Ultrapar Participaes S.A.
(NYSE:UGP)

Ultrapar Participaes S.A. engages in the gas distribution, fuel distribution, chemicals, storage, and drugstores businesses primarily in Brazil, Mexico, Uruguay, Venezuela, other Latin American countries, the United States, Canada, the Far East, Europe, and internationally. Its Gas Distribution segm...

Website: http://www.ultra.com.br

Founded: 1937

Full Time Employees: 15,759

Sector: Energy

Industry: Oil & Gas Refining & Marketing

Energy

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• Market Cap:

• Exchange:

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• Employees:

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Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-11-12	2025-08-13	2025-05-07	2025-02-26	2024-12-31	2023-12-31	2023-11-08	2023-06-30	2022-12-31	2021-02-24	2020-12-31	2020-05-14	2020-03-16	2020-02-19	2019-12-31	2019-11-06	2019-08-15	2019-05-16	2019-02-20	2018-12-31	2018-11-08	2018-08-01	2018-05-02	2018-03-31	2017-12-31	2017-09-30	2017-08-09	2017-05-10	2017-03-20	2017-02-22	2016-12-31	2016-11-09	2016-08-10	2016-05-11	2016-03-11	2016-02-17	2015-12-31	2015-11-04	2015-08-05	2015-05-06	2015-03-13	2015-02-25	2014-12-31	2014-11-05	2014-08-06	2014-05-14	2014-03-17	2014-02-19	2013-12-31	2013-11-06	2013-07-31	2013-05-16	2013-03-11	2013-02-20	2012-12-31	2012-11-07	2012-08-01	2012-05-02	2012-03-12	2012-02-16	2012-02-15	2011-12-31	2011-11-09	2011-08-10	2011-05-12	2011-04-11	2011-03-28	2011-02-24	2011-02-23	2010-12-31	2010-08-11	2010-05-04	2010-03-29	2010-02-25	2010-02-24	2009-12-31	2009-11-12	2009-11-11	2009-08-12	2009-05-13	2009-03-12	2008-12-31	2008-08-07	2008-05-14	2007-12-31	2007-08-08	2007-02-12	2006-12-31	2006-11-08	2006-05-30	2005-12-31	2005-08-03	2005-06-30	2005-03-21	2004-12-31	2004-08-11	2004-05-19	2004-02-11	2003-12-31

net revenue from sales and services										81,241.1			89,298											80,007.4					77,353						75,655.3						67,736.3						60,940.2						53,919.4
cost of products and services sold										-75,628.2														-72,735.8					-70,342.7						-68,933.7						-62,304.6						-56,165.4						-49,797.2
gross profit										5,612.9														7,271.6					7,010.2						6,721.6						5,431.7						4,774.9						4,122.2								917,200,000					3,158.8	3,158.8		559,800,000		475,700,000	505,600,000	2,703.9		505,600,000			441,400,000	324,000,000	526,200,000						476,900,000						251,000,000		1,114,300,000		287,500,000	216,800,000	203,400,000
yoy																																																																			-100.00%		20703328.38%		-5.91%				56.05%																	-12.70%		447.84%
qoq																													NaN%						NaN%																															0.00%					-5.91%	18698816.38%						36.23%	-38.43%																	32.61%	6.59%
gross margin %	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	NaN%	5.74%	NaN%	5.38%	5.62%	Infinity%	NaN%	5.62%	NaN%	NaN%	5.39%	5.97%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%
operating expenses																																																																					-317,500,000		-274,600,000	-285,400,000			-285,400,000			-266,400,000	-191,100,000
selling and marketing										-2,561.8
general and administrative										-1,536.6																										-13,000						-42,566,000						-1,163,000						-879,000					-1,351,000	-1,351,000	-223,200,000							-788,000	-121,500,000		-92,400,000	-104,000,000		-671,000	-104,000,000			-86,200,000	-68,600,000	-144,600,000	-271,000					-146,100,000	-236,000
other operating income										221.4									-313,000					59.4					199	36,000					50.6	29,817,000					106.9						97.6	1,254,000					77.9	852,000					1,575,000	1,575,000						10.8	10.8						19.3							4,700,000						4,200,000	1,277,000							5,500,000		1,700,000	1,400,000	3,500,000	440,000
gain on disposal of property, plant and equipment and intangibles										76.1																																56,389,000
impairment
operating income										1,812.1														2,866.9					3,105.7						2,961.5						2,286.6						2,144						1,708.9						224,000	224,000	356,400,000					1,324.5	1,324.5	881,000					915.1																										251,258
yoy
qoq																																																											0.00%	-99.94%						0.00%	-99.85%
operating margin %	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	0%	NaN%	0%	0%	Infinity%	NaN%	0%	NaN%	NaN%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%
financial result																			26,237,000
financial income										527.7									146,137,000											140,895,000						175,398,000						131,889,000						120,245,000						109,211,000							73,300,000							146,846,000												58,600,000						37,100,000						34,500,000				17,100,000	13,700,000	11,200,000
financial expenses										-797.1									-119,900,000											-167,152,000						-135,569,000						-94,795,000						-86,296,000						-94,672,000					-139,640,000	-139,640,000	-155,800,000							-133,638,000												-117,500,000						-57,300,000
share of profit of subsidiaries, joint ventures and associates										-43.6									1,174,985,000											1,579,403,000						1,457,750,000						1,208,325,000						1,262,503,000
income before income and social contribution taxes										1,499.1									1,200,909,000											1,553,182,000						1,527,383,000						1,259,242,000						1,296,548,000						1,037,727,000					873,101,000	873,101,000	273,900,000
provision for income and social contribution taxes
current										-743.2									-35,363,000											-5,379,000						-31,119,000						-18,763,000						-71,757,000						-26,071,000					-24,842,000	-24,842,000	-25,900,000							-4,350,000						-1,806,000							-17,452,000						-5,937,000
deferred										87.9									-15,125,000											13,782,000						7,202,000						1,084,000						352,000						-647,000							-36,700,000																										233,000												543,000
benefit of tax holidays										83.9																																																			9,800,000																			6,900,000						3,300,000						18,500,000		93,500,000		22,600,000	13,400,000	13,600,000
net income										927.7														1,573.9					1,570.6						1,513						1,251.2						1,228.7						1,017.9						848,764,000	848,764,000	221,200,000					765.2	765.2						466.7							91,200,000						37,400,000	288,373,000					89,500,000		414,500,000		112,100,000	63,100,000	59,000,000	246,379
yoy																																																																																												-20.16%		602.54%
qoq																																																											0.00%	283.71%						0.00%																				-87.03%										77.65%	6.95%	23846.85%
net income margin %	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	NaN%	0%	NaN%	0%	0%	Infinity%	NaN%	0%	NaN%	NaN%	0%	0%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%
net income attributable to:
shareholders of the company										893.4									1,150,421,000											1,561,585,000						1,503,466,000						1,241,563,000						1,225,143,000						1,011,009,000					848,764,000	848,764,000
non-controlling interests in subsidiaries										34.3
adjusted ebitda										3,478.5
depreciation and amortization¹										1,556.6
cash flow hedge bonds										153.5
total investments²										1,508.2
ratios
earnings per share										0.82
net debt (ex-ifrs 16) / stockholders' equity										0.88
net debt / stockholders' equity										1.06																																																			0.5																			540,000						380,000										40,000	90,000	60,000
net debt / ltm adjusted ebitda³										2.83
net interest expense / adjusted ebitda										0.08
gross margin										6.9																																																			7.2																			8,200,000						8,000,000						21,000,000
operating margin										2.2																																																			2.8																			2,800,000						2,000,000						10,000,000				13,000,000	9,000,000	7,000,000
adjusted ebitda margin										4.3
number of employees										15,946
¹ includes amortization with contractual assets with customers – exclusive rights
² includes property, plant and equipment and additions to intangible assets, contractual assets with customers (exclusive rights), initial direct costs of assets with right of use, financing of clients and rental advances (net of repayments) and acquisition of shareholdings ³ ltm adjusted ebitda does not consider impairment of extrafarma for 3q20, 4q19 and 2019
gdp*													1.1
inflation in the period													4.3
accumulated selic rate													5.9
average exchange rate													3.95
average brent crude oil													64
performance comparision
r million													2,019
(-) cost of goods sold and services provided													-83,187
(=) gross profit													6,111
(-) selling, marketing, general and administrative expenses													-4,367
(-) other operating income													180
(-) income from disposal of property													-30
(-) impairment													-593
(=) operating income													1,301
(-) financial result													-507
(-) share of profit of subsidiaries, joint ventures and associates													-12
(=) income before income and social contribution taxes													782
(-) income before income and social contribution taxes													-379
(=) net income													403
(=) net income ex non-recurring*													869
loss on disposal of property, plant and equipment and intangibles
operating income before financial income (expenses) and share of profit of subsidiaries, joint ventures and associates																			-313,000											36,000						29,804,000
income before financial result, income and social contribution taxes																			1,174,672,000
income and social contribution taxes																								-839.4					-700						-10.9						-16.5						-5						-428.8													-295.2	-295.2
net income for the year																			1,150,421,000											1,561,585,000						1,503,466,000						1,241,563,000						1,225,143,000						1,011,009,000														758,823,000						466,748,000							390,269,000
net income for the year attributable to:
earnings per share (based on weighted-average number of shares outstanding) – r
basic																			2.122											2.884						2.765						2.275						2.294						1.893					1.59	1.59
diluted																			2.108											2.863						2.743						2.259						2.284						1.886					1.58	1.58
selling, marketing, general and administrative expenses																								-4,461.8					-4,097.4						-3,837.9						-3,289						-2,768.7						-2,494.9
income from disposal of assets																								-2.2					-6.1						27.3						37						40.3	5,000					3.7
financial results																								-474.3					-842.6						-703.3						-445.4						-337.6						-262.5													-264.1	-264.1						-278.2							-58,900,000						-27,300,000
equity in earnings (losses) of affiliates																								20.7					7.5						-743.3						-573.5						-572.7						0.2
shareholders of ultrapar																								1,574.3					1,561.6						1,503.5						1,241.6						1,225.1						1,011								220,100,000					765.3	765.3
non-controlling shareholders of the subsidiaries																								-0.4					9						9.5						9.7						3.6						6.9								1,100,000					-0.1	-0.1
ebitda																								4,063.5					4,216.7						3,953.3						3,157.9						2,918						2,405.4								505,000,000					1,776.3	1,776.3		322,800,000		238,200,000	277,900,000	1,354.4		277,900,000			224,700,000	161,800,000	274,100,000						225,300,000						164,500,000				194,300,000	136,900,000	113,900,000
depreciation and amortization																								1,176					1,103.5						1,002.6						887.8						778.9						696.3								154,700,000					530.8	530.8		70,500,000		-31,300,000	-45,400,000	439.3		-45,400,000			-44,100,000	-24,700,000	-57,300,000	-42,876,000					-65,600,000						45,800,000				42,700,000	43,500,000	42,100,000
tax incentives
earnings per share (based on weighted-average number of shares outstanding)—r
basic																			2.122											2.884						2.765						2.275						2.294						1.893					1.59	1.59
diluted																			2.108											2.863						2.743						2.259						2.284						1.886					1.58	1.58
operating income before financial income (expenses) and share of profit of subsidiaries and joint ventures																																										13,823,000						96,000
earnings per share (based on weighted-average of shares outstanding) – r
basic																			2.122											2.884						2.765						2.275						2.294						1.893					1.59	1.59
diluted																			2.108											2.863						2.743						2.259						2.284						1.886					1.58	1.58
operating income before financial income (expenses) and share of profit of subsidiaries and associates																																																						-27,000
share of profit of subsidiaries and associates																																																						1,023,215,000
gross income
operating revenues
financial revenues																																																											161,084,000	161,084,000
equity in income of subsidiaries and affiliates																																																											851,433,000	851,433,000								749,130,000						537,919,000							332,720,000
deferred charges																																																											505,000	505,000								-46,000						-12,000							-13,145,000
tax incentives - adene
income attributable to:
earnings per share – common share (based on weighted-average of shares outstanding) – r
basic																			2.122											2.884						2.765						2.275						2.294						1.893					1.59	1.59
diluted																			2.108											2.863						2.743						2.259						2.284						1.886					1.58	1.58
net sales and services																																																													12,758,400,000					42,481.7	42,481.7						36,115.9							6,411,400,000						6,181,100,000						1,202,000,000		4,784,200,000		1,194,100,000	1,050,600,000	1,070,000,000
cost of sales and services																																																													-11,841,200,000					-39,322.9	-39,322.9		-9,194,800,000		-8,361,900,000	-8,483,100,000	-33,412		-8,483,100,000			-7,742,200,000	-5,105,400,000	-5,885,200,000						-5,704,200,000
selling																																																													-368,800,000								-196,000,000		-150,900,000	-136,000,000			-136,000,000			-136,100,000	-97,900,000	-151,200,000						-124,600,000
other operating income (expenses)																																																													25,200,000
income from sale of assets																																																													6,000,000					79	79
equity in earnings of affiliates																																																													100,000
total investments, net of disposals and repayments																																																													386,200,000
earnings per share - r																																																													0.41
net debt / ltm ebitda																																																													1.38																			2,270,000						1,910,000										90,000	250,000	170,000
net interest expense / ebitda																																																													0.16																			210,000						120,000						100,000				40,000	90,000	120,000
ebitda margin																																																													4								61,000,000		48,000,000	55,000,000			55,000,000			47,000,000	53,000,000	4,300,000						4,000,000						14,000,000				16,000,000	13,000,000	11,000,000
selling, general and administrative expenses																																																																		-1,924.1	-1,924.1						-1,808.2
income on disposal of assets
other net operating income																																																																				1,669,000						11,000							458,000
income before social contribution and income taxes																																																																				763,219,000
social contribution and income taxes
shareholders' of the company																																																																				758,823,000
earnings per share – common and preferred share (based on annual weighted-average of shares outstanding) – r																																																																				1.42
net sales																																																																					9,754,600,000		8,837,600,000	8,988,700,000			8,988,700,000			8,183,600,000	5,429,400,000
yoy																																																																							-1.68%				65.56%
qoq																																																																							-1.68%							50.73%
other operating results																																																																					10,000,000		5,500,000	10,100,000			10,100,000			3,400,000	2,300,000
operational income2																																																																					252,400,000
ebit																																																																							206,600,000	230,300,000			230,300,000			178,400,000	135,100,000	177,800,000												118,700,000
1
other income																																																																									20.3								210,454,000
income and social contribution tax																																																																									-187.1
minority interest/equity in earnings of affiliates																																																																									-3.4
employees statutory interest																																																																																						-2,800,000
gross revenue from sales and services
taxes on sales and services
rebates, discounts and returns
income from investments in subsidiaries and affiliates
operating income before financial income and other revenues																																																																										537,259,000							290,031,000
net financial income																																																																										-68,693,000							-79,033,000
operating income before social contribution and income tax																																																																										468,566,000							420,866,000
social contribution and income tax
income before minority interest and employee statutory interest																																																																										466,748,000							390,269,000
employee statutory interest
minority interest																																																																																-1,300,000						-47,500,000												100,000
net income per equity share (annual weighted-average) - r																																																																										3,430							2,870
affiliates																																																																																-100,000												1,500,000					100,000
income before taxes and profit sharing																																																																																121,800,000						116,400,000						102,800,000				160,200,000	91,200,000	72,200,000
benefit from income and social contribution tax																																																																																-36,200,000						-32,000,000
income before minority interest																																																																																92,500,000						87,700,000	288,373,000					90,200,000				113,600,000	63,500,000	58,900,000	246,379
total investments, net of write-off and repayments																																																																																1,291,300,000						902,400,000
earnings / share - r																																																																																680,000						460,000
pis/cofins/cpmf/iof/other charges on financial income																																																																																	-586,000
income before equity and financial
results																																																																																						144,800,000										151,500,000	93,500,000
taxes on financial activities																																																																																						-7,100,000
nonoperating income																																																																																						-1,100,000												600,000
gross sales and services																																																																																														5,250,600,000
equity in subsidiary and affiliated companies																																																																																							291,803,000
operating (expenses) income
management compensation																																																																																							-1,246,000
income from operations before financial items																																																																																							291,598,000
financial income (expenses)																																																																																							3,091,000												15,225
cpmf/iof/other financial expenses																																																																																							-486,000
income from operations																																																																																							294,203,000
nonoperating expenses																																																																																							-126,000
income before taxes on income																																																																																							294,077,000
earnings per share (based on annu2al
weighted-average) - r																																																																																							3.55
investments																																																																																												56,300,000				76,100,000	52,900,000	85,000,000
earnings / 1000 shares - r																																																																																												1,100,000
deductions
operating income before financial items																																																																																														563,900,000
nonoperating income (expenses)
income before income and social contribution taxes, equity in losses of affiliated companies and minority interest																																																																																														502,900,000
income before equity in losses of affiliated companies and minority interest																																																																																														419,900,000
equity in losses of affiliated companies
net earnings per thousand shares (based on annual weighted-average of shares outstanding)—r																																																																																														5,950,000
earnings / 1000 shares																																																																																																1,610,000	910,000	850,000
income before equity and financial results																																																																																																		71,800,000
equity in subsidiary and affiliated
companies																																																																																																			236,811
operating income before financial																																																																																																			236,621
items
cpmf/iof/pis/cofins taxes on financial activities
nonoperating (expenses) income
income before income and social
contribution taxes																																																																																																			251,255
net earnings per thousand shares
(based on annual weighted-average) -r																																																																																																			354,000
the accompanying notes are an integral part of these financial statements.

Balance Sheets:

Quarterly

Annual

Unit: USD	2017-12-31	2016-12-31	2015-07-11	2014-11-05	2014-05-14	2012-03-12	2012-02-19	2012-02-15	2011-03-12	2011-02-16	2010-08-11	2010-05-04	2010-02-23	2009-12-31	2009-08-12	2009-03-29	2009-02-24	2008-12-31	2008-05-14	2007-12-31	2006-12-31	2006-11-08	2006-02-12	2005-12-31	2005-08-03	2004-12-31	2004-08-11	2004-05-19	2003-02-11

current assets	7,110	4,228
non-current assets	6,627	6,383
current liabilities	1,210	700
non-current liabilities	336	876
shareholders’ equity	12,191	9,035
net revenue from sales and services	15,260	12,030					53,896,772,000		48,708,540	48,708,540
costs, operating expenses and income	-10,852	-12,430
net financial income and income and social contribution taxes	-1,252	346
net income	3,156	-54							854,182	854,182
number of shares or units held	29,995	29,995
% of capital held	50	50
•
cost of products and services sold
selling and marketing
general and administrative
14.
a.
description			9,000
foreign currency – denominated loans:
notes in the foreign market			514,621,000
foreign loan			2,014,000
advances on foreign exchange contracts
foreign currency advances delivered
bndes			2,012,000
financial institutions			2,017,000
finimp			2,012,000
subtotal
reais– denominated loans:
banco do brasil – fixed rate			2,013,000
debentures - 4th issuance			2,015,000
banco do brasil – floating rate			2,014,000
debentures - 3th issuance			2,012,000
banco do nordeste do brasil			2,018,000
loan – maxfácil			2,012,000
finance leases			2,031,000															12,600,000
finep			2,013,000
debentures – rpr			2,014,000
finame			2,012,000
fixed finance leases			2,013,000
currency and interest rate hedging instruments
total					3,161,770,000										2,000,000			9,667,200,000		9,309,300,000
current
non-current
from 1 to 2 years
from 2 to 3 years
from 3 to 4 years
from 4 to 5 years
more than 5 years
b.
c.
d.
- capitalization level: shareholders’ equity / total assets equal to or above 0.3; and
- current liquidity level: current assets / current liabilities equal to or above 1.3.
assets
cash, cash equivalents and financial investments				3,696,900
trade accounts receivable				2,542,700				2,026,400,000			1,643	1,597.1	1,715,700,000	926,100,000		1,612.5	1,612,500,000	1,429,300,000	1,190,200,000	1,344,400,000	168,400,000	390,800,000		146,700,000	361,300,000		347,300,000	342,700,000	322,300,000
inventories				1,941,300				1,310,100,000			1,024.7	1,012	1,133,500,000	541,100,000		942.2	942,200,000	1,033,700,000	714,100,000	631,100,000	101,600,000	168,300,000		81,900,000	222,400,000	77,600,000	187,800,000	164,600,000	137,700,000
taxes				558,600				470,500,000			194.5	201.8	354,300,000			125.5	145,400,000		140,800,000			22,200,000			17,700,000		27,400,000	31,600,000	19,300,000
other				110,900				60,500,000			366.8	388.9	53,300,000	130,300,000			378,300,000	103,600,000	1,068,700,000	1,772,500,000	19,600,000	143,400,000	341,000	16,700,000	131,200,000	8,500,000	140,500,000	173,800,000	150,600,000
total current assets				8,850,400		355,777,000		6,575,500,000			6,217.3	5,067.7	6,457,500,000			5,377.8	5,377,800,000		5,337,700,000		869,700,000	1,763,800,000	342,173,000	827,200,000	1,315,100,000	506,600,000	1,248,800,000	1,146,100,000	1,164,700,000
investments				65,300				15,400,000			23.2	23.4	15,300,000	13,400,000		23.3	23,300,000		47,000,000		14,400,000	31,000,000		13,800,000	35,600,000	12,000,000	33,400,000	33,300,000	33,100,000
property, plant and equipment and intangibles				7,991,700				5,818,100,000			4,745.3	4,727.7	5,349,300,000			4,655.8	4,655,800,000		2,422,600,000
financial investments				129,200		52,902,000		74,400,000			5.8	3	19,800,000	245,500,000		7.2
deferred income tax				412,300				510,100,000
escrow deposits				684,000		232,000		469,400,000					380,700,000					56,100,000		31,800,000			193,000
total non-current assets				9,620,000		6,357,621,000		7,167,200,000					6,532,400,000			5,712.5							2,051,291,000
total assets				18,470,500		6,713,398,000		13,742,700,000			11,980	10,799	12,989,800,000	6,391,700,000		11,090.3	11,090,300,000		8,992,400,000		1,825,100,000	3,734,700,000	2,393,464,000	1,571,800,000	2,982,100,000	1,004,800,000	2,479,600,000	2,346,900,000	2,352,300,000
liabilities						2,011,000
loans, financing and debentures				2,570,400																	78,500,000			86,300,000
suppliers				975,600				1,075,100,000			687.4	667.6	941,200,000			891.9	891,900,000		429,000,000	582,700,000		81,100,000			62,500,000	38,400,000	82,800,000	107,200,000	90,300,000
payroll and related charges				287,700				268,300,000			167.2	133.1	228,200,000			176.5	176,500,000	164,600,000	105,600,000	123,200,000	38,000,000	79,300,000		28,200,000	64,800,000	35,500,000	69,200,000	57,200,000
total current liabilities				4,241,900		1,161,284,000		4,097,800,000			1,912.3	1,711	2,517,900,000			2,488	2,488,000,000		2,666,000,000		226,200,000	335,900,000		208,600,000	320,100,000	258,100,000	583,700,000	370,900,000	577,100,000
benefit from contingencies				629,200									470,500,000	13,200,000				32,500,000		14,900,000
post-retirement benefits				110,800				96,800,000					93,200,000							8,800,000
total non-current liabilities				6,726,000		1,047,000		4,067,700,000					5,296,300,000
total liabilities				10,967,900				8,165,500,000			6,805.1	5,819.7	7,814,300,000	3,598,100,000		6,226	6,226,000,000		4,303,000,000		905,200,000	1,744,200,000		794,400,000	1,114,300,000	391,200,000	920,100,000	895,100,000	963,400,000
stockholders' equity
capital				3,838,700				3,696,800,000			3,696.8	3,696.8	3,696,800,000			3,696.8	3,696,800,000		3,696,800,000	3,696,800,000	442,500,000	946,000,000		404,200,000	946,000,000	250,200,000	664,000,000	664,000,000	664,000,000
reserves				3,238,600				1,854,500,000					1,529,200,000
treasury shares				-111,500		-118,234,000		-118,200,000					-120,000,000
others				507,900				118,000,000					47,300,000
non-controlling interest				28,800				26,200,000					22,300,000
total shareholders’ equity				7,502,600		5,551,067,000		5,577,200,000						2,793,600,000												603,000,000
total liab. and stockholders' equity				18,470,500				13,742,700,000			11,980	10,799	12,989,800,000				11,090,300,000		8,992,400,000			3,734,700,000			2,982,100,000		2,479,600,000	2,346,900,000	2,352,300,000
cash and financial investments				3,826,100				2,707,900,000			2,978.1	1,865.9	3,200,600,000			2,276
debt				-8,192,700				-5,561,600,000			5,299.3	4,344.7	5,396,000,000				4,342,800,000		3,272,800,000			1,460,100,000			849,900,000		639,500,000	600,100,000	632,200,000
net cash				-4,366,600				-2,779,300,000			-2,315.5	-2,475.7	-2,175,700,000				-2,059,600,000		-787,900,000			142,100,000			105,000,000
• ifrs 9 (and corresponding 2010 and 2013 amendments): – financial instruments’ classification and measurement: includes new requirements for the classification and measurement of financial assets and liabilities, derecognition requirements, new impairment methodology for financial instruments and new hedge accounting guidance (as issued in november, 2013).					2,015,000
x.
3.
location
imifarma produtos farmacêuticos e cosméticos s.a.
ipiranga produtos de petróleo s.a.
am/pm comestíveis ltda.
centro de conveniências millennium ltda.
conveniência ipiranga norte ltda.
ipiranga trading limited
tropical transportes ipiranga ltda.
ipiranga imobiliária ltda.
ipiranga logística ltda.
isa-sul administraçăo e participações ltda.
companhia ultragaz s.a.
bahiana distribuidora de gás ltda.
utingás armazenadora s.a.
lpg international inc.
imaven imóveis ltda.
oil trading importadora e exportadora ltda.
oxiteno s.a. indústria e comércio
oxiteno nordeste s.a. indústria e comércio
oxiteno argentina sociedad de responsabilidad ltda.
oleoquímica indústria e comércio de produtos químicos ltda.
oxiteno uruguay s.a.
barrington s.l.
oxiteno méxico s.a. de c.v.
oxiteno servicios corporativos s.a. de c.v.
oxiteno servicios industriales s.a. de c.v.
oxiteno usa llc
global petroleum products trading corp.
oxiteno overseas corp.
oxiteno andina, c.a.
oxiteno europe sprl
oxiteno colombia s.a.s
oxiteno shanghai trading ltd.
empresa carioca de produtos químicos s.a.
ultracargo - operações logísticas e participações ltda.
terminal químico de aratu s.a. – tequimar
serma - ass. dos usuários equip. proc. de dados
subscription warrants – working capital					801,409,000
subscription warrants – indemnification					2,360,361,000
cash and cash equivalents						178,672,000								1,084,000,000			2,276,000,000	1,275,100,000	2,364,700,000	862,400,000	180,100,000	1,061,300,000		476,000,000	600,200,000	235,300,000	573,200,000	465,000,000	554,100,000
trade receivables
recoverable taxes						48,706,000								183,900,000				311,900,000		202,600,000	55,100,000		7,959,000	26,900,000		37,700,000
property, plant and equipment																		3,131,500,000		2,268,900,000		1,113,800,000		458,300,000	1,059,000,000	394,600,000	1,000,200,000	977,200,000	968,600,000
intangible assets						246,163,000												594,600,000		66,900,000
deferred income and social contribution taxes						690,000								271,500,000						109,000,000	27,200,000		82,000	26,100,000		23,800,000
temporary goodwill
total assets acquired and temporary goodwill
dividends receivable						73,526,000																	53,845,000
other receivables						1,971,000										378.3
prepaid expenses																		19,000,000		13,200,000			560,000
related companies						779,531,000								4,400,000				5,600,000		12,900,000	3,500,000		3,540,000	1,600,000		1,200,000
subsidiaries						5,291,099,000
affiliates
loans
debentures						1,002,451,000					56.7	27				1.4	1,400,000			1,228,700,000		3,100,000			18,700,000
trade payables						54,000								512,200,000				614,200,000
salaries and related charges						128,000								101,400,000
taxes payable						2,361,000												89,000,000		93,900,000
dividends payable						156,076,000								98,000,000				127,000,000		285,100,000	47,400,000			44,400,000		28,100,000
income and social contribution taxes payable
post-employment benefits														6,900,000				8,800,000
provision for assets retirement obligation
provision for contingencies						1,047,000		512,800,000
other payables						214,000
deferred revenues
share capital						3,696,773,000								2,123,100,000				3,696,800,000
capital reserve						9,780,000					1.6	1.4		700,000		1.3	1,300,000	900,000	1,000,000	900,000	300,000	500,000		100,000	200,000
revaluation reserve						7,075,000								4,700,000				10,300,000		11,600,000	6,100,000			6,400,000		6,200,000
profit reserve						1,837,667,000
additional dividends to the minimum mandatory dividends						122,239,000
valuation adjustment						193,000
cumulative translation adjustments						-4,426,000												8,300,000
shareholders’ equity attributable to owners of the parent						5,551,067,000
non-controlling interests in subsidiaries
total liabilities and shareholders’ equity						6,713,398,000
operating income							1,706,969,000		1,451,106	1,451,106
net income for the year							1,025,526,000
earnings per share basic - whole r							1,907.6		1.59	1.59
earnings per share diluted - whole r							1,899.9		1.58	1.58
loans, financing and debenturers								2,305,000,000					820,500,000
defered income tax and social contribution											204.8	203.8
deferred charges											7.3	8.6		5,600,000		9.8	9,800,000	15,600,000	576,400,000	570,100,000	52,500,000	107,800,000		42,000,000	96,300,000	37,600,000	96,900,000	99,300,000	102,700,000
defered income tax and social contribution lt											395.5	417.3
trade accounts receivable lt											353.4	329.3					338,200,000
other long term assets											232.2	222					205,500,000		488,500,000			177,400,000			121,400,000		100,300,000	91,000,000	83,200,000
total long term assets											5,762.6	5,731.4				1,023.6	5,712,500,000		3,654,700,000			1,970,900,000			1,667,000,000		1,230,800,000	1,200,800,000	1,187,600,000
loans and financing											737.2	616				1,018.9	1,018,900,000	1,645,500,000	1,866,600,000	674,700,000		120,900,000			135,000,000		385,900,000	156,700,000	325,900,000
other accounts payable											69.4	65.6				273.8	253,900,000		124,000,000			29,300,000			21,400,000		18,400,000	18,200,000	66,900,000
other long term liabilities											361	389.4				402.9	402,900,000		229,000,000			47,200,000			65,100,000		53,300,000	52,000,000	51,300,000
total long term liabilities											4,892.9	4,108.6				3,738	3,738,000,000		1,637,000,000			1,408,300,000			794,200,000		336,400,000	524,200,000	386,300,000
revaluation reserves											7.9	7.8				8.2	8,200,000
profit reserves											1,133.7	1,133.1				1,132.4	1,132,400,000	1,078,900,000	854,600,000	925,500,000		828,100,000			685,400,000	346,600,000	668,700,000	674,300,000	674,900,000
mark to market adjustments											-3.8	-2					-4,100,000
cumulative translation adjustment											-19.7	-19					-5,300,000
retained earnings											336.7	140.8							90,400,000			169,200,000			190,900,000		175,900,000	63,500,000
total stockholders' equity											5,153.1	4,958.8	5,175,600,000			4,829.3	4,829,300,000		4,654,100,000			1,957,300,000			1,838,200,000		1,525,700,000	1,419,200,000	1,356,700,000
minority interests											21.7	20.5				35	35,000,000		35,300,000			33,200,000			29,600,000		33,800,000	32,600,000	32,200,000
total stockholders' equity & m.i.											5,174.9	4,979.4					4,864,300,000		4,689,400,000			1,990,500,000			1,867,800,000		1,559,500,000	1,451,800,000	1,388,900,000
defered income tax													564,400,000
consolidated balance sheet data
property, plant and equipment and intangible assets														2,673,900,000
loans, financing, debentures and finance lease														608,400,000
financing, debentures and finance leases														1,908,200,000
profit reserves and treasury shares														650,400,000
non-controlling interests														20,100,000
·
r million															2,000,000
additions to fixed assets1
ultragaz															48,000,000
ipiranga															22,000,000
oxiteno															29,000,000
ultracargo															4,000,000
total additions to fixed assets															108,000,000
financing and bonuses to clients2 - ipiranga															29,000,000
equity investments															2,000,000
total investments, net of disposals and repayments															139,000,000
ultrapar in the capital markets
summary of the changes resulting from the implementation of laws 11,638/07 and 11,941/09
ebitda before the implementation of laws 11,638/07 and 11,941/098
contracts for financial leasing operations recognized as property, plant & equipment and debt
consolidation of the results of the company serma* on the financial statements
total effects
ebitda after the implementation of laws 11,638/07 and 11,941/09
figures before the implementation of laws 11,638/07 and 11,941/09
contracts of financial leasing operations recognized as fixed assets and debt
consolidation of the company serma* and equity in income and affiliated companies of metalplus** in the financial statements
currency translation impact of the net investment on some foreign subsidiaries recorded directly in the account accumulated translation adjustment in the shareholder's equity
marking to market of financial and foreign exchange and interest hedging instruments
transaction costs and premiums in the issuance of securities and securities recognized as debt reducer
adjustment at present value of credit balances of icms on the purchase of fixed assets
figures after the implementation of laws 11,638/07 and 11,941/09
ebitda before the implementation of
laws 11,638/07 and 11,941/09
ebitda after the implementation of laws
11,638/07 and 11,941/09
outlook
forthcoming events
operational and market information
financial focus															2,000,000
ebitda margin ultrapar															3,000,000
net margin ultrapar															1,000,000
focus on human resources															2,000,000
number of employees – ultrapar															9,622,000,000
number of employees – ultragaz															4,024,000,000
number of employees – ipiranga															2,416,000,000
number of employees – oxiteno															1,581,000,000
number of employees – ultracargo															1,271,000,000
focus on capital markets															2,000,000
number of shares															136,096,000,000
market capitalization 1 – r million															8,330,000,000
bm&fbovespa															2,000,000
average daily volume															343,928,000,000
average share price															61,200,000
nyse															2,000,000
quantity of adrs2															12,642,000,000
ultrapar
consolidated balance sheet
in millions of reais - accounting practices adopted in brazil
income and social contribution taxes																	168,800,000		1,800,000	26,700,000		25,000,000			32,900,000		29,500,000	28,800,000	28,700,000
long term investments																	7,200,000		120,200,000			540,900,000			354,700,000
cash and long term investments																	2,283,200,000		2,484,900,000			1,602,200,000			954,900,000
deferred income tax and social contribution																168.8		111,800,000
total fixed assets																4,688.9
valuation and cumulative translation adjustments																-9.4
total stockholders' equity & minority interest																4,864.3
total liabilities and stockholders' equity																11,090.3
income and social contribution taxes lt																	472,700,000
short-term investments																		851,400,000		845,300,000						8,400,000
long-term assets
long-term investments																		7,200,000		120,800,000	256,300,000			159,200,000
affiliated companies																		12,900,000		12,900,000
liabilities and shareholders’ equity
income tax and social contribution																		17,400,000
long-term liabilities
minority interest																		38,200,000		34,800,000	15,500,000			12,600,000		10,600,000
revalution reserves																			11,300,000			13,500,000			15,700,000		17,100,000	17,400,000	17,800,000
long-teem assets
permanent assets
investments:
liabilities and stockholders’ equity
consolidated balance sheet data:
short-term investment																					344,900,000			79,000,000
total long-term assets																					339,900,000			230,500,000		54,000,000
property, plant, equipment and intangible assets																					548,600,000
total permanent assets																					615,500,000			514,100,000		444,200,000
trade accounts payable																					52,600,000			38,800,000
other taxes and contributions																					17,100,000			26,000,000
total long-term liabilities																					679,000,000			585,800,000		133,100,000
stockholder’s equity
reserves and retained earnings																					455,500,000			354,100,000
total stockholder’s equity																					904,400,000			764,800,000
total liabilities stockholder’s equity																					1,825,100,000			1,571,800,000
u.s. gaap
total stockholders’ equity																					876,000,000			736,500,000
cash and banks																							122,000
temporary cash investments																							279,264,000
noncurrent
subsidiary																							2,025,485,000
intangible
u.s.gaap
trade accounts receivables																										139,100,000
long-term investment																										14,600,000
financing																										143,800,000
other taxes and contributions—contingent liability																										19,600,000
total liabilities and shareholders’
equity																										1,004,800,000
u.s. gaap:
cash																											573,200,000	465,000,000	554,100,000
salaries and payroll charges																													74,700,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2021-02-24	2020-11-04	2020-05-13	2019-11-06	2019-08-15	2018-08-11	2018-05-04	2017-12-31	2012-03-12

cash flows from operating activities			362,400,000			458,400,000
net income from continuing operations
adjustments to reconcile net income to cash provided (consumed) by operating activities
share of profit of subsidiaries, joint ventures and associates and amortization of fair value adjustments on associates acquisition
amortization of contractual assets with customers - exclusivity rights
amortization of right-of-use assets
depreciation and amortization	844,600	698,400	-57,300,000	623,600,000	416,900,000	-31,300,000	-45,400,000
interest, derivatives, monetary variations and foreign exchange variations
current and deferred income and social contribution taxes
gain on disposal or write-off of property, plant and equipment, intangible assets and other assets
equity instrument granted	7,700	4,500		5,400,000	3,200,000
gain on the fair value of energy contracts
benefit from decarbonization - cbio and carbon credits
other provisions and adjustments	2,400	-1,000		-2,100,000	2,400,000
increase in assets
trade receivables and reseller financing	4,072,000	255,200		225,700,000	155,400,000
inventories	3,715,600	180,800	871,100,000	71,200,000	77,300,000	1,024,700,000
recoverable taxes	1,447,700	303,100		-406,300,000	-138,900,000			4,550,000	21,191,000
dividends received from subsidiaries, associates and joint ventures
other assets
increase in liabilities
trade payables and trade payables - reverse factoring
salaries and related charges	405,600	108,400		3,900,000	-58,900,000			40,000	18,000
taxes payable	434,700	40,400		2,200,000	-38,800,000			-383,000	2,354,000
other liabilities
acquisition of cbio and carbon credits
payments of contractual assets with customers - exclusivity rights
payment of contingencies
income and social contribution taxes paid	-141,200	-227,300		-118,900,000	-79,800,000
net cash from operating activities from continuing operations
net cash from operating activities from discontinued operations
net cash from operating activities	2,924,900	2,630,300		2,449,100,000	1,527,200,000			996,209,000	352,026,000
capital expenditures	0	0		0	0			0	0
free cash flows	2,924,900	2,630,300		2,449,100,000	1,527,200,000			996,209,000	352,026,000
cash flows from investing activities			-1,295,000,000			-331,300,000
financial investments, net of redemptions	-555,400	-1,567,100		-841,200,000	-488,300,000			-20,605,000	-40,144,000
acquisition of property, plant and equipment and intangible assets
receipt of intercompany loan owed by oxiteno s.a. to ultrapar international
cash from disposal of investments and property, plant and equipment
capital increase in joint ventures	-79,100	-20,000		-22,900,000	-8,800,000
capital decrease in joint ventures
net cash consumed in the purchase of investments and other assets
net cash provided (consumed) by investing activities from continuing operations
net cash consumed by investing activities from discontinued operations
net cash provided (consumed) by investing activities
cash flows from financing activities
loans, financing and debentures
proceeds	2,105,700	3,591,600		2,016,400,000	1,998,000,000
repayments	-2,644,700	-2,280,200		-2,160,600,000	-2,063,900,000
interest and derivatives (paid) or received
payments of lease	-321,700	-266,500		-237,200,000	-155,100,000
principal
interest paid	-1,469,800	-478,800		-1,220,700,000	-1,003,300,000			-99,803,000	-134,246,000
dividends paid	-596,400	-264,500	-100,000	-596,500,000	-380,600,000	-163,300,000		-930,557,000	-501,842,000
proceeds from financial liabilities of customers
payments of financial liabilities of customers
capital increase made by non-controlling shareholders and redemption of shares
repurchase of treasury shares
related parties	-100	-100		-100,000				13,187,000
net cash consumed by financing activities from continuing operations
net cash consumed by financing activities from discontinued operations
net cash consumed by financing activities
effect of exchange rate changes on cash and cash equivalents in foreign currency - continuing operations
effect of exchange rate changes on cash and cash equivalents in foreign currency - discontinued operations
increase in cash and cash equivalents – continuing operations
decrease in cash and cash equivalents - discontinued operations
cash and cash equivalents at the beginning of the year – continuing operations
cash and cash equivalents at the beginning of the year – discontinuied operations
cash and cash equivalents at the end of the year – continuing operations
cash and cash equivalents at the end of the year – discontinued operations
non-cash transactions:
addition on right-of-use assets and leases payable
addition on contractual assets with customers - exclusivity rights
reclassification between financial assets and investment in associates
transfer between trade receivables and other assets accounts
issuance of shares related to the subscription warrants - indemnification - extrafarma acquisition
acquisition of property, plant and equipment and intangible assets without cash effect
withdrawal of escrow deposits with tax contingencies
contingent consideration – acquisition of subsidiaries
capital increase performed by non-controlling interests
reversal fund - private pension
number of shares	1,115,006,000					136,096,000,000	136,096,000,000
market capitalization¹	26,470,000
b3
average daily trading volume	8,339,000
average financial volume/day	153,880,000
average share price	18,450					61,200,000	83,000,000
nyse						2,000,000	1,000,000
quantity of adrs²	47,413,000
volume daily trading volume	5,239,000
total						2,000,000	1,000,000
14
4th quarter 2020
guidance for 2021
15
calendar of events 2021
4q20 conference call
16
ultrapar			2,773,900,000			5,790,600,000
consolidated balance sheet
in million of reais	4,000	3,000
assets
cash and cash equivalents	2,115,400		1,569,800,000
financial investments and hedging instruments	3,090,200
prepaid expenses	111,400	-65,000		12,700,000	-13,600,000			-1,499,000
contractual assets with customers - exclusive rights	465,500	1,658,500
other receivable	40,400
total current assets	15,058,100		4,367,500,000			6,217,300,000
deferred income and social contribution taxes	653,700	-46,800	7,400,000	90,500,000	-2,600,000	55,100,000		-6,697,000	-505,000
escrow deposits	921,400	-31,000		-38,600,000	-31,000,000
other receivables	197,400	400		100,000				1,480,000	-1,165,000
investments	181,600		1,223,900,000			23,200,000
right to use assets	1,980,900	110,700
property, plant and equipment	7,572,800
intangible assets	1,762,600
total non-current assets	16,137,400
total assets	31,195,500		10,080,500,000			11,980,000,000
liabilities
loans, financing and hedge derivative financial instruments	867,900
debentures	249,600					56,700,000	2,012,000,000
trade payables	2,700,100	607,400		-344,200,000	-225,400,000			131,000	-56,000
leases payable	206,400	150,700
other payables	330,800	-37,000		43,300,000	32,500,000			-2,360,000
total current liabilities	5,195,100		3,024,200,000			1,912,300,000
provisions for tax, civil and labor risks	884,100
post-employment benefits	243,900	600		-3,400,000	-2,500,000
total non-current liabilities	16,165,200
total liabilities	21,360,300		5,299,700,000			6,805,100,000
equity
share capital	5,171,800
reserves	4,542,300
treasury shares	-485,400
other	229,500	63,000	362,400,000			366,800,000
non-controlling interests in subsidiaries	376,900
total equity	9,835,200
total liabilities and equity	31,195,500
cash and financial investments	5,712,100					2,978,100,000
loans and debentures	-14,392,700
net cash	-10,269,300		-2,561,500,000			-2,315,500,000
net cash (debt) ex-ifrs 16	-8,680,600
17
consolidated income statement
net revenue from sales and services	23,662,800
cost of products and services sold	-22,025,400	-15,955,900
gross profit	1,637,400	318,000	526,200,000			475,700,000	505,600,000
operating expenses	-177,200	-158,900				-274,600,000	-285,400,000
selling and marketing	-651,900
general and administrative	-481,200	-54,400	-144,600,000			-92,400,000	-104,000,000
other operating income	79,600	500	4,700,000			1,800,000
gain on disposal of property, plant and equipment and intangibles	-30,900	2,800
impairment	-593,300
operating income	-40,300	162,500
financial result
financial income	55,400		58,600,000			50,600,000
financial expenses	-307,500		-117,500,000			-118,500,000
share of profit of subsidiaries, joint ventures and associates	6,200	-100
income before income and social contribution taxes	-286,200
provision for income and social contribution taxes
current	-181,700
deferred	188,000
benefit of tax holidays	12,400		6,900,000			8,500,000
net income	-267,700		91,200,000			196,000,000			848,764,000
net income attributable to:
shareholders of the company	-266,500
adjusted ebitda	361,500	222,200
depreciation and amortization¹	383,700	59,700
cash flow hedge bonds	11,900	42,900
total investments²	554,600
ratios
earnings per share	-250
net debt (ex-ifrs 16) / stockholders' equity	880
net debt / stockholders' equity	1,040		540,000			450,000
net debt / ltm adjusted ebitda³	2,870
net interest expense / adjusted ebitda	700
gross margin	6,900	702,000	8,200,000			7,900,000
operating margin	-200	359,000	2,800,000			3,300,000
adjusted ebitda margin	1,500	102,000
number of employees	16,024,000	3,421,000
¹ includes amortization with contractual assets with customers – exclusive rights
² includes property, plant and equipment and additions to intangible assets, contractual assets with customers (exclusive rights), initial direct costs of assets with right of use, financing of clients and rental advances (net of repayments) and acquisition of shareholdings ³ ltm adjusted ebitda does not consider impairment of extrafarma for 3q20, 4q19 and 2019
18
consolidated cash flow
net income for the period	402,900	496,200		670,600,000	363,300,000
adjustments to reconcile net income to cash from operating activities
share of loss (profit) of subsidiaries, joint ventures and associates	12,100	30,500		18,300,000	10,000,000			-1,584,189,000
amortization of contractual assets with customers - exclusive rights	355,300	224,400
amortization of right to use assets	300,100	242,100		219,200,000	153,300,000
pis and cofins credits on depreciation	14,900	11,500		11,100,000	7,300,000
interest and foreign exchange rate variations	1,248,700	768,800		1,083,900,000	547,800,000
loss on disposal of property, plant and equipment and intangibles	30,000	-35,900		-900,000	1,100,000
expected losses on doubtful accounts	30,000	29,100
provision for losses in inventories	-800	-800		3,000,000	13,300,000
provision for post-employment benefits	10,700	-18,600		-1,900,000	-3,300,000
provision for decarbonization - cbios
provision for tax, civil, and labor risks	6,600	1,500		15,000,000	13,600,000			-902,000
decrease in current assets
dividends received from subsidiaries and joint-ventures	4,100	4,700		3,700,000	3,700,000			922,301,000
increase in current liabilities
income and social contribution taxes	250,500	171,900	112,600,000	118,400,000	122,900,000				-5,000
deferred revenue	1,100	-700		-5,700,000	9,700,000
decrease in non-current assets
increase in non-current liabilities
cbio acquisition
payments of contractual assets with customers - exclusive rights	-330,100	-296,800
contingency payments	-25,100
acquisition of property, plant, and equipment	-1,020,000	-587,100		-669,800,000	-424,800,000
acquisition of intangible assets	-152,000	-112,300		-75,800,000	-47,100,000
initial upfront costs of entitlement assets	-68,000			-69,500,000
proceeds from disposal of property, plant and equipment and intangibles	39,300	86,000		28,700,000	15,300,000
net cash from investing activities	-1,835,300	-2,200,500		-1,650,600,000	-953,600,000			-20,605,000	139,856,000
redemption of non-controlling shares of oxiteno nordeste	-2,200			-2,200,000	-2,200,000
capital increase from iconic non-controlling shareholders	7,000			7,000,000	7,000,000
net cash from financing activities	-2,922,200	-301,700		-2,193,900,000	-1,600,100,000			-1,010,374,000	-720,914,000
effect of exchange rate changes on cash and cash equivalents in foreign currency	9,100	149,500		9,800,000	-3,100,000
increase in cash and cash equivalents	-1,823,600	881,000		-1,385,700,000	-1,029,600,000			-34,770,000	-229,032,000
cash and cash equivalents at the beginning of the period	3,939,000	2,115,400	2,133,600,000	3,939,000,000	3,939,000,000	2,283,200,000
cash and cash equivalents at the end of the period	2,115,400	2,996,300	1,577,000,000	2,553,300,000	2,909,300,000	2,983,800,000
transactions without cash effect:
addition on right to use assets and leases payable	334,900	407,100		245,000,000	257,000,000
addition on contractual assets with costumers - exclusive rights		140,000
reversion fund - private pension		47,100
19
ultragaz			331,000,000			79,000,000	37,000,000
balance sheet
operating assets
trade receivables	379,300	366,900
non-current trade receivables	10,600	31,700
taxes	86,700	97,900	113,700,000			194,500,000
property, plant and equipment / intangibles	994,600	1,045,000
total operating assets	2,026,000	2,056,400	815,200,000			810,400,000
operating liabilities
suppliers	76,900	88,700	510,900,000			687,400,000
judicial provisions	125,300	127,300
total operating liabilities	582,300	577,800	93,300,000			112,000,000
income statement
net revenues	1,787,700
cost of products sold	-1,518,100	-1,636,800
selling	-105,500	-104,400	-151,200,000			-150,900,000	-136,000,000
¹ includes amortization with contractual assets with customers - exclusive rights
20
ultracargo			35,300,000			20,000,000	6,000,000
property, plant and equipment / intangibles / investments	1,317,300	1,381,900
other¹	107,000
¹ includes the long term obligations with clients account and the extra amount related to the acquisition of temmar, in the port of itaqui and payables - indemnification clients and third parties
cost of services sold	-73,600	-68,100
ebitda	53,700	78,400	274,100,000			238,200,000	277,900,000
ebitda margin	35,100	491,000	4,300,000			48,000,000	55,000,000
21
oxiteno			199,100,000			147,000,000	98,000,000
variable	-662,000	-964,800	-297,100,000			-355,300,000
fixed	-118,100	-134,200	-55,000,000			-44,100,000
cash flow hedge from bonds	11,900
22
ipiranga			2,212,400,000			79,000,000	28,000,000
number of service stations	7,090,000	7,107,000
23
extrafarma
gross revenues	528,100	522,900
sales returns, discounts and taxes	-26,600	-30,800
ratios¹
24
acquisition of cbio
payments of contractual assets with customers – exclusive rights
payments of contingencies
cash of companies acquired
acquisition of companies
capital reduction in associates
initial direct costs of right-of-use assets
proceeds from disposal of property, plant, and equipment and intangibles
cash and cash equivalents at the beginning of the year								127,944,000
cash and cash equivalents at the end of the year								93,174,000
addition on contractual assets with customers – exclusive rights
reversion fund – private pension
insurance and other receivables		-32,400		-18,000,000	-28,200,000
insurance and other payables		66,400		87,100,000	64,400,000
initial direct costs of right to use assets
142
3rd quarter 2020
other accounts payable		80,000	188,800,000			69,400,000
net sales		1,954,900	765,100,000			8,837,600,000	8,988,700,000
143
other accounts payable¹		94,900				30,400,000
'¹ includes the long term obligations with clients account and the extra amount related to the acquisition of temmar, in the port of itaqui and payables - indemnification clients and third parties
144
145
146
¹ calculated based on gross revenues
147
trade accounts receivable			1,451,600,000			1,643,000,000
property, plant and equipment and intangibles			3,735,600,000			4,745,300,000
deferred charges			14,100,000			7,300,000
long term investments			7,200,000
trade accounts receivable lt			199,000,000			353,400,000
other long term assets			131,000,000			232,200,000
total long term assets			5,713,000,000			5,762,600,000
loans and financing			2,083,500,000			737,200,000
payroll and related charges			127,300,000			167,200,000
other long term liabilities			197,800,000			361,000,000
total long term liabilities			2,275,500,000			4,892,900,000
stockholders' equity
capital			3,696,800,000			3,696,800,000
capital reserve			1,000,000			1,600,000
revalution reserves			9,800,000
profit reserves			940,800,000			1,133,700,000
mark to market adjustments			-5,600,000			-3,800,000
cumulative translation adjustment			7,200,000			-19,700,000
retained earnings			91,500,000			336,700,000
total stockholders' equity			4,741,500,000			5,153,100,000
minority interests			39,300,000			21,700,000
total stockholders' equity & m.i.			4,780,800,000			5,174,900,000
total liab. and stockholders' equity			10,080,500,000			11,980,000,000
cash and long term investments			1,577,000,000
debt			4,138,500,000			5,299,300,000
consolidated statement of income
in millions of reais (except per share data) - accounting practices adopted in brazil
net sales and services			6,411,400,000			9,622,000,000	9,941,000,000
cost of sales and services			-5,885,200,000			-8,361,900,000	-8,483,100,000
ebit			177,800,000			206,600,000	230,300,000
financial results			-58,900,000			-67,800,000
equity in earnings (losses) of affiliates						-200,000
affiliates			-100,000
income before taxes and profit sharing			121,800,000
benefit from income and social contribution tax			-36,200,000			-78,300,000
income before minority interest			92,500,000			197,300,000
employees statutory interest
minority interest			-1,300,000			-1,300,000
total investments, net of write-off and repayments			1,291,300,000
earnings / share - r			680,000			1,460,000
net debt / ltm ebitda			2,270,000			1,490,000
net interest expense / ebitda			210,000			160,000
consolidated cash flow statement
in millions of reais - accounting practices adopted in brazil
working capital			66,700,000			-247,600,000
additions to investment, net of disposals			-105,400,000
acquisition of minority interests			-1,189,600,000
cash flows from (used in) financing activities			376,000,000			573,500,000
issuances of short term debt			21,200,000			167,800,000
amortization of short term debt			-170,400,000			-1,386,300,000
issuances of long term debt			526,000,000			1,969,200,000
related companies			-700,000			-2,600,000			111,352,000
aquisition of treasury shares
received from petrobras/braskem related to the acquisition of ipiranga group
net increase in cash and cash equivalents			-556,600,000			700,600,000
supplemental disclosure of cash flow information
cash paid for interest			13,200,000			144,400,000
cash paid for taxes on income			11,000,000
comprised of interest and exchange rate and inflationary variation expenses on loans and financing. does not include revenues from interest and exchange rate and inflationary variation on cash equivalents.
comprised mainly of cost of permanent asset sold and noncurrent assets and liabilities net.
including dividends paid by ultrapar and its subsidiaries to third parties.
included long term investments.
included in cash flow used in financing activities.
included in cash flow from operating activities.
trade accounts receivable - noncurrent portion			13,700,000			27,900,000
other operating results			-400,000			5,500,000	10,100,000
post-retirement benefits			69,400,000			86,600,000
cost of goods sold
in millions of us dollars (except per share data) - accounting practices adopted in brazil
net income / share			290,000			820,000
loans with third parties
loans
foreign currency
notes			582,800,000			446,400,000
sindicated loan			2,011,000,000
advances on foreign exchange contracts
bndes			2,010,000,000			2,010,000,000	2,010,000,000
financial institutions			2,009,000,000			2,010,000,000	2,010,000,000
import financing (finimp) - união terminais			2,009,000,000
subtotal
check
local currency
promissory note			2,009,000,000
banco do brasil			2,009,000,000
caixa econômica federal			2,012,000,000
working capital loan - maxfácil			2,010,000,000
banco do nordeste do brasil			2,018,000,000
research and projects financing			2,009,000,000			2,010,000,000	2,010,000,000
agency for financing machinery and equipment			2,009,000,000			2,010,000,000	2,010,000,000
working capital loan - união terminais / rpr			2,009,000,000
financial leasing floating rate			2,009,000,000			2,010,000,000	2,010,000,000
financial leasing fixed rate			2,011,000,000			2,011,000,000	2,010,000,000
composition per annum
up to 1 year
from 1 to 2 years
from 2 to 3 years
from 3 to 4 years
from 4 to 5 years
thereafter
tiie - interbank interest rate even / umbndes - bndes basket of currencies / cdi - interbank deposit rate / bs = bolivar from venezuela / fne = financing of northeast fund
cash and long term investiments
·
amortization of contractual assets with customers—exclusive rights				273,400,000	177,800,000
estimated losses on doubtful accounts				27,500,000	65,600,000
contractual assets with customers—exclusive rights
payments of contractual assets with customers—exclusive rights				-231,700,000	-126,300,000
cash and cash equivalents of subsidiary acquired
acquisiton of companies
initial upfront costs of entitlement assets and suppliers				20,000,000
ultrapar – consolidated data						2,000,000	1,000,000
operating profit						215,000,000	261,000,000
net earnings						93,000,000	141,000,000
earnings per share¹						700,000	1,050,000
amounts in r million
¹calculated based on the number of shares over the period, excluding shares held in treasury.
ultragaz – operational data						2,000,000	1,000,000
total volume						401,000,000	371,000,000
bottled						281,000,000	257,000,000
bulk						119,000,000	114,000,000
ipiranga – operational data						2,000,000	1,000,000
diesel						2,504,000,000	2,483,000,000
gasoline, ethanol and ngv						2,012,000,000	2,003,000,000
other²						120,000,000	109,000,000
²fuel oils, kerosene, lubricants and greases.
oxiteno – operational data						2,000,000	1,000,000
product mix
specialty chemicals						139,000,000	152,000,000
glycols						21,000,000	12,000,000
geographical mix
sales in brazil						107,000,000	117,000,000
sales outside brazil						53,000,000	47,000,000
ultracargo – operational data						2,000,000	1,000,000
effective storage³						491,000,000	535,000,000
total kilometrage						5,800,000	5,000,000
³monthly average
macroeconomic indicators						2,000,000	1,000,000
average exchange rate						2,070,000	1,800,000
brazilian interbank interest rate						2,400,000	2,000,000
inflation in the period						1,300,000	2,000,000
highlights
Ø
executive summary of the results
operational performance
ultracargo - average storage
economic-financial performance
r million						1,000,000	1,000,000
additions to fixed assets1
total – additions to fixed assets						331,000,000	173,000,000
financing and bonuses to clients2 - ipiranga						84,000,000	31,000,000
total investments, net of disposals and repayments						415,000,000	205,000,000
ultrapar in the capital markets
performance of ugpa4 vs. ibovespa – 2q10
outlook
forthcoming events
operational and market information
financial focus						2,000,000	1,000,000
ebitda margin ultrapar						3,300,000	3,600,000
net margin ultrapar						1,000,000	1,400,000
focus on human resources						2,000,000	1,000,000
number of employees – ultrapar						9,622,000,000	9,397,000,000
number of employees – ultragaz						4,024,000,000	4,010,000,000
number of employees – ipiranga						2,416,000,000	2,293,000,000
number of employees – oxiteno						1,581,000,000	1,524,000,000
number of employees – ultracargo						1,271,000,000	1,245,000,000
focus on capital markets						2,000,000	1,000,000
market capitalization1 – r million						8,330,000,000
bm&fbovespa						2,000,000	1,000,000
average daily volume						343,928,000,000	301,060,000,000
quantity of adrs2						12,642,000,000	13,027,000,000
defered income tax and social contribution						204,800,000
financial investments						5,800,000
defered income tax and social contribution lt						395,500,000
revaluation reserves						7,900,000
other income						-2,200,000
income before taxes						267,100,000
additions to fixed assets, net of disposals						-331,300,000
acquisition and sale of equity investments
cash from subsidiaries acquired
cash paid for income and social contribution taxes						19,900,000
comprised mainly of cost of permanent asset sold and noncurrent assets and liabilities variations net.
includes dividends paid by ultrapar and its subsidiaries to third parties.
minority interest portion in the capital reduction of utingás, in wich ultragaz holds a 56% stake.
includes long term investments.
¹ includes the long term obligations with clients account
in millions of us dollars except where otherwise mentioned - accounting practices adopted in brazil
ebitda margin / volume
ultrapar participaÇÕes s/a
syndicated loan						2,011,000,000	2,011,000,000
import financing (finimp) - rpr						2,010,000,000	2,010,000,000
import financing (finimp) - tequimar						2,012,000,000	2,012,000,000
banco do brasil fixed rate1						2,012,000,000	2,012,000,000
loan - maxfácil						2,010,000,000	2,010,000,000
working capital loan - união vopak/rpr						2,010,000,000	2,010,000,000
others						2,010,000,000	2,010,000,000
tiie = interbank interest rate even / umbndes = bndes basket of currencies / cdi = interbank deposit rate / bs = bolivar forte from venezuela
1.
2.
3.
4.
1
market capitalization 1 – r million							11,303,000,000
2							1,000,000
banco do brasil floating rate							2,010,000,000
cnpj nº 33.256.439/0001- 39
nr 822.913.308-53;
5.
net income for the year								1,574,306,000
amortization of contractual assets with customers – exclusive rights
interest, monetary, and foreign exchange rate variations								103,106,000
(gain) loss on disposal of property, plant and equipment and intangibles
benefit from losses in inventories
benefit from post-employment benefits
increase in current assets
benefit from tax, civil, and labor risks
increase in non-current assets
loans, debentures, and finance leases
payments of financial lease
acquisition of treasury shares
sale of treasury shares								6,799,000
asset retirement obligation
capital increase in subsidiaries
share of loss (profit) of joint ventures and associates
dividends received from associates and joint-ventures
cash and cash equivalents of acquired subsidiaries
acquisition of non-controlling interests of subsidiaries
acquisition of own shares to be held in treasury
additional information—transactions that do not affect cash and cash equivalents:
extrafarma acquisition – capital increase and subscription warrants
extrafarma acquisition – gross debt assumed on the closing date
capital increase in subsidiary
ultrapar participações s.a. and subsidiaries statements of cash flows—indirect method for the years ended december 31, 2015 and 2014
gain on disposals of property, plant and equipment and intangibles
ultrapar participações s.a. and subsidiaries statements of cash flows - indirect method for the years ended december 31, 2014 and 2013
assets retirement expenses
interest, monetary and exchange variations
income from disposal of assets
dividends received from subsidiaries									335,399,000
benefit from tax, civil and labor risks
ultrapar participações s.a. and subsidiaries statements of cash flows - indirect method for the years ended december 31, 2013 and 2012
equity in income of subsidiaries and affiliates									-851,433,000
expense with tanks removed
interest, monetary and exchange rate changes									30,567,000
provision for contingencies									-2,210,000
disposal (acquisition) of investments
cash of acquired subsidiaries
acquisition of property, plant and equipment
increase in intangible assets
capital contributions to subsidiaries									-320,000,000
capital reduction of subsidiaries									500,000,000
proceeds from disposal of assets
cash received in relation to maxfacil
borrowing
amortization									-200,000,000
payment of financial lease
acquisition of non-controlling interests
reduction of non-controlling interests
sale of treasury shares to subsidiaries									3,822,000
effect of changes in exchange rates on cash and cash equivalents in foreign currency
cash and cash equivalents at the beginning of years									407,704,000
cash and cash equivalents at the end of years									178,672,000
share of profit of subsidiaries and associates
acquisition of subsidiaries
financial investments of acquired subsidiaries
capital reduction to subsidiaries
borrowings
payment of loan with noble brasil s.a.
additional information:
loan of acquired subsidiaries
income statements:
gross income
operating revenues
financial revenues
taxes incentives — adene
income attributable to:
dividends per common shares
dividends per preferred shares
other financial data
number of common shares
number of preferred shares
benefit from contingencies
adjustments to concile net income to cash from operating activities
income on sale of property, plant and equipment
wages and employee benefits
increase in long-term assets
amounts in escrow
increase in long-term liabilities
ultrapar participações s.a. and subsidiaries statements of cash flows - indirect method years ended december 31, 2010 and 2009
net financial income
income before income and social contribution taxes, equity in income of affiliates and employees statutory interest
income tax and social contribution
income before equity in income of affiliates and employees statutory interest
equity in income of affiliates
net income attributable to ultrapar
net income attributable to non-controlling interests
dividends per common share
dividends per preferred share
u.s. gaap:
basic and diluted earnings per common share
basic and diluted earnings per preferred share
deferred income tax and social contribution
minority interest in income
proceeds from sale of fixed assets
provision (release of provision) for loss on fixed assets
accounts receivable
tax credits
cash flows from investment activities
merger and corporate reorganization
acquisition of fixed assets
increase in deferred charges
gain on sale of fixed assets
net cash from investment activities
financing and debentures
fund raising
acquisition of minority interest
purchase of shares for treasury
payment from petrobras and braskem for delivery of petrochemical and distribution assets
related entities
increase in cash, banks and short-term investments
cash, banks and short-term investments at the end of the year
additional information
interest paid on financing
income tax and social contribution paid for the year
items not affecting cash for the period
debt of acquired subsidiaries
finance lease
income before income and social contribution taxes, equity in earnings (losses) of affiliated companies and minority interest
income before equity in earnings (losses) of affiliated companies, employees’ statutory interest and minority interest
equity in earnings (losses) of affiliated companies
employees’ statutory interest
net earnings per share
ultrapar participações s.a. and subsidiaries statements of cash flows - indirect method fiscal years ended december 31, 2008 and 2007
consolidated income statement data:
income before equity in earnings (losses) of affiliated companies and minority interest
net earnings per share are calculated on the weighted-average shares outstanding during each of the periods presented. under brazilian gaap, net earnings per share are not retroactively adjusted for the stock dividend but are retroactively adjusted for the reverse stock split described under “item 4.b. information on the company — business overview.”
cash flow information has been derived from our consolidated financial statements prepared in accordance with brazilian gaap.
see note 24(v)(g) to our consolidated financial statements.
represents depreciation and amortization expenses included in cost of sales and services and in selling, general and administrative expenses.
adjustments to reconcile net income to cash from operating activities:
equity in losses of affiliated companies
pis and cofins credit on depreciation
foreign exchange and indexation gains
loss on disposals of permanent assets
provision (reversal of provision) for probable losses on permanent assets
reversal of benefit from factory maintenance shutdowns
dividends receivable from subsidiaries
increase in current assets:
increase in current liabilities:
increase in long-term assets:
increase in long-term liabilities:
long-term investments, net of redeem
additions to investments
additions to property, plant and equipment
additions to intangible asset
additions to deferred charges
proceeds from sales of property, plant and equipment
loans, financing and debentures:
issuances
capital increase due to shares issuance
interest paid from financing activities
income and social contribution taxes paid in the year
gross sales and services
taxes on sales and services, rebates, discounts and returns
operating (expenses) income
selling, general and administrative expenses
total operating expenses
operating income before financial items
financial (expenses) income
nonoperating (expenses) income
income before equity in earnings (losses) of affiliated
companies and minority interest
net earnings per thousand shares
dividends per thousand common shares
dividends per thousand preferred shares
basic earnings per thousand common shares
basic earnings per thousand preferred shares
interest income on investments
foreign exchange and indexation (gains) losses
allowance (realization of provision) for losses on permanent assets
dividends and interest on capital
other long-term taxes
gain on change in ownership percentage
decrease (increase) in operating assets:
increase in operating liabilities:
accrued interest
additions to short-term investments
proceeds from sales of short-term investments
additions to long-term investments
business combinations, net of cash acquired
short-term debt
long-term loans:
loans from affiliated companies:
effect of exchange rate changes on cash and cash equivalents
cash paid during the year for:
interest, net of amounts capitalized
income taxes
noncash investing and financing activities:
direct supplier financing of acquisition of property, plant and equipment
capital contribution with investments in subsidiaries—gipóia participações ltda.
acquisition of minority interest with issuance of shares—oxiteno s.a.—indústria e comércio
acquisition of businesses:
fair value of assets acquired, including goodwill
fair value of liabilities assumed
purchase price
cash acquired
purchase price, net of cash acquired

Ultrapar Participaes S.A.(NYSE:UGP)

Ultrapar Participaes S.A.
(NYSE:UGP)