Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-31317 | |
Entity Registrant Name | COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP | |
Entity Central Index Key | 0001170858 | |
Entity Incorporation, State or Country Code | D5 | |
Entity Address, Address Line One | Rua Costa Carvalho, 300 | |
Entity Address, City or Town | São Paulo | |
Entity Address, Country | BR | |
Entity Address, Postal Zip Code | 05429-900 | |
Title of 12(b) Security | American Depositary Shares | |
Trading Symbol | SBS | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 683,509,869 | |
ICFR Auditor Attestation Flag | true | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Firm ID | 5485 | 5270 |
Auditor Location | São Paulo-SP, Brazil | São Paulo, Brazil |
Auditor Name | BDO RCS Auditores Independentes SS Ltda. | Grant Thornton Auditores Independentes Ltda. |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | Rua Costa Carvalho, 300 | |
Entity Address, City or Town | São Paulo | |
Entity Address, Country | BR | |
Entity Address, Postal Zip Code | 05429-900 | |
City Area Code | 55 11 | |
Local Phone Number | 3388 8247 | |
Contact Personnel Name | Catia Cristina Teixeira Pereira | |
Contact Personnel Email Address | catiapereira@sabesp.com.br |
Statements of Financial Positio
Statements of Financial Position - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Cash and cash equivalents | R$ 838484 | R$ 1867485 |
Financial investments | 2,426,752 | 1,677,873 |
Trade receivables | 3,584,287 | 3,062,574 |
Accounts receivable from related parties | 261,280 | 205,793 |
Inventories | 86,008 | 124,247 |
Restricted cash | 54,944 | 37,474 |
Recoverable taxes | 494,647 | 242,906 |
Other assets | 37,048 | 66,312 |
Total current assets | 7,783,450 | 7,284,664 |
Noncurrent | ||
Trade receivables | 272,436 | 215,234 |
Accounts receivable from related parties | 935,272 | 950,950 |
Escrow deposits | 130,979 | 170,093 |
Deferred income tax and social contribution | 98,076 | |
Water and Basic Sanitation National Agency – ANA | 2,673 | 9,193 |
Other assets | 159,017 | 146,362 |
Investments | 161,863 | 110,765 |
Investment properties | 46,678 | 46,726 |
Contract assets | 7,393,096 | 8,613,968 |
Intangible assets | 44,012,858 | 39,320,871 |
Property, plant and equipment | 474,559 | 338,939 |
Total noncurrent assets | 53,687,507 | 49,923,101 |
Total assets | 61,470,957 | 57,207,765 |
Current | ||
Trade payables and contractors | 456,215 | 430,946 |
Borrowings and financing | 2,616,406 | 2,245,960 |
Labor and social obligations | 807,440 | 498,504 |
Taxes and contributions | 511,972 | 293,461 |
Interest on capital | 837,391 | 741,725 |
Provisions | 1,064,367 | 924,038 |
Services payable | 750,732 | 723,242 |
Public-Private Partnership - PPP | 487,926 | 222,413 |
Program Contract Commitments | 21,969 | 100,188 |
Other liabilities | 853,424 | 476,865 |
Total current liabilities | 8,407,842 | 6,657,342 |
Noncurrent | ||
Borrowings and financing | 16,919,944 | 16,712,711 |
Deferred income tax and social contribution | 189,278 | |
Deferred Cofins and PASEP | 164,097 | 159,723 |
Provisions | 762,065 | 686,746 |
Pension plan obligations | 2,142,871 | 2,150,191 |
Public-Private Partnership - PPP | 2,798,688 | 2,736,768 |
Program Contract Commitments | 12,047 | 12,197 |
Other liabilities | 406,027 | 569,276 |
Total non-current liabilities | 23,205,739 | 23,216,890 |
Total liabilities | 31,613,581 | 29,874,232 |
Equity | ||
Capital stock | 15,000,000 | 15,000,000 |
Earnings reserves | 14,711,014 | 12,155,890 |
Other comprehensive income | 146,362 | 177,643 |
Total equity | 29,857,376 | 27,333,533 |
Total equity and liabilities | R$ 61470957 | R$ 57207765 |
Income Statements
Income Statements - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Net operating revenue | R$ 25572056 | R$ 22055720 | R$ 19491061 |
Operating costs | (16,051,866) | (14,350,903) | (12,800,042) |
Gross profit | 9,520,190 | 7,704,817 | 6,691,019 |
Selling expenses | (984,060) | (911,967) | (825,879) |
Allowance for doubtful accounts | (652,920) | (782,057) | (643,730) |
Administrative expenses | (1,597,548) | (1,398,507) | (1,124,069) |
Other operating income (expenses), net | 27,925 | 8,327 | (21,841) |
Equity results of investments in affiliaties | 32,393 | 24,551 | 22,079 |
Profit from operations before financial income (expenses) and income tax and social contribution | 6,345,980 | 4,645,164 | 4,097,579 |
Financial expenses | (2,708,617) | (1,956,266) | (1,448,295) |
Financial revenues | 805,905 | 1,091,531 | 472,408 |
Exchange result, net | 310,716 | 492,321 | 48,464 |
Financial result, net | (1,591,996) | (372,414) | (927,423) |
Profit before income tax and social contribution | 4,753,984 | 4,272,750 | 3,170,156 |
Income tax and social contribution | |||
Current | (1,545,671) | (1,230,234) | (961,556) |
Deferred | 315,218 | 78,751 | 97,269 |
Total Income tax and social contribution | (1,230,453) | (1,151,483) | (864,287) |
Profit for the year | R$ 3523531 | R$ 3121267 | R$ 2305869 |
Income Statements (Parenthetica
Income Statements (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Earnings per share - basic (in reais) | $ 5.16 | $ 4.57 | $ 3.37 |
Earnings per share - diluted (in reais) | $ 5.16 | $ 4.57 | $ 3.37 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Profit for the year | R$ 3523531 | R$ 3121267 | R$ 2305869 |
Other comprehensive income | (31,281) | 131,269 | 447,376 |
Items which will not be subsequently reclassified to the income statement: | |||
Actuarial gains and (losses) on defined benefit Plans, net of income tax | (31,281) | 131,269 | 447,376 |
Total comprehensive income for the year | R$ 3492250 | R$ 3252536 | R$ 2753245 |
Statements of Changes in Equity
Statements of Changes in Equity - BRL (R$) R$ in Thousands | Issued capital [member] | Statutory reserve [member] | Investment Reserve [Member] | Complementary Minimum Dividend [Member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Total |
Beginning balance, value at Dec. 31, 2020 | R$ 15000000 | R$ 1417072 | R$ 6751258 | R$ 26376 | R$ 401002 | R$ 22793704 | |
IfrsStatementLineItems [Line Items] | |||||||
Net income for the year | 2,305,869 | 2,305,869 | |||||
Actuarial gains (losses) | 447,376 | 447,376 | |||||
Total comprehensive income for the year | 2,305,869 | 447,376 | 2,753,245 | ||||
Legal Reserve | 115,293 | (115,293) | |||||
Interest on capital (R$1.22433 per share) | (547,645) | (547,645) | |||||
Complementary minimum dividends of 2022, approved (R$0.11255 per share) | (26,376) | (26,376) | |||||
Complementary minimum dividends (R$ 0.21607 per share) | 96,700 | (96,700) | |||||
Withholding income tax on interest on capital attributable as minimum mandatory dividends | (41,069) | (41,069) | |||||
Transfer to investments reserve | 1,546,231 | (1,546,231) | |||||
Ending balance, value at Dec. 31, 2021 | 15,000,000 | 1,532,365 | 8,297,489 | 55,631 | 46,374 | 24,931,859 | |
IfrsStatementLineItems [Line Items] | |||||||
Net income for the year | 3,121,267 | 3,121,267 | |||||
Actuarial gains (losses) | 131,269 | 131,269 | |||||
Total comprehensive income for the year | 3,121,267 | 131,269 | 3,252,536 | ||||
Legal Reserve | 156,063 | (156,063) | |||||
Interest on capital (R$1.22433 per share) | (741,301) | (741,301) | |||||
Complementary minimum dividends of 2022, approved (R$0.11255 per share) | (55,631) | (55,631) | |||||
Complementary minimum dividends (R$ 0.21607 per share) | 130,857 | (130,857) | |||||
Withholding income tax on interest on capital attributable as minimum mandatory dividends | (53,930) | (53,930) | |||||
Transfer to investments reserve | 2,093,046 | (2,093,046) | |||||
Ending balance, value at Dec. 31, 2022 | 15,000,000 | 1,688,428 | 10,390,535 | 76,927 | 177,643 | 27,333,533 | |
IfrsStatementLineItems [Line Items] | |||||||
Net income for the year | 3,523,531 | 3,523,531 | |||||
Actuarial gains (losses) | (31,281) | (31,281) | |||||
Total comprehensive income for the year | 3,523,531 | (31,281) | 3,492,250 | ||||
Legal Reserve | 176,177 | (176,177) | |||||
Interest on capital (R$1.22433 per share) | (836,839) | (836,839) | |||||
Complementary minimum dividends of 2022, approved (R$0.11255 per share) | (76,927) | (76,927) | |||||
Complementary minimum dividends (R$ 0.21607 per share) | 147,689 | (147,689) | |||||
Withholding income tax on interest on capital attributable as minimum mandatory dividends | (54,641) | (54,641) | |||||
Transfer to investments reserve | 2,362,826 | (2,362,826) | |||||
Ending balance, value at Dec. 31, 2023 | R$ 15000000 | R$ 1864605 | R$ 12753361 | R$ 93048 | R$ 146362 | R$ 29857376 |
Statements of Cash Flows
Statements of Cash Flows - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities | |||
Profit before income tax and social contribution | R$ 4753984 | R$ 4272750 | R$ 3170156 |
Adjustments for: | |||
Depreciation and amortization | 2,790,586 | 2,450,849 | 2,253,322 |
Residual value of property, plant and equipment, intangible assets and investment properties written-off | 8,354 | 10,110 | 27,754 |
Bad debt expense | 652,920 | 782,057 | 643,730 |
Provisions and inflation adjustment of provisions | 458,889 | 630,689 | 380,624 |
Interest calculated on borrowings and financing payable | 1,314,359 | 1,091,592 | 647,980 |
Inflation adjustment and exchange (losses) gains on borrowings and financing | (163,322) | (301,716) | 177,269 |
Interest and inflation adjustments on liabilities | 17,024 | 22,225 | 37,202 |
Interest and inflation adjustments on assets | (96,256) | (400,057) | (171,173) |
Finance charges from customers | (374,902) | (328,486) | (349,491) |
Construction margin on intangible assets arising from concession agreements | (125,603) | (109,369) | (98,402) |
Provision for Consent Decree (TAC) and Knowledge Retention Program (PRC) | 356,300 | (1,238) | 3,195 |
Equity results of investments in affiliaties | (32,393) | (24,551) | (22,079) |
Interest and monetary adjustments on PPP | 1,001,078 | 489,197 | 464,398 |
Transfer to the São Paulo Municipal Government | 195,874 | 167,714 | 131,878 |
Pension plan obligations | 238,751 | 183,262 | 176,673 |
Other adjustments | 21,997 | 15,488 | 15,152 |
Total Adjustments | 11,017,640 | 8,950,516 | 7,488,188 |
Changes in assets | |||
Trade receivables | (835,324) | (489,885) | (742,260) |
Accounts receivable from related parties | (4,553) | (295,091) | 20,665 |
Inventories | 38,239 | (10,741) | (8,658) |
Recoverable taxes | (251,741) | 33,198 | (253,432) |
Escrow deposits | 72,469 | 5,348 | 43,865 |
Other assets | 36,091 | 18,264 | 31,386 |
Changes in liabilities | |||
Trade payables and contractors | (394,188) | (220,462) | (245,501) |
Services payable | (168,384) | 86,501 | (116,601) |
Accrued payroll and related taxes | 19,377 | 73,126 | 12,478 |
Taxes and contributions payable | 186,810 | 120,853 | 196,255 |
Deferred Cofins and Pasep | 4,374 | 267 | 10,012 |
Provisions | (243,241) | (468,398) | (184,433) |
Pension plan obligations | (249,488) | (239,174) | (215,937) |
Other liabilities | (868,699) | (722,549) | (68,260) |
Cash generated from operations | 8,359,382 | 6,841,773 | 5,967,767 |
Interest paid | (1,936,419) | (1,505,488) | (845,445) |
Income tax and social contribution paid | (1,568,611) | (1,368,686) | (1,208,569) |
Net cash generated from operating activities | 4,854,352 | 3,967,599 | 3,913,753 |
Cash flows from investing activities | |||
Acquisition of contract assets and intangible assets | (3,991,325) | (3,550,537) | (3,696,669) |
Restricted cash | (17,470) | (9,007) | 7,275 |
Financial investments | (742,843) | 755,512 | 1,076,468 |
Investment properties | (6,625) | (648) | |
Purchase of property, plant and equipment | (147,249) | (73,668) | (50,281) |
Net cash used in investing activities | (4,905,512) | (2,878,348) | (2,663,207) |
Cash flows from financing activities | |||
Borrowings and financing | |||
Proceeds from loans | 2,371,111 | 2,807,026 | 2,922,811 |
Payment of loans | (1,771,090) | (1,536,724) | (2,896,604) |
Payment of interest on capital | (823,671) | (603,541) | (254,218) |
Public-Private Partnership - PPP | (673,645) | (590,201) | (579,486) |
Program Contract Commitments | (81,357) | (16,255) | (121,521) |
Capital increase | 811 | ||
Net cash generated by (used in) financing activities | (977,841) | 60,305 | (929,018) |
Increase / (decrease) in cash and cash equivalents | (1,029,001) | 1,149,556 | 321,528 |
Represented by: | |||
Cash and cash equivalents at the beginning of the year | 1,867,485 | 717,929 | 396,401 |
Cash and cash equivalents at the end of the year | R$ 838484 | R$ 1867485 | R$ 717929 |
Operations
Operations | 12 Months Ended |
Dec. 31, 2023 | |
Operations | |
Operations | 1 Operations Companhia de Saneamento Básico do Estado de São Paulo ("SABESP" or the "Company") is a mixed-capital company headquartered in the municipality of São Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the São Paulo State. The Company is engaged in the provision of basic and environmental sanitation services in the São Paulo State and supplies treated water and sewage services on a wholesale basis. In addition to providing basic sanitation services in the State of São Paulo, SABESP may perform activities in other states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. SABESP aims to be a world reference in the provision of sanitation services, in a sustainable, competitive and innovative manner, with a focus on customers. As of December 31, 2023, the Company operated water and sewage services in 375 municipalities of the São Paulo State, 351 of which have already signed contracts, according to Law 11,445/2007. Most of these municipalities’ operations are based on 30-year term, program and service contracts, except for the municipalities of Guarulhos, Mauá, Santo André, São Bernardo do Campo, São João da Boa Vista and Tejupá, which have a 40-year term. The table below shows a summary of the contractual situation of the municipalities served: Schedule of summary of contractual December 31, 2023 December 31, 2022 Total municipalities that have already signed contracts 351 351 Balance – intangible and contract assets 48,759,219 45,292,307 Percentage of intangible and contract assets 95.12% 94.49% Revenue from sanitation services (excluding construction revenue) 20,510,427 17,767,561 Percentage of revenue from sanitation services (excluding construction revenue) 95.35% 95.37% Municipalities with expired contracts: 1 1 Balance – intangible and contract assets 11,309 11,519 Percentage of intangible and contract assets 0.02% 0.02% Revenue from sanitation services (excluding construction revenue) 17,559 15,236 Percentage of revenue from sanitation services (excluding construction revenue) 0.08% 0.08% Municipalities with concession agreements due by 2030: 23 23 Balance – intangible and contract assets 1,051,209 1,072,138 Percentage of intangible and contract assets 2.05% 2.24% Revenue from sanitation services (excluding construction revenue) 833,418 711,452 Percentage of revenue from sanitation services (excluding construction revenue) 3.87% 3.82% Municipality of São Paulo: Percentage of intangible and contract assets 43.40% 43.33% Percentage of revenue from sanitation services (excluding construction revenue) 44.95% 45.14% The Company's shares have been listed on the “Novo Mercado” segment of B3 under ticker SBSP3 since April 2002 and on the New York Stock Exchange (NYSE) as Level III American Depositary Receipts (“ADRs”), under SBS, since May 2002. Since 2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, Águas de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, Águas de Castilho, Attend Ambiental, Paulista Geradora de Energia, Cantareira SP Energia, FOXX URE-BA Ambiental and Infranext Soluções em Pavimentação. Although SABESP has no majority interest in the capital stock of these companies, the shareholders’ agreements provide for the power of veto and casting votes on certain issues jointly with associates, indicating the shared control in the management of these investees, except for Saneaqua Mairinque, which, as of August 2020, no longer has a shared control. • Municipality of Estância Turística de Olímpia In July 2023, the Municipal Government of Olímpia – SP (“Olímpia”) approved the bidding process referring to Tender 02/2023, whose subject was the granting of a concession for providing public water supply and sewage services for 30 years, and awarded the contract to SABESP, with a fixed concession fee of R$ 148 The municipality of Olímpia is located 430 km from the capital city of São Paulo, has an estimated population of 56 thousand inhabitants, and universalized water and sewage coverage. The municipality will require operational, commercial, efficiency, and water loss reduction efforts from the Company. As established by the Bid Notice (Bid Notice), the winning bidder should create, before the signing of the agreement, a special purpose entity (SPE) to execute the terms of the Concession Agreement. The contract value estimated in the Bid Notice is R$ 1,182,495 81,112 The Notice also defines that the subscribed share capital of the Concessionaire, at the time of its creation, must be, at least, R$ 8,111. Therefore, on August 11, 2023, SABESP Olímpia S/A was created with the corporate objective of providing public water supply and sewage services in the Municipality of Olímpia. The subscribed share capital of the SPE was partially paid up by SABESP, totaling R$ 811 or 811,121 common shares, totaling 10% of the share capital. The remaining 7,300,087 subscribed common shares, totaling R$ 7,300, will be paid up within 60 months from the Commencement Order, which is issued by the Granting Authority that authorizes the start of the Concessionaire’s provision of services, under the provisions of the Notice and Agreement. The Concession Agreement for the provision of public water supply and sewage services in the Municipality of Olímpia was executed on October 11, 2023. Of the total, the amount corresponding to the fixed concession totaling R$ 148 50 74 50 A monthly variable concession fee will be paid by the 10th day of the subsequent month, corresponding to 1 To ensure faithful compliance with the obligations to be assumed by the Concessionaire, upon the signing of the agreement, proof of guarantee of the contractual obligations must be presented to the granting authority, in an amount corresponding to 5 Given that SABESP owns 100 The operations started in December 2023. · Privatization and Proposal of New Concession Agreements On September 18, 2023, the Board of the State Privatization Program (CDPED) resolved to recommend that: (i) the Investment Partnerships Secretariat and the Environment, Infrastructure, and Logistics Secretariat take the necessary steps to submit the draft of the Company’s privatization law to the Governor’s office; and (ii) SABESP, under article 5, II combined with article 7, paragraph 2, and paragraph 4 of Law 9,361/96, starts the procedure for the selection and hiring of coordinating banks and other services required for the future public offering. As of September 30, 2023, as provided for in paragraph 2 of article 14 of Federal Law 14,026/2020 (“New Legal Sanitation Framework”), the São Paulo State sent Official Letters to the municipalities operated by the Company with proposals to change the conditions of the concession agreements in effect (“Communication”). The Communication highlights general aspects of the proposal for a new concession agreement (“New Agreement”) aiming at replacing the existing agreements, under article 14 of the New Legal Sanitation Framework, indicating that the following guidelines will be observed under the New Agreement to be executed with these municipalities: (a) (b) (c) (d) As of December 11, 2023, State Law 17,853 was enacted. It authorized the Executive Branch of the São Paulo State to promote privatization measures of Companhia de Saneamento Básico do Estado de São Paulo – SABESP. Among other aspects, as provided for in article 2, the model adopted for the privatization of SABESP must observe the following guidelines: (i) compliance with the universalization goals of water supply and sewage services in all municipalities of the State served by the Company, considering the inclusion of rural areas and consolidated informal urban centers, under Federal Law 14,026, of July 15, 2020; (ii) anticipation, to December 31, 2029, of the achievement of the universalization goals, subject to any shorter deadlines contractually agreed upon; (iii) tariff reduction, preferably considering the most vulnerable population; (iv) provision for the creation of an annual control to monitor compliance with the goals, with indications of investment requirements for the next few years; (v) provision of quality services, aiming at improving the quality of treated water and reducing its loss; (vi) guarantee, in the contractual instruments resulting from the privatization, to the employees listed in SABESP’s permanent staff at the time of the publication of this law, of stability, with the maintenance of their employment contract for 18 (eighteen) months from the date of effective completion of the Company’s privatization process. As of December 21, 2023, the Company concluded the selection of financial institutions that will be the global coordinators of the financial institutions union responsible for structuring the Company’s potential follow-on. The selected Global Coordinators are i) BTG Pactual; ii) Bank of America; iii) CITI; and iv) UBS - BB. As of February 15, 2024, as reported by the Company in a Material Fact, the São Paulo State opened a public consultation regarding the following documents: (a) the draft of the Concession Agreement to be executed between the Regional Unit of Drinking Water Supply and Sewage Services 1 ("URAE-1") Southeast and SABESP, with the indication of the involvement of the São Paulo State Utility Services Regulatory Agency, along with the specific technical exhibits of the Municipalities comprising URAE-1, in addition to other contractual exhibits; (b) the draft of the charter of URAE-1’s Decision-Making Board; and (c) the draft of the Regional Sanitation Plan, under article 17 of Federal Law 11,445, of 2007. The aforementioned Public Consultation on the privatization of Sabesp was concluded on March 15, 2024, with a significant number of suggestions submitted by the public. A total of 976 contributions were received through the Internet, in addition to 135 oral statements made at the eight public hearings held by the São Paulo State on the matter. The next steps of the privatization consist of the São Paulo State's publication of the Public Consultation Contributions Report, concluded on March 15, 2024, with the revised documents sent to URAE 1 - Southeast for resolution. Management expects that the funds raised with the improved water security from the works carried out, the generation of operational cash, and credit lines available for investments, will be sufficient to meet the Company’s commitments and not compromise the necessary investments. Approvals The consolidated financial statements were approved by Management on May 3, 2024. |
Basis of preparation and presen
Basis of preparation and presentation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Basis of preparation and presentation of the consolidated financial statements | 2 Basis of preparation and presentation of the consolidated financial statements The Company’s consolidated financial statements have been prepared according to the International Financial Reporting Standards – IFRS, issued by the International Accounting Standards Board – IASB. All material information related to the financial statements, and this information alone, is being disclosed and corresponds to the information used by the Company’s Management in its administration. The consolidated financial statements have been prepared under the historical cost except for certain financial instruments measured at fair value when required by the standards. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree to judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are described in Note 6. |
Summary of material information
Summary of material information on accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Summary of material information on accounting policies | 3 Summary of material information on accounting policies The material information of the accounting policies applied in the preparation of these consolidated financial statements are defined below and have been applied consistently in all years presented. 3.1 Consolidation The Company controls an entity when (i) it has power over the investee; (ii) it is exposed to, or has rights to, variable returns from its involvement with the investee; and (iii) it has the ability to use its power to affect its returns. When the Company does not hold the majority of voting rights in an investee, it will have power over the investee when the voting rights are sufficient to give it the practical ability to unilaterally conduct the relevant activities of the investee. When assessing whether SABESP's voting rights in an investee are sufficient to give it power, the Company considers all relevant facts and circumstances, including (i) the Company's proportionate interest in voting rights regarding the interests of other voting right holders; (ii) potential voting rights held by the Company, other voting right holders, or other parties; (iii) rights arising from other contractual agreements; and (iv) any additional facts and circumstances that indicate whether the Company has the ability to conduct the relevant activities of the investee. The financial statements of the subsidiary are included in the consolidated financial statements from the date the Company obtains control until the date when such control ceases to exist. Revenues and expenses of a subsidiary acquired or disposed of during the fiscal year are included in the results from the date the Company obtains control until the date when the Company ceases to control the subsidiary. The subsidiary's financial statements have been prepared for the same reporting date as the parent company. All intragroup balances, revenues, expenses, and unrealized gains and losses from intragroup transactions have been eliminated. Other comprehensive results of the parent company, where applicable, will be directly recorded in the Company’s equity, under “other comprehensive results”. As of December 31, 2023, SABESP held 100% of direct interest in Sabesp Olímpia S/A. 3.2 Cash and cash equivalents Cash and cash equivalents include cash in hand, bank deposits, overdraft accounts and other short-term highly liquid investments with maturities and intention of use by the Company’s Management in a period lower than three months. 3.3 Financial assets and liabilities Financial assets - Classification The Company classified its financial assets according to the following categories: measured at amortized cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at inception. As of December 31, 2023 and 2022, the Company did not have financial assets classified as fair value through other comprehensive income and fair value through profit or loss. · Amortized cost This category includes financial assets that meet the following conditions: (i) assets held within the business model to hold financial assets to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Presented as current assets, except for those with a maturity of more than 12 months after the reporting date, which are classified as noncurrent assets. The Company's financial assets measured at amortized cost include cash and cash equivalents, financial investments, restricted cash, balances of trade receivables, accounts receivable from related parties, other assets and receivables from the Water and Basic Sanitation National Agency (ANA). Financial assets measured at amortized cost are recorded at fair value and subsequently at amortized cost, under the effective interest rate method, except for trade receivables, which are initially measured at transaction price, as it contains no financing items, and are subsequently measured at amortized cost. Financial liabilities - Classification The Company classifies its financial liabilities measured at amortized cost. The classification depends on the purpose for which the financial liabilities were assumed. This category includes balances payable to contractors and suppliers, borrowings and financing, services payable, balances payable from Public-Private Partnerships (PPP), and program contract commitments. The effective interest rate method is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period. The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue costs) over the estimated life of the financial liability or, when appropriate, during a shorter period, for the initial recognition of the net carrying amount. Impairment of financial assets · Accounts receivable Due to the characteristics of the Company’s accounts receivable such as (i) insignificant financial component; (ii) non-complex receivables portfolio; and (iii) low credit risk, the simplified approach of expected credit loss, was adopted – it consists of recognizing the expected credit loss based on the asset’s useful life. The methodology to calculate the allowance for doubtful accounts consisted of using an estimate calculated based on the average default observed in the last 36 months, per maturity range, in addition to estimating the recovery of credits overdue for more than 360 days, based on the track record of the last three years. It also considered the category of private and public customers, and segregated accounts receivable among the regular consumption accounts and agreements. The Company also concluded that the estimates of the macroeconomic indicators Gross Domestic Product (GDP), Unemployment Rate and the Extended Consumer Price Index (IPCA) were not impacted, given that it carried out correlation analyses of these indicators and their default history, which did not result in a significant correlation between them. · Deposit transactions and financial investments measured at amortized cost The Company analyzes changes in the rates of investments in bank deposit certificates and information obtained from regulatory agencies about the financial institutions. The likelihood of delinquency over 12 months was based on historical data provided by credit rating agencies for each credit level and analyzed in terms of sensitivity based on current returns. These deposits and financial investments are subject to an insignificant risk of change in value. 3.4 Operating income (a) Revenue from sanitation services Revenue from water supply and sanitation services are recognized as water is consumed and services are provided. Revenues, including unbilled revenues, are recognized at the fair value of the consideration received or receivable for the rendering of those services. Revenue is shown net of value-added tax, rebates and discounts. Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed until the end of each period and are recorded as trade receivables based on monthly estimates of the completed services. Revenues are recognized based on IFRS 15 Revenue from Contracts with Customers, which establishes a five-step model applicable to revenue from a contract with a customer. Revenues are recognized when: i) it identifies contracts with customers; ii) it identifies the different contract obligations; iii) it determines the transaction price; iv) it allocates the transaction price to the performance obligations in the contracts; and (v) it satisfies all performance obligations. Disputed amounts are recognized as revenue when collected. (b) Construction revenue Revenue from construction is recognized in accordance with IFRS 15 (Revenue from Contracts with Customers) and IFRIC 12 (Service Concession Arrengements), as all performance obligations are satisfied over time. During the construction of the contract, an asset is classified as a contract asset, in which the Company estimates that the fair value of its consideration is equivalent to expected construction costs plus margin. The fee represents the additional margin related to the work performed by the Company in relation to such construction contracts and it is added to construction costs, resulting in the construction revenue. 3.5 Trade receivables and allowance for doubtful accounts Trade receivables are amounts due from customers for services performed in the ordinary course of business. These are classified as current assets, except when maturity exceeds 12 months after the end of the reporting date, when they are presented as noncurrent assets. The Company establishes an allowance for doubtful accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses, as described in Note 3.3. 3.6 Inventories Inventories comprise supplies for consumption and maintenance of the water and sewage systems and are stated at the lowest between the average cost of acquisition or realizable value and are classified in current assets. 3.7 Investment properties Investment properties are recorded at the acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method at rates that consider the estimated useful life of the assets. Expenditures related to repairs and maintenance are recorded in the income statement when incurred. The Company also maintains some assets for undetermined use in the future, i.e. it is not defined whether they will be used in the operation or sold in the short term during the ordinary course of business. 3.8 Contract Assets Contract Assets (construction work in progress) represent the right to consideration in exchange for goods or services transferred to customers. As established by IFRS 15 - Revenue from Contracts with Customers, assets subject to the concession under construction, recorded under the scope of IFRIC 12 – Service Concession Arrangements, must be classified as Contract Asset during the construction period and transferred to Intangible Assets after the conclusion of the works. A Contract Asset is recognized at fair value, including the capitalization of labor, construction margin, interest, and other financial charges capitalized during the construction period of qualifying assets, where applicable, based on the weighted average rate of borrowings in effect on the capitalization date. A qualifying asset necessarily requires a substantial period, established by the Company as being higher than 12 months, to be ready for use, considering the completion period of the works, given that most of them take on average more than 12 months to be completed, which corresponds to one fiscal year of the Company. The infrastructure construction values are recognized as revenue, at fair value, provided that they generate future economic benefits. The accounting policy to recognize construction revenue is described in Note 3.4 (b). 3.9 Property, plant and equipment Property, plant and equipment comprise mainly administrative facilities not composing the assets subject to the concession agreements. Those assets are stated at acquisition or construction cost less depreciation and impairment losses, as applicable. Where applicable, interest, other finance charges, and inflationary effects resulting from financing effectively applied to construction in progress are recorded as the cost of the respective property, plant and equipment for the qualifying assets. A qualifying asset necessarily requires a substantial period, established by the Company as being higher than 12 months, to be ready for use, considering the completion period of the works, given that most of them take on average more than 12 months to be completed, which corresponds to one fiscal year of the Company. Subsequent costs are included in the existing asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated with the item will flow to the Company and the cost of the item can be reliably measured. Repairs and maintenance are charged to the income statement of the year, as incurred. The depreciation of property, plant, and equipment begins when such an item becomes available for use, in its location, and under the necessary condition, when this asset becomes operational. Depreciation is calculated using the straight-line method and the average rates are presented in Note 16 (a). Land is not depreciated. The useful lives of assets are revised and adjusted, where applicable, at the end of each year. Gains and losses on disposals are determined by the difference between the sales value and residual book balance and are recognized in profit or loss, under other operating income (expenses). 3.10 Intangible assets Intangible assets are those arising from concession contracts, and the main costs are transferred from the Contract Asset, as described in Note 3.8. The amortization of an intangible assets begins when it becomes available for use, in its location and necessary condition when this asset becomes operational. The amortization reflects the period in which it is expected that the asset’s future economic benefits are consumed by the Company, which may be the final term of the concession or their useful life. The amortization of intangible assets ends when the asset is fully consumed or written off, whatever occurs first. Donations in assets, received from third parties and government entities to allow the Company to render water supply and sewage services are not recorded in the consolidated financial statements, since these assets are owned by the granting authority. Financial resources received as donations for infrastructure construction are recorded under “Other operating income”. (a) Concession agreements/program contracts/service contracts The Company operates concession agreements including the rendering of basic sanitation, environmental, water supply and sewage services signed with the granting authorities. The infrastructure used by SABESP related to service concession arrangements is considered to be controlled by the granting authority when: (i) The granting authority controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and at what price; and (ii) The granting authority controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession. The rights over the infrastructure operated under the concession agreements are accounted for as an intangible asset as the Company has the right to charge for the use of the infrastructure assets, and the users (consumers) must pay for the services. Intangible assets related to the concessions, are amortized on a straight-line basis over the contract period or useful life of the underlying asset, whichever occurs first. The details referring to the amortization of intangible assets are described in Note 15 (c). (b) Software license of use Software licensing is capitalized based on acquisition costs and other implementation costs. Amortizations are recorded according to the useful life and the expenses associated with maintaining them are recognized in profit or loss when incurred. 3.11 Impairment of non-financial assets Property, plant and equipment, intangible assets and other noncurrent assets with defined useful lives are reviewed for impairment on an annual basis, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company does not have assets with indefinite useful life and assessed that there are no indications of impairment losses, mainly supported by Law 14,026/2020, which ensures economic and financial sustainability to public sanitation services through tariffs or indemnity. 3.12 Trade payables and contractors Trade payables and contractors are obligations to pay for goods or services acquired from suppliers in the ordinary course of business and are initially measured at fair value, which generally corresponds to the bill and subsequently at amortized cost, being classified as current liabilities, except when the maturity exceeds 12 months after the reporting date, being presented as noncurrent liabilities. 3.13 Borrowings and financing Borrowings and financing are initially recognized at fair value, upon receipt of funds, net of transaction costs and stated at amortized cost. See Note 17. Borrowings and financing are classified as current liabilities unless the Company has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date. The bonds issued by the Company are not convertible into shares and are recorded similarly to borrowings. 3.14 Borrowing costs Borrowing costs consist of interest rates and other charges incurred by the Company and arise from borrowing and financing agreements, including exchange variation. Costs attributable to the acquisition, construction, or production of an asset, which, necessarily, requires a substantial time to be ready for use or sale are capitalized as part of the cost of these assets. Other borrowing costs are recognized as expenses in the period they are incurred. The capitalization occurs during the construction period of the asset, considering the weighted average rate of borrowings effective on the capitalization date. The Company analyses foreign currency-denominated borrowings or financing as if they were contracted in local currency, restricting the capitalization of interest and/or exchange variation by the amount that would be capitalized if they were contracted in the domestic market in similar lines of credit and loans. 3.15 Salaries, payroll charges and social contributions Salaries, vacations, Christmas bonuses, profit sharing and additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on an accrual basis. The profit-sharing plan is based on operational and financial targets, and a provision is created when it is contractually required or when there is a past practice that created a constructive obligation, and is recorded as operating cost, selling and administrative expenses or capitalized in assets. 3.16 Provisions, legal obligations, escrow deposits and contingent assets Provisions are recognized when: i) the Company has a present (legal or constructive) obligation resulting from a past event; ii) an outflow of resources that comprise economic benefits will probably be required to settle the obligation; and iii) the amount can be reliably estimated. Where there are several similar obligations, the likelihood that an outflow of resources will be required to settle an obligation is determined by considering the nature of these obligations as a whole. Provisions are measured at the present value of the disbursements expected to be required to settle an obligation using a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. The increase in the obligation due to the passage of time is recognized as a financial expense. For financial statement presentation purposes, the provision is stated net of escrow deposits, based on the legal offset right. Escrow deposits not linked to the related obligations are recorded in noncurrent assets and adjusted by the indexes defined by the competent authorities. The Company does not recognize contingent liabilities in the consolidated financial statements since it either does not expect outflows to be required or the amount of the obligation cannot be reliably measured. Contingent assets are not recognized in the consolidated financial statements. 3.17 Environmental costs Costs related to ongoing environmental programs are expensed in the income statement, when there is a taxable event. Ongoing programs are designed to minimize the environmental impact of the operations and to manage the environmental risks inherent to the Company's activities. 3.18 Current and deferred income tax and social contribution Income taxes expenses comprise current and deferred income tax and social contributions. Current taxes The provision for income tax and social contribution is calculated based on the taxable profit for the year and the rates effective at the end of the year. The income tax was defined at a rate of 15%, plus a 10% surtax on taxable income exceeding R$ 240. Deferred taxes Deferred taxes are fully recognized on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred taxes are not accounted for if they arise from the initial recognition of an asset or liability in a transaction that does not affect the tax basis, except in business combinations. Deferred taxes are determined using tax rates (and laws) effective at the end of the reporting period and are expected to be applied when the related income tax and social contribution are realized. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences can be used and tax losses can be offset. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred income tax assets and liabilities are related to income taxes levied by the same tax authority over the tax entity. 3.19 Taxes on revenues Revenues from sanitation services are subject to Pasep (Public Servant Fund) and Cofins (Contribution for Social Security Financing) rates of 1.65 7.60 0.65 4.00 Pasep and Cofins taxes incident on billed amounts to public entities are due when the billes are received. These taxes are calculated by the regime of noncumulative taxation and presented net of the corresponding credits, such as deductions from gross revenues. The lines “other operating income” and “financial revenues” are presented net of such taxes on the income statement. In addition, revenues from sanitation services are also subject to the Regulatory, Control and Oversight Fee (TRCF), whose taxable event is the performance of regulatory, control and monitoring activities by São Paulo State Public Services Regulatory Agency (ARSESP), calculated at 0.50 3.20 Pension plan obligations (a) Defined benefit The Company makes contributions to defined benefit plans sponsored by it on a contractual basis. Regular contributions comprise the net administrative expenses and are recognized in the result of the period in which they are due. Pension plan liabilities correspond to the present value of the obligation on the reporting date, less the fair value of the plan’s assets. The defined benefit obligations (G1), as well as the additional retirement and pension plan (G0), are calculated on an annual basis by independent actuaries, using the projected unit credit method. The estimated future cash outflows are discounted to their present value, using the interest rates of Government bonds with maturities that approximate those of the related liability. Regarding actuarial gains and losses arising from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive income (OCI), so that the plan's net asset or liability is recognized in the statement of financial position to reflect the full amount of plan’s deficit or surplus. In the event of curtailment or settlement of the plan, related to only some of the employees covered by the plan, or where only part of an obligation is settled, the gain or loss includes a proportional share of the past service cost and actuarial gains and losses. The proportional share is determined based on the present value of the obligations before and after the curtailment or settlement. (b) Defined contribution The Company makes contributions to defined benefit plans sponsored by it on a contractual basis, which provides post-employment benefits to its employees, in which the Company makes equal contributions to employees, within the limits set by regulation. In this model, the benefits paid are directly related to the amount contributed, with no deficits to be covered by the Company. 3.21 Financial income (expenses) Financial income is primarily comprised of interest and inflation adjustments resulting from financial investments, escrow deposits and negotiations with customers to pay by installments, calculated using the effective interest rate method. Financial expenses refer to interest, inflation adjustments, and exchange variation mainly on borrowings and financing, provisions, public-private partnership and program contract commitments, and are calculated using the effective interest rate method. Inflation adjustment gains and losses arise from the collection or payment to third parties, as contractually required by law or court decision, recognized on an accrual basis pro rata temporis. Inflation adjustments included in the agreements are not considered embedded derivatives, since they are deemed as inflation adjustment rates for the Company’s economic scenario. 3.22 Leases Leases are recognized at the present value of the contractual obligations, presented in assets as Right of Use (Note 15 (f)) and in liabilities as Leases (Note 17 (b)), except for short-term contracts (12 months or less) and/or low value (below US$ 5 thousand – R$ 24 thousand), which are recorded as expenses when incurred. 3.23 Other current and noncurrent assets and liabilities Other assets are recorded at acquisition cost, net of any impairment loss, where applicable. Other liabilities are recorded at known or estimated amounts, including, where applicable, related financial charges. 3.24 Dividends and interest on capital The Company uses the tax benefit of distributing dividends as interest on capital, as permitted by law and based on the Bylaws. Interests are accounted for under Law 9,249/1995 for tax-deductibility purposes, limited to the daily pro rata variation of the long-term interest rate (TJLP). The benefit attributed to shareholders is recognized in current liability against Equity. Any amount over the minimum mandatory is recognized when approved by shareholders in the General Meeting, except for taxes incurring in the distribution of interest on capital. The tax benefit of interest on capital is accrued in the profit/loss of the year, under the same recognition basis of expenses. 3.25 Present value adjustment Current and noncurrent financial assets and liabilities arising from long- or short-term transactions are adjusted to present value based on market discount rates as of the transaction date, when the effects are significant. 3.26 Segment information Operating segments are determined in a manner consistent with the internal reporting to the Company’s chief operating decision maker (“CODM”), which, in the case of SABESP, is comprised of the Board of Directors and the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance. The Company determined that it has one operating segment which is sanitation services. The accounting policies used to determine segment information are the same as those used to prepare the Company’s consolidated financial statements. The measurement of the result per segment is the profit from operations before other net operating expenses and equity accounting, which excludes construction costs and revenue. The CODM analyzes asset and liability information on a consolidated basis. Consequently, the Company does not disclose segregated information on assets and liabilities. Substantially all noncurrent assets and revenue generated from customers are located in the São Paulo State. Consequently, financial information is not disclosed by geographic area. 3.27 Foreign currency translation (a) Functional and reporting currency Items included in the consolidated financial statements are measured using the currency of the main economic environment in which the company operates ("the functional currency"). The consolidated financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial information has been presented in Brazilian reais and rounded to the next thousand, except where otherwise indicated. (b) Foreign currency translation Foreign currency-denominated transactions are translated into Brazilian reais using the exchange rates prevailing on the transaction dates. Statements of financial position balances are translated by the exchange rate prevailing on the reporting date. Exchange gains and losses resulting from the settlement of these transactions and the translation of foreign currency-denominated monetary assets and liabilities are recognized in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described in Note 3.14. |
Changes in accounting practices
Changes in accounting practices and disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Changes In Accounting Practices And Disclosures | |
Changes in accounting practices and disclosures | 4 Changes in accounting practices and disclosures 4.1 New standards, amendments and interpretations effective for periods beginning on or after January 1, 2023 IFRS 17 – Insurance Contracts - The Company has no contracts that meet the definition of insurance contract according to this Standard. The amendments to IAS 1 - Presentation of Financial Statements and IFRS Practice Statement 2 – Making Materiality Judgments; IAS 12 - Income Taxes – Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (“single transaction”); IAS 12 – Income Taxes – International Tax Reform – Pillar Two Model Rules; IAS 8 - Accounting Policies, Changes in Estimates, and Errors—Definition of Accounting Estimates, did not impact the disclosures or amounts recognized in the annual consolidated financial statements. 4.2 New standards, amendments and interpretations of existing standards that are not yet effective The Company did not early adopt these standards and is assessing the impacts of the new and revised IFRS below on the disclosures or amounts recognized in the consolidated financial statements: Schedule of recognized financial statements Standard Description Impact Amendments to IFRS 10 - Consolidated Statements and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 2 Clarify situations that involve the sale or contribution of assets between an investor and its associate or joint venture. The Company is assessing the impacts and effects of the amendments; however, it does not expect any effects from the amendments. Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current 1 These amendments to IAS 1 only affect the presentation of liabilities as current or non-current in the statement of financial position and not the amount or time of recognition of any asset, liability, income or expense, or information disclosed on such items. In addition, they clarify that the classification of liabilities as current or non-current is based on rights existing on the balance sheet date, specify that classification is not affected by the expectations on whether an entity will exercise its right to defer the settlement of the liability and introduce the definition of 'settlement' to clarify that settlement refers to the transfer, to a counterparty, of cash, equity instruments, other assets or services. The Company does not expect any impacts from this standard. Amendments to IAS 7 – Statament of Cash Flows and IFRS 7 – Financial Instruments - Disclosures 1 The amendments add a disclosure objective IAS 7 stating that information about their supplier financing arrangements should be disclosed to allow users of the financial statements to assess the effects of these agreements on the entity’s liabilities and cash flows. Additionally, IFRS 7 was amended to include supplier financing arrangements as an example within the requirements for disclosing information about the entity’s exposure to liquidity risk concentration. The Company does not expect effects from these amendments. Amendments to IFRS 16 – Leases - Lease liability in a Sale and Leaseback transaction 1 The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 for accounting purposes as a sale. The amendments require that the seller-lessee determine "lease payments" or "revised lease payments" so that the seller-lessee does not recognize a gain or loss related to the right of use retained by the seller-lessee after the commencement date. The amendments do not impact the gain or loss recognized by the seller-lessee related to the total or partial termination of a lease. Without these new requirements, a seller-lessee may have recognized a gain on the right of use retained solely because of the remeasurement of the lease liability (for example, after a modification or change in the lease term) that applies the general requirements in IFRS 16. This may have been particularly the case in a sublease that includes variable lease payments not dependent on an index or rate. The Company does not expect effects from these amendments. 1 Effective for annual periods beginning on or after January 1, 2024. 2 The effective date of the amendments has not yet been defined by IASB. There are no other standards and interpretations not yet adopted that may, in the opinion of Management, have a significant impact on the result for the year of equity disclosed by the Company in its consolidated financial statements. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management | |
Risk management | 5 Risk management 5.1 Financial Risk Management Financial risk factors The Company's activities are affected by the Brazilian economic scenario, making it exposed to market risk (exchange rate and interest rate), credit risk and liquidity risk. Financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on financial performance. The Company has not utilized derivative instruments in any of the reported periods. (a) Market risk Foreign currency risk Foreign exchange exposure implies market risks associated with currency fluctuations, since the Company has foreign currency-denominated liabilities, arising from long-term funding, in development institutions, at more attractive interest rates, in U.S. dollars and Yen. The management of currency exposure considers several current and projected economic factors, besides market conditions. This risk arises from the possibility that the Company may incur losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated borrowings and financing and related financial expenses. The Company does not maintain hedge or swap contracts or any derivative financial instrument to hedge against this risk. Part of the financial debt, totaling R$ 2,785,853 2,809,441 Schedule of exposure to exchange risk December 31, 2023 December 31, 2022 Foreign currency (in thousands) R$ Foreign currency (in thousands) R$ Borrowings and financing – US$ 280,188 1,356,474 191,022 996,695 Borrowings and financing – Yen 41,078,385 1,405,702 45,369,189 1,795,259 Interest and charges from borrowings and financing – US$ 15,510 6,985 Interest and charges from borrowings and financing – Yen 8,167 10,502 Total exposure 2,785,853 2,809,441 Borrowing cost – US$ (37,520) (31,037) Borrowing cost – Yen (2,442) (2,646) Total foreign-currency denominated borrowings (Note 17) 2,745,891 2,775,758 The 1.1 Schedule of prices exchange variations December 31, 2023 December 31, 2022 Variation US$ R$ 4.8413 R$ 5.2177 -7.2 Iene R$ 0.03422 R$ 0.03957 -13.5 Borrowings and financing decreased R$ 309,854 488,614 278,586 280,944 The probable scenario below presents the effect on the income statements for the next 12 months considering the projected rates of the U.S. dollar and the Yen. The Company understands that the scenario presented is reasonable, given the instability of the Brazilian real against the U.S. dollar and the Yen. Schedule of scenario of effect on the income statement Probable scenario (*) Net currency exposure as of December 31, 2023 in US$ - Liabilities 280,188 US$ rate as of December 31, 2023 4.8413 Exchange rate estimated according to the scenario 5.0000 Difference between the rates (0.1587 Effect on the net financial result R$ - (loss) (44,466) Net currency exposure as of December 31, 2023 in Yen - Liabilities 41,078,385 Yen rate as of December 31, 2023 0.03422 Exchange rate estimated according to the scenario 0.03590 Difference between the rates (0.00168 Effect on the net financial result R$ - (loss) (69,012) Total effect on the net financial result in R$ - (loss) (113,478) (*) For the probable scenario in U.S. dollars and Yen, the exchange rates estimated for December 31, 2024, were used, according to the Focus-BACEN and B3’s Benchmark Rate report, of December 31, 2023, respectively. Interest rate risk This risk arises from the possibility that the Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to borrowings and financing. The Company has not entered into any derivative contract to hedge against this risk; however continually monitors market interest rates, to evaluate the possible need to replace its debt. The table below provides the borrowings and financing subject to different inflation adjustment indices: Schedule of borrowings and financing subject to different inflation adjustment indices December 31, 2023 December 31, 2022 CDI (i) 9,966,111 9,251,150 TR (ii) 1,684,711 1,635,587 IPCA (iii) 3,038,378 3,073,435 TJLP (iv) 1,365,806 1,433,029 SOFR (v) 1,356,473 996,697 Interest and charges 392,906 424,856 Total 17,804,385 16,814,754 (i) CDI – (Certificado de Depósito Interbancário), an interbank deposit certificate (ii) TR – Interest Benchmark Rate (iii) IPCA – (Índice Nacional de Preços ao Consumidor Amplo), a consumer price index (iv) TJLP – (Taxa de Juros a Longo Prazo), a long-term interest rate index (v) SOFR – Secured Overnight Financing Rate Another risk to which the Company is exposed, is the mismatch of inflation adjustment indices of its debts with those of its service revenues. Tariff adjustments of services provided do not necessarily follow the increases in the inflation indexes to adjust borrowings, financing and interest rates affecting indebtedness As of December 31, 2023, if interest rates on borrowings and financing had been 1 percentage point higher or lower with all other variables held constant, the effects on profit before taxes for the year would have been R$ 178,044 168,148 (b) Credit risk Credit risk is related to cash and cash equivalents, financial investments, as well as credit exposures to wholesale basis and retail customers, including accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated by sales to a dispersed base. The maximum exposure to credit risk as of December 31, 2023 is the carrying amount of instruments classified as cash and cash equivalents, financial investments, restricted cash, trade receivables and accounts receivable from related parties in the balance sheet date. See additional information in Notes 7, 8, 9, 10 and 11. Regarding the financial assets held with financial institutions, the credit quality was assessed by reference to external credit ratings (if available) or historical information about the bank’s default rates. For the credit quality of the banks, such as deposits and financial investments, the Company assesses the rating published by three main international agencies (Fitch, Moody's and S&P), as follows: Schedule of credit risk Banks Fitch Moody's Standard Poor's Banco do Brasil S/A AAA(bra) AAA.br - Banco Santander Brasil S/A - AAA.br brAAA Brazilian Federal Savings Bank AAA(bra) AAA.br brAAA Banco Bradesco S/A AAA(bra) AAA.br brAAA Banco Itaú Unibanco S/A AAA(bra) AAA.br - Banco BV - AA.br brAAA Banco BTG Pactual S/A AAA(bra) AAA.br brAAA The rating assessment disclosed by Fitch, for deposit transactions and financial investments in local currency is as follows: Schedule of rating assessment December 31, 2023 December 31, 2022 Cash and cash equivalents and financial investments AA(bra) - 2,237,629 AAA(bra) 2,940,690 1,011,685 Others (*) 324,546 296,044 3,265,236 3,545,358 (*) As of December 31, 2023, this category includes R$ 322,241 289,908 (c) Liquidity risk Liquidity is primarily reliant upon cash provided by operating activities and borrowings and financing obtained in the local and international capital markets, as well as the payment of debts. The management of this risk considers the assessment of its liquidity requirements to ensure it has sufficient cash to meet its operating and capital expenditures needs. The funds held are invested in interest-bearing current accounts, time deposits and securities, with instruments with appropriate maturity or liquidity sufficient to provide margin as determined by the projections mentioned above. The table below shows the financial liabilities, by maturity, including the installments of principal and future interest. For agreements with floating interest rates, the interest rates used correspond to the base date of December 31, 2023. Schedule of liquidity risk 2024 2025 2026 2027 2028 2029 onwards Total As of December 31, 2023 Liabilities Borrowings and financing 4,242,785 3,793,478 3,444,022 3,345,107 2,454,561 10,862,692 28,142,645 Trade payables and contractors 456,215 - - - - - 456,215 Services payable 750,732 - - - - - 750,732 Public-Private Partnership – PPP 488,086 449,838 464,863 480,389 496,434 6,210,305 8,589,915 Program Contract Commitments 21,622 1,215 1,215 1,215 1,215 11,550 38,032 Total 5,959,440 4,244,531 3,910,100 3,826,711 2,952,210 17,084,547 37,977,539 Cross default The Company has borrowings and financing agreements including cross default clauses, i.e., the early maturity of any debt may imply the early maturity of these agreements. The indicators are continuously monitored to avoid the execution of these clauses, and the most restrictive ones are showed in Note 17 (c). (d) Sensitivity analysis on interest rate risk The table below shows the sensitivity analysis of the financial instruments, prepared in accordance with IFRS 7, in order to evidence the balances of main financial assets and liabilities, calculated at a rate projected for the twelve-month period after December 31, 2023, or until the final settlement of each contract, whichever occurs first, considering a likely scenario. The purpose of the sensitivity analysis is to measure the impact of changes in the market on the financial instruments, considering constant all other variables. At the time of settlement the amounts can be different from those presented, due to the estimates used in the measurement. Schedule of sensitivity analysis on interest rate risk December 31, 2023 Indicators Exposure Probable scenario Assets CDI 3,233,218 10.0400 Financial income 324,615 Liabilities CDI (9,966,111) 10.0400 Interest to be incurred (1,000,598) CDI net exposure (6,732,893) (675,983) Liabilities TR (1,684,711) 0.0064 Expenses to be incurred (108) IPCA (3,038,378) 3.9000 Expenses to be incurred (118,497) TJLP (1,365,806) 6.4300 Interest to be incurred (87,821) SOFR (***) (1,356,473) 4.8193 Interest to be incurred (65,373) Total expenses to be incurred, net (947,782) (*) Source: BACEN of December 31, 2023 (**) Source: B3 of December 31, 2023 (***) Source: Bloomberg 5.2 Capital management The Company’s objectives when managing capital are to ensure it continues to increase investments in infrastructure, provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital. Capital is monitored based on the leverage ratio, which corresponds to net debt divided by total capital (shareholders and providers of capital). Net debt corresponds to total borrowings and financing less cash and cash equivalents and financial investments. Total capital is calculated as total equity plus net debt, as shown in the statement of financial position. Schedule of capital management December 31, 2023 December 31, 2022 Total borrowings and financing (Note 17) 19,536,350 18,958,671 (-) Cash and cash equivalents (Note 7) (838,484) (1,867,485) (-) Financial investments (Note 8) (2,426,752) (1,677,873) Net debt 16,271,114 15,413,313 Total equity 29,857,376 27,333,533 Total (shareholders plus providers of capital) 46,128,490 42,746,846 Leverage ratio 35% 36% 5.3 Fair value estimates The Company considers that balances from trade receivables (current) and trade payables by carrying amount less impairment approximate their fair values, considering the short maturity. Long-term trade receivables also approximate their fair values, as they will be adjusted by inflation and/or will bear contractual interest rates over time. 5.4 Financial instruments The Company did not have financial assets classified as fair value through other comprehensive income and fair value through profit or loss. The financial instruments included in the amortized cost category comprise cash and cash equivalents, financial investments, restricted cash, trade receivables, balances with related parties, other assets and balances receivable from the Water National Agency (ANA), accounts payable to suppliers, borrowings and financing, services payable, balances payable deriving from the Public Private Partnership-PPP and program contract commitments, which are non-derivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market, except for cash equivalents and financial investments. The estimated fair values of the financial instruments were as follows: Financial Assets Schedule of estimated fair values of the financial instruments December 31, 2023 December 31, 2022 Carrying amount Fair value Carrying amount Fair value Cash and cash equivalents 838,484 838,484 1,867,485 1,867,485 Financial investments 2,426,752 2,426,752 1,677,873 1,677,873 Restricted cash 54,944 54,944 37,474 37,474 Trade receivables 3,856,723 3,856,723 3,277,808 3,277,808 Water and Basic Sanitation National Agency – ANA 2,673 2,673 9,193 9,193 Other assets 196,065 196,065 212,674 212,674 Additionally, SABESP has financial instrument assets receivables from related parties, totaling R$ 1,196,545 1,156,743 1,076,174 1,060,040 Financial liabilities Schedule of financial liabilities December 31, 2023 December 31, 2022 Carrying amount Fair value Carrying amount Fair value Borrowings and financing 19,536,350 19,950,055 18,958,671 19,260,133 Trade payables and contractors 456,215 456,215 430,946 430,946 Services payable 750,732 750,732 723,242 723,242 Program contract commitments 34,016 34,016 112,385 112,385 Public-Private Partnership - PPP 3,286,614 3,286,614 2,959,181 2,959,181 The criteria adopted to obtain the fair values of borrowings and financing are as follows: (i) Agreements with CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at the average interest rate plus TR x DI and the average contractual term, were adjusted to present value by a funding rate specific for the Company in similar contracts, plus TR x DI, on the end of the reporting period. TR x DI rates were obtained with B3. (ii) The debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and adjusted to present value considering the future interest rate published by Brazilian Financial and Capital Markets Association (ANBIMA) in the secondary market, or by equivalent market rates, or the Company’s shares traded in the Brazilian market. (iii) Financing – BNDES corresponds to instruments valued at their carrying amount restated until the maturity date, and are indexed by the long-term interest rate (TJLP) . These financings have specific characteristics and conditions defined in the financing agreements with BNDES, between independent parties, and reflect the conditions for these types of financing. Brazil does not have a consolidated market of long-term debts with the same characteristics of BNDES financing; thus, the offering of credit to entities in general, with such long-term characteristics, is usually restricted to BNDES. (iv) Other financings in local currency are considered by the carrying amount restated until the maturity date, adjusted to present value at future market interest rates. The future rates used were obtained on the website of B3. (v) Agreements with IDB and IBRD were projected until final maturity in origin currency, using the contracted interest rates plus Secured Overnight Finance Rate (SOFR’s) future rate, obtained with Bloomberg, adjusted to present value using the exchange coupon curve obtained with B3, plus future Treasury Financial Bills (LFT), disclosed by ANBIMA in the secondary market. All the amounts obtained were translated into Brazilian reais at the exchange rate of December 31, 2023. (vi) Agreements with Japan International Cooperation Agency (JICA) were projected until final maturity in origin currency, using the contracted interest rates, translated to the U.S. dollar and adjusted to present value using the exchange coupon curve obtained with B3, plus future LFT, disclosed by ANBIMA in the secondary market. The amounts obtained were translated into Brazilian reais at the exchange rate of December 31, 2023. (vii) Lease and finance leases based on IFRS 16 correspond to instruments valued at their present value. Thus, the Company discloses the amount recorded as of December 31, 2023 as market value. Financial instruments referring to financial investments and borrowings and financing are classified as Level 2 in the fair value hierarchy. Considering the nature of other financial instruments, assets and liabilities, the balances recognized in the statement of financial position approximate the fair values, except for borrowings and financing, considering the maturities close to the end of the reporting date, comparison of contractual interest rates with market rates in similar operations at the end of the reporting period, their nature and maturity terms. |
Key accounting estimates and ju
Key accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Key accounting estimates and judgments | 6 Key accounting estimates and judgments The preparation of the consolidated financial statements requires Management to disclose judgments (except for those that involve estimates) that have a significant impact on the amounts recognized based on experience and other factors deemed as relevant, which affect the values of assets and liabilities and which may present results that may differ from the actual results. The Company establishes estimates and assumptions regarding the future, which are reviewed on a timely basis. Such accounting estimates, by definition, may differ from the actual results. The effects arising from the reviews of the accounting estimates are recognized in the period in which the estimates are reviewed. 6.1 Main judgments in applying the accounting policies The Company assessed the main accounting policies that involve judgments, except for those that involve estimates, and concluded that none of them have a significant effect. 6.2 Main sources of uncertainties in the estimates The areas that require a higher level of judgment and greater complexity, as well as assumptions and estimates that are significant for the consolidated financial statements are disclosed as follows: (a) Allowance for doubtful accounts The Company establishes allowance for doubtful accounts in an amount that Management considers sufficient to cover expected losses (see Note 10 (c) ), based on an analysis of trade receivables, in accordance with the accounting policy stated in Notes 3.3 and 3.5. The methodology for determining such losses requires significant estimates, considering several factors, among which an evaluation of receipts historical, current economic trends, aging of the accounts receivable portfolio and expectation of future losses. Although the Company believes that the assumptions used are reasonable, the actual results may be different. (b) Intangible assets arising from concession agreements and program contracts Intangible assets are those arising from concession contracts, and the main costs are transferred from the Contract Asset, as described in Note 3.8. Intangible assets under Concession Agreements, Service Agreements and Program Contracts, are amortized on a straight-line basis according to the period of the contract or the useful life of the asset or contract period, the lowest of them. Additional information on the accounting for intangible assets arising from concession agreements is described in Notes 3.10 and 15. The recognition of the fair value of the intangible assets arising from an exchange for an asset, involving concession agreements is subject to assumptions and estimates, and the use of different assumptions may affect the accounting records. Different assumptions and future changes in the useful life of these intangible assets may have significant impacts on the result of the operations . (c) Pension Plan Obligations – Pension Plans The Company sponsors a defined benefit plan and defined contribution plan, as described in Notes 3.20 and 22. Defined pension plan obligations recognized in the statement of financial position consist of the present value of the defined benefit obligation on the reporting date less the fair value of the plan’s assets. The obligation of such benefit is calculated on an annual basis by independent actuaries, using the projected credit unit method. The present value of the defined benefit obligation is determined by discounting estimated future cash outflows, using interest rates compatible with market returns, which are denominated in the currency in which benefits will be paid and with maturity terms close to those of corresponding pension plan obligation . (d) Deferred income tax and social contribution The Company recognizes and settles taxes on income based on the results of operations calculated according to Brazilian Corporation Law, taking into consideration the provisions of the tax laws. Deferred tax assets and liabilities are recorded based on the differences between the accounting balances and the tax bases of the assets and liabilities. The Company regularly reviews the recoverability of deferred tax assets and recognizes a provision for impairment if it is probable that these assets will not be realized, based on the historic taxable income, on the projection of future taxable income and on the estimated period for reversing the temporary differences. These calculations require the use of estimates and assumptions. The use of different estimates and assumptions could result in a provision for impairment of all or a significant part of the deferred tax asset. Additional information on deferred taxes is described in Notes 3.18 and 19 . (e) Provisions The provisions for civil, labor, environmental and tax risks are created based on Notes 3.16 and 20. Judgments regarding future events may significantly differ from actual estimates and exceed the amounts provisioned. The provisions are revised and adjusted taking into consideration changes in the circumstances involved. (f) Unbilled revenue Unbilled revenue corresponds to services rendered for which readings have not been made yet. They are recognized based on monthly estimates calculated according to average billing. Additional information on revenue and accounts receivable are described in Notes 3.4 and 10 . |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Cash and cash equivalents | 7 Cash and cash equivalents Schedule of Cash and cash equivalents December 31, 2023 December 31, 2022 Cash and banks 31,187 139,844 Cash equivalents 807,297 1,727,641 Total 838,484 1,867,485 Cash and cash equivalents include cash, bank deposits and high-liquidity short-term financial investments, mainly represented by repurchase agreements, fund shares (accruing Interbank Deposit Rate - CDI interest rates) and CDBs, whose original maturities or intention of realization are lower than three months, which are convertible into a cash amount and subject to an insignificant risk of change in value. As of December 31, 2023, the average yield of cash equivalents corresponded to 96.25 95.69 |
Financial investments
Financial investments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Investments | |
Financial investments | 8 Financial investments The Company has financial investments in Bank Deposit Certificate - CDB, with daily liquidity, which it does not intend to use in the next three months, as shown below: Schedule of financial investments December 31, 2023 December 31, 2022 Banco BV 322,240 289,909 Banco Itaú Unibanco S/A - 403,732 Banco Bradesco S/A 643,445 578,752 Banco BTG Pactual S/A 449,241 404,363 Banco do Brasil S/A 1,011,826 1,117 2,426,752 1,677,873 As of December 31, 2023, the average yield of the financial investments corresponded to 103.3 102.90 |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Restricted cash | 9 Restricted cash Schedule of restricted cash December 31, 2023 December 31, 2022 Agreement with the São Paulo Municipal Government (i) 47,749 30,231 Brazilian Federal Savings Bank – escrow deposits 365 433 Other 6,830 6,810 54,944 37,474 (i) Refers to the amount deducted from the transfer of 7.5% of the revenue earned in the municipality to the Municipal Fund for Environmental Sanitation and Infrastructure, corresponding to eventual amounts unpaid by direct management bodies, foundations and government agencies, as established in the agreement entered into with São Paulo Municipal Government (PMSP). |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Trade receivables | 10 Trade receivables (a) Financial position balances Schedule of financial position balances December 31, 2023 December 31, 2022 Private sector: General (i) and special customers (ii) 2,200,921 2,287,782 Agreements (iii) 839,010 416,550 3,039,931 2,704,332 Government entities: Municipal 623,601 609,731 Federal 8,036 10,644 Agreements (iii) 374,372 372,943 1,006,009 993,318 Wholesale customers – Municipal governments: (iv) Mogi das Cruzes 4,343 4,048 São Caetano do Sul 45,333 45,367 Total wholesale customers – Municipal governments 49,676 49,415 Unbilled supply 1,138,316 959,260 Subtotal 5,233,932 4,706,325 Allowance for doubtful accounts (1,377,209) (1,428,517) Total 3,856,723 3,277,808 Current 3,584,287 3,062,574 Noncurrent 272,436 215,234 Total 3,856,723 3,277,808 (i) General customers - residential and small and mid-sized companies; (ii) Special customers - large consumers, commercial, industries, condominiums and special billing customers (fixed demand agreements, industrial waste, wells, among others); (iii) Agreements - installment payments of past-due receivables, plus inflation adjustment and interest, according to the agreements; and (iv) Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which are responsible for distributing to, billing and charging final customers. (b) The aging of trade receivables is as follows Schedule of the aging of trade receivables December 31, 2023 December 31, 2022 Current 2,723,975 2,244,754 Past-due: Up to 30 days 627,986 489,709 From 31 to 60 days 271,476 248,128 From 61 to 90 days 181,639 165,306 From 91 to 120 days 127,421 150,941 From 121 to 180 days 290,610 281,530 From 181 to 360 days 57,289 58,702 Over 360 days 953,536 1,067,255 Total past-due 2,509,957 2,461,571 Total 5,233,932 4,706,325 (c) Allowance for doubtful accounts Schedule of allowance for doubtful accounts Changes in assets December 31, 2023 December 31, 2022 December 31, 2021 Balance at beginning of the year 1,428,517 1,280,088 1,157,619 Constitution/(reversal) of losses 21,103 209,360 182,547 Recoveries (72,411) (60,931) (60,078) Balance at the end of the year 1,377,209 1,428,517 1,280,088 Schedule of estimated reconciliation Reconciliation of estimated/historical losses of income December 31, 2023 December 31, 2022 December 31, 2021 Write-offs (703,325) (636,366) (508,055) (Losses)/reversal with state entities - related parties (903) 2,738 (13,206) (Losses)/reversal with the private sector / government entities (21,103) (209,360) (182,547) Recoveries 72,411 60,931 60,078 Amount recorded expense (Note 29) (652,920) (782,057) (643,730) The Company does not have customers individually accounting for 10% or more of its total revenues. (d) Judicial Payment Order The Company has judicial payment order issued as a result of final and unappealable lawsuits for the collection of unpaid water and sewage bills from public entities. These bills are considered allowance for doubtful accounts ('PECLD') in their entirety, and the updated values of said bills, calculated according to the respective judicial payment order, are not recognized due to uncertainties regarding their realization. As of December 31, 2023, the Company has judicial payment order issued in its favor, currently totaling R$ 3,085,265 (R$ 2,807,318 as of December 31, 2022), which, as mentioned above, are fully provisioned at their original value and do not have their respective updates recognized in the consolidated financial statements. The reversal of the PECLD for the original bills and their update are recognized when uncertainties regarding their realization are mitigated, i.e. when the realization value becomes determinable due to the predictability of the commencement of its receipt or when negotiated with third parties. The Company did not negotiate its judicial payment order in the current fiscal year or in the comparative years, and there are no ongoing negotiations, as follows: Schedule of judicial bonds Debtor December 31, 2023 December 31, 2022 Municipality of São Paulo 3,042,927 2,656,113 Municipality of Cotia 15,456 103,729 Municipality of Cachoeira Paulista 14,964 13,672 Others 11,918 33,804 TOTAL 3,085,265 2,807,318 Additionally, the Company negotiated registered warrants for overdue bills with the municipalities of Guarulhos, Santo André, and Mauá in previous fiscal years, which are currently suspended as they serve as collateral for the fulfillment of contracts entered into with the municipalities. |
Related-Party Balances and Tran
Related-Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Related-Party Balances and Transactions | 11 Related-Party Balances and Transactions (a) São Paulo State (i) Accounts receivable, interest on capital payable, revenue and expenses Schedule of loan agreement through credit facility December 31, 2023 December 31, 2022 Accounts receivable Current: Sanitation services (ii) 169,515 144,937 Allowance for losses (50,498) (49,595) Reimbursement for retirement and pension benefits paid (G0): - monthly flow (payments) (iii) and (iv) 36,241 13,376 - GESP Agreement – 2015 (vi) 106,022 97,075 Total current 261,280 205,793 Noncurrent: Agreement for the installment payment of sanitation services 1,361 1,361 Reimbursement of additional retirement and pension benefits paid (G0): - GESP Agreement – 2015 (vi) 933,911 949,589 Total noncurrent 935,272 950,950 Total receivables 1,196,552 1,156,743 Assets: Sanitation services 120,378 96,703 Reimbursement of additional retirement and pension benefits (G0) 1,076,174 1,060,040 Total 1,196,552 1,156,743 Liabilities: Interest on capital payable 420,564 372,550 Schedule of loan agreement through credit facility 2023 2022 2021 Revenue from sanitation services 775,988 661,955 522,608 Payments received from related parties (741,089) (632,501) (439,349) Payment received from reimbursement referring to Law 4,819/58 (189,713) (186,690) (179,787) (ii) Sanitation services The Company provides water supply and sewage services to the São Paulo State Government and other companies related to it in terms and conditions deemed by Management as usual market terms and conditions, except for the settlement of credits, which may be made according to item (iii) of this Note. (iii) Reimbursement of additional retirement and pension benefits paid Refers to additional retirement and pension benefits provided for in State Law 4,819/1958 ("Benefits") paid by the Company to former employees or pensioners, referred to as G0. Under the GESP Agreement, executed in 2001, the São Paulo State acknowledges being responsible for the charges arising from the Benefits, provided that the payment criteria established by the State Personnel Expenses Department (DDPE), be met, based on legal guidance of the Legal Counsel of the Treasury Department and the State Attorney General Office (PGE). As explained in item (iv), the São Paulo State’s validation of the amounts due to the Company because of the Benefits found divergences regarding the calculation and eligibility criteria of the Benefits applied by the Company. See additional information about the G0 plan in Note 22 (ii). As a result of a court decision, SABESP is responsible for the payments. (iv) Disputed amounts As of November 17, 2008 the Company and the São Paulo State signed the Third Amendment to the GESP Agreement, when the disputed and undisputed amounts were calculated. The amendment established the efforts to calculate the Disputed Amount of the Benefits. According to clause four of such instruments, the Disputed Amount consists of the difference between the Undisputed Amount and the amount actually paid by the Company as additional retirement and pension benefits provided for in Law 4,819/1958, for which the State of São Paulo was originally responsible for because of a court decision. By entering into the Third Amendment, the State Attorney General Office (PGE) agreed to reassess the differences that gave rise to the Disputed Amount of the benefits provided for in Law 4,819/1958. At the time, this expectation was based on the willingness of the PGE to reassess the matter and the implied right of the Company to the reimbursement, including based on opinions from external legal counsel. However, the recent opinions issued by the PGE received on September 4 and 22, 2009 and January 4, 2010, denied the reimbursement of the portion previously defined as Disputed Amount. The third amendment also provides for the regularization of the monthly flow of benefits. While SABESP is responsible for the monthly payments, the São Paulo State shall reimburse the Company based on the criteria identical to those applied in the calculation of the Undisputed Amount. Should there be no preventive court decision, the State will directly assume the monthly payment flow of the portion deemed as undisputed. Even though the negotiations with the State are still in progress, it is not possible to assure that the Company will recover the Disputed Amount in a friendly way. Continuing the actions that aim to recover the credit that Management understands to be owed by the São Paulo State, related to the divergences in the reimbursement of the additional retirement and pension benefits paid by the Company, SABESP: (i) on March 24, 2010, addressed a message to the Controlling Shareholder by sending a letter resolved by the Executive Board proposing that the matter be discussed at B3’s Arbitration Chamber; (ii) in June 2010, sent to the Treasury Department a proposal of an agreement to settle said pending matters. The proposal was not accepted; (iii) on November 9, 2010, filed a lawsuit against the São Paulo State seeking full reimbursement of the amounts paid as benefits provided for in Law 4,819/1958 to settle the Disputed Amount under discussion between the Company and the São Paulo State. Despite the lawsuit, the Company will insist on reaching an agreement during the course of the lawsuit, as it believes that a reasonable agreement is better for the Company and its shareholders than waiting for the end of the lawsuit. As of December 31, 2023 and 2022, the disputed amounts between SABESP and the São Paulo State, referring to additional retirement and pension benefits paid (Law 4,819/1958), totaled R$ 1,583,449 1,482,140 (v) Actuarial Liability The Company recognized an actuarial liability corresponding to additional retirement and pension benefits paid to employees, retired employees, and pensioners of the G0 Plan. As of December 31, 2023 and 2022, the amounts corresponding to such actuarial liability were R$ 2,098,622 2,002,075 (vi) GESP Agreement - 2015 On March 18, 2015, the Company, the São Paulo State, and Department of Water and Electric Energy (DAEE), through the Department of Sanitation and Water Resources, entered into an Agreement totaling R$ 1,012,310 696,283 316,027 The principal will be paid in 180 installments, as follows: · The first 24 installments were settled upon the transfer of 2,221,000 87,174 · The amount of R$ 609,109 As of July 22, 2022, the decision regarding the lawsuit that challenged the possibility of transferring the reservoirs was published in the State Official Gazette, preventing the transfer of the reservoirs to SABESP. Accordingly, as provided for in the agreement, the São Paulo State will pay SABESP, in addition to the principal, an inflation adjustment of R$ 316,027 In July 2022, R$ 325,561 As of December 31, 2023, the balance receivable was R$ 106,022 97,075 933,911 949,589 (b) Use of Reservoirs – EMAE Empresa Metropolitana de Águas e Energia S.A. (EMAE) planned to receive the credit and obtain financial compensation for alleged past and future losses in electricity generation arising from water collection, and compensation for costs already incurred and to be incurred with the operation, maintenance and inspection of the Guarapiranga and Billings reservoirs used by SABESP in its operations. As of October 28, 2016, the Company entered into an agreement based on a Private Transaction Agreement and Other Adjustments to settle the disputes fully and completely and SABESP will continue using the reservoirs. As of December 31, 2023, the balance of the agreement totaled R$ 8,876 99,279 8,456 95,033 (c) Agreements with reduced tariffs for State Entities that join the Rational Water Use Program (PURA) The Company has signed agreements with government entities related to the São Paulo State Government that benefit them with a reduction of 25% in the tariff of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational water use program, which takes into consideration the reduction in water consumption. (d) Guarantees The São Paulo State provides guarantees for some of the Company’s borrowings and financing and does not charge any related fees. See Note 17. (e) Personnel assignment agreement among entities related to the São Paulo State Government The Company has personnel assignment agreements with entities related to the State Government, whose expenses are fully charged. In 2023, expenses with employees assigned to other state entities totaled R$ 8,165 800 734 No expenses with employees from other entities assigned to the Company were recorded in 2023, 2022 and 2021. (f) Non-operating assets As of December 31, 2023 and 2022, the Company had an amount of R$ 3,613 (g) SABESPREV The Company sponsors a defined benefit plan (G1 Plan), which is operated and administered by SABESPREV. The net actuarial liability recognized as of December 31, 2023 totaled R$ 44,249 148,116 (h) Compensation of the Fiscal Council and Management Key Personnel The compensation of the Executive Officers, members of the Audit Committee and Boards of Directors and Fiscal Councils of the Companies controlled by the São Paulo State complies with the guidelines of the State Capital Defense Council (CODEC) and is defined at the Annual Shareholders’ Meeting, as per article 152 of Brazilian Corporation Law. CODEC defines that the proposal for global and individual compensation of the statutory bodies for publicly held companies listed in B3’s Novo Mercado segment, controlled by the State, must be prepared by the Board of Directors under the Company’s Bylaws, within the scope of the Institutional Compensation Policy and submitted for approval of the Annual Shareholders’ Meeting. In addition to the monthly compensation, the members of the Board of Directors, Fiscal Council and Executive Board receive an annual reward equivalent to a monthly fee, calculated on a prorated basis referring to fees in effect in December of each year. The purpose of this reward is to define a compensation similar to the Christmas bonus paid to the Company’s registered employees, given that the relationship of Management with the Company has a statutory nature. Benefits paid to Executive Officers only - meal vouchers, food vouchers, healthcare, private pension, annual rest (with the characteristic of paid leave of thirty (30) calendar days, with additional payment corresponding to one third of the monthly fees for such rest), and FGTS. SABESP pays bonuses for purposes of compensation of its Executive Officers, under the guidelines of the São Paulo State, such as a motivation policy, provided that the Company actually calculates quarterly, semi-annual and annual profits, and distributes mandatory dividends to shareholders, even if in the form of interest on capital. Annual bonuses cannot exceed six times Management’s monthly compensation or 10 % of the interest on capital paid by the Company, prevailing the shortest amount. Expenses related to the compensation of the members of the Fiscal Council appointed by the controlling shareholder and Management members totaled R$ 8,550 6,175 6,369 Additional amounts of R$ 1,885 1,305 and R$ 1,440 (i) Loan agreement through credit facility The Company holds interest in certain Special Purpose Entities (SPEs), in which it does not hold the majority interest but has cast vote and power of veto in some matters but cannot use such power of veto in a way to affect the returns of its investments. Therefore, these SPEs are considered for accounting purposes as joint arrangements. Aquapolo Ambiental The Company entered into a loan agreement through credit facility with the SPE Aquapolo Ambiental S/A to finance the operations of that company, until the borrowings and financing requested with financial institutions are granted. The loan originally matured on April 30, 2015, but was extended to October 30, 2015. On November 25, 2015, a new amendment changed the payment schedule for three annual installments, the first of which matures on December 30, 2021 and the last on December 30, 2023. This agreement was settled on July 21, 2023. Águas de Andradina The Company entered into a loan agreement through a credit facility with SPE Águas de Andradina S/A to finance the operations of that company. As of December 31, 2023, the balance of principal and interest of this agreement totaled R$ 694 2,814 242 2,814 This agreement was executed on August 17, 2021. The amount of principal adjustment, accrued interest, and any other taxes must be paid in full by August 31, 2025. Sabesp Olímpia The Company formalized a loan agreement through a credit facility with Sabesp Olímpia S/A, making available the necessary funds for the payment of the first installment of the Fixed Concession Fee to the Municipality of Estância Turística de Olímpia, which was a prerequisite for the signing of the water and sewage concession agreement. As of December 31, 2023, the balance of principal and interest of this agreement totaled R$ 78,611 This agreement was executed on September 26, 2023. The principal and the accumulated interest on the principal must be fully repaid by September 2040. (j) FEHIDRO In April 2021, the Company entered into three financing agreements under the State Fund for Water Resources (FEHIDRO). The funds will be aimed at the execution of works and sewage services in the municipalities of São Paulo, Itapecerica da Serra and Vargem Grande Paulista. The investment totaled R$ 10.8 8.7 2.1 3.00 As of December 31, 2023, the balance of these financings totaled R$ 1.3 5.1 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Investments Abstract | |
Investments | 12 Investments The Company holds interests in certain Special Purpose Entities (SPE). Although SABESP has no majority shares of its investees, the shareholders’ agreement provides for the power of veto in certain management issues, however, with no ability to use such power of veto in a way to affect the returns over the investments, indicating participating shared control (joint venture – IFRS 11), except for SABESP Olímpia, in which the Company holds a stake of 100% and meets the control requirements, consolidated this SPE, according to the Accounting Policy described in Note 3.1. (a) Sesamm As of August 15, 2008, Sesamm – Serviços de Saneamento de Mogi Mirim S/A was incorporated for a 30 year term from the signature date of the concession agreement with the municipality, to provide services to complement the implementation of the sewage removal system and implementation of the operation of the sewage treatment system in the municipality of Mogi Mirim, including the disposal of solid waste. As of December 31, 2023, the company’s share capital was R$ 19,532 19,532,409 36 64 The operations initiated in June 2012. (b) Águas de Andradina As of September 15, 2010, Águas de Andradina S.A. was incorporated, for an indefinite term, to provide water supply and sewage services to the municipality of Andradina. As of December 31, 2023, the company’s share capital was R$ 17,936 17,936,174 30 70 The Company pledges 100% of the interest held in Águas de Andradina as a guarantee for the issue of Letters of Guarantee with BNDES. The operations initiated in October 2010. (c) Águas de Castilho As of October 29, 2010, Águas de Castilho was incorporated to provide water supply and sewage services in the municipality of Castilho. As of December 31, 2023, the company’s share capital was R$ 2,785 2,785,276 30 70 The Company pledges 100% of the interest held in Águas de Castilho as a guarantee for the issue of Letters of Guarantee with BNDES. The operations initiated in January 2011. (d) Attend Ambiental As of August 23, 2010, Attend Ambiental S/A was incorporated to implement and operate a pre-treatment station of non-domestic effluents and sludge transportation in the metropolitan region of São Paulo, as well as the development of other related activities and the creation of similar infrastructures in other locations in Brazil and abroad. As of December 31, 2023, the company’s share capital was R$ 23,494 37,677,245 45 55 The operations initiated in December 2014. (e) Aquapolo Ambiental S/A. As of October 8, 2009, Aquapolo Ambiental, was incorporated with the purpose of producing, supplying, and selling reuse water to Quattor Química S.A., Quattor Petroquímica S.A., Quattor Participações S.A. and other companies that are part of the Petrochemical Center of Capuava and the São Paulo ABC region. As of December 31, 2023, the company’s share capital was R$ 36,412 42,419,045 49 51 The Company pledges 100% of the interest held in Aquapolo Ambiental S/A as a guarantee for the borrowing obtained through a debenture issue. The operations initiated in October 2012. (f) Paulista Geradora de Energia As of April 13, 2015, the Company acquired shares from Empresa Paulista Geradora de Energia S/A, jointly with Servtec Investimentos e Participações Ltda (“Servtec”) and Tecniplan Engenharia e Comércio Ltda ("Tecniplan"), whose purpose is the implementation and commercial exploration of hydraulic potentials in Small Hydroelectric Power Plants (SHPPs) located at the Guaraú and Vertedouro Cascata Water Treatment Stations. As of December 31, 2023, the company’s share capital was R$ 28,989 8,679,040 25 37.5 37.5 The operations initiated in March 2023. (g) Cantareira SP Energia As of October 28, 2022, Cantareira SP Energia S/A was created with the purpose of developing, producing, and selling photovoltaic energy; selling and purchasing energy; renting, loaning, and leasing own or third-party assets; operating and maintaining energy generation plants; and holding an interest in other companies. As of December 31, 2023, the company’s share capital was R$ 1,000 1,000,000 49 51 As of December 31, 2023, operations had not initiated yet. (h) FOXX URE-BA Ambiental S/A As of December 22, 2022, SABESP acquired shares from FOXX URE-BA Ambiental S/A, for R$ 40,000 13,852 26,148 865 As of December 31, 2023, the company’s share capital was R$ 69,258 69,257,657 20 80 (i) Infranext Soluções em Pavimentação S/A As of December 7, 2022, SPE Infranext Soluções e Pavimentação S/A was created to sell cold asphalt and related products, provide related services, make investments, and hold interest in other companies. As of December 31, 2023, the company’s share capital was R$ 7,050 7,050,000 12,000 12,000,000 45 55 As of December 31, 2023, operations had not initiated yet. (j) SABESP Olímpia S/A As of August 11, 2023, Sabesp Olímpia S/A was incorporated with the corporate purpose of providing public water supply and sewage services in the municipality of Olímpia/SP, under the Concession Agreement resulting from the Bid Notice 02/2023. As of December 31, 2023, the company’s share capital was R$ 811 811.121 8,111 8,111,208 100 The operations initiated in December 2023. The Company holds equity interest valued by the equity accounting in the following investees: Schedule of the investees financial statements and equity interest Company Equity Contribution Dividends distributed Profit (loss) for the year 2023 2022 2021 2023 2023 2023 (*) 2022 2021 Sesamm 61,275 59,371 58,421 - (18,485) 20,389 - 14,825 9,059 Águas de Andradina 34,088 30,777 29,591 - - 3,311 - 1,186 2,424 Águas de Castilho 12,784 10,787 9,384 - - 1,997 - 1,403 1,428 Attend Ambiental 43,263 29,729 23,493 - (4,215) 17,749 - 8,177 4,701 Aquapolo Ambiental 102,442 73,926 58,172 - (9,000) 37,516 - 30,496 25,269 Paulista Geradora de Energia (**) 42,307 10,486 6,153 30,093 - 1,728 - (744) (539) Cantareira SP Energia 10,650 1,000 - 10,114 - (464) - - - FOXX URE-BA Ambiental 63,309 69,258 - 4,325 - (1,686) (8,588) - - Infranext Soluções em Pavimentação (***) 4,699 7,050 - - - (2,351) - - - Sabesp Olímpia (3,066) - - 811 - (3,877) - - - (*) The amount presented refers to changes in the equity of the investee, as its financial statements for the year ended December 31, 2022 were issued after the disclosure of SABESP’s consolidated financial statements. (**) In October 2022, it was agreed at the Extraordinary Meeting a capital contribution of R$ 20,310 thousand, and SABESP paid R$ 5,077 in December 2022, corresponding to 25%. Servtec and Tecniplan paid R$ 15,233 in June 2023, corresponding to 75%. In 2023, a contribution of R$ 20,600 was defined, with Servtec and Tecniplan paying R$ 14,860 of this amount. As of December 31, 2023, the contributions from Servtec and Tecniplan, of R$ 295 each, and the contribution from SABESP, of R$ 5,150, were still pending . (***) Infranext’s share capital will be R$ 12,000. As of December 31, 2023, SABESP had an outstanding payable amount of R$ 4,950. Investiments Contribution Dividends distributed Reclassification (***) Equity in the earnings of subsidiaries Interest percentage 2023 2022 2023 2023 2023 2023 (*) 2022 2021 2023 2022 2021 Sesamm 22,059 21,374 - (6,655) - 7,340 - 5,337 3,261 36 36 36 Águas de Andradina 10,225 9,233 - - - 992 - 356 700 30 30 30 Águas de Castilho 3,835 3,236 - - - 599 - 421 433 30 30 30 Attend Ambiental 19,469 13,379 - (1,897) - 7,987 - 3,680 5,438 45 45 45 Aquapolo Ambiental 50,196 36,223 - (4,410) - 18,383 - 14,943 12,382 49 49 49 Paulista Geradora de Energia 6,861 6,429 - - - 432 - (186) (135) 25 25 25 Cantareira SP Energia 5,212 490 4,949 - - (227) - - - 49 49 - FOXX URE-BA Ambiental 12,663 13,852 865 - - (337) (1,717) - - 20 20 - Infranext Soluções em Pavimentação - 450 - - 608 (1,058) - - - 45 45 - Total 130,520 104,666 5,814 (12,962) 608 34,111 (1,717) 24,551 22,079 FOXX URE-BA Ambiental (**) 25,244 - Other investments 6,099 6,099 Overall total 161,863 110,765 (*) Refers to changes in the equity of investees, as their financial statements for the year ended December 31, 2022 were issued after the disclosure of SABESP’s consolidated financial statements. (**) The amount presented refers to the fair value adjustment in the acquisition of FOXX URE-BA in 2023. (***) The amount of the investee’s loss exceeding the investment was reclassified to Noncurrent Liabilities. |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Investment Properties | 13 Investment Properties Schedule of investment properties December 31, 2022 Depreciation December 31, 2023 Investment properties 46,726 (48) 46,678 December 31, 2021 Additions Depreciation December 31, 2022 Investment properties 46,126 648 (48) 46,726 December 31, 2020 Write-offs and disposals Depreciation December 31, 2021 Investment properties 46,274 (100) (48) 46,126 As of December 31, 2023, the market value of these properties was approximately R$ 393,600 386,000 |
Contract assets
Contract assets | 12 Months Ended |
Dec. 31, 2023 | |
Contract assets [abstract] | |
Contract assets | 14 Contract assets Schedule of contract assets December 31, 2022 Additions (i) Transfers Transfers of works to intangible assets (ii) December 31, 2023 (iii) Total contract assets 8,613,968 6,026,053 384 (7,247,309) 7,393,096 (i) The largest additions of the period are located in the municipalities of São Paulo, Guarulhos and Itanhaém, in the amounts of R$ 2,528 million, R$ 377 million and R$ 180 million, respectively. (ii) The largest transfers of the period are located in the municipalities of São Paulo, Franca and São Bernardo do Campo, in the amounts of R$ 3,306 million, R$ 314 million and R$ 260 million, respectively. (iii) The largest works are located in the municipalities of São Paulo, Francisco Morato and Guarulhos, in the amounts of R$ 2,053 million, R$ 255 million and R$ 252 million, respectively. As of December 31, 2023, there were no leases amounts recorded in the contract assets recognized before December 31, 2019 in accordance with IAS 17 (R$ 276,893 as of December 31, 2022). December 31, 2021 Additions (i) Transfers Transfers of works to intangible assets December 31, 2022 Total contract assets 8,550,102 5,240,528 2,702 (5,179,364) 8,613,968 December 31, 2020 Additions Transfers Transfers of works to intangible assets December 31, 2021 Total contract assets 7,969,164 4,759,789 2,412 (4,181,263) 8,550,102 (a) Capitalization of interest and other finance charges The Company capitalizes interest, inflation adjustments, and exchange variations in the contract asset, totaling R$ 638,208 622,803 300,792 (b) Construction margin The Company is primarily responsible for the construction and installation of the concession infrastructure, either by using its employees or contracting third parties, and is significantly exposed to its risks and benefits. Accordingly, the Company recognizes revenue from construction services corresponding to construction costs increased by gross margin. Constructions related to the concessions are usually performed by third parties. In such a case, the margin is lower, to cover administration costs and the assumption of responsibility for primary risk is lower. In 2023 and 2022 the margin was 2.3%. Construction margin for 2023, 2022 and 2021 were R$ 125,603 109,369 98,402 (c) Expropriations As a result of the construction of priority projects related to water and sewage systems, the Company is required to expropriate third party properties, whose owners are compensated either amicably or through court. The costs of such expropriations are recorded in the contract asset the execution of the works. In 2023 and 2022, the total referring to expropriations was R$ 58,682 62,599 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
Intangible assets | 15 Intangible assets (a) Statement of financial position details Schedule of financial position details December 31, 2023 December 31, 2022 Cost Accumulated amortization Net Cost Accumulated amortization Net Intangible right arising from: Concession agreements – equity value 747,925 (241,808) 506,117 722,730 (223,404) 499,326 Concession agreements – economic value 1,686,384 (1,048,624) 637,760 1,585,271 (933,232) 652,039 Concession agreements – new contracts 148,000 (411) 147,589 - - - Program contracts 30,267,977 (9,583,480) 20,684,497 26,875,408 (8,537,949) 18,337,459 Program contracts – commitments 1,709,757 (497,731) 1,212,026 1,709,757 (444,765) 1,264,992 Services contracts – São Paulo 29,161,286 (8,967,701) 20,193,585 25,584,703 (7,714,252) 17,870,451 Software license of use 1,300,504 (787,280) 513,224 1,249,881 (654,477) 595,404 Right of use – other assets 217,204 (99,144) 118,060 170,921 (95,869) 75,052 Right of use - investments - - - 26,148 - 26,148 Total 65,239,037 (21,226,179) 44,012,858 57,924,819 (18,603,948) 39,320,871 (b) Changes Schedule of obligations assumed December 31, 2022 Addition Transfer of contract assets Transfers Write-offs and disposals Amortization December 31, 2023 Intangible right arising from: Concession agreements – equity value (*) 499,326 22 27,774 (934) (307) (19,764) 506,117 Concession agreements – economic value 652,039 60 115,841 63 (119) (130,124) 637,760 Concession agreements – new contracts - 148,000 - - - (411) 147,589 Program contracts (*) 18,337,459 159 3,337,155 93,417 (4,933) (1,078,760) 20,684,497 Program contracts – commitments 1,264,992 - - - - (52,966) 1,212,026 Services contracts – São Paulo 17,870,451 430 3,717,006 (113,378) (2,237) (1,278,687) 20,193,585 Software license of use 595,404 1,397 49,533 (88) - (133,022) 513,224 Right of use – Other assets 75,052 108,405 - - (31) (65,366) 118,060 Right of use – Investments 26,148 - - (26,148) - - - Total 39,320,871 258,473 7,247,309 (47,068) (7,627) (2,759,100) 44,012,858 (*) As of December 31, 2023, intangible assets include leases recognized before December 31, 2018 in accordance with IAS 17 amounting to R$ 374,679 43,738 330,941 222,572 54,356 168,216 December 31, 2021 Addition Transfer of contract assets Transfers Write-offs and disposals Amortization December 31, 2022 Intangible right arising from: Concession agreements – equity value (*) 491,057 - 27,166 (144) (115) (18,638) 499,326 Concession agreements – economic value 681,441 13 48,428 33,576 (9) (111,410) 652,039 Program contracts (*) 17,152,021 6,635 2,132,675 2,944 (2,800) (954,016) 18,337,459 Program contracts – commitments 1,317,957 - - - - (52,965) 1,264,992 Services contracts – São Paulo 16,158,771 208 2,855,284 (41,133) (6,063) (1,096,616) 17,870,451 Software license of use 598,734 214 115,811 6 - (119,361) 595,404 Right of use – Other assets 103,853 42,182 - - (67) (70,916) 75,052 Right of use – Investments - 26,148 - - - - 26,148 Total 36,503,834 75,400 5,179,364 (4,751) (9,054) (2,423,922) 39,320,871 (*) As of December 31, 2022, intangible assets include leases recognized before December 31, 2018 in accordance with IAS 17 amounting to R$ 222,572 54,356 168,216 245,681 65,012 180,669 December 31, 2020 Addition Transfer of contract assets Transfers Write-offs and disposals Amortization December 31, 2021 Intangible right arising from: Concession agreements – equity value (*) 483,775 - 24,656 467 (148) (17,693) 491,057 Concession agreements – economic value 734,665 - 52,275 (14) (242) (105,243) 681,441 Program contracts (*) 16,360,307 17,690 1,640,733 13,744 (8,840) (871,613) 17,152,021 Program contracts – commitments 1,370,923 - - - - (52,966) 1,317,957 Services contracts – São Paulo 14,872,604 14,950 2,307,851 (13,827) (13,745) (1,009,062) 16,158,771 Software license of use 540,625 - 155,748 - - (97,639) 598,734 Right of use – Other assets 42,676 140,321 - - (4,103) (75,041) 103,853 Total 34,405,575 172,961 4,181,263 370 (27,078) (2,229,257) 36,503,834 (*) As of December 31, 2021, intangible assets include leases recognized before December 31, 2018 in accordance with IAS 17 amounting to R$ 245,681 65,012 180,669 269,561 76,454 193,107 As of June 30, 2020, a contract was signed for the provision of treatment services and final disposal of solid waste and collection of garbage tax in the Municipality of Diadema for 40 years. To reach the best operationalization format, treatment services and final disposal of solid waste are in the study phase and, based on the contractual provision, are subject to a partnership between SABESP and a private party, which will occur through a public call. (c) Intangible arising from concession agreements The Company operates concession agreements for water supply and sewage services mostly based on agreements that define rights and obligations regarding to the exploration of assets related to the provision of public services (See Note 3.10 (a)). The agreements provide for the return of the assets to the granting authority at the end of the concession period. As of December 31, 2023 and 2022, the Company operated in 376 The provision of services is remunerated in the form of tariffs, regulated by ARSESP. Intangible rights arising from concession agreements include: (i) Concession agreements – equity value Refer to municipalities assumed until 2006, except for the municipalities assumed by the economic value through an asset valuation report prepared by independent experts. The amortization of the assets is calculated on a straight-line basis, which considers the assets’ useful life. (ii) Concession agreements – economic value From 1999 to 2006, negotiations related to new concessions were conducted based on the economic and financial results of the transaction, defined in a valuation report issued by independent appraisers. The amount defined in the respective contract, after the transaction is closed with the municipality, realized upon subscription of the Company's shares or in cash, is recorded in this line and amortized throughout the respective concession (usually 30 years). As of December 31, 2023 and 2022 there were no pending amounts related to these payments to the municipalities. Intangible assets are amortized on a straight-line basis over the term of the contracts or the useful life of the underlying assets, whichever is shorter. (iii) Concession agreements – New Contracts These refer to contracts awarded through bidding processes following the New Legal Sanitation Framework. The assets are amortized over the contracted period or the useful life of the underlying assets, whichever is shorter. (iv) Program contracts Refer to the renewal of contracts previously referred to as concession agreements whose purpose is to provide sanitation services. The amortization of the assets acquired up to the signature dates of program contracts is calculated on a straight-line basis, which considers the assets’ useful life. Assets acquired or built after the signature dates of program contracts are amortized over the contracted period (most of which for 30 years) or during the useful life of the underlying assets, whichever is shorter. (v) Program contracts - Commitments Since the effectiveness of the Basic Sanitation Regulation in 2007, contracts have been renewed through program contracts. In some of these contracts, the Company undertook to financially participate in social and environmental initiatives. The assets built and the financial commitments assumed in the program contracts are recorded as intangible assets and amortized on a straight-line basis under the term of the program contract. As of December 31, 2023 and 2022, the amounts not yet disbursed were recorded in “Program contract commitments”, under current liabilities, totaling R$ 21,969 100,188 12,047 12,197 (vi) Services contracts - Municipality of São Paulo As of June 23, 2010, the Company entered into an agreement with the São Paulo State and the Municipality of São Paulo to provide water supply and sewage services in the municipality of São Paulo for 30 years, extendable for another 30 years. Also on June 23, 2010, the State and the Municipality signed an Agreement, with SABESP as the intervening party, whose main aspects are: 1. The State and the Municipality grant SABESP the right to explore sanitation services in the capital of the São Paulo State, which includes the obligation to provide such services and the right to charge the respective tariff for this service; 2. The State and the Municipality sets forth ARSESP as the agency responsible for regulating (including the tariff), controlling and monitoring the services; 3. The evaluation model used was the discounted cash flow, which considered the financial and economic sustainability of SABESP’s operations in the metropolitan region of São Paulo; 4. All operating costs, taxes, investments, and the opportunity cost of SABESP’s investors and creditors were considered in the cash flow analysis; 5. The opportunity cost of SABESP’s creditors and investors was based on the Weighted Average Cost of Capital (WACC) methodology. This cost was used as a discount rate of the cash flow, calculated at 7.75 6. The agreement provides for investments corresponding to 13% of gross revenue from services provided in the Municipality of São Paulo, net of Cofins and Pasep taxes. Investment plans referring to SABESP’s execution shall be compatible with the activities and programs provided for in the State and Municipal sanitation plans, as well as in the Metropolitan sanitation plan, where applicable. The Investment Plan will be revised by the Managing Committee every four years, especially regarding investments to be made in the subsequent period; 7. The amount transferred to the Municipal Fund for Environmental Sanitation and Infrastructure (FMSAI) to be invested in sanitation services in the municipality must be recovered through tariff charges, as agreed upon in the contract. This amount accounts for 7.5% of the total revenue from services provided in the Municipality of São Paulo, net of Cofins and Pasep, and delinquency is retained in the municipalities until it is settled. Amounts transferred to FMSAI are recorded in profit or loss as operational cost; 8. The agreement provides for the remuneration of net assets in operation, preferably calculated through equity valuation or carrying amount adjusted for inflation, as defined by ARSESP. In addition, it provides for the remuneration of investments to be made by SABESP, so that there is no residual value at the end of the Agreement. As of December 16, 2016, as a result of the 1st Four-Year Review, the 1st amendment to the contract was signed, updating the exhibits related to the Coverage Targets Plan and service quality, the Investment Plan, and the Investment Compatibility Strategy. Regarding to the recovery of the amount transferred to the Municipal Fund for Environmental Sanitation and Infrastructure, through tariff charges, mentioned in item 7 above, in April 2013, ARSESP issued Resolution 413, postponing the application of Resolution 407 and suspending, until the conclusion of the tariff review process, the transfer of services corresponding to municipal charges to consumers, as established in Resolution 407. The postponement of Resolution 407 was due to a request by the São Paulo State to analyze, among other things, methods to reduce the impact on consumers. As of April 18, 2014, ARSESP published Resolution 484 with the final result of SABESP’s Tariff Revision, however, both the São Paulo Municipal Government, through Official Letter 1,309/2014-SGM/GAB and the São Paulo State through a petition filed by the São Paulo State Office, through Official Letter ATG/Official Letter 092/2014-CC, requested a postponement of the effects of ARSESP Resolution 413, published in the São Paulo State Official Gazette on March 20, 2013, until the conclusion of the revision of the Agreement entered into between the São Paulo Municipal Government, the São Paulo State and SABESP. As of May 9, 2018, ARSESP announced the final result of the Second Ordinary Tariff Revision and, as of this revision cycle, ARSESP has been transferring the tariffs up to 4% of municipal revenue, which is transferred from SABESP to the Municipal Fund for Environmental Sanitation and Infrastructure legally created. Under the Second Ordinary Tariff Revision, concluded in May 2018, the only contract providing for that transfer and meeting the requirements of ARSESP was the one executed with the municipality of São Paulo. Accordingly, 4% of the funds transferred to the Municipal Fund for Environmental Sanitation and Infrastructure of São Paulo were transferred to the tariffs of the tariff cycle ended in April 2021. The Municipal Government of São Paulo, the São Paulo State Governments, ARSESP and the Company have not reached an agreement to define the percentage of the Municipal Fund for Environmental Sanitation and Infrastructure transfer to the tariffs charged by the Company in the Municipality of São Paulo, which led to the filing of a lawsuit by the municipality claiming the percentage provided for in the contract between the parties. As requested by the municipality, the lawsuit is currently suspended. At the time of execution of the agreement, the Municipality of São Paulo and the Company did not agree to settle the pending financial issues existing, related to the rendering of water supply and sewage services to the properties of the Municipality, and for that reason, the Company filed lawsuits for collection of the aforementioned amounts, which remain in progress and are recorded under allowance for doubtful accounts. As of December 31, 2023 and 2022, the agreement entered into with the Municipality of São Paulo accounted for 44.95 45.14 (d) Public-Private Partnership - PPP SABESP carries out operations related to the PPPs mentioned below. These operations and their respective guarantees are supported by agreements executed according to Law 11,079/2004. Alto Tietê Production System (PPP SPAT) In June 2008, SABESP and the special purpose entity CAB-Sistema Produtor Alto Tietê S/A (currently SPAT Saneamento S/A), formed by Galvão Engenharia S.A. and Companhia Águas do Brasil – Cab Ambiental, signed the contracts of the Public-Private Partnership of the Alto Tietê production system, to expand the capacity of the Taiaçupeba Water Treatment Station, from 10 thousand to 15 thousand litters per second, valid for 15 years from the commencement of the works. The works started in February 2009 and the SPAT PPP started operating in October 2011. SABESP monthly transfers funds from tariffs collected for services provided to the SPE CAB Sistema Produtor Alto Tietê S/A , totaling R$ 14,740 The guarantee has been effective since the beginning of the operation and will be valid until the end, termination, intervention, annulment or caducity of the Administrative Concession, or other events of extinction provided for in the Concession Agreement or the legislation applicable to administrative concessions, including in the event of bankruptcy or dissolution of the SPE. São Lourenço Production System (PPP SPSL) In August 2013, the Company and the special purpose entity Sistema Produtor São Lourenço S/A, formed by Construções e Comércio Camargo Corrêa S/A and Construtora Andrade Gutierrez S/A, signed the Public-Private Partnership contracts of the São Lourenço Production System, valid for 25 years from the commencement of the works. In May 2018, the control of SPE Sistema Produtor São Lourenço S/A was transferred to CGGC Construtora do Brasil Ltda, previously formed by Construções e Comércio Camargo Corrêa S/A and Construtora Andrade Gutierrez S/A. The objective of the contract is: (i) the construction of a water production system, mainly consisting of a water pipeline connecting Ibiúna to Barueri, a water collection station in Ibiúna, a water treatment station in Vargem Grande Paulista and water reservoirs; and (ii) for the operation of the system to dewater, dry and provide final disposal of sludge, maintenance and works of the São Lourenço Production System project. The works started in April 2014 and the São Lourenço Production System (SPSL) PPP started operating on July 10, 2018. Since the beginning of operations, the Company monthly transfers funds from tariffs collected for services provided to the SPE Sistema Produtor São Lourenço S/A, in the amount of R$ 42,904 The guarantee has become effective since the start of operations of the system, with acceptance by SABESP, and will be valid until one of the following events occurs, whichever occurs first: (i) the original payment date of the last installment of interest/amortization of main financing that the SPE may contract for the performance of the works; (ii) end, termination, intervention, annulment or caducity of the Administrative Concession, or other events of extinction provided for in the Concession Agreement or the legislation applicable to administrative concessions, including in the event of bankruptcy or dissolution of the SPE. Intangible assets were accrued based on the physical evolution of the works, with the Public-Private Partnership accounts being the corresponding entries in liabilities. The discount rates used in the agreements of the Public-Private Partnerships Alto Tietê and São Lourenço are 8.20 14.85 The amounts recorded in intangible assets are as follows: Schedule of Intangible assets December 31, 2023 December 31, 2022 Alto Tietê 235,224 251,545 São Lourenço 2,556,002 2,725,900 Total 2,791,226 2,977,445 The obligations assumed by the Company as of December 31, 2023 and 2022 are shown in the table below: Schedule of obligations assumed by the Company December 31, 2023 December 31, 2022 Current liabilities Noncurrent liabilities Total liabilities Current liabilities Noncurrent liabilities Total liabilities Alto Tietê 52,762 - 52,762 91,782 36,645 128,427 São Lourenço 435,164 2,798,688 3,233,852 130,631 2,700,123 2,830,754 Total 487,926 2,798,688 3,286,614 222,413 2,736,768 2,959,181 (e) Amortization of Intangible Assets The average amortization rate totaled 5.4 % as of December 31, 2023 ( 5.2 % as of December 31, 2022 and 4.9 % as of December 31, 2021). (f) Leases and right of use Schedule of right of use Nature December 31, 2023 December 31, 2022 Leases - Contract Assets - 276,893 Leases - Concession and Program Contracts Cost 588,600 405,431 Accumulated amortization (213,921) (182,859) (=) Net 374,679 222,572 Right of use - Other assets Vehicles 205,593 153,384 Properties 11,566 11,711 Equipment 45 5,826 Accumulated amortization (99,144) (95,869) (=) Net 118,060 75,052 Total – Leases and Right of use 492,739 574,517 The lease liability corresponds to total future fixed lease payments, adjusted to present value, considering an incremental rate on borrowings. For further information, see Note 17. The table below shows the impact in the income statements: Schedule of impact in the income statements Impact in the income statement December 31, 2023 December 31, 2022 December 31, 2021 Right-of-use amortization (96,429) (105,551) (75,041) Financial result – interest expense and inflation adjustment (75,108) (72,050) (68,730) Short-term and low-value lease expenses (26,776) (25,365) (22,467) Decrease of the income of the year (198,313) (202,966) (166,238) (g) Performance Agreements SABESP has performance agreements for the construction of assets, in which the contractor is paid for the delivery of results, not only for the execution of the construction works. The performance agreements have three phases: (i) implementation of the scope - construction of the asset; (ii) calculation of the performance of the asset built; and (iii) payment of fixed installments. SABESP monitors the performance of the agreement and recognizes the assets when future economic benefits are generated for the Company so that costs can be reliably measured. The performance value is part of the asset’s cost, as it has better performance and, consequently, generates additional future economic benefits for the Company. The limit to be paid to the supplier corresponds to 120% of the base value of the agreement. In most agreements, when the minimum performance percentage is not reached, the amount to be paid to the supplier will be the cost of the materials used in the construction of the assets only. As of December 31, 2023 and 2022, the accounting balances of these agreements recorded in contract asset and intangible assets were R$ 183,876 and R$ 138,550, and in intangible assets they totaled R$ 2,191,361 and R$ 2,126,106, respectively . |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property Plant And Equipment | |
Property, plant and equipment | 16 Property, plant and equipment (a) Statement of financial position details Schedule of statement of financial position details December 31, 2023 December 31, 2022 Cost Accumulated depreciation Net Annual Depreciation average rate Cost Accumulated depreciation Net Annual Depreciation average rate Land 94,228 - 94,228 - 94,228 - 94,228 - Buildings 125,672 (44,726) 80,946 2.2 90,311 (42,343) 47,968 2.1 Equipment 443,380 (313,193) 130,187 14.2 412,828 (291,963) 120,865 15.3 Transportation equipment 14,625 (10,384) 4,241 9.9 12,578 (10,083) 2,495 9.9 Furniture and fixtures 41,049 (15,876) 25,173 6.8 38,528 (15,032) 23,496 6.7 Other 140,548 (764) 139,784 6.5 50,189 (302) 49,887 5.0 Total 859,502 (384,943) 474,559 9.7 698,662 (359,723) 338,939 11.2 (b) Changes Schedule of changes in property, plant, and equipment December 31, 2022 Additions Transfers Write-offs and disposals Depreciation December 31, 2023 Land 94,228 - - - - 94,228 Buildings 47,968 5,832 28,459 (14) (1,299) 80,946 Equipment 120,865 55,449 (18,121) (641) (27,365) 130,187 Transportation equipment 2,495 - 2,432 - (686) 4,241 Furniture and fixtures 23,496 6,522 (3,060) (72) (1,713) 25,173 Other 49,887 79,446 10,826 - (375) 139,784 Total 338,939 147,249 20,536 (727) (31,438) 474,559 December 31, 2021 Additions Transfers Write-offs and disposals Depreciation December 31, 2022 Land 94,213 - 15 - - 94,228 Buildings 45,498 4,657 (976) (45) (1,166) 47,968 Equipment 115,154 27,849 1,988 (781) (23,345) 120,865 Transportation equipment 2,472 175 658 (3) (807) 2,495 Furniture and fixtures 22,079 2,646 394 (149) (1,474) 23,496 Other 11,741 38,341 (30) (78) (87) 49,887 Total 291,157 73,668 2,049 (1,056) (26,879) 338,939 December 31, 2020 Additions Transfers Write-offs and disposals Depreciation December 31, 2021 Land 94,213 - - - - 94,213 Buildings 45,347 3,181 (1,965) (5) (1,060) 45,498 Equipment 101,016 38,807 (3,398) (365) (20,906) 115,154 Transportation equipment 2,969 97 69 - (663) 2,472 Furniture and fixtures 17,419 4,477 1,647 (206) (1,258) 22,079 Other 7,287 3,719 865 - (130) 11,741 Total 268,251 50,281 (2,782) (576) (24,017) 291,157 |
Borrowings and financing
Borrowings and financing | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings And Financing | |
Borrowings and financing | 17 Borrowings and financing Schedule of borrowings and financing outstanding December 31, 2023 December 31, 2022 Financial institution Current Noncurrent Total Current Noncurrent Total Local currency 12th issue debentures 45,450 22,385 67,835 45,450 67,681 113,131 17th issue debentures - - - 144,632 - 144,632 18th issue debentures 46,962 - 46,962 49,937 45,649 95,586 22nd issue debentures 170,957 170,616 341,573 199,901 326,433 526,334 23rd issue debentures 490,810 374,279 865,089 - 864,910 864,910 24th issue debentures - 512,122 512,122 - 488,478 488,478 26th issue debentures - 1,302,042 1,302,042 - 1,239,645 1,239,645 27th issue debentures 200,000 498,634 698,634 299,614 698,339 997,953 28th issue debentures 127,715 1,070,457 1,198,172 - 1,197,756 1,197,756 29th issue debentures - 1,314,136 1,314,136 - 1,275,295 1,275,295 30th issue debentures 125,000 873,231 998,231 - 998,110 998,110 Brazilian Federal Savings Bank 108,210 1,508,275 1,616,485 99,767 1,422,145 1,521,912 Brazilian Development Bank - BNDES PAC - - - 6,736 - 6,736 Brazilian Development Bank - BNDES PAC II 9751 7,286 16,316 23,602 7,214 23,344 30,558 Brazilian Development Bank - BNDES PAC II 9752 4,936 11,107 16,043 4,887 15,884 20,771 Brazilian Development Bank - BNDES ONDA LIMPA 27,219 6,766 33,985 26,949 33,617 60,566 Brazilian Development Bank - BNDES TIETÊ III 200,693 652,175 852,868 154,437 656,264 810,701 Brazilian Development Bank - BNDES 2015 34,146 360,021 394,167 33,807 390,127 423,934 Brazilian Development Bank - BNDES 2014 6,638 10,107 16,745 6,572 16,525 23,097 Inter-American Development Bank - IDB 2202 181,349 1,983,615 2,164,964 181,349 2,164,009 2,345,358 Inter-American Development Bank - IDB INVEST 39,550 814,840 854,390 37,340 853,725 891,065 Inter-American Development Bank - IDB INVEST 2022 14,100 438,241 452,341 14,100 452,085 466,185 Inter-American Development Bank - IDB INVEST 2023 14,100 447,791 461,891 - - - International Finance Corporation – IFC 2022 22,800 713,910 736,710 80,000 670,996 750,996 International Finance Corporation – IFC 2023 - 986,651 986,651 - - - Leases (Concession Agreements, Program Contracts and Contract Asset) 49,884 259,326 309,210 44,453 313,391 357,844 Leases (Others) 68,499 73,801 142,300 72,109 29,265 101,374 Other 3,003 2,910 5,913 6,241 5,867 12,108 Interest and other charges 377,398 - 377,398 417,878 - 417,878 Total in local currency 2,366,705 14,423,754 16,790,459 1,933,373 14,249,540 16,182,913 Borrowings and financing outstanding balance December 31, 2023 December 31, 2022 Financial institution Current Noncurrent Total Current Noncurrent Total Foreign currency Inter-American Development Bank - IDB 1212 – US$20,556 thousand (US$30,834 thousand in December 2022) 49,759 49,759 99,518 53,628 107,256 160,884 Inter-American Development Bank - IDB 4623 – US$152,187 thousand (US$74,299 thousand in December 2023) - 712,449 712,449 - 367,441 367,441 International Bank of Reconstruction and Development (IBRD) – IBRDs 7662 e 8906 – US$107,445 thousand (US$78,197 thousand in December 2022) 29,433 477,554 506,987 31,722 365,648 397,370 JICA 15 – ¥6,914,580 thousand (¥8,067,010 thousand in December 2022) 39,437 197,180 236,617 45,602 273,610 319,212 JICA 18 – ¥6,216,960 thousand (¥7,253,120 thousand in December 2022) 35,457 177,168 212,625 41,001 245,865 286,866 JICA 17 – ¥3,464,352 thousand (¥3,753,048 thousand in December 2022) 9,879 107,880 117,759 11,424 136,227 147,651 JICA 19 – ¥24,482,493 thousand (¥26,296,011 thousand in December 2022) 62,059 774,200 836,259 71,761 967,124 1,038,885 BID 1983AB – US$7,692 thousand (US$7,692 thousand in December 2022) - - - 39,962 - 39,962 Interest and charges 23,677 - 23,677 17,487 - 17,487 Total in foreign currency 249,701 2,496,190 2,745,891 312,587 2,463,171 2,775,758 Total borrowings and financing 2,616,406 16,919,944 19,536,350 2,245,960 16,712,711 18,958,671 Exchange rate as of December 31, 2023: US$ 4.8413 0.03422 5.2177 0.03957 As of December 31, 2023, the Company did not have balances of borrowings and financing, raised during the year, to maturing within 12 months. Schedule of borrowings terms Local currency Guarantees Maturity Annual interest rate Inflation adjustment 12th issue debentures Own funds 2025 TR + 9.5% 17th issue debentures Own funds 2023 CDI +0.75% (Series 1) and 4.5% (Series 2) and 4.75% (Series 3) IPCA (Series 2 and 3) 18th issue debentures Own funds 2024 TJLP + 1.92 % (Series 1 and 3) and 8.25% (Series 2) IPCA (Series 2) 22nd issue debentures Own funds 2025 CDI +0.58% (Series 1) and CDI + 0.90% (Series 2) and 6.0% (Series 3) IPCA (Series 3) 23rd issue debentures Own funds 2027 CDI +0.49% (Series 1) and CDI + 0.63% (Series 2) 24th issue debentures Own funds 2029 3.20% (Series 1) and 3.37% (Series 2) IPCA (Series 1 and 2) 26th issue debentures Own funds 2030 4.65% (series 1) and 4.95% (series 2) IPCA (series 1 and 2) 27th issue debentures Own funds 2027 CDI +1.60% (Series 1) and CDI + 1.80% (Series 2) and 2.25% (Series 3) 28th issue debentures Own funds 2028 CDI +1.20% (Series 1) and CDI + 1.44% (Series 2) and 1.60% (Series 3) 29th issue debentures Own funds 2036 CDI +1.29% (Series 1) and 5.3058% (Series 2) and 5.4478% (Series 3) IPCA (series 2 and 3) 30th issue debentures Own funds 2029 CDI +1.30% (Series 1) and 1.58% (Series 2) Brazilian Federal Savings Bank Own funds 2023/2042 5% to 9.5% TR Brazilian Development Bank - BNDES PAC Own funds 2023 TJLP+1.82% Brazilian Development Bank - BNDES PAC II 9751 Own funds 2027 TJLP+1.72% Brazilian Development Bank - BNDES PAC II 9752 Own funds 2027 TJLP+1.72% Brazilian Development Bank - BNDES ONDA LIMPA Own funds 2025 TJLP+1.92% Brazilian Development Bank - BNDES TIETÊ III Own funds 2028 TJLP+1.66% Brazilian Development Bank - BNDES 2015 Own funds 2035 TJLP+2.18% Brazilian Development Bank - BNDES 2014 Own funds 2026 TJLP+1.76% Inter-American Development Bank – IDB 2202 Government 2035 CDI+0.86% Inter-American Development Bank – IDB INVEST Own funds 2034 CDI+1.90% and CDI+2.70% Inter-American Development Bank – IDB INVEST 2022 Own funds 2036 CDI+2.50% Inter-American Development Bank – IDB INVEST 2023 Own funds 2036 CDI+0.50% International Finance Corporation – IFC Own funds 2032 CDI+2.00% Leases (Concession Agreements, Program Contracts and Contract Asset) 2035 7.73% to 10.12% IPC Leases (Others) 2027 9.32% to 15.24% Other Own funds 2025 3% (FEHIDRO) and TJLP + 1.5% (FINEP) Foreign currency Guarantees Maturity Annual interest rate Exchange rate changes Inter-American Development Bank - IDB 1212 - US$20,556 thousand Government 2025 SOFR + 4.72% (*) US$ Inter-American Development Bank - IDB 4623 - US$152,187 thousand Government 2044 SOFR + 6.60531% (*) US$ International Bank for Reconstruction and Development (IBRD) – IBRDs 7662 and 8916 - US$107,445 thousand Government 2034 SOFR + 6.0% and 7.1% (*) US$ JICA 15 – ¥6,914,580 thousand Government 2029 1.8% and 2.5% Yen JICA 18 – ¥6,216,960 thousand Government 2029 1.8% and 2.5% Yen JICA 17– ¥3,464,352 thousand Government 2035 1.2% and 0.01% Yen JICA 19– ¥24,482,493 thousand Government 2037 1.7% and 0.01% Yen (i) Payment schedule – book value as of December 31, 2023 Schedule of borrowings payment schedule 2024 2025 2026 2027 2028 2029 2030 to 2044 TOTAL LOCAL CURRENCY Debentures 1,206,894 1,336,415 1,214,740 1,368,020 658,827 781,623 778,277 7,344,796 Brazilian Federal Savings Bank 108,210 114,964 122,140 129,752 137,707 142,986 860,726 1,616,485 BNDES 280,918 260,466 250,531 237,817 84,241 34,146 189,291 1,337,410 IDBs – National 249,099 260,899 330,209 315,069 420,959 385,919 1,971,432 3,933,586 IFCs 22,800 44,200 61,800 80,800 123,600 181,600 1,208,561 1,723,361 Leases (Concession Agreements, Program Contracts and Contract Asset) 118,383 97,096 53,629 36,184 38,901 42,692 64,625 451,510 Other 3,003 2,768 142 - - - - 5,913 Interest and other charges 377,398 - - - - - - 377,398 TOTAL IN LOCAL CURRENCY 2,366,705 2,116,808 2,033,191 2,167,642 1,464,235 1,568,966 5,072,912 16,790,459 FOREIGN CURRENCY IDB 49,759 69,148 38,778 38,778 38,778 38,778 537,948 811,967 IBRD 29,433 29,433 29,433 29,433 29,433 40,238 319,584 506,987 JICA 146,832 146,831 146,831 146,831 146,831 146,712 522,392 1,403,260 Interest and other charges 23,677 - - - - - - 23,677 TOTAL IN FOREIGN CURRENCY 249,701 245,412 215,042 215,042 215,042 225,728 1,379,924 2,745,891 Total 2,616,406 2,362,220 2,248,233 2,382,684 1,679,277 1,794,694 6,452,836 19,536,350 (ii) Changes Schedule of changes in borrowings December 31, 2022 Addition (lease) Funding Borrowing costs Monetary and Exchange variation Inflation adjustment / exchange variation and incorporated interest – Capitalized Interest paid Amortization Accrued interest Provision for interest and fees – Capitalized Expenses with borrowing costs December 31, 2023 LOCAL CURRENCY Debentures 8,166,366 - - (2,043) 114,228 21,421 (839,833) (741,812) 628,580 176,739 11,172 7,534,818 Brazilian Federal Savings Bank 1,526,185 - 174,058 - 22,023 5,475 (122,843) (106,982) 98,428 24,670 - 1,621,014 BNDES 1,380,993 - 190,000 - 10,326 2,464 (97,829) (241,992) 78,745 18,516 249 1,341,472 IDB 2202 2,450,550 - - - - - (328,627) (181,349) 135,524 175,689 955 2,252,742 IDB INVEST 2020 943,619 - - - - - (138,676) (37,340) 27,360 104,739 665 900,367 IFC 2022 774,525 - - - - - (114,131) (15,200) 15,029 96,160 914 757,297 IFC 2023 - - 1,000,000 (13,652) - - (2,434) - 11,335 11,090 303 1,006,642 IDB INVEST 2022 469,327 - - - - - (72,245) (14,100) 71,305 - 256 454,543 IDB INVEST 2023 - - 470,000 (1,083) - - (41,022) (7,050) 43,263 - 23 464,131 Leases (Concession Agreements, Program Contracts and Contract Asset) 357,844 - - - - - (54,135) (48,634) 54,135 - - 309,210 Leases (Others) 101,374 108,405 - - - - (39,918) (88,452) 60,891 - - 142,300 Other 12,130 - 3,629 - 60 - (587) (9,884) 566 9 - 5,923 TOTAL IN LOCAL CURRENCY 16,182,913 108,405 1,837,687 (16,778) 146,637 29,360 (1,852,280) (1,492,795) 1,225,161 607,612 14,537 16,790,459 FOREIGN CURRENCY IDBs 532,693 - 384,824 (5,137) (45,895) - (33,808) (51,178) 36,929 - 1,027 819,455 IBRD 399,762 - 173,547 (3,032) (30,374) - (22,089) (31,009) 27,663 57 490 515,015 JICA 1,803,109 - - - (231,877) 105 (26,795) (157,785) 23,697 763 204 1,411,421 IDB 1983AB 40,194 - - - (1,813) - (1,447) (38,323) 909 311 169 - TOTAL IN FOREIGN CURRENCY 2,775,758 - 558,371 (8,169) (309,959) 105 (84,139) (278,295) 89,198 1,131 1,890 2,745,891 TOTAL 18,958,671 108,405 2,396,058 (24,947) (163,322) 29,465 (1,936,419) (1,771,090) 1,314,359 608,743 16,427 19,536,350 December 31, 2021 Addition (lease) Funding Borrowing costs Monetary and Exchange variation Inflation adjustment / exchange variation and incorporated interest – Capitalized Interest paid Amortization Accrued interest Provision for interest and fees – Capitalized Expenses with borrowing costs December 31, 2022 LOCAL CURRENCY Debentures 7,467,968 - 1,000,000 (4,320) 165,879 - (712,966) (563,504) 544,116 257,951 11,242 8,166,366 Brazilian Federal Savings Bank 1,483,113 - 119,437 - 17,247 7,131 (117,041) (100,855) 80,422 36,731 - 1,526,185 BNDES 1,392,844 - 200,000 - 7,020 3,117 (104,596) (222,353) 67,311 37,391 259 1,380,993 IDB 2202 2,589,442 - - - - - (281,971) (181,349) 98,574 224,899 955 2,450,550 IDB INVEST 956,942 - - - - - (108,921) (34,800) 129,733 - 665 943,619 IFC - - 760,000 (9,385) - - (24,978) - - 48,507 381 774,525 IDB INVEST 2022 - - 470,000 (3,922) - - (30,698) - 33,840 - 107 469,327 Leases (Concession Agreements, Program Contracts and Contract Assets) 397,311 - - - - - (54,390) (39,467) 54,390 - - 357,844 Leases (Others) 125,969 42,182 - - - - (17,659) (84,437) 35,319 - - 101,374 Other 14,094 - 3,654 - 56 2 (789) (5,669) 748 34 - 12,130 TOTAL IN LOCAL CURRENCY 14,427,683 42,182 2,553,091 (17,627) 190,202 10,250 (1,454,009) (1,232,434) 1,044,453 605,513 13,609 16,182,913 FOREIGN CURRENCY IDBs 387,837 - 226,497 (6,732) (20,355) - (12,581) (56,273) 13,733 - 567 532,693 IBRD 420,881 - 39,417 (3,166) (28,665) 61 (3,779) (30,895) 5,525 20 363 399,762 JICA 2,401,887 - 15,546 - (437,296) 3,243 (33,167) (177,007) 26,597 3,102 204 1,803,109 BID 1983AB 85,548 - - - (5,602) - (1,952) (40,115) 1,284 614 417 40,194 TOTAL IN FOREIGN CURRENCY 3,296,153 - 281,460 (9,898) (491,918) 3,304 (51,479) (304,290) 47,139 3,736 1,551 2,775,758 TOTAL 17,723,836 42,182 2,834,551 (27,525) (301,716) 13,554 (1,505,488) (1,536,724) 1,091,592 609,249 15,160 18,958,671 December 31, 2020 Addition (lease) Funding Borrowing costs Monetary and Exchange variation Inflation adjustment / exchange variation and incorporated interest – Capitalized Interest paid Amortization Accrued interest Provision for interest and fees – Capitalized Expenses with borrowing costs December 31, 2021 LOCAL CURRENCY Debentures 6,756,504 - 2,450,000 (25,717) 225,106 - (387,618) (1,963,282) 258,114 139,563 15,298 7,467,968 Brazilian Federal Savings Bank 1,418,832 - 156,488 - 685 - (113,030) (93,064) 79,966 33,236 - 1,483,113 BNDES 1,370,902 - 207,136 - - - (88,084) (186,179) 51,122 37,688 259 1,392,844 BID 2202 2,730,195 - - - - - (97,829) (181,349) 63,964 73,506 955 2,589,442 BID INVEST 944,513 - - - - - (33,276) (18,340) 63,380 - 665 956,942 Leases (Concession Agreements, Program Contracts and Contract Assets) 428,743 - - - - - (52,250) (31,432) 52,250 - - 397,311 Leases (Others) 45,876 140,187 - - - - (15,782) (76,013) 31,701 - - 125,969 Other 15,197 - 2,921 (32) - - (718) (3,986) 690 22 - 14,094 TOTAL IN LOCAL CURRENCY 13,710,762 140,187 2,816,545 (25,749) 225,791 - (788,587) (2,553,645) 601,187 284,015 17,177 14,427,683 FOREIGN CURRENCY IDBs 317,302 - 108,728 (7,620) 22,979 - (8,488) (53,197) 7,936 - 197 387,837 IBRD 426,860 - - (3,377) 30,814 - (2,481) (32,965) 1,789 - 241 420,881 JICA 2,684,321 - 34,360 (76) (108,851) 10,198 (43,184) (216,190) 35,315 5,802 192 2,401,887 IDB 1983AB 119,379 - - - 6,536 - (2,705) (40,607) 1,753 777 415 85,548 TOTAL IN FOREIGN CURRENCY 3,547,862 - 143,088 (11,073) (48,522) 10,198 (56,858) (342,959) 46,793 6,579 1,045 3,296,153 TOTAL 17,258,624 140,187 2,959,633 (36,822) 177,269 10,198 (845,445) (2,896,604) 647,980 290,594 18,222 17,723,836 (a) Main events in 2023 Debentures In the first quarter of 2023, the Company paid the final amortization of the 17th issue debentures, totaling R$ 152,157 145,284 6,873 In the first quarter of 2023, the Company paid the final amortization of the 2nd series of the 22nd issue debentures, totaling R$ 214,404 200,000 14,404 In the fourth quarter of 2023, the Company paid the final amortization of the first series of 17th issue debentures, totaling R$ 321,535 300,000 21,535 IDB INVEST 2023 In the second quarter of 2023, the Company raised R$ 470 The proceeds raised from this contract will be used to partially finance the Company’s investments related to the 4th Stage of the Tietê River Cleaning Project. The principal will be amortized in semi-annual payments in December and June, starting in December 2023 and ending in December 2036. Interests mature semi-annually in June and December, starting in June 2023 and ending in December 2036, at CDI + 0.5% p.a. The loan is collateralized by Société de Promotion et de Participation pour la Coopération Economique (PROPARCO). Interests mature semi-annually in June and December, starting in June 2023 and ending in December 2036, at CDI + 2.0% p.a. · The covenants agreed upon for IDB INVEST 2023 are: · Calculated every quarter, when disclosing the quarterly information or annual financial statements: · - Net debt/adjusted EBITDA equal to or lower than 3.50; · - Adjusted EBITDA/paid financial expenses equal to or higher than 2.35; · They should be maintained for two (2) consecutive quarters or not, for any four (4) consecutive quarters. IDB 1983AB In the second quarter of 2023, the Company paid the final amortization of IDB 1983AB, totaling R$ 39.7 38.3 1.4 BNDES PAC 2008 In the second quarter of 2023, the Company paid the final amortization of BNDES PAC 2008, totaling R$ 1.1 IFC 2023 In the second quarter of 2023, the Company contracted financing of R$ 1 In the third quarter of 2023, R$ 0.5 In the fourth quarter of 2023, R$ 0.5 The principal will be amortized in semi-annual payments in October and April, starting in October 2025 and ending in April 2033. Interests mature semi-annually in October and April, starting in October 2023 and ending in April 2033, at CDI + 1.7% p.a. SABESP must also pay to IFC a commitment fee of 1% p.a. on the portion that has not been disbursed or canceled. · The covenants agreed upon for IFC 2023 are: Calculated every quarter, when disclosing the quarterly information or annual financial statements: - Net debt/adjusted EBITDA equal to or lower than 3.50; - Adjusted EBITDA/paid financial expenses equal to or higher than 2.35; They should be maintained for two (2) consecutive quarters or not, for any four (4) consecutive quarters. (b) Leases The Company has work service agreements which includes specific assets under lease terms. During the construction period, work costs are capitalized to contract assets and the lease amount is recorded in the same proportion. After startup, the lease payment period starts (240 monthly installments), and the amount is periodically restated by the contracted price index. The amounts payable for the right of use of assets are also recorded in this line, (See Note 15 (f)). (c) Financial commitments - Covenants The table below shows the most restrictive covenants ratios as of December 31, 2023. Schedule of restrictive covenants ratios Covenants Adjusted EBITDA / Adjusted Financial Expenses Equal to or higher than 2.80 EBITDA / Financial Expenses Paid Equal to or higher than 2.35 Adjusted Net Debt / Adjusted EBITDA Equal to or lower than 3.80 Net Debt / Adjusted EBITDA Equal to or lower than 3.50 Other Onerous Debt (1) Equal to or lower than 1.30 Adjusted Current Liquidity Higher than 1.00 (1) The contractual definition of “Other Onerous Debts” corresponds to the sum of pension plan obligations and healthcare plan, installment payments of tax debts, and installments payments of debts with the electricity supplier. As of December 31, 2023 and 2022, the Company met the requirements set forth by its borrowings and financing agreements. (d) Borrowings and financing – Credit Limits Schedule of borrowings and financing credit limits Agent December 31, 2023 (in millions of reais (*)) Brazilian Federal Savings Bank 933 Brazilian Development Bank – BNDES 30 Inter-American Development Bank (IDB) 716 International Bank for Reconstruction and Development (IBRD) 1,000 Other 7 TOTAL 2,686 (*) Brazilian Central Bank’s exchange sell rate as of December 30, 2023 (US$ 1.00 = R$ 4.8413; ¥ 1.00 = R$ 0.03422). Financing resources contracted have specific purposes and are released for the execution of their respective investments, according to the progress of the works. |
Taxes and contributions
Taxes and contributions | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Taxes and contributions | 18 Taxes and contributions (a) Current assets Schedule of current assets December 31, 2023 December 31, 2022 Recoverable taxes Income tax and social contribution 462,642 206,517 Withholding income tax (IRRF) on financial investments 29,955 33,283 Other federal taxes 2,050 3,106 Total 494,647 242,906 (b) Current liabilities Schedule of current liabilities December 31, 2023 December 31, 2022 Taxes and contributions payable Income tax and social contribution 205,964 - Cofins and Pasep 141,703 134,624 INSS (social security contribution) 44,556 44,515 IRRF (withholding income tax) 64,770 63,361 Other 54,979 50,961 Total 511,972 293,461 |
Deferred taxes and contribution
Deferred taxes and contributions | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Deferred taxes and contributions | 19 Deferred taxes and contributions (a) Statement of financial position details Schedule of deferred taxes December 31, 2023 December 31, 2022 Deferred tax assets Provisions 666,131 560,404 Pension plan obligations - G1 135,231 141,606 Donations of underlying assets on concession agreements 45,140 46,088 Credit losses 182,519 199,363 Other 382,767 171,798 Total deferred tax asset 1,411,788 1,119,259 Deferred tax liabilities Temporary difference in the concession of intangible asset (329,060) (353,817) Capitalization of borrowing costs (465,510) (457,669) Profit on supply to government entities (348,514) (346,650) Actuarial gain – G1 Plan (121,425) (93,561) Construction margin (40,579) (43,323) Borrowing costs (8,624) (13,517) Total deferred tax liabilities (1,313,712) (1,308,537) Deferred tax asset (liability), net 98,076 (189,278) (b) Realization Schedule of realization December 31, 2023 December 31, 2022 Deferred tax assets to be realized in up to 12 months 366,525 318,965 to be realized after one year 1,045,263 800,294 Total deferred tax asset 1,411,788 1,119,259 Deferred tax liabilities to be realized in up to 12 months (36,074) (25,746) to be realized after one year (1,277,638) (1,282,791) Total deferred tax liabilities (1,313,712) (1,308,537) Deferred tax asset/(liability) 98,076 (189,278) (c) Changes Schedule of changes Deferred tax assets December 31, 2022 Net change December 31, 2023 Provisions 560,404 105,727 666,131 Pension plan obligations – G1 141,606 (6,375) 135,231 Donations of underlying assets on concession agreements 46,088 (948) 45,140 Credit losses 199,363 (16,844) 182,519 Other 171,798 210,969 382,767 Total 1,119,259 292,529 1,411,788 Deferred tax liabilities Temporary difference in the concession of intangible asset (353,817) 24,757 (329,060) Capitalization of borrowing costs (457,669) (7,841) (465,510) Profit on supply to government entities (346,650) (1,864) (348,514) Actuarial gain – G1 (93,561) (27,864) (121,425) Construction margin (43,323) 2,744 (40,579) Borrowing costs (13,517) 4,893 (8,624) Total (1,308,537) (5,175) (1,313,712) Deferred tax asset/(liability) (189,278) 287,354 98,076 Deferred tax assets December 31, 2021 Net change December 31, 2022 Provisions 503,374 57,030 560,404 Pension plan obligations - G1 150,577 (8,971) 141,606 Donations of underlying assets on concession agreements 47,589 (1,501) 46,088 Credit losses 183,963 15,400 199,363 Other 127,092 44,706 171,798 Total 1,012,595 106,664 1,119,259 Deferred tax liabilities Temporary difference in the concession of intangible asset (368,235) 14,418 (353,817) Capitalization of borrowing costs (404,931) (52,738) (457,669) Profit on supply to government entities (353,262) 6,612 (346,650) Actuarial gain – G1 (109,271) 15,710 (93,561) Construction margin (46,079) 2,756 (43,323) Borrowing costs (14,556) 1,039 (13,517) Total (1,296,334) (12,203) (1,308,537) Deferred tax liability, net (283,739) 94,461 (189,278) Deferred tax assets December 31, 2020 Net change December 31, 2021 Provisions 436,445 66,929 503,374 Pension plan obligations - G1 154,498 (3,921) 150,577 Donations of underlying asset on concession agreements 50,142 (2,553) 47,589 Credit losses 155,719 28,244 183,963 Other 134,932 (7,840) 127,092 Total 931,736 80,859 1,012,595 Deferred tax liabilities Temporary difference in the concession of intangible asset (388,675) 20,440 (368,235) Capitalization of borrowing costs (390,211) (14,720) (404,931) Profit on supply to governmental entities (356,513) 3,251 (353,262) Actuarial (gain) – G1 (48,979) (60,292) (109,271) Construction margin (48,843) 2,764 (46,079) Borrowing costs (19,231) 4,675 (14,556) Total (1,252,452) (43,882) (1,296,334) Deferred tax liabilities, net (320,716) 36,977 (283,739) December 31, 2023 December 31, 2022 December 31, 2021 Opening balance (189,278) (283,739) (320,716) Net change in the year: - corresponding entry to the income statement 315,218 78,751 97,269 - corresponding entry to valuation adjustments to equity (Note 22) (27,864) 15,710 (60,292) Total net change 287,354 94,461 36,977 Closing balance 98,076 (189,278) (283,739) (d) Reconciliation of the effective tax rate The amounts recorded as income tax and social contribution expenses in the consolidated financial statements are reconciled to the statutory rates, as shown below: Schedule of reconciliation of the effective tax rate December 31, 2023 December 31, 2022 December 31, 2021 Profit before income taxes 4,753,984 4,272,750 3,170,156 Statutory rate 34 34 34 Estimated expense at the statutory rate (1,616,355) (1,452,735) (1,077,853) Tax benefit of interest on equity 329,017 284,920 200,073 Permanent differences Provision – Law 4,819/1958 – G0 (i) (38,245) (26,786) (22,640) Donations (7,046) (16,588) (16,723) Tax incentives 62,510 - - Other differences 39,666 59,706 52,856 Income tax and social contribution (1,230,453) (1,151,483) (864,287) Current income tax and social contribution (1,545,671) (1,230,234) (961,556) Deferred income tax and social contribution 315,218 78,751 97,269 Effective rate 26 27 27 (i) Permanent difference related to the provision for the actuarial liability (See Note 22 (ii) and (v)). |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Provisions Abstract | |
Provisions | 20 Provisions (a) Lawsuits and proceedings that resulted in provisions (I) Statement of financial position details The Company is party to several legal claims and administrative proceedings arising from the normal course of business, including civil, tax, labor and environmental matters. Management recognizes provisions consistently with the recognition and measurement criteria established in Note 3.16. The terms and payment amounts are defined based on the outcome of these lawsuits. Schedule of lawsuits and proceedings that resulted in provisions December 31, 2023 December 31, 2022 Provisions Escrow deposits Provisions net of deposits Provisions Escrow deposits Provisions net of deposits Customer claims (i) 175,255 (6,060) 169,195 151,023 (6,226) 144,797 Supplier claims (ii) 334,273 (90,973) 243,300 257,080 (53) 257,027 Other civil claims (iii) 128,036 (1,229) 126,807 99,462 (1,131) 98,331 Tax claims (iv) 101,770 (18,223) 83,547 79,532 (16,037) 63,495 Labor claims (v) 727,133 (16,235) 710,898 654,277 (13,979) 640,298 Environmental claims (vi) 492,740 (55) 492,685 406,872 (36) 406,836 Total 1,959,207 (132,775) 1,826,432 1,648,246 (37,462) 1,610,784 Current 1,064,367 - 1,064,367 924,038 - 924,038 Noncurrent 894,840 (132,775) 762,065 724,208 (37,462) 686,746 (II) Changes Schedule of changes in provisions December 31, 2022 Additional provisions Interest and inflation adjustment Use of the accrual Amounts not used (reversal) December 31, 2023 Customer claims (i) 151,023 39,272 32,299 (34,437) (12,902) 175,255 Supplier claims (ii) 257,080 114,084 18,380 (54,905) (366) 334,273 Other civil claims (iii) 99,462 77,082 32,483 (16,810) (64,181) 128,036 Tax claims (iv) 79,532 19,807 6,082 (721) (2,930) 101,770 Labor claims (v) 654,277 99,926 70,927 (42,214) (55,783) 727,133 Environmental claims (vi) 406,872 50,950 49,173 - (14,255) 492,740 Subtotal 1,648,246 401,121 209,344 (149,087) (150,417) 1,959,207 Escrow deposits (37,462) (151,898) (4,124) 57,744 2,965 (132,775) Total 1,610,784 249,223 205,220 (91,343) (147,452) 1,826,432 December 31, 2021 Additional provisions Interest and inflation adjustment Use of the accrual Amounts not used (reversal) December 31, 2022 Customer claims (i) 168,258 12,258 21,316 (29,363) (21,446) 151,023 Supplier claims (ii) 477,854 78,481 56,934 (309,321) (46,868) 257,080 Other civil claims (iii) 95,601 22,485 13,708 (9,248) (23,084) 99,462 Tax claims (iv) 57,509 18,216 7,837 (1,568) (2,462) 79,532 Labor claims (v) 349,962 307,352 131,139 (76,884) (57,292) 654,277 Environmental claims (vi) 331,326 38,632 48,511 (300) (11,297) 406,872 Subtotal 1,480,510 477,424 279,445 (426,684) (162,449) 1,648,246 Escrow deposits (32,017) (55,546) (4,779) 13,832 41,048 (37,462) Total 1,448,493 421,878 274,666 (412,852) (121,401) 1,610,784 December 31, 2020 Additional provisions Interest and inflation adjustment Use of the accrual Amounts not used (reversal) December 31, 2021 Customer claims (i) 160,705 32,996 29,685 (30,972) (24,156) 168,258 Supplier claims (ii) 410,734 92,135 90,788 (71,238) (44,565) 477,854 Other civil claims (iii) 86,083 15,477 12,850 (10,056) (8,753) 95,601 Tax claims (iv) 59,678 8,630 8,054 (15,133) (3,720) 57,509 Labor claims (v) 316,880 100,245 36,373 (66,220) (37,316) 349,962 Environmental claims (vi) 249,582 40,477 50,957 (33) (9,657) 331,326 Subtotal 1,283,662 289,960 228,707 (193,652) (128,167) 1,480,510 Escrow deposits (31,360) (39,586) (11,852) 48,805 1,976 (32,017) Total 1,252,302 250,374 216,855 (144,847) (126,191) 1,448,493 (b) Lawsuits deemed as contingent liabilities The Company is a party to lawsuits and administrative proceedings relating to environmental, tax, civil and labor claims, which are assessed as contingent liabilities in the consolidated financial statements, since it either does not expect outflows to be required or the amount of the obligations cannot be reliably measured. Contingent liabilities, net of deposits, are represented as follows: Schedule of lawsuits deemed as contingent liabilities December 31, 2023 December 31, 2022 Customer claims (i) 158,584 200,966 Supplier claims (ii) 968,752 1,147,606 Other civil claims (iii) 695,097 1,146,048 Tax claims (iv) 1,067,350 1,869,583 Labor claims (v) 3,093,735 1,471,423 Environmental claims (vi) 4,158,504 3,302,843 Total 10,142,022 9,138,469 (c) Explanation of the nature of main classes of lawsuits (i) Customer claims Refer mainly to lawsuits from customers claiming that their tariffs should be equal to those of other consumer categories, lawsuits for reduction of sewage tariff due to system losses, consequently requiring the refund of amounts charged by the Company, and lawsuits for reduction of tariff for being eligible to the Social Welfare Entity category. (ii) Supplier claims Include lawsuits filed by some suppliers alleging underpayment of monetary adjustments and economic and financial imbalance of the agreements, and are in progress at different courts. (iii) Other civil claims Refer mainly to indemnities for property damage, pain and suffering, and loss of profits allegedly caused to third parties, such as vehicle accidents, claims, challenges on the methodology to collect tariffs, among others, filed at different court levels. (iv) Tax claims Tax claims refer mainly to tax collections and fines in general challenged due to disagreements regarding notification or differences in the interpretation of legislation by the Company's Management. The Municipality of São Paulo, through Law 13,476/2022, revoked the exemption of the service tax held by the Company until then and issued tax deficiency notices related to sewage services and ancillary activities, in the adjusted amount of R$ 1,044,035 (R$ 957,199 as of December 31, 2022), which were subject to three tax foreclosures. SABESP filed for a writ of mandamus against the revocation, which was denied. It also filed for provisional measures and actions for annulment, aiming at the suspension of enforceability of the credits and annulment of the tax deficiency notices, as it understands that notwithstanding the revocation of the exemption, sewage activities and ancillary activities are not on the list of activities that may be taxed by the Municipality. Activities related to sewage services reached a favorable outcome, and are awaiting the processing of appeals at a higher level. Regarding the middle activities, the decision was partially favorable and SABESP’s appeal was denied. SABESP filed a special appeal requesting a suspensive effect, which was not admitted at the origin. An interlocutory appeal was filed with the Superior Court of Justice, whose decision was unfavorable to the Company. The main lawsuit remains suspended (v) Labor claims The Company is a party to several labor lawsuits, involving issues such as overtime, shift schedule, health hazard premium, hazardous duty premium, prior notice, change of function, salary equalization, service outsourcing and others, which are at various court levels. (vi) Environmental claims These refer to several administrative proceedings and lawsuits filed by government entities, including Companhia Ambiental do Estado de São Paulo (CETESB) and the Public Prosecution Office of the São Paulo State, which aim at certain obligations to do and not to do, with the provision of fines for non-compliance, and imposition of compensation for environmental damages allegedly caused by the Company. The main objects in which the Company is involved are: a) blame SABESP for discharging or releasing sewage without proper treatment; b) invest in the water and sewage treatment system of the municipality, under penalty of paying a fine; c) pay compensation for environmental damages; amongst others. (d) Other concession-related legal proceedings The Company is a party to concessions-related legal proceedings, in which it challenges compensatory issues for the resumption of sanitation services by some municipalities or the right to continue operating such services. The amount recognized in non-current assets as indemnities receivable, referring to the municipalities of Cajobi, Macatuba, Álvares Florence, Embaúba, Araçoiaba da Serra and Itapira totaled R$ 27,539 27,539 (e) Environmental lawsuits with settlements The Company entered into a court agreement in 2023, without the need for environmental compensation. (f) Guarantee insurance As of May 25, 2023, the Company executed an agreement effective for one year for the issue of policies under several types of guarantee insurance. The limit that can be used is R$ 600 364.1 |
Labor and social obligations
Labor and social obligations | 12 Months Ended |
Dec. 31, 2023 | |
Labor And Social Obligations | |
Labor and social obligations | 21 Labor and social obligations Schedule of employees benefits December 31, 2023 December 31, 2022 Salaries and payroll charges 69,885 70,089 Provision for vacation 256,415 254,469 Healthcare plan (i) 86,147 70,136 Provision for profit sharing (ii) 97,514 96,227 Incentivized Dismissal Program - PDI (iii) 290,202 - Consent Decree (TAC) 6,093 6,114 Knowledge Retention Program (PRC) 1,184 1,469 Total 807,440 498,504 (i) Healthcare plan Benefits granted are paid after the event, free of choice, and are sponsored by the contributions of SABESP and the employees. In 2023, the Company contributed 9.18%, on average, of gross payroll, totaling R$ 313,034 (8.80% in 2022, totaling R$ 272,460). (ii) Provision for profit sharing Based on an agreement with the labor unions, the Profit Sharing Program corresponds to up to one month’s salary for each employee, subject to the achievement of the goals established, from January to December, and should be paid in the subsequent year. (iii) Incentivized Dismissal Program - PDI In June 2023, the Company implemented the Incentivized Dismissal Program (PDI or Program) to pacifically reduce the workforce and provide gains in efficiency, increase of competitiveness, and optimization of costs. The deadline for registrations in the Program was from June 01 to 30, 2023, and the employment terminations started on July 01, 2023 and will end on June 30, 2024. The PDI received registrations from 1,862 employees. For all Program participants, compliance with the clauses contained in the Collective Bargaining Agreement effective on the date of termination is guaranteed, and the following compensation incentives will be granted: a. half of the indemnified advance notice, proportional to the service time at SABESP, equivalent to the percentage of the FGTS balance for termination purposes on the date of termination (according to the table below); b. compensation incentive proportional to the service time at SABESP based on the base salary + function bonus, for each complete year of work (according to the table below); and c. health plan: starting from the subsequent month of termination, the health plan will be the responsibility of the policyholder and SABESP will reimburse the monthly fee up to an individual amount of Schedule of compensation balance Service time at SABESP (years) % of the FGTS balance % of the compensation for each complete year of work > 15 20 20 11 - 15 12.5 12.5 6 - 10 5 5 0 - 5 2.5 2.5 As of December 31, 2023, R$ 359,943 290,202 66,741 |
Pension plan obligations
Pension plan obligations | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plan Obligations | |
Pension plan obligations | 22 Pension plan obligations The Company has Post-Employment Benefit Plans in the following modalities: Defined Benefit (BD) – G1 (i) and G0 (ii); and Defined Contribution (CD) – Sabesprev Mais (iii) and VIVEST (iv), whereby only the latter is open for new adhesions. See the reconciliation expenses with such plans in item (v). Statements of defined benefit plans Summary of pension plan obligations – Liabilities Schedule of pension plan benefits December 31, 2023 December 31, 2022 G1 Plan G0 Plan Total G1 Plan G0 Plan Total Present value of the defined benefit obligations (2,982,863) (2,098,622) (5,081,485) (2,715,388) (2,002,075) (4,717,463) Fair value of the plan’s assets 2,938,614 - 2,938,614 2,567,272 - 2,567,272 Total pension plan obligations (deficit) (44,249) (2,098,622) (2,142,871) (148,116) (2,002,075) (2,150,191) Changes in Liabilities Schedule of reconciliation of defined benefit obligations December 31, 2023 December 31, 2022 G1 Plan G0 Plan Total G1 Plan G0 Plan Total Plan’s liabilities Defined benefit obligation, beginning of the year (2,715,388) (2,002,075) (4,717,463) (2,764,027) (2,192,062) (4,956,089) Current service cost (41,440) - (41,440) (35,020) - (35,020) Interest costs (307,777) (225,220) (532,997) (231,745) (176,953) (408,698) Actuarial (gains)/losses recorded as other comprehensive income (120,934) (85,372) (206,306) 126,626 161,766 288,392 Benefits paid 202,676 214,045 416,721 188,778 205,174 393,952 Defined benefit obligation, end of the year (2,982,863) (2,098,622) (5,081,485) (2,715,388) (2,002,075) (4,717,463) Plan’s assets Fair value of the plan’s assets, beginning of the year 2,567,272 - 2,567,272 2,634,427 - 2,634,427 Expected return of the plan’s assets 294,788 - 294,788 221,079 - 221,079 Company’s contributions 40,898 - 40,898 39,377 - 39,377 Participants’ contributions 35,443 - 35,443 34,000 - 34,000 Benefits paid (202,676) - (202,676) (188,778) - (188,778) Actuarial gains/(losses) recorded as other comprehensive income 202,889 - 202,889 (172,833) - (172,833) Fair value of the plan’s assets, end of the year 2,938,614 - 2,938,614 2,567,272 - 2,567,272 Total pension plan obligations (deficit) (44,249) (2,098,622) (2,142,871) (148,116) (2,002,075) (2,150,191) Changes in equity - Other comprehensive income Pursuant to IAS 19, the Company recognized gains/(losses), from changes in actuarial assumptions under equity, such as equity valuation adjustments, as shown below: Schedule of (gains)/losses, due to changes in assumptions December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan G0 Plan Total G1 Plan G0 Plan Total G1 Plan G0 Plan Total Actuarial gains/(losses) on the obligations (120,934) (85,372) (206,306) 126,626 161,766 288,392 414,823 330,337 745,160 Actuarial gains/(losses) on financial assets 202,889 - 202,889 (172,833) - (172,833) (237,492) - (237,492) Total gains/(losses) 81,955 (85,372) (3,417) (46,207) 161,766 115,559 177,331 330,337 507,668 Deferred income tax and social contribution (27,864) - (27,864) 15,710 - 15,710 (60,292) - (60,292) Equity valuation adjustments 54,091 (85,372) (31,281) (30,497) 161,766 131,269 117,039 330,337 447,376 The amounts recognized in the year are as follows: Schedule of amounts recognized in income statement December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan G0 Plan Total G1 Plan G0 Plan Total G1 Plan G0 Plan Total Cost of service, net 5,997 - 5,997 1,020 - 1,020 2,227 - 2,227 Interest costs 307,777 225,220 532,997 231,745 176,953 408,698 205,707 158,244 363,951 Expected return of the plan’s assets (294,788) - (294,788) (221,079) - (221,079) (184,687) - (184,687) Amount received from the São Paulo State (undisputed) - (112,824) (112,824) - (98,174) (98,174) - (91,657) (91,657) Total expenses 18,986 112,396 131,382 11,686 78,779 90,465 23,247 66,587 89,834 Maturity profile of the obligations: Schedule of obligations maturity December 31, 2023 G1 Plan G0 Plan Payment of benefits expected in 2024 223,156 190,425 Payment of benefits expected in 2025 215,853 177,004 Payment of benefits expected in 2026 207,437 167,075 Payment of benefits expected in 2027 197,606 156,583 Payment of benefits expected in 2028 or susbsequent years 2,138,811 1,407,535 Total 2,982,863 2,098,622 Duration 13.10 10.44 Actuarial assumptions used: Schedule of actuarial assumptions December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan G0 Plan G1 Plan G0 Plan G1 Plan G0 Plan Discount rate – actual rate (NTN-B) 5.47 5.37 6.19 6.15 5.53 5.26 Inflation rate 3.90 3.90 5.31 5.31 3.00 3.00 Nominal wage growth rate 5.98 5.98 7.42 7.42 5.06 5.06 Mortality table AT-2000 AT-2000 AT-2000 AT-2000 AT-2000 AT-2000 Sensitivity analysis Sensitivity analysis of the defined benefit pension plan as of December 31, 2023 regarding the changes in the main assumptions are: Schedule of sensitivity analysis of the defined benefit pension plan assumptions Impact on the present value of the defined benefit obligations Assumption Change in the assumption G1 G0 Discount rate Increase of 1.0% Decrease of R$ 237,084 Decrease of R$ 166,803 Decrease of 1.0% Increase of R$ 257,540 Increase of R$ 181,195 Life expectation Increase of 1 year Increase of R$ 65,666 Increase of R$ 87,054 Decrease of 1 year Decrease of R$ 64,267 Decrease of R$ 83,281 Wage growth rate Increase of 1.0% Increase of R$ 40,556 Increase of R$ 580 Decrease of 1.0% Decrease of R$ 42,492 Decrease of R$ 608 (i) G1 Plan Managed by Sabesprev, this defined benefit plan (“G1 Plan”), receives similar contributions established in a plan of subsidy of actuarial study of Sabesprev, as follows: · 0.99% of the portion of the salary of participation up to 20 salaries; and · 8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries. The active participants as of December 31, 2023 totaled 2,715 2,843 8,171 8,089 The contributions of the Company and participants of the G1 Plan in 2023 were R$ 40,898 39,377 35,443 34,000 32,810 27,147 31,556 26,168 Estimated expenses for the coming year Schedule of estimated expenses 2024 Cost of services, net 5,799 Interest costs 274,718 Net profitability on financial assets (274,265) Expenditures to be recognized by the Company 6,252 Plan’s assets The investment policies and strategies of the plan are aimed at obtaining consistent returns and reducing the risks associated with the use of financial assets available in the Capital Markets through diversification, considering factors, such as liquidity needs and the long-term nature of the plan’s liability, types and availability of financial instruments in the local and international markets, general economic conditions and forecasts as well as requirements of the legislation. The allocation of the plan’s assets and its management strategies are determined with the support of reports and analyses prepared by SABESPREV and independent financial advisors. Schedule of plans assets December 31, 2023 % December 31, 2022 % Total fixed income 2,714,823 92.4 1,804,550 70.3 Total equities 15,715 0.5 136,582 5.3 Total structured investments 153,333 5.2 498,825 19.4 Other 54,743 1.9 127,315 5.0 Fair value of the plan’s assets 2,938,614 100 2,567,272 100 Restrictions with respect to asset portfolio investments, in the case of federal government securities: i) instruments securitized by the National Treasury; ii) derivative instruments should be used for hedging only. The restrictions on portfolio investments in the case of equities for internal management are as follows: i) day-trade transactions; ii) sale of uncovered share; iii) unsecured swap transactions; and iv) leverage, derivative transactions that represent leverage of the asset or short selling will not be allowed, such transactions cannot result in losses higher than the amounts invested. As of December 31, 2023, SABESPREV had not have financial assets issued by the Company in its own portfolio; however, such assets could be in the portfolio of investment funds invested by the Foundation. The Properties held in the portfolio are not used by the Company. On December 21, 2022, SABESP and SABESPREV, mutually agreed to execute an Admission of Debt Instrument, where SABESP recognizes as legitimate, valid, net, certain, and enforceable the debt related to its share of responsibility in the balancing of the deficit of SABESPREV’s Basic Benefits Plan (G1 Plan), collateralizing the Contract for Revenue Binding and Assignment of Credit Transfer, executed between the parties on February 9, 2023. (ii) G0 Plan According to State Law 4,819/1958, employees who started providing services before May 1974 acquired a legal right to receive supplemental pension payments, which rights are referred to as "G0 Plan". The Company pays supplemental retirement and pension amounts on behalf of the São Paulo State and seeks reimbursements of such amounts, which are recorded in the “Accounts receivable from related parties” line, limited to the amounts considered virtually certain to be reimbursed by the São Paulo State. The number of active participants of Plan - Go as of December 31, 2023 was 6 8 1,808 1,750 Estimated expenses for the coming year Schedule of estimated expenses for 2024 2024 Interest costs 189,274 Expenses to be recognized 189,274 (iii) Sabesprev Mais Plan As of December 31, 2023, this Defined Contribution Plan managed by SABESPREV had 9,277 9,365 The sponsor’s contributions correspond to the result obtained by applying a percentage of 100% to the basic contribution made by the participant. (iv) VIVEST Plan Administered by VIVEST, the sponsor's contributions correspond to the result obtained by applying a percentage of 100% to the basic contribution made by the participant. As of December 31, 2023, there were 68 58 (v) Reconciliation of expenditures with pension plan obligations Schedule of reconciliation of expenses with pension obligations December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan (i) 18,986 11,686 23,247 G0 Plan (ii) 112,396 78,779 66,587 Sabesprev Mais Plan (iii) 27,403 25,371 22,406 VIVEST Plan (iv) 520 326 160 Subtotal 159,305 116,162 112,400 Capitalized (3,303) (3,359) (4,118) Other 6,603 5,684 5,527 Pension plan obligations (Note 29) 162,605 118,487 113,809 |
Services payable
Services payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Services payable | 23 Services payable This line records the balances payable, mainly from services received from third parties, such as supply of electric power, reading of hydrometers and delivery of water and sewage bills, cleaning, surveillance and security services, collection, legal counsel services, audit, marketing and advertising and consulting services, among others. The amounts payable to the municipal governments related to transfers provided for in the concession agreements are also recorded. The balances as of December 31, 2023 and 2022 were R$ 749,226 723,242 750,732 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Equity Abstract | |
Equity | 24 Equity (a) Share capital As of December 31, 2023 and 2022, the authorized and fully subscribed and paid-in capital, in the amount of R$ 15,000 683,509,869 Schedule of share capital December 31, 2023 December 31, 2022 Number of shares % Number of shares % São Paulo State 343,506,664 50.3 343,506,664 50.3 Other shareholders In Brazil (1) 262,118,658 38.3 257,339,417 37.6 Abroad (2) (3) 77,884,547 11.4 82,663,788 12.1 Total 683,509,869 100.0 683,509,869 100.0 (1) As of December 31, 2023, the common shares traded in Brazil were held by 39,368 shareholders. It includes six shares held by Companhia Paulista de Parcerias (CPP), a company controlled by the São Paulo State Government. (2) Shares traded as American Depositary Receipts (ADR) on the New York Stock Exchange, through The Bank New York Mellon, the depositary bank of the Company's ADRs. (3) Each ADR corresponds to 1 share. (b) Distribution of earnings Shareholders are entitled to a minimum mandatory dividend of 25% of the net income, adjusted according to Brazilian Corporate Law. No interest is accrued on approved dividends, and the amounts not claimed within three years from the date of the General Meeting that approved them will mature in favor of the Company. Schedule of distribution of earnings 2023 2022 2021 Profit for the year 3,523,531 3,121,267 2,305,869 (-) Legal reserve - 5% 176,177 156,063 115,293 3,347,354 2,965,204 2,190,576 Minimum mandatory dividend – 25% 836,839 741,301 547,645 Dividend per share and per ADS 1.22433 1.08455 0.80122 The General Shareholders' Meeting held on April 28, 2023, approved the distribution of dividends as interest on capital totaling R$ 741,301 130,857 872,158 The Company proposed, ad referendum 836,839 741,301 147,689 130,857 984,528 872,158 1.44040 1.2760 147,689 130,857 54,641 53,930 The Company charged interest on capital to minimum dividends by its net withholding income tax. The amount of R$ 54,641 53,930 The balance payable of interest on capital as of December 31, 2023 of R$ 837,391 741,725 836,839 741,301 552 424 (c) Legal reserve Earnings reserve - legal reserve: created by allocating 5% of the net income for the year up to the limit of 20% of the share capital. The Company may not create the legal reserve in the year in which the balance of this reserve, plus the amount of the capital reserves, exceeds 30% of the share capital. The purpose of the legal reserve is to ensure the integrity of the share capital. It can only be used to offset losses or increase capital, but not to pay dividends. (d) Investment reserve Earnings reserve - investments reserve is specifically formed by the portion corresponding to own funds assigned to the expansion of the water supply and sewage treatment systems, based on capital budget approved by the Management. As of December 31, 2023 and 2022, the balance of investment reserve totaled R$ 12,753,361 10,390,535 According to paragraph four of article 49 of the Bylaws, the Board of Directors may propose to the Shareholders’ Meeting that the remaining balance of the profit for the year, net of legal reserve, and minimum mandatory dividend, be allocated to the creation of an investment reserve that will comply with the following criteria: I- its balance, jointly with the balance of the other earnings reserves, except for the reserves for contingency and unrealized profit, may not exceed the capital stock; and II- the purpose of the reserve is to ensure the investment plan and its balance may be used: a) in the absorption of losses, whenever necessary; b) in the distribution of dividends, at any time; c) in transactions for the redemption, reimbursement or purchase of shares, authorized by law; and d) in the incorporation of the capital stock. (e) Allocation of the profit for the year Schedule of allocation of the profit for the year 2023 2022 2021 Profit (+) Profit for the year 3,523,531 3,121,267 2,305,869 (-) Legal reserve – 5% 176,177 156,063 115,293 (-) Minimum mandatory dividends 836,839 741,301 547,645 (-) Complementary proposed dividends 147,689 130,857 96,700 Investment reserve recorded 2,362,826 2,093,046 1,546,231 Management will send for approval at the Shareholders’ Meeting, a proposal to reallocate retained earnings the amount of R$ 2,362,826 (f) Retained earnings The statutory balance of this account is zero because all retained earnings must be distributed or allocated to an earnings reserve. (g) Other comprehensive loss Gains and losses arising from changes in actuarial assumptions are accounted for as equity valuation adjustments, net of the effects of income tax and social contribution. See Note 22 for the breakdown of the amounts recorded in 2023 and 2022. Schedule of other comprehensive loss Consolidated G1 plan G0 plan Total Balance as of December 31, 2022 181,617 (3,974) 177,643 Actuarial gains/(losses) of the year (Note 22) 54,091 (85,372) (31,281) Balance as of December 31, 2023 235,708 (89,346) 146,362 Parent Company G1 Plan G0 Plan Total Balance as of December 31, 2021 212,114 (165,740) 46,374 Actuarial gains/(losses) of the year (Note 22) (30,497) 161,766 131,269 Balance as of December 31, 2022 181,617 (3,974) 177,643 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Earnings per share | 25 Earnings per share Basic and diluted Basic earnings per share are calculated by dividing the equity attributable to the Company’s owners by the weighted average number of outstanding common shares during the period. The Company does not have potentially dilutive common shares outstanding or debts convertible into common shares. Accordingly, basic and diluted earnings per share are equal. Schedule of earnings per share, basic and diluted 2023 2022 2021 Earnings attributable to Company’s owners 3,523,531 3,121,267 2,305,869 Weighted average number of common shares issued 683,509,869 683,509,869 683,509,869 Basic and diluted earnings per share (reais per share) 5.16 4.57 3.37 |
Operating segment information
Operating segment information | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segment Information | |
Operating segment information | 26 Operating segment information Management, comprised of the Board of Directors and Board of Executive Officers, has determined the operating segment used to make strategic decisions, such as sanitation services. Result Schedule of operating segment information 2023 Sanitation (i) Reconciliation to the consolidated financial statements (ii) Balance as per consolidated financial statements Gross operating revenue 21,513,442 5,600,332 27,113,774 Gross sales deductions (1,541,718) - (1,541,718) Net operating revenue 19,971,724 5,600,332 25,572,056 Costs, selling, general and administrative expenses (13,811,665) (5,474,729) (19,286,394) Income from operations before other operating expenses, net and equity accounting 6,160,059 125,603 6,285,662 Other operating income / (expenses), net 27,925 Equity results of investments 32,393 Financial result, net (1,591,996) Income from operations before taxes 4,753,984 Depreciation and amortization (2,790,586) - (2,790,586) 2022 Sanitation (i) Reconciliation to the financial statements (ii) Balance as per financial statements Gross operating revenue 18,629,959 4,863,752 23,493,711 Gross sales deductions (1,437,991) - (1,437,991) Net operating revenue 17,191,968 4,863,752 22,055,720 Costs, selling, general and administrative expenses (12,689,051) (4,754,383) (17,443,434) Income from operations before other operating expenses, net and equity accounting 4,502,917 109,369 4,612,286 Other operating income / (expenses), net 8,327 Equity results of investments 24,551 Financial result, net (372,414) Income from operations before taxes 4,272,750 Depreciation and amortization (2,450,849) - (2,450,849) 2021 Sanitation (i) Reconciliation to the financial statements (ii) Balance as per financial statements Gross operating revenue 16,304,206 4,376,739 20,680,945 Gross sales deductions (1,189,884) - (1,189,884) Net operating revenue 15,114,322 4,376,739 19,491,061 Costs, selling, general and administrative expenses (11,115,383) (4,278,337) (15,393,720) Income from operations before other operating expenses, net and equity accounting 3,998,939 98,402 4,097,341 Other operating income / (expenses), net (21,841) Equity results of investments 22,079 Financial result, net (927,423) Income from operations before taxes 3,170,156 Depreciation and amortization (2,253,322) - (2,253,322) (i) See Note 33 for further information about non-cash items, other than depreciation and amortization that impact segment results, and for additional information on long-lived assets; (ii) Construction revenue and related costs are not reported to the CODM. Revenue from construction is recognized in accordance with IFRIC 12 (Concession Agreements) and IFRS 15 (Revenue from Contracts with Customers), as all performance obligations are satisfied over time. See Note 14 (b) for further information. |
Insurance
Insurance | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Insurance | 27 Insurance The Company has insurance that covers, among others, fire and other damage to its assets and office buildings, and third parties. It also has civil liability insurance for the members of the Board of Directors and Board of Executive Officers (“D&O insurance”) and guarantee insurance for escrow deposit (as described in Note 20 (f)) and traditional guarantee insurance. . The risk assumptions adopted, given their nature, are not within the scope of a financial statement audit, and consequently have not been examined by independent auditors contracted by the Company . As of December 31, 2023, the Company’s insurance was as follows: Schedule of the Company insurance Amount Insured Specified risks – fire 3,021,021 Engineering risks 3,368,293 Guarantee insurance for escrow deposit and traditional guarantee (*) 600,000 Civil liability– D&O (Directors and Officers) 100,000 Civil liability – construction works 149,610 Civil liability – operations 15,000 Other 29,342 Total 7,283,266 (*) SABESP has an agreement that allows issuing policies that total such insured amount. Of the total, R$ 323 million in policies with guarantee insurance were issued. |
Operating revenue
Operating revenue | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Operating revenue | 28 Operating revenue Reconciliation from gross operating revenue to net operating revenue: Schedule of reconciliation from gross operating income to net operating income 2023 2022 2021 Revenue from sanitation services (i) 21,513,442 18,629,959 16,304,206 Construction revenue 5,600,332 4,863,752 4,376,739 Sales tax (1,457,125) (1,363,628) (1,121,905) Regulatory, Control and Oversight Fee (TRCF) (84,593) (74,363) (67,979) Net revenue 25,572,056 22,055,720 19,491,061 (i) Includes the amount of R$ 105,682 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP (R$ 92,232 in 2022). |
Operating costs and expenses
Operating costs and expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Operating costs and expenses | 29 Operating costs and expenses Schedule of operating costs and expenses 2023 2022 2021 Operating costs Salaries, payroll charges and benefits (2,717,005) (2,285,765) (2,026,202) Pension plan obligations (36,998) (29,796) (36,771) Construction costs (Note 26) (5,474,729) (4,754,383) (4,278,337) General supplies (356,481) (369,381) (314,111) Treatment supplies (558,557) (598,993) (364,542) Outsourced services (1,843,213) (1,724,347) (1,517,196) Electricity (1,514,542) (1,497,644) (1,462,776) General expenses (967,148) (831,503) (717,352) Depreciation and amortization (2,583,193) (2,259,091) (2,082,755) (16,051,866) (14,350,903) (12,800,042) Selling expenses Salaries, payroll charges and benefits (347,536) (306,864) (265,435) Pension plan obligations (3,359) (4,021) (4,868) General supplies (6,746) (7,121) (7,976) Outsourced services (439,995) (418,632) (343,763) Electricity (673) (1,001) (1,340) General expenses (116,933) (107,313) (136,107) Depreciation and amortization (68,818) (67,015) (66,390) (984,060) (911,967) (825,879) Bad debt expense, net of recoveries (Note 10 (c)) (652,920) (782,057) (643,730) Administrative expenses Salaries, payroll charges and benefits (423,948) (284,562) (250,557) Pension plan obligations (122,248) (84,670) (72,170) General supplies (23,008) (23,664) (11,209) Outsourced services (287,744) (250,293) (250,801) Electricity (2,020) (1,896) (1,715) General expenses (509,984) (548,626) (357,564) Depreciation and amortization (138,575) (124,743) (104,177) Tax expenses (90,021) (80,053) (75,876) (1,597,548) (1,398,507) (1,124,069) Operating costs and expenses Salaries, payroll charges and benefits (3,488,489) (2,877,191) (2,542,194) Pension plan obligations (Note 22 (v)) (162,605) (118,487) (113,809) Construction costs (Note 26) (5,474,729) (4,754,383) (4,278,337) General supplies (386,235) (400,166) (333,296) Treatment supplies (558,557) (598,993) (364,542) Outsourced services (2,570,952) (2,393,272) (2,111,760) Electricity (1,517,235) (1,500,541) (1,465,831) General expenses (1,594,065) (1,487,442) (1,211,023) Depreciation and amortization (2,790,586) (2,450,849) (2,253,322) Tax expenses (90,021) (80,053) (75,876) Bad debt expense, net of recoveries (Note 10 (c)) (652,920) (782,057) (643,730) (19,286,394) (17,443,434) (15,393,720) |
Financial income (expenses)
Financial income (expenses) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Financial income (expenses) | 30 Financial income (expenses) Schedule of financial income (expenses) 2023 2022 2021 Financial expenses Interest and charges on borrowings and financing – local currency (1,110,135) (954,744) (517,235) Interest and charges on borrowings and financing – foreign currency (89,198) (47,139) (46,793) Other financial expenses (849,489) (364,117) (315,013) Inflation adjustment on borrowings and financing (146,637) (190,202) (225,791) Other inflation adjustments (301,593) (183,966) (172,632) Interest and inflation adjustment on provisions (211,565) (216,098) (170,831) Total financial expenses (2,708,617) (1,956,266) (1,448,295) Financial income Inflation adjustment gains 219,473 541,516 198,907 Income on financial investments 370,638 417,129 150,632 Interest income 256,116 195,274 145,866 Cofins and Pasep (40,401) (62,405) (23,038) Other 79 17 41 Total financial income 805,905 1,091,531 472,408 Financial income (expenses), net of exchange variation (1,902,712) (864,735) (975,887) Exchange gain (losses) Exchange rate changes on borrowings and financing 309,959 491,918 48,522 Exchange rate changes on assets 767 301 (36) Other exchange rate changes (10) 102 (22) Exchange rate changes, net 310,716 492,321 48,464 Financial income (expenses), net (1,591,996) (372,414) (927,423) |
Other operating income (expense
Other operating income (expenses), net | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Other operating income (expenses), net | 31 Other operating income (expenses), net Schedule of other operating income (expenses), net 2023 2022 2021 Other operating income, net 99,307 64,638 71,877 Other operating expenses (71,382) (56,311) (93,718) Other operating income (expenses), net 27,925 8,327 (21,841) Other operating income includes revenue from the sale of property, plant and equipment, contracts awarded in public bids, right to sell electricity, indemnities and reimbursement of expenses, fines and guarantees, property leases, reuse water, PURA projects and services, net of Cofins and Pasep. Other operating expenses usually record the derecognition of concessions assets due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment, estimated losses and operational assets indemnification. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Commitments | 32 Commitments The Company has agreements to manage and maintain its activities, as well as to build new projects aiming at achieving the objectives proposed in its target plan. The main unrecognized committed amounts as of December 31, 2023, are as follows: Schedule of commitments 1 year 1-3 years 3-5 years More than 5 years Total Contractual obligations – Expenses 1,810,947 2,119,426 1,460,088 2,680,110 8,070,571 Contractual obligations – Investments 4,292,490 2,967,844 1,292,130 92,893 8,645,357 Total 6,103,437 5,087,270 2,752,218 2,773,003 16,715,928 |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
Supplemental cash flow information | 33 Supplemental cash flow information Schedule of supplemental cash flow information 2023 2022 2021 Total additions to contract assets (Note 14) 6,026,053 5,240,528 4,759,789 Total additions to intangible assets (Note 15 (b)) 258,473 75,400 172,961 Items not affecting cash (see breakdown below) (2,293,201) (1,765,391) (1,236,081) Total additions to intangible and contract assets according to the statement of cash flows 3,991,325 3,550,537 3,696,669 Investments and financing operations affecting intangible assets but not cash: Interest capitalized in the year (Note 14 (a)) 638,208 622,803 300,792 Contractors payable 419,457 414,645 218,523 Performance agreements 1,001,528 576,392 478,177 Right of use 108,405 42,182 140,187 Construction margin (Note 26) 125,603 109,369 98,402 Total 2,293,201 1,765,391 1,236,081 |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Events after the reporting period | 34 Events after the reporting period · 31st issue debentures As of March 5, 2024, the Company raised R$ 2.94 Schedule of unsecured debentures Value Rate Maturity Series 1 507,000 CDI + 0.49 2029 Series 2 1,734,467 CDI + 1.10 2031 Series 3 699,011 CDI + 1.31 2034 Total 2,940,478 · The covenants agreed upon for the 31st issue are: Calculated every quarter, when disclosing the quarterly information or annual financial statements: - Net debt/adjusted EBITDA lower than or equal to 3.50; - Adjusted EBITDA/financial expenses equal to or higher than 1.5; Failure to comply with the financial indices above for at least two consecutive quarters, or for two non-consecutive quarters within twelve months (in which case the 30-day cure period does not apply), constitutes a default event that may lead to the early maturity of the Debentures.- Disposal of operating assets, termination of licenses, loss of concession, or loss of the Company’s ability to execute and operate public sanitation services in areas of the São Paulo State which, individually or jointly during the term of the agreement, lead to a reduction of the Company’s net sales and/or service revenue of more than twenty- five percent (25%). The above limit will be calculated every quarter, taking into consideration the Company’s net operating income during the twelve (12) months before the end of each quarter and using the financial information disclosed by the Company. Failure to comply with the limit above constitutes a default event that may lead to the early maturity of the Debentures. The contract has a cross acceleration clause, i.e. the early maturity of any of the Company’s debts, in an individual or aggregate amount equal to or higher than R$ 198 million, adjusted by the IPCA inflation index as of the issue date, constitutes a default event and may result in the early maturity of the Debentures. The proceeds from the issue will be used to refinance financial commitments falling due in 2024 and to recompose and reinforce the cash position. The Debentures are characterized as “ESG bonds for the use of sustainable and blue resources”, based on the Company’s commitment to allocate the equivalent amount in projects described in the Sustainable Finance Framework. · Agreement with AAPS - Association of Retirees and Pensioners of SABESP The health plans for retirees, former employees, pensioners, and dependents (Digna Mais 1, 2, 3, 4, and 5) comply with Federal Law 9,656/98. Under articles 30 and 31 of said Law, as well as Regulatory Resolution 279 and subsequent regulations by the National Health Agency, beneficiaries who join these plans are responsible for full cost coverage (monthly premiums and any deficits). Through an amendment to the Adhesion Agreement maintained with VIVEST, SABESP acts as a guarantor to the Health Operator. Until December 31, 2023, in this guarantor role, the Company recognized debit notes received to cover deficits totaling R$ 47.5 This collection process triggered negotiations with the Association of Retirees and Pensioners of SABESP (AAPS), which resulted in the signing of a judicial agreement on January 31, 2024 (ratified by the judiciary on February 27, 2024), which includes: a) Settlement of each beneficiary's deficit by SABESP; b) Migration of beneficiaries to VIVEST's Essência Health Plans or other market plans derived from the Digna Mais plans; c) Withdrawal, by AAPS, of a Lawsuit for Compliance with Ruling 0056668-84.2020.8.26.0100, which sought to merge active and retired individuals into a single plan, potentially leading to a post-employment liability and an expected loss as of December 31, 2022, of R$ 303.9 As part of the negotiation, VIVEST indicated a potential imbalance in the Essência plans with the migration of retirees, former employees, pensioners, and dependents, resulting from adverse risk selection. Given this scenario, SABESP, to enable the settlement of the Digna Mais plans, entered into a new amendment to the Adhesion Agreement with VIVEST, which includes: a) VIVEST will allow migrations to the Essência plans, assuming the portfolio risk; b) SABESP will make a one-time contribution to VIVEST for each person who migrates to one of its Essência plans, subject to approval by the judiciary (as occurred on February 27, 2024), with contributions as follows: b.1) R$ 10.0 million, paid in a lump sum in February 2024, based on the 2,909 beneficiaries migrated from Digna Mais plans to Essência plans; b.2) Amount corresponding to the number of beneficiaries who join Essência plans, capped at R$ 160.0 million (1,754 beneficiaries enrolled in Digna Mais plans as of March 2023), from January 2024 onwards. This monthly per capita amount will be paid from the entry date of each beneficiary or from January 2024, whichever occurs later, until December 2028, with financial support to mitigate the impacts of annual cost variations to be applied from January 2025 to January 2029 to Essência plans. After the effective payment of all installments, including the last one for December 2028, the Company will be exempt from any payments to VIVEST. The above amounts will be annually adjusted, with a reference date in January, according to the annual adjustment index of the Essência plans. Until December 31, 2023, before the agreement, there were migrations of 131 beneficiaries, and from January 01 to March 22, 2024, the migrations came to 1.185 beneficiaries as a result of the agreement, a known impact of R$ 162.4 · Tariff readjustment As of April 8, 2024, São Paulo State Public Services Regulatory Agency (ARSESP - Agência Reguladora de Serviços Públicos do Estado de São Paulo · Methodology and criteria for the reversal of assets As of April 15, 2024, São Paulo State Public Services Regulatory Agency (ARSESP - Agência Reguladora de Serviços Públicos do Estado de São Paulo) published Resolution nº 1,515/2024 that establishes the methodology and criteria for the reversal and possible compensation of assets at the end of concession in the Sanitation sector. · Privatization process As of April 17, 2024, State Privatization Board (CDPED - Conselho Diretor do Programa Estadual de Desestatização together with the Management Council of the State Program for Public-Private Partnerships (CGPPP - Conselho Gestor do Programa Estadual de Parcerias Público-Privadas) decided to approve the final model for the partial disposal of shares held directly and indirectly by the State, with authorization to proceed with the disposal through Public Offering Distribution of Shares on a stock exchange, according to the art.1, of Decree nº 67,759/2023, including: (a) Schedule of the privatization process; (b) Structure of the offer with the participation of strategic investors and criteria for judging the winner of the secondary public offering; (c) Changes to the Company's Bylaws; (d) Signing of an Investment Agreement, Lock-up and other agreements with strategic investors; (g) Forwarding of following documents the representatives of the Deliberative Council of URAE – 1 Southeast for the 1st Council meeting: · Draft of the concession contract and attachments · Draft of the internal regulations of the URAE-1 Deliberative Council · Draft Regional Basic Sanitation Plan The definition of the minimum price and the percentage of the State's share to be disposal, as well as the details of the Investment Agreement, Lock-up, and other conditions will be subject to deliberation at a future meeting of the Board. · Derivative financial contracts As of April 17, 2024, the Company entered into derivative financial contracts with selected financial institutions aiming to reduce the foreign currency exposure of the existing debts in the amount equivalent to US$ 531 million in the face of fluctuations in the foreign exchange market and mitigate the impacts of these fluctuations on the Company's economic and financial results. The contracts are effective from April 2024 until December, 2024. · Ordinary and Extraordinary General Shareholder’s Meeting As of April 25, 2024 was held the Annual Shareholder’s Meeting. · Privatization process The São Paulo City Council approved and the Mayor sanctioned Municipal Law 18,107 of May 02, 2024, that authorize the Municipal Executive Branch to enter into contracts through a regionalized arrangement, aiming to provide water supply and sewage services in the Municipality of São Paulo . |
Summary of material informati_2
Summary of material information on accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Consolidation | 3.1 Consolidation The Company controls an entity when (i) it has power over the investee; (ii) it is exposed to, or has rights to, variable returns from its involvement with the investee; and (iii) it has the ability to use its power to affect its returns. When the Company does not hold the majority of voting rights in an investee, it will have power over the investee when the voting rights are sufficient to give it the practical ability to unilaterally conduct the relevant activities of the investee. When assessing whether SABESP's voting rights in an investee are sufficient to give it power, the Company considers all relevant facts and circumstances, including (i) the Company's proportionate interest in voting rights regarding the interests of other voting right holders; (ii) potential voting rights held by the Company, other voting right holders, or other parties; (iii) rights arising from other contractual agreements; and (iv) any additional facts and circumstances that indicate whether the Company has the ability to conduct the relevant activities of the investee. The financial statements of the subsidiary are included in the consolidated financial statements from the date the Company obtains control until the date when such control ceases to exist. Revenues and expenses of a subsidiary acquired or disposed of during the fiscal year are included in the results from the date the Company obtains control until the date when the Company ceases to control the subsidiary. The subsidiary's financial statements have been prepared for the same reporting date as the parent company. All intragroup balances, revenues, expenses, and unrealized gains and losses from intragroup transactions have been eliminated. Other comprehensive results of the parent company, where applicable, will be directly recorded in the Company’s equity, under “other comprehensive results”. As of December 31, 2023, SABESP held 100% of direct interest in Sabesp Olímpia S/A. |
Cash and cash equivalents | 3.2 Cash and cash equivalents Cash and cash equivalents include cash in hand, bank deposits, overdraft accounts and other short-term highly liquid investments with maturities and intention of use by the Company’s Management in a period lower than three months. |
Financial assets and liabilities | 3.3 Financial assets and liabilities Financial assets - Classification The Company classified its financial assets according to the following categories: measured at amortized cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at inception. As of December 31, 2023 and 2022, the Company did not have financial assets classified as fair value through other comprehensive income and fair value through profit or loss. · Amortized cost This category includes financial assets that meet the following conditions: (i) assets held within the business model to hold financial assets to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Presented as current assets, except for those with a maturity of more than 12 months after the reporting date, which are classified as noncurrent assets. The Company's financial assets measured at amortized cost include cash and cash equivalents, financial investments, restricted cash, balances of trade receivables, accounts receivable from related parties, other assets and receivables from the Water and Basic Sanitation National Agency (ANA). Financial assets measured at amortized cost are recorded at fair value and subsequently at amortized cost, under the effective interest rate method, except for trade receivables, which are initially measured at transaction price, as it contains no financing items, and are subsequently measured at amortized cost. Financial liabilities - Classification The Company classifies its financial liabilities measured at amortized cost. The classification depends on the purpose for which the financial liabilities were assumed. This category includes balances payable to contractors and suppliers, borrowings and financing, services payable, balances payable from Public-Private Partnerships (PPP), and program contract commitments. The effective interest rate method is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period. The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue costs) over the estimated life of the financial liability or, when appropriate, during a shorter period, for the initial recognition of the net carrying amount. Impairment of financial assets · Accounts receivable Due to the characteristics of the Company’s accounts receivable such as (i) insignificant financial component; (ii) non-complex receivables portfolio; and (iii) low credit risk, the simplified approach of expected credit loss, was adopted – it consists of recognizing the expected credit loss based on the asset’s useful life. The methodology to calculate the allowance for doubtful accounts consisted of using an estimate calculated based on the average default observed in the last 36 months, per maturity range, in addition to estimating the recovery of credits overdue for more than 360 days, based on the track record of the last three years. It also considered the category of private and public customers, and segregated accounts receivable among the regular consumption accounts and agreements. The Company also concluded that the estimates of the macroeconomic indicators Gross Domestic Product (GDP), Unemployment Rate and the Extended Consumer Price Index (IPCA) were not impacted, given that it carried out correlation analyses of these indicators and their default history, which did not result in a significant correlation between them. · Deposit transactions and financial investments measured at amortized cost The Company analyzes changes in the rates of investments in bank deposit certificates and information obtained from regulatory agencies about the financial institutions. The likelihood of delinquency over 12 months was based on historical data provided by credit rating agencies for each credit level and analyzed in terms of sensitivity based on current returns. These deposits and financial investments are subject to an insignificant risk of change in value. |
Operating income | 3.4 Operating income (a) Revenue from sanitation services Revenue from water supply and sanitation services are recognized as water is consumed and services are provided. Revenues, including unbilled revenues, are recognized at the fair value of the consideration received or receivable for the rendering of those services. Revenue is shown net of value-added tax, rebates and discounts. Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed until the end of each period and are recorded as trade receivables based on monthly estimates of the completed services. Revenues are recognized based on IFRS 15 Revenue from Contracts with Customers, which establishes a five-step model applicable to revenue from a contract with a customer. Revenues are recognized when: i) it identifies contracts with customers; ii) it identifies the different contract obligations; iii) it determines the transaction price; iv) it allocates the transaction price to the performance obligations in the contracts; and (v) it satisfies all performance obligations. Disputed amounts are recognized as revenue when collected. (b) Construction revenue Revenue from construction is recognized in accordance with IFRS 15 (Revenue from Contracts with Customers) and IFRIC 12 (Service Concession Arrengements), as all performance obligations are satisfied over time. During the construction of the contract, an asset is classified as a contract asset, in which the Company estimates that the fair value of its consideration is equivalent to expected construction costs plus margin. The fee represents the additional margin related to the work performed by the Company in relation to such construction contracts and it is added to construction costs, resulting in the construction revenue. |
Trade receivables and allowance for doubtful accounts | 3.5 Trade receivables and allowance for doubtful accounts Trade receivables are amounts due from customers for services performed in the ordinary course of business. These are classified as current assets, except when maturity exceeds 12 months after the end of the reporting date, when they are presented as noncurrent assets. The Company establishes an allowance for doubtful accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses, as described in Note 3.3. |
Inventories | 3.6 Inventories Inventories comprise supplies for consumption and maintenance of the water and sewage systems and are stated at the lowest between the average cost of acquisition or realizable value and are classified in current assets. |
Investment properties | 3.7 Investment properties Investment properties are recorded at the acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method at rates that consider the estimated useful life of the assets. Expenditures related to repairs and maintenance are recorded in the income statement when incurred. The Company also maintains some assets for undetermined use in the future, i.e. it is not defined whether they will be used in the operation or sold in the short term during the ordinary course of business. |
Contract Assets | 3.8 Contract Assets Contract Assets (construction work in progress) represent the right to consideration in exchange for goods or services transferred to customers. As established by IFRS 15 - Revenue from Contracts with Customers, assets subject to the concession under construction, recorded under the scope of IFRIC 12 – Service Concession Arrangements, must be classified as Contract Asset during the construction period and transferred to Intangible Assets after the conclusion of the works. A Contract Asset is recognized at fair value, including the capitalization of labor, construction margin, interest, and other financial charges capitalized during the construction period of qualifying assets, where applicable, based on the weighted average rate of borrowings in effect on the capitalization date. A qualifying asset necessarily requires a substantial period, established by the Company as being higher than 12 months, to be ready for use, considering the completion period of the works, given that most of them take on average more than 12 months to be completed, which corresponds to one fiscal year of the Company. The infrastructure construction values are recognized as revenue, at fair value, provided that they generate future economic benefits. The accounting policy to recognize construction revenue is described in Note 3.4 (b). |
Property, plant and equipment | 3.9 Property, plant and equipment Property, plant and equipment comprise mainly administrative facilities not composing the assets subject to the concession agreements. Those assets are stated at acquisition or construction cost less depreciation and impairment losses, as applicable. Where applicable, interest, other finance charges, and inflationary effects resulting from financing effectively applied to construction in progress are recorded as the cost of the respective property, plant and equipment for the qualifying assets. A qualifying asset necessarily requires a substantial period, established by the Company as being higher than 12 months, to be ready for use, considering the completion period of the works, given that most of them take on average more than 12 months to be completed, which corresponds to one fiscal year of the Company. Subsequent costs are included in the existing asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated with the item will flow to the Company and the cost of the item can be reliably measured. Repairs and maintenance are charged to the income statement of the year, as incurred. The depreciation of property, plant, and equipment begins when such an item becomes available for use, in its location, and under the necessary condition, when this asset becomes operational. Depreciation is calculated using the straight-line method and the average rates are presented in Note 16 (a). Land is not depreciated. The useful lives of assets are revised and adjusted, where applicable, at the end of each year. Gains and losses on disposals are determined by the difference between the sales value and residual book balance and are recognized in profit or loss, under other operating income (expenses). |
Intangible assets | 3.10 Intangible assets Intangible assets are those arising from concession contracts, and the main costs are transferred from the Contract Asset, as described in Note 3.8. The amortization of an intangible assets begins when it becomes available for use, in its location and necessary condition when this asset becomes operational. The amortization reflects the period in which it is expected that the asset’s future economic benefits are consumed by the Company, which may be the final term of the concession or their useful life. The amortization of intangible assets ends when the asset is fully consumed or written off, whatever occurs first. Donations in assets, received from third parties and government entities to allow the Company to render water supply and sewage services are not recorded in the consolidated financial statements, since these assets are owned by the granting authority. Financial resources received as donations for infrastructure construction are recorded under “Other operating income”. (a) Concession agreements/program contracts/service contracts The Company operates concession agreements including the rendering of basic sanitation, environmental, water supply and sewage services signed with the granting authorities. The infrastructure used by SABESP related to service concession arrangements is considered to be controlled by the granting authority when: (i) The granting authority controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and at what price; and (ii) The granting authority controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession. The rights over the infrastructure operated under the concession agreements are accounted for as an intangible asset as the Company has the right to charge for the use of the infrastructure assets, and the users (consumers) must pay for the services. Intangible assets related to the concessions, are amortized on a straight-line basis over the contract period or useful life of the underlying asset, whichever occurs first. The details referring to the amortization of intangible assets are described in Note 15 (c). (b) Software license of use Software licensing is capitalized based on acquisition costs and other implementation costs. Amortizations are recorded according to the useful life and the expenses associated with maintaining them are recognized in profit or loss when incurred. |
Impairment of non-financial assets | 3.11 Impairment of non-financial assets Property, plant and equipment, intangible assets and other noncurrent assets with defined useful lives are reviewed for impairment on an annual basis, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company does not have assets with indefinite useful life and assessed that there are no indications of impairment losses, mainly supported by Law 14,026/2020, which ensures economic and financial sustainability to public sanitation services through tariffs or indemnity. |
Trade payables and contractors | 3.12 Trade payables and contractors Trade payables and contractors are obligations to pay for goods or services acquired from suppliers in the ordinary course of business and are initially measured at fair value, which generally corresponds to the bill and subsequently at amortized cost, being classified as current liabilities, except when the maturity exceeds 12 months after the reporting date, being presented as noncurrent liabilities. |
Borrowings and financing | 3.13 Borrowings and financing Borrowings and financing are initially recognized at fair value, upon receipt of funds, net of transaction costs and stated at amortized cost. See Note 17. Borrowings and financing are classified as current liabilities unless the Company has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date. The bonds issued by the Company are not convertible into shares and are recorded similarly to borrowings. |
Borrowing costs | 3.14 Borrowing costs Borrowing costs consist of interest rates and other charges incurred by the Company and arise from borrowing and financing agreements, including exchange variation. Costs attributable to the acquisition, construction, or production of an asset, which, necessarily, requires a substantial time to be ready for use or sale are capitalized as part of the cost of these assets. Other borrowing costs are recognized as expenses in the period they are incurred. The capitalization occurs during the construction period of the asset, considering the weighted average rate of borrowings effective on the capitalization date. The Company analyses foreign currency-denominated borrowings or financing as if they were contracted in local currency, restricting the capitalization of interest and/or exchange variation by the amount that would be capitalized if they were contracted in the domestic market in similar lines of credit and loans. |
Salaries, payroll charges and social contributions | 3.15 Salaries, payroll charges and social contributions Salaries, vacations, Christmas bonuses, profit sharing and additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on an accrual basis. The profit-sharing plan is based on operational and financial targets, and a provision is created when it is contractually required or when there is a past practice that created a constructive obligation, and is recorded as operating cost, selling and administrative expenses or capitalized in assets. |
Provisions, legal obligations, escrow deposits and contingent assets | 3.16 Provisions, legal obligations, escrow deposits and contingent assets Provisions are recognized when: i) the Company has a present (legal or constructive) obligation resulting from a past event; ii) an outflow of resources that comprise economic benefits will probably be required to settle the obligation; and iii) the amount can be reliably estimated. Where there are several similar obligations, the likelihood that an outflow of resources will be required to settle an obligation is determined by considering the nature of these obligations as a whole. Provisions are measured at the present value of the disbursements expected to be required to settle an obligation using a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. The increase in the obligation due to the passage of time is recognized as a financial expense. For financial statement presentation purposes, the provision is stated net of escrow deposits, based on the legal offset right. Escrow deposits not linked to the related obligations are recorded in noncurrent assets and adjusted by the indexes defined by the competent authorities. The Company does not recognize contingent liabilities in the consolidated financial statements since it either does not expect outflows to be required or the amount of the obligation cannot be reliably measured. Contingent assets are not recognized in the consolidated financial statements. |
Environmental costs | 3.17 Environmental costs Costs related to ongoing environmental programs are expensed in the income statement, when there is a taxable event. Ongoing programs are designed to minimize the environmental impact of the operations and to manage the environmental risks inherent to the Company's activities. |
Current and deferred income tax and social contribution | 3.18 Current and deferred income tax and social contribution Income taxes expenses comprise current and deferred income tax and social contributions. Current taxes The provision for income tax and social contribution is calculated based on the taxable profit for the year and the rates effective at the end of the year. The income tax was defined at a rate of 15%, plus a 10% surtax on taxable income exceeding R$ 240. Deferred taxes Deferred taxes are fully recognized on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred taxes are not accounted for if they arise from the initial recognition of an asset or liability in a transaction that does not affect the tax basis, except in business combinations. Deferred taxes are determined using tax rates (and laws) effective at the end of the reporting period and are expected to be applied when the related income tax and social contribution are realized. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences can be used and tax losses can be offset. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred income tax assets and liabilities are related to income taxes levied by the same tax authority over the tax entity. |
Taxes on revenues | 3.19 Taxes on revenues Revenues from sanitation services are subject to Pasep (Public Servant Fund) and Cofins (Contribution for Social Security Financing) rates of 1.65 7.60 0.65 4.00 Pasep and Cofins taxes incident on billed amounts to public entities are due when the billes are received. These taxes are calculated by the regime of noncumulative taxation and presented net of the corresponding credits, such as deductions from gross revenues. The lines “other operating income” and “financial revenues” are presented net of such taxes on the income statement. In addition, revenues from sanitation services are also subject to the Regulatory, Control and Oversight Fee (TRCF), whose taxable event is the performance of regulatory, control and monitoring activities by São Paulo State Public Services Regulatory Agency (ARSESP), calculated at 0.50 |
Pension plan obligations | 3.20 Pension plan obligations (a) Defined benefit The Company makes contributions to defined benefit plans sponsored by it on a contractual basis. Regular contributions comprise the net administrative expenses and are recognized in the result of the period in which they are due. Pension plan liabilities correspond to the present value of the obligation on the reporting date, less the fair value of the plan’s assets. The defined benefit obligations (G1), as well as the additional retirement and pension plan (G0), are calculated on an annual basis by independent actuaries, using the projected unit credit method. The estimated future cash outflows are discounted to their present value, using the interest rates of Government bonds with maturities that approximate those of the related liability. Regarding actuarial gains and losses arising from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive income (OCI), so that the plan's net asset or liability is recognized in the statement of financial position to reflect the full amount of plan’s deficit or surplus. In the event of curtailment or settlement of the plan, related to only some of the employees covered by the plan, or where only part of an obligation is settled, the gain or loss includes a proportional share of the past service cost and actuarial gains and losses. The proportional share is determined based on the present value of the obligations before and after the curtailment or settlement. (b) Defined contribution The Company makes contributions to defined benefit plans sponsored by it on a contractual basis, which provides post-employment benefits to its employees, in which the Company makes equal contributions to employees, within the limits set by regulation. In this model, the benefits paid are directly related to the amount contributed, with no deficits to be covered by the Company. |
Financial income (expenses) | 3.21 Financial income (expenses) Financial income is primarily comprised of interest and inflation adjustments resulting from financial investments, escrow deposits and negotiations with customers to pay by installments, calculated using the effective interest rate method. Financial expenses refer to interest, inflation adjustments, and exchange variation mainly on borrowings and financing, provisions, public-private partnership and program contract commitments, and are calculated using the effective interest rate method. Inflation adjustment gains and losses arise from the collection or payment to third parties, as contractually required by law or court decision, recognized on an accrual basis pro rata temporis. Inflation adjustments included in the agreements are not considered embedded derivatives, since they are deemed as inflation adjustment rates for the Company’s economic scenario. |
Leases | 3.22 Leases Leases are recognized at the present value of the contractual obligations, presented in assets as Right of Use (Note 15 (f)) and in liabilities as Leases (Note 17 (b)), except for short-term contracts (12 months or less) and/or low value (below US$ 5 thousand – R$ 24 thousand), which are recorded as expenses when incurred. |
Other current and noncurrent assets and liabilities | 3.23 Other current and noncurrent assets and liabilities Other assets are recorded at acquisition cost, net of any impairment loss, where applicable. Other liabilities are recorded at known or estimated amounts, including, where applicable, related financial charges. |
Dividends and interest on capital | 3.24 Dividends and interest on capital The Company uses the tax benefit of distributing dividends as interest on capital, as permitted by law and based on the Bylaws. Interests are accounted for under Law 9,249/1995 for tax-deductibility purposes, limited to the daily pro rata variation of the long-term interest rate (TJLP). The benefit attributed to shareholders is recognized in current liability against Equity. Any amount over the minimum mandatory is recognized when approved by shareholders in the General Meeting, except for taxes incurring in the distribution of interest on capital. The tax benefit of interest on capital is accrued in the profit/loss of the year, under the same recognition basis of expenses. |
Present value adjustment | 3.25 Present value adjustment Current and noncurrent financial assets and liabilities arising from long- or short-term transactions are adjusted to present value based on market discount rates as of the transaction date, when the effects are significant. |
Segment information | 3.26 Segment information Operating segments are determined in a manner consistent with the internal reporting to the Company’s chief operating decision maker (“CODM”), which, in the case of SABESP, is comprised of the Board of Directors and the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance. The Company determined that it has one operating segment which is sanitation services. The accounting policies used to determine segment information are the same as those used to prepare the Company’s consolidated financial statements. The measurement of the result per segment is the profit from operations before other net operating expenses and equity accounting, which excludes construction costs and revenue. The CODM analyzes asset and liability information on a consolidated basis. Consequently, the Company does not disclose segregated information on assets and liabilities. Substantially all noncurrent assets and revenue generated from customers are located in the São Paulo State. Consequently, financial information is not disclosed by geographic area. |
Foreign currency translation | 3.27 Foreign currency translation (a) Functional and reporting currency Items included in the consolidated financial statements are measured using the currency of the main economic environment in which the company operates ("the functional currency"). The consolidated financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial information has been presented in Brazilian reais and rounded to the next thousand, except where otherwise indicated. (b) Foreign currency translation Foreign currency-denominated transactions are translated into Brazilian reais using the exchange rates prevailing on the transaction dates. Statements of financial position balances are translated by the exchange rate prevailing on the reporting date. Exchange gains and losses resulting from the settlement of these transactions and the translation of foreign currency-denominated monetary assets and liabilities are recognized in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described in Note 3.14. |
Operations (Tables)
Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operations | |
Schedule of summary of contractual | Schedule of summary of contractual December 31, 2023 December 31, 2022 Total municipalities that have already signed contracts 351 351 Balance – intangible and contract assets 48,759,219 45,292,307 Percentage of intangible and contract assets 95.12% 94.49% Revenue from sanitation services (excluding construction revenue) 20,510,427 17,767,561 Percentage of revenue from sanitation services (excluding construction revenue) 95.35% 95.37% Municipalities with expired contracts: 1 1 Balance – intangible and contract assets 11,309 11,519 Percentage of intangible and contract assets 0.02% 0.02% Revenue from sanitation services (excluding construction revenue) 17,559 15,236 Percentage of revenue from sanitation services (excluding construction revenue) 0.08% 0.08% Municipalities with concession agreements due by 2030: 23 23 Balance – intangible and contract assets 1,051,209 1,072,138 Percentage of intangible and contract assets 2.05% 2.24% Revenue from sanitation services (excluding construction revenue) 833,418 711,452 Percentage of revenue from sanitation services (excluding construction revenue) 3.87% 3.82% Municipality of São Paulo: Percentage of intangible and contract assets 43.40% 43.33% Percentage of revenue from sanitation services (excluding construction revenue) 44.95% 45.14% |
Changes in accounting practic_2
Changes in accounting practices and disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Changes In Accounting Practices And Disclosures | |
Schedule of recognized financial statements | Schedule of recognized financial statements Standard Description Impact Amendments to IFRS 10 - Consolidated Statements and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 2 Clarify situations that involve the sale or contribution of assets between an investor and its associate or joint venture. The Company is assessing the impacts and effects of the amendments; however, it does not expect any effects from the amendments. Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current 1 These amendments to IAS 1 only affect the presentation of liabilities as current or non-current in the statement of financial position and not the amount or time of recognition of any asset, liability, income or expense, or information disclosed on such items. In addition, they clarify that the classification of liabilities as current or non-current is based on rights existing on the balance sheet date, specify that classification is not affected by the expectations on whether an entity will exercise its right to defer the settlement of the liability and introduce the definition of 'settlement' to clarify that settlement refers to the transfer, to a counterparty, of cash, equity instruments, other assets or services. The Company does not expect any impacts from this standard. Amendments to IAS 7 – Statament of Cash Flows and IFRS 7 – Financial Instruments - Disclosures 1 The amendments add a disclosure objective IAS 7 stating that information about their supplier financing arrangements should be disclosed to allow users of the financial statements to assess the effects of these agreements on the entity’s liabilities and cash flows. Additionally, IFRS 7 was amended to include supplier financing arrangements as an example within the requirements for disclosing information about the entity’s exposure to liquidity risk concentration. The Company does not expect effects from these amendments. Amendments to IFRS 16 – Leases - Lease liability in a Sale and Leaseback transaction 1 The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 for accounting purposes as a sale. The amendments require that the seller-lessee determine "lease payments" or "revised lease payments" so that the seller-lessee does not recognize a gain or loss related to the right of use retained by the seller-lessee after the commencement date. The amendments do not impact the gain or loss recognized by the seller-lessee related to the total or partial termination of a lease. Without these new requirements, a seller-lessee may have recognized a gain on the right of use retained solely because of the remeasurement of the lease liability (for example, after a modification or change in the lease term) that applies the general requirements in IFRS 16. This may have been particularly the case in a sublease that includes variable lease payments not dependent on an index or rate. The Company does not expect effects from these amendments. 1 Effective for annual periods beginning on or after January 1, 2024. 2 The effective date of the amendments has not yet been defined by IASB. |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risk Management | |
Schedule of exposure to exchange risk | Schedule of exposure to exchange risk December 31, 2023 December 31, 2022 Foreign currency (in thousands) R$ Foreign currency (in thousands) R$ Borrowings and financing – US$ 280,188 1,356,474 191,022 996,695 Borrowings and financing – Yen 41,078,385 1,405,702 45,369,189 1,795,259 Interest and charges from borrowings and financing – US$ 15,510 6,985 Interest and charges from borrowings and financing – Yen 8,167 10,502 Total exposure 2,785,853 2,809,441 Borrowing cost – US$ (37,520) (31,037) Borrowing cost – Yen (2,442) (2,646) Total foreign-currency denominated borrowings (Note 17) 2,745,891 2,775,758 |
Schedule of prices exchange variations | Schedule of prices exchange variations December 31, 2023 December 31, 2022 Variation US$ R$ 4.8413 R$ 5.2177 -7.2 Iene R$ 0.03422 R$ 0.03957 -13.5 |
Schedule of scenario of effect on the income statement | Schedule of scenario of effect on the income statement Probable scenario (*) Net currency exposure as of December 31, 2023 in US$ - Liabilities 280,188 US$ rate as of December 31, 2023 4.8413 Exchange rate estimated according to the scenario 5.0000 Difference between the rates (0.1587 Effect on the net financial result R$ - (loss) (44,466) Net currency exposure as of December 31, 2023 in Yen - Liabilities 41,078,385 Yen rate as of December 31, 2023 0.03422 Exchange rate estimated according to the scenario 0.03590 Difference between the rates (0.00168 Effect on the net financial result R$ - (loss) (69,012) Total effect on the net financial result in R$ - (loss) (113,478) (*) For the probable scenario in U.S. dollars and Yen, the exchange rates estimated for December 31, 2024, were used, according to the Focus-BACEN and B3’s Benchmark Rate report, of December 31, 2023, respectively. |
Schedule of borrowings and financing subject to different inflation adjustment indices | Schedule of borrowings and financing subject to different inflation adjustment indices December 31, 2023 December 31, 2022 CDI (i) 9,966,111 9,251,150 TR (ii) 1,684,711 1,635,587 IPCA (iii) 3,038,378 3,073,435 TJLP (iv) 1,365,806 1,433,029 SOFR (v) 1,356,473 996,697 Interest and charges 392,906 424,856 Total 17,804,385 16,814,754 (i) CDI – (Certificado de Depósito Interbancário), an interbank deposit certificate (ii) TR – Interest Benchmark Rate (iii) IPCA – (Índice Nacional de Preços ao Consumidor Amplo), a consumer price index (iv) TJLP – (Taxa de Juros a Longo Prazo), a long-term interest rate index (v) SOFR – Secured Overnight Financing Rate |
Schedule of credit risk | Schedule of credit risk Banks Fitch Moody's Standard Poor's Banco do Brasil S/A AAA(bra) AAA.br - Banco Santander Brasil S/A - AAA.br brAAA Brazilian Federal Savings Bank AAA(bra) AAA.br brAAA Banco Bradesco S/A AAA(bra) AAA.br brAAA Banco Itaú Unibanco S/A AAA(bra) AAA.br - Banco BV - AA.br brAAA Banco BTG Pactual S/A AAA(bra) AAA.br brAAA |
Schedule of rating assessment | Schedule of rating assessment December 31, 2023 December 31, 2022 Cash and cash equivalents and financial investments AA(bra) - 2,237,629 AAA(bra) 2,940,690 1,011,685 Others (*) 324,546 296,044 3,265,236 3,545,358 (*) As of December 31, 2023, this category includes R$ 322,241 289,908 |
Schedule of liquidity risk | Schedule of liquidity risk 2024 2025 2026 2027 2028 2029 onwards Total As of December 31, 2023 Liabilities Borrowings and financing 4,242,785 3,793,478 3,444,022 3,345,107 2,454,561 10,862,692 28,142,645 Trade payables and contractors 456,215 - - - - - 456,215 Services payable 750,732 - - - - - 750,732 Public-Private Partnership – PPP 488,086 449,838 464,863 480,389 496,434 6,210,305 8,589,915 Program Contract Commitments 21,622 1,215 1,215 1,215 1,215 11,550 38,032 Total 5,959,440 4,244,531 3,910,100 3,826,711 2,952,210 17,084,547 37,977,539 |
Schedule of sensitivity analysis on interest rate risk | Schedule of sensitivity analysis on interest rate risk December 31, 2023 Indicators Exposure Probable scenario Assets CDI 3,233,218 10.0400 Financial income 324,615 Liabilities CDI (9,966,111) 10.0400 Interest to be incurred (1,000,598) CDI net exposure (6,732,893) (675,983) Liabilities TR (1,684,711) 0.0064 Expenses to be incurred (108) IPCA (3,038,378) 3.9000 Expenses to be incurred (118,497) TJLP (1,365,806) 6.4300 Interest to be incurred (87,821) SOFR (***) (1,356,473) 4.8193 Interest to be incurred (65,373) Total expenses to be incurred, net (947,782) (*) Source: BACEN of December 31, 2023 (**) Source: B3 of December 31, 2023 (***) Source: Bloomberg |
Schedule of capital management | Schedule of capital management December 31, 2023 December 31, 2022 Total borrowings and financing (Note 17) 19,536,350 18,958,671 (-) Cash and cash equivalents (Note 7) (838,484) (1,867,485) (-) Financial investments (Note 8) (2,426,752) (1,677,873) Net debt 16,271,114 15,413,313 Total equity 29,857,376 27,333,533 Total (shareholders plus providers of capital) 46,128,490 42,746,846 Leverage ratio 35% 36% |
Schedule of estimated fair values of the financial instruments | Schedule of estimated fair values of the financial instruments December 31, 2023 December 31, 2022 Carrying amount Fair value Carrying amount Fair value Cash and cash equivalents 838,484 838,484 1,867,485 1,867,485 Financial investments 2,426,752 2,426,752 1,677,873 1,677,873 Restricted cash 54,944 54,944 37,474 37,474 Trade receivables 3,856,723 3,856,723 3,277,808 3,277,808 Water and Basic Sanitation National Agency – ANA 2,673 2,673 9,193 9,193 Other assets 196,065 196,065 212,674 212,674 |
Schedule of financial liabilities | Schedule of financial liabilities December 31, 2023 December 31, 2022 Carrying amount Fair value Carrying amount Fair value Borrowings and financing 19,536,350 19,950,055 18,958,671 19,260,133 Trade payables and contractors 456,215 456,215 430,946 430,946 Services payable 750,732 750,732 723,242 723,242 Program contract commitments 34,016 34,016 112,385 112,385 Public-Private Partnership - PPP 3,286,614 3,286,614 2,959,181 2,959,181 The criteria adopted to obtain the fair values of borrowings and financing are as follows: (i) Agreements with CEF (Brazilian Federal Savings Bank) were projected until their final maturities, at the average interest rate plus TR x DI and the average contractual term, were adjusted to present value by a funding rate specific for the Company in similar contracts, plus TR x DI, on the end of the reporting period. TR x DI rates were obtained with B3. (ii) The debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and adjusted to present value considering the future interest rate published by Brazilian Financial and Capital Markets Association (ANBIMA) in the secondary market, or by equivalent market rates, or the Company’s shares traded in the Brazilian market. (iii) Financing – BNDES corresponds to instruments valued at their carrying amount restated until the maturity date, and are indexed by the long-term interest rate (TJLP) . These financings have specific characteristics and conditions defined in the financing agreements with BNDES, between independent parties, and reflect the conditions for these types of financing. Brazil does not have a consolidated market of long-term debts with the same characteristics of BNDES financing; thus, the offering of credit to entities in general, with such long-term characteristics, is usually restricted to BNDES. (iv) Other financings in local currency are considered by the carrying amount restated until the maturity date, adjusted to present value at future market interest rates. The future rates used were obtained on the website of B3. (v) Agreements with IDB and IBRD were projected until final maturity in origin currency, using the contracted interest rates plus Secured Overnight Finance Rate (SOFR’s) future rate, obtained with Bloomberg, adjusted to present value using the exchange coupon curve obtained with B3, plus future Treasury Financial Bills (LFT), disclosed by ANBIMA in the secondary market. All the amounts obtained were translated into Brazilian reais at the exchange rate of December 31, 2023. (vi) Agreements with Japan International Cooperation Agency (JICA) were projected until final maturity in origin currency, using the contracted interest rates, translated to the U.S. dollar and adjusted to present value using the exchange coupon curve obtained with B3, plus future LFT, disclosed by ANBIMA in the secondary market. The amounts obtained were translated into Brazilian reais at the exchange rate of December 31, 2023. (vii) Lease and finance leases based on IFRS 16 correspond to instruments valued at their present value. Thus, the Company discloses the amount recorded as of December 31, 2023 as market value. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of Cash and cash equivalents | Schedule of Cash and cash equivalents December 31, 2023 December 31, 2022 Cash and banks 31,187 139,844 Cash equivalents 807,297 1,727,641 Total 838,484 1,867,485 |
Financial investments (Tables)
Financial investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Investments | |
Schedule of financial investments | Schedule of financial investments December 31, 2023 December 31, 2022 Banco BV 322,240 289,909 Banco Itaú Unibanco S/A - 403,732 Banco Bradesco S/A 643,445 578,752 Banco BTG Pactual S/A 449,241 404,363 Banco do Brasil S/A 1,011,826 1,117 2,426,752 1,677,873 |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of restricted cash | Schedule of restricted cash December 31, 2023 December 31, 2022 Agreement with the São Paulo Municipal Government (i) 47,749 30,231 Brazilian Federal Savings Bank – escrow deposits 365 433 Other 6,830 6,810 54,944 37,474 (i) Refers to the amount deducted from the transfer of 7.5% of the revenue earned in the municipality to the Municipal Fund for Environmental Sanitation and Infrastructure, corresponding to eventual amounts unpaid by direct management bodies, foundations and government agencies, as established in the agreement entered into with São Paulo Municipal Government (PMSP). |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of financial position balances | Schedule of financial position balances December 31, 2023 December 31, 2022 Private sector: General (i) and special customers (ii) 2,200,921 2,287,782 Agreements (iii) 839,010 416,550 3,039,931 2,704,332 Government entities: Municipal 623,601 609,731 Federal 8,036 10,644 Agreements (iii) 374,372 372,943 1,006,009 993,318 Wholesale customers – Municipal governments: (iv) Mogi das Cruzes 4,343 4,048 São Caetano do Sul 45,333 45,367 Total wholesale customers – Municipal governments 49,676 49,415 Unbilled supply 1,138,316 959,260 Subtotal 5,233,932 4,706,325 Allowance for doubtful accounts (1,377,209) (1,428,517) Total 3,856,723 3,277,808 Current 3,584,287 3,062,574 Noncurrent 272,436 215,234 Total 3,856,723 3,277,808 (i) General customers - residential and small and mid-sized companies; (ii) Special customers - large consumers, commercial, industries, condominiums and special billing customers (fixed demand agreements, industrial waste, wells, among others); (iii) Agreements - installment payments of past-due receivables, plus inflation adjustment and interest, according to the agreements; and (iv) Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which are responsible for distributing to, billing and charging final customers. |
Schedule of the aging of trade receivables | Schedule of the aging of trade receivables December 31, 2023 December 31, 2022 Current 2,723,975 2,244,754 Past-due: Up to 30 days 627,986 489,709 From 31 to 60 days 271,476 248,128 From 61 to 90 days 181,639 165,306 From 91 to 120 days 127,421 150,941 From 121 to 180 days 290,610 281,530 From 181 to 360 days 57,289 58,702 Over 360 days 953,536 1,067,255 Total past-due 2,509,957 2,461,571 Total 5,233,932 4,706,325 |
Schedule of allowance for doubtful accounts | Schedule of allowance for doubtful accounts Changes in assets December 31, 2023 December 31, 2022 December 31, 2021 Balance at beginning of the year 1,428,517 1,280,088 1,157,619 Constitution/(reversal) of losses 21,103 209,360 182,547 Recoveries (72,411) (60,931) (60,078) Balance at the end of the year 1,377,209 1,428,517 1,280,088 |
Schedule of estimated reconciliation | Schedule of estimated reconciliation Reconciliation of estimated/historical losses of income December 31, 2023 December 31, 2022 December 31, 2021 Write-offs (703,325) (636,366) (508,055) (Losses)/reversal with state entities - related parties (903) 2,738 (13,206) (Losses)/reversal with the private sector / government entities (21,103) (209,360) (182,547) Recoveries 72,411 60,931 60,078 Amount recorded expense (Note 29) (652,920) (782,057) (643,730) |
Schedule of judicial bonds | Schedule of judicial bonds Debtor December 31, 2023 December 31, 2022 Municipality of São Paulo 3,042,927 2,656,113 Municipality of Cotia 15,456 103,729 Municipality of Cachoeira Paulista 14,964 13,672 Others 11,918 33,804 TOTAL 3,085,265 2,807,318 |
Related-Party Balances and Tr_2
Related-Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of loan agreement through credit facility | Schedule of loan agreement through credit facility December 31, 2023 December 31, 2022 Accounts receivable Current: Sanitation services (ii) 169,515 144,937 Allowance for losses (50,498) (49,595) Reimbursement for retirement and pension benefits paid (G0): - monthly flow (payments) (iii) and (iv) 36,241 13,376 - GESP Agreement – 2015 (vi) 106,022 97,075 Total current 261,280 205,793 Noncurrent: Agreement for the installment payment of sanitation services 1,361 1,361 Reimbursement of additional retirement and pension benefits paid (G0): - GESP Agreement – 2015 (vi) 933,911 949,589 Total noncurrent 935,272 950,950 Total receivables 1,196,552 1,156,743 Assets: Sanitation services 120,378 96,703 Reimbursement of additional retirement and pension benefits (G0) 1,076,174 1,060,040 Total 1,196,552 1,156,743 Liabilities: Interest on capital payable 420,564 372,550 |
Schedule of loan agreement through credit facility | Schedule of loan agreement through credit facility 2023 2022 2021 Revenue from sanitation services 775,988 661,955 522,608 Payments received from related parties (741,089) (632,501) (439,349) Payment received from reimbursement referring to Law 4,819/58 (189,713) (186,690) (179,787) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Investments Abstract | |
Schedule of the investees financial statements and equity interest | Schedule of the investees financial statements and equity interest Company Equity Contribution Dividends distributed Profit (loss) for the year 2023 2022 2021 2023 2023 2023 (*) 2022 2021 Sesamm 61,275 59,371 58,421 - (18,485) 20,389 - 14,825 9,059 Águas de Andradina 34,088 30,777 29,591 - - 3,311 - 1,186 2,424 Águas de Castilho 12,784 10,787 9,384 - - 1,997 - 1,403 1,428 Attend Ambiental 43,263 29,729 23,493 - (4,215) 17,749 - 8,177 4,701 Aquapolo Ambiental 102,442 73,926 58,172 - (9,000) 37,516 - 30,496 25,269 Paulista Geradora de Energia (**) 42,307 10,486 6,153 30,093 - 1,728 - (744) (539) Cantareira SP Energia 10,650 1,000 - 10,114 - (464) - - - FOXX URE-BA Ambiental 63,309 69,258 - 4,325 - (1,686) (8,588) - - Infranext Soluções em Pavimentação (***) 4,699 7,050 - - - (2,351) - - - Sabesp Olímpia (3,066) - - 811 - (3,877) - - - (*) The amount presented refers to changes in the equity of the investee, as its financial statements for the year ended December 31, 2022 were issued after the disclosure of SABESP’s consolidated financial statements. (**) In October 2022, it was agreed at the Extraordinary Meeting a capital contribution of R$ 20,310 thousand, and SABESP paid R$ 5,077 in December 2022, corresponding to 25%. Servtec and Tecniplan paid R$ 15,233 in June 2023, corresponding to 75%. In 2023, a contribution of R$ 20,600 was defined, with Servtec and Tecniplan paying R$ 14,860 of this amount. As of December 31, 2023, the contributions from Servtec and Tecniplan, of R$ 295 each, and the contribution from SABESP, of R$ 5,150, were still pending . (***) Infranext’s share capital will be R$ 12,000. As of December 31, 2023, SABESP had an outstanding payable amount of R$ 4,950. Investiments Contribution Dividends distributed Reclassification (***) Equity in the earnings of subsidiaries Interest percentage 2023 2022 2023 2023 2023 2023 (*) 2022 2021 2023 2022 2021 Sesamm 22,059 21,374 - (6,655) - 7,340 - 5,337 3,261 36 36 36 Águas de Andradina 10,225 9,233 - - - 992 - 356 700 30 30 30 Águas de Castilho 3,835 3,236 - - - 599 - 421 433 30 30 30 Attend Ambiental 19,469 13,379 - (1,897) - 7,987 - 3,680 5,438 45 45 45 Aquapolo Ambiental 50,196 36,223 - (4,410) - 18,383 - 14,943 12,382 49 49 49 Paulista Geradora de Energia 6,861 6,429 - - - 432 - (186) (135) 25 25 25 Cantareira SP Energia 5,212 490 4,949 - - (227) - - - 49 49 - FOXX URE-BA Ambiental 12,663 13,852 865 - - (337) (1,717) - - 20 20 - Infranext Soluções em Pavimentação - 450 - - 608 (1,058) - - - 45 45 - Total 130,520 104,666 5,814 (12,962) 608 34,111 (1,717) 24,551 22,079 FOXX URE-BA Ambiental (**) 25,244 - Other investments 6,099 6,099 Overall total 161,863 110,765 (*) Refers to changes in the equity of investees, as their financial statements for the year ended December 31, 2022 were issued after the disclosure of SABESP’s consolidated financial statements. (**) The amount presented refers to the fair value adjustment in the acquisition of FOXX URE-BA in 2023. (***) The amount of the investee’s loss exceeding the investment was reclassified to Noncurrent Liabilities. |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of investment properties | Schedule of investment properties December 31, 2022 Depreciation December 31, 2023 Investment properties 46,726 (48) 46,678 December 31, 2021 Additions Depreciation December 31, 2022 Investment properties 46,126 648 (48) 46,726 December 31, 2020 Write-offs and disposals Depreciation December 31, 2021 Investment properties 46,274 (100) (48) 46,126 |
Contract assets (Tables)
Contract assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contract assets [abstract] | |
Schedule of contract assets | Schedule of contract assets December 31, 2022 Additions (i) Transfers Transfers of works to intangible assets (ii) December 31, 2023 (iii) Total contract assets 8,613,968 6,026,053 384 (7,247,309) 7,393,096 (i) The largest additions of the period are located in the municipalities of São Paulo, Guarulhos and Itanhaém, in the amounts of R$ 2,528 million, R$ 377 million and R$ 180 million, respectively. (ii) The largest transfers of the period are located in the municipalities of São Paulo, Franca and São Bernardo do Campo, in the amounts of R$ 3,306 million, R$ 314 million and R$ 260 million, respectively. (iii) The largest works are located in the municipalities of São Paulo, Francisco Morato and Guarulhos, in the amounts of R$ 2,053 million, R$ 255 million and R$ 252 million, respectively. As of December 31, 2023, there were no leases amounts recorded in the contract assets recognized before December 31, 2019 in accordance with IAS 17 (R$ 276,893 as of December 31, 2022). December 31, 2021 Additions (i) Transfers Transfers of works to intangible assets December 31, 2022 Total contract assets 8,550,102 5,240,528 2,702 (5,179,364) 8,613,968 December 31, 2020 Additions Transfers Transfers of works to intangible assets December 31, 2021 Total contract assets 7,969,164 4,759,789 2,412 (4,181,263) 8,550,102 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
Schedule of financial position details | Schedule of financial position details December 31, 2023 December 31, 2022 Cost Accumulated amortization Net Cost Accumulated amortization Net Intangible right arising from: Concession agreements – equity value 747,925 (241,808) 506,117 722,730 (223,404) 499,326 Concession agreements – economic value 1,686,384 (1,048,624) 637,760 1,585,271 (933,232) 652,039 Concession agreements – new contracts 148,000 (411) 147,589 - - - Program contracts 30,267,977 (9,583,480) 20,684,497 26,875,408 (8,537,949) 18,337,459 Program contracts – commitments 1,709,757 (497,731) 1,212,026 1,709,757 (444,765) 1,264,992 Services contracts – São Paulo 29,161,286 (8,967,701) 20,193,585 25,584,703 (7,714,252) 17,870,451 Software license of use 1,300,504 (787,280) 513,224 1,249,881 (654,477) 595,404 Right of use – other assets 217,204 (99,144) 118,060 170,921 (95,869) 75,052 Right of use - investments - - - 26,148 - 26,148 Total 65,239,037 (21,226,179) 44,012,858 57,924,819 (18,603,948) 39,320,871 |
Schedule of obligations assumed | Schedule of obligations assumed December 31, 2022 Addition Transfer of contract assets Transfers Write-offs and disposals Amortization December 31, 2023 Intangible right arising from: Concession agreements – equity value (*) 499,326 22 27,774 (934) (307) (19,764) 506,117 Concession agreements – economic value 652,039 60 115,841 63 (119) (130,124) 637,760 Concession agreements – new contracts - 148,000 - - - (411) 147,589 Program contracts (*) 18,337,459 159 3,337,155 93,417 (4,933) (1,078,760) 20,684,497 Program contracts – commitments 1,264,992 - - - - (52,966) 1,212,026 Services contracts – São Paulo 17,870,451 430 3,717,006 (113,378) (2,237) (1,278,687) 20,193,585 Software license of use 595,404 1,397 49,533 (88) - (133,022) 513,224 Right of use – Other assets 75,052 108,405 - - (31) (65,366) 118,060 Right of use – Investments 26,148 - - (26,148) - - - Total 39,320,871 258,473 7,247,309 (47,068) (7,627) (2,759,100) 44,012,858 (*) As of December 31, 2023, intangible assets include leases recognized before December 31, 2018 in accordance with IAS 17 amounting to R$ 374,679 43,738 330,941 222,572 54,356 168,216 December 31, 2021 Addition Transfer of contract assets Transfers Write-offs and disposals Amortization December 31, 2022 Intangible right arising from: Concession agreements – equity value (*) 491,057 - 27,166 (144) (115) (18,638) 499,326 Concession agreements – economic value 681,441 13 48,428 33,576 (9) (111,410) 652,039 Program contracts (*) 17,152,021 6,635 2,132,675 2,944 (2,800) (954,016) 18,337,459 Program contracts – commitments 1,317,957 - - - - (52,965) 1,264,992 Services contracts – São Paulo 16,158,771 208 2,855,284 (41,133) (6,063) (1,096,616) 17,870,451 Software license of use 598,734 214 115,811 6 - (119,361) 595,404 Right of use – Other assets 103,853 42,182 - - (67) (70,916) 75,052 Right of use – Investments - 26,148 - - - - 26,148 Total 36,503,834 75,400 5,179,364 (4,751) (9,054) (2,423,922) 39,320,871 (*) As of December 31, 2022, intangible assets include leases recognized before December 31, 2018 in accordance with IAS 17 amounting to R$ 222,572 54,356 168,216 245,681 65,012 180,669 December 31, 2020 Addition Transfer of contract assets Transfers Write-offs and disposals Amortization December 31, 2021 Intangible right arising from: Concession agreements – equity value (*) 483,775 - 24,656 467 (148) (17,693) 491,057 Concession agreements – economic value 734,665 - 52,275 (14) (242) (105,243) 681,441 Program contracts (*) 16,360,307 17,690 1,640,733 13,744 (8,840) (871,613) 17,152,021 Program contracts – commitments 1,370,923 - - - - (52,966) 1,317,957 Services contracts – São Paulo 14,872,604 14,950 2,307,851 (13,827) (13,745) (1,009,062) 16,158,771 Software license of use 540,625 - 155,748 - - (97,639) 598,734 Right of use – Other assets 42,676 140,321 - - (4,103) (75,041) 103,853 Total 34,405,575 172,961 4,181,263 370 (27,078) (2,229,257) 36,503,834 (*) As of December 31, 2021, intangible assets include leases recognized before December 31, 2018 in accordance with IAS 17 amounting to R$ 245,681 65,012 180,669 269,561 76,454 193,107 |
Schedule of Intangible assets | Schedule of Intangible assets December 31, 2023 December 31, 2022 Alto Tietê 235,224 251,545 São Lourenço 2,556,002 2,725,900 Total 2,791,226 2,977,445 |
Schedule of obligations assumed by the Company | Schedule of obligations assumed by the Company December 31, 2023 December 31, 2022 Current liabilities Noncurrent liabilities Total liabilities Current liabilities Noncurrent liabilities Total liabilities Alto Tietê 52,762 - 52,762 91,782 36,645 128,427 São Lourenço 435,164 2,798,688 3,233,852 130,631 2,700,123 2,830,754 Total 487,926 2,798,688 3,286,614 222,413 2,736,768 2,959,181 |
Schedule of right of use | Schedule of right of use Nature December 31, 2023 December 31, 2022 Leases - Contract Assets - 276,893 Leases - Concession and Program Contracts Cost 588,600 405,431 Accumulated amortization (213,921) (182,859) (=) Net 374,679 222,572 Right of use - Other assets Vehicles 205,593 153,384 Properties 11,566 11,711 Equipment 45 5,826 Accumulated amortization (99,144) (95,869) (=) Net 118,060 75,052 Total – Leases and Right of use 492,739 574,517 |
Schedule of impact in the income statements | Schedule of impact in the income statements Impact in the income statement December 31, 2023 December 31, 2022 December 31, 2021 Right-of-use amortization (96,429) (105,551) (75,041) Financial result – interest expense and inflation adjustment (75,108) (72,050) (68,730) Short-term and low-value lease expenses (26,776) (25,365) (22,467) Decrease of the income of the year (198,313) (202,966) (166,238) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property Plant And Equipment | |
Schedule of statement of financial position details | Schedule of statement of financial position details December 31, 2023 December 31, 2022 Cost Accumulated depreciation Net Annual Depreciation average rate Cost Accumulated depreciation Net Annual Depreciation average rate Land 94,228 - 94,228 - 94,228 - 94,228 - Buildings 125,672 (44,726) 80,946 2.2 90,311 (42,343) 47,968 2.1 Equipment 443,380 (313,193) 130,187 14.2 412,828 (291,963) 120,865 15.3 Transportation equipment 14,625 (10,384) 4,241 9.9 12,578 (10,083) 2,495 9.9 Furniture and fixtures 41,049 (15,876) 25,173 6.8 38,528 (15,032) 23,496 6.7 Other 140,548 (764) 139,784 6.5 50,189 (302) 49,887 5.0 Total 859,502 (384,943) 474,559 9.7 698,662 (359,723) 338,939 11.2 |
Schedule of changes in property, plant, and equipment | Schedule of changes in property, plant, and equipment December 31, 2022 Additions Transfers Write-offs and disposals Depreciation December 31, 2023 Land 94,228 - - - - 94,228 Buildings 47,968 5,832 28,459 (14) (1,299) 80,946 Equipment 120,865 55,449 (18,121) (641) (27,365) 130,187 Transportation equipment 2,495 - 2,432 - (686) 4,241 Furniture and fixtures 23,496 6,522 (3,060) (72) (1,713) 25,173 Other 49,887 79,446 10,826 - (375) 139,784 Total 338,939 147,249 20,536 (727) (31,438) 474,559 December 31, 2021 Additions Transfers Write-offs and disposals Depreciation December 31, 2022 Land 94,213 - 15 - - 94,228 Buildings 45,498 4,657 (976) (45) (1,166) 47,968 Equipment 115,154 27,849 1,988 (781) (23,345) 120,865 Transportation equipment 2,472 175 658 (3) (807) 2,495 Furniture and fixtures 22,079 2,646 394 (149) (1,474) 23,496 Other 11,741 38,341 (30) (78) (87) 49,887 Total 291,157 73,668 2,049 (1,056) (26,879) 338,939 December 31, 2020 Additions Transfers Write-offs and disposals Depreciation December 31, 2021 Land 94,213 - - - - 94,213 Buildings 45,347 3,181 (1,965) (5) (1,060) 45,498 Equipment 101,016 38,807 (3,398) (365) (20,906) 115,154 Transportation equipment 2,969 97 69 - (663) 2,472 Furniture and fixtures 17,419 4,477 1,647 (206) (1,258) 22,079 Other 7,287 3,719 865 - (130) 11,741 Total 268,251 50,281 (2,782) (576) (24,017) 291,157 |
Borrowings and financing (Table
Borrowings and financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings And Financing | |
Schedule of borrowings and financing outstanding | Schedule of borrowings and financing outstanding December 31, 2023 December 31, 2022 Financial institution Current Noncurrent Total Current Noncurrent Total Local currency 12th issue debentures 45,450 22,385 67,835 45,450 67,681 113,131 17th issue debentures - - - 144,632 - 144,632 18th issue debentures 46,962 - 46,962 49,937 45,649 95,586 22nd issue debentures 170,957 170,616 341,573 199,901 326,433 526,334 23rd issue debentures 490,810 374,279 865,089 - 864,910 864,910 24th issue debentures - 512,122 512,122 - 488,478 488,478 26th issue debentures - 1,302,042 1,302,042 - 1,239,645 1,239,645 27th issue debentures 200,000 498,634 698,634 299,614 698,339 997,953 28th issue debentures 127,715 1,070,457 1,198,172 - 1,197,756 1,197,756 29th issue debentures - 1,314,136 1,314,136 - 1,275,295 1,275,295 30th issue debentures 125,000 873,231 998,231 - 998,110 998,110 Brazilian Federal Savings Bank 108,210 1,508,275 1,616,485 99,767 1,422,145 1,521,912 Brazilian Development Bank - BNDES PAC - - - 6,736 - 6,736 Brazilian Development Bank - BNDES PAC II 9751 7,286 16,316 23,602 7,214 23,344 30,558 Brazilian Development Bank - BNDES PAC II 9752 4,936 11,107 16,043 4,887 15,884 20,771 Brazilian Development Bank - BNDES ONDA LIMPA 27,219 6,766 33,985 26,949 33,617 60,566 Brazilian Development Bank - BNDES TIETÊ III 200,693 652,175 852,868 154,437 656,264 810,701 Brazilian Development Bank - BNDES 2015 34,146 360,021 394,167 33,807 390,127 423,934 Brazilian Development Bank - BNDES 2014 6,638 10,107 16,745 6,572 16,525 23,097 Inter-American Development Bank - IDB 2202 181,349 1,983,615 2,164,964 181,349 2,164,009 2,345,358 Inter-American Development Bank - IDB INVEST 39,550 814,840 854,390 37,340 853,725 891,065 Inter-American Development Bank - IDB INVEST 2022 14,100 438,241 452,341 14,100 452,085 466,185 Inter-American Development Bank - IDB INVEST 2023 14,100 447,791 461,891 - - - International Finance Corporation – IFC 2022 22,800 713,910 736,710 80,000 670,996 750,996 International Finance Corporation – IFC 2023 - 986,651 986,651 - - - Leases (Concession Agreements, Program Contracts and Contract Asset) 49,884 259,326 309,210 44,453 313,391 357,844 Leases (Others) 68,499 73,801 142,300 72,109 29,265 101,374 Other 3,003 2,910 5,913 6,241 5,867 12,108 Interest and other charges 377,398 - 377,398 417,878 - 417,878 Total in local currency 2,366,705 14,423,754 16,790,459 1,933,373 14,249,540 16,182,913 Borrowings and financing outstanding balance December 31, 2023 December 31, 2022 Financial institution Current Noncurrent Total Current Noncurrent Total Foreign currency Inter-American Development Bank - IDB 1212 – US$20,556 thousand (US$30,834 thousand in December 2022) 49,759 49,759 99,518 53,628 107,256 160,884 Inter-American Development Bank - IDB 4623 – US$152,187 thousand (US$74,299 thousand in December 2023) - 712,449 712,449 - 367,441 367,441 International Bank of Reconstruction and Development (IBRD) – IBRDs 7662 e 8906 – US$107,445 thousand (US$78,197 thousand in December 2022) 29,433 477,554 506,987 31,722 365,648 397,370 JICA 15 – ¥6,914,580 thousand (¥8,067,010 thousand in December 2022) 39,437 197,180 236,617 45,602 273,610 319,212 JICA 18 – ¥6,216,960 thousand (¥7,253,120 thousand in December 2022) 35,457 177,168 212,625 41,001 245,865 286,866 JICA 17 – ¥3,464,352 thousand (¥3,753,048 thousand in December 2022) 9,879 107,880 117,759 11,424 136,227 147,651 JICA 19 – ¥24,482,493 thousand (¥26,296,011 thousand in December 2022) 62,059 774,200 836,259 71,761 967,124 1,038,885 BID 1983AB – US$7,692 thousand (US$7,692 thousand in December 2022) - - - 39,962 - 39,962 Interest and charges 23,677 - 23,677 17,487 - 17,487 Total in foreign currency 249,701 2,496,190 2,745,891 312,587 2,463,171 2,775,758 Total borrowings and financing 2,616,406 16,919,944 19,536,350 2,245,960 16,712,711 18,958,671 |
Schedule of borrowings terms | Schedule of borrowings terms Local currency Guarantees Maturity Annual interest rate Inflation adjustment 12th issue debentures Own funds 2025 TR + 9.5% 17th issue debentures Own funds 2023 CDI +0.75% (Series 1) and 4.5% (Series 2) and 4.75% (Series 3) IPCA (Series 2 and 3) 18th issue debentures Own funds 2024 TJLP + 1.92 % (Series 1 and 3) and 8.25% (Series 2) IPCA (Series 2) 22nd issue debentures Own funds 2025 CDI +0.58% (Series 1) and CDI + 0.90% (Series 2) and 6.0% (Series 3) IPCA (Series 3) 23rd issue debentures Own funds 2027 CDI +0.49% (Series 1) and CDI + 0.63% (Series 2) 24th issue debentures Own funds 2029 3.20% (Series 1) and 3.37% (Series 2) IPCA (Series 1 and 2) 26th issue debentures Own funds 2030 4.65% (series 1) and 4.95% (series 2) IPCA (series 1 and 2) 27th issue debentures Own funds 2027 CDI +1.60% (Series 1) and CDI + 1.80% (Series 2) and 2.25% (Series 3) 28th issue debentures Own funds 2028 CDI +1.20% (Series 1) and CDI + 1.44% (Series 2) and 1.60% (Series 3) 29th issue debentures Own funds 2036 CDI +1.29% (Series 1) and 5.3058% (Series 2) and 5.4478% (Series 3) IPCA (series 2 and 3) 30th issue debentures Own funds 2029 CDI +1.30% (Series 1) and 1.58% (Series 2) Brazilian Federal Savings Bank Own funds 2023/2042 5% to 9.5% TR Brazilian Development Bank - BNDES PAC Own funds 2023 TJLP+1.82% Brazilian Development Bank - BNDES PAC II 9751 Own funds 2027 TJLP+1.72% Brazilian Development Bank - BNDES PAC II 9752 Own funds 2027 TJLP+1.72% Brazilian Development Bank - BNDES ONDA LIMPA Own funds 2025 TJLP+1.92% Brazilian Development Bank - BNDES TIETÊ III Own funds 2028 TJLP+1.66% Brazilian Development Bank - BNDES 2015 Own funds 2035 TJLP+2.18% Brazilian Development Bank - BNDES 2014 Own funds 2026 TJLP+1.76% Inter-American Development Bank – IDB 2202 Government 2035 CDI+0.86% Inter-American Development Bank – IDB INVEST Own funds 2034 CDI+1.90% and CDI+2.70% Inter-American Development Bank – IDB INVEST 2022 Own funds 2036 CDI+2.50% Inter-American Development Bank – IDB INVEST 2023 Own funds 2036 CDI+0.50% International Finance Corporation – IFC Own funds 2032 CDI+2.00% Leases (Concession Agreements, Program Contracts and Contract Asset) 2035 7.73% to 10.12% IPC Leases (Others) 2027 9.32% to 15.24% Other Own funds 2025 3% (FEHIDRO) and TJLP + 1.5% (FINEP) Foreign currency Guarantees Maturity Annual interest rate Exchange rate changes Inter-American Development Bank - IDB 1212 - US$20,556 thousand Government 2025 SOFR + 4.72% (*) US$ Inter-American Development Bank - IDB 4623 - US$152,187 thousand Government 2044 SOFR + 6.60531% (*) US$ International Bank for Reconstruction and Development (IBRD) – IBRDs 7662 and 8916 - US$107,445 thousand Government 2034 SOFR + 6.0% and 7.1% (*) US$ JICA 15 – ¥6,914,580 thousand Government 2029 1.8% and 2.5% Yen JICA 18 – ¥6,216,960 thousand Government 2029 1.8% and 2.5% Yen JICA 17– ¥3,464,352 thousand Government 2035 1.2% and 0.01% Yen JICA 19– ¥24,482,493 thousand Government 2037 1.7% and 0.01% Yen |
Schedule of borrowings payment schedule | Schedule of borrowings payment schedule 2024 2025 2026 2027 2028 2029 2030 to 2044 TOTAL LOCAL CURRENCY Debentures 1,206,894 1,336,415 1,214,740 1,368,020 658,827 781,623 778,277 7,344,796 Brazilian Federal Savings Bank 108,210 114,964 122,140 129,752 137,707 142,986 860,726 1,616,485 BNDES 280,918 260,466 250,531 237,817 84,241 34,146 189,291 1,337,410 IDBs – National 249,099 260,899 330,209 315,069 420,959 385,919 1,971,432 3,933,586 IFCs 22,800 44,200 61,800 80,800 123,600 181,600 1,208,561 1,723,361 Leases (Concession Agreements, Program Contracts and Contract Asset) 118,383 97,096 53,629 36,184 38,901 42,692 64,625 451,510 Other 3,003 2,768 142 - - - - 5,913 Interest and other charges 377,398 - - - - - - 377,398 TOTAL IN LOCAL CURRENCY 2,366,705 2,116,808 2,033,191 2,167,642 1,464,235 1,568,966 5,072,912 16,790,459 FOREIGN CURRENCY IDB 49,759 69,148 38,778 38,778 38,778 38,778 537,948 811,967 IBRD 29,433 29,433 29,433 29,433 29,433 40,238 319,584 506,987 JICA 146,832 146,831 146,831 146,831 146,831 146,712 522,392 1,403,260 Interest and other charges 23,677 - - - - - - 23,677 TOTAL IN FOREIGN CURRENCY 249,701 245,412 215,042 215,042 215,042 225,728 1,379,924 2,745,891 Total 2,616,406 2,362,220 2,248,233 2,382,684 1,679,277 1,794,694 6,452,836 19,536,350 |
Schedule of changes in borrowings | Schedule of changes in borrowings December 31, 2022 Addition (lease) Funding Borrowing costs Monetary and Exchange variation Inflation adjustment / exchange variation and incorporated interest – Capitalized Interest paid Amortization Accrued interest Provision for interest and fees – Capitalized Expenses with borrowing costs December 31, 2023 LOCAL CURRENCY Debentures 8,166,366 - - (2,043) 114,228 21,421 (839,833) (741,812) 628,580 176,739 11,172 7,534,818 Brazilian Federal Savings Bank 1,526,185 - 174,058 - 22,023 5,475 (122,843) (106,982) 98,428 24,670 - 1,621,014 BNDES 1,380,993 - 190,000 - 10,326 2,464 (97,829) (241,992) 78,745 18,516 249 1,341,472 IDB 2202 2,450,550 - - - - - (328,627) (181,349) 135,524 175,689 955 2,252,742 IDB INVEST 2020 943,619 - - - - - (138,676) (37,340) 27,360 104,739 665 900,367 IFC 2022 774,525 - - - - - (114,131) (15,200) 15,029 96,160 914 757,297 IFC 2023 - - 1,000,000 (13,652) - - (2,434) - 11,335 11,090 303 1,006,642 IDB INVEST 2022 469,327 - - - - - (72,245) (14,100) 71,305 - 256 454,543 IDB INVEST 2023 - - 470,000 (1,083) - - (41,022) (7,050) 43,263 - 23 464,131 Leases (Concession Agreements, Program Contracts and Contract Asset) 357,844 - - - - - (54,135) (48,634) 54,135 - - 309,210 Leases (Others) 101,374 108,405 - - - - (39,918) (88,452) 60,891 - - 142,300 Other 12,130 - 3,629 - 60 - (587) (9,884) 566 9 - 5,923 TOTAL IN LOCAL CURRENCY 16,182,913 108,405 1,837,687 (16,778) 146,637 29,360 (1,852,280) (1,492,795) 1,225,161 607,612 14,537 16,790,459 FOREIGN CURRENCY IDBs 532,693 - 384,824 (5,137) (45,895) - (33,808) (51,178) 36,929 - 1,027 819,455 IBRD 399,762 - 173,547 (3,032) (30,374) - (22,089) (31,009) 27,663 57 490 515,015 JICA 1,803,109 - - - (231,877) 105 (26,795) (157,785) 23,697 763 204 1,411,421 IDB 1983AB 40,194 - - - (1,813) - (1,447) (38,323) 909 311 169 - TOTAL IN FOREIGN CURRENCY 2,775,758 - 558,371 (8,169) (309,959) 105 (84,139) (278,295) 89,198 1,131 1,890 2,745,891 TOTAL 18,958,671 108,405 2,396,058 (24,947) (163,322) 29,465 (1,936,419) (1,771,090) 1,314,359 608,743 16,427 19,536,350 December 31, 2021 Addition (lease) Funding Borrowing costs Monetary and Exchange variation Inflation adjustment / exchange variation and incorporated interest – Capitalized Interest paid Amortization Accrued interest Provision for interest and fees – Capitalized Expenses with borrowing costs December 31, 2022 LOCAL CURRENCY Debentures 7,467,968 - 1,000,000 (4,320) 165,879 - (712,966) (563,504) 544,116 257,951 11,242 8,166,366 Brazilian Federal Savings Bank 1,483,113 - 119,437 - 17,247 7,131 (117,041) (100,855) 80,422 36,731 - 1,526,185 BNDES 1,392,844 - 200,000 - 7,020 3,117 (104,596) (222,353) 67,311 37,391 259 1,380,993 IDB 2202 2,589,442 - - - - - (281,971) (181,349) 98,574 224,899 955 2,450,550 IDB INVEST 956,942 - - - - - (108,921) (34,800) 129,733 - 665 943,619 IFC - - 760,000 (9,385) - - (24,978) - - 48,507 381 774,525 IDB INVEST 2022 - - 470,000 (3,922) - - (30,698) - 33,840 - 107 469,327 Leases (Concession Agreements, Program Contracts and Contract Assets) 397,311 - - - - - (54,390) (39,467) 54,390 - - 357,844 Leases (Others) 125,969 42,182 - - - - (17,659) (84,437) 35,319 - - 101,374 Other 14,094 - 3,654 - 56 2 (789) (5,669) 748 34 - 12,130 TOTAL IN LOCAL CURRENCY 14,427,683 42,182 2,553,091 (17,627) 190,202 10,250 (1,454,009) (1,232,434) 1,044,453 605,513 13,609 16,182,913 FOREIGN CURRENCY IDBs 387,837 - 226,497 (6,732) (20,355) - (12,581) (56,273) 13,733 - 567 532,693 IBRD 420,881 - 39,417 (3,166) (28,665) 61 (3,779) (30,895) 5,525 20 363 399,762 JICA 2,401,887 - 15,546 - (437,296) 3,243 (33,167) (177,007) 26,597 3,102 204 1,803,109 BID 1983AB 85,548 - - - (5,602) - (1,952) (40,115) 1,284 614 417 40,194 TOTAL IN FOREIGN CURRENCY 3,296,153 - 281,460 (9,898) (491,918) 3,304 (51,479) (304,290) 47,139 3,736 1,551 2,775,758 TOTAL 17,723,836 42,182 2,834,551 (27,525) (301,716) 13,554 (1,505,488) (1,536,724) 1,091,592 609,249 15,160 18,958,671 December 31, 2020 Addition (lease) Funding Borrowing costs Monetary and Exchange variation Inflation adjustment / exchange variation and incorporated interest – Capitalized Interest paid Amortization Accrued interest Provision for interest and fees – Capitalized Expenses with borrowing costs December 31, 2021 LOCAL CURRENCY Debentures 6,756,504 - 2,450,000 (25,717) 225,106 - (387,618) (1,963,282) 258,114 139,563 15,298 7,467,968 Brazilian Federal Savings Bank 1,418,832 - 156,488 - 685 - (113,030) (93,064) 79,966 33,236 - 1,483,113 BNDES 1,370,902 - 207,136 - - - (88,084) (186,179) 51,122 37,688 259 1,392,844 BID 2202 2,730,195 - - - - - (97,829) (181,349) 63,964 73,506 955 2,589,442 BID INVEST 944,513 - - - - - (33,276) (18,340) 63,380 - 665 956,942 Leases (Concession Agreements, Program Contracts and Contract Assets) 428,743 - - - - - (52,250) (31,432) 52,250 - - 397,311 Leases (Others) 45,876 140,187 - - - - (15,782) (76,013) 31,701 - - 125,969 Other 15,197 - 2,921 (32) - - (718) (3,986) 690 22 - 14,094 TOTAL IN LOCAL CURRENCY 13,710,762 140,187 2,816,545 (25,749) 225,791 - (788,587) (2,553,645) 601,187 284,015 17,177 14,427,683 FOREIGN CURRENCY IDBs 317,302 - 108,728 (7,620) 22,979 - (8,488) (53,197) 7,936 - 197 387,837 IBRD 426,860 - - (3,377) 30,814 - (2,481) (32,965) 1,789 - 241 420,881 JICA 2,684,321 - 34,360 (76) (108,851) 10,198 (43,184) (216,190) 35,315 5,802 192 2,401,887 IDB 1983AB 119,379 - - - 6,536 - (2,705) (40,607) 1,753 777 415 85,548 TOTAL IN FOREIGN CURRENCY 3,547,862 - 143,088 (11,073) (48,522) 10,198 (56,858) (342,959) 46,793 6,579 1,045 3,296,153 TOTAL 17,258,624 140,187 2,959,633 (36,822) 177,269 10,198 (845,445) (2,896,604) 647,980 290,594 18,222 17,723,836 |
Schedule of restrictive covenants ratios | Schedule of restrictive covenants ratios Covenants Adjusted EBITDA / Adjusted Financial Expenses Equal to or higher than 2.80 EBITDA / Financial Expenses Paid Equal to or higher than 2.35 Adjusted Net Debt / Adjusted EBITDA Equal to or lower than 3.80 Net Debt / Adjusted EBITDA Equal to or lower than 3.50 Other Onerous Debt (1) Equal to or lower than 1.30 Adjusted Current Liquidity Higher than 1.00 (1) The contractual definition of “Other Onerous Debts” corresponds to the sum of pension plan obligations and healthcare plan, installment payments of tax debts, and installments payments of debts with the electricity supplier. |
Schedule of borrowings and financing credit limits | Schedule of borrowings and financing credit limits Agent December 31, 2023 (in millions of reais (*)) Brazilian Federal Savings Bank 933 Brazilian Development Bank – BNDES 30 Inter-American Development Bank (IDB) 716 International Bank for Reconstruction and Development (IBRD) 1,000 Other 7 TOTAL 2,686 (*) Brazilian Central Bank’s exchange sell rate as of December 30, 2023 (US$ 1.00 = R$ 4.8413; ¥ 1.00 = R$ 0.03422). |
Taxes and contributions (Tables
Taxes and contributions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of current assets | Schedule of current assets December 31, 2023 December 31, 2022 Recoverable taxes Income tax and social contribution 462,642 206,517 Withholding income tax (IRRF) on financial investments 29,955 33,283 Other federal taxes 2,050 3,106 Total 494,647 242,906 |
Schedule of current liabilities | Schedule of current liabilities December 31, 2023 December 31, 2022 Taxes and contributions payable Income tax and social contribution 205,964 - Cofins and Pasep 141,703 134,624 INSS (social security contribution) 44,556 44,515 IRRF (withholding income tax) 64,770 63,361 Other 54,979 50,961 Total 511,972 293,461 |
Deferred taxes and contributi_2
Deferred taxes and contributions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of deferred taxes | Schedule of deferred taxes December 31, 2023 December 31, 2022 Deferred tax assets Provisions 666,131 560,404 Pension plan obligations - G1 135,231 141,606 Donations of underlying assets on concession agreements 45,140 46,088 Credit losses 182,519 199,363 Other 382,767 171,798 Total deferred tax asset 1,411,788 1,119,259 Deferred tax liabilities Temporary difference in the concession of intangible asset (329,060) (353,817) Capitalization of borrowing costs (465,510) (457,669) Profit on supply to government entities (348,514) (346,650) Actuarial gain – G1 Plan (121,425) (93,561) Construction margin (40,579) (43,323) Borrowing costs (8,624) (13,517) Total deferred tax liabilities (1,313,712) (1,308,537) Deferred tax asset (liability), net 98,076 (189,278) |
Schedule of realization | Schedule of realization December 31, 2023 December 31, 2022 Deferred tax assets to be realized in up to 12 months 366,525 318,965 to be realized after one year 1,045,263 800,294 Total deferred tax asset 1,411,788 1,119,259 Deferred tax liabilities to be realized in up to 12 months (36,074) (25,746) to be realized after one year (1,277,638) (1,282,791) Total deferred tax liabilities (1,313,712) (1,308,537) Deferred tax asset/(liability) 98,076 (189,278) |
Schedule of changes | Schedule of changes Deferred tax assets December 31, 2022 Net change December 31, 2023 Provisions 560,404 105,727 666,131 Pension plan obligations – G1 141,606 (6,375) 135,231 Donations of underlying assets on concession agreements 46,088 (948) 45,140 Credit losses 199,363 (16,844) 182,519 Other 171,798 210,969 382,767 Total 1,119,259 292,529 1,411,788 Deferred tax liabilities Temporary difference in the concession of intangible asset (353,817) 24,757 (329,060) Capitalization of borrowing costs (457,669) (7,841) (465,510) Profit on supply to government entities (346,650) (1,864) (348,514) Actuarial gain – G1 (93,561) (27,864) (121,425) Construction margin (43,323) 2,744 (40,579) Borrowing costs (13,517) 4,893 (8,624) Total (1,308,537) (5,175) (1,313,712) Deferred tax asset/(liability) (189,278) 287,354 98,076 Deferred tax assets December 31, 2021 Net change December 31, 2022 Provisions 503,374 57,030 560,404 Pension plan obligations - G1 150,577 (8,971) 141,606 Donations of underlying assets on concession agreements 47,589 (1,501) 46,088 Credit losses 183,963 15,400 199,363 Other 127,092 44,706 171,798 Total 1,012,595 106,664 1,119,259 Deferred tax liabilities Temporary difference in the concession of intangible asset (368,235) 14,418 (353,817) Capitalization of borrowing costs (404,931) (52,738) (457,669) Profit on supply to government entities (353,262) 6,612 (346,650) Actuarial gain – G1 (109,271) 15,710 (93,561) Construction margin (46,079) 2,756 (43,323) Borrowing costs (14,556) 1,039 (13,517) Total (1,296,334) (12,203) (1,308,537) Deferred tax liability, net (283,739) 94,461 (189,278) Deferred tax assets December 31, 2020 Net change December 31, 2021 Provisions 436,445 66,929 503,374 Pension plan obligations - G1 154,498 (3,921) 150,577 Donations of underlying asset on concession agreements 50,142 (2,553) 47,589 Credit losses 155,719 28,244 183,963 Other 134,932 (7,840) 127,092 Total 931,736 80,859 1,012,595 Deferred tax liabilities Temporary difference in the concession of intangible asset (388,675) 20,440 (368,235) Capitalization of borrowing costs (390,211) (14,720) (404,931) Profit on supply to governmental entities (356,513) 3,251 (353,262) Actuarial (gain) – G1 (48,979) (60,292) (109,271) Construction margin (48,843) 2,764 (46,079) Borrowing costs (19,231) 4,675 (14,556) Total (1,252,452) (43,882) (1,296,334) Deferred tax liabilities, net (320,716) 36,977 (283,739) December 31, 2023 December 31, 2022 December 31, 2021 Opening balance (189,278) (283,739) (320,716) Net change in the year: - corresponding entry to the income statement 315,218 78,751 97,269 - corresponding entry to valuation adjustments to equity (Note 22) (27,864) 15,710 (60,292) Total net change 287,354 94,461 36,977 Closing balance 98,076 (189,278) (283,739) |
Schedule of reconciliation of the effective tax rate | Schedule of reconciliation of the effective tax rate December 31, 2023 December 31, 2022 December 31, 2021 Profit before income taxes 4,753,984 4,272,750 3,170,156 Statutory rate 34 34 34 Estimated expense at the statutory rate (1,616,355) (1,452,735) (1,077,853) Tax benefit of interest on equity 329,017 284,920 200,073 Permanent differences Provision – Law 4,819/1958 – G0 (i) (38,245) (26,786) (22,640) Donations (7,046) (16,588) (16,723) Tax incentives 62,510 - - Other differences 39,666 59,706 52,856 Income tax and social contribution (1,230,453) (1,151,483) (864,287) Current income tax and social contribution (1,545,671) (1,230,234) (961,556) Deferred income tax and social contribution 315,218 78,751 97,269 Effective rate 26 27 27 (i) Permanent difference related to the provision for the actuarial liability (See Note 22 (ii) and (v)). |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Provisions Abstract | |
Schedule of lawsuits and proceedings that resulted in provisions | Schedule of lawsuits and proceedings that resulted in provisions December 31, 2023 December 31, 2022 Provisions Escrow deposits Provisions net of deposits Provisions Escrow deposits Provisions net of deposits Customer claims (i) 175,255 (6,060) 169,195 151,023 (6,226) 144,797 Supplier claims (ii) 334,273 (90,973) 243,300 257,080 (53) 257,027 Other civil claims (iii) 128,036 (1,229) 126,807 99,462 (1,131) 98,331 Tax claims (iv) 101,770 (18,223) 83,547 79,532 (16,037) 63,495 Labor claims (v) 727,133 (16,235) 710,898 654,277 (13,979) 640,298 Environmental claims (vi) 492,740 (55) 492,685 406,872 (36) 406,836 Total 1,959,207 (132,775) 1,826,432 1,648,246 (37,462) 1,610,784 Current 1,064,367 - 1,064,367 924,038 - 924,038 Noncurrent 894,840 (132,775) 762,065 724,208 (37,462) 686,746 |
Schedule of changes in provisions | Schedule of changes in provisions December 31, 2022 Additional provisions Interest and inflation adjustment Use of the accrual Amounts not used (reversal) December 31, 2023 Customer claims (i) 151,023 39,272 32,299 (34,437) (12,902) 175,255 Supplier claims (ii) 257,080 114,084 18,380 (54,905) (366) 334,273 Other civil claims (iii) 99,462 77,082 32,483 (16,810) (64,181) 128,036 Tax claims (iv) 79,532 19,807 6,082 (721) (2,930) 101,770 Labor claims (v) 654,277 99,926 70,927 (42,214) (55,783) 727,133 Environmental claims (vi) 406,872 50,950 49,173 - (14,255) 492,740 Subtotal 1,648,246 401,121 209,344 (149,087) (150,417) 1,959,207 Escrow deposits (37,462) (151,898) (4,124) 57,744 2,965 (132,775) Total 1,610,784 249,223 205,220 (91,343) (147,452) 1,826,432 December 31, 2021 Additional provisions Interest and inflation adjustment Use of the accrual Amounts not used (reversal) December 31, 2022 Customer claims (i) 168,258 12,258 21,316 (29,363) (21,446) 151,023 Supplier claims (ii) 477,854 78,481 56,934 (309,321) (46,868) 257,080 Other civil claims (iii) 95,601 22,485 13,708 (9,248) (23,084) 99,462 Tax claims (iv) 57,509 18,216 7,837 (1,568) (2,462) 79,532 Labor claims (v) 349,962 307,352 131,139 (76,884) (57,292) 654,277 Environmental claims (vi) 331,326 38,632 48,511 (300) (11,297) 406,872 Subtotal 1,480,510 477,424 279,445 (426,684) (162,449) 1,648,246 Escrow deposits (32,017) (55,546) (4,779) 13,832 41,048 (37,462) Total 1,448,493 421,878 274,666 (412,852) (121,401) 1,610,784 December 31, 2020 Additional provisions Interest and inflation adjustment Use of the accrual Amounts not used (reversal) December 31, 2021 Customer claims (i) 160,705 32,996 29,685 (30,972) (24,156) 168,258 Supplier claims (ii) 410,734 92,135 90,788 (71,238) (44,565) 477,854 Other civil claims (iii) 86,083 15,477 12,850 (10,056) (8,753) 95,601 Tax claims (iv) 59,678 8,630 8,054 (15,133) (3,720) 57,509 Labor claims (v) 316,880 100,245 36,373 (66,220) (37,316) 349,962 Environmental claims (vi) 249,582 40,477 50,957 (33) (9,657) 331,326 Subtotal 1,283,662 289,960 228,707 (193,652) (128,167) 1,480,510 Escrow deposits (31,360) (39,586) (11,852) 48,805 1,976 (32,017) Total 1,252,302 250,374 216,855 (144,847) (126,191) 1,448,493 |
Schedule of lawsuits deemed as contingent liabilities | Schedule of lawsuits deemed as contingent liabilities December 31, 2023 December 31, 2022 Customer claims (i) 158,584 200,966 Supplier claims (ii) 968,752 1,147,606 Other civil claims (iii) 695,097 1,146,048 Tax claims (iv) 1,067,350 1,869,583 Labor claims (v) 3,093,735 1,471,423 Environmental claims (vi) 4,158,504 3,302,843 Total 10,142,022 9,138,469 |
Labor and social obligations (T
Labor and social obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Labor And Social Obligations | |
Schedule of employees benefits | Schedule of employees benefits December 31, 2023 December 31, 2022 Salaries and payroll charges 69,885 70,089 Provision for vacation 256,415 254,469 Healthcare plan (i) 86,147 70,136 Provision for profit sharing (ii) 97,514 96,227 Incentivized Dismissal Program - PDI (iii) 290,202 - Consent Decree (TAC) 6,093 6,114 Knowledge Retention Program (PRC) 1,184 1,469 Total 807,440 498,504 |
Schedule of compensation balance | Schedule of compensation balance Service time at SABESP (years) % of the FGTS balance % of the compensation for each complete year of work > 15 20 20 11 - 15 12.5 12.5 6 - 10 5 5 0 - 5 2.5 2.5 |
Pension plan obligations (Table
Pension plan obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plan Obligations | |
Schedule of pension plan benefits | Schedule of pension plan benefits December 31, 2023 December 31, 2022 G1 Plan G0 Plan Total G1 Plan G0 Plan Total Present value of the defined benefit obligations (2,982,863) (2,098,622) (5,081,485) (2,715,388) (2,002,075) (4,717,463) Fair value of the plan’s assets 2,938,614 - 2,938,614 2,567,272 - 2,567,272 Total pension plan obligations (deficit) (44,249) (2,098,622) (2,142,871) (148,116) (2,002,075) (2,150,191) |
Schedule of reconciliation of defined benefit obligations | Schedule of reconciliation of defined benefit obligations December 31, 2023 December 31, 2022 G1 Plan G0 Plan Total G1 Plan G0 Plan Total Plan’s liabilities Defined benefit obligation, beginning of the year (2,715,388) (2,002,075) (4,717,463) (2,764,027) (2,192,062) (4,956,089) Current service cost (41,440) - (41,440) (35,020) - (35,020) Interest costs (307,777) (225,220) (532,997) (231,745) (176,953) (408,698) Actuarial (gains)/losses recorded as other comprehensive income (120,934) (85,372) (206,306) 126,626 161,766 288,392 Benefits paid 202,676 214,045 416,721 188,778 205,174 393,952 Defined benefit obligation, end of the year (2,982,863) (2,098,622) (5,081,485) (2,715,388) (2,002,075) (4,717,463) Plan’s assets Fair value of the plan’s assets, beginning of the year 2,567,272 - 2,567,272 2,634,427 - 2,634,427 Expected return of the plan’s assets 294,788 - 294,788 221,079 - 221,079 Company’s contributions 40,898 - 40,898 39,377 - 39,377 Participants’ contributions 35,443 - 35,443 34,000 - 34,000 Benefits paid (202,676) - (202,676) (188,778) - (188,778) Actuarial gains/(losses) recorded as other comprehensive income 202,889 - 202,889 (172,833) - (172,833) Fair value of the plan’s assets, end of the year 2,938,614 - 2,938,614 2,567,272 - 2,567,272 Total pension plan obligations (deficit) (44,249) (2,098,622) (2,142,871) (148,116) (2,002,075) (2,150,191) |
Schedule of (gains)/losses, due to changes in assumptions | Schedule of (gains)/losses, due to changes in assumptions December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan G0 Plan Total G1 Plan G0 Plan Total G1 Plan G0 Plan Total Actuarial gains/(losses) on the obligations (120,934) (85,372) (206,306) 126,626 161,766 288,392 414,823 330,337 745,160 Actuarial gains/(losses) on financial assets 202,889 - 202,889 (172,833) - (172,833) (237,492) - (237,492) Total gains/(losses) 81,955 (85,372) (3,417) (46,207) 161,766 115,559 177,331 330,337 507,668 Deferred income tax and social contribution (27,864) - (27,864) 15,710 - 15,710 (60,292) - (60,292) Equity valuation adjustments 54,091 (85,372) (31,281) (30,497) 161,766 131,269 117,039 330,337 447,376 |
Schedule of amounts recognized in income statement | Schedule of amounts recognized in income statement December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan G0 Plan Total G1 Plan G0 Plan Total G1 Plan G0 Plan Total Cost of service, net 5,997 - 5,997 1,020 - 1,020 2,227 - 2,227 Interest costs 307,777 225,220 532,997 231,745 176,953 408,698 205,707 158,244 363,951 Expected return of the plan’s assets (294,788) - (294,788) (221,079) - (221,079) (184,687) - (184,687) Amount received from the São Paulo State (undisputed) - (112,824) (112,824) - (98,174) (98,174) - (91,657) (91,657) Total expenses 18,986 112,396 131,382 11,686 78,779 90,465 23,247 66,587 89,834 |
Schedule of obligations maturity | Schedule of obligations maturity December 31, 2023 G1 Plan G0 Plan Payment of benefits expected in 2024 223,156 190,425 Payment of benefits expected in 2025 215,853 177,004 Payment of benefits expected in 2026 207,437 167,075 Payment of benefits expected in 2027 197,606 156,583 Payment of benefits expected in 2028 or susbsequent years 2,138,811 1,407,535 Total 2,982,863 2,098,622 Duration 13.10 10.44 |
Schedule of actuarial assumptions | Schedule of actuarial assumptions December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan G0 Plan G1 Plan G0 Plan G1 Plan G0 Plan Discount rate – actual rate (NTN-B) 5.47 5.37 6.19 6.15 5.53 5.26 Inflation rate 3.90 3.90 5.31 5.31 3.00 3.00 Nominal wage growth rate 5.98 5.98 7.42 7.42 5.06 5.06 Mortality table AT-2000 AT-2000 AT-2000 AT-2000 AT-2000 AT-2000 |
Schedule of sensitivity analysis of the defined benefit pension plan assumptions | Schedule of sensitivity analysis of the defined benefit pension plan assumptions Impact on the present value of the defined benefit obligations Assumption Change in the assumption G1 G0 Discount rate Increase of 1.0% Decrease of R$ 237,084 Decrease of R$ 166,803 Decrease of 1.0% Increase of R$ 257,540 Increase of R$ 181,195 Life expectation Increase of 1 year Increase of R$ 65,666 Increase of R$ 87,054 Decrease of 1 year Decrease of R$ 64,267 Decrease of R$ 83,281 Wage growth rate Increase of 1.0% Increase of R$ 40,556 Increase of R$ 580 Decrease of 1.0% Decrease of R$ 42,492 Decrease of R$ 608 |
Schedule of estimated expenses | Schedule of estimated expenses 2024 Cost of services, net 5,799 Interest costs 274,718 Net profitability on financial assets (274,265) Expenditures to be recognized by the Company 6,252 |
Schedule of plans assets | Schedule of plans assets December 31, 2023 % December 31, 2022 % Total fixed income 2,714,823 92.4 1,804,550 70.3 Total equities 15,715 0.5 136,582 5.3 Total structured investments 153,333 5.2 498,825 19.4 Other 54,743 1.9 127,315 5.0 Fair value of the plan’s assets 2,938,614 100 2,567,272 100 |
Schedule of estimated expenses for 2024 | Schedule of estimated expenses for 2024 2024 Interest costs 189,274 Expenses to be recognized 189,274 |
Schedule of reconciliation of expenses with pension obligations | Schedule of reconciliation of expenses with pension obligations December 31, 2023 December 31, 2022 December 31, 2021 G1 Plan (i) 18,986 11,686 23,247 G0 Plan (ii) 112,396 78,779 66,587 Sabesprev Mais Plan (iii) 27,403 25,371 22,406 VIVEST Plan (iv) 520 326 160 Subtotal 159,305 116,162 112,400 Capitalized (3,303) (3,359) (4,118) Other 6,603 5,684 5,527 Pension plan obligations (Note 29) 162,605 118,487 113,809 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Equity Abstract | |
Schedule of share capital | Schedule of share capital December 31, 2023 December 31, 2022 Number of shares % Number of shares % São Paulo State 343,506,664 50.3 343,506,664 50.3 Other shareholders In Brazil (1) 262,118,658 38.3 257,339,417 37.6 Abroad (2) (3) 77,884,547 11.4 82,663,788 12.1 Total 683,509,869 100.0 683,509,869 100.0 (1) As of December 31, 2023, the common shares traded in Brazil were held by 39,368 shareholders. It includes six shares held by Companhia Paulista de Parcerias (CPP), a company controlled by the São Paulo State Government. (2) Shares traded as American Depositary Receipts (ADR) on the New York Stock Exchange, through The Bank New York Mellon, the depositary bank of the Company's ADRs. (3) Each ADR corresponds to 1 share. |
Schedule of distribution of earnings | Schedule of distribution of earnings 2023 2022 2021 Profit for the year 3,523,531 3,121,267 2,305,869 (-) Legal reserve - 5% 176,177 156,063 115,293 3,347,354 2,965,204 2,190,576 Minimum mandatory dividend – 25% 836,839 741,301 547,645 Dividend per share and per ADS 1.22433 1.08455 0.80122 |
Schedule of allocation of the profit for the year | Schedule of allocation of the profit for the year 2023 2022 2021 Profit (+) Profit for the year 3,523,531 3,121,267 2,305,869 (-) Legal reserve – 5% 176,177 156,063 115,293 (-) Minimum mandatory dividends 836,839 741,301 547,645 (-) Complementary proposed dividends 147,689 130,857 96,700 Investment reserve recorded 2,362,826 2,093,046 1,546,231 |
Schedule of other comprehensive loss | Schedule of other comprehensive loss Consolidated G1 plan G0 plan Total Balance as of December 31, 2022 181,617 (3,974) 177,643 Actuarial gains/(losses) of the year (Note 22) 54,091 (85,372) (31,281) Balance as of December 31, 2023 235,708 (89,346) 146,362 Parent Company G1 Plan G0 Plan Total Balance as of December 31, 2021 212,114 (165,740) 46,374 Actuarial gains/(losses) of the year (Note 22) (30,497) 161,766 131,269 Balance as of December 31, 2022 181,617 (3,974) 177,643 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of earnings per share, basic and diluted | Schedule of earnings per share, basic and diluted 2023 2022 2021 Earnings attributable to Company’s owners 3,523,531 3,121,267 2,305,869 Weighted average number of common shares issued 683,509,869 683,509,869 683,509,869 Basic and diluted earnings per share (reais per share) 5.16 4.57 3.37 |
Operating segment information (
Operating segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segment Information | |
Schedule of operating segment information | Schedule of operating segment information 2023 Sanitation (i) Reconciliation to the consolidated financial statements (ii) Balance as per consolidated financial statements Gross operating revenue 21,513,442 5,600,332 27,113,774 Gross sales deductions (1,541,718) - (1,541,718) Net operating revenue 19,971,724 5,600,332 25,572,056 Costs, selling, general and administrative expenses (13,811,665) (5,474,729) (19,286,394) Income from operations before other operating expenses, net and equity accounting 6,160,059 125,603 6,285,662 Other operating income / (expenses), net 27,925 Equity results of investments 32,393 Financial result, net (1,591,996) Income from operations before taxes 4,753,984 Depreciation and amortization (2,790,586) - (2,790,586) 2022 Sanitation (i) Reconciliation to the financial statements (ii) Balance as per financial statements Gross operating revenue 18,629,959 4,863,752 23,493,711 Gross sales deductions (1,437,991) - (1,437,991) Net operating revenue 17,191,968 4,863,752 22,055,720 Costs, selling, general and administrative expenses (12,689,051) (4,754,383) (17,443,434) Income from operations before other operating expenses, net and equity accounting 4,502,917 109,369 4,612,286 Other operating income / (expenses), net 8,327 Equity results of investments 24,551 Financial result, net (372,414) Income from operations before taxes 4,272,750 Depreciation and amortization (2,450,849) - (2,450,849) 2021 Sanitation (i) Reconciliation to the financial statements (ii) Balance as per financial statements Gross operating revenue 16,304,206 4,376,739 20,680,945 Gross sales deductions (1,189,884) - (1,189,884) Net operating revenue 15,114,322 4,376,739 19,491,061 Costs, selling, general and administrative expenses (11,115,383) (4,278,337) (15,393,720) Income from operations before other operating expenses, net and equity accounting 3,998,939 98,402 4,097,341 Other operating income / (expenses), net (21,841) Equity results of investments 22,079 Financial result, net (927,423) Income from operations before taxes 3,170,156 Depreciation and amortization (2,253,322) - (2,253,322) (i) See Note 33 for further information about non-cash items, other than depreciation and amortization that impact segment results, and for additional information on long-lived assets; (ii) Construction revenue and related costs are not reported to the CODM. Revenue from construction is recognized in accordance with IFRIC 12 (Concession Agreements) and IFRS 15 (Revenue from Contracts with Customers), as all performance obligations are satisfied over time. See Note 14 (b) for further information. |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of the Company insurance | Schedule of the Company insurance Amount Insured Specified risks – fire 3,021,021 Engineering risks 3,368,293 Guarantee insurance for escrow deposit and traditional guarantee (*) 600,000 Civil liability– D&O (Directors and Officers) 100,000 Civil liability – construction works 149,610 Civil liability – operations 15,000 Other 29,342 Total 7,283,266 (*) SABESP has an agreement that allows issuing policies that total such insured amount. Of the total, R$ 323 million in policies with guarantee insurance were issued. |
Operating revenue (Tables)
Operating revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of reconciliation from gross operating income to net operating income | Schedule of reconciliation from gross operating income to net operating income 2023 2022 2021 Revenue from sanitation services (i) 21,513,442 18,629,959 16,304,206 Construction revenue 5,600,332 4,863,752 4,376,739 Sales tax (1,457,125) (1,363,628) (1,121,905) Regulatory, Control and Oversight Fee (TRCF) (84,593) (74,363) (67,979) Net revenue 25,572,056 22,055,720 19,491,061 (i) Includes the amount of R$ 105,682 corresponding to the TRCF charged from customers from the municipalities regulated by ARSESP (R$ 92,232 in 2022). |
Operating costs and expenses (T
Operating costs and expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of operating costs and expenses | Schedule of operating costs and expenses 2023 2022 2021 Operating costs Salaries, payroll charges and benefits (2,717,005) (2,285,765) (2,026,202) Pension plan obligations (36,998) (29,796) (36,771) Construction costs (Note 26) (5,474,729) (4,754,383) (4,278,337) General supplies (356,481) (369,381) (314,111) Treatment supplies (558,557) (598,993) (364,542) Outsourced services (1,843,213) (1,724,347) (1,517,196) Electricity (1,514,542) (1,497,644) (1,462,776) General expenses (967,148) (831,503) (717,352) Depreciation and amortization (2,583,193) (2,259,091) (2,082,755) (16,051,866) (14,350,903) (12,800,042) Selling expenses Salaries, payroll charges and benefits (347,536) (306,864) (265,435) Pension plan obligations (3,359) (4,021) (4,868) General supplies (6,746) (7,121) (7,976) Outsourced services (439,995) (418,632) (343,763) Electricity (673) (1,001) (1,340) General expenses (116,933) (107,313) (136,107) Depreciation and amortization (68,818) (67,015) (66,390) (984,060) (911,967) (825,879) Bad debt expense, net of recoveries (Note 10 (c)) (652,920) (782,057) (643,730) Administrative expenses Salaries, payroll charges and benefits (423,948) (284,562) (250,557) Pension plan obligations (122,248) (84,670) (72,170) General supplies (23,008) (23,664) (11,209) Outsourced services (287,744) (250,293) (250,801) Electricity (2,020) (1,896) (1,715) General expenses (509,984) (548,626) (357,564) Depreciation and amortization (138,575) (124,743) (104,177) Tax expenses (90,021) (80,053) (75,876) (1,597,548) (1,398,507) (1,124,069) Operating costs and expenses Salaries, payroll charges and benefits (3,488,489) (2,877,191) (2,542,194) Pension plan obligations (Note 22 (v)) (162,605) (118,487) (113,809) Construction costs (Note 26) (5,474,729) (4,754,383) (4,278,337) General supplies (386,235) (400,166) (333,296) Treatment supplies (558,557) (598,993) (364,542) Outsourced services (2,570,952) (2,393,272) (2,111,760) Electricity (1,517,235) (1,500,541) (1,465,831) General expenses (1,594,065) (1,487,442) (1,211,023) Depreciation and amortization (2,790,586) (2,450,849) (2,253,322) Tax expenses (90,021) (80,053) (75,876) Bad debt expense, net of recoveries (Note 10 (c)) (652,920) (782,057) (643,730) (19,286,394) (17,443,434) (15,393,720) |
Financial income (expenses) (Ta
Financial income (expenses) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of financial income (expenses) | Schedule of financial income (expenses) 2023 2022 2021 Financial expenses Interest and charges on borrowings and financing – local currency (1,110,135) (954,744) (517,235) Interest and charges on borrowings and financing – foreign currency (89,198) (47,139) (46,793) Other financial expenses (849,489) (364,117) (315,013) Inflation adjustment on borrowings and financing (146,637) (190,202) (225,791) Other inflation adjustments (301,593) (183,966) (172,632) Interest and inflation adjustment on provisions (211,565) (216,098) (170,831) Total financial expenses (2,708,617) (1,956,266) (1,448,295) Financial income Inflation adjustment gains 219,473 541,516 198,907 Income on financial investments 370,638 417,129 150,632 Interest income 256,116 195,274 145,866 Cofins and Pasep (40,401) (62,405) (23,038) Other 79 17 41 Total financial income 805,905 1,091,531 472,408 Financial income (expenses), net of exchange variation (1,902,712) (864,735) (975,887) Exchange gain (losses) Exchange rate changes on borrowings and financing 309,959 491,918 48,522 Exchange rate changes on assets 767 301 (36) Other exchange rate changes (10) 102 (22) Exchange rate changes, net 310,716 492,321 48,464 Financial income (expenses), net (1,591,996) (372,414) (927,423) |
Other operating income (expen_2
Other operating income (expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other operating income (expenses), net | Schedule of other operating income (expenses), net 2023 2022 2021 Other operating income, net 99,307 64,638 71,877 Other operating expenses (71,382) (56,311) (93,718) Other operating income (expenses), net 27,925 8,327 (21,841) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of commitments | Schedule of commitments 1 year 1-3 years 3-5 years More than 5 years Total Contractual obligations – Expenses 1,810,947 2,119,426 1,460,088 2,680,110 8,070,571 Contractual obligations – Investments 4,292,490 2,967,844 1,292,130 92,893 8,645,357 Total 6,103,437 5,087,270 2,752,218 2,773,003 16,715,928 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
Schedule of supplemental cash flow information | Schedule of supplemental cash flow information 2023 2022 2021 Total additions to contract assets (Note 14) 6,026,053 5,240,528 4,759,789 Total additions to intangible assets (Note 15 (b)) 258,473 75,400 172,961 Items not affecting cash (see breakdown below) (2,293,201) (1,765,391) (1,236,081) Total additions to intangible and contract assets according to the statement of cash flows 3,991,325 3,550,537 3,696,669 Investments and financing operations affecting intangible assets but not cash: Interest capitalized in the year (Note 14 (a)) 638,208 622,803 300,792 Contractors payable 419,457 414,645 218,523 Performance agreements 1,001,528 576,392 478,177 Right of use 108,405 42,182 140,187 Construction margin (Note 26) 125,603 109,369 98,402 Total 2,293,201 1,765,391 1,236,081 |
Events after the reporting pe_2
Events after the reporting period (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of unsecured debentures | Schedule of unsecured debentures Value Rate Maturity Series 1 507,000 CDI + 0.49 2029 Series 2 1,734,467 CDI + 1.10 2031 Series 3 699,011 CDI + 1.31 2034 Total 2,940,478 |
Operations (Details)
Operations (Details) - Sao Paulo [Member] R$ in Thousands, Municipalities in Thousands | 12 Months Ended | |
Dec. 31, 2023 BRL (R$) Municipalities | Dec. 31, 2022 BRL (R$) Municipalities | |
IfrsStatementLineItems [Line Items] | ||
Total municipalities that have already signed contracts | Municipalities | 351 | 351 |
Balance – intangible and contract assets | R$ 48759219 | R$ 45292307 |
Percentage of intangible and contract assets | 95.12% | 94.49% |
Revenue from sanitation services (excluding construction revenue) | R$ 20510427 | R$ 17767561 |
Percentage of revenue from sanitation services (excluding construction revenue) | 95.35% | 95.37% |
Municipalities with expired contracts: | Municipalities | 1 | 1 |
Balance – intangible and contract assets | R$ 11309 | R$ 11519 |
Percentage of intangible and contract assets | 0.02% | 0.02% |
Revenue from sanitation services (excluding construction revenue) | R$ 17559 | R$ 15236 |
Percentage of revenue from sanitation services (excluding construction revenue) | 0.08% | 0.08% |
Municipalities with concession agreements due by 2030: | Municipalities | 23 | 23 |
Balance – intangible and contract assets | R$ 1051209 | R$ 1072138 |
Percentage of intangible and contract assets | 2.05% | 2.24% |
Revenue from sanitation services (excluding construction revenue) | R$ 833418 | R$ 711452 |
Percentage of revenue from sanitation services (excluding construction revenue) | 3.87% | 3.82% |
Municipality of São Paulo: | ||
Percentage of intangible and contract assets | 43.40% | 43.33% |
Percentage of revenue from sanitation services (excluding construction revenue) | 44.95% | 45.14% |
Operations (Details Narrative)
Operations (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Concession fee | R$ 44012858 | R$ 39320871 |
Municipal Government Of Olimpia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Concession fee | 148,000 | |
Estimated contract value | 1,182,495 | |
Estimated investments | R$ 81112 | |
Subscribed share capital description | The Notice also defines that the subscribed share capital of the Concessionaire, at the time of its creation, must be, at least, R$ 8,111. Therefore, on August 11, 2023, SABESP Olímpia S/A was created with the corporate objective of providing public water supply and sewage services in the Municipality of Olímpia. The subscribed share capital of the SPE was partially paid up by SABESP, totaling R$ 811 or 811,121 common shares, totaling 10% of the share capital. The remaining 7,300,087 subscribed common shares, totaling R$ 7,300, will be paid up within 60 months from the Commencement Order, which is issued by the Granting Authority that authorizes the start of the Concessionaire’s provision of services, under the provisions of the Notice and Agreement. | |
Fixed concession fee | R$ 148000 | |
Fixed concession percentage | 50% | |
Retention payables | R$ 74000 | |
Condition contract signingv percentage | 50% | |
net tariff revenue percentage | 1% | |
Estimated investment percentage | 5% | |
Interest rate | 100% |
Summary of material informati_3
Summary of material information on accounting policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |
[custom:DescriptionOfAccruedIncomeTax] | The income tax was defined at a rate of 15%, plus a 10% surtax on taxable income exceeding R$ 240. |
Annual revenue calculated rate | 50% |
Programa De Formacao Do Patrimonio Do Servidor Publico [Member] | |
IfrsStatementLineItems [Line Items] | |
Pasep Rate | 1.65% |
Contribuicao Para O Financiamentoda Seguridade Social [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:CofinsRate] | 7.60% |
Programa De Formacao Do Patrimonio Do Servidor Publico 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:PasepForFinancialRevenuesRate] | 0.65% |
Contribuicao Para O Financiamentoda Seguridade Social 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
[custom:CofinsForFinancialRevenuesRate] | 4% |
Changes in accounting practic_3
Changes in accounting practices and disclosures (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Amendments to IFRS 10 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IFRS 10 - Consolidated Statements and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
Description | Clarify situations that involve the sale or contribution of assets between an investor and its associate or joint venture. |
Impact | The Company is assessing the impacts and effects of the amendments; however, it does not expect any effects from the amendments. |
Amendments to IAS 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current |
Description | These amendments to IAS 1 only affect the presentation of liabilities as current or non-current in the statement of financial position and not the amount or time of recognition of any asset, liability, income or expense, or information disclosed on such items. In addition, they clarify that the classification of liabilities as current or non-current is based on rights existing on the balance sheet date, specify that classification is not affected by the expectations on whether an entity will exercise its right to defer the settlement of the liability and introduce the definition of 'settlement' to clarify that settlement refers to the transfer, to a counterparty, of cash, equity instruments, other assets or services. |
Impact | The Company does not expect any impacts from this standard. |
Amendments to IAS 7 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IAS 7 – Statament of Cash Flows and IFRS 7 – Financial Instruments - Disclosures |
Description | The amendments add a disclosure objective IAS 7 stating that information about their supplier financing arrangements should be disclosed to allow users of the financial statements to assess the effects of these agreements on the entity’s liabilities and cash flows. Additionally, IFRS 7 was amended to include supplier financing arrangements as an example within the requirements for disclosing information about the entity’s exposure to liquidity risk concentration. |
Impact | The Company does not expect effects from these amendments. |
Amendments to IFRS 16 [Member] | |
IfrsStatementLineItems [Line Items] | |
Standard | Amendments to IFRS 16 – Leases - Lease liability in a Sale and Leaseback transaction |
Description | The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 for accounting purposes as a sale. The amendments require that the seller-lessee determine "lease payments" or "revised lease payments" so that the seller-lessee does not recognize a gain or loss related to the right of use retained by the seller-lessee after the commencement date. |
Impact | The Company does not expect effects from these amendments. |
Amendments to IFRS 16 One [Member] | |
IfrsStatementLineItems [Line Items] | |
Description | The amendments do not impact the gain or loss recognized by the seller-lessee related to the total or partial termination of a lease. Without these new requirements, a seller-lessee may have recognized a gain on the right of use retained solely because of the remeasurement of the lease liability (for example, after a modification or change in the lease term) that applies the general requirements in IFRS 16. This may have been particularly the case in a sublease that includes variable lease payments not dependent on an index or rate. |
Risk Management (Details)
Risk Management (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Total exposure | R$ 2785853 | R$ 2809441 |
Total foreign currency-denominated borrowings | 2,745,891 | 2,775,758 |
United States of America, Dollars | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | 1,356,474 | 996,695 |
Interest and charges from borrowings and financing | 15,510 | 6,985 |
Borrowing cost | (37,520) | (31,037) |
United States of America, Dollars | Foreign currency | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | 280,188 | 191,022 |
Japan, Yen | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | 1,405,702 | 1,795,259 |
Interest and charges from borrowings and financing | 8,167 | 10,502 |
Borrowing cost | (2,442) | (2,646) |
Japan, Yen | Foreign currency | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings and financing | R$ 41078385 | R$ 45369189 |
Risk Management (Details1)
Risk Management (Details1) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Currency U S D [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exchange rate | $ 4.8413 | $ 5.2177 |
Exchange rate variation | (7.20%) | |
Lene [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exchange rate variation | (13.50%) | |
Exchange rate | $ 0.03422 | $ 0.03957 |
Risk Management (Details 2)
Risk Management (Details 2) - Probable Scenario [Member] R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) Number | |
IfrsStatementLineItems [Line Items] | |
Total effect on net financial result in R$ - gain/(loss) | R$ 113478 |
United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Net currency exposure | R$ 280188 |
Currency rate | Number | 4.8413 |
Exchange rate estimated according to the scenario | Number | 5 |
Differences between the rates | (0.1587%) |
Effect on net financial result R$ - gain/(loss) | R$ 44466 |
Japan, Yen | |
IfrsStatementLineItems [Line Items] | |
Net currency exposure | R$ 41078385 |
Currency rate | Number | 0.03422 |
Exchange rate estimated according to the scenario | Number | 0.03590 |
Differences between the rates | (0.00168%) |
Effect on net financial result R$ - gain/(loss) | R$ 69012 |
Risk Management (Details 3)
Risk Management (Details 3) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Borrowings | R$ 17804385 | R$ 16814754 |
Certificado De Deposito Interbancario [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 9,966,111 | 9,251,150 |
Interest Benchmark Rates [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,684,711 | 1,635,587 |
Indice Nacional De Precos Ao Consumidor Amplos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 3,038,378 | 3,073,435 |
Taxa De Juros A Longo Prazos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,365,806 | 1,433,029 |
Secured Overnight Financing Rate [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | 1,356,473 | 996,697 |
Interest And Charge [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings | R$ 392906 | R$ 424856 |
Risk Management (Details 4)
Risk Management (Details 4) | 12 Months Ended |
Dec. 31, 2023 | |
Banco Do Brasil [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA.br |
Banco Do Brasil [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | |
Banco Santander Brasil [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA.br |
Banco Santander Brasil [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | brAAA |
Banco Santander Brasil [Member] | Fitch [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | |
Brazilian Federal Savings Bank [Member] | Fitch [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA(bra) |
Brazilian Federal Savings Bank [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA.br |
Brazilian Federal Savings Bank [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | brAAA |
Banco Bradesco [Member] | Fitch [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA(bra) |
Banco Bradesco [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA.br |
Banco Bradesco [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | brAAA |
Itau Unibanco Holding [Member] | Fitch [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA(bra) |
Itau Unibanco Holding [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA.br |
Itau Unibanco Holding [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | |
Banco B V [Member] | Fitch [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | |
Banco B V [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AA.br |
Banco B V [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | brAAA |
Banco B T G Pactual S A [Member] | Fitch [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA(bra) |
Banco B T G Pactual S A [Member] | Moodys [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA.br |
Banco B T G Pactual S A [Member] | Standard Poors [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | brAAA |
Fitch [Member] | Banco Do Brasil [Member] | |
IfrsStatementLineItems [Line Items] | |
Credit rating information of the banks | AAA(bra) |
Risk Management (Details 5)
Risk Management (Details 5) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents and financial investments | R$ 3265236 | R$ 3545358 |
Banco B V [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current accounts and investment funds | 322,241 | 289,908 |
A A Plus Bra [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents and financial investments | 2,237,629 | |
A A A Bra [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents and financial investments | 2,940,690 | 1,011,685 |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents and financial investments | R$ 324546 | R$ 296044 |
Risk Management (Details 6)
Risk Management (Details 6) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Borrowings and financing | R$ 28142645 | |
Trade payables and contractors | 456,215 | |
Services payable | 750,732 | R$ 723242 |
Public-Private Partnership – PPP | 8,589,915 | |
Program Contract Commitments | 38,032 | |
Total | 37,977,539 | |
Twenty Twenty Four [Member] | ||
Liabilities | ||
Borrowings and financing | 4,242,785 | |
Trade payables and contractors | 456,215 | |
Services payable | 750,732 | |
Public-Private Partnership – PPP | 488,086 | |
Program Contract Commitments | 21,622 | |
Total | 5,959,440 | |
Twenty Twenty Five [Member] | ||
Liabilities | ||
Borrowings and financing | 3,793,478 | |
Trade payables and contractors | ||
Services payable | ||
Public-Private Partnership – PPP | 449,838 | |
Program Contract Commitments | 1,215 | |
Total | 4,244,531 | |
Twenty Twenty Six [Member] | ||
Liabilities | ||
Borrowings and financing | 3,444,022 | |
Trade payables and contractors | ||
Services payable | ||
Public-Private Partnership – PPP | 464,863 | |
Program Contract Commitments | 1,215 | |
Total | 3,910,100 | |
Twenty Twenty Seven [Member] | ||
Liabilities | ||
Borrowings and financing | 3,345,107 | |
Trade payables and contractors | ||
Services payable | ||
Public-Private Partnership – PPP | 480,389 | |
Program Contract Commitments | 1,215 | |
Total | 3,826,711 | |
Twenty Twenty Eight [Member] | ||
Liabilities | ||
Borrowings and financing | 2,454,561 | |
Trade payables and contractors | ||
Services payable | ||
Public-Private Partnership – PPP | 496,434 | |
Program Contract Commitments | 1,215 | |
Total | 2,952,210 | |
Twenty Twenty Nine Onwards [Member] | ||
Liabilities | ||
Borrowings and financing | 10,862,692 | |
Trade payables and contractors | ||
Services payable | ||
Public-Private Partnership – PPP | 6,210,305 | |
Program Contract Commitments | 11,550 | |
Total | R$ 17084547 |
Risk Management (Details 7)
Risk Management (Details 7) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Exposure interest rate risk | R$ 2785853 | R$ 2809441 |
Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | (947,782) | |
Interest rate risk [member] | Interest To Be Incurred [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | (1,000,598) | |
Probable Scenario [Member] | Interest rate risk [member] | Financial Income [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 324,615 | |
C D I Net Exposure [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Exposure interest rate risk | (675,983) | |
C D I [Member] | Exposure [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets | 3,233,218 | |
Liabilities | (9,966,111) | |
Exposure interest rate risk | R$ 6732893 | |
C D I [Member] | Probable Scenario [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Assets Interest Rate | 10.04% | |
Liabilities Interest Rate | 10.04% | |
T R [Member] | Exposure [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 1684711 | |
T R [Member] | Probable Scenario [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities Interest Rate | 0.0064% | |
T R [Member] | Probable Scenario [Member] | Interest rate risk [member] | Expenses To Be Incurred [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 108 | |
I P C A [Member] | Exposure [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 3038378 | |
I P C A [Member] | Probable Scenario [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities Interest Rate | 3.90% | |
I P C A [Member] | Probable Scenario [Member] | Interest rate risk [member] | Expenses To Be Incurred [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 118497 | |
T J L P [Member] | Exposure [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 1365806 | |
T J L P [Member] | Probable Scenario [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities Interest Rate | 6.43% | |
T J L P [Member] | Probable Scenario [Member] | Interest rate risk [member] | Interest To Be Incurred [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 87821 | |
L I B O R [Member] | Exposure [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 1356473 | |
L I B O R [Member] | Probable Scenario [Member] | Interest rate risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities Interest Rate | 4.8193% | |
L I B O R [Member] | Probable Scenario [Member] | Interest rate risk [member] | Interest To Be Incurred [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | R$ 65373 |
Risk Management (Details 8)
Risk Management (Details 8) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Risk Management | ||||
Total borrowings and financing (Note 17) | R$ 19536350 | R$ 18958671 | R$ 17723836 | R$ 17258624 |
(-) Cash and cash equivalents (Note 7) | (838,484) | (1,867,485) | ||
(-) Financial investments (Note 8) | (2,426,752) | (1,677,873) | ||
Net debt | 16,271,114 | 15,413,313 | ||
Total equity | 29,857,376 | 27,333,533 | R$ 24931859 | R$ 22793704 |
Total (shareholders plus providers of capital) | R$ 46128490 | R$ 42746846 | ||
Leverage ratio | 35% | 36% |
Risk Management (Details 9)
Risk Management (Details 9) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Financial investments | R$ 2426752 | R$ 1677873 |
Restricted cash | 54,944 | 37,474 |
Trade receivables | 5,233,932 | 4,706,325 |
Water and Basic Sanitation National Agency ANA | 2,673 | 9,193 |
Carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 838,484 | 1,867,485 |
Financial investments | 2,426,752 | 1,677,873 |
Restricted cash | 54,944 | 37,474 |
Trade receivables | 3,856,723 | 3,277,808 |
Water and Basic Sanitation National Agency ANA | 2,673 | 9,193 |
Other assets | 196,065 | 212,674 |
Fair Values [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 838,484 | 1,867,485 |
Financial investments | 2,426,752 | 1,677,873 |
Restricted cash | 54,944 | 37,474 |
Trade receivables | 3,856,723 | 3,277,808 |
Water and Basic Sanitation National Agency ANA | 2,673 | 9,193 |
Other assets | R$ 196065 | R$ 212674 |
Risk Management (Details 10)
Risk Management (Details 10) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | R$ 19536350 | R$ 18958671 | R$ 17723836 | R$ 17258624 |
Services payable | 750,732 | 723,242 | ||
Public-Private Partnership - PPP | 2,798,688 | 2,736,768 | ||
Carrying amount [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | 19,536,350 | 18,958,671 | ||
Trade payables and contractors | 456,215 | 430,946 | ||
Services payable | 750,732 | 723,242 | ||
Program contract commitments | 34,016 | 112,385 | ||
Public-Private Partnership - PPP | 3,286,614 | 2,959,181 | ||
Fair Values [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | 19,950,055 | 19,260,133 | ||
Trade payables and contractors | 456,215 | 430,946 | ||
Services payable | 750,732 | 723,242 | ||
Program contract commitments | 34,016 | 112,385 | ||
Public-Private Partnership - PPP | R$ 3286614 | R$ 2959181 |
Risk management (Details Narrat
Risk management (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risk Management | ||
Total exposure | R$ 2785853 | R$ 2809441 |
Percentage of decrease in currency due to debt | 1.10% | |
Liabilities related to exchange rate variation of borrowings and financing contracts | R$ 309854 | 488,614 |
Income before taxes | 278,586 | 280,944 |
Effects on profit for the year before taxes | 178,044 | 168,148 |
Financial instrument assets receivables from related parties | 1,196,545 | 1,156,743 |
Reimbursement of additional retirement and pension plan | R$ 1076174 | R$ 1060040 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Notes and other explanatory information [abstract] | ||||
Cash and banks | R$ 31187 | R$ 139844 | ||
Cash equivalents | 807,297 | 1,727,641 | ||
Total | R$ 838484 | R$ 1867485 | R$ 717929 | R$ 396401 |
Cash and cash equivalents (De_2
Cash and cash equivalents (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Certificado De Deposito Interbancario [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Average yield of cash equivalents | 96.25% | 95.69% |
Financial investments (Details)
Financial investments (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Financial investments | R$ 2426752 | R$ 1677873 |
Financial investments | 2,426,752 | 1,677,873 |
Banco B V [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | 322,240 | 289,909 |
Banco Itau Unibanco S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | 403,732 | |
Banco Bradesco S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | 643,445 | 578,752 |
Banco B T G Pactual S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | 449,241 | 404,363 |
Banco Do Brasil S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | R$ 1011826 | R$ 1117 |
Financial investments (Details
Financial investments (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Certificado De Deposito Interbancario [Member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:AverageYieldOfFinancialInstrument] | 103.30% | 102.90% |
Restricted cash (Details)
Restricted cash (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Restricted cash | R$ 54944 | R$ 37474 |
Agreementwiththe Sao Paulo Municipal Government [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Restricted cash | 47,749 | 30,231 |
Brazilian Federal Savings Bank Escrow Deposites [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Restricted cash | 365 | 433 |
Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Restricted cash | R$ 6830 | R$ 6810 |
Trade receivables (Details)
Trade receivables (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Subtotal | R$ 5233932 | R$ 4706325 |
Allowance for doubtful accounts | (1,377,209) | (1,428,517) |
Total trade receivables | 3,856,723 | 3,277,808 |
Current | 3,584,287 | 3,062,574 |
Noncurrent | 272,436 | 215,234 |
Trade receivables | 3,856,723 | 3,277,808 |
Private Sector [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 3,039,931 | 2,704,332 |
Private Sector [Member] | General And Special Customers [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 2,200,921 | 2,287,782 |
Private Sector [Member] | Agreements [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 839,010 | 416,550 |
Government Entities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 1,006,009 | 993,318 |
Government Entities [Member] | Agreements [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 374,372 | 372,943 |
Government Entities [Member] | Municipal [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 623,601 | 609,731 |
Government Entities [Member] | Federal [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 8,036 | 10,644 |
Wholesale Customers Municipal Governments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 49,676 | 49,415 |
Wholesale Customers Municipal Governments [Member] | Mogi Das Cruzes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 4,343 | 4,048 |
Wholesale Customers Municipal Governments [Member] | Sao Caetano Do Sul [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | 45,333 | 45,367 |
Unbilled Supply [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Subtotal | R$ 1138316 | R$ 959260 |
Trade receivables (Details 1)
Trade receivables (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total | R$ 5233932 | R$ 4706325 |
Current [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 2,723,975 | 2,244,754 |
Not later than one month [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 627,986 | 489,709 |
Later than one month and not later than two months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 271,476 | 248,128 |
Later than two months and not later than three months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 181,639 | 165,306 |
Later than three months and not later than four months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 127,421 | 150,941 |
Later Than Four Month And Not Later Than Six Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 290,610 | 281,530 |
Later than six months and not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 57,289 | 58,702 |
Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 953,536 | 1,067,255 |
Past Due [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | R$ 2509957 | R$ 2461571 |
Trade receivables (Details 2)
Trade receivables (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Balance at beginning of the year | R$ 1428517 | R$ 1280088 | R$ 1157619 |
Constitution/(reversal) of losses | 21,103 | 209,360 | 182,547 |
Recoveries | (72,411) | (60,931) | (60,078) |
Balance at the end of the year | R$ 1377209 | R$ 1428517 | R$ 1280088 |
Trade receivables (Details 3)
Trade receivables (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Write-offs | R$ 703325 | R$ 636366 | R$ 508055 |
(Losses)/reversal with state entities - related parties | (903) | 2,738 | (13,206) |
(Losses)/reversal with the private sector / government entities | (21,103) | (209,360) | (182,547) |
Recoveries | 72,411 | 60,931 | 60,078 |
Amount recorded expense (Note 29) | R$ 652920 | R$ 782057 | R$ 643730 |
Trade receivables (Details 4)
Trade receivables (Details 4) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Judicial bonds | R$ 3085265 | R$ 2807318 |
Municipality Of Sao Paulo [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial bonds | 3,042,927 | 2,656,113 |
Municpalityof Cotia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial bonds | 15,456 | 103,729 |
Municpalityof Cachoeira Paulista [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial bonds | 14,964 | 13,672 |
Others [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Judicial bonds | R$ 11918 | R$ 33804 |
Related-Party Balances and Tr_3
Related-Party Balances and Transactions (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total current | R$ 261280 | R$ 205793 |
Accounts receivable, noncurrent | 935,272 | 950,950 |
Total receivables | 1,196,552 | 1,156,743 |
Total | 1,196,552 | 1,156,743 |
Liabilities | 31,613,581 | 29,874,232 |
Agreement For The Installment Payment Of Sanitation Services [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accounts receivable, noncurrent | 1,361 | 1,361 |
Reimbursement G E S P 2015 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accounts receivable, noncurrent | 933,911 | 949,589 |
Sanitation Services [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 120,378 | 96,703 |
Reimbursement For Retirement And Pension Benefits Paid [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 1,076,174 | 1,060,040 |
Interest On Capital Payable [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Liabilities | 420,564 | 372,550 |
Sanitation Services [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total current | 169,515 | 144,937 |
Allowance For Loss [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total current | (50,498) | (49,595) |
Monthly Flow Paymentsiiandvi [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total current | 36,241 | 13,376 |
Reimbursement G E S P 2015 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total current | R$ 106022 | R$ 97075 |
Related-Party Balances and Tr_4
Related-Party Balances and Transactions (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenues | R$ 25572056 | R$ 22055720 | R$ 19491061 |
Sanitation Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | 775,988 | 661,955 | 522,608 |
Payments Received Related Parties [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | (741,089) | (632,501) | (439,349) |
Payment Received From Reimbursement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | R$ 189713 | R$ 186690 | R$ 179787 |
Related-Party Balances and Tr_5
Related-Party Balances and Transactions (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2022 | Jul. 22, 2022 | Apr. 05, 2017 | Mar. 18, 2015 | |
IfrsStatementLineItems [Line Items] | |||||||
Disputed amounts receivable | R$ 1583449 | R$ 1482140 | |||||
Actuarial liability amount | R$ 2098622 | R$ 2002075 | |||||
Agreement transaction amount | R$ 1012310 | ||||||
Monthly installment payable | R$ 609109 | 696,283 | |||||
Inflation adjustment amount | R$ 325561 | R$ 316027 | R$ 316027 | ||||
Number of shares issued | 683,509,869 | 683,509,869 | |||||
Receivables in current assets | R$ 106022 | R$ 97075 | |||||
Receivables in non-current assets | 933,911 | 949,589 | |||||
Other liabilities, current | 8,876 | 8,456 | |||||
Other liabilities, non-current | 99,279 | 95,033 | |||||
Expenses related to personnel assigned by SABESP to other state government entities | 8,165 | 800 | R$ 734 | ||||
Non-operating assets | 3,613 | 3,613 | |||||
[custom:NetActuarialLiability-0] | 44,249 | 148,116 | |||||
Compensation to officers | 8,550 | 6,175 | R$ 6369 | ||||
Bonus program | 1,885 | 1,305 | |||||
Other assets, current | 694 | ||||||
Total loan agreement related party | 2,814 | ||||||
Balance of principal and interest of Sabesp Olimpia | 78,611 | ||||||
[custom:TotalInvestmentAmount] | 10,800 | ||||||
[custom:InvestmentFinanced1] | 8,700 | ||||||
[custom:InvestmentFinanced2] | R$ 2100 | ||||||
[custom:FinancingInterestRate] | 3% | ||||||
Financing amount | R$ 1300 | 5,100 | |||||
Aguas De Andradina [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Other assets, current | 242 | ||||||
Other assets, non current | R$ 2814 | ||||||
Preference shares [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of shares issued | 2,221,000 | ||||||
Value of shares issued | R$ 87174 |
Investments (Details)
Investments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 29857376 | R$ 27333533 | R$ 24931859 | R$ 22793704 |
Profit for the year | 3,523,531 | 3,121,267 | 2,305,869 | |
Investments | 130,520 | 104,666 | ||
Investments contribution | 5,814 | |||
Dividends distributed | (12,962) | |||
Reclassification | 608 | |||
Equity in the earnings of subsidiaries | 34,111 | 24,551 | 22,079 | |
Other investments | 6,099 | 6,099 | ||
Overall total | 161,863 | 110,765 | ||
Seasamm [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | 61,275 | 59,371 | 58,421 | |
Contribution | ||||
Dividends distributed | (18,485) | |||
Profit for the year | 20,389 | 14,825 | 9,059 | |
Investments | 22,059 | 21,374 | ||
Investments contribution | ||||
Dividends distributed | (6,655) | |||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 7340 | R$ 5337 | R$ 3261 | |
Interest percentage | 36% | 36% | 36% | |
Aguas De Andradinas [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 34088 | R$ 30777 | R$ 29591 | |
Contribution | ||||
Dividends distributed | ||||
Profit for the year | 3,311 | 1,186 | 2,424 | |
Investments | 10,225 | 9,233 | ||
Investments contribution | ||||
Dividends distributed | ||||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 992 | R$ 356 | R$ 700 | |
Interest percentage | 30% | 30% | 30% | |
Aguas De Castilho [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 12784 | R$ 10787 | R$ 9384 | |
Contribution | ||||
Dividends distributed | ||||
Profit for the year | 1,997 | 1,403 | 1,428 | |
Investments | 3,835 | 3,236 | ||
Investments contribution | ||||
Dividends distributed | ||||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 599 | R$ 421 | R$ 433 | |
Interest percentage | 30% | 30% | 30% | |
Attend Ambiental [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 43263 | R$ 29729 | R$ 23493 | |
Contribution | ||||
Dividends distributed | (4,215) | |||
Profit for the year | 17,749 | 8,177 | 4,701 | |
Investments | 19,469 | 13,379 | ||
Investments contribution | ||||
Dividends distributed | (1,897) | |||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 7987 | R$ 3680 | R$ 5438 | |
Interest percentage | 45% | 45% | 45% | |
Aquapolo Ambiental [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 102442 | R$ 73926 | R$ 58172 | |
Contribution | ||||
Dividends distributed | (9,000) | |||
Profit for the year | 37,516 | 30,496 | 25,269 | |
Investments | 50,196 | 36,223 | ||
Investments contribution | ||||
Dividends distributed | (4,410) | |||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 18383 | R$ 14943 | R$ 12382 | |
Interest percentage | 49% | 49% | 49% | |
Paulista Geradora De Energia [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 42307 | R$ 10486 | R$ 6153 | |
Contribution | 30,093 | |||
Dividends distributed | ||||
Profit for the year | 1,728 | (744) | (539) | |
Cantareira S P Energia [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | 10,650 | 1,000 | ||
Contribution | 10,114 | |||
Dividends distributed | ||||
Profit for the year | (464) | |||
Investments | 5,212 | 490 | ||
Investments contribution | 4,949 | |||
Dividends distributed | ||||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 227 | |||
Interest percentage | 49% | 49% | ||
F O X X U R E B A Ambiental [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 63309 | R$ 69258 | ||
Contribution | 4,325 | |||
Dividends distributed | ||||
Profit for the year | (1,686) | |||
Investments | 12,663 | 13,852 | ||
Investments contribution | 865 | |||
Dividends distributed | ||||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 337 | |||
Interest percentage | 20% | 20% | ||
Other investments | R$ 25244 | |||
Infranext Solucoesem Pavimentacao [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | 4,699 | 7,050 | ||
Contribution | ||||
Dividends distributed | ||||
Profit for the year | (2,351) | |||
Investments | 450 | |||
Investments contribution | ||||
Dividends distributed | ||||
Reclassification | 608 | |||
Equity in the earnings of subsidiaries | R$ 1058 | |||
Interest percentage | 45% | 45% | ||
Sabesp Olimpia [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity | R$ 3066 | |||
Contribution | 811 | |||
Dividends distributed | ||||
Profit for the year | (3,877) | |||
Paulista Geradora De Energia 1 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Investments | 6,861 | 6,429 | ||
Investments contribution | ||||
Dividends distributed | ||||
Reclassification | ||||
Equity in the earnings of subsidiaries | R$ 432 | R$ 186 | R$ 135 | |
Interest percentage | 25% | 25% | 25% |
Investments (Details Narrative)
Investments (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 15000000 | R$ 15000000 |
Capital stock, shares | 683,509,869 | |
Seasamm [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 19532 | |
Capital stock, shares | 19,532,409 | |
Equity interest | 3,600% | |
G S Inima [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 64% | |
Percentage of equity interest held | 51% | |
Aguas De Andradina [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 17936 | |
Capital stock, shares | 17,936,174 | |
S A B E S P [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 30% | |
Percentage of equity interest held | 45% | |
Igua Saneamento S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 70% | |
Aguas De Castilho [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 2785 | |
Capital stock, shares | 2,785,276 | |
Attend Ambiental [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 23494 | |
Capital stock, shares | 37,677,245 | |
Estre [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of equity interest held | 55% | |
Aquapolo Ambiental [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 36412 | |
Capital stock, shares | 42,419,045 | |
S A B E S P 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 49% | |
Percentage of equity interest held | 49% | |
Paulista Geradora De Energia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 28989 | |
Equity interest | 25% | |
Capital stock, shares | 8,679,040 | |
Servtec Investimentos E Participacoes Ltda [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of equity interest held | 37.50% | |
Tecniplan Engenharia E Comercio Ltda [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of equity interest held | 37.50% | |
Cantareira S P Energia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 1000 | |
Capital stock, shares | 1,000,000 | |
Pacto S P Energia I Ltda [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 51% | |
F O X X U R E B A Ambiental S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 69258 | |
Equity interest | 80% | |
Capital stock, shares | 69,257,657 | |
Acquired amount of share capital | R$ 40000 | |
Corresponding amount | 13,852 | |
Right of use Investments | 26,148 | |
contributions | R$ 865 | |
S A B E S P 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 20% | |
Infranext Solucoes Em Pavimentacao S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 7050 | |
Capital stock, shares | 7,050,000 | |
Infranext Solucoes Em Pavimentacao S A 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 8111 | |
Capital stock, shares | 12,000,000 | |
Total share capital | R$ 12000 | |
S A B E S P 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 45% | |
D V S Locacao De Equipamentos Ltda [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 55% | |
S A B E S P Olimpia S A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Capital stock | R$ 811 | |
Capital stock, shares | 811.121 | |
S A B E S P Olimpia S A 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Equity interest | 100% | |
Capital stock, shares | 8,111,208 |
Investment properties (Details)
Investment properties (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Investment properties, beginning | R$ 46726 | R$ 46126 | R$ 46274 |
Depreciation | (48) | (48) | (48) |
Write-offs and disposals | (100) | ||
Investment properties, ending | R$ 46678 | 46,726 | 46,126 |
Disposals, investment property | R$ 100 | ||
Additions | R$ 648 |
Investment Properties (Details
Investment Properties (Details Narrative) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Investment properties, market value | R$ 393600 | R$ 386000 |
Contract assets (Details)
Contract assets (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets [abstract] | |||
Contract assets, beginning | R$ 8613968 | R$ 8550102 | R$ 7969164 |
Additions | 6,026,053 | 5,240,528 | 4,759,789 |
Transfers | 384 | 2,702 | 2,412 |
Transfers of works to intangible assets | (7,247,309) | (5,179,364) | (4,181,263) |
Contract assets, ending | R$ 7393096 | R$ 8613968 | R$ 8550102 |
Contract assets (Details Narrat
Contract assets (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets [abstract] | |||
[custom:InterestInflationAdjustmentsAndExchangeVariationsCapitalizaedInTheContractAsset] | R$ 638208 | R$ 622803 | R$ 300792 |
Construction margin | 125,603 | 109,369 | R$ 98402 |
[custom:CostsOfExpropriationsRecordedInTheContractAsset-0] | R$ 58682 | R$ 62599 |
Intangible assets (Details)
Intangible assets (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Cost | R$ 65239037 | R$ 57924819 |
Accumulated amortization | (21,226,179) | (18,603,948) |
Net | 44,012,858 | 39,320,871 |
Agreements Equity Values [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 747,925 | 722,730 |
Accumulated amortization | (241,808) | (223,404) |
Net | 506,117 | 499,326 |
Agreements Economic Value [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 1,686,384 | 1,585,271 |
Accumulated amortization | (1,048,624) | (933,232) |
Net | 637,760 | 652,039 |
Agreements Concessio New Contracts [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 148,000 | |
Accumulated amortization | (411) | |
Net | 147,589 | |
Program Contractses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 30,267,977 | 26,875,408 |
Accumulated amortization | (9,583,480) | (8,537,949) |
Net | 20,684,497 | 18,337,459 |
Program Contract Commitments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 1,709,757 | 1,709,757 |
Accumulated amortization | (497,731) | (444,765) |
Net | 1,212,026 | 1,264,992 |
Service Contracts Commitments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 29,161,286 | 25,584,703 |
Accumulated amortization | (8,967,701) | (7,714,252) |
Net | 20,193,585 | 17,870,451 |
Software Licenses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 1,300,504 | 1,249,881 |
Accumulated amortization | (787,280) | (654,477) |
Net | 513,224 | 595,404 |
Right Of Uses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 217,204 | 170,921 |
Accumulated amortization | (99,144) | (95,869) |
Net | 118,060 | 75,052 |
Right Of Uses Investments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost | 26,148 | |
Accumulated amortization | ||
Net | R$ 26148 |
Intangible assets (Details 1)
Intangible assets (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | R$ 39320871 | R$ 36503834 | R$ 34405575 |
Additions | 258,473 | 75,400 | 172,961 |
Contract renewal | 7,247,309 | 5,179,364 | 4,181,263 |
Transfer of contract assets | (47,068) | (4,751) | 370 |
Write-offs and disposals | (7,627) | (9,054) | (27,078) |
Amortization | (2,759,100) | (2,423,922) | (2,229,257) |
Intangible assets, ending | 44,012,858 | 39,320,871 | 36,503,834 |
Agreements Equity Value [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 499,326 | 491,057 | 483,775 |
Additions | 22 | ||
Contract renewal | 27,774 | 27,166 | 24,656 |
Transfer of contract assets | (934) | (144) | 467 |
Write-offs and disposals | (307) | (115) | (148) |
Amortization | (19,764) | (18,638) | (17,693) |
Intangible assets, ending | 506,117 | 499,326 | 491,057 |
Agreements Economic Value [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 652,039 | 681,441 | 734,665 |
Additions | 60 | 13 | |
Contract renewal | 115,841 | 48,428 | 52,275 |
Transfer of contract assets | 63 | 33,576 | (14) |
Write-offs and disposals | (119) | (9) | (242) |
Amortization | (130,124) | (111,410) | (105,243) |
Intangible assets, ending | 637,760 | 652,039 | 681,441 |
Agreements New Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | |||
Additions | 148,000 | ||
Contract renewal | |||
Transfer of contract assets | |||
Write-offs and disposals | |||
Amortization | (411) | ||
Intangible assets, ending | 147,589 | ||
Program Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 18,337,459 | 17,152,021 | 16,360,307 |
Additions | 159 | 6,635 | 17,690 |
Contract renewal | 3,337,155 | 2,132,675 | 1,640,733 |
Transfer of contract assets | 93,417 | 2,944 | 13,744 |
Write-offs and disposals | (4,933) | (2,800) | (8,840) |
Amortization | (1,078,760) | (954,016) | (871,613) |
Intangible assets, ending | 20,684,497 | 18,337,459 | 17,152,021 |
Program Contracts Commitments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 1,264,992 | 1,317,957 | 1,370,923 |
Additions | |||
Contract renewal | |||
Transfer of contract assets | |||
Write-offs and disposals | |||
Amortization | (52,966) | (52,965) | (52,966) |
Intangible assets, ending | 1,212,026 | 1,264,992 | 1,317,957 |
Service Contracts Commitments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 17,870,451 | 16,158,771 | 14,872,604 |
Additions | 430 | 208 | 14,950 |
Contract renewal | 3,717,006 | 2,855,284 | 2,307,851 |
Transfer of contract assets | (113,378) | (41,133) | (13,827) |
Write-offs and disposals | (2,237) | (6,063) | (13,745) |
Amortization | (1,278,687) | (1,096,616) | (1,009,062) |
Intangible assets, ending | 20,193,585 | 17,870,451 | 16,158,771 |
Software License [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 595,404 | 598,734 | 540,625 |
Additions | 1,397 | 214 | |
Contract renewal | 49,533 | 115,811 | 155,748 |
Transfer of contract assets | (88) | 6 | |
Write-offs and disposals | |||
Amortization | (133,022) | (119,361) | (97,639) |
Intangible assets, ending | 513,224 | 595,404 | 598,734 |
Right Of Use Other Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 75,052 | 103,853 | 42,676 |
Additions | 108,405 | 42,182 | 140,321 |
Contract renewal | |||
Transfer of contract assets | |||
Write-offs and disposals | (31) | (67) | (4,103) |
Amortization | (65,366) | (70,916) | (75,041) |
Intangible assets, ending | 118,060 | 75,052 | 103,853 |
Right Of Use Investments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Intangible assets, beginning | 26,148 | ||
Additions | 26,148 | ||
Contract renewal | |||
Transfer of contract assets | (26,148) | ||
Write-offs and disposals | |||
Amortization | |||
Intangible assets, ending | R$ 26148 |
Intangible assets (Details 2)
Intangible assets (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Intangible assets | R$ 2791226 | R$ 2977445 |
Alto Tiete [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets | 235,224 | 251,545 |
Sao Lourenco [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets | R$ 2556002 | R$ 2725900 |
Intangible assets (Details 3)
Intangible assets (Details 3) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Current liabilities | R$ 487926 | R$ 222413 |
Noncurrent liabilities | 2,798,688 | 2,736,768 |
Total liabilities | 3,286,614 | 2,959,181 |
Alto Tiete [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities | 52,762 | 91,782 |
Noncurrent liabilities | 36,645 | |
Total liabilities | 52,762 | 128,427 |
Sao Lourenco [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities | 435,164 | 130,631 |
Noncurrent liabilities | 2,798,688 | 2,700,123 |
Total liabilities | R$ 3233852 | R$ 2830754 |
Intangible assets (Details 4)
Intangible assets (Details 4) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | R$ 492739 | R$ 574517 |
Leases Related To Contract Asset [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | 276,893 | |
Leases Related To Concession Agreements And Program Contract [Member] | Costs [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | 588,600 | 405,431 |
Leases Related To Concession Agreements And Program Contract [Member] | Accumulated Amortizations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accumulated amortization | (213,921) | (182,859) |
Leases Related To Concession Agreements And Program Net [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | 374,679 | 222,572 |
Vehicles [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | 205,593 | 153,384 |
Properties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | 11,566 | 11,711 |
Office equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | 45 | 5,826 |
Accumulated Amortization [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accumulated amortization | (99,144) | (95,869) |
Right Of Use Assets Net [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Leases and Right of use | R$ 118060 | R$ 75052 |
Intangible assets (Details 5)
Intangible assets (Details 5) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | |||
Right-of-use amortization | R$ 96429 | R$ 105551 | R$ 75041 |
Financial result – interest expense and inflation adjustment | (75,108) | (72,050) | (68,730) |
Short-term and low-value lease expenses | (26,776) | (25,365) | (22,467) |
Decrease of the income of the year | R$ 198313 | R$ 202966 | R$ 166238 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) R$ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) Municipalities | Dec. 31, 2021 BRL (R$) | Dec. 31, 2020 BRL (R$) | Dec. 31, 2019 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |||||
Right of use | R$ 44012858 | R$ 39320871 | R$ 36503834 | R$ 34405575 | |
Program contracts commitments, noncurrent | 21,969 | 100,188 | |||
Program contracts commitments, noncurrent | R$ 12047 | R$ 12197 | |||
Percentage of revenue | 44.95% | 45.14% | |||
Monthly remuneration plus any interests and charges | R$ 14740 | ||||
Monthly remuneration plus any interests and charges | R$ 42904 | ||||
[custom:AmortizationAverageRate-0] | 5.40% | 5.20% | 4.90% | ||
Sao Paulo [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of municipalities | Municipalities | 376 | ||||
Percentage of revenue | 7.75% | ||||
Alto Tiete [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Intangible assets, discount rate for adjustment - PPP | 8.20% | ||||
Sao Lourenco [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Intangible assets, discount rate for adjustment - PPP | 14.85% | ||||
Leases Related To Concession Agreements And Program Contracts [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Right of use | R$ 374679 | R$ 222572 | R$ 245681 | 269,561 | R$ 245681 |
Concession Agreements [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Right of use | 43,738 | 54,356 | 65,012 | 65,012 | 76,454 |
Program Contracts [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Right of use | R$ 330941 | R$ 168216 | R$ 180669 | R$ 180669 | R$ 193107 |
Property, plant and equipment_2
Property, plant and equipment (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 859502 | R$ 698662 | ||
Accumulated depreciation | (384,943) | (359,723) | ||
Net | R$ 474559 | R$ 338939 | R$ 291157 | R$ 268251 |
Depreciation average rate | 9.70% | 11.20% | ||
Land [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 94228 | R$ 94228 | ||
Accumulated depreciation | ||||
Net | R$ 94228 | R$ 94228 | 94,213 | 94,213 |
Depreciation average rate | (0.00%) | (0.00%) | ||
Buildings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 125672 | R$ 90311 | ||
Accumulated depreciation | (44,726) | (42,343) | ||
Net | R$ 80946 | R$ 47968 | 45,498 | 45,347 |
Depreciation average rate | 2.20% | 2.10% | ||
Office equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 443380 | R$ 412828 | ||
Accumulated depreciation | (313,193) | (291,963) | ||
Net | R$ 130187 | R$ 120865 | 115,154 | 101,016 |
Depreciation average rate | 14.20% | 15.30% | ||
Transport Equipments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 14625 | R$ 12578 | ||
Accumulated depreciation | (10,384) | (10,083) | ||
Net | R$ 4241 | R$ 2495 | 2,472 | 2,969 |
Depreciation average rate | 9.90% | 9.90% | ||
Fixtures and fittings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 41049 | R$ 38528 | ||
Accumulated depreciation | (15,876) | (15,032) | ||
Net | R$ 25173 | R$ 23496 | 22,079 | 17,419 |
Depreciation average rate | 6.80% | 6.70% | ||
Other property, plant and equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cost | R$ 140548 | R$ 50189 | ||
Accumulated depreciation | (764) | (302) | ||
Net | R$ 139784 | R$ 49887 | R$ 11741 | R$ 7287 |
Depreciation average rate | 6.50% | 5% |
Property, plant and equipment_3
Property, plant and equipment (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | R$ 338939 | R$ 291157 | R$ 268251 |
Additions | 147,249 | 73,668 | 50,281 |
Transfers | 20,536 | 2,049 | (2,782) |
Write-offs and disposals | (727) | (1,056) | (576) |
Depreciation | (31,438) | (26,879) | (24,017) |
Property, plant, and equipment, ending | 474,559 | 338,939 | 291,157 |
Land [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | 94,228 | 94,213 | 94,213 |
Additions | |||
Transfers | 15 | ||
Write-offs and disposals | |||
Depreciation | |||
Property, plant, and equipment, ending | 94,228 | 94,228 | 94,213 |
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | 47,968 | 45,498 | 45,347 |
Additions | 5,832 | 4,657 | 3,181 |
Transfers | 28,459 | (976) | (1,965) |
Write-offs and disposals | (14) | (45) | (5) |
Depreciation | (1,299) | (1,166) | (1,060) |
Property, plant, and equipment, ending | 80,946 | 47,968 | 45,498 |
Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | 120,865 | 115,154 | 101,016 |
Additions | 55,449 | 27,849 | 38,807 |
Transfers | (18,121) | 1,988 | (3,398) |
Write-offs and disposals | (641) | (781) | (365) |
Depreciation | (27,365) | (23,345) | (20,906) |
Property, plant, and equipment, ending | 130,187 | 120,865 | 115,154 |
Transport Equipments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | 2,495 | 2,472 | 2,969 |
Additions | 175 | 97 | |
Transfers | 2,432 | 658 | 69 |
Write-offs and disposals | (3) | ||
Depreciation | (686) | (807) | (663) |
Property, plant, and equipment, ending | 4,241 | 2,495 | 2,472 |
Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | 23,496 | 22,079 | 17,419 |
Additions | 6,522 | 2,646 | 4,477 |
Transfers | (3,060) | 394 | 1,647 |
Write-offs and disposals | (72) | (149) | (206) |
Depreciation | (1,713) | (1,474) | (1,258) |
Property, plant, and equipment, ending | 25,173 | 23,496 | 22,079 |
Other property, plant and equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant, and equipment, beginning | 49,887 | 11,741 | 7,287 |
Additions | 79,446 | 38,341 | 3,719 |
Transfers | 10,826 | (30) | 865 |
Write-offs and disposals | (78) | ||
Depreciation | (375) | (87) | (130) |
Property, plant, and equipment, ending | R$ 139784 | R$ 49887 | R$ 11741 |
Borrowings and financing (Detai
Borrowings and financing (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Current | R$ 2616406 | R$ 2245960 | ||
Noncurrent | 16,919,944 | 16,712,711 | ||
Total | 19,536,350 | 18,958,671 | R$ 17723836 | R$ 17258624 |
Local Currency [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 2,366,705 | 1,933,373 | ||
Noncurrent | 14,423,754 | 14,249,540 | ||
Total | 16,790,459 | 16,182,913 | 14,427,683 | 13,710,762 |
Local Currency [member] | 12th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 45,450 | 45,450 | ||
Noncurrent | 22,385 | 67,681 | ||
Total | 67,835 | 113,131 | ||
Local Currency [member] | 17th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 144,632 | |||
Noncurrent | ||||
Total | 144,632 | |||
Local Currency [member] | 18th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 46,962 | 49,937 | ||
Noncurrent | 45,649 | |||
Total | 46,962 | 95,586 | ||
Local Currency [member] | 22th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 170,957 | 199,901 | ||
Noncurrent | 170,616 | 326,433 | ||
Total | 341,573 | 526,334 | ||
Local Currency [member] | 23th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 490,810 | |||
Noncurrent | 374,279 | 864,910 | ||
Total | 865,089 | 864,910 | ||
Local Currency [member] | 24th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | ||||
Noncurrent | 512,122 | 488,478 | ||
Total | 512,122 | 488,478 | ||
Local Currency [member] | 26th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | ||||
Noncurrent | 1,302,042 | 1,239,645 | ||
Total | 1,302,042 | 1,239,645 | ||
Local Currency [member] | 27th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 200,000 | 299,614 | ||
Noncurrent | 498,634 | 698,339 | ||
Total | 698,634 | 997,953 | ||
Local Currency [member] | 28th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 127,715 | |||
Noncurrent | 1,070,457 | 1,197,756 | ||
Total | 1,198,172 | 1,197,756 | ||
Local Currency [member] | 29th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | ||||
Noncurrent | 1,314,136 | 1,275,295 | ||
Total | 1,314,136 | 1,275,295 | ||
Local Currency [member] | 30th issue debentures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 125,000 | |||
Noncurrent | 873,231 | 998,110 | ||
Total | 998,231 | 998,110 | ||
Local Currency [member] | Brazilian Federal Savings Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 108,210 | 99,767 | ||
Noncurrent | 1,508,275 | 1,422,145 | ||
Total | 1,616,485 | 1,521,912 | ||
Local Currency [member] | Brazilian Development Bank - BNDES PAC [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 6,736 | |||
Noncurrent | ||||
Total | 6,736 | |||
Local Currency [member] | Brazilian Development Bank - BNDES PAC II 9751 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 7,286 | 7,214 | ||
Noncurrent | 16,316 | 23,344 | ||
Total | 23,602 | 30,558 | ||
Local Currency [member] | Brazilian Development Bank - BNDES PAC II 9752 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 4,936 | 4,887 | ||
Noncurrent | 11,107 | 15,884 | ||
Total | 16,043 | 20,771 | ||
Local Currency [member] | Brazilian Development Bank - BNDES ONDA LIMPA [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 27,219 | 26,949 | ||
Noncurrent | 6,766 | 33,617 | ||
Total | 33,985 | 60,566 | ||
Local Currency [member] | Brazilian Development Bank - BNDES TIET III [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 200,693 | 154,437 | ||
Noncurrent | 652,175 | 656,264 | ||
Total | 852,868 | 810,701 | ||
Local Currency [member] | Brazilian Devel opment Bank - BNDEST 2015 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 34,146 | 33,807 | ||
Noncurrent | 360,021 | 390,127 | ||
Total | 394,167 | 423,934 | ||
Local Currency [member] | Brazilian Development Bank - BNDES 2014 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 6,638 | 6,572 | ||
Noncurrent | 10,107 | 16,525 | ||
Total | 16,745 | 23,097 | ||
Local Currency [member] | Inter-American Development Bank - BID 2202 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 181,349 | 181,349 | ||
Noncurrent | 1,983,615 | 2,164,009 | ||
Total | 2,164,964 | 2,345,358 | ||
Local Currency [member] | Inter-American Development Bank - BID INVEST [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 39,550 | 37,340 | ||
Noncurrent | 814,840 | 853,725 | ||
Total | 854,390 | 891,065 | ||
Local Currency [member] | Inter-American Development Bank - BID INVEST 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 14,100 | 14,100 | ||
Noncurrent | 438,241 | 452,085 | ||
Total | 452,341 | 466,185 | ||
Local Currency [member] | Inter American Development Bank B I D I N V E S T 2023 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 14,100 | |||
Noncurrent | 447,791 | |||
Total | 461,891 | |||
Local Currency [member] | International Finance Corporation I F C 2022 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 22,800 | 80,000 | ||
Noncurrent | 713,910 | 670,996 | ||
Total | 736,710 | 750,996 | ||
Local Currency [member] | International Finance Corporation I F C 2023 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | ||||
Noncurrent | 986,651 | |||
Total | 986,651 | |||
Local Currency [member] | Leases (Concession Agreements, Program Contracts and Contract Assets) [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 49,884 | 44,453 | ||
Noncurrent | 259,326 | 313,391 | ||
Total | 309,210 | 357,844 | 397,311 | 428,743 |
Local Currency [member] | Leases (Others) [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 68,499 | 72,109 | ||
Noncurrent | 73,801 | 29,265 | ||
Total | 142,300 | 101,374 | 125,969 | 45,876 |
Local Currency [member] | Others [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 3,003 | 6,241 | ||
Noncurrent | 2,910 | 5,867 | ||
Total | 5,913 | 12,108 | ||
Local Currency [member] | Interest and charges [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 377,398 | 417,878 | ||
Noncurrent | 0 | 0 | ||
Total | 377,398 | 417,878 | ||
Foreign currency | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 249,701 | 312,587 | ||
Noncurrent | 2,496,190 | 2,463,171 | ||
Total | 2,745,891 | 2,775,758 | R$ 3296153 | R$ 3547862 |
Foreign currency | Interest and charges [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 23,677 | 17,487 | ||
Noncurrent | ||||
Total | 23,677 | 17,487 | ||
Foreign currency | Inter American Development Bank B I D 1212 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 49,759 | 53,628 | ||
Noncurrent | 49,759 | 107,256 | ||
Total | 99,518 | 160,884 | ||
Foreign currency | Inter American Development Bank B I D 4623 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | ||||
Noncurrent | 712,449 | 367,441 | ||
Total | 712,449 | 367,441 | ||
Foreign currency | International Bank Of Reconstruction And Development B I R Ds 7662e 8906 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 29,433 | 31,722 | ||
Noncurrent | 477,554 | 365,648 | ||
Total | 506,987 | 397,370 | ||
Foreign currency | J I C A 15 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 39,437 | 45,602 | ||
Noncurrent | 197,180 | 273,610 | ||
Total | 236,617 | 319,212 | ||
Foreign currency | J I C A 18 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 35,457 | 41,001 | ||
Noncurrent | 177,168 | 245,865 | ||
Total | 212,625 | 286,866 | ||
Foreign currency | J I C A 17 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 9,879 | 11,424 | ||
Noncurrent | 107,880 | 136,227 | ||
Total | 117,759 | 147,651 | ||
Foreign currency | J I C A 19 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 62,059 | 71,761 | ||
Noncurrent | 774,200 | 967,124 | ||
Total | 836,259 | 1,038,885 | ||
Foreign currency | B I D 1983 A B 2 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current | 39,962 | |||
Noncurrent | ||||
Total | R$ 39962 |
Borrowings and financing (Det_2
Borrowings and financing (Details 1) | 12 Months Ended |
Dec. 31, 2023 | |
Twelth Issue Debentures [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2025 |
Annual interest rate | TR + 9.5% |
Guarantees | Own funds |
17th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2023 |
Annual interest rate | CDI +0.75% (Series 1) and 4.5% (Series 2) and 4.75% (Series 3) |
Guarantees | Own funds |
Inflation adjustment | IPCA (Series 2 and 3) |
18th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2024 |
Annual interest rate | TJLP + 1.92 % (Series 1 and 3) and 8.25% (Series 2) |
Guarantees | Own funds |
Inflation adjustment | IPCA (Series 2) |
22th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2025 |
Annual interest rate | CDI +0.58% (Series 1) and CDI + 0.90% (Series 2) and 6.0% (Series 3) |
Guarantees | Own funds |
Inflation adjustment | IPCA (Series 3) |
23th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2027 |
Annual interest rate | CDI +0.49% (Series 1) and CDI + 0.63% (Series 2) |
Guarantees | Own funds |
24th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2029 |
Annual interest rate | 3.20% (Series 1) and 3.37% (Series 2) |
Guarantees | Own funds |
Inflation adjustment | IPCA (Series 1 and 2) |
26th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2030 |
Annual interest rate | 4.65% (series 1) and 4.95% (series 2) |
Guarantees | Own funds |
Inflation adjustment | IPCA (series 1 and 2) |
27th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2027 |
Annual interest rate | CDI +1.60% (Series 1) and CDI + 1.80% (Series 2) and 2.25% (Series 3) |
Guarantees | Own funds |
28th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2028 |
Annual interest rate | CDI +1.20% (Series 1) and CDI + 1.44% (Series 2) and 1.60% (Series 3) |
Guarantees | Own funds |
29th issue debentures [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2036 |
Annual interest rate | CDI +1.29% (Series 1) and 5.3058% (Series 2) and 5.4478% (Series 3) |
Guarantees | Own funds |
Inflation adjustment | IPCA (series 2 and 3) |
Thirtiet Issue Debentures [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2029 |
Annual interest rate | CDI +1.30% (Series 1) and 1.58% (Series 2) |
Guarantees | Own funds |
Brazilian Federal Savings Bank [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2023/2042 |
Annual interest rate | 5% to 9.5% |
Guarantees | Own funds |
Inflation adjustment | TR |
Brazilian Development Bank - BNDES PAC [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2023 |
Annual interest rate | TJLP+1.82% |
Guarantees | Own funds |
Brazilian Development Bank - BNDES PAC II 9751 [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2027 |
Annual interest rate | TJLP+1.72% |
Guarantees | Own funds |
Brazilian Development Bank - BNDES PAC II 9752 [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2027 |
Annual interest rate | TJLP+1.72% |
Guarantees | Own funds |
Brazilian Development Bank - BNDES ONDA LIMPA [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2025 |
Annual interest rate | TJLP+1.92% |
Guarantees | Own funds |
Brazilian Development Bank - BNDES TIET III [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2028 |
Annual interest rate | TJLP+1.66% |
Guarantees | Own funds |
Brazilian Development Bank B N D E S 2015 [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2035 |
Annual interest rate | TJLP+2.18% |
Guarantees | Own funds |
Brazilian Development Bank - BNDES 2014 [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2026 |
Annual interest rate | TJLP+1.76% |
Guarantees | Own funds |
Inter-American Development Bank - BID 2202 [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2035 |
Annual interest rate | CDI+0.86% |
Guarantees | Government |
Inter-American Development Bank - BID INVEST [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2034 |
Annual interest rate | CDI+1.90% and CDI+2.70% |
Guarantees | Own funds |
Inter-American Development Bank - BID INVEST 2022 [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2036 |
Annual interest rate | CDI+2.50% |
Guarantees | Own funds |
Inter American Development Bank B I D I N V E S T 2023 [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2036 |
Annual interest rate | CDI+0.50% |
Guarantees | Own funds |
International Finance Corporation - IFC [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2032 |
Annual interest rate | CDI+2.00% |
Guarantees | Own funds |
Leases (Concession Agreements, Program Contracts and Contract Assets) [member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2035 |
Annual interest rate | 7.73% to 10.12% |
Inflation adjustment | IPC |
Other Leases [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2027 |
Annual interest rate | 9.32% to 15.24% |
Others [Member] | Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2025 |
Annual interest rate | 3% (FEHIDRO) and TJLP + 1.5% (FINEP) |
Guarantees | Own funds |
Inter American Development Bank B I D 1212 [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2025 |
Annual interest rate | SOFR + 4.72% (*) |
Guarantees | Government |
Inflation adjustment | US$ |
Inter American Development Bank B I D 4623 [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2044 |
Annual interest rate | SOFR + 6.60531% (*) |
Guarantees | Government |
Inflation adjustment | US$ |
International Bank For Reconstruction And Development [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2034 |
Annual interest rate | SOFR + 6.0% and 7.1% (*) |
Guarantees | Government |
Inflation adjustment | US$ |
J I C A 15 [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2029 |
Annual interest rate | 1.8% and 2.5% |
Guarantees | Government |
Inflation adjustment | Yen |
J I C A 18 [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2029 |
Annual interest rate | 1.8% and 2.5% |
Guarantees | Government |
Inflation adjustment | Yen |
J I C A 17 [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2035 |
Annual interest rate | 1.2% and 0.01% |
Guarantees | Government |
Inflation adjustment | Yen |
J I C A 19 [Member] | Foreign currency | |
IfrsStatementLineItems [Line Items] | |
Maturity | 2037 |
Annual interest rate | 1.7% and 0.01% |
Guarantees | Government |
Inflation adjustment | Yen |
Borrowings and financing (Det_3
Borrowings and financing (Details 2) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
2024 | R$ 2616406 |
2025 | 2,362,220 |
2026 | 2,248,233 |
2027 | 2,382,684 |
2028 | 1,679,277 |
2029 | 1,794,694 |
2030 to 2044 | 6,452,836 |
Borrowings payment net | 19,536,350 |
Local Currency [member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 2,366,705 |
2025 | 2,116,808 |
2026 | 2,033,191 |
2027 | 2,167,642 |
2028 | 1,464,235 |
2029 | 1,568,966 |
2030 to 2044 | 5,072,912 |
Borrowings payment net | 16,790,459 |
Local Currency [member] | Debentures [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 1,206,894 |
2025 | 1,336,415 |
2026 | 1,214,740 |
2027 | 1,368,020 |
2028 | 658,827 |
2029 | 781,623 |
2030 to 2044 | 778,277 |
Borrowings payment net | 7,344,796 |
Local Currency [member] | Brazilian Federal Savings Bank [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 108,210 |
2025 | 114,964 |
2026 | 122,140 |
2027 | 129,752 |
2028 | 137,707 |
2029 | 142,986 |
2030 to 2044 | 860,726 |
Borrowings payment net | 1,616,485 |
Local Currency [member] | B N D E S [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 280,918 |
2025 | 260,466 |
2026 | 250,531 |
2027 | 237,817 |
2028 | 84,241 |
2029 | 34,146 |
2030 to 2044 | 189,291 |
Borrowings payment net | 1,337,410 |
Local Currency [member] | B I Ds [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 249,099 |
2025 | 260,899 |
2026 | 330,209 |
2027 | 315,069 |
2028 | 420,959 |
2029 | 385,919 |
2030 to 2044 | 1,971,432 |
Borrowings payment net | 3,933,586 |
Local Currency [member] | I F Cs [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 22,800 |
2025 | 44,200 |
2026 | 61,800 |
2027 | 80,800 |
2028 | 123,600 |
2029 | 181,600 |
2030 to 2044 | 1,208,561 |
Borrowings payment net | 1,723,361 |
Local Currency [member] | Leases (Concession Agreements, Program Contracts and Contract Assets) [member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 118,383 |
2025 | 97,096 |
2026 | 53,629 |
2027 | 36,184 |
2028 | 38,901 |
2029 | 42,692 |
2030 to 2044 | 64,625 |
Borrowings payment net | 451,510 |
Local Currency [member] | Other Borrowings [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 3,003 |
2025 | 2,768 |
2026 | 142 |
Borrowings payment net | 5,913 |
Local Currency [member] | Borrowings Interest And Charges [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 377,398 |
Borrowings payment net | 377,398 |
Foreign currency | |
IfrsStatementLineItems [Line Items] | |
2024 | 249,701 |
2025 | 245,412 |
2026 | 215,042 |
2027 | 215,042 |
2028 | 215,042 |
2029 | 225,728 |
2030 to 2044 | 1,379,924 |
Borrowings payment net | 2,745,891 |
Foreign currency | Borrowings Interest And Charges [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 23,677 |
Borrowings payment net | 23,677 |
Foreign currency | B I D [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 49,759 |
2025 | 69,148 |
2026 | 38,778 |
2027 | 38,778 |
2028 | 38,778 |
2029 | 38,778 |
2030 to 2044 | 537,948 |
Borrowings payment net | 811,967 |
Foreign currency | B I R D [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 29,433 |
2025 | 29,433 |
2026 | 29,433 |
2027 | 29,433 |
2028 | 29,433 |
2029 | 40,238 |
2030 to 2044 | 319,584 |
Borrowings payment net | 506,987 |
Foreign currency | J I C A [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | 146,832 |
2025 | 146,831 |
2026 | 146,831 |
2027 | 146,831 |
2028 | 146,831 |
2029 | 146,712 |
2030 to 2044 | 522,392 |
Borrowings payment net | R$ 1403260 |
Borrowings and financing (Det_4
Borrowings and financing (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | R$ 18958671 | R$ 17723836 | R$ 17258624 |
Addition (lease) | 108,405 | 42,182 | 140,187 |
Funding | 2,396,058 | 2,834,551 | 2,959,633 |
Borrowing costs | (24,947) | (27,525) | (36,822) |
Monetary variation and exchange rate changes | (163,322) | (301,716) | 177,269 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 29,465 | 13,554 | 10,198 |
Interest paid | (1,936,419) | (1,505,488) | (845,445) |
Amortization | (1,771,090) | (1,536,724) | (2,896,604) |
Accrued interest | 1,314,359 | 1,091,592 | 647,980 |
Provision for interest and fees - Capitalized | 608,743 | 609,249 | 290,594 |
Expenses with borrowing costs | 16,427 | 15,160 | 18,222 |
Borrowings and financing, ending | 19,536,350 | 18,958,671 | 17,723,836 |
Local Currency [member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 16,182,913 | 14,427,683 | 13,710,762 |
Addition (lease) | 108,405 | 42,182 | 140,187 |
Funding | 1,837,687 | 2,553,091 | 2,816,545 |
Borrowing costs | (16,778) | (17,627) | (25,749) |
Monetary variation and exchange rate changes | 146,637 | 190,202 | 225,791 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 29,360 | 10,250 | |
Interest paid | (1,852,280) | (1,454,009) | (788,587) |
Amortization | (1,492,795) | (1,232,434) | (2,553,645) |
Accrued interest | 1,225,161 | 1,044,453 | 601,187 |
Provision for interest and fees - Capitalized | 607,612 | 605,513 | 284,015 |
Expenses with borrowing costs | 14,537 | 13,609 | 17,177 |
Borrowings and financing, ending | 16,790,459 | 16,182,913 | 14,427,683 |
Local Currency [member] | Debentures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 8,166,366 | 7,467,968 | 6,756,504 |
Addition (lease) | |||
Funding | 1,000,000 | 2,450,000 | |
Borrowing costs | (2,043) | (4,320) | (25,717) |
Monetary variation and exchange rate changes | 114,228 | 165,879 | 225,106 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 21,421 | ||
Interest paid | (839,833) | (712,966) | (387,618) |
Amortization | (741,812) | (563,504) | (1,963,282) |
Accrued interest | 628,580 | 544,116 | 258,114 |
Provision for interest and fees - Capitalized | 176,739 | 257,951 | 139,563 |
Expenses with borrowing costs | 11,172 | 11,242 | 15,298 |
Borrowings and financing, ending | 7,534,818 | 8,166,366 | 7,467,968 |
Local Currency [member] | Brazilian Federal Savings Banks [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 1,526,185 | 1,483,113 | 1,418,832 |
Addition (lease) | |||
Funding | 174,058 | 119,437 | 156,488 |
Borrowing costs | |||
Monetary variation and exchange rate changes | 22,023 | 17,247 | 685 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 5,475 | 7,131 | |
Interest paid | (122,843) | (117,041) | (113,030) |
Amortization | (106,982) | (100,855) | (93,064) |
Accrued interest | 98,428 | 80,422 | 79,966 |
Provision for interest and fees - Capitalized | 24,670 | 36,731 | 33,236 |
Expenses with borrowing costs | |||
Borrowings and financing, ending | 1,621,014 | 1,526,185 | 1,483,113 |
Local Currency [member] | B N D E S [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 1,380,993 | 1,392,844 | 1,370,902 |
Addition (lease) | |||
Funding | 190,000 | 200,000 | 207,136 |
Borrowing costs | |||
Monetary variation and exchange rate changes | 10,326 | 7,020 | |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 2,464 | 3,117 | |
Interest paid | (97,829) | (104,596) | (88,084) |
Amortization | (241,992) | (222,353) | (186,179) |
Accrued interest | 78,745 | 67,311 | 51,122 |
Provision for interest and fees - Capitalized | 18,516 | 37,391 | 37,688 |
Expenses with borrowing costs | 249 | 259 | 259 |
Borrowings and financing, ending | 1,341,472 | 1,380,993 | 1,392,844 |
Local Currency [member] | B I D 2202 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 2,450,550 | 2,589,442 | 2,730,195 |
Addition (lease) | |||
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (328,627) | (281,971) | (97,829) |
Amortization | (181,349) | (181,349) | (181,349) |
Accrued interest | 135,524 | 98,574 | 63,964 |
Provision for interest and fees - Capitalized | 175,689 | 224,899 | 73,506 |
Expenses with borrowing costs | 955 | 955 | 955 |
Borrowings and financing, ending | 2,252,742 | 2,450,550 | 2,589,442 |
Local Currency [member] | B I D I N V E S T 2020 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 943,619 | ||
Addition (lease) | |||
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (138,676) | ||
Amortization | (37,340) | ||
Accrued interest | 27,360 | ||
Provision for interest and fees - Capitalized | 104,739 | ||
Expenses with borrowing costs | 665 | ||
Borrowings and financing, ending | 900,367 | 943,619 | |
Local Currency [member] | I F C 2022 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 774,525 | ||
Addition (lease) | |||
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (114,131) | ||
Amortization | (15,200) | ||
Accrued interest | 15,029 | ||
Provision for interest and fees - Capitalized | 96,160 | ||
Expenses with borrowing costs | 914 | ||
Borrowings and financing, ending | 757,297 | 774,525 | |
Local Currency [member] | I F C 2023 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | |||
Addition (lease) | |||
Funding | 1,000,000 | ||
Borrowing costs | (13,652) | ||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (2,434) | ||
Amortization | |||
Accrued interest | 11,335 | ||
Provision for interest and fees - Capitalized | 11,090 | ||
Expenses with borrowing costs | 303 | ||
Borrowings and financing, ending | 1,006,642 | ||
Local Currency [member] | B I D I N V E S T 2022 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 469,327 | ||
Addition (lease) | |||
Funding | 470,000 | ||
Borrowing costs | (3,922) | ||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (72,245) | (30,698) | |
Amortization | (14,100) | ||
Accrued interest | 71,305 | 33,840 | |
Provision for interest and fees - Capitalized | |||
Expenses with borrowing costs | 256 | 107 | |
Borrowings and financing, ending | 454,543 | 469,327 | |
Local Currency [member] | B I D I N V E S T 2023 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | |||
Addition (lease) | |||
Funding | 470,000 | ||
Borrowing costs | (1,083) | ||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (41,022) | ||
Amortization | (7,050) | ||
Accrued interest | 43,263 | ||
Provision for interest and fees - Capitalized | |||
Expenses with borrowing costs | 23 | ||
Borrowings and financing, ending | 464,131 | ||
Local Currency [member] | Leases (Concession Agreements, Program Contracts and Contract Assets) [member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 357,844 | 397,311 | 428,743 |
Addition (lease) | |||
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (54,135) | (54,390) | (52,250) |
Amortization | (48,634) | (39,467) | (31,432) |
Accrued interest | 54,135 | 54,390 | 52,250 |
Provision for interest and fees - Capitalized | |||
Expenses with borrowing costs | |||
Borrowings and financing, ending | 309,210 | 357,844 | 397,311 |
Local Currency [member] | Leases (Others) [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 101,374 | 125,969 | 45,876 |
Addition (lease) | 108,405 | 42,182 | 140,187 |
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (39,918) | (17,659) | (15,782) |
Amortization | (88,452) | (84,437) | (76,013) |
Accrued interest | 60,891 | 35,319 | 31,701 |
Provision for interest and fees - Capitalized | |||
Expenses with borrowing costs | |||
Borrowings and financing, ending | 142,300 | 101,374 | 125,969 |
Local Currency [member] | Other Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 12,130 | 14,094 | 15,197 |
Addition (lease) | |||
Funding | 3,629 | 3,654 | 2,921 |
Borrowing costs | (32) | ||
Monetary variation and exchange rate changes | 60 | 56 | |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 2 | ||
Interest paid | (587) | (789) | (718) |
Amortization | (9,884) | (5,669) | (3,986) |
Accrued interest | 566 | 748 | 690 |
Provision for interest and fees - Capitalized | 9 | 34 | 22 |
Expenses with borrowing costs | |||
Borrowings and financing, ending | 5,923 | 12,130 | 14,094 |
Local Currency [member] | B I D I N V E S T [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 943,619 | 956,942 | 944,513 |
Addition (lease) | |||
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (108,921) | (33,276) | |
Amortization | (34,800) | (18,340) | |
Accrued interest | 129,733 | 63,380 | |
Provision for interest and fees - Capitalized | |||
Expenses with borrowing costs | 665 | 665 | |
Borrowings and financing, ending | 943,619 | 956,942 | |
Local Currency [member] | I F C [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 774,525 | ||
Addition (lease) | |||
Funding | 760,000 | ||
Borrowing costs | (9,385) | ||
Monetary variation and exchange rate changes | |||
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (24,978) | ||
Amortization | |||
Accrued interest | |||
Provision for interest and fees - Capitalized | 48,507 | ||
Expenses with borrowing costs | 381 | ||
Borrowings and financing, ending | 774,525 | ||
Foreign currency | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 2,775,758 | 3,296,153 | 3,547,862 |
Addition (lease) | |||
Funding | 558,371 | 281,460 | 143,088 |
Borrowing costs | (8,169) | (9,898) | (11,073) |
Monetary variation and exchange rate changes | (309,959) | (491,918) | (48,522) |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 105 | 3,304 | 10,198 |
Interest paid | (84,139) | (51,479) | (56,858) |
Amortization | (278,295) | (304,290) | (342,959) |
Accrued interest | 89,198 | 47,139 | 46,793 |
Provision for interest and fees - Capitalized | 1,131 | 3,736 | 6,579 |
Expenses with borrowing costs | 1,890 | 1,551 | 1,045 |
Borrowings and financing, ending | 2,745,891 | 2,775,758 | 3,296,153 |
Foreign currency | B I Ds [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 532,693 | 387,837 | 317,302 |
Addition (lease) | |||
Funding | 384,824 | 226,497 | 108,728 |
Borrowing costs | (5,137) | (6,732) | (7,620) |
Monetary variation and exchange rate changes | (45,895) | (20,355) | 22,979 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (33,808) | (12,581) | (8,488) |
Amortization | (51,178) | (56,273) | (53,197) |
Accrued interest | 36,929 | 13,733 | 7,936 |
Provision for interest and fees - Capitalized | |||
Expenses with borrowing costs | 1,027 | 567 | 197 |
Borrowings and financing, ending | 819,455 | 532,693 | 387,837 |
Foreign currency | B I R D [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 399,762 | 420,881 | 426,860 |
Addition (lease) | |||
Funding | 173,547 | 39,417 | |
Borrowing costs | (3,032) | (3,166) | (3,377) |
Monetary variation and exchange rate changes | (30,374) | (28,665) | 30,814 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 61 | ||
Interest paid | (22,089) | (3,779) | (2,481) |
Amortization | (31,009) | (30,895) | (32,965) |
Accrued interest | 27,663 | 5,525 | 1,789 |
Provision for interest and fees - Capitalized | 57 | 20 | |
Expenses with borrowing costs | 490 | 363 | 241 |
Borrowings and financing, ending | 515,015 | 399,762 | 420,881 |
Foreign currency | J I C A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 1,803,109 | 2,401,887 | 2,684,321 |
Addition (lease) | |||
Funding | 15,546 | 34,360 | |
Borrowing costs | (76) | ||
Monetary variation and exchange rate changes | (231,877) | (437,296) | (108,851) |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | 105 | 3,243 | 10,198 |
Interest paid | (26,795) | (33,167) | (43,184) |
Amortization | (157,785) | (177,007) | (216,190) |
Accrued interest | 23,697 | 26,597 | 35,315 |
Provision for interest and fees - Capitalized | 763 | 3,102 | 5,802 |
Expenses with borrowing costs | 204 | 204 | 192 |
Borrowings and financing, ending | 1,411,421 | 1,803,109 | 2,401,887 |
Foreign currency | B I D 1983 A B [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Borrowings and financing, beginning | 40,194 | 85,548 | 119,379 |
Addition (lease) | |||
Funding | |||
Borrowing costs | |||
Monetary variation and exchange rate changes | (1,813) | (5,602) | 6,536 |
Inflation adjustment / exchange variation and incorporated interest - Capitalized | |||
Interest paid | (1,447) | (1,952) | (2,705) |
Amortization | (38,323) | (40,115) | (40,607) |
Accrued interest | 909 | 1,284 | 1,753 |
Provision for interest and fees - Capitalized | 311 | 614 | 777 |
Expenses with borrowing costs | 169 | 417 | 415 |
Borrowings and financing, ending | R$ 40194 | R$ 85548 |
Borrowings and financing (Det_5
Borrowings and financing (Details 4) | 12 Months Ended |
Dec. 31, 2023 | |
Adjusted E B I T D A Adjusted Financial Expenses [Member] | |
IfrsStatementLineItems [Line Items] | |
Covenants | Equal to or higher than 2.80 |
E B I T D A Financial Expenses Paid [Member] | |
IfrsStatementLineItems [Line Items] | |
Covenants | Equal to or higher than 2.35 |
Adjusted Net Debt Adjusted E B I T D A [Member] | |
IfrsStatementLineItems [Line Items] | |
Covenants | Equal to or lower than 3.80 |
Net Debt Adjusted E B I T D A [Member] | |
IfrsStatementLineItems [Line Items] | |
Covenants | Equal to or lower than 3.50 |
Other Onerous Debt Adjusted E B I T D A [Member] | |
IfrsStatementLineItems [Line Items] | |
Covenants | Equal to or lower than 1.30 |
Adjusted Current Liquidity [Member] | |
IfrsStatementLineItems [Line Items] | |
Covenants | Higher than 1.00 |
Borrowings and financing (Det_6
Borrowings and financing (Details 5) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Borrowings and financing - credit limits | R$ 2686 |
Brazilian Federal Savings Bank [Member] | |
IfrsStatementLineItems [Line Items] | |
Borrowings and financing - credit limits | 933 |
Brazilian Developments Bank B N D E S [Member] | |
IfrsStatementLineItems [Line Items] | |
Borrowings and financing - credit limits | 30 |
Inter American Development Bank B I D [Member] | |
IfrsStatementLineItems [Line Items] | |
Borrowings and financing - credit limits | 716 |
International Bank For Reconstruction And Developmenst [Member] | |
IfrsStatementLineItems [Line Items] | |
Borrowings and financing - credit limits | 1,000 |
Other Borrowings And Financing [Member] | |
IfrsStatementLineItems [Line Items] | |
Borrowings and financing - credit limits | R$ 7 |
Borrowings and financing (Det_7
Borrowings and financing (Details Narrative) R$ in Thousands | 3 Months Ended | ||||
Dec. 31, 2023 BRL (R$) Number | Sep. 30, 2023 BRL (R$) | Jun. 30, 2023 BRL (R$) | Mar. 31, 2023 BRL (R$) | Dec. 31, 2022 Number | |
17th issue debentures [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Amortization of borrowings | R$ 321535 | R$ 152157 | |||
Principal of borrowings | 300,000 | 145,284 | |||
Interest of borrowings | 21,535 | 6,873 | |||
22th issue debentures [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Amortization of borrowings | 214,404 | ||||
Principal of borrowings | 200,000 | ||||
Interest of borrowings | R$ 14404 | ||||
B I D I N V E S T 2023 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Raised funds | R$ 470000 | ||||
B I D 1983 A B [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Amortization of borrowings | 39,700 | ||||
Principal of borrowings | 38,300 | ||||
Interest of borrowings | 1,400 | ||||
B N D E S P A C 2008 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Amortization of borrowings | 1,100 | ||||
I F C 2023 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Raised funds | R$ 500000 | R$ 500000 | |||
Contract amount | R$ 1000000 | ||||
Currency U S D [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exchange rate | Number | 4.8413 | 5.2177 | |||
Currency J P Y [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exchange rate | Number | 0.03422 | 0.03957 |
Taxes recoverable_payable (Deta
Taxes recoverable/payable (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Current tax assets | R$ 494647 | R$ 242906 |
Income Tax And Socials Contribution [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax assets | 462,642 | 206,517 |
Withholdings Income Tax [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax assets | 29,955 | 33,283 |
Other Federal Taxes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax assets | R$ 2050 | R$ 3106 |
Taxes recoverable_payable (De_2
Taxes recoverable/payable (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | R$ 511972 | R$ 293461 |
Income Tax And Socials Contribution [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | 205,964 | |
C O F I N S And Pasep [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | 141,703 | 134,624 |
Social Securitys Contribution [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | 44,556 | 44,515 |
I R R F Withholding Income Tax On Financials Investments [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | 64,770 | 63,361 |
Other Tax Payables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | R$ 54979 | R$ 50961 |
Deferred taxes and contributi_3
Deferred taxes and contributions (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax assets | R$ 1411788 | R$ 1119259 | R$ 1012595 | R$ 931736 |
Total deferred tax liabilities | (1,313,712) | (1,308,537) | (1,296,334) | (1,252,452) |
Deferred tax assets (liabilities), net | 98,076 | (189,278) | (283,739) | (320,716) |
Tax Provision [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax assets | 666,131 | 560,404 | ||
Pension Obligations G 1 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax assets | 135,231 | 141,606 | 150,577 | 154,498 |
Donations [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax assets | 45,140 | 46,088 | 47,589 | 50,142 |
Credit Losses [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax assets | 182,519 | 199,363 | 183,963 | 155,719 |
Deferred Taxes Other [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax assets | 382,767 | 171,798 | 127,092 | 134,932 |
Temporary differences [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax liabilities | (329,060) | (353,817) | (368,235) | (388,675) |
Capitalization Borrowing Costs [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax liabilities | (465,510) | (457,669) | (404,931) | (390,211) |
Profit On Supply Government Entities [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax liabilities | (348,514) | (346,650) | (353,262) | (356,513) |
Actuarial Gain Loss G 1 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax liabilities | (121,425) | (93,561) | (109,271) | (48,979) |
Construction Margin [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax liabilities | (40,579) | (43,323) | (46,079) | (48,843) |
Borrowing Costs [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred tax liabilities | R$ 8624 | R$ 13517 | R$ 14556 | R$ 19231 |
Deferred taxes and contributi_4
Deferred taxes and contributions (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax assets | R$ 1411788 | R$ 1119259 | R$ 1012595 | R$ 931736 |
Deferred income tax liabilities | (1,313,712) | (1,308,537) | (1,296,334) | (1,252,452) |
Deferred tax assets (liabilities), net | 98,076 | (189,278) | R$ 283739 | R$ 320716 |
Realized Within 12 Months [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax assets | 366,525 | 318,965 | ||
Deferred income tax liabilities | (36,074) | (25,746) | ||
Realized After 1 Year [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred income tax assets | 1,045,263 | 800,294 | ||
Deferred income tax liabilities | R$ 1277638 | R$ 1282791 |
Deferred taxes and contributi_5
Deferred taxes and contributions (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Deferred income tax assets, beginning | R$ 1119259 | R$ 1012595 | R$ 931736 |
Deferred tax asset, changes | 292,529 | 106,664 | 80,859 |
Deferred income tax assets, ending | 1,411,788 | 1,119,259 | 1,012,595 |
Deferred income tax liabilities, beginning | (1,308,537) | (1,296,334) | (1,252,452) |
Deferred tax liabilities, changes | (5,175) | (12,203) | (43,882) |
Deferred income tax liabilities, ending | (1,313,712) | (1,308,537) | (1,296,334) |
Opening balance | (189,278) | (283,739) | (320,716) |
Deferred tax assets, net, changes | 287,354 | 94,461 | 36,977 |
Closing balance | 98,076 | (189,278) | (283,739) |
- corresponding entry to the income statement | 315,218 | 78,751 | 97,269 |
- corresponding entry to valuation adjustments to equity (Note 22) | (27,864) | 15,710 | (60,292) |
Total net change | 287,354 | 94,461 | 36,977 |
Tax Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax assets, beginning | 560,404 | 503,374 | 436,445 |
Deferred tax asset, changes | 105,727 | 57,030 | 66,929 |
Deferred income tax assets, ending | 666,131 | 560,404 | 503,374 |
Pension Obligations G 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax assets, beginning | 141,606 | 150,577 | 154,498 |
Deferred tax asset, changes | (6,375) | (8,971) | (3,921) |
Deferred income tax assets, ending | 135,231 | 141,606 | 150,577 |
Donations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax assets, beginning | 46,088 | 47,589 | 50,142 |
Deferred tax asset, changes | (948) | (1,501) | (2,553) |
Deferred income tax assets, ending | 45,140 | 46,088 | 47,589 |
Credit Losses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax assets, beginning | 199,363 | 183,963 | 155,719 |
Deferred tax asset, changes | (16,844) | 15,400 | 28,244 |
Deferred income tax assets, ending | 182,519 | 199,363 | 183,963 |
Deferred Taxes Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax assets, beginning | 171,798 | 127,092 | 134,932 |
Deferred tax asset, changes | 210,969 | 44,706 | (7,840) |
Deferred income tax assets, ending | 382,767 | 171,798 | 127,092 |
Temporary differences [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax liabilities, beginning | (353,817) | (368,235) | (388,675) |
Deferred tax liabilities, changes | 24,757 | 14,418 | 20,440 |
Deferred income tax liabilities, ending | (329,060) | (353,817) | (368,235) |
Capitalization Borrowing Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax liabilities, beginning | (457,669) | (404,931) | (390,211) |
Deferred tax liabilities, changes | (7,841) | (52,738) | (14,720) |
Deferred income tax liabilities, ending | (465,510) | (457,669) | (404,931) |
Profit On Supply Government Entities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax liabilities, beginning | (346,650) | (353,262) | (356,513) |
Deferred tax liabilities, changes | (1,864) | 6,612 | 3,251 |
Deferred income tax liabilities, ending | (348,514) | (346,650) | (353,262) |
Actuarial Gain Loss G 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax liabilities, beginning | (93,561) | (109,271) | (48,979) |
Deferred tax liabilities, changes | (27,864) | 15,710 | (60,292) |
Deferred income tax liabilities, ending | (121,425) | (93,561) | (109,271) |
Construction Margin [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax liabilities, beginning | (43,323) | (46,079) | (48,843) |
Deferred tax liabilities, changes | 2,744 | 2,756 | 2,764 |
Deferred income tax liabilities, ending | (40,579) | (43,323) | (46,079) |
Borrowing Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred income tax liabilities, beginning | (13,517) | (14,556) | (19,231) |
Deferred tax liabilities, changes | 4,893 | 1,039 | 4,675 |
Deferred income tax liabilities, ending | R$ 8624 | R$ 13517 | R$ 14556 |
Deferred taxes and contributi_6
Deferred taxes and contributions (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Profit before income taxes | R$ 4753984 | R$ 4272750 | R$ 3170156 |
Statutory rate | 34% | 34% | 34% |
Estimated expense at the statutory rate | R$ 1616355 | R$ 1452735 | R$ 1077853 |
Tax benefit of interest on equity | 329,017 | 284,920 | 200,073 |
Provision – Law 4,819/1958 – G0 (i) | (38,245) | (26,786) | (22,640) |
Donations | (7,046) | (16,588) | (16,723) |
Tax incentives | 62,510 | ||
Other differences | 39,666 | 59,706 | 52,856 |
Income tax and social contribution | (1,230,453) | (1,151,483) | (864,287) |
Current income tax and social contribution | (1,545,671) | (1,230,234) | (961,556) |
Deferred income tax and social contribution | R$ 315218 | R$ 78751 | R$ 97269 |
Effective rate | 26% | 27% | 27% |
Provisions (Details)
Provisions (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Provisions | R$ 1959207 | R$ 1648246 |
Escrow deposits | (132,775) | (37,462) |
Total | 1,826,432 | 1,610,784 |
Customer Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 175,255 | 151,023 |
Escrow deposits | (6,060) | (6,226) |
Total | 169,195 | 144,797 |
Supplier Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 334,273 | 257,080 |
Escrow deposits | (90,973) | (53) |
Total | 243,300 | 257,027 |
Other Civil Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 128,036 | 99,462 |
Escrow deposits | (1,229) | (1,131) |
Total | 126,807 | 98,331 |
Tax Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 101,770 | 79,532 |
Escrow deposits | (18,223) | (16,037) |
Total | 83,547 | 63,495 |
Labor Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 727,133 | 654,277 |
Escrow deposits | (16,235) | (13,979) |
Total | 710,898 | 640,298 |
Environmental Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 492,740 | 406,872 |
Escrow deposits | (55) | (36) |
Total | 492,685 | 406,836 |
Current Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 1,064,367 | 924,038 |
Total | 1,064,367 | 924,038 |
Noncurrent Provision [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Provisions | 894,840 | 724,208 |
Escrow deposits | (132,775) | (37,462) |
Total | R$ 762065 | R$ 686746 |
Provisions (Details 1)
Provisions (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | R$ 1610784 | R$ 1448493 | R$ 1252302 |
Additional provisions | 249,223 | 421,878 | 250,374 |
Interest and inflation adjustment | 205,220 | 274,666 | 216,855 |
Use of the accrual | (91,343) | (412,852) | (144,847) |
Amounts not used (reversal) | (147,452) | (121,401) | (126,191) |
Provisions, ending | 1,826,432 | 1,610,784 | 1,448,493 |
Customer Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 151,023 | 168,258 | 160,705 |
Additional provisions | 39,272 | 12,258 | 32,996 |
Interest and inflation adjustment | 32,299 | 21,316 | 29,685 |
Use of the accrual | (34,437) | (29,363) | (30,972) |
Amounts not used (reversal) | (12,902) | (21,446) | (24,156) |
Provisions, ending | 175,255 | 151,023 | 168,258 |
Supplier Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 257,080 | 477,854 | 410,734 |
Additional provisions | 114,084 | 78,481 | 92,135 |
Interest and inflation adjustment | 18,380 | 56,934 | 90,788 |
Use of the accrual | (54,905) | (309,321) | (71,238) |
Amounts not used (reversal) | (366) | (46,868) | (44,565) |
Provisions, ending | 334,273 | 257,080 | 477,854 |
Other Civil Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 99,462 | 95,601 | 86,083 |
Additional provisions | 77,082 | 22,485 | 15,477 |
Interest and inflation adjustment | 32,483 | 13,708 | 12,850 |
Use of the accrual | (16,810) | (9,248) | (10,056) |
Amounts not used (reversal) | (64,181) | (23,084) | (8,753) |
Provisions, ending | 128,036 | 99,462 | 95,601 |
Tax Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 79,532 | 57,509 | 59,678 |
Additional provisions | 19,807 | 18,216 | 8,630 |
Interest and inflation adjustment | 6,082 | 7,837 | 8,054 |
Use of the accrual | (721) | (1,568) | (15,133) |
Amounts not used (reversal) | (2,930) | (2,462) | (3,720) |
Provisions, ending | 101,770 | 79,532 | 57,509 |
Labor Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 654,277 | 349,962 | 316,880 |
Additional provisions | 99,926 | 307,352 | 100,245 |
Interest and inflation adjustment | 70,927 | 131,139 | 36,373 |
Use of the accrual | (42,214) | (76,884) | (66,220) |
Amounts not used (reversal) | (55,783) | (57,292) | (37,316) |
Provisions, ending | 727,133 | 654,277 | 349,962 |
Environmental Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 406,872 | 331,326 | 249,582 |
Additional provisions | 50,950 | 38,632 | 40,477 |
Interest and inflation adjustment | 49,173 | 48,511 | 50,957 |
Use of the accrual | (300) | (33) | |
Amounts not used (reversal) | (14,255) | (11,297) | (9,657) |
Provisions, ending | 492,740 | 406,872 | 331,326 |
Subtotal Claim [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | 1,648,246 | 1,480,510 | 1,283,662 |
Additional provisions | 401,121 | 477,424 | 289,960 |
Interest and inflation adjustment | 209,344 | 279,445 | 228,707 |
Use of the accrual | (149,087) | (426,684) | (193,652) |
Amounts not used (reversal) | (150,417) | (162,449) | (128,167) |
Provisions, ending | 1,959,207 | 1,648,246 | 1,480,510 |
Escrow Deposit [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Provisions, beginning | (37,462) | (32,017) | (31,360) |
Additional provisions | (151,898) | (55,546) | (39,586) |
Interest and inflation adjustment | (4,124) | (4,779) | (11,852) |
Use of the accrual | 57,744 | 13,832 | 48,805 |
Amounts not used (reversal) | 2,965 | 41,048 | 1,976 |
Provisions, ending | R$ 132775 | R$ 37462 | R$ 32017 |
Provisions (Details 2)
Provisions (Details 2) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | R$ 10142022 | R$ 9138469 |
Customer Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | 158,584 | 200,966 |
Supplier Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | 968,752 | 1,147,606 |
Other Civil Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | 695,097 | 1,146,048 |
Tax Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | 1,067,350 | 1,869,583 |
Labor Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | 3,093,735 | 1,471,423 |
Environmental Claim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Significant contingent liabilities | R$ 4158504 | R$ 3302843 |
Provisions (Details Narrative)
Provisions (Details Narrative) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | May 25, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | |||
Guarantee insurance for escrow deposit renewed | R$ 364100 | R$ 600000 | |
Other Concession Related Legal Proceedings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Indemnities receivable | R$ 27539 | R$ 27539 |
Labor and social obligations (D
Labor and social obligations (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Labor And Social Obligations | ||
Salaries and payroll charges | R$ 69885 | R$ 70089 |
Provision for vacation | 256,415 | 254,469 |
Healthcare plan (i) | 86,147 | 70,136 |
Provision for profit sharing (ii) | 97,514 | 96,227 |
Incentivized Dismissal Program - PDI (iii) | 290,202 | |
Consent Decree (TAC) | 6,093 | 6,114 |
Knowledge Retention Program (PRC) | 1,184 | 1,469 |
Total | R$ 807440 | R$ 498504 |
Labor and social obligations _2
Labor and social obligations (Details 1) | 12 Months Ended |
Dec. 31, 2023 | |
More Than Fifteen Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Compensation balance percentage | 20% |
Compensation of work percentage | 20% |
Later Than Eleven Years Not More Than Fifteen Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Compensation balance percentage | 12.50% |
Compensation of work percentage | 12.50% |
Later Than Six Years Not More Than Ten Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Compensation balance percentage | 5% |
Compensation of work percentage | 5% |
More Than One Year Not Later Than Five Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Compensation balance percentage | 2.50% |
Compensation of work percentage | 2.50% |
Labor and social obligations _3
Labor and social obligations (Details Narrative) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Provision for employee compensation | R$ 359943 | |
Current liabilities | 853,424 | R$ 476865 |
Noncurrent liabilities | 406,027 | R$ 569276 |
Labor Obligations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current liabilities | 290,202 | |
Noncurrent liabilities | R$ 66741 |
Pension plan obligations (Detai
Pension plan obligations (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Present value of defined benefit obligations | R$ 5081485 | R$ 4717463 | R$ 4956089 |
Fair value of the plan's assets | 2,938,614 | 2,567,272 | 2,634,427 |
Total pension plan obligations (deficit) | (2,142,871) | (2,150,191) | |
G 1 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Present value of defined benefit obligations | (2,982,863) | (2,715,388) | (2,764,027) |
Fair value of the plan's assets | 2,938,614 | 2,567,272 | 2,634,427 |
Total pension plan obligations (deficit) | (44,249) | (148,116) | |
G 0 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Present value of defined benefit obligations | (2,098,622) | (2,002,075) | (2,192,062) |
Fair value of the plan's assets | |||
Total pension plan obligations (deficit) | R$ 2098622 | R$ 2002075 |
Pension plan obligations (Det_2
Pension plan obligations (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation, beginning | R$ 4717463 | R$ 4956089 | |
Current service cost | (41,440) | (35,020) | |
Interest cost | (532,997) | (408,698) | |
Actuarial (gains)/losses recorded as other comprehensive income | (206,306) | 288,392 | |
Benefits paid | 416,721 | 393,952 | |
Defined benefit obligation, ending | (5,081,485) | (4,717,463) | R$ 4956089 |
Fair value of the plan's assets, beginning | 2,567,272 | 2,634,427 | |
Expected return of the plans assets | 294,788 | 221,079 | |
Companys contributions | 40,898 | 39,377 | |
Participants contributions | 35,443 | 34,000 | |
Benefits paid | (202,676) | (188,778) | |
Actuarial gains/(losses) recorded as other comprehensive income | 202,889 | (172,833) | (237,492) |
Fair value of the plan's assets, ending | 2,938,614 | 2,567,272 | 2,634,427 |
(Deficit)/Surplus | (2,142,871) | (2,150,191) | |
G 1 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation, beginning | (2,715,388) | (2,764,027) | |
Current service cost | (41,440) | (35,020) | |
Interest cost | (307,777) | (231,745) | |
Actuarial (gains)/losses recorded as other comprehensive income | (120,934) | 126,626 | |
Benefits paid | 202,676 | 188,778 | |
Defined benefit obligation, ending | (2,982,863) | (2,715,388) | (2,764,027) |
Fair value of the plan's assets, beginning | 2,567,272 | 2,634,427 | |
Expected return of the plans assets | 294,788 | 221,079 | |
Companys contributions | 40,898 | 39,377 | |
Participants contributions | 35,443 | 34,000 | |
Benefits paid | (202,676) | (188,778) | |
Actuarial gains/(losses) recorded as other comprehensive income | 202,889 | (172,833) | (237,492) |
Fair value of the plan's assets, ending | 2,938,614 | 2,567,272 | 2,634,427 |
(Deficit)/Surplus | (44,249) | (148,116) | |
G 0 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation, beginning | (2,002,075) | (2,192,062) | |
Current service cost | |||
Interest cost | (225,220) | (176,953) | |
Actuarial (gains)/losses recorded as other comprehensive income | (85,372) | 161,766 | |
Benefits paid | 214,045 | 205,174 | |
Defined benefit obligation, ending | (2,098,622) | (2,002,075) | (2,192,062) |
Fair value of the plan's assets, beginning | |||
Expected return of the plans assets | |||
Companys contributions | |||
Participants contributions | |||
Benefits paid | |||
Actuarial gains/(losses) recorded as other comprehensive income | |||
Fair value of the plan's assets, ending | |||
(Deficit)/Surplus | R$ 2098622 | R$ 2002075 |
Pension plan obligations (Det_3
Pension plan obligations (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Actuarial gains/(losses) on obligations | R$ 206306 | R$ 288392 | R$ 745160 |
Actuarial gains/(losses) recorded as other comprehensive income | 202,889 | (172,833) | (237,492) |
Total gains/(losses) | (3,417) | 115,559 | 507,668 |
Deferred income tax and social contribution - G1 Plan | (27,864) | 15,710 | (60,292) |
Valuation adjustments to equity | (31,281) | 131,269 | 447,376 |
G 1 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial gains/(losses) on obligations | (120,934) | 126,626 | 414,823 |
Actuarial gains/(losses) recorded as other comprehensive income | 202,889 | (172,833) | (237,492) |
Total gains/(losses) | 81,955 | (46,207) | 177,331 |
Deferred income tax and social contribution - G1 Plan | (27,864) | 15,710 | (60,292) |
Valuation adjustments to equity | 54,091 | (30,497) | 117,039 |
G 0 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial gains/(losses) on obligations | (85,372) | 161,766 | 330,337 |
Actuarial gains/(losses) recorded as other comprehensive income | |||
Total gains/(losses) | (85,372) | 161,766 | 330,337 |
Deferred income tax and social contribution - G1 Plan | |||
Valuation adjustments to equity | R$ 85372 | R$ 161766 | R$ 330337 |
Pension plan obligations (Det_4
Pension plan obligations (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Cost of service, net | R$ 5997 | R$ 1020 | R$ 2227 |
Interest cost rates | 532,997 | 408,698 | 363,951 |
Expected return on the plan's assets | (294,788) | (221,079) | (184,687) |
Amount received from State of Sao Paulo (undisputed) | (112,824) | (98,174) | (91,657) |
Total expenses | 131,382 | 90,465 | 89,834 |
G 1 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost of service, net | 5,997 | 1,020 | 2,227 |
Interest cost rates | 307,777 | 231,745 | 205,707 |
Expected return on the plan's assets | (294,788) | (221,079) | (184,687) |
Amount received from State of Sao Paulo (undisputed) | |||
Total expenses | 18,986 | 11,686 | 23,247 |
G 0 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost of service, net | |||
Interest cost rates | 225,220 | 176,953 | 158,244 |
Expected return on the plan's assets | |||
Amount received from State of Sao Paulo (undisputed) | (112,824) | (98,174) | (91,657) |
Total expenses | R$ 112396 | R$ 78779 | R$ 66587 |
Pension plan obligations (Det_5
Pension plan obligations (Details 4) R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Payment of benefits expected in 2024 | R$ 223156 |
Payment of benefits expected in 2025 | 215,853 |
Payment of benefits expected in 2026 | 207,437 |
Payment of benefits expected in 2027 | 197,606 |
Payment of benefits expected in 2028 or after | 2,138,811 |
Payment of benefits expected | R$ 2982863 |
Duration | 13 years 1 month 6 days |
G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Payment of benefits expected in 2024 | R$ 190425 |
Payment of benefits expected in 2025 | 177,004 |
Payment of benefits expected in 2026 | 167,075 |
Payment of benefits expected in 2027 | 156,583 |
Payment of benefits expected in 2028 or after | 1,407,535 |
Payment of benefits expected | R$ 2098622 |
Duration | 10 years 5 months 8 days |
Pension plan obligations (Det_6
Pension plan obligations (Details 5) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
G 1 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate - actual rate (NTN-B) | 5.47% | 6.19% | 5.53% |
Inflation rate | 3.90% | 5.31% | 3% |
Nominal rate of salary growth | 5.98% | 7.42% | 5.06% |
Mortality table | AT-2000 | AT-2000 | AT-2000 |
G 0 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate - actual rate (NTN-B) | 5.37% | 6.15% | 5.26% |
Inflation rate | 3.90% | 5.31% | 3% |
Nominal rate of salary growth | 5.98% | 7.42% | 5.06% |
Mortality table | AT-2000 | AT-2000 | AT-2000 |
Pension plan obligations (Det_7
Pension plan obligations (Details 6) | 12 Months Ended |
Dec. 31, 2023 | |
Discount Rate [Member] | Increase Of One Percent [Member] | G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Decrease of R$ 237,084 |
Discount Rate [Member] | Increase Of One Percent [Member] | G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Decrease of R$ 166,803 |
Discount Rate [Member] | Decrease Of One Percent [Member] | G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Increase of R$ 257,540 |
Discount Rate [Member] | Decrease Of One Percent [Member] | G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Increase of R$ 181,195 |
Life Expectation [Member] | Increase Of One Year [Member] | G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Increase of R$ 65,666 |
Life Expectation [Member] | Increase Of One Year [Member] | G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Increase of R$ 87,054 |
Life Expectation [Member] | Decrease Of One Year [Member] | G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Decrease of R$ 64,267 |
Life Expectation [Member] | Decrease Of One Year [Member] | G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Decrease of R$ 83,281 |
Wage Increase Rate [Member] | Increase Of One Percent [Member] | G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Increase of R$ 40,556 |
Wage Increase Rate [Member] | Increase Of One Percent [Member] | G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Increase of R$ 580 |
Wage Increase Rate [Member] | Decrease Of One Percent [Member] | G 1 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Decrease of R$ 42,492 |
Wage Increase Rate [Member] | Decrease Of One Percent [Member] | G 0 Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Impact on present value of the defined benefit obligations | Decrease of R$ 608 |
Pension plan obligations (Det_8
Pension plan obligations (Details 7) - G 1 Plan [Member] R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Cost of services, net | R$ 5799 |
Interest costs | 274,718 |
Net profitability on financial assets | (274,265) |
Expenditures to be recognized by the employer | R$ 6252 |
Pension plan obligations (Det_9
Pension plan obligations (Details 8) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan Obligations | ||
Total fixed income | R$ 2714823 | R$ 1804550 |
Percentage of total fixed income | 92.40% | 70.30% |
Total equities | R$ 15715 | R$ 136582 |
Percentage of total equities | 0.50% | 5.30% |
Total structured investments | R$ 153333 | R$ 498825 |
Percentage of total structured investments | 5.20% | 19.40% |
Other | R$ 54743 | R$ 127315 |
Percentage of other | 1.90% | 5% |
Fair value of the plan's assets | R$ 2938614 | R$ 2567272 |
Percentage of fair value of the plan's assets | 100% | 100% |
Pension plan obligations (De_10
Pension plan obligations (Details 9) - G 0 Plan [Member] R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Interest cost rates | R$ 189274 |
Expense to be recognized | R$ 189274 |
Pension plan obligations (De_11
Pension plan obligations (Details 10) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Subtotal | R$ 159305 | R$ 116162 | R$ 112400 |
Expenses capitalized in assets | (3,303) | (3,359) | (4,118) |
Other | 6,603 | 5,684 | 5,527 |
Pension plan obligations (Note 29) | 162,605 | 118,487 | 113,809 |
G 1 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subtotal | 18,986 | 11,686 | 23,247 |
G 0 Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subtotal | 112,396 | 78,779 | 66,587 |
Sabesprev Mais Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subtotal | 27,403 | 25,371 | 22,406 |
V I V E S T Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Subtotal | R$ 520 | R$ 326 | R$ 160 |
Pension plan obligations (De_12
Pension plan obligations (Details Narrative) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 BRL (R$) Number | Dec. 31, 2022 BRL (R$) Number | |
Sabesprev Mais One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:NumberOfParticipantsOfVIVESTPlan] | 9,277 | 9,365 |
V I V E S T [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of participants of retirement benefit plan not receiving benefits | Number | 68 | 58 |
G 1 Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Description of defined benefit plan | 0.99% of the portion of the salary of participation up to 20 salaries; and | |
Additional description of defined benefit plan | 8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries. | |
Number of participants of retirement benefit plan receiving benefits | Number | 2,715 | 2,843 |
Number of participants of retirement benefit plan not receiving benefits | Number | 8,171 | 8,089 |
Contributions of the Company and participants | R$ 40898 | R$ 39377 |
Contribution participants | 35,443 | 34,000 |
Actuarial deficit | 32,810 | 27,147 |
Actuarial deficit participants | R$ 31556 | R$ 26168 |
G 0 Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Active participants of plan | 6 | 8 |
Beneficiaries retirees and survivors | 1,808 | 1,750 |
Services payable (Details Narra
Services payable (Details Narrative) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Services payable | R$ 749226 | R$ 723242 |
Other shortterm provisions | R$ 750732 | R$ 723242 |
Equity (Details)
Equity (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Number of shares | 683,509,869 | 683,509,869 |
Percentage of shares | 100% | 100% |
State Department Of Finance [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares | 343,506,664 | 343,506,664 |
Percentage of shares | 50.30% | 50.30% |
Other Shareholders In Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares | 262,118,658 | 257,339,417 |
Percentage of shares | 38.30% | 37.60% |
Other Shareholders Abroads [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares | 77,884,547 | 82,663,788 |
Percentage of shares | 11.40% | 12.10% |
Equity (Details 1)
Equity (Details 1) R$ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 BRL (R$) $ / shares | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) $ / shares | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 BRL (R$) $ / shares | Dec. 31, 2021 BRL (R$) | |
Disclosure Equity Abstract | ||||||
Profit for the year | R$ 3523531 | R$ 3121267 | R$ 2305869 | |||
(-) Legal reserve - 5% | R$ 176177 | 176,177 | R$ 156063 | 156,063 | R$ 115293 | 115,293 |
Distribution of earnings | 3,347,354 | 2,965,204 | 2,190,576 | |||
Minimum mandatory dividend - 25% | R$ 836839 | R$ 741301 | R$ 547645 | |||
Dividend per share and per ADS | $ / shares | R$ 1.22433 | R$ 1.08455 | R$ 0.80122 |
Equity (Details 2)
Equity (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Equity Abstract | |||
Profit for the year | R$ 3523531 | R$ 3121267 | R$ 2305869 |
Legal reserve | 176,177 | 156,063 | 115,293 |
Minimum mandatory dividends | 836,839 | 741,301 | 547,645 |
Additional proposed dividends | 147,689 | 130,857 | 96,700 |
Investment reserve recorded | R$ 2362826 | R$ 2093046 | R$ 1546231 |
Equity (Details 3)
Equity (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Other comprehensive loss, beginning | R$ 177643 | R$ 46374 |
Actuarial gains (losses) | (31,281) | 131,269 |
Other comprehensive loss, ending | 146,362 | 177,643 |
G 1 Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other comprehensive loss, beginning | 181,617 | 212,114 |
Actuarial gains (losses) | 54,091 | (30,497) |
Other comprehensive loss, ending | 235,708 | 181,617 |
G 0 Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Other comprehensive loss, beginning | (3,974) | (165,740) |
Actuarial gains (losses) | (85,372) | 161,766 |
Other comprehensive loss, ending | R$ 89346 | R$ 3974 |
Equity (Details Narrative)
Equity (Details Narrative) R$ in Thousands | 12 Months Ended | ||||
Jun. 26, 2023 BRL (R$) | Dec. 31, 2023 BRL (R$) $ / shares | Dec. 31, 2023 BRL (R$) shares | Dec. 31, 2022 BRL (R$) $ / shares | Dec. 31, 2022 BRL (R$) shares | |
Disclosure Equity Abstract | |||||
Paid-in capital value | R$ 15000 | R$ 15000 | |||
Paid-in capital shares | shares | 683,509,869 | 683,509,869 | |||
Dividends paid, classified as operating activities | R$ 741301 | ||||
Surplus minimum mandatory | 130,857 | ||||
Totaling proposed dividends | R$ 872158 | R$ 984528 | 872,158 | ||
Dividends paid, classified as operating activities | 836,839 | 741,301 | |||
Additional proposed dividends | 147,689 | 130,857 | |||
Dividends paid, ordinary shares per share | $ / shares | $ 1.44040 | $ 1.2760 | |||
Dividends withholding income tax recognized in current liabilities | $ 54,641 | 54,641 | $ 53,930 | 53,930 | |
Dividends witheld income tax | 54,641 | 54,641 | 53,930 | 53,930 | |
Declared dividend payables | 837,391 | 837,391 | 741,725 | 741,725 | |
Declared dividend payables1 | 836,839 | 836,839 | 741,301 | 741,301 | |
Dividends witheld income tax1 | 552 | R$ 552 | $ 424 | 424 | |
Description of legal reserve | Earnings reserve - legal reserve: created by allocating 5% of the net income for the year up to the limit of 20% of the share capital. The Company may not create the legal reserve in the year in which the balance of this reserve, plus the amount of the capital reserves, exceeds 30% of the share capital. The purpose of the legal reserve is to ensure the integrity of the share capital. It can only be used to offset losses or increase capital, but not to pay dividends. | ||||
Investment reserve | R$ 12753361 | R$ 10390535 | |||
Retained earnings | $ 2,362,826 | R$ 2362826 |
Earnings per share (Details)
Earnings per share (Details) R$ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 $ / shares | Dec. 31, 2023 BRL (R$) shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 BRL (R$) shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 BRL (R$) shares | |
Notes and other explanatory information [abstract] | ||||||
Profit for the year | R$ | R$ 3523531 | R$ 3121267 | R$ 2305869 | |||
Weighted average number of common shares issued | shares | 683,509,869 | 683,509,869 | 683,509,869 | |||
Basic earnings per share (reais per share) | $ 5.16 | $ 4.57 | $ 3.37 | |||
Diluted earnings per share (reais per share) | $ 5.16 | $ 4.57 | $ 3.37 |
Operating segment information_2
Operating segment information (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Gross operating revenue | R$ 27113774 | R$ 23493711 | R$ 20680945 |
Gross sales deductions | (1,541,718) | (1,437,991) | (1,189,884) |
Net operating revenue | 25,572,056 | 22,055,720 | 19,491,061 |
Costs, selling, general and administrative expenses | (19,286,394) | (17,443,434) | (15,393,720) |
Income from operations before other operating expenses, net and equity accounting | 6,285,662 | 4,612,286 | 4,097,341 |
Other operating income/(expenses), net | 27,925 | 8,327 | (21,841) |
Equity accounting | 32,393 | 24,551 | 22,079 |
Financial result, net | (1,591,996) | (372,414) | (927,423) |
Income from operations before taxes | 4,753,984 | 4,272,750 | 3,170,156 |
Depreciation and amortization | (2,790,586) | (2,450,849) | (2,253,322) |
Sanitations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross operating revenue | 21,513,442 | 18,629,959 | 16,304,206 |
Gross sales deductions | (1,541,718) | (1,437,991) | (1,189,884) |
Net operating revenue | 19,971,724 | 17,191,968 | 15,114,322 |
Costs, selling, general and administrative expenses | (13,811,665) | (12,689,051) | (11,115,383) |
Income from operations before other operating expenses, net and equity accounting | 6,160,059 | 4,502,917 | 3,998,939 |
Depreciation and amortization | (2,790,586) | (2,450,849) | (2,253,322) |
Reconciliations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross operating revenue | 5,600,332 | 4,863,752 | 4,376,739 |
Gross sales deductions | |||
Net operating revenue | 5,600,332 | 4,863,752 | 4,376,739 |
Costs, selling, general and administrative expenses | (5,474,729) | (4,754,383) | (4,278,337) |
Income from operations before other operating expenses, net and equity accounting | R$ 125603 | R$ 109369 | R$ 98402 |
Insurance (Details)
Insurance (Details) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Coverage | R$ 7283266 |
Specified Risk [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | 3,021,021 |
Engineering Risk [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | 3,368,293 |
Guarantee Insurance Escrow Deposit [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | 600,000 |
Civil Liability Directors And Officers [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | 100,000 |
Civil Liability Work [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | 149,610 |
Civil Liabilitys Operations [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | 15,000 |
Other Insurance Coverages [Member] | |
IfrsStatementLineItems [Line Items] | |
Coverage | R$ 29342 |
Operating revenue (Details)
Operating revenue (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Revenue from sanitation services (i) | R$ 21513442 | R$ 18629959 | R$ 16304206 |
Construction revenue | 5,600,332 | 4,863,752 | 4,376,739 |
Sales tax | (1,457,125) | (1,363,628) | (1,121,905) |
Regulatory, Control and Oversight Fee (TRCF) | (84,593) | (74,363) | (67,979) |
Net revenue | R$ 25572056 | R$ 22055720 | R$ 19491061 |
Operating costs and expenses (D
Operating costs and expenses (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Operating costs | R$ 16051866 | R$ 14350903 | R$ 12800042 |
Selling expenses | (984,060) | (911,967) | (825,879) |
Bad debt expense, net of recoveries | 652,920 | 782,057 | 643,730 |
Administrative expenses | (1,597,548) | (1,398,507) | (1,124,069) |
Operating costs and expenses | (19,286,394) | (17,443,434) | (15,393,720) |
Salaries Payroll Charges And Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (2,717,005) | (2,285,765) | (2,026,202) |
Selling expenses | (347,536) | (306,864) | (265,435) |
Administrative expenses | (423,948) | (284,562) | (250,557) |
Operating costs and expenses | (3,488,489) | (2,877,191) | (2,542,194) |
Pension Obligations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (36,998) | (29,796) | (36,771) |
Selling expenses | (3,359) | (4,021) | (4,868) |
Administrative expenses | (122,248) | (84,670) | (72,170) |
Operating costs and expenses | (162,605) | (118,487) | (113,809) |
Construction Costs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (5,474,729) | (4,754,383) | (4,278,337) |
Operating costs and expenses | (5,474,729) | (4,754,383) | (4,278,337) |
General Supplies [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (356,481) | (369,381) | (314,111) |
Selling expenses | (6,746) | (7,121) | (7,976) |
Administrative expenses | (23,008) | (23,664) | (11,209) |
Operating costs and expenses | (386,235) | (400,166) | (333,296) |
Treatment Supplies [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (558,557) | (598,993) | (364,542) |
Operating costs and expenses | (558,557) | (598,993) | (364,542) |
Outside Services [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (1,843,213) | (1,724,347) | (1,517,196) |
Selling expenses | (439,995) | (418,632) | (343,763) |
Administrative expenses | (287,744) | (250,293) | (250,801) |
Operating costs and expenses | (2,570,952) | (2,393,272) | (2,111,760) |
Electricity One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (1,514,542) | (1,497,644) | (1,462,776) |
Selling expenses | (673) | (1,001) | (1,340) |
Administrative expenses | (2,020) | (1,896) | (1,715) |
Operating costs and expenses | (1,517,235) | (1,500,541) | (1,465,831) |
General Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (967,148) | (831,503) | (717,352) |
Selling expenses | (116,933) | (107,313) | (136,107) |
Administrative expenses | (509,984) | (548,626) | (357,564) |
Operating costs and expenses | (1,594,065) | (1,487,442) | (1,211,023) |
Depreciation And Amortization [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating costs | (2,583,193) | (2,259,091) | (2,082,755) |
Selling expenses | (68,818) | (67,015) | (66,390) |
Administrative expenses | (138,575) | (124,743) | (104,177) |
Operating costs and expenses | (2,790,586) | (2,450,849) | (2,253,322) |
Bad Debt Expense Net Of Recoveries [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Bad debt expense, net of recoveries | (652,920) | (782,057) | (643,730) |
Operating costs and expenses | (652,920) | (782,057) | (643,730) |
Tax Expense [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Administrative expenses | (90,021) | (80,053) | (75,876) |
Operating costs and expenses | R$ 90021 | R$ 80053 | R$ 75876 |
Financial Income (Expenses) (De
Financial Income (Expenses) (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Financial expenses | R$ 2708617 | R$ 1956266 | R$ 1448295 |
Financial income | 805,905 | 1,091,531 | 472,408 |
Financial income (expenses), net before exchange rate changes | (1,902,712) | (864,735) | (975,887) |
Exchange rate changes, net | 310,716 | 492,321 | 48,464 |
Financial income (expenses), net | (1,591,996) | (372,414) | (927,423) |
Interet And Charges Local Currency [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial expenses | (1,110,135) | (954,744) | (517,235) |
Interet And Charges Foreign Currency [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial expenses | (89,198) | (47,139) | (46,793) |
Other Financial Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial expenses | (849,489) | (364,117) | (315,013) |
Inflation Adjustment On Borrowings And Financing [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial expenses | (146,637) | (190,202) | (225,791) |
Other Inflation Adjustments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial expenses | (301,593) | (183,966) | (172,632) |
Interest Inflation Adjustments On Provisions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial expenses | (211,565) | (216,098) | (170,831) |
Inflation Adjustment Gains [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial income | 219,473 | 541,516 | 198,907 |
Income On Financial Investments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial income | 370,638 | 417,129 | 150,632 |
Financial Interest Income [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial income | 256,116 | 195,274 | 145,866 |
C O F I N S And Pasep [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial income | (40,401) | (62,405) | (23,038) |
Other Financial Income [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Financial income | 79 | 17 | 41 |
Exchange Rate Changes Borrowing Financing [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exchange rate changes, net | 309,959 | 491,918 | 48,522 |
Exchange Rate Changes On Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exchange rate changes, net | 767 | 301 | (36) |
Other Exchange Rate Changes [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exchange rate changes, net | R$ 10 | R$ 102 | R$ 22 |
Other operating income (expen_3
Other operating income (expenses), net (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Other operating income, net | R$ 99307 | R$ 64638 | R$ 71877 |
Other operating expenses | (71,382) | (56,311) | (93,718) |
Other operating income (expenses), net | R$ 27925 | R$ 8327 | R$ 21841 |
Commitments (Details)
Commitments (Details) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Contractual obligations - expenses | R$ 8070571 |
Contractual obligations - investments | 8,645,357 |
Total | 16,715,928 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Contractual obligations - expenses | 1,810,947 |
Contractual obligations - investments | 4,292,490 |
Total | 6,103,437 |
Later than one year and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Contractual obligations - expenses | 2,119,426 |
Contractual obligations - investments | 2,967,844 |
Total | 5,087,270 |
Later Than Three Year And Not Later Than Five Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Contractual obligations - expenses | 1,460,088 |
Contractual obligations - investments | 1,292,130 |
Total | 2,752,218 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Contractual obligations - expenses | 2,680,110 |
Contractual obligations - investments | 92,893 |
Total | R$ 2773003 |
Supplemental cash flow inform_3
Supplemental cash flow information (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information | |||
Total additions to contract assets (Note 14) | R$ 6026053 | R$ 5240528 | R$ 4759789 |
Total additions to intangible assets (Note 15 (b)) | 258,473 | 75,400 | 172,961 |
Items not affecting cash (see breakdown below) | (2,293,201) | (1,765,391) | (1,236,081) |
Total additions to intangible and contract assets according to the statement of cash flows | 3,991,325 | 3,550,537 | 3,696,669 |
Investments and financing operations affecting intangible assets but not cash: | |||
Interest capitalized in the year (Note 14 (a)) | 638,208 | 622,803 | 300,792 |
Contractors payable | 419,457 | 414,645 | 218,523 |
Performance agreements | 1,001,528 | 576,392 | 478,177 |
Right of use | 108,405 | 42,182 | 140,187 |
Construction margin (Note 26) | 125,603 | 109,369 | 98,402 |
Total | R$ 2293201 | R$ 1765391 | R$ 1236081 |
Events after the reporting pe_3
Events after the reporting period (Details) - Events After Reporting Period [Member] R$ in Thousands | Mar. 05, 2024 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Issuance of unsecured debenture | R$ 2940478 |
Series 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Issuance of unsecured debenture | R$ 507000 |
Unsecured debenture rate | 0.49% |
Maturity period | 2029 years |
Series 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Issuance of unsecured debenture | R$ 1734467 |
Unsecured debenture rate | 1.10% |
Maturity period | 2031 years |
Series 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Issuance of unsecured debenture | R$ 699011 |
Unsecured debenture rate | 1.31% |
Maturity period | 2034 years |
Events after the reporting pe_4
Events after the reporting period (Details Narrative) - BRL (R$) R$ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 05, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||
Total deficits recognized | R$ 47.5 | ||
Post employment liability and expected loss | R$ 303.9 | ||
Provisions recognized | R$ 162.4 | ||
Events After Reporting Period [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Issuance of unsecured debenture | R$ 2940.0 |