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Operations | 12 Months Ended
--- | ---
Dec. 31, 2023
Disclosure of Operations [Abstract] |
Operations | 1 Operations Ultrapar Participações S.A. (“Ultrapar” or “Company”) is a publicly-traded company headquartered at the Brigadeiro Luís Antônio Avenue, 1343 in the city of São Paulo – SP, Brazil, listed on B3 S.A. Brasil, Bolsa, Balcão (“B3”), in the Novo Mercado listing segment under the ticker “UGPA3” and on the New York Stock Exchange (“NYSE”) in the form of level III American Depositary Receipts (“ADRs”) under the ticker “UGP”. The Company engages in the investment of its own capital in services, commercial and industrial activities, through the subscription or acquisition of shares of other companies. Through its subsidiaries, it operates on liquefied petroleum gas – LPG distribution (“Ultragaz”), fuel distribution and related businesses (“Ipiranga” or “IPP”) and storage services for liquid bulk (“Ultracargo”). The information on segments is disclosed in Note 25.a. These financial statements were authorized for issuance by the Management on April 23, 2024. a. Principles of consolidation and interest in subsidiaries a.1 Principles of consolidation In the preparation of the consolidated financial statements the investments of one company in another, balances of asset and liability accounts, revenues transactions, costs and expenses were eliminated, as well as the effects of transactions conducted between the companies. Non-controlling interests in subsidiaries are presented within consolidated equity and net income. Consolidation of a subsidiary begins when the Company obtains direct or indirect control over an entity and ceases when the company loses control. Income and expenses of a subsidiary acquired are included in the consolidated statements of income and of comprehensive income from the date the Company gains the control. Income and expenses of a subsidiary, in which the Company loses control, are included in the consolidated statements of income and of comprehensive income until the date the Company loses control. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. a.2. Interest in subsidiaries The consolidated financial statements include the following direct and indirect subsidiaries:
|  |  |  |  | % interest in the share capital |
|  |  |  |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2021 |
|  |  |  |  | Control |  | Control |  | Control |
|  | Location | Segment |  | Direct |  | Indirect |  | Direct |  | Indirect |  | Direct | Indirect |
Ipiranga Produtos de Petróleo S.A. |  | Brazil | Ipiranga |  | 100 |  | - |  | 100 |  | - |  | 100 | - |
am/pm Comestíveis Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Icorban - Correspondente Bancário Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Ipiranga Trading Limited |  | British Virgin Islands | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Tropical Transportes Ipiranga Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Ipiranga Imobiliária Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Ipiranga Logística Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Oil Trading Importadora e Exportadora Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Iconic Lubrificantes S.A. |  | Brazil | Ipiranga |  | - |  | 56 |  | - |  | 56 |  | - | 56 |
Integra Frotas Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Irupé Biocombustíveis Ltda.(13) |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | - |  | - | - |
Imaven Imóveis Ltda. (10) |  | Brazil | Others |  | - |  | - |  | - |  | 100 |  | - | 100 |
Imifarma Produtos Farmacêuticos e Cosméticos S.A. (15) |  | Brazil | Extrafarma |  | - |  | - |  | - |  | - |  | - | 100 |
Ultragaz Participações Ltda. |  | Brazil | Ultragaz |  | 100 |  | - |  | 100 |  | - |  | - | - |
Ultragaz Energia Ltda. and subsidiaries (4) |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Companhia Ultragaz S.A. (3) |  | Brazil | Ultragaz |  | - |  | 99 |  | - |  | 99 |  | - | 99 |
Nova Paraná Distribuidora de Gás Ltda. (1) |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Utingás Armazenadora S.A. |  | Brazil | Ultragaz |  | - |  | 57 |  | - |  | 57 |  | - | 57 |
Bahiana Distribuidora de Gás Ltda. |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
LPG International Inc. (14) |  | Cayman Islands | Ultragaz |  | - |  | - |  | - |  | 100 |  | - | 100 |
NEOgás do Brasil Gas Natural Comprimido S.A.(5) |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | - |  | - | - |
UVC Investimentos Ltda |  | Brazil | Others |  | 100 |  | - |  | 100 |  | - |  | - | 99 |
Centro de Conveniências Millennium Ltda. and subsidiaries(12) |  | Brazil | Others |  | - |  | - |  | 100 |  | - |  | 100 | - |
Ultracargo - Operações Logísticas e Participações Ltda. |  | Brazil | Ultracargo |  | 100 |  | - |  | 100 |  | - |  | 100 | - |
Ultracargo Logística S.A. |  | Brazil | Ultracargo |  | - |  | 99 |  | - |  | 99 |  | - | 99 |
TEAS – Terminal Exportador de Álcool de Santos Ltda. (8) |  | Brazil | Ultracargo |  | - |  | - |  | - |  | 100 |  | - | 100 |
Ultracargo Soluções Logísticas S.A. (2) |  | Brazil | Ultracargo |  | - |  | 100 |  | - |  | 100 |  | - | 100 |
Ultrapar International S.A. |  | Luxembourg | Others |  | 100 |  | - |  | 100 |  | - |  | 100 | - |
SERMA - Ass. dos usuários equip. proc. de dados |  | Brazil | Others |  | - |  | - |  | - |  | 100 |  | - | 100 |
UVC - Fundo de investimento em participações multiestratégia investimento no exterior |  | Brazil | Others |  | 100 |  | - |  | 100 |  | - |  | 100 | - |
Imaven Imóveis Ltda. (10) |  | Brazil | Others |  | 100 |  | - |  | - |  | - |  |  |  |
Eaí Clube Automobilista S.A. |  | Brazil | Others |  | 100 |  | - |  | 100 |  | - |  | 100 | - |
Abastece Aí Participações S.A. (9) |  | Brazil | Others |  | - |  | 100 |  | - |  | - |  | - | - |
Abastece Aí Clube Automobilista Instituição de Pagamento Ltda(7) |  | Brazil | Others |  | - |  | 100 |  | - |  | - |  | - | - |
Ultrapar Mobilidade Ltda. (6) |  | Brazil | Others |  | 100 |  | - |  | - |  | - |  | - | - |
Serra Diesel Transportador Revendedor Retalhista Ltda.(11) |  | Brazil | Others |  | - |  | 60 |  | - |  | - |  | - | - |
Centro de Conveniências Millennium Ltda. and subsidiaries (12) |  | Brazil | Others |  | - |  | 100 |  | - |  | - |  | - | - |
Oxiteno S.A. Indústria e Comércio (16) |  | Brazil | Oxiteno |  | - |  | - |  | - |  | - |  | 100 | - |
Oxiteno Argentina Sociedad de Responsabilidad Ltda. |  | Argentina | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda. |  | Brazil | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno Uruguay S.A. |  | Uruguay | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno México S.A. de C.V. |  | Mexico | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno Servicios Corporativos S.A. de C.V. |  | Mexico | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno Servicios Industriales S.A. de C.V. |  | Mexico | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno USA LLC |  | United States | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Global Petroleum Products Trading Corp. (17) |  | British Virgin Islands | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno Europe SPRL |  | Belgium | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno Colombia S.A.S. |  | Colombia | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Oxiteno Shanghai LTD. |  | China | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
Empresa Carioca de Produtos Químicos S.A. |  | Brazil | Oxiteno |  | - |  | - |  | - |  | - |  | - | 100 |
The percentages in the table above are rounded.
(1) | Non-operating company in closing phase.
(2) | On June 16, 2023, the name of subsidiary Ultracargo Vila do Conde Logística Portuária S.A. was changed to Ultracargo Soluções Logísticas S.A.
(3) | On August 1, 2022, the subsidiary Companhia Ultragaz S.A. (“Ultragaz”) became directly controlled by Ultrapar. In November 2022, Ultragaz became an investee of Ultragaz Participações Ltda.
(4) | On November 18, 2022, the name of subsidiary Ultragaz Comercial Ltda. was changed to Ultragaz Energia Ltda.
(5) | On November 21, 2022, Ultrapar through its subsidiary Companhia Ultragaz S.A., signed an agreement for the acquisition of all shares of NEOgás do Brasil Gás Natural Comprimido S.A. The closing of the acquisition occurred on February 1, 2023.
(6) | Company established on February 28, 2023, with the purpose of holding interests in other companies. On October 2, 2023, the name of subsidiary Ultrapar Empreendimentos Ltda. was changed to Ultrapar Mobilidade Ltda.
(7) | On April 13, 2023, the company was acquired by Eaí Clube Automobilista S.A. The acquisition was made at book value.
(8) | On April 27, 2023, the Company was merged into Ultracargo Logística S.A.
(9) | Company established on June 1, 2023 with the purpose of holding interests in other companies.
(10) | On April 28, 2023, Imaven Imóveis Ltda. (“Imaven”), performed a partial spin-off of its assets, and the spin-off part was merged into the equity of the subsidiary Ipiranga Produtos de Petróleo S.A. On May 1, Imaven became directly controlled by Ultrapar. The entire transaction was carried out under common control.
(11) | On May 21, 2023, the Company, through its subsidiary Ultrapar Empreendimentos Ltda., signed an agreement for the acquisition of a 60% interest in Serra Diesel Transportador Revendedor Retalhista Ltda. The closing of the transaction occurred on September 1, 2023.
(12) | On October 2, 2023, Centro de Conveniências Millennium Ltda. and subsidiaries became directly controlled by Ultrapar Mobilidade Ltda.
(13) | Company established on October 2, 2023, engaged in the production, sale, import and export of biofuels, fertilizers and other agricultural inputs.
(14) | On June 30, 2023, the Company was dissolved.
(15) | On May 18, 2021, the Company announced the signing of an agreement for the sale of all shares of Extrafarma to Pague Menos. As of December 31, 2021, the Company reclassified the subsidiary’s balances to “assets and liabilities held for sale”, being the transaction closed on August 1, 2022 after the fulfillment of all conditions precedent. For further details, see note 29.
(16) | On August 16, 2021, the Company announced the signing of an agreement for the sale of its interest in Oxiteno S.A. to Indorama. As of December 31, 2021, the Company reclassified the subsidiary’s balances to “assets and liabilities held for sale”. On April 1, 2022, the transaction was consummated. For further details, see note 29.
(17) | On January 27, 2022, the subsidiary Global Petroleum Products Trading Corp (“GPPT”) was dissolved.
The main events occurred in the year are presented on Note 28.

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