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Operations (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure of joint operations [abstract]  
Schedule of Equity Interest in Subsidiaries of the Company
The table below lists the operational activities in which the Company’s subsidiaries are engaged, as well as the changes in ownership that occurred in the year, when applicable.
% Equity interest
December 31,
CompanyType of investmentMain activityCountry20212020
IntelAzul S.A. (formerly "Tudo Azul S.A.")DirectFrequent-flyer programBrazil100.00 %100.00 %
Azul Linhas Aéreas Brasileiras S.A. (ALAB)DirectAirline operationsBrazil100.00 %100.00 %
Azul Conecta Ltda.IndirectAirline operationsBrazil100.00 %100.00 %
ATS Viagens e Turismo Ltda.IndirectTravel packagesBrazil99.90 %99.90 %
Fundo Safira(*)
IndirectExclusive investment fundBrazil— 100.00 %
Cruzeiro Participações S.AIndirectHolding of equity interests in other companiesBrazil99.90 %99.90 %
Azul Investments LLPIndirectFundingUSA100.00 %100.00 %
Azul SOL LLCIndirectAircraft financingUSA100.00 %100.00 %
Azul Finance LLCIndirectAircraft financingUSA100.00 %100.00 %
Azul Finance 2 LLCIndirectAircraft financingUSA100.00 %100.00 %
Blue Sabiá LLCIndirectAircraft financingUSA100.00 %100.00 %
Canela Investments LLCIndirectAircraft financingUSA100.00 %100.00 %
Canela Turbo Three LLCIndirectAircraft financingUSA100.00 %100.00 %
Azul Saíra LLCIndirectAircraft financingUSA100.00 %100.00 %
(*)Exclusive investment fund discontinued on July 22, 2021.
Schedule capital structure and net working capital
December 31,December 31,
Description20212020Variation2019Variation
Net working capital(5,863,917)(4,795,208)(1,068,709)(2,723,289)(2,071,919)
Equity(18,333,003)(14,148,750)(4,184,253)(3,519,174)(10,629,576)
Breakdown of balances of provision for impairment and onerous liability
December 31,
Description20212020
Provision for impairment of ROU(605,651)(706,614)
Provision for impairment of aircraft and engine(68,693)(211,062)
Provision for impairment of rotables(225,797)(225,797)
Provision for impairment of other assets(12,013)(75,075)
Total provision for impairment of Company assets(912,154)(1,218,548)
Provision for onerous liabilities(693,407)(1,340,522)
Total (1,605,561)(2,559,070)
Rollforward of the provision for impairment and onerous liability
DescriptionImpairment of assetsOnerous liabilitiesTotal
Balance at December 31, 2019(2,075,582)(821,751)(2,897,333)
Foreign currency exchange— (213,280)(213,280)
Interest expense— (206,011)(206,011)
Additions— (362,426)(362,426)
Consumption272,006 262,946 534,952 
Maintenance reserves(20,486)— (20,486)
Sale of aircraft13,123 — 13,123 
Renegotiation of lease contracts (lease modification)581,926 — 581,926 
Other10,465 — 10,465 
Balance at December 31, 2020(1,218,548)(1,340,522)(2,559,070)
Foreign currency exchange— (103,858)(103,858)
Interest expense— (156,516)(156,516)
Reversals494,592 970,811 1,465,403 
Additions(188,198)(201,523)(389,721)
Consumption— 188,842 188,842 
Initial recognition of sublease(*)
— (50,641)(50,641)
Balance at December 31, 2021(912,154)(693,407)(1,605,561)
(*)The balance was transferred from “Provision for onerous liabilities” to “Aircraft sublease receivables”, as it refers to the estimated amount of the sublease receivable for two aircraft delivered to Breeze.