Americanas finds a R$ 20 billion shortfall and the company’s president resigns

In a material fact released this Wednesday (11), Americanas communicates that inconsistencies were detected in accounting entries estimated at R$ 20 billion, in a preliminary analysis, with the base date of September 30, 2022. possible to determine all the impacts of such inconsistencies on the company’s income statement and balance sheet”, says the note.

According to the statement, these would be accounting entries reducing the supplier account made in previous years, including the year 2022.

In light of this, CEO Sergio Rial and Investor Relations Officer André Covre, who took office on January 2 of this year, communicated their decision not to remain with the Company, with immediate effect.

The Board of Directors appointed Mr. João Guerra, an executive with a long career in the company in the areas of technology and human resources, and not previously involved in accounting or financial management.

“The Board of Directors also decided to create an independent committee to investigate the circumstances that caused the aforementioned accounting inconsistencies, which will have the necessary powers to carry out its work”, informs the company.

Sought, the company said it should pronounce itself soon, valid as positioning, for now, the statement to the market.

Check out the full material fact disclosed by the company:

In compliance with the provisions of CVM Resolution No. 44, of August 23, 2021, hereby informs its shareholders and the market in general that inconsistencies were detected in accounting entries reducing the supplier account made in previous years, including the year 2022. preliminary analysis, the Company’s accounting area estimates that the amounts of inconsistencies are of the size of R$ 20 billion on the base date of 09/30/2022. The Company estimates that the cash effect of these inconsistencies is immaterial.

At this time, it is not possible to determine all the impacts of such inconsistencies on the Company’s income statement and balance sheet.

Among the inconsistencies mentioned above, the Company’s accounting area identified the existence of purchase financing operations in amounts of the same order above, in which the Company is a debtor to financial institutions and which are not adequately reflected in the suppliers account in the financial statements of 09/30/2022.

The estimates above are subject to confirmations and adjustments resulting from the completion of verification work and work to be carried out by the independent auditors, after which it will be possible to properly determine all the impacts that such inconsistencies will have on the Company’s financial statements.

In view of these facts and the consequent change in management priorities, the Chief Executive Officer Sergio Rial and the Investor Relations Officer André Covre, who took office on 1/2/2023, communicated their decision not to remain with the Company, with immediate effect.

The Board of Directors appointed Mr. João Guerra, an executive with a long career in the company in the areas of technology and human resources, and not previously involved in accounting or financial management.

The Board of Directors also decided to create an independent committee to investigate the circumstances that caused the aforementioned accounting inconsistencies, which will have the necessary powers to carry out its work.

Americanas’ reference shareholders, present in the shareholding structure for more than 40 years, informed the Board of Directors that they intend to continue supporting the Company, with Mr. Sergio Rial as his advisor in this process, providing support in carrying out the work.

The Company will keep the market informed about relevant developments related to the matters covered by this Material Fact.