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Risks and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Assets and liabilities in foreign currencies

	12/31/2023			12/31/2022
Assets in foreign currency
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)	371,474			311,017
Foreign trade receivables, net of allowance for expected credit losses	84,855			6,131
Other receivables	715,877			727,057
Other assets of foreign subsidiaries	152,393			280,738
	1,324,599			1,324,943
Liabilities in foreign currency
Financing in foreign currency, gross of transaction costs and negative goodwill of notes in the foreign market (1)	(5,297,013	)		(5,213,100	)
Payables arising from imports	(1,730,426	)		(1,939,984	)
	(7,027,439	)		(7,153,084	)
Balance (gross) of foreign currency hedging instruments	5,309,125			5,274,302
Net liability position - total	(393,715	)		(553,839	)
Net liability position - effect on statement of income	(382,858	)		(553,839	)
Net liability position - effect on equity	(10,857	)		-

⁽¹⁾ As of December 31, 2023, the amount of negative goodwill of notes in the foreign market was R$ 8,107 (R$ 10,968 as of December 31, 2022).

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$ 393,715 in foreign currency as of December 31, 2023:

	Risk			Probable Scenario
Effect on statement of income	Real devaluation			(7,935	)
Effect on equity	Real devaluation			(225	)
	Net effect			(8,160	)
Effect on statement of income	Real appreciation			7,935
Effect on equity	Real appreciation			225
	Net effect			8,160

(*) Average US dollar on December 31, 2023, 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	12/31/2023			12/31/2022
DI
Cash equivalents	4.a	5,476,726			5,204,766
Financial investments	4.b	82,592			406,683
Trade receivables - sale of subsidiaries	5.c	208,487			369,508
Loans and debentures	15	(1,242,524	)		(2,460,698	)
Liability position of foreign exchange hedging instruments - DI	26.g	(4,629,475	)		(2,651,609	)
Liability position of fixed interest instruments + IPCA - DI	26.g	(3,938,201	)		(3,416,868	)
Net liability position in DI		(4,042,395	)		(2,548,218	)
TJLP
Loans – TJLP	15	(1,264	)		-
Net liability position in TJLP		(1,264	)		-
Total net liability position exposed to floating interest		(4,043,659	)		(2,548,218	)

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. 

				12/31/2023
Exposure to floating interest	Risk			Probable Scenario
Effect on interest of cash equivalents and financial investments	Decrease in DI (i)			(774	)
Effect on interest of debt in DI	Decrease in DI (i)			17,516
Effect on income of short positions in DI of debt hedging instruments	Decrease in DI (i)			123,687
Incremental revenues/(expenses)				140,429
Effect on interest of debt in TJLP	TJLP decrease			7
Incremental expenses				7

(i) The annual base rate used was 13.04% and the sensitivity rate was 10.82% according to reference rates made available by B3, proportional to the 12 months period to sensitivity analysis.

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

The credit risk of financial institutions and governments related to cash and cash equivalents, financial investments and derivative financial instruments, by counterparty rating, is summarized below:

		Fair value
Counterparty credit rating		12/31/2023			12/31/2022
AAA		6,714,493			5,720,996
AA		408,375			809,583
A		464			3,457
Others (*)		47,231			50,926
Total		7,170,563			6,584,962

(*) Refers substantially to investments as minority interest, which are classified as long term 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 allowance for expected credit losses from its trade receivables and reseller financing:

	12/31/2023			12/31/2022
Ipiranga	350,375			373,514
Ultragaz	116,583			120,076
Ultracargo	1,301			2,450
Others	591			‐
Total	468,850			496,040

Credit risk exposure

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

	12/31/2023									12/31/2022
	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%			4,412,278			24,131			0.5%			4,756,388			22,752
Less than 30 days	17.6%			61,451			4,683			7.5%			29,817			2,230
31-60 days	4.9%			57,753			2,841			11.1%			22,633			2,516
61-90 days	15.3%			23,845			3,646			26.5%			32,522			8,617
91-180 days	32.9%			47,430			15,609			34.4%			58,529			20,159
More than 180 days	48.8%			856,602			417,940			50.7%			868,072			439,766
				5,459,359			468,850						5,767,961			496,040

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:

	12/31/2023			12/31/2022
Brazil	467,545			495,929
United States of America and Canada	9			61
Other Latin American countries	40			31
Europe	425			5
Others	831			14
	468,850			496,040

Positions of derivative financial instruments to hedge commodity price risk

The table below shows the sensitivity analysis and positions of derivative financial instruments to hedge commodity price risk as of December 31, 2023 and December 31, 2022:

Derivative		Contract						Notional amount (m3)						Notional amount (USD thousand)						Fair value (R$ thousand)						Possible scenario (∆ of 10% - R$ thousand)
		Position		Product		Maturity		12/31/2023			12/31/2022			12/31/2023			12/31/2022			12/31/2023			12/31/2022			12/31/2023			12/31/2022
Commodity Forward		Sold		Heating Oil		Feb-24		189,113			158,828			131,473			150,498			21,918			(52,214	)		(2,308	)		(124,293	)
Commodity Forward		Sold		RBOB		Feb-24		6,677			52,466			3,807			31,382			440			(15,481	)		(11	)		(33,404	)
Commodity Forward		Sold		Soybean Oil		Mar-24		1,951			-			2,977			-			(52	)		-			22			-
Commodity Forward		Sold		Sea Freight		Jan-24		40,000			-			1,533			-			(1,505	)		-			3,428			-
Commodity Forward		Sold		Marine Fuel		Mar-24		1,727			-			8,231			-			(99	)		-			1,532			-
																				20,702			(67,695	)		2,663			(157,697	)

Contractual undiscounted cash outflows

The table below presents a summary of financial liabilities and leases payable as of December 31, 2023 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)	13,410,042			2,363,334			4,870,579			3,257,994			2,918,135
Derivative financial instruments (3)	1,874,134			673,031			752,126			387,637			61,340
Trade payables	4,682,671			4,682,671			‐			‐			‐
Trade payables - reverse factoring	1,039,366			1,039,366			-			-			-
Leases payable	2,309,776			418,450			549,950			337,721			1,003,655
Financial liabilities of customers	362,581			18,670			343,911			-			‐
Contingent consideration	112,196			‐			‐			112,196			‐
Other payables	190,090			176,813			11,409			1,868			-

(1)	The interest on loans was estimated based on the US dollar futures contracts, Yen futures contracts, Euro futures contracts and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 as of December 31, 2023.
(2)	Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.
(3)	The derivative financial instruments were estimated based on the US dollar futures contracts and the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 as of December 31, 2023. 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 as follows:

	12/31/2023			12/31/2022
Gross debt (a)	13,291,951			13,274,130
Cash, cash equivalents, and short-term investments (b)	7,170,563			6,584,962
Net debt = (a) - (b)	6,121,388			6,689,168
Equity	14,029,826			12,174,968
Net debt-to-equity ratio	43.63%			54.94%

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 as of 12/31/2023						Gains (losses) as of 12/31/2023
				Assets	Liabilities						12/31/2023			Assets			Liabilities			Income Statement			Equity
Foreign exchange swap		Financing		USD + 0.00%	53.60% of DI		Oct-26		26.h.2		USD 234,000			-			(106,657	)		(145,949	)		(10,857	)
Foreign exchange swap		Financing		USD + 5.47%	110.02% of DI		Sept-25		26.h.1		USD 206,067			-			(119,094	)		(223,555	)		-
Foreign exchange swap		Financing		EUR + 5.12%	111.93% of DI		Jan-24		26.h.1		EUR 22,480			-			(22,529	)		(23,304	)		-
Foreign exchange swap		Financing		JPY + 1.50%	109.40% of DI		Mar-25		26.h.1		JPY12,564,393			-			(120,746	)		(130,726	)		-
Interest rate swap		Financing		IPCA + 5.03%	102.87% of DI		Jun-32		26.h.1		BRL 3,226,054			598,311			-			260,301			-
Interest rate swap		Financing		10.48%	103.64% of DI		Jun-27		26.h.1		BRL 615,791			12,515			(3,182	)		10,694			-
Commodity Forward		Firm commitments		BRL	Heating Oil/ RBOB		Jan-24		26.h.1		USD 129,894			22,343			(854	)		(50,977	)		-
NDF		Firm commitments		BRL	USD		Feb-24		26.h.1		USD 211,179			3,959			(833	)		19,012			-
														637,128			(373,895	)		(284,504	)		(10,857	)

Product		Hedged object		Contracted rates				Maturity				Note			Notional amount1			Fair value as of 12/31/2022						Gains (losses) as of 12/31/2022
				Assets	Liabilities										12/31/2022			Assets			Liabilities			Income Statement			Equity
Foreign exchange swap		Financing		USD + 4.95%	106.67% of DI				Sept-25				26.h.1		USD 221,339			106,550			(9,243	)		(121,296	)		-
Foreign exchange swap		Financing		EUR + 3.42%	111.60% of DI				Mar-23				26.h.1		EUR 9,709			1,954			-			2,573			-
Foreign exchange swap		Financing		USD + LIBOR-3M + 1.14%	105.00% of DI				-				26.h.1		-			-			-			(21,566	)		-
Interest rate swap		Financing		IPCA + 5.03%	102.87% of DI				Jun-32				26.h.1		BRL 3,226,054			173,741			(59,789	)		(143,762	)		-
Interest rate swap		Financing		6.47%	99.94% of DI				Nov-24				26.h.1		BRL 90,000			-			(9,513	)		(5,069	)		-
Commodity Forward		Firm commitments		BRL	Heating Oil/ RBOB				Jul-23				26.h.1		USD 181,880			2,936			(70,630	)		(944,896	)		-
NDF		Firm commitments		BRL	USD				Jan-23				26.h.1		USD 127,233			4,712			(3,074	)		53,672			-
																		289,893			(152,249	)		(1,180,344	)		-

Product

Hedged object

Contracted rates

Maturity

Note

Notional amount1

Gains (losses) as of 12/31/2021

Assets

Liabilities

12/31/2021

Income Statement

Equity

Foreign exchange swap

Financing

USD + 4.65

104.87% DI

Sept-23

26.h.1

125,000

11,712

-

Foreign exchange swap

Financing

USD + LIBOR-3M

105.00% DI

Jun-22

26.h.1

50,000

10,779

-

Interest rate swap

Financing

4.59% + IPCA

102.00% DI

Sept-28

26.h.1

2,226,054

(17,922

)

-

Interest rate swap

Financing

6.47%

99.94% DI

Nov-24

26.h.1

90,000

(10,088

)

-

Term

Firm commitments

BRL

Heating Oil/ RBOB

Jan-22

26.h.1

120,260

(130,773

)

-

NDF

Firm commitments

BRL

USD

Jan-22

26.h.1

68,361

813

-

(135,479

)

-

Derivatives not designated as hedge accounting
Product		Hedged object		Contracted rates			Maturity		Notional amount1			Fair value as of 12/31/2023						Gains (losses) as of 12/31/2023
				Assets	Liabilities				12/31/2023			Assets			Liabilities			Income Statement			Equity
Foreign exchange swap		Financing		USD + 0.00%	52.99% of CDI		Jun-29		USD 375,000			186,925			(45,877	)		(188,395	)		-
NDF		Firm commitments		USD	BRL		Mar-24		USD 457,099			1,468			(8,409	)		(105,597	)		-
Commodity forward		Firm commitments		BRL	Heating Oil/ Marine Fuel/Others		Mar-24		USD 18,127			1,524			(2,310	)		5,489			-
Interest rate swap		Financing		USD + 5.25%	1.36% of CDI		Jun-29		USD 300,000			-			(196,243	)		9,257			-
												189,917			(252,839	)		(279,246	)		-

Product		Hedged object		Contracted rates			Maturity		Notional amount1			Fair value as of 12/31/2022						Gains (losses) as of 12/31/2022
				Assets	Liabilities				12/31/2022			Assets			Liabilities			Income Statement			Equity
Foreign exchange swap		Financing		0.00%	53.0% of CDI		Jun-29		USD 375,000			230,145			(9,174	)		(85,474	)		-
NDF		Financing		USD	BRL		Jul-23		USD1,116,702			36,472			(54,067	)		(440,359	)		-
Interest rate swap		Financing		USD + 5.25%	CDI - 1.36%		Jun-29		USD 300,000			-			(308,821	)		(266,445	)		-
												266,617			(372,062	)		(792,278	)		-

Product		Hedged object		Contracted rates			Maturity		Notional amount1			Gains (losses) as of 12/31/2021
				Assets	Liabilities				12/31/2021			Income Statement			Equity
NDF		Firm commitments		USD	BRL		Jun-22		625,762			54,743			-
Interest rate swap		Financing		5.25%	DI - 1.36%		Jun-29		300,000			(109,081	)		-
Foreign exchange swap		Financing		2.67%	100.00%		May-21		-			17			-
												(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 %	12/31/2023			12/31/2022			12/31/2021
Notional amount – US$	206,067			221,339			175,000
Result of hedging instruments - gain/(loss) - R$	(223,555	)		(142,863	)		21,812
Fair value adjustment of debt - R$	(3,768	)		28,000			47,064
Financial result of the debt - R$	117,983			28,291			(105,059	)
Average effective cost - DI %	110			107			105
Notional amount – EUR	22,480			9,709			-
Result of hedging instruments - gain/(loss) - R$	(23,304	)		2,573			-
Fair value adjustment of debt - R$	230			(8	)		-
Financial result of the debt - R$	2,756			‐			-
Average effective cost - DI %	112			112			-
Notional amount – JPY	12,564,393			-			-
Result of hedging instruments - gain/(loss) - R$	(130,726	)		-			-
Fair value adjustment of debt - R$	(4,775	)		-			-
Financial result of the debt - R$	63,670			-			-
Average effective cost - DI %	109			-			-

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

In thousands, except the DI %	12/31/2023			12/31/2022			12/31/2021
Notional amount – R$	3,226,054			3,226,054			2,226,054
Result of hedging instruments - gain/(loss) - R$	262,920			(143,762	)		(17,922	)
Fair value adjustment of debt - R$	(313,641	)		(44,312	)		166,374
Financial result of the debt - R$	(353,080	)		(293,955	)		(245,710	)
Average effective cost - DI %	102.9			102.9			102.0

In thousands, except the DI %	12/31/2023			12/31/2022			12/31/2021
Notional amount – R$	615,791			90,000			90,000
Result of hedging instruments - gain/(loss) - R$	8,074			(5,069	)		(10,088	)
Fair value adjustment of debt - R$	(10,163	)		(486	)		11,756
Financial result of the debt - R$	(16,637	)		(6,330	)		(5,914	)
Average effective cost - DI %	103.6			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 objective 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	12/31/2023			12/31/2022			12/31/2021
Notional amount – US$	341,074			309,113			188,621
Result of hedging instruments - gain/(loss) - R$	(62,064	)		(891,223	)		(129,670	)
Notional amount – US$	61,625			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 derivative instruments and the hierarchy of fair value for each class of financial instruments, are stated below:

		Carrying value									Fair value
12/31/2023	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	4.a	-			-			125,152			-			-			-
Securities and funds in local currency	4a	-			-			5,476,726			-			-			-
Securities and funds in foreign currency	4.a	-			-			323,810			-			-			-
Financial investments
Securities and funds in local currency	4.b	82,592			-			-			-			82,592			-
Derivative financial instruments and other financial assets	4.b	1,162,283			-			-			-			1,162,283			-
Trade receivables	5.a	-			-			4,269,473			-			-			-
Reseller financing	5.b	-			-			1,189,886			-			-			-
Trade receivables - sale of subsidiaries	5.c	-			-			924,364			-			-			-
Other receivables		-			-			393,036			-			-			-
Total		1,244,875			-			12,702,447			-			1,244,875			-
Financial liabilities:
Financing	15.a	1,584,452			-			4,449,857			-			1,584,452			-
Debentures	15.a	4,618,704			-			488,269			-			4,618,704			-
Foreign exchange, interest rate and commodity hedging instruments	15.a	626,735			-			-			-			626,735			-
Trade payables	16.a	-			-			4,682,671			-			-			-
Trade payables - reverse factoring	16.b	-			-			1,039,366			-			-			-
Subscription warrants – indemnification	19	87,299			-			-			-			87,299			-
Financial liabilities of customers		-			-			308,934			-			-			-
Contingent consideration	28.a	112,196			-			-			-			-			112,196
Other payables		-			-			190,090			-			-			-
Total		7,029,386			-			11,159,187			-			6,917,190			112,196

		Carrying value									Fair value
12/31/2022	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	4.a	-			-			111,797			-			-			-
Securities and funds in local currency	4.a	-			-			5,204,766			-			-			-
Securities and funds in foreign currency	4.a	-			-			305,206			-			-			-
Financial investments		-			-			-			-			-			-
Securities and funds in local currency	4.b	406,683			-			-			-			406,683			-
Derivative financial instruments and other financial assets	4.b	556,510			-			-			-			556,510			-
Trade receivables	5.a	-			-			4,533,327			-			-			-
Reseller financing	5.b	-			-			1,234,634			-			-			-
Trade receivables - sale of subsidiaries	5.c	-			-			1,096,565			-			-			-
Other receivables		-			-			235,586			-			-			-
Total		963,193			-			12,721,881			-			963,193			-
Financial liabilities:
Financing	15.a	1,216,341			-			3,973,816			-			1,216,341			-
Debentures	15.a	3,575,195			-			2,460,698			-			5,949,028			-
Foreign exchange, interest rate and commodity hedging instruments	15.a	524,311			-			-			-			524,312			-
Trade payables	16.a	-			-			4,710,952			-			-			-
Trade payables - reverse factoring	16.b	-			-			2,666,894			-			-			-
Subscription warrants – indemnification	19	42,776			-			-			-			42,776			-
Financial liabilities of customers		450,586			-			-			450,586			-			-
Contingent consideration	28.a	89,640			-			-			-			-			89,640
Total		5,898,849			-			13,812,360			450,586			7,732,457			89,640

X

- Definition

The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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