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v3.22.1

Loans, financing, debentures and hedge derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of detailed information about borrowings [abstract] |
Summary of Compostion of loans | a. Composition
Description | 12/31/2021 |  |  | 12/31/2020 |  |  | Index/ Currency | Weighted average financial charges 12/31/2021 – % p.a. | Maturity
Foreign currency: |  |  |  |  |  |  |  |  |
Notes in the foreign market (b) (*) | 7,821,441 |  |  | 7,267,687 |  |  | US$ | 5.3 | 2026 to 2029
Foreign loan (c.1) (*) | 735,438 |  |  | 1,047,644 |  |  | US$ | 4.0 | 2023
Foreign loan (c.1) (*) | 275,936 |  |  | 261,284 |  |  | US$ + LIBOR (1) | 1.0 | 2022
Financial institutions (d) | - |  |  | 154,783 |  |  | US$ | - | 2022
Financial institutions (d) | - |  |  | 39,350 |  |  | MX$(2) | - | 2021
Financial institutions (d) | - |  |  | 312,200 |  |  | US$ + LIBOR (1) | - | 2021
Advances on foreign exchange contracts | - |  |  | 105,579 |  |  | US$ | - | 2021
Total foreign currency | 8,832,815 |  |  | 9,188,527 |  |  |  |  |
Brazilian Reais: |  |  |  |  |  |  |  |  |
Debentures – CRA (f.2, f.4 and f.6) | 2,063,788 |  |  | 2,037,602 |  |  | DI | 95.8 | 2022 to 2023
Debentures – 6ª issuance (f.5) | 1,764,199 |  |  | 1,734,113 |  |  | DI | 105.3 | 2023
Debentures – CRA (f.2, f.4, f.6 and f.10) (*) | 1,940,237 |  |  | 1,000,824 |  |  | IPCA | 4.7 | 2024 to 2028
Debentures – Ipiranga (f.1 and f.3) | 771,538 |  |  | 1,679,036 |  |  | DI | 105.0 | 2022
Debentures – Ultracargo Logística and Tequimar Vila do Conde (f.8 and f.9) (*) | 466,061 |  |  | - |  |  | IPCA | 4.1 | 2028
Banco do Brasil (e) | 204,813 |  |  | 407,420 |  |  | DI | 110.9 | 2022
Debentures – Ultracargo Logística (f.7) (*) | 80,946 |  |  | 92,541 |  |  | R$ | 6.5 | 2024
Bank Credit Bill | 51,179 |  |  | 50,692 |  |  | R$ + DI | 2.0 | 2022
Financial institutions (d) | 4,564 |  |  | - |  |  | R$ | - | 2022
FINEP | 326 |  |  | 29,803 |  |  | TJLP (3) | (1.5) | 2022
Notes - Ultrapar (g.1) | - |  |  | 1,038,499 |  |  | R$ + DI | - | 2021
Total in Brazilian Reais | 7,347,651 |  |  | 8,070,530 |  |  |  |  |
Total foreign currency and Brazilian Reais | 16,180,466 |  |  | 17,259,057 |  |  |  |  |
Currency and interest rate hedging instruments (**) | 197,177 |  |  | 117,159 |  |  |  |  |
Total | 16,377,643 |  |  | 17,376,216 |  |  |  |  |
Current | 2,866,051 |  |  | 3,255,944 |  |  |  |  |
Non-current | 13,511,592 |  |  | 14,120,272 |  |  |  |  |
(*) These transactions were designated for hedge accounting (see Note 33.h). (**) Accumulated losses (see Note 33.i). (1) LIBOR = London Interbank Offered Rate. (2) MX$ = Mexican Peso. (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 31, 2021, TJLP was fixed at 5.32 % p.a.
Summary of Changes in Loans, Debentures and Finance Leases | The changes in loans, financing, debentures and hedge derivative financial instruments 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 | 14,392,722 |
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 |
Hedge result | 87,174 |
Balance as of December 31, 2020 | 17,376,216 |
New loans and debentures with cash effect | 1,462,220 |
Interest accrued | 801,102 |
Principal payment | (2,922,214 | )
Interest payment | (749,043 | )
Monetary and exchange rate variation | 800,749 |
Change in fair value | (229,657 | )
Hedge result | 80,018 |
Reclassification to liabilities held for sale (i) | (241,748 | )
Balance as of December 31, 2021 | 16,377,643 |
(i) For further information, see Note 3.c.1.
Summary of Principal Maturity Schedule | The long-term debt had the following principal maturity schedule:
| 12/31/2021 |  |  | 12/31/2020 |
From 1 to 2 years | 3,092,734 |  |  | 2,702,626 |
From 2 to 3 years | 774,904 |  |  | 3,091,641 |
From 3 to 4 years | 270,401 |  |  | 784,778 |
From 4 to 5 years | 3,056,499 |  |  | 231,271 |
More than 5 years | 6,317,054 |  |  | 7,309,956 |
| 13,511,592 |  |  | 14,120,272 |
Summary of Foreign Loan Maturity | The foreign loans have the maturity distributed as follows:
Maturity | US$ |  |  | R$ |  |  | Cost in % of DI |
Charges (1) | 6,234 |  |  | 34,786 |  |  | - |
Jun/2022 | 50,000 |  |  | 279,025 |  |  | 105.0 |
Sep/2023 | 60,000 |  |  | 334,830 |  |  | 105.0 |
Sep/2023 | 65,000 |  |  | 362,733 |  |  | 104.8 |
Total / average cost | 181,234 |  |  | 1,011,374 |  |  | 104.9 |
(1) Includes interest, transaction costs and fair value adjustments.
Summary of Debentures | f.1 In May 2016 the subsidiary IPP carried out 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
Subsidiary IPP paid in advance its fourth public issuance of debentures upon maturity. f.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. The 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 charges linked to IPCA to 93.9 % 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. f.3 In July 2017 the subsidiary IPP carried out 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
f.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. The 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. The 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. f.5 In March 2018 the Company carried out 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
f.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 R$660,000 and another of R$240,000, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert Companhia Securitizadora. The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. The debentures were subscribed with the purpose to bind the issuance of CRA. The financial settlement occurred on December 21, 2018. The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:
Amount: | 660,000
Face value unit: | R$ 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. f.7 In November 2019 the subsidiary Ultracargo Logística 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 Ultracargo Logística contracted hedging instruments subjected interest rate variation, changing the debentures fixed for 99.94% of the DI. Ultracargo Logística 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. f.8 In March 20 21 the subsidiary Tequimar Vila do Conde made its first issuance of debentures, in a single series of 360,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | March 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.04%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary Tequimar Vila do Conde contracted hedging instruments subjected interest rate variation changing the debentures fixed for 111.4% of the DI. Tequimar Vila do Conde 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. f.9 In March 2021 the subsidiary Ultracargo Logística made its second issuance of debentures, in a single series of 100,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:
Face value unit: | R$ 1,000.00
Final maturity: | March 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.37%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary Ultracargo Logística contracted hedging instruments subjected interest rate variation changing the debentures fixed for 111.4% of the DI. Ultracargo Logística 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. f.10 In September 2021, subsidiary IPP carried out its tenth issue of debentures in the total amount of R$ 960,000, in a single series of 960,000 simple, nonconvertible, registered, book-entry and unsecured debentures, privately placed by Vert Companhia Securitizadora. The funds were used exclusively for the purchase of ethanol by the subsidiary IPP. The debentures were subscribed for the purpose to bind the issuance of CRA. The financial settlement ocurred on September 16, 2021. The debentures have an additional guarantee from Ultrapar and the main characteristics are as follows:
Amount: | 960,000
Face value unit: | R$ 1,000.00
Final maturity: | September 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.83%
Payment of interest: | Semiannually
Reprice: | Not applicable
The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to the IPCA to 102.75% of the 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.
Summary of debentures maturity dates distribution | The debentures have maturity dates distributed as shown below (includes accrued interest through December 31, 2021):
Maturity |  | 12/31/2021 |
Charges (1) |  | (22,759 | )
Apr/2022 |  | 660,139 |
Jul/2022 |  | 750,000 |
Oct/2022 |  | 730,384 |
Mar/2023 |  | 1,725,000 |
Dec/2023 |  | 660,000 |
Apr/2024 |  | 443,944 |
Oct/2024 |  | 267,316 |
Nov/2024 |  | 90,000 |
Dec/2025 |  | 287,294 |
Mar/2028 |  | 498,474 |
Sep/2028 |  | 996,977 |
Total |  | 7,086,769 |
(1) Includes interest, transaction cost and fair value adjustments.
Summary of notes payable |
Face value unit: | R$ 25,000,000.00
Final maturity: | April 6, 2021
Payment of the face value: | Lump sum at final maturity
Interest: | DI + 3.10%
Payment of interest: | Lump sum at final maturity
Reprice: | Not applicable
Summary of Transaction Costs | Transaction costs incurred in issuing debt were deducted from the value of the related financial instruments and are recognized as an expense according to the effective interest rate method as follows:
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2020 |  |  | Incurred cost |  |  | Amortization |  |  | Reclassification to liabilities held for sale (i) |  |  | Balance on 12/31/2021 |
Debentures (f) | 0.2 |  | 28,348 |  |  | 40,953 |  |  | (14,811 | ) |  | - |  |  | 54,490 |
Notes in the foreign market (b) | 0.1 |  | 37,112 |  |  | - |  |  | (4,890 | ) |  | (4,204 | ) |  | 28,018 |
Notes (g) |  |  | 1,318 |  |  | - |  |  | (1,318 | ) |  | - |  |  | - |
Banco do Brasil (e) | 0.1 |  | 332 |  |  | - |  |  | (256 | ) |  | - |  |  | 76 |
Total |  |  | 67,110 |  |  | 40,953 |  |  | (21,275 | ) |  | (4,204 | ) |  | 82,584 |
(i) See Note 3.c.1.
| Effective rate of transaction costs (% p.a.) |  | Balance on 12/31/2019 |  |  | Incurred cost |  |  | Amortization |  |  | Balance on 12/31/2020 |
Debentures (f) | 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 (g) | 0.5 |  | - |  |  | 6,802 |  |  | (5,484 | ) |  | 1,318 |
Banco do Brasil (e) | 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 |
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 (f) | 15,060 |  |  | 11,129 |  |  | 6,990 |  |  | 6,075 |  |  | 5,886 |  |  | 9,350 |  |  | 54,490 |
Notes in the foreign market (b) | 4,126 |  |  | 4,128 |  |  | 4,143 |  |  | 4,135 |  |  | 3,897 |  |  | 7,589 |  |  | 28,018 |
Banco do Brasil (e) | 76 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 76 |
Total | 19,262 |  |  | 15,257 |  |  | 11,133 |  |  | 10,210 |  |  | 9,783 |  |  | 16,939 |  |  | 82,584 |
Summary Of Collateral To Financial Institutions | The subsidiary IPP issued collateral to financial institutions in connection with the amounts payable by some of their customers to such institutions (vendor financing) as follows:
| IPP |
| 12/31/2021 |  |  | 12/31/2020 |
Maximum amount of future payments related to such collateral | 690,347 |  |  | 330,944 |
Maturities of up to | 49 months |  |  | 46 months |
Fair value of collateral | 9,923 |  |  | 5,496 |

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