v3.25.1
Consolidated statement of cash flows - BRL (R$)
R$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Profit (loss) before income taxes R$ (5,245,119) R$ 5,113,751 R$ 2,652,625
Adjustments for:      
Depreciation and amortization 3,868,583 3,364,943 3,014,480
Loss on disposed assets 3,155,400
Impairment in associate 4,672,396
Interest in earnings (losses) of associates (1,719,031) (350,399) (418,897)
Interest in earnings (losses) of joint ventures 1,229,980 (1,695,945) 92,179
Loss (gain) on disposed assets (141,863) 17,016 13,035
Share-based payment 65,901 207,713 99,088
Change in fair value of investment properties (1,273,033) (2,259,924) (1,311,691)
Provision for legal proceedings 313,876 204,158 370,764
Interest, derivatives, monetary and foreign exchange, net 10,217,952 9,379,506 6,521,930
Bargain purchase gain (loss) (99,341)
Sectorial financial assets and liabilities, net (37,061) (110,125) 339,854
(Gain) loss on energy derivative transactions (248,123)
Provisions for employee benefits 454,930 419,241 380,967
Allowance for expected credit losses 52,839 74,706 28,463
Profit on sale of investments 383,205
Tax credit recovery (6,030) (33,384) (110,541)
Results from the sale of investments (988,077)
Deferred income 3,318 (597,998) (5,366)
Revenue from finance investment (1,284,647) (32,493)
Other (261,305) 278,427 381,572
Cash flows from operating activities before changes in working capital 15,734,938 12,727,039 10,680,428
Variation in:      
Trade receivable 546,218 573,737 (6,327)
Inventories 159,667 (83,166) (423,430)
Other taxes, net (354,401) 454,941 553,584
Income tax (1,487,693) (1,272,145) (1,090,684)
Related parties, net 105,490 (188,798) (139,621)
Trade payables (180,867) (252,810) 510,616
Employee benefits (542,241) (356,210) (249,244)
Provision for legal proceedings (305,324) (461,574) (328,394)
Derivatives financial instruments (9,192) 2,894 (65,939)
Other financial liabilities (26,275) (566,058) 110,659
Judicial deposits (149,118) (22,862) (2,670)
Deferred income 592,601
Post-employment benefits obligation (37,549) (34,235) (90,411)
Purchase of tax credits
Concessions payable
Other assets and liabilities, net (372,367) (244,309) (78,936)
Changes in working capital (2,653,652) (2,450,595) (708,196)
Net cash generated from operating activities 13,081,286 10,276,444 9,972,232
Cash flows from investing activities      
Capital contribution to associates (29,997) (47,300) (86,205)
Capital contribution in joint ventures (12,337)
Acquisition of subsidiary, net of acquired cash (962,378) (702,577) (5,288,696)
Purchase of marketable securities 551,003 (507,976) (13,911,737)
Restricted cash 42,012 (60,498) (58,179)
Dividends received from associates 1,018,794 254,905 278,127
Dividends received from joint venture 293,912 906,534 1,174,771
Dividends received from finance investment 1,305,410
Acquisition of instruments designated at fair value (621) (7,485) (190,990)
Capital reduction in associates 99,040
Acquisition of property, plant and equipment, intangible and contract assets (7,834,521) (6,267,962) (4,531,374)
Proceeds from the sale of investments 2,725,625 645,772 1,969,789
Net cash from sale of discontinued operations 24,510 62,700 44,969
Acquisition of shares in associates (17,047)
Receipt of derivative financial instruments, except debt 103,147 168,308 146,979
Payment of derivative financial instruments, except debt (427,293) (156,600) (283,337)
Cash received on the sale of property, plant and equipment and intangible assets 36,934 4,637 9,319
Net cash used in investing activities (4,488,257) (4,303,092) (20,726,564)
Cash flows from financing activities      
Proceeds from loans, borrowings and debentures 16,983,225 12,785,628 23,886,960
Principal repayment of loans, borrowings and debentures (12,187,560) (8,054,763) (15,278,378)
Payment of interest on loans, borrowings and debentures (4,759,976) (3,552,292) (3,441,978)
Payment of derivative financial instruments (2,860,601) (2,851,267) (2,079,805)
Proceeds from derivative financial instruments 1,144,473 1,193,534 291,619
Costs of banking operations with derivatives (29,828) (586,855)
Principal repayment of leases (694,340) (490,012) (400,248)
Payment of interest on leases (377,269) (236,948) (211,611)
Transaction costs related to loans and borrowings (94,196)
Proceeds from capital contributions by non-controlling shareholders (24,281) 8,126,823
Transaction costs related to capital contributions by non-controlling shareholders (19,217)
Capital reduction (204,967)
Payments to redeem entity’s shares and acquisition of treasury shares (192,915) (103,283) (84,591)
Proceeds from the sale of treasury shares 2,370
Acquisition of non-controlling shareholders’ shares (487,721)
Dividends paid (2,779,081) (2,582,447) (1,908,171)
Dividends paid for preferred shares (668,022)
Gain on banking operations with derivatives 20,993
Payment of share-based compensation (13,597) (15,597)
Net cash (used) generated from financing activities (6,605,868) (4,516,583) 8,286,259
Increase (decrease) in cash and cash equivalents 1,987,161 1,456,769 (2,468,073)
Cash and cash equivalents at the beginning of the year 14,658,481 13,301,716 16,174,130
Effect of the foreign exchange rate changes 257,900 (100,004) (404,341)
Cash and cash equivalents at the end of the year 16,903,542 14,658,481 13,301,716
Additional information      
Income taxes paid R$ 1,200,228 R$ 361,726 R$ 318,845