Investments in joint controlled entities and associates

12 Months Ended

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
	Equity		Net income (loss) for the year		Interest in share capital - %	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.