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Principles of Consolidation and Investments in Subsidiaries

12 Months Ended

Dec. 31, 2019

Principles of Consolidation and Investments in Subsidiaries

3. Principles of Consolidation and Investments in Subsidiaries

a. Principles of Consolidation

In the preparation of the consolidated financial statements the investments of one company in another, balances of asset and liability accounts, revenues transactions, costs and expenses were eliminated, as well as the effects of transactions conducted between the companies.

Non-controlling

interests in subsidiaries are presented within consolidated equity and net income.

Consolidation of a subsidiary begins when the parent company obtains direct or indirect control over a company and ceases when the parent company loses control of a company. Income and expenses of a subsidiary acquired are included in the consolidated statement of profit or loss and comprehensive income from the date the parent company gains the control. Income and expenses of a subsidiary, in which the parent company loses control, are included in the consolidated statement of profit or loss and comprehensive income until the date the parent company loses control.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies.

b. Investments in Subsidiaries

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


			% interest in the share
			12/31/2019				12/31/2018				12/31/2017
			Control				Control				Control
	Location	Segment	Direct		Indirect		Direct		Indirect		Direct		Indirect
Ipiranga Produtos de Petróleo S.A.	Brazil	Ipiranga		100		0		100		—		100		—
am/pm Comestíveis Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Centro de Conveniências Millennium Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Icorban – Correspondente Bancário Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Ipiranga Trading Limited	Virgin Islands	Ipiranga		0		100		—		100		—		100
Tropical Transportes Ipiranga Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Ipiranga Imobiliária Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Ipiranga Logística Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Oil Trading Importadora e Exportadora Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Iconic Lubrificantes S.A.	Brazil	Ipiranga		0		56		—		56		—		56
Integra Frotas Ltda.	Brazil	Ipiranga		0		100		—		100		—		100
Companhia Ultragaz S.A.	Brazil	Ultragaz		0		99		—		99		—		99
Ultragaz Comercial Ltda.	Brazil	Ultragaz		0		100		—		100		—		100
Nova Paraná Distribuidora de Gás Ltda. (1)	Brazil	Ultragaz		0		100		—		100		—		—
Bahiana Distribuidora de Gás Ltda.	Brazil	Ultragaz		0		100		—		100		—		100
Utingás Armazenadora S.A.	Brazil	Ultragaz		0		57		—		57		—		57
LPG International Inc.	Cayman Islands	Ultragaz		0		100		—		100		—		100
Imaven Imóveis Ltda.	Brazil	Others		0		100		—		100		—		100
Imifarma Produtos Farmacêuticos e Cosméticos S.A.	Brazil	Extrafarma		0		100		—		100		—		100
Oxiteno S.A. Indústria e Comércio	Brazil	Oxiteno		100		0		100		—		100		—
Oxiteno Nordeste S.A. Indústria e Comércio (2)	Brazil	Oxiteno		0		0		—		99		—		99
Oxiteno Argentina Sociedad de Responsabilidad Ltda.	Argentina	Oxiteno		0		100		—		100		—		100
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Brazil	Oxiteno		0		100		—		100		—		100
Oxiteno Uruguay S.A.	Uruguay	Oxiteno		0		100		—		100		—		100
Oxiteno México S.A. de C.V.	Mexico	Oxiteno		0		100		—		100		—		100
Oxiteno Servicios Corporativos S.A. de C.V.	Mexico	Oxiteno		0		100		—		100		—		100
Oxiteno Servicios Industriales S.A. de C.V.	Mexico	Oxiteno		0		100		—		100		—		100
Oxiteno USA LLC	United States	Oxiteno		0		100		—		100		—		100
Global Petroleum Products Trading Corp.	Virgin Islands	Oxiteno		0		100		—		100		—		100
Oxiteno Andina, C.A. (3)	Venezuela	Oxiteno		0		0		—		100		—		100
Oxiteno Europe SPRL	Belgium	Oxiteno		0		100		—		100		—		100
Oxiteno Colombia S.A.S	Colombia	Oxiteno		0		100		—		100		—		100
Oxiteno Shanghai LTD.	China	Oxiteno		0		100		—		100		—		100
Empresa Carioca de Produtos Químicos S.A.	Brazil	Oxiteno		0		100		—		100		—		100
Ultracargo—Operações Logísticas e Participações Ltda.	Brazil	Ultracargo		100		0		100		—		100		—
Terminal Químico de Aratu S.A. – Tequimar	Brazil	Ultracargo		0		99		—		99		—		99
TEAS – Terminal Exportador de Álcool de Santos Ltda.	Brazil	Ultracargo		0		100		—		100		—		—
Tequimar Vila do Conde Logística Portuária S.A. (4)	Brazil	Ultracargo		0		100		—		—		—		—
Ultrapar International S.A.	Luxembourg	Others		100		0		100		—		100		—
SERMA—Ass. dos usuários equip. proc. de dados	Brazil	Others		0		100		—		100		—		100

The percentages in the table above are rounded.

(1)	Non operating company in closing phase.

(2)

On April 30, 2019, the shareholders of Oxiteno Nordeste S.A. Indústria e Comércio (“Oxiteno Nordeste”) approved the rescue of all of its preferred shares class “B”, with

subsequent cancellation. On December 2, 2019, in order to simplify the corporate structure, the subsidiary Oxiteno Nordeste was incorporated by its parent Oxiteno S.A. Indústria e Comércio (“Oxiteno S.A.”).

(3)	On October 15, 2019, the subsidiary Oxiteno S.A. approved the asset write-offs of Oxiteno Andina C.A. (“Oxiteno Andina”).

(4)	Company incorporated on May 20, 2019 due the concession of the port of Vila do Conde (see Note 35.c).

c. TEAS – Terminal Exportador de Álcool de Santos Ltda. Acquisition

The Company through its subsidiary Terminal Químico de Aratu S.A. – Tequimar (“Tequimar”) acquired 100% of the quotas of TEAS Terminal Exportador de Álcool de Santos Ltda. (“TEAS”). On March 29, 2018, the acquisition was concluded through the closing of the operation. For further details of TEAS business combination, see Note 3.d of financial statements as of and for the year ended December 31, 2018 filed on CVM on February 20, 2019.