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Loans, financing, debentures and hedge derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Statement [Line Items] |
Summary of Compostion of loans | a. Composition
Description | 12/31/2020 |  | 12/31/2019 |  | Index/ Currency | Weighted average financial charges 12/31/2020 – % p.a. | Maturity
Foreign currency – denominated loans: |  |  |  |  |  |  |
Notes in the foreign market (b) (*) | 7,267,687 |  | 4,213,662 |  | US$ | 5.3 | 2026 to 2029
Foreign loan (c.1) (*) | 1,047,644 |  | 1,057,407 |  | US$ | 3.9 | 2021 to 2023
Financial institutions (e) | 312,200 |  | 604,741 |  | US$ + LIBOR (1) | 1.4 | 2021
Foreign loan (c.1) (*) | 261,284 |  | 608,685 |  | US$ + LIBOR (1) | 1.0 | 2022
Financial institutions (e) | 154,783 |  | 132,417 |  | US$ | 2.5 | 2020 to 2022
Advances on foreign exchange contracts | 105,579 |  | - |  | US$ | 3.7 | 2021
Financial institutions (e) | 39,350 |  | 41,164 |  | MX$ (2) | 8.4 | 2021
Foreign loan (c.2) | - |  | 243,837 |  | US$ + LIBOR (1) | - | 2020
BNDES (d) | - |  | 208 |  | US$ | - | 2020
Total foreign currency | 9,188,527 |  | 6,902,121 |  |  |  |
Brazilian Reais – denominated loans: |  |  |  |  |  |  |
Debentures – CRA (g.2, g.4 and g.6) | 2,037,602 |  | 2,036,647 |  | DI | 95.8 | 2022 to 2023
Debentures - 6ª issuance (g.5) | 1,734,113 |  | 1,752,080 |  | DI | 105.3 | 2023
Debentures – Ipiranga (g.1 and g.3) | 1,679,036 |  | 1,868,612 |  | DI | 105.0 | 2021 to 2022
Notes - Ultrapar (h.1) | 1,038,499 |  | - |  | R$ + DI | 3.1 | 2021
Debentures – CRA (g.2, g.4 and g.6) (*) | 1,000,824 |  | 941,614 |  | IPCA | 4.6 | 2024 to 2025
Banco do Brasil (f) | 407,420 |  | 611,276 |  | DI | 110.9 | 2021 to 2022
Bank Credit Bill | 50,692 |  | - |  | R$ + DI | 3.5 | 2021
Debentures – Tequimar (g.7) | 92,541 |  | 89,278 |  | R$ | 6.5 | 2024
FINEP | 29,803 |  | 41,345 |  | TJLP (3) | 1.6 | 2020 to 2023
BNDES (d) | - |  | 62,578 |  | TJLP (3) | - | 2021
Banco do Nordeste do Brasil | - |  | 10,039 |  | R$ (4) | - | 2021
FINEP | - |  | 12,820 |  | R$ | - | 2020 to 2021
BNDES (d) | - |  | 30,392 |  | SELIC (5) | - | 2020
BNDES (d) | - |  | 3,913 |  | R$ | - | 2020 to 2022
FINAME | - |  | 22 |  | TJLP (3) | - | 2020 to 2022
Total in Brazilian Reais | 8,070,530 |  | 7,460,616 |  |  |  |
Total foreign currency and Brazilian Reais | 17,259,057 |  | 14,362,737 |  |  |  |
Currency and interest rate hedging instruments (**) | 117,159 |  | 29,985 |  |  |  |
Total | 17,376,216 |  | 14,392,722 |  |  |  |
Current | 3,255,944 |  | 1,117,441 |  |  |  |
Non-current | 14,120,272 |  | 13,275,281 |  |  |  |
(*) These transactions were designated for hedge accounting (see Note 3 3.h). (**) Accumulated losses (see Note 3 3.i). (1) LIBOR = London Interbank Offered Rate. (2) MX$ = Mexican Peso; TIIE = the Mexican interbank balance interest rate. (3) TJLP (Long-term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of Banco Nacional de Desenvolvimento Econômico e Social (“BNDES”), the Brazilian Development Bank. On December 3 1, 2020, TJLP was fixed at 4.55% p.a. (4) Contract linked to the rate of FNE (Northeast Constitutional Financing Fund) fund whose purpose is to promote the development of the industrial sector, managed by Banco do Nordeste do Brasil. On December 3 1, 2020, the FNE interest rate was 10% p.a. FNE grants a discount of 15% on the interest rate for timely payments. (5) SELIC = basic interest rate set by the Brazilian Central Bank.
Summary of Changes in Loans, Debentures and Finance Leases | The changes in loans and debentures are shown below:
Balance as of December 31, 2018 | 15,116,139 |
New loans and debentures with cash effect | 2,105,737 |
Interest accrued | 845,844 |
Principal payment | (2,644,704 | )
Interest payment | (1,469,780 | )
Monetary and exchange rate variation | 296,441 |
Change in fair value | 113,060 |
Balance as of December 31, 2019 | 14,362,737 |
New loans and debentures with cash effect | 3,591,624 |
Interest accrued | 757,161 |
Principal payment | (2,795,002 | )
Interest payment | (740,853 | )
Monetary and exchange rate variation | 2,048,688 |
Change in fair value | 34,702 |
Balance as of December 31, 2020 | 17,259,057 |
Summary of Principal Maturity Schedule | The long-term debt had the following principal maturity schedule:
| 12/31/2020 |  | 12/31/2019
From 1 to 2 years | 2,702,626 |  | 1,424,775
From 2 to 3 years | 3,091,641 |  | 3,115,495
From 3 to 4 years | 784,778 |  | 3,451,988
From 4 to 5 years | 231,271 |  | 765,263
More than 5 years | 7,309,956 |  | 4,517,760
| 14,120,272 |  | 13,275,281
Summary of Foreign Loan Maturity | The foreign loans ha ve the maturity distributed as follows:
Maturity | US$ (thousands) |  | R$ (thousands) |  | Cost in % of DI
Charges (1) | 16,877 |  | 87,703 |  | -
Jul/2021 | 60,000 |  | 311,802 |  | 101.8
Jun/2022 | 50,000 |  | 259,835 |  | 105.0
Sep/2023 | 60,000 |  | 311,802 |  | 105.0
Sep/2023 | 65,000 |  | 337,786 |  | 104.8
Total / average cost | 251,877 |  | 1,308,928 |  | 104.1
(1) Includes interest, transaction costs and fair value adjustments.
Summary of Subsidiary's Loan Maturity | The subsidiary Oxiteno USA has loan s with bearing interest of LIBOR + 1.4% and maturity as shown below:
Maturity | US$ (thousands) |  | R$ (thousands)
Charges (1) | 3 |  | 15
Mar/2021 | 60,000 |  | 312,185
Total | 60,003 |  | 312,200
Summary of Loans Maturity | These loans mature, as follows (includes accrued interest through December 3 1, 20 20):
Maturity |  | 12/31/2020
May/2021 |  | 204,328
May/2022 |  | 203,092
Total |  | 407,420
Summary of Debentures | g.1. In May 2016, the subsidiary IPP made its fourth issuance of public debentures, in one single series of 500 simple, nominative, registered debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:
Face value unit: | R$ 1,000,000.00
Final maturity: | May 25, 2021
Payment of the face value: | Annual as from May 2019
Interest: | 105.0% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
g.2. In April 2017, the subsidiary IPP carried out its fifth issuance of debentures, in two series, being one of 660,139 and another of 352,361, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Eco Consult – Consultoria de Operações Financeiras Agropecuárias Ltda. T he proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were later assigned and transferred to Eco Securitizadora de Direitos Creditórios do Agronegócio S.A. that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 660,139
Face value unit: | R$ 1,000.00
Final maturity: | April 18, 2022
Payment of the face value: | Lump sum at final maturity
Interest: | 95.0% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Amount: | 352,361
Face value unit: | R$ 1,000.00
Final maturity: | April 15, 2024
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.68%
Payment of interest: | Annually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charge s linked to IPCA to 93.9% of DI. IPP designated these hedging instruments as fair value hedge s; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. g.3. In July 2017, the subsidiary IPP made its sixth issuance of public debentures, in one single series of 1,500,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | July 28, 2022
Payment of the face value: | Annual as from July 2021
Interest: | 105.0% of DI
Payment of interest: | Annually
Reprice: | Not applicable
g.4. In October 2017, the subsidiary IPP carried out its seventh issuance of debentures in the amount of R$ 944,077, in two series, being on of 730,384 and another of 213,693, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert Companhia Securitizadora. T he proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were later assigned and transferred to Vert Créditos Ltda., that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). The financial settlement occurred on November 1, 2017. T he debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 730,384
Face value unit: | R$ 1,000.00
Final maturity: | October 24, 2022
Payment of the face value: | Lump sum at final maturity
Interest: | 95.0% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Amount: | 213,693
Face value unit: | R$ 1,000.00
Final maturity: | October 24, 2024
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.34%
Payment of interest: | Annually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 97.3% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. g.5. In March 2018, the Company made its sixth issuance of public debentures, in a single series of 1,725,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | March 5, 2023
Payment of the face value: | Lump sum at final maturity
Interest: | 105.25% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
g.6. In December 2018, the subsidiary IPP carried out its eighth issuance of debentures in the amount of R$ 900,000, in two series, being one of 660,000 and another of 240,000, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert Companhia Securitizadora. The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were subscribed with the purpose to bind the issuance of CRA. T he financial settlement occurred on December 21, 2018. T he debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 660,000
Face value unit: | R$ 1,000.00
Final maturity: | December 18, 2023
Payment of the face value: | Lump sum at final maturity
Interest: | 97.5% of DI
Payment of interest: | Semiannually
Reprice: | Not applicable
Amount: | 240,000
Face value unit: | R$ 1,000.00
Final maturity: | December 15, 2025
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.61%
Payment of interest: | Annually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 97.1% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. g.7. In November 2019, the subsidiary Tequimar made its first issuance of debentures, in a single series of 90,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | November 19, 2024
Payment of the face value: | Lump sum at final maturity
Interest: | 6.47%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary Tequimar contracted hedging instruments subjected interest rate variation, changing the debentures fixed for 99.94% of the DI. Tequimar designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized in profit or loss.
Summary of debentures maturity dates distribution | The debentures have maturity dates distributed as shown below (includes accrued interest through December 3 1, 20 20).
Maturity |  | 12/31/2020
Charges (1) |  | 205,533
May/2021 |  | 166,670
Jul/2021 |  | 750,000
Apr/2022 |  | 660,139
Jul/2022 |  | 750,000
Oct/2022 |  | 730,384
Mar/2023 |  | 1,725,336
Dec/2023 |  | 660,000
Apr/2024 |  | 352,361
Oct/2024 |  | 213,693
Nov/2024 |  | 90,000
Dec/2025 |  | 240,000
Total |  | 6,544,116
(1) Includes interest, transaction cost and mark to market.
Summary of Transaction Costs | Transaction costs incurred in issuing debt were deducted from the value of the related financial instrument s and are recognized as an expense according to the effective interest rate method, as follows:
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2019 |  | Incurred cost |  | Amortization |  | Balance on 12/31/2020
Debentures (g) | 0.2 |  | 41,406 |  | - |  | (13,058) |  | 28,348
Notes in the foreign market (b) | 0.1 |  | 28,114 |  | 13,263 |  | (4,265) |  | 37,112
Notes (h) | 0.5 |  | - |  | 6,802 |  | (5,484) |  | 1,318
Banco do Brasil (f) | 0.1 |  | 770 |  | - |  | (438) |  | 332
Foreign loans (c) | - |  | 94 |  | - |  | (94) |  | -
Others | - |  | 1,382 |  | - |  | (1,382) |  | -
Total |  |  | 71,766 |  | 20,065 |  | (24,721) |  | 67,110
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2018 |  | Incurred cost |  | Amortization |  | Balance on 12/31/2019
Debentures (g) | 0.2 |  | 56,376 |  | 692 |  | (15,662) |  | 41,406
Notes in the foreign market (b) | 0.1 |  | 13,881 |  | 18,442 |  | (4,209) |  | 28,114
Banco do Brasil (f) | 0.2 |  | 3,437 |  | - |  | (2,667) |  | 770
Foreign loans (c) | - |  | 331 |  | - |  | (237) |  | 94
Others | 0.2 |  | 2,432 |  | - |  | (1,050) |  | 1,382
Total |  |  | 76,457 |  | 19,134 |  | (23,825) |  | 71,766
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2017 |  | Incurred cost |  | Amortization |  | Balance on 12/31/2018
Debentures (g) | 0.2 |  | 44,709 |  | 21,308 |  | (9,641) |  | 56,376
Notes in the foreign market (b) | ‐ |  | 15,298 |  | - |  | (1,417) |  | 13,881
Banco do Brasil (f) | 0.2 |  | 8,065 |  | - |  | (4,628) |  | 3,437
Foreign loans (c) | 0.1 |  | 1,213 |  | - |  | (882) |  | 331
Other | 0.2 |  | 2,801 |  | 366 |  | (735) |  | 2,432
Total |  |  | 72,086 |  | 21,674 |  | (17,303) |  | 76,457
Summary of Appropriated Profit or Loss in The Future | The amount to be appropriated to profit or loss in the future is as follows:
| Up to 1 year |  | 1 to 2 years |  | 2 to 3 years |  | 3 to 4 years |  | 4 to 5 years |  | More than 5 years |  | Total
Debentures (g) | 12,403 |  | 9,274 |  | 5,318 |  | 1,139 |  | 214 |  | - |  | 28,348
Notes in the foreign market (b) | 4,890 |  | 4,893 |  | 4,896 |  | 4,913 |  | 4,903 |  | 12,617 |  | 37,112
Notes (h) | 1,318 |  | - |  | - |  | - |  | - |  | - |  | 1,318
Banco do Brasil (f) | 257 |  | 75 |  | - |  | - |  | - |  | - |  | 332
Total | 18,868 |  | 14,242 |  | 10,214 |  | 6,052 |  | 5,117 |  | 12,617 |  | 67,110
Summary Of Collateral To Financial Institutions | Some subsidiaries of Company issue collateral to financial institutions in connection with the amounts owed by some of their customers to such institutions (vendor financing) as follows:
| IPP |  | Oxiteno
| 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
Maximum amount of future payments related to these collaterals | 330,944 |  | 81,344 |  | - |  | 2,753
Maturities of up to | 46 months |  | 60 months |  | - |  | 4 months
Fair value of collaterals | 5,496 |  | 1,237 |  | - |  | 68

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