Investments in subsidiaries, joint ventures and associates

12 Months Ended

Dec. 31, 2023

Investments in subsidiaries, joint ventures and associates

Investments in subsidiaries, joint ventures and associates

11 Investments in subsidiaries, joint ventures and associates

The table below presents the positions of equity and income (loss) for the year by company:

	Equity		Income (loss) for the year		Interest in share capital - %	Investments				Share of profit (loss) of joint ventures and associates
	Equity		Income (loss) for the year		Interest in share capital - %	12/31/2023		12/31/2022		12/31/2023		12/31/2022		12/31/2021
Joint ventures
União Vopak – Armazéns Gerais Ltda (1)	3,100		15,388		50	1,550		4,456		7,694		(3,880	)	602
Refinaria de Petróleo Riograndense S.A. (2)	95,027		23,094		33	31,553		25,186		7,668		26,110		823
ConectCar Soluções de Mobilidade Eletrônica S.A. (7)	-		-		-	-		-		-		-		(18,081	)
Latitude Logística Portuária S.A. (3)	12,004		(4,068	)	50	6,002		7,638		(1,636	)	(2,339	)	593
Navegantes Logística Portuária S.A. (3)	47,510		(22,820	)	33	15,836		23,250		(7,413	)	(11,040	)	(3,032	)
Nordeste Logística I S.A. (3)	21,212		6,305		33	7,071		6,340		730		2,591		1,592
Nordeste Logística II S.A. (3)	51,649		(5,553	)	33	17,216		19,415		(2,199	)	(2,007	)	(819	)
Nordeste Logística III S.A. (3)	54,013		3,933		33	18,004		17,038		967		(30	)	255
Química da Bahia Indústria e Comércio S.A. (i)	6,956		(84	)	50	3,478		3,520		(42	)	(8	)	-
Terminal de Combustíveis Paulínia S.A. ("Opla") (6)	108,311		8,141		50	54,155		‐		4,071		‐		-
Other investments	‐		‐		‐	349		‐		‐		‐		-
Associates
Transportadora Sulbrasileira de Gás S.A. (4)	15,912		8,253		25	3,978		3,898		2,043		2,771		552
Metalúrgica Plus S.A. (5)	(769	)	(298	)	33	(256	)	(157	)	(99	)	(105	)	(100	)
Plenogás Distribuidora de Gás S.A. (5)	1,489		376		33	497		615		124		118		(4	)
Other investments	‐		‐		‐	33		28		‐		‐		(14	)
Goodwill on investments
Terminal de Combustíveis Paulínia S.A. ("Opla") (6)	‐		‐		‐	158,634		‐		‐		‐		-
Total (A)						318,100		111,227		11,908		12,181		(17,634	)
Total provision for equity deficit (B)						(256	)	(157	)
Total investments (A-B)						318,356		111,384

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 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”).
(4)	The subsidiary IPP holds an interest in Transportadora Sulbrasileira de Gás S.A. (“TSB”), which is primarily engaged in natural gas transportation services.
(5)	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.
(6)	The subsidiary Ultracargo Logística acquired a 50% interest in Opla on July 1, 2023. For more information, see Note 28.c.

The financial position and income of subsidiaries which have relevant non-controlling interests is shown below:

	Proportion of interest in share capital and right votes detained by non-controlling participation		Equity attributed to non-controlling participation		Income allocated to non-controlling participation for the year
	12/31/2023	12/31/2022	12/31/2023	12/31/2022	12/31/2023	12/31/2022
Subsidiaries	%	%
Iconic Lubrificantes S.A.	44%	44%	477,710	446,707	72,505	34,955
Other investiments	-	-	45,621	19,520	5,453	4,275
			523,331	466,227	77,958	39,230

The table below presents the full amounts of statements of financial position and statements of income of joint ventures:

	12/31/2023
	União Vopak		RPR		Química da Bahia		Latitude Logística		Navegantes Logística		Nordeste Logística I		Nordeste Logística II		Nordeste Logística III		Opla
Current assets	7,256		592,237		331		6,262		5,376		39,078		19,425		23,566		12,844
Non-current assets	132		252,722		9,734		86,273		166,000		49,869		46,165		52,299		177,782
Current liabilities	92		488,932		-		27,309		76,402		44,852		1,183		2,384		58,308
Non-current liabilities	4,196		228,994		3,109		53,222		47,464		22,883		12,758		19,468		24,007
Equity	3,100		127,033		6,956		12,004		47,510		21,212		51,649		54,013		108,311
Net revenue	-		2,954,931		-		12,220		-		16,895		5,264		13,324		35,117
Costs, operating expenses, gain (loss) on disposal of property, plant and equipment and intangibles and other operating income (expenses)	22,174		(2,940,640	)	(51	)	(10,565	)	(12,342	)	(8,742	)	(9,732	)	(10,354	)	(20,415	)
Finance income (costs), income and social contribution taxes	(6,786	)	6,608		(33	)	(5,723	)	(10,478	)	(1,848	)	(1,085	)	963		(6,561	)
Net income (loss) for the year	15,388		20,899		(84	)	(4,068	)	(22,820	)	6,305		(5,553	)	3,933		8,141
Number of shares or units held	5,599		5,078,888		1,493,122		9,384,693		37,998,195		2,317,921		22,393,571		16,977,737		33,915,815
Interest in share capital - %	50		33		50		50		33		33		33		33		50

	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		16,415
Equity	8,912		75,850		7,040		15,276		69,749		19,021		58,246		51,112
Net revenue	3,408		3,215,987		-		12,722		-		20,631		3,205		12,798
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	)	798
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
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.

The table below presents the statements of financial position and statements of income of associates:

	12/31/2023
	Transportadora Sulbrasileira de Gás S.A.		Metalúrgica Plus S.A.		Plenogás Distribuidora de Gás S.A.
Current assets	10,827		5		828
Non-current assets	9,329		-		1,269
Current liabilities	3,642		32		218
Non-current liabilities	602		742		390
Equity	15,912		(769	)	1,489
Net revenue	16,212		-		-
Costs, operating expenses, gain (loss) on disposal of property, plant and equipment and intangibles and other operating income (expenses)	(8,145	)	(263	)	378
Finance income (costs), income and social contribution taxes	186		(35	)	(2	)
Net income (loss) for the year	8,253		(298	)	376
Number of shares or units held	20,124,996		3,000		1,384,308
Interest in share capital - %	25		33		33

	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), income and social contribution taxes	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.
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

Balances and changes in investments in subsidiaries, joint ventures and associates are as follows:

	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, 2021 (i)	71,389		7,204		78,593
Share of profit (loss) of subsidiaries, joint ventures and associates	9,397		2,784		12,181
Dividends	(4,298	)	(2,076	)	(6,374	)
Equity instrument granted (ii)	-		-		-
Accumulated other comprehensive income	267		-		267
Actuarial gain of post-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, 2022 (i)	106,843		4,384		111,227
Share of profit (loss) of subsidiaries, joint ventures and associates (*)	9,840		2,068		11,908
Dividends	(11,072	)	(2,200	)	(13,272	)
Equity instrument granted (ii)	899		-		899
Acquisition of Terminal de Combustíveis Paulínia S.A. ("Opla")	210,096		-		210,096
Capital decrease	(3,100	)	-		(3,100	)
Other movements	342		-		342
Balance as of December 31, 2023 (i)	313,848		4,252		318,100

(*)	Adjusted for unrealized profits between subsidiaries.
(i)	Investments in subsidiaries, joint ventures and associates net of provision for equity deficit.
(ii)	Amounts refer to grants of long-term incentives in subsidiaries Ipiranga Produtos de Petróleo S.A., Ultragaz Participações Ltda. and Ultracargo–Operações Logísticas Ltda.