Form 20-F
|
X
|
Form 40-F
|
___ |
Yes
|
___ |
No
|
X
|
Yes
|
___ |
No
|
X
|
Item
|
|
1. | Notice to the Market dated February 28, 2013 |
2.
|
Revised Earnings Release dated February 28, 2013 for Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
|
COSAN S.A. INDÚSTRIA E COMÉRCIO
Corporate Taxpayers' ID (CNPJ/MF): 50.746.577/0001-15
Company Registry (N.I.R.E.) 35.300.177.045
Publicly Held Company
|
COSAN LIMITED
BDR Issuer
CNPJ/MF nº08.887.330/0001-52
|
Investor Relations
Marcelo Martins
CFO & IRO
Guilherme Machado
IR Manager
Phillipe Casale
IR Analyst
E-mail: ri@cosan.com.br
Website: www.cosan.com.br/ir
|
3Q13 Highlights
● Consolidated Net Revenue reaches R$8.4 billion
● Raízen Combustíveis records EBITDA Margin of R$78.3/cbm (net of non-recurring effects)
· Raízen Energia closes quarter with crushing of 17.8 million tonnes
● Rumo records EBITDA of R$98.9 million with EBITDA margin of 44.6%
· Beginning of consolidation of Comgás results
|
Summary of Financial Information – Cosan Consolidated
|
||||||||
3Q13
|
|
3Q12
|
|
Amounts in R$ MM
|
YTD13
|
YTD12
|
||
8,397.1
|
6,310.7
|
Net Revenue
|
21,555.0
|
18,303.0
|
||||
1,057.2
|
639.8
|
Gross Profit
|
2,303.4
|
1,989.7
|
||||
12.6
|
%
|
10.1
|
%
|
Gross Margin (%)
|
10.7
|
%
|
10.9
|
%
|
560.3
|
240.0
|
Operating Profit
|
1,069.6
|
4,047.5
|
||||
1,016.2
|
494.6
|
EBITDA
|
2,162.2
|
4,971.3
|
||||
12.1
|
%
|
7.8
|
%
|
EBITDA Margin (%)
|
10.0
|
%
|
27.2
|
%
|
-
|
-
|
Gross Effects of Raízen's Formation
|
-
|
3,296.9
|
||||
1,016.2
|
494.6
|
Adjusted EBITDA¹
|
2,162.2
|
1,674.3
|
||||
12.1
|
%
|
7.8
|
%
|
Adjusted EBITDA Margin (%)
|
10.0
|
%
|
9.1
|
%
|
448.1
|
106.7
|
Net Income before non-controlling Interest
|
751.6
|
2,496.0
|
||||
342.3
|
93.8
|
Net Income
|
608.5
|
2,456.3
|
||||
-
|
-
|
Net Effects of Raízen's Formation
|
-
|
2,131.8
|
||||
342.3
|
93.8
|
Adjusted Net Income ¹
|
608.5
|
324.5
|
||||
4.1
|
%
|
1.5
|
%
|
Net Adjusted Margin (%)
|
2.8
|
%
|
13.4
|
%
|
555.5
|
453.3
|
CAPEX²
|
1,348.2
|
1,523.3
|
||||
8,832.9
|
3,619.9
|
Net Debt
|
8,832.9
|
3,619.9
|
||||
13,462.9
|
9,433.4
|
Shareholders' Equity and Minority Shareholders
|
13,462.9
|
9,433.4
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Results by Business Unit
|
3Q13 | |||||||||||||||||
Raízen
|
Raízen
|
Other | Elimination 50% |
Adjustments and
|
||||||||||||||
Comgás
|
Combustíveis | Energia |
Rumo
|
Radar
|
Business
|
Raízen | Eliminations |
Consolidated
|
||||||||||
Amounts in R$ MM
|
||||||||||||||||||
Net Revenue
|
951.2
|
11,383.8
|
2,605.4
|
221.6
|
15.6
|
377.9
|
(6,994.6
|
)
|
(163.8
|
)
|
8,397.1
|
|||||||
Cost of Goods and Services
|
(705.9
|
)
|
(10,773.2
|
)
|
(2,028.8
|
)
|
(121.4
|
)
|
-
|
(275.3
|
)
|
6,401.0
|
163.8
|
(7,339.9
|
)
|
|||
Gross Profit
|
245.3
|
610.5
|
576.6
|
100.1
|
15.6
|
102.6
|
(593.6
|
)
|
-
|
1,057.2
|
||||||||
Gross Margin(%)
|
25.8
|
%
|
5.4
|
%
|
22.1
|
%
|
45.2
|
%
|
100.0
|
%
|
0.3
|
%
|
0.0
|
%
|
-
|
12.6
|
%
|
|
Selling Expenses
|
(108.2
|
)
|
(275.9
|
)
|
(186.1
|
)
|
-
|
-
|
(56.1
|
)
|
231.0
|
-
|
(395.4
|
)
|
||||
General and Administrative Expenses
|
(57.2
|
)
|
(87.1
|
)
|
(123.2
|
)
|
(15.2
|
)
|
(6.1
|
)
|
(57.8
|
)
|
105.1
|
-
|
(241.5
|
)
|
||
Other Operating Revenues (Expenses)
|
(0.9
|
)
|
114.1
|
10.2
|
(3.9
|
)
|
86.9
|
(4.5
|
) |
(62.2
|
)
|
-
|
139.9
|
|||||
Depreciation and amortization
|
78.1
|
131.0
|
556.2
|
17.8
|
0.2
|
16.1
|
(343.6
|
)
|
-
|
455.9
|
||||||||
EBITDA
|
157.1
|
492.7
|
833.7
|
98.9
|
96.6
|
0.4
|
(663.2
|
)
|
-
|
1,016.2
|
||||||||
EBITDA Margin (%)
|
16.5
|
%
|
4.3
|
%
|
32.0
|
%
|
44.6
|
%
|
620.4
|
%
|
0.1
|
%
|
-
|
-
|
12.1
|
%
|
||
EBITDA Margin (R$/cbm)
|
-
|
86.0
|
-
|
-
|
-
|
-
|
-
|
-
|
86.0
|
|||||||||
Results by Business Unit
|
YTD13
|
|||||||||||||||||
Raízen
|
Raízen
|
Other | Elimination 50% |
Adjustments and
|
||||||||||||||
Comgás | Combustíveis | Energia | Rumo | Radar |
Business
|
Raízen
|
Eliminations | Consolidated | ||||||||||
Amounts in R$ MM
|
||||||||||||||||||
Net Revenue
|
951.2
|
32,585.1
|
6,117.9
|
544.4
|
36.5
|
1,064.9
|
(19,351.5
|
)
|
(393.5
|
)
|
21,555.0
|
|||||||
Cost of Goods and Services
|
(705.9
|
)
|
(30,847.4
|
)
|
(4,791.0
|
)
|
(325.4
|
)
|
(1.7
|
)
|
(792.8
|
)
|
17,819.2
|
393.5
|
(19,251.5
|
)
|
||
Gross Profit
|
245.3
|
1,737.7
|
1,326.9
|
219.0
|
34.7
|
272.1
|
(1,532.3
|
)
|
-
|
2,303.4
|
||||||||
Gross Margin(%)
|
25.8
|
%
|
5.3
|
%
|
21.7
|
%
|
40.2
|
%
|
95.2
|
%
|
-
|
|
-
|
|
-
|
10.7
|
%
|
|
Selling Expenses
|
(108.2
|
)
|
(761.1
|
)
|
(442.1
|
)
|
-
|
-
|
(152.7
|
)
|
601.6
|
-
|
(862.6
|
)
|
||||
General and Administrative Expenses
|
(57.2
|
)
|
(269.0
|
)
|
(354.9
|
)
|
(41.4
|
)
|
(10.1
|
)
|
(154.2
|
)
|
312.0
|
-
|
(574.8
|
)
|
||
Other Operating Revenues (Expenses)
|
(0.9
|
)
|
152.2
|
23.2
|
(1.5
|
)
|
89.9
|
28.3
|
(87.7
|
)
|
-
|
203.6
|
||||||
Depreciation and amortization
|
78.1
|
375.8
|
1,458.5
|
51.5
|
0.7
|
45.1
|
(917.2
|
)
|
-
|
1,092.6
|
||||||||
EBITDA
|
157.1
|
1,235.6
|
2,011.6
|
227.6
|
115.2
|
38.6
|
(1,623.6
|
)
|
-
|
2,162.2
|
||||||||
EBITDA Margin (%)
|
16.5
|
%
|
3.8
|
%
|
32.9
|
%
|
41.8
|
%
|
316.0
|
%
|
3.6
|
%
|
0.0
|
%
|
-
|
|
10.0
|
%
|
EBITDA Margin (R$/cbm)
|
-
|
74.2
|
-
|
-
|
-
|
-
|
-
|
-
|
74.2
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Book
|
Sales Breakdown
|
Book
|
Pro Forma
|
||||||
3Q13
|
|
3Q12
|
|
Chg.
|
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | |
11,383.8
|
10,083.2
|
12.9
|
%
|
Net Operating Revenue
|
32,585.1
|
29,709.8
|
9.7
|
%
|
||
11,383.8
|
10,083.2
|
12.9
|
%
|
Fuel Sales
|
32,585.1
|
29,687.9
|
9.8
|
%
|
||
649.3
|
600.7
|
8.1
|
%
|
Ethanol
|
1,743.6
|
1,793.1
|
-2.8
|
%
|
||
4,666.4
|
4,316.7
|
8.1
|
%
|
Gasoline
|
13,282.0
|
12,443.8
|
6.7
|
%
|
||
4,667.5
|
3,889.9
|
20.0
|
%
|
Diesel
|
13,380.6
|
11,854.7
|
12.9
|
%
|
||
1,245.3
|
1,116.2
|
11.6
|
%
|
Aviation
|
3,726.9
|
3,136.2
|
18.8
|
%
|
||
155.3
|
159.7
|
-2.8
|
%
|
Other Products
|
452.1
|
460.2
|
-1.7
|
%
|
||
-
|
-
|
0.0
|
%
|
Other Services
|
-
|
21.9
|
-
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Pro Forma
|
COGS
|
Book
|
Pro Forma
|
|||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | |||
(10,773.2
|
)
|
(9,530.8
|
)
|
13.0
|
%
|
Fuel Sales
|
(30,847.4
|
)
|
(28,131.9
|
)
|
9.7
|
%
|
|
Average Unitary Cost
|
(R$/cbm)
|
||||||||||||
(1,881
|
)
|
(1,800
|
)
|
4.5
|
%
|
Fuel Sales
|
(1,852
|
)
|
(1,790
|
)
|
3.5
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Pro Forma
|
Gross Profit
|
Book
|
Pro Forma
|
||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
610.5
|
552.4
|
10.5
|
%
|
Gross Profit
|
1,737.7
|
1,577.9
|
10.1
|
%
|
||||
5.4
|
%
|
5.5
|
%
|
-0.1
|
p.p.
|
Gross Margin (%)
|
5.3
|
%
|
5.3
|
%
|
0.0
|
p.p
|
106.6
|
104.3
|
2.2
|
%
|
Gross Margin (R$/cbm)
|
104.3
|
100.4
|
3.9
|
%
|
Selling, General & Administrative
|
||||||||||||
Book
|
Pro Forma
|
Expenses |
Book
|
Pro Forma
|
||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(275.9
|
)
|
(320.3
|
)
|
-13.8
|
%
|
Selling Expenses
|
(761.1
|
)
|
(851.2
|
)
|
-10.6
|
%
|
(87.1
|
)
|
(55.1
|
)
|
58.1
|
%
|
General and Administrative Expenses
|
(269.0
|
)
|
(245.5
|
)
|
9.6
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Pro Forma
|
EBITDA
|
Book
|
Pro Forma
|
||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
492.7
|
347.6
|
41.7
|
%
|
EBITDA
|
1,235.6
|
954.0
|
29.5
|
%
|
||||
4.3
|
%
|
3.4
|
%
|
0.9
|
p.p
|
Margin EBITDA(%)
|
3.8
|
%
|
3.2
|
%
|
0.6
|
p.p
|
86.0
|
65.6
|
31.0
|
%
|
Margin EBITDA (R$/cbm)
|
74.2
|
60.7
|
22.2
|
%
|
Book
|
Pro Forma
|
CAPEX
|
Book
|
Pro Forma
|
||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% |
165.8
|
181.2
|
-8.5
|
%
|
CAPEX
|
523.7
|
303.2
|
72.7
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Operational Figures
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
YTD13
|
YTD12
|
Chg.
|
% | |||
17,843
|
8,219
|
117.1
|
%
|
Crushed Sugarcane
|
56,221
|
52,959
|
6.2
|
%
|
||||
9,231
|
4,097
|
125.3
|
%
|
Own (‘000 tonnes)
|
28,299
|
26,528
|
6.7
|
%
|
||||
8,612
|
4,121
|
109.0
|
%
|
Suppliers (‘000 tonnes)
|
27,922
|
26,430
|
5.6
|
%
|
||||
125.2
|
143.6
|
-12.8
|
%
|
Sugarcane TRS (kg/tonne)
|
133.4
|
136.7
|
-2.4
|
%
|
||||
88.9
|
%
|
86.3
|
%
|
2.6
|
p.p
|
Mechanization (%)
|
91.7
|
%
|
86.1
|
%
|
5.6
|
p.p
|
Production
|
||||||||||||
1,361
|
656
|
107.5
|
%
|
Sugar
|
4,162
|
3,969
|
4.9
|
%
|
||||
904
|
403
|
124.3
|
%
|
Raw Sugar (‘000 tonnes)
|
2,575
|
2,426
|
6.2
|
%
|
||||
457
|
253
|
80.8
|
%
|
White Sugar (‘000 tonnes)
|
1,587
|
1,543
|
2.8
|
%
|
||||
628
|
325
|
93.4
|
%
|
Ethanol
|
1,903
|
1,921
|
-1.0
|
%
|
||||
294
|
101
|
191.1
|
%
|
Anhydrous Ethanol (‘000 cbm)
|
833
|
688
|
21.1
|
%
|
||||
334
|
224
|
49.3
|
%
|
Hydrous Ethanol (‘000 cbm)
|
1,070
|
1,233
|
-13.3
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Sales Breakdown
|
||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% |
2,605.4
|
1,751.4
|
48.8
|
%
|
Net Operating Revenue
|
6,117.9
|
6,054.4
|
1.0
|
%
|
||
1,250.4
|
887.6
|
40.9
|
%
|
Sugar Sales
|
3,177.4
|
3,247.2
|
-2.1
|
%
|
||
233.0
|
310.5
|
-25.0
|
%
|
Domestic Market
|
700.9
|
958.6
|
-26.9
|
%
|
||
1,017.5
|
577.1
|
76.3
|
%
|
Foreign Market
|
2,476.4
|
2,288.5
|
8.2
|
%
|
||
937.6
|
744.5
|
25.9
|
%
|
Ethanol Sales
|
2,190.0
|
2,370.1
|
-7.6
|
%
|
||
332.9
|
480.1
|
-30.7
|
%
|
Domestic Market
|
799.4
|
1,881.0
|
-57.5
|
%
|
||
301.5
|
264.4
|
14.0
|
%
|
Foreign Market
|
619.5
|
489.0
|
26.7
|
%
|
||
303.1
|
-
|
n/a
|
Trading
|
771.1
|
-
|
n/a
|
||||
321.7
|
53.0
|
506.9
|
%
|
Energy Cogeneration
|
556.6
|
233.8
|
138.1
|
%
|
||
95.8
|
66.3
|
44.4
|
%
|
Other Products and Services
|
193.9
|
203.4
|
-4.7
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Sugar Inventories
|
||||
3Q13
|
|
3Q12
|
|
|
´000 tonne
|
1,290.9
|
871.9
|
||
R$'MM
|
895.2
|
651.5
|
||
R$/tonne
|
693.5
|
747.3
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Ethanol Inventories
|
||||
3Q13
|
|
3Q12
|
|
|
´000 cbm
|
680.8
|
445.8
|
||
R$'MM
|
767.9
|
533.7
|
||
R$/cbm
|
1,128.1
|
1,197.0
|
·
|
Higher volume of energy generated and sold in the quarter, with the longer crushing period in the 2012/2013 harvest, extended to December 2012;
|
·
|
Higher short-term energy prices (spot market) due to low expected rains/outflow in the major reservoirs in the Southeast and Mid-West regions;
|
·
|
Energy resale transactions in the spot market, which increased the total volume sold in the quarter.
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
COGS per Product
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(2,028.8
|
)
|
(1,375.8
|
)
|
47.5
|
%
|
Cost of Goods Sold
|
(4,791.0
|
)
|
(4,821.7
|
)
|
-0.6
|
%
|
(819.0
|
)
|
(661.0
|
)
|
23.9
|
%
|
Sugar
|
(2,171.9
|
)
|
(2,386.7
|
)
|
-9.0
|
%
|
(568.7
|
)
|
(616.2
|
)
|
-7.7
|
%
|
Ethanol
|
(1,291.0
|
)
|
(2,048.7
|
)
|
-37.0
|
%
|
(301.7
|
)
|
-
|
n/a
|
Trading
|
(728.7
|
)
|
-
|
n/a
|
||||
(253.4
|
)
|
(23.7
|
)
|
969.1
|
%
|
Energy Cogeneration
|
(388.1
|
)
|
(86.1
|
)
|
351.0
|
%
|
(86.1
|
)
|
(74.9
|
)
|
15.0
|
%
|
Others
|
(211.3
|
)
|
(300.2
|
)
|
-29.6
|
%
|
Average Unitary Costs³
|
||||||||||||
(464.8
|
)
|
(582.9
|
)
|
-20.3
|
%
|
Cash cost of sugar (R$/tonne)
|
(487.5
|
)
|
(560.2
|
)
|
-13.0
|
%
|
(965.2
|
)
|
(843.8
|
)
|
14.4
|
%
|
Cash cost of ethanol (R$/’000 liters)
|
(943.2
|
)
|
(826.8
|
)
|
14.1
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
·
|
Increased productivity of the sugarcane fields—represented by a higher TCH level (tonne of cane per hectare), which was 81.1 in 3Q13, up from 64.2 in 3Q12;
|
·
|
Decrease of 5.6% in the TSR/kg cost, down from R$0.5026 in 3Q12 to R$0.4743 in 3Q13, which has a direct impact on the cost of sugarcane from suppliers and land leasing.
|
Gross Profit and Gross Margin per Product
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
576.6
|
375.6
|
53.5
|
%
|
Gross Profit
|
1,326.9
|
1,232.8
|
7.6
|
%
|
||||
431.5
|
226.6
|
90.5
|
%
|
Sugar
|
1,005.5
|
860.5
|
16.9
|
%
|
||||
34.5
|
%
|
25.5
|
%
|
9.0 | p.p |
Sugar Gross Margin (%)
|
31.6
|
%
|
26.5
|
%
|
5.1 | p.p |
54.7
|
%
|
43.7
|
%
|
11.1 | p.p |
Sugar (Cash) Gross Margin (%)
|
53.4
|
%
|
43.3
|
%
|
10.1 | p.p |
67.2
|
128.3
|
-47.6
|
%
|
Ethanol
|
170.3
|
321.4
|
-47.0
|
%
|
||||
7.2
|
%
|
17.2
|
%
|
-10.1
|
p.p.
|
Ethanol Gross Margin (%)
|
7.8
|
%
|
13.6
|
%
|
-5.8
|
p.p.
|
31.0
|
%
|
38.8
|
%
|
-7.8
|
p.p.
|
Ethanol (Cash) Gross Margin (%)
|
32.4
|
%
|
36.8
|
%
|
-4.5
|
p.p.
|
68.3
|
29.3
|
133.1
|
%
|
Energy Cogeneration
|
168.5
|
147.7
|
14.1
|
%
|
||||
9.6
|
(8.6
|
)
|
-211.8
|
%
|
Other
|
(17.4
|
)
|
(96.8
|
)
|
-82.0
|
%
|
Selling, General & Administrative Expenses
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(186.1
|
)
|
(119.3
|
)
|
56.0
|
%
|
Selling Expenses
|
(442.1
|
)
|
(433.8
|
)
|
1.9
|
%
|
(123.2
|
)
|
(111.2
|
)
|
10.8
|
%
|
General and Administrative Expenses
|
(354.9
|
)
|
(317.4
|
)
|
11.8
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
EBITDA
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
833.7
|
501.9
|
66.1
|
%
|
EBITDA
|
2,011.6
|
1,746.6
|
15.2
|
%
|
||||
32.0
|
%
|
28.7
|
%
|
3.3
|
p.p
|
Margin EBITDA (%)
|
32.9
|
%
|
28.8
|
%
|
4.0
|
p.p
|
Summary of Hedge Operations at December 31st , 2012
|
||
2012 / 2013
|
2013 / 2014
|
|
Sugar
|
||
NY #11
|
||
Volume (‘000 tonne)
|
2,696.3
|
750.5
|
Average Price (¢US$/lb)
|
22.57
|
21.95
|
London #5
|
||
Volume (‘000 tonne)
|
-
|
-
|
Average Price (US$/lb)
|
-
|
-
|
Exchange rate
|
||
US$
|
||
Volume (US$ million)
|
1,388.7
|
381.1
|
Average Price (R$/US$)
|
1.9603
|
2.1654
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Expiration Period - (R$MM)
|
||||||||
Derivative
|
Market
|
Risk
|
2012 / 2013
|
2013 / 2014
|
Total
|
|||
Futures
|
OTC/NYBOT
|
NY#11
|
19.5
|
65.6
|
85.1
|
|||
NDF
|
OTC/CETIP
|
USD
|
2.7
|
-
|
2.7
|
|||
(=) Hedge Accounting impact
|
22.2
|
65.6
|
87.8
|
|||||
(-) Deferred Income Tax
|
(7.6
|
)
|
(22.3
|
)
|
(29.9
|
)
|
||
(=) Asset Valuation Adjustment
|
14.7
|
43.3
|
58.0
|
CAPEX
|
||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% |
499.4
|
571.3
|
-12.6
|
%
|
Total CAPEX
|
1,387.3
|
1,729.5
|
-19.8
|
%
|
||
418.8
|
402.0
|
4.2
|
%
|
Operating CAPEX
|
1,158.2
|
1,170.8
|
-1.1
|
%
|
||
263.1
|
213.9
|
23.0
|
%
|
Biological assets
|
737.9
|
720.0
|
2.5
|
%
|
||
75.7
|
155.5
|
-51.3
|
%
|
Inter-harvest maintenance costs
|
198.6
|
284.6
|
-30.2
|
%
|
||
24.1
|
18.6
|
29.8
|
%
|
SSMA and Sustaining
|
46.5
|
78.9
|
-41.1
|
%
|
||
31.6
|
14.0
|
125.4
|
%
|
Mechanization
|
120.7
|
87.3
|
38.2
|
%
|
||
24.4
|
-
|
n/a
|
Industrial
|
54.6
|
-
|
n/a
|
||||
80.7
|
169.3
|
-52.4
|
%
|
Expasion CAPEX
|
229.1
|
558.7
|
-59.0
|
%
|
||
14.0
|
83.1
|
-83.2
|
%
|
Expasion Projects
|
70.7
|
353.5
|
-80.0
|
%
|
||
26.4
|
43.9
|
-39.8
|
%
|
Expasion
|
58.8
|
99.4
|
-40.8
|
%
|
||
40.2
|
42.3
|
-4.9
|
%
|
Other
|
99.5
|
105.8
|
-5.9
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
|
·
|
Accounting Basis (crop year)
|
|
o
|
3Q13 – two months (November and December of 2012)
|
|
o
|
YTD13 – two months (November and December of 2012)
|
|
·
|
Proforma (calendar year)
|
|
o
|
4Q12 – three months (October, November, and December of 2012)
|
|
o
|
4Q11 – three months (October, November, and December of 2011)
|
|
o
|
2012 – twelve months (January to December of 2012)
|
|
o
|
2011 – twelve months (January to December of 2011)
|
Book
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
Operational Figures
|
Book
|
Pro Forma
|
Pro Forma
|
2012 x 2011 | |||||
3Q13
|
|
4Q12
|
|
4Q11
|
|
Chg.
|
% |
Volume ('000 cbm)
|
YTD13
|
2012
|
2011
|
Chg.
|
% |
926,317
|
1,428,911
|
1,183,073
|
20.8
|
%
|
Total Gas Sales
|
926,317
|
5,258,631
|
4,834,746
|
8.8
|
%
|
|||
757,579
|
1,172,121
|
1,172,594
|
0.0
|
%
|
Gas Sales
|
757,579
|
4,731,617
|
4,778,862
|
-1.0
|
%
|
|||
33,044
|
50,469
|
48,399
|
4.3
|
%
|
Residential
|
33,044
|
198,872
|
183,028
|
8.7
|
%
|
|||
18,849
|
28,274
|
27,993
|
1.0
|
%
|
Commercial
|
18,849
|
111,662
|
108,272
|
3.1
|
%
|
|||
604,101
|
937,275
|
932,850
|
0.5
|
%
|
Industrial
|
604,101
|
3,788,744
|
3,850,930
|
-1.6
|
%
|
|||
57,015
|
89,344
|
87,553
|
2.0
|
%
|
Co-generation
|
57,015
|
357,530
|
345,754
|
3.4
|
%
|
|||
44,570
|
66,759
|
75,799
|
-11.9
|
%
|
Vehicular
|
44,570
|
274,809
|
290,878
|
-5.5
|
%
|
|||
168,738
|
256,790
|
10,479
|
n/a
|
Thermal Power
|
168,738
|
527,014
|
55,884
|
n/a
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
Sales Breakdown
|
Book
|
Pro Forma
|
Pro Forma
|
2012
|
x 2011
|
|||||||
3Q13
|
|
4Q12
|
|
4Q11
|
|
Chg. | % |
Amounts in R$ MM
|
YTD13
|
2012
|
2011
|
Chg.
|
% | |||
1,163.4
|
1,792.0
|
1,328.8
|
34.9
|
%
|
Gross Operating Revenue
|
1,163.4
|
6,519.8
|
5,111.5
|
27.6
|
%
|
||||||
1,064.4
|
1,631.3
|
1,227.6
|
32.9
|
%
|
Gas Sales
|
1,064.4
|
6,026.3
|
4,753.2
|
26.8
|
%
|
||||||
112.9
|
171.6
|
148.7
|
15.4
|
%
|
Residential
|
112.9
|
650.7
|
553.8
|
17.5
|
%
|
||||||
44.9
|
67.2
|
57.5
|
16.8
|
%
|
Commercial
|
44.9
|
252.9
|
211.5
|
19.6
|
%
|
||||||
746.4
|
1,148.7
|
893.5
|
28.6
|
%
|
Industrial
|
746.4
|
4,345.8
|
3,522.2
|
23.4
|
%
|
||||||
55.1
|
86.0
|
68.6
|
25.4
|
%
|
Cogeneration
|
55.1
|
346.6
|
242.8
|
42.7
|
%
|
||||||
64.0
|
97.0
|
3.6
|
2,594.4
|
%
|
Thermal Power
|
64.0
|
195.8
|
17.4
|
1027.4
|
%
|
||||||
41.1
|
60.8
|
55.6
|
9.4
|
%
|
Vehicular
|
41.1
|
234.4
|
205.6
|
14.0
|
%
|
||||||
94.9
|
152.8
|
93.1
|
64.2
|
%
|
Construction Revenue
|
94.9
|
447.0
|
326.6
|
36.9
|
%
|
||||||
4.1
|
7.9
|
8.1
|
-2.5
|
%
|
Other
|
4.1
|
46.5
|
31.7
|
46.5
|
%
|
||||||
(212.1
|
)
|
(324.9
|
)
|
(260.8
|
)
|
24.6
|
%
|
Tax on Sales
|
(212.1
|
)
|
(1,240.3
|
)
|
(1,008.9
|
)
|
22.9
|
%
|
951.2
|
1,467.2
|
1,068.0
|
37.4
|
%
|
Net Operating Revenue
|
951.2
|
5,279.5
|
4,102.7
|
28.7
|
%
|
||||||
854.6
|
1,307.2
|
967.6
|
35.1
|
%
|
Gas Sales
|
854.6
|
4,790.5
|
3,747.5
|
27.8
|
%
|
||||||
94.9
|
152.8
|
93.1
|
64.2
|
%
|
Construction Revenue - ICPC01
|
94.9
|
447.0
|
326.6
|
36.9
|
%
|
||||||
1.8
|
7.2
|
7.3
|
-1.6
|
%
|
Other
|
1.8
|
41.9
|
28.5
|
47.0
|
%
|
Book
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
COGS
|
Book
|
Pro Forma
|
Pro Forma
|
2012 x 2011 | ||||||||
3Q13
|
|
4Q12
|
|
4Q11
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
2012
|
2011
|
Chg.
|
% | |||
(705.9
|
)
|
(1,083.3
|
)
|
(833.1
|
)
|
30.0
|
%
|
Cost of Goods and Services
|
(705.9
|
)
|
(3,881.9
|
)
|
(2,996.6
|
)
|
29.5
|
%
|
(568.2
|
)
|
(840.4
|
)
|
(637.1
|
)
|
31.9
|
%
|
Natural Gas
|
(568.2
|
)
|
(3,070.9
|
)
|
(2,310.6
|
)
|
32.9
|
%
|
(42.9
|
)
|
(90.1
|
)
|
(103.0
|
)
|
-12.6
|
%
|
Transportation and other Gas services
|
(42.9
|
)
|
(363.9
|
)
|
(359.4
|
)
|
1.3
|
%
|
(94.9
|
)
|
(152.8
|
)
|
(93.1
|
)
|
64.2
|
%
|
Construction - ICPC 01
|
(94.9
|
)
|
(447.0
|
)
|
(326.6
|
)
|
36.9
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
Gross Profit
|
Book
|
Pro Forma
|
Pro Forma
|
2012 x 2011 | ||||||||
3Q13
|
|
4Q12
|
|
4Q11
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
2012
|
2011
|
Chg.
|
% | |||
245.3
|
383.9
|
234.8
|
63.5
|
%
|
Gross Profit
|
245.3
|
1,397.7
|
1,106.0
|
26.4
|
%
|
||||||
25.8
|
%
|
26.2
|
%
|
22.0
|
%
|
4.2
|
p.p
|
Gross Margin (%)
|
25.8
|
%
|
26.5
|
%
|
27.0
|
%
|
-0.5
|
p.p.
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
Selling, General and Administrative
|
Book
|
Pro Forma
|
Pro Forma
|
2012 x 2011 | |||||||
4Q12
|
|
4Q11
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
2012
|
2011
|
Chg.
|
% | |||
(40.7
|
)
|
(28.2
|
)
|
44.4
|
%
|
Selling Expenses
|
(108.2
|
)
|
(126.5
|
)
|
(115.7
|
)
|
9.3
|
%
|
(157.7
|
)
|
(152.5
|
)
|
3.4
|
%
|
General and Administrative Expenses
|
(57.2
|
)
|
(590.0
|
)
|
(512.6
|
)
|
15.1
|
%
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
EBITDA
|
Book
|
Pro Forma
|
Pro Forma
|
2012 x 2011 | |||||||
4Q12
|
|
4Q11
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
2012
|
2011
|
Chg.
|
% | |||
257.5
|
116.1
|
121.8
|
%
|
EBITDA
|
157.1
|
742.9
|
523.8
|
41.8
|
%
|
|||||
17.5
|
%
|
10.9
|
%
|
6.7
|
p.p
|
EBITDA Margin (%)
|
16.5
|
%
|
14.1
|
%
|
12.8
|
%
|
1.3
|
p.p
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Pro Forma
|
Pro Forma
|
4Q12 x 4Q11
|
CAPEX
|
Book
|
Pro Forma
|
Pro Forma
|
2012 x 2011 | |||||||
4Q12
|
|
4Q11
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
2012
|
2011
|
Chg.
|
% | |||
189.3
|
141.6
|
33.7
|
%
|
CAPEX
|
119.8
|
616.2
|
509.7
|
20.9
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Sales breakdown
|
||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | |
221.6
|
143.1
|
54.8
|
%
|
Net Operating Revenue
|
544.4
|
497.7
|
9.4
|
%
|
||
176.8
|
109.4
|
61.6
|
%
|
Transportation
|
420.9
|
359.8
|
17.0
|
%
|
||
41.1
|
29.6
|
38.8
|
%
|
Loading
|
113.4
|
123.5
|
-8.2
|
%
|
||
3.7
|
4.1
|
-8.9
|
%
|
Other
|
10.1
|
14.4
|
-30.3
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Costs of Services
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(121.4
|
)
|
(85.8
|
)
|
41.5
|
%
|
Cost of Services
|
(325.4
|
)
|
(316.7
|
)
|
2.7
|
%
|
Gross Profit
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
100.1
|
57.3
|
74.8
|
%
|
Gross Profit
|
219.0
|
181.0
|
21.0
|
%
|
||||
45.2
|
%
|
40.0
|
%
|
5.2
|
p.p
|
Gross Margin (%)
|
40.2
|
%
|
36.4
|
%
|
3.9
|
p.p
|
General and Administrative Expenses
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(15.2
|
)
|
(9.2
|
)
|
65.2
|
%
|
General and Administrative Expenses
|
(41.4
|
)
|
(28.7
|
)
|
44.3
|
%
|
EBITDA
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
98.9
|
61.2
|
61.6
|
%
|
EBITDA
|
227.6
|
192.6
|
18.2
|
%
|
||||
44.6
|
%
|
42.8
|
%
|
1.9
|
p.p
|
Margin EBITDA (%)
|
41.8
|
%
|
38.7
|
%
|
3.1
|
p.p
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
|
CAPEX | ||||||||
3Q13
|
|
3Q12
|
|
Chg.%
|
Amounts in R$ MM |
YTD13
|
YTD12
|
Chg.
|
% |
79.3
|
67.0
|
18.4%
|
CAPEX |
209.6
|
223.4
|
-6.2
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
o
|
Book
|
|||
o
|
3Q13 – three months (October, November, and December of 2012) of Radar’s operations after the consolidation into Cosan;
|
|||
o
|
Pro Forma
|
|||
o
|
3Q12 – three months (October, November, and December 2011) of the combination of Radar’s operations with the results of Cosan's lands
|
|||
o
|
YTD13 – nine months (April to December of 2012) of the combination of Radar’s operations with the results of Cosan's lands
|
|||
o
|
YTD12 – nine months (April to December of 2011) of the combination of Radar’s operations with the results of Cosan's lands
|
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
|||||||||
3Q13
|
|
3Q12
|
|
Chg. | % |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
15.6
|
18.0
|
-13.4
|
%
|
Net Operating Revenue
|
71.5
|
48.0
|
48.9
|
%
|
||||
-
|
-
|
n/a
|
Property Sale
|
22.1
|
-
|
n/a
|
||||||
15.6
|
18.0
|
-13.4
|
%
|
Land Lease
|
49.5
|
48.0
|
3.0
|
%
|
||||
-
|
-
|
n/a
|
Cost of Property Sales
|
(20.1
|
)
|
-
|
n/a
|
|||||
-
|
-
|
n/a
|
Gain Sale Farms
|
(20.1
|
)
|
-
|
n/a
|
|||||
-
|
-
|
n/a
|
Land Lease
|
-
|
-
|
n/a
|
||||||
15.6
|
18.0
|
-13.4
|
%
|
Gross Profit
|
51.5
|
48.0
|
7.2
|
%
|
||||
100.0
|
%
|
100.0
|
%
|
-
|
Gross Margin (%)
|
72.0
|
%
|
100.0
|
%
|
-28.0
|
p.p.
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Book
|
Pro Forma
|
General and Administrative Expenses
|
Pro Forma
|
Pro Forma
|
||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(6.1
|
)
|
(14.2
|
)
|
-57.0% |
General and Administrative Expenses
|
(15.9
|
)
|
(21.0
|
)
|
-24.2
|
%
|
Book
|
Pro Forma
|
EBITDA
|
Pro Forma
|
Pro Forma
|
||||||||
3Q13
|
|
3Q12
|
|
Chg. | % |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
96.6
|
249.3
|
-61.3% |
EBITDA
|
127.7
|
273.9
|
-53.4
|
%
|
|||||
620.4
|
%
|
1386.9
|
%
|
n/a |
Margin EBITDA (%)
|
178.5
|
%
|
570.3
|
%
|
n/a
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Sales breakdown
|
||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% |
377.9
|
263.5
|
43.4
|
%
|
Net Operating Revenue
|
1,064.9
|
794.6
|
34.0
|
%
|
||
337.5
|
254.4
|
32.7
|
%
|
Lubricant Sales
|
928.9
|
767.4
|
21.0
|
%
|
||
40.4
|
9.1
|
344.3
|
%
|
Other Products and Services
|
136.0
|
27.1
|
401.9
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Selling, General and Administrative Expenses
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(56.1
|
)
|
(35.1
|
)
|
59.8
|
%
|
Selling Expenses
|
(152.7
|
)
|
(149.2
|
)
|
2.4
|
%
|
(57.8
|
)
|
(50.9
|
)
|
13.5
|
%
|
General and Administrative Expenses
|
(154.2
|
)
|
(89.8
|
)
|
71.6
|
%
|
EBITDA
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg.
|
% |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
0.4
|
2.1
|
-81.3
|
% |
EBITDA
|
38.6
|
3,329.5
|
-98.8
|
%
|
||||
-
|
-
|
n/d
|
(-) Gross Effects of Raízen's formation
|
-
|
(3,297.0
|
)
|
n/d
|
|||||
0.4
|
2.1
|
-83.3
|
% |
Adjusted EBITDA
|
38.6
|
32.6
|
18.3
|
%
|
||||
0.1
|
%
|
0.8
|
%
|
-0.7
|
p.p. |
Adjusted EBITDA.Margin (%)
|
3.6
|
%
|
4.1
|
%
|
-0.5
|
p.p.
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Financial Results
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg. | % |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
(158.2
|
)
|
(82.6
|
)
|
91.5 | % |
Gross Debt Charges
|
(334.6
|
)
|
(251.4
|
)
|
33.1
|
%
|
30.2
|
28.0
|
8.0 | % |
Income from Financial Investments
|
89.0
|
100.5
|
-11.4
|
%
|
||||
(127.9
|
)
|
(54.6
|
)
|
134.4 | % |
(=) Subtotal: Net Debt Interests
|
(245.6
|
)
|
(150.9
|
)
|
62.8
|
%
|
(8.0
|
)
|
(12.0
|
)
|
-32.7 | % |
Other Charges and Monetary Variation
|
105.3
|
(116.3
|
)
|
n/d
|
||
(16.3
|
)
|
7.3
|
n/d |
Exchange Rate Variation
|
(296.7
|
)
|
(179.5
|
)
|
65.3
|
%
|
||
43.9
|
(7.0
|
)
|
n/d |
Gains (losses) with Derivatives
|
44.1
|
2.3
|
1843.0
|
%
|
||||
(16.4
|
)
|
(3.3
|
)
|
399.5 | % |
Other
|
(44.4
|
)
|
(7.4
|
)
|
495.7
|
%
|
(124.7
|
)
|
(69.5
|
)
|
79.6 | % |
(=) Financial, Net
|
(437.2
|
)
|
(451.8
|
)
|
-3.2
|
%
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Income tax and social contribution
|
||||||||||||
3Q13
|
|
3Q12
|
|
Chg. | % |
Amounts in R$ MM
|
YTD13
|
YTD12
|
Chg.
|
% | ||
438.7
|
170.5
|
157.3
|
% |
Income (loss) before income tax
|
697.3
|
3,596.2
|
-80.6
|
%
|
||||
(128.1
|
)
|
(63.8
|
)
|
100.7
|
% |
Total of Deferred and Current Income Tax and Social Contribution
|
(88.0
|
)
|
(867.5
|
)
|
n/d
|
|
-29.2
|
%
|
-37.4
|
%
|
8.2 | p.p. |
Effective Rate (%)
|
-12.6
|
%
|
-24.1
|
%
|
11.5
|
p.p.
|
(17.6
|
)
|
(69.7
|
)
|
-74.8
|
% |
Deferred Income Tax Expenses
|
120.8
|
(989.8
|
)
|
n/d
|
||
(110.5
|
)
|
5.9
|
n/d |
Current Income Tax Expenses
|
(208.8
|
)
|
122.3
|
-270.7
|
%
|
|||
-25.2
|
%
|
3.5
|
%
|
-28.7 | p.p. |
Effective Rate - Current (%)
|
-29.9
|
%
|
3.4
|
%
|
-33.3
|
p.p.
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
(i)
|
Amortization of R$457.9 million related to foreign exchange contract advances, prepayments, credit notes and working capital;
|
(ii)
|
R$294 million raised under rural credit and working capital facilities;
|
(iii)
|
Provision for inflation, interest and foreign exchange variations in the amount of R$115.9 million;
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Debt by Type
|
|||||||||
Amounts in R$ MM
|
3Q13
|
|
2Q13
|
|
% ST
|
Chg.
|
% | ||
Senior Notes 2014
|
740.7
|
719.2
|
3
|
%
|
3.0
|
%
|
|||
Expenses with Debt Placement
|
(4.9
|
)
|
(5.7
|
)
|
63
|
%
|
-13.1
|
%
|
|
BNDES
|
1,517.9
|
1,565.7
|
13
|
%
|
-3.1
|
%
|
|||
Working Capital
|
1,104.4
|
963.2
|
16
|
%
|
14.7
|
%
|
|||
Prepaid Exports
|
1,022.4
|
1,013.8
|
21
|
%
|
0.8
|
%
|
|||
Senior Notes 2017
|
841.1
|
821.6
|
3
|
%
|
2.4
|
%
|
|||
Advances on Exchange Contracts
|
155.0
|
388.1
|
100
|
%
|
-60.0
|
%
|
|||
Credit Notes
|
313.8
|
369.7
|
100
|
%
|
-15.1
|
%
|
|||
Finame
|
152.7
|
170.0
|
42
|
%
|
-10.1
|
%
|
|||
Finem
|
189.0
|
199.1
|
20
|
%
|
-5.1
|
%
|
|||
Rural Credit
|
41.1
|
31.6
|
100
|
%
|
30.0
|
%
|
|||
PROINFA
|
23.2
|
24.5
|
18
|
%
|
-5.4
|
%
|
|||
Others
|
159.1
|
38.7
|
100
|
%
|
311.3
|
%
|
|||
Total Raízen
|
6,236.1
|
6,284.1
|
-
|
-0.8
|
%
|
||||
Consolidation (50% Raízen)
|
3,118.1
|
3,142.0
|
-
|
-0.8
|
%
|
||||
Comgás
|
|||||||||
Credit Assignment
|
59.7
|
-
|
100
|
%
|
n/a
|
||||
Leasing - Bank IBM
|
2.3
|
-
|
54
|
%
|
n/a
|
||||
Working Capital
|
115.0
|
-
|
100
|
%
|
n/a
|
||||
Promissory Notes
|
159.8
|
-
|
100
|
%
|
n/a
|
||||
EIB
|
567.3
|
-
|
4
|
%
|
n/a
|
||||
4131 Resolution
|
455.3
|
-
|
66
|
%
|
n/a
|
||||
BNDES
|
1,092.3
|
-
|
24
|
%
|
n/a
|
||||
Debentures
|
69.0
|
-
|
52
|
%
|
n/a
|
||||
Financial Instruments - MTM
|
(160.4
|
)
|
-
|
-
|
n/a
|
||||
Total Comgás
|
2,360.5
|
-
|
-
|
n/a
|
|||||
Rumo
|
|||||||||
Finame
|
728.5
|
654.2
|
11
|
%
|
11.4
|
%
|
|||
Expenses with Placement of Debt
|
(1.3
|
) |
1.0
|
17
|
%
|
25
|
%
|
||
Total Rumo
|
727.2
|
653.2
|
-
|
11
|
%
|
||||
Cosan Other Business
|
|||||||||
Credit Notes
|
363.1
|
356.4
|
-
|
2
|
%
|
||||
Foreign Expenses
|
178.5
|
179.0
|
-
|
-0.3
|
%
|
||||
Debentures
|
3,344.0
|
1.3
|
%
|
n/a
|
|||||
FINEP
|
89.8
|
0.1
|
%
|
n/a
|
|||||
Expenses with Placement of Debt
|
(65.0
|
)
|
(10.2
|
)
|
-
|
537.9
|
%
|
||
Perpetual Bonds
|
1,041.4
|
1,035.4
|
-
|
0.6
|
%
|
||||
Total
|
4,951.8
|
1,560.6
|
-
|
217.3
|
%
|
||||
Total Consolidated
|
11,157.5
|
5,355.9
|
-
|
208
|
%
|
||||
Cash and Cash equivalents
|
2,324.6
|
2,461.9
|
-
|
94.4
|
%
|
||||
Net Debt
|
8,832.9
|
2,893.9
|
-
|
305.2
|
%
|
||||
Note 6: Excluding PESA debt.
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
3Q13 Summary
|
CSAN3
|
CZLT11
|
CZZ
|
||
Stock Type
|
Common Share
|
BDR
|
Class A
|
||
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
||
Closing Price in december 12/31/2012
|
R$ 41.75 | R$ 32.50 |
USD 15.86
|
||
Higher Price
|
R$ 42.37 | R$ 36.00 |
USD 17.31
|
||
Average Price
|
R$ 39.06 | R$ 33.93 |
USD 16.34
|
||
Lower Price
|
R$ 36.80 | R$ 31.70 |
USD 15.42
|
||
Average Daily Traded Volume
|
R$ 39.4mm
|
R$ 6.4mm
|
USD 17.6 mm
|
||
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
FY11
|
FY12
|
FY13
|
1a Revision FY13
|
2a Revision FY13
|
||||
Net Revenue (R$MM)
|
18,063
|
24,097
|
26,000
|
≤ ∆ ≤ 29,000
|
26,000
|
≤ ∆ ≤ 29,000
|
26,000
|
≤ ∆ ≤ 29,000
|
EBITDA (R$MM)(1)
|
2,671
|
2,142
|
2,200
|
≤ ∆ ≤ 2,500
|
2,200
|
≤ ∆ ≤ 2,500
|
2,300
|
≤ ∆ ≤ 2,600
|
CAPEX (R$MM)
|
2,500
|
2,137
|
2,100
|
≤ ∆ ≤ 2,400
|
2,100
|
≤ ∆ ≤ 2,400
|
2,100
|
≤ ∆ ≤ 2,400
|
Volume of crushed sugarcane (‘000 tons)
|
54,238
|
52,958
|
52,000
|
≤ ∆ ≤ 55,000
|
54,000
|
≤ ∆ ≤ 56,000
|
56,221
|
|
Volume of sugar sold (‘000 tons)
|
4,291
|
3,969
|
3,900
|
≤ ∆ ≤ 4,200
|
3,900
|
≤ ∆ ≤ 4,200
|
3,900
|
≤ ∆ ≤ 4,200
|
Volume of ethanol sold (millions of liters)
|
2,247
|
1,921
|
1,850
|
≤ ∆ ≤ 2,050
|
1,850
|
≤ ∆ ≤ 2,050
|
1,850
|
≤ ∆ ≤ 2,050
|
Volume of energy sold (‘000 MWh)
|
1,254
|
1,233
|
1,650
|
≤ ∆ ≤ 1,850
|
1,650
|
≤ ∆ ≤ 1,850
|
1,650
|
≤ ∆ ≤ 1,850
|
EBITDA (R$MM)
|
2,130
|
2,235
|
2,200
|
≤ ∆ ≤ 2,500
|
2,200
|
≤ ∆ ≤ 2,500
|
2,400
|
≤ ∆ ≤ 2,700
|
Volume of fuel sold (millions of liters)
|
-
|
20,914
|
21,000
|
≤ ∆ ≤ 23,000
|
21,000
|
≤ ∆ ≤ 23,000
|
21,000
|
≤ ∆ ≤ 23,000
|
EBITDA (R$MM)
|
-
|
1,305
|
1,300
|
≤ ∆ ≤ 1,500
|
1,300
|
≤ ∆ ≤ 1,500
|
1,500
|
≤ ∆ ≤ 1,700
|
Volume of loading (‘000 tons)
|
7,841
|
7,759
|
8,000
|
≤ ∆ ≤ 10,000
|
8,000
|
≤ ∆ ≤ 10,000
|
8,000
|
≤ ∆ ≤ 10,000
|
EBITDA (R$MM)
|
197
|
211
|
260
|
≤ ∆ ≤ 300
|
250
|
≤ ∆ ≤ 280
|
250
|
≤ ∆ ≤ 280
|
EBITDA (R$MM)
|
-
|
-
|
-
|
120
|
≤ ∆ ≤ 140
|
120
|
≤ ∆ ≤ 140
|
|
Volume of Lubricants and Base Oil (million of liters)
|
166
|
205
|
220
|
≤ ∆ ≤ 260
|
220
|
≤ ∆ ≤ 260
|
220
|
≤ ∆ ≤ 260
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Income Statement
|
Mar' 11
|
Jun' 11
|
|
Set' 11
|
|
Dec' 11
|
|
Mar' 12
|
Mar' 12
|
Jun' 12
|
Sep' 12
|
|
Dec' 12
|
||||||||||||||
(in R$ million)
|
FY11
|
1Q12
|
|
2Q12
|
|
3Q12
|
|
4Q12
|
|
FY12
|
1Q13
|
|
2Q13
|
|
3Q13
|
|
|||||||||||
(=)
|
Net Operating Revenue
|
18,063.5
|
5,188.0
|
6,804.3
|
6,310.7
|
5,793.9
|
24,096.9
|
6,125.6
|
7,032.3
|
8,397.1
|
|||||||||||||||||
(-) Cost of Goods Sold and Services Rendered
|
(15,150.1
|
)
|
(4,600.0
|
)
|
(6,042.4
|
)
|
(5,670.9
|
)
|
(5,151.8
|
)
|
(21,465.0
|
)
|
(5,651.2
|
)
|
(6,260.4
|
)
|
(7,339.9
|
)
|
|||||||||
(=)
|
Gross Profit
|
2,913.4
|
588.0
|
761.9
|
639.8
|
642.1
|
2,631.9
|
474.4
|
771.8
|
1,057.2
|
|||||||||||||||||
(-) Operating Income (Expenses):
|
(1,600.8
|
)
|
2,925.9
|
(468.3
|
)
|
(399.8
|
)
|
(493.7
|
)
|
1,564.0
|
(307.0
|
)
|
(430.0
|
)
|
(496.9
|
)
|
|||||||||||
(-) Selling
|
(1,026.0
|
)
|
(261.2
|
)
|
(295.3
|
)
|
(282.0
|
)
|
(297.9
|
)
|
(1,136.3
|
)
|
(212.4
|
)
|
(254.8
|
)
|
(395.4
|
)
|
|||||||||
(-) General and Administrative
|
(541.0
|
)
|
(150.0
|
)
|
(158.2
|
)
|
(147.5
|
)
|
(186.2
|
)
|
(641.9
|
)
|
(157.7
|
)
|
(175.7
|
)
|
(241.5
|
)
|
|||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(33.8
|
)
|
22.0
|
3.2
|
29.6
|
90.7
|
145.6
|
63.1
|
0.5
|
139.9
|
||||||||||||||||
(±)
|
Effects of formation of JVs
|
-
|
3,315.1
|
(18.2
|
)
|
- |
(100.3
|
)
|
3,196.6
|
-
|
-
|
-
|
|||||||||||||||
(=)
|
Operating Income
|
1,312.6
|
3,513.9
|
293.6
|
240.0
|
148.4
|
4,195.9
|
167.5
|
341.8
|
560.3
|
|||||||||||||||||
(±)
|
Non-Operating Income (Expenses):
|
(121.5
|
)
|
13.2
|
(394.9
|
)
|
(69.4
|
)
|
10.3
|
(440.9
|
)
|
(306.5
|
)
|
55.8
|
(121.5
|
)
|
|||||||||||
(±)
|
Financial results, net
|
(146.7
|
)
|
11.2
|
(393.6
|
)
|
(69.5
|
)
|
(22.3
|
)
|
(474.1
|
)
|
(314.1
|
)
|
1.6
|
(124.7
|
)
|
||||||||||
(±)
|
Equity income of associates
|
25.19
|
1.96
|
(1.30
|
)
|
0.01
|
32.60
|
33.27
|
7.63
|
54.2
|
3.2
|
||||||||||||||||
(=)
|
Income (Loss) Before taxes
|
1,191.1
|
3,527.1
|
(101.3
|
)
|
170.5
|
158.7
|
3,755.0
|
(139.0
|
)
|
397.6
|
438.7
|
|||||||||||||||
(±)
|
Income and Social Contribution Taxes
|
(414.5
|
)
|
(1,224.6
|
)
|
188.2
|
(63.8
|
)
|
(10.0
|
)
|
(1,110.2
|
)
|
131.4
|
(91.3
|
)
|
(128.1
|
)
|
||||||||||
(±)
|
Non-controlling interest
|
(5.00
|
)
|
(3.11
|
)
|
(23.67
|
)
|
(12.97
|
)
|
0.80
|
(38.96
|
)
|
(8.50
|
)
|
(28.8
|
)
|
(105.8
|
)
|
|||||||||
(=)
|
Net Income for the period from continued operations
|
771.6
|
2,299.3
|
63.2
|
93.8
|
149.6
|
2,605.8
|
(16.1
|
)
|
277.5
|
204.8
|
||||||||||||||||
Net Income from discontinued operations
|
(0.9
|
)
|
5.8
|
137.4
|
|||||||||||||||||||||||
Net income for the period
|
771.6
|
2,299.3
|
63.2
|
93.8
|
149.6
|
2,605.8
|
(17.0
|
)
|
283.2
|
342.3
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Balance Sheet
|
|
Mar' 11
|
|
Jun' 11
|
Set' 11
|
|
Dec' 11
|
Mar' 12
|
|
Jun' 12
|
|
Sep' 12
|
|
Dec' 12
|
||||||||||
(in R$ million)
|
FY11
|
1Q12
|
|
2Q12
|
|
3Q12
|
|
FY12
|
1Q13
|
|
2Q13
|
|
3Q13
|
|
||||||||||
Cash and Cash Equivalents
|
1,254.1
|
1,278.2
|
1,471.7
|
1,194.9
|
1,616.2
|
1,407.2
|
1,892.2
|
2,324.6
|
||||||||||||||||
Restricted Cash
|
187.9
|
60.2
|
52.5
|
88.1
|
94.3
|
131.8
|
87.4
|
90.9
|
||||||||||||||||
Accounts receivable
|
594.9
|
825.2
|
983.7
|
1,022.3
|
963.6
|
960.5
|
1,098.8
|
1,857.3
|
||||||||||||||||
Derivatives
|
55.7
|
60.2
|
29.4
|
59.6
|
19.6
|
114.9
|
75.8
|
115.1
|
||||||||||||||||
Inventories
|
670.3
|
1,002.0
|
1,361.8
|
1,354.4
|
748.2
|
893.5
|
1,477.6
|
1,706.6
|
||||||||||||||||
Advances to Suppliers
|
229.3
|
172.2
|
141.9
|
110.2
|
159.0
|
174.1
|
126.8
|
217.4
|
||||||||||||||||
Related Parties
|
14.7
|
680.3
|
599.7
|
655.8
|
678.4
|
758.5
|
211.1
|
183.6
|
||||||||||||||||
Recoverable Taxes
|
375.0
|
411.7
|
416.0
|
325.0
|
325.1
|
342.2
|
384.3
|
473.7
|
||||||||||||||||
Assets Held for Sale
|
410.7
|
412.0
|
-
|
|||||||||||||||||||||
Other financial assets
|
-
|
-
|
-
|
-
|
40.1
|
40.1
|
20.9
|
-
|
||||||||||||||||
Other credits
|
80.4
|
98.9
|
108.1
|
115.9
|
70.8
|
78.7
|
116.6
|
96.5
|
||||||||||||||||
Current Assets
|
3,462.3
|
4,588.9
|
5,164.9
|
4,926.3
|
4,715.1
|
5,312.3
|
5,903.5
|
7,065.6
|
||||||||||||||||
Deferred Income tax and social contribution
|
715.3
|
1,026.4
|
959.7
|
1,108.2
|
543.0
|
528.1
|
431.9
|
405.8
|
||||||||||||||||
Advances to Suppliers
|
46.0
|
27.5
|
39.6
|
49.7
|
21.9
|
28.8
|
35.3
|
41.4
|
||||||||||||||||
Related Parties
|
92.0
|
1,215.4
|
1,176.6
|
1,195.8
|
754.4
|
733.4
|
722.5
|
720.6
|
||||||||||||||||
Recoverable Taxes
|
55.1
|
124.5
|
123.6
|
122.2
|
111.9
|
97.3
|
110.8
|
127.8
|
||||||||||||||||
Judicial Deposits
|
218.4
|
372.5
|
491.1
|
495.6
|
509.2
|
514.6
|
528.2
|
542.1
|
||||||||||||||||
Other financial assets
|
420.4
|
290.3
|
418.6
|
415.5
|
790.4
|
796.8
|
843.1
|
665.3
|
||||||||||||||||
Other non-current assets
|
443.8
|
1,103.6
|
966.5
|
966.2
|
493.2
|
486.5
|
453.4
|
757.1
|
||||||||||||||||
Investments
|
304.1
|
333.9
|
358.1
|
368.6
|
419.0
|
611.9
|
147.9
|
190.1
|
||||||||||||||||
Investment Property
|
-
|
-
|
-
|
-
|
-
|
-
|
2,346.0
|
2,420.7
|
||||||||||||||||
Biological Assets
|
1,561.1
|
795.1
|
717.0
|
767.9
|
968.0
|
1,061.6
|
972.5
|
950.6
|
||||||||||||||||
Property, Plant and Equipment
|
7,980.5
|
8,260.0
|
7,928.8
|
7,835.2
|
7,867.0
|
7,678.3
|
7,000.5
|
7,016.5
|
||||||||||||||||
Intangible
|
3,445.7
|
4,125.3
|
4,531.1
|
4,593.8
|
4,932.3
|
4,878.7
|
5,063.8
|
13,955.1
|
||||||||||||||||
Non-current Assets
|
15,282.4
|
17,674.4
|
17,710.7
|
17,918.7
|
17,410.2
|
17,416.2
|
18,655.9
|
27,793.1
|
||||||||||||||||
Total Assets
|
18,744.7
|
22,263.4
|
22,875.6
|
22,845.0
|
22,125.3
|
22,728.5
|
24,559.4
|
34,858.8
|
||||||||||||||||
Current portion of long-term debt
|
916.4
|
627.1
|
758.7
|
725.7
|
537.1
|
1,206.8
|
1,244.4
|
1,789.6
|
||||||||||||||||
Derivatives
|
132.3
|
94.3
|
29.3
|
15.7
|
9.6
|
40.8
|
12.3
|
14.5
|
||||||||||||||||
Trade Accounts Payable
|
558.8
|
621.6
|
757.5
|
765.4
|
606.0
|
633.3
|
788.0
|
1,449.5
|
||||||||||||||||
Salaries Payable
|
183.6
|
183.3
|
191.5
|
158.2
|
183.7
|
232.5
|
221.2
|
257.1
|
||||||||||||||||
Taxes payable
|
245.3
|
247.1
|
328.9
|
282.4
|
241.7
|
176.0
|
208.9
|
423.2
|
||||||||||||||||
Dividends payable
|
190.3
|
195.7
|
21.2
|
15.9
|
16.8
|
266.8
|
95.6
|
43.1
|
||||||||||||||||
Related Parties
|
41.2
|
186.8
|
163.2
|
228.5
|
175.0
|
169.3
|
189.7
|
140.0
|
||||||||||||||||
Liabilities held for sale
|
112.5
|
118.0
|
-
|
|||||||||||||||||||||
Other Liabilities
|
189.6
|
273.1
|
306.4
|
215.0
|
308.0
|
283.6
|
336.3
|
337.1
|
||||||||||||||||
Current Liabilities
|
2,457.4
|
2,428.9
|
2,556.7
|
2,406.9
|
2,077.9
|
3,121.6
|
3,214.5
|
4,454.1
|
||||||||||||||||
Long-term debt
|
6,274.9
|
3,699.4
|
4,407.8
|
4,402.3
|
4,476.9
|
4,480.2
|
4,455.6
|
9,871.9
|
||||||||||||||||
Taxes payable
|
639.1
|
1,123.0
|
1,180.0
|
1,184.8
|
1,202.6
|
1,183.8
|
1,201.3
|
974.1
|
||||||||||||||||
Provision for judicial demands
|
666.3
|
940.8
|
975.8
|
1,026.7
|
1,051.7
|
1,089.8
|
1,089.5
|
1,133.9
|
||||||||||||||||
Related Parties
|
4.4
|
371.2
|
546.3
|
468.5
|
390.9
|
375.4
|
371.9
|
372.4
|
||||||||||||||||
Pension
|
24.4
|
25.9
|
27.4
|
28.9
|
37.3
|
37.7
|
37.2
|
324.3
|
||||||||||||||||
Deferred Income taxes
|
1,511.0
|
3,546.4
|
3,159.1
|
3,116.5
|
2,443.4
|
2,299.3
|
2,149.8
|
3,516.2
|
||||||||||||||||
Other non-current liabilities
|
382.9
|
814.4
|
752.1
|
777.1
|
828.1
|
769.2
|
732.3
|
748.9
|
||||||||||||||||
Non-current Assets
|
9,502.9
|
10,521.0
|
11,048.4
|
11,004.8
|
10,431.0
|
10,235.5
|
10,037.5
|
16,941.7
|
||||||||||||||||
Common stock
|
4,691.8
|
4,691.8
|
4,691.8
|
4,691.8
|
4,691.8
|
4,691.8
|
4,691.8
|
4,691.8
|
||||||||||||||||
Treasury shares
|
(19.4
|
)
|
(19.4
|
)
|
(66.3
|
)
|
(67.7
|
)
|
(67.7
|
)
|
(67.7
|
)
|
(67.7
|
)
|
(53.0
|
)
|
||||||||
Capital Reserve
|
537.5
|
637.8
|
609.9
|
661.3
|
690.5
|
737.2
|
930.3
|
897.2
|
||||||||||||||||
Profits Reserve
|
1,249.0
|
1,249.0
|
1,232.2
|
1,232.2
|
3,837.1
|
3,588.1
|
3,588.1
|
3,587.1
|
||||||||||||||||
Accumulated earnings
|
-
|
2,299.3
|
2,362.5
|
2,456.3
|
-
|
(17.1
|
)
|
266.2
|
608.5
|
|||||||||||||||
Equity attributable to owners of the Company
|
6,458.9
|
8,858.6
|
8,830.2
|
8,973.9
|
9,151.8
|
8,932.3
|
9,408.7
|
9,731.6
|
||||||||||||||||
Equity attributable to non-controlling interests
|
325.5
|
454.9
|
440.3
|
459.4
|
464.6
|
439.0
|
1,898.7
|
3,731.4
|
||||||||||||||||
Total equity
|
6,784.3
|
9,313.4
|
9,270.5
|
9,433.4
|
9,616.4
|
9,371.4
|
11,307.4
|
13,462.9
|
||||||||||||||||
Total liabilities and equity
|
18,744.7
|
22,263.4
|
22,875.6
|
22,845.0
|
22,125.3
|
22,728.5
|
24,559.4
|
34,858.8
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Statement of Cash Flows
|
|
Mar' 11
|
|
Jun' 11
|
|
Set' 11
|
Dec' 11
|
|
Mar' 12
|
|
Mar' 12
|
|
Jun' 12
|
|
Sep' 12
|
|
Dec' 12
|
|
Dec' 12
|
|||||||||||
(in R$ million)
|
FY11
|
1Q12
|
|
2Q12
|
|
3Q12
|
|
4Q12
|
|
FY12
|
1Q13
|
|
2Q13
|
|
3Q13
|
|
YTD13
|
|||||||||||||
Net Income
|
771.6
|
2,299.3
|
63.2
|
93.8
|
149.6
|
2,605.8
|
(139.0
|
)
|
397.6
|
616.5
|
875.1
|
|||||||||||||||||||
Non-cash Adjustments:
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Depreciation and Amortization
|
1,359.0
|
303.7
|
365.5
|
254.6
|
219.0
|
1,142.8
|
259.2
|
377.5
|
455.9
|
1,092.6
|
||||||||||||||||||||
Biological Assets
|
(381.9
|
)
|
(20.9
|
)
|
38.8
|
20.0
|
(97.9
|
)
|
(60.1
|
)
|
(17.5
|
)
|
38.4
|
21.9
|
42.8
|
|||||||||||||||
Stock option
|
-
|
-
|
-
|
4.8
|
6.0
|
10.8
|
3.3
|
3.3
|
3.3
|
10.0
|
||||||||||||||||||||
Equity income of associates
|
(25.19
|
)
|
(1.96
|
)
|
1.31
|
(0.01
|
)
|
(32.60
|
)
|
(33.27
|
)
|
(7.63
|
)
|
(54.15
|
)
|
(3.19
|
)
|
(65.0
|
)
|
|||||||||||
Losses (Gains) in Fixed Assets Disposals
|
(35.3
|
)
|
17.0
|
(11.5
|
)
|
(27.6
|
)
|
(71.8
|
)
|
(93.9
|
)
|
(58.6
|
)
|
16.9
|
(233.8
|
)
|
(275.4
|
)
|
||||||||||||
Deferred Income and Social Contribution Taxes
|
329.1
|
1,197.8
|
(277.7
|
69.7
|
(27.0
|
962.8
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Fair value of investment properties
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(85.9
|
)
|
(85.9
|
)
|
||||||||||||||||||
Judicial demands' provision
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
34.5
|
(1.2
|
)
|
33.3
|
|||||||||||||||||||
Non-controlling interest
|
5.00
|
3.11
|
23.67
|
12.97
|
(0.80
|
)
|
38.96
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Interest, monetary and exchange variations, net
|
238.5
|
(33.7
|
)
|
562.3
|
126.6
|
(20.0
|
)
|
635.1
|
394.5
|
(71.0
|
)
|
156.4
|
479.9
|
|||||||||||||||||
Effects of formation of JVs
|
-
|
(3,315.1
|
)
|
18.2
|
-
|
198.5
|
(3,098.5
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other Non-cash Items
|
7.5
|
5.2
|
(5.2
|
)
|
-
|
(5.7
|
)
|
(5.7
|
)
|
0.6
|
12.8
|
36.6
|
50.0
|
|||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Variation on Assets and Liabilities
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Accounts receivable
|
164.7
|
(123.3
|
)
|
(105.6
|
)
|
(38.6
|
)
|
(93.8
|
)
|
(361.1
|
)
|
(68.7
|
)
|
(13.9
|
)
|
(133.3
|
)
|
(215.8
|
)
|
|||||||||||
Restricted Cash
|
(143.0
|
)
|
113.5
|
7.7
|
(35.5
|
)
|
(6.2
|
)
|
79.5
|
(37.5
|
)
|
44.7
|
(2.3
|
)
|
4.9
|
|||||||||||||||
Inventories
|
84.58
|
(326.63
|
(311.82
|
)
|
(34.70
|
)
|
486.37
|
(186.78
|
)
|
(102.56
|
)
|
(433.20
|
)
|
(126.57
|
)
|
(662.3
|
)
|
|||||||||||||
Related Parties
|
(50.1
|
)
|
(1,033.6
|
)
|
142.6
|
(87.8
|
)
|
227.2
|
(751.7
|
)
|
(83.7
|
)
|
6.0
|
(0.6
|
)
|
(78.3
|
)
|
|||||||||||||
Advances to Suppliers
|
16.8
|
(122.1
|
)
|
18.2
|
21.5
|
(20.9
|
)
|
(103.3
|
)
|
(22.0
|
)
|
43.3
|
26.5
|
47.8
|
||||||||||||||||
Accounts payable
|
(32.36
|
)
|
241.24
|
124.96
|
7.99
|
(153.98
|
)
|
220.21
|
46.73
|
118.72
|
(72.14
|
)
|
93.3
|
|||||||||||||||||
Salaries payable
|
36.2
|
110.9
|
5.1
|
(33.3
|
)
|
25.5
|
108.2
|
56.1
|
(37.2
|
)
|
(24.0
|
)
|
(5.0
|
)
|
||||||||||||||||
Provision for judicial demands from legal proceedings
|
26.9
|
33.1
|
(33.1
|
)
|
50.9
|
93.1
|
144.0
|
)
|
38.1
|
(47.0
|
)
|
0.8
|
(8.1
|
)
|
||||||||||||||||
Derivatives
|
13.3
|
(79.8
|
)
|
(62.1
|
)
|
(4.4
|
)
|
34.0
|
(112.3
|
)
|
6.0
|
19.7
|
1.5
|
27.2
|
||||||||||||||||
Taxes payable
|
-
|
908.8
|
15.5
|
(59.0
|
)
|
21.0
|
886.3
|
(87.6
|
)
|
(58.1
|
)
|
(105.3
|
)
|
(251.0
|
)
|
|||||||||||||||
Recoverable taxes
|
-
|
-
|
-
|
-
|
(17.1
|
)
|
(17.1
|
)
|
(14.8
|
)
|
(35.3
|
)
|
(8.2
|
)
|
(58.2
|
)
|
||||||||||||||
Other assets and liabilities, net
|
(48.3
|
)
|
429.6
|
(6.8
|
)
|
(55.0
|
)
|
(416.9
|
)
|
(49.1
|
)
|
(120.4
|
)
|
61.0
|
118.5
|
59.1
|
||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Cash Flow from Operating Activities
|
2,337.1
|
606.1
|
573.3
|
286.9
|
495.2
|
1,961.5
|
44.7
|
424.7
|
641.4
|
1,110.8
|
||||||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Aquisitions, net of aquired cash and advances for future capital increases
|
(157.3
|
)
|
-
|
-
|
-
|
(72.9
|
)
|
(72.9
|
)
|
(200.3
|
)
|
(8.9
|
)
|
(3,094.4
|
)
|
(3,303.6
|
)
|
|||||||||||||
Contributed cash to Raízen's formation
|
-
|
(173.1
|
)
|
-
|
-
|
-
|
(173.1
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
182.9
|
8.5
|
191.4
|
||||||||||||||||||||
Additions on Investments, Net of Cash Received
|
-
|
-
|
(99.1
|
)
|
(0.9
|
)
|
57.6
|
(42.3
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Additions on Property, Plant and Equipment
|
(2,291.6
|
)
|
(491.5
|
)
|
(243.3
|
)
|
(346.3
|
)
|
(503.4
|
)
|
(1,584.5
|
)
|
(281.2
|
)
|
(274.1
|
)
|
(424.0
|
)
|
(979.3
|
)
|
||||||||||
Biological Assets expenses
|
(745.6
|
)
|
(217.2
|
)
|
(117.9
|
)
|
(107.0
|
)
|
(109.9
|
)
|
(552.0
|
)
|
(160.5
|
)
|
(76.9
|
)
|
(131.5
|
)
|
(369.0
|
)
|
||||||||||
Proceeds from sale of property. plant and equipment
|
48.8
|
-
|
42.3
|
53.8
|
86.0
|
182.1
|
147.6
|
85.7
|
343.7
|
577.0
|
||||||||||||||||||||
Cash reclassified from discontinued operatios
|
(29.8
|
)
|
-
|
-
|
(29.8
|
)
|
||||||||||||||||||||||||
Cash received from business combination
|
-
|
-
|
-
|
-
|
-
|
-
|
0.1
|
111.7
|
0.5
|
112.2
|
||||||||||||||||||||
Net Cash Flow from Investment Activities
|
(3,145.7
|
)
|
(881.8
|
)
|
(418.0
|
)
|
(400.3
|
)
|
(542.7
|
)
|
(2,242.8
|
)
|
(524.2
|
)
|
20.3
|
(3,297.2
|
)
|
(3,801.1
|
)
|
|||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Additions of Debt
|
2,719.5
|
1,281.1
|
483.8
|
156.2
|
245.7
|
2,166.7
|
568.7
|
121.7
|
3,515.5
|
4,205.8
|
||||||||||||||||||||
Payments of Principal and Interest on Debt
|
(1,967.9
|
)
|
(1,121.3
|
)
|
(206.0
|
)
|
(318.2
|
)
|
(197.9
|
)
|
(1,843.4
|
)
|
(298.1
|
)
|
(264.7
|
)
|
(342.1
|
)
|
(905.0
|
)
|
||||||||||
Capital Increase
|
4.0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Capital Increase by noncontrolling interests
|
400.0
|
139.9
|
-
|
-
|
421.0
|
560.9
|
-
|
595.9
|
52.4
|
648.3
|
||||||||||||||||||||
Treasury Shares
|
(15.2
|
-
|
(46.9
|
(1.4
|
-
|
(48.3
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Exercise of stock option plan
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
14.7
|
14.7
|
||||||||||||||||||||
Dividends
|
(193.1
|
)
|
-
|
(192.7
|
)
|
-
|
-
|
(192.7
|
)
|
-
|
(412.9
|
)
|
(152.3
|
)
|
(565.2
|
)
|
||||||||||||||
Related Parties
|
37.1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Cash Flows from Financing Activities
|
984.3
|
299.8
|
38.2
|
(163.4
|
)
|
468.8
|
643.4
|
270.6
|
40.0
|
3,088.1
|
3,398.7
|
|||||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Total Cash Flow
|
175.7
|
24.1
|
193.5
|
(276.8
|
)
|
421.3
|
362.1
|
(209.0
|
)
|
485.0
|
432.4
|
708.4
|
||||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Cash & Equivalents, Beginning
|
1,078.4
|
1,254.1
|
1,278.2
|
1,471.7
|
(2,749.8
|
)
|
1,254.1
|
1,616.2
|
1,407.2
|
1,892.2
|
1,616.2
|
|||||||||||||||||||
Cash & Equivalents, Closing
|
1,254.1
|
1,278.2
|
1,471.7
|
1,194.9
|
(2,328.6
|
)
|
1,616.2
|
1,407.2
|
1,892.2
|
2,324.6
|
2,324.6
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Income Statement
|
|
Mar' 10
|
|
Jun' 11
|
|
Set' 11
|
|
Dec' 11
|
|
Mar' 12
|
|
Mar' 12
|
|
Jun' 12
|
|
Sep' 12
|
|
Dec' 12
|
||||||||||
(in R$ million)
|
FY11
|
1Q12
|
|
2Q12
|
|
3Q12
|
|
4Q12
|
|
FY12
|
1Q13
|
|
2Q13
|
|
3Q13
|
|
||||||||||||
(=)
|
Net Operating Revenue
|
18,063.5
|
5,188.0
|
6,804.3
|
6,310.7
|
5,793.9
|
24,096.9
|
6,125.6
|
7,032.3
|
8,397.1
|
||||||||||||||||||
(-)
|
Cost of Goods Sold and Services Rendered
|
(15,150.1
|
)
|
(4,600.0
|
)
|
(6,042.4
|
)
|
(5,670.9
|
)
|
(5,151.8
|
)
|
(21,465.0
|
)
|
(5,651.2
|
)
|
(6,260.4
|
)
|
(7,339.9
|
)
|
|||||||||
(=)
|
Gross Profit
|
2,913.4
|
588.0
|
761.9
|
639.8
|
642.1
|
2,631.9
|
474.4
|
771.8
|
1,057.2
|
||||||||||||||||||
Gross Margin
|
16.1
|
%
|
11.3
|
%
|
11.2
|
%
|
10.1
|
%
|
-21.7
|
%
|
10.9
|
%
|
7.7
|
%
|
0.1
|
0.1
|
||||||||||||
(-)
|
Operating Income (Expenses):
|
(1,605.3
|
)
|
2,481.6
|
(469.7
|
)
|
(401.1
|
)
|
(494.9
|
)
|
1,116.0
|
(308.0
|
)
|
(431.5
|
)
|
(511.9
|
)
|
|||||||||||
(-)
|
Selling
|
(1,026.0
|
)
|
(261.2
|
)
|
(295.3
|
)
|
(270.4
|
)
|
(309.5
|
)
|
(1,136.3
|
)
|
(212.4
|
)
|
(254.8
|
)
|
(395.4
|
)
|
|||||||||
(-)
|
General and Administrative
|
(545.5
|
)
|
(150.5
|
)
|
(159.5
|
)
|
(160.3
|
)
|
(175.8
|
)
|
(646.0
|
)
|
(158.7
|
)
|
(177.2
|
)
|
(256.5
|
)
|
|||||||||
(±)
|
Other Operating Income (Expenses), Net
|
(33.8
|
)
|
22.0
|
3.2
|
29.6
|
90.7
|
145.6
|
63.1
|
0.5
|
139.9
|
|||||||||||||||||
(±)
|
Gain on tax recovery program
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
(±)
|
Effects of formation of JVs
|
-
|
2,871.2
|
(18.2
|
)
|
-
|
(100.3
|
)
|
2,752.7
|
-
|
-
|
-
|
||||||||||||||||
(=)
|
Operating Income
|
1,308.1
|
3,069.5
|
292.2
|
238.8
|
147.3
|
3,747.8
|
166.4
|
340.3
|
545.2
|
||||||||||||||||||
(±)
|
Financial results, net
|
(151.1
|
)
|
11.6
|
(394.5
|
)
|
(70.6
|
)
|
(24.9
|
)
|
(478.5
|
)
|
(318.8
|
)
|
(1.2
|
)
|
(127.2
|
)
|
||||||||||
(±)
|
Equity income of associates
|
25.19
|
1.96
|
(1.30
|
)
|
0.01
|
32.60
|
33.27
|
(2.19
|
)
|
54.1
|
3.2
|
||||||||||||||||
(=)
|
Income (Loss) Before taxes
|
1,182.2
|
3,083.1
|
(103.6
|
)
|
168.1
|
155.0
|
3,302.5
|
(154.6
|
)
|
393.3
|
421.3
|
||||||||||||||||
(±)
|
Income and Social Contribution Taxes
|
(414.5
|
)
|
(1,224.6
|
)
|
188.2
|
(63.8
|
)
|
(10.0
|
)
|
(1,110.2
|
)
|
131.4
|
(91.3
|
)
|
(128.1
|
)
|
|||||||||||
(±)
|
Non-controlling interest
|
(296.75
|
)
|
(872.96
|
)
|
(47.42
|
)
|
(48.16
|
)
|
(42.45
|
)
|
(1,010.99
|
)
|
(7.08
|
)
|
(136.3
|
)
|
(235.7
|
)
|
|||||||||
(=)
|
Net Income
|
470.9
|
985.5
|
37.2
|
56.2
|
102.5
|
1,181.3
|
(30.3
|
)
|
165.8
|
57.5
|
|||||||||||||||||
Net Income from discontinued operations
|
(0.93
|
)
|
5.8
|
137.4
|
||||||||||||||||||||||||
Net income for the period
|
(31.24
|
)
|
171.5
|
195.0
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Balance Sheet
|
|
Mar' 11
|
|
Jun' 11
|
|
Set' 11
|
|
Dec' 11
|
|
Mar' 12
|
|
Jun' 12
|
|
Sep' 12
|
|
Dec' 12
|
||||||
(in R$ million)
|
FY11
|
1Q12
|
|
2Q12
|
|
3Q12
|
|
FY12
|
1Q13
|
|
2Q13
|
|
3Q13
|
|
||||||||
Cash and Cash Equivalents
|
1,271.8
|
1,295.3
|
1,482.9
|
1,283.4
|
1,654.1
|
1,428.7
|
1,898.8
|
2,331.2
|
||||||||||||||
Restricted Cash
|
187.9
|
60.2
|
52.5
|
88.1
|
94.3
|
131.8
|
87.4
|
90.9
|
||||||||||||||
Accounts receivable
|
594.9
|
825.2
|
983.7
|
1,022.3
|
963.6
|
960.5
|
1,098.8
|
1,857.3
|
||||||||||||||
Derivatives
|
55.7
|
60.2
|
29.4
|
59.6
|
19.6
|
114.9
|
75.8
|
115.1
|
||||||||||||||
Inventories
|
670.3
|
1,002.0
|
1,361.8
|
1,354.4
|
748.2
|
893.5
|
1,477.6
|
1,706.6
|
||||||||||||||
Advances to Suppliers
|
229.3
|
172.2
|
141.9
|
110.2
|
-
|
174.1
|
126.8
|
217.4
|
||||||||||||||
Related Parties
|
14.7
|
680.3
|
599.7
|
655.8
|
678.4
|
758.5
|
210.6
|
183.1
|
||||||||||||||
Recoverable Taxes
|
375.0
|
411.7
|
416.0
|
325.0
|
325.1
|
342.2
|
384.3
|
473.7
|
||||||||||||||
Assets Held For Sale
|
-
|
410.7
|
412.0
|
-
|
||||||||||||||||||
Other financial assets
|
-
|
-
|
-
|
-
|
40.1
|
52.6
|
20.9
|
-
|
||||||||||||||
Other credits
|
81.0
|
99.0
|
108.1
|
115.9
|
230.3
|
66.5
|
116.6
|
96.5
|
||||||||||||||
Current Assets
|
3,480.6
|
4,606.2
|
5,176.1
|
5,014.7
|
4,753.6
|
5,334.0
|
5,909.6
|
7,071.8
|
||||||||||||||
Deferred Income tax and social contribution
|
715.3
|
1,026.4
|
959.7
|
1,108.2
|
543.0
|
528.1
|
431.9
|
405.8
|
||||||||||||||
Advances to Suppliers
|
46.0
|
27.5
|
39.6
|
49.7
|
21.9
|
28.8
|
35.3
|
41.4
|
||||||||||||||
Related Parties
|
92.0
|
1,215.4
|
1,176.6
|
1,195.8
|
753.2
|
733.4
|
722.5
|
720.6
|
||||||||||||||
Recoverable Taxes
|
55.1
|
124.5
|
123.6
|
122.2
|
111.9
|
97.3
|
110.8
|
127.8
|
||||||||||||||
Judicial Deposits
|
218.4
|
372.5
|
491.1
|
495.6
|
509.2
|
514.6
|
528.2
|
542.1
|
||||||||||||||
Other financial assets
|
420.4
|
290.3
|
418.6
|
415.5
|
790.4
|
796.8
|
843.1
|
665.3
|
||||||||||||||
Other non-current assets
|
449.3
|
1,108.3
|
972.1
|
971.9
|
498.7
|
492.7
|
459.6
|
763.3
|
||||||||||||||
Investments
|
304.1
|
333.9
|
358.1
|
368.6
|
419.0
|
611.9
|
147.9
|
190.1
|
||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
-
|
2,346.0
|
2,420.7
|
||||||||||||||
Biological Assets
|
1,561.1
|
795.1
|
717.0
|
767.9
|
968.0
|
1,061.6
|
972.5
|
950.6
|
||||||||||||||
Property, Plant and Equipment
|
7,980.5
|
8,260.0
|
7,928.8
|
7,835.2
|
7,867.0
|
7,678.3
|
7,000.5
|
7,016.5
|
||||||||||||||
Intangible
|
3,889.6
|
4,125.3
|
4,531.1
|
4,593.8
|
4,932.3
|
4,878.7
|
5,063.8
|
13,955.1
|
||||||||||||||
Non-current Assets
|
15,731.8
|
17,679.2
|
17,716.4
|
17,924.4
|
17,414.5
|
17,422.3
|
18,662.1
|
27,799.4
|
||||||||||||||
Total Assets
|
19,212.4
|
22,285.3
|
22,892.5
|
22,939.2
|
22,168.1
|
22,756.3
|
24,571.7
|
34,871.1
|
||||||||||||||
Current portion of long-term debt
|
957.1
|
666.1
|
805.1
|
773.6
|
540.2
|
1,212.5
|
1,295.2
|
1,843.1
|
||||||||||||||
Derivatives
|
132.3
|
94.3
|
29.3
|
15.7
|
9.6
|
40.8
|
12.3
|
14.5
|
||||||||||||||
Trade Accounts Payable
|
558.8
|
621.6
|
757.5
|
765.4
|
606.0
|
633.3
|
788.0
|
1,449.5
|
||||||||||||||
Salaries Payable
|
183.6
|
183.3
|
191.5
|
158.2
|
183.7
|
232.5
|
221.2
|
257.1
|
||||||||||||||
Taxes payable
|
245.3
|
247.1
|
328.9
|
282.4
|
241.7
|
176.0
|
208.9
|
423.2
|
||||||||||||||
Dividends payable
|
72.2
|
82.9
|
9.1
|
8.7
|
9.7
|
103.2
|
79.8
|
27.2
|
||||||||||||||
Related Parties
|
41.2
|
186.8
|
163.2
|
228.5
|
175.5
|
169.3
|
189.7
|
140.0
|
||||||||||||||
Liabilities Held for Sale
|
-
|
112.5
|
118.0
|
-
|
||||||||||||||||||
Other Liabilities
|
190.4
|
273.8
|
307.3
|
215.9
|
308.0
|
284.1
|
336.3
|
351.8
|
||||||||||||||
Current Liabilities
|
2,380.8
|
2,355.9
|
2,591.8
|
2,448.5
|
2,074.5
|
2,964.3
|
3,249.5
|
4,506.4
|
||||||||||||||
Long-term debt
|
6,274.9
|
3,699.4
|
4,407.8
|
4,589.9
|
4,659.2
|
4,682.3
|
4,607.9
|
10,025.1
|
||||||||||||||
Taxes payable
|
639.1
|
1,123.0
|
1,180.0
|
1,184.8
|
1,202.6
|
1,183.8
|
1,201.3
|
974.1
|
||||||||||||||
Provision for judicial demands
|
666.3
|
940.8
|
975.8
|
1,026.7
|
1,051.7
|
1,089.8
|
1,089.5
|
1,133.9
|
||||||||||||||
Related Parties
|
4.4
|
371.2
|
546.3
|
468.5
|
389.7
|
375.4
|
371.9
|
372.4
|
||||||||||||||
Pension
|
24.4
|
25.9
|
27.4
|
28.9
|
37.3
|
37.7
|
37.2
|
324.3
|
||||||||||||||
Deferred Income taxes
|
1,511.0
|
3,546.4
|
3,159.1
|
3,116.5
|
2,443.4
|
2,299.3
|
2,149.8
|
3,516.2
|
||||||||||||||
Other non-current liabilities
|
382.9
|
814.4
|
752.1
|
777.1
|
828.1
|
769.2
|
732.3
|
748.9
|
||||||||||||||
Non-current Assets
|
9,502.9
|
10,521.0
|
11,048.4
|
11,192.3
|
10,612.0
|
10,437.6
|
10,189.8
|
17,095.0
|
||||||||||||||
Common stock
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
||||||||||||||
Treasury shares
|
-
|
-
|
-
|
(109.4
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||
Capital Reserve
|
3,668.2
|
3,725.5
|
3,718.8
|
3,750.3
|
3,634.7
|
3,631.2
|
3,752.1
|
3,739.9
|
||||||||||||||
Profits Reserve
|
-
|
1,872.5
|
1,773.6
|
(191.4
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||
Accumulated earnings
|
887.3
|
-
|
-
|
1,824.9
|
1,937.3
|
1,911.6
|
1,929.5
|
2,124.5
|
||||||||||||||
Equity attributable to owners of the Company
|
4,560.9
|
5,603.3
|
5,497.7
|
5,471.1
|
5,577.3
|
5,548.1
|
5,686.9
|
5,869.7
|
||||||||||||||
Equity attributable to non-controlling interests
|
2,767.8
|
3,805.0
|
3,754.5
|
3,827.2
|
3,904.3
|
3,806.3
|
5,445.5
|
7,400.0
|
||||||||||||||
Total equity
|
7,328.7
|
9,408.4
|
9,252.2
|
9,298.3
|
9,481.6
|
9,354.4
|
11,132.4
|
13,269.7
|
||||||||||||||
Total liabilities and equity
|
19,212.4
|
22,285.3
|
22,892.5
|
22,939.2
|
22,168.1
|
22,756.3
|
24,571.7
|
34,871.1
|
Earnings Release
Third Quarter of the Fiscal Year 2013 – October, November, December of 2012
(revised on February 28 of 2013)
|
Statement of Cash Flows
|
|
Mar' 11
|
|
Jun' 11
|
|
Set' 11
|
|
Dec' 11
|
|
Mar' 12
|
|
Mar' 12
|
|
Jun' 12
|
|
Sep' 12
|
|
Dec' 12
|
|
Dec' 12
|
||||||||||
(in R$ million)
|
FY11
|
1Q12
|
|
2Q12
|
|
3Q12
|
|
4Q12
|
|
FY12
|
1Q13
|
|
2Q13
|
|
3Q13
|
|
FY13
|
|||||||||||||
Net Income
|
767.7
|
1,858.1
|
84.6
|
(974.2
|
)
|
1,223.8
|
2,192.3
|
(144.8
|
)
|
393.3
|
599.1
|
847.6
|
||||||||||||||||||
Non-cash Adjustments:
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Depreciation and Amortization
|
1,359.0
|
303.7
|
365.5
|
(669.2
|
)
|
1,142.8
|
1,142.8
|
259.2
|
377.5
|
455.9
|
1,092.6
|
|||||||||||||||||||
Biological Assets
|
(381.9
|
)
|
(20.9
|
)
|
38.8
|
(17.9
|
)
|
(60.1
|
)
|
(60.1
|
)
|
(17.5
|
)
|
38.4
|
21.9
|
42.8
|
||||||||||||||
Stock option
|
-
|
-
|
-
|
-
|
10.80
|
10.80
|
3.32
|
3.33
|
3.32
|
10.0
|
||||||||||||||||||||
Equity income of associates
|
(25.2
|
)
|
(1.9
|
)
|
1.3
|
0.7
|
(33.3
|
)
|
(33.3
|
)
|
(7.6
|
)
|
(54.1
|
)
|
(3.2
|
)
|
(65.0
|
)
|
||||||||||||
Losses (Gains) in Fixed Assets Disposals
|
(35.3
|
)
|
17.0
|
(11.5
|
)
|
(5.5
|
)
|
(93.9
|
)
|
(93.9
|
)
|
(58.6
|
)
|
16.9
|
(233.8
|
)
|
(275.4
|
)
|
||||||||||||
Deferred Income and Social Contribution Taxes
|
329.1
|
1,197.8
|
(277.7
|
)
|
(920.1
|
)
|
962.8
|
962.8
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Fair value of investment properties
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(85.9
|
)
|
(85.9
|
)
|
||||||||||||||||||
Judicial demands' provision
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
34.52
|
(1.25
|
)
|
33.3
|
|||||||||||||||||||
Interest, monetary and exchange variations, net
|
238.5
|
(27.6
|
)
|
569.6
|
(542.0
|
)
|
646.5
|
646.5
|
396.7
|
(68.5
|
)
|
158.8
|
487.0
|
|||||||||||||||||
Effects of formation of JVs
|
-
|
(2,871.2
|
)
|
18.2
|
(2,853.1
|
)
|
2,855.2
|
(2,850.9
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Other Non-cash Items
|
7.5
|
3.5
|
13.4
|
(16.9
|
)
|
(5.7
|
)
|
(5.7
|
)
|
(0.3
|
)
|
13.7
|
36.6
|
50.0
|
||||||||||||||||
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Variation on Assets and Liabilities
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Accounts receivable
|
164.7
|
(123.3
|
)
|
(105.6
|
)
|
228.8
|
(361.1
|
)
|
(361.1
|
)
|
(68.7
|
)
|
(13.9
|
)
|
(133.3
|
)
|
(215.8
|
)
|
||||||||||||
Restricted Cash
|
(142.97
|
)
|
113.48
|
7.70
|
(121.18
|
)
|
79.45
|
79.45
|
(37.49
|
)
|
44.69
|
(2.31
|
)
|
4.9
|
||||||||||||||||
Judicial Deposits
|
-
|
(108.1
|
)
|
108.1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Inventories
|
84.6
|
(326.6
|
)
|
(311.8
|
)
|
638.4
|
(186.8
|
)
|
(186.8
|
)
|
(102.6
|
)
|
(433.2
|
)
|
(126.6
|
)
|
(662.3
|
)
|
||||||||||||
Taxes recoverable
|
-
|
-
|
-
|
-
|
(17.13
|
)
|
(17.13
|
)
|
(22.01
|
)
|
(28.07
|
)
|
(8.16
|
)
|
(58.2
|
)
|
||||||||||||||
Related Parties
|
-
|
(1,033.6
|
)
|
142.6
|
891.1
|
(751.7
|
)
|
(751.7
|
)
|
(83.7
|
)
|
89.5
|
(69.5
|
)
|
(63.6
|
)
|
||||||||||||||
Advances to Suppliers
|
16.8
|
(122.1
|
)
|
18.2
|
103.9
|
(103.3
|
)
|
(103.3
|
)
|
-
|
21.3
|
26.5
|
47.8
|
|||||||||||||||||
Accounts payable
|
(32.4
|
)
|
241.2
|
125.0
|
(366.2
|
)
|
220.2
|
220.2
|
46.7
|
118.7
|
(72.1
|
)
|
93.3
|
|||||||||||||||||
Salaries payable
|
36.2
|
110.9
|
5.1
|
(116.1
|
)
|
108.2
|
108.2
|
56.1
|
(37.2
|
)
|
(24.0
|
)
|
(5.0
|
)
|
||||||||||||||||
Provision for judicial demands from legal proceedings
|
26.9
|
33.1
|
(33.1
|
)
|
-
|
144.0
|
144.0
|
38.1
|
(47.0
|
)
|
0.8
|
(8.1
|
)
|
|||||||||||||||||
Derivatives
|
13.3
|
908.8
|
(1,050.0
|
)
|
141.2
|
(112.3
|
)
|
(112.3
|
)
|
6.0
|
19.7
|
1.5
|
27.2
|
|||||||||||||||||
Taxes payable
|
(50.1
|
)
|
(79.2
|
)
|
1,003.4
|
(924.3
|
)
|
886.3
|
886.3
|
(87.6
|
)
|
(58.1
|
)
|
(105.3
|
)
|
(251.0
|
)
|
|||||||||||||
Other assets and liabilities, net
|
(49.2
|
)
|
532.4
|
(120.7
|
)
|
(411.8
|
)
|
134.5
|
134.5
|
(140.9
|
)
|
82.0
|
118.5
|
59.6
|
||||||||||||||||
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Cash Flow from Operating Activities
|
2,327.2
|
605.5
|
591.0
|
(5,934.2
|
)
|
6,689.3
|
1,951.6
|
34.5
|
513.5
|
557.5
|
1,105.6
|
|||||||||||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Aquisitions, net of aquired cash and advances for future
|
||||||||||||||||||||||||||||||
capital increases
|
(157.3
|
)
|
-
|
-
|
-
|
(72.9
|
)
|
(72.9
|
)
|
(200.3
|
)
|
(8.9
|
)
|
(3,094.4
|
)
|
(3,303.6
|
)
|
|||||||||||||
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
|
-
|
-
|
191.4
|
191.4
|
||||||||||||||||||||
Additions on Investments, Net of Cash Received
|
-
|
-
|
(99.1
|
)
|
(0.9
|
)
|
57.6
|
(42.3
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Additions on Property, Plant and Equipment
|
(2,291.6
|
)
|
(491.5
|
)
|
(243.3
|
)
|
(346.3
|
)
|
(503.4
|
)
|
(1,584.5
|
)
|
(281.2
|
)
|
(274.1
|
)
|
(424.0
|
)
|
(979.3
|
)
|
||||||||||
Sugarcane planting and growing costs
|
(745.6
|
)
|
(217.2
|
)
|
(117.9
|
)
|
(107.0
|
)
|
(109.9
|
)
|
(552.0
|
)
|
(160.5
|
)
|
(76.9
|
)
|
(131.5
|
)
|
(369.0
|
)
|
||||||||||
Proceeds from sale of property,plant and equipment,
intangible and investments
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Treasury Shares
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Cash received on the acquisition of new business
|
-
|
-
|
-
|
-
|
-
|
-
|
0.1
|
111.7
|
0.5
|
112.2
|
||||||||||||||||||||
Cash Received on Sale of other Fixed Assets
|
48.8
|
-
|
42.3
|
53.8
|
86.0
|
182.1
|
147.6
|
2.2
|
427.3
|
577.1
|
||||||||||||||||||||
Cash reclassified from discontinued operatios
|
-
|
-
|
-
|
-
|
(29.8
|
)
|
-
|
-
|
(29.8
|
)
|
||||||||||||||||||||
Cash Flow from Investment Activities
|
(3,145.7
|
)
|
(881.8
|
)
|
(418.0
|
)
|
(400.4
|
)
|
(521.0
|
)
|
(2,221.1
|
)
|
(524.2
|
)
|
(246.1
|
)
|
(3,030.6
|
)
|
(3,801.0
|
)
|
||||||||||
-
|
-
|
-
|
||||||||||||||||||||||||||||
Financing Activities
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Additions of Debt
|
2,719.5
|
1,281.1
|
483.8
|
335.9
|
245.7
|
2,346.4
|
568.7
|
121.7
|
3,515.5
|
4,205.8
|
||||||||||||||||||||
Payments of Principal and Interest on Debt
|
(1,971.6
|
)
|
(1,121.3
|
)
|
(206.0
|
)
|
395.6
|
(957.7
|
)
|
(1,889.4
|
)
|
(298.1
|
)
|
(268.8
|
)
|
(342.1
|
)
|
(909.0
|
)
|
|||||||||||
Capital Increase
|
4.0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Capital Increase by noncontrolling interests
|
400.0
|
139.9
|
0.0
|
139.9
|
281.1
|
560.9
|
-
|
595.9
|
52.4
|
648.3
|
||||||||||||||||||||
Treasury Shares
|
(15.2
|
)
|
-
|
(54.4
|
)
|
(101.2
|
)
|
107.4
|
(48.3
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||
Exercise of stock option plan
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Dividends
|
(193.1
|
)
|
-
|
(228.2
|
)
|
(4.8
|
)
|
(100.6
|
)
|
(333.7
|
)
|
-
|
(234.2
|
)
|
(335.2
|
)
|
(569.4
|
)
|
||||||||||||
Acquisition of shares of subsidiary
|
37.1
|
-
|
-
|
(4.6
|
)
|
4.6
|
-
|
(17.2
|
)
|
-
|
-
|
(17.2
|
)
|
|||||||||||||||||
Exchange rate variation excluding Cash and Cash Equivalents
|
(1.2
|
)
|
19.3
|
(0.4
|
)
|
(3.1
|
)
|
15.8
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Cash Flows from Financing Activities
|
979.5
|
299.8
|
14.5
|
760.4
|
(422.8
|
)
|
651.9
|
253.3
|
214.6
|
2,905.2
|
3,373.1
|
|||||||||||||||||||
Impact of foreign currency exchange on cash and cash equivalents
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(11.8
|
)
|
(0.7
|
)
|
|||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||
Total Cash Flow
|
161.0
|
23.5
|
187.5
|
(5,574.1
|
)
|
5,745.5
|
382.4
|
(225.5
|
)
|
470.1
|
677.0
|
|||||||||||||||||||
-
|
-
|
0
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Cash & Equivalents, Beginning
|
1,110.8
|
1,271.8
|
1,295.3
|
1,482.9
|
(2,778.1
|
)
|
1,271.8
|
1,654.1
|
1,428.7
|
1,654.1
|
||||||||||||||||||||
Cash & Equivalents, Closing
|
1,271.8
|
1,295.3
|
1,482.9
|
1,283.4
|
(2,407.4
|
)
|
1,654.1
|
1,428.7
|
1,898.8
|
2,331.2
|
COSAN LIMITED
|
|||||
Date:
|
February 28, 2013
|
By:
|
/s/ Marcelo Eduardo Martins
|
||
Name:
|
Marcelo Eduardo Martins
|
||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|