Financial Instruments and Risk Management (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Financial Instruments And Risk Management |
|
| Schedule of monitors the gross debt and net debt |
| Schedule of monitors the gross debt and net debt |
|
|
|
|
|
|
|
| |
12.31.24 |
|
12.31.23 |
| |
Current |
|
Non-current |
|
Total |
|
Total |
| Foreign currency loans and borrowings |
(844,601) |
|
(11,555,811) |
|
(12,400,412) |
|
(11,093,385) |
| Local currency loans and borrowings |
(385,672) |
|
(7,954,464) |
|
(8,340,136) |
|
(9,002,163) |
| Derivative financial instruments, net |
(319,943) |
|
15,364 |
|
(304,579) |
|
502,293 |
| Gross debt |
(1,550,216) |
|
(19,494,911) |
|
(21,045,127) |
|
(19,593,255) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Cash and cash equivalents |
11,165,364 |
|
- |
|
11,165,364 |
|
9,264,664 |
| Marketable securities |
894,080 |
|
323,811 |
|
1,217,891 |
|
767,873 |
| Restricted cash |
276,025 |
|
60,790 |
|
336,815 |
|
86,209 |
| |
12,335,469 |
|
384,601 |
|
12,720,070 |
|
10,118,746 |
| Net debt |
10,785,253 |
|
(19,110,310) |
|
(8,325,057) |
|
(9,474,509) |
|
| Schedule of financial position of derivative financial instruments |
| Schedule of financial position of derivative financial instruments |
|
|
|
|
|
|
|
|
| |
|
|
|
Note |
|
12.31.24 |
|
12.31.23 |
| Assets |
|
|
|
|
|
|
|
|
| Designated as hedge accounting |
|
|
|
|
|
|
|
|
| Foreign exchange risk on operating income |
|
|
|
23.2.1 ii) |
|
35,484 |
|
103,558 |
| Commodities price risk |
|
|
|
23.2.2 |
|
20,727 |
|
5,510 |
| Interest rate risk |
|
|
|
23.2.3 |
|
251,795 |
|
529,830 |
| Not designated as hedge accounting |
|
|
|
|
|
|
|
|
| Foreign exchange risk on statement of financial position |
|
|
|
23.2.1 i) |
|
6,597 |
|
154 |
| |
|
|
|
|
|
314,603 |
|
639,052 |
| |
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
63,033 |
|
109,222 |
| Non-current assets |
|
|
|
|
|
251,570 |
|
529,830 |
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Designated as hedge accounting |
|
|
|
|
|
|
|
|
| Foreign exchange risk on statement of financial position |
|
|
|
23.2.1 i) |
|
- |
|
(52,149) |
| Foreign exchange risk on operating income |
|
|
|
23.2.1 ii) |
|
(360,557) |
|
(7,600) |
| Commodities price risk |
|
|
|
23.2.2 |
|
(22,102) |
|
(14,363) |
| Interest rate risk |
|
|
|
23.2.3 |
|
(236,523) |
|
- |
| Not designated as hedge accounting |
|
|
|
|
|
|
|
|
| Foreign exchange risk on statement of financial position |
|
|
|
23.2.1 i) |
|
- |
|
(62,647) |
| |
|
|
|
|
|
(619,182) |
|
(136,759) |
| |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
(382,976) |
|
(76,940) |
| Non-current liabilities |
|
|
|
|
|
(236,206) |
|
(59,819) |
| |
|
|
|
|
|
|
|
|
| Position of derivative financial instruments - net |
|
|
|
|
|
(304,579) |
|
502,293 |
|
| Schedule of significant commitments and contractual obligations |
| Schedule of significant commitments and contractual obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
12.31.24 |
| |
Book
value |
|
Contractual cash flow |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 onwards |
| Non derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans and borrowings |
20,740,548 |
|
32,496,796 |
|
2,246,762 |
|
4,639,324 |
|
3,520,568 |
|
2,044,261 |
|
1,608,760 |
|
18,437,121 |
| Principal |
|
|
21,529,249 |
|
984,119 |
|
3,440,204 |
|
2,480,054 |
|
1,168,583 |
|
800,997 |
|
12,655,292 |
| Interest |
|
|
10,967,547 |
|
1,262,643 |
|
1,199,120 |
|
1,040,514 |
|
875,678 |
|
807,763 |
|
5,781,829 |
| Trade accounts payable |
13,570,050 |
|
13,764,240 |
|
13,750,530 |
|
13,710 |
|
- |
|
- |
|
- |
|
- |
| Lease liabilities |
3,992,929 |
|
5,000,443 |
|
1,084,328 |
|
821,985 |
|
716,566 |
|
539,245 |
|
472,328 |
|
1,365,991 |
| Derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial instruments designated hedge accounting for protection of: |
| Interest rate risk |
236,523 |
|
(236,522) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(236,522) |
| Foreign exchange risk |
360,557 |
|
360,557 |
|
360,557 |
|
- |
|
- |
|
- |
|
- |
|
- |
| Commodities price risk |
22,102 |
|
22,102 |
|
22,102 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
| Schedule of assets and liabilities |
| Schedule of assets and liabilities |
|
|
|
|
| |
|
12.31.24 |
|
12.31.23 |
| Cash and cash equivalents |
|
4,276,065 |
|
2,970,268 |
| Trade accounts receivable |
|
6,238,093 |
|
4,788,635 |
| Trade accounts payable |
|
(1,377,169) |
|
(1,195,133) |
| Loans and borrowings |
|
(9,726,343) |
|
(8,715,484) |
| Other assets and liabilities, net |
|
1,570,012 |
|
(30,310) |
| Exposure of assets and liabilities in foreign currencies |
|
980,658 |
|
(2,182,024) |
| Derivative financial instruments (hedge) |
|
(773,197) |
|
2,033,346 |
| Exposure in result, net |
|
207,461 |
|
(148,678) |
|
| Schedule of net exposure |
| Schedule of net exposure |
|
|
|
|
| Net Exposure (1) |
|
12.31.24 |
|
12.31.23 |
| U.S. Dollars (USD) |
|
(2,052,569) |
|
(513,164) |
| Euros (EUR) |
|
1,879,079 |
|
(25,050) |
| Yen (JPY) |
|
(1,501) |
|
(1,241) |
| Angolan kwanza (AOA) |
|
36,366 |
|
97,368 |
| Turkish Liras (TRY) |
|
267,834 |
|
76,439 |
| Argentinian Peso (ARS) |
|
(2,125) |
|
(3,146) |
| Chilean Pesos (CLP) |
|
80,377 |
|
220,116 |
| Total |
|
207,461 |
|
(148,678) |
| (1) | | The Company is exposed to other currencies, although they have been grouped in the currencies
above due to its high correlation or for not being individually significant. |
|
| Schedule of derivative instruments not designated |
| Schedule of derivative instruments not designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
| Derivative instruments not designated |
|
Asset |
|
Liability |
|
Maturity |
|
Notional |
|
Exercise rate |
|
Fair value (R$) |
| Parent company and consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-deliverable forward |
|
BRL |
|
EUR |
|
1st Qtr. 2025 |
|
EUR |
(60,000) |
|
6.5610 |
|
1,040 |
| Non-deliverable forward |
|
USD |
|
CLP |
|
1st Qtr. 2025 |
|
CLP |
25,000 |
|
962.4800 |
|
4,425 |
| Futures |
|
BRL / USD |
|
USD / BRL |
|
1st Qtr. 2025 |
|
USD |
(62,500) |
|
6.1923 |
|
1,132 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
6,597 |
|
| Schedule of cash flow hedge to derivative instruments |
| Schedule of cash flow hedge to derivative
instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
| Cash flow hedge - Derivative instruments |
|
Hedged object |
|
Asset |
|
Liability |
|
Maturity |
|
Notional |
|
Designation rate |
|
Fair value (1) |
| Parent company and consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-deliverable forward |
|
USD Exports |
|
BRL |
|
USD |
|
1st Qtr. 2025 |
|
USD |
105,500 |
|
5.6807 |
|
(58,721) |
| Non-deliverable forward |
|
USD Exports |
|
BRL |
|
USD |
|
2nd Qtr. 2025 |
|
USD |
258,500 |
|
5.9204 |
|
(104,650) |
| Non-deliverable forward |
|
USD Exports |
|
BRL |
|
USD |
|
3rd Qtr. 2025 |
|
USD |
165,000 |
|
6.1309 |
|
(54,315) |
| Non-deliverable forward |
|
USD Exports |
|
BRL |
|
USD |
|
4th Qtr. 2025 |
|
USD |
82,000 |
|
6.4083 |
|
(15,657) |
| Collar |
|
USD Exports |
|
BRL |
|
USD |
|
1st Qtr. 2025 |
|
USD |
479,500 |
|
5.9991 |
|
(81,092) |
| Collar |
|
USD Exports |
|
BRL |
|
USD |
|
2nd Qtr. 2025 |
|
USD |
90,500 |
|
6.2590 |
|
(5,787) |
| Collar |
|
USD Exports |
|
BRL |
|
USD |
|
3rd Qtr. 2025 |
|
USD |
42,500 |
|
6.4616 |
|
(3,204) |
| Collar |
|
USD Exports |
|
BRL |
|
USD |
|
4th Qtr. 2025 |
|
USD |
20,000 |
|
6.5806 |
|
(1,647) |
| |
|
|
|
|
|
|
|
|
|
|
1,243,500 |
|
|
|
(325,073) |
| (1) | | Corresponds to the unrealized portion of the hedge result recorded under Other Comprehensive
Income. |
|
| Schedule of net investment hedge to non derivative instruments |
| Schedule of net investment hedge to non
derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
Net investment hedge -
Non-derivative instruments |
|
Object (Investment) |
|
Liability |
|
Maturity |
|
Notional |
|
Rate |
|
Exchange variation (1) |
| Parent company and consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bond - BRF SA BRFSBZ 4.35 |
|
Federal Foods LLC |
|
USD |
|
3rd Qtr. 2050 |
|
USD (2) |
44,158 |
|
3.7649 |
|
(142,067) |
| Bond - BRF SA BRFSBZ 4.35 |
|
BRF Kuwait Food Management Company WLL |
|
USD |
|
3rd Qtr. 2050 |
|
USD (2) |
88,552 |
|
3.7649 |
|
(215,832) |
| Bond - BRF SA BRFSBZ 4.35 |
|
Al Khan Foodstuff LLC |
|
USD |
|
3rd Qtr. 2050 |
|
USD (2) |
53,446 |
|
3.7649 |
|
(142,392) |
| Bond - BRF SA BRFSBZ 4.35 |
|
BRF Foods GmbH |
|
USD |
|
3rd Qtr. 2050 |
|
USD (3) |
170,721 |
|
5.1629 |
|
(197,505) |
| Bond - BRF SA BRFSBZ 4.35 |
|
Al-Wafi Al-Takamol International for Foods Products |
|
USD |
|
3rd Qtr. 2050 |
|
USD (3) |
23,426 |
|
5.1629 |
|
(23,009) |
| |
|
|
|
|
|
|
|
|
380,303 |
|
|
|
(720,805) |
| (1) | | Corresponds to the effective portion of the hedge result accumulated
in Other Comprehensive Income. |
| (2) | | Designated on August 1st, 2019. |
| (3) | | Designated on November 9, 2022. |
|
| Schedule of cash flow hedges for the variable commodities price |
| Schedule of cash flow hedges for the variable commodities price |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
| Cash flow hedge - Derivative instruments |
|
Hedged object |
|
Index |
|
Maturity |
|
Quantity |
|
Exercise price (1) |
|
Fair value |
| Parent company and consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collar - buy |
|
Soybean meal purchase - floating price |
|
Soybean meal - CBOT |
|
2nd Qtr. 2025 |
|
17,989 |
ton |
|
336.79 |
|
948 |
| Collar - buy |
|
Soybean meal purchase - floating price |
|
Soybean meal - CBOT |
|
3rd Qtr. 2025 |
|
17,989 |
ton |
|
341.13 |
|
548 |
| Non-deliverable forward - buy |
|
Corn purchase - floating price |
|
Corn - CBOT |
|
3rd Qtr. 2025 |
|
99,999 |
ton |
|
171.76 |
|
403 |
| Collar - buy |
|
Corn purchase - floating price |
|
Corn - CBOT |
|
1st Qtr. 2025 |
|
20,003 |
ton |
|
177.85 |
|
(26) |
| Collar - buy |
|
Corn purchase - floating price |
|
Corn - CBOT |
|
2nd Qtr. 2025 |
|
135,998 |
ton |
|
176.94 |
|
1,174 |
| Collar - buy |
|
Corn purchase - floating price |
|
Corn - B3 |
|
1st Qtr. 2025 |
|
16,200 |
ton |
|
1,208.33 |
|
124 |
| Collar - buy |
|
Corn purchase - floating price |
|
Corn - B3 |
|
2nd Qtr. 2025 |
|
40,500 |
ton |
|
1,213.33 |
|
193 |
| Non-deliverable forward - buy |
|
Soybean oil purchase - floating price |
|
Soybean oil - CBOT |
|
2nd Qtr. 2025 |
|
6,001 |
ton |
|
912.57 |
|
(516) |
| |
|
|
|
|
|
|
|
354,679 |
|
|
|
|
2,848 |
| (1) | | Base price of each commodity in USD/ton, except for Corn – B3 denominated in R$/ton. |
|
| Schedule of financial instruments commodities price |
| Schedule of financial instruments commodities price |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
| Fair value hedge - Derivative instruments |
|
Hedged object |
|
Index |
|
Maturity |
|
Quantity |
|
Exercise price (1) |
|
Fair value |
| Parent company and consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-deliverable forward - sell |
|
Soybean purchase - fixed price |
|
Soybean - CBOT |
|
1st Qtr. 2025 |
|
38,298 |
ton |
|
409.09 |
|
10,526 |
| Non-deliverable forward - sell |
|
Corn purchase - fixed price |
|
Corn - CBOT |
|
1st Qtr. 2025 |
|
9,001 |
ton |
|
185.42 |
|
409 |
| Non-deliverable forward - sell |
|
Corn purchase - fixed price |
|
Corn - CBOT |
|
3rd Qtr. 2025 |
|
76,216 |
ton |
|
173.46 |
|
471 |
| Corn future - sell |
|
Corn purchase - fixed price |
|
Corn - B3 |
|
1st Qtr. 2025 |
|
12,609 |
ton |
|
1,252.06 |
|
(71) |
| Corn future - sell |
|
Corn purchase - fixed price |
|
Corn - B3 |
|
3rd Qtr. 2025 |
|
189,486 |
ton |
|
1,116.86 |
|
(947) |
| |
|
|
|
|
|
|
|
325,610 |
|
|
|
|
10,388 |
| (1) | | Base price of each commodity in USD/ton, except Corn - B3 denominated in R$/ton. |
|
| Schedule of financial instruments derivatives and designated |
| Schedule of financial instruments derivatives
and designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
Fair value hedge -
Derivative instruments |
|
Protection object |
|
Assets |
|
Liabilities |
|
Maturity |
|
Notional |
|
Exercise price |
|
Fair value |
| Parent company and consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-deliverable forward |
|
Cost in USD |
|
BRL |
|
USD |
|
1st Qtr. 2025 |
|
USD |
15,823 |
|
5.5465 |
|
(10,851) |
| Non-deliverable forward |
|
Cost in USD |
|
BRL |
|
USD |
|
3rd Qtr. 2025 |
|
USD |
9,426 |
|
6.0634 |
|
(3,760) |
| |
|
|
|
|
|
|
|
|
|
|
25,249 |
|
|
|
(14,611) |
|
| Schedule of derivative financial instruments used to hedge the exposure to interest rates |
| Schedule of derivative financial instruments
used to hedge the exposure to interest rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.31.24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Fair value (R$) |
| Fair value hedge - Derivative instruments |
|
Hedged Object |
|
Maturity |
|
Asset |
|
Liability |
|
Notional |
|
Instrument |
|
Object (1) |
| Parent company and Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swap |
|
Debenture - 1st issue - 3rd series - IPCA + 5.50% p.a. |
|
2nd Qtr. 2026 |
|
IPCA + 5.50% p.a. |
|
CDI + 0.57% p.a. |
|
200,000 |
BRL |
28,464 |
|
(5,341) |
| Interest rate swap |
|
Debenture - 1st issue - 3rd series - IPCA + 5.50% p.a. |
|
2nd Qtr. 2026 |
|
IPCA + 5.50% p.a. |
|
100% of CDI |
|
200,000 |
BRL |
22,176 |
|
(4,141) |
| Interest rate swap |
|
Debenture - 2nd issue - 1st series - IPCA + 5.30% p.a. |
|
3rd Qtr. 2027 |
|
IPCA + 5.30% p.a. |
|
CDI + 2.20% p.a. |
|
400,000 |
BRL |
53,395 |
|
(53,483) |
| Interest rate swap |
|
Debenture - 2nd issue - 2nd series - IPCA + 5.60% p.a. |
|
3rd Qtr. 2030 |
|
IPCA + 5.60% p.a. |
|
CDI + 2.29% p.a. |
|
595,000 |
BRL |
48,624 |
|
(161,588) |
| Interest rate swap |
|
Debenture - 3rd issue - single series - IPCA + 4.78% p.a. |
|
2nd Qtr. 2031 |
|
IPCA + 4.78% p.a. |
|
CDI + 0.12% a.a. |
|
1,000,000 |
BRL |
65,394 |
|
(116,498) |
| Interest rate swap |
|
Debenture
- 1st issue - 1ª series - IPCA + 6.83% p.a. |
|
3rd Qtr. 2032 |
|
IPCA + 6.83% p.a. |
|
109.32% of CDI |
|
990,000 |
BRL |
33,741 |
|
(33,477) |
| Interest rate swap |
|
Debenture - 5th issue IPCA + 7.23% |
|
2nd Qtr. 2034 |
|
IPCA + 7.23% a.a. |
|
CDI + 0.98% a.a. |
|
1,635,000 |
BRL |
(112,078) |
|
(89,528) |
| Interest rate swap |
|
Debenture - 5th issue PRÉ + 12.92% |
|
2nd Qtr. 2031 |
|
PRÉ 12.92% a.a. |
|
CDI + 0.89% a.a. |
|
925,000 |
BRL |
|
(124,444) |
|
(112,960) |
| |
|
|
|
|
|
|
|
|
|
5,945,000 |
|
|
15,272 |
|
(577,016) |
| (1) | Corresponds to the accumulated fair value of the fair value hedge adjustments
on the hedged items, reduced by the carrying amount of the debentures. |
|
| Schedule of quantitative and qualitative information |
| Schedule of quantitative and qualitative information |
|
|
|
|
|
|
|
|
|
|
| |
|
Scenario |
| |
|
Remote |
|
Possible |
|
Probable |
|
Possible |
|
Remote |
| Exchange rate - Balance |
|
- 30% |
|
- 15% |
|
|
|
+ 15% |
|
+ 30% |
| USD |
|
4.1563 |
|
5.0469 |
|
5.9375 |
|
6.8281 |
|
7.7188 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
598,540 |
|
336,722 |
|
74,904 |
|
(186,914) |
|
(448,732) |
| Derivative instruments - not designated |
|
76,352 |
|
42,953 |
|
9,555 |
|
(23,843) |
|
(57,242) |
| Net effect |
|
674,892 |
|
379,675 |
|
84,459 |
|
(210,757) |
|
(505,974) |
| |
|
|
|
|
|
|
|
|
|
|
| EUR |
|
4.3200 |
|
5.2457 |
|
6.1715 |
|
7.0972 |
|
8.0229 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
(744,824) |
|
(419,017) |
|
(93,211) |
|
232,596 |
|
558,403 |
| Derivative instruments - not designated |
|
126,977 |
|
71,434 |
|
15,890 |
|
(39,653) |
|
(95,196) |
| Net effect |
|
(617,847) |
|
(347,583) |
|
(77,321) |
|
192,943 |
|
463,207 |
| |
|
|
|
|
|
|
|
|
|
|
| JPY |
|
0.0265 |
|
0.0322 |
|
0.0378 |
|
0.0435 |
|
0.0492 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
494 |
|
278 |
|
62 |
|
(154) |
|
(370) |
| Net effect |
|
494 |
|
278 |
|
62 |
|
(154) |
|
(370) |
| |
|
|
|
|
|
|
|
|
|
|
| TRY |
|
0.1175 |
|
0.1427 |
|
0.1679 |
|
0.1931 |
|
0.2183 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
(88,065) |
|
(49,543) |
|
(11,021) |
|
27,501 |
|
66,023 |
| Net effect |
|
(88,065) |
|
(49,543) |
|
(11,021) |
|
27,501 |
|
66,023 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| AOA |
|
0.0046 |
|
0.0055 |
|
0.0065 |
|
0.0075 |
|
0.0085 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
(11,957) |
|
(6,727) |
|
(1,496) |
|
3,734 |
|
8,965 |
| Net effect |
|
(11,957) |
|
(6,727) |
|
(1,496) |
|
3,734 |
|
8,965 |
| |
|
|
|
|
|
|
|
|
|
|
| ARS |
|
0.0040 |
|
0.0049 |
|
0.0058 |
|
0.0066 |
|
0.0075 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
698 |
|
393 |
|
87 |
|
(219) |
|
(525) |
| Net effect |
|
698 |
|
393 |
|
87 |
|
(219) |
|
(525) |
| |
|
|
|
|
|
|
|
|
|
|
| CLP |
|
0.0042 |
|
0.0051 |
|
0.0060 |
|
0.0069 |
|
0.0078 |
| |
|
|
|
|
|
|
|
|
|
|
| Monetary assets and liabilities |
|
(77,355) |
|
(43,534) |
|
(9,713) |
|
24,107 |
|
57,928 |
| Derivative Instruments - Not designated |
|
50,918 |
|
28,656 |
|
6,394 |
|
(15,868) |
|
(38,130) |
| Net effect |
|
(26,437) |
|
(14,878) |
|
(3,319) |
|
8,239 |
|
19,798 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Scenario |
| |
|
Remote |
|
Possible |
|
Probable |
|
Possible |
|
Remote |
| Exchange rate - Operating results |
|
- 30% |
|
- 15% |
|
|
|
+ 15% |
|
+ 30% |
| USD |
|
4.1563 |
|
5.0469 |
|
5.9375 |
|
6.8281 |
|
7.7188 |
| |
|
|
|
|
|
|
|
|
|
|
| Revenue in USD |
|
(2,531,828) |
|
(1,424,336) |
|
(316,844) |
|
790,648 |
|
1,898,141 |
| NDF |
|
1,244,027 |
|
699,855 |
|
155,683 |
|
(388,489) |
|
(932,661) |
| Collar |
|
62,472 |
|
62,472 |
|
45,231 |
|
(291,484) |
|
(846,003) |
| Net effect |
|
(1,225,329) |
|
(662,009) |
|
(115,930) |
|
110,675 |
|
119,477 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Scenario |
| |
|
Remote |
|
Possible |
|
Probable |
|
Possible |
|
Remote |
| Exchange rate - Operating results |
|
- 30% |
|
- 15% |
|
|
|
+ 15% |
|
+ 30% |
| USD |
|
4.1563 |
|
5.0469 |
|
5.9375 |
|
6.8281 |
|
7.7188 |
| |
|
|
|
|
|
|
|
|
|
|
| Cost of Sales |
|
(51,409) |
|
(28,921) |
|
(6,434) |
|
16,054 |
|
38,542 |
| NDF |
|
51,409 |
|
28,921 |
|
6,434 |
|
(16,054) |
|
(38,542) |
| Net effect |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Scenario |
| |
|
Remote |
|
Possible |
|
Probable |
|
Possible |
|
Remote |
| Operating results - Commodities |
|
- 30% |
|
- 15% |
|
|
|
+ 15% |
|
+ 30% |
| Soy Grain - CBOT |
|
255 |
|
310 |
|
364 |
|
419 |
|
474 |
| |
|
|
|
|
|
|
|
|
|
|
| Cost of Sales |
|
(4,187) |
|
(2,093) |
|
- |
|
2,093 |
|
4,187 |
| NDF |
|
4,187 |
|
2,093 |
|
- |
|
(2,093) |
|
(4,187) |
| Net effect |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
|
|
|
|
|
|
|
|
|
| Soybean meal - CBOT |
|
248 |
|
301 |
|
354 |
|
407 |
|
461 |
| |
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
3,825 |
|
1,912 |
|
- |
|
(1,912) |
|
(3,825) |
| Collar |
|
(2,545) |
|
(632) |
|
- |
|
1,738 |
|
3,651 |
| Net effect |
|
1,280 |
|
1,280 |
|
- |
|
(174) |
|
(174) |
| |
|
|
|
|
|
|
|
|
|
|
| Soybean oil - CBOT |
|
629 |
|
764 |
|
898 |
|
1,033 |
|
1,168 |
| |
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
1,617 |
|
809 |
|
- |
|
(809) |
|
(1,617) |
| NDF |
|
(1,617) |
|
(809) |
|
- |
|
809 |
|
1,617 |
| Net effect |
|
- |
|
- |
|
- |
|
- |
|
- |
| |
|
|
|
|
|
|
|
|
|
|
| Corn - CBOT |
|
123 |
|
150 |
|
176 |
|
203 |
|
229 |
| |
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
9,036 |
|
4,518 |
|
- |
|
(4,518) |
|
(9,036) |
| Collar |
|
(6,117) |
|
(1,888) |
|
- |
|
2,964 |
|
7,192 |
| NDF |
|
(766) |
|
(383) |
|
- |
|
383 |
|
766 |
| Net effect |
|
2,153 |
|
2,247 |
|
- |
|
(1,171) |
|
(1,078) |
| |
|
|
|
|
|
|
|
|
|
|
| Corn - B3 |
|
822 |
|
998 |
|
1,174 |
|
1,351 |
|
1,527 |
| |
|
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
(51,225) |
|
(25,613) |
|
- |
|
25,613 |
|
51,225 |
| Collar |
|
(14,600) |
|
(4,316) |
|
- |
|
4,454 |
|
14,298 |
| Future |
|
70,609 |
|
35,305 |
|
- |
|
(35,305) |
|
(70,609) |
| Net effect |
|
4,784 |
|
5,376 |
|
- |
|
(5,238) |
|
(5,086) |
|
| Schedule of financial instruments by category |
| Schedule of financial instruments by category |
|
|
|
|
|
|
|
| |
12.31.24 |
| |
Amortized cost |
|
FVTOCI (3) |
|
Fair value through profit and loss |
|
Total |
| |
|
Equity instruments |
|
|
| Assets |
|
|
|
|
|
|
|
| Cash and bank |
1,378,362 |
|
- |
|
- |
|
1,378,362 |
| Cash equivalents |
- |
|
- |
|
9,787,002 |
|
9,787,002 |
| Marketable securities |
289,880 |
|
874,510 |
|
53,501 |
|
1,217,891 |
| Restricted cash |
336,815 |
|
- |
|
- |
|
336,815 |
| Trade accounts receivable |
5,831,400 |
|
- |
|
266,210 |
|
6,097,610 |
| Notes receivables |
40,337 |
|
- |
|
- |
|
40,337 |
| Derivatives not designated |
- |
|
- |
|
6,597 |
|
6,597 |
| Derivatives designated as hedge accounting (1) |
- |
|
- |
|
308,006 |
|
308,006 |
| |
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
| Trade accounts payable |
(13,570,050) |
|
- |
|
- |
|
(13,570,050) |
| Loans and borrowings (2) |
(14,405,712) |
|
- |
|
(6,334,836) |
|
(20,740,548) |
| Derivatives not designated |
- |
|
- |
|
- |
|
- |
| Derivatives designated as hedge accounting (1) |
- |
|
- |
|
(619,182) |
|
(619,182) |
| |
(20,098,968) |
|
874,510 |
|
3,467,298 |
|
(15,757,160) |
| (1) | | All derivatives are classified at fair value through profit and loss. Those designated as
hedge accounting instruments have their gains and losses also affecting Equity and Inventories. |
| (2) | | The part of the loans and borrowings that is object in a fair value hedge is classified as
Fair value through profit and loss. The rest of the loans and borrowings balance is classified as amortized cost and those designated
as cash flow or net investment hedge accounting instruments have their gains and losses also affecting Equity. |
| (3) | | FVTOCI: Fair Value Through Other Comprehensive Income. |
|
| Schedule of classification of financial instruments accounted at fair value |
| Schedule
of classification
of financial instruments accounted at fair value |
|
|
|
|
|
|
|
|
|
|
|
| |
12.31.24 |
|
12.31.23 |
| |
Level 1 |
|
Level 2 |
|
Total |
|
Level 1 |
|
Level 2 |
|
Total |
| Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
| Fair value through other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
| National treasury notes |
859,029 |
|
- |
|
859,029 |
|
- |
|
- |
|
- |
| Stocks |
15,481 |
|
- |
|
15,481 |
|
12,103 |
|
- |
|
12,103 |
| Fair value through profit and loss |
|
|
|
|
|
|
|
|
|
|
|
| Savings account and overnight |
1,582 |
|
- |
|
1,582 |
|
17,570 |
|
- |
|
17,570 |
| Term deposits |
4,562,127 |
|
- |
|
4,562,127 |
|
2,758,300 |
|
- |
|
2,758,300 |
| Bank deposit certificates |
- |
|
3,716,958 |
|
3,716,958 |
|
- |
|
4,876,861 |
|
4,876,861 |
| Financial treasury bills |
35,031 |
|
- |
|
35,031 |
|
412,107 |
|
- |
|
412,107 |
| Off-shore notes |
- |
|
1,501,608 |
|
1,501,608 |
|
- |
|
- |
|
- |
| Investment funds |
23,177 |
|
- |
|
23,177 |
|
21,186 |
|
- |
|
21,186 |
| Trade accounts receivable |
- |
|
266,210 |
|
266,210 |
|
- |
|
337,898 |
|
337,898 |
| Derivatives |
- |
|
314,603 |
|
314,603 |
|
- |
|
639,052 |
|
639,052 |
| Other titles |
20 |
|
- |
|
20 |
|
35,751 |
|
- |
|
35,751 |
| Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Fair value through profit and loss |
|
|
|
|
|
|
|
|
|
|
|
| Derivatives |
- |
|
(619,182) |
|
(619,182) |
|
- |
|
(136,759) |
|
(136,759) |
| Loans and borrowings |
- |
|
(6,334,836) |
|
(6,334,836) |
|
- |
|
(5,021,342) |
|
(5,021,342) |
| |
5,496,447 |
|
(1,154,639) |
|
4,341,808 |
|
3,257,017 |
|
695,710 |
|
3,952,727 |
|
| Schedule of financial instruments of book value |
| Schedule of
financial instruments of book value |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
12.31.24 |
|
12.31.23 |
| |
|
Currency |
|
Maturity |
|
Book
value |
|
Fair
value |
|
Book
value |
|
Fair
value |
| BRF S.A. |
|
|
|
|
|
|
|
|
|
|
|
|
| BRF SA BRFSBZ 4 7/8 |
|
USD |
|
2030 |
|
(3,706,212) |
|
(3,351,896) |
|
(2,896,104) |
|
(2,506,390) |
| BRF SA BRFSBZ 5 3/4 |
|
USD |
|
2050 |
|
(4,135,792) |
|
(3,262,625) |
|
(3,209,653) |
|
(2,398,081) |
| Debenture - 1st issue |
|
BRL |
|
2026 |
|
(550,542) |
|
(520,552) |
|
(830,144) |
|
(853,640) |
| Debenture - 2nd issue |
|
BRL |
|
1st serie 2027 and 2nd series 2030 |
|
(2,739,446) |
|
(2,897,325) |
|
(2,681,294) |
|
(3,048,882) |
| Debenture - 3rd issue |
|
BRL |
|
2031 |
|
(1,109,135) |
|
(1,109,135) |
|
(1,214,044) |
|
(1,214,044) |
| Debenture - 4rd issue |
|
BRL |
|
1st serie 2027 and 2nd series 2032 |
|
(1,062,066) |
|
(1,139,664) |
|
(1,908,952) |
|
(2,032,361) |
| Debenture - 5rd issue |
|
BRL |
|
1st serie 2029, 2nd series 2031 and 3rd series 2034 |
|
(1,765,547) |
|
(1,780,894) |
|
- |
|
- |
| Parent company |
|
|
|
|
|
(15,068,740) |
|
(14,062,091) |
|
(12,740,191) |
|
(12,053,398) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| BRF GmbH |
|
|
|
|
|
|
|
|
|
|
|
|
| BRF SA BRFSBZ 4.35 |
|
USD |
|
2026 |
|
(1,759,349) |
|
(1,712,346) |
|
(1,453,805) |
|
(1,360,530) |
| Consolidated |
|
|
|
|
|
(16,828,089) |
|
(15,774,437) |
|
(14,193,996) |
|
(13,413,928) |
|