6-K 1 MainDocument.htm FORM 6-K

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 February, 2021

 

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. 2020 Financial Report
2. 4Q20 and 2020 Earnings Release
3. Board of Directors minutes
4. Fiscal Council minutes
5. Notice to shareholders
6. Material notice
7. Conflict of Interest and Related Party Transactions Corporate Policy
8. Internal bylaws of the Conduct Committee









 

 

 

 

 

 

 

 

 

 

(Convenience Translation into English from

the Original Previously Issued in Portuguese)

 

 

Ultrapar Participações S.A.

 

 

Parent’s Separate and Consolidated

Financial Statements for the Year

Ended December 31, 2020 and

Report on Review of Financial Information

 

 

KPMG Auditores Independentes

 

  

 

 

 

 

 

  


 

Ultrapar Participações S.A. and Subsidiaries

Parent’s Separate and Consolidated

Financial Statements

For the Years Ended December 31, 2020 and 2019


​​​​​​​​

Table of Content


Independent Auditor’s Report in the Individual and Consolidated Financial Statements 3-6
Statements of Financial Position 7-8
Statements of Profit or Loss 9
Statements of Comprehensive Income 10
Statements of Changes in Equity 11-12
Statements of Cash Flows – Indirect Method 13-14
Statements of Value Added 15
Notes to the Financial Statements 16-138
Annual Report of the Audit and Risk Committee 139-142


 

 

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


 

To the Shareholders of the

Ultrapar Participações S.A.

São Paulo - SP 

 

Opinion

We have audited the individual and consolidated financial statements of Ultrapar Participações S.A. (“the Company”), respectively referred to as Parent and Consolidated, which comprise the statement of financial position as at December 31, 2020, the statements of income and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the individual and consolidated financial position of the Ultrapar Participações S.A. as at December 31, 2020, and of its individual and consolidated financial performance and its cash flows for the year then ended in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).

 

Basis for Opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Individual and Consolidated Financial Statements section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical requirements included in the Accountant Professional Code of Ethics (“Código de Ética Profissional do Contador”) and in the professional standards issued by the Brazilian Federal Accounting Council (“Conselho Federal de Contabilidade”) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Key audit matter

Key audit matter is those matter that, in our professional judgment, were of most significance in our audit of the current period. This matter was addressed in the context of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

 

Realization of deferred tax assets

As of December 31, 2020, the individual and consolidated financial statements include deferred tax asset amounts equivalent to R$ 1,588,001 thousand, of which R$ 1,224,139 thousand are related to temporary differences and R$ 363,862 thousand are related to tax losses, considered recoverable based on the generation of future taxable profits.


Estimates of future taxable income generation include the use of assumptions, judgments and estimates on cash flows, such as growth rates of revenues, costs and expenses, estimates of future investments and working capital and discount rates, which involve high degree of complexity and judgments that impact the expectation of realization of deferred tax assets in the coming years. Therefore, we consider this matter to be significant for our audit.

 

Our Response

 

Our audit procedures included, among others:

 

Evaluation of the design, implementation and effectiveness of the internal control of financial projections related to the realization of the registered deferred taxes.

 

Within the involvement of our corporate finance specialists, for the assumptions and data used by the Company in preparing the study of future taxable profits considering the projections of future cash flows. Also to assess the accuracy of the recorded balances.

 

Comparison of the budgets approved in the previous year with the actual values ​​calculated in the current year.

 

Assessment whether the disclosures in the individual and consolidated financial statements consider all relevant information regarding deferred tax assets.

 

 As a result of the evidence obtained through the audit procedures summarized above, we consider that the amount of deferred tax assets recorded and the respective disclosures are acceptable in the context of the individual and consolidated financial statements taken as a whole.

 

Other matters - Statements of value added

The individual and consolidated statements of value added (DVA) for the year ended December 31, 2020 prepared under the responsibility of the Company’s management, and presented herein as supplementary information for IFRS purposes, have been subject to audit procedures jointly performed with the audit of the Company's financial statements.  In order to form our opinion, we assessed whether those statements are reconciled with the financial statements and accounting records, as applicable, and whether their format and contents are in accordance with criteria determined in the Technical Pronouncement 09 (CPC 09) - Statement of Value Added. In our opinion, the statements of value added have been fairly prepared, in all material respects, in accordance with the criteria determined by the aforementioned Technical Pronouncement and are consistent with the overall individual and consolidated financial statements.

 

Other information accompanying the individual and consolidated financial statements and the auditor's report

Management is responsible for the other information comprising the management report.

Our opinion on the individual and consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the individual and consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the individual and consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.


Responsibilities of Management and Those Charged with Governance for the Individual and Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the individual and consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company and subsidiaries or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s and subsidiaries financial reporting process.

 

Auditors’ Responsibilities for the Audit of the Individual and Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Brazilian and international standards on auditing will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Brazilian and international standards on auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

– Identify and assess the risks of material misstatement of the individual and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and its subsidiaries internal control.

– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

– Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and its subsidiaries ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the individual and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company and subsidiaries to cease to continue as a going concern.


– Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the individual and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

– Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements.  We are responsible for the direction, supervision and performance of the group audit.  We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the individual and consolidated financial statements of the current period and are therefore the key audit matter. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

 

 

São Paulo, February 24, 2021

 

 

KPMG Auditores Independentes

CRC 2SP014428/O-6

Original report in Portuguese signed by

 

 

 

Marcio Serpejante Peppe

Accountant CRC 1SP233011/O-8


Ultrapar Participações S.A. and Subsidiaries

As of December 31, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

12/31/2020

 

12/31/2019

 

12/31/2020

 

12/31/2019

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

4.a

948,649

 

42,580

 

2,661,494

 

2,115,379

Financial investments and hedging instruments

4.b

88,100

 

95,829

 

5,033,258

 

3,090,212

Trade receivables

5.a

-

 

-

 

3,318,927

 

3,635,834

Reseller financing

5.b

-

 

-

 

549,129

 

436,188

Inventories

6

-

 

-

 

3,846,196

 

3,715,560

Recoverable taxes

7.a

154

 

-

 

1,044,850

 

1,122,335

Recoverable income and social contribution taxes

7.b

47,913

 

49,750

 

366,080

 

325,343

Dividends receivable

 

150,301

 

3,074

 

1,152

 

3,630

Other receivables

 

58,300

 

6,321

 

56,955

 

36,765

Prepaid expenses

10

3,684

 

72

 

132,122

 

111,355

Contractual assets with customers – exclusive rights

11

-

 

-

 

478,908

 

465,454

Total current assets

 

1,297,101

 

197,626

 

17,489,071

 

15,058,055

Non-current assets

 

 

 

 

 

 

 

 

Financial investments and hedging instruments

4.b

-

 

-

 

977,408

 

506,506

Trade receivables

5.a

-

 

-

 

72,195

 

53,666

Reseller financing

5.b

-

 

-

 

419,255

 

364,748

Related parties

8.a

753,459

 

759,123

 

2,824

 

490

Deferred income and social contribution taxes

9.a

64,993

 

41,613

 

974,711

 

653,694

Recoverable taxes

7.a

-

 

-

 

1,474,808

 

767,360

Recoverable income and social contribution taxes

7.b

39,446

 

39,447

 

261,205

 

104,947

Escrow deposits

22.a

2

 

17

 

949,796

 

921,443

Indemnification asset – business combination

22.c

-

 

-

 

204,439

 

193,496

Other receivables

 

-

 

-

 

20,238

 

3,430

Prepaid expenses

10

3,888

 

255

 

70,507

 

69,216

Contractual assets with customers – exclusive rights

11

-

 

-

 

1,227,423

 

1,000,535

Total long term assets

 

861,788

 

840,455

 

6,654,809

 

4,639,531

Investments

 

 

 

 

 

 

 

 

In subsidiaries

12.a

10,530,177

 

10,085,953

 

-

 

-

In joint ventures

12.a; 12.b

-

 

18,792

 

139,100

 

153,076

In associates

12.c

-

 

-

 

25,588

 

25,750

Others

 

-

 

-

 

2,793

 

2,793

 

 

10,530,177

 

10,104,745

 

167,481

 

181,619

Right to use assets

13

35,062

 

5,799

 

2,150,286

 

1,980,912

Property, plant, and equipment

14

14,328

 

2,532

 

8,005,860

 

7,572,762

Intangible assets

15

254,242

 

246,163

 

1,782,655

 

1,762,593

Total non-current assets

 

11,695,597

 

11,199,694

 

18,761,091

 

16,137,417

Total assets

 

12,992,698

 

11,397,320

 

36,250,162

 

31,195,472

 

The accompanying notes are an integral part of the financial statements.



Ultrapar Participações S.A. and Subsidiaries

Statements of Financial Position

As of December 31, 2020 and 2019

(In thousands of Brazilian Reais)


 

 

Parent

 

Consolidated

 

Note

12/31/2020

 

12/31/2019

 

12/31/2020

 

12/31/2019

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans, financing and hedge derivative financial instruments

16

1,038,499

 

-

 

2,306,036

 

867,871

Debentures

16.g

9,996

 

28,713

 

949,908

 

249,570

Trade payables

17

16,870

 

2,173

 

2,745,019

 

2,158,478

Trade payables – reverse factoring

17

-

 

-

 

1,295,633

 

541,593

Salaries and related charges

18

42,400

 

958

 

468,630

 

405,636

Taxes payable

19

812

 

389

 

286,014

 

269,922

Dividends payable

25.h

439,094

 

14,689

 

442,133

 

16,694

Income and social contribution taxes payable

 

4,264

 

-

 

169,317

 

164,757

Post-employment benefits

20.b

-

 

-

 

27,077

 

28,951

Provision for asset retirement obligation

21

-

 

-

 

4,267

 

3,847

Provision for tax, civil, and labor risks

22.a

-

 

-

 

43,660

 

40,455

Leases payable

13

4,688

 

144

 

260,189

 

206,396

Other payables

 

10,157

 

3

 

224,676

 

213,273

Deferred revenue

23

-

 

-

 

18,282

 

27,626

Total current liabilities

 

1,566,780

 

47,069

 

9,240,841

 

5,195,069

Non-current liabilities

 

 

 

 

 

 

 

 

Loans, financing and hedge derivative financial instruments

16

-

 

-

 

8,526,064

 

6,907,113

Debentures

16.g

1,724,117

 

1,723,368

 

5,594,208

 

6,368,168

Related parties

8.a

5,272

 

4,220

 

3,711

 

3,925

Deferred income and social contribution taxes

9.a

-

 

-

 

12,732

 

7,531

Post-employment benefits

20.b

2,527

 

-

 

257,647

 

243,916

Provision for asset retirement obligation

21

-

 

-

 

49,168

 

47,395

Provision for tax, civil, and labor risks

22.a; 22.c

280

 

399

 

854,385

 

884,140

Leases payable

13

33,246

 

5,855

 

1,573,099

 

1,382,277

Subscription warrants – indemnification

24

86,439

 

130,657

 

86,439

 

130,657

Provision for short-term liabilities of subsidiaries and joint venture

12.a; 12.b

35,794

 

27,497

 

2,096

 

-

Other payables

 

4,497

 

-

 

139,507

 

190,106

Total non-current liabilities

 

1,892,172

 

1,891,996

 

17,099,056

 

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

22,404

 

11,970

 

22,404

 

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

4,337

 

4,522

 

4,337

 

4,522

Profit reserves

25.f

4,408,275

 

3,995,414

 

4,408,275

 

3,995,414

Valuation adjustments

25.g.1

(464,990)

 

(146,317)

 

(464,990)

 

(146,317)

Cumulative translation adjustments

25.g.2

231,596

 

102,427

 

231,596

 

102,427

Additional dividends to the minimum mandatory dividends

25.h

55,391

 

261,470

 

55,391

 

261,470

Equity attributable to:

 

 

 

 

 

 

 

 

Shareholders of the Company

 

9,533,746

 

9,458,255

 

9,533,746

 

9,458,255

Non-controlling interests in subsidiaries

 

-

 

-

 

376,519

 

376,920

Total equity

 

9,533,746

 

9,458,255

 

9,910,265

 

9,835,175

Total liabilities and equity

 

12,992,698

 

11,397,320

 

36,250,162

 

31,195,472

The accompanying notes are an integral part of the financial statements.



Ultrapar Participações S.A. and Subsidiaries

For the years ended December 31, 2020 and 2019

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

 

 

 

Parent

 

Consolidated

 

Note

12/31/2020

 

12/31/2019

 

12/31/2020

 

12/31/2019

Net revenue from sales and services

26

-

 

-

 

81,241,102

 

89,297,975

Cost of products and services sold

27

-

 

-

 

(75,628,214)

 

(83,187,109)

Gross profit

 

-

 

-

 

5,612,888

 

6,110,866

 

 

 

 

 

 

 

 

 

Operating income (expenses)

 

 

 

 

 

 

 

 

Selling and marketing

27

-

 

-

 

(2,547,850)

 

(2,610,384)

Expected losses on doubtful accounts

 

-

 

-

 

(13,947)

 

(30,003)

General and administrative

27

-

 

-

 

(1,536,580)

 

(1,726,253)

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

28

-

 

-

 

76,150

 

(30,019)

Impairment

15; 28

-

 

-

 

-

 

(593,280)

Other operating income, net

29

1,755

 

312

 

221,394

 

179,625

 

 

 

 

 

 

 

 

 

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

 

1,755

 

312

 

1,812,055

 

1,300,552

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

12

950,566

 

394,793

 

(43,617)

 

(12,145)

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

 

952,321

 

395,105

 

1,768,438

 

1,288,407

Financial income

30

43,022

 

73,201

 

527,710

 

457,289

Financial expenses

30

(120,907)

 

(122,359)

 

(797,084)

 

(964,143)

Financial result, net

30

(77,885)

 

(49,158)

 

(269,374)

 

(506,854)

Income before income and social contribution taxes

 

874,436

 

345,947

 

1,499,064

 

781,553

Income and social contribution taxes

 

 

 

 

 

 

 

 

Current 

9.b; 9.c

(4,299)

 

-

 

(659,306)

 

(476,074)

Deferred

9.b

23,246

 

27,579

 

87,939

 

97,465

 

 

18,947

 

27,579

 

(571,367)

 

(378,609)

Net income for the year

 

893,383

 

373,526

 

927,697

 

402,944

Income attributable to:

 

 

 

 

 

 

 

 

    Shareholders of the Company

 

893,383

 

373,526

 

893,383

 

373,526

    Non-controlling interests in subsidiaries

 

-

 

-

 

34,314

 

29,418

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

 

 

 

 

 

 

 

 

    Basic

31

0.8218

 

0.3437

 

0.8218

 

0.3437

    Diluted

31

0.8170

 

0.3418

 

0.8170

 

0.3418

 

The accompanying notes are an integral part of the financial statements.


Ultrapar Participações S.A. and Subsidiaries

For the years ended December 31, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

12/31/2020

 

12/31/2019

 

12/31/2020

 

12/31/2019

Net income for the year

 

893,383

 

373,526

 

927,697

 

402,944

Items that are subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

Fair value adjustments of financial instruments, net

25.g.1

126

 

6

 

126

 

6

Fair value adjustments of financial instruments of subsidiaries, net

25.g.1

(313,397)

 

(51,346)

 

(313,397)

 

(51,325)

Fair value adjustments of financial instruments of joint ventures, net

25.g.1

190

 

(978)

 

190

 

(978)

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

25.g.2

129,169

 

36,570

 

129,169

 

36,570

Items that are not subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

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

25.g.1

156

 

-

 

156

 

-

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

25.g.1

(6,623)

 

(23,219)

 

(17,918)

 

(29,996)

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

25.g.1

875

 

(6,791)

 

875

 

(6,791)

Total comprehensive income for the year

 

703,879

 

327,768

 

726,898

 

350,430

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

 

703,879

 

327,768

 

703,879

 

327,768

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

 

-

 

-

 

23,019

 

22,662

 

The accompanying notes are an integral part of the financial statements.




Ultrapar Participações S.A. and Subsidiaries

For the years ended December 31, 2020 and 2019

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

 

 

 

 

 

 

 

 

 

 

 

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 year

 

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 893,383

 

-

 

 893,383

 

 34,314

 

 927,697

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

 126

 

-

 

-

 

-

 

 126

 

-

 

 126

Subsidiaries

12.a; 25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

(313,397)

 

-

 

-

 

-

 

(313,397)

 

-

 

(313,397)

Joint ventures

12.a; 25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

 190

 

-

 

-

 

-

 

 190

 

-

 

 190

Actuarial (gain) losses of post-employment benefits, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

 156

 

-

 

-

 

-

 

 156

 

-

 

 156

Subsidiaries

12.a; 25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

(6,623)

 

-

 

-

 

-

 

(6,623)

 

(11,295)

 

(17,918)

Joint ventures

12.a; 25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

 875

 

-

 

-

 

-

 

 875

 

-

 

 875

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

12.a; 25.g.2

-

-

-

 

-

 

-

 

-

 

-

 

-

 

 129,169

 

-

 

-

 

 129,169

 

-

 

 129,169

Total comprehensive income for the period

 

-

-

-

 

-

 

-

 

-

 

-

 

(318,673)

 

 129,169

 

 893,383

 

-

 

 703,879

 

 23,019

 

 726,898

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

-

 4,526

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 4,526

 

-

 

 4,526

Equity instrument granted of subsidiaries

12.a; 25.b

-

 5,908

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 5,908

 

-

 

 5,908

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

25.e

-

-

-

 

-

 

(185)

 

-

 

-

 

-

 

-

 

 185

 

-

 

-

 

-

 

-

Transfer to statutory reserve

 

-

-

-

 

-

 

-

 

-

 

(774)

 

-

 

-

 

774

 

-

 

-

 

-

 

-

Loss due to the payments fixed dividends to preferred shares

 

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(1,001)

 

-

 

(1,001)

 

1,001

 

-

Shareholder transaction – changes of investiments

 

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 42

 

-

 

 42

 

(42)

 

 -

Dividends attributable to non-controlling interests

 

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(24,379)

 

(24,379)

Approval of additional dividends by the Shareholders’ Meeting

25.h

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(261,470)

 

(261,470)

 

-

 

(261,470)

Allocation of net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal reserve

25.f; 25.h

-

-

-

 

-

 

-

 

 44,669

 

-

 

-

 

-

 

(44,669)

 

-

 

-

 

-

 

-

Investments statutory reserve

25.f; 25.h

-

-

-

 

-

 

-

 

-

 

 368,966

 

-

 

-

 

(368,966)

 

-

 

-

 

-

 

-

Proposed dividends (R$ 0.44 per share)

25.h

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(479,748)

 

 55,391

 

(424,357)

 

-

 

(424,357)

Balance as of December 31, 2020

 

 5,171,752

 22,404

 594,049

 

(489,068)

 

 4,337

 

 750,010

 

  3,658,265

 

(464,990)

 

 231,596

 

- 

 

 55,391

 

 9,533,746

 

 376,519

 

 9,910,265

The accompanying notes are an integral part of the financial statements.




Ultrapar Participações S.A. and Subsidiaries

Statements of Changes in Equity

For the years ended December 31, 2020 and 2019 

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

 

 

 

 

 

 

 

 

 

 

 

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 year

 

- 

- 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

 373,526

 

- 

 

 373,526

 

 29,418

 

 402,944

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

 6

 

-

 

-

 

-

 

 6

 

 21

 

 27

Subsidiaries

12.a; 25.g.1

- 

- 

- 

 

- 

 

- 

 

- 

 

- 

 

(51,346)

 

- 

 

- 

 

- 

 

(51,346)

 

- 

 

(51,346)

Joint ventures

12.a; 25.g.1

- 

- 

- 

 

- 

 

- 

 

- 

 

- 

 

(978)

 

- 

 

- 

 

- 

 

(978)

 

- 

 

(978)

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

12.a; 25.g.1

-

-

-

 

-

 

-

 

-

 

-

 

(30,010)

 

-

 

-

 

-

 

(30,010)

 

(6,777)

 

(36,787)

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

12.a; 25.g.2

-

-

-

 

-

 

-

 

-

 

-

 

-

 

 36,570

 

-

 

-

 

 36,570

 

-

 

 36,570

Total comprehensive income for the period

 

-

-

-

 

-

 

-

 

-

 

-

 

(82,328)

 

 36,570

 

 373,526

 

-

 

 327,768

 

 22,662

 

 350,430

Equity instrument granted os subsidiaries

12.a; 25.b

- 

 7,661

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

 7,661

 

- 

 

 7,661

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

 

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 1,489

 

-

 

 1,489

 

(1,489)

 

-

Realization of revaluation reserve of subsidiaries

25.e

- 

- 

- 

 

- 

 

(190)

 

- 

 

- 

 

- 

 

- 

 

 190

 

- 

 

- 

 

- 

 

- 

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

25.e

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(31)

 

-

 

(31)

 

-

 

(31)

Transfer to statutory reserve

 

-

-

-

 

-

 

-

 

-

 

 1,648

 

-

 

-

 

(1,648)

 

-

 

-

 

-

 

-

Dividends attributable to non-controlling interests

 

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(993)

 

(993)

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)

Allocation of net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal reserve

25.f; 25.h

-

-

-

 

-

 

-

 

 18,676

 

-

 

-

 

-

 

(18,676)

 

-

 

-

 

-

 

-

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

25.h

-

-

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(217,382)

 

-

 

(217,382)

 

-

 

(217,382)

Proposed dividends (R$ 0.24 per share of the Company)

25.h

-

-

-

 

-

 

-

 

-

 

(124,002)

 

-

 

-

 

(137,468)

 

 261,470

 

-

 

-

 

-

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

The accompanying notes are an integral part of the financial statements.




Ultrapar Participações S.A. and Subsidiaries

For the years ended December 31, 2020 and 2019

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

12/31/2020

 

12/31/2019

 

12/31/2020

 

12/31/2019

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income for the year

 

893,383

 

373,526

 

927,697

 

402,944

Adjustments to reconcile net income to cash provided by operating activities

 

 

 

 

 

 

 

 

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

12

(950,566)

 

(394,793)

 

43,617

 

12,145

Amortization of contractual assets with customers – exclusive rights

11

-

 

-

 

289,436

 

355,250

Amortization of right to use assets

13.a

4,690

 

-

 

328,322

 

300,058

Depreciation and amortization

14; 15

2,775

 

-

 

938,841

 

844,647

PIS and COFINS credits on depreciation

14; 15

-

 

-

 

15,683

 

14,918

Interest and foreign exchange rate variations

 

99,209

 

65,346

 

904,937

 

1,248,741

Deferred income and social contribution taxes

9.b

(23,246)

 

(27,579)

 

(87,939)

 

(97,465)

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

28

-

 

-

 

(76,150)

 

30,019

Impairment

15.a; 28

-

 

-

 

-

 

593,280

Expected losses on doubtful accounts

5

-

 

-

 

13,947

 

30,003

Provision for losses in inventories

6

-

 

-

 

269

 

(816)

Provision for post-employment benefits

20.b

(2,195)

 

-

 

(22,950)

 

10,682

Equity instrument granted

8.c

4,526

 

-

 

10,434

 

7,661

Provision of decarbonization - CBIO

15; 29

-

 

-

 

124,287

 

-

Provision for tax, civil, and labor risks

22.a; 22.c

(119)

 

(399)

 

18,817

 

6,604

Other provisions and adjustments

 

895

 

-

 

(795)

 

2,364

 

 

29,352

 

16,101

 

3,428,453

 

3,761,035

(Increase) decrease in current assets

 

 

 

 

 

 

 

 

Trade receivables and reseller financing

5

-

 

-

 

209,468

 

361,563

Inventories

6

-

 

-

 

(125,001)

 

(357,553)

Recoverable taxes

7

1,683

 

(10,045)

 

36,748

 

(550,805)

Dividends received from subsidiaries and joint ventures

 

299,749

 

1,521,209