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Investments in subsidiaries, joint ventures and associates (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments in subsidiaries, joint ventures and associates |
Schedule of the positions of equity and income (loss) for the year |
Ultrapar Participações S.A. and Subsidiaries
Notes to the financial statements |
For the year ended December 31, 2024, 2023 and 2022 |
Summary of financial position and income of subsidiaries which have relevant non-controlling interests | The financial position and income of subsidiaries which have relevant non-controlling interests is shown below:
| Consolidated |  |  |  |
| Proportion of interest in share capital and voting rights held by non-controlling interests |  | Equity attributable to non-controlling interests |  |  | Income allocated to non-controlling interests for the year |
| 12/31/2024 | 12/31/2023 |  | 12/31/2024 |  |  | 12/31/2023 |  |  | 12/31/2024 |  |  | 12/31/2023 |  |  | 12/31/2022 |
Subsidiaries | % | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Iconic Lubrificantes S.A. | 44% | 44% |  | 484,986 |  |  | 477,710 |  |  | 135,428 |  |  | 72,505 |  |  | 34,955 |
WTZ Participações S.A. | 48% | - |  | 116,249 |  |  | ‐ |  |  | 25,082 |  |  | ‐ |  |  | - |
Other investments | - | - |  | 63,491 |  |  | 45,621 |  |  | 2,650 |  |  | 5,453 |  |  | 4,275 |
|  |  |  | 664,726 |  |  | 523,331 |  |  | 163,160 |  |  | 77,958 |  |  | 39,230 |
Summary of statements of financial information of joint ventures and associates | The summarized financial information of the associates and joint ventures relevant for the Company is presented below. The individual financial statements of these entities may differ from the financial information presented here, which is prepared considering Ultrapar's accounting policies and using the most recent financial information available.
| 12/31/2024 |  |  | 12/31/2023 |  |  | 10/31/2022 |
| Joint ventures |  |  | Joint ventures |  |  | Joint ventures |
| RPR |  |  | Opla |  |  | RPR |  |  | Opla |  |  | RPR |
Total assets | 1,069,063 |  |  | 182,810 |  |  | 844,959 |  |  | 190,626 |  |  | 772,351 |
Total liabilities | 1,062,982 |  |  | 63,422 |  |  | 717,926 |  |  | 82,315 |  |  | 696,501 |
Equity | 6,081 |  |  | 119,388 |  |  | 127,033 |  |  | 108,311 |  |  | 75,850 |
Net revenue | 2,177,747 |  |  | 60,281 |  |  | 2,954,931 |  |  | 35,117 |  |  | 3,215,987 |
Net income (loss) for the year | (83,097 | ) |  | 8,324 |  |  | 20,899 |  |  | 8,141 |  |  | 78,599 |
Number of shares or units held | 1,719,491 |  |  | 16,957,908 |  |  | 5,078,888 |  |  | 33,915,815 |  |  | 5,078,888 |
Interest in share capital - % | 33.14 |  |  | 50.00 |  |  | 33.14 |  |  | 50.00 |  |  | 33.14 |
| 10/31/2024 |
| Associate |
| Hidrovias (Consolidated) |
Current assets | 1,234,849 |
Noncurrent assets | 5,338,418 |
Current liabilities | 1,705,175 |
Noncurrent liabilities | 3,664,958 |
Equity | 1,203,134 |
Net revenue | 1,260,687 |
Gross profit | 137,235 |
Net loss for the period | (324,791 | )
Number of shares or units held | 318,925,700 |
Interest in share capital - % | 41.94 |
Schedule of the balances and changes in investments in joint ventures and associates | Balances and changes in investments in subsidiaries, joint ventures and associates are as follows:
| Joint ventures |  |  | Associates |  |  | Advances |  |  | Advances for future capital increase |  |  | 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 |
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 |
Share of profit (loss) of subsidiaries, joint ventures and associates (*) | (34,625 | ) |  | (92,557 | ) |  | ‐ |  |  | ‐ |  |  | (127,182 | )
Amortization of fair value adjustments | (2,493 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (2,493 | )
Dividends | ‐ |  |  | (1,196 | ) |  | ‐ |  |  | ‐ |  |  | (1,196 | )
Equity instrument granted (ii) | ‐ |  |  | 1,540 |  |  | ‐ |  |  | ‐ |  |  | 1,540 |
Accumulated other comprehensive income | (2,427 | ) |  | 37,458 |  |  | ‐ |  |  | ‐ |  |  | 35,031 |
Capital increase in cash | ‐ |  |  | 42,985 |  |  | ‐ |  |  | ‐ |  |  | 42,985 |
Capital decrease in shares | (522 | ) |  | ‐ |  |  | ‐ |  |  | ‐ |  |  | (522 | )
Advances for investments - GPA stations | ‐ |  |  | ‐ |  |  | 90,000 |  |  | - |  |  | 90,000 |
Acquisition of shares of Hidrovias do Brasil S.A. | ‐ |  |  | 647,201 |  |  | ‐ |  |  | ‐ |  |  | 647,201 |
Transfers of financial assets to investments (iii) | ‐ |  |  | 645,333 |  |  | ‐ |  |  | ‐ |  |  | 645,333 |
Advance for future capital increase (iv) | ‐ |  |  | - |  |  | - |  |  | 500,000 |  |  | 500,000 |
Other movements | 599 |  |  | (1,112 | ) |  | ‐ |  |  | ‐ |  |  | (513 | )
Balance as of December 31, 2024 (i) | 274,380 |  |  | 1,283,904 |  |  | 90,000 |  |  | 500,000 |  |  | 2,148,284 |
(*) | 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 Ultrapar Mobilidade, Ultragaz Participações and Ultrapar Logística.
(iii) | Amounts refer to the acquisition of stake in Hidrovias do Brasil S.A. For further details, see Note 27.a.
(iv) | Amounts refer to the advance for future capital increase made in December 2024 by subsidiary Ultrapar Logística Ltda. in Hidrovias do Brasil S.A.

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