Form
20-F
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X
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Form
40-F
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Yes
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No
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X
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Yes
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No
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X
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Yes
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No
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Item
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1.
|
Communication
regarding 2Q10 earnings release
|
Marcelo
Martins,
CFO & IR Officer Luiz Felipe
Jansen de Mello,
Investors Relations
ri@cosan.com.br www.cosan.com.br |
Highlights 2Q’10 | |
●
Net
Revenue on 2Q’10
reached R$3.58 billions, 400% higher than the R$715.1
millions posted on 2Q’09.
●
EBITDA record on 2Q’10,
achieving R$355.7 millions, 95% higher than the 2Q’09
and with an EBITDA margin of 9.9%.
●
Net Profit of R$173.4 millions on 2Q’10
and R$510.6 millions on the accumulated until
September.
|
||
Summary of Financial and Operating Information
(R$MM)
|
|||||||||||||||||
2Q'09
|
2Q'10
|
YTD'09
|
YTD'10
|
||||||||||||||
281.7 | 450.7 |
Ethanol Sold
(millions liters)
|
620.2 | 1,207.4 | |||||||||||||
739.9 | 1,101.1 |
Sugar Sold
(thousand tonnes)
|
1,531.5 | 2,089.6 | |||||||||||||
1,381.8 | 1,318.2 |
Fuels Sold
(million liters)
|
2,701.1 | 2,690.3 | |||||||||||||
Definitions:
FY’10 – fiscal year
begun Apr 1, 2009 and ending March
31, 2010
FY’09 - fiscal year
begun May 1, 2008 and ending March
31, 2010
2Q’10 – quarter ended on
September 30, 2009
2Q’09 – quarter ended
October 31, 2009
YTD’10 – period begun on
the same date as the FY’10 and
ended at the close of 2Q’10
YTD’09 - period begun on
the same date as the FY’09 and
ended at the close of 2Q’09
|
33.6 | 34.4 |
Lubes Sold
(million liters)
|
69.3 | 64.0 | ||||||||||||
715.1 | 3,575.3 |
Net
sales
|
1,354.7 | 7,141.4 | |||||||||||||
167.9 | 523.8 |
● Gross
profit
|
181.5 | 891.5 | |||||||||||||
23.5 | % | 14.7 | % |
Gross
Margin
|
13.4 | % | 12.5 | % | |||||||||
(586.7 | ) | 277.8 |
●
Operating income (loss)
|
(668.0 | ) | 763.4 | |||||||||||
-82.0 | % | 7.8 | % |
Operating
margin
|
-49.3 | % | 10.7 | % | |||||||||
182.5 | 355.7 |
●
EBITDA
|
211.8 | 666.9 | |||||||||||||
25.5 | % | 9.9 | % |
EBITDA
Margin
|
15.6 | % | 9.3 | % | |||||||||
185.5 | 338.9 |
● EBITDAH
|
259.9 | 811.0 | |||||||||||||
25.8 | % | 9.5 | % |
EBITDAH Margin
|
18.5 | % | 11.1 | % | |||||||||
(380.8 | ) | 173.9 |
●
Income (loss) before minority interest
|
(439.7 | ) | 501.7 | |||||||||||
(380.7 | ) | 173.4 |
●
Net income (loss)
|
(438.8 | ) | 510.6 | |||||||||||
-53.2 | % | 4.8 | % |
Profit
(loss) Margin
|
-32.4 | % | 7.2 | % | |||||||||
314.3 | 359.1 |
Capex
|
579.1 | 779.7 | |||||||||||||
1,124.0 | 4,160.2 |
●
Net
Debt
|
1,124.0 | 4,160.2 | |||||||||||||
3,783.1 | 4,250.9 |
●
Shareholders' & Minorities Equity
|
3,783.1 | 4,250.9 | |||||||||||||
A. Market
Overview
According to UNICA, the sugarcane
growers’ association, crushed cane volume
in Brazil’s Central-South (CS) from the
2009/10 harvest totaled 442.6 million tonnes through November 1, 7.2% up
on the same period in the previous harvest, despite the increased
rainfall. On the other hand, ATR (total recoverable sugar) was badly
affected, falling to 132.6kg/t, 6.4% less than the 141.6kg/t in the
previous year. The production mix continued to prioritize sugar, which
absorbed 44% of crushed cane, 3.5 p.p. up on the previous season, with 56%
going to ethanol. As a result, sugar production
came to 24.7 million tonnes, 9.1% up year-on-year, while ethanol output
declined by 5.2% to 19.2 billion liters, 14.2 billion liters of which
hydrous, up by 6.5%, and 5.0 billion liters anhydrous, down by
28.0%.
UNICA has also recently published its revised
harvest estimates, given the lower number of available harvest days and
the reduced ATR, according to which crushed cane volume in
Brazil’s Central-South should reach 529.5
million tonnes, 3.7% down on the initial estimate, but still 4.9% up on the 505.0
million tonnes recorded last year. ATR is now expected to total 134.9
kg/t, 4.5% down on the initial estimate of 141.2 kg/t and 4.3% less than
the previous harvest. With the higher-than-expected sugar ratio (43.1%,
versus the initially forecast 42% and
40% last year), Central-South sugar output should reach 29.4 million
tonnes, 5.6% less than expected, but still 9.7% more than in the previous
season. Ethanol production, on the other hand, is expected to total 23.7
billion liters, versus 25.1 billion last
year and 9.6% lower than the initial forecast. According to our own
estimates, 28 days of crushing were lost through October 31 to rainfall,
versus the historical average of 13 days for the same
period.
|
||
Indian
government establishes “fair and remunerative price”
|
Sugar output from the new Indian harvest is expected
to remain close to 16 million tonnes. Cane production was jeopardized by
the lack of monsoon rains at the beginning of the inter-harvest period in
the main producing regions. The government continues to adopt measures to
increase domestic sugar supply,
given that prices are close to record levels. The most recent such measure
was limiting inventories for industrial consumption to 15 days of demand,
having already restricted the inventories of trading companies and dealers
to 30 days.
Recently, the Indian federal
authorities announced a “fair and remunerative
price” (FRP) for
sugarcane of Rs 1,298.4/t (US$27,9/ton of sugarcane), to remain in force
during the 2009/10 harvest (Nov/09– Oct/10, in India), replacing the
statutory minimum
price (SMP), which had already been raised to Rs 1,077.6/t (US$27.9/tones
of sugarcane). However, the FRP is still below sugarcane prices
established by certain states, such as Uttar Pradesh (Rs 1,650/t),
Tâmil Nadu (Rs
1,437.4/t) and Punjab and Haryana (Rs 1,700 and Rs1,800/t,
respectively). Although the Maharashtra state government has not imposed a
fixed price, growers there are receiving between Rs 2,000 and Rs 2,500/t.
Although this is the highest level for 10 years, it is worth noting that
the prices of the major competing
crops, such as rice, corn and wheat, have also been
increasing.
|
|
Mexican inventories have been
dwindling due to last year’s poor harvest and exports to the
USA. Up to now, the government has already auctioned sugar import licenses
equivalent to 550,000 tonnes, which could well come from
Brazil’s Central-South due to
the limited capacity of the Central
American refineries. In Russia, preliminary figures for the sugar beet
harvest point towards a reduction in productivity per hectare, in turn
reducing sugar output, which could lead the government to suspend the
import surcharge which currently stands at
US$165/t.
The major hedge funds, plus
smaller funds and speculators, maintained their long sugar positions at
200,000 lots, equivalent to 19% of all open contracts, 41.4% up
year-on-year.
|
||
Source: NYBOT & CFTC (Commodities Futures Trading Commission) | ||
International raw sugar prices
averaged 20.52 US¢/lb
in the 2Q’10, 39.7% up on the previous
quarter and 57.7% more than the same period in 2008 (July, August and
September). Despite the appreciation of the Real against the dollar in the
2Q’10, the average price of sugar in Reais increased
by 25.8% year-on-year to 38.23 R$¢/lb.
International refined sugar prices
continued their upward trajectory, averaging US$523.26/t in the
2Q’10, 21.9% up on the previous
quarter and 35.8% more than the same quarter last year. The white premium, comparing
LIFFE#5 and NY#11 maturities in March 2010, closed the quarter at
US$105/t, reflecting expected demand for refined
sugar.
Sugar exports totaled 12.7 million
tonnes in the harvest year to date, 26.4% up year-on-year.
India was still the
main destination, absorbing around 20% of the total, followed by Saudi
Arabia (9.4%) and Russia (7.6%).
Domestic crystal sugar prices
(ESALQ) averaged R$47.37/50kg bag (or R$ 947.34/t) in the 2Q’10, 6.6% up on the previous
quarter and 63.3% up
on the same quarter in 2008, reflecting the combination of strong sugar
exports and the downturn in production due to the atypically high
rainfall.
|
||
Source: NYBOT, LIFFE and ESALQ | ||
Ethanol
prices begin to recover
|
Domestic ethanol prices began to recover, with
anhydrous moving up 21.9% over 1Q’10 to R$0.838/liter, albeit still
3.7% down year-on-year. Hydrous averaged R$0.736/liter, up by 22.4% and
1.3%, respectively, over the 1Q’10 and the same months in 2008.
The upturn is beginning to reflect the expected
reduction in closing inventories due to the higher sugar ratio in the
production mix, accelerating ethanol sales on the domestic market and the
unseasonably high rainfall, which delayed crushing and lowered the sugar
content (TSR) in the
sugarcane.
|
|
Source: ESALQ | ||
Flex-fuel
vehicle sales reach a record high due to the reduction in IPI
tax
|
According to Brazil’s National Petroleum Agency (ANP),
parity of hydrous ethanol prices compared to gasoline prices averaged
67.7%, weighted according to consumption. On the same date, the price of
ethanol was below 70% that of gasoline in 10 Brazilian states, which
jointly accounted for 78% of hydrous
consumption in 2008.
According to Anfavea, the auto
manufacturers’ association, 730,800 flex-fuel
vehicles were licensed in the 2Q’10, accounting for 89.4% of total
new car sales. Flex-fuel vehicle sales in the first nine months were 7.0% more than the same
period in 2008, itself a record at the time, due to the extension of the
IPI reduction until September. As of October, IPI (federal VAT) will
gradually be increased until it returns to its previous level in December.
In October, 245,600 vehicles were
licensed, 7.6% less than in September, but still 26.2% higher than in
October of last year.
|
|
|
Source:
ANP
|
|
According to the ANP,
2Q’10 diesel sales volume totaled
11.7 billion liters, 8% up on the previous quarter and very close to the 3
months ended on
September 2008 total of 11.8 billion liters. Gasoline volume dipped by
2.7% over the 1Q’10 to 4.7 billion liters, slightly
below the 4.8 billion recorded in the same quarter last year. Ethanol
volume totaled 4.2 billion liters, 4.3% more than the quarter before and 23.3% up year-on-year
thanks to the increase in the number of flex-fuel
vehicles.
The Real appreciated by 9.8% in the quarter, from R$1.95/US$ at the close of the 1Q’10 to R$1.78/US$ in September 2009, averaged R$1.87/US$ for the quarter as a whole, versus R$2.08/US$ in the 1Q’10 and R$1.67/US$ in the same months in 2008. |
||
B. Operational
Performance
As already explained in the
previous quarter, the FY’10 came with certain changes in
the way of looking at Cosan’s operating results, among which
it is worth pointing out: (i) on account of the alteration of fiscal year
2009, which brought forward the closing to March 31, 2009, the periods
relative to 2Q’09 and 2Q’10 are displaced, i.e.,
2Q’09 comprises the months
of August, September and October,
2009, while 2Q’10 comprises the months of July,
August and September, 2009; (ii) the depreciation presented in the
statements and analyses of results had its criterion altered for the
fiscal year, reflecting the depreciation included in COGS (Cost of Goods
Sold) and in operating expenses (SG&A) as opposed to the previous
fiscal year, when depreciation was shown with a production base, i.e., by
entry into production of the goods and services provided, in addition to
the depreciation assessed in operating
expenses. It must be stressed that the depreciation included in operating
expenses did not undergo any change of criterion, only production
depreciation; (iii) CCL’s only started to be consolidated
in December, 2008, therefore CCL figures presented for
2Q’09 are pro-forma only and serve
merely for information and comparison purposes; (iv) the 2Q’10 results do not include the
aviation business, which was sold in June 2009; (v) the 2Q’10 will be the first with results
of 3 full months of NovAmérica operations integrated with
the Cosan Group.
|
||
2Q'09
|
2Q'10
|
Income Statement
(R$MM)
|
YTD'09
|
YTD'10
|
|||||||||||||
715.1 | 3,575.3 |
Net
Operating Revenue
|
1,354.7 | 7,141.4 | |||||||||||||
(547.1 | ) | (3,051.5 | ) |
(-) Cost of
Goods Sold
|
(1,173.2 | ) | (6,249.9 | ) | |||||||||
167.9 | 523.8 |
(=)
Gross Profit
|
181.5 | 891.5 | |||||||||||||
23.5 | % | 14.7 | % |
Gross
Margin
|
13.4 | % | 12.5 | % | |||||||||
(88.6 | ) | (211.3 | ) |
(-) Selling
Expenses
|
(174.3 | ) | (420.9 | ) | |||||||||
(65.7 | ) | (116.2 | ) |
(-) General
& Adm. Expenses
|
(125.4 | ) | (205.5 | ) | |||||||||
(8.0 | ) | 2.5 |
(±) Other
Operating Expenses
|
(4.1 | ) | 75.0 | |||||||||||
176.8 | 156.8 |
(+)
Depreciation & Amortization
|
334.0 | 326.7 | |||||||||||||
182.5 | 355.7 |
(=)
EBITDA
|
211.8 | 666.9 | |||||||||||||
25.5 | % | 9.9 | % |
EBITDA
Margin
|
15.6 | % | 9.3 | % | |||||||||
185.5 | 338.9 |
(=)
EBITDAH (Adjusted by Hedge)
|
259.9 | 811.0 | |||||||||||||
25.8 | % | 9.5 | % |
EBITDAH
Margin
|
18.5 | % | 11.1 | % | |||||||||
(551.8 | ) | 78.9 |
(±) Net
Financial Expenses
|
(464.8 | ) | 512.3 | |||||||||||
(0.3 | ) | 0.0 |
(±) Equity
Income
|
(0.1 | ) | (3.5 | ) | ||||||||||
(40.4 | ) | - |
(-) Goodwill
Amortization
|
(80.8 | ) | (85.6 | ) | ||||||||||
(586.7 | ) | 277.8 |
(=)
Profit Before Income Tax
|
(668.0 | ) | 763.4 | |||||||||||
205.9 | (103.8 | ) |
(±) Income
Tax
|
228.3 | (261.7 | ) | |||||||||||
0.1 | (0.6 | ) |
(±) Minority
Interests
|
0.9 | 9.0 | ||||||||||||
(380.7 | ) | 173.4 |
(=)
Net Profit (Loss)
|
(438.8 | ) | 510.6 | |||||||||||
-53.2 | % | 4.8 | % |
Net
Margin
|
-32.4 | % | 7.2 | % | |||||||||
Production
|
||
In the
2Q’10,
Cosan crushed 18.5 million tons of sugar cane, out of which approximately
40% of its own and 60% coming from suppliers. Approximately 65% of the
harvest in the 2Q’09
was mechanically- conducted. Due to the unseasonal
rains in the quarter lowered the number of days available for crushing and
the change in fiscal year, the volume of cane crushed in the accumulated
up to the 2Q’10
was very similar to 2009 figures, despite the increase of almost 25% in
additional capacity.
In the quarter, production accounts for 1.4 million tons of sugar, 30% of
which being refined sugar and 70% being raw sugar, and 675 million liters
of ethanol, out of which 37.2% were anhydrous and 62.8% were
hydrated.
|
||
2Q'09
|
2Q'10
|
Production Highlights
|
YTD'09
|
YTD'10
|
|||||||||||||
16,778 | 18,452 |
Crushed
Cane (thd tons)
|
34,198 | 35,905 | |||||||||||||
7,137 | 6,998 |
Own Cane (thd
tons)
|
17,122 | 17,665 | |||||||||||||
9,641 | 11,454 |
Suppliers
(thd tons)
|
17,076 | 18,240 | |||||||||||||
Production
|
|||||||||||||||||
1,084 | 993 |
Raw Sugar
(thd tons)
|
2,070 | 1,857 | |||||||||||||
274 | 421 |
Refined Sugar
(thd tons)
|
517 | 720 | |||||||||||||
293 | 251 |
Anhydous
Ethanol (thd cbm)
|
548 | 395 | |||||||||||||
396 | 424 |
Hydrous
Ethanol (thd cbm)
|
781 | 899 | |||||||||||||
50.7 | % |
65.3
|
% |
Mechanization
(%)
|
50.4 | % | 63.1 | % |
Net
Revenues
|
||
Net revenue amounted to R$3.6 billion in the quarter. The
major contribution for this increase came
from CCL, with revenues of R$2.4 billion in the period, representing 67.5%
of net billings. Among the fuels, diesel accounted for 49.2% of the
revenues, followed by gasoline with 41.0% and by ethanol with 8.5%.
Revenues from Lubricants amounted to R$170.9
million, representing 4.8% of consolidated net revenue. In CAA, sugar and
ethanol accounted for 63.1% and 25.9% of total revenue, respectively.
Sales to the foreign market represented 48% of CAA’s
net revenue in the quarter, versus 70% in the
previous
|
||
period, mainly from NovAmérica’s share of sugar sales in the domestic market and the alcohol mix more oriented to the domestic market (65% in the quarter versus 38% in the previous period). | ||
Consolidated Net Revenue
(R$
MM)
|
||
CAA - Sugar | ||
|
Net Revenue
Evolution
Sugar (R$ MM)
|
The 95% growth of sugar revenue,
when comparing this
year’s quarter to the same quarter of
the previous year, going from R$409.7 million in 2Q’09 to R$798.9 million in
2Q’10, results from the greater
volume sold and the increase in average unit price. The expectation of
sugar production for this harvest is significantly more than the
production for the 08/09 harvest, due to a mix aimed more at sugar, in
detriment of ethanol, and to the merger of NovAmérica Agroenergia, which added 10.6
million tons of crushing capacity. In this way, the volume of sugar
available for sale also rose, which
explains the increase of sales in 2Q’10. In addition, sales of sugar by
NovAmérica are more
concentrated in the domestic market, raising the share of this market from
12.5% in 2Q’09 to 29.3% in the current
quarter.
|
|
Sugar Volume and Average Unit
Prices
(Thousand tons -
R$/ton)
|
||
In the foreign market, the average
price of sugar of R$638/ton represented appreciation of 17% when compared
to 2Q’09. It is important to clarify
that the sugar revenues in the foreign market
reflect
|
||
the results from fixation of prices over a period of more than 1 year, and that more than 90% of the shipments made in the period related to forward contracts with maturities in May/09 and July/09 (showing a closing price of approximately ¢US$14.41/lb). Thus, it is very important to bear in mind the horizon of fixation of prices and, although a portion of such benefit has already been secured in the quarter, we project greater impacts for the coming periods, mainly because the increases of price of the commodity ascertained in the prices of forward contracts traded in the New York and London Exchanges are more intense as from the maturity in October, 2009, against which we had shipments of only 8% in the quarter. | ||
CAA – Ethanol
|
||
Net Revenue
Evolution
Ethanol (R$
MM)
|
Despite lower market prices,
ethanol revenues (R$327.8 million in the quarter) were 40.8% higher to the
2Q’09 revenues due to the 60% growth
in volume sold, which jumped from 281.7 million liters in 2Q’09 to 450.7 million liters for
2Q’10. This increase was concentrated
in the domestic market, with growing demand from new flex fuel vehicules,
and because of the NovAmérica’s
merger.
|
|
Ethanol Volume and Average Unit
Prices
(Million liters - R$/thousand
liters)
|
||
Ethanol prices, despite being better than those in
the previous quarter, remain 5% shorter than those in the comparison
period, however prices in October and beginning of November have already
recovered significantly, which will be captured in the next
quarters.
CAA – Other Products and
Services
The income from other products and
services showed a 91.32% increase, from R$72.6 million to R$138.9
million.
|
||
Other Products and Services
(R$ MM)
|
||
Co-generation
One
of the highlights in this P&L line was the revenue of the energy
co-generation units, which contributed with R$39.6 million in
2Q’10
vs. R$ 10.9 million in 2Q’09.
The mentioned increase reflects the start of generation from the Costa
Pinto and Rafard mills and the incorporation of NovAmérica,
which is delivering energy
through Tarumã e
Maracaí.
|
||
Co-generation
|
2Q'10
|
YTD'10
|
||||||||
Volume
Sold (MWh)
|
223,729 | 355,540 | ||||||||
Price
(R$/MWh)
|
159.09 | 177.79 | ||||||||
Revenues
(R$ thd)
|
35,593 | 63,210 | ||||||||
Revenues
- Steam (R$ thd)
|
2,937 | 4,649 |
Rumo
|
||
Despite
the negative impact of the US dollar valuation
before the Real in port services and also the high amount of rain in
2Q’10,
mainly in July and September, Rumo Logística
contributed with a revenue of R$44.2 million in the quarter (out of which
R$31.2 million from loading to third parties) and shipped
a total of 2.5 million tons of sugar (1.8 million tons from third
parties). It is worth pointing out the record of shipped volume, of 891
thousand tons of sugar, in
August.
|
Rumo
|
2Q'10
|
YTD'10
|
||||||||
Loading
(thd tons)
|
2,501.0 | 4,585.0 | ||||||||
Price
(R$/ton)
|
17.7 | 18.3 | ||||||||
Revenues
(R$ thd)
|
44,268 | 83,906 | ||||||||
Others
Other two important invoicing
items in this category are sales of Da Barra Alimentos products (R$10.5
million in 2Q’10) and Diesel Oil (R$12.2 million
in 2Q’10).
|
||
CCL –
Fuel
|
||
Net Revenue
Evolution
Fuels (R$
MM)
|
Fall of 12.2 %,
when comparing this quarter with the same of the previous year, in the
invoicing of fuel distribution (income reduction of R$310.3 million) was
mainly due to:
|
|
⇒ Losses of R$ 365.5 million,
mainly due to the impact of the sale of the aviation business line in May,
2009 (R$ 286.6 million in the comparison period) and 7% fall in the volume
of gasoline (R$78.9 million) caused by greater use of ethanol in flex-fuel
cars.
|
||
⇒ Income of R$ 55.2 million
resulting from (i) 31.2% increase in ethanol volume derived of increase in
flex fuel fleet, or R$30.6 million, reflecting the growth of flex-fuel
cars, and (ii) 12.3% or R$24.6 million in diesel, reflecting incoming of
new industrial
clients.
|
||
Fuel Volumes and Average Unit
Prices
(Million liters - R$/thousand
liters)
|
||
|
||
|
Average fuel prices also suffered
small increase q-o-q, which is explained by (i) the sale of the aviation
business; (ii) the 8.8% decrease in diesel prices derived of lower prices at the
refinery, partially compensated by higher CIDE (tax levied on gasoline and
diesel); (iii) and because of the increase of ethanol in the sales
mix.
|
|
CCL – Lubricants | ||
Net Revenue
Evolution
Lubes (R$
MM)
|
In the lubricants businesss, we
can note that the sales returned to the level they were
before the financial crisis, and even surpassed by 4.6% the invoicing of
2Q’09, or R$7.7 million, positively
affected by the following factors:
|
|
⇒ Income of R$3.7 million, caused
by 2.3% raise in volume sold due to retaking of economic
activity;
|
||
⇒ Income of R$4.0 million resulting
from 2.4% growth due to improvement in product
mix.
|
||
Lubricants Volume and Average Unit
Prices
(Million liters- R$/thousand
liters)
|
||
Cost of Products Sold | ||
Cost of Products Sold
(R$ MM)
|
||
The large
increment shown in cost of goods sold reflects the consolidation of the
CCL business, that increased the COGS by R$2,228.3
million.
|
||
2Q'09
|
2Q'10
|
Cost of Goods Sold
|
YTD'09
|
YTD'10
|
||||||||||||||
(547.1 | ) | (3,051.5 | ) |
Cost
of Goods Sold (R$MM)
|
(1,173.2 | ) | (6,249.9 | ) | ||||||||||
(299.2 | ) | (522.7 | ) |
Sugar
|
(639.7 | ) | (954.1 | ) | ||||||||||
(189.4 | ) | (318.8 | ) |
Ethanol
|
(432.1 | ) | (864.3 | ) | ||||||||||
(58.5 | ) | (84.0 | ) |
Other
Products & Services - CA
|
(101.4 | ) | (155.9 | ) | ||||||||||
(2,533.7 | ) | (2,228.3 | ) |
CCL
|
(4,913.8 | ) | (4,486.0 | ) | ||||||||||
- | 102.3 |
Eliminations
from Consolidation
|
- | 210.3 | ||||||||||||||
Average
Unit Cost (R$)
|
||||||||||||||||||
404 | 475 |
Unit COGS of
Sugar (R$/ton)
|
418 | 457 | ||||||||||||||
672 | 707 |
Unit COGS of
Ethanol (R$/thd liters)
|
697 | 716 | ||||||||||||||
1,790 | 1,647 |
Unit COGS of
CCL (R$/thd liters)
|
1,774 | 1,629 |
CAA
|
||
The combined costs of sugar and ethanol showed an increase of 72%, or R$353 million, when compared with costs for 2Q’09, mainly affected by the increase of volume sold, since the higher volume of sugar accounted for an increase of R$146.1 million, while the increase in | ||
ethanol volume of raised COGS by
R$113.6 million. With the acquisition of NovAmérica, the increase of production
of white sugar to the domestic market justifies the 17.6% increase in
average unit cost of sugar to R$475/ton which increased sugar and ethanol COGS in R$77.5
millions. The 5% increase in average unit cost of ethanol, to R$707/cbm,
added R$15.8 millions to the mentioned COGS.
Other factors negatively
influenced the costs of products sold that are common to sugar and
ethanol; in short,
such effects were:
|
||
⇒ In view of the recovery of sugar
prices in both the domestic and foreign markets and also due to the
repositioning of ethanol within the domestic market, the price paid by
sugar cane from suppliers and for land leases experienced an increase that can be verified
by the higher average ATR value by Consecana, which went from R$0.2566 in
2Q’09 to R$0.2996 in 2Q10, a 17.2%
increase;
|
||
⇒ Increase in the costs of
production and processing of sugar and ethanol, due to the poor yield of
sucrose (ATR), which
went from 139.3 kg per ton in 2Q’09 to 131.1 kg per ton of sugar
cane in 2Q’10;
|
||
⇒ Offsetting part of the negative
impacts above, the cutting, loading and transportation costs (CCT)
presented the effects of the consolidation of the mechanization process, which covered
63% of the areas harvested up to
September 30, 1270 basis point more than the YTD’2Q09. This category of CCT was
R$5.22/ton of sugar cane ton lower than the traditional cutting
process, which is carried out with the burning of sugarcane
husk.
|
||
CCL | ||
The COGS from CCL totaled
R$2,228.3 million, or R$1,647/cbm in the 2Q’10 with a reduction of R$143/cbm
when compared to the 2Q’09. This reduction was
mainly caused by: (i)
the change in the mix of products sold, with the growth of ethanol and
diesel and the reduction in gasoline and jet fuel. (ii) lower prices of
diesel charged by Petrobras; and (iii) capture of synergies and
efficiencies in the acquisition of oil related products and
ethanol.
Gross Profit
With these results, 2Q’10 showed gross profit of R$523.8
million, more than 3 times the total for the same period in the previous
year, with a margin of 14.7%. In CAA, ethanol continues to operate with
low margins, that is,
around 3%, versus the 18.6% of the same comparison period, while sugar
showed a positive margin of 34.6%, benefiting in part from the higher
prices in the international market and from the greater participation of
sugar in the domestic market. In CCL, in turn,
lubricants continued to be the most profitable product, followed by
gasoline, diesel and, finally,
ethanol.
|
2Q'09
|
2Q'10
|
Gross
Margin
|
YTD'09
|
YTD'10
|
||||||||||||||
Average
Unit COGS
|
||||||||||||||||||
149 | 251 |
Sugar
(R$/ton)
|
80 | 237 | ||||||||||||||
154 | 20 |
Ethanol
(R$/thd liters)
|
68 | (47 | ) | |||||||||||||
115 | 136 |
CCL (R$/thd
liters)
|
113 | 121 | ||||||||||||||
Gross
Margin %
|
||||||||||||||||||
27.0 | % | 34.6 | % |
Sugar
|
16.1 | % | 34.2 | % | ||||||||||
18.6 | % | 2.7 | % |
Ethanol
|
8.9 | % | -7.1 | % | ||||||||||
6.0 | % | 7.7 | % |
CCL
|
6.0 | % | 6.9 | % |
Selling
Expenses
|
||
Selling expenses of R$211.3
million were 138.5% higher than the R$88.6 million in 2Q’09 mainly due to the absorption of
CCL (R$93.7 million) and NovAmérica (R$30.3 million). Excluding
these impacts, CAA selling expenses decreased 1.5% (R$87.3 million on the
2Q’10 versus R$88.6 million on the
2Q’09), even despite the 16.6% growth
of sugar exports, due to the 12.9%
decrease in ethanol volumes exported and to the commercial area strategy
in the sense of reducing budget through the review of sugar-related
agreements and commercial understandings and the elimination less
profitable accounts and the resulting drop in sales
volumes of DaBarra products.
|
||
2Q'09
|
2Q'10
|
Selling
Expenses
|
YTD'09
|
YTD'10
|
||||||||||||||
(88.6 | ) | (211.3 | ) |
Selling
Expenses (R$MM)
|
(174.3 | ) | (420.9 | ) | ||||||||||
(88.6 | ) | (117.6 | ) |
CAA
|
(174.3 | ) | (232.8 | ) | ||||||||||
- | (93.7 | ) |
CCL
|
- | (188.1 | ) |
Due to different accounting
policies and
allocation of expenses adopted by Esso Brasileira (currently named CCL)
before the acquisition by Cosan, comparison of the 2Q’10 with the 2Q’09 is inadequate for analysis,
therefore it is
suggested the use of 1Q’10 information. Selling expenses
in 1Q’10 amounted R$94.4 million,
aligned with the R$93.7 million in the 2Q’10, which is compounded mostly by
Salaries and Benefits and Product Delivery
Freight.
|
||
General and Administrative
Expenses
|
||
General and administrative
expenses of R$116.2 million, representing 3.3% of the net income of
2Q’10, showed a significant increase
(76.9%) in relation to the R$65.7 million of 2Q’09, mainly due to incoming of CCL
expenses (R$13.5 million) and NovAmérica’s (R$8.1 million). Excluding CCL
and NovAmérica
impacts, general and administrative expenses grew 44%, from R$94.6 million
in 2Q’10 versus R$65.7 million in
2Q’09.
The growth of general and
administrative expenses was leveraged mainly by the following reasons: (i) expenses
of R$6.3 million related to the adoption of Stock Options accounting as
per Technical Opinion CPC10; (ii) R$3 million expenses referring to labor
indemnifications in inactive companies that are part of the group; (iii)
R$3.5 million referring to payment
of fine to ANEEL due to breach of agreement to supply electric power at
the Paraúna Unit;
(iv) R$3 million referring to the provisioning of amounts payable on
account of variable compensation of the management and
employees (v) R$4.5 million with
consultancy services.
|
||
2Q'09
|
2Q'10
|
General & Administrative
Expenses
|
YTD'09
|
YTD'10
|
||||||||||||||
(65.7 | ) | (116.2 | ) |
G&A
Expenses (R$MM)
|
(125.4 | ) | (205.5 | ) | ||||||||||
(65.7 | ) | (102.7 | ) |
CAA
|
(125.4 | ) | (175.7 | ) | ||||||||||
- | (13.5 | ) |
CCL
|
- | (29.8 | ) |
EBITDA | ||
Depreciation and amortization of R$156.8 million, 11.3%
shorter than those registered in 2Q’09, are mainly due to the change
in the criteria determining the depreciation adjusted to EBITDA
calculations, as commented previously. As result of this new criterion,
part of such reduction is due to the fact that part
of the depreciation and amortization from the production remains in
inventory before being appropriated to the results at the moment of sale.
This impact is partially offset by the beginning of the useful life of
goods and equipment included in the
Company’s investment plans, including
agricultural mechanization and co-generation. Thus, if one were to exclude
this non-cash effect of operating costs and expenses, the Company had an
EBITDA of R$355.7 million against R$182.5 million in the same period last
year, represented by an EBITDA margin of 9.9%.
|
||
Out of this amount, R$269.3 were
generated by CAA, 47.6% higher than the same quarter from the previous
year due to better sugar prices, higher volumes commercialized, lower
depreciation and
increase in contribution from cogeneration projects and port services
(Rumo). CCL’s EBITDA, even without the
contribution from the aviation business, reached R$86.3 million in
2Q’10, maintaining a high margin of
3.6%, or R$63.8/cbm, in view of the growth in sales volumes of
diesel and ethanol and due to the
increase in gasoline, ethanol, diesel and lubricants unit
margins.
|
||
Consolidated EBITDA
(R$ MM)
|
||
Financial
Results
This quarter’s net financial result of positive
R$78.9 million, as opposed to a negative result of R$551.8 million in the
same period last year, for the reasons below:
(i) the positive currency effect of
R$200.3 million in this quarter as opposed to a negative currency effect of R$ 501.8
million in the same
|
||
quarter last year, in view of the
currency variation over the net exposure of assets and liabilities listed
in foreign currency. In the current quarter, the R$ was valued in relation
to the USD by 9% (from R$1.9516/US$ on June 30 to
R$1.7781/US$ on September 30) whereas in the same quarter last year the
Brazilian Real depreciated by 35% (from R$1.5616/US$ on July 31 to
R$2.1153/US$ on October 31, 2008).
(ii) 100% growth in gross debt charges,
occurred in view of
greater average indebtedness, considering the new debts made by reason of
the acquisitions of CCL in December/08 and of NovAmerica in June/09
and
The result with derivatives in
2Q’10 reflects the negative effect
generated by the increase in the price of sugar in the commodities
futures market, which was partially offset by the positive effect of the
currency hedge, in view of the dollar depreciation. Thusly, the net result
for derivatives was of R$16.7 million negative this quarter as opposed to
an income of R$3.0 million in the same
quarter last year.
|
||
2Q'09
|
2Q'10
|
Financial Expenses, Net
(R$MM)
|
YTD'09
|
YTD'10
|
|||||||||||||||
(43.2 | ) | (105.9 | ) |
Interest on
Financial Debt
|
(81.0 | ) | (201.5 | ) | |||||||||||
15.7 | 17.0 |
Financial
Investments Income
|
35.7 | 27.6 | |||||||||||||||
(27.4 | ) | (88.9 | ) |
(=)
Sub-total: Interest on Net Financial De
|
(45.4 | ) | (173.9 | ) | |||||||||||
(25.5 | ) | (17.9 | ) |
Other
interest and monetary variation
|
(67.1 | ) | (41.5 | ) | |||||||||||
(501.4 | ) | 200.3 |
Exchange
Variation
|
(399.8 | ) | 578.9 | |||||||||||||
3.0 | (16.7 | ) |
Gains
(losses) with Derivatives
|
48.2 | 144.1 | ||||||||||||||
(0.4 | ) | (0.5 | ) |
CPMF Taxes,
Banking Fees and Other
|
(0.8 | ) | (0.9 | ) | |||||||||||
- | 2.6 |
Interest on
Indemnity from Government
|
- | 5.6 | |||||||||||||||
(551.8 | ) | 78.9 |
(=)
Net Financial Expenses
|
(464.8 | ) | 512.3 |
On September 30rd, 2009, the
derivatives portfólio
contracted with the purpose of hedging prices of sugar, ethanol, and the
currency exchange
rate is as follows:
|
||
Summary of Hedge on September 30,
2009:
|
Fiscal Year
|
|||||||||
2009/10 | 2010/11 | |||||||||
Sugar
|
||||||||||
Sugar #11
(NY) - *
|
||||||||||
Volume
(thd tons)
|
1,121 | 1,063 | ||||||||
Average
Price (¢US$/lb)
|
18.5 | 20.5 | ||||||||
London
#5
|
||||||||||
Volume
(thd tons)
|
14 | - | ||||||||
Average
Price (US$/ton)
|
573.7 | - | ||||||||
FX
|
||||||||||
US$
|
||||||||||
Volume
(US$ million)
|
803 | 457 | ||||||||
Average
Price (R$/US$)
|
1.837 | 1.931 | ||||||||
* - Includes
futures, 'in the money' options and commercial contracts of sale at fixed
prices.
|
EBITDAH
The EBITDAH of the quarter was of
R$338.9 millions, as opposed to R$182.5 million in the same quarter last
year. The results from hedge from these periods are not comparable, since
starting on the 4Q’09, according to changes in the
Brazilian accounting
policies, the results from derivatives began to reflect the adjustments to
the portfolio of contracted and open derivative positions at market value
in the period,
|
||
which is already performed under
US GAAP. Therefore, the results from derivatives no longer reflects the
amount of gains or losses with derivatives associated with the volume of
operating revenue in the period, but rather the adjustment of open
derivative positions to their fair value independent of the objected being
hedged by the
derivatives.
The result of R$338.9 millions was
affected by a net derivatives effect of only R$16.7 millions, derived of a
negative result of losses with sugar agreements totaling R$242.9 millions,
which were partially offset by income of R$ 226.2 millions with derivative exchange
agreements, as seen in the building blocks
below:
|
||
Consolidated EBITDAH
(R$ MM)
|
||
Net Profit
As a result of the foregoing,
Cosan closed 2Q’09 with a net profit of R$173.4
million, resulting from the non-cash currency exchange variation positive effect and,
mainly due to the solid operational performance of the period, caused by
good prices for sugar, recovery of ethanol prices and maintenance of good
distribution margins.
|
||
Net Profit
(R$ MM)
|
||
C. Financial
Situation
|
procurement of funds made by CCL Finance totaling U$350 million in Senior Notes with maturity set to 2014, with the purpose of extending short-term liabilities, in addition to the partial disbursements of resources made by the National Bank for Economic and Social Development (BNDES) to Jataí’s Greenfield and to the co-generation projects at the Bonfim and Gasa units, amounting R$354.6 millions. Part of this effect in the increase of the indebtedness was offset by the impact, in the dollar debt, of the Real appreciation, which went from R$1.95 to R$1.78/US$. Moreover, we had the amortization of short-term installments of the debt, a result of NovaAmerica’s merger. | ||
Debt per Type
(R$MM)
|
1Q'10
|
2Q'10
|
% ST
|
Var.
|
||||||||||||||
Foreign
Currency
|
2,135.2 | 2,494.4 | 359.2 | |||||||||||||||
Perpetual
Notes
|
888.6 | 809.6 | 1.2 | % | (79.0 | ) | ||||||||||||
Senior Notes
2017
|
803.3 | 719.4 | 1.1 | % | (83.9 | ) | ||||||||||||
Senior Notes
2009
|
71.1 | 66.4 | 100.0 | % | (4.7 | ) | ||||||||||||
Senior Notes
2014
|
- | 630.0 | 1.3 | % | 630.0 | |||||||||||||
IFC
|
98.8 | 83.0 | 23.2 | % | (15.9 | ) | ||||||||||||
FX
Advances
|
152.1 | 91.0 | 100.0 | % | (61.1 | ) | ||||||||||||
Pre-Export
Contracts
|
121.3 | 95.1 | 40.2 | % | (26.3 | ) | ||||||||||||
Local
Currency
|
2,489.3 | 2,764.0 | 274.7 | |||||||||||||||
Promissory
Notes
|
1,198.2 | 1,233.7 | 24.5 | % | 35.5 | |||||||||||||
BNDES
|
360.1 | 714.8 | 3.4 | % | 354.6 | |||||||||||||
Finame
(BNDES)
|
222.7 | 210.0 | 24.5 | % | (12.7 | ) | ||||||||||||
Working
Capital
|
24.5 | 20.5 | 20.5 | % | (4.0 | ) | ||||||||||||
Overdraft
|
0.3 | 37.2 | 98.5 | % | 37.0 | |||||||||||||
Credit
Banking Note
|
216.8 | 217.4 | 72.4 | % | 0.6 | |||||||||||||
Debentures
|
157.8 | 152.6 | 100.0 | % | (5.2 | ) | ||||||||||||
Credit
Notes
|
343.2 | 222.9 | 98.8 | % | (120.3 | ) | ||||||||||||
Expenses with
Placement of Debt
|
(34.3 | ) | (45.2 | ) | 40.6 | % | (10.9 | ) | ||||||||||
Gross
Debt
|
4,624.4 | 5,258.3 | 22.3 | % | 633.9 | |||||||||||||
Cash and
Marktable Securities
|
932.9 | 1,098.2 | 165.3 | |||||||||||||||
Net
Debt
|
3,691.5 | 4,160.2 | 5.4 | % | 468.7 | |||||||||||||
Short
Term
|
1,115.9 | 1,171.6 | (55.6 | ) | ||||||||||||||
Long
Term
|
3,508.5 | 4,086.8 | (578.3 | ) |
By the end of 2Q’10 Cosan’s cash position was of R$1098.2
million, raising its net indebtedness to R$4,160.2 or 3.12 times the
EBITDA of 12 months.
It is worth pointing out that this EBITDA is calculated by using the last
12 months of CAA, the yearly CCL EBITDA since its acquisition (10 months)
and the EBITDA of 4 months of NovAmerica, also on a yearly
basis.
The debt’s profile had a slight
improvement, to 22%
of the total of the debt in the short-term, mainly due to the procurement
of funds with the BNDES and CCL, which has a long-term profile. The
installment of the debt in dollars also suffered a reduction to 47.6% of
the total indebtedness, due to the reduction of debts in
dollars, caused by the appreciation of the Real and by the BNDES
procurement in Reais.
D. Investments
The total investments flow of R$
386.8 million in
2Q’10 is mainly reflected by the
execution of the greenfield projects, in Jataí and Caarapó and the power
co-generation.
|
||
2Q'09
|
2Q'10
|
Capex(R$MM)
|
YTD'09
|
YTD'10
|
||||||||||||||
24.6 | 44.8 |
●
Sugar Cane Planting Costs
|
79.5 | 116.4 | ||||||||||||||
14.7 | 1.8 |
●
Inter-harvest Maintenance Costs
|
14.7 | 26.6 | ||||||||||||||
34.4 | 57.2 |
●
Projects CAA
|
134.4 | 127.9 | ||||||||||||||
- | 7.7 |
●
Projects CCL
|
- | 19.3 | ||||||||||||||
73.7 | 111.5 |
(=)
Operating Capex
|
228.7 | 290.2 | ||||||||||||||
127.3 | 92.4 |
●
Co-generation Projects
|
168.9 | 170.9 | ||||||||||||||
113.3 | 155.2 |
●
Greenfield
|
181.6 | 318.6 | ||||||||||||||
314.3 | 359.1 |
(=)
Capex
|
579.1 | 779.7 | ||||||||||||||
61.4 | 29.2 |
●
Investments
|
62.1 | (29.4 | ) | |||||||||||||
1.6 | (1.5 | ) |
● Cash
from Sale of Fixed Assets
|
(119.2 | ) | |||||||||||||
377.3 | 386.8 |
(=)
Investment Cash Flow
|
641.3 | 631.1 |
Rubens O. Silveira Mello resigned
from his position as
CEO of Cosan S.A., keeping his position as Chairman of the Board, to fully
engage in the Company’s strategic management. As of
November 1, 2009, Mr. Marcos Marinho Lutz, former Commercial and Logistic
Executive Officer and Vice-President, was appointed as
CEO.
|
||
On September 14, 2009, Cosan
Limited disposed of 10,000,000 subscription bonuses, part of the
54,993,482 bonuses that had been granted as per capital increase made at
Cosan S.A. on November 10, 2008. On October 29, 2009, Cosan
Limited exercised
39,589,922 subscription bonuses, equivalent to 23,753,953 new Cosan S.A
shares. Cosan Limited further intends to exercise the 5,406,560 remaining
bonuses, corresponding to 3,243,936 shares until their date of maturity,
on December 31, 2009.
F. Guidance
This section contains guidance
ranges for selected key parameters of the Company. Note that statements in
other sections of this letter may also contain projections. These
projections and guidance are merely estimates and indicative, and should
not be construed as a
guarantee of future performance.
This guidance takes into
consideration the operations held by the Cosan group today, which includes
CCL, NovAmérica
Agroenergia (10 months) and Rumo Logística, as well as the typical and
known sugar, ethanol
and cogeneration operations of Cosan.
|
||
Guidance
|
2008FY
|
2009FY
|
2010FY
|
||||||||||||||
Crushed Cane
Volume (thousand tons)
|
40,315 | 43,127 | +20 | % |
≤ ∆ ≤
+30%
|
||||||||||||
Sugar Volume
Sold (thousand tons)
|
3,147 | 3,052 | +30 | % |
≤ ∆ ≤
+50%
|
||||||||||||
Ethanol
Volume Sold (million liters)
|
1,568 | 1,495 | +40 | % |
≤ ∆ ≤
+60%
|
||||||||||||
Revenues
(R$MM)
|
2,736 | 6,270 | +110 | % |
≤ ∆ ≤
+140%
|
||||||||||||
EBITDA
(R$MM)
|
183 | 718 | +100 | % |
≤ ∆ ≤
+120%
|
||||||||||||
Net
Profit/Loss (R$MM)
|
(48 | ) | (474 | ) |
*
|
||||||||||||
Capex
(R$MM)
|
1,053 | 1,346 | +20 | % |
≤ ∆ ≤
+30%
|
||||||||||||
* The Net profit (loss) is very
sensitive to FX variations. Considering today’s FX rate of R$1.73/US$, it is
expected that the FY’09 net loss of R$473.8 million
will be reverted to net profit in the next fiscal
year.
|
2Q'09
|
2Q'10
|
Sales Composition
(R$MM)
|
YTD'09
|
YTD'10
|
|||||||||||||
715.1 | 3,575.3 |
Net
Operating Revenue
|
1,354.7 | 7,141.4 | |||||||||||||
409.7 | 798.9 |
●
Sugar Revenue - CAA
|
762.1 | 1,450.0 | |||||||||||||
57.2 | 302.2 |
Local
|
115.1 | 438.8 | |||||||||||||
352.5 | 496.7 |
Export
|
647.0 | 1,011.2 | |||||||||||||
232.8 | 327.8 |
●
Ethanol Revenue - CAA
|
474.6 | 807.2 | |||||||||||||
89.3 | 212.9 |
Local
|
249.3 | 526.9 | |||||||||||||
143.5 | 114.9 |
Export
|
225.2 | 280.3 | |||||||||||||
72.6 | 138.9 |
●
Other Revenue - CAA
|
118.0 | 237.8 | |||||||||||||
2,533.5 | 2,223.2 |
●
Fuels Revenue - CCL
|
4,908.7 | 4,498.7 | |||||||||||||
159.2 | 189.9 |
Ethanol
|
299.8 | 345.8 | |||||||||||||
991.0 | 912.1 |
Gasoline
|
1,927.6 | 1,799.9 | |||||||||||||
1,069.8 | 1,094.4 |
Diesel
|
2,069.8 | 2,172.8 | |||||||||||||
313.4 | 26.8 |
Other
|
611.4 | 180.2 | |||||||||||||
163.2 | 170.9 |
●
Lubes Revenue - CCL
|
318.3 | 321.2 | |||||||||||||
17.2 | 18.0 |
●
Other Revenue - CCL
|
34.5 | 36.8 | |||||||||||||
- | (102.3 | ) |
●
Eliminations from Consolidation
|
- | (210.3 | ) |
2. Volume
Sold
|
2Q'09
|
2Q'10
|
Volume Sold
|
YTD'09
|
YTD'10
|
|||||||||||||
739.9 | 1,101.1 |
Sugar
(thd tons)
|
1,531.5 | 2,089.6 | |||||||||||||
92.2 | 322.5 |
Local
|
196.4 | 491.8 | |||||||||||||
647.7 | 778.6 |
Export
|
1,335.1 | 1,597.8 | |||||||||||||
281.7 | 450.7 |
Ethanol
(MM liters)
|
620.2 | 1,207.4 | |||||||||||||
114.3 | 285.0 |
Local
|
337.9 | 797.7 | |||||||||||||
167.4 | 165.6 |
Export
|
282.3 | 409.7 | |||||||||||||
223,729 |
Energy
(MWh)
|
355,540 | |||||||||||||||
1,381.8 | 1,318.2 |
Fuels
(MM liters)
|
2,701.1 | 2,690.3 | |||||||||||||
171.3 | 224.7 |
Ethanol
|
329.7 | 426.3 | |||||||||||||
456.7 | 418.9 |
Gasoline
|
891.6 | 830.8 | |||||||||||||
568.7 | 638.5 |
Diesel
|
1,110.4 | 1,227.5 | |||||||||||||
185.1 | 36.1 |
Others
|
369.4 | 205.6 | |||||||||||||
33.6 | 34.4 |
Lubes
(MM liters)
|
69.3 | 64.0 | |||||||||||||
- | 2,501.0 |
Loading
(thd tons)
|
- | 4,585.0 |
3. Average
Prices
|
2Q'09
|
2Q'10
|
Average
Price
|
YTD'09
|
YTD'10
|
|||||||||||||
554 | 726 |
Sugar
(R$/ton)
|
498 | 694 | |||||||||||||
620 | 937 |
Local
|
586 | 892 | |||||||||||||
544 | 638 |
Export
|
485 | 633 | |||||||||||||
826 | 727 |
Ethanol
(R$/thd liters)
|
765 | 669 | |||||||||||||
781 | 747 |
Local
|
738 | 661 | |||||||||||||
857 | 694 |
Export
|
798 | 684 | |||||||||||||
1,833 | 1,686 |
Fuels
(R$/Thd liters)
|
1,817 | 1,672 | |||||||||||||
930 | 845 |
Ethanol
|
909 | 811 | |||||||||||||
2,170 | 2,177 |
Gasoline
|
2,162 | 2,166 | |||||||||||||
1,881 | 1,714 |
Diesel
|
1,864 | 1,770 | |||||||||||||
1,693 | 741 |
Others
|
1,655 | 876 | |||||||||||||
4,853 | 4,968 |
Lubes
(R$/Thd liters)
|
4,595 | 5,015 |
Income
Statement
|
Apr'07
|
Apr'08
|
Mar'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
|||||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
|||||||||||||||||||||||||||||||||||
Gross
Operating Revenue
|
3,902.9 | 2,978.6 | 6,732.8 | 747.5 | 916.4 | 692.7 | 760.1 | 2,746.4 | 2,533.6 | 3,843.5 | 3,907.2 | |||||||||||||||||||||||||||||||||||
(-) |
Sales Taxes
and Deductions
|
(297.8 | ) | (242.5 | ) | (462.7 | ) | (73.5 | ) | (73.4 | ) | (53.1 | ) | (45.0 | ) | (180.7 | ) | (183.8 | ) | (277.4 | ) | (331.9 | ) | |||||||||||||||||||||||
(=) | Net Operating Revenue | 3,605.1 | 2,736.2 | 6,270.1 | 674.0 | 843.0 | 639.6 | 715.1 | 2,565.6 | 2,349.8 | 3,566.1 | 3,575.3 | ||||||||||||||||||||||||||||||||||
(-) |
Cost of Goods
Sold and Services Rendered
|
(2,481.1 | ) | (2,387.1 | ) | (5,470.7 | ) | (594.4 | ) | (693.6 | ) | (626.0 | ) | (547.1 | ) | (2,187.6 | ) | (2,109.9 | ) | (3,198.4 | ) | (3,051.5 | ) | |||||||||||||||||||||||
(=) | Gross Profit | 1,123.9 | 349.0 | 799.4 | 79.6 | 149.4 | 13.6 | 167.9 | 378.0 | 239.9 | 367.7 | 523.8 | ||||||||||||||||||||||||||||||||||
Margin
|
31.2 | % | 12.8 | % | 12.7 | % | 11.8 | % | 17.7 | % | 2.1 | % | 23.5 | % | 14.7 | % | 10.2 | % | 10.3 | % | 14.7 | % | ||||||||||||||||||||||||
(-) |
Operating
Income (Expenses):
|
(556.6 | ) | (418.0 | ) | (1,508.5 | ) | (185.1 | ) | (161.8 | ) | (94.9 | ) | (754.7 | ) | (319.6 | ) | (339.4 | ) | 117.9 | (246.1 | ) | ||||||||||||||||||||||||
(-) |
Selling
|
(282.0 | ) | (301.3 | ) | (432.6 | ) | (73.4 | ) | (74.9 | ) | (85.7 | ) | (88.6 | ) | (156.8 | ) | (101.5 | ) | (209.6 | ) | (211.3 | ) | |||||||||||||||||||||||
(-) |
General and
Administrative
|
(246.2 | ) | (210.2 | ) | (275.9 | ) | (49.9 | ) | (57.7 | ) | (59.7 | ) | (65.7 | ) | (72.3 | ) | (78.2 | ) | (89.3 | ) | (116.2 | ) | |||||||||||||||||||||||
(-) |
Financial
Income (Expenses), Net
|
158.0 | 284.3 | (817.4 | ) | (11.9 | ) | 1.0 | 86.9 | (551.8 | ) | (159.2 | ) | (193.4 | ) | 433.4 | 78.9 | |||||||||||||||||||||||||||||
(±)
Earnings (Losses) on Equity Investments
|
(0.1 | ) | 6.6 | 14.0 | 0.1 | 6.4 | 0.2 | (0.3 | ) | 13.6 | 0.5 | (3.6 | ) | 0.0 | ||||||||||||||||||||||||||||||||
(-) |
Goodwill
Amortization
|
(223.7 | ) | (201.4 | ) | (196.5 | ) | (48.2 | ) | (40.6 | ) | (40.4 | ) | (40.4 | ) | (65.2 | ) | (50.5 | ) | (85.6 | ) | - | ||||||||||||||||||||||||
(±) | Other Operating Income (Expenses), Net | 37.3 | 4.0 | 199.9 | (1.7 | ) | 4.0 | 3.9 | (8.0 | ) | 120.2 | 83.7 | 72.5 | 2.5 | ||||||||||||||||||||||||||||||||
(=) | Operating Income (Loss) | 567.3 | (69.0 | ) | (709.1 | ) | (105.5 | ) | (12.4 | ) | (81.3 | ) | (586.7 | ) | 58.5 | (99.5 | ) | 485.6 | 277.8 | |||||||||||||||||||||||||||
Margin
|
15.7 | % | -2.5 | % | -11.3 | % | -15.7 | % | -1.5 | % | -12.7 | % | -82.0 | % | 2.3 | % | -4.2 | % | 13.6 | % | 7.8 | % | ||||||||||||||||||||||||
(±)
|
Income and
Social Contribution Taxes
|
(203.9 | ) | 18.7 | 234.7 | 33.5 | 6.6 | 22.4 | 205.9 | (53.3 | ) | 59.6 | (157.9 | ) | (103.8 | ) | ||||||||||||||||||||||||||||||
(±)
Minority Interest
|
(6.2 | ) | 2.5 | 0.6 | 0.6 | 0.5 | 0.8 | 0.1 | 0.0 | (0.4 | ) | 9.6 | (0.6 | ) | ||||||||||||||||||||||||||||||||
(=) | Net Income (Loss) for the Year | 357.0 | (48.0 | ) | 474.0 | ) | (71.0 | ) | (5.0 | ) | (58.0 | ) | (381.0 | ) | 5.0 | (40.0 | ) | 337.3 | 173.4 | |||||||||||||||||||||||||||
Margin
|
9.9 | % | -1.8 | % | -7.6 | % | -10.5 | % | -0.6 | % | -9.1 | % | -53.3 | % | 0.2 | % | -1.7 | % | 9.5 | % | 4.8 | % | ||||||||||||||||||||||||
●
EBITDA
|
930.0 | 182.9 | 718.0 | 2.3 | 49.9 | 29.2 | 182.5 | 340.4 | 165.9 | 311.2 | 355.7 | |||||||||||||||||||||||||||||||||||
Margin
|
25.8 | % | 6.7 | % | 11.5 | % | 0.3 | % | 5.9 | % | 4.6 | % | 25.5 | % | 13.3 | % | 7.1 | % | 8.7 | % | 9.9 | % | ||||||||||||||||||||||||
● EBITDAH (Ebitda adjusted
by Hedge)
|
855.7 | 407.8 | 765.7 | 95.5 | 31.0 | 74.4 | 185.5 | 465.3 | 40.4 | 472.0 | 338.9 | |||||||||||||||||||||||||||||||||||
Margin
|
24.2 | % | 13.8 | % | 12.1 | % | 12.4 | % | 3.8 | % | 10.9 | % | 25.8 | % | 17.3 | % | 1.8 | % | 12.7 | % | 9.5 | % | ||||||||||||||||||||||||
●
Depreciation & Amortization
|
297.0 | 341.3 | 427.2 | 47.8 | 29.1 | 157.2 | 176.8 | 71.1 | 22.0 | 169.9 | 156.8 |
Cash
Flow Statement
|
Apr'07
|
Apr'08
|
Mar'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Se´p'09
|
|||||||||||||||||||||||||||||||||
(In millions of
reais)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
|||||||||||||||||||||||||||||||||
Net
Income (Loss) for the Year
|
357.3 | (47.8 | ) | (473.8 | ) | (71.4 | ) | (5.3 | ) | (58.1 | ) | (380.7 | ) | 5.2 | (40.2 | ) | 337.3 | 173.4 | ||||||||||||||||||||||||||
Non-cash
Adjustments:
|
||||||||||||||||||||||||||||||||||||||||||||
Earnings (Losses) from Equity Investments
|
0.1 | (6.6 | ) | (14.0 | ) | (0.1 | ) | (6.4 | ) | (0.2 | ) | 0.3 | (13.6 | ) | (0.5 | ) | 3.6 | (0.0 | ) | |||||||||||||||||||||||||
Depreciation & Amortization
|
297.0 | 341.3 | 427.2 | 47.8 | 29.1 | 157.2 | 176.8 | 71.1 | 22.0 | 169.9 | 156.8 | |||||||||||||||||||||||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
8.4 | (1.2 | ) | (208.9 | ) | 0.1 | (8.1 | ) | 1.2 | 4.5 | 3.0 | (217.6 | ) | (103.2 | ) | 0.8 | ||||||||||||||||||||||||||||
Goodwill Amortization
|
223.7 | 201.4 | 196.5 | 48.2 | 40.6 | 40.4 | 40.4 | 65.2 | 50.5 | 85.6 | - | |||||||||||||||||||||||||||||||||
Accrued Financial Expenses
|
(190.6 | ) | (116.0 | ) | 932.5 | 87.5 | (37.2 | ) | (26.2 | ) | 572.0 | 297.8 | 89.0 | (287.8 | ) | (84.0 | ) | |||||||||||||||||||||||||||
Other Non-cash Items
|
119.7 | (42.4 | ) | (197.9 | ) | (17.6 | ) | (0.7 | ) | (32.2 | ) | (162.9 | ) | 49.3 | (52.1 | ) | 133.1 | 74.0 | ||||||||||||||||||||||||||
(=)
Adjusted Net Profit (Loss)
|
815.5 | 328.8 | 661.5 | 94.5 | 12.1 | 82.0 | 250.4 | 478.0 | (148.9 | ) | 338.5 | 321.0 | ||||||||||||||||||||||||||||||||
(±) Variation
on Assets and Liabilities
|
(148.0 | ) | (360.1 | ) | (234.5 | ) | (152.6 | ) | 323.9 | (129.5 | ) | (399.0 | ) | (140.7 | ) | 434.7 | 195.7 | (312.9 | ) | |||||||||||||||||||||||||
(=) Cash
Flow from Operating Activities
|
667.5 | (31.3 | ) | 427.0 | (58.1 | ) | 335.9 | (47.4 | ) | (148.6 | ) | 337.3 | 285.8 | 534.2 | 8.7 | |||||||||||||||||||||||||||||
Additions on
Investments, Net of Cash Received
|
(83.7 | ) | (160.5 | ) | (1,823.6 | ) | (0.4 | ) | (155.9 | ) | (0.7 | ) | (61.4 | ) | (1,533.7 | ) | (227.7 | ) | 58.5 | (29.2 | ) | |||||||||||||||||||||||
Additions on
Property, Plant and Equipment
|
(684.2 | ) | (1,053.1 | ) | (1,346.1 | ) | (271.0 | ) | (474.4 | ) | (264.8 | ) | (314.3 | ) | (432.4 | ) | (334.6 | ) | (420.6 | ) | (359.1 | ) | ||||||||||||||||||||||
Cash Received
on Sale of Fixed Asset
|
- | 12.2 | 372.1 | - | 12.2 | 1.6 | (1.6 | ) | - | 372.1 | 117.7 | 1.5 | ||||||||||||||||||||||||||||||||
(=)
Cash Flow from Investment Activities
|
(767.9 | ) | (1,201.4 | ) | (2,797.6 | ) | (271.4 | ) | (618.1 | ) | (263.9 | ) | (377.4 | ) | (1,966.1 | ) | (190.3 | ) | (244.3 | ) | (386.8 | ) | ||||||||||||||||||||||
Additions of
Debt
|
854.7 | 198.3 | 1,478.0 | 213.0 | (25.5 | ) | 3.0 | 315.8 | 1,196.4 | (37.1 | ) | 172.9 | 1,045.8 | |||||||||||||||||||||||||||||||
Payments of
Principal and Interest on Debt
|
(375.6 | ) | (839.4 | ) | (257.2 | ) | (319.6 | ) | (52.2 | ) | (67.8 | ) | (26.7 | ) | (148.3 | ) | (14.4 | ) | (127.8 | ) | (317.3 | ) | ||||||||||||||||||||||
Capital
Increase
|
6.9 | 1,742.6 | 884.5 | 1,742.6 | - | - | 880.0 | - | 4.5 | - | 1.4 | |||||||||||||||||||||||||||||||||
Treasury
Stock
|
- | - | (4.2 | ) | - | - | - | (4.2 | ) | - | - | - | - | |||||||||||||||||||||||||||||||
Capital
Increase at subsidiaries
|
- | - | 15.4 | - | - | - | 3.5 | - | 11.9 | - | - | |||||||||||||||||||||||||||||||||
Dividends
|
- | (75.8 | ) | - | - | (75.8 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Other
|
- | - | (36.6 | ) | - | (2.4 | ) | - | - | (5.9 | ) | (30.7 | ) | (121.4 | ) | (335.4 | ) | |||||||||||||||||||||||||||
(=) Cash
Flows from Financing Activities
|
486.0 | 1,025.7 | 2,079.9 | 1,636.0 | (155.9 | ) | (64.8 | ) | 1,168.4 | 1,042.2 | (65.8 | ) | (76.3 | ) | 393.9 | |||||||||||||||||||||||||||||
(=)
Total Cash Flow
|
385.6 | (207.0 | ) | (290.7 | ) | 1,306.6 | (438.1 | ) | (376.2 | ) | 642.4 | (586.7 | ) | 29.7 | 213.6 | 15.7 | ||||||||||||||||||||||||||||
(+) Cash
& Equivalents, Beginning
|
831.5 | 1,217.1 | 1,010.1 | 141.6 | 1,448.2 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | |||||||||||||||||||||||||||||||||
(=)
Cash & Equivalents, Closing
|
1,217.1 | 1,010.1 | 719.4 | 1,448.2 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 |
Balance
Sheet
|
Apr'07
|
Apr'08
|
Mar'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
|||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
|||||||||||||||||||||||||||||||||
Cash and Cash
Equivalents
|
1,217.1 | 1,010.1 | 719.4 | 1,448.2 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | |||||||||||||||||||||||||||||||||
Restricted
Cash
|
35.9 | 79.6 | 11.8 | 62.0 | 79.6 | 79.4 | 0.2 | 11.9 | 11.8 | 40.1 | 149.5 | |||||||||||||||||||||||||||||||||
Derivative
Financial Instruments
|
1.6 | 6.9 | 17.0 | 5.4 | 6.9 | 9.0 | 8.6 | 6.1 | 17.0 | 86.6 | 97.4 | |||||||||||||||||||||||||||||||||
Trade Accounts
Receivable
|
112.3 | 215.2 | 599.2 | 105.4 | 215.2 | 115.5 | 215.9 | 459.0 | 599.2 | 585.6 | 589.7 | |||||||||||||||||||||||||||||||||
Inventories
|
503.4 | 570.5 | 1,106.2 | 1,019.7 | 570.5 | 905.6 | 1,439.9 | 1,643.7 | 1,106.2 | 1,149.9 | 1,531.5 | |||||||||||||||||||||||||||||||||
Advances to
Suppliers
|
211.4 | 226.1 | 206.0 | 243.1 | 226.1 | 252.3 | 287.0 | 239.9 | 206.0 | 386.1 | 336.7 | |||||||||||||||||||||||||||||||||
Related
Parties
|
- | 16.3 | 57.2 | - | 16.3 | 1.1 | 28.4 | 35.8 | 57.2 | 36.1 | 21.6 | |||||||||||||||||||||||||||||||||
Deferred
Income and Social Contribution Taxes
|
38.1 | - | 42.5 | 26.0 | - | - | - | - | 42.5 | 53.5 | 48.1 | |||||||||||||||||||||||||||||||||
Recoverable
Taxes
|
54.0 | 129.8 | 265.4 | 50.4 | 129.8 | 121.3 | 160.6 | 240.7 | 265.4 | 299.0 | 342.9 | |||||||||||||||||||||||||||||||||
Other
Assets
|
50.9 | 17.9 | 50.3 | 29.3 | 17.9 | 21.9 | 37.1 | 82.3 | 50.3 | 32.7 | 41.7 | |||||||||||||||||||||||||||||||||
Current
Assets
|
2,224.7 | 2,272.4 | 3,074.9 | 2,989.4 | 2,272.4 | 2,140.0 | 3,453.9 | 3,409.0 | 3,074.9 | 3,602.6 | 4,107.9 | |||||||||||||||||||||||||||||||||
Accounts
Receivable from Federal Government
|
318.4 | 342.2 | 323.4 | 339.2 | 342.2 | 342.2 | 342.2 | 342.2 | 323.4 | 326.4 | 329.0 | |||||||||||||||||||||||||||||||||
CTN's-Restricted
Brazilian Treasury Bills
|
123.3 | 151.7 | 177.6 | 144.9 | 151.7 | 164.8 | 170.9 | 175.5 | 177.6 | 184.7 | 189.3 | |||||||||||||||||||||||||||||||||
Deferred
Income and Social Contribution Taxes
|
242.5 | 357.0 | 700.0 | 297.9 | 357.0 | 386.7 | 567.8 | 665.0 | 700.0 | 644.6 | 551.5 | |||||||||||||||||||||||||||||||||
Advances to
Suppliers
|
- | 77.3 | 48.0 | 44.5 | 77.3 | 88.2 | 93.6 | 125.3 | 48.0 | 55.5 | 85.1 | |||||||||||||||||||||||||||||||||
Related
Parties
|
- | - | - | - | - | - | - | - | - | 153.2 | 151.8 | |||||||||||||||||||||||||||||||||
Other
Assets
|
112.4 | 94.4 | 132.4 | 107.2 | 94.4 | 124.1 | 124.0 | 159.1 | 132.4 | 185.4 | 190.2 | |||||||||||||||||||||||||||||||||
Investments
|
93.2 | 120.3 | 278.2 | 14.0 | 120.3 | 124.2 | 184.7 | 280.5 | 278.2 | 181.3 | 196.5 | |||||||||||||||||||||||||||||||||
Property,
Plant and Equipment
|
2,015.7 | 2,776.3 | 3,493.9 | 2,297.0 | 2,776.3 | 2,882.8 | 3,020.8 | 3,389.0 | 3,493.9 | 4,516.4 | 4,671.4 | |||||||||||||||||||||||||||||||||
Goodwill
|
1,133.2 | 1,160.7 | 2,418.8 | 1,042.4 | 1,160.7 | 1,115.6 | 1,074.5 | 2,493.8 | 2,418.8 | 2,724.3 | 2,737.5 | |||||||||||||||||||||||||||||||||
Noncurrent
Assets
|
4,038.6 | 5,079.9 | 7,572.5 | 4,287.1 | 5,079.9 | 5,228.5 | 5,578.5 | 7,630.4 | 7,572.5 | 8,971.7 | 9,102.3 | |||||||||||||||||||||||||||||||||
(=)
Total Assets
|
6,263.4 | 7,352.4 | 10,647.4 | 7,276.4 | 7,352.4 | 7,368.5 | 9,032.4 | 11,039.4 | 10,647.4 | 12,574.3 | 13,210.2 | |||||||||||||||||||||||||||||||||
Loans and
Financings
|
117.2 | 78.2 | 1,449.5 | 86.1 | 78.2 | 74.2 | 311.0 | 1,480.6 | 1,449.5 | 1,127.4 | 1,184.7 | |||||||||||||||||||||||||||||||||
Derivatives
Financial Instruments
|
45.3 | 50.7 | 66.9 | 24.5 | 50.7 | 19.3 | 32.6 | 49.5 | 66.9 | 98.9 | 215.4 | |||||||||||||||||||||||||||||||||
Trade Accounts
Payable
|
113.8 | 191.0 | 456.1 | 196.3 | 191.0 | 331.6 | 489.9 | 518.2 | 456.1 | 662.8 | 712.5 | |||||||||||||||||||||||||||||||||
Salaries
Payable
|
63.3 | 80.7 | 93.2 | 51.7 | 80.7 | 119.0 | 143.0 | 77.7 | 93.2 | 152.3 | 180.9 | |||||||||||||||||||||||||||||||||
Taxes and
Social Contributions Payable
|
126.2 | 116.1 | 168.6 | 93.3 | 116.1 | 115.0 | 109.7 | 163.2 | 168.6 | 189.8 | 230.9 | |||||||||||||||||||||||||||||||||
Related
Parties
|
0.7 | - | 5.2 | - | - | - | - | 2.5 | 5.2 | 4.5 | 3.8 | |||||||||||||||||||||||||||||||||
Other
Liabilities
|
125.4 | 49.9 | 85.8 | 28.6 | 49.9 | 34.4 | 126.1 | 66.6 | 85.8 | 134.1 | 100.7 | |||||||||||||||||||||||||||||||||
Current
Liabilities
|
591.7 | 566.5 | 2,325.2 | 480.5 | 566.5 | 693.4 | 1,212.3 | 2,358.2 | 2,325.2 | 2,369.7 | 2,629.0 | |||||||||||||||||||||||||||||||||
Loans and
Financing
|
2,819.9 | 2,106.2 | 2,885.5 | 2,196.8 | 2,106.2 | 2,047.9 | 2,679.3 | 2,904.5 | 2,885.5 | 4,091.4 | 4,667.4 | |||||||||||||||||||||||||||||||||
Taxes and
Social Contributions Payable
|
338.5 | 359.3 | 328.8 | 340.1 | 359.3 | 351.5 | 346.1 | 336.0 | 328.8 | 335.5 | 288.9 | |||||||||||||||||||||||||||||||||
Provision for
Legal Proceedings
|
728.0 | 832.4 | 1,105.9 | 775.3 | 832.4 | 849.8 | 873.1 | 1,114.1 | 1,105.9 | 1,135.5 | 1,143.4 | |||||||||||||||||||||||||||||||||
Related
Parties
|
- | - | 405.2 | - | - | - | - | 405.3 | 405.2 | 341.5 | - | |||||||||||||||||||||||||||||||||
Pension
Fund
|
- | - | 60.4 | - | - | - | - | 58.5 | 60.4 | 61.0 | 62.3 | |||||||||||||||||||||||||||||||||
Other
Liabilities
|
134.0 | 144.4 | 139.9 | 134.5 | 144.4 | 141.3 | 138.4 | 134.8 | 139.9 | 169.2 | 168.4 | |||||||||||||||||||||||||||||||||
Noncurrent
Liabilities
|
4,020.4 | 3,442.3 | 4,925.5 | 3,446.7 | 3,442.3 | 3,390.5 | 4,037.0 | 4,953.1 | 4,925.5 | 6,134.1 | 6,330.3 | |||||||||||||||||||||||||||||||||
Minority
Shareholders' Interest
|
20.2 | 17.7 | 30.9 | 18.2 | 17.7 | 17.0 | 20.3 | 31.5 | 30.9 | 29.9 | 30.4 | |||||||||||||||||||||||||||||||||
Capital
|
1,192.7 | 2,935.3 | 3,819.8 | 2,935.3 | 2,935.3 | 2,935.3 | 3,815.3 | 3,815.3 | 3,819.8 | 4,153.9 | 4,155.3 | |||||||||||||||||||||||||||||||||
Capital
Reserve
|
- | - | 41.7 | - | - | - | (4.2 | ) | (4.2 | ) | 41.7 | 45.1 | 50.2 | |||||||||||||||||||||||||||||||
Profits
Reserve
|
227.3 | 180.2 | - | 227.3 | 180.2 | 180.2 | 180.2 | 180.2 | - | - | - | |||||||||||||||||||||||||||||||||
Legal
Reserve
|
16.0 | 16.0 | - | 16.0 | 16.0 | 16.0 | 16.0 | 16.0 | - | - | - | |||||||||||||||||||||||||||||||||
Revaluation
Reserves
|
195.0 | 194.4 | - | 194.4 | 194.4 | 194.2 | 193.8 | 93.2 | - | - | - | |||||||||||||||||||||||||||||||||
Accumulated
losses
|
- | - | (495.7 | ) | (41.9 | ) | - | (57.9 | ) | (438.2 | ) | (403.9 | ) | (495.7 | ) | (158.4 | ) | 15.0 | ||||||||||||||||||||||||||
Shareholders'
Equity
|
1,631.0 | 3,325.8 | 3,365.7 | 3,331.1 | 3,325.8 | 3,267.7 | 3,762.8 | 3,696.6 | 3,365.7 | 4,040.7 | 4,220.5 | |||||||||||||||||||||||||||||||||
(=) Total
Liabilities & Shareholders' Equity
|
6,263.4 | 7,352.4 | 10,647.4 | 7,276.4 | 7,352.4 | 7,368.5 | 9,032.4 | 11,039.4 | 10,647.4 | 12,574.3 | 13,210.2 |
Credit Statistics
(LTM)
|
Apr'07
|
Apr'08
|
Mar'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
|||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
|||||||||||||||||||||||||||||||||
Net
Operating Revenues
|
3,605.1 | 2,736.2 | 6,270.1 | 2,575.2 | 2,736.2 | 2,784.1 | 2,871.6 | 4,763.3 | 6,270.1 | 9,196.6 | 12,056.9 | |||||||||||||||||||||||||||||||||
●
Gross Profit
|
1,123.9 | 349.0 | 799.4 | 369.9 | 349.0 | 318.9 | 410.5 | 708.9 | 799.4 | 1,153.6 | 1,509.4 | |||||||||||||||||||||||||||||||||
●
EBITDA
|
930.0 | 182.9 | 718.0 | 261.8 | 182.9 | 159.6 | 264.0 | 602.1 | 718.0 | 1,000.0 | 1,173.1 | |||||||||||||||||||||||||||||||||
●
EBIT
|
633.1 | (158.4 | ) | 290.8 | (186.9 | ) | (158.4 | ) | (213.5 | ) | (147.0 | ) | 167.7 | 290.8 | 560.2 | 753.3 | ||||||||||||||||||||||||||||
●
Encargos Financeiros da Dívida Líquida
|
127.8 | 106.2 | 179.9 | 126.2 | 106.2 | 91.9 | 85.2 | 136.1 | 179.9 | 247.0 | 308.4 | |||||||||||||||||||||||||||||||||
●
Net Profit
|
357.3 | (47.8 | ) | (473.8 | ) | 122.2 | (47.8 | ) | (119.6 | ) | (515.5 | ) | (438.9 | ) | (473.8 | ) | (78.4 | ) | 475.6 | |||||||||||||||||||||||||
Liquid
Funds
|
||||||||||||||||||||||||||||||||||||||||||||
●
Cash and Cash Equivalents
|
1,217.1 | 1,010.1 | 719.4 | 1,448.2 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 1,098.2 | |||||||||||||||||||||||||||||||||
Short-Term
Debt
|
||||||||||||||||||||||||||||||||||||||||||||
●
Loans and Financings
|
109.0 | 69.3 | 1,442.7 | 80.2 | 69.3 | 62.9 | 298.6 | 1,475.3 | 1,442.7 | 1,115.9 | 1,171.6 | |||||||||||||||||||||||||||||||||
Long-Term
Debt
|
||||||||||||||||||||||||||||||||||||||||||||
●
Loans and Financings
|
2,324.8 | 1,562.5 | 2,312.3 | 1,663.6 | 1,562.5 | 1,474.9 | 2,101.7 | 2,327.6 | 2,312.3 | 3,508.5 | 4,086.8 | |||||||||||||||||||||||||||||||||
Total
Debt
|
2,433.8 | 1,631.8 | 3,755.0 | 1,743.8 | 1,631.8 | 1,537.7 | 2,400.3 | 3,802.9 | 3,755.0 | 4,624.4 | 5,258.3 | |||||||||||||||||||||||||||||||||
Net
Debt
|
1,216.7 | 621.7 | 3,035.6 | 295.6 | 621.7 | 903.8 | 1,124.0 | 3,113.3 | 3,035.6 | 3,691.5 | 4,160.2 | |||||||||||||||||||||||||||||||||
Current
Assets
|
2,224.7 | 2,272.4 | 3,074.9 | 2,989.4 | 2,272.4 | 2,140.0 | 3,453.9 | 3,409.0 | 3,074.9 | 3,602.6 | 4,107.9 | |||||||||||||||||||||||||||||||||
Current
Liabilities
|
591.7 | 566.5 | 2,325.2 | 480.5 | 566.5 | 693.4 | 1,212.3 | 2,358.2 | 2,325.2 | 2,369.7 | 2,629.0 | |||||||||||||||||||||||||||||||||
Shareholders'
Equity
|
1,631.0 | 3,325.8 | 3,365.7 | 3,331.1 | 3,325.8 | 3,267.7 | 3,762.8 | 3,696.6 | 3,365.7 | 4,040.7 | 4,220.5 | |||||||||||||||||||||||||||||||||
Capex
- Property, Plant and Equipment
|
684.2 | 1,053.1 | 1,346.1 | 944.2 | 1,053.1 | 1,147.4 | 1,324.5 | 1,485.9 | 1,346.1 | 1,501.9 | 1,546.7 | |||||||||||||||||||||||||||||||||
●
Capex - Operational
|
598.0 | 781.9 | 565.0 | 798.1 | 781.9 | 796.9 | 762.7 | 727.5 | 565.0 | 588.7 | 626.5 | |||||||||||||||||||||||||||||||||
EBITDA
Margin
|
25.8 | % | 6.7 | % | 11.5 | % | 10.2 | % | 6.7 | % | 5.7 | % | 9.2 | % | 12.6 | % | 11.5 | % | 10.9 | % | 9.7 | % | ||||||||||||||||||||||
●
Gross Profit Margin
|
31.2 | % | 12.8 | % | 12.7 | % | 14.4 | % | 12.8 | % | 11.5 | % | 14.3 | % | 14.9 | % | 12.7 | % | 12.5 | % | 12.5 | % | ||||||||||||||||||||||
● EBIT
Margin
|
17.6 | % | -5.8 | % | 4.6 | % | -7.3 | % | -5.8 | % | -7.7 | % | -5.1 | % | 3.5 | % | 4.6 | % | 6.1 | % | 6.2 | % | ||||||||||||||||||||||
● Net
Profit Margin
|
9.9 | % | -1.7 | % | -7.6 | % | 4.7 | % | -1.7 | % | -4.3 | % | -18.0 | % | -9.2 | % | -7.6 | % | -0.9 | % | 3.9 | % | ||||||||||||||||||||||
Net
Debt ÷ Shareholders' Equity
|
||||||||||||||||||||||||||||||||||||||||||||
● Net
Debt %
|
42.7 | % | 15.8 | % | 47.4 | % | 8.2 | % | 15.8 | % | 21.7 | % | 23.0 | % | 45.7 | % | 47.4 | % | 47.7 | % | 50.5 | % | ||||||||||||||||||||||
●
Shareholders' Equity %
|
57.3 | % | 84.2 | % | 52.6 | % | 91.8 | % | 84.2 | % | 78.3 | % | 77.0 | % | 54.3 | % | 52.6 | % | 52.3 | % | 49.5 | % | ||||||||||||||||||||||
Long-Term
Payable Debt to Equity Ratio
|
1.4 | x | 0.5 | x | 0.7 | x | 0.5 | x | 0.5 | x | 0.5 | x | 0.6 | x | 0.6 | x | 0.7 | x | 0.9 | x | 1.0 | x | ||||||||||||||||||||||
Liquidity
Ratio (Current Assets ÷ Current Liabilities)
|
3.8 | x | 4.0 | x | 1.3 | x | 6.2 | x | 4.0 | x | 3.1 | x | 2.8 | x | 1.4 | x | 1.3 | x | 1.5 | x | 1.6 | x | ||||||||||||||||||||||
Net
Debt ÷ EBITDA
|
1.3 | x | 3.4 | x | 4.2 | x | 1.1 | x | 3.4 | x | 5.7 | x | 4.3 | x | 5.2 | x | 4.2 | x | 3.7 | x | 3.7 | x | ||||||||||||||||||||||
●
Short-Term Net Debt ÷ EBITDA
|
0.1 | x | 0.4 | x | 2.0 | x | 0.3 | x | 0.4 | x | 0.4 | x | 1.1 | x | 2.5 | x | 2.0 | x | 1.1 | x | 1.0 | x | ||||||||||||||||||||||
Net
Debt ÷ (EBITDA - Capex)
|
4.9 | x | -0.7 | x | -4.8 | x | -0.4 | x | -0.7 | x | -0.9 | x | -1.1 | x | -3.5 | x | -4.8 | x | -7.4 | x | -11.5 | x | ||||||||||||||||||||||
● Net
Debt ÷ (EBITDA - Operational Capex)
|
3.7 | x | -1.0 | x | 19.8 | x | -0.6 | x | -1.0 | x | -1.4 | x | -2.3 | x | -24.8 | x | 19.8 | x | 9.0 | x | 7.9 | x | ||||||||||||||||||||||
Interest
Cover (EBITDA ÷ Net Financial Exp.)
|
7.3 | x | 1.7 | x | 4.0 | x | 2.1 | x | 1.7 | x | 1.7 | x | 3.1 | x | 4.4 | x | 4.0 | x | 4.0 | x | 3.8 | x | ||||||||||||||||||||||
●
Interest Cover (EBITDA -
Op.Capes)÷Net Fin.)
|
2.6 | x | -5.6 | x | 0.9 | x | -4.3 | x | -5.6 | x | -6.9 | x | -5.9 | x | -0.9 | x | 0.9 | x | 1.7 | x | 1.8 | x | ||||||||||||||||||||||
Avg.
Debt Cost (Net.Fin.Exp. ÷ Net Debt)
|
10.5 | % | 17.1 | % | 5.9 | % | 42.7 | % | 17.1 | % | 10.2 | % | 7.6 | % | 4.4 | % | 5.9 | % | 6.7 | % | 7.2 | % |
Income
Statement
|
Apr'07
|
Apr'08
|
Apr'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Apr'09
|
Jun'09
|
Sep'09
|
||||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
||||||||||||||||||||||||||||||||||
Net
sales
|
1,679.1 | 1,491.2 | 2,926.5 | 376.7 | 485.3 | 394.0 | 383.8 | 1,103.4 | 1,045.3 | 1,720.3 | 1,915.7 | ||||||||||||||||||||||||||||||||||
(-) |
Cost of goods
sold
|
(1,191.3 | ) | (1,345.6 | ) | (2,621.9 | ) | (343.5 | ) | (418.4 | ) | (398.9 | ) | (320.2 | ) | (950.3 | ) | (952.4 | ) | (1,561.4 | ) | (1,655.5 | ) | ||||||||||||||||||||||
(=) | Gross profit | 487.8 | 145.6 | 304.6 | 33.2 | 66.9 | (4.9 | ) | 63.6 | 153.0 | 92.8 | 158.8 | 260.1 | ||||||||||||||||||||||||||||||||
(-) |
Selling
expenses
|
(133.8 | ) | (168.6 | ) | (213.3 | ) | (41.6 | ) | (44.9 | ) | (53.0 | ) | (47.9 | ) | (67.6 | ) | (44.7 | ) | (102.1 | ) | (115.1 | ) | ||||||||||||||||||||||
(-)
|
General and
administrative expenses
|
(121.1 | ) | (115.1 | ) | (140.1 | ) | (30.2 | ) | (30.5 | ) | (36.3 | ) | (34.9 | ) | (42.2 | ) | (26.8 | ) | (7.9 | ) | (62.8 | ) | ||||||||||||||||||||||
(=) | Operating income (loss) | 232.9 | (138.1) | (48.8 | ) | (38.6 | ) | (8.5 | ) | (94.2 | ) | (19.2 | ) | 43.2 | 21.4 | 48.9 | 82.3 | ||||||||||||||||||||||||||||
Operating
margin
|
13.9 | % | -9.3 | % | -1.7 | % | -10.2 | % | -1.8 | % | -23.9 | % | -5.0 | % | 3.9 | % | 2.0 | % | 2.8 | % | 4.3 | % | |||||||||||||||||||||||
(-) |
Other income
(expense):
|
||||||||||||||||||||||||||||||||||||||||||||
Financial
|
289.4 | 116.8 | (370.8 | ) | (131.8 | ) | 119.3 | 26.5 | (234.4 | ) | (137.2 | ) | (25.7 | ) | 215.7 | 64.1 | |||||||||||||||||||||||||||||
Other
|
16.3 | (3.7 | ) | (2.3 | ) | (1.4 | ) | (1.8 | ) | (3.5 | ) | (8.1 | ) | 6.6 | 2.7 | (7.9 | ) | 0.9 | |||||||||||||||||||||||||||
(=)
Income (loss) before income taxes
|
538.5 | (25.0 | ) | (421.9 | ) | (171.9 | ) | 109.0 | (71.2 | ) | (261.7 | ) | (87.3 | ) | (1.6 | ) | 256.7 | 147.3 | |||||||||||||||||||||||||||
(-) |
Income taxes
expense (benefit)
|
(188.8 | ) | 19.8 | 144.7 | 57.5 | (27.9 | ) | 23.2 | 94.5 | (1.7 | ) | 28.7 | (76.5 | ) | (49.4 | ) | ||||||||||||||||||||||||||||
(=) | Income (loss) before equity | 349.7 | (5.2 | ) | (277.2 | ) | (114.3 | ) | 81.1 | (48.0) | (167.2 | ) | (89.1 | ) | 27.1 | 180.1 | 97.9 | ||||||||||||||||||||||||||||
(±) | Equity in income of affiliates | (0.0 | ) | (0.2 | ) | 6.1 | (0.5 | ) | 2.3 | 0.1 | 1.2 | 5.2 | (0.3) | (1.7) | 0.0 | ||||||||||||||||||||||||||||||
(±) | Minority interest in net (income) loss | (173.0 | ) | 22.0 | 83.0 | 55.2 | (26.1 | ) | 18.6 | 52.0 | 19.3 | (6.9) | (55.8 | ) | (34.0 | ) | |||||||||||||||||||||||||||||
(=) | Net income (loss) | 176.7 | 16.6 | (188.1 | ) | (59.7 | ) | 57.3 | (29.3 | ) | (114.1 | ) | (64.6 | ) | 19.9 | 122.6 | 63.9 | ||||||||||||||||||||||||||||
Margin
|
10.5 | % | 1.1 | % | -6.4 | % | -15.8 | % | 11.8 | % | -7.4 | % | -29.7 | % | -5.9 | % | 1.9 | % | 7.1 | % | 3.3 | % | |||||||||||||||||||||||
● | EBITDA | 436.5 | 94.3 | 239.6 | 11.8 | 15.0 | 14.6 | 72.2 | 92.2 | 60.7 | 140.3 | 190.9 | |||||||||||||||||||||||||||||||||
Margin
|
26.0 | % | 6.3 | % | 8.2 | % | 3.1 | % | 3.1 | % | 3.7 | % | 18.8 | % | 8.4 | % | 5.8 | % | 8.2 | % | 10.0 | % | |||||||||||||||||||||||
● | EBIT | 249.2 | (141.8 | ) | (51.1 | ) | (40.0 | ) | (10.3 | ) | (97.7 | ) | (27.3 | ) | 49.9 | 24.1 | 40.9 | 83.1 | |||||||||||||||||||||||||||
Margin
|
14.8 | % | -9.5 | % | -1.7 | % | -10.6 | % | -2.1 | % | -24.8 | % | -7.1 | % | 4.5 | % | 2.3 | % | 2.4 | % | 4.3 | % | |||||||||||||||||||||||
●
Depreciation and amortization
|
187.4 | 236.1 | 290.7 | 51.8 | 25.3 | 112.3 | 99.5 | 42.3 | 36.6 | 99.3 | 107.7 |
Cash Flow
Statement
|
Apr'07
|
Apr'08
|
Mar'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Se´p'09
|
|||||||||||||||||||||||||||||||||
(In millions of U.S. dollars)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
|||||||||||||||||||||||||||||||||
●
Cash flow
from operating activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Net income
(loss) for the year/quarter
|
176.7 | 16.6 | (188.1 | ) | (59.7 | ) | 57.3 | (29.3 | ) | (114.1 | ) | (64.6 | ) | 19.9 | 122.6 | 63.9 | ||||||||||||||||||||||||||||
Adjustments to
reconcile net income (loss)
to cash
provided by operating activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Depreciation
and amortization
|
187.4 | 236.1 | 290.7 | 51.8 | 25.3 | 112.3 | 99.5 | 42.3 | 36.6 | 99.3 | 107.7 | |||||||||||||||||||||||||||||||||
Deferred
income and social contribution taxes
|
150.2 | (52.4 | ) | (145.3 | ) | (51.9 | ) | 14.0 | (31.6 | ) | (86.7 | ) | 13.9 | (40.9 | ) | 66.6 | 59.3 | |||||||||||||||||||||||||||
Interest,
monetary and exchange variation
|
116.3 | (43.7 | ) | 497.3 | 56.5 | (2.5 | ) | (14.5 | ) | 327.5 | 2.2 | 182.1 | (136.3 | ) | (67.9 | ) | ||||||||||||||||||||||||||||
Minority
interest in net income of subsidiaries
|
173.0 | (22.0 | ) | (83.0 | ) | (55.2 | ) | 26.1 | (18.6 | ) | (52.0 | ) | (19.3 | ) | 6.9 | 55.8 | 34.0 | |||||||||||||||||||||||||||
Others
|
(176.8 | ) | 15.2 | 14.5 | (6.2 | ) | 8.7 | 9.2 | 5.4 | (55.0 | ) | 54.9 | 12.2 | (47.8 | ) | |||||||||||||||||||||||||||||
626.8 | 149.8 | 386.1 | (64.6 | ) | 128.9 | 27.5 | 179.7 | (80.5 | ) | 259.5 | 220.3 | 149.3 | ||||||||||||||||||||||||||||||||
Decrease/increase
in operating assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Trade accounts
receivable, net
|
48.2 | (57.1 | ) | (23.7 | ) | 6.4 | (62.2 | ) | 63.9 | (63.7 | ) | 26.5 | (50.5 | ) | 56.5 | (8.5 | ) | |||||||||||||||||||||||||||
Inventories
|
(54.1 | ) | (31.7 | ) | (85.9 | ) | 103.1 | 253.5 | (214.0 | ) | (197.2 | ) | 96.0 | 229.3 | 88.4 | (178.6 | ) | |||||||||||||||||||||||||||
Advances to
suppliers
|
(38.7 | ) | (8.4 | ) | 21.1 | 35.2 | 8.6 | (16.8 | ) | (12.1 | ) | 22.8 | 27.2 | (38.8 | ) | 7.3 | ||||||||||||||||||||||||||||
Trade accounts
payable
|
(43.2 | ) | 33.7 | 33.4 | (100.9 | ) | (12.2 | ) | 90.1 | 54.8 | (83.8 | ) | (27.6 | ) | 24.1 | 30.3 | ||||||||||||||||||||||||||||
Derivative
financial instruments
|
(155.0 | ) | 90.4 | 4.4 | 127.4 | (79.6 | ) | 11.3 | (4.8 | ) | 56.0 | (58.1 | ) | (16.2 | ) | 57.9 | ||||||||||||||||||||||||||||
Taxes
payable
|
(36.6 | ) | (19.6 | ) | (17.1 | ) | 13.7 | (17.1 | ) | (7.9 | ) | (5.0 | ) | (1.2 | ) | (2.9 | ) | (29.3 | ) | (29.7 | ) | |||||||||||||||||||||||
Other assets
and liabilities, net
|
(63.4 | ) | (99.4 | ) | (61.8 | ) | (107.9 | ) | 23.0 | 16.2 | (126.6 | ) | 23.5 | 25.0 | 33.0 | (12.1 | ) | |||||||||||||||||||||||||||
(342.8 | ) | (92.2 | ) | (129.6 | ) | 77.1 | 114.0 | (57.1 | ) | (354.6 | ) | 139.8 | 142.4 | 117.7 | (133.3 | ) | ||||||||||||||||||||||||||||
(=)
Net cash provided by operating actitivities
|
284.0 | 57.6 | 256.6 | 12.5 | 242.9 | (29.6 | ) | (174.9 | ) | 59.2 | 401.9 | 338.0 | 16.0 | |||||||||||||||||||||||||||||||
●
Cash
flow from investing activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Restricted
cash
|
47.0 | (25.9 | ) | 29.3 | (33.6 | ) | (11.1 | ) | 0.1 | 37.4 | (8.3 | ) | 0.1 | (14.5 | ) | (63.0 | ) | |||||||||||||||||||||||||||
Marketable
securities
|
97.0 | (671.0 | ) | 558.8 | (71.0 | ) | 191.8 | (202.4 | ) | (123.4 | ) | 791.6 | 93.0 | - | - | |||||||||||||||||||||||||||||
Acquisition of
property, plant and equipment
|
(356.2 | ) | (642.9 | ) | (606.2 | ) | (157.3 | ) | (300.8 | ) | (169.3 | ) | (143.9 | ) | (131.7 | ) | (161.2 | ) | (227.0 | ) | (211.5 | ) | ||||||||||||||||||||||
Acquisitions,
net of cash acquired
|
(39.4 | ) | (102.0 | ) | (930.4 | ) | (1.2 | ) | (100.8 | ) | 0.8 | (45.2 | ) | (671.5 | ) | (214.5 | ) | (2.1 | ) | 2.1 | ||||||||||||||||||||||||
Other
|
- | - | 160.7 | 1.2 | - | - | - | (65.5 | ) | 226.2 | 92.4 | (8.8 | ) | |||||||||||||||||||||||||||||||
(=)
Net cash used in investing
actitivities
|
(251.6 | ) | (1,441.7 | ) | (787.8 | ) | (261.9 | ) | (220.8 | ) | (370.8 | ) | (275.2 | ) | (85.4 | ) | (56.4 | ) | (151.2 | ) | (281.3 | ) | ||||||||||||||||||||||
●
Cash flow
from financing activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Proceeds from
issuance of common stock
|
3.2 | 1,118.4 | 200.0 | - | - | - | 196.2 | 0.0 | 3.8 | - | 0.7 | |||||||||||||||||||||||||||||||||
Capital
increase on subsidiary from minority
|
- | 324.4 | 11.2 | 312.7 | 11.7 | - | - | - | 11.2 | (62.2 | ) | (0.3 | ) | |||||||||||||||||||||||||||||||
Dividends
Paid
|
- | (44.9 | ) | - | - | (44.9 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Additions of
financial debt
|
424.6 | 117.5 | 789.5 | - | 117.5 | - | 174.5 | 630.4 | (15.4 | ) | 88.6 | 596.8 | ||||||||||||||||||||||||||||||||
Payments of
financial debt
|
(205.0 | ) | (492.1 | ) | (111.1 | ) | (60.4 | ) | (171.2 | ) | (39.8 | ) | (26.2 | ) | (37.1 | ) | (8.0 | ) | (69.2 | ) | (351.4 | ) | ||||||||||||||||||||||
Other
|
- | - | (17.8 | ) | - | - | - | - | - | (17.8 | ) | - | - | |||||||||||||||||||||||||||||||
(=)
Net cash provided by financing
actitivities
|
222.8 | 1,023.3 | 871.9 | 252.3 | (86.9 | ) | (39.8 | ) | 344.6 | 593.4 | (26.2 | ) | (42.8 | ) | 245.8 | |||||||||||||||||||||||||||||
Effect of
exchange rate changes on cash and cash
|
32.1 | 112.6 | 99.7 | 3.6 | 49.8 | 458.1 | 81.8 | (529.2 | ) | 89.0 | 23.5 | 112.4 | ||||||||||||||||||||||||||||||||
(=)
Variation in cash & equivalents
|
287.3 | (248.2 | ) | 440.4 | 6.4 | (15.0 | ) | 17.9 | (23.7 | ) | 37.9 | 408.3 | 167.5 | 92.9 | ||||||||||||||||||||||||||||||
(+) Cash
and cash equivalents at beginning of year
|
29.2 | 316.5 | 68.4 | 77.0 | 83.4 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | |||||||||||||||||||||||||||||||||
(=) Cash
and cash equivalents at end of year
|
316.5 | 68.4 | 508.8 | 83.4 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 |
Balance
Sheet
|
Apr'07
|
Apr'08
|
Mar'09
|
Jan'08
|
Apr'08
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
|||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'07
|
FY'08
|
FY'09
|
3Q'08
|
4Q'08
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
|||||||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||||||||||||||||||||||
Cash and cash
equivalents
|
316.5 | 68.4 | 508.8 | 83.4 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 | |||||||||||||||||||||||||||||||||
Restricted
cash
|
17.7 | 47.2 | 5.1 | 35.2 | 47.2 | 50.7 | 0.1 | 5.1 | 5.1 | 20.5 | 84.1 | |||||||||||||||||||||||||||||||||
Marketable
securities
|
281.9 | 1,014.5 | - | 1,188.5 | 1,014.5 | 804.2 | 771.5 | 397.0 | - | - | - | |||||||||||||||||||||||||||||||||
Derivative
financial instruments
|
65.2 | 31.5 | 7.4 | 12.7 | 31.5 | 65.3 | 86.8 | 3.7 | 7.4 | 44.4 | 54.8 | |||||||||||||||||||||||||||||||||
Trade accounts
receivable, net
|
55.2 | 126.9 | 258.9 | 59.8 | 126.9 | 73.0 | 101.9 | 197.9 | 258.9 | 300.1 | 331.6 | |||||||||||||||||||||||||||||||||
Inventories
|
247.5 | 337.7 | 477.8 | 571.2 | 337.7 | 577.6 | 680.5 | 709.5 | 477.8 | 589.2 | 861.3 | |||||||||||||||||||||||||||||||||
Advances to
suppliers
|
104.0 | 133.7 | 89.0 | 137.1 | 133.7 | 160.8 | 135.5 | 103.5 | 89.0 | 200.8 | 189.4 | |||||||||||||||||||||||||||||||||
Deferred
income taxes
|
- | - | 114.6 | - | - | - | - | 25.7 | 114.6 | 153.2 | 192.8 | |||||||||||||||||||||||||||||||||
Other current
assets
|
51.6 | 103.2 | 66.0 | 44.5 | 103.2 | 99.7 | 132.6 | 158.4 | 66.0 | 69.0 | 56.1 | |||||||||||||||||||||||||||||||||
1,139.5 | 1,863.0 | 1,527.5 | 2,132.6 | 1,863.0 | 1,917.6 | 1,971.5 | 1,701.3 | 1,527.5 | 2,053.5 | 2,539.3 | ||||||||||||||||||||||||||||||||||
Noncurrent
assets:
|
||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment, net
|
1,194.1 | 2,018.1 | 2,271.8 | 1,514.3 | 2,018.1 | 2,217.3 | 1,738.6 | 1,828.8 | 2,271.8 | 3,178.1 | 3,554.3 | |||||||||||||||||||||||||||||||||
Goodwill
|
491.9 | 772.6 | 888.8 | 626.3 | 772.6 | 823.4 | 623.4 | 1,197.3 | 888.8 | 1,464.2 | 1,592.5 | |||||||||||||||||||||||||||||||||
Intangible
assets, net
|
94.0 | 106.1 | 230.7 | 102.0 | 106.1 | 111.8 | 81.8 | 73.1 | 230.7 | 240.5 | 256.9 | |||||||||||||||||||||||||||||||||
Accounts
Receivable from Federal Government
|
156.5 | 202.8 | 139.7 | 192.7 | 202.8 | 218.4 | 161.8 | 147.7 | 139.7 | 167.3 | 185.1 | |||||||||||||||||||||||||||||||||
Other
non-current assets
|
177.5 | 306.4 | 362.6 | 237.9 | 306.4 | 345.3 | 322.0 | 536.5 | 362.6 | 491.7 | 580.5 | |||||||||||||||||||||||||||||||||
2,113.9 | 3,406.1 | 3,893.6 | 2,673.3 | 3,406.1 | 3,716.3 | 2,927.5 | 3,783.5 | 3,893.6 | 5,541.6 | 6,169.2 | ||||||||||||||||||||||||||||||||||
(=)
Total assets
|
3,253.4 | 5,269.1 | 5,421.1 | 4,805.9 | 5,269.1 | 5,634.0 | 4,899.0 | 5,484.7 | 5,421.1 | 7,595.1 | 8,708.6 | |||||||||||||||||||||||||||||||||
Liabilities
and shareholders' equity
|
||||||||||||||||||||||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Trade accounts
payable
|
55.9 | 114.4 | 197.2 | 110.5 | 114.4 | 212.0 | 235.8 | 223.7 | 197.2 | 339.8 | 401.3 | |||||||||||||||||||||||||||||||||
Taxes
payable
|
57.5 | 62.9 | 69.0 | 47.1 | 62.9 | 67.4 | 47.4 | 66.1 | 69.0 | 92.9 | 125.1 | |||||||||||||||||||||||||||||||||
Salaries
payable
|
31.1 | 47.8 | 40.2 | 29.2 | 47.8 | 75.8 | 67.5 | 33.5 | 40.2 | 78.0 | 101.7 | |||||||||||||||||||||||||||||||||
Current
portion of long-term debt
|
36.1 | 38.2 | 781.7 | 27.9 | 38.2 | 33.2 | 134.2 | 786.7 | 781.7 | 582.9 | 673.0 | |||||||||||||||||||||||||||||||||
Derivative
financial instruments
|
9.8 | 55.0 | 28.9 | 102.3 | 55.0 | 102.1 | 112.1 | 83.3 | 28.9 | 50.7 | 121.1 | |||||||||||||||||||||||||||||||||
Dividends
payable
|
37.3 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Deferred
income taxes
|
- | - | - | - | - | - | 10.3 | - | - | - | - | |||||||||||||||||||||||||||||||||
Other
liabilities
|
46.5 | 40.8 | 47.6 | 24.9 | 40.8 | 29.4 | 28.5 | 30.2 | 47.6 | 87.1 | 70.7 | |||||||||||||||||||||||||||||||||
274.2 | 359.1 | 1,164.7 | 342.0 | 359.1 | 519.8 | 635.7 | 1,223.6 | 1,164.7 | 1,231.5 | 1,493.0 | ||||||||||||||||||||||||||||||||||
Long-term
liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||
Long-term
debt
|
1,342.5 | 1,249.3 | 1,251.1 | 1,226.5 | 1,249.3 | 1,291.4 | 1,257.4 | 1,246.5 | 1,251.1 | 2,249.1 | 2,632.3 | |||||||||||||||||||||||||||||||||
Estimated
liability for legal proceedings
|
379.2 | 494.1 | 497.6 | 442.0 | 494.1 | 545.0 | 414.1 | 546.4 | 497.6 | 607.5 | 672.6 | |||||||||||||||||||||||||||||||||
Taxes
payable
|
106.9 | 170.4 | 151.5 | 127.7 | 170.4 | 181.9 | 133.4 | 187.1 | 151.5 | 184.7 | 178.3 | |||||||||||||||||||||||||||||||||
Advances from
customers
|
24.3 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Deferred
income taxes
|
141.6 | 101.8 | 40.4 | 85.9 | 101.8 | 83.6 | - | - | 40.4 | 84.0 | 118.3 | |||||||||||||||||||||||||||||||||
Other
long-term liabilities
|
47.5 | 101.7 | 175.0 | 72.8 | 101.7 | 103.3 | 107.7 | 181.6 | 175.0 | 213.2 | 224.6 | |||||||||||||||||||||||||||||||||
2,042.0 | 2,117.4 | 2,115.6 | 1,954.9 | 2,117.4 | 2,205.3 | 1,912.7 | 2,161.5 | 2,115.6 | 3,338.5 | 3,826.2 | ||||||||||||||||||||||||||||||||||
Minority
interest in consolidated subsidiaries
|
463.6 | 796.8 | 544.5 | 873.4 | 796.8 | 839.7 | 602.8 | 530.7 | 544.5 | 1,037.8 | 1,181.8 | |||||||||||||||||||||||||||||||||
Shareholders'
equity:
|
||||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
1.0 | 2.3 | 2.7 | 2.1 | 2.3 | 2.3 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||
Additional
paid-in capital
|
354.0 | 1,723.1 | 1,926.7 | 1,471.0 | 1,723.1 | 1,724.6 | 1,920.9 | 1,922.0 | 1,926.7 | 1,964.7 | 1,961.8 | |||||||||||||||||||||||||||||||||
Accumulated
other comprehensive income
|
36.7 | 171.8 | (243.6 | ) | 121.3 | 171.8 | 273.1 | (130.9 | ) | (246.2 | ) | (243.6 | ) | (13.1 | ) | 146.1 | ||||||||||||||||||||||||||||
Retained
earnings (losses)
|
81.9 | 98.5 | (89.6 | ) | 41.2 | 98.5 | 69.2 | (44.9 | ) | (109.5 | ) | (89.6 | ) | 33.0 | 96.9 | |||||||||||||||||||||||||||||
Total
shareholders' equity
|
473.6 | 1,995.7 | 1,596.2 | 1,635.6 | 1,995.7 | 2,069.1 | 1,747.8 | 1,569.0 | 1,596.2 | 1,987.3 | 2,207.6 | |||||||||||||||||||||||||||||||||
(=)
Total liabilities and shareholders' equity
|
3,253.4 | 5,269.1 | 5,421.1 | 4,805.9 | 5,269.1 | 5,634.0 | 4,899.0 | 5,484.7 | 5,421.1 | 7,595.1 | 8,708.6 |
Report of
independent registered public accounting firm
|
1
|
Condensed
consolidated balance sheets
|
2
|
Condensed
consolidated statements of operations
|
4
|
Condensed
consolidated statements of shareholders’ equity and comprehensive income
(loss)
|
5
|
Condensed
consolidated statements of cash flows
|
6
|
Notes to the
condensed consolidated financial statements
|
7
|
São Paulo,
Brazil
|
ERNST &
YOUNG
|
November 12,
2009
|
Auditores
Independentes S.S.
|
CRC2SP015199/O-8
|
|
Luiz Carlos
Nannini
|
|
Accountant
CRC 1SP171638/O-7
|
(Unaudited)
September
30,
|
March 31,
|
|||||||
2009
|
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
533,517 | 310,710 | ||||||
Restricted
cash
|
84,097 | 5,078 | ||||||
Derivative
financial instruments
|
54,793 | 7,352 | ||||||
Trade
accounts receivable, less allowances: September 30, 2009 – $33,672; March
31, 2009 – $21,241
|
331,628 | 258,863 | ||||||
Inventories
|
861,325 | 477,793 | ||||||
Advances to
suppliers
|
189,386 | 88,991 | ||||||
Recoverable
taxes
|
192,843 | 114,641 | ||||||
Other current
assets
|
56,129 | 62,145 | ||||||
2,303,718 | 1,325,573 | |||||||
Property,
plant, and equipment, net
|
3,400,677 | 2,114,188 | ||||||
Goodwill
|
1,507,951 | 803,270 | ||||||
Intangible
assets, net
|
255,130 | 228,950 | ||||||
Accounts
receivable from federal government
|
185,057 | 139,700 | ||||||
Judicial
deposits
|
101,851 | 73,975 | ||||||
Other non-current
assets
|
459,882 | 277,028 | ||||||
5,910,548 | 3,637,111 | |||||||
Total
assets
|
8,214,266 | 4,962,684 |
(Unaudited)
September
30,
|
March 31,
|
|||||||
2009
|
2009
|
|||||||
Liabilities
and shareholders’ equity
|
||||||||
Current
liabilities:
|
||||||||
Trade accounts
payable
|
400,710 | 197,009 | ||||||
Taxes
payable
|
125,395 | 69,273 | ||||||
Salaries
payable
|
101,740 | 40,237 | ||||||
Current portion
of long-term debt
|
672,469 | 630,260 | ||||||
Derivative
financial instruments
|
121,143 | 28,894 | ||||||
Other
liabilities
|
70,704 | 47,946 | ||||||
1,492,161 | 1,013,619 | |||||||
Long-term
liabilities:
|
||||||||
Long-term
debt
|
2,629,133 | 1,246,994 | ||||||
Estimated liability for legal
proceedings and labor claims
|
672,647 | 497,648 | ||||||
Taxes
payable
|
176,311 | 149,621 | ||||||
Due to Cosan
Limited
|
- | 175,000 | ||||||
Deferred
income taxes
|
118,321 | 40,377 | ||||||
Other
long-term liabilities
|
167,641 | 116,429 | ||||||
3,764,053 | 2,226,069 | |||||||
Shareholders’
equity
|
||||||||
Cosan shareholders’
equity:
|
||||||||
Common stock, no
par value. Authorized 372,810,142 shares; issued and outstanding
372,810,142 in September 30, 2009 and 328,284,884 shares in March 31,
2009
|
2,121,369 | 1,945,741 | ||||||
Treasury
stock
|
(1,979 | ) | (1,979 | ) | ||||
Common stock
warrants
|
25,273 | 25,273 | ||||||
Additional
paid-in capital
|
350,310 | 167,610 | ||||||
Accumulated
other comprehensive income (accumulated loss)
|
316,164 | (280,888 | ) | |||||
Retained
earnings (losses)
|
124,463 | (146,099 | ) | |||||
Equity attributable to
shareholders of Cosan
|
2,935,600 | 1,709,658 | ||||||
Equity attributable to
noncontrolling interests
|
22,452 | 13,338 | ||||||
Total shareholders’
equity
|
2,958,052 | 1,722,996 | ||||||
Total liabilities and
shareholders' equity
|
8,214,266 | 4,962,684 |
September
30,
|
October 31,
|
|||||||
2009
|
2008
|
|||||||
Net sales
|
3,635,926 | 777,834 | ||||||
Cost of goods sold
|
(3,215,304 | ) | (717,368 | ) | ||||
Gross
profit
|
420,622 | 60,466 | ||||||
Selling
expenses
|
(217,156 | ) | (100,948 | ) | ||||
General and administrative
expenses
|
(70,204 | ) | (70,464 | ) | ||||
Operating income
(loss)
|
133,262 | (110,946 | ) | |||||
Other income
(expenses):
|
||||||||
Financial
income
|
61,205 | 130,772 | ||||||
Financial
expenses
|
207,330 | (338,253 | ) | |||||
Other
|
(7,007 | ) | (11,601 | ) | ||||
Income (loss) before income taxes
and equity in income (loss) of affiliates
|
394,790 | (330,028 | ) | |||||
Income taxes benefit
(expense)
|
(125,959 | ) | 116,011 | |||||
Income (loss) before equity in
income (loss) of affiliates
|
268,831 | (214,017 | ) | |||||
Equity income (loss) of
affiliates
|
(1,698 | ) | 574 | |||||
Net (loss)
income
|
267,133 | (213,443 | ) | |||||
Net income (loss) attributable to noncontrolling
interests
|
3,429 | (1,602 | ) | |||||
Net income (loss) attributable to
Cosan
|
270,562 | (215,045 | ) | |||||
Per-share amounts attributable to
Cosan
|
||||||||
Net Income
(loss)
|
||||||||
Basic
|
0.77 | (0,77 | ) | |||||
Diluted
|
0.76 | (0.77 | ) | |||||
Weighted number of shares
outstanding
|
||||||||
Basic
|
353,351,384 | 279,267,670 | ||||||
Diluted
|
358,195,397 | 279,267,670 |
Retained
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
Treasury
stock
|
Common
stock
|
Additional
|
earnings
|
other
|
Non
|
Total
|
|||||||||||||||||||||||||||||||||||||
warrants
|
paid-in
|
(accumulated
|
comprehensive
|
controlling
|
shareholders
|
|||||||||||||||||||||||||||||||||||||||
shares
|
Amount
|
Shares
|
amount
|
number
|
amount
|
capital
|
loss)
|
income
(loss)
|
interest
|
equity
|
||||||||||||||||||||||||||||||||||
Balances at March 31,
2009
|
328,284,884 | 1,945,741 | 343,139 | (1,979 | ) | 55,000,000 | 25,273 | 167,610 | (146,099 | ) | (280,888 | ) | 13,338 | 1,722,996 | ||||||||||||||||||||||||||||||
Acquisition of
Teaçu
|
- | - | - | - | - | - | 60,009 | - | - | 68,285 | 128,294 | |||||||||||||||||||||||||||||||||
Issuance of common shares in
business combination
|
44,300,389 | 169,553 | - | - | - | - | 123,557 | - | - | (62,476 | ) | 230,634 | ||||||||||||||||||||||||||||||||
Exercise of stock
options
|
224,819 | 6,074 | - | - | - | - | (5,367 | ) | - | - | - | 707 | ||||||||||||||||||||||||||||||||
Exercise of common stock
warrants
|
50 | 1 | - | - | (83 | ) | - | - | - | - | - | 1 | ||||||||||||||||||||||||||||||||
Share based
compensation
|
- | - | - | - | - | - | 4,501 | - | - | - | 4,501 | |||||||||||||||||||||||||||||||||
Pension
plan
|
- | - | - | - | - | - | - | - | (85 | ) | - | (85 | ) | |||||||||||||||||||||||||||||||
Net income
|
- | - | - | - | - | - | - | 270,562 | - | (3,429 | ) | 267,133 | ||||||||||||||||||||||||||||||||
Currency translation
adjustment
|
- | - | - | - | - | - | - | - | 597,137 | 6,734 | 603,871 | |||||||||||||||||||||||||||||||||
Total comprehensive income
|
870,919 | |||||||||||||||||||||||||||||||||||||||||||
Balances at September 30,
2009
|
372,810,142 | 2,121,369 | 343,139 | (1,979 | ) | 54,999,917 | 25,273 | 350,310 | 124,463 | 316,164 | 22,452 | 2,958,052 |
September
30,
|
October 31,
|
|||||||
2009
|
2008
|
|||||||
Cash flow from operating
activities
|
||||||||
Net (loss) income for the
period attributable to
Cosan
|
270,562 | (215,045 | ) | |||||
Adjustments to reconcile net
income to cash provided by operating activities:
|
||||||||
Depreciation
and amortization
|
205,371 | 257,024 | ||||||
Deferred
income and social contribution taxes
|
125,959 | (116,011 | ) | |||||
Interest,
monetary and exchange variation
|
(206,095 | ) | 315,453 | |||||
Others
|
(38,641 | ) | 17,512 | |||||
Decrease/increase in operating
assets and liabilities
|
||||||||
Trade accounts receivable,
net
|
48,076 | 260 | ||||||
Inventories
|
(90,194 | ) | (411,156 | ) | ||||
Advances to
suppliers
|
(31,518 | ) | (28,887 | ) | ||||
Trade accounts
payable
|
54,393 | 142,356 | ||||||
Derivative financial
instruments
|
41,622 | 6,525 | ||||||
Taxes
payable
|
(58,948 | ) | (12,926 | ) | ||||
Other assets and liabilities,
net
|
16,980 | 2,229 | ||||||
Net cash provided by (used in)
operating activities
|
337,567 | (42,666 | ) | |||||
Cash flows from investing
activities:
|
||||||||
Restricted
cash
|
(77,485 | ) | 37,546 | |||||
Marketable
securities
|
- | (228,348 | ) | |||||
Cash received
from sales of noncurrent assets
|
67,027 | - | ||||||
Others
|
(7,383 | ) | - | |||||
Acquisition
of property, plant and equipment
|
(438,509 | ) | (315,998 | ) | ||||
Acquisitions,
net of cash acquired
|
23,903 | (17,490 | ) | |||||
Net cash used in investing
activities
|
(432,447 | ) | (524,290 | ) | ||||
Cash flows from financing
activities:
|
||||||||
Related
parties
|
(256,896 | ) | - | |||||
Proceeds from
issuance of common stock
|
707 | 456,084 | ||||||
Treasury
stock
|
- | (1,979 | ) | |||||
Additions of
long-term debts
|
685,371 | 174,501 | ||||||
Payments of
long-term debts
|
(250,652 | ) | (66,013 | ) | ||||
Net cash provided by financing
activities
|
178,530 | 562,593 | ||||||
Effect of exchange rate changes on
cash and
|
||||||||
cash
equivalents
|
139,157 | 29,138 | ||||||
Net increase in cash and cash
equivalents
|
222,807 | 24,775 | ||||||
Cash and cash equivalents at
beginning of period
|
310,710 | 38,832 | ||||||
Cash and cash equivalents at end
of period
|
533,517 | 63,607 | ||||||
Supplemental
cash flow information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
77,584 | 37,302 | ||||||
Income
taxes
|
20,431 | - |
1.
|
Operations
|
1.
|
Operations
(Continued)
|
2.
|
Presentation
of the consolidated financial
statements
|
a.
|
Basis of reporting for
interim financial statements
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
a.
|
Basis of reporting for
interim financial statements
(Continued)
|
b.
|
Use of
estimates
|
c.
|
Recently
issued accounting standards
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
c.
|
Recently
issued accounting standards
(continued)
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
c.
|
Recently
issued accounting standards
(Continued)
|
3.
|
Acquisitions
|
Cash
|
52,985 | |||
Common stock
at estimated fair value
|
97,516 | |||
Total
|
150,501 |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
40,224 | |||
Inventories
|
973 | |||
Other
assets
|
29,012 | |||
Long-term
debt including current installments
|
(18,780 | ) | ||
Trade
accounts payable
|
(361 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(976 | ) | ||
Other
liabilities
|
(1,922 | ) | ||
Net assets
acquired
|
48,170 | |||
Provisional
purchase price, net of cash acquired
|
150,222 | |||
Goodwill
|
102,052 |
Revenue
|
Earnings
(Loss)
|
|||||||
Actual from
April 9, 2009 – September 30, 2009 (*)
|
18,589 | 2,775 | ||||||
Supplemental
pro forma from May 1, 2008 – October 31, 2008
|
793,679 | (213,583 | ) |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
370,651 | |||
Noncontrolling
interest in Novo Rumo
|
62,476 | |||
Inventories
|
63,572 | |||
Account
receivables
|
62,377 | |||
Other
assets
|
251,267 | |||
Long-term
debt including current installments
|
(606,118 | ) | ||
Trade
accounts payable
|
(81,563 | ) | ||
Related
parties
|
(16,591 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(7,009 | ) | ||
Taxes and
contributions payable
|
(28,821 | ) | ||
Other
liabilities
|
(66,155 | ) | ||
Net assets
acquired
|
4,086 | |||
Purchase
price, net of cash acquired
|
294,605 | |||
Goodwill
|
290,519 |
3.
|
Acquisitions
(Continued)
|
Revenue
|
Earnings
|
|||||||
Actual from
June 18, 2009 – September 30, 2009
|
219,290 | 12,988 | ||||||
Supplemental
pro forma from April 1, 2009 – September 30, 2009
|
3,728,870 | 259,225 | ||||||
Supplemental
pro forma from May 1, 2008 – October 31, 2008
|
1,116,831 | (221,731 | ) |
4.
|
Derivative
financial instruments
|
Notional
amounts
|
Carrying
value asset (liability)
|
|||||||||||||||
September
30, 2009
|
March 31,
2009
|
September
30, 2009
|
March 31,
2009
|
|||||||||||||
Commodities
derivatives
|
||||||||||||||||
Future
contracts:
|
||||||||||||||||
Purchase
commitments - sugar
|
38,194 | 61 | 2,429 | (4 | ) | |||||||||||
Purchase
Commitments - oil
|
28,577 | - | 724 | - | ||||||||||||
Sell
commitments
|
316,583 | 182,943 | (30,099 | ) | 4,163 | |||||||||||
Swap
agreements - sugar
|
56,594 | - | 4,622 | - | ||||||||||||
Options:
|
||||||||||||||||
Purchased
|
186,599 | - | 9,351 | - | ||||||||||||
Written
|
302,227 | 64,366 | (82,161 | ) | (2,906 | ) | ||||||||||
Foreign
exchange derivatives
|
||||||||||||||||
Forward
contracts:
|
||||||||||||||||
Purchase
Commitments
|
417,069 | - | (5,051 | ) | - | |||||||||||
Sale
commitments
|
893,220 | 184,653 | 10,876 | (23,035 | ) | |||||||||||
Swap
agreements
|
||||||||||||||||
Swap
agreements – Senior notes 2009
|
320,961 | 246,501 | (2,515 | ) | (2,949 | ) | ||||||||||
Swap
agreements – Note export credit
|
10,012 | - | (1,317 | ) | - | |||||||||||
Future
contracts
|
||||||||||||||||
Sale
commitments
|
577,779 | 372,230 | 17,865 | 3,189 | ||||||||||||
Options
|
||||||||||||||||
Purchased
|
263,202 | - | 8,926 | - | ||||||||||||
Total
assets
|
54,793 | 7,352 | ||||||||||||||
Total
liabilities
|
(121,143 | ) | (28,894 | ) |
5.
|
Inventories
|
September
30, 2009
|
March
31,
2009
|
|||||||
Finished
goods:
|
||||||||
Sugar
|
269,857 | 47,195 | ||||||
Ethanol
|
177,371 | 86,809 | ||||||
Lubricants
|
40,525 | 38,852 | ||||||
Fuel
(Gasoline, Diesel and Ethanol)
|
96,692 | 74,582 | ||||||
Valuation
allowance
|
(8,441 | ) | (5,222 | ) | ||||
Others
|
12,948 | 11,896 | ||||||
588,952 | 254,112 | |||||||
Annual
maintenance cost of growing crops
|
181,105 | 167,576 | ||||||
Others
|
91,268 | 56,105 | ||||||
861,325 | 477,793 |
6.
|
Long-term
debt
|
Index
|
Average
annual interest rate
|
September
30, 2009
|
March
31, 2009
|
||||||||||
Resolution
No. 2471 (PESA)
|
IGP-M
|
4.0 | % | 287,877 | 213,314 | ||||||||
Corn
price
|
12.5 | % | - | 56 | |||||||||
Senior notes
due 2009
|
US
Dollar
|
9.0 | % | 37,343 | 37,343 | ||||||||
Senior notes
due 2014
|
US
Dollar
|
9.5 | % | 354,293 | - | ||||||||
Senior notes
due 2017
|
US
Dollar
|
7.0 | % | 404,589 | 404,589 | ||||||||
IFC
|
US
Dollar
|
7.4 | % | 46,655 | 49,379 | ||||||||
Perpetual
notes
|
US
Dollar
|
8.3 | % | 455,303 | 455,304 | ||||||||
BNDES
|
TJLP
|
2.6 | % | 401,980 | 99,561 | ||||||||
Promissory
notes
|
DI
|
3.0 | % | 693,834 | 501,888 | ||||||||
Export credit
notes
|
DI
|
2.4 | % | 125,374 | - | ||||||||
Debentures
|
DI
|
3.3 | % | 85,797 | - | ||||||||
Credit
notes
|
DI
|
3.9 | % | 122,290 | - | ||||||||
Export credit
notes
|
US
Dollar
|
2.6 | % | 53,475 | - | ||||||||
Others
|
Various
|
Various
|
232,792 | 115,820 | |||||||||
3,301,602 | 1,877,254 | ||||||||||||
Current
portion
|
(672,469 | ) | (630,260 | ) | |||||||||
Long-term
debt
|
2,629,133 | 1,246,994 |
6.
|
Long-term debt
(Continued)
|
2011
|
643,361 | |||
2012
|
118,851 | |||
2013
|
70,067 | |||
2014
|
394,854 | |||
2015
|
43,151 | |||
2016
|
40,203 | |||
2017
|
438,855 | |||
2018
and thereafter
|
879,791 | |||
2,629,133 |
6.
|
Long-term debt
(Continued)
|
6.
|
Long-term debt
(Continued)
|
7.
|
Related
parties
|
Assets
|
||||||||
September
30, 2009
|
March
31, 2009
|
|||||||
Cosan
Alimentos
|
- | 13,123 | ||||||
Rezende
Barbosa S.A. Administração e Participações
|
89,519 | - | ||||||
Vertical UK
LLP
|
7,297 | 11,597 | ||||||
Others
|
723 | - | ||||||
97,539 | 24,720 | |||||||
Current
(*)
|
(12,155 | ) | (24,720 | ) | ||||
Noncurrent
(*)
|
85,384 | - | ||||||
Liabilities
|
||||||||
September
30, 2009
|
March
31, 2009
|
|||||||
Cosan
Limited
|
- | 175,307 | ||||||
Others
|
2,158 | 1,926 | ||||||
2,158 | 177,233 | |||||||
Current
(*)
|
(2,158 | ) | (2,233 | ) | ||||
Noncurrent
|
- | 175,000 |
September
30, 2009
|
October 31,
2008
|
|||||||
Transactions
involving assets
|
||||||||
Cash received
due to the sale of finished products and assets and services held, net of
payments
|
(84,757 | ) | (75,694 | ) | ||||
Sale of
finished products and services in a affiliated company
|
73,349 | 81,564 | ||||||
Added through
acquisition of Nova América
|
70,379 | - | ||||||
Transactions
involving liabilities
|
||||||||
Payment of
financial resources, net of funding
|
(3,507 | ) | - | |||||
Payment to
Cosan Limited
|
(175,307 | ) | - | |||||
Financial
income
|
(39,202 | ) | - |
7.
|
Related parties
(Continued)
|
8.
|
Estimated
liability for legal proceedings and labor claims and
commitments
|
September
30,
2009
|
March
31, 2009
|
|||||||
Tax
contingencies
|
585,848 | 430,342 | ||||||
Civil and
labor contingencies
|
86,799 | 67,306 | ||||||
672,647 | 497,648 |
September
30, 2009
|
March
31, 2009
|
|||||||
Credit
premium – IPI
|
155,628 | 116,256 | ||||||
PIS and
Cofins
|
83,181 | 62,556 | ||||||
IPI
credits
|
53,445 | 40,049 | ||||||
Contribution
to IAA
|
48,599 | 36,672 | ||||||
IPI – Federal
VAT
|
53,969 | 23,626 | ||||||
ICMS
credits
|
32,178 | 19,966 | ||||||
Compensation
with Finsocial
|
94,796 | 70,693 | ||||||
Other
|
64,052 | 60,524 | ||||||
585,848 | 430,342 |
8.
|
Estimated liability for legal
proceedings and labor claims and commitments
(Continued)
|
September
30,
2009
|
March
31, 2009
|
|||||||
Withholding
Income Tax
|
92,409 | 69,730 | ||||||
ICMS – State
VAT
|
102,700 | 77,052 | ||||||
IAA - Sugar
and Ethanol Institute
|
41,554 | 31,610 | ||||||
IPI - Federal
Value-added tax
|
169,528 | 100,722 | ||||||
INSS
|
1,204 | 795 | ||||||
PIS and
COFINS
|
20,635 | 15,529 | ||||||
Civil and
labor
|
127,789 | 94,599 | ||||||
Other
|
79,636 | 34,851 | ||||||
635,455 | 424,888 |
8.
|
Estimated liability for legal
proceedings and labor claims and commitments
(Continued)
|
9.
|
Income
taxes
|
Balance at
March 31, 2009
|
53,995 | |||
Accrued
interest on unrecognized tax benefit
|
1,968 | |||
Effect of
foreign currency translation
|
16,310 | |||
Settlements
|
(36 | ) | ||
Balance at
September 30, 2009 (*)
|
72,237 |
9.
|
Income taxes
(Continued)
|
10.
|
Shareholders’
equity
|
10.
|
Shareholders’ equity
(Continued)
|
11.
|
Deferred gain on sale of
investments in subsidiaries
|
|
Agrícola
Ponte Alta S.A. is a subsidiary whose principal assets are land used for
the growing of sugarcane for Cosan. On December 15, 2008, the shareholders
approved a partial spin-off of the assets of Ponte Alta and created four
new subsidiaries. Agricultural land was then transferred from
Ponte Alta to each of the entities. On December 30, 2008, two of the
entities, Nova Agrícola Ponte Alta S.A. and Terras da Ponte Alta S.A. were
sold to Radar, an affiliate company accounted for by the equity method.
The selling price was fair value, US$123,596, which resulted in a gain of
US$47,080. This gain has previously been deferred since there were no
lease contracts executed for the land, which was being used by Cosan for a
monthly fee. During the current period the lease contracts were
executed, and the gain is being amortized to profit and loss over the 19
year average term of the leases.
|
|
During the
six-month period ended September 30, 2009, the Company has amortized a
gain of US$1,505 related to this sale-leaseback
transaction.
|
12.
|
Share-based
compensation
|
12.
|
Share-based compensation
(Continued)
|
Options
granted on September 22, 2005
|
Options
granted on September 11, 2007
|
|||||||
Grant price - in U.S.
dollars
|
3.44 | 3.44 | ||||||
Expected life (in
years)
|
7.5 | 7.5 | ||||||
Interest
rate
|
14.52 | % | 9.34 | % | ||||
Volatility
|
34.00 | % | 46.45 | % | ||||
Dividend
yield
|
1.25 | % | 1.47 | % | ||||
Weighted-average fair value at
grant date - in U.S. dollars
|
6.94 | 10.23 |
13.
|
Fair value
measurements
|
13.
|
Fair value
measurements
(Continued)
|
Level 1
|
Level 2
|
Total
|
||||||||||
Assets
|
||||||||||||
Derivatives
|
9,351 | 45,442 | 54,793 | |||||||||
Total
|
9,351 | 45,442 | 54,793 | |||||||||
Liabilities
|
||||||||||||
Derivatives
|
82,161 | 38,982 | 121,143 | |||||||||
Total
|
82,161 | 38,982 | 121,143 |
14.
|
Segment
information
|
a.
|
Segment
information
|
14.
|
Segment information
(Continued)
|
a.
|
Segment
information (Continued)
|
September
30,
2009
|
October
31,
2008
|
|||||||
Net sales —
Brazilian GAAP
|
||||||||
Sugar
|
729,096 | 437,141 | ||||||
Ethanol
|
408,267 | 272,337 | ||||||
Fuel
distribution
|
2,375,822 | - | ||||||
Others
|
120,180 | 67,725 | ||||||
Total
|
3,633,365 | 777,203 | ||||||
Reconciling
items to U.S. GAAP
|
||||||||
Sugar
|
2,950 | 631 | ||||||
Fuel
distribution
|
(389 | ) | - | |||||
Total
|
2,561 | 631 | ||||||
Total net
sales
|
3,635,926 | 777,834 |
14.
|
Segment information
(Continued)
|
a.
|
Segment
information (Continued)
|
September
30,
2009
|
October 31,
2008
|
|||||||
Segment
operating income (loss) – Brazilian GAAP
|
||||||||
Sugar
|
14,121 | (65,906 | ) | |||||
Ethanol
|
8,864 | (41,059 | ) | |||||
Fuel
distribution
|
78,571 | - | ||||||
Others
|
2,547 | (10,210 | ) | |||||
Operating
income (loss) — Brazilian GAAP
|
104,103 | (117,175 | ) | |||||
Reconciling
items to U.S. GAAP
|
||||||||
Depreciation
and amortization expenses
|
||||||||
Sugar
|
(4,031 | ) | 4,443 | |||||
Ethanol
|
(2,530 | ) | 2,768 | |||||
Fuel
distribution
|
(1,648 | ) | - | |||||
Others
|
(727 | ) | 688 | |||||
(8,936 | ) | 7,899 | ||||||
Other
adjustments
|
||||||||
Sugar
|
(5,655 | ) | (641 | ) | ||||
Ethanol
|
(3,550 | ) | (824 | ) | ||||
Fuel
distribution
|
48,319 | - | ||||||
Others
|
(1,019 | ) | (204 | ) | ||||
38,095 | (1,669 | ) | ||||||
Total
sugar
|
4,435 | (62,104 | ) | |||||
Total
ethanol
|
2,784 | (39,115 | ) | |||||
Fuel
distribution
|
125,242 | - | ||||||
Total
others
|
801 | (9,727 | ) | |||||
Operating
income (loss) — U.S. GAAP
|
133,262 | (110,946 | ) |
14.
|
Segment information
(Continued)
|
b.
|
Sales
by principal customers
|
Market
|
Customer
|
September
30, 2009
|
October
31, 2008
|
|||||||
International
|
Sucres et Denrées
|
27 | % | 11 | % | |||||
Ceval Internacional
Limited
|
13 | % | - | |||||||
Cargill Incorporation
Ltd.
|
9 | % | - | |||||||
Cargill International
S.A.
|
7 | % | - | |||||||
Coimex Trading
Ltd
|
6 | % | 4 | % | ||||||
Ableman Trading
Limited
|
4 | % | 4 | % | ||||||
Fluxo – Cane Overseas
Ltd
|
3 | % | 35 | % | ||||||
Tate & Lyle
International
|
2 | % | 7 | % |
Market
|
Customer
|
September
30, 2009
|
October
31, 2008
|
|||||||
International
|
Vertical UK
LLP
|
10 | % | 19 | % | |||||
Kolmar
Petrochemicals
|
7 | % | - | |||||||
Morgan
Stanley Capital Group Inc.
|
6 | % | 6 | % | ||||||
Alcotra
S.A.
|
3 | % | 2 | % | ||||||
Sekab
Biofuels & Chemicals
|
2 | % | 7 | % | ||||||
Vitol
Inc.
|
- | 4 | % | |||||||
Bauche Energy
Br Com Imp Exp Ltda.
|
- | 3 | % | |||||||
Domestic
|
Shell Brasil
Ltda.
|
17 | % | 17 | % | |||||
Petrobrás
Distribuidora S.A.
|
12 | % | 6 | % | ||||||
Cia
Brasileira de Petróleo Ipiranga
|
10 | % | - | |||||||
Euro Petróleo
do Brasil Ltda.
|
8 | % | 12 | % | ||||||
Alesat
Combustíveis S.A.
|
4 | % | 2 | % | ||||||
Chevron
Brasil Ltda.
|
1 | % | 4 | % |
14.
|
Segment information
(Continued)
|
b.
|
Sales by
principal customers
(Continued)
|
Market
|
Customer
|
September 30,
2009
|
October 31,
2008
|
|||||||
Domestic
|
Mime
Distribuidora de Petróleo Ltda.
|
2 | % | - | ||||||
Tam Linhas Aéreas
S.A.
|
1 | % | - | |||||||
All – América
Latina Logística Malha Sul S.A.
|
1 | % | - | |||||||
Auto Posto
Túlio Ltda.
|
1 | % | - | |||||||
Posto Iccar
Ltda.
|
1 | % | - |
15.
|
Subsequent
events
|
Report of
independent registered public accounting firm
|
1
|
|
|
Condensed
consolidated balance sheets
|
2
|
Condensed
consolidated statements of operations
|
4
|
Condensed
consolidated statements of shareholders’ equity and comprehensive income
(loss)
|
5
|
Condensed
consolidated statements of cash flows
|
6
|
Notes to the
condensed consolidated financial statements
|
7
|
São Paulo,
Brazil
|
ERNST &
YOUNG
|
November 12,
2009
|
Auditores
Independentes S.S.
|
CRC2SP015199/O-8
|
|
Luiz Carlos
Nannini
|
|
Accountant
CRC 1SP171638/O-7
|
(Unaudited)
September 30,
2009
|
March 31,
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
769,130 | 508,784 | ||||||
Restricted
cash
|
84,097 | 5,078 | ||||||
Derivative
financial instruments
|
54,793 | 7,352 | ||||||
Trade accounts receivable, less
allowances: September 30, 2009 – $33,672; March 31, 2009 –
$21,241
|
331,628 | 258,863 | ||||||
Inventories
|
861,325 | 477,792 | ||||||
Advances to
suppliers
|
189,386 | 88,991 | ||||||
Taxes
recoverable
|
192,843 | 114,641 | ||||||
Other current
assets
|
56,129 | 65,956 | ||||||
2,539,331 | 1,527,457 | |||||||
Property, plant, and equipment,
net
|
3,554,306 | 2,271,828 | ||||||
Goodwill
|
1,592,479 | 888,793 | ||||||
Intangible assets,
net
|
256,885 | 230,741 | ||||||
Accounts receivable from Federal
Government
|
185,057 | 139,700 | ||||||
Judicial
deposits
|
101,851 | 73,975 | ||||||
Other non-current
assets
|
478,661 | 288,608 | ||||||
6,169,239 | 3,893,645 | |||||||
Total
assets
|
8,708,570 | 5,421,102 |
(Unaudited)
September 30,
2009
|
March 31,
2009
|
|||||||
Liabilities and shareholders’
equity
|
||||||||
Current
liabilities:
|
||||||||
Trade accounts
payable
|
401,281 | 197,220 | ||||||
Taxes
payable
|
125,095 | 69,042 | ||||||
Salaries
payable
|
101,740 | 40,237 | ||||||
Current portion of long-term
debt
|
672,990 | 781,664 | ||||||
Derivative financial
instruments
|
121,143 | 28,894 | ||||||
Other
liabilities
|
70,704 | 47,641 | ||||||
1,492,953 | 1,164,698 | |||||||
Long-term
liabilities:
|
||||||||
Long-term
debt
|
2,632,319 | 1,251,095 | ||||||
Estimated liability for legal
proceedings and labor claims
|
672,647 | 497,648 | ||||||
Taxes
payable
|
178,323 | 151,476 | ||||||
Deferred income
taxes
|
118,321 | 40,377 | ||||||
Other long-term
liabilities
|
224,625 | 175,043 | ||||||
3,826,235 | 2,115,639 | |||||||
Shareholders’
equity:
|
||||||||
Common shares class A1, $.01 par
value. 1,000,000,000 shares authorized; 174,355,341 shares
issued and outstanding
|
1,743 | 1,743 | ||||||
Common shares class B1, $.01 par
value. 96,332,044 shares authorized, issued and
outstanding
|
963 | 963 | ||||||
Common shares class B2, $.01 par
value. 92,554,316 shares authorized
|
- | - | ||||||
Additional paid-in
capital
|
1,961,819 | 1,926,733 | ||||||
Accumulated other comprehensive
income (loss)
|
146,112 | (243,607 | ) | |||||
Retained earnings (accumulated
losses)
|
96,943 | (89,595 | ) | |||||
Equity attributable to
shareholders of Cosan Ltd
|
2,207,580 | 1,596,237 | ||||||
Equity attributable to
noncontrolling interests
|
1,181,802 | 544,528 | ||||||
Total shareholders’
equity
|
3,389,382 | 2,140,765 | ||||||
Total liabilities and
shareholders’ equity
|
8,708,570 | 5,421,102 |
September
30,
2009
|
October
31, 2008
|
|||||||
Net sales
|
3,635,924 | 777,834 | ||||||
Cost of goods
sold
|
(3,216,939 | ) | (719,108 | ) | ||||
Gross
profit
|
418,985 | 58,726 | ||||||
Selling
expenses
|
(217,156 | ) | (100,948 | ) | ||||
General and administrative
expenses
|
(70,713 | ) | (72,337 | ) | ||||
Operating income
(loss)
|
131,116 | (114,559 | ) | |||||
Other income
(expenses):
|
||||||||
Financial
income
|
78,461 | 136,436 | ||||||
Financial
expenses
|
201,406 | (338,293 | ) | |||||
Other
|
(7,035 | ) | (11,603 | ) | ||||
Income (loss) before income taxes
and equity in income (loss) of affiliates
|
403,948 | (328,019 | ) | |||||
Income taxes (expense)
benefit
|
(125,959 | ) | 116,011 | |||||
Income (loss) before equity in
income of affiliates
|
277,989 | (212,008 | ) | |||||
Equity income (loss) of
affiliates
|
(1,698 | ) | 574 | |||||
Net income
(loss)
|
276,291 | (211,434 | ) | |||||
Less net loss (income)
attributable to noncontrolling interests
|
(89,753 | ) | 68,045 | |||||
Net income (loss) attributable to
Cosan Ltd
|
186,538 | (143,389 | ) | |||||
Per-share amounts attributable to
Cosan Ltd
|
||||||||
Earnings (loss) from continuing
operations
|
||||||||
Basic and
diluted
|
0.69 | (0.63 | ) | |||||
Weighted number of shares
outstanding
|
||||||||
Basic and
diluted
|
270,687,385 | 227,214,321 |
Common
stock
|
||||||||||||||||||||||||||||||||||||
Common
number of class A
shares
|
Common
number of class B shares
|
Common
amount of class A shares
|
Common
amount of class B shares
|
Additional
paid-in
capital
|
Retained
earnings
|
Accumulated
other comprehensive income
|
Noncontrolling
interests
|
Total
|
||||||||||||||||||||||||||||
Balances
at March 31, 2009
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,926,733 | (89,595 | ) | (243,607 | ) | 544,528 | 2,140,765 | |||||||||||||||||||||||||
Acquisition
of Teaçu
|
- | - | - | - | 41,340 | - | - | 86,954 | 128,294 | |||||||||||||||||||||||||||
Issuance
of subsidiary shares to non controlling interest
|
- | - | - | - | 9,840 | - | (1,735 | ) | 246,123 | 254,228 | ||||||||||||||||||||||||||
Acquisition
of non-controlling interest in subsidiary
|
- | - | - | - | (14,324 | ) | - | - | (9,273 | ) | (23,597 | ) | ||||||||||||||||||||||||
Stock
compensation
|
- | - | - | - | 2,824 | - | - | 1,677 | 4,501 | |||||||||||||||||||||||||||
Sale of warrants
in subsidiary
|
(4,594 | ) | 4,594 | - | ||||||||||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 186,538 | - | 89,753 | 276,291 | |||||||||||||||||||||||||||
Pension
plan
|
(54 | ) | (31 | ) | (85 | ) | ||||||||||||||||||||||||||||||
Unrealized
gain on available-for-sale securities
|
3,445 | - | 3,445 | |||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | 388,063 | 217,477 | 605,540 | |||||||||||||||||||||||||||
Total
comprehensive loss
|
885,191 | |||||||||||||||||||||||||||||||||||
Balances
at September 30, 2009
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,961,819 | 96,943 | 146,112 | 1,181,802 | 3,389,382 |
September
30,
2009
|
October
31, 2008
|
|||||||
Cash flow from operating
activities:
|
||||||||
Net (loss) income attributable to
Cosan Limited
|
186,538 | (143,389 | ) | |||||
Adjustments to reconcile net
income to cash provided by operating activities:
|
||||||||
Depreciation and
amortization
|
207,067 | 259,259 | ||||||
Deferred income and social
contribution taxes
|
125,959 | (116,011 | ) | |||||
Interest, monetary and exchange
variation
|
(204,198 | ) | 313,039 | |||||
Net loss (income) attributable to
noncontrolling interests
|
89,753 | (68,045 | ) | |||||
Others
|
(35,551 | ) | 15,269 | |||||
Decrease/increase in operating
assets and liabilities
|
||||||||
Trade accounts receivable,
net
|
48,076 | 260 | ||||||
Inventories
|
(90,194 | ) | (411,156 | ) | ||||
Advances to
suppliers
|
(31,518 | ) | (28,887 | ) | ||||
Trade accounts
payable
|
54,393 | 146,510 | ||||||
Derivative financial
instruments
|
41,622 | 6,525 | ||||||
Taxes
payable
|
(58,948 | ) | (12,926 | ) | ||||
Other
assets and liabilities, net
|
20,931 | (7,368 | ) | |||||
Net cash provided by (used in)
operating activities
|
353,930 | (46,920 | ) | |||||
Cash flows from investing
activities:
|
||||||||
Restricted
cash
|
(77,485 | ) | 37,546 | |||||
Marketable
securities
|
- | (460,147 | ) | |||||
Acquisitions, net of cash
acquired
|
23,903 | (17,490 | ) | |||||
Acquisition of property, plant and
equipment
|
(438,509 | ) | (315,998 | ) | ||||
Cash received from sale of
noncurrent assets
|
67,027 | - | ||||||
Others
|
(7,383 | ) | - | |||||
Net cash used in investing
activities
|
(432,447 | ) | (756,089 | ) | ||||
Cash flows from financing
activities:
|
||||||||
Related
parties
|
(62,533 | ) | - | |||||
Proceeds from issuance of common
stock
|
707 | 196,224 | ||||||
Additions of long-term
debts
|
685,371 | 174,501 | ||||||
Payments of long-term
debts
|
(420,603 | ) | (66,013 | ) | ||||
Net cash provided by (used in) financing
activities
|
202,942 | 304,712 | ||||||
Effect of exchange rate changes on
cash and cash equivalents
|
135,921 | 493,621 | ||||||
Net increase (decrease) in cash
and cash equivalents
|
260,346 | (4,676 | ) | |||||
Cash and cash equivalents at
beginning of year
|
508,784 | 68,377 | ||||||
Cash and cash equivalents at end
of year
|
769,130 | 63,701 | ||||||
Supplemental cash flow
information
|
||||||||
Cash paid during the year
for:
|
||||||||
Interest
|
80,303 | 37,302 | ||||||
Income tax
|
20,431 | - |
1.
|
Operations
|
1.
|
Operations
(Continued)
|
1.
|
Operations
(Continued)
|
2.
|
Presentation
of the consolidated financial
statements
|
a.
|
Basis of reporting for
interim financial statements
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
b.
|
Use of
estimates
|
c.
|
Recently
issued accounting standards
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
c.
|
Recently
issued accounting standards
(Continued)
|
2.
|
Presentation of the
consolidated financial statements
(Continued)
|
c.
|
Recently
issued accounting standards
(Continued)
|
3.
|
Acquisitions
|
Cash
|
52,985 | |||
Common stock
at estimated fair value
|
97,516 | |||
Total
|
150,501 |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
40,224 | |||
Inventories
|
973 | |||
Other
assets
|
29,012 | |||
Long-term
debt including current installments
|
(18,780 | ) | ||
Trade
accounts payable
|
(361 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(976 | ) | ||
Other
liabilities
|
(1,922 | ) | ||
Net assets
acquired
|
48,170 | |||
Provisional
purchase price, net of cash acquired
|
150,222 | |||
Goodwill
|
102,052 |
Revenue
|
Earnings
(Loss)
|
|||||||
Actual from
April 9, 2009 – September 30, 2009 (*)
|
18,589 | 2,775 | ||||||
Supplemental
pro forma from May 1, 2008 – October 31, 2008
|
793,679 | (141,927 | ) |
3.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
370,651 | |||
Noncontrolling
interest in Novo Rumo
|
62,476 | |||
Inventories
|
63,572 | |||
Account
receivables
|
62,377 | |||
Other
assets
|
251,267 | |||
Long-term
debt including current installments
|
(606,118 | ) | ||
Trade
accounts payable
|
(81,563 | ) | ||
Related
parties
|
(16,591 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(7,009 | ) | ||
Taxes and
contributions payable
|
(28,821 | ) | ||
Other
liabilities
|
(66,155 | ) | ||
Net assets
acquired
|
4,086 | |||
Purchase
price, net of cash acquired
|
294,605 | |||
Goodwill
|
290,519 |
3.
|
Acquisitions
(Continued)
|
Revenue
|
Earnings
(Loss)
|
|||||||
Actual from
June 18, 2009 – September 30, 2009
|
219,290 | 12,988 | ||||||
Supplemental
pro forma from April 1, 2009 – September 30, 2009
|
3,728,870 | 259,225 | ||||||
Supplemental
pro forma from May 1, 2008 – October 31, 2008
|
1,116,831 | (221,731 | ) |
4.
|
Derivative financial
instruments
|
Notional
amounts
|
Carrying value asset
(liability)
|
|||||||||||||||
September
30, 2009
|
March 31,
2009
|
September
30, 2009
|
March 31,
2009
|
|||||||||||||
Commodities
derivatives
|
||||||||||||||||
Future
contracts:
|
||||||||||||||||
Purchase
commitments - sugar
|
38,194 | 61 | 2,429 | (4 | ) | |||||||||||
Purchase
Commitments - oil
|
28,577 | - | 724 | - | ||||||||||||
Sell
commitments
|
316,583 | 182,943 | (30,099 | ) | 4,163 | |||||||||||
Swap
agreements - sugar
|
56,594 | - | 4,622 | - | ||||||||||||
Options:
|
||||||||||||||||
Purchased
|
186,599 | - | 9,351 | - | ||||||||||||
Written
|
302,227 | 64,366 | (82,161 | ) | (2,906 | ) | ||||||||||
Foreign
exchange derivatives
|
||||||||||||||||
Forward
contracts:
|
||||||||||||||||
Purchase
Commitments
|
417,069 | - | (5,051 | ) | - | |||||||||||
Sale
commitments
|
893,220 | 184,653 | 10,876 | (23,035 | ) | |||||||||||
Swap
agreements
|
||||||||||||||||
Swap
agreements – Senior notes 2009
|
320,961 | 246,501 | (2,515 | ) | (2,949 | ) | ||||||||||
Swap
agreements – Note export credit
|
10,012 | - | (1,317 | ) | - | |||||||||||
Future
contracts
|
||||||||||||||||
Sale
commitments
|
577,779 | 372,230 | 17,865 | 3,189 | ||||||||||||
Options
|
||||||||||||||||
Purchased
|
263,202 | - | 8,926 | - | ||||||||||||
Total
assets
|
54,793 | 7,352 | ||||||||||||||
Total
liabilities
|
(121,143 | ) | (28,894 | ) |
5.
|
Inventories
|
September
30, 2009
|
March
31, 2009
|
|||||||
Finished
goods:
|
||||||||
Sugar
|
269,857 | 47,195 | ||||||
Ethanol
|
177,371 | 86,809 | ||||||
Lubricants
|
40,525 | 38,852 | ||||||
Fuel
(Gasoline, Diesel and Ethanol)
|
96,692 | 74,582 | ||||||
Valuation
allowance
|
(8,441 | ) | (5,222 | ) | ||||
Others
|
12,948 | 11,896 | ||||||
588,952 | 254,112 | |||||||
Annual
maintenance cost of growing crops
|
181,105 | 167,576 | ||||||
Others
|
91,268 | 56,104 | ||||||
861,325 | 477,792 |
6.
|
Long-term
debt
|
Index
|
Average annual interest
rate
|
September 30,
2009
|
March 31,
2009
|
||||||||||
Resolution No. 2471
(PESA)
|
IGP-M
|
4.0%
|
290,313 | 215,572 | |||||||||
Corn price
|
12.50%
|
- | 59 | ||||||||||
Senior notes due
2009
|
US Dollar
|
9.0%
|
37,343 | 37,386 | |||||||||
Senior notes due
2014
|
US Dollar
|
9.5%
|
354,293 | - | |||||||||
Senior notes due
2017
|
US Dollar
|
7.0%
|
404,978 | 405,389 | |||||||||
IFC
|
US Dollar
|
7.4%
|
46,572 | 49,362 | |||||||||
Perpetual
notes
|
US Dollar
|
8.3%
|
456,602 | 456,463 | |||||||||
BNDES
|
TJLP
|
2.6%
|
401,980 | 99,561 | |||||||||
Floating rate
notes
|
Libor
|
2.8%
|
- | 151,207 | |||||||||
Promissory
notes
|
DI
|
3.00%
|
693,834 | 501,888 | |||||||||
Export credit
notes
|
DI
|
3.90%
|
125,374 | - | |||||||||
Debentures
|
DI
|
3.30%
|
85,255 | - | |||||||||
Credit
Notes
|
DI
|
5.60%
|
122,290 | - | |||||||||
Export credit
notes
|
US Dollar
|
2.00%
|
53,475 | - | |||||||||
Others
|
Various
|
Various
|
233,000 | 115,872 | |||||||||
3,305,309 | 2,032,759 | ||||||||||||
Current
liability
|
(672,990 | ) | (781,664 | ) | |||||||||
Long-term
debt
|
2,632,319 | 1,251,095 |
6.
|
Long-term
debt
(Continued)
|
2011
|
643,728 | |||
2012
|
119,221 | |||
2013
|
70,435 | |||
2014
|
395,232 | |||
2015
|
43,527 | |||
2016
|
40,577 | |||
2017
|
439,214 | |||
2018 and
thereafter
|
880,385 | |||
2,632,319 |
6.
|
Long-term
debt
(Continued)
|
6.
|
Long-term
debt
(Continued)
|
7.
|
Related
parties
|
September
30, 2009
|
March
31, 2009
|
|||||||
Cosan
Alimentos
|
- | 13,123 | ||||||
Rezende
Barbosa S.A. Administração e Participações
|
89,519 | - | ||||||
Vertical UK
LLP
|
7,297 | 11,597 | ||||||
Others
|
723 | - | ||||||
97,539 | 24,720 | |||||||
Current
(*)
|
(12,155 | ) | (24,720 | ) | ||||
Noncurrent
(*)
|
85,384 | - |
7.
|
Related parties
(Continued)
|
Consolidated
|
||||||||
September
30, 2009
|
October
30, 2008
|
|||||||
Transactions
involving assets
|
||||||||
Remittance of
financial resources, net of receipts, credit assignments and
advances
|
(84,757 | ) | (382 | ) | ||||
Sale of
finished goods, materials and services to related parties
|
73,349 | - | ||||||
Added through
acquisition of Nova America
|
70,379 | - | ||||||
58,971 | (382 | ) |
8.
|
Estimated liability for legal
proceedings and labor claims and
commitments
|
September 30,
2009
|
March 31,
2009
|
|||||||
Tax
contingencies
|
585,848 | 430,342 | ||||||
Civil and labor
contingencies
|
86,799 | 67,306 | ||||||
672,647 | 497,648 |
8.
|
Estimated
liability for legal proceedings and labor claims and commitments
(Continued)
|
September
30, 2009
|
March
31, 2009
|
|||||||
Credit
premium – IPI
|
155,628 | 116,256 | ||||||
PIS and
Cofins
|
83,181 | 62,556 | ||||||
IPI
credits
|
53,445 | 40,049 | ||||||
Contribution
to IAA
|
48,599 | 36,672 | ||||||
IPI – Federal
VAT
|
53,969 | 23,626 | ||||||
ICMS
credits
|
32,178 | 19,966 | ||||||
Compensation
with Finsocial
|
94,796 | 70,693 | ||||||
Other
|
64,052 | 60,524 | ||||||
585,848 | 430,342 |
8.
|
Estimated
liability for legal proceedings and labor claims and commitments
(Continued)
|
September
30,
2009
|
March
31, 2009
|
|||||||
Withholding
Income Tax
|
92,409 | 69,730 | ||||||
ICMS – State
VAT
|
102,700 | 77,052 | ||||||
IAA - Sugar
and Ethanol Institute
|
41,554 | 31,610 | ||||||
IPI - Federal
Value-added tax
|
169,528 | 100,722 | ||||||
INSS
|
1,204 | 795 | ||||||
PIS and
COFINS
|
20,635 | 15,529 | ||||||
Civil and
labor
|
127,789 | 94,599 | ||||||
Other
|
79,636 | 34,851 | ||||||
635,455 | 424,888 |
8.
|
Estimated
liability for legal proceedings and labor claims and commitments
(Continued)
|
9.
|
Income
taxes
|
Balance at
March 31, 2009
|
53,995 | |||
Accrued
interest on unrecognized tax benefit
|
1,968 | |||
Effect of
foreign currency translation
|
16,310 | |||
Settlements
|
(36 | ) | ||
Balance at
September 30, 2009 (*)
|
72,237 |
10.
|
Shareholders’
equity
|
a.
|
Capital
|
Shareholder
|
Class A shares
and/or BDRs
|
%
|
Class B
shares
|
%
|
||||||||||||
Queluz Holding
Limited
|
11,111,111 | 6.37 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e
Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Aguassanta Participaçơes
S.A.
|
5,000,000 | 2.87 | - | - | ||||||||||||
Gávea Funds
|
33,333,333 | 19.12 | - | - | ||||||||||||
Others
|
124,910,897 | 71.64 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.0 |
11.
|
Deferred gain on sale of
investments in subsidiaries
|
12.
|
Share-based
compensation
|
12.
|
Share-based compensation
(Continued)
|
Options
granted on September 22, 2005
|
Options
granted on September 11, 2007
|
|||||||
Grant price - in U.S.
dollars
|
3.44 | 3.44 | ||||||
Expected life (in
years)
|
7.5 | 7.5 | ||||||
Interest
rate
|
14.52 | % | 9.34 | % | ||||
Volatility
|
34.00 | % | 46.45 | % | ||||
Dividend
yield
|
1.25 | % | 1.47 | % | ||||
Weighted-average fair value at
grant date - in U.S. dollars
|
6.94 | 10.23 |
13.
|
Fair value
measurements
|
13.
|
Fair value
measurements (Continued)
|
Level 1
|
Level 2
|
Total
|
||||||||||
Assets
|
||||||||||||
Derivatives
|
9,351 | 45,442 | 54,793 | |||||||||
Total
|
9,351 | 45,442 | 54,793 | |||||||||
Liabilities
|
||||||||||||
Derivatives
|
82,161 | 38,982 | 121,143 | |||||||||
Total
|
82,161 | 38,982 | 121,143 |
14.
|
Segment
information
|
14.
|
Segment
information
(Continued)
|
14.
|
Segment
information
(Continued)
|
September
30,
2009
|
October
31, 2008
|
|||||||
Net sales —
Brazilian GAAP
|
||||||||
Sugar
|
729,096 | 437,141 | ||||||
Ethanol
|
408,267 | 272,337 | ||||||
Fuel
distribution
|
2,375,822 | - | ||||||
Others
|
120,180 | 67,725 | ||||||
Total
|
3,633,365 | 777,203 | ||||||
Reconciling
items to U.S. GAAP
|
||||||||
Sugar
|
2,950 | 631 | ||||||
Fuel
distribution
|
(391 | ) | - | |||||
Total
|
2,559 | 631 | ||||||
Total net
sales
|
3,635,924 | 777,834 |
14.
|
Segment
information
(Continued)
|
September
30,
2009
|
October
31, 2008
|
|||||||
Segment
operating income (loss) - Brazilian GAAP
|
||||||||
Sugar
|
14,052 | (74,304 | ) | |||||
Ethanol
|
8,821 | (46,291 | ) | |||||
Fuel
distribution
|
78,187 | - | ||||||
Others
|
2,535 | (11,512 | ) | |||||
Operating
income (loss) — Brazilian GAAP
|
103,595 | (132,107 | ) | |||||
Reconciling
items to U.S. GAAP
|
||||||||
Depreciation
and amortization expenses
|
||||||||
Sugar
|
(4,769 | ) | 4,443 | |||||
Ethanol
|
(2,994 | ) | 2,768 | |||||
Fuel
distribution
|
(1,950 | ) | - | |||||
Others
|
(861 | ) | 688 | |||||
(10,574 | ) | 7,899 | ||||||
Other
adjustments
|
||||||||
Sugar
|
(5,655 | ) | 5,725 | |||||
Ethanol
|
(3,550 | ) | 3,142 | |||||
Fuel
distribution
|
48,319 | - | ||||||
Others
|
(1,019 | ) | 782 | |||||
38,095 | 9,649 | |||||||
Total
sugar
|
3,628 | (64,136 | ) | |||||
Total
ethanol
|
2,277 | (40,381 | ) | |||||
Fuel
distribution
|
124,556 | - | ||||||
Total
others
|
655 | (10,042 | ) | |||||
Operating
income (loss) — U.S. GAAP
|
131,116 | (114,559 | ) |
14.
|
Segment
information
(Continued)
|
Market
|
Customer
|
September 30,
2009
|
October 31,
2008
|
||||||
International
|
Sucres et
Denrées
|
27%
|
11%
|
||||||
Ceval
Internacional Limited
|
13%
|
-
|
|||||||
Cargill
Incorporation Ltd.
|
9%
|
-
|
|||||||
Cargill
International S.A.
|
7%
|
-
|
|||||||
Coimex
Trading Ltd
|
6%
|
4%
|
|||||||
Ableman
Trading Limited
|
4%
|
4%
|
|||||||
Fluxo – Cane
Overseas Ltd
|
3%
|
35%
|
|||||||
Tate &
Lyle International
|
2%
|
7%
|
Market
|
Customer
|
September 30,
2009
|
October 31,
2008
|
|||
International
|
Vertical UK
LLP
|
10%
|
19%
|
|||
Kolmar
Petrochemicals
|
7%
|
-
|
||||
Morgan
Stanley Capital Group Inc.
|
6%
|
6%
|
||||
Alcotra
S.A.
|
3%
|
2%
|
||||
Sekab
Biofuels & Chemicals
|
2%
|
7%
|
||||
Vitol
Inc.
|
-
|
4%
|
||||
Bauche Energy
Br Com Imp Exp Ltda.
|
-
|
3%
|
||||
Domestic
|
Shell Brasil
Ltda.
|
17%
|
17%
|
|||
Petrobrás
Distribuidora S.A.
|
12%
|
6%
|
||||
Cia
Brasileira de Petróleo Ipiranga
|
10%
|
-
|
||||
Euro Petróleo
do Brasil Ltda.
|
8%
|
12%
|
||||
Alesat
Combustíveis S.A.
|
4%
|
2%
|
||||
Chevron
Brasil Ltda.
|
1%
|
4%
|
14.
|
Segment
information
(Continued)
|
Market
|
Customer
|
September 30,
2009
|
October 31,
2008
|
|||||||
Domestic
|
Mime
Distribuidora de Petróleo Ltda.
|
2%
|
-
|
|||||||
Tam Linhas
Aéreas S.A.
|
1%
|
-
|
||||||||
All – América
Latina Logística Malha Sul S.A.
|
1%
|
-
|
||||||||
Auto Posto
Túlio Ltda.
|
1%
|
-
|
||||||||
Posto Iccar
Ltda.
|
1%
|
-
|
15.
|
Subsequent
events
|
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
|
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 and six-month period ended September 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 and six-month
period ended October 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
|
||||||||||||||||
September
30, 2009
|
June
30,
2009
|
September
30, 2009
|
June
30,
2009
|
||||||||||||||
Assets
|
|||||||||||||||||
Current
assets
|
|||||||||||||||||
Cash and cash
equivalents
|
Note 4
|
177,599 | 307,907 | 948,647 | 932,920 | ||||||||||||
Restricted
cash
|
145,837 | 35,804 | 149,533 | 40,086 | |||||||||||||
Trade
accounts receivable
|
Note 5
|
78,995 | 120,515 | 589,668 | 585,636 | ||||||||||||
Derivative
financial instruments
|
Note
19
|
97,427 | 86,591 | 97,427 | 86,591 | ||||||||||||
Inventories
|
Note 6
|
453,717 | 314,292 | 1,531,522 | 1,149,923 | ||||||||||||
Advances to
suppliers
|
102,204 | 95,164 | 336,748 | 386,088 | |||||||||||||
Related
parties
|
Note 7
|
637,178 | 371,713 | 21,613 | 36,121 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
- | - | 48,108 | 53,502 | ||||||||||||
Recoverable
taxes
|
117,075 | 98,155 | 342,894 | 299,046 | |||||||||||||
Other
assets
|
7,775 | 6,874 | 41,691 | 32,674 | |||||||||||||
1,817,807 | 1,437,015 | 4,107,851 | 3,602,587 | ||||||||||||||
Noncurrent
assets
|
|||||||||||||||||
Long-term
receivables
|
|||||||||||||||||
Accounts
receivable from federal government
|
Note
14
|
- | - | 329,049 | 326,439 | ||||||||||||
CTNs-Restricted
Brazilian Treasury Bills
|
Note
13
|
28,755 | 28,050 | 189,342 | 184,698 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
98,360 | 123,391 | 551,487 | 644,591 | ||||||||||||
Advances to
suppliers
|
18,214 | 6,175 | 85,130 | 55,477 | |||||||||||||
Related
parties
|
Note
7
|
- | - | 151,821 | 153,167 | ||||||||||||
Other
assets
|
4,972 | 5,660 | 190,150 | 185,385 | |||||||||||||
Permanent
assets
|
|||||||||||||||||
Investments
|
Note 8
|
5,377,928 | 5,216,142 | 196,497 | 181,291 | ||||||||||||
Property,
plant and equipment
|
Note 9
|
761,425 | 796,814 | 4,671,373 | 4,516,362 | ||||||||||||
Intangible
|
Note
10
|
395,637 | 395,637 | 2,737,464 | 2,724,336 | ||||||||||||
6,534,990 | 6,571,869 | 9,102,313 | 8,971,746 | ||||||||||||||
Total
assets
|
8,503,098 | 8,008,884 | 13,210,164 | 12,574,333 |
Parent
Company
|
Consolidated
|
||||||||||||||||
September
30, 2009
|
June
30,
2009
|
September
30, 2009
|
June
30,
2009
|
||||||||||||||
Liabilities
and shareholders’ equity
|
|||||||||||||||||
Current
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
444,697 | 504,744 | 1,184,658 | 1,127,356 | ||||||||||||
Derivative
financial instruments
|
215,142 | 97,977 | 215,405 | 98,855 | |||||||||||||
Trade
accounts payable
|
172,149 | 131,945 | 712,502 | 662,751 | |||||||||||||
Salaries
payable
|
61,413 | 52,609 | 180,904 | 152,303 | |||||||||||||
Taxes and
social contributions payable
|
Note
11
|
44,832 | 41,276 | 230,925 | 189,792 | ||||||||||||
Related
parties
|
Note 7
|
124,286 | 112,602 | 3,838 | 4,475 | ||||||||||||
Other
liabilities
|
25,215 | 28,504 | 100,728 | 134,142 | |||||||||||||
Total current
liabilities
|
1,087,734 | 969,657 | 2,628,960 | 2,369,674 | |||||||||||||
Noncurrent
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
1,903,754 | 1,947,733 | 4,667,395 | 4,091,447 | ||||||||||||
Taxes and
social contributions payable
|
Note
11
|
48,478 | 54,016 | 288,850 | 335,510 | ||||||||||||
Related
parties
|
Note 7
|
966,397 | 719,151 | - | 341,530 | ||||||||||||
Provision for
judicial demands
|
Note
14
|
239,778 | 239,900 | 1,143,377 | 1,135,460 | ||||||||||||
Actuarial
liability
|
- | - | 62,287 | 60,971 | |||||||||||||
Other
liabilities
|
36,485 | 37,760 | 168,394 | 169,224 | |||||||||||||
Total
noncurrent liabilities
|
3,194,892 | 2,998,560 | 6,330,303 | 6,134,142 | |||||||||||||
Minority
shareholders’ interest
|
- | - | 30,429 | 29,850 | |||||||||||||
Shareholders’
equity
|
Note
15
|
||||||||||||||||
Capital
|
4,155,316 | 4,153,942 | 4,155,316 | 4,153,942 | |||||||||||||
Treasury
stock
|
(4,186 | ) | (4,186 | ) | (4,186 | ) | (4,186 | ) | |||||||||
Recognized
granted shares
|
54,384 | 49,320 | 54,384 | 49,320 | |||||||||||||
Accumulated
losses
|
14,958 | (158,409 | ) | 14,958 | (158,409 | ) | |||||||||||
Total
shareholders’ equity
|
4,220,472 | 4,040,667 | 4,220,472 | 4,040,667 | |||||||||||||
Total
liabilities and shareholders’ equity
|
8,503,098 | 8,008,884 | 13,210,164 | 12,574,333 |
Parent
Company
|
Consolidated
|
||||||||||||||||
September
30, 2009
|
October
31, 2008
|
September
30, 2009
|
October
31, 2008
|
||||||||||||||
Gross
operating revenue
|
|||||||||||||||||
Sales of
goods and services
|
560,989 | 385,614 | 3,907,236 | 760,101 | |||||||||||||
Taxes and
sales deductions
|
(21,482 | ) | (18,488 | ) | (331,900 | ) | (45,025 | ) | |||||||||
Net operating
revenue
|
539,507 | 367,126 | 3,575,336 | 715,076 | |||||||||||||
Cost of goods
sold and services rendered
|
(443,386 | ) | (317,626 | ) | (3,051,504 | ) | (547,135 | ) | |||||||||
Gross
profit
|
96,121 | 49,500 | 523,832 | 167,941 | |||||||||||||
Operating
income (expenses)
|
|||||||||||||||||
Selling
expenses
|
(32,919 | ) | (29,242 | ) | (211,317 | ) | (88,606 | ) | |||||||||
General and
administrative expenses
|
(59,739 | ) | (42,012 | ) | (113,776 | ) | (65,118 | ) | |||||||||
Management
fees
|
Note
17
|
(2,414 | ) | (1,397 | ) | (2,414 | ) | (1,397 | ) | ||||||||
Financial
income (expenses), net
|
Note
18
|
43,629 | (515,208 | ) | 78,889 | (540,768 | ) | ||||||||||
Earnings
(losses) on equity investments
|
Note 9
|
150,551 | (19,664 | ) | 29 | 1,234 | |||||||||||
Goodwill
amortization
|
- | (16,488 | ) | - | (40,405 | ) | |||||||||||
Other
operating income (expenses), net
|
3,169 | 1,169 | 2,520 | (30,022 | ) | ||||||||||||
102,277 | (622,842 | ) | (246,069 | ) | (765,082 | ) | |||||||||||
Income (loss)
before income and social contribution taxes
|
198,398 | (573,342 | ) | 277,763 | (597,141 | ) | |||||||||||
Income and
social contribution taxes
|
Note
13
|
(25,031 | ) | 192,671 | (103,817 | ) | 209,960 | ||||||||||
Minority
shareholders’ interest
|
- | - | (579 | ) | 6,510 | ||||||||||||
Net income
(loss) for the period
|
173,367 | (380,671 | ) | 173,367 | (380,671 | ) | |||||||||||
Earnings
(loss) per share – in Reais
|
0.47 | (1.16 | ) |
Parent
Company
|
Consolidated
|
||||||||||||||||
September
30, 2009
|
October
31, 2008
|
September
30, 2009
|
October
31, 2008
|
||||||||||||||
Gross
operating revenue
|
|||||||||||||||||
Sales of
goods and services
|
1,226,985 | 745,378 | 7,750,741 | 1,452,770 | |||||||||||||
Taxes and
sales deductions
|
(58,210 | ) | (43,107 | ) | (609,302 | ) | (98,104 | ) | |||||||||
Net operating
revenue
|
1,168,775 | 702,271 | 7,141,439 | 1,354,666 | |||||||||||||
Cost of goods
sold and services rendered
|
(986,056 | ) | (648,818 | ) | (6,249,922 | ) | (1,173,162 | ) | |||||||||
Gross
profit
|
182,719 | 53,453 | 891,517 | 181,504 | |||||||||||||
Operating
income (expenses)
|
|||||||||||||||||
Selling
expenses
|
(80,387 | ) | (64,397 | ) | (420,887 | ) | (174,314 | ) | |||||||||
General and
administrative expenses
|
(102,886 | ) | (77,219 | ) | (201,750 | ) | (123,394 | ) | |||||||||
Management
fees
|
Note
17
|
(3,725 | ) | (2,849 | ) | (3,725 | ) | (2,849 | ) | ||||||||
Financial
income (expenses), net
|
Note
18
|
386,938 | (377,938 | ) | 512,322 | (453,831 | ) | ||||||||||
Earnings
(losses) on equity investments
|
Note 9
|
259,543 | (109,546 | ) | (3,525 | ) | 1,394 | ||||||||||
Goodwill
amortization
|
- | (32,977 | ) | - | (80,790 | ) | |||||||||||
Realization
of goodwill on sale
|
- | - | (85,589 | ) | - | ||||||||||||
Other
operating income (expenses), net
|
6,784 | 1,718 | 75,004 | (26,158 | ) | ||||||||||||
466,267 | (663,208 | ) | (128,150 | ) | (859,942 | ) | |||||||||||
Income (loss)
before income and social contribution taxes
|
648,986 | (609,755 | ) | 763,367 | (678,438 | ) | |||||||||||
Income and
social contribution taxes
|
Note
13
|
(138,350 | ) | 170,941 | (261,716 | ) | 232,364 | ||||||||||
Minority
shareholders’ interest
|
- | - | 8,985 | 7,260 | |||||||||||||
Net income
(loss) for the period
|
510,636 | (438,814 | ) | 510,636 | (438,814 | ) | |||||||||||
Earnings
(loss) per share – in Reais
|
1.37 | (1.34 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
September
30, 2009
|
October
31, 2008
|
September
30, 2009
|
October
31, 2008
|
|||||||||||||
Cash flows
from operating activities
|
||||||||||||||||
Net income
(loss) for the period
|
173,367 | (380,671 | ) | 173,367 | (380,671 | ) | ||||||||||
Adjustments
to reconcile net income (loss) for the period to cash provided by (used
in) operating activities
|
||||||||||||||||
Losses
(earnings) on equity investments
|
(150,551 | ) | 19,664 | (29 | ) | (1,234 | ) | |||||||||
Depreciation
and amortization
|
54,259 | 69,123 | 156,805 | 176,818 | ||||||||||||
Net book
value of permanent assets disposed of
|
124 | 77 | 831 | 2,742 | ||||||||||||
Goodwill
amortization
|
- | 16,488 | - | 40,405 | ||||||||||||
Deferred
income and social contribution taxes
|
25,031 | (170,296 | ) | 75,925 | (187,775 | ) | ||||||||||
Set-up
(reversal) of provision for legal claims, net
|
(2,089 | ) | 3,372 | 492 | 15,230 | |||||||||||
Minority
interest
|
- | - | 579 | (6,510 | ) | |||||||||||
Recognition
of options granted
|
5,064 | - | 5,064 | - | ||||||||||||
Interest,
monetary and exchange variation, net
|
(87,392 | ) | 526,827 | (83,988 | ) | 571,968 | ||||||||||
Others
|
(5,535 | ) | (3,342 | ) | (8,081 | ) | (2,811 | ) | ||||||||
Variation in
assets and liabilities
|
||||||||||||||||
Trade
accounts receivables
|
28,011 | (55,589 | ) | (24,861 | ) | (82,346 | ) | |||||||||
Inventories
|
(123,807 | ) | (255,554 | ) | (328,087 | ) | (533,497 | ) | ||||||||
Recoverable
taxes
|
(18,920 | ) | (30,827 | ) | (43,389 | ) | (39,337 | ) | ||||||||
Advances to
suppliers
|
(19,079 | ) | (14,941 | ) | 19,687 | (40,090 | ) | |||||||||
Trade
accounts payables
|
40,204 | 59,636 | 49,751 | 160,440 | ||||||||||||
Salaries
payable
|
8,804 | 10,382 | 28,601 | 23,998 | ||||||||||||
Taxes and
social contributions payables
|
2,690 | (9,140 | ) | 3,511 | (14,864 | ) | ||||||||||
Derivative
financial instruments and restricted cash
|
(3,704 | ) | 171,864 | (3,733 | ) | 171,864 | ||||||||||
Other assets
and liabilities, net
|
(1,698 | ) | 8,150 | (13,779 | ) | (33,551 | ) | |||||||||
Net cash
provided by (used in) operating activities
|
(75,221 | ) | (34,777 | ) | 8,666 | (159,221 | ) | |||||||||
Cash flows
from investments activities
|
||||||||||||||||
Application
in investments, net of cash received
|
(15,344 | ) | (821,824 | ) | (16,037 | ) | (3,754 | ) | ||||||||
Cash received
on sale of investment
|
23 | 103 | 1,450 | 106 | ||||||||||||
Application
in property, plant and equipment
|
(30,312 | ) | (43,994 | ) | (359,095 | ) | (320,151 | ) | ||||||||
Others
|
- | - | (13,128 | ) | (660 | ) | ||||||||||
Net cash used
in investments activities
|
(45,633 | ) | (865,715 | ) | (386,810 | ) | (324,459 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
September
30, 2009
|
October
31, 2008
|
September
30, 2009
|
October
31, 2008
|
|||||||||||||
Cash flows
from financial activities
|
||||||||||||||||
Capital
increase
|
1,374 | 880,000 | 1,374 | 880,000 | ||||||||||||
Capital
increase in subsidiaries by minority shareholders
|
- | - | - | 247,675 | ||||||||||||
Purchase of
treasury stocks
|
- | (4,186 | ) | - | (4,186 | ) | ||||||||||
Loans and
financing
|
49,555 | 123,275 | 1,045,760 | 315,808 | ||||||||||||
Amortization
of principal and interest on loans and financing
|
(119,489 | ) | (21,435 | ) | (317,836 | ) | (26,723 | ) | ||||||||
Related
parties
|
59,106 | (272,023 | ) | (335,427 | ) | - | ||||||||||
Net cash
provide by (used in) financing activities
|
(9,454 | ) | 705,631 | 393,871 | 1,412,574 | |||||||||||
Net cash
increase (decrease) in cash and cash equivalents
|
(130,308 | ) | (194,861 | ) | 15,727 | 928,894 | ||||||||||
Cash and cash
equivalents at the beginning of the period
|
307,907 | 514,077 | 932,920 | 633,627 | ||||||||||||
Cash and cash
equivalents at the end of the period
|
177,599 | 319,216 | 948,647 | 1,562,821 |
Parent
Company
|
Consolidated
|
|||||||||||||||
September
30, 2009
|
October
31, 2008
|
September
30, 2009
|
October
31, 2008
|
|||||||||||||
Cash flows
from operating activities
|
||||||||||||||||
Net income
(loss) for the period
|
510,636 | (438,814 | ) | 510,636 | (438,814 | ) | ||||||||||
Adjustments
to reconcile net income (loss) for the period to cash provided by (used
in) operating activities
|
||||||||||||||||
Losses
(earnings) on equity investments
|
(259,543 | ) | 109,546 | 3,525 | (1,394 | ) | ||||||||||
Depreciation
and amortization
|
116,816 | 135,586 | 326,722 | 334,044 | ||||||||||||
Net book
value of permanent assets disposed of
|
(127 | ) | 1,185 | (102,337 | ) | 4,677 | ||||||||||
Goodwill
amortization
|
- | 32,977 | - | 80,790 | ||||||||||||
Realization
of goodwill on sale
|
- | - | 85,589 | - | ||||||||||||
Deferred
income and social contribution taxes
|
138,350 | (162,244 | ) | 210,512 | (223,856 | ) | ||||||||||
Set-up
(reversal) of provision for legal claims, net
|
(1,497 | ) | 5,484 | 3,382 | 25,859 | |||||||||||
Minority
interest
|
- | - | (8,985 | ) | (7,260 | ) | ||||||||||
Recognition
of options granted
|
8,543 | - | 8,543 | - | ||||||||||||
Interest,
monetary and exchange variation, net
|
(331,001 | ) | 451,822 | (371,797 | ) | 545,746 | ||||||||||
Others
|
(10,637 | ) | (7,925 | ) | (1,499 | ) | (8,833 | ) | ||||||||
Variation in
assets and liabilities
|
||||||||||||||||
Trade
accounts receivables
|
4,970 | (59,076 | ) | 85,484 | 8,133 | |||||||||||
Inventories
|
(86,471 | ) | (381,443 | ) | (160,374 | ) | (860,813 | ) | ||||||||
Recoverable
taxes
|
(27,312 | ) | (18,085 | ) | (32,995 | ) | (30,880 | ) | ||||||||
Advances to
suppliers
|
(42,098 | ) | (34,988 | ) | (56,043 | ) | (77,126 | ) | ||||||||
Trade
accounts payables
|
79,275 | 136,969 | 96,717 | 301,017 | ||||||||||||
Salaries
payable
|
31,700 | 27,683 | 69,955 | 62,262 | ||||||||||||
Taxes and
social contributions payables
|
5,942 | (14,432 | ) | (53,612 | ) | (27,927 | ) | |||||||||
Derivative
financial instruments and restricted cash
|
(66,238 | ) | 141,229 | (63,768 | ) | 141,229 | ||||||||||
Other assets
and liabilities, net
|
(5,938 | ) | 2,438 | (6,768 | ) | (32,728 | ) | |||||||||
Net cash
provided by (used in) operating activities
|
65,370 | (72,088 | ) | 542,887 | (205,874 | ) | ||||||||||
Cash flows
from investments activities
|
||||||||||||||||
Application
in investments, net of cash received
|
(19,244 | ) | (867,229 | ) | 42,502 | (7,507 | ) | |||||||||
Cash received
on sale of investment
|
309 | 324 | 119,181 | 971 | ||||||||||||
Application
in property, plant and equipment
|
(85,450 | ) | (94,262 | ) | (779,713 | ) | (584,974 | ) | ||||||||
Others
|
- | - | (13,128 | ) | 2,344 | |||||||||||
Net cash used
in investments activities
|
(104,385 | ) | (961,167 | ) | (631,158 | ) | (589,166 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
September
30, 2009
|
October
31, 2008
|
September
30, 2009
|
October
31, 2008
|
|||||||||||||
Cash flows
from financial activities
|
||||||||||||||||
Capital
increase
|
1,374 | 880,000 | 1,374 | 880,000 | ||||||||||||
Capital
increase in subsidiaries by minority shareholders
|
- | - | - | 247,675 | ||||||||||||
Purchase of
treasury stocks
|
- | (4,186 | ) | - | (4,186 | ) | ||||||||||
Loans and
financing
|
52,239 | 123,826 | 1,218,659 | 318,776 | ||||||||||||
Amortization
of principal and interest on loans and financing
|
(180,906 | ) | (61,185 | ) | (445,685 | ) | (94,492 | ) | ||||||||
Related
parties
|
(44,819 | ) | (511,141 | ) | (456,786 | ) | - | |||||||||
Net cash
provided by (used in) financing activities
|
(172,112 | ) | 427,314 | 317,562 | 1,347,773 | |||||||||||
Net cash
increase (decrease) in cash and cash equivalents
|
(211,127 | ) | (605,941 | ) | 229,291 | 552,733 | ||||||||||
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
|
177,599 | 319,216 | 948,647 | 1,562,821 |
Capital
|
Treasury
shares
|
Recognized
granted shares
|
Accumulated
losses
|
Total
|
||||||||||||||||
Balances as
of June 30, 2009
|
4,153,942 | (4,186 | ) | 49,320 | (158,409 | ) | 4,040,667 | |||||||||||||
Capital
increase
|
1,374 | - | - | - | 1,374 | |||||||||||||||
Recognized
granted shares
|
- | - | 5,064 | - | 5,064 | |||||||||||||||
Net income
for the period
|
- | - | - | 173,367 | 173,367 | |||||||||||||||
Balances as
of September 30, 2009
|
4,155,316 | (4,186 | ) | 54,384 | 14,958 | 4,220,472 |
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
|
335,546 | - | - | - | 335,546 | |||||||||||||||
Recognized
granted shares
|
- | - | 8,543 | - | 8,543 | |||||||||||||||
Net income
for the period
|
- | - | - | 510,636 | 510,636 | |||||||||||||||
Balances as
of September 30, 2009
|
4,155,316 | (4,186 | ) | 54,384 | 14,958 | 4,220,472 |
1.
|
Operations
|
2.
|
Basis
of preparation and presentation of the quarterly
information
|
Parent
Company
|
||||||||
Quarter
|
Six-moth
period
|
|||||||
Balances
before the amendments from Laws No. 11638/07 and 11941/09
|
(380,671 | ) | (438,814 | ) | ||||
Lease
operations – CPC 06
|
(1,572 | ) | 154 | |||||
Recognized
granted options – CPC 10
|
(3,647 | ) | (7,293 | ) | ||||
Derivative
financial instruments – CPC 14
|
100,262 | 49,102 | ||||||
Deferred
income tax and social contribution on temporary
adjustments
|
(33,555 | ) | (16,747 | ) | ||||
Equity
investment adjustments effect
|
2,755 | 2,755 | ||||||
64,243 | 27,971 | |||||||
Balances
adjusted through application of Laws No. 11638/07 and
11941/09
|
(316,428 | ) | (410,843 | ) | ||||
Consolidated
|
||||||||
Quarter
|
Six-moth
period
|
|||||||
Balances
before the amendments from Laws No. 11638/07 and 11941/09
|
(380,671 | ) | (438,814 | ) | ||||
Lease
operations – CPC 06
|
(1,572 | ) | 154 | |||||
Shares
issuance expenditures – CPC 08
|
22,059 | 22,059 | ||||||
Recognized
granted options – CPC 10
|
(3,647 | ) | (7,293 | ) | ||||
Derivative
financial instruments – CPC 14
|
100,262 | 49,102 | ||||||
Deferred
income tax and social contribution on temporary
adjustments
|
(41,055 | ) | (24,247 | ) | ||||
Minority
Shareholders’ portion
|
(11,804 | ) | (11,804 | ) | ||||
64,243 | 27,971 | |||||||
Balances
adjusted through application of Laws No. 11638/07 and
11941/09
|
(316,428 | ) | (410,843 | ) |
2.
|
Basis
of preparation and presentation of the quarterly information
(Continued)
|
3.
|
Summary
of significant accounting practices
|
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.
|
3.
|
Summary
of significant accounting practices (Continued)
|
Direct
and indirect interest as of
|
||||||||
September
30,
2009
|
June
30,
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 | % | ||||
Cosan
Combustíveis e Lubrificantes S.A.
|
100.0 | % | 100.0 | % | ||||
Copsapar
Participações S.A.
|
90.0 | % | 90.0 | % | ||||
Novo Rumo
Logística S.A.
|
92.9 | % | 92.9 | % | ||||
Rumo
Logística S.A.
|
92.9 | % | 92.9 | % | ||||
Cosan
Operadora Portuária S.A.
|
92.9 | % | 92.9 | % | ||||
Teaçú
Armazéns Gerais S.A.
|
92.9 | % | 92.9 | % | ||||
Nova América
S.A. – Trading
|
100.0 | % | 100.0 | % | ||||
Cosan
Alimentos S.A. (previously known as Nova América S.A. –
Agroenergia)
|
100.0 | % | 100.0 | % |
4.
|
Cash
and cash equivalents
|
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
Cash
|
144 | 147 | 243 | 260 | ||||||||||||
“Overnight” investments
|
- | - | 30,625 | 56,697 | ||||||||||||
Bank checking
accounts
|
16,183 | 12,313 | 64,345 | 42,692 | ||||||||||||
Amounts
pending foreign exchange closing
|
1,582 | 43,264 | 24,659 | 61,843 | ||||||||||||
Marketable
securities
|
159,690 | 252,183 | 828,775 | 771,428 | ||||||||||||
177,599 | 307,907 | 948,647 | 932,920 |
4.
|
Cash
and cash equivalents
(Continued)
|
5.
|
Trade
accounts receivable
|
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
Domestic
|
26,924 | 30,969 | 577,109 | 506,824 | ||||||||||||
International
|
52,913 | 90,322 | 72,432 | 137,235 | ||||||||||||
(-) Allowance
for doubtful accounts
|
(842 | ) | (776 | ) | (59,873 | ) | (58,423 | ) | ||||||||
78,995 | 120,515 | 589,668 | 585,636 |
6.
|
Inventories
|
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
Finished
goods:
|
||||||||||||||||
Sugar
|
162,676 | 79,740 | 479,833 | 271,875 | ||||||||||||
Ethanol
|
114,227 | 49,104 | 315,383 | 148,573 | ||||||||||||
Fuels
and lubricants
|
- | - | 243,985 | 224,475 | ||||||||||||
Harvest
costs
|
119,052 | 129,114 | 322,022 | 333,174 | ||||||||||||
Supplies and
other
|
64,623 | 67,517 | 191,180 | 201,221 | ||||||||||||
Provision for
inventory realization and obsolescence
|
(6,861 | ) | (11,183 | ) | (20,881 | ) | (29,395 | ) | ||||||||
453,717 | 314,292 | 1,531,522 | 1,149,923 |
7.
|
Related
parties
|
Assets
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
Usina da
Barra S.A. Açúcar e Álcool
|
219,915 | 191,518 | - | - | ||||||||||||
Cosan
Alimentos S.A.
|
400,916 | 159,775 | - | - | ||||||||||||
Rezende
Barbosa S.A. Administração e Participações
|
- | - | 159,175 | 160,529 | ||||||||||||
Vertical UK
LLP
|
9,801 | 10,306 | 12,974 | 14,965 | ||||||||||||
Others
|
6,546 | 10,114 | 1,285 | 13,794 | ||||||||||||
637,178 | 371,713 | 173,434 | 189,288 | |||||||||||||
Current
|
(637,178 | ) | (371,713 | ) | (21,613 | ) | (36,121 | ) | ||||||||
Noncurrent
|
- | - | 151,821 | 153,167 |
Liabilities
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
Cosan Finance
Limited
|
697,829 | 751,139 | - | - | ||||||||||||
Cosan
Limited
|
- | - | - | 342,064 | ||||||||||||
CCL Finance
Limited
|
315,191 | - | ||||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
50,781 | 52,543 | - | - | ||||||||||||
Others
|
26,882 | 28,071 | 3,838 | 3,941 | ||||||||||||
1,090,683 | 831,753 | 3,838 | 346,005 | |||||||||||||
Current
|
(124,286 | ) | (112,602 | ) | (3,838 | ) | (4,475 | ) | ||||||||
Noncurrent
|
966,397 | 719,151 | - | 341,530 |
7.
|
Related
parties (Continued)
|
Parent
Company
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Transactions
involving assets
|
||||||||||||||||
Remittance of
financial resources. Net of receipts and credit
assignments
|
401,469 | 351,299 | 677,288 | 568,216 | ||||||||||||
Sale of
finished goods and services (1)
|
22,594 | 28,674 | 64,011 | 66,870 | ||||||||||||
Purchase of
finished goods and services (1)
|
(189,282 | ) | (104,360 | ) | (363,892 | ) | (149,459 | ) | ||||||||
Sale of
finished goods and services to related parties
|
24,412 | 21,453 | 55,403 | 44,631 | ||||||||||||
Financial
income
|
6,272 | 29,790 | 8,049 | 48,085 | ||||||||||||
265,465 | 326,856 | 440,859 | 578,343 | |||||||||||||
Transactions
involving liabilities
|
||||||||||||||||
Proceeds
received as financial resources, net of payments
|
(2,951 | ) | 11,636 | 69,839 | 11,636 | |||||||||||
Proceedings
from export prepayments
|
321,755 | - | 321,755 | - | ||||||||||||
Financial
expenses (income)
|
(59,874 | ) | 233,043 | (180,863 | ) | 202,301 | ||||||||||
258,930 | 24,679 | 210,731 | 213,937 |
Consolidated
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Transactions
involving assets
|
||||||||||||||||
Remittance of
financial resources. Net of receipts and credit
assignments
|
(91,330 | ) | (73,426 | ) | (167,015 | ) | (132,018 | ) | ||||||||
Sale of
finished goods and services (1)
|
289,990 | 147,086 | 576,848 | 250,907 | ||||||||||||
Purchase of
finished goods and services (1)
|
(289,990 | ) | (147,086 | ) | (576,848 | ) | (250,907 | ) | ||||||||
Sale of
finished goods and services to related parties
|
75,476 | 98,854 | 144,535 | 142,256 | ||||||||||||
Addition by
incorporation
|
- | - | 138,682 | - | ||||||||||||
(15,854 | ) | 25,428 | 116,202 | 10,238 | ||||||||||||
Transactions
involving liabilities
|
||||||||||||||||
Payments of
financial resources
|
(2,861 | ) | - | (6,910 | ) | (667 | ) | |||||||||
Payment of
Floating Rate Notes
|
(322,333 | ) | - | (322,333 | ) | - | ||||||||||
Financial
Income
|
(16,973 | ) | - | (77,248 | ) | - | ||||||||||
(342,167 | ) | - | (406,491 | ) | (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
|
|||||||||||||||||||||||||||||||||||||||
Investor
|
Profit
(loss) of the period
|
Interest
%
|
Investments
|
Earnings
(losses) on equity investments
|
||||||||||||||||||||||||||||||||||||
09/30/09
|
04/01/09
a 09/30/09
|
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||||||||||||||||||||
Administração
de Participações Aguassanta Ltda.
|
130,500 | 2,903 | 91.5 | 91.5 | 119,405 | 116,749 | 2,656 | (2,006 | ) | 3,806 | (11,335 | ) | ||||||||||||||||||||||||||||
Usina da Barra
S.A. Açúcar e Álcool
|
2,664,994 | 59,384 | 95.1 | 95.1 | 2,533,796 | 2,477,336 | 56,460 | (19,569 | ) | 80,953 | (110,733 | ) | ||||||||||||||||||||||||||||
Copsapar
Participações S.A.
|
188,029 | 3,190 | 90.0 | 90.0 | 169,226 | 166,355 | 2,871 | - | (8,902 | ) | - | |||||||||||||||||||||||||||||
Novo Rumo
Logística S.A.
|
263,178 | 4,482 | 28.8 | 28.8 | 75,848 | 74,556 | 1,292 | - | 968 | - | ||||||||||||||||||||||||||||||
TEAS -
Terminal Exportador de Álcool de Santos S.A.
|
47,438 | 617 | 40.0 | 40.0 | 18,975 | 18,728 | 247 | 237 | 361 | 397 | ||||||||||||||||||||||||||||||
Cosan S.A.
Bioenergia
|
140,093 | 1,842 | 100.0 | 100.0 | 140,093 | 138,251 | 1,842 | (721 | ) | 3,805 | (721 | ) | ||||||||||||||||||||||||||||
Radar
Propriedades Agrícolas S.A.
|
798,867 | 8,566 | 18.9 | 18.9 | 151,137 | 140,625 | (218 | ) | (1,487 | ) | 1,064 | - | ||||||||||||||||||||||||||||
Cosan
International Universal Corporation
|
8,992 | (1,334 | ) | 100.0 | 100.0 | 8,992 | 11,277 | (1,334 | ) | (191 | ) | (1,216 | ) | 4,586 | ||||||||||||||||||||||||||
Cosan Finance
Limited
|
23,211 | 54 | 100.0 | 100.0 | 23,211 | 25,455 | 54 | 2,554 | 1,221 | 6,802 | ||||||||||||||||||||||||||||||
Cosanpar
Participações S.A. (1)
|
- | - | - | - | - | - | - | - | 72,212 | - | ||||||||||||||||||||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
1,844,046 | 157,959 | 100.0 | 100.0 | 1,844,021 | 1,780,226 | 63,795 | - | 85,688 | - | ||||||||||||||||||||||||||||||
Cosan
Alimentos S.A.
|
268,587 | 22,886 | 100.0 | 100.0 | 268,587 | 245,701 | 22,886 | - | 24,537 | - | ||||||||||||||||||||||||||||||
Outros
investimentos
|
- | - | - | - | 24,637 | 20,883 | - | 1,519 | (4,954 | ) | 1,458 | |||||||||||||||||||||||||||||
5,377,928 | 5,216,142 | 150,551 | (19,664 | ) | 259,543 | (109,546 | ) |
8.
|
Investments
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||
Opening
balances
|
5,216,142 | 181,291 | ||||||
Earnings
(losses) on equity investments
|
150,551 | 29 | ||||||
Acquisition
of investments
|
15,344 | 16,037 | ||||||
Currency
translation adjustment
|
(3,249 | ) | - | |||||
Dividends
receivable
|
(860 | ) | (860 | ) | ||||
Closing
balances
|
5,377,928 | 196,497 |
a.
|
Rumo Logística
S.A.
|
8.
|
Investments
(Continued)
|
b.
|
Curupay Participações
S.A.
|
9.
|
Property,
plant and equipment
|
Parent
Company
|
||||||||||||||||||||
09/30/09
|
06/30/09
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land and
rural properties
|
- | 59,591 | - | 59,591 | 59,591 | |||||||||||||||
Machinery,
equipment and installations
|
12 | 489,335 | (283,503 | ) | 205,832 | 197,196 | ||||||||||||||
Aircraft
|
10 | 13,395 | (12,189 | ) | 1,206 | 1,579 | ||||||||||||||
Vehicles
|
22 | 63,912 | (36,632 | ) | 27,280 | 29,024 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
18 | 71,705 | (32,850 | ) | 38,855 | 40,192 | ||||||||||||||
Buildings and
improvements
|
4 | 168,393 | (31,009 | ) | 137,384 | 131,755 | ||||||||||||||
Construction
in progress
|
- | 48,137 | - | 48,137 | 65,773 | |||||||||||||||
Sugarcane
planting costs
|
20 | 423,982 | (204,131 | ) | 219,851 | 220,826 | ||||||||||||||
Parts and
components to be periodically replaced
|
100 | 52,000 | (28,711 | ) | 23,289 | 50,878 | ||||||||||||||
1,390,450 | (629,025 | ) | 761,425 | 796,814 |
Consolidated
|
||||||||||||||||||||
09/30/09
|
06/30/09
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land and
rural properties
|
- | 206,802 | - | 206,802 | 206,526 | |||||||||||||||
Machinery,
equipment and installations
|
11 | 2,694,822 | (1,445,001 | ) | 1,249,821 | 1,225,143 | ||||||||||||||
Aircraft
|
10 | 14,131 | (12,226 | ) | 1,905 | 2,296 | ||||||||||||||
Vehicles
|
19 | 220,969 | (135,854 | ) | 85,115 | 85,124 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
18 | 177,230 | (111,120 | ) | 66,110 | 68,976 | ||||||||||||||
Buildings and
improvements
|
4 | 1,008,825 | (298,465 | ) | 710,360 | 696,801 | ||||||||||||||
Construction
in progress
|
- | 1,402,247 | - | 1,402,247 | 1,208,480 | |||||||||||||||
Sugarcane
planting costs
|
20 | 1,304,648 | (600,311 | ) | 704,337 | 689,341 | ||||||||||||||
Parts and
components to be periodically replaced
|
100 | 93,404 | (24,040 | ) | 69,364 | 142,732 | ||||||||||||||
Advances for
fixed asset purchases
|
- | 158,147 | - | 158,147 | 176,403 | |||||||||||||||
Others
|
10 | 28,047 | (10,882 | ) | 17,165 | 14,540 | ||||||||||||||
7,309,272 | (2,637,899 | ) | 4,671,373 | 4,516,362 |
10.
|
Intangible
|
|
Refers mainly
to goodwill paid for expected future profitability, amortized on a
straight-line basis over 5 to 10 years until March 31, 2009, as set forth
in CPC Technical Pronouncement No. 13, approved by CVM Resolution Nº 565,
of December 17, 2008. At September 30, 2009 and June 30, 2009, the
balances are as follows:
|
Parent
Company
|
||||||||||||||||
September
30, 2009
|
June
30, 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 (Cosan Alimentos)
|
18,194 | - | 18,194 | 18,194 | ||||||||||||
613,998 | (218,361 | ) | 395,637 | 395,637 |
Consolidated
|
||||||||||||||||
September
30, 2009
|
June
30, 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
|
1,860 | - | 1,860 | 1,860 | ||||||||||||
Goodwill on
the acquisition of Cosan CL (1)
|
1,477,309 | (134,395 | ) | 1,342,914 | 1,329,786 | |||||||||||
Goodwill on
the acquisition of Teaçú (2)
|
66,968 | - | 66,968 | 66,968 | ||||||||||||
Goodwill on
the incorporation of Curupay (Cosan Alimentos) (3)
|
18,194 | - | 18,194 | 18,194 | ||||||||||||
Goodwill on
the acquisition of Açúcar União trade mark (4)
|
74,832 | (57,371 | ) | 17,461 | 17,461 | |||||||||||
Goodwill on
the acquisition of Destilaria Paraguaçu (4)
|
166,656 | - | 166,656 | 166,656 | ||||||||||||
Goodwill on
the subscription of shares of Nova América (4)
|
121,893 | - | 121,893 | 121,893 | ||||||||||||
3,441,146 | (703,682 | ) | 2,737,464 | 2,724,336 |
|
(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
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
ICMS – State
VAT
|
15,875 | 5,193 | 63,920 | 29,590 | ||||||||||||
IPI
|
486 | 57 | 29,339 | 24,571 | ||||||||||||
INSS – Social
Security
|
5,969 | 7,578 | 19,950 | 22,824 | ||||||||||||
PIS – Social
Integration Program
|
364 | 2,556 | 4,229 | 6,269 | ||||||||||||
COFINS –
Social Security Financing
|
1,675 | 11,574 | 20,667 | 29,981 | ||||||||||||
Installment
payments – Law 11.941/09
|
10,675 | - | 25,803 | - | ||||||||||||
Tax Recovery
Program – REFIS
|
- | - | 222,462 | 272,776 | ||||||||||||
Special Tax
Payment Program – PAES
|
50,427 | 50,671 | 82,028 | 83,419 | ||||||||||||
Income and
social contribution taxes payable
|
1,965 | 4,110 | 34,627 | 30,043 | ||||||||||||
Other
|
5,874 | 13,553 | 16,750 | 25,829 | ||||||||||||
93,310 | 95,292 | 519,775 | 525,302 | |||||||||||||
Current
liabilities
|
(44,832 | ) | (41,276 | ) | (230,925 | ) | (189,792 | ) | ||||||||
Noncurrent
liabilities
|
48,478 | 54,016 | 288,850 | 335,510 |
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
13 to 24
months
|
15,004 | 16,089 | 56,958 | 53,450 | ||||||||||||
25 to 36
months
|
14,232 | 15,583 | 55,865 | 52,524 | ||||||||||||
37 to 48
months
|
10,422 | 13,575 | 49,356 | 49,633 | ||||||||||||
49 to 60
months
|
4,188 | 4,184 | 36,851 | 32,615 | ||||||||||||
61 to 72
months
|
1,026 | 1,015 | 33,109 | 28,256 | ||||||||||||
73 to 84
months
|
1,026 | 1,015 | 31,791 | 27,726 | ||||||||||||
85 to 96
months
|
1,026 | 1,015 | 16,163 | 27,268 | ||||||||||||
Thereafter
|
1,554 | 1,540 | 8,757 | 64,038 | ||||||||||||
48,478 | 54,016 | 288,850 | 335,510 |
11.
|
Taxes
and social contributions payable
(Continued)
|
12.
|
Income
and social contribution taxes
|
a)
|
Reconciliation of
income and social contribution tax
expenses:
|
Parent
Company
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Income (loss)
before income and social contribution taxes
|
198,398 | (573,342 | ) | 648,986 | (609,755 | ) | ||||||||||
Income and
Social Contribution taxes at nominal rate (34%)
|
(67,455 | ) | 194,936 | (220,655 | ) | 207,316 | ||||||||||
Adjustments
to calculate effective rate:
|
||||||||||||||||
Earnings
(losses) on equity investments
|
51,187 | (6,686 | ) | 88,244 | (37,246 | ) | ||||||||||
Non-deductible
goodwill amortization
|
(4,992 | ) | (569 | ) | - | (1,138 | ) | |||||||||
Non-deductible
donations and contributions
|
(487 | ) | (1,015 | ) | (875 | ) | (1,595 | ) | ||||||||
Recognized
granted shares
|
(1,722 | ) | - | (2,905 | ) | - | ||||||||||
Inventory
loss and differences
|
(156 | ) | 3,174 | (280 | ) | 424 | ||||||||||
Other
|
(1,406 | ) | 2,831 | (1,879 | ) | 3,180 | ||||||||||
Total current
and deferred taxes
|
(25,031 | ) | 192,671 | (138,350 | ) | 170,941 | ||||||||||
Effective
rate
|
12.62 | % | - | 21.32 | % | - |
12.
|
Income
and social contribution taxes
(Continued)
|
b)
|
Reconciliation of
income and social contribution tax expenses:
(Continued)
|
Consolidated
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Income (loss)
before income and social contribution taxes
|
277,763 | (597,141 | ) | 763,367 | (678,438 | ) | ||||||||||
Income and
Social Contribution taxes at nominal rate (34%)
|
(94,439 | ) | 203,027 | (259,545 | ) | 230,668 | ||||||||||
Adjustments
to calculate effective rate:
|
||||||||||||||||
Earnings
(losses) on equity investments
|
10 | 420 | (1,199 | ) | 474 | |||||||||||
Non-deductible
goodwill amortization
|
(11,653 | ) | (1,415 | ) | - | (2,830 | ) | |||||||||
Non-deductible
donations and contributions
|
(820 | ) | (1,220 | ) | (1,309 | ) | (2,283 | ) | ||||||||
Recognized
granted shares
|
(1,722 | ) | - | (2,905 | ) | - | ||||||||||
Inventory
loss and differences
|
(1,039 | ) | 4,199 | (1,333 | ) | 789 | ||||||||||
Other
|
5,846 | 4,949 | 4,575 | 5,546 | ||||||||||||
Total current
and deferred taxes
|
(103,817 | ) | 209,960 | (261,716 | ) | 232,364 | ||||||||||
Effective
rate
|
37.38 | % | - | 34.28 | % | - |
b)
|
Deferred income and
social contribution tax
assets:
|
Parent
Company
|
||||||||||||||||||||
09/30/09
|
06/30/09
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provision for
judicial demands and other temporary differences (1)
|
350,223 | 87,555 | 31,520 | 119,075 | 80,990 | |||||||||||||||
Foreign
exchange variation
|
(500,722 | ) | (125,181 | ) | (45,065 | ) | (170,246 | ) | (114,658 | ) | ||||||||||
Income tax
losses
|
439,766 | 109,942 | - | 109,942 | 115,478 | |||||||||||||||
Social
contribution tax losses
|
439,868 | - | 39,589 | 39,589 | 41,581 | |||||||||||||||
Deferred
taxes - noncurrent assets
|
72,316 | 26,044 | 98,360 | 123,391 |
Consolidated
|
||||||||||||||||||||
09/30/09
|
06/30/09
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provision for
judicial demands and other temporary differences (1)
|
1,428,581 | 357,145 | 128,573 | 485,718 | 470,300 | |||||||||||||||
Foreign
exchange variation
|
(602,396 | ) | (150,599 | ) | (54,216 | ) | (204,815 | ) | (114,658 | ) | ||||||||||
Income tax
losses
|
934,031 | 233,508 | - | 233,508 | 250,986 | |||||||||||||||
Social
contribution tax losses
|
946,500 | - | 85,184 | 85,184 | 91,465 | |||||||||||||||
Deferred
taxes
|
440,054 | 159,541 | 599,595 | 698,093 | ||||||||||||||||
Current
assets
|
(48,108 | ) | (53,502 | ) | ||||||||||||||||
Noncurrent
assets
|
551,487 | 644,591 |
12.
|
Income
and social contribution taxes
(Continued)
|
b)
|
Deferred income and
social contribution tax assets:
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
2011
|
901 | 1,130 | 27,233 | 30,832 | ||||||||||||
2012
|
10,580 | 13,273 | 59,868 | 70,089 | ||||||||||||
2013
|
22,395 | 28,094 | 102,496 | 119,995 | ||||||||||||
2014
|
31,281 | 39,242 | 137,635 | 161,133 | ||||||||||||
From 2015 to
2017
|
26,929 | 33,782 | 151,502 | 177,368 | ||||||||||||
From 2018 to
2019
|
6,274 | 7,870 | 72,753 | 85,174 | ||||||||||||
98,360 | 123,391 | 551,487 | 644,591 |
13.
|
Loans
and financing
|
Financial
charges (1)
|
Parent
company
|
Consolidated
|
Collaterals
(2)
|
||||||
Purpose
|
Index
|
Annual
average
interest rate |
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
Final
maturity |
09/30/09
|
06/30/09
|
Senior Notes
Due 2009
|
Dollar
(US)
|
9.0%
interest
|
66,399
|
71,081
|
66,399
|
71,081
|
November/2009
|
-
|
-
|
|
|||||||||
Senior Notes
Due 2014
|
Dollar
(US)
|
9,5%
interest
|
-
|
-
|
629,969
|
-
|
August/2014
|
-
|
-
|
|
|||||||||
Senior Notes
Due 2017
|
Dollar
(US)
|
7.0%
interest
|
-
|
-
|
719,400
|
803,257
|
February/2017
|
-
|
-
|
|
|||||||||
Perpetual
bonuses
IFC
|
Dollar
(US)
Dollar
(US)
|
8.3%
interest
7.4%
interest
|
809,575
82,957
|
888,570
98,823
|
809,575
82,957
|
888,570
98,823
|
-
January/2013
|
-
Chattel
mortgage
|
-
Chattel
mortgage
|
|
|||||||||
Pre-shipment
export finance (ACC)
|
Dollar
(US)
|
7.6%
interest
|
53,492
|
91,729
|
90,982
|
152,085
|
March/2010
|
-
|
-
|
Commercial
promissory notes
|
DI – Interbank
Deposits
|
3.0%
interest
|
1,233,706
|
1,198,167
|
1,233,706
|
1,198,167
|
November/2009
|
Chattel
mortgage
|
Chattel
mortgage
|
Resolution No.
2471
|
IGP-M
Change in the
price of corn
|
4.0%
interest
12.5%
interest
|
96,262
129
|
97,895
129
|
593,583
129
|
594,251
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
|
-
|
-
|
714,760
|
360,112
|
January/2022
|
Credit rights
from energy sale agreements
|
Credit rights
from energy sale agreements
|
Bank Credit
Certificate
|
DI – Interbank
deposits
|
3.9%
interest
|
-
|
-
|
217,443
|
216,806
|
November/2009
|
-
|
-
|
|
|
||||||||
(Subordinated)
debentures
|
DI – Interbank
deposits
|
3.3%
interest
|
-
|
-
|
152,556
|
157,769
|
August/2010
|
-
|
-
|
Credit
notes
|
DI – Interbank
deposits – dollar (US)
|
2.4%
interest
8.8%
interest
|
-
-
|
-
-
|
134,151
88,776
|
231,130
112,096
|
September/2011
January/2010
|
-
-
|
-
-
|
Prepayments
|
DI – Interbank
deposits – dollar (US)
|
0.6%
interest
2.6%
interest
|
-
-
|
-
-
|
3,041
92,043
|
7,672
113,662
|
December/2011
November/2010
|
-
-
|
-
-
|
Others
|
Sundry
|
Sundry
|
22,770
|
23,482
|
267,773
|
247,392
|
Sundry
|
Mortgage,
inventories and chattel mortgage of financed assets
|
Mortgage,
inventories and chattel mortgage of financed assets
|
Expenses with
placement of securities
|
(16,839)
|
(17,399)
|
(45,190)
|
(34,199)
|
-
|
-
|
-
|
||
2,348,451
|
2,452,477
|
5,852,053
|
5,218,803
|
||||||
Current
|
(444,697)
|
(504,744)
|
(1,184,658)
|
(1,127,356)
|
|||||
Non-current
|
1,903,754
|
1,947,733
|
4,667,395
|
4,091,447
|
|
(1)
|
Financial
charges at September, 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;
and,
|
|
(3)
|
It comprises
funds raised by the subsidiary Cosan S.A. Bioenergia and indirect
controlled subsidiary Cosan Centroeste S.A. Açúcar e Álcool earmarked for
the financing of co-generation projects and
Greenfields.
|
13.
|
Loans
and financing
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
13 to 24
months
|
945,416 | 899,822 | 1,143,290 | 1,289,822 | ||||||||||||
25 to 36
months
|
17,331 | 21,554 | 158,933 | 147,679 | ||||||||||||
37 to 48
months
|
44,002 | 50,827 | 127,260 | 111,508 | ||||||||||||
49 to 60
months
|
1,251 | 1,328 | 705,295 | 50,156 | ||||||||||||
61 to 72
months
|
8 | 8 | 74,686 | 44,476 | ||||||||||||
73 to 84
months
|
8 | 8 | 69,444 | 33,990 | ||||||||||||
85 to 96
months
|
8 | 8 | 779,817 | 814,795 | ||||||||||||
Thereafter
|
895,730 | 974,178 | 1,608,670 | 1,599,021 | ||||||||||||
1,903,754 | 1,947,733 | 4,667,395 | 4,091,447 |
13.
|
Loans
and financing
(Continued)
|
13.
|
Loans
and financing
(Continued)
|
14.
|
Provision
for judicial demands
|
Parent
Company
|
Consolidated
|
|||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
|||||||||||||
Tax
|
232,609 | 229,618 | 1,170,140 | 1,156,017 | ||||||||||||
Civil and
labor
|
20,441 | 23,925 | 154,337 | 156,538 | ||||||||||||
253,050 | 253,543 | 1,324,477 | 1,312,555 | |||||||||||||
Judicial
deposits
|
(13,272 | ) | (13,643 | ) | (181,100 | ) | (177,095 | ) | ||||||||
239,778 | 239,900 | 1,143,377 | 1,135,460 |
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
||||||||||||
Premium
credit – IPI
|
150,752 | 148,951 | 276,722 | 273,201 | ||||||||||||
PIS and
Cofins
|
17,704 | 17,532 | 147,905 | 146,474 | ||||||||||||
IPI credits
(NT)
|
- | - | 95,031 | 93,808 | ||||||||||||
Contribution
to IAA
|
- | - | 86,413 | 85,664 | ||||||||||||
IPC-89
|
- | - | 84,154 | 82,908 | ||||||||||||
Finsocial
|
- | - | 168,556 | 166,219 | ||||||||||||
IPI – Federal
VAT
|
9,711 | 9,628 | 61,201 | 55,324 | ||||||||||||
ICMS
credits
|
15,697 | 15,160 | 57,216 | 47,829 | ||||||||||||
Income tax
and social contribution
|
5,377 | 5,432 | 44,291 | 43,958 | ||||||||||||
Others
|
33,368 | 32,915 | 148,651 | 160,632 | ||||||||||||
232,609 | 229,618 | 1,170,140 | 1,156,017 |
14.
|
Provision
for judicial demands
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
||||||||||||
ICMS – State
VAT
|
26,986 | 23,984 | 182,610 | 179,675 | ||||||||||||
IAA – Sugar
and Ethanol Institute
|
- | - | 73,887 | 73,560 | ||||||||||||
Withholding
income tax
|
164,267 | 162,954 | 164,313 | 162,999 | ||||||||||||
IPI – Federal
VAT
|
15,842 | 15,687 | 301,438 | 299,079 | ||||||||||||
INSS
|
11 | 11 | 2,140 | 2,099 | ||||||||||||
PIS/Cofins
|
11,385 | 11 | 36,691 | 56,780 | ||||||||||||
Civil and
labor
|
38,841 | 39,649 | 240,221 | 233,411 | ||||||||||||
Others
|
38,571 | 47,093 | 141,601 | 114,445 | ||||||||||||
295,903 | 289,389 | 1,142,901 | 1,122,048 |
|
i)
|
Accounts
receivable from Federal Government
|
14.
|
Provision
for judicial demands
(Continued)
|
|
i)
|
Accounts
receivable from Federal Government
(Continued)
|
15.
|
Shareholders’
equity
|
c)
|
Recognized granted
shares
|
15.
|
Shareholders’
equity (Continued)
|
d)
|
Stock purchase
warrants
|
16.
|
Management
compensation
|
17.
|
Financial
income (expenses), net
|
Parent
Company
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Financial
expenses
|
||||||||||||||||
Interest
(1)
|
(70,098 | ) | (57,260 | ) | (163,212 | ) | (107,857 | ) | ||||||||
Monetary
variation losses
|
(16,461 | ) | (784 | ) | (16,128 | ) | (5,755 | ) | ||||||||
Exchange
variation losses
|
186,157 | (522,441 | ) | 538,935 | (410,299 | ) | ||||||||||
Results from
derivatives (3)
|
(53,418 | ) | (67,643 | ) | 44,405 | (103,102 | ) | |||||||||
Others
|
(48 | ) | (147 | ) | (196 | ) | (229 | ) | ||||||||
46,132 | (648,275 | ) | 403,804 | (627,242 | ) | |||||||||||
Financial
income
|
||||||||||||||||
Interest
(1)
|
9,733 | 33,714 | 15,811 | 54,636 | ||||||||||||
Exchange
variation gains
|
(666 | ) | 200 | (754 | ) | 1,485 | ||||||||||
Monetary
variation gains
(2)
|
(20,525 | ) | 12,692 | (45,332 | ) | 7,443 | ||||||||||
Results from
derivatives (3)
|
- | 72,344 | - | 153,027 | ||||||||||||
Earnings from
marketable securities
|
8,906 | 14,094 | 13,105 | 32,628 | ||||||||||||
Others
|
49 | 23 | 304 | 85 | ||||||||||||
(2,503 | ) | 133,067 | (16,866 | ) | 249,304 | |||||||||||
43,629 | (515,208 | ) | 386,938 | (377,938 | ) |
Consolidated
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Financial
expenses
|
||||||||||||||||
Interest
(1)
|
(125,810 | ) | (76,656 | ) | (258,954 | ) | (145,593 | ) | ||||||||
Monetary
variation losses
|
(19,684 | ) | (4,756 | ) | (24,648 | ) | (34,704 | ) | ||||||||
Exchange
variation losses
|
153,946 | (527,302 | ) | 509,740 | (414,055 | ) | ||||||||||
Results from
derivatives (3)
|
(16,615 | ) | (69,378 | ) | 144,202 | (104,837 | ) | |||||||||
Others
|
(536 | ) | (461 | ) | (1,440 | ) | (952 | ) | ||||||||
(8,699 | ) | 137,785 | 368,900 | (700,141 | ) | |||||||||||
Financial
income
|
||||||||||||||||
Interest
(1)
|
24,087 | 11,128 | 43,856 | 22,274 | ||||||||||||
Exchange
variation gains
|
1,141 | 1,296 | 3,280 | 9,639 | ||||||||||||
Monetary
variation gains
(2)
|
46,270 | 25,942 | 69,013 | 14,228 | ||||||||||||
Results from
derivatives (3)
|
- | 72,344 | - | 153,027 | ||||||||||||
Earnings from
marketable securities
|
16,959 | 27,018 | 27,571 | 46,963 | ||||||||||||
Others
|
(869 | ) | 57 | (298 | ) | 179 | ||||||||||
87,588 | (678,553 | ) | 143,422 | 246,310 | ||||||||||||
78,889 | (540,768 | ) | 512,322 | (453,831 | ) |
(1)
|
Included in
the quarter and six-month period ended October 31, 2008 the results from
currency and interest rate swap
contracts;
|
(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
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Reversal
(Set-up) of provision for legal claims
|
2,089 | (3,372 | ) | 1,497 | (5,484 | ) | ||||||||||
Gain on sale
of investment interest (Note 8)
|
- | - | 3,052 | - | ||||||||||||
Reversal
(Set-up) of provision for devaluation of permanent equity
interest
|
- | 3,342 | - | 3,342 | ||||||||||||
Scrap sales
revenue
|
360 | 844 | 805 | 1,219 | ||||||||||||
Rent and
lease income
|
1,055 | 666 | 1,459 | 1,357 | ||||||||||||
Others
|
(335 | ) | (311 | ) | (29 | ) | 1,284 | |||||||||
3,169 | 1,169 | 6,784 | 1,718 |
Consolidated
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Reversal
(Set-up) of provision for legal claims
|
(492 | ) | (15,230 | ) | (3,382 | ) | (25,859 | ) | ||||||||
Gain on sale
of investment interest (Note 8)
|
- | - | 93,097 | - | ||||||||||||
Loss on
business combination, net (Note 8)
|
- | - | (28,138 | ) | - | |||||||||||
Rent and
lease income
|
1,322 | 1,883 | 3,856 | 3,599 | ||||||||||||
Share
issuance expense
|
- | (22,059 | ) | - | (22,059 | ) | ||||||||||
Reversal
(Set-up) of provision for devaluation of permanent equity
interest
|
- | 3,342 | - | 3,342 | ||||||||||||
Scrap sales
revenue
|
1,300 | 1,636 | 2,659 | 4,772 | ||||||||||||
Others
|
390 | 406 | 6,912 | 10,047 | ||||||||||||
2,520 | (30,022 | ) | 75,004 | (26,158 | ) |
19.
|
Financial
instruments
|
a)
|
Risk
management
|
19.
|
Financial
instruments
(continued)
|
a)
|
Risk management
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||||||||
Notional
value
|
Fair
value
|
Notional
value
|
Fair
value
|
|||||||||||||||||||||||||||||||||||||
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
Gain/loss
(*)
|
09/30/09
|
06/30/09
|
09/30/09
|
06/30/09
|
Gain/loss
(*)
|
|||||||||||||||||||||||||||||||
Price
risk
|
||||||||||||||||||||||||||||||||||||||||
Commodity
derivatives
|
||||||||||||||||||||||||||||||||||||||||
Futures
contracts:
|
||||||||||||||||||||||||||||||||||||||||
Sale commitments (Sugar price
hedge)
|
562,916 | 239,875 | (53,519 | ) | (26,926 | ) | (53,519 | ) | 562,916 | 258,739 | (53,519 | ) | (27,804 | ) | (53,519 | ) | ||||||||||||||||||||||||
Sugar purchase commitments
(Increase in average price)
|
67,912 | 40,226 | 4,319 | 3,871 | 4,319 | 67,912 | 40,226 | 4,319 | 3,871 | 4,319 | ||||||||||||||||||||||||||||||
HO purchase commitments
(Increase in average price)
|
50,813 | - | 1,288 | - | 1,288 | 50,813 | - | 1,288 | - | 1,288 | ||||||||||||||||||||||||||||||
Options:
|
||||||||||||||||||||||||||||||||||||||||
Call (Increase in average
price)
|
537,390 | 494,743 | (146,090 | ) | (68,502 | ) | (106,901 | ) | 537,390 | 494,743 | (146,090 | ) | (68,502 | ) | (106,901 | ) | ||||||||||||||||||||||||
Put
(Sugar price hedge)
|
331,792 | 261,389 | 16,627 | 28,935 | (31,182 | ) | 331,792 | 261,389 | 16,627 | 28,935 | (31,182 | ) | ||||||||||||||||||||||||||||
Swap
contracts:
|
||||||||||||||||||||||||||||||||||||||||
Ethanol
Swap(Ethanol price hedge)
|
- | 11,648 | - | 1,174 | - | - | 11,648 | - | 1,174 | - | ||||||||||||||||||||||||||||||
Sugar
Swap (Sugar price hedge)
|
100,630 | - | 8,219 | - | 8,219 | 100,630 | - | 8,219 | - | 8,219 | ||||||||||||||||||||||||||||||
(169,156 | ) | (61,448 | ) | (177,776 | ) | (169,156 | ) | (62,326 | ) | (177,776 | ) | |||||||||||||||||||||||||||||
Foreign
exchange risk
|
||||||||||||||||||||||||||||||||||||||||
Foreign
exchange derivatives
|
||||||||||||||||||||||||||||||||||||||||
Futures
contracts:
|
||||||||||||||||||||||||||||||||||||||||
Sale commitments (Cash flow
hedge)
|
1,588,234 | 1,415,530 | 19,338 | 4,525 | 19,338 | 1,588,234 | 1,415,530 | 19,338 | 4,525 | 19,338 | ||||||||||||||||||||||||||||||
Purchase commitments (Increase
in cash flow)
|
741,591 | 98,220 | (8,982 | ) | 320 | (8,982 | ) | 741,591 | 98,220 | (8,982 | ) | 320 | (8,982 | ) | ||||||||||||||||||||||||||
Forward
contracts:
|
||||||||||||||||||||||||||||||||||||||||
Sale
commitments (Cash flow hedge)
|
1,027,349 | 237,010 | 31,765 | 15,395 | 31,765 | 1,027,349 | 237,010 | 31,765 | 15,395 | 31,765 | ||||||||||||||||||||||||||||||
Options:
|
||||||||||||||||||||||||||||||||||||||||
Put (Cash flow
hedge)
|
468,000 | 538,125 | 15,871 | 32,371 | 6,966 | 468,000 | 538,125 | 15,871 | 32,371 | 6,966 | ||||||||||||||||||||||||||||||
Swap
contracts:
|
||||||||||||||||||||||||||||||||||||||||
Senior Notes
2009 (Cash flow hedge)
|
570,700 | 570,700 | (4,472 | ) | (2,549 | ) | (5,328 | ) | 570,700 | 570,700 | (4,472 | ) | (2,549 | ) | (5,328 | ) | ||||||||||||||||||||||||
Export credit
note (Cash flow hedge)
|
- | - | - | - | - | 17,802 | - | (2,342 | ) | - | 1,384 | |||||||||||||||||||||||||||||
Currency
translation risk transference (Cash flow hedge)
|
322,023 | - | (2,079 | ) | - | (2,079 | ) | 322,023 | - | - | - | - | ||||||||||||||||||||||||||||
51,441 | 50,062 | 41,680 | 51,178 | 50,062 | 45,143 | |||||||||||||||||||||||||||||||||||
(117,715 | ) | (11,386 | ) | (136,096 | ) | (117,978 | ) | (12,264 | ) | (132,633 | ) | |||||||||||||||||||||||||||||
Total
assets
|
97,427 | 86,591 | 97,427 | 86,591 | ||||||||||||||||||||||||||||||||||||
Total
liabilities
|
(215,142 | ) | (97,977 | ) | (215,405 | ) | (98,855 | ) |
19.
|
Financial
instruments
(continued)
|
a)
|
Risk management
(Continued)
|
Parent
Company
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Commodity
derivatives
|
(204,230 | ) | 17,504 | (312,693 | ) | 25,360 | ||||||||||
Foreign
exchange derivatives
|
150,812 | (12,803 | ) | 357,098 | 24,565 | |||||||||||
(53,418 | ) | 4,701 | 44,405 | 49,925 | ||||||||||||
Financial
income (Note 17)
|
- | 72,344 | - | 153,027 | ||||||||||||
Financial
expenses (Note 17)
|
(53,418 | ) | (67,643 | ) | 44,405 | (103,102 | ) |
Consolidated
|
||||||||||||||||
07/01/09
a 09/30/09
|
08/01/08
a 10/31/08
|
04/01/09
a 09/30/09
|
05/01/08
a 10/31/08
|
|||||||||||||
Commodity
derivatives
|
(244,997 | ) | 17,504 | (370,093 | ) | 25,360 | ||||||||||
Foreign
exchange derivatives
|
228,382 | (14,538 | ) | 514,295 | 22,830 | |||||||||||
(16,615 | ) | 2,966 | 144,202 | 48,190 | ||||||||||||
Financial
income (Note 17)
|
- | 72,344 | - | 153,027 | ||||||||||||
Financial
expenses (Note 17)
|
(16,615 | ) | (69,378 | ) | 144,202 | (104,837 | ) |
19.
|
Financial
instruments
(Continued)
|
b)
|
Price
risk
|
19.
|
Financial
instruments
(Continued)
|
b)
|
Price risk
(Continued)
|
Price risk:
Commodity derivatives outstanding as of September 30,
2009
|
|||||||||||||||||||||||||
Derivatives
|
Put /
Call
|
Market
|
Contract
|
Expity
date
|
Number of
contracts
|
Strike
|
Average
price
|
Fair
price
|
Notional
|
Notional
|
Fair
value
|
||||||||||||||
(units)
|
(R$)
|
(R$)
|
|||||||||||||||||||||||
Future
contract
|
Call
|
LIFFE
|
White
Sugar
|
Dec-09
|
280
|
-
|
¢T
|
573.70
|
¢T
|
618.00
|
14,000T
|
14,281
|
(1,103)
|
||||||||||||
Future
contract
|
Call
|
NYBOT
|
#11
|
Jul-09
|
87
|
-
|
¢lb
|
15.12
|
¢lb
|
23.08
|
4,420T
|
2,619
|
(1,380)
|
||||||||||||
Future
contract
|
Call
|
NYBOT
|
#11
|
Mar-10
|
5,480
|
-
|
¢lb
|
23.09
|
¢lb
|
25.39
|
278,397T
|
251,991
|
(25,097)
|
||||||||||||
Future
contract
|
Call
|
NYBOT
|
#11
|
Mai-10
|
600
|
-
|
¢lb
|
23.00
|
¢lb
|
24.18
|
30,481T
|
27,480
|
(1,412)
|
||||||||||||
Future
contract
|
Call
|
NYBOT
|
#11
|
Jul-10
|
4,175
|
-
|
¢lb
|
20.09
|
¢lb
|
22.57
|
212,100T
|
167,017
|
(20,639)
|
||||||||||||
Future
contract
|
NYBOT
|
#11
|
Oct-10
|
2,423
|
-
|
¢lb
|
20.63
|
¢lb
|
21.44
|
123,094T
|
99,528
|
(3,888)
|
|||||||||||||
Subtotal
of future contracts - sales
|
662,493T
|
562,916
|
(53,519)
|
||||||||||||||||||||||
Future
contract
|
Put
|
NYBOT
|
#11
|
Mar-10
|
1,338
|
-
|
¢lb
|
23.80
|
¢lb
|
25.39
|
(67,974T)
|
(63,418)
|
4,236
|
||||||||||||
Future
contract
|
Put
|
NYBOT
|
#11
|
Jul-10
|
10
|
-
|
¢lb
|
21.18
|
¢lb
|
22.57
|
(508T)
|
(422)
|
28
|
||||||||||||
Future
contract
|
Put
|
NYBOT
|
#11
|
Mar-11
|
100
|
-
|
¢lb
|
20.45
|
¢lb
|
20.73
|
(5,080T)
|
(4,073)
|
55
|
||||||||||||
Subtotal
of future contracts - purchase
|
(73,562T)
|
(67,912)
|
4,319
|
||||||||||||||||||||||
Future
contract
|
Call
|
NYMEX
|
HOX9
|
Nov-09
|
190
|
-
|
¢gln
|
177.73
|
¢gln
|
183.24
|
7,980
gln
|
25,218
|
782
|
||||||||||||
Future
contract
|
Call
|
NYMEX
|
HO29
|
Dec-09
|
188
|
-
|
¢gln
|
182.30
|
¢gln
|
185.90
|
7,896
gln
|
25,595
|
506
|
||||||||||||
Subtotal
of future contracts - purchase
|
15,876
gln
|
50,813
|
1,288
|
||||||||||||||||||||||
Subtotal
of future contracts
|
545,816
|
(47,912)
|
|||||||||||||||||||||||
Call
|
Call
|
NYBOT
|
#11
|
Mar-10
|
985
|
16.00
|
¢lb
|
1.39
|
¢lb
|
9.49
|
50,040T
|
31,386
|
(18,616)
|
||||||||||||
Call
|
Call
|
NYBOT
|
#11
|
Mar-10
|
985
|
17.00
|
¢lb
|
1.14
|
¢lb
|
8.58
|
50,040T
|
33,347
|
(16,831)
|
||||||||||||
Call
|
Call
|
NYBOT
|
#11
|
Mar-10
|
2,000
|
18.00
|
¢lb
|
1.13
|
¢lb
|
7.72
|
101,605T
|
71,693
|
(30,748)
|
||||||||||||
Call
|
Call
|
NYBOT
|
#11
|
Jul-10
|
5,987
|
20.00
|
¢lb
|
1.30
|
¢lb
|
4.41
|
304,154T
|
238,459
|
(52,580)
|
||||||||||||
Call
|
Call
|
NYBOT
|
#11
|
Oct-10
|
2,153
|
20.50
|
¢lb
|
1.78
|
¢lb
|
3.57
|
109,378T
|
87,897
|
(15,307)
|
||||||||||||
Call
|
Call
|
NYBOT
|
#11
|
Oct-10
|
1,784
|
21.00
|
¢lb
|
1.87
|
¢lb
|
3.38
|
90,631T
|
74,609
|
(12,008)
|
||||||||||||
Subtotal
of calls
|
705,849T
|
537,390
|
(146,090)
|
||||||||||||||||||||||
Put
|
Put
|
NYBOT
|
#11
|
Jul-10
|
5,987
|
16.50
|
¢lb
|
2.33
|
¢lb
|
0.66
|
304,154T
|
196,729
|
7,869
|
||||||||||||
Put
|
Put
|
NYBOT
|
#11
|
Oct-10
|
2,153
|
17.00
|
¢lb
|
2.42
|
¢lb
|
1.04
|
109,378T
|
72,890
|
4,459
|
||||||||||||
Put
|
Put
|
NYBOT
|
#11
|
Oct-10
|
1,784
|
17.50
|
¢lb
|
2.71
|
¢lb
|
1.21
|
90,631T
|
62,174
|
4,299
|
||||||||||||
Subtotal
of puts
|
504,163T
|
331,792
|
16,627
|
||||||||||||||||||||||
Subtotal
of options - collars
|
504,163T
|
400,964
|
(63,268)
|
||||||||||||||||||||||
Subtotal
of options - calls
|
201,686T
|
136,426
|
(66,194)
|
||||||||||||||||||||||
Swap
|
Call
|
OTC
|
#11
|
Oct-10
|
985
|
-
|
¢lb
|
25.50
|
¢lb
|
2.10
|
50,040T
|
50,021
|
4,110
|
||||||||||||
Swap
|
Call
|
OTC
|
#11
|
Oct-10
|
985
|
-
|
¢lb
|
25.80
|
¢lb
|
2.10
|
50,040T
|
50,609
|
4,110
|
||||||||||||
Subtotal
of swaps
|
100,081T
|
100,630
|
8,219
|
||||||||||||||||||||||
Total
commodities
|
1,183,836
|
(169,156)
|
19.
|
Financial
instruments
(Continued)
|
c)
|
Foreign exchange
risk
|
19.
|
Financial
instruments
(Continued)
|
c)
|
Foreign exchange
risk (Continued)
|
Consolidated
|
||||||||||||||||
09/30/09
|
06/30/09
|
|||||||||||||||
R$
|
US$
(thousand)
|
R$
|
US$
(thousand)
|
|||||||||||||
Amounts
pending foreign exchange closing
|
24,659 | 13,868 | 61,843 | 31,688 | ||||||||||||
Overnight
|
30,625 | 17,223 | 56,697 | 29,052 | ||||||||||||
Trade notes
receivable - foreign
|
72,432 | 40,736 | 137,235 | 70,319 | ||||||||||||
Related
parties
|
- | - | (342,064 | ) | (175,274 | ) | ||||||||||
Foreign
currency-denominated loans
|
(262,715 | ) | (147,750 | ) | (363,004 | ) | (186,003 | ) | ||||||||
Advances from
customers
|
(92,043 | ) | (51,765 | ) | (113,662 | ) | (58,240 | ) | ||||||||
Senior Notes
due in 2009
|
(66,399 | ) | (37,343 | ) | (71,081 | ) | (36,422 | ) | ||||||||
Senior Notes
due in 2014
|
(629,969 | ) | (354,293 | ) | - | - | ||||||||||
Senior Notes
due in 2017
|
(719,400 | ) | (404,589 | ) | (803,257 | ) | (411,589 | ) | ||||||||
Perpetual
bonds
|
(809,575 | ) | (455,303 | ) | (888,570 | ) | (455,303 | ) | ||||||||
Derivative
financial instruments, net
|
31,555 | 17,746 | 27,822 | 14,256 | ||||||||||||
Foreign
exchange exposure, net
|
(2,420,830 | ) | (1,361,470 | ) | (2,298,041 | ) | (1,177,516 | ) |
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
|
Heating
Oil
|
Dollar
|
||||
Source:
|
NYBOT
|
LIFFE
|
NYMEX
|
BM&FBovespa
|
|||
Unit:
|
¢US$/lb
|
US$/ton
|
US$/gallon
|
R$/US$
|
|||
Jul-09
|
23.08
|
1.7781
|
|||||
Oct-09
|
24.12
|
-
|
179.60
|
1.7781
|
|||
Nov-09
|
-
|
-
|
183.24
|
1.7802
|
|||
Dec-09
|
-
|
618.00
|
185.90
|
1.7896
|
|||
Jan-10
|
24.76
|
-
|
188.82
|
1.7996
|
|||
Fev-10
|
-
|
-
|
191.09
|
1.8090
|
|||
Mar-10
|
25.39
|
637.50
|
192.64
|
1.8174
|
|||
Abr-10
|
-
|
-
|
193.57
|
1.8282
|
|||
Mai-10
|
24.18
|
618.50
|
194.67
|
1.8385
|
|||
Jun-10
|
-
|
-
|
195.82
|
1.8494
|
|||
Jul-10
|
22.57
|
-
|
197.57
|
1.8604
|
|||
Aug-10
|
-
|
588.00
|
199.67
|
1.8725
|
|||
Sep-10
|
-
|
-
|
201.97
|
1.8847
|
|||
Oct-10
|
21.44
|
-
|
204.27
|
1.8937
|
|||
Nov-10
|
-
|
-
|
206.57
|
1.9093
|
|||
Dec-10
|
-
|
543.00
|
208.87
|
1.9222
|
|||
Jan-11
|
-
|
-
|
211.12
|
1.9373
|
|||
Fev-11
|
-
|
-
|
212.17
|
1.9523
|
|||
Mar-11
|
20.73
|
527.00
|
212.67
|
1.9658
|
|||
Apr-11
|
-
|
-
|
-
|
1.9808
|
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
|
(1,860 | ) | (161,632 | ) | (321,405 | ) | ||||||
Purchase commitments
|
Sugar price
decline
|
101 | (18,445 | ) | (36,991 | ) | |||||||
Purchase commitments
|
HO price
decline
|
4 | (13,071 | ) | (26,146 | ) | |||||||
Options:
|
|||||||||||||
Put
|
Sugar price
spike
|
42,340 | (124,099 | ) | (290,539 | ) | |||||||
Call
|
Sugar price
spike
|
(16,627 | ) | (16,627 | ) | (16,627 | ) | ||||||
Swap
contracts
|
Sugar price
spike
|
(25,810 | ) | (48,205 | ) | (70,601 | ) | ||||||
Sugar exports
(1)
|
Sugar price
spike
|
2,419 | 299,733 | 597,049 | |||||||||
Lubricant
cost
|
HO price
spike
|
(4 | ) | 13,071 | 26,146 | ||||||||
Exchange rate
risk
|
|||||||||||||
Exchange
rate derivatives
|
|||||||||||||
Futures contracts:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
- | (392,224 | ) | (784,448 | ) | |||||||
Purchase commitments
|
R$/US$
exchange rate depreciation
|
- | (183,152 | ) | (366,305 | ) | |||||||
Forward contract:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
(1,221 | ) | (250,423 | ) | (499,624 | ) | ||||||
Option:
|
|||||||||||||
Call
|
R$/US$
exchange rate appreciation
|
(15,776 | ) | (15,871 | ) | (15,871 | ) | ||||||
Swap
contracts
|
R$/US$
exchange rate depreciation
|
- | (8,808 | ) | (17,615 | ) | |||||||
Exports
(2)
|
R$/US$
exchange rate appreciation
|
16,997 | 841,671 | 1,666,248 | |||||||||
Net foreign
exchange exposure (3)
|
R$/US$
exchange rate appreciation
|
(157,386 | ) | (801,940 | ) | (1,446,494 | ) | ||||||
(156,823 | ) | (880,022 | ) | (1,603,223 | ) |
|
(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$2,420,830, equivalent to US$1.61,470
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 October 31, 2010, related to its value in
September 30, 2009, that was
R$1,7781/US$.
|
20.
|
Insurance
|
21.
|
Stock
option plan
|
21.
|
Stock
option plan
(Continued)
|
23.
|
Subsequent
events
|
23.
|
Subsequent
events (Continued)
|
COSAN
LIMITED
|
||||||
Date: November 17, 2009 |
By:
|
/s/
Marcelo Eduardo Martins
|
||||
Name:
|
Marcelo
Eduardo Martins
|
|||||
Title:
|
Chief
Financial and Investor Relations Officer
|