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Risks and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Assets and liabilities in foreign currencies

	12/31/2022			12/31/2021
Assets in foreign currency
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)	311,017			122,242
Foreign trade receivables, net of allowance for expected credit losses	6,131			1,324
Other receivables	727,057			-
Other assets of foreign subsidiaries	280,738			186,548
Asset exposure from subsidiaries held for sale	-			3,839,194
	1,324,943			4,149,308
Liabilities in foreign currency
Financing in foreign currency, gross of transaction costs and discount	(5,213,100	)		(8,860,833	)
Payables arising from imports	(1,939,984	)		(649,107	)
Liabilities exposure of subsidiaries held for sale	-			(884,402	)
	(7,153,084	)		(10,394,342	)
Foreign currency hedging instruments	5,274,302			2,933,572
Foreign currency hedging instruments from subsidiaries held for sale	-			1,786,471
Net liability position - total	(553,839	)		(1,524,991	)
Net (liability) asset position - effect on statement of income	(553,839	)		(498,604	)
Net liability position - effect on equity in subsidiaries held for sale	-			(1,026,387	)

Sensitivity analysis of assets and liabilities in foreign currency

The table below shows the effects of the exchange rate changes on the net liability position of R$ 553,839 in foreign currency as of December 31, 2022:

	Risk	Base Scenario
Effect on statement of income	Real devaluation	(26,555	)
	Net effect	(26,555	)
Effect on statement of income	Real appreciation	26,555
	Net effect	26,555

(*) Average US dollar on December 31, 2022, according to benchmark rates as published by B3.

Financial assets and liabilities exposed to floating interest rates

The financial assets and liabilities exposed to floating interest rates are demonstrated below:

	Note	12/31/2022			12/31/2021
DI
Cash equivalents	5.a	5,204,766			1,943,164
Financial investments	5.b	406,683			1,607,608
Loans and debentures	17	(2,460,698	)		(4,855,517	)
Liability position of foreign exchange hedging instruments - DI	32.g	(2,651,609	)		(2,283,625	)
Liability position of fixed interest instruments + IPCA - DI	32.g	(3,416,868	)		(2,364,583	)
Net liability position in DI		(2,917,726	)		(5,952,953	)
TJLP
Loans – TJLP	17	-			(326	)
Net liability position in TJLP		-			(326	)
LIBOR
Asset position of foreign exchange hedging instruments - LIBOR	32.g	-			279,047
Loans - LIBOR	17	-			(275,936	)
Net liability position in LIBOR		-			3,111
Total net liability position exposed to floating interest		(2,917,726	)		(5,950,168	)

Sensitivity analysis of floating interest rate risk

The tables below show the incremental expenses and income that would be recognized in finance income, if the market curves of floating interest at the base date were applied to the average balances of the current year, due to the effect of floating interest rate.

		12/31/2022
Exposure to interest rate risk	Risk	Probable Scenario
Interest effect on cash equivalents and financial investments	Increase in DI (i)	26,382
Interest effect on debt in DI	Increase in DI (i)	(34,907	)
Effect on income of short positions in DI of debt hedging instruments	Increase in DI (i)	(102,175	)
Incremental expenses		(110,700	)
Interest effect on debt in TJLP	Increase in TJLP (ii)	-
Incremental expenses		-

(i) Base rates used was 12.37% and sensivity rate was 13.41%.

(ii) Base rates used was 6.08% and sensivity rate was 7.20%.

Summary of credit risk of financial institution and government of cash, cash equivalents and financial investments

The credit risk of financial institution and government related to cash, cash equivalents and financial investments is summarized below:

		Fair value
Counterparty credit rating		12/31/2022			12/31/2021
AAA		5,720,996			3,606,000
AA		809,583			740,879
A		3,457			116,594
Others (*)		50,926			-
Total		6,584,962			4,463,473

(*) Refers substantially to investiments with minoritary participation of UVC, which are classificated in long term financial investments.

Loss allowance for expected credit losses balances on trade receivables

The Company’s subsidiaries request guarantees related to trade receivables and other receivables in specific situations to customers. The Company’s subsidiaries maintained the following allowances for expected credit losses:

	12/31/2022			12/31/2021
Ipiranga	373,514			422,542
Ultragaz	120,076			135,565
Ultracargo	2,450			1,526
Total	496,040			559,633

Credit risk exposure

The table below presents information on credit risk exposure, resulting from the balances of trade receivables and reseller financing:

	12/31/2022									12/31/2021
	Weighted average rate of losses			Accounting balance			Allowance for expected credit losses			Weighted average rate of losses			Accounting balance			Allowance for expected credit losses
Current	0.5%			4,756,388			22,752			0.6%			3,901,536			23,476
Less than 30 days	7.5%			29,817			2,230			7.3%			109,284			8,005
31-60 days	11.1%			22,633			2,516			20.4%			57,545			11,746
61-90 days	26.5%			32,522			8,617			23.0%			39,177			9,016
91-180 days	34.4%			58,529			20,159			49.1%			50,588			24,818
More than 180 days	50.7%			868,072			439,766			57.5%			838,532			482,572
				5,767,961			496,040						4,996,662			559,633

Summary of loss allowance for expected credit losses balances by geographic area

The information on allowance for expected credit losses balances by geographic area is as follows:

	12/31/2022			12/31/2021
Brazil	495,929			559,532
United States of America and Canada	61			3
Other Latin American countries	31			15
Europe	5			66
Others	14			17
	496,040			559,633

Positions of derivative financial instruments to hedge commodity price risk

The table below shows the positions of hedging financial instruments to hedge commodity price risk as of December 31, 2022 and December 31, 2021:

Derivative		Contract						Notional amount (m 3)						Notional amount (USD thousand)						Fair value (R$ thousand)						Possible scenario (∆ of 10% - R$ thousand)
		Position		Product		Maturity		12/31/2022			12/31/2021			12/31/2022			12/31/2021			12/31/2022			12/31/2021			12/31/2022			12/31/2021
Term		Sold		Heating Oil		Jul-23		158,828			167,255			150,498			103,148			(52,214	)		2,269			(124,293	)		(55,066	)
Term		Sold		RBOB		Jan-23		52,466			29,413			31,382			17,112			(15,481	)		(967	)		(33,404	)		(10,613	)
																				(67,695	)		1,302			(157,697	)		(65,679	)

Contractual undiscounted cash outflows

The table below presents a summary of financial liabilities and leases payable as of December 31, 2022 by the Company and its subsidiaries, listed by maturity. The amounts disclosed in this table are the contractual undiscounted cash flows, and, therefore, these amounts may be different from the amounts disclosed in the statement of financial position.

	Total			Less than 1 year			Between 1 and 3 years			Between 3 and 5 years			More than 5 years
Loans including future contractual interest (1) (2)	13,960,937			3,744,329			2,524,250			2,993,156			4,699,202
Derivative instruments (3)	2,292,609			584,748			725,668			648,202			333,991
Trade payables	7,377,846			7,377,846			-			-			-
Leases payable	2,404,105			343,792			596,602			374,456			1,089,255
Financial liabilities of customers	551,587			184,159			354,389			13,039			-
Contingent consideration	89,640			-			-			89,640			-

(1)	The interest on loans, it was estimated based on the US dollar futures contracts and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on December 31, 2022.
(2)	Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.
(3)	The hedging instruments were estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on December 31, 2022. In the table above, only the hedging instruments with negative results at the time of settlement were considered.

Schedule of leverage ratio at the end of the year

The leverage ratio at the end of the year is the following:

	12/31/2022			12/31/2021
Loans and financing	13,274,130			17,725,954
Cash and cash equivalents, financial investments and derivative financial instruments	6,584,962			4,463,473
Net debt	6,689,168			13,262,481
Equity	12,174,968			10,469,240
Leverage ratio	54.94%			126.68%

Position of hedging instruments

The table below summarizes the gross balance of the position of hedging instruments contracted as well as of the gains (losses) that affect the equity and the statement of income of the Company and its subsidiaries:

Derivatives designated as hedge accounting
Product		Hedged object		Contracted rates			Maturity		Note		Notional amount1			Fair value 12/31/2022						Gains (losses) 12/31/2022
				Assets	Liabilities						12/31/2022			Assets			Liabilities			Income statement
Foreign exchange swap		Financing		USD + 4.95 %	106.67% DI		Sept-25		32.h.1		221,339			106,550			(9,243	)		(121,296	)
Foreign exchange swap		Financing		USD +LIBOR-3M +1.14%	105.00% DI		Jun-22		32.h.1		-			-			-			(21,566	)
Foreign exchange swap		Financing		EUR + 3.42%	111.60% DI		Mar-23		32.h.1		9,709			1,954			-			2,573
Interest rate swap		Financing		IPCA +5.03%	102.87% DI		Jun-32		32.h.1		3,226,054			173,741			(59,789	)		(143,762	)
Term		Financing		6.47%	99.94% DI		Nov-24		32.h.1		90,000			-			(9,513	)		(5,069	)
NDF		Firm commitments		BRL	Heating Oil/ RBOB		Jul-23		32.h.1		181,880			2,936			(70,630	)		(944,896	)
NDF		Firm commitments		BRL	USD		Jan-23		32.h.1		127,233			4,712			(3,074	)		53,762
														289,893			(152,249	)		(1,180,344	)

Product		Hedged object		Contracted rates			Maturity		Note		Notional amount1			Fair value2 12/31/2021						Gains (losses) on 12/31/2021
				Assets	Liabilities						12/31/2021			Assets			Liabilities			Income statement
Foreign exchange swap		Financing		USD +4.65%	104.87% DI		Sept-23		32.h.1		125,000			212,509			-			11,712
Foreign exchange swap		Financing		USD +LIBOR-3M	105.00% DI		Jun-22		32.h.1		50,000			109,332			-			10,779
Interest rate swap		Financing		4.59% + IPCA	102.00% DI		Sept-28		32.h.1		2,226,054			201,638			(35,170	)		(17,922	)
Interest rate swap		Financing		6.47%	99.94% DI		Nov-24		32.h.1		90,000			-			(9,044	)		(10,088	)
Term		Firm commitments		BRL	Heating Oil/ RBOB		Jan-22		32.h.1		120,260			3,115			(1,813	)		(130,773	)
NDF		Firm commitments		BRL	USD		Jan-22		32.h.1		68,361			7,048			(1,346	)		813
														533,642			(47,373	)		(135,479	)

Derivatives not designated as hedge accounting
Product		Hedged object		Contracted rates			Maturity		Notional amount1			Fair value2 12/31/2022						Gains (losses) 12/31/2022
				Assets	Liabilities				12/31/2022			Assets			Liabilities			Income statement
NDF		Firm commitments		USD	BRL		Jul-23		1,116,702			36,472			(54,067	)		(440,359	)
Interest rate swap		Financing		5.25%	1.36%		Jun-29		300,000			-			(308,821	)		(266,445	)
Foreign exchange swap		Financing		0.00%	52.99%		Jun-29		375,000			230,145			(9,174	)		(85,474	)
												266,617			(372,062	)		(792,278	)

Product		Hedged object		Contracted rates			Maturity		Notional amount1			Fair value 12/31/2021						Gains (losses)  12/31/2021
				Assets	Liabilities				12/31/2021			Assets			Liabilities			Income statement
NDF		Firm commitments		USD	BRL		Jun-22		625,762			26,516			(23,052	)		54,743
Interest rate swap		Financing		5.25%	DI - 1.36%		Jun-29		300,000			-			(126,752	)		(109,081	)
Foreign exchange swap		Financing		2.67%	100.00%		May-21		-			-			-			17
												26,516			(149,804	)		(54,321	)

¹ Currency as indicated.

² Amounts, net of income tax.

Summary of foreign exchange hedging instruments designated as fair value hedge

The foreign exchange hedging instruments designated as fair value hedge are:

In thousands, except the DI %	12/31/2022			12/31/2021
Notional amount – US$	221,339			175,000
Result of hedging instruments - gain/(loss) - R$	(142,863	)		21,812
Fair value adjustment of debt - R$	28,000			47,064
Financial result of the debt - R$	28,291			(105,059	)
Average effective cost - DI %	107			104.90
Notional amount – EUR	9,709			-
Result of hedging instruments - gain/(loss) - R$	2,573			-
Fair value adjustment of debt - R$	(8	)		-
Average effective cost - DI %	112			-
For further information, see Note 17.b.1

The interest rate hedging instruments designated as fair value hedge are:

In thousands, except the DI %	12/31/2022			12/31/2021
Notional amount – R$	3,226,054			2,226,054
Result of hedging instruments - gain/(loss) - R$	(143,762	)		(17,922	)
Fair value adjustment of debt - R$	(44,312	)		166,374
Financial result of the debt - R$	(293,955	)		(245,710	)
Average effective cost - DI %	102.9			102.0

In thousands, except the DI %	12/31/2022			12/31/2021
Notional amount – R$	90,000			90,000
Result of hedging instruments - gain/(loss) - R$	(5,069	)		(10,088	)
Fair value adjustment of debt - R$	(486	)		11,756
Financial result of the debt - R$	(6,330	)		(5,914	)
Average effective cost - DI %	99.9			99.9

The foreign exchange hedging instruments and commodities designated as fair value hedge are as described below and are concentrated in subsidiary IPP. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until fuel blending, as occurs with the price adopted in its sales. IPP carries out these operations with over-the-counter derivatives that are designated in a hedge accounting relationship, as a fair value hedge in an amount equivalent to the inventories of imported product.

In thousands	12/31/2022			12/31/2021
Notional amount – US$	309,113			188,621
Result of hedging instruments - gain/(loss) - R$	(891,223	)		(129,670	)
Adjustment of inventory fair value – US$	34,126			(4,352	)

Fair values and the carrying values of the financial instruments

The fair values and the carrying amounts of the financial instruments, including foreign exchange and interest rate hedging instruments, are stated below:

		Carrying value											Fair value
December 31, 2022	Note	Measured at fair value through profit or loss			Measured at fair value through other comprehensive income			Measured at amortized cost				Level 1				Level 2			Level 3
Financial assets:
Cash and cash equivalents
Cash and banks	5.a	-			-			111,797				111,797				-			-
Fixed-income securities in local currency	5.a	-			-			5,204,766				5,204,766				-			-
Fixed-income securities in foreign currency	5.a	-			-			305,206				305,206				-			-
Financial investments																			-
Fixed-income securities and funds in local currency	5.b	406,683			-			-				-				406,683			-
Fixed-income securities and funds in foreign currency	5.b	-			-			-				-				-			-
Foreign exchange, interest rate and commodity hedging instruments	5.b	556,510			-			-				-				556,510			-
Trade receivables	6.a	-			-			4,533,327				4,504,245				-			-
Reseller financing	6.b	-			-			1,234,634				1,234,613				-			-
Financial liabilities of customers	6.c	-			-			1,096,565				1,096,565				-			-
Total		963,193			-			12,486,295				12,457,192				963,193			-
Financial liabilities:
Financing	17.a	1,216,341			-			3,973,816				3,971,551				1,216,341			-
Debentures	17.a	3,575,195			-			2,460,698				-				5,949,028			-
Foreign exchange, interest rate and commodity hedging instruments	17.a	524,312			-			-				-				524,312			-
Trade payables	18.a	-			-			4,710,952				4,710,952				-			-
Trade payables – reverse factoring	18.b	-			-			2,666,894				2,666,894				-			-
Stock warrant – indemnification (1)	24	42,776			-			-				-				42,776			-
Financial liabilities of customers		450,586			-			-				450,586				-			-
Contingent consideration	34.a	89,640			-			-				-				-			89,640
Total		5,898,850			-			13,812,360				11,799,983				7,732,457			89,640

		Carrying value									Fair value
December 31, 2021	Note	Measured at fair value through profit or loss			Measured at fair value through other comprehensive income			Measured at amortized cost			Level 1			Level 2
Financial assets:
Cash and cash equivalents
Cash and banks	5.a	-			-			334,547			334,547			-
Fixed-income securities in local currency	5.a	-			1,943,164			-			-			1,943,164
Fixed-income securities in foreign currency	5.a	2,363			-			-			2,363			-
Fixed-income securities and funds in local currency	5.b	1,607,608			-			-			1,607,608			-
Fixed-income securities and funds in foreign currency	5.b	-			103,239			-			-			103,239
Foreign exchange, interest rate and commodity hedging instruments	5.b	472,552			-			-			-			472,552
Trade receivables	6.a	-			-			3,438,995			3,367,012			-
Reseller financing	6.b	-			-			998,034			992,359			-
Total		2,082,523			2,046,403			4,771,576			6,303,889			2,518,955
Financial liabilities:
Financing	17.a	1,011,374			-			8,082,323			8,380,088			1,011,374
Debentures	17.a	2,487,244			-			4,599,525			4,529,439			2,487,244
Leases payable	14	-			-			1,348,311			1,348,311			-
Foreign exchange, interest rate and commodity hedging instruments	17.a	197,177			-			-			-			197,177
Trade payables	18	-			-			5,727,724			5,727,724			-
Stock warrant – indemnification (1)	24	51,296			-			-			-			51,296
Total		3,747,091			-			19,757,883			19,985,562			3,747,091

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-IssueDate 2022-03-24
-Paragraph 39
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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2022-03-24
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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