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Loans, financing, debentures and derivative financial instruments | 12 Months Ended
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Dec. 31, 2024
Loans, financing, debentures and derivative financial instruments |
Loans, financing, debentures and derivative financial instruments | 15. Loans, financing, debentures and derivative financial instruments Accounting policy Financial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost or at fair value through profit or loss and updated using the effective interest rate and including charges. The financial liabilities at fair value through profit or loss refer to derivative financial instruments and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note 25.g.1). Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in the statement of income over the period of the borrowings using the effective interest rate method. Fees paid on the contracting of loans are recognized as transaction costs and amortized taking into account the term of the loan, using the effective interest rate method. a. Breakdown
|  |  |  |  |  | Consolidated |
Description | Index/Currency | Weighted average financial charges 2024 (p.a.) | Weighted average hedging instruments | Maturity |  | 12/31/2024 |  |  | 12/31/2023 |
Foreign currency: |  |  |  |  |  |  |  |  |  |
Notes in the foreign market | USD | 5.25% | 139.0% of DI** | 2026 to 2029 |  | 4,710,980 |  |  | 3,694,339 |
Foreign loan | JPY | 1.31% | 109.4% of DI | 2025 |  | 501,524 |  |  | 439,852 |
Foreign loan | EUR | 4.39% | 109.2% of DI | 2025 |  | 778,147 |  |  | 126,171 |
Foreign loan | USD | 4.57% | 105.9% of DI | 2025 |  | 691,006 |  |  | 1,018,429 |
Total in foreign currency |  |  |  |  |  | 6,681,657 |  |  | 5,278,791 |
Brazilian Reais: |  |  |  |  |  |  |  |  |  |
Debentures – CRA | IPCA | 5.30% | 103.1% of DI | 2025 to 2032 |  | 2,456,111 |  |  | 3,434,287 |
CCB | CDI | 107.0% | n/a | 2025 to 2026 |  | 1,464,624 |  |  | 552,407 |
Debentures - Ultragaz | CDI + | 0.74% | n/a | 2027 to 2029 |  | 731,667 |  |  | ‐ |
Debentures – Ultracargo | IPCA | 4.11% | 111.4% of DI | 2028 |  | 534,706 |  |  | 556,677 |
Debentures – CRA | Fixed rate | 11.17% | 104.3% of DI | 2027 |  | 477,827 |  |  | 539,914 |
CDCA | CDI | 0.92% | n/a | 2027 |  | 534,374 |  |  | ‐ |
Debentures – CRA | CDI | 0.70% | n/a | 2027 |  | 490,971 |  |  | 488,269 |
CDCA | CDI | 108.7% | n/a | 2025 to 2027 |  | 293,374 |  |  | 201,848 |
Constitutional Fund | IPCA | 2.93% | 69.5% of DI | 2028 to 2041 |  | 114,472 |  |  | ‐ |
Debentures – Ultracargo | IPCA | 6.28% | n/a | 2032 to 2034 |  | 80,048 |  |  | ‐ |
FINEP | TJLP | 1.00% | n/a | 2025 to 2026 |  | 679 |  |  | 1,264 |
Debentures – Ultracargo | R$ | 6.47% | 99.9% of DI | 2024 |  | ‐ |  |  | 87,826 |
Total in Brazilian Reais |  |  |  |  |  | 7,178,853 |  |  | 5,862,492 |
Total in foreign currency and Brazilian Reais |  |  |  |  |  | 13,860,510 |  |  | 11,141,283 |
Derivative financial instruments (*) |  |  |  |  |  | 441,600 |  |  | 626,734 |
Total |  |  |  |  |  | 14,302,110 |  |  | 11,768,017 |
Current |  |  |  |  |  | 3,552,760 |  |  | 1,993,254 |
1 to 2 years |  |  |  |  |  | 3,261,425 |  |  | 1,879,412 |
2 to 3 years |  |  |  |  |  | 1,611,526 |  |  | 2,243,967 |
3 to 4 years |  |  |  |  |  | 2,062,967 |  |  | 1,023,820 |
4 to 5 years |  |  |  |  |  | 2,437,398 |  |  | 1,691,595 |
More than 5 years |  |  |  |  |  | 1,376,034 |  |  | 2,935,969 |
Non-current |  |  |  |  |  | 10,749,350 |  |  | 9,774,763 |
(*) | Accumulated losses (see Note 25.f).
(**) | Considers a protection instrument for a notional amount of US$ 300 million. Does not include the result of financial investments in dollars used as a natural hedge to the amount without protection instrument.
The changes in loans, financing, debentures and derivative financial instruments are shown below:
Balance as of December 31, 2021 | 16,377,643 |
New loans | 1,519,580 |
Interest accrued | 945,023 |
Principal payment | (5,848,611 | )
Interest payment | (914,979 | )
Monetary variantions and foreign variations | (587,064 | )
Change in fair value | (68,366 | )
Hedge result | 327,135 |
Balance as of December 31, 2022 | 11,750,361 |
New loans | 2,903,031 |
Interest accrued | 761,052 |
Principal payment | (3,149,525 | )
Interest payment | (742,724 | )
Monetary variations and foreign exchange variations | (319,488 | )
Change in fair value | 351,560 |
Hedge result | 102,422 |
Balance of acquired company (see Note 27) | 111,328 |
Balance as of December 31, 2023 | 11,768,017 |
New loans | 4,179,974 |
Interest accrued | 846,329 |
Principal payment | (2,718,953 | )
Interest payment | (798,653 | )
Monetary variations and foreign exchange variations | 1,675,583 |
Change in fair value | (465,053 | )
Hedge result | (185,134 | )
Balance as of December 31, 2024 | 14,302,110 |
The transaction costs associated with debt issuance were deducted from the balance of the related liability and recognized in profit or loss according to the effective interest rate method. As of December 31, 2024, the amount recognized in profit or loss was R$ 18,928 (R$ 19,626 as of December 31, 2023 and R$ 30,420 as of December 31,2022). The balance to be recognized in the next years is R$ 69,914 (R$ 84,516 as of December 31, 2023). b. Guarantees As of December 31, 2024, there was R$ 114,472 in financing that had real guarantees. There was also R$ 13,586,936 (R$ 10,966,890 as of December 31, 2023) in financing without real guarantees with sureties or promissory notes. The Company and its subsidiaries offer collateral in the form of letters of guarantee for commercial and legal proceedings in the amount of R$ 97,947 as of December 31, 2024 (R$ 103,600 as of December 31, 2023). Subsidiary Ipiranga issues collateral to financial institutions in connection with the amounts payable by some of its customers to such institutions, with maximum future settlements related to these guarantees in the amount of R$ 219,700 (R$ 397,152 as of December 31, 2023). If subsidiary Ipiranga is required to make any payment under these collateral arrangements, this subsidiary may recover the amount paid directly from its customers through commercial collection. Until December 31, 2024, subsidiary Ipiranga did not have losses in connection with these collateral arrangements. c. Relevant operations contracted in the year The main operations contracted in the year are shown below:
Description | Index/ Currency |  | Financial charges |  | Hedging instruments |  | Issuance date |  | Maturity |  | Principal |  | Principal in R$ | Remuneration payment | Nominal amount payment | Company
CDCA | %DI |  | 108.00% |  | N/A |  | Jan/24 |  | Jan/25 |  | R$ 80,000 |  | R$ 80,000 | Quarterly | At final maturity | Ipiranga
4131 | EUR |  | 4.33% |  | 111.9% of DI |  | Jan/24 |  | Jan/25 |  | EUR 23,500 |  | R$ 126,195 | Semiannually | At final maturity | Iconic
CCB | %DI |  | 108.37% |  | N/A |  | Mar/24 |  | Mar/25 |  | R$ 500,000 |  | R$ 500,000 | Annually | At final maturity | Ipiranga
4131 | EUR |  | 4.43% |  | 108.5% of DI |  | Mar/24 |  | Mar/25 |  | EUR 46,040 |  | R$ 247,099 | At final maturity | At final maturity | Ipiranga
4131 | JPY |  | 1.32% |  | 108.9% of DI |  | Mar/24 |  | Aug/24 |  | JPY 3,760,000 |  | R$ 123,742 | At final maturity | At final maturity | Ultracargo Logística
4131 | EUR |  | 4.38% |  | 108.5% of DI |  | Mar/24 |  | Mar/25 |  | EUR 45,977 |  | R$ 246,897 | At final maturity | At final maturity | Ultracargo Logística
CCB | %DI |  | 108.37% |  | N/A |  | Apr/24 |  | Apr/26 |  | R$ 500,000 |  | R$ 500,000 | Annually | At final maturity | Ipiranga
4131 | USD |  | 6.11% |  | 112.4% of DI |  | Apr/24 |  | Apr/25 |  | USD 9,728 |  | R$ 48,601 | Semiannually | At final maturity | Iconic
CDCA | DI + |  | 0.92% |  | N/A |  | May/24 |  | Apr/27 |  | R$ 500,000 |  | R$ 500,000 | Annually | At final maturity | Ipiranga
4131 | JPY |  | 1.44% |  | 108.1% of DI |  | May/24 |  | Oct/24 |  | JPY 7,530,077 |  | R$ 258,500 | At final maturity | At final maturity | Ultracargo Logística
CDCA | %DI |  | 109.00% |  | N/A |  | Jun/24 |  | Apr/27 |  | R$ 200,000 |  | R$ 200,000 | Quarterly | 2026 and 2027 | Ipiranga
Debentures | CDI |  | 0.65% |  | N/A |  | Jul/24 |  | Jul/27 |  | R$ 455,000 |  | R$ 455,000 | Semiannually | At final maturity | Cia Ultragaz
Debentures | CDI |  | 0.90% |  | N/A |  | Jul/24 |  | Jul/29 |  | R$ 245,000 |  | R$ 245,000 | Semiannually | At final maturity | Cia Ultragaz
Debentures | IPCA |  | 6.28% |  | N/A |  | Aug/24 |  | Jun/34 |  | R$ 80,000 |  | R$ 80,000 | Semiannually | At final maturity | Ultracargo Logística
4131 | SOFR |  | 1.29% |  | 112.5% of DI |  | Sept/24 |  | Sept/25 |  | USD 4,535 |  | R$ 25,000 | Quarterly | At final maturity | Serra Diesel
CCB | %DI |  | 103.00% |  | N/A |  | Nov/24 |  | Nov/25 |  | R$ 370,000 |  | R$ 370,000 | At final maturity | At final maturity | Iconic
FNE | IPCA |  | 2.93% |  | 69.5% of DI |  | Dec/24 |  | Nov/41 |  | R$ 151,464 |  | R$ 151,464 | Monthly with grace period | 2028 to 2041 | Ultracargo Logística
d. Debentures Refers to funds raised by Company and its subsidiaries used, substantially, on the ordinary course of its business.
Issuance date | Nature |  | Company |  | Issuing company |  | Issuance |  | Series |  | Maturity |  | Principal | Original remuneration | Hedge instrument/swap | Remuneration payment | Nominal amount payment
Apr/17 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Eco Consult - Consultoria de Oper. Financ. Agropecuárias Ltda. |  | 5th |  | 2nd |  | Apr/24 |  | 352,361 | IPCA + 4.68% | 93.9% of DI | Annually | At maturity
Oct/17 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 7th |  | 2nd |  | Oct/24 |  | 213,693 | IPCA + 4.34% | 97.3% of DI | Annually | At final maturity
Dec/18 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 8th |  | 2nd |  | Dec/25 |  | 240,000 | IPCA + 4.61% | 97.1% of DI | Annually | At final maturity
Nov/19 | Debentures |  | Ultracargo Logistica S.A. |  | - |  | 1st |  | Single |  | Nov/24 |  | 90,000 | 6.47% | 99.94% of DI | Semiannually | At final maturity
Mar/21 | Debentures |  | Ultracargo Soluções Logísticas S.A. |  | - |  | 1st |  | Single |  | Mar/28 |  | 360,000 | IPCA + 4.04% | 111.4% of DI | Semiannually | At final maturity
Mar/21 | Debentures |  | Ultracargo Logistica S.A. |  | - |  | 2nd |  | Single |  | Mar/28 |  | 100,000 | IPCA + 4.37% | 111.4% of DI | Semiannually | At final maturity
Sept/21 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 10th |  | Single |  | Sept/28 |  | 960,000 | IPCA + 4.8287% | 102.75% of DI | Semiannually | At final maturity
Jun/22 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 11th |  | Single |  | Jun/32 |  | 1,000,000 | IPCA + 6.0053% | 104.8% of DI | Semiannually | Annual from the 8th year
Jun/23 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 12th |  | 1st |  | Jun/27 |  | 325,791 | 11.17% p.a. | 105.1% of DI | Quarterly | At final maturity
Jun/23 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 12th |  | 2nd |  | Jun/27 |  | 292,209 | DI + 0.70% p.a. | - | Quarterly | At final maturity
Jul/23 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 13th |  | 1st |  | Jul/27 |  | 200,000 | 11.17% p.a. | 102.9% of DI | Quarterly | At final maturity
Jul/23 | CRA |  | Ipiranga Prod. De Petróleo S.A. |  | Vert Companhia Securitizadora |  | 13th |  | 2nd |  | Jul/27 |  | 200,000 | DI + 0.70% p.a. | - | Quarterly | At final maturity
Jul/24 | Debentures |  | Companhia Ultragaz S.A. |  | - |  | 2nd |  | 1st |  | Jul/27 |  | 455,000 | DI + 0.65% p.a. | - | Semiannually | At final maturity
Jul/24 | Debentures |  | Companhia Ultragaz S.A. |  | - |  | 2nd |  | 2nd |  | Jul/29 |  | 245,000 | DI + 0.90% p.a. | - | Semiannually | At final maturity
Aug/24 | Debentures |  | Ultracargo Logistica S.A. |  | - |  | 3rd |  | Single |  | Jul/34 |  | 80,000 | IPCA + 6.28% | - | Semiannually | At final maturity
The Company and its subsidiaries contracted hedging instruments for variations of the respective indexes. The hedging instruments were designated as fair value hedges, therefore, debentures and hedging instruments are both presented at fair value from inception, with changes in fair value recognized in profit or loss. The debentures, loans and financing do not have financial covenants.

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