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Today, we have the presence of the company's executives, Leonardo Coelho, CEO of Americanas S.A., Camille Faria, Financial Director and Investor Relations Director. I will now pass the word to the CEO of Americanas S.A., who will begin the presentation. Please, Mr. Leonardo, proceed.
Good morning, everyone. I want to start by thanking the accounting and financing teams, who worked with the external audit to bring back the clean statements within regulatory deadlines again. And those all the associates of Americanas, who over the past 18 months have worked diligently to get back on a growth and profit, reinforcing our social role. We have stated in the last presentation, we divided the restructure phase in three blocks: judicial recovery and focus on operations.
We made this division to address the challenges we had in an independent way and in a committed way, prioritizing this way, the topics that showed risk to our continuity, but also organizing the operations in parallel to put our clients in the center of our attentions. In the investigations, we communicated the market in July this year, the conclusion of the independent committee, which confirmed the existence, the accounting, the main mechanism used, as well as those involved, making it possible for them to have their opinion on the financial administration in 2023, and the revision report on the quarter of this year.
What refers to the judicial recovery, we have followed all the stages already, which include registration, the capital, the payment to most part of the remaining credits, and restructuring the debt, the whole debt of the company, counting one with the smaller debts in the Brazilian retail of great size. In parallel, in our operational front, the efforts have been concentrated on generating operation more agile, more profitable, and more efficient. Physical retail starts to consolidate as the heart of the Americanas, and digital is restructured according this, this model. In the financial part, we have a new design of our of our clients and partners' platform, which has already started to bring even more value to our clients.
We start the new phase of optimization of Hortifruti Natural da Terra, using much of what we have understood in the transformational process of Americanas, and we continue with the brands Puket and Imaginarium on the path of operational consolidation and increased results. All of this work broadens our journey towards the goal of being a lighter Americanas, focusing on operational cash generation and accelerating growth. Moving on to the second slide, and before I represent the results of 2023 and the first six months of 2024, I will give the floor to our financial director and investor relations, Camille Loyo Faria, that will bring updates on the judicial recovery process that has had important developments since our last call. Right after, we will go through the updates of the strategic model of Americanas.
Well, thank you very much, Leo. Good morning, everyone. The approval of the plan at the end of February unlocked the execution, the company's capitalization that Leo has just mentioned, completed now in July, and the payments to the creditors. Most part of the payments, as you can see. The next slide show a summary of this process. Moving on to slide three, summing up, as we mentioned and we discussed last time, but just to give you the update, the total, we had around BRL 42.5 of credits that need to be restructured by the company, excluding the subordinate companies.
These credits have been restructured or paid in the following way: BRL 8.5 billion have been settled in a reverse auction using using some of BRL 2 billion of resources. BRL 26 billion refers to creditors who opted to payment option two. In the next slide, I will show how this was paid and restructured. BRL 5 billion from creditors who adhered to the pay-available payments modalities for suppliers, most of them were paid without discount and still in the first quarter 2024. BRL 1.8 billion belonged to the financial creditors who had retained the company's liquidity in equivalent amounts. In this case, we formalized the settlement of this liquidity with credits from our creditors profile, all in the predefined terms in the Judicial Recovery plan.
BRL 720 million and BRL 150 million in credits remain as general payment modality or the year payment option one, respectively. They will receive their credits after the applicable discounts in the judicial recovery, updated by TR, later ahead, 15 years, 20 years. Labor creditors and small and medium-sized companies that are class 1 and 4, total BRL 263 million, and they were fully paid. Finally, the creditors with up to BRL 12,000 to receive or still who had up to BRL 12,000 or, you know, opted for BRL 12,000, vast majority have already been paid in the first quarter of 2024. Then closing this, this slide. Going to the, on this last slide, we'll see more details on the options of payment two.
The BRL 25.9 billion that we saw in the previous page, according to option two, those creditors had their update according to the plan, and the updated has been BRL 26.2 billion restructured. Most of these credits, in this first column of BRL 12.6 billion was in the capital increase of BRL 24 billion, which was approved in the end of July.
BRL 1.875 billion were repaid in a new debenture that was issued in this value, and following the cash sweep that was in the judicial recovery plan, we have already redeemed here in August, BRL 278 million of this debenture using company cash and having a balance of BRL 1.6 billion of this new debenture only in the company debt, as we will show later ahead in the presentation. The remaining balance of BRL 12 billion has been fully settled with discount. We show this in this graph in the green, in the yellow, in the red part, with a discount, using BRL 6.7 billion, BRL 6.7 billion in cash coming from the participations of our shareholders, reference shareholders of the BRL 24 billion capital.
In slide five, we show the change in the company shareholder structure. Due to the increase of capital, we moved to a capital structure of 904 million shares, 30% held by reference shareholders, and 70% in the market, to the first moment, to 19.7 billion shares, 49.22% held by reference shareholders, 47% in the creditors that have capitalized most of the credits, as I have shown in the option two slide, and 3.3% with the rest of the market. It's important to highlight two additional points. First, is that the capital increase granted participants this increase in capital a bonus subscription at for BRL 0.01 for every 3 new shares issued.
For creditors, this bonus can only be exercised after three years. However, considering the pro forma capital structure, 100% of this bonus, we will have exercised a social capital composed of 26 billion shares, 49.5% in the hands of the reference shareholders, 41.1% creditors, and 2.4% in the rest of the market. Second, to highlight as already disclosed by the company to the market, on August 26th, we will execute the grouping of 100 -1 stock approved by AGE. And then from this one, the company will have a total number of shares that constitute 100 times fewer than today, but the ownership percentage in percentage point will not alter. Now, I will give the floor to operational performance.
Let's go to slide six. On the operational front, we bring results from 2023 and then six months in 2024, and show an advance in our profitability. Let's go little by little. The GMV 2023 was BRL 22.8 billion, with a reduction of 45.9% compared to 2022. 2022 was the year that basically we had the crisis in the Americanas. Our physical platform was much more resilient than the digital one in 2023. Had a contraction of 2.3% compared to 2022, even though with this big crisis that I mentioned in 2023. The digital had a sharper decline, 75%, due to the bigger effect of the credibility.
One thing is for you to buy, you know, below you go to the cashier and take your product home. Another that involves a greater risk of trust in the operational is to ask by digitally and ask and wait to receive at home. And in this first credibility crisis happened because clients and sellers, and then right later, right after the Judicial Recovery request, and in a couple of weeks, it started clearing up. We wanted to keep doing the digital. We started with a preservation of capital in the short term, but right after, we put this as a strategic north to the profitability of a strong cash working capital generation. We already saw a physical demand.
We saw a 15.9% increase in the physical stores compared to the same period in 2023. The digital continues following due to the continuation of the implementation of strategy that I mentioned just, a while ago. Talking about profitability, we had a good strategy in both periods. We had a 9.6 points better in 2023 than 2022, reaching 29 point in the same period. An increase of 1.6% compared to the same period, 2023, reaching 34.5% in the net revenue. Our adjusted EBITDA followed the same thing, comparing it to 2022, and 85.7% in 2024 compared to the same semester in 2023, in the same period.
Speaking about EBITDA, after payment of rent, if we consider this indicator before rent payment, as it is typical in the retail segment, in the analysis with our peers in the market, we achieve +BRL 265 million in the first semester of 2024. Going to slide 7, it illustrates the gain of representation of the physical platform in our GMV total in the whole period analyzed, going from 34% - 53% the first semester in 2023, to 71% in the same period, 2024.
It's worth highlighting also that the GMV from the physical also grew in an absurd way, 15.9% in the same period, even considering the reduction of our total number of stores, and also a change in mix that I will speak ahead. This is very much highlighted by many changes in the operation, restructuring our process of purchasing and redesigning many operational areas. In this point, the structure of our commercial areas and supply areas, it started being divided in four business units, end-to-end, with teams, multidisciplinary, that group categories and look at the process of purchasing end-to-end. With this change that seems simple, we bring much more agility and focus to each category, rationalizing the products to our clients. Other adjustments that are still underway are the changes that are more definite in our mix.
We investment within this mix of categories that are more profitable and traditionally more compatible to the purpose of value of, like, you know, hygiene, beauty, and also more selective electronics in our store. With that, going on to the slide 8, on the third semester of the third quarter of 2023, the sales it start to react. We mentioned this in our last call, that would start to happen, and we would monitor this effect in the second semester of 2023. This happens especially with the adjustments on the short term that we took to counterbalance the effects of the Judicial Recovery plan.
The same store sale basically is the indicator that is the most important in the moment, because it captures a bigger part of the real effect of the actions taken so far. The last adjustment that is not contemplated is what we discount from this effect, the effects of the change of mix, because we reduce items of a high value in our assortment, such as big screen TVs and white goods, and also some computer equipment, and a more traditional portfolio of Americanas, as mentioned before.
In our last quarter of 2023, even with the important events such as Black Friday, Children's Day, and Christmas, without the full supply of the items of great relevance in that traditional mix of Americanas, we had a positive evolution in sales, yeah, reaching 2.1% growth. The first six months of 2024, they accelerate this scenario of growth. The growth sales in the same stores had a robust of 19.7% , highlighting it to the history of results in our Easter. They had a growth of sales compared to the 2023 in the same rhythm. Remembering the events of 2023 of Easter had already been a record compared to the 2022.
To have an order of greatness of what happened in the Easter of 2024, basically, one in every two Brazilians bought in our stores. The performance in the months that followed this event also continued to be positive, which prove, in our vision, the assertiveness of the new strategy of categories, and also the improvement of classification, change of mix, change of modulation in the physical stores, and also optimization in our part of stores, and our partners, especially suppliers and, you know, credit insurance. Here, I want to go into details of the revision of remodeling of our stores that we concluded in July after basically one year of work. It had an important effect in the assortment and also in the margin, but well as in the speed of operation and in our working capital, as I showed before.
And the actions basically consist in identifying the right assortment to each cluster of stores, with the objective of reducing the rupture in our offer of products. Basically, we stopped selling the same items in our over 1,000 stores as it happened before, and started considering the demography, the income of the region, other variables, as the determining factors for us to have the right kind of products in each of our stores. And we translate here as having the right products in the right store in the right time. And with this remodeling, we reduced a lot this rupture of our stores. It was significantly to each of these clusters, and we evolved in our offers aligned to the behavior and demand of each client in each region of the country, impacting directly in the sale.
We continue this process. This process gains more traction now that we have more data in our analysis, quantitative analysis, and we expect to harvest these fruits in the following semesters. In the following slide, we're able to see the positive effect in the restructuring of our net revenue and the gross profit and gross margin. The net revenue consolidated 2023 follows the same movement of GMV in the same period, the impact of the judicial recovery in the supply of the stores and the reduction in the digital, even though we had high interest and low demand that has impacted the retail market in January, the first quarter of 2024.
In our case, we were able to add our output to the retail, and we keep growing almost 10% reversing this trend in 2023. The digital, it has declined 50%, which is in line with our strategy of reducing its size and the focus in this first. It has a 13.5 reduction in the gross net revenue, BRL 4.4 billion, and we had a total gross margin increase representing 29.2%. In the first semester of 2024, the gross profit was BRL 2.4 billion, with a strong growth of 29.5%.
This, this gross margin in the first six months of 2024, it was 34.5%, 8.5 percentage points compared to the same period, 2023. So once more, this, this positive performance is a consequence of the initiative, strategic initiatives that we talked about previously here, as the adjustments in the mix, the offers of a greater, the products with greater margin, the pricing, and the remodeling of stores. We believe that this increment, it still has a possibility to continue, as I mentioned earlier, in the following quarters. Also, with the maturation of these adjustments of assortment, including own brands, and now by the communication even more, that flows even better with our suppliers.
In the digital, the contribution came from the reduction of the size of the 3P, and a bigger rationally of participation, and investments in marketing. Going on to the slide 10, and analyzing a little bit our general expenses and administrative expenses, we see an evolution of a bit adjustment, even though it's not a positive. We had an improvement in 2023 of almost BRL 1 billion, due to the emergency counterpoints that we did since the beginning of the crisis. In the first six months of 2024, it's even evident, advance is BRL 1.4 billion compared to the same period of last year, and here benefited also by other events, such as recovery of PCPs and some tax events.
And the performance of the adjusted EBITDA, which exclude these expenses of judicial recovery, excluding, you know, low assets, discounts due to the improvement of the plan, and effects of the self-regulation of taxes. It's a consequence of those efforts of readjustment, restructuring of the company for us to reach the greater operation efficiency. There's a lot to do here, especially in the negotiation of contracts, especially service contracts, and redesigning our areas of back office. The same efforts are reflected in the line of expenses with SG&A, which had a reduction of 20.8% in 2023.
Consequence of the closing of 125 stores in this period that had the performance below the necessary, and also the reduction of expenses in marketing and digital, and other adjustments in the adjustments of IT and back office. This we had 34.4% in Q3 against 29% in 2022. The main effect here is that the speed of reduction of expenses has been slower than the fall of the revenue showed in this period, especially in the digital, as we mentioned earlier. The margin of SG&A shows an improvement with a fall quarter- to- quarter.
In the first, the first half of 2023, in the diagnosis, the new strategy of the structures with Camille and, and me arriving in the team, you know, some to those that were already here in Americanas, we had a SG&A of 42% of our net revenue. With the efforts done in the six first months of 2023, we were able to, in the second semester of the year, have a 36.2% of the net revenue. In the first semester of 2024, continuity with the adaptation of our structure, we had an efficiency, operational efficiency even bigger.
We had, you know, without depreciation amortization, BRL 22.2 billion, which is a 25% reduction compared to the same period, and this has been 32.1% of the net revenue, with the continuity of the adaptation of the structures. With this reduction of the SG&A has as a premise is the implementation of several initiatives to integrate our operation, and we will continue to map other sources of reduction without recognizing the opportunities of growth, which we can start investing in some internal structures. The cost structure will have the right size for us to start having profit in the following 12 months. Going to slide 11, we see here that this implementation of the strategy also benefited our generation of cash.
It had been controlled in a more efficient way, focusing on what is seen as a value for the client. So, renovations in the stores, improvements in the systems. Besides this, a new dynamic of a relationship with the suppliers after the judicial recovery has amplified after the payments of those values to the suppliers, allowed to retake this limit of credit and payment plans that reflected in a strong improvement in the dynamic of our cash flow in our working capital. So we had this strong highlight here in the operation. It was, you know, coming closer to the suppliers.
In the following slide, Camille will show you a little bit of the effect that it had in the capital structure, all of these actions that we took, and especially those still come from the other plans of judicial recovery.
So going to slide 12, the implementation of the plan, our judicial recovery, allowed in less than 6 months, a drastic reduction in the Americanas debts. Our gross financial debt in the beginning of 2023, according to the general creditors, was BRL 36.7 billion, and also some to these obligations with other creditors of BRL 5.6 billion. We had then a total of BRL 42.2 billion with other liabilities, with a total number of creditors that we had in the slides before.
Our estimated number, with the execution of all the plans and, payment, and the, the debentures, the cash sweep of debentures that had already been mentioned, that happened in August. So we're looking here at numbers that are pro forma after, July 30th. So our estimated number pro forma is, financial, gross financial debt of BRL 1.6 billion, which is the balance of the new debenture already, liquidated from the cash sweep. In this, financial debt, we had a, present value, you know, of, less, less significant portion of payments to the suppliers. As mentioned in the other slide, a part of the suppliers they went to, were paid, you know, in site, and we had other payment, plans for other ones.
We also had the present value of those credits that adhered to payment option one that ended up in this general modality of payments. So these three payment three installments had a present value of BRL 600 million, and with that, we had a total gross debt of BRL 2.2 billion. Our estimate in the balance of cash balance and the receivables without the plans executed is also BRL 2.2 billion, which take us to a situation of cash neutral, taking consideration our receivables. So just a point that I forgot to mention, that is the slide. We don't have any in these figures here any effects of M&A decreasing the debt of the company.
Remembering that this plan forecast the process of assets that did the first BRL 1 billion raised with these assets is directly to repay debts up ahead, up front, and this hasn't happened yet. That's why this debt hasn't reduced further. We go on to slide 13, representing an estimate of the net assets, reflecting the effects of the judicial recovery plan. Just to give another greatness that, you know, called the attention here, you know, we had a negative, you know, we have a negative net asset, that this is in a forecast. We go on to the PL of, and we only affect the PRJ.
We don't have here the effects of net profit or any effects of tax over these effects on the RJ, RJ. So we leave a negative PL for BRL 30.4 billion to a positive one of BRL 10 billion, mainly due to the capitalizations that we have already discussed, but also to the discounts that we're obtaining the restructuring of our debt. Going to slide 14, we'll talk about our guidance. So first of all, we compare this the guidance of 2025 that we gave to the market in the end of last year. In terms of net assets, we had a reverse of 2025. We already, we had achieved in the implementation of our recovery plan.
So we had, you know, a net debt of 2025 without the IFRS 16, of BRL 1.6 billion, including the IFRS 16. This guidance assumed that BRL 1 billion in cash sweep from happened to amortize that, and this would come from M&A, and these resources would be used. So looking in the situation today, we have already reached BRL 1.6 billion of financial debt before the BRL 1 billion of M&A, and BRL 2.2 billion, if you consider the total debt before the cash sweep, anticipating the achievements of this reference of 2025. Already in 2024, our net debt, including receivables, was expected to be net cash, to have more, you know, cash and more receivable than debts in 2025.
And we are already, as mentioned before, cash neutral in this moment of August 2024. However, we have opted to, as we talked, disclosed last night, to discontinue our guidance at this time, as the company needs time to reassess its operational estimates, EBIT, and IFRS 16, our cash position in the end of the year, our leverage really depends on EBIT, due to all the results disclosed yesterday that we are talking about in this call today. We will continue working and looking of resuming the guidance in the near future. Go on to the slide 15. We go to this, the other assets in the company that have not yet to be mentioned. We have talked about physical and digital.
So in Hortifruti Natural da Terra, we have a newly appointed CEO, Paulo Drago. So he has come to. We disclosed his arrival in the market recently. He's focused on the optimizing the operation of the business. In this moment, we don't have plans to resume the organized sales process, as outlined in the Judicial Recovery Plan. The Uni.co group, our franchise arm, has a well-oiled management and stable operations, and we are monitoring the market to evaluate the right time to resume the organized process of sales of the asset. Remembering the Hortifruti, Uni.co, that the obligation to continue the process is part in the Judicial Recovery Plan. For Ame, we are in the early stage of executing a new business strategy, focusing on enhancing the experience within our ecosystem.
To drive this transformation, we have brought the executive, Tiago Abate, with extensive market experience. In this new setup, the team and operations of Ame coming to Americanas, becoming a business unit and focusing on customer loyalty and offering products and services, mainly financial ones, to physical and partners in digital. This is a new Ame, Ame, a new Americanas. We, we continue to evaluate the possibility of disposing the license and other assets, even CNPJ, which are no longer needed in the new setup. But the activity, the, the heart of the, the business continue Americanas and continue to have even more focus in the company.
Then lastly, we have other assets with potential for monetization, such as the brands in the Submarino and Shoptime, which we have no interest in the brands, and we were received the indications of no. So it means that we will continue the process to, you know, to. And other smaller assets that are not strategic to us. So now I will come back to Leo, who will remind you a little bit our strategic roadmap. So here, there's nothing new to what was presented in the last call. It's a very, it's a small summary. We're able to show that the first block that we talked about, you know, to stop the crisis, we have achieved this plan, especially with the restructured debt.
So for us, this plan, this page is over, and now we will focus on efforts to increase the efficiency and, operational cash with the growth, which is the great, you know, great, goal here. In the second semester of 2024, beyond the greater rationality investments, we are testing, concepts and to increase the performance. So we are creating pilots, especially the, you know, customer service and physical space. So we're starting to bring together categories that talk, you know, to each other, change a little bit the schedule of our stores. You know, this allow flexibility in a format, especially, you know, bringing synergy in the- these categories. The excellence, you know, providing to the client is continues to bring the focus of the constant focus of everything that we have done.
This has reflected, especially in the mix of products that are offered, and also in the service in the stores. In e-commerce and the digital, we're keeping those strengthening our partners with partnership with great suppliers, with the objective of complementing the journey of the consumption of the client, of Americanas customer, with competitive offers, with, you know, representative traffic, and with a more intelligent showing of offers. So we are reviewing our portfolio, you know, with a strong loyalty program and in growing the ecosystem of Americanas, with besides what Tiago has already started restructuring. In those other assets in the group, as we have mentioned, we continue to study the best alternatives for these companies.
In parallel, changing our catalogs, we're focusing the operational maintenance of all of these brands and following the strategy of learning with Americanas. 2023 has brought a lot of lessons learned that we're able to use with Hortifruti and other businesses inside. For that, we have done some communications. We have reinforced our team with new executives that have come from the market, with the objective, basically, of accelerating this process of transformation of the company. We believe that the mix of these fresh eyes that add to the results of those experienced who know Americanas is the powerful combination that we need for this current phase of transformation.
In this teamwork, we need to continue to have a look at our development of our human capital and our management model. We need to continue organizing our offers of services to the client and to several partners within the platform of clients and partners, and still adjustments of the models offered by Ame and analyzing the process of aligning these assets. So we have done adjustments in the assortment with pricing and homogenizing our chronogram. We are also closing a study, finishing a study of our own brands that we consider as an important asset to continue, you know, having customer loyalty, greater profitability to the company, and also unlocking synergies of brands that we have inside the store.
And the remodeling will be concluded in this last semester, buying products with own brands, and the following months, all the items will be available to our customers. And also, we are expanding the use of digital panels, I mentioned this in the last call as well, to the journey of our consumers, bringing better traction to the retail media, especially in this schedule of our suppliers and the business. And the last slide, the main point to mention is that there is a lot to happen inside at the same time, but now we don't have those problems that happened during the investigation and the judicial recovery process. While our competitors, they spent 24 hours thinking of the business, we had to split our time between the business, investigation, and judicial recovery.
We understand that since June, our focus has to be full on operations, and we can come back to analyzing all the consumer data that we already have in-house. With that, our investments in IT, in physical and digital, they have been done, and then they add to this phase of, and this new structure that we hope to have with the new executives, that will speed up our operational efficiency and process, mainly to make it a better experience to buy at Americanas. At last, I reinforced that all this process of reconstruction that comes with creditors, partners, suppliers, and mainly the trust of our millions of customers, we wouldn't be possible without the team of professionals that are ethical and absolutely committed to the future of Americanas.
We will continue this, w e will follow this path growing Americanas that is new, yeah, a new culture and, and, and, solve, in a de-complicated way, the life of many Brazilians. I think we can now move on to the Q&A. Now we will start the Q&A session.
To ask a question, click on the Q&A icon in the bottom of your screen and write your question to enter the queue. Once called, you will be requested to open your microphone. You should then activate your microphone to ask questions. We ask that these questions aren't done all at once. Now ask you that we are now collecting questions. We have a question from Ivan, investor. His question is the following: What is the estimate for Americanas to leave the judicial recovery? Is there a date already in plan?
Thank you very much. Now we are in a supervision, judicial recovery. In general, this depends on the, you know, judicial recovery judgment, and it follows the plan for around three years. Three years since we- you settled the plan, and then you can suspend this after three years. We have already executed an important part of our plan, the greatest part of this plan in these six months. So, there is a possibility to bring forward, but we also have to consider that we have a forecast of obligation to conclude the process of organized way. And then this happens on the company to be in a judicial recovery supervision. So there are several factors. We don't count on this right now, before two- before 2026, but we will monitor the situation to see if there are any changes.
To ask questions, you should click on the Q&A icon and ask your question to enter the queue. We have another question coming from Pedro Furtado, that two questions: How do you, how do you finance the working capital from now on? Do you understand the positive EBIT that due to the growth of revenues of-
I will start, and Camille will complete also the second part. We will come from both. We still have, in our view, a space for growth of revenue due to the adjustment of mix of product that we have already been doing since the second semester, 2023. Also, we understand that there's a great possibility of internal review of the structures, and we will continue to seek all the internal synergies that we can, so that we can amplify this EBITDA.
Yeah, related to the working capital, due to the high adherence of the suppliers to the, to into the judicial recovery plan, we have already impacted by the suppliers, 80% of the suppliers already that adhere to this, to the option of a supplier collaborator inside our judicial recovery plan. The counterpart to this would be to come back with the working capital equivalent to those that we had in 2022. What we've been doing now is a very broad discussion with all the suppliers.
From our end, we're suggesting a business plan that what we would expect in terms of purchasing for the next 12 months. From their end, with negotiations with the credit insurance to provide the conditions of payment, and then we will continue to evolve in the working capital even more, in a more balanced way to Americanas. So I mentioned this in the last call, and I will repeat now, this is a process. This transformation process of Americanas is a long process. It is not a process in which we settle the investigation, we dealt with the debt, and we automatically live in a position of competitiveness, brutal competitiveness. This is not gonna happen. All the work that is gonna happen, it's kind of like in a game.
We go through the first phase, you know, we are able to go to phase II with a more qualified, a greater difficulty. We bring greater value, so then we move to phase III, and we will continue in this way, probably well into the end of 2025. There's a lot to happen in all the fronts of 2025. Camille, is there something else that I left out?
No, just remember that we have two lines of financing. We have three lines of financing, in fact, of credit for the companies that are seen in the plan, to guarantee the Judicial Recovery plan, to guarantee the viability of the company to the segments. And we also have a line of BRL 1.5 billion of receivables accounts.
But the company needs to, you know, some type of final cash financing. The company still has a line that is, of a, of guarantees, a judicial, loans of BRL 1.5 billion, guaranteed to the creditors in this plan. And in third place, the plan also sees this is not a guaranteed, line of, credit. It's BRL 750 million of additional from the market. These projections, so they, they don't, show a great need, as Leo has mentioned, due to the dynamic of improvement in the working capital. But just to remember that the, the company has BRL 1.5 billion of receivables guaranteed by the judicial recovery plan.
Thank you for the answers. Our next question comes from Marcelo Miranda, and Marcelo asks the following question: Does the company discuss the impact in the relationship with the suppliers, and loss of market share, and position in the market after the judicial recovery?
Let's go to the first part of the question, which is, I mentioned this in the presentation, maybe the impact, the positive impact of everything that has happened in our judicial recovery was, coming closer of Americanas to the suppliers. Those, for those suppliers that represent basically 80% of the volume of sales Americanas, we sit down with them and discuss the business plan together, going from a level of products, geography, stores, tests. So this relationship is much more, it's much closer than it was in the past. This is not mentioned by me, it's mentioned by the suppliers themselves.
Obviously, due to this change or mix, this happens very much strongly in those suppliers that are in the categories where we have grown market share than in electronic devices. So we do discuss, yes, and we do this in a very open way, in a direct way with all the suppliers. In relationship to market share, I think we have to understand in two ways. Market share from the physical store, not only we are, we are. No, we're not losing, but we are growing. If we go by category, in fact, when we put in the second semester, 2023, you know, lamps in our store, we went to 12% market share in just four months.
This shows the potential of sales that exist within Americanas in function to its mix, to its capacities, relationship with the client. In the last call, that the Americanas client in the physical continues to go to the store regardless of the news. They continue buying this, and we have seen this happen in the same way, 2024. In the digital, it's a completely different story. In the digital, we don't have market share as a relevant component to our strategy. Our strategy in the digital, it focuses on offering to our customers and looking to the value we can add to these customers, and the profitability of this business to Americanas. So market share for us in the digital, at least now, is not the north of our management here. Camille, anything else?
No, I think that's it.
Thank you for the answers. Our next question comes from Pedro Furtado, a follow-up. I believe that it is still necessary to close some stores to control and balance operations.
This is a very good question, Pedro, and I will answer, then I will contextualize. We should close some stores, yes Not many stores, but we will close all the stores that are not profitable, all of those that are necessary. And we will open stores, especially the analytical capacity that we have gained in the last 18 months in regions where we see demand growth demand for products from Americanas.
So the net of these two variables, you know, closing and opening, it still should be negative in the following 12-15 months, but much less restricted. And I invite you to look at some of our competitors. One of our competitors had around 1,024 stores in 2022, and without Judicial Recovery, without investigation, they closed in 2023 a closing of around equivalent to our closing 125 stores, regardless of Judicial Recovery and investigation. What I wanna say by this?
I wanna say that this movement of closing stores of Americanas in 2023, it is, it is an impact of the crisis that we lived, but it is also an impact of a business environment that is more challenging for retail, that has impacted not only Americanas, but other business in the segment as well.
Thank you for the answers. To ask questions, you should click on the Q&A icon at the bottom of your screen and write your question so that you can enter the queue. Our next question comes from Mr. Mateus. The question is: Does it make sense to think in terms of CapEx for a company in the following 12- 24 months? With the adjustments in the models of stores that you mentioned, they should increment, it should increment OpEx and CapEx that is relevant.
So, Camille, can you complement after I start, whatever I forget? CapEx for the following 24 months continues to be focused on that that brings value to our customer. We will continue to improve our stores. We will not renovate in a way that is a complete lay out of our stores. It doesn't make sense, but we will continue to bring stores to a level of compatible to what our customers expect for us, especially in IT. We have some adjustments due to the IT infrastructure that is very diverse. We have some adjustments that we have done everything under the same the same plan, and new structure of technology that we started investing in.
We started in 2023, the end of 2023, and we grow 2024 for the digital. That should be ready in the first quarter 2025. These are the investment that we hope that we are expecting for in this time horizon that you mentioned. Due to OpEx, everything that you're thinking about is to make OpEx within a size that fits our gross margin. Don't expect a company that will add OpEx due to any type of investment in CapEx.
And more than that, we are showing consistently during this period, we can see in the figures that this concern with the reduction of OpEx is continuous in here, so that we can consider a structure that is a minimal structure, especially for a minimal central structure, to keep the operations working well in the perception of our clients. Camille, what else have I forgotten?
I believe it's, that's all.
Thank you for the answers. Remembering, to ask questions, you click on the Q&A icon at the bottom of your screen, and write your question to enter the queue. So we wait a couple of minutes. We are collecting a couple of questions. So the session of Q&A is over, and now I'll give the floor to Mr. Leonardo, CEO of Americanas, for the final considerations.
From our end, the final considerations have already been made, but I think, last message that I would like to give internally, especially here internally, focus of everything that we have done is to come back to generate consistently results in operation. So this is an operation that is, highly, strong, is extremely resilient due to all the impacts in 2023.
It has a different relationship with the clients and is able to navigate well in a crisis, and it has shown the 95 years of Americanas. It's a long work. It's not a work that you collect the fruits from, overnight. It keeps happening, and it will continue happening with this group of professionals that are in Americanas and some to the group of professionals that came since in January 2023 to continue this journey. From my end, is this.
The audio conference 2023, the first six months of 2024 of Americanas has ended. The Department of Investor Relations is at your disposal to answer any questions. Thank you very much to the participants, and have a great afternoon.