2. Accounting policies and method of measurement (Tables)

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies Policies Tables Abstract

Financial assets and liabilities subject to ofsetting

The following table provides details of financial assets and liabilities subject to offsetting at December 31, 2020, 2019 and 2018:

Thousand of reais						2020
	Financial assets, gross		Financial assets offset in the balance sheet, gross		Financial assets offset in the balance sheet, net
Assets:
Derivatives		29,431,287	(560,666)		28,870,621
	Financial liabilities, gross		Financial liabilities offset in the balance sheet, gross		Financial liabilities offset in the balance sheet, net
Liabilities:
Derivatives		32,540,604	(560,666)		31,979,938
Thousand of reais						2019
	Financial assets, gross		Financial assets offset in the balance sheet, gross		Financial assets offset in the balance sheet, net
Assets:
Derivatives		20,904,663		(458,929)	20,445,734
	Financial liabilities, gross		Financial liabilities offset in the balance sheet, gross		Financial liabilities offset in the balance sheet, net
Liabilities:
Derivatives		22,888,906	(458,929)		22,429,977
Thousand of reais						2018
	Financial assets, gross		Financial assets offset in the balance sheet, gross		Financial assets offset in the balance sheet, net
Assets:
Derivatives		18,667,611	(304,165)		18,363,446
	Financial liabilities, gross		Financial liabilities offset in the balance sheet, gross		Financial liabilities offset in the balance sheet, net
Liabilities:
Derivatives		18,771,000	(304,165)		18,466,835

Projected inflation (IGP-M)

Below is presented the projected inflation (IGP-M) on December 31, 2020:

Projected IGP-M (annualized)
Up to 3 months	26.1%
From 3 to 12 months	5.3%
From to 1 to 3 years	4%
From 3 to 5 years	4%
More than 5 years	4%

Tangible asset depreciation charge

The tangible asset depreciation charge is recognized in the consolidated income statement and is calculated basically using the following depreciation rates (based on the average years of estimated useful life of the various assets):

		Annual Rate
Buildings for own use		4%
Furniture		10%
Fixtures		10%
Office and IT equipment		20%
Leasehold improvements	10% or up to contractual maturity