Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-14626 | |
Entity Registrant Name | BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD | |
Entity Central Index Key | 0001038572 | |
Entity Address, Country | BR | |
Title of 12(b) Security | American Depositary Shares | |
Trading Symbol | CBD | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 269,375,860 | |
Contact Personnel Name | Guillaume Marie Didier Gras | |
ICFR Auditor Attestation Flag | true | |
Auditor Firm ID | 1045 | 1448 |
Auditor Name | DELOITTE TOUCHE TOHMATSU | ERNST & YOUNG |
Auditor Location | São Paulo - SP | São Paulo |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | Avenida Brigadeiro Luiz Antonio, 3142 | |
Entity Address, City or Town | São Paulo | |
Entity Address, Country | BR | |
Entity Address, Postal Zip Code | 01402-901 | |
City Area Code | +55 11 | |
Local Phone Number | 3886-0421 | |
Contact Personnel Email Address | gpa.ri@gpabr.com |
Consolidated Statements of Inco
Consolidated Statements of Income - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Continued operations | |||
Net operating revenue | R$ 51291 | R$ 51253 | R$ 28838 |
Cost of sales | (38,341) | (37,504) | (21,225) |
Gross profit | 12,950 | 13,749 | 7,613 |
Operating expenses, net | |||
Selling expenses | (7,645) | (7,755) | (5,166) |
General and administrative expenses | (1,708) | (1,588) | (532) |
Depreciation and amortization | (1,853) | (1,804) | (1,028) |
Other operating expenses, net | (7) | (71) | (386) |
Total operating expenses | (11,213) | (11,218) | (7,112) |
Profit from continued operations before net financial expenses and share of profit of associates | 1,737 | 2,531 | 501 |
Financial expenses, net | (1,321) | (728) | (871) |
Share of profit of associates | (47) | 98 | 2 |
Income (loss) before income tax and social contribution | 369 | 1,901 | (368) |
Income tax and social contribution | 594 | (662) | 95 |
Net income (loss) for the year from continuing operations | 963 | 1,239 | (273) |
Net income (loss) for the year from discontinued operations | (3) | 1,087 | 1,109 |
Net income for the year | 960 | 2,326 | 836 |
Net income (loss) for the year attributable to: | |||
Controlling shareholders from continuing operations | 805 | 1,092 | (287) |
Controlling shareholders from discontinued operations | (3) | 1,087 | 1,077 |
Total of controlling shareholders | 802 | 2,179 | 790 |
Non-controlling shareholders from continuing operations | 158 | 147 | 14 |
Non-controlling shareholders from discontinued operations | 32 | ||
Total of non-controlling shareholders | 158 | 147 | 46 |
Total comprehensive income (loss) for the year | R$ 960 | R$ 2326 | R$ 836 |
Basic | |||
Basic earnings (loss) per share – continuing operations | R$ 2.99595 | R$ 4.07575 | R$ 1.07463 |
Basic earnings (loss) per share – discontinued operations | (0.01117) | 4.05709 | 4.03267 |
Basic earnings per share – total | 2.98478 | 8.13283 | 2.95804 |
Diluted | |||
Diluted earnings (loss) per share – continuing operations | 2.99153 | 4.06984 | (1.07337) |
Diluted earnings (loss) per share – discontinued operations | (0.01117) | 4.05120 | 4.02728 |
Diluted earnings per share – total | R$ 2.98036 | R$ 8.12104 | R$ 2.95391 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Net income for the year | R$ 960 | R$ 2326 | R$ 836 |
-Items that may be subsequently reclassified to the Statements of Income in subsequent periods: | |||
Foreign currency translation | (1,405) | 2,145 | 214 |
Fair value of trade receivable | (1) | 1 | (15) |
Derivatives | 3 | 17 | 5 |
Income taxes related to other comprehensive income | (8) | 3 | 16 |
-Items that will not be reclassified to the Statements of Income in subsequent periods: | |||
Other comprehensive income | 3 | (4) | (2) |
Other comprehensive income (loss) for the year, net of income tax | (1,408) | 2,162 | 218 |
Total comprehensive income for the year | (448) | 4,488 | 1,054 |
Total comprehensive income attributable to: | |||
Controlling shareholders | (316) | 3,748 | 945 |
Non-controlling shareholders | R$ 132 | R$ 740 | R$ 109 |
Consolidated Balance Sheets
Consolidated Balance Sheets - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | R$ 8274 | R$ 8711 |
Trade receivables, net | 831 | 686 |
Other receivables | 294 | 365 |
Inventories, net | 5,257 | 6,536 |
Recoverable taxes | 1,743 | 1,199 |
Dividends receivable | 16 | |
Derivative financial instruments | 19 | |
Other current assets | 251 | 251 |
Total | 16,685 | 17,748 |
Assets held for sale | 1,187 | 109 |
Total current assets | 17,872 | 17,857 |
Non-current assets | ||
Trade receivables, net | 1 | 5 |
Other receivables | 558 | 671 |
Recoverable taxes | 2,410 | 3,100 |
Derivative financial instruments | 6 | 12 |
Deferred income tax and social contribution | 581 | |
Related parties | 517 | 154 |
Restricted deposits for legal proceedings | 731 | 563 |
Other non-current assets | 162 | 208 |
Investments in associates | 1,254 | 1,250 |
Investment properties | 3,254 | 3,639 |
Property and equipment, net | 16,344 | 19,888 |
Intangible assets, net | 5,753 | 6,164 |
Total non-current assets | 31,571 | 35,654 |
Total assets | 49,443 | 53,511 |
Current liabilities | ||
Trade payable, net | 10,078 | 11,424 |
Borrowings and financing | 1,470 | 2,309 |
Lease liabilities | 895 | 947 |
Payroll and related taxes | 808 | 897 |
Taxes payable | 580 | 585 |
Related parties | 371 | 194 |
Dividends payable | 112 | 556 |
Financing of property and equipment | 182 | 100 |
Deferred revenue | 383 | 297 |
Pass-through liabilities | 15 | 77 |
Acquisition of non-controlling interest | 701 | 636 |
Other current liabilities | 893 | 677 |
Liabilities related to assets held for sale | 62 | |
Total current liabilities | 16,550 | 18,699 |
Non-current liabilities | ||
Borrowings and financing | 7,582 | 6,842 |
Lease liabilities | 5,223 | 7,427 |
Deferred income tax and social contribution | 935 | 1,034 |
Tax payable | 153 | 248 |
Related parties | 96 | 168 |
Provision for contingencies | 1,442 | 1,385 |
Deferred revenues | 65 | 19 |
Provision for losses on investment in associates | 689 | 591 |
Other non-current liabilities | 328 | 291 |
Total non-current liabilities | 16,513 | 18,005 |
Shareholders’ equity | ||
Share capital | 5,859 | 5,650 |
Capital reserves | 291 | 263 |
Earning reserves | 6,925 | 6,090 |
Other comprehensive income | 574 | 1,692 |
Total shareholders' equity | 13,649 | 13,695 |
Non-controlling interest | 2,731 | 3,112 |
Total shareholders’ equity | 16,380 | 16,807 |
Total liabilities and shareholders’ equity | R$ 49443 | R$ 53511 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity - BRL (R$) R$ in Millions | Issued capital [member] | Other reserves [member] | Capital Reserves Stock Options [Member] | Earnings Reserves Legal [Member] | Business Growth Reserve [Member] | Treasury shares [member] | Retained earnings [member] | Earnings Reserves Govern Mental Subsidy Reserve [Member] | Earnings Reserves Appropriated Earnings [Member] | Accumulated other comprehensive income [member] | Controlling Shareholders [Member] | Non-controlling interests [member] | Total | Other Reserves One [Member] |
At December 31, 2020 at Dec. 31, 2018 | R$ 6825 | R$ 7 | R$ 406 | R$ 517 | R$ 2504 | R$ 7 | R$ 10 | R$ 58 | R$ 66 | R$ 10234 | R$ 2925 | R$ 13159 | ||
At December 31, 2020 at Dec. 31, 2018 | 6,825 | 7 | 406 | 517 | 2,504 | (7) | (10) | 58 | (66) | 10,234 | 2,925 | 13,159 | ||
Other comprehensive income: | ||||||||||||||
Net income for the year | 790 | 790 | 46 | 836 | ||||||||||
Foreign currency translation | 151 | 151 | 63 | 214 | ||||||||||
Fair value of trade receivable | (5) | (5) | (10) | (15) | ||||||||||
Income taxes related to other comprehensive income | 6 | 6 | 10 | 16 | ||||||||||
Cash flow hedge | 5 | 5 | 5 | |||||||||||
Other comprehensive income | (2) | (2) | (2) | |||||||||||
Comprehensive income for the year | 790 | 155 | 945 | 109 | 1,054 | |||||||||
Capital increase (note 24) | 32 | 32 | 32 | |||||||||||
Share-based expenses (Note 25) | 29 | 29 | 29 | |||||||||||
Share-based expenses – subsidiaries (Note 25) | 5 | 5 | 4 | 9 | ||||||||||
Appropriation of net income to legal reserve (note 24) | 39 | (39) | ||||||||||||
Interest on own capital (note 24) | (137) | (37) | (174) | (174) | ||||||||||
Transfer to expansion reserve (Note 25) | 549 | (549) | ||||||||||||
Proposed dividends (note 25.3) | 156 | 156 | 38 | 194 | ||||||||||
Hyperinflation adjustment on foreign investments | 29 | 29 | 1 | 30 | ||||||||||
Transactions with non-controlling interests | (13) | (4) | (17) | 342 | 325 | |||||||||
Non-controlling interest on Éxito (Note 13) | 2,556 | 2,556 | ||||||||||||
Sale of Via Varejo (Note12.4) | (5) | 18 | 13 | (3,291) | (3,278) | |||||||||
Mandatory dividends (note 24.3) | (156) | (156) | (38) | (194) | ||||||||||
Ending balance, value at Dec. 31, 2019 | 6,857 | 7 | 440 | 556 | 2,916 | (7) | 6 | 58 | 107 | 10,940 | 2,608 | 13,548 | ||
Other comprehensive income: | ||||||||||||||
Net income for the year | 2,179 | 2,179 | 147 | 2,326 | ||||||||||
Foreign currency translation | (16) | 1,570 | 1,554 | 591 | 2,145 | |||||||||
Fair value of trade receivable | 1 | 1 | 1 | |||||||||||
Income taxes related to other comprehensive income | 3 | 3 | 3 | |||||||||||
Cash flow hedge | 15 | 15 | 2 | 17 | ||||||||||
Other comprehensive income | (4) | (4) | (4) | |||||||||||
Comprehensive income for the year | 2,163 | 1,585 | 3,748 | 740 | 4,488 | |||||||||
Capital increase (note 24) | 9 | 9 | 9 | |||||||||||
Appropriation of net income to legal reserve (note 24) | 109 | (109) | ||||||||||||
Proposed dividends (note 25.3) | 515 | 515 | 515 | |||||||||||
Hyperinflation adjustment on foreign investments | 220 | 220 | 5 | 225 | ||||||||||
Capital reduction (note 1.2) | (1,216) | (7) | (209) | (1,432) | (1,432) | |||||||||
Stock options granted (note 24) | 26 | 26 | 26 | |||||||||||
Stock options granted to subsidiaries (note 24) | 6 | 6 | 6 | |||||||||||
Appropriation of net income to other reserves (note 24) | 1,528 | 9 | (1,537) | |||||||||||
Mandatory dividends (note 24.3) | (515) | (515) | (515) | |||||||||||
Dividends paid to non-controlling interests (note 24.4) | (143) | (143) | ||||||||||||
Subsidiary PUT valuation Disco (note 18.3) | (102) | (102) | ||||||||||||
Fair value exchange of assets with subsidiary (note 1.2) | 694 | 694 | 694 | |||||||||||
Others | 1 | (2) | (1) | 4 | 3 | |||||||||
Ending balance, value at Dec. 31, 2020 | 5,650 | 263 | 665 | 4,444 | (7) | 921 | 67 | 1,692 | 13,695 | 3,112 | 16,807 | |||
Other comprehensive income: | ||||||||||||||
Net income for the year | 802 | 802 | 158 | 960 | ||||||||||
Foreign currency translation | (1,116) | (1,116) | (289) | (1,405) | ||||||||||
Fair value of trade receivable | (1) | (1) | (1) | |||||||||||
Income taxes related to other comprehensive income | (8) | (8) | (8) | |||||||||||
Cash flow hedge | 4 | 4 | (1) | 3 | ||||||||||
Other comprehensive income | 3 | 3 | 3 | |||||||||||
Comprehensive income for the year | 802 | (1,118) | (316) | (132) | (448) | |||||||||
Capital increase (note 24) | 209 | (200) | 9 | 9 | ||||||||||
Appropriation of net income to legal reserve (note 24) | 40 | (40) | ||||||||||||
Interest on own capital (note 24) | (68) | (68) | (68) | |||||||||||
Proposed dividends (note 25.3) | 81 | 81 | 81 | |||||||||||
Hyperinflation adjustment on foreign investments | 388 | 388 | 16 | 404 | ||||||||||
Stock options granted (note 24) | 26 | 26 | 26 | |||||||||||
Appropriation of net income to other reserves (note 24) | (1,601) | 2,282 | (681) | |||||||||||
Mandatory dividends (note 24.3) | (81) | (81) | (81) | |||||||||||
Dividends paid to non-controlling interests (note 24.4) | (207) | (207) | ||||||||||||
Subsidiary PUT valuation Disco (note 18.3) | (70) | (70) | ||||||||||||
Others | (9) | (12) | 12 | (3) | ||||||||||
Stock in treasury (note 24) | 2 | 6 | 8 | 8 | ||||||||||
Ending balance, value at Dec. 31, 2021 | R$ 5859 | R$ 2 | R$ 289 | R$ 705 | R$ 2575 | R$ 1 | R$ 1300 | R$ 2349 | R$ 574 | R$ 13649 | R$ 2731 | R$ 16380 | R$ 3 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flow provided by operating activities | ||||
Net income for the year | R$ 960 | R$ 2326 | R$ 836 | |
Adjustments to reconcile net income for the year to net cash provided by the operating activities: | ||||
Deferred income tax (note 20) | (676) | 69 | 240 | |
Losses on disposals of property and equipment | (247) | 317 | 88 | |
Depreciation and amortization | 2,117 | 2,564 | 1,559 | |
Financial charges | 1,316 | 1,796 | 1,668 | |
Receivables Fair value adjustment | 1 | (1) | 1 | |
Share of profit of associates (note 12) | 47 | (99) | (18) | |
Provision for contingencies | 137 | 443 | 194 | |
Provision for write-off and impairment | 44 | 45 | ||
Share-based payment | 26 | 32 | 38 | |
Allowance for doubtful accounts (note 7.2 e 8.1) | 61 | 86 | 263 | |
Allowance (reversal) for inventory losses and damages (Note 9.2) | 26 | 24 | 16 | |
Deferred revenue (Note 23) | 26 | (349) | (344) | |
Gain on write-off of lease liabilities (note 22.2) | (1,022) | (698) | (116) | |
Other operating income / expenses | [1] | (280) | (1,815) | 18 |
Gain on the sale of subsidiary | (598) | |||
Gain on fair value adjustment on retained interest in Bellamar (note 1.1) | (573) | |||
Total | 2,536 | 4,167 | 3,845 | |
Trade receivables | (140) | (257) | (14) | |
Inventories | 989 | (1,142) | (181) | |
Recoverable taxes | 210 | 392 | (354) | |
Other assets | (5) | (27) | (173) | |
Related parties | (101) | (22) | (81) | |
Restricted deposits for legal proceedings | (176) | 87 | (6) | |
Trade payables, net | (738) | 726 | (1,215) | |
Payroll and related taxes | (60) | 234 | (131) | |
Taxes and social contributions payable | 355 | 549 | (15) | |
Payments of income tax and social contributions | (425) | (70) | (231) | |
Provision for contingencies | (161) | (161) | (453) | |
Deferred revenue | 55 | 252 | 173 | |
Other liabilities | 378 | (1) | (52) | |
Receipts of dividends and interest on own capital | 11 | 15 | 23 | |
Total | 192 | 575 | (2,710) | |
Net cash provided by operating activities | 2,728 | 4,742 | 1,135 | |
Cash flow from investing activities | ||||
Capital increase in associate | (31) | |||
Purchase of property and equipment (Note 14.4) | (1,035) | (2,289) | (2,462) | |
Purchase of intangible assets (note 15.3) | (232) | (201) | (320) | |
Proceeds from sales of property and equipment | 1,315 | 1,773 | 511 | |
Acquisition of Éxito, net of cash acquired | 3,309 | |||
Cash of deconsolidation of Sendas (Note 1.1) | (3,529) | |||
Proceeds from the sale of subsidiary, Via Varejo (Note 12.4) | 2,326 | |||
Acquisition of investment property (Note 13) | (124) | (14) | (12) | |
Others | (1) | |||
Net cash used in investment activities | (77) | (4,291) | (3,266) | |
Cash flow from financing activities | ||||
Capital increase | 9 | 9 | 32 | |
Proceeds from borrowings and financing (Note 17.2) | 4,860 | 7,262 | 13,604 | |
Payments of borrowings and financing (Note 17.2) | (5,315) | (5,538) | (9,952) | |
Payments of lease liabilities | (1,523) | (1,680) | (1,498) | |
Payments of dividends and interest on own capital | (780) | (339) | (268) | |
Contributions obtained from non-controlling shareholders | 14 | 3 | ||
Installment payments on the acquisition of subsidiary | (3) | (31) | ||
Transactions with non-controlling shareholders | (5) | 2 | 7 | |
Net cash provided by (used in) financing activities | (2,743) | (281) | 1,894 | |
Net increase (decrease) in cash and cash equivalents | (92) | 170 | (237) | |
Cash and cash equivalents at the beginning of the year | 8,711 | 7,954 | 8,080 | |
Exchange variation on cash and cash equivalents | (345) | 587 | 111 | |
Cash and cash equivalents at the end of the year | R$ 8274 | R$ 8711 | R$ 7954 | |
[1] | In 2021, includes R$ 280 of tax credits (R$ 1,609 in 2020) explained in the note 21.7 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of cash flows [abstract] | |||
Interest paid classified in financing activity | R$ 482 | R$ 774 | R$ 504 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Corporate information | 1. Corporate information Companhia Brasileira de Distribuição ("Company" or “CBD”), directly or through its subsidiaries (“Group” or “GPA”) is engaged in the retail of food, clothing, home appliances, electronics and other products through its chain of supermarkets, specialized stores and department stores especially under the trade names "Pão de Açúcar, “Minuto Pão de Açúcar”, “Mercado Extra”, “Minimercado Extra” and the neighborhood shopping mall brand “Conviva”. Related to the operations of the Extra Hiper brand, see note 1.1. The Group’s headquarters is in the city of São Paulo, State of São Paulo, Brazil. The Company also operates in other Latin American countries by the subsidiary Almacenes Éxito SA (“Éxito”). Éxito is a Colombian company that operates the supermarket and hypermarket banners Éxito, Carulla, Super Inter, Surtimax and Surtimayorista in Colombia, the Libertad banner in Argentina and the Disco and Devoto banners in Uruguay. Additionally, Éxito also operates shopping centers in Colombia under the banner Viva. In June 2019, the Company disposed of all of its interest in Via Varejo S.A. (“Via Varejo”), a controlled subsidiary engaged in retail activities in the electronics and e-commerce segments operating the brands “Ponto Frio” and “Casas Bahia", as well as the e-commerce platforms “CasasBahia.com,”, “Pontofrio.com” and “Barateiro.com”. Prior to the disposal, Via Varejo was presented as a discontinued operation (see note 12.4). The Company’s shares are listed on the São Paulo Stock Exchange (B3 - Brasil, Bolsa, Balcão) called “Novo Mercado”, which requires the highest level of Corporate Governance under, the ticker symbol “PCAR3” and in the New York Stock Exchange (ADR level III), under the ticker symbol “CBD”. The Company is controlled by Wilkes Participações S.A. (“Wilkes”), and its parent company is Casino, a French company listed in the Paris Stock Exchange. 1.1 Discontinuation of the business of Extra Hiper stores and sale of assets with Sendas As part of the Brazilian retail reportable segment, the Company operates different store formats, as highlighted in Note 1, including 103 Extra Hiper stores. In line with the strategy of optimizing its stores portfolio, allocating relevant resources to accelerate the growth of the most profitable formats, Management decided to discontinue the operation of stores with the Extra Hiper banner. According to material facts disclosed on October 14, 2021 and December 16, 2021, it was approved by the Board of Directors of the Company and Sendas Distribuidora S.A. (“Assai” or “Sendas” - a former subsidiary and that its spin-off is described in note 1.2), considering only the vote of independent directors, the terms and conditions of the agreement for the transfer to Sendas of the rights of use of 70 stores, located in several different states, including real estate owned by the Company and other leased from third parties. The transaction includes the transfer of 70 stores and is being carried out as follows: (i) transfer of 70 3.973 billion 17 1.2 billion The amounts received by the Company by December 31, 2021 totaled R$1 billion and the remaining will be paid as follows: R$2.3 billion in 2022, R$1.2 billion in 2023 and R$700 million in January 2024 restated by CDI +1.2%. Also, as part of the plan to discontinue the hypermarket format, out of the 33 remaining Extra Hiper stores, the Company decided to convert 29 to other banners (Pão de Açúcar and Mercado Extra) and to discontinue 4 stores. This plan will be implemented during 2022 and may be subsequently reviewed. The transaction was partially implemented by December 31 st 6 For the transfer of 20 commercial points and 6 owned properties, on December 31, 2021, the Company recorded revenue in the amount of R$ 1.2 billion , in addition to write-offs of assets corresponding to the amount of R$ 481 , gains related to remeasurement of leasing agreements of R$ 522 and expenses of R$ 816 (R$ 147 of which related to dismissal of employees, R$ 283 cancellation of contracts, R$ 279 markdown of inventories and R$ 107 other expenses related to the transaction) generating the net gain in the amount of R$ 426 , recorded in Other operating expenses (Note 27). The operations of the other Extra Hiper stores representing the remaining 50 commercial points including 11 owned properties, will be discontinued and the properties and rights of use delivered to Sendas during the 1st half of 2022. As of December 31 st Management evaluated the transaction as per IFRS5 - "Non-Current Assets Held for Sale and Discontinued Operation" and concluded that the discontinuation of the 103 Extra Hiper stores (complete transaction) results in the abandonment of an important line of business in the Brazilian retail segment, with subsequent sale of free operating assets (fixed and right of use) to Sendas. Therefore, on December 31, 2021, the Company partially abandoned the stores ( 21 The net gain on disposal of the assets and the result of operations of the hypermarket business line will be presented in 2022, when the transaction will be substantially implemented, as a discontinued operation (Extra Hiper business line), as well as comparative periods, in a single line in the income statement, as provided for in IFRS5. Net revenue from this business line in 2021 was R$ 10,636 12,058 1.2 Corporate reorganization and Sendas Spin-Off On December 31, 2020, an extraordinary general shareholders’ meeting of CBD and Sendas Distribuidora S.A. approved a corporate reorganization (the “Transaction”) under which substantially all of the issued and outstanding Sendas common shares were distributed to holders of CBD common shares and American Depositary Shares, on a pro rata basis for no consideration. The Transaction aimed to unlock the full potential of our previously held Cash & Carry segment (currently presented as “Discontinued operations”), which is now operated by Sendas, allowing them to operate separately, with their own management, focused on its business model and direct access to the capital market and other sources of financing. In addition, the Transaction involved the following: • Contribution and exchange of interest in Éxito 1. CBD engaged in the exchange transaction with Sendas in which certain assets of CBD were transferred to Sendas in exchange for an equivalent value of the shares of Éxito held by Sendas (corresponding to 8.77% of the total outstanding shares of Éxito). The assets of CBD transferred to Sendas consisted of o 50% of the shares of Bellamar Empreendimentos e Participações Ltda. (“Bellamar”), a holding company that holds an investment in 35.76% of the shares of Financeira Itaú CBD S.A. Credit, Financing and Investment, with a book value of R$195 million o real estate assets, consisting of five parcels of real estate, with a book value of R$25 million, which may be developed as sites for new stores in the future o As a result of this exchange, an effect of R$694 was recorded on the Company's shareholders' equity as retained earnings 2. Sendas distributed to CBD the remaining shares of Éxito held by Sendas, corresponding to 87.80 • Contribution of certain assets by Sendas to CBD Sendas distributed certain assets to CBD in the net amount of R$20 • Contribution by CBD to Sendas CBD conducted the following capital contributions: 1. CBD transferred to Sendas the net assets of stores that may be developed by Sendas in the future, with a residual value of R$45 2. CBD contributed intercompany receivables to Sendas for an amount of R$140 3. CBD contributed R$500 in cash to Sendas • In addition, on December 14, 2020, CBD entered into a Separation Agreement with Sendas, which provides a framework for CBD’s relationship with Sendas following the Transaction. Pursuant to the Separation Agreement, CBD transferred and Sendas will recognize certain assets and liabilities related to contingencies and their related judicial deposits for which the parties have agreed to be responsible following the Separation, in a net amount of R$ 111 The Transaction was accounted for as reorganization amongst entities under common control, as such, the net effect of the transactions above was recorded in equity. In addition, the exchange of 50% interest in Bellamar, described above, resulted in the loss of control of Bellamar. As a result, the Company recognized a gain of R$573 for the difference between the fair value of the retained interest in Bellamar and its book value The table below summarizes the balances of Sendas that have been deconsolidated from CBD, as of December 31, 2020, as a result of the Transaction: Schedule of balances of sendas deconsolidated from CBD Sendas 31.12.2020 Cash and cash equivalents 3,532 Trade receivable, net 182 Other receivable 34 Inventories, net 3,739 Recoverable taxes 768 Derivative financial instruments 57 Other current assets 36 Total current assets 8,348 Related parties 178 Recoverable taxes 866 Restricted deposits for legal proceedings 134 Financial instruments 11 Investments in associates 769 Property and equipment, net 7,477 Intangible assets, net 1,038 Total non-current assets 10,473 Total assets 18,821 Trade payable, net 5,057 Payroll and related taxes 371 Taxes installment and contributions payable 528 Borrowings and financing 2,119 Lease liabilities 172 Deferred revenue 227 Financing of property and equipment 34 Other current liabilities 153 Total current liabilities 8,661 Borrowings and financing 5,711 Lease liabilities 2,604 Related parties 41 Provision for contingencies 281 Deferred revenue 1 Deferred income tax and social contribution 82 Other non-current liabilities 8 Total non-current liabilities 8,728 Total liabilities 17,389 Net assets 1,432 Total liabilities and shareholders’ equity 18,821 On February 10, 2021, the request for listing and admission to the trading of shares issued by Sendas in the Novo Mercado segment of the B3 S.A. – Brasil, Bolsa, Balcão was approved. On February 12, 2021, the request for listing of American Depositary Securities (“ADSs”) issued by Sendas on the New York Stock Exchange (“NYSE”) was approved and the Sendas’ ADSs started trading on the NYSE on March 8, 2021, under the ticker symbol “ASAI”. GPA’s shareholders received, after the close of trading on February 26, 2021 (“Cut-off Date”), shares issued by the Sendas, in proportion to their respective holdings in GPA’s share capital. 1.3. Effects of COVID-19 on the consolidated The Group has been monitoring the progress of the pandemic of COVID-19 (Coronavirus) and its impacts on its operations. Several actions were taken by Management, among which we highlight the creation of a crisis committee formed by the Senior Management, which takes decisions in line with the recommendations of Ministry of Health and local authorities and professional associations. The Company has adopted all possible measures to mitigate the transmission of the virus in stores, distribution centers and offices, such as: frequent cleaning, safety / protection items for employees, flexible working hours, adoption of home office, among other decisions. Since the beginning of the COVID-19 outbreak, our stores have remained open, in addition to the significant increase of our e-commerce formats. The Company has an important commitment to society to continue taking products to our consumers. We had no material problems in our supply chain, and our suppliers continued to deliver its products in our distribution centers and stores. The Company carried out a complete analysis of the consolidated financial statements, in addition to concluding about its operational continuity. The main aspects evaluated were: • The Company prepared its strategic planning for the next three years that were used to estimate the recoverability of store assets and intangible assets, according to the methodology and assumptions described in notes 7.2, 8.1, 14.1, 15.1 and 15.2; • We assessed the recoverability of receivables from credit card companies, customers, galleries in our stores, real estate rentals and there is no need to record additional provisions to those already registered; • During the first months of 2021, there were restrictions in some cities where the Company operates, such as obligatory closures during few days, or restrictions of sale of certain products in determined periods. These restrictions, whatsoever, represent a very small portion of our stores and sales; • We evaluate qualitative and quantitative aspects of inventories and do not expect any additional provision for adjustment to realizable amount; • Financial instruments already reflect the market assumptions in their valuation, and there are no additional exposures not disclosed in these consolidated financial statements. The Company is not exposed to significant financing denominated in US dollars; Finally, the costs necessary to adapt our stores to serve the public are disclosed in Note 27 - Other operating expenses, net. In summary, according to management's estimates and monitoring of the impacts of the pandemic, there are no effects that should be recorded in the consolidated financial statements, nor are there any effects on the Company’s capacity to continue as a going concern and its estimates that would require changes or additional provisions to be recorded, in addition to those already recognized and disclosed. Company will continue to monitor and assess the impacts and, if necessary, make the disclosures. 1.4. Sale and On December 23, 2019, the Group entered into an agreement to sell 6 properties (Pão de Açúcar stores) in the Sale and Leaseback transaction with Rio Bravo Investimentos Distribuidora de Titulos e Valores Imobiliários Ltda (“Rio Bravo”). for a total selling price of R$92, of which R$91 was paid upon signing the commitment. In 2020, the Group concluded the sale of 5 of the 6 stores. The parties entered into lease agreements for the 5 properties, with a term of 10 years, renewable for the same period, ensuring the continuity of GPA operations in properties with sustainable financial conditions On March 5, 2020, the Group entered into a Sale and Leaseback transaction with investment funds administered by BRL Trust Distribuidora de Títulos e Valores Mobiliários S.A. and managed by TRX Gestora de Recursos Ltda. (“TRX”), pursuant to the signing of a “Private Instrument of Commitment of Purchase and Sale of Real Estate Properties and Real Surface Law Institution” (“Instrument”). The Instrument initially foresaw the sale of 43 1,246 • On May 29, 2020, the Group concluded the sale of 5 • On June 29, 2020, the Group concluded the sale of 7 • On July 22, 2020, the Group concluded the sale of another 16 • On July 30, 2020, the Group concluded the sale of the remaining 11 The Group completed the sale of 39 1,183 1,181 On December 23, 2020, the Group entered into an agreement to sell 4 properties, in a Sale and Leaseback transaction, to Rio Bravo for a total amount of R$ 255 235 15 4 The gain on sale and leaseback transactions was R$ 187. 312 582 1.5. Going concern Management has assessed the Company's ability to continue operating for the foreseeable future and has concluded that it has the ability to maintain its business and systems operating normally, even in the face of the COVID- 19 pandemic (see note nº1.3). Accordingly, management is not aware of any material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and the financial statements have been prepared on a going concern basis. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2021 | |
Basis of preparation | 2. Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”). The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments measured at their fair value. The consolidated financial statements are presented in millions of Brazilian Reais (“R$”), which is the functional currency of the Company. The functional currency of associates and subsidiaries located abroad is the local currency of each jurisdiction. These consolidated financial statements were approved by the Board of Directors on May 16, 202 In June 2019, the Company disposed of all of its interest in its subsidiary Via Varejo (see note 12.4), which prior to the disposal was classified as a discontinued operation in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operation. The consolidated statements of cash flow include the cash flow from continuing and discontinued operations. The details of the cash flows from discontinued operations are disclosed in Note 33. The consolidated financial statements include the financial information of all subsidiaries over which the Group exercises control directly or indirectly. The determination if a subsidiary is controlled by the Group and the basis of consolidation are in accordance with the requirements of IFRS 10 - Consolidated Financial Statements. The financial statements of the subsidiaries are prepared on the same closing date of the reporting period of the Company, using consistent accounting policies. All intercompany balances, transactions are eliminated upon consolidation. Gains or losses resulting from changes in equity interest in subsidiaries, which do not result in loss of control, are directly recorded in equity. The list of subsidiaries and associates is presented in note 12.1 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting policies | 3. Significant accounting policies The main 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 Group's consolidated financial statements. 3.1. Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity Financial assets are recognized when the Group becomes party to the contractual provisions of the instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or the Group transfers the contractual rights to receive the cash flows of the financial asset. (i) Classification and measurement of financial assets According to IFRS 9, on initial recognition, a financial asset is classified as measured: at amortized cost; fair value through other comprehensive income (“FVOCI”) - or fair value through profit or loss (“FVPL”). The classification of financial assets according to IFRS 9 is generally based on the business model in which a financial asset is managed and on its contractual cash flow characteristics. A derivative embedded with a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as measured at FVPL: • It is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • Its contractual terms give rise, on specified date, to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as measured at FVPL: • It is held within a business model with the objective of either receipt of contractual cash flows or sale of financial assets; and • Its contractual terms give rise on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32, Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the Statements of Income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Group has no investments classified in OCI. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. This includes all derivative financial assets. A financial asset (unless it refers to trade receivables without a significant component of financing that is initially measured at the transaction price) is initially measured at fair value, plus, for an item that is not measured at FVPL, any transaction costs directly attributable to its acquisition. (ii) Subsequent measurement of financial assets Financial assets measured at FVPL Financial assets at amortized cost Financial assets at FVOCI (iii) Impairment of financial assets IFRS 9 replaces the “incurred loss” model of IAS 39 with an expected credit losses model. The new impairment loss model applies to financial assets measured at amortized cost, contractual assets and debt instruments measured at FVOCI, but does not apply to investments in equity instruments (shares) or financial assets measured at FVPL. According to IFRS 9, provisions for losses are measured at one of the following bases: • Credit losses expected for 12 months (general model): these are credit losses that result in possible default events within 12 months from the balance sheet date. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL- “Expected Credit Loss”). • Full lifetime expected credit losses (simplified model): these are credit losses resulting from all possible default events over the expected term of a financial instrument. Practical expedient: these are expected credit losses that are consistent with reasonable and sustainable information available, at the balance sheet date about past events, current conditions and forecasts of future economic conditions, which enable the verification of probable future loss based on the historical credit loss occurred in accordance with the maturity. The Group chose to measure provisions for losses from trade receivable, other receivables, and contractual assets at an amount that equals to the credit loss expected for the entire term, and for trade receivables, whose portfolio of receivables is fragmented, rents receivable, wholesale accounts receivable and accounts receivable from freight companies, the practical expedient was applied through the adoption of a matrix of losses for each maturity range. When determining whether the credit risk of a financial asset increased significantly since its initial recognition and while estimating the expected credit losses, the Group takes into account reasonable and sustainable information that is relevant and available free of excessive cost or effort. This includes quantitative and qualitative information and analysis, based on the Company’s historical experience, during credit assessment and considering information about projections. The Group assumes that the credit risk of a financial asset increased significantly if the asset is overdue for more than 90 days. The Group considers a financial asset as in default when: • it is less likely that the debtor will fully pay its obligations to the Group, without considering actions such as execution of guarantees (if any), or • the financial asset is overdue more than 90 days. The Group determined the credit risk of a debt security by analyzing the payment history, financial and macroeconomic conditions of the counterparty and the assessment of rating agencies, when applicable, thereby assessing each debt security individually. The maximum period considered when estimating the expected credit loss is the maximum contractual period during which the Group is exposed to the credit risk. Measurement of expected credit losses Expected credit losses are discounted by the effective interest rate of the financial asset. Financial assets with credit recovery problems Presentation of impairment loss For financial instruments measured at FVOCI, the provision for losses is recognized in OCI, instead of deducting the carrying amount of the asset. Impairment losses related to trade receivables and other receivables, including contractual assets, are presented separately in the Statements of Income and OCI. Impairment of other financial assets is reported under “selling expenses”. Accounts receivable and contractual assets The positions within each group were segmented based on common credit risk characteristics, such as: • Credit risk level and historical losses – for wholesale clients and property rental; and • Delinquency status, default risk and historical losses – for credit card operators and other clients. (iv) Initial recognition and measurement of financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. (v) Subsequent measurement of financial liabilities The measurement of financial liabilities depends on their classification, as described below: • Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the Statements of Income. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. • Loans and borrowings This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate (EIR) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance expenses, net in the Statements of Income. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 17. (vi) Derecognition of financial assets and liabilities A financial asset (or, as the case may be, part of a financial asset or part of a group of similar financial assets) is derecognized when: • The rights to receive cash flows from the asset have expired; or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards related to the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards related to the asset, but has transferred control over the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass through” arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of it continued involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations retained by the Group. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender, on substantially different terms, or the terms of an existing liability are substantially modified, such exchange or modification is treated as the derecognition of the original liability and recognition of a new liability. The difference in the respective carrying amounts is recognized in profit or loss. When there is a debt modification impacting interest rate the impact is recorded in profit or loss, except, if it is a fee in the modification, over which the impact on profit or loss will follow the effective interest rate. (vii) Offsetting of financial instruments Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention of settling them on a net basis, to realize the assets and settle the liabilities simultaneously. (viii) Derivative financial instruments The Company uses derivative financial instruments to limit the exposure to fluctuations not related to the local market such as interest rate and exchange rate swaps. These derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of each reporting period. Derivatives are accounted for as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The gains or losses arising from changes in the fair value of derivatives are recognized as financial income or expenses. 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. (ix) Fair value hedge 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 Statements of Income; • In order to calculate the fair value, debts and swaps are measured through rates available in the financial market and projected up to their maturity date. The discount rate used in the calculation by the interpolation method for borrowings denominated in foreign currency is developed through CDI curves, free coupon and DI, indexes disclosed by the B3 (the Brazilian Securities, Commodities and Futures Exchange), whereas for borrowings denominated in Reais, the Company uses the DI curve, an index published by the CETIP (Securities Custodial and Clearing Center) and calculated through the exponential interpolation method. 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. (x) Cash flow hedge Derivative instruments are recorded as cash flow hedge, using the following principles: • The effective portion of the gain or loss on the hedge instrument is recognized directly in stockholders’ equity in other comprehensive income. In case the hedge relationship no longer meets the hedging ratio but the objective of management risk remains unchanged, the Group should “rebalance” the hedge ratio to meet the eligibility criteria. • Any remaining gain or loss on the hedge instrument (including arising from the "rebalancing" of the hedge ratio) is ineffective, and therefore should be recognized in profit or loss. • Amounts recorded in other comprehensive income are immediately transferred to the Statements of Income together with the hedged transaction by affecting the Statements of Income, for example, when the hedged financial income or expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or liability, the amounts recorded in equity are transferred to the initial carrying amount of the non-financial asset or liability. • The Company should prospectively discontinue hedge accounting only when the hedge relationship no longer meets the qualification criteria (after taking into account any rebalancing of the hedge relationship). • If the expected transaction or firm commitment is no longer expected, amounts previously recognized in OCI are transferred to the Statements of Income If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its hedge classification is revoked, gains or losses previously recognized in comprehensive income remain deferred in equity in other comprehensive income until the expected transaction or firm commitment affect profit or loss. 3.2. Foreign currency transactions Foreign currency transactions are initially recognized at the exchange rate of the corresponding currencies at the date the transaction qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are 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 income or expense. 3.3. Classification of assets and liabilities as current and non-current The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: • expected to be realized or intended to be sold or consumed within twelve months from the end of the reporting periods • held primarily for the purpose of trading • expected to be realized within twelve months after the reporting period or • cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when it is: • expected to be settled within twelve months from the end of the reporting periods • held primarily for the purpose of trading • due to be settled within twelve months after the reporting period or • there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period are classified as current liabilities. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as “non-current” and presented net when appropriate in accordance with the provisions of IAS 12. 3.4. Foreign operations For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. On consolidation, the financial statements of foreign operations are translated into Brazilian Reais, as follows: • Assets and liabilities, including goodwill, are translated into Brazilian Reais at the exchange rate prevailing at the reporting date. • The Statements of Income are translated into Brazilian Reais using the average rate for the period except when significant fluctuations in the exchange rate occurs, in which case, the rate at the transaction date is used. • Equity accounts are maintained at the historical balance in Reais. The exchange rate differences arising from the translation are recognized in other comprehensive income (“OCI”). When a foreign operation is disposed of, the component of OCI related to that particular foreign operation is reclassified to profit or loss. 3.5. Hyperinflation Starting from September 2018, Argentina has been considered a hyperinflationary economy. As per IAS 29 – Financial Reporting in Hyperinflationary Economies, the non-monetary assets and liabilities, equity items and the statement of income of the indirect subsidiary Libertad, headquartered in Argentina, a direct subsidiary of Éxito, whose functional currency is the Argentinean peso, are being adjusted so that amounts are reported in the monetary measurement unit at the end of the reporting period. This unit, considers the effects measured by the Consumer Price Index (“IPC”) in Argentina starting January 1, 2017 and Argentina’s Domestic Retail Price Index (“IPIM”) up to December 31, 2016. Consequently, as required by IAS 29, the operating results of the indirect subsidiary Libertad must be considered as highly inflationary starting from September 1, 2018 (start of the period in which a hyperinflationary scenario was identified). 3.6. Accounting for equity interests at cost deriving from corporate restructuring under common control For certain restructuring transactions that occurred in previous years, the Group recorded, at historical cost, the interests deriving from corporate restructuring under common control without economic substance. The difference between the historical cost and the acquiring value was recorded as shareholders’ equity, when the interest acquired is from companies under common control. Such transactions are not in the scope of IFRS 3. |
Adoption of new standards, amen
Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB | 12 Months Ended |
Dec. 31, 2021 | |
Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB | 4. Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB 4.1. New and amended standards and interpretations In 2021, the Group applied amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2021. The main new standards adopted are as follows: Schedule of new and amendments standards and interpretations starting at the current year Statement Description Impact Amendments to IAS 1 and IAS 8 - Definition of materiality In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity These changes did not have any impact in the consolidated financial statements. Changes in IFRS 9: Reform of the reference interest rate The amendments to standard IFRS 9 provide exemptions that apply to all hedge relationships directly affected by the reference interest rate reform. A relationship of hedge is directly affected if the reform raises uncertainties about the period, or the value, of cash flows based on the reference interest rate of the hedge item or hedging instrument. These changes did not have any impact in the consolidated financial statements. Changes in IFRS 16: Benefits provided to lessees in connection with the COVID-19 pandemic Amendments related to concession to tenants, in the application of the guidelines of IFRS 16, on the modification of the lease, when accounting for related benefits as a direct consequence of the Covid-19 pandemic. These changes did not have any impact in the consolidated financial statements. 4.2. New and amended standards and interpretations applied since 2019 i. IFRS 16 - Leases The Group adopted IFRS 16 using the full retrospective method of adoption, with the date of application of January 1, 2019. In accordance with the full retrospective method of adoption, the Group applied IFRS 16 at the date of initial application as if it had already been effective at the commencement date of existing lease contracts. The Group also elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying asset is of low value (low-value assets). ii. IFRIC 23 – Uncertainty over income tax treatments IFRIC 23 clarifies how to apply the recognition and measurement requirements of IFRIC 23 when there is uncertainty about the income tax treatments. The interpretation was approved on December 21, 2018 and became effective on January 1, 2019. In the assessment of the Company's management, there were no significant impacts as a result of the interpretation. 4.3. New and revised standards and interpretations issued and not yet effective The Group has not early adopted the following new and revised IFRSs, which have already been issued but not yet in effect, up to the date of the issuance of the Group’s consolidated financial statements: Schedule of new and revised standards and interpretations issued and not yet adopted Accounting pronouncement Description Applicable to annual periods starting in or after Amendments to IAS 1: Classification of liabilities as current or non-current and concept of materiality In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, in order to specify the requirements for classifying the liability as current or non-current. The amendments clarify: • Which means a right to postpone liquidation; • That the right to postpone must exist on the base date of the report; • That this classification is not affected by the likelihood that an entity will exercise its right to postpone • That only if a derivative embedded in a convertible liability is itself an equity instrument would the terms of a liability not affect its classification In February 2021, the IASB issued amendments to IAS1, providing guides and examples to help entities apply materiality judgment to the disclosure of accounting policies. 01/01/2023 Amendments to IAS 8: Definition of accounting estimates The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and error correction and how entities use measurement techniques and inputs to develop accounting estimates. 01/01/2023 Amendments to IFRS 10 - Consolidated Financial Statements and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Gains and losses resulting from (i) loss of control of a subsidiary that does not contain a business in a transaction with an associate or joint venture accounted for using the equity method are recognized in the parent's income only in proportion to the interest held by investors not related to that affiliate or joint venture; (ii) remeasurement of investments retained in a former subsidiary at fair value are recognized in the former parent's income in proportion to the interest held by unrelated investors in the new associate or joint venture. The effective date has not yet been set by the IASB IAS16 - Fixed Assets – Resources Before Intended Use The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from the sale of items produced before the asset is available for use, which must be recognized in profit or loss. 01/01/2022 Amendments to IFRS 3 Reference to the Conceptual Structure For obligations within the scope of IAS 37, the purchaser applies IAS37 to determine whether there is a present obligation on the acquisition date as a result of past events. For a tax within the scope of IFRIC 21, the purchaser applies IFRIC 21 to determine whether the event that resulted in the obligation to pay the tax occurred by the date of acquisition. The purchaser does not recognize contingent assets acquired in a business combination. 01/01/2022 The Group does not expect a significant impact on the Group's consolidated financial statements. |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Significant accounting judgments, estimates and assumptions | 5. Significant accounting judgments, estimates and assumptions The preparation of the consolidated financial statements requires Management to make judgments, estimates and assumptions that impact the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the year; however, uncertainty about these assumptions and estimates could result in outcomes that would require material adjustments to the carrying amount of the 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 consolidated financial statements, as disclosed in the following notes: • Impairment: Notes 7.2, 8.1, 14.1, 15.1 and 15.2 • Inventories: Allowance for losses on inventory obsolescence and damages: Note 9 • Recoverable taxes: Expected realization of tax credits: Note 10 • Fair value of derivatives and other financial instruments: Measurement of the fair value of derivatives: Note 18 • Provision for contingencies: Record of provision for claims with likelihood assessed as probable loss, estimated with a certain degree of reasonability: Note 21 • Income tax: Record of provisions based on reasonable estimates: Note 20 • Share-based payments: Estimated fair value of transactions based on a valuation model - Note 24 • Lease: determination of the lease term and the incremental borrowing rate - Note 22. • Discontinued of Operations – Nota 1.1 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents | 6. Cash and cash equivalents Cash and cash equivalents consist of cash, bank accounts and highly liquid short-term investments that are readily convertible into a known amount of cash, with a maturity of three months or less and subject to an insignificant risk of change in value. Schedule of cash and cash equivalents Rate 2021 2020 Cash and banks – Brazil 100 131 Cash and banks – Abroad (*) 3,481 3,637 Short-term investments - Brazil (**) 4,598 4,784 Short-term investments - Abroad (***) 95 159 8,274 8,711 (*) As of December 31, 2021, refers to (i) funds from the Éxito Group, of which R$ 126 366 2,905 100 382 3,028 84 127 (**) Refers substantially to highly liquid investments bearing interest at a weighted average rate of 93.51 96.93 (***) Refers to funds invested abroad, of which R$ 1 12 1 146 |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables | |
Trade receivables | 7. Trade receivables Trade receivables are initially recorded at the transaction amount, which corresponds to the sale value, and are subsequently measured according to the portfolio: (i) fair value through other comprehensive income (FVOCI), in the case of receivables from credit card companies and (ii) amortized cost, for other customer portfolio. Credit losses on financial assets that are measured at amortized cost are deducted from carrying amount of the asset. For financial instruments measured at FVOCI, credit losses are recorded in OCI instead of reducing the carrying amount of the asset. At each reporting date, the Company evaluates if the financial assets recorded at amortized cost or FVOCI show any indication of impairment. A financial asset shows indication of impairment loss when there is one or more events with adverse impact on the estimated future cash flows of the financial asset. Receivables are considered unrecoverable and therefore written off from the accounts receivable portfolio, when they are not collected after 360 days from due date. At each balance sheet date, the Company and its subsidiaries assess whether the receivables have any indications of impairment. Schedule of trade receivables 2021 2020 Credit card companies (note 7.1) 65 76 Credit card companies - related parties (note 11.2) 15 15 Sales vouchers and trade receivables 655 488 Private label credit card 53 71 Receivables from related parties (note 11.2) 13 13 Receivables from suppliers 66 71 Allowance for doubtful accounts (note 7.2) (35) (43) 832 691 Current 831 686 Non-current 1 5 7.1. Credit card companies As part of its cash management strategy, the Group periodically enters into factoring transactions and discounts a portion of its credit card receivables with financial institutions or credit card companies, without recourse or related obligation. 7.2. Allowance for doubtful accounts on trade receivables Schedule of estimated losses on doubtful accounts 2021 2020 2019 At the beginning of the year (43) (32) (5) Allowance booked for the year (57) (86) (263) Write-offs of receivables 61 78 282 Deconsolidation Sendas - 4 (19) Assets held for sale and discontinued operations - - 1 Business combination - - (28) Foreign currency translation adjustment 4 (7) - At the end of the year (35) (43) (32) The aging list of gross trade receivables is as follows: Overdue receivables Total Not yet due <30 days 30-60 days 61-90 days >90 days 12.31.2021 867 729 110 17 9 2 12.31.2020 734 574 80 67 8 5 |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Other Receivables | |
Other receivables | 8. Other receivables Schedule of other receivables 2021 2020 Accounts receivable from insurers 5 14 Receivable from sale of subsidiaries (note 8.2) 79 78 Lease receivables 179 208 Accounts receivable - Via Varejo (*) 298 266 Receivables from sale of property and equipment (**) 148 291 Other 158 190 Allowance for doubtful accounts on other receivables (note 8.1) (15) (11) 852 1,036 Current 294 365 Non-current 558 671 (*) As the Company sold the equity interest in Via Varejo, the amount that had been reported as related parties was reclassified to other receivables. The amount of R$ 298 231 (**) Amount comprised mainly of a land purchase and sale agreement on September 29, 2018 for the amount of R$ 200 174 200 154 8.1. Allowance for doubtful accounts on other receivables Schedule of other receivables allowance for doubtful accounts 2021 2020 2019 At the beginning of the year (11) (15) (16) Allowance booked for the year (4) - - Write-off of other receivables - 2 5 Deconsolidation Sendas - 2 (4) At the end of the year (15) (11) (15) 8.2. Receivables from the sale of subsidiaries Receivables related to the exercise of an option to buy gas stations by a third party. The original amount of this receivable was R$ 50 110 240 5 8 120 110 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories | 9. Inventories Inventories are accounted for at cost or net realizable value, whichever is lower. Inventories purchased are recorded at average cost, including warehouse and handling costs, to the extent that these costs are necessary to bring inventories to selling conditions at the stores, less bonuses received from suppliers. Net realizable value is the selling price in the ordinary course of business, less the estimated costs to sell. Inventories are reduced by an allowance for losses and damages, which is periodically reviewed and evaluated as appropriate. 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. The table below presents our inventories per location: Schedule of inventories 2021 2020 Stores 1,646 2,453 Distribution centers 773 1,134 Inventories – Éxito Group 2,884 2,879 Real Estate Inventory – Éxito Group 50 142 Allowance for losses on inventory obsolescence and damages (note nº9.2) (96) (72) 5,257 6,536 9.1. Unrealized bonuses On December 31, 2021, unrealized bonuses, which are presented as reducing the inventory balance, amounted to R$ 47 62 9.2. Allowance for losses on inventory obsolescence and damages Schedule of estimated losses on obsolescence and breakage 2021 2020 2019 At the beginning of the year (72) (95) (65) Additions (63) (40) (51) Business combination - - (22) Write-offs / reversal 37 16 35 Foreign currency translation adjustment 2 (4) - Deconsolidation of Sendas - 51 8 At the end of the year (96) (72) (95) |
Recoverable taxes
Recoverable taxes | 12 Months Ended |
Dec. 31, 2021 | |
Recoverable Taxes | |
Recoverable taxes | 10. Recoverable taxes The Company records tax credit when obtains internal and external factors – such as legal and market interpretations - to conclude that it is entitled to these credits. The future realization of tax credits is based on a feasibility study, on the expectation of future growth and the expected offset against tax debts from its operations. Schedule of recoverable taxes 2021 2020 State VAT tax credits - ICMS (note 10.1) 920 1,435 Social Integration Program/ Contribution for Social Security Financing - PIS/COFINS (note 10.2) 2,062 1,926 Social Security Contribution – INSS (note 10.3) 300 299 Income tax and social contribution prepayments (*) 672 462 Other 23 47 Other recoverable taxes – Éxito Group 176 130 Total 4,153 4,299 Current 1,743 1,199 Non-current 2,410 3,100 (*) Includes Éxito’s amount of R$ 460 440 10.1. ICMS (State VAT) tax credits Since 2008, the Brazilian States have been substantially changing their laws aiming at implementing and broadening the ICMS (State VAT) tax substitution system (“ICMS-ST”). Referred system implies the prepayment of ICMS throughout the supply chain, being levied upon the receipt of goods from the manufacturer or importer, or upon transfers to other States. The expansion of such system to a wider range of products traded at the retail stores is based on the assumption that the trading cycle of these products will end in the State, so that ICMS is fully owed thereto. In order to supply its stores, the Group maintains distribution centers strategically located in certain States and in the Federal District, which receive goods with ICMS included in the purchase price on behalf of the entire supply chain and then the goods are shipped to locations in other States. Such interstate shipment entitles the Group to a refund of prepaid ICMS, i.e., the ICMS of the supply chain paid at the acquisition of goods will represent a tax credit to be refunded, pursuant to the State laws. The refund process requires the evidence through tax documents and digital files of the operations that entitled the Company to the refund, which is approved only after homologation from State Tax Authorities and/or compliance with specific ancillary obligations aiming to support these credits. Since the number of items traded at the retail stores, subject to tax substitution, has been continuously increasing, the tax credits to be refunded to the Company and subsidiaries have also grown. The Group has been using such authorized tax credits to offset against state tax liabilities owed after having obtained Special Regime and also through other procedures determined by State rules. The Group understands that future realization of ICMS tax credits is probable based on a feasibility study, on the expectation of future growth and the expected offset against tax debts from its operations. The projections on the realization of ICMS balances are revised at least annually by the occasion of the annual strategic planning approved by the Company’s Board of Directors. Management has implemented monitoring controls over the progress of the plan annually established, assessing and including new elements that contribute to the recoverability of ICMS tax credits. The expected recoverability of ICMS tax credits is demonstrated as follows: Up to one year 456 From 1 to 2 years 336 From 2 to 3 years 27 From 3 to 4 years 27 From 4 to 5 years 11 More than 5 years 63 920 10.2. PIS and COFINS credits The Company records PIS and COFINS credits, when it obtains enough evidence to conclude that it is entitled to these credits. Evidence includes i) Interpretation of tax legislation, ii) internal and external factors as legal and market interpretations and iii) analysis by external legal advisors regarding the issues and (iv) accounting evaluation about the matter. The PIS and COFINS credits presented in the balance sheet for the period ended December 31, 2021 refer, in particular, to amounts arising from a final and unappealable lawsuit on October 29, 2020, in which the Company discussed the exclusion of ICMS from the PIS and COFINS calculation basis. This decision resulted in the recording of tax credits in the amount of R$ 1,609 613 During the 2021 calendar year, due to decisions held in 2021 (see note 21.7) the Company reassessed this tax credit, reversing the provisions previously constituted, which resulted in a supplement of R$ 280 109 In relation to PIS and COFINS assets, the Company assessed recent procedural progress in certain cases and proceeded to write off PIS/COFINS assets in the amount of R$ 168 The realization of the PIS and COFINS balance is shown below: Consolidated Up to one year 347 From 1 to 2 years 300 From 2 to 3 years 301 From 3 to 4 years 302 From 4 to 5 years 303 More than 5 years 509 2,062 10.3. INSS On August 28, 2020, the Federal Supreme Court (STF), in general repercussion, recognized as constitutional the incidence of social security charges (INSS) on the additional one third of vacation payment. The Company has been following the development of these issues, and together with its legal advisors, concluded that the elements so far do not impact the recoverability of the respective credits. The amount involved is equivalent to R$ 161 158 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2021 | |
Related parties | 11. Related parties 11.1. Management compensation The expenses related to management compensation (officers appointed pursuant to the Bylaws, including members of the Board of Directors and advisory committees) for the years ended December 31, 2021, 2020 and 2019, were as follows: (In thousands of Brazilian Reais) Base salary Variable compensation Stock option plan – Note 24 Total compensation 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Board of directors (*) 26,884 67,716 38,207 - - - 6,908 4,056 2,366 33,792 71,772 40,573 Executive officers 18,016 36,868 33,373 6,995 11,175 12,943 3,202 10,906 15,596 28,213 58,949 61,912 Fiscal Council 432 331 - - - - - - - 432 331 - 45,332 104,915 71,580 6,995 11,175 12,943 10,110 14,962 17,962 62,437 131,052 102,485 % share-based payment over the total compensation 16.2 11.4 17.5 (*) Includes the compensation of the Board of Directors’ advisory committees (Human Resources and Compensation, Audit, Finance, Sustainable Development and Corporate Governance). 11.2. Balances and transactions with related parties Transactions with related parties refer mainly to transactions between the Company and its subsidiaries and other related entities and were substantially accounted for in accordance with the prices, terms and conditions agreed upon between the parties. Schedule of related party balances and transactions Balances Transactions Trade receivables Other assets Trade payables Other liabilities Revenues (expenses) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2019 Controlling shareholders Casino (i) - - - - - - 1 - (46) (91) (57) Foncière Euris (i) - - - - - - 1 - (6) (3) (1) Helicco Participações (i) - - - - - - - - - - (3) Geant international - - - - - - - - - - (3) Wilkes - - - - - - 2 - (5) - - Associates FIC (iii) 14 15 35 31 8 12 - - 62 55 83 Puntos Colombia (v) - - 42 37 - - 58 54 (119) (114) (13) Tuya (vi) - - 57 31 - - - 1 181 24 21 Other related parties Greenyellow (iv) - - - - - - 283 119 (325) (84) (35) Sendas Distribuidora (viii) 2 - 370 42 15 - 103 169 1,382 - - Casino Group (vii) 12 13 12 12 - - 19 19 (29) (30) (4) Others - - 1 1 - - - - - - - Total 28 28 517 154 23 12 467 362 1,095 (243) (12) The Company's main transactions with related parties are: (i) Casino: (ii) FIC: (iii) Greenyellow Company (iv) Puntos Colombia: Éxito's customer loyalty program. Amount (v) Tuya: Financial institution that is an associate of Éxito. Amount related to participation in business collaboration agreements and expense (vi) Casino Group: Receivable for expatriate expenses (vii) Sendas Distribuidora: As of December 31, 2020 Sendas is not a subsidiary of the Group. The Company is responsible for the |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments | 12. Investments 12.1. Interest in subsidiaries and associates: The details of the Company's subsidiaries at the end of each year are shown below: Schedule of investments in subsidiaries Direct and indirect equity interest - % 2021 2020 Companies Subsidiaries CBD Novasoc Comercial Ltda. (“Novasoc”) Brazil 100.00 100.00 CBD Holland B.V. (“CBD Holland”) Brazil 100.00 100.00 GPA 2 Empreend. e Participações Ltda. (“GPA 2”) Brazil 100.00 100.00 GPA Logística e Transporte Ltda. (“GPA Logística”) Brazil 100.00 100.00 GPA Holding Empreendimentos e Participações Ltda.("GPA Holding") Brazil 100.00 - SCB Distribuição e Comércio Varejista de Alimentos Ltda. ("Compre Bem'') Brazil 100.00 100.00 Stix Fidelidade e Inteligência S.A. ("Stix") Brazil 66.67 66.67 James Intermediação S.A. ("James Delivery") Brazil 100.00 100.00 Cheftime Comércio de Refeições S/A ("Cheftime") (*) Brazil 99.05 79.57 GPA Malls & Properties Gestão de Ativos e Serviços Imobiliários Ltda. (“GPA M&P”) Brazil 100.00 100.00 BCafeterias e Lanchonetes Ltda. ("BCafeterias") (*) Brazil - 100.00 Fronteira Serviços Imobiliários Ltda.("Fronteira") Brazil 100.00 100.00 Place2B Serviços Imobiliários Ltda.("Place2B") Brazil 100.00 100.00 Companhia Brasileira de Distribuição Luxembourg Holding S.à.r.l. ("CBDLuxco”) Luxembourg 100.00 100.00 Companhia Brasileira de Distribuição Netherlands Holding B.V. (“CBDDutchco”) Netherlands 100.00 100.00 Éxito Almacenes Éxito S.A. ("Éxito") Colombia 96.57 96.57 Éxito Industrias S.A.S. ("Éxito Industrias") Colombia 94.59 94.59 Fideicomiso Lote Girardot Colombia 96.57 96.57 Éxito Viajes y Turismo S.A.S. Colombia 49.25 49.25 Almacenes Éxito Inversiones S.A.S. (Móvil Éxito) Colombia 96.57 96.57 Transacciones Energéticas S.A.S Colombia 96.57 96.57 Marketplace Internacional Éxito y Servicios S.A.S. (MPI) Colombia 96.57 96.57 Logística, Transporte y Servicios Asociados S.A.S. (LTSA) Colombia 96.57 96.57 Depósitos y Soluciones Logísticas S.A.S. Colombia 96.57 96.57 Patrimonio Autónomo Iwana (****) Colombia 49.25 49.25 Patrimonio Autónomo Viva Malls (****) Colombia 49.25 49.25 Patrimonio Autónomo Viva Sincelejo (****) Colombia 25.12 25.12 Patrimonio Autónomo Viva Villavicencio (****) Colombia 25.12 25.12 Patrimonio Autónomo San Pedro Etapa I (****) Colombia 25.12 25.12 Patrimonio Autónomo Centro Comercial (****) Colombia 25.12 25.12 Patrimonio Autónomo Viva Laureles (****) Colombia 39.40 39.40 Patrimonio Autónomo Viva Palmas (****) Colombia 25.12 25.12 Patrimonio Autónomo Centro Comercial Viva (****) Colombia 44.33 44.33 Spice investment Mercosur Uruguay 96.57 96.57 Larenco S.A. Uruguay 96.57 96.57 Geant Inversiones S.A. Uruguay 96.57 96.57 Lanin S.A. Uruguay 96.57 96.57 5 Hermanos Ltda. Uruguay 96.57 96.57 Sumelar S.A. Uruguay 96.57 96.57 Gestión Logística S.A. (**) Uruguay 96.57 - Supermercados Disco del Uruguay S.A. (***) Uruguay 60.35 60.35 Maostar S.A. (****) Uruguay 30.18 30.18 Ameluz S.A. Uruguay 60.35 60.35 Fandale S.A. Uruguay 60.35 60.35 Odaler S.A. Uruguay 60.35 60.35 La Cabaña S.R.L. Uruguay 60.35 60.35 Ludi S.A. Uruguay 60.35 60.35 Semin S.A. Uruguay 60.35 60.35 Randicor S.A. Uruguay 60.35 60.35 Setara S.A. Uruguay 60.35 60.35 Hiper Ahorro S.R.L. Uruguay 60.35 60.35 Ciudad del Ferrol S.C. Uruguay 59.14 59.14 Mablicor S.A. Uruguay 30.78 30.78 Tipsel S.A. Uruguay 96.57 96.57 Tedocan S.A. Uruguay 96.57 96.57 Vía Artika S. A. Uruguay 96.57 96.57 Group Disco del Uruguay S.A. Uruguay 60.35 60.35 Devoto Hermanos S.A. Uruguay 96.57 96.57 Mercados Devoto S.A. Uruguay 96.57 96.57 Libertad S.A. Argentina 96.57 96.57 Onper Investment 2015 S.L Spain 96.57 96.57 Spice España de Valores Americanos S.L. Spain 96.57 96.57 Marketplace Internacional Éxito S.L Spain 96.57 96.57 Gelase S. A. Belgium 96.57 96.57 (*) On August 2021, CBD acquired a 19.48% stake from Cheftime's minority shareholders. (**) In 2021, Éxito acquired a 96.57% stake in Gestión Logística S.A. (***) Supermercados Disco del Uruguay S.A. is controlled through a Shareholders Agreement signed in April 2015, giving Éxito the 75% voting necessary. This agreement expired on June 30, 2021 and on August 18, 2021 a new Agreement was signed maintaining Éxito as controllering entity. (****) Companies controlled directly or indirectly by the Éxito, controlled through a Shareholders Agreement giving Éxito the majority of the voting powers. The details of the Company's associates at the end of each year are shown below: Schedule of investments in associates Direct and indirect equity interest - % 2021 2020 Companies Subsidiaries Cnova N.V. Cnova N.V. (“Cnova Holanda”) Netherlands 33.98 33.98 Cdiscount Afrique SAS (“Cdiscount Afrique”) France 33.98 33.98 Cdiscount International BV (“Cdiscount Internacional”) Netherlands 33.98 33.98 Cnova France SAS (“Cnova France”) France 33.98 33.98 Cdiscount S.A. (“Cdiscount”) France 33.87 33.87 Cdiscount Côte d'Ivoire SAS Ivory Coast (“Cdiscount Côte”) Ivory Coast 33.98 33.98 Cdiscount Sénégal SAS (“Cdiscount Sénégal”) Senegal 33.98 33.98 Cdiscount Cameroun SAS (“Cdiscount Cameroun”) Cameroon 33.98 33.98 CLatam AS Uruguay (“CLatam”) Uruguay 23.79 23.79 Cdiscount Panama S.A. (“Cdiscount Panama”) Panama 23.79 23.79 Cdiscount Uruguay S.A. (“Cdiscount Uruguay”) Uruguay 23.79 23.79 Ecdiscoc Comercializadora S.A. (Cdiscount Ecuador) (“Ecdiscoc Comercializadora”) Ecuador 23.78 23.78 Cnova Pay France 33.98 33.98 BeezUP SAS ("BezzUp") France 25.29 33.98 CARYA France 33.87 33.87 HALTAE France 33.87 33.87 C-Logistics France 28.56 28.56 NEOSYS France 17.33 17.33 Neotech Solutions Morocco 17.33 17.33 NEOSYS Tunisie Tunisia 17.33 17.33 C Chez Vous France 28.53 28.56 Phoenix (*) France - 16.99 C-Shield France 33.87 33.87 C-TECHNOLOGY (former C-Payment) France 33.87 33.87 CLR (**) France 28.56 - MAAS France 33.87 33.87 FIC Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) Brazil 17.88 17.88 FIC Promotora de Vendas Ltda. (“FIC Promotora”) Brazil 17.88 17.88 Bellamar Empreend. e Participações Ltda. (“Bellamar”) Brazil 50.00 50.00 Éxito Puntos Colombia S.A.S ("Puntos") Colombia 48.29 48.29 Compañia de Financiamento Tuya S.A. ("Tuya") Colombia 48.29 48.29 Cnova N.V (“Cnova Holanda”) Netherlands 0.18 0.18 (*) In 2021 the Phoenix was sold. (**) In 2021 CLR was created. 12.2. Associates Investments in associates are accounted for under the equity method when Group exercises significant influence, but not control, and (a) it is part of the shareholders’ agreement, appointing certain officers and having voting rights in certain relevant decisions; and (b) it has power to participate in the operational and financial decisions. The Group’s relevant associates are: i) FIC managed by Itaú Unibanco S.A. (“Itaú Unibanco”), ii) Cnova N.V. which holds mainly on e-commerce in France and (iii) Tuya, financial institution invested of Éxito. Associates have no restriction on transfer resources to the company, for example, in the form of dividends. The summarized financial statements are as follows: Schedule of financial statements FIC Cnova N.V. Tuya 2021 2020 2021 2020 2021 2020 Current assets 8,742 6,738 4,110 4,224 5,293 4,728 Non-current assets 35 52 3,732 4,055 156 200 Total assets 8,777 6,790 7,842 8,279 5,449 4,928 Current liabilities 7,401 5,611 6,351 6,766 2,689 1,612 Non-current liabilities 44 22 3,066 2,806 2,039 2,578 Shareholders’ equity 1,332 1,157 (1,575) (1,293) 721 738 Total liabilities and shareholders’ equity 8,777 6,790 7,842 8,279 5,449 4,928 FIC Cnova N.V. Tuya Statements of Income: 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenues 1,034 989 1,207 13,824 13,117 9,689 783 615 698 Operating income 482 555 441 54 207 (24) 35 71 87 Net income (loss) for the year 265 329 263 (313) (138) (288) 15 37 (14) In applying the equity method in FIC, a special goodwill reserve of R$ 122 The investments in Tuya and Cnova N.V. including the goodwill acquired in the business combination (IFRS 3) with Éxito totals R$ 77 and R$ 13 , respectively (R$71 and R$11 at December 31, 2020). 12.3. Breakdown of investments and rollfoward FIC Note 1.1 Bellamar Note 1.1 Tuya Puntos Colombia Other (*) Total Balances at 12.31.2019 289 - 307 2 (375) 223 Share of profit (loss) of associates – continuing operation 118 - 18 9 (47) 98 Dividends and interest on own capital - continuing operation (37) - - - - (37) Share of other comprehensive income - - 79 1 (156) (76) Capital increase - - 52 - 52 Deconsolidation (370) - - - (370) Spin off – Sendas - 196 - - 196 Fair value adjustment - 573 - - - 573 Balances at 12.31.2020 - 769 456 12 (578) 659 Share of profit (loss) of associates – continuing operation 47 8 3 (105) (47) Dividends and interest on own capital - continuing operation - (27) - - - (27) Share of other comprehensive income - - (46) (1) 6 (41) Capital increase - - 21 - 21 Balances at 12.31.2021 - 789 439 14 (677) 565 (*) Includes losses in the investment in associate Cnova N.V. of R$689 on December 31, 2021 (R$591 on December 31, 2020). 12.4. Sale of investment in Via Varejo: In June 2019, the Company concluded the sale of its subsidiary Via Varejo, through an auction held at B3 SA - Brasil, Bolsa, Balcão, at a price of R$ 4.90 2,300 398 199 The Company ceased to exercise corporate control over Via Varejo in June 2019. In the 2nd quarter of 2021, Via Varejo took certain measures and fully replaced the guarantees that had been provided to third parties by GPA in favor of that company, with no further obligations remaining of GPA on this matter. The Operating Agreement previously signed expired in October 2021 and is therefore terminated. Via Varejo still uses the Extra brand for the sale of products sold by it under the Extra Brand Usage License Agreement, which allows Via Varejo to carry out e-commerce activities through the Extra.com domain. With the termination of the Operating Agreement, GPA can also promote electronic commerce in electronics on any platforms. GPA, together with Sendas, Via Varejo and Itaú Unibanco are partners in Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”). CBD is the holder of a claim against Via Varejo arising from a final and unappealable tax action, the amounts of which are being calculated by a specialized company hired by the parties involved, as well as being responsible, on the other hand, for any supervenience liabilities incurred up to a certain date, if final and unappealable, on behalf of the former Globex, a company that, in the merger process with Casas Bahia SA, had its name changed to Via Varejo and currently renamed to Via. |
Investment properties
Investment properties | 12 Months Ended |
Dec. 31, 2021 | |
Investment properties | 13. Investment properties Investment properties are measured at historical cost, including transaction costs, net of accumulated depreciation and impairment loss, if any. The cost of investment properties acquired in a business combination is determined at fair value, in accordance with IFRS 3 - Business combination. Investment properties are written off when they are sold or no longer used and no future economic benefit is expected from its use. An investment property is also classified as held for sale when there is an intention and plan to sell. The difference between the net amount obtained from the sale and the carrying amount of the asset is recognized in the Statements of Income in the period in which the asset is disposed of. The useful life of buildings is presented in note 14. The investment properties of the Group correspond to commercial areas and lots that are maintained for income generation or future price appreciation. The Company performed an impairment test to verify the operating assets of investment properties that could not be recoverable in the year ended December 31, 2021. Based on the tests carried out, it was necessary to record a loss in the amount of R$ 32 22 Schedule of fair value of investment properties Balance at 12.31.2020 Additions Impairment Depre- ciation Write-off Exchange rate Transfers (*) Balance at 12.31.2021 Land 762 1 (4) - 4 (58) 54 759 Buildings 2,859 91 (28) (58) 3 (169) (243) 2,455 Construction in progress 18 32 - - - (3) (7) 40 Total 3,639 124 (32) (58) 7 (230) (196) 3,254 (*) Transfers to fixed assets Balance at 12.31.2019 Additions Impairment Depreciation Exchange rate Transfers Balance at 12.31.2020 Land 656 - (11) - 149 (32) 762 Buildings 2,385 6 (11) (63) 557 (15) 2,859 Construction in progress 10 8 - - 2 (2) 18 Total 3,051 14 (22) (63) 708 (49) 3,639 Balance at 12.31.2021 Balance at 12.31.2020 Cost Accumulated depreciation Net Cost Accumulated depreciation Net Land 759 - 759 762 - 762 Buildings 2,607 (152) 2,455 2,921 (62) 2,859 Construction in progress 40 - 40 18 - 18 Total 3,406 (152) 3,254 3,701 (62) 3,639 The net result generated by investment properties is as follows: Schedule of fair value of investment properties by Exito and its subsidiaries 2021 2020 Lease revenue 433 368 Operating expenses from investment properties that generate revenue (108) (78) Operating expenses from investment properties that do not generate revenue (103) (165) Net result generated by investment properties 222 125 As of December 31, 2021, the fair value of investment properties in use was R$ 3,844 3,926 Schedule of rates based on geographic region Range Discount rate 10.00 14.00 Vacancy rate 0.00 54.45 Terminal capitalization rate 7.50 8.50 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment | 14. Property and equipment Property and equipment is stated at cost, net of accumulated depreciation and/or impairment losses, if any. When significant components of property and equipment are replaced, they 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 Statements of Income for the year as incurred. Schedule of changes in property and equipment Asset category Useful life (in years) Buildings 40 50 Leasehold improvements 24 40 Machinery and equipment 10 20 Facilities 11 Furniture and fixtures 9 12 Others 3 5 Property and equipment items and eventual significant parts are written off when sold or no future economic benefits are expected from its use. Any gains or losses arising from the disposals of the assets are included in the Statements of Income for the year. The residual value, the useful life of assets and the depreciation methods are reviewed at the end of each reporting period and adjusted prospectively, if applicable. The Company reviewed the useful lives of property and equipment items for fiscal year 2021 and no significant changes were deemed necessary. Interest on borrowings and financing directly attributable to the acquisition or construction of an asset 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 the 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. 14.1. Impairment of non-financial assets Impairment testing is designed so that the Group can present the net realizable value of an asset. This amount may be realized directly or indirectly, respectively, through the sale of the asset or the cash generated by the use of the asset in the Group’s activities. The Group tests its non-financial assets for impairment annually or whenever there is internal or external evidence that they may be impaired. An asset’s recoverable amount is defined as the asset’s fair value less cost to sell or its value in use, whichever is higher, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and an impairment loss is recorded to adjust its carrying amount to its recoverable amount. In assessing the recoverable amount, the estimated future cash flows are discounted to present value using a pre-tax discount rate that represents the Company’s weighted average cost of capital (“WACC”), reflecting current market assessments of the time value of money and the risks specific to the asset . Impairment test of stores operating assets An impairment assessment is performed on operating assets (property and equipment) and intangible assets (such as Commercial rights) directly attributable to stores, as follows: • Step 1: the book value of properties in rented stores was compared to a sales multiple (30% to 35%) representing transactions between retail companies. Stores for which the multiple of sales was lower than their book value and owned stores, a more detailed test is made, as described in Step 2 below. • Step 2: the Group considers the highest value between: a) the discounted cash flows of stores using sales growth average 4.8% (4.6% in 2020) for periods exceeding the next five years and a discount rate of 10.6% (7.9% in 2020) and b) a valuation prepared by independent experts for owned stores. The Group assessed if any of its long-lived assets were impaired at December 31, 2021. Based on the tests performed, it was necessary to record a loss amounting to R$5 in the consolidated financial statements. See considerations regarding the effects of the pandemic in note 1.3. Impairment losses are recognized in profit or loss for the year consistent with the function of the respective impaired asset. Previously recognized impairment losses are reversed only if there is a change in the assumptions used to determine the asset’s recoverable amount at its initial or most recent recognition, except for goodwill, which cannot be reversed in future periods. Schedule of property and equipment Balance at 12.31.2020 Additions Remea- surement (*) Impairment Depreciation Write-offs (**) Merger Transfers (***) Exchange rate changes Balance at 12.31.2021 Land 3,540 2 - (1) (1) (80) 1 (162) (174) 3,125 Buildings 4,414 66 - (1) (156) (64) - (5) (246) 4,008 Leasehold improvements 2,412 118 - (3) (255) (241) 4 (200) (26) 1,809 Machinery and equipment 1,769 480 - - (336) (117) 1 (106) (75) 1,616 Facilities 283 5 - - (42) (24) - (25) - 197 Furniture and fixtures 706 122 - - (144) (7) - (36) (27) 614 Construction in progress 213 433 - - - (1) (9) (461) (4) 171 Other 34 9 - - (13) - - 3 - 33 Total 13,371 1,235 - (5) (947) (534) (3) ( 992 ) (552) 11,573 Lease – right of use: Buildings 6,465 232 (463) - (830) (485) - 1 (192) 4,728 Equipment 49 6 2 - (13) (2) - - (4) 38 Land 3 1 1 - - - - - - 5 6,517 239 (460) - (843) (487) - 1 (196) 4,771 Total 19,888 1,474 (460) (5) (1,790) (1,021) (3) (991) (748) 16,344 (*) (1,170) is related to the remeasurement of the leasing liability of the 50 stores that will be delivered to Sendas in 2022 (see note 1.1), partially offset by the monetary restatement of the rental contracts. (**) Mainly refers to the Extra Hiper transaction (see note 1.1), being R$ 481 385 (***) Of this amount, the main effects are R$ 996 115 196 Balance at 12.31.2019 Additions Remea- surement Impairment Depreciation Write-offs Merger Transfers (*) Exchange rate changes Deconsolidation Balance at 12.31.2020 Land 3,692 61 - - - (87) 121 (308) 542 (481) 3,540 Buildings 4,869 80 - (23) (156) (145) - (308) 705 (608) 4,414 Leasehold improvements 4,441 788 - - (429) (119) - 262 70 (2,601) 2,412 Machinery and equipment 2,281 308 - - (437) (69) - 172 151 (637) 1,769 Facilities 580 61 - - (67) (11) - (18) 8 (270) 283 Furniture and fixtures 1,007 120 - - (193) (16) - 62 66 (340) 706 Construction in progress 275 746 - - - (7) - (750) 17 (68) 213 Other 74 18 - - (28) - - 7 1 (38) 34 Total 17,219 2,182 - (23) (1,310) (454) 121 (881) 1,560 (5,043) 13,371 Lease – right of use: Buildings 7,023 2,001 1,403 - (928) (1,005) - (3) 402 (2,428) 6,465 Equipment 45 24 (7) - (15) (1) - - 9 (6) 49 Land 3 - - - - - - - - - 3 7,071 2,025 1,396 - (943) (1,006) - (3) 411 (2,434) 6,517 Total 24,290 4,207 1,396 (23) (2,253) (1,460) 121 (884) 1,971 (7,477) 19,888 (*) The main effects are R$ 722 198 49 Balance at 12.31.2021 Balance at 12.31.2020 Cost Accumulated depreciation Net Cost Accumulated depreciation Net Land 3,125 - 3,125 3,540 - 3,540 Buildings 4,751 (743) 4,008 5,219 (805) 4,414 Leasehold improvements 3,749 (1,940) 1,809 4,778 (2,366) 2,412 Machinery and equipment 4,201 (2,585) 1,616 4,438 (2,669) 1,769 Facilities 554 (357) 197 725 (442) 283 Furniture and fixtures 1,810 (1,196) 614 1,966 (1,260) 706 Construction in progress 171 - 171 213 - 213 Other 163 (130) 33 181 (147) 34 18,524 (6,951) 11,573 21,060 (7,689) 13,371 Lease – right of use: Buildings 8,774 (4,046) 4,728 10,069 (3,604) 6,465 Equipment 101 (63) 38 105 (56) 49 Land 9 (4) 5 7 (4) 3 8,884 (4,113) 4,771 10,181 (3,664) 6,517 Total 27,408 (11,064) 16,344 31,241 (11,353) 19,888 14.2. Guarantees At December 31, 2021 and 2020, the Group had collateralized property and equipment items in relation to certain legal claims, as disclosed in note 21.8. 14.3. Capitalized borrowing costs Capitalized borrowing costs for the year ended December 31, 2021 were R$ 11 15 153.04 150.67 6.70 3.96 14.4. Additions to property and equipment for cash flow presentation purposes are as follows: Schedule of reconciliation of additions to property and equipment 2021 2020 Additions (i) 1,474 4,207 Lease (239) (2,025) Capitalized borrowing costs (11) (15) Property and equipment financing - Additions (ii) (1,149) (2,001) Property and equipment financing - Payments (ii) 960 2,123 Total 1,035 2,289 (i) The additions are related to the purchase of operating assets, acquisition of land and buildings to expand activities, building of new stores, improvements of existing distribution centers and stores and investments in equipment and information technology. (ii) The additions to property 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. 14.5. Other information At December 31, 2021, the Group recorded in cost of sales an amount of R$ 264 232 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets | 15. Intangible assets Intangible assets acquired separately are measured at cost, less amortization and impairment losses, if any. Internally generated intangible assets, excluding capitalized software development costs, are recognized as expenses when incurred. Intangible assets consist mainly of software acquired from third parties, software developed for internal use, commercial rights (stores’ rights of use), customer lists and brands. Intangible assets with definite useful lives are amortized by 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 useful lives ( 5 10 11.47 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. 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 Statements of Income in the year the asset is derecognized. Schedule of changes in intangible assets Balance at 12.31.2020 Additions Impairment Amortization Write-off Remeasurement Exchange rate changes Transfer (**) Balance at 12.31.2021 Goodwill 750 - - - - - (21) - 729 Tradename 3,731 - (22) - - - (324) - 3,385 Commercial rights (note 15.2) 47 4 - - - - - - 51 Contractual rights 3 - - - - - - - 3 Software 1,030 228 - (214) (2) - (13) 115 1,144 5,561 232 (22) (214) (2) - (358) 115 5,312 Lease-right of use: Right of use Paes Mendonça (*) 567 - - (47) - 43 - (150) 413 Software 36 - - (8) - - - - 28 603 - - (55) - 43 - (150) 441 Total 6,164 232 (22) (269) (2) 43 (358) (35) 5,753 (*) Correspond to the premium paid for the renewal of the agreement with Paes Mendonça to operate certain stores until 2048. (**) Right-of-use value of R$150 reclassified to assets held for sale (Note 32) Balance at 12.31.2019 Additions Amortization Write-off Remeasurement Exchange rate changes Transfer Deconsolidation Sendas Balance at 12.31.2020 Goodwill 1,314 - - - - 39 15 (618) 750 Tradename 3,059 - - - - 700 12 (40) 3,731 Commercial rights (note 15.2) 136 6 - - - - - (95) 47 Contractual rights 3 - (1) - - 13 (12) - 3 Software 888 191 (179) (2) - 19 183 (70) 1,030 5,400 197 (180) (2) - 771 198 (823) 5,561 Lease-right of use: Right of use Paes Mendonça (*) 780 - (47) - 49 - - (215) 567 Software 56 1 (21) - - - - - 36 836 1 (68) - 49 - - (215) 603 Total 6,236 198 (248) (2) 49 771 198 (1,038) 6,164 (*) Correspond to the premium paid for the renewal of the agreement with Paes Mendonça to operate certain stores until 2048. Schedule of intangible assets Balance at 12.31.2021 Balance at 12.31.2020 Cost Accumulated Net Cost Accumulated Net Goodwill 1,587 (858) (*) 729 2,478 (1,728) (*) 750 Tradename 3,385 - 3,385 3,731 - 3,731 Commercial rights (note 15.2) 54 (3) 51 47 - 47 Contractual rights 6 (3) 3 5 (2) 3 Software 2,165 (1,021) 1,144 2,012 (982) 1,030 7,197 (1,885) 5,312 8,273 (2,712) 5,561 Lease-right of use: Right of use Paes Mendonça 543 (130) 413 653 (86) 567 Software 170 (142) 28 120 (84) 36 713 (272) 441 773 (170) 603 Total intangibles 7,910 (2,157) 5,753 9,046 (2,882) 6,164 (*) Refers to amortizations recorded previously prior to the first time adoption of the IFRS. 15.1. Impairment assessment on intangible assets with indefinite useful life, including goodwill The impairment test of intangibles uses the same practices described in Note 14 Property and equipment. For impairment testing purposes, goodwill acquired through business combinations and tradenames (brands) with indefinite life were allocated to a group of cash generating units, which correspond to our operating segments. They are Brazilian retail and Éxito Group. CGU’s recoverable value is calculated using the value in use based on estimated cash flow based on financial budgets approved by Board of Directors for the next three years. The discount rate used on our retail segment cash flow projections was 10.6% (7.9% in 2020), and the cash flows exceeding the three-year period are extrapolated using a 4.8% growth rate (4.6% on December 31, 2020) The Éxito Group discount rate applied to cash flow projections is 7.4% (and cash flows exceeding the three-year period are extrapolated using a growth rate of 3%) in Colombia. Based on this analysis, R$ 22 impairment charges were recorded. Sensitivity analysis Based on the probable scenario, a sensitivity analysis was made for a 0.5 percentage points increase / decrease in the discount rate and growth rate. 15.2. Commercial right Commercial rights are the right to operate the stores under acquired rights, or through business combinations. Commercial rights are considered recoverable either through the expected cash flows of the related store or the sale to third parties. Commercial rights with a defined useful life are tested using the same assumptions for the Company's impairment test, following the term of use of these assets. 15.3. Additions to intangible assets for cash flow presentation purposes: Schedule of reconciliation of additions to intangible assets 2021 2020 Additions 232 198 Intangible assets financing - Addition - (1) Intangible assets financing - Payments - 4 Total 232 201 |
Trade payables, net
Trade payables, net | 12 Months Ended |
Dec. 31, 2021 | |
Trade payables, net | 16. Trade payables, net Schedule of trade payables, net 2021 2020 Product suppliers 9,591 10,907 Service suppliers 870 904 Bonuses from suppliers (note 16.2) (383) (387) 10,078 11,424 16.1. Agreement between suppliers, the Group and banks The Group entered into certain agreements with financial institutions in order to allow suppliers to use the Group's lines of credit, and to anticipate receivables arising from the sale of goods and services. These transactions were assessed by management that determined that they have commercial characteristics, since there are no changes to the original terms of the payables in relation to price and / or terms, including financial charges. The anticipation is also solely at the suppliers’ discretion. The Group also has commercial transactions increasing payment terms, as part of its commercial activities, without financial charges. 16.2. Bonuses from suppliers It includes considerations and discounts obtained from suppliers. These amounts are established in agreements and include amounts for discounts on purchase volumes, joint marketing campaigns, freight reimbursements, and other similar programs. The settlement of these receivables is through offsetting the amounts payable to suppliers, according to the terms of supply agreements. |
Borrowings and financing
Borrowings and financing | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings and financing | 17. Borrowings and financing Schedule of debt breakdown 17.1. Debt breakdown Weighted average rate 2021 2020 Debentures and promissory note Debentures, certificate of agribusiness receivables and promissory notes (note 17.4) CDI + 1.59% per year 4,613 4,598 4,613 4,598 Borrowings and financing Local currency BNDES - - Working capital CDI + 1.89% per year 2,737 2,689 Working capital TR + 9.80 % per year 11 13 Swap contracts (note 17.7) CDI – 0.08% per year (1) (2) Unamortized borrowing costs (11) (13) 2,736 2,687 Foreign currency (note 17.5) Working capital USD + 2.12% per year 448 271 Working capital IBR 1M + 1.45% 276 - Working capital IBR 3M + 1.6% 959 1,534 Working capital Argentina Pre: 39.52% - 26 Credit letter 12 12 Swap contracts (note 17.7) CDI + 1.70% per year 7 12 Swap contracts (note 17.7) IBR 3M + 1.6% - 1 Unamortized borrowing costs - (1) 1,702 1,855 Total 9,051 9,140 Current assets - - Non-current assets 1 11 Current liabilities 1,470 2,309 Non-current liabilities 7,582 6,842 Schedule of changes in borrowings 17.2. Changes in borrowings At December 31, 2020 9,140 Additions 4,860 Accrued interest 500 Accrued swap (7) Mark-to-market 15 Monetary and exchange rate changes 20 Borrowing cost 15 Interest paid (482) Payments (4,842) Swap paid (23) Foreign currency translation adjustment (145) At December 31, 2021 9,051 At December 31, 2019 14,108 Additions 7,262 Accrued interest 755 Accrued swap (343) Mark-to-market 14 Adjustment to present value 115 Monetary and exchange rate changes 331 Borrowing cost 53 Interest paid (774) Payments (5,125) Swap paid 333 Foreign currency translation adjustment 173 Deconsolidation Sendas (7,762) At December 31, 2020 9,140 Schedule of maturity of non-current borrowings and financing 17.3. Maturity schedule of non-current borrowings and financing Year From 1 to 2 years 2,724 From 2 to 3 years 1,689 From 3 to 4 years 1,334 From 4 to 5 years 1,252 After 5 years 599 Subtotal 7,598 Unamortized borrowing costs (17) Total 7,581 Schedule of debentures, promissory note and certificate of agribusiness receivables 17.4. Debentures, Promissory Note and Certificate of Agribusiness Receivables Date Consolidated Type Issue Amount Outstanding debentures (units) Issue Maturity Financial charges Unit price (in reais) 12.31.2021 12.31.2020 15th Issue of Debentures – CBD No preference 800 - 01/17/18 01/15/21 - - - 451 16th Issue of Debentures – CBD (1st series) No preference 700 - 09/11/18 09/10/21 - - - 711 16th Issue of Debentures – CBD (2nd series) No preference 500 - 09/11/18 09/12/22 - - - 521 17th Issue of Debentures - CDB No preference 2,000 2,000,000 01/06/20 01/06/23 CDI + 1.45% per year 1,038 2,075 2,033 4th Issue of Promissory Notes – CBD No preference 800 - 01/10/19 01/09/22 - - - 891 18th Issue of Debentures – CBD (1st series) No preference 980 980,000 05/14/21 05/10/26 CDI + 1.70% per year 1,014 994 - 18th Issue of Debentures – CBD (2nd series) No preference 520 520,000 05/14/21 05/10/28 CDI + 1.95% per year 1,014 527 - 5th Issue of Promissory Notes – CBD (1st series) No preference 500 500 07/30/21 07/30/25 CDI + 1.55% per year 1,033,886 517 - 5th Issue of Promissory Notes – CBD (2nd series) No preference 500 500 07/30/21 07/30/26 CDI + 1.65% per year 1,034,314 517 - Borrowing cost - (17) (9) 4,613 4,598 Current liabilities 1,089 1,220 Non-current liabilities 3,524 3,378 GPA issues debentures to strengthen its working capital, maintain its cash strategy, lengthening its debt profile and make investments. The debentures issued are unsecured, without renegotiation clauses and not convertible into shares. The amortization of the 1st series of the 18th issuance of debentures occurs with payments in two installments in 2025 and 2026 with the semiannual remuneration and the 2nd series of the 18th issuance occurs with payments in two installments in 2027 and 2028 with the semiannual remuneration and for the 17th issuance the payment will be made in two installments in the years 2022 and 2023. The amortization and remuneration of the 5th issue of promissory notes will occur with an exclusive payment at maturity. On January 17, 2018, CBD performed the 15th issuance of simple debentures, non-convertible into shares, unsecured, in a single series. The resources are used to increase working capital and to extend the indebtedness profile. The amount of R$ 800 104.75 On September 11, 2018, CBD launched the 16 th 1,200 , being the first series matured on September 10, 2021 and the second series matures on September 10, 2022, with interest of 106.00 % of CDI for the first series and 107.40 % for the second series with semiannually payment. These second series were paid in advance on November 10, 2021. On December 17, 2018, CBD approved the 4th issue of promissory notes in a single series. The resources were used to increase working capital and extend the indebtedness profile. The total amount was R$ 800 105.75 On January 6, 2020, CBD launched the 17 th 2,000 1.45 On the second quarter of 2021, the 18th issuance of simple, non-convertible, unsecured debentures took place, in up to 2 series, with maturity between 5 7 1,500 On July 20, 2021, the Company's Board of Directors approved its 5th issue of commercial promissory notes, in 2 series, with maturity between 4 and 5 years, in the total amount of R$1,000 for public distribution with efforts placement restrictions. The debentures and promissory notes are used to reinforce working capital and/or lengthen the debt profile. 17.5. Borrowings in foreign currencies On December 31, 2021 the Group has loans in foreign currencies (US dollar) to strengthen its working capital, maintain its cash strategy, lengthening its debt profile and make investments. 17.6. Guarantees The Group has signed promissory notes for some loan contracts. 17.7. Swap contracts The Group uses swap transactions for 100% of its borrowings denominated in US dollars and fixed interest rates, exchanging these obligations for Real linked to CDI (floating) interest rates. These contracts include a total amount of the debt with the objective to protect the interest and principal and are signed, generally, with the same due dates and in the same economic group. The weighted average annual rate in December 2021 was 4.42 2.76 17.8. Financial covenants In connection with the debentures and promissory notes and for a portion of borrowings denominated in foreign currencies and working capital, the Company is required to maintain certain debt financial covenants. In connection of the reorganization disclosed, certain conditions were renegotiated. These ratios are quarterly calculated based on consolidated financial statements of the Company prepared in accordance with accounting practices adopted in Brazil, as follows: (i) net debt (debt minus cash and cash equivalents and trade accounts receivable) should not exceed the amount of equity and (ii) consolidated net debt/EBITDA ratio should be lower than or equal to 3.25. At December 31, 2021, GPA complied with these ratios. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial instruments | 18. Financial instruments The main financial instruments and their carrying amounts, by category, are as follows: Schedule of financial instruments Carrying amount 2021 2020 Financial assets: Amortized cost Cash and cash equivalents 8,274 8,711 Related parties - assets 517 154 Trade receivables and other receivables 1,589 1,614 Others assets 9 48 Fair value through profit or loss Financial instruments – Fair value hedge 1 11 Financial instruments about lease – Fair value hedge 9 1 Suppliers’ financial instruments – Fair value hedge 15 - Others assets 2 2 Fair value through other comprehensive income Trade receivables - credit card companies and sales vouchers 95 113 Others assets 28 28 Financial liabilities: Other financial liabilities - amortized cost Related parties – liabilities (467) (194) Trade payables (10,078) (11,424) Financing for purchase of assets (250) (100) Debentures and promissory notes (4,613) (4,598) Borrowings and financing (3,973) (4,247) Lease (6,118) (8,372) Fair value through profit or loss Borrowings and financing ( Hedge accounting underlying) (459) (284) Financial instruments – Fair Value Hedge – liabilities side (7) (22) Financial instruments about lease – Fair value hedge – liabilities side - (2) Suppliers financial instruments - Fair value hedge - liabilities side (1) (25) Disco Group put option (*) (701) (636) (*) See note 18.3. The financial instruments measured at amortized cost, the related fair values of which differ from the carrying amounts, are disclosed in note 18.3. The fair value of other financial instruments detailed in table above approximates the carrying amount based on the existing terms and conditions. 18.1 Considerations on risk factors that may affect the business of the Group (i) Credit risk • Cash and cash equivalents: in order to minimize credit risk, the Group adopts investment policies at financial institutions approved by the Group’s Financial Committee, also taking into consideration monetary limits and financial institution evaluations, which are regularly updated. • Credit risk related to trade receivables is minimized by the fact that a large portion of sales are paid with credit cards, and the Group sells these receivables to banks and credit card companies, aiming to strengthen working capital. The sales of receivables result in derecognition of the accounts receivable due to the transfer of the credit risk, benefits and control of such assets. Additionally, regarding the trade receivables collected in installments, the Group monitor the risk through the credit concession and by periodic analysis of the provision for losses. • The Group also has counterparty risk related to the derivative instruments; which is mitigated by the Group’s 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. (ii) Interest rate risk The Group obtains borrowings and financing with major financial institutions for cash needs for investments. As a result, the Group is, mainly, exposed to relevant interest rates fluctuation risk, especially in view of derivatives liabilities (foreign currency exposure hedge) and CDI indexed debt. The balance of cash and cash equivalents, indexed to CDI, partially offsets the interest rate risk. (iii) Foreign currency exchange rate risk The Group is exposed to exchange rate fluctuations, which may increase outstanding balances of foreign currency-denominated borrowings. The Group uses derivatives, such as swaps, aiming to mitigate the foreign currency exchange rate risk, converting the cost of debt into domestic currency and interest rates. Éxito Group uses derivatives to hedge foreign currency exchange rate on goods imports and leases. (iv) Capital risk management The main objective of the Group’s capital management is to ensure that the Group maintain its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Group manages the capital structure and makes adjustments taking into account changes in the economic conditions. The Group capital structure is as follows: Schedule of changes as to objectives, policies or processes 2021 2020 Cash and cash equivalents 8,274 8,711 Financial instruments – Fair value hedge 17 (37) Borrowings, financing and debentures (9,045) (9,129) Other liabilities with related parties (*) (145) (120) Net financial debt (899) (575) Shareholders’ equity (16,380) (16,807) Net debt to equity ratio 5 3 (*) Represents amount payable to Greenyellow related to the purchase of equipment. (v) Liquidity risk management The Group 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 Group’s financial liabilities as at December 31, 2021. Schedule of aging profile of financial liabilities Up to 1 Year 1 – 5 years More than 5 years Total Borrowings and financing 2,016 9,285 587 11,888 Lease liabilities 1,369 4,042 3,690 9,101 Trade payables 10,078 - - 10,078 Total 13,463 13,327 4,277 31,067 (vi) Derivative financial instruments Swap transactions are designated as fair value hedges At December 31, 2021 the notional amount of these contracts was R$ 469 301 According to the Group’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” and “forwards” transactions to hedge against debts. The Group calculates the effectiveness of hedge transactions at the inception date and on a continuing basis. Hedge transactions contracted in the year ended December 31, 2021 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 to fair value. Notional value Fair value 2021 2020 2021 2020 Fair value hedge Hedge object (debt) 469 301 459 284 Long position (buy) Prefixed rate TR + 9.80% per year 22 21 11 13 US$ + fixed USD + 1.70% per year 447 280 448 271 469 301 459 284 Short position (sell) CDI + 1.66% per year (469) (301) (465) (294) Hedge position - asset - 1 11 Hedge position - liability - (7) (21) Net hedge position - - (6) (10) Realized and unrealized gains and losses on these contracts during the year ended December 31, 2021 are recorded as financial income or expenses and the balance payable at fair value is R$ 6 10 The effects of the fair value hedge recorded in the Statements of Income for the year ended December 31, 2021 resulted in a gain of R$ 105 282 v) Fair value of derivative financial instruments 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 value is calculated using projected the future cash flows, using the CDI curves and discounting to present value, using CDI market rates for swaps both disclosed by B3. The fair value of exchange coupon swaps versus the CDI rate was determined based on market exchange rates effective at the date of the financial statements and projected based on currency coupon curves. 18.2 Sensitivity analysis According to Management’s assessment, the most probable scenario is what the market has been estimating through market curves (currency and interest rates) of B3, on the maturity dates of each transaction. Therefore, in the probable scenario (I), there is no impact on the fair value of financial instruments. For scenarios (II) and (III), for the sensitivity analysis effect, the Management considers an increase of 10% and a decrease of 10% was taken into account, respectively, on risk variables, up to one year of the financial instruments. For the probable scenario, weighted exchange rate was R$ 6.17 11.79 In case of derivative financial instruments (aiming at hedging the financial debt), changes in scenarios are accompanied by respective hedges objects, indicating that the effects are not significant. The Group disclosed the net exposure of the derivative financial instruments, each of the scenarios mentioned above in the sensitivity analysis as follows: (i) Other financial instruments Schedule of other financial instruments Transactions Risk (CDI variation) Balance at 2021 Scenario I Scenario II Scenario III Fair value hedge (fixed rate) CDI-0.08% per year (10) (1) (1) (1) Fair value hedge (exchange rate) CDI+1.70% per year (455) (63) (69) (58) Debentures and promissory notes CDI+1.59% per year (4,630) (584) (643) (526) Bank loans CDI+1.89% per year (2,737) (345) (380) (311) Total borrowings and financing exposure (7,832) (993) (1,093) (896) Cash and cash equivalents (*) 93.51% of CDI 4,598 503 553 453 Net exposure (3,234) (490) (540) (443) (*) Weighted average The Éxito Group's sensitivity analysis considers the economic environment in which this company operates. In scenario I, the observable rates are used. In scenario II it is considered an increase of 10% and in scenario III it is a decrease of 10%. Scenario I: Reference Bank Index in Colombia (IBR) available 3.4180%. Scenario II: 0.34180% increase in IBR Scenario III: 0.34180% decrease in IBR Schedule of sensitivity analysis Market projection Transactions Balance 2021 Scenario I Scenario II Scenario III Bank loans and swap (1,224) - 55 (58) 18.3 Fair value measurements The Group discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amount, in accordance with IFRS13, which refer to the requirements of measurement and disclosure. 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 are 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. The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. The table below presents the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, for which the fair value is disclosed in the consolidated financial statements: Schedule of fair value hierarchy of financial assets and liabilities Carrying amount Fair value 12.31.2021 12.31.2021 Level Financial assets and liabilities Trade receivables with credit card companies and sales vouchers 95 95 2 Cross-currency interest rate swap (7) (7) 2 Interest rate swaps 10 10 2 Forward between Currencies 14 14 2 Borrowings and financing (FVPL) (459) (459) 2 Borrowings and financing and debentures (amortized cost) (8,586) (8,451) 2 Disco Group put option (*) (701) (701) 3 Total (9,634) (9,499) (*) Non-controlling shareholders of Group Disco del Uruguay S.A., Éxito Group’s subsidiary has an exercisable put option based on a formula that uses data such as net income, EBITDA - earnings before interest, taxes, depreciation and amortization - and net debt, in addition to fixed amounts determined in the contract and the exchange variation applicable for conversion to the functional currency. This put option is presented in “Acquisition of non-controlling interest”. There were no changes between the fair value measurements hierarchy levels during the year ended December 31, 2021. Cross-currency and interest rate swaps and borrowings and financing are classified in level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. 18.4 Consolidated position of derivative transactions The Group has derivative contracts with the following financial institutions: Itaú BBA, Scotiabank, Bogotá Bank, BBVA, Davivenda, Bancolombia, Santander, Banco Popular, Banco Occidente, Corpbanca and Corficolombia. The outstanding derivative financial instruments are presented in the table below: Schedule of consolidated position of outstanding derivative transactions Risk Notional (millions) Due date 2021 2020 Debt USD - BRL US$ 50 2023 (7) (12) Interest rate - BRL R$ 21 2026 1 2 Derivatives - Fair value hedge - Brazil (6) (10) Lease liability USD - COP US$ 1 2022 - 1 Debt Interest rate - COP COP 108,750 2021 - (2) Interest rate - COP COP 108,750 2022 - (1) Interest rate - COP COP 102,708 2022 1 - Interest rate - COP COP 200,000 2023 7 - 8 (3) Trade payables EUR - COP EUR 3 2021 - (2) USD - COP USD 35 2021 - (23) USD - COP USD 105 2022 15 - 15 (25) Derivatives – Éxito Group 23 (27) |
Taxes payable
Taxes payable | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Payable | |
Taxes payable | 19. Taxes payable In Brazil, revenue from sales of goods or services are subject to taxation by State Value-Added Tax (“ICMS”) and Services Tax (“ISS”), calculated based on the rates applicable to each state and city, as well as contributions for the Social Integration Program (“PIS”) and Social Security Financing (“COFINS”), and are presented as a reduction of sales revenue. Revenue and expenses are recognized net of taxes, except when the taxes paid on the purchase of assets or services is not recoverable from the tax authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as cost or expense item, as applicable. 19.1 Taxes and contributions payable and taxes payable in installments are as follows : Schedule of taxes and contributions payable and taxes payable 2021 2020 Taxes payable in installments - Law 11,941/09 (ii) 177 244 Taxes payable in installments – PERT (i) 115 151 ICMS 82 99 PIS and COFINS 9 9 Provision for income tax and social contribution 17 13 Withholding Income Tax 4 2 INSS 6 5 Other 47 25 Taxes payable – Éxito Group 276 285 733 833 Current 580 585 Non-current 153 248 (i) In 2017, the Group decided to include certain federal tax debts in the Special Program on Tax Settlements – PERT (“PERT Program.”) The program allows the payment of certain taxes in monthly installments, and granted discounts on interest and penalties. The Group included tax debts related to (i) tax assessments over purchase transactions, manufacturing and exports sales of soil beans (PIS/COFINS), (ii) non-validation of tax offsets (IRPJ, PIS/COFINS); and other tax debts previously classified as possible risks related mainly to CPMF( Contribuição provisória sobre movimentação financeira - (See note 22.2). The PERT liability is being settled in monthly installments up to 12 years. The Group is in compliance with the obligations assumed under the PERT Program. (ii) Federal tax installment payment program, Law 11,941/09 – The Law 11,941, was enacted on May 27, 2009, a special federal tax and social security debt installment program, for debts overdue until November 2008, which granted several benefits to its participants, such as reduction of fines, interest rates and penalties, the possibility of utilization of accumulated tax losses to settle penalties and interest and payment in 180 months, use of restricted deposits linked to the claim to reduce the balance. The program also allows the gains arising from reduction of fines and penalties not to be taxable for income taxes purposes. The Group is in compliance with the terms and conditions of these tax payment program. 19.2 Maturity schedule of taxes payable in installments in non-current liabilities: Schedule of maturity of taxes payable From 1 to 2 years 86 From 2 to 3 years 32 From 3 to 4 years 12 From 4 to 5 years 23 153 |
Income tax and social contribut
Income tax and social contribution | 12 Months Ended |
Dec. 31, 2021 | |
Income tax and social contribution | 20. Income tax and social contribution Current income tax and social contribution Current income tax and social contribution assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to calculate taxes are those enacted or substantially enacted at the balance sheet date. Income taxes comprise 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$240,000 for IRPJ, and 9% for CSLL, and it is paid by each legal entity. According to tax legislation in Brazil there is not a Group´s Corporate Tax Return, and each legal entity have its own tax obligations. The Company does not pay social contribution based on a lawsuit that was final and favorable in the past, therefore the rate is 25%. Deferred income tax and social contribution Deferred income tax and social contribution assets are recognized for all future deductible temporary differences and unused tax loss carryforwards to the extent that it is probable that taxable income will be available to be compensated against these temporary differences and unused tax loss carryforwards, except where the deferred income tax and social contribution assets relating to the deductible temporary difference arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor tax income or losses. Deferred income tax and social contribution liabilities are recognized for all future taxable temporary differences, except when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction other than a business combination and which, at the time of the transaction, affects neither accounting profit nor tax losses. With respect to deductible temporary differences associated with investments in subsidiaries and associates, deferred income tax and social contribution are recognized only to the extent that it is probable that these temporary differences will reverse in the foreseeable future and taxable income will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax and social contribution assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of these assets to be utilized. Unrecognized deferred income tax and social contribution assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable income will allow these assets to be recovered. Deferred income tax and social contribution assets and liabilities are measured at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted at the reporting period. Deferred taxes related to items directly recognized in equity are also recognized in equity and not in the Statements of Income. Deferred income tax and social contribution assets and liabilities are offset if there is a legal or contractual right to offset tax assets against income tax liabilities, and relates to the same taxpayer entity and to the same tax authority. In virtue of nature and complexity of the Group's businesses, the differences between the actual results and the assumptions adopted, or the future changes to these assumptions, may result in future adjustments to tax revenues and expenses already recorded. The Company and its subsidiaries 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 the different interpretations of tax regulations by the taxpayer and the responsible tax authority. These differences in interpretation can refer to a wide variety of issues, depending on the conditions in force at the home of the respective entity. Schedule of reconciliation of income and social contribution tax expense 20.1 Income tax and social contribution effective rate reconciliation 2021 2020 2019 Income (loss) before income tax and social contribution (Continued operations) 369 1,901 (368) Credit (expense) of Income tax and social contribution expense at the nominal rate (*) (134) (542) 105 Tax penalties (16) (11) (16) Share of profit of associates (11) 19 (2) Interest on own capital 114 (78) (4) Tax benefits 28 12 6 Sendas spin-off - (74) - Tax Credits (**) 238 - - Subsidy for investments (****) 557 - - Tax on results earned abroad (***) (106) - - Provision for non-realization of tax losses (***) (51) - - Other permanent differences (25) 12 6 Effective income tax and social contribution expense 594 (662) 95 Credit (expense) income tax and social contribution expense for the year: Current (82) (371) 249 Deferred 676 (291) (154) Credit (expense) income tax and social contribution expense 594 (662) 95 Effective rate -160.98% 34.82% 25.82% (*) The nominal rate is 34 31 32 25 30 25 (**) In September 2021, the Federal Supreme Court (STF) ruled, in terms of general repercussion, for the unconstitutionality of the collection of IRPJ and CSLL on amounts related to Selic interest arising from tax overpayments. Indeed, in 2021, the Company recorded income tax credits in the amount of R$238, of which R$18 was recorded under Recoverable Taxes and R$220 in the reversal of deferred income tax liabilities. (***) Amounts related to taxes calculated on subsidiaries abroad, related to entities in Éxito. Additionally, provisions were made for tax losses on subsidiaries with merger plans by management. (****) Certain Company operations benefit from state tax incentives which, pursuant to article 30 of Law No. 12,973/14 and Complementary Law No. 160/17, could be characterized as investment subsidies. The Company recorded the credit in 2021 based on its and legal advisors' opinion about the judgment in Higher Chamber of the Administrative Tax Appeals Council ("CSRF"). For the year ended December 31, 2021, the respective amounts were excluded from the IRPJ calculation basis. 20.2 Breakdown of deferred income tax and social contribution Schedule of breakdown of deferred income tax and social contribution 2021 2020 Asset Liability Net Asset Liability Net Tax losses and negative basis of social contribution 1,145 - 1,145 514 - 514 Provision for contingencies 397 - 397 376 - 376 Goodwill tax amortization - (481) (481) - (496) (496) Mark-to-market adjustment - (7) (7) - (6) (6) Fixed assets, tradename and investment property - (1,710) (1,710) - (1,686) (1,686) Unrealized gains with tax credits - (239) (239) - (402) (402) Net adjustments of IFRS 16 285 - 285 389 - 389 Cash flow hedge - (7) (7) 11 - 11 Other 96 - 96 29 - 29 Presumed profit on equity of Éxito 167 - 167 237 - 237 Deferred income tax and social contribution 2,090 (2,444) (354) 1,556 (2,590) (1,034) Off-set assets and liabilities (1,509) 1,509 - (1,556) 1,556 - Deferred income tax and social contribution assets /( liabilities), net 581 (935) (354) - (1,034) (1,034) 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 Group’s Board of Directors. The Company estimates the recovery of the deferred tax assets as follows: Up to one year 387 From 1 to 2 years 304 From 2 to 3 years 248 From 3 to 4 years 307 From 4 to 5 years 369 Above 5 years 475 2,090 Schedule of changes in deferred income tax and social contribution 20.3 Movement in deferred income tax and social contribution 2021 2020 2019 Opening balance (1,034) (858) (225) Credit (expense) for the year – Continuing operations 676 (291) (154) Credit (expense) for the year - Discontinued operations - 214 (122) Tax on discontinued operations - - 314 Income tax related to OCI - Continuing operations - - 1 Income tax related to OCI - Discontinued operations - - (20) Business combination - - (747) Exchange rate changes 13 (188) (18) Assets held for sale and discontinued operations - - 122 Deconsolidation - Sendas - 91 - Other (9) (2) (9) At the end of the period (354) (1,034) (858) |
Provision for contingencies
Provision for contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Provision for contingencies | 21. Provision for contingencies Provisions are recognized when the Group has a present obligation (legal or constructive) 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 the provision is recognized in Statements of Income for the year, net of any reimbursement. In case of attorney’s fees in favorable court decisions, the Group’s policy is to record a provision when fees are incurred, i.e., upon final judgment on lawsuits, as well as disclose in notes the estimated amounts involved in lawsuits in progress. In order to assess the outcome´s probability the Group 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 contingencies is estimated by the Group’s management, supported by its legal counsel, for an amount considered sufficient to cover probable losses. Schedule of provision for contingencies Tax Social security and labor Civil and Regulatory Total Balance at December 31, 2020 937 303 145 1,385 Additions 136 180 161 477 Payments (22) (82) (57) (161) Reversals (219) (77) (44) (340) Monetary adjustment 21 38 34 93 Exchange rate changes (8) (1) (3) (12) Balance at December 31, 2021 845 361 236 1,442 Tax Social security and labor Civil and Regulatory Total Balance at December 31, 2019 841 319 145 1,305 Additions 331 166 166 663 Payments (13) (75) (73) (161) Reversals (67) (83) (70) (220) Monetary adjustment (3) 38 21 56 Exchange rate changes 17 2 5 24 Deconsolidation Sendas (*) (169) (64) (49) (282) Balance at December 31, 2020 937 303 145 1,385 (*) As result of the Sendas’ spin-off, the balances of provisions for legal demands totaling R$ 282 were deconsolidated, of which R$169 of tax contingencies, R$64 of labor contingencies, and R$49 of civil contingencies and others. 21.1 Tax As per prevailing legislation, tax claims are subject to monetary restatement, which refers to an adjustment to the provision for tax claims according to the indexation rates used by each tax jurisdiction. In all cases, both the interest charges and penalties, when applicable, were computed and fully provisioned. The main provisioned tax claims are as follows: ICMS There are cases assessed by São Paulo State tax authorities related to the refund of ICMS over tax substitution without proper compliance with accessory tax obligations introduced by CAT Administrative Rule 17. Considering recent court decisions the Group accrued R$ 292 292 Supplementary Law 110/2001 The Group claims in court the eligibility to not pay to the Government Severance Indemnity Fund for Employees (FGTS) costs. The accrued amount as of December 31, 2021 is R$ 51 60 Other tax claim According to the assessment of its external legal counsel, were provisioned by the Group refer to: (i) challenge on the non-application of the Accident Prevention Factor - FAP; (ii) undue credit (iii) no social charges on benefits granted to its employees, due to an unfavorable decision in the Court; (iv) IPI requirement on the resale of imported products; (v) discussions related to IPTU (vi) other minor claims. The amount accrued for these claims as of December 31, 2021 was R$437 (R$497 as of December 31, 2020). Indemnification with Sendas The Company is responsible for the legal proceedings of Sendas Distribuidora prior to Assai's activity. At December 31, 2021, the accrued amount of tax lawsuits is R$ 96 69 14 13 166 Éxito Group Éxito and its subsidiaries have tax claims related to value added tax, property tax and industry and commerce taxes in the accrued amount of R$ 65 88 21.2 Labor and social security taxes The Group is part in various labor lawsuits mainly due to termination of employees in the ordinary course of business. At December 31, 2021, the Group recorded a provision of R$ 361 303 21.3 Civil and others The Group is part in civil lawsuits at several court levels (indemnities and collections, among others) and at different courts. Management records a provision for amounts it considers sufficient to cover unfavorable court decisions, when its internal and external legal counsels assess that a negative outcome is probable. Among these lawsuits, we highlight the following: • The Group is part in various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Group recognizes a provision for the difference between the amount originally paid by the stores and the amounts claimed by the owner of the property, when its internal and external legal counsels assessed that it is probable that such difference will be actually paid by the Group. As of December 31, 2021, the amount accrued for these lawsuits is R$ 100 34 • The Group is part of claims related to penalties applied by regulatory agencies, from the Federal, State and Municipal Administrations, among which includes Consumer Protection Agencies (Procon), National Institute of Metrology, Standardization and Industrial Quality (INMETRO) and Municipalities and some lawsuits involving contract terminations with suppliers. Management, with the assistance of its legal counsels, assessed these claims, and recorded a provision. On December 31, 2021 the amount accrued for this provision is R$ 56 40 • The subsidiary Éxito and its subsidiaries respond to certain lawsuits related to civil liability claims, lawsuits for rental conditions and other matters in the accrued amount of R$ 30 35 • In relation to the provisioned amounts remaining for other civil jurisdiction claims on December 31, 2021, it is an accrual of R$ 50 36 Total civil lawsuits and other claims as of December 31, 2021 amount to an accrual of R$ 236 145 21.4 Possible contingent liabilities The Group is part of other litigations for which an outcome has been assessed by Management with the support of legal advisors as possible, therefore, the Group has not recorded a provision. Possible losses amounted to R$ 12,123 10,081 • INSS (Social Security Contribution) –The Group was assessed for non-levy of payroll charges on benefits granted to its employees, among other matters, totaling R$ 576 473 • IRPJ, withholding income tax - IRRF, CSLL, tax on financial transactions - IOF, withholding income tax on net income – Group has several assessment notices regarding offsetting proceedings, rules on the deductibility of provisions, payment divergences and overpayments; fine for failure to comply with accessory obligations, among other less significant taxes. The amount involved is R$ 750 575 • COFINS, PIS and IPI – the Group has been challenged about offsets of IPI credits acquired from third parties with a final and an-appeal over the decision, fine for failure to comply with accessory obligations, taxation of discounts received from suppliers, disallowance of COFINS and PIS credits, among other minor claims. These lawsuits await decision at the administrative and court levels. The amount involved in these assessments is R$ 4,662 2,940 • ICMS – The Group received tax assessment notices by the State tax authorities in relation to: (i) utilization of energy bills credits; (ii) purchases from suppliers considered not qualified in the State Finance Department registry; (iii) purchases of merchandise for resale (own ICMS); (iv) resulting from financed sales; and (v) among other matters. The total amount of these assessments is R$ 5,660 5,572 • Municipal service tax - ISS, Municipal Real Estate Tax (“IPTU”), rates and others – these refer to assessments on withholdings of third parties, IPTU payment divergences, penalties for failure to comply with accessory obligations, ISS and sundry taxes, in the amount of R$ 142 143 • Other litigations – these refer to administrative proceedings and lawsuits in which the Group claims the renewal of rental agreements and setting of rents according to market values in the civil court, special civil court, Consumer Protection Agency - PROCON (in many States), Institute of Weights and Measure - IPEM, National Institute of Metrology, Standardization and Industrial Quality - INMETRO and National Health Surveillance Agency - ANVISA, among others, totaling R$ 327 374 • The subsidiary Éxito and its subsidiaries have an amount of R$ 6 4 The Group is part of other tax claims, including the improper tax deduction of goodwill amortization, for which, based on the management’s understanding and assessment of external legal counsel, the Group has the right for an indemnization from its former and current shareholders, related to the years 2007 to 2013. These assessments amounted to R$ 1,467 1,432 The Group is responsible for the legal processes of GLOBEX prior to the association with Casas Bahia (Via Varejo). As of December 31, 2021, the amount involved in tax proceedings is R$ 474 456 The Company is responsible for the legal proceedings of Sendas Distribuidora prior to the Assai activity. At December 31, 2021, the amount involved is R$ 1,270 1,234 36 1,420 The Group engages external legal counsels to represent it in the tax assessments, whose fees are contingent on the final outcome of the lawsuits. This percentage may vary according to qualitative and quantitative factors of each claim, and as of December 31, 2021 the estimated amount, in case of success in all lawsuits, is approximately R$ 157 174 21.5 Restricted deposits for legal proceedings The Group is challenging the payment of certain taxes, contributions and labor-related obligations and has made restricted deposits in the corresponding amounts, as well as escrow deposits related to the provision for legal proceedings. The Group has recorded restricted deposits as follows. Schedule of restricted deposits 2021 2020 Tax 206 123 Labor 498 407 Civil and other 27 33 Total 731 563 21.6 Guarantees Schedule of guarantees Lawsuits Property and equipment Letter of Guarantee Total 2021 2020 2021 2020 2021 2020 Tax 723 733 9,924 10,022 10,647 10,755 Labor - - 1,153 613 1,153 613 Civil and other 9 9 495 558 504 567 Total 732 742 11,572 11,193 12,304 11,935 The cost of letter of guarantees is approximately 0.46% per year of the amount of the lawsuits and is recorded as financial expense. 21.7 Deduction of ICMS from the calculation basis for PIS and COFINS The Group has claimed the right to deduct ICMS taxes from the calculation basis of PIS and COFINS. On March 15, 2017, the Supreme Court ruled that ICMS should be excluded from the calculation basis of PIS and COFINS. The Attorney General's Office of the National Treasury (PGFN), in turn, appealed against this decision, with the aim of modulating its effects and clarifying which ICMS value should, after all, be object of suppression from the PIS and COFINS bases. In 2019, some of the Company's subsidiaries obtained a favorable decision in their own proceedings, resulting in the recording of tax credits in the amount of R$382, of which R$198 in the financial result. On October 29, 2020, a final decision was issued in favor of the Company and granted a tax credit, of R$1,609 (of which R$613 in the financial result), as of December 31, 2020, net of provisions for portions that are eventually considered unrealizable. On May 13, 2021, the STF considered the appeals presented by PGFN in relation to that decision taken on March 15, 2017 and expressed an understanding in line with that of the Company and its legal advisors. During calendar year 2021, the Company reassessed the tax credit, reversing part of the provisions previously constituted in the amount of R$280 (R$109 of which in the financial result). The calculations prepared by the Company are based on the understanding of its legal advisors and the estimated realization of the asset is, at most, 7 (seven) years. Similarly, Via Varejo obtained a favorable decision in May, 2020, which includes amount for which GPA is entitled to be reimbursed for, according to the terms of the association agreement signed between GPA and the Klein family in the transaction that created Via Varejo. The periods which GPA is entitled to be reimbursed relate to the subsidiary Globex (that was merged in the formation of Via Varejo) for the years between 2003 and 2010. CBD has already recognized in fiscal year 2020, R$231 of a receivable with Via Varejo. The related gain was recognized in the net result of discontinued operations. In addition, the Company believes it is entitled to an outstanding amount of R$277, to be confirmed by documents to be provided by Via Varejo. 21.8 Arbitration Península On September 12, 2017, the Company received a notice from the Brazil-Canada Chamber of Commerce regarding a request for arbitration (“Proceeding”) filed by Banco Ourinvest S.A., a financial institution, in its capacity as fund manager and acting in the exclusively interest of the quotaholders of Fundo de Investimento Imobiliário Península ("Península"). The Proceeding discussed the calculation of the rental fees and other operational matters related to 60 stores owned by Peninsula, which are under several lease agreements and contracts entered into between the Company and Peninsula during 2005 (the "Agreements"). The Agreements assure to CBD the rent of the stores for a period of twenty (20) years, which may be extended for an additional 20-year term, at CBD’s discretion. As communicated to the market, on July 7, 2021, the parties reached an agreement to amicably resolve past disputes and terminate the Proceedings. The agreement improved the Agreements, maintaining the long-term lease term of 20 years, renewable for another 20 years at CBD's discretion, but introduced new rules that are more adapted to the current market, which allow for the optimization of the use of properties and bring potential for gain for both Parties with the best use of real estate spaces. As a result of this agreement, the Company recorded in the result the amount of R$17 in other operating expenses, in addition to the remeasurement related to contractual changes in accordance with IFRS 16. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | 22 Leases 22.1 Lease obligations When entering into a contract, the Company assesses whether the contract is, or contains, a lease. The contract is, or contains, a lease if it transfers the right to control the use of the identified asset for a specified period in exchange for consideration. The Company leases equipment and commercial spaces, including stores and distribution centers, under cancellable and non-cancellable lease agreements. The terms of the contracts vary substantially between 5 25 The Group as lessee The Group evaluates its lease agreements in order to identify lease terms for a right to use, using the exemptions provided for contracts with a term of less than twelve months and an individual asset value below US$ 5,000 The contracts are then recorded, when the lease begins, as a Lease Liability against the Right of Use (notes 14 and 15), both at the present value of the minimum lease payments, using the interest rate implicit in the contract, if this can be used, or an incremental borrowing rate considering loans obtained by the Group. The lease term used in the measurement corresponds to the term that the lessee is reasonably certain to exercise the option to extend the lease or not to exercise the option to terminate the lease. Subsequently, payments made are segregated between financial charges and reduction of the lease liability, in order to obtain a constant interest rate on the liability balance. Financial charges are recognized as financial expenses for the period. Right of use assets are amortized over the lease term. 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. Variable rents are recognized as expenses in the years in which they are incurred. The Group as lessor Leases where the Group does not substantially transfer all the risks and rewards of ownership of the asset are classified as operating leases. The initial direct costs of negotiating operating leases are added to the book value of the leased asset and recognized over the term of the contract, on the same basis as rental income. Variable rents are recognized as income in the years in which they are earned. Aging of leases liability: Leasing contracts totaled R$ 6,118 8,374 Schedule of minimum rental payment on termination 2021 2020 Lease liability – minimum lease payments: Up to 1 year 895 947 1 - 5 years 2,807 3,053 Over 5 years 2,416 4,374 Present value of finance lease agreements 6,118 8,374 Future financing charges 2,983 6,630 Gross amount of finance lease agreements 9,101 15,004 The interest expense on lease liabilities is presented in note 28 The average incremental borrowing rate of the Group at the date of signing the agreements was 8.89 9.41 10.73 22.2 Movement of lease liabilities Schedule of contingent lease payments At December 31, 2020 8,374 Additions 239 Remeasurement (*) (417) Accrued interest 739 Payments (1,523) Anticipated lease contract termination (1,022) Exchange rate changes (210) Liabilities on Non-Current Assets for Sale (62) At December 31, 2021 6,118 Current 895 Non-current 5,223 At December 31, 2019 8,667 Additions 2,025 Remeasurement 1,445 Accrued interest 958 Payments (1,680) Anticipated lease contract termination (698) Exchange rate changes 433 Deconsolidation of Sendas (2,776) At December 31, 2020 8,374 Current 947 Non-current 7,427 (*) (R$1,170) is related to the remeasurement of the leasing liability of the 50 stores that will be delivered to Sendas in 2022 and the remainder is related to the monetary restatement of the rental contracts. 22.3 Lease expense on variable rents, low value assets and short-term agreements Schedule of finance lease 2021 2020 2019 Expenses (income) for the year: Variable (0.1% to 4.5% of sales) 55 40 19 Sublease rentals (*) (241) (196) (210) (*) Refers to revenues from lease agreements from commercial shopping malls and spaces rented in the stores. |
Deferred revenues
Deferred revenues | 12 Months Ended |
Dec. 31, 2021 | |
Deferred revenues | 23. Deferred revenues The Group received amounts from business partners on exclusivity in the intermediation of additional or extended warranty services, and the subsidiary Sendas received amounts for the rental of back lights for exhibition of products from certain suppliers at its stores. Schedule of liabilities related to assets held to sale 2021 2020 Deferred revenue in relation to sale of real estate property 30 8 Additional or extended warranties 11 12 Services rendering agreement 11 8 Revenue from credit card operators and banks 106 80 Gift Card 182 131 Others 108 77 448 316 Current 383 297 Non-current 65 19 |
Shareholders_ equity
Shareholders’ equity | 12 Months Ended |
Dec. 31, 2021 | |
Shareholders’ equity | 24. Shareholders’ equity a. Capital stock On December 30, 2019, the Company's shareholders at the Extraordinary General Meeting approved the Company’s share to be traded in the Novo Mercado of B3 S.A. - Brasil, Bolsa, Balcão (“B3”) “Novo Mercado” The subscribed and paid-up capital as of December 31, 2021 is represented by 269,376 ( 268,352 as of December 31, 2020) in thousands of registered shares with no par value. At December 31, 2021, capital is R$ 5,859 (R$ 5,650 at December 31, 2020). On April 28, 2021, the Extraordinary Shareholders' Meeting approved the capital increase through the capitalization of R$ 200 from the Expansion Reserve account, without the issuance of new shares. The Company is authorized to increase its capital stock up to the limit of 400,000 At the Board of Directors’ Meetings held on June 1, 2021, July 28, 2021, November 3, 2021 and December 9, 2021, it was approved a capital increase totaling R$ 9 1,024 9 354 b. Share rights Pursuant to the Brazilian Corporation Law, the Bylaws or the resolutions taken by the shareholders in a General Meeting may not deprive the shareholders of their right to: (i) participate in the Company's corporate profits; (ii) participate, in the event of liquidation of the Company, in the distribution of any remaining assets, in proportion to their interest in the capital stock; (iii) supervise the management, as provided for in the Brazilian Corporation Law; (iv) preference in the subscription of future capital increases, except in certain circumstances provided for in the Brazilian Corporation Law; and (v) withdraw from the Company in the cases provided for in the Brazilian Corporation Law. Regarding the right to dividends, the Bylaws provide that 25 c. Earnings reserve (i) Legal reserve 5 20 (ii) Business growth reserve: 100 (iii) Governmental (iv) Retained earnings: correspond to reserve is composed of transactions with non-controlling shareholders and translation adjustments in foreign subsidiaries with hyperinflationary economies. d. Stock options The Company recognizes the expenses associated to the group of executives’ share-based payments in accordance with IFRS 2 – Share-based payment. Employees and senior executives of the Company and its subsidiaries may receive compensation in the form of share-based payment, whereby employees render services in exchange for equity instruments (“equity-settled transactions”). The Group calculates compensation expense in relation to share based payments based on the fair value of the awards at the grant date. Estimating of the volatility and dividend return awards requires determination 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 expected useful life of the stock options, volatility and dividend yield, as well as making assumptions about them. The cost of equity-settled transactions is recognized as an expense for the year, together with a corresponding increase in shareholders' equity, over the period in which the performance and / or service provision conditions are met. Accumulated expenses recognized in relation to equity instruments at each reporting date until the vesting date reflect the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or reversal of expenses for each year represents the change in the accumulated expenses recognized at the beginning and end of the year. No expenses is recognized for services that have not completed the vesting period, except for equity-settled transactions where vesting is conditional upon a market or non-vesting condition, which are treated as vested irrespective of whether or not the market or non-vesting condition is met, 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 for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee, as measured on the date of modification. When an equity instrument is cancelled, it is treated as fully vested on the date of cancellation, and any unrecognized expenses related to the premium are immediately recognized in profit or loss for the year. This includes any premium whose non-vesting conditions within the control of either the Company or the employee are not met. However, if the canceled plan is replaced by another plan and designated as a replacement grants on the grant date, the cancelled grant and the new plan are treated as if they were a modification of the original grant, as described in the previous paragraph. All cancellations of equity-settled transactions are treated equally. The dilutive effect of outstanding options is reflected as an additional share dilution in the calculation of diluted earnings per share. The following describes the Stock Option Plans on December 31, 2021. Compensation Plan The Compensation Plan is managed by the Board of Directors, who has assigned to the Human Resources and the Compensation Committee the responsibility to grant the options and act as an advisory in managing the Compensation Plan (the "Committee"). Committee members meet to decide on the grant of options and Compensation Plan series or whenever necessary. Each series of the options granted are assigned the letter "B" followed by number. For the year ended December 31, 2021, the B6 and B7 Series of the Compensation Plan were granted. Options granted to a participant vest on a period of 36 may only be exercised in the period beginning on the first day of the 37 (thirty-seventh) month from the date of grant, through the 42 (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 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 participants are precluded for a period of 180 (one hundred and eighty) days from the date of acquisition of the shares, directly or indirectly, sell, assign, exchange, dispose of, transfer, grant to the capital of another company, grant option, or even celebrate any act or agreement which results or may result in the sale, directly or indirectly, costly or free, all or any of the shares acquired by the exercise of the purchase option under the option Plan. The Group withholds any applicable tax under Brazilian tax law, less the number of shares delivered to the participant amount equivalent to taxes withheld. Option Plan The Stock Option Plan is managed by the Board of Directors, who assigns to Human Resources and the Compensation Committee the responsibility to grant options and to provide advice in managing the Stock Option Plan (the "Committee"). Committee members meet when options under the Option Plan are granted, and, when necessary, to make decisions in relation to the Stock Option Plan. Each series of options granted receive the letter "C" followed by a number. For the year ended December 31, 2021, the series C6 and C7 of the Option Plan were granted. For each series of stock options granted under the Option Plan, the exercise price of the option is equivalent to 80% of the closing average price of the Company's preferred shares traded during twenty (20) days in B3 - Securities Options granted to a Participant vest in a period of 36 may only be exercised in the period beginning on the first day of the 37 (thirty-seventh) months as from the Grant Date, and ends on the last day of the 42 (forty-second) month as of the Grant Date ("Exercise Period"), provided the exceptions included in the Compensation Plan. Participants may exercise the options in full or in part, in one or more times, by the formalization of the exercise. The options exercise price 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 on the plans are summarized below: Schedule of former stock option plan, stock option plan and compensation plan 2021 Number of options (in thousands) Series granted Grant date 1st date of exercise Exercise price at the grant date Granted Exercised Cancelled Expired Outstanding B5 05/31/2018 05/31/2021 0.01 594 (528) (49) (17) - C5 05/31/2018 05/31/2021 15.42 594 (482) (60) (52) - B6 05/31/2019 05/31/2022 0.01 462 (129) (33) - 300 C6 05/31/2019 05/31/2022 17.39 359 (122) (42) - 195 B7 01/31/2021 05/31/2023 0.01 673 (103) (23) - 547 C7 01/31/2021 05/31/2023 12.60 497 (104) (23) - 370 3,179 (1,468) (230) (69) 1,412 According to the terms of the plans, including B6 and C6 series, each option offers the participant the right to acquire ordinary share. The plans will be exercisable in until 6 months after the end of the vesting period According to the plans, the options granted in each of the series may represent maximum 0.7 At December 31, 2021 there were 160 21.73 The table below shows the dilutive effect if all options granted were exercised: Schedule of maximum percentage of interest dilution 2021 2020 Number of shares 269,376 268,352 Balance of effective stock options granted 1,412 1,468 Maximum percentage of dilution 0.52 0.55 The fair value of each option granted is estimated at the grant date using the option pricing model Black & Scholes, taking into account the following assumptions for the B5 and C5 series: (a) dividend expectation of 0.41 36.52 9.29 The fair value of each option granted is estimated at the grant date using the option pricing model Black & Scholes, taking into account the following assumptions for the B6 and C6 series: (a) dividend expectation of 0.67 32.74 7.32 The fair value of each option granted is estimated at the grant date using the option pricing model Black & Scholes, taking into account the following assumptions for the B7 and C7 series: (a) dividend expectation of 1.61%, (b) volatility expectation of nearly 37.09 5.47 The expectation of remaining average life of the series outstanding at December 31, 2021 is 1.06 0.88 16.02 58.78 The movement of shares above refers to the Company's shares, after the spin-off from Sendas Distribuidora, and during the transition period, certain executives of the Company receive compensation in Sendas Distribuidora shares, recorded as an expense. The movement in the number of options granted, the weighted average of the exercise price and the weighted average of the remaining term are presented in the table below: Schedule of stock option activity Shares in thousands Weighted average of exercise price Weighted average of remaining contractual term At December 31, 2020 Granted during the period - - Cancelled during the period (69) 42.59 Exercised during the period (489) 23.93 Expired during the period (127) 42.44 Outstanding at the end of the period 1,468 30.71 0.88 Total to be exercised at December 31, 2020 1,468 30.71 0.88 At December 31, 2021 Granted during the period 1,225 22.37 Cancelled during the period (55) 10.50 Exercised during the period (1,157) 7.65 Expired during the period (69) 11.57 Outstanding at the end of the period 1,412 5.71 1.06 Total to be exercised at December 31, 2021 1,412 5.71 1.06 The amounts recorded in the Statements of Income, for the year ended December 31, 2021 were R$ 36 23 24.1. Other comprehensive income Exchange variation of foreign subsidiaries The exchange rate differences arising from the translation are recognized in other comprehensive income (“OCI”).Cumulative effect of exchange gains and losses on the translation of assets, liabilities and profit (loss) denominated in Colombian Pesos to Brazilian Reais, corresponding to the investment in the subsidiary Éxito, and denominated in Euros to Reais corresponding to the investment associate in Cnova N.V. The effect was R$1, 116 1,570 24.2. Governmental subsidy reserve As mentioned in note 20.1, many of the tax incentives granted by the States started to be characterized as subsidies for investments, not achieved by the taxation of income tax and social contribution. The respective amounts of these incentives must be allocated, in shareholders' equity, in a tax incentive reserve account. As provided for in article 30 of Law No. 12,973/14, said reserve may be used to absorb losses, provided that the other profit reserves have already been fully absorbed, with the exception of the legal reserve, or to increase capital. This same legal provision provides that the amounts computed in the tax incentive reserve should not form the basis for calculating the minimum mandatory dividend, and the Company must submit amounts that may be allocated to partners or shareholders for taxation by the IRPJ and CSLL. On June 29, 2018, and in December 2018, an extraordinary shareholders’ meeting approved Management’s proposal to transfer a total R$ 58 In December 2020 the Management’s proposal an additional R$ 9 In December 2021, the Company allocated another R$ 2,282 24.3. Dividends and interest on own capital Dividend distribution to the Group's shareholders is recognized as a liability at the year-end, based on the minimum mandatory dividends established by the Bylaws. Additional dividends are only recorded when approved by the Group’s Board of Directors. The Company's Bylaws establish the minimum payment of 25 The Group may pay interest on own capital as remuneration calculated over the shareholders' equity accounts, observing the rate and limits determined by law. Management proposed dividends to be distributed in the amount of R$ 81 0.3013 Schedule of dividends proposed Proposed dividends 2021 2020 2019 Net income for the year 802 2,179 790 Legal reserve (40) (109) (39) Governmental subsidy reserve (438) (9) - Calculation basis of dividends 324 2,061 751 Mandatory minimum dividends – 25% 81 515 188 Payment of interim dividends as interest on own capital, net of withholding taxes - - (32) Dividends payable 81 515 156 24.4. Dividends distributed to non-controlling interests. The Company, through its subsidiary Éxito, has investments with non-controlling interest in some real estate projects and in Grupo Disco del Uruguay S.A., as detailed in Note 12. On December 31, 2021 dividends in the amount of R$ 207 143 |
Revenue from the sale of goods
Revenue from the sale of goods and / or services | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from the sale of goods and / or services | 25. Revenue from the sale of goods and / or services IFRS 15 establishes a comprehensive framework to determine when and for how much revenue form contracts with customers should be recognized. Sale of goods Revenue from sale of goods is recognized when control of the goods is transferred to the customer, usually when delivered in the store, and at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. No revenue is recognized if collection is uncertain. Service revenue The Company acts as agent in insurance extended warranty, financial protection insurance, personal accident insurance, technical assistance, and mobile phone credits recharge. Revenues from these services are presented net of related costs and recognized when control of the service is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Schedule of net operating revenue 2021 2020 2019 Gross sales Goods 54,862 54,466 30,826 Services rendered 1,907 1,608 555 Sales returns and cancellations (395) (342) (216) 56,374 55,732 31,165 Taxes on sales (5,083) (4,479) (2,327) Net operating revenue 51,291 51,253 28,838 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2021 | |
Expenses by nature | 26. Expenses by nature Cost of goods sold The cost of goods sold comprises the acquisition cost of inventory net of discounts and considerations received from suppliers and logistics costs. Rebates received from suppliers are measured based on contracts and agreements signed with them. The cost of sales includes the cost of logistics operations managed or outsourced by the Group, comprising warehousing, handling and freight costs incurred until the goods are ready for sale, including any depreciation and amortization. Selling expenses Selling expenses comprise all store expenses, such as salaries, marketing, occupancy, maintenance, fees charged by credit card companies, etc. Marketing expenses refer to advertising campaigns for each segment in which the Group operates. The main media used by the Group are: radio, television, newspapers and magazines. These expenses are recognized in profit or loss through campaign period. General and administrative expenses General and administrative expenses correspond to overhead and the cost of corporate units, including purchasing and procurement, information technology and financial activities. Schedule of expenses by nature 2021 2020 2019 Cost of inventories (36,180) (35,357) (19,893) Personnel expenses (5,472) (5,500) (3,607) Outsourced services (895) (838) (438) Overhead expenses (2,368) (2,214) (1,361) Commercial expenses (1,570) (1,690) (1,074) Other expenses (1,209) (1,248) (550) (47,694) (46,847) (26,923) Cost of sales (38,341) (37,504) (21,225) Selling expenses (7,645) (7,755) (5,166) General and administrative expenses (1,708) (1,588) (532) (47,694) (46,847) (26,923) |
Other operating expenses, net
Other operating expenses, net | 12 Months Ended |
Dec. 31, 2021 | |
Other operating expenses, net | 27. Other operating expenses, net Other operating income and expenses correspond to the effects of major or nonrecurring events occurred during the year that do not meet the definition for the other Statements of Income lines. Schedule of other operating expenses, net 2021 2020 2019 Tax installments and other tax risks (139) (374) (158) Restructuring expenses (i) (290) (454) (267) Gain on disposal of property and equipment (ii) (17) 378 39 Extra Hiper stores transaction (iii) 426 - - Corporate reorganization (iv) - 513 - Prevention spending – Covid-19 (v) - (134) - Others 13 - - (7) (71) (386) (i) Amounts related to restructuring expenses in the Brazilian operations and those incurred in connection with the acquisition of Éxito Group. (ii) In 2020, the net gain on disposal of fixed assets was mainly impacted by Sale and Leaseback operations in the amount of R$187 (see note 1.4, disposal of 3 stores in the city of Curitiba in the amount of R$68 and the disposal of 2 non-core properties in the city of São Paulo in the amount of R$190 (see note 32), R$45 in 2019. (iii) For the sale of these 20 commercial points and the 6 owned properties, on December 31, 2021, the Company recorded revenue in the amount of R$1.2 billion, in addition to write-offs of assets corresponding to the amount of R$481, positive effect from the remeasurement of IFRS 16 of R$522 and expenses of R$816 (R$147 of which related to dismissal of employees, R$283 cancellation of contracts, R$279 markdown of inventories and R$107 other expenses related to the transaction)). See Note 1.1. (iv) Impacts related to the spin-off of Sendas totaled revenue of R$513 including (i) revaluation of the remaining held in FIC by IFRS10 (50% of the interest held in GPA was transferred to Sendas at fair value price) in the amount of R$573 (see note 1.2) and (ii) costs related to the spin-off (expenses of R$60). (v) The expenses incurred as a consequence of the pandemic refer to the purchase of individual protection items and adaptation of the stores, expenses with overtime, expenses with internal and external communication, incremental expenses with transportation and with cleaning and sanitation services. |
Financial income (expenses), ne
Financial income (expenses), net | 12 Months Ended |
Dec. 31, 2021 | |
Financial income (expenses), net | 28. Financial income (expenses), net Financial income includes income generated by highly liquid short-term investments and gains arising from measurement of derivative financial instruments at fair value. Interest income is recorded for all financial assets measured at amortized cost, using the effective interest rate, which is the rate that discounts for the estimated future cash payments or receipts through the expected term of the financial instrument or shorter period, where appropriate, from the carrying amount of the financial asset or liability. Financial expenses include substantially interest and financial charges on borrowings and financing and discounting receivables during the year, losses arising from measurement of derivative financial instruments at fair value, losses on disposals of financial assets, financial charges on provisions on lawsuits and taxes and interest charges on leases, as well as discount charges. Schedule of financial income (expenses), net 2021 2020 2019 Finance expenses: Cost of debt (516) (387) (337) Cost of the discounting of receivables (117) (58) (101) Monetary restatement loss (351) (265) (151) Interest on lease liabilities (719) (729) (528) Other finance expenses (106) (198) (107) Total financial expenses (1,809) (1,637) (1,224) Financial income: Income from short term instruments 115 152 111 Monetary restatement gain (*) 364 749 234 Other financial income 9 8 8 Total financial income 488 909 353 Total (1,321) (728) (871) (*) On October 29, 2020, the lawsuit had an unappeasable decision in favor of the Company, granting a tax credit in the amount of R$ 1,609 613 109 The gains or losses on derivative financial instruments are recorded as cost of debt and disclosed in Note 18. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share | 29. Earnings per share Basic earnings per share are calculated based on the weighted average number of outstanding shares of each category during the year. Diluted earnings per share are calculated as follows: • Numerator: profit for the year adjusted by dilutive effects from stock options. • Denominator: the number of shares of each category adjusted to include potential shares corresponding to dilutive instruments (stock options), less the number of shares that could be bought back at market, if applicable. Equity instruments that will or may be settled with the Company’s shares are only included in the calculation when its settlement has a dilutive impact on earnings per share. As mentioned in note 1.5, the migration process to “ Novo Mercado The table below presents the determination of 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 reporting exercise: Schedule of earnings per share 2021 2020 2019 Basic numerator Net income (loss) allocated to controlling shareholder – continuing operations 805 1,092 (287) Net income (loss) allocated to controlling shareholder - discontinued operations (3) 1,087 1,077 Net income allocated to controlling shareholder 802 2,179 790 Basic denominator (millions of shares) Weighted average of shares 269 268 267 Basic earnings (loss) per share (R$) – continuing operations 2.99595 4.07575 (1.07463) Basic earnings (loss) per share (R$) – discontinued operations (0.01117) 4.05709 4.03267 Basic earnings per share (R$) – total 2.98478 8.13283 2.95804 Diluted numerator Net income (loss) allocated to ordinary controlling shareholders – continuing operations 805 1,092 (287) Net income (loss) allocated to ordinary controlling shareholders - discontinued operations (3) 1,087 1,077 Net income allocated to ordinary controlling shareholders 802 2,179 790 Diluted denominator Weighted average of outstanding shares (in millions) 269 268 267 Stock option (in millions) - 1 1 Diluted weighted average of outstanding shares (millions) 269 269 268 Diluted earnings (loss) per share (R$) – continuing operations 2.99153 4.06984 (1.07337) Diluted earnings (loss) per share (R$) – discontinued operations (0.01117) 4.05120 4.02728 Diluted earnings per share (R$) – total 2.98036 8.12104 2.95391 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment information | 30. Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker who has been identified as the Chief Executive Officer. Management considers the following business segments: • Brazilian retail – includes the banners “Pão de Açúcar”, “Extra Hiper”, “Extra Supermercado” / “Mercado Extra”, “Minimercado Extra”, “Minuto Pão de Açúcar”, “Comprebem”, “Posto Extra, “Drogaria Extra” and “GPA Malls & Properties”. • Grupo Éxito - includes the company Éxito (Colômbia) and its subsidiaries Libertad (Argentina) and Disco (Uruguay). Éxito also operates the brands Surtimax, Super Inter and CarullaHome, consequence of the business combination of Éxito in November 2019. • Other businesses - is composed of the results of James Delivery, Cheftime, Stix and the results of our investment in associate Cnova N.V. Appliances and e-commerce segments were sold and are presented as Discontinued Operations on December 31, 2019 (note 12.4). The cash and carry segment, Assai, has been contributed to the Company’s shareholders and is also presented as a discontinued operation as of December 31, 2020 and 2019 (note 1.2). Those segments are maintained in this note for reconciliation purposes. Results and balances of each segment are presented net of intrasegment eliminations. The debentures obtained for funding the acquisition of Éxito and related interest expenses were allocated to Éxito Group, as well as other acquisition related expenses incurred in 2019. Management monitors the operating results of its business units separately making decisions about resource allocation and performance assessment. The segment performance is regularly reviewed by the chief operating decision-maker (CODM), using the accounting practices under IFRS and mainly based on “Operating Income”, which is measured consistently with “Profit from continued operations before net financial expenses and share of profit of associates” in the financial statements and includes certain corporate overhead allocations. However, other performance measures are also used by the CODM in this process as included in the table below: Schedule of segment information Description Brazilian retail Grupo Éxito Other Business Discontinued operations Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net operating revenue 26,864 29,170 26,654 24,357 22,034 2,151 70 49 33 - - - 51,291 51,253 28,838 Operating income 712 2,016 467 1,121 652 90 (96) (137) (56) - - - 1,737 2,531 501 Net financial expenses (1,039) (386) (815) (279) (340) (57) (3) (2) 1 - - - (1,321) (728) (871) Profit(loss) before income tax and social contribution (280) 1,748 (241) 853 339 27 (204) (186) (154) - - - 369 1,901 (368) Share of profit of associates 47 118 107 11 27 (6) (105) (47) (99) - - - (47) 98 2 Income tax and social contribution 908 (559) 121 (321) (110) (28) 7 7 2 - - - 594 (662) 95 Net income (loss) for continuing operations 628 1,189 (120) 532 229 (1) (197) (179) (152) - - - 963 1,239 (273) Net income (loss) for discontinued operations (3) 85 312 - (1) - - - - 1,003 797 (3) 1,087 1,109 Net income (loss) of year end 625 1,274 192 532 228 (1) (197) (179) (152) - 1,003 797 960 2,326 836 Schedule of segment information Current assets 9,898 9,747 7,871 8,015 103 95 - - 17,872 17,857 Non-current assets 13,796 16,672 17,694 18,930 81 52 - - 31,571 35,654 Current liabilities 7,528 8,789 8,853 9,729 169 181 - - 16,550 18,699 Non-current liabilities 12,470 14,390 4,040 3,620 3 (5) - - 16,513 18,005 Shareholders' equity 3,696 3,240 12,672 13,596 12 (29) - - 16,380 16,807 The Group operates primarily as a retailer of food, clothing, home appliances and other products. Total revenues by geographic region is showed below: 2021 2020 2019 Brazil Retail 26,864 29,170 26,654 Other businesses 70 49 33 26,934 29,219 26,687 Éxito Group Colombia 18,752 17,062 1,694 Uruguay 3,853 3,746 350 Argentina 1,752 1,226 107 24,357 22,034 2,151 Total net operating revenue 51,291 51,253 28,838 |
Non cash transactions
Non cash transactions | 12 Months Ended |
Dec. 31, 2021 | |
Non Cash Transactions | |
Non cash transactions | 31. Non cash transactions The Group had the following non-cash transactions: • Purchase of property plant and equipment items not yet paid as per note 14.3; • Purchase of intangible assets not yet paid as per note 15.3; • Capital increase with fixed assets: note 12.2. |
Non-current assets held for sal
Non-current assets held for sale | 12 Months Ended |
Dec. 31, 2021 | |
Non-current assets held for sale | 32. Non-current assets held for sale Non-current assets and group of assets are reclassified as held for sale if the carrying amount will be recovered through a sale transaction, instead of continuous use. This condition is met only when the asset is available for sale in the present condition, exposed only to the terms that are usual to sales of these assets and the sale is highly probable. Management has to be committed to complete within one year. When the Company is committed to a sale plan involving the loss of control over a subsidiary, all the assets and liabilities of this subsidiary are classified as held for sale when the criteria above is met, even if the Company keeps a non-controlling interest in its former subsidiary after the sale. Additionally, the net income of the entity classified as held for sale is presented as discontinued operations in a single caption in the Statements of Income. Non-current assets classified as held for sale are measured based on the lower amount between their carrying amount and their fair value less cost to sell. Breakdown 2021 2020 Properties / lands held for sale 36 78 Extra Hiper Stores (Note 1.1) (*) 1,117 - Real estate developments held for sale - Éxito 34 31 Assets held for sale 1,187 109 Extra Hiper Stores / Lease liability (Note 1.1) 62 - Liabilities held for sale 62 - (*) R$967 refers to Fixed Assets and R$150 refers to Right of Use - Paes Mendonça |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued operations | 33. Discontinued operations a) Via Varejo As disclosed in notes 2 and 12.4, on June 14, 2019, the sale of Via Varejo S.A. (“VV”) was concluded, the date on which control of the subsidiary was exercised by its new controlling shareholders. Following are the balance sheet and consolidated statements of Via Varejo's cash flows before eliminations, including effects of purchase price allocation on the acquisitions of Globex and Casa Bahia: Schedule of balance sheet and consolidated statements of Via Varejos cash flows before eliminations Balance sheet (*) 05.31.2019 Assets Current Total current assets 9,871 Non-current Total non-current assets 16,266 Total assets 26,137 Liabilities Current Total current liabilities 13,484 Non-current Total non-current liabilities 7,375 Shareholders’ equity 5,278 Total liabilities and shareholders’ equity 26,137 (*) Prior to elimination of GPA related party balances. Cash flow: 05.31.2019 Cash flow provided by (used in) operating activities (2,640) Net cash provided by (used in) investing activities (234) Net cash provided by (used in) financing activities (651) Cash variation in the period (3,525) Income statement: The breakdown of profit from discontinued operations presented in the consolidated income statement of the Company is as follows: Schedule of sendas result as discontinued operation of cash flow statement and income statement 05.31.2019 Net operating revenue 10,527 Net income before income tax and social contribution 169 Income tax and social contribution (119) Net income for the period 50 b) Sendas On December 31, 2020, the Company lost control of the subsidiary Sendas (note 1.1), as a result of the spin off, Sendas' net result is presented as a discontinued operation. Below is the summary cash flow statement and income statement: Cash flow: 12.31.2020 12.31.2019 Cash flow provided by operating activities 4,191 (5,560) Net cash used in investing activities (695) (965) Net cash used in financing activities (1,827) 6,986 Cash variation in the year 1,669 461 Income statement 12.31.2020 12.31.2019 Net operating revenue 35,950 27,806 Net income before income tax and social contribution 1,315 1,128 Income tax and social contribution (312) (367) Net income for the period 1,003 761 c) Composition of discontinued operations 12.31.2021 12.31.2020 12.31.2019 Net income Via Varejo - - 50 Net income - Sendas - 1,003 761 Other results from discontinued operations (3) 84 (100) Gain on the sale of discontinued operations (note 12.4) - - 398 Net income from discontinued operations presented in the consolidated income statement of the Company (3) 1,087 1,109 Attributable: Controlling shareholders of the Company (3) 1,087 1,077 Participation of non-controlling shareholders - - 32 In 2020, the amount of R$ 84 231 173 |
Insurance coverage
Insurance coverage | 12 Months Ended |
Dec. 31, 2021 | |
Insurance coverage | 34. Insurance coverage The insurance coverage as of December 31, 2021 is summarized as follows: Insured assets Covered risks Amount insured Property and equipment and inventories Operating risks 16,013 Business interruption Loss of profits 7,625 Cars and Others (*) Damages 334 The Company also has specific insurance policies for general civil liability of R$ 100 134 17 13 264 (*) The value reported above does not include coverage of the hulls, which are insured by the value of 100% of the Foundation Institute of Economic Research – FIPE table. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent events | 35. Subsequent events 35.1 Discontinuation of the business of Extra Hiper stores and sale of assets with Sendas On April 4; 2022, Company and Sendas (Assaí) informed their shareholders and the market in general that the assignment of the exploration rights of over 40 commercial points to Assaí has been concluded, adding to the 20 carried out in Q4 2021, we ended Q1 22 with 60 commercial points assigned, 86% of the total, in line with the material facts already disclosed on October 14th and December 16th, 2021 related to the transaction involving the conversion of stores under the “Extra Hiper” banner operated by GPA in cash & carry stores, which will be operated by Assaí. The other 10 remaining commercial points are expected to be concluded until the end of May 2022, date that can be postponed depending on administrative procedures. In the first quarter of 2022, for the sale of these 40 commercial points, Company recorded revenue in the amount of R$3,685, in addition to write-offs of assets corresponding to the amount of R$954, and expenses of R$494 (R$136 of which related to dismissal of employees, R$94 cancellation of contracts, and R$264 other expenses related to the transaction) generating the net gain in the amount of R$2,237. Of the 33 Extra Hiper stores that were not assigned to Sendas a portion will be converted into other banners and a portion will be closed, this plan is being currently reviewed. 35.2 Distribution of interest on equity (“EI”) At the Annual and Ordinary General Meeting held on April 28, 2021, it was approved the distribution of interest on equity (“EI”) in the amount of R$81 for the fiscal year ended December 31, 2021. The gross amount of R$ 95, corresponding to R$0,3544 per share, to be paid as EI. From such gross amount, it will be deducted the amount related to withhold taxes (“ IRRF Imposto de Renda Retido na Fonte |
Description of annual and extraordinary general meeting | At the Annual and Ordinary General Meeting held on April 28, 2021, it was approved the distribution of interest on equity (“EI”) in the amount of R$81 for the fiscal year ended December 31, 2021. The gross amount of R$ 95, corresponding to R$0,3544 per share, to be paid as EI. From such gross amount, it will be deducted the amount related to withhold taxes (“IRRF”–“Imposto de Renda Retido na Fonte”), pursuant to the law in force, with the exception of the shareholders that are immune and/or exempt. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | 3.1. Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity Financial assets are recognized when the Group becomes party to the contractual provisions of the instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or the Group transfers the contractual rights to receive the cash flows of the financial asset. (i) Classification and measurement of financial assets According to IFRS 9, on initial recognition, a financial asset is classified as measured: at amortized cost; fair value through other comprehensive income (“FVOCI”) - or fair value through profit or loss (“FVPL”). The classification of financial assets according to IFRS 9 is generally based on the business model in which a financial asset is managed and on its contractual cash flow characteristics. A derivative embedded with a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as measured at FVPL: • It is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • Its contractual terms give rise, on specified date, to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as measured at FVPL: • It is held within a business model with the objective of either receipt of contractual cash flows or sale of financial assets; and • Its contractual terms give rise on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32, Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the Statements of Income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. Group has no investments classified in OCI. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. This includes all derivative financial assets. A financial asset (unless it refers to trade receivables without a significant component of financing that is initially measured at the transaction price) is initially measured at fair value, plus, for an item that is not measured at FVPL, any transaction costs directly attributable to its acquisition. (ii) Subsequent measurement of financial assets Financial assets measured at FVPL Financial assets at amortized cost Financial assets at FVOCI (iii) Impairment of financial assets IFRS 9 replaces the “incurred loss” model of IAS 39 with an expected credit losses model. The new impairment loss model applies to financial assets measured at amortized cost, contractual assets and debt instruments measured at FVOCI, but does not apply to investments in equity instruments (shares) or financial assets measured at FVPL. According to IFRS 9, provisions for losses are measured at one of the following bases: • Credit losses expected for 12 months (general model): these are credit losses that result in possible default events within 12 months from the balance sheet date. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL- “Expected Credit Loss”). • Full lifetime expected credit losses (simplified model): these are credit losses resulting from all possible default events over the expected term of a financial instrument. Practical expedient: these are expected credit losses that are consistent with reasonable and sustainable information available, at the balance sheet date about past events, current conditions and forecasts of future economic conditions, which enable the verification of probable future loss based on the historical credit loss occurred in accordance with the maturity. The Group chose to measure provisions for losses from trade receivable, other receivables, and contractual assets at an amount that equals to the credit loss expected for the entire term, and for trade receivables, whose portfolio of receivables is fragmented, rents receivable, wholesale accounts receivable and accounts receivable from freight companies, the practical expedient was applied through the adoption of a matrix of losses for each maturity range. When determining whether the credit risk of a financial asset increased significantly since its initial recognition and while estimating the expected credit losses, the Group takes into account reasonable and sustainable information that is relevant and available free of excessive cost or effort. This includes quantitative and qualitative information and analysis, based on the Company’s historical experience, during credit assessment and considering information about projections. The Group assumes that the credit risk of a financial asset increased significantly if the asset is overdue for more than 90 days. The Group considers a financial asset as in default when: • it is less likely that the debtor will fully pay its obligations to the Group, without considering actions such as execution of guarantees (if any), or • the financial asset is overdue more than 90 days. The Group determined the credit risk of a debt security by analyzing the payment history, financial and macroeconomic conditions of the counterparty and the assessment of rating agencies, when applicable, thereby assessing each debt security individually. The maximum period considered when estimating the expected credit loss is the maximum contractual period during which the Group is exposed to the credit risk. Measurement of expected credit losses Expected credit losses are discounted by the effective interest rate of the financial asset. Financial assets with credit recovery problems Presentation of impairment loss For financial instruments measured at FVOCI, the provision for losses is recognized in OCI, instead of deducting the carrying amount of the asset. Impairment losses related to trade receivables and other receivables, including contractual assets, are presented separately in the Statements of Income and OCI. Impairment of other financial assets is reported under “selling expenses”. Accounts receivable and contractual assets The positions within each group were segmented based on common credit risk characteristics, such as: • Credit risk level and historical losses – for wholesale clients and property rental; and • Delinquency status, default risk and historical losses – for credit card operators and other clients. (iv) Initial recognition and measurement of financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. (v) Subsequent measurement of financial liabilities The measurement of financial liabilities depends on their classification, as described below: • Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the Statements of Income. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. • Loans and borrowings This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate (EIR) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance expenses, net in the Statements of Income. This category generally applies to interest-bearing loans and borrowings. For more information, refer to Note 17. (vi) Derecognition of financial assets and liabilities A financial asset (or, as the case may be, part of a financial asset or part of a group of similar financial assets) is derecognized when: • The rights to receive cash flows from the asset have expired; or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards related to the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards related to the asset, but has transferred control over the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass through” arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of it continued involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations retained by the Group. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender, on substantially different terms, or the terms of an existing liability are substantially modified, such exchange or modification is treated as the derecognition of the original liability and recognition of a new liability. The difference in the respective carrying amounts is recognized in profit or loss. When there is a debt modification impacting interest rate the impact is recorded in profit or loss, except, if it is a fee in the modification, over which the impact on profit or loss will follow the effective interest rate. (vii) Offsetting of financial instruments Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention of settling them on a net basis, to realize the assets and settle the liabilities simultaneously. (viii) Derivative financial instruments The Company uses derivative financial instruments to limit the exposure to fluctuations not related to the local market such as interest rate and exchange rate swaps. These derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at the end of each reporting period. Derivatives are accounted for as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The gains or losses arising from changes in the fair value of derivatives are recognized as financial income or expenses. 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. (ix) Fair value hedge 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 Statements of Income; • In order to calculate the fair value, debts and swaps are measured through rates available in the financial market and projected up to their maturity date. The discount rate used in the calculation by the interpolation method for borrowings denominated in foreign currency is developed through CDI curves, free coupon and DI, indexes disclosed by the B3 (the Brazilian Securities, Commodities and Futures Exchange), whereas for borrowings denominated in Reais, the Company uses the DI curve, an index published by the CETIP (Securities Custodial and Clearing Center) and calculated through the exponential interpolation method. 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. (x) Cash flow hedge Derivative instruments are recorded as cash flow hedge, using the following principles: • The effective portion of the gain or loss on the hedge instrument is recognized directly in stockholders’ equity in other comprehensive income. In case the hedge relationship no longer meets the hedging ratio but the objective of management risk remains unchanged, the Group should “rebalance” the hedge ratio to meet the eligibility criteria. • Any remaining gain or loss on the hedge instrument (including arising from the "rebalancing" of the hedge ratio) is ineffective, and therefore should be recognized in profit or loss. • Amounts recorded in other comprehensive income are immediately transferred to the Statements of Income together with the hedged transaction by affecting the Statements of Income, for example, when the hedged financial income or expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or liability, the amounts recorded in equity are transferred to the initial carrying amount of the non-financial asset or liability. • The Company should prospectively discontinue hedge accounting only when the hedge relationship no longer meets the qualification criteria (after taking into account any rebalancing of the hedge relationship). • If the expected transaction or firm commitment is no longer expected, amounts previously recognized in OCI are transferred to the Statements of Income If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its hedge classification is revoked, gains or losses previously recognized in comprehensive income remain deferred in equity in other comprehensive income until the expected transaction or firm commitment affect profit or loss. |
Foreign currency transactions | 3.2. Foreign currency transactions Foreign currency transactions are initially recognized at the exchange rate of the corresponding currencies at the date the transaction qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are 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 income or expense. |
Classification of assets and liabilities as current and non-current | 3.3. Classification of assets and liabilities as current and non-current The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: • expected to be realized or intended to be sold or consumed within twelve months from the end of the reporting periods • held primarily for the purpose of trading • expected to be realized within twelve months after the reporting period or • cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when it is: • expected to be settled within twelve months from the end of the reporting periods • held primarily for the purpose of trading • due to be settled within twelve months after the reporting period or • there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period are classified as current liabilities. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as “non-current” and presented net when appropriate in accordance with the provisions of IAS 12. |
Foreign operations | 3.4. Foreign operations For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. On consolidation, the financial statements of foreign operations are translated into Brazilian Reais, as follows: • Assets and liabilities, including goodwill, are translated into Brazilian Reais at the exchange rate prevailing at the reporting date. • The Statements of Income are translated into Brazilian Reais using the average rate for the period except when significant fluctuations in the exchange rate occurs, in which case, the rate at the transaction date is used. • Equity accounts are maintained at the historical balance in Reais. The exchange rate differences arising from the translation are recognized in other comprehensive income (“OCI”). When a foreign operation is disposed of, the component of OCI related to that particular foreign operation is reclassified to profit or loss. |
Hyperinflation | 3.5. Hyperinflation Starting from September 2018, Argentina has been considered a hyperinflationary economy. As per IAS 29 – Financial Reporting in Hyperinflationary Economies, the non-monetary assets and liabilities, equity items and the statement of income of the indirect subsidiary Libertad, headquartered in Argentina, a direct subsidiary of Éxito, whose functional currency is the Argentinean peso, are being adjusted so that amounts are reported in the monetary measurement unit at the end of the reporting period. This unit, considers the effects measured by the Consumer Price Index (“IPC”) in Argentina starting January 1, 2017 and Argentina’s Domestic Retail Price Index (“IPIM”) up to December 31, 2016. Consequently, as required by IAS 29, the operating results of the indirect subsidiary Libertad must be considered as highly inflationary starting from September 1, 2018 (start of the period in which a hyperinflationary scenario was identified). |
Accounting for equity interests at cost deriving from corporate restructuring under common control | 3.6. Accounting for equity interests at cost deriving from corporate restructuring under common control For certain restructuring transactions that occurred in previous years, the Group recorded, at historical cost, the interests deriving from corporate restructuring under common control without economic substance. The difference between the historical cost and the acquiring value was recorded as shareholders’ equity, when the interest acquired is from companies under common control. Such transactions are not in the scope of IFRS 3. |
Corporate information (Tables)
Corporate information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Schedule of balances of sendas deconsolidated from CBD | Schedule of balances of sendas deconsolidated from CBD Sendas 31.12.2020 Cash and cash equivalents 3,532 Trade receivable, net 182 Other receivable 34 Inventories, net 3,739 Recoverable taxes 768 Derivative financial instruments 57 Other current assets 36 Total current assets 8,348 Related parties 178 Recoverable taxes 866 Restricted deposits for legal proceedings 134 Financial instruments 11 Investments in associates 769 Property and equipment, net 7,477 Intangible assets, net 1,038 Total non-current assets 10,473 Total assets 18,821 Trade payable, net 5,057 Payroll and related taxes 371 Taxes installment and contributions payable 528 Borrowings and financing 2,119 Lease liabilities 172 Deferred revenue 227 Financing of property and equipment 34 Other current liabilities 153 Total current liabilities 8,661 Borrowings and financing 5,711 Lease liabilities 2,604 Related parties 41 Provision for contingencies 281 Deferred revenue 1 Deferred income tax and social contribution 82 Other non-current liabilities 8 Total non-current liabilities 8,728 Total liabilities 17,389 Net assets 1,432 Total liabilities and shareholders’ equity 18,821 |
Adoption of new standards, am_2
Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of new and amendments standards and interpretations starting at the current year | In 2021, the Group applied amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2021. The main new standards adopted are as follows: Schedule of new and amendments standards and interpretations starting at the current year Statement Description Impact Amendments to IAS 1 and IAS 8 - Definition of materiality In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity These changes did not have any impact in the consolidated financial statements. Changes in IFRS 9: Reform of the reference interest rate The amendments to standard IFRS 9 provide exemptions that apply to all hedge relationships directly affected by the reference interest rate reform. A relationship of hedge is directly affected if the reform raises uncertainties about the period, or the value, of cash flows based on the reference interest rate of the hedge item or hedging instrument. These changes did not have any impact in the consolidated financial statements. Changes in IFRS 16: Benefits provided to lessees in connection with the COVID-19 pandemic Amendments related to concession to tenants, in the application of the guidelines of IFRS 16, on the modification of the lease, when accounting for related benefits as a direct consequence of the Covid-19 pandemic. These changes did not have any impact in the consolidated financial statements. |
Schedule of new and revised standards and interpretations issued and not yet adopted | The Group has not early adopted the following new and revised IFRSs, which have already been issued but not yet in effect, up to the date of the issuance of the Group’s consolidated financial statements: Schedule of new and revised standards and interpretations issued and not yet adopted Accounting pronouncement Description Applicable to annual periods starting in or after Amendments to IAS 1: Classification of liabilities as current or non-current and concept of materiality In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, in order to specify the requirements for classifying the liability as current or non-current. The amendments clarify: • Which means a right to postpone liquidation; • That the right to postpone must exist on the base date of the report; • That this classification is not affected by the likelihood that an entity will exercise its right to postpone • That only if a derivative embedded in a convertible liability is itself an equity instrument would the terms of a liability not affect its classification In February 2021, the IASB issued amendments to IAS1, providing guides and examples to help entities apply materiality judgment to the disclosure of accounting policies. 01/01/2023 Amendments to IAS 8: Definition of accounting estimates The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and error correction and how entities use measurement techniques and inputs to develop accounting estimates. 01/01/2023 Amendments to IFRS 10 - Consolidated Financial Statements and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Gains and losses resulting from (i) loss of control of a subsidiary that does not contain a business in a transaction with an associate or joint venture accounted for using the equity method are recognized in the parent's income only in proportion to the interest held by investors not related to that affiliate or joint venture; (ii) remeasurement of investments retained in a former subsidiary at fair value are recognized in the former parent's income in proportion to the interest held by unrelated investors in the new associate or joint venture. The effective date has not yet been set by the IASB IAS16 - Fixed Assets – Resources Before Intended Use The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from the sale of items produced before the asset is available for use, which must be recognized in profit or loss. 01/01/2022 Amendments to IFRS 3 Reference to the Conceptual Structure For obligations within the scope of IAS 37, the purchaser applies IAS37 to determine whether there is a present obligation on the acquisition date as a result of past events. For a tax within the scope of IFRIC 21, the purchaser applies IFRIC 21 to determine whether the event that resulted in the obligation to pay the tax occurred by the date of acquisition. The purchaser does not recognize contingent assets acquired in a business combination. 01/01/2022 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents Rate 2021 2020 Cash and banks – Brazil 100 131 Cash and banks – Abroad (*) 3,481 3,637 Short-term investments - Brazil (**) 4,598 4,784 Short-term investments - Abroad (***) 95 159 8,274 8,711 (*) As of December 31, 2021, refers to (i) funds from the Éxito Group, of which R$ 126 366 2,905 100 382 3,028 84 127 (**) Refers substantially to highly liquid investments bearing interest at a weighted average rate of 93.51 96.93 (***) Refers to funds invested abroad, of which R$ 1 12 1 146 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables | |
Schedule of trade receivables | Schedule of trade receivables 2021 2020 Credit card companies (note 7.1) 65 76 Credit card companies - related parties (note 11.2) 15 15 Sales vouchers and trade receivables 655 488 Private label credit card 53 71 Receivables from related parties (note 11.2) 13 13 Receivables from suppliers 66 71 Allowance for doubtful accounts (note 7.2) (35) (43) 832 691 Current 831 686 Non-current 1 5 |
Schedule of estimated losses on doubtful accounts | Schedule of estimated losses on doubtful accounts 2021 2020 2019 At the beginning of the year (43) (32) (5) Allowance booked for the year (57) (86) (263) Write-offs of receivables 61 78 282 Deconsolidation Sendas - 4 (19) Assets held for sale and discontinued operations - - 1 Business combination - - (28) Foreign currency translation adjustment 4 (7) - At the end of the year (35) (43) (32) |
The aging list of gross trade receivables is as follows: | The aging list of gross trade receivables is as follows: Overdue receivables Total Not yet due <30 days 30-60 days 61-90 days >90 days 12.31.2021 867 729 110 17 9 2 12.31.2020 734 574 80 67 8 5 |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Receivables | |
Schedule of other receivables | Schedule of other receivables 2021 2020 Accounts receivable from insurers 5 14 Receivable from sale of subsidiaries (note 8.2) 79 78 Lease receivables 179 208 Accounts receivable - Via Varejo (*) 298 266 Receivables from sale of property and equipment (**) 148 291 Other 158 190 Allowance for doubtful accounts on other receivables (note 8.1) (15) (11) 852 1,036 Current 294 365 Non-current 558 671 (*) As the Company sold the equity interest in Via Varejo, the amount that had been reported as related parties was reclassified to other receivables. The amount of R$ 298 231 (**) Amount comprised mainly of a land purchase and sale agreement on September 29, 2018 for the amount of R$ 200 174 200 154 |
Schedule of other receivables allowance for doubtful accounts | Schedule of other receivables allowance for doubtful accounts 2021 2020 2019 At the beginning of the year (11) (15) (16) Allowance booked for the year (4) - - Write-off of other receivables - 2 5 Deconsolidation Sendas - 2 (4) At the end of the year (15) (11) (15) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of inventories | Schedule of inventories 2021 2020 Stores 1,646 2,453 Distribution centers 773 1,134 Inventories – Éxito Group 2,884 2,879 Real Estate Inventory – Éxito Group 50 142 Allowance for losses on inventory obsolescence and damages (note nº9.2) (96) (72) 5,257 6,536 |
Schedule of estimated losses on obsolescence and breakage | Schedule of estimated losses on obsolescence and breakage 2021 2020 2019 At the beginning of the year (72) (95) (65) Additions (63) (40) (51) Business combination - - (22) Write-offs / reversal 37 16 35 Foreign currency translation adjustment 2 (4) - Deconsolidation of Sendas - 51 8 At the end of the year (96) (72) (95) |
Recoverable taxes (Tables)
Recoverable taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Recoverable Taxes | |
Schedule of recoverable taxes | Schedule of recoverable taxes 2021 2020 State VAT tax credits - ICMS (note 10.1) 920 1,435 Social Integration Program/ Contribution for Social Security Financing - PIS/COFINS (note 10.2) 2,062 1,926 Social Security Contribution – INSS (note 10.3) 300 299 Income tax and social contribution prepayments (*) 672 462 Other 23 47 Other recoverable taxes – Éxito Group 176 130 Total 4,153 4,299 Current 1,743 1,199 Non-current 2,410 3,100 (*) Includes Éxito’s amount of R$ 460 440 |
The expected recoverability of ICMS tax credits is demonstrated as follows: | The Group understands that future realization of ICMS tax credits is probable based on a feasibility study, on the expectation of future growth and the expected offset against tax debts from its operations. The projections on the realization of ICMS balances are revised at least annually by the occasion of the annual strategic planning approved by the Company’s Board of Directors. Management has implemented monitoring controls over the progress of the plan annually established, assessing and including new elements that contribute to the recoverability of ICMS tax credits. The expected recoverability of ICMS tax credits is demonstrated as follows: Up to one year 456 From 1 to 2 years 336 From 2 to 3 years 27 From 3 to 4 years 27 From 4 to 5 years 11 More than 5 years 63 920 |
The realization of the PIS and COFINS balance is shown below: | The realization of the PIS and COFINS balance is shown below: Consolidated Up to one year 347 From 1 to 2 years 300 From 2 to 3 years 301 From 3 to 4 years 302 From 4 to 5 years 303 More than 5 years 509 2,062 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
The expenses related to management compensation (officers appointed pursuant to the Bylaws, including members of the Board of Directors and advisory committees) for the years ended December 31, 2021, 2020 and 2019, were as follows: | The expenses related to management compensation (officers appointed pursuant to the Bylaws, including members of the Board of Directors and advisory committees) for the years ended December 31, 2021, 2020 and 2019, were as follows: (In thousands of Brazilian Reais) Base salary Variable compensation Stock option plan – Note 24 Total compensation 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Board of directors (*) 26,884 67,716 38,207 - - - 6,908 4,056 2,366 33,792 71,772 40,573 Executive officers 18,016 36,868 33,373 6,995 11,175 12,943 3,202 10,906 15,596 28,213 58,949 61,912 Fiscal Council 432 331 - - - - - - - 432 331 - 45,332 104,915 71,580 6,995 11,175 12,943 10,110 14,962 17,962 62,437 131,052 102,485 % share-based payment over the total compensation 16.2 11.4 17.5 (*) Includes the compensation of the Board of Directors’ advisory committees (Human Resources and Compensation, Audit, Finance, Sustainable Development and Corporate Governance). |
Schedule of related party balances and transactions | Schedule of related party balances and transactions Balances Transactions Trade receivables Other assets Trade payables Other liabilities Revenues (expenses) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2019 Controlling shareholders Casino (i) - - - - - - 1 - (46) (91) (57) Foncière Euris (i) - - - - - - 1 - (6) (3) (1) Helicco Participações (i) - - - - - - - - - - (3) Geant international - - - - - - - - - - (3) Wilkes - - - - - - 2 - (5) - - Associates FIC (iii) 14 15 35 31 8 12 - - 62 55 83 Puntos Colombia (v) - - 42 37 - - 58 54 (119) (114) (13) Tuya (vi) - - 57 31 - - - 1 181 24 21 Other related parties Greenyellow (iv) - - - - - - 283 119 (325) (84) (35) Sendas Distribuidora (viii) 2 - 370 42 15 - 103 169 1,382 - - Casino Group (vii) 12 13 12 12 - - 19 19 (29) (30) (4) Others - - 1 1 - - - - - - - Total 28 28 517 154 23 12 467 362 1,095 (243) (12) The Company's main transactions with related parties are: (i) Casino: (ii) FIC: (iii) Greenyellow Company (iv) Puntos Colombia: Éxito's customer loyalty program. Amount (v) Tuya: Financial institution that is an associate of Éxito. Amount related to participation in business collaboration agreements and expense (vi) Casino Group: Receivable for expatriate expenses (vii) Sendas Distribuidora: As of December 31, 2020 Sendas is not a subsidiary of the Group. The Company is responsible for the |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of investments in subsidiaries | The details of the Company's subsidiaries at the end of each year are shown below: Schedule of investments in subsidiaries Direct and indirect equity interest - % 2021 2020 Companies Subsidiaries CBD Novasoc Comercial Ltda. (“Novasoc”) Brazil 100.00 100.00 CBD Holland B.V. (“CBD Holland”) Brazil 100.00 100.00 GPA 2 Empreend. e Participações Ltda. (“GPA 2”) Brazil 100.00 100.00 GPA Logística e Transporte Ltda. (“GPA Logística”) Brazil 100.00 100.00 GPA Holding Empreendimentos e Participações Ltda.("GPA Holding") Brazil 100.00 - SCB Distribuição e Comércio Varejista de Alimentos Ltda. ("Compre Bem'') Brazil 100.00 100.00 Stix Fidelidade e Inteligência S.A. ("Stix") Brazil 66.67 66.67 James Intermediação S.A. ("James Delivery") Brazil 100.00 100.00 Cheftime Comércio de Refeições S/A ("Cheftime") (*) Brazil 99.05 79.57 GPA Malls & Properties Gestão de Ativos e Serviços Imobiliários Ltda. (“GPA M&P”) Brazil 100.00 100.00 BCafeterias e Lanchonetes Ltda. ("BCafeterias") (*) Brazil - 100.00 Fronteira Serviços Imobiliários Ltda.("Fronteira") Brazil 100.00 100.00 Place2B Serviços Imobiliários Ltda.("Place2B") Brazil 100.00 100.00 Companhia Brasileira de Distribuição Luxembourg Holding S.à.r.l. ("CBDLuxco”) Luxembourg 100.00 100.00 Companhia Brasileira de Distribuição Netherlands Holding B.V. (“CBDDutchco”) Netherlands 100.00 100.00 Éxito Almacenes Éxito S.A. ("Éxito") Colombia 96.57 96.57 Éxito Industrias S.A.S. ("Éxito Industrias") Colombia 94.59 94.59 Fideicomiso Lote Girardot Colombia 96.57 96.57 Éxito Viajes y Turismo S.A.S. Colombia 49.25 49.25 Almacenes Éxito Inversiones S.A.S. (Móvil Éxito) Colombia 96.57 96.57 Transacciones Energéticas S.A.S Colombia 96.57 96.57 Marketplace Internacional Éxito y Servicios S.A.S. (MPI) Colombia 96.57 96.57 Logística, Transporte y Servicios Asociados S.A.S. (LTSA) Colombia 96.57 96.57 Depósitos y Soluciones Logísticas S.A.S. Colombia 96.57 96.57 Patrimonio Autónomo Iwana (****) Colombia 49.25 49.25 Patrimonio Autónomo Viva Malls (****) Colombia 49.25 49.25 Patrimonio Autónomo Viva Sincelejo (****) Colombia 25.12 25.12 Patrimonio Autónomo Viva Villavicencio (****) Colombia 25.12 25.12 Patrimonio Autónomo San Pedro Etapa I (****) Colombia 25.12 25.12 Patrimonio Autónomo Centro Comercial (****) Colombia 25.12 25.12 Patrimonio Autónomo Viva Laureles (****) Colombia 39.40 39.40 Patrimonio Autónomo Viva Palmas (****) Colombia 25.12 25.12 Patrimonio Autónomo Centro Comercial Viva (****) Colombia 44.33 44.33 Spice investment Mercosur Uruguay 96.57 96.57 Larenco S.A. Uruguay 96.57 96.57 Geant Inversiones S.A. Uruguay 96.57 96.57 Lanin S.A. Uruguay 96.57 96.57 5 Hermanos Ltda. Uruguay 96.57 96.57 Sumelar S.A. Uruguay 96.57 96.57 Gestión Logística S.A. (**) Uruguay 96.57 - Supermercados Disco del Uruguay S.A. (***) Uruguay 60.35 60.35 Maostar S.A. (****) Uruguay 30.18 30.18 Ameluz S.A. Uruguay 60.35 60.35 Fandale S.A. Uruguay 60.35 60.35 Odaler S.A. Uruguay 60.35 60.35 La Cabaña S.R.L. Uruguay 60.35 60.35 Ludi S.A. Uruguay 60.35 60.35 Semin S.A. Uruguay 60.35 60.35 Randicor S.A. Uruguay 60.35 60.35 Setara S.A. Uruguay 60.35 60.35 Hiper Ahorro S.R.L. Uruguay 60.35 60.35 Ciudad del Ferrol S.C. Uruguay 59.14 59.14 Mablicor S.A. Uruguay 30.78 30.78 Tipsel S.A. Uruguay 96.57 96.57 Tedocan S.A. Uruguay 96.57 96.57 Vía Artika S. A. Uruguay 96.57 96.57 Group Disco del Uruguay S.A. Uruguay 60.35 60.35 Devoto Hermanos S.A. Uruguay 96.57 96.57 Mercados Devoto S.A. Uruguay 96.57 96.57 Libertad S.A. Argentina 96.57 96.57 Onper Investment 2015 S.L Spain 96.57 96.57 Spice España de Valores Americanos S.L. Spain 96.57 96.57 Marketplace Internacional Éxito S.L Spain 96.57 96.57 Gelase S. A. Belgium 96.57 96.57 (*) On August 2021, CBD acquired a 19.48% stake from Cheftime's minority shareholders. (**) In 2021, Éxito acquired a 96.57% stake in Gestión Logística S.A. (***) Supermercados Disco del Uruguay S.A. is controlled through a Shareholders Agreement signed in April 2015, giving Éxito the 75% voting necessary. This agreement expired on June 30, 2021 and on August 18, 2021 a new Agreement was signed maintaining Éxito as controllering entity. (****) Companies controlled directly or indirectly by the Éxito, controlled through a Shareholders Agreement giving Éxito the majority of the voting powers. |
Schedule of investments in associates | The details of the Company's associates at the end of each year are shown below: Schedule of investments in associates Direct and indirect equity interest - % 2021 2020 Companies Subsidiaries Cnova N.V. Cnova N.V. (“Cnova Holanda”) Netherlands 33.98 33.98 Cdiscount Afrique SAS (“Cdiscount Afrique”) France 33.98 33.98 Cdiscount International BV (“Cdiscount Internacional”) Netherlands 33.98 33.98 Cnova France SAS (“Cnova France”) France 33.98 33.98 Cdiscount S.A. (“Cdiscount”) France 33.87 33.87 Cdiscount Côte d'Ivoire SAS Ivory Coast (“Cdiscount Côte”) Ivory Coast 33.98 33.98 Cdiscount Sénégal SAS (“Cdiscount Sénégal”) Senegal 33.98 33.98 Cdiscount Cameroun SAS (“Cdiscount Cameroun”) Cameroon 33.98 33.98 CLatam AS Uruguay (“CLatam”) Uruguay 23.79 23.79 Cdiscount Panama S.A. (“Cdiscount Panama”) Panama 23.79 23.79 Cdiscount Uruguay S.A. (“Cdiscount Uruguay”) Uruguay 23.79 23.79 Ecdiscoc Comercializadora S.A. (Cdiscount Ecuador) (“Ecdiscoc Comercializadora”) Ecuador 23.78 23.78 Cnova Pay France 33.98 33.98 BeezUP SAS ("BezzUp") France 25.29 33.98 CARYA France 33.87 33.87 HALTAE France 33.87 33.87 C-Logistics France 28.56 28.56 NEOSYS France 17.33 17.33 Neotech Solutions Morocco 17.33 17.33 NEOSYS Tunisie Tunisia 17.33 17.33 C Chez Vous France 28.53 28.56 Phoenix (*) France - 16.99 C-Shield France 33.87 33.87 C-TECHNOLOGY (former C-Payment) France 33.87 33.87 CLR (**) France 28.56 - MAAS France 33.87 33.87 FIC Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) Brazil 17.88 17.88 FIC Promotora de Vendas Ltda. (“FIC Promotora”) Brazil 17.88 17.88 Bellamar Empreend. e Participações Ltda. (“Bellamar”) Brazil 50.00 50.00 Éxito Puntos Colombia S.A.S ("Puntos") Colombia 48.29 48.29 Compañia de Financiamento Tuya S.A. ("Tuya") Colombia 48.29 48.29 Cnova N.V (“Cnova Holanda”) Netherlands 0.18 0.18 (*) In 2021 the Phoenix was sold. (**) In 2021 CLR was created. |
Schedule of financial statements | The summarized financial statements are as follows: Schedule of financial statements FIC Cnova N.V. Tuya 2021 2020 2021 2020 2021 2020 Current assets 8,742 6,738 4,110 4,224 5,293 4,728 Non-current assets 35 52 3,732 4,055 156 200 Total assets 8,777 6,790 7,842 8,279 5,449 4,928 Current liabilities 7,401 5,611 6,351 6,766 2,689 1,612 Non-current liabilities 44 22 3,066 2,806 2,039 2,578 Shareholders’ equity 1,332 1,157 (1,575) (1,293) 721 738 Total liabilities and shareholders’ equity 8,777 6,790 7,842 8,279 5,449 4,928 FIC Cnova N.V. Tuya Statements of Income: 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenues 1,034 989 1,207 13,824 13,117 9,689 783 615 698 Operating income 482 555 441 54 207 (24) 35 71 87 Net income (loss) for the year 265 329 263 (313) (138) (288) 15 37 (14) |
Breakdown of investments and rollfoward | 12.3. Breakdown of investments and rollfoward FIC Note 1.1 Bellamar Note 1.1 Tuya Puntos Colombia Other (*) Total Balances at 12.31.2019 289 - 307 2 (375) 223 Share of profit (loss) of associates – continuing operation 118 - 18 9 (47) 98 Dividends and interest on own capital - continuing operation (37) - - - - (37) Share of other comprehensive income - - 79 1 (156) (76) Capital increase - - 52 - 52 Deconsolidation (370) - - - (370) Spin off – Sendas - 196 - - 196 Fair value adjustment - 573 - - - 573 Balances at 12.31.2020 - 769 456 12 (578) 659 Share of profit (loss) of associates – continuing operation 47 8 3 (105) (47) Dividends and interest on own capital - continuing operation - (27) - - - (27) Share of other comprehensive income - - (46) (1) 6 (41) Capital increase - - 21 - 21 Balances at 12.31.2021 - 789 439 14 (677) 565 (*) Includes losses in the investment in associate Cnova N.V. of R$689 on December 31, 2021 (R$591 on December 31, 2020). |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of fair value of investment properties | Schedule of fair value of investment properties Balance at 12.31.2020 Additions Impairment Depre- ciation Write-off Exchange rate Transfers (*) Balance at 12.31.2021 Land 762 1 (4) - 4 (58) 54 759 Buildings 2,859 91 (28) (58) 3 (169) (243) 2,455 Construction in progress 18 32 - - - (3) (7) 40 Total 3,639 124 (32) (58) 7 (230) (196) 3,254 (*) Transfers to fixed assets Balance at 12.31.2019 Additions Impairment Depreciation Exchange rate Transfers Balance at 12.31.2020 Land 656 - (11) - 149 (32) 762 Buildings 2,385 6 (11) (63) 557 (15) 2,859 Construction in progress 10 8 - - 2 (2) 18 Total 3,051 14 (22) (63) 708 (49) 3,639 Balance at 12.31.2021 Balance at 12.31.2020 Cost Accumulated depreciation Net Cost Accumulated depreciation Net Land 759 - 759 762 - 762 Buildings 2,607 (152) 2,455 2,921 (62) 2,859 Construction in progress 40 - 40 18 - 18 Total 3,406 (152) 3,254 3,701 (62) 3,639 |
Schedule of fair value of investment properties by Exito and its subsidiaries | The net result generated by investment properties is as follows: Schedule of fair value of investment properties by Exito and its subsidiaries 2021 2020 Lease revenue 433 368 Operating expenses from investment properties that generate revenue (108) (78) Operating expenses from investment properties that do not generate revenue (103) (165) Net result generated by investment properties 222 125 |
Schedule of rates based on geographic region | Schedule of rates based on geographic region Range Discount rate 10.00 14.00 Vacancy rate 0.00 54.45 Terminal capitalization rate 7.50 8.50 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of changes in property and equipment | Schedule of changes in property and equipment Asset category Useful life (in years) Buildings 40 50 Leasehold improvements 24 40 Machinery and equipment 10 20 Facilities 11 Furniture and fixtures 9 12 Others 3 5 |
Schedule of property and equipment | Schedule of property and equipment Balance at 12.31.2020 Additions Remea- surement (*) Impairment Depreciation Write-offs (**) Merger Transfers (***) Exchange rate changes Balance at 12.31.2021 Land 3,540 2 - (1) (1) (80) 1 (162) (174) 3,125 Buildings 4,414 66 - (1) (156) (64) - (5) (246) 4,008 Leasehold improvements 2,412 118 - (3) (255) (241) 4 (200) (26) 1,809 Machinery and equipment 1,769 480 - - (336) (117) 1 (106) (75) 1,616 Facilities 283 5 - - (42) (24) - (25) - 197 Furniture and fixtures 706 122 - - (144) (7) - (36) (27) 614 Construction in progress 213 433 - - - (1) (9) (461) (4) 171 Other 34 9 - - (13) - - 3 - 33 Total 13,371 1,235 - (5) (947) (534) (3) ( 992 ) (552) 11,573 Lease – right of use: Buildings 6,465 232 (463) - (830) (485) - 1 (192) 4,728 Equipment 49 6 2 - (13) (2) - - (4) 38 Land 3 1 1 - - - - - - 5 6,517 239 (460) - (843) (487) - 1 (196) 4,771 Total 19,888 1,474 (460) (5) (1,790) (1,021) (3) (991) (748) 16,344 (*) (1,170) is related to the remeasurement of the leasing liability of the 50 stores that will be delivered to Sendas in 2022 (see note 1.1), partially offset by the monetary restatement of the rental contracts. (**) Mainly refers to the Extra Hiper transaction (see note 1.1), being R$ 481 385 (***) Of this amount, the main effects are R$ 996 115 196 Balance at 12.31.2019 Additions Remea- surement Impairment Depreciation Write-offs Merger Transfers (*) Exchange rate changes Deconsolidation Balance at 12.31.2020 Land 3,692 61 - - - (87) 121 (308) 542 (481) 3,540 Buildings 4,869 80 - (23) (156) (145) - (308) 705 (608) 4,414 Leasehold improvements 4,441 788 - - (429) (119) - 262 70 (2,601) 2,412 Machinery and equipment 2,281 308 - - (437) (69) - 172 151 (637) 1,769 Facilities 580 61 - - (67) (11) - (18) 8 (270) 283 Furniture and fixtures 1,007 120 - - (193) (16) - 62 66 (340) 706 Construction in progress 275 746 - - - (7) - (750) 17 (68) 213 Other 74 18 - - (28) - - 7 1 (38) 34 Total 17,219 2,182 - (23) (1,310) (454) 121 (881) 1,560 (5,043) 13,371 Lease – right of use: Buildings 7,023 2,001 1,403 - (928) (1,005) - (3) 402 (2,428) 6,465 Equipment 45 24 (7) - (15) (1) - - 9 (6) 49 Land 3 - - - - - - - - - 3 7,071 2,025 1,396 - (943) (1,006) - (3) 411 (2,434) 6,517 Total 24,290 4,207 1,396 (23) (2,253) (1,460) 121 (884) 1,971 (7,477) 19,888 (*) The main effects are R$ 722 198 49 Balance at 12.31.2021 Balance at 12.31.2020 Cost Accumulated depreciation Net Cost Accumulated depreciation Net Land 3,125 - 3,125 3,540 - 3,540 Buildings 4,751 (743) 4,008 5,219 (805) 4,414 Leasehold improvements 3,749 (1,940) 1,809 4,778 (2,366) 2,412 Machinery and equipment 4,201 (2,585) 1,616 4,438 (2,669) 1,769 Facilities 554 (357) 197 725 (442) 283 Furniture and fixtures 1,810 (1,196) 614 1,966 (1,260) 706 Construction in progress 171 - 171 213 - 213 Other 163 (130) 33 181 (147) 34 18,524 (6,951) 11,573 21,060 (7,689) 13,371 Lease – right of use: Buildings 8,774 (4,046) 4,728 10,069 (3,604) 6,465 Equipment 101 (63) 38 105 (56) 49 Land 9 (4) 5 7 (4) 3 8,884 (4,113) 4,771 10,181 (3,664) 6,517 Total 27,408 (11,064) 16,344 31,241 (11,353) 19,888 |
Schedule of reconciliation of additions to property and equipment | Schedule of reconciliation of additions to property and equipment 2021 2020 Additions (i) 1,474 4,207 Lease (239) (2,025) Capitalized borrowing costs (11) (15) Property and equipment financing - Additions (ii) (1,149) (2,001) Property and equipment financing - Payments (ii) 960 2,123 Total 1,035 2,289 (i) The additions are related to the purchase of operating assets, acquisition of land and buildings to expand activities, building of new stores, improvements of existing distribution centers and stores and investments in equipment and information technology. (ii) The additions to property 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. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of changes in intangible assets | 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 Statements of Income in the year the asset is derecognized. Schedule of changes in intangible assets Balance at 12.31.2020 Additions Impairment Amortization Write-off Remeasurement Exchange rate changes Transfer (**) Balance at 12.31.2021 Goodwill 750 - - - - - (21) - 729 Tradename 3,731 - (22) - - - (324) - 3,385 Commercial rights (note 15.2) 47 4 - - - - - - 51 Contractual rights 3 - - - - - - - 3 Software 1,030 228 - (214) (2) - (13) 115 1,144 5,561 232 (22) (214) (2) - (358) 115 5,312 Lease-right of use: Right of use Paes Mendonça (*) 567 - - (47) - 43 - (150) 413 Software 36 - - (8) - - - - 28 603 - - (55) - 43 - (150) 441 Total 6,164 232 (22) (269) (2) 43 (358) (35) 5,753 (*) Correspond to the premium paid for the renewal of the agreement with Paes Mendonça to operate certain stores until 2048. (**) Right-of-use value of R$150 reclassified to assets held for sale (Note 32) Balance at 12.31.2019 Additions Amortization Write-off Remeasurement Exchange rate changes Transfer Deconsolidation Sendas Balance at 12.31.2020 Goodwill 1,314 - - - - 39 15 (618) 750 Tradename 3,059 - - - - 700 12 (40) 3,731 Commercial rights (note 15.2) 136 6 - - - - - (95) 47 Contractual rights 3 - (1) - - 13 (12) - 3 Software 888 191 (179) (2) - 19 183 (70) 1,030 5,400 197 (180) (2) - 771 198 (823) 5,561 Lease-right of use: Right of use Paes Mendonça (*) 780 - (47) - 49 - - (215) 567 Software 56 1 (21) - - - - - 36 836 1 (68) - 49 - - (215) 603 Total 6,236 198 (248) (2) 49 771 198 (1,038) 6,164 (*) Correspond to the premium paid for the renewal of the agreement with Paes Mendonça to operate certain stores until 2048. |
Schedule of intangible assets | Schedule of intangible assets Balance at 12.31.2021 Balance at 12.31.2020 Cost Accumulated Net Cost Accumulated Net Goodwill 1,587 (858) (*) 729 2,478 (1,728) (*) 750 Tradename 3,385 - 3,385 3,731 - 3,731 Commercial rights (note 15.2) 54 (3) 51 47 - 47 Contractual rights 6 (3) 3 5 (2) 3 Software 2,165 (1,021) 1,144 2,012 (982) 1,030 7,197 (1,885) 5,312 8,273 (2,712) 5,561 Lease-right of use: Right of use Paes Mendonça 543 (130) 413 653 (86) 567 Software 170 (142) 28 120 (84) 36 713 (272) 441 773 (170) 603 Total intangibles 7,910 (2,157) 5,753 9,046 (2,882) 6,164 (*) Refers to amortizations recorded previously prior to the first time adoption of the IFRS. |
Schedule of reconciliation of additions to intangible assets | 15.3. Additions to intangible assets for cash flow presentation purposes: Schedule of reconciliation of additions to intangible assets 2021 2020 Additions 232 198 Intangible assets financing - Addition - (1) Intangible assets financing - Payments - 4 Total 232 201 |
Trade payables, net (Tables)
Trade payables, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of trade payables, net | Schedule of trade payables, net 2021 2020 Product suppliers 9,591 10,907 Service suppliers 870 904 Bonuses from suppliers (note 16.2) (383) (387) 10,078 11,424 |
Borrowings and financing (Table
Borrowings and financing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of debt breakdown | Schedule of debt breakdown 17.1. Debt breakdown Weighted average rate 2021 2020 Debentures and promissory note Debentures, certificate of agribusiness receivables and promissory notes (note 17.4) CDI + 1.59% per year 4,613 4,598 4,613 4,598 Borrowings and financing Local currency BNDES - - Working capital CDI + 1.89% per year 2,737 2,689 Working capital TR + 9.80 % per year 11 13 Swap contracts (note 17.7) CDI – 0.08% per year (1) (2) Unamortized borrowing costs (11) (13) 2,736 2,687 Foreign currency (note 17.5) Working capital USD + 2.12% per year 448 271 Working capital IBR 1M + 1.45% 276 - Working capital IBR 3M + 1.6% 959 1,534 Working capital Argentina Pre: 39.52% - 26 Credit letter 12 12 Swap contracts (note 17.7) CDI + 1.70% per year 7 12 Swap contracts (note 17.7) IBR 3M + 1.6% - 1 Unamortized borrowing costs - (1) 1,702 1,855 Total 9,051 9,140 Current assets - - Non-current assets 1 11 Current liabilities 1,470 2,309 Non-current liabilities 7,582 6,842 |
Schedule of changes in borrowings | Schedule of changes in borrowings 17.2. Changes in borrowings At December 31, 2020 9,140 Additions 4,860 Accrued interest 500 Accrued swap (7) Mark-to-market 15 Monetary and exchange rate changes 20 Borrowing cost 15 Interest paid (482) Payments (4,842) Swap paid (23) Foreign currency translation adjustment (145) At December 31, 2021 9,051 At December 31, 2019 14,108 Additions 7,262 Accrued interest 755 Accrued swap (343) Mark-to-market 14 Adjustment to present value 115 Monetary and exchange rate changes 331 Borrowing cost 53 Interest paid (774) Payments (5,125) Swap paid 333 Foreign currency translation adjustment 173 Deconsolidation Sendas (7,762) At December 31, 2020 9,140 |
Schedule of maturity of non-current borrowings and financing | Schedule of maturity of non-current borrowings and financing 17.3. Maturity schedule of non-current borrowings and financing Year From 1 to 2 years 2,724 From 2 to 3 years 1,689 From 3 to 4 years 1,334 From 4 to 5 years 1,252 After 5 years 599 Subtotal 7,598 Unamortized borrowing costs (17) Total 7,581 |
Schedule of debentures, promissory note and certificate of agribusiness receivables | Schedule of debentures, promissory note and certificate of agribusiness receivables 17.4. Debentures, Promissory Note and Certificate of Agribusiness Receivables Date Consolidated Type Issue Amount Outstanding debentures (units) Issue Maturity Financial charges Unit price (in reais) 12.31.2021 12.31.2020 15th Issue of Debentures – CBD No preference 800 - 01/17/18 01/15/21 - - - 451 16th Issue of Debentures – CBD (1st series) No preference 700 - 09/11/18 09/10/21 - - - 711 16th Issue of Debentures – CBD (2nd series) No preference 500 - 09/11/18 09/12/22 - - - 521 17th Issue of Debentures - CDB No preference 2,000 2,000,000 01/06/20 01/06/23 CDI + 1.45% per year 1,038 2,075 2,033 4th Issue of Promissory Notes – CBD No preference 800 - 01/10/19 01/09/22 - - - 891 18th Issue of Debentures – CBD (1st series) No preference 980 980,000 05/14/21 05/10/26 CDI + 1.70% per year 1,014 994 - 18th Issue of Debentures – CBD (2nd series) No preference 520 520,000 05/14/21 05/10/28 CDI + 1.95% per year 1,014 527 - 5th Issue of Promissory Notes – CBD (1st series) No preference 500 500 07/30/21 07/30/25 CDI + 1.55% per year 1,033,886 517 - 5th Issue of Promissory Notes – CBD (2nd series) No preference 500 500 07/30/21 07/30/26 CDI + 1.65% per year 1,034,314 517 - Borrowing cost - (17) (9) 4,613 4,598 Current liabilities 1,089 1,220 Non-current liabilities 3,524 3,378 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of financial instruments | The main financial instruments and their carrying amounts, by category, are as follows: Schedule of financial instruments Carrying amount 2021 2020 Financial assets: Amortized cost Cash and cash equivalents 8,274 8,711 Related parties - assets 517 154 Trade receivables and other receivables 1,589 1,614 Others assets 9 48 Fair value through profit or loss Financial instruments – Fair value hedge 1 11 Financial instruments about lease – Fair value hedge 9 1 Suppliers’ financial instruments – Fair value hedge 15 - Others assets 2 2 Fair value through other comprehensive income Trade receivables - credit card companies and sales vouchers 95 113 Others assets 28 28 Financial liabilities: Other financial liabilities - amortized cost Related parties – liabilities (467) (194) Trade payables (10,078) (11,424) Financing for purchase of assets (250) (100) Debentures and promissory notes (4,613) (4,598) Borrowings and financing (3,973) (4,247) Lease (6,118) (8,372) Fair value through profit or loss Borrowings and financing ( Hedge accounting underlying) (459) (284) Financial instruments – Fair Value Hedge – liabilities side (7) (22) Financial instruments about lease – Fair value hedge – liabilities side - (2) Suppliers financial instruments - Fair value hedge - liabilities side (1) (25) Disco Group put option (*) (701) (636) (*) See note 18.3. |
Schedule of changes as to objectives, policies or processes | The Group capital structure is as follows: Schedule of changes as to objectives, policies or processes 2021 2020 Cash and cash equivalents 8,274 8,711 Financial instruments – Fair value hedge 17 (37) Borrowings, financing and debentures (9,045) (9,129) Other liabilities with related parties (*) (145) (120) Net financial debt (899) (575) Shareholders’ equity (16,380) (16,807) Net debt to equity ratio 5 3 (*) Represents amount payable to Greenyellow related to the purchase of equipment. |
Schedule of aging profile of financial liabilities | The table below summarizes the aging profile of the Group’s financial liabilities as at December 31, 2021. Schedule of aging profile of financial liabilities Up to 1 Year 1 – 5 years More than 5 years Total Borrowings and financing 2,016 9,285 587 11,888 Lease liabilities 1,369 4,042 3,690 9,101 Trade payables 10,078 - - 10,078 Total 13,463 13,327 4,277 31,067 |
For derivative transactions that qualify as hedge accounting, the debt, which is the hedged item, is also adjusted to fair value. | The Group calculates the effectiveness of hedge transactions at the inception date and on a continuing basis. Hedge transactions contracted in the year ended December 31, 2021 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 to fair value. Notional value Fair value 2021 2020 2021 2020 Fair value hedge Hedge object (debt) 469 301 459 284 Long position (buy) Prefixed rate TR + 9.80% per year 22 21 11 13 US$ + fixed USD + 1.70% per year 447 280 448 271 469 301 459 284 Short position (sell) CDI + 1.66% per year (469) (301) (465) (294) Hedge position - asset - 1 11 Hedge position - liability - (7) (21) Net hedge position - - (6) (10) |
Schedule of other financial instruments | (i) Other financial instruments Schedule of other financial instruments Transactions Risk (CDI variation) Balance at 2021 Scenario I Scenario II Scenario III Fair value hedge (fixed rate) CDI-0.08% per year (10) (1) (1) (1) Fair value hedge (exchange rate) CDI+1.70% per year (455) (63) (69) (58) Debentures and promissory notes CDI+1.59% per year (4,630) (584) (643) (526) Bank loans CDI+1.89% per year (2,737) (345) (380) (311) Total borrowings and financing exposure (7,832) (993) (1,093) (896) Cash and cash equivalents (*) 93.51% of CDI 4,598 503 553 453 Net exposure (3,234) (490) (540) (443) (*) Weighted average |
Schedule of sensitivity analysis | Schedule of sensitivity analysis Market projection Transactions Balance 2021 Scenario I Scenario II Scenario III Bank loans and swap (1,224) - 55 (58) |
Schedule of fair value hierarchy of financial assets and liabilities | The table below presents the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, for which the fair value is disclosed in the consolidated financial statements: Schedule of fair value hierarchy of financial assets and liabilities Carrying amount Fair value 12.31.2021 12.31.2021 Level Financial assets and liabilities Trade receivables with credit card companies and sales vouchers 95 95 2 Cross-currency interest rate swap (7) (7) 2 Interest rate swaps 10 10 2 Forward between Currencies 14 14 2 Borrowings and financing (FVPL) (459) (459) 2 Borrowings and financing and debentures (amortized cost) (8,586) (8,451) 2 Disco Group put option (*) (701) (701) 3 Total (9,634) (9,499) (*) Non-controlling shareholders of Group Disco del Uruguay S.A., Éxito Group’s subsidiary has an exercisable put option based on a formula that uses data such as net income, EBITDA - earnings before interest, taxes, depreciation and amortization - and net debt, in addition to fixed amounts determined in the contract and the exchange variation applicable for conversion to the functional currency. This put option is presented in “Acquisition of non-controlling interest”. |
Schedule of consolidated position of outstanding derivative transactions | The outstanding derivative financial instruments are presented in the table below: Schedule of consolidated position of outstanding derivative transactions Risk Notional (millions) Due date 2021 2020 Debt USD - BRL US$ 50 2023 (7) (12) Interest rate - BRL R$ 21 2026 1 2 Derivatives - Fair value hedge - Brazil (6) (10) Lease liability USD - COP US$ 1 2022 - 1 Debt Interest rate - COP COP 108,750 2021 - (2) Interest rate - COP COP 108,750 2022 - (1) Interest rate - COP COP 102,708 2022 1 - Interest rate - COP COP 200,000 2023 7 - 8 (3) Trade payables EUR - COP EUR 3 2021 - (2) USD - COP USD 35 2021 - (23) USD - COP USD 105 2022 15 - 15 (25) Derivatives – Éxito Group 23 (27) |
Taxes payable (Tables)
Taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes Payable | |
Schedule of taxes and contributions payable and taxes payable | 19.1 Taxes and contributions payable and taxes payable in installments are as follows : Schedule of taxes and contributions payable and taxes payable 2021 2020 Taxes payable in installments - Law 11,941/09 (ii) 177 244 Taxes payable in installments – PERT (i) 115 151 ICMS 82 99 PIS and COFINS 9 9 Provision for income tax and social contribution 17 13 Withholding Income Tax 4 2 INSS 6 5 Other 47 25 Taxes payable – Éxito Group 276 285 733 833 Current 580 585 Non-current 153 248 (i) In 2017, the Group decided to include certain federal tax debts in the Special Program on Tax Settlements – PERT (“PERT Program.”) The program allows the payment of certain taxes in monthly installments, and granted discounts on interest and penalties. The Group included tax debts related to (i) tax assessments over purchase transactions, manufacturing and exports sales of soil beans (PIS/COFINS), (ii) non-validation of tax offsets (IRPJ, PIS/COFINS); and other tax debts previously classified as possible risks related mainly to CPMF( Contribuição provisória sobre movimentação financeira - (See note 22.2). The PERT liability is being settled in monthly installments up to 12 years. The Group is in compliance with the obligations assumed under the PERT Program. (ii) Federal tax installment payment program, Law 11,941/09 – The Law 11,941, was enacted on May 27, 2009, a special federal tax and social security debt installment program, for debts overdue until November 2008, which granted several benefits to its participants, such as reduction of fines, interest rates and penalties, the possibility of utilization of accumulated tax losses to settle penalties and interest and payment in 180 months, use of restricted deposits linked to the claim to reduce the balance. The program also allows the gains arising from reduction of fines and penalties not to be taxable for income taxes purposes. The Group is in compliance with the terms and conditions of these tax payment program. |
Schedule of maturity of taxes payable | 19.2 Maturity schedule of taxes payable in installments in non-current liabilities: Schedule of maturity of taxes payable From 1 to 2 years 86 From 2 to 3 years 32 From 3 to 4 years 12 From 4 to 5 years 23 153 |
Income tax and social contrib_2
Income tax and social contribution (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of reconciliation of income and social contribution tax expense | Schedule of reconciliation of income and social contribution tax expense 20.1 Income tax and social contribution effective rate reconciliation 2021 2020 2019 Income (loss) before income tax and social contribution (Continued operations) 369 1,901 (368) Credit (expense) of Income tax and social contribution expense at the nominal rate (*) (134) (542) 105 Tax penalties (16) (11) (16) Share of profit of associates (11) 19 (2) Interest on own capital 114 (78) (4) Tax benefits 28 12 6 Sendas spin-off - (74) - Tax Credits (**) 238 - - Subsidy for investments (****) 557 - - Tax on results earned abroad (***) (106) - - Provision for non-realization of tax losses (***) (51) - - Other permanent differences (25) 12 6 Effective income tax and social contribution expense 594 (662) 95 Credit (expense) income tax and social contribution expense for the year: Current (82) (371) 249 Deferred 676 (291) (154) Credit (expense) income tax and social contribution expense 594 (662) 95 Effective rate -160.98% 34.82% 25.82% (*) The nominal rate is 34 31 32 25 30 25 (**) In September 2021, the Federal Supreme Court (STF) ruled, in terms of general repercussion, for the unconstitutionality of the collection of IRPJ and CSLL on amounts related to Selic interest arising from tax overpayments. Indeed, in 2021, the Company recorded income tax credits in the amount of R$238, of which R$18 was recorded under Recoverable Taxes and R$220 in the reversal of deferred income tax liabilities. (***) Amounts related to taxes calculated on subsidiaries abroad, related to entities in Éxito. Additionally, provisions were made for tax losses on subsidiaries with merger plans by management. (****) Certain Company operations benefit from state tax incentives which, pursuant to article 30 of Law No. 12,973/14 and Complementary Law No. 160/17, could be characterized as investment subsidies. The Company recorded the credit in 2021 based on its and legal advisors' opinion about the judgment in Higher Chamber of the Administrative Tax Appeals Council ("CSRF"). For the year ended December 31, 2021, the respective amounts were excluded from the IRPJ calculation basis. |
Schedule of breakdown of deferred income tax and social contribution | Schedule of breakdown of deferred income tax and social contribution 2021 2020 Asset Liability Net Asset Liability Net Tax losses and negative basis of social contribution 1,145 - 1,145 514 - 514 Provision for contingencies 397 - 397 376 - 376 Goodwill tax amortization - (481) (481) - (496) (496) Mark-to-market adjustment - (7) (7) - (6) (6) Fixed assets, tradename and investment property - (1,710) (1,710) - (1,686) (1,686) Unrealized gains with tax credits - (239) (239) - (402) (402) Net adjustments of IFRS 16 285 - 285 389 - 389 Cash flow hedge - (7) (7) 11 - 11 Other 96 - 96 29 - 29 Presumed profit on equity of Éxito 167 - 167 237 - 237 Deferred income tax and social contribution 2,090 (2,444) (354) 1,556 (2,590) (1,034) Off-set assets and liabilities (1,509) 1,509 - (1,556) 1,556 - Deferred income tax and social contribution assets /( liabilities), net 581 (935) (354) - (1,034) (1,034) |
The Company estimates the recovery of the deferred tax assets as follows: | The Company estimates the recovery of the deferred tax assets as follows: Up to one year 387 From 1 to 2 years 304 From 2 to 3 years 248 From 3 to 4 years 307 From 4 to 5 years 369 Above 5 years 475 2,090 |
Schedule of changes in deferred income tax and social contribution | Schedule of changes in deferred income tax and social contribution 20.3 Movement in deferred income tax and social contribution 2021 2020 2019 Opening balance (1,034) (858) (225) Credit (expense) for the year – Continuing operations 676 (291) (154) Credit (expense) for the year - Discontinued operations - 214 (122) Tax on discontinued operations - - 314 Income tax related to OCI - Continuing operations - - 1 Income tax related to OCI - Discontinued operations - - (20) Business combination - - (747) Exchange rate changes 13 (188) (18) Assets held for sale and discontinued operations - - 122 Deconsolidation - Sendas - 91 - Other (9) (2) (9) At the end of the period (354) (1,034) (858) |
Provision for contingencies (Ta
Provision for contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of provision for contingencies | Schedule of provision for contingencies Tax Social security and labor Civil and Regulatory Total Balance at December 31, 2020 937 303 145 1,385 Additions 136 180 161 477 Payments (22) (82) (57) (161) Reversals (219) (77) (44) (340) Monetary adjustment 21 38 34 93 Exchange rate changes (8) (1) (3) (12) Balance at December 31, 2021 845 361 236 1,442 Tax Social security and labor Civil and Regulatory Total Balance at December 31, 2019 841 319 145 1,305 Additions 331 166 166 663 Payments (13) (75) (73) (161) Reversals (67) (83) (70) (220) Monetary adjustment (3) 38 21 56 Exchange rate changes 17 2 5 24 Deconsolidation Sendas (*) (169) (64) (49) (282) Balance at December 31, 2020 937 303 145 1,385 (*) As result of the Sendas’ spin-off, the balances of provisions for legal demands totaling R$ 282 were deconsolidated, of which R$169 of tax contingencies, R$64 of labor contingencies, and R$49 of civil contingencies and others. |
Schedule of restricted deposits | 21.5 Restricted deposits for legal proceedings The Group is challenging the payment of certain taxes, contributions and labor-related obligations and has made restricted deposits in the corresponding amounts, as well as escrow deposits related to the provision for legal proceedings. The Group has recorded restricted deposits as follows. Schedule of restricted deposits 2021 2020 Tax 206 123 Labor 498 407 Civil and other 27 33 Total 731 563 |
Schedule of guarantees | 21.6 Guarantees Schedule of guarantees Lawsuits Property and equipment Letter of Guarantee Total 2021 2020 2021 2020 2021 2020 Tax 723 733 9,924 10,022 10,647 10,755 Labor - - 1,153 613 1,153 613 Civil and other 9 9 495 558 504 567 Total 732 742 11,572 11,193 12,304 11,935 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of minimum rental payment on termination | Leasing contracts totaled R$ 6,118 8,374 Schedule of minimum rental payment on termination 2021 2020 Lease liability – minimum lease payments: Up to 1 year 895 947 1 - 5 years 2,807 3,053 Over 5 years 2,416 4,374 Present value of finance lease agreements 6,118 8,374 Future financing charges 2,983 6,630 Gross amount of finance lease agreements 9,101 15,004 |
Schedule of contingent lease payments | Schedule of contingent lease payments At December 31, 2020 8,374 Additions 239 Remeasurement (*) (417) Accrued interest 739 Payments (1,523) Anticipated lease contract termination (1,022) Exchange rate changes (210) Liabilities on Non-Current Assets for Sale (62) At December 31, 2021 6,118 Current 895 Non-current 5,223 At December 31, 2019 8,667 Additions 2,025 Remeasurement 1,445 Accrued interest 958 Payments (1,680) Anticipated lease contract termination (698) Exchange rate changes 433 Deconsolidation of Sendas (2,776) At December 31, 2020 8,374 Current 947 Non-current 7,427 (*) (R$1,170) is related to the remeasurement of the leasing liability of the 50 stores that will be delivered to Sendas in 2022 and the remainder is related to the monetary restatement of the rental contracts. |
Schedule of finance lease | Schedule of finance lease 2021 2020 2019 Expenses (income) for the year: Variable (0.1% to 4.5% of sales) 55 40 19 Sublease rentals (*) (241) (196) (210) (*) Refers to revenues from lease agreements from commercial shopping malls and spaces rented in the stores. |
Deferred revenues (Tables)
Deferred revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of liabilities related to assets held to sale | Schedule of liabilities related to assets held to sale 2021 2020 Deferred revenue in relation to sale of real estate property 30 8 Additional or extended warranties 11 12 Services rendering agreement 11 8 Revenue from credit card operators and banks 106 80 Gift Card 182 131 Others 108 77 448 316 Current 383 297 Non-current 65 19 |
Shareholders_ equity (Tables)
Shareholders’ equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of former stock option plan, stock option plan and compensation plan | Information on the plans are summarized below: Schedule of former stock option plan, stock option plan and compensation plan 2021 Number of options (in thousands) Series granted Grant date 1st date of exercise Exercise price at the grant date Granted Exercised Cancelled Expired Outstanding B5 05/31/2018 05/31/2021 0.01 594 (528) (49) (17) - C5 05/31/2018 05/31/2021 15.42 594 (482) (60) (52) - B6 05/31/2019 05/31/2022 0.01 462 (129) (33) - 300 C6 05/31/2019 05/31/2022 17.39 359 (122) (42) - 195 B7 01/31/2021 05/31/2023 0.01 673 (103) (23) - 547 C7 01/31/2021 05/31/2023 12.60 497 (104) (23) - 370 3,179 (1,468) (230) (69) 1,412 |
Schedule of maximum percentage of interest dilution | The table below shows the dilutive effect if all options granted were exercised: Schedule of maximum percentage of interest dilution 2021 2020 Number of shares 269,376 268,352 Balance of effective stock options granted 1,412 1,468 Maximum percentage of dilution 0.52 0.55 |
Schedule of stock option activity | Schedule of stock option activity Shares in thousands Weighted average of exercise price Weighted average of remaining contractual term At December 31, 2020 Granted during the period - - Cancelled during the period (69) 42.59 Exercised during the period (489) 23.93 Expired during the period (127) 42.44 Outstanding at the end of the period 1,468 30.71 0.88 Total to be exercised at December 31, 2020 1,468 30.71 0.88 At December 31, 2021 Granted during the period 1,225 22.37 Cancelled during the period (55) 10.50 Exercised during the period (1,157) 7.65 Expired during the period (69) 11.57 Outstanding at the end of the period 1,412 5.71 1.06 Total to be exercised at December 31, 2021 1,412 5.71 1.06 |
Schedule of dividends proposed | Schedule of dividends proposed Proposed dividends 2021 2020 2019 Net income for the year 802 2,179 790 Legal reserve (40) (109) (39) Governmental subsidy reserve (438) (9) - Calculation basis of dividends 324 2,061 751 Mandatory minimum dividends – 25% 81 515 188 Payment of interim dividends as interest on own capital, net of withholding taxes - - (32) Dividends payable 81 515 156 |
Revenue from the sale of good_2
Revenue from the sale of goods and / or services (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of net operating revenue | Schedule of net operating revenue 2021 2020 2019 Gross sales Goods 54,862 54,466 30,826 Services rendered 1,907 1,608 555 Sales returns and cancellations (395) (342) (216) 56,374 55,732 31,165 Taxes on sales (5,083) (4,479) (2,327) Net operating revenue 51,291 51,253 28,838 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of expenses by nature | General and administrative expenses correspond to overhead and the cost of corporate units, including purchasing and procurement, information technology and financial activities. Schedule of expenses by nature 2021 2020 2019 Cost of inventories (36,180) (35,357) (19,893) Personnel expenses (5,472) (5,500) (3,607) Outsourced services (895) (838) (438) Overhead expenses (2,368) (2,214) (1,361) Commercial expenses (1,570) (1,690) (1,074) Other expenses (1,209) (1,248) (550) (47,694) (46,847) (26,923) Cost of sales (38,341) (37,504) (21,225) Selling expenses (7,645) (7,755) (5,166) General and administrative expenses (1,708) (1,588) (532) (47,694) (46,847) (26,923) |
Other operating expenses, net (
Other operating expenses, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of other operating expenses, net | Other operating income and expenses correspond to the effects of major or nonrecurring events occurred during the year that do not meet the definition for the other Statements of Income lines. Schedule of other operating expenses, net 2021 2020 2019 Tax installments and other tax risks (139) (374) (158) Restructuring expenses (i) (290) (454) (267) Gain on disposal of property and equipment (ii) (17) 378 39 Extra Hiper stores transaction (iii) 426 - - Corporate reorganization (iv) - 513 - Prevention spending – Covid-19 (v) - (134) - Others 13 - - (7) (71) (386) (i) Amounts related to restructuring expenses in the Brazilian operations and those incurred in connection with the acquisition of Éxito Group. (ii) In 2020, the net gain on disposal of fixed assets was mainly impacted by Sale and Leaseback operations in the amount of R$187 (see note 1.4, disposal of 3 stores in the city of Curitiba in the amount of R$68 and the disposal of 2 non-core properties in the city of São Paulo in the amount of R$190 (see note 32), R$45 in 2019. (iii) For the sale of these 20 commercial points and the 6 owned properties, on December 31, 2021, the Company recorded revenue in the amount of R$1.2 billion, in addition to write-offs of assets corresponding to the amount of R$481, positive effect from the remeasurement of IFRS 16 of R$522 and expenses of R$816 (R$147 of which related to dismissal of employees, R$283 cancellation of contracts, R$279 markdown of inventories and R$107 other expenses related to the transaction)). See Note 1.1. (iv) Impacts related to the spin-off of Sendas totaled revenue of R$513 including (i) revaluation of the remaining held in FIC by IFRS10 (50% of the interest held in GPA was transferred to Sendas at fair value price) in the amount of R$573 (see note 1.2) and (ii) costs related to the spin-off (expenses of R$60). (v) The expenses incurred as a consequence of the pandemic refer to the purchase of individual protection items and adaptation of the stores, expenses with overtime, expenses with internal and external communication, incremental expenses with transportation and with cleaning and sanitation services. |
Financial income (expenses), _2
Financial income (expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of financial income (expenses), net | Financial expenses include substantially interest and financial charges on borrowings and financing and discounting receivables during the year, losses arising from measurement of derivative financial instruments at fair value, losses on disposals of financial assets, financial charges on provisions on lawsuits and taxes and interest charges on leases, as well as discount charges. Schedule of financial income (expenses), net 2021 2020 2019 Finance expenses: Cost of debt (516) (387) (337) Cost of the discounting of receivables (117) (58) (101) Monetary restatement loss (351) (265) (151) Interest on lease liabilities (719) (729) (528) Other finance expenses (106) (198) (107) Total financial expenses (1,809) (1,637) (1,224) Financial income: Income from short term instruments 115 152 111 Monetary restatement gain (*) 364 749 234 Other financial income 9 8 8 Total financial income 488 909 353 Total (1,321) (728) (871) (*) On October 29, 2020, the lawsuit had an unappeasable decision in favor of the Company, granting a tax credit in the amount of R$ 1,609 613 109 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of earnings per share | The table below presents the determination of 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 reporting exercise: Schedule of earnings per share 2021 2020 2019 Basic numerator Net income (loss) allocated to controlling shareholder – continuing operations 805 1,092 (287) Net income (loss) allocated to controlling shareholder - discontinued operations (3) 1,087 1,077 Net income allocated to controlling shareholder 802 2,179 790 Basic denominator (millions of shares) Weighted average of shares 269 268 267 Basic earnings (loss) per share (R$) – continuing operations 2.99595 4.07575 (1.07463) Basic earnings (loss) per share (R$) – discontinued operations (0.01117) 4.05709 4.03267 Basic earnings per share (R$) – total 2.98478 8.13283 2.95804 Diluted numerator Net income (loss) allocated to ordinary controlling shareholders – continuing operations 805 1,092 (287) Net income (loss) allocated to ordinary controlling shareholders - discontinued operations (3) 1,087 1,077 Net income allocated to ordinary controlling shareholders 802 2,179 790 Diluted denominator Weighted average of outstanding shares (in millions) 269 268 267 Stock option (in millions) - 1 1 Diluted weighted average of outstanding shares (millions) 269 269 268 Diluted earnings (loss) per share (R$) – continuing operations 2.99153 4.06984 (1.07337) Diluted earnings (loss) per share (R$) – discontinued operations (0.01117) 4.05120 4.02728 Diluted earnings per share (R$) – total 2.98036 8.12104 2.95391 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of segment information | Schedule of segment information Description Brazilian retail Grupo Éxito Other Business Discontinued operations Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net operating revenue 26,864 29,170 26,654 24,357 22,034 2,151 70 49 33 - - - 51,291 51,253 28,838 Operating income 712 2,016 467 1,121 652 90 (96) (137) (56) - - - 1,737 2,531 501 Net financial expenses (1,039) (386) (815) (279) (340) (57) (3) (2) 1 - - - (1,321) (728) (871) Profit(loss) before income tax and social contribution (280) 1,748 (241) 853 339 27 (204) (186) (154) - - - 369 1,901 (368) Share of profit of associates 47 118 107 11 27 (6) (105) (47) (99) - - - (47) 98 2 Income tax and social contribution 908 (559) 121 (321) (110) (28) 7 7 2 - - - 594 (662) 95 Net income (loss) for continuing operations 628 1,189 (120) 532 229 (1) (197) (179) (152) - - - 963 1,239 (273) Net income (loss) for discontinued operations (3) 85 312 - (1) - - - - 1,003 797 (3) 1,087 1,109 Net income (loss) of year end 625 1,274 192 532 228 (1) (197) (179) (152) - 1,003 797 960 2,326 836 |
Schedule of segment information | Schedule of segment information Current assets 9,898 9,747 7,871 8,015 103 95 - - 17,872 17,857 Non-current assets 13,796 16,672 17,694 18,930 81 52 - - 31,571 35,654 Current liabilities 7,528 8,789 8,853 9,729 169 181 - - 16,550 18,699 Non-current liabilities 12,470 14,390 4,040 3,620 3 (5) - - 16,513 18,005 Shareholders' equity 3,696 3,240 12,672 13,596 12 (29) - - 16,380 16,807 |
The Group operates primarily as a retailer of food, clothing, home appliances and other products. Total revenues by geographic region is showed below: | The Group operates primarily as a retailer of food, clothing, home appliances and other products. Total revenues by geographic region is showed below: 2021 2020 2019 Brazil Retail 26,864 29,170 26,654 Other businesses 70 49 33 26,934 29,219 26,687 Éxito Group Colombia 18,752 17,062 1,694 Uruguay 3,853 3,746 350 Argentina 1,752 1,226 107 24,357 22,034 2,151 Total net operating revenue 51,291 51,253 28,838 |
Non-current assets held for s_2
Non-current assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Non-current assets classified as held for sale are measured based on the lower amount between their carrying amount and their fair value less cost to sell. | Non-current assets classified as held for sale are measured based on the lower amount between their carrying amount and their fair value less cost to sell. Breakdown 2021 2020 Properties / lands held for sale 36 78 Extra Hiper Stores (Note 1.1) (*) 1,117 - Real estate developments held for sale - Éxito 34 31 Assets held for sale 1,187 109 Extra Hiper Stores / Lease liability (Note 1.1) 62 - Liabilities held for sale 62 - (*) R$967 refers to Fixed Assets and R$150 refers to Right of Use - Paes Mendonça |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of balance sheet and consolidated statements of Via Varejos cash flows before eliminations | Following are the balance sheet and consolidated statements of Via Varejo's cash flows before eliminations, including effects of purchase price allocation on the acquisitions of Globex and Casa Bahia: Schedule of balance sheet and consolidated statements of Via Varejos cash flows before eliminations Balance sheet (*) 05.31.2019 Assets Current Total current assets 9,871 Non-current Total non-current assets 16,266 Total assets 26,137 Liabilities Current Total current liabilities 13,484 Non-current Total non-current liabilities 7,375 Shareholders’ equity 5,278 Total liabilities and shareholders’ equity 26,137 (*) Prior to elimination of GPA related party balances. Cash flow: 05.31.2019 Cash flow provided by (used in) operating activities (2,640) Net cash provided by (used in) investing activities (234) Net cash provided by (used in) financing activities (651) Cash variation in the period (3,525) |
Schedule of sendas result as discontinued operation of cash flow statement and income statement | The breakdown of profit from discontinued operations presented in the consolidated income statement of the Company is as follows: Schedule of sendas result as discontinued operation of cash flow statement and income statement 05.31.2019 Net operating revenue 10,527 Net income before income tax and social contribution 169 Income tax and social contribution (119) Net income for the period 50 b) Sendas On December 31, 2020, the Company lost control of the subsidiary Sendas (note 1.1), as a result of the spin off, Sendas' net result is presented as a discontinued operation. Below is the summary cash flow statement and income statement: Cash flow: 12.31.2020 12.31.2019 Cash flow provided by operating activities 4,191 (5,560) Net cash used in investing activities (695) (965) Net cash used in financing activities (1,827) 6,986 Cash variation in the year 1,669 461 Income statement 12.31.2020 12.31.2019 Net operating revenue 35,950 27,806 Net income before income tax and social contribution 1,315 1,128 Income tax and social contribution (312) (367) Net income for the period 1,003 761 c) Composition of discontinued operations 12.31.2021 12.31.2020 12.31.2019 Net income Via Varejo - - 50 Net income - Sendas - 1,003 761 Other results from discontinued operations (3) 84 (100) Gain on the sale of discontinued operations (note 12.4) - - 398 Net income from discontinued operations presented in the consolidated income statement of the Company (3) 1,087 1,109 Attributable: Controlling shareholders of the Company (3) 1,087 1,077 Participation of non-controlling shareholders - - 32 |
Insurance coverage (Tables)
Insurance coverage (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
The insurance coverage as of December 31, 2021 is summarized as follows: | The insurance coverage as of December 31, 2021 is summarized as follows: Insured assets Covered risks Amount insured Property and equipment and inventories Operating risks 16,013 Business interruption Loss of profits 7,625 Cars and Others (*) Damages 334 The Company also has specific insurance policies for general civil liability of R$ 100 134 17 13 264 (*) The value reported above does not include coverage of the hulls, which are insured by the value of 100% of the Foundation Institute of Economic Research – FIPE table. |
Schedule of balances of sendas
Schedule of balances of sendas deconsolidated from CBD (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | R$ 8274 | R$ 8711 | ||
Trade receivable, net | 831 | 686 | ||
Other receivable | 294 | 365 | ||
Inventories, net | 5,257 | 6,536 | ||
Recoverable taxes | 1,743 | 1,199 | ||
Derivative financial instruments | 19 | |||
Other current assets | 251 | 251 | ||
Total current assets | 17,872 | 17,857 | ||
Related parties | 517 | 154 | ||
Recoverable taxes | 2,410 | 3,100 | ||
Restricted deposits for legal proceedings | 731 | 563 | ||
Investments in associates | 1,254 | 1,250 | ||
Property and equipment, net | 16,344 | 19,888 | R$ 24290 | |
Intangible assets, net | 5,753 | 6,164 | 6,236 | |
Total non-current assets | 31,571 | 35,654 | ||
Total assets | 49,443 | 53,511 | ||
Trade payable, net | 10,078 | 11,424 | ||
Payroll and related taxes | 808 | 897 | ||
Taxes installment and contributions payable | 580 | 585 | ||
Borrowings and financing | 1,470 | 2,309 | ||
Lease liabilities | 895 | 947 | ||
Deferred revenue | 383 | 297 | ||
Financing of property and equipment | 182 | 100 | ||
Other current liabilities | 893 | 677 | ||
Total current liabilities | 16,550 | 18,699 | ||
Borrowings and financing | 7,582 | 6,842 | ||
Lease liabilities | 5,223 | 7,427 | ||
Provision for contingencies | 1,442 | 1,385 | 1,305 | |
Deferred revenue | 65 | 19 | ||
Deferred income tax and social contribution | 935 | 1,034 | ||
Other non-current liabilities | 328 | 291 | ||
Total non-current liabilities | 16,513 | 18,005 | ||
Net assets | 16,380 | 16,807 | R$ 13548 | R$ 13159 |
Total liabilities and shareholders’ equity | R$ 49443 | 53,511 | ||
Sendas Distribuidora S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | 3,532 | |||
Trade receivable, net | 182 | |||
Other receivable | 34 | |||
Inventories, net | 3,739 | |||
Recoverable taxes | 768 | |||
Derivative financial instruments | 57 | |||
Other current assets | 36 | |||
Total current assets | 8,348 | |||
Related parties | 178 | |||
Recoverable taxes | 866 | |||
Restricted deposits for legal proceedings | 134 | |||
Financial instruments | 11 | |||
Investments in associates | 769 | |||
Property and equipment, net | 7,477 | |||
Intangible assets, net | 1,038 | |||
Total non-current assets | 10,473 | |||
Total assets | 18,821 | |||
Trade payable, net | 5,057 | |||
Payroll and related taxes | 371 | |||
Taxes installment and contributions payable | 528 | |||
Borrowings and financing | 2,119 | |||
Lease liabilities | 172 | |||
Deferred revenue | 227 | |||
Financing of property and equipment | 34 | |||
Other current liabilities | 153 | |||
Total current liabilities | 8,661 | |||
Borrowings and financing | 5,711 | |||
Lease liabilities | 2,604 | |||
Related parties | 41 | |||
Provision for contingencies | 281 | |||
Deferred revenue | 1 | |||
Deferred income tax and social contribution | 82 | |||
Other non-current liabilities | 8 | |||
Total non-current liabilities | 8,728 | |||
Total liabilities | 17,389 | |||
Net assets | 1,432 | |||
Total liabilities and shareholders’ equity | R$ 18821 |
Corporate information (Details
Corporate information (Details Narrative) | Dec. 23, 2021BRL (R$) | Dec. 23, 2020BRL (R$)Numbers | Dec. 14, 2020BRL (R$) | Mar. 05, 2020BRL (R$)Numbers | Dec. 23, 2019 | Dec. 31, 2021BRL (R$)Numbers | Dec. 31, 2020BRL (R$) | Dec. 31, 2019BRL (R$) | Jul. 30, 2020Numbers | Jul. 22, 2020Numbers | Jun. 29, 2020Numbers | May 29, 2020Numbers |
CorporateInformationLineItems [Line Items] | ||||||||||||
Right of use | R$ 3973000000 | |||||||||||
[custom:RealEstatePropertiesOwnedByCompanyTotal] | Numbers | 17 | |||||||||||
[custom:GuaranteedAndSubsequentlyLeased-0] | R$ 1200000000 | |||||||||||
[custom:DiscriptionOfLease] | The amounts received by the Company by December 31, 2021 totaled R$1 billion and the remaining will be paid as follows: R$2.3 billion in 2022, R$1.2 billion in 2023 and R$700 million in January 2024 restated by CDI +1.2%. | |||||||||||
[custom:RealEstatePropertiesOwnedByCompany] | Numbers | 6 | |||||||||||
[custom:RevenueInAmmount-0] | R$ 1200000000 | |||||||||||
[custom:WriteoffsOfAssets-0] | 481,000,000 | |||||||||||
[custom:GainsRelatedToRemeasurementOfLeasingAgreements-0] | 522,000,000 | |||||||||||
[custom:ExpensesRelatedToRemeasurementOfLeasingAgreements-0] | 816,000,000 | |||||||||||
[custom:DismissalOfEmployees-0] | 147,000,000 | |||||||||||
[custom:CancellationOfContracts-0] | 283,000,000 | |||||||||||
[custom:MarkdownOfInventories-0] | 279,000,000 | |||||||||||
[custom:OtherExpensesRelatedToTransaction-0] | 107,000,000 | |||||||||||
Miscellaneous other operating expense | R$ 426000000 | |||||||||||
[custom:GrossRevenueFromExtraHiperBusinessLine-0] | 21.00% | |||||||||||
Net revenue | R$ 51291000000 | R$ 51253000000 | R$ 28838000000 | |||||||||
Number of property sold | Numbers | 39 | |||||||||||
Amount of property sold | R$ 1183000000 | |||||||||||
Amount of property plant received | R$ 1181000000 | |||||||||||
Gain on sale and leaseback transactions | R$ 187000000 | |||||||||||
Sendas Distribuidora S A [Member] | ||||||||||||
CorporateInformationLineItems [Line Items] | ||||||||||||
[custom:NumberOfStore-0] | Numbers | 70 | |||||||||||
Right of use | R$ 312000000 | |||||||||||
Description of agreement | CBD engaged in the exchange transaction with Sendas in which certain assets of CBD were transferred to Sendas in exchange for an equivalent value of the shares of Éxito held by Sendas (corresponding to 8.77% of the total outstanding shares of Éxito). The assets of CBD transferred to Sendas consisted of | |||||||||||
[custom:DescriptionOfAgreement1] | 50% of the shares of Bellamar Empreendimentos e Participações Ltda. (“Bellamar”), a holding company that holds an investment in 35.76% of the shares of Financeira Itaú CBD S.A. Credit, Financing and Investment, with a book value of R$195 million | |||||||||||
[custom:DescriptionOfAgreement2] | real estate assets, consisting of five parcels of real estate, with a book value of R$25 million, which may be developed as sites for new stores in the future | |||||||||||
[custom:DescriptionOfAgreement3] | As a result of this exchange, an effect of R$694 was recorded on the Company's shareholders' equity as retained earnings | |||||||||||
Percentage of outstanding remaining shares | 8780.00% | |||||||||||
[custom:DescriptionOfAgreement4] | Sendas distributed certain assets to CBD in the net amount of R$20 | |||||||||||
[custom:DescriptionOfAgreement5] | CBD transferred to Sendas the net assets of stores that may be developed by Sendas in the future, with a residual value of R$45 | |||||||||||
[custom:DescriptionOfAgreement6] | CBD contributed intercompany receivables to Sendas for an amount of R$140 | |||||||||||
[custom:DescriptionOfAgreement7] | CBD contributed R$500 in cash to Sendas | |||||||||||
Agreement amount | R$ 111000000 | |||||||||||
Increase in liability | R$ 582000000 | |||||||||||
Bellamar Empreendimentos E Participacoes Ltda [Member] | ||||||||||||
CorporateInformationLineItems [Line Items] | ||||||||||||
Description of agreement | 50% interest in Bellamar, described above, resulted in the loss of control of Bellamar. As a result, the Company recognized a gain of R$573 for the difference between the fair value of the retained interest in Bellamar and its book value | |||||||||||
Rio Bravo [Member] | ||||||||||||
CorporateInformationLineItems [Line Items] | ||||||||||||
Description of agreement | Group entered into an agreement to sell 6 properties (Pão de Açúcar stores) in the Sale and Leaseback transaction with Rio Bravo Investimentos Distribuidora de Titulos e Valores Imobiliários Ltda (“Rio Bravo”). for a total selling price of R$92, of which R$91 was paid upon signing the commitment. In 2020, the Group concluded the sale of 5 of the 6 stores. The parties entered into lease agreements for the 5 properties, with a term of 10 years, renewable for the same period, ensuring the continuity of GPA operations in properties with sustainable financial conditions | |||||||||||
Number of property sold | Numbers | 4 | |||||||||||
Amount of property sold | R$ 255000000 | |||||||||||
Amount of property plant received | R$ 235000000 | |||||||||||
Agreement term | 15 years | |||||||||||
B R L Trust Distribuidora De Titulos E Valores Mobiliarios S A [Member] | ||||||||||||
CorporateInformationLineItems [Line Items] | ||||||||||||
Number of property sold | Numbers | 43 | 11 | 16 | 7 | 5 | |||||||
Amount of property sold | R$ 1246000000 |
Schedule of new and amendments
Schedule of new and amendments standards and interpretations starting at the current year (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Amendments To I A S 1 And I A S 8 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity |
Impact | These changes did not have any impact in the consolidated financial statements. |
I F R S 9 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | The amendments to standard IFRS 9 provide exemptions that apply to all hedge relationships directly affected by the reference interest rate reform. A relationship of hedge is directly affected if the reform raises uncertainties about the period, or the value, of cash flows based on the reference interest rate of the hedge item or hedging instrument. |
Impact | These changes did not have any impact in the consolidated financial statements. |
Changes In I F R S 16 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | Amendments related to concession to tenants, in the application of the guidelines of IFRS 16, on the modification of the lease, when accounting for related benefits as a direct consequence of the Covid-19 pandemic. |
Impact | These changes did not have any impact in the consolidated financial statements. |
Schedule of new and revised sta
Schedule of new and revised standards and interpretations issued and not yet adopted (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Amendments To I A S 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, in order to specify the requirements for classifying the liability as current or non-current. The amendments clarify: |
Applicable to annual periods starting in or after | Jan. 1, 2023 |
Amendments To I A S 8 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and error correction and how entities use measurement techniques and inputs to develop accounting estimates. |
Applicable to annual periods starting in or after | Jan. 1, 2023 |
Amendments To I F R S 10 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | Gains and losses resulting from (i) loss of control of a subsidiary that does not contain a business in a transaction with an associate or joint venture accounted for using the equity method are recognized in the parent's income only in proportion to the interest held by investors not related to that affiliate or joint venture; (ii) remeasurement of investments retained in a former subsidiary at fair value are recognized in the former parent's income in proportion to the interest held by unrelated investors in the new associate or joint venture. |
I A S 16 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from the sale of items produced before the asset is available for use, which must be recognized in profit or loss. |
Applicable to annual periods starting in or after | Jan. 1, 2022 |
Amendments To I F R S 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | For obligations within the scope of IAS 37, the purchaser applies IAS37 to determine whether there is a present obligation on the acquisition date as a result of past events. For a tax within the scope of IFRIC 21, the purchaser applies IFRIC 21 to determine whether the event that resulted in the obligation to pay the tax occurred by the date of acquisition. The purchaser does not recognize contingent assets acquired in a business combination. |
Applicable to annual periods starting in or after | Jan. 1, 2022 |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | R$ 8274 | R$ 8711 | |
Argentine [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | 12 | ||
Uruguayan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | 1 | ||
Colombian [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | 146 | ||
Exito [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | 1 | ||
[custom:Deposited-0] | R$ 84 | R$ 127 | |
Weighted average interest rate | 93.51% | 96.93% | |
Exito [Member] | Argentine [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | R$ 126 | R$ 100 | |
Exito [Member] | Uruguayan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | 366 | 382 | |
Exito [Member] | Colombian [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Acquisition consideration | 2,905 | 3,028 | |
Cash And Banks Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | 100 | 131 | |
Cash And Banks Abroad [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | [1] | 3,481 | 3,637 |
Temporary Investments Brazil [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | [2] | 4,598 | 4,784 |
Temporary Investments Abroad [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | [3] | R$ 95 | R$ 159 |
[1] | As of December 31, 2021, refers to (i) funds from the Éxito Group, of which R$ 126 366 2,905 100 382 3,028 84 127 | ||
[2] | Refers substantially to highly liquid investments bearing interest at a weighted average rate of 93.51 96.93 | ||
[3] | Refers to funds invested abroad, of which R$ 1 12 1 146 |
Schedule of trade receivables (
Schedule of trade receivables (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | R$ 832 | R$ 691 |
Current trade receivables | 831 | 686 |
Trade receivables, noncurrent | 1 | 5 |
Credit Card Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | 65 | 76 |
Credit Card Companies Related Parties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | 15 | 15 |
Sales Vouchers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | 655 | 488 |
Private Label Credit Card [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | 53 | 71 |
Receivables From Related Parties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | 13 | 13 |
Receivables From Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | 66 | 71 |
Estimated Loss On Trade Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | R$ 35 | R$ 43 |
Schedule of estimated losses on
Schedule of estimated losses on doubtful accounts (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade Receivables | |||
At the beginning of the year | R$ 43 | R$ 32 | R$ 5 |
Allowance booked for the year | (57) | (86) | (263) |
Write-offs of receivables | 61 | 78 | 282 |
Deconsolidation Sendas | 4 | (19) | |
Assets held for sale and discontinued operations | 1 | ||
Business combination | (28) | ||
Foreign currency translation adjustment | 4 | (7) | |
At the end of the year | R$ 35 | R$ 43 | R$ 32 |
The aging list of gross trade r
The aging list of gross trade receivables is as follows: (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Trade account receivables gross | R$ 867 | R$ 734 |
Current [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade account receivables gross | 729 | 574 |
Not later than one month [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade account receivables gross | 110 | 80 |
Later than one month and not later than two months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade account receivables gross | 17 | 67 |
Later than two months and not later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade account receivables gross | 9 | 8 |
Later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade account receivables gross | R$ 2 | R$ 5 |
Schedule of other receivables (
Schedule of other receivables (Details) - BRL (R$) R$ in Millions | Sep. 29, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Other receivables | R$ 852 | R$ 1036 | ||
Other receivables, current | 294 | 365 | ||
Other receivables, noncurrent | 558 | 671 | ||
Recognition of amount receivable | 200 | |||
Recognized gain as result line with fixed assets | 174 | |||
Amount comprised of land purchase and sale agreement | R$ 200 | |||
[custom:RecognizedGainAsResultLineWithBankGurantee] | 154 | |||
Via Varejo [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Amount of GPA's right received | 298 | 231 | ||
Accounts Receivable From Insurance Companies [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | 5 | 14 | ||
Receivable From Sale Of Subsidiaries [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | 79 | 78 | ||
Rental Receivable [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | 179 | 208 | ||
Receivable From Via Varejo [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | [1] | 298 | 266 | |
Property And Equipment Sale [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | [2] | 148 | 291 | |
Other [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | 158 | 190 | ||
Allowance For Doubtful Other Receivables [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Other receivables | R$ 15 | R$ 11 | ||
[1] | As the Company sold the equity interest in Via Varejo, the amount that had been reported as related parties was reclassified to other receivables. The amount of R$ 298 231 | |||
[2] | Amount comprised mainly of a land purchase and sale agreement on September 29, 2018 for the amount of R$ 200 174 200 154 |
Schedule of other receivables a
Schedule of other receivables allowance for doubtful accounts (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Receivables | |||
At the beginning of the year | R$ 11 | R$ 15 | R$ 16 |
Allowance booked for the year | (4) | ||
Write-off of other receivables | 2 | 5 | |
Deconsolidation Sendas | 2 | (4) | |
At the end of the year | R$ 15 | R$ 11 | R$ 15 |
Other receivables (Details Narr
Other receivables (Details Narrative) | Jan. 31, 2016BRL (R$)Numbers | May 28, 2012BRL (R$)Numbers |
Other Receivables | ||
Receivables from the sale of subsidiaries | R$ | R$ 8 | R$ 50000000 |
Percentage of receivable | 110.00% | 110.00% |
Number of installments | Number | 120 | 240 |
Number of gas stations | Number | 5 |
Schedule of inventories (Detail
Schedule of inventories (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Inventories, net | R$ 5257 | R$ 6536 |
Stores [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Inventories, net | 1,646 | 2,453 |
Distribution Centers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Inventories, net | 773 | 1,134 |
Distribution Centers [Member] | Exito Group [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Inventories, net | 2,884 | 2,879 |
Inventories Of Real Estate Under Construction [Member] | Exito Group [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Inventories, net | 50 | 142 |
Estimated Losses On Obsolescence And Breakage [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Inventories, net | R$ 96 | R$ 72 |
Schedule of estimated losses _2
Schedule of estimated losses on obsolescence and breakage (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
At the beginning of the year | R$ 72 | R$ 95 | R$ 65 |
Additions | (63) | (40) | (51) |
Business combination | (22) | ||
Write-offs / reversal | 37 | 16 | 35 |
Foreign currency translation adjustment | 2 | (4) | |
Deconsolidation of Sendas | 51 | 8 | |
At the end of the year | R$ 96 | R$ 72 | R$ 95 |
Inventories (Details Narrative)
Inventories (Details Narrative) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories, net | R$ 5257 | R$ 6536 |
Schedule of recoverable taxes (
Schedule of recoverable taxes (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | R$ 4153 | R$ 4299 | |
Recoverable taxes, current | 1,743 | 1,199 | |
Recoverable taxes, non-current | 2,410 | 3,100 | |
[custom:TaxCreditAmount1-0] | 460 | 440 | |
State Value Added Tax On Sales And Services I C M S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | 920 | 1,435 | |
Social Integration Program Pis And Contribution For Social Security Financing Cofins [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | 2,062 | 1,926 | |
Social Security Contribution Inss [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | 300 | 299 | |
Income Tax And Social Contribution [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | [1] | 672 | 462 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | 23 | 47 | |
Other Recoverable Taxes Exito Group [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Recoverable taxes | R$ 176 | R$ 130 | |
[1] | Includes Éxito’s amount of R$ 460 440 |
The expected recoverability of
The expected recoverability of ICMS tax credits is demonstrated as follows: (Details) R$ in Millions | Dec. 31, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | R$ 920 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | 456 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | 336 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | 27 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | 27 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | 11 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Future realization of recoverable taxes | R$ 63 |
The realization of the PIS and
The realization of the PIS and COFINS balance is shown below: (Details) R$ in Millions | Dec. 31, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | R$ 920 |
P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 2,062 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 456 |
Not later than one year [member] | P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 347 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 336 |
Later than one year and not later than two years [member] | P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 300 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 27 |
Later than two years and not later than three years [member] | P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 301 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 27 |
Later than three years and not later than four years [member] | P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 302 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 11 |
Later than four years and not later than five years [member] | P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 303 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | 63 |
Later than five years [member] | P I S And C O F I N S [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:FutureRealizationOfRecoverableTaxes-0] | R$ 509 |
Recoverable taxes (Details Narr
Recoverable taxes (Details Narrative) - BRL (R$) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Tax credit amount | R$ 1609000000 | |
[custom:AmountIncludedInTaxCreditFromFinancialResult-0] | 613,000,000 | |
[custom:AmountInvolvedInConsolidatedTaxCredit] | 280 | R$ 109 |
[custom:AmountInvolvedInConsolidated] | 161 | R$ 158 |
P I S And C O F I N S [Member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:WriteOffAmount-0] | R$ 168 |
The expenses related to managem
The expenses related to management compensation (officers appointed pursuant to the Bylaws, including members of the Board of Directors and advisory committees) for the years ended December 31, 2021, 2020 and 2019, were as follows: (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Base salary | R$ 45332 | R$ 104915 | R$ 71580 | |
Variable compensation | 6,995 | 11,175 | 12,943 | |
Stock option plan | 10,110 | 14,962 | 17,962 | |
Total compensation | R$ 62437 | R$ 131052 | R$ 102485 | |
Percent share-based payment over the total compensation | 16.20% | 11.40% | 17.50% | |
Board Of Directors [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Base salary | [1] | R$ 26884 | R$ 67716 | R$ 38207 |
Variable compensation | [1] | |||
Stock option plan | [1] | 6,908 | 4,056 | 2,366 |
Total compensation | [1] | 33,792 | 71,772 | 40,573 |
Executive Officers [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Base salary | 18,016 | 36,868 | 33,373 | |
Variable compensation | 6,995 | 11,175 | 12,943 | |
Stock option plan | 3,202 | 10,906 | 15,596 | |
Total compensation | 28,213 | 58,949 | 61,912 | |
Fiscal Council [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Base salary | 432 | 331 | ||
Variable compensation | ||||
Stock option plan | ||||
Total compensation | R$ 432 | R$ 331 | ||
[1] | Includes the compensation of the Board of Directors’ advisory committees (Human Resources and Compensation, Audit, Finance, Sustainable Development and Corporate Governance). |
Schedule of related party balan
Schedule of related party balances and transactions (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Entity Information [Line Items] | |||
Trade receivables | R$ 28 | R$ 28 | |
Other assets | 517 | 154 | |
Trade payables | 23 | 12 | |
Other liabilities | 467 | 362 | |
Revenues (expenses) | 1,095 | (243) | R$ 12 |
Casinos [Member] | Controlling Shareholders [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | |||
Trade payables | |||
Other liabilities | 1 | ||
Revenues (expenses) | (46) | (91) | (57) |
Euris [Member] | Controlling Shareholders [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | |||
Trade payables | |||
Other liabilities | 1 | ||
Revenues (expenses) | (6) | (3) | (1) |
Helicco Participacoes [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Revenues (expenses) | (3) | ||
Helicco Participacoes [Member] | Controlling Shareholders [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | |||
Trade payables | |||
Other liabilities | |||
Geant International [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | |||
Trade payables | |||
Other liabilities | |||
Revenues (expenses) | (3) | ||
Wilkes [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | |||
Trade payables | |||
Other liabilities | 2 | ||
Revenues (expenses) | (5) | ||
F I C [Member] | Associates [member] | |||
Entity Information [Line Items] | |||
Trade receivables | 14 | 15 | |
Other assets | 35 | 31 | |
Trade payables | 8 | 12 | |
Other liabilities | |||
Revenues (expenses) | 62 | 55 | 83 |
Puntos Colombia [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | 42 | 37 | |
Trade payables | |||
Other liabilities | 58 | 54 | |
Revenues (expenses) | (119) | (114) | (13) |
Tuya [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | 57 | 31 | |
Trade payables | |||
Other liabilities | 1 | ||
Revenues (expenses) | 181 | 24 | 21 |
Greenyellow [Member] | Other related parties [member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | |||
Trade payables | |||
Other liabilities | 283 | 119 | |
Revenues (expenses) | (325) | (84) | (35) |
Sendas Distribuidora [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | 2 | ||
Other assets | 370 | 42 | |
Trade payables | 15 | ||
Other liabilities | 103 | 169 | |
Revenues (expenses) | 1,382 | ||
Casino Group [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | 12 | 13 | |
Other assets | 12 | 12 | |
Trade payables | |||
Other liabilities | 19 | 19 | |
Revenues (expenses) | (29) | (30) | (4) |
Others [Member] | |||
Entity Information [Line Items] | |||
Trade receivables | |||
Other assets | 1 | 1 | |
Trade payables | |||
Other liabilities | |||
Revenues (expenses) |
Schedule of investments in subs
Schedule of investments in subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
C B D [Member] | Novasoc Comercial Ltda Novasoc [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Novasoc Comercial Ltda. (“Novasoc”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | C B D Holland B V C B D Holland [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | CBD Holland B.V. (“CBD Holland”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | G P A Two Empreend E Participacoes Ltda G P A Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | GPA 2 Empreend. e Participações Ltda. (“GPA 2”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | G P A Logistica E Transporte Ltda G P A Logistica [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | GPA Logística e Transporte Ltda. (“GPA Logística”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | G P A Holding Empreendimentos E Participacoes Ltda G P A Holding [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | GPA Holding Empreendimentos e Participações Ltda.("GPA Holding") | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | ||
C B D [Member] | S C B Distribuicao E Comercio Varejista De Alimentos Ltda Compre Bem [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | SCB Distribuição e Comércio Varejista de Alimentos Ltda. ("Compre Bem'') | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | Stix Fidelidade E Inteligencia S A Stix [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Stix Fidelidade e Inteligência S.A. ("Stix") | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 66.67% | 66.67% | |
C B D [Member] | Leji Intermediacao S A James Delivery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | James Intermediação S.A. ("James Delivery") | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | Cheftime Comercio De Refeicoes S A Cheftime [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [1] | Cheftime Comércio de Refeições S/A ("Cheftime") (*) | |
Location (state) | [1] | Brazil | |
Direct and indirect equity interest - % | [1] | 99.05% | 79.57% |
C B D [Member] | G P A Malls And Properties Gestao De Ativos E Servicos Lmobiliarios Ltda G P A M And P [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | GPA Malls & Properties Gestão de Ativos e Serviços Imobiliários Ltda. (“GPA M&P”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | Cafeterias E Lanchonetes Ltda B Cafeterias [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [1] | BCafeterias e Lanchonetes Ltda. ("BCafeterias")(*) | |
Location (state) | [1] | Brazil | |
Direct and indirect equity interest - % | [1] | 100.00% | |
C B D [Member] | Fronteira Servicos Lmobiliarios Ltda Fronteira [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Fronteira Serviços Imobiliários Ltda.("Fronteira") | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | Place 2 B Servicos Lmobiliarios Ltda Place 2 B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Place2B Serviços Imobiliários Ltda.("Place2B") | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | Companhi A Brasileira De Distribuicao Luxembourg Holding S A R L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Companhia Brasileira de Distribuição Luxembourg Holding S.à.r.l. ("CBDLuxco”) | ||
Location (state) | Luxembourg | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
C B D [Member] | Companhia Brasileira De Distribuicao Netherlands Holding B V [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Companhia Brasileira de Distribuição Netherlands Holding B.V. (“CBDDutchco”) | ||
Location (state) | Netherlands | ||
Direct and indirect equity interest - % | 100.00% | 100.00% | |
Exito [Member] | Almacenes Exito S A Exito [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Almacenes Éxito S.A. ("Éxito") | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Exito Lndustrias S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Éxito Industrias S.A.S. ("Éxito Industrias") | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 94.59% | 94.59% | |
Exito [Member] | Fideicomiso Lote Girardot [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Fideicomiso Lote Girardot | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Exito Viajes Y Turismo S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Éxito Viajes y Turismo S.A.S. | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 49.25% | 49.25% | |
Exito [Member] | Almacenes Exito Inversiones S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Almacenes Éxito Inversiones S.A.S. (Móvil Éxito) | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Transacciones Energeticas S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Transacciones Energéticas S.A.S | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Marketplace Internacional Exito Y Servicios S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Marketplace Internacional Éxito y Servicios S.A.S. (MPI) | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Log Istica Transporte Y Servicios Asociados S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Logística, Transporte y Servicios Asociados S.A.S. (LTSA) | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Depositos Y Soluciones Logisticas S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Depósitos y Soluciones Logísticas S.A.S. | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Patrimonio Autonomo Lwana [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Iwana (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 49.25% | 49.25% |
Exito [Member] | Patrimonio Autonomo Viva Malls [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Viva Malls (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 49.25% | 49.25% |
Exito [Member] | Patrimonio Autonomo Viva Sincelejo [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Viva Sincelejo (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 25.12% | 25.12% |
Exito [Member] | Patrimonio Autonomo Viva Villavicencio [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Viva Villavicencio (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 25.12% | 25.12% |
Exito [Member] | Patrimonio Autonomo San Pedro Etapa I [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo San Pedro Etapa I (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 25.12% | 25.12% |
Exito [Member] | Patrimonio Autonomo Centro Comercial [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Centro Comercial (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 25.12% | 25.12% |
Exito [Member] | Patrimonio Autonomo Viva Laureles [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Viva Laureles (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 39.40% | 39.40% |
Exito [Member] | Patrimonio Autonomo Viva Palmas [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Viva Palmas (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 25.12% | 25.12% |
Exito [Member] | Patrimonio Autonomo Centro Comercial Viva [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Patrimonio Autónomo Centro Comercial Viva (****) | |
Location (state) | [2] | Colombia | |
Direct and indirect equity interest - % | [2] | 44.33% | 44.33% |
Exito [Member] | Spice Investment Mercosur [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Spice investment Mercosur | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Larenco S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Larenco S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Geant Inversiones S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Geant Inversiones S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Lanin S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Lanin S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Five Hermanos Ltda [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | 5 Hermanos Ltda. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Sumelar S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Sumelar S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | ||
Exito [Member] | Gestion Logistica S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [3] | Gestión Logística S.A. (**) | |
Location (state) | [3] | Uruguay | |
Direct and indirect equity interest - % | [3] | 96.57% | |
Exito [Member] | Supermercados Disco Del Uruguay S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [4] | Supermercados Disco del Uruguay S.A.(***) | |
Location (state) | [4] | Uruguay | |
Direct and indirect equity interest - % | [4] | 60.35% | |
Exito [Member] | Maostar S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [2] | Maostar S.A. (****) | |
Location (state) | [2] | Uruguay | |
Direct and indirect equity interest - % | [2] | 30.18% | 30.18% |
Exito [Member] | Ameluz S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Ameluz S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Fandale S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Fandale S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Odaler S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Odaler S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | La Cabana S R L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | La Cabaña S.R.L. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Ludi S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Ludi S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Semin S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Semin S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Randicor S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Randicor S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Setara S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Setara S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Hiper Ahorro S R L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Hiper Ahorro S.R.L. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Ciudad Del Ferrol S C [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Ciudad del Ferrol S.C. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 59.14% | 59.14% | |
Exito [Member] | Mablicor S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Mablicor S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 30.78% | 30.78% | |
Exito [Member] | Tipsel S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Tipsel S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Tedocan S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Tedocan S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Via Artika S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Vía Artika S. A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Group Disco Del Uruguay S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Group Disco del Uruguay S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 60.35% | 60.35% | |
Exito [Member] | Devoto Hermanos S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Devoto Hermanos S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Mercados Devoto S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Mercados Devoto S.A. | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Libertad S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Libertad S.A. | ||
Location (state) | Argentina | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Onper Investment 2015 S L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Onper Investment 2015 S.L | ||
Location (state) | Spain | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Spice Espana De Valores Americanos S L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Spice España de Valores Americanos S.L. | ||
Location (state) | Spain | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Marketplace Internacional Exito S L [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Marketplace Internacional Éxito S.L | ||
Location (state) | Spain | ||
Direct and indirect equity interest - % | 96.57% | 96.57% | |
Exito [Member] | Gelase S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Gelase S. A. | ||
Location (state) | Belgium | ||
Direct and indirect equity interest - % | 96.57% | ||
[1] | On August 2021, CBD acquired a 19.48% stake from Cheftime's minority shareholders. | ||
[2] | Companies controlled directly or indirectly by the Éxito, controlled through a Shareholders Agreement giving Éxito the majority of the voting powers. | ||
[3] | In 2021, Éxito acquired a 96.57% stake in Gestión Logística S.A. | ||
[4] | Supermercados Disco del Uruguay S.A. is controlled through a Shareholders Agreement signed in April 2015, giving Éxito the 75% voting necessary. This agreement expired on June 30, 2021 and on August 18, 2021 a new Agreement was signed maintaining Éxito as controllering entity. |
Schedule of investments in asso
Schedule of investments in associates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Cnova N V [Member] | Cnova N V Cnova Holanda [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cnova N.V. (“Cnova Holanda”) | ||
Location (state) | Netherlands | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Cdiscount Afrique S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount Afrique SAS (“Cdiscount Afrique”) | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Cdiscount International B V [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount International BV (“Cdiscount Internacional”) | ||
Location (state) | Netherlands | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Cnova France S A S Cnova France [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cnova France SAS (“Cnova France”) | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Cdiscount S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount S.A. (“Cdiscount”) | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.87% | 33.87% | |
Cnova N V [Member] | Cdiscount Cote D Ivoire S A S Ivory Coast [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount Côte d'Ivoire SAS Ivory Coast (“Cdiscount Côte”) | ||
Location (state) | Ivory Coast | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Cdiscount Senegal S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount Sénégal SAS (“Cdiscount Sénégal”) | ||
Location (state) | Senegal | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Cdiscount Cameroun S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount Cameroun SAS (“Cdiscount Cameroun”) | ||
Location (state) | Cameroon | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | C Latam A S Uruguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | CLatam AS Uruguay (“CLatam”) | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 23.79% | 23.79% | |
Cnova N V [Member] | Cdiscount Panama S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount Panama S.A. (“Cdiscount Panama”) | ||
Location (state) | Panama | ||
Direct and indirect equity interest - % | 23.79% | 23.79% | |
Cnova N V [Member] | Cdiscount Uruguay S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cdiscount Uruguay S.A. (“Cdiscount Uruguay”) | ||
Location (state) | Uruguay | ||
Direct and indirect equity interest - % | 23.79% | 23.79% | |
Cnova N V [Member] | Ecdiscoc Comercializadora S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Ecdiscoc Comercializadora S.A. (Cdiscount Ecuador) (“Ecdiscoc Comercializadora”) | ||
Location (state) | Ecuador | ||
Direct and indirect equity interest - % | 23.78% | 23.78% | |
Cnova N V [Member] | Cnova Pay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cnova Pay | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.98% | 33.98% | |
Cnova N V [Member] | Beez U P S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | BeezUP SAS ("BezzUp") | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 25.29% | 33.98% | |
Cnova N V [Member] | C A R Y A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | CARYA | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.87% | 33.87% | |
Cnova N V [Member] | H A L T A E [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | HALTAE | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.87% | 33.87% | |
Cnova N V [Member] | C Logistics [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | C-Logistics | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 28.56% | 28.56% | |
Cnova N V [Member] | N E O S Y S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | NEOSYS | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 17.33% | 17.33% | |
Cnova N V [Member] | Neotech Solutions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Neotech Solutions | ||
Location (state) | Morocco | ||
Direct and indirect equity interest - % | 17.33% | 17.33% | |
Cnova N V [Member] | N E O S Y S Tunisie [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | NEOSYS Tunisie | ||
Location (state) | Tunisia | ||
Direct and indirect equity interest - % | 17.33% | 17.33% | |
Cnova N V [Member] | C Chez Vous [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | C Chez Vous | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 28.53% | 28.56% | |
Cnova N V [Member] | Phoenix [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | [1] | Phoenix (*) | |
Location (state) | [1] | France | |
Direct and indirect equity interest - % | [1] | 16.99% | |
Cnova N V [Member] | C Shield [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | C-Shield | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.87% | 33.87% | |
Cnova N V [Member] | C Payment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | C-TECHNOLOGY (former C-Payment) | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.87% | 33.87% | |
Cnova N V [Member] | C L R [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | CLR (**) | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 28.56% | ||
Cnova N V [Member] | M A A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | MAAS | ||
Location (state) | France | ||
Direct and indirect equity interest - % | 33.87% | 33.87% | |
F I C [Member] | Financeira Itau C B D S A Credito Financiamento E Investimento [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 17.88% | 17.88% | |
F I C [Member] | F I C Promotora De Vendas Ltda [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | FIC Promotora de Vendas Ltda. (“FIC Promotora”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 17.88% | 17.88% | |
F I C [Member] | Bellamar Empreend E Participacoes Ltda Bellamar [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Bellamar Empreend. e Participações Ltda. (“Bellamar”) | ||
Location (state) | Brazil | ||
Direct and indirect equity interest - % | 50.00% | 50.00% | |
Exito [Member] | Cnova N V Cnova Holanda [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Cnova N.V (“Cnova Holanda”) | ||
Location (state) | Netherlands | ||
Direct and indirect equity interest - % | 0.18% | 0.18% | |
Exito [Member] | Puntos Colombia S A S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Puntos Colombia S.A.S ("Puntos") | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 48.29% | 48.29% | |
Exito [Member] | Compania De Financiamento Tuya S A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Company type | Compañia de Financiamento Tuya S.A. ("Tuya") | ||
Location (state) | Colombia | ||
Direct and indirect equity interest - % | 48.29% | 48.29% | |
[1] | In 2021 the Phoenix was sold. (**) In 2021 CLR was created. |
Schedule of financial statement
Schedule of financial statements (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
IfrsStatementLineItems [Line Items] | ||||
Current assets | R$ 17872 | R$ 17857 | ||
Non-current assets | 31,571 | 35,654 | ||
Total assets | 49,443 | 53,511 | ||
Current liabilities | 16,550 | 18,699 | ||
Non-current liabilities | 16,513 | 18,005 | ||
Shareholders' equity | 16,380 | 16,807 | R$ 13548 | R$ 13159 |
Total liabilities and shareholders' equity | 49,443 | 53,511 | ||
Revenues | 51,291 | 51,253 | 28,838 | |
Operating income | (7) | (71) | (386) | |
Net income for the year | 960 | 2,326 | 836 | |
F I C [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 8,742 | 6,738 | ||
Non-current assets | 35 | 52 | ||
Total assets | 8,777 | 6,790 | ||
Current liabilities | 7,401 | 5,611 | ||
Non-current liabilities | 44 | 22 | ||
Shareholders' equity | 1,332 | 1,157 | ||
Total liabilities and shareholders' equity | 8,777 | 6,790 | ||
Revenues | 1,034 | 989 | 1,207 | |
Operating income | 482 | 555 | 441 | |
Net income for the year | 265 | 329 | 263 | |
Cnova N V [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 4,110 | 4,224 | ||
Non-current assets | 3,732 | 4,055 | ||
Total assets | 7,842 | 8,279 | ||
Current liabilities | 6,351 | 6,766 | ||
Non-current liabilities | 3,066 | 2,806 | ||
Shareholders' equity | (1,575) | (1,293) | ||
Total liabilities and shareholders' equity | 7,842 | 8,279 | ||
Revenues | 13,824 | 13,117 | 9,689 | |
Operating income | 54 | 207 | (24) | |
Net income for the year | (313) | (138) | (288) | |
Tuya [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current assets | 5,293 | 4,728 | ||
Non-current assets | 156 | 200 | ||
Total assets | 5,449 | 4,928 | ||
Current liabilities | 2,689 | 1,612 | ||
Non-current liabilities | 2,039 | 2,578 | ||
Shareholders' equity | 721 | 738 | ||
Total liabilities and shareholders' equity | 5,449 | 4,928 | ||
Revenues | 783 | 615 | 698 | |
Operating income | 35 | 71 | 87 | |
Net income for the year | R$ 15 | R$ 37 | R$ 14 |
Breakdown of investments and ro
Breakdown of investments and rollfoward (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Investments, beginning | R$ 659 | R$ 223 | ||
Share of profit (loss) of associates - continuing operation | (47) | 98 | R$ 2 | |
Dividends and interest on own capital - continuing operation | (27) | (37) | ||
Share of other comprehensive income | (41) | (76) | ||
Capital increase | 21 | 52 | ||
Deconsolidation | (370) | |||
Spin off - Sendas | 196 | |||
Fair value adjustment | 573 | |||
Investments, ending | 565 | 659 | 223 | |
F I C [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Investments, beginning | 289 | |||
Share of profit (loss) of associates - continuing operation | 118 | |||
Dividends and interest on own capital - continuing operation | (37) | |||
Share of other comprehensive income | ||||
Capital increase | ||||
Deconsolidation | (370) | |||
Investments, ending | 289 | |||
Bellamar [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Investments, beginning | 769 | |||
Share of profit (loss) of associates - continuing operation | 47 | |||
Dividends and interest on own capital - continuing operation | (27) | |||
Share of other comprehensive income | ||||
Spin off - Sendas | 196 | |||
Fair value adjustment | 573 | |||
Investments, ending | 789 | 769 | ||
Tuya [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Investments, beginning | 456 | 307 | ||
Share of profit (loss) of associates - continuing operation | 8 | 18 | ||
Dividends and interest on own capital - continuing operation | ||||
Share of other comprehensive income | (46) | 79 | ||
Capital increase | 21 | 52 | ||
Investments, ending | 439 | 456 | 307 | |
Puntos Colombia [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Investments, beginning | 12 | 2 | ||
Share of profit (loss) of associates - continuing operation | 3 | 9 | ||
Dividends and interest on own capital - continuing operation | ||||
Share of other comprehensive income | (1) | 1 | ||
Capital increase | ||||
Investments, ending | 14 | 12 | 2 | |
Other [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Investments, beginning | [1] | (578) | (375) | |
Share of profit (loss) of associates - continuing operation | [1] | (105) | (47) | |
Dividends and interest on own capital - continuing operation | [1] | |||
Share of other comprehensive income | [1] | 6 | (156) | |
Capital increase | [1] | |||
Investments, ending | [1] | R$ 677 | R$ 578 | R$ 375 |
[1] | Includes losses in the investment in associate Cnova N.V. of R$689 on December 31, 2021 (R$591 on December 31, 2020). |
Investments (Details Narrative)
Investments (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Net of income tax | R$ 82 | R$ 371 | R$ 249 | |
F I C [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Goodwill | 122 | |||
Tuya [Member] | Exito [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Goodwill | 77 | |||
Cnova N V [Member] | Exito [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Goodwill | R$ 13 | |||
Via Varejo [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Share price | R$ 4.90 | |||
Sale of subsidiary | R$ 2300 | |||
Gain from the sale | 398 | |||
Net of income tax | R$ 199 |
Schedule of fair value of inves
Schedule of fair value of investment properties (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | R$ 3639 | R$ 3051 | |
Additions | 124 | 14 | |
Impairment | (32) | (22) | |
Depreciation | (58) | (63) | |
Write off | 7 | ||
Transfers | (196) | [1] | (49) |
Balance at ending | 3,254 | 3,639 | |
Cost | 3,406 | 3,701 | |
Accumulated depreciation | (152) | (62) | |
Net | 3,254 | 3,639 | |
Land [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | 762 | 656 | |
Additions | 1 | ||
Impairment | (4) | (11) | |
Depreciation | |||
Write off | 4 | ||
Exchange rate changes | (58) | 149 | |
Transfers | 54 | [1] | (32) |
Balance at ending | 759 | 762 | |
Cost | 759 | 762 | |
Accumulated depreciation | |||
Net | 759 | 762 | |
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | 2,859 | 2,385 | |
Additions | 91 | 6 | |
Impairment | (28) | (11) | |
Depreciation | (58) | (63) | |
Write off | 3 | ||
Exchange rate changes | (169) | 557 | |
Transfers | (243) | [1] | (15) |
Balance at ending | 2,455 | 2,859 | |
Cost | 2,607 | 2,921 | |
Accumulated depreciation | (152) | (62) | |
Net | 2,455 | 2,859 | |
Construction in progress [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | 18 | 10 | |
Additions | 32 | 8 | |
Impairment | |||
Depreciation | |||
Write off | |||
Exchange rate changes | (3) | 2 | |
Transfers | (7) | [1] | (2) |
Balance at ending | 40 | 18 | |
Cost | 40 | 18 | |
Accumulated depreciation | |||
Net | R$ 40 | R$ 18 | |
[1] | Transfers to fixed assets |
Schedule of fair value of inv_2
Schedule of fair value of investment properties by Exito and its subsidiaries (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease revenue | R$ 433 | R$ 368 |
Operating expenses from investment properties that generate revenue | 108 | 78 |
Operating expenses from investment properties that do not generate revenue | (103) | (165) |
Net result generated by investment properties | R$ 222 | R$ 125 |
Schedule of rates based on geog
Schedule of rates based on geographic region (Details) | Dec. 31, 2021 |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Discount rate | 10.00% |
Vacancy rate | 0.00% |
Terminal capitalization rate | 7.50% |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Discount rate | 14.00% |
Vacancy rate | 54.45% |
Terminal capitalization rate | 8.50% |
Schedule of changes in property
Schedule of changes in property and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 40 years |
Buildings [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 50 years |
Leasehold improvements [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 24 years |
Leasehold improvements [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 40 years |
Machinery [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 10 years |
Machinery [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 20 years |
Facilites [Member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 11 years |
Fixtures and fittings [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 9 years |
Fixtures and fittings [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 12 years |
Other property, plant and equipment [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 3 years |
Other property, plant and equipment [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 5 years |
Schedule of property and equipm
Schedule of property and equipment (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | R$ 19888 | R$ 24290 | |
Additions | [1] | 1,474 | 4,207 |
Remeasurement | (460) | 1,396 | |
Depreciation | (1,790) | (2,253) | |
Write-offs | (1,021) | (1,460) | |
Merger | (3) | 121 | |
Transfers | (991) | (884) | |
Exchange rate changes | (748) | 1,971 | |
Property and equipment, ending | 16,344 | 19,888 | |
Impairment | (5) | (23) | |
Extra hiper transaction in fixed assets | 481 | ||
Extra hiper transaction in right of use Asset | 385 | ||
Transfers to held for sale | 996 | 722 | |
Intangibles | 115 | 198 | |
Investment properties | 196 | 49 | |
Deconsolidation | (7,477) | ||
Property and equipment, cost | 27,408 | 31,241 | |
Property and equipment, net | 16,344 | 19,888 | |
Property and equipment, accumulated depreciation | (11,064) | (11,353) | |
Finance Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 6,517 | 7,071 | |
Additions | 239 | 2,025 | |
Remeasurement | (460) | 1,396 | |
Depreciation | (843) | (943) | |
Write-offs | (487) | (1,006) | |
Transfers | 1 | (3) | |
Exchange rate changes | (196) | 411 | |
Property and equipment, ending | 4,771 | 6,517 | |
Deconsolidation | (2,434) | ||
Property and equipment, cost | 8,884 | 10,181 | |
Property and equipment, net | 4,771 | 6,517 | |
Property and equipment, accumulated depreciation | (4,113) | (3,664) | |
Land [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 3,540 | 3,692 | |
Additions | 2 | 61 | |
Remeasurement | (1) | ||
Depreciation | (1) | ||
Write-offs | (80) | (87) | |
Merger | 1 | 121 | |
Transfers | (162) | (308) | |
Exchange rate changes | (174) | 542 | |
Property and equipment, ending | 3,125 | 3,540 | |
Deconsolidation | (481) | ||
Property and equipment, cost | 3,125 | 3,540 | |
Property and equipment, net | 3,125 | 3,540 | |
Land [member] | Finance Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 3 | 3 | |
Additions | 1 | ||
Remeasurement | 1 | ||
Property and equipment, ending | 5 | 3 | |
Property and equipment, cost | 9 | 7 | |
Property and equipment, net | 5 | 3 | |
Property and equipment, accumulated depreciation | (4) | (4) | |
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 4,414 | 4,869 | |
Additions | 66 | 80 | |
Depreciation | (156) | (156) | |
Write-offs | (64) | (145) | |
Transfers | (5) | (308) | |
Exchange rate changes | (246) | 705 | |
Property and equipment, ending | 4,008 | 4,414 | |
Impairment | (1) | (23) | |
Deconsolidation | (608) | ||
Property and equipment, cost | 4,751 | 5,219 | |
Property and equipment, net | 4,008 | 4,414 | |
Property and equipment, accumulated depreciation | (743) | (805) | |
Buildings [member] | Finance Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 6,465 | 7,023 | |
Additions | 232 | 2,001 | |
Remeasurement | (463) | 1,403 | |
Depreciation | (830) | (928) | |
Write-offs | (485) | (1,005) | |
Transfers | 1 | (3) | |
Exchange rate changes | (192) | 402 | |
Property and equipment, ending | 4,728 | 6,465 | |
Deconsolidation | (2,428) | ||
Property and equipment, cost | 8,774 | 10,069 | |
Property and equipment, net | 4,728 | 6,465 | |
Property and equipment, accumulated depreciation | (4,046) | (3,604) | |
Leasehold improvements [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 2,412 | 4,441 | |
Additions | 118 | 788 | |
Depreciation | (255) | (429) | |
Write-offs | (241) | (119) | |
Merger | 4 | ||
Transfers | (200) | 262 | |
Exchange rate changes | (26) | 70 | |
Property and equipment, ending | 1,809 | 2,412 | |
Impairment | (3) | ||
Deconsolidation | (2,601) | ||
Property and equipment, cost | 3,749 | 4,778 | |
Property and equipment, net | 1,809 | 2,412 | |
Property and equipment, accumulated depreciation | (1,940) | (2,366) | |
Machinery [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 1,769 | 2,281 | |
Additions | 480 | 308 | |
Depreciation | (336) | (437) | |
Write-offs | (117) | (69) | |
Merger | 1 | ||
Transfers | (106) | 172 | |
Exchange rate changes | (75) | 151 | |
Property and equipment, ending | 1,616 | 1,769 | |
Deconsolidation | (637) | ||
Property and equipment, cost | 4,201 | 4,438 | |
Property and equipment, net | 1,616 | 1,769 | |
Property and equipment, accumulated depreciation | (2,585) | (2,669) | |
Facilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 283 | 580 | |
Additions | 5 | 61 | |
Depreciation | (42) | (67) | |
Write-offs | (24) | (11) | |
Transfers | (25) | (18) | |
Exchange rate changes | 8 | ||
Property and equipment, ending | 197 | 283 | |
Deconsolidation | (270) | ||
Property and equipment, cost | 554 | 725 | |
Property and equipment, net | 197 | 283 | |
Property and equipment, accumulated depreciation | (357) | (442) | |
Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 706 | 1,007 | |
Additions | 122 | 120 | |
Depreciation | (144) | (193) | |
Write-offs | (7) | (16) | |
Transfers | (36) | 62 | |
Exchange rate changes | (27) | 66 | |
Property and equipment, ending | 614 | 706 | |
Deconsolidation | (340) | ||
Property and equipment, cost | 1,810 | 1,966 | |
Property and equipment, net | 614 | 706 | |
Property and equipment, accumulated depreciation | (1,196) | (1,260) | |
Construction in progress [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 213 | 275 | |
Additions | 433 | 746 | |
Write-offs | (1) | (7) | |
Merger | (9) | ||
Transfers | (461) | (750) | |
Exchange rate changes | (4) | 17 | |
Property and equipment, ending | 171 | 213 | |
Deconsolidation | (68) | ||
Property and equipment, cost | 171 | 213 | |
Property and equipment, net | 171 | 213 | |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 34 | 74 | |
Additions | 9 | 18 | |
Depreciation | (13) | (28) | |
Transfers | 3 | 7 | |
Exchange rate changes | 1 | ||
Property and equipment, ending | 33 | 34 | |
Deconsolidation | (38) | ||
Property and equipment, cost | 163 | 181 | |
Property and equipment, net | 33 | 34 | |
Property and equipment, accumulated depreciation | (130) | (147) | |
Property, plant and equipment not subject to operating leases [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 13,371 | 17,219 | |
Additions | 1,235 | 2,182 | |
Depreciation | (947) | (1,310) | |
Write-offs | (534) | (454) | |
Merger | (3) | 121 | |
Transfers | 992 | (881) | |
Exchange rate changes | (552) | 1,560 | |
Property and equipment, ending | 11,573 | 13,371 | |
Impairment | (5) | (23) | |
Deconsolidation | (5,043) | ||
Property and equipment, cost | 18,524 | 21,060 | |
Property and equipment, net | 11,573 | 13,371 | |
Property and equipment, accumulated depreciation | (6,951) | (7,689) | |
Buildings 1 [Member] | Finance Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 6,465 | ||
Property and equipment, ending | 4,728 | 6,465 | |
Property and equipment, net | 4,728 | 6,465 | |
Equipments [Member] | Finance Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property and equipment, beginning | 49 | 45 | |
Additions | 6 | 24 | |
Remeasurement | 2 | (7) | |
Depreciation | (13) | (15) | |
Write-offs | (2) | (1) | |
Exchange rate changes | (4) | 9 | |
Property and equipment, ending | 38 | 49 | |
Deconsolidation | (6) | ||
Property and equipment, cost | 101 | 105 | |
Property and equipment, net | 38 | 49 | |
Property and equipment, accumulated depreciation | R$ 63 | R$ 56 | |
[1] | The additions are related to the purchase of operating assets, acquisition of land and buildings to expand activities, building of new stores, improvements of existing distribution centers and stores and investments in equipment and information technology. |
Investment properties (Details
Investment properties (Details Narrative) - BRL (R$) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value Of investment properties loss | R$ 32000000 | R$ 22 |
Fair value of investment properties | R$ 3844000000 | R$ 3926000000 |
Schedule of reconciliation of a
Schedule of reconciliation of additions to property and equipment (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Additions | [1] | R$ 1474 | R$ 4207 | |
Lease | (239) | (2,025) | ||
Capitalized borrowing costs | 11 | 15 | ||
Property and equipment financing - Additions | [2] | (1,149) | (2,001) | |
Property and equipment financing - Payments | [2] | 960 | 2,123 | |
Total | R$ 1035 | R$ 2289 | R$ 2462 | |
[1] | The additions are related to the purchase of operating assets, acquisition of land and buildings to expand activities, building of new stores, improvements of existing distribution centers and stores and investments in equipment and information technology. | |||
[2] | The additions to property 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. |
Property and equipment (Details
Property and equipment (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized borrowing costs | R$ 11 | R$ 15 |
Borrowing costs eligible for capitalization rate | 153.04% | 150.67% |
Effective interest rate | 6.70% | 396.00% |
Cost of goods and services sold | R$ 264 | R$ 232 |
Schedule of changes in intangib
Schedule of changes in intangible assets (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | R$ 5753 | R$ 6164 | R$ 6236 |
Additions | 232 | 198 | |
Exchange rate changes | (358) | 771 | |
Impairment loss on financial assets | (22) | ||
Amortization | (269) | (248) | |
Write-off | (2) | (2) | |
Transfers | (35) | 198 | |
Remeasurement | 43 | 49 | |
Deconsolidation Sendas | (1,038) | ||
Finance Lease [Member] | Right Of Use Paes Mendonca [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 413 | 567 | 780 |
Amortization | (47) | (47) | |
Remeasurement | 43 | 49 | |
Deconsolidation Sendas | (215) | ||
Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 441 | 603 | 836 |
Additions | 1 | ||
Amortization | (55) | (68) | |
Remeasurement | 43 | 49 | |
Deconsolidation Sendas | (150) | (215) | |
Goodwill [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 729 | 750 | 1,314 |
Additions | |||
Exchange rate changes | (21) | 39 | |
Transfers | 15 | ||
Deconsolidation Sendas | (618) | ||
Tradename [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 3,385 | 3,731 | 3,059 |
Exchange rate changes | (324) | 700 | |
Impairment loss on financial assets | (22) | ||
Transfers | 12 | ||
Deconsolidation Sendas | (40) | ||
Commercial Rightsl [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 51 | 47 | 136 |
Additions | 4 | 6 | |
Deconsolidation Sendas | (95) | ||
Contractual Right [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 3 | 3 | |
Additions | |||
Exchange rate changes | 13 | ||
Amortization | (1) | ||
Transfers | (12) | ||
Computer software [member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 1,144 | 1,030 | 888 |
Additions | 228 | 191 | |
Exchange rate changes | (13) | 19 | |
Amortization | (214) | (179) | |
Write-off | (2) | (2) | |
Transfers | 115 | 183 | |
Deconsolidation Sendas | (70) | ||
Computer software [member] | Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 28 | 36 | 56 |
Additions | 1 | ||
Amortization | (8) | (21) | |
Transfers | (150) | ||
Total Intangible Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, ending | 5,312 | 5,561 | R$ 5400 |
Additions | 232 | 197 | |
Exchange rate changes | (358) | 771 | |
Impairment loss on financial assets | (22) | ||
Amortization | (214) | (180) | |
Write-off | (2) | (2) | |
Transfers | R$ 115 | 198 | |
Deconsolidation Sendas | R$ 823 |
Schedule of intangible assets (
Schedule of intangible assets (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | R$ 7910 | R$ 9046 | ||
Intangible assets, accumulated depreciation | (2,157) | (2,882) | ||
Intangible assets, net | 5,753 | 6,164 | R$ 6236 | |
Finance Lease [Member] | Right Of Use Paes Mendonca [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 543 | 653 | ||
Intangible assets, accumulated depreciation | (130) | (86) | ||
Intangible assets, net | 413 | 567 | 780 | |
Lease [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 713 | 773 | ||
Intangible assets, accumulated depreciation | (272) | (170) | ||
Intangible assets, net | 441 | 603 | 836 | |
Goodwill [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 1,587 | 2,478 | ||
Intangible assets, accumulated depreciation | [1] | (858) | (1,728) | |
Intangible assets, net | 729 | 750 | 1,314 | |
Tradename [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 3,385 | 3,731 | ||
Intangible assets, net | 3,385 | 3,731 | 3,059 | |
Commercial Rightsl [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 54 | 47 | ||
Intangible assets, accumulated depreciation | (3) | |||
Intangible assets, net | 51 | 47 | 136 | |
Contractual Rightsl [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 6 | 5 | ||
Intangible assets, accumulated depreciation | (3) | (2) | ||
Intangible assets, net | 3 | 3 | ||
Computer software [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 2,165 | 2,012 | ||
Intangible assets, accumulated depreciation | (1,021) | (982) | ||
Intangible assets, net | 1,144 | 1,030 | 888 | |
Computer software [member] | Lease [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 170 | 120 | ||
Intangible assets, accumulated depreciation | (142) | (84) | ||
Intangible assets, net | 28 | 36 | 56 | |
Total Intangible Assets [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Intangible assets, cost | 7,197 | 8,273 | ||
Intangible assets, accumulated depreciation | (1,885) | (2,712) | ||
Intangible assets, net | R$ 5312 | R$ 5561 | R$ 5400 | |
[1] | Refers to amortizations recorded previously prior to the first time adoption of the IFRS. |
Schedule of reconciliation of_2
Schedule of reconciliation of additions to intangible assets (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Additions | R$ 232 | R$ 198 |
Intangible assets financing - Addition | (1) | |
Intangible assets financing - Payments | 4 | |
Total | R$ 232 | R$ 201 |
Schedule of trade payables, net
Schedule of trade payables, net (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Trade payables | R$ 62 | R$ 11424 |
Product Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 9,591 | 10,907 |
Service Suppliers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 870 | 904 |
Bonuses From Vendors [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | R$ 383 | R$ 387 |
Schedule of debt breakdown (Det
Schedule of debt breakdown (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | R$ 9140 | |
Non-current assets | R$ 6 | 12 |
Borrowings and financing, current liabilities | 1,470 | 2,309 |
Borrowings and financing, non-current liabilities | 7,582 | 6,842 |
Debentures And Promissory Note [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | R$ 4613 | 4,598 |
Debentures And Promissory Note [Member] | Debentures Certificate Of Agribusiness Receivables And Promissory Notes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | CDI + 1.59% per year | |
Borrowings and financing | R$ 4613 | 4,598 |
Borrowings And Financing [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | 9,051 | 9,140 |
Borrowings And Financing [Member] | Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | 2,736 | 2,687 |
Borrowings And Financing [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | R$ 1702 | 1,855 |
Borrowings And Financing [Member] | Working Capital 2 [Member] | Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | CDI + 1.89% per year | |
Borrowings and financing | R$ 2737 | 2,689 |
Borrowings And Financing [Member] | Working Capital 2 [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | IBR 3M + 1.6% | |
Borrowings and financing | R$ 959 | 1,534 |
Borrowings And Financing [Member] | Working Capital 1 [Member] | Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | TR + 9.80 % per year | |
Borrowings and financing | R$ 11 | 13 |
Borrowings And Financing [Member] | Working Capital 1 [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | USD + 2.12% per year | |
Borrowings and financing | R$ 448 | 271 |
Borrowings And Financing [Member] | Swap Contracts [Member] | Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | CDI – 0.08% per year | |
Borrowings and financing | R$ 1 | (2) |
Borrowings And Financing [Member] | Swap Contracts [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | CDI + 1.70% per year | |
Borrowings and financing | R$ 7 | 12 |
Borrowings And Financing [Member] | Unamortized Borrowing Costs [Member] | Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | R$ 11 | (13) |
Borrowings And Financing [Member] | Unamortized Borrowing Costs [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | (1) | |
Borrowings And Financing [Member] | Working Capital 3 [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | IBR 1M + 1.45% | |
Borrowings and financing | R$ 276 | |
Borrowings And Financing [Member] | Working Capital Argentina [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | Pre: 39.52% | |
Borrowings and financing | 26 | |
Borrowings And Financing [Member] | Credit Letter [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | R$ 12 | 12 |
Borrowings And Financing [Member] | Swap Contracts One [Member] | Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | IBR 3M + 1.6% | |
Borrowings and financing | R$ 1 |
Schedule of changes in borrowin
Schedule of changes in borrowings (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings and financing, beginning | R$ 9140 | R$ 14108 |
Additions | 4,860 | 7,262 |
Accrued interest | 500 | 755 |
Accrued swap | (7) | (343) |
Mark-to-market | 15 | 14 |
Monetary and exchange rate changes | 20 | 331 |
Borrowing cost | 15 | 53 |
Interest paid | (482) | (774) |
Payments | (4,842) | (5,125) |
Swap paid | (23) | 333 |
Foreign currency translation adjustment | (145) | 173 |
Borrowings and financing, ending | R$ 9051 | 9,140 |
Adjustment to present value | 115 | |
Deconsolidation Sendas | (7,762) | |
Borrowings and financing, ending | R$ 9140 |
Schedule of maturity of non-cur
Schedule of maturity of non-current borrowings and financing (Details) R$ in Millions | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Subtotal | R$ 7598 |
Unamortized borrowing costs | (17) |
Total | 7,581 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Subtotal | 2,724 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Subtotal | 1,689 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Subtotal | 1,334 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Subtotal | 1,252 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Subtotal | R$ 599 |
Schedule of debentures, promiss
Schedule of debentures, promissory note and certificate of agribusiness receivables (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 06, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, total | R$ 9140 | ||
Borrowing costs | R$ 17 | (9) | |
Borrowings and financing, total | 4,613 | 4,598 | |
Borrowings and financing, current liabilities | 1,470 | 2,309 | |
Borrowings and financing, non-current liabilities | 3,524 | 3,378 | |
Debentures Promissory Note And Certificate Ofgribusiness Receivables 5 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 800 | ||
Issue date | Jan. 17, 2018 | ||
Maturity date | Jan. 15, 2021 | ||
Borrowings and financing, total | 451 | ||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 6 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 700 | ||
Issue date | Sep. 11, 2018 | ||
Maturity date | Sep. 10, 2021 | ||
Borrowings and financing, total | 711 | ||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 61 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 500 | ||
Issue date | Sep. 11, 2018 | ||
Maturity date | Sep. 12, 2022 | ||
Borrowings and financing, total | 521 | ||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 51 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 2000 | ||
Issue date | Jan. 6, 2020 | ||
Maturity date | Jan. 6, 2023 | ||
Borrowings and financing, total | R$ 2075 | 2,033 | |
Outstanding debentures | R$ 2000000 | ||
Financial charges | CDI + 1.45% per year | ||
Unit price | R$ 1038 | ||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 21 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 800 | ||
Issue date | Jan. 10, 2019 | ||
Maturity date | Jan. 9, 2022 | ||
Borrowings and financing, total | R$ 891 | ||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 22 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 980 | ||
Issue date | May 14, 2021 | ||
Maturity date | May 10, 2026 | ||
Borrowings and financing, total | R$ 994 | ||
Outstanding debentures | R$ 980000 | ||
Financial charges | CDI + 1.70% per year | ||
Unit price | R$ 1014 | ||
Borrowing costs | R$ 1500 | ||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 23 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 520 | ||
Issue date | May 14, 2021 | ||
Maturity date | May 10, 2028 | ||
Borrowings and financing, total | R$ 527 | ||
Outstanding debentures | R$ 520000 | ||
Financial charges | CDI + 1.95% per year | ||
Unit price | R$ 1014 | ||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 24 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 500 | ||
Issue date | Jul. 30, 2021 | ||
Maturity date | Jul. 30, 2025 | ||
Borrowings and financing, total | R$ 517 | ||
Outstanding debentures | R$ 500 | ||
Financial charges | CDI + 1.55% per year | ||
Unit price | R$ 1033886 | ||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 25 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue amount | R$ 500 | ||
Issue date | Jul. 30, 2021 | ||
Maturity date | Jul. 30, 2026 | ||
Borrowings and financing, total | R$ 517 | ||
Outstanding debentures | R$ 500 | ||
Financial charges | CDI + 1.65% per year | ||
Unit price | R$ 1034314 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Exito [Member] | |
IfrsStatementLineItems [Line Items] | |
Description of discount and growth rate | discount rate applied to cash flow projections is 7.4% (and cash flows exceeding the three-year period are extrapolated using a growth rate of 3%) in Colombia. Based on this analysis, R$ 22 impairment charges were recorded. |
Computer software [member] | |
IfrsStatementLineItems [Line Items] | |
Amortization rate | 11.47% |
Description of discount and growth rate | The discount rate used on our retail segment cash flow projections was 10.6% (7.9% in 2020), and the cash flows exceeding the three-year period are extrapolated using a 4.8% growth rate (4.6% on December 31, 2020) |
Description of sensitivity analysis | sensitivity analysis was made for a 0.5 percentage points increase / decrease in the discount rate and growth rate. |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 5 years |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life (in years) | 10 years |
Schedule of financial instrumen
Schedule of financial instruments (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans And Receivables Including Cash [Member] | Cash And Cash Equivalent [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | R$ 8274 | R$ 8711 | |
Loans And Receivables Including Cash [Member] | Related Parties Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 517 | 154 | |
Loans And Receivables Including Cash [Member] | Trade Receivables And Other Receivables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 1,589 | 1,614 | |
Loans And Receivables Including Cash [Member] | Others Assets 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 9 | 48 | |
Loans And Receivables Including Cash [Member] | Financial Iinstruments Fair Value Hedge [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 1 | 11 | |
Loans And Receivables Including Cash [Member] | Financial Instruments About Lease Fair Value Hedge [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 9 | 1 | |
Loans And Receivables Including Cash [Member] | Suppliers Financial Instruments Fair Value Hedge [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 15 | ||
Loans And Receivables Including Cash [Member] | Others Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 2 | ||
Loans And Receivables Including Cash [Member] | Trade Receivables With Credit Card Companies And Sales Vouchers [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 95 | 113 | |
Loans And Receivables Including Cash [Member] | Others Assets 2 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial assets | 28 | 28 | |
Other Financial Liabilities Amortized Cost [Member] | Related Parties Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (467) | (194) | |
Other Financial Liabilities Amortized Cost [Member] | Trade Payables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (10,078) | (11,424) | |
Other Financial Liabilities Amortized Cost [Member] | Financing For Purchase Of Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (250) | (100) | |
Other Financial Liabilities Amortized Cost [Member] | Debentures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (4,613) | (4,598) | |
Other Financial Liabilities Amortized Cost [Member] | Borrowings And Financing [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (3,973) | (4,247) | |
Other Financial Liabilities Amortized Cost [Member] | Lease [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (6,118) | (8,372) | |
Fair Value Through Profit Or Loss [Member] | Borrowings And Financing Including Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (459) | (284) | |
Fair Value Through Profit Or Loss [Member] | Financial Instruments Fair Value Hedge [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (7) | (22) | |
Fair Value Through Profit Or Loss [Member] | Financial Instruments About Lease Fair Value Hedge Liabilities Side [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (2) | ||
Fair Value Through Profit Or Loss [Member] | Suppliers Financial Instruments Fair Value Hedge Liabilities Side [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | (1) | (25) | |
Fair Value Through Profit Or Loss [Member] | Disco Group Put Option [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial liabilities | [1] | R$ 701 | R$ 636 |
[1] | See note 18.3. |
Schedule of changes as to objec
Schedule of changes as to objectives, policies or processes (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | R$ 8274 | R$ 8711 | |||
Financial instruments – Fair value hedge | 17 | (37) | |||
Borrowings, financing and debentures | (9,045) | (9,129) | |||
Other liabilities with related parties | [1] | (145) | (120) | ||
Net financial debt | (899) | (575) | |||
Shareholders’ equity | R$ 16380 | R$ 16807 | R$ 13548 | R$ 13159 | |
Net debt to equity ratio | 5.00% | 3.00% | |||
[1] | Represents amount payable to Greenyellow related to the purchase of equipment. |
Schedule of aging profile of fi
Schedule of aging profile of financial liabilities (Details) - Liquidity risk [member] R$ in Millions | Dec. 31, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | R$ 31067 |
Borrowings And Financing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 11,888 |
Lease liabilities [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 9,101 |
Trade Payables [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 10,078 |
Not later than one month [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 13,463 |
Not later than one month [member] | Borrowings And Financing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 2,016 |
Not later than one month [member] | Lease liabilities [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 1,369 |
Not later than one month [member] | Trade Payables [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 10,078 |
Later than one year and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 13,327 |
Later than one year and not later than five years [member] | Borrowings And Financing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 9,285 |
Later than one year and not later than five years [member] | Lease liabilities [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 4,042 |
Later than one year and not later than five years [member] | Trade Payables [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 4,277 |
Later than five years [member] | Borrowings And Financing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 587 |
Later than five years [member] | Lease liabilities [member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow | 3,690 |
Later than five years [member] | Trade Payables [Member] | |
IfrsStatementLineItems [Line Items] | |
Total financial liabilities under undiscounted cash flow |
Borrowings and financing (Detai
Borrowings and financing (Details Narrative) - BRL (R$) R$ in Millions | Jul. 20, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 06, 2020 | Dec. 31, 2019 | Dec. 17, 2018 | Sep. 11, 2018 | Jan. 17, 2018 |
IfrsStatementLineItems [Line Items] | |||||||||
Borrowing costs | R$ 17 | R$ 9 | |||||||
Interest rate | 8.89% | 9.41% | 10.73% | ||||||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 36 [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Borrowing costs | R$ 800 | ||||||||
Interest rate | 104.75% | ||||||||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 37 [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Borrowing costs | R$ 1200 | ||||||||
Interest rate | 107.40% | ||||||||
Second Series [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Interest rate | 106.00% | ||||||||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 40 [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Borrowing costs | R$ 800 | ||||||||
Interest rate | 105.75% | ||||||||
Debentures Promissory Note And Certificate Ofgribusiness Receivables 377 [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Borrowing costs | R$ 2000 | ||||||||
Interest rate | 1.45% | ||||||||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 22 [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Borrowing costs | R$ 1500 | ||||||||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 22 [Member] | Bottom of range [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Maturity | 4 years | 5 years | |||||||
Debentures Promissory Note And Certificate Of Agribusiness Receivables 22 [Member] | Top of range [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Maturity | 5 years | 7 years | |||||||
Swap Contracts [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Weighted average annual rate of CDI | 4.42% | 2.76% |
For derivative transactions tha
For derivative transactions that qualify as hedge accounting, the debt, which is the hedged item, is also adjusted to fair value. (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair value | 6 | R$ 10 |
Fair value | (6) | (10) |
Cash Flow Hedges Assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair value | 1 | 11 |
Fair value | (1) | (11) |
Cash Flow Hedges Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair value | (7) | (21) |
Fair value | 7 | 21 |
Fair value hedges [member] | Cash flow hedges [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 469 | 301 |
Long Position Buy [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 469 | 301 |
Fair value | 459 | 284 |
Fair value | (459) | (284) |
Long Position Buy [Member] | Prefixed Rate [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 22 | 21 |
Fair value | 11 | 13 |
Fair value | (11) | (13) |
Long Position Buy [Member] | U S Dollar And Fixed [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 447 | 280 |
Fair value | 448 | 271 |
Fair value | (448) | (271) |
Short Position Sell [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | (469) | (301) |
Fair value | (465) | (294) |
Fair value | R$ 465 | R$ 294 |
Schedule of other financial ins
Schedule of other financial instruments (Details) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021BRL (R$) | ||
Fair Value Hedge Fixed Rate [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial risk (CDI variation) | CDI-0.08% per year | |
Financial Baseline | R$ 10 | |
Financial projected scenario 1 | (1) | |
Financial projected scenario 2 | (1) | |
Financial projected scenario 3 | R$ 1 | |
Fair Value Hedge Exchange Rate [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial risk (CDI variation) | CDI+1.70% per year | |
Financial Baseline | R$ 455 | |
Financial projected scenario 1 | (63) | |
Financial projected scenario 2 | (69) | |
Financial projected scenario 3 | R$ 58 | |
Debentures [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial risk (CDI variation) | CDI+1.59% per year | |
Financial Baseline | R$ 4630 | |
Financial projected scenario 1 | (584) | |
Financial projected scenario 2 | (643) | |
Financial projected scenario 3 | R$ 526 | |
Borrowings And Financing C B D [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial risk (CDI variation) | CDI+1.89% per year | |
Financial Baseline | R$ 2737 | |
Financial projected scenario 1 | (345) | |
Financial projected scenario 2 | (380) | |
Financial projected scenario 3 | (311) | |
Total Borrowings And Financing Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Baseline | (7,832) | |
Financial projected scenario 1 | (993) | |
Financial projected scenario 2 | (1,093) | |
Financial projected scenario 3 | R$ 896 | |
Cash And Cash Equivalent [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial risk (CDI variation) | 93.51% of CDI | [1] |
Financial Baseline | R$ 4598 | [1] |
Financial projected scenario 1 | 503 | [1] |
Financial projected scenario 2 | 553 | [1] |
Financial projected scenario 3 | 453 | [1] |
Net Exposure [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial Baseline | (3,234) | |
Financial projected scenario 1 | (490) | |
Financial projected scenario 2 | (540) | |
Financial projected scenario 3 | R$ 443 | |
[1] | Weighted average |
Schedule of sensitivity analysi
Schedule of sensitivity analysis (Details) - Bank Loans And Swap [Member] R$ in Millions | Dec. 31, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Market projection Baseline | R$ 1224 |
Market projected scenario 1 | |
Market projected scenario 2 | 55 |
Market projected scenario 3 | R$ 58 |
Schedule of fair value hierarch
Schedule of fair value hierarchy of financial assets and liabilities (Details) R$ in Millions | Dec. 31, 2021BRL (R$) | |
IfrsStatementLineItems [Line Items] | ||
Carrying amount | R$ 9634 | |
Fair value | (9,499) | |
Trade Receibles With Credit Card Companies And Sales Vouchers [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 95 | |
Fair value | 95 | |
Cross Currency Interest Rate Swap [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | (7) | |
Fair value | (7) | |
Interest Rate Swap 1 [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 10 | |
Fair value | 10 | |
Forward Between Currencies [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | 14 | |
Fair value | 14 | |
Borrowings And Financing F V P L [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | (459) | |
Fair value | (459) | |
Borrowings And Financing And Debentures Amortized Cost [Member] | Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | (8,586) | |
Fair value | (8,451) | |
Disco Group Put Option [Member] | Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Carrying amount | (701) | [1] |
Fair value | R$ 701 | [1] |
[1] | Non-controlling shareholders of Group Disco del Uruguay S.A., Éxito Group’s subsidiary has an exercisable put option based on a formula that uses data such as net income, EBITDA - earnings before interest, taxes, depreciation and amortization - and net debt, in addition to fixed amounts determined in the contract and the exchange variation applicable for conversion to the functional currency. This put option is presented in “Acquisition of non-controlling interest”. |
Schedule of consolidated positi
Schedule of consolidated position of outstanding derivative transactions (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Exito Group [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivatives | 23 | R$ 27 |
Derivatives [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivatives | 8 | (3) |
Derivatives [member] | Fair value hedges [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivatives | (6) | (10) |
Derivatives [member] | U S D B R L [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 50 | |
Derivatives | (7) | (12) |
Derivatives [member] | U S D B R L [Member] | Later Than One Year 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 21 | |
Due date | 2023 | |
Derivatives [member] | Interest Rate B R L [Member] | Twenty Twenty Six [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Due date | 2026 | |
Derivatives | R$ 1 | 2 |
Derivatives [member] | U S D C O P [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 1 | |
Derivatives [member] | U S D C O P [Member] | Later Than One Year 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Due date | 2022 | |
Derivatives [member] | U S D C O P [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivatives | 1 | |
Derivatives [member] | Interest Rate C O P [Member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 108,750 | |
Derivatives [member] | Interest Rate C O P [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 102708 | |
Due date | 2022 | |
Derivatives | (1) | |
Derivatives [member] | Interest Rate C O P [Member] | Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Due date | 2021 | |
Derivatives [member] | Interest Rate C O P [Member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 108750 | |
Due date | 2022 | |
Derivatives | (2) | |
Derivatives [member] | Interest Rate C O P [Member] | Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 200000 | |
Due date | 2023 | |
Derivatives | R$ 1 | |
Derivatives [member] | Interest Rate C O P [Member] | Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivatives | 7 | |
Trade Payables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivatives | 15 | (25) |
Trade Payables [Member] | U S D C O P [Member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 105 | |
Due date | 2022 | |
Derivatives | R$ 15 | |
Trade Payables [Member] | U S D C O P [Member] | Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | 35 | |
Derivatives | (23) | |
Trade Payables [Member] | E U R C O P [Member] | Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 3 | |
Due date | 2021 | |
Derivatives | R$ 2 | |
Trade Payables [Member] | E U R C O P [Member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Due date | 2021 |
Financial instruments (Details
Financial instruments (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Notional value | ||
Fair value | 6 | R$ 10 |
Fair value hedge gain | R$ 105 | 282 |
Weighted exchange rate | R$ 6.17 | |
weighted interest rate | 11.79% | |
Fair value hedges [member] | Cash flow hedges [member] | ||
IfrsStatementLineItems [Line Items] | ||
Notional value | R$ 469 | R$ 301 |
Schedule of taxes and contribut
Schedule of taxes and contributions payable and taxes payable (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | R$ 733 | R$ 833 | |
Taxes and contributions payable and taxes payable in installments, current | 580 | 585 | |
Taxes and contributions payable and taxes payable in installments, non-current | 153 | 248 | |
Taxes Payable In Installments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | [1] | 177 | 244 |
Taxes Payable In Installments P E R T [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | [2] | 115 | 151 |
I C M S 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | 82 | 99 | |
P I S And C O F I N S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | 9 | 9 | |
Provision For Income Tax And Social Contribution [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | 17 | 13 | |
Withholding Income Tax [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | 4 | 2 | |
I N S S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | 6 | 5 | |
Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | 47 | 25 | |
Taxes Exito Group [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Taxes and contributions payable and taxes payable in installments | R$ 276 | R$ 285 | |
[1] | Federal tax installment payment program, Law 11,941/09 – The Law 11,941, was enacted on May 27, 2009, a special federal tax and social security debt installment program, for debts overdue until November 2008, which granted several benefits to its participants, such as reduction of fines, interest rates and penalties, the possibility of utilization of accumulated tax losses to settle penalties and interest and payment in 180 months, use of restricted deposits linked to the claim to reduce the balance. The program also allows the gains arising from reduction of fines and penalties not to be taxable for income taxes purposes. The Group is in compliance with the terms and conditions of these tax payment program. | ||
[2] | In 2017, the Group decided to include certain federal tax debts in the Special Program on Tax Settlements – PERT (“PERT Program.”) The program allows the payment of certain taxes in monthly installments, and granted discounts on interest and penalties. The Group included tax debts related to (i) tax assessments over purchase transactions, manufacturing and exports sales of soil beans (PIS/COFINS), (ii) non-validation of tax offsets (IRPJ, PIS/COFINS); and other tax debts previously classified as possible risks related mainly to CPMF( Contribuição provisória sobre movimentação financeira |
Schedule of maturity of taxes p
Schedule of maturity of taxes payable (Details) R$ in Millions | Dec. 31, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Taxes payable in installments, noncurrent | R$ 153 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Taxes payable in installments, noncurrent | 86 |
Later Than Two Years And Not Later Than Three Years 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Taxes payable in installments, noncurrent | 32 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Taxes payable in installments, noncurrent | 12 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Taxes payable in installments, noncurrent | R$ 23 |
Schedule of reconciliation of i
Schedule of reconciliation of income and social contribution tax expense (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Income (loss) before income tax and social contribution (Continued operations) | R$ 369 | R$ 1901 | R$ 368 | |
Credit (expense) of Income tax and social contribution expense at the nominal rate (*) | 134 | 542 | (105) | |
Tax penalties | 16 | 11 | 16 | |
Share of profit of associates | 11 | (19) | 2 | |
Interest on own capital | 114 | (78) | (4) | |
Tax benefits | 28 | 12 | 6 | |
Sendas spin-off | (74) | |||
Tax Credits | [1] | 238 | ||
Subsidy for investments | [2] | 557 | ||
Tax on results earned abroad | [3] | (106) | ||
Provision for non-realization of tax losses | [3] | (51) | ||
Other permanent differences | 25 | (12) | (6) | |
Effective income tax and social contribution expense | (594) | 662 | (95) | |
Credit (expense) income tax and social contribution expense for the year: | ||||
Current | 82 | 371 | (249) | |
Deferred | (676) | 291 | 154 | |
Credit (expense) income tax and social contribution expense | R$ 594 | R$ 662 | R$ 95 | |
Effective rate | (160.98%) | 34.82% | 25.82% | |
Nominal rate for subsidiaries | 25.00% | |||
Brazil [Member] | ||||
Credit (expense) income tax and social contribution expense for the year: | ||||
Nominal rate for subsidiaries | 34.00% | |||
Colombia [Member] | ||||
Credit (expense) income tax and social contribution expense for the year: | ||||
Nominal rate for subsidiaries | 31.00% | 32.00% | ||
Uruguay [Member] | ||||
Credit (expense) income tax and social contribution expense for the year: | ||||
Nominal rate for subsidiaries | 25.00% | |||
Argentina [Member] | ||||
Credit (expense) income tax and social contribution expense for the year: | ||||
Nominal rate for subsidiaries | 30.00% | |||
[1] | In September 2021, the Federal Supreme Court (STF) ruled, in terms of general repercussion, for the unconstitutionality of the collection of IRPJ and CSLL on amounts related to Selic interest arising from tax overpayments. Indeed, in 2021, the Company recorded income tax credits in the amount of R$238, of which R$18 was recorded under Recoverable Taxes and R$220 in the reversal of deferred income tax liabilities. | |||
[2] | Certain Company operations benefit from state tax incentives which, pursuant to article 30 of Law No. 12,973/14 and Complementary Law No. 160/17, could be characterized as investment subsidies. The Company recorded the credit in 2021 based on its and legal advisors' opinion about the judgment in Higher Chamber of the Administrative Tax Appeals Council ("CSRF"). For the year ended December 31, 2021, the respective amounts were excluded from the IRPJ calculation basis. | |||
[3] | Amounts related to taxes calculated on subsidiaries abroad, related to entities in Éxito. Additionally, provisions were made for tax losses on subsidiaries with merger plans by management. |
Schedule of breakdown of deferr
Schedule of breakdown of deferred income tax and social contribution (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | R$ 581 | |||
Deferred income tax and social contribution, net | (354) | R$ 1034 | R$ 858 | R$ 225 |
Deferred income tax and social contribution, liabilities | (935) | (1,034) | ||
Tax Losses And Negative Basis Of Social Contribution [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 1,145 | 514 | ||
Deferred income tax and social contribution, net | 1,145 | 514 | ||
Provision For Risks [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 397 | 376 | ||
Deferred income tax and social contribution, net | 397 | 376 | ||
Goodwill Tax Amortization [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, net | (481) | (496) | ||
Deferred income tax and social contribution, liabilities | (481) | (496) | ||
Mark To Market Adjustment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, net | (7) | (6) | ||
Deferred income tax and social contribution, liabilities | (7) | (6) | ||
Fixed Assets Tradename And Investment Property [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, net | (1,710) | (1,686) | ||
Deferred income tax and social contribution, liabilities | (1,710) | (1,686) | ||
Unrealized Gains With Tax Credits [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, net | (239) | (402) | ||
Deferred income tax and social contribution, liabilities | (239) | (402) | ||
Net Adjustments Of I F R S 16 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 285 | 389 | ||
Deferred income tax and social contribution, net | 285 | 389 | ||
Cash Flow Hedge [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 11 | |||
Deferred income tax and social contribution, net | (7) | 11 | ||
Deferred income tax and social contribution, liabilities | (7) | |||
Other 1 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 96 | 29 | ||
Deferred income tax and social contribution, net | 96 | 29 | ||
Presumed Profit On Equity Of Exito [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 167 | 237 | ||
Deferred income tax and social contribution, net | 167 | 237 | ||
Deferred Income Tax And Social Contribution Assets Liabilities [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | 2,090 | 1,556 | ||
Deferred income tax and social contribution, net | (354) | (1,034) | ||
Deferred income tax and social contribution, liabilities | (2,444) | (2,590) | ||
Off Set Assets And Liabilities [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax and social contribution, assets | (1,509) | (1,556) | ||
Deferred income tax and social contribution, liabilities | R$ 1509 | R$ 1556 |
The Company estimates the recov
The Company estimates the recovery of the deferred tax assets as follows: (Details) R$ in Millions | Dec. 31, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | R$ 2090 |
Up To One Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | 387 |
Later Than One Year And Not Later Than Two Years 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | 304 |
Later Than Two Years And Not Later Than Three Years 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | 248 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | 307 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | 369 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Recovery of deferred tax assets | R$ 475 |
Schedule of changes in deferred
Schedule of changes in deferred income tax and social contribution (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Opening balance | R$ 1034 | R$ 858 | R$ 225 |
Credit (expense) for the year – Continuing operations | (676) | 291 | 154 |
Credit (expense) for the year - Discontinued operations | 214 | (122) | |
Tax on discontinued operations | 314 | ||
Income tax related to OCI - Continuing operations | 1 | ||
Income tax related to OCI - Discontinued operations | (20) | ||
Business combination | (747) | ||
Exchange rate changes | 13 | (188) | (18) |
Assets held for sale and discontinued operations | 122 | ||
Deconsolidation - Sendas | 91 | ||
Other | (9) | (2) | (9) |
At the end of the period | R$ 354 | R$ 1034 | R$ 858 |
Schedule of provision for conti
Schedule of provision for contingencies (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | |||
Balance at December 31, 2020 | R$ 1385 | ||
Additions | 477 | R$ 663 | |
Payments | (161) | (161) | |
Reversals | (340) | (220) | |
Monetary adjustment | 93 | 56 | |
Exchange rate changes | (12) | 24 | |
Balance at December 31, 2021 | 1,442 | 1,385 | |
Balance at December 31, 2019 | 1,385 | 1,305 | |
Deconsolidation Sendas | [1] | (282) | |
Balance at December 31, 2020 | 1,442 | 1,385 | |
Tax [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at December 31, 2020 | 937 | ||
Additions | 136 | 331 | |
Payments | (22) | (13) | |
Reversals | (219) | (67) | |
Monetary adjustment | 21 | (3) | |
Exchange rate changes | (8) | 17 | |
Balance at December 31, 2021 | 845 | 937 | |
Balance at December 31, 2019 | 937 | 841 | |
Deconsolidation Sendas | [1] | (169) | |
Balance at December 31, 2020 | 937 | ||
Social Security And Labor [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at December 31, 2020 | 303 | ||
Additions | 180 | 166 | |
Payments | (82) | (75) | |
Reversals | (77) | (83) | |
Monetary adjustment | 38 | 38 | |
Exchange rate changes | (1) | 2 | |
Balance at December 31, 2021 | 361 | 303 | |
Balance at December 31, 2019 | 303 | 319 | |
Deconsolidation Sendas | [1] | (64) | |
Balance at December 31, 2020 | 303 | ||
Civil And Regulatory [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at December 31, 2020 | 145 | ||
Additions | 161 | 166 | |
Payments | (57) | (73) | |
Reversals | (44) | (70) | |
Monetary adjustment | 34 | 21 | |
Exchange rate changes | (3) | 5 | |
Balance at December 31, 2021 | 236 | 145 | |
Balance at December 31, 2019 | R$ 145 | 145 | |
Deconsolidation Sendas | [1] | (49) | |
Balance at December 31, 2020 | R$ 145 | ||
[1] | As result of the Sendas’ spin-off, the balances of provisions for legal demands totaling R$ 282 were deconsolidated, of which R$169 of tax contingencies, R$64 of labor contingencies, and R$49 of civil contingencies and others. |
Income tax and social contrib_3
Income tax and social contribution (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
[custom:DescriptionOfIncomeTaxesCalculatedBasedOnTaxableIncome] | 15% on taxable income plus an additional 10% on annual taxable income exceeding R$240,000 for IRPJ, and 9% for CSLL, and it is paid by each legal entity. According to tax legislation in Brazil there is not a Group´s Corporate Tax Return, and each legal entity have its own tax obligations. The Company does not pay social contribution based on a lawsuit that was final and favorable in the past, therefore the rate is 25%. |
Schedule of restricted deposits
Schedule of restricted deposits (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Judicial deposits | R$ 731 | R$ 563 |
Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial deposits | 206 | 123 |
Labor [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial deposits | 498 | 407 |
Civil And Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial deposits | R$ 27 | R$ 33 |
Schedule of guarantees (Details
Schedule of guarantees (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Guarantees | R$ 12304 | R$ 11935 |
Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 10,647 | 10,755 |
Labor [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 1,153 | 613 |
Civil And Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 504 | 567 |
Real Estate Lawsuit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 732 | 742 |
Real Estate Lawsuit [Member] | Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 723 | 733 |
Real Estate Lawsuit [Member] | Labor [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 0 | 0 |
Real Estate Lawsuit [Member] | Civil And Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 9 | 9 |
Letter Of Guarantee [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 11,572 | 11,193 |
Letter Of Guarantee [Member] | Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 9,924 | 10,022 |
Letter Of Guarantee [Member] | Labor [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | 1,153 | 613 |
Letter Of Guarantee [Member] | Civil And Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Guarantees | R$ 495 | R$ 558 |
Provision for contingencies (De
Provision for contingencies (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Provisions for legal demands | R$ 292 | R$ 292 |
Accrued amount of tax lawsuits | 51 | 60 |
Tax contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 12,123 | 10,081 |
Contingent liabilities assessments prior amount | 1,467 | 1,432 |
Contingent liabilities tax proceedings | 474 | 456 |
Contingent liabilities estimate possible losses amount | 157 | 174 |
I N S S Social Security Contribution [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 576 | 473 |
I R P J With Holding Income Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 750 | 575 |
C O F I N S P I S And I P I [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 4,662 | 2,940 |
I C M S [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 5,660 | 5,572 |
Municipal Service Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 142 | 143 |
Other Litigations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 327 | 374 |
Tax Claims [Member] | Tax contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Contingent liabilities possible losses amount | 6 | 4 |
Civil And Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accrued amount of tax lawsuits | 13 | 166 |
Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision for contingencies | 1,234 | 1,420 |
Supplementary Law [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accrued amount of tax lawsuits | 96 | |
Tax Contingencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accrued amount of tax lawsuits | 69 | |
Labor Contingencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accrued amount of tax lawsuits | 14 | |
Tax Claims [Member] | Exito Group [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision for contingencies | 65 | 88 |
Labor And Social Security Taxes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision for contingencies | 361 | 303 |
Civil And Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision for contingencies | 56 | 40 |
Provision for contingencies accrued amount | 100 | 34 |
Provision for contingencies remaining amount | 50 | 36 |
Provision for contingencies remaining amount | 1,270 | 36 |
Civil And Other [Member] | Exito Group [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision for contingencies | 30 | 35 |
Civil Other Tax Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provision for contingencies | R$ 236 | R$ 145 |
Schedule of minimum rental paym
Schedule of minimum rental payment on termination (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Present value of finance lease agreements | R$ 6118 | R$ 8374 |
Future financing charges | 2,983 | 6,630 |
Gross amount of finance lease agreements | 9,101 | 15,004 |
Later Than One Year 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Present value of finance lease agreements | 895 | 947 |
Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Present value of finance lease agreements | 2,807 | 3,053 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Present value of finance lease agreements | R$ 2416 | R$ 4374 |
Schedule of contingent lease pa
Schedule of contingent lease payments (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Movement of leasing obligation, balance at beginnning | R$ 8374 | R$ 8667 | |
Additions | 239 | 2,025 | |
Remeasurement | (417) | [1] | 1,445 |
Accrued interest | 739 | 958 | |
Payments | (1,523) | (1,680) | |
Anticipated lease contract termination | (1,022) | (698) | |
Exchange rate changes | (210) | 433 | |
Liabilities on non-current assets for sale | (62) | (2,776) | |
Movement of leasing obligation, balance at ending | 6,118 | 8,374 | |
Current | 895 | 947 | |
Non-current | R$ 5223 | R$ 7427 | |
[1] | (R$1,170) is related to the remeasurement of the leasing liability of the 50 stores that will be delivered to Sendas in 2022 and the remainder is related to the monetary restatement of the rental contracts. |
Schedule of finance lease (Deta
Schedule of finance lease (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Variable [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Lease expenses (income) | R$ 55 | R$ 40 | R$ 19 | |
Sublease Rentals [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Lease expenses (income) | [1] | R$ 241 | R$ 196 | R$ 210 |
[1] | Refers to revenues from lease agreements from commercial shopping malls and spaces rented in the stores. |
Schedule of liabilities related
Schedule of liabilities related to assets held to sale (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | R$ 448 | R$ 316 |
Deferred revenue, current | 383 | 297 |
Deferred revenue, non-current | 65 | 19 |
Deferred Revenue In Relation To Sale Of Real Estate Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | 30 | 8 |
Additional Or Extended Warranties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | 11 | 12 |
Services Agreement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | 11 | 8 |
Revenue From Credit Card Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | 106 | 80 |
Gift Card [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | 182 | 131 |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred revenue | R$ 108 | R$ 77 |
Leases (Details Narrative)
Leases (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Individual asset value | R$ 5000 | ||
interest rate | 8.89% | 9.41% | 10.73% |
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Lease term | 5 years | ||
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Lease term | 25 years |
Schedule of former stock option
Schedule of former stock option plan, stock option plan and compensation plan (Details) - Option Plan [Member] | 12 Months Ended |
Dec. 31, 2021NumbersR$ / sharesshares | |
IfrsStatementLineItems [Line Items] | |
Granted | 3,179 |
Number of options, Exercised | (1,468) |
Number of options, Cancelled | shares | (230) |
Number of options, Expired | shares | (69) |
Number of options, Outstanding | 1,412 |
Series B 4 [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant date | May 31, 2018 |
1st date of exercise | May 31, 2021 |
Exercise price at the grant date | R$ / shares | R$ 0.01 |
Granted | 594 |
Number of options, Exercised | (528) |
Number of options, Cancelled | shares | (49) |
Number of options, Expired | shares | (17) |
Series C 5 [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant date | May 31, 2018 |
1st date of exercise | May 31, 2021 |
Exercise price at the grant date | R$ / shares | R$ 15.42 |
Granted | 594 |
Number of options, Exercised | (482) |
Number of options, Cancelled | shares | (60) |
Number of options, Expired | shares | (52) |
Series B 6 [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant date | May 31, 2019 |
1st date of exercise | May 31, 2022 |
Exercise price at the grant date | R$ / shares | R$ 0.01 |
Granted | 462 |
Number of options, Exercised | (129) |
Number of options, Cancelled | shares | (33) |
Number of options, Outstanding | 300 |
Series C 6 [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant date | May 31, 2019 |
1st date of exercise | May 31, 2022 |
Exercise price at the grant date | R$ / shares | R$ 17.39 |
Granted | 359 |
Number of options, Exercised | (122) |
Number of options, Cancelled | shares | (42) |
Number of options, Outstanding | 195 |
Series B 7 [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant date | Jan. 31, 2021 |
1st date of exercise | May 31, 2023 |
Exercise price at the grant date | R$ / shares | R$ 0.01 |
Granted | 673 |
Number of options, Exercised | (103) |
Number of options, Cancelled | shares | (23) |
Number of options, Outstanding | 547 |
Series C 7 [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant date | Jan. 31, 2021 |
1st date of exercise | May 31, 2023 |
Exercise price at the grant date | R$ / shares | R$ 12.60 |
Granted | 497 |
Number of options, Exercised | (104) |
Number of options, Cancelled | shares | (23) |
Number of options, Outstanding | 370 |
Schedule of maximum percentage
Schedule of maximum percentage of interest dilution (Details) | 12 Months Ended | |
Dec. 31, 2021Numbersshares | Dec. 31, 2020Numbersshares | |
IfrsStatementLineItems [Line Items] | ||
Number of shares | 269,376,000,000 | 268,352 |
Share Based Payment Plan G P A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares | 269,376 | 268,352 |
Balance of effective stock options granted | Numbers | 1,412 | 1,468 |
Maximum percentage of dilution | 52.00% | 55.00% |
Schedule of stock option activi
Schedule of stock option activity (Details) - Share Based Payment Plan G P A [Member] | 12 Months Ended | |
Dec. 31, 2021R$ / sharesNumbers | Dec. 31, 2020NumbersR$ / shares | |
IfrsStatementLineItems [Line Items] | ||
Options, cancelled | Numbers | (55) | (69) |
Weighted average exercise price, cancelled | R$ 10.50 | R$ 42.59 |
Weighted average exercise price, granted | (1,157) | (489) |
Weighted average exercise price, exercised | R$ 7.65 | R$ 23.93 |
Options, expired | Numbers | (69) | (127) |
Weighted average exercise price, expired | R$ 11.57 | R$ 42.44 |
Options, outstanding, ending | Numbers | 1,412 | 1,468 |
Weighted average exercise price, outstanding, ending | R$ 5.71 | R$ 30.71 |
Weighted average of remaining contractual term, ending | 1 year 6 months | 10 months 17 days |
Options, exercisable | Numbers | 1,412 | 1,468 |
Weighted average exercise price, exercisable | R$ 5.71 | R$ 30.71 |
Weighted average of remaining contractual term, exercisable | 1 year 6 months | 10 months 17 days |
Weighted average exercise price, granted | R$ 22.37 |
Schedule of dividends proposed
Schedule of dividends proposed (Details) - BRL (R$) R$ in Millions | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Net income for the year | R$ 802 | R$ 2179 | R$ 790 | ||
Legal reserve | (40) | (109) | (39) | ||
Governmental subsidy reserve | R$ 9 | R$ 58 | (438) | (9) | |
Calculation basis of dividends | 324 | 2,061 | 751 | ||
Mandatory minimum dividends – 25% | 81 | 515 | 188 | ||
Payment of interim dividends as interest on own capital, net of withholding taxes | (32) | ||||
Dividends payable | R$ 81 | R$ 515 | R$ 156 |
Schedule of net operating reven
Schedule of net operating revenue (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Revenues | R$ 51291 | R$ 51253 | R$ 28838 |
Merchandise Revenue [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | 54,862 | 54,466 | 30,826 |
Service Revenue [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | 1,907 | 1,608 | 555 |
Sales Returns And Cancellations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | (395) | (342) | (216) |
Gross Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | 56,374 | 55,732 | 31,165 |
Taxes On Sales [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | R$ 5083 | R$ 4479 | R$ 2327 |
Schedule of expenses by nature
Schedule of expenses by nature (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Operating expense | R$ 47694 | R$ 46847 | R$ 26923 |
Cost of sales | 38,341 | 37,504 | 21,225 |
Selling expenses | 7,645 | 7,755 | 5,166 |
General and administrative expenses | 1,708 | 1,588 | 532 |
[custom:OperatingExpense1] | (47,694) | (46,847) | (26,923) |
Cost Of Inventories [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expense | (36,180) | (35,357) | (19,893) |
Personnel Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expense | (5,472) | (5,500) | (3,607) |
Outsourced Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expense | (895) | (838) | (438) |
Overhead Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expense | (2,368) | (2,214) | (1,361) |
Commercial Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expense | (1,570) | (1,690) | (1,074) |
Other Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating expense | R$ 1209 | R$ 1248 | R$ 550 |
Schedule of other operating exp
Schedule of other operating expenses, net (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | R$ 7 | R$ 71 | R$ 386 | ||
Tax Installments And Other Tax Risks [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | (139) | (374) | (158) | ||
Integration Restructuring Expenses [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | [1] | (290) | (454) | (267) | |
Loss Gain On Disposal Of Fixed Assets [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | [2] | (17) | 378 | 39 | |
Extra Hiper Stores Transaction [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | [3] | 426 | |||
Corporate Reorganization [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | [4] | R$ 513 | |||
Prevention Spending Covid 19 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | [5] | R$ 134 | |||
Others [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Other operating expenses, net | R$ 13 | ||||
[1] | Amounts related to restructuring expenses in the Brazilian operations and those incurred in connection with the acquisition of Éxito Group. | ||||
[2] | In 2020, the net gain on disposal of fixed assets was mainly impacted by Sale and Leaseback operations in the amount of R$187 (see note 1.4, disposal of 3 stores in the city of Curitiba in the amount of R$68 and the disposal of 2 non-core properties in the city of São Paulo in the amount of R$190 (see note 32), R$45 in 2019. | ||||
[3] | For the sale of these 20 commercial points and the 6 owned properties, on December 31, 2021, the Company recorded revenue in the amount of R$1.2 billion, in addition to write-offs of assets corresponding to the amount of R$481, positive effect from the remeasurement of IFRS 16 of R$522 and expenses of R$816 (R$147 of which related to dismissal of employees, R$283 cancellation of contracts, R$279 markdown of inventories and R$107 other expenses related to the transaction)). See Note 1.1. | ||||
[4] | Impacts related to the spin-off of Sendas totaled revenue of R$513 including (i) revaluation of the remaining held in FIC by IFRS10 (50% of the interest held in GPA was transferred to Sendas at fair value price) in the amount of R$573 (see note 1.2) and (ii) costs related to the spin-off (expenses of R$60). | ||||
[5] | The expenses incurred as a consequence of the pandemic refer to the purchase of individual protection items and adaptation of the stores, expenses with overtime, expenses with internal and external communication, incremental expenses with transportation and with cleaning and sanitation services. |
Schedule of financial income (e
Schedule of financial income (expenses), net (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 29, 2021 | Oct. 29, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||||
Total financial expenses | R$ 1809 | R$ 1637 | R$ 1224 | |||
Total financial income | 488 | 909 | 353 | |||
Financial results, net | (1,321) | (728) | (871) | |||
Granting tax credit | R$ 109 | R$ 1609 | ||||
Provisions for portions considered unrealizable | R$ 613 | |||||
Cost Of Debt [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial expenses | (516) | (387) | (337) | |||
Cost Of Sales Of Receivables [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial expenses | (117) | (58) | (101) | |||
Monetary Loss [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial expenses | (351) | (265) | (151) | |||
Interest On Lease Liabilities [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial expenses | (719) | (729) | (528) | |||
Other Finance Expenses [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial expenses | (106) | (198) | (107) | |||
Income From Short Term Instruments [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial income | 115 | 152 | 111 | |||
Monetary Restatement Gain [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial income | [1] | 364 | 749 | 234 | ||
Other Financial Income [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total financial income | R$ 9 | R$ 8 | R$ 8 | |||
[1] | On October 29, 2020, the lawsuit had an unappeasable decision in favor of the Company, granting a tax credit in the amount of R$ 1,609 613 109 |
Schedule of earnings per share
Schedule of earnings per share (Details) - BRL (R$) R$ / shares in Units, shares in Millions, R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic numerator | |||
Net income (loss) allocated to ordinary controlling shareholders – continuing operations | R$ 805 | R$ 1092 | R$ 287 |
Net income (loss) allocated to ordinary controlling shareholders - discontinued operations | (3) | 1,087 | 1,077 |
Net income allocated to ordinary controlling shareholders | R$ 802 | R$ 2179 | R$ 790 |
Basic denominator (millions of shares) | |||
Weighted average of outstanding shares (in millions) | 269 | 268 | 267 |
Basic earnings (loss) per share (R$) – continuing operations | R$ 2.99595 | R$ 4.07575 | R$ 1.07463 |
Basic earnings (loss) per share (R$) – discontinued operations | (0.01117) | 4.05709 | 4.03267 |
Basic earnings per share (R$) – total | R$ 2.98478 | R$ 8.13283 | R$ 2.95804 |
Diluted denominator | |||
Stock option (in millions) | 1 | 1 | |
Diluted weighted average of outstanding shares (millions) | 269 | 269 | 268 |
Diluted earnings (loss) per share (R$) – continuing operations | R$ 2.99153 | R$ 4.06984 | R$ 1.07337 |
Diluted earnings (loss) per share (R$) – discontinued operations | (0.01117) | 4.05120 | 4.02728 |
Diluted earnings per share (R$) – total | R$ 2.98036 | R$ 8.12104 | R$ 2.95391 |
Shareholders_ equity (Details N
Shareholders’ equity (Details Narrative) R$ / shares in Units, R$ in Millions | Dec. 31, 2020BRL (R$)shares | Dec. 31, 2018BRL (R$) | Dec. 31, 2021BRL (R$)R$ / sharesshares | Dec. 31, 2020BRL (R$)R$ / sharesshares | Dec. 31, 2019BRL (R$) | Dec. 31, 2021$ / shares | Apr. 28, 2021BRL (R$) |
IfrsStatementLineItems [Line Items] | |||||||
Number of shares issued | shares | 268,352 | 269,376,000,000 | 268,352 | ||||
[custom:CspitalAmmount-0] | R$ 5650 | R$ 5859 | R$ 5650 | ||||
[custom:CapitalIncreaseThroughCapitalization-0] | R$ 200 | ||||||
Authorized to increase capital stock | shares | 400,000,000,000 | ||||||
Number of shares increase, value | R$ 9 | R$ 9 | |||||
Number of shares increase | shares | 1,024,000,000 | 354,000,000 | |||||
Right to dividends adjusted net profit | 25.00% | ||||||
Percentage of legal reserve corresponds of net income | 5.00% | ||||||
Fixed and working capital investment through the allocation | 100.00% | ||||||
Share-based payment | R$ 36 | R$ 23 | |||||
Cumulative effect of exchange gains and losses | 116 | 1,570 | |||||
Governmental subsidy reserve | 9 | R$ 58 | (438) | (9) | |||
Reserve tax incentives | R$ 2282 | ||||||
Minimum payment of profit percentage | 25.00% | ||||||
Description of management proposed dividends to be distributed | Management proposed dividends to be distributed in the amount of R$81 (R$0.3013 cents per share) | ||||||
Dividends to be distributed | R$ 81 | ||||||
Dividends cents per share | $ / shares | $ 0.3013 | ||||||
Dividend declared to the non-controlling interests | R$ 143 | R$ 207 | R$ 143 | ||||
Compensation Plan [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Option vesting period | 36 months | ||||||
Description of option exercise period | may only be exercised in the period beginning on the first day of the 37 (thirty-seventh) month from the date of grant, through the 42 (forty-second) month from the date of grant ("Exercise Period"). | ||||||
Exercise price per share | R$ / shares | R$ 0.01 | ||||||
Option Plan [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Option vesting period | 36 months | ||||||
Description of option exercise period | may only be exercised in the period beginning on the first day of the 37 (thirty-seventh) months as from the Grant Date, and ends on the last day of the 42 (forty-second) month as of the Grant Date ("Exercise Period"), provided the exceptions included in the Compensation Plan. | ||||||
Description of method of settlement | the exercise price of the option is equivalent to 80% of the closing average price of the Company's preferred shares traded during twenty (20) days in B3 - Securities | ||||||
Share Based Payment Plan G P A [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of shares issued | shares | 268,352 | 269,376 | 268,352 | ||||
Exercise price per share | R$ / shares | R$ 22.37 | ||||||
Maximum percentage of total share issued | 0.70% | ||||||
Number of treasury preferred shares used upon exercised option | shares | 160,000 | ||||||
Preferred share market price per share | R$ / shares | R$ 21.73 | ||||||
Expectation of remaining average life of the series outstanding | 1 year 22 days | 10 months 17 days | |||||
Weighted average fair value of options granted | R$ / shares | R$ 16.02 | R$ 58.78 | |||||
Share Based Payment Plan G P A [Member] | B 6 And C 6 Series [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Vesting requirement | The plans will be exercisable in until 6 months after the end of the vesting period | ||||||
Expectation of dividends rate | 0.67% | ||||||
Expectation of volatility rate | 32.74% | ||||||
Weighted average interest rate | 7.32% | ||||||
Share Based Payment Plan G P A [Member] | B 5 And C 5 Series [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Expectation of dividends rate | 0.41% | ||||||
Expectation of volatility rate | 36.52% | ||||||
Weighted average interest rate | 9.29% | ||||||
Share Based Payment Plan G P A [Member] | B 7 And C 7 Series [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Expectation of volatility rate | 37.09% | ||||||
Weighted average interest rate | 5.47% | ||||||
Top of range [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Percentage of legal reserve corresponds of net income | 20.00% |
Schedule of segment information
Schedule of segment information (Details) - BRL (R$) R$ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | R$ 51291 | R$ 51253 | R$ 28838 | |
Operating income | 1,737 | 2,531 | 501 | |
Net financial expenses | (1,321) | (728) | (871) | |
Profit(loss) before income tax and social contribution | 369 | 1,901 | (368) | |
Share of profit of associates | (47) | 98 | 2 | |
Income tax and social contribution | (594) | 662 | (95) | |
Net income (loss) for continuing operations | 963 | 1,239 | (273) | |
Net income (loss) for discontinued operations | (3) | 1,087 | 1,109 | |
Net income (loss) of year end | 960 | 2,326 | 836 | |
Current assets | 17,872 | 17,857 | ||
Non-current assets | 31,571 | 35,654 | ||
Current liabilities | 16,550 | 18,699 | ||
Non-current liabilities | 16,513 | 18,005 | ||
Shareholders' equity | 16,380 | 16,807 | 13,548 | R$ 13159 |
Retails [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | 26,864 | 29,170 | 26,654 | |
Operating income | 712 | 2,016 | 467 | |
Net financial expenses | (1,039) | (386) | (815) | |
Profit(loss) before income tax and social contribution | (280) | 1,748 | (241) | |
Share of profit of associates | 47 | 118 | 107 | |
Income tax and social contribution | (908) | 559 | (121) | |
Net income (loss) for continuing operations | 628 | 1,189 | (120) | |
Net income (loss) for discontinued operations | (3) | 85 | 312 | |
Net income (loss) of year end | 625 | 1,274 | 192 | |
Current assets | 9,898 | 9,747 | ||
Non-current assets | 13,796 | 16,672 | ||
Current liabilities | 7,528 | 8,789 | ||
Non-current liabilities | 12,470 | 14,390 | ||
Shareholders' equity | 3,696 | 3,240 | ||
Exito Group [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | 24,357 | 22,034 | 2,151 | |
Operating income | 1,121 | 652 | 90 | |
Net financial expenses | (279) | (340) | (57) | |
Profit(loss) before income tax and social contribution | 853 | 339 | 27 | |
Share of profit of associates | 11 | 27 | (6) | |
Income tax and social contribution | 321 | 110 | 28 | |
Net income (loss) for continuing operations | 532 | 229 | (1) | |
Net income (loss) for discontinued operations | (1) | |||
Net income (loss) of year end | 532 | 228 | (1) | |
Current assets | 7,871 | 8,015 | ||
Non-current assets | 17,694 | 18,930 | ||
Current liabilities | 8,853 | 9,729 | ||
Non-current liabilities | 4,040 | 3,620 | ||
Shareholders' equity | 12,672 | 13,596 | ||
Others Businesses [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | 70 | 49 | 33 | |
Operating income | (96) | (137) | (56) | |
Net financial expenses | (3) | (2) | 1 | |
Profit(loss) before income tax and social contribution | (204) | (186) | (154) | |
Share of profit of associates | (105) | (47) | (99) | |
Income tax and social contribution | (7) | (7) | (2) | |
Net income (loss) for continuing operations | (197) | (179) | (152) | |
Net income (loss) for discontinued operations | ||||
Net income (loss) of year end | (197) | (179) | (152) | |
Current assets | 103 | 95 | ||
Non-current assets | 81 | 52 | ||
Current liabilities | 169 | 181 | ||
Non-current liabilities | 3 | (5) | ||
Shareholders' equity | 12 | (29) | ||
Assets Held For Sale And Aiscontinued Operations [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | ||||
Operating income | ||||
Net financial expenses | ||||
Profit(loss) before income tax and social contribution | ||||
Share of profit of associates | ||||
Income tax and social contribution | ||||
Net income (loss) for continuing operations | ||||
Net income (loss) for discontinued operations | 1,003 | 797 | ||
Net income (loss) of year end | 1,003 | R$ 797 | ||
Current assets | ||||
Non-current assets | ||||
Current liabilities | ||||
Non-current liabilities | ||||
Shareholders' equity |
The Group operates primarily as
The Group operates primarily as a retailer of food, clothing, home appliances and other products. Total revenues by geographic region is showed below: (Details) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | R$ 51291 | R$ 51253 | R$ 28838 |
Net operating revenue | 26,934 | ||
Brazil 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | 26,864 | 29,170 | 26,654 |
Net operating revenue | 29,219 | 26,687 | |
Others Businesses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | 70 | 49 | 33 |
Colombia [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | 18,752 | 17,062 | 1,694 |
Uruguay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | 3,853 | 3,746 | 350 |
Argentina [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | 1,752 | 1,226 | 107 |
Exito Group [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net operating revenue | R$ 24357 | R$ 22034 | R$ 2151 |
Non-current assets classified a
Non-current assets classified as held for sale are measured based on the lower amount between their carrying amount and their fair value less cost to sell. (Details) - BRL (R$) R$ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Total non-current assets classified as held for sale | R$ 1187 | R$ 109 |
Properties Lands Held For Sale [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current assets classified as held for sale | 36 | 78 |
Extra Hiper Stores Held For Sale [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current assets classified as held for sale | 1,117 | |
Non-current assets or disposal groups classified as held for distribution to owners | 62 | |
Real Estate Developments Held For Sale Exito [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current assets classified as held for sale | R$ 34 | R$ 31 |
Schedule of balance sheet and c
Schedule of balance sheet and consolidated statements of Via Varejos cash flows before eliminations (Details) - BRL (R$) R$ in Millions | 5 Months Ended | 12 Months Ended | ||||
May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
IfrsStatementLineItems [Line Items] | ||||||
Total current assets | R$ 17872 | R$ 17857 | ||||
Total noncurrent assets | 31,571 | 35,654 | ||||
Total assets | 49,443 | 53,511 | ||||
Total current liabilities | 16,550 | 18,699 | ||||
Total noncurrent liabilities | 16,513 | 18,005 | ||||
Shareholders' equity | 16,380 | 16,807 | R$ 13548 | R$ 13159 | ||
Total liabilities and shareholders' equity | 49,443 | 53,511 | ||||
Cash flow provided by (used in) operating activities | 2,728 | 4,742 | 1,135 | |||
Net cash provided by (used in) investing activities | (77) | (4,291) | (3,266) | |||
Net cash provided by (used in) financing activities | (2,743) | (281) | 1,894 | |||
Cash variation in the period | R$ 92 | R$ 170 | R$ 237 | |||
Discontinued operations [member] | Via Varejo [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Total current assets | [1] | R$ 9871 | ||||
Total noncurrent assets | [1] | 16,266 | ||||
Total assets | [1] | 26,137 | ||||
Total current liabilities | [1] | 13,484 | ||||
Total noncurrent liabilities | [1] | 7,375 | ||||
Shareholders' equity | [1] | 5,278 | ||||
Total liabilities and shareholders' equity | [1] | 26,137 | ||||
Cash flow provided by (used in) operating activities | (2,640) | |||||
Net cash provided by (used in) investing activities | (234) | |||||
Net cash provided by (used in) financing activities | (651) | |||||
Cash variation in the period | R$ 3525 | |||||
[1] | Prior to elimination of GPA related party balances. |
Schedule of sendas result as di
Schedule of sendas result as discontinued operation of cash flow statement and income statement (Details) - BRL (R$) | 5 Months Ended | 12 Months Ended | ||
May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | R$ 51291000000 | R$ 51253000000 | R$ 28838000000 | |
Net income before income tax and social contribution | 369,000,000 | 1,901,000,000 | (368,000,000) | |
Income tax and social contribution | 594,000,000 | (662,000,000) | 95,000,000 | |
Net income for the year | 960,000,000 | 2,326,000,000 | 836,000,000 | |
Cash flow provided by (used in) operating activities | 2,728,000,000 | 4,742,000,000 | 1,135,000,000 | |
Net cash provided by (used in) investing activities | (77,000,000) | (4,291,000,000) | (3,266,000,000) | |
Net cash provided by (used in) financing activities | (2,743,000,000) | (281,000,000) | 1,894,000,000 | |
Cash variation in the period | (92,000,000) | 170,000,000 | (237,000,000) | |
Other results from discontinued operations | 84 | |||
Net income from discontinued operations presented in the consolidated income statement of the Company | (3,000,000) | 1,087,000,000 | 1,109,000,000 | |
Participation of non-controlling shareholders | 32,000,000 | |||
Discontinued operations [member] | Via Varejo [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | R$ 10527000000 | |||
Net income before income tax and social contribution | 169,000,000 | |||
Income tax and social contribution | (119,000,000) | |||
Net income for the year | 50,000,000 | 50,000,000 | ||
Cash flow provided by (used in) operating activities | (2,640,000,000) | |||
Net cash provided by (used in) investing activities | (234,000,000) | |||
Net cash provided by (used in) financing activities | (651,000,000) | |||
Cash variation in the period | R$ 3525000000 | |||
Discontinued operations [member] | Sendas [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net operating revenue | 35,950,000,000 | 27,806,000,000 | ||
Net income before income tax and social contribution | 1,315,000,000 | 1,128,000,000 | ||
Income tax and social contribution | (312,000,000) | (367,000,000) | ||
Net income for the year | 1,003,000,000 | 761,000,000 | ||
Cash flow provided by (used in) operating activities | 4,191,000,000 | (5,560,000,000) | ||
Net cash provided by (used in) investing activities | (695,000,000) | (965,000,000) | ||
Net cash provided by (used in) financing activities | (1,827,000,000) | 6,986,000,000 | ||
Cash variation in the period | 1,669,000,000 | 461,000,000 | ||
Other results from discontinued operations | (3,000,000) | 84,000,000 | (100,000,000) | |
Gain on the sale of discontinued operations (note 12.4) | 398,000,000 | |||
Net income from discontinued operations presented in the consolidated income statement of the Company | (3,000,000) | 1,087,000,000 | 1,109,000,000 | |
Controlling shareholders of the Company | (3,000,000) | R$ 1087000000 | 1,077,000,000 | |
Participation of non-controlling shareholders | R$ 32000000 |
The insurance coverage as of De
The insurance coverage as of December 31, 2021 is summarized as follows: (Details) R$ in Millions | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
Property And Equipment And Inventories [Member] | |
IfrsStatementLineItems [Line Items] | |
Covered risks | Operating risks |
Amount insured | R$ 16013 |
Business Interruption [Member] | |
IfrsStatementLineItems [Line Items] | |
Covered risks | Loss of profits |
Amount insured | R$ 7625 |
Cars And Others [Member] | |
IfrsStatementLineItems [Line Items] | |
Covered risks | Damages |
Amount insured | R$ 334 |
Discontinued operations (Detail
Discontinued operations (Details Narrative) | 12 Months Ended |
Dec. 31, 2020BRL (R$) | |
Other results from discontinued operations | R$ 84 |
Gain on discontinued operation | 231 |
Net of income tax | R$ 173 |
Insurance coverage (Details Nar
Insurance coverage (Details Narrative) | 12 Months Ended |
Dec. 31, 2021BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Insurance policies | R$ 264 |
General Civil Liability [Member] | |
IfrsStatementLineItems [Line Items] | |
Insurance policies | 100 |
Civil Responsibility [Member] | |
IfrsStatementLineItems [Line Items] | |
Insurance policies | 134 |
Fraud And Risk Criminal [Member] | |
IfrsStatementLineItems [Line Items] | |
Insurance policies | 17 |
Damage Protection And Cybersecurity Responsibility Cyber [Member] | |
IfrsStatementLineItems [Line Items] | |
Insurance policies | R$ 13 |