Investments

12 Months Ended

Dec. 31, 2021

Investments accounted for using equity method [abstract]

13. Investments

The table below presents the amount 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 União 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 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. On June 25, 2021, the sale of ConectCar, completed on October 1, 2021. For further details see item 13.b.1.

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 of joint ventures are accounted for under the equity method of accounting based on their financial statements as of December 31, 2021.

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.

The 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.

These investments are accounted for under the equity method of accounting based on the financial statements as of December 31, 2021.

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 statements 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.