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v3.23.1

Loans, financing, debentures and derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract] |
Summary of Compostion of loans | a. Composition
| 12/31/2022 |  |  | 12/31/2021 |  |  | Index/Currency | Weighted average financial charges 2022 | Maturity
Foreign currency: |  |  |  |  |  |  |  |  |
Notes in the foreign market (d) | 3,973,816 |  |  | 7,821,441 |  |  | US$ | 5.3% | 2026 and 2029
Foreign loan (e) | 1,161,798 |  |  | 735,438 |  |  | US$ | 4.2% | 2023 and 2025
Foreign loan (e) | - |  |  | 275,936 |  |  | US$ + LIBOR (1) | - |
Foreign loan (e) | 54,542 |  |  | - |  |  | EU$ | 2.9% | 2023
Total in foreign currency | 5,190,156 |  |  | 8,832,815 |  |  |  |  |
Brazilian Reais: |  |  |  |  |  |  |  |  |
Debentures – CRA (g) | 660,485 |  |  | 2,063,788 |  |  | DI | 97.5% | 2023
Debentures - 6th issuance (g) | 1,800,213 |  |  | 1,764,199 |  |  | DI | 105.3% | 2023
Debentures – CRA (g) | 3,011,462 |  |  | 1,940,237 |  |  | IPCA | 5.1% | 2024 and 2032
Debentures – Ipiranga (g) | - |  |  | 771,538 |  |  | DI |  |
Debentures - Ultracargo Logística and Tequimar Vila do Conde (g) | 482,185 |  |  | 466,061 |  |  | IPCA | 4.1% | 2028
Banco do Brasil floating rate (f) | - |  |  | 204,813 |  |  | DI |  |
Debentures – Ultracargo Logística (g) | 81,548 |  |  | 80,946 |  |  | R$ | 6.5% | 2024
Bank Credit Bill | - |  |  | 51,179 |  |  | DI |  |
Financial institutions | - |  |  | 4,564 |  |  | R$ |  |
FINEP | - |  |  | 326 |  |  | TJLP (2) |  |
Total in Brazilian Reais | 6,035,893 |  |  | 7,347,651 |  |  |  |  |
Total in foreign currency and Brazilian Reais | 11,226,049 |  |  | 16,180,466 |  |  |  |  |
Currency and interest rate hedging instruments (*) | 524,312 |  |  | 197,177 |  |  |  |  |
Total | 11,750,361 |  |  | 16,377,643 |  |  |  |  |
Current | 3,360,677 |  |  | 2,866,051 |  |  |  |  |
Non-current | 8,389,684 |  |  | 13,511,592 |  |  |  |  |
(*) Accumulated losses (see Note 31.i).
1) | LIBOR = London Interbank Offered Rate.
2) | 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, 2022, TLP was fixed at 7.20% p.a.
Summary of Changes in Loans, Debentures and Finance Leases | The changes in loans, financing, debentures and derivative financial instruments are shown below:
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 |
New loans and debentures with cash effect | 1,519,580 |
Interest accrued | 945,023 |
Principal payment | (5,848,611 | )
Interest payment | (914,979 | )
Monetary and exchange rate variation | (587,064 | )
Change in fair value | (68,366 | )
Hedge result | 327,135 |
Balance as of December 31, 2022 | 11,750,361 |
(i) For further details, see Note 4.c.1.
Summary of Principal Maturity Schedule | The long-term debt had the following principal maturity schedule:
| 12/31/2022 |  |  | 12/31/2021 |
From 1 to 2 years | 817,898 |  |  | 3,092,734 |
From 2 to 3 years | 782,965 |  |  | 774,904 |
From 3 to 4 years | 2,268,647 |  |  | 270,401 |
From 4 to 5 years | - |  |  | 3,056,499 |
More than 5 years | 4,520,174 |  |  | 6,317,054 |
| 8,389,684 |  |  | 13,511,592 |
Summary of Transaction Costs | Transaction costs incurred in issuing debt were deducted from the value of the related contracted financing and are recognized as an expense according to the effective interest rate method as follows:
| Effective rate of transaction costs (% p.a.) |  |  | Balance as of 12/31/2021 |  |  | Incurred costs |  |  | Payments |  |  | Balance as of 12/31/2022 |
Debentures | 0.2 |  |  | 54,490 |  |  | 30,420 |  |  | (16,742 | ) |  | 68,168 |
Notes in the foreign market | 0.1 |  |  | 28,018 |  |  | - |  |  | (15,613 | ) |  | 12,405 |
Banco do Brasil | 0.1 |  |  | 76 |  |  | - |  |  | (76 | ) |  | - |
Total |  |  |  | 82,584 |  |  | 30,420 |  |  | (32,431 | ) |  | 80,573 |
| Effective rate of transaction costs (% p.a.) |  |  | Balance as of 12/31/2020 |  |  | Incurred costs |  |  | Payments |  |  | Reclassification to liabilities held for sale (i) |  |  | Balance as of 12/31/2021 |
Debentures | 0.2 |  |  | 28,348 |  |  | 40,953 |  |  | (14,811 | ) |  | - |  |  | 54,490 |
Notes in the foreign market | 0.1 |  |  | 37,112 |  |  | - |  |  | (4,890 | ) |  | (4,204 | ) |  | 28,018 |
Promissory notes | ‐ |  |  | 1,318 |  |  | - |  |  | (1,318 | ) |  | - |  |  | - |
Banco do Brasil | 0.1 |  |  | 332 |  |  | - |  |  | (256 | ) |  | - |  |  | 76 |
Total |  |  |  | 67,110 |  |  | 40,953 |  |  | (21,275 | ) |  | (4,204 | ) |  | 82,584 |
| Effective rate of transaction costs (% p.a.) |  |  | Balance as of 12/31/2019 |  |  | Incurred cost |  |  | Amortization |  |  | Balance as of 12/31/2020 |
Debentures | 0.2 |  |  | 41,406 |  |  | - |  |  | (13,058 | ) |  | 28,348 |
Notes in the foreign market | 0.1 |  |  | 28,114 |  |  | 13,263 |  |  | (4,265 | ) |  | 37,112 |
Notes | 0.5 |  |  | - |  |  | 6,802 |  |  | (5,484 | ) |  | 1,318 |
Banco do Brasil | 0.1 |  |  | 770 |  |  | - |  |  | (438 | ) |  | 332 |
Foreign loans |  |  |  | 94 |  |  | - |  |  | (94 | ) |  | - |
Others |  |  |  | 1,382 |  |  | - |  |  | (1,382 | ) |  | - |
Total |  |  |  | 71,766 |  |  | 20,065 |  |  | (24,721 | ) |  | 67,110 |
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 | 14,511 |  |  | 10,363 |  |  | 9,450 |  |  | 9,272 |  |  | 9,309 |  |  | 15,263 |  |  | 68,168 |
Notes in the foreign market | 2,289 |  |  | 2,298 |  |  | 2,294 |  |  | 2,087 |  |  | 1,412 |  |  | 2,025 |  |  | 12,405 |
Total | 16,800 |  |  | 12,661 |  |  | 11,744 |  |  | 11,359 |  |  | 10,721 |  |  | 17,288 |  |  | 80,573 |
Summary Of Collateral To Financial Institutions | The subsidiary IPP issued collateral to financial institutions in connection with the amounts payable by some of its customers to such institutions as follows:
| IPP |
| 12/31/2022 |  |  | 12/31/2021 |
Maximum amount of future payments related to such collateral: | 550,908 |  |  | 690,347 |
Maturity up to | 51 months |  |  | 49 months |
Fair value of collateral | 9,914 |  |  | 9,923 |
Summary of Foreign Loan Maturity | The foreign loans have the maturity distributed as follows:
Maturity | EU$ (thousands) |  |  | USD (thousands) |  |  | R$ |  |  | Cost in % of DI |
Charges(1) | 84 |  |  | 1,326 |  |  | 7,386 |  |  | - |
Mar/2023 | 9,709 |  |  | - |  |  | 54,072 |  |  | 111.6% |
Sept/2023 | - |  |  | 60,000 |  |  | 313,062 |  |  | 105.0% |
Sept/2023 | - |  |  | 65,000 |  |  | 339,151 |  |  | 104.8% |
Sept/2025 | - |  |  | 96,339 |  |  | 502,669 |  |  | 108.5% |
Total / average cost | 9,793 |  |  | 222,665 |  |  | 1,216,340 |  |  | 106.7% |
(1) Includes interest, transaction costs and mark to market.
Summary of Debentures | g.1 In March 2021, the subsidiary Tequimar Vila do Conde made its first issuance of debentures, in one single series of 360,000 simple debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:
Unit face value: | 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
Tequimar Vila do Conde contracted hedging instruments against interest rate variations, changing the fixed rate financial charges of the debentures to 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. g.2 In March 2021, the subsidiary Ultracargo Logística made its second issuance of debentures, in one single series of 100,000 simple debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:
Unit face value: | 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
Ultracargo Logística contracted hedging instruments against interest rate variations, changing the debentures fixed rate 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. g.3 In September 2021, the subsidiary IPP made its tenth issuance of debentures in the total amount of R$ 960,000, in one single series of 960,000 simple debentures, nonconvertible into shares, nominative, book-entry and unsecured, privately placed 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 September 16, 2021. The debentures have an additional guarantee from Ultrapar and the main characteristics are as follows:
Amount | 960,000
Unit face value: | R$ 1,000.00
Final maturity: | September 15, 2028
Payment of the face value: | Lump sum at final maturity
Interest: | IPCA + 4.8287%
Payment of interest: | Semiannually
Reprice: | Not applicable
IPP contracted hedging instruments subjected to IPCA variation, changing the financial debenture charges linked to IPCA to 102.75% 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. g.4 In June 2022, the subsidiary IPP carried out its tenth issuance of debentures in the total amount of R$ 1,000,000, in one single series of 1,000,000 simple debentures, nonconvertible into shares, registered, book-entry and unsecured, privately placed 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 Agribusiness Receivables Certificates (CRA). The financial settlement occurred on June 27, 2022. The debentures have an additional guarantee from Ultrapar and the main characteristics are as follows:
Amount: | 1,000,000
Unit face value: | R$ 1,000.00
Final maturity: | June 11, 2032
Payment of the face value: | Annual from the 8th year
Interest: | IPCA + 6.0053%
Payment of interest: | Semiannually
Reprice: | Not applicable
Summary of debentures maturity dates distribution | The debentures have maturity dates distributed as shown below (includes accrued interest through December 31, 2022):
Maturity |  | 12/31/2022 |
Charges(1) |  | (77,949 | )
Mar/2023 |  | 1,725,000 |
Dec/2023 |  | 660,000 |
Apr/2024 |  | 469,937 |
Oct/2024 |  | 282,790 |
Nov/2024 |  | 90,000 |
Dec/2025 |  | 303,845 |
Mar/2028 |  | 526,365 |
Sept/2028 |  | 1,052,762 |
Jun/2030 |  | 334,381 |
Jun/2031 |  | 334,381 |
Jun/2032 |  | 334,381 |
Total |  | 6,035,893 |
(1) Includes interest, transaction cost and mark to market.

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