Interim Financial Information Individual and Consolidated
(A free translation of the original in Portuguese)
March 31, 2024
Interim Financial Information, Individual and Consolidated | March 31, 2024
Índex | ||
Parent Company FS / Statements of Comprehensive Income (Loss) | ||
Parent Company FS / Statement of Cash Flows | 11 | |
Parent Company FS / Statement of Value Added | 12 | |
Consolidated FS / Statement of Financial Position | 13 | |
Consolidated FS / Statement of Financial Position | 14 | |
Consolidated FS / Statement of Income (Loss) | 16 | |
Consolidated FS / Statement of Comprehensive Income (Loss) | 17 | |
Consolidated FS / Statement of Changes in Equity | 18 | |
Consolidated FS / Statement of Cash Flows | 19 | |
Consolidated FS / Statement of Value Added | 20 | |
Management Report | 20 | |
1. | Company's Operations | 52 |
2. | Basis of preparation and presentation of interim financial information | 54 |
3. | Summary of material accounting policies | 55 |
4. | Cash and cash equivalents | 56 |
5. | Marketable securities | 56 |
6. | Trade accounts and notes receivable | 57 |
7. | Inventories | 58 |
8. | Biological assets | 60 |
2 |
Interim Financial Information, Individual and Consolidated | March 31, 2024
9. | Recoverable taxes | 61 |
10. | Deferred income taxes | 63 |
11. | Judicial deposits | 65 |
12. | Investments | 65 |
13. | Property, plant and equipment | 67 |
14. | Intangible assets | 69 |
15. | Loans and borrowings | 71 |
16. | Trade accounts payable | 73 |
17. | Leases | 74 |
18. | Share-based payment | 76 |
19. | Employees benefits | 77 |
20. | Provision for tax, civil and labor risks | 77 |
21. | Equity | 78 |
22. | Earnings (loss) per share | 80 |
23. | Financial instruments and risk management | 80 |
24. | Segment information | 94 |
25. | Net sales | 96 |
26. | Expenses by nature | 97 |
27. | Financial income (expenses) | 98 |
28. | Related parties | 99 |
29. | Commitments | 102 |
30. | Transactions that do not involve cash | 102 |
31. | Events after the reporting period | 103 |
32. | Approval of the Financial Statements | 104 |
3
Interim Financial Information, Individual and Consolidated | March 31, 2024
INDEPENDENT AUDITORS' REPORT ON INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL | |
INFORMATION | 106 |
Opinion of the Audit and Integrity Commitee | 108 |
Statement of Executive Board on the Consolidated Interim Financial Information and Independent | |
Auditor's Report | 109 |
4
Interim Financial Information, Individual and Consolidated | March 31, 2024
Parent Company FS / Statement of Financial Position
Current Quarter | Previous Year | ||
Account Code Account Description | 03.31.24 | 12.31.23 | |
1 | Total Assets | 58,875,836 | 59,752,626 |
1.01 | Current Assets | 18,092,154 | 19,776,434 |
1.01.01 | Cash and Cash Equivalents | 4,523,944 | 4,701,549 |
1.01.02 | Marketable Securities | 422,925 | 412,107 |
1.01.02.01 | Financial Investments Evaluated at Fair Value through Profit and Loss | 422,925 | 412,107 |
1.01.03 | Trade Accounts Receivable | 4,314,469 | 5,720,698 |
1.01.03.01 | Trade Accounts Receivable | 4,276,970 | 5,655,967 |
1.01.03.02 | Other Receivables | 37,499 | 64,731 |
1.01.04 | Inventories | 4,305,076 | 4,717,540 |
1.01.05 | Biological Assets | 2,662,080 | 2,580,383 |
1.01.06 | Recoverable Taxes | 1,285,826 | 1,210,028 |
1.01.06.01 | Current Recoverable Taxes | 1,285,826 | 1,210,028 |
1.01.06.01.01 | Income and social contribution tax (IR/CS) | 190,017 | 160,464 |
1.01.06.01.03 | Recoverable Income Taxes | 1,114,568 | 1,069,484 |
1.01.06.01.04 | Provision for losses | (18,759) | (19,920) |
1.01.07 | Prepaid Expenses | 296,370 | 126,557 |
1.01.08 | Other Current Assets | 281,464 | 307,572 |
1.01.08.02 | Assets of Discontinued Operations | 4,284 | 684 |
1.01.08.02.01 | Assets Held for Sale | 4,284 | 684 |
1.01.08.03 | Other | 277,180 | 306,888 |
1.01.08.03.01 | Dividends and Interest on Shareholders' Equity Receivable | 864 | 864 |
1.01.08.03.02 | Derivative Financial Instruments | 31,818 | 109,222 |
1.01.08.03.07 | Advances | 61,621 | 64,677 |
1.01.08.03.10 | Other | 182,877 | 132,125 |
1.02 | Non-current Assets | 40,783,682 | 39,976,192 |
1.02.01 | Non-current Assets | 9,733,994 | 9,962,998 |
1.02.01.01 | Financial Instruments Evaluted at Fair Value through Profit and Loss | 18,237 | 16,490 |
1.02.01.04 | Trade Accounts Receivable | 27,995 | 7,427 |
1.02.01.04.01 | Trade Accounts Receivable | 5,943 | 5,897 |
1.02.01.04.02 | Other Receivables | 22,052 | 1,530 |
1.02.01.06 | Biological Assets | 1,776,517 | 1,788,383 |
1.02.01.07 | Deferred Taxes | 2,131,624 | 2,054,826 |
1.02.01.07.01 | Deferred Income Taxes and Social Contribution | 2,131,624 | 2,054,826 |
1.02.01.10 | Other Non-current Assets | 5,779,621 | 6,095,872 |
1.02.01.10.03 | Judicial Deposits | 405,734 | 405,450 |
1.02.01.10.04 | Income and social contribution tax (IR/CS) | 104,151 | 156,528 |
1.02.01.10.05 | Provision for losses from Income and social contribution tax (IR/CS) | (435) | (435) |
1.02.01.10.06 | Recoverable Income Taxes | 4,697,957 | 4,944,520 |
1.02.01.10.07 | Provision for losses | (123,888) | (119,235) |
1.02.01.10.08 | Derivative Financial Instruments | 495,492 | 529,830 |
1.02.01.10.09 | Restricted Cash | 31,732 | 30,952 |
1.02.01.10.10 | Other | 168,878 | 148,262 |
1.02.02 | Investments | 14,654,950 | 13,683,725 |
1.02.02.01 | Investments | 14,654,950 | 13,683,725 |
1.02.02.01.01 | Equity in Associates | 94,727 | 97,134 |
1.02.02.01.02 | Interest on Wholly-owned Subsidiaries | 14,559,640 | 13,586,008 |
1.02.02.01.04 | Other | 583 | 583 |
Interim Financial Information, Individual and Consolidated | March 31, 2024
Current Quarter | Previous Year | ||
Account Code Account Description | 03.31.24 | 12.31.23 | |
1.02.03 | Property, Plant and Equipment, Net | 13,196,922 | 13,127,930 |
1.02.03.01 | Property, Plant and Equipment in Operation | 9,796,775 | 9,809,249 |
1.02.03.02 | Right of Use in Progress | 2,980,901 | 2,862,582 |
1.02.03.03 | Property, Plant and Equipment in Progress | 419,246 | 456,099 |
1.02.04 | Intangible | 3,197,816 | 3,201,539 |
1.02.04.01 | Intangible | 3,197,816 | 3,201,539 |
1.02.04.01.02 | Software | 221,804 | 223,679 |
1.02.04.01.03 | Trademarks | 1,152,885 | 1,152,885 |
1.02.04.01.04 | Goodwill | 1,783,655 | 1,783,655 |
1.02.04.01.08 | Other | 39,472 | 41,320 |
The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)
Parent Company FS / Statement of Financial Position
Current Quarter | Previous Year | ||
Account Code Account Description | 03.31.24 | 12.31.23 | |
2 | Total Liabilities | 58,875,836 | 59,752,626 |
2.01 | Current Liabilities | 24,354,614 | 25,546,764 |
2.01.01 | Social and Labor Obligations | 297,981 | 325,378 |
2.01.01.01 | Social Obligations | 119,679 | 140,314 |
2.01.01.02 | Labor Obligations | 178,302 | 185,064 |
2.01.02 | Trade Accounts Payable | 14,263,177 | 14,847,142 |
2.01.02.01 | Domestic Suppliers | 10,869,649 | 11,271,286 |
2.01.02.01.01 | Domestic Suppliers | 9,988,330 | 10,436,132 |
2.01.02.01.03 | Leasing Liability | 881,319 | 835,154 |
2.01.02.02 | Foreign Suppliers | 3,393,528 | 3,575,856 |
2.01.02.02.01 | Foreign Suppliers | 3,393,528 | 3,575,856 |
2.01.03 | Tax Obligations | 205,333 | 316,600 |
2.01.03.01 | Federal Tax Obligations | 63,340 | 132,046 |
2.01.03.01.01 | Income and Social Contribution Payable | 12 | 49,936 |
2.01.03.01.02 | Other Federal | 63,328 | 82,110 |
2.01.03.02 | State Tax Obligations | 137,314 | 179,339 |
2.01.03.03 | Municipal Tax Obligations | 4,679 | 5,215 |
2.01.04 | Short Term Debts | 2,114,310 | 2,237,214 |
2.01.04.01 | Short Term Debts | 2,026,066 | 2,097,333 |
2.01.04.02 | Debentures | 88,244 | 139,881 |
2.01.05 | Other Obligations | 6,250,288 | 6,638,987 |
2.01.05.01 | Advances from related parties | 5,771,640 | 6,119,677 |
2.01.05.01.04 | Advances from related parties | 5,771,640 | 6,119,677 |
2.01.05.02 | Other | 478,648 | 519,310 |
2.01.05.02.04 | Derivative Financial Instruments | 48,299 | 74,112 |
2.01.05.02.05 | Management and Employees Profit Sharing | 237,162 | 156,166 |
2.01.05.02.08 | Customer advances | 10,030 | 6,320 |
2.01.05.02.09 | Other Obligations | 183,157 | 282,712 |
Interim Financial Information, Individual and Consolidated | March 31, 2024
Current Quarter | Previous Year | ||
Account Code Account Description | 03.31.24 | 12.31.23 | |
2.01.06 | Provisions | 1,223,525 | 1,181,443 |
2.01.06.01 | Tax, Social Security, Labor and Civil Risk Provisions | 706,369 | 717,119 |
2.01.06.01.01 | Tax Risk Provisions | 135,960 | 138,533 |
2.01.06.01.02 | Social Security and Labor Risk Provisions | 280,982 | 288,258 |
2.01.06.01.04 | Civil Risk Provisions | 289,427 | 290,328 |
2.01.06.02 | Other Provisons | 517,156 | 464,324 |
2.01.06.02.04 | Vacations & Christmas Bonuses Provisions | 458,262 | 405,430 |
2.01.06.02.05 | Employee Benefits Provisions | 58,894 | 58,894 |
2.02 | Non-current Liabilities | 19,293,080 | 19,282,434 |
2.02.01 | Long-term Debt | 15,324,356 | 15,462,088 |
2.02.01.01 | Long-term Debt | 8,839,811 | 8,967,535 |
2.02.01.02 | Debentures | 6,484,545 | 6,494,553 |
2.02.02 | Other Obligations | 3,265,612 | 3,112,994 |
2.02.02.01 | Liabilities with Related Parties | 53,308 | 52,581 |
2.02.02.01.04 | Advances from Related Parties and Other Liabilities | 53,308 | 52,581 |
2.02.02.02 | Other | 3,212,304 | 3,060,413 |
2.02.02.02.06 | Suppliers | 691 | 422 |
2.02.02.02.07 | Leasing Liability | 2,750,426 | 2,624,979 |
2.02.02.02.08 | Other Obligations | 406,252 | 375,193 |
2.02.02.02.09 | Derivative Financial Instruments | 54,935 | 59,819 |
2.02.04 | Provisions | 703,112 | 707,352 |
2.02.04.01 | Tax, Social Security, Labor and Civil Risk Provisions | 431,420 | 442,621 |
2.02.04.01.01 | Provisions for Tax Contingencies | 145,960 | 182,591 |
2.02.04.01.02 | Social Security and Labor Risk Provisions | 172,100 | 142,162 |
2.02.04.01.04 | Provisions for Civil Contingencies | 54,566 | 58,927 |
2.02.04.01.05 | Contingent Liability | 58,794 | 58,941 |
2.02.04.02 | Other Provisons | 271,692 | 264,731 |
2.02.04.02.04 | Employee Benefits Plans | 271,692 | 264,731 |
2.03 | Shareholders' Equity | 15,228,142 | 14,923,428 |
2.03.01 | Paid-in Capital | 13,349,156 | 13,349,156 |
2.03.01.01 | Paid-in Capital | 13,653,418 | 13,653,418 |
2.03.01.02 | Cost of Shares Issuance | (304,262) | (304,262) |
2.03.02 | Capital Reserves | 2,467,631 | 2,597,113 |
2.03.02.04 | Share-based payments | 208,987 | 203,374 |
2.03.02.05 | Treasury Shares | (231,240) | (96,145) |
2.03.02.07 | Capital Reserves | 2,763,364 | 2,763,364 |
2.03.02.08 | Acquisition of Non-Controlling Entities | (273,260) | (273,260) |
2.03.02.10 | Capital Transactions with Controlling Entities | (220) | (220) |
2.03.05 | Accumulated Earnings (Losses) | 504,993 | - |
2.03.08 | Other Comprehensive Loss | (1,093,638) | (1,022,841) |
2.03.08.01 | Gains (Loss) with Cash Flow Hedge | (26,753) | 65,569 |
2.03.08.03 | Cumulative Translation Adjustments of Foreign Currency | (1,020,201) | (1,048,895) |
2.03.08.04 | Actuarial Gain (Losses) | (46,684) | (39,515) |
The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)
Interim Financial Information, Individual and Consolidated | March 31, 2024
Parent Company FS / Statement of Income (Loss)
Accumulated | Accumulated | ||
Current Year | Previous Year | ||
01.01.24 to | 01.01.23 to | ||
Account Code Account Description | 03.31.24 | 03.31.23 | |
3.01 | Net Sales | 10,867,663 | 11,997,860 |
3.02 | Cost of Goods Sold | (8,645,982) | (9,720,386) |
3.03 | Gross Profit | 2,221,681 | 2,277,474 |
3.04 | Operating (Expenses) Income | (740,174) | (2,631,518) |
3.04.01 | Selling | (1,523,767) | (1,584,564) |
3.04.02 | General and Administrative | (129,258) | (95,086) |
3.04.03 | Impairment Loss on Trade Receivables | (15,920) | (5,545) |
3.04.04 | Other Operating Income | 30,130 | 77,458 |
3.04.06 | Income from Associates and Joint Ventures | 898,641 | (1,023,781) |
3.05 | Income Before Financial and Tax Results | 1,481,507 | (354,044) |
3.06 | Financial Results | (987,340) | (700,693) |
3.06.01 | Financial Income | 196,746 | 157,563 |
3.06.01.01 | Financial Income | 196,746 | 157,563 |
3.06.02 | Financial Expenses | (1,184,086) | (858,256) |
3.06.02.01 | Financial Expenses | (931,482) | (1,058,307) |
3.06.02.02 | Foreign exchange and monetary variations | (252,604) | 200,051 |
3.07 | Income Before Taxes | 494,167 | (1,054,737) |
3.08 | Income and Social Contribution | 10,826 | 20,718 |
3.08.01 | Current | 203 | - |
3.08.02 | Deferred | 10,623 | 20,718 |
3.09 | Income from Continued Operations | 504,993 | (1,034,019) |
3.11 | Income (Loss) | 504,993 | (1,034,019) |
3.99.01.01 | ON | 0.30222 | (0.95910) |
3.99.02 Earning per Share - Diluted
3.99.02.01 | ON | 0.30222 | (0.95910) |
The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)
8
Interim Financial Information, Individual and Consolidated | March 31, 2024
Parent Company FS / Statement of Comprehensive Income (Loss)
Accumulated | Accumulated | ||
Current Year | Previous Year | ||
Account | 01.01.24 to | 01.01.23 to | |
Code | Account Description | 03.31.24 | 03.31.23 |
4.01 | Income (Loss) | 504,993 | (1,034,019) |
4.02 | Other Comprehensive Income | (70,797) | 29,352 |
4.02.01 | Gain (Loss) on Foreign Currency Translation of Foreign Operations | 67,575 | 28,113 |
4.02.02 | Loss on Net Investment Hedge | (38,880) | 52,942 |
4.02.05 | Cash flow hedges - effective portion of changes in fair value | (44,885) | 1,251 |
4.02.06 | Cash flow hedges - reclassified to profit or loss | (47,437) | (55,949) |
4.02.07 | Actuarial Gains on Pension and Post-employment Plans | (7,170) | 2,995 |
4.03 | Comprehensive Income (Loss) | 434,196 | (1,004,667) |
Items above are stated net of deferred taxes on income and the related taxes are disclosed in note 10. The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)
9
Interim Financial Information, Individual and Consolidated | March 31, 2024
Parent Company FS / Statement of Changes in Equity
Capital Reserves, | |||||||
Granted Options | Other | ||||||
Account | and Treasury | Retained | Comprehensive | Shareholders' | |||
Code | Account Description | Paid-in Capital | Shares | Profit Reserves | Earnings | Income | Equity |
5.01 | Balance at January 1, 2024 | 13,349,156 | 2,597,113 | - | - | (1,022,841) | 14,923,428 |
5.03 | Opening Balance Adjusted | 13,349,156 | 2,597,113 | - | - | (1,022,841) | 14,923,428 |
5.04 | Share-based Payments | - | (129,482) | - | - | - | (129,482) |
5.04.03 | Options Granted | - | 5,613 | - | - | - | 5,613 |
5.04.04 | Acquisition of Treasury Shares | - | (135,095) | - | - | - | (135,095) |
5.05 | Total Comprehensive Loss | - | - | - | 504,993 | (70,797) | 434,196 |
5.05.01 | Income for the Period | - | - | - | 504,993 | - | 504,993 |
5.05.02 | Other Comprehensive Loss | - | - | - | - | (70,797) | (70,797) |
5.05.02.01 | Financial Instruments Adjustments | - | - | - | - | (92,322) | (92,322) |
5.05.02.08 | Actuarial Gains on Pension and Post-employment Plans | - | - | - | - | (7,170) | (7,170) |
5.05.02.10 | Loss on Foreign Currency Translation of Foreign Operations | - | - | - | - | 67,575 | 67,575 |
5.05.02.11 | Losses on Hedge Investments, net | - | - | - | - | (38,880) | (38,880) |
5.07 | Balance at March 31, 2024 | 13,349,156 | 2,467,631 | - | 504,993 | (1,093,638) | 15,228,142 |
Capital Reserves, | |||||||
Granted Options | Other | ||||||
Account | and Treasury | Retained | Comprehensive | Shareholders' | |||
Code | Account Description | Paid-in Capital | Shares | Profit Reserves | Earnings | Income | Equity |
5.01 | Balance at January 1, 2023 | 12,835,915 | 2,150,924 | - | (2,363,073) | (1,353,758) | 11,270,008 |
5.03 | Opening Balance Adjusted | 12,835,915 | 2,150,924 | - | (2,363,073) | (1,353,758) | 11,270,008 |
5.04 | Share-based Payments | - | 3,480 | - | - | - | 3,480 |
5.04.03 | Options Granted | - | 3,480 | - | - | - | 3,480 |
5.05 | Total Comprehensive Loss | - | - | - | (1,034,019) | 29,352 | (1,004,667) |
5.05.01 | Income for the Period | - | - | - | (1,034,019) | - | (1,034,019) |
5.05.02 | Other Comprehensive Loss | - | - | - | - | 29,352 | 29,352 |
5.05.02.01 | Financial Instruments Adjustments | - | - | - | - | (54,698) | (54,698) |
5.05.02.08 | Actuarial gains on pension and post-employment plans | - | - | - | - | 2,995 | 2,995 |
5.05.02.10 | Losses on Foreign Currency Translation of Foreign Operations | - | - | - | - | 28,113 | 28,113 |
5.05.02.11 | Losses on Hedge Investments, net | - | - | - | - | 52,942 | 52,942 |
5.07 | Balance at March 31, 2023 | 12,835,915 | 2,154,404 | - | (3,397,092) | (1,324,406) | 10,268,821 |
All changes in other comprehensive income are presented net of deferred taxes on profit, when applicable, are disclosed in note 10.
The accompanying notes are an integral part of the interim financial information.
(In thousands of Brazilian Reais)
10
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BRF SA published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 23:31:06 UTC.