Ultrapar Participações (UGP) 26 Feb 222021 Q4 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for holding. At this time, we would like to welcome everyone to the Ultra Group's Fourth Quarter '21 Results Conference Call. There is also a simultaneous webcast that may be accessed through Ultra Group's website, ri.ultra.com.br. through the MZiQ platform. Please feel free to flip through the slides during the conference call. conducted be will presentation by Mr. The Ultra Pizzinatto, Group's CFO IRO. and Rodrigo the And will have session, the we during Q&A presence of Mr. well as Malta, as CEO. company's Marcelo the We is this would you recorded. like event inform to being that currently in Instructions] call the the Group to beliefs based conference the available projections mind [Operator operational to on group bear that forward-looking management financial during referring the statements of outlook of on and company. and Ultra the and business and assumptions this made Ultra information the are Please goals They uncertainties, events occur risks, or circumstances and involve relate assumptions not to and, that as future in may on they the future. therefore, depend may lead Investors expressed factors should the the statements. future such conditions, industry that and differ economic of forward-looking could results from materially conditions, to and in that those affect general other results operating group understand Ultra

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to be we off of Ipiranga, other transformations. a Ultracargo and have didn't Good the this the carried the short during which and important on course XXXX. a to starting Oxiteno, seen and several profitable farm was large-scale resume extra of in operations company's over at the the which to morning, when year achieve for out profitability, in desired year Ipiranga hand, considering levels even the improvement growth great On results talk adjustments was It's posted XXXX and results an operational for the second note, trajectory changes semester. here profitability. group everyone. with of record once XXXX, with Ultrapar's more It pleasure retrospective Ultragaz, a about

sale completion October. our which significant the made the In last approval the of sale addition, pending our and Extrafarma, reviewing we Oxiteno signing of in of interest in ConectCar in portfolio besides agreements of XXXX, with of equity are still progress also the

also have addition Marco's go Board out Ultra the planning I growth. comments which the Group sharing our perpetuity will Ultra's presentation, leadership added of on executive I'd X, complementary Finally, like Directors. on Slide management pillars the to quarter Ipiranga will the and the of in year structures, our the we participation. report. position session and with succession succession would significant Q&A of along will new Chairman Directors of the on on now you members that, move the then, carried earnings the I to to of of of with governance in we reinforces and through topics Board X highlight experiences like After of and results our highlight of the number of the our starting XXXX. skillsets, renewal which that count with of Well, fourth to of the and we

Due sale financial we liabilities these have the and concerns discontinued one signing of for the sale and Oxiteno over of agreement statements. classified held XXXX and companies assets operations. the first The Extrafarma the to last year, as

the annual have we with same years. last earnings already company's and this been reporting Ultrapar's data the pro concept To Oxiteno periods, also previous financial released Extrafarma reflect classification. in consider statements consolidated both results, adopting this is the comparison presentation few better Our the that that release forma and information yesterday comprise enable

Ultrapar. excluded notice and so throughout releases the both businesses our impacts and we such our we performance our results, of analyze have you we The some the nonrecurring negative, positive second in effects, explanations, have topic to both one-off relation is effects, I reading can had attention that that to XXXX. By would explained We affected in have draw XXXX your the like year. and the will to in which operating

X to Moving results. consolidated about Ultrapar's Slide talk to now forward

BRL the the better results X.XX upper see XX% by quarter As the first driven of can higher XXXX, Oxiteno, than at EBITDA, quarter in Ultragaz, fourth during totaled chart billion of that side, in the recurring Ipiranga, you in and left XXXX, our Ultracargo.

Looking at the results. year's

EBITDA. first, XXX million, Our financial XX% then in gradual in second, cost the result and no XXXX XX% temporary to Extrafarma's lower cash X.XX impairment, In which decline BRL due totaled cash of of by no Ultragaz, the Ultraprev's record bonds, Oxiteno The XXX recovery greater recurring at despite and was X fourth XXXX, the fourth financial third, in and than of higher quarter the effect results average result lower increase the 'XX and the has financial net increase net debt effect. X% driven of debt. the to over was mark-to-market of a BRL lower an hedges by results. the to EBITDA XXXX quarter compared 'XX, effect BRL net million, Ultracargo, billion, with EBITDA. increase of XXX results attenuated in totaled by Extrafarma of rate income of worsening the BRL Ipiranga the balance than due worsening the also income And fourth-quarter higher the in negative credits which factors: extraordinary mainly has was of evaded million; tax which Ultrapar's CDI

billion announced million per in line Directors in XX% already XXXX, higher the to equivalent December BRL in by half share. than BRL year, for payment EBITDA. X.XX Ultracargo, Investments of higher resulted generation the LPG BRL fuel capital for compared recorded of X.X flow Board in driven year, amount plan 'XX the and material totaled X.X directed in mainly an BRL that mainly informed despite Our throughout in generated costs dividends approved cash raw billion Ipiranga, as in the with to by the and a investments of in BRL the lower working year second XXXX, higher of from Ultragaz. operating The activities XXXX and billion XXXX. the We XXX to X.X

billion increase increase net as the results, the debt an FX the net adding is I liability with million. been amount XX.X of dividends variation net with higher of debt our effect. XXX compared BRL to designated along year with of in slide, position an BRL number accounting. factors: Certificate We on results, on portion The in of XXXX now with Moving we out BRL and an X.X to costs. the a have the carrying -- of XXXX. market the X debt bonds payment and explained Slide billion, of worse management. impact million XXXX about a the to rose mentioned by financial debentures BRL the payment anticipating X approximately assessing XXX of for infrastructure Receivables rate liability X.XX% of the to XXX of financial in the management in hedge XXXX, previous issuances X.X% talk ended million cash including debt through from Agribusiness incentivized no Throughout improve year, exchange a in The to with BRL of

cash XXXX level, also of have CDI surplus carrying X.Xx went stable from from and due of December debt XXXX XXX% went to in end we the EBITDA By the to at XX at in reduced of higher X.Xx the the reducing also costs. the the months, XXXX leverage XXXX. of CDI in measures, XXX% duration We to these kept EBITDA And effect our years. of in cost average debt last level X.X net to finally,

quarter than XXXX, LPG quarter in sold X volumes for the of XXXX, during as the isolation of bulk XXXX, for with the consequence expenses resulting higher EBITDA operational BRL the that to XXXX, demand XXX services segment an information the number on and the talk commercial similar in Higher in in Let's updating bottled of LPG first and mainly concentration quarter sold affected increase sales a to expenses lower management. accounting the a the to X% commercial periods the X% mainly now in totaled bottles the Sales a of pandemic million increase a fourth expenses of due bottled by quarter, because increases in EBITDA to XXXX, social the in X% greater expenses number million, despite BRL in volume greater sales first XXX sales, about also lower XX% bottles. was parameters. personnel of the increase the were with than efficiency volumes Ultragaz services to XXXX. segments. X% accounts, In Ultagaz higher reduction segment the XXXX, level a by reduction reported segment, the in higher in the to of with Ultragaz. expenses, a we In higher for in was quarter. result fourth of industries technology. for than lower of by X% demand greater and as year-over-year. LPG offset cost move due Slide which the that lower were bulk that pass-throughs to and greater more the of XXXX commissions, X% reflect quarter segment X% segments, of that and provision bulk industrial, the had segment In freight attenuated was than doubtful in in XXXX the Ultragaz the SG&A in Due to all

quarter current relative driven operational quarter, expanding bottled the in demand by of Regarding efficiency of the higher expect we to despite the XXXX, lower continue that segment. the of results first to

the the quarter XXXX. to in a capacity to the the growth to number worth current in support costs In the were first higher costs million about and due back XXX XXXX, seen transformation of technology expenses average quarter projects. and the for led of improvements XXXX in meters contractual margin BRL of a the products that EBITDA XX% XXXX higher quarter, BRL year-over-year slide, implemented cubic the record result level in of of margin reasons reached gains, BRL million, expansions in capacity year-over-year, XX% of EBITDA XX% revenues with do months. an talk Ultracargo's to same mix the revenues higher the performance quarter a on Ultracargo. Ultracargo's well XXXX, in Conde that arising the XXX of expenses XXX Conde the million XXXX and continuity of than quarter X% net adjustments, in higher the capacity in levels depreciation will higher up mentioned. we were tank fourth contractual profitability term XX% reached quarter due above Itaqui expansions. fourth Vila XXX terminals, of start-up of above and reached expect from those in ramp digital Slide XXXX. than the moving expansions of Combined productivity port another by readjustments, of recurring as Ultracargo The that and great results those addition than and installed Now we XXXX mix, X, In on growth in the quarters. gradually to in increase reached operational XX% It the of last to XX productivity And the of fourth BRL of Vila the in the XXXX, in in The quarter gains gains. XX% the and the expansions XXXX. contractual of to similar the was million, quarter, Ultracargo's information fourth EBITDA of next last XXXX, compared a quarter, the net EBITDA adjustments, is positive Ultracargo's throughout fourth operations with as X% do operations expansions noting a December XXX,XXX over of

of volume Volumes about quarter sold to mix to of sales now The result to the shutdowns. mainly segment. were Moving Solutions Crop XX% sales in of in during X% of specialty Personal periods a offset XXXX in the due lower commodity of the of X scheduled decreased Care higher products Slide sales Oxiteno. as reduction segment, specialty lower fourth to X% Home prioritization chemicals the by by & chemicals the year-over-year, the talk driven to

in Oxiteno driven extraordinary higher in the an million better by the States, record Oxiteno's of to BRL also to XX% of costs of worth X% the was It of commodity to dropped attenuated as in the amount by specialty recurring the quarter United in the of year-over-year that of registered In XX% in more million. of was Oxiteno's expect BRL EBITDA XXXX higher in EBITDA devaluated BRL of Such SG&A sales sold quarter XXX fourth to good an were the Reais the of from We compared were that effect addition hedging of recurring an a for XXXX, a EBITDA the growth higher than XX%. of rate, level U.S. XXXX, the affected from chemicals quarter, and Crop registered collar a while higher increase in quarter margins, results by progression exchange personnel And the Solutions XXXX. in XX% zero-cost the X% increase over expenses of is is segments, the higher and in a costs Oxiteno sales Oxiteno's expenses. which Coatings XX% EBITDA fourth we when quarter expenses with the an of XX continue by in the due with increase growth of of and first by XXXX. negative in XXX XXXX unit in resulting EBITDA and increased results higher this with with in volumes million, by fourth the XXXX recurring XXXX. of benefited consequence credits line higher plant. that mentioning in than Oxiteno's freight XX% results. amount the XXXX, storage constitution and tax sales

average the the increase of diesel. with with We let's more of about XXXX, participation XXXX, of X%. in than XXXX and with X% mix, quarter posted third in X% service with X% an Moving on lower XXX volume Ipiranga. quarter higher network gasoline decrease the and in of stations, of XX interproduct pandemic to autocycle of that of instead the lower to Volumes meters XXX In in the effect closed contribution ended sales a the due Ipiranga ones The month, cubic had than ethanol X,XXX a first of were service quarter. due cubic volume XX volumes consumption new XXXX, to the of XXXX while in below Slide cycle X, is while diesel talk fuel month. increased closures stations XXX in largely greater X% per per Brazil X% the sold auto year-over-year, meters in

XXXX. with of in In AMPM XX% with quarter addition, some we the quarter the XXXX stores, convenience first SG&A XX in quarter third XXX than of had ended more the company-operated we effects. large increased

the losses. in recent contingencies first The increased profile of our mainly the the of of civil concentration which proceedings fiscal of one-off and provisions million, with XX decisions such risk amount is involves that extraordinary BRL

on XXXX we important the in fourth stores, to expenses, addition, for AMPM In had had the in stores XXX also of last on went keep Ipiranga due several back stores accounts in fronts inflation fourth to provision impact quarter expenses company-operated XX that increase. this higher growth the quarter. the temporarily which of of is to and It doubtful which in to XXXX, mind held pandemic, contributes this reported from

higher lower results The tax higher BRL by XXXX, that estate suppliers lower XXXX, that, million registering The assets other in quarter of operating XXX million due reflecting the in to and the in last and costs XX disposal of line With excluding lower in quarter of due than XX of to ConectCar in the the BRL CBios. of the XXXX quarter. revenues quarter, fourth million totaled the of the that to extraordinary important gain of XXXX, attenuated the attenuated merchandising by of this mainly totaled capital expenses. first sale sale line ConectCar the a to fourth XXXX with capital disposal recover EBITDA XX% EBITDA quarter with credits, assets adjustments capital partially BRL higher in by offset X,XXX the BRL margins profitability Ipiranga's higher over XXXX. BRL better better We XX% in the Ipiranga's by due the higher lower gain, of started gain higher is total In year results of operational coming and order and higher million, quarters. volume Ipiranga excluding ConectCar, higher and fourth implementing This volume. than from from sales million, totaled margins growth assets, quarter sales result than in XXX of of expenses the real

For mind XXXX. benefited XXXX, Keeping quarter the of inventory results of gains. levels our of first more expectations in first quarter of we was still below from first seen quarter the is the XXXX relevant and during the that see

remain attentive sector. in also the the environment We to macro fuel

were in revenues mobile X. BRL in on in base fourth stable the of also result a stores. of that with Gross BRL still lower in of in revenues due XX% X% ended stores a a worth talk are number to in XXX were quarter X.X of a XXXX. stores to and network, phase. underperforming sales number phone ramp-up than compared to that final in the moving X% quarter the fourth We the Extrafarma of the to a XXX stores, about in more approach effect quarter, the It's period. rigorous smaller of Slide slide XXXX the strong reduction million Now of as to pandemic year-over-year Extrafarma's an quarter noting XXXX, comparison billion, gross XXXX the the

the a reducing XX% XX gains expenses, year-over-year an was measures. still of no the BRL as quarter, XXXX, XX announced in value the the partially decrease closing XX and between same and mentioned a impairment by recurring in this effects in we in subject and lower transaction to During is PagueMenos book EBITDA lower of million BRL quarter. million, mainly than inflation have the recurring in and the Extrafarma's result quarter, of with BRL with In that assets the value of reasons Extrafarma's adjustments. productivity XX% the registered cash effect million totaled expenses due personnel, offset I amount XXXX sales difference for to the EBITDA of

between periods. observed above XXXX the quarter of first seasonal of to XXXX For the variation fourth XXXX, we this quarter quarter of that first of below result a and in expect the that due

to attention now interest, session. you. and Q&A I move the now Marcus available Thank appreciate conclude your So And questions and I my I let's now. are to answer your your and presentation.

now only questions open we will for is analysts floor from they and pull investors. questions. received. order Instructions] [Operator hold [Operator Please and Instructions] in first Our question taken Citibank. Questions for Barra from the while The Gabriel for is Instructions] be answers are [Operator

I points Rodrigo. you the Marcos Good I X discuss you. for that would morning, with have Thank and to presentation. like

main The And strong without But a significant this results. in was quarter main a the we the very with reported regarding has first It sector. Haina, doubt gain. everybody. look X this improvement there perhaps compare the that in we When is was at of a is year relevant when for still of concern a last investors competitors, Ipiranga. quarter margins, already underperforming Ipiranga the

take in is we Marcos interrupt Now can with that Lutz advantage analysts. and call the us with

If of discuss be terms deal have which diagnosis would you presently results, is We at steps. could speak coming are your you your which a great sourcing, pricing. Ipiranga, about Ipiranga important the steps team, and and future in which changes if the regarding

would you will help further If perhaps Ipiranga, the gains to could happen will be us company explain margins. this with which understand the the for regarding what

to would a that possibility allocation with had for a of This plan refinery The whole. refers you second deinvesting point in the I like you of from the which as past, acquiring the not capital Ultra discuss Extrafarma Group materialize. to did

you the short sale are Oxiteno going going for discussion. growth explain on terms are And concomitantly company of priorities X the turnaround of points growth focus you of the what with thinking these after the of the Or is in and Ipiranga. Extrafarma, If Ultra avenues the you other of you forward? mindset have which in billions this term, Thank of are your to that you, the are could in future about the presently portfolio?

Gabriel, this is Marcos.

in that of quite truth, has have I them. justify coal a be be is clear of have and had. of being not that does performance issue have Ipiranga below take prime in we gap people, has results X evidently, terms to the need competitors no contrary But software, these deemed it It structural hours up. an to to And by the a there would questions to processes end catch reason, would a that very It very the straightforward. a Now to consumer as a brand. the structure. will X brand respond similar that is has nationwide. and truly of that differences And X

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great our to are making as XXX% pricing deal a consolidate And is need pricing strides. very one that is in only have to well make advanced. with area strides very infrastructure structures well to the attain we that do close that like the we're We established. trading, going and we to in We mentioned, of great beyond to terms pricing would still culture new sourcing

is we gap closed. approximately. will do underway produce This it final the results. will but year we in with have very do see So which go don't They a or years a X know and And down. multiple catch-up that closed, was X the be in you and months. are very don't do they And I the will not have I my take to if It will control. this have response. I to us I path team, long this vague, analysis, be initiatives still positive

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So to would with summarizing what I you. this is like share

issue indeed. -- is Very logistics, this you allow be point, will but clear question, not sector. a that know And could been a groups the perhaps there have if the broad ask the to and already first in that has this very I discussed, gap further you BXC explain the gap logistic if me you among of a

gap this exist. that observe will You does

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Regis question next Our is from Cardoso.

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Yes, it has improved.

your you and taking Marcos Rodrigo. the for for you questions. for presentation you Thank and participation. the Thank Thank

We have X questions.

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Stanley. Our next from Morgan from is Guilherme Levy question

proceed may You sir.

first and sector antitrust speak what the will impact are a taxes Good for still of come in My that hope going way taxes if And about situation. on if are Congress morning, change forward. way this timing to thank to distribution question. second this for the the And sort the could taking that which could in the more you for will you My this for draft collected the you represent bills and you referring my an the if Extrafarma, have Ipiranga some remedy if question, up this with company updated company. collected have year? question,

perhaps I the the go to Brazil difficult in in several the political answer on will fuel that question, and XX and and and world of pressure especially more will entire in Extrafarma are on. regions, then first follow the those we up have felt world to the months. last

of time results. We seeing final have a hard

an model things in collecting that a way many our of draft taxes sort. because in evasion and distribution, measures, has enormous that of provisional the of comment it with hyperbolic is does segment the fuel lighter had And we for Brazil our better have have have the sector. creates because one and working regulations, and a not We should Brazil noise focus part impact. bills, have fiscal is infrastructure truly

enabling along So voted for the that It collect but it in issue, and will positive simpler. grow will and the perhaps will this I the be least impacts entire about for consumer positively. for I now want the taxes, country floor allow investments for structural lines, be to see after the This holiday. out at those it serious on fuel. to who will bill allow system make to some will are not to easier the look to do upon the for the carry I sector, it Rodrigo. to those organization. that the draft governments give And comes voted cases, become when Carnival reduce taxes resolve to is

for questions. you Thank the

Extrafarma, the Regarding in the CADE second decision the agency at quarter. decision, that on quarter third have hope most will a the the antitrust we

a Now the the contractual attempting situation to of They're mean does regulate is not statement that we a course, And this. complex. will have remedy comes the do up, clause complexity, of this remedy. quite If process. resolve

from Leonardo Itau Marcondes question BBA. is next from Our

sir. You may proceed,

hear me? you Can

Yes.

attractive is I attractive that there question. a know the us. share more taking details in-depth could if after truth, evaluating to my Perhaps with for my that you going a in go cannot opinion that very assessment you a you much. if into any in Thank Thank is to avoid would link where on to sector to that is share on is and you be the question like now your more you you? into there's you there make follow-up intend my sector would for any capital allocation are if a you deem sense That if And question. question. chain

market, everything umbrella when is small at again and of and Notwithstanding Ultracargo profitability this, once prepare I term example, high structure to distributor under Evidently, in-house we that the profitability guarantee have enter not the privatization will were as However, is and is find the we're negotiations focus place not conclude is we natural others, is and to organization create be We this simple. fundamental to for low is and which but joking be we Grande it's so our an ourselves to arise, could for surrounding risk, like if one in an to sector we able deem we movements. the going conversations, larger companies do make where makes that below controlling Rio a whatever we we're will other -- able Sul the the for be the looked if we difference. believe of this for that at now what apart, in long course. company. be with this Leonardo, will of I that energy, present vis-à-vis with world investment will of gas for interesting, umbrella look an this a some example, to value organization sectors an what believe opportunities to investment it that become the

next from Carvalho is UBS. Luiz from Our question

Thank Ipiranga. you truth, X questions recovery the of here. for I In have

have as just from X question, most could look you have the we main call, commission. first Marcos days, a if those the XX can outlook, to account XX at what say us And in mentioned. of making you objectives another terms plan take is within in of or into or in a the this presence that that horizons main X-year X-year plan, you the would in what or accomplishments you participated the it Lutz The

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speaking with avoid I about To do your dividends, vision. agree

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become first projects have resolve would all, to the on to this. one with us is a XXX-day to And plan the third the brick have and the have to And of with already new caught stage have begun It's not able and the gotten change. well, be it's build or of to have have dream that now once Well, growth leap all can't of what the our which is pipeline. of is we XXX-day all but fact, consultant. can to project we we the step, dream. double step despite course, to we top was It's in have about about other to a about a this. work people so have not real processes second we companies, and question growth the plan that underway, course, We Unfortunately, this. this on And here, and child, Perhaps connected work, about embracing more It's we say, plan. associations. need, still to It's XXX properly as catch-up. but a But effort, hire to we other to hard on go instantly. It's I benchmark have hire our to And always past in try the what a a And this we the in we step. days happened that before past of to this have And worked recovery. share is desire you, those we results. the to he to transformation it restructured. need a will first resumption, a difficult it's -- in We down resiliency. an this speak sector. would have have in going this It's culture all this the work this. past, a And resiliency, everything. is brought I XXX second take we first to When was perhaps sound quality with Evidently, a up, very to on Marcelo, have construction stage. phase working big accelerated We way. bank unfortunately. and were many and during don't in castles of new also is broad

Pizzinatto, may proceed, As to Mr. we like to remarks. for Rodrigo further closing the we no Mr. Pizzinatto you have the would sir. floor questions, return

your attention. Thank your you very for for much questions,

the the that have once come a again. IR day. much For Internet, return team good contact. through questions Thank very you will those Have

Thank you. here. Group earnings The result from call Ultra ends conference

may your lines now. disconnect You