Form 20-F
|
X
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Form 40-F
|
Yes
|
No
|
X
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Yes
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No
|
X
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Item
|
|
1.
|
Press Release dated March 18, 2015 regarding results for 4th quarter and Fiscal Year 2014
|
2.
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Consolidated financial statements at December 31, 2014 and report of independent registered public accounting firm
|
Earnings Conference Call
Portuguese
March 19, 2015
11:00 A.M. (Brasilia time)
Phone: + 55 11 3193 1001
+ 55 11 2820 4001
Access Code: COSAN
English
March 19, 2015
12:00 A.M. (Brasilia time)
Phone (BR): + 55 11 3193 1001
+ 55 11 2820 4001
Phone (USA): +1 786 924 6977
Access Code: COSAN
|
Highlights 2014
|
o Raízen Combustíveis’s EBITDA was R$2.2 billion with growth of 8% in volume sold in 2014
o Raízen Energia's EBITDA was R$2.5 billion with 57 million tons of sugarcane crushed in the 2014/15 harvest
o 40% growth in the commercial segment connections in Comgás
o Record of 11.1 million tons loaded by Rumo at the Port of Santos
|
Investor Relationship
|
4Q14
|
4Q13
|
Summary of Financial Information - Cosan Consolidated¹
|
2014
|
2013
|
|
Email: ri@cosan.com
|
(Oct-Dec)
|
(Oct-Dec)
|
Amount in R$ MM
|
(Jan-Dec)
|
(Jan-Dec)
|
|
Telephone: +55 11 3897 9797
|
10,526.0
|
9,390.0
|
Net Revenue
|
39,998.7
|
36,165.1
|
|
Site: www.cosan.com.br
|
1,199.9
|
1,156.5
|
Gross Profit
|
4,825.7
|
4,606.4
|
|
Fiscal Year Definitions:
|
11.4%
|
12.3%
|
Gross Margin (%)
|
12.1%
|
12.7%
|
|
4Q14 - quarter ended December 30, 2014
|
588.3
|
577.5
|
Operating Profit
|
2,144.9
|
2,186.5
|
|
1,096.2
|
1,014.1
|
EBITDA
|
4,047.1
|
3,953.1
|
||
10.4%
|
10.8%
|
EBITDA Margin (%)
|
10.1%
|
10.9%
|
||
4Q13 - quarter ended December 31, 2013
|
(6.2)
|
4.5
|
Equity Pick-up
|
(29.4)
|
(10.2)
|
|
69.0
|
344.2
|
Net Income before non-controlling Interest
|
659.3
|
697.3
|
||
(29.1)
|
132.7
|
Net Income
|
171.0
|
210.9
|
||
2014 - 12 months beginning January 1, 2014 and closing December 31, 2014
|
-0.3%
|
1.4%
|
Net Margin (%)
|
0.4%
|
0.6%
|
|
|
|
|
|
|
||
|
666.9
|
806.6
|
CAPEX
|
2,690.8
|
2,910.1
|
|
2013 - 12 months beginning January 1, 2013 and closing December 31, 2013
|
12,246.3
|
10,548.9
|
Proforma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
12,246.3
|
10,548.9
|
|
13,560.2
|
13,374.4
|
Shareholders' Equity and Minority Shareholders
|
13,560.2
|
13,374.4
|
||
Note 1: Considering the consolidation of 50% of Raízen Combustíveis and Raízen Energia |
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
A.
|
Highlights and Business Units
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
4Q14
|
4Q13
|
|
EBITDA (Reconciliation ICVM 527)
|
2014
|
2013
|
|
|
(Oct-Dec)
|
(Oct-Dec)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Dec)
|
(Jan-Dec)
|
Chg. %
|
|
(29.1)
|
132.7
|
n/a
|
Net Income
|
171.0
|
211.0
|
(19.)%
|
|
(130.0)
|
(88.9)
|
46.3%
|
(-) Equity Pick-up
|
(592.0)
|
(340.2)
|
74.%
|
|
-
|
-
|
n/a
|
(-) Income from Discontinued Operations
|
-
|
3.4
|
-100.%
|
|
92.3
|
209.2
|
-55.9%
|
(+) Minority Shareholders
|
471.5
|
472.3
|
-0.2%
|
|
17.9
|
(155.6)
|
n/a
|
(+) Income Taxes
|
43.8
|
103.3
|
-57.6%
|
|
333.8
|
254.4
|
31.2%
|
(+) Net Financial Expense (Revenue)
|
982.8
|
893.6
|
10.%
|
|
175.2
|
158.7
|
10.4%
|
(+) Depreciation and Amortization
|
679.1
|
598.4
|
13.5%
|
|
460.1
|
510.4
|
-9.9%
|
EBITDA (before ICVM 527)
|
1,756.3
|
1,941.9
|
-9.6%
|
|
130.0
|
88.9
|
46.3%
|
(+) Equity Pick-up
|
592.
|
340.2
|
74.%
|
|
590.2
|
599.3
|
-1.5%
|
EBITDA (after ICVM 527)
|
2,348.3
|
2,282.1
|
2.9%
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Results by Business Unit
4Q14
|
Cosan Energia Proforma
|
Cosan Logística
|
CZZ
(Parent)
|
Ajustments and Eliminations
|
CZZ Proforma
|
Net Revenue
|
10,270.2
|
255.7
|
-
|
-
|
10,526.0
|
Cost of Goods and Services
|
(9,148.5)
|
(177.6)
|
-
|
-
|
(9,326.1)
|
Gross Profit
|
1,121.8
|
78.1
|
-
|
0.0
|
1,199.9
|
Gross Margin(%)
|
10.9%
|
30.6%
|
n/a
|
- %
|
11.4%
|
Selling Expenses
|
(429.8)
|
-
|
-
|
-
|
(429.8)
|
General and Administrative Expenses
|
(264.8)
|
(24.2)
|
(1.2)
|
0.0
|
(290.2)
|
Other Operating Revenues (Expenses)
|
118.7
|
(10.3)
|
-
|
-
|
108.4
|
Equity Pick-up
|
(6.2)
|
(0.0)
|
(40.3)
|
40.3
|
(6.2)
|
Depreciation and Amortization
|
487.3
|
26.9
|
-
|
-
|
514.1
|
EBITDA
|
1,026.9
|
70.5
|
(41.5)
|
40.3
|
1,096.2
|
EBITDA Margin (%)
|
10.%
|
27.6%
|
n/a
|
- %
|
10.4%
|
Financial income
|
(432.2)
|
(13.8)
|
(6.7)
|
(0.0)
|
(452.7)
|
Financial expense
|
157.8
|
2.5
|
0.0
|
-
|
160.4
|
Foreign exchange gain (losses), net
|
(349.8)
|
0.7
|
13.3
|
-
|
(335.8)
|
Derivatives
|
114.1
|
-
|
5.8
|
-
|
119.9
|
Income taxes expenses
|
6.5
|
(11.3)
|
-
|
0.0
|
(4.8)
|
Non-controlling interests
|
(119.5)
|
(5.5)
|
-
|
26.9
|
(98.1)
|
Profit (loss) for the period
|
(83.5)
|
16.3
|
(29.1)
|
67.2
|
(29.1)
|
Results by Business Unit
2014
|
Cosan Energia Proforma
|
Cosan Logística
|
CZZ
(Parent)
|
Ajustments and Eliminations
|
CZZ Proforma
|
Net Revenue
|
39.083,3
|
915,4
|
-
|
-
|
39.998,7
|
Cost of Goods and Services
|
(34.562,6)
|
(610,4)
|
-
|
-
|
(35.173,0)
|
Gross Profit
|
4.520,7
|
305,1
|
-
|
0.0
|
4.825,7
|
Gross Margin(%)
|
11.6%
|
33.3%
|
n/a
|
- %
|
12.1%
|
Selling Expenses
|
(1.746,3)
|
-
|
-
|
-
|
(1.746,3)
|
General and Administrative Expenses
|
(1.004,5)
|
(87,8)
|
(19,3)
|
-
|
(1.111,6)
|
Other Operating Revenues (Expenses)
|
187,8
|
7,8
|
-
|
(18.6)
|
177,1
|
Equity Pick-up
|
(29,4)
|
0,0
|
193,6
|
(193.6)
|
(29,4)
|
Depreciation and Amortization
|
1.834,4
|
97,2
|
-
|
-
|
1.931,6
|
EBITDA
|
3.762,7
|
322,3
|
174,3
|
(212.2)
|
4.047,1
|
EBITDA Margin (%)
|
9.6%
|
35.2%
|
n/a
|
n/a
|
10.1%
|
Financial income
|
(1.416,3)
|
(66,1)
|
(20,8)
|
-
|
(1.503,2)
|
Financial expense
|
506,1
|
31,1
|
1,8
|
-
|
539,0
|
Foreign exchange gain (losses), net
|
(533,9)
|
1,3
|
17,2
|
-
|
(515,4)
|
Derivatives
|
226,4
|
-
|
(1,4)
|
-
|
225,0
|
Income taxes expenses
|
(143.3)
|
(58.3)
|
-
|
-
|
(201.6)
|
Non-controlling interests
|
(344.8)
|
(28.8)
|
-
|
(114.7)
|
(488.3)
|
Results of discontinued operations
|
69.4
|
-
|
-
|
(69.4)
|
-
|
Profit (loss) for the period
|
292.0
|
104.3
|
171.0
|
(396.3)
|
171.0
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
A.
|
Results
|
4T14
|
4Q13
|
COSAN S/A PROFORMA
|
2014
|
2013
|
|
(Oct-Dec)
|
(Oct-Dec)
|
(Jan-Dec)
|
(Jan-Dec)
|
||
10,270.2
|
9,183.5
|
Net Revenue
|
39,083.3
|
35,247.4
|
|
(9,148.5)
|
(8,120.4)
|
Cost of Goods and Services
|
(34,562.6)
|
(31,016.1)
|
|
1,121.8
|
1,063.1
|
Gross Profit
|
4,520.7
|
4,231.3
|
|
10.9%
|
11.6%
|
Gross Margin(%)
|
11.6%
|
12.%
|
|
(429.8)
|
(420.2)
|
Selling Expenses
|
(1,746.3)
|
(1,674.8)
|
|
(264.8)
|
(264.3)
|
General and Administrative Expenses
|
(1,004.5)
|
(990.2)
|
|
118.7
|
138.2
|
Other Operating Revenues (Expenses)
|
187.8
|
350.9
|
|
(6.2)
|
4.5
|
Equity Pick-up
|
(29.4)
|
(10.2)
|
|
487.3
|
412.2
|
Depreciation and Amortization
|
1,834.4
|
1,699.3
|
|
1,026.9
|
933.4
|
EBITDA
|
3,762.7
|
3,606.2
|
|
10.%
|
10.2%
|
EBITDA Margin (%)
|
9.6%
|
10.2%
|
|
(432.2)
|
(375.5)
|
Financial income
|
(1,416.3)
|
(1,248.2)
|
|
157.8
|
101.5
|
Financial expense
|
506.1
|
356.3
|
|
(349.8)
|
(201.5)
|
Foreign exchange gain (losses), net
|
(533.9)
|
(577.3)
|
|
114.1
|
79.1
|
Derivatives
|
226.4
|
213.6
|
|
6.5
|
182.6
|
Income taxes expenses
|
(143.3)
|
(195.4)
|
|
(119.5)
|
(114.0)
|
Non-controlling interests
|
(344.8)
|
(336.0)
|
|
-
|
36.4
|
Results of discontinued operations
|
69.4
|
141.5
|
|
(83.5)
|
229.8
|
Profit (loss) for the period
|
292.0
|
261.3
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
4Q14
|
4Q13
|
COSAN LOGÍSTICA
|
2014
|
2013
|
|
(Oct-Dec)
|
(Oct-Dec)
|
(Jan-Dec)
|
(Jan-Dec)
|
||
255.7
|
206.5
|
Net Revenue
|
915.4
|
917.7
|
|
(177.6)
|
(113.0)
|
Cost of Goods and Services
|
(610.4)
|
(542.6)
|
|
78.1
|
93.5
|
Gross Profit
|
305.1
|
375.1
|
|
30.6%
|
45.3%
|
Gross Margin(%)
|
33.3%
|
40.9%
|
|
(24.2)
|
(22.6)
|
General and Administrative Expenses
|
(87.8)
|
(74.3)
|
|
(10.3)
|
(1.9)
|
Other Operating Revenues (Expenses)
|
26.4
|
(20.4)
|
|
(0.0)
|
(0.0)
|
Equity Pick-up
|
(18.6)
|
(0.0)
|
|
26.9
|
20.0
|
Depreciation and Amortization
|
97.2
|
77.5
|
|
70.5
|
89.0
|
EBITDA
|
322.3
|
358.0
|
|
27.6%
|
43.1%
|
EBITDA Margin (%)
|
35.2%
|
39.%
|
|
(13.8)
|
(11.0)
|
Financial income
|
(66.1)
|
(38.1)
|
|
2.5
|
12.6
|
Financial expense
|
31.1
|
50.2
|
|
0.7
|
0.3
|
Foreign exchange gain (losses), net
|
1.3
|
0.4
|
|
(11.3)
|
(23.8)
|
Income taxes expenses
|
(58.3)
|
(99.7)
|
|
(5.5)
|
(10.7)
|
Non-controlling interests
|
(28.8)
|
(48.4)
|
|
16.3
|
36.4
|
Profit (loss) for the period
|
104.3
|
144.8
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
4Q14
|
4Q13
|
|
Financial Results
|
2014
|
2013
|
|
|
(Oct-Dec)
|
(Oct-Dec)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Dec)
|
(Jan-Dec)
|
Chg. %
|
|
(157.1)
|
(202.7)
|
-22.5%
|
Gross Debt Charges
|
(719.7)
|
(746.7)
|
-3.6%
|
|
41.4
|
31.3
|
32.1%
|
Income from Financial Investments
|
139.7
|
122.0
|
14.5%
|
|
(115.7)
|
(171.3)
|
-32.4%
|
(=) Subtotal: Net Debt Interests
|
(580.0)
|
(624.7)
|
-7.2%
|
|
(84.5)
|
(55.1)
|
53.4%
|
Other Charges and Monetary Variation
|
(113.3)
|
(86.1)
|
31.7%
|
|
(196.9)
|
(101.7)
|
93.6%
|
Exchange Rate Variation
|
(300.5)
|
(324.6)
|
-7.4%
|
|
110.1
|
90.8
|
21.3%
|
Gains (losses) with Derivatives
|
161.4
|
230.2
|
-29.9%
|
|
(46.8)
|
(17.0)
|
n/a
|
Amortization, Debt Cost and Other
|
(150.4)
|
(88.4)
|
70.1%
|
|
(333.8)
|
(254.4)
|
31.2%
|
(=) Financial, Net
|
(982.8)
|
(893.6)
|
10.0%
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
4Q14
|
4Q13
|
Net Income
|
2014
|
2013
|
|
(Oct-Dec)
|
(Oct-Dec)
|
Amounts in R$ MM
|
(Jan-Dec)
|
(Jan-Dec)
|
|
(29.1)
|
132.7
|
Net Income
|
171.0
|
211.0
|
4Q
|
Net Income
|
FY
|
|
(Oct-Dec)
|
Amounts in R$ MM
|
(Jan-Dec)
|
|
132.7
|
Net Income - 2013
|
211.0
|
|
|
EBIT variation
|
|
|
(48.5)
|
Cosan Energia
|
(184.1)
|
|
(25.3)
|
Cosan Logística
|
(55.4)
|
|
7.0
|
Outros
|
(8.1)
|
|
-
|
Adjustments
|
(18.6)
|
|
(66.8)
|
EBIT Businesses Total
|
(266.3)
|
|
|
Variation in other lines
|
|
|
(79.5)
|
Financial result
|
(89.3)
|
|
40.2
|
Equity pick-up
|
250.8
|
|
(173.6)
|
Income taxes
|
59.5
|
|
117.9
|
Non-controlling Interest
|
1.9
|
|
-
|
Discontinued operation
|
3.4
|
|
(29.1)
|
Net Income - 2014
|
171.0
|
(i)
|
Increase in the equity accounting result line of R$40.2 million due to Raízen’s results, outlined in previous sections, as well as the impact of foreign exchange rate variations on Raizen’s debt;
|
(ii)
|
Reduction of R$79.5 million in financial results mainly due to the foreign exchange rate variation and the results from derivatives as described in the Financial Result section;
|
(iii)
|
EBIT variation and profit of non-controlling shareholders of R$51.1 million.
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Debt per Business Units (Amount in R$ MM)
|
|
|
|
4Q14
|
3Q14
|
|
|
COSAN S/A PROFORMA
|
(Oct-Dec)
|
(Jul-Sep)
|
Chg. %
|
Raízen (50%)
|
5,581.7
|
4,870.0
|
14.6%
|
Comgás
|
2,803.3
|
2,724.9
|
2.9%
|
Lubrificantes
|
261.2
|
244.6
|
6.8%
|
Other business
|
3,786.3
|
3,285.3
|
n/a
|
Total Debt Proforma
|
12,432.4
|
11,124.8
|
11.8%
|
Cash and Cash Equivalents and Securities
|
(3,098.6)
|
(2,388.2)
|
29.7%
|
Proforma Net Debt
|
9,333.8
|
8,736.6
|
6.8%
|
Preferred shareholders payable in subsidiaries
|
1,962.7
|
2,036.3
|
-3.6%
|
Proforma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
11,296.5
|
10,772.9
|
4.9%
|
COSAN LOGÍSTICA
|
|
|
|
Rumo
|
784.7
|
715.7
|
9.6%
|
Total Debt
|
784.7
|
715.7
|
9.6%
|
Cash and Cash Equivalents and Securities
|
86.5
|
97.8
|
-11.5%
|
Net Debt
|
698.2
|
617.9
|
13.0%
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Consolidated
|
4Q14
|
4Q13
|
Income statement for the period
|
12/31/2014
|
12/31/2013
|
Net operating revenue
|
2,041,186
|
2,011,255
|
Gross Profit
|
540,406
|
558,884
|
Sales, general and administrative expenses
|
(390,344)
|
(345,350)
|
Other operating income (expenses), net
|
92,460
|
77,490
|
Financial revenue
|
40,364
|
60,710
|
Financial expenses
|
(269,509)
|
(301,685)
|
Foreign exchange variation
|
(210,907)
|
(106,041)
|
Derivative
|
104,326
|
92,932
|
Equity pick up
|
130,036
|
91,478
|
Income and social contribution taxes
|
(6,649)
|
179,439
|
Equity attributable to non-controlling interests
|
(113,661)
|
(124,020)
|
Net Income from discontinued operations
|
-
|
48,557
|
Net Income (loss)
|
(83,478)
|
232,395
|
|
|
|
Cosan Consolidated
|
4Q14
|
3Q14
|
Balance sheet
|
12/31/2014
|
09/30/2014
|
Cash and cash equivalents
|
1,540,192
|
1,209,732
|
Securities
|
149,735
|
202,352
|
Accounts receivable
|
822,424
|
835,565
|
Inventories
|
347,903
|
321,268
|
Other current assets
|
548,134
|
3,516,540
|
Investments
|
8,535,180
|
8,687,985
|
Investment property
|
2,641,978
|
2,167,221
|
Biological assets
|
(0)
|
(0)
|
Property, plant and equipment
|
351,435
|
313,532
|
Intangible
|
9,426,120
|
9,398,821
|
Other non-current assets
|
2,740,614
|
2,641,710
|
Total Assets
|
27,103,712
|
29,294,726
|
|
|
|
Loans and financing
|
(7,397,601)
|
(6,624,781)
|
Suppliers
|
(971,170)
|
(881,746)
|
Salaries payable
|
(101,115)
|
(99,383)
|
Other current liabilities
|
(616,590)
|
(1,562,779)
|
Other non-current liabilities
|
(5,567,962)
|
(6,221,007)
|
Net Equity
|
(12,449,273)
|
(13,905,030)
|
Total Liabilities
|
(27,103,712)
|
(29,294,726)
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Logística
|
4Q14
|
4Q13
|
Income statement for the period
|
12/31/2014
|
12/31/2013
|
Net operating revenue
|
255,726
|
206,511
|
Gross profit
|
78,131
|
93,477
|
Sales, general and administrative expenses
|
(24,199)
|
(22,574)
|
Other operating income (expenses), net
|
(10,281)
|
(1,934)
|
Financial revenue
|
2,547
|
12,644
|
Financial expenses
|
(13,830)
|
(11,016)
|
Foreign exchange variation
|
740
|
341
|
Equity pick up
|
(0)
|
(0)
|
Income and social contribution taxes
|
(11,296)
|
(23,789)
|
Equity attributable to non-controlling interests
|
(5,530)
|
(10,730)
|
Net Income (loss)
|
16,280
|
36,418
|
|
|
|
Cosan Logística
|
4Q14
|
3Q14
|
Balance sheet
|
12/31/2014
|
09/30/2014
|
Cash and cash equivalents
|
86,487
|
97,765
|
Accounts receivable
|
42,685
|
36,908
|
Inventories
|
5,817
|
6,099
|
Other current assets
|
24,175
|
21,695
|
Investments
|
(0)
|
0
|
Property, plant and equipment
|
1,084,455
|
1,047,280
|
Intangible
|
860,253
|
834,405
|
Other non-current assets
|
481,483
|
406,374
|
Total Assets
|
2,585,358
|
2,450,526
|
|
|
|
Loans and financing
|
(784,709)
|
(715,698)
|
Suppliers
|
(141,289)
|
(114,947)
|
Salaries payable
|
(19,302)
|
(16,368)
|
Other current liabilities
|
(89,960)
|
(49,677)
|
Other non-current liabilities
|
(221,850)
|
(215,847)
|
Net Equity
|
(1,328,250)
|
(1,337,989)
|
Total Liabilities
|
(2,585,358)
|
(2,450,526)
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Limited (Parent company)
|
4Q14
|
4Q13
|
Income statement for the period
|
12/31/2014
|
12/31/2013
|
Sales, general and administrative expenses
|
(1,203)
|
(1,206)
|
Other operating income (expenses), net
|
-
|
(6,981)
|
Financial revenue
|
23
|
221
|
Financial expenses
|
(6,669)
|
(4,322)
|
Foreign exchange variation
|
13,257
|
3,997
|
Derivative
|
5,813
|
(2,164)
|
Equity pick up
|
(40,314)
|
143,165
|
Net Income (loss)
|
(29,092)
|
132,709
|
|
|
|
Cosan Limited (Parent company)
|
4Q14
|
3Q14
|
Balance sheet
|
12/31/2014
|
09/30/2014
|
Cash and cash equivalents
|
22,661
|
24,123
|
Other current assets
|
19,658
|
22,569
|
Investments
|
6,132,772
|
6,223,146
|
Other non-current assets
|
10,220
|
-
|
Total Assets
|
6,185,311
|
6,269,837
|
|
|
|
Loans and financing
|
(320,329)
|
(303,619)
|
Other current liabilities
|
(12,712)
|
(18,778)
|
Other non-current liabilities
|
(7,721)
|
-
|
Net Equity
|
(5,844,549)
|
(5,947,438)
|
Total Liabilities
|
(6,185,311)
|
(6,269,837)
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Limited
|
4Q14
|
4Q13
|
Income statement for the period
|
12/31/2014
|
12/31/2013
|
Net Operating Revenue
|
2,296,912
|
2,217,765
|
Gross Profit
|
618,537
|
652,361
|
Sales, general and administrative expenses
|
(415,746)
|
(369,130)
|
Other operating income (expenses), net
|
82,178
|
68,576
|
Financial revenue
|
42,935
|
73,574
|
Financial expenses
|
(290,008)
|
(317,024)
|
Foreign exchange variation
|
(196,910)
|
(101,704)
|
Derivative
|
110,139
|
90,768
|
Equity pick up
|
130,040
|
89,856
|
Income and Social Contribution Taxes
|
(17,945)
|
155,650
|
Equity attributable to non-controlling interests
|
(92,312)
|
(210,218)
|
Net Income from discontinued operations
|
-
|
(0)
|
Net Income (loss)
|
(29,092)
|
132,709
|
|
|
|
Cosan Limited
|
4Q14
|
3Q14
|
Balance sheet
|
12/31/2014
|
09/30/2014
|
Cash and cash equivalents
|
1,649,340
|
1,330,619
|
Securities
|
149,735
|
202,352
|
Accounts receivable
|
865,109
|
872,473
|
Inventories
|
353,720
|
327,367
|
Other current assets
|
547,202
|
1,089,081
|
Investments
|
8,535,180
|
8,687,859
|
Investment property
|
2,641,978
|
2,167,221
|
Property, plant and equipment
|
1,435,890
|
1,360,812
|
Intangible
|
10,286,373
|
10,233,226
|
Other non-current assets
|
3,231,821
|
3,048,084
|
Total Assets
|
29,696,348
|
29,319,095
|
|
|
|
Loans and financing
|
(8,502,640)
|
(7,644,098)
|
Suppliers
|
(1,112,459)
|
(996,693)
|
Salaries payable
|
(120,416)
|
(115,751)
|
Other current liabilities
|
(681,714)
|
(496,504)
|
Other non-current liabilities
|
(5,789,814)
|
(6,436,853)
|
Net Equity
|
(13,489,303)
|
(13,629,198)
|
Total Liabilities
|
(29,696,348)
|
(29,319,095)
|
Cosan Limited-Earnings Release
4th Quarter of Fiscal Year 2014 |
Cosan Limited Proforma
|
4Q14
|
4Q13
|
Income Statement for the period
|
12/31/2014
|
12/31/2013
|
Net Operating Revenue
|
10,525,966
|
9,389,991
|
Gross Profit
|
1,199,897
|
1,156,548
|
Sales, general and administrative expenses
|
(720,024)
|
(708,341)
|
Other operating income (expenses), net
|
108,430
|
129,318
|
Financial revenue
|
160,382
|
114,413
|
Financial expenses
|
(452,701)
|
(390,821)
|
Foreign exchange variation
|
(335,818)
|
(197,189)
|
Derivative
|
119,935
|
76,986
|
Equity pick up
|
(6,240)
|
5,446
|
Income and Social Contribution Taxes
|
(4,833)
|
158,768
|
Equity attributable to non-controlling interests
|
(98,120)
|
(212,419)
|
Net Income from discontinued operations
|
(0)
|
0
|
Net Income (loss)
|
(29,092)
|
132,709
|
|
|
|
Cosan Limited Proforma
|
4Q14
|
3Q14
|
Balance Sheet
|
12/31/2014
|
09/30/2014
|
Cash and cash equivalents
|
3,058,050
|
2,209,986
|
Securities
|
149,735
|
202,352
|
Accounts receivable
|
2,007,869
|
1,888,490
|
Inventories
|
2,076,059
|
2,137,958
|
Other current assets
|
1,246,121
|
1,823,292
|
Investments
|
338,800
|
330,152
|
Investment property
|
2,641,978
|
2,167,221
|
Biological assets
|
914,152
|
914,414
|
Property, plant and equipment
|
7,584,036
|
7,515,186
|
Intangible
|
14,064,484
|
14,027,265
|
Other non-current assets
|
4,825,854
|
4,288,228
|
Total Assets
|
38,907,140
|
37,504,545
|
|
|
|
Loans and Financing
|
(14,470,324)
|
(12,895,998)
|
Suppliers
|
(1,695,764)
|
(1,561,504)
|
Salaries Payable
|
(279,925)
|
(308,224)
|
Other current liabilities
|
(1,369,292)
|
(881,747)
|
Other non-current liabilities
|
(7,531,602)
|
(8,162,749)
|
Net Equity
|
(13,560,232)
|
(13,694,323)
|
Total Liabilities
|
(38,907,140)
|
(37,504,545)
|
Cosan Limited
Consolidated financial statements at
December 31, 2014 and report of independent
registered public accounting firm
|
Report of independent registered public accounting firm
|
3
|
Consolidated statement of financial position
|
5
|
Consolidated statement of profit or loss and other comprehensive income
|
7
|
Statement of changes in shareholders’ equity
|
9
|
Consolidated statement of cash flows
|
12
|
Notes to the consolidated financial statements
|
14
|
|
Note
|
December 31, 2014
|
December 31, 2013
|
|||||||||
Assets
|
|
|
|
|||||||||
Cash and cash equivalents
|
6 | 1,649,340 | 1,509,565 | |||||||||
Investment securities
|
149,735 | 87,978 | ||||||||||
Trade receivables
|
7 | 865,109 | 844,483 | |||||||||
Derivative financial instruments
|
31 | 30,069 | - | |||||||||
Inventories
|
8 | 353,720 | 311,980 | |||||||||
Receivables from related parties
|
11 | 38,357 | 46,788 | |||||||||
Income tax receivable
|
94,100 | 56,340 | ||||||||||
Other current tax receivable
|
9 | 78,818 | 85,433 | |||||||||
Other financial assets
|
10 | 69,683 | 63,054 | |||||||||
Dividends receivable
|
36,130 | 26,350 | ||||||||||
Other
|
174,957 | 217,927 | ||||||||||
|
3,540,018 | 3,249,898 | ||||||||||
|
||||||||||||
Assets held for sale
|
14 | 25,089 | 314,104 | |||||||||
|
||||||||||||
Total current assets
|
3,565,107 | 3,564,002 | ||||||||||
|
||||||||||||
Trade receivables
|
7 | 480,992 | 238,460 | |||||||||
Deferred tax assets
|
20 | 214,164 | 232,188 | |||||||||
Receivables from related parties
|
11 | 212,527 | 504,481 | |||||||||
Income tax receivable
|
8,778 | 49,268 | ||||||||||
Taxes recoverable
|
9 | 17,299 | 18,366 | |||||||||
Judicial deposits
|
21 | 418,385 | 361,554 | |||||||||
Other financial assets
|
10 | 370,497 | 407,107 | |||||||||
Derivative financial instruments
|
31 | 860,509 | 513,934 | |||||||||
Other non-current assets
|
648,669 | 493,340 | ||||||||||
Investment in associates
|
12 | 130,677 | 103,316 | |||||||||
Investment in joint ventures
|
13 | 8,404,503 | 8,498,259 | |||||||||
Investment properties
|
14 | 2,641,978 | 2,281,509 | |||||||||
Property, plant and equipment
|
15 | 1,435,890 | 1,271,910 | |||||||||
Intangible assets and goodwill
|
16 | 10,286,373 | 10,078,040 | |||||||||
|
||||||||||||
Total non-current assets
|
26,131,241 | 25,051,732 | ||||||||||
|
||||||||||||
Total assets
|
29,696,348 | 28,615,734 |
|
Note
|
December 31, 2014
|
December 31, 2013
|
|||||||||
Liabilities
|
|
|
|
|||||||||
Loans and borrowings
|
17 | 1,056,353 | 1,050,862 | |||||||||
Derivative financial instruments
|
31 | 13,803 | 50,879 | |||||||||
Trade payables
|
18 | 1,112,459 | 862,429 | |||||||||
Employee benefits payable
|
120,416 | 103,296 | ||||||||||
Income tax payable
|
30,905 | 28,143 | ||||||||||
Other taxes payable
|
19 | 307,741 | 199,056 | |||||||||
Dividends payable
|
33,354 | 92,759 | ||||||||||
Payables to related parties
|
11 | 137,441 | 105,463 | |||||||||
Other
|
158,471 | 157,806 | ||||||||||
|
||||||||||||
Total current liabilities
|
2,970,943 | 2,650,693 | ||||||||||
|
||||||||||||
Loans and borrowings
|
17 | 7,446,287 | 8,042,094 | |||||||||
Derivative financial instruments
|
31 | 319,632 | 280,462 | |||||||||
Other taxes payable
|
19 | 334,565 | 1,010,767 | |||||||||
Provision for legal proceedings
|
21 | 657,779 | 722,458 | |||||||||
Pension and post-employment benefits
|
33 | 301,850 | 339,135 | |||||||||
Deferred tax liabilities
|
20 | 1,739,274 | 1,698,622 | |||||||||
Preferred shareholders payable in subsidiaries
|
22 | 1,926,888 | - | |||||||||
Other
|
509,823 | 551,739 | ||||||||||
|
||||||||||||
Total non-current liabilities
|
13,236,098 | 12,645,277 | ||||||||||
|
||||||||||||
Total liabilities
|
16,207,041 | 15,295,970 | ||||||||||
|
||||||||||||
Shareholders' equity
|
||||||||||||
Share capital
|
5,328 | 5,328 | ||||||||||
Additional paid in capital
|
3,887,109 | 3,828,858 | ||||||||||
Other comprehensive loss
|
(165,618 | ) | (84,887 | ) | ||||||||
Retained earnings
|
2,117,739 | 2,136,975 | ||||||||||
Equity attributable to owners of the parent
|
5,844,558 | 5,886,274 | ||||||||||
Non-controlling interests
|
12 | 7,644,749 | 7,433,490 | |||||||||
|
||||||||||||
Total shareholders' equity
|
13,489,307 | 13,319,764 | ||||||||||
|
||||||||||||
Total shareholders' equity and liabilities
|
29,696,348 | 28,615,734 |
|
Note
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
||||||||||||
Net sales
|
26 | 9,062,304 | 6,878,214 | 4,586,209 | ||||||||||||
Cost of sales
|
27 | (6,413,720 | ) | (4,878,229 | ) | (3,211,309 | ) | |||||||||
|
||||||||||||||||
Gross profit
|
2,648,584 | 1,999,985 | 1,374,900 | |||||||||||||
|
||||||||||||||||
Selling expenses
|
27 | (881,543 | ) | (603,965 | ) | (459,433 | ) | |||||||||
General and administrative expenses
|
27 | (668,613 | ) | (466,933 | ) | (419,533 | ) | |||||||||
Other income (expense), net
|
29 | (21,240 | ) | 76,272 | 173,739 | |||||||||||
|
||||||||||||||||
Operating expense
|
(1,571,396 | ) | (994,626 | ) | (705,227 | ) | ||||||||||
|
||||||||||||||||
Income before financial results,
|
||||||||||||||||
equity in earnings in and income taxes
|
1,077,188 | 1,005,359 | 669,673 | |||||||||||||
|
||||||||||||||||
Equity in earnings of investees
|
||||||||||||||||
Equity in earnings of associates
|
12 | 3,540 | 5,497 | 70,414 | ||||||||||||
Equity in earnings of joint ventures
|
13 | 588,428 | 242,036 | 603,912 | ||||||||||||
|
591,968 | 247,533 | 674,326 | |||||||||||||
Financial results
|
28 | |||||||||||||||
Finance expense
|
(1,060,802 | ) | (804,606 | ) | (578,005 | ) | ||||||||||
Finance income
|
217,112 | 179,904 | 163,663 | |||||||||||||
Foreign exchange losses, net
|
(300,521 | ) | (324,495 | ) | (83,254 | ) | ||||||||||
Derivatives
|
161,363 | 235,485 | 74,483 | |||||||||||||
|
(982,848 | ) | (713,712 | ) | (423,113 | ) | ||||||||||
|
||||||||||||||||
Profit before taxes
|
686,308 | 539,180 | 920,886 | |||||||||||||
|
||||||||||||||||
Income tax (expense) benefit
|
20 | |||||||||||||||
Current
|
(156,502 | ) | (129,976 | ) | (100,049 | ) | ||||||||||
Deferred
|
112,673 | 90,782 | (26,304 | ) | ||||||||||||
|
(43,829 | ) | (39,194 | ) | (126,353 | ) | ||||||||||
|
Profit from continuing operations
|
642,479 | 499,986 | 794,533 | |||||||||||||
Profit from discontinued operations, net of tax
|
- | - | 138,918 | |||||||||||||
|
||||||||||||||||
Profit for the period
|
642,479 | 499,986 | 933,451 | |||||||||||||
|
||||||||||||||||
Other comprehensive income
|
||||||||||||||||
Items that will not be reclassified to profit or loss:
|
||||||||||||||||
Actuarial gain (loss) on defined benefit plan
|
46,988 | 42,438 | (52,253 | ) | ||||||||||||
Taxes on items that will not
|
||||||||||||||||
be reclassified to profit or loss
|
(15,976 | ) | (14,429 | ) | 17,766 | |||||||||||
|
31,012 | 28,009 | (34,487 | ) | ||||||||||||
Items that may be reclassified to profit or loss:
|
||||||||||||||||
Foreign currency translation effect
|
(75,408 | ) | (42,891 | ) | 2,583 | |||||||||||
Gain (loss) on cash flow hedge in joint ventures and
|
||||||||||||||||
subsidiary
|
(53,958 | ) | (6,426 | ) | 35,695 | |||||||||||
Revaluation of investment properties
|
- | - | 83,318 | |||||||||||||
Changes in fair value of
|
||||||||||||||||
available for sale securities
|
9,110 | 13,753 | 10,806 | |||||||||||||
Taxes on items that may be
|
||||||||||||||||
reclassified to profit or loss
|
(3,097 | ) | (4,676 | ) | 103,743 | |||||||||||
|
(123,353 | ) | (40,240 | ) | 236,145 | |||||||||||
|
||||||||||||||||
Total other comprehensive income (loss), net of tax
|
(92,341 | ) | (12,231 | ) | 201,658 | |||||||||||
|
||||||||||||||||
Total comprehensive income
|
550,138 | 487,755 | 1,135,109 | |||||||||||||
|
||||||||||||||||
Net income attributable to:
|
||||||||||||||||
Owners of the Parent (including
|
||||||||||||||||
discontinued operations)
|
171,006 | 122,618 | 424,070 | |||||||||||||
Non-controlling interests
|
471,473 | 377,368 | 509,381 | |||||||||||||
|
||||||||||||||||
Total comprehensive income attributable to:
|
||||||||||||||||
Owners of the Parent
|
90,275 | 96,639 | 541,662 | |||||||||||||
Non-controlling interests
|
459,863 | 391,116 | 593,447 | |||||||||||||
|
||||||||||||||||
Basic earnings per share
|
24 | |||||||||||||||
Continuing operations
|
R$ | 0.65 | R$ | 0.46 | R$ | 1.27 | ||||||||||
Discontinued operations
|
- | - | R$ | 0.33 | ||||||||||||
|
R$ | 0.65 | R$ | 0.46 | R$ | 1.60 | ||||||||||
Diluted earnings per share
|
24 | |||||||||||||||
Continuing operations (as revised - Note 24)
|
R$ | 0.58 | R$ | 0.40 | R$ | 1.21 | ||||||||||
Discontinued operations
|
- | - | R$ | 0.33 | ||||||||||||
|
R$ | 0.58 | R$ | 0.40 | R$ | 1.54 | ||||||||||
|
||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
|
Capital reserve
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
Equity attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
income
|
earnings
|
of the parent
|
interests
|
equity
|
|||||||||||||||||||||
At April 1, 2012
|
5,328 | 3,811,808 | (176,500 | ) | 1,923,638 | 5,564,274 | 3,862,281 | 9,426,555 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | 424,070 | 424,070 | 509,381 | 933,451 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (3,381 | ) | - | (3,381 | ) | 5,964 | 2,583 | |||||||||||||||||||
Gain on cash flow hedge in joint ventures
|
- | - | 22,239 | - | 22,239 | 13,456 | 35,695 | |||||||||||||||||||||
Revaluation of investment property
|
- | - | 118,832 | - | 118,832 | 71,903 | 190,735 | |||||||||||||||||||||
Actuarial loss on defined benefit plan
|
- | - | (21,486 | ) | - | (21,486 | ) | (13,001 | ) | (34,487 | ) | |||||||||||||||||
Changes in fair value of
|
||||||||||||||||||||||||||||
available for sale Securities
|
- | - | 1,388 | - | 1,388 | 5,744 | 7,132 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the year
|
- | - | 117,592 | 424,070 | 541,662 | 593,447 | 1,135,109 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
||||||||||||||||||||||||||||
Share options exercised - Subsidiaries
|
- | 10,444 | - | - | 10,444 | 6,320 | 16,764 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | (1,295 | ) | - | - | (1,295 | ) | 1,316 | 21 | |||||||||||||||||||
Share based compensation - Subsidiaries
|
- | 8,284 | - | - | 8,284 | 5,012 | 13,296 | |||||||||||||||||||||
Dividends
|
- | - | - | (153,657 | ) | (153,657 | ) | (315,259 | ) | (468,916 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
- | 17,433 | - | (153,657 | ) | (136,224 | ) | (302,611 | ) | (438,835 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Transactions with owners of the Parent
|
||||||||||||||||||||||||||||
Corporate reorganization - Raízen Group
|
- | 31,693 | - | - | 31,693 | 19,173 | 50,866 | |||||||||||||||||||||
Acquisition of treasury shares
|
- | (17,250 | ) | - | - | (17,250 | ) | - | (17,250 | ) | ||||||||||||||||||
Acquisition of non-controlling interest
|
- | (2,859 | ) | - | - | (2,859 | ) | (79,641 | ) | (82,500 | ) | |||||||||||||||||
Business combination COMGÁS
|
- | 15,754 | - | - | 15,754 | 1,863,331 | 1,879,085 | |||||||||||||||||||||
Business combination Radar
|
- | 270 | - | - | 270 | 1,285,593 | 1,285,863 | |||||||||||||||||||||
Business combination Logispot
|
||||||||||||||||||||||||||||
non-controlling interest
|
- | - | - | - | - | (32,872 | ) | (32,872 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Total transactions with owners of the Parent
|
- | 27,608 | - | - | 27,608 | 3,055,584 | 3,083,192 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
At March 31, 2013
|
5,328 | 3,856,849 | (58,908 | ) | 2,194,051 | 5,997,320 | 7,208,701 | 13,206,021 |
|
|
Capital reserve
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
Equity attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
income
|
earnings
|
of the parent
|
interests
|
equity
|
|||||||||||||||||||||
At April 1, 2013
|
5,328 | 3,856,849 | (58,908 | ) | 2,194,051 | 5,997,320 | 7,208,701 | 13,206,021 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Profit for the nine-month period
|
- | - | - | 122,618 | 122,618 | 377,368 | 499,986 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (34,984 | ) | - | (34,984 | ) | (7,907 | ) | (42,891 | ) | |||||||||||||||||
Loss on cash flow hedge in joint ventures
|
- | - | (4,004 | ) | - | (4,004 | ) | (2,422 | ) | (6,426 | ) | |||||||||||||||||
Actuarial gain on defined benefit plan
|
- | - | 11,334 | - | 11,334 | 16,675 | 28,009 | |||||||||||||||||||||
Changes in fair value of
|
||||||||||||||||||||||||||||
available for sale Securities
|
- | - | 1,675 | - | 1,675 | 7,402 | 9,077 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the nine months
|
- | - | (25,979 | ) | 122,618 | 96,639 | 391,116 | 487,755 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
||||||||||||||||||||||||||||
Share options exercised - Subsidiaries
|
- | 10,120 | - | - | 10,120 | 6,123 | 16,243 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | 889 | - | - | 889 | (589 | ) | 300 | ||||||||||||||||||||
Share based compensation - Subsidiaries
|
- | 4,109 | - | - | 4,109 | 2,486 | 6,595 | |||||||||||||||||||||
Dividends
|
- | - | - | (179,694 | ) | (179,694 | ) | (148,586 | ) | (328,280 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
- | 15,118 | - | (179,694 | ) | (164,576 | ) | (140,566 | ) | (305,142 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Transactions with owners of the Parent
|
||||||||||||||||||||||||||||
Acquisition of treasury shares
|
- | (43,412 | ) | - | - | (43,412 | ) | (26,268 | ) | (69,680 | ) | |||||||||||||||||
Unclaimed dividends
|
- | 303 | - | - | 303 | 507 | 810 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total transactions with owners of the Parent
|
- | (43,109 | ) | - | - | (43,109 | ) | (25,761 | ) | (68,870 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
At December 31, 2013
|
5,328 | 3,828,858 | (84,887 | ) | 2,136,975 | 5,886,274 | 7,433,490 | 13,319,764 |
|
|
Capital reserve
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
Equity attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
income
|
earnings
|
of the parent
|
interests
|
equity
|
|||||||||||||||||||||
At January 1, 2014
|
5,328 | 3,828,858 | (84,887 | ) | 2,136,975 | 5,886,274 | 7,433,490 | 13,319,764 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | 171,006 | 171,006 | 471,473 | 642,479 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (66,653 | ) | - | (66,653 | ) | (8,755 | ) | (75,408 | ) | |||||||||||||||||
Loss on cash flow hedge in joint ventures and subsidiary
|
- | - | (33,687 | ) | - | (33,687 | ) | (20,271 | ) | (53,958 | ) | |||||||||||||||||
Actuarial gain on defined benefit plan
|
- | - | 18,285 | - | 18,285 | 12,727 | 31,012 | |||||||||||||||||||||
Changes in fair value of
|
||||||||||||||||||||||||||||
available for sale Securities
|
- | - | 1,324 | - | 1,324 | 4,689 | 6,013 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the year
|
- | - | (80,731 | ) | 171,006 | 90,275 | 459,863 | 550,138 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
||||||||||||||||||||||||||||
Share options exercised - Subsidiaries
|
- | 28,436 | - | - | 28,436 | 17,111 | 45,547 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | 3,411 | - | - | 3,411 | 857 | 4,268 | |||||||||||||||||||||
Share based compensation - Subsidiaries
|
- | 8,073 | - | - | 8,073 | 4,851 | 12,924 | |||||||||||||||||||||
Dividends
|
- | - | - | (190,242 | ) | (190,242 | ) | (255,293 | ) | (445,535 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
- | 39,920 | - | (190,242 | ) | (150,322 | ) | (232,474 | ) | (382,796 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Transactions with owners of the Parent
|
||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | 18,331 | - | - | 18,331 | (16,130 | ) | 2,201 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total transactions with owners of the Parent
|
- | 18,331 | - | - | 18,331 | (16,130 | ) | 2,201 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
At December 31, 2014
|
5,328 | 3,887,109 | (165,618 | ) | 2,117,739 | 5,844,559 | 7,644,749 | 13,489,307 |
|
Note
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
||||||||||||
Cash flows from operating activities
|
|
|
|
|
||||||||||||
Profit before taxes
|
|
686,308 | 539,180 | 920,886 | ||||||||||||
Adjustments for:
|
|
|||||||||||||||
Depreciation and amortization
|
15 / 16 | 679,101 | 439,144 | 334,786 | ||||||||||||
Equity in earnings of associates
|
12 | (3,540 | ) | (5,497 | ) | (70,414 | ) | |||||||||
Equity in earnings of joint ventures
|
13 | (588,428 | ) | (242,036 | ) | (603,912 | ) | |||||||||
(Gain) loss on disposal of assets
|
9,958 | 6,922 | (100,349 | ) | ||||||||||||
Share-based compensation expense
|
11 / 34 | 12,924 | 6,595 | 13,295 | ||||||||||||
Change in fair value of investment property
|
14 / 29 | (131,697 | ) | (121,543 | ) | (138,776 | ) | |||||||||
Provisions for legal proceedings
|
51,347 | 80,944 | 49,334 | |||||||||||||
Indexation charges, interest and
|
||||||||||||||||
exchange gains/losses, net
|
1,086,158 | 825,774 | 438,361 | |||||||||||||
Other
|
42,557 | 40,167 | 67,440 | |||||||||||||
|
1,844,688 | 1,569,650 | 910,651 | |||||||||||||
Changes in:
|
||||||||||||||||
Restricted cash
|
- | 18,220 | - | |||||||||||||
Cash from discontinued operations
|
- | - | 116,387 | |||||||||||||
Trade receivables
|
(268,813 | ) | (254,236 | ) | (62,414 | ) | ||||||||||
Securities
|
(98,714 | ) | - | (14,276 | ) | |||||||||||
Inventories
|
(40,321 | ) | (28,324 | ) | (33,355 | ) | ||||||||||
Recoverable taxes
|
51,013 | (13,167 | ) | (28,488 | ) | |||||||||||
Related parties
|
(112,251 | ) | (8,519 | ) | (104,078 | ) | ||||||||||
Advances to suppliers
|
1,544 | 4,954 | 15,269 | |||||||||||||
Trade payables
|
241,827 | 55,728 | (5,280 | ) | ||||||||||||
Employee benefits
|
(58,098 | ) | (14,216 | ) | (55,194 | ) | ||||||||||
Provisions for legal proceedings
|
(50,136 | ) | (107,484 | ) | (9,212 | ) | ||||||||||
Income and other taxes
|
(458,979 | ) | (156,476 | ) | (313,702 | ) | ||||||||||
Other
|
65,390 | 82,340 | (133,193 | ) | ||||||||||||
|
(727,538 | ) | (421,180 | ) | (627,536 | ) | ||||||||||
|
||||||||||||||||
Net cash generated by operating activities
|
1,117,150 | 1,148,470 | 283,115 | |||||||||||||
|
||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Acquisitions in associates, net of cash acquired
|
- | - | (2,995,499 | ) | ||||||||||||
Capital contribution in associates
|
(46,259 | ) | (79,594 | ) | (61,014 | ) | ||||||||||
Dividends received from associates
|
3,118 | 3,684 | - | |||||||||||||
Dividends received from joint ventures
|
705,072 | 406,424 | 578,757 | |||||||||||||
Acquisition of property, plant and
|
||||||||||||||||
equipment and intangible assets
|
15 / 16 | (1,063,412 | ) | (976,119 | ) | (649,681 | ) | |||||||||
Proceeds from sale of property, plant
|
||||||||||||||||
and equipment, intangibles and investments
|
1,196 | 65,350 | 220,719 | |||||||||||||
Proceeds from sale of discontinued operation
|
30 | 68,633 | 57,175 | 196,546 | ||||||||||||
Net cash used by discontinued operation
|
- | - | (411 | ) | ||||||||||||
|
||||||||||||||||
Net cash used in investing activities
|
(331,652 | ) | (523,080 | ) | (2,710,583 | ) |
Cash flows from financing activities
|
||||||||||||||||
Loans and borrowings raised
|
1,720,385 | 1,072,339 | 6,197,855 | |||||||||||||
Payment of principal and interest on
|
||||||||||||||||
loans and borrowings
|
(3,631,292 | ) | (1,460,470 | ) | (2,787,121 | ) | ||||||||||
Related parties
|
(1,643 | ) | - | - | ||||||||||||
Acquisition of non-controlling interest
|
- | - | (82,500 | ) | ||||||||||||
Derivative financial instruments
|
(84,951 | ) | 82,621 | - | ||||||||||||
Share capital paid in preferred shares
|
22 | 1,946,736 | - | - | ||||||||||||
Dividends paid
|
(630,233 | ) | (314,446 | ) | (396,462 | ) | ||||||||||
Treasury shares
|
- | (69,659 | ) | (17,250 | ) | |||||||||||
Proceeds from exercise of share options
|
45,547 | 16,243 | 16,764 | |||||||||||||
|
||||||||||||||||
Net cash (used in) generated by financing activities
|
(635,451 | ) | (673,372 | ) | 2,931,286 | |||||||||||
|
||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
150,047 | (47,982 | ) | 503,818 | ||||||||||||
|
||||||||||||||||
Cash and cash equivalents at beginning of period
|
1,509,565 | 1,544,072 | 1,036,217 | |||||||||||||
Effects of exchange rate changes on cash held
|
(10,272 | ) | 13,475 | 4,037 | ||||||||||||
|
||||||||||||||||
Cash and cash equivalents at ended of period
|
1,649,340 | 1,509,565 | 1,544,072 | |||||||||||||
|
||||||||||||||||
Supplemental cash flow information
|
||||||||||||||||
Interest paid
|
725,309 | 376,526 | 166,068 | |||||||||||||
Income taxes paid
|
157,285 | 129,539 | 224,640 | |||||||||||||
Non-cash transactions
|
||||||||||||||||
Offset of tax loss carryforwards - REFIS (Note 19)
|
173,559 | - | - | |||||||||||||
Offset of transaction with joint ventures - REFIS (Note 19)
|
231,168 | - | - | |||||||||||||
|
||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
1
|
Operations
|
2
|
Basis of preparation
|
|
·
|
Derivative financial instruments are measured at fair value;
|
|
·
|
Non-derivative financial instruments at fair value through profit or loss are measured at fair value;
|
|
·
|
Available-for-sale financial assets are measured at fair value;
|
|
·
|
Investment property is measured at fair value; and
|
|
·
|
Employees’ defined benefit obligations are presented at the present value of the actuarial obligation net of the fair value of plan assets (Note 33).
|
|
·
|
Notes 15 and 16 – Property, plant and equipment and intangible assets
|
|
·
|
Note 20 – Income taxes and social contribution
|
|
·
|
Other non-current asset
|
|
·
|
Note 7 – Trade receivables
|
|
·
|
Note 31 – Fair value of derivatives and other financial instruments
|
|
·
|
Note 33 – Pension and other post-employment benefit plans
|
|
·
|
Note 34 – Share based payments
|
|
·
|
Note 21 – Provisions for legal proceedings
|
3
|
Significant accounting policies
|
|
Ownership percentage
|
|||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
|
||||||||
Directly owned subsidiaries
|
|
|
||||||
_Cosan S.A.
|
62.51 | 62.30 | ||||||
Cosan Logística S.A.(i)
|
62.51 | - | ||||||
|
||||||||
|
||||||||
Interest of Cosan S.A. in its subsidiaries
|
||||||||
Administração de Participações Aguassanta Ltda.(ii)
|
- | 65.00 | ||||||
Águas da Ponte Alta S.A.
|
65.00 | 65.00 | ||||||
Bioinvestments Negócios e Participações S.A.
|
65.00 | 65.00 | ||||||
Comma Oil Chemicals
|
100.00 | 100.00 | ||||||
Companhia de Gás de São Paulo – COMGÁS
|
60.69 | 60.05 | ||||||
Cosan Biomassa S.A.
|
100.00 | 100.00 | ||||||
Cosan Cayman II Limited
|
100.00 | 100.00 | ||||||
Cosan Global Limited
|
100.00 | 100.00 | ||||||
Cosan Investimentos e Participações S.A.
|
100.00 | 100.00 | ||||||
Cosan Logística S.A.(i)
|
- | 100.00 | ||||||
Cosan Lubes Investments Limited
|
100.00 | 100.00 | ||||||
Cosan Lubrificantes e Especialidades S.A.
|
100.00 | 100.00 | ||||||
Cosan Luxembourg S.A.
|
100.00 | 100.00 | ||||||
Cosan Overseas Limited
|
100.00 | 100.00 | ||||||
Cosan Paraguay S.A.
|
100.00 | 100.00 | ||||||
Cosan US, Inc.
|
100.00 | 100.00 | ||||||
Logispot Armazéns Gerais S.A.(i)
|
- | 38.25 | ||||||
Nova Agrícola Ponte Alta S.A.
|
29.50 | 29.50 | ||||||
Nova Amaralina S.A. Propriedades Agrícolas
|
29.50 | 29.50 | ||||||
Nova Santa Barbara Agrícola S.A.
|
29.50 | 29.50 | ||||||
Pasadena Empreendimentos e Participações S.A.
|
100.00 | 100.00 | ||||||
Proud Participações S.A.
|
65.00 | 65.00 | ||||||
Radar II Propriedades Agrícolas S.A.
|
65.00 | 65.00 | ||||||
Radar Propriedades Agrícolas S.A.
|
29.50 | 29.50 | ||||||
Rumo Logística Operadora Multimodal S.A.(i)
|
- | 75.00 | ||||||
Terras da Ponte Alta S.A.
|
29.50 | 29.50 | ||||||
Vale da Ponte Alta S.A.
|
65.00 | 65.00 | ||||||
|
||||||||
Interest of Cosan
|
||||||||
Logística S.A. in its subsidiaries
|
||||||||
Logispot Armazéns Gerais S.A.(i)
|
38.25 | - | ||||||
Rumo Logística Operadora Multimodal S.A.(i)
|
75.00 | - |
|
(i)
|
Logispot Armazéns Gerais S.A. and Rumo Logística Operadora Multimodal S.A. are directly owned subsidiaries of Cosan Logística S.A., which become a directly owned subsidiary of Cosan Limited in 2014, as described in Note 1;
|
|
(ii)
|
Incorporated in March 2014.
|
|
a)
|
Business combinations – IFRS 3 (R)
|
|
b)
|
Non-controlling interests
|
|
·
|
at fair value; or
|
|
·
|
at their proportionate share of the acquiree’s identifiable net assets, which are generally at fair value.
|
|
c)
|
Subsidiaries
|
|
d)
|
Investments in associates (equity method investees)
|
|
e)
|
Investments in joint ventures (equity method investees)
|
|
f)
|
Transactions eliminated on consolidation
|
|
a)
|
Foreign currency transactions
|
|
·
|
available-for-sale equity investments (except an impairment is recognized in which case foreign currency differences that have been recognized in other comprehensive income are reclassified to profit or loss); or
|
|
·
|
qualifying cash flow hedges to the extent the hedge is effective.
|
|
b)
|
Foreign operations
|
|
c)
|
Translation of subsidiaries and associates’ financial statements
|
|
·
|
assets and liabilities have been translated using the exchange rate at the balance sheet date;
|
|
·
|
statement of profit or loss, comprehensive income and statement of cash flows have been translated using the monthly average exchange rate; and
|
|
·
|
shareholders' equity has been translated using the historical exchange rate.
|
|
a)
|
Non-derivative financial assets
|
|
I.
|
Financial assets at fair value through profit or loss
|
|
II.
|
Held-to-maturity financial assets
|
|
III.
|
Loans and receivables
|
|
IV.
|
Available-for-sale financial assets
|
|
b)
|
Cash and cash equivalents
|
|
c)
|
Non-derivative financial liabilities
|
|
d)
|
Derivative financial instruments, including hedge accounting
|
|
·
|
The economic characteristics and risks of the host contract and the embedded derivative are not closely related;
|
|
·
|
A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and
|
|
·
|
The combined instrument is not measured at fair value through profit or loss.
|
|
I.
|
Cash flow hedges
|
|
II.
|
Fair value hedge
|
|
III.
|
Embedded derivatives
|
|
IV.
|
Other derivative financial instruments
|
|
a)
|
Recognition and measurement
|
|
·
|
the cost of materials and direct labor;
|
|
·
|
any other costs directly attributable to bringing the assets to a working condition for their intended use;
|
|
·
|
an estimate of the costs of dismantling and removing the items and restoring the site on which they are located, when the Company has an obligation to remove the asset or restore the site; and
|
|
·
|
capitalized borrowing costs.
|
|
b)
|
Reclassification to investment property
|
|
c)
|
Subsequent costs
|
|
d)
|
Depreciation
|
Buildings and Improvements
|
4%
|
Machinery, Equipment and Facilities
|
3% to 10%
|
Airplanes, Vessels and Vehicles
|
10% to 20%
|
Railcars
|
2.90%
|
Locomotives
|
3.30%
|
Furniture and Fixtures
|
10%
|
Computer Equipment
|
20%
|
|
a)
|
Goodwill
|
|
b)
|
Other intangible assets
|
|
c)
|
Subsequent expenditure
|
|
d)
|
Amortization
|
|
e)
|
Contracts with customers
|
|
f)
|
Intangible assets related to the gas concession agreement
|
|
a)
|
Non-derivative financial assets
|
|
I.
|
Financial assets measured at amortized cost
|
|
II.
|
Available-for-sale financial assets
|
|
b)
|
Non-financial assets
|
|
a)
|
Short-term employee benefits
|
|
b)
|
Share-based payment transactions
|
|
c)
|
Defined contribution plans
|
|
d)
|
Defined benefit plans
|
|
e)
|
Other long-term employee benefit
|
|
a)
|
Sales of goods
|
|
b)
|
Services rendered
|
|
I.
|
Billed revenue
|
|
II.
|
Unbilled revenue
|
|
III.
|
Concession construction revenue
|
|
a)
|
Leased assets
|
|
b)
|
Leased payments
|
|
a)
|
Current tax
|
|
b)
|
Deferred tax
|
|
·
|
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;
|
|
·
|
temporary differences related to investments in subsidiaries, associates and joint ventures to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and
|
|
·
|
taxable temporary differences arising on the initial recognition of goodwill.
|
|
c)
|
Sales taxes
|
|
d)
|
Tax exposures
|
4
|
Changes in accounting policies
|
|
I.
|
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortized cost. The determination is made at initial recognition. For financial liabilities, the main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the statement of profit or loss, unless this creates an accounting mismatch. The Company has yet to assess IFRS 9’s full impact. The Company will also consider the impact of the remaining phases of IFRS 9 when completed by the Board.
|
|
II.
|
IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2017 and earlier application is permitted. The Company is currently assessing the potential impacts of adopting IFRS 15.
|
|
III.
|
IAS 41 - Agriculture - This standard currently requires that biological assets related to agricultural activity are measured at fair value less costs to sell. IASB has determined that “bearer plants” should be accounted for as property, plant and equipment (IAS 16), i.e., at cost less depreciation or impairment provision. The standard is effective for annual reporting beginning on or after January 1, 2016 with early adoption permitted. The Company is assessing the potential impacts of adopting IAS 41.
|
|
IV.
|
IFRIC 21, ‘Levies’, sets out the accounting for an obligation to pay a levy that is not income tax. The interpretation addresses what the obligating event is that gives rise to pay a levy and when should a liability be recognized. The Company is not currently subject to significant levies therefore it does not expect that the application of the new standard will have a material impact on the Company’s consolidated financial statements.
|
5
|
Operating segments
|
|
I.
|
Raízen Energia: production and marketing of a variety of products derived from sugar cane, including raw sugar (VHP), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugarcane bagasse. In addition, this segment holds interests in companies engaged in research and development on new technology;
|
|
II.
|
Raízen Combustíveis: distribution and marketing of fuels, mainly through a franchised network of service stations under the brand Shell and Esso throughout Brazil;
|
|
III.
|
COMGÁS: distribution of piped natural gas to part of the State of São Paulo (approximately 180 municipalities, including the region called Greater São Paulo) to customers in the industrial, residential, commercial, automotive, thermo generation and cogeneration sectors;
|
|
IV.
|
Cosan Log: logistics services for transport, storage and port loading of commodities, mainly for sugar products;
|
|
V.
|
Radar: management, buying, selling and leasing of agricultural land;
|
|
VI.
|
Lubricants: production and distribution of lubricants under the Mobil brand in Brazil, Bolivia, Uruguay and Paraguay, as well as European and Asian market with a Comma trademark; Upon adoption of IFRS 11, whereby the Company no longer proportionally consolidates the results of Raízen Energia and Raízen Combustíveis, the Lubricants segment met the quantitative thresholds to be separately reportable, and the comparative segment information has been adjusted retroactively; and
|
VII.
|
Other business: other investments, in addition to the corporate activities of the Company.
|
Twelve months ended December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Cosan Energia
|
Cosan Log
|
Cosan Limited
|
Segment elimination
|
Total consolidated
|
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of profit or loss
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
9,263,930 | 55,733,927 | 6,387,103 | 157,562 | 1,602,198 | - | (64,997,857 | ) | - | 8,146,863 | 915,441 | - | - | 9,062,304 | ||||||||||||||||||||||||||||||||||||||
Domestic market
|
4,064,437 | 55,733,927 | 6,387,103 | 157,562 | 1,306,218 | - | (59,798,364 | ) | - | 7,850,883 | 769,583 | - | - | 8,620,466 | ||||||||||||||||||||||||||||||||||||||
External market
|
5,199,493 | - | - | - | 295,980 | - | (5,199,493 | ) | - | 295,980 | 145,858 | - | - | 441,838 | ||||||||||||||||||||||||||||||||||||||
Gross profit
|
1,528,509 | 2,799,705 | 1,892,194 | 96,918 | 354,392 | - | (4,328,214 | ) | - | 2,343,504 | 305,080 | - | - | 2,648,584 | ||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(578,989 | ) | (1,150,516 | ) | (636,316 | ) | - | (245,227 | ) | - | 1,729,505 | - | (881,543 | ) | - | - | - | (881,543 | ) | |||||||||||||||||||||||||||||||||
General and administrative expenses
|
(498,756 | ) | (387,259 | ) | (308,413 | ) | (36,525 | ) | (70,684 | ) | (145,840 | ) | 886,015 | - | (561,462 | ) | (87,832 | ) | (19,319 | ) | - | (668,613 | ) | |||||||||||||||||||||||||||||
Other income (expense), net
|
58,609 | 338,143 | (19,494 | ) | 131,593 | 1,032 | (123,626 | ) | (396,752 | ) | - | (10,495 | ) | 7,844 | - | (18,589 | ) | (21,240 | ) | |||||||||||||||||||||||||||||||||
Financial results
|
(418,317 | ) | (125,210 | ) | (193,026 | ) | 6,269 | 21,555 | (780,687 | ) | 543,527 | - | (945,889 | ) | (33,652 | ) | (3,307 | ) | - | (982,848 | ) | |||||||||||||||||||||||||||||||
Financial expense
|
(588,307 | ) | (142,839 | ) | (300,573 | ) | (1,104 | ) | 22,831 | (707,718 | ) | 731,146 | 12,711 | (973,853 | ) | (66,114 | ) | (20,835 | ) | - | (1,060,802 | ) | ||||||||||||||||||||||||||||||
Financial income
|
385,895 | 104,218 | 106,554 | 7,428 | 1,639 | 81,280 | (490,113 | ) | (12,711 | ) | 184,190 | 31,150 | 1,772 | - | 217,112 | |||||||||||||||||||||||||||||||||||||
Foreign exchange losses, net
|
(357,928 | ) | (71,825 | ) | (139,931 | ) | (55 | ) | (1,183 | ) | (177,815 | ) | 429,753 | - | (318,984 | ) | 1,312 | 17,151 | - | (300,521 | ) | |||||||||||||||||||||||||||||||
Derivatives
|
142,023 | (14,764 | ) | 140,924 | - | (1,732 | ) | 23,566 | (127,259 | ) | - | 162,758 | - | (1,395 | ) | - | 161,363 | |||||||||||||||||||||||||||||||||||
Equity in earnings of associates
|
(38,310 | ) | 14,902 | - | - | (7,341 | ) | 429,506 | 23,408 | (418,625 | ) | 3,540 | - | 193,627 | (193,627 | ) | 3,540 | |||||||||||||||||||||||||||||||||||
Equity in earnings of joint ventures
|
- | - | - | - | - | 588,428 | - | - | 588,428 | - | - | - | 588,428 | |||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit
|
103,810 | (410,560 | ) | (203,810 | ) | (17,629 | ) | (18,850 | ) | 254,803 | 306,750 | - | 14,514 | (58,343 | ) | - | - | (43,829 | ) | |||||||||||||||||||||||||||||||||
Profit (loss) for the year
|
156,556 | 1,079,205 | 531,135 | 180,626 | 34,877 | 222,584 | (1,235,761 | ) | (418,625 | ) | 550,597 | 133,097 | 171,001 | (212,216 | ) | 642,479 | ||||||||||||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,966,866 | 538,222 | 506,697 | 970 | 71,268 | 2,923 | (2,505,088 | ) | - | 581,858 | 97,244 | - | - | 679,102 | ||||||||||||||||||||||||||||||||||||||
EBITDA
|
2,437,929 | 2,153,197 | 1,434,668 | 192,956 | 103,441 | 751,389 | (4,591,126 | ) | (418,625 | ) | 2,063,829 | 322,334 | 174,308 | (212,216 | ) | 2,348,255 | ||||||||||||||||||||||||||||||||||||
Additions to PP&E, intangible
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
and biological assets (cash)
|
1,963,642 | 60,425 | 661,311 | 1,146 | 52,178 | 75,194 | (2,024,067 | ) | - | 789,830 | 273,584 | - | - | 1,063,413 | ||||||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the year
|
156,556 | 1,079,205 | 531,135 | 180,626 | 34,878 | 222,583 | (1,235,761 | ) | (418,625 | ) | 550,597 | 133,095 | 171,001 | (212,216 | ) | 642,477 | ||||||||||||||||||||||||||||||||||||
Income tax and social contribution
|
(103,810 | ) | 410,560 | 203,810 | 17,629 | 18,850 | (254,803 | ) | (306,750 | ) | - | (14,514 | ) | 58,343 | - | - | 43,829 | |||||||||||||||||||||||||||||||||||
Financial result, net
|
418,317 | 125,210 | 193,026 | (6,269 | ) | (21,555 | ) | 780,687 | (543,527 | ) | - | 945,889 | 33,652 | 3,307 | - | 982,848 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,966,866 | 538,222 | 506,697 | 970 | 71,268 | 2,922 | (2,505,088 | ) | - | 581,857 | 97,244 | - | - | 679,101 | ||||||||||||||||||||||||||||||||||||||
EBITDA
|
2,437,929 | 2,153,197 | 1,434,668 | 192,956 | 103,441 | 751,389 | (4,591,126 | ) | (418,625 | ) | 2,063,829 | 322,334 | 174,308 | (212,216 | ) | 2,348,255 |
Nine months ended December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Cosan Energia
|
Cosan Log
|
Cosan Limited
|
Segment elimination
|
Total consolidated
|
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of profit or loss
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
6,850,389 | 37,580,570 | 4,888,895 | 54,732 | 1,185,199 | 38 | (44,430,959 | ) | - | 6,128,864 | 749,350 | - | - | 6,878,214 | ||||||||||||||||||||||||||||||||||||||
Domestic market
|
2,964,443 | 37,580,570 | 4,888,895 | 54,732 | 947,274 | 38 | (40,545,013 | ) | - | 5,890,939 | 676,924 | - | - | 6,567,863 | ||||||||||||||||||||||||||||||||||||||
External market
|
3,885,946 | - | - | - | 237,925 | - | (3,885,946 | ) | - | 237,925 | 72,426 | - | - | 310,351 | ||||||||||||||||||||||||||||||||||||||
Gross profit
|
1,260,349 | 1,916,015 | 1,364,700 | 48,674 | 284,668 | 38 | (3,176,364 | ) | - | 1,698,080 | 301,905 | - | - | 1,999,985 | ||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(474,116 | ) | (808,095 | ) | (422,416 | ) | - | (181,549 | ) | - | 1,282,211 | - | (603,965 | ) | - | - | - | (603,965 | ) | |||||||||||||||||||||||||||||||||
General and administrative expenses
|
(411,600 | ) | (285,904 | ) | (239,262 | ) | (18,369 | ) | (52,552 | ) | (96,288 | ) | 697,504 | - | (406,471 | ) | (57,588 | ) | (2,874 | ) | - | (466,933 | ) | |||||||||||||||||||||||||||||
Other income (expense), net
|
(35,209 | ) | 292,211 | (1,599 | ) | 131,191 | (5,488 | ) | (26,485 | ) | (257,002 | ) | - | 97,619 | (14,364 | ) | (6,983 | ) | - | 76,272 | ||||||||||||||||||||||||||||||||
Financial results
|
(646,268 | ) | (99,201 | ) | (140,981 | ) | 3,096 | (9,072 | ) | (567,039 | ) | 745,469 | - | (713,996 | ) | 13,689 | (13,405 | ) | - | (713,712 | ) | |||||||||||||||||||||||||||||||
Financial expense
|
(346,004 | ) | (63,418 | ) | (163,090 | ) | (668 | ) | (51,689 | ) | (559,434 | ) | 409,422 | 9,008 | (765,873 | ) | (27,975 | ) | (10,758 | ) | - | (804,606 | ) | |||||||||||||||||||||||||||||
Financial income
|
186,230 | 69,070 | 44,659 | 3,812 | 23,409 | 75,477 | (255,300 | ) | (9,008 | ) | 138,349 | 41,292 | 263 | - | 179,904 | |||||||||||||||||||||||||||||||||||||
Foreign exchange losses, net
|
(370,860 | ) | (181,419 | ) | (162,449 | ) | (48 | ) | 17,351 | (178,975 | ) | 552,279 | - | (324,121 | ) | 372 | (746 | ) | - | (324,495 | ) | |||||||||||||||||||||||||||||||
Derivatives
|
(115,634 | ) | 76,566 | 139,899 | - | 1,857 | 95,893 | 39,068 | - | 237,649 | - | (2,164 | ) | - | 235,485 | |||||||||||||||||||||||||||||||||||||
Equity in earnings of associates
|
(24,075 | ) | 4,826 | - | 29 | (7,812 | ) | 447,769 | 19,249 | (434,489 | ) | 5,497 | - | 145,882 | (145,882 | ) | 5,497 | |||||||||||||||||||||||||||||||||||
Equity in earnings of joint ventures
|
- | - | - | - | - | 242,036 | - | - | 242,036 | - | - | - | 242,036 | |||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit
|
122,199 | (298,084 | ) | (152,740 | ) | (10,230 | ) | (27,176 | ) | 234,119 | 175,885 | - | 43,973 | (83,167 | ) | - | - | (39,194 | ) | |||||||||||||||||||||||||||||||||
Profit (loss) for the year
|
(208,720 | ) | 721,768 | 407,702 | 154,391 | 1,019 | 234,150 | (513,048 | ) | (434,489 | ) | 362,773 | 160,475 | 122,620 | (145,882 | ) | 499,986 | |||||||||||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,386,600 | 385,728 | 322,170 | 727 | 55,452 | 1,840 | (1,772,328 | ) | - | 380,189 | 58,955 | - | - | 439,144 | ||||||||||||||||||||||||||||||||||||||
EBITDA
|
1,701,949 | 1,504,781 | 1,023,593 | 162,252 | 92,718 | 568,912 | (3,206,730 | ) | (434,489 | ) | 1,412,986 | 288,907 | 136,025 | (145,882 | ) | 1,692,036 | ||||||||||||||||||||||||||||||||||||
Additions to PP&E, intangible
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
and biological assets (cash)
|
1,513,389 | 681,241 | 677,695 | 60 | 81,353 | 18,965 | (2,194,630 | ) | - | 778,073 | 198,047 | - | - | 976,120 | ||||||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
(208,720 | ) | 721,768 | 407,702 | 154,391 | 1,019 | 234,150 | (513,048 | ) | (434,489 | ) | 362,773 | 160,475 | 122,620 | (145,882 | ) | 499,986 | |||||||||||||||||||||||||||||||||||
Income tax and social contribution
|
(122,199 | ) | 298,084 | 152,740 | 10,230 | 27,176 | (234,119 | ) | (175,885 | ) | - | (43,973 | ) | 83,167 | - | - | 39,194 | |||||||||||||||||||||||||||||||||||
Financial result, net
|
646,268 | 99,201 | 140,981 | (3,096 | ) | 9,072 | 567,039 | (745,469 | ) | - | 713,996 | (13,689 | ) | 13,405 | - | 713,712 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,386,600 | 385,728 | 322,170 | 727 | 55,451 | 1,842 | (1,772,328 | ) | - | 380,190 | 58,954 | - | - | 439,144 | ||||||||||||||||||||||||||||||||||||||
EBITDA
|
1,701,949 | 1,504,781 | 1,023,593 | 162,252 | 92,718 | 568,912 | (3,206,730 | ) | (434,489 | ) | 1,412,986 | 288,907 | 136,025 | (145,882 | ) | 1,692,036 |
Twelve months ended March 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Cosan Energia
|
Cosan Log
|
Cosan Limited
|
Segment elimination
|
Total consolidated
|
Discontinued operation
|
|||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of profit or loss
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
8,468,238 | 43,532,232 | 2,398,989 | 51,853 | 1,417,474 | 5,117 | (52,000,470 | ) | - | 3,873,433 | 712,776 | - | - | 4,586,209 | 410,677 | |||||||||||||||||||||||||||||||||||||||||
Domestic market
|
3,454,440 | 43,532,232 | 2,398,989 | 51,853 | 1,237,348 | 5,117 | (46,986,672 | ) | - | 3,693,307 | 631,908 | - | - | 4,325,215 | 410,677 | |||||||||||||||||||||||||||||||||||||||||
External market
|
5,013,798 | - | - | - | 180,126 | - | (5,013,798 | ) | - | 180,126 | 80,868 | - | - | 260,994 | - | |||||||||||||||||||||||||||||||||||||||||
Gross profit
|
1,586,321 | 2,333,213 | 660,676 | 50,111 | 366,780 | 5,116 | (3,919,534 | ) | - | 1,082,683 | 292,217 | - | - | 1,374,900 | 56,487 | |||||||||||||||||||||||||||||||||||||||||
Selling expenses
|
(638,837 | ) | (1,026,923 | ) | (259,762 | ) | - | (199,671 | ) | - | 1,665,760 | - | (459,433 | ) | - | - | - | (459,433 | ) | (50,285 | ) | |||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(490,246 | ) | (361,616 | ) | (127,678 | ) | (14,899 | ) | (72,514 | ) | (127,440 | ) | 851,862 | - | (342,531 | ) | (58,088 | ) | (18,914 | ) | - | (419,533 | ) | (8,217 | ) | |||||||||||||||||||||||||||||||
Other income (expense), net
|
49,837 | 219,520 | (2,221 | ) | 144,344 | (18,570 | ) | 57,678 | (269,357 | ) | - | 181,231 | (7,492 | ) | - | - | 173,739 | 172,586 | ||||||||||||||||||||||||||||||||||||||
Financial results
|
(334,399 | ) | (58,632 | ) | (63,701 | ) | 3,058 | 114,654 | (465,057 | ) | 393,031 | - | (411,046 | ) | 189 | (12,256 | ) | - | (423,113 | ) | 10,166 | |||||||||||||||||||||||||||||||||||
Financial expense
|
(198,174 | ) | (96,058 | ) | (92,178 | ) | (1,421 | ) | (39,976 | ) | (398,734 | ) | 294,232 | - | (532,309 | ) | (35,567 | ) | (10,129 | ) | - | (578,005 | ) | - | ||||||||||||||||||||||||||||||||
Financial income
|
185,572 | 133,362 | 16,894 | 4,484 | 43,332 | 63,153 | (318,934 | ) | - | 127,863 | 35,658 | 142 | - | 163,663 | 10,166 | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange losses, net
|
(266,135 | ) | (93,841 | ) | (297 | ) | (5 | ) | 105,712 | (186,493 | ) | 359,976 | - | (81,083 | ) | 98 | (2,269 | ) | - | (83,254 | ) | - | ||||||||||||||||||||||||||||||||||
Derivatives
|
(55,662 | ) | (2,095 | ) | 11,880 | - | 5,586 | 57,017 | 57,757 | - | 74,483 | - | - | - | 74,483 | - | ||||||||||||||||||||||||||||||||||||||||
Equity in earnings of associates
|
(23,107 | ) | - | - | - | (111 | ) | 427,732 | 23,107 | (245,769 | ) | 181,852 | - | - | (111,438 | ) | 70,414 | - | ||||||||||||||||||||||||||||||||||||||
Equity in earnings of joint ventures
|
- | - | - | - | - | 483,355 | - | - | 483,355 | - | 120,557 | - | 603,912 | - | ||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit
|
176,742 | (314,838 | ) | (47,439 | ) | (13,180 | ) | (50,735 | ) | 61,424 | 138,096 | - | (49,930 | ) | (76,423 | ) | - | - | (126,353 | ) | (41,819 | ) | ||||||||||||||||||||||||||||||||||
Profit (loss) for the year
|
326,311 | 790,724 | 159,875 | 169,434 | 139,833 | 442,808 | (1,117,035 | ) | (245,769 | ) | 666,181 | 150,403 | 89,387 | (111,438 | ) | 794,533 | 138,918 | |||||||||||||||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,924,301 | 494,301 | 200,451 | 877 | 61,759 | 1,656 | (2,418,602 | ) | - | 264,743 | 70,043 | - | - | 334,786 | 1,185 | |||||||||||||||||||||||||||||||||||||||||
EBITDA
|
2,408,269 | 1,658,495 | 471,466 | 180,433 | 137,673 | 848,097 | (4,066,764 | ) | (245,769 | ) | 1,391,900 | 296,680 | 101,643 | (111,438 | ) | 1,678,785 | 171,756 | |||||||||||||||||||||||||||||||||||||||
Additions to PP&E, intangible
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and biological assets (cash)
|
2,404,514 | 677,245 | 294,359 | 760 | 72,891 | 2,461 | (3,081,759 | ) | - | 370,471 | 266,661 | - | - | 637,132 | - | |||||||||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the year
|
326,311 | 790,724 | 159,875 | 169,434 | 139,833 | 442,808 | (1,117,035 | ) | (245,769 | ) | 666,181 | 150,403 | 89,387 | (111,438 | ) | 794,533 | 138,918 | |||||||||||||||||||||||||||||||||||||||
Income tax and social contribution
|
(176,742 | ) | 314,838 | 47,439 | 13,180 | 50,735 | (61,424 | ) | (138,096 | ) | - | 49,930 | 76,423 | - | - | 126,353 | 41,819 | |||||||||||||||||||||||||||||||||||||||
Financial result, net
|
334,399 | 58,632 | 63,701 | (3,058 | ) | (114,654 | ) | 465,057 | (393,031 | ) | - | 411,046 | (189 | ) | 12,256 | - | 423,113 | (10,166 | ) | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,924,301 | 494,301 | 200,451 | 877 | 61,759 | 1,656 | (2,418,602 | ) | - | 264,743 | 70,043 | - | - | 334,786 | 1,185 | |||||||||||||||||||||||||||||||||||||||||
EBITDA
|
2,408,269 | 1,658,495 | 471,466 | 180,433 | 137,673 | 848,097 | (4,066,764 | ) | (245,769 | ) | 1,391,900 | 296,680 | 101,643 | (111,438 | ) | 1,678,785 | 171,756 |
December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Cosan Energia
|
Cosan Log
|
Cosan Limited
|
Segment elimination
|
Total consolidated
|
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of financial position
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
2,643,950 | 173,470 | 973,708 | 6,011 | 39,810 | 520,663 | (2,817,420 | ) | - | 1,540,192 | 86,487 | 22,661 | - | 1,649,340 | ||||||||||||||||||||||||||||||||||||||
Investment securities
|
- | - | - | 149,735 | - | - | - | - | 149,735 | - | - | - | 149,735 | |||||||||||||||||||||||||||||||||||||||
Trade receivables
|
620,300 | 1,920,778 | 605,483 | 22,214 | 194,486 | 241 | (2,541,078 | ) | - | 822,424 | 42,685 | - | - | 865,109 | ||||||||||||||||||||||||||||||||||||||
Inventories
|
2,315,907 | 1,128,771 | 125,406 | - | 222,486 | 11 | (3,444,678 | ) | - | 347,903 | 5,817 | - | - | 353,720 | ||||||||||||||||||||||||||||||||||||||
Other current assets
|
2,680,822 | 521,630 | 137,360 | 31,052 | 31,831 | 367,641 | (3,202,452 | ) | (19,750 | ) | 548,134 | 24,500 | 19,658 | (45,089 | ) | 547,203 | ||||||||||||||||||||||||||||||||||||
Other non-current assets
|
2,075,546 | 2,365,613 | 591,135 | 15,538 | (190,806 | ) | 2,331,354 | (4,441,159 | ) | (6,610 | ) | 2,740,611 | 480,989 | 10,220 | - | 3,231,820 | ||||||||||||||||||||||||||||||||||||
Investment in associates
|
209,205 | 256,729 | - | - | 16,032 | 5,783,699 | (465,934 | ) | (5,669,053 | ) | 130,678 | - | 6,132,772 | (6,132,773 | ) | 130,677 | ||||||||||||||||||||||||||||||||||||
Investment in joint ventures
|
- | - | - | - | - | 8,404,503 | - | - | 8,404,503 | - | - | - | 8,404,503 | |||||||||||||||||||||||||||||||||||||||
Biological assets
|
1,828,304 | - | - | - | - | - | (1,828,304 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||
Investment property
|
- | - | - | 2,641,978 | - | - | - | - | 2,641,978 | - | - | - | 2,641,978 | |||||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,848,969 | 2,464,316 | - | 11,288 | 221,466 | 118,681 | (12,313,285 | ) | - | 351,435 | 1,084,455 | - | - | 1,435,890 | ||||||||||||||||||||||||||||||||||||||
Intangible assets and goodwill
|
3,288,709 | 4,267,514 | 8,595,251 | 173 | 824,277 | 6,419 | (7,556,223 | ) | - | 9,426,120 | 860,253 | - | - | 10,286,373 | ||||||||||||||||||||||||||||||||||||||
Loans and borrowings
|
(10,377,585 | ) | (1,557,782 | ) | (3,133,347 | ) | - | (261,166 | ) | (4,003,089 | ) | 11,935,367 | - | (7,397,602 | ) | (784,709 | ) | (320,329 | ) | - | (8,502,640 | ) | ||||||||||||||||||||||||||||||
Trade payables
|
(636,619 | ) | (529,990 | ) | (848,770 | ) | (790 | ) | (118,784 | ) | (2,826 | ) | 1,166,609 | - | (971,170 | ) | (141,289 | ) | - | - | (1,112,459 | ) | ||||||||||||||||||||||||||||||
Employee benefits payable
|
(252,219 | ) | (66,799 | ) | (58,955 | ) | (5,336 | ) | (15,437 | ) | (21,387 | ) | 319,018 | - | (101,115 | ) | (19,302 | ) | - | - | (120,416 | ) | ||||||||||||||||||||||||||||||
Other current liabilities
|
(1,103,934 | ) | (2,074,917 | ) | (122,981 | ) | (20,783 | ) | (100,853 | ) | (398,334 | ) | 3,178,851 | 26,361 | (616,590 | ) | (89,787 | ) | (12,712 | ) | 37,374 | (681,715 | ) | |||||||||||||||||||||||||||||
Other non-current liabilities
|
(2,719,593 | ) | (2,273,554 | ) | (992,028 | ) | (93,552 | ) | (193,082 | ) | (4,289,299 | ) | 4,993,147 | - | (5,567,961 | ) | (221,851 | ) | (7,721 | ) | 7,722 | (5,789,811 | ) | |||||||||||||||||||||||||||||
Total assets (net of
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities) allocated by segment
|
10,421,762 | 6,595,779 | 5,872,262 | 2,757,528 | 670,260 | 8,818,278 | (17,017,541 | ) | (5,669,052 | ) | 12,449,275 | 1,328,248 | 5,844,549 | (6,132,766 | ) | 13,489,307 | ||||||||||||||||||||||||||||||||||||
Total assets
|
25,511,712 | 13,098,821 | 11,028,343 | 2,877,989 | 1,359,582 | 17,533,212 | (38,610,533 | ) | (5,695,413 | ) | 27,103,713 | 2,585,186 | 6,185,311 | (6,177,862 | ) | 29,696,348 |
December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Cosan Energia
|
Cosan Log
|
Cosan Limited
|
Segment elimination
|
Total consolidated
|
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of financial position
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
1,058,483 | 328,992 | 535,957 | 13,408 | 57,892 | 369,543 | (1,387,475 | ) | - | 976,800 | 497,753 | 35,012 | - | 1,509,565 | ||||||||||||||||||||||||||||||||||||||
Investment securities
|
- | - | - | 87,978 | - | - | - | - | 87,978 | - | - | - | 87,978 | |||||||||||||||||||||||||||||||||||||||
Trade receivables
|
416,746 | 1,435,095 | 582,889 | 28,052 | 200,795 | 241 | (1,851,841 | ) | - | 811,977 | 32,506 | - | - | 844,483 | ||||||||||||||||||||||||||||||||||||||
Inventories
|
2,026,925 | 1,057,049 | 121,253 | - | 185,490 | - | (3,083,974 | ) | - | 306,743 | 5,237 | - | - | 311,980 | ||||||||||||||||||||||||||||||||||||||
Other current assets
|
1,279,553 | 484,475 | 248,803 | 323,474 | 45,227 | 332,012 | (1,764,028 | ) | (144,261 | ) | 805,255 | 22,389 | 52,091 | (69,740 | ) | 809,995 | ||||||||||||||||||||||||||||||||||||
Other non-current assets
|
1,534,557 | 1,403,117 | 332,918 | 4,884 | (93,658 | ) | 2,755,375 | (2,937,674 | ) | (415,785 | ) | 2,583,734 | 234,965 | - | - | 2,818,699 | ||||||||||||||||||||||||||||||||||||
Investment in associates
|
408,591 | 254,826 | - | - | 15,364 | 6,101,361 | (663,417 | ) | (6,013,409 | ) | 103,316 | - | 6,081,878 | (6,081,878 | ) | 103,316 | ||||||||||||||||||||||||||||||||||||
Investment in joint ventures
|
- | - | - | - | - | 8,498,259 | - | - | 8,498,259 | - | - | - | 8,498,259 | |||||||||||||||||||||||||||||||||||||||
Biological assets
|
1,867,765 | - | - | - | - | - | (1,867,765 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||
Investment property
|
- | - | - | 2,281,509 | - | - | - | - | 2,281,509 | - | - | - | 2,281,509 | |||||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,504,874 | 2,494,486 | - | 11,195 | 197,137 | 50,430 | (11,999,360 | ) | - | 258,762 | 1,013,148 | - | - | 1,271,910 | ||||||||||||||||||||||||||||||||||||||
Intangible assets and goodwill
|
3,100,227 | 4,038,314 | 8,450,541 | 89 | 867,826 | 3,949 | (7,138,541 | ) | - | 9,322,405 | 755,635 | - | - | 10,078,040 | ||||||||||||||||||||||||||||||||||||||
Loans and borrowings
|
(7,732,778 | ) | (862,521 | ) | (2,841,387 | ) | - | (209,579 | ) | (5,073,219 | ) | 8,595,299 | - | (8,124,185 | ) | (705,974 | ) | (262,797 | ) | - | (9,092,956 | ) | ||||||||||||||||||||||||||||||
Trade payables
|
(633,505 | ) | (551,176 | ) | (706,397 | ) | (1,216 | ) | (70,102 | ) | (1,562 | ) | 1,184,681 | (282 | ) | (779,559 | ) | (82,870 | ) | - | - | (862,429 | ) | |||||||||||||||||||||||||||||
Employee benefits payable
|
(249,919 | ) | (60,091 | ) | (59,417 | ) | (4,247 | ) | (13,039 | ) | (14,071 | ) | 310,010 | - | (90,774 | ) | (12,522 | ) | - | - | (103,296 | ) | ||||||||||||||||||||||||||||||
Other current liabilities
|
(495,240 | ) | (525,188 | ) | (301,089 | ) | (31,020 | ) | (107,826 | ) | (260,413 | ) | 1,020,428 | 143,979 | (556,369 | ) | (127,289 | ) | (20,188 | ) | 69,740 | (634,106 | ) | |||||||||||||||||||||||||||||
Other non-current liabilities
|
(1,693,036 | ) | (2,715,727 | ) | (863,768 | ) | (85,951 | ) | (327,564 | ) | (3,543,908 | ) | 4,408,763 | 416,347 | (4,404,844 | ) | (198,620 | ) | - | 280 | (4,603,184 | ) | ||||||||||||||||||||||||||||||
Total assets (net of
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities) allocated by segment
|
10,393,243 | 6,781,651 | 5,500,303 | 2,628,155 | 747,963 | 9,217,997 | (17,174,894 | ) | (6,013,411 | ) | 12,081,007 | 1,434,358 | 5,885,996 | (6,081,598 | ) | 13,319,763 | ||||||||||||||||||||||||||||||||||||
Total assets
|
21,197,721 | 11,496,354 | 10,272,361 | 2,750,589 | 1,476,073 | 18,111,170 | (32,694,075 | ) | (6,573,455 | ) | 26,036,738 | 2,561,633 | 6,168,981 | (6,151,618 | ) | 28,615,734 |
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Raízen Energia
|
|
|
|
|||||||||
Ethanol
|
4,376,826 | 3,143,254 | 3,299,938 | |||||||||
Sugar
|
4,059,580 | 3,127,616 | 4,353,994 | |||||||||
Cogeneration
|
618,583 | 376,579 | 569,709 | |||||||||
Other
|
208,941 | 202,940 | 244,597 | |||||||||
|
9,263,930 | 6,850,389 | 8,468,238 | |||||||||
Raízen Combustíveis
|
||||||||||||
Fuels
|
55,733,927 | 37,553,167 | 43,516,040 | |||||||||
Other
|
- | 27,403 | 16,192 | |||||||||
|
55,733,927 | 37,580,570 | 43,532,232 | |||||||||
COMGÁS
|
||||||||||||
Industrial
|
4,122,077 | 3,065,600 | 1,535,941 | |||||||||
Residential
|
632,997 | 522,642 | 203,254 | |||||||||
Thermo generation
|
407,736 | 212,103 | 148,652 | |||||||||
Cogeneration
|
246,841 | 187,457 | 112,705 | |||||||||
Automotive
|
199,820 | 151,195 | 77,486 | |||||||||
Commercial
|
255,051 | 186,932 | 84,517 | |||||||||
Construction revenue
|
481,314 | 536,482 | 230,038 | |||||||||
Other
|
41,267 | 26,484 | 6,396 | |||||||||
|
6,387,103 | 4,888,895 | 2,398,989 | |||||||||
Radar
|
||||||||||||
Property sales
|
85,308 | 5,694 | 4,721 | |||||||||
Land lease
|
60,944 | 49,038 | 47,132 | |||||||||
Other
|
11,310 | - | - | |||||||||
|
157,562 | 54,732 | 51,853 | |||||||||
Lubricants
|
||||||||||||
Lubricants
|
1,325,472 | 1,040,150 | 1,245,571 | |||||||||
Basic oil
|
225,701 | 137,309 | 162,021 | |||||||||
Other
|
51,025 | 7,740 | 9,882 | |||||||||
|
1,602,198 | 1,185,199 | 1,417,474 | |||||||||
|
||||||||||||
Other businesses
|
- | 38 | 5,117 | |||||||||
|
||||||||||||
IFRS 11 - Deconsolidated of
|
||||||||||||
adjustments/eliminations joint
|
||||||||||||
ventures and eliminations
|
(64,997,857 | ) | (44,430,959 | ) | (52,000,470 | ) | ||||||
|
||||||||||||
Cosan Energia
|
8,146,863 | 6,128,864 | 3,873,433 | |||||||||
|
||||||||||||
Cosan Log
|
||||||||||||
Logistics
|
671,600 | 597,476 | 549,420 | |||||||||
Port handling
|
220,543 | 138,236 | 150,028 | |||||||||
Other
|
23,298 | 13,638 | 13,328 | |||||||||
|
915,441 | 749,350 | 712,776 | |||||||||
|
||||||||||||
Total
|
9,062,304 | 6,878,214 | 4,586,209 |
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Brazil
|
83.23 | % | 84.31 | % | 86.90 | % | ||||||
Europe
|
12.13 | % | 2.27 | % | 1.73 | % | ||||||
South America (excepting Brazil)
|
2.93 | % | 12.44 | % | 10.81 | % | ||||||
North America
|
0.70 | % | 0.09 | % | - | |||||||
Middle East and Asia
|
0.95 | % | 0.79 | % | 0.53 | % | ||||||
Other
|
0.07 | % | 0.10 | % | 0.03 | % | ||||||
|
||||||||||||
Total
|
100.00 | % | 100.00 | % | 100.00 | % |
(i)
|
COMGÁS
|
|
(ii)
|
Cosan Log
|
(iii)
|
Radar
|
(iv)
|
Lubricants
|
6
|
Cash and cash equivalents
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Brazilian Reais
|
|
|
||||||
Cash and bank deposits
|
57,703 | 92,064 | ||||||
Short-term investments
|
1,496,620 | 1,356,239 | ||||||
|
||||||||
1,554,323 | 1,448,302 | |||||||
U.S. Dollars and Pound Sterling
|
||||||||
Cash and bank deposits
|
95,017 | 30,802 | ||||||
Short-term investments
|
- | 30,460 | ||||||
|
||||||||
95,017 | 61,262 | |||||||
|
1,649,340 | 1,509,565 | ||||||
|
||||||||
Short-term investments are composed as presented below:
|
||||||||
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
|
||||||||
Exclusive funds
|
||||||||
Repurchase agreements(I)
|
423,535 | 661,665 | ||||||
Bank certificate of deposits - CDB(II)
|
87,646 | 175,895 | ||||||
|
511,181 | 837,560 | ||||||
|
||||||||
Bank investments
|
||||||||
Bank certificate of deposits - CDB(II)
|
222,570 | 147,782 | ||||||
Repurchase agreements(I)
|
762,869 | 370,897 | ||||||
Other financial investments
|
- | 30,460 | ||||||
|
985,439 | 549,139 | ||||||
|
||||||||
|
1,496,620 | 1,386,699 |
|
(I)
|
These refer to purchases of assets, mainly government securities, with the commitment to repurchase at a rate previously established by the parties, generally with a one-day term.
|
|
(II)
|
These refer mainly to Bank Deposit Certificates - CDBs, issued by Brazilian financial institutions with original maturities of 90 days or less or for which there are no penalties or other restrictions for early redemption.
|
7
|
Trade receivables
|
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
Domestic - Brazilian Reais
|
1,369,013 | 1,087,118 | ||||||
Export - Foreign currency
|
25,323 | 24,453 | ||||||
Allowance for doubtful accounts
|
(48,235 | ) | (28,628 | ) | ||||
|
||||||||
|
1,346,101 | 1,082,943 | ||||||
|
||||||||
Current
|
865,109 | 844,483 | ||||||
Non-current(i)
|
480,992 | 238,460 |
|
(i)
|
As of December 31, 2014, Rumo had an accounts receivable due from ALL of R$446,693 (R$225,401 at December 31, 2013) reflecting contractual revenue recognized in accordance with IAS 18 - Revenue. Additional amounts totaling R$183,144, including penalties and interest, were not recognized because not all criteria for revenue recognition had been fulfilled.
|
The ageing of trade receivables is as follows:
|
||||||||
|
|
|
||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
|
||||||||
Not overdue
|
780,010 | 776,342 | ||||||
Overdue:
|
||||||||
From 1 to 30 days
|
119,520 | 78,110 | ||||||
From 31 to 60 days
|
29,863 | 38,546 | ||||||
From 61 to 90 days
|
33,897 | 58,044 | ||||||
More than 90 days
|
382,811 | 131,901 | ||||||
|
||||||||
|
1,346,101 | 1,082,943 | ||||||
|
||||||||
Changes in the allowance for doubtful accounts is as follows:
|
||||||||
|
||||||||
At April 1, 2013
|
(21,411 | ) | ||||||
Provision
|
(24,891 | ) | ||||||
Reversal
|
960 | |||||||
Write-offs
|
16,714 | |||||||
At December 31, 2013
|
(28,628 | ) | ||||||
Provision
|
(22,277 | ) | ||||||
Reversal
|
2,670 | |||||||
|
||||||||
At December 31, 2014
|
(48,235 | ) |
8
|
Inventories
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Finished goods
|
223,706 | 185,620 | ||||||
Work in process
|
86,895 | 82,361 | ||||||
Spare parts and other
|
47,887 | 44,331 | ||||||
Provision for slow moving inventory
|
||||||||
and obsolescence
|
(4,768 | ) | (332 | ) | ||||
|
||||||||
|
353,720 | 311,980 | ||||||
|
||||||||
Changes in the provision for slow moving inventory and obsolescence:
|
||||||||
|
||||||||
At April 1, 2013
|
(255 | ) | ||||||
Provision
|
(77 | ) | ||||||
At December 31, 2013
|
(332 | ) | ||||||
Provision
|
(4,436 | ) | ||||||
|
||||||||
At December 31, 2014
|
(4,768 | ) |
9
|
Taxes recoverable
|
|
December 31, 2014
|
December 31, 2013
|
||||||
ICMS - State VAT
|
91,121 | 97,648 | ||||||
COFINS - Revenue tax
|
12,604 | 25,779 | ||||||
PIS - Revenue tax
|
8,387 | 7,838 | ||||||
IPI - Excise tax
|
965 | - | ||||||
Other
|
(16,960 | ) | (27,466 | ) | ||||
|
96,117 | 103,799 | ||||||
|
||||||||
Current
|
78,818 | 85,433 | ||||||
Non-current
|
17,299 | 18,366 |
10
|
Other financial assets
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Exxon Mobil financial assets(i)
|
332,405 | 309,378 | ||||||
Receivable from sale of
|
||||||||
discontinued operations(ii)
|
107,775 | 160,783 | ||||||
|
440,180 | 470,161 | ||||||
|
||||||||
Current
|
69,683 | 63,054 | ||||||
Non-current
|
370,497 | 407,107 |
|
(i)
|
On June 28, 2011, CLE, the successor entity of Esso Brasileira de Petróleo Ltda. ("Essobrás"), joined the Brazilian Government's tax amnesty and refinancing program (“REFIS”) upon request of its prior owner, ExxonMobil Brasil Holdings B.V. ("ExxonMobil"), to settle certain tax contingencies that existed prior to the acquisition of Essobrás by the Company. ExxonMobil is legally responsible for tax contingencies that existed prior to the acquisition by the Company; therefore, this financial asset represents the amounts that the Company will be reimbursed from ExxonMobil.
|
|
(ii)
|
On October 24, 2012, the Company signed an Amendment to the Association Agreement and Other Covenants, dated May 28, 2012, with Camil Alimentos SA (“Camil”) whereby it agreed to the sale of all of the shares issued by its subsidiary, Docelar Alimentos e Bebidas S.A., to Camil, for R$293,770. As at December 31, 2014, R$107,774 is receivable, to be paid in two remaining installments, on October 31, 2015 and October 24, 2016. The fair value of the receivable is similar to the carrying amount as the receivable is inflation indexed.
|
11
|
Related parties
|
|
a)
|
Receivables from and payables to related parties:
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Current assets
|
|
|
||||||
Commercial operations
|
|
|
||||||
Raízen Energia S.A.(ii)
|
23,229 | 27,681 | ||||||
Raízen Combustíveis S.A.(ii)
|
2,576 | 4,048 | ||||||
Aguassanta Participações S.A.
|
6,340 | 6,368 | ||||||
Other
|
556 | - | ||||||
|
32,701 | 38,097 | ||||||
Corporate operation / Agreements
|
||||||||
Raízen Energia S.A.(ii)
|
3,388 | 1,468 | ||||||
|
3,388 | 1,468 | ||||||
Financial operations
|
||||||||
Raízen Combustíveis S.A.(ii)
|
1,319 | - | ||||||
Rezende Barbosa Group(iii)
|
949 | 7,223 | ||||||
2,268 | 7,223 | |||||||
|
||||||||
|
38,357 | 46,788 |
Non-current assets
|
||||||||
Receivables under the
|
||||||||
framework agreement
|
||||||||
Raízen Energia S.A.(ii)
|
104,984 | 305,183 | ||||||
Raízen Combustíveis S.A.(ii)
|
15,126 | 90,756 | ||||||
|
120,110 | 395,939 | ||||||
Financial operations
|
||||||||
Rezende Barbosa Group (iii)
|
84,996 | 107,002 | ||||||
Novvi Limited Liability Company
|
7,417 | - | ||||||
Other
|
4 | - | ||||||
|
92,417 | 107,002 | ||||||
Corporate restructuring
|
||||||||
CTC - Centro de Tecnologia Canavieira
|
- | 1,540 | ||||||
|
- | 1,540 | ||||||
|
||||||||
|
212,527 | 504,481 | ||||||
|
||||||||
Total
|
250,884 | 551,269 |
Current liabilities
|
|
|
||||||
Commercial operations
|
|
|
||||||
Shell Brazil Holding B.V.(i)
|
3,820 | 5,986 | ||||||
Raízen Energia S.A.(ii)
|
25,926 | 18,491 | ||||||
Raízen Combustíveis S.A.(ii)
|
1,283 | 1,709 | ||||||
Other
|
96 | 34 | ||||||
|
31,125 | 26,220 | ||||||
Corporate operations / Agreements
|
||||||||
Raízen Combustíveis S.A.(ii)
|
11,402 | 8,800 | ||||||
Raízen Energia S.A.(ii)
|
94,892 | 70,443 | ||||||
|
106,294 | 79,243 | ||||||
Financial operations
|
||||||||
Other
|
22 | - | ||||||
|
22 | - | ||||||
|
||||||||
|
137,441 | 105,463 |
|
b)
|
Related party transactions:
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Sales of goods and services
|
|
|
|
|||||||||
Raízen Energia S.A.(ii)
|
303,395 | 279,185 | 299,676 | |||||||||
Other
|
2,796 | 203 | 2 | |||||||||
|
306,191 | 279,388 | 299,678 | |||||||||
Purchase of goods / Inputs
|
||||||||||||
Raízen Energia S.A.(ii)
|
(109 | ) | (13 | ) | (63,605 | ) | ||||||
Raízen Combustíveis S.A.(ii)
|
(741 | ) | (1,035 | ) | (546 | ) | ||||||
|
(850 | ) | (1,048 | ) | (64,151 | ) | ||||||
Land lease
|
||||||||||||
Raízen Energia S.A.(ii)
|
54,045 | 43,995 | 52,558 | |||||||||
|
54,045 | 43,995 | 52,558 | |||||||||
Shared income (expense)
|
||||||||||||
Aguassanta Participações S.A.
|
440 | 295 | 700 | |||||||||
Raízen Energia S.A.(ii)
|
(33,555 | ) | (7,950 | ) | (14,683 | ) | ||||||
|
(33,115 | ) | (7,655 | ) | (13,983 | ) | ||||||
Financial result
|
||||||||||||
Raízen Energia S.A.(ii)
|
2,613 | 1,781 | 363 | |||||||||
Rezende Barbosa Group(iii)
|
421 | 804 | 1,684 | |||||||||
Impulso Participações
|
- | - | (976 | ) | ||||||||
Aldwich Temple Venture Capital Ltd.
|
(263 | ) | (153 | ) | (88 | ) | ||||||
Other
|
269 | 113 | (21 | ) | ||||||||
|
3,040 | 2,545 | 962 | |||||||||
|
||||||||||||
Total
|
329,311 | 317,225 | 275,064 |
|
(i)
|
Shell
|
|
(ii)
|
Raízen Energia and Raízen Combustíveis
|
|
(iii)
|
Rezende Barbosa Group
|
|
c)
|
Officers’ and directors’ compensation
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Regular compensation
|
37,193 | 19,299 | 31,922 | |||||||||
Stock option expense (Note 34)
|
12,924 | 6,595 | 13,295 | |||||||||
Bonuses and other variable compensation
|
29,258 | 13,092 | 61,377 | |||||||||
|
||||||||||||
|
79,375 | 38,986 | 106,594 |
12
|
Investments in associates
|
|
a)
|
Information on associates of the Company and the Company´s ownership:
|
|
Tellus Brasil Participações S.A.(i)
|
Novvi Limited Liability Company
|
Janus Brasil Participações S.A.(i)
|
Vertical UK LLP
|
Other
|
Total
|
||||||||||||||||||
Shares issued by the associate
|
65,957,282 | 200,002 | 1,364,827 | - | - |
|
||||||||||||||||||
Shares held by Cosan
|
33,638,214 | 100,001 | 689,685 | - | - |
|
||||||||||||||||||
Cosan ownership interest
|
51.00 | % | 50.00 | % | 51.00 | % | 50.00 | % | - |
|
||||||||||||||
|
|
|||||||||||||||||||||||
At March 31, 2013
|
39,828 | - | - | 9,641 | 1,087 | 50,556 | ||||||||||||||||||
Equity in earnings (losses) of associates
|
14,825 | (7,812 | ) | - | - | (1,516 | ) | 5,497 | ||||||||||||||||
Other comprehensive income
|
18 | 998 | - | 1,330 | - | 2,346 | ||||||||||||||||||
Dividends
|
(839 | ) | - | - | (2,845 | ) | - | (3,684 | ) | |||||||||||||||
Capital increase
|
24,989 | 22,178 | - | - | - | 47,167 | ||||||||||||||||||
Other
|
- | - | - | - | 1,434 | 1,434 | ||||||||||||||||||
At December 31, 2013
|
78,821 | 15,364 | - | 8,126 | 1,005 | 103,316 | ||||||||||||||||||
Equity in earnings (losses) of associates
|
9,657 | (7,501 | ) | - | 1,079 | 305 | 3,540 | |||||||||||||||||
Other comprehensive income (losses)
|
204 | 2,019 | - | (2,693 | ) | - | (470 | ) | ||||||||||||||||
Dividends
|
(3,118 | ) | - | - | - | - | (3,118 | ) | ||||||||||||||||
Capital increase
|
7,294 | 4,640 | 13,063 | - | 1,500 | 26,497 | ||||||||||||||||||
Other
|
1,559 | - | - | - | (647 | ) | 912 | |||||||||||||||||
|
||||||||||||||||||||||||
At December 31, 2014
|
94,417 | 14,522 | 13,063 | 6,512 | 2,163 | 130,677 |
Financial information of associates:
|
||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
|
Twelve months ended December 31, 2014
|
|||||||||||||||||||
|
Assets
|
Liabilities
|
Equity
|
Profit (loss) for the period
|
Total comprehensive income
|
|||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Tellus Brasil Participações Ltda.(i)
|
1,865,488 | 12,421 | 1,853,067 | 192,553 | 4,334 | |||||||||||||||
Janus Brasil Participações S.A.(i)
|
254,749 | 103 | 254,646 | (1,483 | ) | - | ||||||||||||||
Novvi Limited Liability Company
|
21,800 | 18,147 | 3,653 | (14,847 | ) | 4,038 | ||||||||||||||
|
||||||||||||||||||||
|
Nine months ended December 31, 2013
|
|||||||||||||||||||
|
Assets
|
Liabilities
|
Equity
|
Profit (loss) for the period
|
Total comprehensive income
|
|||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Tellus Brasil Participações Ltda.(i)
|
1,664,607 | 119,130 | 1,545,477 | 290,686 | 2,263 | |||||||||||||||
|
||||||||||||||||||||
|
Twelve months ended March 31, 2013
|
|||||||||||||||||||
|
Assets
|
Liabilities
|
Equity
|
Profit (loss) for the period
|
Total comprehensive losses
|
|||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Tellus Brasil Participações Ltda.(i)
|
800,479 | 22,459 | 778,020 | 124,079 | (789 | ) | ||||||||||||||
|
||||||||||||||||||||
(i) The Company is entitled to 5.1% of the economic benefits of the associate as established in the shareholders agreement.
|
|
b)
|
Information on the non controlling interest in subsidiaries of the Company:
|
|
Cosan S.A. Indústria e Comércio S.A.
|
Companhia de Gás de São Paulo - "COMGÁS"
|
Cosan Logística S.A.
|
Rumo Logística Operadora Multimodal S.A.
|
Logispot Armazéns Gerais S.A.
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
Elimination of participation Radar II in Radar
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Shares issued by investee
|
407,214,353 | 121,870,985 | 405,856,814 | 956,917 | 2,040,816 | 21,148,989 | 830,690,258 | - | - |
|
||||||||||||||||||||||||||||||
Shares held by non-controlling shareholders
|
252,444,538 | 47,909,318 | 152,153,491 | 239,229 | 1,000,000 | 17,147,822 | 290,710,861 | - | - |
|
||||||||||||||||||||||||||||||
Non-controlling interest
|
37.49 | % | 39.31 | % | 37.49 | % | 25.00 | % | 49.00 | % | 81.08 | % | 35.00 | % | - | - |
|
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
At March 31, 2013
|
3,664,146 | 1,852,661 | - | 309,012 | 37,902 | 1,528,729 | 305,708 | (489,457 | ) | - | 7,208,701 | |||||||||||||||||||||||||||||
Equity in earnings (losses)
|
88,270 | 162,793 | - | 40,273 | (618 | ) | 74,151 | 27,217 | (14,718 | ) | - | 377,368 | ||||||||||||||||||||||||||||
Other comprehensive income (losses)
|
(2,457 | ) | 9,817 | - | - | - | 7,345 | 516 | (1,473 | ) | - | 13,748 | ||||||||||||||||||||||||||||
Dividends
|
(76,916 | ) | (64,357 | ) | - | - | - | (2,432 | ) | (5,249 | ) | 368 | - | (148,586 | ) | |||||||||||||||||||||||||
Other
|
(18,065 | ) | 324 | - | - | (65 | ) | - | - | 65 | - | (17,741 | ) | |||||||||||||||||||||||||||
At December 31, 2013
|
3,654,978 | 1,961,238 | - | 349,285 | 37,219 | 1,607,793 | 328,192 | (505,215 | ) | - | 7,433,490 | |||||||||||||||||||||||||||||
Equity in earnings (losses)
|
105,153 | 210,196 | 9,368 | 28,784 | 152 | 100,253 | 17,567 | - | - | 471,473 | ||||||||||||||||||||||||||||||
Other comprehensive income (losses)
|
(17,690 | ) | 967 | - | - | - | 4,998 | 349 | (234 | ) | - | (11,610 | ) | |||||||||||||||||||||||||||
Dividends
|
(91,618 | ) | (65,715 | ) | (9,288 | ) | (54,379 | ) | - | (32,432 | ) | (8,365 | ) | 6,504 | - | (255,293 | ) | |||||||||||||||||||||||
Other
|
2,229 | 4,892 | (186 | ) | (54 | ) | (305 | ) | - | - | 113 | - | 6,689 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
At December 31, 2014
|
3,653,052 | 2,111,578 | (106 | ) | 323,636 | 37,066 | 1,680,612 | 337,743 | (498,832 | ) | - | 7,644,749 |
Summarized balance sheet
|
|
Subsidiaries
|
|||||||||||||||||||||||||||||||||||||||
|
Companhia de Gás de São Paulo - "COMGÁS"
|
Rumo Logística Operadora Multimodal S.A.
|
Logispot Armazéns Gerais S.A.
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
|||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Current
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Assets
|
1,841,957 | 1,488,902 | 145,211 | 555,661 | 14,739 | 3,972 | 66,766 | 223,574 | 803 | 489 | ||||||||||||||||||||||||||||||
Liabilities
|
(1,497,373 | ) | (1,403,287 | ) | (368,401 | ) | (363,037 | ) | (6,179 | ) | (6,714 | ) | (16,744 | ) | (22,458 | ) | (202 | ) | - | |||||||||||||||||||||
Net current assets (liabilities)
|
344,584 | 85,615 | (223,190 | ) | 192,624 | 8,560 | (2,742 | ) | 50,022 | 201,116 | 601 | 489 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Non-current
|
||||||||||||||||||||||||||||||||||||||||
Assets
|
9,186,386 | 8,783,460 | 2,337,758 | 1,921,733 | 47,850 | 40,270 | 2,135,540 | 1,855,301 | 964,391 | 259,104 | ||||||||||||||||||||||||||||||
Liabilities
|
(3,658,708 | ) | (3,368,771 | ) | (820,026 | ) | (755,476 | ) | (32,358 | ) | (14,601 | ) | (44,899 | ) | (37,655 | ) | - | - | ||||||||||||||||||||||
Net non-current assets
|
5,527,678 | 5,414,689 | 1,517,732 | 1,166,257 | 15,492 | 25,669 | 2,090,641 | 1,817,646 | 964,391 | 259,104 | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Equity
|
5,872,262 | 5,500,304 | 1,294,542 | 1,358,881 | 24,052 | 22,927 | 2,140,663 | 2,018,762 | 964,992 | 259,593 |
|
Companhia de Gás de São Paulo - "COMGÁS"
|
Rumo Logística Operadora Multimodal S.A.
|
Logispot Armazéns Gerais S.A.
|
|||||||||||||||||||||||||||||||||
|
Twelve months
ended
December 31, 2014
|
Nine months ended
December 31, 2013
|
Twelve months ended
March 31,
2013
|
Twelve months ended
December 31, 2014
|
Nine months ended
December 31, 2013
|
Twelve months ended
March 31, 2013
|
Twelve months ended
December 31, 2014
|
Nine months ended
December 31, 2013
|
Twelve months ended
March 31, 2013
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net sales
|
6,387,104 | 4,888,897 | 2,398,989 | 905,449 | 742,962 | 706,020 | 21,354 | 12,122 | 22,743 | |||||||||||||||||||||||||||
Profit before taxes
|
734,945 | 560,443 | 207,314 | 172,678 | 243,201 | 223,261 | 2,168 | 2,664 | 6,316 | |||||||||||||||||||||||||||
Income tax expenses
|
(203,810 | ) | (152,740 | ) | (47,439 | ) | (58,151 | ) | (82,110 | ) | (74,677 | ) | (757 | ) | (894 | ) | (2,035 | ) | ||||||||||||||||||
Profit for the period
|
531,135 | 407,703 | 159,875 | 114,527 | 161,091 | 148,584 | 1,411 | 1,770 | 4,281 | |||||||||||||||||||||||||||
Other comprehensive income
|
6,266 | 24,574 | (84,017 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total comprehensive income
|
537,401 | 432,277 | 75,858 | 114,527 | 161,091 | 148,584 | 1,411 | 1,770 | 4,281 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Comprehensive income attributable
|
||||||||||||||||||||||||||||||||||||
to non-controlling interests
|
211,253 | 172,695 | 30,305 | 28,632 | 40,273 | 37,146 | 691 | 868 | 2,098 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Dividends paid
|
65,715 | - | 79,299 | - | - | - | - | - | - |
|
||||||||||||||||||||||||
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
||||||||||||||||||||||
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Net sales
|
43,883 | 14,433 | 19,828 | - | - | - | ||||||||||||||||||
Profit before taxes
|
164,365 | 94,783 | 190,256 | 50,217 | 15,240 | 42,371 | ||||||||||||||||||
Income tax expenses
|
(8,605 | ) | (3,320 | ) | (47,291 | ) | (20 | ) | - | (2 | ) | |||||||||||||
Profit for the period
|
155,760 | 91,463 | 142,965 | 50,197 | 15,240 | 42,369 | ||||||||||||||||||
Other comprehensive income
|
22,157 | 16,017 | - | 3,603 | 2,604 | - | ||||||||||||||||||
|
||||||||||||||||||||||||
Total comprehensive income
|
177,917 | 107,480 | 142,965 | 53,800 | 17,844 | 42,369 | ||||||||||||||||||
|
||||||||||||||||||||||||
Comprehensive income attributable
|
||||||||||||||||||||||||
to non-controlling interests
|
144,255 | 87,145 | 115,916 | 18,830 | 6,245 | 14,829 | ||||||||||||||||||
|
||||||||||||||||||||||||
Dividends paid
|
25,928 | 1,945 | 72,061 | 8,365 | 5,250 | - |
Summarized statements of cash flows(I)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Subsidiaries
|
|||||||||||||||||||||||||||||||||||
|
Companhia de Gás de
São Paulo - "COMGÁS"
|
Rumo Logística
Operadora Multimodal S.A.
|
Radar Propriedades
Agrícolas S.A.
|
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Cash generated from operations
|
1,596,064 | 1,081,121 | 453,974 | 105,840 | 229,711 | 341,054 | 68,173 | 29,256 | 80,411 | |||||||||||||||||||||||||||
Income taxes paid
|
(111,970 | ) | (121,308 | ) | (174,038 | ) | (34,789 | ) | (2,064 | ) | (38,010 | ) | (10,219 | ) | (4.032 | ) | (10.049 | ) | ||||||||||||||||||
Net cash generated by
|
||||||||||||||||||||||||||||||||||||
operating activities
|
1,484,094 | 959,813 | 279,936 | 71,051 | 227,647 | 303,044 | 57,954 | 25,224 | 70,362 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net cash used in investing activities
|
(661,546 | ) | (610,418 | ) | (294,359 | ) | (262,876 | ) | (187,606 | ) | (265,591 | ) | (21,181 | ) | (24,070 | ) | (33,281 | ) | ||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net cash provided by
|
||||||||||||||||||||||||||||||||||||
(used in) financing activities
|
(384,798 | ) | (140,942 | ) | (84,949 | ) | (230,292 | ) | (37,633 | ) | 43,284 | (40,000 | ) | (3,000 | ) | (88,883 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Increase (decrease) in
|
||||||||||||||||||||||||||||||||||||
cash and cash equivalents
|
437,750 | 208,453 | (99,372 | ) | (422,117 | ) | 2,408 | 80,737 | (3,227 | ) | (1,846 | ) | (51,802 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||||||||||||||||||
beginning of period
|
535,957 | 327,504 | 426,876 | 496,943 | 494,535 | 413,798 | 9,189 | 10,703 | 62,505 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Cash and cash
|
||||||||||||||||||||||||||||||||||||
equivalents at end of period
|
973,707 | 535,957 | 327,504 | 74,826 | 496,943 | 494,535 | 5,962 | 8,857 | 10,703 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
(I) Information presented for subsidiaries with significant non-controlling interest.
|
13
|
Investment in joint ventures
|
|
(i)
|
Raízen Combustíveis which owns a network of, approximately, 5,356 fuel service stations throughout Brazil, 62 distribution terminals and 55 airports terminals for supplying aviation fuel;
|
|
(ii)
|
Raízen Energia, which produces and sell sugar, ethanol and renders electric energy cogeneration services, the latter mainly from sugar cane bagasse. Raízen Energia is responsible for the production of, approximately, 2 billion liters of ethanol per year to supply the domestic and foreign market, 4 million tons of sugar and 940 MW of installed capacity of electricity. Raízen Energia cultivates harvests and processes sugar cane - the main raw material used in the production of sugar and ethanol.
|
|
Raízen Combustíveis S.A.
|
Raízen Energia S.A.(I)
|
Raízen Energia Participações S.A.(I)
|
Total
|
||||||||||||
Shares issued by investee
|
3,303,168,484 | 5,902,595,634 | 5,902,595,634 |
|
||||||||||||
Shares held by Cosan
|
1,651,584,242 | 2,951,297,817 | 2,951,297,817 |
|
||||||||||||
Cosan ownership interest
|
50.00 | % | 50.00 | % | 50.00 | % |
|
|||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
At March 31, 2013
|
3,278,866 | 5,303,875 | - | 8,582,741 | ||||||||||||
Equity in earnings
|
||||||||||||||||
(losses) of joint ventures
|
352,515 | (110,479 | ) | - | 242,036 | |||||||||||
Other comprehensive income (losses)
|
(162 | ) | (3,156 | ) | - | (3,318 | ) | |||||||||
Dividends
|
(300,449 | ) | (20,000 | ) | - | (320,449 | ) | |||||||||
Other
|
(4,288 | ) | 1,537 | - | (2,751 | ) | ||||||||||
At December 31, 2013
|
3,326,482 | 5,171,777 | - | 8,498,259 | ||||||||||||
Equity in earnings of joint ventures
|
503,176 | 85,252 | - | 588,428 | ||||||||||||
Other comprehensive income (losses)
|
(210 | ) | (44,322 | ) | - | (44,532 | ) | |||||||||
Dividends
|
(610,982 | ) | (26,912 | ) | - | (637,894 | ) | |||||||||
Other
|
- | 242 | - | 242 | ||||||||||||
|
||||||||||||||||
At December 31, 2014
|
3,218,466 | 5,186,037 | - | 8,404,503 |
|
(I)
|
Raízen Energia was a direct subsidiary of Raízen Energia Participações S.A. ("REPSA") until November 30, 2012, at which time REPSA was merged into the company.
|
|
Raízen Energia S.A.
|
Raízen Combustíveis S.A.
|
||||||||||||||||||||||
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Cash flow
|
|
|
|
|
|
|
||||||||||||||||||
Operating activities
|
3,200,792 | 490,313 | 2,659,558 | 682,720 | 559,917 | 1,456,774 | ||||||||||||||||||
Investing activities
|
(2,458,231 | ) | (1,456,505 | ) | (2,530,904 | ) | 981 | 349,623 | (478,335 | ) | ||||||||||||||
Financing activities
|
842,905 | 265,174 | 430,364 | (839,223 | ) | (719,261 | ) | (875,103 | ) | |||||||||||||||
|
||||||||||||||||||||||||
(Decrease) increase in cash
|
||||||||||||||||||||||||
and cash equivalents
|
1,585,466 | (701,018 | ) | 559,018 | (155,522 | ) | 190,279 | 103,336 | ||||||||||||||||
|
||||||||||||||||||||||||
Other comprehensive
|
||||||||||||||||||||||||
income (losses)
|
30,239 | (214,998 | ) | 293,170 | 1,078,945 | 721,444 | 790,724 |
14
|
Assets held for sale and investment property
|
|
Investment property
|
Assets held for sale
|
Total
|
|||||||||
At March 31, 2013
|
2,473,438 | 85,426 | 2,558,864 | |||||||||
Additions
|
2,909 | - | 2,909 | |||||||||
Change in fair value
|
125,322 | (3,779 | ) | 121,543 | ||||||||
Transfers (i)
|
(314,104 | ) | 314,104 | - | ||||||||
Disposals
|
(6,056 | ) | (81,647 | ) | (87,703 | ) | ||||||
At December 31, 2013
|
2,281,509 | 314,104 | 2,595,613 | |||||||||
Change in fair value
|
112,579 | 19,118 | 131,697 | |||||||||
Transfers(i)
|
247,890 | (247,890 | ) | - | ||||||||
Disposals
|
- | (60,243 | ) | (60,243 | ) | |||||||
|
||||||||||||
At December 31, 2014
|
2,641,978 | 25,089 | 2,667,067 |
|
(i)
|
Land withdrawn from sale and reclassified back to investment properties as objectives not met in commercial negotiations.
|
15
|
Property, plant and equipment
|
|
Land, buildings and improvements
|
Machinery, equipment and facilities
|
Railcars and locomotives
|
Construction in progress
|
Other
|
Total
|
||||||||||||||||||
Cost
|
|
|
|
|
|
|
||||||||||||||||||
At March 31, 2013
|
435,832 | 318,480 | 433,158 | 206,534 | 31,872 | 1,425,876 | ||||||||||||||||||
Additions
|
97 | 6,155 | - | 246,251 | 28 | 252,531 | ||||||||||||||||||
Disposals
|
(52 | ) | (1,236 | ) | - | - | (376 | ) | (1,664 | ) | ||||||||||||||
Transfers(i)
|
11,363 | 35,863 | 2,906 | (168,523 | ) | 3,576 | (114,815 | ) | ||||||||||||||||
At December 31, 2013
|
447,240 | 359,262 | 436,064 | 284,262 | 35,100 | 1,561,928 | ||||||||||||||||||
|
||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
At March 31, 2013
|
(71,079 | ) | (134,068 | ) | (31,361 | ) | - | (11,071 | ) | (247,579 | ) | |||||||||||||
Additions
|
(9,341 | ) | (20,151 | ) | (10,223 | ) | - | (2,937 | ) | (42,652 | ) | |||||||||||||
Disposals
|
1 | 156 | - | - | 51 | 208 | ||||||||||||||||||
Transfers(i)
|
- | 67 | - | - | (62 | ) | 5 | |||||||||||||||||
At December 31, 2013
|
(80,419 | ) | (153,996 | ) | (41,584 | ) | - | (14,019 | ) | (290,018 | ) | |||||||||||||
|
||||||||||||||||||||||||
At March 31, 2013
|
364,753 | 184,412 | 401,797 | 206,534 | 20,801 | 1,178,297 | ||||||||||||||||||
At December 31, 2013
|
366,821 | 205,266 | 394,480 | 284,262 | 21,081 | 1,271,910 |
|
Land, buildings and improvements
|
Machinery, equipment and facilities
|
Railcars and locomotives
|
Construction in progress
|
Other
|
Total
|
||||||||||||||||||
Cost
|
|
|
|
|
|
|
||||||||||||||||||
At December 31, 2013
|
447,241 | 359,263 | 436,065 | 283,937 | 35,417 | 1,561,923 | ||||||||||||||||||
Additions
|
114 | 5,830 | - | 382,737 | - | 388,681 | ||||||||||||||||||
Disposals
|
(1,726 | ) | (17,262 | ) | - | 2 | (2,076 | ) | (21,062 | ) | ||||||||||||||
Transfers(i)
|
69,228 | 102,258 | 83,928 | (411,359 | ) | 4,261 | (151,684 | ) | ||||||||||||||||
At December 31, 2014
|
514,857 | 450,089 | 519,993 | 255,317 | 37,602 | 1,777,858 | ||||||||||||||||||
|
||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
At December 31, 2013
|
(80,418 | ) | (153,994 | ) | (41,584 | ) | - | (14,017 | ) | (290,013 | ) | |||||||||||||
Additions
|
(15,807 | ) | (36,810 | ) | (14,104 | ) | - | (4,710 | ) | (71,431 | ) | |||||||||||||
Disposals
|
1,388 | 16,147 | - | - | 1,948 | 19,483 | ||||||||||||||||||
Transfers(i)
|
(8,778 | ) | 8,753 | - | - | 18 | (7 | ) | ||||||||||||||||
At December 31, 2014
|
(103,615 | ) | (165,904 | ) | (55,688 | ) | - | (16,761 | ) | (341,968 | ) | |||||||||||||
|
||||||||||||||||||||||||
At December 31, 2013
|
366,823 | 205,269 | 394,481 | 283,937 | 21,400 | 1,271,910 | ||||||||||||||||||
At December 31, 2014
|
411,242 | 284,185 | 464,305 | 255,317 | 20,841 | 1,435,890 | ||||||||||||||||||
|
||||||||||||||||||||||||
(i) The balance of transfers relates to amounts reclassified to intangible assets.
|
16
|
Intangible assets
|
|
Goodwill
|
Gas distribution concession - COMGÁS
|
Improvements to public concessions and operating licenses
|
Trademarks
|
Customer relationships
|
Other
|
Total
|
|||||||||||||||||||||
Cost
|
|
|
|
|
|
|
|
|||||||||||||||||||||
At March 31, 2013
|
705,816 | 7,742,140 | 618,878 | 252,474 | 597,193 | 143,535 | 10,060,036 | |||||||||||||||||||||
Additions
|
- | 557,220 | - | - | 125,408 | 40,960 | 723,588 | |||||||||||||||||||||
Disposals
|
(1,860 | ) | (26,940 | ) | - | - | (3,415 | ) | (50 | ) | (32,265 | ) | ||||||||||||||||
Transfers(i)
|
- | - | 132,677 | - | - | 16,380 | 149,057 | |||||||||||||||||||||
Business combination
|
- | 34,862 | - | - | - | - | 34,862 | |||||||||||||||||||||
At December 31, 2013
|
703,956 | 8,307,282 | 751,555 | 252,474 | 719,186 | 200,825 | 10,935,278 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||||||
At March 31, 2013
|
- | (127,048 | ) | (42,633 | ) | (97,012 | ) | (151,121 | ) | (27,324 | ) | (445,138 | ) | |||||||||||||||
Additions
|
- | (197,233 | ) | (25,244 | ) | (17,120 | ) | (123,275 | ) | (34,101 | ) | (396,973 | ) | |||||||||||||||
Disposals
|
- | 17,844 | - | - | 1,276 | - | 19,120 | |||||||||||||||||||||
Transfers(i)
|
- | - | (34,242 | ) | - | - | (5 | ) | (34,247 | ) | ||||||||||||||||||
At December 31, 2013
|
- | (306,437 | ) | (102,119 | ) | (114,132 | ) | (273,120 | ) | (61,430 | ) | (857,238 | ) | |||||||||||||||
|
||||||||||||||||||||||||||||
At March 31, 2013
|
705,816 | 7,615,092 | 576,245 | 155,462 | 446,072 | 116,211 | 9,614,898 | |||||||||||||||||||||
At December 31, 2013
|
703,956 | 8,000,845 | 649,436 | 138,342 | 446,066 | 139,395 | 10,078,040 |
|
Goodwill
|
Gas distribution concession - COMGÁS
|
Improvements to public concessions and operating licenses
|
Trademarks
|
Customer relationships
|
Other
|
Total
|
|||||||||||||||||||||
Cost
|
|
|
|
|
|
|
|
|||||||||||||||||||||
At December 31, 2013
|
703,956 | 9,528,471 | 751,555 | 252,474 | 1,121,425 | 357,103 | 12,714,984 | |||||||||||||||||||||
Additions
|
- | 502,941 | - | - | 149,236 | 22,554 | 674,731 | |||||||||||||||||||||
Disposals
|
- | (19,774 | ) | - | - | (6,773 | ) | (1 | ) | (26,548 | ) | |||||||||||||||||
Transfers(i)
|
- | (675 | ) | 146,965 | - | 675 | 4,719 | 151,684 | ||||||||||||||||||||
At December 31, 2014
|
703,956 | 10,010,963 | 898,520 | 252,474 | 1,264,563 | 384,375 | 13,514,851 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||||||
At December 31, 2013
|
- | (1,527,626 | ) | (102,119 | ) | (114,132 | ) | (675,359 | ) | (217,708 | ) | (2,636,944 | ) | |||||||||||||||
Additions
|
- | (343,956 | ) | (40,714 | ) | (22,830 | ) | (155,582 | ) | (45,684 | ) | (608,766 | ) | |||||||||||||||
Disposals
|
- | 13,898 | - | - | 3,420 | (97 | ) | 17,221 | ||||||||||||||||||||
Transfers(i)
|
- | - | - | - | - | 11 | 11 | |||||||||||||||||||||
At December 31, 2014
|
- | (1,857,684 | ) | (142,833 | ) | (136,962 | ) | (827,521 | ) | (263,478 | ) | (3,228,478 | ) | |||||||||||||||
|
||||||||||||||||||||||||||||
At December 31, 2013
|
703,956 | 8,000,845 | 649,436 | 138,342 | 446,066 | 139,395 | 10,078,040 | |||||||||||||||||||||
At December 31, 2014
|
703,956 | 8,153,279 | 755,687 | 115,512 | 437,042 | 120,897 | 10,286,373 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
(i) The balance of transfers relates to amounts reclassified to intangible assets.
|
Intangible assets
(excluding goodwill)
|
Annual rate of
amortization - %
|
December 31, 2014
|
December 31, 2013
|
|||||||||
Gas distribution concession - COMGÁS(i)
|
Concession term
|
8,153,279 | 8,000,845 | |||||||||
Improvements to public rail concessions(ii)
|
Concession term
|
505,237 | 387,245 | |||||||||
Operating license for port terminal(iii)
|
4.00 | 250,450 | 262,190 | |||||||||
|
755,687 | 649,435 | ||||||||||
Trademarks
|
||||||||||||
Mobil
|
10.00 | 91,308 | 114,138 | |||||||||
Comma
|
- | 24,204 | 24,204 | |||||||||
|
115,512 | 138,342 | ||||||||||
Relationship with customers
|
||||||||||||
COMGÁS
|
20.00 | 375,119 | 375,184 | |||||||||
Lubricants
|
6.00 | 61,923 | 70,883 | |||||||||
|
437,042 | 446,067 | ||||||||||
Other
|
||||||||||||
Software licenses
|
20.00 | 83,889 | 91,695 | |||||||||
Other
|
- | 37,008 | 47,700 | |||||||||
|
120,897 | 139,395 | ||||||||||
|
||||||||||||
|
9,582,417 | 9,374,084 |
|
(i)
|
Refers to the intangible asset for the public gas distribution service concession, which represents the right to charge users for the supply of gas, comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets (Note 3). The amortization term is 39 years (the remaining concession period, plus extension);
|
|
(ii)
|
Refers to improvements made to the Federal Government rail network in relation to the transportation services provided by Rumo (Note 3); and
|
|
(iii)
|
Port operating license and customer relationships of Rumo, from the business combinations.
|
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
Cash-generating unit - Lubricants
|
603,462 | 603,462 | ||||||
Fair value less costs to spin-off - Rumo
|
100,451 | 100,451 | ||||||
Cash-generating unit - Other Businesses
|
43 | 43 | ||||||
|
||||||||
Total goodwill
|
703,956 | 703,956 |
17
|
Loans and borrowings
|
|
Interest
|
|
|
|
||||||||||||||||
Description(i)
|
Index(ii)
|
Annual interest(iii)
|
December 31, 2014
|
December 31, 2013
|
Matures
|
|||||||||||||||
Senior Notes Due 2023
|
US$
|
5.00 | % | 1,352,796 | 1,086,716 |
Mar-2023
|
||||||||||||||
Perpetual Notes
|
US$
|
8.25 | % | 1,344,760 | 1,186,221 | - | ||||||||||||||
Senior Notes Due 2018
|
Fixed
|
9.50 | % | 874,494 | 873,589 |
Mar-2018
|
||||||||||||||
BNDES
|
TJ462
|
7.80 | % | 834,565 | 525,636 |
Oct-2020
|
||||||||||||||
EIB
|
US$ + LIBOR
|
2.07 | % | 691,463 | 633,223 |
Sep-2021
|
||||||||||||||
Resolution 4131
|
US$ + LIBOR
|
2.72 | % | 466,494 | 413,477 |
Feb-2018
|
||||||||||||||
FINAME
|
URTJLP
|
6.93 | % | 457,570 | 428,916 |
May-2022
|
||||||||||||||
Non-convertible debentures
|
Fixed rate + IPCA
|
11.98 | % | 447,386 | 417,231 |
Sep-2020
|
||||||||||||||
FINAME
|
Fixed
|
4.04 | % | 307,230 | 277,298 |
Nov-2022
|
||||||||||||||
BNDES
|
TJLP
|
7.75 | % | 288,209 | 526,716 |
Oct-2018
|
||||||||||||||
BNDES
|
Selic
|
14.17 | % | 274,000 | 159,894 |
Oct-2020
|
||||||||||||||
Resolution 4131
|
US$ + LIBOR
|
1.59 | % | 266,006 | - |
Nov-2015
|
||||||||||||||
Foreign loans
|
LIBOR Sterling
|
3.88 | % | 224,047 | 209,340 |
Dec-2019
|
||||||||||||||
FINEP
|
Fixed
|
5.00 | % | 165,032 | 89,104 |
Nov-2020
|
||||||||||||||
Working capital
|
US$ + LIBOR
|
4.18 | % | 133,185 | 262,796 |
Sep-2016
|
||||||||||||||
Non-convertible debentures
|
CDI
|
11.81 | % | 131,229 | 164,144 |
Sep-2019
|
||||||||||||||
Working capital
|
CDI + 1.20%
|
12.91 | % | 101,515 | - |
Oct-2017
|
||||||||||||||
Working capital
|
CDI + 1.43%
|
13.17 | % | 85,628 | - |
Sep-2016
|
||||||||||||||
Resolution 4131
|
US$
|
1.18 | % | 29,338 | - |
Aug-2015
|
||||||||||||||
Finem
|
URTJLP
|
6.66 | % | 13,231 | - |
Jan-2022
|
||||||||||||||
Finem
|
IPCA
|
14.60 | % | 3,483 | - |
Nov-2021
|
||||||||||||||
Finem
|
Fixed
|
3.50 | % | 3,420 | - |
Jan-2024
|
||||||||||||||
Credit notes
|
110.00% CDI
|
- | - | 393,646 | - | |||||||||||||||
Leasing
|
100.00% | - | - | 1,068 | - | |||||||||||||||
Non-convertible debentures
|
123.00% CDI
|
- | - | 1,443,941 | - | |||||||||||||||
Other
|
- | 7,559 | - | - | ||||||||||||||||
|
8,502,640 | 9,092,956 | ||||||||||||||||||
|
||||||||||||||||||||
Current
|
1,056,353 | 1,050,862 | ||||||||||||||||||
Non-current
|
7,446,287 | 8,042,094 |
|
(i)
|
Loans and borrowings are guaranteed by promissory notes and endorsements of the Company and controlling shareholders, besides other guarantees, such as: (i) credit rights originated from the expansion contracts of the logistic segment and gas distribution (BNDES), (ii) underlying assets (property, plant and equipment and intangible assets) being financed (FINAME) in an amount of R$1,738,661 (R$970,974 in 2013);
|
|
(ii)
|
TJLP and URTJLP are long-term interest rates on BNDES (Brazilian National Economic and Social Development Bank) loans. Selic is the benchmark interest rate set by the Brazilian Central Bank. CDI is a benchmark interbank lending rate in Brazil. IPCA is a benchmark consumer price index;
|
(iii)
|
As at December 31, 2014, unless otherwise indicated.
|
|
December 31, 2014
|
December 31, 2013
|
||||||
13 to 24 months
|
751,980 | 595,917 | ||||||
25 to 36 months
|
944,817 | 666,297 | ||||||
37 to 48 months
|
1,874,414 | 650,006 | ||||||
49 to 60 months
|
672,319 | 1,626,221 | ||||||
61 to 72 months
|
435,042 | 1,101,334 | ||||||
73 to 84 months
|
79,978 | 1,071,570 | ||||||
85 to 96 months
|
4,535 | 65,043 | ||||||
Thereafter
|
2,683,202 | 2,265,706 | ||||||
|
||||||||
|
7,446,287 | 8,042,094 |
|
Carrying amount
|
Fair value(i)
|
||||||||||||||
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||
|
||||||||||||||||
Senior / Perpetual Notes
|
3,572,050 | 3,174,894 | 3,356,788 | 2,977,658 | ||||||||||||
Financing
|
4,930,590 | 5,918,062 | 4,930,590 | 5,918,062 | ||||||||||||
|
||||||||||||||||
Total
|
8,502,640 | 9,092,956 | 8,287,378 | 8,895,720 | ||||||||||||
|
||||||||||||||||
(i) Senior / Perpetual Notes and Financing were measured at fair value using Level “1” and “Level 2” inputs, respectively (Note 32).
|
||||||||||||||||
The carrying amounts of loans and borrowings are denominated in the following currencies:
|
||||||||||||||||
|
||||||||||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||
|
||||||||||||||||
US Dollar
|
4,284,042 | 3,605,532 | ||||||||||||||
Brazilian Real
|
3,994,551 | 5,278,084 | ||||||||||||||
Pound Sterling
|
224,047 | 209,340 | ||||||||||||||
|
||||||||||||||||
Total
|
8,502,640 | 9,092,956 |
18
|
Trade payables
|
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
Natural gas suppliers
|
749,021 | 590,168 | ||||||
Materials and service suppliers
|
363,438 | 272,261 | ||||||
|
||||||||
|
1,112,459 | 862,429 |
19
|
Other taxes payable
|
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
Tax Amnesty and
|
|
|
||||||
Refinancing Program - REFIS(I)
|
524,703 | 1,075,019 | ||||||
ICMS – State VAT
|
67,777 | 77,466 | ||||||
COFINS- Revenue tax
|
18,702 | 30,470 | ||||||
PIS - Revenue tax
|
2,511 | 5,170 | ||||||
INSS - Social security
|
2,739 | 2,842 | ||||||
Other
|
25,874 | 18,856 | ||||||
|
642,306 | 1,209,823 | ||||||
|
||||||||
Current
|
307,741 | 199,056 | ||||||
Non-current
|
334,565 | 1,010,767 |
|
(I)
|
Tax amnesty and refinancing program (REFIS) for the settlement of amounts due for qualifying Brazilian federal taxes.
|
20
|
Income tax and social contribution
|
|
a)
|
Reconciliation of income and social contribution tax expenses
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2014
|
Twelve months ended March 31, 2013
|
|||||||||
Profit before taxes
|
686,308 | 539,180 | 920,886 | |||||||||
Income tax and social contribution at
|
||||||||||||
nominal rate (34%)
|
(233,345 | ) | (183,321 | ) | (313,101 | ) | ||||||
|
||||||||||||
Adjustments to reconcile nominal to effective tax rate
|
||||||||||||
Equity method investments
|
||||||||||||
(non taxable income)
|
201,269 | 84,161 | 229,270 | |||||||||
Differences in tax rates on entities under
|
||||||||||||
Brazilian presumed profits tax regime
|
51,398 | 38,922 | 40,841 | |||||||||
Judicial demand related to income tax
|
13,839 | - | - | |||||||||
REFIS discounts granted
|
9,972 | - | - | |||||||||
Non taxable foreign exchange
|
||||||||||||
gains of foreign subsidiaries
|
2,956 | 1,371 | 43,516 | |||||||||
Differences in tax rates on
|
||||||||||||
earnings / losses of overseas companies
|
2,465 | (14,788 | ) | (9,141 | ) | |||||||
Stock options
|
(4,400 | ) | (2,242 | ) | (4,521 | ) | ||||||
Off-book tax loss carryforwards
|
||||||||||||
now recorded (write-offs), net
|
(8,195 | ) | 67,367 | (60,994 | ) | |||||||
Interest on capital (net received)
|
(13,380 | ) | (15,292 | ) | (19,531 | ) | ||||||
Non-deductible expenses
|
||||||||||||
(donations, gifts, etc.)
|
(19,232 | ) | (3,859 | ) | (3,944 | ) | ||||||
Write off of tax loss
|
||||||||||||
carryforwards - Partial spin-off (i)
|
(35,469 | ) | - | - | ||||||||
Other
|
(11,707 | ) | (11,513 | ) | (28,748 | ) | ||||||
|
||||||||||||
Income tax and social contribution
|
||||||||||||
expense (current and deferred)
|
(43,829 | ) | (39,194 | ) | (126,353 | ) | ||||||
|
||||||||||||
Effective rate - %
|
6.39 | 7.27 | 13.72 |
|
b)
|
Deferred income tax assets and liabilities
|
|
|
|
|
|
||||||||||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||
|
Basis
|
Income taxes (25%)
|
Social contribution (9%)
|
Total income taxes (34%)
|
Total income taxes (34%)
|
|||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Tax loss carryforwards
|
|
|
|
|
|
|||||||||||||||
Income tax loss carryforwards
|
1,276,670 | 319,168 | - | 319,168 | 282,656 | |||||||||||||||
Social contribution tax loss carryforwards
|
1,295,308 | - | 116,578 | 116,578 | 102,410 | |||||||||||||||
|
||||||||||||||||||||
Temporary differences
|
||||||||||||||||||||
Foreign currency gain / losses
|
892,613 | 223,153 | 80,335 | 303,488 | 11,603 | |||||||||||||||
Tax deductible goodwill
|
876,771 | 219,193 | 78,909 | 298,102 | 514,893 | |||||||||||||||
Provision for judicial demands
|
540,337 | 135,084 | 48,630 | 183,714 | 173,477 | |||||||||||||||
Allowance for doubtful accounts
|
157,015 | 39,254 | 14,131 | 53,385 | 54,258 | |||||||||||||||
Profit sharing
|
33,367 | 8,342 | 3,003 | 11,345 | 67,057 | |||||||||||||||
Derivatives instruments unrealized (gains) losses
|
(371,622 | ) | (92,905 | ) | (33,446 | ) | (126,351 | ) | 107,489 | |||||||||||
Unrealized gain on sale of investments
|
(55,211 | ) | (13,803 | ) | (4,969 | ) | (18,772 | ) | (30,894 | ) | ||||||||||
Other temporary differences
|
(98,207 | ) | (24,552 | ) | (8,839 | ) | (33,391 | ) | (17,390 | ) | ||||||||||
Property, plant and equipment
|
(122,557 | ) | (30,639 | ) | (11,030 | ) | (41,669 | ) | (28,017 | ) | ||||||||||
Gain on formation of joint ventures
|
(3,338,342 | ) | (834,585 | ) | (300,451 | ) | (1,135,036 | ) | (1,135,042 | ) | ||||||||||
Unrealized gains on investment properties
|
(2,428,595 | ) | (48,572 | ) | (26,229 | ) | (74,801 | ) | (70,309 | ) | ||||||||||
Assets held for sale
|
(25,090 | ) | (502 | ) | (271 | ) | (773 | ) | (9,636 | ) | ||||||||||
Concession contract
|
44,284 | 11,071 | 3,986 | 15,057 | 11,579 | |||||||||||||||
Regulatory asset
|
242,654 | 60,664 | 21,839 | 82,503 | 118,228 | |||||||||||||||
Gains or losses on actuarial liabilities
|
257,630 | 64,407 | 23,187 | 87,594 | 41,593 | |||||||||||||||
Business combination - Property, plant and equipment
|
(107,629 | ) | (26,907 | ) | (9,687 | ) | (36,594 | ) | (38,098 | ) | ||||||||||
Business combination - Intangible assets
|
(4,090,448 | ) | (1,022,612 | ) | (368,140 | ) | (1,390,752 | ) | (1,441,910 | ) | ||||||||||
Business combination - Other fair value adjustments
|
(72,097 | ) | (18,024 | ) | (6,489 | ) | (24,513 | ) | (17,706 | ) | ||||||||||
Other
|
(333,507 | ) | (83,376 | ) | (30,016 | ) | (113,392 | ) | (162,675 | ) | ||||||||||
Total net liability
|
(1,116,141 | ) | (408,969 | ) | (1,525,110 | ) | (1,466,434 | ) | ||||||||||||
|
||||||||||||||||||||
Deferred income tax - Assets
|
214,164 | 232,188 | ||||||||||||||||||
Deferred income tax - Liabilities
|
(1,739,274 | ) | (1,698,622 | ) | ||||||||||||||||
|
||||||||||||||||||||
Total net deferred taxes
|
(1,525,110 | ) | (1,466,434 | ) |
|
c)
|
Recoverability of deferred tax assets
|
|
December 31, 2014
|
|||
No later than 1 year
|
6,646 | |||
Later than 1 year and no later than 5 years
|
64,427 | |||
Later than 5 years
|
364,673 | |||
|
||||
Total
|
435,746 |
|
d)
|
Changes in deferred income taxes, net:
|
At March 31, 2013 – Net deferred tax liability
|
(1,545,908 | ) | ||
Recorded through income
|
90,782 | |||
Recorded through other comprehensive income
|
(15,795 | ) | ||
Securities
|
(4,668 | ) | ||
Tax benefit of goodwill amortization
|
11,003 | |||
Other
|
(1,848 | ) | ||
At December 31, 2013 – Net deferred tax liability
|
(1,466,434 | ) | ||
Recorded through income
|
112,673 | |||
Recorded through other comprehensive income
|
(19,073 | ) | ||
Acquisition cost of the preferred shares in subsidiaries
|
18,450 | |||
Use of tax loss carryforward - REFIS
|
(173,559 | ) | ||
Other
|
2,833 | |||
|
||||
At December 31, 2014 - Net deferred tax liability
|
(1,525,110 | ) |
21
|
Provision for legal proceedings
|
|
Provision for legal proceedings
|
Judicial deposits
|
||||||||||||||
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||
|
||||||||||||||||
Tax
|
343,038 | 410,890 | 319,444 | 294,991 | ||||||||||||
Civil
|
139,268 | 146,011 | 48,445 | 33,659 | ||||||||||||
Labor
|
175,473 | 165,557 | 50,496 | 32,904 | ||||||||||||
|
||||||||||||||||
|
657,779 | 722,458 | 418,385 | 361,554 |
|
Tax
|
Civil
|
Labor
|
Total
|
||||||||||||
|
|
|
|
|
||||||||||||
At December 31, 2013
|
410,890 | 146,011 | 165,557 | 722,458 | ||||||||||||
Accruals
|
11,962 | 12,882 | 86,241 | 111,085 | ||||||||||||
Write-off / Reversals
|
(89,581 | ) | (9,303 | ) | (49,147 | ) | (148,032 | ) | ||||||||
Settlement
|
(1,070 | ) | (17,164 | ) | (31,902 | ) | (50,135 | ) | ||||||||
Indexation and interest charges
|
10,837 | 6,842 | 4,724 | 22,403 | ||||||||||||
|
||||||||||||||||
At December 31, 2014
|
343,038 | 139,268 | 175,473 | 657,779 |
|
a)
|
Tax claims
|
|
December 31, 2014
|
December 31, 2013
|
||||||
FINSOCIAL offsetting(i)
|
241,739 | 230,775 | ||||||
INSS - Social security(ii)
|
47,449 | 46,291 | ||||||
State VAT - ICMS credits(iii)
|
24,231 | 20,114 | ||||||
IPC - 1989(iv)
|
- | 74,879 | ||||||
Other
|
29,619 | 38,831 | ||||||
|
||||||||
|
343,038 | 410,890 |
|
(i)
|
During the period from October 2003 to November 2006 Cosan Combustíveis e Lubrificantes S.A. “Cosan CL” offset the FINSOCIAL tax against several other federal taxes, based on a final court decision in September 2003 following a decision that challenged the constitutionality of the FINSOCIAL. No judicial deposits were made.
|
|
(ii)
|
Mainly related to social security contributions, which are being challenged on the grounds of constitutionality. Judicial deposits have been made for the corresponding amounts.
|
|
(iii)
|
A considerable portion of the amount accrued as ICMS was paid in cash under the provisions of Decree Nº 58,811 issued on December 27, 2012, which established the State of São Paulo Special Installment Program of ICMS (a.k.a. PEP-ICMS). The amounts that have been
|
|
provisioned refer to tax assessments by the tax authorities related to several types of ICMS credits. Amongst them: (a) assessment notice related to ICMS payments for the purchase of raw materials which are considered for “use and consumption”, therefore, not eligible for compensation; (b) assessment, as sole obligor, for withholding of ICMS on tolling agreement from an agricultural partnership with Central Paulista Ltda. Açúcar e Álcool.
|
|
(iv)
|
In 1993, CLE filed a lawsuit to challenge the balance sheet inflation accounting index (“IPC”) established by the Federal Government in 1989, considering that this index did not reflect the actual rate of inflation. The use of this index led the Company to overpay income and social contribution taxes. CLE obtained a favorable preliminary court ruling that allowed it to recalculate its financial position, using indices that better reflected the actual inflation over the period. In doing so the Company adjusted the amounts of income and social contribution taxes payable and offset the overpayments in subsequent years until 1997. Despite the favorable court rulings, the tax authorities issued a notice of infringement to the Company challenging all of the taxes that were offset. As the contingency is now considered to be a remote loss, the provision of R$ 75,144 was reversed, being the amounts of R$ 13,839 recorded under income tax expense and R$ 61,305 recorded under interest expenses.
|
|
b)
|
Civil and environmental
|
|
a)
|
Tax claims
|
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
ICMS - State VAT(i)
|
1,572,934 | 1,291,685 | ||||||
Federal income taxes(ii)
|
751,495 | 726,815 | ||||||
PIS and COFINS - Revenue taxes(iii)
|
680,065 | 506,813 | ||||||
IRRF - Withholding tax(iv)
|
656,087 | 637,130 | ||||||
INSS - Social security and other(v)
|
530,223 | 508,053 | ||||||
IPI - Excise tax credit - NT(vi)
|
441,707 | 430,981 | ||||||
IPI offsetting - IN 67/98(vii)
|
118,865 | 115,004 | ||||||
Other
|
648,850 | 637,619 | ||||||
|
||||||||
|
5,400,226 | 4,854,100 |
(i)
|
ICMS
|
|
(ii)
|
Income taxes – Assessment notice
|
|
a)
|
In December 2011, the Company received an assessment notice claiming unpaid income and social contribution taxes for the period from 2006 to 2009, for an amount of R$ 446,444 (September 2013). Such claim is based on the following: (i) tax benefits that arose from the deduction of goodwill amortization, (ii) the offsetting of tax carry forwards and (iii) taxes on revaluation differences of the property, plant and equipment. The Company filed its defense in January 2012 and has classified any potential loss as possible, consistent with the opinion of its legal advisors. The Company quantified such possible loss in the amount of R$ 221,780.
|
|
b)
|
In June 2013, the Company received an assessment notice claiming unpaid income and social contribution taxes for the period from 2009 to 2011 of R$ 401,904, corresponding to the deduction of goodwill amortization. The Company challenged this assessment and has classified any potential loss as possible, consistent with the position of its legal advisors. The Company has quantified the possible loss in the amount of R$ 291,724 and a remote loss in the amount of R$ 110,180 in relation to the payment of fines.
|
|
(iii)
|
PIS and COFINS
|
|
(iv)
|
IRRF
|
|
(v)
|
INSS – Social security
|
|
(vi)
|
IPI
|
|
(vii)
|
Offsetting against IPI credits – IN 67/98
|
|
b)
|
Civil and labor
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Civil
|
1,118,151 | 832,311 | ||||||
Labor
|
391,992 | 502,697 | ||||||
|
||||||||
|
1,510,143 | 1,335,008 |
22
|
Preferred shareholders payable in subsidiaries
|
23
|
Stockholders’ Equity
|
|
a)
|
Share capital
|
Shareholders - Common shares
|
Class A and / or BDRs
|
%
|
Class B1 shares
|
%
|
||||||||||||
Queluz Holding Limited
|
5,906,611 | 3.39 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Gávea Funds
|
21,167,463 | 12.14 | - | - | ||||||||||||
Blackrock Inc.
|
8,559,101 | 4.91 | - | - | ||||||||||||
MSOR Participações S.A.
|
1,811,250 | 1.04 | - | - | ||||||||||||
Usina Bom Jesus S.A.
|
255,000 | 0.15 | - | - | ||||||||||||
FIA Rio das Pedras
|
16,000 | 0.01 | - | - | ||||||||||||
Other
|
130,643,414 | 74.93 | - | - | ||||||||||||
Total shares outstanding
|
168,358,839 | 96.56 | - | - | ||||||||||||
Treasury shares
|
5,996,502 | 3.44 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
|
b)
|
Treasury shares
|
|
c)
|
Other comprehensive income
|
|
March 31,
|
Comprehensive
|
March 31,
|
Comprehensive
|
December 31,
|
Comprehensive
|
December 31,
|
|||||||||||||||||||||
|
2012
|
income
|
2013
|
income
|
2013
|
income
|
2014
|
|||||||||||||||||||||
Foreign currency translation differences
|
(182,730 | ) | 2,583 | (180,147 | ) | (42,891 | ) | (223,038 | ) | (75,406 | ) | (298,444 | ) | |||||||||||||||
Gain (loss) on cash
|
||||||||||||||||||||||||||||
flow hedge in joint ventures and subsidiary
|
14,115 | 35,695 | 49,810 | (6,426 | ) | 43,384 | (53,956 | ) | (10,572 | ) | ||||||||||||||||||
Revaluation of investment properties reclassified
|
||||||||||||||||||||||||||||
from property, plant and equipment
|
- | 190,735 | 190,735 | - | 190,735 | - | 190,735 | |||||||||||||||||||||
Defined benefit plan actuarial losses
|
22,570 | (34,487 | ) | (11,917 | ) | 28,009 | 16,092 | 31,012 | 47,104 | |||||||||||||||||||
Changes in value of available for
|
||||||||||||||||||||||||||||
sale securities, net
|
(23,689 | ) | 7,132 | (16,557 | ) | 9,077 | (7,480 | ) | 5,932 | (1,548 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
(169,734 | ) | 201,658 | 31,924 | (12,231 | ) | 19,693 | (92,418 | ) | (72,725 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Attributable to:
|
||||||||||||||||||||||||||||
Owners of the parent
|
(176,500 | ) | 117,592 | (58,908 | ) | (25,979 | ) | (84,887 | ) | (80,727 | ) | (165,614 | ) | |||||||||||||||
Non-controlling interests
|
6,766 | 84,066 | 90,832 | 13,748 | 104,580 | (11,691 | ) | 92,889 |
24
|
Earnings per share
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Numerator
|
|
|||||||||||
Profit from continuing operations
|
|
|
|
|||||||||
Basic
|
171,006 | 122,618 | 337,521 | |||||||||
Dilutive effect of subsidiary's
|
||||||||||||
stock option plan
|
(1,212 | ) | (918 | ) | (1,904 | ) | ||||||
Dilutive effect of put option
|
(15,601 | ) | (15,601 | ) | (15,601 | ) | ||||||
Diluted
|
154,192 | 106,099 | 320,016 | |||||||||
|
||||||||||||
Profit from discontinued operations
|
||||||||||||
Basic
|
- | - | 86,549 | |||||||||
Dilutive effect of subsidiary's
|
||||||||||||
stock option plan
|
- | - | (421 | ) | ||||||||
Diluted
|
- | - | 86,128 | |||||||||
|
||||||||||||
Denominator
|
||||||||||||
Weighted average number
|
||||||||||||
of shares outstanding
|
264,690,883 | 264,690,883 | 264,842,445 | |||||||||
|
||||||||||||
Basic earnings per share
|
||||||||||||
Continuing operations
|
R$ | 0.65 | R$ | 0.46 | R$ | 1.27 | ||||||
Discontinued operations
|
- | - | R$ | 0.33 | ||||||||
|
R$ | 0.65 | R$ | 0.46 | R$ | 1.60 | ||||||
Diluted earnings per share
|
||||||||||||
Continuing operations (as revised – Note 4.2)
|
R$ | 0.58 | R$ | 0.40 | R$ | 1.21 | ||||||
Discontinued operations
|
- | - | R$ | 0.33 | ||||||||
|
R$ | 0.58 | R$ | 0.40 | R$ | 1.54 |
25
|
Commitments
|
|
a)
|
Commitments for the acquisition of assets and regulatory targets
|
|
b)
|
Lease agreements
|
2015
|
66,008 | |||
2016
|
65,771 | |||
2017
|
65,480 | |||
2018
|
53,277 | |||
2019
|
53,277 | |||
|
||||
|
303,813 |
|
2014
|
2013
|
||||||
No later than 1 year
|
56,608 | 52,173 | ||||||
Later than 1 year and no later than 5 years
|
268,077 | 263,642 | ||||||
|
||||||||
|
324,685 | 315,815 |
|
2014
|
2013
|
||||||
No later than 1 year
|
4,080 | 4,799 | ||||||
Later than 1 year and no later than 5 years
|
6,233 | 9,413 | ||||||
|
||||||||
|
10,313 | 14,212 |
|
c)
|
Purchase
|
|
d)
|
Gas purchase
|
|
e)
|
Regulatory assets (liabilities)
|
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
Cost of gas to be recovered/(transferred)
|
243,713 | 345,349 | ||||||
Credits of taxes to be recovered/(transferred)
|
(1,120 | ) | 2,517 | |||||
Adjustment to present value of taxes
|
61 | (137 | ) | |||||
|
||||||||
|
242,654 | 347,729 | ||||||
|
||||||||
|
||||||||
Opening balance
|
347,729 | 380,894 | ||||||
Closing balance
|
242,654 | 347,729 | ||||||
|
||||||||
Expense not recognized in the statement of
|
||||||||
profit and loss before income tax and social contribution
|
(105,075 | ) | (33,165 | ) | ||||
|
||||||||
|
||||||||
Regulatory assets (liabilities)
|
(124,495 | ) | (59,173 | ) | ||||
Adjustment
|
26,359 | 34,376 | ||||||
Other
|
(6,939 | ) | (8,368 | ) | ||||
|
(105,075 | ) | (33,165 | ) |
26
|
Gross Sales
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Gross revenue from sales of products
|
9,702,960 | 7,133,290 | 4,686,403 | |||||||||
Gross revenue from sales of services
|
1,000,065 | 845,100 | 809,667 | |||||||||
Construction revenue
|
481,314 | 536,482 | 230,038 | |||||||||
Indirect taxes and deductions
|
(2,122,035 | ) | (1,636,658 | ) | (1,139,899 | ) | ||||||
|
||||||||||||
Net revenue
|
9,062,304 | 6,878,214 | 4,586,209 |
27
|
Expenses by nature
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Raw materials and consumables used
|
(4,767,550 | ) | (3,533,382 | ) | (2,725,069 | ) | ||||||
Employee benefit expense
|
(1,334,341 | ) | (1,021,922 | ) | (430,930 | ) | ||||||
Transportation expenses
|
(887,608 | ) | (666,461 | ) | (260,376 | ) | ||||||
Depreciation and amortization(I)
|
(662,196 | ) | (424,580 | ) | (317,270 | ) | ||||||
Selling expenses
|
(60,906 | ) | (76,067 | ) | (169,423 | ) | ||||||
Other
|
(251,275 | ) | (226,714 | ) | (187,207 | ) | ||||||
|
||||||||||||
|
(7,963,876 | ) | (5,949,127 | ) | (4,090,275 | ) |
Classified as:
|
||||||||||||
|
||||||||||||
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
|
||||||||||||
|
||||||||||||
Cost of sales
|
(6,413,720 | ) | (4,878,229 | ) | (3,211,309 | ) | ||||||
Selling
|
(881,543 | ) | (603,965 | ) | (459,433 | ) | ||||||
General and administrative(1I)
|
(668,613 | ) | (466,933 | ) | (419,533 | ) | ||||||
|
||||||||||||
|
(7,963,876 | ) | (5,949,127 | ) | (4,090,275 | ) |
|
(I)
|
Excludes R$16,913 presented as a deduction of net revenue (December 31, 2013 R$14,564 and March 31, 2013 R$17,516);
|
|
(II)
|
Research and development expenses for the year ended December 31, 2014 was R$4,969 (December 31, 2013 R$ 2,180).
|
28
|
Financial results
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Financial expense
|
|
|
|
|||||||||
Interest expense
|
(994,685 | ) | (769,852 | ) | (568,903 | ) | ||||||
Indexation expenses
|
(66,117 | ) | (34,754 | ) | (9,102 | ) | ||||||
|
(1,060,802 | ) | (804,606 | ) | (578,005 | ) | ||||||
Financial income
|
||||||||||||
Interest income
|
54,316 | 70,094 | 72,491 | |||||||||
Indexation income
|
23,089 | 10,648 | 7,845 | |||||||||
Income from short term investments
|
139,707 | 99,162 | 83,327 | |||||||||
|
217,112 | 179,904 | 163,663 | |||||||||
Foreign exchange effects, net(I)
|
||||||||||||
Foreign exchange losses, net
|
(300,521 | ) | (324,495 | ) | (83,254 | ) | ||||||
|
(300,521 | ) | (324,495 | ) | (83,254 | ) | ||||||
Derivative income (losses)
|
||||||||||||
Commodities - derivatives
|
1,353 | - | - | |||||||||
Foreign exchange and interest rate derivatives
|
160,009 | 235,485 | 9,253 | |||||||||
Warrants in associates
|
- | - | 65,230 | |||||||||
|
161,363 | 235,485 | 74,483 | |||||||||
|
||||||||||||
|
(982,848 | ) | (713,712 | ) | (423,113 | ) | ||||||
|
||||||||||||
(I) Includes gains (and losses) on foreign exchange rates relating to assets and liabilities denominated in foreign currency.
|
29
|
Other income (expenses), net
|
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
Changes in the fair value of
|
|
|
|
|||||||||
investment properties
|
131,697 | 121,543 | 138,776 | |||||||||
Gain on port operations
|
9,628 | 5,687 | - | |||||||||
Rental income
|
399 | 519 | 347 | |||||||||
(Loss) gain on disposal of
|
||||||||||||
non-current assets
|
(10,836 | ) | (7,788 | ) | 97,370 | |||||||
Provisions for legal proceedings
|
(51,347 | ) | (94,571 | ) | (65,426 | ) | ||||||
Gain on settlement of REFIS liability
|
28,440 | - | - | |||||||||
Cost related to internal organization and prospective acquisitions (i)
|
(134,614 | ) | - | - | ||||||||
Other
|
5,393 | 50,882 | 2,672 | |||||||||
|
||||||||||||
|
(21,240 | ) | 76,272 | 173,739 | ||||||||
|
||||||||||||
(i) Relates to costs incurred by the Company with lawyers, consultants, business advisors and other related services for certain reorganizations and prospective acquisitions.
|
30
|
Discontinued operations
|
31
|
Financial instruments
|
|
·
|
Foreign exchange risk;
|
|
·
|
Interest rate risk;
|
|
·
|
Credit risk; and
|
|
·
|
Liquidity risk.
|
|
Notional
|
Fair value
|
|
|||||||||||||||||
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
P&L
|
|||||||||||||||
|
||||||||||||||||||||
COMGÁS derivatives
|
|
|
|
|
|
|||||||||||||||
Exchange rate derivatives
|
|
|
|
|
|
|||||||||||||||
Swap agreements
|
828,443 | 828,443 | 330,098 | 209,532 | 330,099 | |||||||||||||||
|
828,443 | 828,443 | 330,098 | 209,532 | 330,099 | |||||||||||||||
|
||||||||||||||||||||
Other subsidiaries derivatives
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Forward agreements
|
178,127 | 232,218 | 21,250 | 25,713 | 21,250 | |||||||||||||||
Options
|
- | - | (8,842 | ) | - | (8,842 | ) | |||||||||||||
|
178,127 | 232,218 | 12,408 | 25,713 | 12,408 | |||||||||||||||
|
||||||||||||||||||||
Interest rate and exchange rate risk
|
||||||||||||||||||||
Swap agreements (interest rate)
|
221,560 | 181,617 | (40,329 | ) | (13,573 | ) | (40,329 | ) | ||||||||||||
Cross currency interest rate swaps
|
1,659,904 | 1,662,806 | 254,966 | (39,079 | ) | 254,966 | ||||||||||||||
|
1,881,464 | 1,844,423 | 214,637 | (52,652 | ) | 214,637 | ||||||||||||||
|
||||||||||||||||||||
Total financial instruments
|
557,144 | 182,593 | 557,144 | |||||||||||||||||
|
||||||||||||||||||||
Assets
|
890,578 | 513,934 | ||||||||||||||||||
Liabilities
|
(333,435 | ) | (331,341 | ) |
Derivatives
|
Purchased / Sold
|
Market
|
Agreement
|
Maturity date
|
Notional (US$)
|
Notional (R$ thousand)
|
Fair Value (R$ thousand)
|
||||||||||||
Derivatives designated as hedge accounting:
|
|||||||||||||||||||
Contracted by other subsidiaries
|
|||||||||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
175,000 | 347,690 | 2,458 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 29,220 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 29,609 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
368,500 | 732,136 | (23,964 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (8,853 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 16,383 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,628 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 18,076 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 17,935 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,691 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 17,512 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,155 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 110,780 | 17,012 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 8,498 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 8,599 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
75,000 | 167,775 | 228 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 20,823 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 110,780 | 15,916 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 8,145 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
10,000 | 21,319 | 3,810 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
65,000 | 144,014 | 22,335 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
(368,500 | ) | (732,136 | ) | 23,964 | ||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
(175,000 | ) | (347,690 | ) | (2,459 | ) | |||||||||
Swap
|
Amortization Gain/Loss D1
|
|
- | - | 1,832 | ||||||||||||||
|
|
|
|
||||||||||||||||
At December 31, 2014
|
|
|
675,000 | 1,483,743 | 195,605 | ||||||||||||||
At December 31, 2013
|
|
|
675,000 | 1,483,743 | (45,025 | ) |
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
467 | 1,208 | (32 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
316 | 816 | (22 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
4,158 | 10,756 | (287 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
419 | 1,084 | (29 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
894 | 2,312 | (62 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
206 | 533 | (14 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
512 | 1,323 | (35 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
3,616 | 9,354 | (250 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
830 | 2,147 | (57 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
1,901 | 5,087 | 37 | ||||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
259 | 693 | 5 | ||||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
89 | 237 | 2 | ||||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
864 | 2,312 | 17 | ||||||||||||
Forward
|
Purchased
|
OTC
|
Deliverable forward
|
Jan-15
|
355 | 949 | 7 | ||||||||||||
|
|
|
|
||||||||||||||||
At December 31, 2014
|
|
|
14,886 | 38,811 | (720 | ) | |||||||||||||
At December 31, 2013
|
|
|
- | - | - | ||||||||||||||
|
|
|
|
||||||||||||||||
Total at December 31, 2014
|
|
|
689,886 | 1,522,554 | 194,885 | ||||||||||||||
Total at December 31, 2013
|
|
|
675,000 | 1,483,743 | (45,025 | ) | |||||||||||||
|
|
|
|
||||||||||||||||
Derivatives not designated as hedge:
|
|||||||||||||||||||
Contracted by COMGÁS
|
|||||||||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Jul-17
|
75,000 | 153,900 | 37,650 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Feb-18
|
50,000 | 99,385 | 29,309 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Aug-18
|
50,000 | 115,000 | 13,994 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Jun-20
|
10,000 | 18,361 | 8,059 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Jun-20
|
10,000 | 18,361 | 8,454 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Jun-20
|
10,000 | 18,361 | 8,231 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Jun-20
|
14,381 | 26,406 | 11,830 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Jun-20
|
40,000 | 73,444 | 32,750 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Sep-20
|
39,922 | 69,580 | 34,067 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
May-21
|
51,400 | 83,145 | 52,610 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
May-21
|
20,000 | 32,352 | 20,646 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Sep-21
|
30,000 | 49,761 | 29,886 | ||||||||||||
Swap
|
N/A |
OTC/CETIP
|
Cross Cur Swap
|
Sep-21
|
42,435 | 70,387 | 42,612 | ||||||||||||
|
|
|
|
||||||||||||||||
At December 31, 2014
|
|
|
443,138 | 828,443 | 330,098 | ||||||||||||||
At December 31, 2013
|
|
|
443,138 | 828,443 | 209,532 |
Financial instruments contracted by other subsidiaries
|
|||||||||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
6,188 | 14,497 | 1,996 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
4,197 | 8,813 | 2,363 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,529 | 3,915 | 186 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,618 | 3,929 | 408 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,817 | 4,338 | 529 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,586 | 3,890 | 360 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,520 | 3,604 | 468 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,761 | 4,229 | 489 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,654 | 3,863 | 567 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,652 | 4,133 | 297 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,631 | 4,317 | 60 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,419 | 3,875 | (67 | ) | |||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,395 | 3,668 | 77 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
May-15
|
6,188 | 14,726 | 2,130 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
May-15
|
4,197 | 8,942 | 2,449 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Aug-15
|
6,188 | 15,003 | 2,220 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Aug-15
|
4,197 | 9,089 | 2,516 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Nov-15
|
6,188 | 15,254 | 2,334 | ||||||||||||
Forward
|
Purchased
|
OTC
|
NDF
|
Nov-15
|
4,197 | 9,231 | 2,588 | ||||||||||||
|
|
|
|
||||||||||||||||
At December 31, 2014
|
|
|
59,122 | 139,316 | 21,970 | ||||||||||||||
At December 31, 2013
|
|
|
102,974 | 232,218 | 25,713 | ||||||||||||||
|
|
|
|
||||||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Aug-15
|
11,000 | 24,846 | 2,761 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Nov-15
|
100,000 | 253,500 | 6,059 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Sep-16
|
50,000 | 119,375 | 10,212 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-18
|
359,272 | 712,796 | 254,714 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-18
|
(359,272 | ) | (712,796 | ) | (254,714 | ) | |||||||||
|
|
|
|
||||||||||||||||
At December 31, 2014
|
|
|
161,000 | 397,721 | 19,032 | ||||||||||||||
At December 31, 2013
|
|
|
156,972 | 360,680 | (7,627 | ) |
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 133,075 | (2,577 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 132,400 | (2,281 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 131,540 | (1,934 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 131,660 | (1,975 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 135,100 | (3,598 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 135,125 | (3,610 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 132,025 | (2,123 | ) | |||||||||||
Option
|
Purchased
|
OTC
|
CALL
|
Mar-15
|
50,000 | 142,500 | 1,397 | ||||||||||||
Option
|
Sold
|
OTC
|
PUT
|
Mar-15
|
50,000 | 131,500 | (1,920 | ) | |||||||||||
|
|
|
|
||||||||||||||||
At December 31, 2014
|
|
|
800,000 | 2,202,425 | (8,842 | ) | |||||||||||||
At December 31, 2013
|
|
|
- | - | - | ||||||||||||||
|
|
|
|
||||||||||||||||
Total at December 31, 2014
|
|
|
1,463,260 | 3,567,905 | 362,259 | ||||||||||||||
Total at December 31, 2013
|
|
|
703,084 | 1,421,341 | 227,618 |
|
December 31, 2014
|
December 31, 2013
|
||||||
Cash and cash equivalents
|
95,017 | 61,262 | ||||||
Trade receivables
|
25,323 | 24,453 | ||||||
Loans and borrowings
|
(4,508,089 | ) | (3,791,773 | ) | ||||
|
||||||||
Foreign exchange exposure, net
|
(4,387,749 | ) | (3,706,058 | ) |
|
Investment securities (Unaudited)
|
|||
AAA
|
997,915 | |||
AA
|
501,124 | |||
|
||||
At December 31, 2014
|
1,499,039 |
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||
|
Up to 1 year
|
1 -2 years
|
3 – 5 years
|
More than 5 years
|
Total
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans and borrowings
|
(1,253,138 | ) | (1,113,343 | ) | (6,476,717 | ) | (6,145,643 | ) | (14,988,841 | ) | (10,996,388 | ) | ||||||||||||
Trade payables
|
(1,034,282 | ) | - | - | - | (1,034,282 | ) | (862,429 | ) | |||||||||||||||
REFIS payable
|
(190,139 | ) | (1,124 | ) | (688 | ) | (332,753 | ) | (524,704 | ) | (1,010,767 | ) | ||||||||||||
|
||||||||||||||||||||||||
Total
|
(2,477,559 | ) | (1,114,467 | ) | (6,477,405 | ) | (6,478,396 | ) | (16,547,827 | ) | (12,869,584 | ) |
|
December 31, 2014
|
December 31, 2013
|
||||||
Fair value of the Senior Notes 2023
|
1,222,589 | 1,067,134 | ||||||
Gain (loss) recognized in financial results
|
(265,196 | ) | 50,648 |
|
Market
|
Risk
|
December 31, 2014
|
|||
Rate lock and exchange
|
|
|
|
|||
variation of other financial instruments
|
Future Dollar
|
Exchange
|
972 | |||
(-) Deferred taxes
|
|
|
(330 | ) | ||
|
|
|
||||
Equity effect
|
|
|
642 | |||
|
|
|
||||
Below are the changes in the balances of other comprehensive income during the year:
|
||||||
|
|
|
||||
|
|
|
December 31, 2014
|
|||
Derivatives
|
||||||
Gain from the year:
|
||||||
Exchange rate hedging and other financial instruments
|
1,192 | |||||
Reclassification to inventories / cost of sales
|
(220 | ) | ||||
|
|
|
||||
Gain on cash flow hedge (before deferred taxes)
|
972 | |||||
|
|
|
||||
Gain on cash flow hedge, net of deferred taxes
|
642 |
|
i.
|
Assumptions for sensitivity analysis
|
|
ii.
|
Sensitivity analysis
|
|
(a)
|
Sensitivity analysis on changes in foreign exchange rates
|
|
|
|
Impacts on P&L(i)
|
|
|
|
|
Risk factor
|
Probable scenario
|
Variation scenario (25%) - Increase
|
Variation scenario (50%) - Increase
|
Variation scenario (25%) - Decrease
|
Variation scenario (50%) - Decrease
|
|
||||||
|
||||||
|
||||||
COMGÁS Derivatives
|
|
|
|
|
|
|
Exchange rate and interest risks
|
|
|
|
|
|
|
Exchange rate derivatives
|
|
|
|
|
|
|
Swap contracts
|
Decrease in exchange
|
|
|
|
|
|
rate R$/US$ and
|
|
|
|
|
|
|
increase in CDI curve
|
330,098
|
82,524
|
165,049
|
(82,524)
|
(165,049)
|
|
|
|
|
|
|
|
|
Other subsidiaries derivatives
|
|
|
|
|
|
|
Exchange rate risks
|
|
|
|
|
|
|
Exchange rate derivatives
|
|
|
|
|
|
|
Term agreements
|
|
|
|
|
|
|
Purchasing agreements
|
Decrease in exchange
|
|
|
|
|
|
rate R$/US$
|
21,970
|
60,733
|
99,496
|
(16,794)
|
(55,557)
|
|
Option agreements
|
|
|
|
|
|
|
Purchasing agreements
|
Decrease in exchange
|
|
|
|
|
|
rate R$/US$
|
11,176
|
76,206
|
141,236
|
(53,854)
|
(118,884)
|
|
Selling agreements
|
Decrease in exchange
|
|
|
|
|
|
rate R$/US$
|
(20,018)
|
82,200
|
184,418
|
(122,237)
|
(224,455)
|
|
|
|
|
|
|
|
|
Exchange rate and interest risks
|
|
|
|
|
|
|
Swap contracts
|
Decrease in exchange
|
|
|
|
|
|
rate R$/US$ and
|
|
|
|
|
|
|
increase in CDI curve
|
212,807
|
346,970
|
579,783
|
(109,870)
|
(349,813)
|
|
|
|
|
|
|
|
|
Total impact
|
|
556,033
|
648,633
|
1,169,982
|
(385,279)
|
(913,758)
|
|
|
|
|
|
|
|
(i) COMGÁS - Exposure to fluctuations absorbed by the asset (liability), which are passed on to customers through periodic tariff revisions.
|
|
Exchange rate sensitivity analysis (R$/US$)
|
|||||||||||||||||||||||
|
December 31, 2014
|
Scenario
|
||||||||||||||||||||||
|
Probable
|
25 | % | 50 | % | -25 | % | -50 | % | |||||||||||||||
At December 31, 2014
|
2.6562 | 2.6562 | 3.3203 | 3.9843 | 1.9922 | 1.3281 |
|
December 31, 2014
|
|||||||||||||||||||
Exchange rate exposure
|
Balance
|
25 | % | 50 | % | -25 | % | -50 | % | |||||||||||
Loans and borrowings
|
(4,508,084 | ) | (1,127,021 | ) | (2,254,042 | ) | 1,014,999 | 2,029,998 | ||||||||||||
Cash and cash equivalents
|
95,017 | 23,754 | 47,509 | (23,754 | ) | (47,509 | ) | |||||||||||||
Trade receivables
|
25,323 | 6,331 | 12,662 | (6,331 | ) | (12,662 | ) | |||||||||||||
|
||||||||||||||||||||
Effect on profit or loss
|
(1,096,936 | ) | (2,193,872 | ) | 984,914 | 1,969,828 |
|
(b)
|
Sensitivity analysis on changes in interest rates
|
December 31, 2014
|
||||||||||||||||||||||||
Exposure interest rate
|
Balance
|
Scenario(I)
|
25 | % | 50 | % | -25 | % | -50 | % | ||||||||||||||
Short term investments
|
1,499,039 | 177,104 | 221,439 | 265,796 | 132,792 | 88,504 | ||||||||||||||||||
Investment securities
|
149,735 | 17,690 | 22,119 | 26,550 | 13,264 | 8,840 | ||||||||||||||||||
Loans and borrowings
|
(4,935,384 | ) | (439,830 | ) | (549,788 | ) | (659,745 | ) | (329,873 | ) | (219,915 | ) | ||||||||||||
|
||||||||||||||||||||||||
Effect on profit or loss
|
(306,230 | ) | (367,399 | ) | (183,816 | ) | (122,571 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
(I) The CDI and TJLP indexes considered of 11.57% and 5.50%, respectively, were obtained from information available in the market.
|
|
Financial assets at
|
|
|
|||||||||
|
fair value trough
|
Loans and
|
|
|||||||||
Assets
|
profit or loss
|
receivables
|
Total
|
|||||||||
Cash and cash equivalents
|
- | 1,649,340 | 1,649,340 | |||||||||
Trade receivables
|
- | 1,346,101 | 1,346,101 | |||||||||
Derivative financial instruments
|
890,578 | - | 890,578 | |||||||||
Securities
|
- | 149,735 | 149,735 | |||||||||
Dividends receivable
|
- | 36,130 | 36,130 | |||||||||
Judicial deposits
|
- | 418,385 | 418,385 | |||||||||
Other financial assets
|
- | 440,180 | 440,180 | |||||||||
|
||||||||||||
|
890,578 | 4,039,871 | 4,930,449 | |||||||||
|
||||||||||||
|
||||||||||||
|
Financial liabilities
|
Other
|
||||||||||
|
at fair value trough
|
financial
|
||||||||||
Liabilities
|
profit or loss
|
liabilities
|
Total
|
|||||||||
Loans and borrowings
|
- | (8,502,640 | ) | (8,502,640 | ) | |||||||
Derivative financial instruments
|
(333,434 | ) | - | (333,434 | ) | |||||||
Trade payables
|
- | (1,112,459 | ) | (1,112,459 | ) | |||||||
Preferred shareholders
|
||||||||||||
payable in subsidiaries
|
(1,926,888 | ) | - | (1,926,888 | ) | |||||||
Dividends payable
|
- | (59,217 | ) | (59,217 | ) | |||||||
|
||||||||||||
|
(2,260,322 | ) | (9,674,316 | ) | (11,934,638 | ) |
32
|
Fair value hierarchy
|
|
·
|
The fair value of cash and cash equivalents, accounts receivable, accounts payable and other short-term obligations approximate their respective carrying values due largely to the short-term maturities of these instruments.
|
|
·
|
The fair value of marketable securities and bonds is based on price quotations at the balance sheet date. The fair value of non-negotiable instruments, bank loans and other debt, obligations under finance leases, as well as other non-current financial liabilities, are estimated using discounted future cash flow at the rates currently available for similar instruments.
|
|
·
|
The fair value of the Senior Notes due in 2018 and 2023 listed on the Luxembourg stock exchange (Note 17) is based on their quoted market price at December 31, 2014 of 88.74% (86.99% at December, 31 2013) and 99.38% (87.75% at December, 31 2013), respectively, of the face value of the Notes as at December 31, 2014.
|
|
·
|
The fair value of the perpetual bonds listed on the Luxembourg stock exchange (Note 17) is based on its quoted market price as December 31, 2014 of 101.00% (99.75% at December, 31 2013) of the face value of the bonds as at December 31, 2014.
|
|
·
|
The fair value market of other loans and financing approximate the amounts recorded in the financial statements, as they are subject to variable interest rates (Note 17).
|
|
·
|
The fair value of available for sale financial assets, is obtained through quoted market prices in active markets, when available.
|
|
·
|
Level 1: quoted prices in an active market for identical assets and liabilities;
|
|
·
|
Level 2: other techniques for which all of the data having a significant effect on the fair value recorded are observable, directly or indirectly;
|
|
I.
|
Quoted market prices or dealer quotes for similar instruments;
|
|
II.
|
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves;
|
|
III.
|
Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
|
|
·
|
Level 3: inputs for the instrument that are not based on observable market data (that is, unobservable inputs). As of December 31, 2014 and 2013 there are no financial instruments classified as Level 3.
|
Assets and liabilities
|
|
|
|
|||||||||
measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
At December 31, 2014
|
|
|
|
|||||||||
Derivative financial assets
|
- | 890,578 | 890,578 | |||||||||
Derivative financial liabilities
|
- | 333,434 | 333,434 | |||||||||
Contingent consideration - Earn out
|
- | 186,649 | 186,649 | |||||||||
Pension plan assets
|
313,955 | 49,061 | 363,016 | |||||||||
Securities
|
- | 149,735 | 149,735 | |||||||||
Assets held for sale
|
- | 25,089 | 25,089 | |||||||||
Preferred shareholders
|
||||||||||||
payable in subsidiaries
|
- | 1,926,888 | 1,926,888 | |||||||||
Investment properties
|
- | 2,641,978 | 2,641,978 | |||||||||
|
||||||||||||
Total
|
313,955 | 6,203,412 | 6,517,367 | |||||||||
|
||||||||||||
At December 31, 2013
|
||||||||||||
Derivative financial assets
|
- | 513,934 | 513,934 | |||||||||
Derivative financial liabilities
|
- | 331,341 | 331,341 | |||||||||
Contingent consideration - Earn out
|
- | 227,976 | 227,976 | |||||||||
Securities
|
- | 87,978 | 87,978 | |||||||||
Pension plan assets
|
270,804 | 31,948 | 302,752 | |||||||||
Assets held for sale
|
- | 314,104 | 314,104 | |||||||||
Investment properties
|
- | 2,281,509 | 2,281,509 | |||||||||
|
||||||||||||
Total
|
270,804 | 3,788,790 | 4,059,594 |
33
|
Pension and post-employment benefit plans
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Futura
|
23,048 | 71,065 | ||||||
Futura II
|
240 | 828 | ||||||
COMGÁS
|
278,562 | 267,242 | ||||||
|
||||||||
Total
|
301,850 | 339,135 |
|
a)
|
Pension plans
|
|
b)
|
Actuarial pension obligation
|
|
December 31, 2014
|
December 31, 2013
|
|
|||||||||
Present value of actuarial obligation
|
|
|
|
|||||||||
at beginning of period
|
(352,207 | ) | (402,850 | ) |
|
|||||||
Interest expense
|
(41,459 | ) | (29,684 | ) |
|
|||||||
Benefits payment
|
25,064 | 18,784 |
|
|||||||||
Actuarial gain on obligation
|
|
|||||||||||
at beginning of the period
|
11,223 | 61,543 |
|
|||||||||
|
|
|||||||||||
Present value of actuarial obligation
|
|
|||||||||||
at the end of the period
|
(357,379 | ) | (352,207 | ) |
|
|||||||
|
|
|||||||||||
Fair value of plan assets at
|
|
|||||||||||
beginning of the period
|
281,142 | 324,445 |
|
|||||||||
Return on plan assets
|
33,317 | 23,997 |
|
|||||||||
Contributions received by the fund
|
8,757 | 6,501 |
|
|||||||||
Benefit payments
|
(25,064 | ) | (18,784 | ) |
|
|||||||
Gain (loss) in fair value of plan assets
|
36,179 | (55,017 | ) |
|
||||||||
|
|
|||||||||||
Fair value of plan assets end of the period
|
334,331 | 281,142 |
|
|||||||||
|
|
|||||||||||
Present value of pension obligation
|
|
|||||||||||
in excess of fair value of plan assets
|
(23,048 | ) | (71,065 | ) |
|
|||||||
|
|
|||||||||||
Total expense recognized in profit or loss is as follow:
|
||||||||||||
|
|
|||||||||||
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
|
||||||||||||
|
||||||||||||
Interest expense
|
(41,459 | ) | (29,684 | ) | (34,208 | ) | ||||||
Expected return on plan assets
|
33,317 | 23,997 | 36,281 | |||||||||
Early plan settlement
|
- | - | 778 | |||||||||
|
||||||||||||
|
(8,142 | ) | (5,687 | ) | 2,851 | |||||||
|
||||||||||||
Total amount recognized as accumulated other comprehensive income:
|
||||||||||||
|
||||||||||||
|
Twelve months ended December 31, 2014
|
Nine months ended December 31, 2013
|
Twelve months ended March 31, 2013
|
|||||||||
|
||||||||||||
|
||||||||||||
Accumulated at the
|
||||||||||||
beginning of the period
|
5,061 | (35,557 | ) | (1,389 | ) | |||||||
Unrecognized gains (losses)
|
11,223 | 61,543 | (51,770 | ) | ||||||||
Deferred income tax
|
(3,816 | ) | (20,925 | ) | 17,602 | |||||||
|
||||||||||||
Accumulated at the
|
||||||||||||
end of the period
|
12,468 | 5,061 | (35,557 | ) |
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Fixed income bonds
|
269,170 | 80.51 | 201,129 | 71.54 | ||||||||||||
Variable-income securities
|
65,161 | 19.49 | 80,013 | 28.46 | ||||||||||||
Total
|
||||||||||||||||
|
334,331 | 100.00 | 281,142 | 100.00 |
December 31, 2014
|
December 31, 2013
|
|||||||||||||||
|
Number of shares
|
Fair value
|
Number of shares
|
Fair value
|
||||||||||||
Cosan S.A. ON NM (CSAN3)
|
708,660 | 20,443 | 708,660 | 28,046 | ||||||||||||
Cosan Log ON NM (RLOG3)
|
708,660 | 2,027 | - | - | ||||||||||||
Total
|
22,470 | 28,046 |
Defined benefit plan
|
|
December 31, 2014
|
|
December 31, 2013
|
Actuarial valuation method
|
|
Projected unit credit
|
|
Projected unit credit
|
Mortality table
|
|
AT-2000 segregated by sex,
|
|
AT- 2000 segregated by sex,
|
|
|
decreased by 10%
|
|
decreased by 10%
|
Discount rate for
|
|
|
|
|
actuarial liability
|
|
Interest: 11.92% per year
|
|
Interest: 12.16% per year
|
Expected rate of
|
|
|
|
|
return on plan assets
|
|
Interest: 11.92% per year
|
|
Interest: 12.16% per year
|
Salary growth rate
|
|
Not applicable
|
|
Not applicable
|
Increase rate of
|
|
|
|
|
estimated benefits
|
|
Inflation: 5.2% per year
|
|
Inflation: 5.4% per year
|
Actuarial assumptions
|
|
December 31, 2014
|
|
December 31, 2013
|
Discount rate
|
|
12.78%
|
|
12.36%
|
Inflation rate
|
|
6.00%
|
|
5.50%
|
Expected rate of return on plan assets
|
|
12.78%
|
|
12.36%
|
Future salary increases
|
|
9.18%
|
|
8.66%
|
Increase in pension plans
|
|
6.00%
|
|
5.50%
|
Mortality (ageing factor)
|
|
3.00%
|
|
3.00%
|
Mortality (by gender)
|
|
AT 2000 M&F
|
|
AT 2000 M&F
|
Disabled Associates Mortality
|
|
IAPB 1957
|
|
IAPB 1957
|
Disability entry (modified)
|
|
UP-84
|
|
UP-84
|
Turnover
|
|
30% / (Length of service +1)
|
|
30% / (Length of service +1)
|
|
December 31, 2014
|
December 31, 2013
|
||||||
Present value of actuarial obligations
|
284,770 | 274,433 | ||||||
Fair value of the plan assets
|
(6,208 | ) | (7,191 | ) | ||||
|
||||||||
Net actuarial pension obligation
|
278,562 | 267,242 |
|
||||||||
|
December 31, 2014
|
December 31, 2013
|
||||||
Actuarial liabilities at
|
|
|
||||||
beginning of the period
|
267,242 | 291,041 | ||||||
Expenses
|
32,735 | 27,700 | ||||||
Employer contributions
|
(14,672 | ) | (14,969 | ) | ||||
Actuarial losses recognized in
|
||||||||
the other comprehensive income
|
(6,743 | ) | (36,530 | ) | ||||
|
||||||||
Actuarial liabilities at
|
||||||||
end of the period
|
278,562 | 267,242 |
|
c)
|
Sensitivity analysis
|
Discount rate
|
||||||||||||||||
|
Increase
|
Decrease
|
||||||||||||||
|
1 | % | 0,5 | % | -1 | % | -0.5 | % | ||||||||
Futura
|
(32,781 | ) | - | 39,413 | - | |||||||||||
Futura II
|
(18 | ) | - | 20 | - | |||||||||||
COMGÁS
|
- | (15,307 | ) | - | 16,836 |
34
|
Share-based payment
|
|
·
|
Tranche A - The options can be exercised after a vesting period of one year, considering a maximum percentage of 20% per annum of the total stock options granted by Cosan S.A. for an exercise period of 5 years. Exercise period ends on August 19, 2016.
|
|
·
|
Tranche B - The options can be exercised after a vesting period of one year, considering a maximum percentage of 10% per annum of the total stock options granted by Cosan S.A. within an exercise period of 10 years. Exercise period ends in August 19, 2021.
|
|
·
|
Tranche C - The options can be exercised after a vesting period of one year, considering a maximum percentage of 20% per annum of the total stock options granted by Cosan S.A. for an exercise period of 5 years. Exercise period ends on December 11, 2017
|
|
·
|
The fair value of options granted was estimated at the date of exercise using the binomial model simulation, considering the terms and conditions upon which the options were granted;
|
|
·
|
The options may be exercised with the issuance of new shares or treasury shares that the company may have.
|
|
Options granted
|
|||||||||||||||||||
|
August 18, 2011
|
August 18, 2011
|
December 12, 2012
|
April 24, 2013
|
April 25, 2014
|
|||||||||||||||
|
||||||||||||||||||||
|
Tranche A
|
Tranche B
|
Tranche C
|
|||||||||||||||||
Exercise price - R$
|
22.80 | 22.80 | 39.60 | 45.22 | 37.01 | |||||||||||||||
Expected life (in years)
|
1 to 5
|
1 to 10
|
1 to 5
|
5 | 5 | |||||||||||||||
Interest rate
|
11.49 | % | 11.49 | % | 8.78 | % | 9.10 | % | 12.43 | % | ||||||||||
Expected volatility
|
31.44 | % | 30.32 | % | 31.44 | % | 27.33 | % | 29.85 | % | ||||||||||
Fair value at grant date
|
||||||||||||||||||||
(weighted-average) - R$
|
6.80 | 8.15 | 11.10 | 17.95 | 15.67 |
|
|
Weighted-
|
||||||
|
Number of
|
average
|
||||||
|
options
|
exercise price - R$
|
||||||
At March 31, 2013
|
9,102,000 | 23.99 | ||||||
Granted
|
925,000 | 45.54 | ||||||
Share options exercised
|
(682,000 | ) | (23.95 | ) | ||||
At December 31, 2013
|
9,345,000 | 26.09 | ||||||
Granted
|
1,705,000 | 40.62 | ||||||
Share options exercised
|
(1,818,000 | ) | (25.21 | ) | ||||
Cancellation or settlements
|
(320,000 | ) | - | |||||
|
||||||||
At December 31, 2014
|
8,912,000 | 30.09 |
35
|
Subsequent events
|
COSAN LIMITED
|
||||||
Date:
|
March 19, 2015
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|