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Investments | 12 Months Ended
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Dec. 31, 2021
Investments accounted for using equity method [abstract] |
Investments | 13. Investments The table below presents the amoun t reconciliation of share of profit (loss) of subsidiaries, joint ventures and associates:
| Note | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  | Re-presented (i) |  |  | Re-presented (i) |
Joint ventures | 13.b | (18,068 | ) |  | (45,812 | ) |  | (14,463 | )
Associates | 13.c | 434 |  |  | 1,781 |  |  | 1,754 |
|  | (17,634 | ) |  | (44,031 | ) |  | (12,709 | )
(i) See Note 3.c.3. a. Joint ventures The Company holds an interest in Refinaria de Petróleo Riograndense S.A. (“RPR”), which is primarily engaged in oil refining. The subsidiary Ultracargo Logística holds an interest in Uni ã o Vopak – Armazéns Gerais Ltda. (“União Vopak”), which is primarily engaged in liquid bulk storage in the port of Paranaguá. The subsidiary IPP held an interest in ConectCar, which is primarily engaged in automatic payment of tolls and parking in the State s 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. On June 25, 2021, the sale of ConectCar, completed on October 1, 2021. For further details see item 13.b.1. The subsidiary IPP participat e s in the port concession BEL02A at the port of Miramar, in Belém (PA), through Latitude Log í stica Portuária S.A. (“Latitude”); f or the port of Vitória (ES), participate s through Navegantes Logística Portuária S.A. (“Navegantes”); in Cabedelo (PB), has participat ion 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 of joint ventures are accounted for under the equity method of accounting based on their financial statements as of December 3 1, 20 2 1. 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, 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 |
Other reserves | - |  |  | (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 decrease (i) | - |  |  | - |  |  | - |  |  | - |  |  | (363 | ) |  | - |  |  | - |  |  | - |  |  | (363 | )
Other reserves | - |  |  | 1,065 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,065 |
Proposed 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 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 |
Capital increase | - |  |  | - |  |  | 15,000 |  |  | 5,001 |  |  | 3,697 |  |  | - |  |  | 6,399 |  |  | 600 |  |  | 30,697 |
Capital decrease (i) | - |  |  | - |  |  | - |  |  | (5,001 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (5,001 | )
Other reserves | - |  |  | 99 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 99 |
Actuarial gain of post-employment benefits | - |  |  | 5,723 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5,723 |
Shareholder transaction – changes of investments | - |  |  | - |  |  | - |  |  | (966 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (966 | )
Share of profit (loss) of joint ventures | 602 |  |  | 822 |  |  | (18,081 | ) |  | 593 |  |  | (3,032 | ) |  | 1,592 |  |  | (819 | ) |  | 255 |  |  | (18,068 | )
Disposition of investment (see Note | - |  |  | - |  |  | (78,099 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (78,099 | )
Transfer from provision for liabilities | - |  |  | (2,096 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (2,096 | )
Balance as of December 31, 2021 | 8,336 |  |  | 4,548 |  |  | - |  |  | 9,978 |  |  | 22,289 |  |  | 2,416 |  |  | 13,256 |  |  | 10,566 |  |  | 71,389 |
(i) Refers to reimbursement of expenses that preceded the port area auctions and that were apportioned among the other members of the consortium.
| Provision to (from) short-term liabilities |
| RPR |
Balance as of December 31, 2019 | - |
Transfer to provision for liabilities | 2,096 |
Balance as of December 31, 2020 | 2,096 |
Transfer from provision for liabilities | (2,096 | )
Balance as of December 31, 2021 | - |
The table below presents the statements of financial position and statements of profit or loss of joint ventures:
| 12/31/2021 |
| União Vopak |  |  | RPR |  |  | ConectCar (i) |  |  | Latitude Logística |  |  | Navegantes Logística |  |  | Nordeste Logística I |  |  | Nordeste Logística II |  |  | Nordeste Logística III |
Current assets | 10,068 |  |  | 273,029 |  |  | 171,894 |  |  | 18,798 |  |  | 5,393 |  |  | 52,022 |  |  | 36,958 |  |  | 17,458 |
Non-current assets | 9,696 |  |  | 179,652 |  |  | 177,217 |  |  | 50,215 |  |  | 167,170 |  |  | 18,346 |  |  | 17,279 |  |  | 49,439 |
Current liabilities | 2,824 |  |  | 354,001 |  |  | 174,030 |  |  | 9,151 |  |  | 256 |  |  | 46,615 |  |  | 1,418 |  |  | 13,960 |
Non-current liabilities | 268 |  |  | 84,980 |  |  | 18,883 |  |  | 39,906 |  |  | 105,440 |  |  | 16,504 |  |  | 13,052 |  |  | 21,239 |
Equity | 16,672 |  |  | 13,700 |  |  | 156,198 |  |  | 19,956 |  |  | 66,867 |  |  | 7,249 |  |  | 39,767 |  |  | 31,698 |
Net revenue from sales and services | 17,660 |  |  | 2,092,786 |  |  | 60,436 |  |  | 5,895 |  |  | - |  |  | 11,625 |  |  | 2,016 |  |  | 7,561 |
Costs, operating expenses and income | (16,144 | ) |  | (2,105,544 | ) |  | (97,095 | ) |  | (2,591 | ) |  | (1,579 | ) |  | (3,260 | ) |  | (3,980 | ) |  | (5,030 | )
Net finance income and income and social contribution taxes | (312 | ) |  | 15,235 |  |  | 497 |  |  | (2,118 | ) |  | (7,517 | ) |  | (3,589 | ) |  | (494 | ) |  | (1,765 | )
Net income (loss) | 1,204 |  |  | 2,477 |  |  | (36,162 | ) |  | 1,186 |  |  | (9,096 | ) |  | 4,776 |  |  | (2,458 | ) |  | 766 |
Number of shares or units held | 29,995 |  |  | 5,078,888 |  |  | 263,768,000 |  |  | 4,383,881 |  |  | 22,298,195 |  |  | 681,637 |  |  | 3,933,265 |  |  | 4,871,241 |
% of capital held | 50 |  |  | 33 |  |  | 50 |  |  | 50 |  |  | 33 |  |  | 33 |  |  | 33 |  |  | 33 |
The percentages in the table above are rounded. (i) The balances presented refer to September 30, 2021, due to the completion of the sale of ConectCar on October 1, 2021, for further details see note 13.a.1.
| 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 |
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 |
The percentages in the table above are rounded. a.1 ConectCar share purchase and sale agreement The Company concluded the process of selling its interest in ConectCar started on June 25, 2021. On September 30, 2021, ConectCar was controlled by IPP and by Redecard S.A., belonging to Itaú Unibanco Holding S.A., both with equal interests of 50%. On October 1, 2021, the Company announced the conclusion of the sale of its interest in ConectCar through its subsidiary IPP to Porto Seguro S.A., through its subsidiary Portoseg SA – Credit, Financing and Investment. The sale value of the 50% interest in the subsidiary IPP after adjustments resulting from changes in working capital and net debt position, totaled R$ 158 million. The disposition of investment, totaled R$ 78 million. The gain from sale of Conectcar, totaled R$ 76 million. b. Associates Subsidiary IPP holds an interest in Transportadora Sulbrasileira de Gás S.A. (“TSB”), 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. Due to the sale of the subsidiary, the balances were reclassified to assets of subsidiaries held for sale at December 31, 2021, for further details see note 3. T he subsidiary Oxiteno S.A. holds an interest in Química da Bahia Indústria e Comércio S.A. (“Química da Bahia”), which is primarily engaged in manufacturing, marketing, and processing of chemicals. The operations of Química da Bahia are currently suspended. This interest is not part of the Oxiteno sale transaction. Subsidiary Cia. Ultragaz holds an interest in Metalúrgica Plus S.A. (“Metalplus”), 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. (“Plenogás”), which is primarily engaged in the marketing of LPG. The operations of this associate are currently suspended. The se investment s are accounted for under the equity method of accounting based on the financial statements as of December 3 1, 202 1. 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, 2018 | 4,689 |  |  | 15,366 |  |  | 3,590 |  |  | 228 |  |  | 465 |  |  | 24,338 |
Dividends | (818 | ) |  | - |  |  | - |  |  | - |  |  | (87 | ) |  | (905 | )
Share of profit (loss) of associates | 1,790 |  |  | - |  |  | (36 | ) |  | (90 | ) |  | 85 |  |  | 2,317 |
Share of profit (loss) of associates - discontinued operations | - |  |  | 568 |  |  | - |  |  | - |  |  | - |  |  | - |
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 |  |  | - |  |  | (12 | ) |  | (91 | ) |  | 38 |  |  | 1,781 |
Share of profit (loss) of associates - discontinued operations | - |  |  | 414 |  |  | - |  |  | - |  |  | - |  |  | 414 |
Balance as of December 31, 2020 | 5,150 |  |  | 16,348 |  |  | 3,542 |  |  | 47 |  |  | 501 |  |  | 25,588 |
Capital decrease | (1,500 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (1,500 | )
Dividends | (998 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (998 | )
Share of profit (loss) of associates | 552 |  |  | - |  |  | (14 | ) |  | (100 | ) |  | (4 | ) |  | 434 |
Share of profit (loss) of associates - discontinued operations | - |  |  | 48 |  |  | - |  |  | - |  |  | - |  |  | 48 |
Reclassification to assets held for sale | - |  |  | (16,396 | ) |  | - |  |  | - |  |  | - |  |  | (16,396 | )
Balance as of December 31, 2021 | 3,204 |  |  | - |  |  | 3,528 |  |  | (53 | ) |  | 497 |  |  | 7,176 |
The table below presents the stat e ments of financial position and statements of profit or loss of associates:
| 12/31/2021 |
| 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 | 7,685 |  |  | 90,156 |  |  | 14 |  |  | 47 |  |  | 568 |
Non-current assets | 11,611 |  |  | 70,496 |  |  | 10,151 |  |  | 126 |  |  | 1,804 |
Current liabilities | 5,875 |  |  | 44,408 |  |  | - |  |  | 28 |  |  | 158 |
Non-current liabilities | 601 |  |  | 7,562 |  |  | 3,109 |  |  | 303 |  |  | 724 |
Equity | 12,820 |  |  | 108,682 |  |  | 7,056 |  |  | (158 | ) |  | 1,490 |
Net revenue from sales and services | 15,126 |  |  | 69,611 |  |  | - |  |  | - |  |  | - |
Costs, operating expenses and income | (12,691 | ) |  | (68,390 | ) |  | (28 | ) |  | (239 | ) |  | 18 |
Net finance income and income and social contribution taxes | (226 | ) |  | (904 | ) |  | - |  |  | (61 | ) |  | (31 | )
Net income (loss) | 2,209 |  |  | 317 |  |  | (28 | ) |  | (300 | ) |  | (13 | )
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 |
| 12/31/2020 |
| 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. |
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 |
The percentages in the table above are rounded.

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