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Ultra 2016 ANNUAL REPORT 2016 02 Ultra Annual Report 2016 Contents 03 ULTRA 2016 ANNUAL REPORT 2016 02 ULTRA ANNUAL REPORT 2016 CONTENTS 03 Contents 04 08 20 INTRODUCTION ULTRA MANAGEMENT FUNDAMENTALS • Introduction • Ultra • Corporate Governance • Message from Management • Highlights 2016 • Ethics and Compliance • Key Indicators • Risk Management 28 38 48 54 STRATEGY AND OUTLOOK PEOPLE MANAGEMENT MANAGEMENT OF SAFETY OUR BUSINESSES • A Multi-business Vision • Valorization of Professional • Safe Environment • Ipiranga • Ultra Business Model Development • Oxiteno • Investment Plan • Ultra Culture • Ultragaz • Sustainability Model • Compensation • Ultracargo • Leadership Development • Extrafarma • Other Highlights of the Year 70 82 87 ENVIRONMENTAL MANAGEMENT FINANCIAL PERFORMANCE CORPORATE INFORMATION • Reduction of Impacts • Sales Balance • Integrated Models in Eco-efficiency • Consistent Results • Management of GHG Emissions • Capital Markets • Water • Energy • Solid Waste 04 ULTRA ANNUAL REPORT 2016 INTRODUCTION 05 Introduction We are pleased to present the report of our activities in 2016. The report This year, we have sought to expand focuses on the importance given to institutional transparency and best the scope of the annual report by practices of communication with the Company’s stakeholders. It presents the including socio-environmental key results reported in 2016 by Ultra and its businesses – Ipiranga, Oxiteno, performance indicators Ultragaz, Ultracargo and Extrafarma –, the main projects, its economic-financial performance and information regarding the five sustainability pillars: Safety, the Environment, People, Products and Services and the Value Chain. These performance indicators. The information We believe that, to present these details themes were defined according to relating to our sustainability pillars has on our sustainability performance, is the corporate guidelines and are matched been defined by taking into account first step towards bringing these different by all the Company’s businesses. In the the level of maturity of the Company in aspects of the Company together, albeit light of market specificities, each one of mapping and monitoring this information still not in full compliance with the the businesses also maintains proprietary and its materiality to the stakeholders. All requirements inherent to the disclosure policies reflecting their own particular the companies report their performance methodologies. The underlying idea is socio-environmental activity. to Ultra on priority items. However, it to present a more complete vision with has not been possible to raise certain respect to performance and the value that With the stimulus of the main tendencies indicators for Extrafarma, especially those Ultra creates for the stakeholders. for disclosing results such as the Global relating to environmental management. Reporting Initiative (GRI) methodology The company was incorporated by and the integrated reporting principles Ultra in 2013 and work is underway to of the International Integrated Reporting standardize this information in alignment Initiative (IIRC), we have sought to with what is already monitored by the expand the scope of the annual report other businesses. by including the socio-environmental FIVE SUStaINABILITY PIllarS: WHere TO FIND The socio-environmental information is highlighted according to the respective icons throughout the SAFETY ENVIRONMENT PEOPLE PRODUCTS AND VALUE publication. SERVICES CHAIN 06 ULTRA ANNUAL REPORT 2016 MESSAGE FROM MANAGEMENT 07 Message from Management OUR MANAGEMENT MODEL In one more year with a challenging macro-economic scenario in Brazil, Ultra was able to demonstrate the consistency of its management and the resilience of “In spite of market downturns and its businesses. As with any other company for which the principal market is Brazil, we political uncertainties, to pursue suffered the effects of a difficult economy, especially in those businesses most our strategic plan and invest in our closely linked to the country’s economic performance. Nevertheless, we proceeded employees is a hallmark of Ultra” with the implementation of our plans and actions based on our vision 2022. The implementation of our investment strategy continued rigorously on course, our business model and aligned to the more effectively in the key North despite a year of deep recession with strategy of each one of our businesses American surfactants market. Further a significant decline in GDP, household as well as that of Ultra. Overall, during to executing projects with a view to incomes and decreasing levels of the year, we concluded an aggressive future growth, there was also progress employment. On the contrary, we investment plan of approximately R$ 1.9 in activities relating to innovation with expanded our corporate strategy for billion, 36% greater than 2015. the addition of 66 new solutions to our developing leaders and teams and for portfolio. Despite a 2% increase in sales strengthening our organizational culture. Strategy at Ipiranga was focused on the volume in 2016, the company’s net In 2016, Ultracargo enjoyed the benefits as gradually in other regions of Brazil. By opening of service stations, strengthening revenue was 9% lower, mainly due to the of robust fuel handling operations at year-end 2016, we had opened 71 new Even in the face of market downturns our reseller partners and enlarging the average depreciation of the US Dollar the port terminals. This market growth, stores, making a total of 315 located and political uncertainty, to pursue our distribution infrastructure. We ended against the Real, which also depressed combined with the partial recovery of across 10 states. The company reported an strategic plan and invest in our employees the year with 7,563 Ipiranga service EBITDA by 38%. the company in the aftermath of the annual EBITDA 29% higher than recorded - always responsibly and with discipline stations, 333 more than 2015. Another Santos (São Paulo) fire in 2015, produced in 2015. in capital allocation - is one of Ultra’s core aspect of Ipiranga’s strategy and manifest Innovation and operational excellence highly positive results with net revenues characteristics. We are always alert to during the year, is differentiation through were the focus of Ultragaz during the rising 13%. EBITDA rose 7%, excluding the All the initiatives and actions that led projects opportunities that bring future innovation and convenience. In 2016, this year. The company pursued actions based Santos operations and the investments us to these results are aligned with our benefits and provide the foundations strategy translated into investments in on its strategy of growth and improving made in the recovery of the terminal management model, which guides for accelerating our businesses when 256 new am/pm franchises, 128 Jet Oil the reseller network, increasing the following the fire. us and motivates us – leaders and economic growth resumes. units, 163 bakeries, 138 beer caves, among competitive edge of its services based on employees – to make Ultra a company R$ 1.9 other initiatives for offering greater value, technological support and information We relaunched the Extrafarma brand, with a high performance team and an In 2016, we examined and implemented practicality and quality to our resellers and systems as well as the creation of new consolidating a new market positioning ethical business reference, financially new initiatives and projects, which will clients. All these initiatives led to year- commercialization channels. On the which reinforces the characteristics of healthy, strongly committed to society billion allow us to establish new growth paths, over-year growth of 2% in net revenues operational front, we invested in a trust and greater proximity in customer and the environment. This socio- both immediate and future, for our and 11% in EBITDA. new filling plant in Juazeiro (Bahia) for relationships. At store level, these environmental commitment is aligned was invested businesses. Three important transactions increasing efficiency in distribution of characteristics translated into a new with our businesses, conscious as we are were announced. In the fuels distribution At Oxiteno, the year was an advance in bottled gas and services offered to the layout and increased standards of of our corporate responsibility for the in 2016, 36% segment, we signed an agreement to internationalization through expansion population in the region. As a result, we pharmaceutical retailing management, development of the country. acquire ALESAT and in LPG distribution, in the United States. Developments at were successful in reaching net revenue providing greater convenience and an greater than in the Liquigás. We also set up a new lubricants the new Pasadena plant in Texas evolved and EBITDA 16% and 25% respectively improved shopping experience for our Paulo G. A. Cunha (Chairman of business with Chevron, one of the world’s and construction work will continue higher than 2015. customers. On the back of store renewal, the Board of Directors) and Thilo preceding year largest companies in the energy sector. throughout 2017. Once complete, the we are now accelerating our expansion Mannhardt (Chief Executive Officer) These initiatives were adopted based on new unit will allow Oxiteno to compete in the North and the Northeast as well 08 ULTRA ANNUAL REPORT 2016 ULTRA 09 Ultra IN THIS CHAPTER • Ultra • Highlights 2016 • Key Indicators Present in Brazil’s key economic sectors, Ultra’s businesses reported consistent results in a challenging year 10
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