Ultra(UGP)2025-03-15 01:50Financial Performance - Ultrapar reported a net revenue of R5.4 billion and a net income of R769 million allocated for dividends[19]. - Ultrapar's net income for the fiscal year ended December 31, 2024, is R2.36 billion) [60]. - Ultrapar reported net revenues of R 126,048.7 million in 2023, driven by higher revenues from Ipiranga and Ultragaz[171]. - The cost of products and services sold increased by 6% to R 116,730.5 million in 2023, primarily due to higher costs at Ipiranga and Ultragaz[173]. - Gross profit for Ultrapar was R 9,318.2 million in 2023[175]. - Operating income before share of profit (loss) of subsidiaries was R 4,565.9 million in 2023[181]. - Net income remained stable at R 2,517.8 million in 2023[183]. Investments and Capital Allocation - In 2024, Ultrapar invested R1.3 billion (59%) for business expansion and R1.8 billion was made to acquire a 42% stake in Hidrovias do Brasil, marking the largest capital allocation in a single asset in the past decade[16]. - The investment plan for 2025 totals R1.5 billion allocated for business expansions across Ipiranga, Ultragaz, and Ultracargo[20]. - Ultrapar's total net debt as of December 31, 2024, was R 11,768 million in 2023 to R$ 14,302.1 million in 2024, with short-term debt rising from 17% to 25% of gross debt[155]. Governance and Management - Ultrapar's governance model was enhanced by establishing Boards of Directors in its businesses, improving agility and accountability[17]. - A planned transition for the roles of Chief Executive Officer and Chief Financial and Investor Relations Officer is set to conclude in April 2025[18]. - The Board of Directors is proposed to consist of 9 members, maintaining the current number from the last Annual General Meeting[62]. - The Company aims to balance relevant experience and skills in its Board of Directors to address strategic issues and future needs[65]. - The Board of Directors will determine the compensation for the Chief Executive Officer and other executive officers based on the proposal from the People and Sustainability Committee[94]. Sustainability and ESG Initiatives - The company is advancing its sustainability strategy, updating its 2030 ESG plan to be completed by 2025[18]. - The management emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% by 2025[121]. Shareholder Engagement and Rights - The company reported a significant increase in shareholder engagement, with meetings held within the first 4 months after the fiscal year conclusion[91]. - Shareholders participating in meetings must provide identity verification and proof from the depositary institution, ensuring compliance with regulations[92]. - The company allows remote voting for shareholders, adapting to modern governance practices[92]. - The resolution to increase the capital stock for payment in assets may only be made at a Shareholders' Meeting[90]. - The Company will allocate 5% of net profit to the legal reserve, up to a limit of 20% of the capital stock[129]. Market and Operational Performance - Ipiranga's sales volume grew by 2% to 23,569.7 thousand m³ in 2024, with a 5% increase in the Otto cycle[169]. - Ultragaz's sales volume increased by 1% to 1,746.7 thousand tons in 2024, driven by a 3% rise in the bulk segment[170]. - Ultracargo's billed m³ sold rose by 9% to 17,143.3 thousand m³ in 2024, attributed to new operations and increased fuel movement[170]. - The fuel distribution market recorded a volume growth of 4% compared to 2023, with a 6% increase in the Otto cycle and a 3% increase in diesel[199]. Compliance and Regulatory Matters - The company is required to submit to arbitration at the Market Arbitration Tribunal for any controversies arising between shareholders, directors, and executive officers[128]. - The rules set forth by the New Market Regulation will prevail over the provisions in the bylaws regarding tender offers[128]. - The company must adhere to Brazilian Federal Laws 6,385/76 and 6,404/76, as well as other applicable capital market regulations[128].