13Related parties
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Trade accounts receivable |
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Non-current assets |
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Trade payables |
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Dividends payable |
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Current and non-current |
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||||||||||
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|
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2017 |
|
2016 |
|
2017 |
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2016 |
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2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
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|
Parent |
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|
Votorantim S.A. (i) |
|
8 |
|
75 |
|
3 |
|
3 |
|
336 |
|
257 |
|
— |
|
— |
|
87,686 |
|
52,873 |
|
|
|
|
|
|
|
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Related parties |
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|
Companhia Brasileira de Alumínio (ii) |
|
1,843 |
|
3,847 |
|
— |
|
399,725 |
|
5,246 |
|
9,064 |
|
— |
|
2,423 |
|
13 |
|
5,614 |
|
|
Votorantim Cimentos S.A. |
|
1,696 |
|
1,891 |
|
735 |
|
750 |
|
47 |
|
24 |
|
— |
|
— |
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— |
|
— |
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|
Other |
|
228 |
|
576 |
|
— |
|
320 |
|
1,414 |
|
680 |
|
655 |
|
— |
|
2,225 |
|
1,956 |
|
|
Non-controlling interests (iii) |
|
— |
|
— |
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— |
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— |
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|
|
— |
|
3,483 |
|
4,762 |
|
— |
|
170,070 |
|
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3,775 |
|
6,389 |
|
738 |
|
400,798 |
|
7,043 |
|
10,025 |
|
4,138 |
|
7,185 |
|
89,924 |
|
230,513 |
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Current |
|
3,775 |
|
6,389 |
|
|
|
— |
|
7,043 |
|
10,025 |
|
4,138 |
|
7,185 |
|
87,686 |
|
222,917 |
|
|
Non-current |
|
|
|
— |
|
738 |
|
400,798 |
|
|
|
— |
|
— |
|
— |
|
2,238 |
|
7,596 |
|
|
|
|
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|
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3,775 |
|
6,389 |
|
738 |
|
400,798 |
|
7,043 |
|
10,025 |
|
4,138 |
|
7,185 |
|
89,924 |
|
230,513 |
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(i) |
The compensation to VSA of an amount equivalent to the economic benefits derived from the Energy Assets was calculated based on the difference between a predetermined comparable market rate and the cost of producing the energy consumed by the Brazilian subsidiaries, resulting in an additional liability of US$24,928 for the period January to June 2017 (and US$ 52,873 in 2016). In addition, an accrual of US$ 62,733 was recorded, due to the right to retain the Energy Assets, as described in note 1 (vii), and the Energy Assets compensation related to December 2016 was paid, as described in note 1 (iii); |
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(ii) |
CBA liquidated the amount related to the transaction mentioned in note 1 (i); |
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(iii) |
The responsibility of the put option that had been granted by the Company to the minority shareholders amounting US$ 170,070 was transferred to VSA, as per note 1 (vi). After the IPO, the obligation expired as part of the termination of the shareholders’ agreement. |
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Sales |
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Purchases |
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Financial results |
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||||||||||||
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2017 |
|
(Revised) |
|
(Revised) |
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2017 |
|
(Revised) |
|
(Revised) |
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2017 |
|
(Revised) |
|
(Revised) |
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Related parties |
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|
Companhia Brasileira de Alumínio |
|
2,125 |
|
70 |
|
23 |
|
42,434 |
|
31,162 |
|
3,924 |
|
1,012 |
|
3,582 |
|
— |
|
|
Votoratim Metais S.A. (i) |
|
— |
|
— |
|
— |
|
— |
|
51 |
|
29 |
|
— |
|
3,583 |
|
5,702 |
|
|
Votener - Votorantim Comercializadora de Energia Ltda. |
|
— |
|
— |
|
12,436 |
|
13,510 |
|
13,400 |
|
28,869 |
|
— |
|
— |
|
— |
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|
Votorantim Cimentos S.A. |
|
138 |
|
45 |
|
73 |
|
365 |
|
273 |
|
338 |
|
— |
|
— |
|
— |
|
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Other |
|
— |
|
2,856 |
|
1,265 |
|
1,134 |
|
1,427 |
|
9,755 |
|
— |
|
— |
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— |
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|
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|
2,263 |
|
2,971 |
|
13,797 |
|
57,443 |
|
46,313 |
|
42,915 |
|
1,012 |
|
7,165 |
|
5,702 |
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(i) |
Votorantim Metais S.A. was merged into CBA in July 2016. |
(a)Key management compensation
Key management includes the members of the Company’s global executive team and Board of Directors. Key management compensation, including all benefits, was as follows:
|
|
|
2017 |
|
2016 |
|
2015 |
|
|
Short-term benefits to managers |
|
6,668 |
|
7,310 |
|
4,945 |
|
|
Other long-term benefits to key management |
|
1,162 |
|
1,686 |
|
836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,830 |
|
8,996 |
|
5,781 |
|
|
|
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|
|
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|
The short-term benefits above include fixed compensation (salaries and fees, paid vacations and 13th month salary), social charges (contribution to the Social Security system and severance indemnity fund) and short-term benefits under the Company’s variable compensation program. The other long-term benefits relate to the variable compensation program.