Principles of Consolidation, Investments in Subsidiaries and Acquisition (Tables)

12 Months Ended

Dec. 31, 2018

The consolidated financial statements include the following direct and indirect subsidiaries:


			% interest in the share
			12/31/2018				12/31/2017				12/31/2016
			Control				Control				Control
	Location	Segment	Direct		Indirect		Direct		Indirect		Direct		Indirect
Ipiranga Produtos de Petróleo S.A.	Brazil	Ipiranga		100		—		100		—		100		—
am/pm Comestíveis Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Centro de Conveniências Millennium Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Icorban—Correspondente Bancário Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Ipiranga Trading Limited	Virgin Islands	Ipiranga		—		100		—		100		—		100
Tropical Transportes Ipiranga Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Ipiranga Imobiliária Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Ipiranga Logística Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Oil Trading Importadora e Exportadora Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Iconic Lubrificantes S.A. (see Note 3.c)	Brazil	Ipiranga		—		56		—		56		—		—
Ipiranga Lubrificantes S.A. (see Note 3.c)	Brazil	Ipiranga		—		—		—		100		—		100
Integra Frotas Ltda.	Brazil	Ipiranga		—		100		—		100		—		100
Companhia Ultragaz S.A.	Brazil	Ultragaz		—		99		—		99		—		99
Ultragaz Comercial Ltda.	Brazil	Ultragaz		—		100		—		100		—		100
Bahiana Distribuidora de Gás Ltda.	Brazil	Ultragaz		—		100		—		100		—		100
Utingás Armazenadora S.A.	Brazil	Ultragaz		—		57		—		57		—		57
LPG International Inc.	Cayman Islands	Ultragaz		—		100		—		100		—		100
Imaven Imóveis Ltda.	Brazil	Others		—		100		—		100		—		100
Imifarma Produtos Farmacêuticos e Cosméticos S.A.	Brazil	Extrafarma		—		100		—		100		—		100
Oxiteno S.A. Indústria e Comércio	Brazil	Oxiteno		100		—		100		—		100		—
Oxiteno Nordeste S.A. Indústria e Comércio	Brazil	Oxiteno		—		99		—		99		—		99
Oxiteno Argentina Sociedad de Responsabilidad Ltda.	Argentina	Oxiteno		—		100		—		100		—		100
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Brazil	Oxiteno		—		100		—		100		—		100
Oxiteno Uruguay S.A.	Uruguay	Oxiteno		—		100		—		100		—		100
Oxiteno México S.A. de C.V.	Mexico	Oxiteno		—		100		—		100		—		100
Oxiteno Servicios Corporativos S.A. de C.V.	Mexico	Oxiteno		—		100		—		100		—		100
Oxiteno Servicios Industriales S.A. de C.V.	Mexico	Oxiteno		—		100		—		100		—		100
Oxiteno USA LLC	United States	Oxiteno		—		100		—		100		—		100
Global Petroleum Products Trading Corp.	Virgin Islands	Oxiteno		—		100		—		100		—		100
Oxiteno Andina, C.A.	Venezuela	Oxiteno		—		100		—		100		—		100
Oxiteno Europe SPRL	Belgium	Oxiteno		—		100		—		100		—		100
Oxiteno Colombia S.A.S	Colombia	Oxiteno		—		100		—		100		—		100
Oxiteno Shanghai LTD.	China	Oxiteno		—		100		—		100		—		100
Empresa Carioca de Produtos Químicos S.A.	Brazil	Oxiteno		—		100		—		100		—		100
Ultracargo—Operações Logísticas e Participações Ltda.	Brazil	Ultracargo		100		—		100		—		100		—
Terminal Químico de Aratu S.A. – Tequimar	Brazil	Ultracargo		—		99		—		99		—		99
TEAS – Terminal Exportador de Álcool de Santos Ltda. (see Note 3.d)	Brazil	Ultracargo		—		100		—		—		—		—
Ultrapar International S.A.	Luxembourg	Others		100		—		100		—		100		—
SERMA—Ass. dos usuários equip. proc. de dados	Brazil	Others		—		100		—		100		—		100

Fair value of acquired assets and liabilities assumed in acquisition

The table below summarize the assets acquired and liabilities assumed as of the acquisition date (December 1, 2017):


Current assets	Temporary amount		Final amount		Adjustment			Current liabilities	Temporary amount		Final amount		Adjustment
Cash and cash equivalents ⁽¹⁾		73,316		73,316		—		Trade payables		33,453		33,453		—
Trade receivables		157,016		157,016		—		Salaries and related charges		18,251		18,251		—
Inventories		112,998		113,131		133		Taxes payable		20,089		20,089		—
Recoverable taxes		5,595		5,595		—		Other payables		28,743		28,743		—
Other receivables		15,497		15,497		—

		364,422		364,555		133				100,536		100,536		—
Non-current assets								Non-current liabilities
Related parties		7,077		7,077		—		Provision for tax, civil, and labor risks		202,352		202,352		—
Indemnity asset		202,352		202,352		—		Deferred income and social contribution taxes		3,300		48,418		45,118
Escrow deposits		4,095		4,095		—		Post-employment benefits		44,478		44,478		—

Other receivables		5,257		5,257		—				250,130		295,248		45,118
Property, plant, and equipment		172,526		175,823		3,298

Intangible assets		9,944		139,215		129,270

		401,251		533,819		132,568

Total assets acquired		765,673		898,374		132,701		Total liabilities assumed		350,666		395,784		45,118

Goodwill		123,673		69,807		(53,866	)	Participation of non-controlling interests		182,603		221,139		38,536

Total assets acquired and goodwill		889,346		968,181		78,835		Consideration transferred		356,077		351,258		(4,819	)

⁽¹⁾	Includes the cash contribution from IPP.

Summary of identification of assets and liabilities, intangible assets, not recognized in acquired entity's book

During the process of identification of assets and liabilities, intangible assets, which were not recognized in the acquired entity’s books were also taken into account, as shown below:

Useful life

Amortization
method

Commercial property rights

114,792

39 years

Straight line

Portfolio and customers’ relationship

14,478

30 years

Straight line

Total

129,270

Summary of goodwill calculation

The goodwill was calculated as below:


	Temporary amount			Final amount			Adjustment
Consideration transferred		356,077			351,258			4,819
Total assets acquired		(765,673	)		(898,374	)		(132,701	)
Total liabilities assumed		350,666			395,784			45,118
Non-controlling interest		182,603			221,139			38,536

Goodwill (see Note 14.a)		123,673			69,807			53,866

TEAS Terminal Exportador de Alcool de Santos Ltda. [member]

Statement [LineItems]

Fair value of acquired assets and liabilities assumed in acquisition

The table below summarizes the assets acquired and liabilities assumed as of the acquisition date:


Current assets		Current liabilities
Cash and cash equivalents	3,662	Trade payables	14
Recoverable taxes	3,830	Contingent consideration	2,880

	7,492		2,894
Non-current assets		Non-current liabilities
Deferred income and social contribution taxes	1,054	Provision for tax, civil, and labor risks	141
Escrow deposits	72
Indemnity asset	141
Property, plant, and equipment	96,852

	98,119		141

Total assets acquired	105,611	Total liabilities assumed	3,035

Goodwill	797
Total assets acquired and goodwill	106,408	Consideration transferred	103,373

Summary of goodwill calculation

The goodwill is was calculated as below:


Consideration transferred	103,373
Total assets acquired	(105,611	)
Total liabilities assumed	3,035

Goodwill (see Note 14.a)	797

Consolidated information

The following summary presents the Company’s pro forma information for 2017, as if the acquisition had been completed at the beginning of the year. The pro forma information is only presented for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition actually been made at such date, nor is it necessarily indicative of future operating results:


	2017
Net revenue from sales and services		80,007,676
Operating income		2,760,458
Net income for the year		1,507,074
Earnings per share basic – whole R$ (see Note 31)		1.3911
Earnings per share diluted – whole R$ (see Note 31)		1.3812