Americanas (AMER3) closes an agreement with some creditors; know more

In a relevant fact this Monday morning (27), the Americans (AMER3) reported having signed a binding agreement to support the judicial recovery plan with creditors holding more than 35% of the company’s debt.

Americanas explained that it will file an amendment to the judicial recovery plan (PRJ) with the Rio de Janeiro Court.

In addition to the supporting creditors who signed the Americanas judicial recovery planother creditors who have participated in recent negotiations have already indicated their interest, on a non-binding basis, in supporting the plan, and are conducting internal approval processes to also join the business.

The proposed plan, which will now be voted on at a general meeting of creditors scheduled (AGC) for December 19, foresees the capitalization of R$24 billion, of which R$12 billion by Americanas reference shareholders – Jorge Paulo Lemann, Marcel Telles and Beto Sucupira – and another R$12 billion in conversion of bankruptcy debt by creditors.

Americanas believes that more than 50% of creditors will join the PSA (Plan Support Agreement) until the AGC is held.

“This agreement is an important milestone in our judicial recovery process and significant progress for Americanas on the path towards our goal of emerging as a stronger, more competitive company, preserving the important economic activity it represents and the thousands of direct and indirect costs generated across the country”, commented Leonardo Coelho, CEO of the retailer.

Main terms of Americanas’ judicial recovery plan

The addition to Americanas’ judicial recovery plan presents an evolution of some of the terms of the plan released in March.

Among them is the prioritization of payment to creditors who agree to receive up to R$12,000 upfront in a single installment, immediately after approval of the plan, in addition to special alternatives for class 3 supplier creditors.

In addition, R$8.7 billion will be reserved for payment of Americanas financial creditorsthrough reverse auction (R$2 billion) or advance payment of discounted credits (R$6.7 billion).

O Americanas PSA signed with the creditors also brings as a precedent condition that the company obtains, by the date of the AGC, the approval of the board of directors for the amended PRJ to stipulate the price per share of the capitalization.

If all necessary approvals are obtained, and given that every three shares issued in the capital increase will be granted a subscription bonus with an exercise price at a symbolic value (R$ 0.01), the issue price of each share will correspond to 1.33 times the average market price per volume traded in the last 60 days until the day before the meeting date.

In this negotiation with creditors, Americanas was also able to secure a line of bank guarantees worth R$1.5 billion, available for two years after approval of the plan or while the company is under judicial supervision.

Os Americanas financial creditors Those who offer this surety bond will have priority access to a portion of R$1.5 billion of the advance payment of the R$6.7 billion provided for in the PRJ.

After execution of the amended plan, the Americanas gross debt will be R$1.875 billion.

Americanas (AMER3) announces a net loss of R$12.9 billion in 2022 and a million-dollar profit in 2021 turns into a billion-dollar loss

After four postponements, Americanas presented the results for 2022 and republished those for 2021. The last balance released by the retailer was for the third quarter of 2022, in November last year.

In 2022, the retailer had a net loss of R$12.9 billion and corrected the last line of its balance sheet in 2021: Americanas reported a net loss of R$6.2 billion, compared to net profit R$544 million previously disclosed.

Thus, the net loss of Americanas increased by 107% between 2021 and 2022.

Already the gross profit of Americanas in 2022 it was approximately R$5.0 billion and the gross margin reached the mark of 19.5% of net revenue, “impacted by the real cost of goods sold, which no longer included the fraud of launching fictitious funding contracts of cooperative advertising (VPC) that reduced the cost”, he explained. “Another relevant impact was the provision for inventory obsolescence in the amount of R$744 million, which had a counterpart in the cost of goods sold line.”

A Americanas consolidated net revenue reached the R$25.8 billion mark in 2022, with digital and physical retail as the most representative business units (approximately 87%). The value is 14.6% higher than the R$22.521 billion reported a year earlier.

Americanas’ recurring Ebitda (earnings before interest, taxes, depreciation and amortization) was negative at R$2.927 billion in 2022. Americanas working capital it stood at R$2.5 billion, a worsening of R$1.2 billion in the annual comparison, “with the reduction in receivables not being enough to offset the reduction in inventory financing”, he said.

At the end of last year, the Americanas net debt was R$26.3 billion. At the end of 2021, the net debt The company’s real cash was R$13.9 billion, compared to net cash of R$1.73 billion originally announced.

O financial result from Americanas it was negative by R$5.23 billion last year, “already considering the interest expenses on withdrawn risk contracts and working capital contracts duly accounted for”. Americanas also reported that it had short-term debt of R$37 billion at the end of 2022.

Americanas numbers in 2021

Americanas ended 2021 with a net loss of R$6.237 billion, compared to a previously announced net profit of R$544 million. Already the Americanas recurring EBITDA stood at R$1.780 billion, representing a negative correction of R$4.077 billion in relation to the previously announced EBITDA of R$2.3 billion.

A Americanas net revenue in 2021 it was R$22.521 billion, a negative revision of R$175 million compared to the R$22.696 billion previously reported.

The result of Americanas net cash of R$1.738 billion in the previous 2021 balance sheet was revised by R$15.583 billion, increasing to a net debt of R$13.945 billion, according to the adjustments presented.

According to Americanas, “the debt profile had a relevant change as a result of the fraud adjustments. The withdrawn risk and working capital loan contracts, improperly recorded in the supplier account, were reclassified as debt, which resulted in an increase of R$ 15.6 billion in the company’s gross debt”.

The company further explained that there was a need to reclassify all long-term debts to short-term, due to the effects of other adjustments, with even the longest debts becoming payable in the short term.

In the statement, Americanas stated that it was the victim of “sophisticated fraud”, based on the “intentional manipulation” of its internal controls by its former management, which made the reworking of the financial statements extremely challenging, complex and extensive, requiring detailed work and rigorous.

The company said it will not review annual results before 2021 and before the first quarter of 2022.

Americanas projections for 2025

Americanas also released projections for 2025, considering a possible approval of the judicial recovery plan, currently negotiated with the company’s main creditors.

According to the retailer, the expectation for 2025 is an EBITDA of more than R$2.2 billion, with leverage measured by the net debt/EBITDA ratio of less than 0.75 times.

Furthermore, it expects to reach a gross financial debt of between R$1 billion and R$1.5 billion, and that the Americanas heritage get positive again.

“The projection published here is based on the company’s expectations about the future of the business. These expectations depend, substantially, on factors beyond the control of the company, such as market conditions, performance of the Brazilian economy, the sector and international markets”, said the Americans.


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