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Pension plan obligations | 12 Months Ended
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Dec. 31, 2024
Pension Plan Obligations |
Pension plan obligations |
| 24 | Pension plan obligations
The Company has Post-Employment Benefit Plans in the following modalities: Defined Benefit (BD) – G1 (i) and G0 (ii); and Defined Contribution (CD) – Sabesprev Mais (iii) and VIVEST (iv), whereby only the latter is open for new adhesions. See the reconciliation expenses with such plans in item (v). Statements of defined benefit plans Summary of pension plan obligations – Liabilities
Schedule of pension plan benefits |  |  |  |  |  |
| December 31, 2024 | December 31, 2023
| G1 Plan | G0 Plan | Total | G1 Plan | G0 Plan | Total
Present value of the defined benefit obligations | (2,335,938) | (1,931,145) | (4,267,083) | (2,982,863) | (2,098,622) | (5,081,485)
Fair value of the plan’s assets | 2,468,182 | - | 2,468,182 | 2,938,614 | - | 2,938,614
Asset ceiling (*) | (132,244) | - | (132,244) | - | - | -
Total pension plan obligations (deficit) | - | (1,931,145) | (1,931,145) | (44,249) | (2,098,622) | (2,142,871)
(*) The G1 Plan showed a surplus compared to the 2023 fiscal year, primarily due to the increase in the discount rate used to measure the actuarial liability, which went from 5.47% per year in 2023 to 7.40% per year in 2024. This percentage was defined based on the NTN-B bond rates in effect as of December 31, 2024. The increase in the discount rate resulted in a significant reduction in the present value of the obligations, which decisively contributed to the observed surplus. According to IAs 19, specifically regarding the asset ceiling, the amount to be recognized in the statement of financial position cannot exceed the present value of any future economic benefits available to the Company, either through cash reimbursement or reduction of future contributions. It is noted that, according to the contractual provisions of the plan and the current legislation, there is no expectation of reimbursement within reasonable timeframes or reduction of required contributions, meaning the surplus cannot be immediately recognized as an asset. Therefore, the asset ceiling rule results in the limitation of the surplus amount that can be recognized, which, in the absence of verifiable future economic benefits, must be reduced to zero, ensuring that assets whose future realization is not supported by objective evidence are not recognized. Changes in Liabilities
Schedule of reconciliation of defined benefit obligations |  |  |  |  |  |
| December 31, 2024 | December 31, 2023
| G1 Plan | G0 | Total | G1 Plan | G0 | Total
Plan’s liabilities |  |  |  |  |  |
Defined benefit obligation, beginning of the year | (2,982,863) | (2,098,622) | (5,081,485) | (2,715,388) | (2,002,075) | (4,717,463)
Current service cost | (35,951) | - | (35,951) | (41,440) | - | (41,440)
Interest costs | (274,718) | (189,274) | (463,992) | (307,777) | (225,220) | (532,997)
Actuarial (gains)/losses recorded as other comprehensive income | 716,927 | 135,201 | 852,128 | (120,934) | (85,372) | (206,306)
Benefits paid | 240,667 | 221,550 | 462,217 | 202,676 | 214,045 | 416,721
Defined benefit obligation, end of the year | (2,335,938) | (1,931,145) | (4,267,083) | (2,982,863) | (2,098,622) | (5,081,485)
Plan’s assets |  |  |  |  |  |
Fair value of the plan’s assets, beginning of the year | 2,938,614 | - | 2,938,614 | 2,567,272 | - | 2,567,272
Expected return of the plan’s assets | 274,265 | - | 274,265 | 294,788 | - | 294,788
Company’s contributions | 39,676 | - | 39,676 | 40,898 | - | 40,898
Participants’ contributions | 30,180 | - | 30,180 | 35,443 | - | 35,443
Benefits paid | (240,667) | - | (240,667) | (202,676) | - | (202,676)
Actuarial gains/(losses) recorded as other comprehensive income | (573,886) | - | (573,886) | 202,889 | - | 202,889
Fair value of the plan’s assets, end of the year | 2,468,182 | - | 2,468,182 | 2,938,614 | - | 2,938,614
Asset ceiling | (132,244) | - | (132,244) |  |  |
Total pension plan obligations (deficit) | - | (1,931,145) | (1,931,145) | (44,249) | (2,098,622) | (2,142,871)
Changes in equity - Other comprehensive income Pursuant to IAS 19, the Company recognized gains/(losses), from changes in actuarial assumptions under equity, such as equity valuation adjustments, as shown below:
Schedule of (gains)/losses, due to changes in assumptions |  |  |  |  |  |  |  |  |
| December 31, 2024 | December 31, 2023 | December 31, 2022
| G1 Plan | G0 | Total | G1 Plan | G0 | Total | G1 Plan | G0 | Total
Actuarial gains/(losses) on the obligations | 692,430 | 135,201 | 827,631 | (120,934) | (85,372) | (206,306) | 126,626 | 161,766 | 288,392
Actuarial gains/(losses) on financial assets | (549,389) | - | (549,389) | 202,889 | - | 202,889 | (172,833) | - | (172,833)
Asset ceiling | (132,244) | - | (132,244) | - | - | - | - | - | -
Total gains/(losses) | 10,797 | 135,201 | 145,998 | 81,955 | (85,372) | (3,417) | (46,207) | 161,766 | 115,559
Deferred income tax and social contribution | (3,671) | - | (3,671) | (27,864) | - | (27,864) | 15,710 | - | 15,710
Equity valuation adjustments | 7,126 | 135,201 | 142,327 | 54,091 | (85,372) | (31,281) | (30,497) | 161,766 | 131,269
The amounts recognized in the year are as follows:
Schedule of amounts recognized in income statement |  |  |  |  |  |  |  |  |
| December 31, 2024 | December 31, 2023 | December 31, 2022
| G1 Plan | G0 | Total | G1 Plan | G0 | Total | G1 Plan | G0 | Total
Cost of service, net | 5,779 | - | 5,779 | 5,997 | - | 5,997 | 1,020 | - | 1,020
Interest costs | 274,718 | 189,274 | 463,992 | 307,777 | 225,220 | 532,997 | 231,745 | 176,953 | 408,698
Expected return of the plan’s assets | (274,265) | - | (274,265) | (294,788) | - | (294,788) | (221,079) | - | (221,079)
Amount received from the São Paulo State (undisputed) | - | (119,506) | (119,506) | - | (112,824) | (112,824) | - | (98,174) | (98,174)
Total expenses | 6,252 | 69,768 | 76,020 | 18,986 | 112,396 | 131,382 | 11,686 | 78,779 | 90,465
Maturity profile of the obligations:
Schedule of obligations maturity |  |
| December 31, 2024
| G1 Plan | G0
Payment of benefits expected in 2025 | 242,375 | 202,302
Payment of benefits expected in 2026 | 183,508 | 183,508
Payment of benefits expected in 2027 | 170,984 | 170,985
Payment of benefits expected in 2028 | 158,676 | 158,676
Payment of benefits expected in 2029 or susbsequent years | 1,580,395 | 1,215,674
Total | 2,335,938 | 1,931,145
Duration | 11.27 years | 9.66 years
Actuarial assumptions used:
Schedule of actuarial assumptions |  |  |  |  |  |
| December 31, 2024 | December 31, 2023 | December 31, 2022
| G1 Plan | G0 | G1 Plan | G0 | G1 Plan | G0
Discount rate – actual rate (NTN-B) | 7.40% p.a. | 7.37% p.a. | 5.47% p.a. | 5.37% p.a. | 6.19% p.a. | 6.15% p.a.
Inflation rate | 4.96% p.a. | 4.96% p.a. | 3.90% p.a. | 3.90% p.a. | 5.31% p.a. | 5.31% p.a.
Nominal wage growth rate | 7.06% p.a. | 7.06% p.a. | 5.98% p.a. | 5.98% p.a. | 7.42% p.a. | 7.42% p.a.
Mortality table | AT-2000 | AT-2000 | AT-2000 | AT-2000 | AT-2000 | AT-2000
Sensitivity analysis Sensitivity analysis of the defined benefit pension plan as of December 31, 2024 regarding the changes in the main assumptions are:
Schedule of sensitivity analysis of the defined benefit pension plan assumptions |  |  |
|  | Impact on the present value of the defined benefit obligations
Assumption | Change in the assumption | G1 Plan | G0
Discount rate | Increase of 1.0% | Decrease of R$ 243,450 | Decrease of R$ 222,419
Decrease of 1.0% | Increase of R$ 291,137 | Increase of R$ 217,030
Life expectation | Increase of 1 year | Increase of R$ 51,425 | Increase of R$ 78,548
Decrease of 1 year | Decrease of R$ 50,329 | Decrease of R$ 74,038
Wage growth rate | Increase of 1.0% | Increase of R$ 20,084 | Increase of R$ 131,202
Decrease of 1.0% | Decrease of R$ 21,043 | Decrease of R$ 124,063
| (i) | G1 Plan
Managed by Sabesprev, this defined benefit plan (“G1 Plan”), receives similar contributions established in a plan of subsidy of actuarial study of Sabesprev, as follows:
| · | 0.99% of the portion of the salary of participation up to 20 salaries; and
| · | 8.39% of the surplus, if any, of the portion of the salary of participation over 20 salaries.
The active participants as of December 31, 2024 totaled 1,895 (2,715 as of December 31, 2023), while inactive participants were 8,907 (8,171 as of December 31, 2023). The contributions of the Company and participants of the G1 Plan in 2024 were R$ 39,676 (R$ 40,898 in 2023) and R$ 5,683 (R$ 35,443 in 2023), respectively. Of this amount, the Company and the participants made payments referring to the actuarial deficit in the amounts of R$ 34,258 and R$ 224, respectively, in 2024 (R$ 32,810 and R$ 27,147, respectively, in 2023). Estimated expenses for the coming year
Schedule of estimated expenses |
| 2025
Cost of services, net | 3,705
Interest costs | 282,334
Net profitability on financial assets | (302,162)
Interest on the maximum limit of recognition | 16,830
Expenditures to be recognized by the Company | 707
Plan’s assets The investment policies and strategies of the plan are aimed at obtaining consistent returns and reducing the risks associated with the use of financial assets available in the Capital Markets through diversification, considering factors, such as liquidity needs and the long-term nature of the plan’s liability, types and availability of financial instruments in the local and international markets, general economic conditions and forecasts as well as requirements of the legislation. The allocation of the plan’s assets and its management strategies are determined with the support of reports and analyses prepared by SABESPREV and independent financial advisors.
Schedule of plans assets |  |  |  |
| December 31, 2024 | % | December 31, 2023 | %
Total fixed income | 2,279,323 | 92.3 | 2,714,823 | 92.4
Total equities | 13,886 | 0.6 | 15,715 | 0.5
Total structured investments | 121,820 | 4.9 | 153,333 | 5.2
Other | 53,153 | 2.2 | 54,743 | 1.9
Fair value of the plan’s assets | 2,468,182 | 100 | 2,938,614 | 100
Restrictions with respect to asset portfolio investments, in the case of federal government securities: i) instruments securitized by the National Treasury; ii) derivative instruments should be used for hedging only. The restrictions on portfolio investments in the case of equities for internal management are as follows: i) day-trade transactions; ii) sale of uncovered share; iii) unsecured swap transactions; and iv) leverage, derivative transactions that represent leverage of the asset or short selling will not be allowed, such transactions cannot result in losses higher than the amounts invested. As of December 31, 2024, SABESPREV had not have financial assets issued by the Company in its own portfolio; however, such assets could be in the portfolio of investment funds invested by the Foundation. The Properties held in the portfolio are not used by the Company. On December 21, 2022, SABESP and SABESPREV, mutually agreed to execute an Admission of Debt Instrument, where SABESP recognizes as legitimate, valid, net, certain, and enforceable the debt related to its share of responsibility in the balancing of the deficit of SABESPREV’s Basic Benefits Plan (G1 Plan), collateralizing the Contract for Revenue Binding and Assignment of Credit Transfer, executed between the parties on February 9, 2023. (ii) G0 According to State Law 4,819/1958, employees who started providing services before May 1974 acquired a legal right to receive supplemental pension payments, which rights are referred to as "G0 Plan". The Company pays supplemental retirement and pension amounts on behalf of the São Paulo State and seeks reimbursements of such amounts, which are recorded in the “Accounts receivable from related parties” line, limited to the amounts considered virtually certain to be reimbursed by the São Paulo State. As of December 31, 2024, there were no active participants, and the total number of inactive participants was 1,853 (6 and 1,808, respectively, as of December 31, 2023). Estimated expenses for the coming year
Schedule of estimated expenses |
| 2025
Interest costs | 233,290
Expenses to be recognized | 233,290
(iii) Sabesprev Mais Plan As of December 31, 2024, this Defined Contribution Plan managed by SABESPREV had 8,762 active and assisted participants (9,277 as of December 31, 2023). The sponsor’s contributions correspond to the result obtained by applying a percentage of 100% to the basic contribution made by the participant. (iv) VIVEST Plan Administered by VIVEST, the sponsor's contributions correspond to the result obtained by applying a percentage of 100% to the basic contribution made by the participant. As of December 31, 2024, there were 82 participants (68 participants as of December 31, 2023). (v) Reconciliation of expenditures with pension plan obligations
Schedule of reconciliation of expenses with pension obligations |  |  |
| December 31, 2024 | December 31, 2023 | December 31, 2022
G1 Plan (i) | 6,252 | 18,986 | 11,686
G0 (ii) | 69,768 | 112,396 | 78,779
Sabesprev Mais Plan (iii) | 26,198 | 27,403 | 25,371
VIVEST Plan (iv) | 970 | 520 | 326
Subtotal | 103,188 | 159,305 | 116,162
Capitalized | (7,884) | (3,303) | (3,359)
Other | 10,653 | 6,603 | 5,684
Pension plan obligations (Note 31) | 105,957 | 162,605 | 118,487

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