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 Bahia, Ceará, Espírito Santo, Goiás, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Paraná, Pernambuco, Rio de Janeiro, Rio Grande do Sul, Santa Catarina, São Paulo and Distrito Federal.

The subsidiary IPP participates in the port concession BEL02A at the port of Miramar, in Belém (PA), through Latitude Logística Portuária S.A. (“Latitude”); for the port of Vitória (ES), participates through Navegantes Logística Portuária S.A. (“Navegantes”); in Cabedelo (PB), has participation in the Nordeste Logística I S.A. ("Nordeste Logística I"), Nordeste Logística II S.A. ("Nordeste Logística II") and Nordeste Logística III S.A. ("Nordeste Logística III”) (see Note 34.c).

These investments are accounted for under the equity method of accounting based on their financial statements as of December 31, 2020.

Balances and changes in joint ventures are as follows:

	União Vopak		RPR		ConectCar		Latitude Logística	Navegantes Logística		Nordeste Logística I		Nordeste Logística II		Nordeste Logística III	Total
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	-		(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
Capital increase	‐		‐		35,000		10,351	23,581		1,930		4,183		4,079	79,124
Valuation adjustments	‐		(7,771	)	‐		‐	‐		‐		‐		‐	(7,771	)
Dividends	(1,474	)	(4,295	)	‐		‐	‐		‐		‐		‐	(5,769	)
Share of profit (loss) of joint ventures	1,370		10,740		(26,572	)	‐	‐		‐		‐		‐	(14,462	)
Balance as of December 31, 2019	7,342		18,792		82,818		10,351	23,581		1,930		4,183		4,079	153,076
Capital increase	-		-		20,000		-	-		303		3,894		5,006	29,203
Capital reduction (i)	-		-		-		-	(363	)	-		-		-	(363	)
Valuation adjustments	-		1,065		-		-	-		-		-		-	1,065
Dividends	-		(165	)	-		-	-		-		-		-	(165	)
Share of profit (loss) of joint ventures	392		(21,788	)	(21,638	)	-	(1,594	)	(1,409	)	(401	)	626	(45,812	)
Transfer to provision for short-term liabilities	-		2,096		-		-	-		-		-		-	2,096
Balance as of December 31, 2020	7,734		-		81,180		10,351	21,624		824		7,676		9,711	139,100

(i) Refers to reimbursement of expenses that preceded the port auctions and that were apportioned among the members of the consortium.

	Provision for short-term liabilities
	Provision for short-term liabilities
	RPR
Balance as of December 31, 2019	-
Transfer to provision for short-term liabilities	2,096
Balance as of December 31, 2020	2,096

The table below presents the statements of financial position and statements of profit or loss of joint ventures:

	12/31/2020
	União Vopak		RPR		ConectCar		Navegantes Logística		Nordeste Logística I		Nordeste Logística II		Nordeste Logística III
Current assets	8,510		291,720		161,371		24,691		972		18,531		21,513
Non-current assets	9,796		171,270		169,843		166,389		6,021		18,005		30,503
Current liabilities	2,698		363,388		168,854		8		4		5		6
Non-current liabilities	140		105,912		-		126,201		4,516		13,504		22,877
Equity	15,468		(6,310	)	162,360		64,871		2,473		23,027		29,133
Net revenue from sales and services	15,666		1,455,668		91,096		-		-		-		-
Costs, operating expenses and income	(14,408	)	(1,531,652	)	(134,961	)	(3,480	)	(4,225	)	(1,203	)	1,878
Net finance income and income and social contribution taxes	(474	)	10,361		589		(1,301	)	-		-		-
Net income (loss)	784		(65,623	)	(43,276	)	(4,781	)	(4,226	)	(1,203	)	1,878
Number of shares or units held	29,995		5,078,888		248,768,000		22,298,195		681,637		3,933,265		4,871,241
% of capital held	50		33		50		33		33		33		33

	12/31/2019
	União Vopak		RPR		ConectCar
Current assets	6,818		428,880		159,972
Non-current assets	9,182		133,565		161,817
Current liabilities	1,116		418,289		155,542
Non-current liabilities	200		87,562		612
Equity	14,684		56,594		165,635
Net revenue from sales and services	15,400		2,156,432		80,387
Costs, operating expenses and income	(12,083	)	(2,130,323	)	(136,764	)
Net finance income and income and social contribution taxes	(577	)	6,237		3,234
Net income (loss)	2,740		32,346		(53,143	)
Number of shares or units held	29,995		5,078,888		228,768,000
% of capital held	50		33		50

	12/31/2018
	União Vopak		RPR		ConectCar
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 finance 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

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. The subsidiary Oxiteno S.A. 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 Química da Bahia 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 Cia. Ultragaz 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.

These investments are accounted for under the equity method of accounting based on the financial statements as of December 31, 2020.

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, 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
Dividends	(818	)	-	-		-		(87	)	(905	)
Share of profit (loss) of associates	1,790		568	(36	)	(90	)	85		2,317
Balance as of December 31, 2019	5,661		15,934	3,554		138		463		25,750
Dividends	(2,357	)	-	-		-		-		(2,357	)
Share of profit (loss) of associates	1,846		414	(12	)	(91	)	38		2,195
Balance as of December 31, 2020	5,150		16,348	3,542		47		501		25,588

The table below presents the statements of financial position and statements of profit or loss of associates:

	12/31/2020
	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	10,570		65,136		47		58		352
Non-current assets	12,822		77,339		10,146		414		2,196
Current liabilities	2,189		26,116		-		28		154
Non-current liabilities	602		7,994		3,109		302		890
Equity	20,601		108,365		7,084		142		1,504
Net revenue from sales and services	14,295		58,677		-		-		-
Costs, operating expenses and income	(6,475	)	(54,163	)	(24	)	(212	)	396
Net finance income and income and social contribution taxes	(437	)	(1,770	)	-		(60	)	(39	)
Net income (loss)	7,383		2,744		(24	)	(272	)	357
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

	12/31/2019
	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	12,172		45,178		71		40		151
Non-current assets	14,041		84,705		10,147		703		2,440
Current liabilities	2,944		11,041		-		25		34
Non-current liabilities	626		9,634		3,110		302		1,167
Equity	22,643		109,208		7,108		416		1,390
Net revenue from sales and services	12,348		43,463		-		-		-
Costs, operating expenses and income	(4,815	)	(36,791	)	(84	)	(213	)	285
Net finance income and income and social contribution taxes	(157	)	(2,483	)	12		(57	)	(29	)
Net income (loss)	7,376		4,189		(72	)	(270	)	256
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

	12/31/2018
	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.
Net revenue from sales and services	10,595		53,288		-		-		-
Costs, operating expenses and income	(7,957	)	(43,814	)	(78	)	(266	)	399
Net finance 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

The percentages in the table above are rounded.