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.
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Earnings Release dated August 8, 2012 for 1st Quarter of Fiscal Year 2013 – April, May and June of 2012
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2.
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Cosan Limited consolidated financial statements Cosan Limited as of June 30, 2012
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Investors Relations
|
||||||||
Marcelo Martins
CFO & IRO
Guilherme Machado
IR Manager
Phillipe Casale
IR Analyst
ri@cosan.com.br
www.cosan.com.br/ir
|
1Q13 Highlights
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|||||||
o Net Revenue up 18.1% to R$6.1 billion | ||||||||
o Raízen Combustíveis' EBITDA margin reaches R$68.9/m3
|
||||||||
o Raízen Energia reports EBITDA margin of 25.6%
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||||||||
o Rumo’s EBITDA margin expands to 40.8%
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||||||||
Summary of Financial Information – Cosan Consolidated
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||||||||
Amounts in R$ MM
|
1Q1 3
|
1Q12
|
Chg. %
|
|||||
Net Revenue
|
6,125.6
|
5,188.0 |
18.1%
|
|||||
Gross Profit
|
474.4
|
588.0 |
-19.3%
|
|||||
Fiscal Year Definitions:
1Q13 – quarter ended June 30, 2012
1Q12 -quarter ended June 30, 2011
FY13 – fiscal year begun April 1, 2012 and ending March 31, 2013
FY12 - fiscal year begun April 1, 2012 and ended March 31, 2012
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Gross Margin (%)
|
7.7%
|
11.3%
|
-3.6 p.p.
|
||||
Operating Profit
|
167.5
|
3,513.9 |
-95.2%
|
|||||
EBITDA
|
426.7
|
3,817.5 |
-88.8%
|
|||||
EBITDA Margin (%)
|
7.0%
|
73.6%
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-66.6 p.p.
|
|||||
Gross Effects of Raízen's Formation
|
-
|
3,315.1 |
n/a
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|||||
Adjusted EBITDA¹
|
426.7
|
502.4 |
-15.1%
|
|||||
Adjusted EBITDA Margin (%)
|
7.0%
|
9.7%
|
-2.7 p.p.
|
|||||
Net Income (Loss) before Minority Shareholders
|
(7.6)
|
2,302.4 |
n/a
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|||||
Net Income (Loss)
|
(17.1)
|
2,299.3 |
n/a
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|||||
Net Effects of Raízen's Formation
|
-
|
2,131.8
|
n/a
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|||||
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Adjust ed Net Income (Loss)¹
|
(17.1)
|
167.5 |
n/a
|
||||
Net Adjusted Margin (%)
|
-0.3%
|
3.2%
|
-3.5 p.p.
|
|||||
CAPEX²
|
441.7
|
756.3 |
-41.6%
|
|||||
Net Debt
|
3,951.2
|
2,741.0
|
44.2%
|
|||||
Shareholders’ Equity and Minority Shareholders
|
9,371.4
|
8,980.4 |
4.4%
|
|||||
Note 1: Net od the effects of Raízen´s formation.
Note 2: Net of the acquisition of interest in other companies and of cash received from disinvestment.
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Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
A.
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Business Units
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Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Results by Business Unit
|
1Q13 | |||||||||||||||||||||||||||
Amounts in R$ MM
|
Raízen
Combustíveis
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Raízen
Energia
|
Rumo
|
Other
Business
|
Elimination
50% Raízen
|
Adjustments
and
Eliminations
|
Cosan
Consolidated
|
|||||||||||||||||||||
Net Revenue
|
10,285.8 | 1,264.1 | 104.9 | 317.4 | (5,775.0 | ) | (71.6 | ) | 6,125.6 | |||||||||||||||||||
Cost of Goods Sold
|
(9,738.9 | ) | (1,094.2 | ) | (70.3 | ) | (236.0 | ) | 5,416.5 | 71.6 | (5,651.2 | ) | ||||||||||||||||
Gross Profit
|
546.9 | 169.9 | 34.6 | 81.4 | (358.4 | ) | - | 474.4 | ||||||||||||||||||||
Gross Margin (%)
|
5.3 | % | 13.4 | % | 33.0 | % | 25.6 | % | - | - | 7.7 | % | ||||||||||||||||
Selling Expenses
|
(242.1 | ) | (88.1 | ) | - | (47.3 | ) | 165.1 | - | (212.4 | ) | |||||||||||||||||
General & Administrative Expenses
|
(89.6 | ) | (110.5 | ) | (12.1 | ) | (45.5 | ) | 100.0 | - | (157.7 | ) | ||||||||||||||||
Other Operating Revenues (Expenses)
|
40.7 | 3.3 | 4.9 | 36.3 | (22.0 | ) | - | 63.1 | ||||||||||||||||||||
Depreciation and Amortization
|
111.5 | 348.8 | 15.4 | 13.7 | (230.1 | ) | - | 259.2 | ||||||||||||||||||||
EBITDA
|
367.4 | 323.5 | 42.8 | 38.4 | (345.4 | ) | - | 426.7 | ||||||||||||||||||||
EBITDA Margin (%)
|
3.6 | % | 25.6 | % | 40.8 | % | 12.1 | % | - | - | 7.0 | % | ||||||||||||||||
EBITDA Margin (R$/m³)
|
68.9 | - | - | - | - | - | - |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
o |
Book
|
o
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1Q13 – three months (April, May and June of 2012) of operations of Raízen Combustíveis
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o
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1Q12 – two months (April and May of 2011) of operations of the fuels business (formerly CCL, excluding the Lubricants business) managed by Cosan and one month (June of 2011) of operations of Raízen Combustíveis
|
o |
Pro Forma
|
o
|
1Q12 – three months (April, May and June of 2011) of operations of Raízen Combustíveis (combined carve-out of Esso and Shell assets)
|
Book
|
Pro Forma
|
Net Revenue
|
Book
|
Book
|
|||
1Q13
|
1Q12
|
Chg. %
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Amounts in R$ MM
|
1Q13
|
1Q12
|
Chg. %
|
|
10,285.8
|
9,725.5
|
5.8%
|
Net Revenue
|
10,285.8
|
5,129.8
|
100.5%
|
|
10,285.8
|
9,703.7
|
6.0%
|
Fuel Sales
|
10,285.8
|
5,107.9
|
101.4%
|
|
540.4
|
552.3
|
-2.2%
|
Ethanol
|
540.4
|
332.5
|
62.5%
|
|
4,258.9
|
4,186.4
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1.7%
|
Gasoline
|
4,258.9
|
2,237.7
|
90.3%
|
|
4,083.8
|
3,818.4
|
7.0%
|
Diesel
|
4,083.8
|
2,139.6
|
90.9%
|
|
1,259.7
|
1,007.0
|
25.1%
|
Aviation
|
1,259.7
|
326.5
|
285.9%
|
|
143.0
|
139.6
|
2.4%
|
Others
|
143.0
|
71.6
|
99.5%
|
|
-
|
21.9
|
-
|
Other services
|
-
|
21.9
|
-
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Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Fuels Inventories
|
||
1Q13
|
1Q12
|
|
000' cbm
|
431.2
|
513.6
|
R$'MM
|
765.7
|
829.5
|
R$/cbm
|
1,776.0
|
1,615.0
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Book
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Pro Forma
|
COGS
|
Book
|
Book
|
|||||||||||||||||||
1Q13 | 1Q12 |
Chg. %
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Amounts in R$ MM
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1Q13 | 1Q12 |
Chg. %
|
|||||||||||||||||
(9,738.9 | ) | (9,252.2 | ) | 5.3 | % |
Fuel Sales
|
(9,738.9 | ) | (4,940.9 | ) | 97.1 | % | |||||||||||
Average unitary cost (R$/cbm) | |||||||||||||||||||||||
1,825 | 1,818 | 0.4 | % |
Fuel Sales
|
1,825 | 1,828 | -0.2 | % |
Book
|
Pro Forma
|
Gross Profit
|
Book
|
Book
|
|||||||||||||||||||
1Q13 | 1Q12 |
Chg.
|
% |
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
||||||||||||||||
546.9 | 473.3 | 15.5 | % |
Gross Profit
|
546.9 | 188.9 | 189.6 | % | |||||||||||||||
5.3 | % | 4.9 | % |
0.4 p.p
|
Gross Margin (%)
|
5.3 | % | 3.7 | % |
1.6 p.p
|
|||||||||||||
102.5 | 93.0 | 10.2 | % |
Gross margin (R$/cbm)
|
102.5 | 69.9 | 46.7 | % |
Book
|
Pro Forma
|
Selling, General and Administrative Expenses
|
Book
|
Book
|
|||||||||||||||||||
1Q13 | 1Q12 |
Chg. %
|
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||||||||||
(242.1 | ) | (260.1 | ) | -6.9 | % |
Selling Expenses
|
(242.1 | ) | (138.9 | ) | 74.2 | % | |||||||||||
(89.6 | ) | (61.0 | ) | 46.8 | % |
General and Administrative Expenses
|
(89.6 | ) | (28.8 | ) | 210.8 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Book
|
Pro Forma
|
EBITDA
|
Book
|
Book
|
|||||||||||||||||||
1Q13 | 1Q12 |
Chg. %
|
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||||||||||
367.4 | 309.5 | 18.7 | % |
EBITDA
|
367.4 | 154.3 | 138.1 | % | |||||||||||||||
3.6 | % | 3.2 | % |
0.4 p.p
|
EBITDA Margin (%)
|
3.6 | % | 3.0 | % |
0.6 p.p
|
|||||||||||||
68.9 | 60.8 | 13.2 | % |
EBITDA Margin (R$/cbm)
|
68.9 | 57.1 | 20.6 | % |
Book
|
Pro Forma
|
CAPEX
|
Book
|
Book
|
|||||||||||||||||||
1Q13 | 1Q12 |
Chg. %
|
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||||||||||
160.5 | 45.3 | 254.5 | % |
CAPEX
|
160.5 | 37.7 | 325.7 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Operational Figures
|
||||||||||||
1Q13 | 1Q12 |
Chg. %
|
||||||||||
Crushed sugarcane
|
11,064 | 18,385 | -39.8 | % | ||||||||
Own (‘000 tonnes)
|
6,456 | 10,015 | -35.5 | % | ||||||||
Suppliers (‘000 tonnes)
|
4,608 | 8,370 | -44.9 | % | ||||||||
Sugarcane TRS (kg/tonne)
|
119.8 | 124.5 | -3.8 | % | ||||||||
Mechanization (%)
|
90.3 | % | 84.0 | % | 7.5 | % | ||||||
Production
|
||||||||||||
Sugar
|
643 | 1,183 | -45.6 | % | ||||||||
Raw Sugar (‘000 tonnes)
|
396 | 720 | -45.0 | % | ||||||||
White Sugar (‘000 tonnes)
|
247 | 463 | -46.7 | % | ||||||||
Ethanol
|
350 | 629 | -44.4 | % | ||||||||
Anhydrous Ethanol (‘000 m³)
|
131 | 201 | -34.8 | % | ||||||||
Hydrous Ethanol (‘000 m³)
|
219 | 428 | -48.8 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Net Revenue
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Net Revenue
|
1,264.1 | 1,637.3 | -22.8 | % | ||||||||
Sugar Sales
|
626.0 | 873.9 | -28.4 | % | ||||||||
Domestic Market
|
206.8 | 343.5 | -39.8 | % | ||||||||
Foreign Market
|
419.1 | 530.4 | -21.0 | % | ||||||||
Ethanol Sales
|
383.9 | 643.8 | -40.4 | % | ||||||||
Domestic Market
|
185.1 | 583.4 | -68.3 | % | ||||||||
Foreign Market
|
198.8 | 60.4 | 229.3 | % | ||||||||
Energy Cogeneration
|
71.0 | 69.7 | 1.9 | % | ||||||||
Other Products and Services
|
183.2 | 49.9 | 267.2 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Sugar Inventories
|
||||||||
1Q13 | 1Q12 | |||||||
´000 tonne
|
193.9 | 418.0 | ||||||
R$'MM
|
180.0 | 295.8 | ||||||
R$/tonne
|
928.1 | 707.5 |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Ethanol Inventories
|
||||||||
1Q13 | 1Q12 | |||||||
´000 cbm
|
193.0 | 288.8 | ||||||
R$'MM
|
318.7 | 307.2 | ||||||
R$/cbm
|
1,651.2 | 1,063.5 |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
COGS per Product
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Cost of Goods Sold
|
(1,094.2 | ) | (1,285.0 | ) | -14.9 | % | ||||||
Sugar
|
(497.0 | ) | (679.5 | ) | -26.9 | % | ||||||
Ethanol
|
(369.3 | ) | (523.1 | ) | -29.4 | % | ||||||
Energy Cogeneration
|
(44.8 | ) | (29.9 | ) | 50.0 | % | ||||||
Other
|
(183.0 | ) | (52.5 | ) | 248.6 | % | ||||||
Average Unitary Costs
|
||||||||||||
Cash cost of sugar (R$/tonne)
|
(546.9 | ) | (547.0 | ) | -0.0 | % | ||||||
Cash cost of ethanol (R$/’000 liters)
|
(873.9 | ) | (779.5 | ) | 12.1 | % |
Gross Profit and Gross Margin per Product
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Gross Profit
|
169.9 | 352.3 | -51.8 | % | ||||||||
Sugar
|
129.0 | 194.4 | -33.7 | % | ||||||||
Sugar Gross Margin (%)
|
20.6 | % | 22.2 | % |
-1.6 p.p.
|
|||||||
Sugar (Cash) Gross Margin (R$/tonne)
|
47.6 | % | 42.3 | % | 5.2 p.p | |||||||
Ethanol
|
14.5 | 120.7 | -87.9 | % | ||||||||
Ethanol Gross Margin (%)
|
3.8 | % | 18.7 | % | -79.8 | % | ||||||
Ethanol (Cash) Gross Margin (R$/’000)
|
35.4 | % | 41.0 | % |
-5.7 p.p.
|
|||||||
Energy Cogeneration
|
26.2 | 39.8 | -34.2 | % | ||||||||
Other
|
0.2 | (2.6 | ) | -107.1 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Selling, General & Administrative Expenses
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Selling Expenses
|
(88.1 | ) | (142.0 | ) | -37.9 | % | ||||||
General and Administrative Expenses
|
(110.5 | ) | (116.5 | ) | -5.1 | % |
EBITDA
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
EBITDA
|
323.5 | 411.3 | -21.4 | % | ||||||||
EBITDA Margin (%)
|
25.6 | % | 25.1 | % |
0.5 p.p
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Summary of Hedge Operations at June 30, 2012 | 2012 / 2013 | 2013 / 2014 | ||||||
Sugar
|
||||||||
NY11
|
||||||||
Volume (‘000 tonnes)
|
2,108.9 | 399.6 | ||||||
Average Price (¢US$/lb)
|
22.88 | 21.6 | ||||||
London #5
|
||||||||
Volume (‘000 tonnes)
|
- | - | ||||||
Average Price (US$/lb)
|
- | - | ||||||
Exchange rate
|
||||||||
US$
|
||||||||
Volume (US$ million)
|
1,108.6 | 197.8 | ||||||
Average Price (R$/US$)
|
1.9240 | 2.1765 | ||||||
Volume to be sold / Hedged (‘000 tonnes)
|
2,833.1 | 2,833.1 | ||||||
% Sale Protected Sugar / Fixed
|
74.4 | % | 14.1 | % |
Expiration Period - (R$MM)
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2012/13 | 2013/14 |
Total
|
|||||||||
Futures
|
OTC/NYBOT
|
NY#11
|
161.2 | 21.8 | 183.0 | |||||||||
(=) Hedge Accounting impact
|
161.2 | 21.8 | 183.0 | |||||||||||
(-) Deferred Income Tax
|
(54.8 | ) | (7.4 | ) | (62.2 | ) | ||||||||
(=) Asset Valuation Adjustment
|
106.4 | 14.4 | 120.8 |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
CAPEX
|
||||||||||||
Amounts in RS MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Total Capex
|
606.3 | 655.3 | -7.5 | % | ||||||||
Operating Capex
|
541.6 | 427.2 | 26.8 | % | ||||||||
Biological Assets
|
320.9 | 264.8 | 21.2 | % | ||||||||
Inter-harvest Maintenance
|
115.2 | 114.4 | 0.7 | % | ||||||||
SSMA and Sustaining
|
11.8 | 4.1 | 187.8 | % | ||||||||
Mechanization
|
74.0 | 43.9 | 68.6 | % | ||||||||
Industrial
|
19.7 | - | n/a | |||||||||
Expasion Capex
|
64.7 | 228.1 | -71.6 | % | ||||||||
Cogeneration Projects
|
40.7 | 136.7 | -70.2 | % | ||||||||
Expasion
|
17.8 | 55.5 | -67.9 | % | ||||||||
Others
|
6.2 | 35.9 | -82.7 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Net Revenue
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Net Revenue
|
104.9 | 141.0 | -25.6 | % | ||||||||
Transportation
|
77.7 | 96.1 | -19.2 | % | ||||||||
Loading
|
24.7 | 41.8 | -40.8 | % | ||||||||
Others
|
2.5 | 3.1 | -19.0 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Costs of Services
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Cost of Services Provided
|
(70.3 | ) | (94.1 | ) | -25.3 | % |
Gross Profit and Gross Margin
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Gross (Loss) Profit
|
34.6 | 46.8 | -26.1 | % | ||||||||
Gross Margin (%)
|
33.0 | % | 33.2 | % |
-0.2 p.p.
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
General & Administrative Expenses
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
General & Administrative Expenses
|
(12.1 | ) | (9.0 | ) | 34.6 | % |
EBITDA
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
EBITDA
|
42.8 | 54.3 | -21.1 | % | ||||||||
EBITDA Margin (%)
|
40.8 | % | 38.5 | % |
2.3 p.p
|
CAPEX
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
CAPEX
|
47.5 | 108.3 | -56.1 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Net Revenue
|
|||
Amounts in R$ MM
|
1Q13
|
1Q12
|
Chg. %
|
Net Revenue
|
317.4
|
241.1
|
31.6%
|
Lubricant Sales
|
265.7
|
230.1
|
15.5%
|
Other Products and Services
|
51.6
|
11.0
|
369.3%
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Selling, General & Administrative
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Selling Expenses
|
(47.3 | ) | (54.7 | ) | -13.5 | % | ||||||
General and Administrative Expenses
|
(45.5 | ) | (18.8 | ) | 141.6 | % |
EBITDA
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
EBITDA
|
38.4 | 3,342.1 | n/a | |||||||||
Gross Effects of Raízen's Formation
|
- | (3,315.1 | ) | n/a | ||||||||
Adjusted EBITDA
|
38.4 | 27.0 | 42.4 | % | ||||||||
Adjusted EBITDA margin (%)
|
12.1 | % | 11.2 | % |
0.9 p.p
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Financial Results
|
||||||||||||
Amounts in R$ MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Gross Debt Charges
|
(114.3 | ) | (103.1 | ) | 10.8 | % | ||||||
Income from Financial Investments
|
25.8 | 38.7 | -33.3 | % | ||||||||
(=) Subtotal: Gross Debt Interests
|
(88.5 | ) | (64.5 | ) | 37.2 | % | ||||||
Exchange Rate Variation
|
(198.5 | ) | 58.8 | n/a | ||||||||
Gains (losses) with Derivatives
|
(10.0 | ) | 29.3 | n/a | ||||||||
Others
|
(17.2 | ) | (12.3 | ) | 39.8 | % | ||||||
(=) Financial, net
|
(314.1 | ) | 11.3 | n/a |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Income Tax and Social Contribution
|
||||||||||||
Amounts in RS MM
|
1Q13 | 1Q12 |
Chg. %
|
|||||||||
Income (Loss) Before Income Tax
|
(139.0 | ) | 3,527.1 | n/a | ||||||||
Total of Deferred and Current Income Tax and Social Contribution
|
131.4 | (1,224.6 | ) | n/a | ||||||||
Effective Rate (%)
|
94.5 | % | 0.3 | 172.2 | % | |||||||
Deferred Income Tax Expenses
|
164.6 | (1,197.8 | ) | n/a | ||||||||
Current Income Tax Expenses
|
(33.2 | ) | (26.9 | ) | 23.7 | % | ||||||
Effective Rate - Current (%)
|
-23.9 | % | 0.8 | % | n/a |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
(i)
|
R$469.9 million in foreign exchange contract advances and credit notes;
|
(ii)
|
R$111.9 million referring to BNDES funding and other debts for energy cogeneration and sugarcane harvest mechanization projects, among others.
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Debt by type
|
||||||||||||||||
Amounts in R$ MM
|
1Q13 | 4Q12 |
% ST
|
Chg. %
|
||||||||||||
BNDES
|
1,608.3 | 1,525.5 | 12 | % | 5.4 | % | ||||||||||
Exports Prepayment
|
1,069.2 | 1,014.9 | 19 | % | 5.3 | % | ||||||||||
Capital de Giro
|
919.7 | 830.8 | 99 | % | 10.7 | % | ||||||||||
Senior Notes 2017
|
831.9 | 737.2 | 3 | % | 12.9 | % | ||||||||||
Senior Notes 2014
|
732.7 | 645.3 | 3 | % | 13.5 | % | ||||||||||
Credit Notes
|
423.2 | 105.8 | 100 | % | 300.1 | % | ||||||||||
Advances on Exchange Contracts
|
304.9 | 276.7 | 100 | % | 10.2 | % | ||||||||||
Finem
|
212.0 | 222.3 | 20 | % | -4.6 | % | ||||||||||
Finame
|
187.5 | 203.7 | 36 | % | -8.0 | % | ||||||||||
Rural Credit
|
41.6 | 40.9 | 100 | % | 1.6 | % | ||||||||||
PROINFA
|
25.9 | 27.2 | 15 | % | -5.0 | % | ||||||||||
Expenses with Placement of Debt
|
(17.7 | ) | (18.9 | ) | n/a | -6.3 | % | |||||||||
Total Raízen6
|
6,339.0 | 5,611.5 | - | 13.0 | % | |||||||||||
Raízen Consolidated (50%)
|
3,169.5 | 2,805.7 | - | 13.0 | % | |||||||||||
Perpetual Bonds
|
1,031.2 | 930.1 | 1 | % | 10.9 | % | ||||||||||
Finame
|
649.4 | 632.8 | 11 | % | 2.6 | % | ||||||||||
Credit Notes
|
349.1 | 341.2 | 0 | % | 2.3 | % | ||||||||||
Abroad Loan
|
171.2 | - | - | n/a | ||||||||||||
Expenses with Debt Placement
|
(12.1 | ) | (12.1 | ) | 30 | % | 0.1 | % | ||||||||
Total Cosan
|
2,188.8 | 1,892.1 | - | 15.7 | % | |||||||||||
Total Consolidated
|
5,358.4 | 4,697.8 | - | 14.1 | % | |||||||||||
Cash and Cash Equivalents
|
1,407.2 | 1,616.2 | - | -12.9 | % | |||||||||||
Net Debt
|
3,951.2 | 3,081.6 | - | 28.2 | % | |||||||||||
Capital Subscription to be Paid from Shell to Raízen (50%)
|
489.9 | 489.9 | - | - | ||||||||||||
Adjusted Net Debt
|
3,461.3 | 2,591.7 | - | 33.6 | % |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
1Q13 Summary
|
CSAN3
|
CZLT11
|
CZZ
|
Stock Type
|
Common Share
|
BDR
|
Class A and B
|
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
Closing Price in 06/29/2012
|
R$ 30.37
|
R$ 25.85
|
USD 12.69
|
Higher Price
|
R$ 33.78
|
R$ 28.00
|
USD 15.23
|
Average Price
|
R$ 30.86
|
R$ 25.46
|
USD 12.90
|
Lower Price
|
R$ 28.47
|
R$ 23.45
|
USD 11.29 |
Average Daily Traded Volume
|
R$ 36,7 mm
|
R$ 2,8 mm
|
USD 13,3 mm
|
CSAN3 vs. CZLT11 vs. Ibovespa
(Base 100)
|
CZZ VS. S&P500
(Base 100)
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
FY11
|
FY12
|
FY 2013
|
||
Cosan Consolidated |
Net Revenue (R$MM)
|
18,063
|
24,097
|
26.000 ≤ ∆ ≤ 29.000 |
EBITDA (R$MM)
|
2,671
|
2,142
|
2.200 ≤ ∆ ≤ 2.500 | |
CAPEX (R$MM)
|
2,500
|
2,137
|
2.100 ≤ ∆ ≤ 2.400 | |
Raízen Energia
|
Volume of crushed sugarcane (‘000 tons)
|
54,238
|
52,958
|
52.000 ≤ ∆ ≤ 55.000 |
Volume of sugar sold (‘000 tons)
|
4,291
|
3,969
|
3.900 ≤ ∆ ≤ 4.200 | |
Volume of ethanol sold (millions of liters)
|
2,247
|
1,921
|
1.850 ≤ ∆ ≤ 2.050 | |
Volume of energy sold (‘000 MWh)
|
1,254
|
1,233
|
1.650 ≤ ∆ ≤ 1.850 | |
EBITDA (R$MM)
|
2,130
|
2,235
|
2.200 ≤ ∆ ≤ 2.500 | |
Raízen Combustíveis |
Volume of fuel sold (millions of liters)
|
-
|
20,914
|
21.000 ≤ ∆ ≤ 23.000 |
EBITDA (R$MM)
|
-
|
1,305
|
1.300 ≤ ∆ ≤ 1.500 | |
Rumo
|
Volume of loading (‘000 tons)
|
7,841
|
7,759
|
8.000 ≤ ∆ ≤ 10.000
|
EBITDA (R$MM)
|
164
|
202
|
260 ≤ ∆ ≤ 300 | |
Other Business |
Volume of lubricants and base oil sold (millions of liters)
|
166
|
205
|
220 ≤ ∆ ≤ 260 |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Income Statement
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Mar'12
|
Jun'12
|
|||||||||||||||||||||||
(in R$ million)
|
FY11
|
1Q12
|
2Q12
|
3Q12
|
4Q12
|
FY12
|
1Q13
|
|||||||||||||||||||||||
(=)
|
Net Operating Revenue
|
18,063.5
|
5,188.0
|
6,804.3
|
6,310.7
|
5,793.9
|
24,096.9
|
6,125.6
|
||||||||||||||||||||||
(-)
|
Cost of Goods Sold and Services Rendered
|
(15,150.1
|
)
|
(4,600.0
|
)
|
(6,042.4
|
)
|
(5,670.9
|
)
|
(5,151.8
|
)
|
(21,465.0
|
)
|
(5,651.2
|
)
|
|||||||||||||||
(=)
|
Gross Profit
|
2,913.4
|
588.0
|
761.9
|
639.8
|
642.1
|
2,631.9
|
474.4
|
||||||||||||||||||||||
Gross Margin (%)
|
16.1
|
%
|
11.3
|
%
|
11.2
|
%
|
10.1
|
%
|
-21.7
|
%
|
10.9
|
%
|
7.7
|
%
|
||||||||||||||||
(-)
|
Operating Income (Expenses):
|
(1,600.8
|
)
|
2,925.9
|
(468.3
|
)
|
(399.8
|
)
|
(493.7
|
)
|
1,564.0
|
(307.0
|
)
|
|||||||||||||||||
(-)
|
Selling Expenses
|
(1,026.0
|
)
|
(261.2
|
)
|
(295.3
|
)
|
(282.0
|
)
|
(297.9
|
)
|
(1,136.3
|
)
|
(212.4
|
)
|
|||||||||||||||
(-)
|
General and Administrative Expenses
|
(541.0
|
)
|
(150.0
|
)
|
(158.2
|
)
|
(147.5
|
)
|
(186.2
|
)
|
(641.9
|
)
|
(157.7
|
)
|
|||||||||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(33.8
|
)
|
22.0
|
3.2
|
29.6
|
90.7
|
145.6
|
63.1
|
|||||||||||||||||||||
(±)
|
Effects of Formation of Raízen
|
-
|
3,315.1
|
(18.2
|
)
|
-
|
(100.3
|
)
|
3,196.6
|
-
|
||||||||||||||||||||
(=)
|
Operating Income
|
1,312.6
|
3,513.9
|
293.6
|
240.0
|
148.4
|
4,195.9
|
167.5
|
||||||||||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(121.5
|
)
|
13.2
|
(394.9
|
)
|
(69.4
|
)
|
10.3
|
(440.9
|
)
|
(306.5
|
)
|
|||||||||||||||||
(±)
|
Financial results, net
|
(146.7
|
)
|
11.2
|
(393.6
|
)
|
(69.5
|
)
|
(22.3
|
)
|
(474.1
|
)
|
(314.1
|
)
|
||||||||||||||||
(±)
|
Equity income of associates
|
25.19
|
1.96
|
(1.30
|
)
|
0.01
|
32.60
|
33.27
|
7.63
|
|||||||||||||||||||||
(=)
|
Income (Loss) Before taxes
|
1,191.1
|
3,527.1
|
(101.3
|
)
|
170.5
|
158.7
|
3,755.0
|
(139.0
|
)
|
||||||||||||||||||||
(±)
|
Income Tax and Social Contribution
|
(414.5
|
)
|
(1,224.6
|
)
|
188.2
|
(63.8
|
)
|
(10.0
|
)
|
(1,110.2
|
)
|
131.4
|
|||||||||||||||||
(±)
|
Non-controlling interest
|
(5.00
|
)
|
(3.11
|
)
|
(23.67
|
)
|
(12.97
|
)
|
0.80
|
(38.96
|
)
|
(8.50
|
)
|
||||||||||||||||
(=)
|
Net Income for the period from continued operation
|
771.6
|
2,299.3
|
63.2
|
93.8
|
149.6
|
2,605.8
|
(16.1
|
)
|
|||||||||||||||||||||
Net Income from discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
(0.9
|
)
|
||||||||||||||||||||||
Net income for the period
|
771.6
|
2,299.3
|
63.2
|
93.8
|
149.6
|
2,605.8
|
(17.0
|
)
|
||||||||||||||||||||||
Net Margin (%)
|
4.3
|
%
|
44.3
|
%
|
0.9
|
%
|
1.5
|
%
|
2.6
|
%
|
10.8
|
%
|
-0.3
|
%
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Balance Sheet
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Jun'12
|
||||||||||||||||||
(in R$ million)
|
FY11
|
1Q12 | 2Q12 | 3Q12 |
FY12
|
1Q13 | ||||||||||||||||||
Cash and Cash Equivalents
|
1,254.1 | 1,278.2 | 1,471.7 | 1,194.9 | 1,616.2 | 1,407.2 | ||||||||||||||||||
Restricted Cash
|
187.9 | 60.2 | 52.5 | 88.1 | 94.3 | 131.8 | ||||||||||||||||||
Accounts receivable
|
594.9 | 825.2 | 983.7 | 1,022.3 | 963.6 | 960.5 | ||||||||||||||||||
Derivatives
|
55.7 | 60.2 | 29.4 | 59.6 | 19.6 | 114.9 | ||||||||||||||||||
Inventories
|
670.3 | 1,002.0 | 1,361.8 | 1,354.4 | 748.2 | 893.5 | ||||||||||||||||||
Advances to Suppliers
|
229.3 | 172.2 | 141.9 | 110.2 | 159.0 | 174.1 | ||||||||||||||||||
Related Parties
|
14.7 | 680.3 | 599.7 | 655.8 | 678.4 | 758.5 | ||||||||||||||||||
Recoverable Taxes
|
375.0 | 411.7 | 416.0 | 325.0 | 325.1 | 342.2 | ||||||||||||||||||
Other financial assets
|
- | - | - | - | 40.1 | 40.1 | ||||||||||||||||||
Assets Held for Sale
|
410.7 | |||||||||||||||||||||||
Other credits
|
80.4 | 98.9 | 108.1 | 115.9 | 70.8 | 78.7 | ||||||||||||||||||
Current Assets
|
3,462.3 | 4,588.9 | 5,164.9 | 4,926.3 | 4,715.1 | 5,312.3 | ||||||||||||||||||
Deferred Income tax and social contribution
|
715.3 | 1,026.4 | 959.7 | 1,108.2 | 543.0 | 528.1 | ||||||||||||||||||
Advances to Suppliers
|
46.0 | 27.5 | 39.6 | 49.7 | 21.9 | 28.8 | ||||||||||||||||||
Related Parties
|
92.0 | 1,215.4 | 1,176.6 | 1,195.8 | 753.2 | 733.4 | ||||||||||||||||||
Recoverable Taxes
|
55.1 | 124.5 | 123.6 | 122.2 | 111.9 | 97.3 | ||||||||||||||||||
Judicial Deposits
|
218.4 | 372.5 | 491.1 | 495.6 | 509.2 | 514.6 | ||||||||||||||||||
Other financial assets
|
420.4 | 290.3 | 418.6 | 415.5 | 790.4 | 796.8 | ||||||||||||||||||
Other non-current assets
|
443.8 | 1,103.6 | 966.5 | 966.2 | 493.2 | 486.5 | ||||||||||||||||||
Investments
|
304.1 | 333.9 | 358.1 | 368.6 | 419.0 | 611.9 | ||||||||||||||||||
Biological Assets
|
1,561.1 | 795.1 | 717.0 | 767.9 | 968.0 | 1,061.6 | ||||||||||||||||||
Property, Plant and Equipment
|
7,980.5 | 8,260.0 | 7,928.8 | 7,835.2 | 7,867.0 | 7,678.3 | ||||||||||||||||||
Intangible
|
3,445.7 | 4,125.3 | 4,531.1 | 4,593.8 | 4,932.3 | 4,878.7 | ||||||||||||||||||
Non-current Assets
|
15,282.4 | 17,674.4 | 17,710.7 | 17,918.7 | 17,409.0 | 17,416.2 | ||||||||||||||||||
Total Assets
|
18,744.7 | 22,263.4 | 22,875.6 | 22,845.0 | 22,124.1 | 22,728.5 | ||||||||||||||||||
Current portion of long-term debt
|
916.4 | 627.1 | 758.7 | 725.7 | 537.1 | 1,206.8 | ||||||||||||||||||
Derivatives
|
132.3 | 94.3 | 29.3 | 15.7 | 9.6 | 40.8 | ||||||||||||||||||
Trade Accounts Payable
|
558.8 | 621.6 | 757.5 | 765.4 | 606.0 | 633.3 | ||||||||||||||||||
Salaries Payable
|
183.6 | 183.3 | 191.5 | 158.2 | 183.7 | 232.5 | ||||||||||||||||||
Taxes payable
|
245.3 | 247.1 | 328.9 | 282.4 | 241.7 | 176.0 | ||||||||||||||||||
Dividends payable
|
190.3 | 195.7 | 21.2 | 15.9 | 16.8 | 266.8 | ||||||||||||||||||
Related Parties
|
41.2 | 186.8 | 163.2 | 228.5 | 175.0 | 169.3 | ||||||||||||||||||
Liabilities held for sale
|
- | 112.5 | ||||||||||||||||||||||
Other Liabilities
|
189.6 | 273.1 | 306.4 | 215.0 | 308.0 | 283.6 | ||||||||||||||||||
Current Liabilities
|
2,457.4 | 2,428.9 | 2,556.7 | 2,406.9 | 2,077.9 | 3,121.6 | ||||||||||||||||||
Long-term debt
|
6,274.9 | 3,699.4 | 4,407.8 | 4,402.3 | 4,476.9 | 4,480.2 | ||||||||||||||||||
Taxes payable
|
639.1 | 1,123.0 | 1,180.0 | 1,184.8 | 1,202.6 | 1,183.8 | ||||||||||||||||||
Provision for judicial demands
|
666.3 | 940.8 | 975.8 | 1,026.7 | 1,051.7 | 1,089.8 | ||||||||||||||||||
Related Parties
|
4.4 | 371.2 | 546.3 | 468.5 | 389.7 | 375.4 | ||||||||||||||||||
Pension
|
24.4 | 25.9 | 27.4 | 28.9 | 37.3 | 37.7 | ||||||||||||||||||
Deferred Income taxes
|
1,511.0 | 3,546.4 | 3,159.1 | 3,116.5 | 2,443.4 | 2,299.3 | ||||||||||||||||||
Other non-current liabilities
|
382.9 | 814.4 | 752.1 | 777.1 | 828.1 | 769.2 | ||||||||||||||||||
Non-current Assets
|
9,502.9 | 10,521.0 | 11,048.4 | 11,004.8 | 10,429.8 | 10,235.5 | ||||||||||||||||||
Common stock
|
4,691.8 | 4,691.8 | 4,691.8 | 4,691.8 | 4,691.8 | 4,691.8 | ||||||||||||||||||
Treasury shares
|
(19.4 | ) | (19.4 | ) | (66.3 | ) | (67.7 | ) | (67.7 | ) | (67.7 | ) | ||||||||||||
Capital Reserve
|
537.5 | 637.8 | 609.9 | 661.3 | 690.5 | 737.2 | ||||||||||||||||||
Profits Reserve
|
1,249.0 | 1,249.0 | 1,232.2 | 1,232.2 | 3,837.1 | 3,588.1 | ||||||||||||||||||
Accumulated earnings
|
- | 2,299.3 | 2,362.5 | 2,456.3 | - | (17.1 | ) | |||||||||||||||||
Equity attributable to owners of the Company
|
6,458.9 | 8,858.6 | 8,830.2 | 8,973.9 | 9,151.8 | 8,932.3 | ||||||||||||||||||
Equity attributable to non-controlling interests
|
325.5 | 454.9 | 440.3 | 459.4 | 464.6 | 439.0 | ||||||||||||||||||
Total equity
|
6,784.3 | 9,313.4 | 9,270.5 | 9,433.4 | 9,616.4 | 9,371.4 | ||||||||||||||||||
Total liabilities and equity
|
18,744.7 | 22,263.4 | 22,875.6 | 22,845.0 | 22,124.1 | 22,728.5 |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Statement of Cash Flows
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Mar'12
|
Jun'12
|
|||||||||||||||||||||
(in R$ million)
|
FY11
|
1Q12 | 2Q12 | 3Q12 | 4Q12 |
FY12
|
1Q13 | |||||||||||||||||||||
Net Income
|
771.6 | 2,299.3 | 63.2 | 93.8 | 149.6 | 2,605.8 | (16.1 | ) | ||||||||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Depreciation and Amortization
|
1,359.0 | 303.7 | 365.5 | 254.6 | 219.0 | 1,142.8 | 259.2 | |||||||||||||||||||||
Biological Assets
|
(381.9 | ) | (20.9 | ) | 38.8 | 20.0 | (97.9 | ) | (60.1 | ) | (17.5 | ) | ||||||||||||||||
Stock option
|
- | - | - | 4.8 | 6.0 | 10.8 | 3.3 | |||||||||||||||||||||
Equity income of associates
|
(25.19 | ) | (1.96 | ) | 1.31 | (0.01 | ) | (32.60 | ) | (33.27 | ) | (7.63 | ) | |||||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
(35.3 | ) | 17.0 | (11.5 | ) | (27.6 | ) | (71.8 | ) | (93.9 | ) | (58.6 | ) | |||||||||||||||
Deferred Income and Social Contribution Taxes
|
329.1 | 1,197.8 | (277.7 | ) | 69.7 | (27.0 | ) | 962.8 | (164.6 | ) | ||||||||||||||||||
Non-controlling interest
|
5.00 | 3.11 | 23.67 | 12.97 | (0.80 | ) | 38.96 | 8.50 | ||||||||||||||||||||
Interest, monetary and exchange variations, net
|
238.5 | (33.7 | ) | 562.3 | 126.6 | (20.0 | ) | 635.1 | 394.5 | |||||||||||||||||||
Effects of Formation of Raízen
|
- | (3,315.1 | ) | 18.2 | - | 198.5 | (3,098.5 | ) | - | |||||||||||||||||||
Other Non-cash Items
|
7.5 | 5.2 | (5.2 | ) | - | (5.7 | ) | (5.7 | ) | 0.6 | ||||||||||||||||||
Variation on Assets and Liabilities
|
||||||||||||||||||||||||||||
Accounts receivable
|
164.7 | (123.3 | ) | (105.6 | ) | (38.6 | ) | (93.8 | ) | (361.1 | ) | (68.7 | ) | |||||||||||||||
Restricted Cash
|
(143.0 | ) | 113.5 | 7.7 | (35.5 | ) | (6.2 | ) | 79.5 | (37.5 | ) | |||||||||||||||||
Inventories
|
84.58 | (326.63 | ) | (311.82 | ) | (34.70 | ) | 486.37 | (186.78 | ) | (102.56 | ) | ||||||||||||||||
Related Parties
|
(50.1 | ) | (1,033.6 | ) | 142.6 | (87.8 | ) | 227.2 | (751.7 | ) | (83.7 | ) | ||||||||||||||||
Advances to Suppliers
|
16.8 | (122.1 | ) | 18.2 | 21.5 | (20.9 | ) | (103.3 | ) | (22.0 | ) | |||||||||||||||||
Accounts payable
|
(32.36 | ) | 241.24 | 124.96 | 7.99 | (153.98 | ) | 220.21 | 46.73 | |||||||||||||||||||
Salaries payable
|
36.2 | 110.9 | 5.1 | (33.3 | ) | 25.5 | 108.2 | 56.1 | ||||||||||||||||||||
Provision for judicial demands from legal proceedings
|
26.9 | 33.1 | (33.1 | ) | 50.9 | 93.1 | 144.0 | 38.1 | ||||||||||||||||||||
Derivatives
|
13.3 | (79.8 | ) | (62.1 | ) | (4.4 | ) | 34.0 | (112.3 | ) | 6.0 | |||||||||||||||||
Taxes payable
|
- | 908.8 | 15.5 | (59.0 | ) | 21.0 | 886.3 | (54.4 | ) | |||||||||||||||||||
Recoverable taxes
|
- | - | - | - | (17.1 | ) | (17.1 | ) | (14.8 | ) | ||||||||||||||||||
Other assets and liabilities, net
|
(48.3 | ) | 429.6 | (6.8 | ) | (55.0 | ) | (416.9 | ) | (49.1 | ) | (120.4 | ) | |||||||||||||||
Cash Flow from Operating Activities
|
2,337.1 | 606.1 | 573.3 | 286.9 | 495.2 | 1,961.5 | 44.7 | |||||||||||||||||||||
Aquisitions, net of aquired cash and advances for future capital
|
||||||||||||||||||||||||||||
increases
|
||||||||||||||||||||||||||||
(157.3 | ) | - | - | - | (72.9 | ) | (72.9 | ) | (200.3 | ) | ||||||||||||||||||
Contributed cash to Raízen's formation
|
- | (173.1 | ) | - | - | - | (173.1 | ) | - | |||||||||||||||||||
Additions on Investments, Net of Cash Received
|
- | - | (99.1 | ) | (0.9 | ) | 57.6 | (42.3 | ) | - | ||||||||||||||||||
Additions on Property, Plant and Equipment
|
(2,291.6 | ) | (491.5 | ) | (243.3 | ) | (346.3 | ) | (503.4 | ) | (1,584.5 | ) | (281.2 | ) | ||||||||||||||
Biological Assets expenses
|
(745.6 | ) | (217.2 | ) | (117.9 | ) | (107.0 | ) | (109.9 | ) | (552.0 | ) | (160.5 | ) | ||||||||||||||
Cash Received on Sale of other Fixed Assets
|
48.8 | - | 42.3 | 53.8 | 86.0 | 182.1 | 147.6 | |||||||||||||||||||||
Cash reclassified from discontinued operations
|
(29.8 | ) | ||||||||||||||||||||||||||
Cash Received on Aquisitions or Mergers
|
- | - | - | - | - | - | 0.1 | |||||||||||||||||||||
Net Cash Flow from Investment Activities
|
(3,145.7 | ) | (881.8 | ) | (418.0 | ) | (400.3 | ) | (542.7 | ) | (2,242.8 | ) | (524.2 | ) | ||||||||||||||
Additions of Debt
|
2,719.5 | 1,281.1 | 483.8 | 156.2 | 245.7 | 2,166.7 | 568.7 | |||||||||||||||||||||
Payments of Principal and Interest on Debt
|
(1,967.9 | ) | (1,121.3 | ) | (206.0 | ) | (318.2 | ) | (197.9 | ) | (1,843.4 | ) | (298.1 | ) | ||||||||||||||
Capital Increase
|
4.0 | - | - | - | - | - | - | |||||||||||||||||||||
Capital Increase by noncontrolling interests
|
400.0 | 139.9 | - | - | 421.0 | 560.9 | - | |||||||||||||||||||||
Treasury Shares
|
(15.2 | ) | - | (46.9 | ) | (1.4 | ) | - | (48.3 | ) | - | |||||||||||||||||
Dividends
|
(193.1 | ) | - | (192.7 | ) | - | - | (192.7 | ) | - | ||||||||||||||||||
Related Parties
|
37.1 | - | - | - | - | - | - | |||||||||||||||||||||
Cash Flows from Financing Activities
|
984.3 | 299.8 | 38.2 | (163.4 | ) | 468.8 | 643.4 | 270.6 | ||||||||||||||||||||
Total Cash Flow
|
175.7 | 24.1 | 193.5 | (276.8 | ) | 421.3 | 362.1 | (209.0 | ) | |||||||||||||||||||
Cash & Equivalents, Beginning
|
1,078.4 | 1,254.1 | 1,278.2 | 1,471.7 | (2,749.8 | ) | 1,254.1 | 1,616.2 | ||||||||||||||||||||
Cash & Equivalents, Closing
|
1,254.1 | 1,278.2 | 1,471.7 | 1,194.9 | (2,328.6 | ) | 1,616.2 | 1,407.2 | ||||||||||||||||||||
- | ||||||||||||||||||||||||||||
Income Tax and Social Contribution on net income paid
|
38.8 | 35.4 | 63.5 | 52.6 | 28.2 | 179.7 | 36.8 | |||||||||||||||||||||
Interest Paid on Loans and financing
|
450.1 | 77.8 | 74.0 | 65.0 | 87.8 | 304.6 | 58.1 | |||||||||||||||||||||
Loss on discontinued operations
|
- | - | - | - | - | - | (0.9 | ) |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Income Statement
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Mar'12
|
Jun'12
|
||||||||||||||||||||||
(in R$ million)
|
FY11
|
1Q12
|
2Q12
|
3Q12
|
4Q12
|
FY12
|
1Q13
|
||||||||||||||||||||||
(=)
|
Net Operating Revenue
|
18,063.5
|
5,188.0
|
6,804.3
|
6,310.7
|
5,793.9
|
24,096.9
|
6,125.6
|
|||||||||||||||||||||
(-)
|
Cost of Goods Sold and Services Rendered
|
(15,150.1
|
)
|
(4,600.0
|
)
|
(6,042.4
|
)
|
(5,670.9
|
)
|
(5,151.8
|
)
|
(21,465.0
|
)
|
(5,651.2
|
)
|
||||||||||||||
(=)
|
Gross Profit
|
2,913.4
|
588.0
|
761.9
|
639.8
|
642.1
|
2,631.9
|
474.4
|
|||||||||||||||||||||
Net Gross Margin (%)
|
16.1
|
%
|
11.3
|
%
|
11.2
|
%
|
10.1
|
%
|
-21.7
|
%
|
10.9
|
%
|
7.7
|
%
|
|||||||||||||||
(-)
|
Operating Income (Expenses):
|
(1,605.3
|
)
|
2,481.6
|
(469.7
|
)
|
(401.1
|
)
|
(494.9
|
)
|
1,116.0
|
(308.0
|
)
|
||||||||||||||||
(-)
|
Selling Expenses
|
(1,026.0
|
)
|
(261.2
|
)
|
(295.3
|
)
|
(270.4
|
)
|
(309.5
|
)
|
(1,136.3
|
)
|
(212.4
|
)
|
||||||||||||||
(-)
|
General and Administrative Expenses
|
(545.5
|
)
|
(150.5
|
)
|
(159.5
|
)
|
(160.3
|
)
|
(175.8
|
)
|
(646.0
|
)
|
(158.7
|
)
|
||||||||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(33.8
|
)
|
22.0
|
3.2
|
29.6
|
90.7
|
145.6
|
63.1
|
||||||||||||||||||||
(±)
|
Effects of Formation of Raízen
|
-
|
2,871.2
|
(18.2
|
)
|
-
|
(100.3
|
)
|
2,752.7
|
-
|
|||||||||||||||||||
(=)
|
Operating Income
|
1,308.1
|
3,069.5
|
292.2
|
238.8
|
147.3
|
3,747.8
|
166.4
|
|||||||||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(126.0
|
)
|
13.5
|
(395.8
|
)
|
(70.6
|
)
|
7.7
|
(445.3
|
)
|
(311.2
|
)
|
||||||||||||||||
(±)
|
Financial results, net
|
(151.1
|
)
|
11.6
|
(394.5
|
)
|
(70.6
|
)
|
(24.9
|
)
|
(478.5
|
)
|
(318.8
|
)
|
|||||||||||||||
(±)
|
Equity income of associates
|
25.19
|
1.96
|
(1.30
|
)
|
0.01
|
32.60
|
33.27
|
7.63
|
||||||||||||||||||||
(=)
|
Income (Loss) Before taxes
|
1,182.2
|
3,083.1
|
(103.6
|
)
|
168.1
|
155.0
|
3,302.5
|
(144.8
|
)
|
|||||||||||||||||||
(±)
|
Income Tax and Social Contribution
|
(414.5
|
)
|
(1,224.6
|
)
|
188.2
|
(63.8
|
)
|
(10.0
|
)
|
(1,110.2
|
)
|
131.4
|
||||||||||||||||
(±)
|
Non-controlling interest
|
(296.75
|
)
|
(872.96
|
)
|
(47.42
|
)
|
(48.16
|
)
|
(42.45
|
)
|
(1,010.99
|
)
|
(10.71
|
)
|
||||||||||||||
(=)
|
Net Income for the period from continued op
|
470.9
|
985.5
|
37.2
|
56.2
|
102.5
|
1,181.3
|
(24.1
|
)
|
||||||||||||||||||||
Net Income from discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
(0.93
|
)
|
|||||||||||||||||||||
Net income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(25.05
|
)
|
|||||||||||||||||||||
Net Margin (%)
|
0.0
|
%
|
19.0
|
%
|
0.5
|
%
|
0.9
|
%
|
1.8
|
%
|
4.9
|
%
|
-0.4
|
%
|
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Balance Sheet
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Jun'12
|
||||||||||||||||||
(in R$ million)
|
FY11
|
1Q12 | 2Q12 | 3Q12 |
FY12
|
1Q13 | ||||||||||||||||||
Cash and Cash Equivalents
|
1,271.8 | 1,295.3 | 1,482.9 | 1,283.4 | 1,654.1 | 1,428.7 | ||||||||||||||||||
Restricted Cash
|
187.9 | 60.2 | 52.5 | 88.1 | 94.3 | 131.8 | ||||||||||||||||||
Accounts receivable
|
594.9 | 825.2 | 983.7 | 1,022.3 | 963.6 | 960.5 | ||||||||||||||||||
Derivatives
|
55.7 | 60.2 | 29.4 | 59.6 | 19.6 | 114.9 | ||||||||||||||||||
Inventories
|
670.3 | 1,002.0 | 1,361.8 | 1,354.4 | 748.2 | 893.5 | ||||||||||||||||||
Advances to Suppliers
|
229.3 | 172.2 | 141.9 | 110.2 | - | 174.1 | ||||||||||||||||||
Related Parties
|
14.7 | 680.3 | 599.7 | 655.8 | 678.4 | 758.5 | ||||||||||||||||||
Recoverable Taxes
|
375.0 | 411.7 | 416.0 | 325.0 | 325.1 | 342.2 | ||||||||||||||||||
Assets Held For Sale
|
- | 410.7 | ||||||||||||||||||||||
Other financial assets
|
- | - | - | - | 40.1 | 40.1 | ||||||||||||||||||
Other credits
|
81.0 | 99.0 | 108.1 | 115.9 | 230.3 | 79.0 | ||||||||||||||||||
Current Assets
|
3,480.6 | 4,606.2 | 5,176.1 | 5,014.7 | 4,753.6 | 5,334.0 | ||||||||||||||||||
Deferred Income tax and social contribution
|
715.3 | 1,026.4 | 959.7 | 1,108.2 | 543.0 | 528.1 | ||||||||||||||||||
Advances to Suppliers
|
46.0 | 27.5 | 39.6 | 49.7 | 21.9 | 28.8 | ||||||||||||||||||
Related Parties
|
92.0 | 1,215.4 | 1,176.6 | 1,195.8 | 753.2 | 733.4 | ||||||||||||||||||
Recoverable Taxes
|
55.1 | 124.5 | 123.6 | 122.2 | 111.9 | 97.3 | ||||||||||||||||||
Judicial Deposits
|
218.4 | 372.5 | 491.1 | 495.6 | 509.2 | 514.6 | ||||||||||||||||||
Other financial assets
|
420.4 | 290.3 | 418.6 | 415.5 | 790.4 | 796.8 | ||||||||||||||||||
Other non-current assets
|
449.3 | 1,108.3 | 972.1 | 971.9 | 498.7 | 492.7 | ||||||||||||||||||
Investments
|
304.1 | 333.9 | 358.1 | 368.6 | 419.0 | 611.9 | ||||||||||||||||||
Biological Assets
|
1,561.1 | 795.1 | 717.0 | 767.9 | 968.0 | 1,061.6 | ||||||||||||||||||
Property, Plant and Equipment
|
7,980.5 | 8,260.0 | 7,928.8 | 7,835.2 | 7,867.0 | 7,678.3 | ||||||||||||||||||
Intangible
|
3,889.6 | 4,125.3 | 4,531.1 | 4,593.8 | 4,932.3 | 4,878.7 | ||||||||||||||||||
Non-current Assets
|
15,731.8 | 17,679.2 | 17,716.4 | 17,924.4 | 17,414.5 | 17,422.3 | ||||||||||||||||||
Total Assets
|
19,212.4 | 22,285.3 | 22,892.5 | 22,939.2 | 22,168.1 | 22,756.3 | ||||||||||||||||||
Current portion of long-term debt
|
957.1 | 666.1 | 805.1 | 773.6 | 540.2 | 1,212.5 | ||||||||||||||||||
Derivatives
|
132.3 | 94.3 | 29.3 | 15.7 | 9.6 | 40.8 | ||||||||||||||||||
Trade Accounts Payable
|
558.8 | 621.6 | 757.5 | 765.4 | 606.0 | 633.3 | ||||||||||||||||||
Salaries Payable
|
183.6 | 183.3 | 191.5 | 158.2 | 183.7 | 232.5 | ||||||||||||||||||
Taxes payable
|
245.3 | 247.1 | 328.9 | 282.4 | 241.7 | 176.0 | ||||||||||||||||||
Dividends payable
|
72.2 | 82.9 | 9.1 | 8.7 | 9.7 | 103.2 | ||||||||||||||||||
Related Parties
|
41.2 | 186.8 | 163.2 | 228.5 | 175.5 | 169.3 | ||||||||||||||||||
Liabilities Held for Sale
|
- | 112.5 | ||||||||||||||||||||||
Other Liabilities
|
190.4 | 273.8 | 307.3 | 215.9 | 308.0 | 284.1 | ||||||||||||||||||
Current Liabilities
|
2,380.8 | 2,355.9 | 2,591.8 | 2,448.5 | 2,074.5 | 2,964.3 | ||||||||||||||||||
Long-term debt
|
6,274.9 | 3,699.4 | 4,407.8 | 4,589.9 | 4,659.2 | 4,682.3 | ||||||||||||||||||
Taxes payable
|
639.1 | 1,123.0 | 1,180.0 | 1,184.8 | 1,202.6 | 1,183.8 | ||||||||||||||||||
Provision for judicial demands
|
666.3 | 940.8 | 975.8 | 1,026.7 | 1,051.7 | 1,089.8 | ||||||||||||||||||
Earn-out provision
|
- | - | - | - | - | - | ||||||||||||||||||
Related Parties
|
4.4 | 371.2 | 546.3 | 468.5 | 389.7 | 375.4 | ||||||||||||||||||
Pension
|
24.4 | 25.9 | 27.4 | 28.9 | 37.3 | 37.7 | ||||||||||||||||||
Deferred Income taxes
|
1,511.0 | 3,546.4 | 3,159.1 | 3,116.5 | 2,443.4 | 2,299.3 | ||||||||||||||||||
Other non-current liabilities
|
382.9 | 814.4 | 752.1 | 777.1 | 828.1 | 769.2 | ||||||||||||||||||
Non-current Assets
|
9,502.9 | 10,521.0 | 11,048.4 | 11,192.3 | 10,612.0 | 10,437.6 | ||||||||||||||||||
Common stock
|
5.3 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 | ||||||||||||||||||
Treasury shares
|
- | - | - | (109.4 | ) | - | - | |||||||||||||||||
Capital Reserve
|
3,668.2 | 3,725.5 | 3,718.8 | 3,750.3 | 3,634.7 | 3,631.2 | ||||||||||||||||||
Profits Reserve
|
- | 1,872.5 | 1,773.6 | (191.4 | ) | - | - | |||||||||||||||||
Accumulated earnings
|
887.3 | - | - | 1,824.9 | 1,937.3 | 1,911.6 | ||||||||||||||||||
Equity attributable to owners of the Company
|
4,560.9 | 5,603.3 | 5,497.7 | 5,471.1 | 5,577.3 | 5,548.2 | ||||||||||||||||||
Equity attributable to non-controlling interests
|
2,767.8 | 3,805.0 | 3,754.5 | 3,827.2 | 3,904.3 | 3,806.2 | ||||||||||||||||||
Total equity
|
7,328.7 | 9,408.4 | 9,252.2 | 9,298.3 | 9,481.6 | 9,354.4 | ||||||||||||||||||
Total liabilities and equity
|
19,212.4 | 22,285.3 | 22,892.5 | 22,939.2 | 22,168.1 | 22,756.3 |
Earnings Release
1st Quarter of Fiscal Year 2013 – April, May and June of 2012
|
Statement of Cash Flows
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Mar'12
|
Jun'12
|
|||||||||||||||||||||
(in R$ million)
|
FY11
|
1Q12 | 2Q12 | 3Q12 | 4Q12 |
FY12
|
1Q13 | |||||||||||||||||||||
Net Income
|
767.7 | 1,858.1 | 84.6 | 104.3 | 145.3 | 2,192.3 | (25.0 | ) | ||||||||||||||||||||
Depreciation and Amortization
|
1,359.0 | 303.7 | 365.5 | 254.7 | 218.8 | 1,142.8 | 259.2 | |||||||||||||||||||||
Biological Assets
|
(381.9 | ) | (20.9 | ) | 38.8 | 20.0 | (97.9 | ) | (60.1 | ) | (17.5 | ) | ||||||||||||||||
Equity income of associates
|
(25.2 | ) | (1.9 | ) | 1.3 | 0.0 | (32.6 | ) | (33.3 | ) | (7.6 | ) | ||||||||||||||||
Stock option
|
- | - | - | 4.80 | 6.00 | 10.80 | 3.3 | |||||||||||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
(35.3 | ) | 17.0 | (11.5 | ) | (27.6 | ) | (71.8 | ) | (93.9 | ) | (58.6 | ) | |||||||||||||||
Deferred Income and Social Contribution Taxes
|
329.1 | 1,197.8 | (277.7 | ) | 69.7 | (27.0 | ) | 962.8 | (164.6 | ) | ||||||||||||||||||
Non-controlling interest
|
- | - | - | - | - | - | 10.7 | |||||||||||||||||||||
Interest, monetary and exchange variations, net
|
238.5 | (27.6 | ) | 569.6 | 136.4 | (31.9 | ) | 646.5 | 396.7 | |||||||||||||||||||
Effects of Formation of Raízen
|
- | (2,871.2 | ) | 18.2 | - | 2.2 | (2,850.9 | ) | - | |||||||||||||||||||
Capital gains
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Other Non-cash Items
|
7.5 | 3.5 | 13.4 | (4.6 | ) | (18.0 | ) | (5.7 | ) | 0.6 | ||||||||||||||||||
Variation on Assets and Liabilities
|
||||||||||||||||||||||||||||
Accounts receivable
|
164.7 | (123.3 | ) | (105.6 | ) | (38.6 | ) | (93.8 | ) | (361.1 | ) | (68.7 | ) | |||||||||||||||
Restricted Cash
|
(142.97 | ) | 113.48 | 7.70 | (35.51 | ) | (6.22 | ) | 79.45 | (37.49 | ) | |||||||||||||||||
Judicial Deposits
|
- | (108.1 | ) | 108.1 | - | - | - | - | ||||||||||||||||||||
Inventories
|
84.6 | (326.6 | ) | (311.8 | ) | (34.7 | ) | 486.4 | (186.8 | ) | (102.6 | ) | ||||||||||||||||
Taxes recoverable
|
- | - | - | (17.13 | ) | - | (17.13 | ) | - | |||||||||||||||||||
Related Parties
|
- | (1,033.6 | ) | 142.6 | (801.5 | ) | 940.9 | (751.7 | ) | (83.7 | ) | |||||||||||||||||
Advances to Suppliers
|
16.8 | (122.1 | ) | 18.2 | 21.5 | (20.9 | ) | (103.3 | ) | (22.0 | ) | |||||||||||||||||
Accounts payable
|
(32.4 | ) | 241.2 | 125.0 | 8.0 | (154.0 | ) | 220.2 | 46.7 | |||||||||||||||||||
Salaries payable
|
36.2 | 110.9 | 5.1 | (33.3 | ) | 25.5 | 108.2 | 56.1 | ||||||||||||||||||||
Provision for judicial demands from legal proceedings
|
26.9 | 33.1 | (33.1 | ) | 118.9 | 25.0 | 144.0 | 38.1 | ||||||||||||||||||||
Derivatives
|
13.3 | 908.8 | (1,050.0 | ) | (4.4 | ) | 33.3 | (112.3 | ) | 6.0 | ||||||||||||||||||
Taxes payable
|
(50.1 | ) | (79.2 | ) | 1,003.4 | (59.0 | ) | 21.0 | 886.3 | (54.4 | ) | |||||||||||||||||
Other assets and liabilities, net
|
(49.2 | ) | 532.4 | (120.7 | ) | (101.3 | ) | (176.0 | ) | 134.5 | (140.9 | ) | ||||||||||||||||
- | - | - | - | - | ||||||||||||||||||||||||
Cash Flow from Operating Activities
|
2,327.2 | 605.5 | 591.0 | (419.2 | ) | 1,174.3 | 1,951.6 | 34.5 | ||||||||||||||||||||
Aquisitions, net of aquired cash and advances for future
|
(157.3 | ) | - | - | - | (72.9 | ) | (72.9 | ) | (200.3 | ) | |||||||||||||||||
Acquisition of the sugar retail business
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Contributed cash to Raízen's formation
|
- | (173.1 | ) | 0.0 | - | - | (173.1 | ) | - | |||||||||||||||||||
Redemption of shares in subsidiary
|
- | - | - | - | (99.8 | ) | (99.8 | ) | - | |||||||||||||||||||
Received Dividends
|
- | - | - | - | 121.4 | 121.4 | - | |||||||||||||||||||||
Additions on Investments, Net of Cash Received
|
- | - | (99.1 | ) | (0.9 | ) | 57.6 | (42.3 | ) | - | ||||||||||||||||||
Additions on Property, Plant and Equipment
|
(2,291.6 | ) | (491.5 | ) | (243.3 | ) | (346.3 | ) | (503.4 | ) | (1,584.5 | ) | (281.2 | ) | ||||||||||||||
Sugarcane planting and growing costs
|
(745.6 | ) | (217.2 | ) | (117.9 | ) | (107.0 | ) | (109.9 | ) | (552.0 | ) | (160.5 | ) | ||||||||||||||
Proceeds from sale of property,plant and equipment, intangible and investments
|
147.6 | |||||||||||||||||||||||||||
Treasury Shares
|
(17.3 | ) | ||||||||||||||||||||||||||
Cash received on acquisition of control of Mine
|
0.1 | |||||||||||||||||||||||||||
Cash Received on Sale of aviation fuels business
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Cash Received on Sale of other Fixed Assets
|
48.8 | - | 42.3 | 53.8 | 86.0 | 182.1 | - | |||||||||||||||||||||
Cash reclassified from discontinued operations
|
(29.8 | ) | ||||||||||||||||||||||||||
Cash Flow from Investment Activities
|
(3,145.7 | ) | (881.8 | ) | (418.0 | ) | (400.3 | ) | (521.1 | ) | (2,221.1 | ) | (541.5 | ) | ||||||||||||||
Additions of Debt
|
2,719.5 | 1,281.1 | 483.8 | 335.9 | 245.7 | 2,346.4 | 568.7 | |||||||||||||||||||||
Payments of Principal and Interest on Debt
|
(1,971.6 | ) | (1,121.3 | ) | (206.0 | ) | 395.6 | (957.7 | ) | (1,889.4 | ) | (298.1 | ) | |||||||||||||||
Capital Increase
|
4.0 | - | - | - | - | - | - | |||||||||||||||||||||
Capital Increase by noncontrolling interests
|
400.0 | 139.9 | 0.0 | - | 421.0 | 560.9 | - | |||||||||||||||||||||
Treasury Shares
|
(15.2 | ) | - | (54.4 | ) | (101.2 | ) | 107.4 | (48.3 | ) | - | |||||||||||||||||
Dividends
|
(193.1 | ) | - | (228.2 | ) | (4.8 | ) | (100.6 | ) | (333.7 | ) | - | ||||||||||||||||
Acquisition of shares of subsidiary
|
37.1 | - | - | (4.6 | ) | 4.6 | - | - | ||||||||||||||||||||
Related parties
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Cash Flows from Financing Activities
|
980.7 | 299.8 | (4.9 | ) | 620.8 | (279.6 | ) | 636.1 | 270.6 | |||||||||||||||||||
Exchange rate variation excluding Cash and Cash E
|
(1.2 | ) | 19.3 | (0.4 | ) | (3.1 | ) | 15.8 | 10.9 | |||||||||||||||||||
- | - | 0 | - | - | ||||||||||||||||||||||||
Total Cash Flow
|
162.2 | 23.5 | 168.2 | (198.7 | ) | 373.602872 | 366.6 | (225.5 | ) | |||||||||||||||||||
- | - | 0 | - | - | ||||||||||||||||||||||||
Cash & Equivalents, Beginning
|
1,110.8 | 1,271.8 | 1,295.3 | 1,482.9 | (2,778.1 | ) | 1,271.8 | 1,654.1 | ||||||||||||||||||||
Cash & Equivalents, Closing
|
1,271.8 | 1,295.3 | 1,482.9 | 1,283.4 | (2,407.4 | ) | 1,654.1 | 1,428.7 | ||||||||||||||||||||
Income tax and social contribution on net income paid
|
- | 35.4 | 63.5 | 31.0 | 49.8 | 179.7 | 36.8 | |||||||||||||||||||||
Interest paid on loans and financing
|
- | 77.9 | 73.9 | 51.9 | 246.3 | 450.1 | 58.1 | |||||||||||||||||||||
Loss on discontinued operations
|
- | - | - | - | - | - | (0.9 | ) |
Independent Auditor´s Review Report
|
1
|
Consolidated statements of financial position
|
3
|
Consolidated income statements
|
5
|
Consolidated statements of comprehensive income
|
6
|
Consolidated statements of changes in equity
|
7
|
Consolidated statements of cash flows
|
8
|
Notes to the consolidated financial statements
|
10
|
Cosan Limited
|
|
Consolidated statements of financial position
|
|
June 30, 2012 and March 31, 2012
|
|
(In thousands of Reais)
|
Asset
|
Note
|
June 30, 2012
|
March 31, 2012
|
|||||||||
Current
|
||||||||||||
Cash and cash equivalents
|
3 | 1,428,676 | 1,654,146 | |||||||||
Restricted cash
|
4 | 131,754 | 94,268 | |||||||||
Accounts receivable
|
6 | 960,536 | 963,587 | |||||||||
Derivatives
|
114,918 | 19,590 | ||||||||||
Inventories
|
7 | 893,481 | 748,150 | |||||||||
Related Parties
|
9 | 758,546 | 678,374 | |||||||||
Advances to suppliers
|
174,107 | 159,028 | ||||||||||
Recoverable taxes
|
8 | 342,172 | 325,096 | |||||||||
Other financial assets
|
5 | 40,080 | 40,080 | |||||||||
Dividends receivable
|
12,497 | 861 | ||||||||||
Assets held for sale
|
410,726 | - | ||||||||||
Other credits
|
66,511 | 70,400 | ||||||||||
5,334,004 | 4,753,580 | |||||||||||
Non current
|
||||||||||||
Accounts receivables
|
6 | 73,154 | 81,627 | |||||||||
Deferred Income tax and social contribution
|
528,123 | 543,024 | ||||||||||
Advances to suppliers
|
28,771 | 21,865 | ||||||||||
Related parties
|
9 | 733,436 | 753,153 | |||||||||
Recoverable taxes
|
8 | 97,337 | 111,856 | |||||||||
Judicial deposits
|
18 | 514,616 | 509,235 | |||||||||
Other financial assets
|
5 | 796,803 | 790,402 | |||||||||
Other non current asset
|
419,524 | 417,107 | ||||||||||
Equity method investments
|
11 | 611,932 | 419,029 | |||||||||
Biological Assets
|
12 | 1,061,567 | 968,023 | |||||||||
Propert, plant and equipment
|
13 | 7,678,322 | 7,866,963 | |||||||||
Intangible assets
|
14 | 4,878,745 | 4,932,255 | |||||||||
17,422,330 | 17,414,539 | |||||||||||
Total asset
|
22,756,334 | 22,168,119 |
Cosan Limited
|
|
Consolidated statements of financial position
|
|
June 30, 2012 and March 31, 2012
|
|
(In thousands of Reais)
|
Liabilities
|
||||||||||||
Current
|
Note
|
June 30, 2012
|
March 31, 2012
|
|||||||||
Current portion of long-term debt
|
15 | 1,212,476 | 540,237 | |||||||||
Derivatives
|
22 | 40,836 | 9,611 | |||||||||
Accounts payable
|
633,349 | 606,029 | ||||||||||
Salaries payable
|
232,544 | 183,660 | ||||||||||
Taxes payable
|
16 | 175,968 | 241,719 | |||||||||
Dividends payable
|
103,200 | 9,725 | ||||||||||
Related Parties
|
9 | 169,312 | 175,488 | |||||||||
Antecipaded revenue
|
48,392 | 38,040 | ||||||||||
Liabilities held for sale
|
112,527 | - | ||||||||||
Other current liabilities
|
235,675 | 269,954 | ||||||||||
2,964,279 | 2,074,463 | |||||||||||
Non current
|
||||||||||||
Long term debts
|
15 | 4,682,342 | 4,659,152 | |||||||||
Taxes payable
|
16 | 1,183,835 | 1,202,624 | |||||||||
Provision for judicial demands
|
18 | 1,089,800 | 1,051,677 | |||||||||
Related Parties
|
9 | 375,447 | 389,718 | |||||||||
Pension
|
24 | 37,663 | 37,312 | |||||||||
Deferred Income tax
|
2,299,303 | 2,443,430 | ||||||||||
Antecipaded revenue
|
190,803 | 196,260 | ||||||||||
Other non-current liabilities
|
578,429 | 631,860 | ||||||||||
10,437,622 | 10,612,033 | |||||||||||
Equity
|
19 | |||||||||||
Commom Stock
|
5,328 | 5,328 | ||||||||||
Capital Reserve
|
3,631,153 | 3,635,308 | ||||||||||
Accumulated earnings
|
1,911,641 | 1,936,687 | ||||||||||
Equity attributable to owners of the Company
|
5,548,122 | 5,577,323 | ||||||||||
Equity attributable to non-controlling interests
|
3,806,311 | 3,904,300 | ||||||||||
Total equity
|
9,354,433 | 9,481,623 | ||||||||||
Total liabilities and equity
|
22,756,334 | 22,168,119 |
Note
|
June 30, 2012
|
June 30, 2011
|
||||||||||
Net sales
|
20 | 6,125,618 | 5,187,980 | |||||||||
Cost of goods sold
|
(5,651,197 | ) | (4,599,999 | ) | ||||||||
Gross profit
|
474,421 | 587,981 | ||||||||||
Selling
|
(212,413 | ) | (261,203 | ) | ||||||||
General and administrative
|
(158,743 | ) | (150,741 | ) | ||||||||
Other, net
|
22 | 63,134 | 22,022 | |||||||||
Gain on the de-recognition of subsidiaries to form the JVs
|
- | 2,871,217 | ||||||||||
Operations income /(expenses)
|
(308,022 | ) | 2,481,295 | |||||||||
Income before financial results, equity income of associates and income taxes
|
166,399 | 3,069,276 | ||||||||||
Equity income of associates
|
7,627 | 1,961 | ||||||||||
Financial results, net
|
21 | (318,829 | ) | 11,560 | ||||||||
(311,202 | ) | 13,521 | ||||||||||
Income before income tax
|
(144,803 | ) | 3,082,797 | |||||||||
Income Taxes
|
||||||||||||
Current
|
(33,240 | ) | (26,866 | ) | ||||||||
Deferred
|
164,633 | (1,197,772 | ) | |||||||||
131,393 | (1,224,638 | ) | ||||||||||
Net income for the period from continued operations
|
(13,410 | ) | 1,858,159 | |||||||||
Net income from discontinued operations
|
(930 | ) | - | |||||||||
Net income for the period
|
(14,340 | ) | 1,858,159 | |||||||||
Net income attributable to noncontrolling shareholders
|
(10,706 | ) | (872,963 | ) | ||||||||
Net income attributable to owners of the Company
|
(25,046 | ) | 985,196 | |||||||||
Earnings per share
|
||||||||||||
Continued operations
|
(0,089 | ) | 6,865 | |||||||||
Discontinued operations
|
(0,003 | ) |
June 30, 2012
|
June 30, 2011
|
|||||||
Net Income for the period
|
(14,340 | ) | 1,858,159 | |||||
Other comprehensive income (loss)
|
||||||||
Exchange differences on translation of foreign operations - CTA
|
(9,426 | ) | (5,132 | ) | ||||
Net movement on cash flow hedge and derivatives
|
70,105 | 58,062 | ||||||
Income tax effects
|
(23,836 | ) | (19,741 | ) | ||||
Other comprehensive income for the period, net of tax
|
36,843 | 33,189 | ||||||
Total comprehensive income for the period, net of tax
|
22,503 | 1,891,348 | ||||||
Attributed to:
|
||||||||
Owners of the Company
|
(9,379 | ) | 1,003,889 | |||||
Non-controlling interests
|
31,882 | 887,459 |
Capital Reserve
|
||||||||||||||||||||||||||||
Common stock
|
Additional paid in capital
|
Other components of equity
|
Accumulated earnings
|
Total
|
Non-controlling interests
|
Total equity
|
||||||||||||||||||||||
March 31, 2012
|
5,328 | 3,841,917 | (206,609 | ) | 1,936,687 | 5,577,323 | 3,904,300 | 9,481,623 | ||||||||||||||||||||
Net Income for the period
|
- | - | - | (25,046 | ) | (25,046 | ) | 10,706 | (14,340 | ) | ||||||||||||||||||
Destinations:
|
||||||||||||||||||||||||||||
Minority interest´s acquisition
|
- | (4,741 | ) | - | - | (4,741 | ) | (17,759 | ) | (22,500 | ) | |||||||||||||||||
Adjusted reflection of asset evaluation – Hedge Accounting
|
- | - | 28,825 | - | 28,825 | 17,444 | 46,269 | |||||||||||||||||||||
Cumulative translation adjustment - CTA
|
- | - | (13,158 | ) | - | (13,158 | ) | 3,732 | (9,426 | ) | ||||||||||||||||||
Aquisition of treasury shares
|
- | (17,250 | ) | - | - | (17,250 | ) | - | (17,250 | ) | ||||||||||||||||||
Dividends
|
- | - | - | - | - | (94,245 | ) | (94,245 | ) | |||||||||||||||||||
Adjustment from impact recorded directly in equity of subsidiary
|
- | - | 98 | - | 98 | 60 | 158 | |||||||||||||||||||||
Share based compensation
|
- | 2,071 | - | - | 2,071 | 1,253 | 3,324 | |||||||||||||||||||||
Reclassifications
|
- | (700 | ) | 700 | - | - | - | - | ||||||||||||||||||||
Effect of the aquisition of a new business by Raízen Combustível
|
- | - | - | - | - | 13,692 | 13,692 | |||||||||||||||||||||
Effect on minority by Logispot business combination
|
- | - | - | - | - | (32,872 | ) | (32,872 | ) | |||||||||||||||||||
June 30, 2012
|
5,328 | 3,821,297 | (190,144 | ) | 1,911,641 | 5,548,122 | 3,806,311 | 9,354,433 |
Capital Reserve
|
||||||||||||||||||||||||||||
Common stock
|
Additional paid in capital
|
Other components of equity
|
Accumulated earnings
|
Total
|
Non-controlling interests
|
Total equity
|
||||||||||||||||||||||
March 31, 2011
|
5,328 | 3,943,881 | (275,663 | ) | 887,336 | 4,560,882 | 2,767,815 | 7,328,697 | ||||||||||||||||||||
Equity adjustment – deconsolidation of subsidiaries contributed to joint ventures
|
- | - | 40,563 | - | 40,563 | 24,683 | 65,246 | |||||||||||||||||||||
Adjusted reflection of asset evaluation – Hedge Accounting
|
- | - | 23,824 | - | 23,824 | 14,497 | 38,321 | |||||||||||||||||||||
Cumulative translation adjustment - CTA
|
- | - | (5,133 | ) | - | (5,133 | ) | - | (5,133 | ) | ||||||||||||||||||
Non-controlling shareholder contribution to the JV
|
- | - | - | - | - | 47,290 | 47,290 | |||||||||||||||||||||
Effect of corporate restructuring in the group Rumo
|
- | (1,989 | ) | - | - | (1,989 | ) | 77,780 | 75,791 | |||||||||||||||||||
Net Income for the period
|
- | - | - | 985,198 | 985,198 | 872,962 | 1,858,160 | |||||||||||||||||||||
June 30, 2011
|
5,328 | 3,941,892 | (216,409 | ) | 1,872,534 | 5,603,345 | 3,805,027 | 9,408,372 |
Operating activities cash flow
|
Jun 30, 2012
|
Jun 30, 2011
|
||||||
Net income from continuing operations
|
(25,046 | ) | 985,197 | |||||
Adjustments to reconcile net income to net cash flows from operating activities:
|
||||||||
Depreciation and ammortization
|
259,208 | 303,618 | ||||||
Variation in the biological asset fair value
|
(17,459 | ) | (20,891 | ) | ||||
Equity
|
(7,627 | ) | (1,942 | ) | ||||
Loss (gain) in the permanent asset write-off
|
(58,558 | ) | 17,049 | |||||
Stock options
|
3,323 | - | ||||||
Deferred income tax and social contribution
|
(164,633 | ) | 1,197,772 | |||||
Non-controlling shareholders’ stake
|
10,706 | 872,942 | ||||||
Monetary interest and exchange variations. net,
|
396,725 | (27,615 | ) | |||||
Effect of the formation of JV
|
- | (2,871,218 | ) | |||||
Others
|
645 | 3,495 | ||||||
Assets and liabilities variations
|
||||||||
Restricted cash
|
(37,486 | ) | 113,484 | |||||
Accounts Recievable
|
(68,654 | ) | (123,256 | ) | ||||
Inventories
|
(102,557 | ) | (326,628 | ) | ||||
Advances to suppliers
|
(22,014 | ) | (122,137 | ) | ||||
Related parties
|
(83,722 | ) | (1.033.885 | ) | ||||
Accounts payable
|
46,729 | 241,243 | ||||||
Income tax and social contribution payable
|
(54,403 | ) | 908,761 | |||||
Provision for judicial demands
|
38,123 | 33,129 | ||||||
Salaries payable
|
56,125 | 110,917 | ||||||
Derivatives
|
6,002 | (79,167 | ) | |||||
Other asset and liabilities. net
|
(140,889 | ) | 429,526 | |||||
Net Cash Flow from Operating Activities
|
34,538 | 610,394 |
Investing Activities
|
Jun 30, 2012
|
Jun 30, 2011
|
||||||
Acquisitions net of cash acquired and advances for future capital increase
|
(200,327 | ) | - | |||||
Cash contributed to the formation of Raizen
|
- | (173,116 | ) | |||||
Sugar-cane planting and growing costs
|
(160,521 | ) | (217,181 | ) | ||||
Purchase of property, plant and equipment, software and intangible assets
|
(281,232 | ) | (491,508 | ) | ||||
Treasury shares
|
(17,250 | ) | - | |||||
Cash received on the acquisition of new businesses
|
123 | - | ||||||
Proceeds from sale of property. plant and equipment intangible and investments
|
147,572 | - | ||||||
Cash reclassified from discontinued operations
|
(29,834 | ) | - | |||||
Net Cash Flow (used in) in the Investing Activities
|
(541,469 | ) | (881,805 | ) | ||||
Cash flows from financing activities
|
||||||||
New loans and financing
|
568,717 | 1,281,124 | ||||||
Payments of loans and financing
|
(298,137 | ) | (1.121.008 | ) | ||||
Capital contribution by minority shareholders in subsidiaries
|
- | 139,925 | ||||||
Net cash (used in) financing activities
|
270,580 | 300,041 | ||||||
Impact of foreign currency exchange on cash and cash equivalent balances
|
10,881 | (5,133 | ) | |||||
Increase (decrease) in cash and cash equivalents
|
(225,470 | ) | 23,497 | |||||
Cash and cash equivalents at beginning of period
|
1,654,146 | 1,271,780 | ||||||
Cash and cash equivalents at end of period
|
1,428,676 | 1,295,277 | ||||||
Supplemental disclosure of cash flow information
|
||||||||
Income tax and social contribution on net income paid
|
36,792 | 35,354 | ||||||
Interest paid on loans and financing
|
58,082 | 77,883 | ||||||
Loss on discontinued operations
|
(930 | ) | - |
1.
|
Operations
|
2.
|
Summary of significant accounting policies
|
2.1.
|
Basis of Preparation
|
2.2
|
Basis of consolidation
|
Direct interest subsidiary
|
June 30, 2012
|
March 31, 2012
|
Cosan S.A. Indústria e Comercio
|
62.30%
|
62.30%
|
Interest of Cosan S.A. Indústria e Comércio in its subsidiaries and jointly controlled entities:
|
||
Subsidiaries
|
June 30, 2012
|
March 31, 2012
|
Administração de Participações Aguassanta Ltda.
|
100.00%
|
91.50%
|
Bioinvestments Negócios e Participações S.A.
|
100.00%
|
91.50%
|
Vale da Ponte Alta S.A.
|
100.00%
|
91.50%
|
Águas da Ponte Alta S.A.
|
100.00%
|
91.50%
|
Proud Participações S.A.
|
100.00%
|
100.00%
|
Cosan Overseas Limited
|
100.00%
|
100.00%
|
Pasadena Empreendimentos e Participações S.A.
|
100.00%
|
100.00%
|
Cosan Cayman Finance Limited
|
100.00%
|
100.00%
|
Cosan Cayman II Limited
|
100.00%
|
100.00%
|
Cosan Lubrificantes e Especialidades S.A.
|
100.00%
|
100.00%
|
CCL Cayman Finance Limited
|
100.00%
|
100.00%
|
Copsapar Participações S.A.
|
90.00%
|
90.00%
|
Novo Rumo Logística S.A.
|
92.90%
|
92.90%
|
Handson Participações S.A.
|
100.00%
|
100.00%
|
Docelar Alimentos e Bebidas S.A.
|
99.90%
|
99.90%
|
Rumo Logística Operadora Multimodal S.A. (former Cosan Operadora Portuária S.A.)
|
69.67%
|
69.67%
|
Logispot Armazéns Gerais S.A.
|
35.53%
|
35.53%
|
Stallion S.A.
|
100.00%
|
100.00%
|
Jointly-Controlled entities
|
||
Raízen S.A. (1)
|
50.00%
|
50.00%
|
Raízen Energia Participações S.A. (1) (2)
|
50.00%
|
50.00%
|
Raízen Combustíveis S.A. (1) (2)
|
50.00%
|
50.00%
|
IPUTI Empreendimentos e Participações S.A. (1)
|
-
|
50.00%
|
(1)
|
Company jointly-controlled with Shell.
|
(2)
|
Represents voting and economic interest. Cosan S.A. holds 51% of the outstanding shares of Raízen Energia, and 49% of the outstanding shares of Raízen Combustíveis.
|
2.3
|
New IFRS and IFRIC Interpretations Committee (Financial Reporting Interpretations of IASB) applicable to the consolidated financial statements
|
2.
|
Cash and Cash Equivalent
|
Brazilian reais
|
June 30,2012
|
March 31,2012
|
||||||
Cash
|
9,909 | 654 | ||||||
Bank accoutns
|
51,110 | 127,178 | ||||||
Financial investments
|
1,207,522 | 1,519,965 | ||||||
US dollars
|
||||||||
Bank accoutns
|
150,417 | 6,349 | ||||||
Financial investments
|
9,718 | - | ||||||
1,428,676 | 1,654,146 |
3.
|
Restricted Cash
|
June 30, 2012
|
March 31, 2012
|
|||||||
Restricted financial investments
|
48,995 | 48,292 | ||||||
Deposits in connection with derivative transactions
|
82,759 | 45,976 | ||||||
131,754 | 94,268 |
4.
|
Other financial assets
|
June 30, 2012
|
March 31, 2012
|
|||||||
Fair value of Radar option (1)
|
140,610 | 140,820 | ||||||
Brazilian Treasury Certificates (2)
|
157,071 | 149,438 | ||||||
ExxonMobil financial asset - reimbursement (3)
|
539,202 | 540,224 | ||||||
836,883 | 830,482 | |||||||
Current
|
40,080 | 40,080 | ||||||
Non current
|
796,803 | 790,402 |
(1)
|
Cosan S.A. holds warrants on Radar, exercisable at any time up to maturity (August 2018). Such warrants will allow Cosan S.A. to purchase additional shares at R$41.67 per share adjusted for inflation (IPCA), equivalent to 20% of the total shares issued by Radar as of the date of exercise. The fair value of these warrants was calculated based on observable market data.
|
(2)
|
Represented by bonds issued by the Brazilian National Treasury under the Special Program for Agricultural Securitization - "PESA" with original maturity of 20 years (April 2023) in connection with the long-term debt denominated PESA (note 15). These bonds yield inflation (IGPM) plus 12% p.a.. The value of these securities at maturity is expected to be equal to the amount due to the PESA at that date. If the PESA debt is paid in advance, the Company may still keep this investment until maturity
|
(3)
|
On June 28, 2011, the subsidiary Cosan Lubrificantes e Especialides S.A., successor entity of Esso Brasileira de Petróleo Ltda. (“Essobrás”), joined the Brazilian Government’s tax recovery program upon request of ExxonMobil Brasil Holdings B.V. (“ExxonMobil”). ExxonMobil is the entity that is legally responsible for the tax contingencies existing on the acquisition date of Essobras by the Company. The liability amounts to R$539,202 and is being refunded to the Company by ExxonMobil upon payment. As a result, the Company recorded a tax payable obligation and a corresponding accounts receivable from ExxonMobil, of which R$40,080 is short term.
|
5.
|
Accounts Receivable
|
June 30, 2012
|
March 31, 2012
|
|||||||
Domestic
|
963,385 | 984, 034 | ||||||
Foreign
|
168,259 | 164,681 | ||||||
Allowance for doubtful accounts
|
(97,954 | ) | (103,501 | ) | ||||
1,033,690 | 1,045,214 | |||||||
Current
|
960,536 | 963,587 | ||||||
Non current
|
73,154 | 81,627 |
6.
|
Inventories
|
June 30, 2012
|
March 31, 2012
|
|||||||
Finished Goods:
|
||||||||
Sugar
|
89,981 | 87,110 | ||||||
Ethanol
|
193,288 | 101,994 | ||||||
Fuel
|
349,395 | 276,867 | ||||||
Lubrificants
|
149,115 | 112,492 | ||||||
Raw material
|
23,268 | 52,586 | ||||||
Products in process
|
15,472 | - | ||||||
Spare parts and others
|
77,364 | 144,204 | ||||||
Provision for inventory realization and obsolescence
|
(4,402 | ) | (4,542 | ) | ||||
893,481 | 748,150 |
7.
|
Recoverable Taxes
|
June 30, 2012
|
March 31, 2012
|
|||||||
Income Tax
|
109,512 | 107,561 | ||||||
COFINS
|
68,210 | 63,727 | ||||||
PIS
|
18,994 | 18,614 | ||||||
ICMS – State VAT
|
191,053 | 194,818 | ||||||
IPI
|
42,014 | 43,039 | ||||||
Others
|
9,726 | 9,193 | ||||||
439,509 | 436,952 | |||||||
Current
|
342,172 | 325,096 | ||||||
Non current
|
97,337 | 111,856 |
8.
|
Related Parties
|
a)
|
Summarized balances and transactions with related parties:
|
June 30, 2012
|
March 31, 2012
|
|||||||
Current asset
|
||||||||
Commercial transactions
|
||||||||
Shell Brazil Holding B.V.
|
109,827 | 71,167 | ||||||
Raízen Energia
|
8,831 | 21,554 | ||||||
Grupo Rezende Barbosa
|
151 | 2,116 | ||||||
Cosan Limited
|
508 | 458 | ||||||
Raízen Combustíveis
|
864 | 14,242 | ||||||
Others
|
17,913 | 4,680 | ||||||
138,094 | 114,217 | |||||||
Corporate transactions / Contractuals
|
||||||||
Shell Brazil Holding B.V.
|
76,908 | 65,679 | ||||||
Raízen Energia
|
417 | - | ||||||
Others
|
464 | - | ||||||
77,789 | 65,679 | |||||||
Capital to be paid
|
||||||||
Shell Brazil Holding B.V.
|
535,234 | 489,856 | ||||||
535,234 | 489,856 | |||||||
Financial transactions
|
||||||||
Raízen Energia
|
23 | 1,013 | ||||||
Grupo Rezende Barbosa
|
7,340 | 7,354 | ||||||
Cosan Biomassa
|
- | 200 | ||||||
Others
|
66 | 55 | ||||||
7,429 | 8,622 | |||||||
758,546 | 678,374 | |||||||
Non current asset
|
||||||||
Commercial transactions
|
||||||||
Shell Brazil Holding B.V.
|
- | 4,737 | ||||||
Raízen Energia
|
151 | 145 | ||||||
Others
|
- | 24 | ||||||
151 | 4,906 | |||||||
Corporate transactions / Contractuals
|
||||||||
Shell Brazil Holding B.V.
|
249,552 | 244,046 | ||||||
Raízen Energia
|
205,936 | 214,740 | ||||||
Raízen Combustíveis
|
71,373 | 87,810 | ||||||
526,861 | 546,596 | |||||||
Capital to be paid
|
||||||||
Shell Brazil Holding B.V.
|
1,756 | - | ||||||
1,756 | - | |||||||
Financial transactions
|
||||||||
Shell Brazil Holding B.V.
|
2,991 | - | ||||||
Grupo Rezende Barbosa
|
103,954 | 105,751 | ||||||
Impulso Participações
|
1,131 | 67 | ||||||
108,076 | 105,818 | |||||||
Corporate Reestructuring
|
||||||||
Shell Brazil Holding B.V.
|
83,680 | 86,535 | ||||||
CTC - Centro de Tecnologia Canavieira
|
11,178 | 9,298 | ||||||
Others
|
1,734 | - | ||||||
96,592 | 95,833 | |||||||
733,436 | 753,153 |
June 30, 2012
|
March 31, 2012
|
|||||||
Current Liabilities
|
||||||||
Commercial transactions
|
||||||||
Shell Brazil Holding B.V.
|
30,322 | 5,433 | ||||||
Raízen Energia
|
661 | 38,439 | ||||||
Grupo Rezende Barbosa
|
21,020 | 12,577 | ||||||
Raízen Combustíveis
|
261 | 321 | ||||||
Others
|
396 | 13,836 | ||||||
52,660 | 70,606 | |||||||
Corporate transactions / Contractuals
|
||||||||
Shell Brazil Holding B.V.
|
79,851 | 77,631 | ||||||
Raízen Energia
|
35,363 | 26,140 | ||||||
115,214 | 103,771 | |||||||
Financial Operation
|
||||||||
Impulso Participações
|
1,111 | 1,111 | ||||||
Others
|
327 | - | ||||||
1,438 | 1,111 | |||||||
169,312 | 175,488 | |||||||
Non current Liabilities
|
||||||||
Commercial transactions
|
||||||||
Raízen Energia
|
950 | 790 | ||||||
Others
|
- | 991 | ||||||
950 | 1,781 | |||||||
Corporate transactions / Contractuals
|
||||||||
Shell Brazil Holding B.V.
|
132,901 | 130,883 | ||||||
Raízen Energia
|
2,523 | 5,597 | ||||||
Others
|
3,904 | 2,714 | ||||||
139,328 | 139,194 | |||||||
Preferred Shares
|
||||||||
Shell Brazil Holding B.V.
|
235,169 | 248,743 | ||||||
235,169 | 248,743 | |||||||
375,447 | 389,718 |
June 30, 2012
|
June 30, 2011
|
|||||||
Sales of products/services
|
||||||||
Vertical UK LLP
|
- | 8.510 | ||||||
Outros
|
179 | 28 | ||||||
179 | 8.538 | |||||||
Purchase of goods/services
|
||||||||
Grupo Rezende Barbosa
|
39.159 | 120.287 | ||||||
Vertical UK LLP
|
- | 86.234 | ||||||
39.159 | 206.521 | |||||||
Land Lease
|
||||||||
Aguassanta
|
5.658 | 7.568 | ||||||
Radar
|
5.542 | 8.860 | ||||||
11.200 | 16.428 | |||||||
Financial income(expense)
|
||||||||
Grupo Rezende Barbosa
|
507 | 691 | ||||||
Shell Brazil Holding B.V.
|
61.621 | (9.104 | ) | |||||
Outros
|
17 | 88 | ||||||
62.145 | (8.325 | ) |
b)
|
Officers and directors compensation
|
9.
|
Business combinations
|
Description:
|
||||
Accounts receivable
|
25,504 | |||
Inventory
|
6,118 | |||
Other assets
|
63 | |||
Property, plant and equipment
|
50,768 | |||
Intangible assets
|
17,070 | |||
Accounts payable
|
(4,474 | ) | ||
Deferred taxes and social contributions
|
(6,457 | ) | ||
Other liabilities
|
(6,423 | ) | ||
Total
|
82,169 |
Description
|
||||
Cash and cash equivalents
|
246 | |||
Accounts receivable
|
57,588 | |||
Inventory
|
8,734 | |||
Recoverable taxes
|
5,400 | |||
Other assets
|
1,725 | |||
Property, plant and equipment
|
56,808 | |||
Intangible assets
|
20,267 | |||
Loans
|
(15,264 | ) | ||
Accounts payable
|
(5,594 | ) | ||
Related parties
|
(16,527 | ) | ||
Deferred taxes and social contributions
|
(6,457 | ) | ||
Other liabilities
|
(7,981 | ) | ||
Stake of non-controlling shareholders
|
(27,407 | ) | ||
Acquired net assets
|
71,538 | |||
Contributed net assets
|
82,169 | |||
Goodwill
|
10,631 |
10.
|
Equity income
|
Investment
|
Equity income in affiliate
|
|||||||||||||||||||||||||||
Number of shares of the invested
|
Number of shares / shares of the investor
|
Percentage of interest(%)
|
June 30, 2012
|
March 31, 2012
|
June 30, 2012
|
June 30, 2011
|
||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 4,001,167 | 18,92 | % | 291,399 | 283,259 | 10,972 | 1,961 | ||||||||||||||||||||
Codexis Inc. (a)
|
35,965,000 | 5,573,000 | 15,50 | % | 54,239 | 49,866 | (1,088 | ) | - | |||||||||||||||||||
Logum Logística S.A. ("Logum") (a)
|
430,556,443 | 86,111,288 | 20,00 | % | 24,573 | 25,731 | (1,159 | ) | - | |||||||||||||||||||
Advance to purchase stake of capital at “Comma ”
|
- | - | 0,00 | % | 187,270 | 16,058 | - | - | ||||||||||||||||||||
Others investiments
|
- | - | 0,00 | % | 54,451 | 44,115 | (1,098 | ) | - | |||||||||||||||||||
611,932 | 419,029 | 7,627 | 1,961 |
Changes on Investments:
|
||||
March 31, 2012
|
419,029 | |||
Equity method
|
7.627 | |||
Advance for future capital increase and capital increase
|
6.615 | |||
Declared dividends by subsidiaries
|
(2.831 | ) | ||
Comprehensive income
|
158 | |||
Exchange rate variation on foreign in foreign investments
|
5.463 | |||
Addition to investments
|
171.212 | |||
Others
|
4.659 | |||
June 30, 2012
|
611.932 |
Assets
|
Liabilities
|
Equity
|
Income ( 3 months)
|
|||||||||||||
Radar Propriedades Agrícolas S.A.
|
1,900,158 | 359,904 | 1,540,254 | 6,723 | ||||||||||||
Codexis
|
272,069 | 77,489 | 194,580 | (13,245 | ) | |||||||||||
Logum
|
882,941 | 637,211 | 245,730 | (11,581 | ) |
Assets
|
Liabilities
|
Equity
|
Income ( 12 months)
|
|||||||||||||
Radar Propriedades Agrícolas S.A.
|
1,685,618 | 188,392 | 1,497,226 | 162,544 | ||||||||||||
Codexis
|
247,663 | 60,552 | 187,111 | (2,138 | ) | |||||||||||
Logum
|
741,782 | 484,471 | 257,311 | (28,670 | ) |
March 31, 2011
|
1,561,132 | |||
Change in fair value net of estimated selling costs
|
60,093 | |||
Increase due to planting and growing costs
|
551,974 | |||
Haversted cane transferred to inventory
|
(401,592 | ) | ||
Increase resulting from business combination (b)
|
(803,584 | ) | ||
March 31, 2012
|
968,023 | |||
Change in fair value net of estimated selling costs
|
17,459 | |||
Increase due to planting and growing costs
|
160,521 | |||
Haversted cane transferred to inventory (a)
|
(106,462 | ) | ||
Proportional consolidation impact due to the formation of JVs (50%)
|
22,026 | |||
June 30, 2012
|
1,061,567 |
(a)
|
Of this balance, RS63,196 were allotted to sugar and ethanol inventory on June 30th, 2012
|
(b)
|
The Company reflected the consolidation’s net effect of 100% of contributed companies on the date of JV’s formation and its proportional consolidation on the same date.
|
June 30, 2012
|
March 31, 2012
|
|||||||
Crop area (hectares)
|
402.428 | 382.798 | ||||||
Expect productivity (tons of cane per hectare)
|
78,20 | 78,20 | ||||||
Total amount of recoverable sugar – ATR (kg)
|
137,27 | 137,27 | ||||||
Price kg ATR projected average (R$/kg)
|
0,4881 | 0,4881 |
13.
|
Property, plant and equipament
|
March 31, 2011
|
Additions
|
Write-offs
|
Capitalization/ Reclassification
|
Discontinued operations reclassification
|
Business Combination
|
June 30, 2012
|
||||||||||||||||||||||
Cost:
|
||||||||||||||||||||||||||||
Land and Rural Properties
|
1,570,489 | - | (70,530 | ) | (102,141 | ) | (8 | ) | 151 | 1,397,961 | ||||||||||||||||||
Buildings and Improvements
|
1,069,914 | 340 | (1,182 | ) | (95,497 | ) | (61,798 | ) | 449 | 912,225 | ||||||||||||||||||
Machinery, Equipment and Facilities
|
5,274,545 | 10,896 | (12,154 | ) | 576,453 | (28,471 | ) | 3,820 | 5,825,089 | |||||||||||||||||||
Airplanes, vessels and vehicles
|
334,157 | 45 | (3,016 | ) | (73,083 | ) | (333 | ) | - | 257,770 | ||||||||||||||||||
Rail Car and Locomotives
|
391,647 | - | - | - | - | - | 391,647 | |||||||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
125,267 | 259 | (325 | ) | 6,228 | (2,658 | ) | 238 | 129,009 | |||||||||||||||||||
Construction in progress
|
675,000 | 145,284 | - | (200,528 | ) | (9,862 | ) | - | 609,894 | |||||||||||||||||||
Repair and maintenance of machines and equipment
|
263,449 | 56,593 | - | (13,378 | ) | - | - | 306,664 | ||||||||||||||||||||
Others
|
157,508 | 4 | (2,019 | ) | (136,772 | ) | - | - | 18,722 | |||||||||||||||||||
Total
|
9,861,976 | 213,421 | (89,226 | ) | (38,718 | ) | (103,130 | ) | 4,658 | 9,848,981 | ||||||||||||||||||
Depreciation:
|
||||||||||||||||||||||||||||
Buildings and Improvements
|
(262,910 | ) | (9,130 | ) | 373 | (14,087 | ) | 6,847 | (53 | ) | (278,960 | ) | ||||||||||||||||
Machinery, Equipment and Facilities
|
(1,388,712 | ) | (88,445 | ) | 3,896 | (124,687 | ) | 17,816 | (1,558 | ) | (1,581,690 | ) | ||||||||||||||||
Airplanes, vessels and vehicles
|
(138,935 | ) | (5,476 | ) | 2,942 | 3,884 | 253 | - | (137,332 | ) | ||||||||||||||||||
Rail Car and Locomotives
|
(18,397 | ) | (3,095 | ) | - | - | - | - | (21,492 | ) | ||||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
(81,302 | ) | (3,204 | ) | 254 | (18 | ) | 1,660 | (27 | ) | (82,637 | ) | ||||||||||||||||
Repair and maintenance of machines and equipment
|
- | (58,263 | ) | - | - | - | - | (58,263 | ) | |||||||||||||||||||
Others
|
(104,757 | ) | (1,112 | ) | 1,885 | 93,699 | - | - | (10,285 | ) | ||||||||||||||||||
Total
|
(1,995,013 | ) | (168,725 | ) | 9,350 | (41,209 | ) | 26,576 | (1,638 | ) | (2,170,659 | ) | ||||||||||||||||
7,866,963 | 44,696 | (79,876 | ) | (79,927 | ) | (76,554 | ) | 3,020 | 7,678,322 |
14.
|
Intangible assets
|
March 31, 2012
|
Additions
|
Write offs
|
Capitazations / Reclassifications
|
Discontinued operations reclassification
|
Business Combination
|
June 30, 2012
|
||||||||||||||||||||||
Cost
|
||||||||||||||||||||||||||||
Software license
|
106,970 | 33 | (9 | ) | 320 | (129 | ) | - | 107,185 | |||||||||||||||||||
Trademarks
|
608,411 | - | - | (1,770 | ) | (83,585 | ) | - | 523,056 | |||||||||||||||||||
Goodwill
|
2,932,255 | - | - | 3,153 | - | 5,316 | 2,940,724 | |||||||||||||||||||||
Customer Base
|
885,380 | 6,127 | (1,988 | ) | 60,227 | - | - | 949,746 | ||||||||||||||||||||
Land leases agreements
|
79,919 | - | - | (5,790 | ) | - | - | 74,129 | ||||||||||||||||||||
Distribution rights
|
451,371 | 61,651 | - | 35,487 | - | 1,598 | 550,107 | |||||||||||||||||||||
Railroad access
|
236,396 | - | - | 21,138 | - | - | 257,534 | |||||||||||||||||||||
Others
|
122,071 | - | - | (21,169 | ) | - | - | 100,902 | ||||||||||||||||||||
Total
|
5,422,773 | 67,811 | (1,997 | ) | 91,596 | (83,714 | ) | 6,914 | 5,503,383 | |||||||||||||||||||
Depreciation/Amortization:
|
||||||||||||||||||||||||||||
Software license
|
(85,055 | ) | (2,501 | ) | 9 | 3 | 116 | - | (87,428 | ) | ||||||||||||||||||
Trademarks
|
(110,431 | ) | (15,834 | ) | - | 1,770 | 441 | - | (124,054 | ) | ||||||||||||||||||
Customer Base
|
(66,146 | ) | (17,799 | ) | - | (68,596 | ) | - | - | (152,541 | ) | |||||||||||||||||
Leases
|
(12,652 | ) | (385 | ) | - | 9,600 | - | - | (3,437 | ) | ||||||||||||||||||
Distribution rights
|
(133,655 | ) | (19,886 | ) | - | (17,835 | ) | - | - | (171,376 | ) | |||||||||||||||||
Railroad access
|
(14,968 | ) | (3,506 | ) | - | (2 | ) | - | - | (18,476 | ) | |||||||||||||||||
Others
|
(67,611 | ) | (1,520 | ) | - | 1,805 | - | - | (67,326 | ) | ||||||||||||||||||
Total
|
(490,518 | ) | (61,431 | ) | 9 | (73,255 | ) | 557 | - | (624,638 | ) | |||||||||||||||||
4,932,255 | 6,380 | (1,988 | ) | 18,341 | (83,157 | ) | 6,914 | 4,878,745 |
Annual rate of
|
||||||||||||
Intangible assets (excluding goodwill)
|
amortization
|
June 30, 2012
|
March 31, 2012
|
|||||||||
Software license
|
20.00 | % | 19,758 | 21,915 | ||||||||
Trademarks (a)
|
20.00 | % | 250,628 | 260,313 | ||||||||
Trademark Mobil (b)
|
10.00 | % | 148,376 | 154,082 | ||||||||
Trademark União (c)
|
2.00 | % | - | 83,585 | ||||||||
Custumer base (d)
|
3.00 | % | 485,355 | 535,405 | ||||||||
Operating license and costumer base (e)
|
4.00 | % | 279,799 | 283,829 | ||||||||
Favorable operating leases (f)
|
6.00 | % | 69,531 | 67,267 | ||||||||
Distribution rights (g)
|
Over the life of the agreement
|
378,732 | 317,716 | |||||||||
Railroad access rights (h)
|
236,171 | 221,428 | ||||||||||
Others
|
69,671 | 54,460 | ||||||||||
Total
|
1,938,021 | 2,000,000 |
(a)
|
Refers to the right to use the trademark of fuel distribution through its joint venture Raízen Combustíveis.
|
(b)
|
Refers to the right to use the trademark of Mobil lubricants.
|
(c)
|
Refers to the right to use the trademark sugar União arising from business combination. Reclassified to assets held for sale (note 26).
|
(d)
|
Refers to the relationship between Raízen Combustívies and the gas station that maintain its flags and customer base acquired through business combination.
|
(e)
|
Refers to the customer base of Teacu acquired in its business combination
|
(f)
|
Refers to favorable lease contracts arising from the acquisition of Curupay
|
(g)
|
Intangible assets arising from exclusivity rights for fuel distribution.
|
(h)
|
Refers to railroad access rights in connection with cash contributed for improvements made on railroads operated by ALL (America Latina Logistica) based on a transportation agreement with Rumo entered into on December 24, 2009, expiring December 31, 2028.
|
Carrying amount of goodwill
|
June 30, 2012
|
March 31, 2012
|
||||||
Cash-generating unit Raízen Energia
|
1,401,384 | 1,405,407 | ||||||
Cash-generating unit Raízen Combustíveis
|
861,223 | 855,907 | ||||||
Cash-generating unit Rumo
|
99,879 | 98,972 | ||||||
Cash-generating unit Cosan - Other Business
|
578,238 | 571,969 | ||||||
Total Goodwill
|
2,940,724 | 2,932,255 |
Financial charges (1)
|
Consolidated
|
|||||||
Description (1)
|
Index
|
Average annual interest rate (2)
|
June 30, 2012
|
March 31, 2012
|
Maturity date
|
|||
Senior Notes Due 2014
|
Dollar (USD)
|
9.50%
|
366,329
|
322,654
|
jul/14
|
|||
Senior Notes Due 2017
|
Dollar (USD)
|
7.00%
|
415,973
|
368,601
|
feb/17
|
|||
BNDES
|
URTJLP
|
2.52%
|
688,994
|
683,586
|
oct/25
|
|||
Pre fixed
|
4.50%
|
214,115
|
185,568
|
jul/20
|
||||
UMBND
|
6.55%
|
19,981
|
18,365
|
jul/19
|
||||
Dollar (USD)
|
6.89%
|
8
|
11
|
nov/12
|
||||
ACC
|
Dollar (USD)
|
1.87%
|
152,428
|
138,369
|
aug/13
|
|||
Perpetual Notes
|
Dollar (USD)
|
8.25%
|
1,031,206
|
930,094
|
nov/15
|
|||
Resolution 2471 (PESA)
|
IGP-M
|
3.95%
|
328,559
|
316,108
|
apr/23
|
|||
Pre fixed
|
3.00%
|
53
|
53
|
oct/25
|
||||
Rural credit
|
Pre fixed
|
6.75%
|
20,796
|
20,460
|
oct/12
|
|||
Working capital
|
Dolar (USD) + LIBOR
|
2.42%
|
662,678
|
410,002
|
apr/13
|
|||
IGP-M
|
11.00%
|
55
|
88
|
dec/12
|
||||
Pre fixed
|
13.86%
|
4,970
|
5,332
|
mar/15
|
||||
Pre Payments
|
Dolar (USD) + LIBOR
|
4.01%
|
534,583
|
507,454
|
feb/16
|
|||
Credit Notes
|
110% CDI
|
-
|
500,476
|
341,226
|
feb/14
|
|||
Dollar (USD)
|
2.35%
|
60,187
|
52,891
|
feb/13
|
||||
Finame
|
Pre fixed
|
4.82%
|
381,398
|
-
|
jul/20
|
|||
URTJLP
|
2.17%
|
361,731
|
337,091
|
jan/22
|
||||
UMBND
|
8.39%
|
10
|
397,515
|
oct/12
|
||||
Leasing
|
R$
|
14.99%
|
168
|
16
|
jun/14
|
|||
Foreign Loans
|
LIBOR UK Semestral
|
3.65%
|
171,212
|
-
|
jul/17
|
|||
Other
|
426
|
-
|
Diverses
|
|||||
Expenditure on issue of shares
|
(21,518)
|
163,905
|
||||||
5,894,818
|
5,199,389
|
|||||||
Current
|
1,212,476
|
540,237
|
||||||
Non-Current
|
4,682,342
|
4,659,152
|
(1)
|
All loans and long-term debt are guaranteed by promissory notes and endorsements of the Company and its jointly-controlled subsidiaries and controlling shareholders, besides other guarantees, such as: i) Credit rights originated from energy contracts (BNDES); ii) CTN and land mortgages; and iii) underlying assets being financed (Finame).
|
(2)
|
Financial charges on June 30, 2012;
|
June 30, 2012
|
March 31, 2012
|
|||||||
13 to 24 months
|
768,753 | 747,146 | ||||||
25 to 36 months
|
902,352 | 1,085,917 | ||||||
37 to 48 months
|
1,426,994 | 1,295,155 | ||||||
49 to 60 months
|
647,361 | 591,534 | ||||||
61 to 72 months
|
212,641 | 179,137 | ||||||
73 to 84 months
|
333,566 | 300,921 | ||||||
85 to 96 months
|
165,602 | 220,893 | ||||||
Thereafter
|
225,073 | 238,449 | ||||||
4,682,342 | 4,659,152 |
16.
|
Tax Payable
|
Description
|
June 30, 2012
|
March 31, 2012
|
||||||
ICMS – State VAT
|
47,264 | 66,601 | ||||||
IPI
|
949 | 4,631 | ||||||
INSS
|
13,548 | 13,029 | ||||||
PIS
|
2,022 | 5,003 | ||||||
COFINS
|
9,626 | 21,294 | ||||||
Recovery program - Refis IV
|
1,264,457 | 1,287,941 | ||||||
Income tax payable
|
9,129 | 11,973 | ||||||
Others
|
12,808 | 33,871 | ||||||
Total
|
1,359,803 | 1,444,343 | ||||||
Current
|
175,968 | 241,719 | ||||||
Non – current
|
1,183,835 | 1,202,624 |
Consolidated
|
||||||||
June 30, 2012
|
March 31, 2012
|
|||||||
13 to 24 months
|
101,805 | 99,083 | ||||||
25 to 36 months
|
101,214 | 97,707 | ||||||
37 to 48 months
|
100,616 | 97,254 | ||||||
49 to 60 months
|
100,440 | 96,909 | ||||||
61 to 72 months
|
99,342 | 96,270 | ||||||
73 to 84 months
|
98,653 | 95,229 | ||||||
85 to 96 months
|
98,727 | 95,229 | ||||||
Thereafter
|
483,038 | 524,943 | ||||||
1,183,835 | 1,202,624 |
17.
|
Income taxes and social contribution
|
June 30, 2012
|
June 30, 2011
|
|||||||
Pretax Income
|
(144,803 | ) | 3,082,797 | |||||
Income tax and social contribution at nominal rate (34%)
|
49,233 | (1,048,151 | ) | |||||
Adjustments to determine the effective rate:
|
||||||||
Equity income
|
2,593 | 667 | ||||||
Permanent diferences (donations, gifs, etc)
|
(3,016 | ) | - | |||||
Stock options
|
(1,130 | ) | ||||||
Interest on capital
|
1,103 | |||||||
Operation profit
|
(249 | ) | - | |||||
Tax loss and negative basis
|
(2,896 | ) | ||||||
Non-taxable income(loss) from overseas companies
|
61,106 | (151,053 | ) | |||||
Exchange variation on the paid up capital
|
19,219 | - | ||||||
Others
|
5,430 | (26,101 | ) | |||||
Income Tax and Social contribution Expense( current and deferred)
|
131,393 | (1,224,638 | ) | |||||
Effective Rate
|
90.74 | % | 39.72 | % |
30.06.2012
|
31.03.2012
|
|||||||||||||||||||
Basis
|
IRPJ 25%
|
CSLL 9%
|
Total
|
Total
|
||||||||||||||||
Tax Losses:
|
||||||||||||||||||||
Tax Losses
|
2,108,030 | 527,008 | - | 527,008 | 551,326 | |||||||||||||||
Negative basis of social contribution
|
2,105,974 | - | 189,538 | 189,538 | 197,863 | |||||||||||||||
Temporary Differences:
|
||||||||||||||||||||
Monetary exchange
|
192,899 | 48,225 | 17,361 | 65,586 | (37,387 | ) | ||||||||||||||
Accelerated depreciation
|
(64,477 | ) | (16,119 | ) | - | (16,119 | ) | (13,798 | ) | |||||||||||
Amortized goodwill
|
(741,286 | ) | (185,322 | ) | (66,716 | ) | (252,037 | ) | (230,523 | ) | ||||||||||
Business combination
|
(1,428,830 | ) | (357,207 | ) | (128,595 | ) | (485,802 | ) | (539,142 | ) | ||||||||||
Docelar deconsolidation
|
30,197 | 7,549 | 2,718 | 10,267 | - | |||||||||||||||
Effect of the formation of JVs
|
(3,501,590 | ) | (875,398 | ) | (315,143 | ) | (1,190,541 | ) | (1,190,541 | ) | ||||||||||
Fair value allocated on Raízen Assets
|
(2,581,918 | ) | (645,479 | ) | (232,373 | ) | (877,852 | ) | (890,120 | ) | ||||||||||
Cost attributed - land
|
(366,151 | ) | (91,538 | ) | (32,953 | ) | (124,491 | ) | (124,491 | ) | ||||||||||
Provisions for contingencies and other temporary differences
|
1,127,241 | 281,812 | 101,452 | 383,263 | 376,407 | |||||||||||||||
Total
|
(1,306,469 | ) | (464,711 | ) | (1,771,180 | ) | (1,900,406 | ) | ||||||||||||
Deferred Income Tax - Asset
|
528,123 | 543,024 | ||||||||||||||||||
Deferred Income Tax – Liabilities
|
(2,299,303 | ) | (2,443,430 | ) | ||||||||||||||||
Total of deferred taxes
|
(1,771,180 | ) | (1,900,406 | ) |
18.
|
Provision for judicial demands
|
June 30, 2012
|
March 31, 2012
|
|||||||
Tax
|
633,173 | 620,835 | ||||||
Civil
|
182,781 | 168,952 | ||||||
Labor
|
273,846 | 261,890 | ||||||
1,089,800 | 1,051,677 |
|
June 30, 2012
|
March 31, 2012
|
||||||
Tax
|
412,361 | 411,619 | ||||||
Labor
|
67,474 | 65,142 | ||||||
Civil and enviromental
|
34,781 | 32,474 | ||||||
|
514,616 | 509,235 |
Tax
|
Civil
|
Labor
|
Total
|
|||||||||||||
March 31, 2012
|
620,835 | 168,952 | 261,890 | 1,051,677 | ||||||||||||
Provisions
|
6,681 | 38,007 | 37,295 | 81,983 | ||||||||||||
Settlements
|
(443 | ) | (3,282 | ) | (1,374 | ) | (5,099 | ) | ||||||||
Write-offs
|
(1,422 | ) | (27,036 | ) | (26,849 | ) | (55,307 | ) | ||||||||
Monetary variation
|
7,522 | 6,140 | 2,884 | 16,546 | ||||||||||||
June 30, 2012
|
633,173 | 182,781 | 273,846 | 1,089,800 |
(a)
|
Tax
|
Description
|
June 30, 2012
|
March 31, 2012
|
||||||
IPC – 89 (i)
|
82,561 | 82,173 | ||||||
Compensation with Finsocial (ii)
|
197,671 | 195,421 | ||||||
CIDE (iii)
|
93,841 | 93,841 | ||||||
ICMS credits (iv)
|
102,385 | 97,552 | ||||||
PIS and COFINS
|
17,595 | 17,445 | ||||||
IPI
|
16,066 | 15,970 | ||||||
IRPJ and CSLL
|
2,125 | 2,110 | ||||||
Other
|
120,929 | 116,323 | ||||||
633,173 | 620,835 |
(i)
|
Since 1993, the subsidiary Cosan Lubrificantes e Especialidades (“Cosan CLE”) filed a suit to challenge the balance sheet restatement index (IPC) established by the federal government in 1989, considering the such index did not reflect the actual inflation back then. The use of this index led the Company to supposedly overstate and overpay the income and social contribution taxes. Cosan CLE obtained a favorable preliminary court ruling that allowed it to recalculate the financial position, using indexes that accurately measured the inflation over the period. In doing so the company adjusted the amounts of income and social contribution taxes payable and identified that overpayments for both taxes were offset in subsequent years until 1997. Despite the favorable court rulings, tax authorities issued a notice of infringement to the Company challenging all tax offsets performed in 1993 and some offsets in 1994 and 1997, which led the Company to record a provision in relation to those court rulings. No judicial deposits related to these processes.
|
(ii)
|
During the period from October 2003 to November 2006 the subsidiary Cosan CL compensated FINSOCIAL with several other federal taxes, based on a final court decision in Set/2003 in the context of an action that was discussed the constitutionality of the FINSOCIAL. No judicial deposits related to these processes.
|
(iii)
|
Prior the formation of the JV, Raízen Combustíveis, former Shell Brasil Ltda, recorded CIDE on services provided by operations. This contingency will be reimbursed by Shell if any payment is required, an equivalent amount is recorded as related parties. There are judicial deposits related to these processes, amounting R$170,835.
|
(iv)
|
The provision for ICMS credits is comprised of: (a) tax assessment received, in which, despite the defense filed at the administrative and judicial levels, the legal counsel of the Company understand it is more likely than not that a loss will occur, (b) recovery of credits and financial charges on issues in which Company´s management has a differing view from the tax authorities. There are judicial deposits related to these processes, amounting R$8,392.
|
(b)
|
Civil and Labor claims
|
(a)
|
Tax claims
|
June 30, 2012
|
March 31, 2012
|
|||||||
Withholding income taxes (i)
|
206,580 | 204,249 | ||||||
ICMS – State VAT (ii)
|
1,783,143 | 1,705,220 | ||||||
IPI credit – NT (i)
|
1,410 | 378,735 | ||||||
Income Taxes (vii)
|
395,602 | 532,131 | ||||||
IPI – Federal VAT (iii)
|
381,282 | - | ||||||
Compensation with IPI – IN 67/98 (iv)
|
189,964 | 188,479 | ||||||
Contribution to IAA - Sugar & Ethanol Institute
|
2,647 | - | ||||||
INSS - social security and other (v)
|
446,452 | 83,875 | ||||||
PIS and COFINS (vi)
|
562,525 | 529,257 | ||||||
Others
|
436,357 | 493,471 | ||||||
4,405,962 | 4,115,417 |
(b)
|
Civil and labor
|
June 30, 2012
|
March 31, 2012
|
|||||||
Civil
|
1,437,073 | 869,954 | ||||||
Labor
|
1,214,624 | 1,200,573 | ||||||
2,651,697 | 2,070,527 |
19.
|
Equity
|
a)
|
Common Stock
|
Shareholders
|
Class A and/or BDRs
|
%
|
Class B
|
%
|
||||||||||||
Queluz Holding Limited
|
7,941,111 | 4.55 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Fundos Gávea
|
39,445,393 | 22.62 | - | - | ||||||||||||
Others
|
126,968,837 | 72.83 | - | - | ||||||||||||
Total
|
174,355,341 | 100 | 96,332,044 | 100 |
b)
|
Repurchase of shares
|
c)
|
Earnings per share
|
19.
|
Equity (continued)
|
June 30, 2012
|
March 31, 2012
|
|||||||
Numerator:
|
||||||||
Net income for the period from continued operations
|
(24.016 | ) | 1,858,159 | |||||
Net Income for the period from discontinued operations
|
(930 | ) | ||||||
Denominator:
|
||||||||
Weighted average number of common shares
|
270,687,385 | 270,687,385 | ||||||
Income (loss) basic and diluted earnings per common share
|
R$ | (0,089 | ) | R$ | 6,865 | |||
Loss basic and diluted earnings per common share – discontinued operations
|
R$ | (0,003 | ) |
20.
|
Gross sales
|
June 30, 2012
|
June 30, 2011
|
|||||||
Gross revenue from sales of products and services
|
6,526,048 | 5,597,843 | ||||||
Indirect taxes and deductions
|
(400,430 | ) | (409,863 | ) | ||||
Net revenue
|
6,125,618 | 5,187,980 |
21.
|
Financial results, net
|
June 30, 2012
|
June 30, 2011
|
|||||||
Financial Expense
|
||||||||
Interests
|
(116,490 | ) | (107,390 | ) | ||||
Monetary variation
|
(15,190 | ) | (3,775 | ) | ||||
Bank fees
|
(25,792 | ) | (3,163 | ) | ||||
(157,472 | ) | (114,328 | ) | |||||
Financial Income
|
||||||||
Interests
|
17,369 | 21,289 | ||||||
Monetary variation
|
6,393 | (5,426 | ) | |||||
Investments
|
23,319 | 17,902 | ||||||
Others
|
13 | 59 | ||||||
47,094 | 33,824 | |||||||
Foreign exchange variation, net (1)
|
(198,493 | ) | 58,774 | |||||
(198,493 | ) | 58,774 | ||||||
Derivatives, net (2)
|
||||||||
Commodities derivatives
|
2,133 | 22,525 | ||||||
Exchange rate and interest derivatives
|
(12,091 | ) | 10,765 | |||||
(9,958 | ) | 33,290 | ||||||
(318,829 | ) | 11,560 |
(1)
|
Includes gains (losses) of foreign exchange rate over assets and and liabilities denominated in foreign currency; and
|
(2)
|
Includes realized results and unrealized results on operations in future market, options, swaps and NDFs, in addition to effects from non-designated instruments and from the ineffective portion of hedge accounting.
|
22.
|
Other Income (expense), net
|
June 30, 2012
|
June 30, 2011
|
|||||||
Revenue from port operations
|
4,229 | 7,717 | ||||||
Provision for judicial demand
|
(26,615 | ) | (13,819 | ) | ||||
Income on disposal of noncurrent assets
|
58,557 | 17,049 | ||||||
Revenue from the sale of scrap and waste
|
1,070 | 2,060 | ||||||
Rental and leasing income
|
18,534 | 7,573 | ||||||
Revenue from Royalties
|
4,920 | 1,636 | ||||||
Other income (expense), net
|
2,438 | (194 | ) | |||||
63,133 | 22,022 |
23.
|
Financial Instruments
|
a)
|
Overview
|
·
|
Price risk
|
·
|
Foreign exchange rates
|
·
|
Interest rates
|
·
|
Credit risk
|
·
|
Liquidity risk
|
b)
|
Risk management structure
|
Nocional
|
Fair Value
|
|||||||||||||||||||
June 30, 2012
|
March 31, 2012
|
June 30, 2012
|
March 31, 2012
|
P&L (*)
|
||||||||||||||||
RAIZEN ENERGIA
|
||||||||||||||||||||
Price Risk
|
||||||||||||||||||||
Commodities derivatives
|
||||||||||||||||||||
Future Agreements
|
1,370,652 | 1,194,225 | 93,681 | 24,378 | 93,681 | |||||||||||||||
Option Agreements
|
- | 8,954 | - | 782 | - | |||||||||||||||
93,681 | 25,160 | 93,681 | ||||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||
Exchange Rate Derivative
|
||||||||||||||||||||
Future Agreements
|
1,104,276 | 490,949 | 47,281 | 1,682 | 47,281 | |||||||||||||||
Term Agreements
|
419,170 | 258,690 | 5,068 | 1,773 | 5,068 | |||||||||||||||
Lock Exchange
|
363,276 | 256,381 | (16,418 | ) | 3,402 | (16,418 | ) | |||||||||||||
35,931 | 6,857 | 35,931 | ||||||||||||||||||
Interest Rate Risk
|
||||||||||||||||||||
Derivatives Interests
|
353,728 | 318,868 | (4,472 | ) | (1,495 | ) | (4,472 | ) | ||||||||||||
(4,472 | ) | (1,495 | ) | (4,472 | ) | |||||||||||||||
Total Raízen Energia
|
125,140 | 30,522 | 125,140 | |||||||||||||||||
Cosan Consolidated (50% Raizen Energia)
|
62,570 | 15,261 | 62,570 | |||||||||||||||||
Derivatives in the Company and subsidiaries
|
||||||||||||||||||||
Exchange Rate Risk
|
||||||||||||||||||||
Exchange Rate Derivative
|
||||||||||||||||||||
Term Agreements
|
306,261 | 325,029 | 11,512 | (5,282 | ) | 11,512 | ||||||||||||||
11,512 | (5,282 | ) | 11,512 | |||||||||||||||||
Total Cosan (including 50% Raízen)
|
74,082 | 9,979 | 74,082 | |||||||||||||||||
Total Asset
|
114,918 | 19,590 | ||||||||||||||||||
Total Liabilities
|
(40,836 | ) | (9,611 | ) |
23.
|
Financial Instruments (Continued)
|
c)
|
Price Risk
|
Price Risk : Commodities derivatives opened in June 30, 2012
|
|||||||||||||
Derivatives
|
Purchased/Sold
|
Market
|
Contract
|
Nocional (USD)
|
Nocional (R$ thousand)
|
Fair Value (R$ thousand)
|
|||||||
Financial Instruments contracted by Raízen Energia:
|
|||||||||||||
Composition of balances of derivative financial instruments designated in hedge accounting
|
|||||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
742,274T
|
766,985
|
72,033
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
237,450T
|
242,246
|
14,749
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
170,340T
|
164,240
|
3,241
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
229,474T
|
221,256
|
3,651
|
|||||||
Sub-total Future of sugar sold
|
1,379,538T
|
1,394,727
|
93,674
|
||||||||||
Composition of balances of derivative financial instruments non-designated in hedge accounting
|
|||||||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
(11,024T)
|
(10,328)
|
(7)
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
(12,955T)
|
(12,335)
|
77
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
(914T)
|
(907)
|
(38)
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
(508T)
|
(505)
|
(25)
|
|||||||
Sub-total Future of sugar Purchased
|
(25,401T)
|
(24,075)
|
7
|
||||||||||
Sub-total Future of sugar
|
1,354,137T
|
1,370,652
|
93,681
|
||||||||||
Total Goods
|
1,370,652
|
93,681
|
23.
|
Financial Instruments (Continued)
|
d)
|
Foreign Exchange risk
|
Price Risk: derivatives of foreign currencies open in June 30, 2012
|
||||||||||||||
Derivatives
|
Purchased/Sold
|
Market
|
Contract
|
Maturity
|
Nocional (USD)
|
Nocional (R$ thousand)
|
Fair Value (R$ thousand)
|
|||||||
Financial Instruments contracted by Raízen Energia:
|
||||||||||||||
Composition of balances of derivative financial instruments non designated in hedge accounting
|
||||||||||||||
Term
|
Sold
|
OTC/Cetip
|
NDF
|
2-Jan-2013
|
200,000
|
419,170
|
5,068
|
|||||||
Sub-total de Termos Vendido
|
200,000
|
419,170
|
5,068
|
|||||||||||
Future
|
Sold
|
BMFBovespa
|
Comercial Dollar
|
2-Jul-2012
|
1,105,250
|
2,251,205
|
70,253
|
|||||||
Future
|
Sold
|
BMFBovespa
|
Comercial Dollar
|
1-Aug-2012
|
640,250
|
1,328,442
|
37,809
|
|||||||
Sub-total Future Sold
|
1,745,500
|
3,579,647
|
108,062
|
|||||||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
2-Jul-2012
|
(913,250)
|
(1,884,471)
|
(53,759)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
1-Aug-2012
|
(214,000)
|
(434,412)
|
(1,228)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
1-Oct-2012
|
(13,000)
|
(25,202)
|
(960)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
2-Jan-2013
|
(13,000)
|
(25,540)
|
(969)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
1-Apr-2013
|
(13,000)
|
(25,867)
|
(958)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
1-Jul-2013
|
(13,000)
|
(26,228)
|
(971)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
1-Oct-2013
|
(13,000)
|
(26,611)
|
(972)
|
|||||||
Future
|
Purchased
|
BMFBovespa
|
Comercial Dollar
|
2-Jan-2014
|
(13,000)
|
(27,040)
|
(964)
|
|||||||
Sub-total Future Purchased
|
(1,205,250)
|
(2,475,371)
|
(60,781)
|
|||||||||||
Exchange Lock
|
Sold
|
OTC
|
Comercial Dollar
|
2-Jul-2012
|
20,000
|
38,254
|
(2,181)
|
|||||||
Exchange Lock
|
Sold
|
OTC
|
Comercial Dollar
|
2-Jul-2012
|
30,000
|
58,104
|
(2,541)
|
|||||||
Exchange Lock
|
Sold
|
OTC
|
Comercial Dollar
|
6-Sep-2012
|
20,000
|
36,044
|
(4,799)
|
|||||||
Exchange Lock
|
Sold
|
OTC
|
Comercial Dollar
|
13-Sep-2012
|
40,250
|
74,881
|
(7,433)
|
|||||||
Exchange Lock
|
Sold
|
OTC
|
Comercial Dollar
|
24-Sep-2012
|
25,000
|
49,098
|
(2,147)
|
|||||||
Exchange Lock
|
Sold
|
OTC
|
Comercial Dollar
|
1-Mar-2013
|
50,000
|
106,895
|
2,683
|
|||||||
Sub-total Exchange Lock
|
185,250
|
363,276
|
(16,418)
|
|||||||||||
Total of Exchange rate derivatives (Raízen Energia)
|
925,500
|
1,886,722
|
35,931
|
23.
|
Financial Instruments (Continued)
|
Price Risk: derivatives of foreign currencies open in June 30, 2012
|
||||||||||||||
Derivatives
|
Purchased/Sold
|
Market
|
Contract
|
Maturity
|
Nacional (USD)
|
Nocional (R$ thousand)
|
Fair Value (R$ thousand)
|
|||||||
Financial instruments contracted by Company and subsidiaries - except Raizen Energia
|
||||||||||||||
Composition of balances of derivative financial instruments non-designated in hedge accounting
|
||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-Aug-2012
|
6,188
|
11,978
|
584
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-Aug-2012
|
4,197
|
7,239
|
1,280
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
1-Nov-2012
|
6,188
|
12,239
|
469
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
1-Nov-2012
|
4,197
|
7,390
|
1,216
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-2013
|
6,188
|
12,504
|
362
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-2013
|
4,197
|
7,546
|
1,155
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-May-2013
|
6,188
|
12,739
|
266
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-May-2013
|
4,197
|
7,696
|
1,089
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-Aug-2013
|
6,188
|
12,997
|
158
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-Aug-2013
|
4,197
|
7,859
|
1,015
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-2013
|
6,188
|
13,256
|
57
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-2013
|
4,197
|
8,032
|
937
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-2014
|
6,188
|
13,521
|
(49)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-2014
|
4,197
|
8,190
|
874
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-May-2014
|
6,188
|
13,743
|
(121)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-May-2014
|
4,197
|
8,340
|
815
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-2014
|
6,188
|
14,002
|
(197)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-2014
|
4,197
|
8,507
|
759
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-2014
|
6,188
|
14,261
|
(265)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-2014
|
4,197
|
8,666
|
714
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-2015
|
6,188
|
14,497
|
(312)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-2015
|
4,197
|
8,813
|
681
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-2015
|
6,188
|
14,726
|
(357)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-2015
|
4,197
|
8,942
|
661
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-2015
|
6,188
|
15,003
|
(538)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-2015
|
4,197
|
9,089
|
566
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-2015
|
6,188
|
15,254
|
(750)
|
|||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-2015
|
4,197
|
9,231
|
443
|
|||||||
Total Exchange rate derivatives (Company and subsidiaries)
|
145,390
|
306,260
|
11,512
|
June 30, 2012
|
March 31, 2012
|
|||||||||||||||
R$
|
US$ (in thousands)
|
R$
|
US$ (in thousands)
|
|||||||||||||
Cash and Cash equivalents
|
96,776 | 47,878 | 24,426 | 13,406 | ||||||||||||
Restricted cash
|
82,759 | 40,943 | 45,976 | 25,232 | ||||||||||||
Accounts receivable
|
168,259 | 83,243 | 164,681 | 90,380 | ||||||||||||
Related parties (Shell)
|
497,983 | 246,368 | 436,362 | 239,483 | ||||||||||||
Loans and Long Term Debt
|
(3,394,604 | ) | (1,679,407 | ) | (2,730,076 | ) | (1,498,314 | ) | ||||||||
Net foreign exchange exposure
|
(4,240,381 | ) | (1,260,975 | ) | (2,058,631 | ) | (1,129,813 | ) |
e)
|
Effect of Hedge Accounting
|
Expected period to affect P&L
|
|||||||||||||||||
Derivative
|
Market
|
Risk
|
2012/2013 | 2013/2014 |
Total
|
||||||||||||
Future
|
OTC / NYBOT
|
#11 | 161,178 | 21,803 | 182,981 | ||||||||||||
161,178 | 21,803 | 182,981 | |||||||||||||||
(-) Deferred income tax
|
(54,802 | ) | (7,413 | ) | (62,215 | ) | |||||||||||
Effect on the Raizen Equity
|
106,376 | 14,390 | 120,766 | ||||||||||||||
Effect on equity of Cosan (50%)
|
60,383 |
23.
|
Financial Instruments (Continued)
|
e)
|
Effect of Hedge Accounting
|
Cash flow hedge
|
||||
Balance at March 31, 2012
|
14,114 | |||
Gain/(losses) of cash flow hedges for the period:
|
- | |||
Commodities futures and swap contracts
|
81,114 | |||
Reclassification adjustments for losses included in the income statement
|
(11,010 | ) | ||
Total Effect on Equity Adjustment resulting from hedge cash flow (before deferred IR / CS )
|
70,104 | |||
Effect of deferred IR / CS in Equity Adjustment
|
(23,835 | ) | ||
Net effect of the tax period
|
46,269 | |||
Balance at June 30, 2012
|
60,383 |
Price Risk : derivatives of interests open in June 30, 2012
|
|||||||||||||||
Derivatives
|
Assets/Liabities
|
Market
|
Maturity
|
Nocional (thousands USD)
|
Nocional (R$ thousand)
|
Fair Value (R$ thousand)
|
|||||||||
Interest rate Swap
|
LIBOR 3M / pré
|
OTC
|
Jan/2016
|
175,000 | 353,728 | (4,472 | ) | ||||||||
Total
|
175,000 | 353,728 | (4,472 | ) |
23.
|
Financial Instruments (Continued)
|
g)
|
Credit risk (Continued)
|
h)
|
Liquidity risk
|
i)
|
Fair value
|
23.
|
Financial Instruments (Continued)
|
·
|
Level 1: quoted prices in a active market to identical assets and liabilities;
|
·
|
Level 2: other techniques for which all data that have significant effect on the fair value recorded are observable, directly or indirectly;
|
·
|
Level 3: techniques that use data that have significant effect on the fair value recorded that are not based on observable market data.
|
Assets and liabilities measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
June 30, 2012
|
||||||||||||
Warrants Radar
|
- | 140,610 | 140,610 | |||||||||
Derivative financial assets
|
100,872 | 14,046 | 114,918 | |||||||||
Derivative financial liabilities
|
(30,391 | ) | (10,445 | ) | (40,836 | ) | ||||||
Total
|
70,481 | 144,211 | 214,692 | |||||||||
March 31, 2012
|
||||||||||||
Warrants Radar
|
- | 140,821 | 140,821 | |||||||||
Derivative financial assets
|
17,002 | 2,588 | 19,590 | |||||||||
Derivative financial liabilities
|
(8,863 | ) | (748 | ) | (9,611 | ) | ||||||
Total
|
8,139 | 142,661 | 150,800 |
j)
|
Sensitivity analysis
|
Impacts on P&L (*)
|
|||||||||||||
Risk Factor
|
Probable Scenario
|
Variation
Scenario (25%)
|
Variation
Scenario (50%)
|
||||||||||
Price Risk
|
|||||||||||||
Goods Derivatives
|
|||||||||||||
Future Contracts
|
|||||||||||||
Selling agreements
|
Increase of the sugar price
|
46,836 | (162,632 | ) | (325,263 | ) | |||||||
Purchasing agreements
|
Decrease of the sugar price
|
4 | (3,010 | ) | (6,021 | ) | |||||||
Exchange rate risk
|
|||||||||||||
Exchange rate Derivatives
|
|||||||||||||
Future Contracts
|
|||||||||||||
Selling agreements
|
Increase of exchange rate R$/US$
|
57,440 | (468,356 | ) | (936,711 | ) | |||||||
Purchasing agreements
|
Decrease of exchange rate R$/US$
|
(33,799 | ) | (332,777 | ) | (665,199 | ) | ||||||
Forward contract
|
|||||||||||||
Selling agreements
|
Increase of exchange rate R$/US$
|
14,046 | (49,857 | ) | (99,713 | ) | |||||||
Lock Exchange
|
|||||||||||||
Selling agreements
|
Increase of exchange rate R$/US$
|
(8,209 | ) | (46,501 | ) | (93,003 | ) | ||||||
Interest rate risk
|
|||||||||||||
Income Derivatives
|
|||||||||||||
Swap Contracts
|
Decrease in LIBOR Curve
|
(2,236 | ) | (937 | ) | (1,878 | ) |
k)
|
Capital management
|
24.
|
Pension and other post-employment benefits plan
|
June 30, 2012
|
March 31, 2012
|
|||||||
Futura
|
35,076 | 34,725 | ||||||
Other
|
2,587 | 2,587 | ||||||
Total
|
37,663 | 37,312 |
a)
|
Pension plan
|
25.
|
Share-Based Payments
|
25.
|
Share-Based Payments (Continued)
|
Options granted on
August 18, 2011
|
Options granted on
August 18, 2011
|
|||||||
Tranche A
|
Tranche B
|
|||||||
Grant price - R$
|
22.8 | 22.8 | ||||||
Expected life (in years)
|
1 a 5 | 1 a 10 | ||||||
Interest rate
|
12.39 | % | 12.39 | % | ||||
Expected Volatility
|
31.44 | % | 30.32 | % | ||||
Weighted average fair value at grant date - R$
|
6.80 | 8.15 |
26.
|
Assets held for sale and Discontinued operations
|
27.
|
Segment information
|
a)
|
Segment information
|
(i)
|
Raízen Energia: production and marketing of a variety of products derived from sugar cane, including raw sugar (VHP), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugarcane bagasse. In addition, this segment holds interest in companies of research and development in new technologies involved in this segment.
|
(ii)
|
Raízen Combustíveis: distribution and marketing of fuels and lubricants, mainly through franchised network of service stations under the brand “Shell” and "Esso" throughout Brazil.
|
(iii)
|
Rumo: logistics services for the transport, storage and port lifting, mainly for sugar products.
|
(iv)
|
Cosan other business: sale and distribution of lubricants, investments in agricultural land (through Radar) and other investments, in addition to the corporate activities of the Company.
|
(v)
|
Cosan Alimentos: sale of food, mainly, of sugar in the retail under the brands “União” and “Da Barra”.
|
27.
|
Segment information (Continued)
|
a)
|
Segment information (Continued)
|
June 30, 2012
|
||||||||||||||||||||||||||||||||||||
Raízen Energia (*)
|
Raízen Combustiveis (*)
|
Rumo
|
Cosan others business
|
Elimination 50% Raízen
|
Adjustments and eliminations
|
Continued Operations
|
Discontinued operations
|
Total
|
||||||||||||||||||||||||||||
Statements of Financial Position
|
||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,635,438 | 2,760,841 | 849,092 | 609,396 | (6,198,140 | ) | (8,496 | ) | 7,648,132 | 75,587 | 7,723,719 | |||||||||||||||||||||||||
Intangible assets
|
2,988,836 | 3,983,683 | 617,581 | 691,762 | (3,486,260 | ) | - | 4,795,603 | 83,168 | 4,878,771 | ||||||||||||||||||||||||||
Loans and long term-debt net of cash and cash equivalents
|
(5,398,758 | ) | (602,999 | ) | (231,385 | ) | (1,233,879 | ) | 3,000,879 | - | (4,466,142 | ) | 83,335 | (4,382,807 | ) | |||||||||||||||||||||
Other assets and liabilities, net
|
2,823,274 | 349,867 | (35,045 | ) | 9,962,074 | (1,586, 571 | ) | (10,457,186 | ) | 1,056,414 | 78, 338 | 1,134,752 | ||||||||||||||||||||||||
Total assets (net of liabilities) allocated per segment
|
10,048,790 | 6,491,392 | 1,200,243 | 10,029,353 | (8,270,091 | ) | (10,465,682 | ) | 9,034,005 | 320,428 | 9,354,433 | |||||||||||||||||||||||||
Total assets
|
17,687,713 | 14,812,700 | 2,025,377 | 22,092,543 | (16,250,206 | ) | (17,988,682 | ) | 22,379,446 | 376,888 | 22,756,334 | |||||||||||||||||||||||||
Income statement (3 months):
|
||||||||||||||||||||||||||||||||||||
Net Sales
|
1,264,122 | 10,285,827 | 104,894 | 317,351 | (5,774,975 | ) | (71,602 | ) | 6,125,618 | 185,651 | 6,311,269 | |||||||||||||||||||||||||
Domestic Market
|
646,162 | 10,285,827 | 104,894 | 317,351 | (5,465,995 | ) | (71,602 | ) | 5,816,638 | 185,651 | 6,002,289 | |||||||||||||||||||||||||
External market
|
617,960 | - | - | - | (308,980 | ) | - | 308,980 | - | 308,980 | ||||||||||||||||||||||||||
Gross profit
|
169,941 | 546,916 | 34,616 | 81,376 | (358,429 | ) | - | 474,421 | 20,483 | 494,904 | ||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(198,576 | ) | (331,633 | ) | (12,118 | ) | (93,933 | ) | 265,105 | - | (371,156 | ) | (27,551 | ) | (398,707 | ) | ||||||||||||||||||||
Other income (expenses)
|
3,323 | 40,694 | 4,872 | 36,253 | (22,009 | ) | - | 63,134 | (71 | ) | 63,063 | |||||||||||||||||||||||||
Financial result, net
|
(275,329 | ) | (78,479 | ) | 711 | (142,636 | ) | 176,904 | - | (318,829 | ) | 6,559 | (312,270 | ) | ||||||||||||||||||||||
Income tax and social contribution
|
143,829 | (59,792 | ) | (9,647 | ) | 99,022 | (42,020 | ) | - | 131,393 | (94 | ) | 131,299 | |||||||||||||||||||||||
Net income
|
(162,839 | ) | 113,090 | 18,041 | 2,569 | 24,875 | (19,851 | ) | (24,116 | ) | (930 | ) | (25,046 | ) | ||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||
Additions to PP&E, intangible and biological assets (cash)
|
606,388 | 160,500 | 47,526 | 10,784 | (383,444 | ) | - | 441,754 | - | 441,754 | ||||||||||||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
334,664 | 111,450 | 15,438 | 13,660 | (223,057 | ) | - | 252,155 | 430 | 252,585 |
27.
|
Segment information (Continued)
|
a)
|
Segment information (Continued)
|
2012
|
||||||||||||||||||||||||||||||||
Raízen Energia (*)
|
Raízen Combustiveis (*)
|
Cosan Alimentos
|
Rumo
|
Cosan other businesses
|
Elimination 50% of Raizen
|
Elimination
|
Consolidated
|
|||||||||||||||||||||||||
Balance sheet
|
||||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,658,979 | 2,779,641 | 45,973 | 879,469 | 730,707 | (6,219,310 | ) | (8,496 | ) | 7,866,963 | ||||||||||||||||||||||
Intangible
|
2,996,846 | 3,928,900 | 83,597 | 604,963 | 780,822 | - | (3,462,873 | ) | 4,932,255 | |||||||||||||||||||||||
Loans and financing, net of cash and cash equivalents
|
(4,404,761 | ) | (603,447 | ) | 29,834 | (217,575 | ) | (853,398 | ) | 2,504,104 | - | (3,545,243 | ) | |||||||||||||||||||
Other Assets and Liabilities, net
|
1,839,138 | 252,124 | 142,455 | (52,175 | ) | 9,462,380 | (1,045,631 | ) | (10,370,643 | ) | 227,648 | |||||||||||||||||||||
Total Assets (net of liabilities) allocated by segment
|
10,090,202 | 6,357,219 | 301,859 | 1,214,682 | 10,120,511 | (4,760,837 | ) | (13,842,013 | ) | 9,481,623 | ||||||||||||||||||||||
Total Assets
|
19,979,070 | 11,559,239 | 408,966 | 2,029,954 | 16,038,721 | (15,769,155 | ) | (12,078,676 | ) | 22,168,119 |
June 30th, 2011
|
||||||||||||||||||||||||
Raízen Energia (*)
|
Raízen Combustiveis (*)
|
Rumo
|
Cosan others business
|
Adjustments and eliminations
|
Total
|
|||||||||||||||||||
Income statement (3 months):
|
||||||||||||||||||||||||
Net Sales
|
1,637,328 | 5,129,792 | 140,953 | 241,126 | (1,961,219 | ) | 5,187,980 | |||||||||||||||||
Domestic Market
|
1,046,561 | 5,129,792 | 140,953 | 241,126 | (1,961,220 | ) | 4,597,212 | |||||||||||||||||
External market
|
590,768 | - | - | - | - | 590,768 | ||||||||||||||||||
Gross profit
|
352,302 | 188,863 | 46,827 | 88,609 | (88,620 | ) | 587,981 | |||||||||||||||||
Selling, general and administrative expenses
|
(258,449 | ) | (167,771 | ) | (9,043 | ) | (73,542 | ) | 97,582 | (411,223 | ) | |||||||||||||
Gain of formation of Joint Ventures
|
- | - | - | 2,871,217 | - | 2,871,217 | ||||||||||||||||||
Other income (expenses)
|
(10,365 | ) | 48,559 | 6,319 | 2,307 | (24,798 | ) | 22,022 | ||||||||||||||||
Financial result, net
|
43,646 | 23,988 | 4,850 | (73,772 | ) | 12,499 | 11,211 | |||||||||||||||||
Income tax and social contribution
|
(13,258 | ) | (38,578 | ) | (16,490 | ) | (1,109,226 | ) | (47,086 | ) | (1,224,638 | ) | ||||||||||||
Net income
|
112,179 | 70,655 | 31,982 | 2,175,655 | (532,312 | ) | 1,858,159 | |||||||||||||||||
Other selected data:
|
- | |||||||||||||||||||||||
Additions to PP&E, intangible and biological assets (cash)
|
607,700 | 37,700 | 108,300 | 19,300 | (64,300 | ) | 708,700 | |||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
327,826 | 84,636 | 10,165 | 9,606 | (128,616 | ) | 303,617 |
27.
|
Segment information (Continued)
|
a)
|
Segment information (Continued)
|
04.01.2012 to
06.30.2012
|
04.01.2011 to
06.30.2011
|
|||||||
Raízen Energia
|
||||||||
Sugar
|
625,957 | 873,921 | ||||||
Ethanol
|
383,897 | 643,799 | ||||||
Cogeration
|
71,032 | 69,712 | ||||||
Others
|
183,236 | 49,897 | ||||||
1,264,122 | 1,637,329 | |||||||
Raízen Combustíveis
|
||||||||
Fuels
|
10,142,860 | 5,107,909 | ||||||
Others
|
142,967 | 21,883 | ||||||
10,285,827 | 5,129,792 | |||||||
Rumo
|
||||||||
Port lifiting
|
24,703 | 41,764 | ||||||
Logistics
|
77,712 | 96,128 | ||||||
Others
|
2,479 | 3,061 | ||||||
104,894 | 140,953 | |||||||
Cosan – outros negócios
|
||||||||
Lubrificants
|
265,725 | 241,126 | ||||||
Others
|
51,626 | - | ||||||
317,351 | 241,126 | |||||||
Adjustments/eliminations
|
(5,846,576 | ) | (1,961,219 | ) | ||||
Total
|
6,125,618 | 5,187,980 |
b)
|
Net Sales per region
|
June 30, 2012
|
June 30, 2011
|
||
Brazil
|
50.45%
|
72.36%
|
|
Europe
|
34.32%
|
19.93%
|
|
Asia Southeast
|
5.48%
|
4.35%
|
|
Middle East and Asia
|
1.85%
|
0.99%
|
|
North America
|
4.11%
|
1.75%
|
|
Others
|
3.79%
|
0.62%
|
|
Total
|
100.00%
|
100.00%
|
27.
|
Segment information (Continued)
|
c)
|
Concentration of customers
|
28.
|
Subsequent Events
|
COSAN LIMITED
|
|||||
Date:
|
August 9, 2012
|
By:
|
/s/ Marcelo Eduardo Martins
|
||
Name:
|
Marcelo Eduardo Martins
|
||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|