Form
20-F
|
X
|
Form
40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
ITEM
|
|
1.
|
2Q08
Earnings Release dated August 6, 2008
|
2.
|
Notice
to shareholders, dated August 6, 2008, regarding distribution of
dividends
|
3.
|
Minutes
of a meeting of the Board of Directors held on August 6,
2008
|
IR
Contact
E-mail:
invest@ultra.com.br
Telephone: 55
11 3177-7014
Website:
www.ultra.com.br
Results Conference
Call
National Conference
Call
Date: August
08, 2008
11.00 am
(local time)
Telephone for
connection: 55 11 2188-0188
Code:
Ultrapar
International
Conference Call
Date: August
08, 2008
12.30 midday
(local time)
Participants
in Brazil: 0-800-773-4613
Participants
in US: 1-800-860-2442
International:
Participants 1 (412) 858-4600
Code:
Ultrapar
Ultrapar
Participações S.A.
UGPA4 = R$
61.59/ share
UGP = US$
38.03/ ADR
(06/30/08)
|
In this 2Q08 we
were assigned investment grade rating by Moody’s. We also took additional
steps towards growing our businesses, with the announcement of the
acquisition of União Terminais and the operational start-up of the
oleochemical unit of Oxiteno, located in Camaçari. We also reported an
improvement in results in the quarter, with higher volumes, EBITDA and net
earnings allowing a significant dividends
distribution.
Ø ULTRAPAR'S
REVENUES GROW IN ALL BUSINESS UNITS IN 2Q08 COMPARED TO 2Q07
Ø ULTRAPAR'S EBITDA
AMOUNTED TO R$ 248 MILLION IN 2Q08, UP 10% AND 11% ON 2Q07 AND 1Q08,
RESPECTIVELY
Ø NET EARNINGS
AMOUNTED TO R$ 104 MILLION IN 2Q08, ALMOST THREE TIMES HIGHER THAN 2Q07
AND UP 15% ON 1Q08
Ø DISTRIBUTION OF
R$ 119 MILLION IN DIVIDENDS CORRESPONDING TO 61% OF
ULTRAPAR’S 1S08 CONSOLIDATED NET EARNINGS
“In
this second quarter, we have made progress in implementing our growth
plan, with the completion of the construction of the oleochemical unit at
Oxiteno and the acquisition of the União Terminais by Ultracargo. Through
the acquisition of União Terminais, we aim to capture the strong demand
for logistic infrastructure in Brazil related to biofuels, agribusiness
and chemical products, consolidating Ultracargo's leading position in the
bulk liquids segment in South America. In July, we began operations at our
oleochemical unit, strengthening Ultrapar's growth strategy through
increased scale and differentiated technology. In addition, Ultrapar
obtained investment grade rating by Moody’s, reinforcing
Ultrapar's position as a company with strong cash generation and sound
financial management.”
Pedro
Wongtschowski – CEO
|
Profit
and Loss Data
Ultrapar
Consolidated
|
2Q08
|
2Q07
|
1Q08
|
D (%)
2Q08v2Q07
|
D (%)
2Q08v1Q08
|
1H08
|
1H07
|
D (%)
1H08v1H07
|
Net
Sales and Services
|
6,992
|
6,181
|
5,927
|
13%
|
18%
|
12,920
|
7,355
|
76%
|
Gross
Profit
|
488
|
477
|
466
|
2%
|
5%
|
954
|
700
|
36%
|
Operating
Profit
|
163
|
145
|
138
|
13%
|
18%
|
302
|
212
|
42%
|
EBITDA
|
248
|
225
|
223
|
10%
|
11%
|
470
|
340
|
38%
|
Net
Earnings
|
104
|
37
|
90
|
178%
|
15%
|
194
|
75
|
160%
|
Earnings
per share1
|
0.76
|
0.46
|
0.66
|
66%
|
15%
|
1.43
|
0.92
|
55%
|
Amounts
in R$ million (except EPS)
|
Operational
Data Ultragaz
|
2Q08
|
2Q07
|
1Q08
|
D (%)
2Q08v2Q07
|
D (%)
2Q08v1Q08
|
1H08
|
1H07
|
D (%)
1H08v1H07
|
Total
Volume ('000 tons)
|
411
|
402
|
366
|
2%
|
12%
|
777
|
770
|
1%
|
Bottled
|
278
|
269
|
249
|
4%
|
12%
|
527
|
516
|
2%
|
Bulk
|
133
|
133
|
117
|
0%
|
14%
|
250
|
254
|
(1%)
|
Operational
Data Ipiranga
|
2Q08
|
2Q07
|
1Q08
|
D (%)
2Q08v2Q07
|
D (%)
2Q08v1Q08
|
1H08
|
1H07
|
D (%)
1H08v1H07
|
Total
Volume ('000 m³)
|
3,063
|
2,753
|
2,716
|
11%
|
13%
|
5,779
|
5,328
|
8%
|
Diesel
|
1,847
|
1,665
|
1,557
|
11%
|
19%
|
3,404
|
3,183
|
7%
|
Gasoline
|
733
|
749
|
720
|
(2%)
|
2%
|
1,453
|
1,486
|
(2%)
|
Ethanol
|
332
|
194
|
300
|
71%
|
11%
|
632
|
379
|
67%
|
NGV
|
64
|
66
|
65
|
(3%)
|
(1%)
|
129
|
129
|
0%
|
Fuel oils and
kerosene
|
48
|
44
|
41
|
10%
|
17%
|
89
|
85
|
5%
|
Lubricants and
greases
|
39
|
34
|
33
|
13%
|
18%
|
72
|
66
|
9%
|
Operational
Data Oxiteno
|
2Q08
|
2Q07
|
1Q08
|
D (%)
2Q08v2Q07
|
D (%)
2Q08v1Q08
|
1H08
|
1H07
|
D (%)
1H08v1H07
|
Total
Volume (´000 tons)
|
146
|
156
|
137
|
(7%)
|
7%
|
282
|
309
|
(8%)
|
Product
mix
|
||||||||
Specialties
|
134
|
125
|
123
|
7%
|
9%
|
257
|
235
|
9%
|
Glycols
|
12
|
31
|
14
|
(62%)
|
(14%)
|
26
|
74
|
(65%)
|
Geographical
mix
|
||||||||
Sales in
Brazil
|
101
|
119
|
98
|
(15%)
|
3%
|
199
|
238
|
(16%)
|
Sales outside
Brazil
|
45
|
37
|
38
|
22%
|
16%
|
83
|
70
|
19%
|
Operational
Data Ultracargo
|
2Q08
|
2Q07
|
1Q08
|
D (%)
2Q08v2Q07
|
D (%)
2Q08v1Q08
|
1H08
|
1H07
|
D (%)
1H08v1H07
|
Effective
storage3
('000 m3)
|
295
|
276
|
300
|
7%
|
(2%)
|
297
|
269
|
10%
|
Total
kilometrage travelled (million)
|
8.8
|
8.5
|
7.9
|
4%
|
12%
|
16.7
|
17.4
|
(4%)
|
Macroeconomic
Indicators
|
2Q08
|
2Q07
|
1Q08
|
D (%)
2Q08v2Q07
|
D (%)
2Q08v1Q08
|
1H08
|
1H07
|
D (%)
1H08v1H07
|
Exchange-rate
average (R$/US$)
|
1.656
|
1.982
|
1.737
|
(16%)
|
(5%)
|
1.696
|
2.045
|
(17%)
|
Brazilian
basic interest rate (CDI)
|
2.7%
|
2.9%
|
2.6%
|
5.4%
|
6.0%
|
|||
Inflation in
the period (IPCA)
|
2.1%
|
0.8%
|
1.5%
|
3.6%
|
2.1%
|
Highlights
|
Ø
|
União
Terminais acquisition – On June 6
Ultrapar, through Ultracargo, signed the sale and purchase agreement for
the acquisition of 100% of the shares of União Terminais, held by Unipar –
União das Indústrias Petroquímicas S.A.. The total amount to be paid by
Ultracargo for 100% of União Terminais’ shares is R$ 483
million, subject to adjustments resulting from variations in net debt and
working capital. On December 31, 2007, União Terminais’ net debt amounted
to R$ 27 million. União Terminais has 2 port terminals for storage and
handling of bulk liquids, with total capacity of 119 thousand cubic
meters. The main facility is located in Santos (in the state of São Paulo)
and has storage capacity of 102 thousand cubic meters, while the second
terminal, located in Rio de Janeiro (RJ) has a 17 thousand cubic meters
storage capacity. In addition, União Terminais also holds 50% of the total
capital of União Vopak Ltda., which owns a port terminal in Paranaguá (in
the state of Paraná). With this acquisition, Ultracargo will become the
largest bulk liquid storage company in South America, reinforcing its
operating, corporate and financial scale. For Ultracargo, this
acquisition represents a milestone in its transformation process to become
the major and most complete provider of integrated logistics solutions for
special bulk cargo in Brazil. The closing of the transaction is subject to
compliance with certain customary conditions and is expected to occur in
the third quarter of 2008.
|
Ø
|
Start-up
of operations at the oleochemical unit – In July 2008, we began
operations at Oxiteno's oleochemical unit in Camaçari, in the sate of
Bahia, the first fatty alcohols production plant in Latin America, which
is currently undergoing final product specification. The new
unit will process 100,000 tons of vegetable oil per year (especially palm
oil), for the production of approximately 100,000 tons of fatty alcohols
and byproducts, with application in the cosmetic and detergents segments.
Fatty alcohol is one of the raw materials most used by Oxiteno in the
production of specialty chemicals, and approximately 40% of the production
from the new plant will be consumed
internally.
|
Ø
|
Oxiteno
inaugurates its Sales Office in Europe – In July 2008 Oxiteno
inaugurated its first sales office in Europe and the third outside Brazil.
Oxiteno Europe SPRL is located in Brussels, Belgium and is part of
Oxiteno’s internationalization strategy, enabling an improvement on the
exports of specialty chemicals and also allowing Oxiteno to be closer to
clients located in Europe, Africa and Middle
Eastern.
|
Ø
|
Ultrapar
receives the investment grade rating from Moody’s – In May 2008 the
credit rating agency Moody’s Investors Service assigned its Baa3 rating to
Ultrapar, equivalent to investment grade. According to Moody’s, the Baa3
rating reflects Ultrapar’s track record of cost-focused management and the
company’s leading market position in its business sectors, supported by
continuous investments in its strong brands in the fuels distribution
business and in research and development for specialty chemicals.
Additionally, the credit rating agency Standard and Poor’s (S&P) has
changed its outlook for Ultrapar’s rating from stable to positive. The
investment grade rating highlights Ultrapar’s cash generation capacity and
sound financial management and corporate governance, reinforcing its
strategy focused on value creation.
|
Ø
|
Approval
of R$ 119 million in dividends – On this date the Board
of Directors of Ultrapar approved the payment of R$ 119 million in
dividends, equivalent to R$ 0,89 per share, related to the anticipation of
the fiscal year 2008, to be paid on August 22nd
2008. This distribution corresponds to 61% of consolidated net
earnings in the first half of 2008, representing a dividend yield of 3% on
Ultrapar's average share price in the same
period.
|
Ultrapar
in the Macroeconomic
Scenario
|
Operational
Performance
|
Economic-Financial
Performance
|
·
|
At Ultragaz,
R$ 46 million was spent on the expansion of its bulk distribution system
(UltraSystem) and purchase and renewal of LPG bottles and
tanks.
|
·
|
At Ipiranga,
R$ 47 million was invested, basically on the renewal of contracts and
improvements at service stations and distribution facilities, R$ 33
million referring to addition of property, plant and equipment, net of
disposals, R$ 12 million referring to the financing of customers
activities1, net of repayments, and R$ 3 million
referring to leased equipment.
|
·
|
At Oxiteno,
the R$ 129 million invested were mostly concentrated on expanding
production capacity, particularly in the conclusion of the fatty alcohols
plant, in the expansion of specialty chemicals production capacity and in
the expansion of ethylene oxide production capacity at Mauá
facility.
|
·
|
Ultracargo
invested R$ 11 million, basically on the expansion and maintenance of its
terminals.
|
·
|
Buyback of
shares issued by Ultrapar to be held in treasury amounted to R$ 68 million
in 2Q08.
|
Ultrapar in the Capital
Markets
|
Outlook
|
Forthcoming
Events
|
|
Operational and Market
Information
|
Financial
Focus
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
EBITDA margin
Ultrapar
|
4%
|
4%
|
4%
|
4%
|
5%
|
Net margin
Ultrapar
|
1%
|
1%
|
2%
|
2%
|
1%
|
Productivity
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
EBITDA R$/ton
Ultragaz
|
131
|
194
|
111
|
122
|
180
|
EBITDA
R$/m3
Ipiranga1
|
49
|
38
|
41
|
48
|
38
|
EBITDA R$/ton
Oxiteno
|
183
|
181
|
345
|
261
|
232
|
Focus on Human
Resources
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
Number of
Ultrapar employees
|
9,503
|
9,567
|
9,601
|
9,503
|
9,567
|
Number of
Ultragaz employees
|
4,269
|
4,475
|
4,355
|
4,269
|
4,475
|
Number of
Ipiranga2
employees
|
2,098
|
2,367
|
2,128
|
2,098
|
2,367
|
Number of
Oxiteno employees
|
1,542
|
1,345
|
1,540
|
1,542
|
1,345
|
Number of
Ultracargo employees
|
1,325
|
1,160
|
1,267
|
1,325
|
1,160
|
Focus on capital
markets
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
Number of
shares ('000)
|
136,096
|
81,325
|
136,096
|
136,096
|
81,325
|
Market
capitalization3 –
R$ million
|
8,402
|
4,997
|
8,278
|
8,333
|
4,997
|
Bovespa
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
Average daily
volume ('shares)
|
305,240
|
132,400
|
409,033
|
356,286
|
126,532
|
Average daily
volume (R$ '000)
|
18,825
|
8,180
|
24,905
|
21,815
|
7,264
|
Average share
price (R$/share)
|
61.7
|
61.8
|
60.9
|
61.2
|
57.4
|
NYSE
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
Number of
ADRs4 ('000
ADRs)
|
10,868
|
10,702
|
9,934
|
10,868
|
10,702
|
Average daily
volume (ADRs)
|
94,812
|
126,538
|
114,010
|
104,256
|
126,532
|
Average daily
volume (US$ '000)
|
3,558
|
3,899
|
3,964
|
3,758
|
2,760
|
Average share
price (US$/ADRs)
|
37.5
|
30.8
|
34.8
|
36.0
|
28.8
|
Total5
|
2Q08
|
2Q07
|
1Q08
|
1H08
|
1H07
|
Average daily
volume (shares)
|
400,052
|
258,938
|
523,043
|
460,542
|
222,258
|
Average daily
volume (R$ million)
|
24,699
|
15,909
|
31,814
|
28,198
|
12,835
|
|
1
|
Only sales of fuels and
lubricants. Information for 1H07 are unaudited pro-forma
figures, inserted merely to provide a basis of
comparison.
|
2
|
Information for 1H07 consists
of un-audited pro-forma data for Ipiranga and Oxiteno, inserted merely to
provide a basis of
comparison.
|
3
|
Calculated based on the
weighted average price in the
period.
|
4
|
1 ADR = 1 preferred
share.
|
5
|
Total = BOVESPA + NYSE. From
December 2007, includes 54,770,590 preferred shares issued by Ultrapar for
the exchange of the shares of RPI, DPPI and
CBPI.
|
ULTRAPAR PARTICIPAÇÕES S/A
|
CONSOLIDATED BALANCE
SHEET
|
In millions of Reais - Accounting
practices adopted in
Brazil
|
QUARTERS ENDED
IN
|
||||||||||||
JUN
|
JUN
|
MAR
|
||||||||||
2008
|
2007
|
2008
|
||||||||||
ASSETS
|
||||||||||||
Cash and cash
equivalents
|
2,723.7 | 1,521.9 | 2,364.7 | |||||||||
Trade accounts
receivable
|
1,458.4 | 1,260.9 | 1,190.2 | |||||||||
Inventories
|
664.6 | 540.4 | 714.1 | |||||||||
Other
|
314.4 | 319.9 | 1,068.7 | |||||||||
Total
Current Assets
|
5,161.1 | 3,643.1 | 5,337.7 | |||||||||
Investments
|
47.1 | 38.9 | 47.0 | |||||||||
Property, plant
and equipment and intangibles
|
2,566.2 | 2,066.3 | 2,422.6 | |||||||||
Deferred
charges
|
569.2 | 543.8 | 576.4 | |||||||||
Long term
investments
|
120.6 | 118.9 | 120.2 | |||||||||
Other long term
assets
|
534.4 | 444.4 | 488.5 | |||||||||
Total
Long Term Assets
|
3,837.5 | 3,212.3 | 3,654.7 | |||||||||
TOTAL
ASSETS
|
8,998.6 | 6,855.4 | 8,992.4 | |||||||||
LIABILITIES
|
||||||||||||
Loans and
financing
|
1,731.0 | 302.7 | 1,866.6 | |||||||||
Debentures
|
- | 1,015.3 | - | |||||||||
Suppliers
|
479.0 | 450.7 | 429.0 | |||||||||
Payroll and related
charges
|
125.6 | 105.3 | 105.6 | |||||||||
Taxes
|
87.0 | 88.2 | 140.8 | |||||||||
Other accounts
payable
|
99.9 | 88.6 | 124.0 | |||||||||
Total
Current Liabilities
|
2,522.5 | 2,050.8 | 2,666.0 | |||||||||
Loans and
financing
|
1,518.5 | 1,149.1 | 1,406.2 | |||||||||
Debentures
|
- | 350.0 | - | |||||||||
Income and
social contribution taxes
|
1.7 | 26.5 | 1.8 | |||||||||
Other long term
liabilities
|
229.0 | 175.8 | 229.0 | |||||||||
Total
Long Term Liabilities
|
1,749.2 | 1,701.4 | 1,637.0 | |||||||||
TOTAL
LIABILITIES
|
4,271.7 | 3,752.2 | 4,303.0 | |||||||||
STOCKHOLDERS'
EQUITY
|
||||||||||||
Capital
|
3,696.8 | 946.0 | 3,696.8 | |||||||||
Capital
reserve
|
1.1 | 0.7 | 1.0 | |||||||||
Revalution
reserves
|
11.0 | 12.3 | 11.3 | |||||||||
Profit
reserves
|
786.9 | 953.3 | 854.6 | |||||||||
Retained
earnings
|
194.6 | 75.2 | 90.4 | |||||||||
Total
Stockholders' Equity
|
4,690.4 | 1,987.5 | 4,654.1 | |||||||||
Minority
Interests
|
36.5 | 1,115.7 | 35.3 | |||||||||
TOTAL STOCKHOLDERS' EQUITY &
M.I.
|
4,726.9 | 3,103.2 | 4,689.4 | |||||||||
TOTAL LIAB. AND STOCKHOLDERS'
EQUITY
|
8,998.6 | 6,855.4 | 8,992.4 | |||||||||
Cash and Long
term investments
|
2,844.3 | 1,640.8 | 2,484.9 | |||||||||
Debt
|
3,249.5 | 2,817.1 | 3,272.8 | |||||||||
Net cash
(debt)
|
(405.2 | ) | (1,176.3 | ) | (787.9 | ) |
ULTRAPAR PARTICIPAÇÕES S/A
|
CONSOLIDATED STATEMENT OF
INCOME
|
In millions of Reais (except per
share data) - Accounting practices adopted in Brazil
|
QUARTERS ENDED
IN
|
ACCUMULATED
|
|||||||||||||||||||
JUN
|
JUN
|
MAR
|
JUN
|
JUN
|
||||||||||||||||
2008
|
2007
|
2008
|
2008
|
2007
|
||||||||||||||||
Net sales and services
|
6,992.4 | 6,181.1 | 5,927.4 | 12,919.8 | 7,355.2 | |||||||||||||||
Cost of sales
and services
|
(6,504.7 | ) | (5,704.2 | ) | (5,461.2 | ) | (11,965.9 | ) | (6,655.1 | ) | ||||||||||
Gross
profit
|
487.7 | 476.9 | 466.2 | 953.9 | 700.1 | |||||||||||||||
Operating
expenses
|
||||||||||||||||||||
Selling
|
(136.3 | ) | (124.6 | ) | (135.1 | ) | (271.4 | ) | (177.8 | ) | ||||||||||
General
and administrative
|
(130.9 | ) | (146.1 | ) | (132.9 | ) | (263.8 | ) | (216.9 | ) | ||||||||||
Depreciation
and amortization
|
(67.3 | ) | (65.6 | ) | (66.8 | ) | (134.1 | ) | (97.4 | ) | ||||||||||
Other operating
income (expenses)
|
10.0 | 4.2 | 6.9 | 16.9 | 4.1 | |||||||||||||||
Income before equity and
financial
|
||||||||||||||||||||
results
|
163.2 | 144.8 | 138.3 | 301.5 | 212.1 | |||||||||||||||
Financial
results
|
(16.4 | ) | (27.3 | ) | (37.3 | ) | (53.7 | ) | (35.2 | ) | ||||||||||
Financial
income
|
55.9 | 37.1 | 54.1 | 110.0 | 68.9 | |||||||||||||||
Financial
expenses
|
(74.2 | ) | (57.3 | ) | (85.8 | ) | (160.0 | ) | (92.0 | ) | ||||||||||
Taxes
on financial activities
|
1.9 | (7.1 | ) | (5.6 | ) | (3.7 | ) | (12.1 | ) | |||||||||||
Equity in
earnings (losses) of affiliates
|
||||||||||||||||||||
Affiliates
|
- | - | 0.1 | 0.1 | (0.1 | ) | ||||||||||||||
Nonoperating
income (expense)
|
0.9 | (1.1 | ) | 6.3 | 7.2 | (1.9 | ) | |||||||||||||
Income before taxes and profit
sharing
|
147.7 | 116.4 | 107.4 | 255.1 | 174.9 | |||||||||||||||
Provision for
income and social contribution tax
|
(47.3 | ) | (32.0 | ) | (24.2 | ) | (71.5 | ) | (55.4 | ) | ||||||||||
Benefit of tax
holidays
|
7.4 | 3.3 | 8.6 | 16.0 | 6.1 | |||||||||||||||
Income before minority
interest
|
107.8 | 87.7 | 91.8 | 199.6 | 125.6 | |||||||||||||||
Employees
statutory interest
|
(2.7 | ) | (2.8 | ) | (1.2 | ) | (3.9 | ) | (2.8 | ) | ||||||||||
Minority
interest
|
(1.2 | ) | (47.5 | ) | (0.5 | ) | (1.7 | ) | (48.2 | ) | ||||||||||
Net Income
|
103.9 | 37.4 | 90.1 | 194.0 | 74.6 | |||||||||||||||
EBITDA
|
247.7 | 225.3 | 222.7 | 470.4 | 340.4 | |||||||||||||||
Depreciation
and amortization
|
87.2 | 83.3 | 85.6 | 172.8 | 131.1 | |||||||||||||||
Total investments, net of
write-off and repayments
|
302.4 | 902.4 | 205.7 | 508.1 | 1,025.1 | |||||||||||||||
RATIOS
|
||||||||||||||||||||
Earnings / share -
R$
|
0.76 | 0.46 | 0.66 | 1.43 | 0.92 | |||||||||||||||
Net debt /
Stockholders' equity
|
0.09 | 0.38 | 0.17 | |||||||||||||||||
Net debt / LTM
EBITDA
|
0.41 | 1.91 | 0.88 | |||||||||||||||||
Net interest
expense / EBITDA
|
0.07 | 0.12 | 0.17 | 0.11 | 0.10 | |||||||||||||||
Gross
margin
|
7 | % | 8 | % | 8 | % | 7 | % | 10 | % | ||||||||||
Operating
margin
|
2 | % | 2 | % | 2 | % | 2 | % | 3 | % | ||||||||||
EBITDA
margin
|
4 | % | 4 | % | 4 | % | 4 | % | 5 | % |
ULTRAPAR PARTICIPAÇÕES
S/A
|
|||||
CONSOLIDATED CASH FLOW
STATEMENT
|
|||||
In millions of Reais - Accounting
practices adopted in Brazil
|
|||||
JAN - JUN
|
||||||||
2008
|
2007
|
|||||||
Cash Flows from operating
activities
|
74.8 | 218.5 | ||||||
Net
income
|
194.0 | 74.6 | ||||||
Minority
interest
|
1.7 | 48.2 | ||||||
Depreciation and
amortization
|
172.8 | 131.1 | ||||||
Working
capital
|
(332.4 | ) | (10.8 | ) | ||||
Financial
expenses (A)
|
54.9 | 5.5 | ||||||
Deferred income
and social contribution taxes
|
(1.3 | ) | (22.7 | ) | ||||
Other
(B)
|
(14.9 | ) | (7.4 | ) | ||||
Cash Flows from investing
activities
|
(485.3 | ) | (1,011.8 | ) | ||||
Additions
to property, plant, equipment and deferred charges (C)
|
(380.2 | ) | (306.3 | ) | ||||
Acquisition
of minority interests (D)
|
(105.1 | ) | (705.5 | ) | ||||
Cash Flows from (used in)
financing activities
|
1,511.1 | 577.2 | ||||||
Issuances of
short term debt
|
1,394.3 | 984.0 | ||||||
Amortization of
short term debt
|
(2,004.4 | ) | (1,101.8 | ) | ||||
Issuances of
long term debt
|
629.0 | 762.5 | ||||||
Related
companies
|
(2.9 | ) | (3.6 | ) | ||||
Dividends
paid (E)
|
(238.7 | ) | (63.9 | ) | ||||
Received from
Petrobras/Braskem related to the acquisition of Ipiranga
Group
|
1,733.8 | - | ||||||
Net increase (decrease) in cash
and cash equivalents
|
1,100.6 | (216.1 | ) | |||||
Acquisition
of cash by subsidiaries
|
- | 238.8 | ||||||
Cash and cash
equivalents at the beginning of the period (F)
|
1,743.7 | 1,618.1 | ||||||
Cash and cash
equivalents at the end of the period (F)
|
2,844.3 | 1,640.8 | ||||||
Supplemental disclosure of cash
flow information
|
||||||||
Cash
paid for interest (G)
|
99.3 | 47.1 | ||||||
Cash
paid for taxes on income (H)
|
56.6 | 29.7 | ||||||
(A) Not including
financial income. Comprised basically of financial expenses, in
particular, exchange variations, which does not represent
disbursement.
|
|||||
(B) Comprised
mainly cost of permanent asset sold and noncurrent assets and liabilities
net.
|
|||||
(C) Included ICMS
on the Property, plant and equipment according to Law Complemental no.
102/2000.
|
|||||
(D) In 2008
include purchase of Ultrapar shares to be held in
treasury.
|
|||||
(E) Including
dividends paid by Ultrapar and its subsidiaries.
|
|||||
(F) Included long
term investments.
|
|||||
(G) Included in
cash flow used in financing activities.
|
|||||
(H) Included in
cash flow from operating activities.
|
ULTRAGAZ PARTICIPAÇÕES
LTDA.
|
||||||
CONSOLIDATED BALANCE
SHEET
|
||||||
In millions of Reais - Accounting
practices adopted in Brazil
|
||||||
QUARTERS ENDED
IN
|
||||||||||||
JUN
|
JUN
|
MAR
|
||||||||||
2008
|
2007
|
2008
|
||||||||||
OPERATING
ASSETS
|
||||||||||||
Trade accounts
receivable
|
187.4 | 173.3 | 157.7 | |||||||||
Trade accounts
receivable - noncurrent portion
|
11.2 | 14.2 | 12.0 | |||||||||
Inventories
|
29.7 | 36.7 | 33.0 | |||||||||
Other
|
10.7 | 16.6 | 12.3 | |||||||||
Property, plant
and equipment and intangibles
|
421.2 | 393.1 | 406.4 | |||||||||
Deferred
charges
|
90.1 | 83.2 | 88.7 | |||||||||
TOTAL OPERATING
ASSETS
|
750.3 | 717.1 | 710.1 | |||||||||
OPERATING
LIABILITIES
|
||||||||||||
Suppliers
|
44.1 | 28.3 | 22.2 | |||||||||
Payroll and related
charges
|
45.7 | 38.3 | 38.3 | |||||||||
Taxes
|
5.9 | 4.5 | 4.5 | |||||||||
Other accounts
payable
|
2.0 | 1.0 | 2.0 | |||||||||
TOTAL OPERATING
LIABILITIES
|
97.7 | 72.1 | 67.0 |
*As from second quarter of 2007,
we start to include "Trade accounts receivable of long term" in the
operating assets
|
ULTRAGAZ PARTICIPAÇÕES
LTDA.
|
|||||||||
CONSOLIDATED STATEMENT OF
INCOME
|
|||||||||
In millions of Reais - Accounting
practices adopted in Brazil
|
|||||||||
QUARTERS ENDED
IN
|
ACCUMULATED
|
|||||||||||||||||||
JUN
|
JUN
|
MAR
|
JUN
|
JUN
|
||||||||||||||||
2008
|
2007
|
2008
|
2008
|
2007
|
||||||||||||||||
Net sales
|
853.6 | 797.6 | 745.8 | 1,599.4 | 1,533.0 | |||||||||||||||
Cost of sales and
services
|
(738.8 | ) | (669.7 | ) | (648.9 | ) | (1,387.7 | ) | (1,288.0 | ) | ||||||||||
Gross
profit
|
114.8 | 127.9 | 96.9 | 211.7 | 245.0 | |||||||||||||||
Operating
expenses
|
||||||||||||||||||||
Selling
|
(31.1 | ) | (28.5 | ) | (26.8 | ) | (57.9 | ) | (57.3 | ) | ||||||||||
General
and administrative
|
(27.8 | ) | (21.9 | ) | (28.4 | ) | (56.2 | ) | (49.9 | ) | ||||||||||
Depreciation
and amortization
|
(31.1 | ) | (30.2 | ) | (30.7 | ) | (61.8 | ) | (59.5 | ) | ||||||||||
Other operating
results
|
(1.8 | ) | 0.4 | (1.1 | ) | (2.9 | ) | 0.5 | ||||||||||||
EBIT
|
23.0 | 47.7 | 9.9 | 32.9 | 78.8 | |||||||||||||||
EBITDA
|
54.0 | 77.9 | 40.7 | 94.7 | 138.3 | |||||||||||||||
Depreciation and
amortization
|
31.1 | 30.2 | 30.7 | 61.8 | 59.5 | |||||||||||||||
RATIOS
|
||||||||||||||||||||
Gross
margin
|
13 | % | 16 | % | 13 | % | 13 | % | 16 | % | ||||||||||
Operating
margin
|
3 | % | 6 | % | 1 | % | 2 | % | 5 | % | ||||||||||
EBITDA
margin
|
6 | % | 10 | % | 5 | % | 6 | % | 9 | % |
IPIRANGA
|
CONSOLIDATED BALANCE
SHEET
|
In millions of Reais - Accounting
practices adopted in
Brazil
|
QUARTERS ENDED
IN
|
||||||||||||
JUN
|
JUN
|
MAR
|
||||||||||
2008
|
2007
|
2008
|
||||||||||
OPERATING
ASSETS
|
||||||||||||
Trade accounts
receivable
|
1,028.0 | 876.2 | 817.5 | |||||||||
Trade accounts
receivable - noncurrent portion
|
182.6 | 141.7 | 160.0 | |||||||||
Inventories
|
268.8 | 279.1 | 343.9 | |||||||||
Other
|
70.1 | 78.8 | 77.3 | |||||||||
Property, plant
and equipment and intangibles
|
717.8 | 698.6 | 707.6 | |||||||||
TOTAL OPERATING
ASSETS
|
2,267.3 | 2,074.4 | 2,106.3 | |||||||||
OPERATING
LIABILITIES
|
||||||||||||
Suppliers
|
314.2 | 318.9 | 277.7 | |||||||||
Payroll and related
charges
|
39.4 | 34.5 | 30.3 | |||||||||
Post-retirement
benefits
|
80.2 | 74.6 | 80.2 | |||||||||
Taxes
|
59.5 | 27.3 | 90.6 | |||||||||
Other accounts
payable
|
30.8 | 18.9 | 35.3 | |||||||||
TOTAL OPERATING
LIABILITIES
|
524.1 | 474.2 | 514.1 |
IPIRANGA
|
CONSOLIDATED STATEMENT OF
INCOME
|
In millions of Reais - Accounting
practices adopted in
Brazil
|
QUARTERS ENDED
IN
|
ACCUMULATED
|
|||||||||||||||||||
JUN
|
JUN
|
MAR
|
JUN
|
JUN
|
||||||||||||||||
2008
|
2007
|
2008
|
2008
|
2007
|
||||||||||||||||
Net sales
|
5,603.9 | 4,939.4 | 4,702.3 | 10,306.2 | 9,463.3 | |||||||||||||||
Cost of sales and
services
|
(5,320.8 | ) | (4,687.3 | ) | (4,432.1 | ) | (9,752.9 | ) | (8,967.4 | ) | ||||||||||
Gross
profit
|
283.1 | 252.1 | 270.2 | 553.3 | 495.9 | |||||||||||||||
Operating
expenses
|
||||||||||||||||||||
Selling
|
(79.7 | ) | (69.9 | ) | (86.0 | ) | (165.7 | ) | (148.3 | ) | ||||||||||
General
and administrative
|
(53.4 | ) | (78.7 | ) | (59.3 | ) | (112.7 | ) | (152.5 | ) | ||||||||||
Depreciation
and amortization
|
(21.0 | ) | (21.9 | ) | (20.9 | ) | (41.9 | ) | (42.3 | ) | ||||||||||
Other operating
results
|
2.5 | 2.6 | 2.6 | 5.1 | 4.9 | |||||||||||||||
EBIT
|
131.5 | 84.2 | 106.6 | 238.1 | 157.7 | |||||||||||||||
EBITDA
|
151.4 | 104.8 | 127.9 | 279.3 | 200.2 | |||||||||||||||
Depreciation and
amortization
|
22.6 | 23.4 | 22.5 | 45.1 | 45.3 | |||||||||||||||
Employees statutory
interest
|
2.7 | 2.8 | 1.2 | 3.9 | 2.8 | |||||||||||||||
RATIOS
|
||||||||||||||||||||
Gross
margin
|
5.1 | % | 5.1 | % | 5.7 | % | 5.4 | % | 5.2 | % | ||||||||||
Operating
margin
|
2.3 | % | 1.7 | % | 2.3 | % | 2.3 | % | 1.7 | % | ||||||||||
EBITDA
margin
|
2.7 | % | 2.1 | % | 2.7 | % | 2.7 | % | 2.1 | % |
*The accumulated information of
2007 is pro forma reported, non audited, inserted only to supply a
comparison base.
|
OXITENO S/A - INDÚSTRIA E
COMÉRCIO
|
CONSOLIDATED BALANCE
SHEET
|
In millions of Reais - Accounting
practices adopted in
Brazil
|
QUARTERS ENDED
IN
|
||||||||||||
JUN
|
JUN
|
MAR
|
||||||||||
2008
|
2007
|
2008
|
||||||||||
OPERATING
ASSETS
|
||||||||||||
Trade accounts
receivable
|
200.2 | 190.9 | 186.2 | |||||||||
Inventories
|
337.2 | 210.4 | 305.9 | |||||||||
Other
|
163.9 | 130.6 | 170.7 | |||||||||
Property, plant
and equipment and intangibles
|
1,164.9 | 744.3 | 1,052.8 | |||||||||
Deferred
charges
|
24.0 | 15.7 | 22.5 | |||||||||
TOTAL OPERATING
ASSETS
|
1,890.2 | 1,291.9 | 1,738.1 | |||||||||
OPERATING
LIABILITIES
|
||||||||||||
Suppliers
|
110.5 | 94.4 | 112.0 | |||||||||
Payroll and related
charges
|
27.8 | 22.9 | 24.7 | |||||||||
Taxes
|
12.0 | 16.4 | 17.3 | |||||||||
Other accounts
payable
|
5.2 | 4.7 | 5.5 | |||||||||
TOTAL OPERATING
LIABILITIES
|
155.5 | 138.4 | 159.5 | |||||||||
OXITENO S/A - INDÚSTRIA E
COMÉRCIO
|
CONSOLIDATED STATEMENT OF
INCOME
|
In millions of Reais - Accounting
practices adopted in
Brazil
|
QUARTERS ENDED
IN
|