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Investments | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Investments |
12. | 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, which is primarily engaged in automatic 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. These investments are accounted for under the equity method of accounting based on their financial statements as of December 31, 2018. Balances and changes in joint ventures are as follows:
|  | União Vopak |  |  | RPR |  |  | ConectCar |  |  | Total |
Balance as of December 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 as of December 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 as of December 31, 2017 |  |  | 6,096 |  |  |  | 54,739 |  |  |  | 61,226 |  |  |  | 122,061 |
Capital increase |  |  | — |  |  |  | — |  |  |  | 31,908 |  |  |  | 31,908 |
Valuation adjustments |  |  | — |  |  |  | (3,704 | ) |  |  | — |  |  |  | (3,704 | )
Dividends and interest on equity (gross) |  |  | — |  |  |  | (32,065 | ) |  |  | — |  |  |  | (32,065 | )
Share of profit (loss) of joint ventures |  |  | 1,350 |  |  |  | 1,148 |  |  |  | (18,744 | ) |  |  | (16,246 | )
Balance as of December 31, 2018 |  |  | 7,446 |  |  |  | 20,118 |  |  |  | 74,390 |  |  |  | 101,954 |
The table below presents the statements of financial position and statements of profit or loss of joint ventures:
|  | 12/31/2018 |
|  | União Vopak |  |  | RPR |  |  | ConectCar |
Current assets |  |  | 8,432 |  |  |  | 370,250 |  |  |  | 129,152 |
Non-current assets |  |  | 8,552 |  |  |  | 147,054 |  |  |  | 150,054 |
Current liabilities |  |  | 1,814 |  |  |  | 385,079 |  |  |  | 130,414 |
Non-current liabilities |  |  | 280 |  |  |  | 71,635 |  |  |  | 14 |
Equity |  |  | 14,890 |  |  |  | 60,590 |  |  |  | 148,778 |
Net revenue from sales and services |  |  | 16,938 |  |  |  | 2,092,548 |  |  |  | 57,506 |
Costs, operating expenses and income |  |  | (13,154 | ) |  |  | (2,083,592 | ) |  |  | (114,336 | )
Net financial income and income and social contribution taxes |  |  | (1,084 | ) |  |  | (261 | ) |  |  | 19,343 |
Net income (loss) |  |  | 2,700 |  |  |  | 8,695 |  |  |  | (37,487 | )
Number of shares or units held |  |  | 29,995 |  |  |  | 5,078,888 |  |  |  | 193,768,000 |
% of capital held |  |  | 50 |  |  |  | 33 |  |  |  | 50 |
|  | 12/31/2017 |
|  | 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 |
Equity |  |  | 12,191 |  |  |  | 164,856 |  |  |  | 122,451 |
Net revenue from sales and services |  |  | 15,260 |  |  |  | 1,579,286 |  |  |  | 33,935 |
Costs, operating expenses and income |  |  | (10,852 | ) |  |  | (1,433,030 | ) |  |  | (100,444 | )
Net financial income and income and social contribution taxes |  |  | (1,252 | ) |  |  | (37,193 | ) |  |  | 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 |
|  | 12/31/2016 |
|  | União Vopak |  |  | RPR |  |  | ConectCar |
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 |
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. 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 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, 2018, while the other associates are valued based on the financial statements as of December 31, 2018. Balances and changes in associates are as follows:
|  | 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 as of December 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 as of December 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 as of December 31, 2017 |  |  | 6,348 |  |  |  | 14,458 |  |  |  | 3,618 |  |  |  | 340 |  |  |  | 577 |  |  |  | 25,341 |
Capital reduction |  |  | (1,250 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,250 | )
Dividends |  |  | (984 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (236 | ) |  |  | (1,220 | )
Share of profit (loss) of associates |  |  | 575 |  |  |  | 908 |  |  |  | (28 | ) |  |  | (112 | ) |  |  | 124 |  |  |  | 1,467 |
Balance as of December 31, 2018 |  |  | 4,689 |  |  |  | 15,366 |  |  |  | 3,590 |  |  |  | 228 |  |  |  | 465 |  |  |  | 24,338 |
The table below presents the statements of financial position and statements of profit or loss of associates:
|  | 12/31/2018 |
|  | 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 |  |  | 7,803 |  |  |  | 38,714 |  |  |  | 51 |  |  |  | 19 |  |  |  | 64 |
Non-current assets |  |  | 15,254 |  |  |  | 85,395 |  |  |  | 10,238 |  |  |  | 990 |  |  |  | 2,791 |
Current liabilities |  |  | 3,963 |  |  |  | 9,777 |  |  |  | — |  |  |  | 21 |  |  |  | 123 |
Non-current liabilities |  |  | 332 |  |  |  | 8,888 |  |  |  | 3,109 |  |  |  | 302 |  |  |  | 1,334 |
Equity |  |  | 18,762 |  |  |  | 105,444 |  |  |  | 7,180 |  |  |  | 686 |  |  |  | 1,398 |
Net revenue from sales and services |  |  | 10,595 |  |  |  | 53,288 |  |  |  | — |  |  |  | — |  |  |  | — |
Costs, operating expenses and income |  |  | (7,957 | ) |  |  | (43,814 | ) |  |  | (78 | ) |  |  | (266 | ) |  |  | 399 |
Net financial income and income and social contribution taxes |  |  | (211 | ) |  |  | (3,453 | ) |  |  | 22 |  |  |  | (69 | ) |  |  | (27 | )
Net income (loss) |  |  | 2,427 |  |  |  | 6,021 |  |  |  | (56 | ) |  |  | (335 | ) |  |  | 372 |
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 |
|  | 12/31/2017 |
|  | 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 |  |  |  | 74,621 |  |  |  | 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 |
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 |
|  | 12/31/2016 |
|  | 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. |
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 |
The percentages in the table above are rounded.

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