Management Report  
Dear Shareholders,  
The Management of PPLA Parꢀcipaꢀons Ltd. (“PPLA Parꢀcipaꢀons” or “Company”) and its subsidiaries are pleased to present the  
Management Report and Financial Statements for the year ended December 31, 2023, in accordance with IAS 34 – Financial  
Reporꢀng, part of the Internaꢀonal Financial Reporꢀng Standards (IFRS) and the Brazilian Corporate Law.  
Relevant Event  
In the year ended December 31, 2023, there was no capitalizaꢀon in PPLA Investments.  
Performance  
On the year ended of 2023, PPLA Parꢀcipaꢀons had an operaꢀng result of R$ 2 thousand.  
Independent Auditors  
PPLA Parꢀcipaꢀons policy on contracꢀng services not related to the external audit by our independent auditors is based on the  
applicable regulaꢀons and the internally accepted principles that safeguard the auditor’s independence, i.e. that the auditors  
should not audit their own work, carry out management funcꢀons for their clients or promote the interests of those clients.  
Acknowledgements  
PPLA Parꢀcipaꢀons thanks its investors and market partners for their conꢀnued confidence and support.  
(A free translation of the original in Portuguese)  
PPLA  
Participations Ltd.  
Financial statements at  
December 31, 2023  
and independent auditor's report  
(A free translation of the original in Portuguese)  
Independent auditor's report  
To the Board of Directors and Shareholders  
PPLA Participations Ltd.  
Opinion  
We have audited the accompanying financial statements of PPLA Participations Ltd. (the "Company"),  
which comprise the balance sheet as at December 31, 2023 and the statements of income,  
comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, and  
notes to the financial statements, including material accounting policies and other  
explanatory information.  
In our opinion the financial statements referred to above present fairly, in all material respects, the  
financial position of PPLA Participations Ltd. as at December 31, 2023, and its financial performance  
and its cash flows for the year then ended, in accordance with the International Financial Reporting  
Standards (IFRS) as issued by the International Accounting Standards Board (IASB) (currently  
described as "IFRS Accounting Standards" by the IFRS Foundation).  
Basis for opinion  
We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our  
responsibilities under those standards are described in the "Auditor's Responsibilities for the Audit of  
the Financial Statements" section of our report. We are independent of the Company in accordance  
with the ethical requirements established in the Code of Professional Ethics and Professional  
Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our other ethical  
responsibilities in accordance with these requirements. We believe that the audit evidence we have  
obtained is sufficient and appropriate to provide a basis for our audit opinion.  
Material uncertainty related to going concern  
We draw attention to Note 1 to these financial statements, which states that the Company has incurred  
recurring decreases in shareholders' equity over the past few years for the reasons set out in that Note.  
Management's plans for reversing this situation, are also described in Note 1, and depends on the  
success of the initiatives taken by Management, through obtaining loans and capitalization, if  
necessary. This situation, among others described in that Note, indicates the existence of significant  
uncertainty that may cast significant doubts about the ability of the Company to continue as a going on  
concern. Our opinion is not qualified in respect of this matter.  
Key Audit Matters  
Key Audit Matters are those matters that, in our professional judgment, were  
of most significance in our audit of the financial statements of the current  
Matters  
period. These matters were addressed in the context of our audit of the  
financial statements as a whole, and in forming our opinion thereon,  
and we do not provide a separate opinion on these matters.  
Why it is a  
Key Audit  
Matter  
How the  
matter was  
addressed  
PricewaterhouseCoopers Auditores Independentes Ltda., Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o  
São Paulo, SP, Brasil, 04538-132  
PPLA Participations Ltd.  
In addition to the matter described in the "Material uncertainty related to going concern" section, we  
have determined the matters described below to be the key audit matters to be communicated in  
our report.  
We planned and performed our audit for the year then ended December 31, 2023 taking into  
consideration that the operations of the Company had not changed significantly in relation to the  
previous year. In this respect, the Key Audit Matters, as well as our audit approach, have remained  
substantially in line with those in the prior year.  
Why it is a Key Audit Matter  
How the matter was addressed in the audit  
Fair value measurement of financial  
instruments Level III  
As disclosed in Notes 3(e) and (f), 6 and 7, the  
Company has a investment in the subsidiary  
PPLA Investments LP., which, as of  
December 31, 2023, invested in financial  
instruments as shares and quotas of privately-  
held companies, classified as Level III, with  
operations in different industries and locations.  
These shares and quotas of privately held  
Our main audit procedures considered, among  
others, our understanding of the main processes  
involving the fair value measurement of financial  
instruments Level III.  
With the support of our specialists, we had  
meetings with those in the Management  
responsible for the preparation and approval of  
companies, with no stock exchange quoted prices, calculation of valuation of shares and quotas, in  
which are, as a result, valued at fair value  
estimated by Management, in accordance with  
the Company's assumptions and internal pricing work is consistent with the valuation techniques  
order to establish, based on our experience and  
judgment, whether the Company's measurement  
models, that are based mainly on cash flow,  
and/or recent price negotiations transactions.  
usually applied in the market.  
We also tested the valuation methodology as  
well as the assumptions used by Management  
through the following: (i) understanding  
We consider this a focus area in our audit as the  
use of different valuation techniques and  
assumptions may produce significantly different of the methodology used in the assessment;  
fair value estimates and also due to the (ii) comparison of assumptions observable  
materiality of the financial instruments, classified in the market, when applicable; (iii) review of the  
as Level III, in the context of the financial  
statements.  
movements occurred during the year;  
(iv) comparison with the information and  
fair value obtained by the Company and  
(v) comparison of the spreadsheets used for the  
share and quotas valuation with the accounting  
records and with the disclosures made in the  
notes to the financial statements.  
We believe that the criteria adopted by  
management in the fair value measurement of the  
derivative financial instruments are consistent  
with the information analyzed in our audit.  
Responsibilities of management and those charged with governance for the  
financial statements  
Management is responsible for the preparation and fair presentation of these financial statements in  
accordance with the International Financial Reporting Standards (IFRS) as issued by the International  
Accounting Standards Board (IASB) (currently described as "IFRS Accounting Standards" by the IFRS  
Foundation), and for such internal control as management determines is necessary to enable the  
preparation of financial statements that are free from material misstatement, whether due to fraud  
or error.  
3
PPLA Participations Ltd.  
In preparing the financial statements, management is responsible for assessing the Company's ability  
to continue as a going concern, disclosing, as applicable, matters related to going concern and using  
the going concern basis of accounting unless management either intends to liquidate the Company or  
to cease operations, or has no realistic alternative but to do so.  
Those charged with governance are responsible for overseeing the Company's financial reporting  
process.  
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole  
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report  
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee  
that an audit conducted in accordance with Brazilian and International Standards on Auditing will  
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and  
are considered material if, individually or in the aggregate, they could reasonably be expected to  
influence the economic decisions of users taken on the basis of these financial statements.  
As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise  
professional judgment and maintain professional skepticism throughout the audit. We also:  
Identify and assess the risks of material misstatement of the financial statements, whether due to  
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit  
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not  
detecting a material misstatement resulting from fraud is higher than for one resulting from error,  
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override  
of internal control.  
Obtain an understanding of internal control relevant to the audit in order to design audit  
procedures that are appropriate in the circumstances, but not for the purpose of expressing an  
opinion on the effectiveness of the Company's internal control.  
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting  
estimates and related disclosures made by management.  
Conclude on the appropriateness of management's use of the going concern basis of accounting  
and, based on the audit evidence obtained, whether a material uncertainty exists related to events  
or conditions that may cast significant doubt on the Company's ability to continue as a going  
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our  
auditor's report to the related disclosures in the financial statements or, if such disclosures are  
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to  
the date of our auditor's report. However, future events or conditions may cause the Company to  
cease to continue as a going concern.  
Evaluate the overall presentation, structure and content of the financial statements, including the  
disclosures, and whether the financial statements represent the underlying transactions and events  
in a manner that achieves fair presentation.  
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or  
business activities within the group to express an opinion on the Company's financial statements.  
We are responsible for the direction, supervision and performance of the audit, considering these  
investees. We remain solely responsible for our audit opinion.  
4
PPLA Participations Ltd.  
We communicate with those charged with governance regarding, among other matters, the planned  
scope and timing of the audit and significant audit findings, including any significant deficiencies in  
internal control that we identify during our audit.  
We also provide those charged with governance with a statement that we have complied with relevant  
ethical requirements regarding independence, and to communicate with them all relationships and  
other matters that may reasonably be thought to bear on our independence, and where applicable,  
actions taken to eliminate threats to our independence or safeguards applied.  
From the matters communicated with those charged with governance, we determine those matters  
that were of most significance in the audit of the financial statements of the current period and are  
therefore the Key Audit Matters. We describe these matters in our auditor's report unless law or  
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we  
determine that a matter should not be communicated in our report because the adverse consequences  
of doing so would reasonably be expected to outweigh the public interest benefits of  
such communication.  
São Paulo, March 21, 2024  
Auditores Independentes Ltda.  
CRC 2SP000160/O-5  
Edison Arisa Pereira  
Contador CRC 1SP127241/O-0  
5
PPLA Participations Ltd.  
Balance sheet  
As of December 31, 2023, and December 31, 2022  
(In thousands of reais)  
Assets  
Note  
12/31/2023  
12/31/2022  
Investment entity portfolio  
Amounts receivable  
Total assets  
5
6
9
968  
977  
7
506  
513  
Liabilities  
Other liabilities  
Total liabilities  
7
968  
968  
506  
506  
Shareholders' equity  
Capital stock and share premium  
Other comprehensive income  
Accumulated losses  
8a  
1,504,802  
424,134  
(1,928,927)  
9
1,504,802  
424,135  
(1,928,930)  
7
Total shareholders' equity  
Total liabilities and shareholders' equity  
977  
513  
The accompanying notes are an integral part of these financial statements.  
3
PPLA Participations Ltd.  
Statement of income  
Years ending December 31, 2023, and 2022  
(In thousands of reais, except profit per share)  
Note  
10  
11  
12/31/2023  
12/31/2022  
Gain on investment entity portfolio measured at fair value  
Administrative expenses  
2
5
(2,997)  
(3,221)  
Other operating income  
Operating profit  
12  
2,997  
3,218  
2
2
Profit for the year  
2
2
Profit / (Loss) per share - basic and diluted (in reais)  
9
0.0007  
0.0007  
The accompanying notes are an integral part of these financial statements.  
4
PPLA Participations Ltd.  
Statement of comprehensive income  
Years ending December 31, 2023, and 2022  
(In thousands of reais unless otherwise stated)  
12/31/2023  
12/31/2022  
Profit for the year  
2
2
(8)  
(7)  
(1)  
(6)  
Other comprehensive income / (loss) not to be reclassified to profit or loss:  
Movement in investments designated at fair value through other comprehensive income  
Currency translation adjustments  
(1)  
(1)  
-
Total comprehensive income  
1
The accompanying notes are an integral part of these financial statements.  
5
PPLA Participations Ltd.  
Statement of changes in shareholders’ equity  
Years ending December 31, 2023, and 2022  
(In thousands of reais unless otherwise stated)  
Total  
shareholders'  
equity  
Accumulated  
losses  
Capital  
1,504,802  
Other comprehensive income  
Balance as of December 31, 2021  
Profit for the Year  
Change in investments at fair value through other comprehensive income  
Currency translation adjustments  
424,143  
(1,928,934)  
11  
2
(5)  
(1)  
7
-
-
-
-
(7)  
(1)  
2
2
-
Balance as of December 31, 2022  
1,504,802  
424,135  
(1,928,930)  
Balance as of December 31, 2022  
1,504,802  
424,135  
(1,928,930)  
7
Profit for the Year  
Fair value realization of equity instrument  
-
-
-
(1)  
2
1
2
-
Balance as of December 31, 2023  
1,504,802  
424,134  
(1,928,927)  
9
The accompanying notes are an integral part of these financial statements.  
6
PPLA Participations Ltd.  
Statement of cash flows  
Years ending December 31, 2023, and 2022  
(In thousands of reais unless otherwise stated)  
Note  
12/31/2023  
12/31/2022  
Operating activities  
Profit for the year  
2
2
Adjustments to the loss for the year  
Loss from investment entity portfolio measured at fair value  
Adjusted loss for the semester  
10  
(2)  
-
(5)  
(3)  
Increase in operating liabilities  
Due to brokers  
Other liabilities  
(462)  
462  
-
51  
(48)  
-
Cash provided by / (used in) operating activities  
Increase / (decrease) in cash and cash equivalents  
Balance of cash and cash equivalents  
At the beginning of the year  
At the end of the year  
Increase / (decrease) in cash and cash equivalents  
-
-
-
-
-
-
-
-
The accompanying notes are an integral part of these Interim Financial Statement.  
7
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
1. Operating context  
PPLA Participations Ltd. ("PPLA Participations", "Company" or “PPLAP”) was constituted as a tax  
exempted Limited Liability Company under the laws of Bermuda on March 26, 2010. On December 29,  
2010, the Bermuda monetary authority approved the constitution of the Company. PPLA  
Participations headquarters is located at Clarendon House, 2 Church Street, HM 11, Hamilton,  
Bermuda.  
The Company has applied for and has been granted exemption from all forms of taxation in Bermuda  
until September 30, 2035, including income, capital gains and withholding taxes. In jurisdictions other  
than Bermuda, some foreign taxes will be withheld at source on dividends and certain interest  
received by the Company.  
PPLA Participations (together with BTG Pactual, the “Group”) have units listed on NYSE Euronext in  
Amsterdam and B3 in São Paulo. Each unit issued corresponds to 1 class A shares and 2 class B shares  
of PPLA Participations Ltd. All units listed and traded in Amsterdam remained wholly interchangeable  
with the units in Brazil.  
The Company is the sole owner of BTG Bermuda LP Holdco Ltd ("BTG Holdco") which, on December  
29, 2010, received a Class C common share from BTG Pactual Management Ltd. and thus became  
general partner of PPLA Investments LP. (“PPLA Investments“), previously denominated BTG  
Investments LP. As a consequence of this transaction, the Company obtained the right to control the  
financial and operating policies of PPLA Investments.  
PPLA Investments was formed in 2008 and makes proprietary capital investments in a wide range of  
financial instruments, including Merchant Banking investments in Brazil and overseas, and a variety of  
financial investments in global markets.  
BTG Pactual’s asset management area manages PPLA Investments’ assets and receives fees at arm’s  
length.  
The Management of PPLA Investments is monitoring the recurring reduction in the Company's  
Shareholders' Equity over the last few years, mainly due to losses arising from negative mark-to-  
market in its investment entity portfolio. Reverting the accumulated deficit situation requires a  
successful implementation of Management's initiatives through loans - made between the Company  
and BTG MB Investments LP (“BTG MB”) - which can be capitalized, if necessary.  
Although the deficit picture portraits the existence of a relevant uncertainty that can raise questions  
about the Company's operational continuity, management evaluation came to conclude, based on the  
aforementioned initiatives, that PPLA Participations has the capacity to continue operating in the next  
12 months.  
8
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
Loan Agreement  
On June 21st, 2021 PPLAI entered into a Loan Agreement with BTG MB Investments LP ("BTG MB") in  
which PPLAI approved a credit line with BTG MB with total amount to BRL750 million, to be disbursed  
according to PPLAI request, on dates and amounts of the company loan installments, on the following  
dates: June 21st,2021, July 9th, 2021, December 16th, 2021, 2022, December 12th, 2022 and  
December 23th, 2023, with 30 months maturity, starting of June 21st, 2021 and interest rate of 117.3%  
of CDI to be applied on each amount disbursed. The agreement does not have on the date of its  
execution, a provision that would enable BTG MB to capitalize such credits fully or partially in the  
corresponding number of shares (partnership interests) of PPLA Investments, without prejudice to any  
commercial agreement to be negotiated on an arm's length basis. Simultaneously with the execution  
of the Agreement, PPLA Investments requested the first disbursement to BTG MB in the amount of  
approximately BRL90 million, which was made on the same date by BTG MB.  
On July 9, 2021, PPLA Investments requested the second disbursement to BTG MB in the amount of  
approximately BRL 160 million, which was made on the same date.  
On December 16, 2021, PPLA Investments requested the third disbursement to BTG MB in the amount  
of approximately BRL 116 million, which was made on the same date.  
On November 13, 2023, PPLA Investments settled BRL 142 million of these loans, with cash and  
resources arising from operations with financial assets at amortized cost.  
The loans corresponding to this Loan Agreement are conducted within the scope of the Company's  
initiatives to address its economic and financial situation and PPLA Investments' recurring capital  
needs, especially considering the maturity of certain loans and other short-term liabilities.  
2. Presentation of Financial Statement  
The Company’s Financial Statement were prepared and are being presented in accordance with  
International Financial Report Standards (IFRS), issued by International Accounting Standards  
Board (IASB), currently referred to by the IFRS Foundation as "IFRS accounting standards".  
The items included in the Financial Statement of each of the businesses of the Company are measured  
using the currency of the primary economic environment in which the company operates ("functional  
currency").  
The Financial Statement were approved by the Management on March 12, 2024, and it contains a true  
and fair view of the financial position and results of the Company.  
Amendments to IAS 7 Statement of Cash Flow and IFRS 7 Financial Instruments: Disclosures issued  
in May 2023 increasing the disclosure requirements for supplier financing agreements and their effect  
on a company’s liabilities, cash flows and exposure to liquidity risk. These amendments will become  
effective as of January 1, 2024. The possible impacts are being evaluated and will be completed by the  
date on which the standard enters into force.  
9
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
3. Main accounting practices  
a. Use of estimative  
The preparation of Financial Statement in conformity with IFRS requires management to make  
estimates and assumptions that affect the reported balances of assets, liabilities and disclosure of  
contingent assets and liabilities at the date of the Financial Statement, as well as the reported amounts  
of revenues and expenses during the year. These estimates are based on historical experience and  
various other factors that Management believes are reasonable under the circumstances, the results  
form the basis for judgments about carrying values of assets and liabilities, which are not determined  
through other sources. The actual results could differ from those estimates.  
b. Functional currency and presentation  
The Company's functional currency became the real as of April 1, 2022, since most business  
transactions, especially its investments, are in this currency.  
The change does not have significant effects on the Financial Statement, in any period, given that the  
Company already presented its Financial Statement in real.  
c. Cash  
Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments  
redeemable in up to 3 months, subject to an insignificant risk of change in value.  
d. Revenue and expense recognition  
Net gains with financial instruments  
Amounts that arise from trading activity including all gains and losses from changes in the fair  
value and the interest and dividend income or expense of financial assets and liabilities held for  
trading.  
Interest income (expense)  
Interest income (expense) is recognized as incurred, using the effective interest rate method. The  
interest on financial instruments held for trading are recorded in the statement of income when  
applicable.  
10  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
e. Financial instruments  
This section described the accounting practices related to IFRS 9.  
Recognition date  
All financial assets and liabilities are initially recognized on the trading date, that is, the date on  
which the entity becomes an interested party to the contractual relationship of the instrument.  
This includes purchases or sales of financial assets or liabilities that require delivery of the asset  
at a specified time established by regulation or market standard.  
Initial recognition of financial instruments  
The classification of the financial instruments at their initial recognition depends on the purpose  
for which they were acquired and their characteristics. IFRS 9 classification is generally based on  
the business model in which a financial asset is managed and its contractual cash flows.  
Subsequently to the IFRS 9 early adoption without electing fair value option, the Company  
classified its financial assets as measured at fair value through profit or loss (FVTPL), fair value  
through other comprehensive income (FVOCI) with or without recycling or at amortized cost.  
Derivatives financial instruments  
Derivative financial instruments are recorded at fair value and held as assets when fair value is  
positive and as liabilities when fair value is negative. The changes in fair value of derivatives are  
recognized in the income statement “Net gains (losses) with financial instruments held for  
trading”.  
Financial assets and liabilities designated at fair value through profit and loss  
Financial assets and liabilities classified in this category are those designed as such on initial  
recognition. The designation of a financial instrument at fair value through profit or loss on initial  
recognition is only possible when the following criteria is observed, and the designation of each  
instrument is individually determined:  
Designation eliminates or significantly reduces the inconsistent treatment which would occur  
in the measurement of assets and liabilities or in the recognition of gains and losses  
corresponding to different ways; or  
Assets and liabilities are part of a group of financial assets, financial liabilities, or both, which  
are managed and with their performance assessed based on the fair value, as a documented  
strategy of risk or investment management; or  
The financial instrument contains one (or more) embedded derivative(s), which significantly  
modifies the cash flows that would otherwise be required by the agreement.  
11  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
Financial assets and liabilities at fair value through profit and loss are recorded in the balance  
sheet at fair value. Changes in the fair value and earned or incurred interest are recorded in “profit  
and loss”.  
Financial assets measured at amortized cost  
A financial asset shall be measured at amortized cost if both of the following conditions are met:  
The financial asset is held within a business model whose objective is to hold financial assets  
in order to collect contractual cash flows and.  
The contractual terms of the financial asset give rise on specified dates to cash flows that are  
solely payments of principal and interest on the principal amount outstanding.  
After initial measurement, financial assets are measured at amortized cost using the effective  
interest rate method.  
Financial liabilities at amortized cost  
Financial liabilities are measured at amortized cost using the effective interest rate method and  
considering any discount or premium on issue and relevant costs that become part of the effective  
interest rate.  
Reclassifications  
Financial assets are not reclassified subsequent to their initial recognition, except in the period  
after the Company changes its business model for managing financial assets.  
Impairment of financial assets  
Under IFRS 9, at initial recognition of a debt instrument, the Company needs to project its  
expected credit losses for the next 12 months and recognize it as an allowance for credit losses,  
even though no losses have yet occurred.  
If the Company is expecting a significant deterioration in the credit quality of its counterparty, it  
should recognize an allowance equivalent to the lifetime expected credit losses of the instrument,  
rather than only the 12 month expected credit losses.  
12  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
Measurement  
Expected credit losses are a probability-weighted estimate of credit losses. They are measured as  
follows:  
Financial assets that are not credit-impaired at the Report date: as the present value of all cash  
shortfalls (the difference between the cash flows due to the entity in accordance with the  
contract and the cash flows that the Group expects to receive).  
Financial assets that are credit-impaired at the Report date: as the difference between the  
gross carrying amount and the present value of estimated future cash flows.  
Undrawn loan commitments: as the present value of the difference between the contractual  
cash flows that are due to the Group if the commitment is drawn down and the cash flows that  
the Group expects to receive; and  
Financial guarantee contracts: the expected payments to reimburse the holder less any  
amounts that the Group expects to recover.  
If the assets are no longer performing (a credit event), despite considering the expected credit losses  
for the lifetime of the instrument, the Company should also recognize interest revenue based on the  
net carrying amount, which means that the allowance should be accounted for on interest recognition.  
The main evidence of deterioration of the credit quality of the counterparty are:  
the significant decline in the fair value of any security for a prolonged period.  
noncompliance with contract terms for delay of principal or interest.  
deterioration in ability to pay and operational performance.  
breach of covenants.  
notable change in the performance of the counterparty market.  
reduced liquidity of the asset due to financial difficulties the lender.  
For impairment losses related to debt instruments through other comprehensive income, such losses  
will be recognized on the consolidated statements of income against other comprehensive income in  
an account called “accumulated impairment amount.” However, if in a subsequent period occur an  
increase in the fair value of the financial asset that can be related to any event, the loss previously  
considered will be reversed in profit and losses.  
The Company is required to reduce the gross carrying amount of its financial instruments when there  
is no reasonable expectation of recovering the contractual cash flows on the financial assets on its  
entirety or a portion thereof.  
f. Valuation of Investment entity portfolio  
Within the context of IFRS 10, this entity is treated as an investment entity and therefore it is not  
necessary to conduct all the procedures related to the consolidation of investees, as the exception  
indicated in this rule. The objective is to earn gains through the management of portfolios and  
eventual purchase and sale transactions.  
13  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
Investment entity portfolio is held at fair value with movements in fair value going through the profit  
and loss account. The investments held by BTG Holdco (through BTGI) are defined as underlying  
investments. These underlying investments correspond substantially to an investment in global  
markets and merchant banking investments which are generally made directly or through ownership  
in limited partnership funds. The merchant banking investments are comprised of equity ownerships,  
loans and convertible instruments which most of the risk and return are dependent on the fair value  
and characteristics of underlying equity. The Company may adjust these values if, in its view, the  
values do not reflect the price which would be paid in an open and unrestricted market between  
informed and prudent parties, acting at arm's length and under no compulsion to act.  
Investment entity portfolio is measured according to the fair value measurement hierarchy  
described below:  
Level 1: Price quotations observed in active markets for the same instrument.  
Level 2: Price quotations observed in active markets for instruments with similar characteristics or  
based on pricing model in which the relevant parameters are based on observable active market data.  
Level 3: Pricing models in which current market transactions or observable data are not available and  
require a high degree of judgment and estimation. Instruments in this category have been valued using  
a valuation technique where at least one input which could have a significant effect on the  
instrument’s valuation is not based on observable market data. Where inputs can be observed from  
market data without undue cost and effort, the observed input is used. Otherwise, the Company  
determines a reasonable level for the input. The valuation models are developed internally and are  
reviewed by the pricing team, which is independent from the revenue generating areas, they are  
updated whenever there is evidence of events that could have affected the assets’ pricing. Investment  
entity portfolio primarily includes certain limited partnership interests in private equity funds mainly  
derived from our merchant banking activities and OTC derivatives which valuation depends upon  
unobservable inputs. No gain or loss is recognized on the initial recognition of an investment entity  
portfolio valued using a technique incorporating significant unobservable data.  
Level 3 valuation assumptions  
Asset  
Valuation technique  
Main assumptions  
Market and revenue growth, profitability and  
Price of recent investments; Models based on leverage expectations, discount rates, macro-  
discounted cash flows or earnings; market economic assumptions such as inflation and  
Private Equity Funds (unquoted  
investments)  
transactions (M&A) multiples.  
exchange rates, risk premiums including market,  
size and country risk premiums.  
Counterpart  
recovery rates.  
-
Probability of default and  
Derivatives  
Standard models and non-bidding quoted  
prices  
In certain cases, data used to determine fair value may be from the different levels of the fair value  
measurement hierarchy. In these cases, the financial instrument is classified in the most conservative  
hierarchy in which the relevant data for the fair value assessment were used. This evaluation requires  
judgment and considers specific factors of the relevant financial instruments. Changes in the  
availability of the information may result in reclassification of certain financial instruments among the  
different levels of fair value measurement hierarchy.  
14  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
g. Financial instruments Offsetting  
Financial assets and liabilities are presented net in the balance sheet if, and only if, there is a current  
and enforceable legal right to offset the amounts recognized and if there is the intention to offset, or  
to realize the asset and clear the liability simultaneously.  
h. Contingent assets and liabilities  
Provisions are recognized when the Company has a current obligation (legal or constructive), as the  
result of a past event and it is probable that an outflow of resources which incorporates economic  
benefits shall be required to settle the obligation and a reliable estimate of the amount of the  
obligation can be made. The expense related to any allowance is presented in the income statement  
net of any reimbursement.  
The recognition, measurement and the disclosure of the assets and contingent liabilities and of the  
legal are made pursuant to the criteria described below.  
Contingent assets - not recognized in the Financial Statement, except when there is evidence that  
realization is virtually certain.  
Contingent liabilities - are recognized in the Financial Statement when, based on the opinion of legal  
advisors and Management, the risk of loss of an action, judicial or administrative is deemed likely, with  
a probable outflow of resources to settlement of the obligations and when the amounts involved can  
be reasonably measured. Contingent liabilities classified as possible losses by the legal advisors are  
only disclosed in explanatory notes, while those classified as remote losses are neither provided for  
nor disclosed.  
i. Profit allocation  
The dividends are classified as liabilities when declared by the board and approved by the  
Extraordinary / Ordinary General Meeting.  
j. Segment information  
IFRS 8 requires that operating segments are disclosed consistently with information provided to the  
Company’s chief operating decision maker, who is the person or group of persons that allocates  
resources to the segments and assesses their performance. Management understands the Company  
has only one segment, which is related to the company’s an investment activity and so no segment  
information is disclosed.  
15  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
k. Invested companies  
Below is the ownership interest held by PPLA Investments in its Indirect subsidiaries:  
Equity interest - %  
12/31/2023 12/31/2022  
Country  
Indirect subsidiaries  
7.77  
7.77  
Timber XI SPE S.A.  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
Brazil  
8.02  
8.02  
Timber IX Participações S.A.  
Timber XII SPE S.A.  
7.77  
8.02  
7.77  
Fazenda Corisco Participações S.A.  
BTG Pactual Santa Terezinha Holding S.A.  
Timber VII SPE S.A.  
8.02  
7.77  
8.02  
7.84  
8.02  
100.00  
100.00  
100.00  
4.40  
BTGI VII Participações S.A.  
100.00  
100.00  
100.00  
4.40  
BTGI VIII Participações S.A.  
Harpia Omega Participações S.A.  
Latte Saneamento e Participações S.A.  
Auto Adesivos Paraná S.A.  
11.17  
11.17  
4. Risk management  
The Company’s risk management involves several levels of our management team and various policies  
and strategies. The structure of the Company’s committees allows engaging the whole organization  
and ensuring decisions are readily implemented.  
The main committees/meetings involved in risk management activities are: (i) Management meeting,  
which approves policies, defines overall limits and, alongside with the other committees, monitors the  
management of our risks; (ii) Compliance Committee, which is responsible for establishing policy rules  
and report potential problems related to money laundering.  
a. Market risk  
The Company evaluated and will continue to evaluate and measure the performance of substantially  
all of its fair value investment portfolio and, therefore, there was no significant change in the risk  
management structure.  
b. Credit risk  
The following table shows the maximum exposure of the investment entity portfolio by geographic  
region:  
12/31/2023  
Brazil  
17  
United States  
Others  
Total  
17  
1
18  
Assets  
Investment entity portfolio  
Financial assets at amortized cost (i)  
Total  
-
-
-
-
-
17  
1
1
16  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
17  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
12/31/2022  
United States  
Brazil  
Others  
Total  
Assets  
Cash and cash equivalents  
Investment entity portfolio  
Investments at fair value through other comprehensive income  
Financial assets at amortized cost (i)  
Other assets  
-
12  
-
-
-
-
-
4
3
-
2
-
-
-
1
3
2
12  
4
3
1
Total  
12  
7
22  
(i) The amount basically corresponds to loans to partners.  
The table below states the maximum exposures to credit risk of the investment entity portfolio,  
classified by the counterparties’ economic activities:  
12/31/2023  
Private  
Companies  
Individuals  
Others  
Total  
institutions  
Assets  
Investment entity portfolio  
Financial assets at amortized cost  
Total  
-
-
-
16  
-
16  
-
1
1
1
-
1
17  
1
18  
12/31/2022  
Companies Individuals  
Private  
institutions  
Others  
Total  
Assets  
Cash and cash equivalents  
Investment entity portfolio  
Investments at fair value through other comprehensive income  
Financial assets at amortized cost  
Other assets  
2
-
-
-
-
-
12  
4
-
-
-
-
-
3
-
-
-
-
-
1
1
2
12  
4
3
1
Total  
2
16  
3
22  
c. Liquidity analysis and risk  
As of December 31, 2023, and December 31, 2022, the Company does not have any cash or cash  
equivalents. And there is no fixed maturity for the discounted cash flows for the investment entity  
portfolio of the Company. The following table shows the Investment entity portfolio’s liquidity  
position as of December 31, 2023, and 2022:  
12/31/2023  
90 to  
365  
Up to 90 days /  
No maturity  
1 to 3  
years  
Over 3  
years  
Total  
days  
Assets  
Cash and cash equivalents  
Investment entity portfolio  
Financial assets at amortized cost  
Liabilities (i)  
-
17  
-
-
17  
-
-
-
(9)  
(9)  
-
-
-
-
-
-
-
1
-
-
17  
1
(9)  
9
Total  
1
12/31/2022  
90 to  
365  
days  
Up to 90 days /  
No maturity  
1 to 3  
years  
Over 3  
years  
Total  
Assets  
Investment entity portfolio  
Cash and cash equivalents  
Investment entity portfolio  
Investments at fair value through other comprehensive income  
Financial assets at amortized cost  
2
12  
4
-
1
(3)  
16  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
-
-
2
12  
4
3
1
(15)  
7
Other assets  
Liabilities (i)  
Total  
(12)  
(12)  
3
(i) The amounts refer basically to loans to partners.  
18  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
5. Investment entity portfolio  
The Financial Statement of PPLA Investments (“PPLAI”) for the year ended December 31, 2023, were  
reviewed by independent auditors who issued an opinion report on March 12, 2024, without  
modification, presenting a section of relevant uncertainty related to operational continuity.  
As of December 31, 2023, PPLA Investments' equity is BRL 325,109 (2022 269,230) due to results  
with the investment entity portfolio. PPLA Participations marked its investment in PPLA Investments  
at BRL 9 on December 31, 2023 (BRL 7 December 31, 2022), considering the percentage of interest  
held by the Company of 0.003% (December 31, 2022 0.003%). PPLA P does not have contractual  
commitments with the liabilities of its investees.  
PPLA Participations values its investments at fair value, in accordance with the accounting’s standards  
of PPLA Investments.  
The relevant figures of the PPLA Investments investment portfolio, as of December 31, 2023, and  
December 31, 2022, are presented below:  
Note  
12/31/2023 (1)  
12/31/2022 (1)  
Assets  
Cash and cash equivalents  
Investment entity portfolio  
Investments at fair value through other comprehensive income  
Financial assets at amortized cost  
Other assets  
(a)  
(b)  
(c)  
(d)  
6,501  
610,757  
13,945  
25,170  
947  
78,562  
448,832  
145,081  
118,510  
20,414  
Total  
Liabilities  
Derivatives  
Financial liabilities at amortized cost  
Other liabilities  
657,320  
811,399  
-
330,847  
1,364  
20,404  
430,102  
91,665  
(e)  
Total  
332,211  
542,171  
Shareholders' equity  
Total liabilities and shareholders' equity  
325,109  
657,320  
269,228  
811,399  
(a) Cash  
This item is composed exclusively of bank deposits with immediate liquidity.  
(b) Investment entity portfolio  
As of December 31, 2023  
Fair value  
As of December 31, 2022  
Fair value  
Merchant Banking investments  
Private equity funds ("FIP")  
Subsidiaries, associates, and jointly controlled entities  
Others (1)  
562,674  
421,879  
140,795  
48,083  
513,447  
382,244  
131,203  
(64,615)  
448,832  
Total  
610,757  
(1) Includes financial assets and liabilities entered into by Company subsidiaries.  
19  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
(i) Merchant Banking investments  
Merchant Banking investments consist of investments, held directly or through investment  
vehicles (including funds that also include third party investors), in a diversified group of portfolio  
companies primarily located in Brazil. Merchant Banking investments are structured generally  
through privately negotiated transactions with a view to divest in four to ten years.  
As of December 31, 2023, and 2022, PPLA Investments Merchant Banking investments  
corresponds to private equity and real estate investments, through FIP or other investment  
vehicles, as disclosed below:  
12/31/2023  
12/31/2022  
Fair  
value  
Merchant Banking investments  
Through FIPs:  
Description/Segment activity  
(%) (1)  
Fair value  
(%) (1)  
Adhesives, labels and special  
paper company  
Beontag  
11.17%  
421,878  
11.17%  
382,244  
Through subsidiaries, associates and jointly controlled entities:  
Timber XI SPE S.A.  
Timber IX Participações S.A.  
Timber XII SPE S.A.  
BTG Pactual Santa Terezinha Holding S.A.  
Fazenda Corisco Participações S.A.  
Timber VII SPE S.A.  
Biological assets  
Biological assets  
Biological assets  
Biological assets  
Biological assets  
Biological assets  
Others  
7.77%  
7.77%  
7.77%  
7.77%  
7.77%  
7.84%  
-
2,535  
14,854  
55,063  
10,295  
12,504  
43,345  
2,200  
8.02%  
8.02%  
8.02%  
8.02%  
8.02%  
8.02%  
-
4,311  
13,866  
48,125  
11,772  
12,777  
37,365  
2,987  
Loans - Merchant Banking investments  
Total  
562,674  
513,447  
(1) The equity interest disclosed in the table above refers to the Company indirect interest.  
Fair value Hierarchy  
The summary of assets and liabilities classified in accordance with the fair value hierarchy is as follows:  
12/31/2023  
Level 1  
Level 2  
Level 3  
Total  
Investment entity portfolio  
Merchant Banking investments  
Private equity funds  
Subsidiaries, associates, and jointly controlled entities  
Others  
-
-
-
-
-
421,878  
138,596  
-
421,878  
140,796  
48,083  
2,200  
48,083  
50,283  
Total  
560,474  
610,757  
12/31/2022  
Level 1  
Level 2  
Level 3  
Total  
Investment entity portfolio  
Merchant Banking investments  
Private equity funds  
Subsidiaries, associates, and jointly controlled entities  
Others  
-
-
-
-
-
2,987  
(64,615)  
(61,628)  
382,244  
128,216  
-
382,244  
131,203  
(64,615)  
448,832  
Total  
510,460  
(c) Investments at fair value through other comprehensive income  
PPLA Investments presents part of its investment entity portfolio as investments designated at fair  
value through other comprehensive income, as described below:  
As of December 31, 2023  
Fair value  
As of December 31, 2022  
Fair value  
Merchant Banking investments - FIP  
Total  
13,945  
13,945  
145,081  
145,081  
20  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
(i) Merchant banking investments - FIP  
As of December 31, 2023, and December 31, 2022, PPLA Investments Merchant Banking investments  
corresponds to private equity and real estate investments, through FIP, as disclosed below:  
12/31/2023  
12/31/2022  
Merchant Banking investments  
A!Bodytech Participações S.A.  
Description/Segment activity  
Fitness segment  
(%) (1)  
10.5%  
Fair value  
5,831  
(%) (1)  
10.5%  
Fair value  
5,739  
Waste collection, treatment, and  
disposal  
Latte S.A.  
15.7%  
3,949  
15.7%  
2,397  
PagSeguro LTDA. (2) (3)  
Others  
Payment’s institution  
Others  
-
-
-
4,165  
0.9%  
-
128,774  
8,171  
Total  
13,945  
145,081  
(1) The equity interest disclosed in the table above refers to the Company indirect interest.  
(2) On September 05, 2022, on Extraordinary / Ordinary General Meeting the new class A of redeemable preferred shares was approved for conversion by  
Company’s preferred shareholders choice, and, the full redeem from the preferred shares redeemable, assuming the full conversion of preferred shares  
held by the shareholder BTG Pactual Principal Investments Fundo de Investimento em Participações Multiestratégia, and, the deliverance of 7.960.215  
(seven million, nine hundred sixty thousand, two hundred fifteen) Class A ordinary shares issued by PagSeguro Digital Ltd. (“Pagseguro”).  
(3) Throughout the first semester of 2023, there was a sale of all of PagSeguro's shares. This event is part of the divestment process that the Company has  
been conducting.  
Fair value hierarchy  
The summary of assets and liabilities classified in accordance with the fair value hierarchy is as follows:  
12/31/2023  
Level 1  
Level 2  
Level 3  
Total  
Investments at fair value through other comprehensive income  
Merchant Banking investments - FIP  
Total  
4,165  
4,165  
-
-
9,780  
9,780  
13,945  
13,945  
12/31/2022  
Level 1  
Level 2  
Level 3  
Total  
Investments at fair value through other comprehensive income  
Merchant Banking investments - FIP  
Total  
-
-
-
-
145,081  
145,081  
145,081  
145,081  
(d) Financial assets at amortized cost  
12/31/2023  
12/31/2022  
Partners (i)  
25,170  
118,510  
Total  
25,170  
118,510  
(i)  
Loans granted by PPLA Investments are indexed to DI or SOFR, and the maturity is in general higher than one year. Loans to partners are provided in  
connection with the acquisition of shares in BTG Pactual Group and are considered as related parties at PPLA Investments note 13.  
As of December 31, 2023, and December 31, 2022, the fair value attributed to the loans and  
receivables is similar to its amortized cost.  
(e) Fair value Hierarchy  
(i) Summary of Fair Value Techniques  
There was no change in fair value techniques in relation to the financial projections for the year ended  
December 31, 2022.  
21  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
(ii) Reclassification between levels  
During the year held on December 31, 2023, there was no reclassification between levels and fair  
value position.  
(f) Financial liabilities at amortized cost  
Part of the loans and medium-term notes are guaranteed by BTG Pactual Holding S.A., indirect parent  
company of Banco BTG Pactual.  
6. Amounts receivable  
As of December 31, 2023, the item refers entirely to amounts receivable from investees/subsidiaries,  
to pay for the Companys administrative expenses as of December 31, 2023, in the amount of BRL 968  
(BRL 506 as of December 31, 2022).  
7. Other liabilities  
As of December 31, 2023, the item refers entirely to amounts payable regarding administrative  
expenses from the Company's BDRs program in the amount of BRL 968 (BRL 506 as of December 31,  
2022).  
8. Shareholders’ equity  
a. Capital  
As of December 31, 2023, and December 31, 2022, the Company’s capital was comprised by the  
following class of shares:  
Authorized  
5.000.000.000  
Issued  
Par value (BRL)  
Voting rights  
Vote per share  
Class A (i)  
Class B (i)  
Class C  
938.222  
Yes  
No  
Yes  
Yes  
1
-
10.000.000.000  
1
1.000.000.000  
1.876.444  
1
-
1
(*)  
1
Class D  
0,0000000001  
Total  
16.000.000.001  
2.814.667  
(*) Class C shareholders hold voting rights equivalent to ten times the total number of issued and subscribed A and D Class shares at any moment.  
(i) Only class A and class B shareholders are entitled to economic benefits.  
b. Dividends  
The Company did not distribute dividends during the year ended December 31, 2023, and the year  
ended December 31, 2022.  
9. Profit / (Loss) per share  
12/31/2023  
12/31/2022  
Profit for the year  
2
2
Weighted average per thousand shares outstanding during the year  
Profit / (Loss) per share - basic and diluted (in reais)  
2,815  
0.0007  
2,815  
0.001  
22  
PPLA Participations Ltd.  
Notes to the Financial Statements  
December 31, 2023  
(In thousands of reais)  
10.Gain / (Loss) from investment entity portfolio measured at fair value  
through profit or loss  
12/31/2023  
12/31/2022  
Gain on investment entity portfolio  
Total  
2
2
5
5
11. Administrative expenses  
In the years ended December 31, 2023, and 2022, the item is composed exclusively of custodial  
expenses, due to the Companys BDR program.  
12. Other operational income  
In the years ended December 31, 2023, and 2022, the item is composed exclusively of amounts  
regarding reimbursed from subsidiaries.  
13. Related Parties  
Assets (Liabilities)  
12/31/2023 12/31/2022  
Revenues (Expenses)  
12/31/2023 12/31/2022  
Relationship  
Assets  
Amounts receivable  
- PPLA Investments LP  
Controlled entities  
968  
506  
2,997  
3,218  
No management compensation was recorded during the years ended December 31, 2023, and 2022.  
23