Form
20-F
|
X
|
Form
40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
||
1.
|
Unconsolidated
and Consolidated Quarterly Financial Information of Cosan
Indústria e Comércio for the quarter ended June
30, 2009
|
COSAN
LIMITED
|
||||||
Date:
|
August 14,
2009
|
By:
|
/s/
Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo
Eduardo Martins
|
|||||
Title:
|
Chief
Financial and Investor Relations Officer
|
Special
review report of independent auditors
|
1
|
Unaudited
quarterly financial information
|
|
Unaudited
balance sheets
|
3
|
Unaudited
statements of operations
|
5
|
Unaudited
statements of cash flows
|
7
|
Unaudited
statement of changes in shareholders’ equity
|
11
|
Notes to the
unaudited quarterly financial information
|
12
|
Report on
Company’s performance (consolidated)
|
54
|
Other
Company’s relevant information
|
79
|
1.
|
We have
performed a special review of the accompanying Quarterly Financial
Information of Cosan S.A. Indústria e Comércio (parent company and
consolidated) for the quarter ended June 30, 2009, including the balance
sheets, statements of operations and cash flows, report on the Company’s
performance and explanatory notes, prepared under the management’s
responsibility.
|
2.
|
Our review
was conducted in accordance with the specific procedures determined by the
Brazilian Institute of Independent Auditors (IBRACON) and the Federal
Board of Accountancy (CFC), which comprised principally: (a) inquiries of
and discussions with the management responsible for the Company’s
accounting, financial and operational areas about the criteria adopted for
the preparation of the Quarterly Financial Information; and (b) review of
information and subsequent events which have, or could have, significant
effects on the Company’s operations and financial
position.
|
3.
|
Based on our
special review, we are not aware of any material modification that should
be made to the Quarterly Financial Information referred to above for it to
comply with specific standards established by the Brazilian Securities and
Exchange Commission (CVM) applicable to the preparation of the Quarterly
Financial Information.
|
4.
|
As mentioned
in Note 2, the accounting practices adopted in Brazil were modified during
2008 and the effects of its first time adoption were only recorded by the
Company and its subsidiaries during the fourth quarter of the previous
year and disclosed in the March 31, 2009 financial statements. The
statements of operations and cash flows, for the quarter ended July 31,
2009, presented in conjunction with the information for the current
quarter, were not adjusted for comparative purposes, as permitted by
Ofício-Circular/CVM/SNC/SEP nº
02/2009.
|
Parent
Company
|
Consolidated
|
||||||||||||||||
June
30, 2009
|
March
31, 2009
|
June
30, 2009
|
March
31, 2009
|
||||||||||||||
Assets
|
|||||||||||||||||
Current
assets
|
|||||||||||||||||
Cash and cash
equivalents
|
Note 4
|
307,907 | 388,726 | 932,920 | 719,356 | ||||||||||||
Restricted
cash
|
35,804 | 11,757 | 40,086 | 11,757 | |||||||||||||
Trade
accounts receivable
|
Note 5
|
120,515 | 112,415 | 585,636 | 599,163 | ||||||||||||
Derivative
financial instruments
|
Note
19
|
86,591 | 17,022 | 86,591 | 17,022 | ||||||||||||
Inventories
|
Note 6
|
314,292 | 341,490 | 1,149,923 | 1,106,185 | ||||||||||||
Advances to
suppliers
|
95,164 | 74,520 | 386,088 | 206,032 | |||||||||||||
Related
parties
|
Note 7
|
371,713 | 196,319 | 36,121 | 57,232 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
- | - | 53,502 | 42,471 | ||||||||||||
Recoverable
taxes
|
98,155 | 89,763 | 299,046 | 265,417 | |||||||||||||
Other
assets
|
6,874 | 11,285 | 32,674 | 50,279 | |||||||||||||
1,437,015 | 1,243,297 | 3,602,587 | 3,074,914 | ||||||||||||||
Noncurrent
assets
|
|||||||||||||||||
Long-term
receivables
|
|||||||||||||||||
Accounts
receivable from federal government
|
Note
14
|
- | - | 326,439 | 323,433 | ||||||||||||
CTNs-Restricted
Brazilian Treasury Bills
|
Note
13
|
28,050 | 27,356 | 184,698 | 177,626 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
123,391 | 236,710 | 644,591 | 700,044 | ||||||||||||
Advances to
suppliers
|
6,175 | 3,800 | 55,477 | 48,035 | |||||||||||||
Related
parties
|
Note
7
|
- | - | 153,167 | - | ||||||||||||
Other
assets
|
5,660 | 5,426 | 185,385 | 132,432 | |||||||||||||
Permanent
assets
|
|||||||||||||||||
Investments
|
Note 8
|
5,216,142 | 4,788,932 | 181,291 | 278,209 | ||||||||||||
Property,
plant and equipment
|
Note 9
|
796,815 | 815,734 | 4,516,362 | 3,493,947 | ||||||||||||
Intangible
|
Note
10
|
395,637 | 377,443 | 2,724,336 | 2,418,753 | ||||||||||||
6,571,869 | 6,255,401 | 8,971,746 | 7,572,479 | ||||||||||||||
Total
assets
|
8,008,884 | 7,498,698 | 12,574,333 | 10,647,393 |
Parent
Company
|
Consolidated
|
||||||||||||||||
June
30, 2009
|
March
31, 2009
|
June
30, 2009
|
March
31, 2009
|
||||||||||||||
Liabilities
and shareholders’ equity
|
|||||||||||||||||
Current
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
504,744 | 1,419,451 | 1,127,356 | 1,449,504 | ||||||||||||
Derivative
financial instruments
|
97,977 | 66,895 | 98,855 | 66,895 | |||||||||||||
Trade
accounts payable
|
131,945 | 92,874 | 662,751 | 456,116 | |||||||||||||
Salaries
payable
|
52,609 | 29,713 | 152,303 | 93,156 | |||||||||||||
Taxes and
social contributions payable
|
Note
11
|
41,276 | 36,076 | 189,792 | 168,596 | ||||||||||||
Related
parties
|
Note 7
|
112,602 | 26,801 | 4,475 | 5,169 | ||||||||||||
Other
liabilities
|
28,504 | 39,203 | 134,142 | 85,794 | |||||||||||||
Total current
liabilities
|
969,657 | 1,711,013 | 2,369,674 | 2,325,230 | |||||||||||||
Noncurrent
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
1,947,733 | 1,237,766 | 4,091,447 | 2,885,456 | ||||||||||||
Taxes and
social contributions payable
|
Note
11
|
54,016 | 55,410 | 335,510 | 328,760 | ||||||||||||
Related
parties
|
Note 7
|
719,151 | 853,151 | 341,530 | 405,160 | ||||||||||||
Provision for
judicial demands
|
Note
14
|
239,900 | 236,633 | 1,135,460 | 1,105,899 | ||||||||||||
Actuarial
liability
|
- | - | 60,971 | 60,378 | |||||||||||||
Other
liabilities
|
37,760 | 38,978 | 169,224 | 139,884 | |||||||||||||
Total
noncurrent liabilities
|
2,998,560 | 2,421,938 | 6,034,142 | 4,925,537 | |||||||||||||
Minority
shareholders’ interest
|
- | - | 29,850 | 30,879 | |||||||||||||
Shareholders’
equity
|
Note
15
|
||||||||||||||||
Capital
|
4,153,942 | 3,819,770 | 4,153,942 | 3,819,770 | |||||||||||||
Treasury
stock
|
(4,186 | ) | (4,186 | ) | (4,186 | ) | (4,186 | ) | |||||||||
Recognized
granted shares
|
49,320 | 45,841 | 49,320 | 45,841 | |||||||||||||
Accumulated
losses
|
(158,409 | ) | (495,678 | ) | (158,409 | ) | (495,678 | ) | |||||||||
Total
shareholders’ equity
|
4,040,667 | 3,365,747 | 4,040,667 | 3.365,747 | |||||||||||||
Total
liabilities and shareholders’ equity
|
8,008,884 | 7,498,698 | 12,574,333 | 10,647,393 |
Parent
Company
|
Consolidated
|
||||||||||||||||
June
30, 2009
|
July
31, 2008
|
June
30, 2009
|
July
31, 2008
|
||||||||||||||
Gross
operating revenue
|
|||||||||||||||||
Sales of
goods and services
|
665,996 | 359,764 | 3,843,505 | 692,669 | |||||||||||||
Taxes and
sales deductions
|
(36,728 | ) | (24,619 | ) | (277,402 | ) | (53,079 | ) | |||||||||
Net operating
revenue
|
629,268 | 335,145 | 3,566,103 | 639,590 | |||||||||||||
Cost of goods
sold and services rendered
|
(542,670 | ) | (331,192 | ) | (3,198,418 | ) | (626,027 | ) | |||||||||
Gross
profit
|
86,598 | 3,953 | 367,685 | 13,563 | |||||||||||||
Operating
income (expenses)
|
|||||||||||||||||
Selling
expenses
|
(47,468 | ) | (35,155 | ) | (209,570 | ) | (85,708 | ) | |||||||||
General and
administrative expenses
|
(43,147 | ) | (35,207 | ) | (87,974 | ) | (58,276 | ) | |||||||||
Management
fees
|
Note
16
|
(1,311 | ) | (1,452 | ) | (1,311 | ) | (1,452 | ) | ||||||||
Financial
income (expenses), net
|
Note
17
|
343,309 | 137,270 | 433,433 | 86,937 | ||||||||||||
Earnings
(losses) on equity investments
|
Note 8
|
108,992 | (89,882 | ) | (3,554 | ) | 160 | ||||||||||
Goodwill
amortization
|
- | (16,489 | ) | - | (40,385 | ) | |||||||||||
Realization
of goodwill on sale
|
- | - | (85,589 | ) | - | ||||||||||||
Other
operating income (expenses), net
|
3,615 | 549 | 72,484 | 3,864 | |||||||||||||
363,990 | (40,366 | ) | 122,869 | (99,362 | ) | ||||||||||||
Income (loss)
before income and social contribution taxes
|
450,588 | (36,413 | ) | 485,604 | (81,297 | ) | |||||||||||
Income and
social contribution taxes
|
Note
12.a
|
(113,319 | ) | (21,730 | ) | (157,899 | ) | 22,404 | |||||||||
Minority
shareholders’ interest
|
- | - | 9,564 | 750 | |||||||||||||
Net income
(loss) for the period
|
337,269 | (58,143 | ) | 337,269 | (58,143 | ) | |||||||||||
Earnings
(loss) per share – in Reais
|
0.91 | (0.21 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
June
30, 2009
|
July
31, 2008
|
June
30, 2009
|
July
31, 2008
|
|||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Net income
(loss) for the period
|
337,269 | (58,143 | ) | 337,269 | (58,143 | ) | ||||||||||
Adjustments
to reconcile net income (loss) for the period to cash used in operating
activities
|
||||||||||||||||
Depreciation
and amortization
|
62,557 | 66,463 | 169,917 | 157,226 | ||||||||||||
Losses
(earnings) on equity investments
|
(108,992 | ) | 89,882 | 3,554 | (160 | ) | ||||||||||
Net book
value of permanent assets disposed of
|
(259 | ) | 870 | (103,168 | ) | 1,161 | ||||||||||
Goodwill
amortization
|
- | 16,489 | - | 40,385 | ||||||||||||
Realization
of goodwill on sale
|
- | - | 85,589 | - | ||||||||||||
Deferred
income and social contribution taxes
|
113,319 | 8,052 | 134,587 | (36,081 | ) | |||||||||||
Set-up
(reversal) of provision for legal claims, net
|
592 | 2,112 | 2,890 | 10,629 | ||||||||||||
Minority
interest
|
- | - | (9,564 | ) | (750 | ) | ||||||||||
Interest,
monetary and exchange variation, net
|
(243,609 | ) | (75,005 | ) | (287,809 | ) | (26,222 | ) | ||||||||
Others
|
(1,623 | ) | (4,583 | ) | 5,207 | (6,022 | ) | |||||||||
Variation in
assets and liabilities
|
||||||||||||||||
Trade
accounts receivables
|
(23,041 | ) | (3,487 | ) | 110,345 | 90,479 | ||||||||||
Inventories
|
37,336 | (125,889 | ) | 172,567 | (327,316 | ) | ||||||||||
Recoverable
taxes
|
(8,392 | ) | 12,742 | 10,394 | 8,457 | |||||||||||
Advances to
suppliers
|
(23,019 | ) | (20,047 | ) | (75,730 | ) | (37,036 | ) | ||||||||
Trade
accounts payables
|
39,071 | 77,333 | 46,966 | 140,577 | ||||||||||||
Salaries
payable
|
22,896 | 17,301 | 41,354 | 38,264 | ||||||||||||
Taxes and
social contributions payables
|
3,252 | (5,292 | ) | (57,123 | ) | (13,063 | ) | |||||||||
Derivative
financial instruments
|
(62,534 | ) | (30,635 | ) | (60,035 | ) | (30,635 | ) | ||||||||
Other assets
and liabilities, net
|
(4,240 | ) | (5,712 | ) | 7,011 | 823 | ||||||||||
Net
cash provided by (used in) operating activities
|
140,583 | (37,549 | ) | 534,221 | (47,427 | ) | ||||||||||
Cash
flows from investments activities
|
||||||||||||||||
Application
in investments
|
(3,900 | ) | (45,405 | ) | 58,539 | (3,753 | ) | |||||||||
Cash received
on sale of investment
|
- | - | 117,731 | 1,639 | ||||||||||||
Application
in property, plant and equipment
|
(55,138 | ) | (50,268 | ) | (420,618 | ) | (264,823 | ) | ||||||||
Others
|
294 | 459 | - | 3,004 | ||||||||||||
Net
cash used in investments activities
|
(58,744 | ) | (95,214 | ) | (244,348 | ) | (263,933 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
June
30, 2009
|
July
31, 2008
|
June
30, 2009
|
July
31, 2008
|
|||||||||||||
Cash
flows from financial activities
|
||||||||||||||||
Loans and
financing
|
2,684 | 551 | 172,899 | 2,968 | ||||||||||||
Amortization
of principal and interest on loans and financing, advances from
customers
|
(61,417 | ) | (39,750 | ) | (127,849 | ) | (67,769 | ) | ||||||||
Related
parties
|
(103,925 | ) | (239,118 | ) | (121,359 | ) | - | |||||||||
Other
|
- | - | ||||||||||||||
Net
cash provide by financing activities
|
(162,658 | ) | (278,317 | ) | (76,309 | ) | (64,801 | ) | ||||||||
Net
cash increase (decrease) in cash and cash equivalents
|
(80,819 | ) | (411,080 | ) | 213,564 | (376,161 | ) | |||||||||
Cash
and cash equivalents at the beginning of the period
|
388,726 | 925,157 | 719,356 | 1,010,088 | ||||||||||||
Cash
and cash equivalents at the end of the period
|
307,907 | 514,077 | 932,920 | 633,927 |
Capital
|
Treasury
shares
|
Recognized
granted shares
|
Accumulated
losses
|
Total
|
||||||||||||||||
Balances as
of March 31, 2009
|
3,819,770 | (4,186 | ) | 45,841 | (495,678 | ) | 3,365,747 | |||||||||||||
Capital
increase
|
334,172 | - | - | - | 334,172 | |||||||||||||||
Recognized
granted shares
|
- | - | 3,479 | - | 3,479 | |||||||||||||||
Net income
for the period
|
- | - | - | 337,269 | 337,269 | |||||||||||||||
Balances as
of June 30, 2009
|
4,153,942 | (4,186 | ) | 49,320 | (158,409 | ) | 4,040,667 |
1.
|
Operations
|
2.
|
Basis
of preparation and presentation of the quarterly
information
|
Parent
Company and Consolidated
|
||||
Balances
before the amendments from Laws No. 11638/07 and 11941/08
|
(58,143 | ) | ||
Recognized
granted options – CPC 10
|
(3,646 | ) | ||
Lease
operations – CPC 06
|
1,726 | |||
Derivative
financial instruments – CPC 14
|
(51,160 | ) | ||
Deferred
income tax and social contribution on temporary
adjustments
|
16,808 | |||
(36,272 | ) | |||
Balances
adjusted through application of Laws No. 11638/07 and
11941/08
|
(94,415 | ) |
a)
|
Intercompany
assets and liabilities are
eliminated;
|
b)
|
Equity
investments in subsidiaries, proportionate to the parent company interest
in the shareholders’ equity of subsidiaries, are
eliminated;
|
c)
|
Intercompany
revenues and expenses are eliminated;
and
|
d)
|
Significant
unearned intercompany income is eliminated, when
relevant.
|
Direct
and indirect interest as of
|
||||||||
June
30, 2009
|
March
31, 2009
|
|||||||
Administração
de Participações Aguassanta Ltda.
|
91.5 | % | 91.5 | % | ||||
Usina da Barra
S.A. Açúcar e Álcool
|
99.6 | % | 99.6 | % | ||||
Águas da Ponte
Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Vale da Ponte
Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Agrícola Ponte
Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Cosan
Centroeste S.A. Açúcar e Álcool
|
99.6 | % | 99.6 | % | ||||
Barra
Bioenergia S.A.
|
99.6 | % | 99.6 | % | ||||
DaBarra
Alimentos Ltda.
|
99.6 | % | 99.6 | % | ||||
Bonfim Nova
Tamoio – BNT Agrícola Ltda.
|
99.6 | % | 99.6 | % | ||||
Benálcool
Açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Barrapar
Participações Ltda.
|
99.6 | % | 99.6 | % | ||||
Aliança
Indústria e Comercio de açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Cosan
Distribuidora de Combustíveis Ltda.
|
99.9 | % | 99.9 | % | ||||
Cosan S.A.
Bioenergia
|
100.0 | % | 100.0 | % | ||||
Cosan
International Universal Corporation
|
100.0 | % | 100.0 | % | ||||
Cosan Finance
Limited
|
100.0 | % | 100.0 | % | ||||
Grançucar S.A.
Refinadora de Açúcar
|
100.0 | % | 100.0 | % | ||||
Cosanpar
Participações S.A. (1)
|
- | 100.0 | % | |||||
Cosan
Combustíveis e Lubrificantes S.A. (1)
|
100.0 | % | - | |||||
Copsapar
Participações S.A. (2)
|
90.0 | % | 90.0 | % | ||||
Novo Rumo
Logística S.A. (3)
|
92.9 | % | - | |||||
Rumo Logística
S.A. (3)
|
92.9 | % | - | |||||
Cosan
Operadora Portuária S.A. (3)
|
92.9 | % | 90.0 | % | ||||
Teaçú Armazéns
Gerais S.A. (3)
|
92.9 | % | - | |||||
Nova América
S.A. – Agroenergia (3)
|
100.0 | % | - |
(1)
|
On June 23,
2009 Cosan CL incorporated its parent company Cosanpar Participações S.A.
(Note 8);
|
(2)
|
Parent
company of Novo Rumo Logística S.A., which holds an indirect control in
the port terminals of Cosan Portuária and Teaçu (Note 8);
and
|
(3)
|
Companies
included in the association process with Grupo Rezende Barbosa (Notes 8
and 15).
|
4.
|
Cash
and cash equivalents
|
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
Cash
|
147 | 40 | 260 | 125 | ||||||||||||
“Overnight” investments
|
- | - | 56,697 | 67,137 | ||||||||||||
Bank checking
accounts
|
12,313 | 44,081 | 42,692 | 74,586 | ||||||||||||
Amounts
pending foreign exchange closing
|
43,264 | 46,776 | 61,843 | 48,969 | ||||||||||||
Marketable
securities
|
252,183 | 297,829 | 771,428 | 528,539 | ||||||||||||
307,907 | 388,726 | 932,920 | 719,356 |
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
Domestic
|
30,969 | 39,125 | 506,824 | 485,518 | ||||||||||||
International
|
90,322 | 74,066 | 137,235 | 162,822 | ||||||||||||
(-) Allowance
for doubtful accounts
|
(776 | ) | (776 | ) | (58,423 | ) | (49,177 | ) | ||||||||
120,515 | 112,415 | 585,636 | 599,163 |
6.
|
Inventories
|
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
Finished
goods:
|
||||||||||||||||
Sugar
|
79,740 | 56,328 | 271,875 | 109,265 | ||||||||||||
Ethanol
|
49,104 | 78,661 | 148,573 | 200,980 | ||||||||||||
Fuels
and lubricants
|
- | - | 224,475 | 274,430 | ||||||||||||
Harvest
costs
|
129,114 | 158,450 | 333,174 | 386,529 | ||||||||||||
Supplies and
other
|
67,517 | 57,907 | 201,221 | 158,083 | ||||||||||||
Provision for
inventory realization and obsolescence
|
(11,183 | ) | (9,856 | ) | (29,395 | ) | (23,102 | ) | ||||||||
314,292 | 341,490 | 1,149,923 | 1,106,185 |
7.
|
Related
parties
|
Current
Assets
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
Usina da
Barra S.A. Açúcar e Álcool
|
191,518 | 78,026 | - | - | ||||||||||||
Nova América
S.A. – Agroenergia
|
159,775 | 30,382 | - | 30,382 | ||||||||||||
Rezende
Barbosa S.A. Administração e Participações
|
- | - | 160,529 | - | ||||||||||||
Cosanpar
Participações S.A. (1)
|
- | 33,013 | - | - | ||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
- | 37,580 | - | - | ||||||||||||
Vertical UK
LLP
|
10,306 | 13,404 | 14,965 | 26,850 | ||||||||||||
Others
|
10,114 | 3,914 | 13,794 | - | ||||||||||||
371,713 | 196,319 | 189,288 | 57,232 | |||||||||||||
Current
|
(371,713 | ) | (196,319 | ) | (36,121 | ) | (57,232 | ) | ||||||||
Noncurrent
|
- | - | 153,167 | - |
Liabilities
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
Cosan Finance
Limited
|
751,139 | 872,128 | - | - | ||||||||||||
Cosan
Limited
|
- | - | 342,064 | 410,329 | ||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
52,543 | - | ||||||||||||||
Others
|
28,071 | 7,824 | 3,941 | 4,458 | ||||||||||||
831,753 | 879,952 | 346,005 | 410,329 | |||||||||||||
Current
|
(112,602 | ) | (26,801 | ) | (4,475 | ) | (5,169 | ) | ||||||||
Noncurrent
|
719,151 | 853,151 | 341,530 | 405,160 |
7.
|
Related parties
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
04/01/09
to 06/30/09
|
05/01/08
to 07/31/08
|
04/01/09
to 06/30/09
|
05/01/08
to 07/31/08
|
|||||||||||||
Transactions
involving assets
|
||||||||||||||||
Remittance of
financial resources. Net of receipts and credit
assignments
|
275,819 | 216,917 | (75,685 | ) | (58,592 | ) | ||||||||||
Sale of
finished goods and services (1)
|
41,417 | 38,196 | 286,858 | 103,821 | ||||||||||||
Purchase of
finished goods and services (1)
|
(174,610 | ) | (45,099 | ) | (286,858 | ) | (103,821 | ) | ||||||||
Sale of
finished goods and services to related parties
|
30,991 | 23,178 | 69,059 | 43,402 | ||||||||||||
Addition by
incorporation
|
- | - | 138,682 | - | ||||||||||||
Financial
income
|
1,777 | 18,295 | - | - | ||||||||||||
175,394 | 251,487 | 132,056 | (15,190 | ) | ||||||||||||
Transactions
involving liabilities
|
||||||||||||||||
Proceeds
received as financial resources, net of payments
|
72,790 | - | (3,532 | ) | (667 | ) | ||||||||||
Proceedings
from Parent Company
|
- | - | - | - | ||||||||||||
Financial
expenses (income)
|
(120,989 | ) | (30,742 | ) | (60,275 | ) | - | |||||||||
(48,199 | ) | (30,742 | ) | (64,324 | ) | (667 | ) |
(1)
|
It consists of operations carried
out between Cosan’s direct and indirect subsidiaries included in the
consolidation.
|
7.
|
Related parties
(Continued)
|
8.
|
Investments
|
Parent
Company
|
||||||||||||||||||||||||||||||||
Investee
|
Investor
|
|||||||||||||||||||||||||||||||
Equity
|
Profit
(loss) of the period
|
Interest
%
|
Investments
|
Earnings
(losses) on equity investments
|
||||||||||||||||||||||||||||
06/30/09
|
04/01/09
to 06/30/09
|
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
04/01/08
to 06/30/09
|
05/01/08
to
07/31/08
|
|||||||||||||||||||||||||
Administração
de Participações Aguassanta Ltda.
|
127,597 | 1,257 | 91.5 | 91.5 | 116,749 | 115,599 | 1,150 | (9,329 | ) | |||||||||||||||||||||||
Usina da
Barra S.A. Açúcar e Álcool
|
2,605,610 | 25,762 | 95.1 | 95.1 | 2,477,336 | 2,452,843 | 24,493 | (91,164 | ) | |||||||||||||||||||||||
Copsapar
Participações S.A.
|
184,839 | (13,081 | ) | 90.0 | 90.0 | 166,355 | 176,030 | (11,773 | ) | - | ||||||||||||||||||||||
Novo Rumo
Logística S.A. (3)
|
258,696 | (30,159 | ) | 28.8 | - | 74,556 | - | (324 | ) | - | ||||||||||||||||||||||
TEAS -
Terminal Exportador de Álcool de Santos S.A.
|
46,821 | 393 | 40.0 | 32.0 | 18,728 | 14,747 | 114 | 160 | ||||||||||||||||||||||||
Cosan S.A.
Bioenergia
|
138,251 | 1,963 | 100.0 | 100.0 | 138,251 | 136,288 | 1,963 | - | ||||||||||||||||||||||||
Radar
Propriedades Agrícolas S.A.
|
743,303 | 6,774 | 18.9 | 18.9 | 140,625 | 139,343 | 1,282 | - | ||||||||||||||||||||||||
Cosan
International Universal Corporation
|
11,277 | (1,968 | ) | 100.0 | 100.0 | 11,277 | 13,245 | 118 | 4,777 | |||||||||||||||||||||||
Cosan Finance
Limited
|
25,455 | (3,424 | ) | 100.0 | 100.0 | 25,455 | 28,879 | 1,167 | 4,248 | |||||||||||||||||||||||
Cosanpar
Participações S.A. (2)
|
- | - | - | 100.0 | - | 1,686,121 | 72,212 | - | ||||||||||||||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
1,780,226 | 94,139 | 100.0 | - | 1,780,226 | - | 21,893 | - | ||||||||||||||||||||||||
Rezende
Barbosa S.A. Administração e Participações (1)
|
245,701 | 1,651 | 100.0 | - | 245,701 | - | 1,651 | - | ||||||||||||||||||||||||
Other
|
- | - | - | - | 20,883 | 25,837 | (4,954 | ) | 1,426 | |||||||||||||||||||||||
5,216 | 4,788,932 | 108,992 | (89,882 | ) |
(1)
|
One-month
result for the period ended June 30,
2009;
|
(2)
|
Company
merged into Cosan CL; and,
|
(3)
|
Equity
interest acquired through incorporation of
Curupay.
|
8.
|
Investments
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||
Opening
balances
|
4,788,932 | 278,209 | ||||||
Earnings
(losses) on equity investments
|
108,992 | (3,554 | ) | |||||
Acquisition
of investments
|
4,000 | 4,000 | ||||||
Acquisition
through merger
|
334,072 | 2,769 | ||||||
Write-off of
advance for acquisition of investment
|
- | (100,000 | ) | |||||
Premium on
merger of shares
|
(18,194 | ) | - | |||||
Currency
translation adjustment and others
|
(6,677 | ) | - | |||||
Other
|
5,017 | (133 | ) | |||||
Closing
balances
|
5,216,142 | 181,291 |
8.
|
Investments
(Continued)
|
9.
|
Property,
plant and equipment
|
Parent
Company
|
||||||||||||||||||||
06/30/09
|
03/31/09
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land and rural
properties
|
- | 59,591 | - | 59,591 | 59,591 | |||||||||||||||
Machinery,
equipment and installations
|
10.73 | 468,728 | (271,531 | ) | 197,197 | 202,237 | ||||||||||||||
Aircraft
|
10.00 | 13,395 | (11,816 | ) | 1,579 | 2,262 | ||||||||||||||
Vehicles
|
21.80 | 63,764 | (34,740 | ) | 29,024 | 29,281 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
18.43 | 69,973 | (29,781 | ) | 40,192 | 36,164 | ||||||||||||||
Buildings and
improvements
|
4.00 | 160,633 | (28,878 | ) | 131,755 | 128,043 | ||||||||||||||
Construction
in progress
|
- | 65,773 | - | 65,773 | 68,758 | |||||||||||||||
Sugarcane
planting costs
|
20.00 | 408,027 | (187,201 | ) | 220,826 | 223,874 | ||||||||||||||
Parts and
components to be periodically replaced
|
100.00 | 77,623 | (26,745 | ) | 50,878 | 65,524 | ||||||||||||||
1,387,506 | (590,692 | ) | 796,814 | 815,734 |
Consolidated
|
||||||||||||||||||||
06/30/09
|
03/31/09
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land and rural
properties
|
- | 206,526 | - | 206,526 | 201,046 | |||||||||||||||
Machinery,
equipment and installations
|
11.70 | 2,613,053 | (1,387,910 | ) | 1,225,143 | 791,189 | ||||||||||||||
Aircraft
|
10.00 | 14,131 | (11,835 | ) | 2,296 | 2,998 | ||||||||||||||
Vehicles
|
17.99 | 215,520 | (130,396 | ) | 85,124 | 86,403 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
16.38 | 195,309 | (126,333 | ) | 68,976 | 59,721 | ||||||||||||||
Buildings and
improvements
|
4.00 | 983,491 | (286,690 | ) | 696,801 | 458,491 | ||||||||||||||
Construction
in progress
|
- | 1,208,480 | - | 1,208,480 | 881,561 | |||||||||||||||
Sugarcane
planting costs
|
20.00 | 1,245,771 | (556,430 | ) | 689,341 | 659,158 | ||||||||||||||
Parts and
components to be periodically replaced
|
100.00 | 152,751 | (10,019 | ) | 142,732 | 146,641 | ||||||||||||||
Advances for
fixed asset purchases
|
- | 176,403 | - | 176,403 | 203,493 | |||||||||||||||
Others
|
5.88 | 14,540 | - | 14,540 | 3,246 | |||||||||||||||
7,025,975 | (2,509,613 | ) | 4,516,362 | 3,493,947 |
10.
|
Intangible
|
Parent
Company
|
||||||||||||||||
June
30, 2009
|
March
31, 2009
|
|||||||||||||||
Cost
|
Accumulated
amortization
|
Net
|
Net
|
|||||||||||||
Goodwill on
the acquisition of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Goodwill on
the acquisition of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Goodwill on
the payment of capital of Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Goodwill on
the acquisition of Corona (ABC 125 and ABC 126)
|
267,824 | (84,811 | ) | 183,013 | 183,013 | |||||||||||
Goodwill on
the acquisition of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
Goodwill on
the incorporation of Curupay (Novamérica)
(nota
8)
|
18,194 | - | 18,194 | - | ||||||||||||
613,998 | (218,361 | ) | 395,637 | 377,443 |
Consolidated
|
||||||||||||||||
June
30, 2009
|
March
31, 2009
|
|||||||||||||||
Cost
|
Accumulated
amortization
|
Net
|
Net
|
|||||||||||||
Goodwill on
the acquisition of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Goodwill on
the acquisition of Usina da Barra
|
35,242 | (34,684 | ) | 558 | 558 | |||||||||||
Goodwill on
the constitution of FBA
|
22,992 | (18,585 | ) | 4,407 | 4,407 | |||||||||||
Goodwill on
the acquisition of Univalem S.A. Açúcar e Álcool
|
24,118 | (19,100 | ) | 5,018 | 5,018 | |||||||||||
Goodwill on
the acquisition of Grupo Destivale
|
69,918 | (27,424 | ) | 42,494 | 42,494 | |||||||||||
Goodwill on
the acquisition of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Goodwill on
the payment of capital of Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Goodwill on
the acquisition of Corona
|
818,831 | (255,815 | ) | 563,016 | 563,016 | |||||||||||
Goodwill on
the acquisition of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
Goodwill on
the acquisition of Usina Santa Luiza
|
47,053 | (4,705 | ) | 42,348 | 42,348 | |||||||||||
Goodwill on
the acquisition of Benálcool
|
167,300 | (18,053 | ) | 149,247 | 149,247 | |||||||||||
Goodwill on
the acquisition of Aliança (1)
|
1,860 | - | 1,860 | 1,860 | ||||||||||||
Goodwill on
the acquisition of Cosan CL (2) (3)
|
1,464,181 | (134,395 | ) | 1,329,786 | 1,415,375 | |||||||||||
Goodwill on
the acquisition of Teaçú (2) (nota 8)
|
66,968 | - | 66,968 | - | ||||||||||||
Goodwill on
the incorporation of Curupay (Novamérica)
(nota
8)
|
18,194 | - | 18,194 | - | ||||||||||||
Goodwill on
the acquisition of Açúcar União trade mark (4)
|
74,832 | (57,371 | ) | 17,461 | - | |||||||||||
Goodwill on
the acquisition of Destilaria Paraguaçu (4)
|
166,656 | - | 166,656 | - | ||||||||||||
Goodwill on
the subscription of shares of Nova América (4)
|
121,893 | - | 121,893 | - | ||||||||||||
3,428,018 | (703,682 | ) | 2,724,336 | 2,418,753 |
(1)
|
As mentioned
in Note 8, on June 17, 2009 Cosanpar sold to Shell its equity interest in
Jacta, fully realizing the R$85,589 goodwill on that
investment.
|
(2)
|
Goodwill
generated in the ports integration of groups Cosan and Rezende Barbosa,
described in note 8.
|
(3)
|
As mentioned
in Note 8, in the business combination between groups Cosan and Rezende
Barbosa, through the incorporation of Curupay, the Company recorded a
R$18,194 goodwill.
|
(4)
|
As mentioned
in Note 8, goodwill incorporated on business
combination.
|
11.
|
Taxes
and social contributions payable
|
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
ICMS – State
VAT
|
5,193 | 5,566 | 29,590 | 24,847 | ||||||||||||
IPI
|
57 | 117 | 24,571 | 25,776 | ||||||||||||
INSS – Social
Security
|
7,578 | 5,922 | 22,824 | 20,376 | ||||||||||||
PIS – Social
Integration Program
|
2,556 | 2,826 | 6,269 | 6,113 | ||||||||||||
COFINS –
Social Security Financing
|
11,574 | 12,808 | 29,981 | 23,492 | ||||||||||||
Tax Recovery
Program – REFIS
|
- | - | 272,776 | 273,507 | ||||||||||||
Special Tax
Payment Program – PAES
|
50,671 | 50,906 | 83,419 | 69,813 | ||||||||||||
Income and
social contribution taxes payable
|
4,110 | 8,216 | 30,043 | 41,099 | ||||||||||||
Other
|
13,553 | 5,125 | 25,829 | 12,333 | ||||||||||||
95,292 | 91,486 | 525,302 | 497,356 | |||||||||||||
Current
liabilities
|
(41,276 | ) | (36,076 | ) | (189,792 | ) | (168,596 | ) | ||||||||
Noncurrent
liabilities
|
54,016 | 55,410 | 335,510 | 328,760 |
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
13 to 24
months
|
16,089 | 16,143 | 53,450 | 44,549 | ||||||||||||
25 to 36
months
|
15,583 | 15,460 | 52,524 | 43,409 | ||||||||||||
37 to 48
months
|
13,575 | 14,704 | 49,633 | 42,644 | ||||||||||||
49 to 60
months
|
4,184 | 4,314 | 32,615 | 28,837 | ||||||||||||
61 to 72
months
|
1,015 | 1,005 | 28,256 | 24,067 | ||||||||||||
73 to 84
months
|
1,015 | 1,005 | 27,726 | 24,067 | ||||||||||||
85 to 96
months
|
1,015 | 1,005 | 27,268 | 24,067 | ||||||||||||
Above 97
months
|
1,540 | 1,774 | 64,038 | 97,120 | ||||||||||||
54,016 | 55,410 | 335,510 | 328,760 |
12.
|
Income
and social contribution taxes
|
Parent
Company
|
Consolidated
|
|||||||||||||||
04/01/09
a 06/30/09
|
05/01/08
a 07/31/08
|
04/01/09
a 06/30/09
|
05/01/08
a 07/31/08
|
|||||||||||||
Income (loss)
before income and social contribution taxes
|
450,588 | (36,413 | ) | 485,604 | (81,297 | ) | ||||||||||
Income and
Social Contribution taxes at nominal rate (34%)
|
(153,200 | ) | 12,380 | (165,105 | ) | 27,641 | ||||||||||
Adjustments
to calculate effective rate:
|
||||||||||||||||
Earnings
(losses) on equity investments
|
37,057 | (30,560 | ) | (1,208 | ) | 54 | ||||||||||
Non-deductible
goodwill amortization
|
4,992 | (569 | ) | 11,653 | (1,415 | ) | ||||||||||
Non-deductible
donations and contributions
|
(388 | ) | (580 | ) | (489 | ) | (1,063 | ) | ||||||||
Recognized
granted shares
|
(1,183 | ) | - | (1,183 | ) | - | ||||||||||
Other
|
(597 | ) | (2,401 | ) | (1,567 | ) | (2,813 | ) | ||||||||
Total current
and deferred taxes
|
(113,319 | ) | (21,730 | ) | (157,899 | ) | 22,404 | |||||||||
Effective
rate
|
25.15 | % | - | 32.52 | % | - |
Parent
Company
|
||||||||||||||||||||
06/30/09
|
03/31/09
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provision for
judicial demands and other temporary differences
|
238,204 | 59,551 | 21,439 | 80,990 | 76,589 | |||||||||||||||
Foreign
exchange variation
|
(337,230 | ) | (84,307 | ) | (30,351 | ) | (114,658 | ) | - | |||||||||||
Income tax
losses
|
461,912 | 115,478 | - | 115,478 | 117,730 | |||||||||||||||
Social
contribution tax losses
|
462,013 | - | 41,581 | 41,581 | 42,391 | |||||||||||||||
Deferred
taxes - noncurrent assets
|
90,722 | 32,669 | 123,391 | 236,710 |
Consolidated
|
||||||||||||||||||||
06/30/09
|
03/31/09
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provision for
judicial demands and other temporary differences
|
1,383,231 | 345,809 | 124,491 | 470,299 | 457,098 | |||||||||||||||
Foreign
exchange variation
|
(337,230 | ) | (84,307 | ) | (30,351 | ) | (114,658 | ) | - | |||||||||||
Income tax
losses
|
1,003,943 | 250,986 | - | 250,986 | 209,859 | |||||||||||||||
Social
contribution tax losses
|
1,016,277 | - | 91,465 | 91,465 | 75,558 | |||||||||||||||
Deferred
taxes
|
512,488 | 185,605 | 698,093 | 742,515 | ||||||||||||||||
Current
assets
|
(53,502 | ) | (42,471 | ) | ||||||||||||||||
Noncurrent
assets
|
644,591 | 700,044 |
12.
|
Income and social contribution
taxes (Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
2011
|
1,130 | 2,168 | 30,832 | 33,484 | ||||||||||||
2012
|
13,273 | 25,462 | 70,089 | 76,119 | ||||||||||||
2013
|
28,094 | 53,894 | 119,995 | 130,318 | ||||||||||||
2014
|
39,242 | 75,281 | 161,133 | 174,995 | ||||||||||||
From 2015 to
2017
|
33,782 | 64,806 | 177,368 | 192,627 | ||||||||||||
From 2018 to
2019
|
7,870 | 15,099 | 85,174 | 92,501 | ||||||||||||
123,391 | 236,710 | 644,591 | 700,044 |
13.
|
Loans
and financing
|
Financial
charges (1)
|
Parent
company
|
Consolidated
|
Collaterals
(2)
|
||||||
Purpose
|
Index
|
Annual
average interest rate
|
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
Final
maturity
|
06/30/09
|
03/31/09
|
Senior Notes
Due 2009
|
Dollar
(US)
|
9.0%
interest
|
71,081
|
86,456
|
71,081
|
86,456
|
November/2009
|
-
|
-
|
Senior Notes
Due 2017
|
Dollar
(US)
|
7.0%
interest
|
-
|
-
|
803,257
|
936,704
|
February/2017
|
-
|
-
|
Perpetual
bonuses
|
Dollar
(US)
|
8.3%
interest
|
888,570
|
1,054,119
|
888,570
|
1,054,119
|
-
|
-
|
-
|
IFC
|
Dollar
(US)
|
7.4%
interest
|
98,823
|
114,323
|
98,823
|
114,323
|
January/2013
|
Chattel
mortgage
|
Chattel
mortgage
|
|
|||||||||
Pre-shipment
export finance (ACC)
|
Dollar
(US)
|
7.6%
interest
|
91,729
|
143,250
|
152,085
|
143,250
|
August/2009
|
-
|
-
|
|
|||||||||
Commercial
promissory notes
|
DI – Interbank
Deposits
|
3.0%
interest
|
1,198,167
|
1,161,971
|
1,198,167
|
1,161,971
|
November/2009
|
Chattel
mortgage
|
Chattel
mortgage
|
Resolution No.
2471
|
IGP-M
Change in the
price of corn
|
4.0%
interest
12.5%
interest
|
97,895
129
|
97,642
129
|
594,251
129
|
579,856
129
|
December/2020
October/2025
|
National
Treasury Certificates and mortgage on land
|
National
Treasury Certificates and mortgage on land
|
BNDES
(3)
|
Long-term
interest rate (TJLP)
|
2.6%
interest
|
-
|
-
|
360,112
|
230,504
|
January/2022
|
Credit rights
from energy sale agreements
|
Credit rights
from energy sale agreements
|
Bank Credit
Certificate (4)
|
DI – Interbank
deposits
|
3.9%
interest
|
-
|
-
|
216,806
|
-
|
July/2009
|
-
|
-
|
(Subordinated)
debentures (4)
|
DI – Interbank
deposits
|
3.3%
interest
|
-
|
-
|
157,769
|
-
|
August/2010
|
-
|
-
|
Credit notes
(4)
|
DI – Interbank
deposits – dollar (US)
|
2.4%
interest
8.8%
interest
|
-
-
|
-
-
|
231,130
112,096
|
-
-
|
September/2011
January/2010
|
-
-
|
-
-
|
|
|||||||||
Prepayments
(4)
|
DI – Interbank
deposits – dollar (US)
|
0.6%
interest
2.6%
interest
|
-
-
|
-
-
|
7,672
113,662
|
-
-
|
December/2011
November/2010
|
-
-
|
-
-
|
Others
|
Sundry
|
Sundry
|
23,482
|
21,084
|
247,392
|
70,000
|
Sundry
|
Mortgage,
inventories and chattel mortgage of financed assets
|
Mortgage,
inventories and chattel mortgage of financed assets
|
Expenses with
placement of securities
|
(17,399)
|
(21,757)
|
(34,199)
|
(42,352)
|
-
|
-
|
-
|
||
2,452,477
|
2,657,217
|
5,218,803
|
4,334,960
|
||||||
Current
|
(504,744)
|
(1,419,451)
|
(1,127,356)
|
(1,449,504)
|
|||||
Non-current
|
1,947,733
|
1,237,766
|
4,091,447
|
2,885,456
|
(1)
|
Financial
charges at June 30, 2009, except as otherwise
stated;
|
(2)
|
All loans and
financing are backed by promissory notes and guarantees
provided by the Company and its subsidiaries and by majority shareholders,
plus the aforesaid security
interest;
|
(3)
|
It comprises
funds raised by the subsidiary Cosan S.A. Bioenergia earmarked for the
financing of co-generation projects;
and,
|
(4)
|
Debts from
Nova América.
|
13.
|
Loans and financing
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
13 to 24
months
|
899,822 | 16,029 | 1,289,822 | 42,322 | ||||||||||||
25 to 36
months
|
21,554 | 23,401 | 147,679 | 49,799 | ||||||||||||
37 to 48
months
|
50,827 | 58,129 | 111,508 | 83,140 | ||||||||||||
49 to 60
months
|
1,328 | 2,058 | 50,156 | 23,882 | ||||||||||||
61 to 72
months
|
8 | 8 | 44,476 | 19,447 | ||||||||||||
73 to 84
months
|
8 | 8 | 33,990 | 16,676 | ||||||||||||
85 to 96
months
|
8 | 8 | 814,795 | 943,421 | ||||||||||||
Thereafter
|
974,178 | 1,138,125 | 1,599,021 | 1,706,769 | ||||||||||||
1,947,733 | 1,237,766 | 4,091,447 | 2,885,456 |
13.
|
Loans and financing
(Continued)
|
13.
|
Loans and financing
(Continued)
|
14.
|
Provision
for judicial demands
|
Parent
Company
|
Consolidated
|
|||||||||||||||
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
|||||||||||||
Tax
|
229,618 | 226,805 | 1,156,017 | 1,121,338 | ||||||||||||
Civil and
labor
|
23,925 | 22,905 | 156,538 | 155,827 | ||||||||||||
253,543 | 249,710 | 1,312,555 | 1,277,165 | |||||||||||||
Judicial
deposits
|
(13,643 | ) | (13,077 | ) | (177,095 | ) | (171,266 | ) | ||||||||
239,900 | 236,633 | 1,135,460 | 1,105,899 |
14.
|
Provision for judicial
demands (Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
||||||||||||
Premium
credit – IPI (i)
|
148,951 | 146,886 | 273,201 | 269,157 | ||||||||||||
PIS and
Cofins (ii)
|
17,532 | 17,334 | 146,474 | 144,830 | ||||||||||||
IPI credits
(NT) (iii)
|
- | - | 93,808 | 92,722 | ||||||||||||
Contribution
to IAA (iv)
|
- | - | 85,664 | 84,904 | ||||||||||||
IPC-89
(v)
|
- | - | 82,908 | 81,546 | ||||||||||||
Finsocial
(vi)
|
- | - | 166,219 | 163,668 | ||||||||||||
IPI – Federal
VAT
|
9,628 | 9,534 | 55,324 | 54,699 | ||||||||||||
ICMS
credits
|
15,160 | 14,718 | 47,829 | 46,226 | ||||||||||||
Income tax
and social contribution
|
5,432 | 5,381 | 43,958 | 43,463 | ||||||||||||
Others
|
32,915 | 32,952 | 160,632 | 140,123 | ||||||||||||
229,618 | 226,805 | 1,156,017 | 1,121,338 |
14.
|
Provision for judicial
demands (Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
06/30/09
|
03/31/09
|
06/30/09
|
03/31/09
|
||||||||||||
ICMS – State
VAT
|
23,984 | 9,460 | 179,675 | 178,390 | ||||||||||||
IAA – Sugar
and Ethanol Institute
|
- | - | 73,560 | 73,184 | ||||||||||||
Withholding
income tax
|
162,954 | 161,440 | 162,999 | 161,485 | ||||||||||||
IPI – Federal
VAT
|
15,687 | 15,539 | 299,079 | 233,191 | ||||||||||||
INSS
|
11 | 11 | 2,099 | 1,839 | ||||||||||||
PIS/Cofins
|
11 | 11,023 | 56,780 | 35,953 | ||||||||||||
Civil and
labor
|
39,649 | 38,401 | 233,411 | 219,016 | ||||||||||||
Others
|
47,093 | 30,306 | 114,445 | 80,686 | ||||||||||||
289,389 | 266,180 | 1,122,048 | 983,744 |
14.
|
Provision for judicial
demands (Continued)
|
15.
|
Shareholders’
equity
|
16.
|
Management
compensation
|
17.
|
Financial
income (expenses), net
|
Parent
Company
|
Consolidated
|
|||||||||||||||
04/01/09
a 06/30/09
|
05/01/08
a 07/31/08
|
04/01/09
a 06/30/09
|
05/01/08
a 07/31/08
|
|||||||||||||
Financial
expenses
|
||||||||||||||||
Interest
(1)
|
(93,114 | ) | (50,597 | ) | (133,144 | ) | (68,937 | ) | ||||||||
Monetary
variation losses
|
333 | (4,971 | ) | (4,964 | ) | (29,948 | ) | |||||||||
Exchange
variation losses
|
352,778 | 112,142 | 355,794 | 111,833 | ||||||||||||
Results from
derivatives (3)
|
97,823 | (35,459 | ) | 160,817 | (35,459 | ) | ||||||||||
Others
|
(148 | ) | (82 | ) | (904 | ) | (491 | ) | ||||||||
357,672 | (21,033 | ) | 377,599 | (23,002 | ) | |||||||||||
Financial
income
|
||||||||||||||||
Interest
(1)
|
6,078 | 20,922 | 19,769 | 11,146 | ||||||||||||
Exchange
variation gains
|
(88 | ) | 1,285 | 2,139 | 8,343 | |||||||||||
Monetary
variation gains
(2)
|
(24,807 | ) | (5,249 | ) | 22,743 | (10,300 | ) | |||||||||
Results from
derivatives (3)
|
- | 80,683 | - | 80,683 | ||||||||||||
Earnings from
marketable securities
|
4,199 | 18,534 | 10,612 | 19,945 | ||||||||||||
Others
|
255 | 62 | 571 | 122 | ||||||||||||
(14,363 | ) | 116,237 | 55,834 | 109,939 | ||||||||||||
343,309 | 137,270 | 433,433 | 86,937 |
(1)
|
Included on
the three-month period ended July 31, 2008, results from currency and
interest rate swap contracts for the
charges;
|
(2)
|
Includes
foreign exchange gains (losses) on assets and liabilities denominated in
foreign currency; and.
|
(3)
|
Includes
results from transactions in futures, options swaps and
NDF.
|
18.
|
Other
operating income (expenses)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
04/01/09
a 06/30/09
|
05/01/08
a 07/31/08
|
04/01/09
a 06/30/09
|
05/01/08
a 07/31/08
|
|||||||||||||
Gain on sale
of interest of investment (Note 8)
|
- | - | 93,097 | - | ||||||||||||
Loss on
business combination, net (Note 8)
|
- | - | (28,138 | ) | - | |||||||||||
Others
|
3,615 | 549 | 7,525 | 3,864 | ||||||||||||
3,615 | 549 | 72,484 | 3,864 |
19.
|
Financial
instruments
|
19.
|
Financial instruments
(continued)
|
|
a)
|
Risk management
(Continued)
|
Notional
value
|
Fair
value
|
Notional
value
|
Fair
value
|
|||||||||||||||||||||||||||||||||||||
06/30/09
|
07/31/08
|
06/30/09
|
07/31/08
|
Gain/loss
(*)
|
06/30/09
|
07/31/08
|
06/30/09
|
07/31/08
|
Gain/loss
(*)
|
|||||||||||||||||||||||||||||||
Price
risk
|
||||||||||||||||||||||||||||||||||||||||
Commodity
derivatives
|
||||||||||||||||||||||||||||||||||||||||
Futures contracts:
|
||||||||||||||||||||||||||||||||||||||||
Sale
commitments (Sugar price hedge)
|
239,875 | 423,550 | (26,926 | ) | 9,638 | (26,926 | ) | 258,739 | 423,550 | (27,804 | ) | 9,638 | (27,804 | ) | ||||||||||||||||||||||||||
Purchase
commitments (Increase in average price)
|
40,226 | 141 | 3,871 | (9 | ) | 3,871 | 40,226 | 141 | 3,871 | (9 | ) | 3,871 | ||||||||||||||||||||||||||||
Options:
|
||||||||||||||||||||||||||||||||||||||||
Call (Increase
in average price)
|
494,743 | 149,021 | (68,502 | ) | (6,728 | ) | (32,937 | ) | 494,743 | 149,021 | (68,502 | ) | (6,728 | ) | (32,937 | ) | ||||||||||||||||||||||||
Put
(Sugar price hedge)
|
261,389 | - | 28,935 | - | (8,490 | ) | 261,389 | - | 28,935 | - | (8,490 | ) | ||||||||||||||||||||||||||||
Swap contracts
(Ethanol price hedge)
|
11,648 | - | 1,174 | - | 1,174 | 11,648 | - | 1,174 | - | 1,174 | ||||||||||||||||||||||||||||||
(61,448 | ) | 2,901 | (63,308 | ) | (62,326 | ) | 2,901 | (64,186 | ) | |||||||||||||||||||||||||||||||
Foreign exchange
risk
|
||||||||||||||||||||||||||||||||||||||||
Foreign
exchange derivatives
|
||||||||||||||||||||||||||||||||||||||||
Futures contracts:
|
||||||||||||||||||||||||||||||||||||||||
Sale
commitments (Cash flow hedge)
|
1,415,530 | 861,787 | 4,525 | 7,384 | 4,525 | 1,415,530 | 861,787 | 4,525 | 7,384 | 4,525 | ||||||||||||||||||||||||||||||
Purchase
commitments (Increase in cash flow)
|
98,220 | - | 320 | - | 320 | 98,220 | - | 320 | - | 320 | ||||||||||||||||||||||||||||||
Forward contracts:
|
||||||||||||||||||||||||||||||||||||||||
Sale
commitments (Cash flow hedge)
|
237,010 | 427,510 | 15,395 | (53,330 | ) | 15,395 | 237,010 | 427,510 | 15,395 | (53,330 | ) | 15,395 | ||||||||||||||||||||||||||||
Options:
|
||||||||||||||||||||||||||||||||||||||||
Put (Cash flow
hedge)
|
538,125 | - | 32,371 | - | 14,390 | 538,125 | - | 32,371 | - | 14,390 | ||||||||||||||||||||||||||||||
Swap contracts
(Senior notes 2009 hedge)
|
570,700 | 570,000 | (2,549 | ) | (6,828 | ) | (3,405 | ) | 570,700 | 570,000 | (2,549 | ) | (6,828 | ) | (3,405 | ) | ||||||||||||||||||||||||
50,062 | (52,774 | ) | 31,225 | 50,062 | (52,774 | ) | 31,225 | |||||||||||||||||||||||||||||||||
(11,386 | ) | (49,873 | ) | (32,083 | ) | (12,264 | ) | (49,873 | ) | (32,961 | ) | |||||||||||||||||||||||||||||
Total
assets
|
86,591 | 17,022 | 86,591 | 17,022 | ||||||||||||||||||||||||||||||||||||
Total
liabilities
|
(97,977 | ) | (66,895 | ) | (98,855 | ) | (66,895 | ) |
19.
|
Financial instruments
(continued)
|
a)
|
Risk management
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
04/01/09 to
06/30/09
|
05/01/08 to
07/31/08
|
04/01/09 to
06/30/09
|
05/01/08 to
07/31/08
|
|||||||||||||
Commodity
derivatives
|
(108,463 | ) | 7,856 | (128,346 | ) | 7,856 | ||||||||||
Foreign
exchange derivatives
|
206,286 | 37,368 | 289,163 | 37,368 | ||||||||||||
97,823 | 45,224 | 160,817 | 45,224 | |||||||||||||
Financial
income (Note 17)
|
- | 80,683 | - | 80,683 | ||||||||||||
Financial
expenses (Note 17)
|
97,823 | (35,459 | ) | 160,817 | (35,459 | ) |
19.
|
Financial instruments
(Continued)
|
b)
|
Price
risk
|
Price risk: Commodity derivatives outstanding as of June 30, 2009 | |||||||||||||||||||||||||||||||||||||||||||||
Put/
|
Expity |
Number
of
|
Average
|
Fair
|
Fair
|
||||||||||||||||||||||||||||||||||||||||
Derivatives
|
Call
|
Market
|
Contract
|
date
|
contracts
|
Strike
|
price
|
price
|
Notional
|
Notional
|
value
|
||||||||||||||||||||||||||||||||||
Future
contract
|
C
|
NYBOT
|
#11
|
May-09
|
946 | - |
¢/lb
13.38
|
¢/lb
16.50
|
48,059 | T | 27,662 | (6,456 | ) | ||||||||||||||||||||||||||||||||
Future
contract
|
C
|
NYBOT
|
#11
|
Jul-09
|
2,952 | - |
¢/lb
14.41
|
¢/lb
16.81
|
149,969 | T | 92,962 | (15,504 | ) | ||||||||||||||||||||||||||||||||
Future
contract
|
C
|
NYBOT
|
#11
|
Oct-09
|
1,239 | - |
¢/lb
16.57
|
¢/lb 17.85 | 62,944 | T | 44,884 | (3,461 | ) | ||||||||||||||||||||||||||||||||
Future
contract
|
C
|
NYBOT
|
#11
|
Mar-10
|
2,036 | - |
¢/lb
18.47
|
¢/lb 18.83 | 103,434 | T | 82,206 | (1,593 | ) | ||||||||||||||||||||||||||||||||
Future
contract
|
C
|
LIFFE
|
White
Sugar
|
Aug-09
|
264 | - |
$/T
428.00
|
$/T 458.70 | 13,200 | T | 11,026 | (791 | ) | ||||||||||||||||||||||||||||||||
Subtotal
of future contracts - sales
|
377,606 | T | 258,739 | (27,804 | ) | ||||||||||||||||||||||||||||||||||||||||
Future
contract
|
P
|
NYBOT
|
#11
|
Oct-09
|
(550 | ) | - |
¢/lb
15.90
|
¢/lb 17.85 | (27,941T | ) | (19,113 | ) | 2,346 | |||||||||||||||||||||||||||||||
Future
contract
|
P |
NYBOT
|
#11
|
Mar-10
|
(550 | ) | - |
¢/lb
17.56
|
¢/lb 18.83 | (27,941T | ) | (21,113 | ) | 1,525 | |||||||||||||||||||||||||||||||
Subtotal
of future contracts - purchase
|
(55,883T | ) | (40,226 | ) | 3,871 | ||||||||||||||||||||||||||||||||||||||||
Subtotal
of future contracts
|
321,723 | T | 218,513 | (23,933 | ) | ||||||||||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Oct-09
|
550 |
¢/lb
13.00
|
¢/lb
1.64
|
¢/lb 4.90 | 27,941 | T | 15,628 | (5,891 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Oct-09
|
425 |
¢/lb
14.00
|
¢/lb
1.53
|
¢/lb 3.98 | 21,591 | T | 13,005 | (3,697 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Mar-10
|
985 |
¢/lb
16.00
|
¢/lb
1.39
|
¢/lb 3.76 | 50,040 | T | 34,448 | (8,095 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Mar-10
|
985 |
¢/lb
17.00
|
¢/lb
1.14
|
¢/lb 3.20 | 50,040 | T | 36,601 | (6,890 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Mar-10
|
2,000 |
¢/lb
18.00
|
¢/lb
1.13
|
¢/lb 2.72 | 101,605 | T | 78,689 | (11,891 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Jul-10
|
5,987 |
¢/lb
20.00
|
¢/lb
1.30
|
¢/lb 2.04 | 304,154 | T | 261,727 | (26,696 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Oct-10
|
400 |
¢/lb
20.50
|
¢/lb
1.86
|
¢/lb 2.11 | 20,321 | T | 17,923 | (1,845 | ) | ||||||||||||||||||||||||||||||||
Call
|
C
|
NYBOT
|
#11
|
Oct-10
|
800 |
¢/lb
21.00
|
¢/lb
1.82
|
¢/lb 2.00 | 40,642 | T | 36,721 | (3,497 | ) | ||||||||||||||||||||||||||||||||
Subtotal
of calls
|
616,335 | T | 494,743 | (68,502 | ) | ||||||||||||||||||||||||||||||||||||||||
Put
|
P
|
NYBOT
|
#11
|
Jul-10
|
5,987 |
¢/lb
16.50
|
¢/lb
2.33
|
¢/lb 1.71 | 304,154 | T | 215,925 | 22,378 | |||||||||||||||||||||||||||||||||
Put
|
P
|
NYBOT
|
#11
|
Oct-10
|
400 |
¢/lb
17.00
|
¢/lb
2.45
|
¢/lb 2.30 | 20,321 | T | 14,863 | 2,011 | |||||||||||||||||||||||||||||||||
Put
|
P
|
NYBOT
|
#11
|
Oct-10
|
800 |
¢/lb
17.50
|
¢/lb
2.73
|
¢/lb 2.60 | 40,642 | T | 30,601 | 4,546 | |||||||||||||||||||||||||||||||||
Subtotal
of puts
|
365,117 | T | 261,389 | 28,935 | |||||||||||||||||||||||||||||||||||||||||
Subtotal
of options - collars
|
365,117 | T | 316,372 | (3,103 | ) | ||||||||||||||||||||||||||||||||||||||||
Subtotal
of options - call
|
251,218 | T | 178,372 | (36,464 | ) | ||||||||||||||||||||||||||||||||||||||||
Swap
|
C
|
OTC
|
Ethanol
CB
|
Aug-09
|
119 | - |
$/gl
1.735
|
$/gl 1.560 | 13,022m³ | 11,648 | 1,174 | ||||||||||||||||||||||||||||||||||
Total
commoditties
|
724,905 | (62,326 | ) |
19.
|
Financial instruments
(Continued)
|
b)
|
Price risk
(Continued)
|
c)
|
Foreign exchange
risk
|
Price
risk: Foreign exchange derivatives outstanding as of June 30,
2009
|
|||||||||||||||||||||||||||||||||||||
Put/
|
Screen
|
Number
of
|
Average
|
Fair
|
Fair
|
||||||||||||||||||||||||||||||||
Derivatives
|
Call
|
Market
|
Contract
|
date
|
contracts
|
Strike
|
price
|
price
|
Notional
|
Notional
|
value
|
||||||||||||||||||||||||||
lotes
|
(R$/US$)
|
(R$/US$)
|
(R$/US$)
|
(US$
mil)
|
(R$)
|
(R$)
|
|||||||||||||||||||||||||||||||
Future
contract - sale
|
C |
BM&FBov.
|
Dollar
|
Jul-09
|
1,000 | - | 1.9644 | 1.9516 | 50,000 | 98,220 | 640 | ||||||||||||||||||||||||||
Future
contract - sale
|
C |
BM&FBov.
|
Dollar
|
Aug-09
|
10,990 | - | 1.9766 | 1.9706 | 549,500 | 1,086,167 | 3,300 | ||||||||||||||||||||||||||
Future
contract - sale
|
C |
BM&FBov.
|
Dollar
|
Sep-09
|
400 | - | 1.9882 | 1.9823 | 20,000 | 39,764 | 117 | ||||||||||||||||||||||||||
Future
contract - sale
|
C |
BM&FBov.
|
Dollar
|
Jul-10
|
1,825 | - | 2.0973 | 2.0922 | 91,250 | 191,379 | 468 | ||||||||||||||||||||||||||
Subtotal
of future contracts - sale
|
710,750 | 1,415,530 | 4,525 | ||||||||||||||||||||||||||||||||||
uture contract
- purchase
|
P |
BM&FBov.
|
Dollar
|
Jul-09
|
(1,000 | ) | - | 1.9644 | 1.9516 | (50,000 | ) | (98,220 | ) | 320 | |||||||||||||||||||||||
Subtotal
of future contracts - purchase
|
660,750 | 1,317,310 | 4,845 | ||||||||||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Aug-09
|
1 | - | 2.2736 | 1.9695 | 23,894 | 54,324 | 7,279 | ||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Sep-09
|
1 | - | 2.1012 | 1.9823 | 45,706 | 96,037 | 5,412 | ||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Oct-09
|
1 | - | 2.1016 | 1.9936 | 15,800 | 33,205 | 1,714 | ||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Nov-09
|
1 | - | 2.0500 | 2.0049 | 8,000 | 16,400 | 349 | ||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Dec-09
|
1 | - | 2.0584 | 2.0160 | 9,000 | 18,525 | 373 | ||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Jan-10
|
1 | - | 2.0642 | 2.0257 | 8,000 | 16,514 | 298 | ||||||||||||||||||||||||||
Forward
contract-sale
|
C |
OTC/Cetip
|
NDF
|
Feb-10
|
1 | - | 2.0056 | 2.0366 | 1,000 | 2,006 | (29 | ) | |||||||||||||||||||||||||
Subtotal
of forward contract - sale
|
111,400 | 237,010 | 15,396 | ||||||||||||||||||||||||||||||||||
Put
|
P |
BM&FBov.
|
Dollar
|
Jan-10
|
5,250 | 2.0500 | 0.0685 | 0.1233 | 262,500 | 538,125 | 32,371 | ||||||||||||||||||||||||||
Total
export foreign exchange
|
1,034,650 | 2,092,445 | 52,612 | ||||||||||||||||||||||||||||||||||
Swap
|
P |
OTC/Cetip
|
Dollar
|
1 | - |
US$+9%/81%CDI
|
90,300 | 570,700 | (2,549 | ) | |||||||||||||||||||||||||||
Total
foreign exchange
|
1,124,950 | 2,663,145 | 50,063 |
19.
|
Financial instruments
(Continued)
|
c)
|
Foreign exchange
risk (Continued)
|
Consolidated
|
||||||||||||||||
06/30/09
|
03/31/09
|
|||||||||||||||
R$
|
US$
(thousand)
|
R$
|
US$
(thousand)
|
|||||||||||||
Amounts
pending foreign exchange closing
|
61,843 | 31,688 | 48,969 | 21,151 | ||||||||||||
Overnight
|
56,697 | 29,052 | 67,137 | 28,998 | ||||||||||||
Trade notes
receivable - foreign
|
137,235 | 70,319 | 162,822 | 70,327 | ||||||||||||
Related
parties
|
(342,064 | ) | (175,274 | ) | (383,479 | ) | (165,635 | ) | ||||||||
Foreign
currency-denominated loans
|
(363,004 | ) | (186,003 | ) | (257,573 | ) | (111,253 | ) | ||||||||
Advances from
customers
|
(113,662 | ) | (58,240 | ) | - | - | ||||||||||
Senior Notes
due in 2009
|
(71,081 | ) | (36,422 | ) | (86,456 | ) | (37,343 | ) | ||||||||
Senior Notes
due in 2017
|
(803,257 | ) | (411,589 | ) | (936,704 | ) | (404,589 | ) | ||||||||
Perpetual
bonds
|
(888,570 | ) | (455,303 | ) | (1,054,119 | ) | (455,304 | ) | ||||||||
Derivative
financial instruments, net
|
27,822 | (14,256 | ) | (38,116 | ) | (16,463 | ) | |||||||||
Foreign
exchange exposure, net
|
(2,298,041 | ) | (1,177,516 | ) | (2,477,519 | ) | (1,070,111 | ) |
d)
|
Interest rate
risk
|
19.
|
Financial instruments
(Continued)
|
e)
|
Credit
risk
|
|
f)
|
Debt acceleration
risk
|
g)
|
Market
values
|
19.
|
Financial instruments
(Continued)
|
g)
|
Market values
(Continued)
|
h)
|
Sensitivity
analysis
|
Sugar
#11
|
Sugar
#5
|
Ethanol
|
Dollar
|
|||||||||||||
Source:
|
NYBOT
|
LIFFE
|
CBOT
|
BM&Fbov.
|
||||||||||||
Unit:
|
¢US$/lb
|
US$/ton
|
US$/gallon
|
R$/US$
|
||||||||||||
Mai/09
|
16.50 | 1.9516 | ||||||||||||||
Jul-09
|
16.81 | - | 1.635 | 1.9516 | ||||||||||||
Aug-09
|
- | 458.70 | 1.560 | 1.9706 | ||||||||||||
Sep-09
|
- | - | 1.550 | 1.9823 | ||||||||||||
Oct-09
|
17.85 | 472.90 | 1.544 | 1.9936 | ||||||||||||
Nov-09
|
- | - | 1.550 | 2.0043 | ||||||||||||
Dec-09
|
- | 477.90 | 1.550 | 2.0145 | ||||||||||||
Jan-10
|
18.28 | - | 1.530 | 2.0259 | ||||||||||||
Feb-10
|
- | - | 1.550 | 2.0361 | ||||||||||||
Mar-10
|
18.83 | 487.00 | 1.550 | 2.0453 | ||||||||||||
Apr-10
|
- | - | 1.550 | 2.0571 | ||||||||||||
May-10
|
18.38 | 479.90 | 1.575 | 2.0683 | ||||||||||||
Jun-10
|
- | - | 1.580 | 2.0802 | ||||||||||||
Jul-10
|
18.03 | - | 1.580 | 2.0922 |
19.
|
Financial instruments
(Continued)
|
h)
|
Sensitivity
analysis (Continued)
|
Impacts
in P&L (*)
|
|||||||||||||
Risk
factor
|
Probable
Scenario
|
Possible
Scenario (25%)
|
Remote
Scenario (50%)
|
||||||||||
Price
risk
|
|||||||||||||
Goods
derivatives
|
|||||||||||||
Futures contracts:
|
|||||||||||||
Sale commitments
|
Sugar price
spike
|
(155 | ) | (73,085 | ) | (255,408 | ) | ||||||
Purchase commitments
|
Sugar price
decline
|
124 | (11,287 | ) | (28,404 | ) | |||||||
Options:
|
|||||||||||||
Put
|
Sugar price
spike
|
44,575 | (47,927 | ) | (369,342 | ) | |||||||
Call
|
Sugar price
spike
|
(28,935 | ) | (28,935 | ) | (28,935 | ) | ||||||
Swap
contracts
|
Ethanol price
spike
|
12 | (2,632 | ) | (9,241 | ) | |||||||
Sugar exports
(1)
|
Sugar price
spike
|
(2,948 | ) | 109,958 | 482,384 | ||||||||
Ethanol exports
(1)
|
Ethanol price
spike
|
(12 | ) | 2,632 | 9,241 | ||||||||
Exchange rate
risk
|
|||||||||||||
Exchange
rate derivatives
|
|||||||||||||
Futures contracts:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
- | (352,751 | ) | (1,234,629 | ) | |||||||
Purchase commitments
|
R$/US$
exchange rate depreciation
|
(959 | ) | (25,354 | ) | (61,947 | ) | ||||||
Forward contract:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
17 | (55,382 | ) | (193,881 | ) | |||||||
Option:
|
|||||||||||||
Call
|
R$/US$
exchange rate appreciation
|
(26,046 | ) | (32,371 | ) | (32,371 | ) | ||||||
Swap contracts
|
R$/US$
exchange rate depreciation
|
(230 | ) | (4,739 | ) | (9,247 | ) | ||||||
Exports
(2)
|
R$/US$
exchange rate appreciation
|
26,989 | 465,858 | 1,522,828 | |||||||||
Net foreign
exchange exposure (3)
|
R$/US$
exchange rate appreciation
|
(165,560 | ) | (781,458 | ) | (1,397,358 | ) | ||||||
(153,128 | ) | (837,473 | ) | (1,606,310 | ) |
|
(1)
|
The sensitivity on sugar exports
reflects the 25% and 50% increase scenarios (versus the scenarios for
reduction in the underlying derivative financial instruments) on the price
of sugar in relation to the volume of sugar equivalent to notional in
derivative financial instruments contracted in order to hedge the Company
against such variations.
|
|
(2)
|
The sensitivity on exports
reflects the 25% and 50% increase scenarios (versus the scenarios for
reduction in the underlying derivative financial instruments) on the R$ :
US$ exchange rate in the future in relation to the volume of
U.S. dollars equivalent to notional in derivative financial instruments
contracted in order to hedge the Company against such
variations.
|
|
(3)
|
Net foreign exchange exposure of
R$2,298,041, equivalent to US$1.177,516 thousand. The probable scenario
considers the maintenance of total net exposure basis in the balance sheet
for the following 12 months, and the projected exchange rate for June 30,
2010, related to its value in June 30, 2009, that was
R$1,9516/US$.
|
20.
|
Insurance
|
21.
|
Stock
option plan
|
21.
|
Stock option plan
(Continued)
|
22.
|
Pension
plan
|
23.
|
Subsequent
events
|