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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
 12 Months Ended
Dec. 31, 2024
Investments In Associates And Joint Ventures  
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

13)         INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

 

a)Breakdown of investments in associates and joint ventures

 

                   
Companies R$ thousands
On December 31, 2024 Year ended on December 31, 2024
Equity interest Shareholding interest with voting rights Investment carrying amount Associates and joint ventures current assets Associates and joint ventures non - current assets Associates and joint ventures current liabilities Associates and joint ventures non - current liabilities Share of profit (loss) of associates and jointly controlled entities (1) Revenue (2) Associates and joint ventures net income (loss) for the year
Haitong Banco de Investimento do Brasil S.A. 20.00% 20.00% 98,243 5,099,950 1,945,607 4,559,541 1,994,799 (4,715) 668,016 (23,575)
Tecnologia Bancária S.A. (3) 24.55% 24.32% 241,277 854,080 2,354,233 774,316 1,471,727 3,710 2,783,255 15,255
Swiss Re Corporate Solutions Brasil (3) 40.00% 40.00% 552,687 2,667,390 2,356,236 3,026,387 854,949 37,633 2,252,238 94,083
Gestora de Inteligência de Crédito S.A. (3) 16.82% 16.00% 56,297 191,422 1,052,123 282,554 627,924 (4,776) 325,181 (29,850)
Others (4) (5)     7,817,497         715,342    
Total investments in associates     8,766,001         747,194    
                     
Elo Participações Ltda. (6) 50.01% 50.01% 2,263,011 963,331 4,746,612 965,266 91,253 784,391 1,813,170 1,566,669
Total investments in joint ventures     2,263,011         784,391    
Total on December 31, 2024     11,029,012         1,531,585    
(1)The adjustments resulting from the evaluation consider the results determined, periodically, by the companies and include equity variations of the investees not resulting from results, as well as adjustments due to the equalization of accounting practices, when applicable;
(2)Revenue from financial intermediation or revenue from the provision of services;
(3)Companies with equity accounting using statement of financial position with a reporting date delay of up to 60 days. In the year ended December 31, 2024, the Group received dividends of R$2,204 thousand from Empresa Tecnologia Bancária S.A.;
(4)In August 2024, the auction of the unified tender offering for the acquisition of common shares issued by Cielo S.A. was held to convert its registration as a publicly-held company from category “A” to “B” with the Brazilian securities and Exchange Comission (CVM) and exit from the New segment Market of B3 S.A., with this, the Group's total equity interest in Cielo S.A. increased to 50.72%, with 30.61% direct participation and 20.11% indirect participation, through the companies of the Elopar Group (as of December 31, 2023, total equity interest was 31.41%, with direct participation being 30.06%). The Group received from Cielo S.A, interest on equity of R$151,453 thousand, in the year ended December 31, 2024. More information in Note 42;
(5)Primarily includes investment in publicly held companies and Cielo S.A.; and
(6)Brazilian company, provider of services related to credit and debit cards and other means of payment. The Group received dividends of R$64,922 thousand in the year ended December 31, 2024 from Empresa Elo Participações Ltda.

 

Companies R$ thousands
On December 31, 2023 Year ended on December 31, 2023
Equity interest Shareholding interest with voting rights Investment book value Associates and joint ventures current assets Associates and joint ventures non - current assets Associates and joint ventures current liabilities Associates and joint ventures non - current liabilities Share of profit (loss) of associates and jointly controlled entities (1) Revenue (2) Associates and joint ventures net income /(loss) for the year
Haitong Banco de Investimento do Brasil S.A. 20.00% 20.00% 105,766 4,294,581 2,198,375 4,276,354 1,689,663 (5,296) 331,786 (27,237)
Tecnologia Bancária S.A. (3) 24.55% 24.32% 237,568 964,701 2,300,906 1,182,701 1,106,646 3,149 2,875,219 12,828
Swiss Re Corporate Solutions Brasil (3) 40.00% 40.00% 549,669 3,156,150 1,721,943 3,387,628 361,839 62,163 1,843,974 155,409
Gestora de Inteligência de Crédito S.A. (3) (4) 16.82% 16.00% 61,073 153,360 1,092,648 269,606 613,865 (7,066) 284,062 (38,572)
Other (5)     7,234,917         1,160,949    
Total investments in associates     8,188,993         1,213,899    
                     
Elo Participações Ltda. (6) 50.01% 50.01% 1,427,847 1,023,779 2,627,543 563,008 103,084 887,782 (77,119) 1,757,753
Total investments in joint ventures     1,427,847         887,782    
Total on December 31, 2023     9,616,840              
Total on December 31, 2023               2,101,681    
(1)The adjustments resulting from the evaluation consider the results determined, periodically, by the companies and include equity variations of the investees not resulting from results, as well as adjustments due to the equalization of accounting practices, when applicable;

(2)Revenue from financial intermediation or revenue from the provision of services;
(3)Companies with equity accounting using statements of financial position with a reporting date delay of up to 60 days;
(4)Dilution of participation due to the entry of a new shareholder with the issuance of new shares;
(5)It primarily includes investments in public companies Cielo S.A. and Fleury S.A. The Group received R$249,649 thousand in interest on equity in the year ended December 31, 2023, referring to Empresa Cielo S.A.; and
(6)Brazilian company, provider of services related to credit and debit cards and other means of payment. Up to December 31, 2023, the Group received R$722,650 thousand in dividends from this investment.

 

The Group does not have contingent liabilities from investments in associated companies, which it is partially or totally responsible for.

 

b)Changes in associates and joint ventures

 

   
  R$ thousands
2024 2023
Initial balances 9,616,840 8,970,513
Acquisitions 1,432,959 14,333
Share of profit of associate and joint ventures 1,531,585 2,101,681
Dividends/Interest on equity (1,695,067) (936,478)
Other 142,695 (533,209)
Balance on December 31 11,029,012 9,616,840