XML 100 R73.htm IDEA: XBRL DOCUMENT
v3.19.1

Risks and Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Text block [abstract] |
Assets and liabilities in foreign currencies | Assets and Liabilities in Foreign Currencies
In millions of Brazilian Reais |  | 12/31/2018 |  |  | 12/31/2017 |
Assets in foreign currency |  |  |  |  |  |  |  |
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) |  |  | 254.2 |  |  |  | 236.4 |
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers |  |  | 235.1 |  |  |  | 214.9 |
Other net assets in foreign (except cash, cash equivalents, financial investments, trade receivables, financing, and payables) |  |  | 1,384.9 |  |  |  | 930.0 |
|  |  | 1,874.2 |  |  |  | 1,381.3 |
Liabilities in foreign currency |  |  |  |  |  |  |  |
Financing in foreign currency, gross of transaction costs and discount |  |  | (5,515.6 | ) |  |  | (4,416.2 | )
Payables arising from imports, net of advances to foreign suppliers |  |  | (567.7 | ) |  |  | (173.1 | )
|  |  | (6,083.3 | ) |  |  | (4,589.3 | )
Foreign currency hedging instruments |  |  | 2,483.0 |  |  |  | 1,777.6 |
Net liability position – Total |  |  | (1,726.1 | ) |  |  | (1,430.4 | )
Net asset (liability) position – Income statement effect |  |  | 282.7 |  |  |  | (26.1 | )
Net liability position – Equity effect |  |  | (2,008.8 | ) |  |  | (1,404.3 | )
Sensitivity analysis of assets and liabilities in foreign currency | The table below shows, in the three scenarios, the effects of exchange rate changes on the net liability position of R$ 1,726.1 million in foreign currency as of December 31, 2018:
In millions of Brazilian Reais |  | Risk |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  | Likely |  |  | 25% |  |  | 50% |
(1) Income statement effect |  | Real devaluation |  |  | 28.3 |  |  |  | 70.7 |  |  |  | 141.4 |
(2) Equity effect |  |  |  |  | (200.9 | ) |  |  | (502.2 | ) |  |  | (1,004.4 | )
(1) + (2) |  | Net effect |  |  | (172.6 | ) |  |  | (431.5 | ) |  |  | (863.0 | )
(3) Income statement effect |  | Real appreciation |  |  | (28.3 | ) |  |  | (70.7 | ) |  |  | (141.4 | )
(4) Equity effect |  |  |  |  | 200.9 |  |  |  | 502.2 |  |  |  | 1,004.4 |
(3) + (4) |  | Net effect |  |  | 172.6 |  |  |  | 431.5 |  |  |  | 863.0 |
The table below shows, in the three scenarios, the effects of exchange rate changes on the net liability position of R$ 1,430.4 million in foreign currency as of December 31, 2017:
In millions of Brazilian Reais |  | Risk |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  | Likely |  |  | 25% |  |  | 50% |
(1) Income statement effect |  | Real devaluation |  |  | (2.6 | ) |  |  | (6.5 | ) |  |  | (13.0 | )
(2) Equity effect |  |  |  |  | (140.4 | ) |  |  | (351.1 | ) |  |  | (702.2 | )
(1) + (2) |  | Net effect |  |  | (143.0 | ) |  |  | (357.6 | ) |  |  | (715.2 | )
(3) Income statement effect |  | Real appreciation |  |  | 2.6 |  |  |  | 6.5 |  |  |  | 13.0 |
(4) Equity effect |  |  |  |  | 140.4 |  |  |  | 351.1 |  |  |  | 702.2 |
(3) + (4) |  | Net effect |  |  | 143.0 |  |  |  | 357.6 |  |  |  | 715.2 |
Financial assets and liabilities exposed to floating interest rates | The financial assets and liabilities exposed to floating interest rates are demonstrated below:
In millions of Brazilian Reais |  | Note |  |  | 12/31/2018 |  |  | 12/31/2017 |
CDI |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  | 4.a |  |  |  | 3,722.3 |  |  |  | 4,821.6 |
Financial investments |  |  | 4.b |  |  |  | 2,537.3 |  |  |  | 1,153.0 |
Asset position of foreign exchange hedging instruments—CDI |  |  | 33.g |  |  |  | 33.9 |  |  |  | 29.9 |
Loans and debentures |  |  | 15.a |  |  |  | (8,440.9 | ) |  |  | (7,987.3 | )
Liability position of foreign exchange hedging instruments—CDI |  |  | 33.g |  |  |  | (2,205.5 | ) |  |  | (1,877.4 | )
Liability position of fixed interest instruments + IPCA – CDI |  |  | 33.g |  |  |  | (823.5 | ) |  |  | (586.6 | )
Net liability position in CDI |  |  |  |  |  |  | (5,176.4 | ) |  |  | (4,446.8 | )
TJLP |  |  |  |  |  |  |  |  |  |  |  |
Loans – TJLP |  |  | 15.a |  |  |  | (201.2 | ) |  |  | (301.9 | )
Net liability position in TJLP |  |  |  |  |  |  | (201.2 | ) |  |  | (301.9 | )
LIBOR |  |  |  |  |  |  |  |  |  |  |  |
Asset position of foreign exchange hedging instruments—LIBOR |  |  | 33.g |  |  |  | 811.6 |  |  |  | 984.3 |
Loans—LIBOR |  |  | 15.a |  |  |  | (1,437.1 | ) |  |  | (1,418.5 | )
Net liability position in LIBOR |  |  |  |  |  |  | (625.5 | ) |  |  | (434.2 | )
TIIE |  |  |  |  |  |  |  |  |  |  |  |
Loans—TIIE |  |  | 15.a |  |  |  | (4.0 | ) |  |  | (3.4 | )
Net liability position in TIIE |  |  |  |  |  |  | (4.0 | ) |  |  | (3.4 | )
SELIC |  |  |  |  |  |  |  |  |  |  |  |
Loans – SELIC |  |  | 15.a |  |  |  | (51.5 | ) |  |  | (100.3 | )
Net liability position in SELIC |  |  |  |  |  |  | (51.5 | ) |  |  | (100.3 | )
Total net liability position exposed to floating interest |  |  |  |  |  |  | (6,058.6 | ) |  |  | (5,286.6 | )
Sensitivity analysis of floating interest rate risk | The tables below shows the incremental expenses and income that would be recognized in financial income, due to the effect of floating interest rate changes in different scenarios.
In millions of Brazilian Reais |  |  |  |  | 12/31/2018 |
|  | Risk |  |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  |  | Likely |  |  | 25% |  |  | 50% |
Exposure of interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest effect on cash equivalents and financial investments |  |  | Increase in CDI |  |  |  | 32.7 |  |  |  | 81.7 |  |  |  | 163.3 |
Foreign exchange hedging instruments (assets in CDI) effect |  |  | Increase in CDI |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.5 |
Interest effect on debt in CDI |  |  | Increase in CDI |  |  |  | (55.0 | ) |  |  | (137.4 | ) |  |  | (274.9 | )
Interest rate hedging instruments (liabilities in CDI) effect |  |  | Increase in CDI |  |  |  | (33.7 | ) |  |  | (73.4 | ) |  |  | (139.6 | )
Incremental expenses |  |  |  |  |  |  | (55.9 | ) |  |  | (128.9 | ) |  |  | (250.7 | )
Interest effect on debt in TJLP |  |  | Increase in TJLP |  |  |  | (1.7 | ) |  |  | (4.2 | ) |  |  | (8.3 | )
Incremental expenses |  |  |  |  |  |  | (1.7 | ) |  |  | (4.2 | ) |  |  | (8.3 | )
Foreign exchange hedging instruments (assets in LIBOR) effect |  |  | Increase in LIBOR |  |  |  | 2.8 |  |  |  | 6.9 |  |  |  | 13.9 |
Interest effect on debt in LIBOR |  |  | Increase in LIBOR |  |  |  | (3.6 | ) |  |  | (9.1 | ) |  |  | (18.1 | )
Incremental expenses |  |  |  |  |  |  | (0.8 | ) |  |  | (2.2 | ) |  |  | (4.2 | )
Interest effect on debt in TIIE |  |  | Increase in TIIE |  |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.5 | )
Incremental expenses |  |  |  |  |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.5 | )
Interest effect on debt in SELIC |  |  | Increase in SELIC |  |  |  | (0.4 | ) |  |  | (1.0 | ) |  |  | (2.0 | )
Incremental expenses |  |  |  |  |  |  | (0.4 | ) |  |  | (1.0 | ) |  |  | (2.0 | )
In millions of Brazilian Reais |  |  |  |  | 12/31/2017 |
|  | Risk |  |  | Scenario I |  |  | Scenario II |  |  | Scenario III |
|  |  |  |  | Likely |  |  | 25% |  |  | 50% |
Exposure of interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest effect on cash equivalents and financial investments |  |  | Increase in CDI |  |  |  | 47.3 |  |  |  | 118.1 |  |  |  | 236.3 |
Foreign exchange hedging instruments (assets in CDI) effect |  |  | Increase in CDI |  |  |  | 0.2 |  |  |  | 0.5 |  |  |  | 1.0 |
Interest effect on debt in CDI |  |  | Increase in CDI |  |  |  | (67.2 | ) |  |  | (168.0 | ) |  |  | (336.0 | )
Interest rate hedging instruments (liabilities in CDI) effect |  |  | Increase in CDI |  |  |  | (38.6 | ) |  |  | (94.2 | ) |  |  | (186.7 | )
Incremental expenses |  |  |  |  |  |  | (58.3 | ) |  |  | (143.6 | ) |  |  | (285.4 | )
Interest effect on debt in TJLP |  |  | Increase in TJLP |  |  |  | (2.3 | ) |  |  | (5.6 | ) |  |  | (11.3 | )
Incremental expenses |  |  |  |  |  |  | (2.3 | ) |  |  | (5.6 | ) |  |  | (11.3 | )
Foreign exchange hedging instruments (assets in LIBOR) effect |  |  | Increase in LIBOR |  |  |  | 1.4 |  |  |  | 3.4 |  |  |  | 6.8 |
Interest effect on debt in LIBOR |  |  | Increase in LIBOR |  |  |  | (1.7 | ) |  |  | (4.4 | ) |  |  | (8.7 | )
Incremental expenses |  |  |  |  |  |  | (0.3 | ) |  |  | (1.0 | ) |  |  | (1.9 | )
Interest effect on debt in TIIE |  |  | Increase in TIIE |  |  |  | (0.0 | ) |  |  | (0.1 | ) |  |  | (0.2 | )
Incremental expenses |  |  |  |  |  |  | (0.0 | ) |  |  | (0.1 | ) |  |  | (0.2 | )
Interest effect on debt in SELIC |  |  | Increase in SELIC |  |  |  | (1.0 | ) |  |  | (2.5 | ) |  |  | (4.9 | )
Incremental expenses |  |  |  |  |  |  | (1.0 | ) |  |  | (2.5 | ) |  |  | (4.9 | )
Summary of Credit Risk of Cash, Cash Equivalents and Financial Investments | The credit risk of cash, cash equivalents and financial investments is summarized below:
|  | Fair value |
Counterparty credit rating |  | 12/31/2018 |  |  | 12/31/2017 |
AAA |  |  | 5,933,671 |  |  |  | 29,003 |
AA |  |  | 707,358 |  |  |  | 6,076,520 |
A |  |  | 262,553 |  |  |  | 192,638 |
BBB |  |  | 90,824 |  |  |  | 71,767 |
Total |  |  | 6,994,406 |  |  |  | 6,369,928 |
Allowance for estimated losses on doubtful accounts balances on trade receivables | The subsidiaries of the Company maintained the following allowance for estimated losses on doubtful accounts balances on trade receivables:
|  | 12/31/2018 |  |  | 12/31/2017 |
|  |  |  |  | Restated (i) |
Ipiranga |  |  | 442,486 |  |  |  | 350,594 |
Ultragaz |  |  | 61,975 |  |  |  | 83,627 |
Oxiteno |  |  | 12,371 |  |  |  | 10,755 |
Extrafarma |  |  | 5,858 |  |  |  | 5,623 |
Ultracargo |  |  | 2,089 |  |  |  | 2,179 |
Total |  |  | 524,779 |  |  |  | 452,778 |
(i) | See Note 2.x.
Contractual undiscounted cash outflows | The table below presents a summary of financial liabilities in 2018 by the Company and its subsidiaries, listed by maturity. The amounts disclosed in this table are the contractual undiscounted cash outflows, and, therefore, these amounts may be different from the amounts disclosed on the balance sheet.
|  | In millions of Brazilian Reais |
Financial liabilities |  | Total |  |  | Less than 1 year |  |  | Between 1 and 3 years |  |  | Between 3 and 5 years |  |  | More than 5 years |
Loans including future contractual interest (1) (2) |  |  | 19,323.8 |  |  |  | 2,869.0 |  |  |  | 4,089.7 |  |  |  | 7,820.3 |  |  |  | 4,544.8 |
Currency and interest rate hedging instruments (3) |  |  | 388.3 |  |  |  | 55.2 |  |  |  | 172.9 |  |  |  | 147.7 |  |  |  | 12.5 |
Trade payables |  |  | 2,731.7 |  |  |  | 2,731.7 |  |  |  | — |  |  |  | — |  |  |  |  |
(1) | To calculate the estimated interest on loans some macroeconomic assumptions were used, including averaging for the period the following: (i) CDI of 6.39% in 2018, 7.38% from 2019 to 2021, 8.52% from 2022 to 2023, 9.49% from 2024 to 2033, (ii) exchange rate of the Real against the U.S. dollar of R$ 3.87 in 2018, R$ 3.92 in 2019, R$ 4.06 in 2020, R$ 4.27 in 2021, R$ 4.53 in 2022, R$ 4.81 in 2023, R$ 5.12 in 2024, R$ 5.44 in 2025, R$ 5.77 in 2026 and R$ 6.13 in 2027 (iii) TJLP of 7.03%, (iv) IGP-M of 8.12% in 2018, 4.14% in 2019, 3.90% from 2020 to 2033 and (v) IPCA of 4.01% (source: B3, Bulletin Focus and financial institutions).
(2) | Includes estimated interest payments on short-term and long-term loans until the payment date.
(3) | The currency and interest rate hedging instruments were estimated based on projected U.S dollar futures contracts and the futures curves of DI x Pre and Pre x IPCA contracts quoted on B3 on December 28, 2018 and on the futures curve of LIBOR (ICE—Intercontinental Exchange) on December 31, 2018. In the table above, only the hedging instruments with negative results at the time of settlement were considered.
Position of hedging instruments | The table below summarizes the position of hedging instruments entered into by the Company and its subsidiaries:
|  |  |  |  | Notional amount1 |  |  | Fair value |  |  | Amounts receivable |  |  | Amounts payable |
Hedging instruments |  | Maturity |  |  | 12/31/2018 |  |  | 12/31/2017 |  |  | 12/31/2018 |  |  | 12/31/2017 |  |  | 12/31/2018 |
|  |  |  |  |  |  |  |  |  |  | R$ million |  |  | R$ million |  |  | R$ million |  |  | R$ million |
Designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
a –Exchange rate swaps receivable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables in U.S. dollars (LIBOR) |  |  |  |  |  | US$ | 150.0 |  |  | US$ | 240.0 |  |  |  | 577.5 |  |  |  | 788.6 |  |  |  | 577.5 |  |  |  | — |
Receivables in U.S. dollars (Fixed) |  |  | Jul 2021 to Nov 2023 |  |  | US$ | 245.0 |  |  | US$ | 203.6 |  |  |  | 973.7 |  |  |  | 665.6 |  |  |  | 973.7 |  |  |  | — |
Payables in CDI interest rate |  | US$ | (395.0 | ) |  | US$ | (443.6 | ) |  |  | (1,515.8 | ) |  |  | (1,568.6 | ) |  |  | — |  |  |  | 1,515.8 |
Total result |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 35.4 |  |  |  | (114.4 | ) |  |  | 1,551.2 |  |  |  | 1,515.8 |
b – Interest rate swaps in Brazilian Reais |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables in fixed interest rates + IPCA |  |  | Apr 2024 to Dec 2025 |  |  | R$ | 806.1 |  |  | R$ | 566.1 |  |  |  | 859.1 |  |  |  | 583.3 |  |  |  | 859.1 |  |  |  | — |
Payables in CDI interest rates |  | R$ | (806.1 | ) |  | R$ | (566.1 | ) |  |  | (823.5 | ) |  |  | (586.6 | ) |  |  | — |  |  |  | 823.5 |
Total result |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 35.6 |  |  |  | (3.3 | ) |  |  | 859.1 |  |  |  | 823.5 |
c – Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero Cost Collar (Reais x U.S. dollars) |  |  | Jan 2019 to Dec 2019 |  |  | US$ | 149.4 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Total result |  |  |  |  |  | US$ | 149.4 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
d –Exchange rate swaps receivable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables in U.S. dollars (LIBOR) |  |  | Jan 2019 to Oct 2026 |  |  | US$ | 60.0 |  |  | US$ | 60.0 |  |  |  | 234.1 |  |  |  | 195.7 |  |  |  | 234.1 |  |  |  | — |
Receivables in U.S. dollars (Fixed) |  | US$ | 856.8 |  |  | US$ | 753.0 |  |  |  | 731.6 |  |  |  | 157.5 |  |  |  | 731.6 |  |  |  | — |
Payables in CDI interest rate |  | US$ | (916.8 | ) |  | US$ | (813.0 | ) |  |  | (689.7 | ) |  |  | (308.8 | ) |  |  | — |  |  |  | 689.7 |
Total result |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 276.0 |  |  |  | 44.4 |  |  |  | 965.7 |  |  |  | 689.7 |
e – Exchange rate swaps payable in U.S. dollars + COUPON |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables in CDI interest rates |  |  |  |  |  | US$ | 8.9 |  |  | US$ | 9.1 |  |  |  | 33.9 |  |  |  | 29.9 |  |  |  | 33.9 |  |  |  | — |
Payables in U.S. dollars (Fixed) |  |  | Jan 2019 to Apr 2019 |  |  | US$ | (8.9 | ) |  | US$ | (9.1 | ) |  |  | (33.9 | ) |  |  | (29.8 | ) |  |  | — |  |  |  | 33.9 |
Total result |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 33.9 |  |  |  | 33.9 |
Total gross result |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 347.3 |  |  |  | (73.2 | ) |  |  | 3,410.2 |  |  |  | 3,062.9 |
Income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27.9 | ) |  |  | (4.7 | ) |  |  | (27.9 | ) |  |  | — |
Total net result |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 319.4 |  |  |  | (77.9 | ) |  |  | 3,382.3 |  |  |  | 3,062.9 |
Positive result (see Note 4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 363.3 |  |  |  | 85.8 |  |  |  | 2,296.3 |  |  |  | 1,932.9 |
Negative result (see Note 15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (43.9 | ) |  |  | (163.7 | ) |  |  | 1,086.0 |  |  |  | 1,130.0 |
(1) | In million. Currency as indicated.
Foreign Exchange Hedging Instruments Designated as Fair Value Hedge | The foreign exchange hedging instruments designated as fair value hedge are:
In millions, except the CDI % |  | 12/31/2018 |  |  | 12/31/2017 |
Notional amount – US$ |  |  | 395.0 |  |  |  | 320.0 |
Result of hedging instruments – gain/(loss) – R$ |  |  | 149.2 |  |  |  | (143.4 | )
Fair value adjustment of debt – R$ |  |  | (28.5 | ) |  |  | 16.5 |
Financial expense in the statements of profit or loss – R$ |  |  | (215.9 | ) |  |  | (4.1 | )
Average effective cost – CDI % |  |  | 104.4 |  |  |  | 102.7 |
For more information, see Note 15.c.1. The interest rate hedging instruments designated as fair value hedge are:
In millions, except the CDI % |  | 12/31/2018 |  |  | 12/31/2017 |
Notional amount – R$ |  |  | 806.1 |  |  |  | 566.1 |
Result of hedging instruments – gain/(loss) – R$ |  |  | 25.8 |  |  |  | (3.3 | )
Fair value adjustment of debt – R$ |  |  | (13.3 | ) |  |  | 19.1 |
Financial expense in the statements of profit or loss – R$ |  |  | (50.2 | ) |  |  | (18.5 | )
Average effective cost – CDI % |  |  | 95.8 |  |  |  | 95.2 |
Value of gains (losses) recognized | The following tables summarize the value of gains (losses) recognized, which affected the equity of the Company and its subsidiaries:
|  | R$ million |
|  | 2018 |
|  | Profit or loss |  |  | Equity |
a – Exchange rate swaps receivable in U.S. dollars (i) (ii) |  |  | 181.5 |  |  |  | — |
b – Exchange rate swaps payable in U.S. dollars (ii) |  |  | (3.8 | ) |  |  | 0.2 |
c – Interest rate swaps in R$ (iii) |  |  | 12.5 |  |  |  | — |
d – Non-derivative financial instruments (iv) |  |  | (134.0 | ) |  |  | (289.6 | )
Total |  |  | 56.2 |  |  |  | (289.4 | )
|  | R$ million |
|  | 2017 |
|  | Profit or loss |  |  | Equity |
a – Exchange rate swaps receivable in U.S. dollars (i) (ii) |  |  | (72.1 | ) |  |  | 5.3 |
b – Exchange rate swaps payable in U.S. dollars (ii) |  |  | 3.2 |  |  |  | — |
c – Interest rate swaps in R$ (iii) |  |  | 15.9 |  |  |  | — |
d – Non-derivative financial instruments (iv) |  |  | (104.2 | ) |  |  | (36.7 | )
Total |  |  | (157.2 | ) |  |  | (31.4 | )
|  | R$ million |
|  | 2016 |  |  | 1/1/2017 |
|  | Profit or loss |  |  | Equity |
a – Exchange rate swaps receivable in U.S. dollars (i) (ii) |  |  | (177.0 | ) |  |  | (13.8 | )
b – Exchange rate swaps payable in U.S. dollars (ii) |  |  | 9.2 |  |  |  | — |
c – Interest rate swaps in R$ (iii) |  |  | (0.5 | ) |  |  | — |
d – Non-derivative financial instruments (iv) |  |  | (28.5 | ) |  |  | (14.9 | )
Total |  |  | (196.8 | ) |  |  | (28.7 | )
(i) | Does not consider the effect of exchange rate variation of exchange swaps receivable in U.S. dollars when this effect is offset in the gain or loss of the hedged item (debt/firm commitments);
(ii) | Considers the designation effect of foreign exchange hedging;
(iii) | Considers the designation effect of interest rate hedging in Brazilian Reais; and
(iv) | Considers the results of notes in the foreign market (for further information see Note 15.b).
Fair values and the carrying values of the financial instruments | The fair values and the carrying values of the financial instruments, including currency and interest rate hedging instruments, are stated below:
|  |  |  |  |  |  | 12/31/2018 |  |  | 12/31/2017 Restated (i) |
|  | Category |  | Note |  |  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and bank deposits |  | Measured at amortized cost |  |  | 4.a |  |  |  | 205,482 |  |  |  | 205,482 |  |  |  | 147,926 |  |  |  | 147,926 |
Financial investments in local currency |  | Measured at fair value through other comprehensive income |  |  | 4.a |  |  |  | 3,722,308 |  |  |  | 3,722,308 |  |  |  | 4,821,605 |  |  |  | 4,821,605 |
Financial investments in foreign currency |  | Measured at fair value through profit or loss |  |  | 4.a |  |  |  | 11,161 |  |  |  | 11,161 |  |  |  | 32,473 |  |  |  | 32,473 |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency |  | Measured at fair value through profit or loss |  |  | 4.b |  |  |  | 2,462,018 |  |  |  | 2,462,018 |  |  |  | 1,076,849 |  |  |  | 1,076,849 |
Fixed-income securities and funds in local currency |  | Measured at fair value through other comprehensive income |  |  | 4.b |  |  |  | 2,208 |  |  |  | 2,208 |  |  |  | 2,720 |  |  |  | 2,720 |
Fixed-income securities and funds in local currency |  | Measured at amortized cost |  |  | 4.b |  |  |  | 73,089 |  |  |  | 73,089 |  |  |  | 73,471 |  |  |  | 73,471 |
Fixed-income securities and funds in foreign currency |  | Measured at fair value through other comprehensive income |  |  | 4.b |  |  |  | 154,811 |  |  |  | 154,811 |  |  |  | 129,131 |  |  |  | 129,131 |
Currency and interest rate hedging instruments |  | Measured at fair value through profit or loss |  |  | 4.b |  |  |  | 363,329 |  |  |  | 363,329 |  |  |  | 85,753 |  |  |  | 85,753 |
Total |  |  |  |  |  |  |  |  | 6,994,406 |  |  |  | 6,994,406 |  |  |  | 6,369,928 |  |  |  | 6,369,928 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 1,567,374 |  |  |  | 1,567,374 |  |  |  | 1,047,809 |  |  |  | 1,047,809 |
Financing |  | Measured at amortized cost |  |  | 15.a |  |  |  | 6,889,310 |  |  |  | 6,840,079 |  |  |  | 6,740,872 |  |  |  | 6,761,907 |
Debentures |  | Measured at amortized cost |  |  | 15.a |  |  |  | 5,826,242 |  |  |  | 5,770,979 |  |  |  | 5,035,247 |  |  |  | 5,037,072 |
Debentures |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 833,213 |  |  |  | 833,213 |  |  |  | 554,402 |  |  |  | 554,402 |
Finance leases |  | Measured at amortized cost |  |  | 15.a |  |  |  | 46,066 |  |  |  | 46,066 |  |  |  | 48,515 |  |  |  | 48,515 |
Currency and interest rate hedging instruments |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 43,944 |  |  |  | 43,944 |  |  |  | 163,749 |  |  |  | 163,749 |
Subscription warrants – indemnification |  | Measured at fair value through profit or loss |  |  | 24 |  |  |  | 123,095 |  |  |  | 123,095 |  |  |  | 171,459 |  |  |  | 171,459 |
Total |  |  |  |  |  |  |  |  | 15,329,244 |  |  |  | 15,224,750 |  |  |  | 13,762,053 |  |  |  | 13,784,913 |
(i) | See Note 2.x.
Summary of the financial assets and financial liabilities measured at fair value | The table below shows a summary of the financial assets and financial liabilities measured at fair value:
|  | Category |  | Note |  |  | 12/31/2018 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks |  | Measured at amortized cost |  |  | 4.a |  |  |  | 205,482 |  |  |  | 205,482 |  |  |  | — |  |  |  | — |
Financial investments in local currency |  | Measured at fair value through other comprehensive income |  |  | 4.a |  |  |  | 3,722,308 |  |  |  | — |  |  |  | 3,722,308 |  |  |  | — |
Financial investments in foreign currency |  | Measured at fair value through profit or loss |  |  | 4.a |  |  |  | 11,161 |  |  |  | 11,161 |  |  |  | — |  |  |  | — |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency |  | Measured at fair value through profit or loss |  |  | 4.b |  |  |  | 2,462,018 |  |  |  | 2,462,018 |  |  |  | — |  |  |  | — |
Fixed-income securities and funds in local currency |  | Measured at fair value through other comprehensive income |  |  | 4.b |  |  |  | 2,208 |  |  |  | — |  |  |  | 2,208 |  |  |  | — |
Fixed-income securities and funds in local currency |  | Measured at amortized cost |  |  | 4.b |  |  |  | 73,089 |  |  |  | — |  |  |  | 73,089 |  |  |  | — |
Fixed-income securities and funds in foreign currency |  | Measured at fair value through other comprehensive income |  |  | 4.b |  |  |  | 154,811 |  |  |  | 1,666 |  |  |  | 153,145 |  |  |  | — |
Currency and interest rate hedging instruments |  | Measured at fair value through profit or loss |  |  | 4.b |  |  |  | 363,329 |  |  |  | — |  |  |  | 363,329 |  |  |  | — |
Total |  |  |  |  |  |  |  |  | 6,994,406 |  |  |  | 2,680,327 |  |  |  | 4,314,079 |  |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 1,567,374 |  |  |  | — |  |  |  | 1,567,374 |  |  |  | — |
Financing |  | Measured at amortized cost |  |  | 15.a |  |  |  | 6,840,079 |  |  |  | 2,841,436 |  |  |  | 3,998,643 |  |  |  | — |
Debentures |  | Measured at amortized cost |  |  | 15.a |  |  |  | 5,770,979 |  |  |  | — |  |  |  | 5,770,979 |  |  |  | — |
Debentures |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 833,213 |  |  |  | — |  |  |  | 833,213 |  |  |  | — |
Finance leases |  | Measured at amortized cost |  |  | 15.a |  |  |  | 46,066 |  |  |  | — |  |  |  | 46,066 |  |  |  | — |
Currency and interest rate hedging instruments |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 43,944 |  |  |  | — |  |  |  | 43,944 |  |  |  | — |
Subscription warrants – indemnification (1) |  | Measured at fair value through profit or loss |  |  | 24 |  |  |  | 123,095 |  |  |  | — |  |  |  | 123,095 |  |  |  | — |
Total |  |  |  |  |  |  |  |  | 15,224,750 |  |  |  | 2,841,436 |  |  |  | 12,383,314 |  |  |  | — |
|  | Category |  | Note |  |  | 12/31/2017 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and banks |  | Measured at amortized cost |  |  | 4.a |  |  |  | 147,926 |  |  |  | 147,926 |  |  |  | — |  |  |  | — |
Financial investments in local currency |  | Measured at fair value through profit or loss |  |  | 4.a |  |  |  | 4,821,605 |  |  |  | — |  |  |  | 4,821,605 |  |  |  | — |
Financial investments in foreign currency |  | Measured at fair value through profit or loss |  |  | 4.a |  |  |  | 32,473 |  |  |  | 32,473 |  |  |  | — |  |  |  | — |
Financial investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income securities and funds in local currency |  | Measured at fair value through profit or loss |  |  | 4.b |  |  |  | 1,076,849 |  |  |  | 1,076,849 |  |  |  | — |  |  |  | — |
Fixed-income securities and funds in local currency |  | Measured at fair value through other comprehensive income |  |  | 4.b |  |  |  | 2,720 |  |  |  | — |  |  |  | 2,720 |  |  |  | — |
Fixed-income securities and funds in local currency |  | Measured at amortized cost |  |  | 4.b |  |  |  | 73,471 |  |  |  | — |  |  |  | 73,471 |  |  |  | — |
Fixed-income securities and funds in foreign currency |  | Measured at fair value through other comprehensive income |  |  | 4.b |  |  |  | 129,131 |  |  |  | 40,556 |  |  |  | 88,575 |  |  |  | — |
Currency and interest rate hedging instruments |  | Measured at fair value through profit or loss |  |  | 4.b |  |  |  | 85,753 |  |  |  | — |  |  |  | 85,753 |  |  |  | — |
Total |  |  |  |  |  |  |  |  | 6,369,928 |  |  |  | 1,297,804 |  |  |  | 5,072,124 |  |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 1,047,809 |  |  |  | — |  |  |  | 1,047,809 |  |  |  | — |
Financing |  | Measured at amortized cost |  |  | 15.a |  |  |  | 6,761,907 |  |  |  | 2,523,643 |  |  |  | 4,238,264 |  |  |  | — |
Debentures |  | Measured at amortized cost |  |  | 15.a |  |  |  | 5,037,072 |  |  |  | — |  |  |  | 5,037,072 |  |  |  | — |
Debentures |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 554,402 |  |  |  | — |  |  |  | 554,402 |  |  |  | — |
Finance leases |  | Measured at amortized cost |  |  | 15.a |  |  |  | 48,515 |  |  |  | — |  |  |  | 48,515 |  |  |  | — |
Currency and interest rate hedging instruments |  | Measured at fair value through profit or loss |  |  | 15.a |  |  |  | 163,749 |  |  |  | — |  |  |  | 163,749 |  |  |  | — |
Subscription warrants – indemnification (1) |  | Measured at fair value through profit or loss |  |  | 24 |  |  |  | 171,459 |  |  |  | — |  |  |  | 171,459 |  |  |  | — |
Total |  |  |  |  |  |  |  |  | 13,784,913 |  |  |  | 2,523,643 |  |  |  | 11,261,270 |  |  |  | — |
(1) | Refers to subscription warrants issued by the Company in the Extrafarma acquisition.
The fair value of trade receivables and trade payables are classified as level 2.
Changes in exchange rate |
12/31/2018 |  | Risk |  |  | Scenario I Likely |  |  | Scenario II |  |  | Scenario III |
Currency swaps receivable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) U.S. Dollar / Real swaps |  |  | Dollar |  |  |  | 372,022 |  |  |  | 1,039,669 |  |  |  | 1,707,316 |
(2) Debts/firm commitments in dollars |  |  | appreciation |  |  |  | (372,019 | ) |  |  | (1,039,661 | ) |  |  | (1,707,303 | )
(1)+(2) |  |  | Net effect |  |  |  | 3 |  |  |  | 8 |  |  |  | 13 |
Currency swaps payable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(3) Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | (65 | ) |  |  | 8,545 |  |  |  | 17,154 |
(4) Gross margin of Oxiteno |  |  | devaluation |  |  |  | 65 |  |  |  | (8,545 | ) |  |  | (17,154 | )
(3)+(4) |  |  | Net effect |  |  |  | — |  |  |  | — |  |  |  | — |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(5) Options Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | — |  |  |  | 97,938 |  |  |  | 244,572 |
(6) Gross margin of Oxiteno |  |  | Devaluation |  |  |  | 7,641 |  |  |  | (138,993 | ) |  |  | (285,627 | )
(5)+(6) |  |  | Net effect |  |  |  | 7,641 |  |  |  | (41,055 | ) |  |  | (41,055 | )
12/31/2017 |  | Risk |  |  | Scenario I Likely |  |  | Scenario II |  |  | Scenario III |
Currency swaps receivable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) U.S. Dollar / Real swaps |  |  | Dollar |  |  |  | 198,138 |  |  |  | 690,432 |  |  |  | 1,182,726 |
(2) Debts/firm commitments in dollars |  |  | appreciation |  |  |  | (198,130 | ) |  |  | (690,415 | ) |  |  | (1,182,700 | )
(1)+(2) |  |  | Net effect |  |  |  | 8 |  |  |  | 17 |  |  |  | 26 |
Currency swaps payable in U.S. dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(3) Real / U.S. Dollar swaps |  |  | Dollar |  |  |  | (97 | ) |  |  | 7,486 |  |  |  | 15,069 |
(4) Gross margin of Oxiteno |  |  | devaluation |  |  |  | 97 |  |  |  | (7,486 | ) |  |  | (15,069 | )
(3)+(4) |  |  | Net effect |  |  |  | — |  |  |  | — |  |  |  | — |

X
- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2018-01-01 -Paragraph 24A -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2018-03-01&anchor=para_24A&doctype=Standard -URIDate 2018-03-16 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of external credit grades. [Refer: External credit grades [member]] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2018-01-01 -Paragraph IG24 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2017-03-02&anchor=para_IG24&doctype=Implementation%20Guidance&book=b -URIDate 2018-03-16 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2018-01-01 -Paragraph 36 -Subparagraph c -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=7&date=2017-03-02&anchor=para_36_c&doctype=Standard&book=b -URIDate 2018-03-16 + Details
Name: | ifrs-full_DisclosureOfExternalCreditExposuresExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of allowance for doubtful accounts on trade receivables. + References No definition available. + Details
Name: | ugp_SummaryOfAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of assets and liabilities in foreign currencies. + References No definition available. + Details
Name: | ugp_SummaryOfAssetsAndLiabilitiesInForeignCurrenciesTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of changes in exchange rate. + References No definition available. + Details
Name: | ugp_SummaryOfChangesInExchangeRateTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of contractual undiscounted cash outflows. + References No definition available. + Details
Name: | ugp_SummaryOfContractualUndiscountedCashOutflowsTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of fair and carrying values of financial instruments. + References No definition available. + Details
Name: | ugp_SummaryOfFairAndCarryingValuesOfFinancialInstrumentsTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of financial assets and financial liabilities measured at fair value. + References No definition available. + Details
Name: | ugp_SummaryOfFinancialAssetsAndFinancialLiabilitiesMeasuredAtFairValueTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of financial assets and liabilities exposed to floating interest rates. + References No definition available. + Details
Name: | ugp_SummaryOfFinancialAssetsAndLiabilitiesExposedToFloatingInterestRatesTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of position of hedging instruments. + References No definition available. + Details
Name: | ugp_SummaryOfPositionOfHedgingInstrumentsTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of sensitivity analysis of assets and liabilities in foreign currency. + References No definition available. + Details
Name: | ugp_SummaryOfSensitivityAnalysisOfAssetsAndLiabilitiesInForeignCurrencyTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of sensitivity analysis of floating interest rate risk. + References No definition available. + Details
Name: | ugp_SummaryOfSensitivityAnalysisOfFloatingInterestRateRiskTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of value of gains losses recognized table. + References No definition available. + Details
Name: | ugp_SummaryOfValueOfGainsLossesRecognizedTableTextBlock
Namespace Prefix: | ugp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Text block [abstract] + References No definition available. + Details
Name: | ugp_TextBlockAbstract
Namespace Prefix: | ugp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration