Understand what is “forfait”, or “withdrawal risk”, which can explain the gap in Americanas

In a material fact published on Wednesday (11), Americanas announced that inconsistencies were detected in accounting entries on its balance sheet. The value of the gap is estimated at BRL 20 billion .

The company’s statement does not make clear what happened. But analysts and market specialists believe that the gap could have been caused due to operations that are not included in the balance sheet of the companies, known in the market as “risk-taken ” or “lift pass ”.

When a company has a debt to be paid, usually with a supplier, it is possible to carry out this type of operation. The debtor company — in this case, Americanas — makes an agreement with the bank that financed it so that the institution releases the money first to pay the creditor.

The debt is settled with the supplier, but the company needs to pay what it borrowed, with interest that varies according to the term of completion of the investment. Thus, the “drawee-risk” is on the financial institution, which faces the chance of not receiving the promised amount.

According to Roberto Kanter, economist and professor at the Getúlio Vargas Foundation (FGV), the transaction is not uncommon among retail chains.

Example

Let’s say a store needs to make a purchase with a supplier. In terms of payment, there is usually an extended period for payment, which often reaches up to 180 days. As the purchase is usually a large volume, the supplier agrees to sell the product and receive it within this period.

However, one week after the sale is made, the financial intermediary contacts the supplier, offering to advance the amount. Suppliers usually end up accepting the proposal, given that they have tighter deadlines. This causes the store to owe the bank, rather than the store to the supplier.

problem in americana

Despite being a common practice, the transaction may explain the BRL 20 billion shortfall in the American companies’ balance sheet, because that amount in lift pass it may have been underestimated for years, or not recorded on the balance sheet correctly. In other words, Americanas may owe these financial institutions R$20 billion from this type of financial transaction.

“Was there fraud?”: four questions that Americanas must answer to the market

CVM warns about the practice

In February 2016, the Securities and Exchange Commission (CVM) released a circular letter that defines guidelines for companies to avoid the risk of distortions in this type of operation. The document mentions norms related to financial operations of companies.

In this official letter, the agency warned about possible risks and deviations that could be committed with the drawn risk. Says the CVM: “the supplier issues an invoice that includes the term to be financed by the bank, but does not recognize in its accounting the sale at present value. And with that, it has a higher Ebitda (earnings before interest, taxes, depreciation and amortization). The purchasing company, in turn, does not recognize an onerous liability with the bank, but the liability of operating “suppliers”: its inventory is inflated and the gross margin with sales is distorted”.

The CVM also states that, depending on the transaction carried out, which may include longer terms than usual for the acquisition of inventories, the purchasing company may be encouraged to do so because it would be able to escape the commitments of financing contracts or loans that serve to protect the interests of creditors, called “conevants contractual”.

The letter also reiterates that transactions of this type must be disclosed in explanatory notes, including conditions of negotiations with banks, financial cost, use of limits and lines of credit.

* Under the supervision of Thâmara Kaoru