Form
20-F
|
X
|
Form
40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
ITEM
|
|
1.
|
Report
prepared by Apsis Consultoria Empresarial Ltda. regarding the appraisal of
net equity value at market price per share of Ipiranga
Group
|
REPORT:
|
RJ-0285/08-01A
|
|
BASE
DATE:
|
March 31,
2007
|
|
APPLICANT:
|
ULTRAPAR PARTICIPAÇÕES
S.A., with head office located at Av. Brigadeiro Luiz Antonio, nº.
1.343, 9º andar, São Paulo, State of São Paulo, registered with the
General Roster of Corporate Taxpayers (CNPJ/MF) under no.
33.256.439/0001-39, hereinafter called ULTRAPAR.
|
|
|
OBJECTS:
|
REFINARIA DE PETROLEO IPIRANGA
S.A., with head office located at Rua Eng. Heitor Amaro Barcellos,
551, Rio Grande, State of Rio Grande do Sul, registered with the General
Roster of Corporate Taxpayers (CNPJ/MF) under no. 94.845.674/0001-30,
hereinafter called RPI;
DISTRIBUIDORA DE PRODUTOS DE
PETRÓLEO IPIRANGA S.A., with head office located at Av. Dolores
Alcaraz Caldas, 90, Porto Alegre, State of Rio Grande do Sul, registered
with the General Roster of Corporate Taxpayers (CNPJ/MF) under no.
92.689.256/0001-76,
hereinafter called DPPI, and;
CIA. BRASILEIRA DE PETRÓLEO
IPIRANGA, with head office located at Rua Francisco Eugênio, 329,
Rio de Janeiro, State of Rio de Janeiro, registered with the General
Roster of Corporate Taxpayers (CNPJ/MF) under no. 33.069.766/0001-81,
hereinafter called CBPI.
The companies
are jointly hereinafter called IPIRANGA
GROUP.
|
PURPOSE:
|
Calculation of the value of the
Net Assets of the companies involved in the operation, at market price,
acquired by ULTRAPAR, for the purpose of assessing the applicability of
Article 256, II, b), of Act no. 6.404/76 (Corporate Law), based on the
acquisition of the IPIRANGA
GROUP by the
companies ULTRAPAR,
PETRÓLEO
BRASILEIRO S/A (PETROBRAS) and BRASKEM S/A
(BRASKEM).
|
§ In this
appraisal we considered only the net assets owned by ULTRAPAR, acquired in
the acquisition operation described in the Material Fact “ACQUISITION OF
THE IPIRANGA GROUP”, without considering the net assets transferred to
Braskem and Petrobras at the end of the operation.
|
1.
|
Acquisition
of shares from the Controlling Shareholders Ipiranga by
Ultrapar;
|
2.
|
Public
Tag Along Offering for acquisition of common shares issued by RPI
(Ipiranga Petroleum Refinery), DPPI (Ipiranga Petroleum Product
Distributor)and CBPI (Ipiranga Brazilian Petroleum
Company);
|
3.
|
Public
Offering for Cancellation of the Registration of Copesul Public Limited
Company;
|
4.
|
Incorporation
by Ultrapar of the shares issued by RPI, DPPI and
CBPI;
|
5.
|
Segregation
and transfer of the assets acquired by PETROBRAS and
BRASKEM.
|
03/31/2007
|
|||
Base
Date: 03/31/2007
|
RPI
|
CBPI
|
DPPI
|
Amount of
shares
|
29,600,000
|
105,952,000
|
32,000,000
|
Net
Equity at Market Price – Value per share (R$) (*)
|
6.16
|
9.32
|
24.50
|
(*)
contemplating cross shareholdings pursuant to corporate structure as of
the base date
|
COMPANY
Refinaria de Petróleo
Ipiranga S/A - SUL (*)
|
BASE
DATE: March 31, 2007
|
||
(*)
corresponds to 1/3 of refinary activity
|
RELEVANT
|
VALUE
(THOUSAND REALS)
|
|||||||||||
ACCOUNTS
|
BOOK
|
ADJUSTMENT
|
MARKET
|
|||||||||
TOTAL
ASSETS
|
76,915 | 29,947 | 106,861 | |||||||||
CURRENT
ASSETS
|
64,488 | 1,453 | 65,941 | |||||||||
LONG-TERM
ASSETS
|
144 | 0 | 144 | |||||||||
FIXED
ASSETS
|
12,283 | 28,494 | 40,777 | |||||||||
TOTAL
LIABILITIES
|
76,915 | 29,947 | 106,861 | |||||||||
CURRENT
LIABILITIES
|
54,569 | 10,152 | 64,721 | |||||||||
LONG-TERM
LIABILITIES
|
32,384 | 88 | 32,472 | |||||||||
EQUITY
|
(10,038 | ) | 19,707 | 9,668 |
COMPANY:
|
Cia
Brasileira de Petroleo Ipiranga - CBPI-SUL
|
BASE
DATE: March 31, 2007
|
RELEVANT
|
VALUE
( THOUSAND REALS )
|
|||||||||||
ACCOUNTS
|
BOOK
|
ADJUSTMENT
|
MARKET
|
|||||||||
ASSETS
|
1,842,114 | 361,345 | 2,203,459 | |||||||||
CURRENT
ASSETS
|
1,050,679 | (4,985 | ) | 1,045,694 | ||||||||
LONG-TERM
ASSETS
|
164,596 | (546 | ) | 164,050 | ||||||||
FIXED
ASSETS
|
626,839 | 366,876 | 993,715 | |||||||||
TOTAL
LIABILITIES
|
1,842,114 | 361,345 | 2,203,459 | |||||||||
CURRENT
LIABILITIES
|
401,039 | 71,823 | 472,862 | |||||||||
LONG-TERM
LIABILITIES
|
649,856 | 93,425 | 743,281 | |||||||||
EQUITY
|
791,219 | 196,096 | 987,316 |
COMPANY Distribuidora
de Produtos de Petroleo Ipiranga S/A - DPPI-SUL (*)
|
BASE DATE:
March 31, 2007
|
(*)
does not contemplate cross shareholding in CBPI
|
RELEVANT |
VALUE
( THOUSAND REALS )
|
||||||||||||
ACCOUNTS |
BOOK
|
ADJUSTMENT
|
MARKET
|
||||||||||
TOTAL
ASSETS
|
614,009 | 116,883 | 730,892 | ||||||||||
CURRENT
ASSETS
|
322,633 | (1,201 | ) | 321,432 | |||||||||
LONG-TERM
ASSETS
|
81,249 | 0 | 81,249 | ||||||||||
FIXED
ASSETS
|
210,126 | 118,084 | 328,210 | ||||||||||
TOTAL
|
LIABILITIES
|
614,009 | 116,883 | 730,892 | |||||||||
CURRENT
LIABILITIES
|
59,173 | 17,987 | 77,160 | ||||||||||
LONG-TERM
LIABILITIES
|
59,834 | 17,288 | 77,122 | ||||||||||
EQUITY
|
495,002 | 81,608 | 576,610 |
1.
|
INTRODUCTION
|
8
|
2.
|
PRINCIPLES
AND QUALIFICATIONS
|
9
|
3.
|
RESPONSIBILITY
LIMITS
|
10
|
4.
|
APPRAISAL OF
IPIRANGA GROUP
|
11
|
4.1.
|
METHODOLOGY
USED
|
11
|
4.2.
|
PROFILING OF
IPIRANGA GROUP
|
12
|
4.3.
|
APPRAISAL OF
NET EQUITY AT MARKET PRICE
|
18
|
5.
|
CONCLUSION
|
27
|
6.
|
LIST OF
ATTACHMENTS
|
28
|
1.
|
INTRODUCTION
|
§
|
Bylaws or
Articles of Incorporation of the
companies;
|
§
|
Financial
statements of the group’s
companies;
|
§
|
Organization
chart and corporate holdings;
|
§
|
List of
assets from permanent assets ;
|
§
|
IAN (Annual
Report) and ITR (Quarterly Report) of the
companies;
|
§
|
Set of
architectural plans;
|
§
|
Areas chart;
and
|
§
|
Documents
with general information on the industrial plant appraised, including
production capacity data.
|
§
|
AMILCAR DE
CASTRO
|
project
manager
|
§
|
ANA CRISTINA
FRANÇA DE SOUZA
|
civil
engineer
|
|
post-graduated
in accounting sciences (CREA/RJ
91.1.03043-4)
|
§
|
CESAR DE
FREITAS SILVESTRE
|
accountant
(CRC/RJ 044779/O-3)
|
§
|
CLAUDIO
MARÇAL DE FREITAS
|
accountant
(CRC/RJ 55029/O-1)
|
§
|
FLAVIO LUIZ
PEREIRA
|
accountant
(CRC/RJ 022016-O-9)
|
§
|
LUIZ PAULO
CESAR SILVEIRA
|
mechanical
engineer
|
|
master of
business management (CREA/RJ
89.1.00165-1)
|
§
|
MARCELO UNFER
PARABONI
|
business
manager
|
|
post-graduated
in financial management (CRA/RJ
20-47.164-6)
|
§
|
MARGARETH
GUIZAN DA SILVA OLIVEIRA
|
civil
engineer (CREA/RJ 91.1.03035-3)
|
§
|
RICARDO
DUARTE CARNEIRO MONTEIRO
|
civil
engineer
|
|
post-graduated
in economic engineering (CREA/RJ
30137-D)
|
§
|
SÉRGIO
FREITAS DE SOUZA
|
economist
(CORECON/RJ 23521-0)
|
§
|
WASHINGTON
FERREIRA BRAGA
|
accountant
(CRC/RJ 024100-6 / CVM 6734)
|
2.
|
PRINCIPLES
AND QUALIFICATIONS
|
§
|
The
consultants and appraisers have no personal bias towards the subject
matter involved in this report nor derive any advantage from
it.
|
§
|
The
professional fees of APSIS are not, in any way, subject to the conclusions
of this report.
|
§
|
The report
was prepared by APSIS and no one, other than the consultants themselves,
prepared the analyses and respective
conclusions.
|
§
|
In this
report, one assumes that the information received from third parties is
correct, and the sources thereof are contained in said
report.
|
§
|
To the best
knowledge and credit of the consultants, the analyses, opinions and
conclusions presented in this report are based on data, diligence,
research and surveys that are true and
correct.
|
§
|
APSIS assumes
full responsibility for the matter of Appraisal Engineering, including
implicit appraisals, in the exercise its honorable duties, primarily
established in the appropriate laws, codes or
regulations.
|
§
|
For
projection purposes, we start from the premise of the inexistence of liens
or encumbrances of any nature, judicial or extrajudicial, affecting the
purpose of the relevant work, other than those listed in this
report.
|
§
|
This Report
meets the specifications and criteria established by the standards of the
Brazilian Association of Technical Standards (ABNT), the specifications
and criteria established by USPAP (Uniform Standards of Professional
Appraisal Practice), in addition to the requirements imposed by different
bodies, such as: the Treasury Department, the Central Bank of Brazil, CVM
(the Brazilian equivalent to the US Securities and Exchange Commission),
SUSEP (Private Insurance Superintendence),
etc.
|
§
|
The report
presents all the restrictive conditions imposed by the methodologies
adopted, which affect the analyses, opinions and conclusions contained in
the same.
|
§
|
APSIS
declares that it does not have any direct or indirect interests in the
companies contemplated in this report, in their respective controllers, or
in the operation to which the "Protocol and Justification" refer, there
being no relevant circumstances which may characterize conflict or
communion of interests, whether potential or current, towards the issuance
of this Appraisal Report.
|
§
|
In the course
of our work, the controllers and managers of the companies contemplated in
this report did not direct, limit, hinder or practice any acts, which have
or may have compromised access, use or knowledge of information, property,
documents or work methodologies relevant to the quality of our
conclusions.
|
§
|
The Report
was prepared in strict compliance with the postulates set forth in the
Professional Code of Ethics of CONFEA – Federal Council of Engineering,
Architecture and Agronomy ad of the Legal Institute of
Engineering.
|
3.
|
RESPONSIBILITY
LIMITS
|
§
|
To prepare
this report, APSIS used historic data and information audited by third
parties or not audited and projected non-audited data, supplied in writing
or verbally by the company’s management or obtained from the sources
mentioned. Therefore, APSIS assumed as true the data and information
obtained for this report and does not have any responsibility in
connection with their truthfulness.
|
§
|
The scope of
this work did not include audit of the financial statements or revision of
the works performed by its auditors.
|
§
|
Our work was
developed for use by the applicants aiming at the already described
objectives. It may, thus, be disclosed as part of the documents related to
the corporate reorganization of ULTRAPAR, the mention of this work in
related publications being authorized, as well as made available to
shareholders and third parties, including through the websites of the
companies involved.
|
§
|
We highlight
that understanding of the conclusion of this report will be take place by
reading it and its attachments in full. Therefore, conclusions from
partial reading may not be drawn.
|
§
|
We do not
take responsibility for occasional losses to the applicant, its
shareholders, directors, creditors or to other parties as a result of the
use of data and information supplied by the company and set forth in this
report.
|
§
|
The analyses
and conclusions contained herein are based on several premises, held as of
this date, of future operational projections, such as:
macroeconomic factors, amounts practiced by the market, exchange rate
variations, sale prices , volumes, market share, revenues, taxes,
investments, operational margins, etc. Thus, future results may differ
from any prediction or estimate contained in this
report.
|
§
|
This
appraisal does not reflect events and their respective impacts, occurred
after the date of issuance of this
report.
|
4.
|
APPRAISAL
OF THE IPIRANGA GROUP
|
4.1.
|
METHODOLOGY
USED
|
4.2.
|
PROFILING
OF THE IPIRANGA GROUP
|
4.3.
|
APPRAISAL
OF THE NET EQUITY VALUE AT MARKET
PRICE
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
GENERAL
|
Accounts with
a value of less than R$500 thousand were not analyzed, with book value
being maintained, with the exception of those consolidated in a specific
group.
|
Market value
identical to book value.
|
Cash, banks
and financial investments
|
Highly liquid
assets, with book values equal or very close to market value.
|
Market value
identical to book value, for being close to the fair value. Financial
Investments are substantially hedged by CDI (Interbanking Deposit
Certificate), according to note on financial instruments of financial
statements, there being no market adjustments.
|
Accounts
Receivable from Clients
– National
and Foreign
|
Represented
by:
·
Trade bills
receivable and Loans to clients for
|
Appraised,
when applicable, for the value receivable, net of built-in interest on the
sale price.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
(Current and
Long-Term Assets)
|
renovation and
modernization of stations, acquisition of products and market development,
net of:
o Foreign
exchange advances delivered; and
o Provision for
credits in liquidation
o The Provision
for credits of doubtful liquidation was considered sufficient to cover
possible losses.
|
|
Inventories
|
· Finished
Products
· Raw
Materials
· Advances to
suppliers
· Consumption
materials
· Provision for
Loss
|
· Finished
products – Appraised for the net sale value of taxes and commercial
expenses;
· Raw
Materials – Appraised for their replacement price
· Other items
– Market value identical to book value.
|
Deferred
income tax and social contribution – Current and Long-Term
Assets
|
Tax credits,
restated by SELIC (Brazilian base rate), not subject to prescription
periods, resulting from tax losses, negative bases, among others,
substantiated in the continuity of the profitability of transactions and
|
Market value
identical to book value, for being close to the fair
value.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
recognized to amount at which its realization may be considered probable. | ||
Taxes
recoverable – Current and Long-Term Assets
|
Represented
by the following tax credits, very close to taxes and contributions due in
the short-term:
· ICMS (a
Provisional Value Added Tax)
· IPI (Excise
Tax)
· PIS and
COFINS (Social Participation Program and Contribution to Social Security
Financing)
· IRRF (Income
Tax Deductible at Source)
· Early IR
(Income Tax) and CS (Social Contribution)
· Others
Net of
provision for creditor balances that the companies estimate not being able
to compensate in future.
|
Book value
maintained, having in view that the balance is substantially represented
by credits with ICMS recoverable already restated by provisions in view of
possible losses based on the maximum expected discount in the trading
thereof.
|
Expenses of
following fiscal years
|
Substantially
represented by:
· Prepaid real
estate rent
|
The value
corresponding to other prepaid expenses was cancelled, as well as expenses
with leased asset facilities.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
(Current and
Long-Term Assets)
|
· Insurance
· Expenses with
leased asset facilities
Other prepaid
expenses
|
Other items
were maintained for the book value, as, in the event of early termination,
they are subject to recovery.
|
Dividends
receivable
|
Dividends
receivable from subsidiaries
|
Market value
identical to book value, for being close to the fair
value.
|
Other
accounts receivable
(Current and
Long-Term Assets)
|
Substantially
represented by:
· Accounts
receivable from related parties
· Other
accounts receivable
|
Market value
identical to book value, for being close to the fair
value.
|
Associated
Companies – Long Term
|
Loans
receivable from subsidiaries and associated companies
|
Market value
identical to book value, for being close to the fair
value.
|
Judicial
Deposits
|
All judicial
deposits have a corresponding provision in the
Liabilities.
|
Market value
identical to book value, for being close to the fair
value.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
Relevant
Investments
|
-
Investments in subsidiaries appraised at market value
-
Investments in not appraised subsidiaries, using the relevance
criteria.
|
- Book
balances comprised on the balance sheets of appraised subsidiaries were
adjusted at market value. The amount accounted for as the participation of
said parent companies in these companies, was then adjusted based on the
equity method of accounting, having as a basis the net equity at market
price of their subsidiaries.
-
Associated companies and subsidiaries not appraised at market value
(relevance criteria and/or market value identical to book value), were
appraised by the net equity method of accounting.
|
Premium/Discount
|
Premium/Discount
verified in acquisition of investments.
|
Null market
value for investments in subsidiaries appraised at market value, and
market value identical to book value for subsidiaries that were not
appraised.
|
Other
Investments
|
Other
investments are represented by:
|
· Other
Investments were appraised by the net book value of provision for
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
· Other
investments
|
losses or,
when applicable, appraised by their respective quotations at BOVESPA (São
Paulo Stock Exchange) as of the base date.
|
|
Fixed Assets:
- Land, buildings/facilities, machinery/equipment
/vehicles
|
Specific
appraisal reports, as presented in previous Chapters.
|
Market
value.
|
Works in
Progress
|
Assets with
book value close to market value, for being recent
acquisitions.
|
Market value
identical to book value, for being close to the fair
value.
|
Improvements
to third-party real estate
|
Assets with
depreciated book value close to market value, adjusted for effectiveness
of rent/lease contracts.
|
Market value
identical to book value, for being close to the fair
value.
|
Advance to
Suppliers Property, Plant and Equipment
|
Values to be
incorporated to property, plant and equipment upon conclusion of
projects.
|
Market value
identical to book value, for being close to the fair
value.
|
Deferred
Assets
|
Expenses
associated to studies and projects as well as third-party installations,
net of corresponding amortizations.
|
Market value
identical to book value, for being close to the fair
value.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
Intangible
Assets
|
Represented
by Software, Technology, Rights of use, Patents and other intangible
assets, net of corresponding amortizations and of provision for losses in
realization of intangible assets.
|
Market value
identical to book value, for being close to the fair
value.
|
Loans in
national and foreign currency – Current and Long-Term
Liabilities
|
Loans for
acquisition of estate, working capital, raw materials and
others.
|
Most loans
have their charges fixed on the basis of CDI (Interbanking Deposit
Certificate) or TJLP (Long-Term Interest Rate), for the case of specific
loans taken from BNDES (Brazilian Development Bank). Book value
maintained, for being close to the fair value.
|
Debentures
|
All
Debentures were considered at face value.
|
Book value
maintained, for being close to the fair value.
|
Suppliers
|
All
obligations to Suppliers were considered due at their book value, having
in view that their liquidation is very short term.
|
Market value
identical to book value, for being close to the fair
value.
|
Wages and
social charges
|
Values
considered at face value.
|
Market value
identical to book value, for being close to the fair
value.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
Dividends
payable
|
Values
payable to parent company.
|
Market value
identical to book value, for being close to the fair
value.
|
Income Tax
and Social Contribution payable – Current and Long-Term
Liabilities
|
Represented
by provision constituted on real profits, adjusted by IR (Income Tax) and
CS (Social Contribution) calculated on the effects of increases and
decreases in value.
|
Recalculated from the effects
produced by the appraisal of Net Equity at market
price.
|
Deferred
Income Tax and Social Contribution – Current and Long-Term
Liabilities
|
Tax debits,
restated by the SELIC rate, not subject to prescription
periods.
|
Market value
identical to book value, for being close to the fair
value.
|
Tax
Liabilities and Other taxes and contributions – Current and Long-Term
Liabilities.
|
ICMS
(Provisional Tax on Financial Transactions), IPI (Excise Tax), PIS (Social
Participation Program), COFINS (Contribution for Social Security
Financing), ISS (Service Tax), IRRF (Income Tax Deductible at Source),
INSS (Social Security Tax) and other tax liabilities due were considered
for the full amount due. The long-term installment corresponds to taxes
and contributions provisioned, whose values were deposited in
court.
|
Market value
identical to book value, for being close to the fair
value.
|
Related
companies
|
Loans payable
to subsidiaries and associated companies.
|
Market value
identical to book value, for being close to the fair
value.
|
ACCOUNT
GROUP
|
PREMISES
|
APPRAISAL
CRITERIA
|
Other
Accounts Payable – Current and Long-Term Liabilities
|
Represented
by Rents, Condominium fees, Insurance, pension plans, provision for
contingencies and other accounts payable.
|
Market value
identical to book value, for being close to the fair value, except for the
provision for contingencies, which were restated for values calculated
based on possible contingencies, at the ratio of 50% of the amounts
presented, having in view the uncertainty of success. For contingencies
considered as having a remote possibility of loss, adjustments to the
provision were not made.
|
5.
|
CONCLUSION
|
Base
Date: 03/31/2007
|
RPI
|
CBPI
|
DPPI
|
Amount of
shares
|
29,600,000
|
105,952,000
|
32,000,000
|
Net
Equity at Market Price – Value per share (R$) (*)
|
6.16
|
9.32
|
24.50
|
(*)
contemplating cross shareholdings pursuant to corporate structure as of
the base date
|
|||
03/31/2007
|
|||
Base
Date: 03/31/2007
|
RPI
- REFINERY
|
CBPI
|
DPPI
(**)
|
Net
Equity at Market Price – (R$ thousand)
|
9,668.34
|
987,315.78
|
576,609.85
|
(*)
does not contemplate cross shareholdings in
CBPI
|
ANA
CRISTINA FRANÇA DE SOUZA
Managing
Partner
|
LUIZ
PAULO CESAR SILVEIRA
Director
|
CÉSAR
DE FREITAS SILVESTRE
Accountant
|
6.
|
LIST
OF ATTACHMENTS
|
1.
|
APPRAISAL
CALCULATIONS AND SUPPORT DOCUMENTS
|
2.
|
GLOSSARY AND
APSIS’ PROFILE
|
SÃO PAULO – SP
Alameda Franca, nº 1467/44
Jardim Paulista, CEP:
01422-0001
Tel.: + 55 11 3061.5879 Fax: + 55
11 5041.8206
|
RIO DE JANEIRO – RJ
Rua São José, 90, grupo
1802
Centro, CEP:
20010-020
Tel.: + 55 21
2212.6850 Fax: + 55 21
2212.6851
|
COMPANY
|
Refinaria de
Petróleo Ipiranga S/A - SUL (*)
|
BASE DATE:
March 31,2007
|
(*)
corresponds to 1/3 of refinary activity
|
RELEVANT
|
VALUE
( THOUSAND REALS )
|
||||||||||||
ACCOUNTS
|
BOOK
|
ADJUSTMENT
|
MARKET
|
||||||||||
TOTAL
ASSETS
|
76,915 | 29,947 | 106,861 | ||||||||||
CURRENT
ASSETS
|
64,488 | 1,453 | 65,941 | ||||||||||
Cash and
Banks
|
8,534 | 0 | 8,534 | ||||||||||
Accounts
Receivable
|
7,389 | 0 | 7,389 | ||||||||||
Inventories
|
41,281 | 1,453 | 42,734 | ||||||||||
Taxes
Recoverable
|
7,181 | 0 | 7,181 | ||||||||||
Other
Accounts Receivable
|
103 | 0 | 103 | ||||||||||
LONG-TERM
ASSETS
|
144 | 0 | 144 | ||||||||||
Judicial
Deposits
|
99 | 0 | 99 | ||||||||||
Other
Accounts Receivable
|
45 | 0 | 45 | ||||||||||
FIXED
ASSETS
|
12,283 | 28,494 | 40,777 | ||||||||||
Investments
|
131 | 0 | 131 | ||||||||||
Others
|
131 | 0 | 131 | ||||||||||
Fixed
Assets
|
12,152 | 28,494 | 40,646 | ||||||||||
Equipment and
Installation
|
6,211 | 23,137 | 29,348 | ||||||||||
Buildings and
Construction
|
815 | 5,836 | 6,651 | ||||||||||
Land
|
3,819 | (480 | ) | 3,339 | |||||||||
Work in
Progress/Advance to Suppliers
|
1,170 | 0 | 1,170 | ||||||||||
Others
|
138 | 0 | 138 | ||||||||||
TOTAL
LIABILITIES
|
76,915 | 29,947 | 106,861 | ||||||||||
CURRENT
LIABILITIES
|
54,569 | 10,152 | 64,721 | ||||||||||
Loans
|
41,357 | 0 | 41,357 | ||||||||||
Wages and
Social Charges
|
2,044 | 0 | 2,044 | ||||||||||
Dividends
|
6,061 | 0 | 6,061 | ||||||||||
Income Tax
and Social Contributions Payable
|
35 | 10,152 | 10,187 | ||||||||||
Tax
Obligations
|
4,884 | 0 | 4,884 | ||||||||||
Other Current
Liabilities
|
188 | 0 | 188 | ||||||||||
LONG-TERM
LIABILITIES
|
32,384 | 88 | 32,472 | ||||||||||
Related
parties
|
11,632 | 0 | 11,632 | ||||||||||
Other Taxes
and Contributions
|
8,435 | 0 | 8,435 | ||||||||||
Other
Accounts Payable
|
12,316 | 88 | 12,404 | ||||||||||
EQUITY
|
(10,038 | ) | 19,707 | 9,668 | |||||||||
Capital
|
121,667 | 0 | 121,667 | ||||||||||
Revaluation
reserves
|
2,062 | 0 | 2,062 | ||||||||||
Accumulated
Profit/ Loss
|
(133,767 | ) | 0 | (133,767 | ) | ||||||||
Net
Adjustment to Market Value
|
19,707 |
COMPANY
|
Cia
Brasileira de Petroleo Ipiranga - CBPI-SUL
|
BASE DATE:
March 31, 2007
|
RELEVANT
|
VALUE
( THOUSAND REALS )
|
||||||||||||||||
ACCOUNTS
|
BOOK
|
ADJUSTMENT
|
MARKET
|
||||||||||||||
ASSETS
|
1,842,114 | 361,345 | 2,203,459 | ||||||||||||||
CURRENT
ASSETS
|
1,050,679 | (4,985 | ) | 1,045,694 | |||||||||||||
Cash and
Banks
|
2,212 | 0 | 2,212 | ||||||||||||||
Financial
Investments
|
71,625 | 0 | 71,625 | ||||||||||||||
Accounts
Receivable
|
676,119 | (5,398 | ) | 670,721 | |||||||||||||
Inventories
|
216,349 | 8,753 | 225,103 | ||||||||||||||
Deferred
Income Tax and Social Contribution
|
27,246 | 0 | 27,246 | ||||||||||||||
Taxes
Recoverable
|
38,648 | 0 | 38,648 | ||||||||||||||
Prepaid
Expenses
|
11,685 | (8,340 | ) | 3,345 | |||||||||||||
Dividends
Receivable
|
692 | 0 | 692 | ||||||||||||||
Other
Accounts Receivable
|
6,102 | 0 | (6,102 | ) | |||||||||||||
LONG-TERM
ASSETS
|
164,596 | (546 | ) | 164,050 | |||||||||||||
Deferred
Income Tax and Social Contribution
|
33,308 | 0 | 33,308 | ||||||||||||||
Judicial
Deposits
|
7,093 | 0 | 7,093 | ||||||||||||||
Accounts
Receivable
|
108,066 | 0 | 108,066 | ||||||||||||||
Other
Accounts Receivable
|
8,236 | 0 | 8,236 | ||||||||||||||
Prepaid
Expenses
|
7,893 | (546 | ) | 7,347 | |||||||||||||
FIXED
ASSETS
|
626,839 | 366,876 | 993,715 | ||||||||||||||
Investments
|
157,828 | 56,675 | 214,503 | ||||||||||||||
TROPICAL
|
99.99% | 12,758 | (3,009 | ) | 9,749 | ||||||||||||
AM
PM
|
99.99% | 51,219 | 41,108 | 92,327 | |||||||||||||
EMCA
|
100.00% | 18,077 | 18,576 | 36,653 | |||||||||||||
ILL
|
99.00% | 1 | 0 | 1 | |||||||||||||
ITL
|
100.00% | 56 | 0 | 56 | |||||||||||||
ICIE
|
100.00% | 7 | 0 | 7 | |||||||||||||
MAX-FACIL
|
34.00% | 60,708 | 0 | 60,708 | |||||||||||||
IMOBILIARIA
|
100.00% | 4,712 | 0 | 4,712 | |||||||||||||
TRANPORTADORA
SUL BRASILEIRA
|
25.00% | 7,224 | 0 | 7,224 | |||||||||||||
Goodwill/
Goodwill Loss
|
2,274 | 0 | 2,274 | ||||||||||||||
Others
|
791 | 0 | 791 | ||||||||||||||
Fixed
Assets
|
469,011 | 310,200 | 779,212 | ||||||||||||||
Equipment and
Installation
|
247,671 | 102,329 | 350,000 | ||||||||||||||
Buildings and
Construction
|
62,285 | 85,232 | 147,517 | ||||||||||||||
Land
|
71,073 | 122,639 | 193,712 | ||||||||||||||
Improvements
|
20,729 | 0 | 20,729 | ||||||||||||||
Work in
Progress/Advance to Suppliers
|
34,931 | 0 | 34,931 | ||||||||||||||
Others
|
32,322 | 0 | 32,322 | ||||||||||||||
TOTAL
LIABILITIES
|
1,842,114 | 361,345 | 2,203,459 | ||||||||||||||
CURRENT
LIABILITIES
|
401,039 | 71,823 | 472,862 | ||||||||||||||
Loans
|
59,118 | 0 | 59,118 | ||||||||||||||
Debentures
|
2,596 | 0 | 2,596 | ||||||||||||||
Suppliers
|
253,461 | 0 | 253,461 | ||||||||||||||
Wages and
Social Charges
|
22,615 | 0 | 22,615 | ||||||||||||||
Dividends
Payable
|
341 | 0 | 341 | ||||||||||||||
Income Tax
and Social Contributions Payable
|
14,234 | 71,823 | 86,057 | ||||||||||||||
Tax
Obligations
|
22,922 | 0 | 22,922 | ||||||||||||||
Other
Accounts Payable
|
25,751 | 0 | 25,751 | ||||||||||||||
LONG-TERM
LIABILITIES
|
649,856 | 93,425 | 743,281 | ||||||||||||||
Loans
|
196,279 | 0 | 196,279 | ||||||||||||||
Debentures
|
350,000 | 0 | 350,000 | ||||||||||||||
Related
parties
|
1,052 | 0 | 1,052 | ||||||||||||||
Income Tax
and Social Contributions Payable
|
201 | 0 | 201 | ||||||||||||||
Other
Accounts Payable
|
102,323 | 93,425 | 195,749 | ||||||||||||||
EQUITY
|
791,219 | 196,096 | 987,316 | ||||||||||||||
Capital
|
495,697 | 0 | 495,697 | ||||||||||||||
Capital
Reserves
|
290 | 0 | 290 | ||||||||||||||
Revenue
Reserves
|
256,101 | 0 | 256,101 | ||||||||||||||
Accumulated
Profit/ Loss
|
39,131 | 0 | 39,131 | ||||||||||||||
Net
Adjustment to Market Value
|
196,096 |
Company |
Distribuidora
de Produtos de Petroleo Ipiranga S/A - DPPI-SUL (*)
|
BASE DATE:
March 31, 2007
|
|
(*)
does not contemplate cross shareholding in CBPI
|
RLEVANT
|
VALUE
( THOUSAND REALS )
|
||||||||||||||||
ACCOUNTS
|
BOOK
|
ADJUSTMENT
|
MARKET
|
||||||||||||||
TOTAL ASSETS | 614,009 | 116,883 | 730,892 | ||||||||||||||
CURRENT
ASSETS
|
322,633 | (1,201 | ) | 321,432 | |||||||||||||
Cash and
Banks
|
6,444 | 0 | 6,444 | ||||||||||||||
Financial
Investments
|
48,365 | 0 | 48,365 | ||||||||||||||
Accounts
Receivable
|
175,053 | (2,488 | ) | 172,565 | |||||||||||||
Inventories
|
71,923 | 3,344 | 75,266 | ||||||||||||||
Deferred
Income Tax and Social Contribution
|
3,637 | 0 | 3,637 | ||||||||||||||
Taxes
Recoverable
|
11,598 | 0 | 11,598 | ||||||||||||||
Prepaid
Expenses
|
2,647 | (2,056 | ) | 590 | |||||||||||||
Dividends
Receivable
|
214 | 0 | 214 | ||||||||||||||
Other
Accounts Receivable
|
2,753 | 0 | 2,753 | ||||||||||||||
LONG-TERM
ASSETS
|
81,249 | 0 | 81,249 | ||||||||||||||
Related
Parties
|
35,895 | 0 | 35,895 | ||||||||||||||
Deferred
Income Tax and Social Contribution
|
11,383 | 0 | 11,383 | ||||||||||||||
Judicial
Deposits
|
3,138 | 0 | 3,138 | ||||||||||||||
Accounts
Receivable
|
27,643 | 0 | 27,643 | ||||||||||||||
Other
Accounts Receivable
|
139 | 0 | 139 | ||||||||||||||
Prepaid
Expenses
|
3,052 | 0 | 3,052 | ||||||||||||||
FIXED
ASSETS
|
210,126 | 118,084 | 328,210 | ||||||||||||||
Investments
|
86,617 | 46,692 | 133,310 | ||||||||||||||
ISA-SUL
|
100.00 | % | 56,616 | 44,634 | 101,250 | ||||||||||||
COFAL
|
100.00 | % | 1,001 | 2,059 | 3,060 | ||||||||||||
MAXFACIL-PARTICIPAÇÕES
|
16 | % | 28,569 | 0 | 28,569 | ||||||||||||
IABM
|
100 | % | 10 | 0 | 10 | ||||||||||||
Others
|
421 | 0 | 421 | ||||||||||||||
Fixed
Assets
|
123,509 | 71,392 | 194,901 | ||||||||||||||
Equipment and
Installation
|
54,699 | 21,290 | 75,989 | ||||||||||||||
Buildings and
Construction
|
17,734 | 19,658 | 37,392 | ||||||||||||||
Land
|
12,509 | 30,444 | 42,953 | ||||||||||||||
Improvements
|
17,645 | 0 | 17,645 | ||||||||||||||
Work in
Progress/Advance to Suppliers
|
10,136 | 0 | 10,136 | ||||||||||||||
Others
|
10,785 | 0 | 10,785 | ||||||||||||||
TOTAL LIABILITIES | 614,009 | 116,883 | 730,892 | ||||||||||||||
CURRENT
LIABILITIES
|
59,173 | 17,987 | 77,160 | ||||||||||||||
Loans
|
4,342 | 0 | 4,342 | ||||||||||||||
Suppliers
|
33,391 | 0 | 33,391 | ||||||||||||||
Wages and
Social Charges
|
3,229 | 0 | 3,229 | ||||||||||||||
Income Tax
and Social Contributions Payable
|
351 | 17,987 | 18,338 | ||||||||||||||
Tax
Obligations
|
3,077 | 0 | 3,077 | ||||||||||||||
Other
Accounts Payable
|
14,783 | 0 | 14,783 | ||||||||||||||
LONG-TERM
LIABILITIES
|
59,834 | 17,288 | 77,122 | ||||||||||||||
Loans
|
32,388 | 0 | 32,388 | ||||||||||||||
Other
Accounts Payable
|
27,446 | 17,288 | 44,734 | ||||||||||||||
EQUITY
|
495,002 | 81,608 | 576,610 | ||||||||||||||
Capital
|
219,984 | 0 | 219,984 | ||||||||||||||
Capital
Reserves
|
50 | 0 | 50 | ||||||||||||||
Revenue
Reserves
|
248,979 | 0 | 248,979 | ||||||||||||||
Accumulated
Profit/ Loss
|
25,988 | 0 | 25,988 | ||||||||||||||
Net
Adjustment to Market Value
|
81,608 |
ULTRAPAR
HOLDINGS INC.
|
|
By:
|
/s/
André Covre
|
Name: | André Covre | |
Title: | Chief Financial and Investor Relations Officer | |
|
||