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v3.22.1

Right to Use Assets and Leases payable | 12 Months Ended
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Dec. 31, 2021
Right to Use Assets and Leases payable |
Right to use assets and leases payable | 14. Right-of-u se as sets and l eases p ayable The Company and certain subsidiaries have real estate leases, substantially related to: (i) Ipiranga: fuel stations and distribution center s; (ii) Ultragaz: points of sale and bottling base s; (i ii) Ultracargo: port areas and (i v) Company: offices. The Company and certain subsidiaries also have lease agreements relating to vehicles. a. Right-of-u se a ssets
| Weighted average useful life (years) | Balance on 12/31/2020 |  |  | Additions and remeasurement |  |  | Write-offs |  |  | Transfer (i) |  |  | Effect of foreign currency exchange rate variation |  |  | Amortization |  |  | Reclassification to assets held for sale (ii) |  |  | Balance on 12/31/2021 |
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate (iii) | 10 | 2,254,432 |  |  | 257,787 |  |  | (150,718 | ) |  | - |  |  | 1,295 |  |  | - |  |  | (569,323 | ) |  | 1,793,473 |
Port area | 20 | 268,534 |  |  | 31,096 (*) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 299,630 |
Vehicles | 4 | 139,843 |  |  | 26,589 |  |  | (9,315 | ) |  | - |  |  | 103 |  |  | - |  |  | (11,047 | ) |  | 146,173 |
Equipment | 6 | 44,936 |  |  | 19,887 |  |  | (6,171 | ) |  | - |  |  | 1,920 |  |  | - |  |  | (43,832 | ) |  | 16,740 |
Others | 20 | 27,846 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 27,846 |
|  | 2,735,591 |  |  | 335,359 |  |  | (166,204 | ) |  | - |  |  | 3,318 |  |  | - |  |  | (624,202 | ) |  | 2,283,862 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | (481,975 | ) |  | - |  |  | 76,954 |  |  | - |  |  | (530 | ) |  | (283,882 | ) |  | 199,963 |  |  | (489,470 | )
Port area |  | (3,962 | ) |  | - |  |  | - |  |  | (11,935 | ) |  | - |  |  | (7,629 | ) |  | - |  |  | (23,526 | )
Vehicles |  | (63,091 | ) |  | - |  |  | 7,032 |  |  | - |  |  | (54 | ) |  | (48,146 | ) |  | 5,392 |  |  | (98,867 | )
Equipment |  | (19,619 | ) |  | - |  |  | 6,483 |  |  | - |  |  | (897) |  |  | (17,637 | ) |  | 29,836 |  |  | (1,834 | )
Others |  | (16,658 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (2,212 | ) |  | - |  |  | (18,870 | )
|  | (585,305 | ) |  | - |  |  | 90,469 |  |  | (11,935 | ) |  | (1,481 | ) |  | (359,506 | ) |  | 235,191 |  |  | (632,567 | )
Impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | - |  |  | (38,957 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | 38,957 |  |  | - |
|  | - |  |  | (38,957 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | 38,957 |  |  | - |
Net amount |  | 2,150,286 |  |  | 296,402 |  |  | (75,735 | ) |  | (11,935 | ) |  | 1,837 |  |  | (359,506 | ) |  | (350,054 | ) |  | 1,651,295 |
(i) | Refers to the amortization of right-of-use assets in the subsidiary Tequimar Vila do Conde Logística Portuária S.A. (“Tequimar Vila do Conde”), which is being capitalized as Construction in progress, starting its operation in December 2021.
(ii) | For further information, see Note 3.c.1.
(ii i) | Includes lease contracts as presented in Note 9.a.
(*) | Includes balances of R$ 14,905 referring to initial direct costs of right-of-use assets.
| Weighted average useful life (years) | Balance on 12/31/2019 |  |  | Additions and remeasurement |  |  | Write-offs |  |  | Effect of foreign currency exchange rate variation |  |  | Amortization |  |  | Balance on 12/31/2020 |
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | 10 | 2,068,254 |  |  | 259,244 |  |  | (78,529 | ) |  | 5,463 |  |  | - |  |  | 2,254,432 |
Port area | 20 | 68,007 |  |  | 200,527 |  |  | - |  |  | - |  |  | - |  |  | 268,534 |
Vehicles | 4 | 91,868 |  |  | 55,616 |  |  | (7,893 | ) |  | 252 |  |  | - |  |  | 139,843 |
Equipment | 6 | 31,822 |  |  | 7,833 |  |  | (572 | ) |  | 5,853 |  |  | - |  |  | 44,936 |
Others | 20 | 27,846 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 27,846 |
|  | 2,287,797 |  |  | 523,220 |  |  | (86,994 | ) |  | 11,568 |  |  | - |  |  | 2,735,591 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | (256,430 | ) |  | - |  |  | 46,282 |  |  | (697 | ) |  | (271,130 | ) |  | (481,975 | )
Port area |  | - |  |  | - |  |  | - |  |  | - |  |  | (3,962 | ) |  | (3,962 | )
Vehicles |  | (27,492 | ) |  | - |  |  | 5,509 |  |  | 232 |  |  | (41,340 | ) |  | (63,091 | )
Equipment |  | (7,600 | ) |  | - |  |  | 572 |  |  | (1,996 | ) |  | (10,595 | ) |  | (19,619 | )
Others |  | (15,363 | ) |  | - |  |  | - |  |  | - |  |  | (1,295 | ) |  | (16,658 | )
|  | (306,885 | ) |  | - |  |  | 52,363 |  |  | (2,461 | ) |  | (328,322 | ) |  | (585,305 | )
Net amount |  | 1,980,912 |  |  | 523,220 |  |  | (34,631 | ) |  | 9,107 |  |  | (328,322 | ) |  | 2,150,286 |
| Weighted average useful life (years) | Adoption IFRS 16 |  |  | Additions and remeasurement |  |  | Write-offs |  |  | Transfer |  |  | Effect of foreign currency exchange rate variation |  |  | Amortization |  |  | Balance on 12/31/2019 |
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | 7 | 1,636,330 |  |  | 308,622 |  |  | (55,605 | ) |  | 98,043 |  |  | 80,930 |  |  | - |  |  | 2,068,320 |
Port area (i) | - | - |  |  | 68,007 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 68,007 |
Others | 4 | 95,097 |  |  | 26,235 |  |  | (1,981 | ) |  | 27,847 |  |  | 4,272 |  |  | - |  |  | 151,470 |
|  | 1,731,427 |  |  | 402,864 |  |  | (57,586 | ) |  | 125,890 |  |  | 85,202 |  |  | - |  |  | 2,287,797 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | - |  |  | - |  |  | 6,682 |  |  | - |  |  | 36 |  |  | (262,750 | ) |  | (256,032 | )
Others |  | - |  |  | - |  |  | 442 |  |  | (14,068 | ) |  | 81 |  |  | (37,308 | ) |  | (50,853 | )
|  | - |  |  | - |  |  | 7,124 |  |  | (14,068 | ) |  | 117 |  |  | (300,058 | ) |  | (306,885 | )
Net amount |  | 1,731,427 |  |  | 402,864 |  |  | (50,462 | ) |  | 111,822 |  |  | 85,319 |  |  | (300,058 | ) |  | 1,980,912 |
(i) Refers to the area port lease, which R$ 68,007 was paid by the Company’s subsidiaries in the fourth quarter of 2019. b. Lease s p ayable The changes in leases payable are shown below:
Balance as of December 31, 2018 | 46,066 |
Adoption IFRS 16 | 1,363,803 |
Interest accrued | 128,996 |
Payments | (321,716 | )
Additions and remeasurement | 334,857 |
Write-offs | (52,129 | )
Effect of foreign currency exchange rate variation | 88,796 |
Balance as of December 31, 2019 | 1,588,673 |
Interest accrued | 144,655 |
Payments | (360,787 | )
Additions and remeasurement | 484,121 |
Write-offs | (35,381 | )
Effect of foreign currency exchange rate variation | 12,007 |
Assignment of contract | - |
Balance as of December 31, 2020 | 1,833,288 |
Interest accrued | 147,494 |
Payments (i) | (440,574 | )
Additions and remeasurement | 288,711 |
Write-offs | (83,157 | )
Effect of foreign currency exchange rate variation | 16,264 |
Reclassification to liabilities held for sale (ii) | (413,715 | )
Balance as of December 31, 2021 | 1,348,311 |
Current | 188,832 |
Non-current | 1,159,479 |
(i) Includes the amount of R$ 29,237 paid by subsidiary Tequimar Vila do Conde related to port concession grants. (ii) For further information. see Note 3.c.1. The future disbursements (installments) assumed under leases contracts are presented below:
| 12/31/2021 |
Up to 1 year | 304,007 |
From 1 to 2 years | 264,224 |
From 2 to 3 years | 241,323 |
From 3 to 4 years | 218,157 |
From 4 to 5 years | 152,671 |
More than 5 years | 965,220 |
Total | 2,145,602 |
The contracts related to the leases payable are substantially indexed by the IGP-M (General Market Price Index is a measure of Brazilian inflation, calculated by the Getúlio Vargas Foundation). b.1. Discount rates The weighted average discount rates for the lease contracts of the Company are:
Contracts for maturity date and discount rate |
Maturity date of the contracts | Discount rates (% p.a.) |
Up to 5 years | 6.92 |
From 6 to 10 years | 7.12 |
From 11 to 15 years | 7.35 |
More than 15 years | 8.18 |
c. Lease contracts of low amount assets Subsidiaries Cia. Ultragaz, Bahiana, I PP and Serma have operating lease contracts consider as being of low value, short term and variable payments for the use of factory and IT equipment’s, vehicles and real states. The subsidiaries have the option to purchase the assets referring to IT equipment at a price equal to the fair value on the date of option, and management does not intend to exercise such option. The future disbursements (payments), assumed as a result of these contracts amount approximately to:
| Up to 1 year |  |  | Between 1 and 5 years |  |  | Total |  |
12/31/2021 | 124 |  |  | 994 |  |  | 1,118 |  |
12/31/2020 | 1,147 |  |  | 6,145 |  |  | 7,292 |  |
The amount of leases considered low value, short term and variable payments, recognized as an expense for the year ended December 3 1, 2021 was R$ 13,524 (R$ 13,965 for the year ended December 3 1, 2020 and R$ 7,255 for the year ended December 31, 2019).

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