| 18 | Leases |
Finance lease liabilities
Finance lease liabilities are payable as follows:
| December 31, 2017 | December 31, 2016 |
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| Less than one year |
Between one and five years |
More than five years |
Total | Total | ||||||||||||||||
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Future value of minimum payments lease payments |
347,939 | 654,484 | 248,437 | 1,250,860 | 1,837,441 | |||||||||||||||
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Rolling stock |
321,910 | 572,759 | 166,090 | 1,060,759 | 1,616,719 | |||||||||||||||
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Terminal |
23,400 | 78,737 | 82,347 | 184,484 | 207,950 | |||||||||||||||
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Other |
2,629 | 2,988 | — | 5,617 | 12,772 | |||||||||||||||
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Interests |
(86,595 | ) | (172,782 | ) | (47,345 | ) | (306,722 | ) | (439,898 | ) | ||||||||||
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Rolling stock |
(72,775 | ) | (137,209 | ) | (31,525 | ) | (241,509 | ) | (358,158 | ) | ||||||||||
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Terminal |
(13,386 | ) | (35,322 | ) | (15,820 | ) | (64,528 | ) | (79,611 | ) | ||||||||||
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Other |
(434 | ) | (251 | ) | — | (685 | ) | (2,129 | ) | |||||||||||
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Present value of minimum lease payments |
261,344 | 481,702 | 201,092 | 944,138 | 1,397,543 | |||||||||||||||
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Current |
261,344 | 472,632 | ||||||||||||||||||
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Non-current |
682,794 | 924,911 | ||||||||||||||||||
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The lease agreements have varying expirations, the with last due to expire in June 2043. The amounts are adjusted annually for inflation rates (as IGPM and IPCA) or may incur interest based on the TJLP or CDI and some contracts have renewal or purchase options that were considered in determining the classification as financial lease.
Below are the movements that occurred for the year ended December 31, 2017.
| December 31, 2017 |
December 31, 2016 |
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At the beginning of the year |
1,397,543 | 1,741,701 | ||||||
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Raised |
— | 186,248 | ||||||
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Interest, exchange rate and fair value |
178,139 | 213,313 | ||||||
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Payment of principal |
(348,114 | ) | (413,267 | ) | ||||
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Payment of interest |
(283,430 | ) | (330,452 | ) | ||||
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At the end of the year |
944,138 | 1,397,543 | ||||||
Operating leases
At December 31, 2017, the future minimum lease payments under non-cancellable leases are as follows:
| December 31, 2017 | December 31, 2016 |
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| Total future minimum payments | ||||||||||||||||||||
| Less than one year |
Between one and five years |
More than five years |
Total | Total | ||||||||||||||||
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Locomotives |
565 | 1,130 | — | 1,695 | 2,346 | |||||||||||||||
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Rail cars |
6,758 | 25,996 | 5,695 | 38,449 | 47,120 | |||||||||||||||
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Other |
3,035 | 8,010 | 5,013 | 16,058 | 3,705 | |||||||||||||||
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Total |
10,358 | 35,136 | 10,708 | 56,202 | 53,171 | |||||||||||||||
The leases are recognized as expenses (Note 30) on a straight-line basis over the life of the respective agreement.