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ANNUAL REPORT 2011 ULTRAPAR floor Th Invest@Ultra.Com.Br Fax 55 11 3177 6107 Fax Phone 55 11 3177 7014 Phone Ultrapar Participações S 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. The company maintains operations throughout the entire Brazilian territory and has, through Oxiteno, industrial plants in Mexico and Venezuela, as well as commercial offices in Argentina, Belgium, Colombia and the United States. In recent years, Ultrapar has followed a planned growth and value creation strategy, expanding its operational scale, allowing a robust and consistent earnings growth. This strategy, combined with the resilient nature of its businesses, enabled Ultrapar to record in 2011 another year of positive performance, completing 22 consecutive quarters of EBITDA growth, despite the unstable economic environment in the period. ULTRAPAR 2 This year also represents a milestone in the history of Ultrapar. In 2011, the company implemented its new corporate governance structure, through several initiatives and innovative changes in the bylaws that, taken together, contributed to expanding the frontiers of the governance practice in the country. The new structure aims to prepare Ultrapar, over the coming decades, for obtaining a performance similar to that presented since its IPO in 1999, enduring the company and its growth. Ultrapar’s shares have been listed at the BM&FBOVESPA – São Paulo Securities, Growth of 13% in EBITDA Commodities and Futures Exchange and and 12% in net earnings at the NYSE – New York Stock Exchange in 2011 since 1999. In August 2011, Ultrapar’s shares began to be traded in the Novo Mercado, a special listing segment of Strong performance of the BM&FBOVESPA, with the broadest corporate governance rules. This year, the Ultrapar’s shares since the company’s shares appreciated by 22%, one IPO: 22% annual return, of the highest appreciations among the companies traded on the Ibovespa index. with dividends reinvested ULTRAPAR 3 In 2011, Ultrapar took decisive steps to deepen the At Ipiranga, investments to capture new clients and alignment of interests among all shareholders and to expand its service stations and franchises network to endure the company’s growth. We announced boosted sales volume growth, thus increasing its a new corporate governance structure that aims at operating leverage. positioning the company to continue its trajectory of expansion and value creation. In 2011, Oxiteno concluded an important investment cycle that resulted in a significant increase in its The transaction involved the conversion of preferred production capacity. Capacity expansions in recent years shares into common shares at a 1-to-1 ratio, in a move have been focused on segments that have grown above disconnected from any equity offering or restructuring, the GDP, and enables Oxiteno to meet the expected turning Ultrapar into the largest company of dispersed demand for specialty chemicals in the coming years. ownership in the country. In this process, we also adhered to the Novo Mercado, adopting practices Ultracargo accelerated the pace to expand its terminals that exceed the requirements of this segment, which and, consequently, increase its profitability. The already sets the highest standards of corporate expanded terminal in Suape started operations in 2011. governance in Brazil. The expansions of the Santos and Aratu terminals are scheduled to start up by mid-2012. Ultrapar’s new corporate governance structure is the result of a process of successive developments in At Ultragaz, investments directed mainly in the bulk corporate governance, characterized by innovative segment, in which it was the first-mover and it is the actions. This trend allowed Ultrapar to have, in recent leader, contributed to the volume growth. These years, a history of solid growth, which has expanded its investments, combined with the acquisition of Repsol’s markets and strengthened its leadership positions in LPG distribution in Brazil, strengthened its position and each market segment that the company operates. operating scale. The growth in Ultrapar’s activities was characterized As a result of its businesses performance, Ultrapar once by large movements of expansion, through a constant again reached record levels of revenue, EBITDA and net search for differentiation in its markets, always based earnings. Ultrapar’s net sales amounted to R$ 49 billion in on innovation in the definition of new products, in 2011, an increase of 15% over net sales in 2010. Ultrapar’s the creation of new services or in the opening of consolidated EBITDA reached R$ 2,011 million, growth of new markets that Ultrapar companies pioneer. With 13% over the previous year. Net income, in turn, reached transformative ideas in different fronts of its operations, R$ 855 million, 12% higher than that in 2010. The net Ultrapar has succeeded in its objective to ensure debt to EBITDA ratio for 2011 was 1.4 times, maintaining sustainability and solidity in its business. the company’s solid financial position. The shareholders return seen in 2011 has followed The achievements of recent years, coupled with the trend since the initial public offering: from 1999 Ultrapar’s ability to renew and improve itself, prepare the to 2011, Ultrapar shares had an average appreciation company for new advancements in the coming years. of 22% per year, with reinvestment of dividends – an appreciation much higher than that presented by Paulo G. A. Cunha the Ibovespa index. Those who invested R$ 1,000 in Chairman of the Board of Directors Ultrapar during the IPO and reinvested the dividends distributed, ended 2011 with R$ 11,500, while the Pedro Wongtschowski same investment in the Ibovespa portfolio would have Chief Executive Officer resulted in R$ 5,000. During 2011, we continued to implement initiatives to MESSAGE maintain this track record. FROM THE MANAGEMENT 4 MESSAGE FROM THE MANAGEMENT From left to right: Pedro Wongtschowski and Paulo G. A. Cunha. 5 SHAREHOLDERS’ RETURN AND ACQUISITIONS AND INVESTMENTS CAPITAL MARKETS • Ipiranga expands its reseller network by 424 service • Ultrapar implemented a new corporate governance stations and 349 new franchises. structure and converted each preferred share into one common share. All shareholders started having the • Oxiteno concludes an important investment cycle with same rights in the decisions of the general meetings the expansion of the ethylene oxide unit in Camaçari, of the company. The company also joined the which added 26% to the total production capacity of Novo Mercado and implemented mechanisms that this product. overcome the high standards of this segment. • Ultracargo invests in the expansion of 15% of its • Stock split at a ratio of one share to four shares in storage capacity. February 2011. This initiative has had a positive impact on the liquidity of the shares, expanding the • In October, Ultragaz acquires Repsol’s LPG distribution number of trades and the company’s shareholder business in Brazil. base. Ultrapar’s average daily trading volume in 2011 was R$ 35 million/day, 5% higher than that in 2010, considering the negotiations that took place in RESULTS BM&FBOVESPA and the NYSE. • The shares of Ultrapar presented a 22% and 6% • Record net sales of R$ 49 billion in 2011, up 15% appreciation in 2011 at the BM&FBOVESPA and the over the previous year. NYSE, respectively, while the respective indexes presented an 18% depreciation and 6% appreciation. • Record EBITDA of R$ 2,011 million, 13% higher than that in 2010. • Ultrapar ended 2011 with a market value of R$ 17 billion, an increase of 22% compared with 2010. • Ultrapar’s net earnings reached the record level of R$ 855 million, 12% above the net earnings of • Dividends declared totaled R$ 525 million, the previous year. corresponding to a 61% payout over 2011 net earnings and to a 3.5% dividend yield. In 2011, Ultrapar became part of the portfolio of the Dividend RECOGNITIONS Index (IDIV) of BM&FBOVESPA, which includes the stocks of companies that presented the highest dividend yields in the last two years. • Ranked 5th in Fortune Magazine’s “World’s Most Admired Companies 2012” survey in the energy KEY INDICATORS AND • Once more, Ultrapar has been selected to be part of sector. the portfolio of the Corporate Sustainability Index (ISE) of BM&FBOVESPA, which consists of companies with • Awarded Best Corporate Governance in Brazil by recognized commitment to social and environmental World Finance. responsibility, corporate governance and corporate sustainability. • Best Corporate Governance in Brazil and Best Managed Company in the Chemicals & Petrochemicals Sector – Latin America by Euromoney.
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