) (298,663) (126,023)
Net cash provided by operating activities 1,642,792 1,999,683 2,076,128
Cash flows from investing activities      
Purchases of property, plant and equipment (1,746,600) (1,194,934) (873,329)
Proceeds from sales of property, plant and equipment, investments and other intangibles 21,805 4,021,251 554,457
Purchases of other intangibles (100,313) (67,388) (37,939)
Advance for future investment in joint venture (94,687) (375,456)  
Capital decrease (increase) in joint venture 20,344   (178,670)
Net cash (used) provided by investing activities (1,899,451) 2,383,473 (535,481)
Cash flows from financing activities      
Purchase of treasury shares   (243,396)  
Dividends and interest on capital paid (484,173) (599,099) (86,386)
Proceeds from loans and financing 5,585,573 2,560,789 3,265,860
Repayment of loans and financing (4,885,083) (6,000,433) (7,241,401)
Leasing payment (161,824)    
Intercompany loans, net (64,089) 25,755 5,797
Net cash used in financing activities (9,596) (4,256,384) (4,056,130)
Exchange variation on cash and cash equivalents 17,763 208,034 7,438
(Decrease) Increase in cash and cash equivalents (248,492) 334,806 (2,508,045)
Cash and cash equivalents at beginning of year 2,890,144 2,555,338 5,063,383
Cash and cash equivalents at end of year R$ 2,641,652 R$ 2,890,144 R$ 2,555,338