Ultrapar Holdings Inc. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Ultrapar Holdings Inc. has submitted its 2023 annual report on Form 20-F, detailing financial performance and business operations.</b>

AI Summary

ULTRAPAR HOLDINGS INC (UGP) filed a Foreign Annual Report (20-F) with the SEC on April 23, 2024. Ultrapar Holdings Inc. filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's primary SIC code is NATURAL GAS DISTRIBUTION [4924]. Key subsidiaries and entities mentioned include Terminal de Combustíveis Paulínia S.A., Quimica da Bahia Indústria E Comércio, ConectCar Soluções de Mobilidade Eletrônica, and Extrafarma. The report details various provisions and claims, including labor litigation, civil/environmental/regulatory claims, and tax-related provisions (ICMS, IRPJ, CSLL).

Why It Matters

For investors and stakeholders tracking ULTRAPAR HOLDINGS INC, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Ultrapar's financial health, operational segments, and potential risks for the fiscal year 2023, crucial for investors assessing the company's standing. The detailed breakdown of provisions and claims offers insight into potential liabilities and ongoing legal or regulatory matters that could impact future profitability.

Risk Assessment

Risk Level: medium — ULTRAPAR HOLDINGS INC shows moderate risk based on this filing. The filing mentions various provisions for litigation and claims (labor, civil, environmental, regulatory, tax), indicating potential financial liabilities that could impact future earnings.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand the company's exposure to ongoing litigation and regulatory matters.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-04-23 — Filed As Of Date (Filing Date)
• 214 — Public Document Count (Filing Metadata)
• 001-14950 — SEC File Number (Filing Metadata)

Key Players & Entities

• ULTRAPAR HOLDINGS INC (company) — Filer
• 20-F (document) — Form Type
• 2024-04-23 (date) — Filed As Of Date
• 2023-12-31 (date) — Conformed Period of Report
• SAO PAULO (location) — Business Address City
• BRAZIL (location) — Business Address State
• NEW YORK (location) — Mail Address City
• UGP (ticker) — Ticker Symbol

FAQ

Risk Factors

• Provisions and Contingencies [medium — financial]: The company maintains provisions for various claims including labor litigation, civil, environmental, and regulatory matters, as well as tax-related issues (ICMS, IRPJ, CSLL).

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-23: Filing Date — Date the 20-F report was officially submitted to the SEC.

Glossary

20-F

An annual report required by the U.S. Securities and Exchange Commission (SEC) for foreign private issuers. (Provides a comprehensive overview of the company's business, financial condition, and management for the fiscal year.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize Ultrapar's primary business activity, which is listed as Natural Gas Distribution.)

Key Financial Figures

• $4.84 — e Central Bank on December 31, 2023 of R$4.84 to US$1.00. These translations should n
• $1.00 — ank on December 31, 2023 of R$4.84 to US$1.00. These translations should not be consi

Filing Documents

• ugp-20231231.htm (20-F) — 14020KB
• img2b2186f0e6734bb4a873.jpg (GRAPHIC) — 33KB
• img2e13ea7957ab48e9b8fc.jpg (GRAPHIC) — 16KB
• img3f19dcfd4b3f42b1be2c.jpg (GRAPHIC) — 34KB
• img742dea14794842e78cde.jpg (GRAPHIC) — 19KB
• img7c525cda594e42a9805d.jpg (GRAPHIC) — 58KB
• img8053428dcc8a4e72ad75.jpg (GRAPHIC) — 17KB
• img900ccfa1f5c24079b713.jpg (GRAPHIC) — 15KB
• img99663737e3824c99a93a.jpg (GRAPHIC) — 22KB
• img9af498dce23a48dca77b.jpg (GRAPHIC) — 14KB
• imgabb9a6abf6ec49fb905f.jpg (GRAPHIC) — 55KB
• imgd64681f83bb94248b168.jpg (GRAPHIC) — 66KB
• imgf4da16ee48fd47f599f8.jpg (GRAPHIC) — 105KB
• imgf6295f8455f44160ba47.jpg (GRAPHIC) — 21KB
• ex28_1.htm (EX-2.8) — 208KB
• ex121_2.htm (EX-12.1) — 42KB
• ex122_3.htm (EX-12.2) — 43KB
• ex13_4.htm (EX-13) — 22KB
• ex991_5.htm (EX-99.1) — 28KB
• 0001554855-24-000295.txt (&nbsp;) — 63495KB
• ugp-20231231_def.xml (EX-101.DEF) — 1706KB
• ugp-20231231_pre.xml (EX-101.PRE) — 2308KB
• ugp-20231231_cal.xml (EX-101.CAL) — 357KB
• ugp-20231231_lab.xml (EX-101.LAB) — 4154KB
• ugp-20231231.xsd (EX-101.SCH) — 413KB
• ugp-20231231_htm.xml (XML) — 16439KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 9

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 9

KEY INFORMATION

ITEM 3. KEY INFORMATION 9

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 25

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 75

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 75

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 90

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 103

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 106

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 110

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 111

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 124

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 132 PART II 133

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 133

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 133

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 133

[RESERVED]

ITEM 16. [RESERVED] 135

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 135

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 135

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 135

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 136

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 136

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 136

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 136

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 140

DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS 140

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 140

CYBERSECURITY

ITEM 16K. CYBERSECURITY 140 PART III 142

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 142

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 142

EXHIBITS

ITEM 19. EXHIBITS 143

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS F-1 1 Table of Contents INTRODUCTION Ultrapar is a Brazilian company with 86 years of history , with its origins going back to 1937, when Ernesto Igel founded Ultragaz, a company which pioneer ed the distribution of LPG as cooking gas. Since then, Ultrapar has become one of the largest business groups in Brazil, with an outstanding position in the energy , mobility and logistics infrastructure segments. Since 1999, Ultrapar's shares are traded under an AD S Level III program on the New York Stock Exchange – NYSE, and on the So Paulo Stock Exchange – B3. Since 2011, the Company's shares have been listed on B3's Novo Mercado , the segment with the highest standards of corporate governance in Brazil. As of December 31, 2023, Ultrapar owned three main companies: Ultragaz: p ioneer company and leader in the distribution of LPG in Brazil, it is a reference in innovation in the sector and has been expanding its offer of energy solutions for its customers. It serves approximately 60 thousand business customers and more than 10 million households , through a network that already exceeds 6 thousand resellers , in a safe, efficient , and sustainable way . Ultracargo: the leading company in the sector of independent liquid bulk storage terminals in Brazil, it is present in the country's inland and main ports with eight modern terminals to store and handle different products, such as fuels, biofuels, chemicals, corrosives and vegetable oils. Ipiranga: one of the largest fuels and lubricants distribution companies and one of the most valuable brands in Brazil , with a network of almost 6 thousand service stations, in addition to 1.5 thousand AmPm stores, the largest convenience store franchise in Brazil. On December 31, 2021, our former wholly owned subsidiaries, Oxiteno and Extrafarma, were classified as assets and liabilities held for sale and discontinued operations, due to the signing of a share purchase agreement with Indorama in Aug

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act subject to risks and uncertainties, including our estimates, plans, forecasts and expectations regarding future events, strategies and projections. We may also make written or oral forward-looking statements in our annual report to shareholders, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or revise any forward-looking statements after we distribute this annual report because of new information, future events and other factors. Words such as "believe," "expect," "may," "will," "plan," "strategy," "prospect," "foresee," "estimate," "project," "outlook," "anticipate," "can," "intend" and similar words are intended to identify forward-looking statements. We have made forward-looking statements with respect to, among other things, our: Strategy for marketing and operational expansion; Capital expenditures forecasts; and Development of additiona

View Full Filing

View this 20-F filing on SEC EDGAR