Form 20-F
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X
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Form 40-F
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Yes
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No
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X
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Yes
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No
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X
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Item
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||
1.
|
Press Release regarding results for the quarter ended June 30, 2011 revised as of September 8, 2011
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|
2.
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Notice to the Market dated September 8, 2011 regarding rectification and ratification of the financial letter for the quarter ended June 30, 2011
|
Marcelo Martins
CFO & IRO
Guilherme Machado
IR Manager
Phillipe Casale
IR Analyst
Guilherme Credidio
IR Analyst
ri@cosan.com.br
www.cosan.com.br/ir
|
Highlights 1Q’12
|
|
o Impact of R$2.2 billion on the net income due to the establishment of Raízen
o A 28.6% growth in the net revenue of Raízen Energia
o An of R$60.8 per cubic meter in Raízen Combustíveis
o A net revenue of R$69.7 million energy cogeneration
o A record EBITDA Margin of 38.5% in Rumo.
o Increase of 14.1% of Lubs net revenue
|
Summary of Financial Information – Cosan Consolidated
|
||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||
Definitions:
1Q’12 – quarter ended June 30, 2011
1Q’11 - quarter ended June 30, 2010
FY’12 – fiscal year beginning on April 1,
2011 and ended on March 31, 2012
FY’11 – fiscal year beginning on April 1,
2010 and ended on March 31 , 2011
|
Net Operating Revenue
|
5,188.0
|
3,999.6
|
|
Gross Profit
|
588.0
|
476.9
|
||
Gross Margin
|
11.3%
|
11.9%
|
||
Operating Profit
|
3,513.9
|
137.9
|
||
EBITDA
|
3,817.5
|
428.4
|
||
EBITDA Margin
|
73.6%
|
10.7%
|
||
Adjusted EBITDA*
|
502.4
|
428.4
|
||
Adjusted EBITDA Margin
|
9.7%
|
10.7%
|
||
Net income before minority shareholders
|
2,302.4
|
2.2
|
||
Net Income
|
2,299.3
|
0.4
|
||
Net Margin
|
44.3%
|
0.0%
|
||
1Q'12
|
1Q'11
|
|||
CAPEX
|
756.3
|
711.1
|
||
Net Debt
|
2,741.0
|
5,262.7
|
||
Shareholders’ Equity and Minority Shareholders
|
8,980.4
|
6,004.3
|
Impact from creation of Raízen
|
Book
|
|||
Amounts in R$ MM
|
1Q'12
|
|||
Enterprise Value
|
19,382.0 | |||
(-) Contributed debt, net of cash received and receivable
|
(4,206.0 | ) | ||
(+) Other assets/liabilities contributed to Raízen
|
944.0 | |||
Total
|
16,120.0 | |||
COSAN’s share (50%)
|
8,060.0 | |||
(-) Value of assets/liabilities from COSAN
|
(4,195.0 | ) | ||
(-) Write-off of assets and other related expenses
|
(550.0 | ) | ||
(=) Gross gains from the creation of Raízen
|
3,315.0 | |||
(-) Deferred Income and Social Contribution taxes
|
(1,127.1 | ) | ||
(=) Gain from the creation of Raízen, net of income and social contribution taxes
|
2,131.8 |
o |
Raízen Energia -
|
in mainly engaged in the production and sale of a variety of products derived from sugarcane, including raw sugar (VHP), ethanol fuel, anhydrous carburant ethanol and hydrated carburant ethanol. Additionally this segment includes activities related to energy cogeneration from sugarcane bagasse, and is also involved with research companies and new technologies development;
|
o |
Raízen Combustíveis -
|
responsible for the distribution and sale of fuels mainly through a franchised network of service stations under the brand names "Esso" and "Shell" throughout Brazil and supply of aviation fuel;
|
o |
Rumo -
|
is engaged in logistics, transportation, storage and port elevation of sugar services, providing these services for both the Raízen Energia and third parties;
|
o |
Other Businesses -
|
includes activities such as distribution and sale of lubricants, investments in agricultural land and other investments, as well as corporate structure activities of Cosan Group.
|
EBITDA and EBITDA Margin by Business Unit – 1Q12
|
Raízen
Combustíveis
|
||||||||||||||||||
Amounts in R$ MM
|
Raízen Energia
|
(Pro forma)
|
Rumo
|
Other Businesses
|
|||||||||||||||
Net Operating Revenue
|
1,637.3 | 9,725.5 | 141.0 | 241.1 | |||||||||||||||
(-) |
Cost of Goods Sold
|
(1,285.0 | ) | (9,252.2 | ) | (94.1 | ) | (152.5 | ) | ||||||||||
(=)
|
Gross Profit
|
352.3 | 473.3 | 46.8 | 88.6 | ||||||||||||||
Gross Margin
|
21.5% | 4.9% | 33.2% | 36.7% | |||||||||||||||
(-) |
Selling Expenses
|
(142.0 | ) | (260.1 | ) | - | (54.7 | ) | |||||||||||
(-) |
General and Administrative Expenses
|
(116.5 | ) | (61.0 | ) | (9.0 | ) | (18.8 | ) | ||||||||||
(±)
|
Other Operating Expenses
|
(10.4 | ) | 61.1 | 6.3 | 2.3 | |||||||||||||
(±)
|
Effect from creation of Raízen
|
- | - | - | 3,315.1 | ||||||||||||||
(+) |
Depreciation and amortization
|
237.8 | 96.1 | 10.2 | 9.6 | ||||||||||||||
(=)
|
EBITDA
|
411.3 | 309.5 | 54.3 | 3,342.1 | ||||||||||||||
EBITDA Margin
|
25.1% | 3.2% | 38.5% | n/a | |||||||||||||||
(=)
|
Adjusted EBITDA
|
411.3 | 309.5 | 54.3 | 26.95 | ||||||||||||||
Adjusted EBITDA Margin
|
25.1% | 3.2% | 38.5% | 11.2% | |||||||||||||||
Adjusted EBITDA Margin (R$/m3)
|
- | 60.8 | - |
Operating Figures
|
||||||||
1Q'12
|
1Q'11
|
|||||||
Crushed sugarcane
|
18,385 | 19,868 | ||||||
Own (‘000 tons)
|
10,015 | 9,896 | ||||||
Suppliers (‘000 tons)
|
8,370 | 9,972 | ||||||
Sugarcane TRS (kg/ton)
|
124 | 129 | ||||||
Mechanization (%)
|
84.0 | % | 79.8 | % | ||||
Production
|
||||||||
Sugar
|
1,183 | 1,268 | ||||||
Raw Sugar (‘000 tons)
|
720 | 861 | ||||||
White Sugar (‘000 tons)
|
463 | 407 | ||||||
Ethanol
|
629 | 755 | ||||||
Anhydrous Ethanol (‘000 m³)
|
201 | 196 | ||||||
Hydrous Ethanol (‘000 m³)
|
428 | 559 |
Sales breakdown
|
||||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Net Operating Revenue
|
1,637.3 | 1,273.6 | ||||||
Sugar Sales
|
873.9 | 829.3 | ||||||
Domestic Market
|
343.5 | 310.0 | ||||||
Foreign Market
|
530.4 | 519.4 | ||||||
Ethanol Sales
|
643.8 | 356.9 | ||||||
Domestic Market
|
583.4 | 306.7 | ||||||
Foreign Market
|
60.4 | 50.1 | ||||||
Energy Cogeneration
|
69.7 | 53.3 | ||||||
Other Products and Services
|
49.9 | 34.1 |
Sugar Inventories
|
||||||||
1Q'12
|
1Q'11
|
|||||||
´000 ton
|
418.0 | 579.7 | ||||||
R$'MM
|
295.8 | 298.9 | ||||||
R$/ton
|
707.5 | 515.5 |
Ethanol Inventories
|
|||||||||
1Q'12
|
1Q'11
|
||||||||
´000 m³
|
288.8 | 370.5 | |||||||
R$'MM
|
307.2 | 321.8 | |||||||
$R/m³ | 1,063.5 | 868.4 |
COGS per Product
|
||||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Cost of Goods Sold (COGS)
|
(1,285.0 | ) | (1,018.4 | ) | ||||
Sugar
|
(679.5 | ) | (534.3 | ) | ||||
Ethanol
|
(523.1 | ) | (422.2 | ) | ||||
Other and Energy Cogeneration
|
(82.4 | ) | (61.9 | ) | ||||
Average Unitary Costs
|
||||||||
Cash cost of sugar (R$/ton)
|
(581.9 | ) | (446.6 | ) | ||||
Cash cost of ethanol (R$/’000 liters)
|
(713.4 | ) | (708.6 | ) |
Þ
|
A delayed beginning of the 2011/12 harvest, in order to enable a better TCH (tons of sugarcane per hectare in Portuguese);
|
Þ
|
An TSR decrease from 128.8 kg/ton on the 1Q’11 to 124.5 kg/ton in 1Q’12;
|
Þ
|
An increased cost of suppliers sugarcane, due to the higher cost of TSR/kg, which was R$ 0.3528 in 1Q’11, and R$0.4952 in 1Q’12, mainly because of the higher TSR;
|
Þ
|
Increase of own sugarcane cost, due to rising lease costs in the period, which was R$15.74 per ton of sugarcane in 1Q’12, compared to the cost of R$ 10.46 in 1Q’11;
|
Þ
|
A lower dilution of planting and treatment costs for the period, due to a decrease of productivity;
|
Þ
|
An increase in labor costs, due to a collective agreement of approximately 8%.
|
Gross profit and gross margin per product
|
||||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Gross Profit
|
352.3 | 255.2 | ||||||
Gross Profit - Sugar
|
194.4 | 295.0 | ||||||
Gross Margin – Sugar (%)
|
22.2 | % | 35.6 | % | ||||
Gross margin (cash) – Sugar (R$/ton)
|
38.7 | % | 49.8 | % | ||||
Gross Profit - Ethanol
|
120.7 | (65.3 | ) | |||||
Gross margin – ethanol (%)
|
18.7 | % | -18.3 | % | ||||
Gross margin (cash) - Ethanol (R$/’000 liters)
|
46.0 | % | 9.8 | % | ||||
Gross Profit - Other and Energy Cogeneration
|
37.2 | 25.5 |
Selling, General and Administrative Expenses
|
||||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Selling Expenses
|
(142.0 | ) | (111.7 | ) | ||||
Selling, General and Administrative Expenses
|
(116.5 | ) | (81.4 | ) |
(i)
|
Increase on the CIF sales on the quarter
|
(ii)
|
Costs of handling and storage of ethanol
|
EBITDA
|
||||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
EBITDA
|
411.3 | 309.3 | ||||||
Margin
|
25.1 | % | 24.3 | % |
Summary of Hedge Operations at June 30, 2011
|
||||||||
2011 / 2012 | 2012 / 2013 | |||||||
Sugar
|
||||||||
NY11
|
||||||||
Volume (‘000 tons)
|
1,654.4 | 61.5 | ||||||
Average Price (¢US$/lb)
|
23.1 | 23.4 | ||||||
London #5
|
||||||||
Volume (‘000 tons)
|
106.3 | - | ||||||
Average Price (US$/lb)
|
724.3 | - | ||||||
Exchange rate
|
||||||||
US$
|
||||||||
Volume (US$ million)
|
690.5 | 50.0 | ||||||
Average Price (R$/US$)
|
1.6965 | 1.6960 | ||||||
Volume to be Sold/Hedged (‘000 tons) | 3,050.3 | 3,074.9 | ||||||
% Sale Protected Sugar/Fixed
|
57.7 | % | 2.0 | % |
Fiscal Year - (R$MM)
|
|||||||||||||||||
Derivative
|
Market
|
Risk
|
2011/12 | 2012/13 |
Total
|
||||||||||||
Future
|
OTC/NYBOT
|
#11 | (40.2 | ) | (9.1 | ) | (49.3 | ) | |||||||||
NDF
|
OTC/CETIP
|
USD
|
45.6 | 1.5 | 47.1 | ||||||||||||
(=) Hedge Accounting Impact
|
5.4 | (7.6 | ) | (2.2 | ) | ||||||||||||
(-) Deferred Income Tax
|
(1.8 | ) | 2.6 | 0.7 | |||||||||||||
(=) Asset Valuation Adjustment
|
3.6 | (5.0 | ) | (1.5 | ) |
Raízen Energia - CAPEX
|
||||||||
Amounts in R$ MM
|
1Q12 | 1Q11 | ||||||
Total CAPEX
|
655.3 | 569.9 | ||||||
Raízen Energia – Operating CAPEX
|
427.2 | 309.4 | ||||||
Biological assets
|
264.8 | 194.6 | ||||||
Inter-harvest maintenance costs
|
114.4 | 62.0 | ||||||
SSMA and Sustaining
|
4.1 | 8.8 | ||||||
Mechanization
|
43.9 | 44.0 | ||||||
Raízen Energia – Expansion CAPEX
|
228.1 | 260.5 | ||||||
Cogeneration projects
|
136.7 | 98.8 | ||||||
Greenfield
|
- | 24.4 | ||||||
Expansion
|
55.5 | 52.2 | ||||||
Others
|
35.9 | 85.1 |
Þ
|
Book base (accounting)
|
o
|
1Q'12 - two months (April and May 2011) of operation of the fuel business (CCL excluding the lubricants business) under management of Cosan and one month (June 2011) of operation of Raízen Combustíveis;
|
o
|
1Q'11 - three months (April, May and June 2010) of operation of the fuel business under management of Cosan (CCL excluding the Lubricants business);
|
Þ
|
Pro forma Base
|
o
|
1Q'12 – three months (April, May and June 2011) of Raízen Combustíveis operations (combination of assets of both Esso and Shell);
|
o
|
1Q'11 - three months (April, May and June 2010) of carve-out combination of fuel assets of both CCL and Shell;
|
Proforma
|
Sales breakdown
|
Book
|
|||||||||||||
1Q'12
|
1Q'11
|
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
|||||||||||
9,725.5 | 8,444.9 |
Net Operating Revenue
|
5,129.8 | 2,578.4 | |||||||||||
9,703.7 | 8,425.6 |
Fuel Sales
|
5,107.9 | 2,559.1 | |||||||||||
552.3 | 632.0 |
Ethanol
|
332.5 | 169.8 | |||||||||||
4,186.4 | 3,068.3 |
Gasoline
|
2,237.7 | 1,074.7 | |||||||||||
3,818.4 | 3,763.8 |
Diesel
|
2,139.6 | 1,291.5 | |||||||||||
1,007.0 | 724.5 |
Jet fuel
|
326.5 | - | |||||||||||
139.6 | 237.1 |
Others
|
71.6 | 23.1 | |||||||||||
21.9 | 19.3 |
Other services
|
21.9 | 19.3 |
Þ
|
The 22.0% growth in the volume of gasoline C sold in 1Q’12 compared to 1Q’11 is mainly due to the following factors:
|
o
|
A 15.3% increase in gasoline C consumption nationwide, according to ANP, due to the increase in the average price of ethanol in the comparative quarters incentivizing flex fuel car owners to decide for this kind of fuel.
|
Þ
|
The revenue from the sale of aviation fuels in the amount of R$1.0 billion in the quarter, representing a growth of 39.0% compared to the same quarter of the previous year;
|
Þ
|
A 1.5% growth in the volume of diesel sales in connection with a higher demand from industrial consumers and logistics services providers, due to the increased economic activity in the country;
|
Þ
|
A 37.0% reduction in the volume of ethanol sold, since at the end of 1Q’12 the average parity between the prices of hydrous ethanol in comparison to gasoline weighted by the fleet was 72.9%, while at the end of 1Q’11 it was 61.8%.
|
Fuel inventories
|
|||||||||
1Q'12
|
1Q'11
|
||||||||
‘000 m³ | 513.6 | 1,579.0 | |||||||
R$'MM
|
829.5 | 1,888.2 | |||||||
$R/m³ | 1,615.0 | 1,195.8 |
Proforma
|
Cost of goods sold
|
Book
|
|||||||||||||
1Q'12
|
1Q'11
|
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
|||||||||||
(9,252.2 | ) | (7,982.4 | ) |
Fuel Sales
|
(4,940.9 | ) | (2,470.0 | ) | |||||||
Average unitary cost
|
|||||||||||||||
1Q'12
|
1Q'11
|
R$/ '000 liters
|
1Q'12
|
1Q'11
|
|||||||||||
1,818 | 1,570 |
Fuel Sales
|
1,828 | 1,717 |
The average pro forma cost of products sold by Raízen Combustíveis presented a 15.9% increase in 1Q’12. Regardless of the volume factor, the average unit cost of R$1.818/m³ in the 1Q’12 was 15.7% higher than the 1Q’11.
|
Þ
|
A greater share of gasoline and diesel in the mix of sales, which have higher costs than ethanol;
|
Þ
|
An increase in ethanol costs, which impacts both the anhydrous ethanol, used in 25% of the production of gasoline, and hydrous ethanol, used in flex fuel vehicles;
|
Þ
|
An increase of 40.5% in the cost of aviation fuel sold in 1Q’12;
|
Proforma
|
Gross Profit
|
Book
|
|||||||||||||
1Q'12
|
1Q'11
|
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
|||||||||||
473.3 | 462.5 |
Gross Margin
|
188.9 | 108.5 | |||||||||||
93.0 | 91.0 |
Gross margin (R$/’000 liters)
|
69.9 | 75.4 | |||||||||||
4.9 | % | 5.5 | % |
Gross Margin (%)
|
3.7 | % | 4.2 | % |
Proforma
|
Selling, General and Administrative
Expenses
|
Book
|
|||||||||||||
1Q'12
|
1Q'11
|
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
|||||||||||
(260.1 | ) | (308.2 | ) |
Selling Expenses
|
(138.9 | ) | (68.2 | ) | |||||||
(61.0 | ) | (65.3 | ) |
General and Administrative Expenses
|
(28.8 | ) | (25.1 | ) |
Proforma
|
EBITDA
|
Book
|
|||||||||||||
1Q'12
|
1Q'11
|
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
|||||||||||
309.5 | 129.3 |
EBITDA
|
154.3 | 34.6 | |||||||||||
3.2 | % | 1.5 | % |
Margin (%)
|
3.0 | % | 1.4 | % | |||||||
60.8 | 25.4 |
EBITDA (R$/m³)
|
57.1 | 24.0 |
Proforma
|
CAPEX
|
Book
|
|||||||||||||
1T'12
|
1T'11
|
Amounts in R$ MM
|
1T'12
|
1T'11
|
|||||||||||
45.3 | 29.4 |
CAPEX
|
37.7 | 14,5 |
Sales breakdown
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Net Operating Revenue
|
141.0 | 105.4 | ||||||
Loading
|
41.8 | 35.0 | ||||||
Transportation
|
96.1 | 70.3 | ||||||
Others
|
3.1 | 0.1 |
COGS
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Cost of Goods Sold (COGS)
|
(94.1 | ) | (75.8 | ) |
Gross profit and gross margin
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Gross Profit - Rumo
|
46.8 | 29.6 | ||||||
Gross Margin (%)
|
33.2 | % | 31.2 | % |
Selling, General and Administrative Expenses
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Selling Expenses
|
- | (1.5 | ) | |||||
General and Administrative Expenses
|
(9.0 | ) | (6.5 | ) |
EBITDA
|
Book | |||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
EBITDA
|
54.3 | 36.2 | ||||||
Margin
|
38.5 | % | 34.4 | % |
CAPEX
|
Book | |||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Consolidated CAPEX
|
108.3 | 123.8 |
Sales breakdown
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Net Operating Revenue
|
241.1 | 203.2 | ||||||
Lubricant Sales
|
230.1 | 201.7 | ||||||
Other Products and Services
|
11.0 | 1.5 |
Selling, General and Administrative Expenses
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Selling Expenses
|
(54.7 | ) | (33.9 | ) | ||||
General and Administrative Expenses
|
(18.8 | ) | (7.5 | ) |
EBITDA
|
Book
|
|||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
EBITDA
|
3,342.1 | 48.3 | ||||||
(-) Effect from Joint Venture (Raízen)
|
3,315.1 | - | ||||||
Adjusted EBITDA
|
27.0 | 48.3 | ||||||
Adjusted EBITDA margin
|
11.2 | % | 23.8 | % |
Financial Results
|
||||||||
Amounts in R$ MM
|
1Q'12
|
1Q'11
|
||||||
Gross Debt Charges
|
(103.1 | ) | (141.0 | ) | ||||
Income from Financial Investments
|
38.7 | 44.9 | ||||||
(=) Subtotal: Gross Debt Interests
|
(64.5 | ) | (96.1 | ) | ||||
Other Charges and Monetary Variation
|
(9.2 | ) | (9.6 | ) | ||||
Exchange Rate Variation
|
58.8 | (32.2 | ) | |||||
Gains (losses) with Derivatives
|
29.3 | 7.8 | ||||||
Others
|
(3.1 | ) | (0.4 | ) | ||||
(=) Financial, net
|
11.3 | (130.5 | ) |
|
(i)
|
The impact of proportional consolidation of debt attributable to Raízen as of 1 June 2011;
|
|
(ii)
|
The net foreign exchange of R$58.8 million in 1Q’12, due to the appreciation of the real against the dollar in this period (R$1.6287/US$ on March 31 of 2011 and R$1.5611/US$ on June 30, 2011), compared to a net foreign exchange variation of R$32.2 million in 1Q’11 due to the devaluation of the real against the U.S. dollar (R$1.7810/US$ on March 31, 2010 and R$1.8015/US$ on June 30, 2010), both applied to the dollar denominated ;
|
|
(iii)
|
A change in the debt profile, mainly due to the uptake of Cosan’s Perpetual Bonds in the amount of US$300.0 million and an increase in BNDES lines, mainly due to investments in rail assets.
|
(i)
|
R$723.9 million of the working capital consists of syndicated bank debt, equivalent to US$450 thousand, maturing in 2 (two) years, with a prepayment clause and quarterly cost of Libor + 2.15% per year, replacing the perpetual bonds issued in 2006 by Cosan of 8.25% p.y. interest cost;
|
(ii)
|
R$379 million in advances on exchange agreements;
|
(iii)
|
R$127 million in funding from BNDES and other indebtedness with energy cogeneration projects and mechanization of sugarcane fields, among others.
|
Debt by type
|
|||||||||||||||||
Amounts in R$ MM
|
1Q'12
|
4Q'11
|
% ST
|
Var. %
|
|||||||||||||
Senior Notes 2014
|
565.9 | 576.8 | 3 | % | -1.9 | % | |||||||||||
Expenses with Debt Placement
|
(7.3 | ) | (8.3 | ) | 32 | % | -11.3 | % | |||||||||
BNDES
|
1,369.4 | 1,304.1 | 10 | % | 5.0 | % | |||||||||||
Working Capital
|
715.4 | 27.5 | 1 | % | 2505.9 | % | |||||||||||
Prepaid Exports
|
662.5 | 736.5 | 14 | % | -10.0 | % | |||||||||||
Senior Notes 2017
|
642.5 | 659.0 | 3 | % | -2.5 | % | |||||||||||
Advances on Exchange Contracts
|
596.5 | 228.2 | 100 | % | 161.3 | % | |||||||||||
Credit Notes
|
291.2 | 324.9 | 17 | % | -10.4 | % | |||||||||||
Finame
|
253.8 | 269.4 | 27 | % | -5.8 | % | |||||||||||
Finem
|
238.7 | 252.3 | 20 | % | -5.4 | % | |||||||||||
Rural credit
|
93.9 | 92.4 | 100 | % | 1.7 | % | |||||||||||
PROINFA
|
31.2 | 32.6 | 11 | % | -4.2 | % | |||||||||||
CDCA
|
30.8 | 31.4 | 99 | % | -1.9 | % | |||||||||||
PASS
|
0.0 | 10.0 | 0 | % | -100.0 | % | |||||||||||
Expenses with Placement of Debt
|
(10.6 | ) | (11.1 | ) | 17 | % | -4.2 | % | |||||||||
Total Raízen
|
5,473.9 | 4,525.7 | 21.0 | % | |||||||||||||
Consolidation ( 50% RAIZEN after 01-05)
|
2,736.9 | 2,262.8 | 19 | % | 21.0 | % | |||||||||||
Finame
|
503.9 | 436.3 | 7 | % | 15.5 | % | |||||||||||
Expenses with Placement of Debt
|
(1.0 | ) | (1.0 | ) | 11 | % | -2.8 | % | |||||||||
Guaranteed Account
|
- | 24.8 | 1 | % | -100.0 | % | |||||||||||
Perpetual Bonds
|
475.0 | 1,236.2 | 7 | % | -61.6 | % | |||||||||||
Credit Notes
|
311.7 | 303.0 | 11 | % | 2.9 | % | |||||||||||
Expenses with Placement of Debt
|
(7.5 | ) | (8.2 | ) | -7.9 | % | |||||||||||
Other Businesses
|
1,282.1 | 1,991.1 | -35.6 | % | |||||||||||||
Total Cosan
|
4,019.2 | 4,254.0 | -5.5 | % | |||||||||||||
Availabitity
|
1,278.2 | 1,254.1 | 1.9 | % | |||||||||||||
Net Debt
|
2,741.0 | 2,999.9 | -8.6 | % | |||||||||||||
Þ
|
On April 5th, Cosan has requested the consent to change certain clauses of the deed ("Indenture") governing its 8.25% Perpetual Notes issued in 2006. Such consent would (1) the redemption of the Bonds at a cash price equal to the Redemption Price and on the Redemption Date, (2) elimination of the obligation of the Trustee to automatically cancel any Bonds redeemed, and (3) award, given Holders that have been paid, any Bonuses held by Cosan Cayman Limited remains open.
|
Þ
|
On April 7th, Cosan and Cosan Limited announced to their shareholders and to the market that have successfully completed negotiations on the open issues of the Framework Agreement with Shell Brazil Holdings BV ("Shell") and signed an Addendum to this Agreement. It was determined that (i) the operation of the retail segment of sugar is retained by Cosan and (ii) the average exchange rate for converting the first portion of cash to be received by Shell and the net debt to be contributed by Cosan will be R$ 1.6287 / US$ (PTAX of March 31st 2011).
|
Þ
|
On April 11th, Cosan and Cosan Limited stated that, as announced in Relevant Fact of August 25th, 2010, the Raízen Joint Venture would adopt a compensation plan for the administration that would remain in force during the lifetime of the joint venture proposal. The terms and values of this compensation plan were still under discussion.
|
Þ
|
On April 26th, Cosan confirmed for April 29th, 2011 the Expiration Date to request for consent to change certain clauses of the deed ("Indenture") that governed its 8.25% Perpetual Notes issued in 2006. Holders of Bonds on April 4th, 2011 ("Holders") who gave consent before the Expiring Date would be eligible to receive the Consent Award of $ 2.50 for each $ 1,000 principal amount with respect to Bonus for which the consent was granted.
|
Þ
|
On May 2nd, Cosan announced having obtained consent to change certain clauses of the document (the "Indenture") governing its 8.25% Perpetual Notes issued in 2006.
|
Þ
|
On May 17th, Cosan said that concluded on May 16, 2011, the repurchase of all of its US$ 450,000,000.00 in Perpetual Bonds issued in 2006 with annual cost of 8.25% per year. These bonuses have been replaced by syndicated bank debt of up to 2 (two) years, with a clause for prepayment and quarterly LIBOR cost + 2.15% pa. This debt, contracted at a lower cost than the Perpetual Bonds, was contributed to Raízen. This operation reflected the active management of the Company's indebtedness, resulting in savings of approximately $ 25 million a year in interest expenses for Raízen;
|
Þ
|
On June 2nd, Cosan and Cosan Limited completed the reorganization established in the Framework Agreement signed with Shell Brazil Holdings BV. The constitution of Raízen Energia Participações SA and Raízen Combustíveis S.A resulted in the world's largest producer of sugar, ethanol and bio-energy of cane sugar and one of the largest fuel distributors of the Brazilian market. Net debt contributed to the Cosan Raízen was R$ 4.94 billion, plus other adjustments. Rubens Ometto Silveira Mello was the Chairman of the Board of Directors of both companies for the duration of the Joint Venture. He had a leading role in its strategic development and growth, and would receive a net annual salary of approximately R$13 million. He also would be entitled to a variable bonus for the next five years, tied to meeting certain operating performance indicators, which
|
Þ
|
On June 13th, Cosan and Amyris Inc. announced the signing of an agreement to implement the Joint Venture as a final step to start Novvi SA operations, a Brazilian company created for the development, production and worldwide trade of renewable base oils made from Biofene®, Amyris’ renewable farnesene.
|
Þ
|
On July 11th, Cosan announced that its subsidiary, Cosan Overseas Limited, priced on July 6th, 2011 sales of US$200 million to reopen the issue of their Perpetual "Senior Notes" issued on October 29th, 2010, according to regulation "Reg S". The perpetual notes were issued at a price of 103% of face value which corresponds to an effective interest rate of 7.429%, are guaranteed by Cosan S.A. Indústria e Comércio e pela Cosan Lubrificantes e Especialidades S.A. and received Ba2 rating (on review for possible upgrade) by Moody's, BB (stable) by Standard and Poor's, and BB (stable) by Fitch. Cosan would utilize these resources for general corporate purposes, including the strengthening of working capital.
|
Þ
|
On July 29th, Cosan announced to shareholders that, as proposed by the Board of Directors Meeting held on June 29th 2010, the distribution of dividends was approved at the Annual and Ordinary and Extraordinary General Assembly held on July 29th 2011 relating to the examination and approval financial statements for the year that ended on March 31st 2011, under the following terms: a) dividends would be paid to shareholders for the 2011 fiscal year, ended on March 31st, 2011, totaling R $ 200,000 .000 (two hundred million reais), corresponding to R $ 0.492271565 per share, without withholding tax; b) these dividends would have as a basis for calculating the equity position of July 29th 2011, and, from August 1st 2011, the Company's shares would be traded "ex" dividend ; c) the date of payment of dividends should be defined on the Board of Directors Meeting to be held on August 12th, 2011 d) the corresponding credit would be carried out individually for each shareholder, based on the shareholding referred to in item a) above.
|
2010 FY
|
2011 FY
|
2012 FY
|
Review 2012 FY
|
||
Net Revenues
|
15,336
|
18,063
|
25,000 ≤ ∆ ≤ 27,500
|
25,000 ≤ ∆ ≤ 27,500
|
|
Cosan
|
EBITDA (R$MM)
|
2,141
|
2,671
|
1,800 ≤ ∆ ≤ 2,200
|
1,800 ≤ ∆ ≤ 2,200
|
Consolidado
|
Net Profit/Loss (R$MM)
|
986
|
772
|
-
|
-
|
Capex (R$MM)
|
1,926
|
2,500
|
2,000 ≤ ∆ ≤ 2,300
|
2,000 ≤ ∆ ≤ 2,300
|
|
2010 FY
|
2011 FY
|
2012 FY
|
Review 2012 FY
|
||
Volume of crushed sugarcane ('000 tons)
|
50,314
|
54,238
|
56,000 ≤ ∆ ≤ 60,000
|
53,000 ≤ ∆ ≤ 56,000
|
|
Volume of sugar sold ('000 tons)
|
4,135
|
4,291
|
4,200 ≤ ∆ ≤ 4,600
|
3,900 ≤ ∆ ≤ 4,300
|
|
Raízen Energia
|
volume of ethanol sold (millions of liters)
|
2,148
|
2,247
|
2,100 ≤ ∆ ≤ 2,300
|
2,000 ≤ ∆ ≤ 2,300
|
Volume of energy sold ('000 MW)
|
596
|
1,254
|
1,400 ≤ ∆ ≤ 1,600
|
1,200 ≤ ∆ ≤ 1,400
|
|
EBITDA (R$MM)
|
1,711
|
2,130
|
1,900 ≤ ∆ ≤ 2,300
|
1,800 ≤ ∆ ≤ 2,100
|
|
2010 FY
|
2011 FY
|
2012 FY
|
Review 2012 FY
|
||
Raízen
|
Volume of Fuel Sold (millions of liters)
|
-
|
-
|
21,000 ≤ ∆ ≤ 23,000
|
21,000 ≤ ∆ ≤ 23,000
|
Combustiveis |
EBITDA (R$MM)
|
-
|
-
|
850 ≤ ∆ ≤ 1,050
|
900 ≤ ∆ ≤ 1,200
|
2010 FY
|
2011 FY
|
2012 FY
|
Review 2012 FY
|
||
Rumo |
Volume of loading ('000 tons)
|
8,124
|
7,841
|
9,000 ≤ ∆ ≤ 11,000
|
9,000 ≤ ∆ ≤ 11,000
|
Volime of transportation ('000 tons)
|
-
|
5,000 ≤ ∆ ≤ 6,000
|
6,000 ≤ ∆ ≤ 8,000
|
6,000 ≤ ∆ ≤ 8,000
|
|
2010 FY
|
2011 FY
|
2012 FY
|
Review 2012 FY
|
||
Others |
Lubricants Volume
|
131 | 166 |
170 ≤ ∆ ≤ 190
|
170 ≤ ∆ ≤ 190
|
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
||||||||||||||||
(=) |
Net Operating Revenue
|
3,999.6 | 4,716.1 | 4,738.4 | 18,063.5 | 5,188.0 | |||||||||||||||
(.) |
Cost of Goods Sold and Services Rendered
|
(3,522.7 | ) | (3,995.2 | ) | (4,160.0 | ) | (15,150.1 | ) | (4,600.0 | ) | ||||||||||
(=) |
Gross Profit
|
476.9 | 720.9 | 578.5 | 2,913.4 | 588.0 | |||||||||||||||
Margin
|
11.9 | % | 15.3 | % | 12.2 | % | 16.1 | % | 11.3 | % | |||||||||||
(-) |
Operating Income (Expenses):
|
(339.0 | ) | (442.6 | ) | (407.9 | ) | (1,600.8 | ) | 2,925.9 | |||||||||||
(-)
|
Selling
|
(216.1 | ) | (265.5 | ) | (271.9 | ) | (1,026.0 | ) | (261.2 | ) | ||||||||||
(-)
|
General and Administrative
|
(120.6 | ) | (137.9 | ) | (132.4 | ) | (541.0 | ) | (150.0 | ) | ||||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(2.3 | ) | (39.1 | ) | (3.6 | ) | (33.8 | ) | 22.0 | |||||||||||
(±)
|
Gain on tax recovery program
|
- | - | - | - | - | |||||||||||||||
(±)
|
Joint Venture formation income (expenses)
|
- | - | - | - | 3,315.1 | |||||||||||||||
(=) |
Operating Income (Loss)
|
137.9 | 278.3 | 170.5 | 1,312.6 | 3,513.9 | |||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(124.7 | ) | 88.8 | (81.5 | ) | (121.5 | ) | 13.2 | ||||||||||||
(±)
|
Financial Income (Expenses), Net
|
(130.5 | ) | 86.4 | (89.4 | ) | (146.7 | ) | 11.2 | ||||||||||||
(±)
|
Earnings (Losses) on Equity Investments
|
5.8 | 2.4 | 7.8 | 25.2 | 2.0 | |||||||||||||||
(=) |
Income (Loss) Before taxes
|
13.2 | 367.1 | 89.0 | 1,191.1 | 3,527.1 | |||||||||||||||
Margin
|
0.3 | % | 7.8 | % | 1.9 | % | 6.6 | % | 68.0 | % | |||||||||||
(±)
|
Income and Social Contribution Taxes
|
(11.0 | ) | (126.2 | ) | (42.3 | ) | (414.5 | ) | (1,224.6 | ) | ||||||||||
(±)
|
Minority Interest
|
(1.7 | ) | 10.7 | (8.0 | ) | (5.0 | ) | (3.1 | ) | |||||||||||
(=) |
Net Income
|
0.4 | 251.5 | 38.7 | 771.6 | 2,299.3 | |||||||||||||||
Margin
|
0.0 | % | 5.3 | % | 0.8 | % | 4.3 | % | 44.3 | % |
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
|||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
|||||||||||||||
Cash and Cash Equivalents
|
1,054.9 | 988.4 | 1,136.9 | 1,254.1 | 1,278.2 | |||||||||||||||
Restricted Cash
|
51.3 | 76.0 | 276.2 | 187.9 | 60.2 | |||||||||||||||
Trade Accounts Receivable
|
619.1 | 760.0 | 657.5 | 594.9 | 825.2 | |||||||||||||||
Derivative Financial Instruments
|
144.5 | 166.0 | 180.0 | 55.7 | 60.2 | |||||||||||||||
Inventories
|
1,066.3 | 1,626.8 | 1,642.7 | 670.3 | 1,002.0 | |||||||||||||||
Advances to Suppliers
|
323.5 | 293.9 | 268.6 | 229.3 | 172.2 | |||||||||||||||
Related Parties
|
50.5 | 21.8 | 20.8 | 14.7 | 680.3 | |||||||||||||||
Recoverable Taxes
|
355.4 | 396.4 | 401.1 | 375.0 | 411.7 | |||||||||||||||
Other Assets
|
46.7 | 51.3 | 81.8 | 80.4 | 98.9 | |||||||||||||||
Current Assets
|
3,712.2 | 4,380.5 | 4,665.5 | 3,462.3 | 4,588.9 | |||||||||||||||
Deferred Income and Social Contribution Taxes
|
680.0 | 744.3 | 823.5 | 715.3 | 1,026.4 | |||||||||||||||
Advances to Suppliers
|
52.5 | 65.1 | 85.5 | 46.0 | 27.5 | |||||||||||||||
Related Parties
|
79.6 | 77.8 | 76.0 | 92.0 | 1,215.4 | |||||||||||||||
Recoverable Taxes
|
38.8 | 36.6 | 36.0 | 55.1 | 124.5 | |||||||||||||||
Judicial Deposits
|
168.9 | 173.6 | 180.9 | 218.4 | 372.5 | |||||||||||||||
Other financial assets
|
367.3 | 378.2 | 392.3 | 420.4 | 290.3 | |||||||||||||||
Other Assets
|
459.6 | 464.5 | 498.4 | 443.8 | 1,103.6 | |||||||||||||||
Investments
|
267.4 | 287.5 | 294.7 | 304.1 | 333.9 | |||||||||||||||
Biological Assets
|
932.8 | 873.6 | 894.8 | 1,561.1 | 795.1 | |||||||||||||||
Property, Plant and Equipment
|
6,360.3 | 6,432.0 | 6,799.9 | 7,980.5 | 8,260.0 | |||||||||||||||
Intangible
|
3,379.2 | 3,370.0 | 3,355.7 | 3,445.7 | 4,125.3 | |||||||||||||||
Non-current Assets
|
12,786.4 | 12,903.4 | 13,437.6 | 15,282.4 | 17,674.4 | |||||||||||||||
Total Assets
|
16,498.6 | 17,283.8 | 18,103.2 | 18,744.7 | 22,263.4 | |||||||||||||||
Loans and Financings
|
854.3 | 1,052.5 | 1,124.0 | 916.4 | 627.1 | |||||||||||||||
Derivatives Financial Instruments
|
37.4 | 96.1 | 379.0 | 132.3 | 94.3 | |||||||||||||||
Trade Accounts Payable
|
716.3 | 832.1 | 754.4 | 558.8 | 621.6 | |||||||||||||||
Salaries Payable
|
219.9 | 225.5 | 175.6 | 183.6 | 183.3 | |||||||||||||||
Taxes and Social Contributions Payable
|
197.4 | 239.2 | 218.8 | 245.3 | 247.1 | |||||||||||||||
Dividends Payable
|
116.6 | 7.0 | 7.0 | 190.3 | 195.7 | |||||||||||||||
Related Parties
|
120.1 | 66.0 | 74.6 | 41.2 | 186.8 | |||||||||||||||
Other Liabilities
|
189.4 | 198.4 | 180.3 | 189.6 | 273.1 | |||||||||||||||
Current Liabilities
|
2,451.3 | 2,716.7 | 2,913.8 | 2,457.4 | 2,428.9 | |||||||||||||||
Loans and Financing
|
5,322.7 | 5,310.8 | 5,961.7 | 6,274.9 | 3,699.4 | |||||||||||||||
Taxes and Social Contributions Payable
|
597.3 | 605.8 | 618.2 | 639.1 | 1,123.0 | |||||||||||||||
Provision for Legal Proceedings
|
625.0 | 642.9 | 650.1 | 666.3 | 940.8 | |||||||||||||||
Earn-out provision
|
- | - | 225.0 | - | - | |||||||||||||||
Related Parties
|
- | - | - | 4.4 | 371.2 | |||||||||||||||
Pension Fund
|
- | 2.1 | 12.2 | 24.4 | 25.9 | |||||||||||||||
Deferred Income and Social Contribution Taxe
|
1,123.6 | 1,215.6 | 1,250.9 | 1,511.0 | 3,546.4 | |||||||||||||||
Other Liabilities
|
374.5 | 377.7 | 153.7 | 382.9 | 814.4 | |||||||||||||||
Non-current Assets
|
8,043.0 | 8,155.0 | 8,871.7 | 9,502.9 | 10,521.0 | |||||||||||||||
Common stock
|
4,687.8 | 4,691.1 | 4,691.1 | 4,691.8 | 4,691.8 | |||||||||||||||
Treasury Stocks
|
(4.2 | ) | (4.2 | ) | (19.4 | ) | (19.4 | ) | (19.4 | ) | ||||||||||
Capital Reserve
|
511.3 | 564.8 | 439.3 | 537.5 | 637.8 | |||||||||||||||
Profits Reserve
|
374.2 | 290.8 | 290.8 | 1,249.0 | 1,249.0 | |||||||||||||||
Accumulated profits (losses)
|
370.3 | 621.8 | 660.5 | - | 2,299.3 | |||||||||||||||
Shareholders' Equity
|
5,939.4 | 6,164.4 | 6,062.4 | 6,458.9 | 8,858.6 | |||||||||||||||
Minority Shareholders' Interest
|
64.9 | 247.8 | 255.3 | 325.5 | 454.9 | |||||||||||||||
Shareholders' Equity
|
6,004.3 | 6,412.1 | 6,317.7 | 6,784.3 | 9,313.4 | |||||||||||||||
Total Shareholders' Equity and Liabilities
|
16,498.6 | 17,283.8 | 18,103.2 | 18,744.7 | 22,263.4 |
Statement of Cash Flows
|
Jun'10 | Sept'10 | Dec'10 | Mar'11 | Jun'11 | |||||||||||||||
(in R$ million)
|
1Q'11 | 2Q'11 | 3Q'11 | FY'11 | 1Q'12 | |||||||||||||||
Net Income
|
0.4 | 251.5 | 38.7 | 771.6 | 2,299.3 | |||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | |||||||||||||||
Depreciation & Amortization
|
157.9 | 190.8 | 152.3 | 742.3 | 165.8 | |||||||||||||||
Biological Assets
|
175.2 | 230.2 | 207.4 | 234.8 | 117.0 | |||||||||||||||
Earnings (Losses) from Equity Investments
|
(5.8 | ) | (2.4 | ) | (7.8 | ) | (25.2 | ) | (2.0 | ) | ||||||||||
Losses (Gains) in Fixed Assets Disposals
|
3.1 | (11.8 | ) | 2.1 | (35.3 | ) | 17.0 | |||||||||||||
Deferred Income and Social Contribution Taxes
|
(0.7 | ) | 104.4 | 16.4 | 329.1 | 1,197.8 | ||||||||||||||
Judicial demands' provision
|
10.7 | 18.9 | (3.3 | ) | 26.9 | 33.1 | ||||||||||||||
Minority Shareholders' Interest
|
1.7 | (10.7 | ) | 8.0 | 5.0 | 3.1 | ||||||||||||||
Interest, monetary and exchange variations, net
|
167.0 | (62.2 | ) | 53.2 | 238.5 | (33.7 | ) | |||||||||||||
Joint Venture formation income (expenses)
|
- | - | - | - | (3,315.1 | ) | ||||||||||||||
Gain on tax recovery program
|
- | - | - | - | - | |||||||||||||||
Capital gains
|
- | (223.1 | ) | - | - | - | ||||||||||||||
Other Non-cash Items
|
19.4 | 206.9 | (0.9 | ) | 7.5 | 5.2 | ||||||||||||||
Variation on Assets and Liabilities
|
31.1 | (774.5 | ) | (223.1 | ) | 42.0 | - | |||||||||||||
Trade Accounts receivable
|
153.3 | (153.4 | ) | 135.5 | 164.7 | (123.3 | ) | |||||||||||||
Restricted Cash
|
- | - | - | (143.0 | ) | 113.5 | ||||||||||||||
Inventory
|
(304.0 | ) | (440.8 | ) | (19.4 | ) | 84.6 | (326.6 | ) | |||||||||||
Related Parties
|
- | - | - | (50.1 | ) | (1,747.4 | ) | |||||||||||||
Advances to Suppliers
|
(76.7 | ) | 16.9 | 4.9 | 16.8 | (122.1 | ) | |||||||||||||
Trade Accounts payable
|
146.9 | 115.8 | (77.7 | ) | (32.4 | ) | 241.2 | |||||||||||||
Salaries payable
|
78.3 | 5.6 | (49.9 | ) | 36.2 | 110.9 | ||||||||||||||
Derivative Financial Instruments
|
70.7 | (214.6 | ) | (108.4 | ) | 13.3 | (79.8 | ) | ||||||||||||
Taxes and Social Contributions Payable
|
(29.0 | ) | 34.2 | (23.2 | ) | - | 908.8 | |||||||||||||
Other assets and liabilities, net
|
39.0 | (98.2 | ) | (101.6 | ) | (48.3 | ) | 429.6 | ||||||||||||
Cash Flow from Operating Activities
|
560.0 | (82.0 | ) | 243.5 | 2,379.1 | (107.6 | ) | |||||||||||||
Aquisitions, net of aquired cash and advances for fut
|
- | - | - | (157.3 | ) | - | ||||||||||||||
Contributed cash to Raízen's formation
|
- | - | - | - | (173.1 | ) | ||||||||||||||
Dividends
|
- | - | - | - | - | |||||||||||||||
Additions on Investments, Net of Cash Received
|
(3.7 | ) | (12.7 | ) | - | - | - | |||||||||||||
Additions on Property, Plant and Equipment
|
(513.9 | ) | (312.6 | ) | (533.0 | ) | (2,291.6 | ) | (491.5 | ) | ||||||||||
Biological Assets expenses
|
(194.6 | ) | (198.1 | ) | (174.8 | ) | (745.6 | ) | (217.2 | ) | ||||||||||
Cash Received on Sale of aviation fuels business
|
- | - | - | - | - | |||||||||||||||
Cash Received on Sale of other Fixed Assets
|
0.7 | 17.2 | 2.2 | 48.8 | - | |||||||||||||||
Cash Received on Aquisitions or Mergers
|
- | - | - | - | - | |||||||||||||||
Cash Flow from Investment Activities
|
(711.5 | ) | (506.2 | ) | (705.5 | ) | (3,145.7 | ) | (881.8 | ) | ||||||||||
Additions of Debt
|
642.4 | 495.9 | 1,101.2 | 2,719.5 | 1,281.1 | |||||||||||||||
Payments of Principal and Interest on Debt
|
(561.6 | ) | (224.7 | ) | (458.2 | ) | (1,967.9 | ) | (407.5 | ) | ||||||||||
Capital Increase
|
- | - | - | 4.0 | - | |||||||||||||||
Capital Increase by noncontrolling interests
|
- | 403.3 | - | 400.0 | 139.9 | |||||||||||||||
Treasury Stock
|
- | - | (15.2 | ) | (15.2 | ) | - | |||||||||||||
Dividends
|
- | (193.0 | ) | - | (193.1 | ) | - | |||||||||||||
Related Parties
|
- | - | - | 37.1 | - | |||||||||||||||
Cash Flows from Financing Activities
|
80.7 | 481.5 | 627.8 | 984.3 | 1,013.5 | |||||||||||||||
Total Cash Flow
|
(23.5 | ) | (66.5 | ) | 148.5 | 175.7 | 24.1 | |||||||||||||
Cash & Equivalents, Beginning
|
1,078.4 | 1,054.9 | 988.4 | 1,078.4 | 1,254.1 | |||||||||||||||
Cash & Equivalents, Closing
|
1,054.9 | 988.4 | 1,136.9 | 1,254.1 | 1,278.2 |
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
||||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
||||||||||||||||
(=) |
Net Operating Revenue
|
3,999.6 | 4,716.1 | 4,738.4 | 18,063.5 | 5,188.0 | |||||||||||||||
(-) |
Cost of Goods Sold and Services Rendered
|
(3,522.7 | ) | (3,995.2 | ) | (4,160.0 | ) | (15,150.1 | ) | (4,600.0 | ) | ||||||||||
(=) |
Gross Profit
|
476.9 | 720.9 | 578.5 | 2,913.4 | 588.0 | |||||||||||||||
Margin
|
11.9 | % | 15.3 | % | 12.2 | % | 16.1 | % | 11.3 | % | |||||||||||
(-) |
Operating Income (Expenses):
|
(339.7 | ) | (443.9 | ) | (409.2 | ) | (1,605.3 | ) | 2,481.6 | |||||||||||
(-) |
Selling
|
(216.1 | ) | (265.5 | ) | (271.9 | ) | (1,026.0 | ) | (261.2 | ) | ||||||||||
(-) |
General and Administrative
|
(121.3 | ) | (139.3 | ) | (133.7 | ) | (545.5 | ) | (150.5 | ) | ||||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(2.3 | ) | (39.1 | ) | (3.6 | ) | (33.8 | ) | 22.0 | |||||||||||
(±)
|
Gain on tax recovery program
|
- | - | - | - | - | |||||||||||||||
(±)
|
Joint Venture formation income (expenses)
|
- | - | - | - | 2,871.2 | |||||||||||||||
(=) |
Operating Income (Loss)
|
137.2 | 277.0 | 169.3 | 1,308.1 | 3,069.5 | |||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(129.0 | ) | 87.9 | (81.2 | ) | (126.0 | ) | 13.5 | ||||||||||||
(±)
|
Financial Income (Expenses), Net
|
(134.8 | ) | 85.6 | (89.0 | ) | (151.1 | ) | 11.6 | ||||||||||||
(±)
|
Earnings (Losses) on Equity Investments
|
5.8 | 2.4 | 7.8 | 25.2 | 2.0 | |||||||||||||||
(=) |
Income (Loss) Before taxes
|
8.2 | 364.9 | 88.1 | 1,182.2 | 3,083.1 | |||||||||||||||
Margin
|
0.2 | % | 7.7 | % | 1.9 | % | 6.5 | % | 59.4 | % | |||||||||||
(±)
|
Income and Social Contribution Taxes
|
(11.0 | ) | (126.2 | ) | (42.3 | ) | (414.5 | ) | (1,224.6 | ) | ||||||||||
(±)
|
Minority Interest
|
(1.9 | ) | (85.2 | ) | (22.7 | ) | (296.8 | ) | (873.0 | ) | ||||||||||
(=) |
Net Income
|
(4.7 | ) | 153.4 | 23.1 | 470.9 | 985.5 | ||||||||||||||
Margin
|
-0.1 | % | 3.3 | % | 0.5 | % | 2.6 | % | 19.0 | % |
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
|||||||||||||||
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
|||||||||||||||
Cash and Cash Equivalents
|
1,083.4 | 1,009.0 | 1,155.6 | 1,271.8 | 1,295.3 | |||||||||||||||
Restricted Cash
|
51.3 | 76.0 | 276.2 | 187.9 | 60.2 | |||||||||||||||
Trade Accounts Receivable
|
619.1 | 760.0 | 657.5 | 594.9 | 825.2 | |||||||||||||||
Derivative Financial Instruments
|
144.5 | 166.0 | 180.0 | 55.7 | 60.2 | |||||||||||||||
Inventories
|
1,066.3 | 1,626.8 | 1,642.7 | 670.3 | 1,002.0 | |||||||||||||||
Advances to Suppliers
|
323.5 | 293.9 | 268.6 | 229.3 | 172.2 | |||||||||||||||
Related Parties
|
50.5 | 21.8 | 20.8 | 14.7 | 680.3 | |||||||||||||||
Recoverable Taxes
|
355.4 | 396.4 | 401.1 | 375.0 | 411.7 | |||||||||||||||
Other Assets
|
47.5 | 51.6 | 82.5 | 81.0 | 99.0 | |||||||||||||||
Current Assets
|
3,741.5 | 4,401.3 | 4,685.0 | 3,480.6 | 4,606.2 | |||||||||||||||
Deferred Income and Social Contribution Taxes
|
680.0 | 744.3 | 823.5 | 715.3 | 1,026.4 | |||||||||||||||
Advances to Suppliers
|
52.5 | 65.1 | 85.5 | 46.0 | 27.5 | |||||||||||||||
Related Parties
|
79.6 | 77.8 | 76.0 | 92.0 | 1,215.4 | |||||||||||||||
Recoverable Taxes
|
38.8 | 36.6 | 36.0 | 55.1 | 124.5 | |||||||||||||||
Judicial Deposits
|
168.9 | 173.6 | 180.9 | 218.4 | 372.5 | |||||||||||||||
Other financial assets
|
367.3 | 378.2 | 392.3 | 420.4 | 290.3 | |||||||||||||||
Other Assets
|
464.4 | 470.9 | 504.4 | 449.3 | 1,108.3 | |||||||||||||||
Investments
|
267.4 | 287.5 | 294.7 | 304.1 | 333.9 | |||||||||||||||
Biological Assets
|
932.8 | 873.6 | 894.8 | 1,561.1 | 795.1 | |||||||||||||||
Property, Plant and Equipment
|
6,360.3 | 6,432.0 | 6,799.9 | 7,980.5 | 8,260.0 | |||||||||||||||
Intangible
|
3,823.1 | 3,813.9 | 3,799.6 | 3,889.6 | 4,125.3 | |||||||||||||||
Non-current Assets
|
13,235.1 | 13,353.7 | 13,887.6 | 15,731.8 | 17,679.2 | |||||||||||||||
Total Assets
|
16,976.6 | 17,755.0 | 18,572.6 | 19,212.4 | 22,285.3 | |||||||||||||||
Loans and Financings
|
899.4 | 1,094.9 | 1,165.7 | 957.1 | 666.1 | |||||||||||||||
Derivatives Financial Instruments
|
37.4 | 96.1 | 379.0 | 132.3 | 94.3 | |||||||||||||||
Trade Accounts Payable
|
716.3 | 832.1 | 754.4 | 558.8 | 621.6 | |||||||||||||||
Salaries Payable
|
219.9 | 225.5 | 175.6 | 183.6 | 183.3 | |||||||||||||||
Taxes and Social Contributions Payable
|
197.4 | 239.2 | 218.8 | 245.3 | 247.1 | |||||||||||||||
Dividends Payable
|
44.0 | 2.2 | 2.0 | 72.2 | 82.9 | |||||||||||||||
Related Parties
|
120.1 | 66.0 | 74.6 | 41.2 | 186.8 | |||||||||||||||
Other Liabilities
|
190.0 | 199.2 | 181.1 | 190.4 | 273.8 | |||||||||||||||
Current Liabilities
|
2,424.4 | 2,755.1 | 2,951.2 | 2,380.8 | 2,355.9 | |||||||||||||||
Loans and Financing
|
5,322.7 | 5,310.8 | 5,961.7 | 6,274.9 | 3,699.4 | |||||||||||||||
Taxes and Social Contributions Payable
|
597.3 | 605.8 | 618.2 | 639.1 | 1,123.0 | |||||||||||||||
Provision for Legal Proceedings
|
625.0 | 642.9 | 650.1 | 666.3 | 940.8 | |||||||||||||||
Earn-out provision
|
- | - | - | - | - | |||||||||||||||
Related Parties
|
- | - | - | 4.4 | 371.2 | |||||||||||||||
Pension Fund
|
0.0 | 2.1 | 12.2 | 24.4 | 25.9 | |||||||||||||||
Deferred Income and Social Contribution Taxes
|
1,123.6 | 1,215.6 | 1,250.9 | 1,511.0 | 3,546.4 | |||||||||||||||
Other Liabilities
|
374.5 | 377.7 | 378.7 | 382.9 | 814.4 | |||||||||||||||
Non-current Assets
|
8,043.0 | 8,155.0 | 8,871.7 | 9,502.9 | 10,521.0 | |||||||||||||||
Common stock
|
5.3 | 5.3 | 5.3 | 5.3 | 5.3 | |||||||||||||||
Capital Reserve
|
3,667.1 | 3,695.7 | 3,608.5 | 3,668.2 | 3,725.5 | |||||||||||||||
Profits Reserve
|
- | - | - | - | 1,872.5 | |||||||||||||||
Accumulated profits (losses)
|
531.0 | 565.1 | 588.2 | 887.3 | - | |||||||||||||||
Shareholders' Equity
|
4,203.4 | 4,266.2 | 4,202.0 | 4,560.9 | 5,603.3 | |||||||||||||||
Minority Shareholders' Interest
|
2,305.9 | 2,578.7 | 2,547.7 | 2,767.8 | 3,805.0 | |||||||||||||||
Shareholders' Equity
|
6,509.3 | 6,844.9 | 6,749.7 | 7,328.7 | 9,408.4 | |||||||||||||||
Total Shareholders' Equity and Liabilities
|
16,976.6 | 17,755.0 | 18,572.6 | 19,212.4 | 22,285.3 |
Statement of Cash Flows
|
Jun'10 | Sept'10 | Dec'10 | Mar'11 | Jun'11 | |||||||||||||||
(in R$ million)
|
1Q'11 | 2Q'11 | 3Q'11 | FY'11 | 1Q'12 | |||||||||||||||
Net Income
|
(4.7 | ) | 153.4 | 23.1 | 470.9 | 985.2 | ||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | |||||||||||||||
Depreciation & Amortization
|
157.9 | 190.8 | 152.3 | 742.3 | 165.8 | |||||||||||||||
Biological Assets
|
175.2 | 230.2 | 207.4 | 234.8 | 117.0 | |||||||||||||||
Earnings (Losses) from Equity Investments
|
(5.8 | ) | (2.4 | ) | (7.8 | ) | (25.2 | ) | (1.9 | ) | ||||||||||
Losses (Gains) in Fixed Assets Disposals
|
3.1 | (11.8 | ) | 2.1 | (35.3 | ) | 17.0 | |||||||||||||
Goodwill write off aviation business
|
||||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
(0.7 | ) | 104.4 | 16.4 | 329.1 | 1,197.8 | ||||||||||||||
Judicial demands' provision
|
10.7 | 18.9 | (3.3 | ) | 26.9 | 33.1 | ||||||||||||||
Minority Shareholders' Interest
|
1.9 | 85.2 | 22.7 | 296.8 | 872.9 | |||||||||||||||
Interest, monetary and exchange variations, net
|
167.5 | (64.9 | ) | 52.5 | 238.5 | (27.6 | ) | |||||||||||||
Joint Venture formation income (expenses)
|
- | - | - | - | (2,871.2 | ) | ||||||||||||||
Gain on tax recovery program
|
- | - | - | - | - | |||||||||||||||
Capital gains
|
- | (220.9 | ) | - | - | - | ||||||||||||||
Other Non-cash Items
|
19.4 | 204.7 | (0.9 | ) | 7.5 | 3.5 | ||||||||||||||
Variation on Assets and Liabilities
|
31.6 | (768.2 | ) | (222.9 | ) | - | - | |||||||||||||
Trade Accounts receivable
|
153.3 | (153.4 | ) | 135.5 | 164.7 | (123.3 | ) | |||||||||||||
Restricted Cash
|
- | - | - | (143.0 | ) | 113.5 | ||||||||||||||
Judicial Deposits
|
- | - | - | - | (108.1 | ) | ||||||||||||||
Inventory
|
(304.0 | ) | (440.8 | ) | (19.4 | ) | 84.6 | (326.6 | ) | |||||||||||
Related Parties
|
- | - | - | - | (1,747.4 | ) | ||||||||||||||
Advances to Suppliers
|
(76.7 | ) | 16.9 | 4.9 | 16.8 | (122.1 | ) | |||||||||||||
Trade Accounts payable
|
146.9 | 115.8 | (77.7 | ) | (32.4 | ) | 241.2 | |||||||||||||
Salaries payable
|
78.3 | 5.6 | (49.9 | ) | 36.2 | 110.9 | ||||||||||||||
Derivative Financial Instruments
|
70.7 | (214.6 | ) | (108.4 | ) | 13.3 | 908.8 | |||||||||||||
Taxes and Social Contributions Payable
|
(29.0 | ) | 34.2 | (23.2 | ) | (50.1 | ) | (79.2 | ) | |||||||||||
Other assets and liabilities, net
|
39.6 | (91.9 | ) | (102.0 | ) | (49.2 | ) | 532.4 | ||||||||||||
Cash Flow from Operating Activities
|
556.0 | (80.6 | ) | 241.5 | 2,327.2 | (108.2 | ) | |||||||||||||
Aquisitions, net of aquired cash and advances for fut
|
- | - | - | (157.3 | ) | - | ||||||||||||||
Contributed cash to Raízen's formation
|
- | - | - | - | (173.1 | ) | ||||||||||||||
Dividends
|
- | - | - | - | - | |||||||||||||||
Additions on Investments, Net of Cash Received
|
(3.7 | ) | (12.7 | ) | - | - | (491.5 | ) | ||||||||||||
Additions on Property, Plant and Equipment
|
(513.9 | ) | (312.6 | ) | (533.0 | ) | (2,291.6 | ) | (217.2 | ) | ||||||||||
Sugarcane planting and growing costs
|
(194.6 | ) | (198.1 | ) | (174.8 | ) | (745.6 | ) | - | |||||||||||
Cash Received on Sale of aviation fuels business
|
- | - | - | - | - | |||||||||||||||
Cash Received on Sale of other Fixed Assets
|
0.7 | 17.2 | 2.2 | 48.8 | - | |||||||||||||||
Cash Received on Aquisitions or Mergers
|
- | - | - | - | - | |||||||||||||||
Cash Flow from Investment Activities
|
(711.5 | ) | (506.2 | ) | (705.5 | ) | (3,145.7 | ) | (881.8 | ) | ||||||||||
Additions of Debt
|
642.4 | 495.9 | 1,101.2 | 2,719.5 | 1,281.1 | |||||||||||||||
Payments of Principal and Interest on Debt
|
(561.6 | ) | (224.7 | ) | (458.2 | ) | (1,971.6 | ) | (407.5 | ) | ||||||||||
Capital Increase
|
- | - | - | 4.0 | - | |||||||||||||||
Capital Increase by noncontrolling interests
|
- | 403.3 | - | 400.0 | 139.9 | |||||||||||||||
Treasury Stock
|
- | - | (15.2 | ) | (15.2 | ) | - | |||||||||||||
Dividends
|
- | (192.4 | ) | - | (193.1 | ) | - | |||||||||||||
Related Parties
|
- | - | - | 37.1 | - | |||||||||||||||
Exchange rate variation excluding Cash and Cash Equi
|
0.0 | (3.8 | ) | 0.2 | ||||||||||||||||
Cash Flows from Financing Activities
|
80.8 | 478.3 | 627.9 | 979.5 | 1,013.5 | |||||||||||||||
Total Cash Flow
|
(27.4 | ) | (68.3 | ) | 146.7 | 161.0 | 23.5 | |||||||||||||
Cash & Equivalents, Beginning
|
1,110.8 | 1,083.4 | 1,009.0 | 1,110.8 | 1,271.8 | |||||||||||||||
Cash & Equivalents, Closing
|
1,083.4 | 1,015.1 | 1,155.6 | 1,271.8 | 1,295.3 |
COSAN S.A. INDÚSTRIA E COMÉRCIO
Corporate Taxpayer’s ID (CNPJ)
50.746.577/0001-15
COMPANY REGISTRY (NIRE):
35.300.177.045
Publicly Held Company
|
COSAN LIMITED
Issuer of BDR
Corporate Taxpayer’s ID (CNPJ)
08.887.330/0001-52
|
TOTAL EBITDA
|
ADJUSTED EBITDA (Excludes
effects of Raízen’s formation)
|
||||||||
Reported
|
Difference
|
Revised
|
Reported
|
Difference
|
Revised
|
||||
Raízen Energia
|
321,227
|
90,087
|
411,314
|
321,227
|
90,087
|
411,314
|
|||
Raízen Combustiveis
|
154,287
|
–
|
154,287
|
154,287
|
–
|
154,287
|
|||
Rumo
|
54,267
|
–
|
54,267
|
54,267
|
–
|
54,267
|
|||
Other Business
|
3,342,100
|
–
|
3,342,100
|
26,981
|
–
|
26,981
|
|||
Cosan Consolidated
|
3,871,881
|
90,087
|
3,961,968
|
556,762
|
90,087
|
646,849
|
|||
(-) Eliminations
|
(116,828)
|
(27,623)
|
(144,451)
|
(116,828)
|
(27,623)
|
(144,451)
|
|||
Cosan Consolidated
|
3,755,053
|
62,464
|
3,817,517
|
439,934
|
62,464
|
502,398
|
Consolidated
|
|||
06.30.2011
|
|||
Reported
|
Difference
|
Revised
|
|
Cash flow from operations
|
|||
Net income for the year
|
2,299,323
|
2,299,323
|
|
Adjustments to reconcile net income for the year with
cash from operations:
|
|||
Depreciation and amortization
|
256,478
|
(90,702)
|
165,776
|
Biological assets
|
179,617
|
(62,666)
|
116,951
|
Earnings (Losses) from Equity Investments
|
(1,961)
|
(1,961)
|
|
Losses (Gains) in Fixed Assets Disposals
|
17,049
|
17,049
|
|
Deferred Income and Social Contribution Taxes
|
1,197,772
|
1,197,772
|
|
Judicial demands' provision
|
33,129
|
33,129
|
|
Minority Shareholders' Interest
|
3,108
|
3,108
|
|
Interest, monetary and exchange variations, net
|
(33,684)
|
(3,684)
|
|
Joint Venture formation income (expenses)
|
(3,315,119)
|
(3,315,119)
|
|
Other
|
5,182
|
5,182
|
|
640,894
|
(153,368)
|
487,526
|
|
Changes in assets and liabilities:
|
|||
Trade Accounts receivable
|
(123,256)
|
(123,256)
|
|
Restricted cash
|
113,484
|
113,484
|
|
Inventory
|
(479,996)
|
153,368
|
(326,628)
|
Related parties
|
(1,747,363)
|
(1,747,363)
|
|
Advances to Suppliers
|
(122,137)
|
(122,137)
|
|
Trade Accounts payable
|
241,243
|
241,243
|
|
Salaries payable
|
110,917
|
110,917
|
|
Derivative Financial Instruments
|
(79,778)
|
(79,778)
|
|
Taxes and Social Contributions Payable
|
908,l761
|
908,l761
|
|
Other assets and liabilities, net
|
429,605
|
429,605
|
|
Net cash from operations
|
(107,626)
|
–
|
(107,626)
|
Consolidated
|
|||
Reported
|
Difference
|
Revised
|
|
Balance at March 31, 2011
|
1,561,132
|
1,561,132
|
|
Assets contributed to subsidiaries
|
–
|
–
|
|
Changes in fair value less estimated cost of sales
|
(70)
|
20,960
|
20,890
|
Expenses with sugarcane planting and tillering
|
217,181
|
217,181
|
|
Absorption of harvested sugarcane costs (*)
|
(179,548)
|
(20,960)
|
(200508)
|
Effect from the proportional consolidation by formation of JV (50%)
|
(803,584)
|
(803,584)
|
|
Balance at June 30, 2011
|
795,111
|
–
|
795,111
|
Raízen
Energia (*)
|
Adjustments and eliminations
|
Consolidated
|
|||||||
Reported
|
Difference
|
Revised
|
Reported
|
Difference
|
Revised
|
Reported
|
Difference
|
Revised
|
|
Result for the period (3 months):
|
|||||||||
Net Operating Revenue
|
1,637,328
|
1,637,328
|
(1,961,219)
|
(1,961,219)
|
5,187,980
|
5,187,980
|
|||
Domestic Market
|
1,046,561
|
1,046,561
|
(1,961,220)
|
(1,961,220)
|
4,597,212
|
4,597,212
|
|||
Foreign Market
|
590,768
|
590,768
|
–
|
–
|
590,768
|
590,768
|
|||
Gross Profit
|
352,302
|
352,302
|
(88,620)
|
(88,620)
|
587,981
|
587,981
|
|||
Selling, General and Administrative
Expenses
|
(258,449)
|
(258,449)
|
97,582
|
97,582
|
(411,223)
|
(411,223)
|
|||
Income (expenses) from formation of JV
|
–
|
–
|
–
|
–
|
3,315,119
|
3,315,119
|
|||
Other operating revenue, net
|
(10,365)
|
(10,365)
|
(24,798)
|
(24,798)
|
22,022
|
22,022
|
|||
Net financial revenues
|
43,646
|
43,646
|
12,499
|
12,499
|
11,211
|
11,211
|
|||
Income and social contribution taxes
|
(13,258)
|
(13,258)
|
(47,091)
|
(47,091)
|
(1,224,643)
|
(1,224,643)
|
|||
Net income (loss) for the year
|
112,179
|
112,179
|
(91,148)
|
(91,148)
|
2,299,323
|
2,299,323
|
|||
Other selected information:
|
|||||||||
Additions to PPE, intangible assets and
biological assets (cash)
|
607,700
|
607,700
|
(64,300)
|
(64,300)
|
708,700
|
708,700
|
|||
Depreciation and amortization (includes the
effects of biological assets)
|
237,739
|
90,087
|
327,826
|
(100,993)
|
(27,623)
|
(128,616)
|
241,153
|
62,464
|
303,617
|
COSAN LIMITED
|
||||||
Date:
|
September 9, 2011
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|