Americanas releases results for the first three quarters of 2023

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Last year’s balance sheets were suspended since the company revealed that it had found a billion-dollar fraud in its financial statements; The 2022 result was released in November. Facade of Lojas Americanas in Franca, in the interior of SP. IGOR DO VALE/ESTADÃO CONTENT Americanas released, this Monday (19), the results for the first three quarters of 2023. The numbers had been suspended since the beginning of last year, when the company found a billion-dollar fraud in its financial statements. (remember more below) The result comes after Americanas announced a loss of R$12.9 billion in 2022 and R$6.2 billion in 2021 – figures that were revised after the company revealed “accounting inconsistencies” in its balance sheets . Americanas filed for judicial recovery in January 2023, at the 4th Business Court of Rio de Janeiro. The plan was accepted by the company’s creditors on December 19, with the support of more than 90% of voters. (This report is being updated) Remember the case ▶️ In January 2023, Americanas released a relevant fact stating that it had identified “inconsistencies in accounting entries” in corporate balance sheets, in a value that would reach R$20 billion. The then president of Americanas, Sergio Rial, decided to leave command of the company and the scandal began a process of melting down one of the largest retailers in Brazil. ▶️ As a result of the revelation made on Wednesday night, investors were in an uproar. The main financial institutions placed Americanas’ shares under review, and B3, the São Paulo stock exchange, put the company’s common shares (with voting rights) up for auction. See more details in the report below. Americanas collapses on the stock market after the discovery of a R$20 billion loss; understand the case ▶️ In a few days, Americanas’ situation deteriorated. After a meltdown in Americanas shares on the stock exchange throughout the week and the start of legal disputes with creditors seeking payments — the company announced that it only keeps R$800 million in cash, which makes the operation unsustainable. ▶️ With no solution to the pressure from creditors, Americanas was forced to file a request for judicial recovery to stop the debt. The “accounting inconsistencies” had taken the company’s debts to around R$43 billion, among approximately 16,300 creditors. See more details in the report below. Americanas requests judicial recovery, with debt of R$43 billion ▶️ The first version of the company’s judicial recovery plan was released in March 2023, but the agreement was only completely accepted by creditors in December of the same year. The plan presented a balance of R$50.1 billion in credits to be restructured, a labor debt of R$82.9 million and a fraud result of R$25.2 billion at the end of 2022. ▶️ The recovery plan Americanas court approved by creditors also foresees: The contribution of R$ 12 billion in an increase in the company’s capital by Americanas’ reference shareholders — the trio of billionaires Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles, who together hold 30 .12% of the company’s share capital; The sale of assets such as Hortifruti Natural da Terra, Uni.Co — a franchise company that owns brands such as Imaginarium and Puket — and the possibility of selling AME, among other points. See more details of the plan in the report below. Americanas: judicial recovery plan is approved by the Creditors’ Meeting; see points G1 Explains: the hole in Lojas Americanas’ accounts

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