Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | Sendas Distributor S.A. |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 1,351,833,200 |
Amendment Flag | false |
Entity Central Index Key | 0001834048 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39928 |
Entity Incorporation, State or Country Code | D5 |
Entity Address, Address Line One | Avenida Ayrton Senna, No. 6,000 |
Entity Address, Address Line Two | Lote 2, Pal 48959, Anexo A |
Entity Address, Address Line Three | Jacarepaguá |
Entity Address, Postal Zip Code | 22775-005 |
Entity Address, City or Town | Rio de Janeiro |
Entity Address, Country | BR |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1448 |
Auditor Name | ERNST & YOUNG |
Auditor Location | São Paulo, Brazil |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Avenida Ayrton Senna, No. 6,000 |
Entity Address, Address Line Two | Lote 2, Pal 48959, Anexo A |
Entity Address, Address Line Three | Jacarepaguá |
Entity Address, Postal Zip Code | 22775-005 |
Entity Address, City or Town | Rio de Janeiro |
Entity Address, Country | BR |
Contact Personnel Name | Vitor Fagá de Almeida |
City Area Code | 55 |
Local Phone Number | 11 3411 5042 |
Contact Personnel Email Address | ri.assai@assai.com.br |
Common Shares, without par value | |
Document Information Line Items | |
Trading Symbol | ASAI |
Title of 12(b) Security | Common Shares, without par value |
Security Exchange Name | NYSE |
American Depositary Share, each representing five common shares | |
Document Information Line Items | |
Title of 12(b) Security | American Depositary Share, each representing five common shares |
Security Exchange Name | NYSE |
No Trading Symbol Flag | true |
Statement of Operations and Com
Statement of Operations and Comprehensive Income - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Net operating revenue | R$ 66503 | R$ 54520 | R$ 41898 |
Cost of sales | (55,682) | (45,557) | (34,753) |
Gross profit | 10,821 | 8,963 | 7,145 |
Operating expenses, net | |||
Selling expenses | (5,411) | (4,379) | (3,334) |
General and administrative expenses | (831) | (787) | (588) |
Depreciation and amortization | (1,394) | (919) | (638) |
Share of profit of associates | 51 | 44 | 47 |
Other operating revenues (expenses), net | 49 | (72) | (53) |
Operating profit | 3,285 | 2,850 | 2,579 |
Financial revenues | 281 | 394 | 188 |
Financial expenses | (3,012) | (1,909) | (918) |
Net financial result | (2,731) | (1,515) | (730) |
Income before income tax and social contribution | 554 | 1,335 | 1,849 |
Income tax and social contribution | 156 | (115) | (239) |
Net income for the year | 710 | 1,220 | 1,610 |
Items that may be subsequently reclassified to the statement of operations | |||
Fair value of receivables | (7) | (2) | (1) |
Income tax effect | 2 | 1 | |
Other comprehensive income (loss) for the year | (5) | (1) | (1) |
Total comprehensive income for the year | 705 | 1,219 | 1,609 |
Net income for the year attributable to: | |||
Controlling shareholders | 710 | 1,220 | 1,610 |
Net income for the year | 710 | 1,220 | 1,610 |
Total comprehensive income attributable to: | |||
Controlling shareholders | 705 | 1,219 | 1,609 |
Total comprehensive income for the year | R$ 705 | R$ 1219 | R$ 1609 |
Basic earnings per share attributable to controlling shareholders (in Reais - R$) (in Brazil Real per share) | R$ 0.525574 | R$ 0.905322 | R$ 1.19802 |
Diluted earnings per share attributable to controlling shareholders (in Reais - R$) (in Brazil Real per share) | R$ 0.524174 | R$ 0.901589 | R$ 1.18852 |
Balance Sheet
Balance Sheet - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | R$ 5459 | R$ 5842 |
Trade receivables | 1,199 | 570 |
Inventories | 6,664 | 6,467 |
Recoverable taxes | 1,100 | 1,055 |
Derivative financial instruments | 48 | 27 |
Other accounts receivable | 146 | 123 |
Total current assets | 14,616 | 14,084 |
Assets held for sale | 95 | |
Total current assets | 14,616 | 14,179 |
Non-current assets | ||
Recoverable taxes | 573 | 927 |
Deferred income tax and social contribution | 171 | 6 |
Derivative financial instruments | 226 | 155 |
Related parties | 23 | 252 |
Restricted deposits for legal proceedings | 44 | 56 |
Other accounts receivable | 118 | 9 |
Investments | 864 | 833 |
Property, plant and equipment | 13,148 | 11,582 |
Intangible assets | 5,172 | 5,000 |
Right-of-use assets | 8,222 | 7,619 |
Total non-current assets | 28,561 | 26,439 |
Total assets | 43,177 | 40,618 |
Current liabilities | ||
Trade payables, net | 9,759 | 8,538 |
Trade payables – Agreements | 1,459 | 2,039 |
Trade payables – Agreements – Acquisition of hypermarkets | 892 | 2,422 |
Borrowings | 36 | 829 |
Debentures and promissory notes | 2,079 | 431 |
Payroll and related taxes | 624 | 584 |
Lease liabilities | 532 | 435 |
Related parties | 201 | |
Taxes payable | 298 | 265 |
Deferred revenues | 418 | 328 |
Dividends and interest on own capital payable | 111 | |
Other accounts payable | 328 | 233 |
Total current liabilities | 16,425 | 16,416 |
Non-current liabilities | ||
Trade payables, net | 38 | |
Trade payables – Agreements – Acquisition of hypermarkets | 780 | |
Borrowings | 1,947 | 737 |
Debentures and promissory notes | 11,122 | 10,594 |
Provision for legal proceedings | 263 | 165 |
Related parties | 60 | |
Lease liabilities | 8,652 | 7,925 |
Deferred revenues | 37 | 31 |
Other accounts payable | 63 | 14 |
Total non-current liabilities | 22,122 | 20,306 |
Shareholders´ equity | ||
Share capital | 1,272 | 1,263 |
Capital reserves | 56 | 36 |
Earnings reserves | 3,309 | 2,599 |
Other comprehensive income | (7) | (2) |
Total shareholders’ equity | 4,630 | 3,896 |
Total liabilities and shareholders’ equity | R$ 43177 | R$ 40618 |
Statements of Changes in Shareh
Statements of Changes in Shareholders’ Equity - BRL (R$) R$ in Millions | Share capital | Capital reserve | Legal reserve | Tax incentive reserve | Profit reserve | Retained earnings | Accumulated other comprehensive income | Expansion reserve | Total |
Balance at Dec. 31, 2020 | R$ 761 | R$ 4 | R$ 152 | R$ 430 | R$ 1347 | ||||
Other comprehensive income | |||||||||
Net income for the year | 1,610 | 1,610 | |||||||
Fair value of receivables | (1) | (1) | |||||||
Comprehensive income for the year | 1,610 | (1) | 1,609 | ||||||
Capital contribution | 27 | 27 | |||||||
Stock options granted | 14 | 14 | |||||||
Interest on own capital | (63) | (63) | |||||||
Dividends | (168) | (168) | |||||||
Tax incentive reserve | 709 | (430) | (279) | ||||||
Legal reserve | 5 | (5) | |||||||
Profit reserve | 1,095 | (1,095) | |||||||
Balance at Dec. 31, 2021 | 788 | 18 | 157 | 709 | 1,095 | (1) | 2,766 | ||
Other comprehensive income | |||||||||
Net income for the year | 1,220 | 1,220 | |||||||
Fair value of receivables | (2) | (2) | |||||||
Income tax effect | 1 | 1 | |||||||
Comprehensive income for the year | 1,220 | (1) | 1,219 | ||||||
Capital contribution | 11 | 11 | |||||||
Capital increase – reserve capitalization | 464 | (464) | |||||||
Stock options granted | 18 | 18 | |||||||
Interest on own capital | (50) | (50) | |||||||
Dividends | (68) | (68) | |||||||
Tax incentive reserve | 753 | (753) | |||||||
Expansion reserve | (632) | 632 | |||||||
Legal reserve | 23 | (23) | |||||||
Profit reserve | 326 | (326) | |||||||
Balance at Dec. 31, 2022 | 1,263 | 36 | 180 | 1,462 | 325 | (2) | 632 | 3,896 | |
Other comprehensive income | |||||||||
Net income for the year | 710 | 710 | |||||||
Fair value of receivables | (7) | (7) | |||||||
Income tax effect | 2 | 2 | |||||||
Comprehensive income for the year | 710 | (5) | 705 | ||||||
Capital contribution | 9 | 9 | |||||||
Stock options granted | 20 | 20 | |||||||
Tax incentive reserve | 710 | (710) | |||||||
Expansion reserve | (325) | 325 | |||||||
Balance at Dec. 31, 2023 | R$ 1272 | R$ 56 | R$ 180 | R$ 2172 | R$ 7 | R$ 957 | R$ 4630 |
Statements of Cash Flows
Statements of Cash Flows - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income for the year | R$ 710 | R$ 1220 | R$ 1610 |
Adjustment to reconcile net income for the year to net cash flows | |||
Deferred income tax and social contribution | (162) | 40 | (127) |
(Gain) loss on disposal of property, plant and equipment and leasing write-off | (55) | 34 | (12) |
Depreciation and amortization | 1,476 | 990 | 687 |
Financial charges | 2,853 | 1,827 | 911 |
Share of profit of associate | (51) | (44) | (47) |
Provision (reversal of) for legal proceedings | 151 | (7) | (48) |
Provision for stock option | 20 | 18 | 14 |
Provision for allowance for inventory losses and damages | 538 | 418 | 302 |
Allowance for doubtful accounts | 4 | 7 | 2 |
Adjustments to reconcile profit (loss) | 5,484 | 4,503 | 3,292 |
Variations in operating assets and liabilities | |||
Trade receivables | (640) | (313) | (85) |
Inventories | (735) | (2,505) | (943) |
Recoverable taxes | 352 | (336) | (12) |
Restricted deposits for legal proceedings | 12 | 63 | 15 |
Other assets | (14) | 9 | (69) |
Trade payables, net | 1,498 | 3,175 | 884 |
Payroll and related taxes | 40 | 159 | 54 |
Related parties | (5) | 196 | 391 |
Provision for legal proceedings | (71) | (49) | (49) |
Taxes and social contributions payable | 40 | 101 | 4 |
Deferred revenue | 96 | 68 | 128 |
Dividends received | 20 | 16 | 11 |
Other liabilities | (114) | 57 | 25 |
Income tax and social contribution, paid | (374) | ||
Cash flows from (used in) operations | 479 | 641 | (20) |
Net cash generated by operating activities | 5,963 | 5,144 | 3,272 |
Cash flow investment activities | |||
Purchase of property, plant and equipment | (3,116) | (3,524) | (2,231) |
Purchase of intangible assets | (169) | (636) | (854) |
Proceeds from the sale of property, plant and equipment | 19 | 3 | |
Proceeds from the sale of assets held for sale | 211 | 620 | 209 |
Purchase of assets held for sale | (250) | (403) | |
Net cash used in investment activities | (3,055) | (3,790) | (3,276) |
Cash flow financing activities | |||
Capital contribution | 9 | 11 | 27 |
Proceeds from borrowings | 3,392 | 4,001 | 6,183 |
Borrowing costs | (142) | (42) | (93) |
Payment of borrowings | (1,499) | (183) | (6,073) |
Payment of interest on borrowings | (1,085) | (783) | (406) |
Dividends and interest on own capital paid | (118) | (168) | (148) |
Payment of lease liabilities | (262) | (126) | (460) |
Payment of interest on lease liabilities | (977) | (772) | (8) |
Payment of acquisition of hypermarkets | (2,609) | ||
Net cash (used in) generated by financing activities | (3,291) | 1,938 | (978) |
Net (decrease) increase in cash and cash equivalents | (383) | 3,292 | (982) |
Cash and cash equivalents at the beginning of the year | 5,842 | 2,550 | 3,532 |
Cash and cash equivalents at the end of the year | R$ 5459 | R$ 5842 | R$ 2550 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information [Abstract] | |
Corporate information | 1 Corporate information Sendas Distribuidora S.A. (“Sendas Distribuidora”, “Sendas” or the “Company”) is a publicly held listed company under the Novo Mercado segment of B3 S.A. – Brasil, Bolsa, Balcão (B3), under the ticker symbol “ASAI3” and on the New York Stock Exchange (NYSE), under the ticker symbol “ASAI”. The Company is mainly engaged in the retail and wholesale sale of food, bazaar, and other products through its stores chain, operated under “ASSAÍ” banner, since this is the only disclosed segment. Sendas Distribuidora is based in the State of Rio de Janeiro, at Avenida Ayrton Senna, 6.000, Lote 2 – Anexo A, Jacarepaguá/RJ. As of December 31, 2023, the Company operated 288 stores (263 stores as of December 31, 2022) and 11 distribution centers (12 distribution centers as of December 31, 2022) in the five regions of the country, with operations in 24 states and in the Federal District in Brazil. 1.1 Listing of Sendas Distribuidora Former Company’s controlling shareholder, Companhia Brasileira de Distribuição (“GPA” or “CBD”) conducted a Transaction in order to list Company’s common shares on the B3 and the Company’s American Depositary Shares (“ADSs”) on the NYSE. On December 11, 2020, the Company became a publicly held company in Brazil, registered with the Brazilian Securities and Exchange Commission (“CVM”) under category “A”. On February 10, 2021, the Company’s request to list its common shares to trade on the Novo Mercado segment of the B3 was approved, and the Company’s common shares started trading on the B3 on March 1, 2021, under the ticker symbol “ASAI3”. On February 12, 2021, the Company’s request to list its ADSs representing common shares on the NYSE was approved, and the Company’s ADSs started trading on the NYSE on March 8, 2021, under the ticker symbol “ASAI”. In connection with the Transaction, holders of GPA’s common shares received one common share issued by the Company for each common share of GPA held at the close of trading on February 26, 2021. In addition, holders of GPA’s ADSs received one ADS (each representing one common share of the Company) for each ADS of GPA held at the close of trading on March 2, 2021. 1.2 Sale and Leaseback Transaction On July 19, 2021, the Company entered into the “Private Instrument of Commitment of Real Estate Investment, Commitment of Purchase and Sale of Real Estate and Incorporation of Real Right of Surface, Under Suspensive Conditions and Other Covenants” (the “Instrument”) with an investment fund managed by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A. and managed by TRX Gestora de Recursos Ltda. The purpose of the Instrument is the sale, development and lease of five properties of the Company located in the States of São Paulo, Rio de Janeiro and Rondônia. The transaction includes the sale of five properties, over which construction and real estate development project should be carried out. The total sales price to be received by the Company is R$364. The sales price and cost amount of the construction of the properties will be the basis for defining the final amount of the properties’ monthly rents. The assets transferred to “assets held for sale” was in amount of R$349 (see note 12.2). The Company concluded the sale of three of these properties during 2021 in a total amount of R$209. In December 2022, the Company concluded the sale of the remaining properties in the total amount of R$165. 1.3 Conversion of Extra Hiper stores into ASSAÍ stores On October 14, 2021, the Board of Directors of the Company and GPA approved a transaction involving the conversion of Extra Hiper stores, operated by GPA, into cash & carry stores which will be operated by the Company under the ASSAÍ banner (“Extra Transaction”). On December 16, 2021, the Company and GPA signed the “Agreement for Onerous Assignment of Exploration Rights of Commercial Points and Other Agreements” (the “Agreement”), governing the transfer to the Company the exploitation rights of up to 70 commercial points located in several states in Brazil and the Federal District (17 properties owned by GPA and 53 properties owned by third parties), currently operated by GPA for a total amount of up to R$3,973, to be paid by the Company, in installments between December 2021 and January 2024, adjusted by CDI + 1.2% per year, which may also involve the acquisition by the Company of some store equipment. On December 29, 2021, following the completion of the necessary conditions precedent, the Company and GPA signed an agreement for the purchase and sale of 20 commercial rights (6 properties owned by GPA and 14 properties owned by third parties) and property, plant and equipment (lands and buildings) of 6 properties owned by GPA in the total amount of R$1,201, located in the states of Paraná, São Paulo, Rio de Janeiro, Minas Gerais, Bahia, Pernambuco and the Federal District, (see notes 10.1 and 15). At the same date the Company paid the amount of R$1,000 to GPA related to these acquisitions. The 6 properties owned by GPA were classified as held for sale, for an amount of R$403 (see note 27) as of December 31, 2021. On February 25, 2022, GPA and the Company sold the 17 GPA owned properties (11 properties not transferred yet to the Company and 6 properties already acquired by the Company) with a total sale price of up to R$1,200, to a real estate investment fund Barzel Properties (“Fund”) with the intervention and guarantee by the Company. On April 13, 2022, the Brazilian antitrust agency (“CADE”) issued a favorable opinion without restrictions on the sale of the 17 properties owned by GPA to the Fund. The closing of the Extra Transaction was subject to the fulfillment of certain conditions, including, but not limited to, obtaining the consent of the property owners and demobilization of the stores by GPA. This transaction is not subject to the approval by the antitrust authorities (except the sale of the 17 stores to the Fund, as described below). On August 17, 2022, the Board of Directors of GPA approved GPA’s management to enter into a credit assignment agreement with a financial institution, with Company’s consent, to anticipate the installments between 2023 and 2024 due by the Company, see note 15.3. On December 23, 2022, the Board of Directors of the Company and GPA approved the postponement of the installment that would be paid on December 29, 2022, to GPA in the amount of R$956 to October 23, 2023. This postponement occurred for operational reasons, as the payment schedule of the installment to GPA considered the delivery of stores on certain dates and compliance with certain preconditions, such as obtaining consent from property owners and demobilization of stores by GPA. For this installment, a new credit assignment agreement with a financial institution was entered into by GPA, with the same characteristics as the previously entered into agreement and with the Company’s consent, see note 15.3. On December 26, 2022, the Board of Directors of the Company and GPA confirmed that 4 properties were not the subject of the Extra Transaction, so in the conclusion remained with 66 properties, with adjustment in the purchase price from R$3,973 to R$3,928. As of December 31, 2022, the Company and GPA completed the transfer of 46 commercial points in the amount of R$3,130 (20 commercial points as of December 31, 2021 in the amount of R$798) totaling 66 properties, including the 17 properties owned by GPA in the amount of R$1,200, located in the Southeast, North, Northeast and Midwest regions and in the Federal District, which had fulfilled the conditions precedent, see notes 13.1 and 15.3. As of December 31, 2023, the Company made the total payment of R$2,609 (R$850 as of March 31, 2022 and R$1,000 as of December 31, 2021) to GPA related to these acquisitions. Of the 17 properties owned by GPA that were recorded under “Assets held for sale”, all properties were sold to the Fund, see note 27. The Company incurred expenses with legal fees, appraisal reports and due diligence, related to the operation, and these expenses were recorded in “Other operating revenues (expenses), net” in the statement of operations, see note 23. 1.4 Disposal of ownership interest of the Casino Group On November 29, 2022, the shareholder Helicco Participações Ltda (“Helicco”), a subsidiary of Casino Guichard Perrachon (“Casino”), sold all its ownership interest in the Company comprising 140,800,000 shares. On March 21, 2023, the shareholder Wilkes Participações S.A. (“Wilkes”), a subsidiary of Casino, sold 254,000,000 shares held by it and Casino now holds 157,582,865 common shares, representing 11.7% of the Company’s share capital. On June 23, 2023, as per the Notice to the Market published on the same date, Casino, through its subsidiaries Wilkes, Geant International BV (“GIBV”) and Segisor S.A.S (“Segisor”), sold 157,582,850 common shares issued by the Company, representing 11.67% of its share capital, through a block trade operation carried out on the same date. As a result, the Casino Group now holds an ownership interest of less than 0.01% of Sendas’ share capital, no longer being considered a related party of the Company. The balances with these companies and their subsidiaries are presented under the line items Other accounts receivable and Other accounts payable in the balance sheet in the financial statements for the year ended December 31, 2023. 1.5 Going concern analysis Management has assessed the Company’s ability to continue operating in a foreseeable future and concluded that Company has ability to maintain its operations and systems working regularly. Therefore, Management is not aware of any material uncertainty that could indicate significant doubts about its ability to continue operating. The financial statements have been prepared based on the assumption of business continuity. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Preparation [Abstract] | |
Basis of preparation | 2 Basis of preparation The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements have been prepared based on the historical cost basis except for (i) certain financial instruments; and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. All relevant information in the financial statements is being evidenced by and corresponds to that used by Management in the administration of the Company. The financial statements are presented in millions of Brazilian Reais (R$), which is the Company’s functional currency. The balance sheet as of December 31, 2023 and 2022 and related statements of operations and comprehensive income, shareholders equity and cash flows for the three years ended December 31, 2023, including related notes, were approved by the Board of Directors on April 23, 2024. |
Material Accounting Policies In
Material Accounting Policies Information | 12 Months Ended |
Dec. 31, 2023 | |
Material Accounting Policies Information [Abstract] | |
Material accounting policies information | 3 Significant accounting policies The significant accounting policies and practices are described in each corresponding explanatory note, except for those below that are related to more than one explanatory note. Accounting policies and practices have been consistently applied to the years presented in the Company´s financial statements. 3.1 Foreign currency transactions Foreign currency transactions are initially recognized at the exchange rate of the corresponding currencies at the date the transactions qualify for recognition and, subsequently, translated into Brazilian Reais, using the spot exchange rate at the end of each reporting period. Gains or losses on changes in exchange rate variations are recognized as financial revenue or expense. 3.2 Classification of assets and liabilities as current and non-current Assets (with the exception of deferred income tax and social contribution) that are expected to be realized or that are intended to be sold or consumed within twelve months, as of the balance sheet dates, are classified as current assets. Liabilities (with the exception of deferred income tax and social contribution) expected to be settled within twelve months from the balance sheet dates are classified as current. All other assets and liabilities (including deferred tax taxes) are classified as “non-current”. Long-term assets and liabilities are not adjusted to present value at initial recognition as their effects are immaterial. Deferred tax assets and liabilities are classified as “non-current”, net by legal entity, as provided for in accounting pronouncement IAS 12 - Income Taxes. 3.3 Joint Venture A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Company’s joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, see note 11. 3.4 Tax incentive reserve Tax incentive reserve is recognized when there is reasonable assurance that the entity will comply with all conditions established and related to the grant and that the grant will be received. When the benefit relates to an expense item, it is recognized as revenue over the period of the benefit systematically in relation to the respective expenses for whose benefit it is intended to offset. When the benefit relates to an asset, it is recognized as deferred revenue in liabilities and on a systematic and rational basis over the useful life of the asset. 3.5 Dividends The distribution of dividends to the Company’s shareholders is recognized as a liability at the end of the year, based on the minimum mandatory dividends prescribed in the bylaws. Any amount exceeding this minimum is recorded only on the date on which such additional dividends are approved by the Company’s shareholders, see note 20.2. 3.6 Cash flow, interest payments The interest payments on borrowing and lease settled by the Company are being disclosed in the financing activities in conjunction with payments on related borrowings and lease. The total of interest payment as of December 31, 2023 was R$1,085 (R$783 as of December 31, 2022 and R$406 as of December 31, 2021) related to borrowings and R$977 (R$772 as of December 31, 2022 and R$294 as of December 31, 2021) related to lease. |
Adoption of New Procedures, Ame
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 | 12 Months Ended |
Dec. 31, 2023 | |
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 [Abstract] | |
Adoption of new procedures, amendments to and interpretations of existing standards issued by the IASB and published standards effective from 2023 | 4 Adoption of new procedures, amendments to and interpretations of existing standards issued by the IASB and published standards effective from 2023 4.1 Amendments to IFRSs and new interpretations of mandatory application starting at 2023 The Company evaluated the amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2023. The main changes applicable to the Company are the following: Statement Description Effective date Amendments to IAS 1 Presentation of Financial Statements and IFRS Statement of Practice 2 - Making Materiality Judgment It changes the requirements in IAS 1 with regard to disclosure of accounting policies. Only the policies that, together with other information in the financial statements, can reasonably influence decisions. Policies related to immaterial transactions do not need to be disclosed, but policies may be significant due to their nature even if the amounts are immaterial. However, not all significant policy information is in itself material. 01/01/2023 Amendments to IAS 12 - Deferred Tax Related to Assets and Liabilities Resulting from a Single Transaction The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption to transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting nor taxable profit. For example, this may arise upon recognition of a lease liability and the corresponding right-of-use asset applying IFRS 16 at the commencement date of a lease. 01/01/2023 Amendments to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Rectification of Errors — Definition of Accounting Estimates The amendments to IAS 8 refer to situations that requiring changes in accounting policies and reinforce that they should only occur if required by standard or implementation of IASB or if they result in financial statements that are more reliable and material. 01/01/2023 The adoption of these standards did not result in a material impact on the Company’s financial statements. 4.2 New and revised standards and interpretations issued but not yet effective The Company evaluated all new and revised IFRSs, already issued and not yet effective, however did not adopt them in advance, the main are: Accounting pronouncement Description Effective for Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments to IFRS 10 and IAS 28 deal with situations that involve the sale or contribution of assets between an investor and its associate or joint venture. Specifically the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or joint venture that is accounted for using the equity method, are recognized in the parent company’s statement of operations only in proportion to the interests of the unrelated investor in this affiliate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in a former controlled company (that has become an associate or joint venture that is accounted for using the equity method) to fair value are recognized in the statement of operations of the former controlling company in proportion to the investor’s shares not related to the new associate or joint venture. 01/01/2024 Amendments to IAS 1: - Classification of liabilities as current and non-current The amendments to IAS 1 published in January 2020 affect only the presentation of liabilities as current or non-current in the balance sheet and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ’settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. 01/01/2024 Amendments to IAS 1 – Presentation of Financial Statements – Non-Current Liabilities with Covenants IAS 1 requires debt to be classified as non-current only if the company can defer the settlement of the debt in the 12 months after the reporting date. The purpose of this initiative is regarding to improve the information disclosed by companies regarding long-term debt with covenants, and allow investors to understand the risk that a certain debt would become payable in advance. 01/01/2024 Amendments to IFRS 7/IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures - Supplier Financing Agreements The amendments include a disclosure objective in IAS 7 stating that an entity must disclose information on its supplier financing arrangements that allows users of financial statements to assess the effects of these arrangements on the entity’s liabilities and cash flows. Additionally, IFRS 7 was amended to include supplier financing agreements within the requirements to disclosure of information on the entity’s exposure to liquidity risk concetration. 01/01/2024 Amendments to IFRS 16 - Lease liabilities in a “Sale and Leaseback” transaction Under the amendments, the seller-lessee must not recognize a gain or loss related to the right of use retained by the seller-lessee. 01/01/2024 It is not expected that the adoption of these standards will result in significant impacts on the Company’s financial statements. According to Management, there are no other standards and interpretations issued and not yet adopted that may have a significant impact on the Company’s financial statements. |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates, and Assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Judgments, Estimates, and Assumptions [Abstract] | |
Significant accounting judgments, estimates, and assumptions | 5 Significant accounting judgments, estimates, and assumptions The preparation of the financial statements requires Management to makes judgments and estimates and adopt assumptions that impact the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the year, however, the uncertainty about these assumptions and estimates could result in substantial adjustments to the carrying amount of asset or liability impacted in future periods. In the process of applying the Company’s accounting policies, Management has made the following judgments, which have the most significant impact on the amounts recognized in the financial statements, as disclosed in the following notes to these financial statements: Accounting policy Notes Impairment 7.3, 12.1, 12.1.1, 13.2 and 13.3 Inventories: inventory allowance 8.2 Recoverable taxes: expected realization of tax credits 9 Leasing operations: determination of the lease term and incremental interest rate 14.2 Measurement of the fair value of derivatives and other financial instruments 16.8 Provision for legal proceedings: record of provision for claims with likelihood assessed as probable loss estimated with a certain degree of reasonability 17 Income tax: provisions based on reasonable estimates, including uncertain tax treatments 17.4.1 and 19 Share-based payments: estimate of fair value of operations base on a valuation model 20.6 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 6 Cash and cash equivalents Cash and cash equivalents comprise the bank accounts and short-term, highly liquid investments, immediately convertible into known cash amounts, and subject to an insignificant risk of change in value, with intention and possibility to be redeemed in the short term, within 90 days, as of the date of investment, without losing income. As of December 31, 2023 2022 2021 Cash and bank accounts – Brazil 352 213 74 Cash and bank accounts – Abroad (*) 22 24 25 Financial investments – Brazil (**) 5,085 5,605 2,451 5,459 5,842 2,550 (*) As of December 31, 2023, the Company had funds held abroad, being R$22 in US Dollars (R$24 in US dollars as of December 31, 2022 and R$25 in US dollars as of December 31, 2021). (**) As of December 31, 2023, the financial investments correspond to repurchase and resale agreements, with a weighted average interest rate of 95.92% of CDI – Interbank Deposit Certificate (92.80% of CDI as of December 31, 2022 and 109.64% of CDI as of December 31, 2021). The Company’s exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosure in note 16.7. |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables [Abstract] | |
Trade receivables | 7 Trade receivables Trade receivables are initially recorded at the transaction amount, which corresponds to the sales price, and are subsequently measured as follows: (i) fair value through other comprehensive income, in the case of receivables from credit card companies and (ii) amortized cost, for other customer portfolio. As of December 31, Note 2023 2022 Credit card companies 7.1 589 241 Credit card companies with related parties 10.1 211 49 Sales ticket and payment slips 7.1 and 7.2 333 249 Related parties 10.1 - 24 Suppliers and others 81 18 1,214 581 Provision for expected credit losses 7.3 (15 ) (11 ) 1,199 570 Set forth below the breakdown of trade receivables by their gross amount by maturity period: Overdue Total Due Less than Over December 31, 2023 1,214 1,202 5 7 December 31, 2022 581 576 4 1 7.1 Assignment of receivables The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of December 31, 2023, the volume of these operations is R$2,757 (R$2,785 as of December 31, 2022). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables is classified as “Cost and discount of receivables” in note 24. 7.2 Sales ticket and payment slips Refers to amounts arising from transactions through receipts: (i) tickets and meal vouchers R$185 (R$134 as of December 31, 2022); and (ii) payment slips R$148 (R$115 as of December 31, 2022). 7.3 Provision for expected credit losses All portfolios consider estimated losses, which are recorded based on quantitative and qualitative analysis, the track record of effective losses in the last 24 months, the credit assessment, and considering information on assumptions and projections relating to macroeconomic events, such as unemployment index and consumer confidence index, as well as the volume of credits overdue of trade receivable portfolio. The Company opted for measuring provisions for trade receivable losses by an amount equal to the expected credit loss for the entire life, by adopting a matrix of losses for each level of maturity. The balance of trade receivables is disclosed net of the provision for expected losses in the balance sheet. For the year ended December 31, 2023 2022 2021 At the beginning of the year (11 ) (6 ) (4 ) Additions (50 ) (36 ) (15 ) Reversals 46 31 13 At the end of the year (15 ) (11 ) (6 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 8 Inventories Inventories are carried at average cost, including the storage and handling costs, to the extent these costs are necessary to bring inventories to their sale condition at stores, less bonuses received from suppliers or net realizable value, whichever is lower. Net realizable value is the selling price in the ordinary course of business, less the estimated costs necessary to make the sale, such as (i) taxes levied on sales; (ii) personnel expenses directly linked to sales; (iii) cost of sales; and (iv) other costs required to make goods available for sale. Bonuses received from suppliers are measured and recognized based upon executed contracts and agreements and recorded as cost of sales when the corresponding inventories are sold. Unrealized bonuses are presented as reducing the inventories at each balance sheet date. As of December 31, Note 2023 2022 Stores 6,033 5,914 Distribution centers 1,237 1,139 Commercial agreements 8.1 (525 ) (518 ) Allowance for loss on inventory losses and damages 8.2 (81 ) (68 ) 6,664 6,467 8.1 Commercial agreements The Company records rebates from vendors and the storage costs in the statement of operations as the inventories that gave rise to the bonuses and the stored costs are realized. As of December 31, 2023, the amount of unrealized bonus, as a reduction of inventory balance, totaled R$525 (R$518 as of December 31, 2022). 8.2 Allowance for loss in inventory (losses and damages) Inventories are adjusted by an allowance for losses and damages, which is periodically reviewed and evaluated as appropriate. For the year ended December 31, 2023 2022 2021 At the beginning of the year (68 ) (37 ) (51 ) Additions (567 ) (435 ) (315 ) Reversals 29 17 13 Write-offs 525 387 316 At the end of the year (81 ) (68 ) (37 ) |
Recoverable Taxes
Recoverable Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes [Abstract] | |
Recoverable Taxes | 9 Recoverable taxes The Company records tax credit incurred in the operation and when obtains internal and external factors as legal and market interpretations to conclude that it is entitled to these credits, including realization of the tax credit ICMS (Imposto Sobre Circulação de Mercadorias e Serviços) (State VAT) is recognized in cost of sale in the statement of operations. PIS (Programa de Integração Social) and COFINS (Contribuição para o Financiamento da Seguridade Social) (federal taxes on gross revenues) are recognized as a credit in the same account on which the credits are calculated. These taxes are realized based on growth projections, operating aspects, and projections of generation of debits for the use of these credits by the Company. As of December 31, Note 2023 2022 ICMS 9.1 1,085 1,210 PIS/COFINS 9.2 287 587 Social Security Contribution - INSS 169 90 Whithholding taxes to be recovered 105 74 Others 27 21 1,673 1,982 Current 1,100 1,055 Non-current 573 927 9.1 ICMS - State VAT tax credits The Brazilian States have been substantially amending their local laws aiming at implementing and broadening the ICMS tax replacement system. The referred system implies the prepayment of ICMS throughout the commercial chain, upon goods outflow from a manufacturer or importer or their inflow into the State. The expansion of such system to a wider range of products traded at retail is based on the assumption that the trading cycle of these products will end in the State, such that ICMS is fully owed to such State. With respect to credits that cannot yet be immediately offset, the Company’s management, based on a technical recovery study, based on the future expectation of growth and consequent compensation with taxes payable arising from its operations, believes that its future compensation is viable. The studies mentioned are prepared and periodically reviewed based on information extracted from the strategic planning previously approved by the Company’s Board of Directors. As of December 31, 2023, the Company’s management has monitoring controls over adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the ICMS balance to be recovered, as shown in the table below: Year Amount In 1 year 553 From 1 to 2 years 111 From 2 to 3 years 115 From 3 to 4 years 90 From 4 to 5 years 59 More than 5 years 157 1,085 9.2 PIS and COFINS credit On March 15, 2017, the Federal Supreme Court (“STF”) recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. Currently, the Company, based on the favorable judgment of the STF, has been recognizing the exclusion of ICMS from the PIS and COFINS calculation basis. Expected realization of PIS and COFINS credits In related to the recoverable PIS and COFINS credits, the Company’s management, based on a technical recovery study, considering future growth expectations and consequent offset against debts from its operations, projects its future realization. The mentioned studies are prepared and periodically reviewed based on information obtained from the strategic planning previously approved by the Company’s Board of Directors. For the financial statements as of December 31, 2023, the Company’s management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$287, and expected realization is within one year. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties [Abstract] | |
Related Parties | 10 Related Parties 10.1 Balances and related party transactions Assets balance Liabilities balance Transactions Trade receivables Other assets Suppliers Other liabilities Revenue (expenses) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2021 Associates (i) Casino Guichard Perrachon - - - - - - - 21 (20 ) (60 ) (35 ) Compre Bem - - - - - - - - - - (1 ) Euris - - - - - - - 1 (1 ) (3 ) (1 ) Grupo Pão de Açucar (“GPA”) - 24 - 234 - 8 - 237 20 (310 ) (137 ) Greenyellow - - - - - - - - - (33 ) (26 ) Wilkes Participações S.A. - - - - - - - 2 (6 ) (8 ) (6 ) - 24 - 234 - 8 - 261 (7 ) (414 ) (206 ) Joint venture Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) (ii) 211 49 23 18 28 25 - - 27 25 15 211 49 23 18 28 25 - - 27 25 15 211 73 23 252 28 33 - 261 20 (389 ) (191 ) Current 211 73 - - 28 33 - 201 Non-current - - 23 252 - - - 60 (i) As a result of the sale of Casino’s ownership interest in the Company, through Wilkes, as disclosed in note 1.4, the associates are no longer related parties. In 2022 and 2021, all these associates, as related parties, had transactions with the Company. The main transactions were related to: (i) cost sharing contracts (reimbursement of personnel expenses, equipment rental and maintenance); and (ii) agency agreements, specially between the Company and GPA and Casino related to business negotiation of products, cyber risk agreement, exploration rights of commercial points and other agreements. The related-party transactions are carried out according to prices, terms and conditions agreed upon the parties and are measured substantially at market value, namely: (ii) FIC: execution of business agreements to regulate the rules that promote and sell financial services offered by FIC at the Company’s stores to implement a financial partnership between the Company and Itaú Unibanco Holding S.A. (“Itaú”) in the partnership agreement, namely: (i) banking correspondent services in Brazil; (ii) indemnification agreement in which FIC undertook to hold the Company harmless from losses incurred due to services; FIC and the Company mutually undertook to indemnify each other due to legal proceeding under their responsibility; and (iii) agreement concerning the Company’s provision of information and access to systems to FIC, and vice-versa, in order to offer services. 10.2 Management compensation Expenses related to the executive board compensation recorded in the Company’s statement of operations is as follows (amounts expressed in thousands reais): Base salary (i) Variable Stock option plan and plan (ii) Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Board of director 11,512 31,971 25,533 - - - 5,250 7,103 7,111 16,762 39,074 32,644 Statutory officers 11,083 12,806 20,241 29,794 19,880 14,485 13,265 9,609 7,632 54,142 42,295 42,358 Executives excluding statutory officers 31,429 22,849 19,801 53,132 43,144 30,172 14,802 10,176 1,462 99,363 76,169 51,435 Fiscal council 548 584 331 - - - - - - 548 584 331 54,572 68,210 65,906 82,926 63,024 44,657 33,317 26,888 16,205 170,815 158,122 126,768 (i) Short-term benefit. (ii) More details about shared-based payment plan for Statutory officers, see note 20.6.3. The stock option plan, fully in shares, refers to the Company’s executives and this plan has been recognized in the Company’s statement of operations. The related expenses are allocated to the Company and recorded in the statement of operations against capital reserve – stock options in shareholders’ equity. There are no other short-term or long-term benefits granted to the members of the Company’s management. |
Investment in Joint Venture
Investment in Joint Venture | 12 Months Ended |
Dec. 31, 2023 | |
Investment in Joint Venture [Abstarct] | |
Investment in joint venture | 11 Investment in joint venture The carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The financial statements of the joint venture are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company. The details of the Company’s joint venture are shown below: Participation in 2023 2022 Investment type Company Country Direct participation Joint venture Bellamar Empreendimento e Participação S.A. Brazil 50.00 50.00 Bellamar is a company that owns 35.76% of the share capital of FIC (Finance branch of Banco Itaú), therefore the Company indirectly holds a 17.88% stake in FIC. The purpose of FIC is to carry out all operations permitted, in the legal and regulated provisions, to credit, financing and investment companies, the issuance and management of credit cards, own or third-party, as well as the performance and performance of functions of correspondents in the country. FIC’s operations are conducted by Itaú Unibanco Holding S.A. The investment is recognized as a joint venture and is recorded under the equity method, in accordance with accounting standard IAS 28 – Investments in associates and joint ventures, is initially recognized at cost. The carrying amount of the investment is adjusted for purposes of recognizing the variations in the Company’s share in the shareholders’ equity of joint venture after the acquisition date. After the equity method is applied, the Company determines if it is necessary to recognize an additional impairment loss of recuperable on the investment in its joint venture. The Company will determine, on each annual closing date of balance sheet, if there is objective evidence that the investment in the joint venture is impaired. If so, the Company calculates the amount of the impairment loss as the difference between the joint venture’s recoverable amount and carrying amount and recognizes the loss in the statement of operations. As of December 31, 2023, the Company performed an analysis to verify whether the investment in its Joint Venture might not be recoverable, and did not identify the need to record a provision for impairment of the asset. Financial information of joint venture As of December 31, 2023 2022 Current assets 1 1 Non-current assets 581 519 Shareholders’ equity 582 520 Net income for the year 102 86 Breakdown Amount As of December 31, 2020 769 Share of profit of associates 47 Dividends received (11 ) Dividends receivable (16 ) As of December 31, 2021 789 Share of profit of associates 44 As of December 31, 2022 833 Share of profit of associates 51 Dividends received (20 ) As of December 31, 2023 864 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | 12 Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and/or impairment losses, if any. The cost includes the acquisition amount of equipment and borrowing costs for long-term construction projects if recognition criteria are observed. When significant components of property, plant and equipment are replaced, these components are recognized as individual assets, with specific useful lives and depreciation. Likewise, when a major replacement is performed, its cost is recognized as the carrying amount of the equipment as a replacement, if the recognition criteria are met. All other repair and maintenance costs are recognized in the statement of operations for the year as incurred. Property, plant and equipment items and eventual significant amounts are written-off upon sale or when there is no expectation of future economic benefits deriving from their use or sale. Any gains or losses resulting from disposals of assets are included in the statement of operations for the year. The residual value, the useful life of assets, and methods of depreciation are reviewed at the end of each fiscal year, and adjusted prospectively, where applicable. The Company reviewed the useful life of property, plant and equipment in 2023 and identified changes, however, the impact identified was not material for disclosure. Interest on borrowings directly attributable to the acquisition, construction of an assets, that requires a substantial period of time to be completed for its intended use or sale (qualifying asset), are capitalized as part of the cost of respective assets during its construction phase. From the date that the asset is placed in operation, capitalized costs are depreciated over the estimated useful life of the asset. 12.1 Impairment of non-financial assets The Company tests its non-financial assets for impairment annually or whenever there is internal or external evidence that they may be impaired. An asset’s or cash-generating unit’s (“CGU”) recoverable amount is defined as the asset’s fair value less cost to sell or its value in use, whichever is higher. If the carrying amount of an asset or cash-generating units exceeds its recoverable value, the asset is considered impaired, and an impairment loss is recorded to adjust the carrying amount of the asset or cash-generating unit to its recoverable value. When assessing the recoverable value, the estimated future cash flow is discounted to the present value, using a nominal discount pre-tax rate, which represents the Company’s weighted average cost of capital to reflect current market valuations as to the time value of money and asset’s specific risks. The impairment test of intangible assets’ useful life including goodwill is described in notes 13.2 and 13.3. Impairment losses are recognized in the statement of operations in categories of expenses consistent with the function of the respective impaired asset. The impairment loss previously recognized is only reversed if there has been a changed in the assumptions used to determine the recoverable amount since the last impairment loss was recognized. 12.1.1 Impairment test of stores operating assets An impairment assessment is performed on operating assets (property, plant and equipment) and intangible assets (commercial rights) directly attributable to stores, as follows: ● Step 1: the carrying amount of properties in stores is compared to a sales multiple (35%) representing market transactions between retail companies. Stores for which the multiple of sales was lower than their carrying amount and owned stores, a more detailed test is made, as described in Step 2 below. ● Step 2: The Company considered the highest value between the discounted cash flows of stores using sales growth by store and a discount rate of 11.34% in 2023 (12.20% in 2022) or appraisal reports drawn up by independent experts for own stores. The Company assessed if any of its long-lived assets were impaired as of December 31, 2023, 2022 and 2021 and concluded that the recognition of an impairment loss was not needed. 12.2 Breakdown and composition of property, plant and equipment + As of Additions Write- Depreciation Transfers As of Historical Accumulated Land 600 17 - - (58 ) 559 559 - Buildings 730 45 - (19 ) 21 777 934 (157 ) Improvements 6,865 1,659 (26 ) (438 ) 39 8,099 9,583 (1,484 ) Machinery and equipment 1,440 499 (16 ) (214 ) 601 2,310 3,285 (975 ) Facilities 585 84 (2 ) (58 ) (339 ) 270 = 430 (160 ) Furniture and appliances 755 186 (5 ) (144 ) 111 903 1,311 (408 ) Constructions in progress 543 47 (1 ) - (478 ) 111 111 - Others 64 42 (1 ) (45 ) 59 119 255 (136 ) 11,582 2,579 (51 ) (918 ) (44 ) 13,148 16,468 (3,320 ) Transfers + As of Additions Write- Depreciation and others As of Historical Accumulated Land 570 48 (18 ) - - 600 600 - Buildings 656 117 - (17 ) (26 ) 730 859 (129 ) Improvements 3,596 3,451 (27 ) (284 ) 129 6,865 7,933 (1,068 ) Machinery and equipment 828 708 (4 ) (184 ) 92 1,440 2,160 (720 ) Facilities 362 258 (7 ) (35 ) 7 585 = 729 (144 ) Furniture and appliances 416 279 (2 ) (70 ) 132 755 1,043 (288 ) Constructions in progress 235 582 (1 ) - (273 ) 543 543 - Others 37 24 - (16 ) 19 64 157 (93 ) 6,700 5,467 (59 ) (606 ) 80 11,582 14,024 (2,442 ) Transfers + As of Additions Write-off Depreciation and others (ii) As of Historical Accumulated Land 481 207 (2 ) - (116 ) 570 570 - Buildings 609 258 (4 ) (15 ) (192 ) 656 767 (111 ) Improvements 2,598 1,161 (1 ) (182 ) 20 3,596 4,387 (791 ) Machinery and equipment 635 307 (1 ) (128 ) 15 828 1,373 (545 ) Facilities 269 118 (1 ) (25 ) 1 362 = 472 (110 ) Furniture and appliances 340 110 (2 ) (53 ) 21 416 635 (219 ) Constructions in progress 78 266 - - (109 ) 235 235 - Others 37 6 - (14 ) 8 37 115 (78 ) 5,047 2,433 (11 ) (417 ) (352 ) 6,700 8,554 (1,854 ) (i) Includes interest capitalization in the amount of R$257 as of December 31, 2023 (R$774 and R$38 as of December 31, 2022 and 2021, respectively), see note 12.3. (ii) In 2021, presents the transfer between property, plan and equipment to “assets held for sale”, in amount of R$349, see note 1.2. 12.3 Capitalized borrowing and leases costs Borrowing costs directly attributable to the acquisition, construction or production and interest of lease liabilities related to assets that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset, amounted to R$257 (R$774 as of December 31, 2022). The rate adopted to calculate the borrowing costs eligible for capitalization was 111.05% (112.16% as of December 31, 2022) of the CDI, corresponding to the effective interest rate of the borrowings obtained by the Company. 12.4 Additions to property, plant and equipment for cash flow presentation purpose are as follows: 2023 2022 2021 Additions 2,579 5,467 2,433 Capitalized borrowing costs (257 ) (774 ) (38 ) Financing of property, plant and equipment – Additions (2,298 ) (5,080 ) (2,284 ) Financing of property, plant and equipment – Payments 3,092 3,911 2,120 3,116 3,524 2,231 Additions relate to the acquisition of operating assets, purchase of land and buildings to expansion activities, building of new stores, improvements of existing distribution centers and stores and investments in equipment and information technology. The additions to property, plant and equipment above are presented to reconcile the acquisitions during the year with the amounts presented in the statement of cash flows net of items that did not impact cash flow. 12.5 Other information As of December 31, 2023, the Company recorded in the cost of sales and services the amount of R$82 (R$71 as of December 31, 2022 and R$49 as of December 31, 2021), relating to the depreciation of machinery, building and facilities of distribution centers. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Intangible Assets | 13 Intangible Assets Intangible assets acquired separately are measured at cost upon initial recognition, less amortization, and eventual impairment losses, if any. Internally generated intangible assets, excluding capitalized software development costs, are recognized as expenses when incurred. Intangible assets mainly consist of software acquired from third parties and software developed for internal use and commercial rights (stores rights of use) and brands. Intangible assets with definite useful lives are amortized using the straight-line method. The amortization period and method are reviewed, at least, at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimate. Software development costs recognized as assets are amortized over their defined useful life (5 years). The weighted average rate is 20%, and amortization starts when they become operational. Intangible assets with indefinite useful lives are not amortized but tested for impairment at the end of each reporting period or whenever there are indications that their carrying amount may be impaired either individually or at the level of the cash-generating unit. The assessment is reviewed annually to determine whether the indefinite life assumption remains appropriate. Otherwise, the useful life is changed prospectively from indefinite to definite. Intangible assets other than goodwill with indefinite useful live include tradenames and commercial rights. When applicable, gains or losses arising from the derecognition of an intangible asset are measured as the difference between the net proceeds from the sale of the asset and its carrying amount, any gain or loss is recognized in the statement of operations in the year the asset is derecognized. 13.1 Breakdown and composition of intangible assets + As of 12/31/2022 Additions Amortizations Write-off Transfers As of 12/31/2023 Historical cost Accumulated amortization Goodwill 618 - - - - 618 871 (253 ) Software 76 30 (43 ) (1 ) 1 63 = 181 (118 ) Commercial rights 4,267 192 (7 ) - - 4,452 4,491 (39 ) Trade name 39 - - - - 39 39 - 5,000 222 (50 ) (1 ) 1 5,172 5,582 (410 ) + As of 12/31/2021 Additions Amortizations Write-off Transfers As of 12/31/2022 Historical cost Accumulated amortization Goodwill 618 - - - - 618 871 (253 ) Software 75 18 (17 ) - - 76 = 151 (75 ) Commercial rights (i) 1,136 3,139 (8 ) - - 4,267 4,299 (32 ) Trade name 39 - - - - 39 39 - 1,868 3,157 (25 ) - - 5,000 5,360 (360 ) + As of 12/31/2020 Additions Amortizations Write-off Transfers As of 12/31/2021 Historical cost Accumulated amortization Goodwill 618 - - - - 618 871 (253 ) Software 70 21 (14 ) (1 ) (1 ) 75 = 133 (58 ) Commercial rights (i) 310 833 (7 ) - - 1,136 1,160 (24 ) Trade name 39 - - - - 39 39 - 1,037 854 (21 ) (1 ) (1 ) 1,868 2,203 (335 ) (i) In the year ended December 31, 2022, includes commercial rights related to 46 commercial points sold by GPA to the Company as a result of the Transaction for an amount of R$3,130 and in the year ended December 31, 2021, includes commercial rights related to 20 commercial points sold by GPA to the Company as a result of the Transaction for an amount of R$798 (see note 1.3). 13.2 Impairment test of intangible assets with an indefinite useful life, including goodwill The impairment test of intangible assets uses the same practices described in note 12.1. As of December 31, 2023, the Company reviewed the plan used to assess impairment for its operations. The recoverable amount is determined by means of a calculation based on value in use, based on cash projections from financial budgets, which were reviewed and approved by senior management for the next five years, considering the assumptions updated for December 31, 2023, as shown below: Revenues: estimated from 2024 to 2028, considering historical sales growth and inflation projections, excluding stores expansion; Gross profit: considers the historical level of gross profit expressed as a sales percentage; Expenses: considers the historical level expressed as a sales percentage and seeking gains of productivity and efficiency; Working capital: estimating the same level of working capital expressed in days of cost of sales; Acquisition of tangible and intangible assets (capex): considers the historical average investment for the maintenance the existing assets when determining the cash flow; Terminal value: calculated using the last year of the projections applying the perpetuity growth rate; Discount rate: prepared as described in the accounting policy. The discount rate used was 11.34% per year as of December 31, 2023 (12.20% per year as of December 31, 2022); and Perpetuity growth rate: the growth rate considered was 4.00% per year as of December 31, 2023 (4.40% per year as of December 31, 2022). As a result of this analysis, there was no need to record a provision for impairment of these assets. 13.3 Commercial rights Commercial rights are the right to operate stores, which refers to the rights acquired or allocated in business combinations. According to the Management’s understanding, commercial rights are considered recoverable, either through the expected cash flows of the related store or the sale to third parties. Commercial rights with defined and indefinite useful lives are tested following the assumptions described in note 12.1.1. The Company considered the discounted cash flow of the related store for the impairment test, that is, the store is the CGU. As a result of this analysis, there was no need to record a provision for impairment of these assets. 13.4 Additions to intangible assets for cash flow presentation purpose are as follows 2023 2022 2021 Additions 222 3,157 854 Financing of intangible assets – Additions (175 ) (3,130 ) - Financing of intangible assets – Payments 122 609 - 169 636 854 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 14 Leases When entering into a contract, the Company assesses whether the contract is, or contains a lease. The contract is or contains a lease if it transfers the right to control the use of the identified assets for a specified period in exchange for consideration. The Company evaluates its lease agreements in order to identify lease terms for a right of use, using the exemptions provided for contracts with a term of less than twelve months and an individual asset value below US$5 thousand. The contracts are then recorded, when the lease begins, as a lease liability against a right-of-use asset, both at the present value of minimum lease payments, using the interest rate implicit in the contract, if applicable, or an incremental borrowing rate considering loans obtained by the Company. The lease term used in the measurement corresponds to the term that the lessee is reasonably certain of exercising the option to extend the lease or not exercise the option to terminate the lease. 14.1 Right of use Right-of-use assets are amortized over the lease term. Capitalizations for improvements and renovations carried out in stores are amortized over their estimated useful life or the expected term of use of the asset, limited if there is evidence that the lease will not be extended. Below, we present the average annual amortization rate of the right-of-use assets are shown below: 14.1.1 Breakdown and composition of right of use + As of 12/31/2022 Additions (i) Remeasurement Write-off (i) Amortization Transters As of Historical Accumulated Buildings 7,593 2,669 296 (1,824 ) (500 ) (31 ) 8,203 9,879 (1,676 ) Equipment 8 - - - (5 ) - 3 = 51 (48 ) Assets and rights 18 - 1 - (3 ) - 16 29 (13 ) 7,619 2,669 297 (1,824 ) (508 ) (31 ) 8,222 9,959 (1,737 ) + As of 12/31/2021 Additions Remeasurement Write-off Amortization Transters As of Historical Accumulated Buildings 3,604 3,810 695 (70 ) (351 ) (95 ) 7,593 8,924 (1,331 ) Equipment 16 - - - (6 ) (2 ) 8 = 57 (49 ) Assets and rights 19 - 1 - (2 ) - 18 29 (11 ) 3,639 3,810 696 (70 ) (359 ) (97 ) 7,619 9,010 (1,391 ) + As of 12/31/2020 Additions Remeasurement Write-off Amortization Transters As of Historical cost Accumulated Buildings 2,423 885 628 (92 ) (244 ) 4 3,604 4,566 (962 ) Equipment 6 16 - - (5 ) (1 ) 16 = 61 (45 ) Assets and rights - 18 - - - 1 19 28 (9 ) 2,429 919 628 (92 ) (249 ) 4 3,639 4,655 (1,016 ) (i) As disclosed in note 1.4, on June 23, 2023, Casino, through its subsidiaries Wilkes, GIBV and Segisor, sold its common shares, changing the Company’s shareholding structure. Due to the change in the shareholding structure, some rental agreements were renegotiated, resulting in a net increase of R$476 in the lease. Management, based on IFRS 16 - Leases, assessed and concluded this transaction as the termination of the previous agreement and the recognition of a new agreement, maturing in 2045, due to the substantial change in scope, which mainly includes the modification of the leased assets and change in contract amounts. In the year ended December 31, 2023, the renegotiation process was concluded. 14.2 Lease obligations The Company leases equipment and commercial spaces, including stores and distribution centers, under cancellable and non-cancellable lease agreements. The terms of the contracts vary between 5 and 25 years. The payments made are segregated between financial charges and reduction of the lease liability to obtain a constant interest rate in the liability balance. Financial charges are recognized as financial expenses for the year. 14.2.1 Minimum future payments Lease liabilities totaled R$9,184 as of December 31, 2023 (R$8,360 as of December 31, 2022). The minimum future payments, by leases term and with the fair value of minimum lease payments, are as follows: As of December 31, 2023 2022 Lease liabilities - minimum payments Less than 1 year 532 435 1 to 5 years 1,702 1,646 More than 5 years 6,950 6,279 Present value of lease liabilities 9,184 8,360 Current 532 435 Non-current 8,652 7,925 Future financing charges 13,164 12,318 Future lease payments 22,348 20,678 PIS and COFINS embedded in the present value of lease agreements 558 508 PIS and COFINS embedded in the gross value of lease agreements 1,359 1,257 Lease liabilities interest expense is stated in note 24. The incremental borrowing used to calculate lease liabilities was 12.12% in the fiscal year ended December 31, 2023 (12.20% as of December 31, 2022). 14.2.2 Lease liability rollforward Amounts As of December 31, 2020 2,776 Addition – Lease 919 Remeasurement 628 Interest provision 302 Principal amortizations (460 ) Interest amortizations (8 ) Write-off due to early termination of agreement (106 ) As of December 31, 2021 4,051 Addition – Lease 3,810 Remeasurement 696 Interest provision 781 Principal amortizations (126 ) Interest amortizations (772 ) Write-off due to early termination of agreement (80 ) As of December 31, 2022 8,360 Addition – Lease (i) 2,669 Remeasurement 297 Interest provision 1,004 Principal amortizations (262 ) Interest amortizations (977 ) Write-off due to early termination of agreement (i) (1,907 ) As of December 31, 2023 9,184 (i) The variation for the year mainly refers to the renegotiation of rental contracts as disclosed in note 14.1.1. 14.3 Result on variable rentals and subleases Leases in which the Company does not substantially transfer all the risks and benefits of ownership of the asset are classified as operating leases. The initial direct costs of negotiating operating leases are added to the carrying amount of the leased asset and recognized over the term of the contract, on the same basis as rental income. Variable rents are recognized as expenses in the year in which they are incurred. As of December 31, 2023 2022 2021 (Expenses) revenues for the year: Variables (1% to 2% of sales) (21 ) (31 ) (6 ) Subleases (*) 93 55 31 (*) Refers mainly to revenue from lease agreements receivable from commercial galleries. |
Trade Payables and Trade Payabl
Trade Payables and Trade Payables - Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Trade Payables and Trade Payables - Agreements [Abstract] | |
Trade payables and trade payables - Agreements | 15 Trade payables and trade payables - Agreements As of December 31, Note 2023 2022 Trade payables Products 10,363 9,196 Acquisition of property, plant and equipment 158 140 Service 150 129 Service - related parties 10.1 28 33 Bonuses from suppliers 15.2 (902 ) (960 ) 9,797 8,538 Trade payables - Agreements Products 15.1 1,070 813 Acquisition of property, plant and equipment 15.1 389 1,226 Acquisition of hypermarkets 15.3 892 3,202 2,351 5,241 12,148 13,779 Current 12,110 12,999 Non-current 38 780 15.1 Agreements among suppliers, the Company and banks The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable, also named “forfait” / “confirming”. The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier. Management, based on IAS7 and IFRS7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure. These balances are classified as “Trade payables - Agreements” and the cash flow from these operations is presented as operating in the statement of cash flows. Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, in the line “Revenue from anticipation of payables”, in the amount of R$42 as of December 31, 2023 (R$40 as of December 31, 2022), representing 1.21% of the volume of transactions occurred during 2023 (1.43% during 2022). As of December 31, 2023, the balance payable related to these operations is R$1,459 (R$2,039 as of December 31, 2022). The balances of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of December 31, 2023. 15.2 Bonuses from suppliers These include bonuses and discounts from suppliers. These amounts are defined in agreements and include amounts referring to discounts by volume of purchases, joint marketing programs, freight reimbursements, and other similar programs. Settlement occurs by offsetting payable to suppliers, according to conditions foreseen in the supply agreements. 15.3 Acquisition of hypermarkets As mentioned in note 1.3, on September and December, 2022, the GPA realized the assignment of its receivables on the sale of Extra stores to the Company with a financial institution corresponding to the installments due between 2023 and 2024. The Company’s management, as the consenting party of the operation, evaluated the contractual terms of the assignment of receivables and in accordance with IAS 1 - Presentation of financial statements, concluded that there was no modification in the conditions originally contracted with the GPA, maintaining the characteristic of the terms, and the payments of the installments will be made directly by the Company to the financial institution, maintaining the same due dates and interest previously agreed with GPA. Therefore, Management concluded that the characteristic of the operation was maintained as accounts payable for the acquisition of the commercial points of the hypermarkets. As of December 31, 2023, the balance payable related to these operations is R$892 (R$3,202 as of December 31, 2022) and, in January 2024 the Company settled the amount. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial instruments | 16 Financial instruments Financial assets are recognized when the Company assumes contractual rights of receiving cash or other financial assets of agreements to which it is a party. Financial assets are derecognized when the rights to receive cash linked to the financial asset expire or risks and benefits were substantially transferred to third parties. Assets and liabilities are recognized when rights and/or obligations are retained by the Company. Financial liabilities are recognized when the Company assume contractual liabilities for settlement in cash or assumption of third-party obligations through a contract to which it is a party. The financial liabilities are initially recognized at fair value and derecognized when settled, extinguished, or expired. 16.1 Classification and measurement of financial assets and liabilities Pursuant to IFRS 9, on initial recognition, a financial asset is classified as measured: at amortized cost, at fair value through other comprehensive income (“FVTOCI”) or at fair value through income (“FVTI”). The classification of financial assets pursuant to IFRS 9 is usually based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Embedded derivatives in which the main contract is a financial asset within the scope of the standard are never split. Instead, the hybrid financial instrument is assessed for classification as a whole. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as measured at fair value through income: ● it is maintained in a business model whose objective is to keep financial assets to receive contractual cash flows; and ● its contractual terms generate, on specific dates, cash flows related to the payment of principal and interest on the outstanding principal amount. A debt instrument is measured at fair value through other comprehensive income, if it meets both of the following conditions and is not designated as measured at fair value through income: ● it is maintained in a business model whose objective is achieved both by receipt of contractual cash flows and sale of financial assets; and ● its contractual terms generate, on specific dates, cash flows related to the payment of principal and interest on the outstanding principal amount. All financial assets not classified as measured at amortized cost or at fair value through other comprehensive income, as described above, are classified as fair value through income. This includes all derivative financial assets. At initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost, at fair value through other comprehensive income or fair value through income if this significantly eliminates or reduces an accounting mismatch that otherwise would arise (option of fair value available in IFRS 9). A financial asset (unless these are trade receivables without a significant financing component which is firstly measured by the price of the transaction) is initially measured by fair value, accrued, for an item not measured at fair value through income of transaction costs which are directly attributable to its acquisition. ● Financial assets measured at fair value through income ● Financial assets at amortized cost ● Financial assets at fair value through other comprehensive income The measurement of financial liabilities depends on their classification, as described below: ● Financial liabilities at fair value through income: ● Financial liabilities at amortized cost: The main financial instruments and their carrying amounts, by category, are as follows: Note Amortized cost FVTI FVTOCI As of Financial assets Cash and cash equivalents 6 5,459 - - 5,459 Related parties 10.1 23 - - 23 Trade receivables and other accounts receivables 396 - - 396 Gain on financial instruments at fair value 16.9.1 - 274 - 274 Trade receivables with credit card and tickets - - 985 985 Financial liabilities Other accounts payable (216 ) - - (216 ) Trade payable and trade payables – agreements 15 (12,148 ) - - (12,148 ) Borrowings 16.9.1 (1,943 ) - - (1,943 ) Debentures and promissory notes 16.9.1 (10,051 ) - - (10,051 ) Lease liabilities 14.2 (9,184 ) - - (9,184 ) Borrowings and debentures 16.9.1 - (3,182 ) - (3,182 ) Loss of financial instruments at fair value 16.9.1 - (8 ) - (8 ) Net exposure (27,664 ) (2,916 ) 985 (29,595 ) Note Amortized cost FVTI FVTOCI As of Financial assets Cash and cash equivalents 6 5,842 - - 5,842 Related parties 10.1 252 - - 252 Trade receivables and other accounts receivables 198 - - 198 Gain on financial instruments at fair value 16.9.1 - 182 - 182 Trade receivables with credit card and tickets - - 424 424 Financial liabilities Related parties 10.1 (261 ) - - (261 ) Trade payable and trade payables – agreements 15 (13,779 ) - - (13,779 ) Borrowings 16.9.1 (1,217 ) - - (1,217 ) Debentures and promissory notes 16.9.1 (8,903 ) - - (8,903 ) Lease liabilities 14.2 (8,360 ) - - (8,360 ) Borrowings and debentures 16.9.1 - (2,435 ) - (2,435 ) Loss of financial instruments at fair value 16.9.1 - (36 ) - (36 ) Net exposure (26,228 ) (2,289 ) 424 (28,093 ) The fair value of other financial instruments detailed in table above approximates the carrying amount based on the existing terms and conditions. The financial instruments measured at amortized cost, the related fair values of which differ from the carrying amounts, are disclosed in note 16.8. 16.2 Derecognition of financial assets and liabilities A financial asset (or, where applicable, part of a financial asset or part of a group of similar financial assets) is derecognized when: ● The rights of cash flows receivables expire; and ● The Company transfers its rights to receive cash flows from an asset or assume an obligation of fully paying the cash flows received to a third party, under the terms of a transfer agreement; and (a) the Company substantially transferred all the risks and benefits related to the asset; or (b) the Company neither transferred nor substantially retained all the risks and benefits relating to the asset, but transferred its control. When the Company assigns its rights to receive cash flows from an asset or enters into a transfer agreement without having substantially transferred or retained all of the risks and benefits relating to the asset nor transferred the asset control, the asset is maintained and the related liability is recognized. The asset transferred and related liability are measured to reflect the rights and obligations retained by the Company. A financial liability is derecognized when the liability underlying obligation is settled, canceled, or expired. Purchases or sales of financial assets requiring delivery of assets within a term defined by regulation or agreement in the market (negotiations under normal conditions) are recognized on the trade date, i.e., on the date the Company undertakes to buy or sell the asset. When a financial liability is replaced by another of the same creditor, through substantially different terms, or terms of an existing liability are substantially modified, this replacement or modification is treated as the derecognition of original liability and recognition of a new liability, and the difference between respective carrying amounts is recognized in the statement of operations. 16.3 Offset of financial instruments The financial assets and liabilities are offset and reported net in financial statements, if, and only if, amounts recognized can be offset and with the intention of settlement on a net basis, or realize assets and settle liabilities, simultaneously. 16.4 Impairment of financial assets The impairment loss model applies to financial assets measured at amortized cost, contractual assets, and debt instruments measured at fair value through other comprehensive income but does not apply to investments in equity instruments (shares) or financial assets measured at fair value through income. Pursuant to IFRS 9, provisions for losses are measured at one of the following bases: ● Expected credit losses for 12 months (general model): these are credit losses resulting from possible default events within 12 months after the reporting date, and subsequently, in case of a deterioration of credit risk, for the entire life of the instrument. ● Lifetime expected credit losses (simplified model): these are credit losses that result from all possible default events over the expected life of a financial instrument. ● Practical expedient: these are expected credit losses consistent with reasonable and sustainable information available, at the reporting date, on past events, current conditions, and estimates of future economic conditions that allow the verification of probable future losses based on the historical credit losses in accordance with instruments maturity. The Company measures provisions for trade receivable losses and other receivables and contractual assets through an amount corresponding to the loan loss expected for the entire life, and for trade receivables, whose receivables portfolio is fragmented, rents receivable, the practical expedient is applied by adopting a matrix of losses for each maturity level. When determining whether the credit risk of a financial asset significantly increased from initial recognition, and when estimating the expected loan losses, the Company considers reasonable and sustainable information which is relevant and available without cost or excessive effort. This includes qualitative and quantitative information and analyses, based on the Company’s historical experience, the assessment of credit, and considering projection information. The Company assumes that the credit risk in a financial asset significantly increased if it is more than 180 days overdue. The Company considers a financial asset in default when: ● it is unlikely that the debtor will fully pay its loan obligations to the Company, without resorting to collateral (if any); or ● the financial asset is more than 180 days overdue. The Company determines the credit risk of a debt instrument by analyzing the payment history, financial, and current macroeconomic conditions of counterparty and assessment of rating agencies, where applicable, thereby evaluating each instrument, individually. The maximum period considered in the estimate of expected receivable loss is the maximum contractual period during which the Company is exposed to the credit risk. ● Measurement of expected credit losses Expected credit losses are discounted by the effective interest rate of a financial asset. ● Financial assets with credit recovery problems ● Reporting of impairment loss For financial instruments measured at fair value through other comprehensive income, the provision for losses is recognized in other comprehensive income, instead of reducing the asset’s carrying amount. Impairment losses related to trade receivables and other receivables, including contractual assets, are reported separately in the statement of operations and other comprehensive income. Losses of recoverable amounts from other financial assets are stated under “selling expenses”. ● Trade receivables and contractual assets: Positions within each group were segmented based on common characteristics of credit risk, such as: ● Level of credit risk and loss history for wholesale clients and property lease; and ● Status of default risk and loss history for credit card companies and other clients. 16.5 Considerations on risk factors that may affect the businesses of the Company 16.5.1 Credit Risk ● Cash equivalents ● Trade receivables The Company also has counterparty risk related to derivative instruments, which is mitigated by the Company carrying out transactions, according to policies approved by governance boards. There are no amounts receivable that are individually, higher than 5% of accounts receivable or sales, respectively. 16.5.2 Interest rate risk The Company obtains borrowings with major financial institutions for cash needs for investments. As a result, the Company is mainly exposed to relevant interest rates fluctuation risk, especially in view of derivatives liabilities (foreign currency exposure hedge) and CDI Indexed debts. The balance of cash and cash equivalents, indexed to CDI, partially offsets the interest rate risk. 16.5.3 Capital risk management The main objective of the Company’s capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments taking into account changes in the economic conditions. The Company’s capital structure is as follows: As of December 31, 2023 2022 Borrowings, debentures and promissory notes (15,184 ) (12,591 ) (-) Cash and cash equivalents 5,459 5,842 (-) Derivative financial instruments 274 182 Net debt (9,451 ) (6,567 ) Shareholders´ equity 4,630 3,896 % Net debt over shareholders’ equity 204 % 169 % 16.5.4 Liquidity risk management The Company manages liquidity risk through the daily analysis of cash flows and maturities of financial assets and liabilities. The table below summarizes the aging profile of the Company’s financial liabilities as of December 31, 2023. Less than 1 to 5 More than Total Borrowings 611 1,797 - 2,408 Debentures and promissory notes 3,026 13,256 1,241 17,523 Derivative financial instruments 111 (299 ) (368 ) (556 ) Lease liabilities 1,435 6,364 14,549 22,348 Trade payables 9,759 40 - 9,799 Trade payables – Agreements 1,459 - - 1,459 Trade payables – Agreements – Acquisition of hypermarkets 894 - - 894 Other accounts payable 167 - 49 216 17,462 21,158 15,471 54,091 The table above was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make a payment or be eligible to receive a payment. To the extent that interest rates are floating, the non-discounted amount is obtained based on interest rate curves as of December 31, 2023. Therefore, certain balances are not consistent with the balances reported in the balance sheets. 16.6 Derivative financial instruments The Company uses derivative financial instruments to limit the exposure to variation unrelated to the local market, such as interest rate swaps and exchange rate variation swaps. These derivative financial instruments are initially recognized at fair value on the date on which the derivative contract is executed and subsequently re-measured at fair value at the end of the reporting period. Derivatives are recorded as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Gains or losses resulting from changes in the fair value of derivatives are directly recorded in the statement of operations. At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which it intends to apply hedge accounting and its objective and risk management strategy for contracting the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the effectiveness of the changes in the hedging instrument’s fair value in offsetting the exposure to changes in the fair value of the hedged item or cash flow attributable to the hedged risk. These hedges are expected to be highly effective in offsetting changes in the fair value or cash flow and are assessed on an ongoing basis to determine if they have been highly effective throughout the periods for which they were designated. The following are recognized as fair value hedges: ● The change in the fair value of a derivative financial instrument classified as fair value hedging is recognized as financial result. The change in the fair value of the hedged item is recorded as a part of the carrying amount of the hedged item and is recognized in the statement of operations; and ● In order to calculate the fair value, future swap amounts are estimated according to the curves disclosed by B3 (CDI and Extended National Consumer Price Index (IPCA)), plus operation spreads. To calculate the present value of these operations, future amounts are discounted using the same curves, however, increased by the spreads disclosed by the Brazilian Association of Financial and Capital Market Entities (ANBIMA), referring to operations conducted in the secondary market. The Company uses financial instruments only to hedge identified, risks limited to 100% of the value of these risks. Derivative instruments transactions are exclusively used to reducing the exposure to the risk of changes in interest rates and foreign currency fluctuation and maintaining a balanced capital structure. Swap transactions are designated as fair value hedges, with the objective to hedge the exposure to fixed interest rates, converting the debt into interest rates. As of December 31, 2023, the notional amount of these contracts was R$2,956 (R$2,360 as of December 31, 2022). These transactions are usually contracted under the same term of amounts and carried out with a financial institution of the same economic group, observing the limits set by Management. According to the Company’s treasury policies, swaps cannot be contracted with restrictions (“caps”), margins, as well as return clauses, double index, flexible options or any other types of transactions different from traditional swap transactions to hedge against debts. The Company’s internal controls were designed to ensure that transactions executed conform to the treasury policy. The Company calculates the effectiveness of hedge transactions at the inception date and on a continuing basis. Hedge transactions contracted in the year ended December 31, 2023 were effective in relation to the covered risk. For derivative transactions that qualify as hedge accounting, the debt which is the hedged item, is also adjusted at fair value. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fair values are calculated using projected future cash flow, using the CDI curves and discounting to present value, using CDI market rates for swap both disclosed by the B3. In order to calculate the coupon of CDI indexed-positions, the exponential convention - 252 business days was adopted. Notional value Fair value 2023 2022 2023 2022 Swap of hedge Hedge purpose (debt) 2,956 2,360 3,230 2,542 Long position Fixed rate 106 106 110 109 USD + Fixed - 282 - 282 Hedge - CRI 2,850 1,972 3,120 2,151 Short position (2,956 ) (2,360 ) (2,964 ) (2,396 ) Net hedge position - - 266 146 Realized and unrealized gains and losses on these contracts during the year ended December 31, 2023, are recorded as financial revenues or expenses and the balance receivable at fair value is R$266 (balance receivable of R$146 as of December 31, 2022). Assets are recorded as “financial instruments” and liabilities as “debentures”. The effects of the fair value hedge recorded in the statement of operations for the year ended December 31, 2023, resulted in a loss of R$115, recorded under debt of cost, note 24 (gain of R$29 as of December 31, 2022 and loss of R$4 as of December 31, 2021). The outstanding derivative financial instruments are presented in the table below: Notional As of December 31, Description Risk (millions) Due date 2023 2022 Debt USD – BRL US$ 50 2023 - (36 ) Debt IPCA – BRL R$ 1,972 2028, 2029 and 2031 267 180 Interest rate swaps registered at CETIP Fixed rate x CDI R$ 879 2027 (5 ) - Fixed rate x CDI R$ 54 2027 2 1 Fixed rate x CDI R$ 52 2027 2 1 Derivatives - Fair value hedge – Brazil 266 146 16.7 Sensitivity analysis of financial instruments According to Management’s assessment, the possible reasonable changes scenario considered was, on the maturity date of each transaction, the market curves (interest) of B3. To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario (I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 10.00% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company’s results in an adverse scenario. In the case of derivative financial instruments (aiming at hedging the financial debt), changes in scenarios are accompanied by respective hedges, indicating that the effects are not significant. The Company disclosed the net effect of derivative financial instruments, each of the scenarios mentioned above in the sensitivity analysis as follows: Market projections Transactions Notes Risk Balance at Scenario Scenario Scenario Borrowings 16.9.1 CDI + 1.66% per year (1,952 ) (208 ) (219 ) (229 ) Borrowings (fixed rate) 16.9.1 CDI + 0.20% per year (40 ) (5 ) (5 ) (5 ) Debentures and promissory notes 16.9.1 CDI + 1.45% per year (13,378 ) (1,441 ) (1,513 ) (1,585 ) Total net effect (loss) (15,370 ) (1,654 ) (1,737 ) (1,819 ) Cash equivalents 6 95.92% of the CDI 5,085 510 536 561 Net exposure loss (10,285 ) (1,144 ) (1,201 ) (1,258 ) 16.8 Fair value measurement The Company discloses the fair value of financial instruments and other assets and liabilities measured or disclosed at fair value in accordance with IFRS 13. The fair value hierarchy levels are defined below: Level 1: Quoted (unadjusted) market prices in active markets for assets or liabilities. Level 2: Valuation techniques for which the lowest level inputs that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The data used in fair value models is obtained, whenever possible, from observable markets or from information in comparable transactions in the market, the benchmarking of the fair value of similar financial instruments, the analysis of discounted cash flows or other valuation models. Judgment is used in the determination of assumptions in relation to liquidity risk, credit risk and volatility. Changes in assumptions may affect the reported fair value of financial instruments. In the case of financial instruments not actively negotiated, the fair value is based on valuation techniques defined by the Company and compatible with usual market practices. These techniques include the use of recent market operations between independent parties, the benchmarking of similar financial instruments’ fair value, the analysis of discounted cash flows, or other valuation models. The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the financial statements: Carrying amount Fair value 2023 2022 2023 2022 Trade receivables with credit cards companies and sales tickets 985 424 985 424 Swaps of annual rates between currencies - (36 ) - (36 ) Interest rate swaps (1 ) 2 (1 ) 2 Interest rate swaps - CRI 267 180 267 180 Borrowings and debentures (fair value) (3,182 ) (2,435 ) (3,182 ) (2,435 ) Borrowings and debentures (amortized cost) (11,994 ) (10,120 ) (11,716 ) (9,974 ) (13,925 ) (11,985 ) (13,647 ) (11,839 ) There was no change between the fair value measurements hierarchy levels during the year ended December 31, 2023. Cross-currency and interest rate swaps and borrowings are classified as level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate. 16.9 Borrowings 16.9.1 Debt breakdown As of December 31, Average rate 2023 2022 Debentures and promissory notes Debentures and promissory notes CDI + 1.45% per year 13,378 11,123 Borrowing costs (185 ) (98 ) 13,193 11,025 Derivative financial instruments – Debentures and promissory notes Swap contracts CDI + 0.89% per year (270 ) (180 ) Swap contracts CDI + 1.32% per year 8 - (262 ) (180 ) Borrowings in domestic currency Working capital CDI + 0.20% per year 40 51 Working capital CDI + 1.66% per year 1,952 1,223 Borrowing costs (9 ) (6 ) 1,983 1,268 Derivative financial instruments – Domestic currency Swap contracts CDI + 0.89% per year (4 ) (2 ) (4 ) (2 ) In foreign currency Working capital USD + 1.06% per year - 262 - 262 Derivative financial instruments – Foreign currency Swap contracts CDI + 1.35% per year - 36 - 36 Total of borrowings, debentures and promissory notes 14,910 12,409 Current asset (48 ) (27 ) Non-current asset (226 ) (155 ) Current liabilities 2,115 1,260 Non-current liabilities 13,069 11,331 16.9.2 Debt rollforward Amounts Balance as of January 1, 2021 7,763 Funding - working capital 6,183 Borrowing costs (93 ) Interest provision 559 Swap contracts 39 Mark-to-market 31 Exchange rate and monetary variation 5 Debt modification impact (71 ) Borrowing costs 64 Interest amortization (406 ) Principal amortization (6,075 ) Swap amortization 2 Balance as of December 31, 2021 8,001 Funding - working capital 4,001 Borrowing costs (42 ) Interest provision 1,436 Swap contracts 82 Mark-to-market (111 ) Exchange rate and monetary variation (18 ) Borrowing costs amortization 26 Interest amortization (783 ) Principal amortization (61 ) Swap amortization (122 ) Balance as of December 31, 2022 12,409 Funding - working capital 3,392 Borrowing costs amortization (i) (142 ) Interest provision 1,746 Swap contracts 39 Mark-to-market 14 Exchange rate and monetary variation (16 ) Borrowing costs amortization 52 Interest amortization (1,085 ) Principal amortization (1,326 ) Swap amortization (173 ) Balance as of December 31, 2023 14,910 (i) Include costs related to negotiation of waiver in the change of the shareholding control in the amount of R$93, as disclosed in note 10.1, in capital market operations carried out during the year, without changes to other contractual clauses with financial institutions. 16.9.3 Schedule of non-current debt maturities Maturity Amounts From 1 to 2 years 4,767 From 2 to 3 years 1,684 From 3 to 4 years 3,654 From 4 to 5 years 1,823 More than 5 years 1,051 12,979 Borrowing Cost (136 ) 12,843 16.10 Debentures and promissory notes Outstanding Annual Issue Debentures Date financial Unit price As of December 31, Type amount (units) Issuance Maturity charges (in Reais) 2023 2022 First Issue of Promissory Notes – 4 th non-preemptive right 250 5 7/4/2019 7/4/2023 CDI + 0.72% per year - - 317 First Issue of Promissory Notes – 5 th non-preemptive right 200 4 7/4/2019 7/4/2024 CDI + 0.72% per year 72,272,432 289 254 First Issue of Promissory Notes – 6 th non-preemptive right 200 4 7/4/2019 7/4/2025 CDI + 0.72% per year 72,272,432 289 254 Second Issue of Debentures – 1 st non-preemptive right 940,000 940,000 6/1/2021 5/20/2026 CDI + 1.70% per year 1,015 954 957 Second Issue of Debentures – 2 nd non-preemptive right 660,000 660,000 6/1/2021 5/22/2028 CDI + 1.95% per year 1,015 670 672 Second Issue of Promissory Notes – 1 st non-preemptive right 1,250,000 1,250,000 8/27/2021 8/27/2024 CDI + 1.47% per year 1,345 1,681 1,467 Second Issue of Promissory Notes – 2 nd non-preemptive right 1,250,000 1,250,000 8/27/2021 2/27/2025 CDI + 1.53% per year 1,347 1,683 1,468 Third Issue of Debentures – 1 st non-preemptive right 982,526 982,526 10/15/2021 10/16/2028 IPCA + 5.15% per year 1,142 1,122 1,072 Third Issue of Debentures – 2 nd non-preemptive right 517,474 517,474 10/15/2021 10/15/2031 IPCA + 5.27% per year 1,143 591 565 Fourth Issue of Debentures - single series non-preemptive right 2,000,000 2,000,000 1/7/2022 11/26/2027 CDI + 1.75% per year 1,012 2,024 2,038 First Issue of Commercial Paper Notes - single series non-preemptive right 750,000 750,000 2/10/2022 2/9/2025 CDI + 1.70% per year 1,053 790 793 Fifth Issue of Debentures - single series - CRI non-preemptive right 250,000 250,000 4/5/2022 3/28/2025 CDI + 0.75% per year 1,030 258 258 Sixth Issue of Debentures - 1st series - CRI non-preemptive right 72,962 72,962 9/28/2022 9/11/2026 CDI + 0.60% per year 1,035 76 75 Sixth Issue of Debentures - 2nd series - CRI non-preemptive right 55,245 55,245 9/28/2022 9/13/2027 CDI + 0.70% per year 1,036 58 57 Sixth Issue of Debentures - 3rd series – CRI non-preemptive right 471,793 471,793 9/28/2022 9/13/2029 IPCA + 6.70% per year 1,078 508 485 Second Issue of Commercial Paper Notes - single series non-preemptive right 400,000 400,000 12/26/2022 12/26/2025 CDI + 0.93% per year 1,143 458 401 Seventh Issue of Debentures - 1st series – CRI non-preemptive right 145,721 145,721 7/25/2023 7/15/2026 CDI + 1.00% per year 1,057 154 - Seventh Issue of Debentures - 2nd series – CRI non-preemptive right 878,503 878,503 7/25/2023 7/15/2027 Pre 11.75% per year 1,049 921 - Seventh Issue of Debentures - 3rd series – CRI non-preemptive right 46,622 46,622 7/25/2023 7/17/2028 CDI + 1.15% per year 1,058 50 - Eighth Issue of Debentures - 1st series – CRI non-preemptive right 400,000 400,000 12/22/2023 12/22/2027 CDI + 1.85% per year 1,002 401 - Eighth Issue of Debentures - 2nd series – CRI non-preemptive right 400,000 400,000 12/22/2023 12/22/2028 CDI + 1.95% per year 1,002 401 - Borrowing Cost (185 ) (98 ) 13,193 11,025 The Company issues debentures to strengthen its working capital, maintain its cash strategy, lengthen its debt profile and make investments. The debentures issued are unsecured, without renegotiation clauses and not convertible into shares. 16.11 Borrowings in foreign currencies As of December 31, 2023, due to the settlement of the agreement with Scotiabank, the Company has no borrowing in foreign currency. 16.12 Guarantees As of December 31, 2023, the Company has no guarantees related to its borrowing agreement. 16.13 Swap contracts The Company uses swap operations for 100% of its borrowings denominated in fixed interest rates and IPCA, exchanging these liabilities for the CDI (floating) interest rates. The annual average rate at CDI as of December 31, 2023 was 13.04% (12.43% as of December 31, 2022). 16.14 Financial covenants In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company’s financial statements drawn up in accordance with the accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months (LTM) ratio should be lower than or equal to 3.00. As of December 31, 2023 and 2022, the Company was compliant with all contractual obligations and ratios. |
Provision for Legal Proceedings
Provision for Legal Proceedings | 12 Months Ended |
Dec. 31, 2023 | |
Provision for Legal Proceedings [Abstract] | |
Provision for legal proceedings | 17 Provision for legal proceedings Provisions are recognized when the Company has a present obligation (legal or not formalized) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the obligation can be reliably estimated. The expense related to any provision is recognized in statement of operations for the year, net of any reimbursement. The Company’s policy is to record attorney’s fees upon success. In the explanatory notes, the amounts involved are disclosed for cases not yet concluded and with a possible chance of success. In order to assess the outcome’s probability the Company considers available evidence, the hierarchy of laws, prior court decisions in similar cases and their legal significance, as well as the legal counsel’s opinion. The provision for legal proceedings is estimated by the Company and supported by its legal counsel, for an amount considered sufficient to cover probable losses. Tax claims Social security and labor Civil Total Balance as of December 31, 2022 55 86 24 165 Additions 17 172 22 211 Reversals (6 ) (49 ) (5 ) (60 ) Payments (4 ) (59 ) (8 ) (71 ) Monetary correction - 13 5 18 Balance as of December 31, 2023 62 163 38 263 Restricted deposits for legal proceedings (1 ) (15 ) (10 ) (26 ) Net provision of judicial deposits 61 148 28 237 Tax claims Social security and labor Civil Total Balance as of December 31, 2021 109 69 27 205 Additions 14 74 13 101 Reversals (73 ) (31 ) (4 ) (108 ) Payments - (33 ) (16 ) (49 ) Monetary correction 5 7 4 16 Balance as of December 31, 2022 55 86 24 165 Restricted deposits for legal proceedings (7 ) (29 ) (8 ) (44 ) Net provision of judicial deposits 48 57 16 121 Tax claims Social security and labor Civil Total Balance as of December 31, 2020 169 64 49 282 Additions 39 44 8 91 Reversals (106 ) (23 ) (10 ) (139 ) Payments - (21 ) (28 ) (49 ) Monetary correction 7 5 8 20 Balance as of December 31, 2021 109 69 27 205 Restricted deposits for legal proceedings (65 ) (45 ) (2 ) (112 ) Net provision of judicial deposits 44 24 25 93 Of the total amount of the table above, R$50 (R$24 as of December 31, 2022) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$3 tax claims, R$27 labor claims and R$20 civil claims (R$3 tax claims, R$12 labor claims and R$9 civil claims as of December 31, 2022). 17.1 Tax claims Tax claims are subject by law to the monthly monetary correction, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest rates charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts. The main tax claims provisioned are as follows: The Company has other tax claims, which according to its legal counsels’ analysis, were provisioned, namely: (i) discussions on the non-application of Prevention Accident Factor (FAP); (ii) staple basket; and (iii) other matters. The provisioned amount as of December 31, 2023, for these matters is R$62 (R$55 as of December 31, 2022). 17.2 Social security and labor The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of December 31, 2023, the Company recorded a provision of R$163 (R$86 as of December 31, 2022), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsels, assesses these claims and recording provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed. 17.3 Civil The Company is party to civil proceedings (indemnifications, collections, among others) in different procedural phases and various central courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable. Among these proceedings, we highlight the following: The Company is party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the amount originally paid by stores and the amounts claimed by the adverse party in the lawsuit when internal and external legal counsels consider the probability of changing the lease amount paid by the entity. As of December 31, 2023, the provision for these lawsuits amounted to R$32 (R$19 as of December 31, 2022), for which there are no judicial deposits for legal proceedings. The Company is party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, assisted by its legal counsel, assesses these claims recording provisions for probable cash disbursements, according to the probability of loss. As of December 31, 2023, the provision for these lawsuits is R$6 (R$5 as of December 31, 2022). The Company’s total civil, regulatory and property claims as of December 31, 2023, is R$38 (R$24 as of December 31, 2022). 17.4 Possible contingent liabilities The Company is party to other litigations for which the probability of loss was deemed by its legal counsel to be possible, but not probable, therefore, not accrued, which are related to: As of December 31, 2023 2022 Tax on Financial Transactions (IOF) – payment differences. 14 14 PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. 783 650 ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. 1,216 1,084 ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. 18 16 INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. 24 23 Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. 98 44 Compensation linked to the external legal counsel’s success fee if all the proceedings were concluded in favor of the Company. 20 14 2,173 1,845 Of the total amount in the table above, R$1,494 (R$1,352 as of December 31, 2022) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,398 tax claims and R$96 civil claims (R$1,309 tax claims and R$43 civil claims as of December 31, 2022). Three collective proceedings were opened due to an approach to a customer, in August 2021 at the store in Limeira - SP, in which claim supposed racial issues. All cases were satisfactorily answered and are still in the initial phase awaiting regular progress by the judiciary. As of December 31, 2023, there are two collective proceedings in current, it is still not possible to reasonably estimate the amounts involved, due to the subjectivity of the matter and the absence of precedent in the jurisprudence in collective proceedings on the subject. No significant impact on financial statement is expected. 17.4.1 Uncertainty over IRPJ and CSLL treatments In compliance with IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government’s regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the tax treatment adopted by the Company is adequate, therefore, these proceedings were classified as less than more likely than not. As of December 31, 2023, the amount involved was R$917 (R$598 as of December 31, 2022). 17.5 Guarantees The Company presented bank guarantees and insurance guarantees to judicial process related a civil, tax and labor nature, described below: As of December 31, Lawsuits 2023 2022 Tax 1,113 700 Labor 75 91 Civil and others 557 505 1,745 1,296 The cost of guarantees as of December 31, 2023 is approximately 0.19% per year of the amount of the lawsuits (0.29% per year as of December 31, 2022) and is recorded as a financial expense. 17.6 Restricted deposits for legal proceedings The Company is challenging the payment of certain taxes, contributions, and labor liabilities and made judicial deposits in the corresponding amounts, as well as escrow deposits related to the provision for legal proceedings. The Company recorded amounts referring to judicial deposits in its assets as follows: As of December 31, Lawsuits 2023 2022 Tax 18 12 Labor 16 34 Civil and others 10 10 44 56 |
Deferred Revenues
Deferred Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Deferred revenues [Abstract] | |
Deferred revenues | 18 Deferred revenues Deferred revenues are recognized by the Company as a liability due to anticipation of amounts received from business partners. These are recognized in the statement of operations in the periods when the services are rendered to these business partners. As of December 31, 2023 2022 Sale and Leaseback - 3 Rental of spaces in stores (i) 296 259 Checkstand (ii) 89 45 Commercial agreement – payroll (iii) 48 39 Marketing and others 22 13 455 359 Current 418 328 Non-current 37 31 (i) Rental of backlight panels. (ii) Supplier product exhibition modules, or check stands, rental of POS displays, and front-fee anticipation with credit card operators. (iii) Commercial agreement with a financial institution for exclusivity in payroll processing. |
Income Tax and Social Contribut
Income Tax and Social Contribution | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax and Social Contribution [Abstract] | |
Income tax and social contribution | 19 Income tax and social contribution Current income tax and social contribution Current income tax and social contribution assets and liabilities are measured by the amount expected to be refunded or paid to the tax authorities. The tax rates and laws adopted to calculate tax are those effective or substantially effective, at the balance sheet dates. Income taxes in Brazil consist of Corporate Income Tax (“IRPJ”) and Social Contribution on Net Income (“CSLL”), calculated based on taxable income, at the statutory rates set forth in the legislation in force: 15% on taxable income plus an additional 10% on annual taxable income exceeding R$ 240 for IRPJ, and 9% for CSLL. Deferred income tax and social contribution Deferred income tax and social contribution are generated by temporary differences, at the end of the reporting periods, between the tax bases of assets and liabilities, carrying amounts and all unused tax losses, to the extent it is probable that taxable income will occur from which temporary differences and unused tax losses can be deducted; except when deferred income tax and social contribution referring to the deductible temporary difference results from the initial recognition of an asset or liability in an operation which is not a business combination and, at the moment of operation, neither affects the accounting profit nor the tax income or loss. With respect to deductible temporary differences associated with investments in subsidiaries, deferred income tax, and social contribution are recognized only if temporary differences can be reversed in the foreseeable future and taxable income will be available from which temporary differences can be used. The carrying amount of deferred income tax and social contribution assets is reviewed at the end of each reporting period and reduced since it is no longer probable that taxable income will be sufficient to allow the use of total or part of deferred income tax and social contribution. Non-recognized deferred income tax and social contribution assets are re-assessed at the end of the reporting period and again recognized, since it is probable that future taxable income will allow the recovery of these assets. Accumulated loss carryforwards from deferred income tax and social contribution do not expire, but their utilization, as provided for by laws, is restricted to 30% of taxable income of each year for Brazilian legal entities and refer to their subsidiaries which have tax planning to use these balances. Deferred taxes relating to items directly recognized in shareholders’ equity are also recognized in shareholders’ equity, and not in the statement of operations. Deferred income tax and social contribution assets and liabilities are offset if there is any legal or contractual right to offset the tax assets against the income tax liabilities, and deferred assets refer to the same taxpayer entity and the same tax authority. Due to the nature and complexity of the Company’s businesses, differences between effective results and assumptions adopted or future alterations of these assumptions may result in future adjustments to tax revenue and expenses already recorded. The Company set up provisions, based on reasonable estimates for taxes due. The value of these provisions is based on several factors, such as the experience of previous inspections and different interpretation of tax regulation by taxpayer entity and related tax authority. These different interpretations can refer to a wide variety of issues, depending on the conditions in force at the home of the respective entity. 19.1 Reconciliation of income tax and social contribution expense For the year ended December 31, 2023 2022 2021 Earnings before income tax and social contribution 554 1,335 1,849 Expense of income tax and social contribution (188 ) (454 ) (629 ) Adjustments to reflect the effective rate Tax fines (3 ) (2 ) (1 ) Share of profits 17 15 16 Interest on own capital - 17 22 ICMS subsidy – tax incentives (i) 319 248 241 Interest Selic credits (ii) - - 81 Credits of monetary corrections 15 64 11 Other permanent differences (4 ) (3 ) 20 Effective income tax and social contribution 156 (115 ) (239 ) Income tax and social contribution for the year Current (6 ) (75 ) (366 ) Deferred 162 (40 ) 127 Benefits (expenses) income tax and social contribution 156 (115 ) (239 ) Effective rate -28.2 % 8.6 % 12.9 % (i) The Company has tax benefits that are characterized as investment subsidies as provided for in Complementary Law 160/17 and Law 12,973/14. In the year ended December 31, 2023, the Company excluded the IRPJ and CSLL calculation bases from the amount constituted and to be constituted in the subsequent years in the tax incentive reserve, see note 20.5. (ii) The credit refers to the decision general repercussion of STF which understood that the SELIC interest arising from the repetition of undue payment, have the nature of emergent damage. Therefore, there is no taxation of IRPJ and CSLL on the interest portion. 19.2 Breakdown of deferred income tax and social contribution Key components of deferred income tax and social contribution in the balance sheets are the following: As of December 31, 2023 2022 Assets Liabilities Net Assets Liabilities Net Deferred income tax and social contribution Tax losses 385 - 385 213 - 213 Provision for legal proceedings 81 - 81 44 - 44 Exchange rate variation - (66 ) (66 ) - (28 ) (28 ) Goodwill tax amortization - (317 ) (317 ) - (317 ) (317 ) Fair value adjustment - (25 ) (25 ) - (29 ) (29 ) Property, plant and equipment and intangible assets 25 - 25 30 - 30 Unrealized losses with tax credits - (15 ) (15 ) - (6 ) (6 ) Provision for restructuring - - - 12 - 12 Borrowings costs - (66 ) (66 ) - (35 ) (35 ) Lease net of right of use 3,071 (2,932 ) 139 2,785 (2,684 ) 101 Provision of inventory 30 - 30 26 - 26 Others - - - - (5 ) (5 ) Gross deferred income tax and social contribution assets (liabilities) 3,592 (3,421 ) 171 3,110 (3,104 ) 6 Compensation (3,421 ) 3,421 - (3,104 ) 3,104 - Net deferred income tax and social contribution assets (liabilities), net 171 - 171 6 - 6 Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income. This assessment was based on information from the strategic planning report previously approved by the Board of Directors of Sendas Distribuidora. The Company estimates the recovery of the deferred tax assets as of December 31, 2023, as follows: Years Amounts Up to 1 year 164 From 1 year to 2 years 333 From 2 year to 3 years 9 From 4 years to 5 years 1 More than 5 years 3,085 3,592 19.3 Deferred tax rollforward For the year ended December 31, 2023 2022 2021 At the beginning of the year 6 45 (82 ) Benefits (expenses) in the year 162 (40 ) 127 Income tax effect 3 1 - At the end of the year 171 6 45 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders’ Equity [Abstract] | |
Shareholders’ equity | 20 Shareholders’ equity 20.1 Capital stock and stock rights According to the Company’s bylaws, the Company’s authorized share capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: Number of shares Amount As of December 31, 2020 1,341,757,835 761 Capital increase – Board of Directors’ Meeting on 07/01/2021 2,720,530 18 Capital increase – Board of Directors’ Meeting on 07/27/2021 2,020,930 8 Capital increase – Board of Directors’ Meeting on 12/07/2021 175,182 1 Total changes for the year 4,916,642 27 As of December 31, 2021 1,346,674,477 788 Capital increase – Board of Directors’ Meeting on 02/21/2022 239,755 1 Capital increase – Extraordinary General Meeting on 04/28/2022 - 464 Capital increase – Board of Directors’ Meeting on 05/09/2022 298,919 2 Capital increase – Board of Directors’ Meeting on 07/27/2022 1,119,515 3 Capital increase – Board of Directors’ Meeting on 10/20/2022 650,808 3 Capital increase – Board of Directors’ Meeting on 12/06/2022 181,920 2 Total changes for the year 2,490,917 475 As of December 31, 2022 1,349,165,394 1,263 Capital increase – Board of Directors’ Meeting on 02/15/2023 59,870 1 Capital increase – Board of Directors’ Meeting on 03/28/2023 1,031,232 1 Capital increase – Board of Directors’ Meeting on 08/18/2023 1,207,046 4 Capital increase – Board of Directors’ Meeting on 10/30/2023 213,458 2 Capital increase – Board of Directors’ Meeting on 12/08/2023 156,200 1 Total changes for the year 2,667,806 9 As of December 31, 2023 1,351,833,200 1,272 20.2 Distribution of dividends and interest on own capital Management proposed that the income for the year ended December 31, 2023 be allocated to the tax incentive reserve, therefore, no dividends were distributed and no interest on own capital was paid, as shown below: For the year ended December 31, 2023 2022 2021 Net income for the year 710 1,220 1,610 Tax incentive reserve (710 ) (753 ) (709 ) Base for legal reserve - 467 901 % Legal reserve 5 % 5 % 5 % Legal reserve for the year - 23 5 Minimum mandatory dividends – 25% - 111 224 Interest on own capital paid/payable intermediaries (i) - (43 ) (56 ) Minimum mandatory dividends paid in the form of interest on shareholder’s equity - 68 168 (i) At a meeting of the Board of Directors held on December 23, 2022, the advance payment of interest on own capital in the gross amount of R$50 was approved, pursuant to which the withholding tax was deducted in the amount of R$7, corresponding to the net amount of R$43. The effective payment occurred on February 17, 2023. At the Annual General Meeting (“AGM”) of shareholders held on April 27, 2023, shareholders voted for the approval of the minimum mandatory dividend in the amount of R$68, calculated in accordance with Brazilian Corporate Law. The total amount relating to dividends corresponding to R$0.0500185431139003 per common share was paid in June 2023. Shareholders are entitled to receive a mandatory minimum annual dividend equivalent to 25% of the net income for each fiscal year, adjusted in accordance with the law, offsetting in annual dividends interest on own capital and dividends distributed in the year. The net profits or losses will be allocated by the shareholders, and their distribution, if any, will be made in the proportion established by them at the time. The Company may, at the discretion of the Administration, pay interest on own capital, the net amount of which will be imputed to the mandatory minimum dividends, as provided for in article 9 of Law 9249/95. Interest on own capital is calculated based on the balance of shareholders’ equity, limited to the variation, pro rata day, of the Long-Term Interest Rate - TJLP. The actual payment or credit of interest on own capital is conditioned to the existence of profits (net profit for the year after deducting social contribution on net profit and before deducting the provision for income tax), computed before deducting interest on equity, or retained earnings and profit reserves equal to or greater than twice the interest to be paid or credited. Interest will be subject to income tax at source at the rate of 15%, on the date of payment or credit to the beneficiary. 20.3 Profit reserve Legal reserve: this is recorded by appropriating 5% of the net income of each fiscal year, observing the 20% limit of capital. As of December 31, 2023, the amount was R$180 (R$180 as of December 31, 2022). As of December 31, 2023, no For the year ended December 31, 2023 2022 2021 Net income for the year 710 1,220 1,610 Tax incentive reserve (710 ) (753 ) (709 ) Base for legal reserve - 467 901 % Legal reserve 5 % 5 % 5 % Legal reserve for the year - 23 5 20.4 Expansion Reserve At the Annual General Meeting held on April 28, 2022, the constitution of the expansion reserve in the amount of R$632 was approved, against the profit reserve of the year 2021. At the AGM held on April 27, 2023 the constitution of the expansion reserve in the amount of R$325 was approved, against the earnings reserve of the year 2022. 20.5 Tax incentive reserve According to the legal basis mentioned in note 19.1, tax incentives granted by the States for a considered investment, deductible for the assessment of income tax and social contribution. Thus, at the end of December 31, 2023, the Company allocated the amount of R$939 to the tax incentive reserve (R$753 as of December 31, 2022), of which R$710 refers to the amount of incentives generated in 2023 and constituted in the same year and R$229 to be recognized when the Company reports income in subsequent periods. As provided for in article 30 of Law 12,973/14, the tax incentive reserve may be used to absorb losses, provided that the other profit reserves have already been fully absorbed, with the exception of the legal reserve, or for an increase in capital. Within the same legal provision, the tax incentive reserve and legal reserve are not part of the calculation basis for the minimum mandatory dividend, and the Company must subject it to taxation, in case of distribution. 20.6 Share-based payment 20.6.1 Recognized Options Granted The expenses associated to the Company’s executives’ share-based payments in accordance with IFRS 2 – Share-based payment, are recognized “Stock options granted”. The Company’s employees and executives of entities of their economic group may receive payment based on shares, when employees provide services in exchange for equity instruments (“transactions settled with shares”). The Company measures the transaction costs of employees eligible for share-based compensation, based on the fair value of equity instruments on the grant date. Estimating the fair value of share-based payment transactions requires a definition of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires a definition of the most appropriate information for the valuation model, including the stock option life expectancy, volatility and dividend return, as well as the preparation of corresponding assumptions. The cost of operations settled with shares is recognized as an expense for the year, together with a corresponding increase in shareholders’ equity, during the year in which the performance and / or service provision conditions are met. Accumulated expenses recognized in relation to equity instruments on each base date, up to the acquisition date, reflect the extent to which the acquisition period has expired and the best estimate of the Company of the number of equity instruments that will be acquired. The expense or reversal of expenses for each year represents the movement in accumulated expenses recognized at the beginning and end of the year. Expenses related to services that have not completed their acquisition period are not recognized, except in the case of operations settled with shares in which the acquisition depends on a market condition or non-acquisition of rights, which are treated as acquired, regardless of whether the market condition or non-acquisition of rights is satisfied or not, provided that all other performance and / or service provision conditions are met. When an equity instrument is modified, the minimum expense recognized is the expense that would have been incurred if the terms had not been modified. An additional expense is recognized in the event of a change the total fair value of the share-based payment transaction or that otherwise benefits the employee, as measured on the date of the change. In case of cancellation of an equity instrument, it is treated as if it were fully acquired on the date of cancellation, and any expenses not yet recognized, referring to the premium, are recognized immediately in the income for the year. This includes any premium whose conditions of non-acquisition under the control of the Company or the employee are not met. However, if the canceled plan is replaced by a new plan and substitute grants are generated, on the date it is granted, the canceled grant and the new plan will be treated as if they were a modification of the original grant, as described in the previous paragraph. All cancellations for transactions settled with shares are treated in the same way. The dilutive effect of outstanding options is reflected as an additional dilution of shares in the calculation of diluted earnings per share. The following describes the stock option plan as of December 31, 2023. Company’s compensation plan The Company’s compensation plan (“Compensation Plan”) is managed by Company’s Board of Directors, which delegated to the Human Resources, Culture and Compensation Committee (“Committee”) the responsibility to grant options and advise on the management of the Compensation Plan. Members of the Committee meet to grant options from the Compensation Plan series and whenever there are questions raised regarding the compensation plan. Each series of options granted are assigned the letter “B” followed by a number. For the year ended December 31, 2023, the B8, B9 and B10 series options were in effect. Options granted to a participant will not be exercisable for a period of 36 (thirty six) months from the date of grant (“grace period”), except with formal authorization by the Company, and may only be exercised in the period beginning on the first day of the 37th (thirty-seventh) month from the date of grant, and ends on the last day of the 42nd (forty-second) month from the date of grant (“exercise period”). The participants may exercise their total purchase options or in part, in one or more times, if for each year, the option exercise term is submitted during the exercise period. The exercise price of each stock option granted under the Compensation Plan should correspond to R$0.01 (“exercise price”). The exercise price of the options shall be paid in full in local currency by check or wire transfer available to the bank account held by the Company, in the tenth (10th) day preceding the date of acquisition of the shares. The Company withholds any applicable tax under Brazilian tax law, less the number of shares delivered to the participant amount equivalent to taxes withheld. Company’s option plan The Company’s option plan (“Option Plan”) is managed by the Company’s Board of Directors, which delegated to the Committee the responsibility to grant options and advise on the management of the Option Plan. Members of the Committee meet to grant options from the Option Plan series and whenever there are questions raised regarding the Option Plan. Each series of options granted receive the letter “C” followed by a number. For the year ended December 31, 2023, the C8, C9 and C10 series options granted were in effect. For each series of stock options granted under the Option Plan, the exercise price of each stock option shall be equivalent to 80% of the closing price of the average of the Company’s common shares traded in the prior twenty (20) days on the B3 prior to the date of the Committee meeting that decides upon the granting of the options of that series (“exercise price”). Options granted to a participant shall be exercisable for a period of 36 (thirty six) months from the date of grant (“grace period”), and may only be exercised in the period beginning on the first day of the 37th (thirty-seventh) months as from the grant date, and ends on the last day of the 42nd (forty-second) month as of the grant date (“exercise period”), provided the exceptions included in the Compensation Plan. The participant may exercise their options in full or in part, in one or more times, if for each year the option exercise agreement is submitted during the exercise period. The exercise price of the options shall be paid in full in local currency by check or wire transfer available to the bank account held by the Company, provided that the payment deadline will always be the tenth (10th) day preceding the date to acquire the shares. Information relating to the Company’s option plan and compensation plan is summarized below: As of December 31, 2023 Number of shares (in thousands) Granted series Grant date 1st exercise date Strike price on the grant date Grantees Exercised Cancelled Current B8 5/31/2021 6/01/2024 0.01 363 (20 ) (45 ) 298 C8 5/31/2021 6/01/2024 13.39 363 (20 ) (45 ) 298 B9 5/31/2022 6/01/2025 0.01 2,163 (358 ) - 1,805 C9 5/31/2022 6/01/2025 12.53 1,924 (119 ) - 1,805 B10 (i) 5/31/2023 6/01/2026 0.01 1,390 - - 1,390 C10 (i) 5/31/2023 6/01/2026 11.82 1,390 - - 1,390 7,593 (517 ) (90 ) 6,986 (i) Shares granted to executives excluding statutory officers. 20.6.2 Consolidated information of Company’s share-based payment plans According to the terms of the plans, each option offers its beneficiary the right to buy a share of the Company. In both plans, the grace period is 36 months, always measured from the date on which the Board of Directors approved the issuance of the respective series of options. The stock options may be exercised by their beneficiaries within 6 months after the end of the grace period of the respective grant date. To exercise their options, beneficiaries of the plans must be employees of the Company. The plans differ solely by exercise price of the options and in the existence or not of a restriction period for the sale of the shares acquired in the exercise of the option. According to the plans, the options granted in each of the series may represent maximum 2% of the total shares issued by the Company. The table below shows the maximum percentage of dilution to which current shareholders eventually being subject to in the event that all options granted are exercised until December 31, 2023: For the year ended December 31, (in thousands) Number of shares 1,351,833 Balance of effective stock options granted 6,986 Maximum percentage of dilution 0.52 % The fair value of each option granted is estimated on the grant date, by using the options pricing model “Black-Scholes” taking into account the following assumptions: Series granted Weithted average fair value of option’s granted Estimated dividends Approximate estimated volatility Risk-free weighted average interest rate Exit rate Average remaining life expectancy B8 17.21 1.28 % 37.06 % 7.66 % 8.00 % 5 months C8 7.69 B9 15.27 1.20 % 37.29 % 12.18 % 8.00 % 17 months C9 7.35 B10 10.33 1.31 % 35.32 % 10.87 % 8.00 % 29 months C10 3.28 Shares Weighted average of exercise price (R$) Weighted average of remaining contractual term As of December 31, 2021 668 6.70 2.42 As of December 31, 2022 Granted during the year 4,087 5.90 Exercised during the year (104 ) 6.01 Outstanding at year end 4,651 6.01 2.28 Total to be exercised as of December 31, 2022 4,651 6.01 2.28 As of December 31, 2023 Granted during the year 2,780 5.92 Cancelled during the year (32 ) 5.97 Exercised during the year (413 ) 5.97 Outstanding at year end 6,986 5.97 1.73 Total to be exercised as of December 31, 2023 6,986 5.97 1.73 The amount recorded in the statement of operations for the year ended December 31, 2023 was R$28 (R$14 as of December 31, 2022). 20.6.3 Cash-settled share-based payment plan At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company’s Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company’s shares traded on B3 under the ticker ASAI3. The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting periods of the shares. 1,989,465 shares were granted to the Company’s officers and the premium related to 50% of the shares will be conditional on compliance with the service condition (shares conditioned on time) and the other 50% of the shares will be conditional on the cumulative compliance with the service condition and the performance condition (shares conditioned on time and performance). For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period): a) 20% (twenty percent) on the 3-year anniversary from the grant date; b) 20% (twenty percent) on the 4-year anniversary from the grant date; and c) 60% (sixty percent) on the 5-year anniversary from the grant date. For shares conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance (“ESG”) goal with a weight of 30 %: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow. The targets above will be reviewed annually by the Board of Directors and non-achievement of them at December 31, 2026 and 2027 may be compensated by achievement on subsequent measurement dates. At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved. If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company’s initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties. As of December 31, 2023, the amount of the liability corresponding to the plan, including payroll charges, in recorded is “Other accounts payable” in the amount of R$4 and the total expense recognized, including payroll charges, was R$4 and the fair value of this plan in that date was R$35, including charges. |
Net Operating Revenue
Net Operating Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Net Operating Revenue [Abstract] | |
Net operating revenue | 21 Net operating revenue IFRS15 establishes a comprehensive framework to determine when and for how much revenue form contracts with customers should be recognized. Revenue a) Sale of goods Revenues from the sale of goods are recognized at their fair value when control over the products is transferred to the customer, the Company no longer has control or responsibility for the goods sold and the economic benefits generated for the Company are probable, which occurs substantially upon delivery of products to customers in stores, when the Company’s performance obligation is satisfied. Revenues are not recognized if their realization is uncertain. b) Revenue from services rendered The revenues earned are stated on a net basis and recognized in the statement of operations when it is probable that economic benefits will flow to the Company, and their amounts can be reliably measured. For the year ended December 31, 2023 2022 2021 Gross operating revenue Goods 72,535 59,510 45,550 Services rendered and others 250 174 111 72,785 59,684 45,661 (-) Revenue deductions Returns and sales cancellation (147 ) (109 ) (76 ) Taxes (6,135 ) (5,055 ) (3,687 ) (6,282 ) (5,164 ) (3,763 ) Net operating revenue 66,503 54,520 41,898 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [Abstract] | |
Expenses by Nature | 22 Expenses by nature Cost of sales The cost of goods sold comprises the acquisition cost of inventory net of discounts and considerations received from suppliers and logistics costs. Commercial agreement received from suppliers is measured based on contracts and agreements signed between the parties. The cost of sales includes the cost of logistics operations managed or outsourced by the Company, comprising the storage costs, handling, depreciation and amortization and freight incurred until good is available for sale. Transportation costs are included in the acquisition costs. Selling expenses Selling expenses consists of all stores expenses, such as payroll, marketing, occupation, maintenance, and expenses related to credit card companies, among others. Marketing expenses refer to advertising campaigns. The Company’s principal means of communication are: radio, television, newspapers, and magazines, and the amounts of its commercial agreement are recognized in the statement of operations upon realization. General and administrative expenses General and administrative expenses correspond to indirect expenses and the cost of corporate units, including procurement and supplies, information technology, and financial activities. For the year ended December 31, 2023 2022 2021 Inventory cost (54,685 ) (44,809 ) (34,163 ) Personnel expenses (4,137 ) (3,358 ) (2,512 ) Outsourced services (338 ) (264 ) (251 ) Selling expenses (1,093 ) (875 ) (646 ) Functional expenses (1,150 ) (883 ) (664 ) Other expenses (521 ) (534 ) (439 ) (61,924 ) (50,723 ) (38,675 ) Cost of sales (55,682 ) (45,557 ) (34,753 ) Selling expenses (5,411 ) (4,379 ) (3,334 ) General and administrative expenses (831 ) (787 ) (588 ) (61,924 ) (50,723 ) (38,675 ) |
Other Operating Revenue (Expens
Other Operating Revenue (Expenses), Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Operating Revenue (Expenses), Net [Abstract] | |
Other operating revenues (expenses), net | 23 Other operating revenues (expenses), net Other operating revenue and expenses correspond to the effects of significant or unusual events during the fiscal year not classified into the definition of other items of the statement of operations. For the year ended December 31, 2023 2022 2021 Result with property, plant and equipment and leases 55 (34 ) 12 Expenses related to legal proceedings (1 ) (19 ) 9 Restructuring expenses and others (5 ) (33 ) (74 ) Indemnity assets - 14 - 49 (72 ) (53 ) |
Net Financial Result
Net Financial Result | 12 Months Ended |
Dec. 31, 2023 | |
Net Financial Result [Abstract] | |
Net financial result | 24 Net financial result Financial revenue includes income generated by cash and cash equivalents, court deposits, and gains relating to the measurement of derivatives by fair value. Interest income is recorded for all financial assets measured by amortized cost, adopting the effective interest rate, which corresponds to the discount rate of payments or future cash receivables over the estimated useful life of financial instrument – or shorter period, where applicable – to the net carrying amount of financial asset or liability. Financial expenses substantially include all expenses generated by net debt and cost of sales of receivables during the fiscal year, the losses relating to the measurement of derivatives by fair value, the losses with sales of financial assets, financial charges over litigations, taxes, and interest expenses over financial leasing, as well as adjustments referring to discounts. For the year ended December 31, 2023 2022 2021 Financial revenues Cash and cash equivalents interest 123 152 87 Monetary correction (assets) 80 187 75 Revenue from anticipation of payables 42 40 18 Other financial revenues 36 15 8 Total financial revenues 281 394 188 Financial expenses Cost of debt (1,720 ) (896 ) (543 ) Cost and discount of receivables (119 ) (97 ) (51 ) Monetary correction (liabilities) (247 ) (401 ) (13 ) Interest on leasing liabilities (899 ) (509 ) (292 ) Other financial expenses (27 ) (6 ) (19 ) Total financial expenses (3,012 ) (1,909 ) (918 ) (2,731 ) (1,515 ) (730 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | 25 Earnings per share The Company calculates earnings per share by dividing the net income attributable to controlling shareholders, referring to each class of share, by the weighted average of the number of common shares during the fiscal year. Diluted earnings per share are calculated by dividing the net income attributed to holders of common shares (after adjusting for interest on preferred shares and on convertible securities, in both cases net of taxes) by the weighted average amount of common shares available during the year plus the weighted average number of common shares that would be issued upon conversion of all potential diluted common shares into common shares. The table below sets forth the net income available to holders of common shares and the weighted average number of common shares outstanding used to calculate basic and diluted earnings per share in each year: For the year ended December 31, 2023 2022 2021 Net income allocated available to holders of common shares (a) 710 1,220 1,610 Weighted average of the number of shares 1,350 1,348 1,344 Basic denominator (millions of shares) (b) 1,350 1,348 1,344 Weighted average of stock option 4 6 11 Diluted denominator (millions of shares) (c) 1,354 1,353 1,355 Basic earnings per million shares (R$) (a/b) 0.525574 0.905322 1.198020 Diluted earnings per million shares (R$) (a/c) 0.524174 0.901589 1.188520 |
Non-Cash Transactions
Non-Cash Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Non-Cash Transactions [Abstract] | |
Non-cash transactions | 26 Non-cash transactions The Company had transactions that did not represent cash disbursements, therefore, these were not reported in the Statement of Cash Flows, as follows: Transactions Note Write-off of provisions for the acquisition of points of sale against trade payables 12.2 Acquisition of property, plant and equipment not yet paid 12.4 Acquisition of intangible assets not yet paid 13.4 Sale of assets held for sale that have not yet been received 27 |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Assets Held for Sale [Abstract] | |
Assets held for sale | 27 Assets held for sale Non-current assets and groups of assets are classified as held for sale if the carrying amount will be recovered through a sale transaction, rather than continued use. This condition is considered to be met only when the asset is available for immediate sale in its present condition, subject only to terms that are customary for sales of such assets and their sale is highly probable. Management must be committed to effecting the sale, and the estimated time for the sale to be completed must be within one year. Non-current assets classified as held for sale are measured at the lower of carrying amount and market value less cost of sale. For the 2022 Hypermarkets stores (i) 95 95 (i) On February 25, 2022, GPA and the Company sold 17 owned properties (11 owned by GPA and 6 properties acquired by the Company) with a total sale value of up to R$1,200, to the Brazel Properties real estate fund (“Fund”) with the intervention and guarantee of the Company. The balance as of December 31, 2022, corresponded to one property owned by GPA and the sale to the Fund was completed on July 11, 2023. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Segment information | 28 Segment information The Company is involved in the operation of retail stores located in 24 Brazilian states and the Federal District. Operating segments are disclosed consistently with the internal report submitted to the main operating decision-maker, identified as the Chief Executive Officer. The chief operating decision-maker allocates resources and evaluates performance by reviewing results and other segment-related information. The Company deems irrelevant the disclosure of information on sales per product category, given that similar products are sold based on each business’ strategies and each segment has its own management controls. The Company operated in one operating segment: Cash & Carry, it includes the “ASSAÍ” banner. As of December 31, 2023, 2022 and 2021 the Company operated in a single segment. Geographic distribution of stores Our stores are located throughout 24 states and in the Federal District in Brazil. We operate mainly in the Southeast region of Brazil, in states of São Paulo, Rio de Janeiro and Minas Gerais. The Southeast region accounted for 57.7%, 55.2% and 56.6% of our net operating revenue for the years ended December 31, 2023, 2022 and 2021, respectively, while the other Brazilian regions (North, Northeast, Midwest and South), in the aggregate, accounted for 42.3%, 44.8% and 43.4% of our net operating revenue for the years ended December 31, 2023, 2022 and 2021, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 29 Subsequent events 29.1 Funding of the ninth issuance of debentures On March 28, 2024, the Company raised funds through the ninth issuance of debentures, in single series, in the amount of R$500, with settlement occurring on March 28, 2024. The funds obtained from this issuance will be used for general purposes, including liability management. These debentures will bear interest at the rate of CDI + 1.25% per year, which will be paid semi-annually until maturity in March 2027 and 2028. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Foreign currency transactions | 3.1 Foreign currency transactions Foreign currency transactions are initially recognized at the exchange rate of the corresponding currencies at the date the transactions qualify for recognition and, subsequently, translated into Brazilian Reais, using the spot exchange rate at the end of each reporting period. Gains or losses on changes in exchange rate variations are recognized as financial revenue or expense. |
Classification of assets and liabilities as current and non-current | 3.2 Classification of assets and liabilities as current and non-current Assets (with the exception of deferred income tax and social contribution) that are expected to be realized or that are intended to be sold or consumed within twelve months, as of the balance sheet dates, are classified as current assets. Liabilities (with the exception of deferred income tax and social contribution) expected to be settled within twelve months from the balance sheet dates are classified as current. All other assets and liabilities (including deferred tax taxes) are classified as “non-current”. Long-term assets and liabilities are not adjusted to present value at initial recognition as their effects are immaterial. Deferred tax assets and liabilities are classified as “non-current”, net by legal entity, as provided for in accounting pronouncement IAS 12 - Income Taxes. |
Joint Venture | 3.3 Joint Venture A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Company’s joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, see note 11. |
Tax incentive reserve | 3.4 Tax incentive reserve Tax incentive reserve is recognized when there is reasonable assurance that the entity will comply with all conditions established and related to the grant and that the grant will be received. When the benefit relates to an expense item, it is recognized as revenue over the period of the benefit systematically in relation to the respective expenses for whose benefit it is intended to offset. When the benefit relates to an asset, it is recognized as deferred revenue in liabilities and on a systematic and rational basis over the useful life of the asset. |
Dividends | 3.5 Dividends The distribution of dividends to the Company’s shareholders is recognized as a liability at the end of the year, based on the minimum mandatory dividends prescribed in the bylaws. Any amount exceeding this minimum is recorded only on the date on which such additional dividends are approved by the Company’s shareholders, see note 20.2. |
Cash flow, interest payments | 3.6 Cash flow, interest payments The interest payments on borrowing and lease settled by the Company are being disclosed in the financing activities in conjunction with payments on related borrowings and lease. The total of interest payment as of December 31, 2023 was R$1,085 (R$783 as of December 31, 2022 and R$406 as of December 31, 2021) related to borrowings and R$977 (R$772 as of December 31, 2022 and R$294 as of December 31, 2021) related to lease. |
Adoption of New Procedures, A_2
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 [Abstract] | |
Schedule of Evaluated the Amendments and new Interpretations to IFRS as Issued by IASB | The Company evaluated the amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2023. The main changes applicable to the Company are the following: Statement Description Effective date Amendments to IAS 1 Presentation of Financial Statements and IFRS Statement of Practice 2 - Making Materiality Judgment It changes the requirements in IAS 1 with regard to disclosure of accounting policies. Only the policies that, together with other information in the financial statements, can reasonably influence decisions. Policies related to immaterial transactions do not need to be disclosed, but policies may be significant due to their nature even if the amounts are immaterial. However, not all significant policy information is in itself material. 01/01/2023 Amendments to IAS 12 - Deferred Tax Related to Assets and Liabilities Resulting from a Single Transaction The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption to transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting nor taxable profit. For example, this may arise upon recognition of a lease liability and the corresponding right-of-use asset applying IFRS 16 at the commencement date of a lease. 01/01/2023 Amendments to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Rectification of Errors — Definition of Accounting Estimates The amendments to IAS 8 refer to situations that requiring changes in accounting policies and reinforce that they should only occur if required by standard or implementation of IASB or if they result in financial statements that are more reliable and material. 01/01/2023 |
Schedule of Evaluated all new and Revised IFRSs | The Company evaluated all new and revised IFRSs, already issued and not yet effective, however did not adopt them in advance, the main are: Accounting pronouncement Description Effective for Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments to IFRS 10 and IAS 28 deal with situations that involve the sale or contribution of assets between an investor and its associate or joint venture. Specifically the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or joint venture that is accounted for using the equity method, are recognized in the parent company’s statement of operations only in proportion to the interests of the unrelated investor in this affiliate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in a former controlled company (that has become an associate or joint venture that is accounted for using the equity method) to fair value are recognized in the statement of operations of the former controlling company in proportion to the investor’s shares not related to the new associate or joint venture. 01/01/2024 Amendments to IAS 1: - Classification of liabilities as current and non-current The amendments to IAS 1 published in January 2020 affect only the presentation of liabilities as current or non-current in the balance sheet and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ’settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. 01/01/2024 Amendments to IAS 1 – Presentation of Financial Statements – Non-Current Liabilities with Covenants IAS 1 requires debt to be classified as non-current only if the company can defer the settlement of the debt in the 12 months after the reporting date. The purpose of this initiative is regarding to improve the information disclosed by companies regarding long-term debt with covenants, and allow investors to understand the risk that a certain debt would become payable in advance. 01/01/2024 Amendments to IFRS 7/IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures - Supplier Financing Agreements The amendments include a disclosure objective in IAS 7 stating that an entity must disclose information on its supplier financing arrangements that allows users of financial statements to assess the effects of these arrangements on the entity’s liabilities and cash flows. Additionally, IFRS 7 was amended to include supplier financing agreements within the requirements to disclosure of information on the entity’s exposure to liquidity risk concetration. 01/01/2024 Amendments to IFRS 16 - Lease liabilities in a “Sale and Leaseback” transaction Under the amendments, the seller-lessee must not recognize a gain or loss related to the right of use retained by the seller-lessee. 01/01/2024 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents comprise the bank accounts and short-term, highly liquid investments, immediately convertible into known cash amounts, and subject to an insignificant risk of change in value, with intention and possibility to be redeemed in the short term, within 90 days, as of the date of investment, without losing income. As of December 31, 2023 2022 2021 Cash and bank accounts – Brazil 352 213 74 Cash and bank accounts – Abroad (*) 22 24 25 Financial investments – Brazil (**) 5,085 5,605 2,451 5,459 5,842 2,550 (*) As of December 31, 2023, the Company had funds held abroad, being R$22 in US Dollars (R$24 in US dollars as of December 31, 2022 and R$25 in US dollars as of December 31, 2021). (**) As of December 31, 2023, the financial investments correspond to repurchase and resale agreements, with a weighted average interest rate of 95.92% of CDI – Interbank Deposit Certificate (92.80% of CDI as of December 31, 2022 and 109.64% of CDI as of December 31, 2021). |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables [Abstract] | |
Schedule of Trade Receivables | Trade receivables are initially recorded at the transaction amount, which corresponds to the sales price, and are subsequently measured as follows: As of December 31, Note 2023 2022 Credit card companies 7.1 589 241 Credit card companies with related parties 10.1 211 49 Sales ticket and payment slips 7.1 and 7.2 333 249 Related parties 10.1 - 24 Suppliers and others 81 18 1,214 581 Provision for expected credit losses 7.3 (15 ) (11 ) 1,199 570 |
Schedule of Trade Receivables by Their Gross Amount by Maturity Period | Set forth below the breakdown of trade receivables by their gross amount by maturity period: Overdue Total Due Less than Over December 31, 2023 1,214 1,202 5 7 December 31, 2022 581 576 4 1 |
Schedule of Provision for Expected Losses in The Balance Sheet | The balance of trade receivables is disclosed net of the provision for expected losses in the balance sheet. For the year ended December 31, 2023 2022 2021 At the beginning of the year (11 ) (6 ) (4 ) Additions (50 ) (36 ) (15 ) Reversals 46 31 13 At the end of the year (15 ) (11 ) (6 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | As of December 31, Note 2023 2022 Stores 6,033 5,914 Distribution centers 1,237 1,139 Commercial agreements 8.1 (525 ) (518 ) Allowance for loss on inventory losses and damages 8.2 (81 ) (68 ) 6,664 6,467 |
Schedule of allowance for losses and damages | Inventories are adjusted by an allowance for losses and damages, which is periodically reviewed and evaluated as appropriate. For the year ended December 31, 2023 2022 2021 At the beginning of the year (68 ) (37 ) (51 ) Additions (567 ) (435 ) (315 ) Reversals 29 17 13 Write-offs 525 387 316 At the end of the year (81 ) (68 ) (37 ) |
Recoverable Taxes (Tables)
Recoverable Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable taxes [Line Items] | |
Schedule of Tax Credits | As of December 31, Note 2023 2022 ICMS 9.1 1,085 1,210 PIS/COFINS 9.2 287 587 Social Security Contribution - INSS 169 90 Whithholding taxes to be recovered 105 74 Others 27 21 1,673 1,982 Current 1,100 1,055 Non-current 573 927 |
Schedule of Over Adherence to the Annually Established Plan | As of December 31, 2023, the Company’s management has monitoring controls over adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the ICMS balance to be recovered, as shown in the table below: Year Amount In 1 year 553 From 1 to 2 years 111 From 2 to 3 years 115 From 3 to 4 years 90 From 4 to 5 years 59 More than 5 years 157 1,085 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties [Abstract] | |
Schedule of Balances and Related Party Transactions | Balances and related party transactions Assets balance Liabilities balance Transactions Trade receivables Other assets Suppliers Other liabilities Revenue (expenses) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2021 Associates (i) Casino Guichard Perrachon - - - - - - - 21 (20 ) (60 ) (35 ) Compre Bem - - - - - - - - - - (1 ) Euris - - - - - - - 1 (1 ) (3 ) (1 ) Grupo Pão de Açucar (“GPA”) - 24 - 234 - 8 - 237 20 (310 ) (137 ) Greenyellow - - - - - - - - - (33 ) (26 ) Wilkes Participações S.A. - - - - - - - 2 (6 ) (8 ) (6 ) - 24 - 234 - 8 - 261 (7 ) (414 ) (206 ) Joint venture Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) (ii) 211 49 23 18 28 25 - - 27 25 15 211 49 23 18 28 25 - - 27 25 15 211 73 23 252 28 33 - 261 20 (389 ) (191 ) Current 211 73 - - 28 33 - 201 Non-current - - 23 252 - - - 60 (i) As a result of the sale of Casino’s ownership interest in the Company, through Wilkes, as disclosed in note 1.4, the associates are no longer related parties. In 2022 and 2021, all these associates, as related parties, had transactions with the Company. The main transactions were related to: (i) cost sharing contracts (reimbursement of personnel expenses, equipment rental and maintenance); and (ii) agency agreements, specially between the Company and GPA and Casino related to business negotiation of products, cyber risk agreement, exploration rights of commercial points and other agreements. (ii) FIC: execution of business agreements to regulate the rules that promote and sell financial services offered by FIC at the Company’s stores to implement a financial partnership between the Company and Itaú Unibanco Holding S.A. (“Itaú”) in the partnership agreement, namely: (i) banking correspondent services in Brazil; (ii) indemnification agreement in which FIC undertook to hold the Company harmless from losses incurred due to services; FIC and the Company mutually undertook to indemnify each other due to legal proceeding under their responsibility; and (iii) agreement concerning the Company’s provision of information and access to systems to FIC, and vice-versa, in order to offer services. |
Schedule of Expenses Related to the Executive Board Compensation | Expenses related to the executive board compensation recorded in the Company’s statement of operations is as follows (amounts expressed in thousands reais): Base salary (i) Variable Stock option plan and plan (ii) Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Board of director 11,512 31,971 25,533 - - - 5,250 7,103 7,111 16,762 39,074 32,644 Statutory officers 11,083 12,806 20,241 29,794 19,880 14,485 13,265 9,609 7,632 54,142 42,295 42,358 Executives excluding statutory officers 31,429 22,849 19,801 53,132 43,144 30,172 14,802 10,176 1,462 99,363 76,169 51,435 Fiscal council 548 584 331 - - - - - - 548 584 331 54,572 68,210 65,906 82,926 63,024 44,657 33,317 26,888 16,205 170,815 158,122 126,768 (i) Short-term benefit. (ii) More details about shared-based payment plan for Statutory officers, see note 20.6.3. |
Investment in Joint Venture (Ta
Investment in Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment in Joint Venture [Abstarct] | |
Schedule of Company’s Joint Venture | The details of the Company’s joint venture are shown below: Participation in 2023 2022 Investment type Company Country Direct participation Joint venture Bellamar Empreendimento e Participação S.A. Brazil 50.00 50.00 |
Schedule of Financial Information of Joint Venture | As of December 31, 2023 2022 Current assets 1 1 Non-current assets 581 519 Shareholders’ equity 582 520 Net income for the year 102 86 |
Schedule of Breakdown | Amount As of December 31, 2020 769 Share of profit of associates 47 Dividends received (11 ) Dividends receivable (16 ) As of December 31, 2021 789 Share of profit of associates 44 As of December 31, 2022 833 Share of profit of associates 51 Dividends received (20 ) As of December 31, 2023 864 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Breakdown and Composition of Property Plant and Equipment | Breakdown and composition of property, plant and equipment + As of Additions Write- Depreciation Transfers As of Historical Accumulated Land 600 17 - - (58 ) 559 559 - Buildings 730 45 - (19 ) 21 777 934 (157 ) Improvements 6,865 1,659 (26 ) (438 ) 39 8,099 9,583 (1,484 ) Machinery and equipment 1,440 499 (16 ) (214 ) 601 2,310 3,285 (975 ) Facilities 585 84 (2 ) (58 ) (339 ) 270 = 430 (160 ) Furniture and appliances 755 186 (5 ) (144 ) 111 903 1,311 (408 ) Constructions in progress 543 47 (1 ) - (478 ) 111 111 - Others 64 42 (1 ) (45 ) 59 119 255 (136 ) 11,582 2,579 (51 ) (918 ) (44 ) 13,148 16,468 (3,320 ) Transfers + As of Additions Write- Depreciation and others As of Historical Accumulated Land 570 48 (18 ) - - 600 600 - Buildings 656 117 - (17 ) (26 ) 730 859 (129 ) Improvements 3,596 3,451 (27 ) (284 ) 129 6,865 7,933 (1,068 ) Machinery and equipment 828 708 (4 ) (184 ) 92 1,440 2,160 (720 ) Facilities 362 258 (7 ) (35 ) 7 585 = 729 (144 ) Furniture and appliances 416 279 (2 ) (70 ) 132 755 1,043 (288 ) Constructions in progress 235 582 (1 ) - (273 ) 543 543 - Others 37 24 - (16 ) 19 64 157 (93 ) 6,700 5,467 (59 ) (606 ) 80 11,582 14,024 (2,442 ) Transfers + As of Additions Write-off Depreciation and others (ii) As of Historical Accumulated Land 481 207 (2 ) - (116 ) 570 570 - Buildings 609 258 (4 ) (15 ) (192 ) 656 767 (111 ) Improvements 2,598 1,161 (1 ) (182 ) 20 3,596 4,387 (791 ) Machinery and equipment 635 307 (1 ) (128 ) 15 828 1,373 (545 ) Facilities 269 118 (1 ) (25 ) 1 362 = 472 (110 ) Furniture and appliances 340 110 (2 ) (53 ) 21 416 635 (219 ) Constructions in progress 78 266 - - (109 ) 235 235 - Others 37 6 - (14 ) 8 37 115 (78 ) 5,047 2,433 (11 ) (417 ) (352 ) 6,700 8,554 (1,854 ) (i) Includes interest capitalization in the amount of R$257 as of December 31, 2023 (R$774 and R$38 as of December 31, 2022 and 2021, respectively), see note 12.3. (ii) In 2021, presents the transfer between property, plan and equipment to “assets held for sale”, in amount of R$349, see note 1.2. |
Schedule of Additions to Property and Equipment for Cash Flow Presentation | Additions to property, plant and equipment for cash flow presentation purpose are as follows: 2023 2022 2021 Additions 2,579 5,467 2,433 Capitalized borrowing costs (257 ) (774 ) (38 ) Financing of property, plant and equipment – Additions (2,298 ) (5,080 ) (2,284 ) Financing of property, plant and equipment – Payments 3,092 3,911 2,120 3,116 3,524 2,231 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Breakdown and Composition of Intangible Assets | + As of 12/31/2022 Additions Amortizations Write-off Transfers As of 12/31/2023 Historical cost Accumulated amortization Goodwill 618 - - - - 618 871 (253 ) Software 76 30 (43 ) (1 ) 1 63 = 181 (118 ) Commercial rights 4,267 192 (7 ) - - 4,452 4,491 (39 ) Trade name 39 - - - - 39 39 - 5,000 222 (50 ) (1 ) 1 5,172 5,582 (410 ) + As of 12/31/2021 Additions Amortizations Write-off Transfers As of 12/31/2022 Historical cost Accumulated amortization Goodwill 618 - - - - 618 871 (253 ) Software 75 18 (17 ) - - 76 = 151 (75 ) Commercial rights (i) 1,136 3,139 (8 ) - - 4,267 4,299 (32 ) Trade name 39 - - - - 39 39 - 1,868 3,157 (25 ) - - 5,000 5,360 (360 ) + As of 12/31/2020 Additions Amortizations Write-off Transfers As of 12/31/2021 Historical cost Accumulated amortization Goodwill 618 - - - - 618 871 (253 ) Software 70 21 (14 ) (1 ) (1 ) 75 = 133 (58 ) Commercial rights (i) 310 833 (7 ) - - 1,136 1,160 (24 ) Trade name 39 - - - - 39 39 - 1,037 854 (21 ) (1 ) (1 ) 1,868 2,203 (335 ) (i) In the year ended December 31, 2022, includes commercial rights related to 46 commercial points sold by GPA to the Company as a result of the Transaction for an amount of R$3,130 and in the year ended December 31, 2021, includes commercial rights related to 20 commercial points sold by GPA to the Company as a result of the Transaction for an amount of R$798 (see note 1.3). |
Schedule Additions to Intangible Assets for Cash Flow Presentation Purpose are as Follows | 2023 2022 2021 Additions 222 3,157 854 Financing of intangible assets – Additions (175 ) (3,130 ) - Financing of intangible assets – Payments 122 609 - 169 636 854 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Breakdown and Composition of Right of use | Breakdown and composition of right of use + As of 12/31/2022 Additions (i) Remeasurement Write-off (i) Amortization Transters As of Historical Accumulated Buildings 7,593 2,669 296 (1,824 ) (500 ) (31 ) 8,203 9,879 (1,676 ) Equipment 8 - - - (5 ) - 3 = 51 (48 ) Assets and rights 18 - 1 - (3 ) - 16 29 (13 ) 7,619 2,669 297 (1,824 ) (508 ) (31 ) 8,222 9,959 (1,737 ) + As of 12/31/2021 Additions Remeasurement Write-off Amortization Transters As of Historical Accumulated Buildings 3,604 3,810 695 (70 ) (351 ) (95 ) 7,593 8,924 (1,331 ) Equipment 16 - - - (6 ) (2 ) 8 = 57 (49 ) Assets and rights 19 - 1 - (2 ) - 18 29 (11 ) 3,639 3,810 696 (70 ) (359 ) (97 ) 7,619 9,010 (1,391 ) + As of 12/31/2020 Additions Remeasurement Write-off Amortization Transters As of Historical cost Accumulated Buildings 2,423 885 628 (92 ) (244 ) 4 3,604 4,566 (962 ) Equipment 6 16 - - (5 ) (1 ) 16 = 61 (45 ) Assets and rights - 18 - - - 1 19 28 (9 ) 2,429 919 628 (92 ) (249 ) 4 3,639 4,655 (1,016 ) (i) As disclosed in note 1.4, on June 23, 2023, Casino, through its subsidiaries Wilkes, GIBV and Segisor, sold its common shares, changing the Company’s shareholding structure. Due to the change in the shareholding structure, some rental agreements were renegotiated, resulting in a net increase of R$476 in the lease. Management, based on IFRS 16 - Leases, assessed and concluded this transaction as the termination of the previous agreement and the recognition of a new agreement, maturing in 2045, due to the substantial change in scope, which mainly includes the modification of the leased assets and change in contract amounts. In the year ended December 31, 2023, the renegotiation process was concluded. |
Schedule of Minimum Future Payments and Fair Value of Minimum Lease Payments | The minimum future payments, by leases term and with the fair value of minimum lease payments, are as follows: As of December 31, 2023 2022 Lease liabilities - minimum payments Less than 1 year 532 435 1 to 5 years 1,702 1,646 More than 5 years 6,950 6,279 Present value of lease liabilities 9,184 8,360 Current 532 435 Non-current 8,652 7,925 Future financing charges 13,164 12,318 Future lease payments 22,348 20,678 PIS and COFINS embedded in the present value of lease agreements 558 508 PIS and COFINS embedded in the gross value of lease agreements 1,359 1,257 |
Schedule of Lease liability Rollforward | Lease liability rollforward Amounts As of December 31, 2020 2,776 Addition – Lease 919 Remeasurement 628 Interest provision 302 Principal amortizations (460 ) Interest amortizations (8 ) Write-off due to early termination of agreement (106 ) As of December 31, 2021 4,051 Addition – Lease 3,810 Remeasurement 696 Interest provision 781 Principal amortizations (126 ) Interest amortizations (772 ) Write-off due to early termination of agreement (80 ) As of December 31, 2022 8,360 Addition – Lease (i) 2,669 Remeasurement 297 Interest provision 1,004 Principal amortizations (262 ) Interest amortizations (977 ) Write-off due to early termination of agreement (i) (1,907 ) As of December 31, 2023 9,184 (i) The variation for the year mainly refers to the renegotiation of rental contracts as disclosed in note 14.1.1. |
Schedule of Variable Rents Recognized as Expenses and Subleases | Variable rents are recognized as expenses in the year in which they are incurred. As of December 31, 2023 2022 2021 (Expenses) revenues for the year: Variables (1% to 2% of sales) (21 ) (31 ) (6 ) Subleases (*) 93 55 31 (*) Refers mainly to revenue from lease agreements receivable from commercial galleries. |
Trade Payables and Trade Paya_2
Trade Payables and Trade Payables - Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Payables and Trade Payables - Agreements [Abstract] | |
Schedule of Trade Payables, Net | As of December 31, Note 2023 2022 Trade payables Products 10,363 9,196 Acquisition of property, plant and equipment 158 140 Service 150 129 Service - related parties 10.1 28 33 Bonuses from suppliers 15.2 (902 ) (960 ) 9,797 8,538 Trade payables - Agreements Products 15.1 1,070 813 Acquisition of property, plant and equipment 15.1 389 1,226 Acquisition of hypermarkets 15.3 892 3,202 2,351 5,241 12,148 13,779 Current 12,110 12,999 Non-current 38 780 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments and Their Carrying Amounts | The main financial instruments and their carrying amounts, by category, are as follows: Note Amortized cost FVTI FVTOCI As of Financial assets Cash and cash equivalents 6 5,459 - - 5,459 Related parties 10.1 23 - - 23 Trade receivables and other accounts receivables 396 - - 396 Gain on financial instruments at fair value 16.9.1 - 274 - 274 Trade receivables with credit card and tickets - - 985 985 Financial liabilities Other accounts payable (216 ) - - (216 ) Trade payable and trade payables – agreements 15 (12,148 ) - - (12,148 ) Borrowings 16.9.1 (1,943 ) - - (1,943 ) Debentures and promissory notes 16.9.1 (10,051 ) - - (10,051 ) Lease liabilities 14.2 (9,184 ) - - (9,184 ) Borrowings and debentures 16.9.1 - (3,182 ) - (3,182 ) Loss of financial instruments at fair value 16.9.1 - (8 ) - (8 ) Net exposure (27,664 ) (2,916 ) 985 (29,595 ) Note Amortized cost FVTI FVTOCI As of Financial assets Cash and cash equivalents 6 5,842 - - 5,842 Related parties 10.1 252 - - 252 Trade receivables and other accounts receivables 198 - - 198 Gain on financial instruments at fair value 16.9.1 - 182 - 182 Trade receivables with credit card and tickets - - 424 424 Financial liabilities Related parties 10.1 (261 ) - - (261 ) Trade payable and trade payables – agreements 15 (13,779 ) - - (13,779 ) Borrowings 16.9.1 (1,217 ) - - (1,217 ) Debentures and promissory notes 16.9.1 (8,903 ) - - (8,903 ) Lease liabilities 14.2 (8,360 ) - - (8,360 ) Borrowings and debentures 16.9.1 - (2,435 ) - (2,435 ) Loss of financial instruments at fair value 16.9.1 - (36 ) - (36 ) Net exposure (26,228 ) (2,289 ) 424 (28,093 ) |
Schedule of Capital Structure | The Company’s capital structure is as follows: As of December 31, 2023 2022 Borrowings, debentures and promissory notes (15,184 ) (12,591 ) (-) Cash and cash equivalents 5,459 5,842 (-) Derivative financial instruments 274 182 Net debt (9,451 ) (6,567 ) Shareholders´ equity 4,630 3,896 % Net debt over shareholders’ equity 204 % 169 % |
Schedule of Financial Liabilities | The table below summarizes the aging profile of the Company’s financial liabilities as of December 31, 2023. Less than 1 to 5 More than Total Borrowings 611 1,797 - 2,408 Debentures and promissory notes 3,026 13,256 1,241 17,523 Derivative financial instruments 111 (299 ) (368 ) (556 ) Lease liabilities 1,435 6,364 14,549 22,348 Trade payables 9,759 40 - 9,799 Trade payables – Agreements 1,459 - - 1,459 Trade payables – Agreements – Acquisition of hypermarkets 894 - - 894 Other accounts payable 167 - 49 216 17,462 21,158 15,471 54,091 |
Schedule of Exponential Convention | In order to calculate the coupon of CDI indexed-positions, the exponential convention - 252 business days was adopted. Notional value Fair value 2023 2022 2023 2022 Swap of hedge Hedge purpose (debt) 2,956 2,360 3,230 2,542 Long position Fixed rate 106 106 110 109 USD + Fixed - 282 - 282 Hedge - CRI 2,850 1,972 3,120 2,151 Short position (2,956 ) (2,360 ) (2,964 ) (2,396 ) Net hedge position - - 266 146 |
Schedule of Outstanding Derivative Financial Instruments | The outstanding derivative financial instruments are presented in the table below: Notional As of December 31, Description Risk (millions) Due date 2023 2022 Debt USD – BRL US$ 50 2023 - (36 ) Debt IPCA – BRL R$ 1,972 2028, 2029 and 2031 267 180 Interest rate swaps registered at CETIP Fixed rate x CDI R$ 879 2027 (5 ) - Fixed rate x CDI R$ 54 2027 2 1 Fixed rate x CDI R$ 52 2027 2 1 Derivatives - Fair value hedge – Brazil 266 146 |
Schedule of Net Exposure of Derivative Financial Instruments | The Company disclosed the net effect of derivative financial instruments, each of the scenarios mentioned above in the sensitivity analysis as follows: Market projections Transactions Notes Risk Balance at Scenario Scenario Scenario Borrowings 16.9.1 CDI + 1.66% per year (1,952 ) (208 ) (219 ) (229 ) Borrowings (fixed rate) 16.9.1 CDI + 0.20% per year (40 ) (5 ) (5 ) (5 ) Debentures and promissory notes 16.9.1 CDI + 1.45% per year (13,378 ) (1,441 ) (1,513 ) (1,585 ) Total net effect (loss) (15,370 ) (1,654 ) (1,737 ) (1,819 ) Cash equivalents 6 95.92% of the CDI 5,085 510 536 561 Net exposure loss (10,285 ) (1,144 ) (1,201 ) (1,258 ) |
Schedule of Fair Value Hierarchy of Financial Assets and Liabilities | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the financial statements: Carrying amount Fair value 2023 2022 2023 2022 Trade receivables with credit cards companies and sales tickets 985 424 985 424 Swaps of annual rates between currencies - (36 ) - (36 ) Interest rate swaps (1 ) 2 (1 ) 2 Interest rate swaps - CRI 267 180 267 180 Borrowings and debentures (fair value) (3,182 ) (2,435 ) (3,182 ) (2,435 ) Borrowings and debentures (amortized cost) (11,994 ) (10,120 ) (11,716 ) (9,974 ) (13,925 ) (11,985 ) (13,647 ) (11,839 ) |
Schedule of Debt Breakdown | As of December 31, Average rate 2023 2022 Debentures and promissory notes Debentures and promissory notes CDI + 1.45% per year 13,378 11,123 Borrowing costs (185 ) (98 ) 13,193 11,025 Derivative financial instruments – Debentures and promissory notes Swap contracts CDI + 0.89% per year (270 ) (180 ) Swap contracts CDI + 1.32% per year 8 - (262 ) (180 ) Borrowings in domestic currency Working capital CDI + 0.20% per year 40 51 Working capital CDI + 1.66% per year 1,952 1,223 Borrowing costs (9 ) (6 ) 1,983 1,268 Derivative financial instruments – Domestic currency Swap contracts CDI + 0.89% per year (4 ) (2 ) (4 ) (2 ) In foreign currency Working capital USD + 1.06% per year - 262 - 262 Derivative financial instruments – Foreign currency Swap contracts CDI + 1.35% per year - 36 - 36 Total of borrowings, debentures and promissory notes 14,910 12,409 Current asset (48 ) (27 ) Non-current asset (226 ) (155 ) Current liabilities 2,115 1,260 Non-current liabilities 13,069 11,331 |
Schedule of Rollforward of Financial Instruments | Amounts Balance as of January 1, 2021 7,763 Funding - working capital 6,183 Borrowing costs (93 ) Interest provision 559 Swap contracts 39 Mark-to-market 31 Exchange rate and monetary variation 5 Debt modification impact (71 ) Borrowing costs 64 Interest amortization (406 ) Principal amortization (6,075 ) Swap amortization 2 Balance as of December 31, 2021 8,001 Funding - working capital 4,001 Borrowing costs (42 ) Interest provision 1,436 Swap contracts 82 Mark-to-market (111 ) Exchange rate and monetary variation (18 ) Borrowing costs amortization 26 Interest amortization (783 ) Principal amortization (61 ) Swap amortization (122 ) Balance as of December 31, 2022 12,409 Funding - working capital 3,392 Borrowing costs amortization (i) (142 ) Interest provision 1,746 Swap contracts 39 Mark-to-market 14 Exchange rate and monetary variation (16 ) Borrowing costs amortization 52 Interest amortization (1,085 ) Principal amortization (1,326 ) Swap amortization (173 ) Balance as of December 31, 2023 14,910 (i) Include costs related to negotiation of waiver in the change of the shareholding control in the amount of R$93, as disclosed in note 10.1, in capital market operations carried out during the year, without changes to other contractual clauses with financial institutions. |
Schedule of Non-Current Maturities | Maturity Amounts From 1 to 2 years 4,767 From 2 to 3 years 1,684 From 3 to 4 years 3,654 From 4 to 5 years 1,823 More than 5 years 1,051 12,979 Borrowing Cost (136 ) 12,843 |
Schedule of Debentures and Promissory Notes | Outstanding Annual Issue Debentures Date financial Unit price As of December 31, Type amount (units) Issuance Maturity charges (in Reais) 2023 2022 First Issue of Promissory Notes – 4 th non-preemptive right 250 5 7/4/2019 7/4/2023 CDI + 0.72% per year - - 317 First Issue of Promissory Notes – 5 th non-preemptive right 200 4 7/4/2019 7/4/2024 CDI + 0.72% per year 72,272,432 289 254 First Issue of Promissory Notes – 6 th non-preemptive right 200 4 7/4/2019 7/4/2025 CDI + 0.72% per year 72,272,432 289 254 Second Issue of Debentures – 1 st non-preemptive right 940,000 940,000 6/1/2021 5/20/2026 CDI + 1.70% per year 1,015 954 957 Second Issue of Debentures – 2 nd non-preemptive right 660,000 660,000 6/1/2021 5/22/2028 CDI + 1.95% per year 1,015 670 672 Second Issue of Promissory Notes – 1 st non-preemptive right 1,250,000 1,250,000 8/27/2021 8/27/2024 CDI + 1.47% per year 1,345 1,681 1,467 Second Issue of Promissory Notes – 2 nd non-preemptive right 1,250,000 1,250,000 8/27/2021 2/27/2025 CDI + 1.53% per year 1,347 1,683 1,468 Third Issue of Debentures – 1 st non-preemptive right 982,526 982,526 10/15/2021 10/16/2028 IPCA + 5.15% per year 1,142 1,122 1,072 Third Issue of Debentures – 2 nd non-preemptive right 517,474 517,474 10/15/2021 10/15/2031 IPCA + 5.27% per year 1,143 591 565 Fourth Issue of Debentures - single series non-preemptive right 2,000,000 2,000,000 1/7/2022 11/26/2027 CDI + 1.75% per year 1,012 2,024 2,038 First Issue of Commercial Paper Notes - single series non-preemptive right 750,000 750,000 2/10/2022 2/9/2025 CDI + 1.70% per year 1,053 790 793 Fifth Issue of Debentures - single series - CRI non-preemptive right 250,000 250,000 4/5/2022 3/28/2025 CDI + 0.75% per year 1,030 258 258 Sixth Issue of Debentures - 1st series - CRI non-preemptive right 72,962 72,962 9/28/2022 9/11/2026 CDI + 0.60% per year 1,035 76 75 Sixth Issue of Debentures - 2nd series - CRI non-preemptive right 55,245 55,245 9/28/2022 9/13/2027 CDI + 0.70% per year 1,036 58 57 Sixth Issue of Debentures - 3rd series – CRI non-preemptive right 471,793 471,793 9/28/2022 9/13/2029 IPCA + 6.70% per year 1,078 508 485 Second Issue of Commercial Paper Notes - single series non-preemptive right 400,000 400,000 12/26/2022 12/26/2025 CDI + 0.93% per year 1,143 458 401 Seventh Issue of Debentures - 1st series – CRI non-preemptive right 145,721 145,721 7/25/2023 7/15/2026 CDI + 1.00% per year 1,057 154 - Seventh Issue of Debentures - 2nd series – CRI non-preemptive right 878,503 878,503 7/25/2023 7/15/2027 Pre 11.75% per year 1,049 921 - Seventh Issue of Debentures - 3rd series – CRI non-preemptive right 46,622 46,622 7/25/2023 7/17/2028 CDI + 1.15% per year 1,058 50 - Eighth Issue of Debentures - 1st series – CRI non-preemptive right 400,000 400,000 12/22/2023 12/22/2027 CDI + 1.85% per year 1,002 401 - Eighth Issue of Debentures - 2nd series – CRI non-preemptive right 400,000 400,000 12/22/2023 12/22/2028 CDI + 1.95% per year 1,002 401 - Borrowing Cost (185 ) (98 ) 13,193 11,025 |
Provision for Legal Proceedin_2
Provision for Legal Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provision for Legal Proceedings [Abstract] | |
Schedule of Provision for Legal Proceedings | The provision for legal proceedings is estimated by the Company and supported by its legal counsel, for an amount considered sufficient to cover probable losses. Tax claims Social security and labor Civil Total Balance as of December 31, 2022 55 86 24 165 Additions 17 172 22 211 Reversals (6 ) (49 ) (5 ) (60 ) Payments (4 ) (59 ) (8 ) (71 ) Monetary correction - 13 5 18 Balance as of December 31, 2023 62 163 38 263 Restricted deposits for legal proceedings (1 ) (15 ) (10 ) (26 ) Net provision of judicial deposits 61 148 28 237 Tax claims Social security and labor Civil Total Balance as of December 31, 2021 109 69 27 205 Additions 14 74 13 101 Reversals (73 ) (31 ) (4 ) (108 ) Payments - (33 ) (16 ) (49 ) Monetary correction 5 7 4 16 Balance as of December 31, 2022 55 86 24 165 Restricted deposits for legal proceedings (7 ) (29 ) (8 ) (44 ) Net provision of judicial deposits 48 57 16 121 Tax claims Social security and labor Civil Total Balance as of December 31, 2020 169 64 49 282 Additions 39 44 8 91 Reversals (106 ) (23 ) (10 ) (139 ) Payments - (21 ) (28 ) (49 ) Monetary correction 7 5 8 20 Balance as of December 31, 2021 109 69 27 205 Restricted deposits for legal proceedings (65 ) (45 ) (2 ) (112 ) Net provision of judicial deposits 44 24 25 93 |
Schedule of Contingent Liabilities | The Company is party to other litigations for which the probability of loss was deemed by its legal counsel to be possible, but not probable, therefore, not accrued, which are related to: As of December 31, 2023 2022 Tax on Financial Transactions (IOF) – payment differences. 14 14 PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. 783 650 ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. 1,216 1,084 ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. 18 16 INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. 24 23 Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. 98 44 Compensation linked to the external legal counsel’s success fee if all the proceedings were concluded in favor of the Company. 20 14 2,173 1,845 |
Schedule of Bank Guarantees and Insurance Guarantees to Judicial Process | The Company presented bank guarantees and insurance guarantees to judicial process related a civil, tax and labor nature, described below: As of December 31, Lawsuits 2023 2022 Tax 1,113 700 Labor 75 91 Civil and others 557 505 1,745 1,296 |
Schedule of Judicial Deposits in its Assets | The Company recorded amounts referring to judicial deposits in its assets as follows: As of December 31, Lawsuits 2023 2022 Tax 18 12 Labor 16 34 Civil and others 10 10 44 56 |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred revenues [Abstract] | |
Schedule of Liabilities Related to Assets Held to Sale | Deferred revenues are recognized by the Company as a liability due to anticipation of amounts received from business partners. These are recognized in the statement of operations in the periods when the services are rendered to these business partners. As of December 31, 2023 2022 Sale and Leaseback - 3 Rental of spaces in stores (i) 296 259 Checkstand (ii) 89 45 Commercial agreement – payroll (iii) 48 39 Marketing and others 22 13 455 359 Current 418 328 Non-current 37 31 (i) Rental of backlight panels. (ii) Supplier product exhibition modules, or check stands, rental of POS displays, and front-fee anticipation with credit card operators. (iii) Commercial agreement with a financial institution for exclusivity in payroll processing. |
Income Tax and Social Contrib_2
Income Tax and Social Contribution (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax and Social Contribution [Abstract] | |
Schedule of Reconciliation of Income Tax and Social Contribution Expense | Reconciliation of income tax and social contribution expense For the year ended December 31, 2023 2022 2021 Earnings before income tax and social contribution 554 1,335 1,849 Expense of income tax and social contribution (188 ) (454 ) (629 ) Adjustments to reflect the effective rate Tax fines (3 ) (2 ) (1 ) Share of profits 17 15 16 Interest on own capital - 17 22 ICMS subsidy – tax incentives (i) 319 248 241 Interest Selic credits (ii) - - 81 Credits of monetary corrections 15 64 11 Other permanent differences (4 ) (3 ) 20 Effective income tax and social contribution 156 (115 ) (239 ) Income tax and social contribution for the year Current (6 ) (75 ) (366 ) Deferred 162 (40 ) 127 Benefits (expenses) income tax and social contribution 156 (115 ) (239 ) Effective rate -28.2 % 8.6 % 12.9 % (i) The Company has tax benefits that are characterized as investment subsidies as provided for in Complementary Law 160/17 and Law 12,973/14. In the year ended December 31, 2023, the Company excluded the IRPJ and CSLL calculation bases from the amount constituted and to be constituted in the subsequent years in the tax incentive reserve, see note 20.5. (ii) The credit refers to the decision general repercussion of STF which understood that the SELIC interest arising from the repetition of undue payment, have the nature of emergent damage. Therefore, there is no taxation of IRPJ and CSLL on the interest portion. |
Schedule of Key Components of Deferred Income Tax and Social Contribution in the Balance Sheets | Key components of deferred income tax and social contribution in the balance sheets are the following: As of December 31, 2023 2022 Assets Liabilities Net Assets Liabilities Net Deferred income tax and social contribution Tax losses 385 - 385 213 - 213 Provision for legal proceedings 81 - 81 44 - 44 Exchange rate variation - (66 ) (66 ) - (28 ) (28 ) Goodwill tax amortization - (317 ) (317 ) - (317 ) (317 ) Fair value adjustment - (25 ) (25 ) - (29 ) (29 ) Property, plant and equipment and intangible assets 25 - 25 30 - 30 Unrealized losses with tax credits - (15 ) (15 ) - (6 ) (6 ) Provision for restructuring - - - 12 - 12 Borrowings costs - (66 ) (66 ) - (35 ) (35 ) Lease net of right of use 3,071 (2,932 ) 139 2,785 (2,684 ) 101 Provision of inventory 30 - 30 26 - 26 Others - - - - (5 ) (5 ) Gross deferred income tax and social contribution assets (liabilities) 3,592 (3,421 ) 171 3,110 (3,104 ) 6 Compensation (3,421 ) 3,421 - (3,104 ) 3,104 - Net deferred income tax and social contribution assets (liabilities), net 171 - 171 6 - 6 |
Schedule of Estimates the Recovery of the Deferred Tax Assets | The Company estimates the recovery of the deferred tax assets as of December 31, 2023, as follows: Years Amounts Up to 1 year 164 From 1 year to 2 years 333 From 2 year to 3 years 9 From 4 years to 5 years 1 More than 5 years 3,085 3,592 |
Schedule of Rollforward | Deferred tax rollforward For the year ended December 31, 2023 2022 2021 At the beginning of the year 6 45 (82 ) Benefits (expenses) in the year 162 (40 ) 127 Income tax effect 3 1 - At the end of the year 171 6 45 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders’ Equity [Abstract] | |
Schedule of Fully Paid-in Share Capital by Common Shares | According to the Company’s bylaws, the Company’s authorized share capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: Number of shares Amount As of December 31, 2020 1,341,757,835 761 Capital increase – Board of Directors’ Meeting on 07/01/2021 2,720,530 18 Capital increase – Board of Directors’ Meeting on 07/27/2021 2,020,930 8 Capital increase – Board of Directors’ Meeting on 12/07/2021 175,182 1 Total changes for the year 4,916,642 27 As of December 31, 2021 1,346,674,477 788 Capital increase – Board of Directors’ Meeting on 02/21/2022 239,755 1 Capital increase – Extraordinary General Meeting on 04/28/2022 - 464 Capital increase – Board of Directors’ Meeting on 05/09/2022 298,919 2 Capital increase – Board of Directors’ Meeting on 07/27/2022 1,119,515 3 Capital increase – Board of Directors’ Meeting on 10/20/2022 650,808 3 Capital increase – Board of Directors’ Meeting on 12/06/2022 181,920 2 Total changes for the year 2,490,917 475 As of December 31, 2022 1,349,165,394 1,263 Capital increase – Board of Directors’ Meeting on 02/15/2023 59,870 1 Capital increase – Board of Directors’ Meeting on 03/28/2023 1,031,232 1 Capital increase – Board of Directors’ Meeting on 08/18/2023 1,207,046 4 Capital increase – Board of Directors’ Meeting on 10/30/2023 213,458 2 Capital increase – Board of Directors’ Meeting on 12/08/2023 156,200 1 Total changes for the year 2,667,806 9 As of December 31, 2023 1,351,833,200 1,272 |
Schedule of Management Proposed Dividends to be Distributed, Considering the Anticipation of Interest on Own Capital to its Shareholders | Management proposed that the income for the year ended December 31, 2023 be allocated to the tax incentive reserve, therefore, no dividends were distributed and no interest on own capital was paid, as shown below: For the year ended December 31, 2023 2022 2021 Net income for the year 710 1,220 1,610 Tax incentive reserve (710 ) (753 ) (709 ) Base for legal reserve - 467 901 % Legal reserve 5 % 5 % 5 % Legal reserve for the year - 23 5 Minimum mandatory dividends – 25% - 111 224 Interest on own capital paid/payable intermediaries (i) - (43 ) (56 ) Minimum mandatory dividends paid in the form of interest on shareholder’s equity - 68 168 (i) At a meeting of the Board of Directors held on December 23, 2022, the advance payment of interest on own capital in the gross amount of R$50 was approved, pursuant to which the withholding tax was deducted in the amount of R$7, corresponding to the net amount of R$43. The effective payment occurred on February 17, 2023. |
Schedule of Profit Reserve | As of December 31, 2023, no For the year ended December 31, 2023 2022 2021 Net income for the year 710 1,220 1,610 Tax incentive reserve (710 ) (753 ) (709 ) Base for legal reserve - 467 901 % Legal reserve 5 % 5 % 5 % Legal reserve for the year - 23 5 |
Schedule of Option Plan and Compensation Plan | Information relating to the Company’s option plan and compensation plan is summarized below: As of December 31, 2023 Number of shares (in thousands) Granted series Grant date 1st exercise date Strike price on the grant date Grantees Exercised Cancelled Current B8 5/31/2021 6/01/2024 0.01 363 (20 ) (45 ) 298 C8 5/31/2021 6/01/2024 13.39 363 (20 ) (45 ) 298 B9 5/31/2022 6/01/2025 0.01 2,163 (358 ) - 1,805 C9 5/31/2022 6/01/2025 12.53 1,924 (119 ) - 1,805 B10 (i) 5/31/2023 6/01/2026 0.01 1,390 - - 1,390 C10 (i) 5/31/2023 6/01/2026 11.82 1,390 - - 1,390 7,593 (517 ) (90 ) 6,986 |
Schedule of Dilutive Effect on Options Granted | The table below shows the maximum percentage of dilution to which current shareholders eventually being subject to in the event that all options granted are exercised until December 31, 2023: For the year ended December 31, (in thousands) Number of shares 1,351,833 Balance of effective stock options granted 6,986 Maximum percentage of dilution 0.52 % |
Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing | The fair value of each option granted is estimated on the grant date, by using the options pricing model “Black-Scholes” taking into account the following assumptions: Series granted Weithted average fair value of option’s granted Estimated dividends Approximate estimated volatility Risk-free weighted average interest rate Exit rate Average remaining life expectancy B8 17.21 1.28 % 37.06 % 7.66 % 8.00 % 5 months C8 7.69 B9 15.27 1.20 % 37.29 % 12.18 % 8.00 % 17 months C9 7.35 B10 10.33 1.31 % 35.32 % 10.87 % 8.00 % 29 months C10 3.28 |
Schedule of Number of Options Granted, the Weighted Average of the Exercise Price and the Weighted Average of the Remaining Term | Shares Weighted average of exercise price (R$) Weighted average of remaining contractual term As of December 31, 2021 668 6.70 2.42 As of December 31, 2022 Granted during the year 4,087 5.90 Exercised during the year (104 ) 6.01 Outstanding at year end 4,651 6.01 2.28 Total to be exercised as of December 31, 2022 4,651 6.01 2.28 As of December 31, 2023 Granted during the year 2,780 5.92 Cancelled during the year (32 ) 5.97 Exercised during the year (413 ) 5.97 Outstanding at year end 6,986 5.97 1.73 Total to be exercised as of December 31, 2023 6,986 5.97 1.73 |
Net Operating Revenue (Tables)
Net Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Operating Revenue [Abstract] | |
Schedule of Revenues Earned are Stated on a Net Basis | The revenues earned are stated on a net basis and recognized in the statement of operations when it is probable that economic benefits will flow to the Company, and their amounts can be reliably measured. For the year ended December 31, 2023 2022 2021 Gross operating revenue Goods 72,535 59,510 45,550 Services rendered and others 250 174 111 72,785 59,684 45,661 (-) Revenue deductions Returns and sales cancellation (147 ) (109 ) (76 ) Taxes (6,135 ) (5,055 ) (3,687 ) (6,282 ) (5,164 ) (3,763 ) Net operating revenue 66,503 54,520 41,898 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [Abstract] | |
Schedule of General and Administrative Expenses | General and administrative expenses correspond to indirect expenses and the cost of corporate units, including procurement and supplies, information technology, and financial activities. For the year ended December 31, 2023 2022 2021 Inventory cost (54,685 ) (44,809 ) (34,163 ) Personnel expenses (4,137 ) (3,358 ) (2,512 ) Outsourced services (338 ) (264 ) (251 ) Selling expenses (1,093 ) (875 ) (646 ) Functional expenses (1,150 ) (883 ) (664 ) Other expenses (521 ) (534 ) (439 ) (61,924 ) (50,723 ) (38,675 ) Cost of sales (55,682 ) (45,557 ) (34,753 ) Selling expenses (5,411 ) (4,379 ) (3,334 ) General and administrative expenses (831 ) (787 ) (588 ) (61,924 ) (50,723 ) (38,675 ) |
Other Operating Revenue (Expe_2
Other Operating Revenue (Expenses), Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Operating Expenses, Net Table [Abstract] | |
Schedule of Other Operating Revenue and Expenses | Other operating revenue and expenses correspond to the effects of significant or unusual events during the fiscal year not classified into the definition of other items of the statement of operations. For the year ended December 31, 2023 2022 2021 Result with property, plant and equipment and leases 55 (34 ) 12 Expenses related to legal proceedings (1 ) (19 ) 9 Restructuring expenses and others (5 ) (33 ) (74 ) Indemnity assets - 14 - 49 (72 ) (53 ) |
Net Financial Result (Tables)
Net Financial Result (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Financial Result [Abstract] | |
Schedule of Measurement of Derivatives by Fair Value | Financial expenses substantially include all expenses generated by net debt and cost of sales of receivables during the fiscal year, the losses relating to the measurement of derivatives by fair value, the losses with sales of financial assets, financial charges over litigations, taxes, and interest expenses over financial leasing, as well as adjustments referring to discounts. For the year ended December 31, 2023 2022 2021 Financial revenues Cash and cash equivalents interest 123 152 87 Monetary correction (assets) 80 187 75 Revenue from anticipation of payables 42 40 18 Other financial revenues 36 15 8 Total financial revenues 281 394 188 Financial expenses Cost of debt (1,720 ) (896 ) (543 ) Cost and discount of receivables (119 ) (97 ) (51 ) Monetary correction (liabilities) (247 ) (401 ) (13 ) Interest on leasing liabilities (899 ) (509 ) (292 ) Other financial expenses (27 ) (6 ) (19 ) Total financial expenses (3,012 ) (1,909 ) (918 ) (2,731 ) (1,515 ) (730 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The table below sets forth the net income available to holders of common shares and the weighted average number of common shares outstanding used to calculate basic and diluted earnings per share in each year: For the year ended December 31, 2023 2022 2021 Net income allocated available to holders of common shares (a) 710 1,220 1,610 Weighted average of the number of shares 1,350 1,348 1,344 Basic denominator (millions of shares) (b) 1,350 1,348 1,344 Weighted average of stock option 4 6 11 Diluted denominator (millions of shares) (c) 1,354 1,353 1,355 Basic earnings per million shares (R$) (a/b) 0.525574 0.905322 1.198020 Diluted earnings per million shares (R$) (a/c) 0.524174 0.901589 1.188520 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets Held for Sale [Abstract] | |
Schedule of Assets Held for Sale | Non-current assets classified as held for sale are measured at the lower of carrying amount and market value less cost of sale. For the 2022 Hypermarkets stores (i) 95 95 (i) On February 25, 2022, GPA and the Company sold 17 owned properties (11 owned by GPA and 6 properties acquired by the Company) with a total sale value of up to R$1,200, to the Brazel Properties real estate fund (“Fund”) with the intervention and guarantee of the Company. |
Corporate Information (Details)
Corporate Information (Details) - BRL (R$) | 1 Months Ended | 12 Months Ended | |||||||||||
Jun. 23, 2023 | Mar. 21, 2023 | Dec. 26, 2022 | Dec. 23, 2022 | Mar. 31, 2022 | Feb. 25, 2022 | Dec. 31, 2021 | Dec. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 29, 2022 | Dec. 16, 2021 | Dec. 31, 2020 | |
Corporate Information [Line Items] | |||||||||||||
Sales price | R$ 364 | ||||||||||||
Assets held for sale | 349 | ||||||||||||
Sale of properties | R$ 209 | ||||||||||||
Remaining properties | R$ 165 | ||||||||||||
Commercial amount | 798 | R$ 3130 | R$ 3973 | ||||||||||
Installments year percentage | 1.20% | ||||||||||||
Property, plant and equipment | R$ 1201 | ||||||||||||
Company paid | 1,000 | ||||||||||||
Sale amount | R$ 403 | ||||||||||||
Sale price | R$ 1200 | ||||||||||||
Installment amount | R$ 956 | ||||||||||||
Total payment | R$ 850 | R$ 1000 | R$ 2609 | ||||||||||
Shares (in Shares) | 140,800,000 | ||||||||||||
Common shares issued (in Shares) | 157,582,850 | 157,582,865 | 1,346,674,477 | 1,351,833,200 | 1,349,165,394 | 1,341,757,835 | |||||||
Ownership interest percentage | 0.01% | 11.70% | |||||||||||
GPA [Member] | |||||||||||||
Corporate Information [Line Items] | |||||||||||||
Commercial amount | R$ 1200 | ||||||||||||
Top of range [member] | |||||||||||||
Corporate Information [Line Items] | |||||||||||||
Purchase price | R$ 3973 | ||||||||||||
Bottom of range [member] | |||||||||||||
Corporate Information [Line Items] | |||||||||||||
Purchase price | R$ 3928 | ||||||||||||
Segisor S.A.S [Member] | |||||||||||||
Corporate Information [Line Items] | |||||||||||||
Ownership interest percentage | 11.67% | ||||||||||||
Wilkes Participações S.A [Member] | |||||||||||||
Corporate Information [Line Items] | |||||||||||||
Common shares issued (in Shares) | 254,000,000 |
Material Accounting Policies _2
Material Accounting Policies Information (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Material Accounting Policies Information [Abstract] | |||
Interest payment related to borrowings | R$ 1085 | R$ 783 | R$ 406 |
Interest payment related to lease | R$ 977 | R$ 772 | R$ 294 |
Adoption of New Procedures, A_3
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 (Details) - Schedule of Evaluated the Amendments and new Interpretations to IFRS as Issued by IASB | 12 Months Ended |
Dec. 31, 2023 | |
Amendments to IAS 1 Presentation of Financial Statements and IFRS Statement of Practice 2 [Member] | |
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 (Details) - Schedule of Evaluated the Amendments and new Interpretations to IFRS as Issued by IASB [Line Items] | |
Description | It changes the requirements in IAS 1 with regard to disclosure of accounting policies. Only the policies that, together with other information in the financial statements, can reasonably influence decisions. Policies related to immaterial transactions do not need to be disclosed, but policies may be significant due to their nature even if the amounts are immaterial. However, not all significant policy information is in itself material. |
Effective date | 01/01/2023 |
Amendments to IAS 12 [Member] | |
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 (Details) - Schedule of Evaluated the Amendments and new Interpretations to IFRS as Issued by IASB [Line Items] | |
Description | The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption to transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting nor taxable profit. For example, this may arise upon recognition of a lease liability and the corresponding right-of-use asset applying IFRS 16 at the commencement date of a lease. |
Effective date | 01/01/2023 |
Amendments to IAS 8 [Member] | |
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 (Details) - Schedule of Evaluated the Amendments and new Interpretations to IFRS as Issued by IASB [Line Items] | |
Description | The amendments to IAS 8 refer to situations that requiring changes in accounting policies and reinforce that they should only occur if required by standard or implementation of IASB or if they result in financial statements that are more reliable and material. |
Effective date | 01/01/2023 |
Adoption of New Procedures, A_4
Adoption of New Procedures, Amendments to and Interpretations of Existing Standards Issued by the Iasb and Published Standards Effective from 2023 (Details) - Schedule of Evaluated all new and Revised IFRSs | 12 Months Ended |
Dec. 31, 2023 | |
Amendments to IFRS 10 and IAS 28 [Member] | |
Schedule of Evaluated all new and Revised IFRSs [Line Items] | |
Description | The amendments to IFRS 10 and IAS 28 deal with situations that involve the sale or contribution of assets between an investor and its associate or joint venture. Specifically the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or joint venture that is accounted for using the equity method, are recognized in the parent company’s statement of operations only in proportion to the interests of the unrelated investor in this affiliate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in a former controlled company (that has become an associate or joint venture that is accounted for using the equity method) to fair value are recognized in the statement of operations of the former controlling company in proportion to the investor’s shares not related to the new associate or joint venture. |
Effective for annual periods beginning on or after | Jan. 01, 2024 |
Amendments to IAS 1 [Member] | |
Schedule of Evaluated all new and Revised IFRSs [Line Items] | |
Description | The amendments to IAS 1 published in January 2020 affect only the presentation of liabilities as current or non-current in the balance sheet and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ’settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. |
Effective for annual periods beginning on or after | Jan. 01, 2024 |
Amendments to IAS 1 Presentation of Financial Statements [Member] | |
Schedule of Evaluated all new and Revised IFRSs [Line Items] | |
Description | IAS 1 requires debt to be classified as non-current only if the company can defer the settlement of the debt in the 12 months after the reporting date. The purpose of this initiative is regarding to improve the information disclosed by companies regarding long-term debt with covenants, and allow investors to understand the risk that a certain debt would become payable in advance. |
Effective for annual periods beginning on or after | Jan. 01, 2024 |
Amendments to IFRS 7/IAS 7 [Member] | |
Schedule of Evaluated all new and Revised IFRSs [Line Items] | |
Description | The amendments include a disclosure objective in IAS 7 stating that an entity must disclose information on its supplier financing arrangements that allows users of financial statements to assess the effects of these arrangements on the entity’s liabilities and cash flows. Additionally, IFRS 7 was amended to include supplier financing agreements within the requirements to disclosure of information on the entity’s exposure to liquidity risk concetration. |
Effective for annual periods beginning on or after | Jan. 01, 2024 |
Amendments to IFRS 16 [Member] | |
Schedule of Evaluated all new and Revised IFRSs [Line Items] | |
Description | Under the amendments, the seller-lessee must not recognize a gain or loss related to the right of use retained by the seller-lessee. |
Effective for annual periods beginning on or after | Jan. 01, 2024 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Line Items] | |||
Funds held abroad | R$ 22 | R$ 24 | R$ 25 |
Weighted average interest rate | 95.92% | 92.80% | 109.64% |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Cash and Cash Equivalents [Line Items] | ||||
Cash and bank accounts – Brazil | R$ 352 | R$ 213 | R$ 74 | |
Cash and bank accounts – Abroad | [1] | 22 | 24 | 25 |
Financial investments – Brazil | [2] | 5,085 | 5,605 | 2,451 |
Total cash and cash equivalents | R$ 5459 | R$ 5842 | R$ 2550 | |
[1]As of December 31, 2023, the Company had funds held abroad, being R$22 in US Dollars (R$24 in US dollars as of December 31, 2022 and R$25 in US dollars as of December 31, 2021).[2]As of December 31, 2023, the financial investments correspond to repurchase and resale agreements, with a weighted average interest rate of 95.92% of CDI – Interbank Deposit Certificate (92.80% of CDI as of December 31, 2022 and 109.64% of CDI as of December 31, 2021). |
Trade Receivables (Details)
Trade Receivables (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade Receivables [Line Items] | ||
Amount of anticipate | R$ 2757 | R$ 2785 |
Tickets and meal vouchers | 185 | 134 |
Payment slips | R$ 148 | R$ 115 |
Trade Receivables (Details) - S
Trade Receivables (Details) - Schedule of Trade Receivables - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | R$ 1199 | R$ 570 |
Credit card companies [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | 589 | 241 |
Credit card companies with related parties [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | 211 | 49 |
Sales ticket and payment slips [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | 333 | 249 |
Related parties [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | 24 | |
Suppliers and others [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | 81 | 18 |
Trade Receivables [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | 1,214 | 581 |
Provision for expected credit losses [Member] | ||
Schedule of Trade Receivables [Line Items] | ||
Trade receivables | R$ 15 | R$ 11 |
Trade Receivables (Details) -_2
Trade Receivables (Details) - Schedule of Trade Receivables by Their Gross Amount by Maturity Period - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade Receivables by Their Gross Amount by Maturity Period [Abstract] | ||
Total | R$ 1214 | R$ 581 |
Due | R$ 1202 | R$ 576 |
Overdue less than 30 days | 5 | 4 |
Overdue over 30 days | 7 | 1 |
Trade Receivables (Details) -_3
Trade Receivables (Details) - Schedule of Provision for Expected Losses in The Balance Sheet - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Provision for Expected Losses in The Balance Sheet [Line Items] | |||
At the beginning of the year | R$ 11 | R$ 6 | R$ 4 |
Additions | (50) | (36) | (15) |
Reversals | 46 | 31 | 13 |
At the end of the year | R$ 15 | R$ 11 | R$ 6 |
Inventories (Details)
Inventories (Details) - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstarct] | ||
Commercial agreements | R$ 525 | R$ 518 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Line Items] | ||
Total inventories | R$ 6664 | R$ 6467 |
Stores [Member] | ||
Schedule of Inventories [Line Items] | ||
Total inventories | 6,033 | 5,914 |
Distribution centers [Member] | ||
Schedule of Inventories [Line Items] | ||
Total inventories | 1,237 | 1,139 |
Commercial agreements [Member] | ||
Schedule of Inventories [Line Items] | ||
Total inventories | (525) | (518) |
Allowance for loss on inventory losses and damages [Member] | ||
Schedule of Inventories [Line Items] | ||
Total inventories | R$ 81 | R$ 68 |
Inventories (Details) - Sched_2
Inventories (Details) - Schedule of Allowance for Losses and Damages - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Allowance for Losses and Damages [Abstract] | |||
At the beginning of the year | R$ 68 | R$ 37 | R$ 51 |
Additions | (567) | (435) | (315) |
Reversals | 29 | 17 | 13 |
Write-offs | 525 | 387 | 316 |
At the end of the year | R$ 81 | R$ 68 | R$ 37 |
Recoverable Taxes (Details)
Recoverable Taxes (Details) R$ in Millions | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
Recoverable Taxes [Abstract] | |
Recoverable amount | R$ 287 |
Expected realization | 1 year |
Recoverable Taxes (Details) - S
Recoverable Taxes (Details) - Schedule of Tax Credits - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Recoverable Taxes (Details) - Schedule of Tax Credits [Line Items] | ||
Recoverable taxes | R$ 1673 | R$ 1982 |
Recoverable taxes, Current | 1,100 | 1,055 |
Recoverable taxes, Non-current | 573 | 927 |
ICMS [Member] | ||
Recoverable Taxes (Details) - Schedule of Tax Credits [Line Items] | ||
Recoverable taxes | 1,085 | 1,210 |
PIS/COFINS [Member] | ||
Recoverable Taxes (Details) - Schedule of Tax Credits [Line Items] | ||
Recoverable taxes | 287 | 587 |
Social Security Contribution - INSS [Member] | ||
Recoverable Taxes (Details) - Schedule of Tax Credits [Line Items] | ||
Recoverable taxes | 169 | 90 |
Whithholding taxes to be recovered [Member] | ||
Recoverable Taxes (Details) - Schedule of Tax Credits [Line Items] | ||
Recoverable taxes | 105 | 74 |
Others [Member] | ||
Recoverable Taxes (Details) - Schedule of Tax Credits [Line Items] | ||
Recoverable taxes | R$ 27 | R$ 21 |
Recoverable Taxes (Details) -_2
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan R$ in Millions | Dec. 31, 2023 BRL (R$) |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | R$ 1085 |
In 1 year [Member] | |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | 553 |
From 1 to 2 years [Member] | |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | 111 |
From 2 to 3 years [Member] | |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | 115 |
From 3 to 4 years [Member] | |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | 90 |
From 4 to 5 years [Member] | |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | 59 |
More than 5 years [Member] | |
Recoverable Taxes (Details) - Schedule of Over Adherence to the Annually Established Plan [Line Items] | |
Realization of the recoverable ICMS balance | R$ 157 |
Related Parties (Details) - Sch
Related Parties (Details) - Schedule of Balances and Related Party Transactions - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Associates (i) | ||||
Assets balance Trade receivables | [1] | R$ 24 | ||
Assets balance Other assets | [1] | 234 | ||
Liabilities balance Suppliers | [1] | 8 | ||
Liabilities balance Other liabilities | [1] | 261 | ||
Transactions Revenue (expenses) | [1] | (7) | (414) | R$ 206 |
Assets balance Trade receivables, Current | 211 | 73 | ||
Assets balance Other assets, Current | ||||
Liabilities balance Suppliers, Current | 28 | 33 | ||
Liabilities balance Other liabilities, Current | 201 | |||
Assets balance Trade receivables, Non-current | ||||
Assets balance Other assets, Non-current | 23 | 252 | ||
Liabilities balance Suppliers, Non-current | ||||
Liabilities balance Other liabilities, Non-current | 60 | |||
Casino Guichard Perrachon [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [1] | |||
Assets balance Other assets | [1] | |||
Liabilities balance Suppliers | [1] | |||
Liabilities balance Other liabilities | [1] | 21 | ||
Transactions Revenue (expenses) | [1] | (20) | (60) | (35) |
Compre Bem [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [1] | |||
Assets balance Other assets | [1] | |||
Liabilities balance Suppliers | [1] | |||
Liabilities balance Other liabilities | [1] | |||
Transactions Revenue (expenses) | [1] | (1) | ||
Euris [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [1] | |||
Assets balance Other assets | [1] | |||
Liabilities balance Suppliers | [1] | |||
Liabilities balance Other liabilities | [1] | 1 | ||
Transactions Revenue (expenses) | [1] | (1) | (3) | (1) |
Grupo Pão de Açucar (“GPA”) [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [1] | 24 | ||
Assets balance Other assets | [1] | 234 | ||
Liabilities balance Suppliers | [1] | 8 | ||
Liabilities balance Other liabilities | [1] | 237 | ||
Transactions Revenue (expenses) | [1] | 20 | (310) | (137) |
Greenyellow [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [1] | |||
Assets balance Other assets | [1] | |||
Liabilities balance Suppliers | [1] | |||
Liabilities balance Other liabilities | [1] | |||
Transactions Revenue (expenses) | [1] | (33) | (26) | |
Wilkes Participações S.A [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [1] | |||
Assets balance Other assets | [1] | |||
Liabilities balance Suppliers | [1] | |||
Liabilities balance Other liabilities | [1] | 2 | ||
Transactions Revenue (expenses) | [1] | (6) | (8) | (6) |
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | [2] | 211 | 49 | |
Assets balance Other assets | [2] | 23 | 18 | |
Liabilities balance Suppliers | [2] | 28 | 25 | |
Liabilities balance Other liabilities | [2] | |||
Transactions Revenue (expenses) | [2] | 27 | 25 | 15 |
Joint Ventures [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | 211 | 49 | ||
Assets balance Other assets | 23 | 18 | ||
Liabilities balance Suppliers | 28 | 25 | ||
Liabilities balance Other liabilities | ||||
Transactions Revenue (expenses) | 27 | 25 | 15 | |
Other Related Parties [Member] | ||||
Associates (i) | ||||
Assets balance Trade receivables | 211 | 73 | ||
Assets balance Other assets | 23 | 252 | ||
Liabilities balance Suppliers | 28 | 33 | ||
Liabilities balance Other liabilities | 261 | |||
Transactions Revenue (expenses) | R$ 20 | R$ 389 | R$ 191 | |
[1]As a result of the sale of Casino’s ownership interest in the Company, through Wilkes, as disclosed in note 1.4, the associates are no longer related parties. In 2022 and 2021, all these associates, as related parties, had transactions with the Company. The main transactions were related to: (i) cost sharing contracts (reimbursement of personnel expenses, equipment rental and maintenance); and (ii) agency agreements, specially between the Company and GPA and Casino related to business negotiation of products, cyber risk agreement, exploration rights of commercial points and other agreements.[2]FIC: execution of business agreements to regulate the rules that promote and sell financial services offered by FIC at the Company’s stores to implement a financial partnership between the Company and Itaú Unibanco Holding S.A. (“Itaú”) in the partnership agreement, namely: (i) banking correspondent services in Brazil; (ii) indemnification agreement in which FIC undertook to hold the Company harmless from losses incurred due to services; FIC and the Company mutually undertook to indemnify each other due to legal proceeding under their responsibility; and (iii) agreement concerning the Company’s provision of information and access to systems to FIC, and vice-versa, in order to offer services. |
Related Parties (Details) - S_2
Related Parties (Details) - Schedule of Expenses Related to the Executive Board Compensation - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Expenses Related to the Executive Board Compensation [Line Items] | ||||
Base salary | [1] | R$ 54572 | R$ 68210 | R$ 65906 |
Variable compensation | [1] | 82,926 | 63,024 | 44,657 |
Stock option plan and shared-based payment plan | [2] | 33,317 | 26,888 | 16,205 |
Total | 170,815 | 158,122 | 126,768 | |
Board of director [member] | ||||
Schedule of Expenses Related to the Executive Board Compensation [Line Items] | ||||
Base salary | [1] | 11,512 | 31,971 | 25,533 |
Variable compensation | [1] | |||
Stock option plan and shared-based payment plan | [2] | 5,250 | 7,103 | 7,111 |
Total | 16,762 | 39,074 | 32,644 | |
Statutory officers [Member] | ||||
Schedule of Expenses Related to the Executive Board Compensation [Line Items] | ||||
Base salary | [1] | 11,083 | 12,806 | 20,241 |
Variable compensation | [1] | 29,794 | 19,880 | 14,485 |
Stock option plan and shared-based payment plan | [2] | 13,265 | 9,609 | 7,632 |
Total | 54,142 | 42,295 | 42,358 | |
Executives excluding statutory officers [Member] | ||||
Schedule of Expenses Related to the Executive Board Compensation [Line Items] | ||||
Base salary | [1] | 31,429 | 22,849 | 19,801 |
Variable compensation | [1] | 53,132 | 43,144 | 30,172 |
Stock option plan and shared-based payment plan | [2] | 14,802 | 10,176 | 1,462 |
Total | 99,363 | 76,169 | 51,435 | |
Fiscal council [Member] | ||||
Schedule of Expenses Related to the Executive Board Compensation [Line Items] | ||||
Base salary | [1] | 548 | 584 | 331 |
Variable compensation | [1] | |||
Stock option plan and shared-based payment plan | [2] | |||
Total | R$ 548 | R$ 584 | R$ 331 | |
[1]Short-term benefit.[2]More details about shared-based payment plan for Statutory officers, see note 20.6.3. |
Investment in Joint Venture (De
Investment in Joint Venture (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Investment in Joint Venture (Details) [Line Items] | |
Percentage of capital stock | 17.88% |
FIC [Member] | |
Investment in Joint Venture (Details) [Line Items] | |
Percentage of capital stock | 35.76% |
Investment in Joint Venture (_2
Investment in Joint Venture (Details) - Schedule of Company’s Joint Venture - Financeira Itaú CBD S.A. [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment in Joint Venture (Details) - Schedule of Company’s Joint Venture [Line Items] | ||
Company | Bellamar Empreendimento e Participação S.A. | |
Country | Brazil | |
Participation in investments - % | 50% | 50% |
Investment in Joint Venture (_3
Investment in Joint Venture (Details) - Schedule of Financial Information of Joint Venture - FIC [Member] - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment in Joint Venture (Details) - Schedule of Financial Information of Joint Venture [Line Items] | ||
Current liabilities | R$ 1 | R$ 1 |
Non-current assets | 581 | 519 |
Shareholders equity | 582 | 520 |
Net income for the year | R$ 102 | R$ 86 |
Investment in Joint Venture (_4
Investment in Joint Venture (Details) - Schedule of Breakdown - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Breakdown [Abstract] | |||
As of begining balance | R$ 833 | R$ 789 | R$ 769 |
As of ending balance | 864 | 833 | 789 |
Share of profit of associates | 51 | R$ 44 | 47 |
Dividends received | R$ 20 | (11) | |
Dividends receivable | R$ 16 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Sales multiple , percentage | 35% | ||
Discount rate, percentage | 11.34% | 12.20% | |
Interest capitalization | R$ 257 | R$ 774 | R$ 38 |
Asset held for sale | 349 | ||
Borrowing costs eligible for capitalization rate | 111.05% | 112.16% | |
Depreciation of cost of sales and services | R$ 82 | R$ 71 | R$ 49 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Breakdown and Composition of Property Plant and Equipment - BRL (R$) R$ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | R$ 11582 | R$ 6700 | R$ 5047 | ||
Additions | [1] | 2,579 | 5,467 | 2,433 | |
Write-off | (51) | (59) | (11) | ||
Depreciation | (918) | (606) | (417) | ||
Transfers and others | (44) | 80 | (352) | [2] | |
Property plant and equipment ending | 13,148 | 11,582 | 6,700 | ||
Historical cost | 16,468 | 14,024 | 8,554 | ||
Accumulated depreciation | (3,320) | (2,442) | (1,854) | ||
Land [member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 600 | 570 | 481 | ||
Additions | [1] | 17 | 48 | 207 | |
Write-off | (18) | (2) | |||
Depreciation | |||||
Transfers and others | (58) | (116) | [2] | ||
Property plant and equipment ending | 559 | 600 | 570 | ||
Historical cost | 559 | 600 | 570 | ||
Accumulated depreciation | |||||
Buildings [member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 730 | 656 | 609 | ||
Additions | [1] | 45 | 117 | 258 | |
Write-off | (4) | ||||
Depreciation | (19) | (17) | (15) | ||
Transfers and others | 21 | (26) | (192) | [2] | |
Property plant and equipment ending | 777 | 730 | 656 | ||
Historical cost | 934 | 859 | 767 | ||
Accumulated depreciation | (157) | (129) | (111) | ||
Improvements [Member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 6,865 | 3,596 | 2,598 | ||
Additions | [1] | 1,659 | 3,451 | 1,161 | |
Write-off | (26) | (27) | (1) | ||
Depreciation | (438) | (284) | (182) | ||
Transfers and others | 39 | 129 | 20 | [2] | |
Property plant and equipment ending | 8,099 | 6,865 | 3,596 | ||
Historical cost | 9,583 | 7,933 | 4,387 | ||
Accumulated depreciation | (1,484) | (1,068) | (791) | ||
Machinery and equipment [Member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 1,440 | 828 | 635 | ||
Additions | [1] | 499 | 708 | 307 | |
Write-off | (16) | (4) | (1) | ||
Depreciation | (214) | (184) | (128) | ||
Transfers and others | 601 | 92 | 15 | [2] | |
Property plant and equipment ending | 2,310 | 1,440 | 828 | ||
Historical cost | 3,285 | 2,160 | 1,373 | ||
Accumulated depreciation | (975) | (720) | (545) | ||
Facilities [Member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 585 | 362 | 269 | ||
Additions | [1] | 84 | 258 | 118 | |
Write-off | (2) | (7) | (1) | ||
Depreciation | (58) | (35) | (25) | ||
Transfers and others | (339) | 7 | 1 | [2] | |
Property plant and equipment ending | 270 | 585 | 362 | ||
Historical cost | 430 | 729 | 472 | ||
Accumulated depreciation | (160) | (144) | (110) | ||
Furniture and Appliances [Member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 755 | 416 | 340 | ||
Additions | [1] | 186 | 279 | 110 | |
Write-off | (5) | (2) | (2) | ||
Depreciation | (144) | (70) | (53) | ||
Transfers and others | 111 | 132 | 21 | [2] | |
Property plant and equipment ending | 903 | 755 | 416 | ||
Historical cost | 1,311 | 1,043 | 635 | ||
Accumulated depreciation | (408) | (288) | (219) | ||
Construction in progress [member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 543 | 235 | 78 | ||
Additions | [1] | 47 | 582 | 266 | |
Write-off | (1) | (1) | |||
Depreciation | |||||
Transfers and others | (478) | (273) | (109) | [2] | |
Property plant and equipment ending | 111 | 543 | 235 | ||
Historical cost | 111 | 543 | 235 | ||
Accumulated depreciation | |||||
Others [Member] | |||||
Schedule of Breakdown and Composition of Property Plant and Equipment [Line Items] | |||||
Property plant and equipment beginning | 64 | 37 | 37 | ||
Additions | [1] | 42 | 24 | 6 | |
Write-off | (1) | ||||
Depreciation | (45) | (16) | (14) | ||
Transfers and others | 59 | 19 | 8 | [2] | |
Property plant and equipment ending | 119 | 64 | 37 | ||
Historical cost | 255 | 157 | 115 | ||
Accumulated depreciation | R$ 136 | R$ 93 | R$ 78 | ||
[1]Includes interest capitalization in the amount of R$257 as of December 31, 2023 (R$774 and R$38 as of December 31, 2022 and 2021, respectively), see note 12.3.[2]In 2021, presents the transfer between property, plan and equipment to “assets held for sale”, in amount of R$349, see note 1.2. |
Property, Plant and Equipment_4
Property, Plant and Equipment (Details) - Schedule of Additions to Property and Equipment for Cash Flow Presentation - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Additions to Property and Equipment for Cash Flow Presentation [Abstract] | ||||
Additions | [1] | R$ 2579 | R$ 5467 | R$ 2433 |
Capitalized borrowing costs | (257) | (774) | (38) | |
Financing of property, plant and equipment – Additions | (2,298) | (5,080) | (2,284) | |
Financing of property, plant and equipment – Payments | 3,092 | 3,911 | 2,120 | |
Total | R$ 3116 | R$ 3524 | R$ 2231 | |
[1]Includes interest capitalization in the amount of R$257 as of December 31, 2023 (R$774 and R$38 as of December 31, 2022 and 2021, respectively), see note 12.3. |
Intangible Assets (Details)
Intangible Assets (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets [Line Items] | |||
Weighted average amortization rate | 20% | ||
Commercial rights from the transaction (in Brazil Real) | R$ 798 | R$ 3130 | |
Discount rate applied to cash flow projections | 11.34% | 12.20% | |
Growth rate applied to cash flow projections | 4% | 4.40% | |
Bottom of range [member] | |||
Intangible Assets [Line Items] | |||
Amortized over defined useful life | 5 years |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Breakdown and Composition of Intangible Assets - BRL (R$) R$ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule of Breakdown and Composition of Intangible Assets [Line Items] | ||||||
Intangible assets, beginning balance | R$ 5000 | R$ 1868 | R$ 1037 | |||
Additions | 222 | 3,157 | 854 | |||
Amortizations | (50) | (25) | (21) | |||
Write-off | (1) | (1) | ||||
Transfers | 1 | (1) | ||||
Intangible assets, ending balance | 5,172 | 5,000 | 1,868 | |||
Historical cost | 5,582 | 5,360 | 2,203 | |||
Accumulated amortization | (410) | (360) | (335) | |||
Goodwill [member] | ||||||
Schedule of Breakdown and Composition of Intangible Assets [Line Items] | ||||||
Intangible assets, beginning balance | 618 | 618 | 618 | |||
Additions | ||||||
Amortizations | ||||||
Write-off | ||||||
Transfers | ||||||
Intangible assets, ending balance | 618 | 618 | 618 | |||
Historical cost | 871 | 871 | 871 | |||
Accumulated amortization | (253) | (253) | (253) | |||
Software [Member] | ||||||
Schedule of Breakdown and Composition of Intangible Assets [Line Items] | ||||||
Intangible assets, beginning balance | 76 | 75 | 70 | |||
Additions | 30 | 18 | 21 | |||
Amortizations | (43) | (17) | (14) | |||
Write-off | (1) | (1) | ||||
Transfers | 1 | (1) | ||||
Intangible assets, ending balance | 63 | 76 | 75 | |||
Historical cost | 181 | 151 | 133 | |||
Accumulated amortization | (118) | (75) | (58) | |||
Commercial Rights [Member] | ||||||
Schedule of Breakdown and Composition of Intangible Assets [Line Items] | ||||||
Intangible assets, beginning balance | [1] | 4,267 | 1,136 | 310 | ||
Additions | 192 | 3,139 | [1] | 833 | [1] | |
Amortizations | (7) | (8) | [1] | (7) | [1] | |
Write-off | [1] | [1] | ||||
Transfers | [1] | [1] | ||||
Intangible assets, ending balance | 4,452 | 4,267 | [1] | 1,136 | [1] | |
Historical cost | 4,491 | 4,299 | [1] | 1,160 | [1] | |
Accumulated amortization | (39) | (32) | [1] | (24) | [1] | |
Trade Name [Member] | ||||||
Schedule of Breakdown and Composition of Intangible Assets [Line Items] | ||||||
Intangible assets, beginning balance | 39 | 39 | 39 | |||
Additions | ||||||
Amortizations | ||||||
Write-off | ||||||
Transfers | ||||||
Intangible assets, ending balance | 39 | 39 | 39 | |||
Historical cost | 39 | 39 | 39 | |||
Accumulated amortization | ||||||
[1]In the year ended December 31, 2022, includes commercial rights related to 46 commercial points sold by GPA to the Company as a result of the Transaction for an amount of R$3,130 and in the year ended December 31, 2021, includes commercial rights related to 20 commercial points sold by GPA to the Company as a result of the Transaction for an amount of R$798 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule Additions to Intangible Assets for Cash Flow Presentation Purpose are as Follows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Additions to Intangible Assets for Cash Flow Presentation Purpose are as Follows [Line Items] | |||
Additions | $ 222 | $ 3,157 | $ 854 |
Financing of intangible assets – Additions | (175) | (3,130) | |
Financing of intangible assets – Payments | 122 | 609 | |
Total | $ 169 | $ 636 | $ 854 |
Leases (Details)
Leases (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Lease liabilities | R$ 9184 | R$ 8360 |
Incremental borrowing lease liabilities | 12.12% | 12.20% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Breakdown and Composition of Right of use - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Breakdown and Composition of Right of use [Line Items] | ||||
Right of use beginning | R$ 7619 | R$ 3639 | R$ 2429 | |
Additions | 2,669 | [1] | 3,810 | 919 |
Remeasurement | 297 | 696 | 628 | |
Write-off | (1,824) | [1] | (70) | (92) |
Amortization | (508) | (359) | (249) | |
Transters and others | (31) | (97) | 4 | |
Right of use ending | 8,222 | 7,619 | 3,639 | |
Historical cost | 9,959 | 9,010 | 4,655 | |
Accumulated amortization | (1,737) | (1,391) | (1,016) | |
Buildings [member] | ||||
Schedule of Breakdown and Composition of Right of use [Line Items] | ||||
Right of use beginning | 7,593 | 3,604 | 2,423 | |
Additions | 2,669 | [1] | 3,810 | 885 |
Remeasurement | 296 | 695 | 628 | |
Write-off | (1,824) | [1] | (70) | (92) |
Amortization | (500) | (351) | (244) | |
Transters and others | (31) | (95) | 4 | |
Right of use ending | 8,203 | 7,593 | 3,604 | |
Historical cost | 9,879 | 8,924 | 4,566 | |
Accumulated amortization | (1,676) | (1,331) | (962) | |
Equipment [Member] | ||||
Schedule of Breakdown and Composition of Right of use [Line Items] | ||||
Right of use beginning | 8 | 16 | 6 | |
Additions | [1] | 16 | ||
Remeasurement | ||||
Write-off | [1] | |||
Amortization | (5) | (6) | (5) | |
Transters and others | (2) | (1) | ||
Right of use ending | 3 | 8 | 16 | |
Historical cost | 51 | 57 | 61 | |
Accumulated amortization | (48) | (49) | (45) | |
Assets and rights [Member] | ||||
Schedule of Breakdown and Composition of Right of use [Line Items] | ||||
Right of use beginning | 18 | 19 | ||
Additions | [1] | 18 | ||
Remeasurement | 1 | 1 | ||
Write-off | [1] | |||
Amortization | (3) | (2) | ||
Transters and others | 1 | |||
Right of use ending | 16 | 18 | 19 | |
Historical cost | 29 | 29 | 28 | |
Accumulated amortization | R$ 13 | R$ 11 | R$ 9 | |
[1] As disclosed in note 1.4, on June 23, 2023, Casino, through its subsidiaries Wilkes, GIBV and Segisor, sold its common shares, changing the Company’s shareholding structure. Due to the change in the shareholding structure, some rental agreements were renegotiated, resulting in a net increase of R$476 in the lease. Management, based on IFRS 16 - Leases, assessed and concluded this transaction as the termination of the previous agreement and the recognition of a new agreement, maturing in 2045, due to the substantial change in scope, which mainly includes the modification of the leased assets and change in contract amounts. In the year ended December 31, 2023, the renegotiation process was concluded. |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Minimum Future Payments and Fair Value of Minimum Lease Payments - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease liabilities - minimum payments | ||
Present value of lease liabilities | R$ 9184 | R$ 8360 |
Current | 532 | 435 |
Non-current | 8,652 | 7,925 |
Future financing charges | 13,164 | 12,318 |
Future lease payments | 22,348 | 20,678 |
PIS and COFINS embedded in the present value of lease agreements | 558 | 508 |
PIS and COFINS embedded in the gross value of lease agreements | 1,359 | 1,257 |
Less than 1 year [Member] | ||
Lease liabilities - minimum payments | ||
Present value of lease liabilities | 532 | 435 |
1 to 5 years [Member] | ||
Lease liabilities - minimum payments | ||
Present value of lease liabilities | 1,702 | 1,646 |
More than 5 years [Member] | ||
Lease liabilities - minimum payments | ||
Present value of lease liabilities | R$ 6950 | R$ 6279 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Lease liability Rollforward - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Lease liability Rollforward [Abstract] | |||
As of beginning | R$ 8360 | R$ 4051 | R$ 2776 |
As of ending | 9,184 | 8,360 | 4,051 |
Addition – Lease | 2,669 | 3,810 | 919 |
Remeasurement | 297 | 696 | 628 |
Interest provision | 1,004 | 781 | 302 |
Principal amortizations | (262) | (126) | (460) |
Interest amortizations | (977) | (772) | (8) |
Write-off due to early termination of agreement | R$ 1907 | R$ 80 | R$ 106 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of Variable Rents Recognized as Expenses and Subleases - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Variable Rents Recognized as Expenses [Line Items] | ||||
(Expenses) revenues for the year | [1] | R$ 93 | R$ 55 | R$ 31 |
Variables (1% to 2% of sales) [Member] | ||||
Schedule of Variable Rents Recognized as Expenses [Line Items] | ||||
(Expenses) revenues for the year | R$ 21 | R$ 31 | R$ 6 | |
[1]Refers mainly to revenue from lease agreements receivable from commercial galleries. |
Trade Payables and Trade Paya_3
Trade Payables and Trade Payables - Agreements (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade Payables and Trade Payables - Agreements [Line Items] | ||
Revenue from anticipation of payables | R$ 42 | R$ 40 |
Revenue transaction percentage | 1.21% | 1.43% |
Balance payable | R$ 1459 | R$ 2039 |
Acquisition of hypermarkets [Member] | ||
Trade Payables and Trade Payables - Agreements [Line Items] | ||
Balance payable | R$ 892 | R$ 3202 |
Trade Payables and Trade Paya_4
Trade Payables and Trade Payables - Agreements (Details) - Schedule of Trade Payables, Net - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade payables - Agreements | ||
Current | R$ 12110 | R$ 12999 |
Non-current | 38 | 780 |
Products [Members] | ||
Trade payables | ||
Trade Payables Total | 10,363 | 9,196 |
Trade payables - Agreements | ||
Trade Payables - Agreements Total | 1,070 | 813 |
Acquisition of property, plant and equipment [Member] | ||
Trade payables | ||
Trade Payables Total | 158 | 140 |
Service [Member] | ||
Trade payables | ||
Trade Payables Total | 150 | 129 |
Service - related parties [Members] | ||
Trade payables | ||
Trade Payables Total | 28 | 33 |
Bonuses from suppliers [Members] | ||
Trade payables | ||
Trade Payables Total | (902) | (960) |
Trade Payables [Member] | ||
Trade payables | ||
Trade Payables Total | 9,797 | 8,538 |
Acquisition of property, plant and equipment [Member] | ||
Trade payables - Agreements | ||
Trade Payables - Agreements Total | 389 | 1,226 |
Acquisition of hypermarkets [Member] | ||
Trade payables - Agreements | ||
Trade Payables - Agreements Total | 892 | 3,202 |
Total trade payables – Agreements [Member] | ||
Trade payables - Agreements | ||
Trade Payables - Agreements Total | 2,351 | 5,241 |
Trade Payables Agreements [Member] | ||
Trade payables - Agreements | ||
Trade Payables - Agreements Total | R$ 12148 | R$ 13779 |
Financial Instruments (Details)
Financial Instruments (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments [Line Items] | |||
Financial institutions percentage | 100% | ||
Limit accounts receivable percentage | 5% | ||
Risk limited percentage | 100% | ||
Notional amount | R$ 2956 | R$ 2360 | |
Fair value receivable | 266 | 146 | |
Effects of fair value hedge | R$ 115 | R$ 29 | R$ 4 |
According to management description | Therefore, in scenario (I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 10.00% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company’s results in an adverse scenario. | ||
Costs related of waiver | R$ 93 | ||
Swap use percentage | 100% | ||
Annual at CDI average rate | 13.04% | 12.43% |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of Financial Instruments and Their Carrying Amounts - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial liabilities | ||
Net exposure | R$ 29595 | R$ 28093 |
Amortized Cost [Member] | ||
Financial liabilities | ||
Net exposure | (27,664) | (26,228) |
FVTI [Member] | ||
Financial liabilities | ||
Net exposure | (2,916) | (2,289) |
FVTOCI [Member] | ||
Financial liabilities | ||
Net exposure | 985 | 424 |
Cash and cash equivalents [Member] | ||
Financial assets | ||
Cash and cash equivalents | 5,459 | 5,842 |
Cash and cash equivalents [Member] | Amortized Cost [Member] | ||
Financial assets | ||
Cash and cash equivalents | 5,459 | 5,842 |
Cash and cash equivalents [Member] | FVTI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Cash and cash equivalents [Member] | FVTOCI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Related parties [member] | ||
Financial assets | ||
Cash and cash equivalents | 23 | 252 |
Financial liabilities | ||
Other accounts payable | (261) | |
Related parties [member] | Amortized Cost [Member] | ||
Financial assets | ||
Cash and cash equivalents | 23 | 252 |
Financial liabilities | ||
Other accounts payable | (261) | |
Related parties [member] | FVTI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Financial liabilities | ||
Other accounts payable | ||
Related parties [member] | FVTOCI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Financial liabilities | ||
Other accounts payable | ||
Trade receivables and other accounts receivables [Member] | ||
Financial assets | ||
Cash and cash equivalents | 396 | 198 |
Trade receivables and other accounts receivables [Member] | Amortized Cost [Member] | ||
Financial assets | ||
Cash and cash equivalents | 396 | 198 |
Trade receivables and other accounts receivables [Member] | FVTI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Trade receivables and other accounts receivables [Member] | FVTOCI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Gain on financial instruments at fair value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 274 | 182 |
Gain on financial instruments at fair value [Member] | Amortized Cost [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Gain on financial instruments at fair value [Member] | FVTI [Member] | ||
Financial assets | ||
Cash and cash equivalents | 274 | 182 |
Gain on financial instruments at fair value [Member] | FVTOCI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Trade receivables with credit card and tickets [Member] | ||
Financial assets | ||
Cash and cash equivalents | 985 | 424 |
Trade receivables with credit card and tickets [Member] | Amortized Cost [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Trade receivables with credit card and tickets [Member] | FVTI [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Trade receivables with credit card and tickets [Member] | FVTOCI [Member] | ||
Financial assets | ||
Cash and cash equivalents | 985 | 424 |
Other accounts payable [Member] | ||
Financial liabilities | ||
Other accounts payable | (216) | |
Other accounts payable [Member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | (216) | |
Other accounts payable [Member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Other accounts payable [Member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Trade payable and trade payables – agreements [Member] | ||
Financial liabilities | ||
Other accounts payable | (12,148) | (13,779) |
Trade payable and trade payables – agreements [Member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | (12,148) | (13,779) |
Trade payable and trade payables – agreements [Member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Trade payable and trade payables – agreements [Member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Borrowings [Member] | ||
Financial liabilities | ||
Other accounts payable | (1,943) | (1,217) |
Borrowings [Member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | (1,943) | (1,217) |
Borrowings [Member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Borrowings [Member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Debentures and promissory notes [Member] | ||
Financial liabilities | ||
Other accounts payable | (10,051) | (8,903) |
Debentures and promissory notes [Member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | (10,051) | (8,903) |
Debentures and promissory notes [Member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Debentures and promissory notes [Member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Lease liabilities [member] | ||
Financial liabilities | ||
Other accounts payable | (9,184) | (8,360) |
Lease liabilities [member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | (9,184) | (8,360) |
Lease liabilities [member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Lease liabilities [member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Borrowings and debentures [Member] | ||
Financial liabilities | ||
Other accounts payable | (3,182) | (2,435) |
Borrowings and debentures [Member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Borrowings and debentures [Member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | (3,182) | (2,435) |
Borrowings and debentures [Member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Loss of financial instruments at fair value [Member] | ||
Financial liabilities | ||
Other accounts payable | (8) | (36) |
Loss of financial instruments at fair value [Member] | Amortized Cost [Member] | ||
Financial liabilities | ||
Other accounts payable | ||
Loss of financial instruments at fair value [Member] | FVTI [Member] | ||
Financial liabilities | ||
Other accounts payable | (8) | (36) |
Loss of financial instruments at fair value [Member] | FVTOCI [Member] | ||
Financial liabilities | ||
Other accounts payable |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of Capital Structure - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Capital Structure [Abstract] | ||||
Borrowings, debentures and promissory notes | R$ 15184 | R$ 12591 | ||
(-) Cash and cash equivalents | 5,459 | 5,842 | R$ 2550 | R$ 3532 |
(-) Derivative financial instruments | 274 | 182 | ||
Net debt | (9,451) | (6,567) | ||
Shareholders´ equity | R$ 4630 | R$ 3896 | R$ 2766 | R$ 1347 |
% Net debt over shareholders’ equity | 204% | 169% |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of Financial Liabilities R$ in Millions | Dec. 31, 2023 BRL (R$) |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | R$ 54091 |
Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 17,462 |
1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 21,158 |
More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 15,471 |
Borrowings [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 2,408 |
Borrowings [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 611 |
Borrowings [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 1,797 |
Borrowings [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Debentures and promissory notes [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 17,523 |
Debentures and promissory notes [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 3,026 |
Debentures and promissory notes [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 13,256 |
Debentures and promissory notes [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 1,241 |
Derivative Financial Instruments [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | (556) |
Derivative Financial Instruments [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 111 |
Derivative Financial Instruments [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | (299) |
Derivative Financial Instruments [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | (368) |
Lease liabilities [member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 22,348 |
Lease liabilities [member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 1,435 |
Lease liabilities [member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 6,364 |
Lease liabilities [member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 14,549 |
Trade Payables [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 9,799 |
Trade Payables [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 9,759 |
Trade Payables [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 40 |
Trade Payables [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Total trade payables – Agreements [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 1,459 |
Total trade payables – Agreements [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 1,459 |
Total trade payables – Agreements [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Total trade payables – Agreements [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Trade payables – Agreements – Acquisition of hypermarkets [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 894 |
Trade payables – Agreements – Acquisition of hypermarkets [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 894 |
Trade payables – Agreements – Acquisition of hypermarkets [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Trade payables – Agreements – Acquisition of hypermarkets [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Other accounts payable [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 216 |
Other accounts payable [Member] | Less than 1 year [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | 167 |
Other accounts payable [Member] | 1 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | |
Other accounts payable [Member] | More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Financial Liabilities [Line Items] | |
Total financial liabilities | R$ 49 |
Financial Instruments (Detail_5
Financial Instruments (Details) - Schedule of Exponential Convention - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Notional value [Member] | ||
Swap of hedge | ||
Hedge purpose (debt) | R$ 2956 | R$ 2360 |
Long position | ||
Short position | (2,956) | (2,360) |
Net hedge position | ||
Fair Value [Member] | ||
Swap of hedge | ||
Hedge purpose (debt) | 3,230 | 2,542 |
Long position | ||
Short position | (2,964) | (2,396) |
Net hedge position | 266 | 146 |
Fixed rate [Member] | Notional value [Member] | ||
Long position | ||
Long position total | 106 | 106 |
Fixed rate [Member] | Fair Value [Member] | ||
Long position | ||
Long position total | 110 | 109 |
USD + Fixed [Member] | Notional value [Member] | ||
Long position | ||
Long position total | 282 | |
USD + Fixed [Member] | Fair Value [Member] | ||
Long position | ||
Long position total | 282 | |
Hedge - CRI [Member] | Notional value [Member] | ||
Long position | ||
Long position total | 2,850 | 1,972 |
Hedge - CRI [Member] | Fair Value [Member] | ||
Long position | ||
Long position total | R$ 3120 | R$ 2151 |
Financial Instruments (Detail_6
Financial Instruments (Details) - Schedule of Outstanding Derivative Financial Instruments - Derivatives [member] - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
USD – BRL [Member] | ||
Debt | ||
Notional value | R$ 50 | |
Due date | 2023 | |
Outstanding derivative financial instruments | R$ 36 | |
IPCA – BRL [Member] | ||
Debt | ||
Notional value | R$ 1972 | |
Due date | 2028, 2029 and 2031 | |
Outstanding derivative financial instruments | R$ 267 | 180 |
Fixed rate x CDI [Member] | ||
Debt | ||
Notional value | R$ 879 | |
Due date | 2027 | |
Outstanding derivative financial instruments | R$ 5 | |
Fixed rate x CDI One [Member] | ||
Debt | ||
Notional value | R$ 54 | |
Due date | 2027 | |
Outstanding derivative financial instruments | R$ 2 | 1 |
Fixed rate x CDI Two [Member] | ||
Debt | ||
Notional value | R$ 52 | |
Due date | 2027 | |
Outstanding derivative financial instruments | R$ 2 | 1 |
Derivatives - Fair value hedge [Member] | ||
Debt | ||
Outstanding derivative financial instruments | R$ 266 | R$ 146 |
Financial Instruments (Detail_7
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments R$ in Millions | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Financial instruments | R$ 15370 |
Risk cash equivalents | 95.92% of the CDI |
Financial instruments cash equivalents | R$ 5085 |
Financial instruments net exposure loss | R$ 10285 |
Borrowings [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Risk (CDI Increase) | CDI + 1.66% per year |
Financial instruments | R$ 1952 |
Borrowings (fixed rate) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Risk (CDI Increase) | CDI + 0.20% per year |
Financial instruments | R$ 40 |
Debentures and promissory notes [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Risk (CDI Increase) | CDI + 1.45% per year |
Financial instruments | R$ 13378 |
Scenario (I) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (1,654) |
Market projections cash equivalents | 510 |
Market projections net exposure loss | (1,144) |
Scenario (I) [Member] | Borrowings [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (208) |
Scenario (I) [Member] | Borrowings (fixed rate) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (5) |
Scenario (I) [Member] | Debentures and promissory notes [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (1,441) |
Scenario (II) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (1,737) |
Market projections cash equivalents | 536 |
Market projections net exposure loss | (1,201) |
Scenario (II) [Member] | Borrowings [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (219) |
Scenario (II) [Member] | Borrowings (fixed rate) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (5) |
Scenario (II) [Member] | Debentures and promissory notes [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (1,513) |
Scenario (III) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (1,819) |
Market projections cash equivalents | 561 |
Market projections net exposure loss | (1,258) |
Scenario (III) [Member] | Borrowings [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (229) |
Scenario (III) [Member] | Borrowings (fixed rate) [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | (5) |
Scenario (III) [Member] | Debentures and promissory notes [Member] | |
Financial Instruments (Details) - Schedule of Net Exposure of Derivative Financial Instruments [Line Items] | |
Market projections | R$ 1585 |
Financial Instruments (Detail_8
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | R$ 13925 | R$ 11985 |
Fair value | (13,647) | (11,839) |
Trade receivables with credit cards companies and sales tickets [Member] | ||
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | 985 | 424 |
Fair value | 985 | 424 |
Swaps of annual rates between currencies [Member] | ||
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | (36) | |
Fair value | (36) | |
Interest rate swaps [Member] | ||
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | (1) | 2 |
Fair value | (1) | 2 |
Interest rate swaps - CRI [Member] | ||
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | 267 | 180 |
Fair value | 267 | 180 |
Borrowings and financing (fair value) [Member] | ||
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | (3,182) | (2,435) |
Fair value | (3,182) | (2,435) |
Borrowings and financing (amortized cost) [Member] | ||
Financial Instruments (Details) - Schedule of Fair Value Hierarchy of Financial Assets and Liabilities [Line Items] | ||
Carrying amount | (11,994) | (10,120) |
Fair value | R$ 11716 | R$ 9974 |
Financial Instruments (Detail_9
Financial Instruments (Details) - Schedule of Debt Breakdown - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debentures and promissory notes | ||
Current asset | R$ 48 | R$ 27 |
Non-current asset | (226) | (155) |
Current liabilities | 2,115 | 1,260 |
Non-current liabilities | R$ 13069 | 11,331 |
Debentures and promissory notes [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 1.45% per year | |
Total of borrowings, debentures and promissory notes | R$ 13378 | 11,123 |
Borrowing Costs [Member] | Debentures and promissory notes [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | (185) | (98) |
Borrowing Costs [Member] | Borrowings in Domestic Currency [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | (9) | (6) |
Total Debentures and Promissory Notes [Member] | Debentures and promissory notes [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | R$ 13193 | 11,025 |
Swap Contracts [Member] | Derivative Financial Instruments – Debentures and Promissory Notes [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 0.89% per year | |
Total of borrowings, debentures and promissory notes | R$ 270 | (180) |
Swap Contracts [Member] | Derivative Financial Instruments – Domestic Currency [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 0.89% per year | |
Total of borrowings, debentures and promissory notes | R$ 4 | (2) |
Swap Contracts [Member] | Derivative Financial Instruments – Foreign Currency [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 1.35% per year | |
Total of borrowings, debentures and promissory notes | 36 | |
Swap Contracts One [Member] | Derivative Financial Instruments – Debentures and Promissory Notes [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 1.32% per year | |
Total of borrowings, debentures and promissory notes | R$ 8 | |
Total Derivative Financial Instruments [Member] | Derivative Financial Instruments – Debentures and Promissory Notes [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | R$ 262 | (180) |
Working Capital [Member] | Borrowings in Domestic Currency [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 0.20% per year | |
Total of borrowings, debentures and promissory notes | R$ 40 | 51 |
Working Capital [Member] | In Foreign Currency [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | USD + 1.06% per year | |
Total of borrowings, debentures and promissory notes | 262 | |
Working Capital One [Member] | Borrowings in Domestic Currency [Member] | ||
Debentures and promissory notes | ||
Weighted average rate | CDI + 1.66% per year | |
Total of borrowings, debentures and promissory notes | R$ 1952 | 1,223 |
Total Borrowings in Domestic Currency [Member] | Borrowings in Domestic Currency [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | 1,983 | 1,268 |
Total Derivative Financial Instruments – Domestic Currency [Member] | Derivative Financial Instruments – Domestic Currency [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | (4) | (2) |
Total In Foreign Currency [Member] | In Foreign Currency [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | 262 | |
Total Derivative Financial Instruments – Foreign Currency [Member] | Derivative Financial Instruments – Foreign Currency [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | 36 | |
Derivative Financial Instruments – Foreign Currency [Member] | ||
Debentures and promissory notes | ||
Total of borrowings, debentures and promissory notes | R$ 14910 | R$ 12409 |
Financial Instruments (Detai_10
Financial Instruments (Details) - Schedule of Rollforward of Financial Instruments - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule Of Rollforward Of Financial Instruments Abstract | ||||
Borrowings and financing, beginning | R$ 12409 | R$ 8001 | R$ 7763 | |
Funding - working capital | 3,392 | 4,001 | 6,183 | |
Borrowing costs | (142) | [1] | (42) | (93) |
Interest provision | 1,746 | 1,436 | 559 | |
Swap contracts | 39 | 82 | 39 | |
Mark-to-market | 14 | (111) | 31 | |
Exchange rate and monetary variation | (16) | (18) | 5 | |
Debt modification impact | (71) | |||
Borrowing costs amortization | 52 | 26 | 64 | |
Interest amortization | (1,085) | (783) | (406) | |
Principal amortization | (1,326) | (61) | (6,075) | |
Swap amortization | (173) | (122) | 2 | |
Borrowings and financing, Ending | R$ 14910 | R$ 12409 | R$ 8001 | |
[1]Include costs related to negotiation of waiver in the change of the shareholding control in the amount of R$93, as disclosed in note 10.1, in capital market operations carried out during the year, without changes to other contractual clauses with financial institutions. |
Financial Instruments (Detai_11
Financial Instruments (Details) - Schedule of Non-Current Maturities R$ in Millions | Dec. 31, 2023 BRL (R$) |
Financial Instruments (Details) - Schedule of Non-Current Maturities [Line Items] | |
Non-current maturities total | R$ 12979 |
Borrowing Cost | (136) |
Total | 12,843 |
From 1 to 2 years [Member] | |
Financial Instruments (Details) - Schedule of Non-Current Maturities [Line Items] | |
Non-current maturities total | 4,767 |
From 2 to 3 years [Member] | |
Financial Instruments (Details) - Schedule of Non-Current Maturities [Line Items] | |
Non-current maturities total | 1,684 |
From 3 to 4 years [Member] | |
Financial Instruments (Details) - Schedule of Non-Current Maturities [Line Items] | |
Non-current maturities total | 3,654 |
From 4 to 5 years [Member] | |
Financial Instruments (Details) - Schedule of Non-Current Maturities [Line Items] | |
Non-current maturities total | 1,823 |
More than 5 years [Member] | |
Financial Instruments (Details) - Schedule of Non-Current Maturities [Line Items] | |
Non-current maturities total | R$ 1051 |
Financial Instruments (Detai_12
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Total | R$ 13193 | R$ 11025 |
First Issue of Promissory Notes – 4th series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 250 | |
Outstanding debentures (in Shares) | 5 | |
Date issuance | Jul. 04, 2019 | |
Date maturity | Jul. 04, 2023 | |
Annual financial charges | CDI + 0.72% per year | |
Unit price | ||
Total | 317 | |
First Issue of Promissory Notes – 5th series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 200 | |
Outstanding debentures (in Shares) | 4 | |
Date issuance | Jul. 04, 2019 | |
Date maturity | Jul. 04, 2024 | |
Annual financial charges | CDI + 0.72% per year | |
Unit price | R$ 72272432 | |
Total | R$ 289 | 254 |
First Issue of Promissory Notes – 6th series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 200 | |
Outstanding debentures (in Shares) | 4 | |
Date issuance | Jul. 04, 2019 | |
Date maturity | Jul. 04, 2025 | |
Annual financial charges | CDI + 0.72% per year | |
Unit price | R$ 72272432 | |
Total | R$ 289 | 254 |
Second Issue of Debentures – 1st series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 940000 | |
Outstanding debentures (in Shares) | 940,000 | |
Date issuance | Jun. 01, 2021 | |
Date maturity | May 20, 2026 | |
Annual financial charges | CDI + 1.70% per year | |
Unit price | R$ 1015 | |
Total | R$ 954 | 957 |
Second Issue of Debentures – 2nd series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 660000 | |
Outstanding debentures (in Shares) | 660,000 | |
Date issuance | Jun. 01, 2021 | |
Date maturity | May 22, 2028 | |
Annual financial charges | CDI + 1.95% per year | |
Unit price | R$ 1015 | |
Total | R$ 670 | 672 |
Second Issue of Promissory Notes – 1st series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 1250000 | |
Outstanding debentures (in Shares) | 1,250,000 | |
Date issuance | Aug. 27, 2021 | |
Date maturity | Aug. 27, 2024 | |
Annual financial charges | CDI + 1.47% per year | |
Unit price | R$ 1345 | |
Total | R$ 1681 | 1,467 |
Second Issue of Promissory Notes – 2nd series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 1250000 | |
Outstanding debentures (in Shares) | 1,250,000 | |
Date issuance | Aug. 27, 2021 | |
Date maturity | Feb. 27, 2025 | |
Annual financial charges | CDI + 1.53% per year | |
Unit price | R$ 1347 | |
Total | R$ 1683 | 1,468 |
Third Issue of Debentures – 1st series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 982526 | |
Outstanding debentures (in Shares) | 982,526 | |
Date issuance | Oct. 15, 2021 | |
Date maturity | Oct. 16, 2028 | |
Annual financial charges | IPCA + 5.15% per year | |
Unit price | R$ 1142 | |
Total | R$ 1122 | 1,072 |
Third Issue of Debentures – 2nd series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 517474 | |
Outstanding debentures (in Shares) | 517,474 | |
Date issuance | Oct. 15, 2021 | |
Date maturity | Oct. 15, 2031 | |
Annual financial charges | IPCA + 5.27% per year | |
Unit price | R$ 1143 | |
Total | R$ 591 | 565 |
Fourth Issue of Debentures – single series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 2000000 | |
Outstanding debentures (in Shares) | 2,000,000 | |
Date issuance | Jan. 07, 2022 | |
Date maturity | Nov. 26, 2027 | |
Annual financial charges | CDI + 1.75% per year | |
Unit price | R$ 1012 | |
Total | R$ 2024 | 2,038 |
First Issue of Commercial Paper Notes – single series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 750000 | |
Outstanding debentures (in Shares) | 750,000 | |
Date issuance | Feb. 10, 2022 | |
Date maturity | Feb. 09, 2025 | |
Annual financial charges | CDI + 1.70% per year | |
Unit price | R$ 1053 | |
Total | R$ 790 | 793 |
Fifth Issue of Debentures – single series - CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 250000 | |
Outstanding debentures (in Shares) | 250,000 | |
Date issuance | Apr. 05, 2022 | |
Date maturity | Mar. 28, 2025 | |
Annual financial charges | CDI + 0.75% per year | |
Unit price | R$ 1030 | |
Total | R$ 258 | 258 |
Sixth Issue of Debentures – 1st series - CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 72962 | |
Outstanding debentures (in Shares) | 72,962 | |
Date issuance | Sep. 28, 2022 | |
Date maturity | Sep. 11, 2026 | |
Annual financial charges | CDI + 0.60% per year | |
Unit price | R$ 1035 | |
Total | R$ 76 | 75 |
Sixth Issue of Debentures – 2nd series - CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 55245 | |
Outstanding debentures (in Shares) | 55,245 | |
Date issuance | Sep. 28, 2022 | |
Date maturity | Sep. 13, 2027 | |
Annual financial charges | CDI + 0.70% per year | |
Unit price | R$ 1036 | |
Total | R$ 58 | 57 |
Sixth Issue of Debentures – 3rd series - CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 471793 | |
Outstanding debentures (in Shares) | 471,793 | |
Date issuance | Sep. 28, 2022 | |
Date maturity | Sep. 13, 2029 | |
Annual financial charges | IPCA + 6.70% per year | |
Unit price | R$ 1078 | |
Total | R$ 508 | 485 |
Second Issue of Commercial Paper Notes - single series [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 400000 | |
Outstanding debentures (in Shares) | 400,000 | |
Date issuance | Dec. 26, 2022 | |
Date maturity | Dec. 26, 2025 | |
Annual financial charges | CDI + 0.93% per year | |
Unit price | R$ 1143 | |
Total | R$ 458 | 401 |
Seventh Issue of Debentures - 1st series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 145721 | |
Outstanding debentures (in Shares) | 145,721 | |
Date issuance | Jul. 25, 2023 | |
Date maturity | Jul. 15, 2026 | |
Annual financial charges | CDI + 1.00% per year | |
Unit price | R$ 1057 | |
Total | R$ 154 | |
Seventh Issue of Debentures - 2nd series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 878503 | |
Outstanding debentures (in Shares) | 878,503 | |
Date issuance | Jul. 25, 2023 | |
Date maturity | Jul. 15, 2027 | |
Annual financial charges | Pre 11.75% per year | |
Unit price | R$ 1049 | |
Total | R$ 921 | |
Seventh Issue of Debentures - 3rd series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 46622 | |
Outstanding debentures (in Shares) | 46,622 | |
Date issuance | Jul. 25, 2023 | |
Date maturity | Jul. 17, 2028 | |
Annual financial charges | CDI + 1.15% per year | |
Unit price | R$ 1058 | |
Total | R$ 50 | |
Eighth Issue of Debentures - 1st series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 400000 | |
Outstanding debentures (in Shares) | 400,000 | |
Date issuance | Dec. 22, 2023 | |
Date maturity | Dec. 22, 2027 | |
Annual financial charges | CDI + 1.85% per year | |
Unit price | R$ 1002 | |
Total | R$ 401 | |
Eighth Issue of Debentures - 2nd series – CRI [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Type | non-preemptive right | |
Issue amount | R$ 400000 | |
Outstanding debentures (in Shares) | 400,000 | |
Date issuance | Dec. 22, 2023 | |
Date maturity | Dec. 22, 2028 | |
Annual financial charges | CDI + 1.95% per year | |
Unit price | R$ 1002 | |
Total | 401 | |
Borrowing Cost [Member] | ||
Financial Instruments (Details) - Schedule of Debentures and Promissory Notes [Line Items] | ||
Total | R$ 185 | R$ 98 |
Provision for Legal Proceedin_3
Provision for Legal Proceedings (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provision for Legal Proceedings [Line Items] | ||
Provisioned, amount | R$ 50 | R$ 24 |
Provision for lawsuits | 32 | 19 |
Total updating amount | 1,494 | 1,352 |
Tax assessments, amount | 917 | 598 |
Tax [Member] | ||
Provision for Legal Proceedings [Line Items] | ||
Provisioned, amount | 3 | 3 |
Labor [Member] | ||
Provision for Legal Proceedings [Line Items] | ||
Provisioned, amount | 27 | 12 |
Civil Claims [Member] | ||
Provision for Legal Proceedings [Line Items] | ||
Provisioned, amount | 20 | 9 |
Provision for lawsuits | 6 | 5 |
Total civil, regulatory and property | 38 | 24 |
Total contingent liabilities | 96 | 43 |
Tax Claims [Member] | ||
Provision for Legal Proceedings [Line Items] | ||
Provisioned, amount | 62 | 55 |
Total contingent liabilities | 1,398 | 1,309 |
Social Security and Labor [Member] | ||
Provision for Legal Proceedings [Line Items] | ||
Provision of labor claims | R$ 163 | R$ 86 |
Possible Contingent Liabilities [Member] | ||
Provision for Legal Proceedings [Line Items] | ||
Cost of guarantees percentage | 0.19% | 0.29% |
Provision for Legal Proceedin_4
Provision for Legal Proceedings (Details) - Schedule of Provision for Legal Proceedings - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision for Legal Proceedings (Details) - Schedule of Provision for Legal Proceedings [Line Items] | |||
Balance at beginning | R$ 165 | R$ 205 | R$ 282 |
Balance at ending | 263 | 165 | 205 |
Restricted deposits for legal proceedings | (26) | (44) | (112) |
Net provision of judicial deposits | 237 | 121 | 93 |
Additions | 211 | 101 | 91 |
Reversals | (60) | (108) | (139) |
Payments | (71) | (49) | (49) |
Monetary correction | 18 | 16 | 20 |
Tax Claims [Member] | |||
Provision for Legal Proceedings (Details) - Schedule of Provision for Legal Proceedings [Line Items] | |||
Balance at beginning | 55 | 109 | 169 |
Balance at ending | 62 | 55 | 109 |
Restricted deposits for legal proceedings | (1) | (7) | (65) |
Net provision of judicial deposits | 61 | 48 | 44 |
Additions | 17 | 14 | 39 |
Reversals | (6) | (73) | (106) |
Payments | (4) | ||
Monetary correction | 5 | 7 | |
Social security and labor [Member] | |||
Provision for Legal Proceedings (Details) - Schedule of Provision for Legal Proceedings [Line Items] | |||
Balance at beginning | 86 | 69 | 64 |
Balance at ending | 163 | 86 | 69 |
Restricted deposits for legal proceedings | (15) | (29) | (45) |
Net provision of judicial deposits | 148 | 57 | 24 |
Additions | 172 | 74 | 44 |
Reversals | (49) | (31) | (23) |
Payments | (59) | (33) | (21) |
Monetary correction | 13 | 7 | 5 |
Civil [Member] | |||
Provision for Legal Proceedings (Details) - Schedule of Provision for Legal Proceedings [Line Items] | |||
Balance at beginning | 24 | 27 | 49 |
Balance at ending | 38 | 24 | 27 |
Restricted deposits for legal proceedings | (10) | (8) | (2) |
Net provision of judicial deposits | 28 | 16 | 25 |
Additions | 22 | 13 | 8 |
Reversals | (5) | (4) | (10) |
Payments | (8) | (16) | (28) |
Monetary correction | R$ 5 | R$ 4 | R$ 8 |
Provision for Legal Proceedin_5
Provision for Legal Proceedings (Details) - Schedule of Contingent Liabilities - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Contingent Liabilities Abstract | ||
Tax on Financial Transactions (IOF) – payment differences. | R$ 14 | R$ 14 |
PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. | 783 | 650 |
ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. | 1,216 | 1,084 |
ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. | 18 | 16 |
INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. | 24 | 23 |
Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. | 98 | 44 |
Compensation linked to the external legal counsel’s success fee if all the proceedings were concluded in favor of the Company. | 20 | 14 |
Total | R$ 2173 | R$ 1845 |
Provision for Legal Proceedin_6
Provision for Legal Proceedings (Details) - Schedule of Bank Guarantees and Insurance Guarantees to Judicial Process - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provision for Legal Proceedings (Details) - Schedule of Bank Guarantees and Insurance Guarantees to Judicial Process [Line Items] | ||
Total | R$ 1745 | R$ 1296 |
Tax [Member] | ||
Provision for Legal Proceedings (Details) - Schedule of Bank Guarantees and Insurance Guarantees to Judicial Process [Line Items] | ||
Total | 1,113 | 700 |
Labor [Member] | ||
Provision for Legal Proceedings (Details) - Schedule of Bank Guarantees and Insurance Guarantees to Judicial Process [Line Items] | ||
Total | 75 | 91 |
Civil and others [Member] | ||
Provision for Legal Proceedings (Details) - Schedule of Bank Guarantees and Insurance Guarantees to Judicial Process [Line Items] | ||
Total | R$ 557 | R$ 505 |
Provision for Legal Proceedin_7
Provision for Legal Proceedings (Details) - Schedule of Judicial Deposits in its Assets - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provision for Legal Proceedings (Details) - Schedule of Judicial Deposits in its Assets [Line Items] | ||
Total | R$ 44 | R$ 56 |
Tax [Member] | ||
Provision for Legal Proceedings (Details) - Schedule of Judicial Deposits in its Assets [Line Items] | ||
Total | 18 | 12 |
Labor [Member] | ||
Provision for Legal Proceedings (Details) - Schedule of Judicial Deposits in its Assets [Line Items] | ||
Total | 16 | 34 |
Civil and others [Member] | ||
Provision for Legal Proceedings (Details) - Schedule of Judicial Deposits in its Assets [Line Items] | ||
Total | R$ 10 | R$ 10 |
Deferred Revenues (Details) - S
Deferred Revenues (Details) - Schedule of Liabilities Related to Assets Held to Sale - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Liabilities Related to Assets Held to Sale [ Abstract] | |||
Sale and Leaseback | R$ 3 | ||
Rental of spaces in stores | [1] | 296 | 259 |
Checkstand | [2] | 89 | 45 |
Commercial agreement – payroll | [3] | 48 | 39 |
Marketing and others | 22 | 13 | |
Total | 455 | 359 | |
Current | 418 | 328 | |
Non-current | R$ 37 | R$ 31 | |
[1]Rental of backlight panels.[2]Supplier product exhibition modules, or check stands, rental of POS displays, and front-fee anticipation with credit card operators.[3]Commercial agreement with a financial institution for exclusivity in payroll processing. |
Income Tax and Social Contrib_3
Income Tax and Social Contribution (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax and Social Contribution (Details) [Line Items] | |||
Percentage of statutory rates | 15% | ||
Taxable income exceeding | 10% | ||
Taxable income exceeding (in Brazil Real) | R$ 6 | R$ 75 | R$ 366 |
Limit for accumulated loss carryforwards | 30% | ||
Corporate Income Tax [Member] | |||
Income Tax and Social Contribution (Details) [Line Items] | |||
Taxable income exceeding (in Brazil Real) | R$ 240 | ||
Social Contribution on Net Income [Member] | |||
Income Tax and Social Contribution (Details) [Line Items] | |||
Taxable income for social contribution | 9% |
Income Tax and Social Contrib_4
Income Tax and Social Contribution (Details) - Schedule of Reconciliation of Income Tax and Social Contribution Expense - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Reconciliation of Income Tax and Social Contribution Expense [Abstract] | ||||
Earnings before income tax and social contribution | R$ 554 | R$ 1335 | R$ 1849 | |
Expense of income tax and social contribution | (188) | (454) | (629) | |
Adjustments to reflect the effective rate | ||||
Tax fines | (3) | (2) | (1) | |
Share of profits | 17 | 15 | 16 | |
Interest on own capital | 17 | 22 | ||
ICMS subsidy – tax incentives | [1] | 319 | 248 | 241 |
Interest Selic credits | [2] | 81 | ||
Credits of monetary corrections | 15 | 64 | 11 | |
Other permanent differences | (4) | (3) | 20 | |
Effective income tax and social contribution | 156 | (115) | (239) | |
Income tax and social contribution for the year | ||||
Current | (6) | (75) | (366) | |
Deferred | 162 | (40) | 127 | |
Benefits (expenses) income tax and social contribution | R$ 156 | R$ 115 | R$ 239 | |
Effective rate | (28.20%) | 8.60% | 12.90% | |
[1]The Company has tax benefits that are characterized as investment subsidies as provided for in Complementary Law 160/17 and Law 12,973/14. In the year ended December 31, 2023, the Company excluded the IRPJ and CSLL calculation bases from the amount constituted and to be constituted in the subsequent years in the tax incentive reserve, see note 20.5.[2]The credit refers to the decision general repercussion of STF which understood that the SELIC interest arising from the repetition of undue payment, have the nature of emergent damage. Therefore, there is no taxation of IRPJ and CSLL on the interest portion. |
Income Tax and Social Contrib_5
Income Tax and Social Contribution (Details) - Schedule of Key Components of Deferred Income Tax and Social Contribution in the Balance Sheets - BRL (R$) R$ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | R$ 171 | R$ 6 |
Deferred income tax and social contribution, liabilities | ||
Deferred income tax and social contribution, net | 171 | 6 |
Tax losses [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 385 | 213 |
Deferred income tax and social contribution, liabilities | ||
Deferred income tax and social contribution, net | 385 | 213 |
Provision for legal proceedings [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 81 | 44 |
Deferred income tax and social contribution, liabilities | ||
Deferred income tax and social contribution, net | 81 | 44 |
Exchange rate variation [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | ||
Deferred income tax and social contribution, liabilities | (66) | (28) |
Deferred income tax and social contribution, net | (66) | (28) |
Goodwill tax amortization [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | ||
Deferred income tax and social contribution, liabilities | (317) | (317) |
Deferred income tax and social contribution, net | (317) | (317) |
Fair value adjustment [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | ||
Deferred income tax and social contribution, liabilities | (25) | (29) |
Deferred income tax and social contribution, net | (25) | (29) |
Property, Plant and Equipment and Intangible Assets [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 25 | 30 |
Deferred income tax and social contribution, liabilities | ||
Deferred income tax and social contribution, net | 25 | 30 |
Unrealized Losses with Tax Credits [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | ||
Deferred income tax and social contribution, liabilities | (15) | (6) |
Deferred income tax and social contribution, net | (15) | (6) |
Provision for restructuring [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 12 | |
Deferred income tax and social contribution, liabilities | ||
Deferred income tax and social contribution, net | 12 | |
Borrowings Costs [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | ||
Deferred income tax and social contribution, liabilities | (66) | (35) |
Deferred income tax and social contribution, net | (66) | (35) |
Lease net of right of use [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 3,071 | 2,785 |
Deferred income tax and social contribution, liabilities | (2,932) | (2,684) |
Deferred income tax and social contribution, net | 139 | 101 |
Provision of inventory [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 30 | 26 |
Deferred income tax and social contribution, liabilities | ||
Deferred income tax and social contribution, net | 30 | 26 |
Others [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | ||
Deferred income tax and social contribution, liabilities | (5) | |
Deferred income tax and social contribution, net | (5) | |
Gross deferred income tax and social contribution assets (liabilities) [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | 3,592 | 3,110 |
Deferred income tax and social contribution, liabilities | (3,421) | (3,104) |
Deferred income tax and social contribution, net | 171 | 6 |
Compensation [Member] | ||
Deferred income tax and social contribution | ||
Deferred income tax and social contribution, assets | (3,421) | (3,104) |
Deferred income tax and social contribution, liabilities | 3,421 | 3,104 |
Deferred income tax and social contribution, net |
Income Tax and Social Contrib_6
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets R$ in Millions | Dec. 31, 2023 BRL (R$) |
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets [Line Items] | |
Recovery of deferred tax assets | R$ 3592 |
Up to 1 year [Member] | |
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets [Line Items] | |
Recovery of deferred tax assets | 164 |
From 1 year to 2 years [Member] | |
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets [Line Items] | |
Recovery of deferred tax assets | 333 |
From 2 year to 3 years [Member] | |
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets [Line Items] | |
Recovery of deferred tax assets | 9 |
From 4 years to 5 years [Member] | |
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets [Line Items] | |
Recovery of deferred tax assets | 1 |
More than 5 years [Member] | |
Income Tax and Social Contribution (Details) - Schedule of Estimates the Recovery of the Deferred Tax Assets [Line Items] | |
Recovery of deferred tax assets | R$ 3085 |
Income Tax and Social Contrib_7
Income Tax and Social Contribution (Details) - Schedule of Rollforward - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Rollforward [Abstract] | |||
At the beginning of the year | R$ 6 | R$ 45 | R$ 82 |
Benefits (expenses) in the year | 162 | (40) | 127 |
Income tax effect | 3 | 1 | |
At the end of the year | R$ 171 | R$ 6 | R$ 45 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - BRL (R$) R$ / shares in Units, R$ in Millions | 12 Months Ended | |||||
Apr. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 23, 2022 | Dec. 31, 2021 | Apr. 28, 2022 | |
Shareholders’ equity [Line Item] | ||||||
Authorized share capital increased (in Shares) | 2,000,000,000 | |||||
Advance payment of interest | R$ 50 | |||||
Deducted amount | 7 | |||||
Net amount | R$ 43 | |||||
Dividends approval | R$ 68 | R$ 111 | R$ 224 | |||
Income tax percentage | 15% | |||||
Percentage of net income | 5% | |||||
Capital percentage | 20% | |||||
Legal reserve | R$ 180 | 180 | ||||
Legal reserve for the year | 23 | |||||
Expansion reserve | R$ 325 | R$ 632 | ||||
Tax incentives reserve amount | 939 | 753 | ||||
Incentives generated | 710 | |||||
Recognized generated incentives | R$ 229 | |||||
Exercise price (in Brazil Real per share) | R$ 0.01 | |||||
Percentage of closing price | 80% | |||||
Shares issued percentage | 2% | |||||
Amounts recorded in statement of operation | R$ 28 | R$ 14 | ||||
Granted shares (in Shares) | 1,989,465 | |||||
Premium Percentage | 50% | |||||
Cumulative compliance percentage | 50% | |||||
Environmental, Social and Governance (“ESG”) goal percentage | 30% | |||||
Operating target weight percentage | 70% | |||||
Total expense | R$ 4 | |||||
Payroll charges | 4 | |||||
Fair value expenses | R$ 35 | |||||
3 year anniversary [Member] | ||||||
Shareholders’ equity [Line Item] | ||||||
Shares vested percentage | 20% | |||||
4 year anniversary [Member] | ||||||
Shareholders’ equity [Line Item] | ||||||
Shares vested percentage | 20% | |||||
5 year anniversary [Member] | ||||||
Shareholders’ equity [Line Item] | ||||||
Shares vested percentage | 60% | |||||
Annual General Meeting [Member] | ||||||
Shareholders’ equity [Line Item] | ||||||
Annual dividend percentage | 25% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares,capital beginning | 1,349,165,394 | 1,346,674,477 | 1,341,757,835 |
Amount of capital beginning | R$ 1263 | R$ 788 | R$ 761 |
Number of shares capital ending | 1,351,833,200 | 1,349,165,394 | 1,346,674,477 |
Amount of capital ending | R$ 1272 | R$ 1263 | R$ 788 |
Capital increase – Board of Directors’ Meeting on 07/01/2021 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 2,720,530 | ||
Amount of share capital | R$ 18 | ||
Capital increase – Board of Directors’ Meeting on 07/27/2021 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 2,020,930 | ||
Amount of share capital | R$ 8 | ||
Capital increase – Board of Directors’ Meeting on 12/07/2021 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 175,182 | ||
Amount of share capital | R$ 1 | ||
Total changes for the year [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 2,667,806 | 2,490,917 | 4,916,642 |
Amount of share capital | R$ 9 | R$ 475 | R$ 27 |
Capital increase – Board of Directors’ Meeting on 02/21/2022 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 239,755 | ||
Amount of share capital | R$ 1 | ||
Capital increase – Extraordinary General Meeting on 04/28/2022 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | |||
Amount of share capital | R$ 464 | ||
Capital increase – Board of Directors’ Meeting on 05/09/2022 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 298,919 | ||
Amount of share capital | R$ 2 | ||
Capital increase – Board of Directors’ Meeting on 07/27/2022 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 1,119,515 | ||
Amount of share capital | R$ 3 | ||
Capital increase – Board of Directors’ Meeting on 10/20/2022 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 650,808 | ||
Amount of share capital | R$ 3 | ||
Capital increase – Board of Directors’ Meeting on 12/06/2022 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 181,920 | ||
Amount of share capital | R$ 2 | ||
Capital increase – Board of Directors’ Meeting on 02/15/2023 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 59,870 | ||
Amount of share capital | R$ 1 | ||
Capital increase – Board of Directors’ Meeting on 03/28/2023 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 1,031,232 | ||
Amount of share capital | R$ 1 | ||
Capital increase – Board of Directors’ Meeting on 08/18/2023 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 1,207,046 | ||
Amount of share capital | R$ 4 | ||
Capital increase – Board of Directors’ Meeting on 10/30/2023 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 213,458 | ||
Amount of share capital | R$ 2 | ||
Capital increase – Board of Directors’ Meeting on 12/08/2023 [Member] | |||
Shareholders' Equity (Details) - Schedule of Fully Paid-in Share Capital by Common Shares [Line Items] | |||
Number of shares capital | 156,200 | ||
Amount of share capital | R$ 1 |
Shareholders' Equity (Details_2
Shareholders' Equity (Details) - Schedule of Management Proposed Dividends to be Distributed, Considering the Anticipation of Interest on Own Capital to its Shareholders - BRL (R$) R$ in Millions | 12 Months Ended | ||||
Apr. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Management Proposed Dividends to be Distributed, Considering the Anticipation of Interest on Own Capital to its Shareholders [Abstract] | |||||
Net income for the year | R$ 710 | R$ 1220 | R$ 1610 | ||
Tax incentive reserve | (710) | (753) | (709) | ||
Base for legal reserve | R$ 467 | R$ 901 | |||
% Legal reserve | 5% | 5% | 5% | ||
Legal reserve for the year | R$ 23 | R$ 5 | |||
Minimum mandatory dividends – 25% | R$ 68 | 111 | 224 | ||
Interest on own capital paid/payable intermediaries | [1] | (43) | (56) | ||
Minimum mandatory dividends paid in the form of interest on shareholder’s equity | R$ 68 | R$ 168 | |||
[1]At a meeting of the Board of Directors held on December 23, 2022, the advance payment of interest on own capital in the gross amount of R$50 was approved, pursuant to which the withholding tax was deducted in the amount of R$7, corresponding to the net amount of R$43. The effective payment occurred on February 17, 2023. |
Shareholders' Equity (Details_3
Shareholders' Equity (Details) - Schedule of Management Proposed Dividends to be Distributed, Considering the Anticipation of Interest on Own Capital to its Shareholders (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Management Proposed Dividends to be Distributed, Considering the Anticipation of Interest on Own Capital to its Shareholders [Abstract] | |||
Minimum dividends | 25% | 25% | 25% |
Shareholders' Equity (Details_4
Shareholders' Equity (Details) - Schedule of Profit Reserve - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Profit Reserve [Abstract] | |||
Net income for the year | R$ 710 | R$ 1220 | R$ 1610 |
Tax incentive reserve | (710) | (753) | (709) |
Base for legal reserve | R$ 467 | R$ 901 | |
% Legal reserve | 5% | 5% | 5% |
Legal reserve for the year | R$ 23 | R$ 5 |
Shareholders' Equity (Details_5
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan shares in Thousands | 12 Months Ended |
Dec. 31, 2023 R$ / shares shares | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grantees | 7,593 |
Exercised | (517) |
Cancelled | (90) |
Current | 6,986 |
B8 [Member] | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grant date | May 31, 2021 |
1st exercise date | Jun. 01, 2024 |
Strike price on the grant date (in reais) (in Brazil Real per share) | R$ / shares | R$ 0.01 |
Grantees | 363 |
Exercised | (20) |
Cancelled | (45) |
Current | 298 |
C8 [Member] | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grant date | May 31, 2021 |
1st exercise date | Jun. 01, 2024 |
Strike price on the grant date (in reais) (in Brazil Real per share) | R$ / shares | R$ 13.39 |
Grantees | 363 |
Exercised | (20) |
Cancelled | (45) |
Current | 298 |
B9 [Member] | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grant date | May 31, 2022 |
1st exercise date | Jun. 01, 2025 |
Strike price on the grant date (in reais) (in Brazil Real per share) | R$ / shares | R$ 0.01 |
Grantees | 2,163 |
Exercised | (358) |
Cancelled | |
Current | 1,805 |
C9 [Member] | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grant date | May 31, 2022 |
1st exercise date | Jun. 01, 2025 |
Strike price on the grant date (in reais) (in Brazil Real per share) | R$ / shares | R$ 12.53 |
Grantees | 1,924 |
Exercised | (119) |
Cancelled | |
Current | 1,805 |
B10 [Member] | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grant date | May 31, 2023 |
1st exercise date | Jun. 01, 2026 |
Strike price on the grant date (in reais) (in Brazil Real per share) | R$ / shares | R$ 0.01 |
Grantees | 1,390 |
Exercised | |
Cancelled | |
Current | 1,390 |
C10 [Member] | |
Shareholders' Equity (Details) - Schedule of Option Plan and Compensation Plan [Line Items] | |
Grant date | May 31, 2023 |
1st exercise date | Jun. 01, 2026 |
Strike price on the grant date (in reais) (in Brazil Real per share) | R$ / shares | R$ 11.82 |
Grantees | 1,390 |
Exercised | |
Cancelled | |
Current | 1,390 |
Shareholders' Equity (Details_6
Shareholders' Equity (Details) - Schedule of Dilutive Effect on Options Granted shares in Thousands | 12 Months Ended |
Dec. 31, 2023 shares | |
Schedule Of Dilutive Effect On Options Granted Abstract | |
Number of shares | 1,351,833 |
Balance of effective stock options granted | 6,986 |
Maximum percentage of dilution | 0.52% |
Shareholders' Equity (Details_7
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing | 12 Months Ended |
Dec. 31, 2023 R$ / shares | |
B 8 [Member] | |
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing [Line Items] | |
Weithted average fair value of option’s granted (in reais) (in Brazil Real per share) | R$ 17.21 |
Estimated dividends | 1.28% |
Approximate estimated volatility | 37.06% |
Risk-free weighted average interest rate | 7.66% |
Exit rate | 8% |
Average remaining life expectancy | 5 months |
C 8 [Member] | |
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing [Line Items] | |
Weithted average fair value of option’s granted (in reais) (in Brazil Real per share) | R$ 7.69 |
B 9 [Member] | |
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing [Line Items] | |
Weithted average fair value of option’s granted (in reais) (in Brazil Real per share) | R$ 15.27 |
Estimated dividends | 1.20% |
Approximate estimated volatility | 37.29% |
Risk-free weighted average interest rate | 12.18% |
Exit rate | 8% |
Average remaining life expectancy | 17 months |
C 9 [Member] | |
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing [Line Items] | |
Weithted average fair value of option’s granted (in reais) (in Brazil Real per share) | R$ 7.35 |
B 10 [Member] | |
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing [Line Items] | |
Weithted average fair value of option’s granted (in reais) (in Brazil Real per share) | R$ 10.33 |
Estimated dividends | 1.31% |
Approximate estimated volatility | 35.32% |
Risk-free weighted average interest rate | 10.87% |
Exit rate | 8% |
Average remaining life expectancy | 29 months |
C 10 [Member] | |
Shareholders' Equity (Details) - Schedule of the Fair Value of Each Option Granted Is Estimated on the Grant Date, By Using the Options Pricing [Line Items] | |
Weithted average fair value of option’s granted (in reais) (in Brazil Real per share) | R$ 3.28 |
Shareholders' Equity (Details_8
Shareholders' Equity (Details) - Schedule of Number of Options Granted, the Weighted Average of the Exercise Price and the Weighted Average of the Remaining Term - R$ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Number of Options Granted, the Weighted Average of the Exercise Price and the Weighted Average of the Remaining Term [Abstract] | ||
Shares, As of beginning balance | 4,651,000 | 668,000 |
Weighted average of exercise price, As of beginning balance | R$ 6.01 | R$ 6.7 |
Weighted average of remaining contractual term, As of beginning balance | 2 years 5 months 1 day | |
Shares, Granted in the year | 2,780,000 | 4,087,000 |
Weighted average of exercise price, Granted in the year | R$ 5.92 | R$ 5.9 |
Shares, Cancelled in the year | (32,000) | |
Weighted average of exercise price, Cancelled in the year | R$ 5.97 | |
Shares, Exercised in the year | (413,000) | (104,000) |
Weighted average of exercise price | R$ 5.97 | R$ 6.01 |
Shares, Outstanding at year end | 6,986,000 | 4,651,000 |
Weighted average of exercise price, Outstanding at year end | R$ 5.97 | R$ 6.01 |
Weighted average of remaining contractual term, Outstanding at year end | 1 year 8 months 23 days | 2 years 3 months 10 days |
Shares, Total to be exercised as of ending balance | 6,986,000 | 4,651,000 |
Weighted average of exercise price, Total to be exercised as of ending balance | R$ 5.97 | R$ 6.01 |
Weighted average of remaining contractual term, Total to be exercised as of ending balance | 1 year 8 months 23 days | 2 years 3 months 10 days |
Net Operating Revenue (Details)
Net Operating Revenue (Details) - Schedule of Revenues Earned are Stated on a Net Basis - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross operating revenue | |||
Goods | R$ 72535 | R$ 59510 | R$ 45550 |
Services rendered and others | 250 | 174 | 111 |
Total | 72,785 | 59,684 | 45,661 |
(-) Revenue deductions | |||
Returns and sales cancellation | (147) | (109) | (76) |
Taxes | (6,135) | (5,055) | (3,687) |
Total | (6,282) | (5,164) | (3,763) |
Net operating revenue | R$ 66503 | R$ 54520 | R$ 41898 |
Expenses by nature (Details) -
Expenses by nature (Details) - Schedule of General and Administrative Expenses - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | R$ 61924 | R$ 50723 | R$ 38675 |
Cost of sales | (55,682) | (45,557) | (34,753) |
Selling expenses | (5,411) | (4,379) | (3,334) |
General and administrative expenses | (831) | (787) | (588) |
Total operating expense | (61,924) | (50,723) | (38,675) |
Inventory cost [Member] | |||
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | (54,685) | (44,809) | (34,163) |
Personnel expenses [Member] | |||
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | (4,137) | (3,358) | (2,512) |
Outsourced services [Member] | |||
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | (338) | (264) | (251) |
Selling expenses [Member] | |||
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | (1,093) | (875) | (646) |
Functional expenses [Member] | |||
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | (1,150) | (883) | (664) |
Other expenses [Member] | |||
Schedule of General and Administrative Expenses [Line Items] | |||
Operating expense | R$ 521 | R$ 534 | R$ 439 |
Other Operating Revenue (Expe_3
Other Operating Revenue (Expenses), Net (Details) - Schedule of Other Operating Revenue and Expenses - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Operating Revenue and Expenses [Abstract] | |||
Result with property, plant and equipment and leases | R$ 55 | R$ 34 | R$ 12 |
Expenses related to legal proceedings | (1) | (19) | 9 |
Restructuring expenses and others | (5) | (33) | (74) |
Indemnity assets | 14 | ||
Total | R$ 49 | R$ 72 | R$ 53 |
Net Financial Result (Details)
Net Financial Result (Details) - Schedule of Measurement of Derivatives by Fair Value - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial revenues | |||
Total financial revenues | R$ 281 | R$ 394 | R$ 188 |
Financial expenses | |||
Total financial expenses | (3,012) | (1,909) | (918) |
Total net financial result | (2,731) | (1,515) | (730) |
Cash and cash equivalents interest [Member] | |||
Financial revenues | |||
Total financial revenues | 123 | 152 | 87 |
Monetary correction (assets) [Member] | |||
Financial revenues | |||
Total financial revenues | 80 | 187 | 75 |
Revenue from anticipation of payables [Member] | |||
Financial revenues | |||
Total financial revenues | 42 | 40 | 18 |
Other financial revenues [Member] | |||
Financial revenues | |||
Total financial revenues | 36 | 15 | 8 |
Cost of debt [Member] | |||
Financial expenses | |||
Total financial expenses | (1,720) | (896) | (543) |
Cost and discount of receivables [Member] | |||
Financial expenses | |||
Total financial expenses | (119) | (97) | (51) |
Monetary correction (liabilities) [Member] | |||
Financial expenses | |||
Total financial expenses | (247) | (401) | (13) |
Interest on leasing liabilities [Member] | |||
Financial expenses | |||
Total financial expenses | (899) | (509) | (292) |
Other financial expenses [Member] | |||
Financial expenses | |||
Total financial expenses | R$ 27 | R$ 6 | R$ 19 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - BRL (R$) R$ / shares in Units, shares in Millions, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Basic and Diluted Earnings Per Share [Abstract] | |||
Net income allocated available to holders of common shares (in Brazil Real) | R$ 710 | R$ 1220 | R$ 1610 |
Weighted average of the number of shares | 1,350 | 1,348 | 1,344 |
Basic denominator | 1,350 | 1,348 | 1,344 |
Weighted average of stock option | 4 | 6 | 11 |
Diluted denominator | 1,354 | 1,353 | 1,355 |
Basic earnings per million shares (in Brazil Real per share) | R$ 0.525574 | R$ 0.905322 | R$ 1.19802 |
Diluted earnings per million shares (in Brazil Real per share) | R$ 0.524174 | R$ 0.901589 | R$ 1.18852 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) R$ in Millions | Feb. 25, 2022 BRL (R$) |
Assets Held for Sale [Line Items] | |
Total sale value | R$ 1200 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - Schedule of Assets Held for Sale R$ in Millions | 12 Months Ended | |
Dec. 31, 2022 BRL (R$) | ||
Assets Held for Sale [Abstract] | ||
Hypermarkets stores | R$ 95 | [1] |
Total | R$ 95 | |
[1]On February 25, 2022, GPA and the Company sold 17 owned properties (11 owned by GPA and 6 properties acquired by the Company) with a total sale value of up to R$1,200, to the Brazel Properties real estate fund (“Fund”) with the intervention and guarantee of the Company. |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Information (Details) [Line Items] | |||
Number of operating segment | single | single | single |
Net of revenue operating percentage | 1.21% | 1.43% | |
Southeast region [Member] | |||
Segment Information (Details) [Line Items] | |||
Net of revenue operating percentage | 57.70% | 55.20% | 56.60% |
Brazilian Regions [Member] | |||
Segment Information (Details) [Line Items] | |||
Net of revenue operating percentage | 42.30% | 44.80% | 43.40% |
Segment Information [Member] | |||
Segment Information (Details) [Line Items] | |||
Number of operating segment | 1 |
Subsequent Events (Details)
Subsequent Events (Details) - Major Ordinary Share Transactions [Member] | 1 Months Ended |
Mar. 28, 2024 USD ($) | |
Subsequent Events (Details) [Line Items] | |
Issuance of debenture | $ 500 |
Debentures bear interest percentage | 1.25% |