UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

_____________________

 

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

For the month of August 2024

Commission File Number: 001-39928

_____________________

 

Sendas Distribuidora S.A.

(Exact Name as Specified in its Charter)

Sendas Distributor S.A.

(Translation of registrant’s name into English)

Avenida Ayrton Senna, No. 6,000, Lote 2, Pal 48959, Anexo A

Jacarepaguá

22775-005 Rio de Janeiro, RJ, Brazil

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F:   ý   Form 40-F:   o

 
 

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)    
ITR – Interim Financial Information – June 30,2024 – SENDAS DISTRIBUIDORA S.A.    
     
Contents    
     
Corporate Information / Capital Composition    
Interim financial information   2
Individual Statements    
Balance Sheet - Assets   3
Balance Sheet - Liabilities   4
Statements of Operations   5
Statements of Comprehensive Income   6
Statements of Cash Flows    7
Statements of Changes in Shareholders’ Equity    8
     
Notes to the Interim Financial Information   9

 

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Interim Financial Information – June 30,2024 – SENDAS DISTRIBUIDORA S.A.
         
Corporate information / Capital composition    
         
Number of Shares   Current quarter    
(Thousands)   6/30/2024    
Share Capital        
Common     1,351,833    
Preferred     -    
Total     1,351,833    
Treasury Shares        
Common     -    
Preferred     -    
Total     -    

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)    
Interim Financial Information - 6/30/2024 - SENDAS DISTRIBUIDORA S.A.    
         
         
         
Individual Financial Statements / Balance Sheet - Assets      
R$ (in thousands)      
         
    Current Quarter   Prior year
Account code Account description 6/30/2024    12/31/2023
1 Total Assets 44,074,000   43,177,000
1.01 Current Assets 15,641,000   14,616,000
1.01.01 Cash and cash equivalents   5,104,000     5,459,000
1.01.03 Acoounts Receivables   1,929,000     1,199,000
1.01.03.01 Trade Receivables   1,929,000     1,199,000
1.01.04 Inventories   7,242,000     6,664,000
1.01.06 Recoverable Taxes   1,085,000     1,100,000
1.01.08 Other Current Assets 281,000   194,000
1.01.08.03 Others 281,000   194,000
1.01.08.03.01 Derivative Financial Instruments   52,000     48,000
1.01.08.03.03 Other Accounts Receivable  229,000   146,000
1.02 Non-current Assets 28,433,000   28,561,000
1.02.01 Long-Term Assets  1,147,000     1,155,000
1.02.01.07 Deferred Taxes 216,000   171,000
1.02.01.09 Receivable From Related Parties   19,000     23,000
1.02.01.09.04 Receivable from Others Related Parties   19,000     23,000
1.02.01.10 Other Non-current Assets 912,000   961,000
1.02.01.10.04 Recoverable Taxes 539,000   573,000
1.02.01.10.05 Restricted Deposits for Legal Proceedings   37,000     44,000
1.02.01.10.06 Derivative Financial Instruments 220,000   226,000
1.02.01.10.07 Other Accounts Receivable  116,000   118,000
1.02.02 Investments  802,000   864,000
1.02.02.01 Investments in Associates  802,000   864,000
1.02.02.01.03 Joint Venture Participation 802,000   864,000
1.02.03 Property, Plant and Equipment 21,309,000   21,370,000
1.02.03.01 Property, Plant and Equipment in Use 13,183,000   13,148,000
1.02.03.02 Right of Use on Leases   8,126,000     8,222,000
1.02.04 Intangible Assets   5,175,000     5,172,000

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)    
Interim Financial Information - 6/30/2024 - SENDAS DISTRIBUIDORA S.A.    
         
         
         
Individual Financial Statements / Balance Sheet - Liabilities    
R$ (in thousands)      
         
    Current Quarter   Prior year
Account code Account description 6/30/2024    12/31/2023
2 Total Liabilities 44,074,000   43,177,000
2.01 Current Liabilities 18,727,000   16,425,000
2.01.01 Payroll and Related Taxes 640,000   624,000
2.01.01.01 Social Taxes   81,000     84,000
2.01.01.02 Payroll Taxes 559,000   540,000
2.01.02 Trade Payables 10,374,000   12,110,000
2.01.02.01 National Trade Payables 10,374,000   12,110,000
2.01.02.01.01 Trade Payables   9,715,000     9,759,000
2.01.02.01.02 Trade Payables - Agreements 659,000     1,459,000
2.01.02.01.03 Trade payables - Agreements - Acquisition of hypermarkets   -   892,000
2.01.03 Taxes and Contributions Payable 336,000   298,000
2.01.04 Borrowings and Financing   6,414,000     2,115,000
2.01.04.01 Borrowings and Financing 949,000     36,000
2.01.04.02 Debentures   5,465,000     2,079,000
2.01.05 Other Liabilities 963,000     1,278,000
2.01.05.02 Others 963,000     1,278,000
2.01.05.02.09 Deferred Revenue 288,000   418,000
2.01.05.02.17 Lease Liability 374,000   532,000
2.01.05.02.19 Other Accounts Payable 301,000   328,000
2.02 Non-current Liabilities 20,520,000   22,122,000
2.02.01 Borrowings and Financing 11,318,000   13,069,000
2.02.01.01 Borrowings and Financing 926,000     1,947,000
2.02.01.02 Debentures 10,392,000   11,122,000
2.02.02 Other Liabilities   8,928,000     8,753,000
2.02.02.02 Others   8,928,000     8,753,000
2.02.02.02.05 Trade payables   25,000     38,000
2.02.02.02.09 Lease Liability   8,840,000     8,652,000
2.02.02.02.11 Other Accounts Payable   63,000     63,000
2.02.04 Provision 242,000   263,000
2.02.06 Deferred Earnings and Revenue   32,000     37,000
2.02.06.02 Deferred Revenue   32,000     37,000
2.03 Shareholders’ Equity   4,827,000     4,630,000
2.03.01 Share Capital   1,272,000     1,272,000
2.03.02 Capital Reserves   72,000     56,000
2.03.04 Earnings Reserves   3,492,000     3,309,000
2.03.08 Other Comprehensive Income (9,000)   (7,000)

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
Interim Financial Information - 6/30/2024 - SENDAS DISTRIBUIDORA S.A.
           
           
           
Individual Financial Statements / Statements of Operations
R$ (in thousands)        
       
    Current quarter Year to date current year Same quarter of previous year Year to date prior year
Account code Account description 4/1/2024 to 6/30/2024 1/1/2024 to 6/30/2024 4/1/2023 to 6/30/2023 1/1/2023 to 6/30/2023
3.01 Net Operating Revenue  17,871,000   35,093,000  15,984,000   31,080,000
3.02 Cost of Sales  (14,923,000) (29,343,000)  (13,420,000) (26,088,000)
3.03 Gross Profit  2,948,000  5,750,000  2,564,000  4,992,000
3.04 Operating Expense/Income  (2,071,000)   (4,059,000)  (1,827,000)   (3,636,000)
3.04.01 Selling Expenses  (1,504,000)   (2,920,000)  (1,303,000)   (2,609,000)
3.04.02 General and Administrative Expenses  (194,000) (399,000)  (177,000) (383,000)
3.04.05 Other Operating Expenses  (389,000) (772,000)  (359,000) (668,000)
3.04.05.01 Depreciation/ Amortization  (385,000) (764,000)  (341,000) (654,000)
3.04.05.03 Other Expenses Operating  (4,000)  (8,000)  (18,000)   (14,000)
3.04.06 Share of Profit of Associates  16,000  32,000  12,000  24,000
3.05 Profit from Operations Before Net Financial Expenses and Taxes  877,000  1,691,000  737,000  1,356,000
3.06 Net Financial Result  (719,000)   (1,479,000)  (628,000)   (1,258,000)
3.06.01 Financial Revenues  54,000  97,000  59,000  129,000
3.06.02 Financial Expenses  (773,000)   (1,576,000)  (687,000)   (1,387,000)
3.07 Income Before Income Tax and Social Contribution   158,000  212,000  109,000  98,000
3.08 Income Tax and Social Contribution   (35,000)   (29,000)  47,000  130,000
3.08.01 Current  (55,000)   (82,000)  2,000 2,000
3.08.02 Deferred  20,000  53,000  45,000  128,000
3.09 Net Income from Continued Operations  123,000  183,000  156,000  228,000
3.11 Net Income for the Period  123,000  183,000  156,000  228,000
3.99 Earnings per Share - (Reais/Share)        
3.99.01 Basic Earnings Per Share        
3.99.01.01 Common   0.09032  0.13507 0.11535 0.16867
3.99.02 Diluted Earnings Per Share        
3.99.02.01 Common   0.09005  0.13472 0.11489 0.16815

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)      
Interim Financial Information - 6/30/2024 - SENDAS DISTRIBUIDORA S.A.      
           
           
           
Individual Financial Statements / Statements of Comprehensive Income    
R$ (in thousands)        
           
    Current quarter Year to date current year Same quarter of previous year Year to date prior year
Account code Account description 4/1/2024 to 6/30/2024 1/1/2024 to 6/30/2024 4/1/2023 to 6/30/2023 1/1/2023 to 6/30/2023
4.01 Net Income for the period  123,000  183,000   156,000  228,000
4.02 Other Comprehensive Income  (5,000)  (2,000)   (5,000)  (4,000)
4.02.04 Fair value of receivables  (8,000)  (3,000)   (8,000)  (6,000)
4.02.06 Income Tax Effect 3,000 1,000  3,000 2,000
4.03 Total Comprehensive Income for the period  118,000  181,000   151,000  224,000

 
 
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)    
Interim Financial Information - 6/30/2024 - SENDAS DISTRIBUIDORA S.A.    
       
       
       
Individual Financial Statements / Statements of Cash Flows - Indirect method  
R$ (in thousands)    
       
    Year to date current year Year to date prior year
Account code Account description 1/1/2024 to 6/30/2024 1/1/2023 to 6/30/2023
6.01 Net Cash Operating Activities   549,000   2,634,000
6.01.01 Cash Provided by the Operations   2,793,000   2,510,000
6.01.01.01 Net profit for the period   183,000   228,000
6.01.01.02 Deferred Income Tax and Social Contribution (44,000) (128,000)
6.01.01.03 Loss of Disposal of Property, Plant and Equipment and Leasing  9,000  7,000
6.01.01.04 Depreciation and Amortization   806,000   694,000
6.01.01.05 Financial Charges   1,536,000   1,389,000
6.01.01.07 Share of Profit of Associates (32,000) (24,000)
6.01.01.08 Provision for Legal Proceedings  34,000  90,000
6.01.01.10 Provision for Stock Option  16,000  9,000
6.01.01.11 (Reverse) Allowance for Doubtful Accounts   (3,000)  3,000
6.01.01.13 Provision for Allowance for Inventory Losses and Damages   288,000   242,000
6.01.02 Variations in Assets and Liabilities (2,244,000)   124,000
6.01.02.01 Trade Receivables (730,000) (139,000)
6.01.02.02 Inventories (866,000) (149,000)
6.01.02.03 Recoverable Taxes  49,000   271,000
6.01.02.04 Other Assets (98,000) (108,000)
6.01.02.05 Related Parties  4,000   (1,000)
6.01.02.06 Restricted Deposits for Legal Proceedings  7,000  8,000
6.01.02.07 Trade Payables (536,000)   526,000
6.01.02.08 Payroll and Related Taxes  16,000 (42,000)
6.01.02.09 Taxes and Social Contributions Payable  38,000 (26,000)
6.01.02.10 Payment for Legal Proceedings (60,000) (34,000)
6.01.02.11 Deferred Revenue (135,000) (118,000)
6.01.02.12 Other Liabilities (27,000) (84,000)
6.01.02.15 Dividends Received  94,000  20,000
6.02 Net Cash of Investing Activities (853,000) (1,366,000)
6.02.02 Purchase of Property, Plant and Equipment (852,000) (1,362,000)
6.02.03 Purchase of Intangible Assets (19,000) (29,000)
6.02.04 Receipt of Property, Plant and Equipment  2,000  16,000
6.02.09 Receipt of Sale of Assets Held for Sale  16,000  9,000
6.03 Net Cash of Financing Activities (51,000) (2,514,000)
6.03.01 Capital Contribution   -  2,000
6.03.02 Proceeds from Borrowings   2,300,000   300,000
6.03.03 Payment of Borrowings (199,000) (104,000)
6.03.04 Payment of Interest on Borrowings (567,000) (502,000)
6.03.05 Dividends and interest on own equity, paid   - (118,000)
6.03.09 Payment of Lease Liabilities (148,000) (169,000)
6.03.10 Payment of Interest on Lease Liabilities (529,000) (476,000)
6.03.11 Borrowing costs from borrowings (12,000) (51,000)
6.03.12 Payment Points of Sales Acquisition  (896,000) (1,396,000)
6.05 Increase (Decrease) in Cash and Equivalents (355,000) (1,246,000)
6.05.01 Cash and Cash Equivalents at the beginning of the Period   5,459,000   5,842,000
6.05.02 Cash and Cash Equivalents at the end of the Period   5,104,000   4,596,000

 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)          
Interim Financial Information - 6/30/2024 - SENDAS DISTRIBUIDORA S.A.          
               
               
Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$ (in thousands)    
               
               
Account code Account description Capital stock Capital reserves, granted options and treasury shares Profit reserves Retained earnings
/Accumulated losses		 Other comprehensive income Shareholders' equity
5.01 Opening Balance 1,272,000 56,000 3,309,000 - (7,000) 4,630,000
5.03 Adjusted Opening Balance  1,272,000 56,000 3,309,000 - (7,000) 4,630,000
5.04 Capital Transactions with Shareholders - 16,000 - - - 16,000
5.04.03 Stock Options Granted - 16,000 - - - 16,000
5.05 Total Comprehensive Income - - - 183,000 (2,000) 181,000
5.05.01 Net Income for the Period - - - 183,000 - 183,000
5.05.02 Other Comprehensive Income - - - - (2,000) (2,000)
5.05.02.07 Fair Value of Receivables - - - - (3,000) (3,000)
5.05.02.09 Income Tax Effect - - - -   1,000   1,000
5.06 Internal Changes of Shareholders' Equity - - 183,000   (183,000) - -
5.06.05 Tax Incentive Reserve - - 183,000   (183,000) - -
5.07 Closing Balance  1,272,000 72,000 3,492,000 - (9,000) 4,827,000
               
               
Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2023 to 6/30/2023 R$ (in thousands)    
               
Account code Account description Capital stock Capital reserves, granted options and treasury shares Profit reserves Retained earnings
/Accumulated losses		 Other comprehensive income Shareholders' equity
5.01 Opening Balance 1,263,000 36,000 2,599,000 - (2,000) 3,896,000
5.03 Adjusted Opening Balance  1,263,000 36,000 2,599,000 - (2,000) 3,896,000
5.04 Capital Transactions with Shareholders   2,000   9,000 - - - 11,000
5.04.01 Capital Contribution   2,000 - - - -   2,000
5.04.03 Stock Options Granted -   9,000 - - -   9,000
5.05 Total Comprehensive Income - - - 228,000 (4,000) 224,000
5.05.01 Net Income for the Period - - - 228,000 - 228,000
5.05.02 Other comprehensive income - - - - (4,000) (4,000)
5.05.02.07 Fair Value of Receivables - - - - (6,000) (6,000)
5.05.02.09 Income Tax Effect - - - -   2,000   2,000
5.06 Internal Changes of Shareholders' Equity - - 228,000   (228,000) - -
5.06.05 Tax Incentive Reserve - - 228,000   (228,000) - -
5.07 Closing Balance  1,265,000 45,000 2,827,000 - (6,000) 4,131,000

 
 

 

                                                   
1 CORPORATE INFORMATION
                                                   
  Sendas Distribuidora S.A. (“Company” or “Sendas”) is a publicly held company listed in the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão (B3), under ticker symbol "ASAI3" and on the New York Stock Exchange (NYSE), under ticker symbol "ASAI". The Company is primarily engaged in the retail and wholesale of food products, bazaar items and other products through its chain of stores, operated under “ASSAÍ” brand, since this is the only disclosed segment. The Company's registered office is at Avenida Ayrton Senna, 6.000, Lote 2 - Anexo A, Jacarepaguá, in the State of Rio de Janeiro. As of June 30, 2024, the Company operated 293 stores (288 stores as of December 31, 2023) and 11 distribution centers (11 distribution centers as of December 31, 2023) in the five regions of the country, with operations in 24 states and in the Federal District.  
                                                   
1.1 New matters
                                                   
                                                   
    Ninth and tenth issue of debentures, see note 15.6.  
                                                   
  Long-term benefit plans, see notes 19.3.4 and 19.3.5.  
                                                   
  Buy-back program of shares, see note 19.4.  
                                                   
2 BASIS OF PREPARATION AND DISCLOSURE OF THE INTERIM FINANCIAL INFORMATION
                                                   
  The interim financial information has been prepared in accordance with IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and accounting standard CPC 21 (R1) – Interim Financial Report and disclosed aligned with the standards approved by the Brazilian Securities and Exchange Commission (“CVM”), applicable to the preparation of the Interim Financial Information.  
                                                   
  The interim financial information has been prepared based on the historical cost basis, except for: (i) certain financial instruments; and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. In accordance with OCPC 07 - Presentation and Disclosures in General Purpose - Financial Statements, all significant information related to the interim financial information, and only them, is being disclosed and is consistent with the information used by Management in managing of the Company's activities.  
                                                   
  The interim financial information is presented in millions of Brazilian Reais (R$), which is the Company's functional currency.  
                                                   
  The interim financial information for the period ended June 30, 2024 were approved by the Board of Directors on August  8, 2024.  
                                                   
3 MATERIAL ACCOUNTING POLICIES
                                                   
  The material accounting policies and practices applied by the Company to the preparation of the interim financial information are in accordance with those adopted and disclosed in note 3 and in each explanatory note corresponding to the financial statements for the year ended December 31, 2023, approved on February 21, 2024 and, therefore, it should be read together.  
                                                   
3.1 Standards, amendments and interpretations
                                                   
  In the period ended June 30, 2024, the new current standards, include the review of CPC 09 (R1) – Statements of Value Added, were evaluated and produced no effect on the interim financial information disclosed, additionally the Company did not adopt in advance the IFRS issued and not yet current.
                                                   
4 SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
                                                   
  The preparation of the interim financial information requires Management to makes judgments and estimates and adopt assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period, however, the uncertainties about these assumptions and estimates may generate results that require substantial adjustments to the carrying amount of the asset or liability in future periods.  
                                                   
  The significant assumptions and estimates applied on the preparation of the interim financial information for the period ended June 30, 2024, were the same as those adopted in the financial statements for the year ended December 31, 2023, approved on February 21, 2024, disclosed in note 5.  
                                                   
                                                   
5 CASH AND CASH EQUIVALENTS
                                                   
                    6/30/2024   12/31/2023                  
  Cash and bank accounts       292   352                  
  Cash and bank accounts - Abroad (i)     25       22                  
  Financial investments (ii)       4,787        5,085                  
                    5,104   5,459                  
                                                   
  (i) As of June 30, 2024, the Company had funds held abroad, of which R$25 in US dollars (R$22 in US dollars as of December 31, 2023).  
                                                   
  (ii) As of June 30, 2024, the financial investments refer to the repurchase and resale agreements and Bank Deposit Certificates - CDB, with a weighted average interest rate of 97.72% of the CDI - Interbank Deposit Certificate (95.92% of the CDI as of December 31, 2023).  
                                                   
  The Company's exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosed in note 15.3.  
 
 

 

                                                   
6 TRADE RECEIVABLES
                                                   
                            Note   6/30/2024   12/31/2023  
   From sales with:                                           
   Credit card                     6.1    1,300   589  
   Credit card - related parties (FIC)             9.1    289   211  
   Ticket                         6.1    183   185  
   Total of credit card and ticket                        1,772   985  
                                                   
   Slips                                109   148  
   Suppliers and others                          60     81  
                                    1,941   1,214  
   Expected credit loss for doubtful accounts         6.2    (12)   (15)  
                                    1,929   1,199  
                                                   
  The breakdown of trade receivables by their gross amount by maturity period is presented below:  
                                                   
                                    Overdue  
                    Total   Due   Less than 30 days   Over 30 days  
  June 30, 2024                1,941        1,930    5    6  
  December 31, 2023                1,214        1,202    5    7  
                                                   
6.1 Assignment of receivables
                                                   
  The Company assigned part of its receivables referring to credit cards and ticket with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2024, the amount of these operations is R$1,650 (R$2,757 as of December 31, 2023). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables is classified as “Cost and discount of receivables” in note 23.  
                           
  As of June 30, 2024, the amount of receivables, currently, discountable (credit cards and ticket) is R$1,772 (R$985 as of December 31,2023).  
                           
6.2 Expected credit loss for doubtful accounts
                                                   
                    6/30/2024   6/30/2023                  
  At the beginning of the period       (15)   (11)                  
   Additions                (37)   (20)                  
   Reversals                40     18                  
  At the end of the period       (12)   (13)                  
                                                   
7 INVENTORIES
                                                   
                Note   6/30/2024   12/31/2023                  
  Stores               6,402   6,033                  
  Distribution centers           1,462   1,237                  
  Commercial agreements    7.1     (575)    (525)                  
  Inventory losses        7.2    (47)   (81)                  
                    7,242   6,664                  
                                                   
7.1 Commercial agreements
                                                   
  As of June 30, 2024, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$575 (R$525 as of December 31, 2023).  
                                                   
7.2 Inventory losses
                                                   
                    6/30/2024   6/30/2023                  
  At the beginning of the period       (81)   (68)                  
  Additions              (298)    (259)                  
  Reversals               10     17                  
  Write-offs             322   266                  
  At the end of the period       (47)   (44)                  
                                                   
8 RECOVERABLE TAXES
                                                   
                    Note   6/30/2024   12/31/2023              
  ICMS                8.1      953   1,085              
  PIS and COFINS            8.2      381   287              
  Social Security Contribution - INSS         148   169              
  Whithholding taxes to be recovered         138   105              
  Others                   4     27              
                          1,624   1,673              
                                                   
  Current                     1,085   1,100              
  Non-current                 539   573              
 
 
                                                   
8.1 State VAT tax credits - ICMS

  The Brazilian States have been substantially amending their local laws aiming at implementing and broadening the ICMS tax replacement system. This system entails the prepayment of ICMS of the whole commercial chain, upon goods outflow from an industrial establishment or importer or their inflow into each State. The expansion of this system to an increasingly wider range of products sold in the retail generates the prepayment of the tax and consequently a refund in certain operations.  
                                                   
  With respect to credits that cannot yet be immediately offset, the Company's management, according to a technical recovery study, based on the future expectation of growth and consequent offset against taxes payable from its operations, believes that its future offset is viable. The mentioned studies are prepared and periodically reviewed based on information obtained from the strategic planning previously approved by the Company's Board of Directors. For the interim financial information as of June 30, 2024, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable ICMS balance, as shown in the table below:  
                                                   
  Year   Amount                                  
  Within 1 year        455                                  
  From 1 to 2 years        116                                  
  From 2 to 3 years        103                                  
  From 3 to 4 years       83                                  
  From 4 to 5 years       50                                  
  More than 5 years        146                                  
                 953                                  
                                                   
8.2 PIS and COFINS credit
                                                   
  On March 15, 2017, the Federal Supreme Court  ("STF”) recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis.  
                                                   
  Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis.  
                                                   
  In addition to the recorded credits, the Company has contingent tax assets in the amount of R$54 related to PIS and COFINS credits.  
                                                   
  • Expected realization of PIS and COFINS credits
                                                   
  In relation to the recoverable PIS and COFINS credits, the Company's management, based on a technical recovery study considering future growth expectations and consequent offset against debts from its operations, projects its future realization. The mentioned studies are prepared and periodically reviewed based on information obtained from the strategic planning previously approved by the Company's Board of Directors. For the interim financial information as of June 30, 2024, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$381, and expected realization is within one year.  

 

 
 

9 RELATED PARTIES   
                                             
9.1 Balances and related party transactions  
                                             
                Assets   Liabilities   Transactions
                Trade receivables   Other assets   Suppliers   Revenue (expenses)
                6/30/2024   12/31/2023   6/30/2024   12/31/2023   6/30/2024   12/31/2023   6/30/2024   6/30/2023
  Joint venture                                        
  Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”)     289     211    19    23    23    28    15    12
                  289     211    19    23    23    28    15    12
                                             
  Current             289     211     -     -    23    28        
  Non-current             -     -    19    23     -     -        
                                             
                                             
                Transactions                            
                Revenue (expenses)                            
                6/30/2023                            
  Associates (i)                                        
  Casino Guichard Perrachon       (20)                            
  Euris             (1)                            
  Grupo Pão de Açúcar ("GPA")    20                            
  Wilkes Participações S.A.         (6)                            
                  (7)                            
                                             
  (i) On June 23, 2023, as per the Notice to the Market published on the same date, Casino, through its subsidiaries Wilkes, Geant International BV ("GIBV") and Segisor S.A.S ("Segisor"), sold 157,582,850 common shares issued by the Company, representing 11.67% of its share capital, through a block trade operation carried out on the same date. As a result, the Casino Group now holds an ownership interest of less than 0.01% of Sendas' share capital, no longer being considered a related party of the Company. The balances with these companies and their subsidiaries are presented under the line items Other accounts receivable and Other accounts payable in the balance sheet in the interim financial information for the period ended June 30, 2024.
                                             
  Additionally, after the completion of the spin-off between the Company and GPA on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement.
                                             
  The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of: i) rental of stores; ii) borrowing agreement; and iii) purchase of electricity. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2024 and December 31, 2023 was less than R$1.

 
 

 

9.2 Management compensation
                                                   
  Expenses referring to the executive board compensation recorded in the Company’s statement of operations in the period ended June 30, 2024 and 2023 as follows (amounts expressed in thousands reais):  
                                                   
                    Base salary   Variable compensation    Stock option plan and shared-based payment plan (i)    Total  
                    2024   2023   2024   2023   2024   2023   2024   2023  
  Board of directors       6,124   5,452   -   -   -   5,250   6,124    10,702  
  Statutory officers             8,543   5,466    10,198   7,444    14,170   5,691    32,911    18,601  
  Executives excluding statutory officers  17,286    15,500    23,646    19,158   9,104   5,845    50,036    40,503  
  Fiscal council             282   267   -   -   -   -   282   267  
                     32,235    26,685    33,844    26,602    23,274    16,786    89,353    70,073  
                                                   
  (i) More details about shared-based payment plan for the Statutory officers, see note 19.3.3.  
                                                   
  The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The new long-term benefit plans are disclosed in notes 19.3.4 and 19.3.5.  
                                                   
10 INVESTMENTS
                                                   
  The details of the Company's investments at the end of the period are as follows:  
                                                   
                                    Participation in investments - %   
                                    Direct participation  
  Investment type   Company   Country   6/30/2024   12/31/2023  
  Joint venture   Bellamar Empreendimento e Participações S.A.   Brazil   50.00   50.00  
                                                   
  Summary of financial information of Joint Venture
                                                   
                    6/30/2024   12/31/2023                  
  Current assets            1    1                  
  Non-current assets           458   581                  
  Shareholders´ equity         459   582                  
                                                   
                    6/30/2024   6/30/2023                  
  Net income for the period         64     47                  
                                                   
  Investments composition and breakdown
                                                   
                    Bellamar                          
  As of December 31, 2022       833                          
  Share of profit of associates         24                          
  Dividends received           (20)                          
  As of June 30, 2023         837                          
                                                   
  As of December 31, 2023       864                          
  Share of profit of associates         32                          
  Dividends received           (94)                          
  As of June 30, 2024         802                          

 
 
11 PROPERTY, PLANT AND EQUIPMENT                  
                                                                                       
11.1 Breakdown and composition of property, plant and equipment                  
                                                                                       
                                                                                     
                        As of 12/31/2023   Additions (i)   Write-off   Depreciation   Transfers and others   As of
6/30/2024		      Historical cost    Accumulated depreciation
  Lands                       559     -     -    -   -     559   =   559    -
  Buildings                       777    37     -     (11)     98     901    1,069   (168)
  Improvements                 8,099     287     (4)   (248)    (82)     8,052    9,783   (1,731)
  Machinery and equipment         2,310     149     (2)   (133)     15     2,339    3,443   (1,104)
  Facilities                       270   7     -     (19)   -     258     437   (179)
  Furniture and appliances         903    49     (3)     (78)     12     883    1,367   (484)
  Constructions in progress         111    13     -    -    (45)    79    79    -
  Others                       119    14     -     (26)    5     112     274   (162)
                        13,148     556     (9)   (515)    3   13,183       17,011   (3,828)
                                                                                       
                                                                                       
                                                                                       
                                                                                     
                        As of 12/31/2022   Additions (i)   Write-off   Depreciation   Transfers and others   As of
6/30/2023		      Historical cost    Accumulated depreciation
  Lands                       600    17     -    -    (41)     576   =   576    -
  Buildings                       730     -     -    (9)     23     744     893   (149)
  Improvements                 6,865     845   (21)   (205)    5     7,489    8,749   (1,260)
  Machinery and equipment       1,440     209   (12)   (136)   382     1,883    2,750   (867)
  Facilities                       585    61     (2)     (24)     (189)     431     590   (159)
  Furniture and appliances         755    70     (2)     (53)     85     855    1,185   (330)
  Constructions in progress       543    24     (1)    -     (329)     237     237    -
  Others                      64    15     -     (17)     44     106     216   (110)
                        11,582     1,241   (38)   (444)    (20)   12,321       15,196   (2,875)
            .                                                                          
  (i) Includes interest capitalization in the amount of R$24 (R$170 as of June 30, 2023), see note 11.2.    

 

 
 

 

11.2 Capitalized borrowing costs and lease
                                                   
  The value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R$24 (R$170 as of June 30, 2023). The rate used to calculate the borrowing costs eligible for capitalization was 113.76% (110.70% as of June 30, 2023) of CDI, corresponding to the effective interest rate of borrowings taken by the Company.  
                                                   
11.3 Additions to property, plant and equipment for cash flow purpose 
                                                   
                            6/30/2024   6/30/2023          
  Additions                     556   1,241          
  Capitalized borrowing costs               (24)    (170)          
  Financing of property, plant and equipment - Additions    (531)    (1,067)          
  Financing of property, plant and equipment - Payments   851   1,358          
                            852   1,362          
                                                   
  Additions related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution centers, improvements of existing distribution centers and stores and investments in equipment and information technology.  
                                                   
  The additions and payments of property, plant and equipment above are presented to reconcile the acquisitions during the period with the amounts presented in the statement of cash flows net of items that did not impact cash flow.  
                                                   
11.4 Other information
                                                   
  As of June 30, 2024, the Company recorded in the cost of sales and services the amount of R$42 (R$40 as of June 30, 2023), relating to the depreciation of machinery, buildings and facilities of distribution centers.  
                                                   
                                                   
11.5 Impairment test of property, plant and equipment
                                                   
  The impairment test of property, plant and equipment uses the same practices described in note 12.1 to the financial statements as of December 31, 2023.  
                                                   
  The Company monitored the plan used to assess impairment test as of December 31, 2023, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2024.  

 
 

 

12 INTANGIBLE                                                          
                                                                   
12.1 Breakdown and composition of intangible assets                                      
                                                                 
            As of 12/31/2023   Additions   Write-off   Amortization   As of 6/30/2024      Historical cost    Accumulated amortization
  Goodwill         618     -     -    -     618       871   (253)
  Software        63    19     (1)     (11)    70 =   198   (128)
  Commercial rights     4,452     -     -    (4)     4,448  4,491   (43)
  Trade name    39     -     -    -    39  39     -
              5,172    19     (1)     (15)     5,175    5,599   (424)
                                                                   
                                                                   
                                                                   
                                                                 
            As of 12/31/2022   Additions   Amortization   As of 6/30/2023       Historical cost     Accumulated amortization        
  Goodwill         618     -     -    618   =   871   (253)        
  Software        76    12   (10)   78     163     (85)        
  Commercial rights     4,267    17     (4)    4,280     4,316     (36)        
  Trade name    39     -     -   39    39     -        
              5,000    29   (14)    5,015       5,389   (374)        


 
 

 

12.2 Impairment test of intangible assets with indefinite useful life, including goodwill
                                                   
  The impairment test of intangible assets uses the same practices described in note 12.1 to the financial statements as of December 31, 2023.  
                                                   
  The Company monitored the plan used to assess impairment test as of December 31, 2023, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2024.  
                                                   
12.3 Commercial rights
                                                   
  Commercial rights with defined and indefinite useful lives are tested following the assumptions described in note 12.1.1, to the financial statements as of December 31, 2023. The Company considered the discounted cash flow of the related store for the impairment test, that is, the store is the CGU.  
                                                   
  The Company monitored the plan used to assess impairment test as of December 31, 2023, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2024.  

 
 

 

13 LEASES                              
                                                                                 
13.1 Right-of-use                                  
                                                                                 
13.1.1 Breakdown and composition of right-of-use assets                                  
                                                                                 
                                           
                                                                               
            As of 12/31/2023   Additions   Remeasurement   Write-off   Amortization   Transfers and others   As of 6/30/2024     Historical cost     Accumulated amortization
  Buildings           8,203   8     180     (5)   (273)    (3)     8,110     10,050     (1,940)
  Equipment         3     -     -     -    (2)    -   1 = 44    (43)
  Assets and rights    16     -     -     -    (1)    -    15   28    (13)
              8,222   8     180     (5)   (276)    (3)     8,126     10,122     (1,996)
                                                                                 
                                                                                 
                                                                               
            As of 12/31/2022   Additions   Remeasurement   Write-off   Amortization   Transfers and others   As of 6/30/2023     Historical cost     Accumulated amortization
  Buildings           7,593    27     221   (109)   (232)     (21)     7,479 =  9,033     (1,554)
  Equipment         8     -     -     -    (3)    -   5 56    (51)
  Assets and rights    18     -     -     -    (1)    -    17 28    (11)
              7,619    27     221   (109)   (236)     (21)     7,501    9,117     (1,616)

 
 

 

13.2 Lease liabilities
                                                   
13.2.1 Minimum future payments and potential right of PIS and COFINS
                                                   
  Lease contracts totaled R$9,214 as of June 30, 2024 (R$9,184 as of December 31, 2023). The minimum future lease payments, according to lease agreements, with the present value of minimum lease payments, are as follows:  
                                                   
                            6/30/2024   12/31/2023          
  Lease liabilities - minimum payments                                  
  Less than 1 year                   374   532          
  From 1 to 5 years                   1,770   1,702          
  More than 5 years                   7,070   6,950          
  Present value of lease liabilities             9,214   9,184          
  Current                     374   532          
  Non-current                   8,840   8,652          
                                                 
  Future financing charges                12,942    13,164          
  Gross amount of financial lease agreements        22,156    22,348          
                                                   
  PIS and COFINS embedded in the present value of lease agreements    560        558          
  PIS and COFINS embedded in the gross value of lease agreements    1,347        1,359          
                                                   
  Lease liabilities interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.15% in the period ended June 30, 2024 (12.12% as of December 31, 2023).  
                                                   
  Had the Company adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would be approximately 6.69% (6.72% as of December 31, 2023). The average term of the agreements analyzed as of June 2024 is 17 years (as of December 31, 2023  is 18 years).  
                                                   
13.2.2 Lease liability roll forward
                                                   
                            Amount                  
  As of December 31, 2022               8,360                  
  Addition - Lease                     27                  
  Remeasurement                   221                  
  Interest provision                   477                  
  Principal amortization                (169)                  
  Interest amortization                  (476)                  
  Write-off due to early termination of agreement        (120)                  
  As of June 30, 2023                 8,320                  
                                                   
                            Amount                  
  As of December 31, 2023               9,184                  
  Addition - Lease                    8                  
  Remeasurement                   180                  
  Interest provision                   525                  
  Principal amortization                (148)                  
  Interest amortization                  (529)                  
  Write-off due to early termination of agreement       (6)                  
  As of June 30, 2024                 9,214                  
                                                   
13.3 Result on variable rentals and subleases