Interim
Financial
Information
September 30, 2020
(A free translation of the original in Portuguese)
BRF S.A. | INTERIM FINANCIAL INFORMATION - September 30, 2020 | 1 |
INDEX | ||
STATEMENT OF INCOME (LOSS)........................................................................................................................................................................................................ | 5 | |
STATEMENT OF COMPREHENSIVE INCOME (LOSS)................................................................................................................................................................. | 6 | |
STATEMENT OF CHANGES IN EQUITY............................................................................................................................................................................................. | 7 | |
STATEMENT OF CASH FLOWS ............................................................................................................................................................................................................. | 8 | |
STATEMENT OF VALUE ADDED.......................................................................................................................................................................................................... | 9 | |
MANAGEMENT REPORT ...................................................................................................................................................................................................................... | 10 | |
1. | COMPANY'S OPERATIONS ............................................................................................................................................................................................. | 37 |
2. | BASIS OF PREPARATION AND PRESENTATION OF INTERIM FINANCIAL STATEMENTS .............................................................. | 42 |
3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ...................................................................................................................................... | 43 |
4. | CASH AND CASH EQUIVALENTS ................................................................................................................................................................................. | 43 |
5. | MARKETABLE SECURITIES ........................................................................................................................................................................................... | 44 |
6. | TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES ..................................................................................................................... | 44 |
7. | INVENTORIES....................................................................................................................................................................................................................... | 46 |
8. | BIOLOGICAL ASSETS......................................................................................................................................................................................................... | 47 |
9. | RECOVERABLE TAXES ..................................................................................................................................................................................................... | 49 |
10. | INCOME AND SOCIAL CONTRIBUTION TAXES..................................................................................................................................................... | 51 |
11. | JUDICIAL DEPOSITS .......................................................................................................................................................................................................... | 53 |
12. | INVESTMENTS ..................................................................................................................................................................................................................... | 54 |
13. | PROPERTY, PLANT AND EQUIPMENT, NET .......................................................................................................................................................... | 55 |
14. | INTANGIBLE ASSETS ........................................................................................................................................................................................................ | 57 |
15. | LOANS AND BORROWINGS............................................................................................................................................................................................ | 59 |
16. | TRADE ACCOUNTS PAYABLE ....................................................................................................................................................................................... | 63 |
17. | SUPPLY CHAIN FINANCE................................................................................................................................................................................................ | 63 |
18. | LEASES..................................................................................................................................................................................................................................... | 64 |
19. | SHARE-BASED PAYMENT............................................................................................................................................................................................... | 67 |
20. | EMPLOYEES BENEFITS PLANS.................................................................................................................................................................................... | 68 |
21. | PROVISION FOR TAX, CIVIL, LABOR AND OTHER RISKS ................................................................................................................................ | 69 |
22. | EQUITY .................................................................................................................................................................................................................................... | 70 |
23. | EARNINGS (LOSS) PER SHARE..................................................................................................................................................................................... | 71 |
24. | FINANCIAL INSTRUMENTS AND RISK MANAGEMENT ................................................................................................................................... | 72 |
25. | SEGMENT INFORMATION .............................................................................................................................................................................................. | 83 |
26. | NET SALES ............................................................................................................................................................................................................................. | 85 |
27. | OTHER OPERATING INCOME (EXPENSES), NET................................................................................................................................................. | 85 |
28. | FINANCIAL INCOME (EXPENSES), NET ................................................................................................................................................................... | 86 |
29. | STATEMENT OF INCOME BY NATURE..................................................................................................................................................................... | 87 |
BRF S.A. | INTERIM FINANCIAL INFORMATION - September 30, 2020 | 2 |
30. | RELATED PARTIES - PARENT COMPANY .............................................................................................................................................................. | 87 |
31. | COMMITMENTS................................................................................................................................................................................................................... | 90 |
32. | TRANSACTIONS THAT DO NOT INVOLVE CASH ................................................................................................................................................. | 90 |
33. | EVENTS AFTER THE REPORTING DATE ................................................................................................................................................................. | 90 |
34. | APPROVAL OF THE INTERIM FINANCIAL INFORMATION............................................................................................................................. | 92 |
COMENTARY ABOUT THE COMPANY PROJECTIONS BEHAVIOUR .................................................................................................................................. | 93 | |
BREAKDOWN OF THE CAPITAL BY OWNER (NOT REVIEWED)........................................................................................................................................ | 93 | |
INDEPENDENT AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION.............................................................................. | 94 | |
OPINION OF THE AUDIT AND INTEGRITY COMMITTEE....................................................................................................................................................... | 95 | |
STATEMENT OF EXECUTIVE BOARD ON THE INTERIM FINANCIAL INFORMATION AND INDEPENDENT AUDITOR'S REPORT .... | 96 |
BRF S.A. | INTERIM FINANCIAL INFORMATION - September 30, 2020 | 3 |
(in thousands of Brazilian Reais)
STATEMENT OF FINANCIAL POSITION
Parent company | Consolidated | Parent company | Consolidated | ||||||||
ASSETS | Note | 09.30.20 | 12.31.19 | 09.30.20 | 12.31.19 | LIABILITIES | Note | 09.30.20 | 12.31.19 | 09.30.20 | 12.31.19 |
CURRENT ASSETS | CURRENT LIABILITIES | ||||||||||
Cash and cash equivalents | 4 | 4,501,817 | 1,368,980 | 11,398,587 | 4,237,785 | Loans and borrowings | 15 | 4,276,437 | 3,033,034 | 4,398,427 | 3,132,029 |
Marketable securities | 5 | 311,048 | 396,994 | 313,091 | 418,182 | Trade accounts payable | 16 | 7,288,352 | 5,270,762 | 8,098,659 | 5,784,419 |
Trade and other receivables | 6 | 6,497,572 | 6,153,937 | 2,894,853 | 3,090,691 | Supply chain finance | 17 | 1,121,372 | 842,037 | 1,121,372 | 842,037 |
Inventories | 7 | 4,686,542 | 2,786,147 | 6,336,613 | 3,887,916 | Lease liability | 18 | 252,672 | 313,058 | 326,143 | 376,628 |
Biological assets | 8 | 1,829,790 | 1,545,127 | 1,903,441 | 1,603,039 | Payroll, related charges and employee profit sharing | 1,044,425 | 754,032 | 1,089,380 | 825,254 | |
Recoverable taxes | 9 | 276,921 | 274,480 | 343,936 | 473,732 | Tax payable | 238,152 | 268,193 | 362,437 | 517,208 | |
Recoverable income tax and social contribution | 9 | 25,281 | 40,291 | 59,896 | 152,486 | Derivative financial instruments | 24 | 783,613 | 151,722 | 793,361 | 153,612 |
Derivative financial instruments | 24 | 148,376 | 193,740 | 153,421 | 195,324 | Provision for tax, civil and labor risks | 21 | 1,067,456 | 1,081,103 | 1,071,964 | 1,084,308 |
Restricted cash | 1 | 296,294 | 1 | 296,294 | Employee benefits | 20 | 87,996 | 87,996 | 97,596 | 95,919 | |
Assets held for sale | 15,637 | 16,671 | 35,659 | 99,245 | Advances from related parties | 30 | 8,868,203 | 5,364,164 | - | - | |
Other current assets | 364,104 | 495,743 | 495,714 | 590,733 | Other current liabilities | 249,885 | 329,166 | 752,965 | 512,591 | ||
Total current assets | 18,657,089 | 13,568,404 | 23,935,212 | 15,045,427 | Total current liabilities | 25,278,563 | 17,495,267 | 18,112,304 | 13,324,005 | ||
NON-CURRENT ASSETS | NON-CURRENT LIABILITIES | ||||||||||
LONG-TERM RECEIVALBLES | Loans and borrowings | 15 | 18,535,617 | 13,395,970 | 21,616,002 | 15,488,250 | |||||
Marketable securities | 5 | 14,995 | 14,891 | 382,283 | 307,352 | Trade accounts payable | 16 | 6,402 | 12,347 | 6,402 | 12,347 |
Trade and other receivables | 6 | 57,228 | 71,029 | 57,244 | 71,029 | Lease liability | 18 | 1,907,641 | 1,939,494 | 2,072,500 | 2,054,552 |
Recoverable taxes | 9 | 5,253,866 | 5,167,016 | 5,253,842 | 5,169,547 | Tax payable | 176,808 | 190,257 | 176,808 | 190,257 | |
Recoverable income tax and social contribution | 9 | 55,025 | 264,428 | 61,637 | 269,263 | Provision for tax, civil and labor risks | 21 | 742,872 | 709,760 | 743,202 | 710,061 |
Deferred income taxes | 10 | 1,983,517 | 1,808,494 | 1,999,083 | 1,845,862 | Deferred income tax | 10 | - | - | 129,212 | 85,310 |
Judicial deposits | 11 | 565,287 | 575,681 | 565,364 | 575,750 | Liabilities with related parties | 30 | 41,039 | 960,056 | - | - |
Biological assets | 8 | 1,097,795 | 1,016,642 | 1,169,365 | 1,081,025 | Employee benefits | 20 | 550,203 | 506,791 | 675,625 | 593,555 |
Receivables from related parties | 30 | 339 | 234 | - | - | Derivative financial instruments | 24 | 21,354 | 3 | 21,354 | 3 |
Derivative financial instruments | 24 | 223 | 49,991 | 223 | 49,991 | Other non-current liabilities | 279,674 | 482,109 | 286,972 | 1,093,942 | |
Restricted cash | 24,297 | - | 24,297 | - | |||||||
Other non-current assets | 72,250 | 78,516 | 76,975 | 85,537 | |||||||
Total long-term receivables | 9,124,822 | 9,046,922 | 9,590,313 | 9,455,356 | Total non-current liabilities | 22,261,610 | 18,196,787 | 25,728,077 | 20,228,277 | ||
EQUITY | 22 | ||||||||||
Capital | 12,460,471 | 12,460,471 | 12,460,471 | 12,460,471 | |||||||
Capital reserves | 140,626 | 192,845 | 140,626 | 192,845 | |||||||
Investments | 12 | 12,599,699 | 6,499,517 | 18,730 | 14,880 | Accumulated losses | (3,522,245) | (3,996,985) | (3,522,245) | (3,996,985) | |
Property, plant and equipment, net | 13 | 11,046,571 | 11,333,302 | 12,227,225 | 12,276,889 | Treasury shares | (123,938) | (38,239) | (123,938) | (38,239) | |
Intangible assets | 14 | 3,198,924 | 3,139,532 | 5,410,770 | 4,908,079 | Other comprehensive loss | (1,867,982) | (722,469) | (1,867,982) | (722,469) | |
Attributable to controlling shareholders | 7,086,932 | 7,895,623 | 7,086,932 | 7,895,623 | |||||||
Non-controlling interests | - | - | 254,937 | 252,726 | |||||||
Total non-current assets | 35,970,016 | 30,019,273 | 27,247,038 | 26,655,204 | Total equity | 7,086,932 | 7,895,623 | 7,341,869 | 8,148,349 | ||
TOTAL ASSETS | 54,627,105 | 43,587,677 | 51,182,250 | 41,700,631 | TOTAL LIABILITIES AND EQUITY | 54,627,105 | 43,587,677 | 51,182,250 | 41,700,631 |
The accompanying notes are an integral part of the interim financial information.
BRF S.A. | INTERIM FINANCIAL INFORMATION - September 30, 2020 | 4 |
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BRF SA published this content on 09 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2020 01:20:08 UTC