6-K 1 MainDocument.htm 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 May 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____

 

  




 

 

 

 

 

 

 

(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

Three-month Period

Ended March 31, 2021 and

Report on Review of Interim Financial

Information

 

 

KPMG Auditores Independentes

 

  

 

 

 

 

 


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

 

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 March 31, 2021, which comprise the statements of financial position as of March 31, 2021 and related statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, including the 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 the 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. 

 

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 and Exchange Commission - CVM. 

 

Other matters - Interim statements of value added

The individual and consolidated interim statements of value added (DVA) for the three-month period ended March 31, 2021, 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, May 05, 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 March 31, 2021 and December 31, 2020

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

03/31/2021

 

12/31/2020

 

03/31/2021

 

12/31/2020

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

4.a

946,757

 

948,649

 

3,933,203

 

2,661,494

Financial investments and hedging instruments

4.b

388,031

 

88,100

 

3,553,474

 

5,033,258

Trade receivables

5.a

-

 

-

 

3,702,468

 

3,318,927

Reseller financing

5.b

-

 

-

 

538,368

 

549,129

Inventories

6

-

 

-

 

4,491,697

 

3,846,196

Recoverable taxes

7.a

325

 

154

 

1,077,666

 

1,044,850

Recoverable income and social contribution taxes

7.b

39,997

 

47,913

 

404,985

 

366,080

Dividends receivable

 

213

 

150,301

 

1,164

 

1,152

Other receivables

 

86,270

 

58,300

 

63,518

 

56,955

Prepaid expenses

10

12,032

 

3,684

 

162,002

 

132,122

Contractual assets with customers – exclusive rights

11

-

 

-

 

490,869

 

478,908

Total current assets

 

1,473,625

 

1,297,101

 

18,419,414

 

17,489,071

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Financial investments and hedging instruments

4.b

-

 

-

 

1,014,371

 

977,408

Trade receivables

5.a

-

 

-

 

60,845

 

72,195

Reseller financing

5.b

-

 

-

 

407,450

 

419,255

Related parties

8.a

400,000

 

753,459

 

7,852

 

2,824

Deferred income and social contribution taxes

9.a

62,160

 

64,993

 

1,061,363

 

974,711

Recoverable taxes

7.a

-

 

-

 

1,470,445

 

1,474,808

Recoverable income and social contribution taxes

7.b

39,445

 

39,446

 

260,247

 

261,205

Escrow deposits

22.a

2

 

2

 

950,363

 

949,796

Indemnification asset – business combination

22.c

-

 

-

 

204,508

 

204,439

Other receivables

 

-

 

-

 

21,031

 

20,238

Prepaid expenses

10

3,081

 

3,888

 

59,459

 

70,507

Contractual assets with customers – exclusive rights

11

-

 

-

 

1,270,606

 

1,227,423

Total long term assets

 

504,688

 

861,788

 

6,788,540

 

6,654,809

Investments

 

 

 

 

 

 

 

 

In subsidiaries

12.a

10,327,582

 

10,530,177

 

-

 

-

In joint ventures

12.a; 12.b

-

 

-

 

140,886

 

139,100

In associates

12.c

-

 

-

 

25,839

 

25,588

Others

 

-

 

-

 

2,793

 

2,793

 

 

10,327,582

 

10,530,177

 

169,518

 

167,481

 

 

 

 

 

 

 

 

 

Right-of-use assets

13

34,833

 

35,062

 

2,125,254

 

2,150,286

Property, plant, and equipment

14

25,045

 

14,328

 

8,176,113

 

8,005,860

Intangible assets

15

253,781

 

254,242

 

1,792,355

 

1,782,655

Total non-current assets

 

11,145,929

 

11,695,597

 

19,051,780

 

18,761,091

Total assets

 

12,619,554

 

12,992,698

 

37,471,194

 

36,250,162

 

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


 


Ultrapar Participações S.A. and Subsidiaries

Statements of Financial Position

As of March 31, 2021 and December 31, 2020

(In thousands of Brazilian Reais)

 

 

Parent

 

Consolidated

 

Note

03/31/2021

 

12/31/2020

 

03/31/2021

 

12/31/2020

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Loans, financing and hedge derivative financial instruments

16

1,052,507

 

1,038,499

 

2,277,938

 

2,306,036

Debentures

16.f

2,169

 

9,996

 

971,281

 

949,908

Trade payables

17

29,319

 

16,870

 

2,610,195

 

2,745,019

Trade payables – reverse factoring

17

-

 

-

 

1,915,949

 

1,295,633

Salaries and related charges

18

31,176

 

42,400

 

384,667

 

468,630

Taxes payable

19

608

 

812

 

342,740

 

286,014

Dividends payable

25.h

17,132

 

439,094

 

22,690

 

442,133

Income and social contribution taxes payable

 

-

 

4,264

 

98,119

 

169,317

Post-employment benefits

20.b

-

 

-

 

27,125

 

27,077

Provision for asset retirement obligation

21

-

 

-

 

4,372

 

4,267

Provision for tax, civil, and labor risks

22.a

-

 

-

 

41,690

 

43,660

Leases payable

13

4,922

 

4,688

 

263,146

 

260,189

Other payables

 

16,357

 

10,157

 

242,370

 

224,676

Deferred revenue

23

-

 

-

 

16,320

 

18,282

Total current liabilities

 

1,154,190

 

1,566,780

 

9,218,602

 

9,240,841

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

-

 

 

 

 

Loans, financing and hedge derivative financial instruments

16

-

 

-

 

9,329,233

 

8,526,064

Debentures

16.f

1,724,302

 

1,724,117

 

6,027,810

 

5,594,208

Related parties

8.a

4,730

 

5,272

 

3,606

 

3,711

Deferred income and social contribution taxes

9.a

-

 

-

 

17,416

 

12,732

Post-employment benefits

20.b

2,626

 

2,527

 

258,969

 

257,647

Provision for asset retirement obligation

21

-

 

-

 

50,264

 

49,168

Provision for tax, civil, and labor risks

22.a; 22.c

280

 

280

 

859,118

 

854,385

Leases payable

13

33,047

 

33,246

 

1,530,684

 

1,573,099

Subscription warrants – indemnification

24

75,658

 

86,439

 

75,658

 

86,439

Provision for short-term liabilities of subsidiaries and joint venture

12.a; 12.b

36,072

 

35,794

 

-

 

2,096

Other payables

 

5,188

 

4,497

 

137,193

 

139,507

Total non-current liabilities

 

1,881,903

 

1,892,172

 

18,289,951

 

17,099,056

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

25.a; 25.f

5,171,752

 

5,171,752

 

5,171,752

 

5,171,752

Equity instrument granted

25.b

25,975

 

22,404

 

25,975

 

22,404

Capital reserve

25.d

595,420

 

594,049

 

595,420

 

594,049

Treasury shares

25.c

(489,068)

 

(489,068)

 

(489,068)

 

(489,068)

Revaluation reserve on subsidiaries

25.e

4,291

 

4,337

 

4,291

 

4,337

Profit reserves

25.f

4,408,275

 

4,408,275

 

4,408,275

 

4,408,275

Retained earnings

 

132,288

 

-

 

132,288

 

-

Valuation adjustments

25.g.1

(584,916)

 

(464,990)

 

(584,916)

 

(464,990)

Cumulative translation adjustments

25.g.2

319,444

 

231,596

 

319,444

 

231,596

Additional dividends to the minimum mandatory dividends

25.h

-

 

55,391

 

-

 

55,391

Equity attributable to:

 

 

 

 

 

 

 

 

Shareholders of the Company

 

9,583,461

 

9,533,746

 

9,583,461

 

9,533,746

Non-controlling interests in subsidiaries

 

-

 

-

 

379,180

 

376,519

Total equity

 

9,583,461

 

9,533,746

 

9,962,641

 

9,910,265

Total liabilities and equity

 

12,619,554

 

12,992,698

 

37,471,194

 

36,250,162


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




Ultrapar Participações S.A. and Subsidiaries

For the three-month period ended March 31, 2021 and 2020

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

 

 

 

Parent

 

Consolidated

 

Note

03/31/2021

 

03/31/2020

 

03/31/2021

 

03/31/2020

Net revenue from sales and services

26

-

 

-

 

23,950,284

 

21,387,138

Cost of products and services sold

27

-

 

-

 

(22,234,378)

 

(19,977,191)

 

 

 

 

 

 

 

 

 

Gross profit

 

-

 

-

 

1,715,906

 

1,409,947

 

 

 

 

 

 

 

 

 

Operating income (expenses)

 

 

 

 

 

 

 

 

Selling and marketing

27

-

 

-

 

(654,573)

 

(614,631)

Expected losses on doubtful accounts

 

-

 

-

 

(3,940)

 

(30,275)

General and administrative

27

-

 

-

 

(468,690)

 

(409,881)

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

28

1

 

-

 

8,076

 

6,938

Other operating income

29

-

 

-

 

52,602

 

159,573

Other operating expenses

29

(3,014)

 

(245)

 

(65,027)

 

(35,634)

 

 

 

 

 

 

 

 

 

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

 

(3,013)

 

(245)

 

584,354

 

486,037

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

12

144,053

 

154,849

 

(12,222)

 

(12,428)

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

 

141,040

 

154,604

 

572,132

 

473,609

Finance income

30

18,399

 

34,134

 

63,433

 

182,051

Finance expenses

30

(24,442)

 

(21,053)

 

(397,114)

 

(349,681)

Financial result, net

30

(6,043)

 

13,081

 

(333,681)

 

(167,630)

Income before income and social contribution taxes

 

134,997

 

167,685

 

238,451

 

305,979

Income and social contribution taxes

 

 

 

 

 

 

 

 

Current

9.b; 9.c

-

 

(170)

 

(106,454)

 

(108,289)

Deferred

9.b

(2,834)

 

(6,656)

 

5,433

 

(28,824)

 

 

(2,834)

 

(6,826)

 

(101,021)

 

(137,113)

Net income for the year

 

132,163

 

160,859

 

137,430

 

168,866

Income attributable to:

 

 

 

 

 

 

 

 

    Shareholders of the Company

 

132,163

 

160,859

 

132,163

 

160,859

    Non-controlling interests in subsidiaries

 

-

 

-

 

5,267

 

8,007

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

 

 

 

 

 

 

 

 

    Basic

31

0.1215

 

0.1480

 

0.1215

 

0.1480

    Diluted

31

0.1208

 

0.1471

 

0.1208

 

0.1471

 

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

 



Ultrapar Participações S.A. and Subsidiaries

For the three-month period ended March 31, 2021 and 2020

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

03/31/2021

 

03/31/2020

 

03/31/2021

 

03/31/2020

Net income for the year

 

132,163

 

160,859

 

137,430

 

168,866

Items that are subsequently reclassified to profit or loss:

 

 

 

 

 

 

 

 

Fair value adjustments of financial instruments, net

25.g.1

(117)

 

-

 

(117)

 

-

Fair value adjustments of financial instruments of subsidiaries, net

25.g.1

(121,257)

 

(420,032)

 

(121,257)

 

(420,032)

Fair value adjustments of financial instruments of joint ventures, net

25.g.1

1,448

 

2,501

 

1,448

 

2,501

Cumulative translation adjustments and hedge of net investments in foreign operations, net

25.g.2

87,848

 

121,874

 

87,848

 

121,874

Total comprehensive income for the year

 

100,085

 

(134,798)

 

105,352

 

(126,791)

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

 

100,085

 

(134,798)

 

100,085

 

(134,798)

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

 

-

 

-

 

5,267

 

8,007

 

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

 

 

Ultrapar Participações S.A. and Subsidiaries

For the three-month period ended March 31, 2021 and 2020

(In thousands of Brazilian Reais, except dividends 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, 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

Net income for the year

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 132,163

 

-

 

 132,163

 

 5,267

 

 137,430

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(117)

 

-

 

-

 

-

 

(117)

 

-

 

(117)

Subsidiaries

12.a; 25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(121,257)

 

-

 

-

 

-

 

(121,257)

 

-

 

(121,257)

Joint ventures

12.a; 25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 1,448

 

-

 

-

 

-

 

 1,448

 

-

 

 1,448

Currency translation of foreign subsidiaries and the effect of net investments hedge, net of income taxes

12.a; 25.g.2

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 87,848

 

-

 

-

 

 87,848

 

-

 

 87,848

Total comprehensive income for the period

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(119,926)

 

 87,848

 

 132,163

 

-

 

 100,085

 

 5,267

 

 105,352

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

25.d

 

-

 

-

 

 1,371

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 1,371

 

-

 

 1,371

Equity instrument granted

25.b

 

-

 

 1,617

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 1,617

 

-

 

 1,617

Equity instrument granted of subsidiaries

12.a; 25.b

 

-

 

 1,954

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 1,954

 

-

 

 1,954

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

25.e

 

-

 

-

 

-

 

-

 

(46)

 

-

 

-

 

-

 

-

 

 46

 

-

 

-

 

-

 

-

Shareholder transaction – changes of investiments

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

79

 

-

 

79

 

-

 

 79

Dividends attributable to non-controlling interests

 

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(2,606)

 

(2,606)

Approval of additional dividends by the Shareholders’ Meeting

25.h

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(55,391)

 

(55,391)

 

-

 

(55,391)

Balance as of March 31, 2021

 

 

 5,171,752

 

 25,975

 

 595,420

 

(489,068)

 

 4,291

 

 750,010

 

 3,658,265

 

(584,916)

 

 319,444

 

 132,288

 

- 

 

 9,583,461

 

 379,180

 

 9,962,641

 

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



Ultrapar Participações S.A. and Subsidiaries

Statements of Changes in Equity

For the three-month period ended March 31, 2021 and 2020

(In thousands of Brazilian Reais, except dividends 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

 

 

 

 

 

 

 

 

 

 

 

 160,859

 

 

 160,859

 

 8,007

 

 168,866

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

12.a; 25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(420,032)

 

-

 

-

 

-

 

(420,032)

 

-

 

(420,032)

Joint ventures

12.a; 25.g.1

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 2,501

 

-

 

-

 

-

 

 2,501

 

-

 

 2,501

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

25.g.2

 

 

 

 

 

 

 

 

 

 121,874

 

 

 

 121,874

 

 

 121,874

Total comprehensive income for the period

 

 

 

 

 

 

 

 

 

(417,531)

 

 121,874

 

 160,859

 

 

(134,798)

 

 8,007

 

(126,791)

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

25.d

 

 

 

 53,072

 

 

 

 

 

 

 

 

 

 53,072

 

 

 53,072

Equity instrument granted os subsidiaries

25.b

 

 

 2,135

 

 

 

 

 

 

 

 

 

 

 2,135

 

 

 2,135

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

25.e

 

 

 

 

 

(46)

 

 

 

 

 

 46

 

 

 

 

-

Loss due to the payments fixed dividends to preferred shares

 

 

 

 

 

 

 

 

 

 

 

(516)

 

 

(516)

 

 516

 

- 

Dividends attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(428)

 

(428)

Approval of additional dividends by the Shareholders’ Meeting


 

 

 

 

 

 

 

 

 

 

 

(261,470)

 

(261,470)

 

 

(261,470)

Balance as of March 31, 2020

 

 

 5,171,752

 

 14,105

 

 595,472

 

(485,383)

 

 4,476

 

 705,341

 

 3,290,073

 

(563,848)

 

 224,301

 

 160,389

 

 

 9,116,678

 

 385,015

 

 9,501,693

 

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


Ultrapar Participações S.A. and Subsidiaries

For the three-month period ended March 31, 2021 and 2020

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

Note

03/31/2021

 

03/31/2020

 

03/31/2021

 

03/31/2020

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income for the year

 

132,163

 

160,859

 

137,430

 

168,866

Adjustments to reconcile net income to cash provided by operating activities

 

 

 

 

 

 

 

 

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

12

(144,053)

 

(154,849)

 

12,222

 

12,428

Amortization of contractual assets with customers – exclusive rights

11

-

 

 

48,214

 

82,860

Amortization of right-of-use assets

13.a

1,503

 

512

 

87,329

 

77,867

Depreciation and amortization

14; 15

1,453

 

293

 

245,372

 

225,860

PIS and COFINS credits on depreciation

14; 15

-

 

-

 

4,334

 

4,527

Interest and foreign exchange rate variations

 

8,620

 

(627)

 

424,759

 

505,410

Deferred income and social contribution taxes

9.b

2,834

 

6,656

 

(5,433)

 

28,824

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

28

(1)

 

-

 

(8,076)

 

(6,938)

Expected losses on doubtful accounts

5

-

 

-

 

3,940

 

30,275

Provision for losses in inventories

6

-

 

-

 

(4,656)

 

(4,586)

Provision for post-employment benefits

20.b

99

 

-

 

8

 

5,156

Equity instrument granted

8.c

1,617

 

-

 

3,571

 

2,136

Provision of decarbonization - CBIO

29

-

 

-

 

32,640

 

-

Provision for tax, civil, and labor risks

22.a

-

 

82

 

3,582

 

11,989

Other provisions and adjustments

 

1,372

 

-

 

2,845

 

(3,221)

 

 

5,607

 

12,926

 

988,081

 

1,141,453

(Increase) decrease in current assets

 

 

 

 

 

 

 

 

Trade receivables and reseller financing

5

-

 

-

 

(371,971)

 

416,525

Inventories

6

-

 

-

 

(640,845)

 

328,554

Recoverable taxes

7

7,745

 

(602)

 

(71,721)

 

11,146

Dividends received from subsidiaries and joint ventures

 

479,726

 

216,156

 

-

 

-

Other receivables

 

(27,970)

 

(24,622)

 

(6,563)

 

(42,936)

Prepaid expenses

10

(8,348)

 

(123)

 

(44,298)

 

(45,742)

Increase (decrease) in current liabilities

 

 

 

 

 

 

 

 

Trade payables

17

12,449

 

1,565

 

413,266

 

(309,616)

Salaries and related charges

18

(11,224)

 

20,090

 

(83,963)

 

(65,584)

Taxes payable

19

(204)

 

(197)

 

56,726

 

(24,757)

Income and social contribution taxes

 

(4,264)

 

47

 

24,162

 

(28,054)

Post-employment benefits

20.b

-

 

-

 

48

 

898

Other payables

 

6,198

 

1,313

 

(15,085)

 

(16,830)

Deferred revenue

23

-

 

-

 

(1,962)

 

(1,495)

(Increase) decrease in non-current assets

 

 

 

 

 

 

 

 

Trade receivables and reseller financing

5

-

 

-

 

23,155

 

17,214

Recoverable taxes

7

-

 

-

 

5,321

 

(213,635)

Escrow deposits

 

-

 

15

 

(567)

 

(35,734)

Other receivables

 

-

 

-

 

(862)

 

191

Prepaid expenses

10

807

 

18

 

9,383

 

6,912

 

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

 


Ultrapar Participações S.A. and Subsidiaries

Statements of Cash Flows – Indirect Method

For the three-month period ended March 31, 2021 and 2020

(In thousands of Brazilian Reais)

 

 

 

Parent

 

Consolidated

 

 

03/31/2021

 

03/31/2020

 

03/31/2021

 

03/31/2020

Increase (decrease) in non-current liabilities

 

 

 

 

 

 

 

 

Post-employment benefits

20.b

-

 

-

 

1,314

 

(3,267)

Other payables

 

151

 

672

 

(2,310)

 

(13,819)

Acquisition of CBIO

15

-

 

-

 

(20,825)

 

-

Payments of contractual assets with customers – exclusive rights

11

-

 

-

 

(35,881)

 

(145,429)

Payments of contingencies

22.a

-

 

-

 

(819)

 

(5,222)

Income and social contribution taxes paid

 

-

 

-

 

(95,360)

 

(38,781)

Net cash provided by operating activities

 

460,673

 

227,258

 

128,424

 

931,992

Cash flows from investing activities

 

 

 

 

 

 

 

 

Financial investments, net of redemptions

4.b

(295,637)

 

67,358

 

1,719,562

 

(143,310)

Acquisition of property, plant, and equipment

14

(11,709)

 

(2,220)

 

(247,775)

 

(177,378)

Acquisition of intangible assets

15

-

 

(10,985)

 

(31,931)

 

(43,191)

Capital increase in subsidiary

12.a

(12,640)

 

(3,010)

 

-

 

-

Capital increase in joint ventures

12.b

-

 

-

 

(15,000)

 

-

      Related parties
8.a 353,459
-
(5,028)
-

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

 

-

 

-

 

22,539

 

19,655

Net cash provided by (used in) investing activities

 

33,473

 

51,143

 

1,442,367

 

(344,224)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Loans and debentures

 

 

 

 

 

 

 

 

Proceeds

16

-

 

-

 

463,012

 

240,674

Repayments

16

-

 

-

 

(126,491)

 

(89,535)

Interest paid

16

(16,623)

 

(43,083)

 

(50,508)

 

(90,361)

Payments of lease

 

 

 

 

 

 

 

 

Principal

13

(2,033)

 

(483)

 

(119,838)

 

(84,267)

Interest paid

13

(29)

 

(22)

 

(2,325)

 

(1,387)

Dividends paid

25.h

(477,353)

 

(259,937)

 

(477,440)

 

(260,635)

Related parties

8.a

-

 

-

 

(105)

 

(24)

Net cash used in financing activities

 

(496,038)

 

(303,525)

 

(313,695)

 

(285,535)

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

 

-

 

-

 

14,613

 

76,389

Increase (decrease) in cash and cash equivalents

 

(1,892)

 

(25,124)

 

1,271,709

 

378,622

Cash and cash equivalents at the beginning of the year

4.a

948,649

 

42,580

 

2,661,494

 

2,115,379

Cash and cash equivalents at the end of the year

4.a

946,757

 

17,456

 

3,933,203

 

2,494,001

Transactions without cash effect:

 

 

 

 

 

 

 

 

Addition on right-of-use assets and leases payable

13.a

1,328

 

-

 

58,576

 

169,417

Addition on contractual assets with customers – exclusive rights

11

-

 

-

 

72,226

 

14,892

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

25.d

1,371

 

53,072

 

1,371

 

53,072


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


Ultrapar Participações S.A. and Subsidiaries

For the three-month period ended March 31, 2021 and 2020

(In thousands of Brazilian Reais, except percentages)

 

 

 

Parent

 

Consolidated

 

Note

03/31/2021

 

%

 

03/31/2020

 

%

 

03/31/2021

 

%

 

03/31/2020

 

%

Revenue