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.