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11. Investments
 12 Months Ended
Dec. 31, 2017
Investments Abstract  
Investments

 

a.  Joint Ventures

 

The Company holds an interest in Refinaria de Petróleo Riograndense (“RPR”), which is primarily engaged in oil refining.

 

The subsidiary Ultracargo – Operações Logísticas e Participações Ltda. (“Ultracargo Participações”) holds an interest in União Vopak – Armazéns Gerais Ltda. (“União Vopak”), which is primarily engaged in liquid bulk storage in the port of Paranaguá.

 

The subsidiary IPP holds an interest in ConectCar, established in November 2012, which is primarily engaged in electronic payment of tolls and parking in the States of Alagoas, Bahia, Ceará, Espírito Santo, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Paraná, Pernambuco, Rio de Janeiro, Rio Grande do Sul, Santa Catarina, São Paulo and Distrito Federal, and in the electronic fuel payment segment throughout the Brazilian territory.

 

These investments are accounted for under the equity method of accounting based on their financial statements of 2017.

 

Balances and changes in joint ventures are as follows:

 

  Movements in investments
  União Vopak   RPR   ConectCar   Total
Balance on 12/31/2014 4,960   24,076   25,472   54,508
Capital increase -   -   37,080   37,080
Advance for Future Capital Increase -   -   4,000   4,000
Valuation adjustments -   1,535   -   1,535
Share of profit (loss) of joint ventures 699   8,248   (23,234)   (14,287)
Dividends (1,114)   (2,345)   -   (3,459)
Balance on 12/31/2015  4,545   31,514   43,318   79,377
Capital increase -   -   47,281   47,281
Valuation adjustments -   (2,935)   -   (2,935)
Dividends and interest on equity (gross) -   (12,915)   -   (12,915)
Share of profit (loss) of joint ventures (27)   29,745   (24,384)   5,334
Balance on 12/31/2016 4,518   45,409   66,215   116,142
Capital increase -   -   16,000   16,000
Valuation adjustments -   4,079   -   4,079
Dividends and interest on equity (gross) -   (30,959)   -   (30,959)
Share of profit (loss) of joint ventures 1,578   36,210   (20,989)   16,799
               
Balance on 12/31/2017 6,096   54,739   61,226   122,061
                   

 

The table below presents the full amounts of balance sheets and income statements of joint ventures:

 

  2017
  União Vopak   RPR   ConectCar
Current assets 7,110   389,022   90,242
Non-current assets 6,627   128,417   132,785
Current liabilities 1,210   297,762   100,564
Non-current liabilities 336   54,821   12
Shareholders’ equity 12,191   164,856   122,451
Net revenue from sales and services 15,260   5,067,950   33,935
Costs, operating expenses and income (10,852)   (4,876,389)   (100,444)
Net financial income and income and social contribution taxes (1,252)   (82,498)   24,530
Net income (loss) 3,156   109,063   (41,979)
           
Number of shares or units held 29,995   5,078,888   169,860,500
% of capital held 50   33   50

 

  2016
  União Vopak   RPR   ConectCar
Current assets 4,228   286,916   93,634
Non-current assets 6,383   116,931   116,243
Current liabilities 700   198,619   77,448
Non-current liabilities 876   68,467   -
Shareholders’ equity 9,035   136,761   132,429
Net revenue from sales and services 12,030   1,490,516   30,058
Costs, operating expenses and income (12,430)   (1,361,551)   (105,800)
Net financial income and income and social contribution taxes 346   (39,379)   26,974
Net income (loss) (54)   89,586   (48,768)
           
Number of shares or units held 29,995   5,078,888   145,860,500
% of capital held 50   33   50

 

              2015
  União Vopak   RPR   ConectCar
Current assets 3,360   234,094   59,599
Non-current assets 7,300   114,123   85,195
Current liabilities 1,570   176,134   62,158
Non-current liabilities -   77,172   -
Shareholders’ equity 9,090   94,911   82,636
Costs, operating expenses and income (10,198)   (926,392)   (89,431)
Net financial income and income and social contribution taxes (430)   (20,768)   24,553
Net income (loss) 1,398   27,647   (46,468)
           
Number of shares or units held 29,995   5,078,888   94,579,500
% of capital held 50   33   50

 

The percentages in the table above are rounded.

 

b.  Associates

 

Subsidiary IPP holds an interest in Transportadora Sulbrasileira de Gás S.A., which is primarily engaged in natural gas transportation services.

 

Subsidiary Oxiteno S.A. Indústria e Comércio (“Oxiteno S.A”) holds an interest in Oxicap Indústria de Gases Ltda. (“Oxicap”), which is primarily engaged in the supply of nitrogen and oxygen for its shareholders in the Mauá petrochemical complex.

 

Subsidiary Oxiteno Nordeste S.A. Indústria e Comércio (“Oxiteno Nordeste”) holds an interest in Química da Bahia Indústria e Comércio S.A., which is primarily engaged in manufacturing, marketing, and processing of chemicals. The operations of this associate are currently suspended.

 

Subsidiary Cia. Ultragaz holds an interest in Metalúrgica Plus S.A., which is primarily engaged in the manufacture and trading of LPG containers. The operations of this associate are currently suspended.

 

Subsidiary IPP holds an interest in Plenogás Distribuidora de Gás S.A., which is primarily engaged in the marketing of LPG. The operations of this associate are currently suspended.

 

The investment of subsidiary Oxiteno S.A. in the associate Oxicap is accounted for under the equity method of accounting based on its financial information as of November 30, 2017, while the other associates are valued based on the financial statements as of 2017.

 

Balances and changes in associates are as follows:

 

 

  Movements in investments
  Transportadora Sulbrasileira de Gás S.A.   Oxicap Indústria de Gases Ltda.   Química da Bahia Indústria e Comércio S.A.   Metalúrgica Plus S.A.   Plenogás Distribuidora de Gás S.A.   Total
                       
Balance on 12/31/2014 6,212   3,090   3,676   165   -   13,143
Capital increase -   10,368(1)   -   -   -   10,368
Dividends (1,924)   (3,453)   -   -   -   (5,377)
Share of profit (loss) of associates 1,455   1,995   8   (55)   -   3,403
Balance on 12/31/2015 5,743   12,000   3,684   110   -   21,537
Dividends (948)   -   -   -   -   (948)
Share of profit (loss) of associates 1,206   981   (6)   (39)   -   2,142
Balance on 12/31/2016 6,001   12,981   3,678   71   -   22,731
Dividends (865)   -   -   -   (399)   (1,264)
Share of profit (loss) of associates 1,212   1,477   (60)   269   976   3,874
                       
Balance on 12/31/2017 6,348   14,458   3,618   340   577   25,341

 

(1) In 2015, Oxicap’s shareholders realized a capital increase and Oxiteno S.A. reduced its stake from 25% to 15% approximately.

 

The table below presents the full amounts of balance sheets and income statements of associates:

 

  2017
  Transportadora Sulbrasileira de Gás S.A.   Oxicap Indústria de Gases Ltda.   Química da Bahia Indústria e Comércio S.A.   Metalúrgica Plus S.A.   Plenogás Distribuidora de Gás S.A.
                   
Current assets 11,218   45,061   67   175   505
Non-current assets 16,464   74,612   10,278   1,695   2,821
Current liabilities 1,960   12,338   -   422   93
Non-current liabilities 332   7,920   3,110   427   1,500
Shareholders’ equity 25,390   99,424   7,235   1,021   1,733
Net revenue from sales and services 10,522   52,709   -   -   -
Costs, operating expenses and income (5,649)   (40,769)   (90)   673   628
Net financial income and income and social contribution taxes -   (2,144)   (31)   179   15
Net income (loss) 4,873   9,796   (121)   852   643
                   
Number of shares or units held 20,124,996   1,987   1,493,120   3,000   1,384,308
% of capital held 25   15   50   33   33

 

  2016
  Transportadora Sulbrasileira de Gás S.A.   Oxicap Indústria de Gases Ltda.   Química da Bahia Indústria e Comércio S.A.   Metalúrgica Plus S.A.   Plenogás Distribuidora de Gás S.A.
                   
Current assets 7,524   28,358   220   169   1,178
Non-current assets 17,570   70,034   10,246   1,682   2,821
Current liabilities 759   7,125   1   21   53
Non-current liabilities 332   5,226   3,109   1,616   1,667
Shareholders’ equity 24,003   86,041   7,356   214   2,279
Net revenue from sales and services 9,955   52,751   -   -   -
Costs, operating expenses and income (5,194)   (39,539)   (60)   (189)   574
Net financial income and income and social contribution taxes 63   (6,837)   49   (19)   68
Net income (loss) 4,824   6,375   (11)   (208)   642
                   
Number of shares or units held 20,124,996   1,987   1,493,120   3,000   1,384,308
% of capital held 25   15   50   33   33

 

  2015
  Transportadora Sulbrasileira de Gás S.A.   Oxicap Indústria de Gases Ltda.   Química da Bahia Indústria e Comércio S.A.   Metalúrgica Plus S.A.   Plenogás Distribuidora de Gás S.A.
                   
Current assets 5,175   13,390   73   759   691
Non-current assets 18,773   79,203   10,403   1,681   2,830
Current liabilities 644   8,682   -   403   101
Non-current liabilities 332   4,371   3,109   1,708   1,777
Shareholders’ equity 22,972   79,540   7,367   329   1,643
Net revenue from sales and services 10,628   42,799   -   -   -
Costs, operating expenses and income (4,703)   (14,050)   (34)   (172)   1,792
Net financial income and income and social contribution taxes (7)   (9,973)   49   8   14
Net income (loss) 5,918   18,776   15   (164)   1,806
                   
Number of shares or units held 20,124,996   1,987   1,493,120   3,000   1,384,308
% of capital held 25   15   50   33   33

 

 

The percentages in the table above are rounded.