UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 


Form 6-K


 
 

Report Of Foreign Private Issuer

 

Pursuant To Rule 13a-16 Or 15d-16 Of

 

The Securities Exchange Act Of 1934

 

For the month of November, 2020

 

Commission File Number: 001-14950

 

ULTRAPAR HOLDINGS INC.

(Translation of Registrant’s Name into English)


 Brigadeiro Luis Antonio Avenue, 1343, 9th Floor

São Paulo, SP, Brazil 01317-910

(Address of Principal Executive Offices)



 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ____X____                                                         Form 40-F ________

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes ________                                                                       No ____X____

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes ________                                                                       No ____X____

  





ULTRAPAR HOLDINGS INC.


TABLE OF CONTENTS


ITEM



1.

Parent’s Separate and Consolidated Interim Financial Information as of and the Three-month period Ended September 30, 2020 and Report on Review of Interim Financial Information


2. 3Q20 Earnings Release

3. Board of Directors minutes

4. Corporate Nomination Policy for Members of The Board Of Directors, Advisory Committees and Executive Officers Board









 

 


(Convenience Translation into English from

the Original Previously Issued in Portuguese)

 

 

Ultrapar Participações S.A.

 

 

Parent’s Separate and Consolidated

Interim Financial Information

as of and the Nine-month Period

Ended September 30, 2020 and

Report on Review of Interim

Financial Information

 

 

KPMG Auditores Independentes



1

Ultrapar Participações S.A. and Subsidiaries

Parent’s Separate and Consolidated

Interim Financial Information 

As of and the Nine-month Period Ended September 30, 2020

 

Table of Content


Report on the Review of Quarterly Information 3-4
Statements of Financial Position 5-6
Statements of Profit or Loss 7-8
Statements of Comprehensive Income 9-10
Statements of Changes in Equity 11-12
Statements of Cash Flows – Indirect Method 13-14
Statements of Value Added 15
Notes to the Interim Financial Information 16-129

 


2



(Convenience Translation into English from the Original Previously Issued in Portuguese)

 

Report on the Review of quarterly Information – ITR

 

 

To the Shareholders, Directors and Management of

Ultrapar Participações S.A.

São Paulo, SP

 

 

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Ultrapar Participações S.A. (“Company”), comprised in the Quarterly Financial Information - ITR Form for the quarter ended September 30, 2020, which comprise the statements of financial position as of September 30, 2020 and related statements of income, comprehensive income for the three and nine-month period then ended and changes in shareholder´s equity and cash flows for the nine-month  period then ended, including explanatory notes.

 

The Company´s Management is responsible for the preparation of the interim financial information in accordance with Technical Pronouncement CPC 21 (R1)  Interim Financial Information and with International Standard IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in a manner consistent with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of the Quarterly Financial Information - ITR.  Our responsibility is to express a conclusion on these interim financial information based on our review.

 

Scope of Review

Our review was conducted in accordance with the Brazilian and International Review Standards of interim information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with the auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.



3


Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information included in the quarterly information referred to above was not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by the Accounting Committee and by IASB applicable to the preparation of Quarterly Financial Information – ITR and presented in accordance with the standards issued by the Brazilian Securities Exchange Commission - CVM. 

 

Other matters

 

Interim statements of value added

The individual and consolidated interim statements of value added (DVA) for the nine-month period ended September 30, 2020, prepared under the responsibility of the Company's management, and presented as supplementary information for the purposes of IAS 34, were submitted to the same review procedures followed together with the review of the Company's interim financial information. In order to form our conclusion, we evaluated whether these statements are reconciled to the interim financial information and to the accounting records, as applicable, and whether their form and content are in accordance with the criteria set on Technical Pronouncement CPC 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added are not prepared, in all material respects, according to the criteria defined in this Standard and consistently in accordance with the individual and consolidated interim financial information taken as a whole.

 

 

São Paulo, November 04, 2020

 

 

KPMG Auditores Independentes

CRC 2SP014428/O-6

(Original report in Portuguese signed by)

Márcio Serpejante Peppe

Accountant CRC 1SP233011/O-8

 

 

4


Ultrapar Participações S.A. and Subsidiaries

Statements of Financial Position

As of September 30, 2020 and December 31, 2019

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

09/30/2020

 

12/31/2019

 

09/30/2020

 

12/31/2019

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

4.a

936,880

 

42,580

 

2,996,333

 

2,115,379

Financial investments and hedging instruments

4.b

109,888

 

95,829

 

5,582,703

 

3,090,212

Trade receivables

5.a

-

 

-

 

3,303,691

 

3,635,834

Reseller financing

5.b

-

 

-

 

497,853

 

436,188

Inventories

6

-

 

-

 

3,539,607

 

3,715,560

Recoverable taxes

7.a

-

 

-

 

890,852

 

1,122,335

Recoverable income and social contribution taxes

7.b

51,557

 

49,750

 

253,700

 

325,343

Dividends receivable

 

213

 

3,074

 

269

 

3,630

Other receivables

 

30,896

 

6,321

 

69,134

 

36,765

Prepaid expenses

10

4,450

 

72

 

136,357

 

111,355

Contractual assets with customers – exclusive rights

11

-

 

-

 

481,130

 

465,454

Total current assets

 

1,133,884

 

197,626

 

17,751,629

 

15,058,055

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Financial investments and hedging instruments

4.b

-

 

-

 

1,218,753

 

506,506

Trade receivables

5.a

-

 

-

 

86,864

 

53,666

Reseller financing

5.b

-

 

-

 

428,334

 

364,748

Related parties

8.a

750,000

 

759,123

 

490

 

490

Deferred income and social contribution taxes

9.a

50,566

 

41,613

 

1,068,244

 

653,694

Recoverable taxes

7.a

-

 

-

 

1,321,336

 

767,360

Recoverable income and social contribution taxes

7.b

39,447

 

39,447

 

251,749

 

104,947

Escrow deposits

22.a

2

 

17

 

952,396

 

921,443

Indemnification asset – business combination

22.c

-

 

-

 

193,738

 

193,496

Other receivables

 

-

 

-

 

2,753

 

3,430

Prepaid expenses

10

4,417

 

255

 

79,819

 

69,216

Contractual assets with customers – exclusive rights

11

-

 

-

 

1,183,448

 

1,000,535

Total long term assets

 

844,432

 

840,455

 

6,787,924

 

4,639,531

Investments

 

 

 

 

 

 

 

 

  In subsidiaries

12.a

10,132,390

 

10,085,953

 

-

 

-

  In joint ventures

12.a; 12.b

-

 

18,792

 

142,611

 

153,076

  In associates

12.c

-

 

-

 

25,788

 

25,750

  Others

 

-

 

-

 

2,793

 

2,793

 

 

10,132,390

 

10,104,745

 

171,192

 

181,619

Right to use assets

13

36,281

 

5,799

 

2,162,951

 

1,980,912

Property, plant, and equipment

14

12,948

 

2,532

 

7,976,109

 

7,572,762

Intangible assets

15

251,516

 

246,163

 

1,762,248

 

1,762,593

Total non-current assets

 

11,277,567

 

11,199,694

 

18,860,424

 

16,137,417

Total assets

 

12,411,451

 

11,397,320

 

36,612,053

 

31,195,472

 

The accompanying notes are an integral part of the interim financial information


5


Ultrapar Participações S.A. and Subsidiaries 

Statements of Financial Position

As of September 30, 2020 and December 31, 2019

(In thousands of Brazilian Reais) 

 

 

 

Parent

 

Consolidated

 

Note

09/30/2020

 

12/31/2019

 

09/30/2020

 

12/31/2019

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans, financing and hedge derivative financial instruments

16

1,024,548

 

-

 

3,004,368

 

867,871

Debentures

16.g

1,422

 

28,713

 

960,088

 

249,570

Trade payables

17

4,385

 

2,173

 

2,578,498

 

2,158,478

Trade payables – reverse factoring

17

-

 

-

 

868,894

 

541,593

Salaries and related charges

18

36,287

 

958

 

513,987

 

405,636

Taxes payable

19

842

 

389

 

310,332

 

269,922

Dividends payable

25.h

14,750

 

14,689

 

16,469

 

16,694

Income and social contribution taxes payable

 

-

 

-

 

109,358

 

164,757

Post-employment benefits

20.b

-

 

-

 

29,522

 

28,951

Provision for asset retirement obligation

21

-

 

-

 

4,655

 

3,847

Provision for tax, civil, and labor risks

22.a

505

 

-

 

41,968

 

40,455

Leases payable

13

4,585

 

144

 

247,678

 

206,396

Other payables

 

9,891

 

3

 

290,370

 

213,273

Deferred revenue

23

-

 

-

 

26,901

 

27,626

Total current liabilities

 

1,097,215

 

47,069

 

9,003,088

 

5,195,069

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Loans, financing and hedge derivative financial instruments

16

-

 

-

 

9,240,591

 

6,907,113

Debentures

16.g

1,723,928

 

1,723,368

 

5,550,879

 

6,368,168

Related parties

8.a

5,199

 

4,220

 

3,853

 

3,925

Deferred income and social contribution taxes

9.a

-

 

-

 

52,177

 

7,531

Post-employment benefits

20.b

4,111

 

-

 

234,408

 

243,916

Provision for asset retirement obligation

21

-

 

-

 

47,866

 

47,395

Provision for tax, civil, and labor risks

22.a; 22.c

280

 

399

 

844,621

 

884,140

Leases payable

13

34,294

 

5,855

 

1,584,095

 

1,382,277

Subscription warrants – indemnification

24

70,481

 

130,657

 

70,481

 

130,657

Provision for short-term liabilities of subsidiaries and joint venture

12.a; 12.b

47,969

 

27,497

 

884

 

-

Other payables

 

3,639

 

-

 

151,810

 

190,106

Total non-current liabilities

 

1,889,901

 

1,891,996

 

17,781,665

 

16,165,228

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

25.a; 25.f

5,171,752

 

5,171,752

 

5,171,752

 

5,171,752

Equity instrument granted

25.b

16,479

 

11,970

 

16,479

 

11,970

Capital reserve

25.d

594,049

 

542,400

 

594,049

 

542,400

Treasury shares

25.c

(489,068)

 

(485,383)

 

(489,068)

 

(485,383)

Revaluation reserve on subsidiaries

25.e

4,383

 

4,522

 

4,383

 

4,522

Profit reserves

25.f

3,995,414

 

3,995,414

 

3,995,414

 

3,995,414

Retained earnings

 

467,022

 

-

 

467,022

 

-

Valuation adjustments

25.g.1

(636,801)

 

(146,317)

 

(636,801)

 

(146,317)

Cumulative translation adjustments

25.g.2

301,105

 

102,427

 

301,105

 

102,427

Additional dividends to the minimum mandatory dividends

25.h

-

 

261,470

 

-

 

261,470

      Equity attributable to:

 

 

 

 

 

 

 

 

       Shareholders of the Company

 

9,424,335

 

9,458,255

 

9,424,335

 

9,458,255

       Non-controlling interests in subsidiaries

 

-

 

-

 

402,965

 

376,920

Total equity

 

9,424,335

 

9,458,255

 

9,827,300

 

9,835,175

Total liabilities and equity

 

12,411,451

 

11,397,320

 

36,612,053

 

31,195,472


The accompanying notes are an integral part of the interim financial information. 

6


Ultrapar Participações S.A. and Subsidiaries

Statements of Profit or Loss

For the nine-month period ended September 30, 2020 and 2019 

(In thousands of Brazilian Reais, except earnings per share)

 

 

 

Parent

 

Consolidated

 

Note

09/30/2020

 

09/30/2019

 

09/30/2020

 

09/30/2019

Net revenue from sales and services

26

-

 

-

 

58,025,450

 

65,635,188

Cost of products and services sold

27

-

 

-

 

(53,925,516)

 

(61,161,756)

Gross profit

 

-

 

-

 

4,099,934

 

4,473,432

 

 

 

 

 

 

 

 

 

Operating income (expenses)

 

 

 

 

 

 

 

 

Selling and marketing

27

-

 

-

 

(1,854,841)

 

(1,961,011)

Expected reversion (losses) on doubtful accounts

 

-

 

-

 

(29,078)

 

(27,505)

General and administrative

27

-

 

-

 

(1,076,974)

 

(1,245,013)

Gain (loss) on disposal of property, plant and equipment and intangibles

28

-

 

-

 

35,926

 

908

Other operating income, net

29

1,192

 

316

 

114,247

 

100,034

 

 

 

 

 

 

 

 

 

Operating income before financial income (expenses) and share of profit (loss) of subsidiaries, joint ventures and associates

 

1,192

 

316

 

1,289,214

 

1,340,845

Share of profit (loss) of subsidiaries, joint ventures and associates

12

503,960

 

627,153

 

(30,515)

 

(18,295)

Operating income before financial income (expenses) and income and social contribution taxes

 

505,152

 

627,469

 

1,258,699

 

1,322,550

Financial income

30

33,850

 

100,451

 

306,813

 

401,880

Financial expenses

30

(80,427)

 

(90,967)

 

(712,639)

 

(656,629)

Financial result, net

30

(46,577)

 

9,484

 

(405,826)

 

(254,749)

Income before income and social contribution taxes

 

458,575

 

636,953

 

852,873

 

1,067,801

Income and social contribution taxes

 

 

 

 

 

 

 

 

Current

9.b; 9.c

(170)

 

-

 

(403,482)

 

(306,692)

Deferred

9.b

8,953

 

3,109

 

46,804

 

(90,500)

 

 

8,783

 

3,109

 

(356,678)

 

(397,192)

Net income for the period

 

467,358

 

640,062

 

496,195

 

670,609

Income attributable to:

 

 

 

 

 

 

 

 

    Shareholders of the Company

 

467,358

 

640,062

 

467,358

 

640,062

    Non-controlling interests in subsidiaries

 

-

 

-

 

28,837

 

30,547

Earnings per share (based on weighted average number of shares outstanding) – R$

 

 

 

 

 

 

 

 

    Basic

31

0.4293

 

0.5903

 

0.4293

 

0.5903

    Diluted

31

0.4268

 

0.5869

 

0.4268

 

0.5869

 

The accompanying notes are an integral part of the interim financial information.

7


Ultrapar Participações S.A. and Subsidiaries

Statements of Profit or Loss

For the three-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais, except earnings per share)

 

 

 

Parent

 

Consolidated

 

Note

09/30/2020

 

09/30/2019

 

09/30/2020

 

09/30/2019

Net revenue from sales and services

26

-

 

-

 

20,762,078

 

23,203,290

Cost of products and services sold 

27

-

 

-

 

(19,123,322)

 

(21,580,190)

Gross profit

 

-

 

-

 

1,638,756

 

1,623,100

 

 

 

 

 

 

 

 

 

Operating income (expenses)

 

 

 

 

 

 

 

 

Selling and marketing

27

-

 

-

 

(658,104)

 

(651,592)

Expected reversion (losses) on doubtful accounts

 

-

 

-

 

27,438

 

38,135

General and administrative

27

-

 

-

 

(373,853)

 

(445,539)

Gain (loss) on disposal of property, plant and equipment and intangibles

28

-

 

-

 

15,016

 

1,963

Other operating income, net

29

636

 

(104)

 

(45,907)

 

53,214

 

 

 

 

 

 

 

 

 

Operating income before financial income (expenses) and share of profit (loss) of subsidiaries, joint ventures and associates

 

636

 

(104)

 

603,346

 

619,281

Share of profit (loss) of subsidiaries, joint ventures and associates

12

285,818

 

302,596

 

(4,817)

 

(8,247)

Operating income before financial income (expenses) and income and social contribution taxes

 

286,454

 

302,492

 

598,529

 

611,034

Financial income

30

2,081

 

24,112

 

71,649

 

125,592

Financial expenses

30

(28,794)

 

(31,504)

 

(229,517)

 

(288,993)

Financial result, net

30

(26,713)

 

(7,392)

 

(157,868)

 

(163,401)

Income before income and social contribution taxes

 

259,741

 

295,100

 

440,661

 

447,633

Income and social contribution taxes

 

 

 

 

 

 

 

 

Current

9.b; 9.c

-

 

-

 

(183,850)

 

(47,244)

Deferred

9.b

5,692

 

2,700

 

20,490

 

(93,066)

 

 

5,692

 

2,700

 

(163,360)

 

(140,310)

Net income for the period

 

265,433

 

297,800

 

277,301

 

307,323

Income attributable to:

 

 

 

 

 

 

 

 

    Shareholders of the Company

 

265,433

 

297,800

 

265,433

 

297,800

    Non-controlling interests in subsidiaries

 

-

 

-

 

11,868

 

9,523

Earnings per share (based on weighted average number of shares outstanding) – R$

 

 

 

 

 

 

 

 

    Basic

31

0.2437

 

0.2746

 

0.2437

 

0.2746

    Diluted

31

0.2422

 

0.2730

 

0.2422

 

0.2730

 

The accompanying notes are an integral part of the interim financial information.

  

8


Ultrapar Participações S.A. and Subsidiaries

Statements of Comprehensive Income

For the nine-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

Note

Parent

 

Consolidated

 

 

09/30/2020

 

09/30/2019

 

09/30/2020

 

09/30/2019

Net income for the period

 

467,358

 

640,062

 

496,195

 

670,609

Items that are subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

Fair value adjustments of financial instruments, net

25.g.1

274

 

(57)

 

274

 

(57)

Fair value adjustments of financial instruments of subsidiaries, net

25.g.1

(491,544)

 

(103,062)

 

(491,544)

 

(103,041)

Fair value adjustments of financial instruments of joint ventures, net

25.g.1

786

 

83

 

786

 

83

Cumulative translation adjustments, net of hedge of net investments in foreign operations and income and social contribution taxes

25.g.2

198,678

 

23,388

 

198,678

 

23,388

Items that are not subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

Actuarial gain (losses) of post-employment benefits of subsidiaries, net

25.g.1

-

 

238

 

-

 

238

Total comprehensive income for the period

 

175,552

 

560,652

 

204,389

 

591,220

Total comprehensive income for the period attributable to shareholders of the Company

 

175,552

 

560,652

 

175,552

 

560,652

Total comprehensive income for the period attributable to non-controlling interest in subsidiaries

 

-

 

-

 

28,837

 

30,568

 

The accompanying notes are an integral part of the interim financial information


9


Ultrapar Participações S.A. and Subsidiaries

Statements of Comprehensive Income

For the three-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

Note

Parent

 

Consolidated

 

 

09/30/2020

 

09/30/2019

 

09/30/2020

 

09/30/2019

Net income for the period

 

265,433

 

297,800

 

277,301

 

307,323

Items that are subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

Fair value adjustments of financial instruments, net

25.g.1

(158)

 

238

 

(158)

 

238

Fair value adjustments of financial instruments of subsidiaries, net

25.g.1

(14,771)

 

(119,042)

 

(14,771)

 

(119,042)

Fair value adjustments of financial instruments of joint ventures, net

25.g.1

(1,075)

 

2,450

 

(1,075)

 

2,450

Cumulative translation adjustments, net of hedge of net investments in foreign operations and income and social contribution taxes

25.g.2

62,556

 

29,274

 

62,556

 

29,274

Items that are not subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

Actuarial gain (losses) of post-employment benefits of subsidiaries, net

25.g.1

-

 

-

 

-

 

-

Total comprehensive income for the period 

 

311,985

 

210,720

 

323,853

 

220,243

Total comprehensive income for the period attributable to shareholders of the Company

 

311,985

 

210,720

 

311,985

 

210,720

Total comprehensive income for the period attributable to non-controlling interest in subsidiaries

 

-

 

-

 

11,868

 

9,523

 

The accompanying notes are an integral part of the interim financial information.


10


Ultrapar Participações S.A. and Subsidiaries

Statements of Changes in Equity

For the nine-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais)



 

 

 

 

 

 

 

 

 

 

 

 

Profit reserve

 

 

 

 

 

 

 

 

 

Equity attributable to:

 

 

 

Note

 

Share

capital

 

Equity instrument granted

 

Capital reserve

 

Treasury shares

 

Revaluation reserve on subsidiaries

 

Legal reserve

 

Investments statutory reserve

 

Valuation adjustments

 

Cumulative translation adjustments

 

Retained

earnings

 

Additional dividends to the minimum mandatory dividends

 

Shareholders of the Company

 

Non-controlling interests in subsidiaries

 

Consolidated

equity

Balance as of December 31, 2019

 

 

5,171,752

 

11,970

 

542,400

 

(485,383)

 

4,522

 

705,341

 

3,290,073

 

(146,317)

 

102,427

 

 

261,470

 

9,458,255

 

376,920

 

9,835,175

Net income for the period

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

467,358

 

-

 

467,358

 

28,837

 

496,195

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments of available for financial instruments, net of income taxes

25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

274

 

-

 

-

 

-

 

274

 

-

 

274

Fair value adjustments of available for financial instruments, net of income taxes (subsidiaries)

12.a; 25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(490,758)

 

-

 

-

 

-

 

(490,758)

 

-

 

(490,758)

Currency translation of foreign subsidiaries, including the effect of net investments hedge

25.g.2

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

198,678

 

-

 

-

 

198,678

 

-

 

198,678

Total comprehensive income for the period

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(490,484)

 

198,678

 

467,358

 

-

 

175,552

 

28,837

 

204,389

Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition

25.d

 

-

 

-

 

54,763

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

54,763

 

-

 

54,763

Stock plan

8.c

 

-

 

-

 

(3,114)

 

(3,685)

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(6,799)

 

-

 

(6,799)

Equity instrument granted

25.b

 

-

 

2,906

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

2,906

 

-

 

2,906

Equity instrument granted (subsidiaries)

12.a; 25.b

 

-

 

1,603

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

1,603

 

-

 

1,603

Income and social contribution taxes on realization of revaluation reserve of subsidiaries

25.e

 

-

 

-

 

-

 

-

 

(139)

 

-

 

-

 

-

 

-

 

139

 

-

 

-

 

-

 

-

Loss due to the payments fixed dividends to preferred shares

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(516)

 

-

 

(516)

 

-

 

(516)

Shareholder transaction – changes of investiments

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

41

 

-

 

41

 

-

 

41

Additional dividends attributable to non-controlling interests

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(2,792)

 

(2,792)

Approval of additional dividends by the Shareholders’ Meeting

25.h

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(261,470)

 

(261,470)

 

-

 

(261,470)

Balance as of September 30, 2020

 

 

5,171,752

 

16,479

 

594,049

 

(489,068)

 

4,383

 

705,341

 

3,290,073

 

(636,801)

 

301,105

 

467,022

 

 

9,424,335

 

402,965

 

9,827,300

 

The accompanying notes are an integral part of the interim financial information.


11


Ultrapar Participações S.A. and Subsidiaries

Statements of Changes in Equity

For the nine-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais)



 

 

 

 

 

 

 

 

 

 

 

 

Profit reserve

 

 

 

 

 

 

 

 

 

Equity attributable to:

 

 

 

Note

 

Share

capital

 

Equity instrument granted

 

Capital reserve

 

Treasury shares

 

Revaluation reserve on subsidiaries

 

Legal

reserve

 

Investments statutory reserve

 

Valuation adjustments

 

Cumulative translation adjustments

 

Retained earnings

 

Additional dividends to the minimum mandatory dividends

 

Shareholders of the Company

 

Non-controlling interests in subsidiaries

 

Consolidated equity

Balance as of December 31, 2018

 

 

5,171,752

 

4,309

 

542,400

 

(485,383)

 

4,712

 

686,665

 

3,412,427

 

(63,989)

 

65,857

 

 

109,355

 

9,448,105

 

351,924

 

9,800,029

Net income for the period

 

 

 

 

 

 

 

 

 

 

 

640,062

 

 

640,062

 

30,547

 

670,609

Other comprehensive income: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments of available for financial instruments, net of income taxes

25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(57)

 

-

 

-

 

-

 

(57)

 

-

 

(57)

Fair value adjustments of available for financial instruments, net of income taxes (subsidiaries)

25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(102,979)

 

-

 

-

 

-

 

(102,979)

 

21

 

(102,958)

Actuarial gain of post-employment benefits, net of income taxes

12.a; 25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

238

 

-

 

-

 

-

 

238

 

-

 

238

Currency translation of foreign subsidiaries, including the effect of net investments hedge

25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

23,388

 

-

 

-

 

23,388

 

-

 

23,388

Total comprehensive income for the period

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(102,798)

 

23,388

 

640,062

 

-

 

560,652

 

30,568

 

591,220

Equity instrument granted

25.b

 

-

 

5,387

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

5,387

 

-

 

5,387

Shareholder transaction - gain in reimbursement of shares pref. B from Oxiteno Nordeste

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

208

 

-

 

208

 

(208)

 

-

Realization of revaluation reserve of subsidiaries

25.e

 

-

 

-

 

-

 

-

 

(144)

 

-

 

-

 

-

 

-

 

144

 

-

 

-

 

-

 

-

Income and social contribution taxes on realization of revaluation reserve of subsidiaries

25.e

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(27)

 

-

 

(27)

 

-

 

(27)

Additional dividends attributable to non-controlling interests

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(1,521)

 

(1,521)

Redemption of non-controlling shares of Oxiteno Nordeste

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(2,180)

 

(2,180)

Capital increase from Iconic non-controlling shareholders

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

6,996

 

6,996

Approval of additional dividends by the Shareholders’ Meeting

25.h

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(109,355)

 

(109,355)

 

-

 

(109,355)

Interim dividends (R$ 0.20 per share of the Company)

25.h

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(217,382)

 

-

 

(217,382)

 

-

 

(217,382)

Balance as of September 30, 2019

 

 

5,171,752

 

9,696

 

542,400

 

(485,383)

 

4,568

 

686,665

 

3,412,427

 

(166,787)

 

89,245

 

423,005

 

 

9,687,588

 

385,579

 

10,073,167

 

The accompanying notes are an integral part of the interim financial information.

17

12


Ultrapar Participações S.A. and Subsidiaries

Statements of Cash Flows Indirect Method

For the nine-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

Note

Parent

 

Consolidated

 

 

09/30/2020

 

09/30/2019

 

09/30/2020

 

09/30/2019

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income for the period

 

467,358

 

640,062

 

496,195

 

670,609

Adjustments to reconcile net income to cash provided by operating activities

 

 

 

 

 

 

 

 

Share of loss (profit) of subsidiaries, joint ventures and associates

12

(503,960)

 

(627,153)

 

30,515

 

18,295

Amortization of contractual assets with customers – exclusive rights

11

-

 

-

 

224,441

 

273,383

Amortization of right to use assets

13.a

3,238

 

-

 

242,147

 

219,225

Depreciation and amortization

14; 15

1,877

 

-

 

698,363

 

623,620

PIS and COFINS credits on depreciation

14; 15

-

 

-

 

11,487

 

11,134

Interest and foreign exchange rate variations

 

68,251

 

4,433

 

768,843

 

1,083,929

Deferred income and social contribution taxes

9.b

(8,953)

 

(3,109)

 

(46,804)

 

90,500

(Loss) Gain on disposal of property, plant, and equipment and intangibles

28

-

 

-

 

(35,926)

 

(908)

Expected losses on doubtful accounts

5

-

 

-

 

29,078

 

27,505

Provision for losses in inventories

6

-

 

-

 

(829)

 

3,039

Provision for post-employment benefits

20.b

(1,490)

 

-

 

(18,626)

 

(1,888)

Equity instrument granted

8.c

2,906

 

-

 

4,509

 

5,387

Other provisions and adjustments

 

1,164

 

657

 

(1,044)

 

(2,098)

 

 

30,391

 

14,890

 

2,402,349

 

3,021,732

(Increase) decrease in current assets

 

 

 

 

 

 

 

 

Trade receivables and reseller financing

5

-

 

-

 

255,238

 

225,745

Inventories

6

-

 

-

 

180,834

 

71,197

Recoverable taxes

7

(1,807)

 

1,617

 

303,126

 

(406,277)

Dividends received from subsidiaries and joint ventures

 

299,746

 

1,521,209

 

4,718

 

3,729

Other receivables

 

(24,575)

 

(1,794)

 

(32,371)

 

(17,950)

Prepaid expenses

10

(4,378)

 

(114)

 

(65,045)

 

12,681

Increase (decrease) in current liabilities

 

 

 

 

 

 

 

 

Trade payables

17

2,212

 

766

 

607,361

 

(344,167)

Salaries and related charges

18

35,329

 

730

 

108,351

 

3,889

Taxes payable

19

453

 

(11,238)

 

40,410

 

2,207

Income and social contribution taxes

 

-

 

(9,238)

 

171,870

 

118,411

Post-employment benefits

20.b

-

 

-

 

571

 

(3,418)

Provision for tax, civil, and labor risks

22.a

505

 

-

 

1,513

 

15,014

Other payables

 

3,089

 

(3,975)

 

66,381

 

87,063

Deferred revenue

23

-

 

-

 

(725)

 

(5,692)

(Increase) decrease in non-current assets

 

 

 

 

 

 

 

 

Trade receivables and reseller financing

5

-

 

-

 

(96,784)

 

39,915

Recoverable taxes

7

-

 

9,238

 

(700,778)

 

7,067

Escrow deposits

 

15

 

(16)

 

(30,953)

 

(38,636)

Other receivables

 

-

 

-

 

436

 

51

Prepaid expenses

10

(4,162)

 

(1)

 

5,264

 

(11,772)

 

The accompanying notes are an integral part of the interim financial information.

 

13


Ultrapar Participações S.A. and Subsidiaries

Statements of Cash Flows Indirect Method

For the nine-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

 

09/30/2020

 

09/30/2019

 

09/30/2020

 

09/30/2019

Increase (decrease) in non-current liabilities

 

 

 

 

 

 

 

 

Post-employment benefits

20.b

5,602

 

-

 

9,118

 

257

Provision for tax, civil, and labor risks

22.a; 22.c

(119)

 

(399)

 

(39,519)

 

(12,753)

Other payables

 

4,618

 

213

 

(37,011)

 

43,283

Deferred revenue

23

-

 

-

 

-

 

(11,850)

Payments of contractual assets with customers – exclusive rights

11

-

 

-

 

(296,765)

 

(231,737)

Income and social contribution taxes paid

 

-

 

-

 

(227,269)

 

(118,924)

Net cash provided by operating activities

 

346,919

 

1,521,888

 

2,630,320

 

2,449,065

Cash flows from investing activities

 

 

 

 

 

 

 

 

Financial investments, net of redemptions

4.b

(14,059)

 

487,073

 

(1,567,079)

 

(841,235)

Acquisition of property, plant, and equipment

14

(7,575)

 

(641)

 

(587,087)

 

(669,805)

Acquisition of intangible assets

15

(10,071)

 

-

 

(112,335)

 

(75,839)

Capital increase in subsidiary

12.a

(90,580)

 

(1,453,964)

 

-

 

-

Capital increase in joint venture

12.b

-

 

-

 

(20,000)

 

(22,939)

Initial direct costs of right to use assets

13

-

 

-

 

-

 

(69,490)

Proceeds from disposal of property, plant, and equipment and intangibles

28

-

 

-

 

86,012

 

28,661

Net cash used in investing activities

 

(122,285)

 

(967,532)

 

(2,200,489)

 

(1,650,647)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Loans and debentures 

 

 

 

 

 

 

 

 

Proceeds

16

994,996

 

-

 

3,591,624

 

2,016,429

Repayments

16

-

 

-

 

(2,280,152)

 

(2,160,567)

Interest paid

16

(68,788)

 

(112,675)

 

(478,755)

 

(1,220,707)

Payments of lease

13

(4,256)

 

-

 

(266,490)

 

(237,225)

Dividends paid

25.h

(261,409)

 

(594,380)

 

(264,487)

 

(596,479)

Redemption of non-controlling shares of Oxiteno Nordeste

3.b.2

-

 

-

 

-

 

(2,180)

Capital increase from Iconic non-controlling shareholders

 

-

 

-

 

-

 

6,996

Related parties

8.a

9,123

 

51,439

 

(72)

 

(122)

Net cash provided by (used in) financing activities

 

669,666

 

(655,616)

 

301,668

 

(2,193,855)

Effect of exchange rate changes on cash and cash equivalents in foreign currency

 

-

 

-

 

149,455

 

9,780

Increase (decrease) in cash and cash equivalents

 

894,300

 

(101,260)

 

880,954

 

(1,385,657)

Cash and cash equivalents at the beginning of the period

4.a

42,580

 

172,315

 

2,115,379

 

3,938,951

Cash and cash equivalents at the end of the period

4.a

936,880

 

71,055

 

2,996,333

 

2,553,294

Transactions without cash effect:

 

 

 

 

 

 

 

 

Addition on right to use assets and leases payable

13.a

33,890

 

-

 

407,148

 

244,650

Initial direct costs of right to use assets

13.a

-

 

-

 

-

 

20,374

Addition on contractual assets with customers – exclusive rights

11

-

 

-

 

139,960

 

-

Reversion fund – private pension

10

-

 

-

 

47,088

 

-

 

The accompanying notes are an integral part of the interim financial information.


14


Ultrapar Participações S.A. and Subsidiaries

Statements of Value Added

For the nine-month period ended September 30, 2020 and 2019

(In thousands of Brazilian Reais, except percentages)

 

 

Note

Parent

 

Consolidated

 

 

09/30/2020

 

%

 

09/30/2019

 

%