20-F/A

As filed with the Securities and Exchange Commission on May 4, 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F/A

(Amendment No. 1)

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report                        

For the transition period from                        to                         .

Commission file number: 001-14950

ULTRAPAR PARTICIPAÇÕES S.A.

(Exact name of Registrant as specified in its charter)

ULTRAPAR HOLDINGS INC.

(Translation of Registrant’s name into English)

The Federative Republic of Brazil

(Jurisdiction of incorporation or organization)

Avenida Brigadeiro Luis Antônio, 1343 – 9º andar

São Paulo, SP, Brazil 01317-910

Telephone: 55 11 3177 3820

(Address of principal executive offices)

André Pires de Oliveira Dias

Chief Financial and Investor Relations Officer

Avenida Brigadeiro Luis Antônio, 1343 – 9º andar

São Paulo, SP, Brazil 01317-910

Email: invest@ultra.com.br

Telephone: 55 11 3177 7014

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Shares, without par value (represented by, and traded only in the form of, American Depositary Shares (evidenced by American Depositary Receipts), with each American Depositary Share representing one common share)	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

The number of outstanding shares of each class as of December 31, 2017 was:

Title of Class	Number of Shares Outstanding
Common Stock	556,405,096

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒  No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☐  Yes    ☒  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)    ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filers,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer  ☒    Accelerated Filer                 ☐

Non-accelerated Filer      ☐    Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.    ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

International Financial Reporting Standards as issued by the International Accounting Standards Board  ☒

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17  ☐    Item 18  ☒

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐  Yes    ☒ No

EXPLANATORY NOTE

This Amendment No. 1 to the Annual Report on Form 20-F of Ultrapar Participações S.A. (the “Company”) amends the Company’s Annual Report on Form 20-F for the year ended December 31, 2017 (the “Original 20-F”), which was filed with the Securities and Exchange Commission on April 6, 2018. The Company is filing this Amendment No. 1 solely to furnish Exhibit 101, which was not included in the Original 20-F. Exhibit 101 includes information about the Company in eXtensible Business Reporting Language (XBRL). Exhibit 101 was omitted from the Original 20-F in accordance with the 30-day grace period provided under Rule 405(a)(2)(ii) of Regulation S-T.

Except as described above, this Amendment No. 1 does not amend any information set forth in the Original 20-F, and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to April 6, 2018.

Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and are otherwise not subject to liability under those sections.

PART III

ITEM 19. EXHIBITS

Exhibit Number	Description
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* In accordance with Rule 406T(b)(2) of Regulation S-T, this eXtensible Business Reporting Language (XBRL) information is furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

1

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the annual report on Form 20-F on its behalf.

ULTRAPAR PARTICIPAÇÕES S.A.
By:	/S/     FREDERICO PINHEIRO FLEURY CURADO
Name:	Frederico Pinheiro Fleury Curado
Title:	Chief Executive Officer

Date: May 4, 2018	By:	/S/    ANDRÉ PIRES DE OLIVEIRA DIAS
	Name:	André Pires de Oliveira Dias
	Title:	Chief Financial and Investor Relations Officer

XML

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Document And Entity Information
Entity Registrant Name	ULTRAPAR HOLDINGS INC
Entity Central Index Key	0001094972
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	28,935,260	28,944,097
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2017

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Balance Sheets - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	R$ 5,002,004	R$ 4,274,158
Financial investments and hedging instruments	1,283,498	1,412,587
Trade receivables and reseller financing, net	4,337,118	3,502,322
Inventories, net	3,491,879	2,761,207
Recoverable taxes, net	881,584	541,772
Dividends receivable	11,137	8,616
Other receivables	44,025	20,573
Trade receivables – insurer’s indemnification	0	366,678
Prepaid expenses, net	150,046	123,883
Total current assets	15,201,291	13,011,796
Non-current assets
Financial investments and hedging instruments	84,426	15,104
Trade receivables and reseller financing, net	329,991	227,085
Related parties	490	490
Deferred income and social contribution taxes	545,611	417,344
Recoverable taxes, net	313,242	182,617
Escrow deposits	822,660	778,770
Indemnity asset – business combination	202,352	0
Other receivables	7,918	2,678
Prepaid expenses, net	346,886	222,518
Total long term assets	2,653,576	1,846,606
Investments
In joint-ventures	122,061	116,142
In associates	25,341	22,731
Other	2,792	2,814
Property, plant, and equipment, net	6,607,788	5,787,982
Intangible assets, net	3,727,473	3,371,599
Total investments	10,485,455	9,301,268
Total non-current assets	13,139,031	11,147,874
Total assets	28,340,322	24,159,670
Current liabilities
Loans and hedging instruments	1,819,766	1,821,398
Debentures	1,681,199	651,591
Finance leases	2,710	2,615
Trade payables	2,155,498	1,709,653
Salaries and related charges	388,118	362,718
Taxes payable	225,829	171,033
Dividends payable	338,845	320,883
Income and social contribution taxes payable	86,836	139,981
Post-employment benefits	30,059	24,940
Provision for asset retirement obligation	4,799	4,563
Provision for tax, civil, and labor risks	64,550	52,694
Payables – customers and third parties’ indemnification	72,216	99,863
Other payables	125,150	102,714
Deferred revenue	18,413	22,300
Total current liabilities	7,013,988	5,486,946
Non-current liabilities
Loans and hedging instruments	6,113,545	6,800,135
Debentures	3,927,569	2,095,290
Finance leases	45,805	46,101
Related parties	4,185	4,272
Deferred income and social contribution taxes	38,524	7,645
Post-employment benefits	207,464	119,811
Provision for asset retirement obligation	59,975	73,001
Provision for tax, civil, and labor risks	861,246	727,088
Deferred revenue	12,896	12,510
Subscription warrants – indemnification	171,459	153,429
Other payables	162,834	74,884
Total non-current liabilities	11,605,502	10,114,166
Shareholders’ equity
Share capital	5,171,752	3,838,686
Equity instrument granted	536	0
Capital reserve	549,778	552,038
Treasury shares	(482,260)	(483,879)
Revaluation reserve on subsidiaries	4,930	5,339
Profit reserves	3,760,079	4,466,392
Valuation adjustments	159,643	(23,987)
Cumulative translation adjustments	53,061	7,519
Additional dividends to the minimum mandatory dividends	163,742	165,515
Shareholders’ equity attributable to:
Shareholders of the Company	9,381,261	8,527,623
Non-controlling interests in subsidiaries	339,571	30,935
Total shareholders’ equity	9,720,832	8,558,558
Total liabilities and shareholders’ equity	R$ 28,340,322	R$ 24,159,670

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Income Statements - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Profit or loss [abstract]
Net revenue from sales and services	R$ 80,007,422	R$ 77,352,955	R$ 75,655,274
Cost of products and services sold	(72,735,781)	(70,342,723)	(68,933,702)
Gross profit	7,271,641	7,010,232	6,721,572
Operating income (expenses)
Selling and marketing	(2,885,311)	(2,651,501)	(2,516,561)
General and administrative	(1,576,528)	(1,445,859)	(1,321,341)
Gain (loss) on disposal of property, plant and equipment and intangibles	(2,242)	(6,134)	27,276
Other operating income, net	59,360	198,972	50,584
Operating income before financial income (expenses) and share of profit (loss) of joint ventures and associates	2,866,920	3,105,710	2,961,530
Financial income	585,101	513,243	426,429
Financial expenses	1,059,397	1,355,819	1,129,767
Financial result, net	(474,296)	(842,576)	(703,338)
Share of profit (loss) of joint ventures and associates	20,673	7,476	(10,884)
Income before income and social contribution taxes	2,413,297	2,270,610	2,247,308
Income and social contribution taxes
Current	(922,458)	(800,497)	(719,523)
Deferred	83,029	100,505	(14,813)
Income and social contribution taxes, total	(839,429)	(699,992)	(734,336)
Net income for the year	1,573,868	1,570,618	1,512,972
Net income for the year attributable to:
Shareholders of the Company	1,574,306	1,561,585	1,503,466
Non-controlling interests in subsidiaries	R$ (438)	R$ 9,033	R$ 9,506
Earnings per share (based on weighted average number of shares outstanding) – R$
Basic	R$ 2.9056	R$ 2.8844	R$ 2.7649
Diluted	R$ 2.8847	R$ 2.8626	R$ 2.7433

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Statements of Comprehensive Income - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Profit or loss [abstract]
Net income for the year attributable to shareholders of the Company	R$ 1,574,306	R$ 1,561,585	R$ 1,503,466
Net income for the year attributable to non-controlling interests in subsidiaries	(438)	9,033	9,506
Net income for the year	1,573,868	1,570,618	1,512,972
Items that are subsequently reclassified to profit or loss:
Fair value adjustments of financial instruments of subsidiaries, net	(4,016)	(33,653)	11,042
Fair value adjustments of financial instruments of joint ventures, net	3,535	(1,014)	(3,309)
Cumulative translation adjustments, net of hedge of net investments in foreign operations	45,542	(59,406)	23,733
Items that are not subsequently reclassified to profit or loss:
Actuarial gains (losses) of post-employment benefits, net	(23,856)	(8,647)	4,071
Actuarial gains (losses) of post-employment benefits of joint ventures, net	544	374	0
Total comprehensive income for the year	1,595,617	1,468,272	1,548,509
Total comprehensive income for the year attributable to shareholders of the Company	1,601,290	1,459,239	1,539,003
Total comprehensive income for the year attributable to non-controlling interest in subsidiaries	R$ (5,673)	R$ 9,033	R$ 9,506

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Statements of Changes in Shareholders’ Equity - BRL (R$) R$ in Thousands	Share Capital	Equity instrument granted	Capital reserve	Treasury shares	Revaluation reserve on subsidiaries	Legal reserve	Investments statutory reserve	Retention of profits	Valuation adjustments	Cumulative translation adjustments	Retained earnings	Additional dividends to the minimum mandatory dividends	Shareholders of the Company	Non-controlling interests in subsidiaries	Consolidated shareholders' equity
Beginning balance at Dec. 31, 2014	R$ 3,838,686	R$ 0	R$ 547,462	R$ (103,018)	R$ 5,848	R$ 397,177	R$ 1,439,461	R$ 1,333,066	R$ 7,149	R$ 43,192	R$ 0	R$ 188,976	R$ 7,697,999	R$ 28,596	R$ 7,726,595
Net income for the year											1,503,466		1,503,466	9,506	1,512,972
Other comprehensive income:
Fair value adjustments of financial instruments, net of income taxes									7,733				7,733	0	7,733
Actuarial gains of post-employment benefits, net of income taxes									4,071				4,071	0	4,071
Currency translation of foreign subsidiaries, including the effect of net investments hedge										23,733			23,733	0	23,733
Total comprehensive income for the year									11,804	23,733	1,503,466		1,539,003	9,506	1,548,509
Acquisition of own shares to be held in treasury			(855)	(387,863)									(388,718)	0	(388,718)
Realization of revaluation reserve of subsidiaries					(258)						258		0	0	0
Income and social contribution taxes on realization of revaluation reserve of subsidiaries											(120)		(120)	0	(120)
Transfer to investments reserve							138				(138)		0	0	0
Dividends attributable to non-controlling interests													0	(2,757)	(2,757)
Acquisition of non-controlling interests													0	(9)	(9)
Additional dividends attributable to non-controlling interests													0	(6,248)	(6,248)
Approval of additional dividends by the Shareholders’ Meeting												(188,976)	(188,976)	0	(188,976)
Allocation of net income:
Legal reserve						75,173					(75,173)		0	0	0
Interim dividends (R$ 0.80 per share of the Company)											(436,842)		(436,842)	0	(436,842)
Proposed dividends (R$ 0.80 per share of the Company)											(434,467)	157,162	(277,305)	0	(277,305)
Retention of profits							556,984				(556,984)		0	0	0
Ending balance at Dec. 31, 2015	3,838,686	0	546,607	(490,881)	5,590	472,350	1,996,583	1,333,066	18,953	66,925	0	157,162	7,945,041	29,088	7,974,129
Net income for the year											1,561,585		1,561,585	9,033	1,570,618
Other comprehensive income:
Fair value adjustments of available for sale, net of income taxes									(34,667)				(34,667)	0	(34,667)
Actuarial losses of post-employment benefits, net of income taxes									(8,273)				(8,273)	0	(8,273)
Currency translation of foreign subsidiaries, including the effect of net investments hedge										(59,406)			(59,406)	0	(59,406)
Total comprehensive income for the year									(42,940)	(59,406)	1,561,585		1,459,239	9,033	1,468,272
Sale of treasury shares			5,431	7,002									12,433	0	12,433
Realization of revaluation reserve of subsidiaries					(251)						251		0	0	0
Income and social contribution taxes on realization of revaluation reserve of subsidiaries											(42)		(42)	0	(42)
Expired dividends											9,868		9,868	0	9,868
Transfer to investments reserve							10,077				(10,077)		0	0	0
Additional dividends attributable to non-controlling interests													0	(7,186)	(7,186)
Approval of additional dividends by the Shareholders’ Meeting												(157,162)	(157,162)	0	(157,162)
Allocation of net income:
Legal reserve						78,078					(78,078)		0	0	0
Interim dividends (R$ 0.80 per share of the Company)											(434,619)		(434,619)	0	(434,619)
Proposed dividends (R$ 0.87 per share of the Company)											(472,650)	165,515	(307,135)	0	(307,135)
Retention of profits							576,238				(576,238)		0	0	0
Ending balance at Dec. 31, 2016	3,838,686	0	552,038	(483,879)	5,339	550,428	2,582,898	1,333,066	(23,987)	7,519	0	165,515	8,527,623	30,935	8,558,558
Net income for the year											1,574,306		1,574,306	(438)	1,573,868
Other comprehensive income:
Fair value adjustments of available for sale, net of income taxes									(481)				(481)	0	(481)
Actuarial losses of post-employment benefits, net of income taxes									(18,077)				(18,077)	(5,235)	(23,312)
Currency translation of foreign subsidiaries, including the effect of net investments hedge										45,542			45,542	0	45,542
Total comprehensive income for the year									(18,558)	45,542	1,574,306		1,601,290	(5,673)	1,595,617
Capital increase with reserves	1,333,066							(1,333,066)					0	0	0
Equity instrument granted		536											536	0	536
Sale of treasury shares			3,114	3,685									6,799	0	6,799
Purchase of treasury shares			(5,374)	(2,066)									(7,440)	0	(7,440)
Realization of revaluation reserve of subsidiaries					(409)						409		0	0	0
Income and social contribution taxes on realization of revaluation reserve of subsidiaries											(96)		(96)	0	(96)
Expired dividends											3,029		3,029	0	3,029
Transfer to investments reserve							3,342				(3,342)		0	0	0
Additional dividends attributable to non-controlling interests													0	(8,730)	(8,730)
Approval of additional dividends by the Shareholders’ Meeting												(165,515)	(165,515)	0	(165,515)
Noncontrolling interests added due to business combination													0	182,603	182,603
Noncontrolling interests changes – CBLSA									202,188				202,188	140,436	342,624
Allocation of net income:
Legal reserve						78,716					(78,716)		0	0	0
Interim dividends (R$ 0.85 per share of the Company)											(461,868)		(461,868)	0	(461,868)
Proposed dividends (R$ 0.90 per share of the Company)											(489,027)	163,742	(325,285)	0	(325,285)
Retention of profits							544,695				(544,695)		0	0	0
Ending balance at Dec. 31, 2017	R$ 5,171,752	R$ 536	R$ 549,778	R$ (482,260)	R$ 4,930	R$ 629,144	R$ 3,130,935	R$ 0	R$ 159,643	R$ 53,061	R$ 0	R$ 163,742	R$ 9,381,261	R$ 339,571	R$ 9,720,832

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Statements of Cash Flows—Indirect Method - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income for the year	R$ 1,573,868	R$ 1,570,618	R$ 1,512,972
Adjustments to reconcile net income to cash provided by operating activities
Share of loss (profit) of joint ventures and associates	(20,673)	(7,476)	10,884
Depreciation and amortization	1,175,951	1,103,538	1,002,647
PIS and COFINS credits on depreciation	13,134	12,581	12,146
Asset retirement obligation	(15,432)	(2,785)	(3,949)
Interest, monetary, and foreign exchange rate variations	854,671	763,793	1,582,579
Deferred income and social contribution taxes	(83,029)	(100,505)	14,813
(Gain) loss on disposal of property, plant and equipment and intangibles	2,242	6,134	(27,276)
Others	(868)	(6,515)	13,313
Adjustments, total	3,499,864	3,339,383	4,118,129
(Increase) decrease in current assets
Trade receivables	(665,145)	(326,695)	(615,381)
Inventories	(605,757)	(262,993)	(615,390)
Recoverable taxes	(334,217)	87,006	(60,141)
Dividends received from joint-ventures and associates	29,411	7,925	3,417
Insurance and other receivables	358,682	(309,725)	13,555
Prepaid expenses	(23,016)	(39,980)	(14,209)
Increase (decrease) in current liabilities
Trade payables	412,393	249,121	181,030
Salaries and related charges	7,149	(41,595)	109,734
Taxes payable	34,707	2,229	29,969
Income and social contribution taxes	783,663	567,286	504,495
Post-employment benefits	5,119	11,193	0
Provision for tax, civil, and labor risks	11,857	7,372	(18,847)
Insurance and other payables	(33,955)	56,811	29,235
Deferred revenue	(3,887)	(2,120)	970
(Increase) decrease in non-current assets
Trade receivables	(102,905)	(74,846)	(8,433)
Recoverable taxes	(130,200)	(47,168)	(60,045)
Escrow deposits	(39,795)	(37,935)	(44,000)
Other receivables	(4,356)	13,829	(10,675)
Prepaid expenses	(116,735)	(65,847)	(15,437)
Increase (decrease) in non-current liabilities
Post-employment benefits	13,209	(40)	10,868
Provision for tax, civil, and labor risks	(68,193)	42,428	61,388
Other payables	87,950	(19,255)	20,130
Deferred revenue	385	1,474	3,327
Income and social contribution taxes paid	(836,808)	(644,188)	(422,010)
Net cash provided by operating activities	2,279,420	2,513,670	3,201,679
Cash flows from investing activities
Financial investments, net of redemptions	60,859	(163,625)	573,446
Acquisition of subsidiary, net of cash acquired	59,863	0	0
Acquisition of property, plant, and equipment	(1,262,558)	(1,015,199)	(803,503)
Acquisition of intangible assets	(801,971)	(651,171)	(609,600)
Capital increase in joint ventures	(16,000)	(47,281)	(41,080)
Proceeds from disposal of property, plant and equipment and intangibles	47,670	28,500	78,941
Net cash used in investing activities	(1,912,137)	(1,848,776)	(801,796)
Cash flows from financing activities
Proceeds	4,510,694	3,676,874	2,384,589
Repayments	(2,462,200)	(812,520)	(2,824,543)
Interest paid	(769,740)	(1,057,580)	(855,190)
Payments of financial lease	(5,191)	(5,016)	(5,174)
Dividends paid	(940,250)	(873,270)	(831,654)
Acquisition of non-controlling interests of subsidiaries	0	0	(9)
Acquisition of own shares to be held in treasury	0	0	(388,718)
Related parties	7,036	(100)	0
Net cash provided by (used in) financing activities	340,349	928,388	(2,520,699)
Effect of exchange rate changes on cash and cash equivalents in foreign currency	20,214	(22,017)	(3,660)
Increase (decrease) in cash and cash equivalents	727,846	1,571,265	(124,476)
Cash and cash equivalents at the beginning of the year	4,274,158	2,702,893	2,827,369
Cash and cash equivalents at the end of the year	R$ 5,002,004	R$ 4,274,158	R$ 2,702,893

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1. Operations

12 Months Ended

Dec. 31, 2017

Operations

Operations

Ultrapar Participações S.A. (“Ultrapar” or “Company”) is a publicly-traded company headquartered at the Brigadeiro Luis Antônio Avenue, 1343 in the city of Săo Paulo – SP, Brazil.

The Company engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. Through its subsidiaries, it operates in the segments of liquefied petroleum gas - LPG distribution (“Ultragaz”), fuel distribution and related businesses (“Ipiranga”), production and marketing of chemicals (“Oxiteno”), and storage services for liquid bulk (“Ultracargo”) and retail distribution of pharmaceutical, hygiene, beauty, and skincare products, through Imifarma Produtos Farmacêuticos e Cosméticos S.A. (“Extrafarma”). For further information about segments see Note 30.

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2. Presentation of Financial Statements and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Presentation Of Financial Statements And Summary Of Significant Accounting Policies

Presentation of Financial Statements and Summary of Significant Accounting Policies

The Company’s consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

All relevant specific information of the financial statements, and only this information, is being presented and correspond to that used by the Company’s and its subsidiaries’ Management.

The presentation currency of the Company’s consolidated financial statements is the Brazilian Real (“R$”), which is the Company’s functional currency.

The Company and its subsidiaries applied the accounting policies described below in a consistent manner for all years presented in the consolidated financial statements.

a.   Recognition of Income

Revenue is measured at the fair value of the consideration received or receivable, net of sales returns, discounts, and other deductions, if applicable.

Revenue from sales of fuels and lubricants is recognized when the products are delivered to gas stations and to large consumers. Revenue from sales of LPG is recognized when the products are delivered to customers at home, to independent dealers and to industrial and commercial customers. Revenue from sales of pharmaceuticals is recognized when the products are delivered to end user customers in own drugstores and when the products are delivered to independent resellers. Revenue from sales of chemical products is recognized when the products are delivered to industrial customers, depending of the freight mode of delivery. The revenue provided from storage services is recognized as services are performed. Costs of products sold and services provided include goods (mainly fuels, lubricants, LPG, and pharmaceutical products), raw materials (chemicals and petrochemicals) and production, distribution, storage, and filling costs.

b.   Cash and Cash Equivalents

Includes cash, banks deposits, and short-term, highly-liquid investments that are readily convertible into a known amount of cash and are subject to an insignificant risk of change in value. See Note 4 for further details on cash and cash equivalents of the Company and its subsidiaries.

c.   Financial Assets

In accordance with International Accounting Standards (“IAS”) 32, IAS 39, and IFRS 7, the financial assets of the Company and its subsidiaries are classified in accordance with the following categories:

· Measured at fair value through profit or loss: financial assets held for trading, that is, acquired or incurred principally for the purpose of selling or repurchasing in the near term, and derivatives. The balances are stated at fair value. The interest earned, the exchange variation, and changes in fair value are recognized in profit or loss.

· Held to maturity: non-derivative financial assets with fixed or determinable payments, and fixed maturities for which the entity has the positive intention and ability to hold to maturity. The interest earned and the foreign currency exchange variation are recognized in profit or loss, and balances are stated at acquisition cost plus the interest earned, using the effective interest rate method.

· Available for sale: non-derivative financial assets that are designated as available for sale or that are not classified into other categories at initial recognition. The balances are stated at fair value, and the interest earned and the foreign currency exchange variation are recognized in profit or loss. Differences between fair value and acquisition cost plus the interest earned are recognized in other comprehensive income in the “Valuation adjustments”. Accumulated gains and losses recognized in shareholders’ equity are reclassified to profit or loss in case of prepayment.

· Loans and receivables: non-derivative financial assets with fixed or determinable payments or receipts, not quoted in an active market, except: (i) those which the entity intends to sell immediately or in the near term and which the entity classified as measured at fair value through profit or loss; (ii) those classified as available for sale; or (iii) those for which the Company may not recover substantially all of its initial investment for reasons other than credit deterioration. The interest earned and the foreign currency exchange variation are recognized in profit or loss. The balances are stated at acquisition cost plus interest, using the effective interest rate method.

The Company and its subsidiaries use financial instruments for hedging purposes, applying the concepts described below:

· Hedge accounting - fair value hedge: financial instruments used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect the entity’s profit or loss. In the initial designation of the fair value hedge, the relationship between the hedging instrument and the hedged item is documented, including the objectives of risk management, the strategy in conducting the transaction, and the methods to be used to evaluate its effectiveness. Once the fair value hedge has been qualified as effective, the hedge item is also measured at fair value. Gains and losses from hedge instruments and hedge items are recognized in profit or loss. The hedge accounting must be discontinued when the hedge becomes ineffective.

· Hedge accounting - cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction or firm commitment that may affect the income statements. The portion of the gain or loss on the hedging instrument that is determined to be effective relating to the effects of exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as “Valuation adjustments” while the ineffective portion is recognized in profit or loss. Gains or losses on the hedging instrument relating to the effective portion of this hedge that had been recognized directly in accumulated other comprehensive income shall be recognized in profit or loss in the period in which the hedged item is recognized in profit or loss or as initial cost of non- financial assets, in the same line of the statement that the hedged item is recognized. The hedge accounting shall be discontinued when (i) the Company cancels the hedging relationship; (ii) the hedging instrument expires; and (iii) the hedging instrument no longer qualifies for hedge accounting. When hedge accounting is discontinued, gains and losses recognized in other comprehensive income in equity are reclassified to profit or loss in the period which the hedged item is recognized in profit or loss. If the transaction hedged is canceled or is not expected to occur, the cumulative gains and losses in other comprehensive income in equity shall be recognized immediately in profit or loss.

· Hedge accounting - hedge of net investments in foreign operation: financial instruments used to hedge exposure on net investments in foreign subsidiaries due to the fact that the local functional currency is different from the functional currency of the Company. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as cumulative translation adjustments, while the ineffective portion and the operating costs are recognized in profit or loss. The gain or loss on the hedging instrument that has been recognized directly in accumulated other comprehensive income shall be recognized in income upon disposal of the foreign operation.

For further detail on financial instruments of the Company and its subsidiaries, see Note 31.

d.   Trade Receivables

Trade receivables are recognized at the amount invoiced. An allowance for doubtful accounts is recorded based on estimated losses and is set at an amount deemed by management to be sufficient to cover any probable loss on realization of trade receivables (see Notes 5 and 31 - Customer Credit Risk).

e.   Inventories

Inventories are stated at the lower of acquisition cost or net realizable value (see Note 6). The cost value of inventory is measured using the weighted average cost and includes the costs of acquisition and processing directly and indirectly related to the units produced based on the normal capacity of production. Estimates of net realizable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realizable values are below inventory costs, a provision corresponding to this difference is recognized. Provisions are also made for obsolescence of products, materials, or supplies that (i) do not meet its subsidiaries’ specifications, (ii) have exceeded their expiration date, or (iii) are considered slow-moving inventory. This classification is made by management with the support of its industrial and operations teams.

f.   Investments

Investments in associates and joint ventures are accounted for under the equity method of accounting in the consolidated financial statements (see Note 11).

An associate is an investment, in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control.

A joint venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement which establish that decisions about the relevant activities of the investee require the consent from the parties that share control.

Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.

g.   Property, Plant, and Equipment

Property, plant, and equipment is recognized at acquisition or construction cost, including financial charges incurred on property, plant, and equipment under construction (see Note 12), as well as maintenance costs resulting from scheduled plant outages and estimated costs to remove, to decommission, or to restore assets (see Notes 2.m and 19), less accumulated depreciation and, when applicable, less provision for losses.

Depreciation is calculated using the straight-line method, over the periods mentioned in Note 12, taking into account the estimated useful lives of the assets, which are reviewed annually.

Leasehold improvements are depreciated over the shorter of the lease contract term and useful life of the property.

h.   Leases

•   Finance Leases

Certain lease contracts transfer substantially all the risks and benefits associated with the ownership of an asset to the subsidiaries. These contracts are characterized as finance leases, and assets thereunder are capitalized at lease commencement at their fair value or, if lower, present value of the minimum lease payments under the contracts. The items recognized as assets are depreciated and amortized using the lower of the straight-line method over the lower of the useful lives applicable to each group of assets or the contract terms, as mentioned in Notes 12 and 13. Financial charges under the finance lease contracts are allocated to profit or loss over the lease contract term, based on the amortized cost and the effective interest rate method of the related lease obligation (see Note 14.i).

•   Operating Leases

There are lease transactions where the risks and benefits associated with the ownership of the asset are not transferred and where there is no purchase option, or the purchase option at the end of the contract is equivalent to the market value of the leased asset. Payments made under an operating lease contract are recognized as cost or expense in the income statement on a straight-line basis over the term of the lease contract (see Note 32.c).

i.   Intangible Assets

Intangible assets include assets acquired by the Company and its subsidiaries from third parties, according to the criteria below (see Note 13):

• Goodwill is carried net of accumulated amortization as of December 31, 2008, when it ceased to be amortized. Goodwill generated since January 1, 2009 is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identified assets and liabilities assumed of the acquired entity. Goodwill is tested annually for impairment. Goodwill is allocated to the business segments, which represent the lowest level that goodwill is monitored by the Company for impairment testing purposes (see Note 13.i).

• Exclusive rights disbursements as provided in Ipiranga’s agreements with reseller service stations and major consumers are recognized as distribution rights when paid and amortized according to the conditions established in the agreements (see Note 13.v).

• Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the total acquisition cost and amortized using straight-line method, over the periods mentioned in Note 13, taking into account their useful life, which is reviewed annually.

The Company and its subsidiaries have not recognized intangible assets that were generated internally. The Company and its subsidiaries have goodwill and brands acquired in business combinations, which are evaluated as intangible assets with indefinite useful life (see Note 13 items i and vi).

j.   Other Assets

Other assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary changes and changes in exchange rates incurred or less a provision for loss and, if applicable, adjustment to present value (see Note 2.u).

k.   Financial Liabilities

The Company and its subsidiaries’ financial liabilities include trade payables and other payables, loans, debentures, finance leases and derivative financial instruments. Financial liabilities are classified as “financial liabilities at fair value through profit or loss” or “financial liabilities at amortized cost”. The financial liabilities at fair value through profit or loss refer to derivative financial instruments, subscription warrants, and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note 2.c – Fair Value Hedge). The financial liabilities at amortized cost are stated at the initial transaction amount plus related charges and net of amortization and transaction costs. The charges are recognized in profit or loss using the effective interest rate method.

Transaction costs incurred and directly attributable to the activities necessary for contracting loans or for issuing bonds, as well as premiums and discounts upon issuance of debentures and other debt, are allocated to the instrument and amortized to profit or loss over its term, using the effective interest rate method (see Note 14.j).

l.   Income and Social Contribution Taxes on Income

Current and deferred income tax (“IRPJ”) and social contribution on net income tax (“CSLL”) are calculated based on their current rates, considering the value of tax incentives. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the financial statements. The current rates in Brazil are 25% for income tax and 9% for social contribution on net income tax. For further details about recognition and realization of IRPJ and CSLL, see Note 9.

For purposes of disclosure, deferred tax assets were offset against the deferred tax liability, income tax and social contribution, in the same taxable entity and the same taxation authority.

m.   Provision for Asset Retirement Obligation – Fuel Tanks

The Company and its subsidiaries have the legal obligation to remove Ipiranga’s underground fuel tanks located at Ipiranga-branded service stations after a certain period. The estimated cost of the obligation to remove these fuel tanks is recognized as a liability when the tanks are installed. The estimated cost is recognized in property, plant, and equipment and depreciated over the respective useful lives of the tanks. The amounts recognized as a liability are monetarily restated using the National Consumer Price Index (“IPCA”) until the respective tank is removed (see Note 19). An increase in the estimated cost of the obligation to remove the tanks could result in negative impact in future results. The estimated removal cost is reviewed and updated annually or when there is significant change in its amount and change in the estimated costs are recognized in income statements when they become known.

n.   Provisions for Tax, Civil, and Labor Risks

A provision for tax, civil and labor risks is recognized for quantifiable risks, when the chance of loss is more-likely-than-not in the opinion of management and internal and external legal counsel, and the amounts are recognized based on the evaluation of the outcomes of the legal proceedings (see Note 20).

o.   Post-Employment Benefits

Post-employment benefits granted and to be granted to employees, retirees, and pensioners are based on an actuarial calculation prepared by an independent actuary and reviewed by management, using the projected unit credit method (see Note 18.b). The actuarial gains and losses are recognized in cumulative other comprehensive income in the “Valuation adjustments” and presented in the statement of shareholders’ equity.

p.   Other Liabilities

Other liabilities are stated at known or measurable amounts plus, if applicable, related charges, monetary restatement, and changes in exchange rates incurred. When applicable, other liabilities are recognized at present value, based on interest rates that reflect the term, currency, and risk of each transaction.

q.   Foreign Currency Transactions

Foreign currency transactions carried out by the Company or its subsidiaries are remeasured into their functional currency at the exchange rate prevailing at the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate at the date of the reporting period. The effect of the difference between those exchange rates is recognized in profit or loss until the conclusion of each transaction.

r.   Basis for Translation of Financial Statements of Foreign Subsidiaries

Assets and liabilities of the foreign subsidiaries, denominated in currencies other than that of the Company (functional currency: Brazilian Real), which have administrative autonomy, are translated using the exchange rate at the end of the reporting year. Revenues and expenses are translated using the average exchange rate of each year and shareholders’ equity is translated at the historical exchange rate of each transaction affecting shareholders’ equity. Gains and losses resulting from changes in these foreign investments are directly recognized in shareholders’ equity in cumulative other comprehensive income in the “cumulative translation adjustments” and will be recognized in profit or loss if these investments are disposed of. The balance in cumulative other comprehensive income and presented in the shareholders’ equity as cumulative translation adjustments in 2017 was a gain of R$ 53,061 (gain of R$ 7,519 in 2016) - see Note 23.g - Cumulative Translation Adjustments.

The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:

Subsidiary	Functional currency	Location
Oxiteno México S.A. de C.V.	Mexican Peso	Mexico
Oxiteno Servicios Corporativos S.A. de C.V.	Mexican Peso	Mexico
Oxiteno Servicios Industriales de C.V.	Mexican Peso	Mexico
Oxiteno USA LLC	U.S. Dollar	United States
Oxiteno Uruguay S.A. (i)	U.S. Dollar	Uruguay
Oxiteno Andina, C.A. (ii)	Bolivar	Venezuela

(i) The subsidiary Oxiteno Uruguay S.A. (“Oxiteno Uruguay”) determined its functional currency as the U.S. dollar (“US$”), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.

(ii) According the definition and general guidance of IAS 29, the characteristics of the economic environment of Venezuela indicate that this country is a hyperinflationary economy. As a result, the financial information of Oxiteno Andina, C.A. (“Oxiteno Andina”) was adjusted by the Venezuelan Consumer Price Index.

On May 19, 2017, the Venezuelan Central Bank issued Foreign Exchange Regulation No. 38, altering the Venezuelan foreign exchange markets and regulating the legally recognized types of exchange rates:

a) DIPRO - Tipo de Cambio Protegido (Exchange Protected): Bolivar (“VEF”) is traded at an exchange rate of 9.975 VEF/US$ for purchase and 10.00 VEF/US$ for sale. This rate is applied to importation of essential goods (medicines and food) and raw materials and inputs related to the production of these sectors, which transactions are channeled through CENCOEX - Centro Nacional de Comercio Exterior en Venezuela;

b) DICOM - Tipo de Cambio Complementario Flotante de Mercado Supplemental (Floating Market Exchange): Bolivar was traded at the variable exchange rate of 3,345.00 VEF/US$ for sale and 3,336.64 VEF/US$ for purchase in the last auction of 2017. This rate is applied to all unforeseen currency settlement transactions not expressly set forth in the Foreign Exchange Regulation, which transactions are processed through alternative currency markets.

Due to the political and economic situation in Venezuela, the Company’s management uses the DICOM exchange rate in the translation.

Assets and liabilities of the other foreign subsidiaries, which do not have administrative autonomy, are considered an extension of the activities of their parent company and are translated using the exchange rate at the end of the reporting period. Gains and losses resulting from changes in these foreign investments are directly recognized as financial income or loss. The gain recognized in income in 2017 amounted to R$ 7,368 (R$ 3,425 gain in 2016 and R$ 6,243 gain in 2015).

s.   Use of Estimates, Assumptions and Judgments

The preparation of the financial statements requires the use of estimates, assumptions, and judgments for the accounting of certain assets, liabilities, and income. Therefore, the Company’s and subsidiaries’ management use the best information available at the time of preparation of the financial statements, as well as the experience of past and current events, also considering assumptions regarding future events. The financial statements therefore include estimates, assumptions, and judgments related mainly to determining the fair value of financial instruments (Notes 2.c, 2.k, 4, 14 and 31), the determination of the allowance for doubtful accounts (Notes 2.d, 5 and 31), the determination of provisions for losses of inventories (Notes 2.e and 6), the determination of deferred income taxes amounts (Notes 2.l and 9), the determination of control in subsidiaries (Notes 2.r and 3), the determination of joint control in joint venture (Notes 2.f and 11.a), the determination of significant influence in associates (Notes 2.f and 11.b), the determination of exchange rate used to translation of Oxiteno Andina’ information (Note 2.r), the useful lives of property, plant, and equipment (Notes 2.g and 12), the useful lives of intangible assets, and the determination of the recoverable amount of goodwill (Notes 2.i and 13), provisions for assets retirement obligations (Notes 2.m and 19), provisions for tax, civil, and labor risks (Notes 2.n and 20), estimates for the preparation of actuarial reports (Notes 2.o and 18.b) and the determination of fair value of subscription warrants – indemnification (Notes 22 and 31). The actual result of the transactions and information may differ from their estimates.

t.   Impairment of Assets

The Company and its subsidiaries review, every report period, the existence of any indication that an asset may be impaired and annually test intangible assets with indefinite useful life. If there is an indication, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that cannot be evaluated individually are grouped in the smallest group of assets that generate cash flow from continuous use and that are largely independent of cash flows of other assets (cash generating units “CGU”). The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling costs and their value in use.

The fair value less costs of disposal is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs, and taxes.

To assess the value in use, the Company and its subsidiaries consider the projections of future cash flows, trends, and outlooks, as well as the effects of obsolescence, demand, competition, and other economic factors. Such cash flows are discounted to their present values ​​using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, an impairment loss is recognized for the amount by which the carrying value exceeds the fair value of these assets. Losses for impairment of assets are recognized in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses may be reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized.

No impairment was recognized in the present year (see Note 13.i) and for the year ended December 31, 2015. For the year ended December 31, 2016, the Company recognized an impairment loss in the amount of R$ 2,114, which correspond to R$ 1,695 related to goodwill and R$ 419 related to other intangible assets, from subsidiary Oxiteno Andina. There is a space missing (ended December): No impairment was recognized in the present year (see Note 13.i) and for the year ended December 31, 2015. For the year ended December 31, 2016, the Company recognized an impairment loss in the amount of R$ 2,114, which correspond to R$ 1,695 related to goodwill and R$ 419 related to other intangible assets, from subsidiary Oxiteno Andina.

u.   Adjustment to Present Value

The Company and its subsidiaries reviewed all items classified as non-current and, when relevant, current assets and liabilities. No recognition of present value adjustments that would have relevant effects were identified.

v.   Business Combination

A business combination is accounted applying the acquisition method. The cost of the acquisition is measured based on the consideration transferred and to be transferred, measured at fair value at the acquisition date. In a business combination, the assets acquired and liabilities assumed are measured in order to classify and allocate them accordingly to the contractual terms, economic circumstances and relevant conditions on the acquisition date. The non-controlling interest in the acquired is measured based on its interest in identifiable net assets acquired. Goodwill is measured as the excess of the consideration transferred and to be transferred over the fair value of net assets acquired (identifiable assets and liabilities assumed, net). After the initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated to the Company’s operating segments. When the cost of the acquisition is lower than the fair value of net assets acquired, a gain is recognized directly in the income statement. Costs related to the acquisition are recorded in the income statement when incurred.

x.   Statements of Cash Flows Indirect Method

The Company and its subsidiaries prepared its consolidated statements of cash flows in accordance with IAS 7 - Cash Flow Statement. The Company and its subsidiaries present the interest paid on loans and debentures in financing activities. The Company and its subsidiaries present financial investments on a net basis of interest income in the investment activities.

y.   Adoption of the Pronouncements Issued by the IASB

The following standards, amendments, and interpretations to IFRS were issued by the IASB which are effective as of December 31, 2017:

	Effective   date
•    IAS 7 – Disclosure Initiative – Amendments to IAS 7: clarifications made by the IASB related to liabilities arising from financing activities (see Note 14.a).	2017
•    IAS 12 – Recognition of Deferred Tax Assets for Unrealised Losses – Amendments to IAS 12: clarifications made by the IASB on the recognition of deferred tax assets on unrealised losses.	2017

The following standards, amendments, and interpretations to IFRS were issued by the IASB but are not yet effective and were not adopted as of December 31, 2017:

	Effective   date
•    IFRS 9 – Financial instrument classification and measurement: includes new requirements for the classification and measurement of financial assets and liabilities, derecognition requirements, new impairment methodology for financial instruments, and new hedge accounting guidance.	2018
•    IFRS 15 - Revenue from contracts with customers: establish the principles of nature, amount, timing and uncertainty of revenue and cash flow arising from a contract with a customer.	2018
•    IFRS 16 - Lease: requires lessees record, in the financial statements, a liability reflecting future payments of a lease and the right to use an asset for the lease contracts, except for certain short-term leases and low asset value contracts. The criteria for recognition and measurement of leases in the financial statements of lessors are substantially maintained.	2019

The Company and its subsidiaries did not adopt in advance these IFRS in their financial statements for the year ended December 31, 2017.

The Company and its subsidiaries disclosed the relevant information, known or reasonably estimated to the possible impacts on the adoption of IFRS 9 and 15 that were available in the preparation of these financial statements, and are subject to change until the first complete financial statements with the initial adoption are disclosed in 2018.

(1) IFRS 9 adoption - Financial instruments:

a) Classification and measurement of financial instruments:

The Company and its subsidiaries evaluated the classification and measurement of financial instruments and, based on its business model, preliminarily concluded that the most part of the financial investments will be classified as measured at fair value through other comprehensive income, except for funds that will be classified as measured at fair value through profit or loss and financial investments given as collateral for loans that will be classified as amortized cost.

The Company and its subsidiaries do not expect material impacts resulting from these changes.

b) Expected credit losses

The Company and its subsidiaries assessed the expected credit losses on trade receivables, taking into account, at the initial recognition of the contract, the expected losses for the next 12 months and for the useful life of the contract when the deterioration or improvement of customers' credit quality.

The Company and its subsidiaries evaluated the impact of this change and the previously amount indicates an additional allowance for doubtful accounts in the amount of R$ 173,314, which effect of R$ 121,563 recognized in the opening balance in the retained earnings. The deferred IRPJ and CSLL effect will be recognized on the amounts above.

c) Derivative financial instruments

The Company and its subsidiaries have not identified impacts arising from this change and are evaluating the adoption of IFRS 9 or the permanence of the application of IAS 39.

The Company and its subsidiaries are evaluating the practical implementation from the initial adoption of IFRS 9 to conclude whether the retrospective or prospective adoption will be made.

(2) IFRS 15 adoption - Revenue recognition from contracts with customers:

The Company and its subsidiaries evaluated all the stages for the recognition of their revenues from contracts with customers and based on their diagnosis did not identify material measurement impacts resulting from the adoption of this standard.

In relation to the presentation in the income statement, the Company and its subsidiaries evaluated that certain expenses that are currently been allocated as selling and marketing expenses, after the adoption of IFRS15, will be presented as a reduction of revenue, substantially the amortization expenses of exclusive contracts to operate Ipiranga service stations. In 2017 the amortization recognized as selling and marketing expenses was R$ 463,049.

The Company and its subsidiaries are evaluating the practical implementation of the initial adoption of IFRS 15 to conclude whether the retrospective or prospective adoption will be made.

The table below summarizes the estimate impacts of the IFRS 9 and 15 adoption:

As of December 31, 2017
Balance sheet	As disclosed	IFRS 9 (1) adoption	IFRS 15 (2) adoption	After adoption IFRS 9 and 15
Current assets	15,201,291	(173,314)	-	15,027,977
Non-current assets	13,139,031	-	-	13,139,031
Total assets	28,340,322	(173,314)	-	28,167,008
Current liabilities	7,013,988	-	-	7,013,988
Non-current liabilities	11,605,502	(58,927)	-	11,546,575
Shareholder’s equity	9,720,832	(114,387)	-	9,606,445
Total liabilities and shareholders' equity	28,340,322	(173,314)	-	28,167,008
Income statements
Net revenue from sales and services	80,007,422	-	(463,049)	79,544,373
Cost of products and services sold	(72,735,781)	-	-	(72,735,781)
Selling and marketing expenses	(2,885,311)	(51,751)	463,049	(2,474,013)
General and administrative expenses	(1,576,528)	-	-	(1,576,528)
Financial result, net	(474,296)	-	-	(474,296)
Income tax and social contribution	(839,429)	17,595	-	(821,834)
Net income for the year	1,573,868	(34,156)	-	1,539,712
Earnings per share - basic	2.9056	(0.0630)	-	2.8426
Earnings per share - diluted	2.8847	(0.0626)	-	2.8221

In relation to leases - IFRS 16, the Company and its subsidiaries are quantifying the potential effects of this pronouncement, and it is expected to have a relevant impact on the recognition of the right of use and debt related to lease contracts of the land and building of service stations, drugstores and stores given the number of lease agreements the Company has in place. The Company is evaluating the transition options that it will apply upon the adoption of the new standard. See Note 32.c for additional information regarding Company´s lease agreements.

z.   Authorization for Issuance of the Financial Statements

These financial statements were authorized for issue by the Board of Officers on April 06, 2018.

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3. Principles of Consolidation, Investments in Subsidiaries, Acquisitions Under Approval and Business Combination

12 Months Ended

Dec. 31, 2017

Principles Of Consolidation Investments In Subsidiaries Acquisitions Under Approval And Business Combination

Principles of Consolidation

a) Principles of Consolidation

The consolidated financial statements were prepared following the basic principles of consolidation established by IFRS 10. Investments of one company in another, balances of asset and liability accounts, revenues transactions, costs and expenses were eliminated, as well as the effects of transactions conducted between the companies. Non-controlling interests in subsidiaries are presented within consolidated shareholders’ equity and net income.

Consolidation of a subsidiary begins when the parent company obtains direct or indirect control over a company and ceases when the parent company loses control of a company. Income and expenses of a subsidiary acquired are included in the consolidated income statement and other comprehensive income from the date the parent company gains the control. Income and expenses of a subsidiary, in which the parent company loses control, are included in the consolidated income statement and other comprehensive income until the date the parent company loses control.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies.

b) Investments in Subsidiaries

The consolidated financial statements include the following direct and indirect subsidiaries:

			% interest in the share
			2017		2016
			Control		Control
	Location	Segment	Direct control	Indirect control	Direct control	Indirect control
Ipiranga Produtos de Petróleo S.A.	Brazil	Ipiranga	100	-	100	-
am/pm Comestíveis Ltda.	Brazil	Ipiranga	-	100	-	100
Centro de Conveniências Millennium Ltda.	Brazil	Ipiranga	-	100	-	100
Icorban - Correspondente Bancário Ltda.	Brazil	Ipiranga	-	100	-	100
Ipiranga Trading Limited	Virgin Islands	Ipiranga	-	100	-	100
Tropical Transportes Ipiranga Ltda.	Brazil	Ipiranga	-	100	-	100
Ipiranga Imobiliária Ltda.	Brazil	Ipiranga	-	100	-	100
Ipiranga Logística Ltda.	Brazil	Ipiranga	-	100	-	100
Oil Trading Importadora e Exportadora Ltda.	Brazil	Ipiranga	-	100	-	100
Chevron Brasil Lubrificantes S.A. (see Note 3.c)	Brazil	Ipiranga	-	56	-	-
Ipiranga Lubrificantes S.A. (see Note 3.c)	Brazil	Ipiranga	-	100	-	100
Integra Frotas Ltda. (1)	Brazil	Ipiranga	-	100	-	-
Companhia Ultragaz S.A.	Brazil	Ultragaz	-	99	-	99
Ultragaz Comercial Ltda. (2)	Brazil	Ultragaz	-	100	-	-
Bahiana Distribuidora de Gás Ltda.	Brazil	Ultragaz	-	100	-	100
Utingás Armazenadora S.A.	Brazil	Ultragaz	-	57	-	57
LPG International Inc.	Cayman Islands	Ultragaz	-	100	-	100
Imaven Imóveis Ltda.	Brazil	Others	-	100	-	100
Imifarma Produtos Farmacêuticos e Cosméticos S.A.	Brazil	Extrafarma	-	100	-	100
Oxiteno S.A. Indústria e Comércio	Brazil	Oxiteno	100	-	100	-
Oxiteno Nordeste S.A. Indústria e Comércio	Brazil	Oxiteno	-	99	-	99
Oxiteno Argentina Sociedad de Responsabilidad Ltda.	Argentina	Oxiteno	-	100	-	100
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Brazil	Oxiteno	-	100	-	100
Oxiteno Uruguay S.A.	Uruguay	Oxiteno	-	100	-	100
Barrington S.L. (3)	Spain	Oxiteno	-	-	-	100
Oxiteno México S.A. de C.V.	Mexico	Oxiteno	-	100	-	100
Oxiteno Servicios Corporativos S.A. de C.V.	Mexico	Oxiteno	-	100	-	100
Oxiteno Servicios Industriales S.A. de C.V.	Mexico	Oxiteno	-	100	-	100
Oxiteno USA LLC	United States	Oxiteno	-	100	-	100
Global Petroleum Products Trading Corp.	Virgin Islands	Oxiteno	-	100	-	100
Oxiteno Overseas Corp.(4)	Virgin Islands	Oxiteno	-	-	-	100
Oxiteno Andina, C.A.	Venezuela	Oxiteno	-	100	-	100
Oxiteno Europe SPRL	Belgium	Oxiteno	-	100	-	100
Oxiteno Colombia S.A.S	Colombia	Oxiteno	-	100	-	100
Oxiteno Shanghai LTD.	China	Oxiteno	-	100	-	100
Empresa Carioca de Produtos Químicos S.A.	Brazil	Oxiteno	-	100	-	100
Ultracargo - Operações Logísticas e Participações Ltda.	Brazil	Ultracargo	100	-	100	-
Terminal Químico de Aratu S.A. – Tequimar	Brazil	Ultracargo	-	99	-	99
Ultrapar International S.A.	Luxembourg	Others	100	-	100	-
SERMA - Ass. dos usuários equip. proc. de dados	Brazil	Others	-	100	-	100

The percentages in the table above are rounded.

⁽¹⁾ The main objective of Integra Frotas Ltda. is the management of fleets and fuel supplies.

⁽²⁾ Ultragaz Comercial Ltda. may concentrate some activities currently executed by its quotaholders.

⁽³⁾ In November 2017, in order to simplify the corporate structure, Barrington S.L. was liquidated.

⁽⁴⁾ In April 2017, in order to simplify the corporate structure, the Oxiteno Overseas Corp. was merged into Global Petroleum Products Trading Corporation (“GPPTC”).

c) Conclusion of the business combination with Chevron Brasil Lubrificantes S.A.

On August 4, 2016, the Company through its subsidiary Ipiranga Produtos de Petróleo S.A. (“IPP”) entered into an agreement with Chevron Brasil Lubrificantes Ltda. (“Chevron”) to create a new company in the lubricants market. Under this agreement, the company will be formed by Ipiranga’s and Chevron’s lubricants operations in Brazil. Ipiranga and Chevron will hold 56% and 44%, respectively, of the new company’s capital. On February 9, 2017, this transaction was approved without restrictions through an opinion issued by the General Superintendence (“SG”) of the Brazilian Antitrust Authority (“CADE”). The decision of the SG was published in the Brazilian Federal Official Gazette on February 10, 2017. On March 2, 2017, CADE issued a certificate approving the decision published on February 10, 2017. On August 1, 2017, IPP segregated the lubricants business to the subsidiary Ipiranga Lubrificantes S.A. (“IpiLubs”) and the operating contracts were signed. On December 1, 2017, the transaction was concluded, through the contribution of IpiLubs to Chevron Brasil Lubrificantes S.A. (“CBLSA”) and consequently IPP obtains direct control of CBLSA.

The Company is in the process of measuring the fair value of assets and liabilities acquired, and, consequently, the resulting goodwill. The purchase price allocation is preliminary as the Company is in the process of obtaining additional information regarding certain intangible assets and therefore the provisional amounts of these assets may increase which will lead to a decrease in goodwill. The Company, supported by a third party company specialized in valuations, estimated the preliminary amount for the purchase price allocation and calculated the temporary goodwill in the amount of R$ 123,673. The preliminary goodwill is based on the synergy between the lubricant operations of CBLSA and IpiLubs.

The table below summarizes the preliminary assets acquired and liabilities assumed as of the acquisition date, subject to the customary final adjustments of purchase price allocation and calculation of goodwill:

Current assets		Current liabilities
Cash and cash equivalents	73,316	Trade payables	33,453
Trade receivables	157,016	Salaries and related charges	18,251
Inventories	112,998	Taxes payable	20,089
Recoverable taxes	5,595	Other payables	28,743
Other receivables	15,497
	364,422		100,536
Non-current assets		Non-current liabilities
Related parties	7,077	Provision for tax, civil, and labor risks	202,352
Indemnity asset	202,352	Deferred income and social contribution taxes	3,300
Escrow deposits	4,095	Post-employment benefits	44,478
Other receivables	5,257
Property, plant, and equipment	172,526
Intangible assets	9,944
	401,251		250,130
Total assets acquired	765,673	Total liabilities assumed	350,666
Preliminary goodwill	123,673	Participation of non-controlling interests	182,603
Total assets acquired and preliminary goodwill	889,346	Preliminary consideration transferred	356,077

The calculation of the provisional goodwill is shown below:
Temporary consideration transferred	356,077
Total assets acquired	765,673
(-) Total liabilities assumed	(350,666)
(-) Non-controlling interest	(182,603)
Temporary goodwill	123,673

For further details of property, plant, and equipment and intangible assets acquired, see Notes 12 and 13, respectively, and of provision for tax, civil, and labor risks, see Note 20.c.

The following summary presents the Company’s pro forma information for 2017, as if the acquisition had been completed at the beginning of this year. The pro forma information is only presented for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition actually been made at such date, nor is it necessarily indicative of future operating results:

	2017
Net revenue from sales and services	80,785,084
Operating income	2,834,636
Net income for the year	1,555,077
Earnings per share basic - whole R$ (see Note 29)	2.8709
Earnings per share diluted - whole R$ (see Note 29)	2.8503

d) Unrealized Acquisition

On June 12, 2016, the Company through its subsidiary IPP entered into a sale and purchase agreement for the acquisition of 100% of Alesat Combustíveis S.A. (“ALE”) and the assets comprising its operations. The total transaction amount was R$ 2,168 million, which would be reduced by ALE’s net debt as of December 31, 2015 and is subject to working capital and net debt adjustments on the closing date of the transaction. On August 3, 2016, the Extraordinary General Shareholders’ Meeting (“EGM”) of Ultrapar approved the transaction. The closing of the acquisition was subject to certain usual conditions precedent in transactions of similar nature, mainly the approval by CADE. On August 2, 2017, the Court of Appeals of CADE voted the transaction and despite all the efforts endeavored by the applicants throughout the analysis of the Concentration Act and the negotiations conducted with the Court of Appeals, the Court blocked the transaction. The contract is automatically resolved without any penalty from either party.

On November 17, 2016, the Company through its subsidiary Companhia Ultragaz S.A. (“Cia. Ultragaz”), entered into a sale and purchase agreement for the acquisition of 100% of the capital stock of Liquigás Distribuidora S.A (“Liquigás”). The total transaction amount is R$ 2,665 million and will be adjusted by the Interbank Certificate of Deposit (“CDI”), between the execution date and transaction closing date. The amount will still be subject to adjustments related to the variations in Liquigás’ working capital and net debt between December 31, 2015 and the closing date of the transaction. On January 23, 2017, the EGM of Ultrapar approved the transaction. The closing of the acquisition were subject to certain usual conditions precedent in transactions of similar nature, mainly the approval by CADE. On February 28, 2018, the Court of Appeals of CADE voted the transaction and despite all the efforts endeavored by the applicants throughout the analysis of the process and the negotiations conducted with the Court of Appeals, decided to reject the transaction with the majority of votes. Due to non-compliance of one of the precedent conditions to the consummation of the transaction, Cia. Ultragaz paid a fine of R$ 286,160 in favor of Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) on March 9, 2018.

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4. Cash and Cash Equivalents and Financial Investments

12 Months Ended

Dec. 31, 2017

Cash And Cash Equivalents And Financial Investments

Cash and Cash Equivalents and Financial Investments

Cash equivalents and financial investments, excluding cash and bank deposits, are substantially represented by investments: (i) in Brazil, in certificates of deposit of first-rate financial institutions linked to the CDI, in repurchase agreement and in short term investments funds, whose portfolio comprised exclusively of Brazilian Federal Government bonds; (ii) outside Brazil, in certificates of deposit of first-rate financial institutions and in short term investments funds, whose portfolio comprised of Federal Government bonds; and (iii) in currency and interest rate hedging instruments.

The financial assets were classified in Note 31, according to their characteristics and intention of the Company and its subsidiaries.

The balance of cash, cash equivalents and financial investments amounted to R$ 6,369,928 in 2017 (R$ 5,701,849 as of December 31, 2016) and are distributed as follows:

·· Cash and Cash Equivalents

Cash and cash equivalents are considered: (i) cash and bank deposits, and (ii) highly-liquid short-term investments that are readily convertible into a known amount of cash and are subject to an insignificant risk of change in value.

	2017	2016
Cash and bank deposits
In local currency	73,128	47,177
In foreign currency	74,798	66,141
Financial investments considered cash equivalents
In local currency
Fixed-income securities	4,821,605	3,837,807
In foreign currency
Fixed-income securities	32,473	323,033
Total cash and cash equivalents	5,002,004	4,274,158

·· Financial Investments

The financial investments of the Company and its subsidiaries, which are not classified as cash and cash equivalents, are distributed as follows:

	2017	2016
Financial investments
In local currency
Fixed-income securities and funds	1,153,040	1,174,458
In foreign currency
Fixed-income securities and funds	129,131	34,775
Currency and interest rate hedging instruments (a)	85,753	218,458
Total financial investments	1,367,924	1,427,691
Current	1,283,498	1,412,587
Non-current	84,426	15,104

(a) Accumulated gains, net of income tax (see Note 31).

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5. Trade Receivables and Reseller Financing

12 Months Ended

Dec. 31, 2017

Trade Receivables And Reseller Financing

Trade Receivables and Reseller Financing

The composition of trade receivables and reseller financing is as follows:

	2017	2016
Domestic customers	4,057,752	3,315,783
Reseller financing – Ipiranga (i)	675,236	466,277
Foreign customers	229,701	180,679
(-) Allowance for doubtful accounts	(295,580)	(233,332)
Total	4,667,109	3,729,407
Current	4,337,118	3,502,322
Non-current	329,991	227,085

(i) Reseller financing is provided for renovation and upgrading of service stations, purchase of products, and development of the automotive fuels and lubricants distribution market.

The breakdown of trade receivables, gross of allowance for doubtful accounts, is as follows:

			Past due
	Total	Current	less than 30 days	31-60 days	61-90 days	91-180 days	more than 180 days
2017	4,962,689	4,102,549	200,939	46,491	48,197	87,812	476,701
2016	3,962,739	3,326,934	167,790	44,152	23,738	60,150	339,975

Movements in the allowance for doubtful accounts are as follows:

Balance on 12/31/2014		178,444
Additions		44,380
Write-offs		(22,008)
Balance on 12/31/2015	200,816
Additions	48,402
Write-offs	(15,886)
Balance on 12/31/2016	233,332
Opening balance CBL S.A. (see Note 3.c)	6,733
Additions	66,427
Write-offs	(10,912)
Balance on 12/31/2017	295,580

For further information about allowance for doubtful accounts see Note 31 – Customer credit risk.

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6. Inventories

12 Months Ended

Dec. 31, 2017

Inventories Abstract

Inventories

 The composition of inventories is as follows:

	2017			2016
	Cost	Provision for losses	Net balance	Cost	Provision for losses	Net balance
Fuels, lubricants and greases	1,622,054	(3,074)	1,618,980	1,317,042	(2,851)	1,314,191
Finished goods	485,407	(18,495)	466,912	425,335	(19,801)	405,534
Work in process	1,637	-	1,637	2,011	-	2,011
Raw materials	492,029	(1,835)	490,194	246,974	(1,147)	245,827
Liquefied petroleum gas (LPG)	102,031	(5,761)	96,270	71,466	(5,761)	65,705
Consumable materials and other items for resale	160,024	(5,380)	154,644	138,610	(7,619)	130,991
Pharmaceutical, hygiene, and beauty products	415,956	(2,447)	413,509	352,187	(9,985)	342,202
Purchase for future delivery (1)	222,808	-	222,808	228,871	-	228,871
Properties for resale	27,032	(107)	26,925	25,982	(107)	25,875
	3,528,978	(37,099)	3,491,879	2,808,478	(47,271)	2,761,207

⁽¹⁾ Refers to ethanol, biodiesel and advance of fuels.

Movements in the provision for losses are as follows:

	Balance on 12/31/2014	46,325
	Additions to net realizable value adjustment	2,003
	Reversals of obsolescence and other losses	(14,336)
Balance on 12/31/2015			33,992
Additions to net realizable value adjustment			12,393
Additions of obsolescence and other losses			886
Balance on 12/31/2016			47,271
Reversals to net realizable value adjustment			(6,713)
Reversals of obsolescence and other losses			(3,459)
Balance on 12/31/2017			37,099

The breakdown of provisions for losses related to inventories is shown in the table below:

	2017	2016
Net realizable value adjustment	19,817	26,530
Obsolescence and other losses	17,282	20,741
Total	37,099	47,271

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7. Recoverable Taxes

12 Months Ended

Dec. 31, 2017

Recoverable Taxes

Recoverable Taxes

Recoverable taxes are substantially represented by credits of Tax on Goods and Services (“ICMS”, the Brazilian VAT), Contribution for Social Security Financing (COFINS), Social Integration Program (PIS), Income Tax (IRPJ), and Social Contribution (CSLL).

	2017	2016
ICMS	580,630	459,255
Provision for ICMS losses (1)	(72,076)	(68,683)
PIS and COFINS	348,333	109,552
IRPJ and CSLL	295,172	195,276
Value-Added Tax (IVA) of subsidiaries Oxiteno Mexico, Oxiteno Andina, Oxiteno Uruguay and Ultrapar International	27,180	22,121
Others	15,587	6,868
Total	1,194,826	724,389
Current	881,584	541,772
Non-current	313,242	182,617

⁽¹⁾ The provision for ICMS losses relates to tax credits that the subsidiaries believe will not be utilized or offset in the future based on its estimates, and its movements are as follows:

	Balance on 12/31/2014		67,657
	Write-offs, additions and reversals, net		(2,766)
Balance on 12/31/2015		64,891
Additions, write-offs and reversals, net		3,792
Balance on 12/31/2016		68,683
Additions, write-offs and reversals, net		3,393
Balance on 12/31/2017		72,076

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8. Related Parties

12 Months Ended

Dec. 31, 2017

Related Parties

Related Parties

a. Related Parties

Balances and transactions between the Company and its subsidiaries have been eliminated in consolidation and are not disclosed in this note. The balances and transactions between the Company and its subsidiaries with other related parties are disclosed below:

	Loans		Commercial transactions
	Assets	Liabilities	Receivables(1)	Payables(1)
Oxicap Indústria de Gases Ltda.	-	-	-	1,489
Química da Bahia Indústria e Comércio S.A.	-	2,946	-	-
ConectCar Soluções de Mobilidade Eletrônica S.A.	-	-	1,067	31
Refinaria de Petróleo Riograndense S.A.	-	-	-	22,199
Others	490	1,239	-	-
Total in 2017	490	4,185	1,067	23,719

	Loans		Commercial transactions
	Assets	Liabilities	Receivables(1)	Payables(1)
Oxicap Indústria de Gases Ltda.	-	-	-	1,534
Química da Bahia Indústria e Comércio S.A.	-	2,946	-	-
ConectCar Soluções de Mobilidade Eletrônica S.A.	-	-	7,259	5,820
Refinaria de Petróleo Riograndense S.A.	-	-	-	18,186
Others	490	1,326	-	-
Total in 2016	490	4,272	7,259	25,540

(1) Included in “trade receivables” and “trade payables,” respectively.

	Commercial transactions
	Sales and services	Purchases
Oxicap Indústria de Gases Ltda	6	18,108
Refinaria de Petróleo Riograndense S.A.	-	1,004,030
ConectCar Soluções de Mobilidade Eletrônica S.A.	7,239	859
Total in 2017	7,245	1,022,997

	Commercial transactions
	Sales and services	Purchases
Oxicap Indústria de Gases Ltda.	6	18,079
Refinaria de Petróleo Riograndense S.A.	-	958,007
ConectCar Soluções de Mobilidade Eletrônica S.A.	13,329	1,424
Total in 2016	13,335	977,510

	Commercial transactions
	Sales and services	Purchases
Oxicap Indústria de Gases Ltda.	6	12,353
Refinaria de Petróleo Riograndense S.A.	-	615,014
ConectCar Soluções de Mobilidade Eletrônica S.A.	18,205	-
Total in 2015	18,211	627,367

Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation, and storage services based on similar market prices and terms with customers and suppliers with comparable operational performance. The above operations related to ConectCar Soluções de Mobilidade Eletrônica S.A. (“ConectCar”) refer to services provided. Borrowing agreements are for an indeterminate period and do not contain interest clauses. In the opinion of the Company and its subsidiaries’ management, transactions with related parties are not subject to credit risk, which is why no allowance for doubtful accounts or collateral is provided. Collateral provided by the Company in loans of subsidiaries and affiliates are mentioned in Note 14.k). Intercompany loans are contracted in light of temporary cash surpluses or deficits of the Company, its subsidiaries, and its associates.

b. Key executives

The Company’s compensation strategy combines short and long-term elements, following the principles of alignment of interests and of maintaining a competitive compensation, and is aimed at retaining key officers and remunerating them adequately according to their attributed responsibilities and the value created to the Company and its shareholders.

Short-term compensation is comprised of: (a) fixed monthly compensation paid with the objective of rewarding the executive’s experience, responsibility, and his/her position’s complexity, and includes salary and benefits such as medical coverage, check-up, life insurance, and others; (b) variable compensation paid annually with the objective of aligning the executive’s and the Company’s objectives, which is linked to: (i) the business performance measured through its economic value creation and (ii) the fulfillment of individual annual goals that are based on the strategic plan and are focused on expansion and operational excellence projects, people development and market positioning, among others. In addition, the chief executive officer in office until October 2, 2017 was entitled to additional long term variable compensation, which was terminated with the succession of the chief executive officer announced by the Company in June, 2017. Further details about the Deferred Stock Plan are contained in Note 8.c) and about post-employment benefits in Note 18.b).

The Company and its subsidiaries recognized expenses for compensation of its key executives (Company’s directors and executive officers) as shown below:

	2017	2016	2015
Short-term compensation	45,477	40,306	37,759
Stock compensation	1,399	5,427	6,126
Post-employment benefits	1,096	3,336	2,936
Termination benefit	8,794	-	-
Long-term compensation	(6,459)	2,473	2,302
Total	50,307	51,542	49,123

c. Deferred Stock Plan

On April 27, 2001, the Ordinary and Extraordinary General Shareholders’ Meeting (“OEGM”) approved a benefit plan to members of management and employees in executive positions in the Company and its subsidiaries. On November 26, 2003, the EGM approved certain amendments to the original plan of 2001 (the “Deferred Stock Plan”). In the Deferred Stock Plan, certain members of management of the Company and its subsidiaries have the usufruct of voting and economic rights of shares and the ownership of these shares is retained by the subsidiaries of the Company. The Deferred Stock Plan provides for the transfer of the ownership of the shares to those eligible members of management after five to seven years from the initial concession of the rights subject to uninterrupted employment of the participant during the period. The total number of shares to be used for the Deferred Stock Plan is subject to the availability in treasury of such shares. It is incumbent on Ultrapar’s executive officers to select the members of management eligible for the plan and propose the number of shares in each case for approval by the Board of Directors. The fair value of the awards were determined on the grant date based on the market value of the shares on the B3 S.A. – Brasil, Bolsa, Balcão (“B3”), the Brazilian Securities, Commodities and Futures Exchange and the amounts are amortized between five to seven years from the grant date.

The table below summarizes shares granted to the Company and its subsidiaries’ management:

Grant date	Balance of number of shares granted	Vesting period	Market price of shares on the grant date (in R$ per share)	Total grant  costs, including taxes	Accumulated recognized grant costs	Accumulated unrecognized grant costs
March 13, 2017	100,000	2022 to 2024	67.99	9,378	(1,327)	8,051
March 4, 2016	190,000	2021 to 2023	65.43	17,147	(5,339)	11,808
December 9, 2014	570,000	2019 to 2021	50.64	39,814	(20,849)	18,965
March 5, 2014	83,400	2019 to 2021	52.15	5,999	(3,906)	2,093
November 7, 2012	199,998	2017 to 2019	42.90	18,309	(15,937)	2,372
December 14, 2011	40,000	2016 to 2018	31.85	5,272	(5,042)	230
November 10, 2010	-	2015 to 2017	26.78	9,602	(9,602)	-
	1,183,398			105,521	(62,002)	43,519

In 2017, the amortization in the amount of R$ 11,752 (R$ 18,372 in 2016 and R$ 16,935 in 2015) was recognized as a general and administrative expense.

The table below summarizes the changes of number of shares granted:

Balance on 12/31/2015	1,727,264
Shares granted on March 4, 2016	190,000
Shares vested and transferred	(417,192)
Balance on 12/31/2016	1,500,072
Shares granted on March 4, 2017	100,000
Forfeiture of granted shares due to termination of executive employment	(143,333)
Shares vested and transferred	(273,341)
Balance on 12/31/2017	1,183,398

In addition, on April 19, 2017, Ultrapar’s Shareholders approved a new incentive plan based on shares ("Plan"), which establishes the general terms and conditions for the concession of common shares issued by the Company and held in treasury, that may or may not involve the granting of usufruct of part of these shares for later transfer of the ownership of the shares, to directors or employees of the Company or its subsidiaries under its direct or indirect control.

Management may be appointed to participate in this new plan (statutory or designated, except members of the Board of Directors of the Company) or employees in executive positions of the Company or its subsidiaries under its direct or indirect control (“Participants”), subject to the provisions of each program. The Board of Directors or the Personnel and Organization Committee, appointed to advise them on the administration of the Plan (“Committee”), as the case may be, shall indicate, through the incentive programs in shares (“Program”), the Participants that will have the usufruct on the shares issued by the Company and the concession of shares issued by the Company. As a result of the Plan, common shares representing at most 1% of the Company's share capital may be delivered to the Participants, which corresponds, at the date of approval of this Plan, to 5,564,051 common shares.

The Board of Directors approved the 1^st Restricted stock program and the 1^st Restricted stock and performance program, as follows:

Program	Grant date	Balance of number of shares granted	Vesting period	Market price of shares on the grant date (in R$ per share)	Total grant costs, including taxes	Accumulated recognized grant costs	Accumulated unrecognized grant costs
Restricted	October 1, 2017	120,000	2023	76.38	12,642	(527)	12,115
Restricted and Performance	November 8, 2017	46,270	2020 to 2022	76.38	5,901	(257)	5,644
		166,270			18,543	(784)	17,759

In 2017, a general and administrative expense in the amount of R$ 784 was recognized in relation to the Plan.

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9. Income and Social Contribution Taxes

12 Months Ended

Dec. 31, 2017

Income And Social Contribution Taxes

Income and Social Contribution Taxes

a.  Deferred Income and Social Contribution Taxes

The Company and its subsidiaries recognize deferred tax assets and liabilities which are not subject to the statute of limitations, resulting from tax loss carryforwards, temporary differences, negative tax bases and revaluation of property, plant, and equipment, among others. Deferred tax assets are sustained by the continued profitability of their operations. Deferred IRPJ and CSLL are recognized under the following main categories:

	2017	2016
Assets - Deferred income and social contribution taxes on:
Provision for impairment of assets	47,592	46,254
Provisions for tax, civil, and labor risks	145,767	163,096
Provision for post-employment benefits	81,199	54,185
Provision for differences between cash and accrual basis	40,755	18,452
Goodwill	14,234	17,823
Business combination – fiscal basis vs. accounting basis of goodwill	74,972	68,064
Provision for asset retirement obligation	19,111	23,419
Other provisions	146,002	136,463
Tax losses and negative basis for social contribution carryforwards (d)	201,471	78,682
Total	771,103	606,438
Offset the liabilities balance	(225,492)	(189,094)
Net balance of assets	545,611	417,344
Liabilities - Deferred income and social contribution taxes on:
Revaluation of property, plant, and equipment	2,109	2,640
Lease	3,361	3,899
Provision for differences between cash and accrual basis	44,440	59,264
Provision for goodwill/negative goodwill	131,811	74,895
Business combination – fair value of assets	45,414	46,202
Temporary differences of foreign subsidiaries	955	2,290
Other provisions	35,926	7,549
Total	264,016	196,739
Offset the assets balance	(225,492)	(189,094)
Net balance of liabilities	38,524	7,645

Changes in the net balance of deferred IRPJ and CSLL are as follows:

	2017	2016	2015
Initial balance	409,699	292,989	309,726
Deferred IRPJ and CSLL recognized in income of the year	83,029	100,505	(14,813)
Deferred IRPJ and CSLL recognized in other comprehensive income	13,389	18,938	(2,250)
Deferred IRPJ and CSLL recognized in business combination	(610)	-	-
Others	1,580	(2,733)	326
Final balance	507,087	409,699	292,989

The estimated recovery of deferred tax assets relating to IRPJ and CSLL is stated as follows:

Up to 1 Year	207,210
From 1 to 2 Years	79,790
From 2 to 3 Years	139,314
From 3 to 5 Years	94,397
From 5 to 7 Years	194,627
From 7 to 10 Years	55,765
Total of deferred tax assets relating to IRPJ and CSLL	771,103

The technical study on Extrafarma's projection of taxable profits for the realization of deferred tax assets was reviewed by the Fiscal Council on February 20, 2018 and approved by the Company's Board of Directors on February 21, 2018, taking into account implementation of the actions proposed by the subsidiary's management, among them, the operational restructuring and the expansion of stores.

b.  Reconciliation of Income and Social Contribution Taxes

IRPJ and CSLL are reconciled to the statutory tax rates as follows:

	2017	2016	2015
Income (loss) before taxes and share of profit (loss) of joint ventures, and associates	2,392,624	2,263,134	2,258,192
Statutory tax rates - %	34	34	34
Income and social contribution taxes at the statutory tax rates	(813,492)	(769,466)	(767,785)
Adjustments to the statutory income and social contribution taxes:
Nondeductible expenses (i)	(105,017)	(57,961)	(70,540)
Nontaxable revenues (ii)	19,084	7,561	3,753
Adjustment to estimated income (iii)	10,844	14,218	12,926
Interest on equity (iv)	(550)	(364)	-
Other adjustments	1,104	7,108	4,874
Income and social contribution taxes before tax incentives	(888,027)	(798,904)	(816,772)
Tax incentives - SUDENE	48,598	98,912	82,436
Income and social contribution taxes in the income statement	(839,429)	(699,992)	(734,336)
Current	(922,458)	(800,497)	(719,523)
Deferred	83,029	100,505	(14,813)
Effective IRPJ and CSLL rates - %	35.0	30.9	32.5

(i) Nondeductible expenses consist of certain expenses that cannot be deducted for tax purposes under applicable tax legislation, such as expenses with fines, donations, gifts, losses of assets, negative effects of foreign subsidiaries and certain provisions;

(ii) Nontaxable revenues consist of certain gains and income that are not taxable under applicable tax legislation, such as the reimbursement of taxes and the reversal of certain provisions;

(iii) Brazilian tax law allows for an alternative method of taxation for companies that generated gross revenues of up to R$ 78 million in their previous fiscal year. Certain subsidiaries of the Company adopted this alternative form of taxation, whereby income and social contribution taxes are calculated on a basis equal to 32% of operating revenues, as opposed to being calculated based on the effective taxable income of these subsidiaries. The adjustment to estimated income represents the difference between the taxation under this alternative method and the income and social contribution taxes that would have been paid based on the effective statutory rate applied to the taxable income of these subsidiaries; and

(iv) Interest on equity is an option foreseen in Brazilian corporate law to distribute profits to shareholders, calculated based on the long-term interest rate (“TJLP”), which does not affect the income statement, but is deductible for purposes of IRPJ and CSLL, being taxable to the beneficiary and deductible to the entity that pays.

c. Tax Incentives - SUDENE

The following subsidiaries are entitled to federal tax benefits providing for IRPJ reduction under the program for development of northeastern Brazil operated by the Superintendence for the Development of the Northeast (“SUDENE”):

Subsidiary	Units	Incentive - %	Expiration
Bahiana Distribuidora de Gás Ltda.	Aracaju base (1)	75	2017
	Suape base	75	2018
	Mataripe base	75	2024
	Caucaia base	75	2025
Terminal Químico de Aratu S.A. – Tequimar	Suape terminal	75	2020
	Aratu terminal	75	2022
	Itaqui terminal	75	2025
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Camaçari plant	75	2021
Oxiteno Nordeste S.A. Indústria e Comércio	Camaçari plant (2)	75	2026
Empresa Carioca de Produtos Químicos S.A.	Camaçari plant (3)	75	2026

⁽¹⁾ In the first semester of 2018, the subsidiary will request to SUDENE the extension of the tax incentive for another 10 years.

⁽²⁾ On April 10, 2017 the subsidiary requested to SUDENE the extension of recognition of the tax incentive for another 10 years, due to modernizations realized in Camaçari plant. Due to modernizations on the plant, SUDENE approved the 75% income tax reduction until 2026 through an appraisal report issued on July 13, 2017. On August 21, 2017, the constitutive benefit appraisal report was forwarded to the Brazilian Federal Revenue Service (“RFB”) for approval within a term of 120 days. As a result of the expiration of the statutes of limitation for the RFB to approve the constitutive benefit appraisal report, the income tax reduction was recognized by the subsidiary in the income statement in 2017, in the total amount of R$ 34,547 with retroactive effect to January 2017.

⁽³⁾ On June 12, 2017 the subsidiary Empresa Carioca de Produtos Químicos S.A. (“EMCA”) filed a request at SUDENE requiring the 75% income tax reduction incentive for its Camaçari plant – Bahia, due to modernizations on the plant. SUDENE approved the 75% income tax reduction until 2026 through an appraisal report issued on August 29, 2017. On September 21, 2017, the constitutive benefit appraisal report was forwarded to the RFB for approval within a term of 120 days. As a result of the expiration of the statutes of limitation for the RFB to approve the constitutive benefit appraisal report, the income tax reduction was recognized by the subsidiary in the income statement in 2017, in the total amount of R$ 1,842 with retroactive effect to January 2017.

On July 3, 2017, the subsidiary Bahiana Distribuidora de Gás Ltda. (“Bahiana”), filed a request at SUDENE requiring the 75% income tax reduction incentive, due to productive unit implementation for its Juazeiro plant – Bahia. SUDENE approved the incentive until 2026 through an appraisal report issued on November 7, 2017. The constitutive benefit appraisal report was forwarded to the RFB, on November 27, 2017, for approval within a term of 120 days.

d. Income and Social Contribution Taxes Carryforwards

In 2017, certain subsidiaries of the Company had tax loss carryforwards related to income tax (IRPJ) of R$ 598,183 (R$ 236,956 in 2016) and negative basis of CSLL of R$ 576,949 (R$ 216,036 in 2016), whose compensations are limited to 30% of taxable income in a given tax year, which do not expire. Based on these values, the Company and its subsidiaries recognized deferred income and social contribution tax assets in the amount of R$ 201,471 in 2017 (R$ 78,682 in 2016).

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10. Prepaid expenses

12 Months Ended

Dec. 31, 2017

Prepaid Expenses

Prepaid Expenses

	2017	2016
Rents(1)	329,421	196,944
Advertising and publicity	67,321	37,833
Deferred Stock Plan, net (see Note 8.c)	37,591	44,719
Insurance premiums	39,629	46,896
Software maintenance	8,237	12,478
Other prepaid expenses	14,733	7,531
	496,932	346,401
Current	150,046	123,883
Non-current	346,886	222,518

⁽¹⁾Refers substantially to the rental advance of service stations of IPP, which are subsequently subleased and operated by the resellers.

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11. Investments

12 Months Ended

Dec. 31, 2017

Investments Abstract

Investments

a.  Joint Ventures

The Company holds an interest in Refinaria de Petróleo Riograndense (“RPR”), which is primarily engaged in oil refining.

The subsidiary Ultracargo – Operações Logísticas e Participações Ltda. (“Ultracargo Participações”) holds an interest in União Vopak – Armazéns Gerais Ltda. (“União Vopak”), which is primarily engaged in liquid bulk storage in the port of Paranaguá.

The subsidiary IPP holds an interest in ConectCar, established in November 2012, which is primarily engaged in electronic payment of tolls and parking in the States of Alagoas, Bahia, Ceará, Espírito Santo, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Paraná, Pernambuco, Rio de Janeiro, Rio Grande do Sul, Santa Catarina, São Paulo and Distrito Federal, and in the electronic fuel payment segment throughout the Brazilian territory.

These investments are accounted for under the equity method of accounting based on their financial statements of 2017.

Balances and changes in joint ventures are as follows:

	Movements in investments
	União Vopak	RPR	ConectCar	Total
Balance on 12/31/2014	4,960	24,076	25,472	54,508
Capital increase	-	-	37,080	37,080
Advance for Future Capital Increase	-	-	4,000	4,000
Valuation adjustments	-	1,535	-	1,535
Share of profit (loss) of joint ventures	699	8,248	(23,234)	(14,287)
Dividends	(1,114)	(2,345)	-	(3,459)
Balance on 12/31/2015	4,545	31,514	43,318	79,377
Capital increase	-	-	47,281	47,281
Valuation adjustments	-	(2,935)	-	(2,935)
Dividends and interest on equity (gross)	-	(12,915)	-	(12,915)
Share of profit (loss) of joint ventures	(27)	29,745	(24,384)	5,334
Balance on 12/31/2016	4,518	45,409	66,215		116,142
Capital increase	-	-	16,000		16,000
Valuation adjustments	-	4,079	-		4,079
Dividends and interest on equity (gross)	-	(30,959)	-		(30,959)
Share of profit (loss) of joint ventures	1,578	36,210	(20,989)		16,799
Balance on 12/31/2017	6,096	54,739	61,226		122,061

The table below presents the full amounts of balance sheets and income statements of joint ventures:

	2017
	União Vopak	RPR	ConectCar
Current assets	7,110	389,022	90,242
Non-current assets	6,627	128,417	132,785
Current liabilities	1,210	297,762	100,564
Non-current liabilities	336	54,821	12
Shareholders’ equity	12,191	164,856	122,451
Net revenue from sales and services	15,260	5,067,950	33,935
Costs, operating expenses and income	(10,852)	(4,876,389)	(100,444)
Net financial income and income and social contribution taxes	(1,252)	(82,498)	24,530
Net income (loss)	3,156	109,063	(41,979)
Number of shares or units held	29,995	5,078,888	169,860,500
% of capital held	50	33	50

	2016
	União Vopak	RPR	ConectCar
Current assets	4,228	286,916	93,634
Non-current assets	6,383	116,931	116,243
Current liabilities	700	198,619	77,448
Non-current liabilities	876	68,467	-
Shareholders’ equity	9,035	136,761	132,429
Net revenue from sales and services	12,030	1,490,516	30,058
Costs, operating expenses and income	(12,430)	(1,361,551)	(105,800)
Net financial income and income and social contribution taxes	346	(39,379)	26,974
Net income (loss)	(54)	89,586	(48,768)
Number of shares or units held	29,995	5,078,888	145,860,500
% of capital held	50	33	50

	2015
	União Vopak	RPR	ConectCar
Current assets	3,360	234,094	59,599
Non-current assets	7,300	114,123	85,195
Current liabilities	1,570	176,134	62,158
Non-current liabilities	-	77,172	-
Shareholders’ equity	9,090	94,911	82,636
Costs, operating expenses and income	(10,198)	(926,392)	(89,431)
Net financial income and income and social contribution taxes	(430)	(20,768)	24,553
Net income (loss)	1,398	27,647	(46,468)
Number of shares or units held	29,995	5,078,888	94,579,500
% of capital held	50	33	50

The percentages in the table above are rounded.

b.  Associates

Subsidiary IPP holds an interest in Transportadora Sulbrasileira de Gás S.A., which is primarily engaged in natural gas transportation services.

Subsidiary Oxiteno S.A. Indústria e Comércio (“Oxiteno S.A”) holds an interest in Oxicap Indústria de Gases Ltda. (“Oxicap”), which is primarily engaged in the supply of nitrogen and oxygen for its shareholders in the Mauá petrochemical complex.

Subsidiary Oxiteno Nordeste S.A. Indústria e Comércio (“Oxiteno Nordeste”) holds an interest in Química da Bahia Indústria e Comércio S.A., which is primarily engaged in manufacturing, marketing, and processing of chemicals. The operations of this associate are currently suspended.

Subsidiary Cia. Ultragaz holds an interest in Metalúrgica Plus S.A., which is primarily engaged in the manufacture and trading of LPG containers. The operations of this associate are currently suspended.

Subsidiary IPP holds an interest in Plenogás Distribuidora de Gás S.A., which is primarily engaged in the marketing of LPG. The operations of this associate are currently suspended.

The investment of subsidiary Oxiteno S.A. in the associate Oxicap is accounted for under the equity method of accounting based on its financial information as of November 30, 2017, while the other associates are valued based on the financial statements as of 2017.

Balances and changes in associates are as follows:

	Movements in investments
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.	Total
Balance on 12/31/2014	6,212	3,090	3,676	165	-	13,143
Capital increase	-	10,368(1)	-	-	-	10,368
Dividends	(1,924)	(3,453)	-	-	-	(5,377)
Share of profit (loss) of associates	1,455	1,995	8	(55)	-	3,403
Balance on 12/31/2015	5,743	12,000	3,684	110	-	21,537
Dividends	(948)	-	-	-	-	(948)
Share of profit (loss) of associates	1,206	981	(6)	(39)	-	2,142
Balance on 12/31/2016	6,001	12,981	3,678	71	-	22,731
Dividends	(865)	-	-	-	(399)	(1,264)
Share of profit (loss) of associates	1,212	1,477	(60)	269	976	3,874
Balance on 12/31/2017	6,348	14,458	3,618	340	577	25,341

⁽¹⁾ In 2015, Oxicap’s shareholders realized a capital increase and Oxiteno S.A. reduced its stake from 25% to 15% approximately.

The table below presents the full amounts of balance sheets and income statements of associates:

	2017
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.
Current assets	11,218	45,061	67	175	505
Non-current assets	16,464	74,612	10,278	1,695	2,821
Current liabilities	1,960	12,338	-	422	93
Non-current liabilities	332	7,920	3,110	427	1,500
Shareholders’ equity	25,390	99,424	7,235	1,021	1,733
Net revenue from sales and services	10,522	52,709	-	-	-
Costs, operating expenses and income	(5,649)	(40,769)	(90)	673	628
Net financial income and income and social contribution taxes	-	(2,144)	(31)	179	15
Net income (loss)	4,873	9,796	(121)	852	643
Number of shares or units held	20,124,996	1,987	1,493,120	3,000	1,384,308
% of capital held	25	15	50	33	33

	2016
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.
Current assets	7,524	28,358	220	169	1,178
Non-current assets	17,570	70,034	10,246	1,682	2,821
Current liabilities	759	7,125	1	21	53
Non-current liabilities	332	5,226	3,109	1,616	1,667
Shareholders’ equity	24,003	86,041	7,356	214	2,279
Net revenue from sales and services	9,955	52,751	-	-	-
Costs, operating expenses and income	(5,194)	(39,539)	(60)	(189)	574
Net financial income and income and social contribution taxes	63	(6,837)	49	(19)	68
Net income (loss)	4,824	6,375	(11)	(208)	642
Number of shares or units held	20,124,996	1,987	1,493,120	3,000	1,384,308
% of capital held	25	15	50	33	33

	2015
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.
Current assets	5,175	13,390	73	759	691
Non-current assets	18,773	79,203	10,403	1,681	2,830
Current liabilities	644	8,682	-	403	101
Non-current liabilities	332	4,371	3,109	1,708	1,777
Shareholders’ equity	22,972	79,540	7,367	329	1,643
Net revenue from sales and services	10,628	42,799	-	-	-
Costs, operating expenses and income	(4,703)	(14,050)	(34)	(172)	1,792
Net financial income and income and social contribution taxes	(7)	(9,973)	49	8	14
Net income (loss)	5,918	18,776	15	(164)	1,806
Number of shares or units held	20,124,996	1,987	1,493,120	3,000	1,384,308
% of capital held	25	15	50	33	33

The percentages in the table above are rounded.

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12. Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2017

Property, plant and equipment [abstract]

Property, Plant, and Equipment

Balances and changes in property, plant, and equipment are as follows:

	Weighted average useful life (years)	Balance on 12/31/2016	Additions	Depreciation	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Opening balance CBLSA	Balance on 12/31/2017
Cost:
Land	-	520,575	4,319	-	16,039	(969)	4,574	34,636	579,174
Buildings	30	1,440,204	10,677	-	95,630	(12,409)	32,998	72,767	1,639,867
Leasehold improvements	9	796,521	13,819	-	116,698	(14,494)	11	-	912,555
Machinery and equipment	12	4,225,056	130,154	-	105,060	(16,069)	277,730	-	4,721,931
Automotive fuel/lubricant distribution equipment and facilities	13	2,429,079	131,134	-	78,568	(29,935)	-	112,229	2,721,075
LPG tanks and bottles	11	619,511	59,598	-	(1,149)	(34,263)	-	-	643,697
Vehicles	7	271,133	28,428	-	6,948	(21,055)	1,841	-	287,295
Furniture and utensils	9	204,550	35,078	-	10,775	(834)	10,756	6,169	266,494
Construction in progress	-	523,285	766,775	-	(386,198)	(4)	10,192	14,950	929,000
Advances to suppliers	-	96,423	61,536	-	(48,722)	-	2,930	-	112,167
Imports in progress	-	58	1,182	-	(450)	-	(4)	-	786
IT equipment	5	288,705	42,638	-	3,095	(1,081)	170	19,495	353,022
		11,415,100	1,285,338	-	(3,706)	(131,113)	341,198	260,246	13,167,063
Accumulated depreciation:
Buildings		(632,908)	-	(46,795)	130	5,535	(28,365)	(22,005)	(724,408)
Leasehold improvements		(412,449)	-	(71,660)	(166)	8,624	-	-	(475,651)
Machinery and equipment		(2,474,504)	-	(258,068)	(139)	10,174	(257,629)	-	(2,980,166)
Automotive fuel/lubricant distribution equipment and facilities		(1,383,069)	-	(144,884)	(29)	26,907	-	(44,731)	(1,545,806)
LPG tanks and bottles		(276,414)	-	(45,838)	130	16,157	-	-	(305,965)
Vehicles		(101,082)	-	(21,740)	80	12,365	(1,823)	-	(112,200)
Furniture and utensils		(120,747)	-	(15,128)	(9)	594	(9,275)	(4,010)	(148,575)
IT equipment		(220,421)	-	(24,481)	148	991	(121)	(16,975)	(260,859)
		(5,621,594)	-	(628,594)	145	81,347	(297,213)	(87,721)	(6,553,630)
Provision for losses:
Advances to suppliers		(83)	-	-	-	-	-	-	(83)
Land		(197)	(104)	-	-	197	-	-	(104)
Leasehold improvements		(560)	(10)	-	-	14	(8)	-	(564)
Machinery and equipment		(4,347)	(397)	-	-	45	(25)	-	(4,724)
Automotive fuel/lubricant distribution equipment and facilities		(336)	-	-	-	167	-	-	(169)
Furniture and utensils		(1)	-	-	-	-	-	-	(1)
		(5,524)	(511)	-	-	423	(33)	-	(5,645)
Net amount		5,787,982	1,284,827	(628,594)	(3,561)	(49,343)	43,952	172,525	6,607,788

	Weighted average useful life (years)	Balance on 12/31/2015	Additions	Depreciation	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2016
Cost:
Land	-	524,159	157	-	218	(202)	(3,757)	520,575
Buildings	30	1,382,603	11,597	-	68,989	(281)	(22,704)	1,440,204
Leasehold improvements	9	701,183	11,109	-	87,312	(3,078)	(5)	796,521
Machinery and equipment	13	3,991,839	117,157	-	164,883	(10,209)	(38,614)	4,225,056
Automotive fuel/lubricant distribution equipment and facilities	14	2,282,462	113,162	-	56,213	(22,758)	-	2,429,079
LPG tanks and bottles	11	541,351	107,582	-	1,435	(30,857)	-	619,511
Vehicles	7	258,776	25,882	-	5,559	(18,575)	(509)	271,133
Furniture and utensils	10	170,695	27,319	-	8,955	(1,315)	(1,104)	204,550
Construction in progress	-	437,533	487,651	-	(384,335)	(535)	(17,029)	523,285
Advances to suppliers	-	12,125	102,465	-	(13,781)	-	(4,386)	96,423
Imports in progress	-	1,201	8,007	-	(8,895)	-	(255)	58
IT equipment	5	260,685	27,574	-	3,448	(1,561)	(1,441)	288,705
		10,564,612	1,039,662	-	(9,999)	(89,371)	(89,804)	11,415,100
Accumulated depreciation:
Buildings		(591,831)	-	(43,778)	13	151	2,537	(632,908)
Leasehold improvements		(359,117)	-	(55,913)	339	2,235	7	(412,449)
Machinery and equipment		(2,241,244)	-	(242,419)	3,099	9,536	(3,476)	(2,474,504)
Automotive fuel/lubricant distribution equipment and facilities		(1,270,797)	-	(130,613)	-	18,341	-	(1,383,069)
LPG tanks and bottles		(249,234)	-	(40,941)	-	13,761	-	(276,414)
Vehicles		(92,457)	-	(19,991)	-	11,234	132	(101,082)
Furniture and utensils		(110,259)	-	(11,146)	5	868	(215)	(120,747)
IT equipment		(203,793)	-	(19,225)	(3)	1,488	1,112	(220,421)
		(5,118,732)	-	(564,026)	3,453	57,614	97	(5,621,594)
Provision for losses:
Advances to suppliers		(83)	-	-	-	-	-	(83)
Land		(197)	-	-	-	-	-	(197)
Leasehold improvements		(659)	(4)	-	-	-	103	(560)
Machinery and equipment		(4,739)	(281)	-	-	325	348	(4,347)
Automotive fuel/lubricant distribution equipment and facilities		(1,306)	-	-	-	970	-	(336)
Furniture and utensils		(1)	-	-	-	-	-	(1)
		(6,985)	(285)	-	-	1,295	451	(5,524)
Net amount		5,438,895	1,039,377	(564,026)	(6,546)	(30,462)	(89,256)	5,787,982

	Weighted average useful life (years)	Balance on 12/31/2014	Additions	Depreciation	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2015
Cost:
Land	-	476,107	45,843	-	3,077	(4,947)	4,079	524,159
Buildings	31	1,275,728	14,521	-	86,725	(4,060)	9,689	1,382,603
Leasehold improvements	11	631,342	17,825	-	55,615	(3,599)	-	701,183
Machinery and equipment	13	3,909,475	99,038	-	108,286	(12,300)	(112,660)	3,991,839
Automotive fuel/lubricant distribution equipment and facilities	14	2,096,563	121,746	-	81,386	(17,233)	-	2,282,462
LPG tanks and bottles	12	494,691	83,608	-	2,777	(39,725)	-	541,351
Vehicles	7	244,467	21,883	-	11,358	(18,341)	(591)	258,776
Furniture and utensils	9	156,115	14,198	-	4,888	(440)	(4,066)	170,695
Construction in progress	-	372,974	373,774	-	(337,967)	(2,550)	31,302	437,533
Advances to suppliers	-	19,527	10,685	-	(18,095)	-	8	12,125
Imports in progress	-	59	1,959	-	(817)	-	-	1,201
IT equipment	5	239,930	24,255	-	1,124	(4,810)	186	260,685
		9,916,978	829,335	-	(1,643)	(108,005)	(72,053)	10,564,612
Accumulated depreciation:
Buildings		(565,308)	-	(40,766)	15	1,919	12,309	(591,831)
Leasehold improvements		(313,647)	-	(48,132)	1	2,661	-	(359,117)
Machinery and equipment		(2,158,390)	-	(234,792)	(240)	9,005	143,173	(2,241,244)
Automotive fuel/lubricant distribution equipment and facilities		(1,164,074)	-	(116,010)	-	9,287	-	(1,270,797)
LPG tanks and bottles		(231,001)	-	(34,392)	(136)	16,295	-	(249,234)
Vehicles		(90,004)	-	(15,769)	369	12,126	821	(92,457)
Furniture and utensils		(105,483)	-	(10,050)	-	323	4,951	(110,259)
IT equipment		(189,859)	-	(16,872)	(7)	3,667	(722)	(203,793)
		(4,817,766)	-	(516,783)	2	55,283	160,532	(5,118,732)
Provision for losses:
Advances to suppliers		-	(83)	-	-	-	-	(83)
Land		(197)	-	-	-	-	-	(197)
Leasehold improvements		(462)	-	-	-	2	(199)	(659)
Machinery and equipment		(5,895)	(1,137)	-	-	2,964	(671)	(4,739)
Automotive fuel/lubricant distribution equipment and facilities		-	(1,342)	-	-	36	-	(1,306)
IT equipment		(683)	-			683	-	-
Furniture and utensils		(4)	(1)	-	-	4	-	(1)
		(7,241)	(2,563)	-	-	3,689	(870)	(6,985)
Net amount		5,091,971	826,772	(516,783)	(1,641)	(49,033)	87,609	5,438,895

Construction in progress relates substantially to expansions, renovations, construction and upgrade of industrial facilities, terminals, stores, service stations and distribution bases.

Advances to suppliers is related basically to manufacturing of assets for expansion of plants, terminals, stores, bases, and acquisition of real estate.

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13. Intangible Assets

12 Months Ended

Dec. 31, 2017

Intangible Assets

Intangible Assets

Balances and changes in intangible assets are as follows:

	Weighted average useful life (years)	Balance on 12/31/2016	Additions	Amortization	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Opening balance CBLSA	Balance on 12/31/2017
Cost:
Goodwill (i)	-	1,454,484	-	-	-	-	-	123,673	1,578,157
Software (ii)	5	641,691	207,703	-	2,447	(1,193)	2,431	-	853,079
Technology (iii)	5	32,617	-	-	-	-	-	-	32,617
Commercial property  rights (iv)	10	43,258	13,837	-	(68)	(1,958)	-	-	55,069
Distribution rights (v)	6	3,651,316	580,011	-	-	-	-	42,052	4,273,379
Brands (vi)	-	112,936	-	-	-	-	607	-	113,543
Others (vii)	4	39,172	420	-	-	-	922	-	40,514
		5,975,474	801,971	-	2,379	(3,151)	3,960	165,725	6,946,358
Accumulated amortization:
Software		(396,702)	-	(59,579)	(5)	1,191	(1,704)	-	(456,799)
Technology		(32,469)	-	(72)	-	-	-	-	(32,541)
Commercial property rights		(19,568)	-	(3,689)	8	1,957	-	-	(21,292)
Distribution rights		(2,131,826)	-	(500,488)	(12,635)	-	-	(32,108)	(2,677,057)
Others		(23,310)	-	(7,883)	-	-	(3)	-	(31,196)
		(2,603,875)	-	(571,711)	(12,632)	3,148	(1,707)	(32,108)	(3,218,885)
		3,371,599	801,971	(571,711)	(10,253)	(3)	2,253	133,617	3,727,473

	Weighted average useful life (years)	Balance on 12/31/2015	Additions	Amortization	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2016
Cost:
Goodwill (i)	-	1,456,179	-	-	-	(1,695)	-	1,454,484
Software (ii)	5	539,522	99,734		7,601	(7)	(5,159)	641,691
Technology (iii)	5	32,617	-	-	-	-	-	32,617
Commercial property rights (iv)	10	36,588	7,303	-		(633)	-	43,258
Distribution rights (v)	5	3,278,487	543,527	-	(170,698)	-	-	3,651,316
Brands (vi)	-	120,944	-	-	-	-	(8,008)	112,936
Others (vii)	4	46,951	607	-	(5,960)	(980)	(1,446)	39,172
		5,511,288	651,171	-	(169,057)	(3,315)	(14,613)	5,975,474
Accumulated amortization:
Software		(350,760)	-	(49,380)	(2)	7	3,433	(396,702)
Technology		(31,256)	-	(1,213)	-	-	-	(32,469)
Commercial property rights		(16,979)	-	(3,148)	-	559	-	(19,568)
Distribution rights		(1,802,989)	-	(493,348)	164,511	-	-	(2,131,826)
Others		(15,369)	-	(7,835)	(83)	-	(23)	(23,310)
		(2,217,353)	-	(554,924)	164,426	566	3,410	(2,603,875)
		3,293,935	651,171	(554,924)	(4,631)	(2,749)	(11,203)	3,371,599

	Weighted average useful life (years)	Balance on 12/31/2014	Additions	Amortization	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2015
Cost:
Goodwill (i)	-	1,456,179	-	-	-	-	-	1,456,179
Software (ii)	5	451,936	82,612	-	453	(59)	4,580	539,522
Technology (iii)	5	32,617	-	-	-	-	-	32,617
Commercial property rights (iv)	10	31,881	4,994	-	-	(287)	-	36,588
Distribution rights (v)	5	2,762,985	515,502	-	-	-	-	3,278,487
Brands (vi)	-	105,458	-	-	2	-	15,484	120,944
Others (vii)	4	38,606	6,492	-	(79)	-	1,932	46,951
		4,879,662	609,600	-	376	(346)	21,996	5,511,288
Accumulated amortization:
Software		(303,780)	-	(44,346)	-	59	(2,693)	(350,760)
Technology		(29,471)	-	(1,785)	-	-	-	(31,256)
Commercial property rights		(14,545)	-	(2,643)	-	209	-	(16,979)
Distribution rights		(1,366,128)	-	(433,869)	(2,992)	-	-	(1,802,989)
Others		(7,625)	-	(7,821)	96	-	(19)	(15,369)
		(1,721,549)	-	(490,464)	(2,896)	268	(2,712)	(2,217,353)
Net amount		3,158,113	609,600	(490,464)	(2,520)	(78)	19,284	3,293,935

i) The balance of the goodwill is tested annually for impairment and presents the following balances:

	Segment	2017	2016
Goodwill on the acquisition of:
Extrafarma	Extrafarma	661,553	661,553
Ipiranga	Ipiranga	276,724	276,724
União Terminais	Ultracargo	211,089	211,089
CBLSA	Ipiranga	123,673	-
Texaco	Ipiranga	177,759	177,759
Oxiteno Uruguay	Oxiteno	44,856	44,856
Temmar	Ultracargo	43,781	43,781
DNP	Ipiranga	24,736	24,736
Repsol	Ultragaz	13,403	13,403
Others	Oxiteno	583	583
		1,578,157	1,454,484

On December 31, 2017, the Company tested the balances of goodwill shown in the table above for impairment. The determination of value in use involves assumptions, judgments, and estimates of cash flows, such as growth rates of revenues, costs and expenses, estimates of investments and working capital, and discount rates. The assumptions about growth projections and future cash flows are based on the Company’s business plan of its operating segments, as well as comparable market data, and represent management’s best estimate of the economic conditions that will exist over the economic life of the various CGUs, to which goodwill is related. The main key-assumptions used by the Company to calculate the value in use are described below:

Period of evaluation: the evaluation of the value in use is calculated for a period of five years (except the Extrafarma segment), after which we calculate the perpetuity, considering the possibility of carrying the business on indefinitely. For the Extrafarma segment, a period of 10 years was used due to its expansion plan and considering a four-years period to maturity of new stores.

Discount and real growth rates: on December 31, 2017, the discount and real growth rates used to extrapolate the projections ranged from 9.6% to 12.7% and from 0% to 1% p.a., respectively, depending on the CGU analyzed. For the subsidiary Oxiteno Andina, due to the macroeconomic scenario in Venezuela, the discount rate used was 803.8%.

Revenue from sales and services, costs and expenses, and gross margin: for 2018, the budget prepared by management and approved by the Board of Directors was considered. In subsequent periods, the Company considers the forecast of the general inflation or price index predicted in the contracts.

Opening of new commercial points (investments): for 2018, the budget prepared by the management and approved by the Board of Directors was considered. In subsequent periods, the Company considers the expansion plans of each business unit, which also considers the commercial establishments closed in the previously years.

The goodwill impairment tests and net assets of the Company and its subsidiaries did not result in the recognition of impairment for the year ended December 31, 2017. The Company assessed a sensitivity analysis of discount and growth rate of perpetuity, due to their significant impact on cash flows and value in use. An increase of 0.5 percentage points in the discount rate or a decrease of 0.5 percentage points in the growth rate of the perpetuity of the cash flow of each business segment would not result in the recognition of impairment.

ii) Software includes user licenses and costs for the implementation of the various systems used by the Company and its subsidiaries, such as: integrated management and control, financial management, foreign trade, industrial automation, operational and storage management, accounting information, and other systems.

iii) The subsidiaries Oxiteno S.A., Oxiteno Nordeste and Oleoquímica Indústria e Comércio de Produtos Químicos Ltda. (“Oleoquímica”) recognize as technology certain rights of use held by them. Such licenses include the production of ethylene oxide, ethylene glycols, ethanolamines, glycol ethers, ethoxylates, solvents, fatty acids from vegetable oils, fatty alcohols, and specialty chemicals, which are products that are supplied to various industries.

iv) Commercial property rights include those described below:

• Subsidiary Terminal Químico de Aratu S.A. – Tequimar (“Tequimar”) has an agreement with CODEBA – Companhia das Docas do Estado da Bahia, which allows it to explore the area in which the Aratu Terminal is located for 20 years, renewable for a similar period. The price paid by Tequimar was R$ 12,000, which is being amortized from August 2002 to July 2042.

•       Subsidiary Tequimar has a lease contract for an area adjacent to the Port of Santos for 20 years from December 2002, renewable for a similar period, which allows the construction, operation, and use of a terminal for liquid bulk unloading, tank storage, handling, and distribution. The price paid by Tequimar was R$ 4,334, which is being amortized from August 2005 to December 2022.

• Subsidiary Extrafarma pays key money to obtain certain commercial establishments to open drugstores which is stated at the cost of acquisition, amortized using the straight-line method, considering the lease contract terms. In the case of the closedown of stores, the residual amount is written off.

v) Distribution rights refer mainly to exclusive rights disbursements as provided in Ipiranga’s agreements with resellers and large customers. Exclusive rights disbursements are recognized when paid and recognized as selling expenses in the income statement according to the conditions established in the agreement which is reviewed as per the changes occurred in the agreements.

vi) Brands are represented by the acquisition cost of the ‘am/pm’ brand in Brazil and of the Extrafarma brand.

vii) Other intangibles refer mainly to the loyalty program “Clube Extrafarma”.

The amortization expenses were recognized in the financial statements as shown below:

	2017	2016	2015
Inventories and cost of products and services sold	29,344	14,593	11,522
Selling and marketing	484,609	492,973	436,253
General and administrative	57,758	47,358	42,689
	571,711	554,924	490,464

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14. Loans, Debentures, and Finance Leases

12 Months Ended

Dec. 31, 2017

Loans Debentures And Finance Leases

Loans, Debentures, and Finance Leases

a.  Composition
Description	2017	2016	Index/Currency	Weighted average financial charges 12/31/2017 – % p.a.	Maturity
Foreign currency – denominated loans:
Notes in the foreign market (b) (*)	2,454,142	2,412,112	US$	+5.3	2026
Foreign loan (c.1) (*)	788,794	942,456	US$ + LIBOR (i)	+1.0	2018 to 2022
Foreign loan (c.1) (*)	298,927	332,650	US$ + LIBOR (i)	+1.9	2018
Foreign loan (c.2, c.3 and c.4)	259,015	486,451	US$	+2.2	2018
Financial institutions (e)	330,755	195,021	US$ + LIBOR (i)	+2.5	2019 to 2022
Financial institutions (e)	106,745	109,859	US$	+2.8	2018 to 2022
Financial institutions (e)	27,048	24,586	MX$ (ii)	+8.5	2018
Foreign currency advances delivered	26,080	32,582	US$	+2.2	< 54 days
Advances on foreign exchange contracts	44,515	111,066	US$	+2.4	< 92 days
BNDES (d)	4,460	7,137	US$	+6.4	2018 to 2020
Financial institutions (e)	3,382	9,569	MX$ + TIIE (ii)	+1.5	2018
Financial institutions (e)	593	435	Bs$ (vii)	+24.0	2018
Subtotal foreign currency	4,344,456	4,663,924
Brazilian Reais – denominated loans:
Debentures - Ipiranga (g.1, g.2, g.4 and g.6)	2,836,741	1,914,498	CDI	105.8	2018 to 2022
Banco do Brasil – floating rate (f)	2,794,272	2,956,547	CDI	107.3	2018 to 2021
Debentures - 5th issuance (g.3)	817,654	832,383	CDI	108.3	2018
Debentures – CRA (g.5)	1,380,852	-	CDI	95.0	2022
Debentures – CRA (g.5) (*)	554,402	-	IPCA	+4.6	2024
BNDES (d)	206,423	307,593	TJLP (iii)	+2.4	2018 to 2023
Export Credit Note – floating rate (h)	157,749	158,753	CDI	101.5	2018
BNDES (d)	69,422	71,430	SELIC (vi)	+2.3	2018 to 2023
BNDES EXIM	62,754	62,084	TJLP (iii)	+3.5	2018
Finance leases (i)	48,515	48,566	IGP-M (v)	+5.6	2018 to 2031
FINEP	35,611	48,667	R$	+4.0	2018 to 2022
FINEP	32,682	34,613	TJLP (iii)	+1.0	2018 to 2023
Banco do Nordeste do Brasil	28,136	47,120	R$	+8.5	2018 to 2021
BNDES EXIM	30,850	28,056	SELIC (vi)	+3.9	2018
BNDES (d)	26,270	40,309	R$	+5.6	2018 to 2022
FINAME	56	80	TJLP (iii)	+5.7	2018 to 2022
Fixed finance leases (i)	-	41
Floating finance leases (i)	-	109
Subtotal Brazilian Reais	9,082,389	6,550,849
Total foreign currency and Brazilian Reais	13,426,845	11,214,773
Currency and interest rate hedging instruments (**)	163,749	202,357
Total	13,590,594	11,417,130
Current	3,503,675	2,475,604
Non-current	10,086,919	8,941,526

(*) These transactions were designated for hedge accounting (see Note 31 – Hedge Accounting).

(**) Accumulated losses (see Note 31).

(i)	LIBOR = London Interbank Offered Rate.
(ii)	MX$ = Mexican Peso; TIIE = the Mexican interbank balance interest rate.
(iii)	TJLP (Long-term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of Banco Nacional de Desenvolvimento Econômico e Social (“BNDES”), the Brazilian Development Bank. On December 31, 2017, TJLP was fixed at 7.0% p.a.
(iv)	Contract linked to the rate of FNE (Northeast Constitutional Financing Fund) fund whose purpose is to promote the development of the industrial sector, managed by Banco do Nordeste do Brasil. On December 31, 2017, the FNE interest rate was 10% p.a. FNE grants a discount of 15% on the interest rate for timely payments.
(v)	IGP-M = General Market Price Index is a measure of Brazilian inflation, calculated by the Getúlio Vargas Foundation.
(vi)	SELIC = basic interest rate set by the Brazilian Central Bank.
(vii)	Bs$ = Bolívar.

The changes in loans, debentures and finance leases are shown below:

Balance on 12/31/2016	11,214,773
New loans and debentures with cash effect	4,510,694
Interest accrued	925,421
Principal payment and financial leases	(2,467,391)
Interest payment	(769,740)
Monetary variation	37,937
Change in fair value	(24,849)
Balance on 12/31/2017	13,426,845

The long-term consolidated debt had the following principal maturity schedule:

	2017	2016
From 1 to 2 years	1,826,907	3,203,383
From 2 to 3 years	894,640	1,699,009
From 3 to 4 years	1,302,450	693,993
From 4 to 5 years	3,016,406	554,162
More than 5 years	3,046,516	2,790,979
	10,086,919	8,941,526

As provided in IAS 39, the transaction costs and issuance premiums associated with debt issuance by the Company and its subsidiaries were added to their financial liabilities, as shown in Note 14.j).

The Company’s management entered into hedging instruments against foreign exchange and interest rate variations for a portion of its debt obligations (see Note 31).

b.   Notes in the Foreign Market

On October 6, 2016, the subsidiary Ultrapar International S.A. (“Ultrapar International”) issued US$ 750 million in notes in the foreign market, maturing in October 2026, with interest rate of 5.25% p. a., paid semiannually. The issue price was 98.097% of the face value of the note. The notes were guaranteed by the Company and its subsidiary IPP. The Company has designated hedge relationships for this transaction (see Note 31 – Hedge accounting: cash flow hedge and net investment hedge in foreign entities).

As a result of the issuance of the notes in the foreign market, the Company and its subsidiaries are required to perform certain obligations, including:

• Restriction on sale of all or substantially all assets of the Company and subsidiaries Ultrapar International and IPP.

• Restriction on encumbrance of assets exceeding US$ 150 million or 15% of the amount of the consolidated tangible assets.

The Company and its subsidiaries are in compliance with the levels of covenants required by this debt. The restrictions imposed on the Company and its subsidiaries are customary in transactions of this nature and have not limited their ability to conduct their business to date.

c.   Foreign Loans

1) The subsidiary IPP has foreign loans in the amount of US$ 320 million. IPP also contracted hedging instruments with floating interest rate in U.S. dollar and exchange rate variation, changing the foreign loans charges, on average, to 102.9% of CDI (see Note 31). IPP designated these hedging instruments as a fair value hedge; therefore, loans and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. The foreign loans are secured by the Company.

The foreign loans have the maturity distributed as follows:

Maturity	US$ (million)	Cost in % of CDI
Jul/18	60.0	103.0
Sep/18	80.0	101.5
Nov/18	80.0	101.4
Jun/22	100.0	105.0
Total / average cost	320.0	102.9

2) The subsidiary LPG International Inc. has a foreign loan in the amount of US$ 30 million with maturity in December 2018 and interest rate of LIBOR + 1.85% p.a., paid quarterly. The foreign loan is guaranteed by the Company and its subsidiary IPP.

During these contracts, the Company shall maintain the following financial ratios, calculated based on its audited consolidated financial statements:

• Maintenance of a financial ratio, determined by the ratio between consolidated net debt and consolidated Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA), at less than or equal to 3.5.

• Maintenance of a financial ratio determined by the ratio between consolidated EBITDA and consolidated net financial expenses, higher than or equal to 1.5.

The Company complies with the levels of covenants required by these loans. The restrictions imposed on the Company and its subsidiaries are usual for this type of transaction and have not limited their ability to conduct their business to date.

3) The subsidiary GPPTC had a foreign loan in the amount of US$ 12 million with maturity in December 2018 and interest rate of LIBOR + 1.85% p.a., paid quarterly. The foreign loan was guaranteed by the Company and its subsidiary IPP. The subsidiary settled the loan in advance in December 2017.

4) The subsidiary GPPTC has a foreign loan in the amount of US$ 60 million with maturity on June 22, 2020 and interest of LIBOR + 2.0% p.a., paid quarterly. The Company, through the subsidiary Cia. Ultragaz, contracted hedging instruments subject to floating interest rates in dollar and exchange rate variation, changing the foreign loan charge to 105.9% of CDI. The foreign loan is guaranteed by the Company and its subsidiary Oxiteno Nordeste.

d.   BNDES

The subsidiaries have financing from BNDES for some of their investments and for working capital.

During the term of these agreements, the Company must maintain the following capitalization and current liquidity levels, as determined in the annual consolidated audited balance sheet:

·	·           Capitalization level: shareholders’ equity / total assets equal to or above 0.3; and
	·           Current liquidity level: current assets / current liabilities equal to or above 1.3.

The Company complies with the levels of covenants required by these loans. The restrictions imposed on the Company and its subsidiaries are usual for this type of transaction and have not limited their ability to conduct their business to date.

e.   Financial Institutions

The subsidiaries Oxiteno Mexico S.A. de C.V., Oxiteno USA LLC (“Oxiteno USA”), Oxiteno Uruguay and Oxiteno Andina have loans to finance investments and working capital.

The subsidiary Oxiteno USA has a loan agreement in the amount of US$40 million, due in February 2021 and bearing interest of LIBOR + 3% p.a., paid quarterly. The loan is guaranteed by the Company and the subsidiary Oxiteno Nordeste and the proceeds of this loan are being used to fund the construction of a new alkoxylation plant in the state of Texas.

The subsidiary Oxiteno USA has a loan in the notional amount of US$20 million, due in September 2020, with interest of LIBOR + 3% p.a., paid quarterly. The loan is guaranteed by the Company and the subsidiary Oxiteno S.A.

In October 2017, the subsidiary Oxiteno USA contracted a loan agreement in the amount of US$ 40 million, due in October 2022 and bearing interest of LIBOR + 1.73% pa, paid quarterly. The proceeds of this loan are being used to fund the construction of a new alkoxylation plant in the state of Texas. The loan is guaranteed by the Company.

f.   Banco do Brasil

The subsidiary IPP has floating interest rate loans with Banco do Brasil to finance the marketing, processing, or manufacturing of agricultural goods (ethanol).

These loans mature, as follows (accrued interest until December 31, 2017):

Maturity
2018-Jan	172,798
2018-Apr	100,571
2019-Feb	168,392
2019-May	1,338,979
2020-May	337,844
2021-May	337,844
2022-May	337,844
Total	2,794,272

g.   Debentures

1) In December 2012, the subsidiary IPP made its first issuance of public debentures, in a single series of 60,000 simple, nominative, registered debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:

Face value unit:	R$ 10,000.00
Final maturity:	November 16, 2017
Payment of the face value:	Lump sum at final maturity
Interest:	107.9% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

The debentures were settled by the Company on the maturity date.

2) In January 2014, the subsidiary IPP made its second issuance of public debentures, in a single series of 80,000 simple, nominative, registered debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:

Face value unit:	R$ 10,000.00
Final maturity:	December 20, 2018
Payment of the face value:	Lump sum at final maturity
Interest:	107.9% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

3)     In March 2015, the Company made its fifth issuance of debentures, in a single series of 80,000 simple, nonconvertible into shares, unsecured debentures, which main characteristics are as follows:

Face value unit:	R$ 10,000.00
Final maturity:	March 16, 2018
Payment of the face value:	Lump sum at final maturity
Interest:	108.25% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

4)     In May 2016, the subsidiary IPP made its fourth issuance of public debentures, in one single series of 500 simple, nominative, registered debentures, nonconvertible into shares and unsecured, which main characteristics are as follows:

Face value unit:	R$ 1,000,000.00
Final maturity:	May 25, 2021
Payment of the face value:	Annual as from May 2019
Interest:	105.0% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

5) In April 2017, the subsidiary IPP carried out its fifth issuance of debentures, in two single series of 660,139 and 352,361, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Eco Consult – Consultoria de Operações Financeiras Agropecuárias Ltda. The proceeds from this issuance has been used exclusively for the purchase of ethanol.

The debentures were later assigned and transferred to Eco Securitizadora de Direitos Creditórios do Agronegócio S.A. that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:

Face value unit:	R$ 1,000.00
Final maturity:	April 18, 2022
Payment of the face value:	Lump sum at final maturity
Interest:	95% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	April 15, 2024
Payment of the face value:	Lump sum at final maturity
Interest:	IPCA + 4.7%
Payment of interest:	Annually
Reprice:	Not applicable

The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 93.9% of CDI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.

6)     In July 2017, the subsidiary IPP made its sixth issuance of public debentures, in one single series of 1,500,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:

Face value unit:	R$ 1,000.00
Final maturity:	July 28, 2022
Payment of the face value:	Annual as from July 2021
Interest:	105.0% of CDI
Payment of interest:	Annually
Reprice:	Not applicable

7) In October 2017, the subsidiary IPP carried out its seventh issuance of debentures in the amount of R$ 944,077, in two single series of 730,384 and 213,693, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert Companhia Securitizadora. The proceeds from this issuance has been used exclusively for the purchase of ethanol.

The debentures were later assigned and transferred to Vert Créditos Ltda, that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). The financial settlement occurred on November 1, 2017. The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:

Face value unit:	R$ 1,000.00
Final maturity:	October 24, 2022
Payment of the face value:	Lump sum at final maturity
Interest:	95% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	October 24, 2024
Payment of the face value:	Lump sum at final maturity
Interest:	IPCA + 4.33%
Payment of interest:	Annually
Reprice:	Not applicable

The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 97.3% of CDI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.

The debentures have maturity dates distributed as shown below (accrued interest until December 31, 2017).

Maturity
Mar/2018	817,654
Dec/2018	801,026
May/2021	499,012
Apr/2022	656,009
Jul/2022	1,536,704
Oct/2022	724,841
Apr/2024	350,873
Oct/2024	203,530
Total	5,589,649

h.        Export Credit Note

The subsidiary Oxiteno Nordeste has export credit note contract in the amount of R$ 156.8 million, with maturity in May 2018, and floating rate of 101.5% of CDI, paid quarterly.

i. Finance Leases

The subsidiary Cia. Ultragaz has a finance lease contract related to LPG bottling facilities, maturing in April 2031.

Subsidiary Extrafarma had finance lease contracts related to software, with term of 48 months, ended in 2017.

The amounts of equipment and intangible assets, net of depreciation and amortization, and the amounts of the corresponding liabilities are shown below:

	2017		2016
	LPG bottling facilities	LPG bottling facilities	Software	Total
Equipment and intangible assets, net of depreciation and amortization	15,732	17,078	223	17,301
Financing (present value)	48,515	48,566	150	48,716
Current	2,710	2,465	150	2,615
Non-current	45,805	46,101	-	46,101

The future disbursements (installments) assumed under these contracts are presented below:

	2017	2016
	LPG bottling facilities	LPG bottling facilities	Software	Total
Up to 1 year	5,113	4,876	156	5,032
From 1 to 2 years	5,113	4,876	-	4,876
From 2 to 3 years	5,113	4,876	-	4,876
From 3 to 4 years	5,113	4,876	-	4,876
From 4 to 5 years	5,113	4,876	-	4,876
More than 5 years	42,611	45,516	-	45,516
Total	68,176	69,896	156	70,052

The above amounts include Services Tax (“ISS”) payable on the monthly installments, except for disbursements for the LPG bottling facilities.

j.   Transaction Costs

Transaction costs incurred in issuing debt were deducted from the value of the related financial instruments and are recognized as an expense according to the effective interest rate method, as follows:

	Effective rate of transaction costs (% p.a.)	Balance on 12/31/2016	Incurred cost		Amortization	Balance on 12/31/2017
Notes in the foreign market (14.b)	0.0	16,612	-		(1,314)	15,298
Banco do Brasil (14.f)	0.2	12,182	-		(4,117)	8,065
Debentures (14.g)	0.2	6,835	42,388		(4,514)	44,709
Foreign loans (14.c)	0.2	2,211	563		(1,561)	1,213
Other	0.2	1,952	1,418		(569)	2,801
Total		39,792	44,369		(12,075)	72,086
	Effective rate of transaction costs (% p.a.)	Balance on 12/31/2015	Incurred cost	Amortization		Balance on 12/31/2016
Banco do Brasil (14.f)	0.2	11,883	3,529	(3,230)		12,182
Foreign Loans (14.c)	0.2	4,649	-	(2,438)		2,211
Debentures (14.g)	0.1	1,801	6,407	(1,373)		6,835
Notes in the foreign market (14.b)	0.0	-	16,821	(209)		16,612
Other	0.2	545	2,079	(672)		1,952
Total		18,878	28,836	(7,922)		39,792

The amount to be appropriated to profit or loss in the future is as follows:

	Up to 1 year	1 to 2 years	2 to 3 years	3 to 4 years	4 to 5 years	More than 5 years	Total
Notes in the foreign market (14.b)	1,388	1,464	1,546	1,632	1,723	7,545	15,298
Banco do Brasil (14.f)	4,628	2,317	599	385	136	-	8,065
Debentures (14.g)	9,151	9,069	9,110	8,971	5,798	2,610	44,709
Foreign loans (14.c)	931	171	111	-	-	-	1,213
Other	642	831	710	354	264	-	2,801
Total	16,740	13,852	12,076	11,342	7,921	10,155	72,086

k.   Guarantees

The financings are guaranteed by collateral in the amount of R$ 66,337 in 2017 (R$ 56,570 in 2016) and by guarantees and promissory notes in the amount of R$ 9,587,971 in 2017 (R$ 7,069,482 in 2016).

In addition, the Company and its subsidiaries offer collateral in the form of letters of credit for commercial and legal proceedings in the amount of R$ 237,537 in 2017 (R$ 215,988 in 2016) and guarantees related to raw materials imported by the subsidiary IPP in the amount of R$ 81,046 in 2017 (R$ 59,316 in 2016).

Some subsidiaries of Oxiteno issue collateral to financial institutions in connection with the amounts owed by some of their customers to such institutions (vendor financing). If a subsidiary is required to make any payment under these collaterals, this subsidiary may recover the amount paid directly from its customers through commercial collection. The maximum amount of future payments related to these collaterals is R$ 8,224 in 2017 (R$ 30,764 in 2016), with maturities of up to 212 days. Until December 31, 2017, the subsidiaries did not have losses in connection with these collaterals. The fair value of collaterals recognized in current liabilities as other payables is R$ 205 in 2017 (R$ 743 in 2016), which is recognized as profit or loss as customers settle their obligations with the financial institutions.

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15. Trade Payables

12 Months Ended

Dec. 31, 2017

Trade Payables

Trade Payables

	2017	2016
Domestic suppliers	1,973,668	1,620,388
Foreign suppliers	181,830	89,265
	2,155,498	1,709,653

Some Company’s subsidiaries acquire oil based fuels and LPG from Petrobras and its subsidiaries and ethylene from Braskem S.A. These suppliers control almost all of the markets for these products in Brazil.

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16. Salaries and Related Charges

12 Months Ended

Dec. 31, 2017

Salaries And Related Charges

Salaries and Related Charges

	2017	2016
Provisions on salaries	179,120	162,216
Profit sharing, bonus and premium	125,006	140,504
Social charges	64,524	49,812
Others	19,468	10,186
	388,118	362,718

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17. Taxes Payable

12 Months Ended

Dec. 31, 2017

Taxes Payable

Taxes Payable

	2017	2016
ICMS	131,125	105,160
PIS and COFINS	27,065	25,287
PERT (*)	19,584	-
Value-Added Tax (IVA) of subsidiaries Oxiteno Mexico, Oxiteno USA, Oxiteno Andina and Oxiteno Uruguay	17,992	16,148
ISS	11,211	8,074
Others	18,852	16,364
	225,829	171,033

(*) Refers to federal tax debits of the subsidiary IPP that were included in the Special Program of Tax Regularization (PERT).

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18. Employee Benefits and Private Pension Plan

12 Months Ended

Dec. 31, 2017

Employee Benefits And Private Pension Plan

Employee Benefits and Private Pension Plan

a.  ULTRAPREV- Associaçăo de Previdência Complementar

In February 2001, the Company’s Board of Directors approved the adoption of a defined contribution pension plan to be sponsored by the Company and each of its subsidiaries. Participating employees have been contributing to this plan, managed by Ultraprev - Associação de Previdência Complementar (“Ultraprev”), since August 2001. Under the terms of the plan, every year each participating employee chooses his or her basic contribution to the plan. Each sponsoring company provides a matching contribution in an amount equivalent to each basic contribution, up to a limit of 11% of the employee’s reference salary, according to the rules of the plan. As participating employees retire, they may choose to receive either (i) a monthly sum ranging between 0.5% and 1.0% of their respective accumulated fund in Ultraprev or (ii) a fixed monthly amount which will exhaust their respective accumulated fund over a period of 5 to 25 years. The sponsoring company does not take responsibility for guaranteeing amounts or the duration of the benefits received by the retired employee. In 2017, the subsidiaries contributed R$ 24,819 (R$ 23,261 in 2016 and R$ 22,216 in 2015) to Ultraprev, which is recognized as expense in the income statement. The total number of participating employees in 2017 was 8,322 active participants and 245 retired participants. In addition, Ultraprev had 27 former employees receiving benefits under the rules of a previous plan whose reserves are fully constituted.

b.  Post-employment Benefits

The subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, payment of Government Severance Indemnity Fund (“FGTS”), and health, dental care, and life insurance plan for eligible retirees.

The amounts related to such benefits were determined based on a valuation conducted by an independent actuary and reviewed by management as of December 31, 2017 and are recognized in the financial statements in accordance with IAS 19 R2011.

	2017	2016
Health and dental care plan (1)	99,767	32,826
FGTS Penalty	81,831	64,654
Bonus	40,254	32,815
Life insurance (1)	15,671	14,456
Total	237,523	144,751
Current	30,059	24,940
Non-current	207,464	119,811

(1) Only Ipiranga and, in 2017, also to CBLSA.

Changes in the present value of the provision for post-employment benefits are as follows: 

	2017	2016
Opening balance	144,751	126,595
Current service cost	7,664	3,636
Interest cost	15,754	14,538
Actuarial (gains) losses from changes in actuarial assumptions	36,120	11,818
Benefits paid directly by Company and its subsidiaries	(11,368)	(10,971)
Opening balance CBL S.A. (see Note 3.c)	44,478	-
Exchange rate from foreign subsidiaries	124	(865)
Ending balance	237,523	144,751

The expense of the year is presented below:

	2017	2016	2015
Health and dental care plan	164	3,065	3,291
FGTS Penalty	14,828	9,068	10,445
Bonus	6,883	4,455	4,352
Life insurance	1,543	1,586	1,683
Total	23,418	18,174	19,771

Significant actuarial assumptions adopted include:

Economic factors	2017	2016
	% p.a.	% p.a.
Discount rate for the actuarial obligation at present value	9.51	11.46
Average projected salary growth rate	8.38	8.90
Inflation rate (long term)	4.50	5.00
Growth rate of medical services	8.68	9.20

Demographic factors

• Mortality Table for the life insurance benefit – CSO-80

• Mortality Table for other benefits - AT 2000 Basic decreased by 10%

• Disabled Mortality Table - RRB 1983

• Disability Table - RRB 1944 modified

Sensitivity analysis

The significant actuarial assumptions to determine the provision for post-employment benefits are: discount rate, wage and medical costs increases. The following sensitivity analyses on December 31, 2017 were determined based on reasonably possible changes of assumptions occurring at the reporting date of the financial statements, keeping all other assumptions constant.

Assumption	Change in assumptions	Decrease in liability	Change in assumptions	Increase in liability
Discount rate	increase by 1.0 p.p	10,237	decrease by 1.0 p.p	11,690
Wage growth rate	decrease by 1.0 p.p	2,807	increase by 1.0 p.p	3,103
Medical services growth rate	decrease by 1.0 p.p	3,837	increase by 1.0 p.p	4,413

The sensitivity analysis presented may not represent the real change in the post-employment benefits obligation, since it is unlikely that changes occur in just one assumption alone, considering that some of these assumptions may be correlated.

Inherent risks related to post-employment benefits

Interest rate risk: a long-term interest rate is used to calculate the present value of post-employment liabilities. A reduction in this interest rate will increase the corresponding liability.

Wage growth risk: the present value of the liability is calculated using as reference the wages of the plan participants, projected with the average nominal wage growth rate. An increase in the real wages of plan participants will increase the corresponding liability.

Medical costs growth risk: the present value of the liability is calculated using as reference the medical cost by age based on actual healthcare costs, projected based on the growth rate of medical services costs. An increase in the real medical costs will increase the corresponding liability.

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19. Provision for Asset Retirement Obligation - Fuel Tanks

12 Months Ended

Dec. 31, 2017

Provision For Asset Retirement Obligation - Fuel Tanks

Provision for Asset Retirement Obligation - Fuel Tanks

The provision corresponds to the legal obligation to remove Ipiranga’s underground fuel tanks located at Ipiranga-branded service stations after a certain use period (see Note 2.m).

Changes in the provision for asset retirement obligation are as follows:

	2017	2016	2015
Initial balance	77,564	74,716	70,802
Additions (new tanks)	537	483	625
Expense with tanks removed	(15,432)	(2,785)	(3,949)
Accretion expense	2,105	5,150	7,238
Final balance	64,774	77,564	74,716
Current	4,799	4,563	5,232
Non-current	59,975	73,001	69,484

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20. Provision, Contingencies, and Commitments

12 Months Ended

Dec. 31, 2017

Provision Contingencies And Commitments

Provision, Contingencies, and Commitments

a.  Provisions for tax, civil, and labor risks

The Company and its subsidiaries are parties in tax, civil, environmental, regulatory, and labor disputes at the administrative and judiciary levels, which, when applicable, are backed by escrow deposits. Provisions for losses are estimated and updated by Management based on the opinion of the Company’s legal department and its external legal advisors.

The table below demonstrates the breakdown of provisions by nature and its movement:

Provisions	Balance on 12/31/2016	Additions	Write-offs	Monetary restatement	Opening balance CBL S.A.	Balance on 12/31/2017
IRPJ and CSLL (a.1.1)	473,490	-	(2,163)	25,285	19,217	515,829
PIS and COFINS (a.1.2)	141,112	-	(109,463)	3,278	-	34,927
ICMS	17,099	1,864	(7,795)	533	100,083	111,784
Civil, environmental and regulatory claims (a.2.1)	69,350	22,026	(3,269)	330	859	89,296
Labor litigation (a.3.1)	65,162	23,973	(11,899)	1,145	4,044	82,425
IPI	-	-	-	-	78,067	78,067
Other	13,569	634	(1,401)	584	82	13,468
Total	779,782	48,497	(135,990)	31,155	202,352	925,796
Current	52,694					64,550
Non-current	727,088					861,246

Some of the provisions above involve, in whole or in part, escrow deposits.

Balances of escrow deposits are as follows:

	2017	2016
Tax matters	659,062	643,423
Labor litigation	71,074	70,392
Civil and other	92,524	64,955
Total – non-current assets	822,660	778,770

a.1) Provisions for Tax Matters and Social Security

a.1.1) On October 7, 2005, the subsidiaries Cia. Ultragaz and Bahiana filed for and obtained a preliminary injunction to recognize and offset PIS and COFINS credits on LPG purchases, against other taxes levied by the RFB, notably IRPJ and CSLL. The decision was confirmed by a trial court on May 16, 2008. Under the preliminary injunction, the subsidiaries made escrow deposits for these debits which amounted to R$ 483,485 as of December 31, 2017 (R$ 457,868 as of December 31, 2016). On July 18, 2014, a second instance unfavorable decision was published and the subsidiaries suspended the escrow deposits, and started to pay income taxes from that date. To revert the court decision, the subsidiaries presented a writ of prevention which was dismissed on December 30, 2014, and the subsidiaries appealed this decision on February 3, 2015. Appeals were also presented to the respective higher courts (STJ and STF) whose final trial are pending.

a.1.2) The subsidiaries Oxiteno S.A., Oxiteno Nordeste, Cia. Ultragaz, Tequimar, Tropical Transportes Ipiranga Ltda., EMCA, IPP and Extrafarma filed for a preliminary injunction seeking the deduction of ICMS from their PIS and COFINS tax bases. On March 15, 2017, in a decision with general repercussion, the Federal Supreme Court (STF) decided that the ICMS does not make up the calculation of PIS and COFINS tax bases. Therefore, supported by its legal advisors, on March 31, 2017, Oxiteno Nordeste and IPP reversed the provision in the amount of R$ 109,463 in 2017.

The Company emphasizes that it is possible for the STF to restrict the effects of the judgment or to decide that the effectiveness will be reached after its final decision or other time that may be fixed. Despite the favorable context, until there is effective final decision, the causes may be reassessed, which could result in the recognition of new provisions in the future.

a.2) Provisions for Civil, Environmental and Regulatory Claims

a.2.1) The Company and its subsidiaries maintained provisions for lawsuits and administrative proceedings, mainly derived from contracts entered into with customers and former services providers, as well as proceedings related to environmental and regulatory issues in the amount of R$ 89,296 as of December 31, 2017 (R$ 69,350 as of December 31, 2016).

 a.3) Provisions for Labor Matters

a.3.1) The Company and its subsidiaries maintained provisions of R$ 82,425 as of December 31, 2017 (R$ 65,162 as of December 31, 2016) for labor litigation filed by former employees and by employees of our service providers mainly contesting the non-payment of labor rights.

b. Contingent Liabilities (Possible)

The Company and its subsidiaries are parties in tax, civil, environmental, regulatory, and labor claims whose loss prognosis is assessed as possible (proceedings whose chance of loss is 50% or less) by the Company’s legal departments based on the opinion of its external legal advisors and, based on this assessment, these claims were not recognized in the financial statements. The estimated amount of this contingency is R$ 2,576,583 as of December 31, 2017 (R$ 2,252,637 as of December 31, 2016).

b.1) Contingent Liabilities for Tax Matters and Social Security

The Company and its subsidiaries have contingent liabilities for tax matters and social security in the amount of R$ 1,709,435 as of December 31, 2017 (R$ 1,519,658 as of December 31, 2016), mainly represented by:

b.1.1) The subsidiary IPP and its subsidiaries have assessments invalidating the offset of excise tax (“IPI”) credits in connection with the purchase of raw materials used in the manufacturing of products which sales are not subject to IPI under the protection of tax immunity. The amount of this contingency is R$ 166,003 as of December 31, 2017 (R$ 169,889 as of December 31, 2016).

b.1.2) The subsidiary IPP and its subsidiaries have legal proceedings related to ICMS. The total amount involved in these proceedings, was R$ 618,774 as of December 31, 2017 (R$ 626,393 as of December 31, 2016). Such proceedings arise mostly of the disregard of ICMS credits amounting to R$ 307,255 (R$ 283,367 as of December 31, 2016), of which R$ 121,891 (R$ 113,889 as of December 31, 2016) refer to proportional reversal requirement of ICMS credits related to the acquisition of hydrated alcohol; of alleged non-payment in the amount of R$ 113,999 (R$ 108,786 as of December 31, 2016); and inventory differences in the amount of R$ 149,171 (R$ 147,031 as of December 31, 2016) related to the leftovers or faults due to temperature changes or product handling.

b.1.3) The Company and its subsidiaries are parties to administrative and judicial suits involving Income Tax, Social Security Contribution, PIS and COFINS, substantially about denials of offset claims and credits disallowance which total amount is R$ 645,868 as of December 31, 2017 (R$ 450,120 as of December 31, 2016), mainly represented by:

b.1.3.1) In the first quarter of 2017, the subsidiary IPP received a tax assessment related to the IRPJ and CSLL resulting from the supposedly undue amortization of the goodwill paid on acquisition of a subsidiary, in the amount of R$ 187,027 as of December 31, 2017, which includes the amount of the income taxes, interest and penalty. Management assessed the likelihood of the tax assessment, supported by the opinion of its legal advisors, as “possible”, and therefore did not recognize a provision for this contingent liability.

b.2) Contingent Liabilities for Civil, Environmental and Regulatory Claims

The Company and its subsidiaries have contingent liabilities for civil, environmental and regulatory claims in the amount of R$ 593,437, totaling 2,783 lawsuits as of December 31, 2017 (R$ 480,065, totaling 2,329 lawsuits as of December 31, 2016), mainly represented by:

b.2.1) The subsidiary Cia. Ultragaz is party to an administrative proceeding before CADE based on alleged anti-competitive practices in the State of Minas Gerais in 2001. The CADE entered a decision against Cia. Ultragaz and imposed a penalty of R$ 32,315 as of December 31, 2017 (R$ 31,281 as of December 31, 2016). The imposition of such administrative decision was suspended by a court order and its merit is being judicially reviewed.

b.2.2) In 2016, the subsidiary Cia. Ultragaz became party to two administrative proceedings filed by CADE, related to allegations of anti-competitive practices: i) one of the proceedings relate to practices in the State of Paraíba and other Northeast States, in which the subsidiary Bahiana is part along with Cia. Ultragaz. On this proceeding, Cia. Ultragaz and Bahiana signed a Cessation Commitment Agreement (TCC) with CADE, approved on November 22, 2017, in the amount of R$ 95,987, to be paid in 8 (eight) equal installments updated semiannualy by SELIC, with maturity of the first one in 180 (one hundred and eighty) days from the date of publication of the approval. Three employees and one former employee signed TCC in the total amount of R$ 1,100. With the TCC, the administrative proceeding will be suspended in relation to the Cia. Ultragaz and Bahiana until final decision.; ii) the second proceeding relate to practices in the Federal District and around, in which only Cia. Ultragaz is part. On this proceeding, Cia. Ultragaz signed a TCC with CADE, approved on September 6, 2017, in the amount of R$ 2,154, to be paid in a single installment, with maturity in 180 (one hundred and eighty) days from the date of publication of the approval. Two former employees signed TCC in the amount of R$ 50 each. With the TCC, the administrative proceeding will be suspended in relation to the Cia. Ultragaz until final decision.

b.2.3) The subsidiary IPP became party to two administrative proceedings filed by CADE, related to allegations of anti-competitive practices in the city of Joinville, State of Santa Catarina and around the city of Belo Horizonte, State of Minas Gerais. As of December 31, 2017, as a result of these administrative proceedings, no fine had been imposed to the subsidiary. Supported by the opinion of external legal counsel that classified the probability of loss as “remote”, Management did not recognize a provision for this contingency as of December 31, 2017.

b.2.4) On November 29, 2016, a technical opinion was issued by the Operational Support Center for Execution (Centro de Apoio Operacional à Execução - CAEX), a technical body linked to the São Paulo State Public Prosecutor (“MPE”), presenting a proposal of compensation for the alleged environmental damages caused by the fire on April 2^nd, 2015 at the Santos Terminal of the subsidiary Tequimar. This technical opinion is non-binding, with no condemnatory or sanctioning nature, and will still be evaluated by the authorities and parties. The subsidiary disagrees with the methodology and the assumptions adopted in the proposal and is negotiating an agreement with the MPE and the Brazilian Federal Public Prosecutor (“MPF”), and currently there is no civil lawsuit filed on the matter. The negotiations relate to in natura repair of the any damages. In case of adverse conclusion of the negotiations with the MPE and MPF, the payments related to the project costs may affect the future Company’s financial statements in addition to the amounts already recognized. In addition, the MPF denounced the subsidiary Tequimar in the criminal sphere, which shall wait for the court summons in order to take the necessary measures for its defense. For more information see Note 33.

b.3) Contingent Liabilities for Labor Matters

The Company and its subsidiaries have contingent liabilities for labor matters in the amount of R$ 273,711, totaling 1,899 lawsuits as of December 31, 2017 (R$ 252,914, totaling 1,484 lawsuits as of December 31, 2016), mainly represented by:

b.3.1) In 1990, the Petrochemical Industry Labor Union (Sindiquímica), of which the employees of Oxiteno Nordeste and EMCA, companies located in the Camaçari Petrochemical Complex, are members, filed separate lawsuits against the subsidiaries demanding the compliance with the fourth section of the collective labor agreement, which provided for a salary adjustment in lieu of the salary policies practiced. In the same year, a collective labor dispute was also filed by the Union of Employers (SINPEQ) against Sindiquímica, requiring the recognition of the loss of effectiveness of such fourth section. The decisions rendered on the individual claims which were favorable to the subsidiaries Oxiteno Nordeste and EMCA are final and unappealable. The collective labor dispute remains pending trial by STF. In 2010, some companies in the Camaçari Petrochemical Complex signed an agreement with Sindiquímica and reported the fact in the collective labor dispute. In October 2015, Sindiquímica filed enforcement lawsuits against all Camaçari Petrochemical Complex companies that have not yet made settlements, including Oxiteno Nordeste and EMCA.

c. Lubricants operation between IPP and Chevron

In the process of transaction of the lubricants operation in Brazil between Chevron and subsidiary IPP (see Note 3.c), it was agreed that each shareholder is responsible for any claims arising out of acts, facts or omissions prior to the transaction. The liability provisions of the Chevron shareholder in the amount of R$ 3,452 are reflected in the consolidation of these financial statements, as well as the contingent liabilities identified in the date of acquisition, whose provision amount of R$ 198,900 was recognized as a business combination on December 1, 2017. The amounts of provisions of Chevron's liability recognized in the business combination will be reimbursed to subsidiary CBLSA in the event of losses and an indemnity asset was hereby constituted in the same amount, without the need to establish a provision for uncollectible amounts.

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21. Deferred Revenue

12 Months Ended

Dec. 31, 2017

Deferred Revenue

Deferred Revenue

The Company’s subsidiaries have recognized the following deferred revenue:

	2017	2016
‘am/pm’ and Jet Oil franchising upfront fee	19,537	18,620
Loyalty program “Km de Vantagens”	9,134	13,062
Loyalty program “Clube Extrafarma”	2,638	3,128
	31,309	34,810
Current	18,413	22,300
Non-current	12,896	12,510

Loyalty Programs

Subsidiary Ipiranga has a loyalty program called Km de Vantagens (www.kmdevantagens.com.br) under which registered customers are rewarded with points when they buy products at Ipiranga service stations or at its partners. The customers may exchange these points, during the period of one year, for discounts on products and services offered by Ipiranga and its partners. Points received by Ipiranga’s customers that may be used with the partner Multiplus Fidelidade and for discounts of fuel in Ipiranga’s website (www.postoipiranganaweb.com.br) and discounted from sales revenue.

Subsidiary Extrafarma has a loyalty program called Clube Extrafarma (www.clubeextrafarma.com.br) under which registered customers are rewarded with points when they buy products at its drugstore chain. The customers may exchange these points, during the period of six months, for discounts in products at its drugstore chain, recharge credit on a mobile phone, and prizes offered by partners Multiplus Fidelidade and Ipiranga, through Km de Vantagens. Points received by Extrafarma’s customers are discounted from sales revenue.

Deferred revenue is estimated based on the fair value of the points granted, considering the value of the prizes and the expected redemption of points. Deferred revenue is recognized in profit or loss when the points are redeemed, on which occasion the costs incurred are also recognized. Deferred revenue of unredeemed points is also recognized in profit or loss when the points expire.

Franchising Upfront Fee

am/pm is the convenience stores chain of the Ipiranga service stations. Ipiranga ended 2017 with 2,414 stores (2,165 stores in 2016). Jet Oil is Ipiranga’s lubricant-changing and automotive service specialized network. Ipiranga ended 2017 with 1,735 stores (1,594 stores in 2016). The franchising upfront fee received by Ipiranga is deferred and recognized in profit or loss on the straight-line accrual basis throughout the terms of the agreements with the franchisees.

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22. Subscription warrants - indemnification

12 Months Ended

Dec. 31, 2017

Subscription Warrants - Indemnification

Subscription warrants - indemnification

Because of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants – indemnification were issued, corresponding to up to 3,205,622 shares of the Company. The subscription warrants – indemnification may be exercised beginning 2020 by the former shareholders of Extrafarma and are adjusted according to the changes in the amounts of provisions for tax, civil, and labor risks and contingent liabilities related to the period prior to January 31, 2014. The subscription warrants – indemnification’s fair value is measured based on the share price of Ultrapar (UGPA3) and is reduced by the dividend yield until 2020, since the exercise is possible only from 2020, and they are not entitled to dividends until that date. In 2017, the subscription warrants – indemnification were represented by 2,415,848 shares and amounted to R$ 171,459 (as of December 31, 2016, they were represented by 2,394,825 and totaled R$ 153,429). Due to the final adverse decision of some of these lawsuits, on December 31, 2017, the maximum number of shares that could be issued related to the subscription warrants – indemnification was up to 3,035,499 (3,059,579 shares as of December 31, 2016). For further information on Extrafarma’s acquisition, see Note 3.a to the financial statements of the Company filed on February 17, 2016.

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23. Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Shareholders Equity

Shareholders' Equity

a.   Share Capital

The Company is a publicly traded company listed on B3 in the Novo Mercado listing segment under the ticker “UGPA3” and on the New York Stock Exchange (NYSE) in the form of level III American Depositary Receipts (“ADRs”) under the ticker “UGP”. On December 31, 2017, the subscribed and paid-in capital stock consists of 556,405,096 common shares with no par value and the issuance of preferred shares and participation certificates is prohibited. Each common share entitles its holder to one vote at Shareholders’ Meetings.

The price of the shares issued by the Company as of December 31, 2017, on B3 was R$ 75.00.

As of December 31, 2017, the Company is authorized to increase capital up to the limit of 800,000,000 common shares, without amendment to the Bylaws, by resolution of the Board of Directors.

As of December 31, 2017, there were 28,935,260 common shares outstanding abroad in the form of ADRs (28,944,097 shares as of December 31, 2016).

b.   Equity instrument granted

On April 19, 2017, a new share-based incentive plan was approved, which establishes the general terms and conditions for the concession of common shares issued by the Company held in treasury (see Note 8.c).

c.   Treasury Shares

The Company acquired its own shares at market prices, without capital reduction, to be held in treasury and to be subsequently disposed of or cancelled.

As of December 31, 2017, 13,041,356 common shares (13,131,356 as of December 31, 2016) were held in the Company’s treasury, acquired at an average cost of R$ 36.98 per share (R$ 36.85 as of December 31, 2016).

d.   Capital Reserve

The capital reserve reflects the gain on the transfer of shares at market price used in the Deferred Stock Plan granted to executives of the subsidiaries of the Company, as mentioned in Note 8.c).

Because of Extrafarma’s association in 2014, the Company recognized an increase in the capital reserves in the amount of R$ 498,812, due to the difference between the value attributable to share capital and the market value of the Ultrapar shares on the date of issue, deducted by R$ 2,260 related to the incurred costs directly attributable to issuing new shares.

e.   Revaluation Reserve

The revaluation reserve reflects the revaluation of assets of subsidiaries and is based on depreciation, write-off, or disposal of the revalued assets of the subsidiaries, as well as the tax effects recognized by these subsidiaries.

f.   Profit Reserves

Legal Reserve

Under Brazilian Corporate Law, the Company is required to appropriate 5% of net annual earnings to a legal reserve, until the balance reaches 20% of capital stock. This reserve may be used to increase capital or absorb losses, but may not be distributed as dividends.

Retention of Profits

Reserve recognized in previous fiscal years and used for investments contemplated in a capital budget, mainly for expansion, productivity, and quality, acquisitions and new investments, in accordance with Article 196 of Brazilian Corporate Law. In compliance with Article 199 of the Brazilian Corporate Law, on April 19, 2017 the OEGM deliberated the excess of the profit reserves in relation to share capital, increasing the share capital in the amount of R$ 1,333,066, related to the retained earnings reserve.

Investments Reserve

In compliance with Article 194 of the Brazilian Corporate Law and Article 55.c) of the Bylaws this reserve is aimed to protect the integrity of the Company’s assets and to supplement its capital stock, in order to allow new investments to be made. As provided in its Bylaws, the Company may allocate up to 45% of net income to the investments reserve, up to the limit of 100% of the share capital.

The investments reserve is free of distribution restrictions and totaled R$ 3,130,935 as of December 31, 2017.

g.   Valuation Adjustments and Cumulative Translation Adjustments

Valuation Adjustments

Actuarial gains and losses relating to post-employment benefits, calculated based on a valuation conducted by an independent actuary, are recognized in shareholders’ equity under the title “valuation adjustments”. Actuarial gains and losses recorded in equity are not reclassified to profit or loss in subsequent periods.

Gains and losses on the hedging instruments of exchange rate related to firm commitment and highly probable transactions designated as cash flows hedges are recorded in shareholders’ equity as “valuation adjustments”. Gains and losses are reclassified to initial cost of non-financial assets.

The Company recognizes in this item the effect of changes in the non-controlling interest in subsidiaries that do not result in loss of control. This amount corresponds to the difference between the amount by which the non-controlling interest was adjusted and the fair value of the consideration received or paid and represents a transaction with shareholders.

Cumulative Translation Adjustments

The change in exchange rates on assets, liabilities, and income of foreign subsidiaries that have (i) functional currency other than the presentation currency of the Company, (ii) an independent administration and (iii) notes in the foreign market (see Note 31 - net investment hedge in foreign entities), is directly recognized in the shareholders’ equity. This accumulated effect is reflected in profit or loss as a gain or loss only in case of disposal or write-off of the investment.

Balance and changes in valuation adjustments and cumulative translation adjustments of the Company are as follows:

	Valuation adjustments
	Fair value of cash flow hedging instruments	Fair value of financial instruments classified as available for sale	Actuarial gains (losses) of post-employment benefits	Non-controlling shareholders interest change	Total	Cumulative translation adjustment
Balance on 12/31/2014	-	51	7,098	-	7,149	43,192
Translation of foreign subsidiaries, net of income tax	-	-	-	-	-	23,733
Changes in fair value	6,261	1,472	-	-	7,733	-
Actuarial gains of post-employment benefits	-	-	6,321	-	6,321	-
Income and social contribution taxes on actuarial gains	-	-	(2,250)	-	(2,250)	-
Balance on 12/31/2015	6,261	1,523	11,169	-	18,953	66,925
Translation of foreign subsidiaries, net of income tax	-	-	-	-	-	(59,406)
Changes in fair value	(46,470)	(1,523)	-	-	(47,993)	-
Income and social contribution taxes on fair value	13,326	-	-	-	13,326	-
Actuarial losses of post-employment benefits	-	-	(12,435)	-	(12,435)	-
Income and social contribution taxes on actuarial losses	-	-	4,162	-	4,162	-
Balance on 12/31/2016	(26,883)	-	2,896	-	(23,987)	7,519
Translation of foreign subsidiaries, net of income tax	-	-	-	-	-	45,542
Changes in fair value of hedge instruments	(2,550)	-	-	-	(2,550)	-
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	-	-	-	202,188	202,188	-
Income and social contribution taxes on fair value	2,069	-	-	-	2,069	-
Actuarial losses of post-employment benefits	-	-	(27,658)	-	(27,658)	-
Income and social contribution taxes on actuarial losses	-	-	9,581	-	9,581	-
Balance on 12/31/2017	(27,364)	-	(15,181)	202,188	159,643	53,061

h.   Dividends and Allocation of Net Income

The shareholders are entitled, under the Bylaws, to a minimum annual dividend of 50% of adjusted net income calculated in accordance with Brazilian Corporate Law. The dividends and interest on equity in excess of the obligation established in the Bylaws are recognized in shareholders’ equity until the Shareholders approve them. The proposed dividends payable as of December 31, 2016 in the amount of R$ 472,650 (R$ 0.87 – eighty seven cents of Brazilian Real per share), were approved by the Board of Directors on February 22, 2017, and paid beginning March 10, 2017, being ratified at the OEGM on April 19, 2017. On August 9, 2017, the Board of Directors approved the anticipation of dividends of 2017, in the amount of R$ 461,868 (R$ 0.85 – eighty five cents of Brazilian Real per share), paid as from August 25, 2017. The proposed dividends payable as of December 31, 2017 in the amount of R$ 489,027 (R$ 0.90 – ninety cents of Brazilian Real per share), were approved by the Board of Directors on February 21, 2018, and paid beginning March 12, 2018.

	2017
Net income for the year attributable to shareholders of Ultrapar	1,574,306
Minimum mandatory dividends	787,153
Interim dividends paid (R$ 0.85 per share)	(461,868)
Mandatory dividends payable – Current liabilities	325,285
Additional dividends to the minimum mandatory dividends – shareholders’ equity	163,742
Dividends payable (R$ 0.90 per share)	489,027
Legal reserve	78,716
Statutory investments reserve	544,695

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24. Net Revenue from Sale and Services

12 Months Ended

Dec. 31, 2017

Net Revenue From Sale And Services

Net Revenue from Sale and Services

	2017	2016	2015
Gross revenue from sale	82,134,879	79,361,004	77,463,652
Gross revenue from services	728,590	621,823	568,556
Sales taxes	(1,936,077)	(1,929,288)	(2,011,860)
Discounts and sales returns	(927,557)	(703,305)	(360,777)
Deferred revenue (see Note 21)	7,587	2,721	(4,297)
Net revenue from sales and services	80,007,422	77,352,955	75,655,274

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25. Expenses by Nature

12 Months Ended

Dec. 31, 2017

Expenses By Nature

Expenses by Nature

The Company presents its expenses by function in the consolidated income statement and presents below its expenses by nature:

	2017	2016	2015
Raw materials and materials for use and consumption	71,521,652	69,173,511	67,763,793
Personnel expenses	2,231,556	2,042,985	1,950,776
Freight and storage	1,117,467	1,077,552	1,134,388
Depreciation and amortization	1,175,951	1,103,538	1,002,647
Advertising and marketing	192,441	200,011	177,336
Services provided by third parties	351,227	318,746	255,750
Lease of real estate and equipment	196,970	164,740	143,677
Other expenses	410,356	359,000	343,237
Total	77,197,620	74,440,083	72,771,604
Classified as:
Cost of products and services sold	72,735,781	70,342,723	68,933,702
Selling and marketing	2,885,311	2,651,501	2,516,561
General and administrative	1,576,528	1,445,859	1,321,341
Total	77,197,620	74,440,083	72,771,604

Research and development expenses are recognized in the income statements and amounted to R$ 55,836 in 2017 (R$ 50,129 in 2016 and R$ 41,368 in 2015).

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26. Gain (loss) on Disposal of Property, Plant, and Equipment and Intangibles

12 Months Ended

Dec. 31, 2017

Gain Loss On Disposal Of Property Plant And Equipment And Intangibles

Gain (loss) on Disposal of Property, Plant, and Equipment and Intangibles

The gain or loss is determined as the difference between the selling price and residual book value of the investment, property, plant, and equipment, or intangible asset disposed of. In 2017, the loss was R$ 2,242 (loss of R$ 6,134 in 2016 and gain of R$ 27,276 in 2015), represented primarily from disposal of property, plant, and equipment.

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27. Other Operating Income, Net

12 Months Ended

Dec. 31, 2017

Other Operating Income Net

Other Operating Income, Net

		2017	2016	2015
	Commercial partnerships (1)	52,731	59,761	50,763
	Merchandising (2)	53,870	38,851	29,158
	Loyalty program (3)	26,419	19,411	22,455
	Ultracargo – fire accident in Santos (4)	(39,080)	76,443	(92,192)
	Reversal of provision – ICMS from PIS and COFINS tax bases (see Note 20.a.1.2)	49,152	-	-
	TCC – Cia. Ultragaz e Bahiana (5)	(85,819)	-	-
	Compensation of undue use of Ultratecno brand	-	-	16,000
	Adjustment of working capital and net debt – Extrafarma acquisition (6)	-	-	13,784
	Others	2,087	4,506	10,616
Other operating income, net		59,360	198,972	50,584

⁽¹⁾ Refers to contracts with service providers and suppliers which establish trade agreements for convenience stores and gas stations.

⁽²⁾ Refers to contracts with suppliers of convenience stores, which establish, among other agreements, promotional campaigns.

⁽³⁾ Refers to sales of “Km de Vantagens” to partners of the loyalty program. Revenue is recognized at the time that the partners transfer the points to their customers.

⁽⁴⁾ For more information about the fire accident in Ultracargo, see Note 33.

⁽⁵⁾ For more information about the Cessation Commitment Agreement of the subsidiaries Cia. Ultragaz and Bahiana, see Notes 20.b.2.2 and 28.

⁽⁶⁾ For further information on Extrafarma’s acquisition, see Note 3.a. to the financial statements of the Company filed on February 17, 2016.

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28. Financial Income (Expense)

12 Months Ended

Dec. 31, 2017

Financial Income Expense

Financial Income (Expense)

	2017	2016	2015
Financial income:
Interest on financial investments	475,460	404,080	341,739
Interest from customers	105,773	103,976	81,374
Other financial income	3,868	5,187	3,316
	585,101	513,243	426,429
Financial expenses:
Interest on loans	(672,102)	(777,424)	(666,791)
Interest on debentures	(385,009)	(374,125)	(308,290)
Interest on finance leases	(4,991)	(7,839)	(4,023)
Bank charges, financial transactions tax, and other charges	(91,614)	(74,761)	(46,966)
Exchange variation, net of gains and losses with derivative instruments	72,869	(69,854)	(71,384)
Reversal of provision – ICMS from PIS and COFINS tax bases (see Note 20.a.1.2)	43,411	-	-
Changes in subscription warranty - indemnification (see Note 22)	(20,360)	(42,615)	(21,154)
TCC monetary restatement – Bahiana (see Notes 20.b.2.2 and 27)	(13,509)	-	-
Monetary restatement of provisions, net, and other financial expenses	11,908	(9,201)	(11,159)
	(1,059,397)	(1,355,819)	(1,129,767)
Financial income (expense)	(474,296)	(842,576)	(703,338)

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29. Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share

Earnings per Share

The table below presents a reconciliation of numerators and denominators used in computing earnings per share. The Company has a deferred stock plan and subscription warrants - indemnification, as mentioned in Notes 8.c and 22, respectively.

Basic Earnings per Share	2017	2016	2015
Net income for the year of the Company	1,574,306	1,561,585	1,503,466
Weighted average shares outstanding (in thousands)	541,813	541,391	543,775
Basic earnings per share –R$	2.9056	2.8844	2.7649
Diluted Earnings per Share	2017	2016	2015
Net income for the year of the Company	1,574,306	1,561,585	1,503,466
Weighted average shares outstanding (in thousands), including deferred stock plan and subscription warrants - indemnification	545,740	545,509	548,054
Diluted earnings per share –R$	2.8847	2.8626	2.7433
Weighted Average Shares Outstanding (in thousands)	2017	2016	2015
Weighted average shares outstanding for basic per share calculation	541,813	541,391	543,775
Dilution effect
Subscription warrants - indemnification	2,395	2,267	2,161
Deferred Stock Plan	1,532	1,851	2,118
Weighted average shares outstanding for diluted per share calculation	545,740	545,509	548,054

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30. Segment Information

12 Months Ended

Dec. 31, 2017

Earnings Per Share

Segment Information

The Company operates five main business segments: gas distribution, fuel distribution, chemicals, storage and drugstores. The gas distribution segment (Ultragaz) distributes LPG to residential, commercial, and industrial consumers, especially in the South, Southeast, and Northeast regions of Brazil. The fuel distribution segment (Ipiranga) operates the distribution and marketing of gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants and related activities throughout all the Brazilian territory. The chemicals segment (Oxiteno) produces ethylene oxide and its main derivatives and fatty alcohols, which are raw materials used in the home and personal care, agrochemical, paints, varnishes, and other industries. The storage segment (Ultracargo) operates liquid bulk terminals, especially in the Southeast and Northeast regions of Brazil. The drugstores segment (Extrafarma) trades pharmaceutical, hygiene, and beauty products through its own drugstore chain in the states of Amapá, Bahia, Ceará, Maranhão, Pará, Paraíba, Pernambuco, Piauí, Rio Grande do Norte, São Paulo, Sergipe and Tocantins. The segments shown in the financial statements are strategic business units supplying different products and services. Intersegment sales are at prices similar to those that would be charged to third parties.

The main financial information of each of the Company’s segments are stated as follows:

	2017	2016	2015
Net revenue from sales and services:
Ultragaz	6,069,340	5,365,524	4,621,242
Ipiranga	67,730,856	66,407,305	65,349,812
Oxiteno	3,957,584	3,700,703	4,082,479
Ultracargo	438,360	355,412	315,510
Extrafarma	1,869,466	1,578,210	1,336,255
	80,065,606	77,407,154	75,705,298
Others (1)	50,752	45,504	45,244
Intersegment sales	(108,936)	(99,703)	(95,268)
Total	80,007,422	77,352,955	75,655,274
Intersegment sales:
Ultragaz	2,217	2,942	3,027
Ipiranga	964	-	-
Oxiteno	919	2,519	2,576
Ultracargo	54,174	48,941	44,395
Extrafarma	-	-	-
	58,274	54,402	49,998
Others (1)	50,662	45,301	45,270
Total	108,936	99,703	95,268
Net revenue from sales and services, excluding intersegment sales:
Ultragaz	6,067,123	5,362,582	4,618,215
Ipiranga	67,729,892	66,407,305	65,349,786
Oxiteno	3,956,665	3,698,184	4,079,903
Ultracargo	384,186	306,471	271,115
Extrafarma	1,869,466	1,578,210	1,336,255
	80,007,332	77,352,752	75,655,274
Others (1)	90	203	-
Total	80,007,422	77,352,955	75,655,274

	2017	2016	2015
Operating income (expense):
Ultragaz	269,125	288,449	213,895
Ipiranga	2,415,534	2,383,585	2,154,606
Oxiteno	140,262	308,177	579,541
Ultracargo	74,880	127,904	(16,058)
Extrafarma	(36,854)	(5,577)	4,985
	2,862,947	3,102,538	2,936,969
Others (1)	3,973	3,172	24,561
Total	2,866,920	3,105,710	2,961,530
Share of profit (loss) of joint-ventures and associates:
Ultragaz	1,245	(39)	(55)
Ipiranga	(19,777)	(23,178)	(21,779)
Oxiteno	1,417	975	2,003
Ultracargo	1,578	(27)	699
	(15,537)	(22,269)	(19,132)
Others (1)	36,210	29,745	8,248
Total	20,673	7,476	(10,884)
Financial result, net	(474,296)	(842,576)	(703,338)
Income before income and social contribution taxes	2,413,297	2,270,610	2,247,308
Additions to property, plant, and equipment and intangible assets (excluding intersegment account balances):
Ultragaz	244,187	248,627	251,463
Ipiranga	1,077,318	911,927	921,634
Oxiteno	466,967	291,294	136,314
Ultracargo	105,028	81,166	24,463
Extrafarma	171,183	140,454	80,813
	2,064,683	1,673,468	1,414,687
Others (1)	22,626	17,365	24,248
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	2,087,309	1,690,833	1,438,935
Asset retirement obligation – fuel tanks (see Note 19)	(537)	(483)	(625)
Capitalized borrowing costs	(22,243)	(23,980)	(25,207)
Total investments in property, plant, and equipment and intangible assets (cash flow)	2,064,529	1,666,370	1,413,103

Depreciation and amortization charges:
Ultragaz	182,833	158,193	143,207
Ipiranga	716,831	695,664	612,727
Oxiteno	153,110	149,716	158,261
Ultracargo	47,669	43,356	41,668
Extrafarma	60,856	42,666	23,744
	1,161,299	1,089,595	979,607
Others (1)	14,652	13,943	23,040
Total	1,175,951	1,103,538	1,002,647

	2017	2016
Total assets (excluding intersegment account balances):
Ultragaz	2,438,113	2,308,686
Ipiranga	15,410,667	11,663,289
Oxiteno	6,562,360	6,354,788
Ultracargo	1,394,087	1,535,815
Extrafarma	1,950,000	1,719,524
	27,755,227	23,582,102
Others (1)	585,095	577,568
Total	28,340,322	24,159,670

⁽¹⁾ Composed of the parent company Ultrapar (including goodwill of certain acquisitions) and subsidiaries Serma - Associação dos Usuários de Equipamentos de Processamento de Dados e Serviços Correlatos (“Serma”) and Imaven Imóveis Ltda.

Geographic Area Information

The fixed and intangible assets of the Company and its subsidiaries are located in Brazil, except those related to Oxiteno’ plants abroad, as shown below:

	2017	2016
United States of America (*)	511,912	264,478
Mexico	109,034	103,051
Uruguay	65,876	67,251
Venezuela	22,480	5,989
	709,302	440,769

^(*) The increase refers to the construction of a new plant in Pasadena, Texas.

The subsidiaries generate revenue from operations in Brazil, Mexico, United Stated of America, Uruguay and Venezuela, as well as from exports of products to foreign customers, as disclosed below:

	2017	2016	2015
Net revenue:
Brazil	78,763,771	76,283,061	74,337,803
Mexico	190,205	183,124	215,141
Uruguay	33,873	33,782	37,938
Venezuela	54,788	25,393	158,020
Other Latin American countries	427,875	448,814	392,748
United States of America and Canada	292,709	158,280	166,277
Far East	72,469	57,662	190,160
Europe	119,097	97,261	101,931
Others	52,635	65,578	55,256
Total	80,007,422	77,352,955	75,655,274

Sales to the foreign market are made substantially by the Oxiteno segment.

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31. Risks and Financial Instruments

12 Months Ended

Dec. 31, 2017

Risks And Financial Instruments

Risks and Financial Instruments

Risk Management and Financial Instruments - Governance

The main risks to which the Company and its subsidiaries are exposed reflect strategic/operational and economic/financial aspects. Operational/strategic risks (including, but not limited to, demand behavior, competition, technological innovation, and material changes in the industry structure) are addressed by the Company’s management model. Economic/financial risks primarily reflect default of customers, behavior of macroeconomic variables, such as exchange and interest rates, as well as the characteristics of the financial instruments used by the Company and its subsidiaries and their counterparties. These risks are managed through control policies, specific strategies, and the establishment of limits.

The Company has a policy for the management of resources, financial instruments, and risks approved by its Board of Directors (“Policy”). In accordance with the Policy, the main objectives of financial management are to preserve the value and liquidity of financial assets and ensure financial resources for the development of the business, including expansions. The main financial risks considered in the Policy are risks associated with currencies, interest rates, credit, and selection of financial instruments. Governance of the management of financial risks and financial instruments follows the segregation of duties below:

• Implementation of the management of financial assets, instruments, and risks is the responsibility of the financial area, through its treasury department, with the assistance of the tax and accounting departments.

• Supervision and monitoring of compliance with the principles, guidelines, and standards of the Policy is the responsibility of the Risk and Investment Committee, which is composed of members of the Company’s Executive Board (“Committee”). The Committee holds regular meetings and is in charge, among other responsibilities, of discussing and monitoring the financial strategies, existing exposures, and significant transactions involving investment, fundraising, or risk mitigation. The Committee monitors the risk standards established by the Policy through a monitoring map on a monthly basis.

• Changes in the Policy or revisions of its standards are subject to the approval of the Board of Directors of Ultrapar.

• Continuous improvement of the Policy is the joint responsibility of the Board of Directors, the Committee, and the financial area.

•  The internal audit department audits the compliance with the requirements of the Policy.

Currency Risk

Most transactions of the Company, through its subsidiaries, are located in Brazil and, therefore, the reference currency for risk management is the Brazilian Real. Currency risk management is guided by neutrality of currency exposures and considers the transactional, accounting, and operational risks of the Company and its subsidiaries and their exposure to changes in exchange rates. The Company considers as its main currency exposures the assets and liabilities in foreign currency and the short-term flow of net sales in foreign currency of Oxiteno.

The Company and its subsidiaries use exchange rate hedging instruments (especially between the Brazilian Real and the U.S. dollar) available in the financial market to protect their assets, liabilities, receipts, and disbursements in foreign currency and net investments in foreign operations. Hedge is used in order to reduce the effects of changes in exchange rates on the Company´s income and cash flows in Brazilian Reais within the exposure limits under its Policy. Such foreign exchange hedging instruments have amounts, periods, and rates substantially equivalent to those of assets, liabilities, receipts, and disbursements in foreign currencies to which they are related. Assets and liabilities in foreign currencies are stated below, translated into Brazilian Reais:

Assets and Liabilities in Foreign Currencies

In millions of Brazilian Reais	2017	2016
Assets in foreign currency
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)	236.4	423.9
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers	214.9	323.4
Net investments in foreign subsidiaries (except cash, cash equivalents, financial investments, trade receivables, financing, and payables)	930.0	600.9
	1,381.3	1,348.2
Liabilities in foreign currency
Financing in foreign currency, gross of transaction costs and discount	(4,416.2)	(4,736.3)
Payables arising from imports, net of advances to foreign suppliers	(173,1)	(57.1)
	(4,589.3)	(4,793.4)
Foreign currency hedging instruments	1,777.6	2,206.4
Net asset (liability) position – Total	(1,430.4)	(1,238.8)
Net asset (liability) position – Income statement effect	(26.1)	24.8
Net asset (liability) position – Shareholders’ equity effect	(1,404.3)	(1,263.6)

Sensitivity Analysis of Assets and Liabilities in Foreign Currency

The table below shows the effect of exchange rate changes in different scenarios, based on the net liability position of R$ 1,430.4 million in foreign currency:

In millions of Brazilian Reais	Risk	Scenario I	Scenario II	Scenario III
		10%	25%	50%
(1) Income statement effect	Real devaluation	(2.6)	(6.5)	(13.0)
(2) Shareholders’ equity effect		(140.4)	(351.1)	(702.2)
(1) + (2)	Net effect	(143.0)	(357.6)	(715.2)
(3) Income statement effect	Real appreciation	2.6	6.5	13.0
(4) Shareholders’ equity effect		140.4	351.1	702.2
(3) + (4)	Net effect	143.0	357.6	715.2

The shareholders’ equity effect refers to cumulative translation adjustments of changes in the exchange rate on equity of foreign subsidiaries (see Notes 2.r and 23.g - Cumulative Translation Adjustments), net investments hedge in foreign entities, cash flow hedge of firm commitment and highly probable transaction (see Note 2.c and Hedge Accounting below).

Interest Rate Risk

The Company and its subsidiaries adopt policies for borrowing and investing financial resources and for capital cost minimization. The financial investments of the Company and its subsidiaries are primarily held in transactions linked to the CDI, as set forth in Note 4. Borrowings primarily relate to financing from Banco do Brasil, BNDES, and other development agencies, as well as debentures and borrowings in foreign currency, as shown in Note 14.

The Company attempts to maintain its financial interest assets and liabilities at floating rates.

The table below shows the financial assets and liabilities exposed to floating interest rates:

In millions of Brazilian Reais

	Note	2017	2016
CDI
Cash equivalents	4	4,821.6	3,837.8
Financial investments	4	1,153.0	1,174.5
Asset position of foreign exchange hedging instruments - CDI	31	29.9	28.3
Loans and debentures	14	(7,987.3)	(5,862.3)
Liability position of foreign exchange hedging instruments - CDI	31	(1,877.4)	(2,181.6)
Liability position of fixed interest instruments - CDI	31	(586.6)	-
Net liability position in CDI		(4,446.8)	(3,003.3)
TJLP
Loans –TJLP	14	(301.9)	(404.4)
Net liability position in TJLP		(301.9)	(404.4)
LIBOR
Asset position of foreign exchange hedging instruments - LIBOR	31	984.3	1,149.7
Loans - LIBOR	14	(1,418.5)	(1,470.1)
Net liability position in LIBOR		(434.2)	(320.4)
TIIE
Loans - TIIE	14	(3.4)	(9.6)
Net liability position in TIIE		(3.4)	(9.6)
SELIC
Loans – SELIC	14	(100.3)	(99.5)
Net liability position in SELIC		(100.3)	(99.5)
Total net liability position exposed to floating interest		(5,286.6)	(3,837.2)

Sensitivity Analysis of Floating Interest Rate Risk

The table below shows the incremental expenses and income that would be recognized in financial income in 2017, due to the effect of floating interest rate changes in different scenarios.

For sensitivity analysis of floating interest rate risk, the Company used the accumulated amount of the reference indexes (CDI, TJLP, LIBOR, TIIE and SELIC) as a base scenario up to December 31, 2017. Scenarios I, II and III were based on of 10%, 25% and 50% variation, respectively, in the floating interest rate of the base scenario:

In millions of Brazilian Reais
	Risk	Scenario I	Scenario II	Scenario III
		10%	25%	50%
Exposure of interest rate risk
Interest effect on cash equivalents and financial investments	Increase in CDI	47.3	118.1	236.3
Foreign exchange hedging instruments (assets in CDI) effect	Increase in CDI	0.2	0.5	1.0
Interest effect on debt in CDI	Increase in CDI	(67.2)	(168.0)	(336.0)
Interest rate hedging instruments (liabilities in CDI) effect	Increase in CDI	(38.6)	(94.2)	(186.7)
Incremental expenses		(58.3)	(143.6)	(285.4)
Interest effect on debt in TJLP	Increase in TJLP	(2.3)	(5.6)	(11.3)
Incremental expenses		(2.3)	(5.6)	(11.3)
Foreign exchange hedging instruments (assets in LIBOR) effect	Increase in LIBOR	1.4	3.4	6.8
Interest effect on debt in LIBOR	Increase in LIBOR	(1.7)	(4.4)	(8.7)
Incremental expenses		(0.3)	(1.0)	(1.9)
Interest effect on debt in TIIE	Increase in TIIE	(0.0)	(0.1)	(0.2)
Incremental expenses		(0.0)	(0.1)	(0.2)
Interest effect on debt in SELIC	Increase in SELIC	(1.0)	(2.5)	(4.9)
Incremental expenses		(1.0)	(2.5)	(4.9)

Credit Risks

The financial instruments that would expose the Company and its subsidiaries to credit risks of the counterparty are basically represented by cash and bank deposits, financial investments, hedging instruments (see Note 4), and trade receivables (see Note 5).

Credit risk of financial institutions - Such risk results from the inability of financial institutions to comply with their financial obligations to the Company and its subsidiaries due to insolvency. The Company and its subsidiaries regularly conduct a credit review of the institutions with which they hold cash and cash equivalents, financial investments, and hedging instruments through various methodologies that assess liquidity, solvency, leverage, portfolio quality, etc. Cash and cash equivalents, financial investments, and hedging instruments are held only with institutions with a solid credit history, chosen for safety and soundness. The volume of cash and cash equivalents, financial investments, and hedging instruments are subject to maximum limits by each institution and, therefore, require diversification of counterparties.

Government credit risk - The Company's policy allows investments in government securities from countries classified as investment grade AAA or Aaa by specialized credit rating agencies and in Brazilian government bonds. The volume of such financial investments is subject to maximum limits by each country and, therefore, requires diversification of counterparties.

Customer credit risk - Such risks are managed by each business unit through specific criteria for acceptance of customers and their credit rating and are additionally mitigated by the diversification of sales. No single customer or group accounts for more than 10% of total revenue.

The Company maintained the following allowances for doubtful accounts on trade receivables:

	2017	2016
Ipiranga	238,697	182,252
Ultragaz	39,034	33,804
Oxiteno	10,755	10,856
Extrafarma	4,922	3,449
Ultracargo	2,172	2,971
Total	295,580	233,332

Liquidity Risk

The Company and its subsidiaries’ main sources of liquidity derive from (i) cash, cash equivalents, and financial investments, (ii) cash generated from operations and (iii) financing. The Company and its subsidiaries believe that these sources are sufficient to satisfy their current funding requirements, which include, but are not limited to, working capital, capital expenditures, amortization of debt, and payment of dividends.

The Company and its subsidiaries periodically examine opportunities for acquisitions and investments. They consider different types of investments, either directly, through joint ventures, or through associated companies, and finance such investments using cash generated from operations, debt financing, through capital increases, or through a combination of these methods.

The Company and its subsidiaries believe to have enough working capital and sources of financing to satisfy their current needs. The gross indebtedness due over the next twelve months totals R$ 3,809.9 million, including estimated interests on loans (for quantitative information, see Note 14). Furthermore, the investment plan for 2018 totals R$ 2,676 million. As of December 31, 2017, the Company and its subsidiaries had R$ 6,285.5 million in cash, cash equivalents, and short-term financial investments (for quantitative information, see Note 4).

The table below presents a summary of financial liabilities as of December 31, 2017 to be settled by the Company and its subsidiaries, listed by maturity. The amounts disclosed in this table are the contractual undiscounted cash outflows, and, therefore, these amounts ​​may be different from the amounts disclosed on the balance sheet as of December 31, 2017.

				In millions of Brazilian Reais
Financial liabilities	Total	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	More than 5 years
Loans including future contractual interest (1) (2)	16,571.3	3,809.9	3,514.4	4,968.0	4,279.0
Currency and interest rate hedging instruments (3)	422.2	145.2	136.6	113.4	27.0
Trade payables	2,155.5	2,155.5	-	-	-

⁽¹⁾ To calculate the estimated interest on loans some macroeconomic assumptions were used, including averaging for the period the following: (i) CDI of 6.76% in 2018, 8.08% from 2019 to 2020, 9.63% from 2021 to 2022, 10.70% from 2023 to 2033, (ii) exchange rate of the Real against the U.S. dollar of R$ 3.37 in 2018, R$ 3.53 in 2019, R$ 3.77 in 2020, R$ 4.05 in 2021, R$ 4.35 in 2022, R$ 4.66 in 2023, R$ 4.99 in 2024, R$ 5.35 in 2025, R$ 5.73 in 2026 and R$ 6.13 in 2027 (iii) TJLP of 6.75% p.a. and (iv) IGP-M of 4.38% in 2018, 4.13% in 2019, 4.0% from 2020 to 2033 (v) IPCA of 3.9% (source: B3, Bulletin Focus and financial institutions).

⁽²⁾ Includes estimated interest payments on short-term and long-term loans until the payment date.

⁽³⁾ The currency and interest rate hedging instruments were estimated based on projected U.S dollar futures contracts and the futures curves of DI x Pre and Pre x IPCA contracts quoted on B3 on December 28, 2017 and on the futures curve of LIBOR (ICE - IntercontinentalExchange) on December 29, 2017. In the table above, only the hedging instruments with negative results at the time of settlement were considered.

Capital Management

The Company manages its capital structure based on indicators and benchmarks. The key performance indicators related to the capital structure management are the weighted average cost of capital, net debt / EBITDA, interest coverage, and indebtedness / equity ratios. Net debt is composed of cash, cash equivalents, and financial investments (see Note 4) and loans, including debentures (see Note 14). The Company can change its capital structure depending on the economic and financial conditions, in order to optimize its financial leverage and capital management. The Company seeks to improve its return on invested capital by implementing efficient working capital management and a selective investment program.

Selection and Use of Financial Instruments

In selecting financial investments and hedging instruments, an analysis is conducted to estimate rates of return, risks involved, liquidity, calculation methodology for the carrying value and fair value, and a review is conducted of any documentation applicable to the financial instruments. The financial instruments used to manage the financial resources of the Company and its subsidiaries are intended to preserve value and liquidity.

The Policy contemplates the use of derivative financial instruments only to cover identified risks and in amounts consistent with the risk (limited to 100% of the identified risk). The risks identified in the Policy are described in the above sections, and are subject to risk management. In accordance with the Policy, the Company and its subsidiaries can use forward contracts, swaps, options, and futures contracts to manage identified risks. Leveraged derivative instruments are not permitted. Because the use of derivative financial instruments is limited to the coverage of identified risks, the Company and its subsidiaries use the term “hedging instruments” to refer to derivative financial instruments.

As mentioned in the section “Risk Management and Financial Instruments – Governance”, the Committee monitors compliance with the risk standards established by the Policy through a risk map, including the use of hedging instruments, on a monthly basis. In addition, the internal audit department verifies the compliance with the requirements of the Policy.

The table below summarizes the position of hedging instruments entered into by the Company and its subsidiaries:

		Notional amount1		Fair value		Amounts receivable	Amounts payable
Hedging instruments	Maturity	2017	2016	2017	2016	2017
				R$	R$	R$	R$
				million	million	million	million
a –Exchange rate swaps receivable in U.S. dollars
Receivables in U.S. dollars (LIBOR)	Jan 2018 to Oct 2026	US$ 300.0	US$ 350.0	984.3	1,149.7	984.3	-
Receivables in U.S. dollars (Fixed)		US$ 956.6	US$ 1,062.4	823.1	1,084.6	823.1	-
Payables in CDI interest rate		US$ (1,256.6)	US$ (1,412.4)	(1,877.4)	(2,181.6)	-	1,877.4
Total result		-	-	(70.0)	52.7	1,807.4	1,877.4
b – Exchange rate swaps payable in U.S. dollars + COUPON	Jan 2018 to Apr 2018
Receivables in CDI interest rates		US$ 9.1	US$ 8.5	29.9	28.3	29.9	-
Payables in U.S. dollars (Fixed)		US$ (9.1)	US$ (8.5)	(29.8)	(27.9)	-	29.8
Total result		-	-	0.1	0.4	29.9	29.8
c – Interest rate swaps in Brazilian Reais	Oct 2024
Receivables in fixed interest rates + IPCA		R$ 566.1	-	583.3	-	583.3	-
Payables in CDI interest rates		R$ (566.1)	-	(586.6)	-	-	586.6
Total result		-	-	(3.3)	-	583.3	586.6
Total gross result				(73.2)	53.1	2,420.6	2,493.8
Income tax				(4.7)	(36.9)	(4.7)	-
Total net result				(77.9)	16.2	2,415.9	2,493.8
Positive result (see Note 4)				85.8	218.5
Negative result (see Note 14)				(163.7)	(202.3)

⁽¹⁾ In million. Currency as indicated.

All transactions mentioned above were properly registered with CETIP S.A.

Hedging instruments existing as of December 31, 2017 are described below, according to their category, risk, and hedging strategy:

a - Hedging against foreign exchange exposure of liabilities in foreign currency - The purpose of these contracts is (i) to offset the effect of the change in exchange rates of debts or firm commitments in U.S. dollars by converting them into debts or firm commitments in Brazilian Reais linked to CDI, (ii) firm commitments in U.S. dollars, changing them into debts or firm commitments in Reais indexed to the CDI and (iii) change a financial investment linked to the CDI and given as a guarantee to a loan in the U.S. dollar into a financial investment linked to the U.S. dollar. As of December 31, 2017, the Company and its subsidiaries had outstanding swap contracts totaling US$ 1,256.6 million in notional amount with a liability position, on average of 81.5% of CDI, of which US$ 223.6 million, had an asset position at US$ + 1.17% p.a., US$ 300.0 million had an asset position at US$ + LIBOR + 1.29% p.a. and US$ 733.0 million in interest rate swap with an asset position at US$ + 5.65% p.a. This amount includes US$ 320.0 million related to the fair value of hedging instruments of Ipiranga’s debt (see Notes 14.c and “hedge accounting” below) and US$ 115.0 million related to hedging instruments of cash flow of firm commitment (see “hedge accounting” below).

b - Hedging against foreign exchange exposure of operations - The purpose of these contracts is to make the exchange rate of the revenues of subsidiaries Oleoquímica, Oxiteno S.A. and Oxiteno Nordeste equal to the exchange rate of the cost of their main raw materials during their operating cycles. As of December 31, 2017, these swap contracts totaled US$ 9.1 million and, on average, had an asset position at 57.4% of CDI and a liability position at US$ + 0.0% p.a.

c - Hedging against fixed interest rate + IPCA in Brazilian Reais – The purpose of this contract is to change fixed interest rate + IPCA of debentures issued in Brazilian Reais to floating interest. As of December 31, 2017 this swap contract totaled R$ 566.1 million of notional amount, corresponding to the principal amount of the debt and had an asset position at 4.55% p.a. + IPCA and a liability position at 95.2% of CDI.

Hedge Accounting

The Company and its subsidiaries use derivative and non-derivative financial instruments for hedging purposes and test, throughout the duration of the hedge, their effectiveness, as well as the changes in their fair value.

Fair value hedge

The Company and its subsidiaries designate as fair value hedges certain financial instruments used to offset the variations in interest and exchange rates, which are based on the market value of financing contracted in Brazilian Reais and U.S. dollars.

On December 31, 2017, the notional amount of foreign exchange hedging instruments designated as fair value hedge totaled US$ 320.0 million. In 2017, a loss of R$ 143.4 million related to the result of hedging instruments, a gain of R$ 16.5 million related to the fair value adjustment of debt, and a loss of R$ 4.1 million related to the financial expense of the debt were recognized in the income statements, transforming the average effective cost of the operation into 102.7% of CDI (see Note 14.c.1).

On December 31, 2017, the notional amount of interest rate hedging instruments designated as fair value hedges totaled R$ 566.1 million. As of December 31, 2017, a loss of R$ 3.3 million related to the result of hedging instruments, a gain of R$ 19.1 million related to the fair value adjustment of debt, and a loss of R$ 18.5 million related to the financial expense of the debt were recognized in the income statements, transforming the average effective cost of the operations into 95.2% of CDI.

Cash flow hedge

The Company and its subsidiaries designate, as cash flow hedge of firm commitment and highly probable transactions, derivative financial instruments to hedge "firm commitments" and non-derivative financial instruments to hedge "highly probable future transactions", to hedge against fluctuations arising from changes in exchange rate.

On December 31, 2017, the notional amount of exchange rate hedging instruments of firm commitments designated as cash flow hedges totaled US$ 115.0 million, and a loss of R$ 45.4 million was recognized in the income statement. On December 31, 2017, the unrealized gain of “Other comprehensive income” is R$ 5.3 million (loss of R$ 13.8 million on December 31, 2016), net of deferred income and social contribution taxes.

On December 31, 2017, the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as fair value hedge, related to notes in the foreign market totaled US$ 570.0 million. On December 31, 2017, the unrealized loss of “Other comprehensive income” is R$ 30.5 million (loss of R$ 12.1 million on December 31, 2016), net of deferred income and social contribution taxes.

Net investment hedge in foreign entities

The Company and its subsidiaries designate, as net investment hedge in foreign entities, notes in the foreign market, for hedging net investment in foreign entities, to offset changes in exchange rates.

On December 31, 2017, the balance of foreign exchange hedging instruments designated as net investments hedge in foreign entities, related to part of the investments made in entities which functional currency is other than the Brazilian Real, totaled US$ 113.0 million. On December 31, 2017, the unrealized loss of “Other comprehensive income” is R$ 6.2 million (loss of R$ 2.8 million on December 31, 2016), net of deferred income and social contribution taxes. The effects of exchange rate changes on investments and hedging instruments were offset in shareholders' equity.

Gains (losses) on Hedging Instruments

The following tables summarize the value of gains (losses) recognized, which affected the shareholders’ equity of the Company and its subsidiaries:

	R$ million
	2017
	Profit or loss	Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(72.1)	5.3
b – Exchange rate swaps payable in U.S. dollars (ii)	3.2	-
c – Interest rate swaps in R$ (iii)	15.9	-
d – Non-derivative financial instruments (iv)	(104.2)	(36.7)
Total	(157.2)	(31.4)

	R$ million
	2016	2016
	Profit or loss		Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(177.0)		(13.8)
b – Exchange rate swaps payable in U.S. dollars (ii)	9.2		-
c – Interest rate swaps in R$ (iii)	(0.5)		-
d – Non-derivative financial instruments (iv)	(28.5)		(14.9)
Total	(196.8)		(28.7)

	R$ million
	2015
	Profit or loss	Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(143.1)	6.3
b – Exchange rate swaps payable in U.S. dollars (ii)	(2.2)	(31.3)
c – Interest rate swaps in R$ (iii)	1.1	-
Total	(144.2)	(25.0)

(i) Does not consider the effect of exchange rate variation of exchange swaps receivable in U.S. dollars when this effect is offset in the gain or loss of the hedged item (debt/firm commitments).

(ii) Considers the designation effect of foreign exchange hedging.

(iii) Considers the designation effect of interest rate hedging in Brazilian Reais.

(iv) Considers the results of notes in the foreign market.

Fair Value of Financial Instruments

The fair values and the carrying values of the financial instruments, including currency and interest rate hedging instruments, are stated below:

			2017		2016
	Category	Note	Carrying value	Fair value	Carrying value	Fair value
Financial assets:
Cash and cash equivalents
Cash and bank deposits	Loans and receivables	4	147,926	147,926	113,318	113,318
Financial investments in local currency	Measured at fair value through profit or loss	4	4,821,605	4,821,605	3,837,807	3,837,807
Financial investments in foreign currency	Measured at fair value through profit or loss	4	32,473	32,473	323,033	323,033
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	68,742	68,742	113,640	113,640
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,076,849	1,076,849	1,053,369	1,053,369
Fixed-income securities and funds in local currency	Held to maturity	4	7,449	7,449	7,449	7,449
Fixed-income securities and funds in foreign currency	Available for sale	4	129,131	129,131	34,775	34,775
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	85,753	85,753	218,458	218,458
Total			6,369,928	6,369,928	5,701,849	5,701,849
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,047,809	1,047,809	1,428,907	1,428,907
Financing	Measured at amortized cost	14	6,740,872	6,761,907	6,990,269	6,881,085
Debentures	Measured at amortized cost	14	5,035,247	5,037,072	2,746,881	2,746,915
Debentures	Measured at fair value through profit or loss	14	554,402	554,402	-	-
Finance leases	Measured at amortized cost	14	48,515	48,515	48,716	48,716
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	163,749	163,749	202,357	202,357
Subscription warrants – indemnification	Measured at fair value through profit or loss	22	171,459	171,459	153,429	153,429
Total			13,762,053	13,784,913	11,570,559	11,461,409

The fair value of financial instruments, including currency and interest hedging instruments, was determined as follows:

•	The fair value of cash and bank deposit balances are identical to their carrying values.
•	Financial investments in investment funds are valued at the value of the fund unit as of the date of the financial statements, which corresponds to their fair value.
•	Financial investments in CDBs (Bank Certificates of Deposit) and similar investments offer daily liquidity through repurchase at the “yield curve” and, therefore, the Company believes their fair value corresponds to their carrying value.
•	The fair value of trade receivables and trade payables are approximate to their carrying values.
	The subscription warrants – indemnification were measured based on the share price of Ultrapar (UGPA3) at the financial statements date and are adjusted to the Company’s dividend yield, since the exercise is only possible starting in 2020 onwards and they are not entitled to dividends until then. The number of shares of subscription warrants – indemnification is also adjusted according to the changes in the amounts of provision for tax, civil, and labor risks and contingent liabilities related to the period prior to January 31, 2014. (See Note 22).
•	The fair value calculation of notes in the foreign market (see Note 14.b) is based on the quoted price in an active market.

The fair value of other financial investments and financing was determined using calculation methodologies commonly used for mark-to-market reporting, which consist of calculating future cash flows associated with each instrument adopted and adjusting them to present value at the market rates as of December 31, 2017 and 2016. For some cases where there is no active market for the financial instrument, the Company and its subsidiaries can use quotes provided by the transaction counterparties.

The interpretation of market information on the choice of calculation methodologies for the fair value requires considerable judgment and estimates to obtain a value deemed appropriate to each situation. Consequently, the estimates presented do not necessary indicate the amounts that may be realizable in the current market.

Financial instruments were classified as loans and receivables or financial liabilities measured at amortized cost, except (i) all exchange rate and interest rate hedging instruments, which are measured at fair value through profit or loss, (ii) financial investments classified as measured at fair value through profit or loss, (iii) financial investments that are classified as available for sale, which are measured at fair value through other comprehensive income (see Note 4), (iv) loans and financing measured at fair value through profit or loss (see Note 14), (v) guarantees to customers that have vendor arrangements (see Note 14.k), which are measured at fair value through profit or loss, and (vi) subscription warrants – indemnification, which are measured at fair value through profit or loss (see Note 22). The financial investments classified as held-to-maturity are measured at amortized cost. Cash, banks, and trade receivables are classified as loans and receivables. Trade payables and other payables are classified as financial liabilities measured at amortized cost.

Fair Value Hierarchy of Financial Instruments

The financial instruments are classified in the following categories:

(a)	Level 1 - prices negotiated (without adjustment) in active markets for identical assets or liabilities;
(b)	Level 2 - inputs other than prices negotiated in active markets included in Level 1 and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and
(c)	Level 3 - inputs for the asset or liability which are not based on observable market variables (unobservable inputs).

The table below shows a summary of the financial assets and financial liabilities measured at fair value in the Company’s and its subsidiaries:

	Category	Note	2017	Level 1	Level 2	Level 3
Financial assets:
Cash equivalents
Cash and banks	Loans and receivables	4	147,926	147,926	-	-
Financial investments in local currency	Measured at fair value through profit or loss	4	4,821,605	4,821,605	-	-
Financial investments in foreign currency	Measured at fair value through profit or loss	4	32,473	32,473	-	-
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	68,742	68,742	-	-
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,076,849	1,076,849	-	-
Fixed-income securities and funds in local currency	Held to maturity	4	7,449	7,449	-	-
Fixed-income securities and funds in foreign currency	Available for sale	4	129,131	40,556	88,575	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	85,753	-	85,753	-
Total			6,369,928	6,195,600	174,328	-
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,047,809	-	1,047,809	-
Financing	Measured at amortized cost	14	6,761,907	2,523,643	4,238,264	-
Debentures	Measured at amortized cost	14	5,037,072	-	5,037,072	-
Debentures	Measured at fair value through profit or loss	14	554,402	-	554,402	-
Finance leases	Measured at amortized cost	14	48,515	-	48,515	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	163,749	-	163,749	-
Subscription warrants – indemnification (1)	Measured at fair value through profit or loss	22	171,459	-	171,459	-
Total			13,784,913	2,523,643	11,261,270	-

	Category	Note	2016	Level 1	Level 2	Level 3
Financial assets:
Cash equivalents
Cash and banks	Loans and receivables	4	113,318	113,318	-	-
Financial investments in local currency	Measured at fair value through profit or loss	4	3,837,807	3,837,807	-	-
Financial investments in foreign currency	Measured at fair value through profit or loss	4	323,033	323,033	-	-
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	113,640	113,640	-	-
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,053,369	1,053,369	-	-
Fixed-income securities and funds in local currency	Held to maturity	4	7,449	7,449	-	-
Fixed-income securities and funds in foreign currency	Available for sale	4	34,775	32,167	2,608	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	218,458	-	218,458	-
Total			5,701,849	5,480,783	221,066	-
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,428,907	-	1,428,907	-
Financing	Measured at amortized cost	14	6,881,085	2,338,920	4,542,165	-
Debentures	Measured at amortized cost	14	2,746,915	-	2,746,915	-
Finance leases	Measured at amortized cost	14	48,716	-	48,716	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	202,357	-	202,357	-
Subscription warrants – indemnification (1)	Measured at fair value through profit or loss	22	153,429	-	153,429	-
Total			11,461,409	2,338,920	9,122,489	-

⁽¹⁾ Refers to subscription warrants issued by the Company in the Extrafarma acquisition.

The fair value of trade receivables and trade payables are classified as level 2.

Sensitivity Analysis

The Company and its subsidiaries use derivative financial instruments only to hedge against identified risks and in amounts consistent with the risk (limited to 100% of the identified risk). Thus, for purposes of sensitivity analysis of market risks associated with financial instruments, the Company analyzes the hedging instrument and the hedged item together, as shown on the charts below.

For the sensitivity analysis of foreign exchange hedging instruments, management adopted as a likely scenario the Real/U.S. dollar exchange rates at maturity of each swap, projected by U.S dollar futures contracts quoted on B3 as of December 28, 2017. As a reference, the exchange rate for the last maturity of foreign exchange hedging instruments is R$ 5.83 in the likely scenario. Scenarios II and III were estimated with a 25% and 50% additional appreciation or depreciation of the Brazilian Real against the likely scenario, according to the risk to which the hedged item is exposed.

Based on the balances of the hedging instruments and hedged items as of December 29, 2017, the exchange rates were replaced, and the changes between the new balance in Brazilian Reais and the original balance in Brazilian Reais as of December 29, 2017 were calculated in each of the three scenarios. The table below shows the change in the values of the main derivative instruments and their hedged items, considering the changes in the exchange rate in the different scenarios:

	Risk	Scenario I (likely)	Scenario II	Scenario III
Currency swaps receivable in U.S. dollars
(1) U.S. Dollar / Real swaps	Dollar	198,138	690,432	1,182,726
(2) Debts/firm commitments in dollars	appreciation	(198,130)	(690,415)	(1,182,700)
(1)+(2)	Net effect	8	17	26
Currency swaps payable in U.S. dollars
(3) Real / U.S. Dollar swaps	Dollar	(97)	7,486	15,069
(4) Gross margin of Oxiteno	devaluation	97	(7,486)	(15,069)
(3)+(4)	Net effect	-	-	-

For sensitivity analysis of hedging instruments for interest rates in Brazilian Reais, the Company used the futures curve of the DI x Pre contract quoted on B3 as of December 28, 2017 for each of the swap and debt (hedged item) maturities, to determine the likely scenarios. Scenarios II and III were estimated based on a 25% and 50% deterioration, respectively, of the likely scenario pre-fixed interest rate.

Based on the three scenarios of interest rates in Brazilian Reais, the Company estimated the values of its debt and hedging instruments according to the risk which is being hedged (variations in the pre-fixed interest rates in Brazilian Reais), by projecting them to future value at the contracted rates and bringing them to present value at the interest rates of the estimated scenarios. The result are shown in the table below:

	Risk	Scenario I (likely)	Scenario II	Scenario III
Interest rate swap (in Brazilian Reais) – Debentures - CRA
(1) Fixed rate swap - CDI	Decrease in	13,691	95,292	192,204
(2) Fixed rate debt	Pre-fixed rate	(13,691)	(95,292)	(192,204)
(1) + (2)	Net effect	-	-	-

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32. Commitments

12 Months Ended

Dec. 31, 2017

Commitments

Commitments

a.  Contracts

Subsidiary Tequimar has agreements with CODEBA and Complexo Industrial Portuário Governador Eraldo Gueiros, in connection with its port facilities in Aratu and Suape, respectively. Such agreements establish a minimum cargo movement of products, as shown below:

Port	Minimum movement in tons per year	Maturity
Aratu	397,000	2031
Aratu	900,000	2022
Suape	250,000	2027
Suape	400,000	2029

If the annual movement is less than the minimum contractual movement, the subsidiary is liable to pay the difference between the effective movement and the minimum contractual movement, based on the port tariff rates in effect on the date established for payment. As of December 2017, these rates were R$ 6.99 per ton for Aratu and R$ 2.90 per ton for Suape. The subsidiary has met the minimum cargo movement required since the beginning of the contractual agreements.

Subsidiary Oxiteno Nordeste has a supply agreement with Braskem S.A. which establishes a minimum annually consumption level of ethylene, and conditions for the supply of ethylene until 2021. The minimum purchase commitment clause provided for a minimum annual consumption of 205 thousand tons in 2017. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine based on the current ethylene price for the quantity not purchased. According to contractual conditions and tolerances, there are no material issues regarding the minimum purchase commitment.

Subsidiary Oxiteno S.A. has a supply agreement with Braskem S.A., valid until 2023, which establishes and regulates the conditions for supply of ethylene to Oxiteno based on the international market for this product. The minimum purchase is 22,050 tons of ethylene semiannually. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine based on the current ethylene price for the quantity not purchased. According to contractual conditions and tolerances, there are no material issues regarding the minimum purchase commitment.

b.  Insurance Coverage in Subsidiaries

The Company maintains insurance policies with the objective of covering several risks to which it is exposed, including loss of profits, losses and damage from fire, lightning, explosion of any kind, gale, aircraft crash, electric damage, and other risks, covering the industrial plants and distribution bases and branches of all subsidiaries. The maximum compensation values based on the risk analysis of possible losses of certain locations are shown below:

	Maximum compensation value (*)
Oxiteno	US$ 1,142
Ipiranga	R$ 924
Ultracargo	R$ 740
Ultragaz	R$ 150
Extrafarma	R$ 160

(*) In millions. In accordance with policy conditions.

The General Liability Insurance program covers the Company and its subsidiaries with a maximum aggregate coverage of US$ 400 million against losses caused to third parties as a result of accidents related to commercial and industrial operations and/or distribution and sale of products and services.

The Company maintains liability insurance policies for directors and executive officers (D&O) to indemnify the members of the Board of Directors, fiscal council and executive officers of Ultrapar and its subsidiaries (“Insured”) in the total amount of US$ 80 million, which cover any of the Insured liabilities resulting from wrongful acts, including any act or omission committed or attempted, except if the act, omission or the claim is consequence of gross negligence or willful misconduct.

In addition, group life and personal accident, health and national and international transportation and other insurance policies are also maintained.

The coverage and limit of the insurance policies are based on a careful study of risks and losses conducted by independent insurance advisors. The type of insurance is considered by management to be sufficient to cover potential losses based on the nature of the business conducted by the companies.

c.  Operating Lease Contracts

Subsidiaries Cia. Ultragaz, Bahiana, Tequimar, Serma, and Oxiteno S.A. have operating lease contracts for the use of IT equipment. These contracts have terms from 36 to 48 months. The subsidiaries have the option to purchase the assets at a price equal to the fair market price on the date of option, and management does not intend to exercise such option. Subsidiaries Cia. Ultragaz and Bahiana have operating lease contracts related to vehicles in their fleet. These contracts have terms of 24 to 60 months and there is no purchase option. The future disbursements (installments), assumed under these contracts, amount approximately to:

	Up to 1 year	Between 1 and 5 years	More than 5 years	Total
2017	38,321	62,832	-	101,153

The subsidiaries IPP, Extrafarma, and Cia. Ultragaz have operating lease contracts related to land and building of service stations, drugstores, and stores, respectively. The future disbursements and receipts (installments), arising from these contracts, amount approximately to:

		Up to 1 year	Between 1 and 5 years	More than 5 years	Total
2017	payable	167,733	530,744	444,582	1,143,059
	receivable	(60,705)	(178,696)	(128,307)	(367,708)

The expense recognized in 2017 for operating leases was R$ 160,465 (R$ 101,330 in 2016 and R$ 100,522 in 2015), net of sublease income.

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33. Ultracargo - Fire Accident in Santos

12 Months Ended

Dec. 31, 2017

Ultracargo - Fire Accident In Santos

Ultracargo - Fire Accident in Santos

In April 2015, a fire occurred in six ethanol and gasoline tanks operated by Ultracargo in Santos, which represented 4% of the subsidiary’s overall capacity as of December 31, 2014. The Civil and Federal Police investigated the accident and its impacts, and concluded that it is not possible to determine the cause of the accident and neither to individualize active or passive conduct related to the cause, and there was no criminal charge against either individual or the subsidiary, by both authorities. Notwithstanding that, the Brazilian Federal Public Prosecutor denounced the subsidiary Tequimar in the criminal sphere, which shall wait for the court summons in order to take the necessary measures for its defense.

The decommissioning stage of the affected area were completed. In June 2017, the licensing required for the return to operation of 67.5 thousands cubic meters from the total of 150 thousands cubic meters affected by the fire was obtained. The remaining tanks continue to be paralyzed and in the process of recovery for subsequent licensing and start of operation.

As of December 31, 2016, the insurance receivable in the amount of R$ 366,678 and indemnities to customers and third parties in the amount of R$ 99,863 were recognized. In the first quarter of 2017, Ultracargo received the full amount from the insurers. As of December 31, 2017, the indemnities to customers and third parties remaining amount is R$ 72,216. In addition, as of December 31, 2017, there are contingent liabilities not recognized related to lawsuits and extrajudicial lawsuits in the amount of R$ 88,075 and R$ 25,852 (R$ 96,408 and R$ 16,637 as of December 31, 2016), respectively.

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34. Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events

Subsequent Events

Acquisition under approval

On January 30, 2018, the Company through its subsidiary Tequimar entered into a sale and purchase agreement for the acquisition of 100% of the quotas of TEAS Terminal Exportador de Álcool de Santos Ltda. (“TEAS”), owned by Raízen Energia S.A. and Raízen Araraquara Açúcar e Álcool Ltda., which had already been operated by the subsidiary Tequimar in the Port of Santos. The purchase price of the acquisition was R$ 103 million. The closing of the acquisition is subject to certain usual conditions precedent in transactions of similar nature, mainly the approval by CADE. On February 14, 2018, this transaction was approved without restrictions through an opinion issued by the General Superintendence of CADE. The parties must wait 15 days for the approval to be formally validated.

Issuance of Debentures

In February 2018, the Company made its sixth issuance of debentures in a single series of 1,725,000, simple, non-convertible into shares, nominative, book-entry and unsecured debentures with a par value of R$ 1,000.00, final maturity in 5 years (lump sum at final maturity) and interest of 105.25% of CDI.

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2. Presentation of Financial Statements and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Presentation Of Financial Statements And Summary Of Significant Accounting Policies Policies

Recognition of Income

Revenue is measured at the fair value of the consideration received or receivable, net of sales returns, discounts, and other deductions, if applicable.

Revenue from sales of fuels and lubricants is recognized when the products are delivered to gas stations and to large consumers. Revenue from sales of LPG is recognized when the products are delivered to customers at home, to independent dealers and to industrial and commercial customers. Revenue from sales of pharmaceuticals is recognized when the products are delivered to end user customers in own drugstores and when the products are delivered to independent resellers. Revenue from sales of chemical products is recognized when the products are delivered to industrial customers, depending of the freight mode of delivery. The revenue provided from storage services is recognized as services are performed. Costs of products sold and services provided include goods (mainly fuels, lubricants, LPG, and pharmaceutical products), raw materials (chemicals and petrochemicals) and production, distribution, storage, and filling costs.

Cash and Cash Equivalents

Includes cash, banks deposits, and short-term, highly-liquid investments that are readily convertible into a known amount of cash and are subject to an insignificant risk of change in value. See Note 4 for further details on cash and cash equivalents of the Company and its subsidiaries.

Financial Assets

In accordance with International Accounting Standards (“IAS”) 32, IAS 39, and IFRS 7, the financial assets of the Company and its subsidiaries are classified in accordance with the following categories:

· Measured at fair value through profit or loss: financial assets held for trading, that is, acquired or incurred principally for the purpose of selling or repurchasing in the near term, and derivatives. The balances are stated at fair value. The interest earned, the exchange variation, and changes in fair value are recognized in profit or loss.

· Held to maturity: non-derivative financial assets with fixed or determinable payments, and fixed maturities for which the entity has the positive intention and ability to hold to maturity. The interest earned and the foreign currency exchange variation are recognized in profit or loss, and balances are stated at acquisition cost plus the interest earned, using the effective interest rate method.

· Available for sale: non-derivative financial assets that are designated as available for sale or that are not classified into other categories at initial recognition. The balances are stated at fair value, and the interest earned and the foreign currency exchange variation are recognized in profit or loss. Differences between fair value and acquisition cost plus the interest earned are recognized in other comprehensive income in the “Valuation adjustments”. Accumulated gains and losses recognized in shareholders’ equity are reclassified to profit or loss in case of prepayment.

· Loans and receivables: non-derivative financial assets with fixed or determinable payments or receipts, not quoted in an active market, except: (i) those which the entity intends to sell immediately or in the near term and which the entity classified as measured at fair value through profit or loss; (ii) those classified as available for sale; or (iii) those for which the Company may not recover substantially all of its initial investment for reasons other than credit deterioration. The interest earned and the foreign currency exchange variation are recognized in profit or loss. The balances are stated at acquisition cost plus interest, using the effective interest rate method.

The Company and its subsidiaries use financial instruments for hedging purposes, applying the concepts described below:

· Hedge accounting - fair value hedge: financial instruments used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect the entity’s profit or loss. In the initial designation of the fair value hedge, the relationship between the hedging instrument and the hedged item is documented, including the objectives of risk management, the strategy in conducting the transaction, and the methods to be used to evaluate its effectiveness. Once the fair value hedge has been qualified as effective, the hedge item is also measured at fair value. Gains and losses from hedge instruments and hedge items are recognized in profit or loss. The hedge accounting must be discontinued when the hedge becomes ineffective.

· Hedge accounting - cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction or firm commitment that may affect the income statements. The portion of the gain or loss on the hedging instrument that is determined to be effective relating to the effects of exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as “Valuation adjustments” while the ineffective portion is recognized in profit or loss. Gains or losses on the hedging instrument relating to the effective portion of this hedge that had been recognized directly in accumulated other comprehensive income shall be recognized in profit or loss in the period in which the hedged item is recognized in profit or loss or as initial cost of non- financial assets, in the same line of the statement that the hedged item is recognized. The hedge accounting shall be discontinued when (i) the Company cancels the hedging relationship; (ii) the hedging instrument expires; and (iii) the hedging instrument no longer qualifies for hedge accounting. When hedge accounting is discontinued, gains and losses recognized in other comprehensive income in equity are reclassified to profit or loss in the period which the hedged item is recognized in profit or loss. If the transaction hedged is canceled or is not expected to occur, the cumulative gains and losses in other comprehensive income in equity shall be recognized immediately in profit or loss.

· Hedge accounting - hedge of net investments in foreign operation: financial instruments used to hedge exposure on net investments in foreign subsidiaries due to the fact that the local functional currency is different from the functional currency of the Company. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as cumulative translation adjustments, while the ineffective portion and the operating costs are recognized in profit or loss. The gain or loss on the hedging instrument that has been recognized directly in accumulated other comprehensive income shall be recognized in income upon disposal of the foreign operation.

For further detail on financial instruments of the Company and its subsidiaries, see Note 31.

Trade Receivables

Trade receivables are recognized at the amount invoiced. An allowance for doubtful accounts is recorded based on estimated losses and is set at an amount deemed by management to be sufficient to cover any probable loss on realization of trade receivables (see Notes 5 and 31 - Customer Credit Risk).

Inventories

Inventories are stated at the lower of acquisition cost or net realizable value (see Note 6). The cost value of inventory is measured using the weighted average cost and includes the costs of acquisition and processing directly and indirectly related to the units produced based on the normal capacity of production. Estimates of net realizable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realizable values are below inventory costs, a provision corresponding to this difference is recognized. Provisions are also made for obsolescence of products, materials, or supplies that (i) do not meet its subsidiaries’ specifications, (ii) have exceeded their expiration date, or (iii) are considered slow-moving inventory. This classification is made by management with the support of its industrial and operations teams.

Investments

Investments in associates and joint ventures are accounted for under the equity method of accounting in the consolidated financial statements (see Note 11).

An associate is an investment, in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control.

A joint venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement which establish that decisions about the relevant activities of the investee require the consent from the parties that share control.

Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.

Property, Plant, and Equipment

Property, plant, and equipment is recognized at acquisition or construction cost, including financial charges incurred on property, plant, and equipment under construction (see Note 12), as well as maintenance costs resulting from scheduled plant outages and estimated costs to remove, to decommission, or to restore assets (see Notes 2.m and 19), less accumulated depreciation and, when applicable, less provision for losses.

Depreciation is calculated using the straight-line method, over the periods mentioned in Note 12, taking into account the estimated useful lives of the assets, which are reviewed annually.

Leasehold improvements are depreciated over the shorter of the lease contract term and useful life of the property.

Leases

•   Finance Leases

Certain lease contracts transfer substantially all the risks and benefits associated with the ownership of an asset to the subsidiaries. These contracts are characterized as finance leases, and assets thereunder are capitalized at lease commencement at their fair value or, if lower, present value of the minimum lease payments under the contracts. The items recognized as assets are depreciated and amortized using the lower of the straight-line method over the lower of the useful lives applicable to each group of assets or the contract terms, as mentioned in Notes 12 and 13. Financial charges under the finance lease contracts are allocated to profit or loss over the lease contract term, based on the amortized cost and the effective interest rate method of the related lease obligation (see Note 14.i).

•   Operating Leases

There are lease transactions where the risks and benefits associated with the ownership of the asset are not transferred and where there is no purchase option, or the purchase option at the end of the contract is equivalent to the market value of the leased asset. Payments made under an operating lease contract are recognized as cost or expense in the income statement on a straight-line basis over the term of the lease contract (see Note 32.c).

Intangible Assets

Intangible assets include assets acquired by the Company and its subsidiaries from third parties, according to the criteria below (see Note 13):

• Goodwill is carried net of accumulated amortization as of December 31, 2008, when it ceased to be amortized. Goodwill generated since January 1, 2009 is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identified assets and liabilities assumed of the acquired entity. Goodwill is tested annually for impairment. Goodwill is allocated to the business segments, which represent the lowest level that goodwill is monitored by the Company for impairment testing purposes (see Note 13.i).

• Exclusive rights disbursements as provided in Ipiranga’s agreements with reseller service stations and major consumers are recognized as distribution rights when paid and amortized according to the conditions established in the agreements (see Note 13.v).

• Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the total acquisition cost and amortized using straight-line method, over the periods mentioned in Note 13, taking into account their useful life, which is reviewed annually.

The Company and its subsidiaries have not recognized intangible assets that were generated internally. The Company and its subsidiaries have goodwill and brands acquired in business combinations, which are evaluated as intangible assets with indefinite useful life (see Note 13 items i and vi).

Other Assets

Other assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary changes and changes in exchange rates incurred or less a provision for loss and, if applicable, adjustment to present value (see Note 2.u).

Financial Liabilities

The Company and its subsidiaries’ financial liabilities include trade payables and other payables, loans, debentures, finance leases and derivative financial instruments. Financial liabilities are classified as “financial liabilities at fair value through profit or loss” or “financial liabilities at amortized cost”. The financial liabilities at fair value through profit or loss refer to derivative financial instruments, subscription warrants, and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note 2.c – Fair Value Hedge). The financial liabilities at amortized cost are stated at the initial transaction amount plus related charges and net of amortization and transaction costs. The charges are recognized in profit or loss using the effective interest rate method.

Transaction costs incurred and directly attributable to the activities necessary for contracting loans or for issuing bonds, as well as premiums and discounts upon issuance of debentures and other debt, are allocated to the instrument and amortized to profit or loss over its term, using the effective interest rate method (see Note 14.j).

Income and Social Contribution Taxes on Income

Current and deferred income tax (“IRPJ”) and social contribution on net income tax (“CSLL”) are calculated based on their current rates, considering the value of tax incentives. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the financial statements. The current rates in Brazil are 25% for income tax and 9% for social contribution on net income tax. For further details about recognition and realization of IRPJ and CSLL, see Note 9.

For purposes of disclosure, deferred tax assets were offset against the deferred tax liability, income tax and social contribution, in the same taxable entity and the same taxation authority.

Provision for Asset Retirement Obligation - Fuel Tanks

The Company and its subsidiaries have the legal obligation to remove Ipiranga’s underground fuel tanks located at Ipiranga-branded service stations after a certain period. The estimated cost of the obligation to remove these fuel tanks is recognized as a liability when the tanks are installed. The estimated cost is recognized in property, plant, and equipment and depreciated over the respective useful lives of the tanks. The amounts recognized as a liability are monetarily restated using the National Consumer Price Index (“IPCA”) until the respective tank is removed (see Note 19). An increase in the estimated cost of the obligation to remove the tanks could result in negative impact in future results. The estimated removal cost is reviewed and updated annually or when there is significant change in its amount and change in the estimated costs are recognized in income statements when they become known.

Provisions for Tax, Civil, and Labor Risks

A provision for tax, civil and labor risks is recognized for quantifiable risks, when the chance of loss is more-likely-than-not in the opinion of management and internal and external legal counsel, and the amounts are recognized based on the evaluation of the outcomes of the legal proceedings (see Note 20).

Post-Employment Benefits

Post-employment benefits granted and to be granted to employees, retirees, and pensioners are based on an actuarial calculation prepared by an independent actuary and reviewed by management, using the projected unit credit method (see Note 18.b). The actuarial gains and losses are recognized in cumulative other comprehensive income in the “Valuation adjustments” and presented in the statement of shareholders’ equity.

Other Liabilities

Other liabilities are stated at known or measurable amounts plus, if applicable, related charges, monetary restatement, and changes in exchange rates incurred. When applicable, other liabilities are recognized at present value, based on interest rates that reflect the term, currency, and risk of each transaction.

Foreign Currency Transactions

Foreign currency transactions carried out by the Company or its subsidiaries are remeasured into their functional currency at the exchange rate prevailing at the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate at the date of the reporting period. The effect of the difference between those exchange rates is recognized in profit or loss until the conclusion of each transaction.

Basis for Translation of Financial Statements of Foreign Subsidiaries

Assets and liabilities of the foreign subsidiaries, denominated in currencies other than that of the Company (functional currency: Brazilian Real), which have administrative autonomy, are translated using the exchange rate at the end of the reporting year. Revenues and expenses are translated using the average exchange rate of each year and shareholders’ equity is translated at the historical exchange rate of each transaction affecting shareholders’ equity. Gains and losses resulting from changes in these foreign investments are directly recognized in shareholders’ equity in cumulative other comprehensive income in the “cumulative translation adjustments” and will be recognized in profit or loss if these investments are disposed of. The balance in cumulative other comprehensive income and presented in the shareholders’ equity as cumulative translation adjustments in 2017 was a gain of R$ 53,061 (gain of R$ 7,519 in 2016) - see Note 23.g - Cumulative Translation Adjustments.

The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:

Subsidiary	Functional currency	Location
Oxiteno México S.A. de C.V.	Mexican Peso	Mexico
Oxiteno Servicios Corporativos S.A. de C.V.	Mexican Peso	Mexico
Oxiteno Servicios Industriales de C.V.	Mexican Peso	Mexico
Oxiteno USA LLC	U.S. Dollar	United States
Oxiteno Uruguay S.A. (i)	U.S. Dollar	Uruguay
Oxiteno Andina, C.A. (ii)	Bolivar	Venezuela

(i) The subsidiary Oxiteno Uruguay S.A. (“Oxiteno Uruguay”) determined its functional currency as the U.S. dollar (“US$”), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.

(ii) According the definition and general guidance of IAS 29, the characteristics of the economic environment of Venezuela indicate that this country is a hyperinflationary economy. As a result, the financial information of Oxiteno Andina, C.A. (“Oxiteno Andina”) was adjusted by the Venezuelan Consumer Price Index.

On May 19, 2017, the Venezuelan Central Bank issued Foreign Exchange Regulation No. 38, altering the Venezuelan foreign exchange markets and regulating the legally recognized types of exchange rates:

a) DIPRO - Tipo de Cambio Protegido (Exchange Protected): Bolivar (“VEF”) is traded at an exchange rate of 9.975 VEF/US$ for purchase and 10.00 VEF/US$ for sale. This rate is applied to importation of essential goods (medicines and food) and raw materials and inputs related to the production of these sectors, which transactions are channeled through CENCOEX - Centro Nacional de Comercio Exterior en Venezuela;

b) DICOM - Tipo de Cambio Complementario Flotante de Mercado Supplemental (Floating Market Exchange): Bolivar was traded at the variable exchange rate of 3,345.00 VEF/US$ for sale and 3,336.64 VEF/US$ for purchase in the last auction of 2017. This rate is applied to all unforeseen currency settlement transactions not expressly set forth in the Foreign Exchange Regulation, which transactions are processed through alternative currency markets.

Due to the political and economic situation in Venezuela, the Company’s management uses the DICOM exchange rate in the translation.

Assets and liabilities of the other foreign subsidiaries, which do not have administrative autonomy, are considered an extension of the activities of their parent company and are translated using the exchange rate at the end of the reporting period. Gains and losses resulting from changes in these foreign investments are directly recognized as financial income or loss. The gain recognized in income in 2017 amounted to R$ 7,368 (R$ 3,425 gain in 2016 and R$ 6,243 gain in 2015).

Use of Estimates, Assumptions and Judgments

The preparation of the financial statements requires the use of estimates, assumptions, and judgments for the accounting of certain assets, liabilities, and income. Therefore, the Company’s and subsidiaries’ management use the best information available at the time of preparation of the financial statements, as well as the experience of past and current events, also considering assumptions regarding future events. The financial statements therefore include estimates, assumptions, and judgments related mainly to determining the fair value of financial instruments (Notes 2.c, 2.k, 4, 14 and 31), the determination of the allowance for doubtful accounts (Notes 2.d, 5 and 31), the determination of provisions for losses of inventories (Notes 2.e and 6), the determination of deferred income taxes amounts (Notes 2.l and 9), the determination of control in subsidiaries (Notes 2.r and 3), the determination of joint control in joint venture (Notes 2.f and 11.a), the determination of significant influence in associates (Notes 2.f and 11.b), the determination of exchange rate used to translation of Oxiteno Andina’ information (Note 2.r), the useful lives of property, plant, and equipment (Notes 2.g and 12), the useful lives of intangible assets, and the determination of the recoverable amount of goodwill (Notes 2.i and 13), provisions for assets retirement obligations (Notes 2.m and 19), provisions for tax, civil, and labor risks (Notes 2.n and 20), estimates for the preparation of actuarial reports (Notes 2.o and 18.b) and the determination of fair value of subscription warrants – indemnification (Notes 22 and 31). The actual result of the transactions and information may differ from their estimates.

Impairment of Assets

The Company and its subsidiaries review, every report period, the existence of any indication that an asset may be impaired and annually test intangible assets with indefinite useful life. If there is an indication, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that cannot be evaluated individually are grouped in the smallest group of assets that generate cash flow from continuous use and that are largely independent of cash flows of other assets (cash generating units “CGU”). The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling costs and their value in use.

The fair value less costs of disposal is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs, and taxes.

To assess the value in use, the Company and its subsidiaries consider the projections of future cash flows, trends, and outlooks, as well as the effects of obsolescence, demand, competition, and other economic factors. Such cash flows are discounted to their present values ​​using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, an impairment loss is recognized for the amount by which the carrying value exceeds the fair value of these assets. Losses for impairment of assets are recognized in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses may be reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized.

No impairment was recognized in the present year (see Note 13.i) and for the year ended December 31, 2015. For the year ended December 31, 2016, the Company recognized an impairment loss in the amount of R$ 2,114, which correspond to R$ 1,695 related to goodwill and R$ 419 related to other intangible assets, from subsidiary Oxiteno Andina. There is a space missing (ended December): No impairment was recognized in the present year (see Note 13.i) and for the year ended December 31, 2015. For the year ended December 31, 2016, the Company recognized an impairment loss in the amount of R$ 2,114, which correspond to R$ 1,695 related to goodwill and R$ 419 related to other intangible assets, from subsidiary Oxiteno Andina.

Adjustment to Present Value

The Company and its subsidiaries reviewed all items classified as non-current and, when relevant, current assets and liabilities. No recognition of present value adjustments that would have relevant effects were identified.

Business Combination

A business combination is accounted applying the acquisition method. The cost of the acquisition is measured based on the consideration transferred and to be transferred, measured at fair value at the acquisition date. In a business combination, the assets acquired and liabilities assumed are measured in order to classify and allocate them accordingly to the contractual terms, economic circumstances and relevant conditions on the acquisition date. The non-controlling interest in the acquired is measured based on its interest in identifiable net assets acquired. Goodwill is measured as the excess of the consideration transferred and to be transferred over the fair value of net assets acquired (identifiable assets and liabilities assumed, net). After the initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated to the Company’s operating segments. When the cost of the acquisition is lower than the fair value of net assets acquired, a gain is recognized directly in the income statement. Costs related to the acquisition are recorded in the income statement when incurred.

Statements of Cash Flows

The Company and its subsidiaries prepared its consolidated statements of cash flows in accordance with IAS 7 - Cash Flow Statement. The Company and its subsidiaries present the interest paid on loans and debentures in financing activities. The Company and its subsidiaries present financial investments on a net basis of interest income in the investment activities.

Adoption of the Pronouncements Issued by IASB

The following standards, amendments, and interpretations to IFRS were issued by the IASB which are effective as of December 31, 2017:

	Effective   date
•    IAS 7 – Disclosure Initiative – Amendments to IAS 7: clarifications made by the IASB related to liabilities arising from financing activities (see Note 14.a).	2017
•    IAS 12 – Recognition of Deferred Tax Assets for Unrealised Losses – Amendments to IAS 12: clarifications made by the IASB on the recognition of deferred tax assets on unrealised losses.	2017

The following standards, amendments, and interpretations to IFRS were issued by the IASB but are not yet effective and were not adopted as of December 31, 2017:

	Effective   date
•    IFRS 9 – Financial instrument classification and measurement: includes new requirements for the classification and measurement of financial assets and liabilities, derecognition requirements, new impairment methodology for financial instruments, and new hedge accounting guidance.	2018
•    IFRS 15 - Revenue from contracts with customers: establish the principles of nature, amount, timing and uncertainty of revenue and cash flow arising from a contract with a customer.	2018
•    IFRS 16 - Lease: requires lessees record, in the financial statements, a liability reflecting future payments of a lease and the right to use an asset for the lease contracts, except for certain short-term leases and low asset value contracts. The criteria for recognition and measurement of leases in the financial statements of lessors are substantially maintained.	2019

The Company and its subsidiaries did not adopt in advance these IFRS in their financial statements for the year ended December 31, 2017.

The Company and its subsidiaries disclosed the relevant information, known or reasonably estimated to the possible impacts on the adoption of IFRS 9 and 15 that were available in the preparation of these financial statements, and are subject to change until the first complete financial statements with the initial adoption are disclosed in 2018.

(1) IFRS 9 adoption - Financial instruments:

a) Classification and measurement of financial instruments:

The Company and its subsidiaries evaluated the classification and measurement of financial instruments and, based on its business model, preliminarily concluded that the most part of the financial investments will be classified as measured at fair value through other comprehensive income, except for funds that will be classified as measured at fair value through profit or loss and financial investments given as collateral for loans that will be classified as amortized cost.

The Company and its subsidiaries do not expect material impacts resulting from these changes.

b) Expected credit losses

The Company and its subsidiaries assessed the expected credit losses on trade receivables, taking into account, at the initial recognition of the contract, the expected losses for the next 12 months and for the useful life of the contract when the deterioration or improvement of customers' credit quality.

The Company and its subsidiaries evaluated the impact of this change and the previously amount indicates an additional allowance for doubtful accounts in the amount of R$ 173,314, which effect of R$ 121,563 recognized in the opening balance in the retained earnings. The deferred IRPJ and CSLL effect will be recognized on the amounts above.

c) Derivative financial instruments

The Company and its subsidiaries have not identified impacts arising from this change and are evaluating the adoption of IFRS 9 or the permanence of the application of IAS 39.

The Company and its subsidiaries are evaluating the practical implementation from the initial adoption of IFRS 9 to conclude whether the retrospective or prospective adoption will be made.

(2) IFRS 15 adoption - Revenue recognition from contracts with customers:

The Company and its subsidiaries evaluated all the stages for the recognition of their revenues from contracts with customers and based on their diagnosis did not identify material measurement impacts resulting from the adoption of this standard.

In relation to the presentation in the income statement, the Company and its subsidiaries evaluated that certain expenses that are currently been allocated as selling and marketing expenses, after the adoption of IFRS15, will be presented as a reduction of revenue, substantially the amortization expenses of exclusive contracts to operate Ipiranga service stations. In 2017 the amortization recognized as selling and marketing expenses was R$ 463,049.

The Company and its subsidiaries are evaluating the practical implementation of the initial adoption of IFRS 15 to conclude whether the retrospective or prospective adoption will be made.

The table below summarizes the estimate impacts of the IFRS 9 and 15 adoption:

As of December 31, 2017
Balance sheet	As disclosed	IFRS 9 (1) adoption	IFRS 15 (2) adoption	After adoption IFRS 9 and 15
Current assets	15,201,291	(173,314)	-	15,027,977
Non-current assets	13,139,031	-	-	13,139,031
Total assets	28,340,322	(173,314)	-	28,167,008
Current liabilities	7,013,988	-	-	7,013,988
Non-current liabilities	11,605,502	(58,927)	-	11,546,575
Shareholder’s equity	9,720,832	(114,387)	-	9,606,445
Total liabilities and shareholders' equity	28,340,322	(173,314)	-	28,167,008
Income statements
Net revenue from sales and services	80,007,422	-	(463,049)	79,544,373
Cost of products and services sold	(72,735,781)	-	-	(72,735,781)
Selling and marketing expenses	(2,885,311)	(51,751)	463,049	(2,474,013)
General and administrative expenses	(1,576,528)	-	-	(1,576,528)
Financial result, net	(474,296)	-	-	(474,296)
Income tax and social contribution	(839,429)	17,595	-	(821,834)
Net income for the year	1,573,868	(34,156)	-	1,539,712
Earnings per share - basic	2.9056	(0.0630)	-	2.8426
Earnings per share - diluted	2.8847	(0.0626)	-	2.8221

In relation to leases - IFRS 16, the Company and its subsidiaries are quantifying the potential effects of this pronouncement, and it is expected to have a relevant impact on the recognition of the right of use and debt related to lease contracts of the land and building of service stations, drugstores and stores given the number of lease agreements the Company has in place. The Company is evaluating the transition options that it will apply upon the adoption of the new standard. See Note 32.c for additional information regarding Company´s lease agreements.

Authorization for Issuance of the Financial Statements

These financial statements were authorized for issue by the Board of Officers on April 06, 2018.

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2. Presentation of Financial Statements and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Presentation Of Financial Statements And Summary Of Significant Accounting Policies Tables

Foreign subsidiaries

Subsidiary	Functional currency	Location
Oxiteno México S.A. de C.V.	Mexican Peso	Mexico
Oxiteno Servicios Corporativos S.A. de C.V.	Mexican Peso	Mexico
Oxiteno Servicios Industriales de C.V.	Mexican Peso	Mexico
Oxiteno USA LLC	U.S. Dollar	United States
Oxiteno Uruguay S.A. (i)	U.S. Dollar	Uruguay
Oxiteno Andina, C.A. (ii)	Bolivar	Venezuela

Adoption of pronouncesments issued

	Effective   date
•    IAS 7 – Disclosure Initiative – Amendments to IAS 7: clarifications made by the IASB related to liabilities arising from financing activities (see Note 14.a).	2017
•    IAS 12 – Recognition of Deferred Tax Assets for Unrealised Losses – Amendments to IAS 12: clarifications made by the IASB on the recognition of deferred tax assets on unrealised losses.	2017

	Effective   date
•    IFRS 9 – Financial instrument classification and measurement: includes new requirements for the classification and measurement of financial assets and liabilities, derecognition requirements, new impairment methodology for financial instruments, and new hedge accounting guidance.	2018
•    IFRS 15 - Revenue from contracts with customers: establish the principles of nature, amount, timing and uncertainty of revenue and cash flow arising from a contract with a customer.	2018
•    IFRS 16 - Lease: requires lessees record, in the financial statements, a liability reflecting future payments of a lease and the right to use an asset for the lease contracts, except for certain short-term leases and low asset value contracts. The criteria for recognition and measurement of leases in the financial statements of lessors are substantially maintained.	2019

Impacts of adoption

As of December 31, 2017
Balance sheet	As disclosed	IFRS 9 (1) adoption	IFRS 15 (2) adoption	After adoption IFRS 9 and 15
Current assets	15,201,291	(173,314)	-	15,027,977
Non-current assets	13,139,031	-	-	13,139,031
Total assets	28,340,322	(173,314)	-	28,167,008
Current liabilities	7,013,988	-	-	7,013,988
Non-current liabilities	11,605,502	(58,927)	-	11,546,575
Shareholder’s equity	9,720,832	(114,387)	-	9,606,445
Total liabilities and shareholders' equity	28,340,322	(173,314)	-	28,167,008
Income statements
Net revenue from sales and services	80,007,422	-	(463,049)	79,544,373
Cost of products and services sold	(72,735,781)	-	-	(72,735,781)
Selling and marketing expenses	(2,885,311)	(51,751)	463,049	(2,474,013)
General and administrative expenses	(1,576,528)	-	-	(1,576,528)
Financial result, net	(474,296)	-	-	(474,296)
Income tax and social contribution	(839,429)	17,595	-	(821,834)
Net income for the year	1,573,868	(34,156)	-	1,539,712
Earnings per share - basic	2.9056	(0.0630)	-	2.8426
Earnings per share - diluted	2.8847	(0.0626)	-	2.8221

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3. Principles of Consolidation, Investments in Subsidiaries, Acquisitions Under Approval and Business Combination (Tables)

12 Months Ended

Dec. 31, 2017

Principles Of Consolidation Investments In Subsidiaries Acquisitions Under Approval And Business Combination Tables

Investments in subsidiaries

			% interest in the share
			2017		2016
			Control		Control
	Location	Segment	Direct control	Indirect control	Direct control	Indirect control
Ipiranga Produtos de Petróleo S.A.	Brazil	Ipiranga	100	-	100	-
am/pm Comestíveis Ltda.	Brazil	Ipiranga	-	100	-	100
Centro de Conveniências Millennium Ltda.	Brazil	Ipiranga	-	100	-	100
Icorban - Correspondente Bancário Ltda.	Brazil	Ipiranga	-	100	-	100
Ipiranga Trading Limited	Virgin Islands	Ipiranga	-	100	-	100
Tropical Transportes Ipiranga Ltda.	Brazil	Ipiranga	-	100	-	100
Ipiranga Imobiliária Ltda.	Brazil	Ipiranga	-	100	-	100
Ipiranga Logística Ltda.	Brazil	Ipiranga	-	100	-	100
Oil Trading Importadora e Exportadora Ltda.	Brazil	Ipiranga	-	100	-	100
Chevron Brasil Lubrificantes S.A. (see Note 3.c)	Brazil	Ipiranga	-	56	-	-
Ipiranga Lubrificantes S.A. (see Note 3.c)	Brazil	Ipiranga	-	100	-	100
Integra Frotas Ltda. (1)	Brazil	Ipiranga	-	100	-	-
Companhia Ultragaz S.A.	Brazil	Ultragaz	-	99	-	99
Ultragaz Comercial Ltda. (2)	Brazil	Ultragaz	-	100	-	-
Bahiana Distribuidora de Gás Ltda.	Brazil	Ultragaz	-	100	-	100
Utingás Armazenadora S.A.	Brazil	Ultragaz	-	57	-	57
LPG International Inc.	Cayman Islands	Ultragaz	-	100	-	100
Imaven Imóveis Ltda.	Brazil	Others	-	100	-	100
Imifarma Produtos Farmacêuticos e Cosméticos S.A.	Brazil	Extrafarma	-	100	-	100
Oxiteno S.A. Indústria e Comércio	Brazil	Oxiteno	100	-	100	-
Oxiteno Nordeste S.A. Indústria e Comércio	Brazil	Oxiteno	-	99	-	99
Oxiteno Argentina Sociedad de Responsabilidad Ltda.	Argentina	Oxiteno	-	100	-	100
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Brazil	Oxiteno	-	100	-	100
Oxiteno Uruguay S.A.	Uruguay	Oxiteno	-	100	-	100
Barrington S.L. (3)	Spain	Oxiteno	-	-	-	100
Oxiteno México S.A. de C.V.	Mexico	Oxiteno	-	100	-	100
Oxiteno Servicios Corporativos S.A. de C.V.	Mexico	Oxiteno	-	100	-	100
Oxiteno Servicios Industriales S.A. de C.V.	Mexico	Oxiteno	-	100	-	100
Oxiteno USA LLC	United States	Oxiteno	-	100	-	100
Global Petroleum Products Trading Corp.	Virgin Islands	Oxiteno	-	100	-	100
Oxiteno Overseas Corp.(4)	Virgin Islands	Oxiteno	-	-	-	100
Oxiteno Andina, C.A.	Venezuela	Oxiteno	-	100	-	100
Oxiteno Europe SPRL	Belgium	Oxiteno	-	100	-	100
Oxiteno Colombia S.A.S	Colombia	Oxiteno	-	100	-	100
Oxiteno Shanghai LTD.	China	Oxiteno	-	100	-	100
Empresa Carioca de Produtos Químicos S.A.	Brazil	Oxiteno	-	100	-	100
Ultracargo - Operações Logísticas e Participações Ltda.	Brazil	Ultracargo	100	-	100	-
Terminal Químico de Aratu S.A. – Tequimar	Brazil	Ultracargo	-	99	-	99
Ultrapar International S.A.	Luxembourg	Others	100	-	100	-
SERMA - Ass. dos usuários equip. proc. de dados	Brazil	Others	-	100	-	100

Fair value of acquired assets and liabilities assumed in acquisition

Current assets		Current liabilities
Cash and cash equivalents	73,316	Trade payables	33,453
Trade receivables	157,016	Salaries and related charges	18,251
Inventories	112,998	Taxes payable	20,089
Recoverable taxes	5,595	Other payables	28,743
Other receivables	15,497
	364,422		100,536
Non-current assets		Non-current liabilities
Related parties	7,077	Provision for tax, civil, and labor risks	202,352
Indemnity asset	202,352	Deferred income and social contribution taxes	3,300
Escrow deposits	4,095	Post-employment benefits	44,478
Other receivables	5,257
Property, plant, and equipment	172,526
Intangible assets	9,944
	401,251		250,130
Total assets acquired	765,673	Total liabilities assumed	350,666
Preliminary goodwill	123,673	Participation of non-controlling interests	182,603
Total assets acquired and preliminary goodwill	889,346	Preliminary consideration transferred	356,077

The calculation of the provisional goodwill is shown below:
Temporary consideration transferred	356,077
Total assets acquired	765,673
(-) Total liabilities assumed	(350,666)
(-) Non-controlling interest	(182,603)
Temporary goodwill	123,673

Consolidated information

	2017
Net revenue from sales and services	80,785,084
Operating income	2,834,636
Net income for the year	1,555,077
Earnings per share basic - whole R$ (see Note 29)	2.8709
Earnings per share diluted - whole R$ (see Note 29)	2.8503

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4. Cash and Cash Equivalents and Financial Investments (Tables)

12 Months Ended

Dec. 31, 2017

Cash And Cash Equivalents And Financial Investments Tables

Cash and cash equivalents

	2017	2016
Cash and bank deposits
In local currency	73,128	47,177
In foreign currency	74,798	66,141
Financial investments considered cash equivalents
In local currency
Fixed-income securities	4,821,605	3,837,807
In foreign currency
Fixed-income securities	32,473	323,033
Total cash and cash equivalents	5,002,004	4,274,158

Financial investments

	2017	2016
Financial investments
In local currency
Fixed-income securities and funds	1,153,040	1,174,458
In foreign currency
Fixed-income securities and funds	129,131	34,775
Currency and interest rate hedging instruments (a)	85,753	218,458
Total financial investments	1,367,924	1,427,691
Current	1,283,498	1,412,587
Non-current	84,426	15,104

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5. Trade Receivables and Reseller Financing (Tables)

12 Months Ended

Dec. 31, 2017

Trade Receivables And Reseller Financing Tables

Trade receivables and reseller financing composition

	2017	2016
Domestic customers	4,057,752	3,315,783
Reseller financing – Ipiranga (i)	675,236	466,277
Foreign customers	229,701	180,679
(-) Allowance for doubtful accounts	(295,580)	(233,332)
Total	4,667,109	3,729,407
Current	4,337,118	3,502,322
Non-current	329,991	227,085

Trade receivables breakdown

			Past due
	Total	Current	less than 30 days	31-60 days	61-90 days	91-180 days	more than 180 days
2017	4,962,689	4,102,549	200,939	46,491	48,197	87,812	476,701
2016	3,962,739	3,326,934	167,790	44,152	23,738	60,150	339,975

Movements in allowance for doubtful accounts

Balance on 12/31/2014		178,444
Additions		44,380
Write-offs		(22,008)
Balance on 12/31/2015	200,816
Additions	48,402
Write-offs	(15,886)
Balance on 12/31/2016	233,332
Opening balance CBL S.A. (see Note 3.c)	6,733
Additions	66,427
Write-offs	(10,912)
Balance on 12/31/2017	295,580

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6. Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventories Tables

Composition of inventories

	2017			2016
	Cost	Provision for losses	Net balance	Cost	Provision for losses	Net balance
Fuels, lubricants and greases	1,622,054	(3,074)	1,618,980	1,317,042	(2,851)	1,314,191
Finished goods	485,407	(18,495)	466,912	425,335	(19,801)	405,534
Work in process	1,637	-	1,637	2,011	-	2,011
Raw materials	492,029	(1,835)	490,194	246,974	(1,147)	245,827
Liquefied petroleum gas (LPG)	102,031	(5,761)	96,270	71,466	(5,761)	65,705
Consumable materials and other items for resale	160,024	(5,380)	154,644	138,610	(7,619)	130,991
Pharmaceutical, hygiene, and beauty products	415,956	(2,447)	413,509	352,187	(9,985)	342,202
Purchase for future delivery (1)	222,808	-	222,808	228,871	-	228,871
Properties for resale	27,032	(107)	26,925	25,982	(107)	25,875
	3,528,978	(37,099)	3,491,879	2,808,478	(47,271)	2,761,207

Movements in the provision for losses

	Balance on 12/31/2014	46,325
	Additions to net realizable value adjustment	2,003
	Reversals of obsolescence and other losses	(14,336)
Balance on 12/31/2015			33,992
Additions to net realizable value adjustment			12,393
Additions of obsolescence and other losses			886
Balance on 12/31/2016			47,271
Reversals to net realizable value adjustment			(6,713)
Reversals of obsolescence and other losses			(3,459)
Balance on 12/31/2017			37,099

Breakdown of provisions for losses related to inventories

	2017	2016
Net realizable value adjustment	19,817	26,530
Obsolescence and other losses	17,282	20,741
Total	37,099	47,271

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7. Recoverable Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Recoverable Taxes Tables

Recoverable taxes

	2017	2016
ICMS	580,630	459,255
Provision for ICMS losses (1)	(72,076)	(68,683)
PIS and COFINS	348,333	109,552
IRPJ and CSLL	295,172	195,276
Value-Added Tax (IVA) of subsidiaries Oxiteno Mexico, Oxiteno Andina, Oxiteno Uruguay and Ultrapar International	27,180	22,121
Others	15,587	6,868
Total	1,194,826	724,389
Current	881,584	541,772
Non-current	313,242	182,617

Provision for ICMS losses

	Balance on 12/31/2014		67,657
	Write-offs, additions and reversals, net		(2,766)
Balance on 12/31/2015		64,891
Additions, write-offs and reversals, net		3,792
Balance on 12/31/2016		68,683
Additions, write-offs and reversals, net		3,393
Balance on 12/31/2017		72,076

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8. Related Parties (Tables)

12 Months Ended

Dec. 31, 2017

Related Parties Tables

Subsidiaries and other related parties

	Loans		Commercial transactions
	Assets	Liabilities	Receivables(1)	Payables(1)
Oxicap Indústria de Gases Ltda.	-	-	-	1,489
Química da Bahia Indústria e Comércio S.A.	-	2,946	-	-
ConectCar Soluções de Mobilidade Eletrônica S.A.	-	-	1,067	31
Refinaria de Petróleo Riograndense S.A.	-	-	-	22,199
Others	490	1,239	-	-
Total in 2017	490	4,185	1,067	23,719

	Loans		Commercial transactions
	Assets	Liabilities	Receivables(1)	Payables(1)
Oxicap Indústria de Gases Ltda.	-	-	-	1,534
Química da Bahia Indústria e Comércio S.A.	-	2,946	-	-
ConectCar Soluções de Mobilidade Eletrônica S.A.	-	-	7,259	5,820
Refinaria de Petróleo Riograndense S.A.	-	-	-	18,186
Others	490	1,326	-	-
Total in 2016	490	4,272	7,259	25,540

(1) Included in “trade receivables” and “trade payables,” respectively.

	Commercial transactions
	Sales and services	Purchases
Oxicap Indústria de Gases Ltda	6	18,108
Refinaria de Petróleo Riograndense S.A.	-	1,004,030
ConectCar Soluções de Mobilidade Eletrônica S.A.	7,239	859
Total in 2017	7,245	1,022,997

	Commercial transactions
	Sales and services	Purchases
Oxicap Indústria de Gases Ltda.	6	18,079
Refinaria de Petróleo Riograndense S.A.	-	958,007
ConectCar Soluções de Mobilidade Eletrônica S.A.	13,329	1,424
Total in 2016	13,335	977,510

	Commercial transactions
	Sales and services	Purchases
Oxicap Indústria de Gases Ltda.	6	12,353
Refinaria de Petróleo Riograndense S.A.	-	615,014
ConectCar Soluções de Mobilidade Eletrônica S.A.	18,205	-
Total in 2015	18,211	627,367

Expenses for compensation of its key executives

	2017	2016	2015
Short-term compensation	45,477	40,306	37,759
Stock compensation	1,399	5,427	6,126
Post-employment benefits	1,096	3,336	2,936
Termination benefit	8,794	-	-
Long-term compensation	(6,459)	2,473	2,302
Total	50,307	51,542	49,123

Shares granted

Grant date	Balance of number of shares granted	Vesting period	Market price of shares on the grant date (in R$ per share)	Total grant  costs, including taxes	Accumulated recognized grant costs	Accumulated unrecognized grant costs
March 13, 2017	100,000	2022 to 2024	67.99	9,378	(1,327)	8,051
March 4, 2016	190,000	2021 to 2023	65.43	17,147	(5,339)	11,808
December 9, 2014	570,000	2019 to 2021	50.64	39,814	(20,849)	18,965
March 5, 2014	83,400	2019 to 2021	52.15	5,999	(3,906)	2,093
November 7, 2012	199,998	2017 to 2019	42.90	18,309	(15,937)	2,372
December 14, 2011	40,000	2016 to 2018	31.85	5,272	(5,042)	230
November 10, 2010	-	2015 to 2017	26.78	9,602	(9,602)	-
	1,183,398			105,521	(62,002)	43,519

Changes of number of shares granted

Balance on 12/31/2015	1,727,264
Shares granted on March 4, 2016	190,000
Shares vested and transferred	(417,192)
Balance on 12/31/2016	1,500,072
Shares granted on March 4, 2017	100,000
Forfeiture of granted shares due to termination of executive employment	(143,333)
Shares vested and transferred	(273,341)
Balance on 12/31/2017	1,183,398

Restricted stock program

Program	Grant date	Balance of number of shares granted	Vesting period	Market price of shares on the grant date (in R$ per share)	Total grant costs, including taxes	Accumulated recognized grant costs	Accumulated unrecognized grant costs
Restricted	October 1, 2017	120,000	2023	76.38	12,642	(527)	12,115
Restricted and Performance	November 8, 2017	46,270	2020 to 2022	76.38	5,901	(257)	5,644
		166,270			18,543	(784)	17,759

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9. Income and Social Contribution Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income And Social Contribution Taxes Tables

Deferred taxes

	2017	2016
Assets - Deferred income and social contribution taxes on:
Provision for impairment of assets	47,592	46,254
Provisions for tax, civil, and labor risks	145,767	163,096
Provision for post-employment benefits	81,199	54,185
Provision for differences between cash and accrual basis	40,755	18,452
Goodwill	14,234	17,823
Business combination – fiscal basis vs. accounting basis of goodwill	74,972	68,064
Provision for asset retirement obligation	19,111	23,419
Other provisions	146,002	136,463
Tax losses and negative basis for social contribution carryforwards (d)	201,471	78,682
Total	771,103	606,438
Offset the liabilities balance	(225,492)	(189,094)
Net balance of assets	545,611	417,344
Liabilities - Deferred income and social contribution taxes on:
Revaluation of property, plant, and equipment	2,109	2,640
Lease	3,361	3,899
Provision for differences between cash and accrual basis	44,440	59,264
Provision for goodwill/negative goodwill	131,811	74,895
Business combination – fair value of assets	45,414	46,202
Temporary differences of foreign subsidiaries	955	2,290
Other provisions	35,926	7,549
Total	264,016	196,739
Offset the assets balance	(225,492)	(189,094)
Net balance of liabilities	38,524	7,645

Changes in balance of deferred taxes

	2017	2016	2015
Initial balance	409,699	292,989	309,726
Deferred IRPJ and CSLL recognized in income of the year	83,029	100,505	(14,813)
Deferred IRPJ and CSLL recognized in other comprehensive income	13,389	18,938	(2,250)
Deferred IRPJ and CSLL recognized in business combination	(610)	-	-
Others	1,580	(2,733)	326
Final balance	507,087	409,699	292,989

Recovery of deferred tax assets

Up to 1 Year	207,210
From 1 to 2 Years	79,790
From 2 to 3 Years	139,314
From 3 to 5 Years	94,397
From 5 to 7 Years	194,627
From 7 to 10 Years	55,765
Total of deferred tax assets relating to IRPJ and CSLL	771,103

Reconciliation of taxes

	2017	2016	2015
Income (loss) before taxes and share of profit (loss) of joint ventures, and associates	2,392,624	2,263,134	2,258,192
Statutory tax rates - %	34	34	34
Income and social contribution taxes at the statutory tax rates	(813,492)	(769,466)	(767,785)
Adjustments to the statutory income and social contribution taxes:
Nondeductible expenses (i)	(105,017)	(57,961)	(70,540)
Nontaxable revenues (ii)	19,084	7,561	3,753
Adjustment to estimated income (iii)	10,844	14,218	12,926
Interest on equity (iv)	(550)	(364)	-
Other adjustments	1,104	7,108	4,874
Income and social contribution taxes before tax incentives	(888,027)	(798,904)	(816,772)
Tax incentives - SUDENE	48,598	98,912	82,436
Income and social contribution taxes in the income statement	(839,429)	(699,992)	(734,336)
Current	(922,458)	(800,497)	(719,523)
Deferred	83,029	100,505	(14,813)
Effective IRPJ and CSLL rates - %	35.0	30.9	32.5

Tax incentives

Subsidiary	Units	Incentive - %	Expiration
Bahiana Distribuidora de Gás Ltda.	Aracaju base (1)	75	2017
	Suape base	75	2018
	Mataripe base	75	2024
	Caucaia base	75	2025
Terminal Químico de Aratu S.A. – Tequimar	Suape terminal	75	2020
	Aratu terminal	75	2022
	Itaqui terminal	75	2025
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Camaçari plant	75	2021
Oxiteno Nordeste S.A. Indústria e Comércio	Camaçari plant (2)	75	2026
Empresa Carioca de Produtos Químicos S.A.	Camaçari plant (3)	75	2026

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10. Prepaid expenses (Tables)

12 Months Ended

Dec. 31, 2017

Prepaid Expenses

Prepaid expenses

	2017	2016
Rents(1)	329,421	196,944
Advertising and publicity	67,321	37,833
Deferred Stock Plan, net (see Note 8.c)	37,591	44,719
Insurance premiums	39,629	46,896
Software maintenance	8,237	12,478
Other prepaid expenses	14,733	7,531
	496,932	346,401
Current	150,046	123,883
Non-current	346,886	222,518

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11. Investments (Tables)

12 Months Ended

Dec. 31, 2017

Investments Tables

Balances and changes in joint ventures

	Movements in investments
	União Vopak	RPR	ConectCar	Total
Balance on 12/31/2014	4,960	24,076	25,472	54,508
Capital increase	-	-	37,080	37,080
Advance for Future Capital Increase	-	-	4,000	4,000
Valuation adjustments	-	1,535	-	1,535
Share of profit (loss) of joint ventures	699	8,248	(23,234)	(14,287)
Dividends	(1,114)	(2,345)	-	(3,459)
Balance on 12/31/2015	4,545	31,514	43,318	79,377
Capital increase	-	-	47,281	47,281
Valuation adjustments	-	(2,935)	-	(2,935)
Dividends and interest on equity (gross)	-	(12,915)	-	(12,915)
Share of profit (loss) of joint ventures	(27)	29,745	(24,384)	5,334
Balance on 12/31/2016	4,518	45,409	66,215		116,142
Capital increase	-	-	16,000		16,000
Valuation adjustments	-	4,079	-		4,079
Dividends and interest on equity (gross)	-	(30,959)	-		(30,959)
Share of profit (loss) of joint ventures	1,578	36,210	(20,989)		16,799
Balance on 12/31/2017	6,096	54,739	61,226		122,061

Balance sheet and income statements of joint ventures

	2017
	União Vopak	RPR	ConectCar
Current assets	7,110	389,022	90,242
Non-current assets	6,627	128,417	132,785
Current liabilities	1,210	297,762	100,564
Non-current liabilities	336	54,821	12
Shareholders’ equity	12,191	164,856	122,451
Net revenue from sales and services	15,260	5,067,950	33,935
Costs, operating expenses and income	(10,852)	(4,876,389)	(100,444)
Net financial income and income and social contribution taxes	(1,252)	(82,498)	24,530
Net income (loss)	3,156	109,063	(41,979)
Number of shares or units held	29,995	5,078,888	169,860,500
% of capital held	50	33	50

	2016
	União Vopak	RPR	ConectCar
Current assets	4,228	286,916	93,634
Non-current assets	6,383	116,931	116,243
Current liabilities	700	198,619	77,448
Non-current liabilities	876	68,467	-
Shareholders’ equity	9,035	136,761	132,429
Net revenue from sales and services	12,030	1,490,516	30,058
Costs, operating expenses and income	(12,430)	(1,361,551)	(105,800)
Net financial income and income and social contribution taxes	346	(39,379)	26,974
Net income (loss)	(54)	89,586	(48,768)
Number of shares or units held	29,995	5,078,888	145,860,500
% of capital held	50	33	50

	2015
	União Vopak	RPR	ConectCar
Current assets	3,360	234,094	59,599
Non-current assets	7,300	114,123	85,195
Current liabilities	1,570	176,134	62,158
Non-current liabilities	-	77,172	-
Shareholders’ equity	9,090	94,911	82,636
Costs, operating expenses and income	(10,198)	(926,392)	(89,431)
Net financial income and income and social contribution taxes	(430)	(20,768)	24,553
Net income (loss)	1,398	27,647	(46,468)
Number of shares or units held	29,995	5,078,888	94,579,500
% of capital held	50	33	50

Balances and changes in associates

	Movements in investments
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.	Total
Balance on 12/31/2014	6,212	3,090	3,676	165	-	13,143
Capital increase	-	10,368(1)	-	-	-	10,368
Dividends	(1,924)	(3,453)	-	-	-	(5,377)
Share of profit (loss) of associates	1,455	1,995	8	(55)	-	3,403
Balance on 12/31/2015	5,743	12,000	3,684	110	-	21,537
Dividends	(948)	-	-	-	-	(948)
Share of profit (loss) of associates	1,206	981	(6)	(39)	-	2,142
Balance on 12/31/2016	6,001	12,981	3,678	71	-	22,731
Dividends	(865)	-	-	-	(399)	(1,264)
Share of profit (loss) of associates	1,212	1,477	(60)	269	976	3,874
Balance on 12/31/2017	6,348	14,458	3,618	340	577	25,341

Balance sheets and income statements of associates

	2017
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.
Current assets	11,218	45,061	67	175	505
Non-current assets	16,464	74,612	10,278	1,695	2,821
Current liabilities	1,960	12,338	-	422	93
Non-current liabilities	332	7,920	3,110	427	1,500
Shareholders’ equity	25,390	99,424	7,235	1,021	1,733
Net revenue from sales and services	10,522	52,709	-	-	-
Costs, operating expenses and income	(5,649)	(40,769)	(90)	673	628
Net financial income and income and social contribution taxes	-	(2,144)	(31)	179	15
Net income (loss)	4,873	9,796	(121)	852	643
Number of shares or units held	20,124,996	1,987	1,493,120	3,000	1,384,308
% of capital held	25	15	50	33	33

	2016
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.
Current assets	7,524	28,358	220	169	1,178
Non-current assets	17,570	70,034	10,246	1,682	2,821
Current liabilities	759	7,125	1	21	53
Non-current liabilities	332	5,226	3,109	1,616	1,667
Shareholders’ equity	24,003	86,041	7,356	214	2,279
Net revenue from sales and services	9,955	52,751	-	-	-
Costs, operating expenses and income	(5,194)	(39,539)	(60)	(189)	574
Net financial income and income and social contribution taxes	63	(6,837)	49	(19)	68
Net income (loss)	4,824	6,375	(11)	(208)	642
Number of shares or units held	20,124,996	1,987	1,493,120	3,000	1,384,308
% of capital held	25	15	50	33	33

	2015
	Transportadora Sulbrasileira de Gás S.A.	Oxicap Indústria de Gases Ltda.	Química da Bahia Indústria e Comércio S.A.	Metalúrgica Plus S.A.	Plenogás Distribuidora de Gás S.A.
Current assets	5,175	13,390	73	759	691
Non-current assets	18,773	79,203	10,403	1,681	2,830
Current liabilities	644	8,682	-	403	101
Non-current liabilities	332	4,371	3,109	1,708	1,777
Shareholders’ equity	22,972	79,540	7,367	329	1,643
Net revenue from sales and services	10,628	42,799	-	-	-
Costs, operating expenses and income	(4,703)	(14,050)	(34)	(172)	1,792
Net financial income and income and social contribution taxes	(7)	(9,973)	49	8	14
Net income (loss)	5,918	18,776	15	(164)	1,806
Number of shares or units held	20,124,996	1,987	1,493,120	3,000	1,384,308
% of capital held	25	15	50	33	33

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12. Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property Plant And Equipment Tables

Balances and changes in property, plant, and equipment

	Weighted average useful life (years)	Balance on 12/31/2016	Additions	Depreciation	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Opening balance CBLSA	Balance on 12/31/2017
Cost:
Land	-	520,575	4,319	-	16,039	(969)	4,574	34,636	579,174
Buildings	30	1,440,204	10,677	-	95,630	(12,409)	32,998	72,767	1,639,867
Leasehold improvements	9	796,521	13,819	-	116,698	(14,494)	11	-	912,555
Machinery and equipment	12	4,225,056	130,154	-	105,060	(16,069)	277,730	-	4,721,931
Automotive fuel/lubricant distribution equipment and facilities	13	2,429,079	131,134	-	78,568	(29,935)	-	112,229	2,721,075
LPG tanks and bottles	11	619,511	59,598	-	(1,149)	(34,263)	-	-	643,697
Vehicles	7	271,133	28,428	-	6,948	(21,055)	1,841	-	287,295
Furniture and utensils	9	204,550	35,078	-	10,775	(834)	10,756	6,169	266,494
Construction in progress	-	523,285	766,775	-	(386,198)	(4)	10,192	14,950	929,000
Advances to suppliers	-	96,423	61,536	-	(48,722)	-	2,930	-	112,167
Imports in progress	-	58	1,182	-	(450)	-	(4)	-	786
IT equipment	5	288,705	42,638	-	3,095	(1,081)	170	19,495	353,022
		11,415,100	1,285,338	-	(3,706)	(131,113)	341,198	260,246	13,167,063
Accumulated depreciation:
Buildings		(632,908)	-	(46,795)	130	5,535	(28,365)	(22,005)	(724,408)
Leasehold improvements		(412,449)	-	(71,660)	(166)	8,624	-	-	(475,651)
Machinery and equipment		(2,474,504)	-	(258,068)	(139)	10,174	(257,629)	-	(2,980,166)
Automotive fuel/lubricant distribution equipment and facilities		(1,383,069)	-	(144,884)	(29)	26,907	-	(44,731)	(1,545,806)
LPG tanks and bottles		(276,414)	-	(45,838)	130	16,157	-	-	(305,965)
Vehicles		(101,082)	-	(21,740)	80	12,365	(1,823)	-	(112,200)
Furniture and utensils		(120,747)	-	(15,128)	(9)	594	(9,275)	(4,010)	(148,575)
IT equipment		(220,421)	-	(24,481)	148	991	(121)	(16,975)	(260,859)
		(5,621,594)	-	(628,594)	145	81,347	(297,213)	(87,721)	(6,553,630)
Provision for losses:
Advances to suppliers		(83)	-	-	-	-	-	-	(83)
Land		(197)	(104)	-	-	197	-	-	(104)
Leasehold improvements		(560)	(10)	-	-	14	(8)	-	(564)
Machinery and equipment		(4,347)	(397)	-	-	45	(25)	-	(4,724)
Automotive fuel/lubricant distribution equipment and facilities		(336)	-	-	-	167	-	-	(169)
Furniture and utensils		(1)	-	-	-	-	-	-	(1)
		(5,524)	(511)	-	-	423	(33)	-	(5,645)
Net amount		5,787,982	1,284,827	(628,594)	(3,561)	(49,343)	43,952	172,525	6,607,788

	Weighted average useful life (years)	Balance on 12/31/2015	Additions	Depreciation	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2016
Cost:
Land	-	524,159	157	-	218	(202)	(3,757)	520,575
Buildings	30	1,382,603	11,597	-	68,989	(281)	(22,704)	1,440,204
Leasehold improvements	9	701,183	11,109	-	87,312	(3,078)	(5)	796,521
Machinery and equipment	13	3,991,839	117,157	-	164,883	(10,209)	(38,614)	4,225,056
Automotive fuel/lubricant distribution equipment and facilities	14	2,282,462	113,162	-	56,213	(22,758)	-	2,429,079
LPG tanks and bottles	11	541,351	107,582	-	1,435	(30,857)	-	619,511
Vehicles	7	258,776	25,882	-	5,559	(18,575)	(509)	271,133
Furniture and utensils	10	170,695	27,319	-	8,955	(1,315)	(1,104)	204,550
Construction in progress	-	437,533	487,651	-	(384,335)	(535)	(17,029)	523,285
Advances to suppliers	-	12,125	102,465	-	(13,781)	-	(4,386)	96,423
Imports in progress	-	1,201	8,007	-	(8,895)	-	(255)	58
IT equipment	5	260,685	27,574	-	3,448	(1,561)	(1,441)	288,705
		10,564,612	1,039,662	-	(9,999)	(89,371)	(89,804)	11,415,100
Accumulated depreciation:
Buildings		(591,831)	-	(43,778)	13	151	2,537	(632,908)
Leasehold improvements		(359,117)	-	(55,913)	339	2,235	7	(412,449)
Machinery and equipment		(2,241,244)	-	(242,419)	3,099	9,536	(3,476)	(2,474,504)
Automotive fuel/lubricant distribution equipment and facilities		(1,270,797)	-	(130,613)	-	18,341	-	(1,383,069)
LPG tanks and bottles		(249,234)	-	(40,941)	-	13,761	-	(276,414)
Vehicles		(92,457)	-	(19,991)	-	11,234	132	(101,082)
Furniture and utensils		(110,259)	-	(11,146)	5	868	(215)	(120,747)
IT equipment		(203,793)	-	(19,225)	(3)	1,488	1,112	(220,421)
		(5,118,732)	-	(564,026)	3,453	57,614	97	(5,621,594)
Provision for losses:
Advances to suppliers		(83)	-	-	-	-	-	(83)
Land		(197)	-	-	-	-	-	(197)
Leasehold improvements		(659)	(4)	-	-	-	103	(560)
Machinery and equipment		(4,739)	(281)	-	-	325	348	(4,347)
Automotive fuel/lubricant distribution equipment and facilities		(1,306)	-	-	-	970	-	(336)
Furniture and utensils		(1)	-	-	-	-	-	(1)
		(6,985)	(285)	-	-	1,295	451	(5,524)
Net amount		5,438,895	1,039,377	(564,026)	(6,546)	(30,462)	(89,256)	5,787,982

	Weighted average useful life (years)	Balance on 12/31/2014	Additions	Depreciation	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2015
Cost:
Land	-	476,107	45,843	-	3,077	(4,947)	4,079	524,159
Buildings	31	1,275,728	14,521	-	86,725	(4,060)	9,689	1,382,603
Leasehold improvements	11	631,342	17,825	-	55,615	(3,599)	-	701,183
Machinery and equipment	13	3,909,475	99,038	-	108,286	(12,300)	(112,660)	3,991,839
Automotive fuel/lubricant distribution equipment and facilities	14	2,096,563	121,746	-	81,386	(17,233)	-	2,282,462
LPG tanks and bottles	12	494,691	83,608	-	2,777	(39,725)	-	541,351
Vehicles	7	244,467	21,883	-	11,358	(18,341)	(591)	258,776
Furniture and utensils	9	156,115	14,198	-	4,888	(440)	(4,066)	170,695
Construction in progress	-	372,974	373,774	-	(337,967)	(2,550)	31,302	437,533
Advances to suppliers	-	19,527	10,685	-	(18,095)	-	8	12,125
Imports in progress	-	59	1,959	-	(817)	-	-	1,201
IT equipment	5	239,930	24,255	-	1,124	(4,810)	186	260,685
		9,916,978	829,335	-	(1,643)	(108,005)	(72,053)	10,564,612
Accumulated depreciation:
Buildings		(565,308)	-	(40,766)	15	1,919	12,309	(591,831)
Leasehold improvements		(313,647)	-	(48,132)	1	2,661	-	(359,117)
Machinery and equipment		(2,158,390)	-	(234,792)	(240)	9,005	143,173	(2,241,244)
Automotive fuel/lubricant distribution equipment and facilities		(1,164,074)	-	(116,010)	-	9,287	-	(1,270,797)
LPG tanks and bottles		(231,001)	-	(34,392)	(136)	16,295	-	(249,234)
Vehicles		(90,004)	-	(15,769)	369	12,126	821	(92,457)
Furniture and utensils		(105,483)	-	(10,050)	-	323	4,951	(110,259)
IT equipment		(189,859)	-	(16,872)	(7)	3,667	(722)	(203,793)
		(4,817,766)	-	(516,783)	2	55,283	160,532	(5,118,732)
Provision for losses:
Advances to suppliers		-	(83)	-	-	-	-	(83)
Land		(197)	-	-	-	-	-	(197)
Leasehold improvements		(462)	-	-	-	2	(199)	(659)
Machinery and equipment		(5,895)	(1,137)	-	-	2,964	(671)	(4,739)
Automotive fuel/lubricant distribution equipment and facilities		-	(1,342)	-	-	36	-	(1,306)
IT equipment		(683)	-			683	-	-
Furniture and utensils		(4)	(1)	-	-	4	-	(1)
		(7,241)	(2,563)	-	-	3,689	(870)	(6,985)
Net amount		5,091,971	826,772	(516,783)	(1,641)	(49,033)	87,609	5,438,895

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13. Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Intangible Assets Tables

Balances and changes in intangible assets

	Weighted average useful life (years)	Balance on 12/31/2016	Additions	Amortization	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Opening balance CBLSA	Balance on 12/31/2017
Cost:
Goodwill (i)	-	1,454,484	-	-	-	-	-	123,673	1,578,157
Software (ii)	5	641,691	207,703	-	2,447	(1,193)	2,431	-	853,079
Technology (iii)	5	32,617	-	-	-	-	-	-	32,617
Commercial property  rights (iv)	10	43,258	13,837	-	(68)	(1,958)	-	-	55,069
Distribution rights (v)	6	3,651,316	580,011	-	-	-	-	42,052	4,273,379
Brands (vi)	-	112,936	-	-	-	-	607	-	113,543
Others (vii)	4	39,172	420	-	-	-	922	-	40,514
		5,975,474	801,971	-	2,379	(3,151)	3,960	165,725	6,946,358
Accumulated amortization:
Software		(396,702)	-	(59,579)	(5)	1,191	(1,704)	-	(456,799)
Technology		(32,469)	-	(72)	-	-	-	-	(32,541)
Commercial property rights		(19,568)	-	(3,689)	8	1,957	-	-	(21,292)
Distribution rights		(2,131,826)	-	(500,488)	(12,635)	-	-	(32,108)	(2,677,057)
Others		(23,310)	-	(7,883)	-	-	(3)	-	(31,196)
		(2,603,875)	-	(571,711)	(12,632)	3,148	(1,707)	(32,108)	(3,218,885)
		3,371,599	801,971	(571,711)	(10,253)	(3)	2,253	133,617	3,727,473

	Weighted average useful life (years)	Balance on 12/31/2015	Additions	Amortization	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2016
Cost:
Goodwill (i)	-	1,456,179	-	-	-	(1,695)	-	1,454,484
Software (ii)	5	539,522	99,734		7,601	(7)	(5,159)	641,691
Technology (iii)	5	32,617	-	-	-	-	-	32,617
Commercial property rights (iv)	10	36,588	7,303	-		(633)	-	43,258
Distribution rights (v)	5	3,278,487	543,527	-	(170,698)	-	-	3,651,316
Brands (vi)	-	120,944	-	-	-	-	(8,008)	112,936
Others (vii)	4	46,951	607	-	(5,960)	(980)	(1,446)	39,172
		5,511,288	651,171	-	(169,057)	(3,315)	(14,613)	5,975,474
Accumulated amortization:
Software		(350,760)	-	(49,380)	(2)	7	3,433	(396,702)
Technology		(31,256)	-	(1,213)	-	-	-	(32,469)
Commercial property rights		(16,979)	-	(3,148)	-	559	-	(19,568)
Distribution rights		(1,802,989)	-	(493,348)	164,511	-	-	(2,131,826)
Others		(15,369)	-	(7,835)	(83)	-	(23)	(23,310)
		(2,217,353)	-	(554,924)	164,426	566	3,410	(2,603,875)
		3,293,935	651,171	(554,924)	(4,631)	(2,749)	(11,203)	3,371,599

	Weighted average useful life (years)	Balance on 12/31/2014	Additions	Amortization	Transfer	Write-offs and disposals	Effect of foreign currency exchange rate variation	Balance on 12/31/2015
Cost:
Goodwill (i)	-	1,456,179	-	-	-	-	-	1,456,179
Software (ii)	5	451,936	82,612	-	453	(59)	4,580	539,522
Technology (iii)	5	32,617	-	-	-	-	-	32,617
Commercial property rights (iv)	10	31,881	4,994	-	-	(287)	-	36,588
Distribution rights (v)	5	2,762,985	515,502	-	-	-	-	3,278,487
Brands (vi)	-	105,458	-	-	2	-	15,484	120,944
Others (vii)	4	38,606	6,492	-	(79)	-	1,932	46,951
		4,879,662	609,600	-	376	(346)	21,996	5,511,288
Accumulated amortization:
Software		(303,780)	-	(44,346)	-	59	(2,693)	(350,760)
Technology		(29,471)	-	(1,785)	-	-	-	(31,256)
Commercial property rights		(14,545)	-	(2,643)	-	209	-	(16,979)
Distribution rights		(1,366,128)	-	(433,869)	(2,992)	-	-	(1,802,989)
Others		(7,625)	-	(7,821)	96	-	(19)	(15,369)
		(1,721,549)	-	(490,464)	(2,896)	268	(2,712)	(2,217,353)
Net amount		3,158,113	609,600	(490,464)	(2,520)	(78)	19,284	3,293,935

Balances of goodwill

	Segment	2017	2016
Goodwill on the acquisition of:
Extrafarma	Extrafarma	661,553	661,553
Ipiranga	Ipiranga	276,724	276,724
União Terminais	Ultracargo	211,089	211,089
CBLSA	Ipiranga	123,673	-
Texaco	Ipiranga	177,759	177,759
Oxiteno Uruguay	Oxiteno	44,856	44,856
Temmar	Ultracargo	43,781	43,781
DNP	Ipiranga	24,736	24,736
Repsol	Ultragaz	13,403	13,403
Others	Oxiteno	583	583
		1,578,157	1,454,484

Amortization expenses

	2017	2016	2015
Inventories and cost of products and services sold	29,344	14,593	11,522
Selling and marketing	484,609	492,973	436,253
General and administrative	57,758	47,358	42,689
	571,711	554,924	490,464

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14. Loans, Debentures, and Finance Leases (Tables)

12 Months Ended

Dec. 31, 2017

Loans Debentures And Finance Leases Tables

Compostion of loans

a.  Composition
Description	2017	2016	Index/Currency	Weighted average financial charges 12/31/2017 – % p.a.	Maturity
Foreign currency – denominated loans:
Notes in the foreign market (b) (*)	2,454,142	2,412,112	US$	+5.3	2026
Foreign loan (c.1) (*)	788,794	942,456	US$ + LIBOR (i)	+1.0	2018 to 2022
Foreign loan (c.1) (*)	298,927	332,650	US$ + LIBOR (i)	+1.9	2018
Foreign loan (c.2, c.3 and c.4)	259,015	486,451	US$	+2.2	2018
Financial institutions (e)	330,755	195,021	US$ + LIBOR (i)	+2.5	2019 to 2022
Financial institutions (e)	106,745	109,859	US$	+2.8	2018 to 2022
Financial institutions (e)	27,048	24,586	MX$ (ii)	+8.5	2018
Foreign currency advances delivered	26,080	32,582	US$	+2.2	< 54 days
Advances on foreign exchange contracts	44,515	111,066	US$	+2.4	< 92 days
BNDES (d)	4,460	7,137	US$	+6.4	2018 to 2020
Financial institutions (e)	3,382	9,569	MX$ + TIIE (ii)	+1.5	2018
Financial institutions (e)	593	435	Bs$ (vii)	+24.0	2018
Subtotal foreign currency	4,344,456	4,663,924
Brazilian Reais – denominated loans:
Debentures - Ipiranga (g.1, g.2, g.4 and g.6)	2,836,741	1,914,498	CDI	105.8	2018 to 2022
Banco do Brasil – floating rate (f)	2,794,272	2,956,547	CDI	107.3	2018 to 2021
Debentures - 5th issuance (g.3)	817,654	832,383	CDI	108.3	2018
Debentures – CRA (g.5)	1,380,852	-	CDI	95.0	2022
Debentures – CRA (g.5) (*)	554,402	-	IPCA	+4.6	2024
BNDES (d)	206,423	307,593	TJLP (iii)	+2.4	2018 to 2023
Export Credit Note – floating rate (h)	157,749	158,753	CDI	101.5	2018
BNDES (d)	69,422	71,430	SELIC (vi)	+2.3	2018 to 2023
BNDES EXIM	62,754	62,084	TJLP (iii)	+3.5	2018
Finance leases (i)	48,515	48,566	IGP-M (v)	+5.6	2018 to 2031
FINEP	35,611	48,667	R$	+4.0	2018 to 2022
FINEP	32,682	34,613	TJLP (iii)	+1.0	2018 to 2023
Banco do Nordeste do Brasil	28,136	47,120	R$	+8.5	2018 to 2021
BNDES EXIM	30,850	28,056	SELIC (vi)	+3.9	2018
BNDES (d)	26,270	40,309	R$	+5.6	2018 to 2022
FINAME	56	80	TJLP (iii)	+5.7	2018 to 2022
Fixed finance leases (i)	-	41
Floating finance leases (i)	-	109
Subtotal Brazilian Reais	9,082,389	6,550,849
Total foreign currency and Brazilian Reais	13,426,845	11,214,773
Currency and interest rate hedging instruments (**)	163,749	202,357
Total	13,590,594	11,417,130
Current	3,503,675	2,475,604
Non-current	10,086,919	8,941,526

Changes in loans, debentures and finance leases

Balance on 12/31/2016	11,214,773
New loans and debentures with cash effect	4,510,694
Interest accrued	925,421
Principal payment and financial leases	(2,467,391)
Interest payment	(769,740)
Monetary variation	37,937
Change in fair value	(24,849)
Balance on 12/31/2017	13,426,845

Principal maturity schedule

	2017	2016
From 1 to 2 years	1,826,907	3,203,383
From 2 to 3 years	894,640	1,699,009
From 3 to 4 years	1,302,450	693,993
From 4 to 5 years	3,016,406	554,162
More than 5 years	3,046,516	2,790,979
	10,086,919	8,941,526

Foreign loan maturity

Maturity	US$ (million)	Cost in % of CDI
Jul/18	60.0	103.0
Sep/18	80.0	101.5
Nov/18	80.0	101.4
Jun/22	100.0	105.0
Total / average cost	320.0	102.9

Loan and debenture maturity

Maturity
2018-Jan	172,798
2018-Apr	100,571
2019-Feb	168,392
2019-May	1,338,979
2020-May	337,844
2021-May	337,844
2022-May	337,844
Total	2,794,272

Maturity
Mar/2018	817,654
Dec/2018	801,026
May/2021	499,012
Apr/2022	656,009
Jul/2022	1,536,704
Oct/2022	724,841
Apr/2024	350,873
Oct/2024	203,530
Total	5,589,649

Debentures

Face value unit:	R$ 10,000.00
Final maturity:	November 16, 2017
Payment of the face value:	Lump sum at final maturity
Interest:	107.9% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 10,000.00
Final maturity:	December 20, 2018
Payment of the face value:	Lump sum at final maturity
Interest:	107.9% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 10,000.00
Final maturity:	March 16, 2018
Payment of the face value:	Lump sum at final maturity
Interest:	108.25% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 1,000,000.00
Final maturity:	May 25, 2021
Payment of the face value:	Annual as from May 2019
Interest:	105.0% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	April 18, 2022
Payment of the face value:	Lump sum at final maturity
Interest:	95% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	April 15, 2024
Payment of the face value:	Lump sum at final maturity
Interest:	IPCA + 4.7%
Payment of interest:	Annually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	July 28, 2022
Payment of the face value:	Annual as from July 2021
Interest:	105.0% of CDI
Payment of interest:	Annually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	October 24, 2022
Payment of the face value:	Lump sum at final maturity
Interest:	95% of CDI
Payment of interest:	Semiannually
Reprice:	Not applicable

Face value unit:	R$ 1,000.00
Final maturity:	October 24, 2024
Payment of the face value:	Lump sum at final maturity
Interest:	IPCA + 4.33%
Payment of interest:	Annually
Reprice:	Not applicable

Equipment and intangible assets, net of depreciation and amortization, and corresponding liabilities

	2017		2016
	LPG bottling facilities	LPG bottling facilities	Software	Total
Equipment and intangible assets, net of depreciation and amortization	15,732	17,078	223	17,301
Financing (present value)	48,515	48,566	150	48,716
Current	2,710	2,465	150	2,615
Non-current	45,805	46,101	-	46,101

	2017	2016
	LPG bottling facilities	LPG bottling facilities	Software	Total
Up to 1 year	5,113	4,876	156	5,032
From 1 to 2 years	5,113	4,876	-	4,876
From 2 to 3 years	5,113	4,876	-	4,876
From 3 to 4 years	5,113	4,876	-	4,876
From 4 to 5 years	5,113	4,876	-	4,876
More than 5 years	42,611	45,516	-	45,516
Total	68,176	69,896	156	70,052

Transaction costs

	Effective rate of transaction costs (% p.a.)	Balance on 12/31/2016	Incurred cost		Amortization	Balance on 12/31/2017
Notes in the foreign market (14.b)	0.0	16,612	-		(1,314)	15,298
Banco do Brasil (14.f)	0.2	12,182	-		(4,117)	8,065
Debentures (14.g)	0.2	6,835	42,388		(4,514)	44,709
Foreign loans (14.c)	0.2	2,211	563		(1,561)	1,213
Other	0.2	1,952	1,418		(569)	2,801
Total		39,792	44,369		(12,075)	72,086
	Effective rate of transaction costs (% p.a.)	Balance on 12/31/2015	Incurred cost	Amortization		Balance on 12/31/2016
Banco do Brasil (14.f)	0.2	11,883	3,529	(3,230)		12,182
Foreign Loans (14.c)	0.2	4,649	-	(2,438)		2,211
Debentures (14.g)	0.1	1,801	6,407	(1,373)		6,835
Notes in the foreign market (14.b)	0.0	-	16,821	(209)		16,612
Other	0.2	545	2,079	(672)		1,952
Total		18,878	28,836	(7,922)		39,792

Appropriated profit or loss in the future

	Up to 1 year	1 to 2 years	2 to 3 years	3 to 4 years	4 to 5 years	More than 5 years	Total
Notes in the foreign market (14.b)	1,388	1,464	1,546	1,632	1,723	7,545	15,298
Banco do Brasil (14.f)	4,628	2,317	599	385	136	-	8,065
Debentures (14.g)	9,151	9,069	9,110	8,971	5,798	2,610	44,709
Foreign loans (14.c)	931	171	111	-	-	-	1,213
Other	642	831	710	354	264	-	2,801
Total	16,740	13,852	12,076	11,342	7,921	10,155	72,086

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15. Trade Payables (Tables)

12 Months Ended

Dec. 31, 2017

Trade Payables Tables

Trade payables

	2017	2016
Domestic suppliers	1,973,668	1,620,388
Foreign suppliers	181,830	89,265
	2,155,498	1,709,653

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16. Salaries and Related Charges (Tables)

12 Months Ended

Dec. 31, 2017

Salaries And Related Charges Tables

Salaries and related charges

	2017	2016
Provisions on salaries	179,120	162,216
Profit sharing, bonus and premium	125,006	140,504
Social charges	64,524	49,812
Others	19,468	10,186
	388,118	362,718

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17. Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2017

Taxes Payable Tables

Taxes payable

	2017	2016
ICMS	131,125	105,160
PIS and COFINS	27,065	25,287
PERT (*)	19,584	-
Value-Added Tax (IVA) of subsidiaries Oxiteno Mexico, Oxiteno USA, Oxiteno Andina and Oxiteno Uruguay	17,992	16,148
ISS	11,211	8,074
Others	18,852	16,364
	225,829	171,033

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18. Employee Benefits and Private Pension Plan (Tables)

12 Months Ended

Dec. 31, 2017

Employee Benefits And Private Pension Plan Tables

Post-employment benefits

	2017	2016
Health and dental care plan (1)	99,767	32,826
FGTS Penalty	81,831	64,654
Bonus	40,254	32,815
Life insurance (1)	15,671	14,456
Total	237,523	144,751
Current	30,059	24,940
Non-current	207,464	119,811

Changes in provision for post-employment benefits

	2017	2016
Opening balance	144,751	126,595
Current service cost	7,664	3,636
Interest cost	15,754	14,538
Actuarial (gains) losses from changes in actuarial assumptions	36,120	11,818
Benefits paid directly by Company and its subsidiaries	(11,368)	(10,971)
Opening balance CBL S.A. (see Note 3.c)	44,478	-
Exchange rate from foreign subsidiaries	124	(865)
Ending balance	237,523	144,751

Post-employment benefit expense

	2017	2016	2015
Health and dental care plan	164	3,065	3,291
FGTS Penalty	14,828	9,068	10,445
Bonus	6,883	4,455	4,352
Life insurance	1,543	1,586	1,683
Total	23,418	18,174	19,771

Significant actuarial assumptions adopted

Economic factors	2017	2016
	% p.a.	% p.a.
Discount rate for the actuarial obligation at present value	9.51	11.46
Average projected salary growth rate	8.38	8.90
Inflation rate (long term)	4.50	5.00
Growth rate of medical services	8.68	9.20

Sensitivity analysis

Assumption	Change in assumptions	Decrease in liability	Change in assumptions	Increase in liability
Discount rate	increase by 1.0 p.p	10,237	decrease by 1.0 p.p	11,690
Wage growth rate	decrease by 1.0 p.p	2,807	increase by 1.0 p.p	3,103
Medical services growth rate	decrease by 1.0 p.p	3,837	increase by 1.0 p.p	4,413

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19. Provision for Asset Retirement Obligation - Fuel Tanks (Tables)

12 Months Ended

Dec. 31, 2017

Provision For Asset Retirement Obligation - Fuel Tanks Tables

Changes in the provision for asset retirement obligation

	2017	2016	2015
Initial balance	77,564	74,716	70,802
Additions (new tanks)	537	483	625
Expense with tanks removed	(15,432)	(2,785)	(3,949)
Accretion expense	2,105	5,150	7,238
Final balance	64,774	77,564	74,716
Current	4,799	4,563	5,232
Non-current	59,975	73,001	69,484

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20. Provision, Contingencies, and Commitments (Tables)

12 Months Ended

Dec. 31, 2017

Provision Contingencies And Commitments Tables

Breakdown of provisions by nature

Provisions	Balance on 12/31/2016	Additions	Write-offs	Monetary restatement	Opening balance CBL S.A.	Balance on 12/31/2017
IRPJ and CSLL (a.1.1)	473,490	-	(2,163)	25,285	19,217	515,829
PIS and COFINS (a.1.2)	141,112	-	(109,463)	3,278	-	34,927
ICMS	17,099	1,864	(7,795)	533	100,083	111,784
Civil, environmental and regulatory claims (a.2.1)	69,350	22,026	(3,269)	330	859	89,296
Labor litigation (a.3.1)	65,162	23,973	(11,899)	1,145	4,044	82,425
IPI	-	-	-	-	78,067	78,067
Other	13,569	634	(1,401)	584	82	13,468
Total	779,782	48,497	(135,990)	31,155	202,352	925,796
Current	52,694					64,550
Non-current	727,088					861,246

Balances of escrow deposits

	2017	2016
Tax matters	659,062	643,423
Labor litigation	71,074	70,392
Civil and other	92,524	64,955
Total – non-current assets	822,660	778,770

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21. Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2017

Deferred Revenue Tables

Deferred revenue in subsidiaries

	2017	2016
‘am/pm’ and Jet Oil franchising upfront fee	19,537	18,620
Loyalty program “Km de Vantagens”	9,134	13,062
Loyalty program “Clube Extrafarma”	2,638	3,128
	31,309	34,810
Current	18,413	22,300
Non-current	12,896	12,510

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23. Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Shareholders Equity Tables

Balance of other comprehensive income

	Valuation adjustments
	Fair value of cash flow hedging instruments	Fair value of financial instruments classified as available for sale	Actuarial gains (losses) of post-employment benefits	Non-controlling shareholders interest change	Total	Cumulative translation adjustment
Balance on 12/31/2014	-	51	7,098	-	7,149	43,192
Translation of foreign subsidiaries, net of income tax	-	-	-	-	-	23,733
Changes in fair value	6,261	1,472	-	-	7,733	-
Actuarial gains of post-employment benefits	-	-	6,321	-	6,321	-
Income and social contribution taxes on actuarial gains	-	-	(2,250)	-	(2,250)	-
Balance on 12/31/2015	6,261	1,523	11,169	-	18,953	66,925
Translation of foreign subsidiaries, net of income tax	-	-	-	-	-	(59,406)
Changes in fair value	(46,470)	(1,523)	-	-	(47,993)	-
Income and social contribution taxes on fair value	13,326	-	-	-	13,326	-
Actuarial losses of post-employment benefits	-	-	(12,435)	-	(12,435)	-
Income and social contribution taxes on actuarial losses	-	-	4,162	-	4,162	-
Balance on 12/31/2016	(26,883)	-	2,896	-	(23,987)	7,519
Translation of foreign subsidiaries, net of income tax	-	-	-	-	-	45,542
Changes in fair value of hedge instruments	(2,550)	-	-	-	(2,550)	-
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	-	-	-	202,188	202,188	-
Income and social contribution taxes on fair value	2,069	-	-	-	2,069	-
Actuarial losses of post-employment benefits	-	-	(27,658)	-	(27,658)	-
Income and social contribution taxes on actuarial losses	-	-	9,581	-	9,581	-
Balance on 12/31/2017	(27,364)	-	(15,181)	202,188	159,643	53,061

Dividends and allocation of net income

	2017
Net income for the year attributable to shareholders of Ultrapar	1,574,306
Minimum mandatory dividends	787,153
Interim dividends paid (R$ 0.85 per share)	(461,868)
Mandatory dividends payable – Current liabilities	325,285
Additional dividends to the minimum mandatory dividends – shareholders’ equity	163,742
Dividends payable (R$ 0.90 per share)	489,027
Legal reserve	78,716
Statutory investments reserve	544,695

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24. Net Revenue from Sale and Services (Tables)

12 Months Ended

Dec. 31, 2017

Net Revenue From Sale And Services Tables

Net Revenue from sales and services

	2017	2016	2015
Gross revenue from sale	82,134,879	79,361,004	77,463,652
Gross revenue from services	728,590	621,823	568,556
Sales taxes	(1,936,077)	(1,929,288)	(2,011,860)
Discounts and sales returns	(927,557)	(703,305)	(360,777)
Deferred revenue (see Note 21)	7,587	2,721	(4,297)
Net revenue from sales and services	80,007,422	77,352,955	75,655,274

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25. Expenses by Nature (Tables)

12 Months Ended

Dec. 31, 2017

Expenses By Nature Tables

Expenses by nature

	2017	2016	2015
Raw materials and materials for use and consumption	71,521,652	69,173,511	67,763,793
Personnel expenses	2,231,556	2,042,985	1,950,776
Freight and storage	1,117,467	1,077,552	1,134,388
Depreciation and amortization	1,175,951	1,103,538	1,002,647
Advertising and marketing	192,441	200,011	177,336
Services provided by third parties	351,227	318,746	255,750
Lease of real estate and equipment	196,970	164,740	143,677
Other expenses	410,356	359,000	343,237
Total	77,197,620	74,440,083	72,771,604
Classified as:
Cost of products and services sold	72,735,781	70,342,723	68,933,702
Selling and marketing	2,885,311	2,651,501	2,516,561
General and administrative	1,576,528	1,445,859	1,321,341
Total	77,197,620	74,440,083	72,771,604

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27. Other Operating Income, Net (Tables)

12 Months Ended

Dec. 31, 2017

Other Operating Income Net Tables

Other operating income net

		2017	2016	2015
	Commercial partnerships (1)	52,731	59,761	50,763
	Merchandising (2)	53,870	38,851	29,158
	Loyalty program (3)	26,419	19,411	22,455
	Ultracargo – fire accident in Santos (4)	(39,080)	76,443	(92,192)
	Reversal of provision – ICMS from PIS and COFINS tax bases (see Note 20.a.1.2)	49,152	-	-
	TCC – Cia. Ultragaz e Bahiana (5)	(85,819)	-	-
	Compensation of undue use of Ultratecno brand	-	-	16,000
	Adjustment of working capital and net debt – Extrafarma acquisition (6)	-	-	13,784
	Others	2,087	4,506	10,616
Other operating income, net		59,360	198,972	50,584

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28. Financial Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2017

Financial Income Expense Tables

Financial income (expense)

	2017	2016	2015
Financial income:
Interest on financial investments	475,460	404,080	341,739
Interest from customers	105,773	103,976	81,374
Other financial income	3,868	5,187	3,316
	585,101	513,243	426,429
Financial expenses:
Interest on loans	(672,102)	(777,424)	(666,791)
Interest on debentures	(385,009)	(374,125)	(308,290)
Interest on finance leases	(4,991)	(7,839)	(4,023)
Bank charges, financial transactions tax, and other charges	(91,614)	(74,761)	(46,966)
Exchange variation, net of gains and losses with derivative instruments	72,869	(69,854)	(71,384)
Reversal of provision – ICMS from PIS and COFINS tax bases (see Note 20.a.1.2)	43,411	-	-
Changes in subscription warranty - indemnification (see Note 22)	(20,360)	(42,615)	(21,154)
TCC monetary restatement – Bahiana (see Notes 20.b.2.2 and 27)	(13,509)	-	-
Monetary restatement of provisions, net, and other financial expenses	11,908	(9,201)	(11,159)
	(1,059,397)	(1,355,819)	(1,129,767)
Financial income (expense)	(474,296)	(842,576)	(703,338)

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29. Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share Tables

Basic and diluted earnings per share

Basic Earnings per Share	2017	2016	2015
Net income for the year of the Company	1,574,306	1,561,585	1,503,466
Weighted average shares outstanding (in thousands)	541,813	541,391	543,775
Basic earnings per share –R$	2.9056	2.8844	2.7649
Diluted Earnings per Share	2017	2016	2015
Net income for the year of the Company	1,574,306	1,561,585	1,503,466
Weighted average shares outstanding (in thousands), including deferred stock plan and subscription warrants - indemnification	545,740	545,509	548,054
Diluted earnings per share –R$	2.8847	2.8626	2.7433

Weighted average shares outstanding

Weighted Average Shares Outstanding (in thousands)	2017	2016	2015
Weighted average shares outstanding for basic per share calculation	541,813	541,391	543,775
Dilution effect
Subscription warrants - indemnification	2,395	2,267	2,161
Deferred Stock Plan	1,532	1,851	2,118
Weighted average shares outstanding for diluted per share calculation	545,740	545,509	548,054

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30. Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information Tables

Financial information of segments

	2017	2016	2015
Net revenue from sales and services:
Ultragaz	6,069,340	5,365,524	4,621,242
Ipiranga	67,730,856	66,407,305	65,349,812
Oxiteno	3,957,584	3,700,703	4,082,479
Ultracargo	438,360	355,412	315,510
Extrafarma	1,869,466	1,578,210	1,336,255
	80,065,606	77,407,154	75,705,298
Others (1)	50,752	45,504	45,244
Intersegment sales	(108,936)	(99,703)	(95,268)
Total	80,007,422	77,352,955	75,655,274
Intersegment sales:
Ultragaz	2,217	2,942	3,027
Ipiranga	964	-	-
Oxiteno	919	2,519	2,576
Ultracargo	54,174	48,941	44,395
Extrafarma	-	-	-
	58,274	54,402	49,998
Others (1)	50,662	45,301	45,270
Total	108,936	99,703	95,268
Net revenue from sales and services, excluding intersegment sales:
Ultragaz	6,067,123	5,362,582	4,618,215
Ipiranga	67,729,892	66,407,305	65,349,786
Oxiteno	3,956,665	3,698,184	4,079,903
Ultracargo	384,186	306,471	271,115
Extrafarma	1,869,466	1,578,210	1,336,255
	80,007,332	77,352,752	75,655,274
Others (1)	90	203	-
Total	80,007,422	77,352,955	75,655,274

	2017	2016	2015
Operating income (expense):
Ultragaz	269,125	288,449	213,895
Ipiranga	2,415,534	2,383,585	2,154,606
Oxiteno	140,262	308,177	579,541
Ultracargo	74,880	127,904	(16,058)
Extrafarma	(36,854)	(5,577)	4,985
	2,862,947	3,102,538	2,936,969
Others (1)	3,973	3,172	24,561
Total	2,866,920	3,105,710	2,961,530
Share of profit (loss) of joint-ventures and associates:
Ultragaz	1,245	(39)	(55)
Ipiranga	(19,777)	(23,178)	(21,779)
Oxiteno	1,417	975	2,003
Ultracargo	1,578	(27)	699
	(15,537)	(22,269)	(19,132)
Others (1)	36,210	29,745	8,248
Total	20,673	7,476	(10,884)
Financial result, net	(474,296)	(842,576)	(703,338)
Income before income and social contribution taxes	2,413,297	2,270,610	2,247,308
Additions to property, plant, and equipment and intangible assets (excluding intersegment account balances):
Ultragaz	244,187	248,627	251,463
Ipiranga	1,077,318	911,927	921,634
Oxiteno	466,967	291,294	136,314
Ultracargo	105,028	81,166	24,463
Extrafarma	171,183	140,454	80,813
	2,064,683	1,673,468	1,414,687
Others (1)	22,626	17,365	24,248
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	2,087,309	1,690,833	1,438,935
Asset retirement obligation – fuel tanks (see Note 19)	(537)	(483)	(625)
Capitalized borrowing costs	(22,243)	(23,980)	(25,207)
Total investments in property, plant, and equipment and intangible assets (cash flow)	2,064,529	1,666,370	1,413,103

Depreciation and amortization charges:
Ultragaz	182,833	158,193	143,207
Ipiranga	716,831	695,664	612,727
Oxiteno	153,110	149,716	158,261
Ultracargo	47,669	43,356	41,668
Extrafarma	60,856	42,666	23,744
	1,161,299	1,089,595	979,607
Others (1)	14,652	13,943	23,040
Total	1,175,951	1,103,538	1,002,647

Asset reclassification

	2017	2016
Total assets (excluding intersegment account balances):
Ultragaz	2,438,113	2,308,686
Ipiranga	15,410,667	11,663,289
Oxiteno	6,562,360	6,354,788
Ultracargo	1,394,087	1,535,815
Extrafarma	1,950,000	1,719,524
	27,755,227	23,582,102
Others (1)	585,095	577,568
Total	28,340,322	24,159,670

Fixed and intangible assets of the Company abroad

	2017	2016
United States of America (*)	511,912	264,478
Mexico	109,034	103,051
Uruguay	65,876	67,251
Venezuela	22,480	5,989
	709,302	440,769

Revenue from operations abroad

	2017	2016	2015
Net revenue:
Brazil	78,763,771	76,283,061	74,337,803
Mexico	190,205	183,124	215,141
Uruguay	33,873	33,782	37,938
Venezuela	54,788	25,393	158,020
Other Latin American countries	427,875	448,814	392,748
United States of America and Canada	292,709	158,280	166,277
Far East	72,469	57,662	190,160
Europe	119,097	97,261	101,931
Others	52,635	65,578	55,256
Total	80,007,422	77,352,955	75,655,274

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31. Risks and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Risks And Financial Instruments Tables

Assets and liabilities in foreign currencies

In millions of Brazilian Reais	2017	2016
Assets in foreign currency
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)	236.4	423.9
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers	214.9	323.4
Net investments in foreign subsidiaries (except cash, cash equivalents, financial investments, trade receivables, financing, and payables)	930.0	600.9
	1,381.3	1,348.2
Liabilities in foreign currency
Financing in foreign currency, gross of transaction costs and discount	(4,416.2)	(4,736.3)
Payables arising from imports, net of advances to foreign suppliers	(173,1)	(57.1)
	(4,589.3)	(4,793.4)
Foreign currency hedging instruments	1,777.6	2,206.4
Net asset (liability) position – Total	(1,430.4)	(1,238.8)
Net asset (liability) position – Income statement effect	(26.1)	24.8
Net asset (liability) position – Shareholders’ equity effect	(1,404.3)	(1,263.6)

Sensitivity analysis of assets and liabilities in foreign currency

In millions of Brazilian Reais	Risk	Scenario I	Scenario II	Scenario III
		10%	25%	50%
(1) Income statement effect	Real devaluation	(2.6)	(6.5)	(13.0)
(2) Shareholders’ equity effect		(140.4)	(351.1)	(702.2)
(1) + (2)	Net effect	(143.0)	(357.6)	(715.2)
(3) Income statement effect	Real appreciation	2.6	6.5	13.0
(4) Shareholders’ equity effect		140.4	351.1	702.2
(3) + (4)	Net effect	143.0	357.6	715.2

Financial assets and liabilities exposed to floating interest rates

	Note	2017	2016
CDI
Cash equivalents	4	4,821.6	3,837.8
Financial investments	4	1,153.0	1,174.5
Asset position of foreign exchange hedging instruments - CDI	31	29.9	28.3
Loans and debentures	14	(7,987.3)	(5,862.3)
Liability position of foreign exchange hedging instruments - CDI	31	(1,877.4)	(2,181.6)
Liability position of fixed interest instruments - CDI	31	(586.6)	-
Net liability position in CDI		(4,446.8)	(3,003.3)
TJLP
Loans –TJLP	14	(301.9)	(404.4)
Net liability position in TJLP		(301.9)	(404.4)
LIBOR
Asset position of foreign exchange hedging instruments - LIBOR	31	984.3	1,149.7
Loans - LIBOR	14	(1,418.5)	(1,470.1)
Net liability position in LIBOR		(434.2)	(320.4)
TIIE
Loans - TIIE	14	(3.4)	(9.6)
Net liability position in TIIE		(3.4)	(9.6)
SELIC
Loans – SELIC	14	(100.3)	(99.5)
Net liability position in SELIC		(100.3)	(99.5)
Total net liability position exposed to floating interest		(5,286.6)	(3,837.2)

Sensitivity analysis of floating interest rate risk

In millions of Brazilian Reais
	Risk	Scenario I	Scenario II	Scenario III
		10%	25%	50%
Exposure of interest rate risk
Interest effect on cash equivalents and financial investments	Increase in CDI	47.3	118.1	236.3
Foreign exchange hedging instruments (assets in CDI) effect	Increase in CDI	0.2	0.5	1.0
Interest effect on debt in CDI	Increase in CDI	(67.2)	(168.0)	(336.0)
Interest rate hedging instruments (liabilities in CDI) effect	Increase in CDI	(38.6)	(94.2)	(186.7)
Incremental expenses		(58.3)	(143.6)	(285.4)
Interest effect on debt in TJLP	Increase in TJLP	(2.3)	(5.6)	(11.3)
Incremental expenses		(2.3)	(5.6)	(11.3)
Foreign exchange hedging instruments (assets in LIBOR) effect	Increase in LIBOR	1.4	3.4	6.8
Interest effect on debt in LIBOR	Increase in LIBOR	(1.7)	(4.4)	(8.7)
Incremental expenses		(0.3)	(1.0)	(1.9)
Interest effect on debt in TIIE	Increase in TIIE	(0.0)	(0.1)	(0.2)
Incremental expenses		(0.0)	(0.1)	(0.2)
Interest effect on debt in SELIC	Increase in SELIC	(1.0)	(2.5)	(4.9)
Incremental expenses		(1.0)	(2.5)	(4.9)

Allowance for doubtful accounts on trade receivables

	2017	2016
Ipiranga	238,697	182,252
Ultragaz	39,034	33,804
Oxiteno	10,755	10,856
Extrafarma	4,922	3,449
Ultracargo	2,172	2,971
Total	295,580	233,332

Contractual undiscounted cash outflows

				In millions of Brazilian Reais
Financial liabilities	Total	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	More than 5 years
Loans including future contractual interest (1) (2)	16,571.3	3,809.9	3,514.4	4,968.0	4,279.0
Currency and interest rate hedging instruments (3)	422.2	145.2	136.6	113.4	27.0
Trade payables	2,155.5	2,155.5	-	-	-

Position of hedging instruments

		Notional amount1		Fair value		Amounts receivable	Amounts payable
Hedging instruments	Maturity	2017	2016	2017	2016	2017
				R$	R$	R$	R$
				million	million	million	million
a –Exchange rate swaps receivable in U.S. dollars
Receivables in U.S. dollars (LIBOR)	Jan 2018 to Oct 2026	US$ 300.0	US$ 350.0	984.3	1,149.7	984.3	-
Receivables in U.S. dollars (Fixed)		US$ 956.6	US$ 1,062.4	823.1	1,084.6	823.1	-
Payables in CDI interest rate		US$ (1,256.6)	US$ (1,412.4)	(1,877.4)	(2,181.6)	-	1,877.4
Total result		-	-	(70.0)	52.7	1,807.4	1,877.4
b – Exchange rate swaps payable in U.S. dollars + COUPON	Jan 2018 to Apr 2018
Receivables in CDI interest rates		US$ 9.1	US$ 8.5	29.9	28.3	29.9	-
Payables in U.S. dollars (Fixed)		US$ (9.1)	US$ (8.5)	(29.8)	(27.9)	-	29.8
Total result		-	-	0.1	0.4	29.9	29.8
c – Interest rate swaps in Brazilian Reais	Oct 2024
Receivables in fixed interest rates + IPCA		R$ 566.1	-	583.3	-	583.3	-
Payables in CDI interest rates		R$ (566.1)	-	(586.6)	-	-	586.6
Total result		-	-	(3.3)	-	583.3	586.6
Total gross result				(73.2)	53.1	2,420.6	2,493.8
Income tax				(4.7)	(36.9)	(4.7)	-
Total net result				(77.9)	16.2	2,415.9	2,493.8
Positive result (see Note 4)				85.8	218.5
Negative result (see Note 14)				(163.7)	(202.3)

Value of gains (losses) recognized

	R$ million
	2017
	Profit or loss	Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(72.1)	5.3
b – Exchange rate swaps payable in U.S. dollars (ii)	3.2	-
c – Interest rate swaps in R$ (iii)	15.9	-
d – Non-derivative financial instruments (iv)	(104.2)	(36.7)
Total	(157.2)	(31.4)

	R$ million
	2016	2016
	Profit or loss		Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(177.0)		(13.8)
b – Exchange rate swaps payable in U.S. dollars (ii)	9.2		-
c – Interest rate swaps in R$ (iii)	(0.5)		-
d – Non-derivative financial instruments (iv)	(28.5)		(14.9)
Total	(196.8)		(28.7)

	R$ million
	2015
	Profit or loss	Equity
a – Exchange rate swaps receivable in U.S. dollars (i) (ii)	(143.1)	6.3
b – Exchange rate swaps payable in U.S. dollars (ii)	(2.2)	(31.3)
c – Interest rate swaps in R$ (iii)	1.1	-
Total	(144.2)	(25.0)

Fair values and the carrying values of the financial instruments

			2017		2016
	Category	Note	Carrying value	Fair value	Carrying value	Fair value
Financial assets:
Cash and cash equivalents
Cash and bank deposits	Loans and receivables	4	147,926	147,926	113,318	113,318
Financial investments in local currency	Measured at fair value through profit or loss	4	4,821,605	4,821,605	3,837,807	3,837,807
Financial investments in foreign currency	Measured at fair value through profit or loss	4	32,473	32,473	323,033	323,033
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	68,742	68,742	113,640	113,640
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,076,849	1,076,849	1,053,369	1,053,369
Fixed-income securities and funds in local currency	Held to maturity	4	7,449	7,449	7,449	7,449
Fixed-income securities and funds in foreign currency	Available for sale	4	129,131	129,131	34,775	34,775
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	85,753	85,753	218,458	218,458
Total			6,369,928	6,369,928	5,701,849	5,701,849
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,047,809	1,047,809	1,428,907	1,428,907
Financing	Measured at amortized cost	14	6,740,872	6,761,907	6,990,269	6,881,085
Debentures	Measured at amortized cost	14	5,035,247	5,037,072	2,746,881	2,746,915
Debentures	Measured at fair value through profit or loss	14	554,402	554,402	-	-
Finance leases	Measured at amortized cost	14	48,515	48,515	48,716	48,716
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	163,749	163,749	202,357	202,357
Subscription warrants – indemnification	Measured at fair value through profit or loss	22	171,459	171,459	153,429	153,429
Total			13,762,053	13,784,913	11,570,559	11,461,409

Summary of the financial assets and financial liabilities measured at fair value

	Category	Note	2017	Level 1	Level 2	Level 3
Financial assets:
Cash equivalents
Cash and banks	Loans and receivables	4	147,926	147,926	-	-
Financial investments in local currency	Measured at fair value through profit or loss	4	4,821,605	4,821,605	-	-
Financial investments in foreign currency	Measured at fair value through profit or loss	4	32,473	32,473	-	-
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	68,742	68,742	-	-
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,076,849	1,076,849	-	-
Fixed-income securities and funds in local currency	Held to maturity	4	7,449	7,449	-	-
Fixed-income securities and funds in foreign currency	Available for sale	4	129,131	40,556	88,575	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	85,753	-	85,753	-
Total			6,369,928	6,195,600	174,328	-
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,047,809	-	1,047,809	-
Financing	Measured at amortized cost	14	6,761,907	2,523,643	4,238,264	-
Debentures	Measured at amortized cost	14	5,037,072	-	5,037,072	-
Debentures	Measured at fair value through profit or loss	14	554,402	-	554,402	-
Finance leases	Measured at amortized cost	14	48,515	-	48,515	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	163,749	-	163,749	-
Subscription warrants – indemnification (1)	Measured at fair value through profit or loss	22	171,459	-	171,459	-
Total			13,784,913	2,523,643	11,261,270	-

	Category	Note	2016	Level 1	Level 2	Level 3
Financial assets:
Cash equivalents
Cash and banks	Loans and receivables	4	113,318	113,318	-	-
Financial investments in local currency	Measured at fair value through profit or loss	4	3,837,807	3,837,807	-	-
Financial investments in foreign currency	Measured at fair value through profit or loss	4	323,033	323,033	-	-
Financial investments:
Fixed-income securities and funds in local currency	Available for sale	4	113,640	113,640	-	-
Fixed-income securities and funds in local currency	Measured at fair value through profit or loss	4	1,053,369	1,053,369	-	-
Fixed-income securities and funds in local currency	Held to maturity	4	7,449	7,449	-	-
Fixed-income securities and funds in foreign currency	Available for sale	4	34,775	32,167	2,608	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	4	218,458	-	218,458	-
Total			5,701,849	5,480,783	221,066	-
Financial liabilities:
Financing	Measured at fair value through profit or loss	14	1,428,907	-	1,428,907	-
Financing	Measured at amortized cost	14	6,881,085	2,338,920	4,542,165	-
Debentures	Measured at amortized cost	14	2,746,915	-	2,746,915	-
Finance leases	Measured at amortized cost	14	48,716	-	48,716	-
Currency and interest rate hedging instruments	Measured at fair value through profit or loss	14	202,357	-	202,357	-
Subscription warrants – indemnification (1)	Measured at fair value through profit or loss	22	153,429	-	153,429	-
Total			11,461,409	2,338,920	9,122,489	-

Changes in exchange rate

	Risk	Scenario I (likely)	Scenario II	Scenario III
Currency swaps receivable in U.S. dollars
(1) U.S. Dollar / Real swaps	Dollar	198,138	690,432	1,182,726
(2) Debts/firm commitments in dollars	appreciation	(198,130)	(690,415)	(1,182,700)
(1)+(2)	Net effect	8	17	26
Currency swaps payable in U.S. dollars
(3) Real / U.S. Dollar swaps	Dollar	(97)	7,486	15,069
(4) Gross margin of Oxiteno	devaluation	97	(7,486)	(15,069)
(3)+(4)	Net effect	-	-	-

	Risk	Scenario I (likely)	Scenario II	Scenario III
Interest rate swap (in Brazilian Reais) – Debentures - CRA
(1) Fixed rate swap - CDI	Decrease in	13,691	95,292	192,204
(2) Fixed rate debt	Pre-fixed rate	(13,691)	(95,292)	(192,204)
(1) + (2)	Net effect	-	-	-

XML

32. Commitments (Tables)

12 Months Ended

Dec. 31, 2017

Commitments Tables

Contracts

Port	Minimum movement in tons per year	Maturity
Aratu	397,000	2031
Aratu	900,000	2022
Suape	250,000	2027
Suape	400,000	2029

Insurance coverage in subsidiaries

	Maximum compensation value (*)
Oxiteno	US$ 1,142
Ipiranga	R$ 924
Ultracargo	R$ 740
Ultragaz	R$ 150
Extrafarma	R$ 160

Operating lease contracts

	Up to 1 year	Between 1 and 5 years	More than 5 years	Total
2017	38,321	62,832	-	101,153

		Up to 1 year	Between 1 and 5 years	More than 5 years	Total
2017	payable	167,733	530,744	444,582	1,143,059
	receivable	(60,705)	(178,696)	(128,307)	(367,708)

XML

2. Presentation of Financial Statements and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017
Oxiteno Mexico
DisclosureOfForeignSubsidiariesLineItems [Line Items]
Functional currency	Mexican Peso
Location	Mexico
Oxiteno Servicios Corporativos
DisclosureOfForeignSubsidiariesLineItems [Line Items]
Functional currency	Mexican Peso
Location	Mexico
Oxiteno Servicios Industriales
DisclosureOfForeignSubsidiariesLineItems [Line Items]
Functional currency	Mexican Peso
Location	Mexico
Oxiteno USA
DisclosureOfForeignSubsidiariesLineItems [Line Items]
Functional currency	U.S. Dollar
Location	United States
Oxiteno Andina
DisclosureOfForeignSubsidiariesLineItems [Line Items]
Functional currency	Bolivar
Location	Venezuela
Oxiteno Uruguay
DisclosureOfForeignSubsidiariesLineItems [Line Items]
Functional currency	U.S. Dollar
Location	Uruguay

XML

2. Presentation of Financial Statements and Summary of Significant Accounting Policies (Details 1)	12 Months Ended
	Dec. 31, 2017
IAS 7
SummaryOfAccountingPronouncementsLineItems [Line Items]
Effective date	2017
IAS 12
SummaryOfAccountingPronouncementsLineItems [Line Items]
Effective date	2017
IFRS 9
SummaryOfAccountingPronouncementsLineItems [Line Items]
Effective date	2018
IFRS 15
SummaryOfAccountingPronouncementsLineItems [Line Items]
Effective date	2018
IFRS 16
SummaryOfAccountingPronouncementsLineItems [Line Items]
Effective date	2019

XML

2. Presentation of Financial Statements and Summary of Significant Accounting Policies (Details 2) - BRL (R$) R$ / shares in Units, R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfPresentationOfFinancialStatementsLineItems [Line Items]
Current assets	R$ 15,201,291	R$ 13,011,796
Non-current assets	13,139,031	11,147,874
Total assets	28,340,322	24,159,670
Current liabilities	7,013,988	5,486,946
Non-current liabilities	11,605,502	10,114,166
Shareholder’s equity	9,720,832	8,558,558
Total liabilities and shareholders' equity	28,340,322	24,159,670
Net revenue from sales and services	80,007,422	77,352,955	R$ 75,655,274
Cost of products and services sold	(72,735,781)	(70,342,723)	(68,933,702)
Selling and marketing expenses	(2,885,311)	(2,651,501)	(2,516,561)
General and administrative expenses	(1,576,528)	(1,445,859)	(1,321,341)
Financial result, net	(474,296)	(842,576)	(703,338)
Income tax and social contribution	839,429	699,992	734,336
Net income for the year	R$ 1,573,868	R$ 1,570,618	R$ 1,512,972
Earnings per share - basic	R$ 2.9056	R$ 2.8844	R$ 2.7649
Earnings per share - diluted	R$ 2.8847	R$ 2.8626	R$ 2.7433
IFRS 9 (1) adoption
SummaryOfPresentationOfFinancialStatementsLineItems [Line Items]
Current assets	R$ (173,314)
Non-current assets	0
Total assets	(173,314)
Current liabilities	0
Non-current liabilities	(58,927)
Shareholder’s equity	(114,387)
Total liabilities and shareholders' equity	(173,314)
Net revenue from sales and services	0
Cost of products and services sold	0
Selling and marketing expenses	(51,751)
General and administrative expenses	0
Financial result, net	0
Income tax and social contribution	17,595
Net income for the year	R$ (34,156)
Earnings per share - basic	R$ (0.063)
Earnings per share - diluted	R$ (0.0626)
IFRS 15 (2) adoption
SummaryOfPresentationOfFinancialStatementsLineItems [Line Items]
Current assets	R$ 0
Non-current assets	0
Total assets	0
Current liabilities	0
Non-current liabilities	0
Shareholder’s equity	0
Total liabilities and shareholders' equity	0
Net revenue from sales and services	(463,049)
Cost of products and services sold	0
Selling and marketing expenses	463,049
General and administrative expenses	0
Financial result, net	0
Income tax and social contribution	0
Net income for the year	R$ 0
Earnings per share - basic	R$ 0
Earnings per share - diluted	R$ 0
After adoption IFRS 9 and 15
SummaryOfPresentationOfFinancialStatementsLineItems [Line Items]
Current assets	R$ 15,027,977
Non-current assets	13,139,031
Total assets	28,167,008
Current liabilities	7,013,988
Non-current liabilities	11,546,575
Shareholder’s equity	9,606,445
Total liabilities and shareholders' equity	28,167,008
Net revenue from sales and services	79,544,373
Cost of products and services sold	(72,735,781)
Selling and marketing expenses	(2,474,013)
General and administrative expenses	(1,576,528)
Financial result, net	(474,296)
Income tax and social contribution	(821,834)
Net income for the year	R$ 1,539,712
Earnings per share - basic	R$ 2.8426
Earnings per share - diluted	R$ 2.8221

XML

2. Presentation of Financial Statements and Summary of Significant Accounting Policies (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Presentation Of Financial Statements And Summary Of Significant Accounting Policies Details Narrative
Cumulative translation adjustments	R$ 53,061	R$ 7,519
Gains and losses from changes in foreign investments	R$ 7,368	R$ 3,425	R$ 6,243

XML

3. Principles of Consolidation, Investments in Subsidiaries, Acquisitions Under Approval and Business Combination (Details) - Subsidiary	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfSubsidiariesLineItems [Line Items]
Subsidiary	Ipiranga Produtos de Petróleo S.A.	Ipiranga Produtos de Petróleo S.A.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	100.00%	100.00%
Indirect control	0.00%	0.00%
Subsidiary	am/pm Comestíveis Ltda.	am/pm Comestíveis Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Centro de Conveniências Millennium Ltda.	Centro de Conveniências Millennium Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Icorban - Correspondente Bancário Ltda.	Icorban - Correspondente Bancário Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Ipiranga Trading Limited	Ipiranga Trading Limited
Location	Virgin Islands	Virgin Islands
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Tropical Transportes Ipiranga Ltda.	Tropical Transportes Ipiranga Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Ipiranga Imobiliária Ltda.	Ipiranga Imobiliária Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Ipiranga Logística Ltda.	Ipiranga Logística Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oil Trading Importadora e Exportadora Ltda.	Oil Trading Importadora e Exportadora Ltda.
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Chevron Brasil Lubrificantes S.A. (see Note 3.c)	Chevron Brasil Lubrificantes S.A. (see Note 3.c)
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	56.00%	0.00%
Subsidiary	Ipiranga Lubrificantes S.A. (see Note 3.c)	Ipiranga Lubrificantes S.A. (see Note 3.c)
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Integra Frotas Ltda. (1)	Integra Frotas Ltda. (1)
Location	Brazil	Brazil
Segment	Ipiranga	Ipiranga
Direct control	0.00%	0.00%
Indirect control	100.00%	0.00%
Subsidiary	Companhia Ultragaz S.A.	Companhia Ultragaz S.A.
Location	Brazil	Brazil
Segment	Ultragaz	Ultragaz
Direct control	0.00%	0.00%
Indirect control	99.00%	99.00%
Subsidiary	Ultragaz Comercial Ltda. (2)	Ultragaz Comercial Ltda. (2)
Location	Brazil	Brazil
Segment	Ultragaz	Ultragaz
Direct control	0.00%	0.00%
Indirect control	100.00%	0.00%
Subsidiary	Bahiana Distribuidora de Gás Ltda.	Bahiana Distribuidora de Gás Ltda.
Location	Brazil	Brazil
Segment	Ultragaz	Ultragaz
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Utingás Armazenadora S.A.	Utingás Armazenadora S.A.
Location	Brazil	Brazil
Segment	Ultragaz	Ultragaz
Direct control	0.00%	0.00%
Indirect control	57.00%	57.00%
Subsidiary	LPG International Inc.	LPG International Inc.
Location	Cayman Islands	Cayman Islands
Segment	Ultragaz	Ultragaz
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Imaven Imóveis Ltda.	Imaven Imóveis Ltda.
Location	Brazil	Brazil
Segment	Others	Others
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Imifarma Produtos Farmacêuticos e Cosméticos S.A.	Imifarma Produtos Farmacêuticos e Cosméticos S.A.
Location	Brazil	Brazil
Segment	Extrafarma	Extrafarma
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno S.A. Indústria e Comércio	Oxiteno S.A. Indústria e Comércio
Location	Brazil	Brazil
Segment	Oxiteno	Oxiteno
Direct control	100.00%	100.00%
Indirect control	0.00%	0.00%
Subsidiary	Oxiteno Nordeste S.A. Indústria e Comércio	Oxiteno Nordeste S.A. Indústria e Comércio
Location	Brazil	Brazil
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	99.00%	99.00%
Subsidiary	Oxiteno Argentina Sociedad de Responsabilidad Ltda.	Oxiteno Argentina Sociedad de Responsabilidad Ltda.
Location	Argentina	Argentina
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.	Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.
Location	Brazil	Brazil
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Uruguay S.A.	Oxiteno Uruguay S.A.
Location	Uruguay	Uruguay
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Barrington S.L. (3)	Barrington S.L. (3)
Location	Spain	Spain
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	0.00%	100.00%
Subsidiary	Oxiteno México S.A. de C.V.	Oxiteno México S.A. de C.V.
Location	Mexico	Mexico
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Servicios Corporativos S.A. de C.V.	Oxiteno Servicios Corporativos S.A. de C.V.
Location	Mexico	Mexico
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Servicios Industriales S.A. de C.V.	Oxiteno Servicios Industriales S.A. de C.V.
Location	Mexico	Mexico
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno USA LLC	Oxiteno USA LLC
Location	United States	United States
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Global Petroleum Products Trading Corp.	Global Petroleum Products Trading Corp.
Location	Virgin Islands	Virgin Islands
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Overseas Corp.(4)	Oxiteno Overseas Corp.(4)
Location	Virgin Islands	Virgin Islands
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	0.00%	100.00%
Subsidiary	Oxiteno Andina, C.A.	Oxiteno Andina, C.A.
Location	Venezuela	Venezuela
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Europe SPRL	Oxiteno Europe SPRL
Location	Belgium	Belgium
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Colombia S.A.S	Oxiteno Colombia S.A.S
Location	Colombia	Colombia
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Oxiteno Shanghai LTD.	Oxiteno Shanghai LTD.
Location	China	China
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Empresa Carioca de Produtos Químicos S.A.	Empresa Carioca de Produtos Químicos S.A.
Location	Brazil	Brazil
Segment	Oxiteno	Oxiteno
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%
Subsidiary	Ultracargo - Operações Logísticas e Participações Ltda.	Ultracargo - Operações Logísticas e Participações Ltda.
Location	Brazil	Brazil
Segment	Ultracargo	Ultracargo
Direct control	100.00%	100.00%
Indirect control	0.00%	0.00%
Subsidiary	Terminal Químico de Aratu S.A. – Tequimar	Terminal Químico de Aratu S.A. – Tequimar
Location	Brazil	Brazil
Segment	Ultracargo	Ultracargo
Direct control	0.00%	0.00%
Indirect control	99.00%	99.00%
Subsidiary	Ultrapar International S.A.	Ultrapar International S.A.
Location	Luxembourg	Luxembourg
Segment	Others	Others
Direct control	100.00%	100.00%
Indirect control	0.00%	0.00%
Subsidiary	SERMA - Ass. dos usuários equip. proc. de dados	SERMA - Ass. dos usuários equip. proc. de dados
Location	Brazil	Brazil
Segment	Others	Others
Direct control	0.00%	0.00%
Indirect control	100.00%	100.00%

XML

3. Principles of Consolidation, Investments in Subsidiaries, Acquisitions Under Approval and Business Combination (Details 1) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SummaryOfAssetsAndLiabilitiesFairValueLineItems [Line Items]
Cash and cash equivalents	R$ 5,002,004	R$ 4,274,158	R$ 2,702,893	R$ 2,827,369
Trade receivables	4,667,109	3,729,407
Inventories	3,491,879	2,761,207
Recoverable taxes	1,194,826	724,389
Current assets	15,201,291	13,011,796
Escrow deposits	822,660	778,770
Property, plant, and equipment	6,607,788	5,787,982	R$ 5,438,895	R$ 5,091,971
Intangible assets	3,727,473	3,371,599
Noncurrent assets	13,139,031	11,147,874
Trade payables	2,155,498	1,709,653
Salaries and related charges	388,118	362,718
Taxes payable	38,524	7,645
Other payables	125,150	102,714
Current liabilities	7,013,988	5,486,946
Provision for tax, civil and labor risks	925,796	779,782
Deferred income and social contribution taxes	162,834	74,884
Noncurrent liabilities	11,605,502	10,114,166
Participation of non-controlling interests	339,571	R$ 30,935
Acquisition Date
SummaryOfAssetsAndLiabilitiesFairValueLineItems [Line Items]
Cash and cash equivalents	73,316
Trade receivables	157,016
Inventories	112,998
Recoverable taxes	5,595
Other receivables	15,497
Current assets	364,422
Related parties	7,077
Indemnity asset	202,352
Escrow deposits	4,095
Other receivables	5,257
Property, plant, and equipment	172,526
Intangible assets	9,944
Noncurrent assets	401,251
Total assets acquired	765,673
Preliminary goodwill	123,673
Total assets acquired and preliminary goodwill	889,346
Trade payables	33,453
Salaries and related charges	18,251
Taxes payable	20,089
Other payables	28,743
Current liabilities	100,536
Provision for tax, civil and labor risks	202,352
Deferred income and social contribution taxes	3,300
Post-employment benefits	44,478
Noncurrent liabilities	250,130
Total liabilities	(350,666)
Participation of non-controlling interests	(182,603)
Preliminary consideration transferred	R$ 356,077

XML

3. Principles of Consolidation, Investments in Subsidiaries, Acquisitions Under Approval and Business Combination (Details 2) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfPrinciplesOfConsolidationLineItems [Line Items]
(-) Non-controlling interest	R$ 339,571	R$ 30,935
Acquisition Date
SummaryOfPrinciplesOfConsolidationLineItems [Line Items]
Temporary consideration transferred	356,077
Total assets acquired	765,673
(-) Total liabilities assumed	(350,666)
(-) Non-controlling interest	(182,603)
Temporary goodwill	R$ 123,673

XML

3. Principles of Consolidation, Investments in Subsidiaries, Acquisitions Under Approval and Business Combination (Details 3) R$ / shares in Units, R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$) R$ / shares
Principles Of Consolidation Investments In Subsidiaries Acquisitions Under Approval And Business Combination Details 3
Net revenue from sale and services	R$ 80,785,084
Operating income	2,834,636
Net income for the year	R$ 1,555,077
Earnings per share basic - whole | R$ / shares	R$ 2.8709
Earnings per share diluted - whole | R$ / shares	R$ 2.8503

XML

4. Cash and Cash Equivalents and Financial Investments (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash And Cash Equivalents And Financial Investments Details
Cash and bank deposits in local currency	R$ 73,128	R$ 47,177
Cash and bank deposits in foreign currency	74,798	66,141
Financial investments considered cash equivalents in local currency, fixed income securities	4,821,605	3,837,807
Financial investments considered cash equivalents in foreign currency, fixed income securities	32,473	323,033
Total cash and cash equivalents	R$ 5,002,004	R$ 4,274,158	R$ 2,702,893	R$ 2,827,369

XML

4. Cash and Cash Equivalents and Financial Investments (Details 1) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Cash And Cash Equivalents And Financial Investments Details 1
Financial investments in local currency, fixed-income securities and funds	R$ 1,153,040	R$ 1,174,458
Financial investments in foreign currency, fixed-income securities and funds	129,131	34,775
Curency and interest rate hedging instruments	85,753	218,458
Total financial investments	1,367,924	1,427,691
Current	1,283,498	1,412,587
Non-current	R$ 84,426	R$ 15,104

XML

4. Cash and Cash Equivalents and Financial Investments (Details Narrative) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash And Cash Equivalents And Financial Investments Details Narrative
Cash, cash eqivalents, and financial investments	R$ 6,369,928	R$ 5,701,849	R$ 3,973,162

XML

5. Trade Receivables and Reseller Financing (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	R$ 4,667,109	R$ 3,729,407
Current	4,337,118	3,502,322
Non-current	329,991	227,085
Domestic customers
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	4,057,752	3,315,783
Reseller Financing Ipiranga
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	675,236	466,277
Foreign customers
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	229,701	180,679
Allowance For Doubtful Accounts
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables	R$ (295,580)	R$ (233,332)

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5. Trade Receivables and Reseller Financing (Details 1) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	R$ 4,962,689	R$ 3,962,739
Current
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	4,102,549	3,326,934
Less than 30 days
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	200,939	167,790
31 - 60 days
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	46,491	44,152
61 - 90 days
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	48,197	23,738
91 - 180 days
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	87,812	60,150
More than 180 days
SummaryOfTradeReceivablesLineItems [Line Items]
Trade receivables, gross of allowance for doubtful accounts	R$ 476,701	R$ 339,975

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5. Trade Receivables and Reseller Financing (Details 2) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Trade Receivables And Reseller Financing Details 2
Allowance for doubtful accounts, beginning	R$ 233,332	R$ 200,816	R$ 178,444
Opening balance CBL S.A. (see Note 3.c)	6,733
Additions	66,427	48,402	44,380
Write-offs	(10,912)	(15,886)	(22,008)
Allowance for doubtful accounts, ending	R$ 295,580	R$ 233,332	R$ 200,816

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6. Inventories (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfInventoriesLineItems [Line Items]
Cost	R$ 3,528,978	R$ 2,808,478
Provision for losses	(37,099)	(47,271)
Net balance	3,491,879	2,761,207
Fuels, lubricants, and greases
SummaryOfInventoriesLineItems [Line Items]
Cost	1,622,054	1,317,042
Provision for losses	(3,074)	(2,851)
Net balance	1,618,980	1,314,191
Finished goods
SummaryOfInventoriesLineItems [Line Items]
Cost	485,407	425,335
Provision for losses	(18,495)	(19,801)
Net balance	466,912	405,534
Work in process
SummaryOfInventoriesLineItems [Line Items]
Cost	1,637	2,011
Provision for losses	0	0
Net balance	1,637	2,011
Raw materials
SummaryOfInventoriesLineItems [Line Items]
Cost	492,029	246,974
Provision for losses	(1,835)	(1,147)
Net balance	490,194	245,827
Liquified petroleum gas
SummaryOfInventoriesLineItems [Line Items]
Cost	102,031	71,466
Provision for losses	(5,761)	(5,761)
Net balance	96,270	65,705
Consumable materials and other items for resale
SummaryOfInventoriesLineItems [Line Items]
Cost	160,024	138,610
Provision for losses	(5,380)	(7,619)
Net balance	154,644	130,991
Pharmaceutical, hygiene, and beauty products
SummaryOfInventoriesLineItems [Line Items]
Cost	415,956	352,187
Provision for losses	(2,447)	(9,985)
Net balance	413,509	342,202
Advances to suppliers
SummaryOfInventoriesLineItems [Line Items]
Cost	222,808	228,871
Provision for losses	0	0
Net balance	222,808	228,871
Properties for resale
SummaryOfInventoriesLineItems [Line Items]
Cost	27,032	25,982
Provision for losses	(107)	(107)
Net balance	R$ 26,925	R$ 25,875

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6. Inventories (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventories Details 1
Provisions for losses, beginning	R$ 47,271	R$ 33,992	R$ 46,325
Additions (reversals) to net realizable value adjustment	(6,713)	12,393	2,003
Reversals of obsolescence and other losses	(3,459)		(14,336)
Additions to obsolescence and other losses		886
Provisions for losses, ending	R$ 37,099	R$ 47,271	R$ 33,992

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6. Inventories (Details 2) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Inventories Details 2
Net realizable value adjustment	R$ 19,817	R$ 26,530
Obsolescence and other losses	17,282	20,741
Provision for losses related to inventories	R$ 37,099	R$ 47,271	R$ 33,992	R$ 46,325

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7. Recoverable Taxes (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	R$ 1,194,826	R$ 724,389
Current	881,584	541,772
Non-current	313,242	182,617
ICMS
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	580,630	459,255
Provision for ICMS losses(1)
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	(72,076)	(68,683)
PIS and COFINS
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	348,333	109,552
IRPJ and CSLL
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	295,172	195,276
Value-Added Tax
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	27,180	22,121
Others
SummaryOfRecoverableTaxesLineItems [Line Items]
Recoverable taxes	R$ 15,587	R$ 6,868

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7. Recoverable Taxes (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Recoverable Taxes Details 1
Provision for ICMS losses, beginning	R$ 68,683	R$ 64,891	R$ 67,657
Write-offs, additions and reversals, net	3,393	3,792	(2,766)
Provision for ICMS losses, ending	R$ 72,076	R$ 68,683	R$ 64,891

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8. Related Parties (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfRelatedPartiesLineItems [Line Items]
Loans assets	R$ 490	R$ 490
Loans liabilities	4,185	4,272
Commercial transactions receivables	1,067	7,259
Commercial transactions payables	23,719	25,540
Commercial transactions, sales and services	7,245	13,335	R$ 18,211
Commercial transactions purchases	1,022,997	977,510	627,367
Oxicap Industria de Gases
SummaryOfRelatedPartiesLineItems [Line Items]
Loans assets	0	0
Loans liabilities	0	0
Commercial transactions receivables	0	0
Commercial transactions payables	1,489	1,534
Commercial transactions, sales and services	6	6	6
Commercial transactions purchases	18,108	18,079	12,353
Quimica da Bahia Industria e Comercio
SummaryOfRelatedPartiesLineItems [Line Items]
Loans assets	0	0
Loans liabilities	2,946	2,946
Commercial transactions receivables	0	0
Commercial transactions payables	0	0
ConectCar Solucoes de Mobilidade Eletronica
SummaryOfRelatedPartiesLineItems [Line Items]
Loans assets	0	0
Loans liabilities	0	0
Commercial transactions receivables	1,067	7,259
Commercial transactions payables	31	5,820
Commercial transactions, sales and services	7,239	13,329	18,205
Commercial transactions purchases	859	1,424	0
Refinaria de Petroleo Riograndense
SummaryOfRelatedPartiesLineItems [Line Items]
Loans assets	0	0
Loans liabilities	0	0
Commercial transactions receivables	0	0
Commercial transactions payables	22,199	18,186
Commercial transactions, sales and services	0	0	0
Commercial transactions purchases	1,004,030	958,007	R$ 615,014
Others
SummaryOfRelatedPartiesLineItems [Line Items]
Loans assets	490	490
Loans liabilities	1,239	1,326
Commercial transactions receivables	0	0
Commercial transactions payables	R$ 0	R$ 0

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8. Related Parties (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfRelatedPartiesLineItems [Line Items]
Compensation expense of key executives	R$ 50,307	R$ 51,542	R$ 49,123
Short Term Compensation
SummaryOfRelatedPartiesLineItems [Line Items]
Compensation expense of key executives	45,477	40,306	37,759
Stock Compensation
SummaryOfRelatedPartiesLineItems [Line Items]
Compensation expense of key executives	1,399	5,427	6,126
Post Employment Benefits
SummaryOfRelatedPartiesLineItems [Line Items]
Compensation expense of key executives	1,096	3,336	2,936
Termination Benefit
SummaryOfRelatedPartiesLineItems [Line Items]
Compensation expense of key executives	8,794
Long Term Compensation
SummaryOfRelatedPartiesLineItems [Line Items]
Compensation expense of key executives	R$ (6,459)	R$ 2,473	R$ 2,302

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8. Related Parties (Details 2) R$ / shares in Units, R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$) shares R$ / shares
SummaryOfRelatedPartiesLineItems [Line Items]
Total grants costs, including taxes	R$ 105,521
Accumulated recognized grant costs	(62,002)
Accumulated unrecognized grant costs	R$ 43,519
Sharebased Payment Arrangements 1
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	13-Mar-17
Balance of number of shares granted | shares	100,000
Vesting period	2022 to 2024
Market price of shares on the grant date | R$ / shares	R$ 67.99
Total grants costs, including taxes	R$ 9,378
Accumulated recognized grant costs	(1,327)
Accumulated unrecognized grant costs	R$ 8,051
Sharebased Payment Arrangements 2
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	4-Mar-16
Balance of number of shares granted | shares	190,000
Vesting period	2021 to 2023
Market price of shares on the grant date | R$ / shares	R$ 65.43
Total grants costs, including taxes	R$ 17,147
Accumulated recognized grant costs	(5,339)
Accumulated unrecognized grant costs	R$ 11,808
Sharebased Payment Arrangements 3
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	9-Dec-14
Balance of number of shares granted | shares	570,000
Vesting period	2019 to 2021
Market price of shares on the grant date | R$ / shares	R$ 50.64
Total grants costs, including taxes	R$ 39,814
Accumulated recognized grant costs	(20,849)
Accumulated unrecognized grant costs	R$ 18,965
Sharebased Payment Arrangements 4
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	5-Mar-14
Balance of number of shares granted | shares	83,400
Vesting period	2019 to 2021
Market price of shares on the grant date | R$ / shares	R$ 52.15
Total grants costs, including taxes	R$ 5,999
Accumulated recognized grant costs	(3,906)
Accumulated unrecognized grant costs	R$ 2,093
Sharebased Payment Arrangements 5
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	7-Nov-12
Balance of number of shares granted | shares	199,998
Vesting period	2017 to 2019
Market price of shares on the grant date | R$ / shares	R$ 42.9
Total grants costs, including taxes	R$ 18,309
Accumulated recognized grant costs	(15,937)
Accumulated unrecognized grant costs	R$ 2,372
Sharebased Payment Arrangements 6
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	14-Dec-11
Balance of number of shares granted | shares	40,000
Vesting period	2016 to 2018
Market price of shares on the grant date | R$ / shares	R$ 31.85
Total grants costs, including taxes	R$ 5,272
Accumulated recognized grant costs	(5,042)
Accumulated unrecognized grant costs	R$ 230
Sharebased Payment Arrangements 7
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	10-Nov-10
Balance of number of shares granted | shares	0
Vesting period	2015 to 2017
Market price of shares on the grant date | R$ / shares	R$ 26.78
Total grants costs, including taxes	R$ 9,602
Accumulated recognized grant costs	(9,602)
Accumulated unrecognized grant costs	R$ 0

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8. Related Parties (Details 3) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related Parties Details 3
Shares granted, beginning	1,500,072	1,727,264
Shares granted	100,000	190,000
Forfeiture of granted shares due to termination of executive employment	(143,333)
Shares vested and transferred	(273,341)	(417,192)
Shares granted, ending	1,183,398	1,500,072

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8. Related Parties (Details 4) R$ / shares in Units, R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$) shares R$ / shares
SummaryOfRelatedPartiesLineItems [Line Items]
Balance of number of shares granted | shares	166,270
Total grant costs, including taxes	R$ 18,543
Accumulated recognized grant costs	(784)
Accumulated unrecognized grant costs	R$ 17,759
Restricted
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	1-Oct-17
Balance of number of shares granted | shares	120,000
Vesting period	2023
Market price of shares on the grant date (in R$ per share) | R$ / shares	R$ 76.38
Total grant costs, including taxes	R$ 12,642
Accumulated recognized grant costs	(527)
Accumulated unrecognized grant costs	R$ 12,115
Restricted and Performance
SummaryOfRelatedPartiesLineItems [Line Items]
Grant date	8-Nov-17
Balance of number of shares granted | shares	46,270
Vesting period	2020 to 2022
Market price of shares on the grant date (in R$ per share) | R$ / shares	R$ 76.38
Total grant costs, including taxes	R$ 5,901
Accumulated recognized grant costs	(257)
Accumulated unrecognized grant costs	R$ 5,644

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8. Related Parties (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Parties Details Narrative
Amortization recognized as general and administrative	R$ 11,752	R$ 18,372	R$ 16,935

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9. Income and Social Contribution Taxes (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets—Deferred income and social contribution taxes on:
Provision for impairment of assets	R$ 47,592	R$ 46,254
Provisions for tax, civil, and labor risks	145,767	163,096
Provision for post-employment benefits	81,199	54,185
Provision for differences between cash and accrual basis	40,755	18,452
Goodwill	14,234	17,823
Business combination – fiscal basis vs. accounting basis of goodwill	74,972	68,064
Provision for asset retirement obligation	19,111	23,419
Other provisions	146,002	136,463
Tax losses and negative basis for social contribution carryforwards (d)	201,471	78,682
Total	771,103	606,438
Offset the liabilities balance	(225,492)	(189,094)
Net balance of assets	545,611	417,344
Liabilities—Deferred income and social contribution taxes on:
Revaluation of property, plant, and equipment	2,109	2,640
Lease	3,361	3,899
Provision for differences between cash and accrual basis	44,440	59,264
Provision for goodwill/negative goodwill	131,811	74,895
Business combination – fair value of assets	45,414	46,202
Temporary differences of foreign subsidiaries	955	2,290
Other provisions	35,926	7,549
Total	264,016	196,739
Offset the assets balance	(225,492)	(189,094)
Net balance of liabilities	R$ 38,524	R$ 7,645

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9. Income and Social Contribution Taxes (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income And Social Contribution Taxes Details 1
Initial balance	R$ 409,699	R$ 292,989	R$ 309,726
Deferred IRPJ and CSLL recognized in income of the year	83,029	100,505	(14,813)
Deferred IRPJ and CSLL recognized in other comprehensive income	13,389	18,938	(2,250)
Deferred IRPJ and CSLL recognized in business combination	(610)	0	0
Others	1,580	(2,733)	326
Final balance	R$ 507,087	R$ 409,699	R$ 292,989

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9. Income and Social Contribution Taxes (Details 2) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	R$ 771,103	R$ 606,438
Up to 1 Year
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	207,210
From 1 to 2 years
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	79,790
From 2 to 3 years
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	139,314
From 3 to 5 Years
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	94,397
From 5 to 7 Years
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	194,627
From 7 to 10 Years
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Recovery of deferred tax assets	R$ 55,765

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9. Income and Social Contribution Taxes (Details 3) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income And Social Contribution Taxes Details 3
Income (loss) before taxes and share of profit (loss) of joint ventures, and associates	R$ 2,392,624	R$ 2,263,134	R$ 2,258,192
Statutory tax rates	34.00%	34.00%	34.00%
Income and social contribution taxes at the statutory tax rates	R$ (813,492)	R$ (769,466)	R$ (767,785)
Adjustments to the statutory income and social contribution taxes:
Nondeductible expenses	(105,017)	(57,961)	(70,540)
Nontaxable revenues	19,084	7,561	3,753
Adjustment to estimated income	10,844	14,218	12,926
Interest on equity	(550)	(364)	0
Other adjustments	1,104	7,108	4,874
Income and social contribution taxes before tax incentives	(888,027)	(798,904)	(816,772)
Tax incentives—SUDENE	48,598	98,912	82,436
Income and social contribution taxes in the income statement	(839,429)	(699,992)	(734,336)
Current	(922,458)	(800,497)	(719,523)
Deferred	R$ 83,029	R$ 100,505	R$ (14,813)
Effective IRPJ and CSLL rates	35.00%	30.90%	32.50%

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9. Income and Social Contribution Taxes (Details 4) - Subsidiary	12 Months Ended
	Dec. 31, 2017
SummaryOfIncomeAndSocialContributionTaxesLineItems [Line Items]
Subsidiary	Bahiana Distribuidora de Gás Ltda.
Units	Aracaju base (1)
Incentive percentage	75.00%
Expiration	2017
Subsidiary	Bahiana Distribuidora de Gás Ltda.
Units	Suape base
Incentive percentage	75.00%
Expiration	2018
Subsidiary	Bahiana Distribuidora de Gás Ltda.
Units	Mataripe base
Incentive percentage	75.00%
Expiration	2024
Subsidiary	Bahiana Distribuidora de Gás Ltda.
Units	Caucaia base
Incentive percentage	75.00%
Expiration	2025
Subsidiary	Terminal Químico de Aratu S.A. – Tequimar
Units	Suape terminal
Incentive percentage	75.00%
Expiration	2020
Subsidiary	Terminal Químico de Aratu S.A. – Tequimar
Units	Aratu terminal
Incentive percentage	75.00%
Expiration	2022
Subsidiary	Terminal Químico de Aratu S.A. – Tequimar
Units	Itaqui terminal
Incentive percentage	75.00%
Expiration	2025
Subsidiary	Oleoquímica Indústria e Comércio de Produtos Químicos Ltda.
Units	Camaçari plant
Incentive percentage	75.00%
Expiration	2021
Subsidiary	Oxiteno Nordeste S.A. Indústria e Comércio
Units	Camaçari plant (2)
Incentive percentage	75.00%
Expiration	2026
Subsidiary	Empresa Carioca de Produtos Químicos S.A.
Units	Camaçari plant (3)
Incentive percentage	75.00%
Expiration	2026

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9. Income and Social Contribution Taxes (Details Narrative) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Income And Social Contribution Taxes Details Narrative
Tax loss carryforwards related to income tax	R$ 598,183	R$ 236,956

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10. Prepaid expenses (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Prepaid Expenses Details
Rents	R$ 329,421	R$ 196,944
Advertising and publicity	67,321	37,833
Deferred Stock Plan, net	37,591	44,719
Insurance premiums	39,629	46,896
Software maintenance	8,237	12,478
Other prepaid expenses	14,733	7,531
Prepaid expenses, total	496,932	346,401
Current	150,046	123,883
Non-current	R$ 346,886	R$ 222,518

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11. Investments (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfJointVenturesLineItems [Line Items]
Joint ventures, beginning	R$ 116,142	R$ 79,377	R$ 54,508
Capital increase	16,000	47,281	37,080
Advance for Future Capital Increase			4,000
Valuation adjustments	4,079	(2,935)	1,535
Share of profit (loss) of joint ventures	16,799	5,334	(14,287)
Dividends	(30,959)	(12,915)	(3,459)
Joint ventures, ending	122,061	116,142	79,377
Uniao Vopak
SummaryOfJointVenturesLineItems [Line Items]
Joint ventures, beginning	4,518	4,545	4,960
Capital increase	0	0	0
Advance for Future Capital Increase			0
Valuation adjustments	0	0	0
Share of profit (loss) of joint ventures	1,578	(27)	699
Dividends	0	0	(1,114)
Joint ventures, ending	6,096	4,518	4,545
RPR
SummaryOfJointVenturesLineItems [Line Items]
Joint ventures, beginning	45,409	31,514	24,076
Capital increase	0	0	0
Advance for Future Capital Increase			0
Valuation adjustments	4,079	(2,935)	1,535
Share of profit (loss) of joint ventures	36,210	29,745	8,248
Dividends	(30,959)	(12,915)	(2,345)
Joint ventures, ending	54,739	45,409	31,514
Connect Car
SummaryOfJointVenturesLineItems [Line Items]
Joint ventures, beginning	66,215	43,318	25,472
Capital increase	16,000	47,281	37,080
Advance for Future Capital Increase			4,000
Valuation adjustments	0	0	0
Share of profit (loss) of joint ventures	(20,989)	(24,384)	(23,234)
Dividends	0	0	0
Joint ventures, ending	R$ 61,226	R$ 66,215	R$ 43,318

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11. Investments (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfJointVenturesLineItems [Line Items]
Current assets	R$ 15,201,291	R$ 13,011,796
Non-current assets	13,139,031	11,147,874
Current liabilities	7,013,988	5,486,946
Non-current liabilities	11,605,502	10,114,166
Shareholders’ equity	9,720,832	8,558,558
Net revenue from sales and services	80,007,422	77,352,955	R$ 75,655,274
Net income (loss)	1,573,868	1,570,618	1,512,972
Uniao Vopak
SummaryOfJointVenturesLineItems [Line Items]
Current assets	7,110	4,228	3,360
Non-current assets	6,627	6,383	7,300
Current liabilities	1,210	700	1,570
Non-current liabilities	336	876	0
Shareholders’ equity	12,191	9,035	9,090
Net revenue from sales and services	15,260	12,030
Costs, operating expenses and income	(10,852)	(12,430)	(10,198)
Net financial income and income and social contribution taxes	(1,252)	346	(430)
Net income (loss)	R$ 3,156	R$ (54)	R$ 1,398
Number of shares or units held	29,995	29,995	29,995
% of capital held	50.00%	50.00%	50.00%
RPR
SummaryOfJointVenturesLineItems [Line Items]
Current assets	R$ 389,022	R$ 286,916	R$ 234,094
Non-current assets	128,417	116,931	114,123
Current liabilities	297,762	198,619	176,134
Non-current liabilities	54,821	68,467	77,172
Shareholders’ equity	164,856	136,761	94,911
Net revenue from sales and services	5,067,950	1,490,516
Costs, operating expenses and income	(4,876,389)	(1,361,551)	(926,392)
Net financial income and income and social contribution taxes	(82,498)	(39,379)	(20,768)
Net income (loss)	R$ 109,063	R$ 89,586	R$ 27,647
Number of shares or units held	5,078,888	5,078,888	5,078,888
% of capital held	33.00%	33.00%	33.00%
Connect Car
SummaryOfJointVenturesLineItems [Line Items]
Current assets	R$ 90,242	R$ 93,634	R$ 59,599
Non-current assets	132,785	116,243	85,195
Current liabilities	100,564	77,448	62,158
Non-current liabilities	12	0	0
Shareholders’ equity	122,451	132,429	82,636
Net revenue from sales and services	33,935	30,058
Costs, operating expenses and income	(100,444)	(105,800)	(89,431)
Net financial income and income and social contribution taxes	24,530	26,974	24,553
Net income (loss)	R$ (41,979)	R$ (48,768)	R$ (46,468)
Number of shares or units held	169,860,500	145,860,500	94,579,500
% of capital held	50.00%	50.00%	50.00%

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11. Investments (Details 2) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfAssociatesLineItems [Line Items]
Associates, beginning	R$ 22,731	R$ 21,537	R$ 13,143
Capital increase			10,368
Dividends	(1,264)	(948)	(5,377)
Share of profit (loss) of associates	3,874	2,142	3,403
Associates, ending	25,341	22,731	21,537
Transportadora Sulbrasileira de Gas
SummaryOfAssociatesLineItems [Line Items]
Associates, beginning	6,001	5,743	6,212
Capital increase			0
Dividends	(865)	(948)	(1,924)
Share of profit (loss) of associates	1,212	1,206	1,455
Associates, ending	6,348	6,001	5,743
Oxicap Industria de Gases
SummaryOfAssociatesLineItems [Line Items]
Associates, beginning	12,981	12,000	3,090
Capital increase			10,368
Dividends	0	0	(3,453)
Share of profit (loss) of associates	1,477	981	1,995
Associates, ending	14,458	12,981	12,000
Quimica da Bahia Industria e Comercio
SummaryOfAssociatesLineItems [Line Items]
Associates, beginning	3,678	3,684	3,676
Capital increase			0
Dividends	0	0	0
Share of profit (loss) of associates	(60)	(6)	8
Associates, ending	3,618	3,678	3,684
Metalurgica Plus
SummaryOfAssociatesLineItems [Line Items]
Associates, beginning	71	110	165
Capital increase			0
Dividends	0	0	0
Share of profit (loss) of associates	269	(39)	(55)
Associates, ending	340	R$ 71	R$ 110
Plenogas Distribuidora de Gas
SummaryOfAssociatesLineItems [Line Items]
Dividends	(399)
Share of profit (loss) of associates	976
Associates, ending	R$ 577

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11. Investments (Details 3) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfAssociatesLineItems [Line Items]
Current assets	R$ 15,201,291	R$ 13,011,796
Non-current assets	13,139,031	11,147,874
Current liabilities	7,013,988	5,486,946
Non-current liabilities	11,605,502	10,114,166
Shareholders’ equity	9,720,832	8,558,558
Net revenue from sales and services	80,007,422	77,352,955	R$ 75,655,274
Costs, operating expenses and income	2,866,920	3,105,710	2,961,530
Net income (loss)	1,573,868	1,570,618	1,512,972
Transportadora Sulbrasileira de Gas
SummaryOfAssociatesLineItems [Line Items]
Current assets	11,218	7,524	5,175
Non-current assets	16,464	17,570	18,773
Current liabilities	1,960	759	644
Non-current liabilities	332	332	332
Shareholders’ equity	25,390	24,003	22,972
Net revenue from sales and services	10,522	9,955	10,628
Costs, operating expenses and income	(5,649)	(5,194)	(4,703)
Net financial income and income and social contribution taxes	0	63	(7)
Net income (loss)	R$ 4,873	R$ 4,824	R$ 5,918
Number of shares or units held	20,124,996	20,124,996	20,124,996
% of capital held	25.00%	25.00%	25.00%
Oxicap Industria de Gases
SummaryOfAssociatesLineItems [Line Items]
Current assets	R$ 45,061	R$ 28,358	R$ 13,390
Non-current assets	74,612	70,034	79,203
Current liabilities	12,338	7,125	8,682
Non-current liabilities	7,920	5,226	4,371
Shareholders’ equity	99,424	86,041	79,540
Net revenue from sales and services	52,709	52,751	42,799
Costs, operating expenses and income	(40,769)	(39,539)	(14,050)
Net financial income and income and social contribution taxes	(2,144)	(6,837)	(9,973)
Net income (loss)	R$ 9,796	R$ 6,375	R$ 18,776
Number of shares or units held	1,987	1,987	1,987
% of capital held	15.00%	15.00%	15.00%
Quimica da Bahia Industria e Comercio
SummaryOfAssociatesLineItems [Line Items]
Current assets	R$ 67	R$ 220	R$ 73
Non-current assets	10,278	10,246	10,403
Current liabilities	0	1	0
Non-current liabilities	3,110	3,109	3,109
Shareholders’ equity	7,235	7,356	7,367
Net revenue from sales and services	0	0	0
Costs, operating expenses and income	(90)	(60)	(34)
Net financial income and income and social contribution taxes	(31)	49	49
Net income (loss)	R$ (121)	R$ (11)	R$ 15
Number of shares or units held	1,493,120	1,493,120	1,493,120
% of capital held	50.00%	50.00%	50.00%
Metalurgica Plus
SummaryOfAssociatesLineItems [Line Items]
Current assets	R$ 175	R$ 169	R$ 759
Non-current assets	1,695	1,682	1,681
Current liabilities	422	21	403
Non-current liabilities	427	1,616	1,708
Shareholders’ equity	1,021	214	329
Net revenue from sales and services	0	0	0
Costs, operating expenses and income	673	(189)	(172)
Net financial income and income and social contribution taxes	179	(19)	8
Net income (loss)	R$ 852	R$ (208)	R$ (164)
Number of shares or units held	3,000	3,000	3,000
% of capital held	33.00%	33.00%	33.00%
Plenogas Distribuidora de Gas
SummaryOfAssociatesLineItems [Line Items]
Current assets	R$ 505	R$ 1,178	R$ 691
Non-current assets	2,821	2,821	2,830
Current liabilities	93	53	101
Non-current liabilities	1,500	1,667	1,777
Shareholders’ equity	1,733	2,279	1,643
Net revenue from sales and services	0	0	0
Costs, operating expenses and income	628	574	1,792
Net financial income and income and social contribution taxes	15	68	14
Net income (loss)	R$ 643	R$ 642	R$ 1,806
Number of shares or units held	1,384,308	1,384,308	1,384,308
% of capital held	33.00%	33.00%	33.00%

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12. Property, Plant, and Equipment (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	R$ 5,787,982	R$ 5,438,895	R$ 5,091,971
Property, plant, and equipment, additions	1,284,827	1,039,377	826,772
Property, plant, and equipment, depreciation	(628,594)	(564,026)	(516,783)
Property, plant, and equipment, transfer	(3,561)	(6,546)	(1,641)
Property, plant, and equipment, write-offs and disposals	(49,343)	(30,462)	(49,033)
Property, plant, and equipment, effect of foreign currency exchange rate variation	43,952	(89,256)	87,609
Property, plant, and equipment, opening balance CBLSA	172,525
Property, plant, and equipment, ending	6,607,788	5,787,982	5,438,895
Cost
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	11,415,100	10,564,612	9,916,978
Property, plant, and equipment, additions	1,285,338	1,039,662	829,335
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	(3,706)	(9,999)	(1,643)
Property, plant, and equipment, write-offs and disposals	(131,113)	(89,371)	(108,005)
Property, plant, and equipment, effect of foreign currency exchange rate variation	341,198	(89,804)	(72,053)
Property, plant, and equipment, opening balance CBLSA	260,246
Property, plant, and equipment, ending	13,167,063	11,415,100	10,564,612
Cost | Land
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	520,575	524,159	476,107
Property, plant, and equipment, additions	4,319	157	45,843
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	16,039	218	3,077
Property, plant, and equipment, write-offs and disposals	(969)	(202)	(4,947)
Property, plant, and equipment, effect of foreign currency exchange rate variation	4,574	(3,757)	4,079
Property, plant, and equipment, opening balance CBLSA	34,636
Property, plant, and equipment, ending	579,174	520,575	524,159
Cost | Buildings
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	1,440,204	1,382,603	1,275,728
Property, plant, and equipment, additions	10,677	11,597	14,521
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	95,630	68,989	86,725
Property, plant, and equipment, write-offs and disposals	(12,409)	(281)	(4,060)
Property, plant, and equipment, effect of foreign currency exchange rate variation	32,998	(22,704)	9,689
Property, plant, and equipment, opening balance CBLSA	72,767
Property, plant, and equipment, ending	1,639,867	1,440,204	1,382,603
Cost | Leasehold Improvements
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	796,521	701,183	631,342
Property, plant, and equipment, additions	13,819	11,109	17,825
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	116,698	87,312	55,615
Property, plant, and equipment, write-offs and disposals	(14,494)	(3,078)	(3,599)
Property, plant, and equipment, effect of foreign currency exchange rate variation	11	(5)	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	912,555	796,521	701,183
Cost | Machinery and Equipment
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	4,225,056	3,991,839	3,909,475
Property, plant, and equipment, additions	130,154	117,157	99,038
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	105,060	164,883	108,286
Property, plant, and equipment, write-offs and disposals	(16,069)	(10,209)	(12,300)
Property, plant, and equipment, effect of foreign currency exchange rate variation	277,730	(38,614)	(112,660)
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	4,721,931	4,225,056	3,991,839
Cost | Automotive fuel/lubricant distribution equipment and facilities
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	2,429,079	2,282,462	2,096,563
Property, plant, and equipment, additions	131,134	113,162	121,746
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	78,568	56,213	81,386
Property, plant, and equipment, write-offs and disposals	(29,935)	(22,758)	(17,233)
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	112,229
Property, plant, and equipment, ending	2,721,075	2,429,079	2,282,462
Cost | LPG tanks and bottles
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	619,511	541,351	494,691
Property, plant, and equipment, additions	59,598	107,582	83,608
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	(1,149)	1,435	2,777
Property, plant, and equipment, write-offs and disposals	(34,263)	(30,857)	(39,725)
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	643,697	619,511	541,351
Cost | Vehicles
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	271,133	258,776	244,467
Property, plant, and equipment, additions	28,428	25,882	21,883
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	6,948	5,559	11,358
Property, plant, and equipment, write-offs and disposals	(21,055)	(18,575)	(18,341)
Property, plant, and equipment, effect of foreign currency exchange rate variation	1,841	(509)	(591)
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	287,295	271,133	258,776
Cost | Furniture
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	204,550	170,695	156,115
Property, plant, and equipment, additions	35,078	27,319	14,198
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	10,775	8,955	4,888
Property, plant, and equipment, write-offs and disposals	(834)	(1,315)	(440)
Property, plant, and equipment, effect of foreign currency exchange rate variation	10,756	(1,104)	(4,066)
Property, plant, and equipment, opening balance CBLSA	6,169
Property, plant, and equipment, ending	266,494	204,550	170,695
Cost | Construction in Progress
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	523,285	437,533	372,974
Property, plant, and equipment, additions	766,775	487,651	373,774
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	(386,198)	(384,335)	(337,967)
Property, plant, and equipment, write-offs and disposals	(4)	(535)	(2,550)
Property, plant, and equipment, effect of foreign currency exchange rate variation	10,192	(17,029)	31,302
Property, plant, and equipment, opening balance CBLSA	14,950
Property, plant, and equipment, ending	929,000	523,285	437,533
Cost | Advances to Suppliers
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	96,423	12,125	19,527
Property, plant, and equipment, additions	61,536	102,465	10,685
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	(48,722)	(13,781)	(18,095)
Property, plant, and equipment, write-offs and disposals	0	0	0
Property, plant, and equipment, effect of foreign currency exchange rate variation	2,930	(4,386)	8
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	112,167	96,423	12,125
Cost | Imports in progress
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	58	1,201	59
Property, plant, and equipment, additions	1,182	8,007	1,959
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	(450)	(8,895)	(817)
Property, plant, and equipment, write-offs and disposals	0	0	0
Property, plant, and equipment, effect of foreign currency exchange rate variation	(4)	(255)	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	786	58	1,201
Cost | IT Equipment
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	288,705	260,685	239,930
Property, plant, and equipment, additions	42,638	27,574	24,255
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	3,095	3,448	1,124
Property, plant, and equipment, write-offs and disposals	(1,081)	(1,561)	(4,810)
Property, plant, and equipment, effect of foreign currency exchange rate variation	170	(1,441)	186
Property, plant, and equipment, opening balance CBLSA	19,495
Property, plant, and equipment, ending	353,022	288,705	260,685
Accumulated depreciation
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(5,621,594)	(5,118,732)	(4,817,766)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(628,594)	(564,026)	(516,783)
Property, plant, and equipment, transfer	145	3,453	2
Property, plant, and equipment, write-offs and disposals	81,347	57,614	55,283
Property, plant, and equipment, effect of foreign currency exchange rate variation	(297,213)	97	160,532
Property, plant, and equipment, opening balance CBLSA	(87,721)
Property, plant, and equipment, ending	(6,553,630)	(5,621,594)	(5,118,732)
Accumulated depreciation | Buildings
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(632,908)	(591,831)	(565,308)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(46,795)	(43,778)	(40,766)
Property, plant, and equipment, transfer	130	13	15
Property, plant, and equipment, write-offs and disposals	5,535	151	1,919
Property, plant, and equipment, effect of foreign currency exchange rate variation	(28,365)	2,537	12,309
Property, plant, and equipment, opening balance CBLSA	(22,005)
Property, plant, and equipment, ending	(724,408)	(632,908)	(591,831)
Accumulated depreciation | Leasehold Improvements
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(412,449)	(359,117)	(313,647)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(71,660)	(55,913)	(48,132)
Property, plant, and equipment, transfer	(166)	339	1
Property, plant, and equipment, write-offs and disposals	8,624	2,235	2,661
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	7	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(475,651)	(412,449)	(359,117)
Accumulated depreciation | Machinery and Equipment
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(2,474,504)	(2,241,244)	(2,158,390)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(258,068)	(242,419)	(234,792)
Property, plant, and equipment, transfer	(139)	3,099	(240)
Property, plant, and equipment, write-offs and disposals	10,174	9,536	9,005
Property, plant, and equipment, effect of foreign currency exchange rate variation	(257,629)	(3,476)	143,173
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(2,980,166)	(2,474,504)	(2,241,244)
Accumulated depreciation | Automotive fuel/lubricant distribution equipment and facilities
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(1,383,069)	(1,270,797)	(1,164,074)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(144,884)	(130,613)	(116,010)
Property, plant, and equipment, transfer	(29)	0	0
Property, plant, and equipment, write-offs and disposals	26,907	18,341	9,287
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	(44,731)
Property, plant, and equipment, ending	(1,545,806)	(1,383,069)	(1,270,797)
Accumulated depreciation | LPG tanks and bottles
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(276,414)	(249,234)	(231,001)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(45,838)	(40,941)	(34,392)
Property, plant, and equipment, transfer	130	0	(136)
Property, plant, and equipment, write-offs and disposals	16,157	13,761	16,295
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(305,965)	(276,414)	(249,234)
Accumulated depreciation | Vehicles
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(101,082)	(92,457)	(90,004)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(21,740)	(19,991)	(15,769)
Property, plant, and equipment, transfer	80	0	369
Property, plant, and equipment, write-offs and disposals	12,365	11,234	12,126
Property, plant, and equipment, effect of foreign currency exchange rate variation	(1,823)	132	821
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(112,200)	(101,082)	(92,457)
Accumulated depreciation | Furniture
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(120,747)	(110,259)	(105,483)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(15,128)	(11,146)	(10,050)
Property, plant, and equipment, transfer	(9)	5	0
Property, plant, and equipment, write-offs and disposals	594	868	323
Property, plant, and equipment, effect of foreign currency exchange rate variation	(9,275)	(215)	4,951
Property, plant, and equipment, opening balance CBLSA	(4,010)
Property, plant, and equipment, ending	(148,575)	(120,747)	(110,259)
Accumulated depreciation | IT Equipment
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(220,421)	(203,793)	(189,859)
Property, plant, and equipment, additions	0	0	0
Property, plant, and equipment, depreciation	(24,481)	(19,225)	(16,872)
Property, plant, and equipment, transfer	148	(3)	(7)
Property, plant, and equipment, write-offs and disposals	991	1,488	3,667
Property, plant, and equipment, effect of foreign currency exchange rate variation	(121)	1,112	(722)
Property, plant, and equipment, opening balance CBLSA	(16,975)
Property, plant, and equipment, ending	(260,859)	(220,421)	(203,793)
Provision for losses
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(5,524)	(6,985)	(7,241)
Property, plant, and equipment, additions	(511)	(285)	(2,563)
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	423	1,295	3,689
Property, plant, and equipment, effect of foreign currency exchange rate variation	(33)	451	(870)
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(5,645)	(5,524)	(6,985)
Provision for losses | Land
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(197)	(197)	(197)
Property, plant, and equipment, additions	(104)	0	0
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	197	0	0
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(104)	(197)	(197)
Provision for losses | Leasehold Improvements
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(560)	(659)	(462)
Property, plant, and equipment, additions	(10)	(4)	0
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	14	0	2
Property, plant, and equipment, effect of foreign currency exchange rate variation	(8)	103	(199)
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(564)	(560)	(659)
Provision for losses | Machinery and Equipment
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(4,347)	(4,739)	(5,895)
Property, plant, and equipment, additions	(397)	(281)	(1,137)
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	45	325	2,964
Property, plant, and equipment, effect of foreign currency exchange rate variation	(25)	348	(671)
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(4,724)	(4,347)	(4,739)
Provision for losses | Automotive fuel/lubricant distribution equipment and facilities
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(336)	(1,306)	0
Property, plant, and equipment, additions	0	0	(1,342)
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	167	970	36
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(169)	(336)	(1,306)
Provision for losses | Furniture
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(1)	(1)	(4)
Property, plant, and equipment, additions	0	0	(1)
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	0	0	4
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	(1)	(1)	(1)
Provision for losses | Advances to Suppliers
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning	(83)	(83)	0
Property, plant, and equipment, additions	0	0	(83)
Property, plant, and equipment, depreciation	0	0	0
Property, plant, and equipment, transfer	0	0	0
Property, plant, and equipment, write-offs and disposals	0	0	0
Property, plant, and equipment, effect of foreign currency exchange rate variation	0	0	0
Property, plant, and equipment, opening balance CBLSA	0
Property, plant, and equipment, ending	R$ (83)	R$ (83)	(83)
Provision for losses | IT Equipment
SummaryOfPropertyPlantAndEquipmentLineItems [Line Items]
Property, plant, and equipment, beginning			(683)
Property, plant, and equipment, additions			0
Property, plant, and equipment, write-offs and disposals			683
Property, plant, and equipment, effect of foreign currency exchange rate variation			R$ 0

XML

13. Intangible Assets (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	R$ 3,371,599	R$ 3,293,935	R$ 3,158,113
Intangible assets, additions	801,971	651,171	609,600
Intangible assets, amortization	(571,711)	(554,924)	(490,464)
Intangible assets, transfer	(10,253)	(4,631)	(2,520)
Intangible assets, write-offs and disposals	(3)	(2,749)	(78)
Intangible assets, effect of foreign currency exchange rate variation	2,253	(11,203)	19,284
Opening balance CBLSA	133,617
Intangible assets, ending balance	3,727,473	3,371,599	3,293,935
Cost
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	5,975,474	5,511,288	4,879,662
Intangible assets, additions	801,971	651,171	609,600
Intangible assets, amortization	0	0	0
Intangible assets, transfer	2,379	(169,057)	376
Intangible assets, write-offs and disposals	(3,151)	(3,315)	(346)
Intangible assets, effect of foreign currency exchange rate variation	3,960	(14,613)	21,996
Opening balance CBLSA	165,725
Intangible assets, ending balance	6,946,358	5,975,474	5,511,288
Cost | Goodwill
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	1,454,484	1,456,179	1,456,179
Intangible assets, additions	0	0	0
Intangible assets, amortization	0	0	0
Intangible assets, transfer	0	0	0
Intangible assets, write-offs and disposals	0	(1,695)	0
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	123,673
Intangible assets, ending balance	1,578,157	1,454,484	1,456,179
Cost | Software
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	641,691	539,522	451,936
Intangible assets, additions	207,703	99,734	82,612
Intangible assets, amortization	0		0
Intangible assets, transfer	2,447	7,601	453
Intangible assets, write-offs and disposals	(1,193)	(7)	(59)
Intangible assets, effect of foreign currency exchange rate variation	2,431	(5,159)	4,580
Opening balance CBLSA	0
Intangible assets, ending balance	853,079	641,691	539,522
Cost | Technology
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	32,617	32,617	32,617
Intangible assets, additions	0	0	0
Intangible assets, amortization	0	0	0
Intangible assets, transfer	0	0	0
Intangible assets, write-offs and disposals	0	0	0
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	0
Intangible assets, ending balance	32,617	32,617	32,617
Cost | Commercial property rights
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	43,258	36,588	31,881
Intangible assets, additions	13,837	7,303	4,994
Intangible assets, amortization	0	0	0
Intangible assets, transfer	(68)		0
Intangible assets, write-offs and disposals	(1,958)	(633)	(287)
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	0
Intangible assets, ending balance	55,069	43,258	36,588
Cost | Distribution rights
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	3,651,316	3,278,487	2,762,985
Intangible assets, additions	580,011	543,527	515,502
Intangible assets, amortization	0	0	0
Intangible assets, transfer	0	(170,698)	0
Intangible assets, write-offs and disposals	0	0	0
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	42,052
Intangible assets, ending balance	4,273,379	3,651,316	3,278,487
Cost | Brands
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	112,936	120,944	105,458
Intangible assets, additions	0	0	0
Intangible assets, amortization	0	0	0
Intangible assets, transfer	0	0	2
Intangible assets, write-offs and disposals	0	0	0
Intangible assets, effect of foreign currency exchange rate variation	607	(8,008)	15,484
Opening balance CBLSA	0
Intangible assets, ending balance	113,543	112,936	120,944
Cost | Others
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	39,172	46,951	38,606
Intangible assets, additions	420	607	6,492
Intangible assets, amortization	0	0	0
Intangible assets, transfer	0	(5,960)	(79)
Intangible assets, write-offs and disposals	0	(980)	0
Intangible assets, effect of foreign currency exchange rate variation	922	(1,446)	1,932
Opening balance CBLSA	0
Intangible assets, ending balance	40,514	39,172	46,951
Accumulated amortization
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	(2,603,875)	(2,217,353)	(1,721,549)
Intangible assets, additions	0	0	0
Intangible assets, amortization	(571,711)	(554,924)	(490,464)
Intangible assets, transfer	(12,632)	164,426	(2,896)
Intangible assets, write-offs and disposals	3,148	566	268
Intangible assets, effect of foreign currency exchange rate variation	(1,707)	3,410	(2,712)
Opening balance CBLSA	(32,108)
Intangible assets, ending balance	(3,218,885)	(2,603,875)	(2,217,353)
Accumulated amortization | Software
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	(396,702)	(350,760)	(303,780)
Intangible assets, additions	0	0	0
Intangible assets, amortization	(59,579)	(49,380)	(44,346)
Intangible assets, transfer	(5)	(2)	0
Intangible assets, write-offs and disposals	1,191	7	59
Intangible assets, effect of foreign currency exchange rate variation	(1,704)	3,433	(2,693)
Opening balance CBLSA	0
Intangible assets, ending balance	(456,799)	(396,702)	(350,760)
Accumulated amortization | Technology
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	(32,469)	(31,256)	(29,471)
Intangible assets, additions	0	0	0
Intangible assets, amortization	(72)	(1,213)	(1,785)
Intangible assets, transfer	0	0	0
Intangible assets, write-offs and disposals	0	0	0
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	0
Intangible assets, ending balance	(32,541)	(32,469)	(31,256)
Accumulated amortization | Commercial property rights
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	(19,568)	(16,979)	(14,545)
Intangible assets, additions	0	0	0
Intangible assets, amortization	(3,689)	(3,148)	(2,643)
Intangible assets, transfer	8	0	0
Intangible assets, write-offs and disposals	1,957	559	209
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	0
Intangible assets, ending balance	(21,292)	(19,568)	(16,979)
Accumulated amortization | Distribution rights
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	(2,131,826)	(1,802,989)	(1,366,128)
Intangible assets, additions	0	0	0
Intangible assets, amortization	(500,488)	(493,348)	(433,869)
Intangible assets, transfer	(12,635)	164,511	(2,992)
Intangible assets, write-offs and disposals	0	0	0
Intangible assets, effect of foreign currency exchange rate variation	0	0	0
Opening balance CBLSA	(32,108)
Intangible assets, ending balance	(2,677,057)	(2,131,826)	(1,802,989)
Accumulated amortization | Others
SummaryOfIntangibleAssetsLineItems [Line Items]
Intangible assets, beginning	(23,310)	(15,369)	(7,625)
Intangible assets, additions	0	0	0
Intangible assets, amortization	(7,883)	(7,835)	(7,821)
Intangible assets, transfer	0	(83)	96
Intangible assets, write-offs and disposals	0	0	0
Intangible assets, effect of foreign currency exchange rate variation	(3)	(23)	(19)
Opening balance CBLSA	0
Intangible assets, ending balance	R$ (31,196)	R$ (23,310)	R$ (15,369)

XML

13. Intangible Assets (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 1,578,157	R$ 1,454,484
Extrafarma
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 661,553	661,553
Segment	Extrafarma
Ipiranga
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 276,724	276,724
Segment	Ipiranga
UniaoTerminais
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 211,089	211,089
Segment	Ultracargo
CBLSA
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 123,673	0
Segment	Ipiranga
Texaco
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 177,759	177,759
Segment	Ipiranga
Oxiteno Uruguay
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 44,856	44,856
Segment	Oxiteno
Temmar
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 43,781	43,781
Segment	Ultracargo
DNP
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 24,736	24,736
Segment	Ipiranga
Repsol
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 13,403	13,403
Segment	Ultragaz
Others
SummaryOfIntangibleAssetsLineItems [Line Items]
Goodwill	R$ 583	R$ 583
Segment	Oxiteno

XML

13. Intangible Assets (Details 2) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets Details 2
Inventories and cost of products and services sold	R$ 29,344	R$ 14,593	R$ 11,522
Selling and marketing	484,609	492,973	436,253
General and administrative	57,758	47,358	42,689
Total, amortization	R$ 571,711	R$ 554,924	R$ 490,464

XML

14. Loans, Debentures, and Finance Leases (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Foreign currency - denominated loans	R$ 4,344,456	R$ 4,663,924
Brazilian Real - denominated loans	9,082,389	6,550,849
Total foreign currency and Brazilian Reais	13,426,845	11,214,773
Currency and interest rate hedging instruments	163,749	202,357
Total	13,590,594	11,417,130
Current	3,503,675	2,475,604
Non-current	R$ 10,086,919	R$ 8,941,526
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Notes in the foreign market (b)(*)	Notes in the foreign market (b)(*)
Foreign currency - denominated loans	R$ 2,454,142	R$ 2,412,112
Index/Currency	US$	US$
Weighted average financial charges	5.3	5.3
Maturity	2026	2026
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Foreign loan (c.1)(*)	Foreign loan (c.1)(*)
Foreign currency - denominated loans	R$ 788,794	R$ 942,456
Index/Currency	US$ + LIBOR (i)	US$ + LIBOR (i)
Weighted average financial charges	1	1
Maturity	2018 to 2022	2018 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Foreign loan (c.1)(*)	Foreign loan (c.1)(*)
Foreign currency - denominated loans	R$ 298,927	R$ 332,650
Index/Currency	US$ + LIBOR (i)	US$ + LIBOR (i)
Weighted average financial charges	1.9	1.9
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Foreign loan (c.2, c.3 and c.4)	Foreign loan (c.2, c.3 and c.4)
Foreign currency - denominated loans	R$ 259,015	R$ 486,451
Index/Currency	US$	US$
Weighted average financial charges	2.2	2.2
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Financial institutions (e)	Financial institutions (e)
Foreign currency - denominated loans	R$ 330,755	R$ 195,021
Index/Currency	US$ + LIBOR (i)	US$ + LIBOR (i)
Weighted average financial charges	2.5	2.5
Maturity	2019 to 2022	2019 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Financial institutions (e)	Financial institutions (e)
Foreign currency - denominated loans	R$ 106,745	R$ 109,859
Index/Currency	US$	US$
Weighted average financial charges	2.8	2.8
Maturity	2018 to 2022	2018 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Financial institutions (e)	Financial institutions (e)
Foreign currency - denominated loans	R$ 27,048	R$ 24,586
Index/Currency	MX$ (ii)	MX$ (ii)
Weighted average financial charges	8.5	8.5
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Foreign currency advances delivered	Foreign currency advances delivered
Foreign currency - denominated loans	R$ 26,080	R$ 32,582
Index/Currency	US$	US$
Weighted average financial charges	2.2	2.2
Maturity	< 54 days	< 54 days
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Advances on foreign exchange contracts	Advances on foreign exchange contracts
Foreign currency - denominated loans	R$ 44,515	R$ 111,066
Index/Currency	US$	US$
Weighted average financial charges	2.4	2.4
Maturity	< 92 days	< 92 days
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	BNDES (d)	BNDES (d)
Foreign currency - denominated loans	R$ 4,460	R$ 7,137
Index/Currency	US$	US$
Weighted average financial charges	6.4	6.4
Maturity	2018 to 2020	2018 to 2020
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Financial institutions (e)	Financial institutions (e)
Foreign currency - denominated loans	R$ 3,382	R$ 9,569
Index/Currency	MX$ + TIIE (ii)	MX$ + TIIE (ii)
Weighted average financial charges	1.5	1.5
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Financial institutions (e)	Financial institutions (e)
Foreign currency - denominated loans	R$ 593	R$ 435
Index/Currency	Bs$ (vii)	Bs$ (vii)
Weighted average financial charges	24	24
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Debentures—Ipiranga (g.1, g.2, g.4 and g.6)	Debentures—Ipiranga (g.1, g.2, g.4 and g.6)
Brazilian Real - denominated loans	R$ 2,836,741	R$ 1,914,498
Index/Currency	CDI	CDI
Weighted average financial charges	105.8	105.8
Maturity	2018 to 2022	2018 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Banco do Brasil – floating rate (f)	Banco do Brasil – floating rate (f)
Brazilian Real - denominated loans	R$ 2,794,272	R$ 2,956,547
Index/Currency	CDI	CDI
Weighted average financial charges	107.3	107.3
Maturity	2018 to 2021	2018 to 2021
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Debentures—5th issuance (g.3)	Debentures—5th issuance (g.3)
Brazilian Real - denominated loans	R$ 817,654	R$ 832,383
Index/Currency	CDI	CDI
Weighted average financial charges	108.3	108.3
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Debentures – CRA (g.5)	Debentures – CRA (g.5)
Brazilian Real - denominated loans	R$ 1,380,852	R$ 0
Index/Currency	CDI	CDI
Weighted average financial charges	95	95
Maturity	2022	2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Debentures – CRA (g.5)(*)	Debentures – CRA (g.5)(*)
Brazilian Real - denominated loans	R$ 554,402	R$ 0
Index/Currency	IPCA	IPCA
Weighted average financial charges	4.6	4.6
Maturity	2024	2024
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	BNDES (d)	BNDES (d)
Brazilian Real - denominated loans	R$ 206,423	R$ 307,593
Index/Currency	TJLP (iii)	TJLP (iii)
Weighted average financial charges	2.4	2.4
Maturity	2018 to 2023	2018 to 2023
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Export Credit Note – floating rate (h)	Export Credit Note – floating rate (h)
Brazilian Real - denominated loans	R$ 157,749	R$ 158,753
Index/Currency	CDI	CDI
Weighted average financial charges	101.5	101.5
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	BNDES (d)	BNDES (d)
Brazilian Real - denominated loans	R$ 69,422	R$ 71,430
Index/Currency	SELIC (vi)	SELIC (vi)
Weighted average financial charges	2.3	2.3
Maturity	2018 to 2023	2018 to 2023
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	BNDES EXIM	BNDES EXIM
Brazilian Real - denominated loans	R$ 62,754	R$ 62,084
Index/Currency	TJLP (iii)	TJLP (iii)
Weighted average financial charges	3.5	3.5
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Finance leases (i)	Finance leases (i)
Brazilian Real - denominated loans	R$ 48,515	R$ 48,566
Index/Currency	IGP-M (v)	IGP-M (v)
Weighted average financial charges	5.6	5.6
Maturity	2018 to 2031	2018 to 2031
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	FINEP	FINEP
Brazilian Real - denominated loans	R$ 35,611	R$ 48,667
Index/Currency	R$	R$
Weighted average financial charges	4	4
Maturity	2018 to 2022	2018 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	FINEP	FINEP
Brazilian Real - denominated loans	R$ 32,682	R$ 34,613
Index/Currency	TJLP (iii)	TJLP (iii)
Weighted average financial charges	1	1
Maturity	2018 to 2023	2018 to 2023
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Banco do Nordeste do Brasil	Banco do Nordeste do Brasil
Brazilian Real - denominated loans	R$ 28,136	R$ 47,120
Index/Currency	R$	R$
Weighted average financial charges	8.5	8.5
Maturity	2018 to 2021	2018 to 2021
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	BNDES EXIM	BNDES EXIM
Brazilian Real - denominated loans	R$ 30,850	R$ 28,056
Index/Currency	SELIC (vi)	SELIC (vi)
Weighted average financial charges	3.9	3.9
Maturity	2018	2018
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	BNDES (d)	BNDES (d)
Brazilian Real - denominated loans	R$ 26,270	R$ 40,309
Index/Currency	R$	R$
Weighted average financial charges	5.6	5.6
Maturity	2018 to 2022	2018 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	FINAME	FINAME
Brazilian Real - denominated loans	R$ 56	R$ 80
Index/Currency	TJLP (iii)	TJLP (iii)
Weighted average financial charges	5.7	5.7
Maturity	2018 to 2022	2018 to 2022
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Fixed finance leases (i)	Fixed finance leases (i)
Brazilian Real - denominated loans	R$ 0	R$ 41
Loan
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Description	Floating finance leases (i)	Floating finance leases (i)
Brazilian Real - denominated loans	R$ 0	R$ 109

XML

14. Loans, Debentures, and Finance Leases (Details 1) R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$)
Loans Debentures And Finance Leases Details 1
Loans, debentures and finance leases, beginning	R$ 11,214,773
New loans and debentures with cash effect	4,510,694
Interest accrued	925,421
Principal payment and financial leases	(2,467,391)
Interest payment	(769,740)
Monetary variation	37,937
Change in fair value	(24,849)
Loans, debentures and finance leases, ending	R$ 13,426,845

XML

14. Loans, Debentures, and Finance Leases (Details 2) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Long term consolidated debt	R$ 10,086,919	R$ 8,941,526
From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Long term consolidated debt	1,826,907	3,203,383
From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Long term consolidated debt	894,640	1,699,009
From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Long term consolidated debt	1,302,450	693,993
From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Long term consolidated debt	3,016,406	554,162
More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Long term consolidated debt	R$ 3,046,516	R$ 2,790,979

XML

14. Loans, Debentures, and Finance Leases (Details 3) R$ in Millions	12 Months Ended
	Dec. 31, 2017 BRL (R$)
SummaryOfLoansLineItems [Line Items]
Loan maturity, amount	R$ 320.0
Cost in percentage of CDI	R$ 102.9
Loan
SummaryOfLoansLineItems [Line Items]
Loan maturity, date	18-Jul
Loan maturity, amount	R$ 60.0
Cost in percentage of CDI	R$ 103.0
Loan
SummaryOfLoansLineItems [Line Items]
Loan maturity, date	18-Sep
Loan maturity, amount	R$ 80.0
Cost in percentage of CDI	R$ 101.5
Loan
SummaryOfLoansLineItems [Line Items]
Loan maturity, date	18-Nov
Loan maturity, amount	R$ 80.0
Cost in percentage of CDI	R$ 101.4
Loan
SummaryOfLoansLineItems [Line Items]
Loan maturity, date	22-Jun
Loan maturity, amount	R$ 100.0
Cost in percentage of CDI	R$ 105.0

XML

14. Loans, Debentures, and Finance Leases (Details 4) R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$)
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	R$ 2,794,272
Debentures	5,589,649
January 2018
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	172,798
April 2018
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	100,571
February 2019
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	168,392
May 2019
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	1,338,979
May 2020
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	337,844
May 2021
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	337,844
May 2022
SummaryOfLoansLineItems [Line Items]
Loan maturity, Banco de Brasil	337,844
March 2018
SummaryOfLoansLineItems [Line Items]
Debentures	817,654
December 2018
SummaryOfLoansLineItems [Line Items]
Debentures	801,026
May 2021
SummaryOfLoansLineItems [Line Items]
Debentures	499,012
April 2022
SummaryOfLoansLineItems [Line Items]
Debentures	656,009
July 2022
SummaryOfLoansLineItems [Line Items]
Debentures	1,536,704
October 2022
SummaryOfLoansLineItems [Line Items]
Debentures	724,841
April 2024
SummaryOfLoansLineItems [Line Items]
Debentures	350,873
October 2024
SummaryOfLoansLineItems [Line Items]
Debentures	R$ 203,530

XML

14. Loans, Debentures, and Finance Leases (Details 5) R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$)
Debenture 1
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 10,000
Final maturity	16-Nov-17
Payment of the face value	Lump sum at final maturity
Interest	107.9% of CDI
Payment of interest	Semiannually
Reprice	Not applicable
Debenture 2
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 10,000
Final maturity	20-Dec-18
Payment of the face value	Lump sum at final maturity
Interest	107.9% of CDI
Payment of interest	Semiannually
Reprice	Not applicable
Debenture 3
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 10,000
Final maturity	16-Mar-18
Payment of the face value	Lump sum at final maturity
Interest	108.25% of CDI
Payment of interest	Semiannually
Reprice	Not applicable
Debenture 4
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 1,000,000
Final maturity	25-May-21
Payment of the face value	Annual as from May 2019
Interest	105.0% of CDI
Payment of interest	Semiannually
Reprice	Not applicable
Debenture 5
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 1,000
Final maturity	18-Apr-22
Payment of the face value	Lump sum at final maturity
Interest	95% of CDI
Payment of interest	Semiannually
Reprice	Not applicable
Debenture 6
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 1,000
Final maturity	15-Apr-24
Payment of the face value	Lump sum at final maturity
Interest	IPCA + 4.7%
Payment of interest	Annually
Reprice	Not applicable
Debenture 7
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 1,000
Final maturity	28-Jul-22
Payment of the face value	Annual as from July 2021
Interest	105.0% of CDI
Payment of interest	Annually
Reprice	Not applicable
Debenture 8
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 1,000
Final maturity	24-Oct-22
Payment of the face value	Lump sum at final maturity
Interest	95% of CDI
Payment of interest	Semiannually
Reprice	Not applicable
Debenture 9
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Face value	R$ 1,000
Final maturity	24-Oct-24
Payment of the face value	Lump sum at final maturity
Interest	IPCA + 4.33%
Payment of interest	Annually
Reprice	Not applicable

XML

14. Loans, Debentures, and Finance Leases (Details 6) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Equipment and intangible assets, net of depreciation and amortization		R$ 17,301
Financing (present value)		48,716
Current	R$ 2,710	2,615
Non-current	45,805	46,101
LPG bottling facilities
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Equipment and intangible assets, net of depreciation and amortization	15,732	17,078
Financing (present value)	48,515	48,566
Current	2,710	2,465
Non-current	R$ 45,805	46,101
Software
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Equipment and intangible assets, net of depreciation and amortization		223
Financing (present value)		150
Current		150
Non-current		R$ 0

XML

14. Loans, Debentures, and Finance Leases (Details 7) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		R$ 70,052
Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		5,032
From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		4,876
From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		4,876
From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		4,876
From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		4,876
More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		45,516
LPG bottling facilities
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	R$ 68,176	69,896
LPG bottling facilities | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	5,113	4,876
LPG bottling facilities | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	5,113	4,876
LPG bottling facilities | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	5,113	4,876
LPG bottling facilities | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	5,113	4,876
LPG bottling facilities | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	5,113	4,876
LPG bottling facilities | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements	R$ 42,611	45,516
Software
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		156
Software | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		156
Software | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		0
Software | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		0
Software | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		0
Software | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		0
Software | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Future disbursements		R$ 0

XML

14. Loans, Debentures, and Finance Leases (Details 8) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Transaction costs, beginning	R$ 39,792	R$ 18,878
Incurred cost	44,369	28,836
Amortization	(12,075)	(7,922)
Transaction costs, ending	R$ 72,086	R$ 39,792
Notes in the foreign market
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Effective rate of transaction costs	0.00%	0.00%
Transaction costs, beginning	R$ 16,612	R$ 0
Incurred cost	0	16,821
Amortization	(1,314)	(209)
Transaction costs, ending	R$ 15,298	R$ 16,612
Banco do Brasil
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Effective rate of transaction costs	0.20%	0.20%
Transaction costs, beginning	R$ 12,182	R$ 11,883
Incurred cost	0	3,529
Amortization	(4,117)	(3,230)
Transaction costs, ending	R$ 8,065	R$ 12,182
Debentures
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Effective rate of transaction costs	0.20%	0.10%
Transaction costs, beginning	R$ 6,835	R$ 1,801
Incurred cost	42,388	6,407
Amortization	(4,514)	(1,373)
Transaction costs, ending	R$ 44,709	R$ 6,835
Foreign Loans
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Effective rate of transaction costs	0.20%	0.20%
Transaction costs, beginning	R$ 2,211	R$ 4,649
Incurred cost	563	0
Amortization	(1,561)	(2,438)
Transaction costs, ending	R$ 1,213	R$ 2,211
Other
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Effective rate of transaction costs	0.20%	0.20%
Transaction costs, beginning	R$ 1,952	R$ 545
Incurred cost	1,418	2,079
Amortization	(569)	(672)
Transaction costs, ending	R$ 2,801	R$ 1,952

XML

14. Loans, Debentures, and Finance Leases (Details 9) R$ in Thousands	Dec. 31, 2017 BRL (R$)
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	R$ 72,086
Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	16,740
From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	13,852
From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	12,076
From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	11,342
From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	7,921
More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	10,155
Banco de Brasil
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	8,065
Banco de Brasil | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	4,628
Banco de Brasil | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	2,317
Banco de Brasil | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	599
Banco de Brasil | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	385
Banco de Brasil | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	136
Banco de Brasil | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	0
Foreign Loans
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	1,213
Foreign Loans | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	931
Foreign Loans | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	171
Foreign Loans | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	111
Foreign Loans | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	0
Foreign Loans | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	0
Foreign Loans | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	0
Debentures
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	44,709
Debentures | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	9,151
Debentures | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	9,069
Debentures | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	9,110
Debentures | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	8,971
Debentures | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	5,798
Debentures | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	2,610
Notes in the foreign market
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	15,298
Notes in the foreign market | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	1,388
Notes in the foreign market | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	1,464
Notes in the foreign market | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	1,546
Notes in the foreign market | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	1,632
Notes in the foreign market | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	1,723
Notes in the foreign market | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	7,545
Other
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	2,801
Other | Up to 1 Year
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	642
Other | From 1 to 2 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	831
Other | From 2 to 3 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	710
Other | From 3 to 4 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	354
Other | From 4 to 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	264
Other | More than 5 years
SummaryOfLoansDebenturesAndFinanceLeasesLineItems [Line Items]
Amount appropriated to profit or loss in the future	R$ 0

XML

14. Loans, Debentures, and Finance Leases (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loans Debentures And Finance Leases Details Narrative
Financing collateral	R$ 66,337	R$ 56,570
Promissory notes guarantees	9,587,971	7,069,482
Letters of credit for commercial and legal proceedings	237,537	215,988
Raw material guarantees	81,046	59,316
Maximum amount of future payments related to these collaterals	8,224	30,764
Fair value of collaterals recognized in current liabilities	R$ 205	R$ 743

XML

15. Trade Payables (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfTradePayablesLineItems [Line Items]
Trade payables	R$ 2,155,498	R$ 1,709,653
Domestic Suppliers
SummaryOfTradePayablesLineItems [Line Items]
Trade payables	1,973,668	1,620,388
Foreign Suppliers
SummaryOfTradePayablesLineItems [Line Items]
Trade payables	R$ 181,830	R$ 89,265

XML

16. Salaries and Related Charges (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfSalariesAndRelatedChargesLineItems [Line Items]
Salaries and related charges	R$ 388,118	R$ 362,718
Provisions on salaries
SummaryOfSalariesAndRelatedChargesLineItems [Line Items]
Salaries and related charges	179,120	162,216
Profit sharing, bonus and premium
SummaryOfSalariesAndRelatedChargesLineItems [Line Items]
Salaries and related charges	125,006	140,504
Social charges
SummaryOfSalariesAndRelatedChargesLineItems [Line Items]
Salaries and related charges	64,524	49,812
Others
SummaryOfSalariesAndRelatedChargesLineItems [Line Items]
Salaries and related charges	R$ 19,468	R$ 10,186

XML

17. Taxes Payable (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	R$ 225,829	R$ 171,033
ICMS
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	131,125	105,160
PIS and COFINS
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	27,065	25,287
PERT
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	19,584	0
Value-Added Tax
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	17,992	16,148
ISS
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	11,211	8,074
Others
SummaryOfTaxesPayableLineItems [Line Items]
Taxes payable	R$ 18,852	R$ 16,364

XML

18. Employee Benefits and Private Pension Plan (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfEmployeeBenefitsLineItems [Line Items]
Total	R$ 237,523	R$ 144,751	R$ 126,595
Current	30,059	24,940
Non-current	207,464	119,811
Health and dental care plan
SummaryOfEmployeeBenefitsLineItems [Line Items]
Total	99,767	32,826
FGTS Penalty
SummaryOfEmployeeBenefitsLineItems [Line Items]
Total	81,831	64,654
Bonus
SummaryOfEmployeeBenefitsLineItems [Line Items]
Total	40,254	32,815
Life Insurance
SummaryOfEmployeeBenefitsLineItems [Line Items]
Total	R$ 15,671	R$ 14,456

XML

18. Employee Benefits and Private Pension Plan (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Employee Benefits And Private Pension Plan Details 1
Provision for post-employment benefits, opening	R$ 144,751	R$ 126,595
Current service cost	7,664	3,636
Interest cost	15,754	14,538
Actuarial (gains) losses from changes in actuarial assumptions	36,120	11,818
Benefits paid directly by Company and its subsidiaries	(11,368)	(10,971)
Opening balance CBL S.A. (see Note 3.c)	44,478	0
Exchange rate from foreign subsidiaries	124	(865)
Provision for post-employment benefits, ending	R$ 237,523	R$ 144,751

XML

18. Employee Benefits and Private Pension Plan (Details 2) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfEmployeeBenefitsLineItems [Line Items]
Employee benefit expense	R$ 23,148	R$ 18,174	R$ 19,771
Health and dental care plan
SummaryOfEmployeeBenefitsLineItems [Line Items]
Employee benefit expense	164	3,065	3,291
FGTS Penalty
SummaryOfEmployeeBenefitsLineItems [Line Items]
Employee benefit expense	14,828	9,068	10,445
Bonus
SummaryOfEmployeeBenefitsLineItems [Line Items]
Employee benefit expense	6,883	4,455	4,352
Life Insurance
SummaryOfEmployeeBenefitsLineItems [Line Items]
Employee benefit expense	R$ 1,543	R$ 1,586	R$ 1,683

XML

18. Employee Benefits and Private Pension Plan (Details 3)	Dec. 31, 2017	Dec. 31, 2016
Employee Benefits And Private Pension Plan Details 3
Discount rate for the actuarial obligation at present value	9.51%	11.46%
Average projected salary growth rate	8.38%	8.90%
Inflation rate (long term)	4.50%	5.00%
Growth rate of medical services	8.68%	9.20%

XML

18. Employee Benefits and Private Pension Plan (Details 4) R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$)
Discount rate
SummaryOfEmployeeBenefitsLineItems [Line Items]
Changes in assumption, decrease in liability	increase by 1.0 p.p
Decrease in liability	R$ 10,237
Change in assumptions, increase in liability	decrease by 1.0 p.p
Increase in liability	R$ 11,690
Wage growth rate
SummaryOfEmployeeBenefitsLineItems [Line Items]
Changes in assumption, decrease in liability	decrease by 1.0 p.p
Decrease in liability	R$ 2,807
Change in assumptions, increase in liability	increase by 1.0 p.p
Increase in liability	R$ 3,103
Medical services wage growth rate
SummaryOfEmployeeBenefitsLineItems [Line Items]
Changes in assumption, decrease in liability	decrease by 1.0 p.p
Decrease in liability	R$ 3,837
Change in assumptions, increase in liability	increase by 1.0 p.p
Increase in liability	R$ 4,413

XML

18. Employee Benefits and Private Pension Plan (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Benefits And Private Pension Plan Details Narrative
Contribution to Ultraprev	R$ 24,819	R$ 23,261	R$ 22,216

XML

19. Provision for Asset Retirement Obligation - Fuel Tanks (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Provision For Asset Retirement Obligation - Fuel Tanks Details
Initial balance	R$ 77,564	R$ 74,716	R$ 70,802
Additions (new tanks)	537	483	625
Expense with tanks removed	(15,432)	(2,785)	(3,949)
Accretion expense	2,105	5,150	7,238
Final balance	64,774	77,564	74,716
Current	4,799	4,563	5,232
Noncurrent	R$ 59,975	R$ 73,001	R$ 69,484

XML

20. Provision, Contingencies, and Commitments (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	R$ 779,782
Additions	48,497
Write-offs	(135,990)
Monetary restatement	31,155
Opening balance CBL S.A.	202,352
Provisions by nature, ending	925,796
Current	64,550	R$ 52,694
Non-current	861,246	R$ 727,088
IRPJ and CSLL
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	473,490
Additions	0
Write-offs	(2,163)
Monetary restatement	25,285
Opening balance CBL S.A.	19,217
Provisions by nature, ending	515,829
PIS and COFINS
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	141,112
Additions	0
Write-offs	(109,463)
Monetary restatement	3,278
Opening balance CBL S.A.	0
Provisions by nature, ending	34,927
ICMS
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	17,099
Additions	1,864
Write-offs	(7,795)
Monetary restatement	533
Opening balance CBL S.A.	100,083
Provisions by nature, ending	111,784
Civil, environmental and regulatory claims
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	69,350
Additions	22,026
Write-offs	(3,269)
Monetary restatement	330
Opening balance CBL S.A.	859
Provisions by nature, ending	89,296
Labor litigation
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	65,162
Additions	23,973
Write-offs	(11,899)
Monetary restatement	1,145
Opening balance CBL S.A.	4,044
Provisions by nature, ending	82,425
IPI
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	0
Additions	0
Write-offs	0
Monetary restatement	0
Opening balance CBL S.A.	78,067
Provisions by nature, ending	78,067
Other provisions
SummaryOfProvisionsLineItems [Line Items]
Provisions by nature, beginning	13,569
Additions	634
Write-offs	(1,401)
Monetary restatement	584
Opening balance CBL S.A.	82
Provisions by nature, ending	R$ 13,468

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20. Provision, Contingencies, and Commitments (Details 1) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfEscrowDepositsLineItems [Line Items]
Total non-current assets	R$ 822,660	R$ 778,770
Tax matters
SummaryOfEscrowDepositsLineItems [Line Items]
Total non-current assets	659,062	643,423
Labor litigation
SummaryOfEscrowDepositsLineItems [Line Items]
Total non-current assets	71,074	70,392
Civil and other
SummaryOfEscrowDepositsLineItems [Line Items]
Total non-current assets	R$ 92,524	R$ 64,955

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20. Provision, Contingencies, and Commitments (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Provision Contingencies And Commitments Details Narrative
Escrow deposits made under preliminary injunction	R$ 483,485	R$ 457,868
Provisions for lawsuits and administrative proceedings	89,296	69,350
Provisions for labor litigation filed by former employees	82,425	65,162
Possible contingency	2,576,583	2,252,637
Contingent liabilities for tax matters and social security	1,709,435	1,519,658
IPI contingency	166,003	169,889
Legal proceedings related to ICMS	618,774	626,393
ICMS credits	307,255	283,367
Offset claims and credit disallowances	645,868	450,120
Contingent liabilities for civil, environmental and regulatory claims	593,437	480,065
Penalty on Ultragaz	32,315	31,281
Contingent liabilities for labor matters	R$ 273,711	R$ 252,914

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21. Deferred Revenue (Details) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfDeferredRevenueLineItems [Line Items]
Deferred revenue	R$ 31,309	R$ 34,810
Current	18,413	22,300
Non-current	12,896	12,510
Franchising upfront fee
SummaryOfDeferredRevenueLineItems [Line Items]
Deferred revenue	19,537	18,620
Loyalty program Km de Vantagens
SummaryOfDeferredRevenueLineItems [Line Items]
Deferred revenue	9,134	13,062
Loyalty program Clube Extrafarma
SummaryOfDeferredRevenueLineItems [Line Items]
Deferred revenue	R$ 2,638	R$ 3,128

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22. Subscription warrants - indemnification (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Subscription Warrants - Indemnification Details Narrative
Subscription warrants, shares	2,415,848	2,394,825
Subscription warrants - indemnification	R$ 171,459	R$ 153,429
Maximum number of shares available for issue - subscription warrants	3,035,499	3,059,579

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23. Shareholders' Equity (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair value of cash flow hedging instruments
SummaryOfShareholdersEquityLineItems [Line Items]
Beginning balance	R$ (26,883)	R$ 6,261	R$ 0
Translation of foreign subsidiaries, including the exchange rate effect of net investments hedge	0	0	0
Changes in fair value	(2,550)	(46,470)	6,261
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	0
Income and social contribution taxes on fair value	2,069	13,326
Actuarial gains (losses) of post-employment benefits	0	0	0
Income and social contribution taxes on actuarial losses	0	0	0
Ending balance	(27,634)	(26,883)	6,261
Fair value of financial instruments classified as available for sale
SummaryOfShareholdersEquityLineItems [Line Items]
Beginning balance	0	1,523	51
Translation of foreign subsidiaries, including the exchange rate effect of net investments hedge	0	0	0
Changes in fair value	0	(1,523)	1,472
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	0
Income and social contribution taxes on fair value	0	0
Actuarial gains (losses) of post-employment benefits	0	0	0
Income and social contribution taxes on actuarial losses	0	0	0
Ending balance	0	0	1,523
Actuarial gains (losses) of post-employment benefits
SummaryOfShareholdersEquityLineItems [Line Items]
Beginning balance	2,896	11,169	7,098
Translation of foreign subsidiaries, including the exchange rate effect of net investments hedge	0	0	0
Changes in fair value	0	0	0
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	0
Income and social contribution taxes on fair value	0	0
Actuarial gains (losses) of post-employment benefits	(27,658)	(12,435)	6,321
Income and social contribution taxes on actuarial losses	9,581	4,162	(2,250)
Ending balance	(15,181)	2,896	11,169
Non-controlling shareholders interest change
SummaryOfShareholdersEquityLineItems [Line Items]
Beginning balance	0
Translation of foreign subsidiaries, including the exchange rate effect of net investments hedge	0
Changes in fair value	0
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	202,188
Income and social contribution taxes on fair value	0
Actuarial gains (losses) of post-employment benefits	0
Income and social contribution taxes on actuarial losses	0
Ending balance	202,188	0
Total
SummaryOfShareholdersEquityLineItems [Line Items]
Beginning balance	(23,987)	18,953	7,149
Translation of foreign subsidiaries, including the exchange rate effect of net investments hedge	0	0	0
Changes in fair value	(2,550)	(47,993)	7,733
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	202,188
Income and social contribution taxes on fair value	2,069	13,326
Actuarial gains (losses) of post-employment benefits	(27,658)	(12,435)	6,321
Income and social contribution taxes on actuarial losses	9,581	4,162	(2,250)
Ending balance	159,643	(23,987)	18,953
Cumulative translation adjustment
SummaryOfShareholdersEquityLineItems [Line Items]
Beginning balance	7,519	66,925	43,192
Translation of foreign subsidiaries, including the exchange rate effect of net investments hedge	45,542	(59,406)	23,733
Changes in fair value	0	0	0
Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest	0
Income and social contribution taxes on fair value	0	0
Actuarial gains (losses) of post-employment benefits	0	0	0
Income and social contribution taxes on actuarial losses	0	0	0
Ending balance	R$ 53,061	R$ 7,519	R$ 66,925

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23. Shareholders' Equity (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shareholders Equity Details 1
Net income for the year attributable to shareholders of the Company	R$ 1,574,306	R$ 1,561,585	R$ 1,503,466
Minimum mandatory dividends	787,153
Interim dividends paid	(461,868)
Mandatory dividends payable – Current liabilities	325,285
Additional dividends to the minimum mandatory dividends – shareholders’ equity	163,742
Dividends payable	489,027
Legal reserve	78,716
Statutory investments reserve	R$ 544,695

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23. Shareholders' Equity (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shareholders Equity Details Narrative
Subscribed and paid-in capital stock	556,405,096
Common shares outstanding	28,935,260	28,944,097
Shares held in treasury	13,041,356	13,131,356
Retention of profits and investments reserve	R$ 3,130,935	R$ 3,915,964
Proposed dividends payable	R$ 489,027	R$ 472,650

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24. Net Revenue from Sale and Services (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Revenue From Sale And Services Details
Gross revenue from sale	R$ 82,134,879	R$ 79,361,004	R$ 77,463,652
Gross revenue from services	728,590	621,823	568,556
Sales taxes	(1,936,077)	(1,929,288)	(2,011,860)
Discounts and sales returns	(927,557)	(703,305)	(360,777)
Deferred revenue	7,587	2,721	(4,297)
Net revenue from sales and services	R$ 80,007,422	R$ 77,352,955	R$ 75,655,274

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25. Expenses by Nature (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Expenses By Nature Details
Raw materials and materials for use and consumption	R$ 71,521,652	R$ 69,173,511	R$ 67,763,793
Personnel expenses	2,231,556	2,042,985	1,950,776
Freight and storage	1,117,467	1,077,552	1,134,388
Depreciation and amortization	1,175,951	1,103,538	1,002,647
Advertising and marketing	192,441	200,011	177,336
Services provided by third parties	351,227	318,746	255,750
Lease of real estate and equipment	196,970	164,740	143,677
Other expenses	410,356	359,000	343,237
Total expenses by nature	77,197,620	74,440,083	72,771,604
Cost of products and services sold	72,735,781	70,342,723	68,933,702
Selling and marketing	2,885,311	2,651,501	2,516,561
General and administrative	1,576,528	1,445,859	1,321,341
Expenses by nature	R$ 77,197,620	R$ 74,440,083	R$ 72,771,604

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25. Expenses by Nature (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Expenses By Nature Details Narrative
Research and development expenses	R$ 55,836	R$ 50,129	R$ 41,368

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26. Gain (loss) on Disposal of Property, Plant, and Equipment and Intangibles (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gain Loss On Disposal Of Property Plant And Equipment And Intangibles Details Narrative
Gain (loss) on disposal of property, plant, and equipment	R$ (2,242)	R$ (6,134)	R$ 27,276

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27. Other Operating Income, Net (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	R$ 59,360	R$ 198,972	R$ 50,584
Commercial partnerships
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	52,731	59,761	50,763
Merchandising
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	53,870	38,851	29,158
Loyalty program
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	26,419	19,411	22,455
Ultracargo fire accident in Santos
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	(39,080)	76,443	(92,192)
Reversal of provision – ICMS from PIS and COFINS tax bases (see Note 20.a.1.2)
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	49,152	0	0
TCC
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	(85,819)	0	0
Compensation of undue use of Ultratecno brand
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	0	0	16,000
Adjustment of working capital and net debt Extrafarma acquisition
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	0	0	13,784
Others
SummaryOfOtherOperatingIncomeNetLineItems [Line Items]
Other operating income, net	R$ 2,087	R$ 4,506	R$ 10,616

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28. Financial Income (Expense) (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial Income Expense Details
Interest on financial investments	R$ 475,460	R$ 404,080	R$ 341,739
Interest from customers	105,773	103,976	81,374
Other financial income	3,868	5,187	3,316
Financial income	585,101	513,243	426,429
Interest on loans	(672,102)	(777,424)	(666,791)
Interest on debentures	(385,009)	(374,125)	(308,290)
Interest on finance leases	(4,991)	(7,839)	(4,023)
Bank charges, financial transactions tax, and other charges	(91,614)	(74,761)	(46,966)
Exchange variation, net of gains and losses with derivative instruments	72,869	(69,854)	(71,384)
Reversal of provision – ICMS from PIS and COFINS tax bases (see Note 20.a.1.2)	43,411	0	0
Changes in subscription warranty—indemnification (see Note 22)	(20,360)	(42,615)	(21,154)
TCC monetary restatement – Bahiana (see Notes 20.b.2.2 and 27)	(13,509)	0	0
Monetary restatement of provisions, net, and other financial expenses	11,908	(9,201)	(11,159)
Financial expense	(1,059,397)	(1,355,819)	(1,129,767)
Financial income (expense)	R$ (474,296)	R$ (842,576)	R$ (703,338)

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29. Earnings per Share (Details) - BRL (R$) R$ / shares in Units, R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share Details
Net income for the year of the Company	R$ 1,574,306	R$ 1,561,585	R$ 1,503,466
Weighted average shares outstanding - basic	541,813	541,391	543,775
Basic earnings per share	R$ 2.9056	R$ 2.8844	R$ 2.7649
Weighted average shares outstanding - diluted	545,740	545,509	548,054
Diluted earnings per share	R$ 2.8847	R$ 2.8626	R$ 2.7433

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29. Earnings per Share (Details 1) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share Details 1
Weighted average shares outstanding for basic per share calculation:	541,813	541,391	543,775
Subscription warrants - indemnification	2,395	2,267	2,161
Deferred Stock Plan	1,532	1,851	2,118
Weighted average shares outstanding for diluted per share calculation	545,740	545,509	548,054

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30. Segment Information (Details) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	R$ 80,007,422	R$ 77,352,955	R$ 75,655,274
Intersegment sales	108,936	99,703	95,268
Net revenue from sales and services, excluding intersegment rules	80,007,422	77,352,955	75,655,274
Operating income (expense)	2,866,920	3,105,710	2,961,530
Share of profit (loss) of joint-ventures and associates:	20,673	7,476	(10,884)
Financial result, net	(474,296)	(842,576)	(703,338)
Income before income and social contribution taxes	2,413,297	2,270,610	2,247,308
Ultragaz
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	6,069,340	5,365,524	4,621,242
Intersegment sales	2,217	2,942	3,027
Net revenue from sales and services, excluding intersegment rules	6,067,123	5,362,582	4,618,215
Operating income (expense)	269,125	288,449	213,895
Share of profit (loss) of joint-ventures and associates:	1,245	(39)	(55)
Ipiranga
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	67,730,856	66,407,305	65,349,812
Intersegment sales	964	0	0
Net revenue from sales and services, excluding intersegment rules	67,729,892	66,407,305	65,349,786
Operating income (expense)	2,415,534	2,383,585	2,154,606
Share of profit (loss) of joint-ventures and associates:	(19,777)	(23,178)	(21,779)
Oxiteno
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	3,957,584	3,700,703	4,082,479
Intersegment sales	919	2,519	2,576
Net revenue from sales and services, excluding intersegment rules	3,956,665	3,698,184	4,079,903
Operating income (expense)	140,262	308,177	579,541
Share of profit (loss) of joint-ventures and associates:	1,417	975	2,003
Ultracargo
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	438,360	355,412	315,510
Intersegment sales	54,174	48,941	44,395
Net revenue from sales and services, excluding intersegment rules	384,186	306,471	271,115
Operating income (expense)	74,880	127,904	(16,058)
Share of profit (loss) of joint-ventures and associates:	1,578	(27)	699
Extrafarma
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	1,869,466	1,578,210	1,336,255
Intersegment sales	0	0	0
Net revenue from sales and services, excluding intersegment rules	1,869,466	1,578,210	1,336,255
Operating income (expense)	(36,854)	(5,577)	4,985
Subtotal
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	80,065,606	77,407,154	75,705,298
Intersegment sales	58,274	54,402	49,998
Net revenue from sales and services, excluding intersegment rules	80,007,332	77,352,752	75,655,274
Operating income (expense)	2,862,947	3,102,538	2,936,969
Share of profit (loss) of joint-ventures and associates:	(15,537)	(22,269)	(19,132)
Financial result, net	2,064,683	1,673,468	1,414,687
Income before income and social contribution taxes	1,161,299	1,089,595	979,607
Others
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	50,752	45,504	45,244
Intersegment sales	50,662	45,301	45,270
Net revenue from sales and services, excluding intersegment rules	90	203	0
Operating income (expense)	3,973	3,172	24,561
Share of profit (loss) of joint-ventures and associates:	36,210	29,745	8,248
Intersegment sales
SummaryOfSegmentInformationLineItems [Line Items]
Net revenue from sales and services	R$ (108,936)	R$ (99,703)	R$ (95,268)

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30. Segment Information (Details 1) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	R$ 2,087,309	R$ 1,690,833	R$ 1,438,935
Asset retirement obligation - fuel tanks (see Note 19)	(537)	(483)	(625)
Capitalized borrowing costs	(22,243)	(23,980)	(25,207)
Total investments in property, plant, and equipment and intangible assets (cash flow)	2,064,529	1,666,370	1,413,103
Depreciation and amortization charges:	1,175,951	1,103,538	1,002,647
Total assets (excluding intersegment account balances):	28,340,322	24,159,670
Ultragaz
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	244,187	248,627	251,463
Depreciation and amortization charges:	182,833	158,193	143,207
Total assets (excluding intersegment account balances):	2,438,113	2,308,686
Ipiranga
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	1,077,318	911,927	921,634
Depreciation and amortization charges:	716,831	695,664	612,727
Total assets (excluding intersegment account balances):	15,410,667	11,663,289
Oxiteno
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	466,967	291,294	136,314
Depreciation and amortization charges:	153,110	149,716	158,261
Total assets (excluding intersegment account balances):	6,562,360	6,354,788
Ultracargo
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	105,028	81,166	24,463
Depreciation and amortization charges:	47,669	43,356	41,668
Total assets (excluding intersegment account balances):	1,394,087	1,535,815
Extrafarma
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	171,183	140,454	80,813
Depreciation and amortization charges:	60,856	42,666	23,744
Total assets (excluding intersegment account balances):	1,950,000	1,719,524
Others
SummaryOfSegmentInformationLineItems [Line Items]
Total additions to property, plant, and equipment and intangible assets (see Notes 12 and 13)	22,626	17,365	24,248
Depreciation and amortization charges:	14,652	13,943	R$ 23,040
Total assets (excluding intersegment account balances):	R$ 585,095	R$ 577,568

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30. Segment Information (Details 2) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016
SummaryOfSegmentInformationLineItems [Line Items]
Fixed and intangible assets	R$ 709,302	R$ 440,769
United States
SummaryOfSegmentInformationLineItems [Line Items]
Fixed and intangible assets	511,912	264,478
Mexico
SummaryOfSegmentInformationLineItems [Line Items]
Fixed and intangible assets	109,034	103,051
Uruguay
SummaryOfSegmentInformationLineItems [Line Items]
Fixed and intangible assets	65,876	67,251
Venezuela
SummaryOfSegmentInformationLineItems [Line Items]
Fixed and intangible assets	R$ 22,480	R$ 5,989

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30. Segment Information (Details 3) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	R$ 80,007,422	R$ 77,352,955	R$ 75,655,274
Brazil
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	78,763,771	76,283,061	74,337,803
Mexico
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	190,205	183,124	215,141
Uruguay
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	33,873	33,782	37,938
Venezuela
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	54,788	25,393	158,020
Other Latin American countries
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	427,875	448,814	392,748
United States
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	292,709	158,280	166,277
Far East
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	72,469	57,662	190,160
Europe
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	119,097	97,261	101,931
Others
SummaryOfSegmentInformationLineItems [Line Items]
Revenue	R$ 52,635	R$ 65,578	R$ 55,256

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31. Risks and Financial Instruments (Details) - BRL (R$) R$ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets in foreign currency
Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)	R$ 236.4	R$ 423.9
Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers	214.9	323.4
Net investments in foreign subsidiaries (except cash, cash equivalents, financial investments, trade receivables, financing, and payables)	930.0	600.9
Assets in foreign currency	1,381.3	1,348.2
Liabilities in foreign currency
Financing in foreign currency, gross of transaction costs and discount	(4,416.2)	(4,736.3)
Payables arising from imports, net of advances to foreign suppliers	(173.1)	(57.1)
Liabilities in foreign currency	(4,589.3)	(4,793.4)
Foreign currency hedging instruments	1,777.6	2,206.4
Net asset (liability) position – Total	(1,430.4)	(1,238.8)
Net asset (liability) position – Income statement effect	(26.1)	24.8
Net asset (liability) position – Shareholders’ equity effect	R$ (1,404.3)	R$ (1,263.6)

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31. Risks and Financial Instruments (Details 1) R$ in Millions	Dec. 31, 2017 BRL (R$)
Scenario I
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Income statement effect	R$ (2.6)
Shareholders' equity effect	(140.4)
Total	(143.0)
Income statement effect	2.6
Shareholders' equity effect	140.4
Total	143.0
Scenario II
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Income statement effect	(6.5)
Shareholders' equity effect	(351.1)
Total	(357.6)
Income statement effect	6.5
Shareholders' equity effect	351.1
Total	357.6
Scenario III
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Income statement effect	(13.0)
Shareholders' equity effect	(702.2)
Total	(715.2)
Income statement effect	13.0
Shareholders' equity effect	702.2
Total	R$ 715.2

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31. Risks and Financial Instruments (Details 2) - BRL (R$) R$ in Millions	Dec. 31, 2017	Dec. 31, 2016
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	R$ (5,286.6)	R$ (3,837.2)
CDI
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(4,446.8)	(3,003.3)
CDI | Cash equivalents
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	4,821.6	3,837.8
CDI | Financial investments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	1,153.0	1,174.5
CDI | Asset position of foreign exchange hedging instruments—CDI
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	29.9	28.3
CDI | Loans and debentures
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(7,987.3)	(5,862.3)
CDI | Liability position of foreign exchange hedging instruments—CDI
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(1,877.4)	(2,181.6)
CDI | Liability position of hedging instruments from pre-fixed interest to CDI
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(586.6)	0.0
TJLP
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(301.9)	(404.4)
TJLP | Loans - TJLP
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(301.9)	(404.4)
LIBOR
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(434.2)	(320.4)
LIBOR | Asset position of foreign exchange hedging instruments—LIBOR
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	984.3	1,149.7
LIBOR | Loans - LIBOR
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(1,418.5)	(1,470.1)
TIIE
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(3.4)	(9.6)
TIIE | Loans - TIIE
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(3.4)	(9.6)
SELIC
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	(100.3)	(99.5)
SELIC | Loans - SELIC
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Net liability position	R$ (100.3)	R$ (99.5)

XML

31. Risks and Financial Instruments (Details 3) R$ in Millions	Dec. 31, 2017 BRL (R$)
Scenario I
Exposure of interest rate risk
Interest effect on cash equivalents and financial investments	R$ 47.3
Foreign exchange hedging instruments (assets in CDI) effect	0.2
Interest effect on debt in CDI	(67.2)
Interest rate hedging instruments (liabilities in CDI) effect	(38.6)
Incremental expenses, CDI	(58.3)
Interest effect on debt in TJLP	(2.3)
Incremental expenses, TJLP	(2.3)
Foreign exchange hedging instruments (assets in LIBOR) effect	1.4
Interest effect on debt in LIBOR	(1.7)
Incremental expenses, LIBOR	(0.3)
Interest effect on debt in TIIE	0.0
Incremental expenses, TIIE	0.0
Interest effect on debt in SELIC	(1.0)
Incremental expenses, SELIC	(1.0)
Scenario II
Exposure of interest rate risk
Interest effect on cash equivalents and financial investments	118.1
Foreign exchange hedging instruments (assets in CDI) effect	0.5
Interest effect on debt in CDI	(168.0)
Interest rate hedging instruments (liabilities in CDI) effect	(94.2)
Incremental expenses, CDI	(143.6)
Interest effect on debt in TJLP	(5.6)
Incremental expenses, TJLP	(5.6)
Foreign exchange hedging instruments (assets in LIBOR) effect	3.4
Interest effect on debt in LIBOR	(4.4)
Incremental expenses, LIBOR	(1.0)
Interest effect on debt in TIIE	(0.1)
Incremental expenses, TIIE	(0.1)
Interest effect on debt in SELIC	(2.5)
Incremental expenses, SELIC	(2.5)
Scenario III
Exposure of interest rate risk
Interest effect on cash equivalents and financial investments	236.3
Foreign exchange hedging instruments (assets in CDI) effect	1.0
Interest effect on debt in CDI	(336.0)
Interest rate hedging instruments (liabilities in CDI) effect	(186.7)
Incremental expenses, CDI	(285.4)
Interest effect on debt in TJLP	(11.3)
Incremental expenses, TJLP	(11.3)
Foreign exchange hedging instruments (assets in LIBOR) effect	6.8
Interest effect on debt in LIBOR	(8.7)
Incremental expenses, LIBOR	(1.9)
Interest effect on debt in TIIE	(0.2)
Incremental expenses, TIIE	(0.2)
Interest effect on debt in SELIC	(4.9)
Incremental expenses, SELIC	R$ (4.9)

XML

31. Risks and Financial Instruments (Details 4) - BRL (R$) R$ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Allowances for doubful accounts on trade receivable	R$ 295,580	R$ 233,332	R$ 200,816	R$ 178,444
Ipiranga
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Allowances for doubful accounts on trade receivable	238,697	182,252
Ultragaz
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Allowances for doubful accounts on trade receivable	39,034	33,804
Oxiteno
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Allowances for doubful accounts on trade receivable	10,755	10,856
Extrafarma
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Allowances for doubful accounts on trade receivable	4,922	3,449
Ultracargo
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Allowances for doubful accounts on trade receivable	R$ 2,172	R$ 2,971

XML

31. Risks and Financial Instruments (Details 5) R$ in Millions	Dec. 31, 2017 BRL (R$)
Total
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Loans including future contractual interest	R$ 16,571.3
Currency and interest rate hedging instruments	422.2
Trade payables	2,155.5
Less than 1 year
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Loans including future contractual interest	3,809.9
Currency and interest rate hedging instruments	145.2
Trade payables	2,155.5
Between 1 and 3 years
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Loans including future contractual interest	3,514.4
Currency and interest rate hedging instruments	136.6
Trade payables	0.0
Between 3 and 5 years
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Loans including future contractual interest	4,968.0
Currency and interest rate hedging instruments	113.4
Trade payables	0.0
More than 5 years
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Loans including future contractual interest	4,279.0
Currency and interest rate hedging instruments	27.0
Trade payables	R$ 0.0

XML

31. Risks and Financial Instruments (Details 6) R$ in Millions, $ in Millions	Dec. 31, 2017 BRL (R$)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 BRL (R$)	Dec. 31, 2016 USD ($)
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Fair value	R$ (77.9)		R$ 16.2
Amounts receivable	2,415.9
Amounts payable	2,493.8
Exchange rate swaps receivable in U.S. dollars
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		$ 0.0		$ 0.0
Fair value	(70.0)		52.7
Amounts receivable	1,807.4
Amounts payable	1,877.4
Exchange rate swaps receivable in U.S. dollars | Receivables in U.S. dollars (LIBOR)
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		300.0		350.0
Fair value	984.3		1,149.7
Amounts receivable	984.3
Amounts payable	0.0
Exchange rate swaps receivable in U.S. dollars | Receivables in U.S. dollars (Fixed)
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		956.6		1,062.4
Fair value	823.1		1,084.6
Amounts receivable	823.1
Amounts payable	0.0
Exchange rate swaps receivable in U.S. dollars | Payables in CDI interest rate
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		(1,256.6)		(1,412.4)
Fair value	(1,877.4)		(2,181.6)
Amounts receivable	0.0
Amounts payable	1,877.4
Exchange rate swaps payable in U.S. dollars + COUPON
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		0.0		0.0
Fair value	0.1		0.4
Amounts receivable	29.9
Amounts payable	29.8
Exchange rate swaps payable in U.S. dollars + COUPON | Receivables in CDI interest rates
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		9.1		8.5
Fair value	29.9		28.3
Amounts receivable	29.9
Amounts payable	0.0
Exchange rate swaps payable in U.S. dollars + COUPON | Payables in U.S. dollars (Fixed)
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount | $		$ (9.1)		$ (8.5)
Fair value	(29.8)		(27.9)
Amounts receivable	0.0
Amounts payable	29.8
Interest rate swaps in Brazilian Reais | Receivables in fixed interest rates + IPCA
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount	566.1		0.0
Fair value	583.3		0.0
Amounts receivable	583.3
Amounts payable	0.0
Payables in CDI interest rate
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount	0.0		0.0
Fair value	(3.3)		0.0
Amounts receivable	583.3
Amounts payable	586.6
Payables in CDI interest rate | Payables in CDI
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount	(566.1)		0.0
Fair value	(586.6)		0.0
Amounts receivable	0.0
Amounts payable	586.6
Gross result
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Fair value	(73.2)		53.1
Amounts receivable	2,420.6
Amounts payable	2,493.8
Income tax
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Fair value	(4.7)		(36.9)
Amounts receivable	(4.7)
Amounts payable	0.0
Positive result
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Fair value	85.8		218.5
Negative result
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Fair value	R$ (163.7)		R$ (202.3)

XML

31. Risks and Financial Instruments (Details 7) - BRL (R$) R$ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Profit or loss
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	R$ (157.2)	R$ (196.8)	R$ (144.2)
Profit or loss | Exchange rate swaps receivable in U.S. dollars
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	(72.1)	(177.0)	(143.1)
Profit or loss | Exchange rate swaps payable in U.S. dollars
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	3.2	9.2	(2.2)
Profit or loss | Interest rate swaps in R$
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	15.9	(0.5)	1.1
Profit or loss | Non-derivative financial instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	(104.2)	(28.5)
Equity
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	(31.4)	(28.7)	(25.0)
Equity | Exchange rate swaps receivable in U.S. dollars
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	5.3	(13.8)	6.3
Equity | Exchange rate swaps payable in U.S. dollars
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	0.0	0.0	(31.3)
Equity | Interest rate swaps in R$
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	0.0	0.0	R$ 0.0
Equity | Non-derivative financial instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Gain (loss) on hedging instruments	R$ (36.7)	R$ (14.9)

XML

31. Risks and Financial Instruments (Details 8) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Financial assets, carrying value	R$ 6,369,928	R$ 5,701,849
Financial assets, fair value	6,369,928	5,701,849
Financial liabilities, carrying value	13,762,053	11,570,559
Financial liabilities, fair value	R$ 13,784,913	R$ 11,461,409
Cash and bank deposits
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Loans and receivables	Loans and receivables
Financial assets, carrying value	R$ 147,926	R$ 113,318
Financial assets, fair value	R$ 147,926	R$ 113,318
Financial investments in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, carrying value	R$ 4,821,605	R$ 3,837,807
Financial assets, fair value	R$ 4,821,605	R$ 3,837,807
Financial investments in foreign currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, carrying value	R$ 32,473	R$ 323,033
Financial assets, fair value	R$ 32,473	R$ 323,033
Fixed-income securities and funds in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Available for sale	Available for sale
Financial assets, carrying value	R$ 68,742	R$ 113,640
Financial assets, fair value	R$ 68,742	R$ 113,640
Fixed-income securities and funds in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, carrying value	R$ 1,076,849	R$ 1,053,369
Financial assets, fair value	R$ 1,076,849	R$ 1,053,369
Fixed-income securities and funds in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Held to maturity	Held to maturity
Financial assets, carrying value	R$ 7,449	R$ 7,449
Financial assets, fair value	R$ 7,449	R$ 7,449
Fixed-income securities and funds in foreign currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Available for sale	Available for sale
Financial assets, carrying value	R$ 129,131	R$ 34,775
Financial assets, fair value	R$ 129,131	R$ 34,775
Currency and interest rate hedging instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, carrying value	R$ 85,753	R$ 218,458
Financial assets, fair value	R$ 85,753	R$ 218,458
Financing
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, carrying value	R$ 1,047,809	R$ 1,428,907
Financial liabilities, fair value	R$ 1,047,809	R$ 1,428,907
Financing
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at amortized cost	Measured at amortized cost
Financial liabilities, carrying value	R$ 6,740,872	R$ 6,990,269
Financial liabilities, fair value	R$ 6,761,907	R$ 6,881,085
Debentures
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at amortized cost	Measured at amortized cost
Financial liabilities, carrying value	R$ 5,035,247	R$ 2,746,881
Financial liabilities, fair value	R$ 5,037,072	R$ 2,746,915
Debentures
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, carrying value	R$ 554,402	R$ 0
Financial liabilities, fair value	R$ 554,402	R$ 0
Finance Leases
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at amortized cost	Measured at amortized cost
Financial liabilities, carrying value	R$ 48,515	R$ 48,716
Financial liabilities, fair value	R$ 48,515	R$ 48,716
Currency and interest rate hedging instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, carrying value	R$ 163,749	R$ 202,357
Financial liabilities, fair value	R$ 163,749	R$ 202,357
Subscription warrants - indemnification
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, carrying value	R$ 171,459	R$ 153,429
Financial liabilities, fair value	R$ 171,459	R$ 153,429

XML

31. Risks and Financial Instruments (Details 9) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Financial assets, fair value	R$ 6,369,928	R$ 5,701,849
Level 1	6,195,600	5,480,783
Level 2	174,328	221,066
Level 3	0	0
Financial liabilities, fair value	13,784,913	11,461,409
Level 1	2,523,643	2,338,920
Level 2	11,261,270	9,122,489
Level 3	R$ 0	R$ 0
Cash and bank deposits
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Loans and receivables	Loans and receivables
Financial assets, fair value	R$ 147,926	R$ 113,318
Level 1	147,926	113,318
Level 2	0	0
Level 3	R$ 0	R$ 0
Financial investments in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, fair value	R$ 4,821,605	R$ 3,837,807
Level 1	4,821,605	3,837,807
Level 2	0	0
Level 3	R$ 0	R$ 0
Financial investments in foreign currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, fair value	R$ 32,473	R$ 323,033
Level 1	32,473	323,033
Level 2	0	0
Level 3	R$ 0	R$ 0
Fixed-income securities and funds in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Available for sale	Available for sale
Financial assets, fair value	R$ 68,742	R$ 113,640
Level 1	68,742	113,640
Level 2	0	0
Level 3	R$ 0	R$ 0
Fixed-income securities and funds in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, fair value	R$ 1,076,849	R$ 1,053,369
Level 1	1,076,849	1,053,369
Level 2	0	0
Level 3	R$ 0	R$ 0
Fixed-income securities and funds in local currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Held to maturity	Held to maturity
Financial assets, fair value	R$ 7,449	R$ 7,449
Level 1	7,449	7,449
Level 2	0	0
Level 3	R$ 0	R$ 0
Fixed-income securities and funds in foreign currency
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Available for sale	Available for sale
Financial assets, fair value	R$ 129,131	R$ 34,775
Level 1	40,556	32,167
Level 2	88,575	2,608
Level 3	R$ 0	R$ 0
Currency and interest rate hedging instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial assets, fair value	R$ 85,753	R$ 218,458
Level 1	0	0
Level 2	85,753	218,458
Level 3	0	0
Total
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Financial assets, fair value	6,369,928	5,701,849
Level 1	6,195,600	5,480,783
Level 2	174,328	221,066
Level 3	R$ 0	R$ 0
Financing
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, fair value	R$ 1,047,809	R$ 1,428,907
Level 1	0	0
Level 2	1,047,809	1,428,907
Level 3	R$ 0	R$ 0
Financing
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at amortized cost	Measured at amortized cost
Financial liabilities, fair value	R$ 6,761,907	R$ 6,881,085
Level 1	2,523,643	2,338,920
Level 2	4,238,264	4,542,165
Level 3	R$ 0	R$ 0
Debentures
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at amortized cost	Measured at amortized cost
Financial liabilities, fair value	R$ 5,037,072	R$ 2,746,915
Level 1	0	0
Level 2	5,037,072	2,746,915
Level 3	R$ 0	R$ 0
Debentures
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss
Financial liabilities, fair value	R$ 554,402
Level 1	0
Level 2	554,402
Level 3	R$ 0
Finance Leases
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at amortized cost	Measured at amortized cost
Financial liabilities, fair value	R$ 48,515	R$ 48,716
Level 1	0	0
Level 2	48,515	48,716
Level 3	R$ 0	R$ 0
Currency and interest rate hedging instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, fair value	R$ 163,749	R$ 202,357
Level 1	0	0
Level 2	163,749	202,357
Level 3	R$ 0	R$ 0
Subscription warrants - indemnification
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Category	Measured at fair value through profit or loss	Measured at fair value through profit or loss
Financial liabilities, fair value	R$ 171,459	R$ 153,429
Level 1	0	0
Level 2	171,459	153,429
Level 3	0	0
Total
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Financial liabilities, fair value	13,784,913	11,461,409
Level 1	2,523,643	2,338,920
Level 2	11,261,270	9,122,489
Level 3	R$ 0	R$ 0

XML

31. Risks and Financial Instruments (Details 10) R$ in Thousands	Dec. 31, 2017 BRL (R$)
Scenario I
Currency swaps receivable in U.S. dollars
U.S. Dollar/ Real swaps	R$ 198,138
Debts/firm commitments in dollars	(198,130)
Net effect	8
Currency swaps payable in U.S. dollars
Real/ U.S. Dollar swaps	(97)
Gross margin of Oxiteno	97
Net effect	0
Interest rate swap (in Brazilian Reais) – Debentures—CRA
Fixed rate swap - CDI	13,691
Fixed rate debt	(13,691)
Net effect	0
Scenario II
Currency swaps receivable in U.S. dollars
U.S. Dollar/ Real swaps	690,432
Debts/firm commitments in dollars	(690,415)
Net effect	17
Currency swaps payable in U.S. dollars
Real/ U.S. Dollar swaps	7,486
Gross margin of Oxiteno	(7,486)
Net effect	0
Interest rate swap (in Brazilian Reais) – Debentures—CRA
Fixed rate swap - CDI	95,292
Fixed rate debt	(95,292)
Net effect	0
Scenario III
Currency swaps receivable in U.S. dollars
U.S. Dollar/ Real swaps	1,182,726
Debts/firm commitments in dollars	(1,182,700)
Net effect	26
Currency swaps payable in U.S. dollars
Real/ U.S. Dollar swaps	15,069
Gross margin of Oxiteno	(15,069)
Net effect	0
Interest rate swap (in Brazilian Reais) – Debentures—CRA
Fixed rate swap - CDI	192,204
Fixed rate debt	(192,204)
Net effect	R$ 0

XML

31. Risks and Financial Instruments (Details Narrative) - BRL (R$) R$ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Cash, cash equivalents, and short-term financial investments	R$ 6,285.5
Notional amount of exchange rate hedging instruments of firm commitments designated as cash flow hedges	115.0
Cash flow hedges loss	(45.4)
Unrealized gain (loss) of other comprehensive income, net of deferred income and social contribution taxes	5.3	R$ (13.8)
Notional amount of foreign exchange hedging instruments for highly probable future transactions designated as fair value hedge, related to notes in the foreign market	570.0
Unrealized loss of other comprehensive income, net of deferred income and social contribution taxes	(30.5)	(12.1)
Balance of foreign exchange hedging instruments designated as net investments hedge in foreign entities	113.0
Unrealized loss of other comprehensive income, net of deferred income and social contribution taxes	(6.2)	R$ (2.8)
Foreign exchange hedging instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount designated as fair value hedge	320.0
Loss related to hedging instrument	(143.4)
Gain related to the fair value adjustment of debt	16.5
Loss related to the financial expense of the debt	(4.1)
Interest rate hedging instruments
SummaryOfRisksAndFinancialInstrumentsLineItems [Line Items]
Notional amount designated as fair value hedge	566.1
Loss related to hedging instrument	(3.3)
Gain related to the fair value adjustment of debt	19.1
Loss related to the financial expense of the debt	R$ (18.5)

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32. Commitments (Details)	12 Months Ended
	Dec. 31, 2017
Cargo Contract One
SummaryOfContractCommitmentsLineItems [Line Items]
Port	Aratu
Minimum movement in tons per years	397,000
Maturity	2031
Cargo Contract Two
SummaryOfContractCommitmentsLineItems [Line Items]
Port	Aratu
Minimum movement in tons per years	900,000
Maturity	2022
Cargo Contract Three
SummaryOfContractCommitmentsLineItems [Line Items]
Port	Suape
Minimum movement in tons per years	250,000
Maturity	2027
Cargo Contract Four
SummaryOfContractCommitmentsLineItems [Line Items]
Port	Suape
Minimum movement in tons per years	400,000
Maturity	2029

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32. Commitments (Details 1) R$ in Thousands	12 Months Ended
	Dec. 31, 2017 BRL (R$)
Oxiteno
SummaryOfContractCommitmentsLineItems [Line Items]
Maximum compensation value	R$ 1,142
Ipiranga
SummaryOfContractCommitmentsLineItems [Line Items]
Maximum compensation value	924
Ultracargo
SummaryOfContractCommitmentsLineItems [Line Items]
Maximum compensation value	740
Ultragaz
SummaryOfContractCommitmentsLineItems [Line Items]
Maximum compensation value	150
Extrafarma
SummaryOfContractCommitmentsLineItems [Line Items]
Maximum compensation value	R$ 160

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32. Commitments (Details 2) R$ in Thousands	Dec. 31, 2017 BRL (R$)
SummaryOfCommitmentsLineItems [Line Items]
Future operating lease disbursements	R$ 101,153
Payable	1,143,059
Receivable	(367,708)
Up to 1 Year
SummaryOfCommitmentsLineItems [Line Items]
Future operating lease disbursements	38,321
Payable	167,753
Receivable	(60,705)
Between 1 and 5 years
SummaryOfCommitmentsLineItems [Line Items]
Future operating lease disbursements	62,832
Payable	530,744
Receivable	(178,696)
More than 5 years
SummaryOfCommitmentsLineItems [Line Items]
Future operating lease disbursements	0
Payable	444,582
Receivable	R$ (128,307)

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32. Commitments (Details Narrative) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments Details Narrative
Operating lease expense	R$ 160,465	R$ 101,330	R$ 100,522