Form
20-F
|
X
|
Form
40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Communication
regarding 4th Quarter Fiscal Year 2010 earnings
release
|
Marcelo
Martins,
CFO & IRO
Luiz Felipe
Jansen de Mello,
Head of IR
Investors@cosan.com.br
www.cosan.com.br
|
Highlights FY’10 | |
●
Record Net Revenue of R$15.3
billions, up 144.6% than Fiscal Year
2009
● Record
EBITDA of R$1.7
billion
● Net
Income of R$986.5 millions
● Crushed cane volume in 2009/10
crop totaled 50 million tonnes, compared to 43 million tonnes of 2008/09
crop
|
||
Summary of Financial and Operating
Information (R$MM)
|
|||||||||||||||
4Q'09
|
4Q'10
|
FY'09
|
FY'10
|
||||||||||||
2,349.8
|
4,394.1 |
Net
sales
|
6,270.1 | 15,336.1 | |||||||||||
239.9
|
773.9 |
l Gross
profit
|
799.4 | 2,125.4 | |||||||||||
10.2
|
%
|
17.6 | % |
Gross
Margin
|
12.7 | % | 13.9 | % | |||||||
Definitions:
FY’10 - fiscal year
started on April 1st,
2009, and ending on March 31st,
2010
FY’09 - fiscal year
started on May 1st,
2008 and ending on March 31st,
2009
4Q’10 - quarter ended on
March 31
st, 2010
|
(99.5
|
)
|
396.5 |
l Operating income
(loss)
|
(709.1 | ) | 1,412.9 | ||||||||
-4.2
|
%
|
9.0 | % |
Operating
margin
|
-11.3 | % | 9.2 | % | |||||||
165.9
|
575.9 |
l
EBITDA
|
718.0 | 1,733.1 | |||||||||||
7.1
|
%
|
13.1 | % |
EBITDA
Margin
|
11.5 | % | 11.3 | % | |||||||
40.4
|
744.7 |
l
EBITDAH
|
765.7 | 2,064.0 | |||||||||||
1.8
|
%
|
16.3 | % |
EBITDAH
Margin
|
12.1 | % | 13.2 | % | |||||||
(39.9
|
)
|
309.6 |
l Income (loss)
before minority interest
|
(474.4 | ) | 979.0 | |||||||||
(40.2
|
)
|
308.7 |
l Net income
(loss)
|
(473.8 | ) | 986.5 | |||||||||
-1.7
|
% | 7.0 | % |
Profit
(loss) Margin
|
-7.6 | % | 6.4 | % | |||||||
334.6
|
745.4 |
Capex
|
1,346.1 | 1,926.1 | |||||||||||
3,035.6
|
4,255.4
|
Net
Debt
|
3,035.6 | 4,255.4 | |||||||||||
3,396.6
|
5,157.6
|
Shareholders'
& Minorities Equity
|
3,396.6
|
5,157.6
|
4Q'09
|
4Q'10
|
Production
Highlights
|
FY'09
|
FY'10
|
|||||||||
207
|
181 |
Sugarcane
Crushed (thd tons)*
|
42,594 | 50,314 | |||||||||
132
|
16 |
Own Cane (thd
tons)
|
21,537 | 23,459 | |||||||||
75
|
164 |
Suppliers
(thd tons)
|
21,057 | 26,855 | |||||||||
|
Production
|
- | |||||||||||
9
|
- |
Raw Sugar
(thd tons)
|
2,531 | 2,519 | |||||||||
-
|
- |
Refined Sugar
(thd tons)
|
656 | 994 | |||||||||
-
|
- |
Anhydrous
Ethanol (thd cbm)
|
734 | 623 | |||||||||
8
|
9 |
Hydrous
Ethanol (thd cbm)
|
936 | 1,211 | |||||||||
111.7
|
115.0 |
Sugarcane
TSR (thd cbm)
|
139.0 | 129.8 | |||||||||
61.7
|
%
|
99.5 | % |
Mechanization
(%)
|
50.8 | % | 64.5 | % |
(i)
|
Due to the change in closure of
FY’09 from April to March 31, 2009,
the two fiscal years in question were not comparable: FY’09 consisted of 11 months only,
from May 2008 to
March 2009, while FY’10 consisted of 12 months, from
April 2009 to March 2010;
|
(ii)
|
The criterion for presenting
depreciation in the results analysis and financial statements was altered.
In FY’10, depreciation was booked under
the cost of goods
sold (COGS) and operating expenses (SG&A), whereas in FY’09 it was booked under production
costs (the entry into production of goods and services rendered) and
operating expenses. It is worth noting that depreciation under operating
expenses suffered no change.
|
(iii)
|
The consolidation of CCL only
began in December 2008. Thus CCLs figures for 4Q’09 and FY’09 correspond to the periods
between February and March 2009 and December 2008 to March 2009,
respectively.
|
(iv)
|
Cosan sold the aviation fuel
distribution business
in June 2009. Consequently, the figures as from 2Q’10 no longer include this
business;
|
(v)
|
NovAmérica’s results were consolidated as of
June 2009, when the company was merged into Cosan
S.A.
|
EBITDA (R$ MM) -
FY'10
|
CAA
|
Rumo
|
CCL
|
Total*
|
||||||||||||
Net
Revenues
|
5.380,1 | 158,2 | 10.145,1 | 15.336,1 | ||||||||||||
(-) Cost of
Product Sold / Services Rendered
|
(4.068,0 | ) | (115,5 | ) | (9.374,6 | ) | (13.210,7 | ) | ||||||||
(=)
Gross Profit
|
1.312,1 | 42,7 | 770,5 | 2.125,4 | ||||||||||||
Gross
Margin
|
24,4 | % | 27,0 | % | 7,6 | % | 13,9 | % | ||||||||
(-) Selling
Expenses
|
(464,5 | ) | - | (400,1 | ) | (864,6 | ) | |||||||||
(-) General
and Administrative Expenses
|
(386,3 | ) | (18,1 | ) | (92,7 | ) | (497,2 | ) | ||||||||
(-) Other
Operating Revenues
|
312,2 | 4,0 | 16,9 | 333,1 | ||||||||||||
(+)
Depreciation and Amortization
|
584,7 | 14,2 | 37,5 | 636,3 | ||||||||||||
(=)
EBITDA
|
1.358,3 | 42,8 | 332,0 | 1.733,1 | ||||||||||||
EBITDA
Margin
|
25,2 | % | 27,0 | % | 3,3 | % | 11,3 | % | ||||||||
(=)
EBITDAH
|
1.689,2 | 41,8 | 332,0 | 2.063,0 | ||||||||||||
EBITDAH
Margin
|
29,6 | % | 26,4 | % | 3,3 | % | 13,5 | % | ||||||||
* Total excludes eliminations from consolidation effects |
4Q'09
|
4Q'10
|
Sales Composition
(R$MM)
|
FY'09
|
FY'10
|
|||||||||
2,349.8
|
4,394.1 |
Net
Operating Revenue
|
6,270.1 | 15,336.1 | |||||||||
853.7
|
1,850.2 |
CAA
|
3,129.6 | 5,380.1 | |||||||||
502.4
|
1,215.5 |
l Sugar Revenue -
CAA
|
1,805.1 | 3,377.8 | |||||||||
64.1
|
347.7 |
Local
|
233.8 | 1,062.3 | |||||||||
438.2
|
867.8 |
Export
|
1,571.3 | 2,315.5 | |||||||||
337.5
|
602.1 |
l Ethanol Revenue -
CAA
|
1,176.0 | 1,747.6 | |||||||||
257.8
|
549.7 |
Local
|
775.1 | 1,325.9 | |||||||||
79.8
|
52.4 |
Export
|
401.0 | 421.8 | |||||||||
3.6
|
5.7 |
l Energy
Cogeneration - CAA
|
15.1 | 92.4 | |||||||||
10.3
|
26.8 |
l Other Revenue -
CAA
|
133.4 | 162.2 | |||||||||
9.7
|
38.3 |
Rumo
|
53.9 | 158.2 | |||||||||
9.7
|
24.9 |
l
Loading
|
53.9 | 142.1 | |||||||||
-
|
13.4 |
l
Transportation
|
- | 16.1 | |||||||||
1,505.7
|
2,588.7 |
CCL
|
3,106.0 | 10,145.1 | |||||||||
1,393.7
|
2,401.6 |
l Fuels Revenue -
CCL
|
2,893.9 | 9,437.3 | |||||||||
106.3
|
170.4 |
Ethanol
|
220.6 | 757.0 | |||||||||
594.6
|
1,208.6 |
Gasoline
|
1,267.0 | 4,111.0 | |||||||||
588.1
|
999.3 |
Diesel
|
1,156.3 | 4,338.5 | |||||||||
104.7
|
23.3 |
Other
|
250.0 | 230.9 | |||||||||
98.2
|
168.9 |
l Lubes Revenue -
CCL
|
186.4 | 634.0 | |||||||||
13.8
|
18.1 |
l Other Revenue -
CCL
|
25.8 | 73.7 | |||||||||
(19.3
|
)
|
(83.0 | ) |
Eliminations
from Consolidation
|
(19.3 | ) | (347.4 | ) |
Þ
|
Record international and domestic
prices, 28.9% and 54.4% above previous year which have contributed with
gains of approximately R$ 453.5 million and R$ 127.3 million,
respectively;
|
Þ
|
The higher sugar volume sold,
resulted in an additional revenues of R$640.5 million. This increase in
volume can be explained by: (i) NovAmerica consolidation; (ii) the higher
share of sugar in the product mix; (iii) the reduction in carryover
stocks; and
(iv) the distortion in the comparison
with the previous year, which had only 11
months.
|
4Q'09
|
4Q'10
|
|
'000
ton
|
266.4
|
135.8
|
R$'MM
|
109.3
|
93.6
|
R$/ton
|
410
|
689
|
Þ
|
Gain of R$513.2 million from
higher ethanol sales, thanks to: (i) the incorporation of
NovAmérica’s plants; (ii) the reduction in
carryover stocks, taking advantage of the higher inter-harvest
prices; (iii) the effect from the comparison with FY’09, which had only 11
months;
|
Þ
|
Gain of R$40.7 million due to the
increase in domestic average prices, notwithstanding the 18.3% decrease in
the international average prices;
|
Þ
|
Loss of R$78.0 million, due to
higher exports, whose average prices were lower than domestic
ones.
|
4Q'09
|
4Q'10
|
|
'000
cbm
|
287.2
|
68.2
|
R$'MM
|
201.0
|
56.2
|
R$/cbm
|
700
|
824
|
Þ
|
Energy revenue totaled R$92.4
million, thanks to growing investments in co-generation, which are
expected to continue recording strong growth in the coming years.
FY’10 was marked by the beginning of
energy delivered by Serra, Gasa, Costa Pinto, Tarumã and Maracaí accordingly to the bi-lateral
sales contracts and/or auctioned energy sale contracts. Sales volume
totaled 596MWh, at an average of
R$142/MWh.
|
Þ
|
Ethanol sales of 803.2 million
liters, reflecting record vehicle licensing volume between April 2009 and
March 2010, 88% of which flex-fuel
vehicles;
|
Þ
|
Higher ethanol prices in the inter-harvest period,
which not only benefited hydrous net revenue, but also resulted in an
upturn in gasoline sales volume. This was because ethanol prices were
above 70% parity with gasoline prices in many Brazilian sates, causing
some flex-fuel owners to switch from ethanol to
gasoline, whose prices are higher (average of R$2,207/m3 in FY’10 versus R$942/m3 of
ethanol);
|
Þ
|
The acquisition of new corporate
clients, who accounted for an additional 210 million liters of Diesel in
FY’10, beyond the diesel volume sold to
CAA.
|
4Q'09
|
4Q'10
|
|
'000
cbm
|
138.5
|
137.5
|
R$'MM
|
274.4
|
266.5
|
R$/cbm
|
1,981
|
1,938
|
4Q'09
|
4Q'10
|
COGS per
Product
|
FY'09
|
FY'10
|
|||||||||
(2,109.9
|
)
|
(3,620.3 | ) |
Cost
of Good Sold (R$MM)
|
(5,470.7 | ) | (13,210.7 | ) | |||||
(715.9
|
)
|
(1,296.9 | ) |
CAA
|
(2,533.8 | ) | (4,068.0 | ) | |||||
(343.1
|
)
|
(687.1 | ) |
Sugar
|
(1,313.1 | ) | (2,116.2 | ) | |||||
(353.1
|
)
|
(567.0 | ) |
Ethanol
|
(1,088.9 | ) | (1,745.5 | ) | |||||
(19.7
|
)
|
(42.8 | ) |
Other
Products & Services - CA
|
(131.9 | ) | (206.4 | ) | |||||
(8.3
|
)
|
(24.6 | ) |
Rumo
|
(40.1 | ) | (115.5 | ) | |||||
(1,405.0
|
)
|
(2,381.8 | ) |
CCL
|
(2,916.1 | ) | (9,374.6 | ) | |||||
19.3
|
83.0 |
Eliminations
from Consolidation
|
19.3 | 347.4 | |||||||||
Average
Unit Cost (R$)
|
|||||||||||||
482
|
593 |
Unit COGS of
Sugar (R$/ton)
|
430 | 512 | |||||||||
808
|
1,011 |
Unit COGS of
Ethanol (R$/thousand liters)
|
728 | 813 | |||||||||
1,681
|
1,757 |
CCL
(R$/thousand liters)
|
1,700 | 1,668 |
Þ
|
The increase in sugar sourcing
(purchase of the raw material to be refined and product for subsequent
resale and distribution on the domestic market), a traditional NovAmerica
practice, whose margins are lower and which had an impact of R$61
million;
|
Þ
|
The increase of 25.5% in the
average TSR price, as calculated by Consecana, from R$0.2772/Kg of TSR to
R$0.3492/Kg of TSR, which pushed up the cost of land leased and sugarcane
acquired from suppliers, adding approximately R$260
million;
|
Þ
|
The effect of lower concentration
in the TSR itself (cane sucrose content), from 139.0kg/ton of sugar cane
to 129.8kg/ton, surpassed the gains in efficiency in the process of
mechanization of the harvest, leading to additional costs of
R$180
million;
|
Þ
|
Thanks to excessive rainfall,
there were less effective crushing days. Consequently, 3.3 million tonnes of cane which were
expected to be processed were left in the fields, generating an impact on
the dilution of fixed agricultural costs (planting, treatment and
leasing).
|
Þ
|
Despite the harvesting
difficulties, CLT costs (cutting, loading and transport) has not increased
benefited from the mechanical harvest which accounted for 64.5% of the
total harvest, stood
at R$6.25/tonne of cane, cheaper than manual CLT
costs.
|
4Q'09
|
4Q'10
|
Gross Margin per
Product
|
FY'09
|
FY'10
|
|||||||||
Unitary
Gross Margin
|
|||||||||||||
224
|
456 |
Sugar
(R$/ton)
|
161 | 305 | |||||||||
(36
|
)
|
63 |
Ethanol
(R$/thousand liters)
|
58 | 1 | ||||||||
120
|
153 |
CCL
(R$/thousand liters)
|
111 | 137 | |||||||||
%
Gross Margin/Net Revenues
|
|||||||||||||
31.7
|
%
|
43.5 | % |
Sugar
|
27.3 | % | 37.4 | % | |||||
-4.6
|
%
|
5.8 | % |
Ethanol
|
7.4 | % | 0.1 | % | |||||
14.8
|
%
|
35.7 | % |
Rumo
|
25.6 | % | 27.0 | % | |||||
6.7
|
%
|
8.0 | % |
CCL
|
6.1 | % | 7.6 | % |
4Q'09
|
4Q'10
|
Selling
Expenses
|
FY'09
|
FY'10
|
|||||||||
(101.5
|
) | (225.3 | ) |
Selling
Expenses (R$MM)
|
(432.6 | ) | (864.6 | ) | |||||
(49.1
|
)
|
(120.6 | ) |
CAA
|
(317.8 | ) | (464.5 | ) | |||||
-
|
- |
Rumo
|
- | - | |||||||||
(52.4
|
)
|
(104.7 | ) |
CCL
|
(114.7 | ) | (400.1 | ) |
Þ
|
The higher sugar exports caused an
increase in freight and loading expenses of around
14.4%.
|
Þ
|
The increase of 28% in the volume
of ethanol exports, which pushed up selling expenses by R$11.5
million.
|
Þ
|
Certain initiatives throughout the
year to improve the
efficiency of make the domestic sales management, including a reduction in
retail commissions and bonuses through the revision of sales contracts and
agreements in the case of sugar, and the elimination of less profitable
accounts.
|
4Q'09
|
4Q'10
|
General & Administrative
Expenses
|
FY'09
|
FY'10
|
|||||||||
(78.2
|
)
|
(173.7 | ) |
G&A
Expenses (R$MM)
|
(275.9 | ) | (497.2 | ) | |||||
(62.0
|
)
|
(131.5 | ) |
CAA
|
(245.4 | ) | (386.3 | ) | |||||
0.2
|
|
(5.8 | ) |
Rumo
|
(5.7 | ) | (18.1 | ) | |||||
(16.4
|
)
|
(36.5 | ) |
CCL
|
(24.8 | ) | (92.7 | ) |
Þ
|
Increase of around R$42.0 million
due to the provisioning of management and employee bonus
payments;
|
Þ
|
Upturn of around R$20.0 million in
expenses from
consulting services, due to projects such as the Shared Services Center
(CAN), the implementation of EVA and various other IT projects,
non-recurring events.
|
Þ
|
Approximately R$11.0 million from
the pay rise following the collective bargaining agreement and increase in other general
expenses, such as travel expenses driven by geographic dispersion from our
current different offices
sites;
|
Þ
|
Fine of R$3.5 million levied by
ANEEL due to breach of an energy supply contract by the Paraúna
unit;
|
4Q'09
|
4Q'10
|
EBITDA
|
FY'09
|
FY'10
|
|||||||||
165.9
|
575.9 |
EBITDA
(R$MM)
|
718.0 | 1,733.1 | |||||||||
7.1
|
%
|
13.1 | % |
Margin
|
11.5 | % | 11.3 | % | |||||
121.9
|
477.7 |
l
CAA
|
628.7 | 1,358.3 | |||||||||
14.1
|
%
|
25.3 | % |
Margin
|
19.8 | % | 25.2 | % | |||||
5.8
|
13.5 |
l
Rumo
|
24.7 | 42.8 | |||||||||
60.3
|
%
|
35.3 | % |
Margin
|
46.0 | % | 27.0 | % | |||||
38.1
|
84.6 |
l
CCL
|
64.5 | 332.0 | |||||||||
2.5
|
%
|
3.3 | % |
Margin
|
2.1 | % | 3.3 | % |
Þ
|
Adherence to the REFIS program, which
generated a positive impact of R$270.3 million, as explained in section F
below;
|
Þ
|
Non-operating revenue resulting
from a capital gain of R$93.1 million due to the sale of the aviation fuel
business. In December 2008, Cosan S.A. acquired CCL through its
subsidiary Cosanpar Participações, which sold this division in
June 2009 for R$115.6 million. The difference between this amount and the
amount booked under property, plant and equipment related to the aviation
fuel business were recorded in the other
operating income line, improving the EBITDA, as detailed in previous
Financial Letters.
|
Þ
|
Non-operating expenses of R$29.9
million from the merger of Teaçu Armazéns Gerais S.A.
|
4Q'09
|
4Q'10
|
Financial Expenses, Net
(R$MM)
|
FY'09
|
FY'10
|
|||||||||
(68.3
|
)
|
(101.5 | ) |
Interest on
Financial Debt
|
(244.5 | ) | (414.3 | ) | |||||
9.6
|
10.8 |
Financial
Investments Income
|
64.6 | 52.5 | |||||||||
(58.7
|
)
|
(90.7 | ) |
(=)
Sub-total: Interest on Net Financial Del
|
(179.9 | ) | (361.8 | ) | |||||
4.7
|
(27.9 | ) |
Other
interest and monetary variation
|
(90.8 | ) | (116.6 | ) | ||||||
5.2
|
(70.0 | ) |
Exchange
Variation
|
(573.7 | ) | 559.0 | |||||||
(125.4
|
)
|
168.8 |
Gains
(losses) with Derivatives
|
47.7 | 330.9 | ||||||||
(19.1
|
)
|
6.0 |
Others
|
(20.7 | ) | 8.8 | |||||||
(193.4
|
)
|
(13.7 | ) |
(=)
Net Financial Expenses
|
(817.4 | ) | 420.4 |
Summary of Hedge* as of March 31,
2010:
|
Fiscal Year
|
|||||||
2010/11 | 2011/12 | |||||||
Sugar
|
||||||||
NY#11
|
||||||||
Volume
(thd tons)
|
1,659.4 | 512.7 | ||||||
Average
Price (¢US$/lb)
|
20.3 | 17.9 | ||||||
London
#5
|
||||||||
Volume
(thd tons)
|
79.0 | - | ||||||
Average
Price (US$/ton)
|
622.1 | - | ||||||
FX
|
||||||||
US$
|
||||||||
Volume
(US$ million)
|
472.3 | 170.0 | ||||||
Average
Price (R$/US$)
|
1.99 | 2.03 |
4Q'09
|
4Q'10
|
EBITDAH
|
FY'09
|
FY'10
|
|||||||||
40.4
|
744.7 |
EBITDAH
(R$MM)
|
765.7 | 2,064.0 | |||||||||
1.8
|
%
|
16.3 | % |
Margin
|
12.1 | % | 13.2 | % | |||||
(3.5
|
)
|
646.6 |
l
CAA
|
676.4 | 1,689.2 | ||||||||
-0.5
|
%
|
32.0 | % |
Margin
|
21.3 | % | 29.6 | % | |||||
24.7
|
13.5 |
l
Rumo
|
24.7 | 41.8 | |||||||||
-
|
35.3 | % |
Margin
|
- | 26.6 | % | |||||||
38.1
|
84.6 |
l
CCL
|
64.5 | 332.0 | |||||||||
2.5
|
%
|
3.3 | % |
Margin
|
2.1 | % | 3.3 | % |
Debt per Type
(R$MM)
|
FY'09
|
3T'10
|
4Q'10
|
% ST
|
Var.
|
|||||||||||||||
Foreign
Currency
|
2,334.9 | 3,415.8 | 3,622.5 | 206.6 | ||||||||||||||||
Perpetual
Notes
|
1,054.1 | 792.8 | 810.9 | 1.2 | % | 18.12 | ||||||||||||||
Senior Notes
2017
|
936.7 | 716.7 | 720.6 | 1.1 | % | 3.91 | ||||||||||||||
Senior Notes
2009
|
86.5 | - | - | 0.0 | % | - | ||||||||||||||
Senior Notes
2014
|
- | 632.3 | 631.2 | 1.2 | % | (1.01 | ) | |||||||||||||
IFC
|
114.3 | 90.9 | - | 0.0 | % | (90.94 | ) | |||||||||||||
FX
Advances
|
143.3 | 223.2 | 296.4 | 100.0 | % | 73.19 | ||||||||||||||
Pre-Export
Contracts
|
- | 960.0 | 980.5 | 20.5 | % | 20.51 | ||||||||||||||
Export Credit
Notes
|
- | - | 182.8 | 2.6 | % | 182.83 | ||||||||||||||
Local
Currency
|
1,420.1 | 1,749.0 | 1,711.4 | (37.69 | ) | |||||||||||||||
Promissory
Notes
|
1,162.0 | - | - | 0.0 | % | - | ||||||||||||||
BNDES
|
230.5 | 844.8 | 1,057.8 | 8.2 | % | 213.00 | ||||||||||||||
Finame
(BNDES)
|
44.7 | 156.1 | 201.1 | 16.0 | % | 45.02 | ||||||||||||||
Working
Capital
|
25.2 | 20.0 | 19.5 | 23.1 | % | (0.54 | ) | |||||||||||||
Overdraft
|
0.1 | 42.0 | 36.8 | 100.0 | % | (5.19 | ) | |||||||||||||
Credit
Banking Notes
|
- | 121.1 | - | 0.0 | % | (121.06 | ) | |||||||||||||
Credit
Notes
|
- | 510.5 | 378.7 | 20.8 | % | (131.75 | ) | |||||||||||||
CDCA
|
- | 60.2 | 61.4 | 51.2 | % | 1.26 | ||||||||||||||
PROINFA
|
- | 42.2 | - | 0.0 | % | (42.16 | ) | |||||||||||||
Expenses with
Placement of Debt
|
(42.4 | ) | (47.7 | ) | (44.0 | ) | 35.6 | % | 3.73 | |||||||||||
Gross
Debt
|
3,755.0 | 5,164.9 | 5,333.8 | 14.9 | % | 168.92 | ||||||||||||||
Cash and
Marketable Securities
|
719.4 | 864.1 | 1,078.4 | 214.29 | ||||||||||||||||
Net
Debt
|
3,035.6 | 4,300.8 | 4,255.4 | (45.37 | ) |
4Q'09
|
4Q'10
|
Capex
(R$MM)
|
FY'09
|
FY'10
|
|||||||||
167.2
|
307.8 |
CAA
- Capex Operacional
|
553.7 | 722.5 | |||||||||
22.0
|
47.3 |
l Sugar Cane
Planting Costs
|
118.9 | 211.9 | |||||||||
84.3
|
197.7 |
l Inter-harvest
Maintenance Costs
|
144.4 | 260.9 | |||||||||
*
|
22.3 |
l SSHE &
Sustaining
|
* | 45.0 | |||||||||
*
|
30.5 |
l
Mechanization
|
* | 30.5 | |||||||||
61.0
|
10.1 |
l Projects
CAA
|
290.4 | 174.2 | |||||||||
160.9
|
245.7 |
Operating
Capex - CAA
|
781.2 | 972.0 | |||||||||
53.4
|
112.0 |
l Co-generation
Projects
|
325.8 | 376.4 | |||||||||
107.5
|
46.1 |
l
Greenfield
|
455.4 | 462.2 | |||||||||
*
|
87.5 |
l
Expansion
|
* | 133.4 | |||||||||
328.1
|
553.5 |
Capex
- CAA
|
1,334.8 | 1,694.5 | |||||||||
6.4
|
48.1 |
CCL
|
11.3 | 87.8 | |||||||||
-
|
143.8 |
Rumo
|
- | 143.8 | |||||||||
334.6
|
745.4 |
(=)
Capex - Consolidated Cosan
|
1,346.1 | 1,926.1 | |||||||||
227.7
|
30.7 |
l
Investments
|
1,823.6 | 16.0 | |||||||||
(372.1
|
)
|
(5.3 | ) |
l Cash received on
Sale of Fixed Assets
|
(372.1 | ) | (126.2 | ) | |||||
190.3
|
770.8 |
(=)
Investment Cash Flow
|
2,797.6 | 1,815.9 | |||||||||
*
FY’09
figures unavailable,
investments previously included in the Projects CAA
line
|
●
|
In March 2009, Cosan announced a
partnership with Nova América Agroenergia S.A. for the
merger of the assets related to the sale, logistics and industrial
production of sugar and ethanol and energy cogeneration. On June 18, the
Extraordinary Shareholders’ Meeting approved the merger of
Curupay, the company resulting from the ownership restructuring of Nova
América.
Following the transaction, COSAN now holds:
four sugar and ethanol production units, the traditional brand
”União”, which is the leader in
Brazil’s refined sugar market, two sugar
refineries (Piedade and Tarumã), four sugar packaging units
(Piedade, Tarumã,
Sertãozinho and Araquari), an 8% interest
in Terminal Exportador de Álcool de Santos S.A.
(“TEAS”), and a 28.8% interest in Rumo
Logística. As a
result of the merger, Cosan S.A. issued 44,300,389 new shares, which
correspond to 11.89% of its new capital stock, and which were attributed to Rezende
Barbosa, for a capital increase of R$334.2 million. Mr. Roberto Rezende
Barbosa was elected a member of the Board of Directors of Cosan
S.A.
|
●
|
On August 4, 2009, CCL Finance
Limited, an indirect Cosan subsidiary, concluded an overseas issue of senior notes
totaling US$ 350 million at 9.625% p.a., with a dollar
coupon
|
●
|
On October 15, 2009, continuing with the process of
professionalizing the
Company and in-line with corporate governance best practices, Mr. 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.
|
●
|
By the end of 2009, the
Company’s first greenfield began operations in the city of
Jataí, in Goiás state. With a crushing capacity
of 4 million tonnes p.a., the Jataí plant is considered to be among
the most modern in Brazil and the world, thanks to its
exceptionally high level of automation. Caarapó greenfield also started operating this
period, with crushing capacity of approximately 2.5 million tons of
cane.
|
●
|
On November 24th, the Company acquired a
26.7% of participation in TEAS, an ethanol port terminal in Santos, for the amount of R$20 million,
becoming the owner of 66.67% of this society’s total and voting
capital
|
●
|
On December 24, 2009, Rumo
Logística notified
ALL – América Latina Logística S.A. that as of that date
the long-term agreements entered into by the two parties in March 2009
were valid and executable in all their terms and conditions, in the form
set forth therein. The object of the agreements include the transportation by ALL of bulk
sugar and other byproducts, with the expansion of the parties’ operational capacity through
investments of around R$ 1.2 billion in rights of way, yards, rail cars,
locomotives and terminals to be realized by Rumo in ALL’s network.
|
●
|
The period for the exercise of
subscription warrants conferred during the capital increase of Cosan S.A.
on November 10, 2008, expired on December 31, 2009. A total of 54,987,554
warrants were exercised, increasing the Company's capital by
32,992,531 new
shares. Cosan Limited exercised all of the warrants it held, subscribing
to 26,996,089 new Cosan S.A. shares and increasing the latter’s capital by R$ 431,937,424.00,
while other shareholders were responsible for exercising warrants
corresponding to 5,996,442 new shares,
equivalent to R$
95,943,072.00.
|
●
|
In December 2009, Cosan and Amyris
announced a partnership to implement Amyris’ technology in one of the
Group’s plants to produce high
added-value biofuels, involving investments of up to R$ 50 million. In addition to sugar and
ethanol, the unit will also be capable of producing a chemical compound
resulting from the fermentation of sugarcane juice and yeast. Both
companies are still studying the details regarding the implementation and
funding of these operations. For Cosan,
investments in the development of new renewable energy sources such as
biofuels are strategic, and the partnership with Amyris underlines this
commitment.
|
●
|
On February 1, 2010, Cosan and
Shell International Petroleum Company Ltd. entered into a non-binding
memorandum of understanding, subject to an exclusivity period
of
|
●
|
180 days, for the creation of a
joint venture (“JV”) combining certain of their
respective assets. Cosan would contribute its sugar, ethanol
and energy cogeneration businesses, fuel distribution and retail
businesses, its ethanol logistics assets and its entire participation in
an ethanol trading company. Shell would contribute its fuel distribution
and retail businesses (including aviation) in
Brazil and its equity stakes in
companies involved in the research and development of biomass, including
ethanol. Additionally, Cosan would transfer net debt of approximately
US$2,524 million to the JV and Shell would, over a period of two years, make a
cash capital contribution of approximately US$1,625 million and a
contingent contribution, estimated by Cosan at US$300 million, over a
period of about 5 years, as additional contribution based on future gains
of the Joint Venture. The JV is likely to
consist of two separate legal entities: a sugar and ethanol company
(upstream), which will focus on the production of sugar and ethanol and
co-generation activities, receiving the assets related to this business,
and a downstream company, which would conduct the
supply, distribution and sale of fuels in Brazil, through network of about
4,500 fuel stations throughout Brazil, and the JV would be the third
largest fuels retailer, with strong potential for future
growth.
|
●
|
On March 15, the Company announced the key
executives that will lead this potential Joint Venture and assume their
respective positions once the negotiations are concluded and the Joint
Venture is formalized. Vasco Dias, the CEO of Shell Brasil, will be the
CEO of the JV. Pedro Mizutani will maintain
his current responsibilities for sugar and ethanol production and
co-generation. Luis Henrique Guimarães will be responsible for the
area of Downstream, which covers the Retail, Commercial and Aviation
segments. Leonardo Gadotti Filho will be responsible
for the Logistics, Supply &Distribution areas. And finally, Carlos
Alberto Piotrowski will keep his current responsibilities for managing the
Shared Service Center - CAN.
|
●
|
On March 24, Rumo announced a
logistics project and
service agreement involving the transshipment and rail transportation of
sugar with São
Martinho S.A. The agreement consists of 2 phases: phase 1, which will last
until March 31, 2011, and envisages that (i) Usina São Martinho will provide cargo
transshipment services involving at least
500,000 tonnes of third-party sugar in its Terminal; and (ii) Rumo will
transport 300,000 tonnes of sugar for São Martinho, in addition to the
above mentioned third-party volume. Additionally, Rumo will also grant
São Martinho the right to hire static
storage capacity in its Port of Santos terminals, the respective volumes
and conditions of which to be determined every harvest year. In phase 2,
São Martinho will
make the investments necessary to implement a transshipment terminal and Rumo will be
responsible for investing in any eventual adaptations to the rail
transportation system to make the transshipment of additional volumes in
the terminal of Usina São Martinho possible in 2010 and
2011.
|
●
|
On April 28, Rumo received
the first 120 of the
729 rail cars that were ordered to Ioschpe Maxion and Randon. Fifty
locomotives have also been ordered to GE, which will be delivered starting
June 2010.
|
Guidance
|
2009FY
|
2010FY
|
2011FY
|
||||
Crushed Cane
Volume (thousand tons)
|
43,127
|
50,314
|
58.000
≤ ∆ ≤
62.000
|
||||
Sugar Volume
Sold (thousand tons)
|
3,187
|
4,135
|
4.700
≤ ∆ ≤
5.100
|
||||
Ethanol
Volume Sold (million liters)
|
1,671
|
2,148
|
2.000
≤ ∆ ≤
2.200
|
||||
Volume of
Energy Sold (thousand MWh)
|
-
|
596
|
1.200
≤ ∆ ≤
1.500
|
||||
Loading
Volume (thousand tons)
|
3,479
|
8,124
|
9.500 ≤ ∆ ≤
11.500
|
||||
Transportation
Volume (thousand tons)
|
-
|
-
|
5.500
≤ ∆ ≤
6.500
|
||||
Volume of
Fuels Sold (million liters)
|
1,681
|
5,491
|
5.400
≤ ∆ ≤
5.900
|
||||
Volume of
Lubes Sold (million liters)
|
34
|
131
|
130
≤ ∆ ≤
150
|
||||
Revenues
(R$MM)
|
6,270
|
15,336
|
16.500
≤ ∆ ≤
18.500
|
||||
EBITDA
(R$MM)
|
718
|
1,733
|
2.000
≤ ∆ ≤
2.400
|
||||
Capex
(R$MM)
|
1,346
|
1,926
|
1.900
≤ ∆ ≤
2.300
|
Income
Statement
|
Apr'08
|
Mar'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
||||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
||||||||||||||||||||||||||||||||||
Gross
Operating Revenue
|
2,978.6 | 6,732.8 | 16,685.9 | 692.7 | 760.1 | 2,746.4 | 2,533.6 | 3,843.5 | 3,907.2 | 4,145.1 | 4,790.0 | ||||||||||||||||||||||||||||||||||
(-)
|
Sales Taxes
and Deductions
|
(242.5 | ) | (462.7 | ) | (1,349.8 | ) | (53.1 | ) | (45.0 | ) | (180.7 | ) | (183.8 | ) | (277.4 | ) | (331.9 | ) | (344.6 | ) | (395.9 | ) | ||||||||||||||||||||||
(=)
|
Net
Operating Revenue
|
2,736.2 | 6,270.1 | 15,336.1 | 639.6 | 715.1 | 2,565.6 | 2,349.8 | 3,566.1 | 3,575.3 | 3,800.5 | 4,394.1 | |||||||||||||||||||||||||||||||||
(-)
|
Cost of Goods
Sold and Services Rendered
|
(2,387.1 | ) | (5,470.7 | ) | (13,210.7 | ) | (626.0 | ) | (547.1 | ) | (2,187.6 | ) | (2,109.9 | ) | (3,198.4 | ) | (3,051.5 | ) | (3,340.5 | ) | (3,620.3 | ) | ||||||||||||||||||||||
(=)
|
Gross
Profit
|
349.0 | 799.4 | 2,125.4 | 13.6 | 167.9 | 378.0 | 239.9 | 367.7 | 523.8 | 460.0 | 773.9 | |||||||||||||||||||||||||||||||||
Margin
|
12.8 | % | 12.7 | % | 13.9 | % | 2.1 | % | 23.5 | % | 14.7 | % | 10.2 | % | 10.3 | % | 14.7 | % | 12.1 | % | 17.6 | % | |||||||||||||||||||||||
(-)
|
Operating
Income (Expenses):
|
(418.0 | ) | (1,508.5 | ) | (712.5 | ) | (94.9 | ) | (754.7 | ) | (319.6 | ) | (339.4 | ) | 117.9 | (246.1 | ) | (206.9 | ) | (377.4 | ) | |||||||||||||||||||||||
(-)
|
Selling
|
(301.3 | ) | (432.6 | ) | (864.6 | ) | (85.7 | ) | (88.6 | ) | (156.8 | ) | (101.5 | ) | (209.6 | ) | (211.3 | ) | (218.4 | ) | (225.3 | ) | ||||||||||||||||||||||
(-)
|
General and
Administrative
|
(210.2 | ) | (275.9 | ) | (497.2 | ) | (59.7 | ) | (65.7 | ) | (72.3 | ) | (78.2 | ) | (89.3 | ) | (116.2 | ) | (117.9 | ) | (173.7 | ) | ||||||||||||||||||||||
(-)
|
Financial
Income (Expenses), Net
|
284.3 | (817.4 | ) | 420.4 | 86.9 | (551.8 | ) | (159.2 | ) | (193.4 | ) | 433.4 | 78.9 | (78.3 | ) | (13.7 | ) | |||||||||||||||||||||||||||
(±) |
Earnings
(Losses) on Equity Investments
|
6.6 | 14.0 | (18.6 | ) | 0.2 | (0.3 | ) | 13.6 | 0.5 | (3.6 | ) | 0.0 | (9.4 | ) | (5.8 | ) | ||||||||||||||||||||||||||||
(-)
|
Goodwill
Amortization
|
(201.4 | ) | (196.5 | ) | (85.6 | ) | (40.4 | ) | (40.4 | ) | (65.2 | ) | (50.5 | ) | (85.6 | ) | - | - | - | |||||||||||||||||||||||||
(±) |
Other
Operating Income(Expenses), Net
|
4.0 | 199.9 | 333.1 | 3.9 | (8.0 | ) | 120.2 | 83.7 | 72.5 | 2.5 | 217.0 | 41.1 | ||||||||||||||||||||||||||||||||
(=) |
Operating
Income (Loss)
|
(69.0 | ) | (709.1 | ) | 1,412.9 | (81.3 | ) | (586.7 | ) | 58.5 | (99.5 | ) | 485.6 | 277.8 | 253.0 | 396.5 | ||||||||||||||||||||||||||||
Margin
|
-2.5 | % | -11.3 | % | 9.2 | % | -12.7 | % | -82.0 | % | 2.3 | % | -4.2 | % | 13.6 | % | 7.8 | % | 6.7 | % | 9.0 | % | |||||||||||||||||||||||
(±) |
Income
and Social Contribution Taxes
|
18.7 | 234.7 | (433.8 | ) | 22.4 | 205.9 | (53.3 |
)
|
59.6 | (157.9 | ) | (103.8 | ) | (85.3 | ) | (86.9 | ) | |||||||||||||||||||||||||||
(±)
|
Minority
Interest
|
2.5 | 0.6 | 7.5 | 0.8 | 0.1 | 0.0 | (0.4 | ) | 9.6 | (0.6 | ) | (0.7 | ) | (0.9 | ) | |||||||||||||||||||||||||||||
(=) |
Net
Income (Loss) for the Year
|
(48.0 | ) | (474.0 | ) | 986.5 | (58.0 | ) | (381.0 | ) | 5.0 | (40.0 | ) | 337.0 | 173.0 | 167.0 | 309.0 | ||||||||||||||||||||||||||||
Margin
|
-1.8 | % | -7.6 | % | 6.4 | % | -9.1 | % | -53.3 | % | 0.2 | % | -1.7 | % | 9.5 | % | 4.8 | % | 4.4 | % | 7.0 | % | |||||||||||||||||||||||
l
|
EBITDA | 182.9 | 718.0 | 1,733.1 | 29.2 | 182.5 | 340.4 | 165.9 | 311.2 | 355.7 | 490.4 |
575.9
|
|||||||||||||||||||||||||||||||||
Margin
|
6.7 | % | 11.5 | % | 11.3 | % | 4.6 | % | 25.5 | % | 13.3 | % | 7.1 | % | 8.7 | % | 9.9 | % | 12.9 | % | 13.1 | % | |||||||||||||||||||||||
l
|
EBITDAH
(Ebitda adjusted by Hedge)
|
407.8 | 765.7 | 2,064.0 | 74.4 | 185.5 | 465.3 | 40.4 | 472.0 | 338.9 | 508.4 | 744.7 | |||||||||||||||||||||||||||||||||
Margin
|
13.8 | % | 12.1 | % | 13.2 | % | 10.9 | % | 25.8 | % | 17.3 | % | 1.8 | % | 12.7 | % | 9.5 | % | 13.3 | % | 16.3 | % | |||||||||||||||||||||||
l
|
Depreciation
& Amortization
|
341.3 | 427.2 | 636.3 | 157.2 | 176.8 | 71.1 | 22.0 | 169.9 | 156.8 | 149.7 | 160.0 | |||||||||||||||||||||||||||||||||
Balance
Sheet
|
Apr'08
|
Mar'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
||||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
||||||||||||||||||||||||||||||||||
Cash and Cash
Equivalents
|
1,010.1 | 719.4 | 1,078.4 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | 864.1 | 1,078.4 | ||||||||||||||||||||||||||||||||||
Restricted
Cash
|
79.6 | 11.8 | 45.0 | 79.4 | 0.2 | 11.9 | 11.8 | 40.1 | 149.5 | 172.1 | 45.0 | ||||||||||||||||||||||||||||||||||
Derivative
Financial Instruments
|
6.9 | 17.0 | 230.6 | 9.0 | 8.6 | 6.1 | 17.0 | 86.6 | 97.4 | 72.0 | 230.6 | ||||||||||||||||||||||||||||||||||
Trade Accounts
Receivable
|
215.2 | 599.2 | 766.4 | 115.5 | 215.9 | 459.0 | 599.2 | 585.6 | 589.7 | 511.1 | 766.4 | ||||||||||||||||||||||||||||||||||
Inventories
|
570.5 | 1,106.2 | 1,046.7 | 905.6 | 1,439.9 | 1,643.7 | 1,106.2 | 1,149.9 | 1,531.5 | 1,936.8 | 1,046.7 | ||||||||||||||||||||||||||||||||||
Advances to
Suppliers
|
226.1 | 206.0 | 235.6 | 252.3 | 287.0 | 239.9 | 206.0 | 386.1 | 336.7 | 241.2 | 235.6 | ||||||||||||||||||||||||||||||||||
Related
Parties
|
16.3 | 57.2 | 24.9 | 1.1 | 28.4 | 35.8 | 57.2 | 36.1 | 21.6 | 24.6 | 24.9 | ||||||||||||||||||||||||||||||||||
Deferred
Income and Social Contribution Taxes
|
- | 42.5 | 76.3 | - | - | - | 42.5 | 53.5 | 48.1 | 29.2 | 76.3 | ||||||||||||||||||||||||||||||||||
Recoverable
Taxes
|
129.8 | 265.4 | 327.9 | 121.3 | 160.6 | 240.7 | 265.4 | 299.0 | 342.9 | 307.8 | 327.9 | ||||||||||||||||||||||||||||||||||
Other
Assets
|
17.9 | 50.3 | 61.2 | 21.9 | 37.1 | 82.3 | 50.3 | 32.7 | 41.7 | 54.0 | 61.2 | ||||||||||||||||||||||||||||||||||
Current
Assets
|
2,272.4 | 3,074.9 | 3,892.8 | 2,140.0 | 3,453.9 | 3,409.0 | 3,074.9 | 3,602.6 | 4,107.9 | 4,212.8 | 3,892.8 | ||||||||||||||||||||||||||||||||||
Accounts
Receivable from Federal Government
|
342.2 | 323.4 | 333.7 | 342.2 | 342.2 | 342.2 | 323.4 | 326.4 | 329.0 | 331.4 | 333.7 | ||||||||||||||||||||||||||||||||||
CTN's-Restricted
Brazilian Treasury Bills
|
151.7 | 177.6 | 205.7 | 164.8 | 170.9 | 175.5 | 177.6 | 184.7 | 189.3 | 194.6 | 205.7 | ||||||||||||||||||||||||||||||||||
Deferred
Income and Social Contribution Taxes
|
357.0 | 700.0 | 560.1 | 386.7 | 567.8 | 665.0 | 700.0 | 644.6 | 551.5 | 334.2 | 560.1 | ||||||||||||||||||||||||||||||||||
Advances to
Suppliers
|
77.3 | 48.0 | 63.7 | 88.2 | 93.6 | 125.3 | 48.0 | 55.5 | 85.1 | 132.5 | 63.7 | ||||||||||||||||||||||||||||||||||
Related
Parties
|
- | - | 81.4 | - | - | - | - | 153.2 | 151.8 | 149.9 | 81.4 | ||||||||||||||||||||||||||||||||||
Other
Assets
|
94.4 | 132.4 | 211.8 | 124.1 | 124.0 | 159.1 | 132.4 | 185.4 | 190.2 | 210.8 | 211.8 | ||||||||||||||||||||||||||||||||||
Investments
|
120.3 | 278.2 | 193.1 | 124.2 | 184.7 | 280.5 | 278.2 | 181.3 | 196.5 | 194.0 | 193.1 | ||||||||||||||||||||||||||||||||||
Property,
Plant and Equipment
|
2,776.3 | 3,465.2 | 5,561.1 | 2,882.8 | 3,020.8 | 3,389.0 | 3,465.2 | 4,516.4 | 4,671.4 | 4,871.5 | 5,561.1 | ||||||||||||||||||||||||||||||||||
Goodwill
|
1,160.7 | 2,447.5 | 2,901.3 | 1,115.6 | 1,074.5 | 2,493.8 | 2,447.5 | 2,724.3 | 2,737.5 | 2,765.5 | 2,901.3 | ||||||||||||||||||||||||||||||||||
Noncurrent
Assets
|
5,079.9 | 7,572.5 | 10,112.0 | 5,228.5 | 5,578.5 | 7,630.4 | 7,572.5 | 8,971.7 | 9,102.3 | 9,184.4 | 10,112.0 | ||||||||||||||||||||||||||||||||||
(=) |
Total
Assets
|
7,352.4 | 10,647.4 | 14,004.8 | 7,368.5 | 9,032.4 | 11,039.4 | 10,647.4 | 12,574.3 | 13,210.2 | 13,397.2 | 14,004.8 | |||||||||||||||||||||||||||||||||
Loans and
Financings
|
78.2 | 1,449.5 | 800.9 | 74.2 | 311.0 | 1,480.6 | 1,449.5 | 1,127.4 | 1,184.7 | 892.6 | 800.9 | ||||||||||||||||||||||||||||||||||
Derivatives
Financial Instruments
|
50.7 | 66.9 | 76.7 | 19.3 | 32.6 | 49.5 | 66.9 | 98.9 | 215.4 | 232.9 | 76.7 | ||||||||||||||||||||||||||||||||||
Trade Accounts
Payable
|
191.0 | 456.1 | 569.4 | 331.6 | 489.9 | 518.2 | 456.1 | 662.8 | 712.5 | 712.1 | 569.4 | ||||||||||||||||||||||||||||||||||
Salaries
Payable
|
80.7 | 93.2 | 141.6 | 119.0 | 143.0 | 77.7 | 93.2 | 152.3 | 180.9 | 133.0 | 141.6 | ||||||||||||||||||||||||||||||||||
Taxes and
Social Contributions Payable
|
116.1 | 168.6 | 215.9 | 115.0 | 109.7 | 163.2 | 168.6 | 189.8 | 230.9 | 201.0 | 215.9 | ||||||||||||||||||||||||||||||||||
Related
Parties
|
- | 5.2 | 14.4 | - | - | 2.5 | 5.2 | 4.5 | 3.8 | 50.5 | 14.4 | ||||||||||||||||||||||||||||||||||
Dividendos a
pagar
|
- | - | 116.6 | - | - | - | - | - | - | - | 116.6 | ||||||||||||||||||||||||||||||||||
Other
Liabilities
|
49.9 | 85.8 | 182.4 | 34.4 | 126.1 | 66.6 | 85.8 | 134.1 | 100.7 | 123.4 | 182.4 | ||||||||||||||||||||||||||||||||||
Current
Liabilities
|
566.5 | 2,325.2 | 2,117.9 | 693.4 | 1,212.3 | 2,358.2 | 2,325.2 | 2,369.7 | 2,629.0 | 2,345.5 | 2,117.9 | ||||||||||||||||||||||||||||||||||
Loans and
Financing
|
2,106.2 | 2,885.5 | 5,136.5 | 2,047.9 | 2,679.3 | 2,904.5 | 2,885.5 | 4,091.4 | 4,667.4 | 4,859.1 | 5,136.5 | ||||||||||||||||||||||||||||||||||
Taxes and
Social Contributions Payable
|
359.3 | 328.8 | 593.5 | 351.5 | 346.1 | 336.0 | 328.8 | 335.5 | 288.9 | 255.7 | 593.5 | ||||||||||||||||||||||||||||||||||
Provision for
Legal Proceedings
|
832.4 | 1,105.9 | 444.4 | 849.8 | 873.1 | 1,114.1 | 1,105.9 | 1,135.5 | 1,143.4 | 755.7 | 444.4 | ||||||||||||||||||||||||||||||||||
Related
Parties
|
- | 405.2 | - | - | - | 405.3 | 405.2 | 341.5 | - | - | - | ||||||||||||||||||||||||||||||||||
Pension
Fund
|
- | 60.4 | 61.8 | - | - | 58.5 | 60.4 | 61.0 | 62.3 | 61.6 | 61.8 | ||||||||||||||||||||||||||||||||||
Other
Liabilities
|
144.4 | 139.9 | 493.1 | 141.3 | 138.4 | 134.8 | 139.9 | 169.2 | 168.4 | 155.8 | 493.1 | ||||||||||||||||||||||||||||||||||
Noncurrent
Liabilities
|
3,442.3 | 4,925.5 | 6,729.3 | 3,390.5 | 4,037.0 | 4,953.1 | 4,925.5 | 6,134.1 | 6,330.3 | 6,087.8 | 6,729.3 | ||||||||||||||||||||||||||||||||||
Minority
Shareholders' Interest
|
17.7 | 30.9 | 47.8 | 17.0 | 20.3 | 31.5 | 30.9 | 29.9 | 30.4 | 47.0 | 47.8 | ||||||||||||||||||||||||||||||||||
Capital
|
2,935.3 | 3,819.8 | 4,687.8 | 2,935.3 | 3,815.3 | 3,815.3 | 3,819.8 | 4,153.9 | 4,155.3 | 4,687.7 | 4,687.8 | ||||||||||||||||||||||||||||||||||
Capital
Reserve
|
- | 41.7 | 50.6 | - | (4.2 | ) | (4.2 | ) | 41.7 | 45.1 | 50.2 | 50.1 | 50.6 | ||||||||||||||||||||||||||||||||
Profits
Reserve
|
180.2 | - | 374.2 | 180.2 | 180.2 | 180.2 | - | - | - | - | 374.2 | ||||||||||||||||||||||||||||||||||
Legal
Reserve
|
16.0 | - | - | 16.0 | 16.0 | 16.0 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Revaluation
Reserves
|
194.4 | - | - | 194.2 | 193.8 | 93.2 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Ajuste de
Avaliação Patrimonial
|
- | - | (2.9 | ) | - | - | - | - | - | - | - | (2.9 | ) | ||||||||||||||||||||||||||||||||
Accumulated
losses
|
- | (495.7 | ) | - | (57.9 | ) | (438.2 | ) | (403.9 | ) | (495.7 | ) | (158.4 | ) | 15.0 | 179.1 | - | ||||||||||||||||||||||||||||
Shareholders'
Equity
|
3,325.8 | 3,365.7 | 5,109.8 | 3,267.7 | 3,762.8 | 3,696.6 | 3,365.7 | 4,040.7 | 4,220.5 | 4,917.0 | 5,109.8 | ||||||||||||||||||||||||||||||||||
(=) | Total Liabilities & Shareholders' Equity | 7,352.4 | 10,647.4 | 14,004.8 | 7,368.5 | 9,032.4 | 11,039.4 | 10,647.4 | 12,574.3 | 13,210.2 | 13,397.2 | 14,004.8 |
Cash Flow
Statement
|
Apr'08
|
Mar'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
|||||||||||||||||||||||||||||||||
(In millions of
reais)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
|||||||||||||||||||||||||||||||||
Net
Income (Loss) for the Year
|
(47.8 | ) | (473.8 | ) | 986.5 | (58.1 | ) | (380.7 | ) | 5.2 | (40.2 | ) | 337.3 | 173.4 | 167.1 | 308.7 | ||||||||||||||||||||||||||||
Non-cash
Adjustments:
|
||||||||||||||||||||||||||||||||||||||||||||
Earnings
(Losses) from Equity Investments
|
(6.6 | ) | (14.0 | ) | 18.6 | (0.2 | ) | 0.3 | (13.6 | ) | (0.5 | ) | 3.6 | (0.0 | ) | 9.4 | 5.8 | |||||||||||||||||||||||||||
Depreciation
& Amortization
|
341.3 | 427.2 | 636.3 | 157.2 | 176.8 | 71.1 | 22.0 | 169.9 | 156.8 | 149.7 | 160.0 | |||||||||||||||||||||||||||||||||
Losses (Gains)
in Fixed Assets Disposals
|
(1.2 | ) | (208.9 | ) | (80.5 | ) | 1.2 | 4.5 | 3.0 | (217.6 | ) | (103.2 | ) | 0.8 | 1.1 | 20.8 | ||||||||||||||||||||||||||||
Goodwill
Amortization
|
201.4 | 196.5 | 85.6 | 40.4 | 40.4 | 65.2 | 50.5 | 85.6 | - | - | - | |||||||||||||||||||||||||||||||||
Accrued
Financial Expenses
|
(116.0 | ) | 932.5 | (150.5 | ) | (26.2 | ) | 572.0 | 297.8 | 89.0 | (287.8 | ) | (84.0 | ) | (60.5 | ) | 281.9 | |||||||||||||||||||||||||||
Other Non-cash
Items
|
(42.4 | ) | (197.9 | ) | 104.2 | (32.2 | ) | (162.9 | ) | 49.3 | (52.1 | ) | 133.1 | 74.0 | (154.1 | ) | 51.2 | |||||||||||||||||||||||||||
(=)
Adjusted Net Profit (Loss)
|
328.8 | 661.5 | 1,600.3 | 82.0 | 250.4 | 478.0 | (148.9 | ) | 338.5 | 321.0 | 112.6 | 828.3 | ||||||||||||||||||||||||||||||||
(±) Variation
on Assets and Liabilities
|
(360.1 | ) | (234.5 | ) | (42.5 | ) | (129.5 | ) | (399.0 | ) | (140.7 | ) | 434.7 | 195.7 | (312.9 | ) | (142.7 | ) | 217.3 | |||||||||||||||||||||||||
(=)
Cash Flow from Operating Activities
|
(31.3 | ) | 427.0 | 1,557.8 | (47.4 | ) | (148.6 | ) | 337.3 | 285.8 | 534.2 | 8.1 | (30.1 | ) | 1,045.7 | |||||||||||||||||||||||||||||
Additions on
Investments, Net of Cash Received
|
(160.5 | ) | (1,823.6 | ) | (16.0 | ) | (0.7 | ) | (61.4 | ) | (1,533.7 | ) | (227.7 | ) | 58.5 | (29.2 | ) | (14.7 | ) | (30.7 | ) | |||||||||||||||||||||||
Additions on
Property, Plant and Equipment
|
(1,053.1 | ) | (1,346.1 | ) | (1,926.1 | ) | (264.8 | ) | (314.3 | ) | (432.4 | ) | (334.6 | ) | (420.6 | ) | (359.1 | ) | (401.0 | ) | (745.4 | ) | ||||||||||||||||||||||
Cash Received
on Sale of Fixed Asset
|
12.2 | 372.1 | 126.2 | 1.6 | (1.6 | ) | - | 372.1 | 117.7 | 1.5 | 1.8 | 5.3 | ||||||||||||||||||||||||||||||||
(=)
Cash Flow from Investment Activities
|
(1,201.4 | ) | (2,797.6 | ) | (1,816.0 | ) | (263.9 | ) | (377.4 | ) | (1,966.1 | ) | (190.3 | ) | (244.3 | ) | (386.8 | ) | (413.9 | ) | (770.9 | ) | ||||||||||||||||||||||
Additions of
Debt
|
198.3 | 1,478.0 | 3,427.9 | 3.0 | 315.8 | 1,196.4 | (37.1 | ) | 172.9 | 1,045.8 | 1,665.5 | 543.8 | ||||||||||||||||||||||||||||||||
Payments of
Principal and Interest on Debt
|
(839.4 | ) | (257.2 | ) | (2,846.6 | ) | (67.8 | ) | (26.7 | ) | (148.3 | ) | (14.4 | ) | (127.8 | ) | (317.3 | ) | (1,838.4 | ) | (563.1 | ) | ||||||||||||||||||||||
Capital
Increase
|
1,742.6 | 884.5 | 533.9 | - | 880.0 | - | 4.5 | - | 1.4 | 532.4 | 0.1 | |||||||||||||||||||||||||||||||||
Treasury
Stock
|
- | (4.2 | ) | - | - | (4.2 | ) | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Capital
Increase at subsidiaries
|
- | 15.4 | - | - | 3.5 | - | 11.9 | - | - | - | - | |||||||||||||||||||||||||||||||||
Dividends
|
(75.8 | ) | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Other
|
- | (36.6 | ) | (498.0 | ) | - | - | (5.9 | ) | (30.7 | ) | (121.4 | ) | (335.4 | ) | - | (41.3 | ) | ||||||||||||||||||||||||||
(=)
Cash Flows from Financing Activities
|
1,025.7 | 2,079.9 | 617.1 | (64.8 | ) | 1,168.4 | 1,042.2 | (65.8 | ) | (76.3 | ) | 394.4 | 359.5 | (60.5 | ) | |||||||||||||||||||||||||||||
(=)
Total Cash Flow
|
(207.0 | ) | (290.7 | ) | 359.0 | (376.2 | ) | 642.4 | (586.7 | ) | 29.7 | 213.6 | 15.7 | (84.6 | ) | 214.3 | ||||||||||||||||||||||||||||
(+) Cash &
Equivalents, Beginning
|
1,217.1 | 1,010.1 | 719.4 | 1,010.1 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | 864.1 | |||||||||||||||||||||||||||||||||
(=)
Cash & Equivalents, Closing
|
1,010.1 | 719.4 | 1,078.4 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 948.6 | 864.1 | 1,078.4 |
Credit Statistics
(LTM)
|
Apr'08
|
Mar'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
|||||||||||||||||||||||||||||||||
(In million of
reais)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
|||||||||||||||||||||||||||||||||
Net
Operating Revenues
|
2,736.2 | 6,270.1 | 15,336.1 | 2,784.1 | 2,871.6 | 4,763.3 | 6,270.1 | 9,196.6 | 12,056.9 | 13,291.7 | 15,336.1 | |||||||||||||||||||||||||||||||||
l Gross
Profit
|
349.0 | 799.4 | 2,125.4 | 318.9 | 410.5 | 708.9 | 799.4 | 1,153.6 | 1,509.4 | 1,591.4 | 2,125.4 | |||||||||||||||||||||||||||||||||
l
EBITDA
|
182.9 | 718.0 | 1,733.1 | 159.6 | 264.0 | 602.1 | 718.0 | 1,000.0 | 1,173.1 | 1,323.1 | 1,733.1 | |||||||||||||||||||||||||||||||||
l
EBIT
|
(158.4 | ) | 290.8 | 1,096.8 | (213.5 | ) | (147.0 | ) | 167.7 | 290.8 | 560.2 | 753.3 | 824.7 | 1,096.8 | ||||||||||||||||||||||||||||||
l Encargos
Financeiros da Dívida Líquida
|
106.2 | 179.9 | 361.8 | 91.9 | 85.2 | 136.1 | 179.9 | 247.0 | 308.4 | 329.8 | 361.8 | |||||||||||||||||||||||||||||||||
l Net
Profit
|
(47.8 | ) | (473.8 | ) | 986.5 | (119.6 | ) | (515.5 | ) | (438.9 | ) | (473.8 | ) | (78.4 | ) | 475.6 | 637.5 | 986.5 | ||||||||||||||||||||||||||
Liquid
Funds
|
||||||||||||||||||||||||||||||||||||||||||||
l Cash and Cash
Equivalents
|
1,010.1 | 719.4 | 1,078.4 | 633.9 | 1,276.3 | 689.7 | 719.4 | 932.9 | 1,098.2 | 864.1 | 1,078.4 | |||||||||||||||||||||||||||||||||
Short-Term
Debt
|
||||||||||||||||||||||||||||||||||||||||||||
l Loans and
Financings
|
69.3 | 1,442.7 | 793.8 | 62.9 | 298.6 | 1,475.3 | 1,442.7 | 1,115.9 | 1,171.6 | 886.5 | 793.8 | |||||||||||||||||||||||||||||||||
Long-Term
Debt
|
||||||||||||||||||||||||||||||||||||||||||||
l Loans and
Financings
|
1,562.5 | 2,312.3 | 4,540.0 | 1,474.9 | 2,101.7 | 2,327.6 | 2,312.3 | 3,508.5 | 4,086.8 | 4,278.4 | 4,540.0 | |||||||||||||||||||||||||||||||||
Total
Debt
|
1,631.8 | 3,755.0 | 5,333.8 | 1,537.7 | 2,400.3 | 3,802.9 | 3,755.0 | 4,624.4 | 5,258.3 | 5,164.9 | 5,333.8 | |||||||||||||||||||||||||||||||||
Net
Debt
|
621.7 | 3,035.6 | 4,255.4 | 903.8 | 1,124.0 | 3,113.3 | 3,035.6 | 3,691.5 | 4,160.2 | 4,300.8 | 4,255.4 | |||||||||||||||||||||||||||||||||
Current
Assets
|
2,272.4 | 3,074.9 | 3,892.8 | 2,140.0 | 3,453.9 | 3,409.0 | 3,074.9 | 3,602.6 | 4,107.9 | 4,212.8 | 3,892.8 | |||||||||||||||||||||||||||||||||
Current
Liabilities
|
566.5 | 2,325.2 | 2,117.9 | 693.4 | 1,212.3 | 2,358.2 | 2,325.2 | 2,369.7 | 2,629.0 | 2,345.5 | 2,117.9 | |||||||||||||||||||||||||||||||||
Shareholders'
Equity
|
3,325.8 | 3,365.7 | 5,109.8 | 3,267.7 | 3,762.8 | 3,696.6 | 3,365.7 | 4,040.7 | 4,220.5 | 4,917.0 | 5,109.8 | |||||||||||||||||||||||||||||||||
Capex
- Property, Plant and Equipment
|
1,053.1 | 1,346.1 | 1,180.7 | 1,147.4 | 1,324.5 | 1,485.9 | 1,346.1 | 1,501.9 | 1,546.7 | 1,515.3 | 1,180.7 | |||||||||||||||||||||||||||||||||
l Capex -
Operational
|
781.9 | 565.0 | 500.2 | 796.9 | 762.7 | 727.5 | 565.0 | 588.7 | 626.5 | 673.9 | 500.2 | |||||||||||||||||||||||||||||||||
EBITDA
Margin
|
6.7 | % | 11.5 | % | 11.3 | % | 5.7 | % | 9.2 | % | 12.6 | % | 11.5 | % | 10.9 | % | 9.7 | % | 10.0 | % | 11.3 | % | ||||||||||||||||||||||
l Gross Profit
Margin
|
12.8 | % | 12.7 | % | 13.9 | % | 11.5 | % | 14.3 | % | 14.9 | % | 12.7 | % | 12.5 | % | 12.5 | % | 12.0 | % | 13.9 | % | ||||||||||||||||||||||
l EBIT
Margin
|
-5.8 | % | 4.6 | % | 7.2 | % | -7.7 | % | -5.1 | % | 3.5 | % | 4.6 | % | 6.1 | % | 6.2 | % | 6.2 | % | 7.2 | % | ||||||||||||||||||||||
l Net Profit
Margin
|
-1.7 | % | -7.6 | % | 6.4 | % | -4.3 | % | -18.0 | % | -9.2 | % | -7.6 | % | -0.9 | % | 3.9 | % | 4.8 | % | 6.4 | % | ||||||||||||||||||||||
Net
Debt ÷ Shareholders' Equity
|
||||||||||||||||||||||||||||||||||||||||||||
l Net Debt
%
|
15.8 | % | 47.4 | % | 45.4 | % | 21.7 | % | 23.0 | % | 45.7 | % | 47.4 | % | 47.7 | % | 49.6 | % | 46.7 | % | 45.4 | % | ||||||||||||||||||||||
l Shareholders'
Equity %
|
84.2 | % | 52.6 | % | 54.6 | % | 78.3 | % | 77.0 | % | 54.3 | % | 52.6 | % | 52.3 | % | 50.4 | % | 53.3 | % | 54.6 | % | ||||||||||||||||||||||
Long-Term
Payable Debt to Equity Ratio
|
0.5 | x | 0.7 | x | 0.9 | x | 0.5 | x | 0.6 | x | 0.6 | x | 0.7 | x | 0.9 | x | 1.0 | x | 0.9 | x | 0.9 | x | ||||||||||||||||||||||
Liquidity
Ratio (Current Assets ÷ Current Liabilities)
|
4.0 | x | 1.3 | x | 1.8 | x | 3.1 | x | 2.8 | x | 1.4 | x | 1.3 | x | 1.5 | x | 1.6 | x | 1.8 | x | 1.8 | x | ||||||||||||||||||||||
Net
Debt ÷ EBITDA
|
3.4 | x | 4.2 | x | 2.5 | x | 5.7 | x | 4.3 | x | 5.2 | x | 4.2 | x | 3.7 | x | 3.5 | x | 3.3 | x | 2.5 | x | ||||||||||||||||||||||
l Short-Term Net
Debt ÷ EBITDA
|
0.4 | x | 2.0 | x | 0.5 | x | 0.4 | x | 1.1 | x | 2.5 | x | 2.0 | x | 1.1 | x | 1.0 | x | 0.7 | x | 0.5 | x | ||||||||||||||||||||||
Net
Debt ÷ (EBITDA - Capex)
|
-0.7x | -4.8x | 7.7 | x | -0.9x | -1.1x | -3.5x | -4.8x | -7.4x | -11.1x | -22.4x | 7.7 | x | |||||||||||||||||||||||||||||||
l Net Debt ÷
(EBITDA - Operational Capex)
|
-1.0x | 19.8 | x | 3.5 | x | -1.4x | -2.3x | -24.8x | 19.8 | x | 9.0 | x | 7.6 | x | 6.6 | x | 3.5 | x | ||||||||||||||||||||||||||
Interest
Cover (EBITDA ÷ Net Financial Exp.)
|
1.7 | x | 4.0 | x | 4.8 | x | 1.7 | x | 3.1 | x | 4.4 | x | 4.0 | x | 4.0 | x | 3.8 | x | 4.0 | x | 4.8 | x | ||||||||||||||||||||||
l Interest Cover
(EBITDA - Op.Capes)÷Net Fin.)
|
-5.6x | 0.9 | x | 3.4 | x | -6.9x | -5.9x | -0.9x | 0.9 | x | 1.7 | x | 1.8 | x | 2.0 | x | 3.4 | x | ||||||||||||||||||||||||||
Avg.
Debt Cost (Net.Fin.Exp. ÷ Net Debt)
|
17.1 | % | 5.9 | % | 8.5 | % | 10.2 | % | 7.6 | % | 4.4 | % | 5.9 | % | 6.7 | % | 7.4 | % | 7.7 | % | 8.5 | % |
Income
Statement
|
Apr'08
|
Apr'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Apr'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
||||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
||||||||||||||||||||||||||||||||||
Net
sales
|
1,491.2 | 2,926.5 | 8,283.2 | 394.0 | 383.8 | 1,103.4 | 1,045.3 | 1,720.3 | 1,915.7 | 2,209.5 | 2,437.7 | ||||||||||||||||||||||||||||||||||
(-)
|
Cost of goods
sold
|
(1,345.6 | ) | (2,621.9 | ) | (7,223.3 | ) | (398.9 | ) | (320.2 | ) | (950.3 | ) | (952.4 | ) | (1,561.4 | ) | (1,655.5 | ) | (1,965.3 | ) | (2,041.1 | ) | ||||||||||||||||||||||
(=)
|
Gross
profit
|
145.6 | 304.6 | 1,059.9 | (4.9 | ) | 63.6 | 153.0 | 92.8 | 158.8 | 260.1 | 244.3 | 396.6 | ||||||||||||||||||||||||||||||||
(-)
|
Selling
expenses
|
(168.6 | ) | (213.3 | ) | (470.3 | ) | (53.0 | ) | (47.9 | ) | (67.6 | ) | (44.7 | ) | (102.1 | ) | (115.1 | ) | (128.0 | ) | (125.2 | ) | ||||||||||||||||||||||
(-)
|
General and
administrative expenses
|
(115.1 | ) | (140.1 | ) | (271.3 | ) | (36.3 | ) | (34.9 | ) | (42.2 | ) | (26.8 | ) | (7.9 | ) | (62.8 | ) | (106.7 | ) | (93.9 | ) | ||||||||||||||||||||||
(=) Operating income
(loss)
|
(138.1 | ) | (48.8 | ) | 318.3 | (94.2 | ) | (19.2 | ) | 43.2 | 21.4 | 48.9 | 82.3 | 9.6 | 177.6 | ||||||||||||||||||||||||||||||
Operating
margin
|
-9.3 | % | -1.7 | % | 3.8 | % | -23.9 | % | -5.0 | % | 3.9 | % | 2.0 | % | 2.8 | % | 4.3 | % | 0.4 | % | 7.3 | % | |||||||||||||||||||||||
(-)
|
Other income
(expense):
|
||||||||||||||||||||||||||||||||||||||||||||
Financial
|
116.8 | (370.8 | ) | 203.7 | 26.5 | (234.4 | ) | (137.2 | ) | (25.7 | ) | 215.7 | 64.1 | (80.4 | ) | 4.2 | |||||||||||||||||||||||||||||
Other
|
(3.7 | ) | (2.3 | ) | 178.9 | (3.5 | ) | (8.1 | ) | 6.6 | 2.7 | (7.9 | ) | 0.9 | 155.5 | 30.5 | |||||||||||||||||||||||||||||
(=)
|
Income
(loss) before income taxes
|
(25.0 | ) | (421.9 | ) | 700.9 | (71.2 | ) | (261.7 | ) | (87.3 | ) | (1.6 | ) | 256.7 | 147.3 | 84.7 | 212.3 | |||||||||||||||||||||||||||
(-)
|
Income taxes
expense (benefit)
|
19.8 | 144.7 | (184.8 | ) | 23.2 | 94.5 | (1.7 | ) | 28.7 | (76.5 | ) | (49.4 | ) | (52.3 | ) | (6.5 | ) | |||||||||||||||||||||||||||
(=)
|
Income
(loss) before equity
|
(5.2 | ) | (277.2 | ) | 516.2 | (48.0 | ) | (167.2 | ) | (89.1 | ) | 27.1 | 180.1 | 97.9 | 32.4 | 205.8 | ||||||||||||||||||||||||||||
(±)
|
Equity in
income of affiliates
|
(0.2 | ) | 6.1 | (10.3 | ) | 0.1 | 1.2 | 5.2 | (0.3 | ) | (1.7 | ) | 0.0 | (3.8 | ) | (4.8 | ) | |||||||||||||||||||||||||||
(±)
|
Minority
interest in net (income) loss
|
22.0 | 83.0 | (174.0 | ) | 18.6 | 52.0 | 19.3 | (6.9 | ) | (55.8 | ) | (34.0 | ) | (7.3 | ) | (77.0 | ) | |||||||||||||||||||||||||||
(=)
|
Net
income (loss)
|
16.6 | (188.1 | ) | 331.9 | (29.3 | ) | (114.1 | ) | (64.6 | ) | 19.9 | 122.6 | 63.9 | 21.3 | 124.0 | |||||||||||||||||||||||||||||
Margin
|
1.1 | % | -6.4 | % | 4.0 | % | -7.4 | % | -29.7 | % | -5.9 | % | 1.9 | % | 7.1 | % | 3.3 | % | 1.0 | % | 5.1 | % | |||||||||||||||||||||||
l EBITDA
|
94.3 | 239.6 | 985.8 | 14.6 | 72.2 | 92.2 | 60.7 | 140.3 | 190.9 | 338.8 | 315.8 | ||||||||||||||||||||||||||||||||||
Margin
|
6.3 | % | 8.2 | % | 11.9 | % | 3.7 | % | 18.8 | % | 8.4 | % | 5.8 | % | 8.2 | % | 10.0 | % | 15.3 | % | 13.0 | % | |||||||||||||||||||||||
l EBIT
|
(141.8 | ) | (51.1 | ) | 497.3 | (97.7 | ) | (27.3 | ) | 49.9 | 24.1 | 40.9 | 83.1 | 165.1 | 208.1 | ||||||||||||||||||||||||||||||
Margin
|
-9.5 | % | -1.7 | % | 6.0 | % | -24.8 | % | -7.1 | % | 4.5 | % | 2.3 | % | 2.4 | % | 4.3 | % | 7.5 | % | 8.5 | % | |||||||||||||||||||||||
l Depreciation and
amortization
|
236.1 | 290.7 | 488.5 | 112.3 | 99.5 | 42.3 | 36.6 | 99.3 | 107.7 | 173.7 | 107.7 | ||||||||||||||||||||||||||||||||||
Balance
Sheet
|
Apr'08
|
Mar'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
||||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
||||||||||||||||||||||||||||||||||
Assets
|
|||||||||||||||||||||||||||||||||||||||||||||
Current
assets:
|
|||||||||||||||||||||||||||||||||||||||||||||
Cash and cash
equivalents
|
68.4 | 508.8 | 623.7 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 769.1 | 516.7 | 623.7 | ||||||||||||||||||||||||||||||||||
Restricted
cash
|
47.2 | 5.1 | 25.3 | 50.7 | 0.1 | 5.1 | 5.1 | 20.5 | 84.1 | 98.8 | 25.3 | ||||||||||||||||||||||||||||||||||
Marketable
securities
|
1,014.5 | - | - | 804.2 | 771.5 | 397.0 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Derivative
financial instruments
|
31.5 | 7.4 | 129.5 | 65.3 | 86.8 | 3.7 | 7.4 | 44.4 | 54.8 | 41.4 | 129.5 | ||||||||||||||||||||||||||||||||||
Trade accounts
receivable, net
|
126.9 | 258.9 | 430.3 | 73.0 | 101.9 | 197.9 | 258.9 | 300.1 | 331.6 | 293.5 | 430.3 | ||||||||||||||||||||||||||||||||||
Inventories
|
337.7 | 477.8 | 587.7 | 577.6 | 680.5 | 709.5 | 477.8 | 589.2 | 861.3 | 1,112.3 | 587.7 | ||||||||||||||||||||||||||||||||||
Advances to
suppliers
|
133.7 | 89.0 | 132.3 | 160.8 | 135.5 | 103.5 | 89.0 | 200.8 | 189.4 | 138.6 | 132.3 | ||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
- | 114.6 | 184.1 | - | - | 25.7 | 114.6 | 153.2 | 192.8 | 176.8 | 184.1 | ||||||||||||||||||||||||||||||||||
Other current
assets
|
103.2 | 66.0 | 49.2 | 99.7 | 132.6 | 158.4 | 66.0 | 69.0 | 56.1 | 54.1 | 49.2 | ||||||||||||||||||||||||||||||||||
|
1,863.0 | 1,527.5 | 2,161.9 | 1,917.6 | 1,971.5 | 1,701.3 | 1,527.5 | 2,053.5 | 2,539.3 | 2,432.2 | 2,161.9 | ||||||||||||||||||||||||||||||||||
Noncurrent
assets:
|
|||||||||||||||||||||||||||||||||||||||||||||
Property,
plant and equipment, net
|
2,018.1 | 2,259.4 | 4,146.5 | 2,217.3 | 1,738.6 | 1,828.8 | 2,259.4 | 3,178.1 | 3,554.3 | 3,737.0 | 4,146.5 | ||||||||||||||||||||||||||||||||||
Goodwill
|
772.6 | 888.8 | 1,362.1 | 823.4 | 623.4 | 1,197.3 | 888.8 | 1,464.2 | 1,592.5 | 1,624.4 | 1,362.1 | ||||||||||||||||||||||||||||||||||
Intangible
assets, net
|
106.1 | 243.1 | 602.3 | 111.8 | 81.8 | 73.1 | 243.1 | 240.5 | 256.9 | 255.3 | 602.3 | ||||||||||||||||||||||||||||||||||
Accounts
Receivable from Federal Government
|
202.8 | 139.7 | 187.4 | 218.4 | 161.8 | 147.7 | 139.7 | 167.3 | 185.1 | 190.3 | 187.4 | ||||||||||||||||||||||||||||||||||
Other
non-current assets
|
306.4 | 362.6 | 534.8 | 345.3 | 322.0 | 536.5 | 362.6 | 491.7 | 580.5 | 635.0 | 534.8 | ||||||||||||||||||||||||||||||||||
|
3,406.1 | 3,893.6 | 6,833.0 | 3,716.3 | 2,927.5 | 3,783.5 | 3,893.6 | 5,541.6 | 6,169.2 | 6,442.0 | 6,833.0 | ||||||||||||||||||||||||||||||||||
(=)
|
Total
assets
|
5,269.1 | 5,421.1 | 8,994.9 | 5,634.0 | 4,899.0 | 5,484.7 | 5,421.1 | 7,595.1 | 8,708.6 | 8,874.2 | 8,994.9 | |||||||||||||||||||||||||||||||||
Liabilities
and shareholders' equity
|
|||||||||||||||||||||||||||||||||||||||||||||
Current
liabilities:
|
|||||||||||||||||||||||||||||||||||||||||||||
Trade accounts
payable
|
114.4 | 197.2 | 320.0 | 212.0 | 235.8 | 223.7 | 197.2 | 339.8 | 401.3 | 409.3 | 320.0 | ||||||||||||||||||||||||||||||||||
Taxes
payable
|
62.9 | 69.0 | 121.2 | 67.4 | 47.4 | 66.1 | 69.0 | 92.9 | 125.1 | 115.4 | 121.2 | ||||||||||||||||||||||||||||||||||
Salaries
payable
|
47.8 | 40.2 | 79.5 | 75.8 | 67.5 | 33.5 | 40.2 | 78.0 | 101.7 | 76.4 | 79.5 | ||||||||||||||||||||||||||||||||||
Current
portion of long-term debt
|
38.2 | 781.7 | 471.1 | 33.2 | 134.2 | 786.7 | 781.7 | 582.9 | 673.0 | 542.9 | 471.1 | ||||||||||||||||||||||||||||||||||
Derivative
financial instruments
|
55.0 | 28.9 | 43.1 | 102.1 | 112.1 | 83.3 | 28.9 | 50.7 | 121.1 | 133.8 | 43.1 | ||||||||||||||||||||||||||||||||||
Dividends
payable
|
- | - | 24.7 | - | - | - | - | - | - | - | 24.7 | ||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
- | - | - | - | 10.3 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Other
liabilities
|
40.8 | 47.6 | 112.0 | 29.4 | 28.5 | 30.2 | 47.6 | 87.1 | 70.7 | 111.0 | 112.0 | ||||||||||||||||||||||||||||||||||
|
359.1 | 1,164.7 | 1,171.5 | 519.8 | 635.7 | 1,223.6 | 1,164.7 | 1,231.5 | 1,493.0 | 1,388.8 | 1,171.5 | ||||||||||||||||||||||||||||||||||
Long-term
liabilities:
|
|||||||||||||||||||||||||||||||||||||||||||||
Long-term
debt
|
1,249.3 | 1,251.1 | 2,845.7 | 1,291.4 | 1,257.4 | 1,246.5 | 1,251.1 | 2,249.1 | 2,632.3 | 2,802.2 | 2,845.7 | ||||||||||||||||||||||||||||||||||
Estimated
liability for legal proceedings
|
494.1 | 497.6 | 294.6 | 545.0 | 414.1 | 546.4 | 497.6 | 607.5 | 672.6 | 464.8 | 294.6 | ||||||||||||||||||||||||||||||||||
Taxes
payable
|
170.4 | 151.5 | 381.8 | 181.9 | 133.4 | 187.1 | 151.5 | 184.7 | 178.3 | 220.6 | 381.8 | ||||||||||||||||||||||||||||||||||
Advances from
customers
|
- | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Deferred
income taxes
|
101.8 | 40.4 | 408.8 | 83.6 | - | - | 40.4 | 84.0 | 118.3 | 245.4 | 408.8 | ||||||||||||||||||||||||||||||||||
Other
long-term liabilities
|
101.7 | 175.0 | 209.4 | 103.3 | 107.7 | 181.6 | 175.0 | 213.2 | 224.6 | 219.5 | 209.4 | ||||||||||||||||||||||||||||||||||
|
2,117.4 | 2,115.6 | 4,140.3 | 2,205.3 | 1,912.7 | 2,161.5 | 2,115.6 | 3,338.5 | 3,826.2 | 3,952.4 | 4,140.3 | ||||||||||||||||||||||||||||||||||
Minority
interest in consolidated subsidiaries
|
796.8 | 544.5 | 1,338.9 | 839.7 | 602.8 | 530.7 | 544.5 | 1,037.8 | 1,181.8 | 1,296.7 | 1,338.9 | ||||||||||||||||||||||||||||||||||
Shareholders'
equity:
|
|||||||||||||||||||||||||||||||||||||||||||||
Common
stock
|
2.3 | 2.7 | 2.7 | 2.3 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | ||||||||||||||||||||||||||||||||||
Additional
paid-in capital
|
1,723.1 | 1,926.7 | 1,932.1 | 1,724.6 | 1,920.9 | 1,922.0 | 1,926.7 | 1,964.7 | 1,961.8 | 1,927.3 | 1,932.1 | ||||||||||||||||||||||||||||||||||
Accumulated
other comprehensive income
|
171.8 | (243.6 | ) | 167.1 | 273.1 | (130.9 | ) | (246.2 | ) | (243.6 | ) | (13.1 | ) | 146.1 | 188.1 | 167.1 | |||||||||||||||||||||||||||||
Retained
earnings (losses)
|
98.5 | (89.6 | ) | 242.3 | 69.2 | (44.9 | ) | (109.5 | ) | (89.6 | ) | 33.0 | 96.9 | 118.3 | 242.3 | ||||||||||||||||||||||||||||||
Total
shareholders' equity
|
1,995.7 | 1,596.2 | 2,344.2 | 2,069.1 | 1,747.8 | 1,569.0 | 1,596.2 | 1,987.3 | 2,207.6 | 2,236.3 | 2,344.2 | ||||||||||||||||||||||||||||||||||
(=)
Total liabilities and shareholders' equity
|
5,269.1 | 5,421.1 | 8,994.9 | 5,634.0 | 4,899.0 | 5,484.7 | 5,421.1 | 7,595.1 | 8,708.6 | 8,874.2 | 8,994.9 |
Cash Flow
Statement
|
Apr'08
|
Mar'09
|
Mar'10
|
Jul'08
|
Oct'08
|
Jan'09
|
Mar'09
|
Jun'09
|
Sep'09
|
Dec'09
|
Mar'10
|
||||||||||||||||||||||||||||||||||
(In millions of U.S.
dollars)
|
FY'08
|
FY'09
|
FY'10
|
1Q'09
|
2Q'09
|
3Q'09
|
4Q'09
|
1Q'10
|
2Q'10
|
3Q'10
|
4T'10
|
||||||||||||||||||||||||||||||||||
l
|
Cash
flow from operating activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Net income
(loss) for the year/quarter
|
16.6 | (188.1 | ) | 331.9 | (29.3 | ) | (114.1 | ) | (64.6 | ) | 19.9 | 122.6 | 63.9 | 21.3 | 124.0 | ||||||||||||||||||||||||||||||
Adjustments to
reconcile net income (loss) to cash provided by operating
activities:
|
|||||||||||||||||||||||||||||||||||||||||||||
Depreciation
and amortization
|
236.1 | 290.7 | 488.5 | 112.3 | 99.5 | 42.3 | 36.6 | 99.3 | 107.7 | 173.7 | 107.7 | ||||||||||||||||||||||||||||||||||
Deferred
income and social contribution taxes
|
(52.4 | ) | (145.3 | ) | 143.3 | (31.6 | ) | (86.7 | ) | 13.9 | (40.9 | ) | 66.6 | 59.3 | 52.3 | (35.0 | ) | ||||||||||||||||||||||||||||
Interest,
monetary and exchange variation
|
(43.7 | ) | 497.3 | (131.4 | ) | (14.5 | ) | 327.5 | 2.2 | 182.1 | (136.3 | ) | (67.9 | ) | (57.8 | ) | 130.6 | ||||||||||||||||||||||||||||
Minority
interest in net income of subsidiaries
|
(22.0 | ) | (83.0 | ) | 174.0 | (18.6 | ) | (52.0 | ) | (19.3 | ) | 6.9 | 55.8 | 34.0 | 7.3 | 77.0 | |||||||||||||||||||||||||||||
Others
|
15.2 | 14.5 | (137.3 | ) | 9.2 | 5.4 | (55.0 | ) | 54.9 | 12.2 | (47.8 | ) | (99.0 | ) | (2.7 | ) | |||||||||||||||||||||||||||||
149.8 | 386.1 | 869.0 | 27.5 | 179.7 | (80.5 | ) | 259.5 | 220.3 | 149.3 | 97.8 | 401.6 | ||||||||||||||||||||||||||||||||||
Decrease/increase
in operating assets and liabilities:
|
|||||||||||||||||||||||||||||||||||||||||||||
Trade accounts
receivable, net
|
(57.1 | ) | (23.7 | ) | 1.4 | 63.9 | (63.7 | ) | 26.5 | (50.5 | ) | 56.5 | (8.5 | ) | 46.9 | (93.6 | ) | ||||||||||||||||||||||||||||
Inventories
|
(31.7 | ) | (85.9 | ) | 126.2 | (214.0 | ) | (197.2 | ) | 96.0 | 229.3 | 88.4 | (178.6 | ) | (198.8 | ) | 415.1 | ||||||||||||||||||||||||||||
Advances to
suppliers
|
(8.4 | ) | 21.1 | 37.4 | (16.8 | ) | (12.1 | ) | 22.8 | 27.2 | (38.8 | ) | 7.3 | 27.0 | 41.9 | ||||||||||||||||||||||||||||||
Trade accounts
payable
|
33.7 | 33.4 | (26.1 | ) | 90.1 | 54.8 | (83.8 | ) | (27.6 | ) | 24.1 | 30.3 | 0.9 | (81.4 | ) | ||||||||||||||||||||||||||||||
Derivative
financial instruments
|
90.4 | 4.4 | (111.1 | ) | 11.3 | (4.8 | ) | 56.0 | (58.1 | ) | (16.2 | ) | 57.9 | 25.5 | (178.2 | ) | |||||||||||||||||||||||||||||
Taxes
payable
|
(19.6 | ) | (17.1 | ) | 192.5 | (7.9 | ) | (5.0 | ) | (1.2 | ) | (2.9 | ) | (29.3 | ) | (29.7 | ) | (0.6 | ) | 252.1 | |||||||||||||||||||||||||
Other assets
and liabilities, net
|
(99.4 | ) | (61.8 | ) | (278.2 | ) | 16.2 | (126.6 | ) | 23.5 | 25.0 | 33.0 | (12.1 | ) | 11.2 | (310.3 | ) | ||||||||||||||||||||||||||||
|
(92.2 | ) | (129.6 | ) | (58.1 | ) | (57.1 | ) | (354.6 | ) | 139.8 | 142.4 | 117.7 | (133.3 | ) | (88.0 | ) | 45.6 | |||||||||||||||||||||||||||
(=)
Net cash provided by operating actitivities
|
57.6 | 256.6 | 811.0 | (29.6 | ) | (174.9 | ) | 59.2 | 401.9 | 338.0 | 16.0 | 9.8 | 447.2 | ||||||||||||||||||||||||||||||||
l
|
Cash
flow from investing activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Restricted
cash
|
(25.9 | ) | 29.3 | (18.7 | ) | 0.1 | 37.4 | (8.3 | ) | 0.1 | (14.5 | ) | (63.0 | ) | (14.6 | ) | 73.4 | ||||||||||||||||||||||||||||
Marketable
securities
|
(671.0 | ) | 558.8 | - | (202.4 | ) | (123.4 | ) | 791.6 | 93.0 | - | - | - |
#VALOR!
|
|||||||||||||||||||||||||||||||
Acquisition of
property, plant and equipment
|
(642.9 | ) | (606.2 | ) | (1,081.5 | ) | (169.3 | ) | (143.9 | ) | (131.7 | ) | (161.2 | ) | (227.0 | ) | (211.5 | ) | (239.6 | ) | (403.4 | ) | |||||||||||||||||||||||
Acquisitions,
net of cash acquired
|
(102.0 | ) | (930.4 | ) | (9.0 | ) | 0.8 | (45.2 | ) | (671.5 | ) | (214.5 | ) | (2.1 | ) | 2.1 | (239.7 | ) | 230.7 | ||||||||||||||||||||||||||
Other
|
- | 160.7 | 6.0 | - | - | (65.5 | ) | 226.2 | 92.4 | (8.8 | ) | (14.1 | ) | (63.5 | ) | ||||||||||||||||||||||||||||||
(=)
Net cash used in investing actitivities
|
(1,441.7 | ) | (787.8 | ) | (1,103.2 | ) | (370.8 | ) | (275.2 | ) | (85.4 | ) | (56.4 | ) | (151.2 | ) | (281.3 | ) | (507.9 | ) |
#VALOR!
|
||||||||||||||||||||||||
l
|
Cash
flow from financing activities:
|
||||||||||||||||||||||||||||||||||||||||||||
Proceeds from
issuance of common stock
|
1,118.4 | 200.0 | - | - | 196.2 | 0.0 | 3.8 | - | 0.7 | 303.7 | (304.4 | ) | |||||||||||||||||||||||||||||||||
Capital
increase on subsidiary from minority
|
324.4 | 11.2 | 57.4 | - | - | - | 11.2 | (62.2 | ) | (0.3 | ) | (1.3 | ) | 121.3 | |||||||||||||||||||||||||||||||
Dividends
Paid
|
(44.9 | ) | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Additions of
financial debt
|
117.5 | 789.5 | 2,020.7 | - | 174.5 | 630.4 | (15.4 | ) | 88.6 | 596.8 | 996.1 | 339.2 | |||||||||||||||||||||||||||||||||
Payments of
financial debt
|
(492.1 | ) | (111.1 | ) | (1,839.5 | ) | (39.8 | ) | (26.2 | ) | (37.1 | ) | (8.0 | ) | (69.2 | ) | (351.4 | ) | (1,064.4 | ) | (354.5 | ) | |||||||||||||||||||||||
Other
|
- | (17.8 | ) | (85.6 | ) | - | - | - | (17.8 | ) | - | - | - | (85.6 | ) | ||||||||||||||||||||||||||||||
(=)
Net cash provided by financing actitivities
|
1,023.3 | 871.9 | 153.0 | (39.8 | ) | 344.6 | 593.4 | (26.2 | ) | (42.8 | ) | 245.8 | 234.0 | (284.0 | ) | ||||||||||||||||||||||||||||||
Effect of
exchange rate changes on cash and cash
|
112.6 | 99.7 | 195.7 | 458.1 | 81.8 | (529.2 | ) | 89.0 | 23.5 | 170.8 | (46.8 | ) | 48.2 | ||||||||||||||||||||||||||||||||
(=)
Variation in cash & equivalents
|
(248.2 | ) | 440.4 | 56.5 | 17.9 | (23.7 | ) | 37.9 | 408.3 | 167.5 | 151.3 | (310.9 | ) |
#VALOR!
|
|||||||||||||||||||||||||||||||
(+) Cash and
cash equivalents at beginning of year
|
316.5 | 68.4 | 508.8 | 68.4 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 827.6 | 508.8 | ||||||||||||||||||||||||||||||||||
(=)
Cash and cash equivalents at end of year
|
68.4 | 508.8 | 565.2 | 86.3 | 62.6 | 100.5 | 508.8 | 676.3 | 827.6 | 516.7 |
#VALOR!
|
Report of
Independent Registered Public Accounting Firm
|
1
|
Consolidated
balance sheets at March 31, 2010 and 2009
|
2
|
Consolidated
statements of operations for the year ended March 31, 2010, for the
eleven-month period ended March 31, 2009 and for the year ended April 30,
2008
|
4
|
Consolidated
statements of shareholders’ equity and comprehensive income (loss) for the
year ended March 31, 2010, for the eleven-month period ended March 31,
2009 and for the year ended April 30, 2008
|
5
|
Consolidated
statements of cash flows for the year ended March 31, 2010, for the
eleven-month period ended March 31, 2009 and for the year ended April 30,
2008
|
6
|
Notes to the
consolidated financial statements
|
8
|
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
605,483 | 310,710 | ||||||
Restricted
cash
|
25,251 | 5,078 | ||||||
Derivative
financial instruments
|
129,456 | 7,352 | ||||||
Trade
accounts receivable, less allowances: 2010 – $32,144; 2009 –
$21,241
|
430,328 | 258,863 | ||||||
Inventories
|
587,720 | 477,793 | ||||||
Advances to
suppliers
|
132,258 | 88,991 | ||||||
Recoverable
taxes
|
184,090 | 114,641 | ||||||
Other current
assets
|
48,303 | 62,145 | ||||||
2,142,889 | 1,325,573 | |||||||
Property,
plant, and equipment, net
|
3,997,815 | 2,101,787 | ||||||
Goodwill
|
1,289,625 | 803,270 | ||||||
Intangible
assets, net
|
600,573 | 241,351 | ||||||
Accounts
receivable from federal government
|
187,385 | 139,700 | ||||||
Judicial
deposits
|
94,083 | 73,975 | ||||||
Other
non-current assets
|
423,447 | 277,028 | ||||||
6,592,928 | 3,637,111 | |||||||
Total
assets
|
8,735,817 | 4,962,684 |
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Liabilities
and shareholders’ equity
|
||||||||
Current
liabilities:
|
||||||||
Trade
accounts payable
|
319,707 | 197,009 | ||||||
Taxes
payable
|
121,203 | 69,273 | ||||||
Salaries
payable
|
79,497 | 40,237 | ||||||
Current
portion of long-term debt
|
445,593 | 630,260 | ||||||
Derivative
financial instruments
|
43,067 | 28,894 | ||||||
Dividends
payable
|
65,451 | - | ||||||
Other
liabilities
|
111,971 | 47,946 | ||||||
1,186,489 | 1,013,619 | |||||||
Long-term
liabilities:
|
||||||||
Long-term
debt
|
2,842,953 | 1,246,994 | ||||||
Estimated
liability for legal proceedings
|
294,605 | 497,648 | ||||||
Taxes
payable
|
381,805 | 149,621 | ||||||
Due to Cosan
Limited
|
- | 175,000 | ||||||
Deferred
income taxes
|
408,832 | 40,377 | ||||||
Other
long-term liabilities
|
154,728 | 116,429 | ||||||
4,082,923 | 2,226,069 | |||||||
Shareholders’
equity:
|
||||||||
Common
stock, no par value. Authorized 406,560,317 shares; issued and outstanding
406,560,317 in 2010 and 328,284,884 shares in
2009
|
2,420,018 | 1,945,741 | ||||||
Common
stock warrants
|
- | 25,273 | ||||||
Treasury
stock
|
(1,979 | ) | (1,979 | ) | ||||
Additional
paid-in capital
|
390,600 | 167,610 | ||||||
Accumulated
other comprehensive income (accumulated loss)
|
343,136 | (280,888 | ) | |||||
Retained
earnings (losses)
|
281,238 | (146,099 | ) | |||||
Equity
attributable to shareholders of Cosan
|
3,433,013 | 1,709,658 | ||||||
Equity
attributable to noncontrolling interests
|
33,392 | 13,338 | ||||||
Total
shareholders’ equity
|
3,466,405 | 1,722,996 | ||||||
Total
liabilities and shareholders' equity
|
8,735,817 | 4,962,684 |
March
31,
|
March
31,
|
April
30,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
Net
sales
|
8,283,151 | 2,926,460 | 1,491,233 | |||||||||
Cost of goods
sold
|
(7,219,027 | ) | (2,617,877 | ) | (1,344,844 | ) | ||||||
Gross
profit
|
1,064,124 | 308,583 | 146,389 | |||||||||
Selling
expenses
|
(470,322 | ) | (213,257 | ) | (168,623 | ) | ||||||
General and
administrative expenses
|
(268,312 | ) | (136,272 | ) | (113,431 | ) | ||||||
Operating
income (loss)
|
325,490 | (40,946 | ) | (135,665 | ) | |||||||
Other income
(expenses):
|
||||||||||||
Financial
income (expenses), net
|
180,242 | (374,711 | ) | 79,284 | ||||||||
Gain on tax
recovery program
|
144,857 | - | - | |||||||||
Other
|
34,341 | (2,289 | ) | (3,670 | ) | |||||||
Income (loss)
before income taxes and equity in income (loss) of
affiliates
|
684,930 | (417,946 | ) | (60,051 | ) | |||||||
Income taxes
benefit (expense)
|
(184,781 | ) | 144,690 | 19,810 | ||||||||
Income (loss)
before equity in income (loss) of affiliates
|
500,149 | (273,256 | ) | (40,241 | ) | |||||||
Equity in
income (loss) of affiliates
|
(10,254 | ) | 6,128 | (239 | ) | |||||||
Net income
(loss)
|
489,895 | (267,128 | ) | (40,480 | ) | |||||||
Net (income)
loss attributable to noncontrolling interests
|
2,893 | (4 | ) | 865 | ||||||||
Net income
(loss) attributable to Cosan
|
492,788 | (267,132 | ) | (39,615 | ) | |||||||
Per-share
amounts attributable to Cosan
|
||||||||||||
Net income
(loss)
|
||||||||||||
Basic
|
1.31 | (0.89 | ) | (0.18 | ) | |||||||
Diluted
|
1.31 | * | * | |||||||||
Weighted
average number of shares outstanding
|
||||||||||||
Basic
|
375,973,226 | 300,994,991 | 222,620,060 | |||||||||
Diluted
|
377,142,643 | * | * |
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 April 30, 2007
|
188,886,360 | 535,105 | - | - | - | - | 160,944 | 160,648 | 71,953 | 8,512 | 937,162 | |||||||||||||||||||||||||||||||||
Issuance of
common shares for cash
|
82,700,000 | 967,198 | - | - | - | - | - | - | - | - | 967,198 | |||||||||||||||||||||||||||||||||
Exercise of
stock options
|
961,672 | 10,683 | - | - | - | - | (7,344 | ) | - | - | - | 3,339 | ||||||||||||||||||||||||||||||||
Share based
compensation
|
- | - | - | - | - | - | 8,153 | - | - | - | 8,153 | |||||||||||||||||||||||||||||||||
Net
loss
|
- | - | - | - | - | - | - | (39,615 | ) | - | (865 | ) | (40,480 | ) | ||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | 249,868 | 1,584 | 251,452 | |||||||||||||||||||||||||||||||||
Comprehensive
income
|
- | - | - | - | - | - | - | - | - | - | 210,972 | |||||||||||||||||||||||||||||||||
Balances
at April 30, 2008
|
272,548,032 | 1,512,986 | - | - | - | - | 161,753 | 121,033 | 321,821 | 9,231 | 2,126,824 | |||||||||||||||||||||||||||||||||
Issuance of
common shares for cash
|
55,000,000 | 430,810 | - | - | 55,000,000 | 25,273 | - | - | - | 456,083 | ||||||||||||||||||||||||||||||||||
Exercise
of stock options
|
736,852 | 1,945 | - | - | - | - | - | - | - | 1,945 | ||||||||||||||||||||||||||||||||||
Share based
compensation
|
- | - | - | - | - | - | 5,857 | - | - | 5,857 | ||||||||||||||||||||||||||||||||||
Treasury
stock
|
- | - | 343,139 | (1,979 | ) | - | - | - | - | - | (1,979 | ) | ||||||||||||||||||||||||||||||||
Issuance of
common shares of Novo Rumo to non-controlling interest
|
- | - | - | - | - | - | - | - | - | 7,670 | 7,670 | |||||||||||||||||||||||||||||||||
Net
loss
|
- | - | - | - | - | - | - | (267,132 | ) | - | 4 | (267,128 | ) | |||||||||||||||||||||||||||||||
Pension
plan
|
- | - | - | - | - | - | - | - | 2,364 | - | 2,364 | |||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | (605,073 | ) | (3,567 | ) | (608,640 | ) | ||||||||||||||||||||||||||||||
Total
comprehensive loss
|
(873,404 | ) | ||||||||||||||||||||||||||||||||||||||||||
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
|
- | - | - | - | - | - | 76,427 | - | - | 69,544 | 145,971 | |||||||||||||||||||||||||||||||||
Issuance of
common shares in business combination
|
44,300,389 | 169,552 | - | 117,931 | - | - | (62,476 | ) | 225,007 | |||||||||||||||||||||||||||||||||||
Exercise of
stock options
|
982,513 | 14,032 | - | - | - | - | (10,693 | ) | - | - | - | 3,339 | ||||||||||||||||||||||||||||||||
Exercise of
common stock warrants
|
32,992,531 | 290,693 | - | - | (55,000,000 | ) | (25,273 | ) | 35,725 | - | - | - | 301,145 | |||||||||||||||||||||||||||||||
Acquisition of
TEAS
|
- | - | - | - | - | - | - | - | - | 9,075 | 9,075 | |||||||||||||||||||||||||||||||||
Dividends
|
- | - | - | - | - | - | - | (65,451 | ) | - | - | (65,451 | ) | |||||||||||||||||||||||||||||||
Share based
compensation
|
- | - | - | - | - | - | 3,600 | - | - | - | 3,600 | |||||||||||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | - | - | 492,788 | - | (2,893 | ) | 489,895 | ||||||||||||||||||||||||||||||||
Pension
Plan
|
- | - | - | - | - | - | - | - | 30,199 | - | 30,199 | |||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | 593,825 | 6,804 | 600,629 | |||||||||||||||||||||||||||||||||
Total
comprehensive income
|
1,200,723 | |||||||||||||||||||||||||||||||||||||||||||
Balances at
March 31, 2010
|
406,560,317 | 2,420,018 | 343,139 | (1,979 | ) | - | - | 390,600 | 281,238 | 343,136 | 33,392 | 3,466,405 |
March
31,
|
March
31,
|
April
30,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
Cash flow
from operating activities
|
||||||||||||
Net (loss)
income for the period attributable to Cosan
|
492,788 | (267,132 | ) | (39,615 | ) | |||||||
Adjustments
to reconcile net income to cash provided by
|
||||||||||||
operating
activities:
|
||||||||||||
Depreciation
and amortization
|
485,898 | 288,660 | 236,065 | |||||||||
Deferred
income taxes
|
143,322 | (145,328 | ) | (52,438 | ) | |||||||
Interest,
monetary and exchange variation
|
(134,025 | ) | 497,399 | (43,684 | ) | |||||||
Net loss
(income) attributable to noncontrolling interests
|
2,893 | - | (865 | ) | ||||||||
Gain on tax
recovery program
|
(144,857 | ) | - | - | ||||||||
Others
|
(1,419 | ) | 3,340 | 13,981 | ||||||||
Decrease/increase
in operating assets and liabilities
|
||||||||||||
Trade
accounts receivable, net
|
1,356 | (23,694 | ) | (57,107 | ) | |||||||
Inventories
|
126,164 | (85,891 | ) | (31,739 | ) | |||||||
Advances to
suppliers
|
37,362 | 21,091 | (8,363 | ) | ||||||||
Recoverable
taxes
|
(20,535 | ) | (32,858 | ) | (44,543 | ) | ||||||
Trade
accounts payable
|
(26,117 | ) | 33,426 | 33,702 | ||||||||
Derivative
financial instruments
|
(111,077 | ) | 4,365 | 90,383 | ||||||||
Taxes
payable
|
192,482 | (17,072 | ) | (19,588 | ) | |||||||
Other assets
and liabilities, net
|
(261,717 | ) | (29,566 | ) | (54,901 | ) | ||||||
Net cash
provided by operating activities
|
782,518 | 246,740 | 21,288 | |||||||||
Cash flows
from investing activities:
|
||||||||||||
Restricted
cash
|
(18,650 | ) | 29,312 | (25,886 | ) | |||||||
Marketable
securities
|
- | 558,761 | (215,226 | ) | ||||||||
Proceeds from
sales of property, plant and equipment
|
5,959 | 160,703 | - | |||||||||
Proceeds from
sale of aviation business
|
58,431 | - | - | |||||||||
Additions of
property, plant and equipment
|
(1,081,484 | ) | (606,155 | ) | (642,886 | ) | ||||||
Acquisitions,
net of cash acquired and other investments
|
(9,007 | ) | (777,713 | ) | (101,961 | ) | ||||||
Net cash used
in investing activities
|
(1,044,751 | ) | (635,092 | ) | (985,959 | ) | ||||||
Cash flows
from financing activities:
|
||||||||||||
Related
parties
|
(279,640 | ) | (15,823 | ) | - | |||||||
Proceeds from
issuance of common stock
|
- | 456,083 | 1,032,821 | |||||||||
Payments of
dividends
|
- | - | (44,935 | ) | ||||||||
Treasury
stock
|
- | (1,979 | ) | - | ||||||||
Additions of
long-term debt
|
1,996,229 | 638,390 | 117,533 | |||||||||
Increase of
capital in subsidiary by minorities
|
304,427 | 6,641 | - | |||||||||
Payments of
long-term debt
|
(1,669,851 | ) | (111,079 | ) | (492,052 | ) | ||||||
Net cash
provided by financing activities
|
351,165 | 972,233 | 613,367 | |||||||||
Effect
of exchange rate changes on cash and
|
||||||||||||
cash
equivalents
|
205,841 | (312,003 | ) | 73,594 | ||||||||
Net increase
(decrease) in cash and cash equivalents
|
294,773 | 271,878 | (277,710 | ) | ||||||||
Cash and cash
equivalents at beginning of period
|
310,710 | 38,832 | 316,542 | |||||||||
Cash and cash
equivalents at end of period
|
605,483 | 310,710 | 38,832 |
2010
|
2009
|
2008
|
||||||||||
Supplemental
cash flow information
|
||||||||||||
Cash paid
during the period for:
|
||||||||||||
Interest
|
208,367 | 74,049 | 124,502 | |||||||||
Income
taxes
|
33,403 | 3,855 | 18,787 | |||||||||
Non cash
transaction
|
||||||||||||
Acquisition
paid with equity
|
435,405 | - | 250,774 | |||||||||
1.
|
Operations
|
1.
|
Operations
(Continued)
|
1.
|
Operations
(Continued)
|
2.
|
Presentation
of the consolidated financial
statements
|
3.
|
Significant
accounting polices
|
a.
|
Principles
of consolidation
|
Ownership
% direct and indirect
|
|||||||
2010
|
2009
|
2008
|
|||||
Administração
de Participações Aguassanta Ltda.
|
91.5%
|
91.5%
|
91.5%
|
||||
Cosan S.A.
Açúcar e Álcool (1)
|
99.6%
|
99.6%
|
89.9%
|
||||
Águas da
Ponta 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%
|
99,1%
|
||||
Cosan
Centroeste S.A. Açúcar e Álcool
|
99.6%
|
99.6%
|
99,1%
|
||||
Barra S.A.
Bioenergia
|
99.6%
|
99.6%
|
99,1%
|
||||
DaBarra
Alimentos Ltda.
|
99.6%
|
99.6%
|
99,1%
|
||||
Bonfim Nova
Tamoio – BNT Agrícola Ltda.
|
99.6%
|
99.6%
|
99,1%
|
||||
Benálcool
S.A. Açúcar e Álcool
|
99.6%
|
99.6%
|
99,1%
|
||||
Barrapar
Participações S.A.
|
99.6%
|
99.6%
|
-
|
||||
Aliança
Indústria e Comércio de Açúcar e Álcool S.A.
|
99.6%
|
99.6%
|
-
|
||||
Cosan
Distribuidora de Combustíveis Ltda.
|
99.9%
|
100.0%
|
99.9%
|
||||
Cosan S.A.
Bioenergia
|
100.0%
|
100.0%
|
100.0%
|
||||
Cosan
International Universal Corporation
|
100.0%
|
100.0%
|
100.0%
|
||||
Cosan Finance
Limited
|
100.0%
|
100.0%
|
100.0%
|
||||
Grançucar
S.A. Refinadora de Açúcar
|
100.0%
|
100.0%
|
100.0%
|
||||
Cosanpar
Participações S.A. (2)
|
-
|
100.0%
|
-
|
||||
Cosan
Combustíveis e Lubrificantes S.A.
|
100.0%
|
-
|
-
|
||||
Copsapar
Participações S.A.
|
90.0%
|
90.0%
|
-
|
||||
Novo Rumo
Logística S.A.
|
92.9%
|
-
|
-
|
||||
Rumo
Logística S.A.
|
92.9%
|
-
|
-
|
||||
Cosan
Operadora Portuária S.A.
|
92,9%
|
92,9%
|
-
|
||||
Teaçú
Armazéns Gerais S.A.
|
92.9%
|
-
|
-
|
||||
Teas Terminal
Exportador de Álcool de Santos S.A. (3)
|
66.7%
|
32,0%
|
-
|
||||
Cosan
Alimentos S.A. (formerly known as Nova América S.A. –
Agroenergia)
|
100.0%
|
-
|
-
|
||||
Pasadena
Empreendimentos e Participações S.A. (4)
|
-
|
-
|
-
|
(1)
|
Usina da
Barra S/A Açúcar e Álcool was renamed as Cosan S/A Açucar e
Alcool;
|
(2)
|
In June 23,
2009, Cosan CL incorporated the Cosanpar Participações
S/A.;
|
(3)
|
Increase of
stockholding with acquisition of control (see Note 8);
and
|
(4)
|
Immaterial
special purpose entity controlled by the
Company.
|
3.
|
Significant accounting
polices (Continued)
|
|
b.
|
Revenue
recognition
|
|
c.
|
Advertising
and sales promotion costs
|
|
d.
|
Use
of estimates
|
3.
|
Significant accounting
polices (Continued)
|
|
e.
|
Cash
and cash equivalents
|
|
f.
|
Restricted
cash
|
|
g.
|
Trade
accounts receivable and allowance for doubtful
accounts
|
|
h.
|
Inventories
|
3.
|
Significant accounting
polices (Continued)
|
|
i.
|
Investment
in affiliated companies
|
|
j.
|
Property,
plant and equipment
|
3.
|
Significant accounting
polices (Continued)
|
|
j.
|
Property,
plant and equipment (Continued)
|
|
k.
|
Asset
retirement obligations
|
l.
|
Goodwill
and other intangible assets
|
m.
|
Environmental
matters
|
3.
|
Significant accounting
polices (Continued)
|
|
n.
|
Estimated
liability for legal proceedings and labor
claims
|
|
o.
|
Income
taxes
|
3.
|
Significant accounting
polices (Continued)
|
|
p.
|
Earnings
(losses) per share
|
|
q.
|
Share-based
compensation
|
|
r.
|
Derivative
financial instruments
|
3.
|
Significant accounting
polices (Continued)
|
s.
|
Fair
Value Measurements
|
|
t.
|
Recently
adopted accounting standards
|
3.
|
Significant accounting
polices (Continued)
|
u.
|
New
Accounting Pronouncements
|
3.
|
Significant accounting
polices (Continued)
|
4.
|
Cash
and cash equivalents
|
2010
|
2009
|
|||||||
Local
currency
|
||||||||
Cash and bank
accounts
|
41,321 | 61,268 | ||||||
Highly liquid
investments
|
492,430 | 228,291 | ||||||
Foreign
currency
|
||||||||
Bank
accounts
|
71,732 | 21,151 | ||||||
605,483 | 310,710 |
5.
|
Derivative
financial instruments
|
5.
|
Derivative financial
instruments (Continued)
|
Balance
sheet location
|
Notional
amounts
|
Carrying
value asset (liability)
|
|||||||||||||||
Derivative
Financial Instruments
|
March
31, 2010
|
March
31, 2009
|
March
31, 2010
|
March
31, 2009
|
|||||||||||||
Commodities
derivatives
|
|||||||||||||||||
Future
contracts:
|
|||||||||||||||||
Purchase
commitments - sugar
|
Current
assets (liabilities)
|
102,725 | 61 | (19,128 | ) | (4 | ) | ||||||||||
Sell
commitments
|
Current
assets
|
558,385 | 182,943 | 82,229 | 4,163 | ||||||||||||
Swap
agreements
|
Current
assets
|
56,594 | - | 607 | - | ||||||||||||
Options:
|
|||||||||||||||||
Purchased
|
Current
assets
|
145,517 | - | 12,777 | - | ||||||||||||
Written
|
Current
assets (liabilities)
|
457,841 | 64,366 | (19,362 | ) | (2,906 | ) | ||||||||||
Foreign
exchange and interest rate derivatives
|
|||||||||||||||||
Forward
contracts:
|
|||||||||||||||||
Sale
commitments
|
Current
assets (liabilities)
|
573,250 | 184,653 | 4,490 | (23,035 | ) | |||||||||||
Purchase
commitments
|
Current
assets (liabilities)
|
571,500 | - | (4,226 | ) | - | |||||||||||
Swap
agreements:
|
|||||||||||||||||
Senior
notes
|
Current
(liabilities)
|
- | 246,501 | - | (2,949 | ) | |||||||||||
Interest
Libor
|
Current assets (liabilities) | 300,000 | - | (351 | ) | - | |||||||||||
Future
contracts
|
|||||||||||||||||
Sale
commitments
|
Current
assets
|
487,800 | 372,230 | 20,527 | 3,189 | ||||||||||||
Options
|
|||||||||||||||||
Purchased
|
Current
assets
|
372,568 | - | 8,826 | - | ||||||||||||
Total
assets
|
129,456 | 7,352 | |||||||||||||||
Total
liabilities
|
(43,067 | ) | (28,894 | ) |
6.
|
Inventories
|
2010
|
2009
|
|||||||
Finished
goods:
|
||||||||
Sugar
|
52,561 | 47,195 | ||||||
Ethanol
|
31,573 | 86,809 | ||||||
Lubricants
and Fuel (Gasoline, Diesel and Ethanol)
|
149,613 | 120,108 | ||||||
233,747 | 254,112 | |||||||
Annual
maintenance cost of growing crops
|
243,709 | 167,576 | ||||||
Others
|
110,264 | 56,104 | ||||||
587,720 | 477,792 |
7.
|
Property,
plant and equipment, net
|
2010
|
2009
|
|||||||
Land and
rural properties
|
427,454 | 321,902 | ||||||
Machinery,
equipment and installations
|
2,683,191 | 1,217,512 | ||||||
Vehicles
|
168,875 | 123,867 | ||||||
Furniture,
fixtures and computer equipment
|
71,254 | 44,600 | ||||||
Buildings
|
569,255 | 218,866 | ||||||
Construction
in progress
|
811,395 | 395,200 | ||||||
Sugarcane
plant development costs
|
807,757 | 655,306 | ||||||
Leasehold
improvements and others
|
264,693 | 153,432 | ||||||
5,803,874 | 3,122,429 | |||||||
Accumulated
depreciation and amortization
|
(1,806,059 | ) | (1,028,898 | ) | ||||
Total
|
3,997,815 | 2,101,787 |
8.
|
Acquisitions
|
Cash
|
52,985 | |||
Common stock
at fair value
|
114,318 | |||
Total
consideration transferred
|
167,303 |
8.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
44,417 | |||
Intangible
assets
|
138,424 | |||
Inventories
|
1,209 | |||
Other
assets
|
26,566 | |||
Long-term
debt including current installments
|
(18,933 | ) | ||
Trade
accounts payable
|
(485 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(3,289 | ) | ||
Deferred
income taxes
|
(45,523 | ) | ||
Other
liabilities
|
(3,117 | ) | ||
Net assets
acquired
|
139,269 | |||
Consideration
transferred, net of cash acquired
|
167,008 | |||
Goodwill
|
27,739 |
8.
|
Acquisitions
(Continued)
|
Provisional
goodwill
|
102,052 | |||
Intangible
assets – port concession granted by the government
|
(138,424 | ) | ||
Adjustments
of fair value of PP&E
|
(4,193 | ) | ||
Adjustments
of fair value of other assets and liabilities
|
4,051 | |||
Deferred
income tax
|
47,467 | |||
Change in
consideration transferred of common stock at fair value
|
16,786 | |||
Goodwill
|
27,739 |
8.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
455,651 | |||
Intangible
assets
|
125,491 | |||
Noncontrolling
interest in Novo Rumo
|
68,180 | |||
Inventories
|
61,323 | |||
Account
receivables
|
62,215 | |||
Recoverable
taxes
|
12,527 | |||
Related
parties
|
34,846 | |||
Other
assets
|
100,555 | |||
Long-term
debt including current installments
|
(604,234 | ) | ||
Trade
accounts payable
|
(80,936 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(10,461 | ) | ||
Taxes and
contributions payable
|
(28,821 | ) | ||
Deferred
income taxes
|
(24,359 | ) | ||
Other
liabilities
|
(64,802 | ) | ||
Net assets
acquired
|
107,175 | |||
Consideration
transferred, net of cash acquired
|
294,605 | |||
Goodwill
|
187,430 |
8.
|
Acquisitions
(Continued)
|
Provisional
goodwill
|
290,519 | |||
Intangible
assets – Trademark (“União”) and Purchase Contracts
|
(125,491 | ) | ||
Adjustments
of fair value of PP&E
|
(85,000 | ) | ||
Adjustments
of fair value of recoverable taxes
|
9,569 | |||
Adjustments
of fair value of receivables
|
33,669 | |||
Adjustments
of fair value of other assets and liabilities
|
(3,171 | ) | ||
Deferred
income tax
|
67,335 | |||
Goodwill
|
187,430 |
Cash
|
11,574 | |||
Acquisition
date fair value of initial 40% investment
|
11,226 | |||
Total
|
22,800 |
8.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
12,089 | |||
Other
assets
|
489 | |||
Trade
accounts payable
|
(74 | ) | ||
Other
liabilities
|
(206 | ) | ||
Non-controlling
interest
|
(3,574 | ) | ||
Net assets
acquired
|
8,724 | |||
Consideration
transferred, net of cash acquired
|
12,917 | |||
Goodwill
|
4,193 |
8.
|
Acquisitions
(Continued)
|
8.
|
Acquisitions
(Continued)
|
Cosan
CL
|
||||
Description
|
US$
|
|||
Trade
accounts receivable
|
134,634 | |||
Inventories
|
141,167 | |||
Property,
plant and equipment
|
440,296 | |||
Intangible
assets
|
167,054 | |||
Other
assets
|
108,154 | |||
Loans and
financings
|
(25,638 | ) | ||
Trade
accounts payable
|
(79,680 | ) | ||
Deferred
income taxes
|
(92,637 | ) | ||
Notes payable
to ExxonMobil Capital N.V.
|
(175,327 | ) | ||
Estimated
liability for legal proceedings and labor claims (Note 14)
|
(111,608 | ) | ||
Estimated
liability for unrecognized tax benefits (Note 16)
|
(34,605 | ) | ||
Actuarial
liability
|
(31,338 | ) | ||
Other
liabilities
|
(41,107 | ) | ||
Net assets
(liabilities) acquired (assumed)
|
399,365 | |||
Consideration
transferred, net of cash acquired
|
711,858 | |||
Goodwill
|
312,493 |
8.
|
Acquisitions
(Continued)
|
2010
|
2009
|
|||||||
Net
sales
|
8,380,069 | 6,686,752 | ||||||
Net (loss)
income
|
488,013 | (302,954 | ) | |||||
Basic EPS
(loss per share) per thousand shares (US$)
|
1.30 | (1.01 | ) | |||||
Diluted EPS
(loss per share) per thousand shares (US$)
|
1.29 | * |
9.
|
Goodwill
and other Intangible assets
|
Sugar
and Ethanol
segment
(S&E)
|
Sugar
Logistics
segment
(Rumo)
|
Fuels
Distribution
and Lubricants
segment
(CCL)
|
Total
|
|||||||||||||
Balance as of
April 30, 2008
|
688,383 | - | - | 688,383 | ||||||||||||
Acquisitions
|
- | - | 312,493 | 312,493 | ||||||||||||
Total tax benefit applied to reduce goodwill | (11,736 | ) | - | - | (11,736 | ) | ||||||||||
Effect of
currency translation
|
(186,724 | ) | - | 854 | (185,870 | ) | ||||||||||
Balance as of
March 31, 2009
|
489,923 | - | 313,347 | 803,270 | ||||||||||||
Acquisitions
|
187,430 | 27,739 | - | 215,169 | ||||||||||||
Sale of
Esso´s Aviation business
|
- | - | (19,374 | ) | (19,374 | ) | ||||||||||
Addition
related to contingent consideration from Cosan CL
acquisition
|
- | - | 26,208 | 26,208 | ||||||||||||
Effect of
currency translation
|
165,507 | 7,927 | 90,918 | 264,352 | ||||||||||||
Balance as of
March 31, 2010
|
842,860 | 35,666 | 411,099 | 1,289,625 |
9.
|
Goodwill and other Intangible
assets (Continued)
|
As
of March 31, 2010
|
|||||||||||||
Weighted
|
|||||||||||||
Gross
|
average
|
Net
|
|||||||||||
carrying
|
amortization
|
Accumulated
|
Carrying
|
||||||||||
amount
|
period
|
amortization
|
Amount
|
||||||||||
Intangible
assets subject to amortization:
|
|||||||||||||
Favorable
operating leases
|
126,615 |
16
years
|
(46,624 | ) | 79,991 | ||||||||
Trademark
(“Barra”)
|
6,689 |
15
years
|
(3,383 | ) | 3,306 | ||||||||
Trademark
(“Esso”)
|
70,130 |
5
years
|
(18,701 | ) | 51,429 | ||||||||
Trademark ("
União")
|
49,663 |
50
years
|
(828 | ) | 48,835 | ||||||||
Port
concession
|
177,977 |
27
years
|
(6,592 | ) | 171,385 | ||||||||
Purchase
Contracts
|
87,313 |
18
years
|
(4,042 | ) | 83,271 | ||||||||
Customer base
- Esso
|
150,904 |
29
years
|
(6,938 | ) | 143,966 | ||||||||
Software
|
46,912 |
5
years
|
(28,522 | ) | 18,390 | ||||||||
Total
|
716,203 | (115,630 | ) | 600,573 |
As
of March 31, 2009
|
|||||||||||||
Weighted
|
|||||||||||||
Gross
|
average
|
Net
|
|||||||||||
carrying
|
amortization
|
Accumulated
|
Carrying
|
||||||||||
amount
|
period
|
amortization
|
Amount
|
||||||||||
Intangible
assets subject to amortization:
|
|||||||||||||
Favorable
operating leases
|
97,401 |
16
years
|
(30,036 | ) | 67,365 | ||||||||
Trademark
(“Barra”)
|
5,145 |
15
years
|
(2,259 | ) | 2,886 | ||||||||
Trademark
(“Esso”)
|
53,949 |
5
years
|
(3,597 | ) | 50,352 | ||||||||
Customer
base - Esso
|
116,085 |
29
years
|
(7,738 | ) | 108,347 | ||||||||
Software
|
27,526 |
5
years
|
(15,125 | ) | 12,401 | ||||||||
Total
|
300,106 | (58,755 | ) | 241,351 |
9.
|
Goodwill and other Intangible
assets (Continued)
|
2011
|
46,818 | |||
2012
|
46,818 | |||
2013
|
41,471 | |||
2014
|
34,704 | |||
2015
|
24,506 | |||
Thereafter
|
406,256 | |||
600,573 |
10.
|
Accounts
receivable from Federal Government
|
11.
|
Taxes
payable
|
March
31,
2010
|
March
31,
2009
|
|||||||
Tax Recovery
Program – Federal REFIS (1)
|
- | 69,516 | ||||||
Special Tax
Payment Program – PAES (1)
|
230 | 28,912 | ||||||
Tax Recovery
from Brazilian Law No 11.941/09 and MP 470/09
|
373,650 | - | ||||||
Income Tax
and Social Contribution
|
50,471 | 71,747 | ||||||
Others
|
78,657 | 48,719 | ||||||
503,008 | 218,894 | |||||||
Current
liabilities
|
(121,203 | ) | (69,273 | ) | ||||
Long-term
liabilities
|
381,805 | 149,621 |
|
(1)
|
These tax
recovery programs have been reassessed and transferred to the Tax Recovery from
Brazilian Law No 11.941/09 and MP 470/09, except for the recovery program
related to PAES – salário
educação.
|
11.
|
Taxes payable
(Continued)
|
2010
|
||||
Tax payable
and related estimated liability for legal proceedings before joining the
tax recovery program Law 11.941 and MP 470
|
898,802 | |||
Legal
reductions
|
(348,604 | ) | ||
Net
balance overdue on tax recovery program Law 11.941 and MP
470
|
550,198 | |||
Tax payable
and related estimated liability for legal proceedings recorded before
joining the tax recovery program Law 11.941 and MP 470
|
(701,985 | ) | ||
Current
translation adjustment
|
6,930 | |||
Gain
on tax recovery program
|
(144,857 | ) | ||
Net
balance overdue on tax recovery program Law 11.941 and MP
470
|
550,198 | |||
Amortization
of Judicial Deposits
|
(56,620 | ) | ||
Use of income
tax loss carry forward
|
(114,488 | ) | ||
Installments
paid
|
(16,444 | ) | ||
Interest
|
11,004 | |||
Tax Recovery from Brazilian Law No 11.941/09 and
MP 470/09 as of March 31, 2010
|
373,650 |
12.
|
Long-term
debt
|
Index
|
Average
annual interest rate
|
March
31, 2010
|
March
31, 2009
|
||||||||||
Resolution
No. 2471 (PESA)
|
IGP-M
|
4.0 | % | 295,291 | 213,314 | ||||||||
Senior notes
due 2009
|
US
Dollar
|
9.0 | % | - | 37,343 | ||||||||
Senior notes
due 2014
|
US
Dollar
|
9.5 | % | 354,433 | - | ||||||||
Senior notes
due 2017
|
US
Dollar
|
7.0 | % | 404,589 | 404,589 | ||||||||
IFC
|
US
Dollar
|
7.4 | % | - | 49,379 | ||||||||
Perpetual
notes
|
US
Dollar
|
8.3 | % | 455,304 | 455,304 | ||||||||
BNDES
|
TJLP
|
2.6 | % | 520,068 | 99,561 | ||||||||
Promissory
notes
|
DI
|
3.0 | % | - | 501,888 | ||||||||
Credit
notes
|
DI
|
2.4 | % | 212,660 | - | ||||||||
Credit
notes
|
US
Dollar
|
6.2 | % | 102,656 | - | ||||||||
Export
Pre-payment
|
US
Dollar
|
5.2 | % | 547,230 | - | ||||||||
Others
|
Various
|
Various
|
396,315 | 115,876 | |||||||||
3,288,546 | 1,877,254 | ||||||||||||
Current
portion
|
(445,593 | ) | (630,260 | ) | |||||||||
Long-term
debt
|
2,842,953 | 1,246,994 |
12.
|
Long-term
debt--Continued
|
2012
|
339,438 | |||
2013
|
416,285 | |||
2014
|
127,810 | |||
2015
|
472,831 | |||
2016
|
59,154 | |||
2017
|
459,247 | |||
2018
|
57,141 | |||
2019
and thereafter
|
911,047 | |||
2,842,953 |
12.
|
Long-term debt
(Continued)
|
12.
|
Long-term debt
(Continued)
|
13.
|
Related
parties
|
Assets
|
||||||||
March
31, 2010
|
March
31, 2009
|
|||||||
Cosan
Alimentos S.A.
|
- | 13,123 | ||||||
Rezende
Barbosa S.A. Administração e Participações
|
48,889 | - | ||||||
Vertical UK
LLP
|
- | 11,597 | ||||||
Others
|
10,780 | - | ||||||
59,669 | 24,720 | |||||||
Current (*)
|
(13,958 | ) | (24,720 | ) | ||||
Noncurrent
(*)
|
45,711 | - | ||||||
Liabilities
|
||||||||
March
31, 2010
|
March
31, 2009
|
|||||||
Cosan
Limited
|
- | 175,307 | ||||||
Logispot
Armazéns Gerais S.A.
|
6,313 | - | ||||||
Others
|
1,781 | 1,926 | ||||||
8,094 | 177,233 | |||||||
Current
(*)
|
8,094 | (2,233 | ) | |||||
Noncurrent
|
- | 175,000 |
13.
|
Related parties
(Continued)
|
2010
|
2009
|
2008
|
||||||||||
Transactions
involving assets
|
||||||||||||
Cash received
due to the sale of finished products and assets and
services held, net of payments
|
(159,734 | ) | (242,320 | ) | (36,773 | ) | ||||||
Sale of
finished products and services
|
137,147 | 122,381 | 46,410 | |||||||||
Sale of real
estate (land) (Note 21)
|
- | 13,967 | - | |||||||||
Sale of
interest in a subsidiary (Note 21)
|
- | 123,649 | - | |||||||||
Financial
income
|
9,624 | - | - | |||||||||
Added through
acquisition
|
39,240 | - | - | |||||||||
Transactions
involving liabilities
|
||||||||||||
Payment of
financial resources, net of funding
|
2,698 | - | - | |||||||||
Due to Cosan
Limited
|
(172,721 | ) | 178,455 | - | ||||||||
Financial
expenses/(income)
|
(42,126 | ) | 1,478 | - | ||||||||
Other
|
- | (2,700 | ) | (395 | ) |
14.
|
Pension
and other postretirement benefits
|
|
a)
|
Description
of the plans
|
|
b)
|
Changes
in plan assets and plan liabilities
|
March
31,
2010
|
March
31,
2009
|
|||||||
Change
in benefit obligation
|
||||||||
Projected
benefit obligation
|
156,505 | 153,171 | ||||||
Service
cost
|
2,935 | 578 | ||||||
Interest cost
on pension benefit obligation
|
16,291 | 3,367 | ||||||
Benefits
payments
|
(10,173 | ) | (1,710 | ) | ||||
Actuarial
(gain) losses
|
(28,817 | ) | (102 | ) | ||||
Effect of
exchange rate changes
|
46,041 | 1,201 | ||||||
Projected
benefit obligation at end of year
|
182,782 | 156,505 | ||||||
Change
in plan assets
|
||||||||
Fair value of
plan assets at date of acquisition
|
128,382 | 121,518 | ||||||
Actual return
on plan assets
|
31,638 | 6,218 | ||||||
Employer
contributions
|
4,503 | 1,371 | ||||||
Benefits
payments
|
(9,135 | ) | (1,710 | ) | ||||
Effect of
exchange rate changes
|
39,841 | 985 | ||||||
Fair
value of plan assets at end of year
|
195,229 | 128,382 |
14.
|
Pension and other
postretirement benefits
(Continued)
|
|
b)
|
Changes in plan assets and plan
liabilities (Continued)
|
March
31,
2010
|
March
31,
2009
|
|||||||
Accrued
pension cost asset (liability)
|
||||||||
Funded
status, excess projected benefit obligation over plan
assets
|
12,447 | (28,123 | ) | |||||
Accrued
pension cost – Other non-current assets
|
12,447 | - | ||||||
Accrued
pension cost – Other current liabilities
|
- | (7,211 | ) | |||||
Accrued
pension cost – Other non-current liabilities
|
- | (20,912 | ) |
c)
|
Amounts
recognized in accumulated other comprehensive income
(loss)
|
Pension
benefits
|
||||||||
March
31,
2010
|
March
31,
2009
|
|||||||
Unrecognized
gains
|
50,202 | 3,553 | ||||||
Deferred
income taxes
|
(17,068 | ) | (1,208 | ) | ||||
Effect of
currency translation
|
(2,934 | ) | 19 | |||||
30,200 | 2,364 |
|
d)
|
Net
periodic benefit cost
|
March
31,
2010
|
March
31,
2009
|
|||||||
Service
cost
|
2,935 | 578 | ||||||
Interest cost
on projected benefit obligation
|
16,291 | 3,367 | ||||||
Expected
return on plan assets:
|
(15,558 | ) | (2,767 | ) | ||||
Net periodic
pension cost
|
3,668 | 1,178 |
14.
|
Pension and other
postretirement benefits
(Continued)
|
|
e)
|
Actuarial
assumptions
|
March
31,
2010
|
March
31,
2009
|
|||||||
Discount
rate
|
11.08 | % | 9.20 | % | ||||
Rate of
compensation increase
|
6.07 | % | 5.56 | % |
March
31,
2010
|
March
31,
2009
|
|||||||
Discount
rate
|
11.08 | % | 9.20 | % | ||||
Expected
long-term rates of return on plan assets
|
10.48 | % | 10.59 | % | ||||
Rate of
compensation increase
|
6.07 | % | 5.56 | % |
Accumulated
benefit obligation
|
March
31,
2010
|
March
31,
2009
|
||||||
Actuarial
present value of:
|
||||||||
Vested
benefit obligation
|
142,967 | 121,362 | ||||||
Non-vested
benefit obligation
|
20,651 | 17,820 | ||||||
Total
accumulated benefit obligation
|
163,618 | 139,182 |
Asset
allocation (%)
|
||||||||||||
March
31,
|
March
31,
|
|||||||||||
Asset
category
|
2010
|
2009
|
Target
|
|||||||||
Equity
securities
|
25 | 25 | 25 | |||||||||
Debt
securities
|
75 | 75 | 75 | |||||||||
Total
|
100 | 100 | 100 |
14.
|
Pension and other
postretirement benefits
(Continued)
|
|
f)
|
Cash
flows
|
2010
|
10,013
|
2011
|
10,582
|
2012
|
11,363
|
2013
|
12,172
|
2014
|
12,892
|
2015 to
2019
|
85,196
|
|
g)
|
Investment
strategy and policies:
|
14.
|
Pension and other
postretirement benefits
(Continued)
|
Minimum
|
Maximum
|
Target
|
||||||||||
Asset
category
|
||||||||||||
Fixed
income
|
30 | % | 100 | % | 75 | % | ||||||
Equity
securities
|
- | 70 | % | 25 | % |
|
h)
|
Fair
value of plan assets by major
categories
|
March
31,
2010
|
||||
Asset
category
|
||||
Fixed
income
|
146,422 | |||
Equity
securities
|
48,807 | |||
Total
|
195,229 |
Fair
value measurement on plan assets at March 31, 2010
|
||||
Level 1 /
Total
|
||||
Asset
category
|
||||
Fixed
income
|
146,422 | |||
Equity
securities
|
48,807 | |||
Total
|
195,229 |
15.
|
Estimated
liability for legal proceedings and
commitments
|
March
31, 2010
|
March
31, 2009
|
|||||||
Tax
contingencies
|
173,924 | 430,342 | ||||||
Civil and
labor contingencies
|
120,681 | 67,306 | ||||||
294,605 | 497,648 |
2010
|
2009
|
|||||||
Credit
premium – IPI (i)
|
- | 116,256 | ||||||
PIS and
Cofins (ii)
|
11,910 | 62,556 | ||||||
IPI credits
(i)
|
- | 40,049 | ||||||
Contribution
to IAA (i)
|
- | 36,672 | ||||||
IPI – Federal
VAT (i)
|
4,692 | 23,626 | ||||||
ICMS
credits
|
33,824 | 19,966 | ||||||
Compensation
with Finsocial (iii)
|
97,114 | 70,693 | ||||||
Other
|
26,384 | 60,524 | ||||||
173,924 | 430,342 |
|
(i)
|
The Company
and its subsidiaries opted to settle tax related claims in installments as
provided by Brazilian Law No 11.941/09 and in MP 470/09. The Company and
its subsidiaries used accumulated tax losses to pay the related fines and
interest. Consequently there was a full reduction of the claims related to
IPI tax credit, as well as the installment payment of other federal taxes,
that were recorded as Taxes Payable (note
11).
|
15.
|
Estimated liability for legal
proceedings and commitments
(Continued)
|
(ii)
|
On May 27,
2009, the 1st and 3rd paragraphs of Brazilian Law No 9718/98 that
regulated the collection of PIS and Cofins (federal tax contributions) on
exchange variation and other financial income was revoked by Law No
11941/09. The Company evaluated its ongoing judicial demands related to
the legal obligations not paid related to the increase in the calculation
basis of PIS and Cofins and reversed the related provision at the amount
of US$30,213.
|
(iii)
|
From June to
December of 1994, the subsidiary Cosan CL used tax credits on COFINS taxes
based on a favorable court ruling and compensated with other federal
taxes. During 2008 the federal tax authorities in Brazil issued an
assessment invalidating such compensation and therefore a provision
related to this matter was
recorded.
|
Balance
at April 30, 2008
|
494,098 | |||
Provision
|
37,731 | |||
Business
acquisition
|
111,608 | |||
Settlements
|
(12,097 | ) | ||
Foreign
currency translation
|
(133,692 | ) | ||
Balance
at March 31, 2009
|
497,648 | |||
Provision
|
47,732 | |||
Business
acquisition (see Note 8)
|
14,756 | |||
Settlements
|
(409,576 | ) | ||
Foreign
currency translation
|
144,404 | |||
Balance
at March 31, 2010
|
294,605 |
15.
|
Estimated liability for legal
proceedings and commitments
(Continued)
|
March
31,
2010
|
March
31,
2009
|
|||||||
ICMS – State
VAT
|
180,988 | 77,052 | ||||||
Withholding
Income Tax
|
102,652 | 69,730 | ||||||
IAA - Sugar
and Ethanol Institute
|
1,428 | 31,610 | ||||||
IPI - Federal
Value-added tax
|
246,190 | 100,722 | ||||||
INSS
|
2,280 | 795 | ||||||
PIS and
COFINS
|
80,604 | 15,529 | ||||||
Civil and
labor
|
275,403 | 94,599 | ||||||
Other
|
66,134 | 34,851 | ||||||
955,679 | 424,888 |
2010
|
2009
|
2008
|
||||||||||
Financial
expenses
|
23,412 | 26,541 | 20,925 | |||||||||
Other income
(expenses)
|
16,832 | 11,190 | 4,995 | |||||||||
Income
taxes
|
- | - | 258 | |||||||||
40,244 | 37,731 | 26,178 |
15.
|
Estimated liability for legal
proceedings and commitments
(Continued)
|
(In
tons)
|
||||||||
Harvest
period
|
2010
|
2009
|
||||||
2010
|
- | 2,428,000 | ||||||
2011
|
2,005,434 | 1,828,000 | ||||||
2012
|
1,828,134 | 1,828,000 | ||||||
Total
|
3,833,568 | 6,084,000 |
15.
|
Estimated liability for legal
proceedings and commitments
(Continued)
|
Harvest
period
|
2010
|
2009
|
||||||
2010
|
- | 18,294,022 | ||||||
2011
|
27,029,473 | 15,597,478 | ||||||
2012
|
23,600,912 | 13,667,154 | ||||||
2013
|
20,112,639 | 9,754,713 | ||||||
2014
|
16,345,120 | 5,701,801 | ||||||
2015
|
13,667,148 | 3,198,591 | ||||||
2016 and
thereafter
|
120,129,217 | 5,030,758 | ||||||
Total
|
220,884,509 | 71,244,517 |
15.
|
Estimated liability for legal
proceedings and commitments
(Continued)
|
Year
ended
|
2010
|
|||
2011
|
366,467 | |||
2012
|
71,248 | |||
2013
|
53,162 | |||
Total
|
490,877 |
2010
|
2009
|
2008
|
||||||||||
Minimum
rentals
|
61,062 | 46,233 | 29,767 | |||||||||
Contingent
rentals
|
60,545 | 44,498 | 65,990 | |||||||||
Rental
expense
|
121,607 | 90,731 | 95,757 |
2010
|
||||
Year ending
March 31:
|
||||
2011
|
73,757 | |||
2012
|
66,220 | |||
2013
|
65,806 | |||
2014
|
66,061 | |||
2015
|
65,935 | |||
Thereafter
|
760,529 | |||
Total minimum
lease payments
|
1,098,308 |
16.
|
Financial
income and expenses, net
|
2010
|
2009
|
2008
|
||||||||||
Financial
expenses
|
||||||||||||
Interest
|
(211,892 | ) | (142,434 | ) | (149,191 | ) | ||||||
Monetary
variation – losses
|
(88,317 | ) | (29,870 | ) | (36,844 | ) | ||||||
CPMF expenses
(1)
|
- | - | (10,376 | ) | ||||||||
Bank
charges
|
(422 | ) | (934 | ) | (641 | ) | ||||||
Interest and
fees paid on advanced payment of Senior Notes 2009
|
(275 | ) | - | (16,513 | ) | |||||||
(300,906 | ) | (173,238 | ) | (213,565 | ) | |||||||
Financial
income
|
||||||||||||
Interest
|
68,042 | 46,851 | 64,014 | |||||||||
Monetary
variation – Gains
|
6,249 | 4,115 | 17,815 | |||||||||
Discounts
obtained
|
609 | 171 | (105 | ) | ||||||||
Other
income
|
- | - | - | |||||||||
74,900 | 51,137 | 81,724 | ||||||||||
Sub
total
|
(226,006 | ) | (122,101 | ) | (131,841 | ) | ||||||
Foreign
exchange variation, net
|
255,171 | (275,528 | ) | 172,863 | ||||||||
Gain on
derivatives, net
|
151,077 | 22,918 | 38,262 | |||||||||
Financial
(Expense) / Income, net
|
180,242 | (374,711 | ) | 79,284 |
|
(1)
|
Tax on
Financial Transactions – CPMF
|
17.
|
Income
taxes
|
2010
|
2009
|
2008
|
||||||||||
Income taxes
benefit (expense):
|
||||||||||||
Current
|
(41,940 | ) | (638 | ) | 21,226 | |||||||
Deferred
|
(142,841 | ) | 145,328 | (1,416 | ) | |||||||
(184,781 | ) | 144,690 | 19,810 |
17.
|
Income taxes
(Continued)
|
2010
|
2009
|
2008
|
||||||||||
Income (loss)
before income taxes
|
684,930 | (417,946 | ) | (60,051 | ) | |||||||
Income tax
benefit (expense) at statutory rate — 34%
|
(232,876 | ) | 142,102 | 20,417 | ||||||||
Increase
(reduction) in income taxes resulting from:
|
||||||||||||
Equity in
earnings of affiliates not subject to taxation
|
(3,486 | ) | 2,083 | (81 | ) | |||||||
Tax effect on
tax recovery program Law 11,941/09 and MP 470/09
|
31,635 | - | - | |||||||||
Tax loss
carryforwards Law MP 470/09´s write-off
|
20,543 | - | - | |||||||||
Nondeductible
goodwill amortization
|
- | (2,621 | ) | (1,952 | ) | |||||||
Nondeductible
donations, contributions and others
|
(597 | ) | 3,126 | 1,426 | ||||||||
Income tax
(expense) benefit
|
(184,781 | ) | 144,690 | 19,810 |
2010
|
2009
|
|||||||
Deferred
tax assets:
|
||||||||
Net operating
loss carryforwards
|
166,555 | 123,533 | ||||||
Estimated
liability for legal proceedings and labor claims
|
120,857 | 137,965 | ||||||
Sale-leaseback
(see Note 21)
|
23,036 | 18,651 | ||||||
Other
temporary differences
|
14,458 | 63,906 | ||||||
Total gross
deferred tax assets
|
324,906 | 344,055 |
Deferred
tax liabilities:
|
||||||||
Deferred tax
liabilities on assigned value of the net assets and temporary
differences:
|
||||||||
Property,
plant and equipment
|
(255,011 | ) | (200,729 | ) | ||||
Intangibles
|
(197,942 | ) | (77,843 | ) | ||||
Exchange
variation
|
(103,003 | ) | - | |||||
Tax benefit
on deductible statutory goodwill amortization
|
(130,319 | ) | (50,966 | ) | ||||
Other
temporary differences on business acquisition
|
(5,973 | ) | (17,135 | ) | ||||
Other
temporary differences
|
(41,490 | ) | (29,668 | ) | ||||
Total gross
deferred tax liabilities
|
(733,738 | ) | (376,341 | ) | ||||
Net deferred
tax assets/ (liabilities)
|
(408,832 | ) | (32,287 | ) | ||||
Recorded as
other current assets / (liabilities)
|
- | 8,090 | ||||||
Recorded as
non-current deferred income taxes liabilities
|
(408,832 | ) | (40,377 | ) |
17.
|
Income taxes
(Continued)
|
Balance at
May 1, 2008
|
23,656 | |||
Increase
through business acquisition
|
34,605 | |||
Accrued
interest on unrecognized tax benefit
|
1,534 | |||
Settlements
|
(48 | ) | ||
Effect of
foreign currency translation
|
(5,752 | ) | ||
Balance at
March 31, 2009
|
53,995 | |||
Accrued
interest on unrecognized tax benefit
|
(21,177 | ) | ||
Effect of
foreign currency translation
|
16,195 | |||
Balance at
March 31, 2010
|
49,013 |
17.
|
Income taxes
(Continued)
|
18.
|
Shareholders’
equity
|
|
a.
|
Capital
|
18.
|
Shareholders’ equity
(Continued)
|
|
a.
|
Capital
(Continued)
|
18.
|
Shareholders’ equity
(Continued)
|
|
a.
|
Capital
(Continued)
|
18.
|
Shareholders’ equity
(Continued)
|
|
a.
|
Capital
(Continued)
|
18.
|
Shareholders’ equity
(Continued)
|
|
b.
|
Appropriated
retained earnings
|
|
c.
|
Dividends
|
2010
|
||||
Net income
under Brazilian GAAP
|
528,611 | |||
(Less)
Compensation of accumulated losses
|
(265,608 | ) | ||
(Plus)
Foreign exchange gain
|
12,577 | |||
275,580 | ||||
(Less) Legal
reserve – 5%
|
(13,779 | ) | ||
261,806 | ||||
Dividends
payable
|
65,451 |
|
d.
|
Retained
earnings
|
19.
|
Share-based
compensation
|
19.
|
Share-based compensation
(Continued)
|
Options
granted on September 22, 2005
|
Options
granted on September 11, 2007
|
Options
granted on August 7, 2009
|
||||||||||
Grant price -
in U.S. dollars
|
3.43 | 3.43 | 3.43 | |||||||||
Expected life
(in years)
|
7.5 | 7.5 |
Immediate
|
|||||||||
Interest
rate
|
14.52 | % | 9.34 | % | (1 | ) | ||||||
Expected
Volatility
|
34.00 | % | 46.45 | % | (1 | ) | ||||||
Expected
Dividend yield
|
1.25 | % | 1.47 | % | (1 | ) | ||||||
Weighted-average
fair value at grant date - in U.S. dollars
|
6.93 | 10.22 | (1 | ) |
|
(1)
|
The options
were fully vested at the date of issuance so the fair value was the quoted
market price as of the grant date.
|
19.
|
Share-based compensation
(Continued)
|
Option
|
Weighted-average
exercise price
|
|||||||
Outstanding
as of April 30, 2008
|
2,373,341 | 3.62 | ||||||
Exercises
|
(736,852 | ) | 2.64 | |||||
Forfeitures
or expirations
|
(165,657 | ) | 2.64 | |||||
Outstanding
as of March 31, 2009
|
1,470,832 | 2.64 | ||||||
Grants
of options
|
165,657 | 3.43 | ||||||
Exercises
|
(982,513 | ) | 3.43 | |||||
Outstanding
as of March 31, 2010
|
653,976 | 3.43 | ||||||
Shares
exercisable at March 31, 2010
|
408,819 | 3.43 | ||||||
Shares
exercisable at March 31, 2009
|
736,852 | 2.64 |
20.
|
Earnings
per share
|
2010
|
2009
|
2008
|
||||||||||
Weighted
average shares outstanding
|
375,973,226 | 300,994,991 | 222,620,060 | |||||||||
Effect of
dilutive stock options
|
1,169,417 | * | * | |||||||||
Weighted
average shares and dilutive potential shares outstanding
|
377,142,643 | 300,994,991 | 222,620,060 |
21.
|
Risk
management and financial
instruments
|
|
a.
|
Risk
management
|
|
b.
|
Price
risk
|
|
c.
|
Foreign
exchange risk
|
21.
|
Risk management and financial
instruments (Continued)
|
|
d.
|
Interest
rate risk
|
|
e.
|
Credit
risk
|
|
f.
|
Debt
acceleration risk
|
21.
|
Risk management and financial
instruments (Continued)
|
|
g.
|
Estimated
market values
|
|
●
|
Accounts receivable and trade
accounts payable: The carrying amounts reported in the balance
sheet for accounts and notes receivable and accounts payable approximate
their fair values.
|
|
●
|
Short-term and long-term debt
and advances from customers: Except when there are published market
prices, the market values of loans and financing were calculated based on
their present value calculated through the future cash flows and using
interest rates applicable to instruments of similar nature, terms and
risks or based on the market quotation of these
securities.
|
2010
|
2009
|
|||||||||||||||
Carrying
amount
|
Fair
value
|
Carrying
amount
|
Fair
value
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Cash and cash
equivalents
|
605,483 | 605,483 | 310,710 | 310,710 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Short-term
and long-term debt
|
3,288,546 | 3,181,218 | 1,877,254 | 1,731,727 |
22.
|
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. Over the year ended March 31, 2009 the lease
contracts were executed, and the gain is being amortized since then to
profit and loss over the 19 year average term of the
leases.
|
|
During the
year ended March 31, 2010, the Company has amortized a gain of US$3,394
related to this sale-leaseback
transaction.
|
23.
|
Fair
value measurements
|
23.
|
Fair value measurements
(Continued)
|
Level
1
|
Level
2
|
Total
|
||||||||||
Assets
|
||||||||||||
Derivatives
|
72,239 | 57,217 | 129,456 | |||||||||
Liabilities
|
||||||||||||
Derivatives
|
(29,130 | ) | (13,937 | ) | (43,067 | ) |
24.
|
Segment information
(Continued)
|
a.
|
Segment
information
|
24.
|
Segment information
(Continued)
|
a.
|
Segment
information (continued)
|
24.
|
Segment information
(Continued)
|
a.
|
Segment
information (continued)
|
2010
|
||||||||||||||||||||
S&E
|
CCL
|
Rumo
|
Adjustments
/ eliminations (1)
|
Consolidated
|
||||||||||||||||
Brazilian
GAAP
|
US
GAAP
|
|||||||||||||||||||
Balance
sheet:
|
||||||||||||||||||||
Property,
plant & equipment (PP&E)
|
2,775,752 | 199,983 | 165,094 | 856,986 | 3,997,815 | |||||||||||||||
Intangible
assets
|
735,198 | 774,716 | 38,824 | (948,165 | ) | 600,573 | ||||||||||||||
Loans, net of
cash equivalents
|
(2,443,354 | ) | (249,839 | ) | (59,799 | ) | 69,929 | (2,683,063 | ) | |||||||||||
Other assets
net of other liabilities
|
2,113,306 | 342,720 | 7,696 | (912,642 | ) | 1,551,080 | ||||||||||||||
Total
net assets
|
3,180,903 | 1,067,579 | 151,815 | (933,892 | ) | 3,466,405 | ||||||||||||||
Income
statement (12 months):
|
||||||||||||||||||||
Net
sales
|
2,882,935 | 5,436,199 | 84,797 | (120,780 | ) | 8,283,151 | ||||||||||||||
Gross
profit
|
703,108 | 412,866 | 22,896 | (74,746 | ) | 1,064,124 | ||||||||||||||
Selling,
general and administrative expenses (SG&A)
|
(455,906 | ) | (264,081 | ) | (9,705 | ) | (8,942 | ) | (738,634 | ) | ||||||||||
Other income
(expenses)
|
167,293 | 9,071 | 2,149 | 685 | 179,198 | |||||||||||||||
Other
selected data:
|
||||||||||||||||||||
Additions to
PP&E (“Capex”)
|
948,838 | 49,579 | 83,067 | - | 1,081,484 | |||||||||||||||
Depreciation
and amortization
|
313,324 | 20,067 | 7,591 | 144,916 | 485,898 |
24.
|
Segment information
(Continued)
|
a.
|
Segment
information
(continued)
|
2009
|
||||||||||||||||||||
S&E
|
CCL
|
Rumo
|
Adjustments
/ eliminations (1)
|
Consolidated
|
||||||||||||||||
Brazilian
GAAP
|
US
GAAP
|
|||||||||||||||||||
Balance
sheet:
|
||||||||||||||||||||
Property,
plant & equipment (PP&E)
|
1,330,266 | 128,712 | 29,414 | 613,395 | 2,101,787 | |||||||||||||||
Intangible
|
423,571 | 966 | (183,186 | ) | 241,351 | |||||||||||||||
Loans, net of
cash equivalents
|
(1,122,560 | ) | 39,663 | 4,811 | (488,458 | ) | (1,566,544 | ) | ||||||||||||
Other assets
net of other liabilities
|
2,943,642 | (78,223 | ) | (1,469 | ) | (1,917,548 | ) | 946,402 | ||||||||||||
Total net
assets
|
3,574,919 | 91,118 | 32,756 | (1,975,797 | ) | 1,722,996 | ||||||||||||||
Income
statement (11 months):
|
||||||||||||||||||||
Net
Sales
|
1,561,118 | 1,549,359 | 26,862 | (210,879 | ) | 2,926,460 | ||||||||||||||
Gross
profit
|
297,183 | 94,719 | 6,877 | (90,196 | ) | 308,583 | ||||||||||||||
Selling,
general and administrative expenses (SG&A)
|
(264,947 | ) | (85,577 | ) | (2,866 | ) | 3,861 | (349,529 | ) | |||||||||||
Other income
(expenses)
|
93,529 | 779 | 5,387 | (101,984 | ) | (2,289 | ) | |||||||||||||
Other
selected data:
|
||||||||||||||||||||
Addition to
PP&E (“Capex”)
|
574,112 | 4,881 | 2,433 | - | 581,426 | |||||||||||||||
Depreciation
and amortization
|
203,832 | 6,299 | 2,946 | 75,583 | 288,660 |
2008
|
||||||||||||||||||||
S&E
|
CCL
|
Rumo
|
Adjustments
/ eliminations (1)
|
Consolidated
|
||||||||||||||||
Brazilian
GAAP
|
US
GAAP
|
|||||||||||||||||||
Income
statement (12 months):
|
||||||||||||||||||||
Net
Sales
|
1,482,573 | - | 28,159 | (19,499 | ) | 1,491,233 | ||||||||||||||
Gross
profit
|
189,048 | - | 3,176 | (45,835 | ) | 146,389 | ||||||||||||||
Selling,
general and administrative expenses (SG&A)
|
(276,995 | ) | - | (4,139 | ) | (920 | ) | (282,054 | ) | |||||||||||
Other income
(expenses)
|
2,712 | - | (948 | ) | (5,434 | ) | (3,670 | ) |
24.
|
Segment information
(Continued)
|
b.
|
Detailed
net sales per segment
|
2010
|
2009
|
2008
|
||||||||||
S&E
(Brazilian GAAP)
|
||||||||||||
Sugar
|
1,810,005 | 900,424 | 781,809 | |||||||||
Ethanol
|
936,473 | 586,633 | 612,397 | |||||||||
Cogeneration
|
50,146 | 7,532 | - | |||||||||
Other
|
86,311 | 66,529 | 88,367 | |||||||||
2,882,935 | 1,561,118 | 1,482,573 | ||||||||||
CCL
(Brazilian GAAP)
|
||||||||||||
Fuels
|
5,056,969 | 1,443,537 | - | |||||||||
Lubricants
|
339,752 | 92,969 | - | |||||||||
Other
|
39,478 | 12,853 | - | |||||||||
5,436,199 | 1,549,359 | - | ||||||||||
Rumo
(Brazilian GAAP)
|
||||||||||||
Port
lifting
|
76,155 | 26,862 | 28,159 | |||||||||
Transports
|
8,642 | - | - | |||||||||
84,797 | 26,862 | 28,159 | ||||||||||
Adjustments /
eliminations
|
(120,780 | ) | (210,879 | ) | (19,499 | ) | ||||||
Total (US
GAAP)
|
8,283,151 | 2,926,460 | 1,491,233 |
c.
|
Net
Sales by region
|
2010
|
2009
|
|||||||
Brazil
|
86.4 | % | 73.6 | % | ||||
Europe
|
9.2 | % | 18.5 | % | ||||
Latin
American (except Brazil)
|
2.8 | % | 5.0 | % | ||||
Middle east
and Asia
|
1.2 | % | 1.9 | % | ||||
North
America
|
0.3 | % | 0.9 | % | ||||
África
|
0.1 | % | 0.1 | % | ||||
Total
|
100.0 | % | 100.0 | % |
24.
|
Segment information
(Continued)
|
d.
|
Concentration
of clients
|
EBITDA
(R$ MM) - FY'10
|
CAA
|
Rumo
|
CCL
|
Total*
|
||||||||||||
Net
Revenues
|
5,380.1 | 158.2 | 10,145.1 | 15,336.1 | ||||||||||||
(-) Cost of Product Sold /
Services Rendered
|
(4,068.0 | ) | (115.5 | ) | (9,374.6 | ) | (13,210.7 | ) | ||||||||
(=) Gross
Profit
|
1,312.1 | 42.7 | 770.5 | 2,125.4 | ||||||||||||
Gross
Margin
|
24.4 | % | 27.0 | % | 7.6 | % | 13.9 | % | ||||||||
(-) Selling Expenses
|
(464.5 | ) | - | (400.1 | ) | (864.6 | ) | |||||||||
(-) General and Administrative
Expenses
|
(386.3 | ) | (18.1 | ) | (92.7 | ) | (497.2 | ) | ||||||||
(-) Other Operating
Revenues
|
312.2 | 4.0 | 16.9 | 333.1 | ||||||||||||
(+) Depreciation and
Amortization
|
584.7 | 14.2 | 37.5 | 636.3 | ||||||||||||
(=)
EBITDA
|
1,358.3 | 42.8 | 332.0 | 1,733.1 | ||||||||||||
EBITDA
Margin
|
25.2 | % | 27.0 | % | 3.3 | % | 11.3 | % | ||||||||
(=)
EBITDAH
|
1,689.2 | 41.8 | 332.0 | 2,063.0 | ||||||||||||
EBITDAH
Margin
|
31.4 | % | 26.4 | % | 3.3 | % | 13.5 | % |
4Q'09
|
4Q'10
|
Sales
Composition (R$MM)
|
FY'09
|
FY'10
|
|||||||||||
2,349.8 | 4,394.1 |
Net Operating
Revenue
|
6,270.1 | 15,336.1 | |||||||||||
853.7 | 1,850.2 |
CAA
|
3,129.6 | 5,380.1 | |||||||||||
502.4 | 1,215.5 |
● Sugar
Revenue - CAA
|
1,805.1 | 3,377.8 | |||||||||||
64.1 | 347.7 |
Local
|
233.8 | 1,062.3 | |||||||||||
438.2 | 867.8 |
Export
|
1,571.3 | 2,315.5 | |||||||||||
337.5 | 602.1 |
● Ethanol
Revenue - CAA
|
1,176.0 | 1,747.6 | |||||||||||
257.8 | 549.7 |
Local
|
775.1 | 1,325.9 | |||||||||||
79.8 | 52.4 |
Export
|
401.0 | 421.8 | |||||||||||
3.6 | 5.7 |
● Energy
Cogeneration - CAA
|
15.1 | 92.4 | |||||||||||
10.3 | 26.8 |
● Other Revenue - CAA
|
133.4 | 162.2 | |||||||||||
9.7 | 38.3 |
Rumo
|
53.9 | 158.2 | |||||||||||
9.7 | 24.9 |
● Loading
|
53.9 | 142.1 | |||||||||||
- | 13.4 |
● Transportation
|
- | 16.1 | |||||||||||
1,505.7 | 2,588.7 |
CCL
|
3,106.0 | 10,145.1 | |||||||||||
1,393.7 | 2,401.6 |
● Fuels Revenue - CCL
|
2,893.9 | 9,437.3 | |||||||||||
106.3 | 170.4 |
Ethanol
|
220.6 | 757.0 | |||||||||||
594.6 | 1,208.6 |
Gasoline
|
1,267.0 | 4,111.0 | |||||||||||
588.1 | 999.3 |
Diesel
|
1,156.3 | 4,338.5 | |||||||||||
104.7 | 23.3 |
Other
|
250.0 | 230.9 | |||||||||||
98.2 | 168.9 |
● Lubes Revenue - CCL
|
186.4 | 634.0 | |||||||||||
13.8 | 18.1 |
● Other Revenue - CCL
|
25.8 | 73.7 | |||||||||||
(19.3 | ) | (83.0 | ) |
Eliminations
from Consolidation
|
(19.3 | ) | (347.4 | ) |
|
Þ
|
Record
international and domestic prices, 28.9% and 54.4% above previous year
which have contributed with gains of approximately R$ 453.5 million and R$
127.3 million, respectively;
|
|
Þ
|
The
higher sugar volume sold, resulted in an additional revenues of
R$640.5 million. This increase in volume can be explained by: (i)
NovAmerica consolidation; (ii) the higher share of sugar in the product
mix; (iii) the reduction in carryover stocks; and (iv) the distortion in
the comparison with the previous year, which had only 11
months.
|
4Q'09
|
4Q'10
|
|
'000 ton
|
266.4
|
135.8
|
R$'MM
|
109.3
|
93.6
|
R$/ton
|
410
|
689
|
|
Þ
|
Gain of
R$513.2 million from higher ethanol sales, thanks to: (i) the
incorporation of NovAmérica’s plants; (ii) the reduction in carryover
stocks, taking advantage of the higher inter-harvest prices;
(iii) the effect from the comparison with FY’09, which had only 11
months;
|
|
Þ
|
Gain of
R$40.7 million due to the increase in domestic average prices,
notwithstanding the 18.3% decrease in the international average
prices;
|
|
Þ
|
Loss of
R$78.0 million due to higher exports, whose average prices were lower than
domestic ones.
|
4Q'09
|
4Q'10
|
|
'000 cbm
|
287.2
|
68.2
|
R$'MM
|
201.0
|
56.2
|
R$/cbm
|
700
|
824
|
|
Þ
|
Energy
revenue totaled R$92.4 million, thanks to growing investments in
co-generation, which are expected to continue recording strong growth in
the coming years. FY’10 was marked by the beginning of energy delivered by
Serra, Gasa, Costa Pinto, Tarumã and Maracaí accordingly to the bi-lateral
sales contracts and/or auctioned electricity sale contracts. Sales volume
totaled 596MWh, at an average of
R$141.6/MWh.
|
|
Þ
|
Ethanol sales
of 803.2 million liters, reflecting record vehicle licensing volume
between April 2009 and March 2010, 88% of which flex-fuel
vehicles;
|
|
Þ
|
Higher
ethanol prices in the inter-harvest period, which not only benefited
hydrous net revenue, but also resulted in an upturn in gasoline sales
volume. This was because ethanol prices were above 70% parity with
gasoline prices in many Brazilian sates, causing some flex-fuel owners to
switch from ethanol to gasoline, whose prices are higher (average of
R$2,207/m3 in FY’10 versus R$942/m3 of
ethanol);
|
|
Þ
|
The
acquisition of new corporate clients, who accounted for an additional 210
million liters of Diesel in FY’10, beyond the Diesel volume sold to
CAA.
|
4Q'09
|
4Q'10
|
|
'000 cbm
|
138.5
|
137.5
|
R$'MM
|
274.4
|
266.5
|
R$/cbm
|
1,981
|
1,938
|
4Q’09 | 4Q’10 |
COGS
per Product
|
FY’09
|
FY’10
|
|||||||||||
(2,109.9 | ) | (3,620.3 | ) |
Cost of Good
Sold (R$MM)
|
(5,470.7 | ) | (13,210.7 | ) | |||||||
(715.9 | ) | (1,296.9 | ) |
CAA
|
(2,533.8 | ) | (4,068.0 | ) | |||||||
(343.1 | ) | (687.1 | ) |
Sugar
|
(1,313.1 | ) | (2,116.2 | ) | |||||||
(353.1 | ) | (567.0 | ) |
Ethanol
|
(1,088.9 | ) | (1,745.5 | ) | |||||||
(19.7 | ) | (42.8 | ) |
Other
Products & Services - CA
|
(131.9 | ) | (206.4 | ) | |||||||
(8.3 | ) | (24.6 | ) |
Rumo
|
(40.1 | ) | (115.5 | ) | |||||||
(1,405.0 | ) | (2,381.8 | ) |
CCL
|
(2,916.1 | ) | (9,374.6 | ) | |||||||
19.3 | 83.0 |
Eliminations from
Consolidation
|
19.3 | 347.4 | |||||||||||
Average Unit
Cost (R$)
|
|||||||||||||||
482 | 593 |
Unit COGS of Sugar
(R$/ton)
|
430 | 512 | |||||||||||
808 | 1,011 |
Unit COGS of Ethanol (R$/thousand
liters)
|
728 | 813 | |||||||||||
1,681 | 1,757 |
CCL (R$/thousand
liters)
|
1,700 | 1,668 |
|
Þ
|
The increase
in sugar sourcing (purchase of the raw material to be refined and product
for subsequent resale and distribution on the domestic market), a
|
|
Þ
|
The increase
of 25.5% in the average TSR price, as calculated by Consecana, from
R$0.2772/Kg of TSR to R$0.3492/Kg of TSR, which pushed up the cost of land
leased and sugarcane acquired from suppliers, adding approximately R$260
million;
|
|
Þ
|
The effect of
lower concentration in the TSR itself (cane sucrose content), from
139.0kg/ton of sugar cane to 129.8kg/ton, surpassed the gains in
efficiency in the process of mechanization of the harvest, leading to
additional costs of R$180 million;
|
|
Þ
|
Thanks to
excessive rainfall, there were less effective crushing days. Consequently,
3.3 million tonnes of cane which were expected to be processed were left
in the fields, generating an impact on the dilution of fixed agricultural
costs (planting, treatment and
leasing);
|
|
Þ
|
Despite the
harvesting difficulties, CLT costs (cutting, loading and transport) has
not increased benefited from the mechanical harvest which accounted for
64.5% of the total harvest, stood at R$6.25/tonne of cane, cheaper than
manual CLT costs.
|
4Q'09
|
4Q'10
|
Gross
Margin per Product
|
FY'09
|
FY'10
|
|||||||||||
Unitary Gross
Margin
|
|||||||||||||||
224 | 456 |
Sugar (R$/ton)
|
161 | 305 | |||||||||||
(36 | ) | 63 |
Ethanol (R$/thousand
liters)
|
58 | 1 | ||||||||||
120 | 153 |
CCL (R$/thousand
liters)
|
111 | 137 | |||||||||||
% Gross
Margin/Net Revenues
|
|||||||||||||||
31.7 | % | 43.5 | % |
Sugar
|
27.3 | % | 37.4 | % | |||||||
-4.6 | % | 5.8 | % |
Ethanol
|
7.4 | % | 0.1 | % | |||||||
14.8 | % | 35.7 | % |
Rumo
|
25.6 | % | 27.0 | % | |||||||
6.7 | % | 8.0 | % |
CCL
|
6.1 | % | 7.6 | % |
4Q'09
|
4Q'10
|
Selling
Expenses
|
FY'09
|
FY'10
|
|||||||||||
(101.5 | ) | (225.3 | ) |
Selling
Expenses (R$MM)
|
(432.6 | ) | (864.6 | ) | |||||||
(49.1 | ) | (120.6 | ) |
CAA
|
(317.8 | ) | (464.5 | ) | |||||||
- | - |
Rumo
|
- | - | |||||||||||
(52.4 | ) | (104.7 | ) |
CCL
|
(114.7 | ) | (400.1 | ) |
|
Þ
|
The higher
sugar exports caused an increase in freight and loading expenses of around
14.4%.
|
|
Þ
|
The increase
of 28% in the volume of ethanol exports, which pushed up selling expenses
by R$11.5 million.
|
|
Þ
|
Certain
initiatives throughout the year to improve the efficiency of make the
domestic sales management, including a reduction in retail commissions and
bonuses through the revision of sales contracts and agreements in the case
of sugar, and the elimination of less profitable
accounts.
|
4Q'09
|
4Q'10
|
General
& Administrative Expenses
|
FY’09
|
FY’10
|
|||||||||||
(78.2 | ) | (173.7 | ) |
G&A
Expenses (R$MM)
|
(275.9 | ) | (497.2 | ) | |||||||
(62.0 | ) | (131.5 | ) |
CAA
|
(245.4 | ) | (386.3 | ) | |||||||
0.2 | (5.8 | ) |
Rumo
|
(5.7 | ) | (18.1 | ) | ||||||||
(16.4 | ) | (36.5 | ) |
CCL
|
(24.8 | ) | (92.7 | ) |
|
Þ
|
Increase of
around R$42.0 million due to the provisioning of management and employee
bonus payments;
|
|
Þ
|
Upturn of
around R$20.0 million in expenses from consulting services, due to
projects such as the Shared Services Center (CAN), the implementation of
EVA and various other IT projects, a non-recurring
events;
|
|
Þ
|
Approximately
R$11.0 million from the pay rise following the collective bargaining
agreement and increase in other general expenses, such as travel expenses
driven by geographic dispersion from our current different offices
sites;
|
|
Þ
|
Fine of R$3.5
million levied by ANEEL due to breach of an electricity supply contract by
the Paraúna unit.
|
4Q'09
|
4Q'10
|
EBITDA
|
FY’09
|
FY’10
|
|||||||||||
165.9 | 575.9 |
EBITDA
(R$MM)
|
718.0 | 1,733.1 | |||||||||||
7.1 | % | 13.1 | % |
Margin
|
11.5 | % | 11.3 | % | |||||||
121.9 | 477.7 |
●
CAA
|
628.7 | 1,358.3 | |||||||||||
14.1 | % | 25.3 | % |
Margin
|
19.8 | % | 25.2 | % | |||||||
5.8 | 13.5 |
●
Rumo
|
24.7 | 42.8 | |||||||||||
60.3 | % | 35.3 | % |
Margin
|
46.0 | % | 27.0 | % | |||||||
38.1 | 84.6 |
●
CCL
|
64.5 | 332.0 | |||||||||||
2.5 | % | 3.3 | % |
Margin
|
2.1 | % | 3.3 | % |
|
Þ
|
Adherence to
the REFIS program, which generated a positive impact of R$270.3 million,
as explained in section F below;
|
|
Þ
|
Non-operating
revenue resulting from a capital gain of R$93.1 million due to the sale of
the aviation fuel business. In December 2008, Cosan S.A. acquired CCL
through its subsidiary Cosanpar Participações, which sold this division in
June 2009 for R$115.6 million. The difference between this amount and the
amount booked under property, plant and equipment related to the aviation
fuel business were
|
|
Þ
|
Non-operating
expenses of R$29.9 million from the merger of Teaçu Armazéns Gerais
S.A.
|
4Q'09
|
4Q'10
|
Financial
Expenses, Net (R$MM)
|
FY’09
|
FY’10
|
|||||||||||
(68.3 | ) | (101.5 | ) |
Interest on Financial
Debt
|
(244.5 | ) | (414.3 | ) | |||||||
9.6 | 10.8 |
Financial Investments
Income
|
64.6 | 52.5 | |||||||||||
(58.7 | ) | (90.7 | ) |
(=) Sub-total:
Interest on Net Financial Del
|
(179.9 | ) | (361.8 | ) | |||||||
4.7 | (27.9 | ) |
Other interest and monetary
variation
|
(90.8 | ) | (116.6 | ) | ||||||||
5.2 | (70.0 | ) |
Exchange Variation
|
(573.7 | ) | 559.0 | |||||||||
(125.4 | ) | 168.8 |
Gains (losses) with
Derivatives
|
47.7 | 330.9 | ||||||||||
(19.1 | ) | 6.0 |
Others
|
(20.7 | ) | 8.8 | |||||||||
(193.4 | ) | (13.7 | ) |
(=) Net
Financial Expenses
|
(817.4 | ) | 420.4 |
Summary
of Hedge* as of March 31, 2010:
|
Fiscal
Year
|
|||||||
2010/11 | 2011/12 | |||||||
Sugar
|
||||||||
NY#11
|
||||||||
Volume (thd
tons)
|
1,659.4 | 512.7 | ||||||
Average Price
(¢US$/lb)
|
20.3 | 17.9 | ||||||
London #5
|
||||||||
Volume (thd
tons)
|
79.0 | - | ||||||
Average Price
(US$/ton)
|
622.1 | - | ||||||
FX
|
||||||||
US$
|
||||||||
Volume (US$
million)
|
472.3 | 170.0 | ||||||
Average Price
(R$/US$)
|
1.99 | 2.03 |
4Q'09
|
4Q'10
|
EBITDAH
|
FY’09
|
FY’10
|
|||||||||||
40.4 | 744.7 |
EBITDAH
(R$MM)
|
765.7 | 2,064.0 | |||||||||||
1.8 | % | 16.3 | % |
Margin
|
12.1 | % | 13.2 | % | |||||||
(3.5 | ) | 646.6 |
●
CAA
|
676.4 | 1,689.2 | ||||||||||
-0.5 | % | 32.0 | % |
Margin
|
21.3 | % | 29.6 | % | |||||||
24.7 | 13.5 |
●
Rumo
|
24.7 | 41.8 | |||||||||||
- | 35.3 | % |
Margin
|
- | 26.6 | % | |||||||||
38.1 | 84.6 |
●
CCL
|
64.5 | 332.0 | |||||||||||
2.5 | % | 3.3 | % |
Margin
|
2.1 | % | 3.3 | % |
Debt
per Type (R$MM)
|
FY’09
|
3T'10
|
4Q'10
|
%
ST
|
Var.
|
|||||||||||||||
Foreign
Currency
|
2,334.9 | 3,415.8 | 3,622.5 | 206.6 | ||||||||||||||||
Perpetual Notes
|
1,054.1 | 792.8 | 810.9 | 1.2 | % | 18.12 | ||||||||||||||
Senior Notes 2017
|
936.7 | 716.7 | 720.6 | 1.1 | % | 3.91 | ||||||||||||||
Senior Notes 2009
|
86.5 | - | - | 0.0 | % | - | ||||||||||||||
Senior Notes 2014
|
- | 632.3 | 631.2 | 1.2 | % | (1.01 | ) | |||||||||||||
IFC
|
114.3 | 90.9 | - | 0.0 | % | (90.94 | ) | |||||||||||||
FX Advances
|
143.3 | 223.2 | 296.4 | 100.0 | % | 73.19 | ||||||||||||||
Pre-Export Contracts
|
- | 960.0 | 980.5 | 20.5 | % | 20.51 | ||||||||||||||
Export Credit Notes
|
- | - | 182.8 | 2.6 | % | 182.83 | ||||||||||||||
Local
Currency
|
1,420.1 | 1,749.0 | 1,711.4 | (37.69 | ) | |||||||||||||||
Promissory Notes
|
1,162.0 | - | - | 0.0 | % | - | ||||||||||||||
BNDES
|
230.5 | 844.8 | 1,057.8 | 8.2 | % | 213.00 | ||||||||||||||
Finame (BNDES)
|
44.7 | 156.1 | 201.1 | 16.0 | % | 45.02 | ||||||||||||||
Working Capital
|
25.2 | 20.0 | 19.5 | 23.1 | % | (0.54 | ) | |||||||||||||
Overdraft
|
0.1 | 42.0 | 36.8 | 100.0 | % | (5.19 | ) | |||||||||||||
Credit Banking Notes
|
- | 121.1 | - | 0.0 | % | (121.06 | ) | |||||||||||||
Credit Notes
|
- | 510.5 | 378.7 | 20.8 | % | (131.75 | ) | |||||||||||||
CDCA
|
- | 60.2 | 61.4 | 51.2 | % | 1.26 | ||||||||||||||
PROINFA
|
- | 42.2 | - | 0.0 | % | (42.16 | ) | |||||||||||||
Expenses with Placement of
Debt
|
(42.4 | ) | (47.7 | ) | (44.0 | ) | 35.6 | % | 3.73 | |||||||||||
Gross
Debt
|
3,755.0 | 5,164.9 | 5,333.8 | 14.9 | % | 168.92 | ||||||||||||||
Cash and Marketable
Securities
|
719.4 | 864.1 | 1,078.4 | 214.29 | ||||||||||||||||
Net
Debt
|
3,035.6 | 4,300.8 | 4,255.4 | (45.37 | ) |
4Q'09
|
4Q'10
|
Capex
(R$MM)
|
FY’09
|
FY’10
|
|||||||||||
167.2 | 307.8 |
CAA - Capex
Operacional
|
553.7 | 722.5 | |||||||||||
22.0 | 47.3 |
● Sugar Cane
Planting Costs
|
118.9 | 211.9 | |||||||||||
84.3 | 197.7 |
● Inter-harvest Maintenance
Costs
|
144.4 | 260.9 | |||||||||||
* | 22.3 |
● SSHE &
Sustaining
|
* | 45.0 | |||||||||||
* | 30.5 |
● Mechanization
|
* | 30.5 | |||||||||||
61.0 | 10.1 |
● Projects CAA
|
290.4 | 174.2 | |||||||||||
160.9 | 245.7 |
Operating
Capex - CAA
|
781.2 | 972.0 | |||||||||||
53.4 | 112.0 |
● Co-generation
Projects
|
325.8 | 376.4 | |||||||||||
107.5 | 46.1 |
● Greenfield
|
455.4 | 462.2 | |||||||||||
* | 87.5 |
● Expansion
|
* | 133.4 | |||||||||||
328.1 | 553.5 |
Capex -
CAA
|
1,334.8 | 1,694.5 | |||||||||||
6.4 | 48.1 |
CCL
|
11.3 | 87.8 | |||||||||||
- | 143.8 |
Rumo
|
- | 143.8 | |||||||||||
334.6 | 745.4 |
(=) Capex -
Consolidated Cosan
|
1,346.1 | 1,926.1 | |||||||||||
227.7 | 30.7 |
● Investments
|
1,823.6 | 16.0 | |||||||||||
(372.1 | ) | (5.3 | ) |
● Cash received on Sale of Fixed
Assets
|
(372.1 | ) | (126.2 | ) | |||||||
190.3 | 770.8 |
(=) Investment
Cash Flow
|
2,797.6 | 1,815.9 |
|
a.
|
Novo Rumo Logística
S.A.
|
|
b.
|
Curupay Participações
S.A.
|
|
c.
|
Sale of the aviation
fuels business to Shell do Brasil
Ltda.
|
|
d.
|
TEAS Terminal
Exportador de Álcool de Santos (Santos Ethanol
Exporting Terminal) (“TEAS”)
|
|
e.
|
Logispot Armazéns
Gerais S.A. (“Logispot”)
|
|
f.
|
Joint Venture with
Shell
|
Report of
Independent Registered Public Accounting Firm
|
1
|
Consolidated
balance sheets March 31, 2010 and 2009
|
2
|
Consolidated
statements of operations for the year ended March 31, 2010, for
the
|
|
eleven-month
period ended March 31, 2009 and for the year ended April 30,
2008
|
4
|
Consolidated
statements of shareholders’ equity and comprehensive income (loss)
for
|
|
the year
ended March 31, 2010, for the eleven-month period ended March 31,
2009
|
|
and for the
year ended April 30, 2008
|
5
|
Consolidated
statements of cash flows for the year ended March 31, 2010, for
the
|
|
eleven-month
period ended March 31, 2009 and for the year ended April 30,
2008
|
6
|
Notes to the
Consolidated Financial Statements
|
7
|
Condomínio São Luiz
Av. Pres. Juscelino Kubitschek, 1830
Torre I - 8º Andar - Itaim Bibi
04543-900 - São Paulo, SP, Brasil
Tel: (5511) 2573-3000
Fax: (5511) 2573-5780
www.ey.com.br
|
March
31,
|
March
31,
|
|||||||||
2010
|
2009
|
|||||||||
Assets
|
||||||||||
Current
assets:
|
||||||||||
Cash and cash
equivalents
|
623,675 | 508,784 | ||||||||
Restricted
cash
|
25,251 | 5,078 | ||||||||
Derivative
financial instruments
|
129,456 | 7,352 | ||||||||
Trade
accounts receivable, less allowances: 2010 – $32,144;
|
||||||||||
2009 –
$21,241
|
430,328 | 258,863 | ||||||||
Inventories
|
587,720 | 477,792 | ||||||||
Advances to
suppliers
|
132,258 | 88,991 | ||||||||
Recoverable
taxes
|
184,090 | 114,641 | ||||||||
Other current
assets
|
49,155 | 65,956 | ||||||||
2,161,933 | 1,527,457 | |||||||||
Property,
plant, and equipment, net
|
4,146,499 | 2,259,427 | ||||||||
Goodwill
|
1,362,071 | 888,793 | ||||||||
Intangible
assets, net
|
602,263 | 243,142 | ||||||||
Accounts
receivable from Federal Government
|
187,385 | 139,700 | ||||||||
Judicial
deposits
|
94,083 | 73,975 | ||||||||
Other
non-current assets
|
440,672 | 288,608 | ||||||||
6,832,973 | 3,893,645 | |||||||||
Total
assets
|
8,994,906 | 5,421,102 |
March
31,
|
March
31,
|
|||||||
2010
|
2009 | |||||||
Liabilities
and shareholders’ equity
|
||||||||
Current
liabilities:
|
||||||||
Trade
accounts payable
|
320,044 | 197,220 | ||||||
Taxes
payable
|
121,203 | 69,042 | ||||||
Salaries
payable
|
79,497 | 40,237 | ||||||
Current
portion of long-term debt
|
471,061 | 781,664 | ||||||
Derivative
financial instruments
|
43,067 | 28,894 | ||||||
Dividends
payable
|
24,696 | - | ||||||
Other
liabilities
|
111,971 | 47,641 | ||||||
1,171,539 | 1,164,698 | |||||||
Long-term
liabilities:
|
||||||||
Long-term
debt
|
2,845,667 | 1,251,095 | ||||||
Estimated
liability for legal proceedings
|
294,605 | 497,648 | ||||||
Taxes
payable
|
381,805 | 151,476 | ||||||
Deferred
income taxes
|
408,832 | 40,377 | ||||||
Other
long-term liabilities
|
209,402 | 175,043 | ||||||
4,140,311 | 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
|
1,932,117 | 1,926,733 | ||||||
Accumulated
other comprehensive income (loss)
|
167,103 | (243,607 | ) | |||||
Retained
earnings (accumulated losses)
|
242,264 | (89,595 | ) | |||||
Equity
attributable to shareholders of Cosan Ltd
|
2,344,190 | 1,596,237 | ||||||
Equity
attributable to noncontrolling interests
|
1,338,866 | 544,528 | ||||||
Total
shareholders’ equity
|
3,683,056 | 2,140,765 | ||||||
Total
liabilities and shareholders’ equity
|
8,994,906 | 5,421,102 |
March
31,
|
March
31,
|
April
30,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
Net
sales
|
8,283,151 | 2,926,460 | 1,491,233 | |||||||||
Cost of goods
sold
|
(7,223,265 | ) | (2,621,861 | ) | (1,345,592 | ) | ||||||
Gross
profit
|
1,059,886 | 304,599 | 145,641 | |||||||||
Selling
expenses
|
(470,322 | ) | (213,257 | ) | (168,623 | ) | ||||||
General and
administrative expenses
|
(271,260 | ) | (140,147 | ) | (115,127 | ) | ||||||
Operating
income (loss)
|
318,303 | (48,805 | ) | (138,109 | ) | |||||||
Other income
(expenses):
|
||||||||||||
Financial
income (expenses), net
|
203,680 | (370,806 | ) | 116,767 | ||||||||
Gain on tax
recovery program
|
144,857 | - | - | |||||||||
Other
|
34,089 | (2,290 | ) | (3,670 | ) | |||||||
Income (loss)
before income taxes and equity in
|
700,931 | (421,901 | ) | (25,012 | ) | |||||||
income (loss)
of affiliates
|
||||||||||||
Income taxes
(expense) benefit
|
(184,781 | ) | 144,690 | 19,810 | ||||||||
Income (loss)
before equity in income (loss) of
|
516,150 | (277,211 | ) | (5,202 | ) | |||||||
affiliates
|
||||||||||||
Equity in
income (loss) of affiliates
|
(10,254 | ) | 6,128 | (239 | ) | |||||||
Net income
(loss)
|
505,896 | (271,083 | ) | (5,441 | ) | |||||||
Loss (net
income) attributable to noncontrolling
|
||||||||||||
interests
|
(174,037 | ) | 82,995 | 22,004 | ||||||||
Net income
(loss) attributable to Cosan Ltd.
|
331,859 | (188,088 | ) | 16,563 | ||||||||
Per-share
amounts attributable to Cosan Ltd.
|
||||||||||||
Earnings
(loss) from continuing operations
|
||||||||||||
Basic and
diluted
|
1.23 | (0.76 | ) | 0.09 | ||||||||
Weighted
number of shares outstanding
|
||||||||||||
Basic and
diluted
|
270,687,385 | 246,868,311 | 174,893,145 |
Capital stock | ||||||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||||||
Common
|
Common
|
Common
|
Common
|
Retained
|
other
|
|||||||||||||||||||||||||||||||
number
of
|
number
of
|
amount
of
|
amount
of
|
Additional
|
earnings
|
comprehensive
|
||||||||||||||||||||||||||||||
class
A
|
class
B
|
class
A
|
class
B
|
paid-in
|
(accumulated
|
income
|
Noncontrolling
|
|||||||||||||||||||||||||||||
shares
|
shares
|
shares
|
shares
|
capital
|
losses)
|
(loss)
|
interests
|
Total
|
||||||||||||||||||||||||||||
Balances at
April 30, 2007
|
- | 96,332,044 | - | 963 | 354,022 | 81,930 | 36,696 | 463,551 | 937,162 | |||||||||||||||||||||||||||
Issuance of
common shares for cash
|
111,678,00 | - | 1,117 | - | 1,117,316 | - | - | 372,955 | 1,491,388 | |||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||||||||||
Public Tender
Offering for Shares
|
18,232,812 | - | 182 | - | 250,774 | - | - | (141,879 | ) | 109,077 | ||||||||||||||||||||||||||
Stock
compensation
|
- | - | - | - | 3,466 | - | - | 3,837 | 7,303 | |||||||||||||||||||||||||||
Dilution on
exercise of Cosan S.A. stock options
|
- | - | - | - | (2,438 | ) | - | - | 1,629 | (809 | ) | |||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 16,563 | - | (22,004 | ) | (5,441 | ) | |||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | 135,145 | 118,675 | 253,820 | |||||||||||||||||||||||||||
Total
comprehensive income
|
248,379 | |||||||||||||||||||||||||||||||||||
Balances at
April 30, 2008
|
129,910,812 | 96,332,044 | 1,299 | 963 | 1,723,140 | 98,493 | 171,841 | 796,764 | 2,792,500 | |||||||||||||||||||||||||||
Issuance of
common shares for cash
|
44,444,529 | - | 444 | - | 199,556 | - | - | 7,328 | 207,328 | |||||||||||||||||||||||||||
Exercise of
stock options in subsidiary
|
- | - | - | - | - | - | - | 4,770 | 4,770 | |||||||||||||||||||||||||||
Issuance of
subsidiary shares to non controlling interest
|
- | - | - | - | - | - | - | 7,670 | 7,670 | |||||||||||||||||||||||||||
Stock
compensation
|
- | - | - | - | 4,037 | - | 1,820 | 5,857 | ||||||||||||||||||||||||||||
Pension
plan
|
- | - | - | - | - | - | 1,629 | 734 | 2,363 | |||||||||||||||||||||||||||
Net
loss
|
- | - | - | - | - | (188,088 | ) | - | (82,995 | ) | (271,083 | ) | ||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | (417,077 | ) | (191,563 | ) | (608,640 | ) | ||||||||||||||||||||||||
Total
comprehensive loss
|
- | - | - | - | - | - | - | (877,360 | ) | |||||||||||||||||||||||||||
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
|
- | - | - | - | 52,651 | - | - | 93,320 | 145,971 | |||||||||||||||||||||||||||
Issuance of
subsidiary shares to non controlling interest
|
- | - | - | - | 9,840 | - | (1,735 | ) | 246,123 | 254,228 | ||||||||||||||||||||||||||
Acquisition of
non-controlling interest in subsidiary
|
- | - | - | - | (17,739 | ) | - | - | (11,485 | ) | (29,224 | ) | ||||||||||||||||||||||||
Sale of
warrants in subsidiary
|
- | - | - | - | (4,594 | ) | - | - | 4,594 | - | ||||||||||||||||||||||||||
Exercise of
stock options in subsidiary
|
- | - | - | - | (2,372 | ) | - | (251 | ) | 5,961 | 3,339 | |||||||||||||||||||||||||
Exercise of
common stock warrants in subsidiary
|
- | - | - | - | (34,480 | ) | - | 3,441 | 62,232 | 31,192 |
Acquisition of
TEAS
|
- | - | - | - | - | - | - | 9,075 | 9,075 | |||||||||||||||||||||||||||
Stock
compensation
|
- | - | - | - | 2,078 | - | - | 1,241 | 3,319 | |||||||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 331,859 | - | 174,037 | 505,896 | |||||||||||||||||||||||||||
Pension
plan
|
- | - | - | - | - | - | 18,804 | 11,395 | 30,199 | |||||||||||||||||||||||||||
Unrealized
gain on available-for-sale securities
|
- | - | - | - | - | - | 4,258 | - | 4,258 | |||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | 386,193 | 197,845 | 584,038 | |||||||||||||||||||||||||||
Total
comprehensive income
|
1,124,391 | |||||||||||||||||||||||||||||||||||
Balances at
March 31, 2010
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,932,117 | 242,264 | 167,103 | 1,338,866 | 3,683,056 |
March
31,
|
March
31,
|
April
30,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
Cash flow
from operating activities:
|
||||||||||||
Net (loss)
income attributable to Cosan Limited
|
331,859 | (188,088 | ) | 16,563 | ||||||||
Adjustments
to reconcile net income to cash provided by operating
|
||||||||||||
activities:
|
||||||||||||
Depreciation
and amortization
|
488,516 | 290,739 | 236,065 | |||||||||
Deferred
income taxes
|
143,322 | (145,328 | ) | (52,438 | ) | |||||||
Interest,
monetary and exchange variation
|
(131,448 | ) | 497,342 | (43,684 | ) | |||||||
Gain on tax
recovery program
|
(144,857 | ) | - | - | ||||||||
Net loss
(income) attributable to noncontrolling interests
|
174,037 | (82,995 | ) | (22,004 | ) | |||||||
Others
|
7,600 | 14,465 | 15,248 | |||||||||
Decrease/increase
in operating assets and liabilities
|
||||||||||||
Trade
accounts receivable, net
|
1,356 | (23,694 | ) | (57,107 | ) | |||||||
Inventories
|
126,164 | (85,891 | ) | (31,739 | ) | |||||||
Advances to
suppliers
|
37,362 | 21,091 | (8,363 | ) | ||||||||
Recoverable
taxes
|
(20,535 | ) | (32,858 | ) | (44,543 | ) | ||||||
Trade
accounts payable
|
(26,117 | ) | 33,426 | 33,702 | ||||||||
Derivative
financial instruments
|
(111,077 | ) | 4,365 | 90,383 | ||||||||
Taxes
payable
|
192,482 | (17,072 | ) | (19,588 | ) | |||||||
Other assets
and liabilities, net
|
(257,691 | ) | (28,924 | ) | (54,902 | ) | ||||||
Net cash
provided by operating activities
|
810,973 | 256,578 | 57,593 | |||||||||
Cash flows
from investing activities:
|
||||||||||||
Restricted
cash
|
(18,650 | ) | 29,312 | (25,886 | ) | |||||||
Marketable
securities
|
- | 558,761 | (670,980 | ) | ||||||||
Proceeds from
sales of the Aviation business
|
58,431 | - | - | |||||||||
Proceeds from
sales of property, plant and equipment
|
5,959 | 160,703 | - | |||||||||
Additions of
property, plant and equipment
|
(1,081,484 | ) | (606,155 | ) | (642,886 | ) | ||||||
Acquisitions,
net of cash acquired and other investments
|
(9,007 | ) | (930,411 | ) | (101,961 | ) | ||||||
Net cash used
in investing activities
|
(1,044,751 | ) | (787,790 | ) | (1,441,713 | ) | ||||||
Cash flows
from financing activities:
|
||||||||||||
Proceeds from
issuance of common stock
|
- | 200,000 | 1,118,433 | |||||||||
Capital
increase in subsidiaries from minorities
|
57,405 | 11,247 | 324,351 | |||||||||
Treasury
stock
|
- | (1,979 | ) | - | ||||||||
Related
parties
|
(85,593 | ) | (15,823 | ) | - | |||||||
Payments of
dividends from subsidiaries
|
- | - | (44,935 | ) | ||||||||
Additions of
long-term debts
|
2,020,673 | 789,549 | 117,533 | |||||||||
Payments of
long-term debts
|
(1,839,524 | ) | (111,079 | ) | (492,052 | ) | ||||||
Net cash
provided by financing activities
|
152,961 | 871,915 | 1,023,330 |
Effect of
exchange rate changes on cash and cash equivalents
|
195,708 | 99,704 | 112,625 | |||||||||
Net increase
(decrease) in cash and cash equivalents
|
114,891 | 440,407 | (248,165 | ) | ||||||||
Cash and cash
equivalents at beginning of year
|
508,784 | 68,377 | 316,542 | |||||||||
Cash and cash
equivalents at end of year
|
623,675 | 508,784 | 68,377 | |||||||||
Supplemental
cash flow information
|
||||||||||||
Cash paid
for:
|
||||||||||||
Interest
|
208,367 | 74,049 | 124,502 | |||||||||
Income
taxes
|
33,403 | 3,855 | 18,787 | |||||||||
Non-cash
transactions:
|
||||||||||||
Acquisitions
paid with equity
|
435,405 | - | 250,774 |
1.
|
Operations
|
1.
|
Operations
(Continued)
|
1.
|
Operations
(Continued)
|
2.
|
Presentation
of the consolidated financial
statements
|
3.
|
Significant
accounting policies
|
3.
|
Significant accounting policies
(Continued)
|
Ownership
% direct and indirect
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Cosan S.A.
Indústria e Comércio
|
62.27 | % | 62.27 | % | 62.27 | % | ||||||
Administração
de Participações Aguassanta Ltda.
|
56.98 | % | 56.98 | % | 56.98 | % | ||||||
Cosan S.A.
Açúcar e Álcool (1)
|
62.02 | % | 62.02 | % | ||||||||
Aguas da
Ponta Alta S.A.
|
62.02 | % | 62.02 | % | ||||||||
Vale da Ponte
Alta S.A.
|
62.02 | % | 62.02 | % | ||||||||
Agrícola
Ponte Alta S.A.
|
62.02 | % | 62.02 | % | 61.71 | % | ||||||
Cosan
Centroeste S.A. Açúcar e Álcool
|
62.02 | % | 62.02 | % | 61.71 | % | ||||||
Barra S.A.
Bioenergia
|
62.02 | % | 62.02 | % | 61.71 | % | ||||||
DaBarra
Alimentos Ltda.
|
62.02 | % | 62.02 | % | 61.71 | % | ||||||
Bonfim Nova
Tamoio – BNT Agrícola Ltda.
|
62.02 | % | 62.02 | % | 61.71 | % | ||||||
Benálcool
S.A. Açúcar e Álcool
|
62.02 | % | 62.02 | % | 61.71 | % | ||||||
Barrapar
Participações S.A.
|
62.02 | % | 62.02 | % | ||||||||
Aliança
Indústria e Comércio de Açúcar e Álcool S.A.
|
62.02 | % | 62.02 | % | ||||||||
Cosan
Distribuidora de Combustíveis Ltda.
|
62.21 | % | 62.27 | % | 62.21 | % | ||||||
Cosan S.A.
Bioenergia
|
62.27 | % | 62.27 | % | 62.27 | % | ||||||
Cosan
International Universal Corporation
|
62.27 | % | 62.27 | % | 62.27 | % | ||||||
Cosan Finance
Limited
|
62.27 | % | 62.27 | % | 62.27 | % | ||||||
Grançucar
S.A. Refinadora de Açúcar
|
62.27 | % | 62.27 | % | 62.27 | % | ||||||
Cosanpar
Participações S.A. (2)
|
- | 62.27 | % | - | ||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
62.27 | % | - | - | ||||||||
Copsapar
Participações S.A.
|
56.04 | % | 56.04 | % | - | |||||||
Novo Rumo
Logística S.A.
|
57.85 | % | - | - | ||||||||
Rumo
Logística S.A.
|
57.85 | % | - | - | ||||||||
Cosan
Operadora Portuária S.A.
|
57.85 | % | 57.85 | % | - | |||||||
Teaçú
Armazéns Gerais S.A.
|
57.85 | % | - | - | ||||||||
Teas Terminal
Exportador de Álcool de Santos S.A. (3)
|
41.53 | % | 19.83 | % | - | |||||||
Cosan
Alimentos S.A. (formerly known as Nova América S.A. –
|
62.27 | % | - | - | ||||||||
Agroenergia)
|
||||||||||||
Pasadena
Empreendimentos e Participações S.A. (4)
|
- | - | - |
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
3.
|
Significant accounting policies
(Continued)
|
4.
|
Cash
and cash equivalents
|
2010
|
2009
|
|||||||
Local
currency
|
||||||||
Cash and bank
accounts
|
59,513 | 64,644 | ||||||
Highly liquid
investments
|
492,430 | 422,989 | ||||||
Foreign
currency
|
||||||||
Bank
accounts
|
71,732 | 21,151 | ||||||
623,675 | 508,784 |
5.
|
Derivative
financial instruments
|
5.
|
Derivative financial
instruments (continued)
|
Balance
sheet location
|
Notional
amounts
|
Carrying
value asset (liability)
|
|||||||||||||||
Derivative
Financial
|
March
31,
|
March
31,
|
March
31,
|
March
31,
|
|||||||||||||
Instruments
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Commodities
derivatives
|
|||||||||||||||||
Future
contracts:
|
|||||||||||||||||
Purchase
commitments - sugar
|
Current
assets (liabilities)
|
102,725 | 61 | (19,128 | ) | (4 | ) | ||||||||||
Sell
commitments
|
Current
assets
|
558,385 | 182,943 | 82,229 | 4,163 | ||||||||||||
Swap
agreements
|
Current
assets
|
56,594 | - | 607 | - | ||||||||||||
Options:
|
|||||||||||||||||
Purchased
|
Current
assets
|
145,517 | - | 12,777 | - | ||||||||||||
Written
|
Current
assets (liabilities)
|
457,841 | 64,366 | (19,362 | ) | (2,906 | ) | ||||||||||
Foreign
exchange and interest rate
|
|||||||||||||||||
derivatives
|
|||||||||||||||||
Forward
contracts:
|
|||||||||||||||||
Sale
commitments
|
Current
assets (liabilities)
|
573,250 | 184,653 | 4,490 | (23,035 | ) | |||||||||||
Purchase
commitments
|
Current
assets (liabilities)
|
571,500 | - | (4,226 | ) | - | |||||||||||
Swap
agreements:
|
|||||||||||||||||
Senior
notes
|
Current
(liabilities)
|
- | 246,501 | - | (2,949 | ) | |||||||||||
Interest
Libor
|
Current
assets (liabilities)
|
300,000 | - | (351 | ) | - | |||||||||||
Future
contracts
|
|||||||||||||||||
Sale
commitments
|
Current
assets
|
487,800 | 372,230 | 20,527 | 3,189 | ||||||||||||
Options
|
|||||||||||||||||
Purchased
|
Current
assets
|
372,568 | - | 8,826 | - | ||||||||||||
Total
assets
|
129,456 | 7,352 | |||||||||||||||
Total
liabilities
|
(43,067 | ) | (28,894 | ) |
6.
|
Inventories
|
2010
|
2009
|
|||||||
Finished
goods:
|
||||||||
Sugar
|
52,561 | 47,195 |
Ethanol
|
31,573 | 86,809 | ||||||
Lubricants
and Fuel (Gasoline, Diesel and Ethanol)
|
149,613 | 120,108 | ||||||
233,747 | 254,112 | |||||||
Annual
maintenance cost of growing crops
|
243,709 | 167,576 | ||||||
Others
|
110,264 | 56,104 | ||||||
587,720 | 477,792 |
7.
|
Property,
plant and equipment, net
|
2010
|
2009
|
|||||||
Land and
rural properties
|
506,627 | 401,074 | ||||||
Machinery,
equipment and installations
|
2,759,044 | 1,285,524 | ||||||
Vehicles
|
168,875 | 123,867 | ||||||
Furniture,
fixtures and computer equipment
|
71,254 | 44,600 | ||||||
Buildings
|
580,160 | 229,322 | ||||||
Leasehold
improvements and others
|
264,693 | 153,432 | ||||||
Construction
in progress
|
811,395 | 395,200 | ||||||
Sugarcane
plant development costs
|
807,757 | 655,306 | ||||||
5,969,805 | 3,288,325 | |||||||
Accumulated
depreciation and amortization
|
(1,823,306 | ) | (1,028,898 | ) | ||||
Total
|
4,146,499 | 2,259,427 |
8.
|
Acquisitions
|
Cash
|
52,985 | |||
Common stock
at fair value
|
114,318 | |||
Total
consideration transferred
|
167,303 |
8.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
44,417 | |||
Intangible
assets
|
138,424 | |||
Inventories
|
1,209 | |||
Other
assets
|
26,566 | |||
Long-term
debt including current installments
|
(18,933 | ) | ||
Trade
accounts payable
|
(485 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(3,289 | ) | ||
Deferred
income taxes
|
(45,523 | ) | ||
Other
liabilities
|
(3,117 | ) | ||
Net assets
acquired
|
139,269 | |||
Consideration
transferred, net of cash acquired
|
167,008 | |||
Goodwill
|
27,739 |
8.
|
Acquisitions
(Continued)
|
Provisional
goodwill
|
102,052 | |||
Intangible
assets – port concession granted by the government
|
(138,424 | ) | ||
Adjustments
of fair value of PP&E
|
(4,193 | ) | ||
Adjustments
of fair value of other assets and liabilities
|
4,051 | |||
Deferred
income tax
|
47,467 | |||
Change in
consideration transferred of common stock at fair value
|
16,786 | |||
Goodwill
|
27,739 |
8.
|
Acquisitions
(Continued)
|
Description
|
||||
Property,
plant and equipment
|
455,651 | |||
Intangible
assets
|
125,491 | |||
Noncontrolling
interest in Novo Rumo
|
68,180 | |||
Inventories
|
61,323 | |||
Account
receivables
|
62,215 | |||
Recoverable
taxes
|
12,527 | |||
Related
parties
|
34,846 | |||
Other
assets
|
100,555 | |||
Long-term
debt including current installments
|
(604,234 | ) | ||
Trade
accounts payable
|
(80,936 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(10,461 | ) | ||
Taxes and
contributions payable
|
(28,821 | ) | ||
Deferred
income taxes
|
(24,359 | ) | ||
Other
liabilities
|
(64,802 | ) | ||
Net assets
acquired
|
107,175 | |||
Consideration
transferred, net of cash acquired
|
294,605 | |||
Goodwill
|
187,430 |
8.
|
Acquisitions
(Continued)
|
Provisional
goodwill
|
290,519 | |||
Intangible
assets – Trademark (“União”) and Purchase Contracts
|
(125,491 | ) | ||
Adjustments
of fair value of PP&E
|
(85,000 | ) | ||
Adjustments
of fair value of recoverable taxes
|
9,569 | |||
Adjustments
of fair value of receivables
|
33,669 | |||
Adjustments
of fair value of other assets and liabilities
|
(3,171 | ) | ||
Deferred
income tax
|
67,335 | |||
Goodwill
|
187,430 |
8.
|
Acquisitions
(Continued)
|
Cash
|
11,574 | |||
Acquisition
date fair value of initial 40% investment
|
11,226 | |||
Total
|
22,800 |
Description
|
||||
Property,
plant and equipment
|
12,089 | |||
Other
assets
|
489 | |||
Trade
accounts payable
|
(74 | ) | ||
Other
liabilities
|
(206 | ) | ||
Non-controlling
interest
|
(3,574 | ) | ||
Net assets
acquired
|
8,724 | |||
Consideration
transfered, net of cash acquired
|
12,917 | |||
Goodwill
|
4,193 |
8.
|
Acquisitions
(Continued)
|
8.
|
Acquisitions
(Continued)
|
Cosan
CL
|
||||
Description
|
US$
|
|||
Trade
accounts receivable
|
134,634 | |||
Inventories
|
141,167 | |||
Property,
plant and equipment
|
440,296 | |||
Intangible
assets
|
167,054 | |||
Other
assets
|
108,154 | |||
Loans and
financings
|
(25,638 | ) | ||
Trade
accounts payable
|
(79,680 | ) | ||
Deferred
income taxes
|
(92,637 | ) | ||
Notes payable
to ExxonMobil Capital N.V.
|
(175,327 | ) | ||
Estimated
liability for legal proceedings and labor claims (Note 14)
|
(111,608 | ) | ||
Estimated
liability for unrecognized tax benefits (Note 16)
|
(34,605 | ) | ||
Actuarial
liability
|
(31,338 | ) | ||
Other
liabilities
|
(41,107 | ) | ||
Net assets
(liabilities) acquired (assumed)
|
399,365 | |||
Consideration
transferred, net of cash acquired
|
711,858 | |||
Goodwill
|
312,493 |
8.
|
Acquisitions
(Continued)
|
Cosan
S.A.
|
||||
6.24% | ||||
Description
|
US$
|
|||
Property,
plant and equipment
|
162,283 | |||
Intangible
assets
|
6,862 | |||
Other
assets
|
146,075 | |||
Loans and
financings
|
(83,454 | ) | ||
Trade
accounts payable
|
(13,215 | ) | ||
Deferred
income taxes
|
(5,220 | ) | ||
Estimated
liability for legal proceedings and labor claims
|
(34,031 | ) | ||
Other
liabilities
|
(54,932 | ) | ||
Net assets
(liabilities) acquired (assumed)
|
124,368 | |||
Consideration
transferred, net of cash acquired
|
124,368 | |||
Goodwill
|
- |
8.
|
Acquisitions
(Continued)
|
Cosan
S.A.
|
||||
6.7% | ||||
Description
|
US$
|
|||
Property,
plant and equipment
|
202,208 | |||
Intangible
assets
|
2,779 | |||
Other
assets
|
176,578 | |||
Loans and
financings
|
(87,065 | ) | ||
Other
liabilities
|
(95,657 | ) | ||
Net assets
(liabilities) acquired (assumed)
|
198,843 | |||
Purchase
price, net of cash acquired
|
- | |||
Acquisition
paid with equity
|
250,774 | |||
Goodwill
|
51,931 |
8.
|
Acquisitions
(Continued)
|
Cosan
S.A.
|
||||
5.4% | ||||
Description
|
US$
|
|||
Property,
plant and equipment
|
135,858 | |||
Intangible
assets
|
2,147 | |||
Other
assets
|
128,905 | |||
Loans and
financings
|
(71,924 | ) | ||
Other
liabilities
|
(76,038 | ) | ||
Net assets
(liabilities) acquired (assumed)
|
118,948 | |||
Purchase
price, net of cash acquired
|
151,544 | |||
Goodwill
|
32,596 |
2010
|
2009
|
|||||||
Net
sales
|
8,380,069 | 6,686,752 | ||||||
Net (loss)
income
|
327,084 | (223,910 | ) | |||||
Basic and
diluted EPS (loss per share) per thousand shares (US$)
|
1.21 | (0.91 | ) |
9.
|
Goodwill
and other intangible assets
|
Fuels
|
||||||||||||||||
Distribution
|
||||||||||||||||
Sugar
and
|
Sugar
|
and
|
||||||||||||||
Ethanol
|
Logistics
|
Lubricants
|
||||||||||||||
segment
|
segment
|
segment
|
||||||||||||||
(S&E)
|
(Rumo)
|
(CCL)
|
Total
|
|||||||||||||
Balance
as of April 30, 2008
|
772,590 | - | - | 772,590 | ||||||||||||
Acquisitions
|
- | - | 312,493 | 312,493 | ||||||||||||
Total tax
benefit applied to reduce goodwill
|
(11,736 | ) | - | - | (11,736 | ) | ||||||||||
Effect of
currency translation
|
(185,408 | ) | - | 854 | (184,554 | ) | ||||||||||
Balance
as of March 31, 2009
|
575,446 | - | 313,347 | 888,793 | ||||||||||||
Acquisitions
|
187,430 | 27,739 | - | 215,169 | ||||||||||||
Sale of
Esso´s aviation business
|
- | - | (19,374 | ) | (19,374 | ) | ||||||||||
Addition
related to determinable and estimable contingent
consideration.
|
- | - | 26,208 | 26,208 | ||||||||||||
Effect of
currency translation
|
153,430 | 7,927 | 90,918 | 252,275 | ||||||||||||
Balance
as of March 31, 2010
|
915,306 | 35,666 | 411,099 | 1,362,071 |
As of March 31, 2010 | |||||||||||||
Weighted
|
|||||||||||||
Gross
|
average
|
Net
|
|||||||||||
Carrying
|
amortization
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
period
|
amortization
|
Amount
|
||||||||||
Intangible
assets subject to amortization:
|
|||||||||||||
Favorable
operating leases
|
126,615 |
16
years
|
(46,624 | ) | 79,991 | ||||||||
Trademark
(“Barra”)
|
8,648 |
15
years
|
(3,652 | ) | 4,996 | ||||||||
Trademark
(“Esso”)
|
70,130 |
5
years
|
(18,701 | ) | 51,429 | ||||||||
Trademark
("União")
|
49,663 |
50
years
|
(828 | ) | 48,835 | ||||||||
Port
concession
|
177,977 |
27
years
|
(6,592 | ) | 171,385 | ||||||||
Purchase
Contract
|
87,313 |
18
years
|
(4,042 | ) | 83,271 | ||||||||
Customer base
– Esso
|
150,904 |
29
years
|
(6,938 | ) | 143,966 | ||||||||
Software
|
46,912 |
5
years
|
(28,522 | ) | 18,390 | ||||||||
Total
|
718,161 | (115,899 | ) | 602,263 |
9.
|
Goodwill and other intangible
assets (Continued)
|
As of March 31, 2009 | |||||||||||||
Weighted
|
|||||||||||||
Gross
|
average
|
Net
|
|||||||||||
Carrying
|
amortization
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
period
|
amortization
|
Amount
|
||||||||||
Intangible
assets subject to amortization:
|
|||||||||||||
Favorable
operating leases
|
97,401 |
16
years
|
(30,036 | ) | 67,365 | ||||||||
Trademark
(“Barra”)
|
7,104 |
15
years
|
(2,426 | ) | 4,678 | ||||||||
Trademark
(“Esso”)
|
53,949 |
5
years
|
(3,597 | ) | 50,352 | ||||||||
Customer base
- Esso
|
116,084 |
29
years
|
(7,738 | ) | 108,346 | ||||||||
Software
|
27,526 |
5
years
|
(15,125 | ) | 12,401 | ||||||||
Total
|
302,064 | (59,922 | ) | 243,142 |
2011
|
49,174 | |||
2012
|
49,800 | |||
2013
|
39,792 | |||
2014
|
34,835 | |||
2015
|
24,636 | |||
Thereafter
|
405,026 | |||
602,263 |
10.
|
Accounts
receivable from Federal Government
|
11.
|
Taxes
payable
|
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Tax Recovery
Program – Federal REFIS (1)
|
- | 71,591 | ||||||
Special Tax
Payment Program – PAES (1)
|
230 | 28,472 | ||||||
Tax Recovery
from Brazilian Law No 11.941/09 and MP 470/09
|
373,650 | - | ||||||
Income Tax
and Social Contribution
|
50,471 | 71,747 | ||||||
Others
|
78,657 | 48,708 | ||||||
503,008 | 220,518 | |||||||
Current
liabilities
|
(121,203 | ) | (69,042 | ) | ||||
Long-term
liabilities
|
381,805 | 151,476 |
(1)
|
These tax recovery programs
have been reassessed and transferred to the Tax Recovery from Brazilian
Law No 11.941/09 and MP 470/09, except for the recovery
program related to PAES – salário
educação.
|
11.
|
Taxes payable
(Continued)
|
2010
|
||||
Tax payable and related
estimated liability for legal proceedings before joining the
tax recovery program Law 11.941 and MP 470
|
898,802 | |||
Legal
reductions
|
(348,604 | ) | ||
Net
balance overdue on tax recovery program Law 11.941 and MP
470
|
550,198 | |||
Tax payable
and related estimated liability for legal proceedings
recorded
|
(701,985 | ) | ||
before
joining the tax recovery program Law 11.941 and MP 470
|
||||
Current
translation adjustment
|
6,930 | |||
Gain
on tax recovery program
|
(144,857 | ) | ||
Net
balance overdue on tax recovery program Law 11.941 and MP
470
|
550,198 | |||
Amortization
of Judicial Deposits
|
(56,620 | ) | ||
Use of income
tax loss carry forward
|
(114,488 | ) | ||
Installments
paid
|
(16,444 | ) | ||
Interest
|
11,004 | |||
Tax
Recovery from Brazilian Law No 11.941/09 and MP 470/09 as of
March
31, 2010
|
373,650 |
12.
|
Long-term
debt
|
Average
|
|||||||||||||
annual
|
March
31,
|
March
31,
|
|||||||||||
Index
|
interest
rate
|
2010
|
2009
|
||||||||||
Resolution
No. 2471 (PESA)
|
IGP-M
|
4.0 | % | 297,243 | 215,631 | ||||||||
Senior notes
due 2009
|
US
Dollar
|
9.0 | % | - | 37,386 | ||||||||
Senior notes
due 2014
|
US
Dollar
|
9.5 | % | 354,433 | - | ||||||||
Senior notes
due 2017
|
US
Dollar
|
7.0 | % | 405,258 | 405,389 | ||||||||
IFC
|
US
Dollar
|
7.4 | % | - | 49,362 | ||||||||
Perpetual
notes
|
US
Dollar
|
8.3 | % | 455,820 | 456,463 | ||||||||
BNDES
|
TJLP
|
2.6 | % | 520,068 | 99,561 | ||||||||
Floating rate
notes
|
Libor
|
2.8 | % | - | 151,207 | ||||||||
Promissory
notes
|
DI
|
3.0 | % | - | 501,888 | ||||||||
Export credit
notes
|
DI
|
2.4 | % | 212,660 | - | ||||||||
Credit
Notes
|
DI
|
6.2 | % | 102,656 | - | ||||||||
Export
Pre-payment
|
US
Dollar
|
5.2 | % | 547,230 | - | ||||||||
Others
|
Various
|
Various
|
421,360 | 115,872 | |||||||||
3,316,728 | 2,032,759 | ||||||||||||
Current
liability
|
(471,061 | ) | (781,664 | ) | |||||||||
Long-term
debt
|
2,845,667 | 1,251,095 |
2012
|
339,803 | |||
2013
|
416,660 | |||
2014
|
128,182 | |||
2015
|
473,201 | |||
2016
|
59,509 | |||
2017
|
459,584 | |||
2018
|
57,385 | |||
2019 and
thereafter
|
911,343 | |||
2,845,667 |
12.
|
Long-term debt
(Continued)
|
12.
|
Long-term debt
(Continued)
|
12.
|
Long-term debt
(Continued)
|
13.
|
Related
parties
|
Assets
|
||||||||
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Cosan
Alimentos S.A.
|
- | 13,123 | ||||||
Rezende
Barbosa S.A. Administração e Participações
|
48,889 | - | ||||||
Vertical UK
LLP
|
- | 11,597 | ||||||
Others
|
10,780 | - | ||||||
59,669 | 24,720 | |||||||
Current
(*)
|
(13,958 | ) | (24,720 | ) | ||||
Noncurrent
(*)
|
45,711 | - | ||||||
Liabilities
|
||||||||
March
31,
|
March
31,
|
|||||||
2010 | 2009 | |||||||
Logispot
Armazéns Gerais S.A.
|
6,313 | - | ||||||
Others
|
1,781 | 1,926 | ||||||
- | ||||||||
Current
(*)
|
8,094 | 1,926- |
13.
|
Related parties
(Continued)
|
2010
|
2009
|
2008
|
||||||||||
Transactions
involving assets:
|
||||||||||||
Cash received
due to the sale of finished products and assets and services held,
net of payments
|
(159,734 | ) | (242,320 | ) | (36,773 | ) | ||||||
Sale of
finished products and services
|
137,147 | 122,381 | 46,410 | |||||||||
Sale of real
estate (land) (Note 21)
|
- | 13,967 | - | |||||||||
Sale of
interest in a subsidiary (Note 21)
|
- | 123,649 | - | |||||||||
Added through
acquisition
|
39,240 | |||||||||||
Financial
Income
|
9,624 | - | - | |||||||||
Transactions
involving liabilities:
|
||||||||||||
Payment of
financial resources, net of funding
|
2,698 | - | - | |||||||||
Financial
income
|
(172,721 | ) | 178,455 | - | ||||||||
Other
|
- | (2,700 | ) | (395 | ) |
13.
|
Related parties
(Continued)
|
14.
|
Pension
and other postretirement
benefits
|
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Change
in benefit obligation
|
||||||||
Projected
benefit obligation
|
156,505 | 153,171 | ||||||
Service
cost
|
2,935 | 578 | ||||||
Interest cost
on pension benefit obligation
|
16,291 | 3,367 | ||||||
Benefits
payments
|
(10,173 | ) | (1,710 | ) | ||||
Actuarial
(gain) losses
|
(28,817 | ) | (102 | ) | ||||
Effect of
exchange rate changes
|
46,041 | 1,201 | ||||||
Projected
benefit obligation at end of year
|
182,782 | 156,505 | ||||||
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Change
in plan assets
|
||||||||
Fair value of
plan assets at date of acquisition
|
128,382 | 121,518 | ||||||
Actual return
on plan assets
|
31,638 | 6,218 | ||||||
Employer
contributions
|
4,503 | 1,371 | ||||||
Benefits
payments
|
(9,135
|
) |
(1,710
|
) | ||||
Effect of
exchange rate changes
|
39,841
|
985
|
||||||
Fair
value of plan assets at end of year
|
195,229
|
128,382
|
14.
|
Pension and other
postretirement benefits
(Continued)
|
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Accrued
pension cost asset (liability)
|
||||||||
Funded
status, excess projected benefit obligation over plan
assets
|
12,447 | (28,123 | ) | |||||
Accrued
pension cost – Other non-current assets
|
12,447 | - | ||||||
Accrued
pension cost – Other current liabilities
|
- | 7,211 | ||||||
Accrued
pension cost – Other non-current liabilities
|
- | (20,912 | ) |
Pension
benefits
|
||||||||
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Unrecognized
gains
|
50,202 | 3,553 | ||||||
Deferred
income taxes
|
(17,068 | ) | (1,208 | ) | ||||
Effect of
currency translation
|
(2,934 | ) | 19 | |||||
30,200 | 2,364 |
March
31,
2010
|
March
31,
2009
|
|||||||
Service
cost
|
2,935 | 578 | ||||||
Interest cost
on projected benefit obligation
|
16,291 | 3,367 | ||||||
Expected
return on plan assets:
|
(15,558 | ) | (2,767 | ) | ||||
Net
periodic pension cost
|
3,668 | 1,178 |
14.
|
Pension and other
postretirement benefits
(Continued)
|
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
Discount
rate
|
11.08 | % | 9.20 | % | ||||
Rate of
compensation increase
|
6.07 | % | 5.56 | % |
March
31,
2010
|
March
31,
2009
|
|||||||
Discount
rate
|
11.08 | % | 9.20 | % | ||||
Expected
long-term rates of return on plan assets
|
10.48 | % | 10.59 | % | ||||
Rate of
compensation increase
|
6.07 | % | 5.56 | % |
Accumulated
benefit obligation
|
March
31,
2010
|
March
31,
2009
|
||||||
Actuarial
present value of:
|
||||||||
Vested
benefit obligation
|
142,967 | 121,362 | ||||||
Non-vested
benefit obligation
|
20,651 | 17,820 | ||||||
Total
accumulated benefit obligation
|
163,618 | 139,182 |
Asset allocation (%) | ||||||||||||
March
31,
|
March
31,
|
|||||||||||
Asset
category
|
2010
|
2009
|
Target
|
|||||||||
Equity
securities
|
25 | 25 | 25 | |||||||||
Debt
securities
|
75 | 75 | 75 | |||||||||
Total
|
100 | 100 | 100 |
14.
|
Pension and other
postretirement benefits (Continued)
|
2010
|
10,013
|
2011
|
10,582
|
2012
|
11,363
|
2013
|
12,172
|
2014
|
12,892
|
2015 to
2019
|
85,196
|
14.
|
Pension and other
postretirement benefits
(Continued)
|
Minimum
|
Maximum
|
Target
|
||||||||||
Asset
category
|
||||||||||||
Fixed
Income
|
30 | % | 100 | % | 75 | % | ||||||
Equity
securities
|
- | 70 | % | 25 | % |
March
31,
2010
|
||||
Asset
category
|
||||
Fixed
income
|
146,422 | |||
Equity
securities
|
48,807 | |||
Total
|
195,229 |
Level 1 /
Total
|
||||
Asset
category
|
||||
Fixed
income
|
146,422 | |||
Equity
securities
|
48,807 | |||
Total
|
195,229 |
15.
|
Estimated
liability for legal proceedings and
commitments
|
2010
|
2009
|
|||||||
Tax
contingencies
|
173,924 | 430,342 | ||||||
Civil and
labor contingencies
|
120,681 | 67,306 | ||||||
294,605 | 497,648 |
2010
|
2009
|
|||||||
Credit
premium – IPI (i)
|
- | 116,256 | ||||||
PIS and
Cofins (ii)
|
11,910 | 62,556 | ||||||
IPI credits
(i)
|
- | 40,049 | ||||||
Contribution
to IAA (i)
|
- | 36,672 | ||||||
IPI – Federal
VAT (i)
|
4,692 | 23,626 | ||||||
ICMS
credits
|
33,824 | 19,966 | ||||||
Compensation
with Finsocial (iii)
|
97,114 | 70,693 | ||||||
Other
|
26,384 | 60,524 | ||||||
173,924 | 430,342 |
15.
|
Estimated
liability for legal proceedings and commitments (Continued)
|
(i)
|
The Company
and its subsidiaries opted to settle tax related claims in installments as
provided by Brazilian Law No 11.941/09 and in MP 470/09. The Company and
its subsidiaries used accumulated tax losses to pay the related fines and
interest. Consequently
there was a
full reduction of the claims related to IPI tax credit, as well as the
installment payment of other federal taxes, that were recorded as Taxes
Payable (note 11).
|
(ii)
|
On May 27,
2009, the 1st and 3rd paragraphs of Brazilian Law No 9718/98 that
regulated the collection of PIS and Cofins (federal tax contributions) on
exchange variation and other financial income was revoked by Law No
11941/09. The Company evaluated its ongoing judicial demands related to
the legal obligations not paid related to the increase in the calculation
basis of PIS and Cofins and reversed the related provision at the amount
of US$30,213.
|
(iii)
|
From June to
December of 1994, the subsidiary Cosan CL used tax credits on COFINS taxes
based on a favorable court ruling and compensated with other federal
taxes. During 2008 the federal tax authorities in Brazil issued an
assessment invalidating such compensation and therefore a provision
related to this matter was
recorded.
|
Balance
at April 30, 2008
|
494,098 | |||
Provision
|
37,731 | |||
Business
acquisition
|
111,608 | |||
Settlements
|
(12,097 | ) | ||
Foreign
currency translation
|
(133,692 | ) | ||
Balance
at March 31, 2009
|
497,648 | |||
Provision
|
47,732 | |||
Business
acquisition (see Note 8)
|
14,756 | |||
Settlements
|
(409,576 | ) | ||
Foreign
currency translation
|
144,404 | |||
Balance
at March 31, 2010
|
294,605 |
15.
|
Estimated
liability for legal proceedings and commitments (Continued)
|
March
31,
|
March
31,
|
|||||||
2010
|
2009
|
|||||||
ICMS – State
VAT
|
180,988 | 77,052 | ||||||
Withholding
Income Tax
|
102,652 | 69,730 | ||||||
IAA - Sugar
and Ethanol Institute
|
1,428 | 31,610 | ||||||
IPI - Federal
Value-added tax
|
246,190 | 100,722 | ||||||
INSS
|
2,280 | 795 | ||||||
PIS and
COFINS
|
80,604 | 15,529 | ||||||
Civil and
labor
|
275,403 | 94,599 | ||||||
Other
|
66,134 | 34,851 | ||||||
955,679 | 424,888 |
2010
|
2009
|
2008
|
||||||||||
Financial
expenses
|
23,412 | 26,541 | 20,925 | |||||||||
Other income
(expenses)
|
16,832 | 11,190 | 4,995 | |||||||||
Income
taxes
|
- | - | 258 | |||||||||
40,244 | 37,731 | 26,178 |
15.
|
Estimated
liability for legal proceedings and commitments (Continued)
|
(In tons) | ||||||||
Harvest
period
|
2010
|
2009
|
||||||
2010
|
- | 2,428,000 | ||||||
2011
|
2,005,434 | 1,828,000 | ||||||
2012
|
1,828,134 | 1,828,000 | ||||||
Total
|
3,833,568 | 6,084,000 |
15.
|
Estimated
liability for legal proceedings and commitments (Continued)
|
Harvest
period
|
2010
|
2009
|
||||||
2010
|
- | 18,294,022 | ||||||
2011
|
27,029,473 | 15,597,478 | ||||||
2012
|
23,600,912 | 13,667,154 | ||||||
2013
|
20,112,639 | 9,754,713 | ||||||
2014
|
16,345,120 | 5,701,801 | ||||||
2015
|
13,667,148 | 3,198,591 | ||||||
2016 and
thereafter
|
120,129,217 | 5,030,758 | ||||||
Total
|
220,884,509 | 71,244,517 |
Year
ended
|
2010
|
|||
2011
|
366,467 | |||
2012
|
71,248 | |||
2013
|
53,162 | |||
Total
|
490,877 |
15.
|
Estimated
liability for legal proceedings and commitments (Continued)
|
2010
|
2009
|
2008
|
||||||||||
Minimum
rentals
|
61,062 | 46,233 | 29,767 | |||||||||
Contingent
rentals
|
60,545 | 44,498 | 65,990 | |||||||||
Rental
expense
|
121,607 | 90,731 | 95,757 |
2010
|
||||
Year ending
March 31:
|
||||
2011
|
73,757 | |||
2012
|
66,220 | |||
2013
|
65,806 | |||
2014
|
66,061 | |||
2015
|
65,935 | |||
Thereafter
|
760,529 | |||
Total minimum
lease payments
|
1,098,308 |
16.
|
Financial
income and expenses, net
|
2010
|
2009
|
2008
|
||||||||||
Financial
expenses
|
||||||||||||
Interest
|
(211,891 | ) | (142,434 | ) | (149,138 | ) | ||||||
Monetary
variation – losses
|
(82,360 | ) | (29,978 | ) | (36,844 | ) | ||||||
CPMF expenses
(1)
|
- | - | (10,376 | ) | ||||||||
Bank
charges
|
(422 | ) | (935 | ) | (641 | ) | ||||||
Interest and
fees paid on advanced payment of Senior Notes
2009
|
(275 | ) | - | (16,513 | ) | |||||||
(294,948 | ) | (173,347 | ) | (213,512 | ) | |||||||
Financial
income
|
||||||||||||
Interest
|
85,523 | 50,865 | 90,453 | |||||||||
Monetary
variation – Gains
|
6,249 | 4,115 | 17,815 | |||||||||
Discounts
obtained
|
609 | 171 | (105 | ) | ||||||||
Other
income
|
- | - | - | |||||||||
92,380 | 55,151 | 108,163 | ||||||||||
Sub
total
|
(202,566 | ) | (118,197 | ) | (105,349 | ) | ||||||
Foreign
exchange variation, net
|
255,170 | (275,528 | ) | 172,863 |
Gain on
derivatives, net
|
151,076 | 22,918 | 49,253 | |||||||||
Financial
(Expense) / Income, net
|
203,680 | (370,806 | ) | 116,767 |
17.
|
Income
taxes
|
2010
|
2009
|
2008
|
||||||||||
Income taxes
benefit (expense):
|
||||||||||||
Current
|
(41,940 | ) | (638 | ) | 21,226 | |||||||
Deferred
|
(142,841 | ) | 145,328 | (1,416 | ) | |||||||
(184,781 | ) | 144,690 | 19,810 |
2010
|
2009
|
2008
|
||||||||||
Income (loss)
before income taxes
|
700,931 | (421,901 | ) | (25,012 | ) | |||||||
Income tax
benefit (expense) at statutory rate — 34%
|
(238,317 | ) | 143,446 | 8,504 | ||||||||
Increase
(reduction) in income taxes resulting from:
|
||||||||||||
Nontaxable
income of the Company
|
5,441 | (1,344 | ) | 11,913 | ||||||||
Equity in
earnings of affiliates not subject to taxation
|
(3,486 | ) | 2,083 | (81 | ) | |||||||
Tax effect on
tax recovery program Law 11.941/09 and
|
||||||||||||
MP
470/09
|
31,635 | - | - | |||||||||
Tax loss
carryforwards Law MP 470/09´s write-off
|
20,543 | - | - | |||||||||
Nondeductible
goodwill amortization
|
- | (2,621 | ) | (1,952 | ) | |||||||
Nondeductible
donations, contributions and others
|
(597 | ) | 3,126 | 1,426 | ||||||||
Income tax
(expense) benefit
|
(184,781 | ) | 144,690 | 19,810 |
17.
|
Income taxes
(Continued)
|
2010
|
2009
|
|||||||
Deferred
tax assets:
|
||||||||
Net operating
loss carryforwards
|
166,555 | 123,533 | ||||||
Estimated
liability for legal proceedings and labor claims
|
120,857 | 137,965 | ||||||
Sale-leaseback
(see Note 21)
|
23,036 | 18,651 | ||||||
Other
temporary differences
|
14,458 | 63,906 | ||||||
Total gross
deferred tax assets
|
324,906 | 344,055 | ||||||
Deferred
tax liabilities:
|
||||||||
Deferred tax liabilities on
assigned value of the net assets and temporary
differences:
|
||||||||
Property,
plant and equipment
|
(255,011 | ) | (200,729 | ) | ||||
Intangibles
|
(197,942 | ) | (77,843 | ) | ||||
Exchange
variation
|
(103,003 | ) | - | |||||
Tax benefit
on deductible statutory goodwill amortization
|
(130,319 | ) | (50,966 | ) | ||||
Other
temporary differences on business acquisition
|
(5,973 | ) | (17,135 | ) | ||||
Other
temporary differences
|
(41,490 | ) | (29,669 | ) | ||||
Total gross
deferred tax liabilities
|
(733,738 | ) | (376,342 | ) | ||||
Net deferred
tax assets/ (liabilities)
|
(408,832 | ) | (32,287 | ) | ||||
Recorded as
other current assets / (liabilities)
|
- | 8,090 | ||||||
Recorded as
non-current deferred income taxes liabilities
|
(408,832 | ) | (40,377 | ) |
17.
|
Income taxes
(Continued)
|
Balance at
May 1, 2008
|
23,656 | |||
Increase
through business acquisition
|
34,605 | |||
Accrued
interest on unrecognized tax benefit
|
1,534 | |||
Settlements
|
(48 | ) | ||
Effect of
foreign currency translation
|
(5,752 | ) | ||
Balance at
March 31, 2009
|
53,995 | |||
Accrued
interest on unrecognized tax benefit
|
(21,177 | ) | ||
Effect of
foreign currency translation
|
16,195 | |||
Balance at
March 31, 2010
|
49,013 |
18.
|
Shareholders’
equity
|
Shareholder
|
Number
of shares of Cosan’s issue contributed as capital to Cosan
Limited
|
Interest
held in Cosan
|
||||||
Usina Costa
Pinto
|
30,010,278 | 15.89 | % | |||||
Aguassanta
Participações
|
66,321,766 | 35.11 | % | |||||
96,332,044 | 51.00 | % |
Shareholder
|
Class
of shares
|
Number
of shares
|
Interest
|
|||||||||
Usina Costa
Pinto
|
B1
|
30,010,278 | 11.09 | % | ||||||||
Queluz
Holdings Limited
|
B1
|
66,321,766 | 24.50 | % | ||||||||
Aguassanta
Participações
|
A
|
16,111,111 | 5.95 | % | ||||||||
Other
shareholders
|
A
|
158,244,230 | 58.46 | % | ||||||||
270,687,385 | 100.00 | % |
18.
|
Shareholders’ equity
(Continued)
|
Shareholder
|
Class
A shares and/or BDRs
|
%
|
Class
B shares
|
%
|
||||||||||||
Queluz
Holding Limited
|
11,111,111 | 6.37 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa
Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Aguassanta
Participações S.A.
|
5,000,000 | 2.87 | - | - | ||||||||||||
Gávea
Funds
|
33,333,333 | 19.12 | - | - |
Others
|
124,910,897 | 71.64 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
18.
|
Shareholders’ equity
(Continued)
|
19.
|
Share-based
compensation
|
19.
|
Share-based compensation
(Continued)
|
Options
granted on September 22, 2005
|
Options
granted on September 11, 2007
|
Options
granted on August 7, 2009
|
||||||||||
Grant price -
in U.S. dollars
|
3.43 | 3.43 | 3.43 | |||||||||
Expected life
(in years)
|
7.5 | 7.5 |
Immediate
|
|||||||||
Interest
rate
|
14.52 | % | 9.34 | % | (1 | ) | ||||||
Expected
Volatility
|
34.00 | % | 46.45 | % | (1 | ) | ||||||
Expected
Dividend yield
|
1.25 | % | 1.47 | % | (1 | ) | ||||||
Weighted-average
fair value at grant date - in U.S. dollars
|
6.93 | 10.22 | (1 | ) |
19.
|
Share-based compensation
(Continued)
|
Option
|
Weighted-average
exercise price
|
|||||||
Outstanding
as of April 30, 2008
|
2,373,341 | 3.62 | ||||||
Exercises
|
(736,852 | ) | 2.64 | |||||
Forfeitures
or expirations
|
(165,657 | ) | 2.64 | |||||
Outstanding
as of March 31, 2009
|
1,470,832 | 2.64 | ||||||
Grants of
options
|
165,657 | 3.43 | ||||||
Exercises
|
(982,513 | ) | 3.43 | |||||
Outstanding
as of March 31, 2010
|
653,976 | 3.43 |
Shares
exercisable at March 31, 2010
|
408,819 | 3.43 | ||||||
Shares
exercisable at March 31, 2009
|
736,852 | 2.64 |
20.
|
Risk
management and financial
instruments
|
20.
|
Risk management and financial
instruments (Continued)
|
20.
|
Risk management and financial
instruments (Continued)
|
●
|
Accounts receivable and trade
accounts payable: The carrying amounts reported in the balance
sheet for accounts and notes receivable and accounts payable approximate
their fair values.
|
●
|
Short-term and long-term debt
and advances from customers: Except when there are published market
prices, the market values of loans and financing were calculated based on
their present value calculated through the future cash flows and using
interest rates applicable to instruments of similar nature, terms and
risks or based on the market quotation of these
securities.
|
2010 | 2009 | |||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
amount
|
value
|
amount
|
value
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Cash and cash
equivalents
|
623,675 | 623,675 | 508,784 | 508,784 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Short-term
and long-term debt
|
3,316,728 | 3,316,728 | 2,032,759 | 1,882,847 |
21.
|
Deferred
gain on sale of investments in
subsidiaries
|
22.
|
Fair
value measurements
|
22.
|
Fair value measurements
(Continued)
|
Level
1
|
Level
2
|
Total
|
||||||||||
Assets
|
||||||||||||
Derivatives
|
72,239 | 57,217 | 129,456 | |||||||||
Liabilities
|
||||||||||||
Derivatives
|
(29,130 | ) | (13,937 | ) | (43,067 | ) |
23.
|
Segment
information
|
23.
|
Segment information
(Continued)
|
23.
|
Segment information
(Continued)
|
2010
|
||||||||||||||||||||
S&E
|
CCL
|
Rumo
|
Adjustments
/ eliminations (1)
|
Consolidated
|
||||||||||||||||
Brazilian
GAAP
|
US
GAAP
|
|||||||||||||||||||
Balance
sheet:
|
||||||||||||||||||||
Property,
plant & equipment (PP&E)
|
2,775,752 | 199,983 | 165,094 | 1,005,670 | 4,146,499 | |||||||||||||||
Goodwill and
Intangible assets, net
|
735,198 | 774,716 | 38,824 | 415,596 | 1,964,334 | |||||||||||||||
Loans, net of
cash equivalents
|
(2,443,354 | ) | (249,839 | ) | (59,799 | ) | 59,939 | (2,693,053 | ) | |||||||||||
Other assets
net of other liabilities
|
2,113,306 | 342,720 | 7,696 | (2,198,446 | ) | 265,276 | ||||||||||||||
Total
net assets
|
3,180,902 | 1,067,580 | 151,815 | (717,241 | ) | 3,683,056 | ||||||||||||||
Income
statement (12 months):
|
||||||||||||||||||||
Net
sales
|
2,882,935 | 5,436,199 | 84,797 | (120,780 | ) | 8,283,151 | ||||||||||||||
Gross
profit
|
703,108 | 412,866 | 22,896 | (78,984 | ) | 1,059,886 | ||||||||||||||
Selling,
general and administrative expenses (SG&A)
|
(455,906 | ) | (264,081 | ) | (9,705 | ) | (11,890 | ) | (741,582 | ) | ||||||||||
Other income
(expenses)
|
167,293 | 9,071 | 2,149 | 433 | 178,946 | |||||||||||||||
Other
selected data:
|
||||||||||||||||||||
Addition to
PP&E (“Capex”)
|
948,838 | 49,579 | 83,067 | - | 1,081,484 | |||||||||||||||
Depreciation
and amortization
|
313,324 | 20,067 | 7,591 | 147,534 | 488,516 |
23.
|
Segment information
(Continued)
|
2009
|
||||||||||||||||||||
S&E
|
CCL
|
Rumo
|
Adjustments
/ eliminations (1)
|
Consolidated
|
||||||||||||||||
Brazilian
GAAP
|
US
GAAP
|
|||||||||||||||||||
Balance
sheet:
|
||||||||||||||||||||
Property,
plant & equipment (PP&E)
|
1,330,266 | 128,712 | 29,414 | 771,035 | 2,259,427 | |||||||||||||||
Goodwill and
Intangible assets, net
|
423,571 | 966 | - | 707,398 | 1,131,935 | |||||||||||||||
Loans, net of
cash equivalents
|
(1,122,560 | ) | 39,663 | 4,811 | (445,889 | ) | (1,523,975 | ) | ||||||||||||
Other assets
net of other liabilities
|
2,943,642 | (78,223 | ) | (1,469 | ) | (2,590,572 | ) | 273,378 | ||||||||||||
Total net
assets
|
3,574,919 | 91,118 | 32,756 | (1,558,028 | ) | 2,140,765 | ||||||||||||||
Income
statement (11 months):
|
||||||||||||||||||||
Net
sales
|
1,561,118 | 1,549,359 | 26,862 | (210,879 | ) | 2,926,460 | ||||||||||||||
Gross
profit
|
297,183 | 94,719 | 6,877 | (94,180 | ) | 304,599 | ||||||||||||||
Selling,
general and administrative expenses (SG&A)
|
(264,947 | ) | (85,577 | ) | (2,866 | ) | (14 | ) | (353,404 | ) | ||||||||||
Other income
(expenses)
|
93,529 | 779 | 5,387 | (101,985 | ) | (2,290 | ) | |||||||||||||
Other
selected data:
|
||||||||||||||||||||
Addition to
PP&E (“Capex”)
|
574,112 | 4,881 | 2,433 | 24,729 | 606,155 | |||||||||||||||
Depreciation
and amortization
|
203,832 | 6,299 | 2,94 | 77,662 | 290,739 |
2008
|
||||||||||||||||||||
S&E
|
CCL
|
Rumo
|
Adjustments
/ eliminations (1)
|
Consolidated
|
||||||||||||||||
Brazilian
GAAP
|
US
GAAP
|
|||||||||||||||||||
Income
statement (12 months):
|
||||||||||||||||||||
Net
sales
|
1,482,573 | - | 28,159 | (19,499 | ) | 1,491,233 | ||||||||||||||
Gross
profit
|
189,048 | - | 3,176 | (46,583 | ) | 145,641 | ||||||||||||||
Selling,
general and administrative expenses (SG&A)
|
(276,995 | ) | - | (4,139 | ) | (2,616 | ) | (283,750 | ) | |||||||||||
Other income
(expenses)
|
2,712 | - | (948 | ) | (5,434 | ) | (3,670 | ) |
23.
|
Segment information
(Continued)
|
2010
|
2009
|
2008
|
||||||||||
S&E
(Brazilian GAAP)
|
||||||||||||
Sugar
|
1,810,005 | 900,424 | 781,809 | |||||||||
Ethanol
|
936,473 | 586,633 | 612,397 | |||||||||
Cogeneration
|
50,146 | 7,532 | - | |||||||||
Other
|
86,311 | 66,529 | 88,367 | |||||||||
2,882,935 | 1,561,118 | 1,482,573 | ||||||||||
CCL
(Brazilian GAAP)
|
||||||||||||
Fuels
|
5,056,969 | 1,443,537 | - | |||||||||
Lubricants
|
339,752 | 92,969 | - | |||||||||
Other
|
39,478 | 12,853 | - | |||||||||
5,436,199 | 1,549,359 | - | ||||||||||
Rumo
(Brazilian GAAP)
|
||||||||||||
Port
lifting
|
76,155 | 26,862 | 28,159 | |||||||||
Transports
|
8,642 | - | - | |||||||||
84,797 | 26,862 | 28,159 | ||||||||||
Adjustments /
eliminations
|
(120,780 | ) | (210,879 | ) | (19,499 | ) | ||||||
Total
(US-GAAP)
|
8,283,151 | 2,926,460 | 1,491,233 |
2010
|
2009
|
|||||||
Brazil
|
86,4 | % | 73,6 | % | ||||
Europe
|
9,2 | % | 18,5 | % | ||||
Latin
American (except Brazil)
|
2,8 | % | 5,0 | % | ||||
Middle east
and Asia
|
1,2 | % | 1,9 | % | ||||
North
America
|
0,3 | % | 0,9 | % | ||||
África
|
0,1 | % | 0,1 | % | ||||
Total
|
100,0 | % | 100,0 | % |
23.
|
Segment information
(Continued)
|
EBITDA
(R$ MM) - FY'10
|
CAA
|
Rumo
|
CCL
|
Total*
|
||||||||||||
Net
Revenues
|
5,380.1 | 158.2 | 10,145.1 | 15,336.1 | ||||||||||||
(-) Cost of
Product Sold / Services Rendered
|
(4,068.0 | ) | (115.5 | ) | (9,374.6 | ) | (13,210.7 | ) | ||||||||
(=)
Gross Profit
|
1,312.1 | 42.7 | 770.5 | 2,125.4 | ||||||||||||
Gross
Margin
|
24.4% | 27.0% | 7.6% | 13.9% | ||||||||||||
(-) Selling
Expenses
|
(464.5 | ) | - | (400.1 | ) | (864.6 | ) | |||||||||
(-) General
and Administrative Expenses
|
(386.3 | ) | (18.1 | ) | (92.7 | ) | (497.2 | ) | ||||||||
(-) Other
Operating Revenues
|
312.2 | 4.0 | 16.9 | 333.1 | ||||||||||||
(+)
Depreciation and Amortization
|
584.7 | 14.2 | 37.5 | 636.3 | ||||||||||||
(=)
EBITDA
|
1,358.3 | 42.8 | 332.0 | 1,733.1 | ||||||||||||
EBITDA
Margin
|
25.2% | 27.0% | 3.3% | 11.3% | ||||||||||||
(=)
EBITDAH
|
1,689.2 | 41.8 | 332.0 | 2,063.0 | ||||||||||||
EBITDAH
Margin
|
31.4% | 26.4% | 3.3% | 13.5% | ||||||||||||
*
Total excludes consolidation
|
4Q'09
|
4Q'10
|
Sales
Composition (R$MM)
|
FY'09
|
FY'10
|
||||||||||||
2,349.8 | 4,394.1 |
Net
Operating Revenue
|
6,270.1 | 15,336.1 | ||||||||||||
853.7 | 1,850.2 |
CAA
|
3,129.6 | 5,380.1 | ||||||||||||
502.4 | 1,215.5 |
● Sugar
Revenue - CAA
|
1,805.1 | 3,377.8 | ||||||||||||
64.1 | 347.7 |
Local
|
233.8 | 1,062.3 | ||||||||||||
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 |
● Energy
Cogeneration - CAA
|
15.1 | 92.4 | ||||||||||||
10.3 | 26.8 |
● Other
Revenue - CAA
|
133.4 | 162.2 | ||||||||||||
9.7 | 38.3 |
Rumo
|
53.9 | 158.2 | ||||||||||||
9.7 | 24.9 |
● Loading
|
53.9 | 142.1 | ||||||||||||
- | 13.4 |
● Transportation
|
- | 16.1 | ||||||||||||
1,505.7 | 2,588.7 |
CCL
|
3,106.0 | 10,145.1 | ||||||||||||
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 | ) | (83.0 | ) |
Eliminations
from Consolidation
|
(19.3 | ) |
(347.4
|
) |
Þ
|
Sugar sales totaled R$3.4
billion, 87.1% more than the year before. The main factors contributing to
the R$ 1.6 billion increase
were:
|
Þ
|
Record international and
domestic prices, 28.9% and 54.4% above previous year which have
contributed with gains of approximately R$ 453.5 million and R$ 127.3
million, respectively;
|
Þ
|
The higher sugar volume sold,
resulted in an additional revenues of R$640.5 million. This increase in
volume can be explained by: (i) NovAmerica consolidation; (ii) the higher
share of sugar in the product mix; (iii) the reduction in carryover
stocks; and (iv) the distortion in the comparison with the previous year,
which had only 11
months.
|
4Q'09
|
4Q'10
|
|
'000
ton
|
266.4
|
135.8
|
R$'MM
|
109.3
|
93.6
|
R$/ton
|
410
|
689
|
Þ
|
Gain of
R$513.2 million from higher ethanol sales, thanks to: (i) the
incorporation of NovAmérica’s plants; (ii) the reduction in carryover
stocks, taking advantage of the higher inter-harvest prices; (iii) the
effect from the comparison with FY’09, which had only 11
months;
|
Þ
|
Gain of
R$40.7 million due to the increase in domestic average prices,
notwithstanding the 18.3% decrease in the international average
prices;
|
Þ
|
Loss of
R$78.0 million due to higher exports, whose average prices were lower than
domestic ones.
|
4Q'09
|
4Q'10
|
|
'000
cbm
|
287.2
|
68.2
|
R$'MM
|
201.0
|
56.2
|
R$/cbm
|
700
|
824
|
Þ
|
Energy
revenue totaled R$92.4 million, thanks to growing investments in
co-generation, which are expected to continue recording strong growth in
the coming years. FY’10 was marked by the beginning of energy delivered by
Serra, Gasa, Costa Pinto, Tarumã and Maracaí accordingly to the bi-lateral
sales contracts and/or auctioned electricity sale contracts. Sales volume
totaled 596MWh, at an average of
R$141.6/MWh.
|
Þ
|
Ethanol sales
of 803.2 million liters, reflecting record vehicle licensing volume
between April 2009 and March 2010, 88% of which flex-fuel
vehicles;
|
Þ
|
Higher
ethanol prices in the inter-harvest period, which not only benefited
hydrous net revenue, but also resulted in an upturn in gasoline sales
volume. This was
because ethanol prices were above 70% parity with gasoline prices in many
Brazilian sates, causing some flex-fuel owners to switch from ethanol to
gasoline, whose prices are higher (average of R$2,207/m3 in FY’10 versus
R$942/m3 of ethanol);
|
Þ
|
The
acquisition of new corporate clients, who accounted for an additional 210
million liters of Diesel in FY’10, beyond the Diesel volume sold to
CAA.
|
4Q'09
|
4Q'10
|
|
'000
cbm
|
138.5
|
137.5
|
R$'MM
|
274.4
|
266.5
|
R$/cbm
|
1,981
|
1,938
|
4Q'09
|
4Q'10
|
COGS
per Product
|
FY'09
|
FY'10
|
|||||||||||
(2,109.9 | ) | (3,620.3 | ) |
Cost
of Good Sold (R$MM)
|
(5,470.7 | ) | (13,210.7 | ) | |||||||
(715.9 | ) | (1,296.9 | ) |
CAA
|
(2,533.8 | ) | (4,068.0 | ) | |||||||
(343.1 | ) | (687.1 | ) |
Sugar
|
(1,313.1
|
) | (2,116.2 | ) | |||||||
(353.1 | ) | (567.0 | ) |
Ethanol
|
(1,088.9
|
) | (1,745.5 | ) | |||||||
(19.7 | ) | (42.8 | ) |
Other
Products & Services - CA
|
(131.9
|
) | (206.4 | ) | |||||||
(8.3 | ) | (24.6 | ) |
Rumo
|
(40.1 | ) | (115.5 | ) | |||||||
(1,405.0 | ) | (2,381.8 | ) |
CCL
|
(2,916.1 | ) | (9,374.6 | ) | |||||||
19.3 | 83.0 |
Eliminations
from Consolidation
|
19.3 | 347.4 | |||||||||||
Average
Unit Cost (R$)
|
|||||||||||||||
482 | 593 |
Unit COGS of
Sugar (R$/ton)
|
430 | 512 | |||||||||||
808 | 1,011 |
Unit COGS of
Ethanol (R$/thousand liters
|
728 | 813 | |||||||||||
1,681 | 1,757 |
CCL
(R$/thousand liters)
|
1,700 | 1,668 |
Þ
|
The increase
in sugar sourcing (purchase of the raw material to be refined and product
for subsequent resale and distribution on the domestic market), a
traditional NovAmerica practice, whose margins are lower and which had an
impact of R$61 million;
|
Þ
|
The increase
of 25.5% in the average TSR price, as calculated by Consecana, from
R$0.2772/Kg of TSR to R$0.3492/Kg of TSR, which pushed up the cost of land
leased and sugarcane acquired from suppliers, adding approximately R$260
million;
|
Þ
|
The effect of
lower concentration in the TSR itself (cane sucrose content), from
139.0kg/ton of sugar cane to 129.8kg/ton, surpassed the gains in
efficiency in the process of mechanization of the harvest, leading to
additional costs of R$180
million;
|
Þ
|
Thanks to
excessive rainfall, there were less effective crushing days. Consequently,
3.3 million tonnes of cane which were expected to be processed were left
in the fields, generating an impact on the dilution of fixed agricultural
costs (planting, treatment and
leasing).
|
Þ
|
Despite the
harvesting difficulties, CLT costs (cutting, loading and transport) has
not increased benefited from the mechanical harvest which accounted for
64.5% of the total harvest, stood at R$6.25/tonne of cane, cheaper than
manual CLT costs.
|
4Q'09
|
4Q'10
|
Gross
Margin per Product
|
FY'09
|
FY'10
|
|||||||||||
Unitary
Gross Margin
|
|||||||||||||||
224 | 456 |
Sugar
(R$/ton)
|
161 | 305 | |||||||||||
(36 | ) | 63 |
Ethanol
(R$/thousand liters)
|
58 | 1 | ||||||||||
120 | 153 |
CCL
(R$/thousand liters)
|
111 | 137 | |||||||||||
%
Gross Margin/Net Revenues
|
|||||||||||||||
31.7 | % | 43.5 | % |
Sugar
|
27.3% | 37.4% | |||||||||
-4.6 | % | 5.8 | % |
Ethanol
|
7.4% | 0.1% | |||||||||
14.8 | % | 35.7 | % |
Rumo
|
25.6% | 27.0% | |||||||||
6.7 | % | 8.0 | % |
CCL
|
6.1% | 7.6% |
4Q'09
|
4Q'10
|
Selling
Expenses
|
FY'09
|
FY'10
|
|||||||||||
(101.5 | ) | (225.3 | ) |
Selling
Expenses (R$MM)
|
(432.6 | ) | (864.6 | ) | |||||||
(49.1 | ) | (120.6 | ) |
CAA
|
(317.8 | ) | (464.5 | ) | |||||||
- | - |
Rumo
|
- | - | |||||||||||
(52.4 | ) | (104.7 | ) |
CCL
|
(114.7 | ) | (400.1 | ) |
Þ
|
The higher
sugar exports caused an increase in freight and loading expenses of around
14.4%.
|
Þ
|
The increase
of 28% in the volume of ethanol exports, which pushed up selling expenses
by R$11.5 million.
|
Þ
|
Certain
initiatives throughout the year to improve the efficiency of make the
domestic sales management, including a reduction in retail commissions and
bonuses through the revision of sales contracts and agreements in the case
of sugar, and the elimination of less profitable
accounts.
|
4Q'09
|
4Q'10
|
General
& Administrative Expenses
|
FY'09
|
FY'10
|
||||||||||||
(78.2 | ) | (173.7 | ) |
G&A
Expenses (R$MM)
|
(275.9 | ) | (497.2 | ) | ||||||||
(62.0 | ) | (131.5 | ) |
CAA
|
(245.4 | ) | (386.3 | ) | ||||||||
0.2 | (5.8 | ) |
Rumo
|
(5.7 | ) | (18.1 | ) | |||||||||
(16.4 | ) | (36.5 | ) |
CCL
|
(24.8 | ) | (92.7 | ) |
Þ
|
Increase of
around R$42.0 million due to the provisioning of management and employee
bonus payments;
|
Þ
|
Upturn of
around R$20.0 million in expenses from consulting services, due to
projects such as the Shared Services Center (CAN), the implementation of
EVA and various other IT projects, a non-recurring
events.
|
Þ
|
Approximately
R$11.0 million from the pay rise following the collective bargaining
agreement and increase in other general expenses, such as travel expenses
driven by geographic dispersion from our current different offices
sites;
|
Þ
|
Fine of R$3.5
million levied by ANEEL due to breach of an electricity supply contract by
the Paraúna unit;
|
4Q'09
|
4Q'10
|
EBITDA
|
FY'09
|
FY'10
|
|||||||||||
165.9 | 575.9 |
EBITDA
(R$MM)
|
718.0 | 1,733.1 | |||||||||||
7.1% | 13.1% |
Margin
|
11.5% | 11.3% | |||||||||||
121.9 | 477.7 |
● CAA
|
628.7 | 1,358.3 | |||||||||||
14.1% | 25.3% |
Margin
|
19.8% | 25.2% | |||||||||||
5.8 | 13.5 |
● Rumo
|
24.7 | 42.8 | |||||||||||
60.3% | 35.3% |
Margin
|
46.0% | 27.0% | |||||||||||
38.1 | 84.6 |
● CCL
|
64.5 | 332.0 | |||||||||||
2.5% | 3.3% |
Margin
|
2.1% | 3.3% |
Þ
|
Adherence to
the REFIS program, which generated a positive impact of R$270.3 million,
as explained in section F
below;
|
Þ
|
Non-operating
revenue resulting from a capital gain of R$93.1 million due to the sale of
the aviation fuel business. In December 2008, Cosan S.A. acquired CCL
through its subsidiary Cosanpar Participações, which sold this division in
June 2009 for R$115.6 million. The difference between this amount and the
amount booked under property, plant and equipment related to the aviation
fuel business were recorded in the other operating income line, improving
the EBITDA, as detailed in previous Financial
Letters.
|
Þ
|
Non-operating
expenses of R$29.9 million from the merger of Teaçu Armazéns Gerais
S.A.
|
4Q'09
|
4Q'10
|
Financial
Expenses, Net (R$MM)
|
FY'09
|
FY'10
|
||||||||||||
(68.3 | ) | (101.5 | ) |
Interest on
Financial Debt
|
(244.5 | ) | (414.3 | ) | ||||||||
9.6 | 10.8 |
Financial
Investments Income
|
64.6 | 52.5 | ||||||||||||
(58.7 | ) | (90.7 | ) |
(=)
Sub-total: Interest on Net Financial De
|
(179.9 | ) | (361.8 | ) | ||||||||
4.7 | (27.9 | ) |
Other
interest and monetary variation
|
(90.8 | ) | (116.6 | ) | |||||||||
5.2 | (70.0 | ) |
Exchange
Variation
|
(573.7 | ) | 559.0 | ||||||||||
(125.4 | ) | 168.8 |
Gains
(losses) with Derivatives
|
47.7 | 330.9 | |||||||||||
(19.1 | ) | 6.0 |
Others
|
(20.7 | ) | 8.8 | ||||||||||
(193.4 | ) | (13.7 | ) |
(=)
Net Financial Expenses
|
(817.4 | ) | 420.4 |
Summary
of Hedge* as of March 31, 2010:
|
Fiscal
Year
|
|||||||
2010/11 | 2011/12 | |||||||
Sugar
|
||||||||
NY#11
|
||||||||
Volume
(thd tons)
|
1,659.4 | 512.7 | ||||||
Average
Price (¢US$/lb)
|
20.3 | 17.9 | ||||||
London
#5
|
||||||||
Volume
(thd tons)
|
79.0 | - | ||||||
Average
Price (US$/ton)
|
622.1 | - | ||||||
FX
|
||||||||
US$
|
||||||||
Volume
(US$ million)
|
472.3 | 170.0 | ||||||
Average
Price (R$/US$)
|
1.99 | 2.03 |
4Q'09
|
4Q'10
|
EBITDAH
|
FY'09
|
FY'10
|
||||||||||||
40.4 | 744.7 |
EBITDAH
(R$MM)
|
765.7 | 2,064.0 | ||||||||||||
1.8% | 16.3% |
Margin
|
12.1% | 13.2% | ||||||||||||
(3.5 | ) | 646.6 |
● CAA
|
676.4 | 1,689.2 | |||||||||||
-0.5% | 32.0% |
Margin
|
21.3% | 29.6% | ||||||||||||
24.7 | 13.5 |
● Rumo
|
24.7 | 41.8 | ||||||||||||
- | 35.3% |
Margin
|
- | 26.6% | ||||||||||||
38.1 | 84.6 |
● CCL
|
64.5 | 332.0 | ||||||||||||
2.5% | 3.3% |
Margin
|
2.1% | 3.3% |
Debt
per Type (R$MM)
|
FY'09
|
3T'10
|
4Q'10
|
%
ST
|
Var.
|
|||||||||||||||
Foreign
Currency
|
2,334.9 | 3,415.8 | 3,622.5 | 206.6 | ||||||||||||||||
Perpetual
Notes
|
1,054.1 | 792.8 | 810.9 | 1.2 | % | 18.12 | ||||||||||||||
Senior Notes
2017
|
936.7 | 716.7 | 720.6 | 1.1 | % | 3.91 | ||||||||||||||
Senior Notes
2009
|
86.5 | - | - | 0.0 | % | - | ||||||||||||||
Senior Notes
2014
|
- | 632.3 | 631.2 | 1.2 | % | (1.01 | ) | |||||||||||||
IFC
|
114.3 | 90.9 | - | 0.0 | % | (90.94 | ) | |||||||||||||
FX
Advances
|
143.3 | 223.2 | 296.4 | 100.0 | % | 73.19 | ||||||||||||||
Pre-Export
Contracts
|
- | 960.0 | 980.5 | 20.5 | % | 20.51 | ||||||||||||||
Export Credit
Notes
|
- | - | 182.8 | 2.6 | % | 182.83 | ||||||||||||||
Local
Currency
|
1,420.1 | 1,749.0 | 1,711.4 | (37.69 | ) | |||||||||||||||
Promissory
Notes
|
1,162.0 | - | - | 0.0 | % | - | ||||||||||||||
BNDES
|
230.5 | 844.8 | 1,057.8 | 8.2 | % | 213.00 | ||||||||||||||
Finame
(BNDES)
|
44.7 | 156.1 | 201.1 | 16.0 | % | 45.02 | ||||||||||||||
Working
Capital
|
25.2 | 20.0 | 19.5 | 23.1 | % | (0.54 | ) | |||||||||||||
Overdraft
|
0.1 | 42.0 | 36.8 | 100.0 | % | (5.19 | ) | |||||||||||||
Credit
Banking Notes
|
- | 121.1 | - | 0.0 | % | (121.06 | ) | |||||||||||||
Credit
Notes
|
- | 510.5 | 378.7 | 20.8 | % | (131.75 | ) | |||||||||||||
CDCA
|
- | 60.2 | 61.4 | 51.2 | % | 1.26 | ||||||||||||||
PROINFA
|
- | 42.2 | - | 0.0 | % | (42.16 | ) | |||||||||||||
Expenses with
Placement of Debt
|
(42.4 | ) | (47.7 | ) | (44.0 | ) | 35.6 | % | 3.73 | |||||||||||
Gross
Debt
|
3,755.0 | 5,164.9 | 5,333.8 | 14.9 | % | 168.92 | ||||||||||||||
Cash and
Marketable Securities
|
719.4 | 864.1 | 1,078.4 | 214.29 | ||||||||||||||||
Net
Debt
|
3,035.6 | 4,300.8 | 4,255.4 | (45.37 | ) |
4Q'09
|
4Q'10
|
Capex
(R$MM)
|
FY'09
|
FY'10
|
||||||||||||
167.2 | 307.8 |
CAA
- Capex Operacional
|
553.7 | 722.5 | ||||||||||||
22.0 | 47.3 |
● Sugar
Cane Planting Costs
|
118.9 | 211.9 | ||||||||||||
84.3 | 197.7 |
● Inter-harvest
Maintenance Costs
|
144.4 | 260.9 | ||||||||||||
* | 22.3 |
● SSHE
& Sustaining
|
* | 45.0 | ||||||||||||
* | 30.5 |
● Mechanization
|
* | 30.5 | ||||||||||||
61.0 | 10.1 |
● Projects
CAA
|
290.4 | 174.2 | ||||||||||||
160.9 | 245.7 |
Operating
Capex - CAA
|
781.2 | 972.0 | ||||||||||||
53.4 | 112.0 |
● Co-generation
Projects
|
325.8 | 376.4 | ||||||||||||
107.5 | 46.1 |
● Greenfield
|
455.4 | 462.2 | ||||||||||||
* | 87.5 |
● Expansion
|
* | 133.4 | ||||||||||||
328.1 | 553.5 |
Capex
- CAA
|
1,334.8 | 1,694.5 | ||||||||||||
6.4 | 48.1 |
CCL
|
11.3 | 87.8 | ||||||||||||
- | 143.8 |
Rumo
|
- | 143.8 | ||||||||||||
334.6 | 745.4 |
(=)
Capex - Consolidated Cosan
|
1,346.1 | 1,926.1 | ||||||||||||
227.7 | 30.7 |
● Investments
|
1,823.6 | 16.0 | ||||||||||||
(372.1 | ) | (5.3 | ) |
● Cash
received on Sale of Fixed Assets
|
(372.1 | ) | (126.2 | ) | ||||||||
190.3 | 770.8 |
(=)
Investment Cash Flow
|
2,797.6 | 1,815.9 |
Financial
Statements
|
Cosan S.A. Indústria e
Comércio
|
March 31,
2010 and 2009
|
with Report
of Independent Auditors
|
“A
free translation into English of the original issued in
Portuguese”
|
Report of
Independent Auditors
|
1
|
Audited
financial statements
|
|
Balance
sheets
|
2
|
Statements of
Operations
|
4
|
Statement of
changes in shareholders’ equity
|
5
|
Statements of
cash flows
|
6
|
Statements of
value added
|
8
|
Notes to the
financial statements
|
9
|
Luiz Carlos
Nannini
|
Antonio C. M.
Lage
|
Accountant
CRC 1SP171638/O-7
|
Accountant
CRC 1MG077995/O-1-S-SP
|
Parent
Company
|
Consolidated
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Assets
|
|||||||||||||||||
Current
assets
|
|||||||||||||||||
Cash and cash
equivalents
|
Note 4
|
285,925 | 388,726 | 1,078,366 | 719,356 | ||||||||||||
Restricted
cash
|
44,972 | 11,757 | 44,972 | 11,757 | |||||||||||||
Trade
accounts receivable
|
Note 5
|
224,961 | 112,415 | 766,415 | 599,163 | ||||||||||||
Derivative
financial instruments
|
Note
20
|
238,024 | 17,022 | 230,561 | 17,022 | ||||||||||||
Inventories
|
Note 6
|
255,643 | 341,490 | 1,046,730 | 1,106,185 | ||||||||||||
Advances to
suppliers
|
69,480 | 74,520 | 235,552 | 206,032 | |||||||||||||
Related
parties
|
Note 7
|
429,223 | 196,319 | 24,859 | 57,232 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
12,680 | - | 76,310 | 42,471 | ||||||||||||
Recoverable
taxes
|
115,321 | 89,763 | 327,864 | 265,417 | |||||||||||||
Other
assets
|
9,369 | 11,285 | 61,166 | 50,279 | |||||||||||||
1,685,598 | 1,243,297 | 3,892,795 | 3,074,914 | ||||||||||||||
Noncurrent
assets
|
|||||||||||||||||
Long-term
receivables
|
|||||||||||||||||
Accounts
receivable from federal government
|
Note
15
|
- | - | 333,733 | 323,433 | ||||||||||||
CTNs-Restricted
Brazilian Treasury Bills
|
Note
13
|
31,234 | 27,356 | 205,657 | 177,626 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
150,226 | 236,710 | 560,114 | 700,044 | ||||||||||||
Advances to
suppliers
|
4,635 | 3,800 | 63,741 | 48,035 | |||||||||||||
Related
parties
|
Note 7
|
22,160 | - | 81,411 | - | ||||||||||||
Recoverable
Taxes
|
2,666 | 4,207 | 45,018 | 21,374 | |||||||||||||
Other
assets
|
1,712 | 1,219 | 166,823 | 111,058 | |||||||||||||
Permanent
assets
|
|||||||||||||||||
Investments
|
Note 8
|
6,125,151 | 4,788,932 | 193,123 | 278,209 | ||||||||||||
Property,
plant and equipment
|
Note 9
|
872,122 | 789,259 | 5,561,065 | 3,465,236 | ||||||||||||
Intangible
assets
|
Note
10
|
399,648 | 403,918 | 2,901,308 | 2,447,464 | ||||||||||||
7,609,554 | 6,255,401 | 10,111,993 | 7,572,479 | ||||||||||||||
Total
assets
|
9,295,152 | 7,498,698 | 14,004,788 | 10,647,393 |
Parent
Company
|
Consolidated
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Liabilities
|
|||||||||||||||||
Current
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
500,142 | 1,419,451 | 800,902 | 1,449,504 | ||||||||||||
Derivative
financial instruments
|
Note
20
|
76,703 | 66,895 | 76,703 | 66,895 | ||||||||||||
Trade
accounts payable
|
116,363 | 92,874 | 569,399 | 456,116 | |||||||||||||
Salaries
payable
|
48,759 | 29,713 | 141,584 | 93,156 | |||||||||||||
Taxes and
social contributions payable
|
Note
11
|
42,633 | 36,076 | 215,862 | 168,596 | ||||||||||||
Dividends payable
|
Note
16.b
|
116,569 | - | 116,569 | - | ||||||||||||
Related
parties
|
Note 7
|
92,818 | 26,801 | 14,416 | 5,169 | ||||||||||||
Other
liabilities
|
68,047 | 39,203 | 182,434 | 85,794 | |||||||||||||
1,062,034 | 1,711,013 | 2,117,869 | 2,325,230 | ||||||||||||||
Noncurrent
liabilities
|
|||||||||||||||||
Loans and
financing
|
Note
13
|
1,740,779 | 1,237,766 | 5,136,529 | 2,885,456 | ||||||||||||
Taxes and
social contributions payable
|
Note
11
|
87,645 | 55,410 | 593,505 | 328,760 | ||||||||||||
Provision for
judicial demands
|
Note
14
|
71,556 | 236,633 | 444,421 | 1,105,899 | ||||||||||||
Related
parties
|
Note 7
|
967,974 | 853,151 | - | 405,160 | ||||||||||||
Actuarial
liability
|
Note
24
|
- | - | 61,788 | 60,378 | ||||||||||||
Deferred
income and social contribution taxes
|
Note
12.b
|
220,697 | - | 346,599 | - | ||||||||||||
Other
liabilities
|
34,711 | 38,978 | 146,496 | 139,884 | |||||||||||||
3,123,362 | 2,421,938 | 6,729,338 | 4,925,537 | ||||||||||||||
Minority
shareholders’ interest
|
- | - | 47,825 | 30,879 | |||||||||||||
Shareholders’
equity
|
Note
16
|
||||||||||||||||
Capital
|
4,687,826 | 3,819,770 | 4,687,826 | 3,819,770 | |||||||||||||
Capital
reserves
|
50,626 | 41,655 | 50,626 | 41,655 | |||||||||||||
Income
reserves
|
374,248 | - | 374,248 | - | |||||||||||||
Other
comprehensive income
|
(2,944 | ) | - | (2,944 | ) | - | |||||||||||
Accumulated
losses
|
- | (495,678 | ) | - | (495,678 | ) | |||||||||||
5,109,756 | 3,365,747 | 5,109,756 | 3,365,747 | ||||||||||||||
Total
liabilities and shareholders’ equity
|
9,295,152 | 7,498,698 | 14,004,788 | 10,647,393 |
Parent
Company
|
Consolidated
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Gross
operating sales
|
|||||||||||||||||
Sales of
goods and services
|
2,722,619 | 1,685,721 | 16,685,884 | 6,732,757 | |||||||||||||
Taxes and
sales deductions
|
(139,525 | ) | (100,530 | ) | (1,349,829 | ) | (462,668 | ) | |||||||||
Net operating
sales
|
2,583,094 | 1,585,191 | 15,336,055 | 6,270,089 | |||||||||||||
Cost of goods
sold and services rendered
|
(2,097,657 | ) | (1,343,113 | ) | (13,210,692 | ) | (5,470,657 | ) | |||||||||
Gross
profit
|
485,437 | 242,078 | 2,125,363 | 799,432 | |||||||||||||
Operating
income (expenses)
|
|||||||||||||||||
Selling
expenses
|
(151,073 | ) | (124,699 | ) | (864,601 | ) | (432,550 | ) | |||||||||
General and
administrative expenses
|
(244,005 | ) | (132,378 | ) | (497,153 | ) | (275,892 | ) | |||||||||
Financial,
net
|
Note
18
|
433,308 | (438,788 | ) | 420,353 | (817,419 | ) | ||||||||||
Income (loss)
on equity investments
|
Note 8
|
594,830 | (121,974 | ) | (18,645 | ) | 13,976 | ||||||||||
Goodwill
amortization
|
- | (60,456 | ) | - | (196,467 | ) | |||||||||||
Goodwill
realized through sale
|
Note 8
|
- | - | (85,589 | ) | - | |||||||||||
Other
operating income (expenses), net
|
Note
19
|
77,079 | 4,121 | 333,141 | 199,859 | ||||||||||||
710,139 | (874,174 | ) | (712,494 | ) | (1,508,493 | ) | |||||||||||
Operating
income (loss) before income and social contribution taxes
|
1,195,576 | (632,096 | ) | 1,412,869 | (709,061 | ) | |||||||||||
Income and
social contribution taxes
|
|||||||||||||||||
Current
|
Note
12.a
|
- | 8,698 | (78,381 | ) | (1,735 | ) | ||||||||||
Deferred
|
Note
12.a
|
(209,081 | ) | 149,562 | (355,454 | ) | 236,401 | ||||||||||
(209,081 | ) | 158,260 | (433,835 | ) | 234,666 | ||||||||||||
Net income
(loss) before minority interest
|
986,495 | (473,836 | ) | 979,034 | (474,395 | ) | |||||||||||
Minority
interest
|
- | - | 7,461 | 559 | |||||||||||||
Net income
(loss) for the year
|
986,495 | (473,836 | ) | 986,495 | (473,836 | ) | |||||||||||
Earnings
(loss) per share – in Reais
|
2.43 | (1.44 | ) |
Capital
reserve
|
Income
reserve
|
Revaluation
reserve
|
||||||||||||||||||||||||||||||||||||||
Capital
|
Treasury
shares
|
Recorded
granted options
|
Legal
reserve
|
Reserve
for new investments and renovation
|
Company
|
Subsidiaries
|
Other
comprehensive
|
Retained
earnings / (accumulated losses)
|
Total
|
|||||||||||||||||||||||||||||||
Balances at
April 30, 2008
|
2,935,268 | - | - | 15,954 | 180,210 | 107,742 | 86,626 | - | - | 3,325,800 | ||||||||||||||||||||||||||||||
Adoption of
Law 11,638/07 and MP 449/08
|
- | - | 34,368 | - | - | (107,742 | ) | (86,626 | ) | - | (215,254 | ) | (375,254 | ) | ||||||||||||||||||||||||||
Capital
increase due to exercise of subscription right
|
880,000 | - | - | - | - | - | - | - | - | 880,000 | ||||||||||||||||||||||||||||||
Capital
increase in view of Stock Option Plan
|
4,502 | - | - | - | - | - | - | - | - | 4,502 | ||||||||||||||||||||||||||||||
Stock
purchase
|
- | (4,186 | ) | - | - | - | - | - | - | - | (4,186 | ) | ||||||||||||||||||||||||||||
Recorded
granted options
|
- | - | 11,473 | - | - | - | - | - | - | 11,473 | ||||||||||||||||||||||||||||||
Own effect
over expenses with share placement at associated company
|
- | - | - | - | - | - | - | - | (2,752 | ) | (2,752 | ) | ||||||||||||||||||||||||||||
Loss in the
year
|
- | - | - | - | - | - | - | - | (473,836 | ) | (473,836 | ) | ||||||||||||||||||||||||||||
Accumulated
losses
|
- | - | - | (15,954 | ) | (180,210 | ) | - | - | - | 196,164 | - | ||||||||||||||||||||||||||||
Balances at
March 31, 2009
|
3,819,770 | (4,186 | ) | 45,841 | - | - | - | - | - | (495,678 | ) | 3,365,747 | ||||||||||||||||||||||||||||
Capital
increase due to merger of Curupay into the company
|
334,172 | - | - | - | - | - | - | - | - | 334,172 | ||||||||||||||||||||||||||||||
Capital
increase in view of Stock Option Plan
|
6,004 | - | - | - | - | - | - | - | - | 6,004 | ||||||||||||||||||||||||||||||
Capital
increase due to exercise of subscription bonus
|
527,880 | - | - | - | - | - | - | - | - | 527,880 | ||||||||||||||||||||||||||||||
Recorded
granted options
|
- | - | 8,971 | - | - | - | - | - | - | 8,971 | ||||||||||||||||||||||||||||||
Other
comprehensive income
|
- | - | - | - | - | - | - | (2,944 | ) | - | (2,944 | ) | ||||||||||||||||||||||||||||
Net income in
the year
|
- | - | - | - | - | - | - | - | 986,495 | 986,495 | ||||||||||||||||||||||||||||||
Net income
allocation:
|
||||||||||||||||||||||||||||||||||||||||
Legal
reserve
|
- | - | - | 24,541 | - | - | - | - | (24,541 | ) | - | |||||||||||||||||||||||||||||
Minimum
mandatory dividends
|
- | - | - | - | - | - | - | - | (116,569 | ) | (116,569 | ) | ||||||||||||||||||||||||||||
Reserves
|
- | - | - | - | 349,707 | - | - | - | (349,707 | ) | - | |||||||||||||||||||||||||||||
Balance on
March 31, 2010
|
4,687,826 | (4,186 | ) | 54,812 | 24,541 | 349,707 | - | - | (2,944 | ) | - | 5,109,756 |
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Net income
(loss) for the period
|
986,495 | (473,836 | ) | 986,495 | (473,836 | ) | ||||||||||
Adjustments
to reconcile net income (loss) for the period to cash provided by
operating activities
|
||||||||||||||||
Depreciation
and amortization
|
190,352 | 171,414 | 636,344 | 427,157 | ||||||||||||
Losses
(income) on equity investments
|
(594,830 | ) | 121,974 | 18,645 | (13,976 | ) | ||||||||||
Loss (income)
from disposal of permanent assets
|
2,669 | (18,023 | ) | (80,466 | ) | (208,939 | ) | |||||||||
Goodwill
amortization and realized through sale
|
- | 60,456 | 85,589 | 196,467 | ||||||||||||
Deferred
income and social contribution taxes
|
209,081 | (149,562 | ) | 355,454 | (236,401 | ) | ||||||||||
Recording of
provision for legal claims
|
19,746 | 27,307 | 25,829 | 25,908 | ||||||||||||
Minority
interest
|
- | - | (7,461 | ) | (559 | ) | ||||||||||
Recorded
granted options
|
8,971 | 11,473 | 8,971 | 11,473 | ||||||||||||
Net earnings
from adhesion to tax payment in installments
|
(77,833 | ) | - | (270,333 | ) | - | ||||||||||
Interest,
monetary and exchange variation, net
|
(193,567 | ) | 594,570 | (150,465 | ) | 932,529 | ||||||||||
Other
|
(17,852 | ) | (8,198 | ) | (8,283 | ) | 1,685 | |||||||||
533,232 | 337,575 | 1,600,319 | 661,508 | |||||||||||||
Changes in
assets and liabilities
|
||||||||||||||||
Trade
accounts receivables
|
(81,633 | ) | (54,569 | ) | 2,415 | (54,856 | ) | |||||||||
Inventories
|
104,878 | (113,061 | ) | 224,698 | (198,854 | ) | ||||||||||
Recoverable
taxes
|
(24,017 | ) | (31,495 | ) | (36,572 | ) | (76,073 | ) | ||||||||
Advances to
suppliers
|
4,205 | 19,585 | 66,542 | 48,831 | ||||||||||||
Suppliers
|
23,489 | 33,574 | (46,515 | ) | 77,389 | |||||||||||
Salaries
payable
|
19,046 | (3,270 | ) | 30,565 | (15,314 | ) | ||||||||||
Derivative
financial instruments and restricted cash
|
(244,409 | ) | 77,968 | (231,043 | ) | 77,968 | ||||||||||
Other assets
and liabilities, net
|
42,611 | 2,387 | (52,575 | ) | (93,576 | ) | ||||||||||
(155,830 | ) | (68,881 | ) | (42,485 | ) | (234,485 | ) | |||||||||
Net cash
generated from operating activities
|
377,402 | 268,694 | 1,557,834 | 427,023 | ||||||||||||
Cash
flows from investments activities
|
||||||||||||||||
Acquisition
of new businesses, net of cash received and additions to
investments
|
(45,947 | ) | (2,644,627 | ) | (16,041 | ) | (1,823,587 | ) | ||||||||
Advance for
future capital increase
|
(360,716 | ) | - | - | - | |||||||||||
Addition to
property, plant and equipment, software and other intangible
assets
|
(292,821 | ) | (202,583 | ) | (1,926,123 | ) | (1,346,118 | ) | ||||||||
Cash from the
sale of aviation fuel business
|
- | - | 115,601 | - | ||||||||||||
Cash from the
sale of other permanent assets
|
725 | 35,302 | 10,613 | 372,060 | ||||||||||||
Net cash used
in investment activities
|
(698,759 | ) | (2,811,908 | ) | (1,815,950 | ) | (2,797,645 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Cash
flows from financing activities
|
||||||||||||||||
Loans and
financing funded
|
1,415,120 | 1,232,689 | 3,427,928 | 1,478,000 | ||||||||||||
Amortization
of principal and interest on loans and financing, advances from customers
and Promissory Notes
|
(1,778,897 | ) | (120,081 | ) | (2,846,648 | ) | (257,169 | ) | ||||||||
Capital
increase
|
533,884 | 884,502 | 533,884 | 884,502 | ||||||||||||
Capital
increase in subsidiaries by minority shareholders
|
- | - | - | 15,376 | ||||||||||||
Purchase of
treasury stock
|
- | (4,186 | ) | - | (4,186 | ) | ||||||||||
Related
parties
|
48,449 | 13,859 | (498,038 | ) | (36,633 | ) | ||||||||||
Net cash
generated by financing activities
|
218,556 | 2,006,783 | 617,126 | 2,079,890 | ||||||||||||
Net
increase (decrease) in cash and cash equivalents
|
(102,801 | ) | (536,431 | ) | 359,010 | (290,732 | ) | |||||||||
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
|
285,925 | 388,726 | 1,078,366 | 719,356 | ||||||||||||
Additional
cash flow information
|
||||||||||||||||
Interest paid
on loans and financing, advances from customers and Promissory
Notes
|
(154,234 | ) | (100,203 | ) | (388,854 | ) | (171,439 | ) | ||||||||
Income and
social contribution taxes paid
|
- | (671 | ) | (62,337 | ) | (8,926 | ) |
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues
|
||||||||||||||||
Sale of goods
and services, net of returns
|
2,708,873 | 1,684,302 | 16,598,210 | 6,724,924 | ||||||||||||
Other
operating income, net
|
77,079 | 4,121 | 333,141 | 199,859 | ||||||||||||
Reversal
(recording) of allowance for doubtful accounts
|
(30 | ) | (65 | ) | (20,591 | ) | 1,069 | |||||||||
2,785,922 | 1,688,358 | 16,910,760 | 6,925,852 | |||||||||||||
Inputs
acquired from third-parties
|
||||||||||||||||
Cost of goods
sold and services rendered
|
(1,607,579 | ) | (902,528 | ) | (11,659,630 | ) | (4,440,594 | ) | ||||||||
Material,
energy, outsourced services and other
|
(231,295 | ) | (153,836 | ) | (882,170 | ) | (501,965 | ) | ||||||||
(1,838,874 | ) | (1,056,364 | ) | (12,541,800 | ) | (4,942,559 | ) | |||||||||
Gross
value added
|
947,048 | 631,994 | 4,368,960 | 1,983,293 | ||||||||||||
Retention
|
||||||||||||||||
Depreciation
and amortization
|
(190,352 | ) | (171,414 | ) | (636,344 | ) | (427,157 | ) | ||||||||
Amortization
of goodwill and realized through sale
|
- | (60,456 | ) | (85,589 | ) | (196,467 | ) | |||||||||
(190,352 | ) | (231,870 | ) | (721,933 | ) | (623,624 | ) | |||||||||
Net
value added generated
|
756,696 | 400,124 | 3,647,027 | 1,359,669 | ||||||||||||
Value
added received as transfer
|
||||||||||||||||
Equity
investments
|
594,830 | (121,974 | ) | (18,645 | ) | 13,976 | ||||||||||
Financial
revenues
|
12,168 | 908,766 | 78,082 | 751,703 | ||||||||||||
606,998 | 786,792 | 59,437 | 765,679 | |||||||||||||
Total
value added to distribute
|
1,363,694 | 1,186,916 | 3,706,464 | 2,125,348 | ||||||||||||
Distribution
of value added
|
||||||||||||||||
Payroll and
charges
|
412,718 | 349,419 | 1,119,664 | 783,194 | ||||||||||||
Taxes, fees
and contributions
|
324,419 | (90,949 | ) | 1,538,232 | 135,786 | |||||||||||
Financial
expenses, rental and commercial leasing
|
(359,938 | ) | 1,402,282 | 69,534 | 1,680,763 | |||||||||||
Minority
interest
|
- | - | (7,461 | ) | (559 | ) | ||||||||||
Proposed
dividends
|
116,569 | - | 116,569 | - | ||||||||||||
Retained
earnings / (accumulated losses) for the period
|
869,926 | (473,836 | ) | 869,926 | (473,836 | ) | ||||||||||
1,363,694 | 1,186,916 | 3,706,464 | 2,125,348 |
1.
|
Operations
|
1.
|
Operations
(Continued)
|
|
a.
|
Novo Rumo Logística
S.A.
|
|
b.
|
Operating partnership
between Rumo Logística S.A. (“Rumo”) and ALL – América Latina Logística
S.A. (“ALL”)
|
|
c.
|
Curupay Participações
S.A.
|
|
d.
|
Sale of Aviation Fuel
Business to Shell do Brasil
Ltda.
|
1.
|
Operations
(Continued)
|
|
e.
|
Santos Ethanol Export
Terminal (“TEAS”)
|
|
f.
|
Logispot Armazéns
Gerais S.A. (“Logispot”)
|
|
g.
|
Acquisition of
Petrosul Gas Station Chain
|
|
h.
|
Shell Joint
Venture
|
2.
|
Basis
of preparation and presentation of the financial
statements
|
2.
|
Basis of preparation and
presentation of the financial statements
(Continued)
|
|
·
|
CPC 15 – Business
Combinations, approved in CVM Statement No. 580 dated July 31,
2009
|
2.
|
Basis of preparation and
presentation of the financial statements
(Continued)
|
|
·
|
CPC 16 – Inventories,
approved in CVM Statement No. 575 dated June 5,
2009
|
|
·
|
CPC 20 – Loan Costs,
approved in CVM Statement No. 577 dated June 5,
2009
|
|
·
|
CPC 22 – Segment
Reporting, approved in CVM Statement No. 582 dated July 31,
2009
|
2.
|
Basis of preparation and
presentation of the financial statements
(Continued)
|
|
·
|
CPC 24 – Subsequent
Event, approved in CVM Statement No. 593 dated September 15,
2009
|
|
·
|
CPC 26 – Presentation
of Financial Statements, approved in CVM Statement No. 595 dated September
15, 2009
|
|
·
|
CPC 27 – Property
Plant and Equipment, approved in CVM Statement No. 583 dated July 31
2009
|
2.
|
Basis of preparation and
presentation of the financial statements
(Continued)
|
|
·
|
CPC 29 – Biological
Assets and Agricultural Produce, approved in CVM Statement No. 596 dated
September 15, 2009
|
|
i)
|
Change in the
manner of recognizing gains and losses by using fair value instead of
formation historical cost.
|
|
ii)
|
Changes in
performance metrics on account of the above-described recognition method,
since fair value will introduce volatility to
income.
|
|
iii)
|
Significant
increase in disclosure levels in notes to financial
statements.
|
|
iv)
|
Impacts on
dividend policy.
|
|
·
|
CPC 37 – First-Time
Adoption of International Accounting Standards, approved in CVM Statement
No. 609 dated December 22, 2009, and CPC 43, Initial Application of CPC
Standards 15 through 40, approved in CVM Statement No. 610 dated December
22, 2009
|
2.
|
Basis of preparation and
presentation of the financial statements
(Continued)
|
|
·
|
CPC 38, 39 and 40 –
Financial Instruments: Recognition, Measurement, Presentation and
Disclosure, approved in CVM Statement No. 604 dated November 19,
2009
|
3.
|
Summary
of Significant Accounting Policies
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
|
(i)
|
Financial Assets Measured at
Fair Value Through Profit and Loss: These include financial assets
maintained for negotiation and assets designated at initial recognition at
fair value through income. Assets are classified as maintained for
negotiation if they originate for the purpose of being sold or repurchased
in the short term. Derivatives also are measured at fair value through
income, save for those designated as hedge
instruments. Interest, inflation adjustments, exchange
variations and variations resulting from valuation at fair value are
recognized on the statement of income when incurred in either the
financial revenue or expense line.
|
(ii)
|
Investments Held to
Maturity: Non-derivative financial assets with fixed payments or
determinable payments with defined maturity for which the Company has a
firm intent and ability to maintain until the maturity date. Interest,
inflation adjustments, exchange variations, less impairment losses, where
applicable, are recognized on the statement of income when incurred in
either the financial revenue or expense
line.
|
(iii)
|
Receivables:
Non-derivative financial assets with fixed or determinable payments,
however not listed in an active market. Interest, inflation adjustments,
exchange variations, less impairment losses, where applicable, are
recognized on the statement of income when incurred in either the
financial revenue or expense line.
|
The main
financial assets recognized by the Company are cash and cash equivalents,
trade notes receivable, derivative financial instruments and a loss and
damages award.
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
|
(i)
|
Financial Liabilities Measured
at Fair Value Through Profit and Loss: These include financial
liabilities usually traded before maturity, liabilities designated at
initial recognition at fair value through income and derivatives, except
derivatives designated as hedge instruments. Interest, inflation
adjustment, exchange variations and variations resulting from valuation at
fair value, where applicable, are recognized in the income when they are
incurred.
|
(ii)
|
Financial Liabilities not
Measured at Fair Value: These include non-derivative financial
liabilities not usually traded before maturity. Interest, inflation
adjustment and exchange variations, where applicable, are recognized in
the income when they are incurred.
|
The main
financial liabilities recognized by the Company are loans and financings,
vendor accounts payable and derivative financial
instruments.
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
3.
|
Summary of Significant
Accounting Policies
(Continued)
|
Direct
and indirect interest as of
|
||||||||
03/31/10
|
03/31/09
|
|||||||
Administração
de Participações Aguassanta Ltda.
|
91.5 | % | 91.5 | % | ||||
Cosan S.A
Açúcar e Álcool (“Cosan Açúcar e Álcool”) (1)
|
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 Comércio de Açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Cosan
Distribuidora de Combustíveis Ltda.
|
99.9 | % | 99.9 | % | ||||
Cosan S.A.
Bioenergia
|
100.0 | % | 100.0 | % | ||||
Cosan
International Universal Corporation
|
100.0 | % | 100.0 | % | ||||
Cosan Finance
Limited
|
100.0 | % | 100.0 | % | ||||
Grançucar
S.A. Refinadora de Açúcar
|
100.0 | % | 100.0 | % | ||||
Cosanpar
Participações S.A. (4)
|
- | 100.,0 | % | |||||
Cosan
Combustíveis e Lubrificantes S.A.
|
100.0 | % | - | |||||
Copsapar
Participações S.A.
|
90.0 | % | 90.0 | % | ||||
Novo Rumo
Logística S.A.
|
92.9 | % | - | |||||
Rumo
Logística S.A.
|
92.9 | % | - | |||||
Cosan
Operadora Portuária S.A.
|
92.9 | % | 92.9 | % | ||||
Teaçú
Armazéns Gerais S.A.
|
92.9 | % | - | |||||
Teas Terminal
Exportador de Álcool de Santos S.A. (3)
|
66.7 | % | 32.0 | % | ||||
Pasadena
Empreendimentos e Participações S.A. (5)
|
- | - | ||||||
Cosan
Alimentos S.A.
|
100.0 | % | - |
|
(1)
|
Previously
known as Usina da Barra S.A. Açúcar e
Álcool;
|
|
(2)
|
Formerly Nova
América S.A. – Agroenergia;
|
|
(3)
|
Holding
increase with shareholding acquisition (Note
8).
|
|
(4)
|
On June 23,
2009, the controlling Cosanpar Participações S.A. was merged into Cosan
CL; and
|
|
(5)
|
Special
purpose entity, controlled by the
Company
|
4.
|
Cash
and cash equivalents
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Cash
|
247 | 40 | 384 | 125 | ||||||||||||
“Overnight” investments
|
- | - | 50,470 | 67,137 | ||||||||||||
Bank checking
accounts
|
1,767 | 44,081 | 22,740 | 74,586 | ||||||||||||
Amounts
pending foreign exchange closing
|
125,882 | 46,776 | 127,755 | 48,969 | ||||||||||||
Marketable
securities
|
158,029 | 297,829 | 877,017 | 528,539 | ||||||||||||
285,925 | 388,726 | 1,078,366 | 719,356 |
4.
|
Cash and cash equivalents
(Continued)
|
5.
|
Trade
accounts receivable
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Domestic
|
97,930 | 39,125 | 675,008 | 485,518 | ||||||||||||
International
|
127,837 | 74,066 | 148,655 | 162,822 | ||||||||||||
(-) Allowance
for doubtful accounts
|
(806 | ) | (776 | ) | (57,248 | ) | (49,177 | ) | ||||||||
224,961 | 112,415 | 766,415 | 599,163 |
6.
|
Inventories
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Finished
goods:
|
||||||||||||||||
Sugar
|
10,050 | 56,328 | 93,610 | 109,265 | ||||||||||||
Ethanol
|
17,194 | 78,661 | 56,232 | 200,980 | ||||||||||||
Fuels
and lubricants
|
- | - | 286,461 | 274,430 | ||||||||||||
Harvest
costs
|
171,331 | 158,450 | 434,046 | 386,529 | ||||||||||||
Supplies and
other
|
63,851 | 57,907 | 221,641 | 158,083 | ||||||||||||
Provision for
inventory realization and obsolescence
|
(6,783 | ) | (9,856 | ) | (25,260 | ) | (23,102 | ) | ||||||||
255,643 | 341,490 | 1,046,730 | 1,106,185 |
7.
|
Related
parties
|
Assets
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Cosan Açúcar
e Álcool S.A.
|
276,121 | 78,026 | - | - | ||||||||||||
Cosan
Alimentos S.A.
|
122,679 | 30,382 | - | 30,382 | ||||||||||||
Cosanpar
Participações S.A.
|
- | 33,013 | - | - | ||||||||||||
Pasadena
Empreendimentos e Participações S.A.
|
22,160 | - | - | - | ||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
- | 37,580 | - | - | ||||||||||||
Rezende
Barbosa S.A. Administração e Participações
|
- | - | 87,071 | - | ||||||||||||
Other
|
30,423 | 17,318 | 19,199 | 26,850 | ||||||||||||
451,383 | 196,319 | 106,270 | 57,232 | |||||||||||||
Current
|
(429,223 | ) | (196,319 | ) | (24,859 | ) | (57,232 | ) | ||||||||
Noncurrent
|
22,160 | - | 81,411 | - |
Liabilities
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Cosan Finance
Limited
|
668,395 | 872,128 | - | - | ||||||||||||
CCL Finance
Limited
|
317,844 | - | - | - | ||||||||||||
Cosan
Limited
|
- | - | - | 405,871 | ||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
38,537 | - | - | - | ||||||||||||
Logispot
Armazéns Gerais S.A.
|
- | - | 11,244 | - | ||||||||||||
Other
|
36,016 | 7,824 | 3,172 | 4,458 | ||||||||||||
1,060,792 | 879,952 | 14,416 | 410,329 | |||||||||||||
Current
|
(92,818 | ) | (26,801 | ) | (14,416 | ) | (5,169 | ) | ||||||||
Noncurrent
|
967,974 | 853,151 | - | 405,160 |
7.
|
Related parties
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Asset
balance transactions
|
||||||||||||||||
Fund
remittances, net of receipts and credit assignments
|
1,168,717 | 688,677 | (150,841 | ) | (561,019 | ) | ||||||||||
Payment for
capital of subsidiaries by means of wire transfers and advance for future
capital increase
|
- | (1,351,257 | ) | - | - | |||||||||||
Sales of
finished products, inputs and services (1)
|
171,238 | 143,867 | - | - | ||||||||||||
Purchases of
finished products, inputs and services (1)
|
(834,126 | ) | (265,283 | ) | - | - | ||||||||||
Sales of
finished products, inputs and services to affiliate and related
companies
|
89,985 | 108,015 | 255,944 | 283,337 | ||||||||||||
Purchase of
finished products, inputs and services from direct and indirect
subsidiaries
|
- | - | (147,255 | ) | - | |||||||||||
Sale of
property to related company
|
- | 32,337 | - | 32,337 | ||||||||||||
Sale of
equity interests to affiliate company
|
- | - | - | 286,272 | ||||||||||||
Merged
assets
|
- | - | 73,229 | - | ||||||||||||
Financial
revenues
|
19,966 | 248,848 | 17,961 | - | ||||||||||||
255,064 | (394,796 | ) | 49,038 | 40,927 |
Liability
balance transactions
|
||||||||||||||||
Fund raising
(payments)
|
7,202 | (77,172 | ) | 5,035 | (6,251 | ) | ||||||||||
Export
per-payment financing
|
321,755 | - | - | - | ||||||||||||
Debt
assignment (payment) with associated companies
|
- | - | (322,333 | ) | 413,158 | |||||||||||
Financial
expense (revenue)
|
(148,117 | ) | 312,820 | (78,615 | ) | 3,422 | ||||||||||
180,840 | 235,648 | (395,913 | ) | 410,329 |
(1)
|
It consists of operations carried
out between Cosan’s direct and indirect subsidiaries included in the
consolidation.
|
7.
|
Related parties
(Continued)
|
8.
|
Investments
|
|
(i)
|
At
March 31, 2010
|
Parent
Company
|
||||||||||||||||||||
Investees
|
Investor
|
|||||||||||||||||||
Shareholders'
equity
|
Year
income
|
Equity
interest %
|
Investments
|
Equity
pickup
|
||||||||||||||||
Administração
de Participações Aguassanta Ltda.
|
141,833 | 15,064 | 91.5 | 129,382 | 13,783 | |||||||||||||||
Cosan S.A.
Açúcar e Álcool
|
2,887,100 | 307,251 | 95.1 | 2,744,968 | 292,125 | |||||||||||||||
TEAS –
Terminal Exportador de Álcool de Santos S.A. (4)
|
47,730 | 1,302 | 66.7 | 39,121 | 505 | |||||||||||||||
Cosan S.A.
Bionergia
|
131,634 | (4,654 | ) | 100.0 | 131,634 | (4,653 | ) | |||||||||||||
Cosan
International Universal Corporation
|
607 | (9,488 | ) | 100.0 | 607 | (9,488 | ) | |||||||||||||
Cosan Finance
Limited
|
23,179 | 1,137 | 100.0 | 23,179 | 1,137 | |||||||||||||||
Radar
Propriedades Agrícolas S.A.
|
818,417 | 19,316 | 18.9 | 154,836 | 1,816 | |||||||||||||||
Cosanpar
Participações S.A. (1)
|
- | - | - | - | 72,212 | |||||||||||||||
Copsapar
Participações S.A.
|
193,158 | (4,762 | ) | 90.0 | 173,842 | (4,286 | ) | |||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
1,914,287 | 228,201 | 100.0 | 1,914,261 | 155,926 | |||||||||||||||
Novo Rumo
Logística S.A.
|
270,383 | (18,473 | ) | 28.8 | 77,924 | 3,043 | ||||||||||||||
Cosan
Alimentos S.A. (2) (3)
|
251,717 | 93,608 | 100.0 | 715,385 | 93,608 | |||||||||||||||
Other
investments
|
- | - | - | 20,012 | (20,898 | ) | ||||||||||||||
6,125,151 | 594,830 |
|
(1)
|
Merged by
Cosan Combustíveis e Lubrificantes S.A. on June 23,
2009;
|
|
(2)
|
Ten-month
period ended on March 31, 2010;
|
|
(3)
|
Includes the
amounts of R$360,761 and R$102,952 concerning an advance for future
capital increase and goodwill in the acquisition of Curupay, respectively;
and
|
|
(4)
|
Includes the
amount of R$7,301 referring to goodwill in the acquisition of
shares.
|
8.
|
Investments
(Continued)
|
|
(ii)
|
At
March 31, 2009
|
Parent
Company
|
||||||||||||||||||||
Investees
|
Investor
|
|||||||||||||||||||
Stockholders'
equity
|
Year
income
|
Equity
interest %
|
Investments
|
Equity
pickup
|
||||||||||||||||
Administração
de Participações Aguassanta Ltda.
|
126,340 | (15,510 | ) | 91.5 | 115,599 | (14,191 | ) | |||||||||||||
Cosan S.A.
Açúcar e Álcool
|
2,579,849 | (134,413 | ) | 95.1 | 2,452,843 | (119,136 | ) | |||||||||||||
TEAS –
Terminal Exportador de Álcool de Santos S.A.
|
46,084 | 1,744 | 32.0 | 14,747 | 615 | |||||||||||||||
Cosan S.A.
Bionergia
|
136,288 | (4,287 | ) | 100.0 | 136,288 | (4,287 | ) | |||||||||||||
Cosan
International Universal Corporation
|
13,245 | 4,786 | 100.0 | 13,245 | 4,786 | |||||||||||||||
Cosan Finance
Limited
|
28,879 | 10,362 | 100.0 | 28,879 | 10,362 | |||||||||||||||
Radar
Propriedades Agrícolas S.A.
|
736,529 | 15,434 | 18.9 | 139,343 | 2,919 | |||||||||||||||
Cosanpar
Participações S.A.
|
1,686,121 | (20,658 | ) | 100.0 | 1,686,121 | (20,658 | ) | |||||||||||||
Copsapar
Participações S.A.
|
195,589 | 6,284 | 90.0 | 176,030 | 5,655 | |||||||||||||||
Other
investments
|
- | - | - | 25,837 | 11,961 | |||||||||||||||
4,788,932 | (121,974 | ) |
8.
|
Investments
(Continued)
|
2010
|
2009
|
|||||||||||||||
Stock/units
|
Stock/units
|
|||||||||||||||
Total
stock/units of Investee
|
Total
stock/units held by Investor
|
Total
stock/units of Investee
|
Total
stock/units held by Investor
|
|||||||||||||
Cosan S.A.
Bioenergia
|
140,575,100 | 140,575,100 | 140,575,100 | 140,575,100 | ||||||||||||
Administração
de Participações Aguassanta Ltda.
|
9 | 1 | 9 | 1 | ||||||||||||
Cosan S.A.
Açúcar e Álcool
|
3,115,704,233 | 2,962,318,537 | 3,115,704,233 | 2,962,318,537 | ||||||||||||
Copsapar
Participações S.A.
|
190,797,424 | 171,717,682 | 190,797,424 | 171,717,682 | ||||||||||||
Cosan
International Universal Corporation
|
2 | 2 | 2 | 2 | ||||||||||||
Cosan Finance
Limited
|
1 | 1 | 1 | 1 | ||||||||||||
Cosan
Combustíveis e Lubrificantes S.A.
|
431,480 | 431,474 | - | - | ||||||||||||
Cosanpar
Participações S.A.
|
- | - | 1,706,779,790 | 1,706,779,790 | ||||||||||||
Radar
Propriedades Agrícolas S.A.
|
19,909,260 | 3,766,620 | 18,026,602 | 3,410,633 | ||||||||||||
TEAS -
Terminal Exportador de Álcool de Santos S.A.
|
39,477,357 | 26,318,238 | 11,281,960 | 3,610,227 | ||||||||||||
Novo Rumo
Logística S.A.
|
278,336,920 | 80,216,699 | - | - | ||||||||||||
Cosan
Alimentos S.A.
|
112,166 | 112,163 | - | - |
8.
|
Investments
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Opening
balances
|
4,788,932 | 1,954,588 | 278,209 | 120,312 | ||||||||||||
Equity
pickup
|
594,830 | (121,974 | ) | (18,645 | ) | 13,976 | ||||||||||
Investment
additions and advance for future capital increase
|
408,350 | 3,369,336 | 46,036 | 146,692 | ||||||||||||
Additions
resulting from merger/spin-off
|
334,172 | - | 2,769 | - | ||||||||||||
Consolidation
write-off
|
- | - | (19,051 | ) | - | |||||||||||
Investment
acquisition advancement write-off
|
- | - | (100,000 | ) | - | |||||||||||
Mirror effect
on the reversal of revaluation required by Law No. 11,638/07 and MP
449/08
|
- | (257,023 | ) | - | - | |||||||||||
Capital
payment investment write-off
|
(164,618 | ) | - | - | ||||||||||||
Others
|
(1,133 | ) | 8,623 | 3,805 | (2,771 | ) | ||||||||||
Final
balances
|
6,125,151 | 4,788,932 | 193,123 | 278,209 |
|
a.
|
Novo Rumo Logística
S.A.
|
8.
|
Investments
(Continued)
|
|
b.
|
Curupay Participações
S.A.
|
8.
|
Investments
(Continued)
|
9.
|
Property,
plant and equipment
|
Parent
Company
|
||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land and
rural properties
|
- | 59,591 | - | 59,591 | 59,591 | |||||||||||||||
Machinery,
equipment and installations
|
9.81 | 510,414 | (295,600 | ) | 214,814 | 202,237 | ||||||||||||||
Aircraft
|
10.00 | 13,395 | (12,935 | ) | 460 | 2,262 | ||||||||||||||
Vehicles
|
19.98 | 66,140 | (40,458 | ) | 25,682 | 29,281 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
17.50 | 29,592 | (14,968 | ) | 14,624 | 9,689 | ||||||||||||||
Buildings and
improvements
|
4.00 | 173,525 | (33,538 | ) | 139,987 | 128,043 | ||||||||||||||
Construction
in progress
|
- | 101,344 | - | 101,344 | 68,758 | |||||||||||||||
Sugarcane
planting costs
|
20.00 | 455,617 | (222,407 | ) | 233,210 | 223,874 | ||||||||||||||
Parts and
components to be periodically replaced
|
100.00 | 82,410 | - | 82,410 | 65,524 | |||||||||||||||
1,492,028 | (619,906 | ) | 872,122 | 789,259 |
Consolidated
|
||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||
Average
annual depreciation rates (%)
|
Cost
|
Accumulated
depreciation/
amortization
|
Net
|
Net
|
||||||||||||||||
Land and
rural properties
|
- | 210,429 | - | 210,429 | 201,046 | |||||||||||||||
Machinery,
equipment and installations
|
9.96 | 3,433,745 | (1,537,299 | ) | 1,896,446 | 791,189 | ||||||||||||||
Aircraft
|
10.00 | 18,086 | (13,091 | ) | 4,995 | 2,998 | ||||||||||||||
Vehicles
|
19.84 | 226,973 | (137,969 | ) | 89,004 | 86,403 | ||||||||||||||
Furniture,
fixtures and computer equipment
|
15.45 | 129,597 | (89,590 | ) | 40,007 | 31,010 | ||||||||||||||
Buildings and
improvements
|
4.17 | 1,007,806 | (293,218 | ) | 714,588 | 458,491 | ||||||||||||||
Construction
in progress
|
- | 1,408,252 | - | 1,408,252 | 881,561 | |||||||||||||||
Sugarcane
planting costs
|
20.00 | 1,422,813 | (672,962 | ) | 749,851 | 659,158 | ||||||||||||||
Parts and
components to be periodically replaced
|
100.00 | 245,178 | - | 245,178 | 146,641 | |||||||||||||||
Advances for
fixed asset purchases
|
- | 200,634 | - | 200,634 | 203,493 | |||||||||||||||
Others
|
- | 1,681 | - | 1,681 | 3,246 | |||||||||||||||
8,305,194 | (2,744,129 | ) | 5,561,065 | 3,465,236 |
9.
|
Property, plant and equipment
(Continued)
|
Parent
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Opening
balances
|
789,259 | 847,625 | 3,465,236 | 2,743,036 | ||||||||||||
Additions to
the Property Plant and Equipment
|
288,295 | 202,001 | 1,921,001 | 1,345,537 | ||||||||||||
Write-offs
and transfers
|
(7,918 | ) | (15,750 | ) | (43,748 | ) | (7,667 | ) | ||||||||
Depreciation
and amortization
|
(197,514 | ) | (164,046 | ) | (595,401 | ) | (419,092 | ) | ||||||||
Revaluation
reversal – Law No. 11,638/07
|
- | (107,742 | ) | - | (320,034 | ) | ||||||||||
Leasing
transactions – CPC 06
|
- | 27,171 | - | 27,171 | ||||||||||||
Accretion
from mergers/acquisition
|
- | - | 792,812 | 303,118 | ||||||||||||
Accretion
from amalgamation
|
- | - | 21,165 | - | ||||||||||||
Spin-offs
|
- | - | - | (206,833 | ) | |||||||||||
Closing
balances
|
872,122 | 789,259 | 5,561,065 | 3,465,236 |
10.
|
Intangible
|
Parent
Company
|
||||||||||||||||
2010
|
2009
|
|||||||||||||||
Goodwill (amortized on
a straight-line basis until March 31, 2009)
|
Cost
|
Accumulated
amortization
|
Net
|
Net
|
||||||||||||
Acquisition
of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Acquisition
of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Payment of
capital, Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Acquisition
of Corona (ABC 125 and ABC 126)
|
267,824 | (84,811 | ) | 183,013 | 183,013 | |||||||||||
Acquisition
of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
595,804 | (218,361 | ) | 377,443 | 377,443 | ||||||||||||
Other
intangibles
|
||||||||||||||||
Software
(amortization at the rate of 20% p. a.)
|
46,001 | (23,796 | ) | 22,205 | 26,475 | |||||||||||
641,805 | (242,157 | ) | 399,648 | 403,918 |
10.
|
Intangible
(Continued)
|
Consolidated
|
||||||||||||||||
2010
|
2009
|
|||||||||||||||
Goodwill (amortized on
a straight-line basis until March 31, 2009)
|
Cost
|
Accumulated
amortization
|
Net
|
Net
|
||||||||||||
Acquisition
of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Acquisition
of Cosan Açúcar e Álcool
|
35,242 | (34,684 | ) | 558 | 558 | |||||||||||
Formation of
FBA
|
22,992 | (18,585 | ) | 4,407 | 4,407 | |||||||||||
Acquisition
of Univalem S.A. Açúcar e Álcool
|
24,118 | (19,100 | ) | 5,018 | 5,018 | |||||||||||
Acquisition
of Grupo Destivale
|
69,918 | (27,424 | ) | 42,494 | 42,494 | |||||||||||
Acquisition
of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Payment of
capital, Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Acquisition
of Corona
|
818,831 | (255,815 | ) | 563,016 | 563,016 | |||||||||||
Acquisition
of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
Acquisition
of Usina Santa Luíza
|
47,053 | (4,705 | ) | 42,348 | 42,348 | |||||||||||
Acquisition
of Benálcool
|
167,300 | (18,053 | ) | 149,247 | 149,247 | |||||||||||
Acquisition
of Aliança
|
1,860 | - | 1,860 | 1,860 | ||||||||||||
Acquisition
of Cosan CL (1)
|
1,513,091 | (134,395 | ) | 1,378,696 | 1,415,375 | |||||||||||
Acquisition
of Teaçu (2)
|
69,145 | - | 69,145 | - | ||||||||||||
Merger of
Curupay (Cosan Alimentos) (3)
|
102,952 | - | 102,952 | - | ||||||||||||
Acquisition
of Açúcar União (4)
|
74,832 | (57,371 | ) | 17,461 | - | |||||||||||
Acquisition
of Destilaria Paraguaçu (4)
|
166,656 | - | 166,656 | - | ||||||||||||
Subscription
of share of Nova América (4)
|
121,893 | - | 121,893 | - | ||||||||||||
Purchase of
shares of TEAS (5)
|
7,301 | - | 7,301 | - | ||||||||||||
3,571,164 | (703,682 | ) | 2,867,482 | 2,418,753 | ||||||||||||
Other
intangibles
|
||||||||||||||||
Software
(amortization at the rate of 20% p. a.)
|
77,309 | (48,058 | ) | 29,251 | 28,711 | |||||||||||
Others
|
7,315 | (2,740 | ) | 4,575 | - | |||||||||||
84,624 | (50,798 | ) | 33,826 | 28,711 | ||||||||||||
3,655,788 | (754,480 | ) | 2,901,308 | 2,447,464 |
|
(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$102,952 goodwill.
|
|
(4)
|
As mentioned
in Note 8, goodwill incorporated on business
combination.
|
|
(5)
|
Goodwill from
shareholding increase, as per Note
8.
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Opening
balances
|
403,918 | 471,160 | 2,447,464 | 1,193,931 | ||||||||||||
Accretion to
goodwill
|
- | - | 228,310 | 1,461,838 | ||||||||||||
Increase in
software and other intangibles
|
4,526 | 582 | 5,122 | 581 | ||||||||||||
Accretion
from mergers/acquisition
|
- | - | 320,456 | 2,933 | ||||||||||||
Goodwill
derived from disposals
|
- | - | (85,589 | ) | - | |||||||||||
Amortization
of software and other intangibles
|
(8,796 | ) | (7,368 | ) | (12,455 | ) | (8,065 | ) | ||||||||
Goodwill
amortization
|
- | (60,456 | ) | - | (196,467 | ) | ||||||||||
Others
|
- | - | (2,000 | ) | (7,287 | ) | ||||||||||
Closing
balances
|
399,648 | 403,918 | 2,901,308 | 2,447,464 |
11.
|
Taxes
and social contributions payable
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
ICMS – State
VAT
|
8,865 | 5,566 | 49,197 | 24,847 | ||||||||||||
IPI
|
886 | 117 | 6,379 | 25,776 | ||||||||||||
INSS – Social
Security
|
6,933 | 5,922 | 23,891 | 20,376 | ||||||||||||
PIS – Social
Integration Program
|
1,120 | 2,826 | 8,129 | 6,113 | ||||||||||||
COFINS –
Social Security Financing
|
5,153 | 12,808 | 32,076 | 23,492 | ||||||||||||
Installment
payments – Refis IV
|
97,703 | - | 665,470 | |||||||||||||
Tax Recovery
Program – REFIS (1)
|
- | - | - | 273,507 | ||||||||||||
Special Tax
Payment Program – PAES (1)
|
- | 50,906 | 409 | 69,813 | ||||||||||||
Income and
social contribution taxes payable
|
- | 8,216 | 2,597 | 41,099 | ||||||||||||
Other
|
9,618 | 5,125 | 21,219 | 12,333 | ||||||||||||
130,278 | 91,486 | 809,367 | 497,356 | |||||||||||||
Current
liabilities
|
(42,633 | ) | (36,076 | ) | (215,862 | ) | (168,596 | ) | ||||||||
Noncurrent
liabilities
|
87,645 | 55,410 | 593,505 | 328,760 |
|
(1)
|
All tax
repayment arrangements under REFIS and PAES were included in the Refis IV
repayment plan, save for repayment arrangements related to the education
allowance charge.
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
13 to 24
months
|
11,732 | 16,143 | 60,349 | 44,549 | ||||||||||||
25 to 36
months
|
9,326 | 15,460 | 57,933 | 43,409 | ||||||||||||
37 to 48
months
|
6,525 | 14,704 | 54,991 | 42,644 | ||||||||||||
49 to 60
months
|
6,169 | 4,314 | 51,241 | 28,837 | ||||||||||||
61 to 72
months
|
6,043 | 1,005 | 51,026 | 24,067 | ||||||||||||
73 to 84
months
|
5,521 | 1,005 | 44,303 | 24,067 | ||||||||||||
85 to 96
months
|
5,521 | 1,005 | 38,911 | 24,067 | ||||||||||||
Thereafter
|
36,808 | 1,774 | 234,751 | 97,120 | ||||||||||||
87,645 | 55,410 | 593,505 | 328,760 |
|
Tax debt installments
– Law No 11.941/09 and MP 470/09 (“Refis
IV”)
|
11.
|
Taxes and social contributions
payable (Continued)
|
2010
|
||||||||
Parent
Company
|
Consolidated
|
|||||||
Balance of
taxes payable and contingencies, restated before Refis IV
|
365,512 | 1,600,767 | ||||||
Statutory
reductions
|
(174,523 | ) | (620,865 | ) | ||||
Net
amount of taxes eligible for Refis IV repayments
|
190,989 | 979,902 | ||||||
Amount of
taxes payable, court deposits and contingencies accounted for before Refis
IV
|
(268,822 | ) | (1,250,235 | ) | ||||
Net
result of Refis IV (1)
|
(77,833 | ) | (270,333 | ) | ||||
Net amount of
taxes eligible for Refis IV repayments
|
190,989 | 979,902 | ||||||
Amortization
of court deposits
|
(7,749 | ) | (100,841 | ) | ||||
Tax loss and
CSLL negative basis carryforwards
|
(85,553 | ) | (203,903 | ) | ||||
Repayments
made after enrollment in the program
|
(2,967 | ) | (29,286 | ) | ||||
Inflation
adjustment
|
2,983 | 19,598 | ||||||
Balance
due as of March 31, 2010
|
97,703 | 665,470 |
12.
|
Income
and social contribution taxes
|
|
a)
|
Reconciliation of
income and social contribution tax
expenses:
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Operating
profit (loss) before income tax and social security
contribution
|
1,195,576 | (632,096 | ) | 1,412,869 | (709,061 | ) | ||||||||||
Income tax
and social security contribution at nominal rate (34%)
|
(406,496 | ) | 214,913 | (480,375 | ) | 241,081 | ||||||||||
Adjustments
made for determining the effective rate:
|
||||||||||||||||
Equity
pickup
|
202,242 | (41,471 | ) | (6,339 | ) | 4,752 | ||||||||||
Amortization
of non-deductible goodwill
|
- | (2,087 | ) | - | (5,187 | ) | ||||||||||
Non-deductible
donations and contributions
|
(2,212 | ) | (1,765 | ) | (4,167 | ) | (2,484 | ) | ||||||||
Capital loss
from business combinations, net of gains
|
1,038 | - | (9,567 | ) | - | |||||||||||
Tax
implications from joining the repayment program established by Refis
IV
|
1,161 | - | 59,038 | - | ||||||||||||
Recognized
granted options
|
(3,050 | ) | (3,901 | ) | (3,050 | ) | (3,901 | ) | ||||||||
Others
|
(1,764 | ) | (7,429 | ) | 10,625 | 405 | ||||||||||
Total of
deferred and current taxes
|
(209,081 | ) | 158,260 | (433,835 | ) | 234,666 | ||||||||||
Effective
rate
|
17.49 | % | - | 30.71 | % | - |
|
b)
|
Deferred income and
social contribution tax assets and
liabilities:
|
Parent
Company
|
||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provisions
for court judgments and other interim differences
|
147,597 | 36,899 | 13,284 | 50,183 | 61,555 | |||||||||||||||
Tax
implications of Law No. 11,638/07
|
- | - | - | - | 15,034 | |||||||||||||||
Tax
losses
|
331,510 | 82,878 | - | 82,878 | 117,730 | |||||||||||||||
Social
security contribution negative basis
|
331,612 | - | 29,845 | 29,845 | 42,391 | |||||||||||||||
119,777 | 43,129 | 162,906 | 236,710 | |||||||||||||||||
Exchange
variation
|
(447,648 | ) | (112,000 | ) | (40,320 | ) | (152,320 | ) | - | |||||||||||
Tax
implications of Law No. 11,638/07
|
(144,110 | ) | (36,027 | ) | (12,970 | ) | (48,997 | ) | - | |||||||||||
Goodwill
|
(57,000 | ) | (14,250 | ) | (5,130 | ) | (19,380 | ) | - | |||||||||||
(162,277 | ) | (58,420 | ) | (220,697 | ) | - | ||||||||||||||
Total
deferred taxes
|
(42,500 | ) | (15,291 | ) | (57,791 | ) | 236,710 | |||||||||||||
Current
assets
|
12,680 | - | ||||||||||||||||||
Non-current
assets
|
150,226 | 236,710 | ||||||||||||||||||
Non-current
liabilities
|
(220,697 | ) | - |
12.
|
Income and social contribution
taxes (Continued)
|
Consolidated
|
||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||
Base
|
IRPJ
25%
|
CSSL
9%
|
Total
|
Total
|
||||||||||||||||
Provisions
for court judgments and other interim differences
|
999,084 | 249,771 | 89,918 | 339,689 | 442,064 | |||||||||||||||
Tax
implications of Law No. 11,638/07
|
- | - | - | - | 15,034 | |||||||||||||||
Tax
losses
|
869,441 | 217,360 | - | 217,360 | 209,859 | |||||||||||||||
Social
security contribution negative basis
|
881,932 | - | 79,375 | 79,375 | 75,558 | |||||||||||||||
467,131 | 169,293 | 636,424 | 742,515 | |||||||||||||||||
Exchange
variation
|
(539,554 | ) | (134,889 | ) | (48,560 | ) | (183,449 | ) | - | |||||||||||
Tax
implications of Law No. 11,638/07
|
(144,110 | ) | (36,028 | ) | (12,970 | ) | (48,998 | ) | - | |||||||||||
Goodwill
|
(335,741 | ) | (83,935 | ) | (30,217 | ) | (114,152 | ) | - | |||||||||||
(254,852 | ) | (91,747 | ) | (346,599 | ) | - | ||||||||||||||
Total
deferred taxes
|
212,279 | 77,546 | 289,825 | 742,515 | ||||||||||||||||
Current
assets
|
76,310 | 42,471 | ||||||||||||||||||
Non-current
assets
|
560,114 | 700,044 | ||||||||||||||||||
Non-current
liabilities
|
(346,599 | ) | - |
Assets
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
2011
|
- | 2,168 | - | 33,484 | ||||||||||||
2012
|
10,622 | 25,462 | 84,818 | 76,119 | ||||||||||||
2013
|
16,409 | 53,894 | 93,328 | 130,318 | ||||||||||||
2014
|
16,340 | 75,281 | 68,303 | 174,995 | ||||||||||||
2015 to
2017
|
84,688 | 64,806 | 194,445 | 192,627 | ||||||||||||
2018 to
2019
|
22,167 | 15,099 | 119,220 | 92,501 | ||||||||||||
150,226 | 236,710 | 560,114 | 700,044 |
Liabilities
|
||||||||||||||||
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
2012
|
20,132 | - | 23,245 | - | ||||||||||||
2013
|
20,132 | - | 23,245 | - | ||||||||||||
2014
|
20,132 | - | 23,245 | - | ||||||||||||
2015 to
2017
|
60,394 | - | 69,733 | - | ||||||||||||
2018 to
2019
|
99,907 | - | 207,131 | - | ||||||||||||
220,697 | - | 346,599 | - |
13.
|
Loans
and financing
|
Description
|
Financial
charges (1)
|
Parent
Company
|
Consolidated
|
Final
maturity
date
|
Guarantees
(2)
|
||||||||||||
Index
|
Annual
average interest rate
|
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
||||||||||
Senior
notes due 2009
|
U.S
dollar
|
Interest @
9.0%
|
-
|
86,456
|
-
|
86,456
|
Nov
2009
|
-
|
-
|
||||||||
Senior
notes due 2014
|
U.S
dollar
|
Interest @
9.5%
|
-
|
-
|
631,246
|
-
|
Aug
2014
|
-
|
-
|
||||||||
Senior
notes due 2017
|
U.S
dollar
|
Interest @
7.0%
|
-
|
-
|
720,573
|
936,704
|
Feb
2017
|
-
|
-
|
||||||||
Trade-related
promissory notes
|
DI – Interbank
deposits
|
Interest @
3%
|
-
|
1,161,971
|
-
|
1,161,971
|
Nov
2009
|
Conditional
sale
|
Conditional
sale
|
||||||||
BNDES
(3)
|
URTJLP
|
Interest @
3.6%
|
-
|
-
|
1,057,775
|
230,504
|
Oct
2025
Mar
2018
Apr
2018
Apr
2015
Nov
2012
Jan
2013
Oct
2012
|
Credit
rights from PPA
|
Credit rights
from PPA
|
||||||||
Bank credit
certificate
|
CDI
|
Interest @
0.6%
|
-
|
-
|
61,444
|
-
|
Dec
2011
|
Statutory
lien
|
-
|
||||||||
Advance
against exchange contract
|
U.S
dollar
|
Interest @
2.1%
|
296,375
|
143,250
|
296,375
|
143,250
|
Mar
2010
|
-
|
-
|
||||||||
Bonuses in
perpetuity
IFC
|
U.S
dollar
U.S
dollar
|
Interest @
8.3%
Interest @
7.4%
|
810,896
-
|
1,054,119
114,323
|
810,896
-
|
1,054,119
114,323
|
-
-
|
-
-
|
-
Conditional
sale
|
||||||||
Statement No.
2,471
|
IGP-M
Fixed
|
Interest @
3.9%
Interest @
3.0%
|
99,493
121
|
97,642
129
|
603,504
121
|
579,856
129
|
Dec
2020
Oct
2025
|
Treasury
certificates and mortgaged lands
|
Treasury
certificates and mortgaged lands
|
||||||||
Pre-payments
|
U.S. dollar +
Libor
|
Interest @
6.2%
|
537,390
|
-
|
980,533
|
-
|
Sep
2014
|
-
|
-
|
||||||||
Credit
note
|
123.4%
CDI
U.S
dollar
|
-
Interest @
6.2%
|
311,916
182,831
|
-
|
378,748
182,831
|
-
|
Oct
2012
|
-
|
-
|
||||||||
Finame
|
Fixed
URTJLP
U.S
dollar
|
Interest @
4.6%
Interest @
3.8%
Interest @
3.3%
|
225
20,162
-
|
1,014
20,070
-
|
106,255
94,775
84
|
1,014
43,653
-
|
Jan
2022
Mar
2018
Nov
2012
|
Statutory
lien on purchased assets
|
Statutory lien
on purchased assets
|
||||||||
Others
|
Sundry
|
Sundry
|
-
|
-
|
56,286
|
25,333
|
Sundry
|
Mortgage,
inventories and statutory lien on purchased assets
|
Mortgage,
inventories and statutory lien on purchased assets
|
||||||||
Expenses
incurred with security placement
|
(18,488
|
) |
(21,757
|
) |
(44,014
|
) |
(42,352)
|
-
|
-
|
-
|
|||||||
2,240,921
|
2,657,217
|
5,937,431
|
4,334,960
|
||||||||||||||
Current
|
(500,142
|
) |
(1,419,451
|
) |
(800,902
|
) |
(1,449,504)
|
||||||||||
Non-current
|
1,740,779
|
1,237,766
|
5,136,529
|
2,885,456
|
(1)
|
Financial
charges as of March 31, 2010, except as indicated
otherwise;
|
(2)
|
All loans and
financings are secured by promissory notes and sureties posted by the
Company, its subsidiaries and controlling shareholders, in addition to the
collateral described above; and
|
(3)
|
These
correspond to funds secured by direct and indirect subsidiaries, Cosan
S.A. Bioenergia, Barra Bioenergia S.A. and Cosan Centroeste S.A. Açúcar e
Álcool, for the purpose of financing cogeneration and greenfield
projects.
|
13.
|
Loans and financing
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
13 to 24
months
|
333,679 | 16,029 | 612,101 | 42,322 | ||||||||||||
25 to 36
months
|
510,570 | 23,401 | 748,966 | 49,799 | ||||||||||||
37 to 48
months
|
33 | 58,129 | 235,191 | 83,140 | ||||||||||||
49 to 60
months
|
26 | 2,058 | 849,737 | 23,882 | ||||||||||||
61 to 72
months
|
8 | 8 | 113,057 | 19,447 | ||||||||||||
73 to 84
months
|
8 | 8 | 825,623 | 16,676 | ||||||||||||
85 to 96
months
|
8 | 8 | 109,472 | 943,421 | ||||||||||||
Thereafter
|
896,447 | 1,138,125 | 1,642,382 | 1,706,769 | ||||||||||||
1,740,779 | 1,237,766 | 5,136,529 | 2,885,456 |
13.
|
Loans and financing
(Continued)
|
13.
|
Loans and financing
(Continued)
|
14.
|
Provision
for judicial demands
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Tax
issues
|
40,144 | 226,805 | 397,051 | 1,121,338 | ||||||||||||
Civil and
labor
|
37,044 | 22,905 | 214,932 | 155,827 | ||||||||||||
77,188 | 249,710 | 611,983 | 1,277,165 | |||||||||||||
Court
deposits
|
(5,632 | ) | (13,077 | ) | (167,562 | ) | (171,266 | ) | ||||||||
71,556 | 236,633 | 444,421 | 1,105,899 | |||||||||||||
Opening
balances
|
236,633 | 196,997 | 1,105,899 | 832,425 | ||||||||||||
Formation
(reversal) and transfers, net
|
(175,762 | ) | 24,991 | (729,455 | ) | 15,074 | ||||||||||
Inflation
adjustment
|
10,685 | 14,645 | 41,696 | 56,792 | ||||||||||||
Accretion
from acquisitions, net of write-offs
|
- | - | 26,281 | 201,608 | ||||||||||||
Closing
balances
|
71,556 | 236,633 | 444,421 | 1,105,899 |
14.
|
Provision for judicial
demands (Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
Description
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
IPI excise
tax stimulus credit (i)
|
- | 146,886 | - | 269,157 | ||||||||||||
IPI credits
from non-taxable (NT) products (i)
|
- | - | - | 92,722 | ||||||||||||
Contribution
to the IAA (i)
|
- | - | - | 84,904 | ||||||||||||
IPI
(i)
|
6,290 | 9,534 | 8,357 | 54,699 | ||||||||||||
PIS and
Cofins (ii)
|
4,297 | 17,334 | 21,212 | 144,830 | ||||||||||||
IPC – 89
(iii)
|
- | - | 86,503 | 81,546 | ||||||||||||
Finsocial
offsetting (iv)
|
- | - | 172,960 | 163,668 | ||||||||||||
ICMS
credits
|
16,553 | 14,718 | 60,240 | 46,226 | ||||||||||||
IRPJ and
CSLL
|
789 | 5,381 | 789 | 43,463 | ||||||||||||
Others
|
12,215 | 32,952 | 46,990 | 140,123 | ||||||||||||
40,144 | 226,805 | 397,051 | 1,121,338 |
14.
|
Provision for judicial
demands (Continued)
|
14.
|
Provision for judicial
demands (Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Notice of
infringement – Income tax withheld at source (i)
|
182,824 | 161,440 | 182,824 | 161,440 | ||||||||||||
ICMS – State
VAT (ii)
|
33,550 | 9,460 | 322,340 | 178,390 | ||||||||||||
IPI – Federal
VAT (iii)
|
10,617 | 15,539 | 263,597 | 75,667 | ||||||||||||
Offsets
against IPI credits – IN 67/98 (iv)
|
- | - | 174,867 | 157,525 | ||||||||||||
IAA – Sugar
and Ethanol Institute
|
- | - | 2,544 | 73,184 | ||||||||||||
INSS
|
- | 11 | 4,061 | 1,839 | ||||||||||||
PIS/Cofins
|
12,078 | 11,023 | 143,556 | 35,953 | ||||||||||||
Civil and
labor (v)
|
74,695 | 38,401 | 490,493 | 219,016 | ||||||||||||
Others
|
33,636 | 30,306 | 117,784 | 80,686 | ||||||||||||
347,400 | 266,180 | 1,702,066 | 983,700 |
|
(i)
|
Notice of
infringement – Income tax withheld at
source
|
|
(ii)
|
ICMS - Tax on
the Circulation of Goods and Transportation
Services
|
|
This refers
essentially to (a) a notice of infringement served on account of an
alleged failure to pay ICMS and perform ancillary duties relative to
agricultural partnership operations and processing activities outsourced
to Central Paulista Açúcar e Álcool Ltda., from May through December 2006,
and May through December 2007; (b) ICMS levied on granulated sugar exports
which were deemed semi-processed commodities by the tax agent in charge of
this assessment, and as such subject to be levied by the ICMS pursuant to
the applicable regulation.
|
14.
|
Provision for judicial
demands (Continued)
|
(iii)
|
IPI – Excise
Tax on Manufactured Goods
|
|
IPI as per
Normative Instruction No. 67/98: Normative Instruction SRF No. 67/98
validated a procedure whereby manufacturing plants sold several types of
cane sugar, including demerara, higher refined, special refined, special
extra refined and granulated refined sugars, without assessing and paying
IPI from July 6, 1995 through November 16, 1997, as well as amorphous
refined sugar sales from January 14, 1992 through November 16, 1997. This
instruction was applied to the relevant proceedings initiated by the
Federal Revenue Service, which are deemed as likely losses in the opinion
of the Company's legal counsels.
|
(iv)
|
Offsets
against IPI credits – IN
67/98
|
|
Normative
Instruction SRF No. 67/98 made it possible to obtain refund of IPI tax
payments for sales of refined amorphous sugar from January 14, 1992
through November 16, 1997. In view of this rule, Cosan Açúcar and Álcool
applied for offsetting amounts paid during the relevant periods against
other tax liabilities of its own. However, the Federal Revenue Service
denied its application for both reimbursement and offsetting of such
amounts. Cosan Açúcar and Álcool challenged this ruling in an
administrative proceeding.
|
|
Upon being
notified to pay tax debts resulting from offset transactions in light of
certain changes introduced by IN SRF No. 210/02, subsidiary Cosan Açúcar
and Álcool filed a writ of mandamus and applied for a preliminary
injunction seeking to stay enforceability of offset taxes, in an attempt
to prevent the tax authorities from demanding the relevant tax debts in
court. The preliminary injunction was granted by the competent court. The
legal counsel in charge of this suit has deemed it a likely
loss.
|
14.
|
Provision for judicial
demands (Continued)
|
(v)
|
Civil and
labor
|
15.
|
Accounts
receivable from federal government
|
16.
|
Shareholders’
equity
|
a)
|
Capital
|
16.
|
Shareholders’
equity
|
a)
|
Capital
(Continued)
|
16.
|
Shareholders’
equity
|
|
a)
|
Capital
(Continued)
|
|
b)
|
Dividends
|
2010
|
||||
Net income
for the year
|
986,495 | |||
Accumulated
loss carryforward
|
(495,678 | ) | ||
Statutory
reserve calculation basis
|
490,817 | |||
Statutory
reserve established at 5%
|
(24,541 | ) | ||
Calculation
basis for dividend distribution
|
466,276 | |||
Proposed
dividends – 25%
|
(116,569 | ) |
16.
|
Shareholders’
equity
|
|
c)
|
Legal
reserve
|
|
d)
|
New investment and
improvement reserve
|
|
e)
|
Treasury
shares
|
|
f)
|
Recorded granted
options
|
|
g)
|
Stock purchase
warrants
|
17.
|
Management
compensation
|
Parent
and Consolidated
|
||||||||
2010
|
2009
|
|||||||
Management
fees
|
6,589 | 6,461 | ||||||
Recognized
granted stock options
|
7,576 | 9,095 | ||||||
Bonuses and
other variable compensation
|
6,325 | 1,235 | ||||||
Amounts
recorded in the income for the year
|
20,490 | 16,791 |
18.
|
Financial,
net
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Financial
expenses
|
||||||||||||||||
Interest
|
(326,042 | ) | (262,305 | ) | (567,408 | ) | (354,371 | ) | ||||||||
Inflation
adjustment expense
|
(30,436 | ) | (5,117 | ) | (64,395 | ) | (41,607 | ) | ||||||||
Bank
expenses
|
(312 | ) | (652 | ) | (1,527 | ) | (1,947 | ) | ||||||||
(356,790 | ) | (268,074 | ) | (633,330 | ) | (397,925 | ) | |||||||||
Financial
revenues
|
||||||||||||||||
Interest
|
36,207 | 50,243 | 96,521 | 32,960 | ||||||||||||
Inflation
adjustment income
|
246 | 1,300 | 13,374 | 8,568 | ||||||||||||
Income from
money market investments
|
17,443 | 46,992 | 52,530 | 64,591 | ||||||||||||
Discounts
earned
|
411 | 212 | 1,333 | 357 | ||||||||||||
54,307 | 98,747 | 163,758 | 106,476 | |||||||||||||
Exchange
variation
|
||||||||||||||||
Exchange
losses (1)
|
534,484 | (609,136 | ) | 644,668 | (643,250 | ) | ||||||||||
Exchange
gains (1)
|
(42,139 | ) | 237,300 | (85,691 | ) | 69,562 | ||||||||||
492,345 | (371,836 | ) | 558,977 | (573,688 | ) | |||||||||||
Net impact of
derivatives (2)
|
||||||||||||||||
Commodity
derivatives
|
(113,686 | ) | 61,052 | (186,268 | ) | 63,998 | ||||||||||
Exchange and
interest derivatives
|
357,132 | 41,323 | 517,216 | (16,280 | ) | |||||||||||
243,446 | 102,375 | 330,948 | 47,718 | |||||||||||||
433,308 | (438,788 | ) | 420,353 | (817,419 | ) |
(1)
|
Includes
exchange gains (losses) on assets and liabilities denominated in foreign
currency; and,
|
(2)
|
Includes
realized and unrealized income from transactions in futures markets, and
with options,swaps and
NDFs.
|
19.
|
Other
operating revenues, net
|
Parent
Company
|
Consolidated
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Capital gains
from disposal of equity interests, net of losses (note 8)
|
- | - | 93,097 | 167,857 | ||||||||||||
Gains earned
with land sales
|
- | 18,399 | - | 18,399 | ||||||||||||
Capital gains
(losses) from business combinations (note 8.a and 8.b)
|
3,052 | - | (28,138 | ) | - | |||||||||||
Rent and
lease revenue
|
2,229 | 2,114 | 6,215 | 6,187 | ||||||||||||
Revenue from
sales of scrap and waste
|
1,554 | 1,780 | 6,417 | 5,925 | ||||||||||||
Constitution
of provision for judicial demands
|
(19,746 | ) | (27,307 | ) | (25,829 | ) | (25,908 | ) | ||||||||
Reversal of
provision for fixed asset losses
|
- | 3,342 | - | 3,342 | ||||||||||||
Gains earned
by joining the Refis IV tax repayment scheme
|
77,833 | - | 270,333 | - | ||||||||||||
Other income,
net
|
12,157 | 5,793 | 11,046 | 24,057 | ||||||||||||
77,079 | 4,121 | 333,141 | 199,859 |
20.
|
Financial
instruments
|
|
a)
|
Risk
management
|
20.
|
Financial instruments
(Continued)
|
|
a)
|
Risk management
(Continued)
|
Parent Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||||||||
Notional
|
Fair
Value
|
Notional
|
Fair
Value
|
|||||||||||||||||||||||||||||||||||||
Mar
31 2010
|
Mar
31 2009
|
Mar
31 2010
|
Mar
31 2009
|
Result
(*)
|
Mar
31 2010
|
Mar
31 2009
|
Mar
31 2010
|
Mar
31 2009
|
Result
(*)
|
|||||||||||||||||||||||||||||||
Price
risk
|
||||||||||||||||||||||||||||||||||||||||
Commodity
derivatives
|
||||||||||||||||||||||||||||||||||||||||
Future
contracts
|
||||||||||||||||||||||||||||||||||||||||
Sugar sales
contracts
|
994,483 | 423,550 | 146,449 | 9,638 | 146,449 | 994,483 | 423,550 | 146,449 | 9,638 | 146,449 | ||||||||||||||||||||||||||||||
(sugar
price hedge)
|
||||||||||||||||||||||||||||||||||||||||
Sugar
purchase contracts
|
182,954 | 141 | (34,067 | ) | (9 | ) | (34,067 | ) | 182,954 | 141 | (34,067 | ) | (9 | ) | (34,067 | ) | ||||||||||||||||||||||||
(average
price improvement)
|
||||||||||||||||||||||||||||||||||||||||
Options
contracts
|
||||||||||||||||||||||||||||||||||||||||
Call
sold
|
555,376 | 149,021 | (11,614 | ) | (6,728 | ) | 25,723 | 555,376 | 149,021 | (11,614 | ) | (6,728 | ) | 25,723 | ||||||||||||||||||||||||||
(average
price improvement)
|
||||||||||||||||||||||||||||||||||||||||
Purchased
put
|
259,165 | - | 22,756 | - | (14,117 | ) | 259,165 | - | 22,756 | - | (14,117 | ) | ||||||||||||||||||||||||||||
(sugar
price hedge)
|
||||||||||||||||||||||||||||||||||||||||
Sold
put
|
260,038 | - | (22,871 | ) | - | (17,735 | ) | 260,038 | - | (22,871 | ) | - | (17,735 | ) | ||||||||||||||||||||||||||
(average
price improvement)
|
||||||||||||||||||||||||||||||||||||||||
Swap
contracts
|
||||||||||||||||||||||||||||||||||||||||
Sugar
swap
|
100,794 | - | 1,081 | - | 1,081 | 100,794 | - | 1,081 | - | 1,081 | ||||||||||||||||||||||||||||||
(sugar
price hedge)
|
||||||||||||||||||||||||||||||||||||||||
101,733 | 2,901 | 107,333 | 101,733 | 2,901 | 107,333 |
20.
|
Financial instruments
(Continued)
|
|
a)
|
Risk management
(Continued)
|
Parent
Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||||||||
Notional
|
Fair
Value
|
Notional
|
Fair
Value
|
|||||||||||||||||||||||||||||||||||||
Mar
31 2010
|
Mar
31 2009
|
Mar
31 2010
|
Mar
31 2009
|
Result
(*)
|
Mar
31 2010
|
Mar
31 2009
|
Mar
31 2010
|
Mar
31 2009
|
Result
(*)
|
|||||||||||||||||||||||||||||||
Exchange rate
risk
|
||||||||||||||||||||||||||||||||||||||||
Exchange rate
derivative
|
||||||||||||||||||||||||||||||||||||||||
Future
contracts
|
||||||||||||||||||||||||||||||||||||||||
Sold
|
1,060,945 | 861,787 | 7,997 | 7,384 | 7,997 | 1,060,945 | 861,787 | 7,997 | 7,384 | 7,997 | ||||||||||||||||||||||||||||||
(cash
flow hedge)
|
||||||||||||||||||||||||||||||||||||||||
Purchased
|
1,042,111 | - | (7,526 | ) | - | (7,526 | ) | 1,042,111 | - | (7,526 | ) | - | (7,526 | ) | ||||||||||||||||||||||||||
(cash
flow improvement)
|
||||||||||||||||||||||||||||||||||||||||
Forward
contracts
|
||||||||||||||||||||||||||||||||||||||||
Sold
|
957,149 | 427,510 | 36,559 | (53,330 | ) | 36,559 | 957,149 | 427,510 | 36,559 | (53,330 | ) | 36,559 | ||||||||||||||||||||||||||||
(cash
flow hedges)
|
||||||||||||||||||||||||||||||||||||||||
Options
contract
|
||||||||||||||||||||||||||||||||||||||||
Purchased
put
|
671,502 | - | 15,719 | - | (471 | ) | 671,502 | - | 15,719 | - | (471 | ) | ||||||||||||||||||||||||||||
(cash
flow hedges)
|
||||||||||||||||||||||||||||||||||||||||
Swap
contracts
|
||||||||||||||||||||||||||||||||||||||||
Exchange risk
transfer hedge
|
322,023 | - | 7,463 | - | 7,463 | - | - | - | - | - | ||||||||||||||||||||||||||||||
(cash
flow hedges)
|
||||||||||||||||||||||||||||||||||||||||
2009 senior
note hedge
|
- | 570,700 | - | (6,828 | ) | - | - | 570,700 | - | (6,828 | ) | - | ||||||||||||||||||||||||||||
(cash
flow hedge)
|
||||||||||||||||||||||||||||||||||||||||
60,213 | (52,774 | ) | 44,022 | 52,750 | (52,774 | ) | 36,559 | |||||||||||||||||||||||||||||||||
Interest rate
risk
|
||||||||||||||||||||||||||||||||||||||||
Interest
derivative
|
||||||||||||||||||||||||||||||||||||||||
Libor swap
contracts
|
||||||||||||||||||||||||||||||||||||||||
Interest hedge
(assets: variable / liabilities: fixed)
|
518,790 | - | (624 | ) | - | (624 | ) | 518,790 | - | (624 | ) | - | (624 | ) | ||||||||||||||||||||||||||
(cash
flow hedges)
|
||||||||||||||||||||||||||||||||||||||||
(624 | ) | - | (624 | ) | (624 | ) | - | (624 | ) | |||||||||||||||||||||||||||||||
TOTAL
|
161,322 | (49,873 | ) | 150,731 | 153,859 | (49,873 | ) | 143,268 | ||||||||||||||||||||||||||||||||
Total
Assets
|
238,024 | 17,022 | 230,561 | 17,022 | ||||||||||||||||||||||||||||||||||||
Total
Liabilities
|
(76,703 | ) | (66,895 | ) | (76,703 | ) | (66,895 | ) |
20.
|
Financial instruments
(Continued)
|
|
a)
|
Risk management
(Continued)
|
|
b)
|
Price
risk
|
20.
|
Financial instruments
(Continued)
|
|
b)
|
Price risk
(Continued)
|
Price risk:
Commodity derivatives outstanding on March 31, 2010
|
|||||||||||||||||||||||||||||||||||
Derivatives
|
Purchased/sold
|
Market
|
Contract
|
Maturity
|
Number of
contracts
|
Strike
|
Average
price
|
Fair
price
|
Notional
|
Notional
|
Fair
value
|
||||||||||||||||||||||||
(units)
|
$ | (R ‘000 | ) | $ | (R ‘000 | ) | |||||||||||||||||||||||||||||
Future
|
Sold
|
LIFFE
|
White
Sugar
|
May/10
|
200 | - | ¢/T 597.25 | ¢/T 504.00 | 10,000 | T | 10,637 | 1,661 | |||||||||||||||||||||||
Future
|
Sold
|
LIFFE
|
White
Sugar
|
Aug/10
|
900 | - | ¢/T 608.37 | ¢/T 471.00 | 45,000 | T | 48,758 | 11,009 | |||||||||||||||||||||||
Future
|
Sold
|
LIFFE
|
White
Sugar
|
Oct/10
|
200 | - | ¢/T 537.63 | ¢/T 463.00 | 10,000 | T | 9,575 | 1,329 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
May/10
|
1,260 | - |
¢/lb
20.95
|
¢/lb
16.59
|
64,011 | T | 52,662 | 10,966 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
Jul/10
|
6,613 | - |
¢/lb
19.78
|
¢/lb
16.51
|
335,956 | T | 260,986 | 43,201 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
Oct/10
|
4,986 | - |
¢/lb
19.38
|
¢/lb
16.50
|
253,301 | T | 192,755 | 28,651 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
Mar/11
|
152 | - |
¢/lb
20.70
|
¢/lb
16.70
|
7,722 | T | 6,276 | 1,213 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
May/11
|
996 | - |
¢/lb
18.06
|
¢/lb
16.53
|
50,599 | T | 35,877 | 3,036 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
Jul/11
|
1,146 | - |
¢/lb
17.07
|
¢/lb
16.35
|
58,220 | T | 39,023 | 1,647 | |||||||||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
Oct/11
|
321 | - |
¢/lb
16.21
|
¢/lb
16.13
|
16,308 | T | 10,378 | 49 | |||||||||||||||||||||||
Swap
|
Sold
|
OTC
|
#11 |
Jul/10
|
4,500 | - |
¢/lb
18.49
|
¢/lb
16.51
|
228,611 | T | 165,971 | 17,760 | |||||||||||||||||||||||
Swap
|
Sold
|
OTC
|
#11 |
Oct/10
|
4,120 | - |
¢/lb
19.66
|
¢/lb
16.50
|
209,306 | T | 161,586 | 25,926 | |||||||||||||||||||||||
Sub-total
for sold sugar future contracts
|
1,289,033 | T | 994,483 | 146,449 | |||||||||||||||||||||||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
May/10
|
525 | - |
¢/lb
23.38
|
¢/lb
16.59
|
(26,671 T | ) | (24,485 | ) | (7,111 | ) | |||||||||||||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
Jul/10
|
310 | - |
¢/lb
24.43
|
¢/lb
16.51
|
(15,749 T | ) | (15,106 | ) | (4,896 | ) | |||||||||||||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
Mar/11
|
3,629 | - |
¢/lb
19.80
|
¢/lb
16.70
|
(184,362 T | ) | (143,364 | ) | (22,059 | ) | |||||||||||||||||||||
Sub-total
for purchased sugar future contracts
|
(226,782 T | ) | (182,954 | ) | (34,067 | ) | |||||||||||||||||||||||||||||
Futures
sub-total
|
1,062,251 | 811,529 | 112,382 | ||||||||||||||||||||||||||||||||
Call
|
Sold
|
NYBOT
|
#11 |
May/10
|
850 | 32.00 |
¢/lb
0.64
|
¢/lb
0.01
|
43,182 | T | 54,256 | (17 | ) | ||||||||||||||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
Jul/10
|
5,987 | 20.00 |
¢/lb
1.30
|
¢/lb
0.38
|
304,154 | T | 238,848 | (4,538 | ) | ||||||||||||||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
Oct/10
|
2,153 | 20.50 |
¢/lb
1.78
|
¢/lb
0.66
|
109,378 | T | 88,040 | (2,834 | ) | ||||||||||||||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
Oct/10
|
1,784 | 21.00 |
¢/lb
1.87
|
¢/lb
0.60
|
90,631 | T | 74,730 | (2,135 | ) | ||||||||||||||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
Mar/11
|
1,485 | 24.50 |
¢/lb
1.82
|
¢/lb
0.56
|
75,442 | T | 72,573 | (1,659 | ) | ||||||||||||||||||||||
Call
|
Sold
|
NYBOT
|
#11 |
Mar/11
|
300 | 25.00 |
¢/lb
1.34
|
¢/lb
0.52
|
15,241 | T | 14,960 | (311 | ) | ||||||||||||||||||||||
Call
|
Sold
|
NYBOT
|
#11 |
Mar/11
|
200 | 30.00 |
¢/lb
0.72
|
¢/lb
0.30
|
10,160 | T | 11,968 | (120 | ) | ||||||||||||||||||||||
Sub-total
for sold calls
|
648,188 | T | 555,376 | (11,614 | ) | ||||||||||||||||||||||||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
Jul/10
|
5,987 | 16.50 |
¢/lb
2.33
|
¢/lb
1.28
|
304,154 | T | 197,049 | 15,286 | |||||||||||||||||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
Oct/10
|
1,385 | 17.00 |
¢/lb
2.42
|
¢/lb
1.98
|
70,361 | T | 46,966 | 5,470 | |||||||||||||||||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
Oct/10
|
434 | 17.50 |
¢/lb
2.70
|
¢/lb
2.31
|
22,048 | T | 15,150 | 2,000 | |||||||||||||||||||||||
Sub-total
for purchased puts
|
396,564 | T | 259,165 | 22,756 | |||||||||||||||||||||||||||||||
Put
|
Sold
|
NYBOT
|
#11 |
Jul/10
|
5,987 | 16.50 |
¢/lb
0.29
|
¢/lb
1.28
|
304,154 | T | 197,049 | (15,286 | ) | ||||||||||||||||||||||
Put
|
Sold
|
NYBOT
|
#11 |
Oct/10
|
1,385 | 17.00 |
¢/lb
0.53
|
¢/lb
1.98
|
70,361 | T | 46,966 | (5,470 | ) | ||||||||||||||||||||||
Put
|
Sold
|
NYBOT
|
#11 |
Oct/10
|
459 | 17.50 |
¢/lb
0.28
|
¢/lb
2.31
|
23,318 | T | 16,023 | (2,115 | ) | ||||||||||||||||||||||
Sub-total
for sold puts
|
397,834 | T | 260,038 | (22,871 | ) | ||||||||||||||||||||||||||||||
Swap
|
Purchased
|
OTC
|
#11 |
Oct/10
|
985 | - |
¢/lb
25.50
|
¢/lb
0.28
|
50,040 | T | 50,102 | 550 | |||||||||||||||||||||||
Swap
|
Purchased
|
OTC
|
#11 |
Oct/10
|
985 | - |
¢/lb
25.80
|
¢/lb
0.27
|
50,040 | T | 50,692 | 530 | |||||||||||||||||||||||
Swap
sub-total
|
100,081 | T | 100,794 | 1,081 | |||||||||||||||||||||||||||||||
Total for
commodities
|
1,986,902 | 101,733 |
20.
|
Financial instruments
(Continued)
|
|
c)
|
Foreign exchange
risk
|
20.
|
Financial instruments
(Continued)
|
|
c)
|
Foreign exchange
risk (Continued)
|
Price risk:
Exchange rate derivatives outstanding on March 31, 2010
|
||||||||||||||||||||||
Derivatives
|
Purchased/sold
|
Market
|
Contract
|
Screen
|
Number of
contracts
|
Strike
|
Average
price
|
Fair
price
|
Notional
|
Notional
|
Fair
value
|
|||||||||||
Future
|
Sold
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Apr/10
|
6,220
|
-
|
$1.7943
|
$1.7810
|
$311,000
|
558,038
|
4,147
|
|||||||||||
Future
|
Sold
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Jul/10
|
1,845
|
-
|
$1.8291
|
$1.8146
|
$92,250
|
168,738
|
1,342
|
|||||||||||
Future
|
Sold
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Dec/10
|
1,400
|
-
|
$1.8959
|
$1.8812
|
$70,000
|
132,712
|
1,029
|
|||||||||||
Future
|
Sold
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Jul/11
|
1,300
|
-
|
$1.9981
|
$1.9837
|
$65,000
|
129,873
|
934
|
|||||||||||
Future
|
Sold
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Oct/11
|
700
|
-
|
$2.0452
|
$2.0297
|
$35,000
|
71,584
|
546
|
|||||||||||
Sub-total
for sold future contracts
|
$573,250
|
$1,060,945
|
$7,997
|
|||||||||||||||||||
Future
|
Purchased
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Apr/10
|
(6,130)
|
-
|
$1.7943
|
$1.7810
|
$(306,500)
|
(549,963)
|
(4,087)
|
|||||||||||
Future
|
Purchased
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
May/10
|
(3,300)
|
-
|
$1.8049
|
$1.7907
|
$(165,000)
|
(297,803)
|
(2,339)
|
|||||||||||
Future
|
Purchased
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Dec/10
|
(1,000)
|
-
|
$1.8959
|
$1.8812
|
$(50,000)
|
(94,794)
|
(735)
|
|||||||||||
Future
|
Purchased
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Jul/11
|
(1,000)
|
-
|
$1.9910
|
$1.9837
|
$(50,000)
|
(99,550)
|
(366)
|
|||||||||||
Sub-total
for sold and purchased future contracts
|
$(571,500)
|
$(1,042,111)
|
$(7,526)
|
|||||||||||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Jul/10
|
1
|
-
|
$1.8945
|
$1.8139
|
$46,000
|
87,147
|
3,628
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Aug/10
|
1
|
-
|
$1.9360
|
$1.8255
|
$50,000
|
96,800
|
5,364
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Sep/10
|
1
|
-
|
$1.9165
|
$1.8390
|
$75,000
|
143,738
|
5,593
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Oct/10
|
1
|
-
|
$2.0320
|
$1.8534
|
$5,000
|
10,160
|
852
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Oct/10
|
1
|
-
|
$2.0080
|
$1.8541
|
$23,000
|
46,184
|
3,376
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Nov/10
|
1
|
-
|
$1.9980
|
$1.8665
|
$73,800
|
147,454
|
9,179
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Jan/11
|
1
|
-
|
$1.9125
|
$1.8802
|
$50,000
|
95,625
|
1,512
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Feb/11
|
1
|
-
|
$1.9880
|
$1.8965
|
$45,000
|
89,460
|
3,821
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Jun/11
|
1
|
-
|
$2.0183
|
$1.9677
|
$70,000
|
141,281
|
3,134
|
|||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
Aug/11
|
1
|
-
|
$1.9860
|
$1.9837
|
$50,000
|
99,300
|
101
|
|||||||||||
Forward
sub-total
|
$487,800
|
957,149
|
36,559
|
|||||||||||||||||||
Onshore
Put
|
Purchased
|
BM&FBovespa
|
Commercial
U.S. dollar rate
|
Jul/10
|
6,800
|
1.80
|
$36.1590
|
$41.7130
|
$340,000
|
612,000
|
14,182
|
|||||||||||
Onshore
Put sub-total
|
$340,000
|
612,000
|
14,182
|
|||||||||||||||||||
Offshore
Put
|
Purchased
|
OTC
|
Commercial
U.S. dollar rate
|
Feb/11
|
475
|
1.80
|
$103.7832
|
$37.3177
|
$23,768
|
42,782
|
887
|
|||||||||||
Offshore
Put
|
Purchased
|
OTC
|
Commercial
U.S. dollar rate
|
Feb/11
|
176
|
1.90
|
$162.4785
|
$73.8414
|
$8,800
|
16,720
|
650
|
|||||||||||
Offshore
Put sub-total
|
$32,568
|
59,502
|
1,537
|
|||||||||||||||||||
Total
for export exchange rates
|
$862,118
|
$1,647,485
|
52,750
|
|||||||||||||||||||
Swap
|
Purchased
|
OTC/Cetip
|
U.S.
dollar/DI
|
1
|
1
|
-
|
US$ / 57.49%
CDI
|
$175,000
|
322,023
|
7,463
|
||||||||||||
Swap
|
Sold
|
OTC/Cetip
|
U.S.
dollar/DI
|
1
|
1
|
-
|
57.49% CDI /
US$
|
$(175,000)
|
(322,023)
|
(7,463)
|
||||||||||||
Total
for exchange rate
|
$862,118
|
$1,647,485
|
52,750
|
20.
|
Financial instruments
(Continued)
|
|
c)
|
Foreign exchange
risk (Continued)
|
Consolidated
|
||||||||||||||||
2010
|
2009
|
|||||||||||||||
R$ |
US$
(thousand)
|
R$ |
US$
(thousand)
|
|||||||||||||
Amounts
pending foreign exchange closing
|
127,755 | 71,732 | 48,969 | 21,151 | ||||||||||||
Overnight
|
50,470 | 28,338 | 67,137 | 28,998 | ||||||||||||
Trade notes
receivable - foreign
|
148,655 | 83,467 | 162,822 | 70,327 | ||||||||||||
Related
parties
|
- | - | (405,871 | ) | (175,306 | ) | ||||||||||
Foreign
currency-denominated loans
|
(479,206 | ) | (269,066 | ) | (257,573 | ) | (111,253 | ) | ||||||||
Advances from
customers
|
(980,533 | ) | (550,552 | ) | - | - | ||||||||||
Senior Notes
due in 2009
|
- | - | (86,456 | ) | (37,343 | ) | ||||||||||
Senior Notes
due in 2014
|
(631,246 | ) | (354,433 | ) | - | - | ||||||||||
Senior Notes
due in 2017
|
(720,573 | ) | (404,589 | ) | (936,704 | ) | (404,589 | ) | ||||||||
Perpetual
bonds
|
(810,896 | ) | (455,304 | ) | (1,054,119 | ) | (455,304 | ) | ||||||||
Restricted
cash
|
44,972 | 25,251 | 11,757 | 5,078 | ||||||||||||
Foreign
exchange exposure, net
|
(3,250,602 | ) | (1,825,156 | ) | (2,450,038 | ) | (1,058,241 | ) |
|
d)
|
Interest rate
risk
|
Price risk:
outstanding commodities derivatives on March 31, 2010
|
||||||||||||||||||||||
Derivative
|
Purchased/
sold
|
Market
|
Contract
|
Table
|
Number of
contracts
|
Strike
|
Average
price
|
Fair
price
|
Notional
|
Notional
|
Fair
value
|
|||||||||||
(R$
‘000)
|
(R$
‘000)
|
(R$
‘000)
|
||||||||||||||||||||
Swap
|
Purchased
|
OCT/Cetip
|
Fix/Libor 3
month
|
1
|
-
|
1,199% / Libor
3 month
|
$300,000
|
518,790
|
(624)
|
|||||||||||||
Total
swap
|
$300,000
|
518,790
|
(624)
|
20.
|
Financial instruments
(Continued)
|
e)
|
Credit
risk
|
|
f)
|
Debt acceleration
risk
|
g)
|
Market
values
|
20.
|
Financial instruments
(Continued)
|
g)
|
Market values
(Continued)
|
|
h)
|
Sensitivity
analysis
|
Bourse:
Unit:
|
Sugar
#11 NYBOT US¢/lb
|
Sugar
Ref.
LIFFE
US$/ton
|
Dollar
BM&FBovespa
R$/US$
|
|||||||||
Apr-10
|
- | - | 1.781000 | |||||||||
May-10
|
16.59 | 504.00 | 1.790694 | |||||||||
Jun-10
|
- | - | 1.802495 | |||||||||
Jul-10
|
16.51 | - | 1.814598 | |||||||||
Aug-10
|
- | 471.00 | 1.828130 | |||||||||
Sep-10
|
- | - | 1.841761 | |||||||||
Oct-10
|
16.50 | 463.00 | 1.854871 | |||||||||
Nov-10
|
- | - | 1.867982 | |||||||||
Dec-10
|
- | 465.40 | 1.881189 | |||||||||
Jan-11
|
- | - | 1.896482 | |||||||||
Feb-11
|
- | - | 1.911138 | |||||||||
Mar-11
|
16.70 | 466.40 | 1.925085 | |||||||||
Apr-11
|
- | - | 1.940068 | |||||||||
May-11
|
16.53 | - | 1.952751 | |||||||||
Jun-11
|
- | - | 1.968527 | |||||||||
Jul-11
|
16.35 | - | 1.983682 | |||||||||
Aug-11
|
- | - | 1.998283 | |||||||||
Sept-11
|
- | - | 2.015064 | |||||||||
Oct-11
|
16.13 | - | 2.029650 |
20.
|
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
|
146,449 | (215,057 | ) | (434,604 | ) | |||||||
Purchase commitments
|
Sugar price
decline
|
(34,843 | ) | (41,584 | ) | (81,219 | ) | ||||||
Options:
|
|||||||||||||
Put
|
Sugar price
spike
|
(11,614 | ) | 3,298 | (81,065 | ) | |||||||
Call
|
Sugar price
spike
|
22,756 | (22,756 | ) | (22,756 | ) | |||||||
Call - sold
|
Sugar price
decline
|
(22,871 | ) | (45,423 | ) | (111,448 | ) | ||||||
Swap
contracts
|
Sugar price
decline
|
1,081 | (55,410 | ) | (72,292 | ) | |||||||
Exchange rate
risk
|
|||||||||||||
Exchange
rate derivatives
|
|||||||||||||
Futures contracts:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
7,997 | (263,237 | ) | (526,474 | ) | |||||||
Purchase commitments
|
R$/US$
exchange rate depreciation
|
(7,526 | ) | (258,646 | ) | (517,292 | ) | ||||||
Forward contract:
|
|||||||||||||
Sale commitments
|
R$/US$
exchange rate appreciation
|
36,559 | (231,086 | ) | (461,421 | ) | |||||||
Option:
|
|||||||||||||
Call - purchased
|
R$/US$
exchange rate appreciation
|
15,719 | (15,719 | ) | (15,719 | ) | |||||||
Interest rate
risk
|
|||||||||||||
Interest
derivatives
|
|||||||||||||
Swap
contracts
|
Libor curve
decline
|
(624 | ) | (2,140 | ) | (4,280 | ) |
21.
|
Sales
commitments
|
Years
|
2010
|
2009
|
||||||
2010
|
- | 2,428,000 | ||||||
2011
|
2,005,434 | 1,828,000 | ||||||
2012
|
1,828,134 | 1,828,000 | ||||||
Total
|
3,833,568 | 6,084,000 |
Years
|
2010
|
2009
|
||||||
2010
|
- | 18,294,022 | ||||||
2011
|
27,029,473 | 15,597,478 | ||||||
2012
|
23,600,912 | 13,667,154 | ||||||
2013
|
20,112,639 | 9,754,713 | ||||||
2014
|
16,345,120 | 5,701,801 | ||||||
2015
|
13,667,148 | 3,198,591 | ||||||
Beginning in
2015
|
120,129,217 | 5,030,758 | ||||||
Total
|
220,884,509 | 71,244,517 |
21.
|
Sales commitments
(Continued)
|
Years
|
2010
|
|||
2011
|
652,678 | |||
2012
|
126,892 | |||
2013
|
94,682 | |||
Total
|
874,252 |
2010
|
2009
|
|||||||
Minimum
installment
|
113,953 | 88,593 | ||||||
Variable
installment
|
112,990 | 85,267 | ||||||
Total
|
226,943 | 173,860 |
Years
|
2010
|
2009
|
||||||
2010
|
- | 93,662 | ||||||
2011
|
131,362 | 96,364 | ||||||
2012
|
117,937 | 93,008 | ||||||
2013
|
117,200 | 86,058 | ||||||
2014
|
117,655 | 82,667 | ||||||
2015
|
117,431 | 82,667 | ||||||
Beginning in
2015
|
1,354,501 | 992,287 | ||||||
Total
|
1,956,086 | 1,526,713 |
22.
|
Insurance
|
23.
|
Stock
option plan
|
23.
|
Stock option plan
(Continued)
|
Shares
|
Weighted
average strike price
|
|||||||
Outstanding
as of April 30, 2005
|
- | - | ||||||
Option awards
(SRA dated 9/22/2005)
|
4,302,780 | 6.11 | ||||||
Outstanding
as of April 30, 2006
|
4,302,780 | 6.11 | ||||||
Exercised
(SRA dated 11/20/2006)
|
(1,132,707 | ) | 6.11 | |||||
Forfeitures
(SRA dated 20/11/2006)
|
(285,060 | ) | - | |||||
Outstanding
as of April 30, 2007
|
2,885,013 | 6.11 | ||||||
Option awards
(SRA dated 9/11/2007)
|
450,000 | 6.11 | ||||||
Exercised
(SRA dated 11/19/2007)
|
(922,947 | ) | 6.11 | |||||
Exercised
(SRA dated 12/11/2007)
|
(38,725 | ) | 6.11 | |||||
Outstanding
as of April 30, 2008
|
2,373,341 | 6.11 | ||||||
Forfeitures
(SRA dated 3/23/2009)
|
(165,657 | ) | - | |||||
Exercised
(SRA dated 3/6/2009)
|
(736,852 | ) | 6.11 | |||||
Outstanding
as of March 31, 2009
|
1,470,832 | 6.11 | ||||||
Exercised
(SRA dated 7/15/2009)
|
(224,819 | ) | 6.11 | |||||
Option awards
(SRA dated 8/7/2009)
|
165,657 | 6.11 | ||||||
Exercised
(SRA dated 10/5/2009)
|
(169,500 | ) | 6.11 | |||||
Exercised
(SRA dated 12/15/2009)
|
(571,194 | ) | 6.11 | |||||
Exercised
(SRA dated 3/29/2010)
|
(17,000 | ) | 6.11 | |||||
Outstanding
as of March 31, 2010
|
653,976 | 6.11 |
23.
|
Stock option plan
(Continued)
|
Options
awarded on September 22, 2005
|
Options
awarded on September 22, 2007
|
Options
awarded on August 7, 2009
|
|||
Award price –
R$
|
6.11
|
6.11
|
6.11
|
||
Estimated
time to exercise (in years)
|
7.5
|
7.5
|
Immediate
|
||
Interest
rate
|
14.52%
|
9.34%
|
(1)
|
||
Volatility
|
34.00%
|
46.45%
|
(1)
|
||
Dividend
income
|
1.25%
|
1.47%
|
(1)
|
||
Weighted
average fair value at award date – R$
|
12.35
|
18.19
|
(1)
|
|
(1)
|
The fair
value used was the market value at assignment date (R$17.90) since
exercise of these options was not subject to a vesting
period.
|
24.
|
Pension
plan
|
2010
|
2009 | (*) | ||||||
Present
value of actuarial liabilities at the beginning of the
year
|
(362,339 | ) | (356,632 | ) | ||||
Cost of
interest
|
(32,584 | ) | (10,466 | ) | ||||
Cost of
current service
|
(5,478 | ) | (1,790 | ) | ||||
Paid
benefits
|
18,985 | 6,901 | ||||||
Actuarial
gain (loss) on the liability at beginning of year
|
55,882 | (352 | ) | |||||
Present
value of actuarial liability at year end
|
(325,534 | ) | (362,339 | ) | ||||
Fair
value of plan assets at the beginning of the year
|
297,231 | 291,707 | ||||||
Expected
income from pa assets
|
31,046 | 9,227 | ||||||
Contributions
made to the pa
|
8,403 | 3,198 | ||||||
Paid
benefits
|
(18,985 | ) | (6,901 | ) | ||||
Gain from
asset fair value
|
30,008 | - | ||||||
Fair
value of pa assets at year end
|
347,703 | 297,231 | ||||||
Present
value of assets (liabilities), net
|
22,169 | (65,108 | ) | |||||
Non-recognized
actuarial losses (gains)
|
(83,957 | ) | 4,730 | |||||
Actuarial
liabilities
|
(61,788 | ) | (60,378 | ) |
24.
|
Pension plan
(Continued)
|
Benefit
pa
|
Defined
benefit
|
||
Actuarial
evaluation method
|
Projected
credit unit
|
||
Life
table
|
AT 83
segregated by gender, corrected by 10%
|
||
Actuarial
liability discount rate
|
Interest:
6.58% pa + inflation: 4.50% pa
|
||
Expected
yield for plant asset
|
Interest:
5.98% pa + inflation: 4.50% pa
|
||
Wage increase
rate
|
1.57% +
inflation: 4.50% pa
|
||
Estimated
benefit increase rate
|
0.00% pa +
inflation: 4.50% pa
|
25.
|
Segment
Reporting (consolidated)
|
|
a)
|
Segment
Reporting
|
25.
|
Segment Reporting
(consolidated) (Continued)
|
|
a)
|
Segment
Reporting (Continued)
|
2010
|
||||||||||||||||||||
CAA
|
CCL
|
RUMO
|
Adjustments
and exclusions
|
Consolidated
|
||||||||||||||||
Balance
Sheet:
|
||||||||||||||||||||
Property,
plant and equipment
|
4,943,614 | 356,170 | 294,033 | (32,752 | ) | 5,561,065 | ||||||||||||||
Intangibles
|
1,309,387 | 1,379,769 | 69,146 | 143,006 | 2,901,308 | |||||||||||||||
Loans and
financing, net of cash and cash equivalents
|
(4,351,613 | ) | (444,964 | ) | (106,502 | ) | 44,014 | (4,859,065 | ) | |||||||||||
Other assets
and liabilities, net
|
3,763,800 | 610,384 | 13,706 | (2,833,617 | ) | 1,554,273 | ||||||||||||||
Total assets
(net of liabilities) per segment
|
5,665,188 | 1,901,359 | 270,383 | (2,679,349 | ) | 5,157,581 | ||||||||||||||
Result
for the period (12 months):
|
||||||||||||||||||||
Net operating
revenue
|
5,380,134 | 10,145,054 | 158,249 | (347,382 | ) | 15,336,055 | ||||||||||||||
Gross
profit
|
1,312,143 | 770,492 | 42,728 | - | 2,125,363 | |||||||||||||||
SG&A
expenses
|
(850,814 | ) | (492,828 | ) | (18,111 | ) | - | (1,361,753 | ) | |||||||||||
Other
operating revenues, net
|
312,202 | 16,928 | 4,011 | - | 333,141 | |||||||||||||||
Other
selected information:
|
||||||||||||||||||||
Additions to
PP&E and intangible assets
|
1,689,880 | 88,300 | 147,943 | - | 1,926,123 | |||||||||||||||
Depreciation
and amortization
|
584,727 | 37,450 | 14,167 | - | 636,344 |
2009
|
||||||||||||||||||||
CAA
|
CCL
|
RUMO
|
Adjustments
and exclusions
|
Consolidated
|
||||||||||||||||
Balance
Sheet:
|
||||||||||||||||||||
Property,
plant and equipment
|
3,079,833 | 297,993 | 68,100 | 19,310 | 3,465,236 | |||||||||||||||
Intangibles
|
980,651 | 2,236 | - | 1,464,577 | 2,447,464 | |||||||||||||||
Loans and
financing, net of cash and cash equivalents
|
(2,598,952 | ) | 91,828 | 11,139 | (1,119,619 | ) | (3,615,604 | ) | ||||||||||||
Other assets
and liabilities, net
|
6,815,120 | (181,101 | ) | (3,401 | ) | (5,531,087 | ) | 1,099,531 | ||||||||||||
Total assets
(net of liabilities) per segment
|
8,276,652 | 210,956 | 75,838 | (5,166,819 | ) | 3,396,627 | ||||||||||||||
Result
for the period (11 months):
|
||||||||||||||||||||
Net operating
revenue
|
3,129,574 | 3,106,000 | 53,850 | (19,335 | ) | 6,270,089 | ||||||||||||||
Gross
profit
|
595,763 | 189,883 | 13,786 | - | 799,432 | |||||||||||||||
SG&A
expenses
|
(531,140 | ) | (171,557 | ) | (5,745 | ) | - | (708,442 | ) | |||||||||||
Other
operating revenues, net
|
187,499 | 1,561 | 10,799 | - | 199,859 | |||||||||||||||
Other
selected information:
|
||||||||||||||||||||
Additions to
PP&E and intangible assets
|
1,329,185 | 11,300 | 5,633 | - | 1,346,118 | |||||||||||||||
Depreciation
and amortization
|
408,623 | 12,628 | 5,906 | - | 427,157 |
25.
|
Segment Reporting
(consolidated) (Continued)
|
|
b)
|
Opening of sales net
revenues per segment:
|
2010
|
2009
|
|||||||
CAA
|
||||||||
Sugar
|
3,377,832 | 1,805,081 | ||||||
Ethanol
|
1,747,646 | 1,176,024 | ||||||
Cogeneration
|
93,583 | 15,100 | ||||||
Other
|
161,073 | 133,369 | ||||||
5,380,134 | 3,129,574 | |||||||
CCL
|
||||||||
Fuel
|
9,437,316 | 2,893,859 | ||||||
Lubes
|
634,045 | 186,375 | ||||||
Other
|
73,693 | 25,766 | ||||||
10,145,054 | 3,106,000 | |||||||
Rumo
|
||||||||
Raise
|
142,120 | 53,850 | ||||||
Transportations
|
16,129 | - | ||||||
158,249 | 53,850 | |||||||
Adjustments/eliminations
|
(347,382 | ) | (19,335 | ) | ||||
Total
|
15,336,055 | 6,270,089 |
|
c)
|
Sales revenues per
region
|
2010
|
2009
|
|||||||
Brazil
|
86.4 | % | 73.6 | % | ||||
Europe
|
9.2 | % | 18.5 | % | ||||
Latin America
(other than Brazil)
|
2.8 | % | 5.0 | % | ||||
Middle East
and Asia
|
1.2 | % | 1.9 | % | ||||
North
America
|
0.3 | % | 0.9 | % | ||||
Africa
|
0.1 | % | 0.1 | % | ||||
Total
|
100.0 | % | 100.0 | % |
25.
|
Segment Reporting
(consolidated) (Continued)
|
|
d)
|
Significant
customers
|
|
Sales in this
segment are relatively dispersed, with one single customer representing
more than 10% of total sales of this segment in 2010 and 2009 (Grupo
SUCDEN with 17% and 14% of sales,
respectively).
|
|
CCL
|
|
Sales in this
segment are highly dispersed and there is no single customer or economic
group representing sales of 10% or more in the
segment.
|
|
RUMO
|
COSAN
LIMITED
|
||||||
Date:
|
June
14, 2010
|
By:
|
/s/
Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo
Eduardo Martins
|
|||||
Title:
|
Chief
Financial Officer and Investor Relations Officer
|