Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-36165 |
Entity Registrant Name | AMBEV S.A. |
Entity Central Index Key | 0001565025 |
Entity Address, Address Line One | Rua Dr. Renato Paes de Barros, 1017, 3rd floor |
Entity Address, City or Town | São Paulo |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 04530-001 |
Title of 12(b) Security | American Depositary Shares, |
Trading Symbol | ABEV |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 15,753,833,284 |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction Flag | false |
Auditor Firm Id | 1351 |
Auditor Name | PricewaterhouseCoopers Auditores Independentes Ltda. |
Auditor Location | São Paulo |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Rua Dr. Renato Paes de Barros, 1017, 3rd floor |
Entity Address, City or Town | São Paulo |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 04530-001 |
City Area Code | 55 |
Local Phone Number | 2122-1200 |
Contact Personnel Name | Lucas Machado Lira |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Net sales | R$ 79736.9 | R$ 79708.8 | R$ 72854.3 |
Cost of sales | (39,291.6) | (40,422.1) | (35,659.7) |
Gross profit | 40,445.3 | 39,286.7 | 37,194.6 |
Distribution expenses | (10,750.6) | (11,395.3) | (9,932.7) |
Commercial expenses | (7,412.5) | (7,337.4) | (7,035.5) |
Administrative expenses | (5,273.7) | (5,236.8) | (4,877.4) |
Other operating income/(expenses) | 2,028.9 | 2,513.9 | 2,124.1 |
Exceptional items | (206.4) | (143.3) | (392.8) |
Income from operations | 18,831 | 17,687.8 | 17,080.3 |
Finance expenses | (6,280.1) | (7,892.2) | (5,427.8) |
Finance income | 2,670.3 | 4,469.1 | 2,222.4 |
Net finance result | (3,609.8) | (3,423.1) | (3,205.4) |
Share of results of joint ventures | (185.3) | (29.1) | (115.7) |
Income before income tax | 15,035.9 | 14,235.6 | 13,759.2 |
Income tax expense | (75.5) | 655.6 | (636.6) |
Net income | 14,960.4 | 14,891.2 | 13,122.6 |
Attributable to: | |||
Equity holders of Ambev | 14,501.9 | 14,457.9 | 12,671 |
Non-controlling interest | R$ 458.5 | R$ 433.3 | R$ 451.6 |
Basic earnings per share – common – R$ | R$ 0.9211 | R$ 0.9184 | R$ 0.8052 |
Diluted earnings per share – common – R$ | R$ 0.9156 | R$ 0.9123 | R$ 0.7991 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Net income | R$ 14960.4 | R$ 14891.2 | R$ 13122.6 |
Exchange differences on the translation of foreign operations (gains/(losses)) | |||
Investment hedge – put option granted on subsidiaries | 302.6 | 203.8 | 193.6 |
Gains/losses on translation of other foreign operations | (9,637) | (7,067) | 2,364.4 |
Gains/losses on translation of foreign operations | (9,334.4) | (6,863.2) | 2,558 |
Cash flow hedge – gains/(losses) | |||
Recognized in Equity (Hedge reserve) | (364.7) | 38 | 2,311.2 |
Reclassified from Equity (Hedge reserve) and included in profit or loss | 152.6 | (356.7) | (1,829.9) |
Total cash flow hedge | (212.1) | (318.7) | 481.3 |
Items that will not be reclassified to profit or loss: | |||
Recognition of actuarial gains/(losses) | (12.5) | 470.7 | 340 |
Other comprehensive (loss)/income | (9,559) | (6,711.2) | 3,379.3 |
Total comprehensive (loss)/income | 5,401.4 | 8,180 | 16,501.9 |
Attributable to: | |||
Equity holders of Ambev | 5,065.5 | 7,835.5 | 15,943.3 |
Non-controlling interest | R$ 335.9 | R$ 344.5 | R$ 558.6 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Property, plant and equipment | R$ 26630.2 | R$ 30055.7 |
Goodwill | 38,003.6 | 40,594 |
Intangible | 10,041.7 | 9,222.2 |
Investments in joint ventures | 289.1 | 331.9 |
Investment securities | 242.2 | 219.1 |
Deferred tax assets | 7,969.6 | 6,438.8 |
Employee benefits | 57.3 | 56.6 |
Derivative financial instruments | 1.7 | 1.5 |
Recoverable taxes | 11,325.1 | 11,316.3 |
Other assets | 1,520.7 | 1,905.2 |
Non-current assets | 96,081.2 | 100,141.3 |
Investment securities | 277.2 | 454.5 |
Inventories | 9,619 | 12,923 |
Trade receivables | 5,741.5 | 5,349.1 |
Derivative financial instruments | 378 | 272.3 |
Recoverable taxes | 3,435.7 | 2,853.5 |
Other assets | 1,052.7 | 1,037.9 |
Cash and cash equivalents | 16,059 | 14,926.4 |
Current assets | 36,563.1 | 37,816.7 |
Total assets | 132,644.3 | 137,958 |
Equity | ||
Issued capital | 58,177.9 | 58,130.5 |
Reserves | 98,669.4 | 92,246.6 |
Carrying value adjustments | (77,878) | (68,421.5) |
Equity attributable to the equity holders of Ambev | 78,969.3 | 81,955.6 |
Non-controlling interests | 1,174.5 | 1,372.2 |
Total Equity | 80,143.8 | 83,327.8 |
Interest-bearing loans and borrowings | 2,203 | 2,788.1 |
Employee benefits | 2,011.8 | 2,161.1 |
Derivative financial instruments | 11.7 | |
Deferred tax assets | 3,318.4 | 3,725.7 |
Income tax and social contribution payable | 1,487.1 | 1,598.7 |
Taxes and contributions payable | 513.3 | 671 |
Trade payables | 307.3 | 509.4 |
Provisions | 559.6 | 739 |
Put option granted on subsidiaries and other liabilities | 1,083.2 | 1,896.8 |
Non-current liabilities | 11,495.4 | 14,089.8 |
Bank overdrafts | 74.3 | |
Interest-bearing loans and borrowings | 1,298.1 | 982.6 |
Wages and salaries | 2,128.7 | 2,335.8 |
Dividends and interest on shareholders’ equity payable | 1,526.2 | 1,464.8 |
Derivative financial instruments | 751.4 | 729.4 |
Income tax and social contribution payable | 1,340.5 | 1,118.6 |
Taxes and contributions payable | 6,236.6 | 5,812.9 |
Trade payables | 23,195.1 | 24,328.5 |
Provisions | 418.4 | 180.7 |
Put option granted on subsidiaries and other liabilities | 4,110.1 | 3,512.8 |
Current liabilities | 41,005.1 | 40,540.4 |
Total liabilities | 52,500.5 | 54,630.2 |
Total equity and liabilities | R$ 132644.3 | R$ 137958.0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - BRL (R$) R$ in Millions | Issued capital [member] | Capital reserve [member] | Net Income Reserves [Member] | Retained earnings [member] | Carrying Value Adjustments [Member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total |
Beginning balance, value at Dec. 31, 2020 | R$ 57899.1 | R$ 54985.6 | R$ 25920.0 | R$ 64989.0 | R$ 73815.7 | R$ 1335.5 | R$ 75151.2 | |
IfrsStatementLineItems [Line Items] | ||||||||
Net Income | 12,671 | 12,671 | 451.6 | 13,122.6 | ||||
Gains/(losses) on the translation of foreign operations | 2,449.7 | 2,449.7 | 108.3 | 2,558 | ||||
Cash flow hedges | 480.8 | 480.8 | 0.5 | 481.3 | ||||
Actuarial gains/(losses) | 341.8 | 341.8 | (1.8) | 340 | ||||
Total comprehensive income | 12,671 | 3,272.3 | 15,943.3 | 558.6 | 16,501.9 | |||
Capital increase (Note 22) | 143.4 | (134.4) | 9 | 9 | ||||
Effect of application of IAS 29 (hyperinflation) | 2,063.7 | 2,063.7 | 21.4 | 2,085.1 | ||||
Options granted on subsidiaries | (1.9) | (1.9) | (1.9) | |||||
Gains/(losses) of controlling interest | (46.2) | (46.2) | 8.6 | (37.6) | ||||
Tax on deemed dividends | (1.7) | (1.7) | (1.7) | |||||
Dividends paid | (2,099.5) | (2,099.5) | (549.5) | (2,649) | ||||
Interest on shareholder´s equity | (7,400.1) | (7,400.1) | (7,400.1) | |||||
Purchases of shares, results from treasury shares and share-based payments | 336 | 336 | 336 | |||||
Prescribed/(complementary) dividends | 24.7 | 24.7 | 24.7 | |||||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting (Note 22) | 11.8 | (11.8) | ||||||
Fiscal incentive reserve | 1,423.5 | (1,423.5) | ||||||
Investments reserve | 3,848.1 | (3,848.1) | ||||||
Ending balance, value at Dec. 31, 2021 | 58,042.5 | 55,187.2 | 31,191.6 | (61,778.3) | 82,643 | 1,374.6 | 84,017.6 | |
IfrsStatementLineItems [Line Items] | ||||||||
Net Income | 14,457.9 | 14,457.9 | 433.3 | 14,891.2 | ||||
Gains/(losses) on the translation of foreign operations | (6,772.2) | (6,772.2) | (91) | (6,863.2) | ||||
Cash flow hedges | (316.7) | (316.7) | (2) | (318.7) | ||||
Actuarial gains/(losses) | 466.5 | 466.5 | 4.2 | 470.7 | ||||
Total comprehensive income | 14,457.9 | (6,622.4) | 7,835.5 | 344.5 | 8,180 | |||
Capital increase (Note 22) | 88 | (64.3) | 23.7 | 23.7 | ||||
Effect of application of IAS 29 (hyperinflation) | 3,224.5 | 3,224.5 | 9.2 | 3,233.7 | ||||
Gains/(losses) of controlling interest | (2.8) | (2.8) | (0.3) | (3.1) | ||||
Tax on deemed dividends | (6.2) | (6.2) | (6.2) | |||||
Dividends paid | (357.4) | (357.4) | ||||||
Interest on shareholder´s equity | (11,999.8) | (11,999.8) | (11,999.8) | |||||
Purchases of shares, results from treasury shares and share-based payments | 216.8 | 216.8 | 1.6 | 218.4 | ||||
Prescribed/(complementary) dividends | 20.9 | 20.9 | 20.9 | |||||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting (Note 22) | 11.8 | (11.8) | ||||||
Fiscal incentive reserve | 2,018.6 | (2,018.6) | ||||||
Investments reserve | 3,696.7 | (3,696.7) | ||||||
Ending balance, value at Dec. 31, 2022 | 58,130.5 | 55,339.7 | 36,906.9 | (68,421.5) | 81,955.6 | 1,372.2 | 83,327.8 | |
IfrsStatementLineItems [Line Items] | ||||||||
Net Income | 14,501.9 | 14,501.9 | 458.5 | 14,960.4 | ||||
Gains/(losses) on the translation of foreign operations | (9,212.4) | (9,212.4) | (122) | (9,334.4) | ||||
Cash flow hedges | (210.8) | (210.8) | (1.3) | (212.1) | ||||
Actuarial gains/(losses) | (13.2) | (13.2) | 0.7 | (12.5) | ||||
Total comprehensive income | 14,501.9 | (9,436.4) | 5,065.5 | 335.9 | 5,401.4 | |||
Capital increase (Note 22) | 47.4 | (32.9) | 14.5 | 14.5 | ||||
Effect of application of IAS 29 (hyperinflation) | 3,269.4 | 3,269.4 | 8.5 | 3,277.9 | ||||
Options granted on subsidiaries | 6.7 | 6.7 | 6.7 | |||||
Gains/(losses) of controlling interest | (2.6) | (2.6) | (2.6) | |||||
Tax on deemed dividends | (12.4) | (12.4) | (12.4) | |||||
Dividends paid | (543.9) | (543.9) | ||||||
Interest on shareholder´s equity | (11,500.2) | (11,500.2) | (11,500.2) | |||||
Purchases of shares, results from treasury shares and share-based payments | 172.8 | 172.8 | 1.8 | 174.6 | ||||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting (Note 22) | 11.8 | (11.8) | ||||||
Fiscal incentive reserve | 2,552.7 | (2,552.7) | ||||||
Investments reserve | 3,730.2 | (3,730.2) | ||||||
Ending balance, value at Dec. 31, 2023 | R$ 58177.9 | R$ 55479.6 | R$ 43189.8 | R$ 77878.0 | R$ 78969.3 | R$ 1174.5 | R$ 80143.8 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of cash flows [abstract] | |||
Net income | R$ 14960.4 | R$ 14891.2 | R$ 13122.6 |
Depreciation, amortization and impairment | 6,417.9 | 5,956.3 | 5,396.7 |
Impairment losses on receivables and inventory | 358.4 | 351.8 | 200.8 |
Additions/(reversals) in provisions and employee benefits | 233.8 | 232.7 | 244.6 |
Net finance costs | 3,609.8 | 3,423.1 | 3,205.4 |
Losses/(gains) on sale of property, plant and equipment and intangible assets | (86.4) | (88.8) | (142.8) |
Share-based payment expenses | 331.6 | 313.9 | 387.6 |
Income tax expense | 75.5 | (655.6) | 636.6 |
Share of result of joint ventures | 185.3 | 29.1 | 115.7 |
Hedge operations results | (37.9) | (466.6) | (1,852.2) |
Other non-cash items included in profit | (9) | (17.4) | |
Cash flow from operating activities before changes in working capital and use of provisions | 26,039.4 | 23,969.7 | 21,315 |
(Increase)/decrease in trade and other receivables | (1,373.9) | (322.5) | 341.4 |
(Increase)/decrease in inventories | 1,300.9 | (3,088) | (3,499.5) |
Increase/(decrease) in trade and other payables | (223.1) | 726.6 | 6,157.5 |
Cash generated from operations | 25,743.3 | 21,285.8 | 24,314.4 |
Interest paid | (666.1) | (826.3) | (498.2) |
Interest received | 1,248.3 | 1,095 | 377.1 |
Dividends received | 12.9 | 6.6 | 13.1 |
Income tax paid | (1,627) | (919) | (1,305.1) |
Cash flow from operating activities | 24,711.4 | 20,642.1 | 22,901.3 |
Proceeds from sales of property, plant and equipment and intangible assets | 154.1 | 133.9 | 301.7 |
Proceeds from sales of subsidiaries’ operations | 0.5 | ||
Acquisitions of property, plant and equipment and intangible assets | (6,004.1) | (6,533.1) | (7,677.1) |
Acquisitions of subsidiaries, net of cash acquired | (46.5) | (3) | (133.8) |
Acquisitions of other investments | (6.3) | (30) | (5.3) |
Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities | 136.4 | 1,413 | (236) |
Net proceeds/(acquisitions) of other assets | 0.4 | 15 | 15 |
Cash flow from investing activities | (5,766) | (5,004.2) | (7,735) |
Capital increase | 14.5 | 23.8 | 9.1 |
Proceeds/(buyback) treasury shares | (119) | (54.1) | (44.2) |
Acquisitions of non-controlling interest | (0.1) | ||
Proceeds from borrowings | 49.8 | 274.9 | 315.2 |
Repayment of borrowings | (227.4) | (230.2) | (2,454) |
Cash net of finance costs other than interests | (2,731.1) | (3,255.1) | (2,089.6) |
Lease Payments | (1,180.1) | (854.7) | (663.2) |
Dividends and interest on shareholders’ equity paid | (11,921.9) | (12,242.3) | (11,115.3) |
Cash flow from financing activities | (16,115.2) | (16,337.8) | (16,042) |
Net increase/(decrease) in cash and cash equivalents | 2,830.2 | (699.9) | (875.7) |
Cash and cash equivalents less bank overdrafts at the beginning of the year | 14,852.1 | 16,597.2 | 17,090.3 |
Effect of exchange rate fluctuations on cash and cash equivalents | (1,623.3) | (1,045.2) | 382.6 |
Cash and cash equivalents less bank overdrafts at the end of the year | R$ 16059.0 | R$ 14852.1 | R$ 16597.2 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information | |
CORPORATE INFORMATION | 1. CORPORATE INFORMATION 1.1 Description of business Ambev S.A. (referred to as the “Company” or “Ambev”) together with its subsidiaries (the “Group” or “Consolidated”), headquartered in São Paulo - SP, Brazil, has as its purpose, either directly or through participation in other companies, the production and sale of beer, draft beer, soft drinks, other non-alcoholic beverages, malt and food in general, as well as the advertising of its own and of third party products, the sale of promotional and advertising materials and the direct or indirect exploitation of bars, restaurants, snack bars and similar establishments, among others. The Group portfolio includes several own brands, like Brahma®, Skol®, Antarctica®, Colorado®, Bohemia®, Serramalte®, Quilmes®, Patagonia®, Guaraná Antarctica®, Beats® among others, and licensed brands, like Budweiser®, Corona®, Stella Artois®, Spaten® Beck’s® and Mike’s®. The Company’s shares and American Depositary Receipts (“ADRs”) are listed on the Brasil, Bolsa, Balcão S.A. (“B3”), under the ticker “ABEV3” and on the New York Stock Exchange (“NYSE”) under the ticker “ABEV”, respectively. The Company’s direct controlling shareholders are Interbrew International B.V. (“ITW International”), AmBrew S.à.r.l (“Ambrew”), both of which are subsidiaries of Anheuser-Busch InBev N.V. (“AB InBev”) and Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência (“Fundação Zerrenner”). 1.2 Major corporate events in 2023, 2022 and 2021 1.2.1 Notification of ELJ to exercise the put option under the Tenedora Shareholders' Agreement The Company and E. León Jimenes, S.A. (“ELJ”), as the shareholders of Tenedora CND, S.A. (“Tenedora”), a holding company headquartered in the Dominican Republic, the owner of almost the entire share capital of Cervecería Nacional Dominicana, S.A., on July 2, 2020, signed the second amendment to Tenedora’s Shareholders Agreement (the “Shareholders Agreement”), extending their partnership in the country and postponing the terms of the put and call options defined in the original Agreement. At December 31, 2023, ELJ was the owner of 15 12.11 2.89 Events after the reporting period 1.2.2 New distribution agreement of Corona in Canada As at December 2023, the Company renegotiated the licensing contract with Trademarks Grupo Modelo, S. de R.L. de C.V., subsidiary of the AB Inbev, subsidiary of the Company in Canada, shall pay the licensor a single payment of R$ 869 1.2.3 Tax Credits – 2022 and 2023 After the decision of the Supreme Federal Court ("STF") in the judgment of RE 574,706/PR, delivered in 2017 and ratified in May 2021, which declared unconstitutional the inclusion of ICMS in the calculation basis of PIS and COFINS, in September 2021 the National Treasury Attorney's Office ("PGFN") published Opinion PGFN 14,483/2021 in which it brought the agency's understanding about the procedures to be observed by the Tax Administration regarding the subject, especially regarding the impacts of said exclusion on the PIS and COFINS credits recorded by the acquirers in inbound operations. As a result of these events, the Company concluded in 2022 analyses that allowed the accounting recognition of R$ 1.2 Furthermore, on December 13, 2023, the Superior Court of Justice ("STJ") concluded the judgment of Theme 1,125, confirming the understanding that ICMS collected under the substitution tax system should also be excluded from the calculation bases of PIS and COFINS of the taxpayer's substitutes. The judgment of this decision is still pending publication. Regarding this subject, from 2017 to 2023, the Company and its subsidiaries recognized tax credits in the amount of R$ 1.4 407.1 218 189.1 1.2.4 Share buyback program The Board of Directors, in a meeting held on May 18, 2023, approved, pursuant to article 30, 1 st 13,000,000 4,393,610,429 UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A. 1.2.5 COVID-19 pandemic impacts The impact of the pandemic on our operations and the restrictions imposed in response by national governments, especially since March 2020, have generated significant changes in market dynamics both in the off-trade sales channel, mainly comprised of supermarkets, and in the on-trade channel, which consists of bars and restaurants. In each case, the more severe the restrictions on the marketing and consumption of our products, the greater the reduction in volume, which is why Bolivia and Panama were the most affected countries, especially in fiscal year 2021. On the other hand, we observed an increase in sales related to e-commerce in all countries, although this channel represents a small portion of the Company’s total volume. In early 2022, our operations, mainly in Brazil, were impacted by the wave of the Omicron variant of COVID-19, which, combined with factors such as unfavorable weather, negatively impacted our sales. From the second quarter on, with the progress of the vaccination programs and the greater control over the advance of the COVID-19 pandemic, there was a relaxation of the restrictions in the regions in which we operate, favoring the recovery of the on-trade channel. In Brazil, the consistent implementation of the Company's strategy combined with the context of relaxed restrictions and the return of occasions for out-of-home consumption generated a positive volume trend, with growth in both volume and net revenue compared to the same 2021 period. As required by IAS 1 - Presentation of Financial Statements Goodwill Any impacts arising from these analyses are reflected in the financial statements and disclosed in explanatory notes. In addition, due to the protective actions taken for its staff and the donations made by its community, the Company incurred exceptional expenses of R$16.7 at December 31, 2022 as reported in Note 8 - Exceptional items |
BASIS OF PREPARATION AND PRESEN
BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS | 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared using the going concern basis of accounting and are being presented in accordance with the International Financial Reporting Standards (“IFRS®”) issued by the International Accounting Standards Board (“IASB®”), effective as at December 31, 2023 and disclose all (and only) the applicable significant information related to the financial statements, which is consistent with the information utilized by Management in the performance of its duties. The measurement basis used in preparing the financial statements is the historical cost, net realizable value, fair value or recoverable amount. In preparing the financial statements, management uses judgments, estimates and assumptions that affect the application of accounting practices and the reported amounts of assets, liabilities, income and expenses. The relevant estimates and judgments are disclosed in Note 4 - Use of estimates and judgments The financial statements were approved, in their final form, by the Board of Directors on March 11, 2024. 2.1 Functional and presentation currency The functional and presentation currency of the Company financial statements is the Brazilian Real, which is the currency of its main economic operating environment. For presentation purposes, the financial statements are presented in millions of Brazilian Reais (“R$”), unless otherwise indicated, rounded to the nearest million. Foreign currency transactions are accounted for at the exchange rates prevailing as at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated using the balance sheet date rate. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing as at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies stated at fair value are translated at the exchange rate in force as at the date on which the fair value was determined. Gains and losses arising from the settlement of transactions in foreign currencies and resulting from the conversion of assets and liabilities denominated in foreign currencies are recognized in the income statement. Assets and liabilities of subsidiaries located abroad are translated at the foreign exchange rates prevailing at the balance sheet date, while amounts from the income statement and cash flow are translated at the average exchange rate for the year, and changes in equity are translated at the historical exchange rate of each transaction. Translation adjustments arising from the difference between the average exchange rates and the historical rates are recorded directly in Carrying value adjustments. In the consolidation process, exchange differences arising from the translation of equity in foreign operations and borrowing and other currency instruments designated as net investment hedges are recognized in Carrying value adjustments, an equity reserve, and included in Other comprehensive income. Even when recorded in the acquiring entity, the goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the foreign exchange rate at the balance sheet date. 2.1.1 Exchange rates The most significant exchange rates used for the preparation of the Company’s financial statements are as follow: Schedule of exchange rates Closing rate Average rate Currency Name Country 2023 2022 2021 2023 2022 2021 CAD Canadian Dollar Canada 3.6536 3.8540 4.3914 3.7048 3.9807 4.2960 DOP Dominican Peso Dominican Republic 0.0831 0.0925 0.0970 0.0892 0.0937 0.0938 USD US Dollar Panamá and Cuba 4.8413 5.2177 5.5805 5.0085 5.1644 5.3687 GTQ Quetzal Guatemala 0.6189 0.6623 0.7201 0.6398 0.6649 0.6954 ARS Argentinean Peso Argentina 0.0060 0.0295 0.0543 0.0170 0.0403 0.0568 BOB Bolivian Peso Bolivia 0.6956 0.7497 0.8018 0.7196 0.7420 0.7714 PYG Guarani Paraguay 0.0007 0.0007 0.0008 0.0007 0.0007 0.0008 UYU Uruguayan Peso Uruguay 0.1241 0.1302 0.1249 0.1291 0.1253 0.1236 CLP Chilean Peso Chile 0.0055 0.0061 0.0066 0.0059 0.0059 0.0071 BBD Barbadian Dollar Barbados 2.3866 2.5721 2.7510 2.4690 2.5458 2.6465 |
SUMMARY OF MATERIAL ACCOUNTING
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Material Accounting Policies | |
SUMMARY OF MATERIAL ACCOUNTING POLICIES | SUMMARY OF MATERIAL ACCOUNTING POLICIES The accounting practices adopted by the Company are consistent in all the years presented. There were no changes in accounting policies and in calculation methods used for the annual financial statements as at December 31, 2023, compared to those presented in the financial statements for the years ended December 31, 2022, and 2021. For better understanding, the material accounting policies adopted by the Company and applied in the preparation of these financial statements have been included in the respective accompanying notes, except for the policies described below, which may permeate more than one subject of the financial statements and have therefore been summarized in this accompanying note. 3.1 Recently issued IFRS The new standards, which became effective are not applicable or did not have any material impact for the Company for the preparation of these consolidated financial statements. Below are the main changes in accounting standards which, in management's opinion, could have an impact on the Company's subsequent disclosures: (i) On May 25, 2023, the IASB® published amendments to IAS 7 – Statement of Cash Flows Financial Instruments: Disclosures Trade payables (ii) In August 2023, the IASB® issued amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates (iii) In December 2021, the Organisation for Economic Cooperation and Development ("OECD"), as part of the Inclusive Framework on Base Erosion and Profit Shifting ("BEPS") project, released the Pillar Two model rules (or Global Anti-Base Erosion Model Rules - GloBE), aiming at a common approach to international corporate taxation, in order to ensure that multinational economic groups within the scope of these rules calculate taxes on profit at a minimum effective rate of 15% in each country where they operate. These rules will have to be approved locally in each country that adheres the proposal, via applicable legislation, some of which have already promulgated new laws or are in the process of discussing and approving them. In May 2023, the IASB® issued scope changes to IAS 12 – Income Taxes In addition of these, the Company does not anticipate that there are any other standards or amendments to IFRS® standards or IFRIC interpretations that have not come into force yet and that could have a significant impact on the Group's individual and consolidated financial statements. 3.2 Consolidated financial statements The financial statements of subsidiaries, joint arrangements and associates used in these consolidated financial statements are prepared for the same reporting period as Ambev, using a consistent accounting policy. All intercompany transactions, balances and unrealized gains or losses on transactions between consolidated companies were integrally eliminated. 3.2.1 Subsidiaries The Company controls an entity when it is exposed to or has rights to variable returns due to its involvement with the entity, and it can affect those returns through its power over the entity. When assessing control, potential voting rights are considered. Control is presumed to exist where the Company owns, directly or indirectly, more than half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not confer control. Subsidiaries are consolidated from the date on which control is obtained by the Company, except when the predecessor basis of accounting is applied to transactions of business combinations under common control. Consolidation is discontinued from the date on which control ceases. 3.2.2 Associates Associates are companies which the Company has significant influence over the financial and operational policies but does not control. 3.2.3 Joint arrangements Joint arrangements are all entities over which the Company shares control with one or more parties. Joint arrangements are classified either as joint operations or joint ventures depending on the contractual rights and obligations of each investor. 3.2.4 Business combination Ambev uses the acquisition method to account its business combinations. The consideration transferred for the acquisition of a subsidiary represents the fair value of the assets transferred, the liabilities incurred, and the equity interest issued by Ambev. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration agreement, when applicable. Costs related to the acquisition are recognized in income as they are incurred. Assets, liabilities and contingent liabilities acquired/assumed in a business combination are recognized initially at their fair value as at the acquisition date. Ambev recognizes the non-controlling interest in the acquiree, either at its fair value or at the non-controlling interest’s proportional share of the net assets acquired. The measurement of the non-controlling interest to be recognized is determined for each acquisition. The excess of: (i) the consideration paid; plus (ii) the amount of any non-controlling interests in the acquiree (when applicable); and (iii) the fair value, at the acquisition date, of any previous equity interest in the acquiree, over the fair value of the net identifiable assets acquired, at the date of acquisition, is recorded as goodwill. When the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized directly in income. 3.2.5 Business combination between entities under common control Business combinations between entities under common control have not been addressed under IFRS how they should be disclosed remains unclear. IFRS 3 - Business Combinations 3.2.5.1 Predecessor basis of accounting In accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors Under the predecessor basis of accounting, when accounting for a transfer of assets between entities under common control, the entity that receives the net assets or the equity interests (the acquirer) shall initially record the assets and liabilities transferred at their parent book value as at the transfer date. If the book value of the assets and liabilities transferred by the parent is different from the historical cost recorded by the controlling entity of the entities under common control (the ultimate parent), the financial statements of the acquirer shall reflect the assets and liabilities transferred at the same cost of the ultimate parent, as a counter-entry to shareholders' equity against the carrying value adjustments. 3.2.5.2 Assets Swap For transactions between entities under common control that involve the disposal or transfer of assets from the subsidiary to its parent company (i.e., above the level of the consolidated financial statements), the Company assesses the existence of: (i) any conflicts of interest; and (ii) the economic substance and purpose of the transaction. Having fulfilled these assumptions, the Company adopted as a policy the concepts of IAS 16 – Property, Plant and Equipment Whenever assets distributed are not recorded as cash, the asset, before distribution, is recorded at its fair value in the income account. This procedure is applicable to distributions where the assets are of the same nature and therefore can be treated equally. However, similarly to IFRIC 17 - Distributions of Non-cash Assets to Owners 3.3 Financial reporting in hyperinflationary economies Under IAS 29 – Financial Reporting in Hyperinflationary Economies To determine if the economy of any of its operations is , the Company assesses quantitative and qualitative aspects of the country's economic environment, such as the inflation rate recorded over the last three years. On July 1, 2018, the Argentine economy was considered by the Company to be , under the terms of IAS 29, considering the increase in the official price indices accumulated in the period (National Consumer Price Index - "IPC"), measured by INDEC (National Institute of Statistics and Census). Since the company does not operate directly in a economy, but one of its subsidiaries does, the restatement of comparative balances from previous years is not carried out, in accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates 3.4 Present value adjustment The elements of assets and liabilities, when relevant, are adjusted to their present value, considering the following assumptions for the calculation: i) the amount to be discounted; ii) the settlement dates; and iii) the discount rate, in accordance with IFRS 13 - Fair Value Measurement 3.5 Tax incentives and subsidized loans The Company and its subsidiaries enjoy state tax benefits in Brazil, provided by government grants. Referred grants may be as rate reduction, calculation basis reduction, financing or subsidized loans, assumed credits, effective collection, payment deferral or partial reductions of state tax payable. The effective collection incentives are recorded in the operating net revenue, by its nature, as the others are recognized in other operating income. Among the tax incentives granted to the Company, there are state tax incentive programs to promote industrial development either by financing or by deferring payment of taxes. These state programs are intended to promote long-term increases in employment and industrial decentralization, as well as to complement and diversify the industrial states. In the case of these programs, the tax terms are set out in the respective state normative acts and, when conditions for obtaining these grants exist, they are under the Company's control. Such benefits comply with the systematic set by Complementary Federal Law 160/2017 and by Convênio CONFAZ 190/2017. The benefits of the delayed payment of such taxes are recorded in the income statement, on an accrual basis. Since it is benefits on financing category or tax payment deferring, as the interest rates and/or terms of these loans are advantageous compared to market conditions, these benefits are considered as subsidized loans as intended by IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance . The respective subsidies consist of the gains identified by comparing the value of these operations under the market conditions to the value agreed in the contracts. Thereby, upon receipt of funding, the subsidy calculated is recorded in Other operating income, following the treatment for the other ICMS subsidies of similar nature. Management reviews the market conditions prevailing in the year to assess such subsidies on an annual basis. Monthly, considering the value of the consideration, the period to maturity, the contract interest rate and the abovementioned discount rate, the reduction in present value adjustment is allocated to financial income, so as to bring the balance to zero by the time of settlement of each consideration. Such financing is recognized as liability adjusted to its present value. When there is an intervening financial institution in the transaction, the financing is recorded at “Interest-bearing loans and borrowings”, otherwise, its recorded at “Trade payables”, because of the underlying economic essence and nature of the transaction. |
USE OF ESTIMATES AND JUDGMENTS
USE OF ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
USE OF ESTIMATES AND JUDGMENTS | 4. USE OF ESTIMATES AND JUDGMENTS The preparation of financial statements in compliance with IFRS requires Management to make use of judgments, estimates and assumptions that affect the application of accounting practices and the reported amounts of assets and liabilities, income and expenses. The estimates and assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for decision-making regarding judgments regarding the carrying amounts of assets and liabilities that are not readily evident from other sources. The actual results may differ from these estimates. The estimates and assumptions are reviewed on a regular basis. Changes in accounting estimates may affect the period during which they are realized, or future periods. Although each significant accounting policy reflects judgments, assessments or estimates, the Company believes that the following accounting practices reflect the most critical judgments, estimates and assumptions that are important to its business operations and the understanding of its results: Note Accounting policies that reflect significant estimates and judgments 3.2.3 Joint arrangements 3.2.4 Business combination 3.2.5 Business combination between entities under common control 3.3 Financial reporting in hyperinflationary economies 3.4 Present value adjustment 3.6 Tax incentives and subsidized loans 18 Recognition of assets and liabilities relating to extemporaneous tax debits or credits 13 Current and deferred tax 14 Leases 16 Impairment 24 Measurement of employee benefits 25 Share-based payments 27 Provisions and contingent liabilities, including tax contingencies 28 Measurement of financial instruments, including derivatives |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SEGMENT REPORTING | 5. SEGMENT REPORTING (a) Reportable segments - Years ended: Schedule of segment reporting Brazil CAC Latin America - South Canada Consolidated 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net sales 46,361.7 42,635.8 35,586.5 10,044.8 9,440.1 9,947.4 13,797.2 17,371.2 16,571.7 9,533.2 10,261.7 10,748.7 79,736.9 79,708.8 72,854.3 Cost of sales (23,516.1) (22,736.8) (18,309.1) (5,035.1) (4,860.8) (4,727.9) (6,657.3) (8,553.1) (8,235.7) (4,083.1) (4,271.4) (4,387.0) (39,291.6) (40,422.1) (35,659.7) Gross profit 22,845.6 19,899.0 17,277.4 5,009.7 4,579.3 5,219.5 7,139.9 8,818.1 8,336.0 5,450.1 5,990.3 6,361.7 40,445.3 39,286.7 37,194.6 Distribution expenses (6,428.6) (6,111.1) (5,123.1) (853.1) (1,020.7) (872.7) (1,614.3) (2,159.5) (2,010.1) (1,854.6) (2,104.0) (1,926.8) (10,750.6) (11,395.3) (9,932.7) Sales and marketing expenses (4,477.0) (4,065.0) (3,440.3) (665.1) (645.5) (693.3) (1,190.0) (1,426.9) (1,542.9) (1,080.4) (1,200.0) (1,359.0) (7,412.5) (7,337.4) (7,035.5) Administrative expenses (3,563.2) (3,346.0) (3,006.2) (413.0) (333.6) (427.7) (659.5) (835.0) (832.0) (638.0) (722.2) (611.5) (5,273.7) (5,236.8) (4,877.4) Other operating income/(expenses) 1,892.5 2,361.3 2,096.0 26.3 (52.9) 12.4 95.0 192.7 38.8 15.1 12.8 (23.1) 2,028.9 2,513.9 2,124.1 Exceptional items (137.8) (34.5) (210.1) (17.9) (16.1) (46.7) (47.6) (60.5) (115.4) (3.1) (32.2) (20.6) (206.4) (143.3) (392.8) Income from operations 10,131.5 8,703.7 7,593.7 3,086.9 2,510.5 3,191.5 3,723.5 4,528.9 3,874.4 1,889.1 1,944.7 2,420.7 18,831.0 17,687.8 17,080.3 Net finance costs (3,609.8) (3,423.1) (3,205.4) Share of results of joint ventures (185.3) (29.1) (115.7) Income before income tax 15,035.9 14,235.6 13,759.2 Income tax expense (75.5) 655.6 (636.6) Net income 14,960.4 14,891.2 13,122.6 Acquisition of property, plant and equipment 3,365.5 4,062.9 4,645.1 593.4 968.4 801.6 782.2 1,112.8 1,665.4 1,263.0 389.0 565.0 6,004.1 6,533.1 7,677.1 Brazil CAC Latin America - South Canada Consolidated 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Segment assets 56,974.2 57,353.8 54,609.4 13,692.3 15,385.6 15,351.9 16,085.1 22,044.5 21,583.0 15,856.9 16,093.3 18,016.6 102,608.5 110,877.2 109,560.9 Intersegment elimination (2,162.1) (2,533.0) (2,868.5) Non-segmented assets (i) 32,197.9 29,613.8 31,910.1 Total assets 132,644.3 137,958.0 138,602.5 Segment liabilities 28,841.3 29,153.2 27,611.2 4,981.5 5,098.0 5,414.4 5,095.4 6,843.6 7,843.6 5,131.0 5,053.7 6,156.5 44,049.2 46,148.5 47,025.7 Intersegment elimination (2,161.8) (2,534.2) (2,869.1) Non-segmented liabilities (i) 90,756.9 94,343.7 94,445.9 Total liabilities 132,644.3 137,958.0 138,602.5 (i) The balance of non-segmented assets refers mainly to cash and cash equivalents, taxes and investments. The balance of non-segmented liabilities, in turn, refers mainly to equity values, taxes and derivatives. Non-current assets attributed to Brazil (country of domicile of the company) and Canada amounted to R$ 45.1 13.9 44.6 13.7 42.6 15.6 6.3 10.1 9.2 5.9 9.7 9.1 (b) Additional information - by Business unit - Years ended: Schedule of additional information Brazil Beer NAB Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net sales 38,985.9 35,857.9 30,537.1 7,375.8 6,777.9 5,049.4 46,361.7 42,635.8 35,586.5 Cost of sales (19,377.7) (18,765.3) (15,382.0) (4,138.4) (3,971.5) (2,927.1) (23,516.1) (22,736.8) (18,309.1) Gross profit 19,608.2 17,092.6 15,155.1 3,237.4 2,806.4 2,122.3 22,845.6 19,899.0 17,277.4 Distribution expenses (5,171.9) (4,988.6) (4,263.1) (1,256.7) (1,122.5) (860.0) (6,428.6) (6,111.1) (5,123.1) Sales and marketing expenses (3,969.4) (3,596.8) (3,096.2) (507.6) (468.2) (344.1) (4,477.0) (4,065.0) (3,440.3) Administrative expenses (3,106.0) (2,928.8) (2,616.1) (457.2) (417.2) (390.1) (3,563.2) (3,346.0) (3,006.2) Other operating income/(expenses) 1,474.1 1,884.5 1,711.3 418.4 476.8 384.7 1,892.5 2,361.3 2,096.0 Exceptional items (137.8) (30.6) (202.0) - (3.9) (8.1) (137.8) (34.5) (210.1) Income from operations 8,697.2 7,432.3 6,689.0 1,434.3 1,271.4 904.7 10,131.5 8,703.7 7,593.7 Net finance costs (2,050.6) (1,110.3) (858.1) Share of results of joint ventures (179.0) (38.3) (11.7) Income before income tax 7,901.9 7,555.1 6,723.9 Income tax expense 2,214.9 2,787.7 1,953.2 Net income 10,116.8 10,342.8 8,677.1 Accounting policies Reportable segments are consistently presented on the internal reporting regularly reviewed by the Company’s chief operating decision maker, the Chief Executive Officer, for the purpose of evaluating the performance of each segment and allocating resources to those segments. The information is prepared based on available financial data that is directly attributable to the segment or the information that can be allocated on a reasonable basis. Therefore, the segment reporting is presented by geographical zone, since the risks and rates of return are predominantly affected by the fact that the company operates in different regions. Performance information by business unit (Beer and Non-alcoholic beverages (“NAB”)), is also presented to the Company’s chief operating decision maker and is disclosed as additional information, even though it does not qualify as a segment. The Company conducts its operations across four business segments, as follow: ▪ Brazil, where the Company operates two business subunits: (i) beer and (ii) non-alcoholic beverages (NAB). ▪ Central America and Caribbean (“CAC”), which includes direct operations in the Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala (which also serves El Salvador, Nicaragua and Honduras), Barbados and Panama. ▪ Latin America South (LAS), which includes operations in Argentina, Bolivia, Chile, Paraguay and Uruguay. ▪ Canada, represented by the operations of Labatt Brewing Company Ltd. Our chief operating decision maker uses income from operations as the main measure of segment profitability. In accordance with IFRS 8 - Segment Information |
NET SALES
NET SALES | 12 Months Ended |
Dec. 31, 2023 | |
Net Sales | |
NET SALES | 6. NET SALES In compliance with the Brazilian Federal Law 6,404/76, Company discloses the reconciliation between gross and net sales presented in the consolidated income statement. The values by each operational segment are disclosed in note 5 – Segment reporting Schedule of net sales 2023 2022 2021 Gross sales 120,117.7 125,907.2 110,162.7 Excise duty (25,227.5) (24,851.4) (22,052.6) Discounts (15,153.3) (21,347.0) (15,255.8) Total 79,736.9 79,708.8 72,854.3 At December 31, 2023, the Company calculated R$ 1,467.2 1,245.8 1,048.3 Accounting Policies The Company recognizes revenue when the performance obligations are satisfied, that is, when the Company or its subsidiaries transfer control of a product to a customer. Revenue represents the fair value of the amount received or receivable upon the sale of products or the rendering of services in the ordinary course of Group’s business. Revenue is presented net of taxes, returns, rebates and discounts, as well as net of the elimination of sales between the consolidated companies. Revenue is measured based on the consideration, which the Company expect to have right in contracts with customers and collected on behalf of third parties. Revenue recognition is based on the approach of IFRS 15 - Revenue from Contracts with Customers · Identifying the contract with a customer. · Identifying performance obligations in the contract. · Determining the transaction price. · Allocating the transaction price to performance obligations in the contracts. · Revenue recognition when the performance obligations have been satisfied, meaning when the company transfers control of a product to a customer. Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. These trade incentives are treated as variable consideration. If the consideration includes a variable component, the company estimates the amount of consideration to which it will be entitled for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the respective uncertainty is resolved. The gross sales obtained by the Company, in general, are subject to the incidence of certain taxes and contributions, which are calculated and paid to fiscal authorities in accordance with current municipal, state and federal legislation, and does not result in Group’s equity increase. These taxes and contributions are deducted from gross sales and relate substantially to tax on transactions concerning the circulation of goods (“ICMS”), social integration program (“PIS”), contribution to social security financing (“COFINS”) in Brazil. |
OTHER OPERATING INCOME_(EXPENSE
OTHER OPERATING INCOME/(EXPENSES) | 12 Months Ended |
Dec. 31, 2023 | |
Other Operating Incomeexpenses | |
OTHER OPERATING INCOME/(EXPENSES) | OTHER OPERATING INCOME/(EXPENSES) Schedule of other operating income 2023 2022 2021 Government grants/net present value of long-term fiscal incentives 1,573.2 1,289.3 853.2 Extemporaneous credits/(debits) (i) 218.0 1,013.9 1,219.0 (Additions)/reversals of provisions (77.7) (77.2) (71.4) Gains/(losses) on disposals of property, plant and equipment, intangible assets and the operations of associates 86.4 88.8 66.1 Other operating income/(expenses), net 229.0 199.1 57.2 Total 2,028.9 2,513.9 2,124.1 (i) As detailed in Notes 1 – Corporate information Contingencies Accounting policies The Company recognizes, in other operating income/(expenses) line, government incentives granted as rate reduction, calculation basis reduction, financing or subsidized loans, assumed credit, deferred payment or partial reductions of due state tax payable. Government grants are not recognized until there is reasonable assurance that the Company and subsidiaries will meet the respective conditions and obligations related to governmental terms. |
EXCEPTIONAL ITEMS
EXCEPTIONAL ITEMS | 12 Months Ended |
Dec. 31, 2023 | |
Exceptional Items | |
EXCEPTIONAL ITEMS | 8. EXCEPTIONAL ITEMS Schedule of exceptional items 2023 2022 2021 Restructuring (i) (109.4) (101.8) (165.4) COVID-19 impacts (ii) - (16.7) (134.3) Legal fees (iii) (94.7) - - Effect of application of IAS 29 (hyperinflation) (2.3) (8.2) (11.1) Distribution agreement (iv) - - (82.0) Write-off of investments (v) - (16.6) - Total (206.4) (143.3) (392.8) (i) The restructuring expenses primarily related to centralization projects and resizing in Brazil, Latin America CAC and Canada. (ii) COVID-19 expenses refer to (a) additional administrative expenses to ensure the safety of the Company’s people (increased frequency of cleaning at the Company’s facilities, providing alcohol gel and masks for our employees); (b) donations; (c) Company initiatives providing support for some customer ecosystems, which were necessary due to the COVID-19 pandemic. (iii) In 2003 some holders of warrants issued by Cervejaria Brahma filed lawsuits to discuss the criteria used in calculating the exercise price of such warrants. In 2023, the Company obtained some final favorable decisions on the matter, which was already classified as a remote loss. The amount recorded in this line refers to the provision for legal fees related to this matter. (iv) Refers to distribution agreement with our strategic partner in Guatemala. (v) Refers to an investment write-off of a business line in Canada Accounting Policies Exceptional items are those that, considering their peculiarities, in Management’s judgment need to be disclosed separately. In determining whether an event or transaction is exceptional, Management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence, and the potential impact on the variations in profit or loss. These items are disclosed in the income statement or separately disclosed in the notes to the financial statements. Transactions that may give rise to exceptional items are principally restructuring activities, amnesties, acquisitions of subsidiaries, impairment losses, and gains or losses on disposal of assets and investments. |
PAYROLL AND RELATED BENEFITS
PAYROLL AND RELATED BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Payroll And Related Benefits | |
PAYROLL AND RELATED BENEFITS | 9. PAYROLL AND RELATED BENEFITS Schedule of payroll and related benefits 2023 2022 2021 Wages and salaries 4,550.2 4,496.1 4,162.6 Social security contributions 1,322.3 1,239.7 1,016.0 Other personnel costs 970.7 1,075.9 1,076.1 Increase in liabilities for defined benefit plans 145.6 157.8 178.2 Share-based payments 333.4 311.6 391.5 Contributions to defined contribution plans 91.3 82.0 74.1 Total 7,413.5 7,363.1 6,898.5 The payroll expenses and related benefits are presented in the income statement as shown below: Schedule of payroll expenses and related benefits 2023 2022 2021 Cost of sales 2,629.6 2,510.4 2,247.9 Distribution expenses 1,289.9 1,396.3 1,286.8 Commercial expenses 1,321.3 1,504.8 1,480.9 Administrative expenses 1,907.6 1,798.7 1,699.1 Net finance costs 114.3 107.8 115.6 Other operating (income)/expenses (1.3) 1.5 - Exceptional items 152.1 43.6 68.2 Total 7,413.5 7,363.1 6,898.5 |
ADDITIONAL INFORMATION ON COST
ADDITIONAL INFORMATION ON COST OF SALES AND OPERATING EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2023 | |
Additional Information On Cost Of Sales And Operating Expenses By Nature | |
ADDITIONAL INFORMATION ON COST OF SALES AND OPERATING EXPENSES BY NATURE | ADDITIONAL INFORMATION ON COST OF SALES AND OPERATING EXPENSES BY NATURE Depreciation, amortization and impairment expenses are included in the following income statement accounts for the years ended in December 31,2023, 2022 and 2021: Schedule of depreciation, amortization and impairment expenses Depreciation and impairment of property, plant and equipment Amortization of intangible assets 2023 2022 2021 2023 2022 2021 Cost of sales (i) 3,552.5 3,413.3 3,326.6 13.2 16.4 16.4 Distribution expenses 1,098.3 893.5 654.1 - - - Commercial expenses 613.7 660.7 700.3 148.6 113.2 84.3 Administrative expenses 464.1 474.4 331.4 524.8 372.6 304.2 5,728.6 5,441.9 5,012.4 686.6 502.2 404.9 (i) These amounts added to R$ 2,629.6 2,510.4 2,247.9 Payroll and related benefits 6,195.3 5,940.1 5,591 33,096.3 34,482 30,068.7 |
NET FINANCE RESULT
NET FINANCE RESULT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
NET FINANCE RESULT | NET FINANCE RESULT Schedule of net finance result 2023 2022 2021 Finance expenses Interest expense (2,432.2) (2,328.3) (1,431.8) Net Interest on pension plans (114.3) (107.9) (115.6) Losses on hedging instruments (1,675.1) (3,158.4) (2,540.2) Interest on provision for disputes and litigation (269.2) (456.6) (290.0) Exchange differences (1,154.0) (751.1) (453.9) Tax on financial transactions (178.3) (339.6) (216.6) Bank guarantee expenses (249.8) (176.1) (174.9) Other financial results (207.2) (574.2) (204.8) Total of finance expenses (6,280.1) (7,892.2) (5,427.8) Finance income Interest income 2,085.6 2,167.7 1,101.6 Interest and foreign exchange rate on loans to/from related parties 119.2 37.1 42.5 Financial instruments at fair value through profit or loss - 95.5 77.0 Other financial results 289.4 565.3 78.9 Total 2,494.2 2,865.6 1,300.0 Effect of application of IAS 29 (hyperinflation) 176.1 1,603.5 922.4 Total of finance income 2,670.3 4,469.1 2,222.4 Net finance result (3,609.8) (3,423.1) (3,205.4) Interest expenses are presented net of the effects of interest rate derivative financial instruments which mitigate Ambev’s interest rate risk (Note 28 - Financial instruments and risks Schedule of interest expenses 2023 2022 2021 Financial instruments measured at amortized cost (644.1) (764.0) (466.0) Financial instruments at fair value through profit or loss (i) (1,788.1) (1,564.3) (965.8) Total (2,432.2) (2,328.3) (1,431.8) (i) Include R$ 1,231 654 Interest income arises from the following financial assets: Schedule of interest income 2023 2022 2021 Cash and cash equivalents 1,072.2 791.6 329.5 Investment on debt securities 49.2 175.9 84.7 Other receivables (i) 964.2 1,200.2 687.4 Total 2,085.6 2,167.7 1,101.6 (i) Refers, mainly, to monetary adjustment of recoverable tax. Accounting policies a) Finance expenses Finance expenses comprises, in general, of interest payable on loans and borrowing, calculated using the effective interest rate method, trade payables present value adjustment, expenses related to bank guarantees, monetary adjustments resulting from disputes and litigations, foreign exchange losses, losses on currency hedging instruments intended for the offsetting of currency gains, results on interest rate hedging instruments, losses on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as held for trading, impairment losses on financial assets classified as available for sale, and as any losses due to hedge ineffectiveness. All interest costs incurred in connection with borrowing or financial transactions, including transaction costs, are expensed as incurred as part of finance expenses, except when capitalized. The interest expenses component of finance lease payments is also recognized in the income statement using the effective interest rate method. b) Finance income Finance income comprises, in general, of interest received or receivable on funds invested, monetary updates arising from legal disputes, foreign exchange gains, gains on currency hedging instruments intended for offsetting currency losses, gains on hedging instruments that are not part of a hedge accounting relationship, gains on financial assets classified as at fair value through profit or loss, and as any gains due to hedge ineffectiveness. Interest income is recognized on an accruals basis unless collectability is in doubt. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The tables below present the calculation of earnings per share (“EPS”) Basic and Diluted: Schedule of earnings per share Basic 2023 2022 2021 Numerator Income attributable to the Ambev equity holders 14,501.9 14,457.9 12,671.0 Denominator Weighted average number of shares (i) (non diluted) 15,744.8 15,741.9 15,736.9 Basic EPS 0.9211 0.9184 0.8052 Diluted 2023 2022 2021 Numerator Income attributable to the Ambev equity holders 14,501.9 14,457.9 12,671.0 Denominator Weighted average numbers of shares (i) (diluted) 15,838.6 15,848.6 15,857.5 Diluted EPS 0.9156 0.9123 0.7991 (i) Million shares Accounting Policies The calculation of basic earnings per share is based on the net income attributable to Ambev equity holders and the weighted average number of shares outstanding during the year. The diluted earnings per share of the stock option and deferred stock is based on the net income attributable to the equity holders of Ambev, adjusted by the weighted average number of shares outstanding during the year to assume the conversion of all potentially dilutive shares. |
INCOME TAX AND SOCIAL CONTRIBUT
INCOME TAX AND SOCIAL CONTRIBUTION | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax And Social Contribution | |
INCOME TAX AND SOCIAL CONTRIBUTION | 13. INCOME TAX AND SOCIAL CONTRIBUTION 13.1 Income tax and social contribution The income tax and social contribution taxes are based on tax rates for 25% for income tax and 9% for social contribution in Brazil. For other regions in which the Company operates, the expected nominal rates are as follows: Schedule of income tax and social contribution by area Central America and the Caribbean from 15 27 Latin America - South (i) from 10 35 Canada 26.5 Luxembourg 24.94 Income taxes reported in the income statement are analyzed as follow: Schedule of income taxes 2023 2022 2021 Income tax expense – current (2,077.9) (1,718.9) (1,268.6) Deferred tax expense on temporary differences 279.8 1,012.6 1,072.9 Deferred tax on tax loss carryforward movements in the current period 1,722.6 1,361.9 (440.9) Total deferred tax (expense)/income 2,002.4 2,374.5 632.0 Total income tax expenses (75.5) 655.6 (636.6) The reconciliation between the weighted nominal tax rate and the effective tax rate is summarized as follows: Schedule of reconciliation between the weighted nominal tax rate and the effective tax rate 2023 2022 2021 Profit before tax 15,035.9 14,235.6 13,759.2 Adjustment on a taxable basis Others non-taxable income (919.0) (883.3) (611.0) Government grants related to sales taxes (3,011.7) (2,535.1) (1,883.1) Share of results of joint ventures 185.3 29.1 115.7 Non-deductible expenses 56.5 192.8 99.2 Worldwide taxation 1,171.4 679.3 (360.0) 12,518.4 11,718.4 11,120.0 Aggregated weighted nominal tax rate 28.30% 29.47% 27.39% Taxes payable – nominal rate (3,542.3) (3,453.3) (3,045.3) Adjustment on tax expense Income tax Incentives 120.4 234.0 213.2 Deductible interest on shareholders’ equity 3,909.8 4,079.9 2,516.0 Tax savings from goodwill amortization 17.2 27.2 77.5 Withholding income tax (489.1) (164.5) (876.0) Recognition/(write-off) of deferred charges on tax losses 100.9 (58.2) (1.5) Effect of application of IAS 29 (hyperinflation) (382.3) (249.0) (123.3) Others with reduced taxation 189.9 239.5 602.8 Income tax and social contribution expense (75.5) 655.6 (636.6) Effective tax rate 0.50% -4.61% 4.63% The main events that impacted the effective tax rate for the period were: · Government subsidy for sales taxes: for regional incentives and economic development policies, these are related primarily to local production, contributing to economic and social impact, and, when reinvested, are not subject to income tax and social contribution purposes, which explains the impact on the effective tax rate. The amount above is impacted by fluctuations in the volume, price and any eventual increases in state VAT (“ICMS”), reflected in other operating income or net sales depending on its nature. In addition, the above-mentioned amount is allocated to the profit reserve on an annual basis, according to item (2.3.3) “Tax incentives” on Note 22 - Changes in equity · Complement of income tax on foreign subsidiaries due in Brazil: shows the result of the calculation of universal taxation of profits, according to the regulations of Law 12,973/14. · Withholding income tax: The amount is mainly related to dividends already distributed and to be distributed by subsidiaries located outside of Brazil, applicable according to local tax legislation. The recorded values in 2023 are mainly related to withholding tax on dividends distributed in 2023 and the exchange rate variation of the deferred income tax related to subsidiary profits undistributed. · Deductible interest on shareholders’ equity: under Brazilian law, companies have an option to remunerate their shareholders through the payment of Interest on shareholders’ equity, which amount is impacted by the taxable result, net income reserves of the Company and by the long-term interest rate (“TJLP”). These remunerations are deductible for income tax purposes. · Effect of application of IAS 29 (hyperinflation): our subsidiary in Argentina, for operating in a hyperinflationary economy, is subject to monetary correction of non-financial assets and liabilities, equity and income statement, which, at times, reflects in the consolidated effective tax rate and implies variation between periods. 13.2 Deferred income tax and social contribution The details of the amount of deferred income tax and social contribution by type of temporary difference are as follows: Schedule of deferred income tax 2023 2022 Assets Liabilities Net Assets Liabilities Net Investment securities 8.2 - 8.2 7.5 - 7.5 Intangible - (1,369.7) (1,369.7) - (1,690.2) (1,690.2) Employee benefits 856.5 - 856.5 951.2 - 951.2 Trade payables 2,843.8 (3.3) 2,840.5 3,232.8 (2.9) 3,229.9 Trade receivables 43.8 (7.0) 36.8 38.6 (3.8) 34.8 Derivatives 31.1 (77.2) (46.1) 95.1 (44.8) 50.3 Interest-Bearing Loans and Borrowings 7.5 - 7.5 0.5 (0.9) (0.4) Inventories 268.6 (59.6) 209.0 413.9 (139.3) 274.6 Property, plant and equipment 714.2 (1,837.2) (1,123.0) 899.5 (2,177.1) (1,277.6) Withholding tax on undistributed profits and royalties - (1,385.5) (1,385.5) - (1,877.6) (1,877.6) Investments in joint ventures - (383.7) (383.7) - (421.6) (421.6) Losses carried forward 4,383.3 - 4,383.3 2,660.7 - 2,660.7 Provisions 1,026.3 (4.6) 1,021.7 819.3 - 819.3 Impact of the adoption of IFRS 16 (Leases) 14.5 (19.7) (5.2) 35.1 (11.4) 23.7 ICMS on the assessment bases of PIS/COFINS - (228.5) (228.5) - (168.2) (168.2) Other items 266.5 (437.1) (170.6) 260.8 (164.1) 96.7 Gross deferred tax assets/(liabilities) 10,464.3 (5,813.1) 4,651.2 9,415.0 (6,701.9) 2,713.1 Netting by taxable entity (2,494.7) 2,494.7 - (2,976.2) 2,976.2 - Net deferred tax assets/(liabilities) 7,969.6 (3,318.4) 4,651.2 6,438.8 (3,725.7) 2,713.1 Most tax losses and negative social contribution bases on which deferred income tax and social contribution were calculated do not have a statute of limitations. The use of credits related to tax losses is based on the projected future existence of taxable profits, limited to 30% of taxable income for the year, according to the actual figures for prior years, and the projections of the Company's business in the economies in which they are located, and thus follows the applicable fiscal and accounting rules. Among the deferred tax assets on tax losses carried forward, the tax authorities unilaterally offset in tax proceedings the total amount of R$ 268.6 790 The critical estimates of Ambev’s Management, as well the main contingent liabilities related to uncertainty about the tax treatment of income, are disclosed in Notes 27.2 - Contingencies 13.2.1 Realization of deferred taxes As at December 31, 2023, the deferred tax assets and liabilities related to combined tax losses which are expected to be utilized/settled using temporary differences, as follows: Schedule of deferred tax assets and liabilities 2023 Deferred taxes not related to tax losses to be realized within 12 months to be realized after 12 months Total Investment securities - 8.2 8.2 Intangible (1.2) (1,368.5) (1,369.7) Employee benefits 199.9 656.6 856.5 Trade payables (220.6) 3,061.1 2,840.5 Trade receivables 22.7 14.1 36.8 Derivatives (49.8) 3.7 (46.1) Interest-bearing loans and borrowings 0.1 7.4 7.5 Inventories 252.7 (43.7) 209.0 Property, plant and equipment (4.1) (1,118.9) (1,123.0) Withholding tax on undistributed profits and royalties - (1,385.5) (1,385.5) Investments in joint ventures - (383.7) (383.7) Provisions 664.5 357.2 1,021.7 Impact of the adoption of IFRS 16 (Leases) - (5.2) (5.2) ICMS on the assessment bases of PIS/COFINS - (228.5) (228.5) Other items 39.8 (210.4) (170.6) Total 904.0 (636.1) 267.9 Schedule of deferred tax realization related to tax losses Deferred tax related to tax losses 2023 2023 - 2024 755.7 2025 422.5 2026 1,635.2 2027 1,052.8 2028 a 2030 170.3 2031 em onward (i) 346.8 Total 4,383.3 (i) There is no expectation of realization beyond a term of ten years. 13.2.2 The net change of deferred taxes The net change in deferred income tax and social contribution is as follows: Schedule of net change in deferred income tax and social contribution At December 31, 2021 1,513.7 Recognition of actuarial gains/(losses) (146.9) Investment hedge – put option granted on subsidiaries (105.0) Cash flow hedge – gains/(losses) 41.3 Gains/(losses) on translation of other foreign operations (419.3) Recognized in other comprehensive income (629.9) Recognized in the income statement 2,374.5 Changes directly in the balance sheet (545.2) Recognized in deferred tax (595.5) Effect of application of IAS 29 (hyperinflation) (595.5) Recognized in other balance sheet group 50.3 At December 31, 2022 2,713.1 Recognition of actuarial gains/(losses) 24.4 Investment hedge – put option granted on subsidiaries (155.9) Cash flow hedge – gains/(losses) 83.2 Gains/(losses) on translation of other foreign operations 553.9 Recognized in other comprehensive income 505.6 Recognized in the income statement 2,002.4 Changes directly in the balance sheet (569.9) Recognized in deferred tax (476.3) Effect of application of IAS 29 (hyperinflation) (476.3) Recognized in other balance sheet group (93.6) At December 31, 2023 4,651.2 13.2.3 Deferred tax asset related to tax losses As at December 31, 2023, besides the tax credits related to tax losses effectively recognized in the amounts disclosed above, other tax credits related to accumulated tax losses in the amount of R$ 669 875.3 2,521 3,359.5 Accounting Policies Income tax and social contribution for the year comprises current tax and deferred tax. Income tax and social contribution are recognized in the income statement, unless they relate to items recognized directly in comprehensive income or in other equity accounts. In these cases, the tax effects are also recognized directly in comprehensive income or in equity accounts (except for interest on shareholders’ equity. See Note 22- Changes in equity Deferred income taxes are calculated on temporary differences between their calculation bases and the Company's accounting data. The deferred tax assets are recognized only to the extent that is probable that future taxable profits will be available. The deferred income tax assets are reduced to the extent that it is no longer probable that future taxable profits will occur. The existence of future taxable income is based on a technical study approved by the Company's management. IAS 12 – “Income Taxes” prescribes that no deferred tax liability on goodwill recognition, and no deferred tax asset/liability is recorded: (1) at the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and (2) on differences related to investments in subsidiaries to the extent that they are not reversed in the foreseeable future. The amount of deferred tax provided is based on the expectation of the realization or settlement of the temporary difference, using currently or substantially enacted tax rates. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and where these relate to income taxes levied by the same tax authority on the same taxable entity, or to different taxable entities which intend either to settle their current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously. The company is subject to income tax in numerous jurisdictions and judgment is required to determine the Company’s worldwide provision for income tax. Some of the Company's subsidiaries are involved in tax audits, usually in relation to previous years. These audits are ongoing in various jurisdictions as at the balance sheet reporting date and, by their nature, can take a considerable time to be completed. The Company applies the provisions of IFRIC 23 - Uncertainty on the Treatment of Income Taxes Contingencies |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 14. PROPERTY, PLANT AND EQUIPMENT Schedule of property, plant and equipment 2023 2022 Property, plant and equipment 23,662.7 26,961.3 Right of use assets 2,967.5 3,094.4 26,630.2 30,055.7 14.1 Changes in the carrying amount of property, plant, and equipment Schedule of changes in the carrying amount of property, plant and equipment Carrying amount At December 31, 2021 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Acquisitions Depreciation Disposals and write-offs Transfers At December 31, 2022 Acquisition cost Depreciation Land and buildings 9,090.2 (832.1) 712.7 11.2 (436.8) (20.1) 1,173.2 9,698.3 14,494.2 (4,795.9) Plant and equipment 10,884.0 (1,067.3) 952.6 1,283.5 (3,564.6) (15.7) 3,116.6 11,589.1 39,818.3 (28,229.2) Fixtures and fittings 1,285.1 (111.6) 96.7 87.3 (579.7) (14.6) 560.7 1,323.9 7,682.7 (6,358.8) Under construction 5,404.7 (360.7) 252.7 4,923.7 - - (5,870.4) 4,350.0 4,350.0 - 26,664.0 (2,371.7) 2,014.7 6,305.7 (4,581.1) (50.4) (1,019.9) 26,961.3 66,345.2 (39,383.9) Carrying amount At December 31, 2022 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Acquisitions Depreciation Disposals and write-offs Transfers At December 31, 2023 Acquisition cost Depreciation Land and buildings 9,698.3 (1,485.2) 663.1 44.7 (481.6) (3.7) 800.6 9,236.2 14,287.8 (5,051.6) Plant and equipment 11,589.1 (1,726.7) 779.4 1,230.2 (3,533.4) (39.1) 2,488.8 10,788.3 39,509.2 (28,720.9) Fixtures and fittings 1,323.9 (193.4) 86.5 56.4 (541.6) (13.5) 373.7 1,092.0 7,074.2 (5,982.2) Under construction 4,350.0 (311.7) 120.2 3,283.9 - (3.4) (4,892.8) 2,546.2 2,546.2 - 26,961.3 (3,717.0) 1,649.2 4,615.2 (4,556.6) (59.7) (1,229.7) 23,662.7 63,417.4 (39,754.7) 14.2 Changes in the carrying amount of right-of-use assets Schedule of carrying amount of right-of-use assets Carrying amount At December 31, 2021 Effects of movements in foreign exchange in the balance sheet Additions Depreciation Disposals and write-offs Transfers At December 31, 2022 Acquisition cost Depreciation Buildings 1,206.0 (64.3) 628.0 (391.6) 9.7 (37.0) 1,350.8 2,698.3 (1,347.5) Machinery, vehicles and others 1,354.3 (8.2) 1,009.7 (453.9) (194.5) 36.2 1,743.6 2,889.5 (1,145.9) Total 2,560.3 (72.5) 1,637.7 (845.5) (184.8) (0.8) 3,094.4 5,587.8 (2,493.4) Carrying amount At December 31, 2022 Effects of movements in foreign exchange in the balance sheet Additions Depreciation Disposals and write-offs Transfers At December 31, 2023 Acquisition cost Depreciation Buildings 1,350.8 (49.5) 355.0 (451.8) (30.5) (1.8) 1,172.2 2,925.9 (1,753.7) Machinery, vehicles and others 1,743.6 (32.7) 1,329.3 (773.9) (475.5) 4.5 1,795.3 3,534.4 (1,739.1) Total 3,094.4 (82.2) 1,684.3 (1,225.7) (506.0) 2.7 2,967.5 6,460.3 (3,492.8) Accounting Policies Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost includes the purchase price, borrowing costs incurred during the construction period and any other costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g., nonrefundable tax, transportation and the costs of dismantling, removal and site restoration, if applicable). The cost of a self-constructed asset is determined using the same principles as an acquired asset. The depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, on an annual basis. Property, plant and equipment, and depreciation include the effects of using the predecessor basis of accounting (Note 3.2.5.1). a.1) Subsequent expenditure The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing a component of such an item if it is probable that the future economic benefits of the component will flow to the Company and the cost of the component can be measured reliably. All other costs are expensed as incurred. a.2) Depreciation The depreciable amount is the cost of an asset less its residual value. Depreciation is calculated from the date on which the asset is available for use, using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of the major classes of property, plant and equipment are as follows: Schedule of estimated useful lives of property, plant and equipment Buildings 25 Plant and equipment 15 Fixtures 10 Fittings 10 Assets for external use / commercial assets 2 5 Land is not depreciated since it is deemed to have an indefinite useful life. The assets’ residual values and useful lives are reviewed when necessary. a.3) Gains and losses on sale Gains and losses on sales are determined by comparing the results with the carrying amounts and are recognized in Other operating income/(expenses) in the income statement. b) Leases With the adoption of IFRS 16 – Leasings The Company recognizes the right-of-use asset and a corresponding lease liability related to all lease contracts which is the lessee, except for short-term leases (defined as leases with terms of 12-month or less) and leases of low value assets. To these leases, Company recognizes the lease payments as operating expense during the lease course. The right-of-use asset is initially measured at cost, which includes the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The asset is subsequently depreciated on a straight-line basis over the lease term or until the end of the asset's useful life. Currently, the main leases by the Company are related to trucks, forklifts, real estate, commercial vehicles and industrial equipment contracts. The lease liability is initially measured at lease payments present value, discounted by using the rate implicit in the lease. If the rate cannot be promptly determined, Company uses its incremental loan rate specific for the country, term and currency of the contract or other local criteria. Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or known rate at the commencement date, and purchase options or extension options payments if the Company is reasonably certain to exercise these options. In general, the contracts establish an annual readjustment of payments according to the rates established in the contract. A lease liability is remeasured upon a change in the lease term, or on the future payments or alteration of an index or rate used to determine payments , t The Company applies IAS 36 - Impairment of Assets to determine if right-of-use asse The lease liability is disclosed at “Interest-bearing loans and borrowing” line and the right-of-use assets are disclosed at “Property, plant and equipment” line of the balance sheet. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
GOODWILL | 15. GOODWILL Schedule of goodwill 2023 2022 Balance at the end of the previous year 40,594.0 42,411.3 Effects of movements in foreign exchange in the balance sheet (4,067.9) (3,510.6) Effect of application of IAS 29 (hyperinflation) 1,481.1 1,709.9 Acquisitions, (write-offs) and disposal through business combinations (3.6) (16.6) Balance at the end of the year 38,003.6 40,594.0 The carrying amount of goodwill was allocated to the different cash generating unit (“CGU”) as follows: Schedule of carrying amount of goodwill Functional currency 2023 2022 Brazil BRL 17,698.8 17,702.4 Goodwill 102,941.4 102,945.0 Non-controlling transactions (i) (85,242.6) (85,242.6) CAC: Dominican Republic DOP 3,805.5 4,231.6 Panama PAB 1,682.9 1,813.8 Latin America - South: Argentina ARS 2,183.8 3,463.0 Bolivia BOB 1,712.5 1,845.6 Chile CLP 47.9 53.1 Paraguay PYG 888.2 953.8 Uruguay UYU 184.0 193.1 Canada CAD 9,800.0 10,337.6 38,003.6 40,594.0 (i) This refers to the shareholding exchange transaction in 2013 as a result of the adoption of the predecessor basis of accounting. The assets with indefinite useful life represent approximately 29 29 Accounting policies Goodwill arises on acquisitions of subsidiaries, associates, and joint arrangements and is determined as the excess between: the sum of (i) the consideration paid in exchange for control of the acquiree; plus (ii) the amount of any non-controlling interests in the acquiree (when applicable); and (iii) the fair value, at the acquisition date, of any previous equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed, measured in accordance with IFRS 3 - Business Combination Business combinations are recognized applying the investment cost allocation method. If the company's share of the net fair value of the recognized assets, liabilities, and contingent liabilities exceeds the cost of the business combination, such excess is immediately recognized in the income statement. In a business combination, the asset with indefinite useful life is allocated from the acquisition date to each CGU expected to benefit from the business combination synergies. In compliance with IFRS 3, goodwill is carried at cost and not amortized, but is tested for impairment at least annually, or whenever there are indications that the CGU to which the goodwill has been allocated could be impaired. Impairment losses recognized on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. For associates and joint ventures, goodwill is included in the carrying amount of the investment in the associate/joint venture. Goodwill is expressed in the functional currency of the CGU or joint operation to which it relates and translated into Reais using the year-end exchange rate. Expenditure on internally generated goodwill is expensed as it is incurred. Goodwill includes the effects of applying the predecessor basis of accounting (Note 3 (3.2.5.1)). |
IMPAIRMENT OF NON-FINANCIAL ASS
IMPAIRMENT OF NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Impairment Of Non-financial Assets | |
IMPAIRMENT OF NON-FINANCIAL ASSETS | 16. IMPAIRMENT OF NON-FINANCIAL ASSETS The Company cannot predict whether an event that could triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. The Company believes that all its estimates are reasonable, are consistent with the Company’s internal reporting and reflect Management’s best estimates. However, inherent uncertainty exists which Management is not able to control. While changes in estimates could have a material impact on the calculation of fair values, and trigger impairment, the Company, based on the sensitivity analysis performed, is not aware of any reasonably possible changes in key assumptions that would cause a business unit’s carrying amount to exceed its recoverable amount. For the year ended December 31, 2023, the Company performed impairment testing of the non-current assets of the Group (property, plant and equipment, intangible assets, goodwill, and right-of-use assets) for CGUs that had goodwill and assets with indefinite useful life allocated, as well as for other CGUs that showed indicators of impairment. The Company assesses internal and external sources of information as indicators, in accordance with IAS 36 - Impairment of Assets. As a result of the impairment tests conducted, the Company did not identify any impairment or reversal of impairment losses scenario for any asset or CGU. 16.1 Assets with definite useful life The company did not identify impairment indicators in the assets with definite useful life. 16.2 Assets with indefinite useful life 16.2.1 Methodology The methodology used by the Company to determine the recoverable value of all its CGUs is the net fair value of selling expenses, using multiples of the profit before financial result, income tax and depreciation and amortization expenses (“EBITDA”), observed in the market for previous comparable business transactions in the domestic and international brewing industry. The values used by the Company for this approach are based on external sources of information. This measurement is classified at Level 2 of the fair value hierarchy, since the main source of information used by the Company to determine the recoverable value was the EBITDA multiples of observable transactions involving comparable businesses. As part of this multiples analysis, the Company has established that CGUs with invested capital that exceeds seven times their EBITDA should have their recoverable value determined using the value-in-use approach, to determine whether the value-in-use exceeds the carrying amount of the CGU. Based on the most recent analysis carried out by the Company, for 2023, only Chile and Panama met this criterion. Additionally, Brasil CGU was also included in the scope of testing, as it is the most representative CGU of the Group. Thus, for Brazil, Panama and Chile CGUs, the Company also used discounted cash flow projections to determine the CGUs’ recoverable amounts, to corroborate the conclusions reached by applying the fair value less disposal costs approach that the carrying amount of these CGUs does not exceed their recognized accounting values. 16.2.2 Key assumptions The key judgments, estimates and key assumptions used for the discounted free cash flow calculations for these CGUs were as follow: § The first year of the model is based on management's best estimate of the free cash flow outlook for the current year. § To the second year of the model, the free cash flow is based on AB InBev's strategic plan, as approved by key management. AB InBev's strategic plan is prepared on a per country basis, and is based on external sources of macroeconomic assumptions, industry trends, inflation and foreign exchange rates, experience and identified initiatives in terms of market share, revenue, variable and fixed costs, capital expenditure and working capital assumptions. § From the third to the tenth year of the model, the cash flow is extrapolated using the growth in volumes, price indexes, and expected market share for each CGU. For Chile, the best estimates from local Management were considered. § Projections are made in the functional currency of the business unit and discounted at the unit's weighted average cost of capital (“WACC”), considering sensitivities of this metric. Based on the cash flow analysis, the growth rates applied ranged from 1.2 8.1 The nominal WACC applied in the local currency for each CGU was as follows: Schedule of local currency CGU 2023 Chile 9.83 Panama 10.72 Brazil 12.38 Although Ambev believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates based on different assumptions or market or macroeconomic conditions. 16.2.3 Sensitivity analysis Based on the probable scenario, a sensitivity analysis was carried out for a 0.5 percentage point increase / decrease in the discount rate and growth rate. In any combination, the value of the cash flow is higher than its book value. As a result of this analysis, there is no need to record any provision to impairment from these assets. Accounting Polices The carrying amounts of non-financial assets, such as property, plant and equipment, goodwill and intangible assets without defined useful lives are reviewed, at least, at each reporting date to determine the existence of any indication of impairment. If there is any indication, the asset’s recoverable amount is estimated, and the non-recoverable amount is recognized as an impairment in the income statement. This assessment is performed for assets individually or for the smallest identifiable groups of assets that generate cash inflows independent of the cash inflows from other assets or other groups of assets, also referred to as CGUs. Goodwill, intangible assets not yet available for use, and intangibles with indefinite useful lives, are tested for impairment at the business unit level (one level below the reportable segment level) at least annually, or whenever there is any indication of impairment. An impairment loss is recognized whenever the carrying amount of an asset or the related CGU exceeds its recoverable amount. Impairment losses are recognized in the income statement. An impairment loss is recognized whenever the carrying amount of an asset or the related CGU exceeds its recoverable amount. Impairment losses are recognized in the income statement. Intangible assets with an indefinite useful life are tested on a fair value approach applying multiples that reflect current market transactions to indicators that drive the profitability of the asset or the royalty stream that could be obtained from licensing the intangible asset to another party in an arm’s length transaction. The recoverable amounts of other assets are determined as the higher of their fair value less costs to sell and their value in use. For an asset that does not generate substantially independent cash inflows, the recoverable amount is allocated to the CGU to which the asset belongs. The recoverable amounts of the CGU to which the goodwill and the intangible assets with indefinite useful lives belong are based on the fair value net of selling expenses, using EBITDA multiples observed in the market for previous business combinations involving comparable businesses in the brewing industry. For some CGUs, these calculations are corroborated using the fair-value less costs of disposal approach, where the free cash flow of these CGUs is discounted to fair value using a discount rate after tax that reflects current valuation models for the time value of money, and the risks specific to the asset. Impairment losses recognized in CGUs carrying amount of goodwill allocated to the CGUs and subsequently impact the carrying amount of the assets within the unit. Reversals of previously recognized impairments may occur, except for impairment losses related to goodwill due to expected future profitability. Non-financial assets are reviewed for the possible reversal of the impairment at the reporting date. Impairment losses are reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INTANGIBLES | 17. INTANGIBLES Schedule of intangible assets Carrying amount At December 31, 2021 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Additions Transfers Disposal Amortization At December 31, 2022 Acquisition cost Depreciation Brands 6,329.0 (1,096.2) 930.3 - - - - 6,163.1 6,163.1 - Intangibles 671.2 (44.7) 0.1 - 3.2 - (58.1) 571.7 3,308.6 (2,736.9) Software 1,129.7 (130.6) 126.9 6.9 1,402.3 - (401.1) 2,134.1 4,353.9 (2,219.8) Others 559.1 (96.0) 76.8 220.5 (364.1) - (43.0) 353.3 1,218.8 (865.5) Total 8,689.0 (1,367.5) 1,134.1 227.4 1,041.4 - (502.2) 9,222.2 15,044.4 (5,822.2) Carrying amount At December 31, 2022 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Additions Transfers Disposal Amortization At December 31, 2023 Acquisition cost Depreciation Brands 6,163.1 (1,838.5) 808.6 73.9 - - - 5,207.1 5,207.1 - Intangibles 571.7 (33.5) - 869.3 - - (56.7) 1,350.8 4,087.0 (2,736.2) Software 2,134.1 (344.6) 176.2 37.0 976.5 (0.9) (573.5) 2,404.8 4,954.2 (2,549.4) Others 353.3 (32.9) 11.0 487.7 317.0 (0.7) (56.4) 1,079.0 1,837.9 (758.9) Total 9,222.2 (2,249.5) 995.8 1,467.9 1,293.5 (1.6) (686.6) 10,041.7 16,086.2 (6,044.5) Intangibles with indefinite useful life The carrying value of intangible assets with indefinite useful lives classified as brands were allocated to the following CGUs: Schedule of carrying value of intangible assets with indefinite useful lives 2023 2022 Argentina 1,303.7 2,019.2 Bolivia 830.0 894.5 Brazil 73.9 - Canada 195.7 206.4 Chile 70.7 78.5 Luxembourg 339.6 339.6 Paraguay 504.7 542.7 Dominican Republic 1,431.5 1,593.0 Panama 333.0 358.8 Uruguay 124.3 130.4 5,207.1 6,163.1 Intangible assets with indefinite useful lives have been tested for impairment on a CGU level basis, which is consistent with the approach described in Note – Impairment of Non-Financial assets. The Company is implementing a new version of its principal enterprise resource planning (ERP) - S4/Hana, an SAP platform, whose capitalizable investments are recognized as intangible assets in the software line. The implementation is necessary to update and improve the company's technological environment. In the context of the implementation, several assessments were carried out by Management, including from the perspective of internal controls, to mitigate risks connected to this type of upgrade, such as operational risks, operational disruption, data integrity and regulatory compliance. Accounting policies The intangibles are recognized at cost of acquisition, net of accumulated amortization and impairment losses. Intangible assets with definite useful lives are amortized on a straight-line basis over their estimated useful lives. Licenses, supply, and distribution rights are amortized over the period for which the rights exist, based on the contract terms, which vary, in general, from 1 8 3 10 Net gains on sales of intangible assets are disclosed in the income statement as other operating income. Net losses on sales are included as other operating expenses. Net gains and losses are recorded in income statement when control is transferred to the buyer, the counterpart recovery is possible and associated costs can be reliably estimated (a) Brands The Company is the owner of some of the world’s leading brands in the beer industry. As a result, brands are expected to generate positive cash flow for as long as the Company owns the brands, and accordingly they have been assigned indefinite useful lives. The most representative brands that have been recorded as a result of the fair value determination of past acquisitions are Quilmes in Argentina, Pilsen in Paraguay, Paceña and Huari in Bolivia and Presidente and Presidente Light in the Dominican Republic. When a portion of the consideration paid in a business combination relates to brands, this is recognized in a specific Intangible Assets account, and measured at fair values as at the acquisition date. Subsequently, the value of brands can be reduced in the case of impairment losses. Internally generated expenditure for brand development is recognized within expenses. (b) Software Purchased software is measured at cost less accumulated amortization. Amortization related to software is included in the cost of sales, commercial expenses or administrative expenses, based on the business activity which the software is intended to support. The expenditures related to software maintenance are recognized as expense, as incurred. The expenditures with development, as the expenditures with employees allocated in software development, which are directly attributed to identifiable and exclusive software, controlled by the Company, are recognized as intangible assets. (c) Commercial intangibles The Company recognizes supply rights, which consists in the right that Company has to supply for a customer and the commitment from the customer to buy Company’s products. And distribution rights that are the rights of selling specific products in a given territory. (d) Other intangible assets Other intangible assets also include multi-year sponsorship rights acquired by the Company. These are initially recognized at the present value of the future payments and subsequently measured at cost less accumulated amortization and impairment losses. |
RECOVERABLE TAXES
RECOVERABLE TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes | |
RECOVERABLE TAXES | RECOVERABLE TAXES Schedule of Classifications of recoverable taxes 2023 2022 PIS/COFINS exclusion of ICMS (i) 6,490.4 5,992.8 ICMS 436.5 423.2 Income tax and social contributions recoverable 4,087.0 4,607.5 Other 311.2 292.8 Non-current 11,325.1 11,316.3 PIS/COFINS exclusion of ICMS (i) 219.0 73.5 PIS/COFINS 170.4 242.7 ICMS 426.9 542.2 IPI 112.5 131.0 Income tax and social contributions recoverable 2,436.6 1,808.7 Other 70.3 55.4 Current 3,435.7 2,853.5 Total 14,760.8 14,169.8 (i) As detailed in Note 27.2 - Contingencies Accounting policies Recognition of assets and liabilities relating to extemporaneous tax debits or credits The accounting policy applied by the Company considers the extemporaneous tax credits and debits of any nature as determined by IAS 37 - Provisions, Contingent Liabilities and Contingent Assets Income tax and social contribution According to this policy, tax credits are recognized only when Management (i) has elements that guarantee that the credit is virtually certain; and (ii) the amount to be offset or refunded can be reliably measured. In cases where the recovery of the asset is probable, or the amount cannot be reliably measured, the amounts are not recognized in the account, but presented in Note 27 - Provisions, Contingent Liabilities and Contingent Assets To measure the amounts of extemporaneous tax credits arising from lawsuits, the Company evaluates the documents for the period covered by the lawsuit, and applies the guidelines for the final decision, applicable legislation or other elements that enable the amount to be estimated with sufficient reliability. Debts of the same nature are recognized if (i) they arise from a past event; (ii) there is a present obligation; (iii) the expected outflow of resources is probable and (iv) the amounts are reliably estimated. If the expectation of disbursement is possible or the amount cannot be reliably measured, the amounts are presented in Note 27.2 - Contingencies Both contingent assets and liabilities are assessed periodically to ensure that they are appropriately reflected and disclosed in the financial statements. The accounting policy for the recognition of assets and liabilities of extemporaneous |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INVENTORY | INVENTORY Schedule of inventory components 2023 2022 Finished goods 2,990.3 4,094.0 Work in progress 826.5 845.7 Raw materials and consumables 4,599.9 6,798.3 Spare parts and others 806.9 986.9 Prepayments 537.9 358.3 Impairment losses (142.5) (160.2) Total 9,619.0 12,923.0 The changes in impairment losses on inventory, are as follows: Schedule of changes in impairment losses on inventory 2023 2022 Beginning balance (160.2) (157.8) Effects of movements in foreign exchange in the balance sheet 12.9 17.8 Provisions (262.9) (305.8) Write-off 267.7 285.6 Final balance (142.5) (160.2) Accounting policies Inventory is initially recorded at the acquisition cost and subsequent valued at the lower of their cost and net realizable value. Cost includes expenditure incurred to acquire the inventory, non-recoverable taxes, and the costs to bring it to the location and condition required for use. The weighted average method is used to determine the cost of inventory. The cost of finished products and work in progress includes raw materials, other production materials, direct labor, other direct costs, gains and losses on derivative financial instruments, and an allocation of fixed and variable overheads based on the normal operating capacity. Fixed costs not allocated or idle costs not held in inventory, are recognized directly in the income statement, as determined by IAS 2- Inventories . The net realizable value is the estimated selling price in the ordinary course of business, less the costs of bringing the inventory to the condition required for sale, and the selling costs. The calculation of the net realizable value takes into consideration the specific characteristics of each category of inventory, such as the expiry date, the remaining shelf life, and any indicators of slow-moving inventory, amongst others. Provisions for impairment losses are constituted, when necessary, in compliance with write-offs, slow moving and obsolete inventory of Company’s policies. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
TRADE RECEIVABLES | 20. TRADE RECEIVABLES Schedule of current trade receivables 2023 2022 Trade receivables 6,225.8 5,737.5 Bad debt provision (721.0) (679.1) Net, trade receivables 5,504.8 5,058.4 Related parties (Note 30) 236.7 290.7 Total current trade receivables 5,741.5 5,349.1 The details of the aging of the Company’s current trade receivables are as follows: Schedule of maturity trade receivable 2023 2022 Trade receivables Bad debt provision Trade receivables, net Trade receivables Bad debt provision Trade receivables, net No past due 5,129.5 - 5,129.5 4,573.0 - 4,573.0 Past due – within 30 days 283.4 - 283.4 343.8 - 343.8 Past due – between 31 - 60 days 66.3 - 66.3 100.5 (0.3) 100.2 Past due – between 61 - 90 days 33.2 (7.7) 25.5 49.4 (10.8) 38.6 Past due – between 91 - 180 days 6.5 (6.4) 0.1 19.3 (16.5) 2.8 Past due – between 181 - 360 days 46.6 (46.6) - 40.2 (40.2) - Past due over 360 days 660.3 (660.3) - 611.3 (611.3) - Net carrying amount as of December 31, 6,225.8 (721.0) 5,504.8 5,737.5 (679.1) 5,058.4 The changes of the estimated loss for doubtful debts, are as follows: Schedule of estimated loss for doubtful debts 2023 2022 Beginning balance (679.1) (668.3) Effects of movements in foreign exchange in the balance sheet 12.3 14.0 Additions (103.6) (47.0) Reversals 8.3 1.7 Write-off 41.1 20.5 Final balance (721.0) (679.1) The Company’s exposure to credit risks, currency and interest rate risks is disclosed in Note 28 - Financial instruments and risks Accounting policies Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade receivables are recognized initially at the amount of the unconditional consideration, unless they contain significant financing components, in which case they are recognized at fair value. The Company applies the IFRS 9 If security receiving deadline is equal or less than a year, trade receivables are categorized in current assets. Otherwise, its disclosed in non-current assets. |
CASH AND CASH EQUIVALENTS AND I
CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES | CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES 21.1 Cash and equivalents Schedule of components in cash and cash equivalents 2023 2022 Short-term bank deposits (i) 8,973.6 8,655.2 Current bank accounts 6,818.3 5,990.3 Cash 267.1 280.9 Cash and cash equivalents 16,059.0 14,926.4 Bank overdrafts - (74.3) Cash and cash equivalents less bank overdraft 16,059.0 14,852.1 (i) The balance refers mostly to Bank Deposit Certificates (“CDB”), with high liquidity, which are readily convertible into known amounts of cash, and which are subject to an insignificant risk of change in value. The cash and cash equivalents balance include the amount to R$ 3,768 3,083 21.2 Investment securities Schedule of investment securities Investment_securities 2023 2022 Investment on debt securities (i) 242.2 219.1 Non-current investment securities 242.2 219.1 Financial assets at fair value through profit or loss 277.2 454.5 Current investment securities 277.2 454.5 Total 519.4 673.6 (i) The balance refers substantially to financial investments linked to tax incentives that do not have immediate convertibility into a known amount of cash. Accounting policies Cash and cash equivalents include all cash balances, bank deposits, and short-term highly with due date until 90 days, liquid investments with an insignificant risk of changes in value which are readily convertible into cash. They are stated at their face value, which approximates the fair value. Other financial investments that do not satisfy the classification criteria as cash equivalents, for example, with maturities superior to 90 days from the date they were contracted, are presented as financial investments. These assets are initially measured at fair value and, depending on how these resources are managed and the characteristics of the contractual cash flows, their category may change: · Amortized cost: "non-derivative" financial assets for which the purpose of the business model is to hold the assets in order to receive the contractual cash flows on specific dates (principal and interest). · Fair value through profit or loss: financial assets for which the Company's objective is to receive a sale. They are presented in current assets based on their expected realization. Cash and cash equivalents and short-term investments are held at financial institutions with low credit risk, based or domiciled in Brazil or abroad. For the cash flow statement, cash and cash equivalents are presented net of bank overdrafts, when applicable. |
CHANGES IN EQUITY
CHANGES IN EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Changes In Equity | |
CHANGES IN EQUITY | 22. CHANGES IN EQUITY 22.1 Issued capital At 31 December 2023, the authorized share capital, fully subscribed and paid-in, in the amount of R$ 58,177.9 58,130.5 58,042.5 15,753.8 15,750.2 15,744.5 Schedule of issued capital 2023 2022 2021 Shareholder Million common shares % Million common shares % Million common shares % Interbrew International B.V. 8,441.7 53.6 8,441.8 53.6 8,441.9 53.6 Ambrew S.A.R.L. 1,287.7 8.2 1,287.7 8.2 1,287.0 8.2 Fundação Zerrenner 1,610.0 10.2 1,610.0 10.2 1,610.0 10.2 Mercado 4,410.0 28.0 4,402.2 27.9 4,399.7 27.9 Tesouraria 4.4 0.0 8.5 0.1 5.8 0.0 15,753.8 100.0 15,750.2 100.0 15,744.4 100.0 2023 2022 2021 Million common shares Million Reais Million common shares Million Reais Million common shares Million Reais Beginning balance 15,750.2 58,130.5 15,744.4 58,042.5 15,735.1 57,899.1 Capital increase (i) 3.6 47.4 5.8 88.0 9.3 143.4 Final balance 15,753.8 58,177.9 15,750.2 58,130.5 15,744.4 58,042.5 (i) Capital increase related to the issue of shares. 22.2 Capital reserves Schedule of capital reserves Capital Reserves Treasury shares Share Premium Other capital reserves Share-based Payments Total At January 1, 2021 (941.7) 53,662.8 700.9 1,563.6 54,985.6 Capital Increase (60.0) - - (74.4) (134.4) Purchases of shares, results of treasury shares and share-based payments (36.1) - - 372.1 336.0 At December 31, 2021 (1,037.8) 53,662.8 700.9 1,861.3 55,187.2 Capital Increase - - - (64.2) (64.2) Purchases of shares, results of treasury shares and share-based payments (35.6) - - 252.4 216.8 At December 31, 2022 (1,073.4) 53,662.8 700.9 2,049.5 55,339.8 Capital Increase - - - (32.9) (32.9) Purchases of shares, results of treasury shares and share-based payments 61.6 - - 111.2 172.8 At December 31, 2023 (1,011.8) 53,662.8 700.9 2,127.8 55,479.7 22.2.1 Purchase of shares and result of treasury shares Treasury shares represent the Company’s own issued shares reacquired by the Company, and the results of treasury shares related to gains and losses on share-based payment transactions and others. The changes in treasury shares are as follow: Schedule of treasury shares Acquisition /realization of shares Result of Treasury Shares Total Treasury Shares Million shares Million Brazilian Reais Million shares Million Brazilian Reais At January 1, 2021 0.2 (3.2) (938.5) (941.7) Changes during the year 5.6 (95.1) (1.0) (96.1) At December 31, 2021 5.8 (98.3) (939.5) (1,037.8) Changes during the year 2.7 (33.5) (2.1) (35.6) At December 31, 2022 8.5 (131.8) (941.6) (1,073.4) Changes during the year (4.1) 68.8 (7.2) 61.6 At December 31, 2023 4.4 (63.0) (948.8) (1,011.8) 22.2.2 Share premium The share premium refers to the difference between the subscription price that the shareholders paid for the shares and their nominal value. Since this is a capital reserve, it can only be used to increase capital, offset losses, or for the redemption, reimbursement or repurchase of shares. 22.2.3 Share-based payment Different share-based payment programs and stock purchase option plans allow the senior management from Ambev’s economic group to acquire shares in the Company. The share-based payment reserve recorded a charge of R$ 331.6 313.9 387.6 Share-based payments 22.3 Net income reserves Schedule of net income reserves Net income reserves Investments reserve Legal reserve Fiscal incentive Total At January 1, 2021 14,511.1 4.5 11,404.4 25,920.0 Fiscal incentive reserve - - 1,423.5 1,423.5 Investments reserve 3,848.1 - - 3,848.1 At December 31, 2021 18,359.2 4.5 12,827.9 31,191.6 Fiscal incentive reserve - - 2,018.7 2,018.7 Investments reserve 3,696.7 - - 3,696.7 At December 31, 2022 22,055.9 4.5 14,846.6 36,907.0 Fiscal incentive reserve - - 2,552.7 2,552.7 Investments reserve 3,730.2 - - 3,730.2 At December 31, 2023 25,786.1 4.5 17,399.3 43,189.9 22.3.1 Investments reserve From the net income after applicable deductions, there will be a target allocating of no more than 60 22.3.2 Legal reserve From the net income, 5 20 30 22.3.3 Tax incentives The Company recognizes annually in its equity, in the net income reserves line, the fiscal incentives regarding tax benefits at the government subsidies for the current year. In general, these incentives are related to industrial development programs that aim to generate employment, promote regional decentralization, and complement and diversify the industrial base of the states. In these states, the grace periods and use and reductions are set out under the respective state normative acts, and when conditions for obtaining these grants exist, they are under Company’s control. The treatment of incentives complies with the provisions of current federal, state and municipal legislation, in particular set by Complementary Federal Law 160/2017 and by Convênio CONFAZ 190/2017. Due to change in article 30 of Federal Law 12,973/14 by Complementary Federal Law 160/2017, state fiscal incentives related to sales taxes are recognized as government subsidies for investments. in line with the interpretation of the Superior Court of Justice manifested mainly in the judgment of ERESP No. 1.517.492/PR, as well as in the judgment of Theme No. 1.182 and of the Federal Supreme Court, according to the manifestations expressed in the judgment of Theme 843. 22.3.4 Interest on shareholders’ equity / dividends Brazilian companies are permitted to distribute the interest attributed to shareholders’ equity calculated based on the long-term interest rate (“TJLP”), with such interest being tax-deductible, in accordance with the applicable law and, when distributed, may be considered part of the minimum mandatory dividends. As determined by its by-laws, the Company is required to distribute to its shareholders, as a minimum mandatory dividend in respect of each fiscal year ending December 31, an amount of not less than 40 Events during the year ended 2023: Schedule of interest on shareholders' equity and dividends Event Approval Type Date of payment Year Type of share Amount per share Total amount Board of Directors Meeting 12/12/2023 Interest on shareholder´s equity 12/28/2023 2023 ON 0.7302 11,500.2 11,500.2 Distribution of interest on shareholders’s equity 0.7302 0.6207 The indicated payment was made on December 28, 2023, considering the shareholding position of December 19, 2022, with respect to B3, and December 26, 2023, with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. Events during the year ended 2022: Event Approval Type Date of payment Year Type of share Amount per share Total amount Board of Directors Meeting 12/06/2022 Interest on shareholder´s equity 12/29/2022 2022 ON 0.7623 11,999.8 11,999.8 Distribution of Dividends 0.7623 0.6480 The indicated payment was made on December 29, 2022, considering the shareholding position of December 19, 2022, with respect to B3, and December 21, 2022, with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. Events during the year ended 2021: Event Approval Type Date of payment Year Type of share Amount per share Total amount Board of Directors Meeting 12/09/2021 Dividends 12/30/2021 2021 ON 0.1334 2,099.5 Board of Directors Meeting 12/09/2021 Interest on shareholder´s equity 12/30/2021 2021 ON 0.4702 7,400.1 9,499.6 Distribution of Dividends 0.1334 The indicated payment was made on December 30, 2021, considering the shareholding position of December 17, 2021, with respect to B3, and December 21, 2021, with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. Distribution of interest on shareholder’s equity 0.4702 0.3996 The indicated payment was made on December 30, 2021, considering the shareholding position of December 17, 2020, with respect to B3, and December 21, 2021, with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. 22.3.5 Destinations At December 31, 2023, the Company has made appropriations to retained earnings, in accordance with the Brazilian Corporate law and the Company’s bylaws. The dividends payments made up to December 31, 2023, were approved at the Board of Directors’ Meeting. Regarding the basis for dividends, the Company believes that the predecessor basis of accounting, as well as its presentation for comparative purposes, will not affect the determination of the minimum mandatory dividend. Therefore, the Company intends to adjust the calculation basis of the minimum mandatory dividend to cancel out any current and future impacts on net income arising from the adoption of this accounting practice, related to the amortization/depreciation of surplus assets or even a possible impairment of goodwill, thus preserving the mandatory minimum dividends. Schedule of basis of dividends 2023 2022 2021 Net income, attributable to equity holders of Ambev 14,501.9 14,457.9 12,671.0 Prescribed/(complementary) dividends - 20.9 24.7 Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting 11.8 11.8 11.8 Effect of application of IAS 29 (hyperinflation) 3,269.4 3,224.4 2,063.7 Retained earnings basis for dividends and destinations 17,783.1 17,715.0 14,771.2 Dividends and interest on capital distributed and accrued for distribution based on the net income for the year Dividends and interest on capital paid based on profit 11,500.2 11,999.8 9,499.6 Total of dividends and interest on capital 11,500.2 11,999.8 9,499.6 Percentage of distributed profit 65% 68% 64% 22.5 Carrying value adjustments Schedule of Carrying value adjustments Carrying value adjustments Translation reserves Cash flow hedge Actuarial gains/ (losses) Put option granted on subsidiary Gains/(losses) of non-controlling interest’s share Business combination Accounting adjustments for transactions between shareholders Total At January 1, 2021 11,076.5 744.5 (1,473.3) (4.8) (73.8) 156.1 (75,414.2) (64,989.0) Comprehensive income: Gains/(losses) on the translation of foreign operations 2,449.7 - - - - - - 2,449.7 Cash flow hedges - 480.8 - - - - - 480.8 Actuarial gains/(losses) - - 341.8 - - - - 341.8 Total Comprehensive income 2,449.7 480.8 341.8 - - - - 3,272.3 Options granted on subsidiaries - - - (1.9) - - - (1.9) Gains/(losses) of controlling interest - - - - (46.2) - - (46.2) Tax on deemed dividends - - - - (1.7) - - (1.7) Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting - - - - - - (11.8) (11.8) At December 31, 2021 13,526.2 1,225.3 (1,131.5) (6.7) (121.7) 156.1 (75,426.0) (61,778.3) Comprehensive income: Gains/(losses) on the translation of foreign operations (6,772.2) - - - - - - (6,772.2) Cash flow hedges - (316.7) - - - - - (316.7) Actuarial gains/(losses) - - 466.5 - - - - 466.5 Total Comprehensive income (6,772.2) (316.7) 466.5 - - - - (6,622.4) Gains/(losses) of controlling interest - - - - (2.8) - - (2.8) Tax on deemed dividends - - - - (6.2) - - (6.2) Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting - - - - - - (11.8) (11.8) At December 31, 2022 6,754.0 908.6 (665.0) (6.7) (130.7) 156.1 (75,437.8) (68,421.5) Comprehensive income: Gains/(losses) on the translation of foreign operations (9,212.4) - - - - - - (9,212.4) Cash flow hedges - (210.8) - - - - - (210.8) Actuarial gains/(losses) - - (13.2) - - - - (13.2) Total Comprehensive income (9,212.4) (210.8) (13.2) - - - - (9,436.4) Options granted on subsidiaries - - - 6.7 - - - 6.7 Gains/(losses) of controlling interest - - - - (2.6) - - (2.6) Tax on deemed dividends - - - - (12.4) - - (12.4) Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting - - - - - - (11.8) (11.8) At December 31, 2023 (2,458.4) 697.8 (678.2) - (145.7) 156.1 (75,449.6) (77,878.0) 22.5.1 Translation reserves The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial statements with a functional currency different to the Real. The translation reserves also comprise the portion of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment hedges. 22.5.2 Cash flow hedge reserves The hedging reserves represent the effective portion of the cumulative net change in the fair value of cash flow hedges to the extent that the hedged risk has not yet impacted profit or loss (for additional information, see Note 28 - Financial instruments and risks) 22.5.3 Actuarial gains and losses Actuarial gains and losses include expectations regarding future pension plan obligations. Consequently, the results of actuarial gains and losses are recognized on a monthly considering the best estimates available to Management, reasoned on the expectations presented in the independent actuarial report. There was no actuarial gain or loss due to a surplus or deficit in 2023. 22.5.4 Accounting adjustments for transactions between shareholders Transactions between shareholders of the same business, even when carried out between persons who are totally independent of each other, which have a valid economic rationale and reflect usual market conditions, will be consolidated by the applicable accounting standards as having taken place within the same accounting entity. As determined by IFRS 10, any difference between the amount paid (fair value) for the acquisition of a non-controlling interest and the carrying amount of such non-controlling interest shall be recognized directly in the controlling shareholders’ equity. The acquisition of the non-controlling interest related to Former Ambev, and the abovementioned adjustment was recognized in Carrying value adjustments when applicable. Accounting policies Issued capital and treasury shares The Company's issued capital consists only of common shares. The Company holds treasury shares for future disposal, cancellation or for the payment of its executives' share-based compensation programs. When the Company buyback its own shares, the amount paid, including directly attributable costs, are recognized in a specific account under treasury shares as a reduction of shareholders' equity. Share issuance costs Incremental costs directly attributable to the issuance of new shares or options are presented in equity as a deduction, net of tax, from the proceeds. Dividends and interest on shareholder’s equity Dividends and interest on shareholders’ equity are recognized in liabilities from the date on which they are approved by a Board of Directors’ Meeting, except for the minimum statutory dividends provided for under the Company’s bylaws, which are recognized as a liability, when applicable, at the end of each fiscal year. The interest expense attributable to capital to shareholders is recognized in income for the purposes of the calculation of Brazilian income and social contribution tax and is subsequently reclassified from shareholders' equity for presentation purposes in the financial statements. The projected effect of the deductibility of interest on shareholder´s equity is recognized in the interim financial statements in order to obtain the best estimate of the weighted average effective income tax rate expected for the full fiscal year, in accordance with IAS 34- Interim Financial Reporting |
INTEREST-BEARING LOANS AND BORR
INTEREST-BEARING LOANS AND BORROWING | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INTEREST-BEARING LOANS AND BORROWING | 23. INTEREST-BEARING LOANS AND BORROWING Schedule of total liabilities 2023 2022 Secured bank loans 111.6 126.2 Other secured loans (i) 279.4 328.1 Lease liabilities 1,812.0 2,333.8 Non-current liabilities 2,203.0 2,788.1 Secured bank loans 14.9 54.5 Other secured loans (i) 136.3 144.5 Lease liabilities 1,146.9 783.6 Current liabilities 1,298.1 982.6 Total 3,501.1 3,770.7 (i) Nomenclature modified to Other secured loans, including for comparative purposes. Additional information regarding the exposure of the Company to interest rate, foreign currency risk and debt repayment schedule is disclosed in Note 28 - Financial instruments and risks At December 31, 2023, and 2022 the Company’s debts were exposed to the following interest rates: Schedule of debts 2023 2022 Debt instruments Average rate % Current Non-current Average rate % Current Non-current Debt denominated in US Dollars - fixed rate 14.00 0.0 - 14.00 6.2 - Other Latin American currencies - fixed rate 11.48 124.6 281.0 10.39 98.8 322.5 Debt denominated in CAD Dollars - fixed rate 5.63 130.1 350.2 5.32 123.3 387.7 Reais denominated floating rate (TJLP and TR) 9.47 13.4 111.6 9.61 12.3 125.1 Reais debt - ICMS fixed rate 2.95 103.2 194.3 2.95 113.3 266.4 Reais debt - ICMS floating rate 6.56 33.0 85.1 6.97 31.1 61.7 Reais debt - fixed rate 11.17 893.7 1,180.7 9.43 597.6 1,624.7 Total 1,298.1 2,203.0 982.6 2,788.1 23.1 Changes in liabilities arising from financing activities The tables below detail the changes in the Company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flow was, or future cash flow will be classified in the company’s consolidated statement of cash flow from financing activities. Schedule of liabilities arising from financing activities 2023 2022 Non - current liabilities Current liabilities Non - current liabilities Current liabilities Beginning balance 2,788.1 982.6 2,253.5 847.1 Proceeds 49.8 - 267.0 7.9 Payments (0.8) (226.6) - (230.2) Foreign exchange (52.8) (19.6) (56.8) (17.4) Transfers between current and non-current (1,238.0) 1,238.0 (761.0) 761.0 New lease agreements 629.5 524.4 905.3 469.2 Interest on leases - 193.1 - 159.3 Lease Payments - (1,373.2) - (1,014.0) Other movements 27.2 (20.6) 180.1 (0.3) Final balance 2,203.0 1,298.1 2,788.1 982.6 23.2 Maturity of contracts The above amounts have the following expect payment flow: Schedule of maturity of contracts Balance as of December 31, 2023 2024 2025 2026 2027 > 2028 2023 2022 Secured bank loans 14.9 14.7 16.1 36.8 44.0 126.5 180.7 Other secured loans (i) 136.3 151.5 114.8 3.7 9.3 415.7 472.7 Lease liabilities 1,146.9 481.8 472.4 385.0 472.8 2,958.9 3,117.3 1,298.1 648.0 603.3 425.5 526.1 3,501.1 3,770.7 (i) Nomenclature modified to Other secured loans, including for comparative purposes. 23.3 Contractual clauses (Covenants) As at December 31, 2023, as well as at December 31, 2022, the Company's loans had equal rights to payment without subordination clauses between them. Most loan contracts contain contractual covenants, such as: actions that can reduce the ability to pay the loans; maintenance of the Company's assets, purposing to assure that all remain under usage condition; restrictions on acquisitions, mergers, sales or disposals of its assets; disclosure of financial statements and the balance sheet; no prohibitions related to new guarantees for loans contracted. These clauses are applicable from the date of execution and effectiveness of each contract to the extent that the events mentioned in the contract occur. Depending on the materiality of each event and its potential adverse effects on the Company and /or its subsidiaries or the rights of its creditors, contractual penalties may be applied, including the early maturity of the respective contract. In certain contracts, in the event of occurrence of any of the events set out in the restrictive clauses, the Company may be granted a grace period to resolve any contractual defaults, in order to avoid any penalties resulting from the breach of its obligations. As of December 31,2023, as well as at December 31, 2023, the Company followed all of its contractual obligations for its loans and financing. 23.4 Guarantees and contractual counterparts The loans and financing contracted by the Company provide for the provision of various guarantees, such as sureties and real estate, or are unsecured, except in relation to the FINAME credit lines contracted by the Company with the National Bank for Economic and Social Development ("BNDES"), in which real guarantees were provided on the assets acquired with the credit granted. These loans contracted with BNDES are subject to certain “provisions applicable to agreements entered into with BNDES” (“Provisions”) and, according to these Provisions, the borrowers, such as the Company, may not, without the prior consent of BNDES, for instance: (i) raise new loans (except for the loans described in the Provisions); (ii) give preference and/or priority to other debts; and/or (iii) dispose of or encumber any items of their fixed assets (except as provided for within the Provisions). In relation to regarding the tax incentives on financing or subsidized loans, these are subject to the fulfillment of several commitments according to the legislation or contracts upon which those incentives are based on, such as (i) maintaining or generating jobs in the long term; (ii) realization of investments; (iii) increase in production capacity; (iv) ICMS collection commitments; (v) maintaining tax compliance; among others, obligations that refer to facts under the Company’s control. These commitments are applicable as from the signature date of the respective contracts related to fiscal benefits. 23.5 Leasing contracts for term and discount rate The average discount rate applied for IFRS 16, using the incremental rate was as follows: Schedule of average discount rate applied for IFRS 16 Rate % Lease Term 2023 2023 - 2027 11.15% 2028 - 2035 11.48% Accounting policies Interest-bearing loans and borrowing are recognized initially at fair value less attributable transaction costs. Subsequent to their initial recognition, interest-bearing loans and borrowing are stated at amortized cost, with any differences between the initial and maturity amounts recognized in the income statement over the expected life of the instrument on an effective interest rate basis. Borrowing costs directly related to the acquisition, construction or production of a qualifying asset which requires a substantial period to prepare for its intended use or sale, are capitalized as part of the cost of that asset when it is probable that the future economic benefits associated with the item will flow to the Company, and the costs can be measured reliably. Other borrowing costs are recognized as finance expenses in the period in which they are incurred. The accounting policy applied to lease liabilities is disclosed in note 13 - Property, plant and equipment. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS The Company sponsors post-employment benefits, such as retirement plans, medical and dental care, among others for employees in Brazil and subsidiaries located in the Dominican Republic, Barbados, Panama, Uruguay, Bolivia, Argentina and Canada based on employees' salaries and length of service. The entities are governed by the local regulations and practices of each individual country as well as the relationship with the Company’s pension funds and their composition. Post-employment benefits of retirement are managed through pension funds and are classified as either defined contribution or defined benefit plans. Defined benefit plans and the other post-employment benefits are not granted to new retirees. 24.1 Defined contribution plans These plans are funded by the participants and the sponsor and are managed by administered pension funds. During 2023, the Company contributed R$ 91.3 82.0 74.1 24.2 Defined benefit plans At December 31, 2023, 2022 and 2021 the net liability for defined benefit plans consists of the following: Schedule of defined benefit plans 2023 2022 2021 Present value of funded obligations (5,365.5) (5,476.5) (7,354.3) Fair value of plan assets 4,604.6 4,543.3 5,638.0 Present value of net obligations (760.9) (933.2) (1,716.3) Present value of unfunded obligations (917.2) (921.0) (1,165.4) Present value of net obligations (1,678.1) (1,854.2) (2,881.7) Asset ceiling (182.6) (163.3) (180.1) Net liabilities (1,860.7) (2,017.5) (3,061.8) Other long term employee benefits (93.9) (87.1) (104.3) Total employee benefits (1,954.6) (2,104.6) (3,166.1) Employee benefits amount in the balance sheet Liabilities (2,011.9) (2,161.2) (3,194.0) Assets 57.3 56.6 27.9 Net liabilities (1,954.6) (2,104.6) (3,166.1) The changes in the present value of the defined benefit obligations were as follow: Schedule of present value of defined benefit obligations 2023 2022 2021 Defined benefit obligation at January 1 (6,397.5) (8,519.7) (8,777.6) Service costs (30.8) (47.0) (58.0) Interest costs (413.2) (353.2) (324.3) Gains and (losses) on settlements or reductions in benefits 9.2 3.8 3.6 Contributions by plan participants (4.2) (5.6) (6.9) Actuarial gains and (losses) - geographical assumptions 11.5 - 52.3 Actuarial gains and (losses) - financial assumptions (297.0) 1,333.6 726.8 Experience adjustments 91.2 (171.5) (213.0) Reclassifications - - (1.0) Effect of exchange rate fluctuations 216.7 787.7 (495.3) Benefits paid 531.4 574.4 573.7 Defined benefit obligation at December, 31 (6,282.7) (6,397.5) (8,519.7) The changes in the fair value of plan assets are as follow: Schedule of fair value of plan assets 2023 2022 2021 Fair value of plan assets at January 1 4,543.3 5,638.0 5,533.3 Interest income 318.1 262.1 223.9 Administrative costs (5.2) (5.2) (5.8) Expected return, excluding interest income 101.7 (614.6) (148.3) Contributions by employer 280.5 316.0 342.0 Contributions by plan participants 4.6 5.8 7.1 Exchange differences (102.0) (482.6) 263.1 Curtailments, settlements and other (4.8) (1.8) (3.6) Benefits paid, excluding administrative costs (531.6) (574.4) (573.7) Fair value of plan assets at December, 31 4,604.6 4,543.3 5,638.0 Fundação Zerrenner is a legally distinct entity whose main goal is to provide the Company’s current and retired employees and managers with health care and dental assistance, technical and higher education courses, and to maintain facilities for assisting and helping elderly people, among other matters, either through direct initiatives or through financial assistance agreements with other entities. The present value of funded obligations includes R$ 633.3 665.4 603.9 The real return on plan assets generated at December 31, 2023, was a gain of R$ 419.7 (352.5 75.5 At December 31, 2023, the Company recorded R$ 57.3 56.6 R$ 27.9 ) up to the asset ceiling not exceeding the present value of future benefits. The changes in the asset ceiling not exceeding the present value of future benefits are as follow: Schedule of asset ceiling 2023 2022 2021 Asset ceiling impact at January 1 56.6 27.9 33.6 Interest income/(expenses) 4.9 - 1.3 Change in asset ceiling excluding amounts included in interest income/(expenses) (0.1) 30.2 (9.0) Effects of exchange rate fluctuations (4.1) (1.5) 2.0 Asset ceiling impact at December 31 57.3 56.6 27.9 The income/(expense) recognized in the income statement with regard to defined benefit plans is detailed as follows: Schedule of defined benefit plans recognized in income statement 2023 2022 2021 Current service costs (30.8) (47.0) (58.0) Administrative costs (5.2) (5.2) (5.8) (Gains) losses on settlement and curtailment 4.7 2.2 1.2 Income from operations (31.3) (50.0) (62.6) Financial costs (114.3) (107.8) (115.6) Total employee benefit expenses (145.6) (157.8) (178.2) The employee benefit revenue/(expenses) is included in the following line items in the income statement: Schedule of employee benefit revenue/(expenses) 2023 2022 2021 Other operating income/(expenses) - (0.1) (0.2) Cost of sales (15.1) (26.4) (33.0) Commercial expenses (7.3) (9.4) (11.7) Administrative income/(expenses) (8.9) (14.1) (17.7) Financial expense (114.3) (107.8) (115.6) (145.6) (157.8) (178.2) The assumptions used in the calculation of the obligations are as follow: Schedule of assumptions used 2023 (i) 2022 (i) 2021 (i) Discount rate 4.6 11.7 5.1 11.0 2.4 10.0 Inflation 2.0 3.5 2.0 3.5 2.0 3.5 Future salary increases 1.0 7.1 1.0 7.1 1.0 7.1 Future pension increases 2.7 3.8 2.7 3.8 2.5 3.8 Medical cost trend rate 6.4 7.1 6.4 7.1 4.5 6.9 Dental claims trend rate 3.5 3.5 3.3 Life expectancy for an over 65 years old male 84 87 84 87 85 87 Life expectancy for an over 65 years old female 86 89 86 89 87 89 (i) Includes assumptions in Brazil, Central America and Caribbean, Latin America - South and Canada. 24.3 Risk Through its defined benefit pension plans and post-employment medical plans, the Company is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The plan liabilities are calculated using a discount rate pegged to high-quality private securities; If plan assets underperform this yield, the Company’s net defined benefit obligation may increase. Most of the Company’s funded plans hold a significant proportion of equities, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the plans mature, the Company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Changes in bond yields A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. Inflation Some of the Company’s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan’s assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation could potentially increase the Company’s net benefit obligation. Life expectancy Most of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans’ liabilities. Investment strategy In the case of funded plans, the Company ensures that the investment positions are managed within an asset-liability matching (“ALM”) framework to ensure long-term investments that are in line with the Company’s obligations under the pension schemes. Within this framework, the Company’s ALM objective is to match the assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. 24.4 Sensitivity The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is as follows: Schedule of sensitivity of defined benefit obligation In millions of Brazilian Reais 2023 2022 2021 Change in assumption Increase in assumption Decrease in assumption Increase in assumption Decrease in assumption Increase in assumption Decrease in assumption Medical cost trend rate 100 bases points (95.2) 82.2 (94.3) 81.8 (114.7) 98.6 Discount rate 50 bases points 284.8 (302.4) 307.9 (328.0) 442.0 (470.3) Future salary increases 50 bases points (17.3) 14.7 (17.6) 16.5 (19.8) 18.6 Longevity One year (201.0) 196.1 (221.5) 213.5 (287.6) 279.5 The data presented in these tables are purely hypothetical and are based on changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein always affect the other assumptions at the same time and their effects are not linear. Therefore, the above information is not necessarily a reasonable representation of future results. 24.5 Plans assets The plans assets at December 31, 2023, 2022 and 2021 consist of the following: Schedule of plans assets 2023 2022 2021 Rated Unrated Total Rated Unrated Total Rated Unrated Total Government bonds 43 - 43 43 - 43 43 - 43 Corporate bonds 10 - 10 10 - 10 10 - 10 Equity instruments 15 - 15 15 - 15 15 - 15 Cash 6 - 6 6 - 6 6 - 6 Others 26 - 26 26 - 26 26 - 26 The overall expected rate of return is calculated by weighting the individual rates in accordance with Ambev’s expected share of the total investment portfolio. Ambev expects to contribute approximately R$ 231.5 Accounting policies Post-employment benefits Post-employment benefits include pensions managed in Brazil by Instituto Ambev de Previdência Privada (“IAPP”), post-employment dental benefits and post-employment medical benefits managed by Fundação Zerrenner. Usually, pension plans are funded by payments made by both the Company and its participants, considering the recommendations of independent actuaries. Post-employment dental benefits and post-employment medical benefit obligations are funded using the returns on the assets of the Fundação Zerrenner plan. If necessary, the Company may contribute some of its profits to Fundação Zerrenner. The Company maintains both funded and unfunded plans. Defined contribution plans A defined contribution plan is a pension plan under which the Company pays fixed contributions into a fund. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees for the benefits relating to their service in the current and prior periods. The contributions to these plans are recognized as expenses in the period during which they are incurred. Defined benefit plans Typically, defined benefit plans define an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation level. For defined benefit plans, expenses are assessed separately for each plan using the projected credit unit method. The projected credit unit method considers that each period of service gives rise to an additional unit of benefit and measures each such unit separately. Based on this method, the cost of providing pensions is charged to the income statement over the period of service of the employee and consist of current service costs, interest costs, past service costs and the effect of any agreements and settlements. The obligations of the plan recognized in the balance sheet are measured at the present value of the estimated future cash outflows using a discount rate equivalent to the government´s bond rates with maturity terms similar to those of the respective obligation and the fair values of the plan assets. Past service costs arise from the introduction of a new plan or changes to an existing plan. They are recognized immediately in the income statement, at the earlier of: (i) when the settlement/curtailment occurs; or (ii) when the Company recognizes the related restructuring or termination costs, unless those changes are conditional upon the employee’s continued employment, for a specific period of time (the period in which the rights are acquired). In such cases, past services costs are amortized using the straight-line method over the period during which the rights were acquired. Actuarial assumptions are established to anticipate future events and are used in the calculation of pensions and other long-term employee benefit expenses. These factors include assumptions regarding interest rates, health plan costs, discount rate, future salary increases and pensions, as well as life expectancy. Such estimates are reviewed annually by independent actuaries. Actuarial gains and losses consist of the effects of differences between the previous actuarial assumptions and the actual results, and the effects of changes in actuarial assumptions. Actuarial gains and losses are fully recognized in Carrying value adjustments. Remeasurements, representing actuarial gains and losses, the effect of the asset ceiling and the return on plan assets, both excluding net interest, are recognized in full in the period in which they occur in the statement of comprehensive income. Remeasurements are not reclassified to profit or loss in subsequent periods. When the amount of the defined benefit obligation is negative (an asset), the Company recognizes those assets (prepaid expenses), to the extent of the value of the economic benefit available to the Company either from refunds or reductions in future contributions. Other post-employment obligations The Company and some of its subsidiaries provide post-employment medical benefits, the reimbursement of medication expenses and other benefits to certain retirees. These benefits are not granted to new retirees. The expected costs of these benefits are recognized over the period of employment, using an accounting methodology like that for defined benefit plans, including actuarial gains and losses. Termination benefits Termination benefits are recognized as expenses at the earlier of: (i) when the Company is demonstrably committed, without a realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date; and (ii) when the Company recognizes costs related to restructuring. Bonuses Bonuses granted to employees and managers are based on pre-defined company and individual target achievement. The estimated amount of the bonus is recognized as an expense in the period during which the bonus is earned. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SHARE-BASED PAYMENTS | SHARE-BASED PAYMENTS Currently the Company has two plans of share-based payment programs: (i) the Stock Option Plan, approved in Extraordinary General Meeting of July 30, 2013 (“Stock Option Plan”) and (ii) Share-based Plan, approved in Extraordinary General Meeting of April 29, 2016, as amended in Extraordinary General Meeting of April 24, 2020 (“Share-Based Plan”). Under the Company can periodically issue different stock option and restricted share units programs. These programs allow certain Group employees and members of the Management, indicated by the Board of Directors and People Committee, to either buy shares of the Company by exercising stock options or receive shares directly. 25.1 Share-Based Plan In this plan, certain employees and members of the Management are eligible to receive Company shares, including in the form of ADRs. The shares subject to the Share-Based Plan are designated as "restricted shares" (RSUs) or “performance shares” (PSUs). The delivery of restricted shares and performance shares are made without charge, and the vesting period may vary between three and five years from the corresponding grant date, depending on the share-based compensation program. Restricted shares and performance shares may entitle participates the right to receive additional shares with the same conditions, such as compensation dividends and interest on shareholder´s equity declared and paid by the Company during the vesting period. The right to receive restricted, performance and additional shares, can be partially or completely lost under certain circumstances, including in case of resignation or termination during the vesting period. 25.1.1 Other disclosures of the Share-Based plan During the period, the Company granted 33,686 49,328 20,629 463.5 766.6 325.7 The total number of shares granted to the Company’s executives under the Share-Based Plan, which will be delivered in the future under certain conditions, is shown below: Restricted and performance shares Schedule of restricted and performance shares Thousand restricted shares 2023 2022 2021 Restricted and performance shares outstanding at January 108,854 62,545 43,458 New restricted and performance shares during the period 33,686 49,328 20,629 Restricted and performance shares granted during the period (18,309) (12) (22) Restricted and performance shares forfeited during the period (5,235) (3,007) (1,520) Restricted shares outstanding at the end of the year 118,996 108,854 62,545 25.2 Option Plan Since 2020, the Company no longer grants to your employees and executives stock options recognized in accordance with IFRS 2 - Share-Based Payment In addition, some employees of the Company and its subsidiaries, who receive their bonus in cash, have the option, according to their position, to choose to allocate part or all the amounts received as such to the acquisition of shares issued by Ambev, these shares are called "voluntary shares" and are granted under the Stock Option Plan. In general, voluntary shares are entitled to dividends from the date of grant and are subject to a vest period of three to five years (look-up). These shares are granted at market price with a discount applied up to 20%, the discount is delivered in the form of restricted shares. Executives who invest in voluntary shares also receive one and a half times the number of corresponding shares for each voluntary share acquired, up to a limited total percentage of each executive's variable remuneration. These matching shares are also delivered in the form of restricted shares. As the voluntary shares, granted under the Stock Option Plan, are part of the profit share earned by eligible executives, they are recognized as an expense in the income statement against liabilities. Meanwhile, the mentioned restricted shares (discounted shares and matching shares) are granted under the Share-Based Plan, as per conditions outlined in item 25.1 above, and are recognized in accordance with the accounting treatment set out in this note, according to IFRS 2 - Share-based Payment 25.2.1 Other disclosures of the Stock Options Plan The Company have not granted stock options Schedule of outstanding options developed Thousand options 2023 2022 2021 Options outstanding at January 99,717 113,760 127,265 Options exercised during the period - - (5,247) Options forfeited during the period (11,756) (14,043) (8,258) Options outstanding at the end of the year 87,961 99,717 113,760 The range of exercise prices of the outstanding options is from R$ 15.95 15.95 15.95 32.81 39.04 45.97 3.60 4.29 6.70 Of the 87,961 99,717 113,760 68,635 63,850 59,250 The weighted average exercise price of the options is as follows: Schedule of weighted average exercise price In R$ per share 2023 2022 2021 Options outstanding at January 1 19.39 19.92 19.81 Options forfeited during the period 22.68 22.60 25.27 Options exercised during the period - - 13.16 Options outstanding at the end of the period 18.86 19.39 19.92 Options exercisable at the end of the period 19.08 20.12 21.14 To settle the exercised stock options, the Company may use treasury shares. The current limit on the authorized capital is considered sufficient to meet the Company’s obligations under all stock option plans if the issue of new shares is required to meet the grants awarded under the programs. During the period, the Company granted 47 0.6 44 0.6 110 1.7 Deferred shares Schedule of deferred shares Thousand deferred shares 2023 2022 2021 Deferred shares outstanding at January 1 889 1,168 6,065 New deferred shares during the period 47 44 110 Deferred shares granted during the period - (214) (4,964) Deferred shares forfeited during the period - (109) (43) Deferred shares outstanding at the end of the year 936 889 1,168 25.3 Expenses related to share-based payments The share-based payments transactions described above generated an expense of R$ 333.4 311.6 391.5 Accounting policies Under the Share-Based Plan, the reference price per restricted share is defined on the stock grant date based on the share price of the trading session on B3 immediately prior to the shares granting, except for the performance shares, which the fair value is defined at the grant date based on “Monte Carlo” pricing method. After defining the reference price, based on number of grant shares, the calculated amount is recorded as expense against equity. The shares are transferred to attendees according to the terms and periods by the respective programs. Under the stock option programs, the fair value of the shares is estimated as at the option grant date, using the “Hull Binomial” pricing model, adjusted to reflect the IFRS 2 - Share-based Payment In addition, on some occasions, AB InBev employees and managers are expatriated to the Company. In these cases, the compensation cost related to options to acquire shares and restricted shares of AB InBev is recognized in the income statement against shareholders' equity, in proportion to the period of expatriation. When the equity instruments are delivered, this amount is reimbursed to AB InBev. On the other hand, when employees and managers who have options to acquire shares and restricted shares of the Company are expatriated to AB InBev, the compensation cost is recognized by AB InBev in proportion to the period of expatriation, and the Company is reimbursed at the time of delivery of its equity instruments to AB InBev employees and managers. The Company's share-based payment plans are settled in shares. |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Trade Payables | |
TRADE PAYABLES | 26. TRADE PAYABLES Schedule of trade payable 2023 2022 Trade payables 107.4 165.8 Related parties (Note 30) 199.9 343.6 Non-current 307.3 509.4 Trade payables 21,278.6 23,498.1 Related parties (Note 30) 1,916.5 830.4 Current 23,195.1 24,328.5 Total 23,502.4 24,837.9 The present value adjustment recorded for trades payables, at December 31, 2023, is R$ 308 367 The subsidiaries in Argentina, Chile, Paraguay and Panama have discount transactions for duplicates with endorsement (trade payables securitization) with vendors in the amount of R$ 159 219.3 Accounting policies Trade payables are recognized initially at their fair values and subsequently at amortized cost using the effective interest method. When relevant, trade payables values are adjusted by their present value, considering the following assumptions to calculation: (i) the amount to be discounted; (ii) the settlement dates; and (iii) the discount rate, in accordance with IFRS 13. The adjustment in the present value of installment purchases is record in trade payables and is offset by the cost of products sold account, due to the payment term. Long-term intra-group loan agreements The Company has long-term loan agreements, denominated in foreign currency, signed with wholly owned subsidiaries located abroad, whose amounts are recognized in the Company's accounts payable. As determined by IAS 21, considering that they are long-term loans, which settlement is not likely to occur in the foreseeable future, the exchange differences related to these instruments are recognized in other comprehensive income, following the accrual accounting concept. The recognition of exchange rate variations in other comprehensive income does not affect the accounting classification assigned to the debt, which is recorded in a liability account and incurs interest, which is recognized as a financial expense in the income statement for the year. The effects of exchange differences will only be reflected in profit or loss for the period if there is any change in the assumption related to the settlement of the loan, i.e., if it becomes foreseeable or probable. In the event of partial settlement, only the exchange differences corresponding to the settled portion or portion expected to be settled with probability or foreseeability will be reclassified to the profit or loss for the period. |
PROVISIONS, CONTINGENT LIABILIT
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS | PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Company and its subsidiaries are involved in administrative and judicial proceedings and arbitrations arising from the normal course of business. Due to their nature, these processes involve inherent uncertainties, including, but not limited to, decisions by courts and tribunals, agreements between the parties involved and governmental actions and, as a result, management cannot, at this stage, estimate the exact time taken to resolve these issues. 27.1 Provision The Company and some of its subsidiaries are involved in lawsuits, mainly of a tax, civil and labor nature, which are considered probable of loss, and which are fully provisioned, under the terms of IAS 37 - Provisions, Contingent Liabilities and Contingent Assets 27.1.1 Main lawsuits with a probable likelihood of loss: Sales taxes: Labor: Civil: 27.1.2 Provision changes Schedule of provision changes Taxes on sales Labor Civil Other taxes (i) Restructuring Total At December 31, 2021 218.6 124.2 252.9 163.0 17.4 776.1 Effect of changes in foreign exchange rates - (4.6) (17.5) (8.1) (2.0) (32.2) Additions 157.6 194.2 312.7 60.1 - 724.6 Provisions used (85.8) (162.0) (196.6) (7.2) (3.6) (455.2) Provisions reversed (43.3) (19.7) (15.6) (15.0) - (93.6) At December 31, 2022 247.1 132.1 335.9 192.8 11.8 919.7 Effect of changes in foreign exchange rates - (2.8) (35.8) (6.3) (0.5) (45.4) Additions 135.7 247.8 234.5 75.7 3.2 696.9 Provisions used (27.3) (181.7) (121.9) (40.8) (11.2) (382.9) Provisions reversed (73.2) (45.5) (72.5) (19.1) - (210.3) At December 31, 2023 282.3 149.9 340.2 202.3 3.3 978.0 (i) Other taxes refer to provisions for lawsuits concerning taxes unrelated to income taxation. The uncertain tax treatments related taxes on profits with a prognosis of probable loss have their value reported directly in the income tax and social contribution payable, as per IFRIC 23 - Uncertainty on the Treatment of Income Taxes 27.1.3 Expected settlement of provision Schedule of expected settlement of provision 2023 2022 Non-current Current Total Non-current Current Total Provision for disputes and litigation Taxes on sales 168.6 113.7 282.3 193.8 53.3 247.1 Labor 82.7 67.2 149.9 104.9 27.2 132.1 Civil 113.4 226.8 340.2 263.0 72.9 335.9 Other taxes 194.9 7.4 202.3 170.1 22.7 192.8 Total provision for disputes and litigation 559.6 415.1 974.7 731.8 176.1 907.9 Restructuring - 3.3 3.3 7.2 4.6 11.8 Total provisions 559.6 418.4 978.0 739.0 180.7 919.7 The expected settlement of provisions was based on management’s best estimate at the balance sheet date. 27.2 Contingencies The Company and its subsidiaries maintain administrative and judicial discussions with fiscal authorities in Brazil related to certain fiscal positions adopted when calculating the income tax and social contribution, which, based on Management’s current evaluation, probably are going to be accepted in superior court decisions of last instance, aligned with IFRIC 23. The Company also tax actions related to other taxes, which involve risk of a possible loss, according to management's assessment. To these uncertain tax treatments and possible contingencies there are no constituted provision, due to the assessment carried out as the following composition and estimates: Schedule of contingencies 2023 2022 Income tax and social contribution 63,621.0 60,453.5 Value-added and excise taxes 26,761.0 25,904.6 PIS and COFINS 3,496.2 3,293.5 Others 1,679.4 1,909.1 95,557.6 91,560.7 The Company and its subsidiaries have guarantee-insurance policies and letter of guarantee for some legal actions, disclosed as guarantee for civil, labor and tax execution or to enable resources of labor nature. Contingencies with a remote risk of loss are not disclosed, as the possibility of any settlement is remote, in accordance with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. 27.2.1 Main contingencies with a possible risk of loss On September 2023, Law 14,689 was enacted (“Law 14,689/2023”) in Brazil, which provides for the cancellation of fines imposed in tax administrative proceedings decided in favor of the Brazilian Federal Tax Authorities by a tie-breaking vote at the federal administrative level, including any such proceedings that were subsequently escalated to the judicial level and, as of the date of publication of Law 14,689/2023, were pending decision at the second level judicial courts. Following the enactment of Law 14,689/2023, Ambev reassessed the likelihood of success of fines imposed in proceedings decided by a tie-breaking vote, which resulted in the reclassification of the risk of loss from possible to remote in the approximate amount of R$ 6.9 billion as of December 31, 2023 In some cases of the discussions mentioned below, such as the deductibility of goodwill amortization expenses, foreign profits, the use of tax loss in mergers, and the Manaus Free Trade Zone - IPI. The main processes classified with a possible loss probability are summarized in the tables below, along with their respective estimated values involved in the cases. Schedule of main contingencies with a possible risk of loss Uncertainty over the treatment of income taxes In accordance with IFRIC 23 (Note - Income tax and social contribution Estimates (in million of Brazilian Reais) # Description of the main processes 2023 2022 1 Deductibility of IOC expenses During the 2013 fiscal year, as approved in a General Meeting, the Company implemented a corporate restructuring aimed at simplifying its structure and unifying its share classes, among other objectives. One of the steps of this restructuring involved the exchange of shares and subsequent incorporation of the shares of its subsidiary Companhia de Bebidas das Américas into Ambev S.A. As a consequence of this operation, Ambev S.A. recognized in its accounting records the counterpart of the difference between the value of its shares issued for this exchange and the book value of the subsidiary's shares in equity, in accordance with IFRS 10, under the item "adjustments to equity". In November 2019, Ambev received a tax assessment from the IRS regarding the deduction of Interest on Capital ("IOC") for the calendar year 2014. The queries primarily concern the accounting and corporate effects of the corporate restructuring carried out by the Company in 2013, and its impacts on increasing the calculation of the JCP deductibility limit. In August 2020, a partially favorable decision was issued to the Company by the first administrative instance, and in view of this decision, Ambev filed an appeal for the case to be reviewed by the CARF, which is awaiting judgment. The favorable portion of the first administrative instance decision will be subject to review by the CARF. In December 2020, the Company received a tax assessment related to the deduction of IOC expenses for the calendar years 2015 and 2016. In June 2021, Ambev obtained a partially favorable decision in the first administrative instance and filed an appeal to the CARF, which is also awaiting judgment. Similarly, to the first tax assessment, the favorable portion of the first administrative instance decision will be subject to review by the CARF. In December 2022, the Company received a tax assessment related to the deduction of IOC expenses for the calendar year 2017. In September 2023, Ambev obtained a partially favorable decision in the first administrative instance and filed an Appeal to the CARF, which is also awaiting judgment. Similarly, to the first tax assessment, the favorable portion of the first administrative instance decision will be subject to review by the CARF. In November 2023, the Company received a new tax assessment related to the deduction of IOC expenses for the calendar years 2018 to 2021. The Company filed a defense and currently awaits a decision in the first administrative instance. The updated assessed value of this uncertain tax treatment, in accordance with IFRIC 23, is approximately R$27.4 billion as of December 31, 2023 (R$13.8 billion as of December 31, 2022). Due to the assessment of the likelihood of loss, no provision was made in the period. This uncertain tax treatment, according to IFRIC 23, continued to be applied by Ambev and affected subsequent calendar years to those assessed (2022 and 2023), during which the Company also distributed IOC and deducted them from the taxable base of its Income Tax. Therefore, if the deductibility of IOC is also questioned in the future, on the same bases and with the same grounds as the tax assessments mentioned, the Company estimates that the outcome of these potential new discussions would be consistent with the period already assessed. In December 2023, Provisional Measure 1,185, of August 2023, was converted into a law (No. 14,789/2023), which changes the basis for calculating Interest on Capital as of January 1, 2024, making this uncertain tax treatment limited to Interest on Capital calculated in accordance with legislation in force before the aforementioned law effective date 27,439 13,846 2 Disallowance of tax paid abroad Since 2014, the Company has been receiving tax assessments, relating to calendar years from 2007 onwards, which disallow the use of income tax credits paid abroad by its controlled companies. Considering these charges to be illegitimate, the Company is challenging these assessments in administrative and judicial courts. In November 2019, a final favorable decision was issued by the CARF canceling the assessment regarding one of the cases, covering the calendar year 2010. For cases involving the calendar years 2015 and 2016, the Company received unfavorable decisions, in the administrative sphere, in three out of four processes. Ambev filed a lawsuit to discuss the matter and awaits a decision in first-instance judicial court. Still regarding the topic, new tax assessments were issued demanding isolated fines due to the alleged lack of monthly payment of IRPJ and CSLL due to the deduction of income tax paid by controlled companies abroad for the calendar years 2015 to 2018. For cases involving the calendar years 2015 and 2016, an unfavorable decision was issued against the Company in the administrative first instance, against which Ambev filed voluntary appeals awaiting judgment by the CARF. Regarding the tax assessments involving the collection of the isolated fine for the calendar years 2017 and 2018, received by the Company in October 2022 and December 2023 respectively, awaiting judgment in the administrative first instance. With regard to other processes discussing this topic, the Company awaits decisions in the administrative and judicial spheres. The updated assessed value of this uncertain tax treatment, in accordance with IFRIC 23, is approximately R$14.3 billion as of December 31, 2023 (R$12.6 billion as of December 31, 2022), and, due to its loss classification, no provision was made in the period. This uncertain tax treatment, according to IFRIC, regarding income tax credits paid abroad, continued to be applied by the Company and impacted subsequent calendar years to those assessed (2018-2023). If new questions arise in the future, on the same basis and with the same grounds as the tax assessments referred to, the Company estimates that the unfolding of these eventual new discussions will be consistent with the period already assessed. 14,302 12,596 3 Goodwill Inbev Holding In December 2011, the Company received a first tax assessment issued by the Brazilian Federal Revenue Service ("RFB") mainly related to the disallowance of goodwill amortization expenses for the tax years 2005 to 2010, resulting from the incorporation of InBev Holding Brasil S.A. Partially favorable administrative decisions were rendered in this matter. In response to these decisions, the Company filed judicial measures to challenge the issues in which it was unsuccessful at the administrative level, which are awaiting first-instance judgment. In June 2016, Ambev received a second tax assessment issued by the RFB regarding the disallowance of the remaining portion of the aforementioned goodwill amortization for the tax years 2011 to 2013. In April 2023, the Company obtained a partially favorable and final decision. For the portion of the dispute in which it was unsuccessful, the Company filed a judicial measure, which is awaiting judgment. The updated value of this uncertain tax treatment, as per IFRIC 23, that has already been assessed, amounted to approximately R$6.5 billion as of December 31, 2023 (R$11.1 billion as of December 31, 2022), and, due to its classification as a loss, no provision was made in the period. Regarding this ongoing dispute, all periods affected by this uncertain tax treatment have already been subject to assessments by the Internal Revenue service (“IRS”). In the event that the Company is required to pay this amount, Anheuser-Busch InBev SA/NV will reimburse the proportional amount (70%) of its benefit from the goodwill amortization, as well as the respective costs, pursuant to the "Reimbursement Agreement" executed on December 21, 2011, between Companhia de Bebidas das Américas - Ambev and Anheuser-Busch InBev SA/NV. 6,505 11,122 4 Foreign Earnings Since 2005, the Company and some of its subsidiaries have been subject to tax assessments by the IRS regarding the taxation of profits earned by subsidiaries domiciled abroad under various grounds. Deeming these charges illegitimate, the Company is challenging these assessments in administrative and judicial courts. The cases pending in the administrative sphere have partially favorable decisions, still subject to review by the last administrative instance, the CSRF. In turn, in the cases pending in the judicial sphere, the Company has favorable decisions, subject to review by the higher instance. In 2022 and 2023, the CARF issued favorable and partially favorable decisions for the Company. The decisions canceled part of the assessments, recognizing as partially correct the calculations made by the Company regarding the taxable income in Brazil of companies domiciled abroad, as well as the impossibility for the Brazilian tax authorities to disregard the goodwill amortization carried out by a subsidiary abroad. Part of these decisions represents a definitive success in the approximate amount of R$1 billion, while for the other decisions, appeals were filed by the IRS, which are awaiting judgment by the CSRF. The updated amount of this uncertain tax treatment, in accordance with IFRIC 23, already assessed, is approximately R$6.1 billion as of December 31, 2023 (R$7.3 billion as of December 31, 2022). This uncertain tax treatment, according to IFRIC 23, continued to be applied by the Company and impacted subsequent calendar years to those assessed (2019-2023). If new inquiries arise in the future, on the same basis and with the same grounds as the referred tax assessments, the Company estimates that the outcome of these eventual new discussions will be consistent with the periods already assessed. 6,075 7,280 5 Disallowance on Income Tax deduction In January 2020, Arosuco (a subsidiary of Ambev) received a tax assessment from the IRS, relating to the calendar years 2015 to 2018, disallowing the tax reduction benefit provided for in “MP” No. 2,199-14/2001, based on Operating Profit, and filed an administrative challenge. In October 2020, Arosuco was notified of the unfavorable decision in the administrative first instance and filed an Appeal, which awaits judgment. The updated assessed value of this uncertain tax treatment, in accordance with IFRIC 23, is approximately R$2.6 billion as of December 31, 2023 (R$2.3 billion as of December 31, 2022). Due to the assessment of the likelihood of loss, no provision was made in the period. This uncertain tax treatment, according to IFRIC 23, affected subsequent calendar years to those assessed (2019 to 2023), during which Arosuco similarly benefited from the tax reduction provided for in the aforementioned Provisional Measure 2,199-14/2001. If there are any new inquiries in the future on the same matter, on the same bases and with the same grounds as the tax assessments mentioned, Arosuco estimates that the outcome of these potential new discussions would be consistent with the period already assessed. 2,618 2,334 6 Goodwill BAH In October 2013, Ambev received a tax assessment related to the goodwill amortized in the calendar years 2007 to 2012 concerning the incorporation of Beverage Associates Holding Limited ("BAH") into Ambev. In April and August 2018, Ambev received two new tax assessments related to the disallowance of the amortization of the remaining portion of the mentioned goodwill in the calendar years 2013 and 2014. In the administrative sphere, partially favorable decisions were rendered in favor of the Company regarding the qualified fine and the statute of limitations for one of the periods under discussion. In response to these decisions, the Company filed judicial measures to challenge the matters in which it was unsuccessful in the administrative phase, obtaining decisions of total merit in the first judicial instance. The IRS filed appeals, which are awaiting judgment in the second judicial instance. The updated amount of this uncertain tax treatment, in accordance with IFRIC 23, already assessed, is approximately R$1.4 billion as of December 31, 2023 (R$2.2 billion as of December 31, 2022). Due to its classification as a loss, no provision was made in the period. Regarding this discussion, all periods impacted by the aforementioned uncertain tax treatment have already been subject to tax assessments by the IRS. 1,412 2,218 7 Goodwill CND Holding In November 2017, the Company received a tax assessment related to the amortization of goodwill for the calendar years 2012 to 2016 concerning the incorporation of CND Holdings into Ambev. In the administrative sphere, a partially favorable decision was rendered by CARF, which is subject to appeals filed by the Company and the IRS awaiting judgment by the Superior Chamber of Tax Appeals ("CSRF"), the last administrative instance. In October 2022, Ambev received a new tax assessment related to the disallowance of the remaining portion of said goodwill for the calendar year 2017. The Company received a partially favorable decision, which is subject to appeals filed by the Company and IRS, awaiting judgment by CARF. The updated value of the uncertain tax treatment, in accordance with IFRIC 23, already assessed, is approximately R$1.4 billion as of December 31, 2023 (R$1.3 billion as of December 31, 2022). Due to its classification as a loss, no provision was made during the period. With regard to this discussion, all periods affected by the said uncertain tax treatment have already been subject to tax assessments by the IRS. 1,372 1,257 8 Presumed Profit In April 2016, Arosuco (a subsidiary of Ambev) received an assessment related to the use of presumed profit for the calculation of IRPJ and CSLL instead of the actual profit method. In September 2017, Arosuco was notified of the unfavorable decision in the administrative first instance and filed a voluntary appeal. In 2019, a final favorable decision was issued by the CARF, canceling the assessment. In March 2019, Arosuco received a new tax assessment on the same matter and filed a defense. In October 2019, the administrative first instance issued an unfavorable decision and Arosuco filed a voluntary appeal to the CARF, which awaits judgment. Arosuco estimates that the updated assessed value of this uncertain tax treatment, in accordance with IFRIC 23, is approximately R$633.4 million as of December 31, 2023 (R$581.5 million as of December 31, 2022). Due to its loss classification, no provision was made in the period. With regard to this discussion, all periods affected by this uncertain tax treatment have already been subject to tax assessments by the IRS. 633.4 581.5 9 Disallowance of financial expenses In 2015, 2016, and 2020, the Company received tax assessments issued by the IRS concerning the disallowance of expenses related to the results of financial instruments used to hedge risks inherent to price or rate fluctuations, as well as loans related to the Company's operational activities. In May and June 2023, Ambev was notified of final favorable administrative decisions for the assessments received in 2016 and 2020, which completely canceled the tax assessments issued by the tax authorities, in the approximate amount of R$5.1 billion. Regarding the assessment received in 2015, judgment is awaited from the CARF, both for the tax authority's automatic appeal regarding the portion of the first-instance decision favorable to the Company, and for the Company's appeal regarding the portion of the first-instance decision in which it was unsuccessful. The updated amount of this uncertain tax treatment, in accordance with IFRIC 23, already assessed, is approximately R$316 million as of December 31, 2023 (R$5.2 billion as of December 31, 2022). Due to its classification, no provision was made in the period. With regard to this discussion, all periods affected by this uncertain tax treatment have already been subject to assessments by the RFB. 316 5,200 10 Goodwill MAG In December 2022, CRBS S.A. (a subsidiary of Ambev) received a tax assessment related to the goodwill amortized in the calendar years 2017 to 2020 concerning the acquisition and incorporation of RTD Barbados into CRBS. In the administrative sphere, CRBS received a partially favorable decision in the first administrative instance ("DRJ"), which is subject to appeals filed by the Company and the IRS pending judgment by CARF. The updated amount of this uncertain tax treatment, in accordance with IFRIC 23, already assessed, is approximately R$278 million as of December 31, 2023 (R$251 million as of December 31, 2022). Due to its classification as a loss, no provision was made in the period. This uncertain tax treatment, according to IFRIC 23, continued to be applied by CRBS and impacted subsequent calendar years to those assessed (2021-2022). If new questions arise in the future, based on the same grounds and with the same fundamentals as the tax assessment mentioned, the Company estimates that the outcome of these potential new discussions will be consistent with the period already assessed. 278 251 11 Tax Loss Offset Ambev and certain of its subsidiaries received a number of assessments from the Brazilian Federal Tax Authorities relating to the offset of tax losses carried forward in the context of business combinations. Two main cases dealing with this matter are under judicial review. In one of the cases, Ambev received favorable decisions in 1st and 2nd instances of the judiciary, which prompted the National Treasury to file a Special Appeal, pending judgment by the Superior Court of Justice ("STJ"). In the second case, Ambev received an unfavorable decision in the 1st instance of the judiciary and filed an Appeal, awaiting judgment. In December 2023, there was a third case under administrative review, which, in February 2023, was unfavorably decided against the Company by the the Upper Administrative Court ("CSRF") by a casting vote. Due to the outcome of the judgment and considering the reductions provided for in Law No. 14,689/2023, after receiving notification of the decision, the Company opted to pay the case in December 2023, with the corresponding reductions. The updated value of the uncertain tax treatment, according to ICPC 22/IFRIC 23, as of December 31, 2023, is approximately R$187 million (R$548 million on December 31, 2022), and therefore, no provision has been made for the matter. Regarding the present discussion, all periods affected by the uncertain tax treatment have already been subject to assessments by the RFB. 187 548 12 Isolet Fines In March 2023, the Brazilian Supreme Federal Court (STF), in the trial of theme 736 (RE 796,939), established its understanding that the imposition of isolated fines due to the non-recognition of tax offsets is unconstitutional. Following this judgment, the Company reevaluated, together with its in-house lawyers and external advisors, the prognosis of the discussion and reclassified the risk of loss from possible to remote. The amount involved in the processes related to this issue, as of March 31, 2023, was R$1.6 billion (compared to R$1.7 billion on December 31, 2022). Due to the prognosis of remote loss, the processes related to this issue ceased to be reported as possible contingencies in the first quarter of 2023. - 1,690 Indirect taxes Estimates (in million of Brazilian Reais) # Description of the main processes 2023 2022 1 ICMS-ST Trigger Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which the state tax authorities contend that the calculation basis should be based on a value-added percentage over the actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged at both the administrative and judicial levels. A Company estimates that the total updated amount of possible risk involved in the processes related to this matter, as of December 31, 2023, is approximately R$10.7 billion (R$9.3 billion on December 31, 2022). 10,669 9,292 2 Manaus Free Trade Zone – IPI and PIS/COFINS In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt and/ or zero-rated from excise tax (“IPI”) and social contributions (“PIS/COFINS”). With respect to IPI, Ambev’s subsidiaries have been registering IPI presumed tax credits upon the acquisition of exempted goods manufactured therein. Since 2009, Ambev has been receiving a number of tax assessments from the Brazilian Federal Tax Authorities relating to the disallowance of such credits. Ambev and its subsidiaries have also been receiving charges from the Brazilian Federal Tax Authorities in relation to (i) federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits that are under discussion in these proceedings and (ii) PIS/COFINS amounts allegedly due on Arosuco’s remittance to Ambev subsidiaries. In April 2019, the Federal Supreme Court (“STF”) announced its judgment on Extraordinary Appeal No. 592.891/ /SP, with binding effect, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at both the administrative and judicial levels. The company estimates that the updated value classified as possible loss involved in these processes, as of December 31, 2023, is approximately R$6.3 billion (R$5.8 billion on December 31, 2022). 6,307 5,825 3 IPI Suspension In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly due over remittances of manufactured goods to other related factories. The cases are being challenged at both the administrative and judicial levels. In July 2022, Ambev received the first judicial decision on this matter; the decision was unfavorable to Ambev, and it filed an appeal. In July 2023, the Federal Court rendered its decision on the appeal, annulling the first-level decision and ordering the production of technical evidence as requested by Ambev in order to demonstrate the proper collection of IPI. The federal government has filed motions for clarification against this decision, which are pending judgment by the Federal Court. In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases related to this matter, which ordered a tax audit to determine the amount of the tax already effectively paid. The results of the tax audit, which were notified in January 2024, were partially favorable to Ambev, reducing 98% of the amount alleged to be owed by Ambev in this case. Ambev will file an appeal at the judicial level against the unfavorable portion of the decision. The Company estimates that the updated value classified as possible loss involved in these processes, as of December 31, 2023, is approximately R$1.8 billion (R$1.7 billion on December 31, 2022). 1,824 1,703 4 Social Contributions over products Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both the administrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at the administrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions to Ambev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remain subject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first-level judicial court rendered an unfavorable decision to Ambev. The Ambev estimates that the amount involved in the proceedings as at December 31, 2023, classified as a possible loss, is approximately R$1.8 billion (R$1.6 billion as at December 31, 2022). 1,776 1,559 5 ICMS – ZFM In 2018 and 2021, Ambev received infraction notices issued by the State Departments of Finance of Rio Grande do Sul and São Paulo for alleged differences in ICMS resulting from the disallowance of credits originating from operations with suppliers located in the Manaus Free Trade Zone (ZFM). Regarding the infraction notice issued by the state of Rio Grande do Sul, the outcome was unfavorable at the administrative level, and the Company awaits notification of the decision rendered by the Administrative Tribunal to assess, along with its external advisors, the presentation of a challenge in the judicial sphere. Regarding the infractions issued by the state of São Paulo, all had unfavorable decisions at the first instance, and one of the cases is already in the final administrative instance, considering the special appeal filed by the Company. The other cases await judgment by the TIT. The Company is litigating the matter in the administrative tribunals of the states. The Company estimates that the updated value classified as a possible loss involved in these processes, as of December 31, 2023, is approximately R$804.4 million (R$730.3 million on December 31, 2022). 804.4 730.3 6 ICMS - Prodepe In 2015, Ambev received Infraction Notices issued by the State Treasury Department of Pernambuco for the collection of ICMS differences due to the alleged non-compliance with the rules of the Pernambuco Development Program - "PRODEPE," due to the rectification of its ancillary obligations. In 2017, the Company obtained a final favorable decision recognizing the nullity of one of the infraction notices, due to formal errors. However, in September 2018, Ambev received a new infraction notice to discuss the same matter. In this new case, in June 2020, a first-instance decision partially favorable to the Company was rendered, recognizing errors by the tax auditor in the calculation of the incentive. The favorable portion of the decision is definitive, and for the unfavorable portion, the discussion will proceed to the judicial sphere. Additionally, there are other infraction notices related to PRODEPE, some of which are already being discussed in the judicial realm. The Company estimates that the total updated value of possible risk involved in the processes related to this matter, as of December 31, 2023, is approximately R$739.4 million (R$663.9 million on December 31, 2022). 739.4 663.9 7 ICMS – FAIN In recent years, Ambev has received infraction notices issued by the State Department of Finance of Paraíba for the collection of ICMS related to the Fund for Industrial Development Support of Paraíba (FAIN). The infractions stem from a controversy regarding the transfer of the tax incentive from the former Companhia de Bebidas das Américas to its successor Ambev S.A., as well as methodological issues regarding the calculation of the benefit. The Company is contesting these infractions in administrative and judicial courts |
FINANCIAL INSTRUMENTS AND RISKS
FINANCIAL INSTRUMENTS AND RISKS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
FINANCIAL INSTRUMENTS AND RISKS | 28. FINANCIAL INSTRUMENTS AND RISKS 28.1Financial instruments categories The financial instruments held by the Company are managed through operational strategies and internal controls to assure liquidity, profitability, and transaction security. Transactions involving financial instruments are regularly reviewed to assess the effectiveness of the risk exposure that management intends to cover (foreign exchange, and interest rate, among others). The table below shows all of the consolidated financial instruments recognized in the financial statements, segregated by category: Schedule of consolidated financial instruments 2023 2022 Assets Amortized cost Cash and cash equivalents less bank overdrafts (Note 21.1) 16,059.0 14,852.1 Trade receivables excluding prepaid expenses 7,566.7 7,791.4 Investment securities (Note 21.2) 242.2 219.1 Subtotal 23,867.9 22,862.6 Fair value through profit or loss Investment securities (Note 21.2) 277.2 454.5 Derivatives hedges (Note 28) 379.7 273.8 Subtotal 656.9 728.3 Total assets 24,524.8 23,590.9 Liabilities Amortized cost Trade payables (Note 26) 23,502.4 24,837.9 Interest-bearing loans and borrowings (Note 23) 3,501.1 3,770.7 Other liabilities 2,129.6 2,015.6 Subtotal 29,133.1 30,624.2 Fair value through profit or loss Put options granted on subsidiaries (i) 2,791.1 3,060.3 Derivatives hedges (Note 28) 763.1 729.4 Other liabilities 272.6 333.7 Subtotal 3,826.8 4,123.4 Total liabilities 32,959.9 34,747.6 (i) Put options granted on subsidiaries: the Company constituted a liability related to the acquisition of a non-controlling interest of the operations in the Dominican Republic. This financial instrument is denominated in US Dollars (Tranche A) and Dominican Pesos (Tranche B) and is recorded by an entity, whose functional currency is the Real. The Company assigned this financial instrument as a hedging instrument for a portion of its net assets located in subsidiaries whose functional currency is the US Dollar and the Dominican Peso, in such a manner that the hedge result can be recorded in other comprehensive income of the group, following the result of the hedged item. 28.2 Derivative financial instruments The use of derivative financial instruments by the Company follow strictly the Financial Risk Management Policy (“Policy”) approved by Management. The instruments authorized by the Policy are Futures contracts traded on exchanges, full deliverable forwards, non-deliverable forwards, swaps, and options. The Policy excludes the use of derivatives when they are not related to the Company's business. At December 31, 2023, the Company and its subsidiaries had no target forwards, swaps with currency verification, or any other derivative transactions representing a risk level above the nominal value of the contracts. The derivative operations are managed on a consolidated basis and classified based on the strategy according to their purposes, as follows: i) Cash flow hedge derivative instruments ii) Fair value hedge derivative instruments. iii) Net investment hedge derivative instruments. In accordance with the hedge accounting, the effective hedge amount is recorded in equity and, in the event of an ineffective portion this result is recorded immediately in finance result during the period ineffectiveness was identified, for cash flow hedge and net investment hedge The Company measures derivative financial instruments by calculating their fair value, using market curves that impact the value of the instrument as at the computation date. In the case of swaps, the asset and the liability positions are estimated independently and brought to their fair value, equivalent to the difference between the results of the asset and liability amounts, which generates the swap’s market value. For traded derivative financial instruments, the fair value is calculated based on the exchange-listed price. The following tables summarize the exposure identified and protected in accordance with the Company's Risk Policy. Transactions protected by derivative financial instruments in accordance with the Financial Risk Management Policy Schedule of financial risk management 2023 Fair Value Gain / (Losses) Hedge position Risk Notional Assets Liability Finance Result Operational Result Equity Cost 17,374.2 379.5 (742.0) (1,639.6) 34.6 (285.2) Commodities 4,025.7 198.3 (219.4) (388.3) (336.2) (105.4) US Dollars 13,200.0 164.9 (522.4) (1,250.7) 363.9 (182.1) Euros 37.4 0.1 (0.2) (0.5) 2.6 0.5 Mexican Pesos 111.1 16.2 - (0.1) 4.3 1.8 Importing of fixed assets 249.7 0.1 (14.6) 11.0 3.4 5.0 US Dollars 249.7 0.1 (14.6) 11.0 3.4 5.0 Expenses 64.7 0.1 (4.2) (25.6) (0.1) 1.1 US Dollars 64.7 0.1 (4.2) (25.6) (0.1) 1.1 Cash (59.3) - (2.3) 13.7 - - US Dollars (59.3) - (2.3) 13.7 - - At December 31, 2023 17,629.3 379.7 (763.1) (1,640.5) 37.9 (279.1) 2022 Fair Value Gain / (Losses) Hedge position Risk Notional Assets Liability Finance Result Operational Result Equity Cost 19,853.3 271.8 (719.4) (3,075.2) 452.7 134.3 Commodities 4,809.9 100.8 (376.0) 63.5 (32.3) (475.0) US Dollars 14,874.7 157.7 (342.9) (3,139.2) 477.1 596.6 Euros 32.2 1.9 - (0.7) (0.3) 1.2 Mexican Pesos 136.5 11.4 (0.5) 1.2 8.2 11.5 Fixed assets 226.8 1.5 (5.4) (5.9) 4.9 (13.0) US Dollars 226.8 1.5 (5.4) (5.9) 4.9 (13.0) Expenses 204.9 0.5 (4.6) (42.5) 9.1 (14.8) US Dollars 204.9 0.5 (4.6) (42.5) 9.1 (14.8) Cash - - - (17.1) - - American Dollar - - - (17.1) - - At December 31, 2022 20,285.0 273.8 (729.4) (3,140.7) 466.7 106.5 28.2.1 Instrument maturity As of December 31, 2023, the Notional and Fair Value amounts per instrument and maturity were as follow: Schedule of notional and fair value amounts per instrument and maturity Notional Value Exposure Risk 2024 2025 2026 2027 >2027 Total Cost 16,763.3 610.9 - - - 17,374.2 Commodities 3,924.3 101.4 - - - 4,025.7 US Dollars 12,690.5 509.5 - - - 13,200.0 Euros 37.4 - - - - 37.4 Mexican Pesos 111.1 - - - - 111.1 Importing of fixed assets 249.7 - - - - 249.7 US Dollars 249.7 - - - - 249.7 Expenses 64.7 - - - - 64.7 US Dollars 64.7 - - - - 64.7 Cash (59.3) - - - - (59.3) US Dollars (59.3) - - - - (59.3) 17,018.4 610.9 - - - 17,629.3 Fair Value Exposure Risk 2024 2025 2026 2027 >2027 Total Costs (352.5) (10.0) - - - (362.5) Commodities (14.2) (6.9) - - - (21.1) US Dollars (354.4) (3.1) - - - (357.5) Euros (0.1) - - - - (0.1) Mexican Pesos 16.2 - - - - 16.2 Importing of fixed assets (14.5) - - - - (14.5) US Dollars (14.5) - - - - (14.5) Expenses (4.1) - - - - (4.1) US Dollars (4.1) - - - - (4.1) Cash (2.3) - - - - (2.3) US Dollars (2.3) - - - - (2.3) (373.4) (10.0) - - - (383.4) Margins pledged as guarantees In order to comply with the guarantee requirements regarding derivative exchanges and/or counterparties to certain operations with derivative financial instruments, as at December 31, 2023, the Company held R$ 197.7 376.9 28.3 Classification of financial instruments Schedule of fair value measurement 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Investment securities 277.2 - - 277.2 454.5 - - 454.5 Derivatives – operational hedge 53.4 326.3 - 379.7 57.0 216.8 - 273.8 Total 330.6 326.3 - 656.9 511.5 216.8 - 728.3 Financial liabilities Put options granted on subsidiaries - - 2,791.1 2,791.1 - - 3,060.3 3,060.3 Other liabilities - - 272.6 272.6 - - 333.7 333.7 Derivatives liabilities at fair value through profit and loss 2.3 - - 2.3 - - - - Derivatives – operational hedge 70.0 690.8 - 760.8 76.1 653.3 - 729.4 Total 72.3 690.8 3,063.7 3,826.8 76.1 653.3 3,394.0 4,123.4 28.3.1 Financial instruments level 3 As part of the negotiations regarding the acquisition of the shares of Tenedora, the Company signed at 2020 the second amendment to the Shareholders' Agreement extending the partnership between the Company and ELJ. As at December 2023, ELJ was the owner of 15 12.11 that was exercised at January 04, 2024 2.89 2,791.1 3,053.7 The fair value of (i) Tranche A is calculated considering the interest under the contract, plus foreign exchange variations, less the dividends paid between the date of signature of the amendment and the exercise of the option. The fair value of (ii) Tranche B is calculated based on the EBITDA multiple defined in the contract, less the net debt, brought to its present value, calculated using standard valuation techniques (the present value of the principal amount and future interest, discounted by the local currency’s WACC rate as at the date of the calculation). The criteria used are based on market information from reliable sources and are categorized as “Level 3”. 28.3.2 Reconciliation of changes in the assets categorized at Level 3 Schedule of reconciliation of changes in the assets Financial liabilities at December 31, 2022 3,394.0 Acquisition of investments (64.2) Level reclassification (6.6) Total gains and losses during the period (259.5) Losses/(gains) recognized in net income (269.9) Losses/(gains) recognized in equity 10.4 Financial liabilities at December 31, 2023 3,063.7 28.4 risk management The Company is exposed to foreign currency, interest rate, commodity price, liquidity, and credit risk in the ordinary course of its business. The Company analyzes each of these risks both individually and on a consolidated basis, to define strategies to manage the economic impact on risk’s performance consistent with its Financial Risk Management Policy. The objective of this policy is intended to provide guidelines for the management of the financial risks inherent to the capital markets in which Ambev operates. The policy includes four main aspects: (i) transactional risks related to the business; (ii) financial statement translation risk; (iii) credit risks of financial counterparties and (iv) capital structure; financing and liquidity. The policy establishes that all the financial assets and liabilities in each country in which Ambev operates must be denominated in their respective local currencies. The policy also sets out the procedures and controls required to identify, measure, and minimize market risks, such as variations in foreign exchange rates, interest rates and commodities (mainly aluminum, sugar, wheat, corn and paraxylene) that may affect Ambev’s revenue, costs and/or investment amounts. The known risks (e.g., foreign currency and interest) shall be hedged by contracting derivative financial instruments. Existing risks which are not yet recorded (e.g., future contracts for the purchase of raw materials or property, plant and equipment) shall be mitigated using projections for the period required for the Company to adapt to the new costs’ scenario, which may vary from ten to fourteen months, also through the use of derivative financial instruments. Most translation risks are not hedged. The exceptions to the policy must be approved by the Operations and Finance Committee (“COF”) 28.4.1 Market risk 28.4.1.1 Interest rate risk: The table below demonstrates the Company’s exposure related to debts. In 2023, the Company does not hold hedge positions to the exposure described below: Schedule of detailed information about hedging instruments 2023 2022 Risk Risk Interest rate Amount Interest rate Amount Brazilian Reais 8.1 243.2 8.5 230.1 Post fixed interest rate 243.2 230.1 Brazilian Reais 10.1 2,372.0 8.5 2,602.1 Working Capital in Argentinean Peso 0.0 - 73.5 74.3 Other 11.5 405.6 10.4 421.3 US Dollars 14.0 - 14.0 6.2 Canadian Dollars 5.6 480.3 5.3 511.0 Pre-fixed interest rate 3,257.9 3,614.9 Sensitivity analysis The Company substantially mitigates the risks arising from non-derivative financial assets and liabilities, through the use of derivative financial instruments. In this context, the Company has identified the main risk factors that could generate losses from these derivative financial instruments, and has developed a sensitivity analysis based on three scenarios, which may impact the Company’s future results and/or cash flow, as described below: 1 - Probable scenario: Management’s expectations regarding the deterioration of each transaction’s main risk factor. To measure the possible effects on the results of derivative transactions, the Company uses the parametric Value at Risk (“VaR”), a statistical measure developed based on estimates of standard deviation and correlation between the returns of several risk factors. This model gives the loss limit expected for an asset over a certain time period and confidence interval. Under this methodology, the potential exposure of each financial instrument, a range of 95 2 - Adverse scenario: 25 3 - Remote scenario: 50 Sensitivity analysis of exchange rate variations and commodity price variations: Schedule of types of market risk Transaction Risk Fair value Probable scenario Adverse scenario Remote Commodities hedge Decrease in commodities price (21.1) 94.6 985.4 1,991.9 Input purchases 21.1 (94.6) (985.4) (1,991.9) Foreign exchange hedge Foreign currency decrease (341.4) (163.3) 2,995.8 6,333.0 Input purchases 341.4 104.9 (3,336.8) (7,014.9) Cost effects - (58.4) (341.0) (681.9) Foreign exchange hedge Foreign currency decrease (14.5) (13.2) 47.9 110.3 Capex Purchases 14.5 13.2 (47.9) (110.3) Fixed asset effects - - - - Foreign exchange hedge Foreign currency decrease (4.1) (3.7) 12.0 28.2 Expenses 4.1 (1.7) (44.0) (92.2) Result of expense effects - (5.4) (32.0) (64.0) Foreign exchange hedge Foreign currency decrease (2.3) (2.5) (17.1) (31.9) Cash 2.3 2.5 17.1 31.9 Cash effects - - - - - (63.8) (373.0) (745.9) 28.4.1.2 Foreign currency risk: 28.4.1.3 Commodity Risk: 28.4.2 Credit Risk A substantial portion of the Company’s sales is made to distributors, supermarkets, and retailers, through a broad distribution network. Credit risk is reduced due to the large number of customers and control procedures used to monitor risk. Historically, the Company has not incurred significant losses on receivables from customers. In order to minimize the credit risk of its investments, the Company has adopted procedures for the allocation of cash and investments, taking into consideration the credit limits and credit analysis of financial institutions, avoiding credit concentration, i.e., the credit risk is monitored and minimized by restricting negotiations to a select group of highly rated counterparties. The selection process for financial institutions authorized to operate as counterparties of the Company is set forth in the Credit Risk Policy, which also establishes exposure limits for each counterparty based on each counterparty's risk rating and capitalization. Any deposits or cash available, must be kept in accounts with top tier banks, or banks with a high credit rating in the respective country. Any position of a short-term nature (less than six months) should be considered as a deposit or cash. Counterparty risk must be managed by the Company globally, with product limits established by the treasury area, considering: (i) the counterparty’s credit rating (ii) the transaction term (iii) the amount; and (iv) the split between assets and liabilities, in the absence of a clearing clause in derivative contracts. The counterparty risk is reassessed on a quarterly basis. The carrying amounts of cash and cash equivalents, investment securities, trade receivables excluding prepaid expenses, recoverable taxes and derivative financial instruments are disclosed net of provisions for impairment and represent the maximum exposure to credit risk as at December 31, 2023. As at December 31, 2023, there was no concentration of credit risk on any counterparties in excess of the limits established by the Company's Credit Risk Policy. 28.4.3 Liquidity Risk Historically, the Company’s primary sources of cash flow have been cash flow from operating activities, the issuance of debt, bank borrowings and equity securities. Ambev’s material cash requirements have included the following: debt servicing; capital expenditure; investments in companies; increases in the ownership of Ambev’s subsidiaries or companies in which it holds equity investments; share buyback programs; and payments of dividends and interest on shareholders’ equity. The Company believes that cash flows from operating activities, cash and cash equivalents and short-term investments, together with derivatives and access to loan facilities are sufficient to finance capital expenditures, financial liabilities, and dividend payments in the future. Schedule of liquidity risk and payables 2023 Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years Trade and other payables (i) 36,817.8 38,453.7 35,522.5 439.9 10.6 808.6 1,672.1 Secured bank loans 126.5 177.8 26.7 25.2 25.2 50.4 50.4 Other secured loans (ii) 415.7 594.7 156.0 171.2 134.2 79.4 53.9 Lease liabilities 2,958.9 3,473.0 1,344.0 608.3 552.6 452.6 515.5 Total payables and liabilities 40,318.9 42,699.2 37,049.2 1,244.6 722.6 1,390.9 2,291.8 2022 Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years Trade and other payables (i) 39,354.4 40,656.4 36,818.5 86.8 1,275.1 1,008.4 1,467.6 Secured bank loans 180.8 245.7 68.2 26.4 25.2 50.4 75.5 Other secured loans (ii) 472.5 759.1 169.9 156.7 151.6 165.4 115.5 Lease liabilities 3,117.4 3,657.4 962.9 1,008.4 621.0 696.9 368.2 Total payables and liabilities 43,125.1 45,318.6 38,019.5 1,278.3 2,072.9 1,921.1 2,026.8 (i) Mainly includes amounts related to suppliers, taxes, fees and contributions payables, dividends, and interest on equity payable, salaries and charges, put options related to the Company’s participation in subsidiaries and other liabilities, except for related parties, with payment term of less than one year. (ii) Nomenclature modified to Other secured loans, including for comparative purposes. 28.4.4 Capital management The Company is continuously optimizing its capital structure in order to maximize shareholder value while maintaining the desired financial flexibility to execute its strategic projects. Besides the statutory minimum equity funding requirements applicable to the Company’s subsidiaries in different countries, the Company is not subject to any externally imposed capital requirements. When analyzing the capital structure, the Company uses the same debt ratings and capital classifications applied to the financial statements. The company evaluates its net debt in order to guarantee the continuity of its business in the long term. Schedule of net debt of long term 2023 2022 Assets Interest-bearing loans and borrowings current and non-current 3,501.1 3,770.7 (-) Financial assets at fair value through profit or loss (277.2) (454.5) (-) Cash and cash equivalents less bank overdraft (16,059.0) (14,852.1) Net debt (12,835.1) (11,535.9) 28.5 Offsetting financial assets and liabilities For financial assets and liabilities subject to settlement agreements on a net basis or similar agreements, each agreement between the Company and the counterparty allows this type of settlement when both parties opt for this. In the absence of such a decision, the assets and liabilities will be settled at their gross amounts, but each party will have the option to settle on a net basis, in case of a default by the counterparty. 28.6 Risks management of climate change and the sustainability strategy The Company’s operations, there is an inherent exposure to certain risks related to climate change, and relevant ESG (Environmental, Social and Governance) aspects. As the events mentioned in this section are highly uncertain, the Company cannot determine their financial impact at this moment. Any mentioned impacts may result in a material adverse effect on our business, liquidity, financial condition, and results of operations. The Company continues to manage liquidity and capital resources with discipline to meet the costs of the eventual materialization of such risks. In the period finished in December 31, 2023, the Management considered as main risks the points below. 28.6.1 Commodities prices There is a growing concern that the currently level of carbon dioxide and other greenhouse gases in the atmosphere have adverse impacts on global temperatures, weather patterns and the frequency and severity of extreme weather and natural disasters, such as droughts, floods, unseasonal rains, tropical cyclones, among others. In the event the climate changes have a negative effect on agricultural productivity, the Company may be subject to decreased availability or less favorable pricing for certain agricultural commodities that are necessary for our products, such as barley, hops, sugar and corn. In addition, public expectations for reductions in greenhouse gas emissions could result in increased energy, transportation and raw material costs and may require us to make additional investments in facilities and equipment due to increased regulatory pressures. As a result, the effects of climate change could have a long-term, material adverse impact on our business and results of operations. 28.6.2 Water crisis The Company also face water scarcity and quality risks. The availability of clean water is a limited resource in many parts of the world, facing unprecedented challenges from climate change and the resulting change in precipitation patterns and frequency of extreme weather, overexploitation, increasing pollution, and poor water management. The Company has implemented an internal strategy in order to considerably reduce the use of water in your operative plants. However, as demand for water continues to increase around the world, and as water becomes scarcer and the quality of available water deteriorates, we may be affected by increasing production costs or capacity constraints, which could adversely affect our business and results of operations. Droughts can cause barley crop failures, especially in South America, where most barley is rain-fed. The meteorological droughts (short-term, precipitation-impacted droughts) can significantly affect barley crop performance. As a result, the effects of climate change could have a substantial long-term detrimental impact on the Company's business and operating results. 28.6.3 Environmental regulations The Company’s operations are subject to a wide range of Brazilian federal, state and municipal safety and environmental laws and regulations related to licenses or authorizations necessary to our business, as well as use of water resources and management of solid waste and take-back scheme obligations. The Company activities require the constant obtaining and renewal of environmental licenses, in which the production units operation depends. Technical difficulties or failure to meet license renewal terms and the requirements of environmental agencies may have adverse effects on our business, as we may be subject to (i) the imposition of several administrative penalties (such as fines, interruption or shutdown of activities, license cancellation, among others). (ii) payment of recovering costs to of degraded areas and (iii) accountability in the civil, administrative and criminal spheres, depending on the case. There is no guarantee that the Company, even if it adopts adequate practices and processes, will not incur environmental liability or that these applicable environmental laws and regulations will not change or become stricter in the future. Accordingly, non-compliance with applicable laws and the technical conditions established in licenses and permits may harm the Company's reputation, results of operations and financial health. 28.6.4 Social The Company is subject to obligations regarding the respect for human rights of all stakeholders, which may lead the Company to incur additional costs as well as significant contingencies relating to social issues. In general, social risks arise from the potential and actual adverse impacts of its business activities on the human rights of all stakeholders involved in its operation, including its own employees, consumers, suppliers, investors and the local community where the Company operates, whether directly or indirectly connected to its activities. If the Company does not adopt well-structured and integrated long-term planning initiatives to promote diversity, equality and inclusion, both in its workforce and in the composition of statutory bodies and leadership, it may be challenged, including in court, about the absence of clear goals and effective actions in this area. There is no guarantee that the Company will be able to adequately manage the social risks mentioned above in compliance with all national and international parameters and guidelines, which, consequently, may eventually harm the Company's operating results and reputation and expose it to legal and regulatory risks, which may materialize in different ways. Accounting policies Classification and measurement Financial assets (except for accounts receivable without a significant financing component) or financial liabilities are initially measured at fair value, plus, for an item not measured at fair value through profit or loss, transaction costs directly attributable to their acquisition or issue. Financial assets The Company classifies its financial assets on initial recognition, depending on the business model used to manage the financial assets and the contractual terms of the cash flows, under the following measurement categories: (i) at amortized cost; (ii) at fair value through profit or loss; (iii) at fair value through other comprehensive income (“FVOCI”). Financial assets are not reclassified subsequently to initial recognition, unless the Group changes the business model for the management of financial assets, in which case all impacted financial assets are reclassified on the first day of the post-change business model. Financial assets are derecognized when the contractual rights to receive the cash flows from the asset has expired or are transferred in a transaction in which substantially all the risks and benefits of ownership of the financial asset are transferred by the Company. On December 31, 2023, and 2022, the Company did not have any financial assets classified in the fair value through other comprehensive income category. a) Amortized cost The Company classifies financial assets as measured at amortized cost only when two criteria are satisfied: i) The financial asset is held within a business model whose objective is to receive the contractual cash flows; and ii) The contractual terms generate, on specific dates, cash flows that relate only to the payment of principal and interest on the principal amount outstanding. b) Fair value through profit or loss All financial assets not classified by the Company as measured at amortized cost or FVOCI and financial assets in which their cash flows do not represent exclusively payments of principal and interest, are classified at fair value through profit or loss. This category also includes debt instruments with cash flow characteristics which are not held within a business model with the objective either to collect contractual cash flow, or both to collect contractual cash flow and for sale. c) Fair Value through Other Comprehensive Income Debt instruments at FVOCI, with gains or losses recycled to profit or loss on derecognition. The financial assets in this category are the Company’s listed debt instruments thar are held within a business model either to collect cash flow or for sale Equity instruments designated at FVOCI, without remeasurement of gains or losses to the profit or loss upon derecognition. This category includes only equity instruments which the Company intends to hold for the foreseeable future, and which it has irrevocably elected to classify thus upon their initial recognition or transition. These instruments are not subject to impairment testing Financial liabilities The Company classifies its financial liabilities, depending on the purpose for which the financial liabilities were entered into, in the following categories: i) measured at amortized cost. ii) measured at fair value through profit or loss. Financial liabilities are derecognized when contractual obligations are removed, cancelled or expired. The difference between the written-off carrying amount and the consideration paid (including assets transferred or liabilities assumed) is recognized in profit or loss for the year. All financial liabilities are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost and adjusted using the effective interest rate method. Derivative instruments, remain classified in the fair value through profit or loss category. Hedge accounting The company designates certain derivatives as hedging instruments to hedge the risk related to the variability of foreign exchange rates, interest rates and commodity prices and are not used for speculative purposes. Derivative financial instruments, that are contracted to protect against the exposure, but that do not meet all of the hedge accounting requirements, will be recognized at fair value through profit or loss. Derivative financial instruments are initially recognized at fair value. The fair value of derivative financial instruments can be obtained from market prices or from pricing models that reflect current market rates, as well as the credit quality of the counterparty. Subsequently to initial recognition, derivative financial instruments are remeasured to their fair value as at the date of the financial statements. Changes in the fair values of derivative financial instruments are recognized in current income, except when these instruments are cash flow hedges or net investment hedges, where portions of gains or losses on the hedge instrument defined as effective hedge are recognized in comprehensive income. The hedge designated instrument is the effective element present term contract, which only the present element value change is recognized in comprehensive income, The term element, which can be separated and excluded from the financial instrument designation as hedge instrument is recognized in financial result, in accordance with IFRS 9 - Financial Instruments The company contracts commodities derivatives which have similar terms to the hedged items and applies component hedging to its commodities. The hedged component is contractually specified and matches with what is defined in the derivative contract, and therefore the hedge ratio is always 1:1. At the beginning of the hedge operation, the Company prepares formal documentation for the operation including: (i) the objective of the hedge, (ii) the type of hedge, (iii) the risk management strategy, (iv) the nature of the risk to be hedged, (v) the identity of the hedged item, (vi) the identity of the hedging instrument, and (vii) the prospective demonstration of effectiveness. Hedge effectiveness is measured on a qualitative basis. Whenever the terms do not match, the Company uses the hypothetical derivatives method to assess the hedge effectiveness. Therefore, usually causes of ineffectiveness include changes in the timing of forecast transactions, changes in the quantity of the commodity to be hedged, or changes in the credit risk of either party to the derivative contract. a) Cash flow hedge Cash flow hedges are used to protect the cash flow exposure of a recorded asset or liability, or the foreign currency risk or commodity price variations associated with a highly probable transaction. The effective portion of any (gain or loss) on the derivative financial instrument is recognized directly in the comprehensive income statement (cash flow hedge reserve) and will be reclassified from the cash flow hedge reserve to the same line item within which and the same period during which the cash flow futures were hedged impacted the result. The ineffective portion of any gain or loss is recognized immediately in the current income statement, in the financial result. When a hedging instrument or a hedging relationship is terminated, but the hedged transaction is still expected to occur, the cumulative gains and losses (up to the date of termination) remain within comprehensive income, being reclassified in accordance with the above practice, when the transaction being protected occurs. If the hedged transaction is no longer probable, the accumulated gains and losses recognized in comprehensive income are reclassified immediately to the current income statement. b) Fair value hedge Fair value hedges are used to protect the Company's net debt from variations in exchange rates and interest rates. The Company's cash and debt positions in foreign currency are continually monitored to identify new exposures. When a deri |
COLLATERAL AND CONTRACTUAL COMM
COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS | 12 Months Ended |
Dec. 31, 2023 | |
Collateral And Contractual Commitments With Suppliers Advances From Customers And Others | |
COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS | COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS Schedule of commitments and contingent liabilities 2023 2022 Collateral given for the Company’s own liabilities 581.0 764.5 Other commitments 1,146.8 1,368.1 1,727.8 2,132.6 Commitments to suppliers - Property, plant and equipment and Intangible 1,000.8 276.7 Commitments to suppliers - Inventories 38,391.0 50,088.6 39,391.8 50,365.3 As at December 31, 2023, the Company had R$ 558.2 744 197.7 376.9 Financial instruments and risks Most of the balance relates to commitments to suppliers of packaging. These commitments the main objective is to long-term supply security for the Company regarding strategic inputs, as well as offering greater assurance to suppliers for long-term investments. The balances of fixed assets provided as security are not material. Future contractual commitments as at December 31, 2023, and December 31, 2022, are as follow: Schedule of future contractual commitments 2023 2022 Less than 1 year 9,619.2 12,491.0 Between 1 and 2 years 9,536.3 10,315.3 More than 2 years 20,236.3 27,559.0 39,391.8 50,365.3 |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
RELATED PARTIES | 30. RELATED PARTIES The Company adopts the corporate governance practices recommended and/or required by the applicable laws. Under the Company’s by-laws, the Board of Directors is responsible for approving any transactions or agreements between the Company and/or any of its subsidiaries (except for full subsidiaries), its directors and/or shareholders (including direct or indirect shareholders of the Company). The Governance Committee of the Company is required to advise the Board of Directors on all transactions with related parties, among other subjects. Management is prohibited from interfering in any transaction in which a conflict of interest exists, even in theory, with the Company’s interests. Management also is not permitted to interfere in decisions of any other members of management, and the minutes of meeting of the Board are required to document any decision to abstain from the respective deliberations. 30.1 Transactions with key management members The key management includes the Statutory Share-based payments Total expenses related to the Company’s management members are as follow: Schedule of key management remuneration 2023 2022 2021 Short-term benefits (i) 66.7 74.2 68.3 Share-based payments (ii) 80.7 66.0 65.3 Total key management remuneration 147.4 140.2 133.6 (i) These mainly correspond to management’s salaries and profit sharing (including performance bonuses). (ii) These correspond to compensation expenses of share options, restricted stocks and performance stocks granted to Management. In total amounts above exclude remuneration paid to members of the Fiscal Council and Committees. Except the abovementioned remuneration, the Company has other types of transaction with the Management members or pending balances receivable or payable in its balance sheet. In addition, on October 19th, 2023, the Company adopted a clawback policy that applies to incentive-based compensation received by certain executives (which currently comprise the members of the Executive Board of Officers). Under this policy, "incentive-based compensation" is defined broadly to include any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a financial reporting measure (e.g. variable performance-related compensation (bonus) and annual long-term incentive performance stock units (PSUs)). The policy provides that in the event the company is required to prepare an accounting restatement of its financial statements due to the company's material noncompliance with any financial reporting requirements under the applicable securities laws, the Company will recover (on a pre-tax basis) from the relevant executive officers any incentive-based compensation received by such executives on or after October 2nd, 2023 and during the three fiscal years preceding the date the restatement was required that exceeds the amount of incentive-based compensation that otherwise would have been received had such incentive-based compensation been determined according to the applicable accounting restatement, subject to limited exceptions. The recovery of such compensation applies regardless of whether any misconduct occurred and without regard to whether an executive officer engaged in misconduct or otherwise caused or contributed to the requirement for a restatement . 30.2 Transactions with the Company's shareholders: 30.2.1 Medical, dental and other benefits Fundação Zerrenner is one of Ambev’s shareholders, and at December 31, 2023, held 10.2 Ambev recognizes the assets (prepaid expenses) of this plan to the extent of the economic benefits available to the Company, arising from reimbursements or from reductions in future contributions. In December 31, 2023, the expenses incurred and recorded by Fundação Zerrenner with third parties, for providing these benefits totaled R$ 322.9 308.8 291.7 31.2 270.7 38.1 30.2.2 Licensing agreement The Company has a licensing agreement with Anheuser-Busch, Inc. (“AB Inbev”) to produce, bottle, sell and distribute Budweiser® products in Brazil, Canada and Argentina, and sales and distribution agreements for Budweiser® products in Guatemala, the Dominican Republic, Paraguay, El Salvador, Nicaragua, Uruguay, Chile, Panama, Costa Rica and Puerto Rico. In addition, the Company produces and distributes Stella Artois® products under a license to ABI in Brazil and Canada and, through a license granted to ABI, also distributes Brahma® products in the United States and several other countries such as the United Kingdom, Spain, Sweden, Finland and Greece. The Company and its subsidiaries have licensing agreements with the Group Modelo, subsidiaries of AB Inbev to import, produce, promote and sell Corona® products in Brazil, Canada, Argentina e Chile, as well agreements to to import, promote and sell Corona® products in Latin America and with Spaten-Franziskaner-Bräu GmbH, a subsidiary of ABI, to produce, promote, advertise and sell Spaten® in Brazil. In this context, at December 31, 2023, the Company recorded R$ 35.4 22.6 17 888.6 736.7 819 30.3 Transactions with related parties recognized in the income statement Schedule of transactions with related parties 2023 Sales and other Service fees / reimbursement of expenses and other receivables Product purchases and other Service fees / reimbursement of expenses and other payables Net finance cost AB InBev 0.1 97.2 (143.3) (0.5) 64.0 AB Package - - (235.5) - - AB Procurement - - - - (0.5) AB USA 35.3 - (915.9) (3.1) (0.2) Bavaria 72.3 - (56.7) - - Cervecería Modelo 0.9 - (1,234.9) - - Cervecerías Peruanas - - (7.8) - - Inbev - - (41.9) - - ITW International - - - - 120.0 Other 1.7 18.9 (32.6) (3.4) 1.0 110.3 116.1 (2,668.6) (7.0) 184.3 2022 Sales and other Service fees / reimbursement of expenses and other receivables Product purchases and other Service fees / reimbursement of expenses and other payables Net finance cost AB InBev 0.1 5.2 (117.3) (8.5) 208.7 AB Package - - (356.8) - - AB Procurement - - - (18.1) - AB USA 25.5 - (1,129.7) (3.2) - Ambev Peru 0.6 - - - - Bavaria 32.0 - (56.7) - - Cervecería Modelo 124.4 - (1,323.6) - - Cervecerías Peruanas 1.7 - (49.6) - - Inbev - - (129.8) - - ITW International - - - - 37.3 Other 84.8 9.6 (87.2) (7.1) 1.9 269.1 14.8 (3,250.7) (36.9) 247.9 2021 Sales and other Service fees / reimbursement of expenses and other receivables Product purchases and other Service fees / reimbursement of expenses and other payables Net finance cost AB InBev 0.7 - (180.3) (10.7) - AB Package - - (286.7) - - AB Procurement - - - (16.1) - AB USA 32.1 - (1,209.9) (3.9) 0.3 Ambev Peru 3.2 - - - - Bavaria 30.9 - (57.0) - - Cervecería Modelo 0.8 - (1,708.2) - - Cervecerías Peruanas 3.2 - (32.9) - - Inbev - - (107.9) - - ITW International - - - - 42.2 Other 19.5 3.6 (143.0) (8.2) - 90.4 3.6 (3,725.9) (38.9) 42.5 30.4 Open Balances with Related Parties 2023 2022 Current Current Trade receivables (i) Other trade receivables (i) Dividends receivables Trade receivables (i) Other trade receivables (i) AB Africa 3.7 - - 1.6 - AB InBev 139.2 - - 142.7 - AB Services 17.2 - - 23.7 - AB USA 27.1 - - 71.1 - Bavaria 10.4 - - 13.9 - Cervecería Modelo 11.2 - - 12.0 - Cervecerías Peruanas - - - 0.9 - Inbev 1.4 19.0 - 1.0 23.9 Panama Holding 4.0 - 1.0 3.9 - Other 22.5 - - 19.9 0.9 236.7 19.0 1.0 290.7 24.8 2023 2022 Non-current Current Non-current Current Trade payables (i) Trade payables (i) Trade payables (i) Trade payables (i) AB InBev - (21.5) - (82.0) AB Package - (110.2) - (79.3) AB Services - (2.4) - (5.7) AB USA - (209.6) - (237.7) Bavaria - (30.2) - (6.9) Cervecería Modelo (ii) - (1,497.9) - (345.5) Cervecerías Peruanas - (7.9) - (46.4) Inbev - (8.7) - (12.2) ITW International (199.9) - (343.6) - Other - (28.1) - (14.7) (199.9) (1,916.5) (343.6) (830.4) (i) The amount represents trading operations (purchase and sale) and reimbursements between the companies of the group. (ii) The outstanding balances with Cervecería Modelo are mainly made up of the accounts payable described in note 1.2.2, as well as amounts for product purchases and others. List of companies included in the tables above AB InBev Procurement GmbH (“AB Procurement”) Anheuser-Busch InBev N.V. (“AB InBev”) Anheuser-Busch Inbev Services LLC (“AB Services”) Arosuco Aromas e Sucos Ltda. (“Arosuco”) Anheuser-Busch Packaging Group Inc. (“AB Package”) Anheuser-Busch Inbev USA LLC (“AB USA”) Cervecería Chile S.A. (“Cervecería Chile”) Cervecería Modelo de Mexico S. de R.L. de C.V. (“Cervecería Modelo”) Cervecería Nacional Dominicana, S.A. (“CND”) Compañia Cervecera Ambev Peru S.A.C. (“Ambev Peru”) Inbev Belgium N.V. (“Inbev”) Interbrew International B.V. (“ITW International”) Unión de Cervecerias Peruanas Backus Y Johnston S.A.A. (“Cervecerías Peruanas”) Accounting Policies Transactions between subsidiaries, including balances and unrealized gains and losses on these transactions, are eliminated. The accounting policies of the subsidiaries are consistent with those adopted by the parent company. Royalties paid are classified as cost of goods sold. It is the Company's rule that transactions with related parties follow reasonable and commutative conditions, in line with those applicable in the market or in which the Company would contract with third parties, are reflected clearly in the individual and consolidated financial statements and are formalized in written contracts. |
EVENTS AFTER THE REPORTING PERI
EVENTS AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EVENTS AFTER THE REPORTING PERIOD | EVENTS AFTER THE REPORTING PERIOD 31.1 Exercise PUT CND As disclosed in Note 1 - Corporate Information 1,704 335 Financial Instruments and Risks 31.2 IPI Excise Tax Suspension As disclosed in explanatory note 27 - Provisions, Contingent Liabilities, and Contingent Assets 916 31.3 Presumed Profit In February 2024, the ‘CARF’ rendered a unanimous favorable decision in the administrative process discussing Arosuco's (a subsidiary of Ambev) use of the presumptive profit method for calculating IRPJ and CSLL instead of actual profit. The amount classified as a possible contingency for the process was R$ 633.4 581.5 31.4 Disallowance on Income Tax deduction In February 2024, CARF rendered a partially favorable, unanimous decision in the administrative process discussing the disallowance of the tax benefit reduction provided by Provisional Measure No. 2,199-14/2001, enjoyed by Arosuco, a subsidiary of the Company dedicated to the production of concentrates, located in the Manaus Free Trade Zone, during the years 2015 to 2018. The decision partially granting the appeal filed by Arosuco recognized the full enjoyment of the tax incentive, maintaining only a portion of the assessment related to the difference in calculation methodology between the tax authorities and the taxpayer. The portion related to the tax incentive amounts to approximately R$ 2.6 0.02 |
SUMMARY OF MATERIAL ACCOUNTIN_2
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Material Accounting Policies | |
Recently issued IFRS | 3.1 Recently issued IFRS The new standards, which became effective are not applicable or did not have any material impact for the Company for the preparation of these consolidated financial statements. Below are the main changes in accounting standards which, in management's opinion, could have an impact on the Company's subsequent disclosures: (i) On May 25, 2023, the IASB® published amendments to IAS 7 – Statement of Cash Flows Financial Instruments: Disclosures Trade payables (ii) In August 2023, the IASB® issued amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates (iii) In December 2021, the Organisation for Economic Cooperation and Development ("OECD"), as part of the Inclusive Framework on Base Erosion and Profit Shifting ("BEPS") project, released the Pillar Two model rules (or Global Anti-Base Erosion Model Rules - GloBE), aiming at a common approach to international corporate taxation, in order to ensure that multinational economic groups within the scope of these rules calculate taxes on profit at a minimum effective rate of 15% in each country where they operate. These rules will have to be approved locally in each country that adheres the proposal, via applicable legislation, some of which have already promulgated new laws or are in the process of discussing and approving them. In May 2023, the IASB® issued scope changes to IAS 12 – Income Taxes In addition of these, the Company does not anticipate that there are any other standards or amendments to IFRS® standards or IFRIC interpretations that have not come into force yet and that could have a significant impact on the Group's individual and consolidated financial statements. |
Consolidated financial statements | 3.2 Consolidated financial statements The financial statements of subsidiaries, joint arrangements and associates used in these consolidated financial statements are prepared for the same reporting period as Ambev, using a consistent accounting policy. All intercompany transactions, balances and unrealized gains or losses on transactions between consolidated companies were integrally eliminated. 3.2.1 Subsidiaries The Company controls an entity when it is exposed to or has rights to variable returns due to its involvement with the entity, and it can affect those returns through its power over the entity. When assessing control, potential voting rights are considered. Control is presumed to exist where the Company owns, directly or indirectly, more than half of the voting rights (which does not always equate to economic ownership), unless it can be demonstrated that such ownership does not confer control. Subsidiaries are consolidated from the date on which control is obtained by the Company, except when the predecessor basis of accounting is applied to transactions of business combinations under common control. Consolidation is discontinued from the date on which control ceases. 3.2.2 Associates Associates are companies which the Company has significant influence over the financial and operational policies but does not control. 3.2.3 Joint arrangements Joint arrangements are all entities over which the Company shares control with one or more parties. Joint arrangements are classified either as joint operations or joint ventures depending on the contractual rights and obligations of each investor. 3.2.4 Business combination Ambev uses the acquisition method to account its business combinations. The consideration transferred for the acquisition of a subsidiary represents the fair value of the assets transferred, the liabilities incurred, and the equity interest issued by Ambev. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration agreement, when applicable. Costs related to the acquisition are recognized in income as they are incurred. Assets, liabilities and contingent liabilities acquired/assumed in a business combination are recognized initially at their fair value as at the acquisition date. Ambev recognizes the non-controlling interest in the acquiree, either at its fair value or at the non-controlling interest’s proportional share of the net assets acquired. The measurement of the non-controlling interest to be recognized is determined for each acquisition. The excess of: (i) the consideration paid; plus (ii) the amount of any non-controlling interests in the acquiree (when applicable); and (iii) the fair value, at the acquisition date, of any previous equity interest in the acquiree, over the fair value of the net identifiable assets acquired, at the date of acquisition, is recorded as goodwill. When the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized directly in income. 3.2.5 Business combination between entities under common control Business combinations between entities under common control have not been addressed under IFRS how they should be disclosed remains unclear. IFRS 3 - Business Combinations 3.2.5.1 Predecessor basis of accounting In accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors Under the predecessor basis of accounting, when accounting for a transfer of assets between entities under common control, the entity that receives the net assets or the equity interests (the acquirer) shall initially record the assets and liabilities transferred at their parent book value as at the transfer date. If the book value of the assets and liabilities transferred by the parent is different from the historical cost recorded by the controlling entity of the entities under common control (the ultimate parent), the financial statements of the acquirer shall reflect the assets and liabilities transferred at the same cost of the ultimate parent, as a counter-entry to shareholders' equity against the carrying value adjustments. 3.2.5.2 Assets Swap For transactions between entities under common control that involve the disposal or transfer of assets from the subsidiary to its parent company (i.e., above the level of the consolidated financial statements), the Company assesses the existence of: (i) any conflicts of interest; and (ii) the economic substance and purpose of the transaction. Having fulfilled these assumptions, the Company adopted as a policy the concepts of IAS 16 – Property, Plant and Equipment Whenever assets distributed are not recorded as cash, the asset, before distribution, is recorded at its fair value in the income account. This procedure is applicable to distributions where the assets are of the same nature and therefore can be treated equally. However, similarly to IFRIC 17 - Distributions of Non-cash Assets to Owners |
Financial reporting in hyperinflationary economies | 3.3 Financial reporting in hyperinflationary economies Under IAS 29 – Financial Reporting in Hyperinflationary Economies To determine if the economy of any of its operations is , the Company assesses quantitative and qualitative aspects of the country's economic environment, such as the inflation rate recorded over the last three years. On July 1, 2018, the Argentine economy was considered by the Company to be , under the terms of IAS 29, considering the increase in the official price indices accumulated in the period (National Consumer Price Index - "IPC"), measured by INDEC (National Institute of Statistics and Census). Since the company does not operate directly in a economy, but one of its subsidiaries does, the restatement of comparative balances from previous years is not carried out, in accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates |
Present value adjustment | 3.4 Present value adjustment The elements of assets and liabilities, when relevant, are adjusted to their present value, considering the following assumptions for the calculation: i) the amount to be discounted; ii) the settlement dates; and iii) the discount rate, in accordance with IFRS 13 - Fair Value Measurement |
Tax incentives and subsidized loans | 3.5 Tax incentives and subsidized loans The Company and its subsidiaries enjoy state tax benefits in Brazil, provided by government grants. Referred grants may be as rate reduction, calculation basis reduction, financing or subsidized loans, assumed credits, effective collection, payment deferral or partial reductions of state tax payable. The effective collection incentives are recorded in the operating net revenue, by its nature, as the others are recognized in other operating income. Among the tax incentives granted to the Company, there are state tax incentive programs to promote industrial development either by financing or by deferring payment of taxes. These state programs are intended to promote long-term increases in employment and industrial decentralization, as well as to complement and diversify the industrial states. In the case of these programs, the tax terms are set out in the respective state normative acts and, when conditions for obtaining these grants exist, they are under the Company's control. Such benefits comply with the systematic set by Complementary Federal Law 160/2017 and by Convênio CONFAZ 190/2017. The benefits of the delayed payment of such taxes are recorded in the income statement, on an accrual basis. Since it is benefits on financing category or tax payment deferring, as the interest rates and/or terms of these loans are advantageous compared to market conditions, these benefits are considered as subsidized loans as intended by IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance . The respective subsidies consist of the gains identified by comparing the value of these operations under the market conditions to the value agreed in the contracts. Thereby, upon receipt of funding, the subsidy calculated is recorded in Other operating income, following the treatment for the other ICMS subsidies of similar nature. Management reviews the market conditions prevailing in the year to assess such subsidies on an annual basis. Monthly, considering the value of the consideration, the period to maturity, the contract interest rate and the abovementioned discount rate, the reduction in present value adjustment is allocated to financial income, so as to bring the balance to zero by the time of settlement of each consideration. Such financing is recognized as liability adjusted to its present value. When there is an intervening financial institution in the transaction, the financing is recorded at “Interest-bearing loans and borrowings”, otherwise, its recorded at “Trade payables”, because of the underlying economic essence and nature of the transaction. |
BASIS OF PREPARATION AND PRES_2
BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of exchange rates | Schedule of exchange rates Closing rate Average rate Currency Name Country 2023 2022 2021 2023 2022 2021 CAD Canadian Dollar Canada 3.6536 3.8540 4.3914 3.7048 3.9807 4.2960 DOP Dominican Peso Dominican Republic 0.0831 0.0925 0.0970 0.0892 0.0937 0.0938 USD US Dollar Panamá and Cuba 4.8413 5.2177 5.5805 5.0085 5.1644 5.3687 GTQ Quetzal Guatemala 0.6189 0.6623 0.7201 0.6398 0.6649 0.6954 ARS Argentinean Peso Argentina 0.0060 0.0295 0.0543 0.0170 0.0403 0.0568 BOB Bolivian Peso Bolivia 0.6956 0.7497 0.8018 0.7196 0.7420 0.7714 PYG Guarani Paraguay 0.0007 0.0007 0.0008 0.0007 0.0007 0.0008 UYU Uruguayan Peso Uruguay 0.1241 0.1302 0.1249 0.1291 0.1253 0.1236 CLP Chilean Peso Chile 0.0055 0.0061 0.0066 0.0059 0.0059 0.0071 BBD Barbadian Dollar Barbados 2.3866 2.5721 2.7510 2.4690 2.5458 2.6465 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of segment reporting | Schedule of segment reporting Brazil CAC Latin America - South Canada Consolidated 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net sales 46,361.7 42,635.8 35,586.5 10,044.8 9,440.1 9,947.4 13,797.2 17,371.2 16,571.7 9,533.2 10,261.7 10,748.7 79,736.9 79,708.8 72,854.3 Cost of sales (23,516.1) (22,736.8) (18,309.1) (5,035.1) (4,860.8) (4,727.9) (6,657.3) (8,553.1) (8,235.7) (4,083.1) (4,271.4) (4,387.0) (39,291.6) (40,422.1) (35,659.7) Gross profit 22,845.6 19,899.0 17,277.4 5,009.7 4,579.3 5,219.5 7,139.9 8,818.1 8,336.0 5,450.1 5,990.3 6,361.7 40,445.3 39,286.7 37,194.6 Distribution expenses (6,428.6) (6,111.1) (5,123.1) (853.1) (1,020.7) (872.7) (1,614.3) (2,159.5) (2,010.1) (1,854.6) (2,104.0) (1,926.8) (10,750.6) (11,395.3) (9,932.7) Sales and marketing expenses (4,477.0) (4,065.0) (3,440.3) (665.1) (645.5) (693.3) (1,190.0) (1,426.9) (1,542.9) (1,080.4) (1,200.0) (1,359.0) (7,412.5) (7,337.4) (7,035.5) Administrative expenses (3,563.2) (3,346.0) (3,006.2) (413.0) (333.6) (427.7) (659.5) (835.0) (832.0) (638.0) (722.2) (611.5) (5,273.7) (5,236.8) (4,877.4) Other operating income/(expenses) 1,892.5 2,361.3 2,096.0 26.3 (52.9) 12.4 95.0 192.7 38.8 15.1 12.8 (23.1) 2,028.9 2,513.9 2,124.1 Exceptional items (137.8) (34.5) (210.1) (17.9) (16.1) (46.7) (47.6) (60.5) (115.4) (3.1) (32.2) (20.6) (206.4) (143.3) (392.8) Income from operations 10,131.5 8,703.7 7,593.7 3,086.9 2,510.5 3,191.5 3,723.5 4,528.9 3,874.4 1,889.1 1,944.7 2,420.7 18,831.0 17,687.8 17,080.3 Net finance costs (3,609.8) (3,423.1) (3,205.4) Share of results of joint ventures (185.3) (29.1) (115.7) Income before income tax 15,035.9 14,235.6 13,759.2 Income tax expense (75.5) 655.6 (636.6) Net income 14,960.4 14,891.2 13,122.6 Acquisition of property, plant and equipment 3,365.5 4,062.9 4,645.1 593.4 968.4 801.6 782.2 1,112.8 1,665.4 1,263.0 389.0 565.0 6,004.1 6,533.1 7,677.1 Brazil CAC Latin America - South Canada Consolidated 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Segment assets 56,974.2 57,353.8 54,609.4 13,692.3 15,385.6 15,351.9 16,085.1 22,044.5 21,583.0 15,856.9 16,093.3 18,016.6 102,608.5 110,877.2 109,560.9 Intersegment elimination (2,162.1) (2,533.0) (2,868.5) Non-segmented assets (i) 32,197.9 29,613.8 31,910.1 Total assets 132,644.3 137,958.0 138,602.5 Segment liabilities 28,841.3 29,153.2 27,611.2 4,981.5 5,098.0 5,414.4 5,095.4 6,843.6 7,843.6 5,131.0 5,053.7 6,156.5 44,049.2 46,148.5 47,025.7 Intersegment elimination (2,161.8) (2,534.2) (2,869.1) Non-segmented liabilities (i) 90,756.9 94,343.7 94,445.9 Total liabilities 132,644.3 137,958.0 138,602.5 (i) The balance of non-segmented assets refers mainly to cash and cash equivalents, taxes and investments. The balance of non-segmented liabilities, in turn, refers mainly to equity values, taxes and derivatives. |
Schedule of additional information | Schedule of additional information Brazil Beer NAB Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net sales 38,985.9 35,857.9 30,537.1 7,375.8 6,777.9 5,049.4 46,361.7 42,635.8 35,586.5 Cost of sales (19,377.7) (18,765.3) (15,382.0) (4,138.4) (3,971.5) (2,927.1) (23,516.1) (22,736.8) (18,309.1) Gross profit 19,608.2 17,092.6 15,155.1 3,237.4 2,806.4 2,122.3 22,845.6 19,899.0 17,277.4 Distribution expenses (5,171.9) (4,988.6) (4,263.1) (1,256.7) (1,122.5) (860.0) (6,428.6) (6,111.1) (5,123.1) Sales and marketing expenses (3,969.4) (3,596.8) (3,096.2) (507.6) (468.2) (344.1) (4,477.0) (4,065.0) (3,440.3) Administrative expenses (3,106.0) (2,928.8) (2,616.1) (457.2) (417.2) (390.1) (3,563.2) (3,346.0) (3,006.2) Other operating income/(expenses) 1,474.1 1,884.5 1,711.3 418.4 476.8 384.7 1,892.5 2,361.3 2,096.0 Exceptional items (137.8) (30.6) (202.0) - (3.9) (8.1) (137.8) (34.5) (210.1) Income from operations 8,697.2 7,432.3 6,689.0 1,434.3 1,271.4 904.7 10,131.5 8,703.7 7,593.7 Net finance costs (2,050.6) (1,110.3) (858.1) Share of results of joint ventures (179.0) (38.3) (11.7) Income before income tax 7,901.9 7,555.1 6,723.9 Income tax expense 2,214.9 2,787.7 1,953.2 Net income 10,116.8 10,342.8 8,677.1 |
NET SALES (Tables)
NET SALES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Sales | |
Schedule of net sales | Schedule of net sales 2023 2022 2021 Gross sales 120,117.7 125,907.2 110,162.7 Excise duty (25,227.5) (24,851.4) (22,052.6) Discounts (15,153.3) (21,347.0) (15,255.8) Total 79,736.9 79,708.8 72,854.3 |
OTHER OPERATING INCOME_(EXPEN_2
OTHER OPERATING INCOME/(EXPENSES) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Operating Incomeexpenses | |
Schedule of other operating income | Schedule of other operating income 2023 2022 2021 Government grants/net present value of long-term fiscal incentives 1,573.2 1,289.3 853.2 Extemporaneous credits/(debits) (i) 218.0 1,013.9 1,219.0 (Additions)/reversals of provisions (77.7) (77.2) (71.4) Gains/(losses) on disposals of property, plant and equipment, intangible assets and the operations of associates 86.4 88.8 66.1 Other operating income/(expenses), net 229.0 199.1 57.2 Total 2,028.9 2,513.9 2,124.1 (i) As detailed in Notes 1 – Corporate information Contingencies |
EXCEPTIONAL ITEMS (Tables)
EXCEPTIONAL ITEMS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Exceptional Items | |
Schedule of exceptional items | Schedule of exceptional items 2023 2022 2021 Restructuring (i) (109.4) (101.8) (165.4) COVID-19 impacts (ii) - (16.7) (134.3) Legal fees (iii) (94.7) - - Effect of application of IAS 29 (hyperinflation) (2.3) (8.2) (11.1) Distribution agreement (iv) - - (82.0) Write-off of investments (v) - (16.6) - Total (206.4) (143.3) (392.8) (i) The restructuring expenses primarily related to centralization projects and resizing in Brazil, Latin America CAC and Canada. (ii) COVID-19 expenses refer to (a) additional administrative expenses to ensure the safety of the Company’s people (increased frequency of cleaning at the Company’s facilities, providing alcohol gel and masks for our employees); (b) donations; (c) Company initiatives providing support for some customer ecosystems, which were necessary due to the COVID-19 pandemic. (iii) In 2003 some holders of warrants issued by Cervejaria Brahma filed lawsuits to discuss the criteria used in calculating the exercise price of such warrants. In 2023, the Company obtained some final favorable decisions on the matter, which was already classified as a remote loss. The amount recorded in this line refers to the provision for legal fees related to this matter. (iv) Refers to distribution agreement with our strategic partner in Guatemala. (v) Refers to an investment write-off of a business line in Canada |
PAYROLL AND RELATED BENEFITS (T
PAYROLL AND RELATED BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payroll And Related Benefits | |
Schedule of payroll and related benefits | Schedule of payroll and related benefits 2023 2022 2021 Wages and salaries 4,550.2 4,496.1 4,162.6 Social security contributions 1,322.3 1,239.7 1,016.0 Other personnel costs 970.7 1,075.9 1,076.1 Increase in liabilities for defined benefit plans 145.6 157.8 178.2 Share-based payments 333.4 311.6 391.5 Contributions to defined contribution plans 91.3 82.0 74.1 Total 7,413.5 7,363.1 6,898.5 |
Schedule of payroll expenses and related benefits | Schedule of payroll expenses and related benefits 2023 2022 2021 Cost of sales 2,629.6 2,510.4 2,247.9 Distribution expenses 1,289.9 1,396.3 1,286.8 Commercial expenses 1,321.3 1,504.8 1,480.9 Administrative expenses 1,907.6 1,798.7 1,699.1 Net finance costs 114.3 107.8 115.6 Other operating (income)/expenses (1.3) 1.5 - Exceptional items 152.1 43.6 68.2 Total 7,413.5 7,363.1 6,898.5 |
ADDITIONAL INFORMATION ON COS_2
ADDITIONAL INFORMATION ON COST OF SALES AND OPERATING EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Additional Information On Cost Of Sales And Operating Expenses By Nature | |
Schedule of depreciation, amortization and impairment expenses | Schedule of depreciation, amortization and impairment expenses Depreciation and impairment of property, plant and equipment Amortization of intangible assets 2023 2022 2021 2023 2022 2021 Cost of sales (i) 3,552.5 3,413.3 3,326.6 13.2 16.4 16.4 Distribution expenses 1,098.3 893.5 654.1 - - - Commercial expenses 613.7 660.7 700.3 148.6 113.2 84.3 Administrative expenses 464.1 474.4 331.4 524.8 372.6 304.2 5,728.6 5,441.9 5,012.4 686.6 502.2 404.9 (i) These amounts added to R$ 2,629.6 2,510.4 2,247.9 Payroll and related benefits 6,195.3 5,940.1 5,591 33,096.3 34,482 30,068.7 |
NET FINANCE RESULT (Tables)
NET FINANCE RESULT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of net finance result | Schedule of net finance result 2023 2022 2021 Finance expenses Interest expense (2,432.2) (2,328.3) (1,431.8) Net Interest on pension plans (114.3) (107.9) (115.6) Losses on hedging instruments (1,675.1) (3,158.4) (2,540.2) Interest on provision for disputes and litigation (269.2) (456.6) (290.0) Exchange differences (1,154.0) (751.1) (453.9) Tax on financial transactions (178.3) (339.6) (216.6) Bank guarantee expenses (249.8) (176.1) (174.9) Other financial results (207.2) (574.2) (204.8) Total of finance expenses (6,280.1) (7,892.2) (5,427.8) Finance income Interest income 2,085.6 2,167.7 1,101.6 Interest and foreign exchange rate on loans to/from related parties 119.2 37.1 42.5 Financial instruments at fair value through profit or loss - 95.5 77.0 Other financial results 289.4 565.3 78.9 Total 2,494.2 2,865.6 1,300.0 Effect of application of IAS 29 (hyperinflation) 176.1 1,603.5 922.4 Total of finance income 2,670.3 4,469.1 2,222.4 Net finance result (3,609.8) (3,423.1) (3,205.4) |
Schedule of interest expenses | Schedule of interest expenses 2023 2022 2021 Financial instruments measured at amortized cost (644.1) (764.0) (466.0) Financial instruments at fair value through profit or loss (i) (1,788.1) (1,564.3) (965.8) Total (2,432.2) (2,328.3) (1,431.8) (i) Include R$ 1,231 654 |
Schedule of interest income | Schedule of interest income 2023 2022 2021 Cash and cash equivalents 1,072.2 791.6 329.5 Investment on debt securities 49.2 175.9 84.7 Other receivables (i) 964.2 1,200.2 687.4 Total 2,085.6 2,167.7 1,101.6 (i) Refers, mainly, to monetary adjustment of recoverable tax. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of earnings per share | Schedule of earnings per share Basic 2023 2022 2021 Numerator Income attributable to the Ambev equity holders 14,501.9 14,457.9 12,671.0 Denominator Weighted average number of shares (i) (non diluted) 15,744.8 15,741.9 15,736.9 Basic EPS 0.9211 0.9184 0.8052 Diluted 2023 2022 2021 Numerator Income attributable to the Ambev equity holders 14,501.9 14,457.9 12,671.0 Denominator Weighted average numbers of shares (i) (diluted) 15,838.6 15,848.6 15,857.5 Diluted EPS 0.9156 0.9123 0.7991 (i) Million shares |
INCOME TAX AND SOCIAL CONTRIB_2
INCOME TAX AND SOCIAL CONTRIBUTION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax And Social Contribution | |
Schedule of income tax and social contribution by area | Schedule of income tax and social contribution by area Central America and the Caribbean from 15 27 Latin America - South (i) from 10 35 Canada 26.5 Luxembourg 24.94 |
Schedule of income taxes | Schedule of income taxes 2023 2022 2021 Income tax expense – current (2,077.9) (1,718.9) (1,268.6) Deferred tax expense on temporary differences 279.8 1,012.6 1,072.9 Deferred tax on tax loss carryforward movements in the current period 1,722.6 1,361.9 (440.9) Total deferred tax (expense)/income 2,002.4 2,374.5 632.0 Total income tax expenses (75.5) 655.6 (636.6) |
Schedule of reconciliation between the weighted nominal tax rate and the effective tax rate | Schedule of reconciliation between the weighted nominal tax rate and the effective tax rate 2023 2022 2021 Profit before tax 15,035.9 14,235.6 13,759.2 Adjustment on a taxable basis Others non-taxable income (919.0) (883.3) (611.0) Government grants related to sales taxes (3,011.7) (2,535.1) (1,883.1) Share of results of joint ventures 185.3 29.1 115.7 Non-deductible expenses 56.5 192.8 99.2 Worldwide taxation 1,171.4 679.3 (360.0) 12,518.4 11,718.4 11,120.0 Aggregated weighted nominal tax rate 28.30% 29.47% 27.39% Taxes payable – nominal rate (3,542.3) (3,453.3) (3,045.3) Adjustment on tax expense Income tax Incentives 120.4 234.0 213.2 Deductible interest on shareholders’ equity 3,909.8 4,079.9 2,516.0 Tax savings from goodwill amortization 17.2 27.2 77.5 Withholding income tax (489.1) (164.5) (876.0) Recognition/(write-off) of deferred charges on tax losses 100.9 (58.2) (1.5) Effect of application of IAS 29 (hyperinflation) (382.3) (249.0) (123.3) Others with reduced taxation 189.9 239.5 602.8 Income tax and social contribution expense (75.5) 655.6 (636.6) Effective tax rate 0.50% -4.61% 4.63% |
Schedule of deferred income tax | Schedule of deferred income tax 2023 2022 Assets Liabilities Net Assets Liabilities Net Investment securities 8.2 - 8.2 7.5 - 7.5 Intangible - (1,369.7) (1,369.7) - (1,690.2) (1,690.2) Employee benefits 856.5 - 856.5 951.2 - 951.2 Trade payables 2,843.8 (3.3) 2,840.5 3,232.8 (2.9) 3,229.9 Trade receivables 43.8 (7.0) 36.8 38.6 (3.8) 34.8 Derivatives 31.1 (77.2) (46.1) 95.1 (44.8) 50.3 Interest-Bearing Loans and Borrowings 7.5 - 7.5 0.5 (0.9) (0.4) Inventories 268.6 (59.6) 209.0 413.9 (139.3) 274.6 Property, plant and equipment 714.2 (1,837.2) (1,123.0) 899.5 (2,177.1) (1,277.6) Withholding tax on undistributed profits and royalties - (1,385.5) (1,385.5) - (1,877.6) (1,877.6) Investments in joint ventures - (383.7) (383.7) - (421.6) (421.6) Losses carried forward 4,383.3 - 4,383.3 2,660.7 - 2,660.7 Provisions 1,026.3 (4.6) 1,021.7 819.3 - 819.3 Impact of the adoption of IFRS 16 (Leases) 14.5 (19.7) (5.2) 35.1 (11.4) 23.7 ICMS on the assessment bases of PIS/COFINS - (228.5) (228.5) - (168.2) (168.2) Other items 266.5 (437.1) (170.6) 260.8 (164.1) 96.7 Gross deferred tax assets/(liabilities) 10,464.3 (5,813.1) 4,651.2 9,415.0 (6,701.9) 2,713.1 Netting by taxable entity (2,494.7) 2,494.7 - (2,976.2) 2,976.2 - Net deferred tax assets/(liabilities) 7,969.6 (3,318.4) 4,651.2 6,438.8 (3,725.7) 2,713.1 |
Schedule of deferred tax assets and liabilities | Schedule of deferred tax assets and liabilities 2023 Deferred taxes not related to tax losses to be realized within 12 months to be realized after 12 months Total Investment securities - 8.2 8.2 Intangible (1.2) (1,368.5) (1,369.7) Employee benefits 199.9 656.6 856.5 Trade payables (220.6) 3,061.1 2,840.5 Trade receivables 22.7 14.1 36.8 Derivatives (49.8) 3.7 (46.1) Interest-bearing loans and borrowings 0.1 7.4 7.5 Inventories 252.7 (43.7) 209.0 Property, plant and equipment (4.1) (1,118.9) (1,123.0) Withholding tax on undistributed profits and royalties - (1,385.5) (1,385.5) Investments in joint ventures - (383.7) (383.7) Provisions 664.5 357.2 1,021.7 Impact of the adoption of IFRS 16 (Leases) - (5.2) (5.2) ICMS on the assessment bases of PIS/COFINS - (228.5) (228.5) Other items 39.8 (210.4) (170.6) Total 904.0 (636.1) 267.9 |
Schedule of deferred tax realization related to tax losses | Schedule of deferred tax realization related to tax losses Deferred tax related to tax losses 2023 2023 - 2024 755.7 2025 422.5 2026 1,635.2 2027 1,052.8 2028 a 2030 170.3 2031 em onward (i) 346.8 Total 4,383.3 (i) There is no expectation of realization beyond a term of ten years. |
Schedule of net change in deferred income tax and social contribution | Schedule of net change in deferred income tax and social contribution At December 31, 2021 1,513.7 Recognition of actuarial gains/(losses) (146.9) Investment hedge – put option granted on subsidiaries (105.0) Cash flow hedge – gains/(losses) 41.3 Gains/(losses) on translation of other foreign operations (419.3) Recognized in other comprehensive income (629.9) Recognized in the income statement 2,374.5 Changes directly in the balance sheet (545.2) Recognized in deferred tax (595.5) Effect of application of IAS 29 (hyperinflation) (595.5) Recognized in other balance sheet group 50.3 At December 31, 2022 2,713.1 Recognition of actuarial gains/(losses) 24.4 Investment hedge – put option granted on subsidiaries (155.9) Cash flow hedge – gains/(losses) 83.2 Gains/(losses) on translation of other foreign operations 553.9 Recognized in other comprehensive income 505.6 Recognized in the income statement 2,002.4 Changes directly in the balance sheet (569.9) Recognized in deferred tax (476.3) Effect of application of IAS 29 (hyperinflation) (476.3) Recognized in other balance sheet group (93.6) At December 31, 2023 4,651.2 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of property, plant and equipment | Schedule of property, plant and equipment 2023 2022 Property, plant and equipment 23,662.7 26,961.3 Right of use assets 2,967.5 3,094.4 26,630.2 30,055.7 |
Schedule of changes in the carrying amount of property, plant and equipment | Schedule of changes in the carrying amount of property, plant and equipment Carrying amount At December 31, 2021 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Acquisitions Depreciation Disposals and write-offs Transfers At December 31, 2022 Acquisition cost Depreciation Land and buildings 9,090.2 (832.1) 712.7 11.2 (436.8) (20.1) 1,173.2 9,698.3 14,494.2 (4,795.9) Plant and equipment 10,884.0 (1,067.3) 952.6 1,283.5 (3,564.6) (15.7) 3,116.6 11,589.1 39,818.3 (28,229.2) Fixtures and fittings 1,285.1 (111.6) 96.7 87.3 (579.7) (14.6) 560.7 1,323.9 7,682.7 (6,358.8) Under construction 5,404.7 (360.7) 252.7 4,923.7 - - (5,870.4) 4,350.0 4,350.0 - 26,664.0 (2,371.7) 2,014.7 6,305.7 (4,581.1) (50.4) (1,019.9) 26,961.3 66,345.2 (39,383.9) Carrying amount At December 31, 2022 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Acquisitions Depreciation Disposals and write-offs Transfers At December 31, 2023 Acquisition cost Depreciation Land and buildings 9,698.3 (1,485.2) 663.1 44.7 (481.6) (3.7) 800.6 9,236.2 14,287.8 (5,051.6) Plant and equipment 11,589.1 (1,726.7) 779.4 1,230.2 (3,533.4) (39.1) 2,488.8 10,788.3 39,509.2 (28,720.9) Fixtures and fittings 1,323.9 (193.4) 86.5 56.4 (541.6) (13.5) 373.7 1,092.0 7,074.2 (5,982.2) Under construction 4,350.0 (311.7) 120.2 3,283.9 - (3.4) (4,892.8) 2,546.2 2,546.2 - 26,961.3 (3,717.0) 1,649.2 4,615.2 (4,556.6) (59.7) (1,229.7) 23,662.7 63,417.4 (39,754.7) |
Schedule of carrying amount of right-of-use assets | Schedule of carrying amount of right-of-use assets Carrying amount At December 31, 2021 Effects of movements in foreign exchange in the balance sheet Additions Depreciation Disposals and write-offs Transfers At December 31, 2022 Acquisition cost Depreciation Buildings 1,206.0 (64.3) 628.0 (391.6) 9.7 (37.0) 1,350.8 2,698.3 (1,347.5) Machinery, vehicles and others 1,354.3 (8.2) 1,009.7 (453.9) (194.5) 36.2 1,743.6 2,889.5 (1,145.9) Total 2,560.3 (72.5) 1,637.7 (845.5) (184.8) (0.8) 3,094.4 5,587.8 (2,493.4) Carrying amount At December 31, 2022 Effects of movements in foreign exchange in the balance sheet Additions Depreciation Disposals and write-offs Transfers At December 31, 2023 Acquisition cost Depreciation Buildings 1,350.8 (49.5) 355.0 (451.8) (30.5) (1.8) 1,172.2 2,925.9 (1,753.7) Machinery, vehicles and others 1,743.6 (32.7) 1,329.3 (773.9) (475.5) 4.5 1,795.3 3,534.4 (1,739.1) Total 3,094.4 (82.2) 1,684.3 (1,225.7) (506.0) 2.7 2,967.5 6,460.3 (3,492.8) |
Schedule of estimated useful lives of property, plant and equipment | Schedule of estimated useful lives of property, plant and equipment Buildings 25 Plant and equipment 15 Fixtures 10 Fittings 10 Assets for external use / commercial assets 2 5 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of goodwill | Schedule of goodwill 2023 2022 Balance at the end of the previous year 40,594.0 42,411.3 Effects of movements in foreign exchange in the balance sheet (4,067.9) (3,510.6) Effect of application of IAS 29 (hyperinflation) 1,481.1 1,709.9 Acquisitions, (write-offs) and disposal through business combinations (3.6) (16.6) Balance at the end of the year 38,003.6 40,594.0 |
Schedule of carrying amount of goodwill | Schedule of carrying amount of goodwill Functional currency 2023 2022 Brazil BRL 17,698.8 17,702.4 Goodwill 102,941.4 102,945.0 Non-controlling transactions (i) (85,242.6) (85,242.6) CAC: Dominican Republic DOP 3,805.5 4,231.6 Panama PAB 1,682.9 1,813.8 Latin America - South: Argentina ARS 2,183.8 3,463.0 Bolivia BOB 1,712.5 1,845.6 Chile CLP 47.9 53.1 Paraguay PYG 888.2 953.8 Uruguay UYU 184.0 193.1 Canada CAD 9,800.0 10,337.6 38,003.6 40,594.0 (i) This refers to the shareholding exchange transaction in 2013 as a result of the adoption of the predecessor basis of accounting. |
IMPAIRMENT OF NON-FINANCIAL A_2
IMPAIRMENT OF NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Impairment Of Non-financial Assets | |
Schedule of local currency | Schedule of local currency CGU 2023 Chile 9.83 Panama 10.72 Brazil 12.38 |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of intangible assets | Schedule of intangible assets Carrying amount At December 31, 2021 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Additions Transfers Disposal Amortization At December 31, 2022 Acquisition cost Depreciation Brands 6,329.0 (1,096.2) 930.3 - - - - 6,163.1 6,163.1 - Intangibles 671.2 (44.7) 0.1 - 3.2 - (58.1) 571.7 3,308.6 (2,736.9) Software 1,129.7 (130.6) 126.9 6.9 1,402.3 - (401.1) 2,134.1 4,353.9 (2,219.8) Others 559.1 (96.0) 76.8 220.5 (364.1) - (43.0) 353.3 1,218.8 (865.5) Total 8,689.0 (1,367.5) 1,134.1 227.4 1,041.4 - (502.2) 9,222.2 15,044.4 (5,822.2) Carrying amount At December 31, 2022 Effects of movements in foreign exchange in the balance sheet Effects of application of IAS 29 (hyperinflation) Additions Transfers Disposal Amortization At December 31, 2023 Acquisition cost Depreciation Brands 6,163.1 (1,838.5) 808.6 73.9 - - - 5,207.1 5,207.1 - Intangibles 571.7 (33.5) - 869.3 - - (56.7) 1,350.8 4,087.0 (2,736.2) Software 2,134.1 (344.6) 176.2 37.0 976.5 (0.9) (573.5) 2,404.8 4,954.2 (2,549.4) Others 353.3 (32.9) 11.0 487.7 317.0 (0.7) (56.4) 1,079.0 1,837.9 (758.9) Total 9,222.2 (2,249.5) 995.8 1,467.9 1,293.5 (1.6) (686.6) 10,041.7 16,086.2 (6,044.5) |
Schedule of carrying value of intangible assets with indefinite useful lives | Schedule of carrying value of intangible assets with indefinite useful lives 2023 2022 Argentina 1,303.7 2,019.2 Bolivia 830.0 894.5 Brazil 73.9 - Canada 195.7 206.4 Chile 70.7 78.5 Luxembourg 339.6 339.6 Paraguay 504.7 542.7 Dominican Republic 1,431.5 1,593.0 Panama 333.0 358.8 Uruguay 124.3 130.4 5,207.1 6,163.1 |
RECOVERABLE TAXES (Tables)
RECOVERABLE TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes | |
Schedule of Classifications of recoverable taxes | Schedule of Classifications of recoverable taxes 2023 2022 PIS/COFINS exclusion of ICMS (i) 6,490.4 5,992.8 ICMS 436.5 423.2 Income tax and social contributions recoverable 4,087.0 4,607.5 Other 311.2 292.8 Non-current 11,325.1 11,316.3 PIS/COFINS exclusion of ICMS (i) 219.0 73.5 PIS/COFINS 170.4 242.7 ICMS 426.9 542.2 IPI 112.5 131.0 Income tax and social contributions recoverable 2,436.6 1,808.7 Other 70.3 55.4 Current 3,435.7 2,853.5 Total 14,760.8 14,169.8 (i) As detailed in Note 27.2 - Contingencies |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of inventory components | Schedule of inventory components 2023 2022 Finished goods 2,990.3 4,094.0 Work in progress 826.5 845.7 Raw materials and consumables 4,599.9 6,798.3 Spare parts and others 806.9 986.9 Prepayments 537.9 358.3 Impairment losses (142.5) (160.2) Total 9,619.0 12,923.0 |
Schedule of changes in impairment losses on inventory | Schedule of changes in impairment losses on inventory 2023 2022 Beginning balance (160.2) (157.8) Effects of movements in foreign exchange in the balance sheet 12.9 17.8 Provisions (262.9) (305.8) Write-off 267.7 285.6 Final balance (142.5) (160.2) |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of current trade receivables | Schedule of current trade receivables 2023 2022 Trade receivables 6,225.8 5,737.5 Bad debt provision (721.0) (679.1) Net, trade receivables 5,504.8 5,058.4 Related parties (Note 30) 236.7 290.7 Total current trade receivables 5,741.5 5,349.1 |
Schedule of maturity trade receivable | Schedule of maturity trade receivable 2023 2022 Trade receivables Bad debt provision Trade receivables, net Trade receivables Bad debt provision Trade receivables, net No past due 5,129.5 - 5,129.5 4,573.0 - 4,573.0 Past due – within 30 days 283.4 - 283.4 343.8 - 343.8 Past due – between 31 - 60 days 66.3 - 66.3 100.5 (0.3) 100.2 Past due – between 61 - 90 days 33.2 (7.7) 25.5 49.4 (10.8) 38.6 Past due – between 91 - 180 days 6.5 (6.4) 0.1 19.3 (16.5) 2.8 Past due – between 181 - 360 days 46.6 (46.6) - 40.2 (40.2) - Past due over 360 days 660.3 (660.3) - 611.3 (611.3) - Net carrying amount as of December 31, 6,225.8 (721.0) 5,504.8 5,737.5 (679.1) 5,058.4 |
Schedule of estimated loss for doubtful debts | Schedule of estimated loss for doubtful debts 2023 2022 Beginning balance (679.1) (668.3) Effects of movements in foreign exchange in the balance sheet 12.3 14.0 Additions (103.6) (47.0) Reversals 8.3 1.7 Write-off 41.1 20.5 Final balance (721.0) (679.1) |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of components in cash and cash equivalents | Schedule of components in cash and cash equivalents 2023 2022 Short-term bank deposits (i) 8,973.6 8,655.2 Current bank accounts 6,818.3 5,990.3 Cash 267.1 280.9 Cash and cash equivalents 16,059.0 14,926.4 Bank overdrafts - (74.3) Cash and cash equivalents less bank overdraft 16,059.0 14,852.1 (i) The balance refers mostly to Bank Deposit Certificates (“CDB”), with high liquidity, which are readily convertible into known amounts of cash, and which are subject to an insignificant risk of change in value. |
Schedule of investment securities | Schedule of investment securities Investment_securities 2023 2022 Investment on debt securities (i) 242.2 219.1 Non-current investment securities 242.2 219.1 Financial assets at fair value through profit or loss 277.2 454.5 Current investment securities 277.2 454.5 Total 519.4 673.6 (i) The balance refers substantially to financial investments linked to tax incentives that do not have immediate convertibility into a known amount of cash. |
CHANGES IN EQUITY (Tables)
CHANGES IN EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Changes In Equity | |
Schedule of issued capital | Schedule of issued capital 2023 2022 2021 Shareholder Million common shares % Million common shares % Million common shares % Interbrew International B.V. 8,441.7 53.6 8,441.8 53.6 8,441.9 53.6 Ambrew S.A.R.L. 1,287.7 8.2 1,287.7 8.2 1,287.0 8.2 Fundação Zerrenner 1,610.0 10.2 1,610.0 10.2 1,610.0 10.2 Mercado 4,410.0 28.0 4,402.2 27.9 4,399.7 27.9 Tesouraria 4.4 0.0 8.5 0.1 5.8 0.0 15,753.8 100.0 15,750.2 100.0 15,744.4 100.0 2023 2022 2021 Million common shares Million Reais Million common shares Million Reais Million common shares Million Reais Beginning balance 15,750.2 58,130.5 15,744.4 58,042.5 15,735.1 57,899.1 Capital increase (i) 3.6 47.4 5.8 88.0 9.3 143.4 Final balance 15,753.8 58,177.9 15,750.2 58,130.5 15,744.4 58,042.5 (i) Capital increase related to the issue of shares. |
Schedule of capital reserves | Schedule of capital reserves Capital Reserves Treasury shares Share Premium Other capital reserves Share-based Payments Total At January 1, 2021 (941.7) 53,662.8 700.9 1,563.6 54,985.6 Capital Increase (60.0) - - (74.4) (134.4) Purchases of shares, results of treasury shares and share-based payments (36.1) - - 372.1 336.0 At December 31, 2021 (1,037.8) 53,662.8 700.9 1,861.3 55,187.2 Capital Increase - - - (64.2) (64.2) Purchases of shares, results of treasury shares and share-based payments (35.6) - - 252.4 216.8 At December 31, 2022 (1,073.4) 53,662.8 700.9 2,049.5 55,339.8 Capital Increase - - - (32.9) (32.9) Purchases of shares, results of treasury shares and share-based payments 61.6 - - 111.2 172.8 At December 31, 2023 (1,011.8) 53,662.8 700.9 2,127.8 55,479.7 |
Schedule of treasury shares | Schedule of treasury shares Acquisition /realization of shares Result of Treasury Shares Total Treasury Shares Million shares Million Brazilian Reais Million shares Million Brazilian Reais At January 1, 2021 0.2 (3.2) (938.5) (941.7) Changes during the year 5.6 (95.1) (1.0) (96.1) At December 31, 2021 5.8 (98.3) (939.5) (1,037.8) Changes during the year 2.7 (33.5) (2.1) (35.6) At December 31, 2022 8.5 (131.8) (941.6) (1,073.4) Changes during the year (4.1) 68.8 (7.2) 61.6 At December 31, 2023 4.4 (63.0) (948.8) (1,011.8) |
Schedule of net income reserves | Schedule of net income reserves Net income reserves Investments reserve Legal reserve Fiscal incentive Total At January 1, 2021 14,511.1 4.5 11,404.4 25,920.0 Fiscal incentive reserve - - 1,423.5 1,423.5 Investments reserve 3,848.1 - - 3,848.1 At December 31, 2021 18,359.2 4.5 12,827.9 31,191.6 Fiscal incentive reserve - - 2,018.7 2,018.7 Investments reserve 3,696.7 - - 3,696.7 At December 31, 2022 22,055.9 4.5 14,846.6 36,907.0 Fiscal incentive reserve - - 2,552.7 2,552.7 Investments reserve 3,730.2 - - 3,730.2 At December 31, 2023 25,786.1 4.5 17,399.3 43,189.9 |
Schedule of interest on shareholders' equity and dividends | Schedule of interest on shareholders' equity and dividends Event Approval Type Date of payment Year Type of share Amount per share Total amount Board of Directors Meeting 12/12/2023 Interest on shareholder´s equity 12/28/2023 2023 ON 0.7302 11,500.2 11,500.2 Distribution of interest on shareholders’s equity 0.7302 0.6207 The indicated payment was made on December 28, 2023, considering the shareholding position of December 19, 2022, with respect to B3, and December 26, 2023, with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. Events during the year ended 2022: Event Approval Type Date of payment Year Type of share Amount per share Total amount Board of Directors Meeting 12/06/2022 Interest on shareholder´s equity 12/29/2022 2022 ON 0.7623 11,999.8 11,999.8 Distribution of Dividends 0.7623 0.6480 The indicated payment was made on December 29, 2022, considering the shareholding position of December 19, 2022, with respect to B3, and December 21, 2022, with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. Events during the year ended 2021: Event Approval Type Date of payment Year Type of share Amount per share Total amount Board of Directors Meeting 12/09/2021 Dividends 12/30/2021 2021 ON 0.1334 2,099.5 Board of Directors Meeting 12/09/2021 Interest on shareholder´s equity 12/30/2021 2021 ON 0.4702 7,400.1 9,499.6 |
Schedule of basis of dividends | Schedule of basis of dividends 2023 2022 2021 Net income, attributable to equity holders of Ambev 14,501.9 14,457.9 12,671.0 Prescribed/(complementary) dividends - 20.9 24.7 Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting 11.8 11.8 11.8 Effect of application of IAS 29 (hyperinflation) 3,269.4 3,224.4 2,063.7 Retained earnings basis for dividends and destinations 17,783.1 17,715.0 14,771.2 Dividends and interest on capital distributed and accrued for distribution based on the net income for the year Dividends and interest on capital paid based on profit 11,500.2 11,999.8 9,499.6 Total of dividends and interest on capital 11,500.2 11,999.8 9,499.6 Percentage of distributed profit 65% 68% 64% |
Schedule of Carrying value adjustments | Schedule of Carrying value adjustments Carrying value adjustments Translation reserves Cash flow hedge Actuarial gains/ (losses) Put option granted on subsidiary Gains/(losses) of non-controlling interest’s share Business combination Accounting adjustments for transactions between shareholders Total At January 1, 2021 11,076.5 744.5 (1,473.3) (4.8) (73.8) 156.1 (75,414.2) (64,989.0) Comprehensive income: Gains/(losses) on the translation of foreign operations 2,449.7 - - - - - - 2,449.7 Cash flow hedges - 480.8 - - - - - 480.8 Actuarial gains/(losses) - - 341.8 - - - - 341.8 Total Comprehensive income 2,449.7 480.8 341.8 - - - - 3,272.3 Options granted on subsidiaries - - - (1.9) - - - (1.9) Gains/(losses) of controlling interest - - - - (46.2) - - (46.2) Tax on deemed dividends - - - - (1.7) - - (1.7) Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting - - - - - - (11.8) (11.8) At December 31, 2021 13,526.2 1,225.3 (1,131.5) (6.7) (121.7) 156.1 (75,426.0) (61,778.3) Comprehensive income: Gains/(losses) on the translation of foreign operations (6,772.2) - - - - - - (6,772.2) Cash flow hedges - (316.7) - - - - - (316.7) Actuarial gains/(losses) - - 466.5 - - - - 466.5 Total Comprehensive income (6,772.2) (316.7) 466.5 - - - - (6,622.4) Gains/(losses) of controlling interest - - - - (2.8) - - (2.8) Tax on deemed dividends - - - - (6.2) - - (6.2) Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting - - - - - - (11.8) (11.8) At December 31, 2022 6,754.0 908.6 (665.0) (6.7) (130.7) 156.1 (75,437.8) (68,421.5) Comprehensive income: Gains/(losses) on the translation of foreign operations (9,212.4) - - - - - - (9,212.4) Cash flow hedges - (210.8) - - - - - (210.8) Actuarial gains/(losses) - - (13.2) - - - - (13.2) Total Comprehensive income (9,212.4) (210.8) (13.2) - - - - (9,436.4) Options granted on subsidiaries - - - 6.7 - - - 6.7 Gains/(losses) of controlling interest - - - - (2.6) - - (2.6) Tax on deemed dividends - - - - (12.4) - - (12.4) Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting - - - - - - (11.8) (11.8) At December 31, 2023 (2,458.4) 697.8 (678.2) - (145.7) 156.1 (75,449.6) (77,878.0) |
INTEREST-BEARING LOANS AND BO_2
INTEREST-BEARING LOANS AND BORROWING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of total liabilities | Schedule of total liabilities 2023 2022 Secured bank loans 111.6 126.2 Other secured loans (i) 279.4 328.1 Lease liabilities 1,812.0 2,333.8 Non-current liabilities 2,203.0 2,788.1 Secured bank loans 14.9 54.5 Other secured loans (i) 136.3 144.5 Lease liabilities 1,146.9 783.6 Current liabilities 1,298.1 982.6 Total 3,501.1 3,770.7 (i) Nomenclature modified to Other secured loans, including for comparative purposes. |
Schedule of debts | Schedule of debts 2023 2022 Debt instruments Average rate % Current Non-current Average rate % Current Non-current Debt denominated in US Dollars - fixed rate 14.00 0.0 - 14.00 6.2 - Other Latin American currencies - fixed rate 11.48 124.6 281.0 10.39 98.8 322.5 Debt denominated in CAD Dollars - fixed rate 5.63 130.1 350.2 5.32 123.3 387.7 Reais denominated floating rate (TJLP and TR) 9.47 13.4 111.6 9.61 12.3 125.1 Reais debt - ICMS fixed rate 2.95 103.2 194.3 2.95 113.3 266.4 Reais debt - ICMS floating rate 6.56 33.0 85.1 6.97 31.1 61.7 Reais debt - fixed rate 11.17 893.7 1,180.7 9.43 597.6 1,624.7 Total 1,298.1 2,203.0 982.6 2,788.1 |
Schedule of liabilities arising from financing activities | Schedule of liabilities arising from financing activities 2023 2022 Non - current liabilities Current liabilities Non - current liabilities Current liabilities Beginning balance 2,788.1 982.6 2,253.5 847.1 Proceeds 49.8 - 267.0 7.9 Payments (0.8) (226.6) - (230.2) Foreign exchange (52.8) (19.6) (56.8) (17.4) Transfers between current and non-current (1,238.0) 1,238.0 (761.0) 761.0 New lease agreements 629.5 524.4 905.3 469.2 Interest on leases - 193.1 - 159.3 Lease Payments - (1,373.2) - (1,014.0) Other movements 27.2 (20.6) 180.1 (0.3) Final balance 2,203.0 1,298.1 2,788.1 982.6 |
Schedule of maturity of contracts | Schedule of maturity of contracts Balance as of December 31, 2023 2024 2025 2026 2027 > 2028 2023 2022 Secured bank loans 14.9 14.7 16.1 36.8 44.0 126.5 180.7 Other secured loans (i) 136.3 151.5 114.8 3.7 9.3 415.7 472.7 Lease liabilities 1,146.9 481.8 472.4 385.0 472.8 2,958.9 3,117.3 1,298.1 648.0 603.3 425.5 526.1 3,501.1 3,770.7 (i) Nomenclature modified to Other secured loans, including for comparative purposes. |
Schedule of average discount rate applied for IFRS 16 | Schedule of average discount rate applied for IFRS 16 Rate % Lease Term 2023 2023 - 2027 11.15% 2028 - 2035 11.48% |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of defined benefit plans | Schedule of defined benefit plans 2023 2022 2021 Present value of funded obligations (5,365.5) (5,476.5) (7,354.3) Fair value of plan assets 4,604.6 4,543.3 5,638.0 Present value of net obligations (760.9) (933.2) (1,716.3) Present value of unfunded obligations (917.2) (921.0) (1,165.4) Present value of net obligations (1,678.1) (1,854.2) (2,881.7) Asset ceiling (182.6) (163.3) (180.1) Net liabilities (1,860.7) (2,017.5) (3,061.8) Other long term employee benefits (93.9) (87.1) (104.3) Total employee benefits (1,954.6) (2,104.6) (3,166.1) Employee benefits amount in the balance sheet Liabilities (2,011.9) (2,161.2) (3,194.0) Assets 57.3 56.6 27.9 Net liabilities (1,954.6) (2,104.6) (3,166.1) |
Schedule of present value of defined benefit obligations | Schedule of present value of defined benefit obligations 2023 2022 2021 Defined benefit obligation at January 1 (6,397.5) (8,519.7) (8,777.6) Service costs (30.8) (47.0) (58.0) Interest costs (413.2) (353.2) (324.3) Gains and (losses) on settlements or reductions in benefits 9.2 3.8 3.6 Contributions by plan participants (4.2) (5.6) (6.9) Actuarial gains and (losses) - geographical assumptions 11.5 - 52.3 Actuarial gains and (losses) - financial assumptions (297.0) 1,333.6 726.8 Experience adjustments 91.2 (171.5) (213.0) Reclassifications - - (1.0) Effect of exchange rate fluctuations 216.7 787.7 (495.3) Benefits paid 531.4 574.4 573.7 Defined benefit obligation at December, 31 (6,282.7) (6,397.5) (8,519.7) |
Schedule of fair value of plan assets | Schedule of fair value of plan assets 2023 2022 2021 Fair value of plan assets at January 1 4,543.3 5,638.0 5,533.3 Interest income 318.1 262.1 223.9 Administrative costs (5.2) (5.2) (5.8) Expected return, excluding interest income 101.7 (614.6) (148.3) Contributions by employer 280.5 316.0 342.0 Contributions by plan participants 4.6 5.8 7.1 Exchange differences (102.0) (482.6) 263.1 Curtailments, settlements and other (4.8) (1.8) (3.6) Benefits paid, excluding administrative costs (531.6) (574.4) (573.7) Fair value of plan assets at December, 31 4,604.6 4,543.3 5,638.0 |
Schedule of asset ceiling | Schedule of asset ceiling 2023 2022 2021 Asset ceiling impact at January 1 56.6 27.9 33.6 Interest income/(expenses) 4.9 - 1.3 Change in asset ceiling excluding amounts included in interest income/(expenses) (0.1) 30.2 (9.0) Effects of exchange rate fluctuations (4.1) (1.5) 2.0 Asset ceiling impact at December 31 57.3 56.6 27.9 |
Schedule of defined benefit plans recognized in income statement | Schedule of defined benefit plans recognized in income statement 2023 2022 2021 Current service costs (30.8) (47.0) (58.0) Administrative costs (5.2) (5.2) (5.8) (Gains) losses on settlement and curtailment 4.7 2.2 1.2 Income from operations (31.3) (50.0) (62.6) Financial costs (114.3) (107.8) (115.6) Total employee benefit expenses (145.6) (157.8) (178.2) |
Schedule of employee benefit revenue/(expenses) | Schedule of employee benefit revenue/(expenses) 2023 2022 2021 Other operating income/(expenses) - (0.1) (0.2) Cost of sales (15.1) (26.4) (33.0) Commercial expenses (7.3) (9.4) (11.7) Administrative income/(expenses) (8.9) (14.1) (17.7) Financial expense (114.3) (107.8) (115.6) (145.6) (157.8) (178.2) |
Schedule of assumptions used | Schedule of assumptions used 2023 (i) 2022 (i) 2021 (i) Discount rate 4.6 11.7 5.1 11.0 2.4 10.0 Inflation 2.0 3.5 2.0 3.5 2.0 3.5 Future salary increases 1.0 7.1 1.0 7.1 1.0 7.1 Future pension increases 2.7 3.8 2.7 3.8 2.5 3.8 Medical cost trend rate 6.4 7.1 6.4 7.1 4.5 6.9 Dental claims trend rate 3.5 3.5 3.3 Life expectancy for an over 65 years old male 84 87 84 87 85 87 Life expectancy for an over 65 years old female 86 89 86 89 87 89 (i) Includes assumptions in Brazil, Central America and Caribbean, Latin America - South and Canada. |
Schedule of sensitivity of defined benefit obligation | Schedule of sensitivity of defined benefit obligation In millions of Brazilian Reais 2023 2022 2021 Change in assumption Increase in assumption Decrease in assumption Increase in assumption Decrease in assumption Increase in assumption Decrease in assumption Medical cost trend rate 100 bases points (95.2) 82.2 (94.3) 81.8 (114.7) 98.6 Discount rate 50 bases points 284.8 (302.4) 307.9 (328.0) 442.0 (470.3) Future salary increases 50 bases points (17.3) 14.7 (17.6) 16.5 (19.8) 18.6 Longevity One year (201.0) 196.1 (221.5) 213.5 (287.6) 279.5 |
Schedule of plans assets | Schedule of plans assets 2023 2022 2021 Rated Unrated Total Rated Unrated Total Rated Unrated Total Government bonds 43 - 43 43 - 43 43 - 43 Corporate bonds 10 - 10 10 - 10 10 - 10 Equity instruments 15 - 15 15 - 15 15 - 15 Cash 6 - 6 6 - 6 6 - 6 Others 26 - 26 26 - 26 26 - 26 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of restricted and performance shares | Schedule of restricted and performance shares Thousand restricted shares 2023 2022 2021 Restricted and performance shares outstanding at January 108,854 62,545 43,458 New restricted and performance shares during the period 33,686 49,328 20,629 Restricted and performance shares granted during the period (18,309) (12) (22) Restricted and performance shares forfeited during the period (5,235) (3,007) (1,520) Restricted shares outstanding at the end of the year 118,996 108,854 62,545 |
Schedule of outstanding options developed | Schedule of outstanding options developed Thousand options 2023 2022 2021 Options outstanding at January 99,717 113,760 127,265 Options exercised during the period - - (5,247) Options forfeited during the period (11,756) (14,043) (8,258) Options outstanding at the end of the year 87,961 99,717 113,760 |
Schedule of weighted average exercise price | Schedule of weighted average exercise price In R$ per share 2023 2022 2021 Options outstanding at January 1 19.39 19.92 19.81 Options forfeited during the period 22.68 22.60 25.27 Options exercised during the period - - 13.16 Options outstanding at the end of the period 18.86 19.39 19.92 Options exercisable at the end of the period 19.08 20.12 21.14 |
Schedule of deferred shares | Schedule of deferred shares Thousand deferred shares 2023 2022 2021 Deferred shares outstanding at January 1 889 1,168 6,065 New deferred shares during the period 47 44 110 Deferred shares granted during the period - (214) (4,964) Deferred shares forfeited during the period - (109) (43) Deferred shares outstanding at the end of the year 936 889 1,168 |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Payables | |
Schedule of trade payable | Schedule of trade payable 2023 2022 Trade payables 107.4 165.8 Related parties (Note 30) 199.9 343.6 Non-current 307.3 509.4 Trade payables 21,278.6 23,498.1 Related parties (Note 30) 1,916.5 830.4 Current 23,195.1 24,328.5 Total 23,502.4 24,837.9 |
PROVISIONS, CONTINGENT LIABIL_2
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of provision changes | Schedule of provision changes Taxes on sales Labor Civil Other taxes (i) Restructuring Total At December 31, 2021 218.6 124.2 252.9 163.0 17.4 776.1 Effect of changes in foreign exchange rates - (4.6) (17.5) (8.1) (2.0) (32.2) Additions 157.6 194.2 312.7 60.1 - 724.6 Provisions used (85.8) (162.0) (196.6) (7.2) (3.6) (455.2) Provisions reversed (43.3) (19.7) (15.6) (15.0) - (93.6) At December 31, 2022 247.1 132.1 335.9 192.8 11.8 919.7 Effect of changes in foreign exchange rates - (2.8) (35.8) (6.3) (0.5) (45.4) Additions 135.7 247.8 234.5 75.7 3.2 696.9 Provisions used (27.3) (181.7) (121.9) (40.8) (11.2) (382.9) Provisions reversed (73.2) (45.5) (72.5) (19.1) - (210.3) At December 31, 2023 282.3 149.9 340.2 202.3 3.3 978.0 (i) Other taxes refer to provisions for lawsuits concerning taxes unrelated to income taxation. The uncertain tax treatments related taxes on profits with a prognosis of probable loss have their value reported directly in the income tax and social contribution payable, as per IFRIC 23 - Uncertainty on the Treatment of Income Taxes |
Schedule of expected settlement of provision | Schedule of expected settlement of provision 2023 2022 Non-current Current Total Non-current Current Total Provision for disputes and litigation Taxes on sales 168.6 113.7 282.3 193.8 53.3 247.1 Labor 82.7 67.2 149.9 104.9 27.2 132.1 Civil 113.4 226.8 340.2 263.0 72.9 335.9 Other taxes 194.9 7.4 202.3 170.1 22.7 192.8 Total provision for disputes and litigation 559.6 415.1 974.7 731.8 176.1 907.9 Restructuring - 3.3 3.3 7.2 4.6 11.8 Total provisions 559.6 418.4 978.0 739.0 180.7 919.7 |
Schedule of contingencies | Schedule of contingencies 2023 2022 Income tax and social contribution 63,621.0 60,453.5 Value-added and excise taxes 26,761.0 25,904.6 PIS and COFINS 3,496.2 3,293.5 Others 1,679.4 1,909.1 95,557.6 91,560.7 |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISKS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of consolidated financial instruments | Schedule of consolidated financial instruments 2023 2022 Assets Amortized cost Cash and cash equivalents less bank overdrafts (Note 21.1) 16,059.0 14,852.1 Trade receivables excluding prepaid expenses 7,566.7 7,791.4 Investment securities (Note 21.2) 242.2 219.1 Subtotal 23,867.9 22,862.6 Fair value through profit or loss Investment securities (Note 21.2) 277.2 454.5 Derivatives hedges (Note 28) 379.7 273.8 Subtotal 656.9 728.3 Total assets 24,524.8 23,590.9 Liabilities Amortized cost Trade payables (Note 26) 23,502.4 24,837.9 Interest-bearing loans and borrowings (Note 23) 3,501.1 3,770.7 Other liabilities 2,129.6 2,015.6 Subtotal 29,133.1 30,624.2 Fair value through profit or loss Put options granted on subsidiaries (i) 2,791.1 3,060.3 Derivatives hedges (Note 28) 763.1 729.4 Other liabilities 272.6 333.7 Subtotal 3,826.8 4,123.4 Total liabilities 32,959.9 34,747.6 (i) Put options granted on subsidiaries: the Company constituted a liability related to the acquisition of a non-controlling interest of the operations in the Dominican Republic. This financial instrument is denominated in US Dollars (Tranche A) and Dominican Pesos (Tranche B) and is recorded by an entity, whose functional currency is the Real. The Company assigned this financial instrument as a hedging instrument for a portion of its net assets located in subsidiaries whose functional currency is the US Dollar and the Dominican Peso, in such a manner that the hedge result can be recorded in other comprehensive income of the group, following the result of the hedged item. |
Schedule of financial risk management | Schedule of financial risk management 2023 Fair Value Gain / (Losses) Hedge position Risk Notional Assets Liability Finance Result Operational Result Equity Cost 17,374.2 379.5 (742.0) (1,639.6) 34.6 (285.2) Commodities 4,025.7 198.3 (219.4) (388.3) (336.2) (105.4) US Dollars 13,200.0 164.9 (522.4) (1,250.7) 363.9 (182.1) Euros 37.4 0.1 (0.2) (0.5) 2.6 0.5 Mexican Pesos 111.1 16.2 - (0.1) 4.3 1.8 Importing of fixed assets 249.7 0.1 (14.6) 11.0 3.4 5.0 US Dollars 249.7 0.1 (14.6) 11.0 3.4 5.0 Expenses 64.7 0.1 (4.2) (25.6) (0.1) 1.1 US Dollars 64.7 0.1 (4.2) (25.6) (0.1) 1.1 Cash (59.3) - (2.3) 13.7 - - US Dollars (59.3) - (2.3) 13.7 - - At December 31, 2023 17,629.3 379.7 (763.1) (1,640.5) 37.9 (279.1) 2022 Fair Value Gain / (Losses) Hedge position Risk Notional Assets Liability Finance Result Operational Result Equity Cost 19,853.3 271.8 (719.4) (3,075.2) 452.7 134.3 Commodities 4,809.9 100.8 (376.0) 63.5 (32.3) (475.0) US Dollars 14,874.7 157.7 (342.9) (3,139.2) 477.1 596.6 Euros 32.2 1.9 - (0.7) (0.3) 1.2 Mexican Pesos 136.5 11.4 (0.5) 1.2 8.2 11.5 Fixed assets 226.8 1.5 (5.4) (5.9) 4.9 (13.0) US Dollars 226.8 1.5 (5.4) (5.9) 4.9 (13.0) Expenses 204.9 0.5 (4.6) (42.5) 9.1 (14.8) US Dollars 204.9 0.5 (4.6) (42.5) 9.1 (14.8) Cash - - - (17.1) - - American Dollar - - - (17.1) - - At December 31, 2022 20,285.0 273.8 (729.4) (3,140.7) 466.7 106.5 |
Schedule of notional and fair value amounts per instrument and maturity | Schedule of notional and fair value amounts per instrument and maturity Notional Value Exposure Risk 2024 2025 2026 2027 >2027 Total Cost 16,763.3 610.9 - - - 17,374.2 Commodities 3,924.3 101.4 - - - 4,025.7 US Dollars 12,690.5 509.5 - - - 13,200.0 Euros 37.4 - - - - 37.4 Mexican Pesos 111.1 - - - - 111.1 Importing of fixed assets 249.7 - - - - 249.7 US Dollars 249.7 - - - - 249.7 Expenses 64.7 - - - - 64.7 US Dollars 64.7 - - - - 64.7 Cash (59.3) - - - - (59.3) US Dollars (59.3) - - - - (59.3) 17,018.4 610.9 - - - 17,629.3 Fair Value Exposure Risk 2024 2025 2026 2027 >2027 Total Costs (352.5) (10.0) - - - (362.5) Commodities (14.2) (6.9) - - - (21.1) US Dollars (354.4) (3.1) - - - (357.5) Euros (0.1) - - - - (0.1) Mexican Pesos 16.2 - - - - 16.2 Importing of fixed assets (14.5) - - - - (14.5) US Dollars (14.5) - - - - (14.5) Expenses (4.1) - - - - (4.1) US Dollars (4.1) - - - - (4.1) Cash (2.3) - - - - (2.3) US Dollars (2.3) - - - - (2.3) (373.4) (10.0) - - - (383.4) |
Schedule of fair value measurement | Schedule of fair value measurement 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Investment securities 277.2 - - 277.2 454.5 - - 454.5 Derivatives – operational hedge 53.4 326.3 - 379.7 57.0 216.8 - 273.8 Total 330.6 326.3 - 656.9 511.5 216.8 - 728.3 Financial liabilities Put options granted on subsidiaries - - 2,791.1 2,791.1 - - 3,060.3 3,060.3 Other liabilities - - 272.6 272.6 - - 333.7 333.7 Derivatives liabilities at fair value through profit and loss 2.3 - - 2.3 - - - - Derivatives – operational hedge 70.0 690.8 - 760.8 76.1 653.3 - 729.4 Total 72.3 690.8 3,063.7 3,826.8 76.1 653.3 3,394.0 4,123.4 |
Schedule of reconciliation of changes in the assets | Schedule of reconciliation of changes in the assets Financial liabilities at December 31, 2022 3,394.0 Acquisition of investments (64.2) Level reclassification (6.6) Total gains and losses during the period (259.5) Losses/(gains) recognized in net income (269.9) Losses/(gains) recognized in equity 10.4 Financial liabilities at December 31, 2023 3,063.7 |
Schedule of detailed information about hedging instruments | Schedule of detailed information about hedging instruments 2023 2022 Risk Risk Interest rate Amount Interest rate Amount Brazilian Reais 8.1 243.2 8.5 230.1 Post fixed interest rate 243.2 230.1 Brazilian Reais 10.1 2,372.0 8.5 2,602.1 Working Capital in Argentinean Peso 0.0 - 73.5 74.3 Other 11.5 405.6 10.4 421.3 US Dollars 14.0 - 14.0 6.2 Canadian Dollars 5.6 480.3 5.3 511.0 Pre-fixed interest rate 3,257.9 3,614.9 |
Schedule of types of market risk | Schedule of types of market risk Transaction Risk Fair value Probable scenario Adverse scenario Remote Commodities hedge Decrease in commodities price (21.1) 94.6 985.4 1,991.9 Input purchases 21.1 (94.6) (985.4) (1,991.9) Foreign exchange hedge Foreign currency decrease (341.4) (163.3) 2,995.8 6,333.0 Input purchases 341.4 104.9 (3,336.8) (7,014.9) Cost effects - (58.4) (341.0) (681.9) Foreign exchange hedge Foreign currency decrease (14.5) (13.2) 47.9 110.3 Capex Purchases 14.5 13.2 (47.9) (110.3) Fixed asset effects - - - - Foreign exchange hedge Foreign currency decrease (4.1) (3.7) 12.0 28.2 Expenses 4.1 (1.7) (44.0) (92.2) Result of expense effects - (5.4) (32.0) (64.0) Foreign exchange hedge Foreign currency decrease (2.3) (2.5) (17.1) (31.9) Cash 2.3 2.5 17.1 31.9 Cash effects - - - - - (63.8) (373.0) (745.9) |
Schedule of liquidity risk and payables | Schedule of liquidity risk and payables 2023 Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years Trade and other payables (i) 36,817.8 38,453.7 35,522.5 439.9 10.6 808.6 1,672.1 Secured bank loans 126.5 177.8 26.7 25.2 25.2 50.4 50.4 Other secured loans (ii) 415.7 594.7 156.0 171.2 134.2 79.4 53.9 Lease liabilities 2,958.9 3,473.0 1,344.0 608.3 552.6 452.6 515.5 Total payables and liabilities 40,318.9 42,699.2 37,049.2 1,244.6 722.6 1,390.9 2,291.8 2022 Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years Trade and other payables (i) 39,354.4 40,656.4 36,818.5 86.8 1,275.1 1,008.4 1,467.6 Secured bank loans 180.8 245.7 68.2 26.4 25.2 50.4 75.5 Other secured loans (ii) 472.5 759.1 169.9 156.7 151.6 165.4 115.5 Lease liabilities 3,117.4 3,657.4 962.9 1,008.4 621.0 696.9 368.2 Total payables and liabilities 43,125.1 45,318.6 38,019.5 1,278.3 2,072.9 1,921.1 2,026.8 (i) Mainly includes amounts related to suppliers, taxes, fees and contributions payables, dividends, and interest on equity payable, salaries and charges, put options related to the Company’s participation in subsidiaries and other liabilities, except for related parties, with payment term of less than one year. (ii) Nomenclature modified to Other secured loans, including for comparative purposes. |
Schedule of net debt of long term | Schedule of net debt of long term 2023 2022 Assets Interest-bearing loans and borrowings current and non-current 3,501.1 3,770.7 (-) Financial assets at fair value through profit or loss (277.2) (454.5) (-) Cash and cash equivalents less bank overdraft (16,059.0) (14,852.1) Net debt (12,835.1) (11,535.9) |
COLLATERAL AND CONTRACTUAL CO_2
COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Collateral And Contractual Commitments With Suppliers Advances From Customers And Others | |
Schedule of commitments and contingent liabilities | Schedule of commitments and contingent liabilities 2023 2022 Collateral given for the Company’s own liabilities 581.0 764.5 Other commitments 1,146.8 1,368.1 1,727.8 2,132.6 Commitments to suppliers - Property, plant and equipment and Intangible 1,000.8 276.7 Commitments to suppliers - Inventories 38,391.0 50,088.6 39,391.8 50,365.3 |
Schedule of future contractual commitments | Schedule of future contractual commitments 2023 2022 Less than 1 year 9,619.2 12,491.0 Between 1 and 2 years 9,536.3 10,315.3 More than 2 years 20,236.3 27,559.0 39,391.8 50,365.3 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of key management remuneration | Schedule of key management remuneration 2023 2022 2021 Short-term benefits (i) 66.7 74.2 68.3 Share-based payments (ii) 80.7 66.0 65.3 Total key management remuneration 147.4 140.2 133.6 (i) These mainly correspond to management’s salaries and profit sharing (including performance bonuses). (ii) These correspond to compensation expenses of share options, restricted stocks and performance stocks granted to Management. In total amounts above exclude remuneration paid to members of the Fiscal Council and Committees. |
Schedule of transactions with related parties | Schedule of transactions with related parties 2023 Sales and other Service fees / reimbursement of expenses and other receivables Product purchases and other Service fees / reimbursement of expenses and other payables Net finance cost AB InBev 0.1 97.2 (143.3) (0.5) 64.0 AB Package - - (235.5) - - AB Procurement - - - - (0.5) AB USA 35.3 - (915.9) (3.1) (0.2) Bavaria 72.3 - (56.7) - - Cervecería Modelo 0.9 - (1,234.9) - - Cervecerías Peruanas - - (7.8) - - Inbev - - (41.9) - - ITW International - - - - 120.0 Other 1.7 18.9 (32.6) (3.4) 1.0 110.3 116.1 (2,668.6) (7.0) 184.3 2022 Sales and other Service fees / reimbursement of expenses and other receivables Product purchases and other Service fees / reimbursement of expenses and other payables Net finance cost AB InBev 0.1 5.2 (117.3) (8.5) 208.7 AB Package - - (356.8) - - AB Procurement - - - (18.1) - AB USA 25.5 - (1,129.7) (3.2) - Ambev Peru 0.6 - - - - Bavaria 32.0 - (56.7) - - Cervecería Modelo 124.4 - (1,323.6) - - Cervecerías Peruanas 1.7 - (49.6) - - Inbev - - (129.8) - - ITW International - - - - 37.3 Other 84.8 9.6 (87.2) (7.1) 1.9 269.1 14.8 (3,250.7) (36.9) 247.9 2021 Sales and other Service fees / reimbursement of expenses and other receivables Product purchases and other Service fees / reimbursement of expenses and other payables Net finance cost AB InBev 0.7 - (180.3) (10.7) - AB Package - - (286.7) - - AB Procurement - - - (16.1) - AB USA 32.1 - (1,209.9) (3.9) 0.3 Ambev Peru 3.2 - - - - Bavaria 30.9 - (57.0) - - Cervecería Modelo 0.8 - (1,708.2) - - Cervecerías Peruanas 3.2 - (32.9) - - Inbev - - (107.9) - - ITW International - - - - 42.2 Other 19.5 3.6 (143.0) (8.2) - 90.4 3.6 (3,725.9) (38.9) 42.5 30.4 Open Balances with Related Parties 2023 2022 Current Current Trade receivables (i) Other trade receivables (i) Dividends receivables Trade receivables (i) Other trade receivables (i) AB Africa 3.7 - - 1.6 - AB InBev 139.2 - - 142.7 - AB Services 17.2 - - 23.7 - AB USA 27.1 - - 71.1 - Bavaria 10.4 - - 13.9 - Cervecería Modelo 11.2 - - 12.0 - Cervecerías Peruanas - - - 0.9 - Inbev 1.4 19.0 - 1.0 23.9 Panama Holding 4.0 - 1.0 3.9 - Other 22.5 - - 19.9 0.9 236.7 19.0 1.0 290.7 24.8 2023 2022 Non-current Current Non-current Current Trade payables (i) Trade payables (i) Trade payables (i) Trade payables (i) AB InBev - (21.5) - (82.0) AB Package - (110.2) - (79.3) AB Services - (2.4) - (5.7) AB USA - (209.6) - (237.7) Bavaria - (30.2) - (6.9) Cervecería Modelo (ii) - (1,497.9) - (345.5) Cervecerías Peruanas - (7.9) - (46.4) Inbev - (8.7) - (12.2) ITW International (199.9) - (343.6) - Other - (28.1) - (14.7) (199.9) (1,916.5) (343.6) (830.4) (i) The amount represents trading operations (purchase and sale) and reimbursements between the companies of the group. (ii) The outstanding balances with Cervecería Modelo are mainly made up of the accounts payable described in note 1.2.2, as well as amounts for product purchases and others. |
CORPORATE INFORMATION (Details
CORPORATE INFORMATION (Details Narrative) - BRL (R$) R$ in Millions | 1 Months Ended | 12 Months Ended | |||
May 18, 2023 | May 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||||
Payment for license | R$ 7413.5 | R$ 7363.1 | R$ 6898.5 | ||
Tax credits | R$ 1200.0 | ||||
Recognized tax credits | 1,400 | ||||
Recognized tax credits | 407.1 | ||||
Other operating income | 218 | ||||
Finance expenses | 189.1 | ||||
Grupo Modelo [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Payment for license | R$ 869.0 | ||||
Tenedora [Member] | ELJ [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Put options exercisable number of shares percent of outstanding stock | 15% | ||||
Tenedora [Member] | ELJ [Member] | Tranche A [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Put options exercisable number of shares percent of outstanding stock | 12.11% | ||||
Tenedora [Member] | ELJ [Member] | Tranche B [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Put options exercisable number of shares percent of outstanding stock | 2.89% | ||||
Board Of Directors [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Stock repurchase program shares authorized | 13,000,000 | ||||
Shares outstanding | 4,393,610,429 |
BASIS OF PREPARATION AND PRES_3
BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Canadian Dollars Spent In Canada And Cuba [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 3.6536 | 3.8540 | 4.3914 |
Average rate | 3.7048 | 3.9807 | 4.2960 |
Dominican Pesos Spent In The Dominican Republic [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.0831 | 0.0925 | 0.0970 |
Average rate | 0.0892 | 0.0937 | 0.0938 |
U S Dollars Spent In Panama And Cuba [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 4.8413 | 5.2177 | 5.5805 |
Average rate | 5.0085 | 5.1644 | 5.3687 |
Quetzal Spent In Guatemala [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.6189 | 0.6623 | 0.7201 |
Average rate | 0.6398 | 0.6649 | 0.6954 |
Argentinean Peso Spent In Argentina [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.0060 | 0.0295 | 0.0543 |
Average rate | 0.0170 | 0.0403 | 0.0568 |
Bolivian Peso Spent In Bolivia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.6956 | 0.7497 | 0.8018 |
Average rate | 0.7196 | 0.7420 | 0.7714 |
Guarani Spent In Paraguai [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.0007 | 0.0007 | 0.0008 |
Average rate | 0.0007 | 0.0007 | 0.0008 |
Uruguayan Peso Spent In Uruguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.1241 | 0.1302 | 0.1249 |
Average rate | 0.1291 | 0.1253 | 0.1236 |
Chilean Peso Spent In Chile [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 0.0055 | 0.0061 | 0.0066 |
Average rate | 0.0059 | 0.0059 | 0.0071 |
Barbadian Dollar Spent In Barbados [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Closing rate | 2.3866 | 2.5721 | 2.7510 |
Average rate | 2.4690 | 2.5458 | 2.6465 |
SEGMENT REPORTING - Reportable
SEGMENT REPORTING - Reportable Segments (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Net sales | R$ 79736.9 | R$ 79708.8 | R$ 72854.3 |
Cost of sales | (39,291.6) | (40,422.1) | (35,659.7) |
Gross profit | 40,445.3 | 39,286.7 | 37,194.6 |
Distribution expenses | (10,750.6) | (11,395.3) | (9,932.7) |
Sales and marketing expenses | (7,412.5) | (7,337.4) | (7,035.5) |
Administrative expenses | (5,273.7) | (5,236.8) | (4,877.4) |
Other operating income/(expenses) | 2,028.9 | 2,513.9 | 2,124.1 |
Exceptional items | (206.4) | (143.3) | (392.8) |
Income from operations | 18,831 | 17,687.8 | 17,080.3 |
Net finance costs | (3,609.8) | (3,423.1) | (3,205.4) |
Share of results of joint ventures | (185.3) | (29.1) | (115.7) |
Income before income tax | 15,035.9 | 14,235.6 | 13,759.2 |
Income tax expense | (75.5) | 655.6 | (636.6) |
Net income | 14,960.4 | 14,891.2 | 13,122.6 |
Acquisition of property, plant and equipment | 6,004.1 | 6,533.1 | 7,677.1 |
Total assets | 132,644.3 | 137,958 | 138,602.5 |
Total liabilities | 132,644.3 | 137,958 | 138,602.5 |
Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 102,608.5 | 110,877.2 | 109,560.9 |
Total liabilities | 44,049.2 | 46,148.5 | 47,025.7 |
Elimination of intersegment amounts [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | (2,162.1) | (2,533) | (2,868.5) |
Total liabilities | (2,161.8) | (2,534.2) | (2,869.1) |
Unallocated amounts [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 32,197.9 | 29,613.8 | 31,910.1 |
Total liabilities | 90,756.9 | 94,343.7 | 94,445.9 |
Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 46,361.7 | 42,635.8 | 35,586.5 |
Cost of sales | (23,516.1) | (22,736.8) | (18,309.1) |
Gross profit | 22,845.6 | 19,899 | 17,277.4 |
Distribution expenses | (6,428.6) | (6,111.1) | (5,123.1) |
Sales and marketing expenses | (4,477) | (4,065) | (3,440.3) |
Administrative expenses | (3,563.2) | (3,346) | (3,006.2) |
Other operating income/(expenses) | 1,892.5 | 2,361.3 | 2,096 |
Exceptional items | (137.8) | (34.5) | (210.1) |
Income from operations | 10,131.5 | 8,703.7 | 7,593.7 |
Net finance costs | (2,050.6) | (1,110.3) | (858.1) |
Share of results of joint ventures | (179) | (38.3) | (11.7) |
Income before income tax | 7,901.9 | 7,555.1 | 6,723.9 |
Income tax expense | 2,214.9 | 2,787.7 | 1,953.2 |
Net income | 10,116.8 | 10,342.8 | 8,677.1 |
Acquisition of property, plant and equipment | 3,365.5 | 4,062.9 | 4,645.1 |
Brazil 1 [Member] | Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 56,974.2 | 57,353.8 | 54,609.4 |
Total liabilities | 28,841.3 | 29,153.2 | 27,611.2 |
CAC [member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 10,044.8 | 9,440.1 | 9,947.4 |
Cost of sales | (5,035.1) | (4,860.8) | (4,727.9) |
Gross profit | 5,009.7 | 4,579.3 | 5,219.5 |
Distribution expenses | (853.1) | (1,020.7) | (872.7) |
Sales and marketing expenses | (665.1) | (645.5) | (693.3) |
Administrative expenses | (413) | (333.6) | (427.7) |
Other operating income/(expenses) | 26.3 | (52.9) | 12.4 |
Exceptional items | (17.9) | (16.1) | (46.7) |
Income from operations | 3,086.9 | 2,510.5 | 3,191.5 |
Acquisition of property, plant and equipment | 593.4 | 968.4 | 801.6 |
CAC [member] | Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 13,692.3 | 15,385.6 | 15,351.9 |
Total liabilities | 4,981.5 | 5,098 | 5,414.4 |
South Latin America Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 13,797.2 | 17,371.2 | 16,571.7 |
Cost of sales | (6,657.3) | (8,553.1) | (8,235.7) |
Gross profit | 7,139.9 | 8,818.1 | 8,336 |
Distribution expenses | (1,614.3) | (2,159.5) | (2,010.1) |
Sales and marketing expenses | (1,190) | (1,426.9) | (1,542.9) |
Administrative expenses | (659.5) | (835) | (832) |
Other operating income/(expenses) | 95 | 192.7 | 38.8 |
Exceptional items | (47.6) | (60.5) | (115.4) |
Income from operations | 3,723.5 | 4,528.9 | 3,874.4 |
Acquisition of property, plant and equipment | 782.2 | 1,112.8 | 1,665.4 |
South Latin America Segment [Member] | Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 16,085.1 | 22,044.5 | 21,583 |
Total liabilities | 5,095.4 | 6,843.6 | 7,843.6 |
Canada Segment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 9,533.2 | 10,261.7 | 10,748.7 |
Cost of sales | (4,083.1) | (4,271.4) | (4,387) |
Gross profit | 5,450.1 | 5,990.3 | 6,361.7 |
Distribution expenses | (1,854.6) | (2,104) | (1,926.8) |
Sales and marketing expenses | (1,080.4) | (1,200) | (1,359) |
Administrative expenses | (638) | (722.2) | (611.5) |
Other operating income/(expenses) | 15.1 | 12.8 | (23.1) |
Exceptional items | (3.1) | (32.2) | (20.6) |
Income from operations | 1,889.1 | 1,944.7 | 2,420.7 |
Acquisition of property, plant and equipment | 1,263 | 389 | 565 |
Canada Segment [Member] | Operating segments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 15,856.9 | 16,093.3 | 18,016.6 |
Total liabilities | R$ 5131.0 | R$ 5053.7 | R$ 6156.5 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional information (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Net sales | R$ 79736.9 | R$ 79708.8 | R$ 72854.3 |
Cost of sales | (39,291.6) | (40,422.1) | (35,659.7) |
Gross profit | 40,445.3 | 39,286.7 | 37,194.6 |
Distribution expenses | (10,750.6) | (11,395.3) | (9,932.7) |
Sales and marketing expenses | (7,412.5) | (7,337.4) | (7,035.5) |
Administrative expenses | (5,273.7) | (5,236.8) | (4,877.4) |
Other operating income/(expenses) | 2,028.9 | 2,513.9 | 2,124.1 |
Exceptional items | (206.4) | (143.3) | (392.8) |
Income from operations | 18,831 | 17,687.8 | 17,080.3 |
Net finance costs | (3,609.8) | (3,423.1) | (3,205.4) |
Share of results of joint ventures | (185.3) | (29.1) | (115.7) |
Income before income tax | 15,035.9 | 14,235.6 | 13,759.2 |
Income tax expense | (75.5) | 655.6 | (636.6) |
Net income | 14,960.4 | 14,891.2 | 13,122.6 |
Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 46,361.7 | 42,635.8 | 35,586.5 |
Cost of sales | (23,516.1) | (22,736.8) | (18,309.1) |
Gross profit | 22,845.6 | 19,899 | 17,277.4 |
Distribution expenses | (6,428.6) | (6,111.1) | (5,123.1) |
Sales and marketing expenses | (4,477) | (4,065) | (3,440.3) |
Administrative expenses | (3,563.2) | (3,346) | (3,006.2) |
Other operating income/(expenses) | 1,892.5 | 2,361.3 | 2,096 |
Exceptional items | (137.8) | (34.5) | (210.1) |
Income from operations | 10,131.5 | 8,703.7 | 7,593.7 |
Net finance costs | (2,050.6) | (1,110.3) | (858.1) |
Share of results of joint ventures | (179) | (38.3) | (11.7) |
Income before income tax | 7,901.9 | 7,555.1 | 6,723.9 |
Income tax expense | 2,214.9 | 2,787.7 | 1,953.2 |
Net income | 10,116.8 | 10,342.8 | 8,677.1 |
Beer [Member] | Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 38,985.9 | 35,857.9 | 30,537.1 |
Cost of sales | (19,377.7) | (18,765.3) | (15,382) |
Gross profit | 19,608.2 | 17,092.6 | 15,155.1 |
Distribution expenses | (5,171.9) | (4,988.6) | (4,263.1) |
Sales and marketing expenses | (3,969.4) | (3,596.8) | (3,096.2) |
Administrative expenses | (3,106) | (2,928.8) | (2,616.1) |
Other operating income/(expenses) | 1,474.1 | 1,884.5 | 1,711.3 |
Exceptional items | (137.8) | (30.6) | (202) |
Income from operations | 8,697.2 | 7,432.3 | 6,689 |
N A B [Member] | Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 7,375.8 | 6,777.9 | 5,049.4 |
Cost of sales | (4,138.4) | (3,971.5) | (2,927.1) |
Gross profit | 3,237.4 | 2,806.4 | 2,122.3 |
Distribution expenses | (1,256.7) | (1,122.5) | (860) |
Sales and marketing expenses | (507.6) | (468.2) | (344.1) |
Administrative expenses | (457.2) | (417.2) | (390.1) |
Other operating income/(expenses) | 418.4 | 476.8 | 384.7 |
Exceptional items | (3.9) | (8.1) | |
Income from operations | R$ 1434.3 | R$ 1271.4 | R$ 904.7 |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Non-current assets | R$ 96081.2 | R$ 100141.3 | |
BRAZIL | |||
IfrsStatementLineItems [Line Items] | |||
Non-current assets | 45,100 | 44,600 | R$ 42600.0 |
CANADA | |||
IfrsStatementLineItems [Line Items] | |||
Non-current assets | 13,900 | 13,700 | 15,600 |
ARGENTINA | |||
IfrsStatementLineItems [Line Items] | |||
Non-current assets | 5,900 | 9,700 | 9,100 |
Net revenue | R$ 6300.0 | R$ 10100.0 | R$ 9200.0 |
NET SALES (Details)
NET SALES (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Sales | |||
Gross sales | R$ 120117.7 | R$ 125907.2 | R$ 110162.7 |
Excise duty | (25,227.5) | (24,851.4) | (22,052.6) |
Discounts | (15,153.3) | (21,347) | (15,255.8) |
Total | R$ 79736.9 | R$ 79708.8 | R$ 72854.3 |
NET SALES (Details Narrative)
NET SALES (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Sales | |||
Deduction of revenue | R$ 1467.2 | R$ 1245.8 | R$ 1048.3 |
OTHER OPERATING INCOME_(EXPEN_3
OTHER OPERATING INCOME/(EXPENSES) (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Operating Incomeexpenses | |||
Government grants/net present value of long-term fiscal incentives | R$ 1573.2 | R$ 1289.3 | R$ 853.2 |
Extemporaneous credits/(debits) (i) | 218 | 1,013.9 | 1,219 |
(Additions)/reversals of provisions | (77.7) | (77.2) | (71.4) |
Gains/(losses) on disposals of property, plant and equipment, intangible assets and the operations of associates | 86.4 | 88.8 | 66.1 |
Other operating income/(expenses), net | 229 | 199.1 | 57.2 |
Total | R$ 2028.9 | R$ 2513.9 | R$ 2124.1 |
EXCEPTIONAL ITEMS (Details)
EXCEPTIONAL ITEMS (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Exceptional Items | |||
Restructuring (i) | R$ 109.4 | R$ 101.8 | R$ 165.4 |
COVID-19 impacts (ii) | (16.7) | (134.3) | |
Legal fees (iii) | (94.7) | ||
Effect of application of IAS 29 (hyperinflation) | (2.3) | (8.2) | (11.1) |
Distribution agreement (iv) | (82) | ||
Write-off of investments (v) | (16.6) | ||
Total | R$ 206.4 | R$ 143.3 | R$ 392.8 |
PAYROLL AND RELATED BENEFITS (D
PAYROLL AND RELATED BENEFITS (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payroll And Related Benefits | |||
Wages and salaries | R$ 4550.2 | R$ 4496.1 | R$ 4162.6 |
Social security contributions | 1,322.3 | 1,239.7 | 1,016 |
Other personnel costs | 970.7 | 1,075.9 | 1,076.1 |
Increase in liabilities for defined benefit plans | 145.6 | 157.8 | 178.2 |
Share-based payments | 333.4 | 311.6 | 391.5 |
Contributions to defined contribution plans | 91.3 | 82 | 74.1 |
Total | R$ 7413.5 | R$ 7363.1 | R$ 6898.5 |
PAYROLL AND RELATED BENEFITS _2
PAYROLL AND RELATED BENEFITS (Details 1) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payroll And Related Benefits | |||
Cost of sales | R$ 2629.6 | R$ 2510.4 | R$ 2247.9 |
Distribution expenses | 1,289.9 | 1,396.3 | 1,286.8 |
Commercial expenses | 1,321.3 | 1,504.8 | 1,480.9 |
Administrative expenses | 1,907.6 | 1,798.7 | 1,699.1 |
Net finance costs | 114.3 | 107.8 | 115.6 |
Other operating (income)/expenses | (1.3) | 1.5 | |
Exceptional items | 152.1 | 43.6 | 68.2 |
Total | R$ 7413.5 | R$ 7363.1 | R$ 6898.5 |
ADDITIONAL INFORMATION ON COS_3
ADDITIONAL INFORMATION ON COST OF SALES AND OPERATING EXPENSES BY NATURE (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information On Cost Of Sales And Operating Expenses By Nature | |||
Cost of sales | R$ 3552.5 | R$ 3413.3 | R$ 3326.6 |
Amortization of intangible assets cost of sales | 13.2 | 16.4 | 16.4 |
Distribution expenses | 1,098.3 | 893.5 | 654.1 |
Amortization of intangible assets distribution expenses | |||
Commercial expenses | 613.7 | 660.7 | 700.3 |
Amortization of intangible assets commercial expenses | 148.6 | 113.2 | 84.3 |
Administrative expenses | 464.1 | 474.4 | 331.4 |
Amortization of intangible assets administrative expenses | 524.8 | 372.6 | 304.2 |
Total expenses | 5,728.6 | 5,441.9 | 5,012.4 |
Total amortisation expenses | 686.6 | 502.2 | 404.9 |
Payroll and related benefits | 2,629.6 | 2,510.4 | 2,247.9 |
Total payroll and related benefits | 6,195.3 | 5,940.1 | 5,591 |
Remaining amount of cost of sales | R$ 33096.3 | R$ 34482.0 | R$ 30068.7 |
NET FINANCE RESULT (Details)
NET FINANCE RESULT (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance expenses | |||
Interest expense | R$ 2432.2 | R$ 2328.3 | R$ 1431.8 |
Net Interest on pension plans | (114.3) | (107.9) | (115.6) |
Losses on hedging instruments | (1,675.1) | (3,158.4) | (2,540.2) |
Interest on provision for disputes and litigation | (269.2) | (456.6) | (290) |
Exchange differences | (1,154) | (751.1) | (453.9) |
Tax on financial transactions | (178.3) | (339.6) | (216.6) |
Bank guarantee expenses | (249.8) | (176.1) | (174.9) |
Other financial results | (207.2) | (574.2) | (204.8) |
Total of finance expenses | (6,280.1) | (7,892.2) | (5,427.8) |
Finance income | |||
Interest income | 2,085.6 | 2,167.7 | 1,101.6 |
Interest and foreign exchange rate on loans to/from related parties | 119.2 | 37.1 | 42.5 |
Financial instruments at fair value through profit or loss | 95.5 | 77 | |
Other financial results | 289.4 | 565.3 | 78.9 |
Total | 2,494.2 | 2,865.6 | 1,300 |
Effect of application of IAS 29 (hyperinflation) | 176.1 | 1,603.5 | 922.4 |
Total of finance income | 2,670.3 | 4,469.1 | 2,222.4 |
Net finance result | R$ 3609.8 | R$ 3423.1 | R$ 3205.4 |
NET FINANCE RESULT (Details 1)
NET FINANCE RESULT (Details 1) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Financial instruments measured at amortized cost | R$ 644.1 | R$ 764.0 | R$ 466.0 |
Financial instruments at fair value through profit or loss (i) | (1,788.1) | (1,564.3) | (965.8) |
Total | (2,432.2) | (2,328.3) | R$ 1431.8 |
Accounts payable present value | R$ 1231.0 | R$ 654.0 |
NET FINANCE RESULT (Details 2)
NET FINANCE RESULT (Details 2) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Cash and cash equivalents | R$ 1072.2 | R$ 791.6 | R$ 329.5 |
Investment on debt securities | 49.2 | 175.9 | 84.7 |
Other receivables (i) | 964.2 | 1,200.2 | 687.4 |
Total | R$ 2085.6 | R$ 2167.7 | R$ 1101.6 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - BRL (R$) R$ / shares in Units, shares in Millions, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | |||
Income attributable to the Ambev equity holders | R$ 14501.9 | R$ 14457.9 | R$ 12671.0 |
Denominator | |||
Weighted average number of shares (i) (non diluted) | 15,744.8 | 15,741.9 | 15,736.9 |
Basic EPS | R$ 0.9211 | R$ 0.9184 | R$ 0.8052 |
Weighted average numbers of shares (i) (diluted) | 15,838.6 | 15,848.6 | 15,857.5 |
Diluted EPS | R$ 0.9156 | R$ 0.9123 | R$ 0.7991 |
INCOME TAX AND SOCIAL CONTRIB_3
INCOME TAX AND SOCIAL CONTRIBUTION (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Central America And Caribbean [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Expected nominal rates | 15% |
Central America And Caribbean [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Expected nominal rates | 27% |
Latin America South [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Expected nominal rates | 10% |
Latin America South [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Expected nominal rates | 35% |
Country Of Canada [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected nominal rates | 26.50% |
Luxembourg [Member] | |
IfrsStatementLineItems [Line Items] | |
Expected nominal rates | 24.94% |
INCOME TAX AND SOCIAL CONTRIB_4
INCOME TAX AND SOCIAL CONTRIBUTION (Details 1) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax And Social Contribution | |||
Income tax expense – current | R$ 2077.9 | R$ 1718.9 | R$ 1268.6 |
Deferred tax expense on temporary differences | 279.8 | 1,012.6 | 1,072.9 |
Deferred tax on tax loss carryforward movements in the current period | 1,722.6 | 1,361.9 | (440.9) |
Total deferred tax (expense)/income | 2,002.4 | 2,374.5 | 632 |
Total income tax expenses | R$ 75.5 | R$ 655.6 | R$ 636.6 |
INCOME TAX AND SOCIAL CONTRIB_5
INCOME TAX AND SOCIAL CONTRIBUTION (Details 2) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax And Social Contribution | |||
Profit before tax | R$ 15035.9 | R$ 14235.6 | R$ 13759.2 |
Adjustment on a taxable basis | |||
Others non-taxable income | (919) | (883.3) | (611) |
Government grants related to sales taxes | (3,011.7) | (2,535.1) | (1,883.1) |
Share of results of joint ventures | 185.3 | 29.1 | 115.7 |
Non-deductible expenses | 56.5 | 192.8 | 99.2 |
Worldwide taxation | 1,171.4 | 679.3 | (360) |
R$ 12518.4 | R$ 11718.4 | R$ 11120.0 | |
Aggregated weighted nominal tax rate | 28.30% | 29.47% | 27.39% |
Taxes payable – nominal rate | R$ 3542.3 | R$ 3453.3 | R$ 3045.3 |
Adjustment on tax expense | |||
Income tax Incentives | 120.4 | 234 | 213.2 |
Deductible interest on shareholders’ equity | 3,909.8 | 4,079.9 | 2,516 |
Tax savings from goodwill amortization | 17.2 | 27.2 | 77.5 |
Withholding income tax | (489.1) | (164.5) | (876) |
Recognition/(write-off) of deferred charges on tax losses | 100.9 | (58.2) | (1.5) |
Effect of application of IAS 29 (hyperinflation) | (382.3) | (249) | (123.3) |
Others with reduced taxation | 189.9 | 239.5 | 602.8 |
Income tax and social contribution expense | R$ 75.5 | R$ 655.6 | R$ 636.6 |
Effective tax rate | 0.50% | (4.61%) | 4.63% |
INCOME TAX AND SOCIAL CONTRIB_6
INCOME TAX AND SOCIAL CONTRIBUTION (Details 3) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | R$ 10464.3 | R$ 9415.0 | |
Gross deferred tax liabilities | (5,813.1) | (6,701.9) | |
Gross deferred tax assets/(liabilities) | 4,651.2 | 2,713.1 | R$ 1513.7 |
Netting by taxable entity, deferred tax assets | (2,494.7) | (2,976.2) | |
Netting by taxable entity, deferred tax liabilities | 2,494.7 | 2,976.2 | |
Netting by taxable entity, deferred tax assets/(liabilities) | |||
Net deferred tax assets | 7,969.6 | 6,438.8 | |
Net deferred tax liabilities | (3,318.4) | (3,725.7) | |
Net deferred tax assets/(liabilities) | 4,651.2 | 2,713.1 | |
Temporary Differences Investments In Securities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 8.2 | 7.5 | |
Gross deferred tax liabilities | |||
Gross deferred tax assets/(liabilities) | 8.2 | 7.5 | |
Temporary Differences Intangibles [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | |||
Gross deferred tax liabilities | (1,369.7) | (1,690.2) | |
Gross deferred tax assets/(liabilities) | (1,369.7) | (1,690.2) | |
Temporary Differences Employee Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 856.5 | 951.2 | |
Gross deferred tax liabilities | |||
Gross deferred tax assets/(liabilities) | 856.5 | 951.2 | |
Temporary Differences Trade Payables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 2,843.8 | 3,232.8 | |
Gross deferred tax liabilities | (3.3) | (2.9) | |
Gross deferred tax assets/(liabilities) | 2,840.5 | 3,229.9 | |
Temporary Differences Trade Receivable [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 43.8 | 38.6 | |
Gross deferred tax liabilities | (7) | (3.8) | |
Gross deferred tax assets/(liabilities) | 36.8 | 34.8 | |
Temporary Differences Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 31.1 | 95.1 | |
Gross deferred tax liabilities | (77.2) | (44.8) | |
Gross deferred tax assets/(liabilities) | (46.1) | 50.3 | |
Temporary Differences Interestbearing Loans And Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 7.5 | 0.5 | |
Gross deferred tax liabilities | (0.9) | ||
Gross deferred tax assets/(liabilities) | 7.5 | (0.4) | |
Temporary Differences Inventories [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 268.6 | 413.9 | |
Gross deferred tax liabilities | (59.6) | (139.3) | |
Gross deferred tax assets/(liabilities) | 209 | 274.6 | |
Temporary Differences Property Plant And Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 714.2 | 899.5 | |
Gross deferred tax liabilities | (1,837.2) | (2,177.1) | |
Gross deferred tax assets/(liabilities) | (1,123) | (1,277.6) | |
Temporary Differences Withholding Tax Over Undistributed Profits And Royalties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | |||
Gross deferred tax liabilities | (1,385.5) | (1,877.6) | |
Gross deferred tax assets/(liabilities) | (1,385.5) | (1,877.6) | |
Temporary Differences Investments In Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | |||
Gross deferred tax liabilities | (383.7) | (421.6) | |
Gross deferred tax assets/(liabilities) | (383.7) | (421.6) | |
Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 4,383.3 | 2,660.7 | |
Gross deferred tax liabilities | |||
Gross deferred tax assets/(liabilities) | 4,383.3 | 2,660.7 | |
Temporary Differences Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 1,026.3 | 819.3 | |
Gross deferred tax liabilities | (4.6) | ||
Gross deferred tax assets/(liabilities) | 1,021.7 | 819.3 | |
Impact Of Adoption Of I F R S Accounting Policy [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 14.5 | 35.1 | |
Gross deferred tax liabilities | (19.7) | (11.4) | |
Gross deferred tax assets/(liabilities) | (5.2) | 23.7 | |
I C M S From The Assessment Bases Of P I S C O F I N S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | |||
Gross deferred tax liabilities | (228.5) | (168.2) | |
Gross deferred tax assets/(liabilities) | (228.5) | (168.2) | |
Temporary Differences Other Items [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross deferred tax assets | 266.5 | 260.8 | |
Gross deferred tax liabilities | (437.1) | (164.1) | |
Gross deferred tax assets/(liabilities) | R$ 170.6 | R$ 96.7 |
INCOME TAX AND SOCIAL CONTRIB_7
INCOME TAX AND SOCIAL CONTRIBUTION (Details 4) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | R$ 4651.2 | R$ 2713.1 | R$ 1513.7 |
Temporary Differences Investments In Securities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 8.2 | 7.5 | |
Temporary Differences Intangibles [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1,369.7) | (1,690.2) | |
Temporary Differences Employee Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 856.5 | 951.2 | |
Temporary Differences Trade Payables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 2,840.5 | 3,229.9 | |
Temporary Differences Trade Receivable [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 36.8 | 34.8 | |
Temporary Differences Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (46.1) | 50.3 | |
Temporary Differences Interestbearing Loans And Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 7.5 | (0.4) | |
Temporary Differences Inventories [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 209 | 274.6 | |
Temporary Differences Property Plant And Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1,123) | (1,277.6) | |
Temporary Differences Withholding Tax Over Undistributed Profits And Royalties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1,385.5) | (1,877.6) | |
Temporary Differences Investments In Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (383.7) | (421.6) | |
Temporary Differences Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 1,021.7 | 819.3 | |
Impact Of Adoption Of I F R S Accounting Policy [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (5.2) | 23.7 | |
I C M S From The Assessment Bases Of P I S C O F I N S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (228.5) | (168.2) | |
Temporary Differences Other Items [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (170.6) | R$ 96.7 | |
Deferred Taxes Not Related To Tax Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 267.9 | ||
Not later than one year [member] | Temporary Differences Investments In Securities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | |||
Not later than one year [member] | Temporary Differences Intangibles [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1.2) | ||
Not later than one year [member] | Temporary Differences Employee Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 199.9 | ||
Not later than one year [member] | Temporary Differences Trade Payables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (220.6) | ||
Not later than one year [member] | Temporary Differences Trade Receivable [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 22.7 | ||
Not later than one year [member] | Temporary Differences Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (49.8) | ||
Not later than one year [member] | Temporary Differences Interestbearing Loans And Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 0.1 | ||
Not later than one year [member] | Temporary Differences Inventories [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 252.7 | ||
Not later than one year [member] | Temporary Differences Property Plant And Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (4.1) | ||
Not later than one year [member] | Temporary Differences Withholding Tax Over Undistributed Profits And Royalties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | |||
Not later than one year [member] | Temporary Differences Investments In Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | |||
Not later than one year [member] | Temporary Differences Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 664.5 | ||
Not later than one year [member] | Impact Of Adoption Of I F R S Accounting Policy [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | |||
Not later than one year [member] | I C M S From The Assessment Bases Of P I S C O F I N S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | |||
Not later than one year [member] | Temporary Differences Other Items [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 39.8 | ||
Not later than one year [member] | Deferred Taxes Not Related To Tax Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 904 | ||
Later than one year [member] | Temporary Differences Investments In Securities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 8.2 | ||
Later than one year [member] | Temporary Differences Intangibles [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1,368.5) | ||
Later than one year [member] | Temporary Differences Employee Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 656.6 | ||
Later than one year [member] | Temporary Differences Trade Payables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 3,061.1 | ||
Later than one year [member] | Temporary Differences Trade Receivable [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 14.1 | ||
Later than one year [member] | Temporary Differences Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 3.7 | ||
Later than one year [member] | Temporary Differences Interestbearing Loans And Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 7.4 | ||
Later than one year [member] | Temporary Differences Inventories [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (43.7) | ||
Later than one year [member] | Temporary Differences Property Plant And Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1,118.9) | ||
Later than one year [member] | Temporary Differences Withholding Tax Over Undistributed Profits And Royalties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (1,385.5) | ||
Later than one year [member] | Temporary Differences Investments In Joint Ventures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (383.7) | ||
Later than one year [member] | Temporary Differences Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | 357.2 | ||
Later than one year [member] | Impact Of Adoption Of I F R S Accounting Policy [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (5.2) | ||
Later than one year [member] | I C M S From The Assessment Bases Of P I S C O F I N S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (228.5) | ||
Later than one year [member] | Temporary Differences Other Items [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | (210.4) | ||
Later than one year [member] | Deferred Taxes Not Related To Tax Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred taxes not related to tax losses | R$ 636.1 |
INCOME TAX AND SOCIAL CONTRIB_8
INCOME TAX AND SOCIAL CONTRIBUTION (Details 5) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | R$ 4651.2 | R$ 2713.1 | R$ 1513.7 |
Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | 4,383.3 | R$ 2660.7 | |
Not later than one year [member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | |||
Later than one year and not later than two years [member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | 755.7 | ||
Later than two years and not later than three years [member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | 422.5 | ||
Later Than Three Years And Not Later Than Fours Years [Member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | 1,635.2 | ||
Later than four years and not later than five years [member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | 1,052.8 | ||
Later Than Five Years And Not Later Than Eight Years [Member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | 170.3 | ||
Later Than Nine Years [Member] | Unused tax losses [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax related to tax losses | R$ 346.8 |
INCOME TAX AND SOCIAL CONTRIB_9
INCOME TAX AND SOCIAL CONTRIBUTION (Details 6) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax And Social Contribution | ||
Deferred income tax and social contribution at beginning | R$ 2713.1 | R$ 1513.7 |
Recognition of actuarial gains/(losses) | 24.4 | (146.9) |
Investment hedge - put option granted on subsidiaries | (155.9) | (105) |
Cash flow hedge - gains/(losses) | 83.2 | 41.3 |
Gains/(losses) on translation of other foreign operations | 553.9 | (419.3) |
Recognized in other comprehensive income | 505.6 | (629.9) |
Recognized in the income statement | 2,002.4 | 2,374.5 |
Changes directly in the balance sheet | (569.9) | (545.2) |
Recognized in deferred tax | (476.3) | (595.5) |
Effect of application of IAS 29 (hyperinflation) | (476.3) | (595.5) |
Recognized in other balance sheet group | (93.6) | 50.3 |
Deferred income tax and social contribution at ending | R$ 4651.2 | R$ 2713.1 |
INCOME TAX AND SOCIAL CONTRI_10
INCOME TAX AND SOCIAL CONTRIBUTION (Details Narrative) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax And Social Contribution | ||
Tax loses carried forward of unilaterally offset proceedings | R$ 268.6 | |
Tax loses carried forward of unilaterally offset | 790 | |
Tax credit related to tax losses | 669 | R$ 875.3 |
Tax loses carried forward in relation to credit | R$ 2521.0 | R$ 3359.5 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | R$ 26630.2 | R$ 30055.7 |
Property, plant and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | 23,662.7 | 26,961.3 |
Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | R$ 2967.5 | R$ 3094.4 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details 1) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | R$ 30055.7 | |
Property, plant and equipment at ending | 26,630.2 | R$ 30055.7 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 26,961.3 | 26,664 |
Effects of movements in foreign exchange in the balance sheet | (3,717) | (2,371.7) |
Effects of application of IAS 29 (hyperinflation) | 1,649.2 | 2,014.7 |
Acquisition | 4,615.2 | 6,305.7 |
Depreciation | (4,556.6) | (4,581.1) |
Disposals and write-offs | (59.7) | (50.4) |
Transfers | (1,229.7) | (1,019.9) |
Property, plant and equipment at ending | 23,662.7 | 26,961.3 |
Property, plant and equipment | 63,417.4 | 66,345.2 |
Gross carrying amount [member] | Land and buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 9,698.3 | 9,090.2 |
Effects of movements in foreign exchange in the balance sheet | (1,485.2) | (832.1) |
Effects of application of IAS 29 (hyperinflation) | 663.1 | 712.7 |
Acquisition | 44.7 | 11.2 |
Depreciation | (481.6) | (436.8) |
Disposals and write-offs | (3.7) | (20.1) |
Transfers | 800.6 | 1,173.2 |
Property, plant and equipment at ending | 9,236.2 | 9,698.3 |
Property, plant and equipment | 14,287.8 | 14,494.2 |
Gross carrying amount [member] | Plant And Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 11,589.1 | 10,884 |
Effects of movements in foreign exchange in the balance sheet | (1,726.7) | (1,067.3) |
Effects of application of IAS 29 (hyperinflation) | 779.4 | 952.6 |
Acquisition | 1,230.2 | 1,283.5 |
Depreciation | (3,533.4) | (3,564.6) |
Disposals and write-offs | (39.1) | (15.7) |
Transfers | 2,488.8 | 3,116.6 |
Property, plant and equipment at ending | 10,788.3 | 11,589.1 |
Property, plant and equipment | 39,509.2 | 39,818.3 |
Gross carrying amount [member] | Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 1,323.9 | 1,285.1 |
Effects of movements in foreign exchange in the balance sheet | (193.4) | (111.6) |
Effects of application of IAS 29 (hyperinflation) | 86.5 | 96.7 |
Acquisition | 56.4 | 87.3 |
Depreciation | (541.6) | (579.7) |
Disposals and write-offs | (13.5) | (14.6) |
Transfers | 373.7 | 560.7 |
Property, plant and equipment at ending | 1,092 | 1,323.9 |
Property, plant and equipment | 7,074.2 | 7,682.7 |
Gross carrying amount [member] | Construction in progress [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 4,350 | 5,404.7 |
Effects of movements in foreign exchange in the balance sheet | (311.7) | (360.7) |
Effects of application of IAS 29 (hyperinflation) | 120.2 | 252.7 |
Acquisition | 3,283.9 | 4,923.7 |
Depreciation | ||
Disposals and write-offs | (3.4) | |
Transfers | (4,892.8) | (5,870.4) |
Property, plant and equipment at ending | 2,546.2 | 4,350 |
Property, plant and equipment | 2,546.2 | 4,350 |
Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (39,754.7) | (39,383.9) |
Accumulated depreciation, amortisation and impairment [member] | Land and buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (5,051.6) | (4,795.9) |
Accumulated depreciation, amortisation and impairment [member] | Plant And Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (28,720.9) | (28,229.2) |
Accumulated depreciation, amortisation and impairment [member] | Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (5,982.2) | (6,358.8) |
Accumulated depreciation, amortisation and impairment [member] | Construction in progress [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details 2) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | R$ 30055.7 | |
Property, plant and equipment at ending | 26,630.2 | R$ 30055.7 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 26,961.3 | 26,664 |
Effects of movements in foreign exchange in the balance sheet | (3,717) | (2,371.7) |
Additions | 4,615.2 | 6,305.7 |
Depreciation | (4,556.6) | (4,581.1) |
Disposals and write-offs | (59.7) | (50.4) |
Transfers | (1,229.7) | (1,019.9) |
Property, plant and equipment at ending | 23,662.7 | 26,961.3 |
Property, plant and equipment | 63,417.4 | 66,345.2 |
Gross carrying amount [member] | Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 3,094.4 | 2,560.3 |
Effects of movements in foreign exchange in the balance sheet | (82.2) | (72.5) |
Additions | 1,684.3 | 1,637.7 |
Depreciation | (1,225.7) | (845.5) |
Disposals and write-offs | (506) | (184.8) |
Transfers | 2.7 | (0.8) |
Property, plant and equipment at ending | 2,967.5 | 3,094.4 |
Property, plant and equipment | 6,460.3 | 5,587.8 |
Gross carrying amount [member] | Buildings [member] | Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 1,350.8 | 1,206 |
Effects of movements in foreign exchange in the balance sheet | (49.5) | (64.3) |
Additions | 355 | 628 |
Depreciation | (451.8) | (391.6) |
Disposals and write-offs | (30.5) | 9.7 |
Transfers | (1.8) | (37) |
Property, plant and equipment at ending | 1,172.2 | 1,350.8 |
Property, plant and equipment | 2,925.9 | 2,698.3 |
Gross carrying amount [member] | Machinery Vehicles And Others [Member] | Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment at beginning | 1,743.6 | 1,354.3 |
Effects of movements in foreign exchange in the balance sheet | (32.7) | (8.2) |
Additions | 1,329.3 | 1,009.7 |
Depreciation | (773.9) | (453.9) |
Disposals and write-offs | (475.5) | (194.5) |
Transfers | 4.5 | 36.2 |
Property, plant and equipment at ending | 1,795.3 | 1,743.6 |
Property, plant and equipment | 3,534.4 | 2,889.5 |
Accumulated depreciation, amortisation and impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (39,754.7) | (39,383.9) |
Accumulated depreciation, amortisation and impairment [member] | Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (3,492.8) | (2,493.4) |
Accumulated depreciation, amortisation and impairment [member] | Buildings [member] | Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | (1,753.7) | (1,347.5) |
Accumulated depreciation, amortisation and impairment [member] | Machinery Vehicles And Others [Member] | Right-of-use assets [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment | R$ 1739.1 | R$ 1145.9 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details 3) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 25 years |
Plant And Equipment [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 15 years |
Fixtures [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 10 years |
Fittings [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 10 years |
External Use Assets Commercial Assets [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 2 years |
External Use Assets Commercial Assets [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 5 years |
GOODWILL (Details)
GOODWILL (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Balance at the end of the previous year | R$ 40594.0 | R$ 42411.3 |
Effects of movements in foreign exchange in the balance sheet | (4,067.9) | (3,510.6) |
Effect of application of IAS 29 (hyperinflation) | 1,481.1 | 1,709.9 |
Acquisitions, (write-offs) and disposal through business combinations | (3.6) | (16.6) |
Balance at the end of the year | R$ 38003.6 | R$ 40594.0 |
GOODWILL (Details 1)
GOODWILL (Details 1) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Goodwill | R$ 38003.6 | R$ 40594.0 | R$ 42411.3 |
Goodwill | 102,941.4 | 102,945 | |
Non-controlling transactions | (85,242.6) | (85,242.6) | |
Country Of Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 17,698.8 | 17,702.4 | |
CAC [member] | Dominican Republic [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 3,805.5 | 4,231.6 | |
CAC [member] | Panama [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 1,682.9 | 1,813.8 | |
Latin America South [Member] | Argentina [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 2,183.8 | 3,463 | |
Latin America South [Member] | Bolivia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 1,712.5 | 1,845.6 | |
Latin America South [Member] | Chile [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 47.9 | 53.1 | |
Latin America South [Member] | Paraguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 888.2 | 953.8 | |
Latin America South [Member] | Uruguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 184 | 193.1 | |
Country Of Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | R$ 9800.0 | R$ 10337.6 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Goodwill percentage of total assets | 29% | 29% |
IMPAIRMENT OF NON-FINANCIAL A_3
IMPAIRMENT OF NON-FINANCIAL ASSETS (Details) - Weighted average cost of capital, measurement input [member] | Dec. 31, 2023 |
Chile [Member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average cost of capital | 9.83% |
Panama [Member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average cost of capital | 10.72% |
Country Of Brazil [Member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average cost of capital | 12.38% |
IMPAIRMENT OF NON-FINANCIAL A_4
IMPAIRMENT OF NON-FINANCIAL ASSETS (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Growth rate | 1.20% |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Growth rate | 8.10% |
INTANGIBLES - Reconciliation of
INTANGIBLES - Reconciliation of Changes in Intangible Assets (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning balance | R$ 9222.2 | |
Intangible assets, final balance | 10,041.7 | R$ 9222.2 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning balance | 9,222.2 | 8,689 |
Effects of movements in foreign exchange in the balance sheet | (2,249.5) | (1,367.5) |
Effect of application of IAS 29 (hyperinflation) | 995.8 | 1,134.1 |
Additions | 1,467.9 | 227.4 |
Transfers | 1,293.5 | 1,041.4 |
Disposal | 1.6 | |
Amortization | 686.6 | 502.2 |
Intangible assets, final balance | 10,041.7 | 9,222.2 |
Acquisition cost | 16,086.2 | 15,044.4 |
Depreciation | (6,044.5) | (5,822.2) |
Amortization | (686.6) | (502.2) |
Disposal | (1.6) | |
Gross carrying amount [member] | Brand names [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning balance | 6,163.1 | 6,329 |
Effects of movements in foreign exchange in the balance sheet | (1,838.5) | (1,096.2) |
Effect of application of IAS 29 (hyperinflation) | 808.6 | 930.3 |
Additions | 73.9 | |
Transfers | ||
Disposal | ||
Amortization | ||
Intangible assets, final balance | 5,207.1 | 6,163.1 |
Acquisition cost | 5,207.1 | 6,163.1 |
Depreciation | ||
Amortization | ||
Disposal | ||
Gross carrying amount [member] | Intangibles [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning balance | 571.7 | 671.2 |
Effects of movements in foreign exchange in the balance sheet | (33.5) | (44.7) |
Effect of application of IAS 29 (hyperinflation) | 0.1 | |
Additions | 869.3 | |
Transfers | 3.2 | |
Disposal | ||
Amortization | 56.7 | 58.1 |
Intangible assets, final balance | 1,350.8 | 571.7 |
Acquisition cost | 4,087 | 3,308.6 |
Depreciation | (2,736.2) | (2,736.9) |
Amortization | (56.7) | (58.1) |
Disposal | ||
Gross carrying amount [member] | Computer software [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning balance | 2,134.1 | 1,129.7 |
Effects of movements in foreign exchange in the balance sheet | (344.6) | (130.6) |
Effect of application of IAS 29 (hyperinflation) | 176.2 | 126.9 |
Additions | 37 | 6.9 |
Transfers | 976.5 | 1,402.3 |
Disposal | 0.9 | |
Amortization | 573.5 | 401.1 |
Intangible assets, final balance | 2,404.8 | 2,134.1 |
Acquisition cost | 4,954.2 | 4,353.9 |
Depreciation | (2,549.4) | (2,219.8) |
Amortization | (573.5) | (401.1) |
Disposal | (0.9) | |
Gross carrying amount [member] | Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, beginning balance | 353.3 | 559.1 |
Effects of movements in foreign exchange in the balance sheet | (32.9) | (96) |
Effect of application of IAS 29 (hyperinflation) | 11 | 76.8 |
Additions | 487.7 | 220.5 |
Transfers | 317 | (364.1) |
Disposal | 0.7 | |
Amortization | 56.4 | 43 |
Intangible assets, final balance | 1,079 | 353.3 |
Acquisition cost | 1,837.9 | 1,218.8 |
Depreciation | (758.9) | (865.5) |
Amortization | (56.4) | (43) |
Disposal | R$ 0.7 |
INTANGIBLES - Intangible Assets
INTANGIBLES - Intangible Assets by Location (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | R$ 5207.1 | R$ 6163.1 |
Intangible Assets In Argentina [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 1,303.7 | 2,019.2 |
Intangible Assets In Bolivia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 830 | 894.5 |
Intangible Assets In Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 73.9 | |
Intangible Assets In Canada [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 195.7 | 206.4 |
Intangible Assets In Chile [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 70.7 | 78.5 |
Intangible Assets In Luxembourg [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 339.6 | 339.6 |
Intangible Assets In Paraguay [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 504.7 | 542.7 |
Intangible Assets In The Dominican Republic [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 1,431.5 | 1,593 |
Intangible Assets In Panama [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | 333 | 358.8 |
Intangible Assets In Uruaguay [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets with indefinite useful life | R$ 124.3 | R$ 130.4 |
INTANGIBLES (Details Narrative)
INTANGIBLES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range [member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Intangible assets useful lives | 1 year |
Bottom of range [member] | Computer software [member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Intangible assets useful lives | 3 years |
Top of range [member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Intangible assets useful lives | 8 years |
Top of range [member] | Computer software [member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Intangible assets useful lives | 10 years |
RECOVERABLE TAXEs (Details)
RECOVERABLE TAXEs (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Non-current | R$ 11325.1 | R$ 11316.3 |
Current | 3,435.7 | 2,853.5 |
Total | 14,760.8 | 14,169.8 |
PIS/COFINS exclusion of ICMS [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current | 6,490.4 | 5,992.8 |
Current | 219 | 73.5 |
ICMS [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current | 436.5 | 423.2 |
Current | 426.9 | 542.2 |
Income Tax And Social Contributions Recoverable [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current | 4,087 | 4,607.5 |
Current | 2,436.6 | 1,808.7 |
Other temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current | 311.2 | 292.8 |
Current | 70.3 | 55.4 |
Piscofins [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current | 170.4 | 242.7 |
IPI [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current | R$ 112.5 | R$ 131.0 |
INVENTORY (Details)
INVENTORY (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Finished goods | R$ 2990.3 | R$ 4094.0 |
Work in progress | 826.5 | 845.7 |
Raw materials and consumables | 4,599.9 | 6,798.3 |
Spare parts and others | 806.9 | 986.9 |
Prepayments | 537.9 | 358.3 |
Impairment losses | (142.5) | (160.2) |
Total | R$ 9619.0 | R$ 12923.0 |
INVENTORY (Details 1)
INVENTORY (Details 1) - Inventory Provision [Member] - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Beginning balance | R$ 160.2 | R$ 157.8 |
Effects of movements in foreign exchange in the balance sheet | 12.9 | 17.8 |
Provisions | (262.9) | (305.8) |
Write-off | 267.7 | 285.6 |
Final balance | R$ 142.5 | R$ 160.2 |
TRADE RECEIVABLES - Current Tra
TRADE RECEIVABLES - Current Trade Receivables (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Trade receivables | R$ 6225.8 | R$ 5737.5 |
Bad debt provision | (721) | (679.1) |
Net, trade receivables | 5,504.8 | 5,058.4 |
Related parties (Note 30) | 236.7 | 290.7 |
Total current trade receivables | R$ 5741.5 | R$ 5349.1 |
TRADE RECEIVABLES - Aging of Ou
TRADE RECEIVABLES - Aging of Our Current Trade Receivables (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables | R$ 6225.8 | R$ 5737.5 |
Bad debt provision | (721) | (679.1) |
Trade receivables, net | 5,504.8 | 5,058.4 |
Current [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 5,129.5 | 4,573 |
Bad debt provision | ||
Trade receivables, net | 5,129.5 | 4,573 |
Less Than One Month [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 283.4 | 343.8 |
Bad debt provision | ||
Trade receivables, net | 283.4 | 343.8 |
Later than one month and not later than two months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 66.3 | 100.5 |
Bad debt provision | (0.3) | |
Trade receivables, net | 66.3 | 100.2 |
Later than two months and not later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 33.2 | 49.4 |
Bad debt provision | (7.7) | (10.8) |
Trade receivables, net | 25.5 | 38.6 |
Later Than Three Months And Less Than Six Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 6.5 | 19.3 |
Bad debt provision | (6.4) | (16.5) |
Trade receivables, net | 0.1 | 2.8 |
Later Than Six Months And Less Than 12 Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 46.6 | 40.2 |
Bad debt provision | (46.6) | (40.2) |
Trade receivables, net | ||
Later Than A Year [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 660.3 | 611.3 |
Bad debt provision | (660.3) | (611.3) |
Trade receivables, net |
TRADE RECEIVABLES - Estimated L
TRADE RECEIVABLES - Estimated Loss For Doubtful Debts (Details) - Bad Debt Provision [Member] - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Beginning balance | R$ 679.1 | R$ 668.3 |
Effects of movements in foreign exchange in the balance sheet | 12.3 | 14 |
Additions | (103.6) | (47) |
Reversals | 8.3 | 1.7 |
Write-off | 41.1 | 20.5 |
Final balance | R$ 721.0 | R$ 679.1 |
CASH AND CASH EQUIVALENTS AND_3
CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES - Components of Cash and Cash Equivalents (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Short-term bank deposits (i) | R$ 8973.6 | R$ 8655.2 |
Current bank accounts | 6,818.3 | 5,990.3 |
Cash | 267.1 | 280.9 |
Cash and cash equivalents | 16,059 | 14,926.4 |
Bank overdrafts | (74.3) | |
Cash and cash equivalents less bank overdraft | R$ 16059.0 | R$ 14852.1 |
CASH AND CASH EQUIVALENTS AND_4
CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES - Investment Securities (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Investment on debt securities (i) | R$ 242.2 | R$ 219.1 |
Non-current investment securities | 242.2 | 219.1 |
Financial assets at fair value through profit or loss | 277.2 | 454.5 |
Current investment securities | 277.2 | 454.5 |
Total | R$ 519.4 | R$ 673.6 |
CASH AND CASH EQUIVALENTS AND_5
CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES (Details Narrative) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Short-term deposits, guarantee deposits | R$ 3768 | R$ 3083 |
CHANGES IN EQUITY - Capital Sto
CHANGES IN EQUITY - Capital Stock (Details) - BRL (R$) shares in Millions, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Number of shares outstanding | 15,753.8 | 15,750.2 | 15,744.4 |
Shareholder percentage | 100% | 100% | 100% |
Beginning balance, value | R$ 83327.8 | R$ 84017.6 | R$ 75151.2 |
Issue of equity | 14.5 | 23.7 | 9 |
Ending balance, value | R$ 80143.8 | R$ 83327.8 | R$ 84017.6 |
Issued capital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Equity shares outstanding, Beginning balance | 15,750.2 | 15,744.4 | 15,735.1 |
Beginning balance, value | R$ 58130.5 | R$ 58042.5 | R$ 57899.1 |
Issue of equity shares | 3.6 | 5.8 | 9.3 |
Issue of equity | R$ 47.4 | R$ 88.0 | R$ 143.4 |
Equity shares outstanding, Final balance | 15,753.8 | 15,750.2 | 15,744.4 |
Ending balance, value | R$ 58177.9 | R$ 58130.5 | R$ 58042.5 |
Interbrew International B.V. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares outstanding | 8,441.7 | 8,441.8 | 8,441.9 |
Shareholder percentage | 53.60% | 53.60% | 53.60% |
Ambrew S A R L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares outstanding | 1,287.7 | 1,287.7 | 1,287 |
Shareholder percentage | 8.20% | 8.20% | 8.20% |
Fundacao Zerrenner [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares outstanding | 1,610 | 1,610 | 1,610 |
Shareholder percentage | 10.20% | 10.20% | 10.20% |
Mercado [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares outstanding | 4,410 | 4,402.2 | 4,399.7 |
Shareholder percentage | 28% | 27.90% | 27.90% |
Tesouraria [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares outstanding | 4.4 | 8.5 | 5.8 |
Shareholder percentage | 0% | 0.10% | 0% |
CHANGES IN EQUITY - Capital Res
CHANGES IN EQUITY - Capital Reserves (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Beginning balance, capital reserves | R$ 92246.6 | ||
Final balance, capital reserves | 98,669.4 | R$ 92246.6 | |
Treasury shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, capital reserves | (1,073.4) | (1,037.8) | R$ 941.7 |
Capital Increase | (60) | ||
Purchases of shares, results of treasury shares and share-based payments | 61.6 | (35.6) | (36.1) |
Final balance, capital reserves | (1,011.8) | (1,073.4) | (1,037.8) |
Share premium [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, capital reserves | 53,662.8 | 53,662.8 | 53,662.8 |
Capital Increase | |||
Purchases of shares, results of treasury shares and share-based payments | |||
Final balance, capital reserves | 53,662.8 | 53,662.8 | 53,662.8 |
Other reserves [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, capital reserves | 700.9 | 700.9 | 700.9 |
Capital Increase | |||
Purchases of shares, results of treasury shares and share-based payments | |||
Final balance, capital reserves | 700.9 | 700.9 | 700.9 |
Reserve of share-based payments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, capital reserves | 2,049.5 | 1,861.3 | 1,563.6 |
Capital Increase | (32.9) | (64.2) | (74.4) |
Purchases of shares, results of treasury shares and share-based payments | 111.2 | 252.4 | 372.1 |
Final balance, capital reserves | 2,127.8 | 2,049.5 | 1,861.3 |
Capital reserve [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, capital reserves | 55,339.8 | 55,187.2 | 54,985.6 |
Capital Increase | (32.9) | (64.2) | (134.4) |
Purchases of shares, results of treasury shares and share-based payments | 172.8 | 216.8 | 336 |
Final balance, capital reserves | R$ 55479.7 | R$ 55339.8 | R$ 55187.2 |
CHANGES IN EQUITY - Treasury Sh
CHANGES IN EQUITY - Treasury Shares (Details) - BRL (R$) shares in Millions, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes In Equity | |||
Balance, treasury shares acquired/realized (in shares) | 8.5 | 5.8 | 0.2 |
Balance, treasury shares acquired/realized, amount | R$ 131.8 | R$ 98.3 | R$ 3.2 |
Balance, treasury shares (in shares) | (941.6) | (939.5) | (938.5) |
Balance, treasury shares, amount | R$ 1073.4 | R$ 1037.8 | R$ 941.7 |
Changes during the year, treasury shares acquired/realized (in shares) | (4.1) | 2.7 | 5.6 |
Changes during the year, treasury shares acquired/realized, amount | R$ 68.8 | R$ 33.5 | R$ 95.1 |
Changes during the year, treasury shares (in shares) | (7.2) | (2.1) | (1) |
Changes during the year, treasury shares, amount | R$ 61.6 | R$ 35.6 | R$ 96.1 |
Balance, treasury shares acquired/realized (in shares) | 4.4 | 8.5 | 5.8 |
Balance, treasury shares acquired/realized, amount | R$ 63.0 | R$ 131.8 | R$ 98.3 |
Balance, treasury shares (in shares) | (948.8) | (941.6) | (939.5) |
Balance, treasury shares, amount | R$ 1011.8 | R$ 1073.4 | R$ 1037.8 |
CHANGES IN EQUITY - Net Income
CHANGES IN EQUITY - Net Income Reserves (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | R$ 83327.8 | R$ 84017.6 | R$ 75151.2 |
Fiscal incentive reserve | |||
Investments reserve | |||
Ending balance, value | 80,143.8 | 83,327.8 | 84,017.6 |
Net Income Reserves Investment Reserve [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 22,055.9 | 18,359.2 | 14,511.1 |
Fiscal incentive reserve | |||
Investments reserve | 3,730.2 | 3,696.7 | 3,848.1 |
Ending balance, value | 25,786.1 | 22,055.9 | 18,359.2 |
Net Income Reserves Legal Reserve [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 4.5 | 4.5 | 4.5 |
Fiscal incentive reserve | |||
Investments reserve | |||
Ending balance, value | 4.5 | 4.5 | 4.5 |
Net Income Reserves Fiscal Incentive [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 14,846.6 | 12,827.9 | 11,404.4 |
Fiscal incentive reserve | 2,552.7 | 2,018.7 | 1,423.5 |
Investments reserve | |||
Ending balance, value | 17,399.3 | 14,846.6 | 12,827.9 |
Net Income Reserve [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 36,907 | 31,191.6 | 25,920 |
Fiscal incentive reserve | 2,552.7 | 2,018.7 | 1,423.5 |
Investments reserve | 3,730.2 | 3,696.7 | 3,848.1 |
Ending balance, value | R$ 43189.9 | R$ 36907.0 | R$ 31191.6 |
CHANGES IN EQUITY - Interest on
CHANGES IN EQUITY - Interest on Shareholders' Equity Dividends (Details) - BRL (R$) R$ / shares in Units, R$ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes In Equity | ||||||||
Amount per share, dividends (in BRL per share) | R$ 0.7302 | R$ 0.1334 | ||||||
Amount, distribution | R$ 11500.2 | R$ 11999.8 | R$ 7400.1 | |||||
Total amount | R$ 11500.2 | R$ 11999.8 | 9,499.6 | |||||
Amount per share, distribution (in BRL per share) | R$ 0.7623 | R$ 0.4702 | R$ 0.7302 | R$ 0.7623 | ||||
Amount, dividends | R$ 2099.5 |
CHANGES IN EQUITY - Basis for D
CHANGES IN EQUITY - Basis for Dividends (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Net income, attributable to equity holders of Ambev | R$ 14501.9 | R$ 14457.9 | R$ 12671.0 |
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Retained earnings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Net income, attributable to equity holders of Ambev | 14,501.9 | 14,457.9 | 12,671 |
Prescribed/(complementary) dividends | 20.9 | 24.7 | |
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | 11.8 | 11.8 | 11.8 |
Effect of application of IAS 29 (hyperinflation) | 3,269.4 | 3,224.4 | 2,063.7 |
Retained earnings basis for dividends and destinations | 17,783.1 | 17,715 | 14,771.2 |
Dividends and interest on capital paid based on profit | 11,500.2 | 11,999.8 | 9,499.6 |
Total of dividends and interest on capital | R$ 11500.2 | R$ 11999.8 | R$ 9499.6 |
Percentage of distributed profit | 65% | 68% | 64% |
CHANGES IN EQUITY - Carrying Va
CHANGES IN EQUITY - Carrying Value Adjustments (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | R$ 83327.8 | R$ 84017.6 | R$ 75151.2 |
Gains/(losses) on the translation of foreign operations | (9,334.4) | (6,863.2) | 2,558 |
Cash flow hedges | (212.1) | (318.7) | 481.3 |
Actuarial gains/(losses) | (12.5) | 470.7 | 340 |
Total comprehensive income | 5,401.4 | 8,180 | 16,501.9 |
Gains/(losses) on controlling interest | (2.6) | (3.1) | (37.6) |
Tax on deemed dividends | 12.4 | 6.2 | 1.7 |
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | 80,143.8 | 83,327.8 | 84,017.6 |
Carrying Value Adjustments Translation Reserves [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 6,754 | 13,526.2 | 11,076.5 |
Gains/(losses) on the translation of foreign operations | (9,212.4) | (6,772.2) | 2,449.7 |
Cash flow hedges | |||
Actuarial gains/(losses) | |||
Total comprehensive income | (9,212.4) | (6,772.2) | 2,449.7 |
Options granted on subsidiaries | |||
Gains/(losses) on controlling interest | |||
Tax on deemed dividends | |||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | (2,458.4) | 6,754 | 13,526.2 |
Carrying Value Adjustments Cash Flow Hedge [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 908.6 | 1,225.3 | 744.5 |
Gains/(losses) on the translation of foreign operations | |||
Cash flow hedges | (210.8) | (316.7) | 480.8 |
Actuarial gains/(losses) | |||
Total comprehensive income | (210.8) | (316.7) | 480.8 |
Options granted on subsidiaries | |||
Gains/(losses) on controlling interest | |||
Tax on deemed dividends | |||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | 697.8 | 908.6 | 1,225.3 |
Carrying Value Adjustments Actuarial Gainslosses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | (665) | (1,131.5) | (1,473.3) |
Gains/(losses) on the translation of foreign operations | |||
Cash flow hedges | |||
Actuarial gains/(losses) | (13.2) | 466.5 | 341.8 |
Total comprehensive income | (13.2) | 466.5 | 341.8 |
Options granted on subsidiaries | |||
Gains/(losses) on controlling interest | |||
Tax on deemed dividends | |||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | (678.2) | (665) | (1,131.5) |
Carrying Value Adjustments Put Option Granted On Subsidiary [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | (6.7) | (6.7) | (4.8) |
Gains/(losses) on the translation of foreign operations | |||
Cash flow hedges | |||
Actuarial gains/(losses) | |||
Total comprehensive income | |||
Options granted on subsidiaries | 6.7 | (1.9) | |
Gains/(losses) on controlling interest | |||
Tax on deemed dividends | |||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | (6.7) | (6.7) | |
Carrying Value Adjustments Gains Losses Of Noncontrolling Interests Share [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | (130.7) | (121.7) | (73.8) |
Gains/(losses) on the translation of foreign operations | |||
Cash flow hedges | |||
Actuarial gains/(losses) | |||
Total comprehensive income | |||
Options granted on subsidiaries | |||
Gains/(losses) on controlling interest | (2.6) | (2.8) | (46.2) |
Tax on deemed dividends | (12.4) | (6.2) | (1.7) |
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | (145.7) | (130.7) | (121.7) |
Carrying Value Adjustments Business Combination [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | 156.1 | 156.1 | 156.1 |
Gains/(losses) on the translation of foreign operations | |||
Cash flow hedges | |||
Actuarial gains/(losses) | |||
Total comprehensive income | |||
Options granted on subsidiaries | |||
Gains/(losses) on controlling interest | |||
Tax on deemed dividends | |||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | |||
Ending balance, value | 156.1 | 156.1 | 156.1 |
Carrying Value Adjustments Accounting Adjustments For Transactions Between Shareholders [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | (75,437.8) | (75,426) | (75,414.2) |
Gains/(losses) on the translation of foreign operations | |||
Cash flow hedges | |||
Actuarial gains/(losses) | |||
Total comprehensive income | |||
Options granted on subsidiaries | |||
Gains/(losses) on controlling interest | |||
Tax on deemed dividends | |||
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | (118) | (11.8) | (11.8) |
Ending balance, value | (75,449.6) | (75,437.8) | (75,426) |
Carrying Value Adjustments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, value | (68,421.5) | (61,778.3) | (64,989) |
Gains/(losses) on the translation of foreign operations | (9,212.4) | (6,772.2) | 2,449.7 |
Cash flow hedges | (210.8) | (316.7) | 480.8 |
Actuarial gains/(losses) | (13.2) | 466.5 | 341.8 |
Total comprehensive income | (9,436.4) | (6,622.4) | 3,272.3 |
Gains/(losses) on controlling interest | (2.6) | (2.8) | (46.2) |
Tax on deemed dividends | 12.4 | 6.2 | 1.7 |
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | (11.8) | (11.8) | (11.8) |
Ending balance, value | (77,878) | (68,421.5) | (61,778.3) |
Carrying Value Adjustment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gains/(losses) on the translation of foreign operations | (9,212.4) | (6,772.2) | 2,449.7 |
Cash flow hedges | (210.8) | (316.7) | 480.8 |
Actuarial gains/(losses) | (13.2) | 466.5 | 341.8 |
Total comprehensive income | (9,436.4) | (6,622.4) | 3,272.3 |
Options granted on subsidiaries | 6.7 | (1.9) | |
Gains/(losses) on controlling interest | (2.6) | (2.8) | (46.2) |
Tax on deemed dividends | (12.4) | (6.2) | (1.7) |
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting | R$ 11.8 | R$ 11.8 | R$ 11.8 |
CHANGES IN EQUITY (Details Narr
CHANGES IN EQUITY (Details Narrative) - BRL (R$) R$ / shares in Units, shares in Millions, R$ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||||||||
Authorized share capital | R$ 83327.8 | R$ 84017.6 | R$ 80143.8 | R$ 83327.8 | R$ 84017.6 | R$ 80143.8 | R$ 83327.8 | R$ 84017.6 | R$ 75151.2 | |
Number of shares outstanding | 15,750.2 | 15,744.4 | 15,753.8 | 15,750.2 | 15,744.4 | 15,753.8 | 15,750.2 | 15,744.4 | ||
Adjustments for share-based payments | R$ 331.6 | R$ 313.9 | R$ 387.6 | |||||||
Investment reserve limit percentage of net income | 60% | |||||||||
Statutory reserve limit percentage of net income | 5% | |||||||||
Statutory reserve limit of capital stock | 20% | |||||||||
Statutory reserve supplementation cutoff percentage related to capital stock | 30% | |||||||||
[custom:InterestOnShareholdersEquityDistributionAmountPerShare] | R$ 0.7623 | R$ 0.4702 | R$ 0.7302 | R$ 0.7623 | ||||||
Interest on shareholders equity distribution | R$ 0.3996 | R$ 0.6207 | R$ 0.6480 | |||||||
Interest on shareholders equity distribution of dividends | R$ 0.1334 | |||||||||
Interest on shareholders equity distribution of dividends | R$ 0.4702 | |||||||||
Country of domicile [member] | Top of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Minimum mandatory dividend | 40% | |||||||||
Authorized Share Capital [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Authorized share capital | R$ 58130.5 | R$ 58042.5 | R$ 58177.9 | R$ 58130.5 | R$ 58042.5 | R$ 58177.9 | R$ 58130.5 | R$ 58042.5 | ||
Number of shares outstanding | 15,750.2 | 15,744.5 | 15,753.8 | 15,750.2 | 15,744.5 | 15,753.8 | 15,750.2 | 15,744.5 |
INTEREST-BEARING LOANS AND BO_3
INTEREST-BEARING LOANS AND BORROWING (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | R$ 2203.0 | R$ 2788.1 |
Interest-bearing loans and borrowings, current | 1,298.1 | 982.6 |
Secured Bank Loans [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 111.6 | 126.2 |
Interest-bearing loans and borrowings, current | 14.9 | 54.5 |
Other Secured Loans [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 279.4 | 328.1 |
Interest-bearing loans and borrowings, current | 136.3 | 144.5 |
Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 1,812 | 2,333.8 |
Interest-bearing loans and borrowings, current | 1,146.9 | 783.6 |
Total Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | R$ 3501.1 | R$ 3770.7 |
INTEREST-BEARING LOANS AND BO_4
INTEREST-BEARING LOANS AND BORROWING (Details 1) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | R$ 1298.1 | R$ 982.6 |
Interest-bearing loans and borrowings, noncurrent | 2,203 | 2,788.1 |
Debt Denominated In U S Dollars [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | 0 | 6.2 |
Interest-bearing loans and borrowings, noncurrent | ||
Debt Denominated In U S Dollars [Member] | Weighted Average [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 14% | 14% |
Debt Denominated In Other Latin American Currencies [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | R$ 124.6 | R$ 98.8 |
Interest-bearing loans and borrowings, noncurrent | R$ 281.0 | R$ 322.5 |
Debt Denominated In Other Latin American Currencies [Member] | Weighted Average [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 11.48% | 10.39% |
Debt Denominated In C A D Dollars [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | R$ 130.1 | R$ 123.3 |
Interest-bearing loans and borrowings, noncurrent | R$ 350.2 | R$ 387.7 |
Debt Denominated In C A D Dollars [Member] | Weighted Average [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 5.63% | 5.32% |
Reais Debt [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | R$ 893.7 | R$ 597.6 |
Interest-bearing loans and borrowings, noncurrent | 1,180.7 | 1,624.7 |
Reais Debt [Member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | 13.4 | 12.3 |
Interest-bearing loans and borrowings, noncurrent | R$ 111.6 | R$ 125.1 |
Reais Debt [Member] | Weighted Average [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 11.17% | 9.43% |
Reais Debt [Member] | Weighted Average [Member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 9.47% | 9.61% |
Reais Debt Related To I C M S [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | R$ 103.2 | R$ 113.3 |
Interest-bearing loans and borrowings, noncurrent | 194.3 | 266.4 |
Reais Debt Related To I C M S [Member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, current | 33 | 31.1 |
Interest-bearing loans and borrowings, noncurrent | R$ 85.1 | R$ 61.7 |
Reais Debt Related To I C M S [Member] | Weighted Average [Member] | Fixed interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 2.95% | 2.95% |
Reais Debt Related To I C M S [Member] | Weighted Average [Member] | Floating interest rate [member] | ||
IfrsStatementLineItems [Line Items] | ||
Average rate | 6.56% | 6.97% |
INTEREST-BEARING LOANS AND BO_5
INTEREST-BEARING LOANS AND BORROWING (Details 2) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Balance, non current | R$ 2203.0 | R$ 2788.1 |
Balance, current | 1,298.1 | 982.6 |
Balance, non current | 2,788.1 | |
Balance, current | 982.6 | |
Proceeds, non-current | 49.8 | 267 |
Proceeds, current | 7.9 | |
Payments, non-current | (0.8) | |
Payments, current | (226.6) | (230.2) |
Foreign exchange, non-current | (52.8) | (56.8) |
Foreign exchange, current | (19.6) | (17.4) |
Transfers between current and non-current | (1,238) | (761) |
Transfers between current and non-current, current | 1,238 | 761 |
New lease agreements, non-current | 629.5 | 905.3 |
New lease agreements, current | 524.4 | 469.2 |
Interest on leases | 193.1 | 159.3 |
Payment of lease liabilities, current | (1,373.2) | (1,014) |
Other movements, non-current | 27.2 | 180.1 |
Other movements, current | (20.6) | (0.3) |
Non Current Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance, non current | 2,203 | 2,788.1 |
Balance, non current | 2,788.1 | 2,253.5 |
Current Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance, current | 1,298.1 | 982.6 |
Balance, current | R$ 982.6 | R$ 847.1 |
INTEREST-BEARING LOANS AND BO_6
INTEREST-BEARING LOANS AND BORROWING (Details 3) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | R$ 2203.0 | R$ 2788.1 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 1,298.1 | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 648 | |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 603.3 | |
Later than three years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 425.5 | |
Later Than Three Years And Not Later Than Six Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 526.1 | |
Maturity Total [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 3,501.1 | 3,770.7 |
Secured Bank Loan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 126.5 | 180.7 |
Secured Bank Loan [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 14.9 | |
Secured Bank Loan [Member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 14.7 | |
Secured Bank Loan [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 16.1 | |
Secured Bank Loan [Member] | Later than three years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 36.8 | |
Secured Bank Loan [Member] | Later Than Three Years And Not Later Than Six Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 44 | |
Other Secured Loan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 415.7 | 472.7 |
Other Secured Loan [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 136.3 | |
Other Secured Loan [Member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 151.5 | |
Other Secured Loan [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 114.8 | |
Other Secured Loan [Member] | Later than three years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 3.7 | |
Other Secured Loan [Member] | Later Than Three Years And Not Later Than Six Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 9.3 | |
Lease Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 2,958.9 | R$ 3117.3 |
Lease Liability [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 1,146.9 | |
Lease Liability [Member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 481.8 | |
Lease Liability [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 472.4 | |
Lease Liability [Member] | Later than three years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | 385 | |
Lease Liability [Member] | Later Than Three Years And Not Later Than Six Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Interest-bearing loans and borrowings, noncurrent | R$ 472.8 |
INTEREST-BEARING LOANS AND BO_7
INTEREST-BEARING LOANS AND BORROWING (Details 4) | Dec. 31, 2023 |
Lease Term 20232027 [Member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 11.15% |
Lease Term 20282035 [Member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 11.48% |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Present value of funded obligations | R$ 5365.5 | R$ 5476.5 | R$ 7354.3 |
Fair value of plan assets | 4,604.6 | 4,543.3 | 5,638 |
Present value of net obligations | (760.9) | (933.2) | (1,716.3) |
Present value of unfunded obligations | (917.2) | (921) | (1,165.4) |
Present value of net obligations | (1,678.1) | (1,854.2) | (2,881.7) |
Asset ceiling | (182.6) | (163.3) | (180.1) |
Net liabilities | (1,860.7) | (2,017.5) | (3,061.8) |
Other long term employee benefits | (93.9) | (87.1) | (104.3) |
Total employee benefits | (1,954.6) | (2,104.6) | (3,166.1) |
Employee Benefits Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total employee benefits | 57.3 | 56.6 | 27.9 |
Employee Benefit Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total employee benefits | R$ 2011.9 | R$ 2161.2 | R$ 3194.0 |
EMPLOYEE BENEFITS (Details 1)
EMPLOYEE BENEFITS (Details 1) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation at January 1 | R$ 2104.6 | R$ 3166.1 | |
Service costs | 30.8 | 47 | R$ 58.0 |
Defined benefit obligation at December, 31 | (1,954.6) | (2,104.6) | (3,166.1) |
Present value of defined benefit obligation [member] | |||
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation at January 1 | (6,397.5) | (8,519.7) | (8,777.6) |
Service costs | (30.8) | (47) | (58) |
Interest costs | (413.2) | (353.2) | (324.3) |
Gains and (losses) on settlements or reductions in benefits | 9.2 | 3.8 | 3.6 |
Contributions by plan participants | (4.2) | (5.6) | (6.9) |
Actuarial gains and (losses) - geographical assumptions | 11.5 | 52.3 | |
Actuarial gains and (losses) - financial assumptions | (297) | 1,333.6 | 726.8 |
Experience adjustments | 91.2 | (171.5) | (213) |
Reclassifications | (1) | ||
Effect of exchange rate fluctuations | 216.7 | 787.7 | (495.3) |
Benefits paid | 531.4 | 574.4 | 573.7 |
Defined benefit obligation at December, 31 | R$ 6282.7 | R$ 6397.5 | R$ 8519.7 |
EMPLOYEE BENEFITS (Details 2)
EMPLOYEE BENEFITS (Details 2) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation at January 1 | R$ 2104.6 | R$ 3166.1 | |
Administrative costs | 5.2 | 5.2 | R$ 5.8 |
Defined benefit obligation at December, 31 | (1,954.6) | (2,104.6) | (3,166.1) |
Plan assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation at January 1 | 4,543.3 | 5,638 | 5,533.3 |
Interest income | 318.1 | 262.1 | 223.9 |
Administrative costs | (5.2) | (5.2) | (5.8) |
Expected return, excluding interest income | 101.7 | (614.6) | (148.3) |
Contributions by employer | 280.5 | 316 | 342 |
Contributions by plan participants | 4.6 | 5.8 | 7.1 |
Exchange differences | (102) | (482.6) | 263.1 |
Curtailments, settlements and other | (4.8) | (1.8) | (3.6) |
Benefits paid, excluding administrative costs | (531.6) | (574.4) | (573.7) |
Defined benefit obligation at December, 31 | R$ 4604.6 | R$ 4543.3 | R$ 5638.0 |
EMPLOYEE BENEFITS (Details 3)
EMPLOYEE BENEFITS (Details 3) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation at January 1 | R$ 2104.6 | R$ 3166.1 | |
Defined benefit obligation at December, 31 | (1,954.6) | (2,104.6) | R$ 3166.1 |
Effect of asset ceiling [member] | |||
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation at January 1 | 56.6 | 27.9 | 33.6 |
Interest income/(expenses) | 4.9 | 1.3 | |
Change in asset ceiling excluding amounts included in interest income/(expenses) | (0.1) | 30.2 | (9) |
Effects of exchange rate fluctuations | (4.1) | (1.5) | 2 |
Defined benefit obligation at December, 31 | R$ 57.3 | R$ 56.6 | R$ 27.9 |
EMPLOYEE BENEFITS (Details 4)
EMPLOYEE BENEFITS (Details 4) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Current service costs | R$ 30.8 | R$ 47.0 | R$ 58.0 |
Administrative costs | (5.2) | (5.2) | (5.8) |
(Gains) losses on settlement and curtailment | 4.7 | 2.2 | 1.2 |
Income from operations | (31.3) | (50) | (62.6) |
Financial costs | (114.3) | (107.8) | (115.6) |
Total employee benefit expenses | R$ 145.6 | R$ 157.8 | R$ 178.2 |
EMPLOYEE BENEFITS (Details 5)
EMPLOYEE BENEFITS (Details 5) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
employee benefit revenue/(expenses) | R$ 145.6 | R$ 157.8 | R$ 178.2 |
Employee Benefit Revenue Expenses Allocated To Other Operating Incomeexpenses Net [Member] | |||
IfrsStatementLineItems [Line Items] | |||
employee benefit revenue/(expenses) | (0.1) | (0.2) | |
Employee Benefit Revenueexpenses Allocated To Cost Of Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
employee benefit revenue/(expenses) | (15.1) | (26.4) | (33) |
Commercial Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
employee benefit revenue/(expenses) | (7.3) | (9.4) | (11.7) |
Employee Benefit Revenue Expenses Allocated To Administrative Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
employee benefit revenue/(expenses) | (8.9) | (14.1) | (17.7) |
Employee Benefit Revenue Expenses Allocated To Financial Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
employee benefit revenue/(expenses) | R$ 114.3 | R$ 107.8 | R$ 115.6 |
EMPLOYEE BENEFITS (Details 6)
EMPLOYEE BENEFITS (Details 6) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 4.60% | 5.10% | 2.40% |
Inflation | 2% | 2% | 2% |
Future salary increases | 1% | 1% | 1% |
Future pension increases | 2.70% | 2.70% | 2.50% |
Medical cost trend rate | 6.40% | 6.40% | 4.50% |
Life expectancy for an over 65 years old male | 84 years | 84 years | 85 years |
Life expectancy for an over 65 years old female | 86 years | 86 years | 87 years |
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 11.70% | 11% | 10% |
Inflation | 3.50% | 3.50% | 3.50% |
Future salary increases | 7.10% | 7.10% | 7.10% |
Future pension increases | 3.80% | 3.80% | 3.80% |
Medical cost trend rate | 7.10% | 7.10% | 6.90% |
Life expectancy for an over 65 years old male | 87 years | 87 years | 87 years |
Life expectancy for an over 65 years old female | 89 years | 89 years | 89 years |
Weighted Average [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Dental claims trend rate | 3.50% | 3.50% | 3.30% |
EMPLOYEE BENEFITS (Details 7)
EMPLOYEE BENEFITS (Details 7) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Actuarial assumption of medical cost trend rates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Increase in assumption | R$ 95.2 | R$ 94.3 | R$ 114.7 |
Decrease in assumption | 82.2 | 81.8 | 98.6 |
Actuarial assumption of discount rates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Increase in assumption | 284.8 | 307.9 | 442 |
Decrease in assumption | (302.4) | (328) | (470.3) |
Actuarial assumption of expected rates of salary increases [member] | |||
IfrsStatementLineItems [Line Items] | |||
Increase in assumption | (17.3) | (17.6) | (19.8) |
Decrease in assumption | 14.7 | 16.5 | 18.6 |
Actuarial assumption of life expectancy after retirement [member] | |||
IfrsStatementLineItems [Line Items] | |||
Increase in assumption | (201) | (221.5) | (287.6) |
Decrease in assumption | R$ 196.1 | R$ 213.5 | R$ 279.5 |
EMPLOYEE BENEFITS (Details 8)
EMPLOYEE BENEFITS (Details 8) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Plan Assets Government Bonds [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Plan assets percentage, rated | 43% | 43% | 43% |
Plan assets percentage, unrated | |||
Plan assets percentage | 43% | 43% | 43% |
Plan Assets Corporate Bonds [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Plan assets percentage, rated | 10% | 10% | 10% |
Plan assets percentage, unrated | |||
Plan assets percentage | 10% | 10% | 10% |
Plan Assets Equity Instruments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Plan assets percentage, rated | 15% | 15% | 15% |
Plan assets percentage, unrated | |||
Plan assets percentage | 15% | 15% | 15% |
Plan Assets Cash [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Plan assets percentage, rated | 6% | 6% | 6% |
Plan assets percentage, unrated | |||
Plan assets percentage | 6% | 6% | 6% |
Plan Assets Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Plan assets percentage, rated | 26% | 26% | 26% |
Plan assets percentage, unrated | |||
Plan assets percentage | 26% | 26% | 26% |
EMPLOYEE BENEFITS (Details Narr
EMPLOYEE BENEFITS (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Post-employment benefit expense, defined contribution plans | R$ 91.3 | R$ 82.0 | R$ 74.1 |
Defined benefit obligation, at present value | 1,678.1 | 1,854.2 | 2,881.7 |
Plan assets gain/(loss) | 419.7 | (352.5) | 75.5 |
Amount up to the asset ceiling not exceeding the present value of future benefits in a defined benefit plan | 57.3 | 56.6 | 27.9 |
Estimate Of Contributions Expected To Be Paid To Plan | 231.5 | ||
Two Health Care Plans From Fundacao Zerrenner [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation, at present value | R$ 633.3 | R$ 665.4 | R$ 603.9 |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) - Restricted Shares [Member] shares in Thousands, Pure in Thousands | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
IfrsStatementLineItems [Line Items] | |||
Restricted shares outstanding at January | 108,854 | 62,545 | 43,458 |
New restricted and performance shares during the period | 33,686 | 49,328 | 20,629 |
Restricted and performance shares granted during the period | (18,309) | (12) | (22) |
Restricted and performance shares forfeited during the period | (5,235) | (3,007) | (1,520) |
Restricted shares outstanding at rhe end of the year | 118,996 | 108,854 | 62,545 |
SHARE-BASED PAYMENTS (Details 1
SHARE-BASED PAYMENTS (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Options outstanding at January 1 | 99,717 | 113,760 | 127,265 |
Options exercised during the period | (5,247) | ||
Options forfeited during the period | (11,756) | (14,043) | (8,258) |
Options outstanding at the end of the year | 87,961 | 99,717 | 113,760 |
SHARE-BASED PAYMENTS (Details 2
SHARE-BASED PAYMENTS (Details 2) - R$ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Options outstanding at January 1, weighted average exercise price (in BRL per share) | R$ 19.39 | R$ 19.92 | R$ 19.81 |
Options forfeited during the period, weighted average exercise price (in BRL per share) | 22.68 | 22.60 | 25.27 |
Options exercised during the period, weighted average exercise price (in BRL per share) | 13.16 | ||
Options outstanding at ended period, weighted average exercise price (in BRL per share) | 18.86 | 19.39 | 19.92 |
Options exercisable at ended period, weighted average exercise price (in BRL per share) | R$ 19.08 | R$ 20.12 | R$ 21.14 |
SHARE-BASED PAYMENTS (Details 3
SHARE-BASED PAYMENTS (Details 3) - Deferred Shares [Member] shares in Thousands, Pure in Thousands | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
IfrsStatementLineItems [Line Items] | |||
Restricted shares outstanding at January | 889 | 1,168 | 6,065 |
New deferred shares during the period | 47 | 44 | 110 |
Deferred shares granted during the period | (214) | (4,964) | |
Deferred shares forfeited during the period | (109) | (43) | |
Restricted shares outstanding at rhe end of the year | 936 | 889 | 1,168 |
SHARE-BASED PAYMENTS (Details N
SHARE-BASED PAYMENTS (Details Narrative) R$ / shares in Units, shares in Thousands, Pure in Thousands, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 BRL (R$) shares R$ / shares | Dec. 31, 2022 BRL (R$) shares R$ / shares | Dec. 31, 2021 BRL (R$) shares R$ / shares | |
IfrsStatementLineItems [Line Items] | |||
Weighted average remaining contractual life of outstanding share options (Year) | 3 years 7 months 6 days | 4 years 3 months 14 days | 6 years 8 months 12 days |
Number of share options outstanding in share-based payment arrangement at end of period | shares | 87,961 | 99,717 | 113,760 |
Number of share options vested in share-based payment arrangement | shares | 68,635 | 63,850 | 59,250 |
Expense from share-based payment transactions with employees | R$ 333.4 | R$ 311.6 | R$ 391.5 |
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise prices of the outstanding options | R$ / shares | R$ 15.95 | R$ 15.95 | R$ 15.95 |
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercise prices of the outstanding options | R$ / shares | R$ 32.81 | R$ 39.04 | R$ 45.97 |
Restricted Shares [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Restricted shares granted | 33,686 | 49,328 | 20,629 |
Fair value, granted | R$ 463.5 | R$ 766.6 | R$ 325.7 |
Deferred Stock Units Of Grant One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Fair value, granted | R$ 0.6 | R$ 0.6 | R$ 1.7 |
Deferred shares | 47 | 44 | 110 |
TRADE PAYABLES (Details)
TRADE PAYABLES (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Trade Payables | ||
Trade payables | R$ 107.4 | R$ 165.8 |
Related parties (Note 30) | 199.9 | 343.6 |
Non-current | 307.3 | 509.4 |
Trade payables | 21,278.6 | 23,498.1 |
Related parties (Note 30) | 1,916.5 | 830.4 |
Current | 23,195.1 | 24,328.5 |
Total | R$ 23502.4 | R$ 24837.9 |
TRADE PAYABLES (Details Narrati
TRADE PAYABLES (Details Narrative) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade payable | R$ 159.0 | R$ 219.3 |
Trade payable [member] | ||
IfrsStatementLineItems [Line Items] | ||
present value adjustment recorded for trades payables | R$ 308.0 | R$ 367.0 |
PROVISIONS, CONTINGENT LIABIL_3
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Provision at beginning | R$ 919.7 | R$ 776.1 |
Effect of changes in foreign exchange rates | (45.4) | (32.2) |
Additions | 696.9 | 724.6 |
Provision used, other provisions | (382.9) | (455.2) |
Provisions reversed | (210.3) | (93.6) |
Provision at ending | 978 | 919.7 |
Provision for taxes other than income tax [member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision at beginning | 247.1 | 218.6 |
Effect of changes in foreign exchange rates | ||
Additions | 135.7 | 157.6 |
Provision used, other provisions | (27.3) | (85.8) |
Provisions reversed | (73.2) | (43.3) |
Provision at ending | 282.3 | 247.1 |
Provisions For Labor [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision at beginning | 132.1 | 124.2 |
Effect of changes in foreign exchange rates | (2.8) | (4.6) |
Additions | 247.8 | 194.2 |
Provision used, other provisions | (181.7) | (162) |
Provisions reversed | (45.5) | (19.7) |
Provision at ending | 149.9 | 132.1 |
Legal proceedings provision [member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision at beginning | 335.9 | 252.9 |
Effect of changes in foreign exchange rates | (35.8) | (17.5) |
Additions | 234.5 | 312.7 |
Provision used, other provisions | (121.9) | (196.6) |
Provisions reversed | (72.5) | (15.6) |
Provision at ending | 340.2 | 335.9 |
Miscellaneous other provisions [member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision at beginning | 192.8 | 163 |
Effect of changes in foreign exchange rates | (6.3) | (8.1) |
Additions | 75.7 | 60.1 |
Provision used, other provisions | (40.8) | (7.2) |
Provisions reversed | (19.1) | (15) |
Provision at ending | 202.3 | 192.8 |
Restructuring provision [member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision at beginning | 11.8 | 17.4 |
Effect of changes in foreign exchange rates | (0.5) | (2) |
Additions | 3.2 | |
Provision used, other provisions | (11.2) | (3.6) |
Provisions reversed | ||
Provision at ending | R$ 3.3 | R$ 11.8 |
PROVISIONS, CONTINGENT LIABIL_4
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Details 1) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | R$ 559.6 | R$ 739.0 | |
Current provisions | 418.4 | 180.7 | |
Total provisions | 978 | 919.7 | R$ 776.1 |
Provision for taxes other than income tax [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | 168.6 | 193.8 | |
Current provisions | 113.7 | 53.3 | |
Total provisions | 282.3 | 247.1 | 218.6 |
Provisions For Labor [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | 82.7 | 104.9 | |
Current provisions | 67.2 | 27.2 | |
Total provisions | 149.9 | 132.1 | 124.2 |
Legal proceedings provision [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | 113.4 | 263 | |
Current provisions | 226.8 | 72.9 | |
Total provisions | 340.2 | 335.9 | 252.9 |
Miscellaneous other provisions [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | 194.9 | 170.1 | |
Current provisions | 7.4 | 22.7 | |
Total provisions | 202.3 | 192.8 | 163 |
Total Contingent Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | 559.6 | 731.8 | |
Current provisions | 415.1 | 176.1 | |
Total provisions | 974.7 | 907.9 | |
Restructuring provision [member] | |||
IfrsStatementLineItems [Line Items] | |||
Non-current provisions | 7.2 | ||
Current provisions | 3.3 | 4.6 | |
Total provisions | R$ 3.3 | R$ 11.8 | R$ 17.4 |
PROVISIONS, CONTINGENT LIABIL_5
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Details 2) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Estimates of amounts of possible losses | R$ 95557.6 | R$ 91560.7 |
Income Tax And Social Contribution [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimates of amounts of possible losses | 63,621 | 60,453.5 |
Value Added And Excise Taxes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimates of amounts of possible losses | 26,761 | 25,904.6 |
PIS and COFINS [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimates of amounts of possible losses | 3,496.2 | 3,293.5 |
Other contingent liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Estimates of amounts of possible losses | R$ 1679.4 | R$ 1909.1 |
FINANCIAL INSTRUMENTS AND RIS_3
FINANCIAL INSTRUMENTS AND RISKS (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Financial asset | R$ 24524.8 | R$ 23590.9 |
Financial liability | 32,959.9 | 34,747.6 |
Financial liabilities at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 29,133.1 | 30,624.2 |
Financial liabilities at amortised cost, category [member] | Trade payable [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 23,502.4 | 24,837.9 |
Financial liabilities at amortised cost, category [member] | Interest-bearing loans and borrowings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 3,501.1 | 3,770.7 |
Financial liabilities at amortised cost, category [member] | Other Liabilities 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 2,129.6 | 2,015.6 |
Financial liabilities at fair value through profit or loss, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 3,826.8 | 4,123.4 |
Financial liabilities at fair value through profit or loss, category [member] | Other Liabilities 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 272.6 | 333.7 |
Financial liabilities at fair value through profit or loss, category [member] | Put option granted on subsidiary [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 2,791.1 | 3,060.3 |
Financial liabilities at fair value through profit or loss, category [member] | Derivative hedge [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial liability | 763.1 | 729.4 |
Financial assets at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | 23,867.9 | 22,862.6 |
Financial assets at amortised cost, category [member] | Financial asset, cash and cash equivalents [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | 16,059 | 14,852.1 |
Financial assets at amortised cost, category [member] | Trade receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | 7,566.7 | 7,791.4 |
Financial assets at amortised cost, category [member] | Financial asset, investment securities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | 242.2 | 219.1 |
Financial assets at fair value through profit or loss, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | 656.9 | 728.3 |
Financial assets at fair value through profit or loss, category [member] | Financial asset, investment securities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | 277.2 | 454.5 |
Financial assets at fair value through profit or loss, category [member] | Derivative hedge [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset | R$ 379.7 | R$ 273.8 |
FINANCIAL INSTRUMENTS AND RIS_4
FINANCIAL INSTRUMENTS AND RISKS (Details 1) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | R$ 17374.2 | R$ 19853.3 |
Fair Value Assets | 379.5 | 271.8 |
Fair Value Liability | (742) | (719.4) |
Gain (loss) Finance Result | (1,639.6) | (3,075.2) |
Gain (loss) Operational Result | 34.6 | 452.7 |
Gain (loss) Equity | (285.2) | 134.3 |
Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 4,025.7 | 4,809.9 |
Fair Value Assets | 198.3 | 100.8 |
Fair Value Liability | (219.4) | (376) |
Gain (loss) Finance Result | (388.3) | 63.5 |
Gain (loss) Operational Result | (336.2) | (32.3) |
Gain (loss) Equity | (105.4) | (475) |
US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 13,200 | 14,874.7 |
Fair Value Assets | 164.9 | 157.7 |
Fair Value Liability | (522.4) | (342.9) |
Gain (loss) Finance Result | (1,250.7) | (3,139.2) |
Gain (loss) Operational Result | 363.9 | 477.1 |
Gain (loss) Equity | (182.1) | 596.6 |
Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 37.4 | 32.2 |
Fair Value Assets | 0.1 | 1.9 |
Fair Value Liability | (0.2) | |
Gain (loss) Finance Result | (0.5) | (0.7) |
Gain (loss) Operational Result | 2.6 | (0.3) |
Gain (loss) Equity | 0.5 | 1.2 |
Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 111.1 | 136.5 |
Fair Value Assets | 16.2 | 11.4 |
Fair Value Liability | (0.5) | |
Gain (loss) Finance Result | (0.1) | 1.2 |
Gain (loss) Operational Result | 4.3 | 8.2 |
Gain (loss) Equity | 1.8 | 11.5 |
Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 249.7 | 226.8 |
Fair Value Assets | 0.1 | 1.5 |
Fair Value Liability | (14.6) | (5.4) |
Gain (loss) Finance Result | 11 | (5.9) |
Gain (loss) Operational Result | 3.4 | 4.9 |
Gain (loss) Equity | 5 | (13) |
US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 249.7 | 226.8 |
Fair Value Assets | 0.1 | 1.5 |
Fair Value Liability | (14.6) | (5.4) |
Gain (loss) Finance Result | 11 | (5.9) |
Gain (loss) Operational Result | 3.4 | 4.9 |
Gain (loss) Equity | 5 | (13) |
Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 64.7 | 204.9 |
Fair Value Assets | 0.1 | 0.5 |
Fair Value Liability | (4.2) | (4.6) |
Gain (loss) Finance Result | (25.6) | (42.5) |
Gain (loss) Operational Result | (0.1) | 9.1 |
Gain (loss) Equity | 1.1 | (14.8) |
US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 64.7 | 204.9 |
Fair Value Assets | 0.1 | 0.5 |
Fair Value Liability | (4.2) | (4.6) |
Gain (loss) Finance Result | (25.6) | (42.5) |
Gain (loss) Operational Result | (0.1) | 9.1 |
Gain (loss) Equity | 1.1 | (14.8) |
Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | (59.3) | |
Fair Value Assets | ||
Fair Value Liability | (2.3) | |
Gain (loss) Operational Result | ||
Gain (loss) Equity | ||
Cash U [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gain (loss) Finance Result | 13.7 | (17.1) |
U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | (59.3) | |
Fair Value Assets | ||
Gain (loss) Operational Result | ||
Gain (loss) Equity | ||
U S Dollars Risk Portion Of Th Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair Value Liability | (2.3) | |
U S Dollars Cash [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gain (loss) Finance Result | 13.7 | (17.1) |
Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional | 17,629.3 | 20,285 |
Fair Value Assets | 379.7 | 273.8 |
Fair Value Liability | (763.1) | (729.4) |
Gain (loss) Finance Result | (1,640.5) | (3,140.7) |
Gain (loss) Operational Result | 37.9 | 466.7 |
Gain (loss) Equity | R$ 279.1 | R$ 106.5 |
FINANCIAL INSTRUMENTS AND RIS_5
FINANCIAL INSTRUMENTS AND RISKS (Details 2) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Fair Value | R$ 656.9 | R$ 728.3 |
Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 17,374.2 | |
Fair Value | (362.5) | |
Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 4,025.7 | |
Fair Value | (21.1) | |
US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 13,200 | |
Fair Value | (357.5) | |
Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 37.4 | |
Fair Value | (0.1) | |
Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 111.1 | |
Fair Value | 16.2 | |
Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 249.7 | |
Fair Value | (14.5) | |
US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 249.7 | |
Fair Value | (14.5) | |
Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 64.7 | |
Fair Value | (4.1) | |
US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 64.7 | |
Fair Value | (4.1) | |
Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | (59.3) | |
Fair Value | (2.3) | |
U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | (59.3) | |
Fair Value | (2.3) | |
Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 17,629.3 | |
Fair Value | (383.4) | |
Later than one year and not later than two years [member] | Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 16,763.3 | |
Fair Value | (352.5) | |
Later than one year and not later than two years [member] | Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 3,924.3 | |
Fair Value | (14.2) | |
Later than one year and not later than two years [member] | US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 12,690.5 | |
Fair Value | (354.4) | |
Later than one year and not later than two years [member] | Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 37.4 | |
Fair Value | (0.1) | |
Later than one year and not later than two years [member] | Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 111.1 | |
Fair Value | 16.2 | |
Later than one year and not later than two years [member] | Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 249.7 | |
Fair Value | (14.5) | |
Later than one year and not later than two years [member] | US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 249.7 | |
Fair Value | (14.5) | |
Later than one year and not later than two years [member] | Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 64.7 | |
Fair Value | (4.1) | |
Later than one year and not later than two years [member] | US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 64.7 | |
Fair Value | (4.1) | |
Later than one year and not later than two years [member] | Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | (59.3) | |
Fair Value | (2.3) | |
Later than one year and not later than two years [member] | U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | (59.3) | |
Fair Value | (2.3) | |
Later than one year and not later than two years [member] | Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 17,018.4 | |
Fair Value | (373.4) | |
Later than two years and not later than three years [member] | Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 610.9 | |
Fair Value | (10) | |
Later than two years and not later than three years [member] | Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 101.4 | |
Fair Value | (6.9) | |
Later than two years and not later than three years [member] | US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 509.5 | |
Fair Value | (3.1) | |
Later than two years and not later than three years [member] | Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than two years and not later than three years [member] | Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 610.9 | |
Fair Value | (10) | |
Later than three years and not later than four years [member] | Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than three years and not later than four years [member] | Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than four years and not later than five years [member] | Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Total cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Commodities risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | US Dollars risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Euros risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Mexican Pesos risk portion of cost exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Total fixed asset exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | US Dollars risk portion of fixed assets exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Total expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | US Dollars risk portion of the expenses exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Total Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | U S Dollars Risk Portion Of The Cash Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value | ||
Later than five years [member] | Total financial risk exposure [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair Value |
PROVISIONS, CONTINGENT LIABIL_6
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Uncertainty Over The Treatment Of Income Taxes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Reduction of issued capital | R$ 27439.0 | R$ 13846.0 |
Disallowance of tax paid abroad | 14,302 | 12,596 |
Disallowance of tax paid abroad | 6,505 | 11,122 |
Disallowance of tax paid abroad | 6,075 | 7,280 |
Disallowance of tax paid abroad | 2,618 | 2,334 |
Goodwill BAH | 1,412 | 2,218 |
Goodwill BAH | 1,372 | 1,257 |
Goodwill BAH | 633.4 | 581.5 |
Goodwill BAH | 316 | 5,200 |
Goodwill BAH | 278 | 251 |
Tax Loss Offset | 187 | 548 |
Tax Loss Offset | 1,690 | |
Icmsst Trigger [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 10,669 | 9,292 |
Manaus Free Trade Zone [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 6,307 | 5,825 |
I P I Suspension [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 1,824 | 1,703 |
Social Contributions Over Products [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 1,776 | 1,559 |
I C M S Z F M [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 804.4 | 730.3 |
I C M S Prodepe [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 739.4 | 663.9 |
I C M S F A I N [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 647.4 | 591.4 |
I C M S A M [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 605.8 | 561.5 |
I C M S Fiscal War [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 530 | 1,690 |
I C M S M I P [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass | 447.5 | 388.7 |
Proposed Class Action In Quebec [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total updated amount of possible risk/loass |
FINANCIAL INSTRUMENTS AND RIS_6
FINANCIAL INSTRUMENTS AND RISKS (Details 3) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Investment securities | R$ 277.2 | R$ 454.5 |
Derivatives – operational hedge | 379.7 | 273.8 |
Total | 656.9 | 728.3 |
Put options granted on subsidiaries | 2,791.1 | 3,060.3 |
Other liabilities | 272.6 | 333.7 |
Derivatives liabilities at fair value through profit and loss | 2.3 | |
Derivatives – operational hedge | 760.8 | 729.4 |
Total | 3,826.8 | 4,123.4 |
Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Investment securities | 277.2 | 454.5 |
Derivatives – operational hedge | 53.4 | 57 |
Total | 330.6 | 511.5 |
Put options granted on subsidiaries | ||
Other liabilities | ||
Derivatives liabilities at fair value through profit and loss | 2.3 | |
Derivatives – operational hedge | 70 | 76.1 |
Total | 72.3 | 76.1 |
Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Investment securities | ||
Derivatives – operational hedge | 326.3 | 216.8 |
Total | 326.3 | 216.8 |
Put options granted on subsidiaries | ||
Other liabilities | ||
Derivatives liabilities at fair value through profit and loss | ||
Derivatives – operational hedge | 690.8 | 653.3 |
Total | 690.8 | 653.3 |
Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Investment securities | ||
Derivatives – operational hedge | ||
Total | ||
Put options granted on subsidiaries | 2,791.1 | 3,060.3 |
Other liabilities | 272.6 | 333.7 |
Derivatives liabilities at fair value through profit and loss | ||
Derivatives – operational hedge | ||
Total | R$ 3063.7 | R$ 3394.0 |
FINANCIAL INSTRUMENTS AND RIS_7
FINANCIAL INSTRUMENTS AND RISKS (Details 4) R$ in Millions | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Financial liabilities balance | R$ 34747.6 |
Financial liabilities balance | 32,959.9 |
Level 3 of fair value hierarchy [member] | |
IfrsStatementLineItems [Line Items] | |
Financial liabilities balance | 3,394 |
Acquisition of investments | (64.2) |
Level reclassification | (6.6) |
Total gains and losses during the period | (259.5) |
Losses/(gains) recognized in net income | (269.9) |
Losses/(gains) recognized in equity | 10.4 |
Financial liabilities balance | R$ 3063.7 |
FINANCIAL INSTRUMENTS AND RIS_8
FINANCIAL INSTRUMENTS AND RISKS (Details 5) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Risk Brazilian Reais [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-hedge, post-fixed interest rate | 8.10% | 8.50% |
Pre-hedge, post-fixed interest rate, amount | R$ 243.2 | R$ 230.1 |
Pre-hedge, pre-fixed interest rate | 10.10% | 8.50% |
Pre-hedge, pre-fixed interest rate, amount | R$ 2372.0 | R$ 2602.1 |
Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-hedge, post-fixed interest rate, amount | 243.2 | 230.1 |
Pre-hedge, pre-fixed interest rate, amount | R$ 3257.9 | R$ 3614.9 |
Interest rate risk, working capital in Argentinean Peso [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-hedge, pre-fixed interest rate | 0% | 73.50% |
Pre-hedge, pre-fixed interest rate, amount | R$ 74.3 | |
Other currencies [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-hedge, pre-fixed interest rate | 11.50% | 10.40% |
Pre-hedge, pre-fixed interest rate, amount | R$ 405.6 | R$ 421.3 |
Interest rate risk, US Dollars [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-hedge, pre-fixed interest rate | 14% | 14% |
Pre-hedge, pre-fixed interest rate, amount | R$ 6.2 | |
Interest rate risk, Canadian Dollars [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-hedge, pre-fixed interest rate | 5.60% | 5.30% |
Pre-hedge, pre-fixed interest rate, amount | R$ 480.3 | R$ 511.0 |
FINANCIAL INSTRUMENTS AND RIS_9
FINANCIAL INSTRUMENTS AND RISKS (Details 6) R$ in Millions | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Sensitivity value level, probable scenario | R$ 63.8 |
Sensitivity value level, adverse scenario | (373) |
Sensitivity value level, remote scenario | (745.9) |
Commodities Hedge [Member] | Commodities risk portion of cost exposure [member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | (21.1) |
Sensitivity value level, probable scenario | 94.6 |
Sensitivity value level, adverse scenario | 985.4 |
Sensitivity value level, remote scenario | 1,991.9 |
Commodities Hedge [Member] | Input Purchases Affecting The Commodity Risk Portion Of Cost Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | 21.1 |
Sensitivity value level, probable scenario | (94.6) |
Sensitivity value level, adverse scenario | (985.4) |
Sensitivity value level, remote scenario | (1,991.9) |
Foreign Currency Exchange Hedge [Member] | Input Purchases Affecting The Commodity Risk Portion Of Cost Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | 341.4 |
Sensitivity value level, probable scenario | 104.9 |
Sensitivity value level, adverse scenario | (3,336.8) |
Sensitivity value level, remote scenario | (7,014.9) |
Foreign Currency Exchange Hedge [Member] | Foreign Exchange Risk Portion Of Cost Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | (341.4) |
Sensitivity value level, probable scenario | (163.3) |
Sensitivity value level, adverse scenario | 2,995.8 |
Sensitivity value level, remote scenario | 6,333 |
Foreign Currency Exchange Hedge [Member] | Foreign Currency Risk Portion Of Fixed Assets Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | (14.5) |
Sensitivity value level, probable scenario | (13.2) |
Sensitivity value level, adverse scenario | 47.9 |
Sensitivity value level, remote scenario | 110.3 |
Foreign Currency Exchange Hedge [Member] | Capex Purchases Affecting The Foreign Currency Exchange Risk Portion Of The Fixed Assets Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | 14.5 |
Sensitivity value level, probable scenario | 13.2 |
Sensitivity value level, adverse scenario | (47.9) |
Sensitivity value level, remote scenario | (110.3) |
Foreign Currency Exchange Hedge [Member] | Total fixed asset exposure [member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | |
Sensitivity value level, probable scenario | |
Sensitivity value level, adverse scenario | |
Sensitivity value level, remote scenario | |
Foreign Currency Exchange Hedge [Member] | Expenses That Affect The Foreign Currency Exchange Risk Portion Of Expenses Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | (4.1) |
Sensitivity value level, probable scenario | (3.7) |
Sensitivity value level, adverse scenario | 12 |
Sensitivity value level, remote scenario | 28.2 |
Foreign Currency Exchange Hedge [Member] | Foreign Currency Exchange Risk Portion Of Expenses Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | 4.1 |
Sensitivity value level, probable scenario | (1.7) |
Sensitivity value level, adverse scenario | (44) |
Sensitivity value level, remote scenario | (92.2) |
Foreign Currency Exchange Hedge [Member] | Total expenses exposure [member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | |
Sensitivity value level, probable scenario | (5.4) |
Sensitivity value level, adverse scenario | (32) |
Sensitivity value level, remote scenario | (64) |
Foreign Currency Exchange Hedge [Member] | Cash Effects Portion Of Expenses Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | (2.3) |
Sensitivity value level, probable scenario | (2.5) |
Sensitivity value level, adverse scenario | (17.1) |
Sensitivity value level, remote scenario | (31.9) |
Foreign Currency Exchange Hedge [Member] | Foreign Currency Exchange Risk Portion Of Expenses Cash [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | 2.3 |
Sensitivity value level, probable scenario | 2.5 |
Sensitivity value level, adverse scenario | 17.1 |
Sensitivity value level, remote scenario | 31.9 |
Foreign Currency Exchange Hedge [Member] | Total Cash Effects Exposure [Member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | |
Sensitivity value level, probable scenario | |
Sensitivity value level, adverse scenario | |
Sensitivity value level, remote scenario | |
Commodities And Foreign Exchange Hedges [Member] | Total cost exposure [member] | |
IfrsStatementLineItems [Line Items] | |
Fair value of hedging instruments | |
Sensitivity value level, probable scenario | (58.4) |
Sensitivity value level, adverse scenario | (341) |
Sensitivity value level, remote scenario | R$ 681.9 |
FINANCIAL INSTRUMENTS AND RI_10
FINANCIAL INSTRUMENTS AND RISKS (Details 7) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | R$ 23502.4 | R$ 24837.9 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 35,522.5 | 36,818.5 |
Secured bank loans | 26.7 | 68.2 |
Other secured loans (ii) | 156 | 169.9 |
Lease liabilities | 1,344 | 962.9 |
Total payables and liabilities | 37,049.2 | 38,019.5 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 439.9 | 86.8 |
Secured bank loans | 25.2 | 26.4 |
Other secured loans (ii) | 171.2 | 156.7 |
Lease liabilities | 608.3 | 1,008.4 |
Total payables and liabilities | 1,244.6 | 1,278.3 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 10.6 | 1,275.1 |
Secured bank loans | 25.2 | 25.2 |
Other secured loans (ii) | 134.2 | 151.6 |
Lease liabilities | 552.6 | 621 |
Total payables and liabilities | 722.6 | 2,072.9 |
Later than three years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 808.6 | 1,008.4 |
Secured bank loans | 50.4 | 50.4 |
Other secured loans (ii) | 79.4 | 165.4 |
Lease liabilities | 452.6 | 696.9 |
Total payables and liabilities | 1,390.9 | 1,921.1 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 1,672.1 | 1,467.6 |
Secured bank loans | 50.4 | 75.5 |
Other secured loans (ii) | 53.9 | 115.5 |
Lease liabilities | 515.5 | 368.2 |
Total payables and liabilities | 2,291.8 | 2,026.8 |
Carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 36,817.8 | 39,354.4 |
Secured bank loans | 126.5 | 180.8 |
Other secured loans (ii) | 415.7 | 472.5 |
Lease liabilities | 2,958.9 | 3,117.4 |
Total payables and liabilities | 40,318.9 | 43,125.1 |
Contractual Cash Flows [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables (i) | 38,453.7 | 40,656.4 |
Secured bank loans | 177.8 | 245.7 |
Other secured loans (ii) | 594.7 | 759.1 |
Lease liabilities | 3,473 | 3,657.4 |
Total payables and liabilities | R$ 42699.2 | R$ 45318.6 |
FINANCIAL INSTRUMENTS AND RI_11
FINANCIAL INSTRUMENTS AND RISKS (Details 8) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Interest-bearing loans and borrowings current and non-current | R$ 3501.1 | R$ 3770.7 |
(-) Financial assets at fair value through profit or loss | (277.2) | (454.5) |
(-) Cash and cash equivalents less bank overdraft | (16,059) | (14,852.1) |
Net debt | R$ 12835.1 | R$ 11535.9 |
FINANCIAL INSTRUMENTS AND RI_12
FINANCIAL INSTRUMENTS AND RISKS (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reserve Quantities [Line Items] | ||
Instruments sharing characteristic, highly liquid investments | R$ 197.7 | R$ 376.9 |
Value at risk exposure, probable | 95% | |
Value at risk, adverse scenario, deterioration percentage | 25% | |
Value at risk, remote scenario, deterioration percentage | 50% | |
Tenedora [Member] | ELJ [Member] | ||
Reserve Quantities [Line Items] | ||
Put options, exercisable number of shares, percent of outstanding stock | 15% | |
Put options, fair value | R$ 2791.1 | R$ 3053.7 |
Tenedora [Member] | ELJ [Member] | Tranche A [Member] | ||
Reserve Quantities [Line Items] | ||
Put options, exercisable number of shares, percent of outstanding stock | 12.11% | |
Tenedora [Member] | ELJ [Member] | Tranche B [Member] | ||
Reserve Quantities [Line Items] | ||
Put options, exercisable number of shares, percent of outstanding stock | 2.89% |
COLLATERAL AND CONTRACTUAL CO_3
COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS - Components of Collateral and Commitments (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral And Contractual Commitments With Suppliers Advances From Customers And Others | ||
Collateral given for the Companys own liabilities | R$ 581.0 | R$ 764.5 |
Other commitments | 1,146.8 | 1,368.1 |
Total commitments | 1,727.8 | 2,132.6 |
Commitments to suppliers property, plant and equipment and Intangible | 1,000.8 | 276.7 |
Commitments to suppliers - Inventories | 38,391 | 50,088.6 |
Total commitments to suppliers | R$ 39391.8 | R$ 50365.3 |
COLLATERAL AND CONTRACTUAL CO_4
COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS - Future Contractual Commitments (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Future contractual commitments | R$ 39391.8 | R$ 50365.3 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Future contractual commitments | 9,619.2 | 12,491 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Future contractual commitments | 9,536.3 | 10,315.3 |
Later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Future contractual commitments | R$ 20236.3 | R$ 27559.0 |
COLLATERAL AND CONTRACTUAL CO_5
COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS (Details Narrative) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral And Contractual Commitments With Suppliers Advances From Customers And Others | ||
Cash guarantees | R$ 558.2 | R$ 744.0 |
Guarantees held for derivative instruments | R$ 197.7 | R$ 376.9 |
RELATED PARTIES - Expenses Rela
RELATED PARTIES - Expenses Related to Management Members (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Short-term benefits (i) | R$ 66.7 | R$ 74.2 | R$ 68.3 |
Share-based payments (ii) | 80.7 | 66 | 65.3 |
Total key management remuneration | R$ 147.4 | R$ 140.2 | R$ 133.6 |
RELATED PARTIES - Transactions
RELATED PARTIES - Transactions With Related Parties (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | R$ 110.3 | R$ 269.1 | R$ 90.4 |
Sales/service fees/reimbursement of expenses and others, related parties | 116.1 | 14.8 | 3.6 |
Buying and others, related parties | (2,668.6) | (3,250.7) | (3,725.9) |
Buying/service fees/reimbursement of expenses and others, related parties | (7) | (36.9) | (38.9) |
Net finance cost, related parties | 184.3 | 247.9 | 42.5 |
Trade receivables, related parties | 236.7 | 290.7 | |
Other trade receivables, related parties | 19 | 24.8 | |
Dividends receivables | 1 | ||
Noncurrent trade payables, related parties | (199.9) | (343.6) | |
Current trade payables, related parties | (1,916.5) | (830.4) | |
Anheuser-Busch InBev N.V. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 0.1 | 0.1 | 0.7 |
Sales/service fees/reimbursement of expenses and others, related parties | 97.2 | 5.2 | |
Buying and others, related parties | (143.3) | (117.3) | (180.3) |
Buying/service fees/reimbursement of expenses and others, related parties | (0.5) | (8.5) | (10.7) |
Net finance cost, related parties | 64 | 208.7 | |
Trade receivables, related parties | 139.2 | 142.7 | |
Other trade receivables, related parties | |||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (21.5) | (82) | |
Anheuser-Busch Package [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | |||
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | (235.5) | (356.8) | (286.7) |
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (110.2) | (79.3) | |
Anheuser-Busch Procurement [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | |||
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | |||
Buying/service fees/reimbursement of expenses and others, related parties | (18.1) | (16.1) | |
Net finance cost, related parties | (0.5) | ||
Anheuser-Busch Inbev USA LLC [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 35.3 | 25.5 | 32.1 |
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | (915.9) | (1,129.7) | (1,209.9) |
Buying/service fees/reimbursement of expenses and others, related parties | (3.1) | (3.2) | (3.9) |
Net finance cost, related parties | (0.2) | 0.3 | |
Trade receivables, related parties | 27.1 | 71.1 | |
Other trade receivables, related parties | |||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (209.6) | (237.7) | |
Bavaria S.A. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 72.3 | 32 | 30.9 |
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | (56.7) | (56.7) | (57) |
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | |||
Trade receivables, related parties | 10.4 | 13.9 | |
Other trade receivables, related parties | |||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (30.2) | (6.9) | |
Cerveceria Modelo de Mexico S. de R.L. de C.V. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 0.9 | 124.4 | 0.8 |
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | (1,234.9) | (1,323.6) | (1,708.2) |
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | |||
Trade receivables, related parties | 11.2 | 12 | |
Other trade receivables, related parties | |||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (1,497.9) | (345.5) | |
Cervecerias Peruanas [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 1.7 | 3.2 | |
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | (7.8) | (49.6) | (32.9) |
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | |||
Trade receivables, related parties | 0.9 | ||
Other trade receivables, related parties | |||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (7.9) | (46.4) | |
Inbev Belgium N.V. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | |||
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | (41.9) | (129.8) | (107.9) |
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | |||
Trade receivables, related parties | 1.4 | 1 | |
Other trade receivables, related parties | 19 | 23.9 | |
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (8.7) | (12.2) | |
Interbrew International B.V. [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | |||
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | |||
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | 120 | 37.3 | 42.2 |
Noncurrent trade payables, related parties | (199.9) | (343.6) | |
Current trade payables, related parties | |||
Other related parties [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 1.7 | 84.8 | 19.5 |
Sales/service fees/reimbursement of expenses and others, related parties | 18.9 | 9.6 | 3.6 |
Buying and others, related parties | (32.6) | (87.2) | (143) |
Buying/service fees/reimbursement of expenses and others, related parties | (3.4) | (7.1) | (8.2) |
Net finance cost, related parties | 1 | 1.9 | |
Trade receivables, related parties | 22.5 | 19.9 | |
Other trade receivables, related parties | 0.9 | ||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (28.1) | (14.7) | |
Ambev Peru [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales and others, related parties | 0.6 | 3.2 | |
Sales/service fees/reimbursement of expenses and others, related parties | |||
Buying and others, related parties | |||
Buying/service fees/reimbursement of expenses and others, related parties | |||
Net finance cost, related parties | |||
Anheuser-Busch Africa [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables, related parties | 3.7 | 1.6 | |
Other trade receivables, related parties | |||
Dividends receivables | |||
Anheuser-Busch Inbev Services LLC [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables, related parties | 17.2 | 23.7 | |
Other trade receivables, related parties | |||
Dividends receivables | |||
Noncurrent trade payables, related parties | |||
Current trade payables, related parties | (2.4) | (5.7) | |
Panam? Holding [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables, related parties | 4 | 3.9 | |
Other trade receivables, related parties | |||
Dividends receivables | R$ 1.0 |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fundacao Zerrenner [member] | |||
IfrsStatementLineItems [Line Items] | |||
Percentage of ownership held by a related party | 10.20% | ||
Expenses incurred by a related party | R$ 322.9 | R$ 308.8 | |
Fundacao Zerrenner [member] | Active employees [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expenses incurred by a related party | 291.7 | 270.7 | |
Fundacao Zerrenner [member] | Retirees [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expenses incurred by a related party | 31.2 | 38.1 | |
Anheuser-Busch, Inc [member] | |||
IfrsStatementLineItems [Line Items] | |||
Transfers under licence agreements from entity, related party transactions | 35.4 | 22.6 | R$ 17.0 |
Transfers under licence agreements to entity, related party transactions | R$ 888.6 | R$ 736.7 | R$ 819.0 |
EVENTS AFTER THE REPORTING PE_2
EVENTS AFTER THE REPORTING PERIOD (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2024 | |
IfrsStatementLineItems [Line Items] | ||||
Reduction of assessed amount | R$ 916000 | |||
Amount for possible contingency | R$ 633400 | R$ 581500 | ||
Exercise P U T C N D [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash Disbursement | 1,704,000 | |||
Offset Of ELJ's Debt Held By The Group In The Amount | R$ 335000 | |||
Nonadjusting Events [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Tax incentive amounts | R$ 2600000 | |||
Tax incentive difference amounts | R$ 20000 |