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Investments in joint controlled entities and associates | 12 Months Ended
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Dec. 31, 2022
Investments in joint controlled entities and associates |
Investments in joint controlled entities and associates | 13 Investments in joint controlled entities and associates The table below presents the positions of equity and income (loss) for the year:
| Equity |  |  | Net income (loss) for the year |  |  | Interest in share capital - % |  |  | Investment |  |  | Share of profit (loss) of joint ventures and associates |
|  | 12/31/2022 |  |  | 12/31/2021 |  |  | 12/31/2022 |  |  | 12/31/2021 |  |  | 12/31/2020 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
União Vopak – Armazéns Gerais Ltda (1) | 8,912 |  |  | (7,760 | ) |  | 50 |  |  | 4,456 |  |  | 8,336 |  |  | (3,880 | ) |  | 602 |  |  | 392 |
Refinaria de Petróleo Riograndense S.A. (2) | 75,840 |  |  | 78,614 |  |  | 33 |  |  | 25,186 |  |  | 4,548 |  |  | 26,110 |  |  | 823 |  |  | (21,788 | )
ConectCar Soluções de Mobilidade Eletrônica S.A. (3) | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (18,081 | ) |  | (21,638 | )
Latitude Logística Portuária S.A (4) | 15,276 |  |  | (1,716 | ) |  | 50 |  |  | 7,638 |  |  | 9,978 |  |  | (2,339 | ) |  | 593 |  |  | - |
Navegantes Logística Portuária S.A (4) | 69,749 |  |  | (19,768 | ) |  | 33 |  |  | 23,250 |  |  | 22,289 |  |  | (11,040 | ) |  | (3,032 | ) |  | (1,594 | )
Nordeste Logística I S.A. (4) | 19,021 |  |  | 9,098 |  |  | 33 |  |  | 6,340 |  |  | 2,416 |  |  | 2,591 |  |  | 1,592 |  |  | (1,409 | )
Nordeste Logística II S.A. (4) | 58,246 |  |  | (3,631 | ) |  | 33 |  |  | 19,415 |  |  | 13,256 |  |  | (2,007 | ) |  | (819 | ) |  | (401 | )
Nordeste Logística III S.A (4) | 51,113 |  |  | 799 |  |  | 33 |  |  | 17,038 |  |  | 10,566 |  |  | (30 | ) |  | 255 |  |  | 626 |
Química da Bahia Indústria e Comércio S.A. (i) | 7,040 |  |  | (15 | ) |  | 50 |  |  | 3,520 |  |  | 3,528 |  |  | (8 | ) |  | ‐ |  |  | - |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportadora Sulbrasileira de Gás S.A. (5) | 15,593 |  |  | 10,733 |  |  | 25 |  |  | 3,898 |  |  | 3,204 |  |  | 2,771 |  |  | 552 |  |  | 1,846 |
Metalúrgica Plus S.A. (6) | (471 | ) |  | (314 | ) |  | 33 |  |  | (157 | ) |  | (53 | ) |  | (105 | ) |  | (100 | ) |  | (91 | )
Plenogás Distribuidora de Gás S.A. (6) | 1,844 |  |  | 353 |  |  | 33 |  |  | 615 |  |  | 497 |  |  | 118 |  |  | (4 | ) |  | 38 |
Other investments | ‐ |  |  | ‐ |  |  | ‐ |  |  | 28 |  |  | 28 |  |  | ‐ |  |  | (14 | ) |  | (12 | )
Total investments |  |  |  |  |  |  |  |  |  | 111,384 |  |  | 78,593 |  |  | 12,181 |  |  | (17,634 | ) |  | (44,031 | )
Total provision for equity deficit |  |  |  |  |  |  |  |  |  | (157 | ) |  | ‐ |  |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  | 111,227 |  |  | 78,593 |  |  |  |  |  |  |  |  |  |
The percentages in the table above are rounded.
(i) | The Company acquired a 50% interest in Química da Bahia on February 1, 2022. Until January 31, 2022, Química da Bahia was an associate of Oxiteno S.A.
(1) | The subsidiary Ultracargo Logística holds an interest in União Vopak – Armazéns Gerais Ltda. (“União Vopak”), which is primarily engaged in liquid bulk storage at the port of Paranaguá.
(2) | The Company holds an interest in Refinaria de Petróleo Riograndense S.A. (“RPR”), which is primarily engaged in oil refining.
(3) | The subsidiary IPP held an interest in ConectCar, which is primarily engaged in automatic payment of tolls and parking. On June 25, 2021, the sale of ConectCar to Porto Seguro S.A., through its subsidiary Portoseg S.A. – Crédito, Financiamento e Investimento, was announced. The transactions were completed on October 1, 2021. The sale value of the 50% interest in the subsidiary IPP was R$ 165 million, and, after adjustments resulting from changes in working capital and net debt position, totaled R$ 158 million.
(4) | 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), it participates through Navegantes Logística Portuária S.A. (“Navegantes”); in Cabedelo (PB), it holds an interest in 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”).
(5) | The subsidiary IPP holds an interest in Transportadora Sulbrasileira de Gás S.A. (“TSB”), which is primarily engaged in natural gas transportation services.
(6) | The subsidiary Cia. Ultragaz holds an interest in Metalúrgica Plus S.A. (“Metalplus”), which is primarily engaged in the manufacture and trading of LPG containers and has interest in Plenogás Distribuidora de Gás S.A. (“Plenogás”), which is primarily engaged in the marketing of LPG containers. Currently, the associates have their operational activities suspended.
The table below presents the full amounts of statements of financial position and statements of income of joint ventures:
| 12/31/2022 |
| União Vopak |  |  | RPR |  |  | Química da Bahia |  |  | Latitude Logística |  |  | Navegantes Logística |  |  | Nordeste Logística I |  |  | Nordeste Logística II |  |  | Nordeste Logística III |
Current assets | 3,164 |  |  | 615,563 |  |  | 382 |  |  | 9,526 |  |  | 4,358 |  |  | 20,604 |  |  | 38,951 |  |  | 25,598 |
Non-current assets | 7,454 |  |  | 156,788 |  |  | 9,767 |  |  | 67,774 |  |  | 179,377 |  |  | 23,146 |  |  | 40,806 |  |  | 49,800 |
Current liabilities | 1,378 |  |  | 432,502 |  |  | - |  |  | 13,112 |  |  | 40,675 |  |  | 6,183 |  |  | 10,915 |  |  | 7,871 |
Non-current liabilities | 328 |  |  | 263,999 |  |  | 3,109 |  |  | 48,912 |  |  | 73,311 |  |  | 18,546 |  |  | 10,596 |  |  | 16,414 |
Equity | 8,912 |  |  | 75,850 |  |  | 7,040 |  |  | 15,276 |  |  | 69,749 |  |  | 19,021 |  |  | 58,246 |  |  | 51,113 |
Net revenue | 3,408 |  |  | 3,215,987 |  |  | - |  |  | 12,722 |  |  | - |  |  | 20,631 |  |  | 3,205 |  |  | 12,799 |
Costs, operating expenses, gain (loss) on disposal of property, plant and equipment and intangibles and other operating income (expenses) | (13,412 | ) |  | (3,085,140 | ) |  | (15 | ) |  | (9,864 | ) |  | (11,360 | ) |  | (7,901 | ) |  | (7,367 | ) |  | (10,720 | )
Finance income (costs), income and social contribution taxes | 2,244 |  |  | (52,248 | ) |  | - |  |  | (4,574 | ) |  | (8,408 | ) |  | (3,632 | ) |  | 531 |  |  | (1,280 | )
Net income (loss) for the year | (7,760 | ) |  | 78,599 |  |  | (15 | ) |  | (1,716 | ) |  | (19,768 | ) |  | 9,098 |  |  | (3,631 | ) |  | 799 |
Number of shares or units held | 29,995 |  |  | 5,078,888 |  |  | 1,493,122 |  |  | 9,384,693 |  |  | 37,998,195 |  |  | 984,587 |  |  | 22,393,571 |  |  | 16,977,737 |
Interest in share capital - % | 50 |  |  | 33 |  |  | 50 |  |  | 50 |  |  | 33 |  |  | 33 |  |  | 33 |  |  | 33 |
| 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 | 17,660 |  |  | 2,092,786 |  |  | 60,436 |  |  | 5,895 |  |  | - |  |  | 11,625 |  |  | 2,016 |  |  | 7,561 |
Costs, operating expenses, gain (loss) on disposal of property, plant and equipment and intangibles and other operating income (expenses) | (16,144 | ) |  | (2,105,544 | ) |  | (97,095 | ) |  | (2,591 | ) |  | (1,579 | ) |  | (3,260 | ) |  | (3,980 | ) |  | (5,030 | )
Finance income (costs), income and social contribution taxes | (312 | ) |  | 15,235 |  |  | 497 |  |  | (2,118 | ) |  | (7,517 | ) |  | (3,589 | ) |  | (494 | ) |  | (1,765 | )
Net income (loss) for the year | 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 |
Interest in share capital - % | 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.
| 12/31/2020 |
| União Vopak |  |  | RPR |  |  | ConectCar |  |  | Navegantes Logística |  |  | Nordeste Logística I |  |  | Nordeste Logística II |  |  | Nordeste Logística III |
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 |
The percentages in the table above are rounded. The table below presents the statements of financial position and statements of income of associates:
| 12/31/2022 |
| Transportadora Sulbrasileira de Gás S.A. |  |  | Metalúrgica Plus S.A. |  |  | Plenogás Distribuidora de Gás S.A. |
Current assets | 8,598 |  |  | 6 |  |  | 617 |
Non-current assets | 10,420 |  |  | - |  |  | 1,949 |
Current liabilities | 2,824 |  |  | 29 |  |  | 167 |
Non-current liabilities | 601 |  |  | 448 |  |  | 555 |
Equity | 15,593 |  |  | (471 | ) |  | 1,844 |
Net revenue | 18,250 |  |  | - |  |  | - |
Costs, operating expenses, gain (loss) on disposal of property, plant and equipment and intangibles and other operating income (expenses) | (7,593 | ) |  | (245 | ) |  | 356 |
Finance income (costs) and income tax | 76 |  |  | (69 | ) |  | (3 | )
Net income (loss) for the year | 10,733 |  |  | (314 | ) |  | 353 |
Number of shares or units held | 20,124,996 |  |  | 3,000 |  |  | 1,384,308 |
Interest in share capital - % | 25 |  |  | 33 |  |  | 33 |
| 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 | 15,126 |  |  | 69,611 |  |  | - |  |  | - |  |  | - |
Costs, operating expenses, gain (loss) on disposal of property, plant and equipment and intangibles and other operating income (expenses) | (12,691 | ) |  | (68,390 | ) |  | (28 | ) |  | (239 | ) |  | 18 |
Finance income (costs) and income tax | (226 | ) |  | (904 | ) |  | - |  |  | (61 | ) |  | (31 | )
Net income (loss) for the year | 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 |
Interest in share capital - % | 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. |
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 |
Balances and changes in investments in joint ventures and associates are as follows:
|  | Joint ventures |  |  | Associates |  |  | Total |
Balance as of December 31, 2021 (i) |  | 71,389 |  |  | 7,204 |  |  | 78,593 |
Share of profit (loss) of joint ventures and associates |  | 9,397 |  |  | 2,784 |  |  | 12,181 |
Dividends |  | (4,298 | ) |  | (2,076 | ) |  | (6,374 | )
Valuation adjustments |  | 267 |  |  | ‐ |  |  | 267 |
Actuarial loss ofpost-employment benefits of subsidiaries, net of income and social contribution taxes |  | (1,440 | ) |  | ‐ |  |  | (1,440 | )
Capital increase in cash |  | 28,000 |  |  | ‐ |  |  | 28,000 |
Shareholder transactions - changes of interest |  | 3,528 |  |  | (3,528 | ) |  | ‐ |
Balance as of December 31, 2022 (i) |  | 106,843 |  |  | 4,384 |  |  | 111,227 |
|  | Joint ventures |  |  | Associates |  |  | Total |
Balance as of December 31, 2020 (i) |  | 137,004 |  |  | 25,616 |  |  | 162,620 |
Share of profit (loss) of joint ventures and associates from continuing operations |  | (18,068 | ) |  | 434 |  |  | (17,634 | )
Share of profit (loss) of joint ventures and associates from discontinued operations |  | ‐ |  |  | 48 |  |  | 48 |
Dividends |  | ‐ |  |  | (998 | ) |  | (998 | )
Valuation adjustments |  | 99 |  |  | ‐ |  |  | 99 |
Actuarial gain of post-employment benefits of subsidiaries, net of income and social contribution taxes |  | 5,723 |  |  | ‐ |  |  | 5,723 |
Capital increase in cash |  | 30,697 |  |  | ‐ |  |  | 30,697 |
Capital decrease |  | (5,001 | ) |  | (1,500 | ) |  | (6,501 | )
Shareholder transactions - changes of interest |  | (966 | ) |  | ‐ |  |  | (966 | )
Write-off of investment |  | (78,099 | ) |  | ‐ |  |  | (78,099 | )
Reclassification to assets held for sale |  | ‐ |  |  | (16,396) |  |  | (16,396 | )
Balance as of December 31, 2021 (i) |  | 71,389 |  |  | 7,204 |  |  | 78,593 |
|  | Joint ventures |  |  | Associates |  |  | Total |
Balance as of December 31, 2019 (i) |  | 153,076 |  |  | 25,778 |  |  | 178,854 |
Share of profit (loss) of joint ventures and associates from continuing operations |  | (45,812 | ) |  | 1,781 |  |  | (44,031 | )
Share of profit (loss) of joint ventures and associates from discontinued operations |  | - |  |  | 414 |  |  | 414 |
Dividends |  | - |  |  | (2,357 | ) |  | (2,357 | )
Capital increase |  | 29,203 |  |  | - |  |  | 29,203 |
Capital decrease (ii) |  | (363 | ) |  | - |  |  | (363 | )
Other reserves |  | 1,065 |  |  | - |  |  | 1,065 |
Proposed dividends |  | (165 | ) |  | - |  |  | (165 | )
Balance as of December 31, 2020 (i) |  | 137,004 |  |  | 25,616 |  |  | 162,620 |
(i) Investments in subsidiaries, joint ventures and associates net of provision for negative equity. (ii) Refers to reimbursement of expenses that preceded the port area auctions and that were apportioned among the other members of the consortium.

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