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Pension plan obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Pension Plan Obligations  
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.
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)
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
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
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
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
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
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
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
Schedule of estimated expenses
 
 

2025

   
Interest costs

233,290

Expenses to be recognized

233,290
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