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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Financial Letter for the 4th Quarter and Fiscal Year 2012
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2.
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Cosan Limited – Consolidated Financial Statements March 31, 2012 and 2011
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3.
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Cosan S.A. Indústria e Comércio – Consolidated Financial Statements March 31, 2012 and 2011
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Marcelo Martins
CFO & IRO
Guilherme Machado
IR Manager
Phillipe Casale
IR Analyst
ri@cosan.com.br
www.cosan.com.br/ir
|
4Q12 and FY12 Highlights | |||||||||
● |
Consolidated revenue grows 33.4% to R$ 24.1 billion.
|
|||||||||
● |
Raízen Combustíveis reaches EBITDA margin record of R$70.5/cbm in 4Q12 (excluding non-recurring effects)
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|||||||||
● |
Raízen Energia records EBITDA margin above 30% for the year
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|||||||||
● |
Growth of 27.7% in Rumo’s net revenue for FY12
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|||||||||
● |
Cosan Lubrificantes e Especialidades continues internationalization process and acquires operation in the United Kingdom
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|||||||||
Summary of Financial Information – Cosan Consolidated
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||||||||||
4Q12
|
4Q11
|
Amounts in R$ MM
|
FY12
|
FY11
|
||||||
5,793.9
|
4,609.3
|
Net Operating Revenue
|
24,096.9
|
18,063.5
|
||||||
642.1
|
1,137.1
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Gross Profit
|
2,631.9
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2,913.4
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||||||
Definitions:
4Q12 – quarter ended March 31, 2012
4Q11 – quarter ended March 31, 2011
FY12 – fiscal year beginning on April 1,
2011 and closing on March 31, 2012
FY11 – fiscal year beginning on April 1,
2010 and closing on March 31, 2011
|
11.1%
|
24.7%
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Gross Margin (%)
|
10.9%
|
16.1%
|
|||||
148.4
|
725.8
|
Operating Profit
|
4,195.9
|
1,312.6
|
||||||
367.4
|
1,029.5
|
EBITDA
|
5,338.7
|
2,672.3
|
||||||
6.3%
|
22.3%
|
EBITDA Margin (%)
|
22.2%
|
14.8%
|
||||||
467.8
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1,029.5
|
Adjusted EBITDA¹
|
2,142.1
|
2,672.3
|
||||||
8.1%
|
22.3%
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Adjusted EBITDA Margin (%)
|
8.9%
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14.8%
|
||||||
148.8
|
486.8
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Net Income before Minority Shareholders
|
2,644.8
|
776.6
|
||||||
149.6
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480.9
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Net Income
|
2,605.8
|
771.6
|
||||||
2.6%
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10.4%
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Net Margin (%)
|
10.8%
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4.3%
|
||||||
613.3
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1,290.7
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CAPEX2
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2,136.5
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3,037.2
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||||||
3,081.7
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5,262.7
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Net Debt
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3,081.7
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5,262.7
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||||||
9,616.4
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6,784.3
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Equity and Non-controlling Interests
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9,616.4
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6,784.3
|
||||||
Note 1: Net of the effects of Raízen’s formation
Note 2: Net of acquisition of interest in other companies and of cash received from disinvestment
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Results by Business Unit
Amounts in R$ MM
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Raízen
Energia
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Raízen
Combustíveis
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4Q12
Cosan
Alimentos
|
Rumo
|
Other Business
|
|||||||||||||||
Net Operating Revenue
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1,193.2 | 9,982.0 | 199.2 | 74.3 | 270.9 | |||||||||||||||
Cost of Goods and Services
|
(757.1 | ) | (9,316.7 | ) | (182.6 | ) | (77.4 | ) | (193.0 | ) | ||||||||||
Gross Profit
|
436.1 | 665.3 | 16.6 | (3.1 | ) | 77.9 | ||||||||||||||
Gross Margin (%)
|
36.6 | % | 6.7 | % | 8.3 | % | -4.2 | % | 28.8 | % | ||||||||||
Selling Expenses
|
(77.6 | ) | (390.8 | ) | (25.3 | ) | - | (38.3 | ) | |||||||||||
General and Administrative Expenses
|
(136.6 | ) | (111.2 | ) | (3.5 | ) | (11.7 | ) | (43.0 | ) | ||||||||||
Other Operating Revenues (Expenses)
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8.7 | 89.0 | 6.0 | 9.0 | 5.7 | |||||||||||||||
Effects of Raízen's Formation
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- | - | - | - | (100.3 | ) | ||||||||||||||
Depreciation and Amortization
|
258.0 | 98.6 | 0.5 | 26.5 | 13.8 | |||||||||||||||
EBITDA
|
488.7 | 350.9 | (5.7 | ) | 20.6 | (84.2 | ) | |||||||||||||
EBITDA Margin (%)
|
41.0 | % | 3.5 | % | -2.9 | % | 27.8 | % | -31.1 | % | ||||||||||
EBITDA Margin (R$/cbm)
|
- | 67.6 | - | - | - | |||||||||||||||
Adjusted EBITDA
|
488.7 | 350.9 | (5.7 | ) | 20.6 | 16.1 | ||||||||||||||
Adjusted EBITDA Margin (%)
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41.0 | % | 3.5 | % | -2.9 | % | 27.8 | % | 5.9 | % |
Results by Business Unit
Amounts in R$ MM
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Raízen
Energia
|
Raízen
Combustíveis
(Pro forma)
|
FY12
Cosan
Alimentos
(Pro Forma)
|
Rumo
|
Other Business
|
|||||||||||||||
Net Operating Revenue
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7,247.7 | 39,691.8 | 941.6 | 572.0 | 1,065.5 | |||||||||||||||
Cost of Goods and Services
|
(5,578.3 | ) | (37,455.7 | ) | (752.5 | ) | (394.1 | ) | (732.9 | ) | ||||||||||
Gross Profit
|
1,669.4 | 2,236.1 | 189.1 | 177.9 | 332.6 | |||||||||||||||
Gross Margin (%)
|
23.0 | % | 5.6 | % | 20.1 | % | 31.1 | % | 31.2 | % | ||||||||||
Selling Expenses
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(511.4 | ) | (1,216.7 | ) | (110.6 | ) | - | (187.5 | ) | |||||||||||
General and Administrative Expenses
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(454.0 | ) | (405.7 | ) | (17.7 | ) | (41.6 | ) | (132.8 | ) | ||||||||||
Other Operating Revenues (Expenses)
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(18.2 | ) | 283.3 | 6.8 | 19.5 | (11.9 | ) | |||||||||||||
Effects of Raízen's Formation
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- | - | - | - | 3,196.6 | |||||||||||||||
Depreciation and Amortization
|
1,550.0 | 377.1 | 1.7 | 57.3 | 48.4 | |||||||||||||||
EBITDA
|
2,235.7 | 1,304.9 | 69.3 | 213.2 | 3,245.3 | |||||||||||||||
EBITDA Margin (%)
|
30.8 | % | 3.3 | % | 7.4 | % | 37.3 | % | 304.6 | % | ||||||||||
EBITDA Margin (R$/cbm)
|
- | 62.4 | - | - | - | |||||||||||||||
Adjusted EBITDA
|
2,235.7 | 1,304.9 | 69.3 | 213.2 | 48.7 | |||||||||||||||
Adjusted EBITDA Margin (%)
|
30.8 | % | 3.3 | % | 7.4 | % | 37.3 | % | 4.6 | % |
Operational Figures
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|||||||||||||||
4Q12 | 4Q11 |
FY12
|
FY11
|
||||||||||||
- | 77 |
Crushed Sugarcane
|
52,958 | 54,238 | |||||||||||
- | - |
Own (‘000 tonnes)
|
26,528 | 27,400 | |||||||||||
- | 77 |
Suppliers (‘000 tonnes)
|
26,430 | 26,838 | |||||||||||
- | 136.1 |
Sugarcane TSR (kg/tonne)
|
136.5 | 138.5 | |||||||||||
- | - |
Mechanization (%)
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85.9 | % | 79.5 | % | |||||||||
Production
|
|||||||||||||||
- | 3 |
Sugar
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3,969 | 3,923 | |||||||||||
- | 2 |
Raw Sugar (‘000 tonnes)
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2,426 | 2,517 | |||||||||||
- | 1 |
White Sugar (‘000 tonnes)
|
1,543 | 1,406 | |||||||||||
- | 3 |
Ethanol
|
1,921 | 2,202 | |||||||||||
- | - |
Anhydrous Ethanol (‘000 cbm)
|
688 | 686 | |||||||||||
- | 3 |
Hydrous Ethanol (‘000 cbm)
|
1,233 | 1,516 |
4Q12 | 4Q11 |
Net Revenue Breakdown
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
1,193.2 | 1,674.0 |
Net Operating Revenue
|
7,247.7 | 6,389.2 | |||||||||||
665.6 | 985.1 |
Sugar Sales
|
3,912.8 | 3,853.4 | |||||||||||
258.8 | 372.0 |
Domestic Market
|
1,217.4 | 1,387.3 | |||||||||||
406.9 | 613.2 |
Foreign Market
|
2,695.4 | 2,466.2 | |||||||||||
501.5 | 666.7 |
Ethanol Sales
|
2,871.5 | 2,203.7 | |||||||||||
364.0 | 641.0 |
Domestic Market
|
2,245.1 | 1,958.9 | |||||||||||
137.5 | 25.8 |
Foreign Market
|
626.5 | 244.8 | |||||||||||
1.3 | 2.3 |
Energy Cogeneration
|
235.1 | 186.0 | |||||||||||
24.8 | 19.8 |
Other Products and Services
|
228.2 | 146.0 |
● |
A decrease of 25.2% in the total volume of sugar sold due to advanced sales to the foreign market in FY12, resulting in a total reduction of R$224.8 million, mostly concentrated in 4Q12.
|
● |
A decrease in the average sugar sales price, which was down 9.6% from R$1,048.1/tonne in 4Q11 to R$947.3/tonne in 4Q12, causing a R$94.7 million drop in total revenue.
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Sugar Inventories
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||||||||
4Q12 | 4Q11 | |||||||
´000 tonne
|
156.6 | 97.7 | ||||||
R$'MM
|
107.0 | 77.6 | ||||||
R$/tonne
|
682.9 | 794.3 |
● |
A 1.9% reduction in the average ethanol sales price from R$1,262.7/cbm in 4Q11 to R$1,239.2/cbm in 4Q12, representing a decrease of R$12.4 million in net revenue from ethanol sales.
|
● |
A 23.4% drop in the volume of ethanol sold in 4Q12 versus 4Q11, causing net revenue to fall R$152.9 million.
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Ethanol Inventories
|
||||||||
4Q12 | 4Q11 | |||||||
´000 cbm
|
79.1 | 49.6 | ||||||
R$'MM
|
87.9 | 42.8 | ||||||
R$/cbm
|
1,111.3 | 862.9 |
4Q12 | 4Q11 |
COGS per Product
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(757.1 | ) | (769.9 | ) |
Cost of Goods Sold (COGS)
|
(5,578.3 | ) | (4,400.5 | ) | |||||||
(430.9 | ) | (657.1 | ) |
Sugar
|
(2,802.1 | ) | (2,609.1 | ) | |||||||
(405.3 | ) | (523.7 | ) |
Ethanol
|
(2,454.0 | ) | (2,016.1 | ) | |||||||
(0.1 | ) | (1.4 | ) |
Energy Cogeneration
|
(86.1 | ) | (102.3 | ) | |||||||
79.3 | 412.3 |
Other
|
(236.0 | ) | 327.1 | ||||||||||
Average Unitary Costs³
|
|||||||||||||||
(458.9 | ) | (593.8 | ) |
Cash cost of sugar (R$/tonne)
|
(523.8 | ) | (496.2 | ) | |||||||
(714.7 | ) | (717.9 | ) |
Cash cost of ethanol (R$/’000 liters)
|
(783.9 | ) | (645.0 | ) |
● |
A 24.8% increase in the TSR/kg cost, up from R$0.4022 in FY11 to R$0.5018 in FY12, directly impacting the cost of sugarcane from suppliers and the cost of land leases.
|
● |
An increase in the cost of proprietary sugarcane due to the rise in leasing costs—up from R$10.4 per tonne of sugarcane in FY11 to R$17 per tonne in FY12.
|
● |
A decrease in the TSR level to 136.5 kg/tonne in FY12, compared to 138.5 kg/ton in FY11.
|
Gross Profit and Gross Margin per Product
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
436.1 | 904.1 |
Gross Profit
|
1,669.4 | 1,988.7 | |||||||||||
234.7 | 328.0 |
Sugar
|
1,110.7 | 1,244.3 | |||||||||||
35.3 | % | 33.3 | % |
Sugar Gross Margin (%)
|
28.4 | % | 32.3 | % | |||||||
51.6 | % | 43.3 | % |
Sugar (Cash) Gross Margin (%)
|
46.6 | % | 44.7 | % | |||||||
96.1 | 143.1 |
Ethanol
|
417.5 | 187.7 | |||||||||||
19.2 | % | 21.5 | % |
Ethanol Gross Margin (%)
|
14.5 | % | 8.5 | % | |||||||
42.3 | % | 43.1 | % |
Ethanol (Cash) Gross Margin (%)
|
39.5 | % | 34.2 | % | |||||||
1.2 | 0.9 |
Energy Cogeneration
|
149.0 | 83.6 | |||||||||||
104.1 | 432.1 |
Other
|
(7.8 | ) | 473.1 |
Selling, General and
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(77.6 | ) | (134.2 | ) |
Selling Expenses
|
(511.4 | ) | (568.3 | ) | |||||||
(136.6 | ) | (107.0 | ) |
General and Administrative Expenses
|
(454.0 | ) | (393.0 | ) |
EBITDA
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
488.7 | 910.6 |
EBITDA
|
2,235.7 | 2,131.9 | |||||||||||
41.0 | % | 54.4 | % |
EBITDA Margin (%)
|
30.8 | % | 33.4 | % |
Summary of Hedge Operations at March 31th , 2012
|
||||
2011 / 2012 | ||||
Sugar
|
||||
NY #11
|
||||
Volume (‘000 tonnes)
|
1,163.7 | |||
Average Price (¢US$/lb)
|
24.5 | |||
London #5
|
||||
Volume (‘000 tonnes)
|
1.3 | |||
Average Price (US$/lb)
|
653.0 | |||
Exchange rate
|
||||
US$
|
||||
Volume (US$ million)
|
585.25 | |||
Average Price (R$/US$)
|
1.90 | |||
Volume to be sold / Hedged (‘000 tonnes)
|
2,864.6 | |||
% Sale Protected Sugar / Fixed
|
40.7 | % |
Expiration Period - (R$MM)
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2011/12 | 2012/13 |
Total
|
|||||||||
Futures
|
OTC/NYBOT
|
NY#11
|
40.5 | 0.6 | 41.1 | |||||||||
NDF
|
OTC/CETIP
|
USD
|
1.7 | - | 1.7 | |||||||||
(=) Hedge Accounting impact
|
42.2 | 0.6 | 42.8 | |||||||||||
(-) Deferred Income Tax
|
(14.4 | ) | (0.2 | ) | (14.5 | ) | ||||||||
(=) Asset Valuation Adjustment
|
27.9 | 0.4 | 28.2 |
CAPEX
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
848.4 | 954.6 |
Total CAPEX
|
2,577.9 | 2,414.4 | |||||||||||
664.8 | 687.2 |
Operating CAPEX
|
1,835.7 | 1,711.4 | |||||||||||
222.7 | 177.5 |
Biological assets
|
942.7 | 745.0 | |||||||||||
321.0 | 336.0 |
Inter-harvest Maintenance Costs
|
605.5 | 514.2 | |||||||||||
70.2 | 97.6 |
SSMA and Sustaining
|
149.2 | 237.5 | |||||||||||
50.9 | 76.2 |
Mechanization
|
138.3 | 214.7 | |||||||||||
183.5 | 267.4 |
Expasion CAPEX
|
742.2 | 702.9 | |||||||||||
109.0 | 88.9 |
Cogeneration Projects
|
462.5 | 287.6 | |||||||||||
0.2 | 6.9 |
Greenfield
|
0.4 | 66.9 | |||||||||||
- | 4.6 |
Expasion
|
99.4 | 87.2 | |||||||||||
74.3 | 166.9 |
Others
|
179.8 | 261.2 |
● |
Accounting
|
o
|
4Q12 – three months (January, February and March, 2012) of operations of Raízen Combustíveis
|
o
|
FY12 – ten months (June, 2011 to March, 2012) of operations of Raízen Combustíveis, and two months (April and May, 2011) of operations of the fuels business managed by Cosan (CCL minus the Lubricants business)
|
o
|
4Q11 – three months (January, February and March, 2011) of operations of the fuels business managed by Cosan (CCL minus the Lubricants business)
|
o
|
FY11 – twelve months (April, 2010 to March, 2011) of operations of the fuels business managed by Cosan (CCL minus the Lubricants business)
|
● |
Pro Forma
|
o
|
FY12 – ten months (June, 2011 to March, 2012) of operations of Raízen Combustíveis, and two months (April and May, 2011) of the combined carve-out of fuel assets, both of CCL and of Shell.
|
o
|
4Q11 – three months (January, February and March, 2011) of the combined carve-out of fuel assets, both of CCL and of Shell.
|
o
|
FY11 – twelve months (April, 2012 to March, 2011) of the combined carve-out of fuel assets, both of CCL and of Shell.
|
Book
4Q12
|
Pro forma
4Q11
|
Pro forma
FY12
|
Pro forma
FY11
|
Net Revenue Breakdown
Amounts in R$ MM
|
Book
4Q12
|
Book
4Q11
|
Book
FY12
|
Book
FY11
|
|||||||||||||||||||||||
9,982.0 | 8,885.0 | 39,691.8 | 35,526.4 |
Net Operating Revenue
|
9,982.0 | 2,701.2 | 35,096.1 | 10,966.2 | |||||||||||||||||||||||
9,982.0 | 8,865.6 | 39,669.9 | 35,468.5 |
Fuel Sales
|
9,982.0 | 2,681.8 | 35,079.1 | 10,908.3 | |||||||||||||||||||||||
544.6 | 702.6 | 2,337.7 | 2,908.7 |
Ethanol
|
544.6 | 203.1 | 2,117.9 | 814.6 | |||||||||||||||||||||||
4,179.3 | 3,619.3 | 16,623.1 | 13,241.1 |
Gasoline
|
4,179.3 | 1,265.9 | 14,674.4 | 4,656.9 | |||||||||||||||||||||||
3,875.5 | 3,516.8 | 15,730.2 | 15,383.4 |
Diesel
|
3,875.5 | 1,185.6 | 14,051.4 | 5,325.3 | |||||||||||||||||||||||
1,176.3 | 863.6 | 4,312.5 | 3,127.8 |
Jet Fuel
|
1,176.3 | - | 3,632.0 | - | |||||||||||||||||||||||
206.2 | 163.4 | 666.4 | 807.4 |
Others
|
206.2 | 27.2 | 603.3 | 111.5 | |||||||||||||||||||||||
- | 19.3 | 21.9 | 57.9 |
Other services
|
- | 19.3 | 16.9 | 57.9 |
Fuels Inventories
|
Book
|
Pro forma
|
||||||
4Q12 | 4Q11 | |||||||
000' cbm
|
410.8 | 648.2 | ||||||
R$'MM
|
730.5 | 754.6 | ||||||
R$/cbm
|
1,778.0 | 1,164.1 |
Book
|
Pro forma
|
Pro forma
|
Pro forma
|
COGS
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
4Q12 | 4Q11 |
FY12
|
FY11
|
Amounts in R$ MM
|
4Q12 | 4Q11 |
FY12
|
FY11
|
|||||||||||||||||||||||
(9,316.7 | ) | (8,419.3 | ) | (37,455.7 | ) | (33,659.8 | ) |
Fuel Sales
|
(9,316.7 | ) | (2,580.8 | ) | (33,144.5 | ) | (10,499.3 | ) | |||||||||||||||
Average Unit Cost (R$/cbm)
|
|||||||||||||||||||||||||||||||
(1,793.7 | ) | (1,698.2 | ) | (1,790.9 | ) | (1,614.5 | ) |
Fuel Sales
|
(1,793.7 | ) | (1,814.8 | ) | (1,789.0 | ) | (1,741.6 | ) |
Book
|
Pro forma
|
Pro forma
|
Pro forma
|
Gross Profit
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
4Q12 | 4Q11 |
FY12
|
FY11
|
Amounts in R$ MM
|
4Q12 | 4Q11 |
FY12
|
FY11
|
|||||||||||||||||||||||
665.3 | 465.7 | 2,236.1 | 1,866.6 |
Gross Profit
|
665.3 | 120.3 | 1,951.6 | 466.9 | |||||||||||||||||||||||
6.7 | % | 5.3 | % | 5.6 | % | 5.3 | % |
Gross Margin (%)
|
6.7 | % | 4.5 | % | 5.6 | % | 4.3 | % | |||||||||||||||
128.1 | 93.9 | 106.9 | 89.5 |
Gross margin (R$/cbm)
|
128.1 | 84.6 | 105.3 | 77.4 |
Book
|
Pro forma
|
Pro forma
|
Pro forma
|
Selling, General and Administrative
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
4Q12 | 4Q11 |
FY12
|
FY11
|
Amounts in R$ MM
|
4Q12 | 4Q11 |
FY12
|
FY11
|
|||||||||||||||||||||||
(397.9 | ) | (240.2 | ) | (1,216.7 | ) | (1,037.5 | ) |
Selling Expenses
|
(397.9 | ) | (73.1 | ) | (1,095.6 | ) | (280.9 | ) | |||||||||||||||
(111.2 | ) | (135.3 | ) | (405.7 | ) | (394.7 | ) |
General and Administrative Expense
|
(111.2 | ) | (26.8 | ) | (349.8 | ) | (91.5 | ) |
Book
|
Pro forma
|
Pro forma
|
Pro forma
|
EBITDA
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
4Q12 | 4Q11 |
FY12
|
FY11
|
Amounts in R$ MM
|
4Q12 | 4Q11 |
FY12
|
FY11
|
|||||||||||||||||||||||
350.9 | 189.6 | 1,304.9 | 724.7 |
EBITDA
|
350.9 | 71.8 | 1,149.7 | 248.0 | |||||||||||||||||||||||
3.5 | % | 2.1 | % | 3.3 | % | 2.0 | % |
EBITDA Margin (%)
|
3.5 | % | 2.7 | % | 3.3 | % | 2.3 | % | |||||||||||||||
67.6 | 38.2 | 62.4 | 34.8 |
EBITDA Margin (R$/cbm)
|
67.6 | 50.5 | 62.1 | 41.1 |
Book
|
Pro forma
|
Pro forma
|
Pro forma
|
CAPEX
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
4Q12 | 4Q11 |
FY12
|
FY11
|
Amounts in R$ MM
|
4Q12 | 4Q11 |
FY12
|
FY11
|
|||||||||||||||||||||||
196.2 | 117.6 | 499.3 | 365.6 |
CAPEX
|
196.2 | 102.0 | 491.7 | 191.6 |
Net Revenue Breakdown
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
74.3 | 84.4 |
Net Operating Revenue
|
572.0 | 448.0 | |||||||||||
53.6 | 56.3 |
Transportation
|
413.4 | 305.8 | |||||||||||
17.5 | 15.3 |
Loading
|
141.0 | 118.1 | |||||||||||
3.2 | 12.8 |
Others
|
17.6 | 24.1 |
4Q12 | 4Q11 |
Costs of Services
Amounts in R$ MM |
FY12
|
FY11
|
|||||||||||
(77.4 | ) | (58.2 | ) |
Cost of Services Provided
|
(394.1 | ) | (316.4 | ) |
Gross (Loss) Profit and Margin
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(3.1 | ) | 26.2 |
Gross (Loss) Profit
|
177.9 | 131.6 | ||||||||||
-4.2 | % | 31.0 | % |
Gross Margin (%)
|
31.1 | % | 29.4 | % |
General and Administrative Expenses
|
Expenses
|
||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(11.7 | ) | (8.3 | ) |
General and Administrative Expenses
|
(41.6 | ) | (29.1 | ) |
EBITDA and Margin
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
20.6 | 28.3 |
EBITDA
|
213.2 | 146.2 | |||||||||||
27.8 | % | 33.5 | % |
EBITDA Margin (%)
|
37.3 | % | 32.6 | % |
CAPEX
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
45.6 | 53.3 |
CAPEX
|
269.0 | 427.9 |
● |
Accounting
|
o
|
4Q12 – three months (January, February and March, 2012) of operations of Cosan Alimentos;
|
● |
Pro Forma
|
o
|
4Q11 – three months (January, February and March,2011) of operations of Cosan Alimentos, ascertained on a managerial basis in line with the principles currently in effect;
|
o
|
FY11 – twelve months (April, 2010 to March, 2011) of operations of Cosan Alimentos, ascertained on a managerial basis in line with the principles currently in effect;
|
o
|
FY12 – twelve months (April, 2011 to March, 2012) of operations of Cosan Alimentos, ascertained on a managerial basis in line with the principles currently in effect;
|
Book
|
Pro forma
|
Net Revenue Breakdown
|
Pro forma
|
Pro forma
|
|||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
199.2 | 228.6 |
Net Operating Revenue
|
941.6 | 877.8 | |||||||||||
177.5 | 204.1 |
Refined sugar sales
|
843.6 | 786.2 | |||||||||||
11.9 | 15.8 |
Cristal sugar sales
|
50.6 | 55.4 | |||||||||||
9.8 | 8.6 |
Special sugar sales
|
47.4 | 36.2 |
Sugar Inventories |
4Q12
|
|||
´000 ton | 20.0 | |||
R$'MM
|
23.8 | |||
R$/ton
|
1,189.2 |
Book
|
Pro forma
|
COGS
|
Pro forma
|
Pro forma
|
|||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(182.6 | ) | (183.9 | ) |
Cost of Goods Sold (COGS)
|
(752.5 | ) | (670.9 | ) | |||||||
(161.2 | ) | (163.0 | ) |
Refined sugar
|
(669.9 | ) | (595.9 | ) | |||||||
(12.1 | ) | (15.2 | ) |
Cristal sugar
|
(46.7 | ) | (52.3 | ) | |||||||
(9.3 | ) | (5.7 | ) |
Special sugar
|
(36.0 | ) | (22.7 | ) |
Book
|
Pro forma
|
Gross Profit and Margin
|
Pro forma
|
Pro forma
|
|||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
16.6 | 44.7 |
Gross Profit
|
189.1 | 206.9 | |||||||||||
8.3 | % | 19.6 | % |
Gross Margin (%)
|
20.1 | % | 23.6 | % |
Book
|
Pro forma
|
Selling, General and Administrative
|
Pro forma
|
Pro forma
|
|||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(25.3 | ) | (29.4 | ) |
Selling Expenses
|
(110.6 | ) | (115.1 | ) | |||||||
(3.5 | ) | (3.4 | ) |
General and Administrative Expenses
|
(17.7 | ) | (15.0 | ) |
Book
|
Pro forma
|
EBITDA and Margin
|
Pro forma
|
Pro forma
|
|||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(5.7 | ) | 12.4 |
EBITDA
|
69.3 | 75.6 | ||||||||||
-2.9 | % | 5.4 | % |
EBITDA Margin (%)
|
7.4 | % | 8.6 | % |
Net Revenue Breakdown
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
270.9 | 210.7 |
Net Operating Revenue
|
1,065.5 | 829.1 | |||||||||||
241.6 | 210.7 |
Lubricant Sales
|
1,018.8 | 827.6 | |||||||||||
29.3 | - |
Other Products and Services
|
46.7 | 1.5 |
Selling, General and Administrative
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(38.3 | ) | (60.7 | ) |
Selling Expenses
|
(187.5 | ) | (175.2 | ) | |||||||
(43.0 | ) | (7.9 | ) |
General and Administrative Expenses
|
(132.8 | ) | (27.3 | ) |
EBITDA and Margin
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(84.2 | ) | 17.2 |
EBITDA
|
3,245.3 | 146.5 | ||||||||||
(100.3 | ) | - |
Effects of Raízen Formation
|
3,196.6 | - | ||||||||||
16.1 | 17.2 |
Adjusted EBITDA
|
48.7 | 146.5 | |||||||||||
5.9 | % | 8.2 | % |
Adjusted EBITDA Margin (%)
|
4.6 | % | 17.7 | % |
Financial Results
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
(82.3 | ) | (109.5 | ) |
Gross Debt Charges
|
(352.9 | ) | (523.1 | ) | |||||||
30.0 | 31.9 |
Income from Financial Investments
|
131.2 | 117.3 | |||||||||||
(52.3 | ) | (77.6 | ) |
(=) Subtotal: Gross Debt Interests
|
(221.7 | ) | (405.8 | ) | |||||||
(14.2 | ) | (4.1 | ) |
Other Charges and Monetary Variation
|
(125.5 | ) | (47.3 | ) | |||||||
85.6 | 67.9 |
Exchange Rate Variation
|
(93.9 | ) | 282.7 | ||||||||||
(18.4 | ) | 48.4 |
Gains (Losses) with Derivatives
|
(4.4 | ) | 54.8 | |||||||||
(22.8 | ) | (47.8 | ) |
Others
|
(28.6 | ) | (31.1 | ) | |||||||
(22.1 | ) | (13.2 | ) |
(=) Financial, Net
|
(474.1 | ) | (146.7 | ) |
Income and Social Contribution Tax
|
|||||||||||||||
4Q12 | 4Q11 |
Amounts in R$ MM
|
FY12
|
FY11
|
|||||||||||
158.7 | 721.8 |
Income Before Income Tax
|
3,755.0 | 1,191.1 | |||||||||||
(10.0 | ) | (235.0 | ) |
Total of Deferred and Current Income and Social Contribution Taxes
|
(1,110.2 | ) | (414.5 | ) | |||||||
6.3 | % | 32.6 | % |
(-) Effective Rate (%)
|
29.6 | % | 34.8 | % | |||||||
27.0 | (208.9 | ) |
Deferred Income Taxes Expenses
|
(962.8 | ) | (329.1 | ) | ||||||||
(37.0 | ) | (26.0 | ) |
Current Income Taxes Expenses
|
(147.5 | ) | (85.4 | ) | |||||||
23.3 | % | 3.6 | % |
Effective Rate - Current (%)
|
3.9 | % | 7.2 | % |
(i)
|
R$319.7 million in foreign exchange contract advances;
|
(ii)
|
R$82.8 referring to BNDES funding and other facilities for energy cogeneration and sugarcane harvest mechanization projects, among others.
|
Debt by type
|
||||||||||||
Amounts in R$ MM
|
4Q12 | 3Q12 |
% ST
|
|||||||||
Senior Notes 2014
|
645.3 | 679.9 | 1.2 | % | ||||||||
Expenses with Debt Placement
|
(6.5 | ) | (7.4 | ) | 42.9 | % | ||||||
BNDES
|
1,525.5 | 1,488.4 | 11.4 | % | ||||||||
Working Capital
|
830.8 | 855.5 | 0.5 | % | ||||||||
Prepaid Exports
|
1,014.9 | 749.4 | 18.3 | % | ||||||||
Senior Notes 2017
|
737.2 | 772.1 | 1.1 | % | ||||||||
Advances on Exchange Contracts
|
276.7 | 498.9 | 100.0 | % | ||||||||
Credit Notes
|
105.8 | 351.4 | 100.0 | % | ||||||||
Finame
|
203.7 | 220.8 | 33.4 | % | ||||||||
Finem
|
222.3 | 219.0 | 19.8 | % | ||||||||
Rural credit
|
40.9 | 40.3 | 100.0 | % | ||||||||
PROINFA
|
27.2 | 28.6 | 14.2 | % | ||||||||
Expenses with Placement of Debt
|
(12.2 | ) | (11.1 | ) | 22.0 | % | ||||||
Total Raízen
|
5,611.7 | 5,885.6 | 0.0 | % | ||||||||
Raízen Consolidated ( 50% RAIZEN after 01-05)
|
2,805.9 | 2,942.8 | 0.0 | % | ||||||||
Finame
|
632.8 | 594.8 | 10.9 | % | ||||||||
Expenses with Placement of Debt
|
(1.1 | ) | (1.1 | ) | 22.4 | % | ||||||
Perpetual Bonds
|
930.1 | 958.0 | 1.2 | % | ||||||||
Credit Notes
|
341.2 | 332.2 | 0.0 | % | ||||||||
Expenses with Placement of Debt
|
(11.0 | ) | (12.0 | ) | 19.0 | % | ||||||
Total Cosan
|
1,892.0 | 1,872.0 | ||||||||||
Total Consolidated
|
4,697.9 | 4,814.8 | ||||||||||
Availabitity
|
1,616.2 | 1,194.9 | ||||||||||
Net Debt
|
3,081.7 | 3,619.9 | ||||||||||
Capital Subscription to be Paid from Shell to Raízen (50%)
|
489.9 | 923.2 | ||||||||||
Adjusted Net Debt
|
2,591.9 | 2,696.7 |
Quarter Summary
|
CSAN3
|
CZLT11
|
CZZ
|
||||
Stock Type
|
Ordinary
|
BDR
|
Class A and B
|
||||
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
||||
Closing Price in 03/30/2012
|
R$ | 33.96 | R$ | 27.30 |
USD 14.85
|
||
Higher Price
|
R$ | 34.70 | R$ | 27.90 |
USD 15.11
|
||
Average Price
|
R$ | 30.11 | R$ | 24.24 |
USD 13.63
|
||
Lower Price
|
R$ | 26.70 | R$ | 20.00 |
USD 10.
|
||
Average Daily Traded Volume
|
R$ 35,4 mi | R$ 2,8 mi |
USD 14,8 mi
|
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$MM)
|
2,500 |
2,137
|
2,100 ≤ ∆ ≤ 2,400 | ||||
Volume of crushed sugarcane (‘000 tons)
|
54,238 |
52,958
|
52,000 ≤ ∆ ≤ 55,000 | ||||
Raízen Energia
|
Volume of sugar sold (‘000 tons)
|
4,291 |
3,969
|
3,900 ≤ ∆ ≤ 4,200 | |||
Volume of ethanol sold (millions of liters)
|
2,247 |
1,921
|
1,850 ≤ ∆ ≤ 2,050 | ||||
Volume of energy sold (‘000 MWh)
|
1,254 |
1,233
|
1,650 ≤ ∆ ≤ 1,850 | ||||
EBITDA (R$MM)
|
2,130 |
2,235
|
2,200 ≤ ∆ ≤ 2,500 | ||||
Raízen
|
Volume of fuel sold (millions of liters)
|
- |
20,914
|
21,000 ≤ ∆ ≤ 23,000 | |||
Combustíveis
|
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)
|
146 |
213
|
260 ≤ ∆ ≤ 300 | ||||
Other
Business
|
Volume of lubricants and
base oil sold (millions of liters)
|
166 |
205
|
220 ≤ ∆ ≤ 260 |
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Mar'10
|
Jun'11
|
Sept'11
|
Dec'11
|
Mar'12
|
Mar'12
|
||||||||||||||||||||||||||||||
(in R$ million)
|
1Q11 | 2Q11 | 3Q11 | 4Q11 |
FY11
|
1Q12 | 2Q12 | 3Q12 | 4Q12 |
FY12
|
||||||||||||||||||||||||||||||
Net Operating Revenue
|
3,999.6 | 4,716.1 | 4,738.4 | 4,609.3 | 18,063.5 | 5,188.0 | 6,804.3 | 6,310.7 | 5,793.9 | 24,096.9 | ||||||||||||||||||||||||||||||
Cost of Goods Sold and Services Rendered
|
(3,522.7 | ) | (3,995.2 | ) | (4,160.0 | ) | (3,472.2 | ) | (15,150.1 | ) | (4,600.0 | ) | (6,042.4 | ) | (5,670.9 | ) | (5,151.8 | ) | (21,465.0 | ) | ||||||||||||||||||||
Gross Profit
|
476.9 | 720.9 | 578.5 | 1,137.1 | 2,913.4 | 588.0 | 761.9 | 639.8 | 642.1 | 2,631.9 | ||||||||||||||||||||||||||||||
Margin
|
11.9 | % | 15.3 | % | 12.2 | % | -23.3 | % | 16.1 | % | 11.3 | % | 11.2 | % | 10.1 | % | -21.7 | % | 10.9 | % | ||||||||||||||||||||
Operating Income (Expenses):
|
(339.0 | ) | (442.6 | ) | (407.9 | ) | (411.3 | ) | (1,600.8 | ) | 2,925.9 | (468.3 | ) | (399.8 | ) | (493.7 | ) | 1,564.0 | ||||||||||||||||||||||
Selling
|
(216.1 | ) | (265.5 | ) | (271.9 | ) | (272.5 | ) | (1,026.0 | ) | (261.2 | ) | (295.3 | ) | (282.0 | ) | (297.9 | ) | (1,136.3 | ) | ||||||||||||||||||||
General and Administrative
|
(120.6 | ) | (137.9 | ) | (132.4 | ) | (150.0 | ) | (541.0 | ) | (150.0 | ) | (158.2 | ) | (147.5 | ) | (186.2 | ) | (641.9 | ) | ||||||||||||||||||||
Other Operating Income (Expenses), Net
|
(2.3 | ) | (39.1 | ) | (3.6 | ) | 11.3 | (33.8 | ) | 22.0 | 3.2 | 29.6 | 90.7 | 145.6 | ||||||||||||||||||||||||||
Gain on tax recovery program
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Effects of formation of JVs
|
- | - | - | - | - | 3,315.1 | (18.2 | ) | (100.3 | ) | 3,196.6 | |||||||||||||||||||||||||||||
Operating Income
|
137.9 | 278.3 | 170.5 | 725.8 | 1,312.6 | 3,513.9 | 293.6 | 240.0 | 148.4 | 4,195.9 | ||||||||||||||||||||||||||||||
Non-Operating Income (Expenses):
|
(124.7 | ) | 88.8 | (81.5 | ) | (4.0 | ) | (121.5 | ) | 13.2 | (394.9 | ) | (69.4 | ) | 10.3 | (440.9 | ) | |||||||||||||||||||||||
Financial results, net
|
(130.5 | ) | 86.4 | (89.4 | ) | (13.2 | ) | (146.7 | ) | 11.2 | (393.6 | ) | (69.5 | ) | (22.3 | ) | (474.1 | ) | ||||||||||||||||||||||
Equity income of associates
|
5.76 | 2.36 | 7.84 | 9.23 | 25.19 | 1.96 | (1.30 | ) | 0.01 | 32.60 | 33.27 | |||||||||||||||||||||||||||||
Income (Loss) Before taxes
|
13.2 | 367.1 | 89.0 | 721.8 | 1,191.1 | 3,527.1 | (101.3 | ) | 170.5 | 158.7 | 3,755.0 | |||||||||||||||||||||||||||||
Margin
|
0.3 | % | 7.8 | % | 1.9 | % | -3.4 | % | 6.6 | % | 68.0 | % | -1.5 | % | 2.7 | % | -53.6 | % | 15.6 | % | ||||||||||||||||||||
Income and Social Contribution Taxes
|
(11.0 | ) | (126.2 | ) | (42.3 | ) | (235.0 | ) | (414.5 | ) | (1,224.6 | ) | 188.2 | (63.8 | ) | (10.0 | ) | (1,110.2 | ) | |||||||||||||||||||||
Non-controlling interest
|
(1.75 | ) | 10.70 | (8.03 | ) | (5.92 | ) | (5.00 | ) | (3.11 | ) | (23.67 | ) | (12.97 | ) | 0.80 | (38.96 | ) | ||||||||||||||||||||||
Net Income
|
0.4 | 251.5 | 38.7 | 480.9 | 771.6 | 2,299.3 | 63.2 | 93.8 | 149.6 | 2,605.8 | ||||||||||||||||||||||||||||||
Margin
|
0.0 | % | 5.3 | % | 0.8 | % | -1.9 | % | 4.3 | % | 44.3 | % | 0.9 | % | 1.5 | % | -35.9 | % | 10.8 | % |
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
Sept'11
|
Dec'11
|
Mar'12
|
||||||||||||||||||||||||
(in R$ million)
|
1Q11 | 2Q11 | 3Q11 |
FY11
|
1Q12 | 2Q12 | 3Q12 |
FY12
|
||||||||||||||||||||||||
Cash and Cash Equivalents
|
1,054.9 | 988.4 | 1,136.9 | 1,254.1 | 1,278.2 | 1,471.7 | 1,194.9 | 1,616.2 | ||||||||||||||||||||||||
Restricted Cash
|
51.3 | 76.0 | 276.2 | 187.9 | 60.2 | 52.5 | 88.1 | 94.3 | ||||||||||||||||||||||||
Accounts receivable
|
619.1 | 760.0 | 657.5 | 594.9 | 825.2 | 983.7 | 1,022.3 | 963.6 | ||||||||||||||||||||||||
Derivatives
|
144.5 | 166.0 | 180.0 | 55.7 | 60.2 | 29.4 | 59.6 | 19.6 | ||||||||||||||||||||||||
Inventories
|
1,066.3 | 1,626.8 | 1,642.7 | 670.3 | 1,002.0 | 1,361.8 | 1,354.4 | 748.2 | ||||||||||||||||||||||||
Advances to Suppliers
|
323.5 | 293.9 | 268.6 | 229.3 | 172.2 | 141.9 | 110.2 | - | ||||||||||||||||||||||||
Related Parties
|
50.5 | 21.8 | 20.8 | 14.7 | 680.3 | 599.7 | 655.8 | 678.4 | ||||||||||||||||||||||||
Recoverable Taxes
|
355.4 | 396.4 | 401.1 | 375.0 | 411.7 | 416.0 | 325.0 | 325.1 | ||||||||||||||||||||||||
Other financial assets
|
- | - | - | - | - | - | - | 40.1 | ||||||||||||||||||||||||
Other credits
|
46.7 | 51.3 | 81.8 | 80.4 | 98.9 | 108.1 | 115.9 | 229.8 | ||||||||||||||||||||||||
Current Assets
|
3,712.2 | 4,380.5 | 4,665.5 | 3,462.3 | 4,588.9 | 5,164.9 | 4,926.3 | 4,715.1 | ||||||||||||||||||||||||
Deferred Income tax and social contribution
|
680.0 | 744.3 | 823.5 | 715.3 | 1,026.4 | 959.7 | 1,108.2 | 543.0 | ||||||||||||||||||||||||
Advances to Suppliers
|
52.5 | 65.1 | 85.5 | 46.0 | 27.5 | 39.6 | 49.7 | 21.9 | ||||||||||||||||||||||||
Related Parties
|
79.6 | 77.8 | 76.0 | 92.0 | 1,215.4 | 1,176.6 | 1,195.8 | 753.2 | ||||||||||||||||||||||||
Recoverable Taxes
|
38.8 | 36.6 | 36.0 | 55.1 | 124.5 | 123.6 | 122.2 | 111.9 | ||||||||||||||||||||||||
Judicial Deposits
|
168.9 | 173.6 | 180.9 | 218.4 | 372.5 | 491.1 | 495.6 | 509.2 | ||||||||||||||||||||||||
Other financial assets
|
367.3 | 378.2 | 392.3 | 420.4 | 290.3 | 418.6 | 415.5 | 790.4 | ||||||||||||||||||||||||
Other non-current assets
|
459.6 | 464.5 | 498.4 | 443.8 | 1,103.6 | 966.5 | 966.2 | 493.2 | ||||||||||||||||||||||||
Investments
|
267.4 | 287.5 | 294.7 | 304.1 | 333.9 | 358.1 | 368.6 | 419.0 | ||||||||||||||||||||||||
Biological Assets
|
932.8 | 873.6 | 894.8 | 1,561.1 | 795.1 | 717.0 | 767.9 | 968.0 | ||||||||||||||||||||||||
Property, Plant and Equipment
|
6,360.3 | 6,432.0 | 6,799.9 | 7,980.5 | 8,260.0 | 7,928.8 | 7,835.2 | 7,867.0 | ||||||||||||||||||||||||
Intangible
|
3,379.2 | 3,370.0 | 3,355.7 | 3,445.7 | 4,125.3 | 4,531.1 | 4,593.8 | 4,932.3 | ||||||||||||||||||||||||
Non-current Assets
|
12,786.4 | 12,903.4 | 13,437.6 | 15,282.4 | 17,674.4 | 17,710.7 | 17,918.7 | 17,409.0 | ||||||||||||||||||||||||
Total Assets
|
16,498.6 | 17,283.8 | 18,103.2 | 18,744.7 | 22,263.4 | 22,875.6 | 22,845.0 | 22,124.1 | ||||||||||||||||||||||||
Current portion of long-term debt
|
854.3 | 1,052.5 | 1,124.0 | 916.4 | 627.1 | 758.7 | 725.7 | 537.1 | ||||||||||||||||||||||||
Derivatives
|
37.4 | 96.1 | 379.0 | 132.3 | 94.3 | 29.3 | 15.7 | 9.6 | ||||||||||||||||||||||||
Trade Accounts Payable
|
716.3 | 832.1 | 754.4 | 558.8 | 621.6 | 757.5 | 765.4 | 606.0 | ||||||||||||||||||||||||
Salaries Payable
|
219.9 | 225.5 | 175.6 | 183.6 | 183.3 | 191.5 | 158.2 | 183.7 | ||||||||||||||||||||||||
Taxes payable
|
197.4 | 239.2 | 218.8 | 245.3 | 247.1 | 328.9 | 282.4 | 241.7 | ||||||||||||||||||||||||
Dividends payable
|
116.6 | 7.0 | 7.0 | 190.3 | 195.7 | 21.2 | 15.9 | 16.8 | ||||||||||||||||||||||||
Related Parties
|
120.1 | 66.0 | 74.6 | 41.2 | 186.8 | 163.2 | 228.5 | 175.0 | ||||||||||||||||||||||||
Other Liabilities
|
189.4 | 198.4 | 180.3 | 189.6 | 273.1 | 306.4 | 215.0 | 308.0 | ||||||||||||||||||||||||
Current Liabilities
|
2,451.3 | 2,716.7 | 2,913.8 | 2,457.4 | 2,428.9 | 2,556.7 | 2,406.9 | 2,077.9 | ||||||||||||||||||||||||
Long-term debt
|
5,322.7 | 5,310.8 | 5,961.7 | 6,274.9 | 3,699.4 | 4,407.8 | 4,402.3 | 4,476.9 | ||||||||||||||||||||||||
Taxes payable
|
597.3 | 605.8 | 618.2 | 639.1 | 1,123.0 | 1,180.0 | 1,184.8 | 1,202.6 | ||||||||||||||||||||||||
Provision for judicial demands
|
625.0 | 642.9 | 650.1 | 666.3 | 940.8 | 975.8 | 1,026.7 | 1,051.7 | ||||||||||||||||||||||||
Related Parties
|
- | - | - | 4.4 | 371.2 | 546.3 | 468.5 | 389.7 | ||||||||||||||||||||||||
Pension
|
- | 2.1 | 12.2 | 24.4 | 25.9 | 27.4 | 28.9 | 37.3 | ||||||||||||||||||||||||
Deferred Income taxes
|
1,123.6 | 1,215.6 | 1,250.9 | 1,511.0 | 3,546.4 | 3,159.1 | 3,116.5 | 2,443.4 | ||||||||||||||||||||||||
Other non-current liabilities
|
374.5 | 377.7 | 378.7 | 382.9 | 814.4 | 752.1 | 777.1 | 828.1 | ||||||||||||||||||||||||
Non-current Assets
|
8,043.0 | 8,155.0 | 8,871.7 | 9,502.9 | 10,521.0 | 11,048.4 | 11,004.8 | 10,429.8 | ||||||||||||||||||||||||
Common stock
|
4,687.8 | 4,691.1 | 4,691.1 | 4,691.8 | 4,691.8 | 4,691.8 | 4,691.8 | 4,691.8 | ||||||||||||||||||||||||
Treasury shares
|
(4.2 | ) | (4.2 | ) | (19.4 | ) | (19.4 | ) | (19.4 | ) | (66.3 | ) | (67.7 | ) | (67.7 | ) | ||||||||||||||||
Capital Reserve
|
511.3 | 564.8 | 439.3 | 537.5 | 637.8 | 609.9 | 661.3 | 690.5 | ||||||||||||||||||||||||
Profits Reserve
|
374.2 | 290.8 | 290.8 | 1,249.0 | 1,249.0 | 1,232.2 | 1,232.2 | 3,837.1 | ||||||||||||||||||||||||
Accumulated earnings
|
370.3 | 621.8 | 660.5 | - | 2,299.3 | 2,362.5 | 2,456.3 | - | ||||||||||||||||||||||||
Equity attributable to owners of the Company
|
5,939.4 | 6,164.4 | 6,062.4 | 6,458.9 | 8,858.6 | 8,830.2 | 8,973.9 | 9,151.8 | ||||||||||||||||||||||||
Equity attributable to non-controlling interests
|
64.9 | 247.8 | 255.3 | 325.5 | 454.9 | 440.3 | 459.4 | 464.6 | ||||||||||||||||||||||||
Total equity
|
6,004.3 | 6,412.1 | 6,317.7 | 6,784.3 | 9,313.4 | 9,270.5 | 9,433.4 | 9,616.4 | ||||||||||||||||||||||||
Total liabilities and equity
|
16,498.6 | 17,283.8 | 18,103.1 | 18,744.7 | 22,263.4 | 22,875.6 | 22,845.0 | 22,124.1 |
Statement of Cash Flows
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Mar'11
|
Jun'11
|
Sept'11
|
Dec'11
|
Mar'12
|
Mar'12
|
||||||||||||||||||||||||||||||
(in R$ million)
|
1Q11 | 2Q11 | 3Q11 | 4Q11 |
FY11
|
1Q12 | 2Q12 | 3Q12 | 4Q12 |
FY12
|
||||||||||||||||||||||||||||||
Net Income
|
0.4 | 251.5 | 38.7 | 480.9 | 771.6 | 2,299.3 | 63.2 | 93.8 | 149.6 | 2,605.8 | ||||||||||||||||||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Depreciation and Amortization
|
290.9 | 400.0 | 380.9 | 287.2 | 1,359.0 | 303.7 | 365.5 | 254.6 | 219.0 | 1,142.8 | ||||||||||||||||||||||||||||||
Biological Assets
|
42.2 | 28.7 | (21.2 | ) | (431.5 | ) | (381.9 | ) | (20.9 | ) | 38.8 | 20.0 | (97.9 | ) | (60.1 | ) | ||||||||||||||||||||||||
Stock option
|
- | - | - | - | - | - | - | 4.8 | 6.0 | 10.8 | ||||||||||||||||||||||||||||||
Equity income of associates
|
(5.76 | ) | (2.36 | ) | (7.84 | ) | (9.23 | ) | (25.19 | ) | (1.96 | ) | 1.31 | (0.01 | ) | (32.60 | ) | (33.27 | ) | |||||||||||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
3.1 | (11.8 | ) | 2.1 | (28.7 | ) | (35.3 | ) | 17.0 | (11.5 | ) | (27.6 | ) | (71.8 | ) | (93.9 | ) | |||||||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
(0.7 | ) | 104.4 | 16.4 | 208.9 | 329.1 | 1,197.8 | (277.7 | ) | 69.7 | (27.0 | ) | 962.8 | |||||||||||||||||||||||||||
Judicial demands' provision
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Non-controlling interest
|
1.74 | (10.70 | ) | 8.03 | 5.92 | 5.00 | 3.11 | 23.67 | 12.97 | (0.80 | ) | 38.96 | ||||||||||||||||||||||||||||
Interest, monetary and exchange variations, net
|
167.0 | (62.2 | ) | 53.2 | 80.6 | 238.5 | (33.7 | ) | 562.3 | 126.6 | (20.0 | ) | 635.1 | |||||||||||||||||||||||||||
Effects of formation of JVs
|
- | - | - | - | - | (3,315.1 | ) | 18.2 | - | 198.5 | (3,098.5 | ) | ||||||||||||||||||||||||||||
Capital gains
|
- | (223.1 | ) | - | 223.1 | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Other Non-cash Items
|
19.4 | 199.2 | (1.6 | ) | (209.4 | ) | 7.5 | 5.2 | (5.2 | ) | - | (5.7 | ) | (5.7 | ) | |||||||||||||||||||||||||
Variation on Assets and Liabilities
|
||||||||||||||||||||||||||||||||||||||||
Accounts receivable
|
153.3 | (153.4 | ) | 135.5 | 29.3 | 164.7 | (123.3 | ) | (105.6 | ) | (38.6 | ) | (93.8 | ) | (361.1 | ) | ||||||||||||||||||||||||
Restricted Cash
|
- | - | - | (143.0 | ) | (143.0 | ) | 113.5 | 7.7 | (35.5 | ) | (6.2 | ) | 79.5 | ||||||||||||||||||||||||||
Inventories
|
(304.03 | ) | (440.84 | ) | (19.42 | ) | 848.86 | 84.58 | (326.63 | ) | (311.82 | ) | (34.70 | ) | 486.37 | (186.78 | ) | |||||||||||||||||||||||
Related Parties
|
- | - | - | (50.1 | ) | (50.1 | ) | (1,033.6 | ) | 142.6 | (87.8 | ) | 227.2 | (751.7 | ) | |||||||||||||||||||||||||
Advances to Suppliers
|
(76.7 | ) | 16.9 | 4.9 | 71.6 | 16.8 | (122.1 | ) | 18.2 | 21.5 | (20.9 | ) | (103.3 | ) | ||||||||||||||||||||||||||
Accounts payable
|
146.86 | 115.83 | (77.73 | ) | (217.32 | ) | (32.36 | ) | 241.24 | 124.96 | 7.99 | (153.98 | ) | 220.21 | ||||||||||||||||||||||||||
Salaries payable
|
78.3 | 5.6 | (49.9 | ) | 2.2 | 36.2 | 110.9 | 5.1 | (33.3 | ) | 25.5 | 108.2 | ||||||||||||||||||||||||||||
Provision for judicial demands from legal proceedings
|
10.7 | 18.9 | (2.6 | ) | (0.1 | ) | 26.9 | 33.1 | (33.1 | ) | 50.9 | 93.1 | 144.0 | |||||||||||||||||||||||||||
Derivatives
|
70.7 | (214.6 | ) | (108.4 | ) | 265.6 | 13.3 | (79.8 | ) | (62.1 | ) | (4.4 | ) | 34.0 | (112.3 | ) | ||||||||||||||||||||||||
Taxes payable
|
(29.0 | ) | 34.2 | (23.2 | ) | 18.0 | - | 908.8 | 15.5 | (59.0 | ) | 21.0 | 886.3 | |||||||||||||||||||||||||||
Recoverable taxes
|
- | - | - | - | - | - | - | - | (17.1 | ) | (17.1 | ) | ||||||||||||||||||||||||||||
Other assets and liabilities, net
|
39.0 | (98.2 | ) | (101.6 | ) | 112.5 | (48.3 | ) | 429.6 | (6.8 | ) | (55.0 | ) | (416.9 | ) | (49.1 | ) | |||||||||||||||||||||||
Cash Flow from Operating Activities
|
607.3 | (41.9 | ) | 226.3 | 1,545.4 | 2,337.1 | 606.1 | 573.3 | 286.9 | 495.2 | 1,961.5 | |||||||||||||||||||||||||||||
Aquisitions, net of aquired cash and advances for future
|
- | - | - | (157.3 | ) | (157.3 | ) | - | - | - | (72.9 | ) | (72.9 | ) | ||||||||||||||||||||||||||
Contributed cash to Raízen's formation
|
- | - | - | - | - | (173.1 | ) | - | - | - | (173.1 | ) | ||||||||||||||||||||||||||||
Additions on Investments, Net of Cash Received
|
(3.7 | ) | (12.7 | ) | - | 16.5 | - | - | (99.1 | ) | (0.9 | ) | 57.6 | (42.3 | ) | |||||||||||||||||||||||||
Additions on Property, Plant and Equipment
|
(513.9 | ) | (312.6 | ) | (533.0 | ) | (932.2 | ) | (2,291.6 | ) | (491.5 | ) | (243.3 | ) | (346.3 | ) | (503.4 | ) | (1,584.5 | ) | ||||||||||||||||||||
Biological Assets expenses
|
(194.6 | ) | (198.1 | ) | (174.8 | ) | (178.2 | ) | (745.6 | ) | (217.2 | ) | (117.9 | ) | (107.0 | ) | (109.9 | ) | (552.0 | ) | ||||||||||||||||||||
Cash Received on Sale of other Fixed Assets
|
0.7 | 17.2 | 2.2 | 28.7 | 48.8 | - | 42.3 | 53.8 | 86.0 | 182.1 | ||||||||||||||||||||||||||||||
Cash Flow from Investment Activities
|
(711.5 | ) | (506.2 | ) | (705.5 | ) | (1,222.5 | ) | (3,145.7 | ) | (881.8 | ) | (418.0 | ) | (400.3 | ) | (542.7 | ) | (2,242.8 | ) | ||||||||||||||||||||
Additions of Debt
|
642.4 | 495.9 | 1,101.2 | 480.0 | 2,719.5 | 1,281.1 | 483.8 | 156.2 | 245.7 | 2,166.7 | ||||||||||||||||||||||||||||||
Payments of Principal and Interest on Debt
|
(561.6 | ) | (224.7 | ) | (458.2 | ) | (723.3 | ) | (1,967.9 | ) | (1,121.3 | ) | (206.0 | ) | (318.2 | ) | (197.9 | ) | (1,843.4 | ) | ||||||||||||||||||||
Capital Increase
|
- | - | - | 4.0 | 4.0 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Capital Increase by noncontrolling interests
|
- | 403.3 | - | (3.3 | ) | 400.0 | 139.9 | - | - | 421.0 | 560.9 | |||||||||||||||||||||||||||||
Treasury Shares
|
- | - | (15.2 | ) | - | (15.2 | ) | - | (46.9 | ) | (1.4 | ) | - | (48.3 | ) | |||||||||||||||||||||||||
Dividends
|
- | (193.0 | ) | - | (0.1 | ) | (193.1 | ) | - | (192.7 | ) | - | - | (192.7 | ) | |||||||||||||||||||||||||
Related Parties
|
- | - | - | 37.1 | 37.1 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Cash Flows from Financing Activities
|
80.7 | 481.5 | 627.8 | (205.7 | ) | 984.3 | 299.8 | 38.2 | (163.4 | ) | 468.8 | 643.4 | ||||||||||||||||||||||||||||
Total Cash Flow
|
(23.5 | ) | (66.5 | ) | 148.5 | 117.2 | 175.7 | 24.1 | 193.5 | (276.8 | ) | 421.3 | 362.1 | |||||||||||||||||||||||||||
Cash & Equivalents, Beginning
|
1,078.4 | 1,054.9 | 988.4 | (2,043.3 | ) | 1,078.4 | 1,254.1 | 1,278.2 | 1,471.7 | (2,749.8 | ) | 1,254.1 | ||||||||||||||||||||||||||||
Cash & Equivalents, Closing
|
1,054.9 | 988.4 | 1,136.9 | (1,926.1 | ) | 1,254.1 | 1,278.2 | 1,471.7 | 1,194.9 | (2,328.6 | ) | 1,616.2 |
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Mar'12
|
||||||||||||||||||||||||||||||
(in R$ million)
|
1Q11 | 2Q11 | 3Q11 | 4Q11 |
FY11
|
1Q12 | 2Q12 | 3Q12 | 4Q12 |
FY12
|
||||||||||||||||||||||||||||||
Net Operating Revenue
|
3,999.6 | 4,716.1 | 4,738.4 | 4,609.3 | 18,063.5 | 5,188.0 | 6,804.3 | 6,310.7 | 5,793.9 | 24,096.9 | ||||||||||||||||||||||||||||||
Cost of Goods Sold and Services Rendered
|
(3,522.7 | ) | (3,995.2 | ) | (4,160.0 | ) | (3,472.2 | ) | (15,150.1 | ) | (4,600.0 | ) | (6,042.4 | ) | (5,670.9 | ) | (5,151.8 | ) | (21,465.0 | ) | ||||||||||||||||||||
Gross Profit
|
476.9 | 720.9 | 578.5 | 1,137.1 | 2,913.4 | 588.0 | 761.9 | 639.8 | 642.1 | 2,631.9 | ||||||||||||||||||||||||||||||
Margin
|
11.9 | % | 15.3 | % | 12.2 | % | -23.3 | % | 16.1 | % | 11.3 | % | 11.2 | % | 10.1 | % | -21.7 | % | 10.9 | % | ||||||||||||||||||||
Operating Income (Expenses):
|
(339.7 | ) | (443.9 | ) | (409.2 | ) | (412.4 | ) | (1,605.3 | ) | 2,481.6 | (469.7 | ) | (401.1 | ) | (494.9 | ) | 1,116.0 | ||||||||||||||||||||||
Selling
|
(216.1 | ) | (265.5 | ) | (271.9 | ) | (272.5 | ) | (1,026.0 | ) | (261.2 | ) | (295.3 | ) | (270.4 | ) | (309.5 | ) | (1,136.3 | ) | ||||||||||||||||||||
General and Administrative
|
(121.3 | ) | (139.3 | ) | (133.7 | ) | (151.1 | ) | (545.5 | ) | (150.5 | ) | (159.5 | ) | (160.3 | ) | (175.8 | ) | (646.0 | ) | ||||||||||||||||||||
Other Operating Income (Expenses), Net
|
(2.3 | ) | (39.1 | ) | (3.6 | ) | 11.3 | (33.8 | ) | 22.0 | 3.2 | 29.6 | 90.7 | 145.6 | ||||||||||||||||||||||||||
Effects of formation of JVs
|
- | - | - | - | - | 2,871.2 | (18.2 | ) | - | (100.3 | ) | 2,752.7 | ||||||||||||||||||||||||||||
Operating Income
|
137.2 | 277.0 | 169.3 | 724.7 | 1,308.1 | 3,069.5 | 292.2 | 238.8 | 147.3 | 3,747.8 | ||||||||||||||||||||||||||||||
Financial results, net
|
(134.8 | ) | 85.6 | (89.0 | ) | (12.9 | ) | (151.1 | ) | 11.6 | (394.5 | ) | (70.6 | ) | (24.9 | ) | (478.5 | ) | ||||||||||||||||||||||
Equity income of associates
|
5.76 | 2.36 | 7.84 | 9.23 | 25.19 | 1.96 | (1.30 | ) | 0.01 | 32.60 | 33.27 | |||||||||||||||||||||||||||||
Income (Loss) Before taxes
|
8.2 | 364.9 | 88.1 | 721.0 | 1,182.2 | 3,083.1 | (103.6 | ) | 168.1 | 155.0 | 3,302.5 | |||||||||||||||||||||||||||||
Margin
|
0.2 | % | 7.7 | % | 1.9 | % | -3.3 | % | 6.5 | % | 59.4 | % | -1.5 | % | 2.7 | % | -46.9 | % | 13.7 | % | ||||||||||||||||||||
Income and Social Contribution Taxes
|
(11.0 | ) | (126.2 | ) | (42.3 | ) | (235.0 | ) | (414.5 | ) | (1,224.6 | ) | 188.2 | (63.8 | ) | (10.0 | ) | (1,110.2 | ) | |||||||||||||||||||||
Non-controlling interest
|
(1.89 | ) | (85.24 | ) | (22.66 | ) | (186.97 | ) | (296.75 | ) | (872.96 | ) | (47.42 | ) | (48.16 | ) | (42.45 | ) | (1,010.99 | ) | ||||||||||||||||||||
Net Income
|
(4.7 | ) | 153.4 | 23.1 | 299.1 | 470.9 | 985.5 | 37.2 | 56.2 | 102.5 | 1,181.3 | |||||||||||||||||||||||||||||
Margin
|
-0.1 | % | 3.3 | % | 0.5 | % | -1.0 | % | 2.6 | % | 19.0 | % | 0.5 | % | 0.9 | % | -15.5 | % | 4.9 | % |
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
||||||||||||||||||||||||
(in R$ million)
|
1Q11 | 2Q11 | 3Q11 |
FY11
|
1Q12 | 2Q12 | 3Q12 |
FY12
|
||||||||||||||||||||||||
Cash and Cash Equivalents
|
1,083.4 | 1,009.0 | 1,155.6 | 1,271.8 | 1,295.3 | 1,482.9 | 1,283.4 | 1,654.1 | ||||||||||||||||||||||||
Restricted Cash
|
51.3 | 76.0 | 276.2 | 187.9 | 60.2 | 52.5 | 88.1 | 94.3 | ||||||||||||||||||||||||
Accounts receivable
|
619.1 | 760.0 | 657.5 | 594.9 | 825.2 | 983.7 | 1,022.3 | 963.6 | ||||||||||||||||||||||||
Derivatives
|
144.5 | 166.0 | 180.0 | 55.7 | 60.2 | 29.4 | 59.6 | 19.6 | ||||||||||||||||||||||||
Inventories
|
1,066.3 | 1,626.8 | 1,642.7 | 670.3 | 1,002.0 | 1,361.8 | 1,354.4 | 748.2 | ||||||||||||||||||||||||
Advances to Suppliers
|
323.5 | 293.9 | 268.6 | 229.3 | 172.2 | 141.9 | 110.2 | - | ||||||||||||||||||||||||
Related Parties
|
50.5 | 21.8 | 20.8 | 14.7 | 680.3 | 599.7 | 655.8 | 678.4 | ||||||||||||||||||||||||
Recoverable Taxes
|
355.4 | 396.4 | 401.1 | 375.0 | 411.7 | 416.0 | 325.0 | 325.1 | ||||||||||||||||||||||||
Other financial assets
|
- | - | - | - | - | - | - | 40.1 | ||||||||||||||||||||||||
Other credits
|
47.5 | 51.6 | 82.5 | 81.0 | 99.0 | 108.1 | 115.9 | 230.3 | ||||||||||||||||||||||||
Current Assets
|
3,741.5 | 4,401.3 | 4,685.0 | 3,480.6 | 4,606.2 | 5,176.1 | 5,014.7 | 4,753.6 | ||||||||||||||||||||||||
Deferred Income tax and social contribution
|
680.0 | 744.3 | 823.5 | 715.3 | 1,026.4 | 959.7 | 1,108.2 | 543.0 | ||||||||||||||||||||||||
Advances to Suppliers
|
52.5 | 65.1 | 85.5 | 46.0 | 27.5 | 39.6 | 49.7 | 21.9 | ||||||||||||||||||||||||
Related Parties
|
79.6 | 77.8 | 76.0 | 92.0 | 1,215.4 | 1,176.6 | 1,195.8 | 753.2 | ||||||||||||||||||||||||
Recoverable Taxes
|
38.8 | 36.6 | 36.0 | 55.1 | 124.5 | 123.6 | 122.2 | 111.9 | ||||||||||||||||||||||||
Judicial Deposits
|
168.9 | 173.6 | 180.9 | 218.4 | 372.5 | 491.1 | 495.6 | 509.2 | ||||||||||||||||||||||||
Other financial assets
|
367.3 | 378.2 | 392.3 | 420.4 | 290.3 | 418.6 | 415.5 | 790.4 | ||||||||||||||||||||||||
Other non-current assets
|
464.4 | 470.9 | 504.4 | 449.3 | 1,108.3 | 972.1 | 971.9 | 498.7 | ||||||||||||||||||||||||
Investments
|
267.4 | 287.5 | 294.7 | 304.1 | 333.9 | 358.1 | 368.6 | 419.0 | ||||||||||||||||||||||||
Biological Assets
|
932.8 | 873.6 | 894.8 | 1,561.1 | 795.1 | 717.0 | 767.9 | 968.0 | ||||||||||||||||||||||||
Property, Plant and Equipment
|
6,360.3 | 6,432.0 | 6,799.9 | 7,980.5 | 8,260.0 | 7,928.8 | 7,835.2 | 7,867.0 | ||||||||||||||||||||||||
Intangible
|
3,823.1 | 3,813.9 | 3,799.6 | 3,889.6 | 4,125.3 | 4,531.1 | 4,593.8 | 4,932.3 | ||||||||||||||||||||||||
Non-current Assets
|
13,235.1 | 13,353.7 | 13,887.6 | 15,731.8 | 17,679.2 | 17,716.4 | 17,924.4 | 17,414.5 | ||||||||||||||||||||||||
Total Assets
|
16,976.6 | 17,755.0 | 18,572.6 | 19,212.4 | 22,285.3 | 22,892.5 | 22,939.2 | 22,168.1 | ||||||||||||||||||||||||
Current portion of long-term debt
|
899.4 | 1,094.9 | 1,165.7 | 957.1 | 666.1 | 805.1 | 773.6 | 540.2 | ||||||||||||||||||||||||
Derivatives
|
37.4 | 96.1 | 379.0 | 132.3 | 94.3 | 29.3 | 15.7 | 9.6 | ||||||||||||||||||||||||
Trade Accounts Payable
|
716.3 | 832.1 | 754.4 | 558.8 | 621.6 | 757.5 | 765.4 | 606.0 | ||||||||||||||||||||||||
Salaries Payable
|
219.9 | 225.5 | 175.6 | 183.6 | 183.3 | 191.5 | 158.2 | 183.7 | ||||||||||||||||||||||||
Taxes payable
|
197.4 | 239.2 | 218.8 | 245.3 | 247.1 | 328.9 | 282.4 | 241.7 | ||||||||||||||||||||||||
Dividends payable
|
44.0 | 2.2 | 2.0 | 72.2 | 82.9 | 9.1 | 8.7 | 9.7 | ||||||||||||||||||||||||
Related Parties
|
120.1 | 66.0 | 74.6 | 41.2 | 186.8 | 163.2 | 228.5 | 175.5 | ||||||||||||||||||||||||
Other Liabilities
|
190.0 | 199.2 | 181.1 | 190.4 | 273.8 | 307.3 | 215.9 | 308.0 | ||||||||||||||||||||||||
Current Liabilities
|
2,424.4 | 2,755.1 | 2,951.2 | 2,380.8 | 2,355.9 | 2,591.8 | 2,448.5 | 2,074.5 | ||||||||||||||||||||||||
Long-term debt
|
5,322.7 | 5,310.8 | 5,961.7 | 6,274.9 | 3,699.4 | 4,407.8 | 4,589.9 | 4,659.2 | ||||||||||||||||||||||||
Taxes payable
|
597.3 | 605.8 | 618.2 | 639.1 | 1,123.0 | 1,180.0 | 1,184.8 | 1,202.6 | ||||||||||||||||||||||||
Provision for judicial demands
|
625.0 | 642.9 | 650.1 | 666.3 | 940.8 | 975.8 | 1,026.7 | 1,051.7 | ||||||||||||||||||||||||
Related Parties
|
- | - | - | 4.4 | 371.2 | 546.3 | 468.5 | 389.7 | ||||||||||||||||||||||||
Pension
|
0.0 | 2.1 | 12.2 | 24.4 | 25.9 | 27.4 | 28.9 | 37.3 | ||||||||||||||||||||||||
Deferred Income taxes
|
1,123.6 | 1,215.6 | 1,250.9 | 1,511.0 | 3,546.4 | 3,159.1 | 3,116.5 | 2,443.4 | ||||||||||||||||||||||||
Other non-current liabilities
|
374.5 | 377.7 | 378.7 | 382.9 | 814.4 | 752.1 | 777.1 | 828.1 | ||||||||||||||||||||||||
Non-current Assets
|
8,043.0 | 8,155.0 | 8,871.7 | 9,502.9 | 10,521.0 | 11,048.4 | 11,192.3 | 10,612.0 | ||||||||||||||||||||||||
Common stock
|
5.3 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 | ||||||||||||||||||||||||
Treasury shares
|
- | - | - | - | - | - | (109.4 | ) | - | |||||||||||||||||||||||
Capital Reserve
|
3,667.1 | 3,695.7 | 3,608.5 | 3,668.2 | 3,725.5 | 3,718.8 | 3,750.3 | 3,634.7 | ||||||||||||||||||||||||
Profits Reserve
|
- | - | - | - | 1,872.5 | 1,773.6 | (191.4 | ) | - | |||||||||||||||||||||||
Accumulated earnings
|
531.0 | 565.1 | 588.2 | 887.3 | - | - | 1,824.9 | 1,937.3 | ||||||||||||||||||||||||
Equity attributable to owners of the Company
|
4,203.4 | 4,266.2 | 4,202.0 | 4,560.9 | 5,603.3 | 5,497.7 | 5,471.1 | 5,577.3 | ||||||||||||||||||||||||
Equity attributable to non-controlling interests
|
2,305.9 | 2,578.7 | 2,547.7 | 2,767.8 | 3,805.0 | 3,754.5 | 3,827.2 | 3,904.3 | ||||||||||||||||||||||||
Total equity
|
6,509.3 | 6,844.9 | 6,749.7 | 7,328.7 | 9,408.4 | 9,252.2 | 9,298.3 | 9,481.6 | ||||||||||||||||||||||||
Total liabilities and equity
|
16,976.6 | 17,755.0 | 18,572.6 | 19,212.4 | 22,285.3 | 22,892.5 | 22,939.2 | 22,168.1 |
Statement of Cash Flows
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Mar'10
|
Jun'11
|
Set'11
|
Dec'11
|
Mar'12
|
Mar'12
|
||||||||||||||||||||||||||||||
(in R$ million)
|
1Q11 | 2Q11 | 3Q11 | 4Q11 |
FY11
|
1Q12 | 2Q12 | 3Q12 | 4Q12 |
FY12
|
||||||||||||||||||||||||||||||
Net Income
|
(2.8 | ) | 238.6 | 45.8 | 486.1 | 767.7 | 1,858.1 | 84.6 | 104.3 | 145.3 | 2,192.3 | |||||||||||||||||||||||||||||
Non-cash Adjustments:
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Depreciation and Amortization
|
290.9 | 400.0 | 380.9 | 287.2 | 1,359.0 | 303.7 | 365.5 | 254.7 | 218.8 | 1,142.8 | ||||||||||||||||||||||||||||||
Biological Assets
|
42.2 | 28.7 | (21.2 | ) | (431.5 | ) | (381.9 | ) | (20.9 | ) | 38.8 | 20.0 | (97.9 | ) | (60.1 | ) | ||||||||||||||||||||||||
Equity income of associates
|
(5.8 | ) | (2.4 | ) | (7.8 | ) | (9.2 | ) | (25.2 | ) | (1.9 | ) | 1.3 | 0.0 | (32.6 | ) | (33.3 | ) | ||||||||||||||||||||||
Stock option
|
- | - | - | - | - | - | - | 4.80 | 6.00 | 10.80 | ||||||||||||||||||||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
3.1 | (11.8 | ) | 2.1 | (28.7 | ) | (35.3 | ) | 17.0 | (11.5 | ) | (27.6 | ) | (71.8 | ) | (93.9 | ) | |||||||||||||||||||||||
Deferred Income and Social Contribution Taxes
|
(0.7 | ) | 104.4 | 16.4 | 208.9 | 329.1 | 1,197.8 | (277.7 | ) | 69.7 | (27.0 | ) | 962.8 | |||||||||||||||||||||||||||
Interest, monetary and exchange variations, net
|
167.5 | (64.9 | ) | 52.5 | 83.4 | 238.5 | (27.6 | ) | 569.6 | 136.4 | (31.9 | ) | 646.5 | |||||||||||||||||||||||||||
Effects of formation of JVs
|
- | - | - | - | - | (2,871.2 | ) | 18.2 | - | 2.2 | (2,850.9 | ) | ||||||||||||||||||||||||||||
Capital gains
|
- | (220.9 | ) | - | 220.9 | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Other Non-cash Items
|
19.4 | 197.0 | (0.9 | ) | (207.9 | ) | 7.5 | 3.5 | 13.4 | (4.6 | ) | (18.0 | ) | (5.7 | ) | |||||||||||||||||||||||||
Variation on Assets and Liabilities Accounts receivable | 153.3 | (153.4 | ) | 135.5 | 29.3 | 164.7 | (123.3 | ) | (105.6 | ) | (38.6 | ) | (93.8 | ) | (361.1 | ) | ||||||||||||||||||||||||
Restricted Cash
|
- | - | - | (142.97 | ) | (142.97 | ) | 113.48 | 7.70 | (35.51 | ) | (6.22 | ) | 79.45 | ||||||||||||||||||||||||||
Judicial Deposits
|
- | - | - | - | - | (108.1 | ) | 108.1 | - | - | - | |||||||||||||||||||||||||||||
Inventories
|
(304.0 | ) | (440.8 | ) | (19.4 | ) | 848.9 | 84.6 | (326.6 | ) | (311.8 | ) | (34.7 | ) | 486.4 | (186.8 | ) | |||||||||||||||||||||||
Taxes recoverable
|
- | - | - | - | - | - | - | (17.13 | ) | - | (17.13 | ) | ||||||||||||||||||||||||||||
Related Parties
|
- | - | - | - | - | (1,033.6 | ) | 142.6 | (801.5 | ) | 940.9 | (751.7 | ) | |||||||||||||||||||||||||||
Advances to Suppliers
|
(76.7 | ) | 16.9 | 4.9 | 71.6 | 16.8 | (122.1 | ) | 18.2 | 21.5 | (20.9 | ) | (103.3 | ) | ||||||||||||||||||||||||||
Accounts payable
|
146.9 | 115.8 | (77.7 | ) | (217.3 | ) | (32.4 | ) | 241.2 | 125.0 | 8.0 | (154.0 | ) | 220.2 | ||||||||||||||||||||||||||
Salaries payable
|
78.3 | 5.6 | (49.9 | ) | 2.2 | 36.2 | 110.9 | 5.1 | (33.3 | ) | 25.5 | 108.2 | ||||||||||||||||||||||||||||
Provision for judicial demands from legal proceedings
|
10.7 | 18.9 | (3.3 | ) | 0.6 | 26.9 | 33.1 | (33.1 | ) | 118.9 | 25.0 | 144.0 | ||||||||||||||||||||||||||||
Derivatives
|
70.7 | (214.6 | ) | (108.4 | ) | 265.6 | 13.3 | 908.8 | (1,050.0 | ) | (4.4 | ) | 33.3 | (112.3 | ) | |||||||||||||||||||||||||
Taxes payable
|
(29.0 | ) | 34.2 | (23.2 | ) | (32.1 | ) | (50.1 | ) | (79.2 | ) | 1,003.4 | (59.0 | ) | 21.0 | 886.3 | ||||||||||||||||||||||||
Other assets and liabilities, net
|
39.6 | (91.9 | ) | (102.0 | ) | 105.1 | (49.2 | ) | 532.4 | (120.7 | ) | (101.3 | ) | (176.0 | ) | 134.5 | ||||||||||||||||||||||||
- | - | - | - | |||||||||||||||||||||||||||||||||||||
Cash Flow from Operating Activities
|
603.4 | (40.4 | ) | 224.3 | 1,540.1 | 2,327.2 | 605.5 | 591.0 | (419.2 | ) | 1,174.3 | 1,951.6 | ||||||||||||||||||||||||||||
Aquisitions, net of aquired cash and advances for future
|
- | - | - | (157.3 | ) | (157.3 | ) | - | - | - | (72.9 | ) | (72.9 | ) | ||||||||||||||||||||||||||
capital increases
|
||||||||||||||||||||||||||||||||||||||||
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
|
(3.7 | ) | (12.7 | ) | - | 16.5 | - | - | (99.1 | ) | (0.9 | ) | 57.6 | (42.3 | ) | |||||||||||||||||||||||||
Additions on Property, Plant and Equipment
|
(513.9 | ) | (312.6 | ) | (533.0 | ) | (932.2 | ) | (2,291.6 | ) | (491.5 | ) | (243.3 | ) | (346.3 | ) | (503.4 | ) | (1,584.5 | ) | ||||||||||||||||||||
Sugarcane planting and growing costs
|
(194.6 | ) | (198.1 | ) | (174.8 | ) | (178.2 | ) | (745.6 | ) | (217.2 | ) | (117.9 | ) | (107.0 | ) | (109.9 | ) | (552.0 | ) | ||||||||||||||||||||
Cash Received on Sale of other Fixed Assets
|
0.7 | 17.2 | 2.2 | 28.7 | 48.8 | - | 42.3 | 53.8 | 86.0 | 182.1 | ||||||||||||||||||||||||||||||
Cash Flow from Investment Activities
|
(711.5 | ) | (506.2 | ) | (705.5 | ) | (1,222.5 | ) | (3,145.7 | ) | (881.8 | ) | (418.0 | ) | (400.3 | ) | (521.1 | ) | (2,221.1 | ) | ||||||||||||||||||||
Additions of Debt
|
642.4 | 495.9 | 1,101.2 | 480.0 | 2,719.5 | 1,281.1 | 483.8 | 335.9 | 245.7 | 2,346.4 | ||||||||||||||||||||||||||||||
Payments of Principal and Interest on Debt
|
(561.6 | ) | (224.7 | ) | (458.2 | ) | (727.0 | ) | (1,971.6 | ) | (1,121.3 | ) | (206.0 | ) | 395.6 | (957.7 | ) | (1,889.4 | ) | |||||||||||||||||||||
Capital Increase
|
- | - | - | 4.0 | 4.0 | - | - | - | - | - | ||||||||||||||||||||||||||||||
Capital Increase by noncontrolling interests
|
- | 403.3 | - | (3.3 | ) | 400.0 | 139.9 | 0.0 | - | 421.0 | 560.9 | |||||||||||||||||||||||||||||
Treasury Shares
|
- | - | (15.2 | ) | - | (15.2 | ) | - | (54.4 | ) | (101.2 | ) | 107.4 | (48.3 | ) | |||||||||||||||||||||||||
Dividends
|
- | (192.4 | ) | - | (0.7 | ) | (193.1 | ) | - | (228.2 | ) | (4.8 | ) | (100.6 | ) | (333.7 | ) | |||||||||||||||||||||||
Acquisition of shares of subsidiary
|
- | - | - | 37.1 | 37.1 | - | - | (4.6 | ) | 4.6 | - | |||||||||||||||||||||||||||||
Related parties
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Exchange rate variation excluding Cash and Cash
|
0.0 | (9.9 | ) | 0.2 | 8.5 | (1.2 | ) | 19.3 | (0.4 | ) | (3.1 | ) | 15.8 | |||||||||||||||||||||||||||
Cash Flows from Financing Activities
|
80.8 | 472.2 | 627.9 | (201.4 | ) | 979.5 | 299.8 | 14.4 | 620.4 | (282.7 | ) | 651.9 | ||||||||||||||||||||||||||||
- | - | 0 | - | |||||||||||||||||||||||||||||||||||||
Total Cash Flow
|
(27.4 | ) | (74.4 | ) | 146.7 | 116.2 | 161.0 | 23.5 | 187.5 | (199.2 | ) | 370.529872 | 382.4 | |||||||||||||||||||||||||||
- | - | 0 | - | |||||||||||||||||||||||||||||||||||||
Cash & Equivalents, Beginning
|
1,110.8 | 1,083.4 | 1,009.0 | (2,092.4 | ) | 1,110.8 | 1,271.8 | 1,295.3 | 1,482.9 | (2,778.1 | ) | 1,271.8 | ||||||||||||||||||||||||||||
Cash & Equivalents, Closing
|
1,083.4 | 1,009.0 | 1,155.6 | (1,976.2 | ) | 1,271.8 | 1,295.3 | 1,482.9 | 1,283.4 | (2,407.4 | ) | 1,654.1 |
Report of Independent Auditors
|
1
|
Consolidated statements of financial position
|
3
|
Consolidated income statements
|
5
|
Consolidated statements of changes in equity
|
6
|
Consolidated statements of comprehensive income
|
7
|
Consolidated statements of cash flows
|
8
|
Notes to the consolidated financial statements
|
10
|
Cosan Limited
|
Consolidated statements of financial position
|
March 31, 2012 and 2011
|
(In thousands of Reais)
|
Note
|
2012
|
2011
|
|||||||||
Asset
|
|||||||||||
Current
|
|||||||||||
Cash and cash equivalents
|
3 | 1,654,146 | 1,271,780 | ||||||||
Restricted cash
|
4 | 94,268 | 187,944 | ||||||||
Accounts receivable
|
6 | 963,587 | 594,857 | ||||||||
Derivatives
|
26 | 19,590 | 55,682 | ||||||||
Inventories
|
7 | 748,150 | 670,331 | ||||||||
Related parties
|
9 | 678,374 | 14,669 | ||||||||
Recoverable taxes
|
8 | 325,096 | 374,991 | ||||||||
Other financial assets
|
5 | 40,080 | - | ||||||||
Other credits
|
230,289 | 310,348 | |||||||||
4,753,580 | 3,480,602 | ||||||||||
Non-current
|
|||||||||||
Deferred Income tax and social contribution
|
17 | 543,024 | 116,985 | ||||||||
Advances to suppliers
|
21,865 | 46,037 | |||||||||
Related parties
|
9 | 753,153 | 91,954 | ||||||||
Recoverable taxes
|
8 | 111,856 | 55,066 | ||||||||
Judicial deposits
|
18 | 509,235 | 218,372 | ||||||||
Other financial assets
|
5 | 790,402 | 420,417 | ||||||||
Other non-current assets
|
498,734 | 449,284 | |||||||||
Equity method investments
|
11 | 419,029 | 304,142 | ||||||||
Biological assets
|
12 | 968,023 | 1,561,132 | ||||||||
Property, plant and equipment
|
13 | 7,866,963 | 7,980,524 | ||||||||
Intangible assets
|
14 | 4,932,255 | 3,889,575 | ||||||||
17,414,539 | 15,133,488 | ||||||||||
Total assets
|
22,168,119 | 18,614,090 |
Note
|
2012
|
2011
|
|||||||||
Liabilities
|
|||||||||||
Current
|
|||||||||||
Current portion of long-term debt
|
15 | 540,237 | 957,134 | ||||||||
Derivatives
|
26 | 9,611 | 132,289 | ||||||||
Trade accounts payable
|
606,029 | 558,766 | |||||||||
Salaries payable
|
183,660 | 183,560 | |||||||||
Taxes payable
|
16 | 241,719 | 245,284 | ||||||||
Dividends payable
|
9,725 | 72,229 | |||||||||
Related parties
|
9 | 175,488 | 41,163 | ||||||||
Other current liabilities
|
307,994 | 190,381 | |||||||||
2,074,463 | 2,380,806 | ||||||||||
Non-current
|
|||||||||||
Long-term debt
|
15 | 4,659,152 | 6,274,895 | ||||||||
Taxes payable
|
16 | 1,202,624 | 639,071 | ||||||||
Provision for judicial demands
|
18 | 1,051,677 | 666,282 | ||||||||
Related parties
|
9 | 389,718 | 4,444 | ||||||||
Pension
|
27 | 37,312 | 24,380 | ||||||||
Deferred Income taxes
|
17 | 2,443,430 | 912,617 | ||||||||
Other non-current liabilities
|
828,120 | 382,898 | |||||||||
10,612,033 | 8,904,587 | ||||||||||
Equity
|
20 | ||||||||||
Common Stock
|
5,328 | 5,328 | |||||||||
Capital reserve
|
3,635,308 | 3,668,218 | |||||||||
Accumulated earnings
|
1,936,687 | 887,336 | |||||||||
Equity attributable to owners of the Company
|
5,577,323 | 4,560,882 | |||||||||
Equity attributable to non-controlling interests
|
3,904,300 | 2,767,815 | |||||||||
Total equity
|
9,481,623 | 7,328,697 | |||||||||
Total liabilities and equity
|
22,168,119 | 18,614,090 |
Note
|
2012
|
2011
|
2010
|
||||||||||||
Net sales
|
22 | 24,096,881 | 18,063,480 | 15,336,055 | |||||||||||
Cost of goods sold
|
23 | (21,465,009 | ) | (15,150,079 | ) | (13,271,331 | ) | ||||||||
Gross profit
|
2,631,872 | 2,913,401 | 2,064,724 | ||||||||||||
Operational income /(expenses)
|
|||||||||||||||
Selling
|
23 | (1,136,285 | ) | (1,026,000 | ) | (862,726 | ) | ||||||||
General and administrative
|
23 | (646,041 | ) | (545,450 | ) | (501,676 | ) | ||||||||
Other, net
|
25 | 145,550 | (33,828 | ) | 37,523 | ||||||||||
Gain on tax recovery program
|
16 | - | - | 270,333 | |||||||||||
Gain on the de-recognition of subsidiaries to form the JVs
|
21 | 2,752,730 | - | - | |||||||||||
1,115,954 | (1,605,278 | ) | (1,056,546 | ) | |||||||||||
Income before financial results, equity income of associates and income taxes
|
3,747,826 | 1,308,123 | 1,008,178 | ||||||||||||
Equity income of associates
|
11 | 33,268 | 25,187 | 4,178 | |||||||||||
Financial results, net
|
24 | (478,549 | ) | (151,147 | ) | 493,441 | |||||||||
(445,281 | ) | (125,960 | ) | 497,619 | |||||||||||
Income before income tax
|
3,302,545 | 1,182,164 | 1,505,797 | ||||||||||||
Income taxes
|
|||||||||||||||
Current
|
17 | (147,455 | ) | (85,437 | ) | (78,381 | ) | ||||||||
Deferred
|
17 | (962,758 | ) | (329,071 | ) | (344,923 | ) | ||||||||
Net income for the year
|
2,192,332 | 767,656 | 1,082,493 | ||||||||||||
Net income attributable to non-controlling interests
|
(1,010,990 | ) | (296,750 | ) | (376,399 | ) | |||||||||
Net income attributable to owners of the Company
|
1,181,342 | 470,906 | 706,094 | ||||||||||||
Earnings per share attributable to owners of the Company – Basic and Diluted (In Reais)
|
20 | $ | R 4.40 | $ | R 1.74 | $ | R 2.61 |
Capital reserve
|
||||||||||||||||||||||||||||
Common
stock
|
Additional paid in capital
|
Other components of equity
|
Accumulated earnings (losses)
|
Total
|
Non-controlling interests
|
Total equity
|
||||||||||||||||||||||
April 1, 2009
|
5,328 | 3,723,728 | (62,688 | ) | (170,370 | ) | 3,495,998 | 1,171,929 | 4,667,927 | |||||||||||||||||||
Acquisition of Teaçu
|
- | 100,143 | - | - | 100,143 | 207,368 | 307,511 | |||||||||||||||||||||
Issuance of subsidiary shares to non-controlling interest
|
- | 78,407 | - | - | 78,407 | 423,859 | 502,266 | |||||||||||||||||||||
Acquisition of non-controlling interest subsidiary
|
- | (34,957 | ) | - | - | (34,957 | ) | (22,633 | ) | (57,590 | ) | |||||||||||||||||
Exercise of stock option
|
- | (4,450 | ) | (20 | ) | - | (4,470 | ) | 10,472 | 6,002 | ||||||||||||||||||
Exercise of common stock warrants
|
- | (43,641 | ) | 309 | - | (43,332 | ) | 138,416 | 95,084 | |||||||||||||||||||
Acquisition of TEAS
|
- | - | - | - | - | 15,873 | 15,873 | |||||||||||||||||||||
Cumulative translation adjustment - CTA
|
- | - | (133,575 | ) | - | (133,575 | ) | (1,111 | ) | (134,686 | ) | |||||||||||||||||
Pension
|
- | - | 25,739 | - | 25,739 | 16,317 | 42,056 | |||||||||||||||||||||
Share based compensation
|
- | 5,451 | - | - | 5,451 | 3,520 | 8,971 | |||||||||||||||||||||
\Net income
|
- | - | - | 706,094 | 706,094 | 376,399 | 1,082,493 | |||||||||||||||||||||
Dividends
|
- | - | - | - | - | (43,981 | ) | (43,981 | ) | |||||||||||||||||||
March 31, 2010
|
5,328 | 3,824,681 | (170,235 | ) | 535,724 | 4,195,498 | 2,296,428 | 6,491,926 | ||||||||||||||||||||
Exercise of stock option
|
- | (1,018 | ) | (44 | ) | - | (1,062 | ) | 6,409 | 5,347 | ||||||||||||||||||
Treasury shares
|
- | (9,465 | ) | - | - | (9,465 | ) | (5,754 | ) | (15,219 | ) | |||||||||||||||||
Issuance of common stock by Rumo to non-controlling shareholders´
|
- | 128,363 | - | - | 128,363 | 271,637 | 400,000 | |||||||||||||||||||||
Acquisition of Logispot
|
- | - | - | - | 64,277 | 64,277 | ||||||||||||||||||||||
Hedge accounting
|
- | - | (89,117 | ) | - | (89,117 | ) | (54,181 | ) | (143,298 | ) | |||||||||||||||||
Cumulative translation adjustment - CTA
|
- | - | (4,180 | ) | - | (4,180 | ) | 131 | (4,049 | ) | ||||||||||||||||||
Pension
|
- | - | (12,087 | ) | - | (12,087 | ) | (7,349 | ) | (19,436 | ) | |||||||||||||||||
Adjustment from impact recorded directly in equity of subsidiary
|
- | (522 | ) | - | - | (522 | ) | (821 | ) | (1,343 | ) | |||||||||||||||||
Share based compensation
|
- | 1,842 | - | - | 1,842 | 1,119 | 2,961 | |||||||||||||||||||||
Net income
|
- | - | - | 470,906 | 470,906 | 296,750 | 767,656 | |||||||||||||||||||||
Dividends
|
- | - | - | (119,294 | ) | (119,294 | ) | (100,831 | ) | (220,125 | ) | |||||||||||||||||
March 31, 2011
|
5,328 | 3,943,881 | (275,663 | ) | 887,336 | 4,560,882 | 2,767,815 | 7,328,697 | ||||||||||||||||||||
Hedge accounting
|
- | - | 33,126 | 33,126 | 20,014 | 53,140 | ||||||||||||||||||||||
Hedge accounting – reversal of OCI upon deconsolidation of subsidiaries and formation of the JVs
|
- | - | 64,961 | 64,961 | 39,311 | 104,272 | ||||||||||||||||||||||
Cumulative translation adjustment - CTA
|
- | - | 15,790 | 15,790 | 4,934 | 20,724 | ||||||||||||||||||||||
Pension
|
(14,758 | ) | (14,758 | ) | (8,931 | ) | (23,689 | ) | ||||||||||||||||||||
Share based compensation
|
- | 6,728 | - | 6,728 | 4,072 | 10,800 | ||||||||||||||||||||||
Capital contribution to Rumo by noncontrolling shareholders
|
- | - | (1,993 | ) | (1,993 | ) | 77,864 | 75,871 | ||||||||||||||||||||
Other
|
- | 700 | 11,000 | 11,700 | (2,612 | ) | 9,088 | |||||||||||||||||||||
Acquisition of treasury shares by subsidiaries
|
- | - | (30,065 | ) | (30,065 | ) | (18,193 | ) | (48,258 | ) | ||||||||||||||||||
Non-controlling shareholder contribution to Raízen Combustíveis JV
|
- | - | - | - | 9,036 | 9,036 | ||||||||||||||||||||||
Acquisition of treasury shares
|
- | (109,392 | ) | - | (109,392 | ) | - | (109,392 | ) | |||||||||||||||||||
Net income
|
- | - | - | 1,181,342 | 1,181,342 | 1,010,990 | 2,192,332 | |||||||||||||||||||||
Dividends
|
- | - | - | (140,998 | ) | (140,998 | ) | - | (140,998 | ) | ||||||||||||||||||
March 31, 2012
|
5,328 | 3,841,917 | (206,609 | ) | 1,936,687 | 5,577,323 | 3,904,300 | 9,481,623 |
2012
|
2011
|
2010
|
||||||||||
Net Income
|
2,192,332 | 767,656 | 1,082,493 | |||||||||
Other comprehensive income (loss)
|
||||||||||||
Exchange differences on translation of foreign operations - CTA
|
20,724 | (4,049 | ) | (134,685 | ) | |||||||
Net movement on cash flow hedge
|
238,503 | (217,117 | ) | - | ||||||||
Actuarial gains and losses defined benefit plans
|
(35,892 | ) | (29,447 | ) | 63,721 | |||||||
Income tax effects
|
(68,888 | ) | 83,830 | (21,665 | ) | |||||||
154,447 | (166,783 | ) | (92,629 | ) | ||||||||
Other comprehensive income for the year, net of tax
|
||||||||||||
Total comprehensive Income for the year, net of tax
|
2,346,779 | 600,873 | 989,864 | |||||||||
Attributed to:
|
||||||||||||
Owners of the Company
|
1,280,461 | 365,521 | 598,258 | |||||||||
Non-controlling interests
|
1,066,318 | 235,351 | 391,606 |
2012
|
2011
|
2010
|
||||||||||
Operating activities
|
||||||||||||
Net income
|
2,192,332 | 767,656 | 1,082,493 | |||||||||
Non-cash adjustments to reconcile net income to net cash flows from operating activities
|
||||||||||||
Depreciation and amortization
|
1,142,780 | 1.359.000 | 1.127.960 | |||||||||
Biological assets
|
(60,093 | ) | (381.894 | ) | (44.871 | ) | ||||||
Equity income of associates
|
(33,268 | ) | (25,187 | ) | (4,178 | ) | ||||||
Gain on disposal of property, plant and equipment
|
(93,892 | ) | (35,295 | ) | (80,466 | ) | ||||||
Goodwill write off aviation business
|
- | - | 41,066 | |||||||||
Share based compensation expenses
|
10,800 | 2,961 | 8,971 | |||||||||
Deferred income taxes
|
962,758 | 329,071 | 344,923 | |||||||||
Gain on tax recovery program
|
- | - | (270,333 | ) | ||||||||
Gain on the de-recognition of subsidiaries operations to form the JVs
|
(2,850,868 | ) | - | - | ||||||||
Interest, monetary and exchange variations, net
|
646,527 | 238,482 | (185,280 | ) | ||||||||
Other, net
|
(5,711 | ) | 4,584 | (26,858 | ) | |||||||
1,911,365 | 2,259,378 | 1,993,427 | ||||||||||
Changes in Assets / Liabilities
|
||||||||||||
Accounts receivable
|
(361,147 | ) | 164,693 | 2,415 | ||||||||
Restricted cash
|
79,452 | (142,972 | ) | (33,215 | ) | |||||||
Inventories
|
(186,775 | ) | 84,951 | 380,253 | ||||||||
Taxes recoverable
|
(17,126 | ) | (50,068 | ) | (36,572 | ) | ||||||
Advances to suppliers
|
(103,294 | ) | 16,779 | 66,542 | ||||||||
Accounts payable
|
220,213 | (32,361 | ) | (46,515 | ) | |||||||
Provision for judicial demands from legal proceedings
|
143,960 | 26,859 | 25,829 | |||||||||
Salaries payable
|
108,177 | 36,224 | 30,565 | |||||||||
Derivatives
|
(112,281 | ) | 13,347 | (231,043 | ) | |||||||
Taxes payable
|
886,283 | 75,639 | 311,360 | |||||||||
Related parties
|
(751,679 | ) | (5,536 | ) | 111,953 | |||||||
Other assets and liabilities, net
|
134,491 | (119,692 | ) | (399,172 | ) | |||||||
Net Cash Flow from Operating Activities
|
1,951,639 | 2,327,241 | 2,175,827 |
2012
|
2011
|
2010
|
||||||||||
Investing Activities
|
||||||||||||
Acquisitions , net of cash acquired
|
(72,930 | ) | (157,345 | ) | (16,041 | ) | ||||||
Cash contributed upon the formation of Raizen
|
(173,116 | ) | - | - | ||||||||
Redemption of shares in subsidiary
|
(99,784 | ) | - | - | ||||||||
Dividends received
|
121,433 | - | - | |||||||||
Additions to investments
|
(42,328 | ) | - | - | ||||||||
Purchase of property, plant and equipment, software and intangible assets
|
(1,584,543 | ) | (2,291,647 | ) | (1,897,965 | ) | ||||||
Sugar-cane planting and growing costs
|
(551,974 | ) | (745,572 | ) | (647,467 | ) | ||||||
Proceeds from sale of aviation business
|
- | - | 115,601 | |||||||||
Proceeds from sale of property, plant and equipment
|
182,116 | 48,832 | 10,613 | |||||||||
Net Cash Flow used Investing Activities
|
(2,221,126 | ) | (3,145,732 | ) | (2,435,259 | ) | ||||||
Financing Activities
|
||||||||||||
Proceeds from long-term debt
|
2,346,396 | 2,719,522 | 3,471,462 | |||||||||
Repayment of long-term debt
|
(1,889,362 | ) | (1,971,579 | ) | (3,148,837 | ) | ||||||
Capital increase
|
- | 3,996 | 147,697 | |||||||||
Cash proceeds from non-controlling interests
|
560,946 | 400,000 | - | |||||||||
Treasury shares
|
(48,258 | ) | (15,219 | ) | - | |||||||
Dividends paid
|
(333,659 | ) | (193,095 | ) | - | |||||||
Related parties
|
- | 37,072 | (152,442 | ) | ||||||||
Net cash flows from financing activities
|
636,063 | 980,697 | 317,880 | |||||||||
Impact of foreign currency exchange on cash and cash equivalent balances
|
15,790 | (1,192 | ) | (125,618 | ) | |||||||
Net increase in Cash and Cash Equivalents
|
382,366 | 161,014 | (67,170 | ) | ||||||||
Cash and cash equivalents at the beginning of the year
|
1,271,780 | 1,110,766 | 1,177,936 | |||||||||
Cash and cash equivalents at the end of the year
|
1,654,146 | 1,271,780 | 1,110,766 | |||||||||
Supplemental disclosure of cash flow information
|
||||||||||||
Financial interest expenses paid
|
305,527 | 450,051 | 388,854 | |||||||||
Income taxes paid
|
179,655 | 38,844 | 62,337 | |||||||||
Issuance of shares for acquisitions of Curupay
|
- | - | 624,192 | |||||||||
Issuance of subsidiary shares (Rumo) for acquisition of Teaçu
|
- | - | 261,777 |
1.
|
Operations
|
2.
|
Summary of significant accounting policies
|
2.1.
|
Basis of Preparation
|
a)
|
Basis of preparation
|
b)
|
Functional and presentation currency
|
c)
|
Significant accounting judgments, estimates and assumptions
|
2.
|
Summary of significant accounting policies (Continued)
|
2.1.
|
Basis of Preparation (Continued)
|
c)
|
Significant accounting judgments, estimates and assumptions (Continued)
|
2.
|
Summary of significant accounting policies (Continued)
|
2.1.
|
Basis of Preparation (Continued)
|
(d)
|
Reclassifications and other adjustments
|
·
|
Deferred tax asset and liability balances of R$598,348 related the same taxing jurisdiction have been offset in the March 31, 2011 consolidated balance sheet.
|
·
|
The starting point for the consolidated statement of cash flows is “net income” for all periods. In previous presentations, the Company had started its consolidated statement of cash flows with “net income attributable to owners of the Company” This change resulted in a reclassification from “non-controlling interests” and has no impact on cash flows from operating activities. Also, certain reclassifications have been made between depreciation and amortization and biological assets captions within operating activities to conform with current year presentation.
|
2.
|
Summary of significant accounting policies (Continued)
|
2.2
|
Basis of consolidation
|
2012
|
2011
|
2010
|
||||||||||
Direct interest subsidiary
|
||||||||||||
Cosan S.A. Indústria e Comercio
|
62.30 | % | 62.20 | % | 62.30 | % |
Subsidiaries
|
2012
|
2011
|
2010
|
|||||||||
Administração de Participações Aguassanta Ltda.
|
91,50 | % | 91.50 | % | 91.50 | % | ||||||
Bioinvestments Negócios e Participações S.A.
|
100 | % | 91.50 | % | 99.90 | % | ||||||
Vale da Ponte Alta S.A.
|
100 | % | 91.50 | % | 99.90 | % | ||||||
Águas da Ponte Alta S.A.
|
100 | % | 91.50 | % | 99.90 | % | ||||||
Proud Participações S.A.
|
100 | % | 99.90 | % | 99.90 | % | ||||||
Cosan Distribuidora de Combustíveis Ltda.
|
- | 99.90 | % | 99.90 | % | |||||||
Cosan Overseas Limited
|
100 | % | 100 | % | - | |||||||
Pasadena Empreendimentos e Participações S.A.
|
100 | % | 100 | % | 100 | % | ||||||
Cosan Cayman Finance Limited
|
100 | % | 100 | % | - | |||||||
Cosan Cayman II Limited
|
100 | % | - | - | ||||||||
Cosan Lubrificantes e Especialidades S.A. (former Cosan Combustíveis e Lubrificantes S.A.)
|
100 | % | 100 | % | 100 | % | ||||||
CCL Cayman Finance Limited
|
100 | % | 100 | % | - | |||||||
Copsapar Participações S.A.
|
90 | % | 90 | % | 90 | % | ||||||
Novo Rumo Logística S.A.
|
92.90 | % | 92.90 | % | 92.90 | % | ||||||
Rumo Logística S.A.
|
- | 69.70 | % | 90 | % | |||||||
Handson Participações S.A.
|
100 | % | - | - | ||||||||
Docelar Alimentos e Bebidas S.A.
|
99.90 | % | 99.90 | % | 99.90 | % | ||||||
Cosan Operadora Portuária S.A.
|
69.70 | % | 69.70 | % | 90 | % | ||||||
Teaçú Armazéns Gerais S.A.
|
- | 69.70 | % | 90 | % | |||||||
Logispot Armazéns Gerais S.A.
|
35.50 | % | 35.50 | % | - | |||||||
Stallion S.A.
|
100 | % | ||||||||||
Jointly-Controlled entities
|
||||||||||||
Raízen S.A. (1)
|
50 | % | - | - | ||||||||
Raízen Energia Participações S.A. (1) (2)
|
50 | % | - | - | ||||||||
Raízen Combustíveis S.A. (1) (2)
|
50 | % | - | - | ||||||||
IPUTI Empreendimentos e Participações S.A. (1)
|
50 | % | - | - | ||||||||
(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.
|
Summary of significant accounting policies (Continued)
|
2.2
|
Basis of consolidation (Continued)
|
2.3
|
Summary of significant accounting practices
|
a)
|
Revenue recognition
|
b)
|
Foreign currency transactions
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
c)
|
Financial instruments – Recognition initial and subsequent measurement
|
(i)
|
Financial assets
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
c)
|
Financial instruments – Recognition initial and subsequent measurement (Continued)
|
·
|
The rights to receive cash flows from the asset have expired; and
|
·
|
The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the cash flows received without material delay to a third party under a pass-through arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
c)
|
Financial instruments – Recognition initial and subsequent measurement (Continued)
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
c)
|
Financial instruments – Recognition initial and subsequent measurement (Continued)
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
c)
|
Financial instruments – Recognition initial and subsequent measurement (Continued)
|
·
|
Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment;
|
·
|
Cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment; and
|
·
|
Hedges of a net investment in a foreign operation.
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
c)
|
Financial instruments – Recognition initial and subsequent measurement (Continued)
|
d)
|
Cash and cash equivalents and restricted cash
|
e)
|
Accounts receivable
|
f)
|
Inventories
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
g)
|
Equity method investments
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
h)
|
Interest in joint ventures
|
i)
|
Biological assets
|
j)
|
Property, plant and equipment (“P, P&E”)
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
j)
|
Property, plant and equipment (“P, P&E”) (Continued)
|
Buildings and improvements
|
4%
|
Machinery and equipment
|
3% to 10%
|
Agricultural machinery
|
10%
|
Industrial equipment and facilities
|
10%
|
Furniture and fixtures
|
10%
|
Computer equipment
|
20%
|
Vehicles
|
10% to 20%
|
Locomotives
|
3.3%
|
Rail cars
|
2.9%
|
Boats
|
20%
|
Aircrafts
|
10%
|
k)
|
Leases
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
l)
|
Intangibles
|
m)
|
Impairment
|
n)
|
Borrowing costs
|
o)
|
Provisions
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
p)
|
Pension and other employment benefits
|
q)
|
Treasury shares
|
2.
|
Summary of significant accounting policies (Continued)
|
2.3.
|
Summary of significant accounting practices (Continued)
|
r)
|
Taxes
|
s)
|
Business combinations
|
t)
|
Asset retirement obligations
|
u)
|
Environmental matters
|
2.
|
Summary of significant accounting policies (Continued)
|
2.4
|
New IFRS and IFRIC Interpretations Committee (Financial Reporting Interpretations of IASB) applicable to the consolidated financial statements
|
2.
|
Summary of significant accounting policies (Continued)
|
2.4
|
New IFRS and IFRIC Interpretations Committee (Financial Reporting Interpretations of IASB) applicable to the consolidated financial statements (Continued)
|
3.
|
Cash and Cash Equivalent
|
2012
|
2011
|
|||||||
Brazilian reais
|
||||||||
Cash
|
654 | 289 | ||||||
Bank accounts
|
127,178 | 64,437 | ||||||
Highly liquid Investments
|
1,519,965 | 1,076,599 | ||||||
US dollars
|
||||||||
Bank accounts
|
6,349 | 78,353 | ||||||
Highly liquid Investments
|
- | 52,102 | ||||||
1,654,146 | 1,271,780 |
4.
|
Restricted Cash
|
2012
|
2011
|
|||||||
Restricted financial investments
|
48,292 | 61,072 | ||||||
Deposits in connection with derivative transactions
|
45,976 | 126,872 | ||||||
94,268 | 187,944 |
5.
|
Other financial assets
|
2012
|
2011
|
|||||||
Fair value of Radar option (1)
|
140,820 | 162,961 | ||||||
Brazilian Treasury certificates – CTN (2)
|
149,438 | 257,456 | ||||||
ExxonMobil financial asset - reimbursement (3)
|
540,224 | - | ||||||
830,482 | 420,417 | |||||||
Current
|
40,080 | - | ||||||
Non current
|
790,402 | 420,417 |
(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 exercise of warrants will not change the classification of this investment as an equity investment. 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 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 Petróleio 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$540,224 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 and the remaining balance is long term.
|
6.
|
Accounts Receivable
|
2012
|
2011
|
|||||||
Domestic
|
902,407 | 678,498 | ||||||
Foreign
|
164,681 | 7,556 | ||||||
Allowance for doubtful accounts
|
(103,501 | ) | (91,197 | ) | ||||
963,587 | 594,857 |
2012
|
2011
|
|||||||
Current
|
764,827 | 555,826 | ||||||
Over Due:
|
||||||||
Up to 30 days
|
100,339 | 21,097 | ||||||
From 31 to 60 days
|
16,535 | 4,317 | ||||||
From 61 to 90 days
|
8,476 | 553 | ||||||
More than 180 days
|
73,410 | 13,064 | ||||||
963,587 | 594,857 |
On April 1, 2009
|
(102,985 | ) | ||
Provision
|
(14,011 | ) | ||
Reversal
|
15,389 | |||
Write-offs
|
11,748 | |||
Addition from business combination
|
(7,862 | ) | ||
March 31, 2010
|
(97,721 | ) | ||
Provision
|
(16,573 | ) | ||
Reversal
|
18,238 | |||
Write-offs
|
6,130 | |||
Addition from business combination
|
(1,271 | ) | ||
March 31, 2011
|
(91,197 | ) | ||
Provision
|
(28,003 | ) | ||
Reversal
|
26,711 | |||
Write-offs
|
935 | |||
Net addition from de-consolidation of subsidiaries and formation of the JVs (a)
|
(11,135 | ) | ||
Addition from business combination
|
(812 | ) | ||
March 31, 2012
|
(103,501 | ) |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the allowance for doubtful accounts of subsidiaries de-recognized, and the addition of 50% of the fair value of the allowance for doubtful accounts of the JV’s then proportionally consolidated.
|
7.
|
Inventories
|
2012
|
2011
|
|||||||
Finished Goods:
|
||||||||
Sugar
|
87,110 | 77,673 | ||||||
Ethanol
|
79,433 | 42,840 | ||||||
Fuel
|
276,867 | 231,891 | ||||||
Lubrificants
|
112,492 | 94,743 | ||||||
Raw material
|
52,586 | 51,598 | ||||||
Spare parts and others
|
144,204 | 191,153 | ||||||
Provision for inventory realization and obsolescence
|
(4,542 | ) | (19,567 | ) | ||||
748,150 | 670,331 |
On April 1, 2009
|
(23,102 | ) | ||
Addition
|
(14,528 | ) | ||
Reversal
|
12,370 | |||
March 31, 2010
|
(25,260 | ) | ||
Provision
|
(13,483 | ) | ||
Reversal
|
19,176 | |||
March 31, 2011
|
(19,567 | ) | ||
Provision
|
(1,697 | ) | ||
Write off
|
5,173 | |||
Reversal
|
4,815 | |||
Net effect from de-consolidation of subsidiaries and formation of the JVs (a)
|
6,734 | |||
March 31, 2012
|
(4,542 | ) |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the inventory provision of subsidiaries de-recognized, and the addition of 50% of the fair value of the inventory provision of the JV’s then proportionally consolidated.
|
8.
|
Recoverable Taxes
|
2012
|
2011
|
|||||||
Income tax
|
107,561 | 66,274 | ||||||
COFINS
|
63,727 | 121,474 | ||||||
PIS
|
18,614 | 27,338 | ||||||
ICMS - State VAT
|
194,818 | 151,161 | ||||||
IPI
|
43,039 | 47,741 | ||||||
Others
|
9,193 | 16,069 | ||||||
436,952 | 430,057 | |||||||
Current
|
325,096 | 374,991 | ||||||
Non-Current
|
111,856 | 55,066 |
9.
|
Related Parties
|
a)
|
Summarized balances and transactions with related parties:
|
2012
|
2011
|
|||||||
Current Asset
|
||||||||
Shell (i)
|
626,783 | - | ||||||
Raízen Energia (ii)
|
20,731 | - | ||||||
Raízen Combustíveis (ii)
|
14,242 | - | ||||||
Grupo Rezende Barbosa (iii)
|
9,469 | 7,298 | ||||||
Vertical (iv)
|
540 | 6,430 | ||||||
Other
|
6,609 | 941 | ||||||
Total Current asset
|
678,374 | 14,669 | ||||||
Non Current Asset
|
||||||||
Shell (i)
|
335,317 | - | ||||||
Raízen Energia (ii)
|
214,885 | - | ||||||
Raízen Combustíveis (ii)
|
87,811 | - | ||||||
Grupo Rezende Barbosa (iii)
|
105,751 | 91,954 | ||||||
Other
|
9,389 | - | ||||||
Total Non-current asset
|
753,153 | 91,954 | ||||||
Total asset
|
1,431,527 | 106,623 | ||||||
Current liabilities
|
||||||||
Shell (i)
|
83,064 | - | ||||||
Raízen Energia (ii)
|
76,257 | - | ||||||
Raízen Combustíveis (ii)
|
321 | - | ||||||
Grupo Rezende Barbosa (iii)
|
12,577 | 37,664 | ||||||
Other
|
3,269 | 3,499 | ||||||
Total current liabilities
|
175,488 | 41,163 | ||||||
Non-current Liabilities
|
||||||||
Shell (i)
|
379,626 | - | ||||||
Raízen Energia (ii)
|
6,387 | - | ||||||
Other
|
3,705 | 4,444 | ||||||
Total Non-current liabilities
|
389,718 | 4,444 | ||||||
Total liabilities
|
565,206 | 45,607 |
9.
|
Related Parties (Continued)
|
a)
|
Summarized balances and transactions with related parties:
|
Year ended at March 31,
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Sales of products/services
|
||||||||||||
Vertical (iv)
|
75,338 | 160,202 | 154,042 | |||||||||
Aguassanta
|
- | 39,131 | 101,902 | |||||||||
Other
|
441 | 832 | - | |||||||||
75,779 | 200,165 | 255,944 | ||||||||||
Purchase of goods/services
|
||||||||||||
Grupo Rezende Barbosa (iii)
|
263,859 | 352,195 | 155,615 | |||||||||
Vertical (iv)
|
113,518 | - | - | |||||||||
Other
|
7,032 | |||||||||||
384,409 | 352,195 | 155,615 | ||||||||||
Land lease
|
||||||||||||
Aguassanta (v)
|
17,577 | 26,459 | (18,817 | ) | ||||||||
Radar (vi)
|
22,532 | 28,446 | (18,158 | ) | ||||||||
40,109 | 54,905 | (36,975 | ) | |||||||||
Financial income / (expense)
|
||||||||||||
Grupo Rezende Barbosa (iii)
|
2,502 | 233 | 18,045 | |||||||||
Shell
|
148,733 | - | - | |||||||||
Other
|
242 | 512 | (84 | ) | ||||||||
151,477 | 745 | 17,961 |
(i)
|
Shell
|
9.
|
Related Parties (Continued)
|
a)
|
Summarized balances and transactions with related parties: (Continued)
|
9.
|
Related Parties (Continued)
|
a)
|
Summarized balances and transactions with related parties: (Continued)
|
b)
|
Officers and directors compensation
|
2012
|
2011
|
2010
|
||||||||||
Regular compensation
|
24,994 | 7,894 | 6,589 | |||||||||
Stock option expense
|
10,800 | 2,961 | 8,971 | |||||||||
Bonuses and other variable compensation
|
33,075 | 23,791 | 6,325 | |||||||||
Total compensation recorded as expense
|
68,869 | 34,646 | 21,885 |
10.
|
Business combinations
|
a.
|
Sugar Retail Business
|
10.
|
Business combinations (Continued)
|
b.
|
Logispot Armazéns Gerais S.A. (“Logispot”)
|
Cash
|
48,888 | |||
Fair value of 14.28% of Cosan in Logispot immediately before the Business combination
|
19,992 | |||
Total
|
68,880 |
Description
|
||||
Trade accounts receivable
|
1,297 | |||
Others assets
|
677 | |||
Property, plant and equipment
|
114,184 | |||
Loans and financing
|
(13,391 | ) | ||
Deferred income and social contribution taxes
|
(28,879 | ) | ||
Others liabilities
|
(13,551 | ) | ||
Non-controlling interest (1)
|
(30,120 | ) | ||
Net assets acquired
|
30,217 | |||
Consideration transferred, net of cash acquired
|
67,745 | |||
Goodwill
|
37,528 |
(1)
|
Measured at their proportionate share of the value of net identifiable assets acquired
|
10.
|
Business combinations (Continued)
|
|
b.
|
Logispot Armazéns Gerais S.A. (‘Logispot”) (Continued)
|
Provisional goodwill
|
2,370 | |||
Adjustments on the fair value of the P,P&E
|
104,454 | |||
Deferred income taxes
|
(35,515 | ) | ||
Interests of non-controlling shareholders
|
(33,781 | ) | ||
Goodwill
|
37,528 |
c.
|
Cosan Araraquara Açúcar e Álcool Ltda. (“Usina Zanin”)
|
Description
|
||||
Inventories
|
3,813 | |||
Biological assets
|
83,890 | |||
Property, plant and equipment
|
223,893 | |||
Intangible assets
|
10 | |||
Loans and Long-term debt
|
(278,511 | ) | ||
Provision for judicial demands
|
(23,008 | ) | ||
Deferred income and social contribution taxes
|
29,921 | |||
Others liabilities
|
(49,081 | ) | ||
Net assets acquired
|
(9,073 | ) | ||
Consideration transferred, net of cash acquired
|
88,927 | |||
Goodwill
|
98,000 |
Provisional goodwill
|
69,402 | |||
Adjustments on the fair value of the P,P&E and biological assets
|
36,805 | |||
Other FV adjustments
|
6,524 | |||
Deferred income tax
|
(14,731 | ) | ||
Goodwill
|
98,000 |
10.
|
Business combinations (Continued)
|
d.
|
TEAS Terminal Exportador de Álcool de Santos S.A. (“TEAS”)
|
Cash
|
20,260 | |||
Fair value of share of 40% of Cosan S.A. in TEAS immediately before the combination
|
19,651 | |||
Total
|
39,911 |
Description
|
||||
Property, plant and equipment
|
21,162 | |||
Others assets and liabilities, net
|
405 | |||
Non-controlling interest
|
(6,258 | ) | ||
Net assets acquired
|
15,309 | |||
Consideration transferred, net of cash acquired
|
22,610 | |||
Goodwill
|
7,301 |
e.
|
Curupay S.A. Participações (“Curupay”)
|
10.
|
Business combinations (Continued)
|
|
e.
|
Curupay S.A. Participações (“Curupay”) (Continued)
|
Description
|
||||
Inventories
|
119,212 | |||
Related parties
|
67,741 | |||
Property, plant and equipment
|
885,786 | |||
Intangible assets
|
243,955 | |||
Noncontrolling interest in Novo Rumo
|
132,539 | |||
Others assets
|
340,776 | |||
Loans and Long-term debt
|
(1,174,631 | ) | ||
Taxes payables
|
(56,028 | ) | ||
Deferred income and social contribution taxes
|
(47,354 | ) | ||
Others liabilities
|
(303,651 | ) | ||
Net assets acquired
|
208,345 | |||
Consideration transferred, net of cash acquired
|
572,710 | |||
Goodwill
|
364,365 |
f.
|
Teaçu Armazéns Gerais S.A. (“Teaçú”)
|
Cash
|
121,131 | |||
Common stock at fair value
|
261,777 | |||
Total consideration transferred
|
382,908 |
10.
|
Business combinations (Continued)
|
|
f.
|
Teaçu Armazéns Gerais S.A. (“Teaçú”) (Continued)
|
Description
|
||||
Property, plant and equipment
|
101,711 | |||
Intangible assets
|
316,977 | |||
Inventories
|
2,768 | |||
Others assets
|
61,740 | |||
Loans and Long-term debt
|
(43,355 | ) | ||
Suppliers
|
(1,111 | ) | ||
Provision for judicial demands
|
(7,532 | ) | ||
Deferred income and social contribution taxes
|
(104,551 | ) | ||
Others liabilities
|
(7,136 | ) | ||
Net assets acquired
|
319,511 | |||
Consideration transferred, net of cash acquired
|
382,432 | |||
Goodwill
|
62,921 |
g.
|
Pro forma information
|
11.
|
Equity method investments
|
Investments
|
Equity income in affiliate
|
|||||||||||||||||||
Interest
|
2012
|
2011
|
2012
|
2011
|
||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
18.92 | % | 283,259 | 260,756 | 22,514 | 28,658 | ||||||||||||||
Codexis Inc
|
15.50 | % | 49,866 | - | (1,086 | ) | - | |||||||||||||
Logum Logística S.A. ("Logum")
|
20.00 | % | 25,731 | 18,300 | (4,796 | ) | - | |||||||||||||
Other investments
|
60,173 | 25,086 | 16,636 | (3,471 | ) | |||||||||||||||
419,029 | 304,142 | 33,268 | 25,187 |
11.
|
Equity method investments (Continued)
|
Balances at April 1, 2009
|
323,077 | |||
Equity income (loss)
|
4,178 | |||
Additions to investments
|
48,805 | |||
Change from associate to subsidiary
|
(119,051 | ) | ||
Others
|
3,805 | |||
Balances at March 31, 2010
|
260,814 | |||
Equity income (loss)
|
25,187 | |||
Additions to investments
|
37,979 | |||
Change from associate to subsidiary
|
(20,015 | ) | ||
Others
|
177 | |||
March 31, 2011
|
304,142 | |||
Equity income (loss)
|
33,268 | |||
Addition to investments
|
42,328 | |||
Net addition from de-consolidation of subsidiaries and formation of the JVs (a)
|
38,114 | |||
Others
|
1,177 | |||
March 31, 2012
|
419,029 |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the equity method investments of subsidiaries de-recognized, and the addition of 50% of the fair value of the equity method investments then proportionally consolidated.
|
At March 31, 2012
|
||||||||||||||||
Assets
|
Liabilities
|
Equity
|
Net income (loss)
|
|||||||||||||
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 | ) |
At March 31, 2011
|
||||||||||||||||
Assets
|
Liabilities
|
Equity
|
Net income (loss)
|
|||||||||||||
Radar Propriedades Agrícolas S.A.
|
1,804,609 | 426,355 | 1,378,254 | 151,421 | ||||||||||||
Logum
|
101,982 | 8,343 | 93,639 | (4,829 | ) |
12.
|
Biological assets
|
Balances at April 1, 2009
|
754,231 | |||
Change in fair value
|
44,871 | |||
Increase due to planting and growing costs
|
647,467 | |||
Harvested cane transferred to inventory
|
(483,325 | ) | ||
Balances at March 31, 2010
|
963,244 | |||
Change in fair value
|
381,894 | |||
Increase due to planting and growing costs
|
745,572 | |||
Harvested cane transferred to inventory
|
(616,693 | ) | ||
Increase resulting from business combination
|
87,115 | |||
Balances at March 31, 2011
|
1,561,132 | |||
Changes in fair value
|
60,093 | |||
Increase due to planting and growing costs
|
551,974 | |||
Harvested cane transferred to inventory
|
(401,592 | ) | ||
Proportional consolidation impact due to the formation of JVs (50%) (a)
|
(803,584 | ) | ||
Balances at March 31, 2012
|
968,023 |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the biological assets of subsidiaries de-recognized, and the addition of 50% of the fair value of the biological assets of the JV’s then proportionally consolidated.
|
(*)
|
R$19,047 of this amount was allocated in sugar and ethanol inventory as of March 31, 2012.
|
2012
|
2011
|
|||||||
Crop area (hectares)
|
382,798 | 340,386 | ||||||
Expect productivity (tons of cane per hectare)
|
78,20 | 84,74 | ||||||
Total amount of recoverable sugar – ATR (kg)
|
137,27 | 138,54 | ||||||
Price kg ATR projected average (R$/kg)
|
0,4881 | 0,4228 |
13.
|
Property, plant and equipment
|
Cost:
|
March 31, 2011
|
Additions
|
Write-offs
|
Transfers
|
De-consolidation
and JVs
formation,
net (a)
|
Business combination
|
March 31, 2012
|
|||||||||||||||||||||
Land and Rural Properties
|
1,263,240 | - | (40,011 | ) | 15,965 | 384,561 | (53,266 | ) | 1,570,489 | |||||||||||||||||||
Buildings and Improvements
|
1,122,256 | 4,764 | (24,559 | ) | 89,661 | (153,107 | ) | 30,899 | 1,069,914 | |||||||||||||||||||
Machinery, Equipment and Facilities
|
4,980,432 | 49,056 | (30,209 | ) | 330,325 | (69,256 | ) | 14,196 | 5,274,544 | |||||||||||||||||||
Airplanes
|
30,903 | 4,839 | (4,691 | ) | - | - | - | 31,051 | ||||||||||||||||||||
Rail Car and Locomotives
|
341,647 | - | - | 50,000 | - | - | 391,647 | |||||||||||||||||||||
Vessels and Vehicles
|
323,042 | 3,046 | (6,758 | ) | 10,312 | (26,703 | ) | 167 | 303,106 | |||||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
137,206 | 520 | (21,012 | ) | 16,114 | (8,869 | ) | 1,308 | 125,267 | |||||||||||||||||||
Construction in progress
|
1,367,712 | 980,855 | (6,022 | ) | (782,762 | ) | (888,102 | ) | 3,319 | 675,000 | ||||||||||||||||||
Major maintenance and inspections of machinery and equipment and parts
|
1,043,342 | 362,511 | (747,891 | ) | - | (394,513 | ) | - | 263,449 | |||||||||||||||||||
Others
|
4,782 | 13,077 | (17,715 | ) | 796 | 156,568 | - | 157,508 | ||||||||||||||||||||
Total
|
10,614,562 | 1,418,668 | (898,868 | ) | (269,589 | ) | (999,421 | ) | (3,377 | ) | 9,861,975 | |||||||||||||||||
Depreciation:
|
||||||||||||||||||||||||||||
Buildings and Improvements
|
(287,620 | ) | (43,716 | ) | 11,539 | - | 59,344 | (2,457 | ) | (262,910 | ) | |||||||||||||||||
Machinery, Equipment and Facilities
|
(1,472,512 | ) | (288,990 | ) | 19,506 | 14,968 | 346,824 | (8,508 | ) | (1,388,712 | ) | |||||||||||||||||
Airplanes
|
(15,195 | ) | (1,839 | ) | 860 | - | - | - | (16,174 | ) | ||||||||||||||||||
Rail Car and Locomotives
|
(6,128 | ) | (12,269 | ) | - | - | - | - | (18,397 | ) | ||||||||||||||||||
Vessels and Vehicles
|
(150,146 | ) | (24,667 | ) | 4,750 | - | 47,416 | (114 | ) | (122,761 | ) | |||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
(87,460 | ) | (11,297 | ) | 18,750 | - | (559 | ) | (735 | ) | (81,301 | ) | ||||||||||||||||
Major maintenance and inspections of machinery and equipment and parts
|
(611,859 | ) | (303,082 | ) | 747,891 | - | 167,050 | - | - | |||||||||||||||||||
Others
|
(3,118 | ) | (6,942 | ) | 9,297 | - | (103,994 | ) | - | (104,757 | ) | |||||||||||||||||
Total
|
(2,634,038 | ) | (692,802 | ) | 812,593 | 14,968 | 516,081 | (11,814 | ) | (1,995,012 | ) | |||||||||||||||||
7,980,524 | 725,865 | (86,275 | ) | (254,621 | ) | (483,340 | ) | (15,192 | ) | 7,866,963 |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the property, plant and equipment of subsidiaries de-recognized, and the addition of 50% of the property, plant and equipment of the JV’s then proportionally consolidated.
|
14.
|
Intangible assets
|
Cost
|
March 31, 2011
|
Additions
|
Write-offs
|
Transfers
|
De-consolidation
and JVs
formation,
net (a)
|
Business combination
|
March 31, 2012
|
|||||||||||||||||||||
Software license
|
98,063 | 849 | (20 | ) | 14,954 | (6,992 | ) | 116 | 106,970 | |||||||||||||||||||
Trademarks
|
429,671 | - | (11,286 | ) | - | 190,026 | - | 608,411 | ||||||||||||||||||||
Goodwill
|
2,697,221 | - | (637,534 | ) | - | 836,601 | 35,966 | 2,932,254 | ||||||||||||||||||||
Customer Base
|
583,420 | 23,437 | - | 8,857 | 269,666 | - | 885,380 | |||||||||||||||||||||
Leases
|
155,505 | - | (232 | ) | - | (75,354 | ) | - | 79,919 | |||||||||||||||||||
Distribution rights
|
170,291 | 129,340 | - | 9,381 | 142,359 | - | 451,371 | |||||||||||||||||||||
Railroad access rights
|
- | - | - | 236,397 | - | - | 236,397 | |||||||||||||||||||||
Others
|
43,263 | 12,249 | (8,649 | ) | - | 75,209 | - | 122,072 | ||||||||||||||||||||
Total
|
4,177,434 | 165,875 | (657,721 | ) | 269,589 | 1,431,515 | 36,082 | 5,422,774 | ||||||||||||||||||||
Amortization
|
||||||||||||||||||||||||||||
Software license
|
(66,111 | ) | (8,508 | ) | 20 | - | (10,357 | ) | (100 | ) | (85,056 | ) | ||||||||||||||||
Trademarks
|
(98,710 | ) | (44,579 | ) | - | - | 32,858 | - | (110,431 | ) | ||||||||||||||||||
Customer base
|
(41,038 | ) | (46,904 | ) | - | - | 21,796 | - | (66,146 | ) | ||||||||||||||||||
Leases
|
(15,118 | ) | (3,792 | ) | 232 | - | 6,026 | - | (12,652 | ) | ||||||||||||||||||
Distribution rights
|
(62,387 | ) | (36,627 | ) | - | - | (34,641 | ) | - | (133,655 | ) | |||||||||||||||||
improvement in public concessions
|
(14,968 | ) | - | - | (14,968 | ) | ||||||||||||||||||||||
Others
|
(4,495 | ) | (13,945 | ) | (222 | ) | - | (48,949 | ) | - | (67,611 | ) | ||||||||||||||||
Total
|
(287,859 | ) | (154,355 | ) | 30 | (14,968 | ) | (33,267 | ) | (99 | ) | (490,519 | ) | |||||||||||||||
3,889,575 | 11,520 | (657,691 | ) | 254,620 | 1,398,247 | 35,983 | 4,932,255 |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of intangible assets of subsidiaries de-recognized, and the addition of 50% of the fair value of the intangible assets of the JV’s then proportionally consolidated.
|
Intangible asset (except goodwill)
|
Annual
Amortization rate %
|
2012
|
2011
|
|||
Software
|
20.00%
|
21,915
|
31,952
|
|||
Trademarks Fuel Distributors (a)
|
20.00%
|
260,313
|
68,696
|
|||
Trademark Mobil (b)
|
10.00%
|
154,082
|
176,911
|
|||
Trademark União (c)
|
2.00%
|
83,585
|
85,354
|
|||
Customer base (d)
|
3.45%
|
535,405
|
247,907
|
|||
Operation license and customer base (e)
|
3.70%
|
283,829
|
294,475
|
|||
Favorable operating leases (f)
|
5.56%
|
67,267
|
140,387
|
|||
Distribution rights (g)
|
Straight line over contract term
|
317,717
|
107,904
|
|||
Railroad access rights (h)
|
Over the life of the agreement
|
221,429
|
-
|
|||
Others
|
54,459
|
38,768
|
||||
Total
|
2,000,001
|
1,192,354
|
(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.
|
(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.
|
14.
|
Intangible assets (Continued)
|
Carrying amount of goodwill
|
2012
|
2011
|
||||||
Cash-generating unit Raízen Energia
|
1,405,407 | 1,877,833 | ||||||
Cash-generating unit Raízen Combustíveis
|
855,907 | 184,415 | ||||||
Cash-generating unit Rumo
|
98,970 | 63,814 | ||||||
Cash-generating unit Cosan - Other Business
|
571,970 | 571,159 | ||||||
Total Goodwill
|
2,932,254 | 2,697,221 |
15.
|
Loans and Long Term Debt
|
Description (1)
|
Index
|
Average annual interest rate (2)
|
2012
|
2011
|
Maturity date
|
|||||
Senior Notes Due 2014
|
Dollar (USD)
|
9.5%
|
322,654
|
576,814
|
Jul-14
|
|||||
Senior Notes Due 2017
|
Dollar (USD)
|
7.0%
|
368,601
|
658,954
|
Feb-17
|
|||||
BNDES
|
URTJLP
|
2.54%
|
683,586
|
1,308,034
|
Oct-25
|
|||||
Pre fixed
|
4.5%
|
185,568
|
242,508
|
Jul-20
|
||||||
UMBND
|
6.59%
|
18,365
|
38,947
|
Jul-19
|
||||||
Dollar (USD)
|
6.94%
|
11
|
-
|
Nov-12
|
||||||
Bank Credit Notes
|
CDCA
|
0.55%+CDI
|
-
|
31,378
|
Dec-11
|
|||||
ACC
|
Dollar (USD)
|
1.73%
|
138,369
|
228,229
|
Aug-12
|
|||||
Perpetual Notes
|
Dollar (USD)
|
8.25%
|
930,094
|
1,236,209
|
||||||
Resolution 2471 (PESA)
|
IGP-M
|
3.95%
|
316,108
|
674,392
|
Apr-23
|
|||||
Pre fixed
|
3.0%
|
53
|
114
|
Oct-25
|
||||||
Rural Credits
|
Pre fixed
|
6.75%
|
20,460
|
92,352
|
Oct-12
|
|||||
Working capital
|
Dollar (USD) + Libor
|
2.42%
|
410,002
|
-
|
Sep-16
|
|||||
IGP-M
|
11%
|
88
|
-
|
Dec-12
|
||||||
Pre fixed
|
13.78%
|
5,332
|
-
|
Mar-15
|
||||||
Pre Payments
|
Dollar (USD) + Libor
|
4.27%
|
507,454
|
736,472
|
Feb-16
|
|||||
Credit Notes
|
110% CDI
|
-
|
341,226
|
303,719
|
Feb-14
|
|||||
Dollar (USD)
|
2.35%
|
52,891
|
314,105
|
Feb-13
|
||||||
Pre-fixed
|
6.25%
|
-
|
10,142
|
Oct-12
|
||||||
Finame
|
Pre-fixed
|
4.83%
|
397,515
|
517,842
|
Jul-20
|
|||||
URTJLP
|
2.21%
|
337,091
|
187,336
|
Mar-21
|
||||||
UMBND
|
8.44%
|
16
|
-
|
Oct-12
|
||||||
Other
|
Diverses
|
Diverses
|
163,905
|
74,482
|
Diverse
|
|||||
5,199,389
|
7,232,029
|
|||||||||
Current
|
540,237
|
957,134
|
||||||||
Non-Current
|
4,659,152
|
6,274,895
|
(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 March 31, 2012;
|
2012
|
2011
|
|||||||
13 to 24 months
|
747,146 | 745,454 | ||||||
25 to 36 months
|
1,085,917 | 762,649 | ||||||
37 to 48 months
|
1,295,155 | 1,010,797 | ||||||
49 to 60 months
|
591,534 | 777,963 | ||||||
61 to 72 months
|
179,137 | 878,092 | ||||||
73 to 84 months
|
300,921 | 222,289 | ||||||
85 to 96 months
|
220,893 | 453,711 | ||||||
Thereafter
|
238,449 | 1,423,940 | ||||||
4,659,152 | 6,274,895 |
15.
|
Loans and Long Term Debt (Continued)
|
15.
|
Loans and Long Term Debt (Continued)
|
16.
|
Tax Payable
|
2012
|
2011
|
|||||||
ICMS – State VAT
|
66,601 | 72,265 | ||||||
IPI
|
4,631 | 30,661 | ||||||
INSS
|
13,029 | 25,309 | ||||||
PIS
|
5,003 | 7,229 | ||||||
COFINS
|
21,294 | 33,721 | ||||||
Recovery program - Refis IV
|
1,287,941 | 670,645 | ||||||
Income Tax
|
11,973 | 20,928 | ||||||
Others
|
33,871 | 23,597 | ||||||
1,444,343 | 884,355 | |||||||
Current
|
241,719 | 245,284 | ||||||
Non – current
|
1,202,624 | 639,071 |
16.
|
Tax Payable (Continued)
|
2012
|
||||
13 to 24 months
|
99,083 | |||
25 to 36 months
|
97,707 | |||
37 to 48 months
|
97,254 | |||
49 to 60 months
|
96,909 | |||
61 to 72 months
|
96,270 | |||
73 to 84 months
|
95,229 | |||
85 to 96 months
|
95,229 | |||
Thereafter
|
524,943 | |||
1,202,624 |
17.
|
Income taxes and social contribution
|
a)
|
Reconciliation of income and social contribution tax expenses:
|
2012
|
2011
|
2010
|
||||||||||
Pretax Income
|
3,302,545 | 1,182,164 | 1,505,797 | |||||||||
Income tax and social contribution at nominal rate (34%)
|
(1,122,865 | ) | (401,936 | ) | (511,971 | ) | ||||||
Adjustments to determine the effective rate:
|
||||||||||||
Equity pick up
|
11,311 | 8,563 | 1,421 | |||||||||
Non deductable donations
|
(3,817 | ) | (9,131 | ) | (4,167 | ) | ||||||
Non-taxable income of the Company
|
406 | (3,026 | ) | 11,201 | ||||||||
Tax effect due tax recovery program – REFIS IV
|
- | - | 59,038 | |||||||||
Others
|
4,752 | (8,978 | ) | 21,174 | ||||||||
Income Tax and Social contribution Expense( current and deferred)
|
(1,110,213 | ) | (414,508 | ) | (423,304 | ) | ||||||
Effective Rate
|
33.62 | % | 35.06 | % | 28.12 | % |
b)
|
Deferred income tax on assets and liabilities
|
2012
|
2011
|
|||||||||||||||||||
Basis
|
IRPJ 25%
|
CSLL 9%
|
Total
|
Total
|
||||||||||||||||
Tax Losses:
|
||||||||||||||||||||
Tax Losses
|
2,205,303 | 551,326 | - | 551,326 | 273,555 | |||||||||||||||
Negative basis of social contribution
|
2,198,476 | - | 197,863 | 197,863 | 99,609 | |||||||||||||||
Temporary Differences:
|
||||||||||||||||||||
Monetary exchange
|
(109,962 | ) | (27,491 | ) | (9,897 | ) | (37,388 | ) | (274,189 | ) | ||||||||||
Accelerated depreciation
|
(55,192 | ) | (13,798 | ) | - | (13,798 | ) | (4,596 | ) | |||||||||||
Goodwill
|
(678,008 | ) | (169,502 | ) | (61,021 | ) | (230,523 | ) | (252,323 | ) | ||||||||||
Business Combination
|
(1,585,714 | ) | (396,429 | ) | (142,714 | ) | (539,143 | ) | (626,913 | ) | ||||||||||
Gain on the de-recognition of subsidiaries operations to form the JVs
|
(3,501,590 | ) | (875,397 | ) | (315,143 | ) | (1,190,540 | ) | - | |||||||||||
FMV of PP&E and intangible assets on JVs
|
(2,618,000 | ) | (654,500 | ) | (235,620 | ) | (890,120 | ) | - | |||||||||||
Deemed Cost
|
(366,151 | ) | (91,537 | ) | (32,954 | ) | (124,491 | ) | (124,490 | ) | ||||||||||
Other effects
|
1,107,081 | 276,770 | 99,638 | 376,408 | 113,715 | |||||||||||||||
Total of deferred taxes
|
(1,400,558 | ) | (499,848 | ) | (1,900,406 | ) | (795,632 | ) | ||||||||||||
Deferred Income Tax – Asset
|
543,024 | 116,985 | ||||||||||||||||||
Deferred Income Tax – Liabilities
|
(2,443,430 | ) | (912,617 | ) |
17.
|
Income taxes and social contribution (Continued)
|
b)
|
Deferred income tax on assets and liabilities (Continued)
|
18.
|
Provision for judicial demands
|
2012
|
2011
|
|||||||
Tax
|
620,835 | 418,744 | ||||||
Civil
|
168,952 | 82,599 | ||||||
Labor
|
261,890 | 164,939 | ||||||
1,051,677 | 666,282 |
2012
|
2011
|
|||||||
Tax
|
411,619 | 167,547 | ||||||
Civil
|
26,970 | 15,385 | ||||||
Labor
|
65,142 | 31,887 | ||||||
Other
|
5,504 | 3,553 | ||||||
509,235 | 218,372 |
18.
|
Provision for judicial demands (Continued)
|
Tax
|
Civil
|
Labor
|
Total
|
|||||||||||||
Balance at March 31, 2010
|
397,051 | 66,556 | 148,376 | 611,983 | ||||||||||||
Provision
|
36,103 | 61,217 | 38,818 | 136,138 | ||||||||||||
Settlements
|
(6,648 | ) | (11,278 | ) | (27,901 | ) | (45,827 | ) | ||||||||
Write off
|
(45,094 | ) | (59,767 | ) | (4,418 | ) | (109,279 | ) | ||||||||
Addition from acquisition
|
14,722 | 3,404 | 4,882 | 23,008 | ||||||||||||
Monetary variation
|
22,610 | 22,467 | 5,182 | 50,259 | ||||||||||||
Balance at March 31, 2011
|
418,744 | 82,599 | 164,939 | 666,282 | ||||||||||||
Provisions of the period
|
102,919 | 67,685 | 73,379 | 243,983 | ||||||||||||
Settlements
|
(1,856 | ) | (20,772 | ) | (2,857 | ) | (25,485 | ) | ||||||||
Write-off
|
(57,337 | ) | (42,591 | ) | (10,085 | ) | (110,013 | ) | ||||||||
Net addition from de-consolidation of subsidiaries and formation of the JVs (a)
|
128,206 | 65,165 | 18,910 | 212,281 | ||||||||||||
Monetary variation
|
30,159 | 16,866 | 17,604 | 64,629 | ||||||||||||
Balance at March 31, 2012
|
620,835 | 168,952 | 261,890 | 1,051,677 |
(a)
|
The Company has reflected this roll-forward activity as a “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the provisions of de-recognized, and the addition of 50% of the fair value of provisions of the JV’s then proportionally consolidated.
|
(a)
|
Tax
|
Description
|
2012
|
2011
|
||||||
IPC – 89 (i)
|
82,173 | 80,273 | ||||||
Compensation with Finsocial (ii)
|
195,421 | 183,706 | ||||||
CIDE (iii)
|
93,841 | - | ||||||
ICMS credits (iv)
|
97,552 | 56,880 | ||||||
PIS and COFINS
|
17,445 | 8,220 | ||||||
IPI
|
15,970 | 20,759 | ||||||
IRPJ and CSLL
|
2,110 | 2,093 | ||||||
Other
|
116,323 | 66,813 | ||||||
620,835 | 418,744 |
(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. There are no judicial deposits in connection with this provision.
|
(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.
|
18.
|
Provision for judicial demands (Continued)
|
(a)
|
Tax (Continued)
|
(iv)
|
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 a receivable. Judicial deposits in connection with this provision amount to R$170,835.
|
(v)
|
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. Judicial deposits in connection with this provision amount to R$8,392.
|
(b)
|
Civil and Labor claims
|
(a)
|
Tax claims
|
2012
|
2011
|
|||||||
Withholding income taxes (i)
|
204,249 | 194,498 | ||||||
ICMS – State VAT (ii)
|
1,705,220 | 490,896 | ||||||
IPI – Federal VAT (iii)
|
378,735 | 270,817 | ||||||
Compensation with IPI – IN 67/98 (iv)
|
188,479 | 181,292 | ||||||
Contribution to IAA - Sugar & Ethanol Institute
|
2,637 | - | ||||||
INSS - social security and other (v)
|
83,875 | 72,616 | ||||||
PIS and COFINS (vi)
|
529,257 | 163,129 | ||||||
IR/CSLL (vii)
|
532,131 | - | ||||||
Others
|
490,834 | 197,884 | ||||||
4,115,417 | 1,571,132 |
(i)
|
Tax assessment – withholding income tax
|
18.
|
Provision for judicial demands (Continued)
|
(a)
|
Tax claims (Continued)
|
(ii)
|
ICMS
|
(iii)
|
IPI – Federal VAT
|
(iv)
|
Offsets against IPI credits – IN 67/98
|
(v)
|
INSS
|
(vi)
|
PIS and COFINS
|
(vii)
|
IR/CSLL – Assessment Notice
|
18.
|
Provision for judicial demands (Continued)
|
(b)
|
Civil and labor
|
2012
|
2011
|
|||||||
Civil
|
869,954 | 377,608 | ||||||
Labor
|
1,200,573 | 302,289 | ||||||
2,070,527 | 679,897 |
19.
|
Commitments
|
2012 | (*) | |||
2012-2013 harvest
|
2,518,640 | |||
2013-2014 harvest
|
1,714,101 | |||
Total
|
4,232,741 |
Fiscal Year
|
2012 | (*) | ||
2012-2013 harvest
|
25,130 | |||
2013-2014 harvest
|
24,747 | |||
2014-2015 harvest
|
22,096 | |||
2015-2016 harvest
|
19,624 | |||
After 2016
|
129,601 | |||
Total
|
221,198 |
19.
|
Commitments (Continued)
|
Fiscal Year
|
2012
|
|||
2012
|
489,794 | |||
2013
|
44,000 | |||
2014
|
2,000 | |||
Total
|
535,794 |
2012 | (*) | 2011 | 2010 | |||||||||
Minimum installment
|
214,949 | 155,800 | 113,953 | |||||||||
Variable installment
|
280,930 | 186,484 | 112,990 | |||||||||
Total
|
495,879 | 342,284 | 226,943 |
Raízen
Energia (*)
|
Rumo
|
|||||||
Within 1 year
|
553,815 | 37,303 | ||||||
Over 1 year, less than 5 years
|
1,673,249 | 241,741 | ||||||
More than 5 years
|
1,676,005 | - | ||||||
Total
|
3,903,069 | 279,044 |
20.
|
Equity
|
a)
|
Common Stock
|
Shareholder
|
Class A shares
and/or BDRs
|
%
|
Class B 1 shares
|
%
|
||||||||||||
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 | ||||||||||||
Gávea Funds
|
39,445,393 | 22,62 | - | - | ||||||||||||
Others
|
126,968,837 | 72,83 | - | - | ||||||||||||
Total
|
174,355,341 | 100,00 | 96,332,044 | 100,00 |
b)
|
Repurchase of shares
|
c)
|
Earnings per share
|
2012
|
2011
|
2010
|
||||||||||
Numerator:
|
||||||||||||
Net income – attributable to owners of the Company
|
1,181,342 | 470,906 | 706,094 | |||||||||
Denominator:
|
||||||||||||
Weighted average shares outstanding
|
266,678,062 | 270,687,385 | 270,687,385 | |||||||||
Basic and diluted earnings per share
|
R$ | 4.40 | R$ | 1.74 | R$ | 2.61 |
21.
|
Gain on the de-recognition of subsidiaries operations to form the Joint Ventures (Raízen Energia e Raízen Combustíveis)
|
Fair value of the remaining interest in the joint ventures (a)
|
8,105,546 | |||
Book value of business (assets and liabilities) contributed
|
(4,257,640 | ) | ||
Gain on derecognition of subsidiaries upon formation of JV
|
3,847,906 | |||
Other amounts directly attributable to de-recognition of subsidiaries:
|
||||
Write-off of recoverable taxes not realizable upon de-consolidation (b)
|
(83,465 | ) | ||
Write-off of goodwill previously recorded by Cosan S.A. and Cosan Limited related to the contributed subsidiaries
|
(637,534 | ) | ||
Write-off of unrealized losses in relation to hedge accounting entered into by Cosan S.A. in relation to the operations of the de-consolidated subsidiaries
|
(157,988 | ) | ||
Pre-existing commitments of the de-consolidated subsidiaries
|
(78,995 | ) | ||
Other amounts (c)
|
(137,194 | ) | ||
Gain de-recognition of subsidiaries upon formation of joint ventures
|
2,752,730 |
(a)
|
Based on appraisal report prepared by independent appraisers.
|
(b)
|
Recoverable taxes recorded by Cosan S.A., considered not realizable, and if received will be reimbursed to Raízen Energia.
|
(c)
|
Other amounts include transactional costs that were directly linked to the de-recognition of the subsidiary operations
|
21.
|
Gain on the de-recognition of subsidiaries operations to form the Joint Ventures (Raízen Energia e Raízen Combustíveis) (Continued)
|
Raízen
Energia
|
Raízen
Combustíveis
|
Total
|
||||||||||
Fair value of assets and liabilities:
|
||||||||||||
Cash and cash equivalents
|
358,457 | 273,359 | 631,816 | |||||||||
Restricted cash
|
61,655 | - | 61,655 | |||||||||
Account Receivable
|
385,651 | 1,026,274 | 1,411,925 | |||||||||
Derivatives
|
114,204 | - | 114,204 | |||||||||
Inventories
|
746,561 | 831,258 | 1,577,819 | |||||||||
Receivable from Shell
|
1,853,269 | - | 1,853,269 | |||||||||
Other assets
|
1,691,561 | 1,527,766 | 3,219,327 | |||||||||
Investments
|
120,764 | - | 120,764 | |||||||||
Biological Assets
|
1,607,170 | - | 1,607,170 | |||||||||
Property,plant and equipment
|
9,313,801 | 2,719,498 | 12,033,298 | |||||||||
Intangible Assets
|
253,152 | 1,826,224 | 2,079,376 | |||||||||
Loan and financing
|
(5,579,218 | ) | (926,268 | ) | (6,505,486 | ) | ||||||
Suppliers
|
(471,495 | ) | (557,912 | ) | (1,029,407 | ) | ||||||
Taxes payable
|
(255,939 | ) | 35,550 | (220,389 | ) | |||||||
Other Liabilities
|
(2,918,758 | ) | (2,296,137 | ) | (5,214,895 | ) | ||||||
Non-controlling interests
|
(16,457 | ) | (35,527 | ) | (51,984 | ) | ||||||
Net assets at fair value:
|
7,264,378 | 4,424,085 | 11,688,462 | |||||||||
Cosan’s interest - 50%
|
3,632,190 | 2,212,042 | 5,844,232 | |||||||||
Goodwill allocated
|
1,405,407 | 855,907 | 2,261,314 | |||||||||
Fair value of the remaining interest in joint ventures
|
5,037,597 | 3,067,949 | 8,105,546 |
22.
|
Gross Sales
|
2012
|
2011
|
2010
|
||||||||||
Gross revenue from sales of products and services
|
25,917,922 | 19,783,250 | 16,685,884 | |||||||||
Indirect taxes and deductions
|
(1,821,041 | ) | (1,719,770 | ) | (1,349,829 | ) | ||||||
Net revenue
|
24,096,881 | 18,063,480 | 15,336,055 |
23.
|
Expenses by nature
|
a)
|
Expenses by nature:
|
2012
|
2011
|
2010
|
||||||||||
Raw-material
|
(4,612,407 | ) | (3,657,462 | ) | (3,902,508 | ) | ||||||
Resale fuels
|
(15,060,815 | ) | (10,084,103 | ) | (8,393,136 | ) | ||||||
Payroll
|
(568,061 | ) | (905,510 | ) | (694,939 | ) | ||||||
Commercial expenses
|
(535,439 | ) | (179,283 | ) | (221,332 | ) | ||||||
Transportation and loading
|
(401,339 | ) | (545,212 | ) | (315,177 | ) | ||||||
Depreciation and amortization
|
(1,142,780 | ) | (742,307 | ) | (644,635 | ) | ||||||
Other expenses
|
(926,494 | ) | (607,652 | ) | (464,006 | ) | ||||||
(23,247,335 | ) | (16,721,529 | ) | (14,635,733 | ) |
b)
|
Segregated as:
|
2012
|
2011
|
2010
|
||||||||||
Cost of goods sold
|
(21,465,009 | ) | (15,150,079 | ) | (13,271,331 | ) | ||||||
Selling
|
(1,136,285 | ) | (1,026,000 | ) | (862,726 | ) | ||||||
General and Administrative
|
(646,041 | ) | (545,450 | ) | (501,676 | ) | ||||||
(23,247,335 | ) | (16,721,529 | ) | (14,635,733 | ) |
24.
|
Financial results, net
|
2012
|
2011
|
2010
|
||||||||||
Financial Expense
|
||||||||||||
Interests
|
(546,850 | ) | (586,887 | ) | (556,466 | ) | ||||||
Monetary variation
|
(15,624 | ) | (81,341 | ) | (64,395 | ) | ||||||
Others
|
(25,615 | ) | (9,138 | ) | (1,527 | ) | ||||||
(588,089 | ) | (677,366 | ) | (622,388 | ) | |||||||
Financial Income
|
||||||||||||
Interests
|
50,009 | 63,791 | 96,521 | |||||||||
Monetary variation
|
26,312 | 34,018 | 13,374 | |||||||||
Investments
|
131,115 | 90,345 | 52,530 | |||||||||
Others
|
372 | 603 | 39,606 | |||||||||
207,808 | 188,757 | 202,031 | ||||||||||
Foreign exchange variation, net
|
(93,888 | ) | 282,706 | 558,977 | ||||||||
Derivatives, net
|
||||||||||||
Commodities derivatives
|
18,472 | 6,524 | (186,268 | ) | ||||||||
Exchange rate and interest derivatives
|
(711 | ) | 34,984 | 517,216 | ||||||||
Warrants in associates
|
(22,141 | ) | 13,248 | 23,873 | ||||||||
(4,380 | ) | 54,756 | 354,821 | |||||||||
(478,549 | ) | (151,147 | ) | 493,441 |
25.
|
Other Income (expense), net
|
2012
|
2011
|
2010
|
||||||||||
Other income
|
||||||||||||
Gain on sale of aviation fuel distribution business
|
- | - | 52,031 | |||||||||
Gain on disposal of property, plant and equipment
|
93,892 | 43,708 | - | |||||||||
Revenue from the sale of scrap and waste
|
2,862 | 6,950 | 6,417 | |||||||||
Rental and leasing income
|
57,197 | 4,111 | 6,215 | |||||||||
Reversal of allowance for doubtful accounts with related party
|
28,804 | - | - | |||||||||
Revenue from Royalties
|
19,739 | - | - | |||||||||
Revenue from customer base
|
14,827 | - | - | |||||||||
Other Income
|
44,075 | 8,908 | 11,536 | |||||||||
261,396 | 63,677 | 76,199 | ||||||||||
Other expense
|
||||||||||||
Provision for judicial demands
|
(80,835 | ) | (23,828 | ) | (25,829 | ) | ||||||
Internal costs on Rumo transaction
|
(1,971 | ) | (20,319 | ) | - | |||||||
Donations
|
- | (12,335 | ) | - | ||||||||
Expenses of subsidiaries acquisition and start up
|
(9,497 | ) | (6,517 | ) | - | |||||||
Other expense
|
(23,543 | ) | (34,506 | ) | (12,847 | ) | ||||||
(115,846 | ) | (97,505 | ) | (38,676 | ) | |||||||
145,550 | (33,828 | ) | 37,523 |
26.
|
Financial Instruments
|
a)
|
Overview
|
·
|
Price risk
|
·
|
Foreign exchange rates
|
·
|
Interest rates
|
·
|
Credit risk
|
·
|
Liquidity risk
|
b)
|
Risk management structure
|
26.
|
Financial Instruments (Continued)
|
b)
|
Risk management structure (Continued)
|
Notional
|
Fair Value
|
|||||||||||||||||||
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
P&L (*)
|
||||||||||||||||
Raízen Energia
|
||||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||
Future agreements
|
1,194,225 | - | 24,377 | - | 24,377 | |||||||||||||||
Option agreements
|
8,954 | - | 782 | - | 38 | |||||||||||||||
25,159 | - | 24,415 | ||||||||||||||||||
Price risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Future agreements
|
490,949 | - | 1,682 | - | 1,431 | |||||||||||||||
Option agreements
|
258,690 | - | 1,773 | - | 1,773 | |||||||||||||||
Price risk
|
256,381 | - | 3,403 | - | 3,403 | |||||||||||||||
6,858 | - | 6,607 | ||||||||||||||||||
Interest rate risk
|
||||||||||||||||||||
Derivative interest
|
318,868 | - | (1,495 | ) | - | (1,495 | ) | |||||||||||||
(1,495 | ) | - | (1,495 | ) | ||||||||||||||||
Total Raízen Energia
|
30,522 | - | 29,527 | |||||||||||||||||
Consolidated Cosan (50% Raízen Energia)
|
15,261 | - | 14,764 | |||||||||||||||||
Derivatives in the Company and subsidiaries
|
||||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||
Future agreements
|
- | 1,308,033 | - | (68,906 | ) | - | ||||||||||||||
Option agreements
|
- | 10,364 | - | (17,484 | ) | - | ||||||||||||||
- | (86,390 | ) | - | |||||||||||||||||
Price risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Future agreements
|
- | (114,204 | ) | - | (117 | ) | - | |||||||||||||
Option agreements
|
325,029 | 694,599 | (5,282 | ) | 9,900 | (5,282 | ) | |||||||||||||
(5,282 | ) | 9,783 | (5,282 | ) | ||||||||||||||||
Total Cosan (including 50% Raízen Energia)
|
9,979 | (76,607 | ) | 9,482 | ||||||||||||||||
Total of Assets
|
19,590 | 55,682 | ||||||||||||||||||
Total of Liabilities
|
(9,611 | ) | (132,289 | ) |
26.
|
Financial Instruments (Continued)
|
c)
|
Price Risk
|
Price Risk : derivatives of commodities open at March 31, 2012
|
||||||||||||||
Derivatives
|
Purchased / Sold
|
Market
|
Contract
|
Maturity
|
Notional (units)
|
Notional
(R$ thousand)
|
Fair Value
(R$ thousand)
|
|||||||
Contracted financial Instruments by Raízen Energia
|
||||||||||||||
Composition of balances of derivative financial instruments designated in hedge accounting
|
||||||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-May-12
|
129,241 T
|
132,392
|
4.106
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
440,050 T
|
434,844
|
13,778
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Oct--12
|
551,358 T
|
534,580
|
5,901
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Mar-13
|
110,851 T
|
109,453
|
223
|
|||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-13
|
204 T
|
191
|
(5)
|
|||||||
Sub-total of future sugar sold
|
1,231,704 T
|
1,211,460
|
24,003
|
|||||||||||
Composition of balances of derivative financial instruments not- designated in hedge accounting
|
||||||||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1- May-12
|
(25,808 T)
|
(25,589)
|
28
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
(10,160 T)
|
(9,562)
|
160
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Out-12
|
(2,693 T)
|
(2,462)
|
120
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-13
|
(1,422 T)
|
(1,338)
|
64
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-13
|
(254 T)
|
(240)
|
8
|
|||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Jul-13
|
(203 T)
|
(187)
|
8
|
|||||||
Sub-total of future sugar purchased
|
(40,540 T)
|
(39,378)
|
388
|
|||||||||||
Sub-total of future sugar
|
1,191,164 T
|
1,172,082
|
24,391
|
|||||||||||
Call
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-12
|
(5,080 T)
|
(57)
|
14
|
|||||||
Call
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
(111,766 T)
|
(2,760)
|
269
|
|||||||
Sub-total of call purchased
|
(116,846 T)
|
(2,817)
|
283
|
|||||||||||
Call
|
Sold
|
NYBOT
|
Sugar#11
|
1-May-12
|
27,687 T
|
2,751
|
(11)
|
|||||||
Call
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
76,204 T
|
4,500
|
(184)
|
|||||||
Call
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
35,562 T
|
1,820
|
(86)
|
|||||||
Sub-total of call sold
|
139,453 T
|
9,071
|
(281)
|
|||||||||||
Put
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-12
|
27,687 T
|
2,699
|
779
|
|||||||
Sub-total de put purchased
|
27,687 T
|
2,699
|
779
|
|||||||||||
Sub-total of options of sugar
|
8,953
|
781
|
||||||||||||
Future
|
Sold
|
BMFBovespa
|
ETH
|
30-Mar-12
|
16,560 m³
|
20,430
|
8
|
|||||||
Future
|
Sold
|
BMFBovespa
|
ETH
|
30-Apr-12
|
18,210 m³
|
22,642
|
(18)
|
|||||||
Sub-total of future ethanol sold
|
34,770 m³ | 43,072 | (10) | |||||||||||
Future
|
Purchased
|
BMFBovespa
|
ETH
|
30-Mar-12 | (5,910 m³) | (7,473) | (3) | |||||||
Future
|
Purchased
|
BMFBovespa
|
ETH
|
30-Mar-12
|
(10,650 m³) | (13,456) | - | |||||||
Sub-total of future ethanol purchased
|
(16,560 m³)
|
(20,929)
|
(3)
|
|||||||||||
Sub-total of future ethanol
|
18,210 m³
|
22,143
|
(13)
|
|||||||||||
Total of commodities
|
1,203,178
|
25,159
|
26.
|
Financial Instruments (Continued)
|
Price risk: commodity derivatives outstanding on March 31, 2011
|
||||||||||||||
Derivatives
|
Long/Short
|
Market
|
Agreement
|
Maturity
|
Notional
|
Notional
|
Fair value
|
|||||||
Composition of derivatives financial instruments designated in hedge accounting
|
||||||||||||||
Future
|
Short
|
NYBOT
|
#11
|
1-May-11
|
23,150 T
|
26,442
|
(392)
|
|||||||
Future
|
Short
|
NYBOT
|
#11
|
1-May-11
|
208,239 T
|
200,552
|
(2,154)
|
|||||||
Future
|
Short
|
NYBOT
|
#11
|
1-Jul-11
|
520,877 T
|
424,617
|
(43,705)
|
|||||||
Future
|
Short
|
NYBOT
|
#11
|
1-Oct-11
|
513,460 T
|
388,694
|
(56,734)
|
|||||||
Future
|
Short
|
NYBOT
|
#11
|
1-Mar-12
|
139,656 T
|
121,973
|
2,827
|
|||||||
Sub-total of futures of Sugar Sold
|
1,405,382 T
|
1,162,278
|
(100,159)
|
|||||||||||
Composition of derivatives financial instruments not designated in hedge accounting
|
||||||||||||||
Future
|
Long
|
NYBOT
|
#11
|
1-May-11
|
(55,883 T)
|
(49,591)
|
4,807
|
|||||||
Future
|
Long
|
NYBOT
|
#11
|
1-Jul-11
|
(7,620 T)
|
(6,786)
|
66
|
|||||||
Future
|
Long
|
NYBOT
|
#11
|
1-Oct-11
|
(50,802 T)
|
(40,314)
|
3,758
|
|||||||
Future
|
Long
|
NYBOT
|
#11
|
1-Mar-12
|
(84,027 T)
|
(49,064)
|
22,623
|
|||||||
Sub-total of futures of Sugar Purchased
|
(198,333 T)
|
(145,755)
|
31,253
|
|||||||||||
Call
|
Short
|
NYBOT/OTC
|
#11
|
1-Oct-11
|
43,182 T
|
985
|
(6,559)
|
|||||||
Call
|
Short
|
NYBOT
|
#11
|
1-Oct-11
|
55,883 T
|
3,651
|
(7,826)
|
|||||||
Call
|
Short
|
NYBOT
|
#11
|
1-Jul-12
|
101,605 T
|
1,177
|
(4,597)
|
|||||||
Sub-total of Call Sold
|
200,669 T
|
5,813
|
(18,981)
|
|||||||||||
Put
|
Long
|
NYBOT/OTC
|
#11
|
1-Oct-11
|
43,182 T
|
985
|
574
|
|||||||
Put
|
Long
|
NYBOT/OTC
|
#11
|
1-Oct-11
|
55,883 T
|
3,566
|
923
|
|||||||
Sub-total de Put Purchased
|
99,065 T
|
4,551
|
1,497
|
|||||||||||
Total de Commodities
|
1,026,888
|
(86,390)
|
26.
|
Financial Instruments (Continued)
|
d)
|
Foreign Exchange risk
|
Price Risk : derivatives of foreign currencies open in March 31, 2012
|
|||||||||||||||||
Derivatives
|
Purchased / Sold
|
Market
|
Contract
|
Maturity
|
Notional (USD)
|
Notional
(R$ Thousand)
|
Fair Value
(R$ Thousand)
|
||||||||||
Financial instruments contracted by Raizen Energia
|
|||||||||||||||||
Composition of balances of derivative financial instruments designated in hedge accounting
|
|||||||||||||||||
Term
|
Sold
|
OTC/Cetip
|
NDF
|
02-Apr-12
|
141,000
|
258,690
|
1,773
|
||||||||||
Sub-total of term sold
|
141,000
|
258,690
|
1,773
|
||||||||||||||
Composition of balances of derivative financial instruments non-designated in hedge accounting
|
|||||||||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial Dollar
|
02-Apr-12
|
898,000
|
1,563,367
|
6,954
|
||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial Dollar
|
02-May-12
|
330,500
|
608,037
|
1,614
|
||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial Dollar
|
02-May-12
|
3,250
|
5,967
|
(3
|
) | |||||||||
Sub-total of future sold
|
1,231,750
|
2,177,371
|
8,565
|
||||||||||||||
Future
|
Purchased
|
BMFBovespa
|
Commercial Dollar
|
02-Apr-12
|
(922,000
|
) |
(1,685,044
|
) |
(6,882
|
) | |||||||
Future
|
Purchased
|
BMFBovespa
|
Commercial Dollar
|
02-May-12
|
(750
|
) |
(1,378
|
) |
(1
|
) | |||||||
Sub-total of future purchased
|
(922,750
|
) |
(1,686,422
|
) |
(6,883
|
) | |||||||||||
Exchange lock
|
Sold
|
OTC
|
Exchange lock
|
02-Jul-12
|
20,000
|
38,254
|
1,121
|
||||||||||
Exchange lock
|
Sold
|
OTC
|
|
Exchange lock
|
02-Jul-12
|
30,000
|
58,104
|
2,575
|
|||||||||
Exchange lock
|
Sold
|
OTC
|
|
Exchange lock
|
06-Set-12
|
20,000
|
36,044
|
(1,445
|
) | ||||||||
Exchange lock
|
Sold
|
|
OTC
|
|
Exchange lock
|
13-Set-12
|
40,250
|
74,881
|
(768
|
) | |||||||
Exchange lock
|
Sold
|
|
OTC
|
|
Exchange lock
|
24-Set-12
|
25,000
|
49,098
|
1,920
|
||||||||
135,250
|
256,381
|
3,403
|
|||||||||||||||
Total of Exchange rate derivatives (Raízen Energia)
|
585,250
|
1,006,020
|
6,858
|
Derivatives
|
Purchased / Sold
|
Market
|
Contract
|
Maturity
|
Number of Contracts
|
Strike
|
Middle Price
|
Fair Price
|
Notional (USD)
|
Notional
(R$ mil)
|
Fair Value
(R$ thousand)
|
||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-12
|
1 | - | 1.8944 | 1.8417 | (6,188 | ) | 11,722 | 348 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-12
|
1 | - | 1.6789 | 1.8417 | (4,197 | ) | 7,047 | (660 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-Aug-12
|
1 | - | 1.9358 | 1.8771 | (4,197 | ) | 7,239 | (597 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-Aug-12
|
1 | - | 1.7247 | 1.8771 | (6,188 | ) | 11,978 | 389 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
1-Nov-12
|
1 | - | 1.9780 | 1.9166 | (4,197 | ) | 7,390 | (563 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
1-Nov-12
|
1 | - | 1.7607 | 1.9166 | (6,188 | ) | 12,239 | 455 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-13
|
1 | - | 2.0209 | 1.9508 | (4,197 | ) | 7,546 | (524 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-13
|
1 | - | 1.7978 | 1.9508 | (6,188 | ) | 12,504 | 525 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-May-13
|
1 | - | 2.0589 | 1.9737 | (4,197 | ) | 7,696 | (472 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-May-13
|
1 | - | 1.8336 | 1.9737 | (6,188 | ) | 12,739 | 597 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-Aug-13
|
1 | - | 2.1005 | 2.0103 | (4,197 | ) | 7,859 | (430 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-Aug-13
|
1 | - | 1.8724 | 2.0103 | (6,188 | ) | 12,997 | 653 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-13
|
1 | - | 2.1424 | 2.0480 | (4,197 | ) | 8,032 | (386 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-13
|
1 | - | 1.9137 | 2.0480 | (6,188 | ) | 13,256 | 699 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-14
|
1 | - | 2.1852 | 2.0850 | (4,197 | ) | 8,190 | (358 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-14
|
1 | - | 1.9513 | 2.0850 | (6,188 | ) | 13,521 | 747 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-May-14
|
1 | - | 2.2211 | 2.1210 | (4,197 | ) | 8,340 | (329 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-May-14
|
1 | - | 1.9870 | 2.1210 | (6,188 | ) | 13,743 | 770 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-14
|
1 | - | 2.2630 | 2.1610 | (4,197 | ) | 8,507 | (288 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-14
|
1 | - | 2.0268 | 2.1610 | (6,188 | ) | 14,002 | 820 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-14
|
1 | - | 2.3048 | 2.2002 | (4,197 | ) | 8,666 | (250 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-14
|
1 | - | 2.0648 | 2.2002 | (6,188 | ) | 14,261 | 876 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-15
|
1 | - | 2.3429 | 2.2394 | (4,197 | ) | 8,813 | (221 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-15
|
1 | - | 2.0997 | 2.2394 | (6,188 | ) | 14,497 | 915 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-15
|
1 | - | 2.3800 | 2.2564 | (4,197 | ) | 8,942 | (201 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-15
|
1 | - | 2.1305 | 2.2564 | (6,188 | ) | 14,726 | 957 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-15
|
1 | - | 2.4247 | 2.2564 | (4,197 | ) | 9,089 | (169 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-15
|
1 | - | 2.1656 | 2.2564 | (6,188 | ) | 15,003 | 1,032 | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-15
|
1 | - | 2.4653 | 2.2564 | (4,197 | ) | 9,231 | (140 | ) | ||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-15
|
1 | - | 2.1994 | 2.2564 | (6,188 | ) | 15,254 | 1,087 | |||||||||||||||||||||
Total Exchange rate derivatives (Company and subsidiaries)
|
(155,775 | ) | 325,029 | 5,282 |
26.
|
Financial Instruments (Continued)
|
Exchange risk : exchange derivatives outstanding on March 31, 2011
|
||||||||||||||
Derivatives
|
Long/Short
|
Market
|
Agreement
|
Maturity
|
Notional
|
Fair value
|
||||||||
Composition of derivatives financial instruments designated in hedge accounting
|
||||||||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
1-Apr-11
|
166,150 | 3,279 | ||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
31-May-11
|
117,782 | 2,094 | ||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
1-Jul-11
|
84,645 | 1,349 | ||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
1-Aug-11
|
85,300 | 1,422 | ||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
3-Oct-11
|
396,618 | 11,046 | ||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
2-Jan-12
|
91,075 | 3,744 | ||||||||
Sub-total of Forward Sold
|
941,570 | 22,932 | ||||||||||||
Composition of derivatives financial instruments not designated in hedge accounting
|
||||||||||||||
Future
|
Long
|
BMFBovespa
|
Commerc. U.S. dollar
|
2-May-11
|
(114,204) | (117 | ) | |||||||
Sub-total of Future Purchased
|
(114,204 | ) | (117 | ) | ||||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-May-11
|
(10,780 | ) | (625 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Aug-11
|
(11,014 | ) | (619 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Nov-11
|
(11,246 | ) | (613 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
3-Feb-12
|
(11,489 | ) | (604 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-May-12
|
(11,722 | ) | (584 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
3-Aug-12
|
(11,978 | ) | (586 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
1-Nov-12
|
(12,239 | ) | (595 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Feb-13
|
(12,504 | ) | (595 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
3-May-13
|
(12,739 | ) | (571 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
2-Aug-13
|
(12,997 | ) | (534 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Nov-13
|
(13,256 | ) | (493 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Feb-14
|
(13,521 | ) | (462 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
2-May-14
|
(13,743 | ) | (476 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Aug-14
|
(14,002 | ) | (617 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Nov-14
|
(14,261 | ) | (754 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Feb-15
|
(14,497 | ) | (872 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-May-15
|
(14,726 | ) | (991 | ) | ||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
4-Aug-15
|
(15,003 | ) | (1,152 | ) | ||||||
Forward
|
Long | OTC |
NDF (Offshore)
|
4-Nov-15 | (15,254 | ) | (1,291 | ) | ||||||
Sub-total of Forward Purchased
|
(246,970 | ) | (13,033 | ) | ||||||||||
Total of exchange rate derivatives
|
580,395 | 9,783 |
26.
|
Financial Instruments (Continued)
|
2012
|
2011
|
|||||||||||||||
R$ |
US$ (in thousands)
|
R$ |
US$ (in thousands)
|
|||||||||||||
Bank accounts
|
6,349 | 3,484 | 130,455 | 80,098 | ||||||||||||
Restrict Cash
|
45,976 | 25,232 | 126,872 | 77,898 | ||||||||||||
Accounts receivable
|
164,681 | 90,380 | 7,556 | 4,639 | ||||||||||||
Related Parties (Shell)
|
436.362 | 239,483 | - | - | ||||||||||||
Loans
|
(2,915,388 | ) | (1,600,015 | ) | (3,791,517 | ) | (2,327,943 | ) | ||||||||
Net foreign exchange exposure
|
(2,262,020 | ) | (1,241,436 | ) | (3,526,634 | ) | (2,165,308 | ) |
e)
|
Effect of Hedge Accounting
|
Expected period to affect P&L
|
|||||||||||||||||
Derivative
|
Market
|
Risk
|
2012/2013 | 2013/2014 |
Total
|
||||||||||||
Future
|
OTC / NYBOT
|
#11 | 40,543 | 564 | 41,107 | ||||||||||||
NDF
|
OTC / CETIP
|
USD
|
1,663 | - | 1,663 | ||||||||||||
42,206 | 564 | 42,770 | |||||||||||||||
(-) Deferred income tax
|
(14,350 | ) | (192 | ) | (14,542 | ) | |||||||||||
Effect on the Raizen Equity
|
27,856 | 372 | 28,228 | ||||||||||||||
Effect on equity of Cosan (50%)
|
14,114 |
26.
|
Financial Instruments (Continued)
|
e)
|
Effect of Hedge Accounting
|
Cash flow hedge
|
||||
Balance at March 31, 2010
|
- | |||
Gain/(losses) of cash flow hedges for the year:
|
||||
Commodities futures and swap contracts
|
(572,161 | ) | ||
Currency forward contracts
|
179,099 | |||
Reclassification adjustments for losses included in the income statement
|
175,945 | |||
Total before tax effect
|
(217,117 | ) | ||
Tax effect on gain/(losses) of cash flow hedges for the period – 34%
|
73,819 | |||
Balance at March 31, 2011
|
(143,298 | ) | ||
Gain/(losses) of cash flow hedges for the year:
|
||||
Commodities futures and swap contracts
|
5,414 | |||
Currency forward contracts
|
38,286 | |||
Reclassification adjustments for losses / gains included in the income statement
|
36,815 | |||
Write off of OCI due to the formation of JV
|
157,989 | |||
Tax effect on gain/(losses) of cash flow hedges for the period – 34%
|
(81,091 | ) | ||
Balance at March 31, 2012
|
14,114 |
f)
|
Interest rate risk
|
Price Risk : derivatives of interests open in March 31, 2012
|
||||||||||||
Derivatives
|
Asset / Liabilities
|
Market
|
Maturity
|
Notional
|
Notional
|
Fail Value
|
||||||
(US$ Thousands)
|
(R$ Thousand)
|
(R$ Thousand)
|
||||||||||
Interest rate Swap
|
Libor 3M / pré
|
OTC
|
Jan-16
|
175,000
|
318,868
|
(1,495)
|
||||||
Total
|
175,000
|
318,868
|
(1,495)
|
g)
|
Credit risk
|
26.
|
Financial Instruments (Continued)
|
g)
|
Credit risk (Continued)
|
h)
|
Liquidity risk
|
i)
|
Fair value
|
26.
|
Financial Instruments (Continued)
|
i)
|
Fair value (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
|
|||||||||
March 31, 2012
|
||||||||||||
Warrants Radar
|
- | 140,820 | 140,820 | |||||||||
Derivative financial assets
|
17,002 | 2,588 | 19,590 | |||||||||
Derivative financial liabilities
|
(8,864 | ) | (748 | ) | (9,611 | ) | ||||||
Total
|
8,138 | 142,660 | 150,799 | |||||||||
March 31, 2011
|
||||||||||||
Warrants Radar
|
- | 162,961 | 162,961 | |||||||||
Derivative financial assets
|
35,577 | 20,105 | 55,682 | |||||||||
Derivative financial liabilities
|
(122,084 | ) | (10,205 | ) | (132,289 | ) | ||||||
Total
|
(86,507 | ) | 172,861 | 86,354 |
26.
|
Financial Instruments (Continued)
|
j)
|
Sensitivity analysis
|
Impacts on P&L (*)
|
|||||||||||||
Risk factor
|
Probable Scenario
|
Possible Scenario (25%)
|
Remote Scenario (50%)
|
||||||||||
Price risk
|
|||||||||||||
Commodity derivatives
|
|||||||||||||
Future agreements:
|
|||||||||||||
Selling agreements
|
Increase of the sugar price
|
12,127 | (148,558 | ) | (296,990 | ) | |||||||
Purchasing agreements
|
Decrease of the sugar price
|
194 | (4,971 | ) | (9,941 | ) | |||||||
Selling agreements
|
Increase of the Ethanol Hydrated price
|
(5 | ) | (5,518 | ) | (11,035 | ) | ||||||
Purchasing agreements
|
Decrease of the Ethanol Hydrated price
|
(1 | ) | (3,998 | ) | (7,996 | ) | ||||||
Option agreements:
|
|||||||||||||
Calls Purchased
|
Decrease of the sugar price
|
142 | (142 | ) | (142 | ) | |||||||
Calls Sold
|
Increase of the sugar price
|
(140 | ) | (3,835 | ) | (15,945 | ) | ||||||
Puts Purchased
|
Increase of the sugar price
|
389 | (389 | ) | (389 | ) | |||||||
Exchange rate risk
|
|||||||||||||
Exchange rate derivatives
|
|||||||||||||
Future agreements:
|
|||||||||||||
Selling agreements
|
Increase of the exchange rate R$/US$
|
4,157 | (130,685 | ) | (260,079 | ) | |||||||
Purchasing agreements
|
Decrease of the exchange rate R$/US$
|
(3,441 | ) | (209,824 | ) | (420,339 | ) | ||||||
Forward agreements:
|
|||||||||||||
Selling agreements
|
Increase of the exchange rate R$/US$
|
(4,395 | ) | (32,103 | ) | (64,206 | ) | ||||||
Exchange lock:
|
|||||||||||||
Selling agreements
|
Increase of the exchange rate R$/US$
|
1,701 | (30,592 | ) | (61,185 | ) | |||||||
Option agreements:
|
|||||||||||||
Interest rate risk
|
|||||||||||||
Derivatives Interest
|
|||||||||||||
Swap agreement
|
Decrease in Libor curve
|
(747 | ) | (1,100 | ) | (2,208 | ) |
26.
|
Financial Instruments (Continued)
|
k)
|
Capital management
|
27.
|
Pension and other post-employment benefits plan
|
2012
|
2011
|
|||||||
Futura
|
34,725 | 24,380 | ||||||
Other
|
2,587 | - | ||||||
Total
|
37,312 | 24,380 |
a)
|
Pension plan
|
27.
|
Pension and other post-employment benefits plan (Continued)
|
a)
|
Pension plan (Continued)
|
b)
|
Actuarial Liability
|
2012
|
2011
|
|||||||
Present value of actuarial obligation at beginning of year
|
(383,823 | ) | (325,534 | ) | ||||
Interest costs
|
(38,345 | ) | (35,107 | ) | ||||
Current service cost
|
(455 | ) | (4,445 | ) | ||||
Benefits paid
|
27,845 | 24,637 | ||||||
Settlement / curtailment
|
54,779 | - | ||||||
Actuarial loss on obligation at beginning of year
|
(22,716 | ) | (43,374 | ) | ||||
Present value of actuarial obligation at end of the year
|
(362,715 | ) | (383,823 | ) | ||||
Fair value of plan assets at beginning of the year
|
359,443 | 347,703 | ||||||
Expected return on plan assets
|
39,000 | 35,918 | ||||||
Contributions received by the fund
|
3,282 | 8,702 | ||||||
Benefits Paid
|
(27,846 | ) | (24,637 | ) | ||||
Effect of migration to defined contribution - Settlement
|
(32,226 | ) | - | |||||
Loss in fair value of assets
|
(13,663 | ) | (8,243 | ) | ||||
Fair value of plan assets at year-end
|
327,990 | 359,443 | ||||||
Present value of liabilities in excess fair value of assets – actuarial liability
|
(34,725 | ) | (24,380 | ) |
Expense recognized in profit or loss:
|
2012
|
2011
|
2010
|
|||||||||
Current service cost
|
(455 | ) | (4,445 | ) | (5,478 | ) | ||||||
Interest on obligation
|
(38,345 | ) | (35,107 | ) | (32,583 | ) | ||||||
Expected return on plan assets
|
39,000 | 35,918 | 31,046 | |||||||||
200 | (3,634 | ) | (7,015 | ) |
2012
|
2011
|
|||||||
Amount accumulated at April 1
|
(22,621 | ) | (42,056 | ) | ||||
Unrecognized gains
|
36,379 | 29,447 | ||||||
Deferred Income Tax
|
(12,369 | ) | (10,012 | ) | ||||
Amount accumulated at March 31st
|
1,389 | (22,621 | ) |
27.
|
Pension and other post-employment benefits plan (Continued)
|
|
b)
|
Actuarial Liability (Continued)
|
2012
|
2011
|
|||||||||||||||
Amount
|
Percentual
|
Amount
|
Percentual
|
|||||||||||||
CDBs – Bank Deposits
|
245,993 | 75 | % | 268,863 | 74.80 | % | ||||||||||
Equity securities of Brazilian public entities
|
81,997 | 25 | % | 90,580 | 25.20 | % | ||||||||||
Total
|
327,990 | 100 | % | 359,443 | 100 | % |
Defined benefit plan
|
2012
|
2011
|
|
Actuarial valuation method
|
Projected unit credit
|
Projected unit credit
|
|
Mortality table
|
AT 83 segregated by sex, decreased by 10%
|
AT 83 segregated by sex, decreased by 10%
|
|
Discount rate for actuarial liability
|
Interest: 9.68% p.a. + inflation: 4.20% % p.a.
|
Interest: 10.77% p.a. + inflation: 4.50% p.a.
|
|
Expected rate of return on plan assets
|
Interest: 11.30% p.a. + inflation: 4.20% p.a.
|
Interest: 11.20% p.a. + inflation: 4.50% p.a.
|
|
Salary growth rate
|
N/A
|
6.07% + inflation: 4.50% p.a.
|
|
Increase rate of estimated benefits
|
0.00% p.a. + inflation: 4.20% p.a.
|
0.00% p.a. + inflation: 4.50% p.a.
|
28.
|
Share-Based Payments
|
28.
|
Share-Based Payments (Continued)
|
Shares
|
Weighted average exercise price
|
|||||||
Outstanding April 1, 2009
|
1,470,832 | 6.11 | ||||||
Exercised (July 17, 2009)
|
(224,819 | ) | 6.11 | |||||
Option granted (August 8, 2009)
|
165,657 | 6.11 | ||||||
Exercised (October 10, 2009)
|
(169,500 | ) | 6.11 | |||||
Exercised (December 15, 2009)
|
(571,194 | ) | 6.11 | |||||
Exercised (March 29, 2010)
|
(17,000 | ) | 6.11 | |||||
Outstanding March 31, 2010
|
653,976 | 6.11 | ||||||
Exercised (July 29, 2010)
|
(449,819 | ) | 6.11 | |||||
Exercised (September 17, 2010)
|
(91,717 | ) | 6.11 | |||||
Exercised (March 4, 2011)
|
(112,440 | ) | 6.11 | |||||
Outstanding March 31, 2011
|
- | - |
28.
|
Share-Based Payments (Continued)
|
Options granted on September 22, 2005
|
Options granted on September 11, 2007
|
Options granted on August 7, 2009
|
||||||||||
Grant price
|
6.11 | 6.11 | 6.11 | |||||||||
Expected life (in years)
|
7.5 | 7.5 |
Immediate
|
|||||||||
Interest rate
|
14.52 | % | 9.34 | % | (1 | ) | ||||||
Expected Volatility
|
34.00 | % | 46.45 | % | (1 | ) | ||||||
Expected Dividend yield
|
1.25 | % | 1.47 | % | (1 | ) | ||||||
Weighted-average fair value at grant date
|
12.35 | 18.19 | (1 | ) |
28.
|
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 |
28.
|
Share-Based Payments (Continued)
|
29.
|
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 of sugar for both Raizen Energia and third parties.
|
(iv)
|
Cosan Alimentos: sale of food, mainly, of sugar in the retail under the brands “União” and “Da Barra”.
|
(v)
|
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.
|
29.
|
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 | ||||||||||||||||||||||
Profit (loss) for the year:
|
||||||||||||||||||||||||||||||||
Net Operating Income
|
7,247,685 | 35,096,051 | 706,430 | 571,988 | 1,065,515 | (19,711,865 | ) | (878,923 | ) | 24,096,881 | ||||||||||||||||||||||
Domestic Market
|
3,925,829 | 35,096,051 | 706,430 | 567,265 | 1,065,515 | (18,166,987 | ) | (878,923 | ) | 22,315,180 | ||||||||||||||||||||||
Foreign Market
|
3,321,856 | - | - | 4,724 | - | (1,544,879 | ) | - | 1,781,701 | |||||||||||||||||||||||
Gross profit
|
1,668,941 | 1,951,593 | 129,072 | 177,922 | 332,646 | (1,628,302 | ) | - | 2,631,872 | |||||||||||||||||||||||
Selling, general and administrative expenses
|
(965,440 | ) | (1,445,358 | ) | (96,001 | ) | (41,567 | ) | (324,489 | ) | 1,090,529 | - | (1,782,326 | ) | ||||||||||||||||||
JV formation income
|
- | - | - | - | 2,752,730 | - | - | 2,752,730 | ||||||||||||||||||||||||
Other operating income, net
|
(18,207 | ) | 270,736 | 23,114 | 19,493 | (12,035 | ) | (129,056 | ) | (8,495 | ) | 145,550 | ||||||||||||||||||||
Financial result, net
|
(267,934 | ) | (82,203 | ) | 1,911 | 8,992 | (360,700 | ) | 221,385 | - | (478,549 | ) | ||||||||||||||||||||
Income tax and social contribution
|
(27,250 | ) | (192,056 | ) | 6,156 | (55,035 | ) | (935,180 | ) | 93,152 | - | (1,110,212 | ) | |||||||||||||||||||
Net income
|
378,269 | 525,916 | 64,253 | 109,801 | 2,322,681 | (353,500 | ) | (855,088 | ) | 2,192,332 | ||||||||||||||||||||||
Other selected information:
|
||||||||||||||||||||||||||||||||
Additions to PP&E, intangible assets and biological assets (cash)
|
2,577,859 | 491,734 | 2,860 | 268,985 | 99,473 | (1,291,124 | ) | (13,270 | ) | 2,136,517 | ||||||||||||||||||||||
Depreciation and amortization (including the effect of biological assets)
|
1,549,993 | 365,603 | 1,716 | 57,323 | 48,329 | (880,183 | ) | - | 1,142,780 |
29.
|
Segment information (Continued)
|
a)
|
Segment information (Continued)
|
2011
|
||||||||||||||||||||||||
Raizen Energia (*)
|
Raizen Combustiveis (*)
|
Rumo
|
Cosan other business
|
Elimination
|
Consolidated
|
|||||||||||||||||||
Balance Sheet:
|
- | |||||||||||||||||||||||
Property, plant and equipment
|
5,962,230 | 862,185 | 931,997 | 224,112 | - | 7,980,524 | ||||||||||||||||||
Intangible
|
1,644,350 | 528,653 | 358,287 | 1,358,285 | - | 3,889,575 | ||||||||||||||||||
Loans and financing, net of cash and cash equivalents
|
(4,723,833 | ) | (589,229 | ) | (99,829 | ) | (547,358 | ) | - | (5,960,249 | ) | |||||||||||||
Other Assets and Liabilities, net
|
(1,826,735 | ) | (238,736 | ) | (173,826 | ) | 10,795,164 | (7,137,020 | ) | 1,418,847 | ||||||||||||||
Total Assets (net of liabilities) allocated by segment
|
1,056,012 | 562,873 | 1,016,629 | 11,830,203 | (7,137,020 | ) | 7,328,697 | |||||||||||||||||
Total Assets
|
8,567,722 | 1,777,299 | 1,713,112 | 13,919,170 | (7,363,213 | ) | 18,614,090 | |||||||||||||||||
Profit (loss) for the year:
|
||||||||||||||||||||||||
Net Operating Income
|
6,389,178 | 10,966,245 | 448,003 | 829,032 | (568,978 | ) | 18,063,480 | |||||||||||||||||
Domestic Market
|
3,678,207 | 10,966,245 | 448,003 | 829,032 | (568,978 | ) | 15,352,509 | |||||||||||||||||
Foreign Market
|
2,710,971 | - | - | - | - | 2,710,971 | ||||||||||||||||||
Gross profit
|
1,988,662 | 466,989 | 131,469 | 314,131 | 12,150 | 2,913,401 | ||||||||||||||||||
Selling, general and administrative expenses
|
(961,407 | ) | (372,438 | ) | (28,951 | ) | (207,018 | ) | (1,636 | ) | (1,571,450 | ) | ||||||||||||
Other operating income, net
|
(65,415 | ) | 33,754 | 9,936 | (1,977 | ) | (10,126 | ) | (33,828 | ) | ||||||||||||||
Financial result, net
|
(101,755 | ) | (22,441 | ) | 13,047 | (39,998 | ) | - | (151,147 | ) | ||||||||||||||
Income tax and social contribution
|
(305,977 | ) | (40,490 | ) | (42,865 | ) | (25,176 | ) | - | (414,508 | ) | |||||||||||||
Net income
|
833,343 | (126,368 | ) | 62,543 | 236,702 | (238,564 | ) | 767,656 | ||||||||||||||||
Other selected information:
|
||||||||||||||||||||||||
Additions to PP&E, intangible assets and biological assets (cash)
|
2,817,195 | 83,266 | 126,189 | 10,569 | - | 3,037,219 | ||||||||||||||||||
Depreciation and amortization (including the effect of biological assets)
|
1,266,142 | 35,798 | 20,157 | 36,903 | - | 1,359,000 |
29.
|
Segment information (Continued)
|
a)
|
Segment information (Continued)
|
2010
|
||||||||||||||||||||||||
Raízen Energia (*)
|
Raízen Combustíveis(*)
|
Rumo
|
Cosan other business
|
Elimination
|
Consolidated
|
|||||||||||||||||||
Financial position:
|
||||||||||||||||||||||||
Property, plant and equipment
|
4,795,522 | 926,631 | 302,745 | 89,632 | - | 6,114,530 | ||||||||||||||||||
Intangible
|
2,207,198 | 629,931 | 363,135 | 625,103 | - | 3,825,367 | ||||||||||||||||||
Loans, net of cash and cash equivalents
|
(4,345,015 | ) | (502,587 | ) | (107,199 | ) | 57,623 | 31,886 | (4,865,292 | ) | ||||||||||||||
Other assets and liabilities, net
|
3,611,383 | 151,461 | (92,671 | ) | (51,366 | ) | (2,201,486 | ) | 1,417,321 | |||||||||||||||
Total asset (net of liabilities) allocated by segment
|
6,269,088 | 1,205,436 | 466,010 | 720,992 | (2,169,600 | ) | 6,491,926 | |||||||||||||||||
Total asset
|
14,492,261 | 2,810,217 | 806,394 | 880,151 | (2,571,781 | ) | 16,417,242 | |||||||||||||||||
Profit (loss) for the year:
|
||||||||||||||||||||||||
Net sales
|
5,380,134 | 9,506,468 | 158,249 | 638,586 | (347,382 | ) | 15,336,055 | |||||||||||||||||
Domestic market
|
4,648,436 | 9,506,468 | 158,249 | 638,586 | (347,382 | ) | 14,604,357 | |||||||||||||||||
External market
|
731,698 | - | - | - | - | 731,698 | ||||||||||||||||||
Gross profit
|
1,341,599 | 481,424 | 30,393 | 211,308 | - | 2,064,724 | ||||||||||||||||||
Selling general and administrative expenses
|
(846,306 | ) | (312,601 | ) | (18,111 | ) | (177,440 | ) | (9,944 | ) | (1,364,402 | ) | ||||||||||||
Gain on tax recovery program
|
270,333 | - | - | - | - | 270,333 | ||||||||||||||||||
Other income (expense)
|
(24,237 | ) | (15,146 | ) | 4,962 | 117,339 | (45,395 | ) | 37,523 | |||||||||||||||
Financial result, net
|
433,293 | 53,317 | (1,057 | ) | (30,394 | ) | 38,282 | 493,441 | ||||||||||||||||
Income tax and social contribution
|
(327,363 | ) | (75,219 | ) | (7,696 | ) | (13,026 | ) | - | (423,304 | ) | |||||||||||||
Net income / (losses)
|
1,111,283 | 131,775 | 11,917 | 22,197 | (194,679 | ) | 1,082,493 | |||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||
Additions to PP&E and biological assets (cash)
|
2,240,909 | 114,321 | 147,943 | 42,259 | - | 2,545,432 | ||||||||||||||||||
Depreciation and amortization (including biological assets noncash effect)
|
1,040,532 | 73,261 | 14,167 | - | - | 1,127,960 |
29.
|
Segment information (Continued)
|
a)
|
Segment information (Continued)
|
2012
|
2011
|
2010
|
||||||||||
Raízen Energia
|
||||||||||||
Sugar
|
3,912,824 | 3,853,404 | 3,377,832 | |||||||||
Ethanol
|
2,871,515 | 2,203,737 | 1,747,646 | |||||||||
Cogeneration
|
235,129 | 194,889 | 93,583 | |||||||||
Other
|
228,217 | 137,148 | 161,073 | |||||||||
7,247,685 | 6,389,178 | 5,380,134 | ||||||||||
Raízen Combustíveis
|
||||||||||||
Fuel
|
35,032,782 | 10,895,655 | 9,437,316 | |||||||||
Other
|
63,269 | 70,590 | 69,152 | |||||||||
35,096,051 | 10,966,245 | 9,506,468 | ||||||||||
Alimentos
|
||||||||||||
Amorphous
|
631,532 | - | - | |||||||||
Crystal
|
39,013 | - | - | |||||||||
Other
|
35,885 | - | - | |||||||||
706,430 | - | - | ||||||||||
Rumo
|
||||||||||||
Elevation
|
141,026 | 118,139 | 142,120 | |||||||||
Transportation
|
413,364 | 305,780 | 16,129 | |||||||||
Other
|
17,598 | 24,084 | - | |||||||||
571,988 | 448,003 | 158,249 | ||||||||||
Cosan – other businesses
|
||||||||||||
Lubrificants
|
1,018,801 | 829,032 | 634,045 | |||||||||
Others
|
46,714 | - | 4,541 | |||||||||
1,065,515 | 829,032 | 638,586 | ||||||||||
Elimination
|
(20,590,788 | ) | (568,978 | ) | (347,382 | ) | ||||||
Total
|
24,096,881 | 18,063,480 | 15,336,055 |
b)
|
Net Sales per region
|
2012
|
2011
|
2010
|
||||||||||
Brazil
|
67.24 | % | 72.63 | % | 86.40 | % | ||||||
Europe
|
24.18 | % | 24.93 | % | 9.20 | % | ||||||
Latin America (Except Brazil)
|
3.52 | % | 0.20 | % | 2.80 | % | ||||||
Middle East and Asia
|
1.00 | % | 1.48 | % | 1.20 | % | ||||||
North America
|
2.94 | % | 0.74 | % | 0.30 | % | ||||||
Other
|
1.12 | % | 0.02 | % | 0.10 | % | ||||||
Brazil
|
100.00 | % | 100.00 | % | 100.00 | % |
29.
|
Segment information (Continued)
|
c)
|
Concentration of customers
|
30.
|
Subsequent Events
|
a.
|
Companhia de Gas de Sao Paulo - Comgás
|
b.
|
Association with Camil Alimentos S.A. – Camil
|
Report of Independent Auditors
|
3
|
Consolidated statements of financial position
|
4
|
Consolidated income statements
|
6
|
Consolidated statements of changes in equity
|
7
|
Consolidated statements of comprehensive income
|
8
|
Consolidated statements of cash flows
|
9
|
Consolidated statements of value added
|
11
|
Notes to the consolidated financial statements
|
12
|
Luiz Carlos Nannini
Accountant CRC 1SP171638/O-7
|
Antonio C. M. Lage
Accountant CRC 1MG077995/O-1-S-SP
|
COSAN S.A. INDÚSTRIA E COMÉRCIO
|
Statements of financial position
|
March 31, 2012 and 2011
|
(In thousands of Reais)
|
Parent Company
|
Consolidated
|
||||||||||||||||||
Note
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Asset
|
|||||||||||||||||||
Current
|
|||||||||||||||||||
Cash and cash equivalents
|
3 | 316,539 | 372,318 | 1,616,169 | 1,254,070 | ||||||||||||||
Restricted cash
|
4 | 18,233 | 2,719 | 94,268 | 187,944 | ||||||||||||||
Accounts receivable
|
6 | - | 44,782 | 963,586 | 594,857 | ||||||||||||||
Derivatives
|
26 | - | - | 19,590 | 55,682 | ||||||||||||||
Inventories
|
7 | - | 92,571 | 748,150 | 670,331 | ||||||||||||||
Related parties
|
9 | 26,627 | 73,939 | 678,374 | 14,669 | ||||||||||||||
Recoverable taxes
|
8 | 33,777 | 105,134 | 325,096 | 374,991 | ||||||||||||||
Other financial assets
|
5 | - | - | 40,080 | - | ||||||||||||||
Dividends
|
243,790 | - | 861 | - | |||||||||||||||
Other Credits
|
25,795 | 74,001 | 228,961 | 309,710 | |||||||||||||||
664,761 | 765,464 | 4,715,135 | 3,462,254 | ||||||||||||||||
Non-current
|
|||||||||||||||||||
Deferred Income tax and social contribution
|
17 | - | - | 543,024 | 116,986 | ||||||||||||||
Advances to suppliers
|
- | 7,045 | 21,865 | 46,037 | |||||||||||||||
Related parties
|
9 | 712,276 | 71,233 | 753,153 | 91,954 | ||||||||||||||
Recoverable Taxes
|
8 | - | 4,622 | 111,856 | 55,066 | ||||||||||||||
Judicial deposits
|
18 | 206,633 | 17,574 | 509,235 | 218,371 | ||||||||||||||
Other financial assets
|
5 | 140,820 | 201,773 | 790,402 | 420,417 | ||||||||||||||
Other non-current assets
|
362,630 | 1,401 | 493,195 | 443,752 | |||||||||||||||
Equity method investments
|
11 | 11,660,289 | 8,290,188 | 419,029 | 304,142 | ||||||||||||||
Biological Assets
|
12 | - | 532,140 | 968,023 | 1,561,132 | ||||||||||||||
Property, plant and equipment
|
13 | 21,554 | 1,177,298 | 7,866,963 | 7,980,524 | ||||||||||||||
Intangible
|
14 | 83,667 | 366,471 | 4,932,255 | 3,445,674 | ||||||||||||||
13,187,869 | 10,669,745 | 17,409,000 | 14,684,055 | ||||||||||||||||
Total Assets
|
13,852,630 | 11,435,209 | 22,124,135 | 18,146,309 |
Parent Company
|
Consolidated
|
||||||||||||||||||
Note
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Current
|
|||||||||||||||||||
Current portion of long-term debt
|
15 | - | 110,526 | 537,135 | 916,400 | ||||||||||||||
Derivatives
|
26 | - | - | 9,611 | 132,289 | ||||||||||||||
Trade accounts payable
|
1,798 | 99,630 | 606,029 | 558,766 | |||||||||||||||
Salaries Payable
|
11,579 | 54,199 | 183,660 | 183,560 | |||||||||||||||
Taxes Payable
|
16 | 62,597 | 33,758 | 241,719 | 245,284 | ||||||||||||||
Dividends Payable
|
14,376 | 190,285 | 16,760 | 190,285 | |||||||||||||||
Related parties
|
9 | 113,783 | 29,001 | 175,030 | 41,163 | ||||||||||||||
Other current liabilities
|
62,727 | 44,183 | 307,994 | 189,629 | |||||||||||||||
266,860 | 561,582 | 2,077,938 | 2,457,376 | ||||||||||||||||
Non-current
|
|||||||||||||||||||
Long-term debt
|
15 | 337,733 | 1,551,236 | 4,476,942 | 6,274,895 | ||||||||||||||
Taxes payable
|
16 | 670,463 | 88,717 | 1,202,624 | 639,071 | ||||||||||||||
Provision for judicial demands
|
18 | 356,259 | 78,142 | 1,051,677 | 666,282 | ||||||||||||||
Related Parties
|
9 | 1,906,539 | 2,401,518 | 389,718 | 4,444 | ||||||||||||||
Pension
|
27 | - | - | 37,312 | 24,380 | ||||||||||||||
Deferred Income taxes
|
17 | 1,076,506 | 247,351 | 2,443,430 | 912,618 | ||||||||||||||
Other non-current liabilities
|
86,477 | 47,802 | 828,120 | 382,897 | |||||||||||||||
4,433,977 | 4,414,766 | 10,429,823 | 8,904,587 | ||||||||||||||||
Equity
|
20 | ||||||||||||||||||
Common Stock
|
4,691,822 | 4,691,822 | 4,691,822 | 4,691,822 | |||||||||||||||
Capital reserve
|
(67,663 | ) | (19,405 | ) | (67,663 | ) | (19,405 | ) | |||||||||||
Accumulated Earnings
|
690,530 | 537,468 | 690,530 | 537,468 | |||||||||||||||
Equity attributable to owners of the Company
|
3,837,104 | 1,248,976 | 3,837,104 | 1,248,976 | |||||||||||||||
Equity attributable to non-controlling interests
|
9,151,793 | 6,458,861 | 9,151,793 | 6,458,861 | |||||||||||||||
Total Equity
|
- | - | 464,581 | 325,485 | |||||||||||||||
Total Liabilities and equity
|
9,151,793 | 6,458,861 | 9,616,374 | 6,784,346 | |||||||||||||||
Equity
|
13,852,630 | 11,435,209 | 22,124,135 | 18,146,309 |
COSAN S.A. INDÚSTRIA E COMÉRCIO
|
Income statement
|
Years ended March 31,2012 and 2011
|
(In thousand of Reais)
|
Parent Company
|
Consolidated
|
||||||||||||||||||
Note
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Net sales
|
22 | 1,296 | 2,104,078 | 24,096,881 | 18,063,480 | ||||||||||||||
Cost of goods sold
|
23 | (2,410 | ) | (1,499,465 | ) | (21,465,009 | ) | (15,150,079 | ) | ||||||||||
Gross Profit
|
(1,114 | ) | 604,613 | 2,631,872 | 2,913,401 | ||||||||||||||
Operational income /(expenses)
|
|||||||||||||||||||
Selling
|
23 | - | (159,075 | ) | (1,136,286 | ) | (1,026,000 | ) | |||||||||||
General and administrative
|
23 | (99,560 | ) | (263,486 | ) | (641,894 | ) | (541,002 | ) | ||||||||||
Other, net
|
25 | (62,614 | ) | (47,943 | ) | 145,550 | (33,828 | ) | |||||||||||
Gain of formation of the JVs
|
21 | 22,661 | - | 3,196,632 | - | ||||||||||||||
(139,513 | ) | (470,504 | ) | 1,564,002 | (1,600,830 | ) | |||||||||||||
Income before financial results, equity income of associates and income taxes
|
(140,627 | ) | 134,109 | 4,195,874 | 1,312,571 | ||||||||||||||
Equity income of associates
|
11 | 3,154,846 | 500,422 | 33,268 | 25,187 | ||||||||||||||
Financial results, net
|
24 | (619,378 | ) | 279,827 | (474,140 | ) | (146,688 | ) | |||||||||||
2,535,468 | 780,249 | (440,872 | ) | (121,501 | ) | ||||||||||||||
Income before income tax
|
2,394,841 | 914,358 | 3,755,002 | 1,191,070 | |||||||||||||||
Income Taxes
|
|||||||||||||||||||
Current
|
17 | 2,429 | (2,429 | ) | (147,454 | ) | (85,437 | ) | |||||||||||
Deferred
|
17 | 208,564 | (140,364 | ) | (962,758 | ) | (329,071 | ) | |||||||||||
Net income for the year
|
2,605,834 | 771,565 | 2,644,790 | 776,562 | |||||||||||||||
Net income attributable to non-controlling interests
|
- | - | (38,956 | ) | (4,997 | ) | |||||||||||||
Net income attributable to Cosan
|
2,605,834 | 771,565 | 2,605,834 | 771,565 | |||||||||||||||
Earnings per share
|
20 | ||||||||||||||||||
Basic
|
6,43 | 1,90 | 6,43 | 1,90 | |||||||||||||||
Diluted
|
6,34 | 1,90 | 6,34 | 1,90 |
See accompanying notes to consolidated financial statements.
|
COSAN S.A. INDÚSTRIA E COMÉRCIO
|
Consolidated statement of changes in equity
|
Years ended March 31, 2012, 2011 and 2010
(In Thousands of Reais)
|
Capital Reserve
|
Profit Reserve
|
|||||||||||||||||||||||||||||||||||||||||||
Common Stock
|
Treasury share
|
Share based compensation
|
Other components of equity
|
Legal
|
Retained Earnings
|
Unrealized Earnings
|
Accumulated earning (losses)
|
Total
|
Non-controlling interest
|
Total Equity
|
||||||||||||||||||||||||||||||||||
March 31, 2011
|
4,691,822 | (19,405 | ) | 660,743 | (123,275 | ) | 63,119 | 1,185,857 | - | - | 6,458,861 | 325,485 | 6,784,346 | |||||||||||||||||||||||||||||||
Hedge accounting
|
- | - | - | 53,140 | - | - | - | - | 53,140 | - | 53,140 | |||||||||||||||||||||||||||||||||
Hedge accounting – reversal of OCI upon formation of the JVs
|
- | - | - | 104,272 | - | - | - | - | 104,272 | - | 104,272 | |||||||||||||||||||||||||||||||||
Current translation adjustment - CTA
|
- | - | - | 7,415 | - | - | - | - | 7,415 | - | 7,415 | |||||||||||||||||||||||||||||||||
Pension
|
- | - | - | (23,689 | ) | - | - | - | - | (23,689 | ) | - | (23,689 | ) | ||||||||||||||||||||||||||||||
Reflection Effect (subsidiaries)
|
- | - | 4,323 | - | - | - | - | - | 4,323 | 6,885 | 11,208 | |||||||||||||||||||||||||||||||||
Share based compensation
|
- | - | 10,800 | - | - | - | - | - | 10,800 | - | 10,800 | |||||||||||||||||||||||||||||||||
Change in the non-controlling interest
|
- | - | - | - | - | - | - | - | - | 9,036 | 9,036 | |||||||||||||||||||||||||||||||||
Treasury Shares
|
- | (48,258 | ) | - | - | - | - | - | - | (48,258 | ) | - | (48,258 | ) | ||||||||||||||||||||||||||||||
Net Income
|
- | - | - | - | - | - | - | 2,605,834 | 2,605,834 | 38,956 | 2,644,790 | |||||||||||||||||||||||||||||||||
Reflection effect of corporate restructuring in the group Rumo
|
- | - | (3,199 | ) | - | - | - | - | - | (3,199 | ) | 79,070 | 75,871 | |||||||||||||||||||||||||||||||
Effect of dividends capitalization in subsidiaries
|
- | - | - | - | - | (958 | ) | - | - | (958 | ) | 6,195 | 5,237 | |||||||||||||||||||||||||||||||
Dividends
|
- | - | - | - | - | (16,748 | ) | - | - | (16,748 | ) | (1,046 | ) | (17,794 | ) | |||||||||||||||||||||||||||||
Establishment of Legal Reserve
|
- | - | - | - | 130,292 | - | - | (130,292 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Establishment of Reserves
|
- | - | - | - | - | - | 2,475,542 | (2,475,542 | ) | - | - | - | ||||||||||||||||||||||||||||||||
March 31, 2012
|
4,691,822 | (67,663 | ) | 672,667 | 17,863 | 193,411 | 1,168,151 | 2,475,542 | - | 9,151,793 | 464,581 | 9,616,374 |
Capital Reserve
|
Profit Reserve
|
|||||||||||||||||||||||||||||||||||||||
Common Stock
|
Treasury share
|
Share based compensation
|
Other components of equity
|
Legal
|
Retained Earnings
|
Accumulated earning (losses)
|
Total
|
Non-controlling interest
|
Total Equity
|
|||||||||||||||||||||||||||||||
March 31, 2010
|
4,687,826 | (4,186 | ) | 452,217 | 39,112 | 24,541 | 719,548 | - | 5,919,058 | 63,119 | 5,982,177 | |||||||||||||||||||||||||||||
Hedge accounting
|
- | - | - | (143,298 | ) | - | - | - | (143,298 | ) | - | (143,298 | ) | |||||||||||||||||||||||||||
Current translation adjustment - CTA
|
- | - | - | 346 | - | - | - | 346 | - | 346 | ||||||||||||||||||||||||||||||
Pension
|
- | - | - | (19,435 | ) | - | - | - | (19,435 | ) | - | (19,435 | ) | |||||||||||||||||||||||||||
Capital increase resulting from the exercise of warrants
|
1 | - | - | - | - | - | - | 1 | - | 1 | ||||||||||||||||||||||||||||||
Exercise of stock option
|
3,995 | - | - | - | - | - | - | 3,995 | - | 3,995 | ||||||||||||||||||||||||||||||
Issuance of subsidiary shares to non-controlling interest
|
- | - | 206,404 | - | - | - | - | 206,404 | 193,596 | 400,000 | ||||||||||||||||||||||||||||||
Logispot acquisition
|
- | - | - | - | - | - | - | - | 64,277 | 64,277 | ||||||||||||||||||||||||||||||
Treasury Shares
|
- | (15,219 | ) | - | - | - | - | - | (15,219 | ) | - | (15,219 | ) | |||||||||||||||||||||||||||
Effect without placing shares in subsidiary
|
- | - | (839 | ) | - | - | - | - | (839 | ) | (504 | ) | (1,343 | ) | ||||||||||||||||||||||||||
Share based compensation
|
- | - | 2,961 | - | - | - | - | 2,961 | - | 2,961 | ||||||||||||||||||||||||||||||
Net Income
|
- | - | - | - | - | - | 771,565 | 771,565 | 4,997 | 776,562 | ||||||||||||||||||||||||||||||
Dividends that exceed minimum mandatory
|
- | - | - | - | - | -83,431 | - | -83,431 | - | -83,431 | ||||||||||||||||||||||||||||||
Dividends
|
- | - | - | - | - | - | -183,247 | -183,247 | - | -183,247 | ||||||||||||||||||||||||||||||
Establishment of Legal Reserve
|
- | - | - | - | 38,578 | - | (38,578 | ) | - | - | - | |||||||||||||||||||||||||||||
Establishment of Reserves
|
- | - | - | - | - | 549,740 | (549,740 | ) | - | - | - | |||||||||||||||||||||||||||||
March 31, 2011
|
4,691,822 | (19,405 | ) | 660,743 | (123,275 | ) | 63,119 | 1,185,857 | - | 6,458,861 | 325,485 | 6,784,346 |
COSAN S.A. INDÚSTRIA E COMÉRCIO
|
Consolidated statement of comprehensive income
|
Years ended March 31, 2012, 2011 and 2010
|
(In thousands of Reais)
|
2012
|
2011
|
|||||||
Net Income
|
2,644,790 | 776,562 | ||||||
Other comprehensive income (loss)
|
||||||||
Exchange differences on translation of foreign operations - CTA
|
7,415 | 346 | ||||||
Net movement on cash flow hedge
|
238,503 | (217,118 | ) | |||||
Actuarial gains and losses defined benefit plans
|
(35,893 | ) | (29,447 | ) | ||||
Income tax effects
|
(68,887 | ) | 83,832 | |||||
141,138 | (162,387 | ) | ||||||
Other comprehensive income for the year, net of tax
|
||||||||
Total Comprehensive Income for the year, net of tax
|
2,785,928 | 614,175 | ||||||
Attributed to:
|
||||||||
Owners of the Company
|
2,746,972 | 609,178 | ||||||
Non-controlling interests
|
38,956 | 4,997 |
Cosan S.A. Indústria e Comércio
|
Consolidated statements of cash flows
|
Years ended March 31, 2012, 2011 and 2010
|
(In thousand of Reais)
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Operating activities
|
||||||||||||||||
Net income
|
2,605,834 | 771,565 | 2,605,834 | 771,565 | ||||||||||||
Non-cash adjustment to reconcile profit before tax to net cash flows from operating activities
|
||||||||||||||||
Depreciation and Amortization
|
3,082 | 79,190 | 1,142,780 | 1.359.000 | ||||||||||||
Biological asset
|
- | 92,497 | (60,093 | ) | (381.894 | ) | ||||||||||
Equity income
|
(3,154,846 | ) | (500,422 | ) | (33,268 | ) | (25,187 | ) | ||||||||
Gain on disposal of property, plant and equipment
|
48 | (1,069 | ) | (93,892 | ) | (35,295 | ) | |||||||||
Share based compensation expenses
|
10,800 | 2,961 | 10,800 | 2,961 | ||||||||||||
Deferred income taxes
|
(208,564 | ) | 140,364 | 962,758 | 329,071 | |||||||||||
Non-controlling interests
|
- | - | 38,956 | 4,997 | ||||||||||||
Income from the formation of the JVs
|
69,476 | - | (3,098,494 | ) | - | |||||||||||
Interest, monetary and exchange variations, net
|
104,586 | (2,568 | ) | 635,133 | 238,482 | |||||||||||
Others
|
(14,658 | ) | (20,855 | ) | (5,709 | ) | 4,584 | |||||||||
(584,242 | ) | 561,663 | 2,104,805 | 2,268,284 | ||||||||||||
Changes in Assets / Liabilities
|
||||||||||||||||
Accounts receivable
|
(4,058 | ) | 175,889 | (361,147 | ) | 164,693 | ||||||||||
Restricted cash
|
(21,440 | ) | 42,253 | 79,452 | (142,972 | ) | ||||||||||
Inventories
|
628 | (35,138 | ) | (186,775 | ) | 84,581 | ||||||||||
Taxes recoverable
|
75,979 | 6,027 | (17,126 | ) | (50,068 | ) | ||||||||||
Advances to Suppliers
|
(18,245 | ) | 24,634 | (103,294 | ) | 16,779 | ||||||||||
Accounts payable
|
14,442 | (16,733 | ) | 220,213 | (32,361 | ) | ||||||||||
Tax Payable
|
94,880 | (7,803 | ) | 886,283 | 75,639 | |||||||||||
Provision for judicial demands Legal proceedings
|
311,093 | 1,079 | 143,960 | 26,859 | ||||||||||||
Salaries payable
|
8,938 | 5,440 | 108,177 | 36,224 | ||||||||||||
related parties
|
658,825 | (74,224 | ) | (751,679 | ) | (39,778 | ) | |||||||||
Derivatives
|
(274,364 | ) | 18,060 | (112,281 | ) | 13,347 | ||||||||||
Other Assets and Liabilities, net
|
(9,681 | ) | (1,663 | ) | (49,132 | ) | (84,129 | ) | ||||||||
836,997 | 137,821 | (143,349 | ) | 68,814 | ||||||||||||
Net Cash Flow from Operating Activities
|
252,755 | 699,484 | 1,961,456 | 2,337,098 |
Cosan S.A. Indústria e Comércio
|
Consolidated statements of cash flows
|
Years ended March 31, 2012, 2011 and 2010
|
(In thousand of Reais)
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Investing Activities
|
||||||||||||||||
Acquisitions , net of cash acquired
|
(85,861 | ) | (75,985 | ) | (72,930 | ) | (157,345 | ) | ||||||||
Acquisition of additional interest in subsidiary
|
(40,313 | ) | - | - | - | |||||||||||
Cash contributed upon the formation of Raizen
|
- | - | (173,116 | ) | - | |||||||||||
Received cash of incorporation the Cosan Fuel Distribution
|
21,198 | - | - | - | ||||||||||||
Received Dividends
|
64,845 | 113,532 | - | - | ||||||||||||
Additions to investments
|
(21,946 | ) | - | (42,328 | ) | - | ||||||||||
Purchase of property, plant and equipment, software and other intangible assets
|
(5,538 | ) | (430,233 | ) | (1,584,542 | ) | (2,291,647 | ) | ||||||||
Sugar-cane planting and growing costs
|
- | (253,535 | ) | (551,974 | ) | (745,572 | ) | |||||||||
Proceeds from sale of property, plant and equipment
|
- | 27,209 | 182,115 | 48,832 | ||||||||||||
Net Cash Flow used Investing Activities
|
(67,615 | ) | (619,012 | ) | (2,242,775 | ) | (3,145,732 | ) | ||||||||
Financing Activities
|
||||||||||||||||
Proceeds from long-term debt
|
- | 744,860 | 2,166,743 | 2,719,522 | ||||||||||||
Repayment of long-term debt
|
- | (1,333,722 | ) | 1,843,352 | (1,967,938 | ) | ||||||||||
Capital increase
|
- | 3,996 | - | 3,996 | ||||||||||||
Cash proceeds from non-controlling interests
|
- | - | 560,946 | 400,000 | ||||||||||||
Treasury shares
|
(48,258 | ) | (15,219 | ) | (48,258 | ) | (15,219 | ) | ||||||||
Dividends paid
|
(192,661 | ) | (193,095 | ) | (192,661 | ) | (193,095 | ) | ||||||||
Related Parties
|
- | 799,101 | - | 37,072 | ||||||||||||
Net cash flows (used in) from financing activities
|
(240,919 | ) | 5,921 | 643,418 | 984,338 | |||||||||||
Net increase in Cash or Equivalent Cash
|
(55,779 | ) | 86,393 | 362,099 | 175,704 | |||||||||||
Cash and equivalent cash in the beginning of the period
|
372,318 | 285,925 | 1,254,070 | 1,078,366 | ||||||||||||
Cash and equivalent cash in the end of the period
|
316,539 | 372,318 | 1,616,169 | 1,254,070 | ||||||||||||
Supplemental disclosure of cash flow information
|
||||||||||||||||
Income taxes paid
|
- | - | 179,655 | 38,844 | ||||||||||||
Financial interest expenses paid
|
- | 153,536 | 304,611 | 450,051 |
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
||||||||||||||||
Sales of services and products, net
|
1,341 | 2,245,101 | 25,351,658 | 19,783,250 | ||||||||||||
Others operational revenues, net
|
8,436 | 6,093 | 305,929 | 61,473 | ||||||||||||
Gain of formation of joint venture
|
22,661 | - | 3,196,632 | - | ||||||||||||
Reversal (additions) of allowance for doubtful accounts
|
- | (202 | ) | (357 | ) | 7,795 | ||||||||||
32,438 | 2,250,992 | 28,853,862 | 19,852,518 | |||||||||||||
Raw materials acquired from third parties
|
||||||||||||||||
Cost of goods sold and services rendered
|
(2,410 | ) | (1,074,071 | ) | (20,155,600 | ) | (13,578,664 | ) | ||||||||
Materials, energy, third parties services, others
|
(118,422 | ) | (460,470 | ) | (1,264,302 | ) | (1,380,614 | ) | ||||||||
(120,832 | ) | (1,534,541 | ) | (21,419,902 | ) | (14,959,278 | ) | |||||||||
Gross value added
|
(88,394 | ) | 716,451 | 7,433,960 | 4,893,240 | |||||||||||
Retention
|
||||||||||||||||
Depreciation and amortization
|
(1,897 | ) | (79,190 | ) | (1,142,780 | ) | (742,307 | ) | ||||||||
Net value added
|
(90,291 | ) | 637,261 | 6,291,180 | 4,150,933 | |||||||||||
Value added received in transfer
|
||||||||||||||||
Income from equity investments
|
3,154,846 | 500,422 | 33,268 | 25,187 | ||||||||||||
Financial revenue
|
184,949 | 574,416 | 1,053,017 | 542,501 | ||||||||||||
3,339,795 | 1,074,838 | 1,086,285 | 567,688 | |||||||||||||
Value added to be distributed
|
3,249,504 | 1,712,099 | 7,377,465 | 4,718,621 | ||||||||||||
Distribution of value added
|
||||||||||||||||
Salaries
|
41,478 | 263,081 | 846,278 | 901,062 | ||||||||||||
Taxes and contributions
|
(198,773 | ) | 283,816 | 2,208,137 | 2,134,280 | |||||||||||
Financial expenses
|
800,578 | 294,589 | 1,523,362 | 689,189 |
1.
|
Operations
|
2.
|
Summary of significant accounting policies
|
2.1.
|
Basis of Preparation
|
a)
|
Basis of preparation
|
b)
|
Functional and presentation currency
|
c)
|
Significant accounting judgments, estimates and assumptions
|
2.2
|
Basis of consolidation
|
2012
|
2011
|
|||||||||||||||||||||||
Direct
|
Indirect
|
Total
|
Direct
|
Indirect
|
Total
|
|||||||||||||||||||
Subsidiaries
|
||||||||||||||||||||||||
Administração de Participações Aguassanta Ltda.
|
91.50 | % | - | 91.50 | % | 91.50 | % | - | 91.50 | % | ||||||||||||||
Bioinvestments Negócios e Participações S.A.
|
- | 100.00 | % | 100.00 | % | - | 91.50 | % | 91.50 | % | ||||||||||||||
Vale da Ponte Alta S.A.
|
- | 100.00 | % | 100.00 | % | - | 91.50 | % | 91.50 | % | ||||||||||||||
Águas da Ponte Alta S.A.
|
- | 100.00 | % | 100.00 | % | - | 91.50 | % | 91.50 | % | ||||||||||||||
Proud Participações S.A.
|
100.00 | % | - | 100.00 | % | 99.90 | % | - | 99.90 | % | ||||||||||||||
Cosan Distribuidora de Combustíveis Ltda.
|
- | - | - | 99.90 | % | - | 99.90 | % | ||||||||||||||||
Cosan Overseas Limited
|
100.00 | % | - | 100.00 | % | 100.00 | % | - | 100.00 | % | ||||||||||||||
Pasadena Empreendimentos e Participações S.A.
|
100.00 | % | - | 100.00 | % | 100.00 | % | - | 100.00 | % | ||||||||||||||
Cosan Cayman Finance Limited
|
100.00 | % | - | 100.00 | % | 100.00 | % | - | 100.00 | % | ||||||||||||||
Cosan Cayman II Limited
|
100.00 | % | - | 100.00 | % | - | - | - | ||||||||||||||||
Cosan Lubrificantes e Especialidades S.A. (anteriormente denominada Cosan Combustíveis e Lubrificantes S.A.)
|
100.00 | % | - | 100.00 | % | 100.00 | % | - | 100.00 | % | ||||||||||||||
CCL Cayman Finance Limited
|
- | 100.00 | % | 100.00 | % | - | 100.00 | % | 100.00 | % | ||||||||||||||
Copsapar Participações S.A.
|
90.00 | % | - | 90.00 | % | 90.00 | % | - | 90.00 | % | ||||||||||||||
Novo Rumo Logística S.A.
|
28.80 | % | 64.10 | % | 92.90 | % | 28.80 | % | 64.10 | % | 92.90 | % | ||||||||||||
Rumo Logística S.A.
|
- | - | - | - | 69.70 | % | 69.70 | % | ||||||||||||||||
Handson Participações S.A.
|
100.00 | % | - | 100.00 | % | - | - | - | ||||||||||||||||
Docelar Alimentos e Bebidas S.A.
|
33.00 | % | 66.90 | % | 99.90 | % | 99.90 | % | - | 99.90 | % | |||||||||||||
Cosan Operadora Portuária S.A.
|
- | 69.70 | % | 69.70 | % | - | 69.70 | % | 69.70 | % | ||||||||||||||
Teaçú Armazéns Gerais S.A.
|
- | - | - | - | 69.70 | % | 69.70 | % | ||||||||||||||||
Logispot Armazéns Gerais S.A.
|
- | 35.50 | % | 35.50 | % | - | 35.50 | % | 35.50 | % | ||||||||||||||
Stallion S.A.
|
- | 100.00 | % | 100.00 | % | - | - | - | ||||||||||||||||
Jointly-controlled
|
||||||||||||||||||||||||
Raízen S.A. (1)
|
50.00 | % | - | 50.00 | % | - | - | - | ||||||||||||||||
Raízen Energia Participações S.A. (1)
|
50.00 | % | - | 50.00 | % | - | - | - | ||||||||||||||||
Raízen Combustíveis S.A. (1)
|
50.00 | % | - | 50.00 | % | - | - | - | ||||||||||||||||
IPUTI Empreendimentos e Participações S.A. (1)
|
50.00 | % | - | 50.00 | % | - | - | - |
(1)
|
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
|
Summary of significant accounting practices
|
a)
|
Revenue recognition
|
b)
|
Foreign currency transactions
|
c)
|
Financial instruments – Recognition initial and subsequent measurement
|
·
|
The rights to receive cash flows from the asset have expired; and
|
·
|
The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the cash flows received without material delay to a third party under a pass-through arrangement; and either (a) the Company transfers substantially all the risks and rewards
|
·
|
Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment or identified part of such asset, liability or firm commitment, that is attributable to a particular risk and could affecting the income;
|
·
|
Cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment; and
|
·
|
Hedges of a net investment in a foreign operation.
|
d)
|
Cash and cash equivalents and restricted cash
|
e)
|
Accounts receivable
|
f)
|
Inventories
|
g)
|
Equity method investments
|
h)
|
Interest in joint ventures
|
i)
|
Biological assets
|
j)
|
Property, plant and equipment (“P, P&E”)
|
Buildings and improvements
|
4%
|
|
Machinery and equipment
|
3% to 10%
|
|
Agricultural machinery
|
10%
|
|
Industrial equipment and facilities
|
10%
|
|
Furniture and fixtures
|
10%
|
|
Computer equipment
|
20%
|
|
Vehicles
|
10% to 20%
|
|
Locomotives
|
3.3%
|
|
Rail cars
|
2.9%
|
|
Boats
|
20%
|
|
Aircrafts
|
10%
|
k)
|
Leases
|
l)
|
Intangibles
|
(i)
|
Goodwill
|
(ii)
|
Intangible assets with finite lives
|
m)
|
Impairment
|
n)
|
Borrowing costs
|
o)
|
Provisions
|
p)
|
Pension and other employment benefits
|
i)
|
Defined benefit pension plan
|
ii)
|
Defined contribution pension plan
|
iii)
|
Share-based payments
|
q)
|
Treasury shares
|
r)
|
Taxes
|
(i)
|
Income taxes
|
(ii)
|
Indirect taxes
|
s)
|
Business combinations
|
t)
|
Asset retirement obligations
|
u)
|
Environmental matters
|
3.
|
Cash and Equivalent Cash
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash
|
177 | 146 | 3,027 | 289 | ||||||||||||
Bank accounts
|
13 | 11,971 | 124,804 | 64,437 | ||||||||||||
Value awaiting for closing exchange
|
- | 5,952 | 11,477 | 78,353 | ||||||||||||
Highly liquid Investments
|
316,349 | 354,249 | 1,476,861 | 1,110,991 | ||||||||||||
316,539 | 372,318 | 1,616,169 | 1,254,070 |
4.
|
Restricted Cash
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Restricted financial investments
|
18,233 | - | 48,292 | 61,072 | ||||||||||||
Deposits in connection with derivative transactions
|
- | 2,719 | 45,976 | 126,872 | ||||||||||||
18,233 | 2,719 | 94,268 | 187,944 |
5.
|
Other financial assets
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Fair value of Radar option (1)
|
140,820 | 162,961 | 140,820 | 162,961 | ||||||||||||
Brazilian Treasury certificates – CTN (2)
|
- | 38,812 | 149,438 | 257,456 | ||||||||||||
ExxonMobil financial asset - reimbursement (3)
|
- | - | 540,224 | - | ||||||||||||
140,820 | 201,773 | 830,482 | 420,417 | |||||||||||||
Current
|
- | 40,080 | - | |||||||||||||
Non current
|
140,820 | 201,773 | 790,402 | 420,417 |
(1)
|
The 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$41.67 per share adjusted for inflation (IPCA), equivalent to 20% of the total shares issued by Radar as of the date of exercise. The exercise of warrants will not change the classification of this investment as an equity investment. The fair value of these warrants was calculated based on observable market data.
|
(2)
|
Represented by bonds issued by the Brazilian National Treasury under the Special Program for Agricultural Securitization - "PESA" with original maturity of 20 years in connection with the long-term debt denominated PESA (note 15). These bonds yield inflation (IGPM) plus 12% p.a.. The value of these securities at maturity is expected to be equal to the amount due to the PESA at that date. If the PESA debt is paid in advance, the Company may still keep this investment until maturity
|
(3)
|
In June 28, 2011 the subsidiary Cosan Lubrificantes e Especialidades S.A., the successor entity Esso Brasileira de Petróleo Ltda. (“Essobrás”) proceeded with the consolidation of tax debts included in the tax recovery program ("Refis IV") the amount of R$ 540,224, as determined by ExxonMobil Brasil Holdings BV, the former owner is contractually responsible for these liabilities. Therefore the Company recognized an obligation to pay taxes and a corresponding to a financial asset from ExxonMobil Brasil Holdings BV. the same amount.
|
6.
|
Accounts Receivable
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Domestic
|
- | 45,790 | 902,407 | 678,498 | ||||||||||||
Foreign
|
- | - | 164,681 | 7,556 | ||||||||||||
Allowance for doubtful accounts
|
- | (1,008 | ) | (103,502 | ) | (91,197 | ) | |||||||||
- | 44,782 | 963,586 | 594,857 |
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Current
|
- | 44,048 | 764,826 | 555,826 | ||||||||||||
Over Due:
|
||||||||||||||||
Up to 30 days
|
- | 48 | 100,339 | 21,097 | ||||||||||||
From 31 to 60 days
|
- | 1 | 16,535 | 4,317 | ||||||||||||
From 61 to 90 days
|
- | 229 | 8,476 | 553 | ||||||||||||
More than 180 days
|
- | 456 | 73,410 | 13,064 | ||||||||||||
- | 44,782 | 963,586 | 594,857 |
Parent Company
|
Consolidated
|
|||||||
March 31, 2010
|
(806 | ) | (97,721 | ) | ||||
Provision
|
(308 | ) | (16,573 | ) | ||||
Reversal
|
106 | 18,238 | ||||||
Write-offs
|
- | 6,130 | ||||||
Addition from business combination
|
- | (1,271 | ) | |||||
March 31, 2011
|
(1,008 | ) | (91,197 | ) | ||||
Addition
|
- | (28,003 | ) | |||||
Reversal
|
- | 26,711 | ||||||
Write-offs
|
- | 935 | ||||||
Addition from the formation of the JVs
|
1,008 | (11,135 | ) | |||||
Addition from business combination
|
- | (813 | ) | |||||
March 31, 2012
|
- | (103,502 | ) |
7.
|
Inventories
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Finished Goods:
|
||||||||||||||||
Sugar
|
- | 9,559 | 87,110 | 77,673 | ||||||||||||
Ethanol
|
- | 18,080 | 101,994 | 42,840 | ||||||||||||
Fuel
|
- | - | 276,867 | 231,891 | ||||||||||||
Lubrificants
|
- | - | 112,492 | 94,743 | ||||||||||||
Raw material
|
- | 17,546 | 52,586 | 51,598 | ||||||||||||
Goods in process
|
- | 1,121 | - | 5,121 | ||||||||||||
Spare parts and others
|
- | 51,993 | 121,643 | 186,032 | ||||||||||||
Provision for inventory realization obsolescence
|
- | (5,728 | ) | (4,542 | ) | (19,567 | ) | |||||||||
- | 92,571 | 748,150 | 670,331 |
Parent
Company
|
Consolidated
|
|||||||
March 31, 2010
|
(6,783 | ) | (25,260 | ) | ||||
Addition
|
(2,681 | ) | (13,483 | ) | ||||
Reversal
|
3,736 | 19,176 | ||||||
March 31, 2011
|
(5,728 | ) | (19,567 | ) | ||||
Additions
|
- | (1,697 | ) | |||||
Effective Loss
|
- | 5,173 | ||||||
Reversion
|
- | 4,815 | ||||||
Effect of the formation of JV
|
5,728 | 6,734 | ||||||
March 31, 2012
|
- | (4,542 | ) |
8.
|
Recoverable Taxes
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Income tax
|
31,968 | 25,953 | 107,561 | 66,274 | ||||||||||||
COFINS
|
- | 61,478 | 63,727 | 121,474 | ||||||||||||
PIS
|
- | 13,426 | 18,614 | 27,338 | ||||||||||||
ICMS - State VAT
|
- | 7,713 | 194,818 | 151,161 | ||||||||||||
IPI
|
- | 976 | 43,039 | 47,741 | ||||||||||||
Others
|
1,809 | 210 | 9,193 | 16,069 | ||||||||||||
33,777 | 109,756 | 436,952 | 430,057 | |||||||||||||
Current
|
33,777 | 105,134 | 325,096 | 374,991 | ||||||||||||
Non-current
|
- | 4,622 | 111,856 | 55,066 |
9.
|
Related Parties
|
a)
|
Summary of the main balances and transactions with related parties:
|
Consolidated
|
||||||||
2012
|
2011
|
|||||||
Current Assets
|
||||||||
Shell (i)
|
626,783 | - | ||||||
Raízen Energia (ii)
|
20,731 | - | ||||||
Grupo Rezende Barbosa (iii)
|
9,469 | 7,298 | ||||||
Vertical UK LLP (iv)
|
540 | 6,430 | ||||||
Vertical UK LLP (iv)
|
14,242 | - | ||||||
Others
|
6,609 | 941 | ||||||
Total Current asset
|
678,374 | 14,669 | ||||||
Non Current Assets
|
||||||||
Shell (i)
|
335,317 | - | ||||||
Raízen Energia (ii)
|
214,885 | - | ||||||
Raízen Combustíveis (ii)
|
87,811 | - | ||||||
Group Rezende Barbosa (iii)
|
105,751 | 91,954 | ||||||
Others
|
9,389 | - | ||||||
Total Non-current asset
|
753,153 | 91,954 | ||||||
Non-Current Liabilities
|
||||||||
Raízen Energia (ii)
|
76,257 | - | ||||||
Group Rezende Barbosa (iii)
|
12,577 | 37,664 | ||||||
Shell (i)
|
83,064 | - | ||||||
Raízen Combustíveis (ii)
|
321 | - | ||||||
Others
|
2,811 | 3,499 | ||||||
Total current liabilities
|
175,030 | 41,163 | ||||||
Current Liabilities
|
||||||||
Shell (i)
|
379,626 | - | ||||||
Raízen Energia (ii)
|
6,387 | - | ||||||
Others
|
3,705 | 4,444 | ||||||
Total Non-current liabilities
|
389,718 | 4,444 |
Sales of products/services
|
||||||||
Vertical UK LLP
|
75,338 | 160,202 | ||||||
Others
|
441 | 39,963 | ||||||
75,779 | 200,165 | |||||||
Purchase of goods/inputs
|
||||||||
Grupo Rezende Barbosa
|
263,859 | 352,195 | ||||||
Vertical UK LLP
|
113,518 | - | ||||||
Shell Western Supply and Trading
|
7,032 | - | ||||||
384,409 | 352,195 | |||||||
Land lease
|
||||||||
Aguassanta
|
17,577 | 26,459 | ||||||
Radar
|
22,532 | 28,446 | ||||||
40,109 | 54,905 | |||||||
Financial income / (expense)
|
||||||||
Grupo Rezende Barbosa
|
2,502 | 233 | ||||||
Shell Brasil Holding B.V.
|
148,733 | - | ||||||
Others
|
242 | 512 | ||||||
151,477 | 745 |
(i)
|
Shell
|
(ii)
|
Raízen Energia and Raízen Combustível
|
(iii)
|
Rezende Barbosa
|
(iv)
|
Vertical UK LLP
|
(v)
|
Aguassanta
|
(vi)
|
Radar
|
|
b)
|
Officers and directors compensation
|
2012(*) | 2011 | |||||||
Regular compensation
|
23,009 | 7,894 | ||||||
Stock option expense
|
10,800 | 2,961 | ||||||
Bonuses and other variable compensation
|
32,563 | 23,791 | ||||||
Total compensation recorded as expense
|
66,372 | 34,646 |
10.
|
Business combinations and acquisitions of non-controlling shareholders
|
a.
|
Sugar Retail Business
|
b.
|
Logispot Armazéns Gerais S.A. (‘Logispot”)
|
Cash
|
48,888 | |||
Fair value of 14.28% of Cosan in Logispot immediately before the Business combination
|
19,992 | |||
Total
|
68,880 |
Description
|
||||
Trade accounts receivable
|
1,297 | |||
Others assets
|
677 | |||
Property, plant and equipment
|
114,184 | |||
Loans and financing
|
(13,391 | ) | ||
Deferred income and social contribution taxes
|
(28,879 | ) | ||
Others liabilities
|
(13,551 | ) | ||
Non-controlling interest (1)
|
(30,120 | ) | ||
Net assets acquired
|
30,217 | |||
Consideration transferred, net of cash acquired
|
67,745 | |||
Goodwill
|
37,528 |
goodwill preliminary
|
2,370
|
|||
Adjustments on the fair value of the P,P&E
|
104,454
|
|||
Deferred income tax
|
(35,515)
|
|||
Interests of non-controlling shareholders
|
(33,781)
|
|||
Goodwill
|
37,528
|
c.
|
Cosan Araraquara Açúcar e Álcool Ltda. (“Usina Zanin”)
|
Description
|
||||
Inventories
|
3,813 | |||
Biological assets
|
83,890 | |||
Property, plant and equipment
|
223,893 | |||
Intangible assets
|
10 | |||
Loans and Long-term debt
|
(278,511 | ) | ||
Provision for judicial demands
|
(23,008 | ) | ||
Deferred income and social contribution taxes
|
29,921 | |||
Others liabilities
|
(49,081 | ) | ||
Net assets acquired
|
(9,073 | ) | ||
Consideration transferred, net of cash acquired
|
88,927 | |||
Goodwill
|
98,000 |
Preliminary goodwill
|
69,402 | |||
Fair value adjustments of fixed assets and biological assets
|
36,805 | |||
Other fair value adjustments
|
6,524 | |||
Deferred income tax
|
(14,731 | ) | ||
Goodwill
|
98,000 |
d.
|
Additional information (unaudited)
|
11.
|
Equity method investments
|
a)
|
Parent company
|
Investments
|
Equity income of associates
|
|||||||||||||||||||||||||||
Subsidiaries and jointly-controlled entities
|
Number of shares of the invested
|
Number of shares / shares the investor
|
Percentage of interest
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||
Administração de Participações Aguassanta S.A.
|
4 | 3 | 91.50 | % | 158,685 | 138,193 | 8,026 | 7,475 | ||||||||||||||||||||
Copsapar Participações S.A.
|
190,797,424 | 171,717,680 | 90.00 | % | 540,044 | 498,102 | 52,684 | 57,430 | ||||||||||||||||||||
Cosan Cayman Limited
|
- | - | - | - | 376,311 | (18,159 | ) | (398 | ) | |||||||||||||||||||
Cosan Cayman Finance Limited
|
1 | 1 | 100.00 | % | 735,147 | 651,480 | 121,425 | (690 | ) | |||||||||||||||||||
Cosan Cayman II Limited
|
451 | 232 | 51.44 | % | 1,081 | - | 86,896 | - | ||||||||||||||||||||
Cosan Distribuidora de Combustíveis S.A.
|
- | - | - | - | - | 2,247,978 | - | |||||||||||||||||||||
Cosan Finance Limited
|
1 | 1 | 100.00 | % | - | 17,489 | - | (4,171 | ) | |||||||||||||||||||
Cosan International Universal Corporation
|
2 | 2 | 100.00 | % | - | 1,304 | - | 761 | ||||||||||||||||||||
Cosan Lubrificantes e Especialidades S.A.
|
431,480 | 431,474 | 100.00 | % | 1,103,810 | 1,933,302 | 76,202 | 114,240 | ||||||||||||||||||||
Handson Participações S.A
|
85,860,500 | 85,860,500 | 100.00 | % | 150,108 | - | 64,247 | - | ||||||||||||||||||||
Novo Rumo Logística S.A.
|
278,336,920 | 198,120,217 | 28.82 | % | 242,670 | 223,006 | 24,494 | 25,836 | ||||||||||||||||||||
Proud Participações S.A.
|
53,236,531 | 53,236,528 | 100.00 | % | 210,683 | 53,236 | 8,600 | - | ||||||||||||||||||||
Raízen Combustíveis S.A.
|
3,009,400,941 | 1,504,700,471 | 50.00 | % | 4,666,904 | - | 141,653 | - | ||||||||||||||||||||
Raízen Energia Participações S.A.
|
1,068,073,826 | 534,036,913 | 50.00 | % | 3,522,684 | - | 59,266 | - | ||||||||||||||||||||
Raízen Energia S.A.
|
- | - | - | - | 2,946,111 | 235,058 | 203,197 | |||||||||||||||||||||
Raízen S.A. Bioenergia
|
- | - | - | - | 152,929 | - | 13,873 | |||||||||||||||||||||
Raízen Tarumã S.A.
|
- | - | - | - | 959,665 | - | 77,091 | |||||||||||||||||||||
TEAS - Terminal Exportador de Álcool de Santos S.A.
|
- | - | - | - | 40,088 | - | 967 | |||||||||||||||||||||
Others
|
- | - | - | 24,271 | 8,872 | 14,345 | 8,872 | |||||||||||||||||||||
Associated
|
||||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 4,001,167 | 18.92 | % | 283,259 | 260,757 | 22,514 | 28,658 | ||||||||||||||||||||
Other investments
|
- | - | - | 20,943 | 29,343 | 9,617 | (32,719 | ) | ||||||||||||||||||||
11,660,289 | 8,290,188 | 3,154,846 | 500,422 | |||||||||||||||||||||||||
Changes in participation in direct and indirect subsidiaries
|
March 31, 2011
|
8,290,188 | |||
Equity
|
3,154,846 | |||
Addition to investments
|
43,147 | |||
Addition from JVs formation
|
463,296 | |||
Dividends declared and interest on capital in subsidiary and jointly controlled entity (*)
|
(281,195 | ) | ||
Others
|
(9,993 | ) | ||
March 31, 2012
|
11,660,289 |
b)
|
Consolidated
|
Investments
|
Equity
|
|||||||||||||||||||||||||||
Number of shares of the invested
|
Number of shares / shares the investor
|
Percentage of interest
|
2012
|
2011
|
2012
|
2011
|
||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 4,001,167 | 18.92 | % | 283,259 | 260,756 | 22,514 | 28,658 | ||||||||||||||||||||
Codexis Inc
|
35,965,000 | 5,573,000 | 15.50 | % | 49,866 | - | (1,086 | ) | - | |||||||||||||||||||
Logum Logística S.A. ("Logum")
|
430,556,443 | 86,111,288 | 20.00 | % | 25,731 | 18,300 | (4,796 | ) | - | |||||||||||||||||||
Other Investments
|
60,173 | 25,086 | 16,636 | (3,471 | ) | |||||||||||||||||||||||
419,029 | 304,142 | 33,268 | 25,187 |
Changes on Investments
|
||||
March 31, 2010
|
260,814 | |||
Equity
|
25,187 | |||
Addition to investments
|
37,929 | |||
Change to subsidiary
|
(20,015 | ) | ||
Other
|
227 | |||
March 31, 2011
|
304,142 | |||
Equity
|
33,268 | |||
Income from the formation of JV
|
38,114 | |||
Addition to investments
|
42,328 | |||
Other
|
1,177 | |||
March 31, 2012
|
419,029 |
March 31, 2012 | ||||||||||||||||
Asset
|
Liabilities
|
Equity
|
Result
|
|||||||||||||
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 | ||||||||||||||||
Asset
|
Liabilities
|
Equity
|
Result
|
|||||||||||||
Radar Propriedades Agrícolas S.A.
|
1,804,609 | 426,355 | 1,378,254 | 151,421 | ||||||||||||
Logum
|
101,982 | 8,343 | 93,639 | (4,829 | ) |
12.
|
Biological assets
|
Balances at March 31, 2010
|
371,102 | 963,244 | ||||||
Change in fair value
|
145,428 | 381,894 | ||||||
Increase due to planting and growing costs
|
253,535 | 745,572 | ||||||
Harvested cane transferred to inventory
|
237,925 | (616,693 | ) | |||||
Increase resulting from business combination
|
- | 87,115 | ||||||
March 31, 2011
|
1,007,990 | 1,561,132 | ||||||
Asset contribution from subsidiaries
|
532.140 | - | ||||||
Change in the fair value
|
(523.140 | ) | - | |||||
Changes in fair value less estimated cost to sell
|
60,093 | |||||||
Increase due to planting and growing costs
|
551,974 | |||||||
Harvested cane transferred to inventory (a)
|
(401,592 | ) | ||||||
Proportional consolidation impact due to the formation of JVs (50%) (b)
|
(803,584 | ) | ||||||
March 31, 2012
|
- | 968,023 |
(a)
|
R$19,047 of this amount was allocated in sugar and ethanol inventory as of march, 31 2012.
|
(b)
|
The Company has reflected this rollforward activity as “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the biological assets of subsidiaries de-recognized, and the addition of 50% of the fair value of the biological assets of the JV’s then proportionally consolidated.
|
2012
|
2011
|
|||||||
Crop area (hectares) (1)
|
382,798 | 340,386 | ||||||
Expect productivity (tons of cane per hectare)
|
78.20 | 84.74 | ||||||
Total amount of recoverable sugar – ATR (kg)
|
137.27 | 138.54 | ||||||
Price kg ATR projected average (R$/kg)
|
0.4881 | 0.4228 |
(1)
|
The balances of biological assets are consolidated proportionally by 50% in the Company.
|
13.
|
Property, plant and equipment
|
Parent Company
|
||||||||||||||||||||||||
Costs:
|
March 31, 2011
|
Additions
|
Write-offs
|
Transfers
|
Capital Addition on subsidiaries
|
March 31, 2012
|
||||||||||||||||||
Land and Rural Properties
|
240,330 | - | - | - | (239,104 | ) | 1,226 | |||||||||||||||||
Buildings and Improvements
|
181,081 | - | - | 898 | (172,902 | ) | 9,077 | |||||||||||||||||
Machinery, Equipment and Facilities
|
653,655 | 2 | - | 16,397 | (665,349 | ) | 4,705 | |||||||||||||||||
Airplanes
|
13,395 | - | - | - | - | 13,395 | ||||||||||||||||||
Vessels and Vehicles
|
110,966 | - | (206 | ) | - | (110,760 | ) | - | ||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
40,008 | 15 | - | 2,478 | (39,764 | ) | 2,737 | |||||||||||||||||
Construction in progress
|
200,830 | 5,520 | - | (19,856 | ) | (180,992 | ) | 5,502 | ||||||||||||||||
Other
|
234,356 | - | - | - | (234,356 | ) | - | |||||||||||||||||
Total
|
1,674,621 | 5,537 | (206 | ) | (83 | ) | (1,643,227 | ) | 36,642 | |||||||||||||||
Depreciation:
|
||||||||||||||||||||||||
Land and Rural Properties
|
(36,000 | ) | (328 | ) | - | - | 35,697 | (631 | ) | |||||||||||||||
Buildings and Improvements
|
(315,771 | ) | (285 | ) | - | - | 315,142 | (914 | ) | |||||||||||||||
Machinery, Equipment and Facilities
|
(13,395 | ) | - | - | - | - | (13,395 | ) | ||||||||||||||||
Airplanes
|
(46,639 | ) | (7 | ) | 159 | - | 46,487 | - | ||||||||||||||||
Vessels and Vehicles
|
(19,235 | ) | (49 | ) | - | - | 19,136 | (148 | ) | |||||||||||||||
Other
|
(66,283 | ) | - | - | - | 66,283 | - | |||||||||||||||||
Total
|
(497,323 | ) | (669 | ) | 159 | - | 482,745 | (15,088 | ) | |||||||||||||||
1,177,298 | 4,868 | (47 | ) | (83 | ) | (1,160,481 | ) | 21,554 |
Consolidated
|
||||||||||||||||||||||||||||
Costs:
|
March 31, 2011
|
Additions
|
Write-offs
|
Transfers
|
De-consolidation and JVs formation, net (a)
|
Business Combination
|
March 31, 2012
|
|||||||||||||||||||||
Land and Rural Properties
|
1,263,240 | - | (40,011 | ) | 15,965 | 384,561 | (53,266 | ) | 1,570,489 | |||||||||||||||||||
Buildings and Improvements
|
1,122,256 | 4,764 | (24,559 | ) | 89,661 | (153,107 | ) | 30,899 | 1,069,914 | |||||||||||||||||||
Machinery, Equipment and Facilities
|
4,980,432 | 49,056 | (30,209 | ) | 330,325 | (69,256 | ) | 14,197 | 5,274,545 | |||||||||||||||||||
Airplanes
|
30,903 | 4,839 | (4,691 | ) | - | - | - | 31,051 | ||||||||||||||||||||
Wagons and locomotives
|
341,647 | - | - | 50,000 | - | - | 391,647 | |||||||||||||||||||||
Vessels and Vehicles
|
323,042 | 3,046 | (6,758 | ) | 10,312 | (26,703 | ) | 167 | 303,106 | |||||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
137,206 | 520 | (21,012 | ) | 16,114 | (8,869 | ) | 1,308 | 125,267 | |||||||||||||||||||
Construction in progress
|
1,367,712 | 980,855 | (6,022 | ) | (782,761 | ) | (888,103 | ) | 3,319 | 675,000 | ||||||||||||||||||
Repair and maintenance in machine and equipment
|
1,043,342 | 362,511 | (747,891 | ) | - | (394,513 | ) | - | 263,449 | |||||||||||||||||||
Others
|
4,782 | 13,077 | (17,715 | ) | 796 | 156,568 | - | 157,508 | ||||||||||||||||||||
Total
|
10,614,562 | 1,418,668 | (898,868 | ) | (269,588 | ) | (999,422 | ) | (3,376 | ) | 9,861,976 | |||||||||||||||||
Depreciation:
|
||||||||||||||||||||||||||||
Buildings and Improvements
|
(287,620 | ) | (43,716 | ) | 11,539 | - | 59,344 | (2,457 | ) | (262,910 | ) | |||||||||||||||||
Machinery, Equipment and Facilities
|
(1,472,512 | ) | (288,990 | ) | 19,506 | 14,968 | 346,824 | (8,508 | ) | (1,388,712 | ) | |||||||||||||||||
Airplanes
|
(15,195 | ) | (1,839 | ) | 860 | - | - | - | (16,174 | ) | ||||||||||||||||||
Wagons and locomotives
|
(6,128 | ) | (12,269 | ) | - | - | - | - | (18,397 | ) | ||||||||||||||||||
Vessels and Vehicles
|
(150,146 | ) | (24,667 | ) | 4,750 | - | 47,416 | (114 | ) | (122,761 | ) | |||||||||||||||||
Furniture and Fixtures and Computer Equipment
|
(87,460 | ) | (11,297 | ) | 18,750 | - | (559 | ) | (736 | ) | (81,302 | ) | ||||||||||||||||
Repair and maintenance in machine and equipment
|
(611,859 | ) | (303,082 | ) | 747,891 | - | 167,050 | - | - | |||||||||||||||||||
Others
|
(3,118 | ) | (6,942 | ) | 9,297 | - | (103,994 | ) | - | (104,757 | ) | |||||||||||||||||
Total
|
(2,634,038 | ) | (692,802 | ) | 812,593 | 14,968 | 516,081 | (11,815 | ) | (1,995,013 | ) | |||||||||||||||||
7,980,524 | 725,866 | (86,275 | ) | (254,620 | ) | (483,341 | ) | (15,191 | ) | 7,866,963 |
(a)
|
The Company has reflected this rollforward activity as “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the P,P&E of subsidiaries de-recognized, and the addition of 50% of the P,P&E of the JV’s then proportionally consolidated.
|
14.
|
Intangible assets
|
Parent Company
|
||||||||||||||||||||||||
Costs
|
March 31, 2011
|
Additions
|
Write-off
|
Transfers
|
Capital Increase in Subsidiaries
|
March 31, 2012
|
||||||||||||||||||
Software
|
50,182 | - | - | 83 | (50,182 | ) | 83 | |||||||||||||||||
Trademarks
|
- | - | - | - | 85,354 | 85,354 | ||||||||||||||||||
Goodwill
|
332,239 | - | (193,633 | ) | - | (138,606 | ) | - | ||||||||||||||||
Others
|
17,603 | - | (17,603 | ) | - | |||||||||||||||||||
Total
|
400,024 | - | (193,633 | ) | 83 | (121,037 | ) | 85,437 | ||||||||||||||||
Amortization
|
||||||||||||||||||||||||
Software
|
(32,809 | ) | (2 | ) | - | - | 32,809 | (2 | ) | |||||||||||||||
Trademarks
|
(1,768 | ) | (1,768 | ) | ||||||||||||||||||||
Others
|
(744 | ) | (643 | ) | 1,387 | - | ||||||||||||||||||
Total
|
(33,553 | ) | (2,413 | ) | - | - | 34,196 | (1,770 | ) | |||||||||||||||
366,471 | (2,413 | ) | (193,633 | ) | 83 | (86,841 | ) | 83,667 |
Consolidated
|
||||||||||||||||||||||||||||
Costs
|
March 31, 2011
|
Additions
|
Write-off
|
Transfers
|
De-consolidated and JV’s formation,
net (a)
|
Business Combination
|
March 31, 2012
|
|||||||||||||||||||||
Software license
|
98,063 | 849 | (20 | ) | 14,954 | (6,992 | ) | 116 | 106,970 | |||||||||||||||||||
Trademarks
|
429,671 | - | (11,286 | ) | - | 190,026 | - | 608,411 | ||||||||||||||||||||
Goodwill
|
2,253,320 | - | (193,633 | ) | - | 836,601 | 35,967 | 2,932,255 | ||||||||||||||||||||
Customer base
|
583,420 | 23,437 | - | 8,857 | 269,666 | - | 885,380 | |||||||||||||||||||||
Leases
|
155,505 | - | (232 | ) | - | (75,354 | ) | - | 79,919 | |||||||||||||||||||
Distribution rights (g)
|
170,291 | 129,340 | - | 9,381 | 142,359 | - | 451,371 | |||||||||||||||||||||
Improvement made in public concessions
|
- | - | - | 236,396 | - | - | 236,396 | |||||||||||||||||||||
Others
|
43,263 | 12,249 | (8,649 | ) | - | 75,208 | - | 122,071 | ||||||||||||||||||||
Total
|
3,733,533 | 165,875 | (213,820 | ) | 269,588 | 1,431,514 | 36,083 | 5,422,773 | ||||||||||||||||||||
Amortization
|
||||||||||||||||||||||||||||
Software license
|
(66,111 | ) | (8,508 | ) | 20 | - | (10,357 | ) | (99 | ) | (85,055 | ) | ||||||||||||||||
Trademarks
|
(98,710 | ) | (44,579 | ) | - | - | 32,858 | - | (110,431 | ) | ||||||||||||||||||
Customer base
|
(41,038 | ) | (46,904 | ) | - | - | 21,796 | - | (66,146 | ) | ||||||||||||||||||
Leases
|
(15,118 | ) | (3,792 | ) | 232 | - | 6,026 | - | (12,652 | ) | ||||||||||||||||||
Distribution rights (g)
|
(62,387 | ) | (36,627 | ) | - | - | (34,641 | ) | - | (133,655 | ) | |||||||||||||||||
Improvement made in public concessions
|
- | - | - | (14,968 | ) | - | - | (14,968 | ) | |||||||||||||||||||
Others
|
(4,495 | ) | (13,945 | ) | (222 | ) | - | (48,949 | ) | - | (67,611 | ) | ||||||||||||||||
Total
|
(287,859 | ) | (154,355 | ) | 30 | (14,968 | ) | (33,267 | ) | (99 | ) | (490,518 | ) | |||||||||||||||
3,445,674 | 11,520 | (213,790 | ) | 254,620 | 1,398,247 | 35,984 | 4,932,255 |
(a)
|
The Company has reflected this rollforward activity as “net” adjustment. This net adjustment would actually represent the de-consolidation of 100% of the intangibles assets of subsidiaries de-recognized, and the addition of 50% of the intangibles assets of the JV’s then proportionally consolidated.
|
Intangible asset (except goodwill)
|
Annual Amortization rate %
|
2012
|
2011
|
||||||||
Software
|
20.00 | % | 21,915 | 31,952 | |||||||
Trademarks Fuel Distributors (a)
|
20.00 | % | 260,313 | 68,696 | |||||||
Trademark Mobil (b)
|
10.00 | % | 154,082 | 176,911 | |||||||
Trademark União (c)
|
2.00 | % | 83,585 | 85,354 | |||||||
Customer base (d)
|
3.00 | % | 535,405 | 247,907 | |||||||
Operation license and customer base (e)
|
4.00 | % | 283,829 | 294,475 | |||||||
Favorable operating leases (f)
|
6.00 | % | 67,267 | 140,387 | |||||||
Distribution rights (g)
|
Straight line over contract term
|
317,716 | 107,904 | ||||||||
Improvement in public concessions (h)
|
221,439 | - | |||||||||
Others
|
54,460 | 38,768 | |||||||||
Total
|
2,000,000 | 1,192,354 |
(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.
|
(d)
|
Refers to the relationship between Raízen Combustíveis 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 related to contracts with customers exclusively supply products to brand loyalty.
|
(h)
|
Refers to the improvements made on railroads operated by ALL (America Latina Logistica) in connection with a transportation agreement with Rumo.
|
Consolidated
|
||||||||
Carrying amount of goodwill
|
2012
|
2011
|
||||||
Cash-generating unit Raízen Energia
|
1,405,407 | 1,433,982 | ||||||
Cash-generating unit Raízen Combustíveis
|
855,907 | 184,415 | ||||||
Cash-generating unit Rumo
|
98,972 | 63,814 | ||||||
Cash-generating unit Cosan - Other Business
|
571,969 | 571,109 | ||||||
Total Goodwill
|
2,932,255 | 2,253,320 |
15.
|
Loans and Long Term Debts
|
Financial Charges(1)
|
Parent Company
|
Consolidated
|
|||||||||||||||||||||||
Description (1)
|
Index
|
Average annual interest rate (2)
|
03.31.2012 | 03.31.2011 | 03.31.2012 | 03.31.2011 |
Maturity date
|
||||||||||||||||||
Senior Notes Due 2014
|
Dólar (US)
|
9.5 | % | - | - | 322,654 | 576,814 |
jul/14
|
|||||||||||||||||
Senior Notes Due 2017
|
Dólar (US)
|
7.0 | % | - | - | 368,601 | 658,954 |
feb/17
|
|||||||||||||||||
BNDES
|
URTJLP
|
2.54 | % | - | - | 683,586 | 1,308,034 |
oct/25
|
|||||||||||||||||
Pre-fixed
|
4.5 | % | - | - | 185,568 | 242,508 |
jul/20
|
||||||||||||||||||
UMBND
|
6.59 | % | - | - | 18,365 | 38,947 |
jul/19
|
||||||||||||||||||
Dólar (US)
|
6.94 | % | - | - | 11 | - |
nov/12
|
||||||||||||||||||
Bank Credit Notes
|
CDCA
|
0.55%+CDI
|
- | - | - | 31,378 |
dec/11
|
||||||||||||||||||
ACC
|
Dólar (US)
|
1.73 | % | - | 65,215 | 138,369 | 228,229 |
aug/12
|
|||||||||||||||||
Perpetual Notes
|
Dólar (US)
|
8.25 | % | - | 741,553 | 930,094 | 1,236,209 | - | |||||||||||||||||
Resolution 2471 (PESA)
|
IGP-M
|
3.95 | % | - | 110,361 | 316,108 | 674,392 |
apr/23
|
|||||||||||||||||
Pre-fixed
|
3.0 | % | - | 114 | 53 | 114 |
oct/25
|
||||||||||||||||||
Rural Credits
|
Pre-fixed
|
6.75 | % | - | 31,168 | 20,460 | 92,352 |
oct/12
|
|||||||||||||||||
Bank Debit
|
Dólar (US) + Libor
|
2.42 | % | - | - | 410,002 | - |
apr/13
|
|||||||||||||||||
IGP-M
|
11 | % | - | - | 88 | - |
dec/12
|
||||||||||||||||||
Pre-fixed
|
13.78 | % | - | - | 5,332 | - |
mar/15
|
||||||||||||||||||
Pre Payments
|
Dólar (US) + Libor
|
4.27 | % | - | 244,493 | 507,454 | 736,472 |
feb/16
|
|||||||||||||||||
Credit Notes
|
110% CDI
|
- | 341,227 | 303,028 | 341,226 | 303,719 |
feb/14
|
||||||||||||||||||
Dólar (US)
|
2.35 | % | - | 167,196 | 52,891 | 314,105 |
feb/13
|
||||||||||||||||||
Pre-fixed
|
6.25 | % | - | - | - | 10,142 |
oct/12
|
||||||||||||||||||
Finame
|
Pre-fixed
|
4.83 | % | - | - | 397,515 | 517,842 |
jul/20
|
|||||||||||||||||
URTJLP
|
2.21 | % | - | - | 337,091 | 187,336 |
mar/21
|
||||||||||||||||||
UMBND
|
8.44 | % | - | - | 16 | - |
oct/12
|
||||||||||||||||||
Others
|
Divers
|
Various
|
- | - | - | 62,294 |
Various
|
||||||||||||||||||
Expenses with issuance of shares
|
(3.494 | ) | (1,366 | ) | (21,407 | ) | (28,546 | ) | |||||||||||||||||
337,733 | 1,661,762 | 5,014,077 | 7,191,295 | ||||||||||||||||||||||
Current
|
- | (110,526 | ) | (537,135 | ) | (916,400 | ) | ||||||||||||||||||
Non-Current
|
337,733 | 1,551,236 | 4,476,942 | 6,274,895 |
(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 March 31, 2012;
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
13 to 24 months
|
337,733 | 223,578 | 1,046,326 | 745,454 | ||||||||||||
25 to 36 months
|
- | 363,953 | 702,633 | 762,649 | ||||||||||||
37 to 48 months
|
- | 60,926 | 1,249,602 | 1,010,797 | ||||||||||||
49 to 60 months
|
- | 60,992 | 545,982 | 777,963 | ||||||||||||
61 to 72 months
|
- | 8 | 179,137 | 878,092 | ||||||||||||
73 to 84 months
|
- | 8 | 300,921 | 222,289 | ||||||||||||
85 to 96 months
|
- | 19,443 | 220,893 | 453,711 | ||||||||||||
Thereafter
|
- | 822,328 | 231,448 | 1,423,940 | ||||||||||||
337,733 | 1,551,236 | 4,476,942 | 6,274,895 |
16.
|
Tax Payable
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
ICMS – State VAT
|
- | 7,268 | 66,601 | 72,265 | ||||||||||||
IPI
|
- | 843 | 4,631 | 30,661 | ||||||||||||
INSS
|
47 | 5,828 | 13,029 | 25,309 | ||||||||||||
PIS
|
219 | - | 5,003 | 7,229 | ||||||||||||
COFINS
|
1,010 | - | 21,294 | 33,721 | ||||||||||||
Recovery program - Refis IV
|
731,414 | 100,768 | 1,287,941 | 670,645 | ||||||||||||
Income Tax
|
- | - | 11,973 | 20,928 | ||||||||||||
Others
|
370 | 7,768 | 33,871 | 23,597 | ||||||||||||
733,060 | 122,475 | 1,444,343 | 884,355 | |||||||||||||
Current
|
(62,597 | ) | (33,758 | ) | (241,719 | ) | (245,284 | ) | ||||||||
Non – current
|
670,463 | 88,717 | 1,202,624 | 639,071 |
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
13 to 24 months
|
56,018 | 11,080 | 99,083 | 67,848 | ||||||||||||
25 to 36 months
|
55,650 | 7,335 | 97,707 | 61,205 | ||||||||||||
37 to 48 months
|
55,611 | 7,199 | 97,254 | 60,396 | ||||||||||||
49 to 60 months
|
55,611 | 6,870 | 96,909 | 60,008 | ||||||||||||
61 to 72 months
|
54,972 | 6,489 | 96,270 | 52,243 | ||||||||||||
73 to 84 months
|
53,931 | 6,489 | 95,229 | 46,707 | ||||||||||||
85 to 96 months
|
53,931 | 6,489 | 95,229 | 45,799 | ||||||||||||
Thereafter
|
284,739 | 36,766 | 524,943 | 244,865 | ||||||||||||
670,463 | 88,717 | 1,202,624 | 639,071 |
17.
|
Income taxes and social contribution
|
a)
|
Reconciliation of income and social contribution tax expenses:
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Pretax Income
|
2,394,841 | 914,358 | 3,755,002 | 1,191,070 | ||||||||||||
Income tax and social contribution at nominal rate (34%)
|
(814,246 | ) | (310,882 | ) | (1,276,701 | ) | (404,964 | ) | ||||||||
Adjustments to determine the effective rate:
|
||||||||||||||||
Equity pick up
|
1,072,648 | 170,143 | 11,311 | 8,593 | ||||||||||||
Non deductable donations
|
(194 | ) | (5,513 | ) | (3,817 | ) | (9,130 | ) | ||||||||
Interest on capital
|
(17,000 | ) | - | - | - | |||||||||||
Non-taxable income(loss) from overseas companies
|
- | - | 103,781 | - | ||||||||||||
Non-taxable income(loss)
|
- | - | 48,708 | - | ||||||||||||
Others
|
(30,215 | ) | 3,457 | 6,506 | (8,978 | ) | ||||||||||
Income Tax and Social contribution Expense( current and deferred)
|
210,993 | (142,795 | ) | (1,110,212 | ) | (414,479 | ) | |||||||||
Effective Rate
|
8.81 | % | 15.62 | % | 29.57 | % | 34.80 | % | ||||||||
b)
|
Deferred income tax on assets and liabilities
|
Parent Company
|
||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||
Basis
|
IRPJ 25%
|
CSLL 9%
|
Total
|
Total
|
||||||||||||||||
Tax Losses:
|
||||||||||||||||||||
Tax Losses
|
377,664 | 94,416 | - | 94,416 | 110,195 | |||||||||||||||
Negative basis of social contribution
|
377,767 | - | 33,999 | 33,999 | 39,679 | |||||||||||||||
Temporary Differences:
|
||||||||||||||||||||
Monetary exchange
|
(99,662 | ) | (24,916 | ) | (8,970 | ) | (33,886 | ) | (233,102 | ) | ||||||||||
Amortized Goodwill
|
(50,661 | ) | (12,665 | ) | (4,559 | ) | (17,224 | ) | (35,194 | ) | ||||||||||
Effect of the formation of JVs
|
(3,100,229 | ) | (775,057 | ) | (279,021 | ) | (1,054,078 | ) | - | |||||||||||
Other effects
|
(293,334 | ) | (73,333 | ) | (26,400 | ) | (99,733 | ) | (128,929 | ) | ||||||||||
Total Deferred taxes
|
(791,555 | ) | (284,951 | ) | (1,076,506 | ) | (247,351 | ) |
Consolidated
|
||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||
Basis
|
IRPJ 25%
|
CSLL 9%
|
Total
|
Total
|
||||||||||||||||
Tax Losses:
|
||||||||||||||||||||
Tax Losses
|
2,205,303 | 551,326 | - | 551,326 | 273,555 | |||||||||||||||
Negative basis of social contribution
|
2,198,476 | - | 197,863 | 197,863 | 99,609 | |||||||||||||||
Temporary Differences:
|
||||||||||||||||||||
Monetary exchange
|
(109,962 | ) | (27,490 | ) | (9,897 | ) | (37,387 | ) | (274,189 | ) | ||||||||||
Accelerated depreciation
|
(55,192 | ) | (13,798 | ) | (13,798 | ) | (4,596 | ) | ||||||||||||
Amortized goodwill
|
(678,008 | ) | (169,502 | ) | (61,021 | ) | (230,523 | ) | (252,323 | ) | ||||||||||
Business combination
|
(1,585,714 | ) | (396,428 | ) | (142,714 | ) | (539,142 | ) | (626,913 | ) | ||||||||||
Effect of the formation of JVs
|
(3,501,590 | ) | (875,398 | ) | (315,143 | ) | (1,190,541 | ) | - | |||||||||||
Fair value allocated on Raízen Assets
|
(2,618,000 | ) | (654,500 | ) | (235,620 | ) | (890,120 | ) | - | |||||||||||
Cost attributed - land
|
(366,151 | ) | (91,538 | ) | (32,953 | ) | (124,491 | ) | (124,491 | ) | ||||||||||
Provisions for contingencies and other temporary differences
|
1,107,081 | 276,770 | 99,637 | 376,407 | 113,716 | |||||||||||||||
Total of deferred taxes
|
(1,400,558 | ) | (499,848 | ) | (1,900,406 | ) | (795,632 | ) | ||||||||||||
Deferred Income Tax - Asset
|
543,024 | 116,986 | ||||||||||||||||||
Deferred Income Tax – Liabilities
|
(2,443,430 | ) | (912,618 | ) | ||||||||||||||||
(1,900,406 | ) | (795,632 | ) |
18.
|
Provision for judicial demands
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Tax
|
148,097 | 39,774 | 620,835 | 418,744 | ||||||||||||
Civil
|
38,650 | 10,485 | 168,952 | 82,599 | ||||||||||||
Labor
|
169,512 | 27,883 | 261,890 | 164,939 | ||||||||||||
356,259 | 78,142 | 1,051,677 | 666,282 |
|
Parent Company
|
Consolidated
|
||||||||||||||
|
2.012 | 2.011 | 2.012 | 2.011 | ||||||||||||
Tax
|
171,052 | 11,521 | 411,619 | 167,547 | ||||||||||||
Civil
|
8,201 | 3.243 | 32,474 | 18,937 | ||||||||||||
Labor
|
27,380 | 2,810 | 65,142 | 31,887 | ||||||||||||
|
206,633 | 17,574 | 509,235 | 218,371 |
Parent Company
|
||||||||||||||||
Tax
|
Civil
|
Labor
|
Total
|
|||||||||||||
March 31, 2011
|
39,774 | 10,485 | 27,883 | 78,142 | ||||||||||||
Provisions
|
46,188 | 7,981 | 51,575 | 105,744 | ||||||||||||
Settlements
|
(2,069 | ) | (2,672 | ) | (6,016 | ) | (10,756 | ) | ||||||||
Write-offs
|
(15,548 | ) | (3,137 | ) | (22,530 | ) | (41,216 | ) | ||||||||
Additions from the formation of JVs
|
70,071 | 24,109 | 108,069 | 202,249 | ||||||||||||
Monetary variation
|
9,681 | 1,884 | 10,531 | 22,096 | ||||||||||||
March 31, 2012
|
148,097 | 38,650 | 169,512 | 356,259 |
Consolidated
|
||||||||||||||||
Tax
|
Civil
|
Labor
|
Total
|
|||||||||||||
March 31, 2011
|
418,744 | 82,599 | 164,939 | 666,282 | ||||||||||||
Provisions
|
79,510 | 67,685 | 73,379 | 220,574 | ||||||||||||
Settlements
|
(3,566 | ) | (23,444 | ) | (8,873 | ) | (35,883 | ) | ||||||||
Write-offs
|
(22,836 | ) | (65,774 | ) | (7,927 | ) | (96,537 | ) | ||||||||
Additions from the formation of JVs
|
118,824 | 91,020 | 22,768 | 232,612 | ||||||||||||
Monetary variation
|
30,159 | 16,866 | 17,604 | 64,629 | ||||||||||||
March 31, 2012
|
620,835 | 168,952 | 261,890 | 1,051,677 |
(a)
|
Tax
|
Parent Company
|
Consolidated
|
|||||||||||||||
Description
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
IPC – 89 (i)
|
- | - | 82,173 | 80,273 | ||||||||||||
Compensation with Finsocial (ii)
|
- | - | 195,421 | 183,706 | ||||||||||||
CIDE (iii)
|
- | - | 93,841 | - | ||||||||||||
ICMS credits (iv)
|
71,343 | 7,205 | 97,552 | 56,880 | ||||||||||||
PIS and COFINS
|
8,277 | 2,718 | 17,445 | 8,220 | ||||||||||||
IPI
|
9,159 | 6,537 | 15,970 | 20,759 | ||||||||||||
IRPJ and CSLL
|
1,012 | 824 | 2,110 | 2,093 | ||||||||||||
Other
|
58,306 | 22,490 | 116,323 | 66,813 | ||||||||||||
148,097 | 39,774 | 620,835 | 418,744 |
(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 to 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
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Withholding income taxes assessment(i)
|
204,249 | 192,903 | 204,249 | 194,498 | ||||||||||||
ICMS – State VAT (ii)
|
698,672 | 116,865 | 1,705,220 | 490,896 | ||||||||||||
IPI – Federal VAT (iii)
|
280,680 | 10,944 | 378,735 | 270,817 | ||||||||||||
Compensation with IPI – IN 67/98 (iv)
|
188,479 | - | 188,479 | 181,292 | ||||||||||||
INSS - social security and other (v)
|
63,372 | 58,606 | 83,875 | 72,616 | ||||||||||||
PIS and COFINS (vi)
|
216,684 | 20,425 | 529,257 | 163,129 | ||||||||||||
IR/CSLL (vii)
|
423,529 | - | 532,131 | - | ||||||||||||
Others
|
159,233 | 59,991 | 493,471 | 197,884 | ||||||||||||
2,234,898 | 459,734 | 4,115,417 | 1,571,132 |
(i)
|
Tax assessment – withholding income tax
|
(ii)
|
ICMS
|
(iii)
|
IPI – Federal VAT
|
(iv)
|
Offsets against IPI credits – IN 67/98
|
(v)
|
INSS
|
(vi)
|
PIS and COFINS
|
(vii)
|
IR/CSLL – Assessment Notice
|
(b)
|
Civil and labor
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Civil
|
309,234 | 59,036 | 869,954 | 377,608 | ||||||||||||
Labor
|
407,533 | 60,770 | 1,200,573 | 302,289 | ||||||||||||
716,767 | 119,806 | 2,070,527 | 679,897 |
19.
|
Commitments
|
Fiscal Year
|
2012 | (*) | ||
2012
|
2,518,640 | |||
2013
|
1,714,101 | |||
Total
|
4,232,741 |
Fiscal Year
|
2012 | (*) | ||
2013
|
24,747 | |||
2014
|
22,096 | |||
2015
|
19,624 | |||
After 2015
|
129,601 | |||
Total
|
196,068 |
Fiscal Year
|
2012
|
|||
2012
|
489,794 | |||
2013
|
44,000 | |||
2014
|
2,000 | |||
Total
|
535,794 |
2012 | (*) | |||
Minimum Installment
|
214,949 | |||
Variable Installment
|
280,930 | |||
Total
|
495,879 |
Raízen Energia(*)
|
Rumo
|
|||||||
Within 1 year
|
553,815 | 37,303 | ||||||
Over 1 year, less than 5 years
|
1,673,249 | 241,741 | ||||||
More than 5 years
|
1,676,005 | - | ||||||
Total
|
3,903,069 | 279,044 |
20.
|
Equity
|
a)
|
Common Stock
|
b)
|
Realizable Profits Reserve:
|
Calculation of the realized portion of net income
|
||||
Net income
|
2,605,834 | |||
Equity income of associates
|
(3,154,846 | ) | ||
Realized portion loss of the year
|
(549,012 | ) | ||
Constitution of reserve for unrealized profits
|
||||
Net income
|
2,605,834 | |||
Legal reserve – 5% (art. 193)
|
(130,292 | ) | ||
Reserve for unrealized profits
|
2,475,542 |
c)
|
Dividends
|
d)
|
Repurchase of shares
|
e)
|
Earnings per share
|
2012
|
2011
|
|||||||
Numerator:
|
||||||||
Net Income for Cosan
|
2,605,834 | 771,565 | ||||||
Denominator:
|
||||||||
Weighted average shares outstanding
|
405,205,015 | 406,430,612 | ||||||
Denominator for basic earnings per share
|
405,205,015 | 406,430,612 | ||||||
Basic earnings per share
|
R$ | 6.43 | R$ | 1.90 |
2012
|
2011
|
|||||||
Numerator:
|
||||||||
Net income for Cosan
|
2,605,834 | 771,565 | ||||||
Denominator:
|
||||||||
Weighted average shares outstanding
|
405,205,015 | 406,430,612 | ||||||
Potential increase of common stock
|
6,083,425 | 294,718 | ||||||
Denominator for diluted earnings per share
|
411,288,440 | 406,725,330 | ||||||
Diluted earnings per share
|
R$ | 6.34 | R$ | 1.90 |
21.
|
Result of the formation of the Joint Ventures (Raízen Energia e Raízen Combustíveis)
|
Fair value of the remaining interest in the joint ventures (a)
|
8,105,546 | |||
Book value of business (assets and liabilities) contributed
|
(4,257,640 | ) | ||
Gain on the de-consolidation of assets and liabilities contributed to the formation of the JV.
|
3,847,906 | |||
Other effects:
|
||||
Write-off of Recoverable taxes not realizable (b)
|
(83,465 | ) | ||
Write-off of goodwill related to contributed subsidiaries
|
(193,633 | ) | ||
Write-off of other comprehensive income in relation to
|
||||
Hedge accounting, regarding contributed business’
|
(157,988 | ) | ||
Provisions in accordance with the JVs formation contract
|
(78,995 | ) | ||
Other expenses and write-offs from the formation of Joint Ventures
|
(137,193 | ) | ||
Income from formation of joint ventures
|
3,196,632 |
(a)
|
Based on appraisal report prepared by independent appraisers.
|
(b)
|
Recoverable taxes recorded by Cosan S.A., considered not realizable, and if received will be reimbursed to Raízen Energia.
|
(c)
|
Includes costs related to the transactions and other amounts related to the operation
|
Raízen
Energia
|
Raízen
Combustíveis
|
Total
|
||||||||||
Fair value of assets and liabilities (a):
|
||||||||||||
Cash and cash equivalents
|
358,457 | 273,359 | 631,816 | |||||||||
Restricted cash
|
61,655 | - | 61,655 | |||||||||
Account Receivable
|
385,651 | 1,026,274 | 1,411,925 | |||||||||
Derivatives
|
114,204 | - | 114,204 | |||||||||
Inventories
|
746,561 | 831,258 | 1,577,819 | |||||||||
Receivable from Shell
|
1,853,269 | - | 1,853,269 | |||||||||
Other assets
|
1,691,561 | 1,527,766 | 3,219,327 | |||||||||
Investments
|
120,764 | - | 120,764 | |||||||||
Biological Assets
|
1,607,170 | - | 1,607,170 | |||||||||
Property, plant and equipment
|
9,313,801 | 2,719,498 | 12,033,299 | |||||||||
Intangible Assets
|
253,152 | 1,826,224 | 2,079,376 | |||||||||
Loan and financing
|
(5,579,218 | ) | (926,268 | ) | (6,505,486 | ) | ||||||
Suppliers
|
(471,495 | ) | (557,912 | ) | (1,029,407 | ) | ||||||
Taxes payable
|
(255,939 | ) | 35,550 | (220,389 | ) | |||||||
Other Liabilities
|
(2,918,758 | ) | (2,296,137 | ) | (5,214,895 | ) | ||||||
Non-controlling interests
|
(16,457 | ) | (35,527 | ) | (51,984 | ) | ||||||
Net assets at fair value (a):
|
7,264,378 | 4,424,085 | 11,688,463 | |||||||||
Cosan’s interest - 50%
|
3,632,190 | 2,212,042 | 5,844,232 | |||||||||
Goodwill allocated (a)
|
1,405,407 | 855,907 | 2,261,314 | |||||||||
Fair value of the remaining interest in joint ventures
|
5,037,597 | 3,067,949 | 8,105,546 |
22.
|
Gross Sales
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Gross revenue from sales of products and services
|
1,341 | 2,248,382 | 25,917,922 | 19,783,250 | ||||||||||||
Indirect taxes and deductions
|
(45 | ) | (144,304 | ) | (1,821,041 | ) | (1,719,770 | ) | ||||||||
Net revenue
|
1,296 | 2,104,078 | 24,096,881 | 18,063,480 |
23.
|
Expenses by nature
|
a)
|
Expenses by nature:
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Raw-material
|
(628 | ) | (1,236,418 | ) | (4,612,407 | ) | (3,657,462 | ) | ||||||||
Resale fuels
|
- | - | (15,060,815 | ) | (10,084,103 | ) | ||||||||||
Payroll
|
(49,582 | ) | (263,081 | ) | (568,061 | ) | (901,062 | ) | ||||||||
Commercial expenses
|
(1,365 | ) | (24,089 | ) | (535,439 | ) | (179,283 | ) | ||||||||
Transportation and loading
|
- | - | (401,339 | ) | (545,212 | ) | ||||||||||
Depreciation and amortization
|
(1,897 | ) | (79,190 | ) | (1,142,780 | ) | (742,307 | ) | ||||||||
Other expenses
|
(48,498 | ) | (319,248 | ) | (922,348 | ) | (607,652 | ) | ||||||||
(101,970 | ) | (1,922,026 | ) | (23,243,189 | ) | (16,717,081 | ) |
b)
|
Segregated as:
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cost of goods sold
|
(2,410 | ) | (1,499,465 | ) | (21,465,009 | ) | (15,150,079 | ) | ||||||||
Selling
|
- | (159,075 | ) | (1,136,286 | ) | (1,026,000 | ) | |||||||||
General and administrative
|
(99,560 | ) | (263,486 | ) | (641,894 | ) | (541,002 | ) | ||||||||
(101,970 | ) | (1,922,026 | ) | (23,243,189 | ) | (16,717,081 | ) |
24.
|
Financial results, net
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Financial Expense
|
||||||||||||||||
Interests
|
(311,776 | ) | (283,169 | ) | (542,322 | ) | (586,887 | ) | ||||||||
Monetary Variation
|
- | (10,765 | ) | (10,961 | ) | (81,341 | ) | |||||||||
Others
|
(19,344 | ) | (655 | ) | (28,952 | ) | (4,678 | ) | ||||||||
(331,120 | ) | (294,589 | ) | (582,235 | ) | (672,906 | ) | |||||||||
Financial Income
|
||||||||||||||||
Interests
|
26,218 | 39,524 | 48,562 | 63,791 | ||||||||||||
Monetary Variation
|
9,453 | 3,609 | 26,312 | 34,018 | ||||||||||||
Investments
|
35,212 | 10,217 | 131,117 | 90,345 | ||||||||||||
Others
|
114 | 371 | 603 | |||||||||||||
70,883 | 53,464 | 206,362 | 188,757 | |||||||||||||
Foreign exchange variation, net (1)
|
(337,079 | ) | 235,467 | (93,887 | ) | 282,705 | ||||||||||
Derivatives, net (2)
|
||||||||||||||||
Commodities derivatives
|
277,734 | 18,472 | 6,524 | |||||||||||||
Exchange rate and interest derivatives
|
79 | (5,497 | ) | (711 | ) | 34,984 | ||||||||||
Warranties in associates
|
(22,141 | ) | 13,248 | (22,141 | ) | 13,248 | ||||||||||
(22,062 | ) | 285,485 | (4,380 | ) | 54,756 | |||||||||||
(619,378 | ) | 279,827 | (474,140 | ) | (146,688 | ) |
(1)
|
Includes gains (losses) of foreign exchange rate over assets 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.
|
25.
|
Other Income (expense), net
|
Parent Company
|
Consolidated
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Other income
|
||||||||||||||||
Gain on disposal of property, plant and equipment
|
(48 | ) | 1,038 | 93,892 | 43,708 | |||||||||||
Revenue from the sale of scrap and waste
|
- | 2,310 | 2,862 | 6,950 | ||||||||||||
Rental and leasing income
|
800 | 2,745 | 57,197 | 4,111 | ||||||||||||
Reversal of loss of receivables
|
25,794 | - | 28,804 | - | ||||||||||||
Revenue from royalties
|
- | - | 19,739 | - | ||||||||||||
Revenue from customer base
|
- | - | 14,827 | - | ||||||||||||
Other Income
|
2,899 | - | 44,071 | 8,908 | ||||||||||||
29,445 | 6,093 | 261,392 | 63,677 | |||||||||||||
Other expense
|
||||||||||||||||
Provision for judicial demands
|
(70,661 | ) | (1,079 | ) | (80,835 | ) | (23,828 | ) | ||||||||
Internal costs on Rumo transaction
|
- | (18,758 | ) | (1,971 | ) | (20,319 | ) | |||||||||
Donations
|
- | (9,105 | ) | - | (12,335 | ) | ||||||||||
Expenses of subsidiaries acquisition and start up
|
- | (6,517 | ) | (9,497 | ) | (6,517 | ) | |||||||||
Other expense
|
(21,398 | ) | (18,577 | ) | (23,539 | ) | (34,506 | ) | ||||||||
(92,059 | ) | (54,036 | ) | (115,842 | ) | (97,505 | ) | |||||||||
(62,614 | ) | (47,943 | ) | 145,550 | (33,828 | ) |
26.
|
Financial Instruments
|
a)
|
Overview
|
·
|
Price risk
|
·
|
Foreign exchange rates
|
·
|
Interest rates
|
·
|
Credit risk
|
·
|
Liquidity risk
|
b)
|
Risk management structure
|
Notional
|
Fair Value
|
|||||||||||||||||||
March 31, 2012
|
March 31, 2011
|
March 31, 2012
|
March 31, 2011
|
Result (*)
|
||||||||||||||||
RAÍZEN ENERGIA
|
||||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||
Future agreements
|
1,194,225 | 24,377 | - | 24,377 | ||||||||||||||||
Option agreements
|
8,954 | 782 | - | 38 | ||||||||||||||||
25,159 | - | 24,415 | ||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||
Future agreements
|
490,949 | 1,682 | - | 1,431 | ||||||||||||||||
Option agreements
|
258,690 | 1,773 | - | 1,773 | ||||||||||||||||
Price risk
|
256,381 | 3,403 | - | 3,403 | ||||||||||||||||
6,858 | - | 6,607 | ||||||||||||||||||
Interest rate risk
|
||||||||||||||||||||
Derivative interest
|
318,868 | - | (1,495 | ) | - | (1,495 | ) | |||||||||||||
(1,495 | ) | - | (1,495 | ) | ||||||||||||||||
TOTAL Raízen Energia
|
30,522 | - | 29,527 | |||||||||||||||||
Consolidated Cosan (50% Raízen Energia)
|
15,261 | - | 14,764 | |||||||||||||||||
Derivatives in the Company and subsidiaries
|
||||||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||
Future agreements
|
- | 1,308,033 | - | (68,906 | ) | - | ||||||||||||||
Option agreements
|
- | 10,364 | - | (17,484 | ) | - | ||||||||||||||
- | (86,390 | ) | - | |||||||||||||||||
Price risk
|
||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||
Future agreements
|
- | (114,204 | ) | - | (117 | ) | - | |||||||||||||
Option agreements
|
325,029 | 694,599 | (5,282 | ) | 9,900 | (5,282 | ) | |||||||||||||
(5,282 | ) | 9,783 | (5,282 | ) | ||||||||||||||||
Total Cosan (including 50% Raízen Energia – where applicable)
|
9,979 | (76,607 | ) | 9,482 | ||||||||||||||||
Total of Assets
|
19,590 | 55,682 | ||||||||||||||||||
Total of Liabilities
|
(9,611 | ) | (132,289 | ) |
c)
|
Price Risk
|
Price Risk : derivatives of commodities open in March 31, 2012
|
|||||||||||||||||
Derivatives
|
Purchased / Sold
|
Market
|
Contract
|
Maturity
|
Notional (units)
|
Notional
(R$ thousand)
|
Fair Value
(R$ thousand)
|
||||||||||
Contracted financial Instruments by Raízen Energia
|
|||||||||||||||||
Composition of balances of derivative financial instruments designated in hedge accounting
|
|||||||||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-May-12
|
129,241 T
|
132,392
|
4,106
|
||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
440,050 T
|
434,844
|
13,778
|
||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Oct--12
|
551,358 T
|
534,580
|
5,901
|
||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Mar-13
|
110,851 T
|
109,453
|
223
|
||||||||||
Future
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-13
|
204 T
|
191
|
(5
|
) | |||||||||
Sub-total of future sugar sold
|
1,231,704 T
|
1,211,460
|
24,003
|
||||||||||||||
Composition of balances of derivative financial instruments non-designated in hedge accounting
|
|||||||||||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1- May-12
|
(25,808 T
|
) |
(25,589
|
) |
28
|
||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
(10,160 T
|
) |
(9,562
|
) |
160
|
||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Oct-12
|
(2,693 T
|
) |
(2,462
|
) |
120
|
||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-13
|
(1,422 T
|
) |
(1,338
|
) |
64
|
||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-13
|
(254 T
|
) |
(240
|
) |
8
|
||||||||
Future
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Jul-13
|
(203 T
|
) |
(187
|
) |
8
|
||||||||
Sub-total of future sugar purchased
|
(40,540 T
|
) |
(39,378
|
) |
388
|
||||||||||||
Sub-total of future sugar
|
1,191,164 T
|
1,172,082
|
24,391
|
||||||||||||||
Call
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-12
|
(5,080 T
|
) |
(57
|
) |
14
|
||||||||
Call
|
Purchased
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
(111,766 T
|
) |
(2,760
|
) |
269
|
||||||||
Sub-total of call purchased
|
(116,846 T
|
) |
(2,817
|
) |
283
|
||||||||||||
Call
|
Sold
|
NYBOT
|
Sugar#11
|
1-May-12
|
27,687 T
|
2,751
|
(11
|
) | |||||||||
Call
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
76,204 T
|
4,500
|
(184
|
) | |||||||||
Call
|
Sold
|
NYBOT
|
Sugar#11
|
1-Jul-12
|
35,562 T
|
1,820
|
(86
|
) | |||||||||
Sub-total of call sold
|
139,453 T
|
9,071
|
(281
|
) | |||||||||||||
Put
|
Purchased
|
NYBOT
|
Sugar#11
|
1-May-12
|
27,687 T
|
2,699
|
779
|
||||||||||
Sub-total of put purchased
|
27,687 T
|
2,699
|
779
|
||||||||||||||
Sub-total of options of sugar
|
8,953
|
781
|
|||||||||||||||
Future
|
Sold
|
BMFBovespa
|
ETH
|
30-Mar -12
|
16,560 m³
|
20,430
|
8
|
||||||||||
Future
|
Sold
|
BMFBovespa
|
ETH
|
30-Apr-12
|
18,210 m³
|
22,642
|
(18
|
) | |||||||||
Sub-total of future ethanol sold
|
34,770 m³
|
43,072
|
(10
|
) | |||||||||||||
Future
|
Purchased
|
BMFBovespa
|
ETH
|
|
30-Mar-12 |
(5,910 m³
|
) |
(7,473
|
) |
(3
|
) | ||||||
Future
|
Purchased
|
BMFBovespa
|
ETH |
|
30-Mar -12 |
(10,650 m³
|
) |
(13,456
|
) |
-
|
|||||||
Sub-total of future ethanol purchased
|
(16,560 m³
|
) |
(20,929
|
) |
(3
|
) | |||||||||||
Sub-total of future ethanol
|
18,210 m³
|
22,143
|
(13
|
) | |||||||||||||
Total of commodities
|
1,203,178
|
25,159
|
d)
|
Foreign Exchange risk
|
Price Risk : derivatives of foreign currencies open in March 31, 2012
|
|||||||||||||||||
Derivatives
|
Purchased / Sold
|
Market
|
Contract
|
Maturity
|
Notional (USD)
|
Notional
(R$ Thousand)
|
Fair Value
(R$ Thousand)
|
||||||||||
Financial instruments contracted by Raizen Energia
|
|||||||||||||||||
Composition of balances of derivative financial instruments designated in hedge accounting
|
|||||||||||||||||
Term
|
Sold
|
OTC/Cetip
|
NDF
|
02-Apr-12
|
141,000
|
258,690
|
1,773
|
||||||||||
Sub-total of term sold
|
141,000
|
258,690
|
1,773
|
||||||||||||||
Composition of balances of derivative financial instruments non-designated in hedge accounting
|
|||||||||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial Dollar
|
02-Apr-12
|
898,000
|
1,563,367
|
6,954
|
||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial Dollar
|
02-May-12
|
330,500
|
608,037
|
1,614
|
||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial Dollar
|
02-May-12
|
3,250
|
5,967
|
(3
|
) | |||||||||
Sub-total of future sold
|
1,231,750
|
2,177,371
|
8,565
|
||||||||||||||
Future
|
Purchased
|
BMFBovespa
|
Commercial Dollar
|
02-Apr-12
|
(922,000
|
) |
(1,685,044
|
) |
(6,882
|
) | |||||||
Future
|
Purchased
|
BMFBovespa
|
Commercial Dollar
|
02-May-12
|
(750
|
) |
(1,378
|
) |
(1
|
) | |||||||
Sub-total of future purchased
|
(922,750
|
) |
(1,686,422
|
) |
(6,883
|
) | |||||||||||
Exchange lock |
Sold
|
OTC
|
Exchange lock
|
02-Jul-12
|
20,000
|
38,254
|
1,121
|
||||||||||
Exchange lock |
Sold
|
|
OTC
|
|
Exchange lock
|
02-Jul-12
|
30,000
|
58,104
|
2,575
|
||||||||
Exchange lock
|
Sold
|
|
OTC
|
Exchange lock
|
06-Sep-12
|
20,000
|
36,044
|
(1,445
|
) | ||||||||
Exchange lock |
Sold
|
|
OTC
|
|
Exchange lock
|
13-Sep-12
|
40,250
|
74,881
|
(768
|
) | |||||||
Exchange lock |
Sold
|
|
OTC
|
|
Exchange lock
|
24-Sep-12
|
25,000
|
49,098
|
1,920
|
||||||||
135,250
|
256,381
|
3,403
|
|||||||||||||||
Total of exchange
|
585,250
|
1,006,020
|
6,858
|
Derivatives
|
Purchased / Sold |
Market
|
Contract
|
Maturity
|
Number of Contracts
|
Strike
|
Middle Price
|
Fair Price
|
Notional (USD)
|
Notional
(R$ mil)
|
Fair Value
(R$ thousand)
|
|||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-12
|
1 | - | 1.8944 | 1.8417 | (6,188 | ) | 11,722 | 348 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-12
|
1 | - | 1.6789 | 1.8417 | (4,197 | ) | 7,047 | (660 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-Aug-12
|
1 | - | 1.9358 | 1.8771 | (4,197 | ) | 7,239 | (597 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-Aug-12
|
1 | - | 1.7247 | 1.8771 | (6,188 | ) | 11,978 | 389 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
1-Nov-12
|
1 | - | 1.9780 | 1.9166 | (4,197 | ) | 7,390 | (563 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
1-Nov-12
|
1 | - | 1.7607 | 1.9166 | (6,188 | ) | 12,239 | 455 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-13
|
1 | - | 2.0209 | 1.9508 | (4,197 | ) | 7,546 | (524 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-13
|
1 | - | 1.7978 | 1.9508 | (6,188 | ) | 12,504 | 525 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-May-13
|
1 | - | 2.0589 | 1.9737 | (4,197 | ) | 7,696 | (472 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
3-May-13
|
1 | - | 1.8336 | 1.9737 | (6,188 | ) | 12,739 | 597 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-Aug-13
|
1 | - | 2.1005 | 2.0103 | (4,197 | ) | 7,859 | (430 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-Aug-13
|
1 | - | 1.8724 | 2.0103 | (6,188 | ) | 12,997 | 653 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-13
|
1 | - | 2.1424 | 2.0480 | (4,197 | ) | 8,032 | (386 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-13
|
1 | - | 1.9137 | 2.0480 | (6,188 | ) | 13,256 | 699 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-14
|
1 | - | 2.1852 | 2.0850 | (4,197 | ) | 8,190 | (358 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-14
|
1 | - | 1.9513 | 2.0850 | (6,188 | ) | 13,521 | 747 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-May-14
|
1 | - | 2.2211 | 2.1210 | (4,197 | ) | 8,340 | (329 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
2-May-14
|
1 | - | 1.9870 | 2.1210 | (6,188 | ) | 13,743 | 770 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-14
|
1 | - | 2.2630 | 2.1610 | (4,197 | ) | 8,507 | (288 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-14
|
1 | - | 2.0268 | 2.1610 | (6,188 | ) | 14,002 | 820 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-14
|
1 | - | 2.3048 | 2.2002 | (4,197 | ) | 8,666 | (250 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-14
|
1 | - | 2.0648 | 2.2002 | (6,188 | ) | 14,261 | 876 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-15
|
1 | - | 2.3429 | 2.2394 | (4,197 | ) | 8,813 | (221 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Feb-15
|
1 | - | 2.0997 | 2.2394 | (6,188 | ) | 14,497 | 915 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-15
|
1 | - | 2.3800 | 2.2564 | (4,197 | ) | 8,942 | (201 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-May-15
|
1 | - | 2.1305 | 2.2564 | (6,188 | ) | 14,726 | 957 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-15
|
1 | - | 2.4247 | 2.2564 | (4,197 | ) | 9,089 | (169 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Aug-15
|
1 | - | 2.1656 | 2.2564 | (6,188 | ) | 15,003 | 1,032 | ||||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-15
|
1 | - | 2.4653 | 2.2564 | (4,197 | ) | 9,231 | (140 | ) | |||||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
4-Nov-15
|
1 | - | 2.1994 | 2.2564 | (6,188 | ) | 15,254 | 1,087 | ||||||||||||||||||||||
(155,775 | ) | 325,029 | 5,282 |
Consolidated
|
||||||||||||||||||
2012
|
2011
|
|||||||||||||||||
R$ |
US$ (in thousands)
|
R$ |
US$ (in thousands)
|
|||||||||||||||
Cash and Cash equivalent
|
24,426 | 13,406 | 191,098 | 117,332 | ||||||||||||||
Restrict Cash
|
45,976 | 25,232 | 126,872 | 77,898 | ||||||||||||||
Accounts receivable from abroad
|
164,681 | 90,380 | 7,556 | 4,639 | ||||||||||||||
Related Parties (Shell)
|
436,362 | 239,483 | - | - | ||||||||||||||
Debts
|
(2,730,076 | ) | (1,498,314 | ) | (3,750,783 | ) | (2,302,927 | ) | ||||||||||
Net foreign currency Exchange
|
(2,058,631 | ) | (1,129,813 | ) | (3,425,257 | ) | (2,103,058 | ) |
e)
|
Effect of Hedge Accounting
|
Expected period to affect P&L
|
|||||||||||||||||
Derivative
|
Market
|
Risk
|
2012/2013 | 2013/2014 |
Total
|
||||||||||||
Future
|
OTC / NYBOT
|
#11 | 40,543 | 564 | 41,107 | ||||||||||||
NDF
|
OTC / CETIP
|
USD
|
1,663 | - | 1,663 | ||||||||||||
42,206 | 564 | 42,770 | |||||||||||||||
(-) Deferred income tax
|
(14,350 | ) | (192 | ) | (14,542 | ) | |||||||||||
Effect on the Raizen Equity
|
27,856 | 372 | 28,228 | ||||||||||||||
Effect on equity of Cosan (50%)
|
14,114 |
Hedge Cash flow
|
2012
|
|||
Balance at March 31, 2011
|
(143,298 | ) | ||
Gain/(losses) of cash flow hedges for the period:
|
||||
Commodities futures and swap contracts
|
5,414 | |||
Currency forward contracts
|
38,286 | |||
Reclassification adjustments for losses / gains included in the income statement
|
36,815 | |||
Write off of OCI due to the formation of JV
|
157,988 | |||
Total before tax effect
|
238,503 | |||
Tax effect on gain/(losses) of cash flow hedges for the period – 34%
|
(81,091 | ) | ||
Balance at March 31, 2012
|
14,114 |
f)
|
Exchange rate risk
|
Price Risk : derivatives of interests open in March 31, 2012
|
||||||||||||
Derivatives
|
Asset / Liabilities
|
Market
|
Maturity
|
Notional
|
Notional
|
Fail Value
|
||||||
(US$ Thousands)
|
(R$ Thousand)
|
(R$ Thousand)
|
||||||||||
Interests rate Swap
|
Libor 3M / pré
|
OTC
|
Jan-16
|
175,000
|
318,868
|
(1,495)
|
||||||
Total of interests
|
175,000
|
318,868
|
(1,495)
|
g)
|
Credit risk
|
h)
|
Liquidity risk
|
Liquidity risk is the risk that the Company, its subsidiaries and jointly-controlled entities will encounter difficulties in meeting the obligations associated with its derivative financial liabilities that are settled with cash payments or other financial assets. The approach of the Company, its subsidiaries and jointly-controlled entities liquidity management is to ensure, as much as possible, which always has sufficient liquidity to meet its obligations to win, under normal and stress, without causing unacceptable losses or risk damaging the reputation of the Company, its subsidiaries and jointly-controlled entities.
|
i)
|
Fair value
|
·
|
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
|
|||||||||
March 31, 2012
|
||||||||||||
Warrants Radar
|
- | 140,820 | 140,820 | |||||||||
Derivative financial assets
|
17,002 | 2,588 | 19,590 | |||||||||
Derivative financial liabilities
|
(8,864 | ) | (748 | ) | (9,611 | ) | ||||||
Total
|
8,139 | 142,660 | 150,799 | |||||||||
March 31, 2011
|
||||||||||||
Warrants Radar,
|
- | 162,961 | 162,961 | |||||||||
Derivative financial assets
|
35,577 | 20,105 | 55,682 | |||||||||
Derivative financial liabilities
|
(122,084 | ) | (10,205 | ) | (132,289 | ) | ||||||
Total
|
(86,507 | ) | 172,861 | 86,354 |
j)
|
Sensitivity analysis
|
Impacts on results (*)
|
|||||||||||||
Risk factor
|
Probable Scenario
|
Possible Scenario (25%)
|
Remote Scenario (50%)
|
||||||||||
Price risk
|
|||||||||||||
Commodity derivatives
|
|||||||||||||
Future agreements
|
|||||||||||||
Selling agreements
|
Increase of the sugar price
|
12,001 | (148,432 | ) | (296,864 | ) | |||||||
Purchasing agreements
|
Decrease of the sugar price
|
194 | (4,971 | ) | (9,941 | ) | |||||||
Selling agreements
|
Increase of the Ethanol Hydrated price
|
(5 | ) | (5,518 | ) | (11,035 | ) | ||||||
Purchasing agreements
|
Decrease of the Ethanol Hydrated price
|
(1 | ) | (3,998 | ) | (7,996 | ) | ||||||
Option agreements:
|
|||||||||||||
Calls Purchased
|
Decrease of the sugar price
|
142 | (142 | ) | (142 | ) | |||||||
Calls Sold
|
Increase of the sugar price
|
(140 | ) | (3,835 | ) | (15,945 | ) | ||||||
Puts Purchased
|
Increase of the sugar price
|
389 | (389 | ) | (389 | ) | |||||||
Exchange rate risk
|
|||||||||||||
Exchange rate derivatives
|
|||||||||||||
Future agreements:
|
|||||||||||||
Selling agreements
|
Increase of the exchange rate R$/US$
|
4,157 | (130,685 | ) | (260,079 | ) | |||||||
Purchasing agreements
|
Decrease of the exchange rate R$/US$
|
(3,441 | ) | (209,824 | ) | (420,339 | ) | ||||||
Forward agreements:
|
|||||||||||||
Selling agreements
|
Increase of the exchange rate R$/US$
|
(4,395 | ) | (32,103 | ) | (64,206 | ) | ||||||
Exchange lock:
|
|||||||||||||
Selling agreements
|
Increase of the exchange rate R$/US$
|
1,701 | (30,592 | ) | (61,185 | ) | |||||||
Option agreements:
|
|||||||||||||
Interest rate risk
|
|||||||||||||
Derivatives Interest
|
|||||||||||||
Swap agreement
|
Decrease in Libor curve
|
(747 | ) | (1,100 | ) | (2,208 | ) |
k)
|
Capital management
|
27.
|
Pension and other post-employment benefits plan
|
2012
|
2011
|
|||||||
Futura
|
34,725 | 24,380 | ||||||
Other
|
2,587 | - | ||||||
Total
|
37,312 | 24,380 |
a)
|
Pension Plan
|
b)
|
Actuarial Liability
|
2012
|
2011
|
|||||||
Present value of actuarial obligation at beginning of year
|
(383,823 | ) | (325,534 | ) | ||||
Interest costs
|
(38,345 | ) | (35,107 | ) | ||||
Current service cost
|
(455 | ) | (4,445 | ) | ||||
Benefits paid
|
27,845 | 24,637 | ||||||
Settlement / curtailment
|
54,779 | - | ||||||
Actuarial loss on obligation at beginning of year
|
(22,716 | ) | (43,374 | ) | ||||
Present value of actuarial obligation at end of the year
|
(362,715 | ) | (383,823 | ) | ||||
Fair value of plan assets at beginning of the year
|
359,443 | 347,703 | ||||||
Expected return on plan assets
|
39,000 | 35,918 | ||||||
Contributions received by the fund
|
3,282 | 8,702 | ||||||
Benefits Paid
|
(27,846 | ) | (24,637 | ) | ||||
Effect of migration to defined contribution - Settlement
|
(32,226 | ) | - | |||||
Loss in fair value of assets
|
(13,663 | ) | (8,243 | ) | ||||
Fair value of plan assets at year-end
|
327,990 | 359,443 | ||||||
Present value of liabilities in excess fair value of assets
|
(34,725 | ) | (24,380 | ) |
Expense recognized in profit or loss:
|
2012
|
2011
|
||||||
Current service cost
|
(455 | ) | (4,445 | ) | ||||
Interest on obligation
|
(38,345 | ) | (35,107 | ) | ||||
Expected return on plan assets
|
39,000 | 35,918 | ||||||
200 | (3,634 | ) |
2012
|
2011
|
||
Amount accumulated at April 1
|
(22,621)
|
(42,056)
|
|
Unrecognized gains
|
36,379
|
29,447
|
|
Deferred Income Tax
|
(12,369)
|
(10,012)
|
|
Amount accumulated at March 31st
|
1,389
|
(22,621)
|
2012
|
2011
|
|||||||||||||||
Amount
|
Percentage
|
Amount
|
Percentage
|
|||||||||||||
CDBs – Bank Deposits
|
245,993 | 75 | % | 268,863 | 74.80 | % | ||||||||||
Equity securities of Brazilian public entities
|
81,997 | 25 | % | 90,580 | 25.20 | % | ||||||||||
Total
|
327,990 | 100 | % | 359,443 | 100 | % |
Defined benefit plan
|
2012
|
2011
|
|
Actuarial valuation method
|
Projected unit credit
|
Projected unit credit
|
|
Mortality table
|
AT 83 segregated by sex, decreased by 10%
|
AT 83 segregated by sex, decreased by 10%
|
|
Discount rate for actuarial liability
|
Interest: 9.68% p.a. + inflation: 4.20% % p.a.
|
Interest: 10.77% p.a. + inflation: 4.50% p.a.
|
|
Expected rate of return on plan assets
|
Interest: 11.30% p.a. + inflation: 4.20% p.a.
|
Interest: 11.20% p.a. + inflation: 4.50% p.a.
|
|
Salary growth rate
|
Non - Applicable
|
6.07% + inflation: 4.50% p.a.
|
|
Increase rate of estimated benefits
|
0.00% p.a. + inflation: 4.20% p.a.
|
0.00% p.a. + inflation: 4.50% p.a.
|
28.
|
Share-Based Payments
|
Options granted on August 18, 2011
Tranche A
|
Options granted on August 18, 2011
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
|
29.
|
Segment information (consolidated)
|
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 of sugar for both Raizen Energia and third parties.
|
(iv)
|
Cosan Alimentos: sale of food, mainly, of sugar in the retail under the brands “União” and “Da Barra”.
|
(v)
|
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.
|
2012
|
|||||||||||||||||||||||||||||||||||||
Balance Sheet:
|
Raizen Energia (*)
|
Raizen Combustiveis (*)
|
Cosan Alimentos
|
Rumo
|
Cosan other business
|
Eliminations 50% Raizen
|
Adjustments / Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||
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 Long term debt, net of cash and equivalent cash
|
(4,404,761 | ) | (603,447 | ) | 29,834 | (217,575 | ) | (706,063 | ) | 2,504,104 | - | (3,397,908 | ) | ||||||||||||||||||||||||
Other assets and liabilities, net
|
1,839,138 | 252,124 | 142,455 | (52,175 | ) | 9,449,796 | (1,045,631 | ) | (10,370,643 | ) | 215,063 | ||||||||||||||||||||||||||
Total assets (net of liabilities) allocated by segment
|
10,090,202 | 6,357,219 | 301,859 | 1,214,682 | 10,255,262 | (4,760,837 | ) | (13,842,013 | ) | 9,616,374 | |||||||||||||||||||||||||||
Total asset
|
19,979,070 | 11,559,239 | 408,966 | 2,029,954 | 15,994,737 | (15,769,155 | ) | (12,078,676 | ) | 22,124,135 | |||||||||||||||||||||||||||
Profit (loss) for the year:
|
|||||||||||||||||||||||||||||||||||||
Net Operating Income
|
7,247,685 | 35,096,051 | 706,431 | 571,989 | 1,065,515 | (19,711,867 | ) | (878,923 | ) | 24,096,881 | |||||||||||||||||||||||||||
Domestic Market
|
3,925,829 | 35,096,051 | 706,431 | 567,265 | 1,065,515 | (18,166,988 | ) | (878,923 | ) | 22,315,180 | |||||||||||||||||||||||||||
Foreign Market
|
3,321,856 | - | - | 4,724 | - | (1,544,879 | ) | - | 1,781,701 | ||||||||||||||||||||||||||||
Gross profit
|
1,668,941 | 1,958,726 | 129,073 | 177,923 | 332,646 | (1,635,437 | ) | - | 2,631,872 | ||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(965,440 | ) | (1,445,358 | ) | (96,001 | ) | (41,541 | ) | (320,343 | ) | 1,090,503 | - | (1,778,180 | ) | |||||||||||||||||||||||
Other operating income, net
|
- | - | - | - | 3,196,632 | - | - | 3,196,632 | |||||||||||||||||||||||||||||
Financial income, net
|
(18,207 | ) | 270,736 | 23,114 | 19,461 | (12,035 | ) | (129,023 | ) | (8,496 | ) | 145,550 | |||||||||||||||||||||||||
Income tax and social contribution
|
(267,934 | ) | (82,203 | ) | 1,911 | 8,992 | (356,292 | ) | 221,386 | - | (474,140 | ) | |||||||||||||||||||||||||
Net income
|
(27,250 | ) | (192,056 | ) | 6,156 | (55,035 | ) | (935,179 | ) | 93,152 | - | (1,110,212 | ) | ||||||||||||||||||||||||
Profit (loss) for the year:
|
378,269 | 525,916 | 64,253 | 109,801 | 2,775,139 | (353,500 | ) | (855,088 | ) | 2,644,790 | |||||||||||||||||||||||||||
Other selected information:
|
|||||||||||||||||||||||||||||||||||||
Additions to PP&E, intangible assets and biological assets (cash)
|
2,577,859 | 491,734 | 2,860 | 268,985 | 99,473 | (1,291,124 | ) | (13,270 | ) | 2,136,517 | |||||||||||||||||||||||||||
Depreciation and amortization (including the effect of biological assets)
|
1,549,993 | 365,603 | 1,716 | 57,323 | 48,329 | (880,184 | ) | - | 1,142,780 |
2011
|
||||||||||||||||||||||||
Raizen Energia (*)
|
Raizen Combustiveis (*)
|
Rumo
|
Cosan other business
|
Adjustments / Eliminations
|
Consolidated
|
|||||||||||||||||||
Balance Sheet:
|
||||||||||||||||||||||||
Property, plant and equipment
|
5,962,230 | 862,185 | 931,997 | 224,112 | - | 7,980,524 | ||||||||||||||||||
Intangible
|
1,644,350 | 528,653 | 358,287 | 914,384 | - | 3,445,674 | ||||||||||||||||||
Loans and Long term debt, net of cash and equivalent cash
|
(4,723,833 | ) | (589,229 | ) | (99,829 | ) | (524,334 | ) | - | (5,937,225 | ) | |||||||||||||
Other assets and liabilities, net
|
(1,826,735 | ) | (238,736 | ) | (173,826 | ) | 6,655,159 | (3,120,489 | ) | 1,295,373 | ||||||||||||||
Total assets (net of liabilities) allocated by segment
|
1,056,012 | 562,873 | 1,016,629 | 7,269,321 | (3,120,489 | ) | 6,784,346 | |||||||||||||||||
Total asset
|
8,567,722 | 1,777,299 | 1,713,112 | 9,915,149 | (3,228,626 | ) | 18,744,656 | |||||||||||||||||
Profit (loss) for the year:
|
||||||||||||||||||||||||
Net Operating Income
|
6,389,178 | 10,966,245 | 448,003 | 829,032 | (568,978 | ) | 18,063,480 | |||||||||||||||||
Domestic Market
|
3,678,207 | 10,966,245 | 448,003 | 829,032 | (568,978 | ) | 15,352,509 | |||||||||||||||||
Foreign Market
|
2,710,971 | - | - | - | - | 2,710,971 | ||||||||||||||||||
Gross profit
|
1,988,662 | 466,989 | 131,469 | 314,131 | 12,150 | 2,913,401 | ||||||||||||||||||
Selling, general and administrative expenses
|
(961,407 | ) | (372,438 | ) | (28,951 | ) | (202,570 | ) | (1,636 | ) | (1,567,002 | ) | ||||||||||||
Other operating income, net
|
(65,415 | ) | 33,754 | 9,936 | (1,977 | ) | (10,126 | ) | (33,828 | ) | ||||||||||||||
Financial income, net
|
(101,755 | ) | (22,441 | ) | 13,047 | (35,539 | ) | - | (146,688 | ) | ||||||||||||||
Income tax and social contribution
|
(305,977 | ) | (40,490 | ) | (42,865 | ) | (25,176 | ) | - | (414,508 | ) | |||||||||||||
Net income
|
833,343 | (126,368 | ) | 62,543 | 240,611 | (238,564 | ) | 771,565 | ||||||||||||||||
Other selected information:
|
||||||||||||||||||||||||
Additions to PP&E, intangible assets and biological assets (cash)
|
2,817,195 | 83,266 | 126,189 | 10,569 | - | 3,037,219 | ||||||||||||||||||
Depreciation and amortization (including the effect of biological assets)
|
1,266,142 | 35,798 | 20,157 | 36,903 | - | 1,359,000 |
2012
|
2011
|
|||||||
Raízen Energia
|
||||||||
Sugar
|
3,912,824 | 3,853,404 | ||||||
Ethanol
|
2,871,515 | 2,203,737 | ||||||
Cogeneration
|
235,129 | 194,889 | ||||||
Other
|
228,217 | 137,148 | ||||||
7,247,685 | 6,389,178 | |||||||
Raízen Combustiveis
|
||||||||
Combustível
|
35,032,782 | 10,895,655 | ||||||
Other
|
63,269 | 70,590 | ||||||
35,096,051 | 10,966,245 | |||||||
Alimentos
|
||||||||
Amorphous
|
631,532 | - | ||||||
Crystal
|
39,013 | - | ||||||
Other
|
35,885 | - | ||||||
706,430 | - | |||||||
Rumo
|
||||||||
Elevation
|
141,026 | 118,139 | ||||||
Transports
|
413,364 | 305,780 | ||||||
Other
|
17,598 | 24,084 | ||||||
571,988 | 448,003 | |||||||
Cosan – other business
|
||||||||
Lubrificantes
|
1,018,801 | 829,032 | ||||||
Other
|
46,714 | - | ||||||
1,065,515 | 829,032 | |||||||
Adjustments / Eliminations
|
(20,590,788 | ) | (568,978 | ) | ||||
Total
|
24,096,881 | 18,063,480 |
b)
|
Net Sales per region
|
2012
|
2011
|
|||||||
Brazil
|
67.24 | % | 72.63 | % | ||||
Europe
|
24.18 | % | 24.93 | % | ||||
Latin America (Except Brazil)
|
3.52 | % | ||||||
Middle East and Asia
|
1.00 | % | 1.48 | % | ||||
North America
|
2.94 | % | 0.74 | % | ||||
Other
|
1.12 | % | 0.22 | % | ||||
Total
|
100.00 | % | 100.00 | % |
c)
|
Concentration of customers
|
30.
|
Subsequent Events
|
a.
|
Companhia de Gas de Sao Paulo - Comgás
|
b.
|
Association with Camil Alimentos S.A. – Camil
|
COSAN LIMITED
|
|||||
Date:
|
June 4, 2012
|
By:
|
/s/ Marcelo Eduardo Martins
|
||
Name:
|
Marcelo Eduardo Martins
|
||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|