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Related Parties | 12 Months Ended
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Dec. 31, 2022
Disclosure of transactions between related parties [abstract] |
Related Parties | 9 Related parties a. Related parties Balances and transactions between the Company and its subsidiaries have been eliminated in consolidation and are not disclosed in this note. The balances and transactions between the Company and its subsidiaries with other related parties are highlighted below:
| 12/31/2022 |
| Loans (1) |  |  | Commercial transactions |  |  | Trading transactions |
| Assets |  |  | Liabilities |  |  | Receivables |  |  | Trade payables |  |  | Sales and services provided |  |  | Purchases |
Química da Bahia Indústria e Comércio S.A. | - |  |  | 2,875 |  |  | - |  |  | - |  |  | - |  |  | - |
Refinaria de Petróleo Riograndense S.A. | - |  |  | - |  |  | - |  |  | 26,062 |  |  | - |  |  | 336,781 |
União Vopak Armazéns Gerais Ltda. | - |  |  | - |  |  | 61 |  |  | - |  |  | 784 |  |  | - |
Latitude Logística Portuária S.A. | - |  |  | - |  |  | 3 |  |  | 346 |  |  | - |  |  | - |
Nordeste Logistica I S.A. | - |  |  | - |  |  | - |  |  | 22 |  |  | - |  |  | - |
Nordeste Logistica III S.A. | - |  |  | - |  |  | - |  |  | 17 |  |  | - |  |  | - |
Chevron (Thailand) Limited (2) | - |  |  | - |  |  | - |  |  | 113 |  |  | - |  |  | 832 |
Chevron Latin America Marketing LLC (2) | - |  |  | - |  |  | 34 |  |  | - |  |  | - |  |  | - |
Chevron Lubricants Oils S.A. (2) | - |  |  | - |  |  | 403 |  |  | - |  |  | 930 |  |  | - |
Chevron Marine Products (2) | - |  |  | - |  |  | 1,950 |  |  | - |  |  | 14,068 |  |  | - |
Chevron Oronite Brasil Ltda. (2) | - |  |  | - |  |  | - |  |  | 53,912 |  |  | - |  |  | 162,006 |
Chevron Products Company (2) | - |  |  | - |  |  | - |  |  | 178,846 |  |  | - |  |  | 699,154 |
Chevron Belgium NV (2) | - |  |  | - |  |  | - |  |  | 326 |  |  | - |  |  | 13,053 |
Chevron Petroleum CO Colombia (2) | - |  |  | - |  |  | 220 |  |  | - |  |  | 220 |  |  | - |
Chevron Lubricants Lanka PLC (2) | - |  |  | - |  |  | 88 |  |  | - |  |  | 88 |  |  | - |
Others (1) | - |  |  | 617 |  |  | - |  |  | - |  |  | - |  |  | - |
Total | - |  |  | 3,492 |  |  | 2,759 |  |  | 259,644 |  |  | 16,090 |  |  | 1,211,826 |
(1) Loans contracted have indefinite terms and do not contain remuneration clauses. (2) Non-controlling shareholders and other related parties of Iconic.
| 12/31/2021 |  |  | 12/31/2021 |
| Loans (1) |  |  | Commercial transactions |  |  | Trading transactions |
| Assets |  |  | Liabilities |  |  | Receivables |  |  | Trade payables |  |  | Sales and services provided |  |  | Purchases |
Química da Bahia Indústria e Comércio S.A. | - |  |  | 2,875 |  |  | - |  |  | - |  |  | - |  |  | - |
Refinaria de Petróleo Riograndense S.A. | - |  |  | - |  |  | - |  |  | 90,761 |  |  | - |  |  | 619,785 |
União Vopak Armazéns Gerais Ltda. | - |  |  | - |  |  | 57 |  |  | - |  |  | 1,402 |  |  | - |
Chevron (Thailand) Limited (2) | - |  |  | - |  |  | 204 |  |  | - |  |  | 675 |  |  | 1,072 |
Chevron Lubricants Lanka PLC (2) | - |  |  | - |  |  | - |  |  | - |  |  | 164 |  |  | - |
Chevron Lubricants Oils S.A. (2) | - |  |  | - |  |  | 319 |  |  | - |  |  | 786 |  |  | - |
Chevron Marine Products (2) | - |  |  | - |  |  | 3,663 |  |  | - |  |  | 24,583 |  |  | - |
Chevron Oronite Brasil Ltda. (2) | - |  |  | - |  |  | - |  |  | 53,378 |  |  | 78 |  |  | 150,878 |
Chevron Products Company (2) | - |  |  | - |  |  | - |  |  | 158,557 |  |  | - |  |  | 789,452 |
Chevron Belgium NV (2) | - |  |  | - |  |  | - |  |  | 821 |  |  | - |  |  | 7,520 |
Chevron Petroleum CO Colombia (2) | - |  |  | - |  |  | 214 |  |  | - |  |  | 392 |  |  | - |
Others (1) | 490 |  |  | 659 |  |  | - |  |  | - |  |  | - |  |  | - |
Total | 490 |  |  | 3,534 |  |  | 4,457 |  |  | 303,517 |  |  | 28,080 |  |  | 1,568,707 |
(1) Loans contracted have indefinite terms and do not contain remuneration clauses. (2) Non-controlling shareholders and other related parties of Iconic.
| Trading transactions |
| Sales and services |  |  | Purchases |  |  | Expenses |
Oxicap Indústria de Gases Ltda. | 471 |  |  | 19,077 |  |  | - |
Refinaria de Petróleo Riograndense S.A. | - |  |  | 314,587 |  |  | - |
ConectCar Soluções de Mobilidade Eletrônica S.A. | 3,062 |  |  | 154 |  |  | - |
LA’7 Participações e Empreend. Imob. Ltda. (a) | - |  |  | - |  |  | 1,613 |
Chevron (Thailand) Limited | - |  |  | 759 |  |  | - |
Chevron Oronite Brasil LTDA. | - |  |  | 108,198 |  |  | - |
Chevron Products Company | - |  |  | 247,578 |  |  | - |
Chevron Belgium NV | - |  |  | 6,707 |  |  | - |
Total as of December 31, 2020 | 3,533 |  |  | 697,060 |  |  | 1,613 |
(a) Refers to rental contracts of 15 drugstores owned by LA’7 as of December 31, 2020, a company of the former shareholders of Extrafarma that are current shareholders of Ultrapar. Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation, and storage services based on prices and terms negotiated between the parties, with customers and suppliers with comparable operational performance. In the opinion of the Company’s and its subsidiaries’ Management, transactions with related parties are not subject to settlement risk, therefore, no provision for expected losses on accounts receivable or guarantees are recorded. Guarantees provided by the Company in loans of subsidiaries and associates are mentioned in Note 17. b. Key executives The Company’s compensation strategy for Management’s key executives combines short and long-term elements, following the principles of alignment of interests and of maintaining a competitive compensation, and is aimed at retaining key officers and remunerating them adequately according to their attributed responsibilities and the value created to the Company and its shareholders. Short-term compensation is comprised of: (a) fixed monthly compensation paid with the objective of rewarding the executive’s experience, responsibility, and his/her position’s complexity, and includes salary and benefits such as medical coverage, check-up, life insurance, and others; (b) variable compensation paid annually with the objective of aligning the executive’s and the Company’s objectives, which is linked to: (i) the business performance measured through its economic value creation and (ii) the fulfillment of individual annual goals that are based on the strategic plan and are focused on expansion and operational excellence projects, people development and market positioning, among others. For further details about post-employment benefits see Note 21.b. The expenses for compensation of its key executives (Company’s directors and executive officers) are shown below:
| 2022 |  |  | 2021 |  |  | 2020 |
Short-term compensation | 62,285 |  |  | 47,003 |  |  | 47,936 |
Stock compensation | 18,424 |  |  | 15,778 |  |  | 4,786 |
Post-employment benefits | 4,035 |  |  | 2,737 |  |  | 2,866 |
Termination benefits | - |  |  | 5,637 |  |  | - |
Total | 84,744 |  |  | 71,155 |  |  | 55,588 |
c. Deferred s tock plan Since 2003 Ultrapar has adopted a stock plan in which the executive has the benefit from shares held in treasury until the transfer of the full ownership of the shares to those eligible members of management after five to seven years from the initial grant of the rights subject to uninterrupted employment of the participant during the period. The volume of shares and the executives eligible are determined by the Board of Board of Directors, and there is no mandatory annual grant. The total number of shares to be used in the plan is subject to the number of shares in treasury. Ultrapar’s Board of Directors members are not eligible to participate in the stock plan. The fair value of the grants was determined on the grant date based on the market value of the shares on B3, the Brazilian Securities, Commodities and Futures Exchange and the amounts are amortized between five to seven years from the grant date. The table below summarizes shares granted to the management of the Company and its subsidiaries:
Grant date | Number of shares granted |  |  | Vesting period |  |  | Market price of shares on the grant date (in R$ per share) |  |  | Total grant costs, including taxes |  |  | Accumulated recognized grant costs |  |  | Accumulated unrecognized grant costs |
March 4, 2016 | 66,664 |  |  | 2023 |  |  | 32.72 |  |  | 9,732 |  |  | (9,644 | ) |  | 88 |
Balance as of December 31, 2022 | 66,664 |  |  |  |  |  |  |  |  | 9,732 |  |  | (9,644 | ) |  | 88 |
For the year ended December 31, 2022, the amortization of R$ 1,204 (reversal of R$ 1,902 – continuing operation and R$ 1,325 – discontinued operation for the year ended December 31, 2021 and reversal of R$ 64 – continuing operation and R$ 2,296 – discontinued operation for year ended December 31, 2020) was recognized as general and administrative expense. The table below summarizes the changes in the number of shares granted:
Balance as of December 31, 2019 |  | 1,224,524 |
Cancellation of granted shares due to termination of executive employment |  | (200,000 | )
Shares vested and transferred |  | (322,264 | )
Balance as of December 31, 2020 |  | 702,260 |
Shares transferred to executives |  | (448,930 | )
Reclassification to assets held for sale |  | (119,998 | )
Balance as of December 31, 2021 |  | 133,332 |
Shares transferred to executives |  | (66,668 | )
Balance as of December 31, 2022 |  | 66,664 |
In addition, on April 19, 2017, the Ordinary and Extraordinary General Shareholders’ Meeting (“OEGM”) approved a new incentive plan based on shares (“Plan”), which establishes the general terms and conditions for the granting of common shares issued by the Company and held in treasury, that may or may not involve the granting of usufruct of part of these shares for later transfer of the ownership of the shares, in periods of three to six years, to directors or employees of the Company or its subsidiaries. As a result of the Plan, common shares representing at most 1% of the Company's share capital may be delivered to the participants, which corresponds, at the date of approval of this Plan, to 11,128,102 common shares. The table below summarizes the restricted and performance stock programs:
Program | Grant date | Number of shares granted (Quantity) |  |  | Vesting period |  |  | Market price of shares on the grant date (in R$ per share) |  |  | Total exercisable grant costs, including taxes (in R$ thousands) |  |  | Accumulated recognized exercisable grant costs (in R$ thousands) |  |  | Accumulated unrecognized exercisable grant costs |
Restricted | April 4, 2018 | 6,658 |  |  | 2023 |  |  | 34.35 |  |  | 427 |  |  | (406 | ) |  | 21 |
Restricted | September 19, 2018 | 80,000 |  |  | 2024 |  |  | 19.58 |  |  | 2,675 |  |  | (1,895 | ) |  | 780 |
Restricted | September 24, 2018 | 80,000 |  |  | 2024 |  |  | 18.40 |  |  | 2,528 |  |  | (1,791 | ) |  | 737 |
Restricted | April 3, 2019 | 74,916 |  |  | 2023 and 2024 |  |  | 23.25 |  |  | 3,264 |  |  | (2,758 | ) |  | 506 |
Performance (ii) | April 3, 2019 | 37,458 |  |  | 2024 |  |  | 23.25 |  |  | 1,619 |  |  | (1,214 | ) |  | 405 |
Restricted | September 2, 2019 | 320,000 |  |  | 2025 |  |  | 16.42 |  |  | 9,013 |  |  | (5,007 | ) |  | 4,006 |
Restricted | April 1, 2020 | 182,853 |  |  | 2023 to 2025 |  |  | 12.53 |  |  | 4,267 |  |  | (3,064 | ) |  | 1,203 |
Performance (ii) | April 1, 2020 | 276,580 |  |  | 2023 to 2025 |  |  | 12.53 |  |  | 6,440 |  |  | (4,854 | ) |  | 1,586 |
Restricted | September 16, 2020 | 300,000 |  |  | 2026 |  |  | 23.03 |  |  | 11,793 |  |  | (4,586 | ) |  | 7,207 |
Restricted | April 7, 2021 | 425,422 |  |  | 2024 |  |  | 21.00 |  |  | 16,705 |  |  | (9,744 | ) |  | 6,961 |
Performance (ii) | April 7, 2021 | 454,520 |  |  | 2024 |  |  | 21.00 |  |  | 17,824 |  |  | (10,864 | ) |  | 6,960 |
Restricted | September 22, 2021 | 1,000,000 |  |  | 2027 |  |  | 14.17 |  |  | 24,363 |  |  | (5,543 | ) |  | 18,820 |
Restricted | April 6, 2022 | 777,065 |  |  | 2025 |  |  | 14.16 |  |  | 20,573 |  |  | (5,143 | ) |  | 15,430 |
Performance (ii) | April 6, 2022 | 779,232 |  |  | 2025 |  |  | 14.16 |  |  | 20,631 |  |  | (5,201 | ) |  | 15,430 |
Restricted | September 21, 2022 | 2,640,000 |  |  | 2032 |  |  | 12.98 |  |  | 64,048 |  |  | (2,135 | ) |  | 61,913 |
Restricted | December 7, 2022 | 1,500,000 |  |  | 2032 |  |  | 13.47 |  |  | 38,125 |  |  | (318 | ) |  | 37,807 |
| 8,934,704 |  |  |  |  |  |  |  |  | 244,295 |  |  | (64,523 | ) |  | 179,772 |
For the year ended December 31, 2022, a general and administrative expense in the amount of R$ 38,204 was recognized in relation to the Plan (R$ 24,067 for the year ended December 31, 2021 and R$ 10,440 for the year ended December 31, 2020).
Balance as of December 31, 2019 |  | 1,738,660 |
Shares granted on April 1, 2020 |  | 877,788 |
Shares granted on September 16, 2020 |  | 700,000 |
Cancellation of granted shares due to termination of executive employment |  | (353,294 | )
Cancellation of performance shares |  | (52,992 | )
Balance as of December 31, 2020 |  | 2,910,162 |
Shares granted on April 7, 2021 |  | 1,386,504 |
Shares granted on September 22, 2021 |  | 1,000,000 |
Performance shares (i) |  | (133,326 | )
Cancellation of granted shares due to termination of executive employment |  | (133,186 | )
Reclassification to assets held for sale |  | (614,860 | )
Balance as of December 31, 2021 |  | 4,415,294 |
Shares granted during the year |  | 5,702,027 |
Cancellation of granted shares due to termination of executive employment |  | (934,310 | )
Shares transferred (vesting) |  | (484,651 | )
Reclassification from assets held for sale |  | 236,344 |
Balance as of December 31, 2022 |  | 8,934,704 |
(i) Refers to the reversal of the provision constituted in view of the significant probability that performance indicators will not be achieved. (ii) The performance targets are established by grant in accordance with individual and collective business goals.

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