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 2nd Quarter of Fiscal Year 2013 – April, May and June 2013
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|
2Q 2013 Highlights | ||||||
Earnings Conference Call | |||||||
Portuguese
August 8, 2013
9:00 am (EST)
Tel: + 55 11 4688 6361
Code: COSAN
English
August 8, 2013
10:00 am (EST)
Tel (BR): + 55 11 4688 6361
Tel (US): +1 786 924 6977
Toll-free (US): +1 855 281 6021
Code: COSAN
Investor Relations
E-mail: ri@cosan.com.br
Telephone: +55 11 3897 9797
Site: www.cosan.com.br/ir
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● | Change in Cosan’s fiscal year, which now follows the calendar year | |||||
● | Adoption of IFRS 11 to recognize Raízen under the equity pick-up method | ||||||
● | Raízen Combustíveis’ net revenue grows 14.5% y-o-y | ||||||
● | Raízen Energia’s crushing totals 18.5 million/tonnes | ||||||
● | Record expansion of Comgás’ distribution network, reaching 380 km in the quarter | ||||||
● | Rumo reaches R$85 million EBITDA | ||||||
2Q 2013
|
2Q 2012
|
Summmary of Financial Informations - Cosan Cosolidated
|
YTD 2013
|
YTD 2012
|
|||
(apr - jun)
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(apr - jun)
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Amount in R$ MM
|
(jan - jun)
|
(jan - jun)
|
|||
2,225.9
|
422.2
|
Net Revenue
|
4,215.1
|
761.4
|
|||
626.1
|
116.0
|
Gross Profit
|
1,229.8
|
189.6
|
|||
28.1%
|
27.5%
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Gross Margin (%)
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29.2%
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24.9%
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|||
286.8
|
52.1
|
Operating Profit
|
630.2
|
(151.9)
|
|||
381.6
|
66.8
|
EBITDA
|
976.9
|
304.9
|
|||
17.1%
|
15.8%
|
EBITDA Margin (%)
|
23.2%
|
40.0%
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|||
Fiscal Year Definitions:
2Q 2013 – quarter ended June 30, 2013
2Q 2012 – quarter ended June 30, 2012
YTD 2013 – semester beginning January 1, 2013 and closing June 30, 2013
YTD 2012 – semester beginning January 1, 2012 and closing June 30, 2012
|
(32.4)
|
(14.4)
|
Equity Pick-up
|
60.2
|
271.5
|
||
(139.6)
|
(10.1)
|
Net Income (Loss) before non-controlling Interest
|
(21.7)
|
140.8
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|||
(198.0)
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(17.1)
|
Net Income (Loss)
|
(168.2)
|
132.5
|
|||
-8.9%
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-4.0%
|
Net Margin (%)
|
-4.0%
|
17.4%
|
|||
298.2
|
58.3
|
CAPEX1
|
534.1
|
138.5
|
|||
6,818.6
|
1,278.9
|
Net Debt
|
6,818.6
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1,278.9
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|||
13,042.7
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9,329.5
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Shareholders' Equity and Minority Shareholders
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13,042.7
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9,329.5
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|||
Note 1: Net of acquisition of interest in other companies and of cash received from divestments
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|||||||
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
A.
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Highlights and Business Units
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013
|
2Q 2012
|
EBITDA (Reconciliation ICVM 527)
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YTD 2013
|
YTD 2012
|
(apr - jun)
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(apr - jun)
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Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
(198.0)
|
(17.1)
|
Net Income
|
(168.2)
|
132.5
|
32.4
|
14.4
|
(-) Equity Pick-up
|
(60.2)
|
(271.5)
|
-
|
0.9
|
(-) Income from Discontinued Operations
|
3.4
|
4.3
|
58.4
|
6.0
|
(+) Minority Shareholders
|
143.1
|
3.9
|
78.8
|
(89.4)
|
(+) Income Taxes
|
219.4
|
(116.2)
|
315.3
|
137.2
|
(+) Net Financial Expense (Revenue)
|
492.8
|
211.1
|
127.1
|
29.1
|
(+) Depreciation and Amortization
|
286.5
|
69.3
|
413.9
|
81.2
|
EBITDA (before ICVM 527)
|
916.7
|
33.4
|
(32.4)
|
(14.4)
|
(+) Equity Pick-up
|
60.2
|
271.5
|
381.6
|
66.8
|
EBITDA (after ICVM 527)
|
976.9
|
304.9
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-
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(0.9)
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(+) Reclassification of Discontinued Operations2
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(3.4)
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(4.3)
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-
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-
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(-) Gross effect of Raízen formation
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-
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100.3
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381.6
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65.9
|
Adjusted EBITDA (after ICVM 527)
|
973.5
|
400.9
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Results by Business Unit
2Q 2013 Pro forma |
Comgás
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Rumo
|
Lubricants
and
Specialties
|
Radar
|
Othes
Businesses
|
Consolidated
Book
|
Raízen
Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||||
Net Revenue
|
1,605.7 | 214.3 | 386.1 | 19.9 | 0.0 | 2,225.9 | 11,778.5 | 1,478.3 | (6,628.4 | ) | (88.6 | ) | 8,765.7 | |||||||||||||||||||||||||||||||
Cost of Goods and Services
|
(1,179.4 | ) | (131.0 | ) | (283.3 | ) | (6.1 | ) | (0.0 | ) | (1,599.8 | ) | (11,223.5 | ) | (1,252.4 | ) | 6,238.0 | 88.6 | (7,749.2 | ) | ||||||||||||||||||||||||
Gross Profit
|
426.3 | 83.3 | 102.7 | 13.8 | 0.0 | 626.1 | 555.0 | 225.8 | (390.4 | ) | - | 1,016.5 | ||||||||||||||||||||||||||||||||
Gross Margin(%)
|
26.5 | % | 38.9 | % | 26.6 | % | 69.5 | % | 99.7 | % | 28.1 | % | 4.7 | % | 15.3 | % | 5.9 | % | - | 11.6 | % | |||||||||||||||||||||||
Selling Expenses
|
(120.7 | ) | - | (59.1 | ) | - | - | (179.8 | ) | (247.1 | ) | (113.1 | ) | 180.1 | - | (359.9 | ) | |||||||||||||||||||||||||||
General and Administrative Expenses
|
(76.1 | ) | (17.7 | ) | (15.3 | ) | (5.0 | ) | (31.0 | ) | (145.1 | ) | (88.1 | ) | (131.5 | ) | 109.8 | - | (255.0 | ) | ||||||||||||||||||||||||
Other Operating Revenues (Expenses)
|
(5.1 | ) | 0.2 | (0.2 | ) | 9.0 | (18.1 | ) | (14.3 | ) | 79.9 | 9.2 | (44.5 | ) | - | 30.2 | ||||||||||||||||||||||||||||
Equity Pick-up
|
- | - | (0.0 | ) | - | 81.9 | (32.4 | ) | - | (0.7 | ) | 0.3 | 36.2 | 3.5 | ||||||||||||||||||||||||||||||
Depreciation and Amortization
|
(90.0 | ) | (19.2 | ) | (17.0 | ) | (0.2 | ) | (0.6 | ) | (127.1 | ) | (117.7 | ) | (423.5 | ) | 270.6 | - | (397.7 | ) | ||||||||||||||||||||||||
EBITDA
|
314.3 | 84.9 | 45.1 | 18.1 | 33.5 | 381.7 | 417.4 | 413.2 | (415.3 | ) | 36.2 | 833.0 | ||||||||||||||||||||||||||||||||
EBITDA Margin (%)
|
19.6 | % | 39.6 | % | 11.7 | % | 91.2 | % | n/a | 17.1 | % | 3.5 | % | 27.9 | % | 6.3 | % | - | 9.5 | % | ||||||||||||||||||||||||
Unitary EBITDA Margin (R$/cbm)
|
- | - | - | - | - | - | 74 | - | - | - | - |
Results by Business Unit
YTD 2013 Pro forma |
Comgás
|
Rumo
|
Lubricants
and
Specialties |
Radar
|
Othes
Businesses |
Consolidated
|
Raízen
Combustíveis |
Raízen
Energia |
50% Raízen
|
Adjusts and
Eliminations |
Consolidated
|
|||||||||||||||||||||||||||||||||
Net Revenue
|
3,053.4 | 382.7 | 743.8 | 35.3 | 0.0 | 4,215.1 | 22,725.6 | 3,828.6 | (13,277.1 | ) | (265.0 | ) | 17,227.2 | |||||||||||||||||||||||||||||||
Cost of Goods and Services
|
(2,211.8 | ) | (226.2 | ) | (541.2 | ) | (6.1 | ) | 0.0 | (2,985.3 | ) | (21,575.1 | ) | (3,343.4 | ) | 12,459.2 | 262.6 | (15,182.0 | ) | |||||||||||||||||||||||||
Gross Profit
|
841.6 | 156.5 | 202.5 | 29.2 | 0.0 | 1,229.8 | 1,150.5 | 485.2 | (817.8 | ) | (2.4 | ) | 2,045.2 | |||||||||||||||||||||||||||||||
Gross Margin(%)
|
27.6 | % | 40.9 | % | 27.2 | % | 82.8 | % | 100.3 | % | 29.2 | % | 5.1 | % | 12.7 | % | 6.2 | % | - | 11.9 | % | |||||||||||||||||||||||
Selling Expenses
|
(272.2 | ) | - | (106.1 | ) | - | - | (378.3 | ) | (512.9 | ) | (309.8 | ) | 411.4 | - | (789.7 | ) | |||||||||||||||||||||||||||
General and Administrative Expenses
|
(146.6 | ) | (34.4 | ) | (36.1 | ) | (9.8 | ) | (55.9 | ) | (282.9 | ) | (180.7 | ) | (266.8 | ) | 223.8 | - | (506.6 | ) | ||||||||||||||||||||||||
Other Operating Revenues (Expenses)
|
(6.5 | ) | (5.8 | ) | 1.2 | 63.4 | 9.2 | 61.5 | 147.2 | 35.7 | (91.5 | ) | - | 153.0 | ||||||||||||||||||||||||||||||
Equity Pick-up
|
- | - | (0.0 | ) | 0.0 | 280.5 | 60.2 | - | (10.0 | ) | 5.0 | (57.8 | ) | (2.6 | ) | |||||||||||||||||||||||||||||
Depreciation and Amortization
|
(212.3 | ) | (37.7 | ) | (34.9 | ) | (0.4 | ) | (1.1 | ) | (286.4 | ) | (236.2 | ) | (889.3 | ) | 562.7 | - | (849.1 | ) | ||||||||||||||||||||||||
EBITDA
|
628.6 | 153.9 | 96.4 | 83.2 | 234.8 | 976.9 | 840.3 | 823.6 | (832.0 | ) | (60.3 | ) | 1,748.5 | |||||||||||||||||||||||||||||||
EBITDA Margin (%)
|
20.6 | % | 40.2 | % | 13.0 | % | n/a | n/a | 23.2 | % | 3.7 | % | 21.5 | % | 6.3 | % | - | 10.1 | % | |||||||||||||||||||||||||
Unitary EBITDA Margin (R$/cbm)
|
- | - | - | - | - | - | 77 | - | - | - | - |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
11,778.5 | 10,285.8 | 14.5 | % |
Fuel Sales
|
22,725.6 | 20,267.7 | 12.1 | % | |||||||||||||||
672.3 | 540.4 | 24.4 | % |
Ethanol
|
1,330.3 | 1,085.0 | 22.6 | % | |||||||||||||||
4,724.0 | 4,258.9 | 10.9 | % |
Gasoline
|
9,130.8 | 8,438.2 | 8.2 | % | |||||||||||||||
5,117.2 | 4,083.8 | 25.3 | % |
Diesel
|
9,581.0 | 7,959.3 | 20.4 | % | |||||||||||||||
1,126.4 | 1,259.7 | -10.6 | % |
Aviation
|
2,403.5 | 2,436.0 | -1.3 | % | |||||||||||||||
138.7 | 143.0 | -3.0 | % |
Other Products
|
280.1 | 349.2 | -19.8 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Fuels Inventories
|
2Q 2013 | 2Q 2012 | ||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
||||||||||
000' cbm
|
442.5 | 431.2 | 2.6 | % | ||||||||
R$'MM
|
852.7 | 765.7 | 11.4 | % | ||||||||
R$/cbm
|
1,926.8 | 1,776.0 | 8.5 | % |
2Q 2013 | 2Q 2012 |
COGS
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(11,223.5 | ) | (9,738.9 | ) | 15.2 | % |
Fuel Sales
|
(21,575.1 | ) | (19,055.6 | ) | 13.2 | % | |||||||||||
Average Unitary Cost (R$/cbm)
|
|||||||||||||||||||||||
(1,987 | ) | (1,825 | ) | 8.9 | % |
Fuel Sales
|
(1,969 | ) | (1,810 | ) | 8.8 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
555.0 | 546.9 | 1.5 | % |
Gross Profit
|
1,150.5 | 1,212.1 | -5.1 | % | |||||||||||||||
4.7 | % | 5.3 | % |
-0.6 p.p.
|
Gross Margin (%)
|
5.1 | % | 6.0 | % |
-0.9 p.p.
|
|||||||||||||
98.3 | 102.5 | -4.1 | % |
Unitary Gross Margin (R$/cbm)
|
105.0 | 115.1 | -8.8 | % |
● |
Lower volume sold to the aviation segment, which undergone a route optimization process by airlines in the quarter;
|
● |
Change in the criteria used to recognize bonus to resellers, which generated a negative, non-recurring adjustment of R$ 8.5 million in 2Q 2013; and
|
● |
Early beginning of the 2013/2014 when compared to the previous one, leading to a proportionally higher sale of ethanol - whose unit gross margin is lower - in the total mix during 2Q 2013.
|
2Q 2013 | 2Q 2012 |
SG&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
555.0 | 546.9 | 1.5 | % |
Selling Expenses
|
(512.9 | ) | (640.0 | ) | -19.9 | % | |||||||||||||
0.0 | 0.1 | -60.5 | % |
G&A Expenses
|
(180.7 | ) | (200.8 | ) | -10.0 | % | |||||||||||||
98.3 | 102.5 | -4.1 | % |
Other Operational Revenues/Expenses
|
147.2 | 129.7 | 13.5 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
417.4 | 367.4 | 13.6 | % |
EBITDA
|
840.3 | 718.3 | -19.9 | % | |||||||||||||||
3.5 | % | 3.6 | % |
-0.1 p.p.
|
EBITDA Margin (%)
|
3.7 | % | 3.5 | % |
-0.1 p.p.
|
|||||||||||||
74 | 69 | 7.3 | % |
Unitary EBITDA Margin (R$/cbm)
|
77 | 68 | 13.5 | % |
2Q 2013 | 2Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
89.3 | 160.5 | -44.4 | % |
CAPEX
|
242.8 | 356.7 | -31.9 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Operational Figures
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
||||||||||||||||||
18,534 | 11,064 | 67.5 | % |
Crushed Sugarcane
|
18,534 | 11,064 | 67.5 | % | |||||||||||||||
11,022 | 6,456 | 70.7 | % |
Own (‘000 tonnes)
|
11,022 | 6,456 | 70.7 | % | |||||||||||||||
7,512 | 4,608 | 63.0 | % |
Suppliers (‘000 tonnes)
|
7,512 | 4,608 | 63.0 | % | |||||||||||||||
121.3 | 119.8 | 1.2 | % |
Sugarcane TRS (kg/tonne)
|
121.3 | 119.8 | 1.2 | % | |||||||||||||||
94 | % | 90 | % |
4.0 p.p
|
Mechanization (%)
|
94 | % | 90 | % |
4.0 p.p
|
|||||||||||||
Production
|
|||||||||||||||||||||||
1,190 | 643 | 85.0 | % |
Sugar
|
1,190 | 643 | 85.0 | % | |||||||||||||||
866 | 396 | 118.8 | % |
Raw Sugar (‘000 tonnes)
|
866 | 396 | 118.8 | % | |||||||||||||||
323 | 247 | 30.9 | % |
White Sugar (‘000 tonnes)
|
323 | 247 | 30.9 | % | |||||||||||||||
595 | 350 | 70.0 | % |
Ethanol
|
595 | 350 | 70.0 | % | |||||||||||||||
260 | 131 | 98.2 | % |
Anhydrous Ethanol (‘000 cbm)
|
260 | 131 | 98.2 | % | |||||||||||||||
335 | 219 | 53.2 | % |
Hydrous Ethanol (‘000 cbm)
|
335 | 219 | 53.2 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
1,478.3 | 1,264.1 | 16.9 | % |
Net Operating Revenue
|
3,828.6 | 2,457.4 | 55.8 | % | |||||||||||||||
759.1 | 624.7 | 21.5 | % |
Sugar Sales
|
1,935.8 | 1,290.4 | 50.0 | % | |||||||||||||||
185.3 | 206.8 | -10.4 | % |
Domestic Market
|
383.6 | 465.6 | -17.6 | % | |||||||||||||||
573.9 | 417.9 | 37.3 | % |
Foreign Market
|
1,552.3 | 824.8 | 88.2 | % | |||||||||||||||
580.7 | 535.5 | 8.4 | % |
Ethanol Sales
|
1,704.0 | 1,036.9 | 64.3 | % | |||||||||||||||
323.2 | 185.1 | 74.6 | % |
Domestic Market
|
852.1 | 549.1 | 55.2 | % | |||||||||||||||
187.6 | 200.1 | -6.2 | % |
Foreign Market
|
510.8 | 337.5 | 51.3 | % | |||||||||||||||
69.9 | 150.4 | -53.5 | % |
Trading
|
341.1 | 150.4 | 126.9 | % | |||||||||||||||
97.2 | 71.0 | 36.9 | % |
Energy Cogeneration
|
110.3 | 72.3 | 52.6 | % | |||||||||||||||
41.1 | 32.9 | 25.1 | % |
Other Products and Services
|
78.4 | 57.7 | 35.9 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Sugar Inventories
|
2Q 2013 | 2Q 2012 | ||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
||||||||||
´000 tonne
|
436.0 | 193.9 | 124.9 | % | ||||||||
R$'MM
|
334.9 | 180.0 | 86.0 | % | ||||||||
R$/tonne
|
768.0 | 928.1 | -17.2 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Ethanol Inventories
|
2Q 2013 | 2Q 2012 | ||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
||||||||||
´000 cbm
|
300.0 | 193.0 | 55.4 | % | ||||||||
R$'MM
|
356.2 | 318.7 | 11.8 | % | ||||||||
R$/cbm
|
1,187.3 | 1,651.2 | -28.1 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
COGS per Product
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(1,252.4 | ) | (1,094.2 | ) | 14.5 | % |
Cost of Goods Sold
|
(3,343.4 | ) | (1,851.3 | ) | 80.6 | % | |||||||||||
(612.6 | ) | (494.1 | ) | 24.0 | % |
Sugar
|
(1,438.2 | ) | (972.1 | ) | 47.9 | % | |||||||||||
(472.0 | ) | (368.5 | ) | 28.1 | % |
Ethanol
|
(1,202.5 | ) | (818.0 | ) | 47.0 | % | |||||||||||
(65.9 | ) | (145.0 | ) | -54.5 | % |
Trading
|
(339.2 | ) | (145.0 | ) | 133.9 | % | |||||||||||
(49.3 | ) | (43.2 | ) | 14.0 | % |
Energy Cogeneration
|
(60.2 | ) | (43.3 | ) | 39.0 | % | |||||||||||
(52.7 | ) | (43.4 | ) | 21.4 | % |
Others
|
(303.4 | ) | 127.2 | n/a | |||||||||||||
Average Unitary Costs3
|
|||||||||||||||||||||||
(499.5 | ) | (548.7 | ) | -9.0 | % |
Cash Cost of Sugar (R$/tonne)
|
(502.8 | ) | (536.4 | ) | -6.2 | % | |||||||||||
(848.8 | ) | (882.4 | ) | -3.8 | % |
Cash Cost of Ethanol (R$/’000 liters)
|
(828.5 | ) | (848.1 | ) | -2.3 | % |
● |
Greater dilution of seeding and crop management costs, due to a 1.2% higher TRS, from 119.8 kg/tonne in 2Q 2012 to 121.3 kg/tonne in 2Q 2013;
|
● |
10.3% increase in sugarcane field productivity – represented by a higher TCH, which was 86.5 in 2Q 2013 compared to 78.4 in 2Q 2012;
|
● |
11.8% decrease in the cost of CONSECANA’s TCH, of R$ 0.4426 in 2Q 2013 compared to R$ 0.5020 in 2Q 2012, which has a direct impact on the cost of sugarcane from suppliers;
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Gross Profit and Gross Margin
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
225.8 | 169.9 | 32.9 | % |
Gross Profit
|
485.2 | 606.1 | -20.0 | % | |||||||||||||||
146.5 | 130.6 | 12.2 | % |
Sugar
|
497.7 | 318.3 | 56.4 | % | |||||||||||||||
19.3 | % | 20.9 | % |
-1.6 p.p.
|
Sugar Gross Margin (%)
|
25.7 | % | 24.7 | % | 1.0 p.p | |||||||||||||
45.4 | % | 47.3 | % |
-1.9 p.p.
|
Sugar (Cash) Gross Margin (%)
|
47.5 | % | 45.9 | % | 1.6 p.p | |||||||||||||
38.8 | 16.7 | 133.1 | % |
Ethanol
|
160.4 | 68.5 | 134.0 | % | |||||||||||||||
7.6 | % | 4.3 | % | 3.3 p.p |
Ethanol Gross Margin (%)
|
11.8 | % | 7.7 | % | 4.0 p.p | |||||||||||||
36.6 | % | 34.9 | % | 1.7 p.p |
Ethanol (Cash) Gross Margin (%)
|
37.5 | % | 34.1 | % | 3.4 p.p | |||||||||||||
4.0 | 5.4 | -25.3 | % |
Trading
|
2.0 | 5.4 | -63.7 | % | |||||||||||||||
5.7 | % | 3.6 | % | 2.2 p.p |
Ethanol Trading Margin (%)
|
0.6 | % | 3.6 | % |
-3.0 p.p.
|
|||||||||||||
48.0 | 27.8 | 72.5 | % |
Energy Cogeneration
|
50.1 | 29.0 | 72.9 | % | |||||||||||||||
(11.5 | ) | (10.5 | ) | 9.8 | % |
Other
|
(225.0 | ) | 184.9 | n/a |
2Q 2013 | 2Q 2012 |
SG & A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(113.1 | ) | (88.1 | ) | 28.4 | % |
Selling Expenses
|
(309.8 | ) | (165.7 | ) | 87.0 | % | |||||||||||
(131.5 | ) | (110.5 | ) | 19.0 | % |
General and Administrative Expenses
|
(266.8 | ) | (247.1 | ) | 8.0 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
413.2 | 317.8 | 30.0 | % |
EBITDA
|
823.6 | 802.9 | 2.6 | % | |||||||||||||||
28.0 | % | 25.1 | % |
2.8 p.p
|
Margin EBITDA (%)
|
21.5 | % | 32.7 | % |
-11.2 p.p.
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Summary of Hedge Operations at June 30, 20134 | ||||||||
2013 / 2014 | 2014 / 2015 | |||||||
Sugar
|
||||||||
NY #11
|
||||||||
Volume (‘000 tonne)
|
2,159.4 | 511.2 | ||||||
Average Price (¢US$/lb)
|
19.1 | 18.2 | ||||||
Exchange Rate
|
||||||||
US$
|
||||||||
Volume (US$ million)
|
945.6 | 212.9 | ||||||
Average Price (R$/US$)
|
2.14 | 2.32 |
Expiration Period - (R$MM)
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2013
|
2014
|
Total
|
|||||||||
Futures
|
OTC/NYBOT
|
NY#11
|
156.5 | 16.3 | 172.8 | |||||||||
(=) Hedge Accounting impact
|
156.5 | 16.3 | 172.8 | |||||||||||
(-) Deferred Income Tax
|
(53.2 | ) | (5.6 | ) | (58.8 | ) | ||||||||
(=) Asset Valuation Adjustment
|
103.3 | 10.8 | 114.1 |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
476.2 | 606.3 | -21.5 | % |
Total CAPEX
|
1,493.4 | 1,454.6 | 2.7 | % | |||||||||||||||
369.4 | 541.6 | -31.8 | % |
Operating CAPEX
|
1,118.4 | 1,206.4 | -7.3 | % | |||||||||||||||
274.8 | 320.9 | -14.4 | % |
Biological Assets
|
458.8 | 543.6 | -15.6 | % | |||||||||||||||
69.7 | 115.2 | -39.5 | % |
Inter-Harvest Maintenance Costs
|
473.3 | 436.2 | 8.5 | % | |||||||||||||||
14.7 | 11.8 | 24.7 | % |
SSMA and Sustaining
|
32.9 | 82.0 | -59.9 | % | |||||||||||||||
7.4 | 74.0 | -90.0 | % |
Mechanization
|
92.0 | 124.9 | -26.3 | % | |||||||||||||||
2.8 | 19.7 | -85.6 | % |
Industrial
|
61.4 | 19.7 | 211.7 | % | |||||||||||||||
106.8 | 64.7 | 65.1 | % |
Expasion CAPEX
|
375.0 | 248.2 | 51.1 | % | |||||||||||||||
10.7 | 40.7 | -73.7 | % |
Cogeneration Projects
|
42.8 | 149.7 | -71.4 | % | |||||||||||||||
96.1 | 24.0 | n/a |
Expansion and Other Projects
|
332.2 | 98.5 | n/a |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Volume Sold
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Volume ('000 cbm)
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
1,431,346 | 1,347,967 | 6.2 | % |
Total Gas Sales
|
2,798,361 | 2,535,514 | 10.4 | % | |||||||||||||||
1,196,404 | 1,185,318 | 0.9 | % |
Gas Sales
|
2,334,777 | 2,340,647 | -0.3 | % | |||||||||||||||
58,729 | 50,732 | 15.8 | % |
Residential
|
100,544 | 91,614 | 9.7 | % | |||||||||||||||
30,142 | 27,899 | 8.0 | % |
Commercial
|
55,935 | 54,095 | 3.4 | % | |||||||||||||||
958,996 | 946,683 | 1.3 | % |
Industrial
|
1,887,142 | 1,881,221 | 0.3 | % | |||||||||||||||
85,401 | 89,713 | -4.8 | % |
Cogeneration
|
168,060 | 175,747 | -4.4 | % | |||||||||||||||
63,135 | 70,290 | -10.2 | % |
Vehicular
|
123,096 | 137,969 | -10.8 | % | |||||||||||||||
234,943 | 162,650 | 44.4 | % |
Thermal Power
|
463,585 | 194,868 | 137.9 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
1,960.3 | 1,577.2 | 24.3 | % |
Gross Operating Revenue
|
3,731.8 | 2,973.8 | 25.5 | % | |||||||||||||||
1,776.6 | 1,462.6 | 21.5 | % |
Gas Sales
|
3,406.1 | 2,771.2 | 22.9 | % | |||||||||||||||
207.2 | 162.4 | 27.5 | % |
Residential
|
351.9 | 287.6 | 22.4 | % | |||||||||||||||
74.1 | 61.6 | 20.4 | % |
Commercial
|
135.9 | 117.1 | 16.1 | % | |||||||||||||||
1,268.9 | 1,042.3 | 21.7 | % |
Industrial
|
2,469.9 | 2,024.2 | 22.0 | % | |||||||||||||||
73.9 | 79.1 | -6.5 | % |
Cogeneration
|
154.3 | 160.3 | -3.8 | % | |||||||||||||||
90.5 | 59.3 | 52.6 | % |
Thermal Power
|
175.2 | 70.5 | 148.6 | % | |||||||||||||||
61.9 | 57.8 | 7.0 | % |
Vehicular
|
119.0 | 111.5 | 6.7 | % | |||||||||||||||
174.2 | 107.9 | 61.4 | % |
Construction Revenue
|
309.3 | 189.3 | 63.4 | % | |||||||||||||||
9.6 | 6.7 | 42.2 | % |
Other
|
16.4 | 13.4 | 22.4 | % | |||||||||||||||
(354.7 | ) | (298.7 | ) | 18.8 | % |
Tax on Sales
|
(678.4 | ) | (575.0 | ) | 18.0 | % | |||||||||||
1,605.7 | 1,278.5 | 25.6 | % |
Net Operating Revenue
|
3,053.4 | 2,398.9 | 27.3 | % | |||||||||||||||
1,424.0 | 1,164.6 | 22.3 | % |
Gas Sales
|
2,732.0 | 2,197.6 | 24.3 | % | |||||||||||||||
174.1 | 107.9 | 61.4 | % |
Construction Revenue - ICPC01
|
309.3 | 189.3 | 63.4 | % | |||||||||||||||
7.5 | 6.1 | 23.4 | % |
Other
|
12.1 | 12.0 | 1.0 | % |
2Q 2013 | 2Q 2012 |
COGS
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(1,179.4 | ) | (1,007.2 | ) | 17.1 | % |
Cost of Goods and Services
|
(2,211.8 | ) | (1,808.6 | ) | 22.3 | % | |||||||||||
(898.1 | ) | (804.8 | ) | 11.6 | % |
Natural Gas
|
(1,705.4 | ) | (1,438.7 | ) | 18.5 | % | |||||||||||
(107.1 | ) | (94.5 | ) | 13.3 | % |
Transportation and other Gas services
|
(197.1 | ) | (180.6 | ) | 9.1 | % | |||||||||||
(174.1 | ) | (107.9 | ) | 61.4 | % |
Construction - ICPC 01
|
(309.3 | ) | (189.3 | ) | 0.6 |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
426.3 | 271.3 | 57.1 | % |
Gross Profit
|
841.6 | 590.3 | 42.6 | % | |||||||||||||||
26.5 | % | 21.2 | % |
5.3 p.p
|
Gross Margin (%)
|
27.6 | % | 24.6 | % |
3.0 p.p
|
2Q 2013 | 2Q 2012 |
SG&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(120.7 | ) | (104.9 | ) | 15.1 | % |
Selling Expenses
|
(272.2 | ) | (198.7 | ) | 37.0 | % | |||||||||||
(76.1 | ) | (67.2 | ) | 13.3 | % |
G&A Expenses
|
(146.6 | ) | (134.8 | ) | 8.8 | % | |||||||||||
(5.1 | ) | (1.2 | ) | n/a |
Other Operating Revenues (Expenses)
|
(6.5 | ) | (5.7 | ) | 13.8 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
314.3 | 168.8 | 86.2 | % |
EBITDA
|
628.7 | 388.9 | 61.6 | % | |||||||||||||||
19.6 | % | 13.2 | % |
6.4 p.p
|
EBITDA Margin (%)
|
20.6 | % | 16.2 | % |
4.4 p.p
|
|||||||||||||
330.9 | 318.9 | 3.8 | % |
Normalizade EBITDA
|
592.9 | 587.6 | 0.9 | % | |||||||||||||||
20.6 | % | 22.3 | % |
-1.7 p.p.
|
Normalized EBITDA Margin (%)
|
19.4 | % | 22.6 | % |
-3.2 p.p.
|
2Q 2013 | 2Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
219.9 | 147.0 | 49.6 | % |
CAPEX
|
394.4 | 268.1 | 47.1 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
214.3 | 104.9 | 104.3 | % |
Net Operating Revenue
|
382.7 | 179.2 | 113.6 | % | |||||||||||||||
172.2 | 77.7 | 121.6 | % |
Transportation
|
300.7 | 131.3 | 129.0 | % | |||||||||||||||
36.8 | 24.7 | 49.1 | % |
Loading
|
73.4 | 42.2 | 74.1 | % | |||||||||||||||
5.3 | 2.5 | 113.6 | % |
Other
|
8.6 | 5.7 | 51.9 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Costs of Services
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(131.0 | ) | (70.3 | ) | 86.4 | % |
Cost of Services
|
(226.2 | ) | (147.7 | ) | 53.2 | % |
2Q 2013 | 2Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
83.3 | 34.6 | 140.7 | % |
Gross Profit
|
156.5 | 31.5 | 397.0 | % | |||||||||||||||
38.9 | % | 33.0 | % |
5.9 p.p
|
Gross Margin (%)
|
40.9 | % | 17.6 | % |
23.3 p.p
|
2Q 2013 | 2Q 2012 |
G&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(17.7 | ) | (12.1 | ) | 46.5 | % |
G&A Expenses
|
(34.4 | ) | (23.8 | ) | 44.5 | % |
2Q 2013 | 2Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
84.9 | 42.8 | 98.4 | % |
EBITDA
|
154.0 | 63.4 | 142.9 | % | |||||||||||||||
39.6 | % | 40.8 | % |
-1.2 p.p.
|
Margin EBITDA (%)
|
40.2 | % | 35.4 | % |
4.8 p.p
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg.%
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
69.1 | 47.5 | 45.4 | % |
CAPEX
|
126.1 | 93.1 | 35.4 | % |
(i)
|
R$ 35.3 million in the permanent railroad operated by América Latina Logística (ALL);
|
(ii)
|
R$ 16.8 million in improvements at the Santos port terminal, including construction of the high performance rail discharging grid in partnership with Copersucar (ongoing), interconnection between South and North terminals and adequacy of scales, works to cover the South terminal quay (ongoing) and recurring investments related to equipment maintenance and warehouse infrastructure;
|
(iii)
|
R$ 8.3 million in other initiatives, including investments in transshipment terminals at the countryside of São Paulo state.
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
● |
2Q 2012 – three months (April, May and June 2012) of the combination of the Lubricants and Specialties with the international operations results
|
● |
YTD 2012 – six months (January to June 2013) of the combination of the Lubricants and Specialties with the international operations results
|
2Q 2013 | 2Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
386.1 | 364.7 | 5.8 | % |
Net Operating Revenue
|
743.8 | 677.2 | 9.8 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
COGS
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(283.3 | ) | (277.1 | ) | 2.3 | % |
Cost of Goods and Services
|
(541.2 | ) | (507.0 | ) | 6.7 | % |
2Q 2013 | 2Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
102.7 | 87.7 | 17.2 | % |
Gross Profit
|
202.5 | 170.2 | 19.0 | % | |||||||||||||||
26.6 | % | 24.0 | % |
2.6 p.p
|
Gross Margin (%)
|
27.2 | % | 25.1 | % |
2.1 p.p
|
2Q 2013 | 2Q 2012 |
SG&A
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(74.4 | ) | (69.8 | ) | 6.6 | % |
Total expenses
|
(142.2 | ) | (125.2 | ) | 13.6 | % |
2Q 2013 | 2Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
45.1 | 30.5 | 47.8 | % |
EBITDA
|
96.4 | 68.3 | 41.1 | % | |||||||||||||||
11.7 | % | 8.4 | % |
3.3 p.p
|
EBITDA Margin (%)
|
13.0 | % | 10.1 | % |
2.9 p.p
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
● |
2Q 2012 – three months (April, May and June 2012) of the combination of Radar’s operations with the results of Cosan's lands
|
● |
YTD 2012 – six months (January to June 2013) of the combination of Radar’s operations with the results of Cosan's lands
|
State
|
Culture
|
%
|
Area
(hectare)
|
Área
(acre)
|
Market Value (5)
( R$MM)
|
||||||||||||
São Paulo
|
Sugarcane
|
65 | % | 70,281 | 173,593 | 2,087 | |||||||||||
Maranhão
|
Sugarcane
|
15 | % | 16,651 | 41,129 | 143 | |||||||||||
Mato Grosso
|
Grains
|
11 | % | 12,303 | 30,388 | 153 | |||||||||||
Bahia
|
Grains
|
7 | % | 7,155 | 17,674 | 76 | |||||||||||
Goiás
|
Sugarcane
|
1 | % | 672 | 1,659 | 16 | |||||||||||
Mato Grosso do Sul
|
Sugarcane
|
0 | % | 417 | 1,029 | 2 | |||||||||||
Total
|
100 | % | 107,479 | 265,471 | 2,476 |
2Q 2013 | 2Q 2012 |
YTD 2013
|
YTD 2012
|
||||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
19.9 | 35.1 | -43.3 | % |
Net Operating Revenue
|
35.3 | 55.2 | -36.1 | % | |||||||||||||||
5.7 | 17.3 | n/a |
Property Sale
|
5.7 | 17.3 | n/a | |||||||||||||||||
14.2 | 17.7 | -20.0 | % |
Land Lease
|
29.6 | 37.8 | -21.8 | % | |||||||||||||||
(6.1 | ) | (18.3 | ) | n/a |
Cost of Property Sales
|
(6.1 | ) | (18.3 | ) | n/a | |||||||||||||
(6.1 | ) | (18.3 | ) | n/a |
Property Sale
|
(6.1 | ) | (18.3 | ) | n/a | |||||||||||||
13.8 | 16.8 | -17.5 | % |
Gross Profit
|
29.2 | 36.8 | -20.7 | % | |||||||||||||||
69.5 | % | 47.8 | % |
21.8 p.p
|
Gross Margin (%)
|
82.8 | % | 66.8 | % |
16.0 p.p
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
G&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg. %
|
|||||||||||||||||
(5.0 | ) | (5.8 | ) | -14.0 | % |
G&A Expenses
|
(9.8 | ) | (8.7 | ) | 12.5 | % |
2Q 2013 | 2Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun)
|
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg. %
|
|||||||||||||||||
18.1 | 12.5 | 44.4 | % |
EBITDA
|
83.3 | 31.3 | 166.4 | % | |||||||||||||||
90.9 | % | 35.7 | % | n/a |
EBITDA Margin (%)
|
236.0 | % | 56.7 | % | n/a |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
YTD 2013
|
YTD 2012
|
||||||||||||||||||||
(apr - jun)
|
(apr - jun) |
Chg. %
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
(31.0 | ) | (30.7 | ) | 1.1 | % |
G&A Expenses
|
(55.9 | ) | (62.9 | ) | -11.1 | % | |||||||||||
(18.1 | ) | 36.2 | n/a |
Other Revenues (Expenses)
|
9.2 | 60.2 | -84.8 | % | |||||||||||||||
2Q 2013 | 2Q 22 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(apr - jun)
|
(apr - jun) | Chg. % |
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
Chg.%
|
|||||||||||||||||
33.5 | 54.5 | -38.5 | % |
EBITDA
|
234.8 | 214.2 | 9.7 | % | |||||||||||||||
(48.4 | ) | 11.6 | n/a |
EBITDA
|
(45.6 | ) | (191.4 | ) | -76.2 | % | |||||||||||||
- | - | - |
EBITDA Margin (%)
|
- | - | - |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Financial Results
|
YTD 2013
|
YTD 2012
|
|||||||||||
(apr - jun)
|
(apr - jun)
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
|||||||||||
(160.6 | ) | (38.1 | ) |
Gross Debt Charges
|
(160.6 | ) | (38.1 | ) | |||||||
38.9 | 19.0 |
Income from Financial Investments
|
38.9 | 19.0 | |||||||||||
(121.7 | ) | (19.2 | ) |
(=) Subtotal: Net Debt Interests
|
(121.7 | ) | (19.2 | ) | |||||||
(19.6 | ) | (29.3 | ) |
Other Charges and Monetary Variation
|
(19.6 | ) | (29.3 | ) | |||||||
(309.8 | ) | (84.2 | ) |
Exchange Rate Variation
|
(309.8 | ) | (84.2 | ) | |||||||
149.9 | 17.7 |
Gains (losses) with Derivatives
|
149.9 | 17.7 | |||||||||||
(14.1 | ) | (22.3 | ) |
Amortization, Debt Cost and Other
|
(14.1 | ) | (22.3 | ) | |||||||
(315.3 | ) | (137.2 | ) |
(=) Financial, Net
|
(315.3 | ) | (137.2 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Income Tax and Social Contribution
|
YTD 2013
|
YTD 2012
|
|||||||||||
(apr - jun)
|
(apr - jun)
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
|||||||||||
(60.8 | ) | (99.5 | ) |
Income (loss) before income tax
|
197.7 | 24.5 | |||||||||
(78.8 | ) | 89.4 |
Total of Deferred and Current Income Tax and Social Contribution
|
(219.4 | ) | 116.2 | |||||||||
(53.2 | ) | 94.0 |
Deferred Income Tax Expenses
|
(166.1 | ) | 123.8 | |||||||||
(25.6 | ) | (4.6 | ) |
Current Income Tax Expenses
|
(53.3 | ) | (7.5 | ) | |||||||
42.1 | % | 4.6 | % |
Effective Rate - Current (%)
|
-27.0 | % | -30.8 | % |
2Q 2013 | |||||||||||||||||||||||||
Income Tax and Social Contribution
|
Comgás
|
Rumo
|
Lubricants and |
Radar7
|
Other
|
Consolidado
|
|||||||||||||||||||
Amount in R$ MM
|
Specialties |
Business
|
|||||||||||||||||||||||
Net Income before Taxes
|
167.5 | 72.6 | (2.9 | ) | 18.5 | (202.2 | ) | (60.8 | ) | ||||||||||||||||
Nominal Rate of Income Tax and Social Contribution (%)
|
34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | |||||||||||||
Income Tax and Social Contribtions Theoretical Expense
|
(56.9 | ) | (24.7 | ) | 1.0 | (6.3 | ) | 68.7 | 20.7 | ||||||||||||||||
(-) Non-taxable Permanent Differences / Equity Pick-up
|
(0.1 | ) | (1.0 | ) | (0.1 | ) | 5.2 | 25.1 | (9.8 | ) | |||||||||||||||
(-) Tax Loss
|
- | - | - | - | (74.2 | ) | (74.2 | ) | |||||||||||||||||
(-) Non-taxable Income (Loss) from Overseas Companies and Other
|
- | - | (0.03 | ) | - | (15.4 | ) | (15.5 | ) | ||||||||||||||||
Income Tax Effective Expenses
|
(57.0 | ) | (25.7 | ) | 0.9 | (1.1 | ) | 4.2 | (78.8 | ) | |||||||||||||||
Income Tax and Social Contribution Effective Rate (%)
|
34.0 | % | 35.4 | % | 30.0 | % | 6.1 | % | 2.1 | % | -129.7 | % | |||||||||||||
Expenses (Revenues) com IR/CS
|
(57.0 | ) | (25.7 | ) | 0.9 | (1.1 | ) | 4.2 | (79.3 | ) | |||||||||||||||
Current
|
(66.4 | ) | 42.6 | (0.2 | ) | (1.6 | ) | (0.0 | ) | (25.6 | ) | ||||||||||||||
Effective Rate - Current Rate (%)
|
39.6 | % | n/a | -7.7 | % | 8.7 | % | - | -42.1 | % | |||||||||||||||
Deferred
|
9.4 | (68.3 | ) | 1.1 | 0.5 | 4.2 | (53.2 | ) | |||||||||||||||||
Note 7: Radar adopts tax regime for entities taxed on presumed profits
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
2Q 2013 | 2Q 2012 |
Net Income
|
YTD 2013
|
YTD 2012
|
|||||||||||
(apr - jun)
|
(apr - jun)
|
Amounts in R$ MM
|
(jan - jun)
|
(jan - jun)
|
|||||||||||
(198.0 | ) | (17.1 | ) |
Net Income
|
(168.2 | ) | 132.5 |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
(i)
|
amortization of principal and interests of R$257.0 million, including BNDES, Finame and credit assignment;
|
(ii)
|
Approximately R$150 million raised from BNDES to subsidiaries Comgás and Rumo; and
|
(iii)
|
provision for interest, monetary and exchange variation in the period, in the amount of R$160 million.
|
(i)
|
Amortization of principal and interests of R$243 million related toAdvances on Foreign Exchange Contracts, Prepayments, Credit Notes and Working Capital;
|
(ii)
|
R$257 million raised under Finem, Advances on Foreign Exchange Contracts, Prepayments, Credit Notes and Working Capital facilities;
|
(iii)
|
Provision for Interest, Monetary and Exchange Variation in the period, in the amount of R$224 million.
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Debt per Business Units (Amount in R$ MM)
|
2Q 2013 | 1Q 2013 | ||||||||||||||
Comgás
|
(apr - jun)
|
(jan - mar)
|
% ST
|
Chg.%
|
||||||||||||
Credit Assignment
|
- | 60.9 | 0 | % | -100.0 | % | ||||||||||
Leasing
|
1.7 | 2.0 | 75 | % | -15.6 | % | ||||||||||
Promissory Notes
|
409.5 | 402.1 | 100 | % | 1.8 | % | ||||||||||
EIB
|
597.0 | 528.9 | 0 | % | 12.9 | % | ||||||||||
4131 Resolution
|
561.5 | 549.1 | 51 | % | 2.3 | % | ||||||||||
BNDES
|
1,136.1 | 1,097.3 | 22 | % | 3.5 | % | ||||||||||
Debentures
|
71.8 | 70.3 | 54 | % | 2.2 | % | ||||||||||
Debt Notes Allocation
|
(2.1 | ) | - | 100 | % | n/a | ||||||||||
Financial Instruments - MTM
|
(238.2 | ) | (134.9 | ) | 15 | % | 76.6 | % | ||||||||
Total Comgás
|
2,537.3 | 2,575.7 | - | -1.5 | % | |||||||||||
Rumo
|
- | - | - | - | ||||||||||||
Finame
|
749.5 | 714.7 | 13 | % | 4.9 | % | ||||||||||
Expenses with Placement of Debt
|
(1.6 | ) | (1.7 | ) | 14 | % | -2.2 | % | ||||||||
Total Rumo
|
747.8 | 713.0 | - | 4.9 | % | |||||||||||
Lubrificantes e Especialidades
|
- | - | - | - | ||||||||||||
Finame
|
0.2 | 0.2 | 0 | % | 0.0 | % | ||||||||||
Foreing Loan
|
182.1 | 167.0 | 0 | % | 9.0 | % | ||||||||||
Total Lubrificantes e Especialidades
|
182.3 | 167.3 | - | 9.0 | % | |||||||||||
Other Business
|
- | - | - | - | ||||||||||||
Perpetual Bonds
|
1,121.8 | 1,019.6 | 1 | % | 10.0 | % | ||||||||||
Credit Notes
|
376.8 | 369.5 | 100 | % | 2.0 | % | ||||||||||
Debentures
|
1,448.3 | 1,417.1 | 3 | % | 2.2 | % | ||||||||||
FINEP
|
89.9 | 89.9 | 0 | % | 0.0 | % | ||||||||||
Senior Notes 2018
|
872.9 | 852.7 | 3 | % | n/d | |||||||||||
Senior Notes 2023
|
1,124.3 | 1,009.3 | 1 | % | n/d | |||||||||||
Expenses with Placement of Debt
|
(52.4 | ) | (53.2 | ) | 17 | % | -1.4 | % | ||||||||
Bonus over Perpetual Bonds
|
6.1 | 6.1 | 41 | % | -0.3 | % | ||||||||||
Financial Instruments - MTM
|
(31.6 | ) | (0.9 | ) | 0 | % | n/a | |||||||||
Total Other Business
|
4,956.0 | 4,710.2 | - | 5.2 | % | |||||||||||
Cosan Consolidated
|
- | - | - | - | ||||||||||||
Total Debt
|
8,423.4 | 8,166.1 | - | 3.2 | % | |||||||||||
Cash and Cash Equivalents and Secutities
|
(1,604.8 | ) | (1,644.6 | ) | - | -2.4 | % | |||||||||
Net Debt
|
6,818.6 | 6,521.5 | - | 4.6 | % | |||||||||||
- | - | - | - | |||||||||||||
Raízen
|
- | - | - | - | ||||||||||||
Senior Notes 2014
|
803.1 | 713.2 | 3 | % | 12.6 | % | ||||||||||
BNDES
|
1,444.5 | 1,492.4 | 14 | % | -3.2 | % | ||||||||||
Term Loan
|
1,069.2 | 1,038.4 | 6 | % | 3.0 | % | ||||||||||
Prepaid Exports
|
947.9 | 918.3 | 35 | % | 3.2 | % | ||||||||||
Senior Notes 2017
|
911.9 | 814.8 | 3 | % | 11.9 | % | ||||||||||
Advances on Exchange Contracts
|
177.9 | 51.1 | 100 | % | 248.4 | % | ||||||||||
Credit Notes
|
355.7 | 318.9 | 0 | % | 11.5 | % | ||||||||||
Finame
|
131.7 | 136.2 | 45 | % | -3.3 | % | ||||||||||
Finem
|
470.9 | 375.0 | 10 | % | 25.6 | % | ||||||||||
Rural Credit
|
67.3 | 41.7 | 100 | % | 61.6 | % | ||||||||||
Debt Notes Allocation
|
(21.5 | ) | (22.4 | ) | 40 | % | -4.0 | % | ||||||||
Other
|
43.6 | 47.8 | 100 | % | -8.7 | % | ||||||||||
Total Raízen8
|
6,402.2 | 5,925.3 | - | 8.0 | % | |||||||||||
Raízen's Debt ( 50% )
|
3,201.1 | 2,962.6 | - | 8.0 | % | |||||||||||
Cash and Cash Equivalents and Secutities Raízen
|
(899.6 | ) | (949.1 | ) | - | -5.2 | % | |||||||||
Net Debt Raízen
|
2,301.5 | 2,013.5 | - | 14.3 | % | |||||||||||
Consolidated Proforma
|
- | - | - | - | ||||||||||||
Total Debt (including Raízen)
|
11,624.5 | 11,128.7 | - | 4.5 | % | |||||||||||
Cash and Cash Equivalents and Secutities (including Raízen)
|
(2,504.5 | ) | (2,593.7 | ) | - | -3.4 | % | |||||||||
Pro forma Net Debt
|
9,120.1 | 8,535.0 | - | 6.9 | % |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Summary 2Q 2013
|
CSAN3
|
CZLT11
|
CZZ
|
||
Stock Type
|
Common Share
|
BDR
|
Class A
|
||
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
||
Closing Price in 06/28/2013
|
R$
|
43.26
|
R$
|
16.16
|
USD 36.60
|
Higher Price
|
R$
|
49.02
|
R$
|
20.95
|
USD 43.00
|
Average Price
|
R$
|
45.35
|
R$
|
19.04
|
USD 39.42
|
Lower Price
|
R$
|
41.34
|
R$
|
15.34
|
USD 34.69
|
Average Daily Traded Volume
|
R$ 49.6 million
|
R$ 20.0 million
|
R$ 8.7 million
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
FY12
|
FY13
|
2013 | |||||||||
(apr/2011 - mar/2012) | (apr/2012 - mar/2013) | (jan/2013 - dec/2013) | |||||||||
Cosan
|
Net Revenue (R$MM)
|
23.391 | 30.017 | 35.000 |
≤ ∆ ≤ 38.000
|
||||||
Consolidated
|
EBITDA (R$MM)
|
2.117 | 3.143 | 3.950 |
≤ ∆ ≤ 4.350
|
||||||
Capex (R$MM)9
|
2.134- | 2.178- | 2.950 |
≤ ∆ ≤ 3.200
|
|||||||
Raízen
|
Volume of Fuels Sold (million liters)
|
20.914 | 21.967 | 22.500 |
≤ ∆ ≤ 24.000
|
||||||
Combustíveis
|
EBITDA (R$MM)
|
1.305 | 1.658 | 1.600 |
≤ ∆ ≤ 1.800
|
||||||
Volume of Sugar Cane Crushed (thousand tonnes)
|
52.958 | 56.221 | 59.000 |
≤ ∆ ≤ 62.000
|
|||||||
Volume of Sugar Sold (thousand tonnes)
|
3.969 | 4.230 | 4.300 |
≤ ∆ ≤ 4.600
|
|||||||
Raízen Energia
|
Volume of Ethanol Sold (million liters)
|
1.921 | 2.323 | 2.100 |
≤ ∆ ≤ 2.300
|
||||||
Volume of Energy Sold (thousand of MWh)
|
1.233 | 3.035 | 1.900 |
≤ ∆ ≤ 2.100
|
|||||||
EBITDA (R$MM)
|
2.235 | 2.408 | 2.400 |
≤ ∆ ≤ 2.700
|
|||||||
Rumo
|
Volume of Loading (thousand tonnes)
|
7.759 | 8.566 | 8.500 |
≤ ∆ ≤ 10.500
|
||||||
EBITDA (R$MM)
|
211 | 297 | 330 |
≤ ∆ ≤ 370
|
|||||||
Radar
|
EBITDA (R$MM)
|
- | 180 | 140 |
≤ ∆ ≤ 160
|
||||||
Cosan L&E
|
Total Volume Sold (million Liters)
|
217 | 287 | 270 |
≤ ∆ ≤ 310
|
||||||
EBITDA (R$MM)9
|
- | - | 140 |
≤ ∆ ≤ 170
|
|||||||
Number of Clients (thousand)
|
1.099 | 1.215 | 1.290 |
≤ ∆ ≤ 1.318
|
|||||||
Comgás
|
Network Expansion (km)
|
1.100 | 1.282 | 1.200 |
≤ ∆ ≤ 1.350
|
||||||
Total Volume of Gas Sold (thousand cbm)
|
4.835 | 5.259 | 5.200 |
≤ ∆ ≤ 5.700
|
|||||||
EBITDA IFRS (R$MM) 9
|
716 | 962 | 1.350 |
≤ ∆ ≤ 1.550
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Cosan Consolidated
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
2,225,938 | 422,246 | ||||||
Gross Profit
|
626,076 | 115,992 | ||||||
Sales, general and administrative expenses
|
(324,947 | ) | (104,981 | ) | ||||
Other operating income (expenses), net
|
(14,300 | ) | 41,125 | |||||
Financial revenue
|
57,716 | 24,995 | ||||||
Financial expenses
|
(213,153 | ) | (95,697 | ) | ||||
Foreign exchange variation
|
(309,760 | ) | (84,221 | ) | ||||
Derivative
|
149,934 | 17,717 | ||||||
Equity pick up
|
(32,360 | ) | (14,413 | ) | ||||
Income and Social Contribution Taxes
|
(78,836 | ) | 89,374 | |||||
Net Income (loss)
|
(139,630 | ) | (10,109 | ) |
Cosan Consolidated
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
1,018,243 | 857,136 | ||||||
Inventories
|
274,147 | 275,697 | ||||||
Other current assets
|
777,269 | 764,254 | ||||||
Investments
|
92,295 | 50,556 | ||||||
investments in jointly owned subsidiaries
|
8,551,222 | 8,582,741 | ||||||
Investment Property
|
2,477,955 | 2,473,438 | ||||||
Property, Plant and Equipment
|
1,206,120 | 1,178,297 | ||||||
Intangible
|
9,756,656 | 9,614,898 | ||||||
Other non-current assets
|
2,409,205 | 2,115,858 | ||||||
Total Assets
|
26,563,112 | 25,912,875 | ||||||
Loans and Financing
|
(7,088,424 | ) | (6,657,306 | ) | ||||
Suppliers
|
(970,343 | ) | (799,479 | ) | ||||
Salaries Payable
|
(109,172 | ) | (94,262 | ) | ||||
Other current liabilities
|
(804,889 | ) | (595,110 | ) | ||||
Other non-current liabilities
|
(4,547,563 | ) | (4,428,244 | ) | ||||
Net Equity
|
(13,042,721 | ) | (13,338,474 | ) | ||||
Total Liabilities
|
(26,563,112 | ) | (25,912,875 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Statement of Cash Flow
|
2Q 2013 | 2Q 2012 | ||||||
Consolidated
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Cash flow from operating activities
|
||||||||
Net loss before social contribution and income taxes
|
(60,794 | ) | (99,483 | ) | ||||
Non-cash Adjustments:
|
||||||||
Depreciation and Amortization
|
127,108 | 29,098 | ||||||
Equity pick up
|
(3,800 | ) | (10,462 | ) | ||||
Equity pick up in jointly owned subsidiaries
|
36,160 | 24,875 | ||||||
Losses (gains) in non current assets disposals
|
5,146 | (62,938 | ) | |||||
Stock option
|
2,152 | 3,323 | ||||||
Fair value of investment properties
|
(7,665 | ) | - | |||||
Judicial demands' provision
|
25,085 | 25,937 | ||||||
Interest, monetary and exchange variations, net
|
357,484 | 244,830 | ||||||
Other
|
5,443 | 649 | ||||||
Variation on assets and liabilities:
|
486,319 | 155,829 | ||||||
Accounts receivable
|
(159,774 | ) | (53,365 | ) | ||||
Restricted Cash
|
18,220 | 15,647 | ||||||
Inventories
|
4,509 | (35,234 | ) | |||||
Taxes receivable
|
(40,786 | ) | (23,177 | ) | ||||
Related Parties
|
(13,915 | ) | (50,130 | ) | ||||
Advances to Suppliers
|
4,422 | (1,955 | ) | |||||
Suppliers
|
192,097 | 14,943 | ||||||
Salaries payable
|
10,839 | 12,357 | ||||||
Provision for judicial demands from legal proceedings
|
(94,342 | ) | 12,186 | |||||
Taxes payable
|
(41,755 | ) | (19,380 | ) | ||||
Cash provided from discontinued operations
|
- | 53,501 | ||||||
Other assets and liabilities, net
|
(9,735 | ) | (134,830 | ) | ||||
Net cash provided (used) in operating activities
|
356,099 | (53,608 | ) | |||||
Cash flow from investments
|
||||||||
Acquisition, net of acquired cash and advances for future capital increases
|
(59,588 | ) | (196,910 | ) | ||||
Redemption of shares in subsidiaries
|
- | - | ||||||
Additions on property, plant and equipment; software; and other intangible assets
|
(298,166 | ) | (58,310 | ) | ||||
Cash received on sale of property, plant and equipment; intagible assets and investments
|
65,350 | 134,552 | ||||||
Net cash provided (used) in investments
|
(292,404 | ) | (120,668 | ) | ||||
Cash flow from financing activities
|
||||||||
Loans and financing funding
|
148,942 | 264,304 | ||||||
Loans and financing amortization
|
(265,462 | ) | (74,150 | ) | ||||
Derivative financial instruments
|
24,408 | (20,832 | ) | |||||
Related parties
|
- | - | ||||||
Treasury shares purchases
|
(25,700 | ) | - | |||||
Exercise of stock option plan
|
5,998 | - | ||||||
Net cash provided (used) in financing activities
|
(111,814 | ) | 169,322 | |||||
Cash and cash equivalents net decrease
|
(48,119 | ) | (4,954 | ) | ||||
Cash and cash equivalents at the beginning of the period
|
1,538,753 | 998,240 | ||||||
Cash and cash equivalents at the end of the period
|
1,490,634 | 993,286 |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Raízen Combustíveis
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
11,778,509 | 10,285,828 | ||||||
Gross Profit
|
555,000 | 546,917 | ||||||
Sales, general and administrative expenses
|
(335,266 | ) | (331,634 | ) | ||||
Other operating income (expenses), net
|
79,927 | 40,694 | ||||||
Financial revenue
|
(19,964 | ) | (26,474 | ) | ||||
Financial expenses
|
28,523 | 40,620 | ||||||
Foreign exchange variation
|
(110,444 | ) | (97,237 | ) | ||||
Derivative
|
59,709 | 4,611 | ||||||
Equity pick up
|
- | - | ||||||
Income and Social Contribution Taxes
|
(87,568 | ) | (59,792 | ) | ||||
Non-controlling interests
|
(5,131 | ) | (4,616 | ) |
Raízen Combustíveis
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
1,245,179 | 1,290,683 | ||||||
Inventories
|
852,711 | 906,870 | ||||||
Other current assets
|
1,410,561 | 1,266,617 | ||||||
Investments
|
- | - | ||||||
Property, Plant and Equipment
|
2,567,133 | 2,617,134 | ||||||
Intangible
|
4,015,732 | 4,043,571 | ||||||
Other non-current assets
|
1,247,219 | 1,269,344 | ||||||
Total Assets
|
11,338,535 | 11,394,219 | ||||||
Loans and Financing
|
(596,348 | ) | (562,901 | ) | ||||
Suppliers
|
(576,231 | ) | (684,546 | ) | ||||
Other current liabilities
|
(735,182 | ) | (844,407 | ) | ||||
Other non-current liabilities
|
(2,617,923 | ) | (2,648,162 | ) | ||||
Net Equity
|
(6,812,851 | ) | (6,654,203 | ) | ||||
Total Liabilities
|
(11,338,535 | ) | (11,394,219 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Raízen Energia
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
1,478,260 | 1,264,122 | ||||||
Gross Profit
|
225,812 | 169,941 | ||||||
Sales, general and administrative expenses
|
(244,618 | ) | (198,576 | ) | ||||
Other operating income (expenses), net
|
9,153 | 3,323 | ||||||
Financial revenue
|
(108,852 | ) | (127,356 | ) | ||||
Financial expenses
|
66,520 | 166,538 | ||||||
Foreign exchange variation
|
(218,418 | ) | (254,551 | ) | ||||
Derivative
|
(85,583 | ) | (59,961 | ) | ||||
Equity pick up
|
(682 | ) | (5,670 | ) | ||||
Income and Social Contribution Taxes
|
119,555 | 143,829 | ||||||
Non-controlling interests
|
- | (357 | ) | |||||
Raízen Energia
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
349,025 | 378,161 | ||||||
Inventories
|
886,917 | 365,555 | ||||||
Other current assets
|
1,124,832 | 1,077,335 | ||||||
Investments
|
215,105 | 234,951 | ||||||
Biological assets
|
2,020,333 | 1,978,477 | ||||||
Property, Plant and Equipment
|
9,769,483 | 9,896,478 | ||||||
Intangible
|
3,063,170 | 3,050,310 | ||||||
Other non-current assets
|
1,566,141 | 1,360,709 | ||||||
Total Assets
|
18,995,006 | 18,341,976 | ||||||
Loans and Financing
|
(4,497,839 | ) | (4,011,579 | ) | ||||
Suppliers
|
(513,768 | ) | (491,797 | ) | ||||
Other current liabilities
|
(1,921,873 | ) | (1,513,785 | ) | ||||
Other non-current liabilities
|
(1,670,334 | ) | (1,699,138 | ) | ||||
Net Equity
|
(10,391,192 | ) | (10,625,677 | ) | ||||
Total Liabilities
|
(18,995,006 | ) | (18,341,976 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Comgás
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
1,605,651 | 1,278,523 | ||||||
Gross Profit
|
426,227 | 271,332 | ||||||
Sales, general and administrative expenses
|
(196,829 | ) | (171,082 | ) | ||||
Other operating income (expenses), net
|
(5,133 | ) | (1,198 | ) | ||||
Financial revenue
|
10,090 | 6,317 | ||||||
Financial expenses
|
(54,917 | ) | (38,376 | ) | ||||
Foreign exchange variation
|
(106,488 | ) | 578 | |||||
Derivative
|
94,503 | (16,150 | ) | |||||
Equity pick up
|
- | - | ||||||
Income and Social Contribution Taxes
|
(57,016 | ) | (12,239 | ) | ||||
Net Income (loss)
|
110,437 | 39,182 | ||||||
Comgás
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
658,801 | 569,168 | ||||||
Inventories
|
114,270 | 108,837 | ||||||
Other current assets
|
295,527 | 340,041 | ||||||
Investments
|
- | - | ||||||
investments in jointly owned subsidiaries
|
- | - | ||||||
Investment Property
|
- | - | ||||||
Property, Plant and Equipment
|
- | - | ||||||
Intangible
|
8,200,248 | 8,071,839 | ||||||
Other non-current assets
|
278,418 | 184,269 | ||||||
Total Assets
|
9,547,264 | 9,274,154 | ||||||
Loans and Financing
|
(2,416,221 | ) | (2,383,095 | ) | ||||
Suppliers
|
(813,000 | ) | (678,172 | ) | ||||
Salaries Payable
|
(39,167 | ) | (34,002 | ) | ||||
Other current liabilities
|
(100,859 | ) | (105,463 | ) | ||||
Other non-current liabilities
|
(839,918 | ) | (845,093 | ) | ||||
Net Equity
|
(5,338,099 | ) | (5,228,329 | ) | ||||
Total Liabilities
|
(9,547,264 | ) | (9,274,154 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Rumo
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
214,337 | 104,894 | ||||||
Gross Profit
|
83,289 | 34,616 | ||||||
Sales, general and administrative expenses
|
(17,728 | ) | (12,118 | ) | ||||
Other operating income (expenses), net
|
185 | 4,872 | ||||||
Financial revenue
|
14,113 | 9,738 | ||||||
Financial expenses
|
(7,404 | ) | (9,159 | ) | ||||
Foreign exchange variation
|
140 | 132 | ||||||
Derivative
|
- | - | ||||||
Equity pick up
|
- | - | ||||||
Income and Social Contribution Taxes
|
(25,721 | ) | (9,647 | ) | ||||
Net Income (loss)
|
46,874 | 18,434 | ||||||
Rumo
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
125,804 | 80,865 | ||||||
Inventories
|
5,110 | 6,153 | ||||||
Other current assets
|
115,508 | 41,581 | ||||||
Investments
|
- | - | ||||||
investments in jointly owned subsidiaries
|
- | - | ||||||
Investment Property
|
- | - | ||||||
Property, Plant and Equipment
|
975,535 | 952,915 | ||||||
Intangible
|
705,148 | 677,860 | ||||||
Other non-current assets
|
27,559 | 28,518 | ||||||
Total Assets
|
1,954,665 | 1,787,892 | ||||||
Loans and Financing
|
(173,810 | ) | (192,901 | ) | ||||
Suppliers
|
(98,081 | ) | (46,391 | ) | ||||
Salaries Payable
|
(15,493 | ) | (14,330 | ) | ||||
Other current liabilities
|
(154,526 | ) | (134,685 | ) | ||||
Other non-current liabilities
|
(191,930 | ) | (125,632 | ) | ||||
Net Equity
|
(1,320,824 | ) | (1,273,953 | ) | ||||
Total Liabilities
|
(1,954,665 | ) | (1,787,892 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Lubricants and Specialties
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
386,057 | 312,235 | ||||||
Gross Profit
|
102,725 | 76,702 | ||||||
Sales, general and administrative expenses
|
(74,408 | ) | (62,211 | ) | ||||
Other operating income (expenses), net
|
(246 | ) | 14 | |||||
Financial revenue
|
19,271 | 12,665 | ||||||
Financial expenses
|
(12,469 | ) | (11,565 | ) | ||||
Foreign exchange variation
|
(12,009 | ) | (4,342 | ) | ||||
Derivative
|
520 | - | ||||||
Equity pick up
|
- | (43 | ) | |||||
Income and Social Contribution Taxes
|
(8,659 | ) | (15,717 | ) | ||||
Net Income (loss)
|
14,725 | (4,497 | ) | |||||
Lubricants and Specialties
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
208,706 | 180,223 | ||||||
Inventories
|
154,767 | 160,707 | ||||||
Other current assets
|
54,987 | 82,077 | ||||||
Investments
|
22,178 | - | ||||||
investments in jointly owned subsidiaries
|
- | - | ||||||
Investment Property
|
- | - | ||||||
Property, Plant and Equipment
|
182,399 | 176,512 | ||||||
Intangible
|
848,517 | 862,955 | ||||||
Other non-current assets
|
(39,085 | ) | (73,490 | ) | ||||
Total Assets
|
1,432,469 | 1,388,984 | ||||||
Loans and Financing
|
(24,129 | ) | 784,696 | |||||
Suppliers
|
(56,375 | ) | (71,979 | ) | ||||
Salaries Payable
|
(19,513 | ) | (15,334 | ) | ||||
Other current liabilities
|
(89,941 | ) | (47,689 | ) | ||||
Other non-current liabilities
|
(346,964 | ) | (427,228 | ) | ||||
Net Equity
|
(895,547 | ) | (1,611,450 | ) | ||||
Total Liabilities
|
(1,432,469 | ) | (1,388,984 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Radar
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
19,880 | 35,077 | ||||||
Gross Profit
|
13,823 | 16,753 | ||||||
Sales, general and administrative expenses
|
(4,998 | ) | (5,809 | ) | ||||
Other operating income (expenses), net
|
8,981 | 1,029 | ||||||
Financial revenue
|
939 | 2,491 | ||||||
Financial expenses
|
(232 | ) | - | |||||
Equity pick up
|
29 | - | ||||||
Income and Social Contribution Taxes
|
(1,135 | ) | (2,220 | ) | ||||
Net Income (loss)
|
17,407 | 12,244 | ||||||
Radar
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
24,692 | 26,639 | ||||||
Inventories
|
- | - | ||||||
Other current assets
|
8,985 | 7,386 | ||||||
Investments
|
- | - | ||||||
investments in jointly owned subsidiaries
|
- | - | ||||||
Investment Property
|
2,477,955 | 2,473,438 | ||||||
Property, Plant and Equipment
|
11,661 | 11,852 | ||||||
Intangible
|
92 | 99 | ||||||
Other non-current assets
|
9,363 | 48,298 | ||||||
Total Assets
|
2,532,748 | 2,567,712 | ||||||
Loans and Financing
|
94,273 | 29,982 | ||||||
Suppliers
|
(1,069 | ) | (996 | ) | ||||
Salaries Payable
|
(14,558 | ) | (13,390 | ) | ||||
Other current liabilities
|
(33,449 | ) | (26,244 | ) | ||||
Other non-current liabilities
|
(75,707 | ) | (74,813 | ) | ||||
Net Equity
|
(2,502,238 | ) | (2,482,251 | ) | ||||
Total Liabilities
|
(2,532,748 | ) | (2,567,712 | ) |
Earnings Release
2nd Quarter of Fiscal Year 2013 - April, May and June 201
|
|
Other Businesses
|
2Q 2013 | 2Q 2012 | ||||||
Income Statement for the period
|
Jun 30, 2013
|
Jun 30, 2012
|
||||||
Net Operating Revenue
|
13 | 5,117 | ||||||
Gross Profit
|
12 | 4,674 | ||||||
Sales, general and administrative expenses
|
(30,984 | ) | (30,652 | ) | ||||
Other operating income (expenses), net
|
(18,087 | ) | 36,239 | |||||
Financial revenue
|
16,122 | 10,827 | ||||||
Financial expenses
|
(140,950 | ) | (83,208 | ) | ||||
Foreign exchange variation
|
(191,403 | ) | (80,011 | ) | ||||
Derivative
|
54,911 | 17,717 | ||||||
Equity pick up
|
81,914 | 42,895 | ||||||
Income and Social Contribution Taxes
|
13,695 | 114,738 | ||||||
Net Income (loss)
|
(214,770 | ) | 33,219 | |||||
Other Businesses
|
2Q 2013 | 1Q 2013 | ||||||
Balance Sheet
|
Jun 30, 2013
|
Mar 31, 2013
|
||||||
Accounts receivable
|
240 | 241 | ||||||
Inventories
|
- | - | ||||||
Other current assets
|
394,383 | 386,503 | ||||||
Investments
|
5,973,672 | 6,639,826 | ||||||
investments in jointly owned subsidiaries
|
8,551,222 | 8,582,741 | ||||||
Investment Property
|
- | - | ||||||
Property, Plant and Equipment
|
36,525 | 37,018 | ||||||
Intangible
|
2,651 | 2,145 | ||||||
Other non-current assets
|
2,537,345 | 2,336,571 | ||||||
Total Assets
|
17,496,038 | 17,985,045 | ||||||
Loans and Financing
|
(4,568,537 | ) | (4,935,034 | ) | ||||
Suppliers
|
(1,818 | ) | (1,941 | ) | ||||
Salaries Payable
|
(20,441 | ) | (17,206 | ) | ||||
Other current liabilities
|
(501,932 | ) | (357,475 | ) | ||||
Other non-current liabilities
|
(3,513,743 | ) | (3,341,628 | ) | ||||
Net Equity
|
(8,889,567 | ) | (9,331,761 | ) | ||||
Total Liabilities
|
(17,496,038 | ) | (17,985,045 | ) |
COSAN LIMITED
|
||||||
Date:
|
August 9, 2013
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|