The Company's gross debt reached R$13,273.8 million on December 31, 2024, up R$4,005.1 million (+43.2%) from the balance reported on December 31, 2023, mainly due to the funding operations carried out throughout the year to fund the Company's investments:
- 15th issuance of debentures of R$1,327.4 million in 1Q24;
- 16th issuance of debentures of R$1,000.0 million in 2Q24;
- disbursement from BNDES with an amount of R$80.0 million in 2Q24; and
- 17th issuance of debentures of R$1,800 million in 4Q24.
In February 2024, the Company settled the 5th issuance of debentures in the amount of R$445.0 million. Since then, the only debts with financial covenants are the financing agreements with the BNDES, which total R$640.8 million. These covenants, measured annually by the Net Debt/EBITDA ratio, have a cap of 3.0x. The managerial leverage ratio used by the Company, following the BNDES methodology, was 2.72x in 4Q24, compared to 2.39x in 4Q23. More details on leverage are in Attachment VII .
The change in debt profile, with growth in the volume indexed to the CDI, and the 19 bps advances in the IPCA over the last 12 months, and 60 bps in the annualized CDI (vs. 4Q23) led the nominal average cost of the Company's debts to 11.83% p.a. (vs. 11.06% p.a. in 4Q23). Considering accumulated IPCA in the last 12 months, real average cost (*) of debt is 6.63%, an increase of 54 bps (from 6.10% in 4Q23).
The Company ended 2024 with total cash and cash equivalents of R$ 3,400.7 million (+91.9% vs. 2023). When excluding cash and cash equivalents from the jointly-controlled subsidiaries, the Company's net debt was R$10,229.8 million on December 31, 2024, an increase of R$2,321.6 million (+29.4%) compared to the net debt at December 31, 2023.
Gross Debt Amortization Schedule
(BRL million)
Debt Contracting and
Indexing 12/31/2024
Debenture
| Issue | Category | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|---|
| 7th Issue | Encouraged & Green Bond | BRL 621.0 million | BRL1 thousand | Single | 02/05/2018 | 04/15/2025 |
IPCA + 4.70 per year
|
|
| 8th Issue | Encouraged & Green Bond | BRL 409.0 million | BRL1 thousand | Single | 12/20/2019 | 12/15/2029 | IPCA + 3.50 per year |
|
| 9th Issue | 1ª série: Common 2ª série: Encouraged & Green Bond |
BRL1,600.0 million | BRL1 thousand | Two series | 12/7/2020 | 1st serie: 11/15/2028 2nd serie: 5/15/2044 |
1st Serie: CDI +2.83% p.a. 2nd Serie: IPCA + 5.30% p.a. |
|
| 10th Issue | Encouraged & Green Bond | BRL672.5 million | BRL1 thousand | Single | 2/10/2021 | 7/15/2044 | IPCA+5.07% p.a. |
|
| 11th Issue | Encouraged & Green Bond | BRL950 million | BRL1 thousand | Two Series | 10/28/2021 | 1st serie: 10/15/2031 2nd serie: 10/15/2039 |
1st Serie: IPCA + 5.77% p.a. 2nd Serie: IPCA + 5.86% p.a. |
|
| 12th Issue | Common | BRL700 million | BRL1 thousand | Single | 04/18/2022 | 04/15/2029 | CDI + 1.55% p.a |
|
| 13th Issue | Common | BRL550 million | BRL1 thousand | Single | 03/24/2023 | 03/15/2030 | CDI + 1.50% p.a |
|
| 14th Issue | Encouraged & Green Bond | BRL1,900.0 million | BRL1 thousand | Two Series | 10/25/2023 | 1st serie: 10/15/2033 2nd serie: 10/15/2038 |
1st Serie: IPCA + 6.26 p.a 2nd Serie: IPCA + 6.44% p.a |
|
| 15th Issue |
1st Serie: Common |
R$ 1,327 million | R$ 1 thousand | Three Series | 03/28/2023 |
1st Serie: 03/15/2029 |
1st Serie: CDI + 0.73% |
|
| 16th Issue | 1st Serie: Common | BRL1,000 million | R$ 1 thousand | Single | 05/29/2024 | 1st Serie: 05/20/2031 | CDI + 0.80% |
|
| 17th Issue | Encouraged & Green Bond | R$ 1,800 million | R$ 1 thousand | Two Series | 10/28/2024 |
1st Serie: 10/15/2036 |
1st Serie: IPCA + 6.71% 2nd Serie: IPCA + 6.60% |
|
| 18th Issue | Encouraged & Green Bound | BRL 1,400.0 million | BRL 1 thousand | Two Series | Planned for 03/ 26/2025 |
1st serie: 06/15/2033 |
IPCA + 7.41% a.a. IPCA + 7.41% a.a. |
|
Debenture
Public Issues of IE Ivaí
| Issue | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|
| 2nd Issue | BRL 350 million | BRL 10 thousand | Single | 03/18/2013 | 03/18/2025 | IPCA + 5.5% per year |
|
Debenture
| Issue | Total offering | Nominal Unit Value | Series | Issue | Maturity | Remuneration | Documents |
|---|---|---|---|---|---|---|---|
| 1st Issue | BRL 1.6 billion | 1.000 | Single | 12/15/2019 | 12/15/2043 (24 years) | IIPCA + 4.9982% per year |
|
Updated on March 26, 2025.