Form 20-F
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X
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Form 40-F
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Yes
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No
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X
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Yes
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No
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X
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Item
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||
1.
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Financial Letter for the 2º Quarter of Fiscal Year 2012 – July, August, September
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2.
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Cosan Limited – Quarterly Financial Information for the quarter ended September 30, 2011
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Highlights 2Q’12 | |||||||||
Marcelo Martins
CFO & IRO
Guilherme Machado
IR Manager
ri@cosan.com.br
www.cosan.com.br/ir
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|||||||||
● | Raízen Energia EBITDA margin of 31.3% | ||||||||
● |
EBITDA margin of R$ 55.7/cbm in Raízen Combustíveis
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||||||||
● |
57.1% growth in Rumo's transportation revenue
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||||||||
● |
Net revenue of R$ 267.2 million for the quarter of Cosan Alimentos’ formation
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||||||||
Definitions:
2Q’12 - quarter ended September 30th , 2011
2Q’11 - quarter ended September 30th , 2010
FY'12 - fiscal year beginning on April 1st 2011 and closing on March 31st , 2012
FY'11 - fiscal year beginning on April 1st 2010 and closing on March 31st , 2011
YTD’12 – period started on the same date of FY’12 and finished by the end of 2Q’12
YTD’11 – period started on the same date of FY’11 and finished by the end of 2Q’11
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Summary of Financial Information – Cosan Consolidated
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||||||||
2Q'12
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2Q'11
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Amounts in R$ MM
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YTD´12
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YTD´11
|
|||||
6,804.3
|
4,716.1
|
Net Operating Revenue
|
11,992.3
|
8,715.7
|
|||||
761.9
|
720.9
|
Gross Profit
|
1,349.9
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1,197.8
|
|||||
11.2%
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15.3%
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Gross Margin
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11.3%
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13.7%
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|||||
293.6
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278.3
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Operating Profit
|
3,807.5
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416.2
|
|||||
659.2
|
678.8
|
EBITDA
|
4,476.7
|
1,107.2
|
|||||
9.7%
|
14.4%
|
EBITDA Margin
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37.3%
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12.7%
|
|||||
677.3
|
678.8
|
Adjusted EBITDA¹
|
1,179.7
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1,107.2
|
|||||
10.0%
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14.4%
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Adjusted EBITDA Margin
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9.8%
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12.7%
|
|||||
86.9
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240.8
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Net Income before Minority Shareholders
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2,389.3
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243.0
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|||||
63.2
|
251.5
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Net Income
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2,362.5
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252.0
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|||||
0.9%
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5.3%
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Net Margin
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19.7%
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2.9%
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|||||
2Q'12
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2Q'11
|
YTD´12
|
YTD´11
|
||||||
360.3
|
510.7
|
CAPEX
|
1,069.6
|
1,219.1
|
|||||
4,853.9
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4,735.1
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Net Debt
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4,853.9
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4,735.1
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|||||
9,270.6
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6,412.1
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Equity and Non-controlling Interests
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9,270.6
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6,412.1
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|||||
Note 1: Excluding the effects of the Raízen´s formation
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EBITDA e Margem EBITDA por Unidade de Negócio
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YTD´12 | |||||||||||||||||||
Valores em R$ MM
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Raízen
Energia
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Raízen Combustíveis (Pro forma) |
Cosan
Alimentos
(Pro forma)
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Rumo
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Outros
Negócios
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|||||||||||||||
Receita Operacional Líquida
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4,303.1 | 19,626.6 | 267.2 | 354.7 | 531.0 | |||||||||||||||
Custo de Produtos e Serviços
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(3,445.8 | ) | (18,608.2 | ) | (200.1 | ) | (230.9 | ) | (349.5 | ) | ||||||||||
Lucro Bruto
|
857.2 | 1,018.4 | 67.0 | 123.8 | 181.5 | |||||||||||||||
Margem Bruta
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19.9 | % | 5.2 | % | 25.1 | % | 34.9 | % | 34.2 | % | ||||||||||
Despesa com Vendas
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(314.5 | ) | (530.8 | ) | (30.5 | ) | - | (97.9 | ) | |||||||||||
Despesas Gerais e Administrativas
|
(206.2 | ) | (183.3 | ) | (5.5 | ) | (19.4 | ) | (55.1 | ) | ||||||||||
Outras Receitas (Despesas) Operacionais
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(19.4 | ) | 121.8 | 0.0 | 6.6 | (20.6 | ) | |||||||||||||
Efeitos da formação da Raízen
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- | - | - | - | 3,297.0 | |||||||||||||||
Depreciação e Amortização
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927.5 | 180.4 | 0.6 | 20.4 | 22.4 | |||||||||||||||
EBITDA
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1,244.7 | 606.4 | 31.7 | 131.4 | 3,327.3 | |||||||||||||||
Margem EBITDA
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28.9 | % | 3.1 | % | 11.9 | % | 37.0 | % | 626.6 | % | ||||||||||
EBITDA Ajustado²
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1,244.7 | 606.4 | 31.7 | 131.4 | 30.37 | |||||||||||||||
Margem EBITDA Ajustada
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145.2 | % | 3.1 | % | 11.9 | % | 37.0 | % | 5.7 | % | ||||||||||
Margem EBITDA Ajustada (R$/m3)
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- | 58.2 | - | - | - |
EBITDA e Margem EBITDA por Unidade de Negócio
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2T´12
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|||||||||||||||||||
Valores em R$ MM
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Raízen
Energia
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Raízen
Combustíveis
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Cosan
Alimentos
|
Rumo
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Outros
Negócios
|
|||||||||||||||
Receita Operacional Líquida
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2,665.8 | 9,901.1 | 267.2 | 213.7 | 289.9 | |||||||||||||||
Custo de Produtos e Serviços
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(2,160.8 | ) | (9,356.0 | ) | (200.1 | ) | (136.8 | ) | (197.0 | ) | ||||||||||
Lucro Bruto
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504.9 | 545.1 | 67.0 | 76.9 | 92.9 | |||||||||||||||
Margem Bruta
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18.9 | % | 5.5 | % | 25.1 | % | 36.0 | % | 32.1 | % | ||||||||||
Despesa com Vendas
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(172.5 | ) | (270.7 | ) | (30.5 | ) | - | (43.2 | ) | |||||||||||
Despesas Gerais e Administrativas
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(89.7 | ) | (122.3 | ) | (5.5 | ) | (10.4 | ) | (36.3 | ) | ||||||||||
Outras Receitas (Despesas) Operacionais
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(9.0 | ) | 60.7 | 0.0 | 0.3 | (22.9 | ) | |||||||||||||
Efeitos da formação da Raízen
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- | - | - | - | (18.2 | ) | ||||||||||||||
Depreciação e Amortização
|
599.6 | 84.2 | 0.6 | 10.3 | 12.8 | |||||||||||||||
EBITDA
|
833.3 | 296.9 | 31.7 | 77.1 | (14.7 | ) | ||||||||||||||
Margem EBITDA
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31.3 | % | 3.0 | % | 11.9 | % | 36.1 | % | -5.1 | % | ||||||||||
EBITDA Ajustado²
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833.3 | 296.9 | 31.7 | 77.1 | 3.4 | |||||||||||||||
Margem EBITDA Ajustada
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31.3 | % | 3.0 | % | 11.9 | % | 36.1 | % | 1.2 | % | ||||||||||
Margem EBITDA Ajustada (R$/m3)
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- | 55.7 | - | - | - |
Operational Figures
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|||||||||||||||
2Q´12
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2Q´11
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YTD´12
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YTD´11
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||||||||||||
26,355.0 | 23,072.0 |
Crushed Sugarcane
|
44,740 | 42,940 | |||||||||||
12,416 | 10,534 |
Own (‘000 tons)
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22,431 | 20,430 | |||||||||||
13,939 | 12,538 |
Suppliers (‘000 tons)
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22,309 | 22,510 | |||||||||||
143.0 | 149.6 |
Sugarcane TSR (kg/ton)
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135.4 | 139.9 | |||||||||||
87.4 | % | 79.3 | % |
Mechanization (%)
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86.1 | % | 79.3 | % | |||||||
Production
|
|||||||||||||||
2,130 | 1,843 |
Sugar
|
3,313 | 3,111 | |||||||||||
1,303 | 1,169 |
Raw Sugar (‘000 tons)
|
2,023 | 2,030 | |||||||||||
827 | 674 |
White Sugar (‘000 tons)
|
1,290 | 1,081 | |||||||||||
967 | 990 |
Ethanol
|
1,596 | 1,745 | |||||||||||
386 | 316 |
Anhydrous Ethanol (‘000 cbm)
|
587 | 512 | |||||||||||
581 | 674 |
Hydrous Ethanol (‘000 cbm)
|
1,009 | 1,233 |
Sales Breakdown
|
|||||||||||||||
2Q´12
|
2Q´11
|
Amounts in R$ MM
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YTD´12
|
YTD´11
|
|||||||||||
2,665.8 | 1,758.5 |
Net Operating Revenue
|
4,303.1 | 3,032.1 | |||||||||||
1,485.7 | 1,107.0 |
Sugar Sales
|
2,359.6 | 1,936.3 | |||||||||||
304.6 | 338.3 |
Domestic Market
|
648.2 | 648.3 | |||||||||||
1,181.1 | 768.7 |
Foreign Market
|
1,711.4 | 1,288.1 | |||||||||||
981.8 | 532.4 |
Ethanol Sales
|
1,625.6 | 889.3 | |||||||||||
817.5 | 453.4 |
Domestic Market
|
1,400.9 | 760.1 | |||||||||||
164.2 | 79.0 |
Foreign Market
|
224.6 | 129.2 | |||||||||||
111.1 | 79.3 |
Energy Cogeneration
|
180.8 | 132.7 | |||||||||||
87.2 | 39.7 |
Other Products and Services
|
137.1 | 73.9 |
Sugar Inventories
|
||||||||
2Q´12
|
2Q´11
|
|||||||
´000 ton
|
1,028.8 | 1,089.6 | ||||||
R$'MM
|
668.6 | 569.5 | ||||||
R$/ton
|
649.9 | 522.7 |
Ethanol Inventories
|
||||||||
2Q´12
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2Q´11
|
|||||||
´000 cbm
|
510.5 | 733.1 | ||||||
R$'MM
|
561.3 | 561.6 | ||||||
R$/cbm
|
1,099.6 | 766.1 |
COGS per Product
|
|||||||||||||||
2Q´12
|
2Q´11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
(2,160.8 | ) | (1,265.2 | ) |
Cost of Goods Sold (COGS)
|
(3,445.8 | ) | (2,283.6 | ) | |||||||
(1,046.2 | ) | (710.4 | ) |
Sugar
|
(1,725.7 | ) | (1,244.7 | ) | |||||||
(909.3 | ) | (493.5 | ) |
Ethanol
|
(1,432.5 | ) | (915.6 | ) | |||||||
(205.3 | ) | (61.3 | ) |
Other and Energy Cogeneration
|
(287.7 | ) | (123.2 | ) | |||||||
Average Unitary Cost³
|
|||||||||||||||
(516.7 | ) | (406.9 | ) |
Cash cost of sugar (R$/ton)
|
(528.2 | ) | (430.7 | ) | |||||||
(781.0 | ) | (523.2 | ) |
Cash cost of ethanol (R$/’000 liters)
|
(780.4 | ) | (584.1 | ) |
●
|
Lower TSR levels, which in 2Q‘11 were 149.6 kg/ton compared to 2Q‘12 of 143.0 kg/ton;
|
●
|
An increase in the cost of supplier‘s sugarcane due to higher cost of TSR/kg that rose from R$ 0.3524 in 2Q‘11 to R$ 0.4951 for 2Q‘12, representing an increase of 40.5% and elevating the total in approximately R$ 240.0 million;
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●
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An increase in the cost of own sugarcane due to an increase in the cost of leasing during 2Q‘12 that totaled R$ 17.3 per ton of sugarcane, while in 2Q‘11 this cost was R$ 8.3 per ton mainly related to the higher TSR price during the period;
|
●
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Lower dilution of planting and crop treatment cost during the period due to the reduction in productivity, reflected in the reduction of TCH (tons of cane per hectare), which in 2Q‘11 was 83.6, compared to 2Q‘12, which was 72.9.
|
Gross Profit and Gross Margin per Product
|
|||||||||||||||
2Q´12
|
2Q´11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
504.9 | 493.3 |
Gross Profit
|
857.2 | 748.5 | |||||||||||
439.5 | 396.5 |
Sugar
|
633.9 | 691.6 | |||||||||||
29.6 | % | 35.8 | % |
Sugar Gross Margin (%)
|
26.9 | % | 35.7 | % | |||||||
47.6 | % | 49.6 | % |
Sugar (Cash) Gross Margin (%)
|
45.7 | % | 48.7 | % | |||||||
72.4 | 38.9 |
Ethanol
|
193.1 | (26.4 | ) | ||||||||||
7.4 | % | 7.3 | % |
Ethanol Gross Margin (%)
|
11.9 | % | -3.0 | % | |||||||
37.7 | % | 37.2 | % |
Ethanol (Cash) Gross Margin (%)
|
39.0 | % | 28.2 | % | |||||||
(7.0 | ) | 57.8 |
Other and Energy Cogeneration
|
30.2 | 83.3 |
Selling, General and
|
|||||||||||||||
Administrative Expenses
|
|||||||||||||||
2Q´12
|
2Q´11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
(172.5 | ) | (169.0 | ) |
Selling Expenses
|
(314.5 | ) | (280.7 | ) | |||||||
(89.7 | ) | (102.7 | ) |
General and Administrative Expenses
|
(206.2 | ) | (184.1 | ) |
EBITDA
|
|||||||||||||||
2Q´12
|
2Q´11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
833.3 | 527.8 |
EBITDA
|
1,244.7 | 837.1 | |||||||||||
31.3 | % | 30.0 | % |
Margin EBITDA
|
28.9 | % | 27.6 | % |
Summary of hedge Operations at September 30th , 2011
|
||||||||
2011 / 2012 | 2012 / 2013 | |||||||
Sugar
|
||||||||
NY #11
|
||||||||
Volume (‘000 tons)
|
665.8 | 427.7 | ||||||
Average Price (¢US$/lb)
|
26.38 | 24.86 | ||||||
London #5
|
||||||||
Volume (‘000 tons)
|
33.7 | - | ||||||
Average Price (US$/lb)
|
729.04 | - | ||||||
Exchange rate
|
||||||||
US$
|
||||||||
Volume (US$ million)
|
447.75 | 276.3 | ||||||
Average Price (R$/US$)
|
1.8204 | 1.8645 | ||||||
Volume to be sold / Hedged (‘000 tons)
|
843.8 | 3,045.0 | ||||||
% Sale Protected Sugar / Fixed
|
82.9 | % | 14.0 | % |
Expiration Period - (R$MM)
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2011/12 | 2012/13 |
Total
|
|||||||||
Futures
|
OTC/NYBOT
|
NY#11
|
(173.1 | ) | 34.1 | (139.0 | ) | |||||||
NDF
|
OTC/CETIP
|
USD
|
(34.8 | ) | (31.2 | ) | (65.9 | ) | ||||||
(=) Hedge Accounting impact
|
(207.8 | ) | 2.9 | (204.9 | ) | |||||||||
(-) Deferred Income Tax
|
70.7 | (1.0 | ) | 69.7 | ||||||||||
(=) Asset Valuation Adjustment
|
(137.2 | ) | 1.9 | (135.3 | ) |
CAPEX
|
|||||||||||||||
2Q´12
|
2Q´11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
508.8 | 358.4 |
Total Capex
|
1,116.5 | 924.7 | |||||||||||
347.8 | 302.7 |
Operating Capex
|
727.4 | 612.1 | |||||||||||
247.5 | 198.1 |
Biological assets
|
464.7 | 392.7 | |||||||||||
14.6 | 3.4 |
Inter-harvest maintenance costs
|
129.0 | 65.4 | |||||||||||
56.3 | 67.6 |
SSMA and Sustaining
|
60.4 | 76.4 | |||||||||||
29.4 | 33.6 |
Mechanization
|
73.3 | 77.6 | |||||||||||
161.0 | 55.7 |
Expasion Capex
|
389.1 | 312.6 | |||||||||||
133.7 | 15.0 |
Cogeneration projects
|
270.4 | 113.8 | |||||||||||
- | 18.2 |
Greenfield
|
- | 42.6 | |||||||||||
- | 22.5 |
Expasion
|
55.5 | 74.7 | |||||||||||
27.3 | - |
Others
|
63.2 | 81.5 |
●
|
Book Base (Accounting)
|
●
|
2Q‘12 – three months (July, August and September of 2011) of Raízen Combustíveis operations
|
●
|
YTD‘12 – four months (June to September of 2011) of Raízen Combustíveis operations and two months (April to May of 2011) of operation of the fuel business under management of Cosan (CCL not including the Lubricants business)
|
●
|
2Q‘11 - three months (July, August and September of 2010) of operations of the fuels business under Cosan management (CCL not including the Lubricants results)
|
●
|
YTD‘11 – six months (April to September 2010) of the operations of the fuel business under Cosan management (CCL not including the Lubricants results)
|
●
|
Pro Forma Base
|
●
|
YTD‘12 – four months (June to September of 2011) of Raízen Combustíveis operations and two months (April to May of 2011) of carve-out combination of fuel assets of both CCL and Shell
|
●
|
2Q‘11 - three months (July, August and September of 2010) of carve-out combination of fuel assets of both CCL and Shell
|
●
|
YTD‘11 – six months (April to September 2010) of carve-out combination of fuel assets of both CCL and Shell
|
Book
|
Proforma
|
Proforma
|
Proforma
|
Sales Breakdown
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
Amounts in R$ MM
|
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
9,901.1 | 8,918.9 | 19,626.6 | 17,363.8 |
Net Operating Revenue
|
9,901.1 | 2,810.8 | 15,030.9 | 5,389.2 | |||||||||||||||||||||||
9,901.1 | 8,909.9 | 19,604.7 | 17,335.5 |
Fuel Sales
|
9,901.1 | 2,801.7 | 15,009.0 | 5,360.8 | |||||||||||||||||||||||
640.1 | 723.3 | 1,192.4 | 1,355.2 |
Ethanol
|
640.1 | 203.2 | 972.6 | 373.0 | |||||||||||||||||||||||
3,940.7 | 3,092.5 | 8,127.1 | 6,160.7 |
Gasoline
|
3,940.7 | 1,102.8 | 6,178.4 | 2,177.5 | |||||||||||||||||||||||
4,146.4 | 4,107.0 | 7,964.8 | 7,870.8 |
Diesel
|
4,146.4 | 1,467.0 | 6,286.0 | 2,758.5 | |||||||||||||||||||||||
1,013.1 | 750.7 | 2,020.0 | 1,475.2 |
Jet Fuel
|
1,013.1 | - | 1,339.5 | - | |||||||||||||||||||||||
160.9 | 236.4 | 300.5 | 473.5 |
Others
|
160.9 | 28.7 | 232.5 | 51.8 | |||||||||||||||||||||||
- | 9.0 | 21.9 | 28.4 |
Other services
|
- | 9.0 | 21.9 | 28.4 |
Fuels Inventories
|
Book
|
Book
|
||||||
2Q´12
|
2Q´11
|
|||||||
000 cbm
|
470.8 | 325.8 | ||||||
R$'MM
|
845.3 | 557.0 | ||||||
R$/cbm
|
1,795.6 | 1,709.7 |
Book
|
Proforma
|
Proforma
|
Proforma
|
COGS
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
Amounts in R$ MM
|
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
(9,356.0 | ) | (8,480.2 | ) | (18,608.2 | ) | (16,462.6 | ) |
Fuel Sales
|
(9,356.0 | ) | (2,697.5 | ) | (14,296.9 | ) | (5,167.5 | ) | |||||||||||||||
Average unitary cost
|
|||||||||||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
R$/’000 liters
|
2T'12
|
2T'11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
(1,754 | ) | (1,584 | ) | (1,785 | ) | (1,577 | ) |
Fuel Sales
|
(1,754 | ) | (1,715 | ) | (1,779 | ) | (1,716 | ) |
Book
|
Proforma
|
Proforma
|
Proforma
|
Gross Profit
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
Amounts in R$ MM
|
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
545.1 | 438.7 | 1,018.4 | 901.2 |
Gross Profit
|
545.1 | 113.2 | 733.9 | 221.7 | |||||||||||||||||||||||
102.2 | 81.9 | 97.7 | 86.3 |
Gross margin (R$/‘000 liters)
|
102.2 | 72.0 | 91.3 | 73.6 | |||||||||||||||||||||||
5.5 | % | 4.9 | % | 10.4 | % | 10.4 | % |
Gross Margin (%)
|
5.5 | % | 4.0 | % | 4.9 | % | 4.1 | % |
Book
|
Proforma
|
Proforma
|
Proforma
|
Selling, General and Administrative Expenses |
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
Amounts in R$ MM
|
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
(270.7 | ) | (235.0 | ) | (530.8 | ) | (543.2 | ) |
Selling Expenses
|
(270.7 | ) | (69.8 | ) | (409.7 | ) | (138.0 | ) | |||||||||||||||
(122.3 | ) | (99.3 | ) | (183.3 | ) | (164.5 | ) |
General and Administrative Expenses
|
(122.3 | ) | (20.5 | ) | (151.1 | ) | (45.7 | ) |
Book
|
Proforma
|
Proforma
|
Proforma
|
EBITDA
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
Amounts in R$ MM
|
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
296.9 | 172.7 | 606.4 | 302.0 |
Ebitda
|
296.9 | 56.1 | 451.2 | 90.7 | |||||||||||||||||||||||
3.0 | % | 1.9 | % | 3.1 | % | 1.7 | % |
Margin (%)
|
3.0 | % | 2.0 | % | 3.0 | % | 1.7 | % | |||||||||||||||
55.7 | 32.2 | 58.2 | 28.9 |
Margin (R$/cbm)
|
55.7 | 35.7 | 56.1 | 30.1 |
Book
|
Proforma
|
Proforma
|
Proforma
|
CAPEX
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
2Q´12
|
2Q´11
|
YTD´12
|
YTD´11
|
Amounts in R$ MM
|
2Q´12 |
2Q´11
|
YTD´12
|
YTD´11
|
|||||||||||||||||||||||
76.7 | 46.4 | 122.0 | 75.8 |
CAPEX
|
76.7 | 25.3 | 114.4 | 40.2 |
Sales breakdown
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
213.7 | 144.6 |
Net Operating Revenue
|
354.7 | 249.9 | |||||||||||
154.3 | 98.2 |
Transportation
|
250.4 | 168.5 | |||||||||||
52.2 | 38.8 |
Loading
|
93.9 | 73.8 | |||||||||||
7.3 | 7.5 |
Others
|
10.3 | 7.6 |
Costs of Services
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
(136.8 | ) | (103.7 | ) |
Cost of Services Provided
|
(230.9 | ) | (179.5 | ) |
Gross profit and gross margin
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
76.9 | 40.9 |
Gross Profit - Rumo
|
123.8 | 70.5 | |||||||||||
36.0 | % | 28.3 | % |
Gross Margin (%)
|
34.9 | % | 28.2 | % |
Selling, General and Administrative
|
|||||||||||||||
Expenses
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
- | - |
Selling Expenses
|
- | - | |||||||||||
(10.4 | ) | (8.5 | ) |
General and Administrative Expenses
|
(19.4 | ) | (15.0 | ) |
EBITDA
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
77.1 | 43.9 |
EBITDA
|
131.4 | 80.1 | |||||||||||
36.1 | % | 30.3 | % |
Margin
|
37.0 | % | 32.0 | % |
CAPEX
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
48.1 | 127.0 |
Capex
|
156.4 | 250.9 |
●
|
Book Base (Accounting)
|
●
|
2Q‘12 – three months (July, August and September 2011) of Cosan Alimentos operations
|
●
|
Pro Forma base
|
●
|
2Q‘11 – three months (July, August and September 2010) of Cosan Alimentos operations recorded on a management basis according to currently principles
|
●
|
YTD‘11 – six months (April to September 2010) of Cosan Alimentos operations recorded on a management basis according to currently principles
|
●
|
YTD‘12 - six months (April to September 2011) of Cosan Alimentos operations recorded on a management basis according to currently principles
|
Book
|
Proforma
|
Sales breakdown
|
Proforma
|
Proforma
|
|||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD'12
|
YTD'11
|
|||||||||||
267.2 | 213.5 |
Net Operating Revenue
|
495.0 | 430.3 | |||||||||||
240.8 | 191.0 |
Refined sugar sales
|
445.5 | 384.9 | |||||||||||
13.3 | 12.5 |
Cristal sugar sales
|
24.8 | 27.0 | |||||||||||
13.1 | 10.0 |
Special sugar sales
|
24.7 | 18.4 |
Sugar Inventories
|
||||
2Q'12
|
||||
´000 ton
|
29.1 | |||
R$'MM
|
34.7 | |||
R$/ton
|
1,190.7 |
Book
|
Proforma
|
COGS
|
Proforma
|
Proforma
|
||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD'12
|
YTD'11
|
||||||||||||
(200.1 | ) | (161.3 | ) | Cost of Goods Sold (COGS) | (375.3 | ) | (317.9 | ) | ||||||||
(178.1 | ) | (143.6 | ) |
Refined sugar
|
(336.9 | ) | (282.4 | ) | ||||||||
(11.9 | ) | (12.0 | ) |
Cristal sugar
|
(21.4 | ) | (24.7 | ) | ||||||||
(10.1 | ) | (5.7 | ) |
Special sugar
|
(17.0 | ) | (10.8 | ) |
Book
|
Proforma
|
Gross Profit
|
Proforma
|
Proforma
|
|||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD'12
|
YTD'11
|
|||||||||||
67.0 | 52.2 |
Gross Profit
|
119.7 | 112.4 | |||||||||||
25.1 | % | 24.4 | % |
Gross Margin (%)
|
24.2 | % | 26.1 | % |
Book
|
Proforma
|
Selling, General and Administrative Expenses |
Proforma
|
Proforma
|
|||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD'12
|
YTD'11
|
|||||||||||
(30.5 | ) | (31.3 | ) |
Selling Expenses
|
(58.3 | ) | (56.3 | ) | |||||||
(5.5 | ) | (4.5 | ) |
General and Administrative Expenses
|
(10.0 | ) | (8.4 | ) |
Book
|
Proforma
|
EBITDA
|
Proforma
|
Proforma
|
|||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD'12
|
YTD'11
|
|||||||||||
31.7 | 15.8 |
EBITDA
|
51.3 | 46.7 | |||||||||||
11.9 | % | 7.4 | % |
Margin
|
10.4 | % | 10.8 | % |
Sales breakdown
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
289.9 | 206.2 |
Net Operating Revenue
|
531.0 | 409.4 | |||||||||||
282.9 | 206.2 |
Lubricant Sales
|
513.0 | 407.9 | |||||||||||
7.0 | - |
Other Products and Services
|
18.0 | 1.5 |
Selling, General and Administrative
|
|||||||||||||||
Expenses
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
(43.2 | ) | (36.1 | ) |
Selling Expenses
|
(97.9 | ) | (70.0 | ) | |||||||
(36.3 | ) | (6.2 | ) |
General and Administrative Expenses
|
(55.1 | ) | (13.7 | ) |
EBITDA
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
(14.7 | ) | 42.8 |
Ebitda
|
3,327.4 | 91.1 | ||||||||||
18.2 | - |
Effects from Joint Venture (Raízen)
|
(3,297.0 | ) | - | ||||||||||
3.4 | 42.8 |
Adjusted Ebitda margin
|
30.4 | 91.1 | |||||||||||
1.2 | % | 20.8 | % |
Adjusted Ebitda margin
|
5.7 | % | 22.3 | % |
Financial Results
|
|||||||||||||||
2Q'12
|
2Q'11
|
Amounts in R$ MM
|
YTD´12
|
YTD´11
|
|||||||||||
(156.9 | ) | (138.6 | ) |
Gross Debt Charges
|
(341.7 | ) | (279.6 | ) | |||||||
44.8 | 18.3 |
Income from Financial Investments
|
72.5 | 63.2 | |||||||||||
(112.1 | ) | (120.3 | ) |
(=) Subtotal: Gross Debt Interests
|
(269.2 | ) | (216.4 | ) | |||||||
(4.8 | ) | (16.0 | ) |
Other Charges and Monetary Variation
|
(17.7 | ) | (25.6 | ) | |||||||
(311.8 | ) | 187.7 |
Exchange Rate Variation
|
(186.8 | ) | 155.5 | |||||||||
(8.2 | ) | 15.5 |
Gains (losses) with Derivatives
|
9.2 | 23.3 | ||||||||||
43.3 | 19.5 |
Others
|
82.1 | 19.0 | |||||||||||
(393.6 | ) | 86.4 |
(=) Financial, net
|
(382.4 | ) | (44.1 | ) |
(i)
|
R$ 156.9 million in advances of foreign-exchange agreements;
|
(ii)
|
R$ 65.1 million in BNDES credit lines and other loans taken out for energy cogeneration projects and mechanization of sugarcane harvesting, among others.
|
Debt by type
|
||||||||||||||||
Amounts in R$ MM
|
2Q'12
|
1Q'12
|
% ST
|
Var. %
|
||||||||||||
Senior Notes 2014
|
656.7 | 565.9 | 1 | % | 16 | % | ||||||||||
Expenses with Debt Placement
|
(8.0 | ) | (7.3 | ) | 35 | % | 9 | % | ||||||||
BNDES
|
1,412.0 | 1,369.4 | 10 | % | 3 | % | ||||||||||
Working Capital
|
846.5 | 715.4 | 1 | % | 18 | % | ||||||||||
Prepaid Exports
|
737.8 | 662.5 | 17 | % | 11 | % | ||||||||||
Senior Notes 2017
|
750.3 | 642.5 | 1 | % | 17 | % | ||||||||||
Advances on Exchange Contracts
|
729.6 | 596.5 | 100 | % | 22 | % | ||||||||||
Credit Notes
|
349.3 | 291.2 | 33 | % | 20 | % | ||||||||||
Finame
|
236.9 | 253.8 | 29 | % | -7 | % | ||||||||||
Finem
|
229.1 | 238.7 | 21 | % | -4 | % | ||||||||||
Rural credit
|
95.5 | 93.9 | 100 | % | 2 | % | ||||||||||
PROINFA
|
29.9 | 31.2 | 12 | % | -4 | % | ||||||||||
CDCA
|
31.5 | 30.8 | 99 | % | 2 | % | ||||||||||
PASS
|
- | - | - | 0 | % | |||||||||||
Expenses with Placement of Debt
|
(11.6 | ) | (10.6 | ) | 22 | % | 10 | % | ||||||||
Total Raízen
|
6,085.4 | 5,473.9 | 23 | % | 11 | % | ||||||||||
Consolidation ( 50% RAIZEN after 01-05)
|
3,042.7 | 2,736.9 | 23 | % | 11 | % | ||||||||||
- | - | 0 | % | 0 | % | |||||||||||
- | - | 0 | % | 0 | % | |||||||||||
Finame
|
554.1 | 503.9 | 9 | % | 10 | % | ||||||||||
Expenses with Placement of Debt
|
(1.0 | ) | (1.0 | ) | 12 | % | -3 | % | ||||||||
Guaranteed Account
|
- | - | - | 0 | % | |||||||||||
Perpetual Bonds
|
947.8 | 475.0 | 1 | % | 100 | % | ||||||||||
Credit Notes
|
322.7 | 311.7 | 0 | % | 4 | % | ||||||||||
Expenses with Placement of Debt
|
(12.6 | ) | (7.5 | ) | 17 | % | 66 | % | ||||||||
Other Businesses
|
1,811.2 | 1,282.1 | 3 | % | 41 | % | ||||||||||
Total Cosan
|
4,853.9 | 4,019.1 | 15 | % | 21 | % | ||||||||||
Availabitity
|
1,471.7 | 1,278.2 | 100 | % | 15 | % | ||||||||||
Net Debt
|
3,382.2 | 2,740.9 | -21 | % | 23 | % |
●
|
On July 11, Cosan announced that its subsidiary Cosan Overseas Limited, set a price on July 6, 2011 for the sale of US$200 million to reissue their Perpetual "Senior Notes" issued on October 29, 2010, under regulation "Reg S". The perpetual notes were issued at a price of 103% of face value which corresponds to an effective interest rate of 7.429% and are guaranteed by Cosan SA Indústria e Comércio and Cosan Lubrificantes e Especialidades S.A. They were rated Ba2 by Moody's , BB (stable) by Standard and Poor's and BB (stable) by Fitch.
|
●
|
On July 29, Cosan announced to shareholders that, as proposed by the Board of Directors at a meeting held on June 29, 2010, and approved at General and Special Shareholder's Meetings held on July 29, 2011, there would be a distribution of dividends for the fiscal year 2011, ending March 31, 2011, totaling R$ 200,000,000 (two hundred million reais), corresponding to R$ 0.492271565 per share, without income taxes withheld at the source.
|
●
|
On August 12, Cosan announced that, as stated in the Notice to Shareholders of 29 July 2011, it was decided at a meeting of the Board of Directors of the Company held on that date, that with regard to dividends for the fiscal year ended March 31, 2011, totaling R$ 200,000,000 (two hundred million reais), corresponding to R$ 0.492271565 per share, without income taxes withheld at the source, that would be distributed on August 31, 2011. Shareholders who have escrow accounts will have their amounts available to them according to the procedures adopted by the Stock Exchanges.
|
●
|
On August 26, Cosan announced today that it approved at a meeting of the Board of Directors of the Company held on August 18, 2011, the first program for Granting Options for the Purchase or Subscription of shares under the Company's Stock Purchase Option Plan, approved at the Special General Meeting held on July 29, 2011 ("2011 Program"), a limit of up to 12,000,000 (twelve million) common shares issued by the Company (CSAN3) the exercise price of R$ 22.80 per share, which will be updated for inflation by the IPCA - National Index of Consumer Prices, calculated and published by the IBGE, until the effective date of subscription or purchase. The exercise period for the 2011 program extends for a period of between 5 to 10 years from the date of the grant.
|
●
|
On August 30, Cosan Limited announced to shareholders, in addition to and as an amendment to the Notice to Shareholders of August 12, 2011, that the announced value for distribution of dividends for the fiscal year 2011, of US$ 76,097,326.26, corresponding to US$ 0.281126238 per Class A / B share or the equivalent in Reais to holders of Certificate of Share Deposit (BDR), represents the gross amount of dividends, which would be subject to any deductions by the escrow agent for the BDR, in accordance with applicable law.
|
●
|
On September 26, Cosan Limited announced that the Board of Directors, as stated in the Minutes sent to CVM on 09/16/2011, renewed its Common Stock Repurchase Program. Repurchases of common stock will be made in accordance with Rule 10b5-1 ("Rule 10b5-1 plan") of the Securities Exchange Commission (SEC) of the United States of America. The repurchase program does not obligate the Company to acquire a specific number of shares and may be suspended, modified or discontinued by the Company at any time at the Company's discretion without prior notice.
|
●
|
On October 13, Cosan Limited, in accordance with section 203.01 of the NYSE's Listed Company Manual, announced that it has filed its Form 20-F for the fiscal year ended March 31, 2011 the SEC - Securities and Exchange Commission and provided the document in the English version on the Company's website www.cosan.com.br/ir .
|
●
|
On October 20, Cosan and Cosan Limited reported that its subsidiary, Cosan Lubrificantes e Especialidades S.A., signed on October 13, 2011, a Purchase and Sale of Assets ("Agreement") with ExxonMobil Lubricants Trading Company for the distribution and sale of Lubricants in Bolivia, Paraguay and Uruguay and became the exclusive distributor of Mobil brand products in these countries. Cosan will take over these operations beginning November 14, 2011. The markets of Bolivia, Paraguay and Uruguay will be supplied with the Mobil brand product line, which is produced in the Company's lubricants plant located in Rio de Janeiro. Cosan has estimated that this acquisition would provide an increase of 5% in annual sales and considered this business to be part of its business strategy to increase its presence outside of Brazil.
|
FY´2011
|
FY´2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
||
Cosan
Consolidado
|
Net Revenue (R$MM)
|
18.063
|
25.000 ≤ ∆ ≤ 27.500 | 25.000 ≤ ∆ ≤ 27.500 | 25.000 ≤ ∆ ≤ 27.500 |
EBITDA (R$MM)
|
2.671
|
1.800 ≤ ∆ ≤ 2.200 | 1.800 ≤ ∆ ≤ 2.200 | 1.800 ≤ ∆ ≤ 2.200 | |
Net income (R$MM)
|
772
|
- | - | - | |
CAPEX (R$MM)
|
2.500
|
2.000 ≤ ∆ ≤ 2.300 | 2.000 ≤ ∆ ≤ 2.300 | 2.000 ≤ ∆ ≤ 2.300 | |
FY´2011
|
FY´2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
||
Raízen
Energia
|
Volume of crushed sugarcane (‘000 tons)
|
54.238
|
56.000 ≤ ∆ ≤ 60.000 | 53.000 ≤ ∆ ≤ 56.000 | 53.000 ≤ ∆ ≤ 54.000 |
Volume of sugar sold (‘000 tons)
|
4.291
|
4.200 ≤ ∆ ≤ 4.600 | 3.900 ≤ ∆ ≤ 4.300 | 3.900 ≤ ∆ ≤ 4.100 | |
Volume of ethanol sold (millions of liters)
|
2.247
|
2.100 ≤ ∆ ≤ 2.300 | 2.000 ≤ ∆ ≤ 2.300 | 1.900 ≤ ∆ ≤ 2.000 | |
Volume of energy sold (‘000 MWh)
|
1.254
|
1.400 ≤ ∆ ≤ 1.600 | 1.200 ≤ ∆ ≤ 1.400 | 1.200 ≤ ∆ ≤ 1.400 | |
EBITDA (R$MM)
|
2.130
|
1.900 ≤ ∆ ≤ 2.300 | 1.900 ≤ ∆ ≤ 2.100 | 1.850 ≤ ∆ ≤ 2.050 | |
FY´2011
|
FY´2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
||
Raízen
Combustíveis
|
Volume of fuel sold (millions of liters)
|
-
|
21.000 ≤ ∆ ≤ 23.000 | 21.000 ≤ ∆ ≤ 23.000 | 21.000 ≤ ∆ ≤ 22.000 |
EBITDA (R$MM)
|
-
|
850 ≤ ∆ ≤ 1.050
|
900 ≤ ∆ ≤ 1.200
|
1.000 ≤ ∆ ≤ 1.200 | |
FY´2011
|
FY´2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
||
Rumo |
Volume of loading (‘000 tons)
|
7.841
|
9.000 ≤ ∆ ≤ 11.000
|
9.000 ≤ ∆ ≤ 11.000
|
7.500 ≤ ∆ ≤ 9.500 |
Volume of transportation (‘000 tons)
|
-
|
6.000 ≤ ∆ ≤ 8.000 | 6.000 ≤ ∆ ≤ 8.000 | 5.000 ≤ ∆ ≤ 7.000 | |
FY´2011
|
FY´2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
||
Cosan
Alimentos
|
Volume of sugar sold (‘000 tons)
|
550 ≤ ∆ ≤ 650 | 550 ≤ ∆ ≤ 650 | 550 ≤ ∆ ≤ 650 | |
EBITDA (R$MM)
|
65 ≤ ∆ ≤ 85 | 65 ≤ ∆ ≤ 85 | 65 ≤ ∆ ≤ 85 | ||
FY´2011
|
FY´2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
||
Other Business
|
Volume of lubricants sold (millions of liters)
|
166
|
170 ≤ ∆ ≤ 190 | 170 ≤ ∆ ≤ 190 | 170 ≤ ∆ ≤ 190 |
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
Set'11
|
||||||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
||||||||||||||||||||
(=)
|
Net Operating Revenue
|
3,999.6 | 4,716.1 | 4,738.4 | 18,063.5 | 5,188.0 | 6,804.3 | |||||||||||||||||||
(-)
|
Cost of Goods Sold and Services Rendered
|
(3,522.7 | ) | (3,995.2 | ) | (4,160.0 | ) | (15,150.1 | ) | (4,600.0 | ) | (6,042.4 | ) | |||||||||||||
(=)
|
Gross Profit
|
476.9 | 720.9 | 578.5 | 2,913.4 | 588.0 | 761.9 | |||||||||||||||||||
Margin
|
11.9 | % | 15.3 | % | 12.2 | % | 16.1 | % | 0.1 | 0.1 | ||||||||||||||||
(-)
|
Operating Income (Expenses):
|
(339.0 | ) | (442.6 | ) | (407.9 | ) | (1,600.8 | ) | 2,925.9 | (468.3 | ) | ||||||||||||||
(-)
|
Selling
|
(216.1 | ) | (265.5 | ) | (271.9 | ) | (1,026.0 | ) | (261.2 | ) | (295.3 | ) | |||||||||||||
(-)
|
General and Administrative
|
(120.6 | ) | (137.9 | ) | (132.4 | ) | (541.0 | ) | (150.0 | ) | (158.2 | ) | |||||||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(2.3 | ) | (39.1 | ) | (3.6 | ) | (33.8 | ) | 22.0 | 3.2 | |||||||||||||||
(±)
|
Gain on tax recovery program
|
- | - | - | - | - | - | |||||||||||||||||||
(±)
|
Joint Venture formation income (expenses)
|
- | - | - | - | 3,315.1 | (18.2 | ) | ||||||||||||||||||
(=)
|
Operating Income (Loss)
|
137.9 | 278.3 | 170.5 | 1,312.6 | 3,513.9 | 293.6 | |||||||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(124.7 | ) | 88.8 | (81.5 | ) | (121.5 | ) | 13.2 | (394.9 | ) | |||||||||||||||
(±)
|
Financial Income (Expenses), Net
|
(130.5 | ) | 86.4 | (89.4 | ) | (146.7 | ) | 11.2 | (393.6 | ) | |||||||||||||||
(±)
|
Earnings (Losses) on Equity Investments
|
5.8 | 2.4 | 7.8 | 25.2 | 2.0 | (1.3 | ) | ||||||||||||||||||
(=)
|
Income (Loss) Before taxes
|
13.2 | 367.1 | 89.0 | 1,191.1 | 3,527.1 | (101.3 | ) | ||||||||||||||||||
Margin
|
0.3 | % | 7.8 | % | 1.9 | % | 6.6 | % | 0.7 | (0.0 | ) | |||||||||||||||
(±)
|
Income and Social Contribution Taxes
|
(11.0 | ) | (126.2 | ) | (42.3 | ) | (414.5 | ) | (1,224.6 | ) | 188.2 | ||||||||||||||
(±)
|
Minority Interest
|
(1.7 | ) | 10.7 | (8.0 | ) | (5.0 | ) | (3.1 | ) | (23.7 | ) | ||||||||||||||
(=)
|
Net Income
|
0.4 | 251.5 | 38.7 | 771.6 | 2,299.3 | 63.2 | |||||||||||||||||||
Margin
|
0.0 | % | 5.3 | % | 0.8 | % | 4.3 | % | 0.4 | 0.0 |
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
Set'11
|
||||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
||||||||||||||||||
Cash and Cash Equivalents
|
1,054.9 | 988.4 | 1,136.9 | 1,254.1 | 1,278.2 | 1,471.7 | ||||||||||||||||||
Restricted Cash
|
51.3 | 76.0 | 276.2 | 187.9 | 60.2 | 52.5 | ||||||||||||||||||
Trade Accounts Receivable
|
619.1 | 760.0 | 657.5 | 594.9 | 825.2 | 983.7 | ||||||||||||||||||
Derivative Financial Instruments
|
144.5 | 166.0 | 180.0 | 55.7 | 60.2 | 29.4 | ||||||||||||||||||
Inventories
|
1,066.3 | 1,626.8 | 1,642.7 | 670.3 | 1,002.0 | 1,361.8 | ||||||||||||||||||
Advances to Suppliers
|
323.5 | 293.9 | 268.6 | 229.3 | 172.2 | 141.9 | ||||||||||||||||||
Related Parties
|
50.5 | 21.8 | 20.8 | 14.7 | 680.3 | 599.7 | ||||||||||||||||||
Recoverable Taxes
|
355.4 | 396.4 | 401.1 | 375.0 | 411.7 | 416.0 | ||||||||||||||||||
Other Assets
|
46.7 | 51.3 | 81.8 | 80.4 | 98.9 | 108.1 | ||||||||||||||||||
Current Assets
|
3,712.2 | 4,380.5 | 4,665.5 | 3,462.3 | 4,588.9 | 5,164.9 | ||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
680.0 | 744.3 | 823.5 | 715.3 | 1,026.4 | 959.7 | ||||||||||||||||||
Advances to Suppliers
|
52.5 | 65.1 | 85.5 | 46.0 | 27.5 | 39.6 | ||||||||||||||||||
Related Parties
|
79.6 | 77.8 | 76.0 | 92.0 | 1,215.4 | 1,176.6 | ||||||||||||||||||
Recoverable Taxes
|
38.8 | 36.6 | 36.0 | 55.1 | 124.5 | 123.6 | ||||||||||||||||||
Judicial Deposits
|
168.9 | 173.6 | 180.9 | 218.4 | 372.5 | 491.1 | ||||||||||||||||||
Other financial assets
|
367.3 | 378.2 | 392.3 | 420.4 | 290.3 | 418.6 | ||||||||||||||||||
Other Assets
|
459.6 | 464.5 | 498.4 | 443.8 | 1,103.6 | 966.5 | ||||||||||||||||||
Investments
|
267.4 | 287.5 | 294.7 | 304.1 | 333.9 | 358.1 | ||||||||||||||||||
Biological Assets
|
932.8 | 873.6 | 894.8 | 1,561.1 | 795.1 | 717.0 | ||||||||||||||||||
Property, Plant and Equipment
|
6,360.3 | 6,432.0 | 6,799.9 | 7,980.5 | 8,260.0 | 7,928.8 | ||||||||||||||||||
Intangible
|
3,379.2 | 3,370.0 | 3,355.7 | 3,445.7 | 4,125.3 | 4,531.1 | ||||||||||||||||||
Non-current Assets
|
12,786.4 | 12,903.4 | 13,437.6 | 15,282.4 | 17,674.4 | 17,710.7 | ||||||||||||||||||
Total Assets
|
16,498.6 | 17,283.8 | 18,103.2 | 18,744.7 | 22,263.4 | 22,875.6 | ||||||||||||||||||
Loans and Financings
|
854.3 | 1,052.5 | 1,124.0 | 916.4 | 627.1 | 758.7 | ||||||||||||||||||
Derivatives Financial Instruments
|
37.4 | 96.1 | 379.0 | 132.3 | 94.3 | 29.3 | ||||||||||||||||||
Trade Accounts Payable
|
716.3 | 832.1 | 754.4 | 558.8 | 621.6 | 757.5 | ||||||||||||||||||
Salaries Payable
|
219.9 | 225.5 | 175.6 | 183.6 | 183.3 | 191.5 | ||||||||||||||||||
Taxes and Social Contributions Payable
|
197.4 | 239.2 | 218.8 | 245.3 | 247.1 | 328.9 | ||||||||||||||||||
Dividendos a pagar
|
116.6 | 7.0 | 7.0 | 190.3 | 195.7 | 21.2 | ||||||||||||||||||
Related Parties
|
120.1 | 66.0 | 74.6 | 41.2 | 186.8 | 163.2 | ||||||||||||||||||
Other Liabilities
|
189.4 | 198.4 | 180.3 | 189.6 | 273.1 | 306.4 | ||||||||||||||||||
Current Liabilities
|
2,451.3 | 2,716.7 | 2,913.8 | 2,457.4 | 2,428.9 | 2,556.7 | ||||||||||||||||||
Loans and Financing
|
5,322.7 | 5,310.8 | 5,961.7 | 6,274.9 | 3,699.4 | 4,407.8 | ||||||||||||||||||
Taxes and Social Contributions Payable
|
597.3 | 605.8 | 618.2 | 639.1 | 1,123.0 | 1,180.0 | ||||||||||||||||||
Provision for Legal Proceedings
|
625.0 | 642.9 | 650.1 | 666.3 | 940.8 | 975.8 | ||||||||||||||||||
Earn-out provision
|
- | - | 225.0 | - | - | - | ||||||||||||||||||
Related Parties
|
- | - | - | 4.4 | 371.2 | 546.3 | ||||||||||||||||||
Pension Fund
|
- | 2.1 | 12.2 | 24.4 | 25.9 | 27.4 | ||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
1,123.6 | 1,215.6 | 1,250.9 | 1,511.0 | 3,546.4 | 3,159.1 | ||||||||||||||||||
Other Liabilities
|
374.5 | 377.7 | 153.7 | 382.9 | 814.4 | 752.1 | ||||||||||||||||||
Non-current Assets
|
8,043.0 | 8,155.0 | 8,871.7 | 9,502.9 | 10,521.0 | 11,048.4 | ||||||||||||||||||
Common stock
|
4,687.8 | 4,691.1 | 4,691.1 | 4,691.8 | 4,691.8 | 4,691.8 | ||||||||||||||||||
(4.2 | ) | (4.2 | ) | (19.4 | ) | (19.4 | ) | (19.4 | ) | (66.3 | ) | |||||||||||||
Capital Reserve
|
511.3 | 564.8 | 439.3 | 537.5 | 637.8 | 609.9 | ||||||||||||||||||
Profits Reserve
|
374.2 | 290.8 | 290.8 | 1,249.0 | 1,249.0 | 1,232.2 | ||||||||||||||||||
Accumulated profits (losses)
|
370.3 | 621.8 | 660.5 | - | 2,299.3 | 2,362.5 | ||||||||||||||||||
Shareholders' Equity
|
5,939.4 | 6,164.4 | 6,062.4 | 6,458.9 | 8,858.6 | 8,830.2 | ||||||||||||||||||
Minority Shareholders' Interest
|
64.9 | 247.8 | 255.3 | 325.5 | 454.9 | 440.3 | ||||||||||||||||||
Shareholders' Equity
|
6,004.3 | 6,412.1 | 6,317.7 | 6,784.3 | 9,313.4 | 9,270.5 | ||||||||||||||||||
Total Shareholders' Equity and Liabilities
|
16,498.6 | 17,283.8 | 18,103.2 | 18,744.7 | 22,263.4 | 22,875.6 |
Statement of Cash Flows
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
||||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
||||||||||||||||||
Net Income
|
0.4 | 251.5 | 38.7 | 771.6 | 2,299.3 | 63.2 | ||||||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | - | ||||||||||||||||||
Depreciation & Amortization
|
157.9 | 190.8 | 152.3 | 742.3 | 165.8 | 503.4 | ||||||||||||||||||
Biological Assets
|
175.2 | 230.2 | 207.4 | 234.8 | 117.0 | (99.1 | ) | |||||||||||||||||
Earnings (Losses) from Equity Investments
|
(5.8 | ) | (2.4 | ) | (7.8 | ) | (25.2 | ) | (2.0 | ) | 1.3 | |||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
3.1 | (11.8 | ) | 2.1 | (35.3 | ) | 17.0 | (11.5 | ) | |||||||||||||||
Deferred Income and Social Contribution Taxes
|
(0.7 | ) | 104.4 | 16.4 | 329.1 | 1,197.8 | (277.7 | ) | ||||||||||||||||
Judicial demands' provision
|
10.7 | 18.9 | (3.3 | ) | 26.9 | 33.1 | (33.1 | ) | ||||||||||||||||
Minority Shareholders' Interest
|
1.7 | (10.7 | ) | 8.0 | 5.0 | 3.1 | 23.7 | |||||||||||||||||
Interest, monetary and exchange variations, net
|
167.0 | (62.2 | ) | 53.2 | 238.5 | (33.7 | ) | 562.3 | ||||||||||||||||
Joint Venture formation income (expenses)
|
- | - | - | - | (3,315.1 | ) | 18.2 | |||||||||||||||||
Gain on tax recovery program
|
- | - | - | - | - | - | ||||||||||||||||||
Capital gains
|
- | (223.1 | ) | - | - | - | - | |||||||||||||||||
Other Non-cash Items
|
19.4 | 206.9 | (0.9 | ) | 7.5 | 5.2 | (5.2 | ) | ||||||||||||||||
Variation on Assets and Liabilities
|
31.1 | (774.5 | ) | (222.5 | ) | 42.0 | - | - | ||||||||||||||||
Trade Accounts receivable
|
153.3 | (153.4 | ) | 135.5 | 164.7 | (123.3 | ) | (105.6 | ) | |||||||||||||||
Restricted Cash
|
- | - | - | (143.0 | ) | 113.5 | 7.7 | |||||||||||||||||
Inventory
|
(304.0 | ) | (440.8 | ) | (19.4 | ) | 84.6 | (326.6 | ) | (311.8 | ) | |||||||||||||
Related Parties
|
- | - | - | (50.1 | ) | (1,747.4 | ) | 142.6 | ||||||||||||||||
Advances to Suppliers
|
(76.7 | ) | 16.9 | 4.9 | 16.8 | (122.1 | ) | 18.2 | ||||||||||||||||
Trade Accounts payable
|
146.9 | 115.8 | (77.7 | ) | (32.4 | ) | 241.2 | 125.0 | ||||||||||||||||
Salaries payable
|
78.3 | 5.6 | (49.9 | ) | 36.2 | 110.9 | 5.1 | |||||||||||||||||
Derivative Financial Instruments
|
70.7 | (214.6 | ) | (108.4 | ) | 13.3 | (79.8 | ) | (62.1 | ) | ||||||||||||||
Taxes and Social Contributions Payable
|
(29.0 | ) | 34.2 | (23.2 | ) | - | 908.8 | 15.5 | ||||||||||||||||
Other assets and liabilities, net
|
39.0 | (98.2 | ) | (101.6 | ) | (48.3 | ) | 429.6 | (6.8 | ) | ||||||||||||||
Cash Flow from Operating Activities
|
560.0 | (82.0 | ) | 243.5 | 2,379.1 | (107.6 | ) | 573.3 | ||||||||||||||||
Aquisitions, net of aquired cash and advances for
|
- | - | - | (157.3 | ) | - | - | |||||||||||||||||
Contributed cash to Raízen's formation
|
- | - | - | - | (173.1 | ) | - | |||||||||||||||||
Dividends
|
- | - | - | - | - | - | ||||||||||||||||||
Additions on Investments, Net of Cash Received
|
(3.7 | ) | (12.7 | ) | - | - | - | (99.1 | ) | |||||||||||||||
Additions on Property, Plant and Equipment
|
(513.9 | ) | (312.6 | ) | (533.0 | ) | (2,291.6 | ) | (491.5 | ) | (237.6 | ) | ||||||||||||
Biological Assets expenses
|
(194.6 | ) | (198.1 | ) | (174.8 | ) | (745.6 | ) | (217.2 | ) | (123.6 | ) | ||||||||||||
Cash Received on Sale of aviation fuels business
|
- | - | - | - | - | - | ||||||||||||||||||
Cash Received on Sale of other Fixed Assets
|
0.7 | 17.2 | 2.2 | 48.8 | - | 42.3 | ||||||||||||||||||
Cash Received on Aquisitions or Mergers
|
- | - | - | - | - | - | ||||||||||||||||||
Cash Flow from Investment Activities
|
(711.5 | ) | (506.2 | ) | (705.5 | ) | (3,145.7 | ) | (881.8 | ) | (418.0 | ) | ||||||||||||
Additions of Debt
|
642.4 | 495.9 | 1,101.2 | 2,719.5 | 1,281.1 | 483.8 | ||||||||||||||||||
Payments of Principal and Interest on Debt
|
(561.6 | ) | (224.7 | ) | (458.2 | ) | (1,967.9 | ) | (407.5 | ) | (206.0 | ) | ||||||||||||
Capital Increase
|
- | - | - | 4.0 | - | - | ||||||||||||||||||
Capital Increase by noncontrolling interests
|
- | 403.3 | - | 400.0 | 139.9 | - | ||||||||||||||||||
Treasury Stock
|
- | - | (15.2 | ) | (15.2 | ) | - | (46.9 | ) | |||||||||||||||
Dividends
|
- | (193.0 | ) | - | (193.1 | ) | - | (192.7 | ) | |||||||||||||||
Related Parties
|
- | - | - | 37.1 | - | - | ||||||||||||||||||
Cash Flows from Financing Activities
|
80.7 | 481.5 | 627.8 | 984.3 | 1,013.5 | 38.2 | ||||||||||||||||||
Total Cash Flow
|
(23.5 | ) | (66.5 | ) | 148.5 | 175.7 | 24.1 | 193.5 | ||||||||||||||||
Cash & Equivalents, Beginning
|
1,078.4 | 1,054.9 | 988.4 | 1,078.4 | 1,254.1 | 1,278.2 | ||||||||||||||||||
Cash & Equivalents, Closing
|
1,054.9 | 988.4 | 1,136.9 | 1,254.1 | 1,278.2 | 1,471.7 |
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
Set'11
|
||||||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
||||||||||||||||||||
(=)
|
Net Operating Revenue
|
3,999.6 | 4,716.1 | 4,738.4 | 18,063.5 | 5,188.0 | 6,804.3 | |||||||||||||||||||
(-)
|
Cost of Goods Sold and Services Rendered
|
(3,522.7 | ) | (3,995.2 | ) | (4,160.0 | ) | (15,150.1 | ) | (4,600.0 | ) | (6,042.4 | ) | |||||||||||||
(=)
|
Gross Profit
|
476.9 | 720.9 | 578.5 | 2,913.4 | 588.0 | 761.9 | |||||||||||||||||||
Margin
|
11.9 | % | 15.3 | % | 12.2 | % | 16.1 | % | 0.1 | 0.1 | ||||||||||||||||
(-)
|
Operating Income (Expenses):
|
(339.7 | ) | (443.9 | ) | (409.2 | ) | (1,605.3 | ) | 2,481.6 | (469.7 | ) | ||||||||||||||
(-)
|
Selling
|
(216.1 | ) | (265.5 | ) | (271.9 | ) | (1,026.0 | ) | (261.2 | ) | (295.3 | ) | |||||||||||||
(-)
|
General and Administrative
|
(121.3 | ) | (139.3 | ) | (133.7 | ) | (545.5 | ) | (150.5 | ) | (159.5 | ) | |||||||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(2.3 | ) | (39.1 | ) | (3.6 | ) | (33.8 | ) | 22.0 | 3.2 | |||||||||||||||
(±)
|
Gain on tax recovery program
|
- | - | - | - | - | - | |||||||||||||||||||
(±)
|
Joint Venture formation income (expenses)
|
- | - | - | - | 2,871.2 | (18.2 | ) | ||||||||||||||||||
(=)
|
Operating Income (Loss)
|
137.2 | 277.0 | 169.3 | 1,308.1 | 3,069.5 | 292.2 | |||||||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(129.0 | ) | 87.9 | (81.2 | ) | (126.0 | ) | 13.5 | (395.8 | ) | |||||||||||||||
(±)
|
Financial Income (Expenses), Net
|
(134.8 | ) | 85.6 | (89.0 | ) | (151.1 | ) | 11.6 | (394.5 | ) | |||||||||||||||
(±)
|
Earnings (Losses) on Equity Investments
|
5.8 | 2.4 | 7.8 | 25.2 | 2.0 | (1.3 | ) | ||||||||||||||||||
(=)
|
Income (Loss) Before taxes
|
8.2 | 364.9 | 88.1 | 1,182.2 | 3,083.1 | (103.6 | ) | ||||||||||||||||||
Margin
|
0.2 | % | 7.7 | % | 1.9 | % | 6.5 | % | 0.6 | (0.0 | ) | |||||||||||||||
(±)
|
Income and Social Contribution Taxes
|
(11.0 | ) | (126.2 | ) | (42.3 | ) | (414.5 | ) | (1,224.6 | ) | 188.2 | ||||||||||||||
(±)
|
Minority Interest
|
(1.9 | ) | (85.2 | ) | (22.7 | ) | (296.8 | ) | (873.0 | ) | (47.4 | ) | |||||||||||||
(=)
|
Net Income
|
(4.7 | ) | 153.4 | 23.1 | 470.9 | 985.5 | 37.2 | ||||||||||||||||||
Margin
|
-0.1 | % | 3.3 | % | 0.5 | % | 2.6 | % | 0.2 | 0.0 |
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
Set'11
|
||||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
||||||||||||||||||
Cash and Cash Equivalents
|
1,083.4 | 1,009.0 | 1,155.6 | 1,271.8 | 1,295.3 | 1,482.9 | ||||||||||||||||||
Restricted Cash
|
51.3 | 76.0 | 276.2 | 187.9 | 60.2 | 52.5 | ||||||||||||||||||
Trade Accounts Receivable
|
619.1 | 760.0 | 657.5 | 594.9 | 825.2 | 983.7 | ||||||||||||||||||
Derivative Financial Instruments
|
144.5 | 166.0 | 180.0 | 55.7 | 60.2 | 29.4 | ||||||||||||||||||
Inventories
|
1,066.3 | 1,626.8 | 1,642.7 | 670.3 | 1,002.0 | 1,361.8 | ||||||||||||||||||
Advances to Suppliers
|
323.5 | 293.9 | 268.6 | 229.3 | 172.2 | 141.9 | ||||||||||||||||||
Related Parties
|
50.5 | 21.8 | 20.8 | 14.7 | 680.3 | 599.7 | ||||||||||||||||||
Recoverable Taxes
|
355.4 | 396.4 | 401.1 | 375.0 | 411.7 | 416.0 | ||||||||||||||||||
Other Assets
|
47.5 | 51.6 | 82.5 | 81.0 | 99.0 | 108.1 | ||||||||||||||||||
Current Assets
|
3,741.5 | 4,401.3 | 4,685.0 | 3,480.6 | 4,606.2 | 5,176.1 | ||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
680.0 | 744.3 | 823.5 | 715.3 | 1,026.4 | 959.7 | ||||||||||||||||||
Advances to Suppliers
|
52.5 | 65.1 | 85.5 | 46.0 | 27.5 | 39.6 | ||||||||||||||||||
Related Parties
|
79.6 | 77.8 | 76.0 | 92.0 | 1,215.4 | 1,176.6 | ||||||||||||||||||
Recoverable Taxes
|
38.8 | 36.6 | 36.0 | 55.1 | 124.5 | 123.6 | ||||||||||||||||||
Judicial Deposits
|
168.9 | 173.6 | 180.9 | 218.4 | 372.5 | 491.1 | ||||||||||||||||||
Other financial assets
|
367.3 | 378.2 | 392.3 | 420.4 | 290.3 | 418.6 | ||||||||||||||||||
Other Assets
|
464.4 | 470.9 | 504.4 | 449.3 | 1,108.3 | 972.1 | ||||||||||||||||||
Investments
|
267.4 | 287.5 | 294.7 | 304.1 | 333.9 | 358.1 | ||||||||||||||||||
Biological Assets
|
932.8 | 873.6 | 894.8 | 1,561.1 | 795.1 | 717.0 | ||||||||||||||||||
Property, Plant and Equipment
|
6,360.3 | 6,432.0 | 6,799.9 | 7,980.5 | 8,260.0 | 7,928.8 | ||||||||||||||||||
Intangible
|
3,823.1 | 3,813.9 | 3,799.6 | 3,889.6 | 4,125.3 | 4,531.1 | ||||||||||||||||||
Non-current Assets
|
13,235.1 | 13,353.7 | 13,887.6 | 15,731.8 | 17,679.2 | 17,716.4 | ||||||||||||||||||
Total Assets
|
16,976.6 | 17,755.0 | 18,572.6 | 19,212.4 | 22,285.3 | 22,892.5 | ||||||||||||||||||
Loans and Financings
|
899.4 | 1,094.9 | 1,165.7 | 957.1 | 666.1 | 805.1 | ||||||||||||||||||
Derivatives Financial Instruments
|
37.4 | 96.1 | 379.0 | 132.3 | 94.3 | 29.3 | ||||||||||||||||||
Trade Accounts Payable
|
716.3 | 832.1 | 754.4 | 558.8 | 621.6 | 757.5 | ||||||||||||||||||
Salaries Payable
|
219.9 | 225.5 | 175.6 | 183.6 | 183.3 | 191.5 | ||||||||||||||||||
Taxes and Social Contributions Payable
|
197.4 | 239.2 | 218.8 | 245.3 | 247.1 | 328.9 | ||||||||||||||||||
Dividendos a pagar
|
44.0 | 2.2 | 2.0 | 72.2 | 82.9 | 9.1 | ||||||||||||||||||
Related Parties
|
120.1 | 66.0 | 74.6 | 41.2 | 186.8 | 163.2 | ||||||||||||||||||
Other Liabilities
|
190.0 | 199.2 | 181.1 | 190.4 | 273.8 | 307.3 | ||||||||||||||||||
Current Liabilities
|
2,424.4 | 2,755.1 | 2,951.2 | 2,380.8 | 2,355.9 | 2,591.8 | ||||||||||||||||||
Loans and Financing
|
5,322.7 | 5,310.8 | 5,961.7 | 6,274.9 | 3,699.4 | 4,407.8 | ||||||||||||||||||
Taxes and Social Contributions Payable
|
597.3 | 605.8 | 618.2 | 639.1 | 1,123.0 | 1,180.0 | ||||||||||||||||||
Provision for Legal Proceedings
|
625.0 | 642.9 | 650.1 | 666.3 | 940.8 | 975.8 | ||||||||||||||||||
Earn-out provision
|
- | - | - | - | - | - | ||||||||||||||||||
Related Parties
|
- | - | - | 4.4 | 371.2 | 546.3 | ||||||||||||||||||
Pension Fund
|
0.0 | 2.1 | 12.2 | 24.4 | 25.9 | 27.4 | ||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
1,123.6 | 1,215.6 | 1,250.9 | 1,511.0 | 3,546.4 | 3,159.1 | ||||||||||||||||||
Other Liabilities
|
374.5 | 377.7 | 378.7 | 382.9 | 814.4 | 752.1 | ||||||||||||||||||
Non-current Assets
|
8,043.0 | 8,155.0 | 8,871.7 | 9,502.9 | 10,521.0 | 11,048.4 | ||||||||||||||||||
Common stock
|
5.3 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 | ||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||
Capital Reserve
|
3,667.1 | 3,695.7 | 3,608.5 | 3,668.2 | 3,725.5 | 3,718.8 | ||||||||||||||||||
Profits Reserve
|
- | - | - | - | 1,872.5 | 1,773.6 | ||||||||||||||||||
Accumulated profits (losses)
|
531.0 | 565.1 | 588.2 | 887.3 | - | - | ||||||||||||||||||
Shareholders' Equity
|
4,203.4 | 4,266.2 | 4,202.0 | 4,560.9 | 5,603.3 | 5,497.7 | ||||||||||||||||||
Minority Shareholders' Interest
|
2,305.9 | 2,578.7 | 2,547.7 | 2,767.8 | 3,805.0 | 3,754.5 | ||||||||||||||||||
Shareholders' Equity
|
6,509.3 | 6,844.9 | 6,749.7 | 7,328.7 | 9,408.4 | 9,252.2 | ||||||||||||||||||
Total Shareholders' Equity and Liabilities
|
16,976.6 | 17,755.0 | 18,572.6 | 19,212.4 | 22,285.3 | 22,892.5 |
Statement of Cash Flows
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
||||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
||||||||||||||||||
Net Income
|
(4.7 | ) | 153.4 | 23.1 | 470.9 | 985.2 | 37.2 | |||||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | - | ||||||||||||||||||
Depreciation & Amortization
|
157.9 | 190.8 | 152.3 | 742.3 | 165.8 | 503.4 | ||||||||||||||||||
Biological Assets
|
175.2 | 230.2 | 207.4 | 234.8 | 117.0 | (99.1 | ) | |||||||||||||||||
Earnings (Losses) from Equity Investments
|
(5.8 | ) | (2.4 | ) | (7.8 | ) | (25.2 | ) | (1.9 | ) | 1.3 | |||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
3.1 | (11.8 | ) | 2.1 | (35.3 | ) | 17.0 | (11.5 | ) | |||||||||||||||
Goodwill write off aviation business
|
- | |||||||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
(0.7 | ) | 104.4 | 16.4 | 329.1 | 1,197.8 | (277.7 | ) | ||||||||||||||||
Judicial demands' provision
|
10.7 | 18.9 | (3.3 | ) | 26.9 | 33.1 | (33.1 | ) | ||||||||||||||||
Minority Shareholders' Interest
|
1.9 | 85.2 | 22.7 | 296.8 | 872.9 | 47.4 | ||||||||||||||||||
Interest, monetary and exchange variations, net
|
167.5 | (64.9 | ) | 52.5 | 238.5 | (27.6 | ) | 569.6 | ||||||||||||||||
Joint Venture formation income (expenses)
|
- | - | - | - | (2,871.2 | ) | 18.2 | |||||||||||||||||
Gain on tax recovery program
|
- | - | - | - | - | - | ||||||||||||||||||
Capital gains
|
- | (220.9 | ) | - | - | - | - | |||||||||||||||||
Other Non-cash Items
|
19.4 | 204.7 | (0.9 | ) | 7.5 | 3.5 | 13.4 | |||||||||||||||||
- | ||||||||||||||||||||||||
Variation on Assets and Liabilities
|
31.6 | (768.2 | ) | (222.9 | ) | - | - | - | ||||||||||||||||
Trade Accounts receivable
|
153.3 | (153.4 | ) | 135.5 | 164.7 | (123.3 | ) | (105.6 | ) | |||||||||||||||
Restricted Cash
|
- | - | - | (143.0 | ) | 113.5 | 7.7 | |||||||||||||||||
Judicial Deposits
|
- | - | - | - | (108.1 | ) | 108.1 | |||||||||||||||||
Inventory
|
(304.0 | ) | (440.8 | ) | (19.4 | ) | 84.6 | (326.6 | ) | (311.8 | ) | |||||||||||||
Related Parties
|
- | - | - | - | (1,747.4 | ) | 142.6 | |||||||||||||||||
Advances to Suppliers
|
(76.7 | ) | 16.9 | 4.9 | 16.8 | (122.1 | ) | 18.2 | ||||||||||||||||
Trade Accounts payable
|
146.9 | 115.8 | (77.7 | ) | (32.4 | ) | 241.2 | 125.0 | ||||||||||||||||
Salaries payable
|
78.3 | 5.6 | (49.9 | ) | 36.2 | 110.9 | 5.1 | |||||||||||||||||
Derivative Financial Instruments
|
70.7 | (214.6 | ) | (108.4 | ) | 13.3 | 908.8 | (1,050.0 | ) | |||||||||||||||
Taxes and Social Contributions Payable
|
(29.0 | ) | 34.2 | (23.2 | ) | (50.1 | ) | (79.2 | ) | 1,003.4 | ||||||||||||||
Other assets and liabilities, net
|
39.6 | (91.9 | ) | (102.0 | ) | (49.2 | ) | 532.4 | (120.7 | ) | ||||||||||||||
- | ||||||||||||||||||||||||
Cash Flow from Operating Activities
|
556.0 | (80.6 | ) | 241.5 | 2,327.2 | (108.2 | ) | 591.0 | ||||||||||||||||
- | ||||||||||||||||||||||||
- | ||||||||||||||||||||||||
Aquisitions, net of aquired cash and advances for
|
- | - | - | (157.3 | ) | - | - | |||||||||||||||||
Contributed cash to Raízen's formation
|
- | - | - | - | (173.1 | ) | 0.0 | |||||||||||||||||
Dividends
|
- | - | - | - | - | 100.6 | ||||||||||||||||||
Additions on Investments, Net of Cash Received
|
(3.7 | ) | (12.7 | ) | - | - | (491.5 | ) | 392.5 | |||||||||||||||
Additions on Property, Plant and Equipment
|
(513.9 | ) | (312.6 | ) | (533.0 | ) | (2,291.6 | ) | (217.2 | ) | (511.9 | ) | ||||||||||||
Sugarcane planting and growing costs
|
(194.6 | ) | (198.1 | ) | (174.8 | ) | (745.6 | ) | - | (340.8 | ) | |||||||||||||
Cash Received on Sale of aviation fuels business
|
- | - | - | - | - | - | ||||||||||||||||||
Cash Received on Sale of other Fixed Assets
|
0.7 | 17.2 | 2.2 | 48.8 | - | 42.3 | ||||||||||||||||||
Cash Received on Aquisitions or Mergers
|
- | - | - | - | - | - | ||||||||||||||||||
Cash Flow from Investment Activities
|
(711.5 | ) | (506.2 | ) | (705.5 | ) | (3,145.7 | ) | (881.8 | ) | (317.3 | ) | ||||||||||||
- | ||||||||||||||||||||||||
- | ||||||||||||||||||||||||
Additions of Debt
|
642.4 | 495.9 | 1,101.2 | 2,719.5 | 1,281.1 | 483.8 | ||||||||||||||||||
Payments of Principal and Interest on Debt
|
(561.6 | ) | (224.7 | ) | (458.2 | ) | (1,971.6 | ) | (407.5 | ) | (206.0 | ) | ||||||||||||
Capital Increase
|
- | - | - | 4.0 | - | - | ||||||||||||||||||
Capital Increase by noncontrolling interests
|
- | 403.3 | - | 400.0 | 139.9 | 0.0 | ||||||||||||||||||
Treasury Stock
|
- | - | (15.2 | ) | (15.2 | ) | - | (54.4 | ) | |||||||||||||||
Dividends
|
- | (192.4 | ) | - | (193.1 | ) | - | (328.8 | ) | |||||||||||||||
Related Parties
|
- | - | - | 37.1 | - | - | ||||||||||||||||||
Exchange rate variation excluding Cash and Cash
|
||||||||||||||||||||||||
Equivalents
|
0.0 | (3.8 | ) | 0.2 | - | |||||||||||||||||||
Cash Flows from Financing Activities
|
80.8 | 478.3 | 627.9 | 979.5 | 1,013.5 | (105.5 | ) | |||||||||||||||||
- | ||||||||||||||||||||||||
Total Cash Flow
|
(27.4 | ) | (68.3 | ) | 146.7 | 161.0 | 23.5 | 187.6 | ||||||||||||||||
- | ||||||||||||||||||||||||
Cash & Equivalents, Beginning
|
1,110.8 | 1,083.4 | 1,009.0 | 1,110.8 | 1,271.8 | 1,295.3 | ||||||||||||||||||
Cash & Equivalents, Closing
|
1,083.4 | 1,015.1 | 1,155.6 | 1,271.8 | 1,295.3 | 1,482.9 |
Quarterly Financial Information
Cosan Limited
September 30, 2011
Quartely information with independent auditors review report “a Free Translation of the Original Issued in Portuguese”
|
Quarterly information review report
|
2
|
Consolidated Statements of Financial Position
|
3
|
Consolidated Income Statements
|
5
|
Consolidated Statements of Changes in Equity
|
6
|
Consolidated Statements of Comprehensive Income
|
7
|
Consolidated Statements of Cash Flows
|
8
|
Notes to the Quarterly information
|
10
|
Luiz Carlos Nannini
|
Antonio C. M. Lage
|
Accountant CRC 1SP171638/O-7
|
Accountant CRC 1MG077995/O-1-S-SP
|
Note
|
September 30, 2011
|
March 31, 2011
|
||||||||||
Assets
|
||||||||||||
Current
|
||||||||||||
Cash and cash equivalents
|
4 | 1,482,872 | 1,271,780 | |||||||||
Restricted cash
|
5 | 52,540 | 187,944 | |||||||||
Accounts receivable
|
7 | 983,724 | 594,857 | |||||||||
Derivatives
|
24 | 29,434 | 55,682 | |||||||||
Inventories
|
8 | 1,361,809 | 670,331 | |||||||||
Advances to suppliers
|
141,897 | 229,325 | ||||||||||
Related parties
|
10 | 599,679 | 14,669 | |||||||||
Recoverable taxes
|
9 | 416,032 | 374,991 | |||||||||
Other current assets
|
108,110 | 3,480,602 | ||||||||||
4 | 5,176,097 | 1,271,780 | ||||||||||
Non-current
|
||||||||||||
Deferred income taxes
|
18 | 959,744 | 715,333 | |||||||||
Advances to suppliers
|
39,623 | 46,037 | ||||||||||
Related parties
|
10 | 1,176,606 | 91,954 | |||||||||
Recoverable taxes
|
9 | 123,648 | 55,066 | |||||||||
Judicial deposits
|
491,056 | 218,371 | ||||||||||
Other financial assets
|
6 | 418,647 | 420,417 | |||||||||
Other non-current assets
|
972,144 | 449,284 | ||||||||||
Equity method investments
|
12 | 358,052 | 304,142 | |||||||||
Biological assets
|
13 | 716,966 | 1,561,132 | |||||||||
Property, plant and equipment
|
14 | 7,928,774 | 7,980,524 | |||||||||
Intangible assets
|
15 | 4,531,105 | 3,889,575 | |||||||||
17,716,365 | 15,731,835 | |||||||||||
Total Assets
|
22,892,462 | 19,212,437 |
Note
|
September 30,
2011 |
March 31,
2011
|
||||||||||
Liabilities
|
||||||||||||
Current
|
||||||||||||
Current portion of long-term debt
|
16 | 805,119 | 957,134 | |||||||||
Derivatives
|
24 | 29,293 | 132,289 | |||||||||
Trade accounts payable
|
757,453 | 558,766 | ||||||||||
Salaries payable
|
191,546 | 183,560 | ||||||||||
Taxes payable
|
17 | 328,874 | 245,284 | |||||||||
Dividends payable
|
20 | 9,119 | 72,229 | |||||||||
Related parties
|
10 | 163,167 | 41,163 | |||||||||
Other current liabilities
|
307,260 | 190,381 | ||||||||||
2,591,831 | 2,380,806 | |||||||||||
Non-current
|
||||||||||||
Long-term debt
|
16 | 4,407,785 | 6,274,895 | |||||||||
Taxes payable
|
17 | 1,179,958 | 639,071 | |||||||||
Legal proceedings
|
19 | 975,791 | 666,282 | |||||||||
Related parties
|
10 | 546,295 | 4,444 | |||||||||
Pension
|
25 | 27,412 | 24,380 | |||||||||
Deferred income taxes
|
18 | 3,159,134 | 1,510,965 | |||||||||
Other non-current liabilities
|
752,055 | 382,897 | ||||||||||
11,048,430 | 9,502,934 | |||||||||||
Equity
|
||||||||||||
Common stock
|
20 | 5,328 | 5,328 | |||||||||
Treasury shares
|
(4,579 | ) | ||||||||||
Capital reserve
|
3,723,397 | 3,668,218 | ||||||||||
Accumulated losses
|
1,773,554 | 887,336 | ||||||||||
Equity attributable to owners of the Company
|
5,497,700 | 4,560,882 | ||||||||||
Equity attributable to non-controlling interests
|
3,754,501 | 2,767,815 | ||||||||||
Total Equity
|
9,252,201 | 7,328,697 | ||||||||||
Total Liabilities and Equity
|
22,892,462 | 19,212,437 |
Note
|
07.01.2011 to
09.30.2011 |
04.01.2011 to
09.30.2011 |
07.01.2010 to
09.30.2010 |
04.01.2010 to
09.30.2010 |
||||||||||||||||
Net sales
|
22 | 6,804,283 | 11,992,263 | 4,716,087 | 8,715,709 | |||||||||||||||
Cost of goods sold
|
(6,042,362 | ) | (10,642,362 | ) | (3,995,209 | ) | (7,517,890 | ) | ||||||||||||
Gross profit
|
761,921 | 1,349,901 | 720,878 | 1,197,819 | ||||||||||||||||
Operational income /(expenses)
|
||||||||||||||||||||
Selling
|
(295,266 | ) | (556,469 | ) | (265,511 | ) | (481,608 | ) | ||||||||||||
General and administrative
|
(159,507 | ) | (310,248 | ) | (139,275 | ) | (260,596 | ) | ||||||||||||
Other, net
|
3,236 | 25,261 | (39,131 | ) | (41,460 | ) | ||||||||||||||
Gain of formation of joint venture
|
21 | (18,160 | ) | 2,853,057 | - | - | ||||||||||||||
(469,697 | ) | 2,011,601 | (443,917 | ) | (783,664 | ) | ||||||||||||||
Income before financial results, equity income of associates and income taxes
|
292,224 | 3,361,501 | 276,961 | 414,155 | ||||||||||||||||
Equity income of associates
|
11 | (1,303 | ) | 658 | 2,358 | 8,116 | ||||||||||||||
Financial results, net
|
23 | (394,534 | ) | (382,974 | ) | 85,565 | (49,227 | ) | ||||||||||||
(395,837 | ) | (382,316 | ) | 88,765 | (41,111 | ) | ||||||||||||||
Income (loss) before income taxes
|
(103,613 | ) | 2,979,185 | 364,884 | 373,044 | |||||||||||||||
Income Taxes
|
||||||||||||||||||||
Current
|
18 | (89,524 | ) | (116,389 | ) | (21,829 | ) | (33,535 | ) | |||||||||||
Deferred
|
18 | 277,718 | (920,054 | ) | (104,420 | ) | (103,714 | ) | ||||||||||||
188,194 | (1,036,443 | ) | (126,249 | ) | (137,249 | ) | ||||||||||||||
Net income for the period
|
84,581 | 1,942,742 | 238,635 | 235,795 | ||||||||||||||||
Net income attributable to non-controlling interests
|
(47,416 | ) | (920,378 | ) | (85,240 | ) | (87,126 | ) | ||||||||||||
Net income attributable to Cosan
|
37,165 | 1,022,364 | 153,395 | 148,669 |
Capital Reserves
|
||||||||||||||||||||||||||||||||
Capital
stock |
Treasury
shares |
Recognized
options granted |
Other
Components of equity |
Retained
earnings (accumulated losses) |
Total
|
Non-
controlling interests |
Total
equity
|
|||||||||||||||||||||||||
Balances at March 31, 2011
|
5,328 | - | 3,943,881 | (275,663 | ) | 887,336 | 4,560,882 | 2,767,815 | 7,328,697 | |||||||||||||||||||||||
Equity Adjustment - deconsolidation of subsidiaries contributed to joint ventures
|
- | - | - | 40,563 | - | 40,563 | 24,683 | 65.246 | ||||||||||||||||||||||||
Hedge accounting
|
- | - | - | 6,473 | - | 6,473 | 3,952 | 10,425 | ||||||||||||||||||||||||
Cumulative translation adjustment – CTA
|
- | - | - | 13,100 | - | 13,100 | 13,100 | |||||||||||||||||||||||||
Change in interest of non-controlling intrest due to the formation of Raízen
|
- | - | - | - | - | 0 | 9,035 | 9,035 | ||||||||||||||||||||||||
Effect of corporate reorganization of Rumo
|
- | - | (1,989 | ) | - | - | (1,989 | ) | 77,780 | 75,791 | ||||||||||||||||||||||
Net income for the period
|
- | - | - | - | 1,022,364 | 1,022,364 | 920,378 | 1,942,742 | ||||||||||||||||||||||||
Costs with repurchase of shares of subsidiary
|
- | (4,579 | ) | - | - | - | (4,579 | ) | - | (4,579 | ) | |||||||||||||||||||||
Effect of repurchase of shares from non-controlling interests in subsidiaries
|
- | - | (2,968 | ) | - | - | (2,968 | ) | (43,911 | ) | (46,879 | ) | ||||||||||||||||||||
Complementary Dividends
|
- | - | - | - | (136,146 | ) | (136,146 | ) | - | (136,146 | ) | |||||||||||||||||||||
Effect of dividends distribution to non-controlling interests
|
- | - | - | - | - | - | (5,231 | ) | (5,231 | ) | ||||||||||||||||||||||
Balances at September 30, 2011
|
5,328 | (4,579 | ) | 3,938,924 | (215,527 | ) | 1,773,554 | 5,497,700 | 3,754,501 | 9,252,201 |
Capital Reserves
|
||||||||||||||||||||||||||||||||
Capital
stock |
Treasury
shares |
Recognized
options granted |
Other
Components of equity |
Retained
earnings (accumulated losses) |
Total
|
Non-
controlling interests |
Total
equity
|
|||||||||||||||||||||||||
Balances at March 31, 2010
|
5,328 | - | 3,824,681 | (170,235 | ) | 535,723 | 4,195,497 | 2,296,428 | 6,491,925 | |||||||||||||||||||||||
Share based compensation
|
- | - | 534 | - | 534 | 325 | 859 | |||||||||||||||||||||||||
Hedge accounting
|
- | - | - | (81,753 | ) | - | (81,753 | ) | (49,704 | ) | (13,1457 | ) | ||||||||||||||||||||
Currency translation adjustment - CTA
|
- | - | - | (3,680 | ) | - | (3,680 | ) | 36 | (3644 | ) | |||||||||||||||||||||
Net Income for the period
|
- | - | - | - | 148,669 | 148,669 | 87,126 | 235,795 | ||||||||||||||||||||||||
Pension plan
|
- | - | (1,494 | ) | - | (1,494 | ) | (908 | ) | (2,402 | ) | |||||||||||||||||||||
Issuance of common shares of Rumo to Non-controlling interest
|
- | - | 128,363 | - | - | 128,363 | 271,637 | 400,000 | ||||||||||||||||||||||||
Exercise of stock options
|
- | - | (685 | ) | - | (685 | ) | 5,344 | 4,659 | |||||||||||||||||||||||
Dividends
|
- | - | - | - | (119,294 | ) | (119,294 | ) | (31,545 | ) | (150,839 | ) | ||||||||||||||||||||
Balances at September 30, 2010
|
5,328 | - | 3,952,893 | (257,162 | ) | 565,098 | 4,266,157 | 2,578,739 | 6,844,896 |
07.01.2011 to
09.30.2011 |
04.01.2011 to
09.30.2011 |
07.01.2010 to
09.30.2010 |
04.01.2010 to
09.30.2010 |
|||||||||||||
Net income of the period
|
84,581 | 1,942,742 | 238,635 | 235,795 | ||||||||||||
Other Comprehensive Income (Loss):
|
||||||||||||||||
Cummulative Translation Adjustment - CTA
|
18,232 | 13,100 | (3,374 | ) | (3,644 | ) | ||||||||||
Net movement on cash flow hedges
|
(42,268 | ) | 15,794 | (229,394 | ) | (199,177 | ) | |||||||||
Actuarial gains and losses on defined benefit plans
|
- | - | (3,641 | ) | (3,639 | ) | ||||||||||
Income tax effects
|
14,371 | (5,369 | ) | 79,232 | 68,958 | |||||||||||
Other Comprehensive Income (Loss) for the period, net of tax
|
(9,665 | ) | 23,525 | (157,177 | ) | (137,502 | ) | |||||||||
Total Comprehensive Income for the period, net of tax
|
74,916 | 1,966,267 | 81,458 | 98,293 | ||||||||||||
Attributable to:
|
||||||||||||||||
Owners of the Company
|
38,045 | 1,041,937 | 54,142 | 61,743 | ||||||||||||
Non-controlling interests
|
36,871 | 924,330 | 27,316 | 36,550 |
09.30.2011 | 09.30.2010 | |||||||
Operating activities
|
||||||||
Net income of the period attributable to Cosan
|
1,022,364 | 148,669 | ||||||
Non-cash adjustments to reconcile profit before tax to net cash flows from operating activities:
|
||||||||
Depreciation and amortization
|
669,205 | 690,927 | ||||||
Biological assets
|
17,856 | 70,829 | ||||||
Income from equity investments
|
(658 | ) | (8,116 | ) | ||||
Loss (gain) from disposal of property, plant and equipment
|
5,542 | (8,718 | ) | |||||
Deferred income taxes
|
920,054 | 103,714 | ||||||
Non-controlling interests
|
920,378 | 87,126 | ||||||
Interest, monetary variations and foreign exchange variation, net
|
542,028 | 102,582 | ||||||
Joint Ventures formation effects
|
(2,853,057 | ) | - | |||||
Others
|
16,845 | 32,722 | ||||||
1,260,557 | 1,219,735 | |||||||
Changes in assets and liabilities
|
||||||||
Accounts receivable
|
(228,808 | ) | (121 | ) | ||||
Restricted cash
|
121,179 | - | ||||||
Inventories
|
(638,444 | ) | (752,596 | ) | ||||
Related parties
|
(1,604,806 | ) | - | |||||
Advances to suppliers
|
(103,922 | ) | (59,728 | ) | ||||
Suppliers
|
366,203 | 262,688 | ||||||
Salaries payable
|
116,062 | 83,905 | ||||||
Legal proceedings
|
68,074 | 4,770 | ||||||
Derivatives
|
(141,242 | ) | (143,865 | ) | ||||
Taxes and Contributions Payable
|
924,273 | 5,209 | ||||||
Other assets and liabilities, net
|
343,691 | (63,179 | ) | |||||
Net cash flows from operating activities
|
482,817 | 556,818 | ||||||
Investing activities
|
||||||||
Acquisitions, net cash of cash acquired
|
(26,270 | ) | (16,467 | ) | ||||
Acquisition of sugar retail business
|
(72,780 | ) | - | |||||
Dividends received
|
100,639 | - | ||||||
Purchase of property, plant and equipment, software and other intangible assets
|
(729,096 | ) | (826,505 | ) | ||||
Sugarcane planting and growing costs
|
(340,784 | ) | (392,620 | ) | ||||
Cash contributed in the formation of Raízen
|
(173,116 | ) | - | |||||
Proceeds from the sale of other investments and property, plant and equipment
|
42,282 | 17,906 | ||||||
Net cash flows used in investing activities
|
(1,199,125 | ) | (1,217,686 | ) | ||||
Financing activities
|
||||||||
Proceeds from long-term debt
|
(1,199,125 | ) | (1,138,273 | ) | ||||
Repayment of long-term debt
|
(613,524 | ) | (786,368 | ) | ||||
Capital increase
|
- | 403,309 | ||||||
Capital increase in subsidiaries by non-controlling interests in subsidiaries
|
139,925 | - | ||||||
Acquisition of treasury shares
|
(49,847 | ) | - | |||||
Acquisition of shares of subsidiary
|
(4,579 | ) | - | |||||
Dividends paid
|
(328,805 | ) | (192,413 | ) | ||||
Net cash flows from financing activities
|
908,057 | 562,801 | ||||||
Effect of exchange rate changes on cash and cash equivalents
|
19,343 | (3,746 | ) | |||||
Net increase in cash and cash equivalents
|
211,092 | (101,813 | ) | |||||
Cash and cash equivalents at the beginning of the period
|
1,271,780 | 1,110,766 | ||||||
Cash and cash equivalents at the end of the period
|
1,482,872 | 1,008,953 | ||||||
Supplemental disclosure of cash flow information
|
||||||||
Financial interest expenses paid
|
151,823 | 211,456 | ||||||
Income taxes paid
|
98,836 | 18,369 |
1.
|
Operations
|
2.
|
Presentation of quarterly financial information and accounting policies
|
09.30.2011 | 03.31.2011 | |||||||
Subsidiaries (direct interest)
|
||||||||
Cosan S.A. Indústria e Comercio
|
62.47 | % | 62.20 | % | ||||
Indirect interest
|
||||||||
Administração de Participações Aguassanta Ltda.
|
57.16 | % | 56.91 | % | ||||
Bioinvestments Negócios e Participações S.A.
|
57.16 | % | 56.91 | % | ||||
Vale da Ponte Alta S.A.
|
57.16 | % | 56.91 | % | ||||
Águas da Ponte Alta S.A.
|
57.16 | % | 56.91 | % | ||||
Proud Participações S.A.
|
62.47 | % | 62.14 | % | ||||
Cosan Distribuidora de Combustíveis Ltda.
|
62.47 | % | 62.14 | % | ||||
Cosan Overseas Limited
|
62.47 | % | 62.20 | % | ||||
Pasadena Empreendimentos e Participações S.A.
|
62.47 | % | 62.20 | % | ||||
Cosan Cayman Finance Limited
|
62.47 | % | 62.20 | % | ||||
Cosan Lubrificantes e Especialidades S.A. (anteriormente denominada Cosan Combustíveis e Lubrificantes S.A.)
|
62.47 | % | 62.20 | % | ||||
CCL Cayman Finance Limited
|
62.47 | % | 62.20 | % | ||||
Copsapar Participações S.A.
|
56.22 | % | 55.98 | % | ||||
Novo Rumo Logística S.A.
|
58.03 | % | 57.78 | % | ||||
Rumo Logística S.A.
|
- | 43.35 | % | |||||
Docelar Alimentos e Bebidas S.A.
|
62.41 | % | 62.14 | % | ||||
Cosan Operadora Portuária S.A.
|
43.54 | % | 43.35 | % | ||||
Teaçú Armazéns Gerais S.A.
|
43.54 | % | 43.35 | % | ||||
Logispot Armazéns Gerais S.A.
|
22.18 | % | 22.08 | % | ||||
Jointly-controlled subsidiaries (indirect)
|
||||||||
Raízen S.A. (1)
|
31.24 | % | - | |||||
Raízen Energia Participações S.A. (1)
|
31.24 | % | - | |||||
Raízen Combustíveis S.A. (1)
|
31.24 | % | - |
2.
|
New IFRS and IFRIC Interpretations Committee (Financial Reporting Interpretations of IASB) applicable to the consolidated financial statements
|
3.
|
New IFRS and IFRIC Interpretations Committee (Financial Reporting Interpretations of IASB) applicable to the consolidated financial statements --Continued
|
4.
|
Cash and cash equivalents
|
09.30.2011 | 03.31.2011 | |||||||
Cash
|
- | 289 | ||||||
Bank accounts
|
91,032 | 142,790 | ||||||
Amounts pending foreign exchange closing
|
133,605 | - | ||||||
Highly liquid investments
|
1,258,235 | 1,128,701 | ||||||
1,482,872 | 1,271,780 |
5.
|
Restricted cash
|
09.30.2011 | 03.31.2011 | |||||||
Restricted Financial Investments
|
25,383 | 61,072 | ||||||
Deposits in connection with Derivative Transactions
|
27,157 | 126,872 | ||||||
52,540 | 187,944 |
6.
|
Other financial assets
|
09.30.2011 | 03.31.2011 | |||||||
Fair value of Radar option (1)
|
142,589 | 162,961 | ||||||
Treasury certificates – CTN (2)
|
276,058 | 257,456 | ||||||
418,647 | 420,417 |
7.
|
Accounts receivable
|
09.30.2011 | 03.31.2011 | |||||||
Domestic
|
978,923 | 678,498 | ||||||
Foreign
|
104,647 | 7,556 | ||||||
Allowance for doubtful accounts
|
(99,846 | ) | (91,197 | ) | ||||
983,724 | 594,857 |
8.
|
Inventories
|
09.30.2011 | 03.31.2011 | |||||||
Finished goods:
|
||||||||
Sugar
|
368,031 | 77,673 | ||||||
Ethanol
|
280,670 | 42,840 | ||||||
Fuel and Lubricants
|
537,180 | 326,634 | ||||||
Raw material
|
36,412 | 51,598 | ||||||
Work in process
|
11,464 | 5,121 | ||||||
Spare parts and other
|
134,614 | 186,032 | ||||||
Provision for inventory realization and obsolescence and other
|
(6,562 | ) | (19,567 | ) | ||||
1,361,809 | 670,331 |
9.
|
Recoverable taxes
|
09.30.2011 | 03.31.2011 | |||||||
Withholding income tax
|
5,043 | - | ||||||
Income tax and social contribution
|
104,289 | 66,274 | ||||||
COFINS
|
115,304 | 121,474 | ||||||
PIS
|
32,430 | 27,338 | ||||||
State VAT - ICMS
|
191,781 | 151,161 | ||||||
IPI
|
39,142 | 47,741 | ||||||
Other
|
51,691 | 16,069 | ||||||
539,680 | 430,057 | |||||||
Current
|
(416,032 | ) | (374,991 | ) | ||||
Non Current
|
123,648 | 55,066 |
10.
|
Related parties
|
|
a.
|
Summarized balances with related parties
|
09.30.2011 | 03.31.2011 | |||||||
Current assets
|
||||||||
Shell Brazil Holding B.V.
|
577,373 | - | ||||||
Raízen Energia
|
7,795 | - | ||||||
Rezende Barbosa
|
8,958 | 7,298 | ||||||
Vertical UK LLP
|
2,526 | 6,430 | ||||||
Raízen Combustíveis
|
547 | - | ||||||
Other Related parties
|
2,480 | 941 | ||||||
Total Current assets
|
599,679 | 14,669 | ||||||
Non-current assets
|
||||||||
Shell Brazil Holding B.V.
|
766,856 | - | ||||||
Raízen Energia
|
217,419 | - | ||||||
Raízen Combustíveis
|
98,220 | - | ||||||
Rezende Barbosa
|
88,358 | 91,954 | ||||||
CTC - Centro de Tecnologia Canavieira
|
3,985 | - | ||||||
Other Related parties
|
1,768 | - | ||||||
Total Non Current assets
|
1,176,606 | 91,954 | ||||||
Total Assets
|
1,776,285 | 106,623 |
09.30.2011 | 03.31.2011 | |||||||
Current Liabilities
|
||||||||
Raízen Energia
|
75,911 | - | ||||||
Grupo Rezende Barbosa
|
56,750 | 37,664 | ||||||
Shell Brazil Holding B.V.
|
28,782 | - | ||||||
Other
|
1,724 | 3,499 | ||||||
Total Current Liabilities
|
163,167 | 41,163 | ||||||
Non-current liabilities
|
||||||||
Shell Brazil Holding B.V.
|
444,785 | - | ||||||
Raízen Energia
|
86,207 | - | ||||||
Others
|
15,303 | 4,444 | ||||||
Total non Current Liabilities
|
546,295 | 4,444 | ||||||
Total Liabilities
|
709,462 | 45,607 |
|
b.
|
Summarized transactions with related parties
|
09.30.2011 | 09.30.2010 | |||||||
Sale
|
||||||||
Vertical UK LLP
|
118,722 | 87,930 | ||||||
Other
|
120 | 34,576 | ||||||
118,842 | 122,506 | |||||||
Purchase of goods/ services
|
||||||||
Grupo Rezende Barbosa
|
222,579 | 245,709 | ||||||
Leased land
|
||||||||
Aguassanta
|
10,678 | 13,261 | ||||||
Radar
|
17,508 | 12,803 | ||||||
28,186 | 26,064 | |||||||
Financial income/ (expense)
|
||||||||
Grupo Rezende Barbosa
|
1,343 | - | ||||||
Shell Brazil Holding B.V.
|
100,330 | - | ||||||
Other
|
68 | - | ||||||
101,741 | - |
11.
|
Business combinations and acquisitions of non-controlling interest
|
|
a.
|
Retail sugar business
|
Cash
|
145,560 | |||
Consideration considered
|
29,140 | |||
Total
|
175,000 |
Description
|
||||
Accounts receivable
|
105,894 | |||
Inventories
|
33,398 | |||
Taxes recoverable
|
3,413 | |||
Deffered taxes
|
12,956 | |||
Property, plant and equipment
|
37,114 | |||
Suppliers
|
(21,709 | ) | ||
Others
|
(6,360 | ) | ||
Net assets acquired
|
164,706 | |||
Consideration transferred, net cash acquired
|
175,000 | |||
Preliminary goodwill
|
10,294 |
12.
|
Equity method investments
|
Investiments
|
Equity income (loss) of
subsidiaries and associates |
|||||||||||||||
09.30.2011 | 03.31.2011 | 09.30.2011 | 09.30.2010 | |||||||||||||
Radar Propriedades Agrícolas S.A.
|
263,989 | 260,756 | 658 | 14,450 | ||||||||||||
Codexis Inc
|
43,974 | - | - | - | ||||||||||||
Outros investimentos
|
50,089 | 43,836 | - | (6,334 | ) | |||||||||||
358,052 | 304,592 | 658 | 8,116 |
Balance at March 31, 2011
|
304,142 | |||
Equity income
|
658 | |||
Capital increase Tellus and Logum
|
26,270 | |||
Net effect of the formation of Raízen
|
30,043 | |||
Other
|
(3,061 | ) | ||
Balance at September 30, 2011
|
358,052 |
13.
|
Biological assets
|
Balances at March 31, 2011
|
1,561,132 | |||
Changes in fair value less estimated cost to sell
|
(17,856 | ) | ||
Increase due to planting and growing costs
|
340,784 | |||
Harvest cane transferred to inventory (*)
|
(363,510 | ) | ||
Proportional consolidation effect due to the formation of JVs (50%)
|
(803,584 | ) | ||
Balances at September 30, 2011
|
716,966 |
09.30.2011 | 03.31.2011 | |||||||
Crop area (hectares) (1)
|
367,265 | 340,386 | ||||||
Expect productivity (tons of cane per hectare)
|
84.74 | 85 | ||||||
Total amount of recoverable sugar – ATR (kg)
|
138.54 | 138.54 | ||||||
Price kg ATR projected average (R$/kg)
|
0.4228 | 0.4228 |
|
(1)
|
The biogical assets are proportionally consolidated in 50.0% in the Company.
|
14.
|
Property, plant and equipment
|
03.31.2011 |
Addition
|
Write-off
|
Transfer
|
Effect of
Formation
Joint Venture
and Docelar |
09.30.2011 | |||||||||||||||||||
Cost
|
||||||||||||||||||||||||
Land and rural properties
|
1,263,240 | - | (14,880 | ) | (2,514 | ) | 398,852 | 1,644,698 | ||||||||||||||||
Buildings and improvements
|
1,122,256 | 1,432 | (14,051 | ) | 140,823 | (282,416 | ) | 968,044 | ||||||||||||||||
Machinery, equipments and installations
|
4,980,432 | 34,484 | (16,184 | ) | 554,816 | (342,410 | ) | 5,211,138 | ||||||||||||||||
Aircraft
|
30,903 | - | (4,691 | ) | (0 | ) | - | 26,212 | ||||||||||||||||
Rail cars and locomotives
|
341,647 | - | - | 50,000 | - | 391,647 | ||||||||||||||||||
Boats and vehicles
|
323,042 | 2,741 | (604 | ) | 18,598 | (46,283 | ) | 297,494 | ||||||||||||||||
Furniture, fixtures and computer equipment
|
137,206 | 174 | (4,143 | ) | 16,236 | (22,821 | ) | 126,652 | ||||||||||||||||
Construction in progress
|
1,218,765 | 502,071 | (4,013 | ) | (394,259 | ) | (512,056 | ) | 810,508 | |||||||||||||||
Advances for purchase of property, plant and equipment
|
148,947 | 16,632 | (2,009 | ) | (33,570 | ) | (36,482 | ) | 93,518 | |||||||||||||||
Parts and components to be periodically replaced
|
1,043,342 | 124,283 | - | (117,292 | ) | (277,221 | ) | 773,112 | ||||||||||||||||
Other
|
4,782 | 12,994 | (9,596 | ) | 30,421 | 134,526 | 173,127 | |||||||||||||||||
Total
|
10,614,562 | 694,811 | (70,171 | ) | 263,259 | (986,311 | ) | 10,516,150 |
03.31.2011 |
Addition
|
Write-off
|
Transfer
|
Effect of
Formation
Joint Venture
and Docelar |
09.30.2011 | |||||||||||||||||||
Depreciation:
|
||||||||||||||||||||||||
Land and rural properties
|
(3,118 | ) | - | - | 3,118 | - | - | |||||||||||||||||
Buildings and improvements
|
(287,620 | ) | (24,375 | ) | 4,540 | (50,983 | ) | 107,891 | (250,547 | ) | ||||||||||||||
Machinery, equipments and installations
|
(1,472,512 | ) | (202,994 | ) | 10,454 | (289,090 | ) | 662,003 | (1,292,139 | ) | ||||||||||||||
Aircraft
|
(15,195 | ) | (876 | ) | 860 | (0 | ) | - | (15,211 | ) | ||||||||||||||
Rail cars and locomotives
|
(6,128 | ) | (6,079 | ) | - | (0 | ) | - | (12,207 | ) | ||||||||||||||
Boats and vehicles
|
(150,146 | ) | (16,034 | ) | 460 | (8,552 | ) | 60,555 | (113,717 | ) | ||||||||||||||
Furniture, fixtures and computer equipment
|
(87,460 | ) | (6,015 | ) | 3,303 | (12,440 | ) | 11,165 | (91,447 | ) | ||||||||||||||
Construction in progress
|
- | 49 | - | - | - | 49 | ||||||||||||||||||
Parts and components to be periodically replaced
|
(611,859 | ) | (260,280 | ) | - | 129,322 | 37,728 | (705,089 | ) | |||||||||||||||
Other
|
- | (2,875 | ) | 2,974 | (21,503 | ) | (85,664 | ) | (107,068 | ) | ||||||||||||||
Total
|
(2,634,038 | ) | (519,479 | ) | 22,591 | (250,128 | ) | 793,678 | (2,587,376 | ) | ||||||||||||||
Net salvage value:
|
7,980,524 | 175,331 | (47,580 | ) | 13,132 | (192,633 | ) | 7,928,774 |
15.
|
Intangible assets
|
Cost
|
At March 31, 2011
|
Additions
|
Write offs
|
Transfers
|
Effects of formation
of Raízen and Docelar |
At September 30, 2011
|
||||||||||||||||||
Software
|
98,063 | 570 | (1 | ) | (75,593 | ) | 28,065 | 51,104 | ||||||||||||||||
Trademarks and patents
|
429,671 | - | (9,513 | ) | (40,375 | ) | 230,401 | 610,184 | ||||||||||||||||
Goodwill
|
2,697,221 | - | (639,154 | ) | 10,292 | 751,098 | 2,819,458 | |||||||||||||||||
Customer base
|
583,420 | - | - | (57,701 | ) | 317,986 | 843,705 | |||||||||||||||||
Leases
|
155,505 | - | (232 | ) | (14,253 | ) | (61,333 | ) | 79,687 | |||||||||||||||
Distribution rights
|
170,291 | 2,531 | - | 206,289 | (53,952 | ) | 325,159 | |||||||||||||||||
Others
|
43,263 | 7,863 | (8,645 | ) | 36,754 | 103,458 | 182,693 | |||||||||||||||||
Total
|
4,177,434 | 10,964 | (657,545 | ) | 65,414 | 1,315,723 | 4,911,990 | |||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
Software
|
(66,111 | ) | (4,760 | ) | 1 | 68,433 | (34,254 | ) | (36,691 | ) | ||||||||||||||
Trademarks and patents
|
(98,710 | ) | (12,911 | ) | - | 39,359 | (2,335 | ) | (74,597 | ) | ||||||||||||||
Customer base
|
(41,038 | ) | (18,579 | ) | - | 41,086 | (16,587 | ) | (35,118 | ) | ||||||||||||||
Favorable operating leases
|
(15,118 | ) | (1,389 | ) | 232 | 13,817 | (7,559 | ) | (10,017 | ) | ||||||||||||||
Distribution rights
|
(62,387 | ) | (3,397 | ) | - | (34,641 | ) | - | (100,425 | ) | ||||||||||||||
Others
|
(4,495 | ) | (13,790 | ) | (224 | ) | (12,217 | ) | (93,312 | ) | (124,037 | ) | ||||||||||||
(287,859 | ) | (54,826 | ) | 9 | 115,837 | (154,047 | ) | (380,885 | ) | |||||||||||||||
Net salvage value
|
3,889,575 | (43,862 | ) | (657,536 | ) | 181,251 | 1,161,678 | 4,531,105 |
Anual
amortization |
||||||||||||
Intangible assets (except Goodwill)
|
Rate
|
09.30.2011 | 03.31.2011 | |||||||||
Software
|
20 | % | 14,413 | 31,952 | ||||||||
Trademarks and patents (a)
|
20 | % | 283,848 | 68,696 | ||||||||
Trademark Mobil (b)
|
10 | % | 165,496 | 176,911 | ||||||||
Trademark União (c)
|
2 | % | 86,243 | 85,354 | ||||||||
Customer base (d)
|
3 | % | 519,982 | 247,907 | ||||||||
Operation license and customer base(e)
|
4 | % | 288,604 | 294,475 | ||||||||
Favorable operating leases (f)
|
6 | % | 69,670 | 140,387 | ||||||||
Distribution rights
|
Straight line
over contract term |
224,734 | 107,904 | |||||||||
Other
|
58,657 | 38,768 | ||||||||||
Total
|
1,711,647 | 1,192,354 |
Accounting value of Goodwill
|
09.30.2011 | 03.31.2011 | ||||||
Cash-generating unit Raízen Energia
|
1,420,234 | 1,877.883 | ||||||
Cash-generating unit Raízen Combustíveis
|
753,148 | 755,524 | ||||||
Cash-generating unit Cosan Alimentos
|
10,294 | - | ||||||
Cash-generating unit Rumo
|
63,812 | 63,814 | ||||||
Cash-generating unit Others
|
571,110 | - | ||||||
Total goodwill
|
2,819,458 | 2,697,221 |
16.
|
Loans and long-term debt
|
Financial charges (1)
|
||||||||
Description
|
Index
|
Average Annual
interest rate |
09.30.2011
|
03.31.2011
|
Maturity date
|
|||
Senior Notes Due 2014
|
Dollar (USD)
|
9.5%
|
328,374
|
576,814
|
July/2014
|
|||
Senior Notes Due 2017
|
Dollar (USD)
|
7.0%
|
375,135
|
658,954
|
February/2017
|
|||
BNDES
|
URTJLP
|
2.75%
|
659,390
|
1,308,034
|
October/2025
|
|||
Pre fixed
|
4.5%
|
156,011
|
242,508
|
July/2020
|
||||
UMBND
|
6.74%
|
20,075
|
38,947
|
July/2019
|
||||
Dollar (USD)
|
7.09%
|
19
|
-
|
November/2012
|
||||
Bank Credit Notes
|
CDCA
|
0.55%+CDI
|
15,755
|
31,378
|
December/2011
|
|||
ACC
|
Dollar (USD)
|
1.54%
|
364,775
|
228,229
|
May/2012
|
|||
Perpetual Notes
|
Dollar (USD)
|
8.3%
|
939,099
|
1,236,209
|
November/2015
|
|||
Resolution 2471 (PESA)
|
IGP-M
|
3.95%
|
312,594
|
674,392
|
April/2023
|
|||
Pre fixed
|
3.0%
|
57
|
114
|
October/2025
|
||||
Rural Credits
|
Pre fixed
|
6.75%
|
47,735
|
92,352
|
October/2011
|
|||
Working capital
|
Dollar (USD) + Libor
|
2.15%
|
417,240
|
-
|
April/2013
|
|||
IGP-M
|
11%
|
141
|
-
|
December/2012
|
||||
Pre fixed
|
13.64%
|
5,881
|
-
|
March/2015
|
||||
Pre payments
|
Dollar (USD) + Libor
|
6.0%
|
368,904
|
736,472
|
April/2016
|
|||
Credit Notes
|
110,0% CDI
|
-
|
322,736
|
303,719
|
Februay/2014
|
|||
Dollar (USD)
|
2.35%
|
174,645
|
314,105
|
February/2013
|
||||
Pre fixed
|
6.25%
|
-
|
10,142
|
October/2012
|
||||
Finame
|
Pre fixed
|
4.85%
|
420,176
|
517,842
|
July/2020
|
|||
URTJLP
|
2.42%
|
252,338
|
187,336
|
January/2022
|
||||
UMBND
|
8.59%
|
29
|
-
|
October/2012
|
||||
Others
|
Diverse
|
Diverse
|
31,795
|
74,482
|
Diverse
|
|||
5,212,904
|
7,232,029
|
|||||||
Current
|
(805,119)
|
(957,134)
|
||||||
Non-current
|
4,407,785
|
6,274,895
|
|
(1)
|
Financial charges as of September 30, 2011, except as indicated otherwise.
|
09.30.2011 | 03.31.2011 | |||||||
13 to 24 months
|
815,962 | 745,454 | ||||||
25 to 36 months
|
975,619 | 762,649 | ||||||
37 to 48 months
|
209,959 | 1,010,797 | ||||||
49 to 60 months
|
1,124,149 | 777,963 | ||||||
61 to 72 months
|
527,544 | 878,092 | ||||||
73 to 84 months
|
191,092 | 222,289 | ||||||
85 to 96 months
|
280,257 | 453,711 | ||||||
Thereafter
|
283,203 | 1,423,940 | ||||||
4,407,785 | 6,274,895 |
17.
|
Taxes payable
|
09.30.2011 | 03.31.2011 | |||||||
ICMS
|
45,809 | 72,265 | ||||||
IPI
|
5,961 | 30,661 | ||||||
INSS
|
15,991 | 25,309 | ||||||
PIS
|
15,547 | 7,229 | ||||||
COFINS
|
82,883 | 33,721 | ||||||
Recovery program – Refis IV (a)
|
1,219,763 | 670,645 | ||||||
Others
|
122,878 | 44,525 | ||||||
1,508,832 | 884,355 | |||||||
Current
|
(328,874 | ) | (245,284 | ) | ||||
Non-current
|
1,179,958 | 639,071 |
|
a)
|
On July 2011 the subsidiary Cosan Lubrificantes e Especialides S.A., current name of Cosan Combustíveis e Lubrificantes S.A., successor entity of Esso Brasileira de Petróleio Ltda. (“Essobrás”), consolidated the current tax liabilities included the special program of federal tax recovery (“Refis IV”) in the amount of 537,703, as determined by ExxonMobil Brasil Holdings BV., former owner of Essobrás and contractualy responsible for these liabilities. As a result, the Company recognized an obligation and a corresponding accounts receivable of ExxonMobil Brasil Holdings BV in the same amount, under the caption “other credits”, of which R$40,080 in the short term and the remaining balance in the long term.
|
09.30.2011 | 03.30.2011 | |||||||
13 to 24 months
|
99,158 | 67,848 | ||||||
25 to 36 months
|
95,760 | 61,205 | ||||||
37 to 48 months
|
95,601 | 60,396 | ||||||
49 to 60 months
|
94,906 | 60,008 | ||||||
61 to 72 months
|
94,654 | 52,243 | ||||||
73 to 84 months
|
92,589 | 46,707 | ||||||
85 to 96 months
|
92,065 | 45,799 | ||||||
Thereafter
|
515,225 | 244,865 | ||||||
1,179,958 | 639,071 |
18.
|
Income taxes and social contribution
|
|
a)
|
Reconciliation of income and social contribution tax expenses:
|
09.30.2011 | 09.30.2010 | |||||||
Income before income tax and social contribution
|
2,979,185 | 373,044 | ||||||
Income tax and social contribution at nominal rate (34%)
|
(1,012,923 | ) | (126,835 | ) | ||||
Adjustments made for determining the effective rate:
|
||||||||
Equity pick-up
|
223 | 2,759 | ||||||
Release of Provision for non-realization of fiscal credits
|
36,169 | - | ||||||
Income not taxable of foreign subsidiary
|
(59,936 | ) | (2.448 | ) | ||||
Other
|
24 | (10.725 | ) | |||||
Total of deferred and current income taxes and social contributions
|
(1,036,443 | ) | (137,249 | ) | ||||
Effective rate
|
34.79 | % | 36.79 | % |
09.30.2011 | 03.31.2011 | |||||||||||||||||||
Assets
|
Basis
|
IRPJ 25%
|
CSLL 9%
|
Total
|
||||||||||||||||
Tax losses:
|
||||||||||||||||||||
Tax losses
|
1,865,178 | 466,295 | - | 466,295 | 273,555 | |||||||||||||||
Negative social contribution
|
1,844,243 | - | 165,982 | 165,982 | 99,609 | |||||||||||||||
Temporary differences:
|
||||||||||||||||||||
Provision for judicial demands and other temporary differences
|
963,140 | 240,785 | 86,682 | 327,467 | 342,169 | |||||||||||||||
4,672,561 | 707,080 | 252,664 | 959,744 | 715,333 | ||||||||||||||||
Liabilities
|
||||||||||||||||||||
Temporary differences:
|
||||||||||||||||||||
Exchange variaton
|
(361,112 | ) | (90,278 | ) | (32,500 | ) | (122,778 | ) | (274,189 | ) | ||||||||||
Depreciation
|
(36,622 | ) | (9,156 | ) | - | (9,156 | ) | (4,596 | ) | |||||||||||
Goodwill
|
(625,075 | ) | (156,269 | ) | (56,257 | ) | (212,526 | ) | (252,323 | ) | ||||||||||
Other provisions and other temporary differences:
|
||||||||||||||||||||
Business Combinations
|
||||||||||||||||||||
Property, plant and equipment
|
(3,129,578 | ) | (782,394 | ) | (281,662 | ) | (1,064,056 | ) | (344,686 | ) | ||||||||||
Intangible assets
|
(1,371,473 | ) | (342,868 | ) | (123,433 | ) | (466,301 | ) | (381,558 | ) | ||||||||||
Other net assets
|
46,699 | 11,675 | 4,203 | 15,877 | 99,331 | |||||||||||||||
Gain of formation of Joint Venture
|
(3,296,959 | ) | (824,240 | ) | (296,726 | ) | (1,120,966 | ) | - | |||||||||||
Deemed cost
|
(366,151 | ) | (91,538 | ) | (32,954 | ) | (124,491 | ) | (124,490 | ) | ||||||||||
Others
|
(160,994 | ) | (40,248 | ) | (14,489 | ) | (54,737 | ) | (228,454 | ) | ||||||||||
(9,301,265 | ) | (2,325,316 | ) | (833,818 | ) | (3,159,134 | ) | (1,510,965 | ) | |||||||||||
Total deferred taxes, net
|
(4,628,704 | ) | (1,618,237 | ) | (581,153 | ) | (2,199,390 | ) | (795,632 | ) |
19.
|
Provision for judicial demands
|
09.30.2011 | 03.31.2011 | |||||||
Tax
|
584,986 | 418,744 | ||||||
Civil
|
180,266 | 82,599 | ||||||
Labor
|
210,539 | 164,939 | ||||||
975,791 | 666,282 |
Tax
|
Civil
|
Labor
|
Total
|
|||||||||||||
Balance at March 31, 2011
|
418,744 | 82,599 | 164,939 | 666,282 | ||||||||||||
Provision
|
35,984 | 20,882 | 51,075 | 107,941 | ||||||||||||
Settlements
|
(2,175 | ) | (3,309 | ) | (6,607 | ) | (12,091 | ) | ||||||||
Write off
|
(908 | ) | (16,092 | ) | (31,228 | ) | (48,228 | ) | ||||||||
Reclassification
|
- | 988 | - | 988 | ||||||||||||
Effect of proportional consolidation of Raízen
|
118,824 | 91,020 | 22,768 | 232,612 | ||||||||||||
Monetary variation
|
14,517 | 4,178 | 9,592 | 28,287 | ||||||||||||
Balance at Setembro 30, 2011
|
584,986 | 180,266 | 210,539 | 975,791 |
|
a)
|
Tax
|
09.30.2011 | 03.31.2011 | |||||||
IPC – 89 (i)
|
81,225 | 80,273 | ||||||
Compensation with finsocial (ii)
|
189,918 | 183,706 | ||||||
CIDE (iii)
|
93,842 | - | ||||||
ICMS credits (iv)
|
67,085 | 56,880 | ||||||
PIS and COFINS
|
25,228 | - | ||||||
IPI
|
21,779 | - | ||||||
IRPJ and CSLL
|
4,073 | - | ||||||
Others
|
101,836 | 97,885 | ||||||
584,986 | 418,744 |
|
b)
|
Civil and labour
|
|
a)
|
Tax claims
|
09.30.2011 | 03.31.2011 | |||||||
Tax assessment - Withholding income taxes (i)
|
199,845 | 194,498 | ||||||
ICMS - State VAT (ii)
|
596,146 | 490,896 | ||||||
IRPJ / CSSL
|
138,015 | - | ||||||
ICMS Tax Replacement (ii)
|
619,171 | - | ||||||
IPI - Federal VAT (iii)
|
204,891 | 270,817 | ||||||
Compensation with IPI – IN 67/98 (iv)
|
93,210 | 181,292 | ||||||
Contribution to IAA - sugar & ethanol institute
|
1,307 | - | ||||||
INSS - Social security contribution (v)
|
66,247 | 72,616 | ||||||
PIS and Cofins (vi)
|
422,045 | 163,129 | ||||||
Others
|
208,094 | 197,884 | ||||||
2,548,971 | 1,571,132 |
|
(i)
|
Tax assessment – withholding income tax
|
(ii)
|
ICMS – State VAT
|
|
b)
|
Civil and labor
|
09.30.2011 | 03.31.2011 | |||||||
Civil
|
1,410,169 | 377,608 | ||||||
Labour
|
385,662 | 302,289 | ||||||
1,795,831 | 679,897 |
20.
|
Equity
|
Shareholder
|
Class A shares
and/or BDRs
|
%
|
Class B shares
|
%
|
||||||||||||
Queluz Holding Limited
|
11,111,111 | 6.37 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Aguassanta Participações S.A.
|
5,000,000 | 2.87 | - | - | ||||||||||||
Gávea Funds
|
33,333,333 | 19.12 | - | - | ||||||||||||
Others
|
124,910,897 | 71.64 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
09.30.2011 | 09.30.2010 | |||||||
Numerator:
|
||||||||
Net income – attributable to Cosan
|
1,022,364 | 148,669 | ||||||
Denominator:
|
||||||||
Weighted average shares outstanding
|
270,687,385 | 270,687,385 | ||||||
Basic earnings per share
|
R$ | 3.78 | R$ | 0.55 |
21.
|
Result of the formation of Joint Ventures (Raízen Energia e Raízen Combustíveis)
|
Fair value of the remaining interest in the joint ventures (a)
|
8,059,870 | ||
Book value of the contributed businesses (assets and liabilities)
|
(4,207,173 | ) | |
Gain on the formation of joint ventures
|
3,852,697 | ||
Other effects:
|
- | ||
Write-off of recoverable taxes not realizable (b)
|
(83,465 | ) | |
Write-off of goodwill not contributed
|
(637,535 | ) | |
Write-off of other comprehensive income related to hedge acccounting
|
(98,858 | ) | |
Accrual of provisions according to the joint venture’s contract
|
(80,000 | ) | |
Other expenses and write-off incurred during the formation of joint ventures
|
(99,782 | ) | |
Net result on the formation of joint ventures
|
2,853,057 |
|
(a)
|
According to the appraisal report prepared by independent appraisers.
|
|
(b)
|
Recoverable taxes registered by the Cosan S.A. (parent), considered not realizable, and which, if received will be reimbursed to Raízen Energia.
|
Raízen
Energia |
Raízen
Combustíveis |
Total
|
||||||||||
Fair value of assets and liabilities (a):
|
||||||||||||
Cash and cash equivalents
|
391,663 | 51,636 | 443,299 | |||||||||
Restricted cash
|
28,449 | - | 28,449 | |||||||||
Accounts receivable
|
397,748 | 1,104,447 | 1,502,195 | |||||||||
Derivatives
|
114,204 | - | 114,204 | |||||||||
Inventories
|
750,611 | 864,227 | 1,614,838 | |||||||||
Payment of capital receivable
|
1,853,969 | - | 1,853,969 | |||||||||
Other assets
|
3,262,974 | 2,390,413 | 5,653,387 | |||||||||
Investiments
|
133,186 | - | 133,186 | |||||||||
Biological assets
|
1,607,170 | - | 1,607,170 | |||||||||
Property, plant and equipment
|
9,827,775 | 2,901,748 | 12,729,523 | |||||||||
Intangible assets
|
191,180 | 1,738,871 | 1,930,051 | |||||||||
Loans and financing
|
(5,574,083 | ) | (929,471 | ) | (6,503,554 | ) | ||||||
Suppliers
|
(488,209 | ) | (518,031 | ) | (1,006,240 | ) | ||||||
Taxes payable
|
(889,575 | ) | (78,360 | ) | (967,935 | ) | ||||||
Other liabilities
|
(3,779,444 | ) | (3,409,812 | ) | (7,189,256 | ) | ||||||
Non controlling interests
|
(133,569 | ) | (35,527 | ) | (169,096 | ) | ||||||
Net assets at fair value (a):
|
7,694,049 | 4,080,141 | 11,774,190 | |||||||||
Cosan’s interest - 50%
|
3,847,024 | 2,040,071 | 5,887,095 | |||||||||
Goodwill allocated (a)
|
1,420,234 | 753,148 | 2,173,382 | |||||||||
Fair value of the remaining interest in the joint ventures
|
5,267,258 | 2,793,218 | 8,060,477 |
(a)
|
Preliminary values.
|
22.
|
Gross sales
|
09.30.2011 | 09.30.2010 | |||||||
Gross revenue from Sales of products and services
|
12,922,330 | 9,569,127 | ||||||
Indirect taxes and deductions
|
(930,067 | ) | (853,418 | ) | ||||
Net revenue
|
11,992,263 | 8,715,709 |
23.
|
Financial results, net
|
Financial expenses
|
07.01.11 to
09.30.2011 |
04.01.11 to
09.30.2011 |
07.01.10 to
09.30.2010 |
04.01.10 to
09.30.2010 |
||||||||||||
Interest
|
(179,919 | ) | (383,628 | ) | (138,789 | ) | (284,480 | ) | ||||||||
Monetary variation
|
(6,204 | ) | (11,365 | ) | (15,232 | ) | (32,885 | ) | ||||||||
Bank charges
|
(2,528 | ) | (4,860 | ) | (758 | ) | (1,406 | ) | ||||||||
Other
|
- | - | (1,137 | ) | (1,137 | ) | ||||||||||
(188,651 | ) | (399,853 | ) | (155,916 | ) | (319,908 | ) | |||||||||
Financial income
|
||||||||||||||||
Interest
|
65,066 | 121,621 | 12,040 | 39,001 | ||||||||||||
Monetary variation
|
3,971 | (1,455 | ) | 7,268 | 15,348 | |||||||||||
Investment income
|
45,261 | 73,577 | 18,750 | 37,135 | ||||||||||||
Others
|
3,874 | 693 | 151 | 362 | ||||||||||||
118,172 | 194,436 | 38,209 | 91,846 |
Foreign exchange variation, net
|
||||||||||||||||
Gain/Loss of foreign Exchange variation (1)
|
(311,760 | ) | (186,778 | ) | 187,745 | 155,519 | ||||||||||
Derivatives, net
|
||||||||||||||||
Commodities
|
(6,380 | ) | 16,170 | (17,177 | ) | (3,800 | ) | |||||||||
Commodities - Hedge Accounting
|
(5,915 | ) | (6,949 | ) | 32,704 | 27,116 | ||||||||||
(12,295 | ) | 9,221 | 15,527 | 23,316 | ||||||||||||
(394,534 | ) | (382,974 | ) | 85,565 | (49,227 | ) |
(1)
|
Include gain (losses) of foreign exchange rate over assets and liabilities denominated in foreign currency; and
|
24.
|
Financial instruments
|
|
a)
|
Overview
|
·
|
price risk
|
·
|
foreign exchange rates
|
·
|
interest rates
|
·
|
credit risk
|
·
|
liquidity risk
|
|
b)
|
Risk management structure
|
Notional
|
Fair Value
|
|||||||||||||||||||
September 30
2011 |
March 31 2011
|
September 30
2011 |
March 31 2011
|
Result (*)
|
||||||||||||||||
Raízen Energia
|
||||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity Derivatives
|
||||||||||||||||||||
Futures Contracts
|
478,392 | - | 25,235 | - | (40,639 | ) | ||||||||||||||
Options
|
14,670 | - | 1,109 | - | (13,988 | ) | ||||||||||||||
26,344 | - | (54,628 | ) | |||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Futures Contracts
|
413,770 | - | (8,932 | ) | - | 13,683 | ||||||||||||||
Forward contract:
|
545,075 | - | (28,942 | ) | - | 18,927 | ||||||||||||||
Exchange lock
|
256,381 | - | (11,411 | ) | - | (11,411 | ) | |||||||||||||
(49,285 | ) | - | 21,199 | |||||||||||||||||
Total Raízen Energia
|
(22,941 | ) | - | (33,428 | ) | |||||||||||||||
Consolidated Cosan (50% Raízen Energia)
|
(11,471 | ) | - | (16,714 | ) | |||||||||||||||
Derivatives of the Parent Company and subsidiares
|
||||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity Derivatives
|
||||||||||||||||||||
Futures Contracts
|
1,308,033 | - | (68,906 | ) | - | |||||||||||||||
Options:
|
10,364 | - | (17,484 | ) | - | |||||||||||||||
- | (86,390 | ) | - | |||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Futures Contracts
|
- | (114,204 | ) | - | (117 | ) | - | |||||||||||||
Forward contract:
|
111,384 | 694,599 | 11,612 | 9,900 | 39,706 | |||||||||||||||
11,612 | 9,783 | 39,706 | ||||||||||||||||||
Total Cosan (Including 50% Raízen Energia)
|
141 | 22,992 | ||||||||||||||||||
Total Assets
|
29,434 | |||||||||||||||||||
Total Liabilities
|
(29,293 | ) |
|
(*)
|
Results incurred during the six-month period ended September 30, 2011, only for the outstanding derivatives on that date.
|
|
c)
|
Price risk
|
Price risk : Outstanding commodities derivatives on September 30, 2011
|
|||||||||||||||||||||||||||||
Derivatives
|
Long/Short
|
Market
|
Agreement
|
Maturity
|
Number of Contracts
|
Strike
|
Average Price
|
Fair Value
|
Notional
|
Notional
|
Fair Value
|
||||||||||||||||||
Derivatives financial instruments contracted by Raízen Energia
|
|||||||||||||||||||||||||||||
Composition of derivatives financial instruments designated in hedge accounting
|
|||||||||||||||||||||||||||||
Future
|
Short
|
NYBOT
|
Sugar#11
|
01/Mar/12
|
4,997 | - |
¢/lb 26.04
|
¢/lb 25.29
|
(249,850 T | ) | 12,067 | 7,835 | |||||||||||||||||
Future
|
Short
|
NYBOT
|
Sugar#11
|
01/May/12
|
925 | - |
¢/lb 26.37
|
¢/lb 24.60
|
(46,992 T | ) | 50,659 | 3,399 | |||||||||||||||||
Future
|
Short
|
NYBOT
|
Sugar#11
|
01/Jul/12
|
3,582 | - |
¢/lb 24.64
|
¢/lb 23.81
|
(181,974 T | ) | 183,304 | 6,168 | |||||||||||||||||
Future
|
Short
|
NYBOT
|
Sugar#11
|
01/Oct/12
|
3,366 | - |
¢/lb 24.66
|
¢/lb 23.36
|
(171,001 T | ) | 172,400 | 9,092 | |||||||||||||||||
Sub-total of futures of Sugar Sold
|
(649,817 T | ) | 418,431 | 26,494 | |||||||||||||||||||||||||
Composition of derivatives financial instruments not designated in hedge accounting
|
|||||||||||||||||||||||||||||
Future
|
Long
|
NYBOT
|
Sugar#11
|
01/Mar/12
|
858 | - |
¢/lb 25.95
|
¢/lb 25.29
|
(43,588 T | ) | (46,237 | ) | (1,170 | ) | |||||||||||||||
Future
|
Long
|
NYBOT
|
Sugar#11
|
01/May/12
|
181 | - |
¢/lb 24.80
|
¢/lb 24.60
|
(9,195 T | ) | (9,323 | ) | (75 | ) | |||||||||||||||
Future
|
Long
|
NYBOT
|
Sugar#11
|
01/Jul/12
|
74 | - |
¢/lb 23.97
|
¢/lb 23.81
|
(3,759 T | ) | (3,684 | ) | (24 | ) | |||||||||||||||
Future
|
Long
|
NYBOT
|
Sugar#11
|
01/Oct/12
|
15 | - |
¢/lb 23.05
|
¢/lb 23.36
|
(762 T | ) | (718 | ) | 10 | ||||||||||||||||
Sub-total of futures of Sugar Purchased
|
(57,305 T | ) | (59,961 | ) | (1,259 | ) | |||||||||||||||||||||||
Sub-total of futures of Sugar
|
(707,122 T | ) | 358,469 | 25,235 | |||||||||||||||||||||||||
Call
|
Long
|
NYBOT
|
Sugar#11
|
01/Jul/12
|
100 |
¢/lb 31.00
|
¢/lb 1.51
|
¢/lb 0.93
|
(5,080 T | ) | (314 | ) | 193 | ||||||||||||||||
Call
|
Long
|
NYBOT
|
Sugar#11
|
01/Jul/12
|
1,700 |
¢/lb 31.00
|
¢/lb 0.68
|
¢/lb 0.93
|
(86,364 T | ) | (2,385 | ) | 3,284 | ||||||||||||||||
Sub-total of Call Purchased
|
(91,444 T | ) | (2,699 | ) | 3,477 | ||||||||||||||||||||||||
Call
|
Long
|
NYBOT
|
Sugar#11
|
01/May/12
|
545 |
¢/lb 29.00
|
¢/lb 2.47
|
¢/lb 1.27
|
(27,687 T | ) | 2,800 | (1,438 | ) | ||||||||||||||||
Call
|
Long
|
NYBOT
|
Sugar#11
|
01/Jul/12
|
100 |
¢/lb 31.00
|
¢/lb 1.53
|
¢/lb 0.93
|
(5,080 T | ) | 317 | (193 | ) | ||||||||||||||||
Call
|
Long
|
NYBOT
|
Sugar#11
|
01/Jul/12
|
2,075 |
¢/lb 31.00
|
¢/lb 1.42
|
¢/lb 0.93
|
(105,415 T | ) | 6,106 | (4,008 | ) | ||||||||||||||||
Sub-total of Call Sold
|
(138,183 T | ) | 9,223 | (5,639 | ) | ||||||||||||||||||||||||
Put
|
Short
|
NYBOT
|
Sugar#11
|
01/May/12
|
545 |
¢/lb 25.00
|
¢/lb 2.43
|
¢/lb 2.89
|
(27,687 T | ) | 2,747 | 3,271 | |||||||||||||||||
Sub-total of Put Purchased
|
(27,687 T | ) | 2,747 | 3,271 | |||||||||||||||||||||||||
Sub-total of Options of Sugar
|
1,109 | ||||||||||||||||||||||||||||
Total Commodities
|
367,740 | 26,344 |
Exchange risk : Outstanding derivatives on September 30, 2011
|
|||||||||||||||||||||||
Derivatives
|
Long/Short
|
Market
|
Agreement
|
Maturity
|
Number of Contracts
|
Strike
|
Average Price
|
Fair Value
|
Notional |
Notional
|
Fair Value
|
||||||||||||
Derivatives financial instruments contracted by Raízen Energia
|
|||||||||||||||||||||||
Composition of derivatives financial instruments designated in hedge accounting
|
|||||||||||||||||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
03/Oct/11
|
1
|
-
|
R$ 1.776 /US$
|
R$ 1.854 /US$
|
USD |
110,000
|
195,310
|
(8,670)
|
|||||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
02/Jan/12
|
1
|
-
|
R$ 1.822 /US$
|
R$ 1.920 /US$
|
USD |
50,000
|
91,075
|
(4,801)
|
|||||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
02/Apr/12
|
1
|
-
|
R$ 1.835 /US$
|
R$ 1.950 /US$
|
USD |
141,000
|
258,690
|
(15,471)
|
|||||||||||
Sub-total of Forward Sold
|
545,075
|
(28,942)
|
|||||||||||||||||||||
Composition of derivatives financial instruments not designated in hedge accounting
|
|||||||||||||||||||||||
Future
|
Short
|
BMFBovespa
|
Commercial Dollar
|
03/Oct/11
|
9,855
|
-
|
R$ 1.711 /US$
|
R$ 1.854 /US$
|
USD |
-
|
-
|
(1,672)
|
|||||||||||
Future
|
Short
|
BMFBovespa
|
Commercial Dollar
|
01/Nov/11
|
5,755
|
-
|
R$ 1.837 /US$
|
R$ 1.898 /US$
|
USD |
-
|
-
|
(9,662)
|
|||||||||||
Future
|
Short
|
CME Group
|
EUR/USD
|
21/Dec/11
|
65
|
-
|
US$ 1.376 /€
|
US$ 1.342 /€
|
EUR |
-
|
20,739
|
526
|
|||||||||||
Sub-total of Future Sold
|
20,739
|
(10,808)
|
|||||||||||||||||||||
Future
|
Long
|
BMFBovespa
|
Commercial Dollar
|
03/Oct/11
|
11,055
|
-
|
R$ 1.770 /US$
|
R$ 1.854 /US$
|
USD |
-
|
-
|
1,876
|
|||||||||||
Sub-total of Future Purchased
|
-
|
1,876
|
|||||||||||||||||||||
Exchange lock
|
Short
|
OTC
|
Exchange lock
|
02/Jul/12
|
1
|
-
|
R$ 1.937 /US$
|
R$ 1.977 /US$
|
USD |
30,000
|
58,104
|
(497)
|
|||||||||||
Exchange lock
|
Short
|
OTC
|
Exchange lock
|
02/Jul/12
|
1
|
-
|
R$ 1.913 /US$
|
R$ 1.977 /US$
|
USD |
20,000
|
38,254
|
(1,140)
|
|||||||||||
Exchange lock
|
Short
|
OTC
|
Exchange lock
|
06/Sep/12
|
1
|
-
|
R$ 1.802 /US$
|
R$ 2.001 /US$
|
USD |
20,000
|
36,044
|
(3,565)
|
|||||||||||
Exchange lock
|
Short
|
OTC
|
Exchange lock
|
13/Sep/12
|
1
|
-
|
R$ 1.860 /US$
|
R$ 2.002 /US$
|
USD |
40,250
|
74,881
|
(5,215)
|
|||||||||||
Exchange lock
|
Short
|
OTC
|
Exchange lock
|
24/Sep/12
|
1
|
-
|
R$ 1.964 /US$
|
R$ 2.005 /US$
|
USD |
25,000
|
49,098
|
(993)
|
|||||||||||
256,381
|
(11,411)
|
||||||||||||||||||||||
Total of exchange - Derivatives financial instruments contracted by Raízen Energia
|
822,194
|
(49,285)
|
|||||||||||||||||||||
Fair value of derivative financial instruments registered in the Company (50% Raízen Energia)
|
(24,643)
|
Exchange risk: Outstanding derivatives on September 30, 2011
|
||||||||||||||||||||||
Derivatives
|
Long/Short
|
Market
|
Agreement
|
Maturity
|
Number of Contracts
|
Strike
|
Average Price
|
Fair Value
|
Notional
|
Notional
|
Fair Value
|
|||||||||||
Derivative financial instruments contracted by the Company and subsidiaries (except the joint ventures)
|
||||||||||||||||||||||
Composition of derivatives financial instruments not designated in hedge accounting
|
||||||||||||||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/11
|
1
|
-
|
R$ 1.818 /US$
|
R$ 1.894 /US$
|
USD 6,188
|
11,246
|
462
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
03/Feb/12
|
1
|
-
|
R$ 1.857 /US$
|
R$ 1.836 /US$
|
USD 6,188
|
11,489
|
(130)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/May/12
|
1
|
-
|
R$ 1.894 /US$
|
R$ 1.954 /US$
|
USD 6,188
|
11,722
|
347
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
03/Aug/12
|
1
|
-
|
R$ 1.936 /US$
|
R$ 1.979 /US$
|
USD 6,188
|
11,978
|
248
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
01/Nov/12
|
1
|
-
|
R$ 1.978 /US$
|
R$ 2.005 /US$
|
USD 6,188
|
12,239
|
152
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Feb/13
|
1
|
-
|
R$ 2.021 /US$
|
R$ 2.034 /US$
|
USD 6,188
|
12,504
|
72
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
03/May/13
|
1
|
-
|
R$ 2.059 /US$
|
R$ 2.061 /US$
|
USD 6,188
|
12,739
|
10
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
02/Aug/13
|
1
|
-
|
R$ 2.101 /US$
|
R$ 2.089 /US$
|
USD 6,188
|
12,997
|
(64)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/13
|
1
|
-
|
R$ 2.142 /US$
|
R$ 2.118 /US$
|
USD 6,188
|
13,256
|
(129)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Feb/14
|
1
|
-
|
R$ 2.185 /US$
|
R$ 2.148 /US$
|
USD 6,188
|
13,521
|
(196)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
02/May/14
|
1
|
-
|
R$ 2.221 /US$
|
R$ 2.175 /US$
|
USD 6,188
|
13,743
|
(233)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Aug/14
|
1
|
-
|
R$ 2.263 /US$
|
R$ 2.205 /US$
|
USD 6,188
|
14,002
|
(287)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/14
|
1
|
-
|
R$ 2.305 /US$
|
R$ 2.240 /US$
|
USD 6,188
|
14,261
|
(315)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Feb/15
|
1
|
-
|
R$ 2.343 /US$
|
R$ 2.279 /US$
|
USD 6,188
|
14,497
|
(304)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/May/15
|
1
|
-
|
R$ 2.380 /US$
|
R$ 2.316 /US$
|
USD 6,188
|
14,726
|
(295)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Aug/15
|
1
|
-
|
R$ 2.425 /US$
|
R$ 2.348 /US$
|
USD 6,188
|
15,003
|
(346)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/15
|
1
|
-
|
R$ 2.465 /US$
|
R$ 2.380 /US$
|
USD 6,188
|
15,254
|
(380)
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/11
|
1
|
-
|
R$ 1.617 /US$
|
R$ 1.894 /US$
|
USD 4,197
|
6,788
|
1,137
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
03/Feb/12
|
1
|
-
|
R$ 1.652 /US$
|
R$ 1.836 /US$
|
USD 4,197
|
6,935
|
777
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/May/12
|
1
|
-
|
R$ 1.679 /US$
|
R$ 1.954 /US$
|
USD 4,197
|
7,047
|
1,091
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
03/Aug/12
|
1
|
-
|
R$ 1.725 /US$
|
R$ 1.979 /US$
|
USD 4,197
|
7,239
|
994
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
01/Nov/12
|
1
|
-
|
R$ 1.761 /US$
|
R$ 2.005 /US$
|
USD 4,197
|
7,390
|
939
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Feb/13
|
1
|
-
|
R$ 1.798 /US$
|
R$ 2.034 /US$
|
USD 4,197
|
7,546
|
893
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
03/May/13
|
1
|
-
|
R$ 1.834 /US$
|
R$ 2.061 /US$
|
USD 4,197
|
7,696
|
846
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
02/Aug/13
|
1
|
-
|
R$ 1.872 /US$
|
R$ 2.089 /US$
|
USD 4,197
|
7,859
|
792
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/13
|
1
|
-
|
R$ 1.914 /US$
|
R$ 2.118 /US$
|
USD 4,197
|
8,032
|
735
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Feb/14
|
1
|
-
|
R$ 1.951 /US$
|
R$ 2.148 /US$
|
USD 4,197
|
8,190
|
691
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
02/May/14
|
1
|
-
|
R$ 1.987 /US$
|
R$ 2.175 /US$
|
USD 4,197
|
8,340
|
651
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Aug/14
|
1
|
-
|
R$ 2.027 /US$
|
R$ 2.205 /US$
|
USD 4,197
|
8,507
|
605
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/14
|
1
|
-
|
R$ 2.065 /US$
|
R$ 2.240 /US$
|
USD 4,197
|
8,666
|
580
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Feb/15
|
1
|
-
|
R$ 2.100 /US$
|
R$ 2.279 /US$
|
USD 4,197
|
8,813
|
578
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/May/15
|
1
|
-
|
R$ 2.131 /US$
|
R$ 2.316 /US$
|
USD 4,197
|
8,942
|
585
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Aug/15
|
1
|
-
|
R$ 2.166 /US$
|
R$ 2.348 /US$
|
USD 4,197
|
9,089
|
563
|
|||||||||||
Forward
|
Long
|
OTC
|
NDF
|
04/Nov/15
|
1
|
-
|
R$ 2.199 /US$
|
R$ 2.380 /US$
|
USD 4,197
|
9,231
|
543
|
|||||||||||
Total of exchange - Derivatives financial instruments contracted by the Company and subsidiaries (except the joint ventures)
|
361,487
|
11,611
|
||||||||||||||||||||
Total of exchange
|
(13,031)
|
|
e)
|
Effects of hedge accounting
|
Expected period to affect P&L
|
|||||||||||||||||
Derivative
|
Market
|
Risk
|
2011/12 | 2012/13 |
Total
|
||||||||||||
Future
|
OTC / NYBOT
|
#11 | (86,527 | ) | 17,036 | (69,491 | ) | ||||||||||
NDF
|
OTC / CETIP
|
USD
|
(17,393 | ) | (15,581 | ) | (32,974 | ) | |||||||||
(-) Deferred income tax
|
35,333 | (495 | ) | 34,838 | |||||||||||||
Effect on the shareholder’s equity
|
(68,587 | ) | 960 | (67,627 | ) |
Balance at March 31, 2011:
|
(143,298)
|
Gain/(losses) of cash flow hedges for the period:
|
|
Future contracts ans swap commodities contract
|
(4,863)
|
Currency forward contracts
|
28,558
|
Reclassification adjustments for losses included in the income statement (Revenue of sales /financial result)
|
(7,901)
|
Effect of the disconsolidation and formation of the Joint Ventures
|
98,858
|
Total before tax effect
|
114,652
|
Tax effect on gain/(losses) of cash flow hedges for the period – 34%
|
(38,981)
|
Hedge accounting effect, net of tax
|
75,671
|
Balance at September 30, 2011:
|
(67,627)
|
|
·
|
Level 1: quoted prices in a active market to identical assets and liabilities;
|
|
·
|
Level 2: other techniques for which all data that have significant effect on the fair value recorded are observable, directly or indirectly;
|
|
·
|
Level 3: techniques that use data that have significant effect on the fair value recorded that are not based on observable market data.
|
|
j)
|
Fair value --Continued
|
Assets and Liabilities measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
September 30, 2011
|
||||||||||||
Warrants Radar
|
142,589 | 142,589 | ||||||||||
Derivative financial assets
|
29,434 | - | 29,434 | |||||||||
Derivative financial liabilities
|
(9,118 | ) | (20,175 | ) | (29,293 | ) | ||||||
March 31, 2011
|
||||||||||||
Warrants Radar
|
- | 162,961 | 162,961 | |||||||||
Derivative financial assets
|
35,577 | 20,105 | 55,682 | |||||||||
Derivative financial liabilities
|
(122,084 | ) | (10,205 | ) | (132,289 | ) |
|
k)
|
Sensitivity analysis
|
Impacts on the result (*)
|
|||||||||||||
Risk factors
|
Probable
scenario |
Possible
scenario (25%) |
Remote
scenario (50%) |
||||||||||
Price risk
|
|||||||||||||
Commodity derivatives
|
|||||||||||||
Futures agreements:
|
|||||||||||||
Sale Commitments
|
Increase in sugar price
|
13,247 | (81,272 | ) | (162,544 | ) | |||||||
Purchase Commitments
|
Decrease in sugar price
|
(630 | ) | (7,338 | ) | (14,675 | ) | ||||||
Options agreements:
|
|||||||||||||
Call options purchased
|
Decrease in sugar price
|
1,738 | (1,529 | ) | (1,735 | ) | |||||||
Call options sold
|
Increase in sugar price
|
(2,819 | ) | (6,739 | ) | (17,719 | ) | ||||||
Put options purchased
|
Increase in sugar price
|
1,636 | (1,086 | ) | (1,474 | ) | |||||||
Exchange rate risk
|
|||||||||||||
Exchange rate derivatives
|
|||||||||||||
Futures agreements:
|
|||||||||||||
Sale Commitments
|
R$ / US exchange rate appreciation
|
(5,667 | ) | (182,488 | ) | (364,975 | ) | ||||||
Sale Commitments
|
€ / US exchange rate appreciation
|
263 | (2,527 | ) | (5,053 | ) | |||||||
Purchase Commitments
|
R$ / US exchange rate depreciation
|
938 | (128,128 | ) | (256,255 | ) | |||||||
Forward agreements:
|
|||||||||||||
Sale Commitments
|
R$ / US exchange rate appreciation
|
(14,471 | ) | (69,843 | ) | (139,686 | ) | ||||||
Exchange lock:
|
|||||||||||||
Sale Commitments
|
R$ / US exchange rate appreciation
|
(5,705 | ) | (30,805 | ) | (61,609 | ) |
|
l)
|
Capital management
|
25.
|
Shared-based payments
|
26.
|
Pension and other post-employment benefits plan
|
|
a)
|
Pension plan
|
27.
|
Segment information (consolidated)
|
|
a)
|
Segment information
|
|
(i)
|
Raízen Energia: production and marketing of a variety of products derived from cane sugar, including raw sugar (VHP), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugar cane bagasse. In addition, this segment has interest in companies of research and development in new technologies involved in this segment.
|
|
(ii)
|
Raízen Combustíveis: distribution and marketing of fuels and lubricants, mainly through franchised network of service stations under the brand “Shell” and "Esso" throughout the national territory.
|
|
(iii)
|
Rumo: logistics services for the transport, storage and port lifting of sugar for both the S&E segment and third parties.
|
|
(iv)
|
Cosan Alimentos: sale of food, mainly, of sugar in the retail under the brands “União” and “DaBarra”.
|
|
(v)
|
Other business Cosan: sale and distribution of lubricants, investments in agricultural land and other investments, in addition to the corporate structures of the activities of the Company.
|
07.01.2011 to 09.30.2011
|
||||||||||||||||||||||||||||||||
Raízen
Energia (*) |
Raízen
Combustiveis (*) |
Cosan
Alimentos |
Rumo
|
Other
business Cosan |
Elimination
50% Raízen |
Adjustments
and eliminations |
Consolidated
|
|||||||||||||||||||||||||
Income statement (3 months):
|
||||||||||||||||||||||||||||||||
Net Sales
|
2,665,768 | 9,901,065 | 267,165 | 213,711 | 289,908 | (6,283,416 | ) | (249,918 | ) | 6,804,283 | ||||||||||||||||||||||
Domestic market
|
1,320,468 | 9,901,065 | 267,165 | 213,711 | 289,908 | (5,610,766 | ) | (249,918 | ) | 6,131,633 | ||||||||||||||||||||||
External market
|
1,345,300 | - | - | - | - | (672,650 | ) | - | 672,650 | |||||||||||||||||||||||
Gross profit
|
504,946 | 545,068 | 67,049 | 76,934 | 92,929 | (525,007 | ) | - | 761,919 | |||||||||||||||||||||||
Selling, general and administrative expenses
|
(262,205 | ) | (393,032 | ) | (35,947 | ) | (10,382 | ) | (80,825 | ) | 327,618 | - | (454,773 | ) | ||||||||||||||||||
Gain of formation of Joint Ventures
|
- | - | - | - | (18,160 | ) | - | - | (18,160 | ) | ||||||||||||||||||||||
Other income (expenses)
|
(9,040 | ) | 60,654 | 19 | 277 | (22,867 | ) | (25,807 | ) | - | 3,236 | |||||||||||||||||||||
Financial result, net
|
(341,778 | ) | (150,790 | ) | 1,590 | 6,991 | (156,831 | ) | 246,284 | - | (394,534 | ) | ||||||||||||||||||||
Income tax and social contribution
|
13,684 | (21,699 | ) | 15,068 | (24,237 | ) | 201,372 | 4,008 | - | 188,195 | ||||||||||||||||||||||
Net income
|
(100,307 | ) | 37,938 | 47,779 | 49,298 | 269,064 | 31,184 | (297,792 | ) | 37,165 | ||||||||||||||||||||||
Other selected data:
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Additions to PP&E, intangible and biological assets (cash)
|
508,756 | 76,737 | 114 | 48,054 | 19,321 | (292,746 | ) | - | 360,235 | |||||||||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
599,648 | 84,212 | 559 | 10,276 | 12,822 | (341,930 | ) | - | 365,587 |
04.01.2011 to 09.30.2011
|
||||||||||||||||||||||||||||||||
Raízen
Energia (*) |
Raízen
Combustiveis (*) |
Cosan Alimentos
|
Rumo
|
Other
business Cosan |
Elimination
50% Raízen |
Adjustments
and eliminations |
Consolidated
|
|||||||||||||||||||||||||
Income statement (6 months):
|
||||||||||||||||||||||||||||||||
Net Sales
|
4,303,096 | 15,030,857 | 267,165 | 354,664 | 531,034 | (8,200,929 | ) | (293,624 | ) | 11,992,263 | ||||||||||||||||||||||
Domestic market
|
2,367,029 | 15,030,857 | 267,165 | 354,664 | 531,034 | (7,528,279 | ) | (293,625 | ) | 10,728,845 | ||||||||||||||||||||||
External market
|
1,936,068 | - | - | - | - | (672,650 | ) | - | 1,263,418 | |||||||||||||||||||||||
Gross profit
|
857,248 | 733,931 | 67,049 | 123,761 | 181,538 | (613,627 | ) | - | 1,349,900 | |||||||||||||||||||||||
Selling, general and administrative expenses
|
(520,654 | ) | (560,803 | ) | (35,947 | ) | (19,425 | ) | (155,088 | ) | 425,201 | - | (866,717 | ) | ||||||||||||||||||
Gain of formation of Joint Ventures
|
- | - | - | - | 2,853,057 | - | - | 2,853,057 | ||||||||||||||||||||||||
Other income (expenses)
|
(19,405 | ) | 109,213 | 19 | 6,596 | (20,775 | ) | (50,390 | ) | - | 25,258 | |||||||||||||||||||||
Financial result, net
|
(298,132 | ) | (126,802 | ) | 1,590 | 11,841 | (230,254 | ) | 258,783 | - | (382,974 | ) | ||||||||||||||||||||
Income tax and social contribution
|
426 | (60,277 | ) | 15,068 | (40,727 | ) | (907,849 | ) | (43,084 | ) | - | (1,036,443 | ) | |||||||||||||||||||
Net income
|
11,872 | 108,593 | 47,779 | 81,280 | 3,429,917 | 37,422 | (2,694,500 | ) | 1,022,363 | |||||||||||||||||||||||
Other selected data:
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Additions to PP&E, intangible and biological assets (cash)
|
1,116,456 | 114,437 | 114 | 156,354 | 39,566 | (357,046 | ) | - | 1,069,880 | |||||||||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
927,474 | 168,848 | 559 | 20,441 | 22,428 | (470,546 | ) | - | 669,204 |
07.01.2010 to 09.30.2010
|
||||||||||||||||||||||||||||||||
Raízen
Energia (*) |
Raízen
Combustiveis (*) |
Cosan
Alimentos |
Rumo
|
Other
business Cosan |
Elimination
50% Raízen |
Adjustments
and eliminations |
Consolidated
|
|||||||||||||||||||||||||
Income statement (3 months):
|
||||||||||||||||||||||||||||||||
Net Sales
|
1,758,491 | 2,810,760 | - | 144,574 | 206,244 | - | (203,982 | ) | 4,716,087 | |||||||||||||||||||||||
Domestic market
|
910,752 | 2,810,760 | - | 144,574 | 206,244 | - | (203,982 | ) | 3,868,348 | |||||||||||||||||||||||
External market
|
847,739 | - | - | - | - | - | - | 847,739 | ||||||||||||||||||||||||
Gross profit
|
492,846 | 113,236 | - | 40,965 | 74,623 | - | (792 | ) | 720,878 | |||||||||||||||||||||||
Selling, general and administrative expenses
|
(271,699 | ) | (90,343 | ) | - | (6,861 | ) | (43,687 | ) | - | 7,803 | (404,787 | ) | |||||||||||||||||||
Gain of formation of Joint Ventures
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other income (expenses)
|
(49,004 | ) | 13,603 | - | 1,520 | 1,761 | - | (7,011 | ) | (39,131 | ) | |||||||||||||||||||||
Financial result, net
|
74,791 | 8,910 | - | 1,640 | 224 | - | - | 85,565 | ||||||||||||||||||||||||
Income tax and social contribution
|
(87,221 | ) | (12,499 | ) | - | (12,611 | ) | (13,918 | ) | - | - | (126,249 | ) | |||||||||||||||||||
Net income
|
160,198 | 32,906 | - | 24,653 | 87,114 | - | (151,476 | ) | 153,395 | |||||||||||||||||||||||
Other selected data:
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Additions to PP&E, intangible and biological assets (cash)
|
245,996 | 34,742 | - | 127,782 | - | - | - | 408,520 | ||||||||||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
355,220 | 28,353 | - | 8,251 | 8,655 | - | - | 400,479 |
04.01.2010 to 09.30.2010
|
||||||||||||||||||||||||||||||||
Raízen
Energia (*) |
Raízen
Combustiveis (*) |
Cosan
Alimentos |
Rumo
|
Other
business Cosan |
Elimination
50% Raízen |
Adjustments
and eliminations |
Consolidated
|
|||||||||||||||||||||||||
Income statement (6 months):
|
||||||||||||||||||||||||||||||||
Net Sales
|
3,032,134 | 5,389,209 | - | 249,946 | 409,421 | - | (365,001 | ) | 8,715,709 | |||||||||||||||||||||||
Domestic market
|
1,614,900 | 5,389,209 | - | 249,946 | 409,421 | - | (365,001 | ) | 7,298,475 | |||||||||||||||||||||||
External market
|
1,417,234 | - | - | - | - | - | - | 1,417,234 | ||||||||||||||||||||||||
Gross profit
|
747,745 | 221,733 | - | 70,525 | 154,524 | - | 3,291 | 1,197,819 | ||||||||||||||||||||||||
Selling, general and administrative expenses
|
(464,877 | ) | (183,720 | ) | - | (14,897 | ) | (85,548 | ) | - | 6,838 | (742,204 | ) | |||||||||||||||||||
Gain of formation of Joint Ventures
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other income (expenses)
|
(51,282 | ) | 10,392 | - | 9,064 | 495 | - | (10,129 | ) | (41,460 | ) | |||||||||||||||||||||
Financial result, net
|
(26,303 | ) | 228 | - | (470 | ) | (22,683 | ) | - | - | (49,227 | ) | ||||||||||||||||||||
Income tax and social contribution
|
(78,445 | ) | (18,685 | ) | - | (21,831 | ) | (18,289 | ) | - | - | (137,249 | ) | |||||||||||||||||||
Net income
|
109,689 | 29,886 | - | 42,393 | 100,938 | - | (134,237 | ) | 148,669 | |||||||||||||||||||||||
Other selected data:
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Additions to PP&E, intangible and biological assets (cash)
|
924,698 | 40,150 | - | 250,932 | 3,345 | - | - | 1,219,125 | ||||||||||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
604,736 | 51,022 | - | 15,386 | 19,784 | - | - | 690,927 |
09.30.2011 | ||||||||||||||||||||||||||||||||
Raízen
Energia (*) |
Raízen
Combustiveis (*) |
Cosan
Alimentos |
Rumo
|
Other
business Cosan |
Elimination
50% Raízen |
Adjustments
and elimination |
Consolidated
|
|||||||||||||||||||||||||
Financial position:
|
||||||||||||||||||||||||||||||||
Property, plan and equipment
|
9,501,143 | 2,734,238 | 37,133 | 1,072,306 | 701,644 | (6,117,691 | ) | - | 7,928,774 | |||||||||||||||||||||||
Intangible
|
3,024,851 | 3,614,538 | 16 | 355,332 | 856,062 | (3,319,694 | ) | - | 4,531,105 | |||||||||||||||||||||||
Loans, net of cash and cash equivalents
|
(5,058,660 | ) | (624,172 | ) | 42,287 | (162,560 | ) | (768,344 | ) | 2,841,416 | - | (3,730,033 | ) | |||||||||||||||||||
Other assets and liabilities, net
|
2,791,832 | (32,021 | ) | 132,870 | (114,228 | ) | 15,536,852 | (1,379,906 | ) | (16,413,044 | ) | 522,356 | ||||||||||||||||||||
Total asset (net of liabilities) allocated by segment
|
10,259,166 | 5,692,583 | 212,306 | 1,150,850 | 16,326,214 | (7,975,875 | ) | (16,413,044 | ) | 9,252,201 | ||||||||||||||||||||||
Total asset
|
21,074,287 | 10,968,203 | 380,317 | 2,032,329 | 22,387,964 | (16,021,245 | ) | (17,929,393 | ) | 22,892,462 |
03.31.2011 | ||||||||||||||||||||||||||||||||
Raízen
Energia (*) |
Raízen
Combustiveis (*) |
Cosan
Alimentos |
Rumo
|
Other
business Cosan |
Elimination
50% Raízen |
Adjustments
and elimination |
Consolidated
|
|||||||||||||||||||||||||
Financial position:
|
||||||||||||||||||||||||||||||||
Property, plan and equipment
|
5,962,230 | 862,185 | - | 931,997 | 224,112 | - | - | 7,980,524 | ||||||||||||||||||||||||
Intangible
|
1,644,350 | 528,653 | - | 358,287 | 1,358,285 | - | - | 3,889,575 | ||||||||||||||||||||||||
Loans, net of cash and cash equivalents
|
(4,723,833 | ) | (589,229 | ) | - | (99,829 | ) | (547,358 | ) | - | - | (5,960,249 | ) | |||||||||||||||||||
Other assets and liabilities, net
|
(1,826,735 | ) | (238,736 | ) | - | (173,826 | ) | 10,795,163 | - | (7,137,020 | ) | 1,418,846 | ||||||||||||||||||||
Total asset (net of liabilities) allocated by segment
|
1,056,012 | 562,873 | - | 1,016,629 | 11,830,203 | - | (7,137,020 | ) | 7,328,697 | |||||||||||||||||||||||
Total asset
|
8,567,722 | 1,777,299 | - | 1,713,112 | 14,517,517 | - | (7,363,213 | ) | 19,212,437 |
|
b)
|
Detailed net Sales per segment:
|
07.01.2011 to
09.30.2011 |
04.01.2011 a 09.30.2011 |
07.01.2010 to
09.30.2010 |
04.01.2010 a 09.30.2010 |
|||||||||||||
Raízen Energia
|
||||||||||||||||
Sugar
|
1,485,701 | 2,359,622 | 1,106,981 | 1,936,312 | ||||||||||||
Ethanol
|
981,770 | 1,625,569 | 532,416 | 889,269 | ||||||||||||
Cogeration
|
111,057 | 180,769 | 81,454 | 136,826 | ||||||||||||
Other
|
87,240 | 137,136 | 37,640 | 69,727 | ||||||||||||
2,665,768 | 4,303,096 | 1,758,491 | 3,032,134 | |||||||||||||
Raízen Combustíveis
|
||||||||||||||||
Fuels
|
9,901,065 | 15,008,974 | 2,773,005 | 5,309,034 | ||||||||||||
Other
|
- | 21,883 | 37,755 | 80,175 | ||||||||||||
9,901,065 | 15,030,857 | 2,810,760 | 5,389,209 | |||||||||||||
Cosan Alimentos
|
||||||||||||||||
Amorfo
|
240,814 | 240,814 | - | - | ||||||||||||
Crystal
|
13,262 | 13,262 | - | - | ||||||||||||
Other
|
13,089 | 13,089 | - | - | ||||||||||||
267,165 | 267,165 | - | - | |||||||||||||
Rumo
|
||||||||||||||||
Port lifting
|
52,170 | 93,934 | 38,830 | 73,846 | ||||||||||||
Logistics
|
154,254 | 250,382 | 98,240 | 168,596 | ||||||||||||
Other
|
7,287 | 10,348 | 7,504 | 7,504 | ||||||||||||
213,711 | 354,664 | 144,574 | 249,946 | |||||||||||||
Other business Cosan
|
||||||||||||||||
Lubricants
|
282,908 | 522,755 | 206,244 | 407,902 | ||||||||||||
Land leasing
|
7,000 | 7,000 | - | - | ||||||||||||
Other
|
- | 1,280 | - | 1,519 | ||||||||||||
289,908 | 531,035 | 206,244 | 409,421 | |||||||||||||
Adjustments/eliminations
|
(6,533,334 | ) | (8,494,553 | ) | (203,982 | ) | (365,001 | ) | ||||||||
Total
|
6,804,283 | 11,992,263 | 4,716,087 | 8,715,709 |
|
c)
|
Net Sales per region
|
09.30.2011 | 09.30.2010 | |||||||
Brasil
|
63.1 | % | 69.3 | % | ||||
Europe
|
26.2 | % | 26.8 | % | ||||
Latin America (Except Brazil)
|
0.9 | % | 0.1 | % | ||||
Middle East and Asia
|
6.7 | % | 2.1 | % | ||||
North America
|
2.0 | % | 0.4 | % | ||||
Other
|
1.1 | % | 1.4 | % | ||||
Total
|
100.0 | % | 100.0 | % |
28.
|
Subsequent events - (not revised by independent auditors)
|
COSAN LIMITED
|
||||||
Date:
|
November 11, 2011
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|