6. Financial result
|
|
|
Year ended December 31 |
|
||||
|
|
|
2017 |
|
2016 |
|
2015 |
|
|
Financial expenses |
|
|
|
|
|
|
|
|
Loans and borrowings gross interest |
|
(1,697 |
) |
(1,768 |
) |
(1,647 |
) |
|
Capitalized loans and borrowing costs |
|
370 |
|
653 |
|
761 |
|
|
Derivative financial instruments |
|
(533 |
) |
(484 |
) |
(3,553 |
) |
|
Indexation and exchange rate variation (a) |
|
(2,617 |
) |
(2,964 |
) |
(13,825 |
) |
|
Participative stockholders’ debentures |
|
(625 |
) |
(417 |
) |
965 |
|
|
Expenses of REFIS |
|
(397 |
) |
(514 |
) |
(547 |
) |
|
Others |
|
(924 |
) |
(631 |
) |
(600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(6,423 |
) |
(6,125 |
) |
(18,446 |
) |
|
Financial income |
|
|
|
|
|
|
|
|
Short-term investments |
|
176 |
|
92 |
|
140 |
|
|
Derivative financial instruments |
|
987 |
|
1,740 |
|
1,076 |
|
|
Indexation and exchange rate variation (b) |
|
1,939 |
|
6,058 |
|
6,465 |
|
|
Others |
|
302 |
|
78 |
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,404 |
|
7,968 |
|
7,792 |
|
|
|
|
|
|
|
|
|
|
|
Financial results, net |
|
(3,019 |
) |
1,843 |
|
(10,654 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of indexation and exchange rate variation |
|
|
|
|
|
|
|
|
Loans and borrowings |
|
(257 |
) |
5,099 |
|
(10,460 |
) |
|
Others |
|
(421 |
) |
(2,005 |
) |
3,100 |
|
|
|
|
|
|
|
|
|
|
|
Net (a) + (b) |
|
(678 |
) |
3,094 |
|
(7,360 |
) |
|
|
|
|
|
|
|
|
|
As from January 1, 2017, the Company applies net investment hedge accounting in foreign operation. Further details are disclosed in note 24.