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Loans, financing, debentures and derivative financial instruments
 12 Months Ended
Dec. 31, 2024
Loans, financing, debentures and derivative financial instruments  
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.