FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934


For the month of May 2010

Commission File Number: 1-33659

COSAN LIMITED
(Translation of registrant’s name into English)

Av. Juscelino Kubitschek, 1726 – 6th floor
São Paulo, SP 04543-000 Brazil
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F
X
  
Form 40-F
  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes
    
No
X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes
    
No
X

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes
    
No
X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 
COSAN LIMITED

Item
  
1.
Notice to the Market dated May 25, 2010 regarding Preview of 4Q’10 and FY'10 results


 
COSAN S.A. INDÚSTRIA E COMÉRCIO
CNPJ/MF nº 50.746.577/0001-15
NIRE 35.300.177.045
Public Company
COSAN LIMITED
BDR Issuer
CNPJ/MF nº 08.887.330/0001-52
 
Notice to the Market

COSAN S.A. INDÚSTRIA E COMÉRCIO (Bovespa:CSAN3) and COSAN LIMITED (Bovespa:CZLT11 and NYSE:CZZ), - (“Cosan” or the “Company”), hereby announce Preview of 4Q’10 and FY'10 results, which include the Company's preliminary revenues, prices and sales volumes for the period. The figures are unaudited and subject to review by the auditors. As of today, the Company will adopt a policy of disclosing preliminary results for the subsequent quarters.
 
Record Net Revenues of R$15.3 billion in FY'10
 
Cosan's net revenue totaled R$4.4 billion in 4Q'10 and approximately R$15.3 billion in fiscal year 2010, an increase of 144.6% when compared with fiscal year 2009.

4Q'09
4Q'10
  
Sales Composition (R$MM)
FY'09
FY'10
 2,349.8
4,393.7
  
Net Operating Revenue
    6,270.1
  15,335.6
       502.4
    1,235.9
  
Sugar Revenue - CAA
    1,805.1
    3,439.6
        64.1
      368.1
  
Local
      233.8
   1,124.1
      438.2
      867.8
  
Export
   1,571.3
   2,315.5
       337.5
       602.1
  
Ethanol Revenue - CAA
    1,176.0
    1,747.6
      257.8
      549.7
  
Local
      775.1
   1,325.9
        79.8
        52.4
  
Export
      401.0
      421.8
           3.6
           5.7
  
Cogeneration Revenue - CAA
         15.1
         93.6
         10.3
         26.4
  
Other Revenue - CAA
       133.4
       160.6
           9.7
         38.3
  
Rumo
         53.9
       158.2
          9.7
        24.9
  
Loading
        53.9
      142.1
            -
        13.4
  
Transportation
            -
        16.1
    1,393.7
    2,401.6
  
Fuels Revenue - CCL
    2,893.9
    9,437.3
      106.3
      170.4
  
Ethanol
      220.6
      757.0
      594.6
   1,208.6
  
Gasoline
   1,267.0
   4,111.0
      588.1
      999.3
  
Diesel
   1,156.3
   4,338.5
      104.7
        23.3
  
Other
      250.0
      230.9
         98.2
       168.9
  
Lubes Revenue - CCL
       186.4
       634.0
         13.8
         18.1
  
Other Revenue - CCL
         25.8
         73.7
(19.3)
(103.4)
  
Eliminations from Consolidation
(19.3)
(409.2)

1. Cosan Açúcar e Álcool (CAA)

A. Net Revenue

Sugar net revenue amounted R$1.2 billion in 4Q'10 and R$3.4 billion in FY'10, an increase by 90.5% from FY'09.
 
Ethanol net revenue totaled R$602.1 million in 4Q'10 and R$1.7 billion in FY'10, 48.6% higher than in FY'09.
 
Co-generation net revenue invoiced R$5.7 million in 4Q'10 and R$93.6 million in FY'10.

4Q'09
4Q'10
  
Volume Sold
FY'09
FY'10
711.3
1,157.8
  
Sugar (thousand tonnes)
3,051.7
4,134.6
79.6
280.1
  
Local
358.5
1,054.7
631.7
877.7
  
Export
2,693.2
3,079.9
436.8
560.9
  
Ethanol (million liters)
1,495.1
2,147.5
353.2
513.7
  
Local
1,038.7
1,559.7
83.5
47.2
  
Export
456.4
587.9
            -
         33.0
  
 Energy ( '000 MWh)
            -
566.3
           
           
4Q'09
4Q'10
  
Average Unit Price
FY'09
FY'10
706
1,067
  
Sugar (R$/ton)
592
832
805
1,314
  
Local
652
1,066
694
989
  
Export
583
752
773
1,073
  
Ethanol (R$/thousand liters)
787
814
730
1,070
  
Local
746
850
955
1,110
  
Export
879
717
            -
147
  
Energy (R$/MWh)
            -
151
 
A. Cost of Goods Sold

Sugar and ethanol inventories costs were influenced by effects occurred in this quarter such as: (i) approximately R$100 million due to the TRS price, according to Consecana’s formula, which defines the compensation of suppliers and land leases, (ii) approximately R$80 million of origination of sugar especially for sales in the domestic market.

2. Rumo Logística

From this 4Q'10, Rumo Logistica results will be released separately from CAA results.
 
Rumo Logística net revenue was R$38.3 million in 4Q'10, totaling R$158.3 million in FY'10.
 
Loading service revenue amounted R$24.9 million and transportation service R$13.4 million in the quarter, referring to the sugar volume transported during this period, due to the beginning of the performance of the transportation agreement between Rumo and its clients, and to the fee payment from ALL Logistica to Rumo, according to the agreement between the parties.

4Q'09
4Q'10
  
Rumo Logística
FY'09
FY'10
     
Volume (thousand tonnes)
    
538.9
1,292.0
  
Loading
3,478.8
8,124.0
     
Price (R$/ton)
    
         18.0
         19.2
  
Loading
         15.5
         17.5

3. Cosan Combustíveis e Lubrificantes - CCL

Sales revenue from the fuel distribution division amounted R$2.4 billion in 4Q'10 and R$9.4 billion in FY'10, up 226.1% from FY'09.
 
Lubricant sales revenue totaled R$168.9 million in 4Q'10 and R$634 million in FY'10, an increase of 240.1% compared to FY'09.

4Q'09
4Q'10
  
Volume Sold
FY'09
FY'10
816.8
1,319.9
  
Fuel Business (million of liters)
1,681.2
5,470.2
118.0
147.6
  
Ethanol
245.5
803.2
272.8
538.0
  
Gasoline
581.8
1,863.0
313.1
602.2
  
Diesel
615.3
2,529.5
112.9
32.1
  
Other
238.6
274.5
18.8
36.0
  
Lubes Business (million of liters)
34.3
130.8
           
           
4Q'09
4Q'10
  
Average Unit Price
FY'09
FY'10
1,706
1,820
  
Fuel Business (R$/thousand liters)
1,721
1,725
901
1,155
  
Ethanol
898
942
2,179
2,247
  
Gasoline
2,178
2,207
1,878
1,659
  
Diesel
1,879
1,715
927
725
  
Other
1,048
841
5,213
4,694
  
Lubes Business (R$/thousand liters)
5,433
4,848
Earning Release

The Company also announces that it will disclose its results for the 4Q'10 after the market closes on June 10th. In line with best practices for corporate governance and fair disclosure, Cosan Ltd. and Cosan S.A. begin their quiet period on May 25th, which will end immediately after the conference calls held on June 11th, 2010.
 
Conference Calls
 
Portuguese
June 11, 2010
Time: 10:30 a.m. (Brasília time)
Dial-in: + (55 11) 2188-0155
Code: COSAN
Replay: + (55 11) 2188-0155
Code: COSAN
English
June 11, 2010
Time: 12:00 p.m. (Brasília time)
Dial-in: +1 (706) 679 2379
Code: 76630230
Replay: +1 (706) 645 9291
Code: 76630230
 
São Paulo, May 25th, 2010
 
Marcelo Martins
Investor Relations Officer



SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
   
COSAN LIMITED
  
       
       
Date:
May 26, 2010
  
By:
/s/ Marcelo Eduardo Martins
  
       
Name:
Marcelo Eduardo Martins
  
       
Title:
Chief Financial Officer and Investor Relations Officer