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CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income for the year R$ 11,479,552 R$ 15,558,938 R$ 2,388,054
Adjustments to reconcile net income for the year to net cash provided by operating activities      
Depreciation and amortization 2,866,699 2,658,561 2,499,104
Impairment of assets     411,925
Equity in earnings of unconsolidated companies (1,151,827) (563,158) (152,569)
Exchange variation, net 974,709 108,373 204,291
Gains and losses on derivative financial instruments, net (39,079) (17,928) 774
Post-employment benefits 246,958 255,477 203,689
Long-term incentive plans 104,714 65,289 62,801
Income tax 4,379,475 4,713,630 1,107,624
Gains on disposal of property, plant and equipment (25,579) (77,417) (18,482)
Results in operations with subsidiary and joint ventures   162,913  
Impairment of financial assets 81 (357) 64,132
Provision (reversal) of tax, civil, labor and environmental liabilities, net 295,021 125,641 477,518
Tax credits recovery   (1,182,082) (1,358,744)
Interest income on short-term investments (309,782) (170,671) (99,359)
Interest expense on loans 964,607 1,059,841 1,022,460
Interest on loans with related parties 199 (6,089) (8,277)
Provision (Reversal) for net realisable value adjustment in inventory 43,843 (2,812) (40,697)
Cash flows from operations before changes in working capital 19,829,591 22,688,149 6,764,244
Changes in assets and liabilities      
Decrease (Increase) in trade accounts receivable 290,579 (1,614,047) (527,722)
Increase in inventories (2,039,135) (7,704,329) (428,263)
(Decrease) Increase in trade accounts payable (995,598) 2,534,329 1,014,800
Increase (Decrease) in other receivables (284,826) 290,658 369,076
(Decrease) Increase in other payables (1,509,232) (317,658) 182,934
Dividends from joint ventures 425,493 117,438 94,937
Purchases of short-term investments (3,588,529) (3,010,084) (3,224,158)
Proceeds from maturities and sales of short-term investments 3,434,859 3,595,212 3,924,799
Cash provided by operating activities 15,563,202 16,579,668 8,170,647
Interest paid on loans and financing (968,851) (1,100,826) (1,079,981)
Interest paid on lease liabilities (88,370) (68,789) (61,727)
Income and social contribution taxes paid (3,355,643) (2,893,120) (621,033)
Net cash provided by operating activities 11,150,338 12,516,933 6,407,906
Cash flows from investing activities      
Purchases of property, plant and equipment (4,291,873) (3,026,023) (1,650,778)
Proceeds from sales of property, plant and equipment, investments and other intangibles 48,322 82,635 61,275
Additions in other intangibles (189,382) (166,310) (154,250)
Capital (increase) decrease in joint venture (26,751) 113,595 (42,782)
Payment for business combination     (442,542)
Net cash used by investing activities (4,459,684) (2,996,103) (2,229,077)
Cash flows from financing activities      
Acquisition of interest in subsidiary (46,153)    
Purchase of treasury shares (1,073,124)    
Dividends and interest on capital paid (5,891,690) (5,339,426) (274,815)
Proceeds from loans and financing 2,263,311 609,703 3,120,745
Repayment of loans and financing (3,201,126) (5,116,621) (5,084,028)
Leasing payment (310,226) (275,854) (247,914)
Intercompany loans 2,721 139,556 (7,777)
Net cash used in financing activities (8,256,287) (9,982,642) (2,493,789)
Exchange variation on cash and cash equivalents (119,158) 5,262 290,512
(Decrease) Increase in cash and cash equivalents (1,684,791) (456,550) 1,975,552
Cash and cash equivalents at beginning of year 4,160,654 4,617,204 2,641,652
Cash and cash equivalents at end of year R$ 2,475,863 R$ 4,160,654 R$ 4,617,204