ANNUAL REPORT 2011 ULTRAPAR REPORT ANNUAL CONTENT 2 ULTRAPAR 4 MESSAGE FROM THE MANAGEMENT ANNUAL REPORT 6 KEY INDICATORS AND HIGHLIGHTS 10 MANAGEMENT FUNDAMENTALS 10 CORPORATE GOVERNANCE 2011 14 MANAGEMENT MODEL AND STRATEGY 20 RISK MANAGEMENT 24 INNOVATION 30 RELATIONSHIP WITH STAKEHOLDERS 36 SOCIAL AND ENVIRONMENTAL PERFORMANCE 42 IPIRANGA 48 OXITENO 54 ULTRACARGO 58 ULTRAGAZ 64 RESULTS AND OUTLOOK Ultrapar Participações S. A. 64 ANALYSIS OF FINANCIAL PERFORMANCE IN 2011 th Av Brigadeiro Luís Antônio 1343 8 floor 72 CAPITAL MARKET 01317-910 São Paulo SP Brazil 76 INVESTMENTS AND OUTLOOK Phone 55 11 3177 7014 Fax 55 11 3177 6107 80 CORPORATE INFORMATION / CREDITS
[email protected] www.ultra.com.br CONTENT 2 ULTRAPAR 4 MESSAGE FROM THE MANAGEMENT 6 KEY INDICATORS AND HIGHLIGHTS 10 MANAGEMENT FUNDAMENTALS 10 CORPORATE GOVERNANCE 14 MANAGEMENT MODEL AND STRATEGY 20 RISK MANAGEMENT 24 INNOVATION 30 RELATIONSHIP WITH STAKEHOLDERS 36 SOCIAL AND ENVIRONMENTAL PERFORMANCE 42 IPIRANGA 48 OXITENO 54 ULTRACARGO 58 ULTRAGAZ 64 RESULTS AND OUTLOOK 64 ANALYSIS OF FINANCIAL PERFORMANCE IN 2011 72 CAPITAL MARKETS 76 INVESTMENTS AND OUTLOOK 80 CORPORATE INFORMATION / CREDITS CORPORATE GOVERNANCE SUSTAINABILITY INNOVATION Ranked 5th in Fortune Ultrapar holds leading position in its markets achieved over its 75 years of existence. The Magazine’s “World’s Most company operates in the fuel distribution Admired Companies 2012” business through Ipiranga and Ultragaz, in the chemical industry with Oxiteno, and in survey in the energy sector the liquid bulk storage segment through Ultracargo. By the end of 2011, Ultrapar had 9 thousand direct employees and approximately 80 thousand indirect employees.