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Consolidated statements of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Income before income tax R$ 3,815,174 R$ 2,421,413 R$ 1,544,109
Adjustments to reconcile income before income taxes      
Depreciation of property, equipment and right-of-use assets 68,618 67,422 53,080
Amortization of intangible assets 163,112 75,839 37,630
Loss or write-off of property, equipment, intangible assets and leases, net 20,367 73,140 11,245
Share of profit or (loss) in joint ventures and associates 7,710 (862) 0
Expected credit losses on financial assets 92,560 55,564 9,410
(Reversal of) Provision for contingencies, net 5,325 2,045 (1,601)
Net foreign exchange differences 506,510 1,478 3,636
Share based plan 561,457 232,791 5,371
Interest accrued 181,731 56,923 86,862
Changes in assets and liabilities      
Securities (assets and liabilities) (21,904,316) (42,954,505) (20,188,931)
Derivative financial instruments (assets and liabilities) 674,837 1,023,937 825,719
Securities trading and intermediation (assets and liabilities) (5,086,154) 10,605,139 4,201,246
Securities purchased under agreements to resell (2,269,321) 2,862,311 (2,919,480)
Accounts receivable 37,160 (46,247) (243,893)
Loan operations (8,918,608) (3,925,042) (386)
Prepaid expenses (2,589,213) (1,303,853) 7,040
Other assets and other financial assets (674,697) (23,078) (14,162)
Securities sold under repurchase agreements (5,557,999) 16,200,937 8,997,713
Accounts payable (133,576) 564,324 132,235
Financing instruments payable 14,408,581 5,126,930 89,669
Social and statutory obligations 354,764 174,725 241,033
Tax and social security obligations 278,609 182,391 (9,223)
Private pension liabilities 18,533,487 9,628,823 3,743,031
Other liabilities and other financial liabilities 4,271,361 1,000,007 8,828
Cash from operations (3,152,521) 2,102,552 (3,379,819)
Income tax paid (783,816) (518,971) (402,574)
Contingencies paid (2,565) (1,629) (3,172)
Interest paid (81,427) (71,224) (28,427)
Net cash flows from (used in) operating activities (4,020,329) 1,510,728 (3,813,992)
Investment activities      
Acquisition of intangible assets (217,569) (146,368) (88,949)
Acquisition of property and equipment (135,444) (145,164) (72,499)
Acquisition of subsidiaries, net of cash acquired (40,857) (62,443) 0
Investment in associates and joint ventures (756,857) (228,035) 0
Net cash flows used in investing activities (1,150,727) (582,010) (161,448)
Financing activities      
Proceeds from borrowings 1,570,639 0 0
Acquisitions of debt securities issued 4,191,280 0 400,000
Payments of borrowings and lease liabilities (76,371) (152,868) (123,332)
Payment of debt securities (177,826) (464,717) (11,815)
Dividends paid to owners of the parent 0 0 (500,000)
Proceeds from the issuance of shares 0 1,411,281 4,482,002
Transactions with non-controlling interests (231) 582 (1,855)
Dividends paid to non-controlling interests (3,026) (5,567) (11,143)
Proceeds from SPAC issuance of shares 1,134,797 0 0
Net cash flows from financing activities 6,639,262 788,711 4,233,857
Net increase (decrease) in cash and cash equivalents 1,468,206 1,717,429 258,417
Cash and cash equivalents at the beginning of the fiscal year 2,660,388 887,796 626,863
Effects of exchange rate changes on cash and cash equivalents (376,733) 55,163 2,516
Cash and cash equivalents at the end of the fiscal year 3,751,861 2,660,388 887,796
Cash 2,485,641 1,954,788 109,922
Securities purchased under agreements to resell presented as cash equivalents 1,071,328 593,673 654,057
Interbank certificate deposits R$ 194,892 R$ 111,927 R$ 123,817