Edgar Filing: Cosan Ltd.

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of May, 2015

Commission File Number: 1-33659

COSAN LIMITED

(Translation of registrant’s name into English)

Av. Juscelino Kubitschek, 1327 – 4th floor

São Paulo, SP 04543-000 Brazil

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes

COSAN LIMITED

Item
1.	Earnings Release 1Q15
2.	Cosan Limited – Consolidated interim financial statements at March 31, 2015 and independent auditors’ review report

Item 1

EARNINGS RELEASE 1Q15

São Paulo, May 06, 2015 – COSAN LIMITED (NYSE: CZZ e BM&FBovespa: CZLT33) announces today its results for the first quarter of 2015 (1Q15) composed by January, February and March 2015. The results are consolidated in accordance with the accounting principles adopted in Brazil and internationally (IFRS).

Highlights 1Q15

Consolidated net revenues growths 6% and reaches R$ 10.2 billion

Raízen Combustíveis’ EBITDA 13% up reaching R$ 590 million

Raízen Energia’s EBITDA 13% up and reaches R$ 830 million in 1Q15. For the harvest year 14/15, EBITDA totaled R$ 2.5 billion, 4% up versus 13/14

Comgás’ normalized EBITDA of R$ 299 million in 1Q15

Rumo reaches EBITDA of R$ 62 million in the quarter

Summary of Financial Information - Cosan Consolidated¹	1Q15	1Q14
Amount in R$ MM	(Jan-Mar)	(Jan-Mar)	Chg.%
Net Revenue	10,151.7	9,593.4	5.8%
Gross Profit	1,180.1	1,217.5	-3.1%
Gross Margin (%)	11.6%	12.7%	-8.4%
Operating Profit	378.7	565.4	-33.0%
EBITDA	923.0	1,023.9	-9.9%
EBITDA Margin (%)	9.1%	10.7%	-14.8%
Equity Pick-up	(4.4)	(16.0)	-72.3%
Net Income before non-controlling Interest	31.7	292.8	-89.2%
Net Income	9.5	140.8	-93.2%
Net Margin (%)	0.1%	1.5%	-93.6%

CAPEX	768.4	835.6	-8.0%
Shareholders' Equity and Minority Shareholders	13,475.7	13,577.6	-0.8%
Note 1: Considering the consolidation of 50% of Raízen Combustíveis and Raízen Energia

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	Cosan Limited - Press Release
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A.	Highlights and Business Units

Business Units

Listed below are the business units that make up Cosan S/A and Cosan Logística S/A, companies that comprise Cosan Limited’s portfolio.

The business units (reportable segments) are organized as follows:

Cosan Limited’s Consolidated Result

Cosan Limited’s consolidated financial statements considers 100% of the results of Cosan S/A and Cosan Logística S/A.

EBITDA reported herein is in compliance with CVM Rule 527/12, published by the Brazilian Securities and Exchange Commission on October 4, 2012, and may differ from the amounts reported in prior periods as a result of the equity accounting income adjustment. Therefore, EBITDA now consists of operating profit before financial expenses, plus depreciation, amortization and equity accounting.

EBITDA (Reconciliation ICVM 527)	1Q15	1Q14
Amounts in R$ MM	(Jan-Mar)	(Jan-Mar)	Chg. %
Net Income	9.5	140.8	(93.)%
(-) Equity Pick-up	(153.1)	(221.8)	-25.9%
(+) Minority Shareholders	16.2	148.4	-88.2%
(+) Income Taxes	(79.7)	59.6	n/a
(+) Net Financial Expense (Revenue)	258.4	122.5	n/a
(+) Depreciation and Amortization	165.3	160.4	3.%
EBITDA (before ICVM 527)	216.6	409.8	-47.2%
(+) Equity Pick-up	153.1	221.8	-25.9%
EBITDA (after ICVM 527)	369.7	631.6	-40.0%

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

Below we present 1Q15 results by business segment as previously detailed. All information reflect 100% of their financial performance, regardless of Cosan Limited’s interest.

For reconciliation purposes of the consolidated EBITDA, the Adjustments and Eliminations column refers to the elimination of net profits of the business controlled by Cosan for consolidation purposes.

Results by Business Unit 1Q15	Cosan Energia Pro forma	Cosan Logística	CZZ (Controladora)	Adjustments and Eliminations	CZZ Pro forma
Net Revenue	9,946.1	205.6	-	-	10,151.7
Cost of Goods and Services	(8,825.3)	(146.3)	-	-	(8,971.6)
Gross Profit	1,120.8	59.3	-	(0.0)	1,180.1
Gross Margin(%)	11.3%	28.8%	n/a	-%	11.6%
Selling Expenses	(451.8)	-	-	-	(451.8)
General and Administrative Expenses	(261.3)	(24.4)	(14.6)	-	(300.3)
Other Operating Revenues (Expenses)	(48.9)	(0.5)	-	-	(49.3)
Equity Pick-up	(4.4)	0.0	(22.6)	22.6	(4.4)
Depreciation and Amortization	522.1	26.7	-	-	548.7
EBITDA	876.5	61.1	(37.1)	22.6	923.0
EBITDA Margin (%)	8.8%	29.7%	n/a	-%	9.1%
Financial income	(418.6)	(10.3)	(7.5)	-	(436.4)
Financial expense	179.8	5.7	0.0	-	185.4
Foreign exchange gain (losses), net	(957.7)	(56.2)	32.9	-	(980.9)
Derivatives	799.1	40.5	21.2	-	860.8
Income taxes expenses	33.4	(4.8)	-	-	28.6
Non-controlling interests	(34.1)	(1.6)	-	13.5	(22.2)
Profit (loss) for the period	(43.7)	7.6	9.5	36.1	9.5

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

Results

B.1 Cosan S/A – Pro forma

We present below the main highlights of Cosan S/A’s results, the Company's business unit responsible for the operations of Raízen Fuels, Raizen Energia, Comgás, Lubricants, Radar and Other Businesses.

For complete information on Cosan S/A results, its Earning Release is available at ri.cosan.com.br.

COSAN S/A PRO FORMA	1Q15	1Q14
COSAN S/A PRO FORMA	(Jan-Mar)	(Jan-Mar)
Net Revenue	9,946.1	9,385.5
Cost of Goods and Services	(8,825.3)	(8,252.4)
Gross Profit	1,120.8	1,133.1
Gross Margin(%)	11.3%	12.1%
Selling Expenses	(451.8)	(430.0)
General and Administrative Expenses	(261.3)	(247.9)
Other Operating Revenues (Expenses)	(48.9)	41.5
Equity Pick-up	(4.4)	(18.6)
Depreciation and Amortization	522.1	452.9
EBITDA	876.5	931.0
EBITDA Margin (%)	8.8%	9.9%
Financial income	(418.6)	(246.9)
Financial expense	179.8	77.3
Foreign exchange gain (losses), net	(957.7)	133.6
Derivatives	799.1	(41.5)
Income taxes expenses	33.4	(141.4)
Non-controlling interests	(34.1)	(7.4)
Results of discontinued operations	-	(1.6)
Profit (loss) for the period	(43.7)	253.5

Raízen Combustíveis

For comparison purposes, the following information presented consider 100% of Raízen Combustíveis operations, even though Cosan S/A holds 50% share in the segment.

Raízen Combustíveis closed 1T15 with growth of 3,3% of total volume sold, with a highlight to 28.1% ethanol volume growth. Net revenue for the quarter was 8.1% higher driven by higher volumes sold and growth of average prices, primarily by variations in petrol and diesel prices by Petrobras. EBITDA was R$ 590 million, a 13,1% growth compared to 1T15.

Raízen Combustíveis ended 1T15 with 5,427 Shell service stations and 951 convenience stores in its network.

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

Raízen Energia

For comparison purposes, the following information consider 100% of Raízen Energia operations, even though Cosan S/A holds 50% share in the segment. Additionally, it is worth mentioning that the analysis of Raizen Energia information should consider the crop year that began in April 2014 and will end in March 2015.

Raizen Energia ended the harvest season 2014/15 with a crushing volume of 57.1 million tons, 7.1% reduction versus harvest season 2013/14. The main factor for the reduction of the volume crushed was the dry climate throughout the year, which hampered the process of planting and growth of sugarcane, reducing agricultural productivity

The volume of sugar in the harvest season 2014/15 was down 1.1% while the ethanol volume grew 4.3%. The volume of energy sold was 1.0% higher reaching 2,202,000 MWh. Raízen Energia’s total net revenue in harvest season 2014/15 was R$9.7 billion, 18.2% higher compared to the same period last year. EBITDA was R$2.5 billion, up 4.0%, with an EBITDA margin of 26.0%. EBITDA adjusted by the effects of biological assets was R$2.6 million.

Comgás

Comgás’ volume sold was down 0.8% compared to 1Q14, with 1.3 million m³ sold in 1Q15. This reduction is due to the lower industrial activity which limited the volume expansion in the period. Comgás’ net revenue was R$1.5 billion in 1Q15, 1.1% higher than 1Q14. EBITDA normalized by the regulatory current account was R$299 million, 5.8% higher compared to the 1Q14, with an EBITDA margin of 19.5%.

Lubrificantes

Net revenue from the sale of lubricants, base oil resale and other goods and services increased 3.1% in 1Q15, reaching R$379.8 million. This result is due to higher average unit price of 5.7%. EBITDA was R$23.4 million in the quarter, with a margin of 6.2%.

Radar

Radar ended 1Q15 with 263,300 hectares of land under its management, with a market value of R$5.0 billion. Net income in the quarter was R$21.6 million, increased by the leasing of properties during 1Q15. In 1Q15, EBITDA was R$27.2 million, lower compared to 1Q14 due to the lower sale of properties in the quarter.

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

B.2 Cosan Logística

COSAN LOGÍSTICA	1Q15	1Q14
COSAN LOGÍSTICA	(Jan-Mar)	(Jan-Mar)
Net Revenue	205.6	207.9
Cost of Goods and Services	(146.3)	(123.5)
Gross Profit	59.3	84.4
Gross Margin(%)	28.8%	40.6%
General and Administrative Expenses	(24.4)	(20.0)
Other Operating Revenues (Expenses)	(0.5)	25.3
Depreciation and Amortization	26.7	21.7
EBITDA	61.1	111.4
EBITDA Margin (%)	29.7%	53.6%
Financial income	(10.3)	(8.5)
Financial expense	5.7	12.2
Foreign exchange gain (losses), net	(56.2)	0.1
Derivatives	40.5	-
Income taxes expenses	(4.8)	(25.2)
Non-controlling interests	(1.6)	(12.3)
Profit (loss) for the period	7.6	56.1

Rumo

Rumo reported a volume of 2.5 million tons of sugar loaded at the port of Santos. Net revenue for the quarter was R$205.6 million, down 1.1% versus 1Q14. This reduction was due to the lower volumes transported and elevated. EBITDA was R$ 61.5 million in 1T15, with an EBITDA margin of 29.9%.

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

C.	Other Items in the Consolidated Result

Financial Result

Financial Results	1Q15	1Q14
Amounts in R$ MM	(Jan-Mar)	(Jan-Mar)	Var. %
Gross Debt Charges	(155.5)	(185.0)	-16.0%
Income from Cash Investments	48.9	30.2	61.8%
(=) Subtotal: Net Debt Interests	(106.6)	(154.8)	-31.1%
Other Charges and Monetary Variation	(94.0)	30.3	n/a
Exchange Rate Variation	(591.8)	75.7	n/a
Gains (losses) with Derivatives	555.2	(61.1)	n/a
Banking Expenses, Fees and Other	(21.2)	(12.6)	68.5%
(=) Financial, Net	(258.4)	(122.5)	n/a

The financial result in the 1Q15 reported a net financial expense of R$ 258.4 million, compared to a net expense of R$ 122.5 million recorded in the 1Q14, impacted by (i) the net effect of exchange rate and derivatives and (ii) positive effect on the 1Q14 provision reversal for contingencies due to the success in a tax legal demand.

Net Income

Net Income	1Q15	1Q14
Amounts in R$ MM	(Jan-Mar)	(Jan-Mar)
Net Income	9.5	140.8

Cosan Limited had net income of R$ 9.5 million in 1Q15, lower than profit in 1Q14, which was R$ 140.8 million.

The main impacts to the change in net income for the period were (i) the negative impact of the current account in Comgás, (ii) other expenses related to fees and compensation arising from the merger of Rumo and ALL and (iii) exchange rate effect (Cosan and Raízen).

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

D.	Loans and Financing

At the end of 1Q15, Cosan Limited's consolidated gross debt (excluding PESA) reached R$ 15.7 billion to R$ 15.5 billion, up 1.6% compared to 4Q14.

Cosan Limited pro forma consolidated

Cash and cash equivalents totaled R$ 4.3 billion at the end of 1Q15 compared to R$ 3.2 billion in 4Q14, mainly by reducing working capital in Raízen due to the end of the harvest.

Debt per Business Units (Amount in R$ MM)
Debt per Business Units (Amount in R$ MM)	1Q15	4Q14
COSAN S/A PRO FORMA	(Jan-Mar)	(Oct-Dec)	Chg. %
Raízen (50%)	5,060.8	5,583.9	-9.4%
Comgás	2,884.1	2,803.3	2.9%
Lubrificantes	354.4	253.3	39.9%
Other business	4,017.0	3,794.1	5.9%
Total Debt Pro forma	12,316.4	12,434.6	-1.0%
Cash and Cash Equivalents and Securities	(4,034.9)	(3,098.6)	30.2%
Pro forma Net Debt	8,281.5	9,335.9	-11.3%
Preferred shareholders payable in subsidiaries	1,988.6	1,926.9	3.2%
Pro forma Net Debt (w/ preferred shareholders payable in subsidiaries)	10,270.0	11,262.8	-8.8%
Pro forma Leverage (Net debt / EBITDA LTM)	2.8	3.0	-7.4%
COSAN LOGÍSTICA
Rumo	1,079.3	784.7	37.5%
Total Debt	1,079.3	784.7	37.5%
Cash and Cash Equivalents and Securities	(251.1)	(86.5)	190.3%
Net Debt	828.2	698.2	18.6%
Leverage (Net debt / EBITDA LTM)	3.0	11.4	-73.4%
COSAN LIMITED
Cosan Limited	320.8	310.1	3.5%
Cosan S/A Pro forma	14,305.0	14,361.4	-0.4%
Cosan Logística	1,079.3	784.7	37.5%
Pro forma Debt (w/ preferred shareholders payable in subsidiaries)	15,705.0	15,456.3	1.6%
Cash and Cash Equivalents and Securities	(4,295.7)	(3,207.8)	33.9%
Pro forma Net Debt (w/ preferred shareholders payable in subsidiaries)	11,409.3	12,248.6	-6.9%
Pro forma Leverage (Net debt / EBITDA LTM)	2.9	3.0	-4.5%

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

E.	Stock Performance

The ordinary shares of Cosan S.A. are listed on BM&FBovespa since 2005, year of his public offering “IPO” in the “New Market” segment, under the ticker symbol CSAN3, composing Ibovespa portfolio, IBrX, IBrX-50, IBrA, MLCX, ICO2, INDX, ICON, IVBX-2, IGC, IGCT and ITAG.

The shares issued by Cosan Limited have been listed on NYSE – New York Stock Exchange, since its IPO in 2007, under the ticker symbol CZZ. The company has also issued share deposit certificates (Brazilian Depositary Receipts – BDR) on the BM&FBovespa under the symbol CZLT33.

The tables and graphs below represent the performance of shares issued by the companies:

1Q15 Summary	CSAN3		RLOG3		CZLT33		CZZ
Stock Type	Common Share		Common Share		BDR		Class A
Listed in	BM&FBovespa		BM&FBovespa		BM&FBovespa		NYSE
Closing Price in 03/31/2015	$	27.89	$	2.67	$	20.30	USD	6.33
Higher Price	$	29.11	$	3.33	$	22.33	USD	10.24
Average Price	$	26.65	$	2.71	$	20.31	USD	7.27
Lower Price	$	23.44	$	2.11	$	17.45	USD	6.22
Average Daily Traded Volume	R$	41.2 millions	R$	1.4 millions	R$	5.3 million	USD	10.6 million

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Disclaimer

This document contains forward-looking statements and estimates. These forward-looking statements and estimates are solely forecasts and do not represent any guarantee of prospective results. All stakeholders should know that these statements and estimates are and will be, depending on the case, subject to risks, uncertainties and factors related to the operations and business environment of Cosan and its subsidiaries, and therefore the actual results of these companies may significantly differ from the estimated or implied prospective results contained in such forward-looking statements and estimates.

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	Cosan Limited - Press Release
	1st quarter of the Fiscal Year 2015

E.	Financial Statements

E.1 Cosan Energia

Cosan Consolidated	1Q15	1Q14
Income statement for the period	03/31/2015	03/31/2014
Net operating revenue	1,935,513	1,949,252
Gross Profit	490,522	551,988
Sales, general and administrative expenses	(360,204)	(331,739)
Other operating income (expenses), net	(98,864)	(39,493)
Financial revenue	64,109	35,504
Financial expenses	(273,813)	(172,661)
Foreign exchange variation	(568,545)	77,748
Derivative	493,536	(50,622)
Equity pick up	153,137	221,802
Income and social contribution taxes	84,524	(34,319)
Equity attributable to non-controlling interests	(51,233)	(52,048)
Net Income from discontinued operations	23,147	49,962
Net Income (loss)	(43,683)	256,122

Cosan Consolidated	1Q15	4Q14
Balance sheet	03/31/2015	12/31/2014
Cash and cash equivalents	1,861,592	1,540,192
Securities	159,200	149,735
Accounts receivable	785,840	822,424
Inventories	317,790	347,903
Other current assets	612,665	548,134
Investments	8,642,451	8,535,180
Investment property	2,649,976	2,641,978
Property, plant and equipment	370,970	351,435
Intangible	9,417,620	9,426,120
Other non-current assets	3,589,675	2,740,611
Total Assets	28,407,779	27,103,713

Loans and financing	(8,384,823)	(7,397,602)
Suppliers	(1,192,167)	(971,170)
Salaries payable	(62,518)	(101,115)
Other current liabilities	(346,460)	(616,590)
Other non-current liabilities	(5,984,306)	(5,567,961)
Net Equity	(12,437,504)	(12,449,276)
Total Liabilities	(28,407,779)	(27,103,713)

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E.2 Cosan Logística

Cosan Logística	1Q15	1Q14
Income statement for the period	03/31/2015	03/31/2014
Net operating revenue	205,611	207,934
Gross profit	59,261	84,403
Sales, general and administrative expenses	(24,370)	(19,974)
Other operating income (expenses), net	(460)	25,291
Financial revenue	5,653	12,227
Financial expenses	(10,323)	(8,487)
Foreign exchange variation	(56,217)	113
Equity pick up	40,489	-
Income and social contribution taxes	(4,832)	(25,243)
Equity attributable to non-controlling interests	(1,647)	(12,270)
Net Income (loss)	7,553	56,061

Cosan Logística	1Q15	4Q14
Balance sheet	03/31/2015	12/31/2014
Cash and cash equivalents	251.102	86.487
Accounts receivable	22.776	42.685
Inventories	6.911	5.817
Other current assets	22.119	24.175
Accounts receivable – non-current	509.695	446.693
Property, plant and equipment	1.139.393	1.084.455
Intangible	848.892	860.253
Other non-current assets	75.237	34.295
Total Assets	2.876.125	2.584.860

Loans and financing	(1.119.755)	(784.709)
Suppliers	(181.753)	(141.289)
Salaries payable	(14.578)	(19.302)
Other current liabilities	(70.754)	(89.460)
Other non-current liabilities	(226.648)	(221.851)
Net Equity	(1.262.637)	(1.328.250)
Total Liabilities	(2.876.125)	(2.584.860)

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E.4 Cosan Limited

Cosan Limited	1Q15	1Q14
Income statement for the period	03/31/2015	03/31/2014
Net Operating Revenue	2,141,124	2,157,186
Gross Profit	549,784	636,392
Sales, general and administrative expenses	(399,138)	(354,196)
Other operating income (expenses), net	(99,324)	(32,792)
Financial revenue	69,791	48,352
Financial expenses	(291,612)	(185,465)
Foreign exchange variation	(591,834)	75,737
Derivative	555,232	(61,082)
Equity pick up	153,137	221,802
Income and Social Contribution Taxes	79,692	(59,562)
Equity attributable to non-controlling interests	(16,188)	(148,380)
Net Income (loss)	9,539	140,806

Cosan Limited	1Q15	4Q14
Balance sheet	03/31/2015	12/31/2014
Cash and cash equivalents	2,122,385	1,649,340
Securities	159,200	149,735
Accounts receivable	808,616	865,109
Inventories	324,701	353,720
Other current assets	640,719	547,203
Investments	8,642,451	8,535,180
Investment property	2,649,976	2,641,978
Property, plant and equipment	1,510,363	1,435,890
Intangible	10,266,512	10,286,373
Other non-current assets	4,174,614	3,231,820
Total Assets	31,299,536	29,696,349

Loans and financing	(9,860,254)	(8,502,640)
Suppliers	(1,373,919)	(1,112,459)
Salaries payable	(77,096)	(120,416)
Other current liabilities	(393,320)	(681,716)
Other non-current liabilities	(6,210,956)	(5,789,813)
Net Equity	(13,383,990)	(13,489,304)
Total Liabilities	(31,299,536)	(29,696,349)

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E.5 Consolidated, including Raízen

Cosan Limited Pro forma	1Q15	1Q14
Income Statement for the period	03/31/2015	03/31/2014
Net Operating Revenue	10,151,731	9,593,449
Gross Profit	1,180,101	1,217,476
Sales, general and administrative expenses	(752,102)	(700,277)
Other operating income (expenses), net	(49,311)	48,173
Financial revenue	185,439	90,141
Financial expenses	(436,374)	(259,686)
Foreign exchange variation	(980,950)	131,570
Derivative	860,786	(51,939)
Equity pick up	(4,430)	(16,001)
Income and Social Contribution Taxes	28,580	(166,616)
Equity attributable to non-controlling interests	(22,199)	(152,034)
Net Income (loss)	9,539	140,806

Cosan Limited Pro forma	1Q15	4Q14
Balance Sheet	03/31/2015	12/31/2014
Cash and cash equivalents	4,136,500	3,058,050
Securities	159,200	149,735
Accounts receivable	1,611,203	2,007,869
Inventories	1,043,184	2,076,059
Other current assets	1,562,625	1,246,120
Investments	361,224	338,800
Investment property	2,649,976	2,641,978
Biological assets	979,929	914,152
Property, plant and equipment	7,965,103	7,584,036
Intangible	14,067,563	14,064,484
Other non-current assets	5,680,860	4,825,855
Total Assets	40,217,368	38,907,140

Loans and Financing	(15,797,617)	(14,470,323)
Suppliers	(2,039,386)	(1,695,764)
Salaries Payable	(289,433)	(279,925)
Other current liabilities	(940,310)	(1,369,293)
Other non-current liabilities	(7,674,950)	(7,531,602)
Net Equity	(13,475,672)	(13,560,232)
Total Liabilities	(40,217,368)	(38,907,140)

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Item 2

Cosan Limited

Consolidated interim financial statements at

March 31, 2015 and independent

auditors’ review report

Cosan Limited

Consolidated interim financial statements

March 31, 2015

Contents

Independent auditors’ report on review of interim financial statements	3

Consolidated statement of financial position	5

Consolidated statement of profit or loss and other comprehensive (loss) income	7

Statement of changes in shareholders’ equity	9

Consolidated statement of cash flows	11

Notes to the consolidated interim financial statements	13

Independent Auditor Report on review of Consolidated Interim Financial Statements

To the Board of Directors and Shareholders

Cosan Limited

Introduction

We have reviewed the accompanying consolidated interim financial information of Cosan Limited (“The Company”), comprised in the Quarterly Information Form - ITR for the quarter ended March 31, 2015, comprising the statement of financial position as of March 31, 2015 and the respective statements of profit and loss and comprehensive (loss) income, changes in shareholders’ equity and cash flows for the three months period then ended, including the footnotes.

Management is responsible for the preparation of the consolidated interim financial information in accordance with the international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in accordance with the regulations of the Brazilian Securities Commission – CVM, applicable to the preparation of Quarterly Information - ITR. Our responsibility is to express a conclusion on these consolidated interim financial information based on our review.

Review scope

We conducted our review in accordance with the Brazilian and International standards on reviews of interim information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the audit standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information included in the Quarterly Information - ITR referred to above has not been prepared, in all material respects, in accordance with IAS 34 applicable to the preparation of Quarterly Information - ITR, and presented in accordance with the regulations of the Brazilian Securities Commission – CVM.

Other Matter

Corresponding values

The consolidated financial information for the year ended December 31, 2014 and the consolidated interim financial information for the three months period ended on March 31, 2014, presented for comparative purposes, were audited and reviewed, respectively, by other independent auditors, who issued an unqualified audit report on March 18, 2015 and an unqualified review report on May 13, 2014, respectively.

São Paulo, April 29, 2015.

/s/ KPMG Auditores Independentes

KPMG Auditores Independentes

CRC 2SP014428/O-6

Carlos Augusto Pires

Contador CRC 1SP184830/O-7

Cosan Limited

Consolidated statement of financial position

(In thousands of Brazilian Reais - R$)

	Note		March 31, 2015		December 31, 2014
Assets
Cash and cash equivalents		4		2,122,385		1,649,340
Investment securities				159,200		149,735
Trade receivables		5		808,616		865,109
Derivative financial instruments		23		197,415		30,069
Inventories				324,701		353,720
Receivables from related parties		7		39,484		38,357
Income tax receivable				92,276		94,100
Other current tax receivable				96,766		78,818
Other financial assets		6		71,730		69,683
Dividends receivable				47,351		36,130
Assets held for sale		10		29,673		25,089
Other current assets				66,025		174,957

Total current assets				4,055,622		3,565,107

Trade receivables		5		542,155		480,992
Deferred tax assets		16		255,182		214,164
Receivables from related parties		7		194,484		212,527
Income tax receivable				8,778		8,778
Taxes recoverable				16,410		17,299
Judicial deposits		17		423,171		418,385
Other financial assets		6		378,072		370,497
Derivative financial instruments		23		1,597,834		860,509
Other non-current assets				758,527		648,669
Investment in associates		8		135,692		130,677
Investment in joint ventures		9		8,506,759		8,404,503
Investment property		10		2,649,976		2,641,978
Property, plant and equipment		11		1,510,363		1,435,890
Intangible assets and goodwill		12		10,266,512		10,286,373

Total non-current assets				27,243,915		26,131,241

Total assets				31,299,537		29,696,348

The accompanying notes are an integral part of these consolidated interim financial statements.

Cosan Limited

Consolidated statement of financial position

(In thousands of Brazilian Reais - R$)

	Note		March 31, 2015			December 31, 2014
Liabilities
Loans and borrowings		13		1,297,455			1,056,353
Derivative financial instruments		23		38,726			13,803
Trade payables		14		1,373,919			1,112,459
Employee benefits payable				77,096			120,416
Income tax payable				21,063			30,905
Other taxes payable		15		121,864			307,741
Dividends payable				33,354			33,354
Payables to related parties		7		96,577			137,441
Other current liabilities				81,735			158,471

Total current liabilities				3,141,789			2,970,943

Loans and borrowings		13		8,562,798			7,446,287
Derivative financial instruments		23		553,313			319,632
Other taxes payable		15		507,565			334,565
Provision for legal proceedings		17		675,710			657,779
Pension and post-employment benefits		25		307,083			301,850
Deferred tax liabilities		16		1,696,108			1,739,274
Preferred shareholders payable in subsidiaries		18		1,988,596			1,926,888
Other non-current liabilities				482,582			509,823

Total non-current liabilities				14,773,755			13,236,098

Total liabilities				17,915,544			16,207,041

Shareholders' equity		19
Share capital				5,328			5,328
Additional paid in capital				3,888,940			3,887,109
Other comprehensive loss				(225,616	)		(165,618	)
Retained earnings				2,127,278			2,117,739

Equity attributable to owners of the parent				5,795,930			5,844,558
Non-controlling interests		8		7,588,063			7,644,749

Total shareholders' equity				13,383,993			13,489,307

Total shareholders' equity and liabilities				31,299,537			29,696,348

The accompanying notes are an integral part of these consolidated interim financial statements.

Cosan Limited

Consolidated statement of profit or loss and other comprehensive income

For the quarter ended March 31, 2015 and 2014

(In thousands of Brazilian Reais – R$, except earnings per share)

	Note		March 31, 2015			March 31, 2014
Net sales				2,141,124			2,157,186
Cost of sales				(1,591,340	)		(1,520,794	)

Gross profit				549,784			636,392

Selling expenses				(219,326	)		(206,618	)
General and administrative expenses				(179,812	)		(147,577	)
Other expense, net		22		(99,324	)		(32,792	)

Operating expense				(498,462	)		(386,987	)

Income before financial results, equity in earnings of investees and income taxes				51,322			249,405

Equity in earnings of investees
Equity in earnings of associates		8		(4,635	)		(1,189	)
Equity in earnings of joint ventures		9		157,772			222,990
				153,137			221,801
Financial results		21
Finance expense				(291,612	)		(185,465	)
Finance income				69,791			48,352
Foreign exchange (losses) gains, net				(591,834	)		75,737
Derivatives				555,232			(61,082	)
				(258,423	)		(122,458	)

(Loss) profit before taxes				(53,964	)		348,748

Income tax (expense) benefit		16
Current				(4,838	)		(30,539	)
Deferred				84,529			(29,023	)
				79,691			(59,562	)

Profit for the period				25,727			289,186

Other comprehensive income		19
Items that will not be reclassified to profit or loss:
Actuarial loss on defined benefit plan				-			(359	)
Taxes on items that will not be reclassified to profit or loss				-			122
				-			(237	)

Cosan Limited

Consolidated statement of profit or loss and other comprehensive income

For the quarter ended March 31, 2015 and 2014

(In thousands of Brazilian Reais – R$, except earnings per share)

	Note		March 31, 2015			March 31, 2014
Items that may be reclassified to profit or loss:
Foreign currency translation effect				(80,686	)		(3,523	)
Gain (loss) on cash flow hedge in joint ventures and subsidiary				20,735			(49,109	)
Changes in fair value of available for sale securities				1,486			914
Taxes on items that may be reclassified to profit or loss				(505	)		(311	)
				(58,970	)		(52,029	)

Total other comprehensive loss, net of tax				(58,970	)		(52,266	)

Total comprehensive (loss) income				(33,243	)		236,920

Net income attributable to:
Owners of the Parent				9,539			140,806
Non-controlling interests				16,188			148,380

Total comprehensive (loss) income attributable to:
Owners of the Parent				(50,459	)		110,826
Non-controlling interests				17,216			126,094

Basic earnings per share		20	R$	0.04		R$	0.53
Diluted earnings per share (as revised - Note 20)			R$	(0.02	)	R$	0.47

The accompanying notes are an integral part of these consolidated interim financial statements.

Cosan Limited

Statement of changes in shareholders’ equity

For the quarter ended March 31, 2015 and 2014

(In thousands of Brazilian Reais - R$)

			Capital reserve
			Additional		Other					Equity attributable			Non-
	Share		paid in		comprehensive			Retained		to owners			controlling			Total
	capital		capital		(loss) income			earnings		of the parent			interests			equity
At January 1, 2015		5,328		3,887,109		(165,618	)		2,117,739		5,844,558			7,644,749			13,489,307

Profit for the period		-		-		-			9,539		9,539			16,188			25,727

Other comprehensive income
Foreign currency translation effects		-		-		(72,952	)		-		(72,952	)		(7,734	)		(80,686	)
Gain on cash flow hedge in
joint ventures and subsidiary		-		-		12,962			-		12,962			7,773			20,735
Changes in fair value of
available for sale Securities		-		-		(8	)		-		(8	)		989			981

Total comprehensive income for the period		-		-		(59,998	)		9,539		(50,459	)		17,216			(33,243	)

Contributions by and distributions to
owners of the Parent
Share based compensation		-		1,831		-			-		1,831			1,098			2,929
Dividends		-		-		-			-		-			(75,000	)		(75,000	)

Total contributions by and distributions to
owners of the Parent		-		1,831		-			-		1,831			(73,902	)		(72,071	)

At March 31, 2015		5,328		3,888,940		(225,616	)		2,127,278		5,795,930			7,588,063			13,383,993

The accompanying notes are an integral part of these consolidated interim financial statements.

Cosan Limited

Statement of changes in shareholders’ equity

For the quarter ended March 31, 2015 and 2014

(In thousands of Brazilian Reais - R$)

			Capital reserve
			Additional		Other					Equity attributable			Non-
	Share		paid in		comprehensive			Retained		to owners			controlling			Total
	capital		capital		(loss) income			earnings		of the parent			interests			equity
At January 1, 2014		5,328		3,828,858		(84,887	)		2,136,975		5,886,274			7,433,490			13,319,764

Profit for the period		-		-		-			140,806		140,806			148,380			289,186

Other comprehensive income
Foreign currency translation effects		-		-		534			-		534			(4,057	)		(3,523	)
Loss on cash flow hedge in
joint ventures and subsidiary		-		-		(30,596	)		-		(30,596	)		(18,513	)		(49,109	)
Actuarial loss on defined benefit plan		-		-		(96	)		-		(96	)		(141	)		(237	)
Changes in fair value of
available for sale Securities		-		-		178			-		178			425			603

Total comprehensive income for the period		-		-		(29,980	)		140,806		110,826			126,094			236,920

Contributions by and distributions to
owners of the Parent
Share options exercised		-		2,861		-			-		2,861			1,731			4,592
Share based compensation		-		1,597		-			-		1,597			966			2,563
Dividends		-		-		-			-		-			(57,187	)		(57,187	)

Total contributions by and distributions to
owners of the Parent		-		4,458		-			-		4,458			(54,490	)		(50,032	)

At March 31, 2014		5,328		3,833,316		(114,867	)		2,277,781		6,001,558			7,505,094			13,506,652

The accompanying notes are an integral part of these consolidated interim financial statements.

Cosan Limited

Consolidated statement of cash flows

For the quarter ended March 31, 2015 and 2014

(In thousands of Brazilian Reais - R$)

	Note		March 31, 2015			March 31, 2014
Cash flows from operating activities
(Loss) profit before taxes				(53,964	)		348,748
Adjustments for:
Depreciation and amortization		11 / 12		165,391			160,378
Equity in earnings of associates		8		4,635			1,189
Equity in earnings of joint ventures		9		(157,772	)		(222,990	)
Loss on disposal of assets				1,281			2,052
Share-based compensation expense				2,929			2,563
Change in fair value of investment property		10 / 22		(14,320	)		22,920
Provisions for legal proceedings		22		9,200			18,491
Indexation charges, interest and
exchange gains/losses, net				331,986			149,321
Other				20,131			17,965
				309,497			500,637
Changes in:
Trade receivables				(8,280	)		(58,421	)
Securities				(1,362	)		(29,050	)
Inventories				33,468			41,623
Recoverable taxes				(34,796	)		666
Related parties				(46,693	)		(52,651	)
Advances to suppliers				1,147			-
Trade payables				213,518			(83,936	)
Employee benefits				(54,012	)		(44,683	)
Provisions for legal proceedings				(312	)		(6,595	)
Income and other taxes				(990	)		(57,758	)
Other assets and liabilities, net				(110,753	)		34,630
				(9,065	)		(256,175	)

Net cash generated by operating activities				300,432			244,462

Cash flows from investing activities
Capital contribution in associates				(22,555	)		(6,944	)
Dividends received from joint ventures				93,925			197,000
Acquisition of property, plant and
equipment and intangible assets		11 / 12		(181,685	)		(192,169	)
Proceeds from sale of property, plant
and equipment, intangibles and investments				-			100

Net cash used in investing activities				(110,315	)		(2,013	)

Cosan Limited

Consolidated statement of cash flows

For the quarter ended March 31, 2015 and 2014

(In thousands of Brazilian Reais - R$)

Cash flows from financing activities
Loans and borrowings raised	705,479		191,150
Payment of principal and
interest on loans and borrowings	(694,726	)	(733,829	)
Interest paid	167,633		316,961
Derivative financial instruments	178,832		(30,997	)
Dividends paid	(75,000	)	-
Proceeds from exercise of share options	-		4,592

Net cash generated by
(used in) financing activities	282,218		(252,123	)

Increase (decrease) in cash and cash equivalents	472,335		(9,674	)

Cash and cash equivalents at beginning of period	1,649,340		1,509,565
Effects of exchange rate changes on cash held	710		5,436

Cash and cash equivalents at ended of period	2,122,385		1,505,327

Supplemental cash flow information
Income taxes paid	(24,082	)	27,874

The accompanying notes are an integral part of these consolidated interim financial statements.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

1	Operations

Cosan Limited (“Cosan”) was incorporated in Bermuda on April 30, 2007. Cosan’s class A common shares are traded on the New York Stock Exchange (NYSE) (ticker - CZZ). The BDRs (Brazilian Depositary Receipts) representing Cosan’s class A common shares are listed on the Brazilian Stock Exchange (BM&FBovespa) (ticker - CZLT33). Mr. Rubens Ometto Silveira Mello is the ultimate controlling shareholder of Cosan. Cosan controls its subsidiaries Cosan S.A. Indústria e Comércio (“Cosan S.A.”), Cosan Logística S.A. (“Cosan Log”) through a 62.51 % interest. Cosan, Cosan S.A., Cosan Log and its subsidiaries are collectively referred to as the “Company”.

The Company’s primary activities are in the following business segments: (i) Piped natural gas distribution to part of the State of São Paulo through its subsidiary Companhia de Gás de São Paulo – COMGÁS (“COMGÁS”), which has been consolidated since November 2012; (ii) Logistics services including transportation, port loading and storage of sugar, through its indirect subsidiary Rumo Logística Operadora Multimodal S.A. (“Rumo”); (iii) Purchase, sale and leasing of agricultural land through its subsidiary, Radar Propriedades Agrícolas S.A. ("Radar"); (iv) Production and distribution of lubricants under the Mobil licensed trademark in Brazil, Bolivia, Uruguay and Paraguay, in addition to the European and Asian market using the Comma brand and corporate activities; and (v) other investments, in addition to the corporate structures of the Company (“Cosan’s other business”).

The Company also holds interests in two joint ventures ("JVs"): (i) Raízen Combustíveis S.A. (“Raízen Combustíveis”), a fuel distribution business, and (ii) Raízen Energia S.A. (“Raízen Energia”), which operates in the production and marketing of sugar, ethanol and energy cogeneration, produced from sugar cane bagasse.

On October 1, 2014 at the Extraordinary General Meeting (EGM), the Cosan S.A. shareholders’ approved the partial spin-off (the “Partial Spin-off”) of Cosan S.A. and merger of the spun-off portion into Cosan Log, composed of Cosan’s logistics operations. The Partial Spin-off seeks to segregate the Company’s activities in order to allow each business segment to focus on its sector, establishing suitable capital structures for each company. It also seeks to provide the market with greater transparency on each company’s performance, which will allow a better evaluation from shareholders and investors of the individual businesses permitting that resources be allocated in accordance with the shareholder’s interests and investment strategy. This partial spin-off that didn’t carry changes to the consolidated financial statements of Cosan Limited.

2	Basis of preparation

2.1

Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB), and in accordance with the regulations issued by the Brazilian Securities Commission - CVM applicable to the preparation of the Quarterly Information - ITR. They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2014.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2014.

These consolidated interim financial statements were authorized for issue by the Board of Directors on April 29, 2015.

2.2

Basis of consolidation

The consolidated interim financial statements include the accounts of Cosan and its subsidiaries as are listed below:

	Ownership percentage
	March 31, 2015		December 31, 2014
Directly owned subsidiaries
Cosan Logística S.A.		62.51		62.51
Cosan S.A. Indústria e Comércio		62.51		62.51

Interest of Cosan S.A. in its subsidiaries
Águas da Ponte Alta S.A.		65.00		65.00
Bioinvestments Negócios e Participações S.A.		65.00		65.00
Comma Oil Chemicals Limited		100.00		100.00
Companhia de Gás de São Paulo - COMGÁS		60.69		60.69
Cosan Biomassa S.A.		100.00		100.00
Cosan Cayman II Limited		100.00		100.00
Cosan Global Limited		100.00		100.00
Cosan Investimentos e Participações S.A.		100.00		100.00
Cosan Lubes Investments Limited		100.00		100.00
Cosan Lubrificantes e Especialidades S.A.		100.00		100.00
Cosan Luxembourg S.A.		100.00		100.00
Cosan Overseas Limited		100.00		100.00
Cosan Paraguay S.A.		100.00		100.00
Cosan US, Inc.		100.00		100.00
Nova Agrícola Ponte Alta S.A.		29.50		29.50
Nova Amaralina S.A. Propriedades Agrícolas		29.50		29.50
Nova Santa Barbara Agrícola S.A.		29.50		29.50
Pasadena Empreendimentos e Participações S.A.		100.00		100.00
Proud Participações S.A.		65.00		65.00
Radar II Propriedades Agrícolas S.A.		65.00		65.00
Radar Propriedades Agrícolas S.A.		29.50		29.50
Terras da Ponte Alta S.A.		29.50		29.50
Vale da Ponte Alta S.A.		65.00		65.00

Interest of Cosan Log in its subsidiaries
Logispot Armazéns Gerais S.A.		38.25		38.25
Rumo Logística Operadora Multimodal S.A.		75.00		75.00

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

2.3

New standards and interpretations not yet adopted

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after January 1, 2015, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Company, except the following:

IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 is effective for annual reporting periods beginning on or after January 1, 2018. The Company will also consider the impact of the remaining phases of IFRS 9 when completed by the Board;

IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The standard is effective for annual periods beginning on or after January 1, 2017. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The Company is currently assessing the potential impacts of adopting IFRS 15.

There are no other Standards or Interpretations that are not yet effective that would be expected to have a material impact on the Company.

2.4

Correction of an error

During 2014, the Company identified an immaterial mathematical error in the calculation of diluted earnings per share impacting the quarter ended March 31, 2014. The error consisted of a mathematical inaccurate calculation on the monetary effect of dilution on the profit attributable to shareholders of the parent.

The diluted earnings per share from continuing operations for the quarter ended March 31, 2014 was originally presented, in error, as R$ 0.41. The amount has being revised on the face of statement of profit or loss and other comprehensive and in the Note 20 as R$0.47.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

3	Operating segments

Segment information

The following segment information is used by Cosan's senior management (the “Chief Operating Decision Maker”) to assess the performance of the operating segments and to make decisions with regards to the allocation of resources. This information is prepared on a basis consistent with the accounting policies used in the preparation of the financial statements. Cosan evaluates the performance of its operating segments based on the measure of Earnings Before Interest Tax, Depreciation and Amortization (“EBITDA”). A reconciliation of EBITDA to profit (loss) is presented below.

Operating segments

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 interests in companies engaged in research and development on new technology;

II.

Raízen Combustíveis: distribution and marketing of fuels, mainly through a franchised network of service stations under the brand Shell and Esso throughout Brazil;

III.

COMGÁS: distribution of piped natural gas to part of the State of São Paulo (approximately 180 municipalities, including the region called Greater São Paulo) to customers in the industrial, residential, commercial, automotive, thermo generation and cogeneration sectors;

IV.

Cosan Log: logistics services for transport, storage and port loading of commodities, mainly for sugar products;

Radar: management, buying, selling and leasing of agricultural;

VI.

Lubricants: production and distribution of lubricants under the Mobil brand in Brazil, Bolivia, Uruguay and Paraguay, as well as European and Asian market with a Comma trademark; Upon adoption of IFRS 11, whereby the Company no longer proportionally consolidates the results of Raízen Energia and Raízen Combustíveis, the Lubricants segment met the quantitative thresholds to be separately reportable, and the comparative segment information has been adjusted retroactively; and

VII.

Other business: other investments, in addition to the corporate activities of the Company.

Although Raízen Energia and Raízen Combustíveis are equity accounted joint-ventures and are no longer proportionally consolidated since adoption of IFRS 11, senior management continues to review segment information. A reconciliation of these segments is presented in the column “Deconsolidation IFRS 11”.

The following statement of financial position and profit or loss selected information by segment was prepared on the same basis as the accounting practices used in the preparation of consolidated information:

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

	March 31, 2015																														Additional information
	Raízen Energia			Raízen Combustíveis			COMGÁS			Radar			Lubricants			Cosan Log			Other business			Deconsolidated effects IFRS 11			Segment elimination			Total consolidated			Cosan Energia			Cosan Log
	Raízen Energia			Raízen Combustíveis			COMGÁS			Radar			Lubricants			Cosan Log			Other business			Deconsolidated effects IFRS 11			Segment elimination			Total consolidated			Cosan Energia			Cosan Log
Statement of profit or loss:
Net sales		3,080,040			14,061,510			1,534,064			21,606			379,843			205,611			-			(17,141,550	)		-			2,141,124			1,935,513			205,611
Domestic market		1,166,359			14,061,510			1,534,064			21,606			305,666			176,847			-			(15,227,869	)		-			2,038,183			1,861,336			176,847
External market		1,913,681			-			-			-			74,177			28,764			-			(1,913,681	)		-			102,941			74,177			28,764
Gross profit		459,213			801,421			379,387			19,867			91,268			59,262			-			(1,260,634	)		-			549,784			490,522			59,262
Selling expenses		(149,073	)		(315,933	)		(154,521	)		-			(64,805	)		-			-			465,006			-			(219,326	)		(219,326	)		-
General and administrative expenses		(140,651	)		(100,271	)		(86,596	)		(7,207	)		(16,147	)		(24,370	)		(45,492	)		240,922			-			(179,812	)		(140,878	)		(24,370	)
Other income (expense), net		39,099			60,926			(2,080	)		14,324			160			(460	)		(111,268	)		(100,025	)		-			(99,324	)		(98,864	)		(460	)
Financial results		(238,303	)		12,953			(73,957	)		1,692			3,768			(20,398	)		(169,528	)		225,350			-			(258,423	)		(284,713	)		(20,398	)
Financial expense		(204,842	)		(38,955	)		(103,891	)		(354	)		(8,446	)		(10,323	)		(172,421	)		243,797			3,823			(291,612	)		(273,813	)		(10,323	)
Financial income		147,793			37,777			37,314			2,070			328			5,652			28,250			(185,570	)		(3,823	)		69,791			64,109			5,652
Foreign exchange losses, net		(605,426	)		(172,806	)		(242,512	)		(24	)		2,614			(56,217	)		(295,695	)		778,232			-			(591,834	)		(568,545	)		(56,217	)
Derivatives		424,172			186,937			235,132			-			9,272			40,490			270,338			(611,109	)		-			555,232			493,536			40,490
Equity in earnings of associates		(5,990	)		4,048			-			-			(4,960	)		-			8,960			1,942			(8,635	)		(4,635	)		(4,635	)		-
Equity in earnings of joint ventures		-			-			-			-			-			-			157,772			-			-			157,772			157,772			-
Income tax expense benefit		42,751			(144,976	)		(31,841	)		(3,344	)		(5,704	)		(4,833	)		125,413			102,225			-			79,691			84,524			(4,833	)

Profit (loss) for the period		7,046			318,168			30,392			25,332			3,580			9,201			(34,143	)		(325,214	)		(8,635	)		25,727			(15,598	)		9,201

Other selected data:
Depreciation and amortization		627,614			139,333			119,451			245			17,928			26,653			974			(766,947	)		-			165,251			138,598			26,653
EBITDA		830,212			589,524			255,641			27,229			23,444			61,085			10,946			(1,419,736	)		(8,635	)		369,710			323,189			61,085
Additions to PP&E, intangible
and biological assets (cash)		828,526			239,699			123,566			668			8,300			30,989			18,162			(1,068,225	)		-			181,685			150,696			30,989

Reconciliation of EBITDA:
Profit (loss) for the period		7,046			318,168			30,392			25,332			3,580			9,201			(34,143	)		(325,214	)		(8,635	)		25,727			(15,598	)		9,201
Income tax and social contribution		(42,751	)		144,976			31,841			3,344			5,704			4,833			(125,413	)		(102,225	)		-			(79,691	)		(84,524	)		4,833
Financial result, net		238,303			(12,953	)		73,957			(1,692	)		(3,768	)		20,398			169,528			(225,350	)		-			258,423			284,713			20,398
Depreciation and amortization		627,614			139,333			119,451			245			17,928			26,653			974			(766,947	)		-			165,251			138,598			26,653

EBITDA		830,212			589,524			255,641			27,229			23,444			61,085			10,946			(1,419,736	)		(8,635	)		369,710			323,189			61,085

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

	March 31, 2014																														Additional information
	Raízen Energia			Raízen Combustíveis			COMGÁS			Radar			Lubricants			Rumo			Other business			Deconsolidated effects IFRS 11			Segment elimination			Total consolidated			Cosan Energia			Cosan Log
	Raízen Energia			Raízen Combustíveis			COMGÁS			Radar			Lubricants			Rumo			Other business			Deconsolidated effects IFRS 11			Segment elimination			Total consolidated			Cosan Energia			Cosan Log
Statement of profit or loss:
Net sales		2,604,831			13,010,956			1,517,379			63,552			368,269			207,934			52			(15,615,787	)		-			2,157,186			1,949,252			207,934
Domestic market		992,920			13,010,956			1,517,379			63,552			294,185			178,930			52			(14,003,876	)		-			2,054,098			1,875,168			178,930
External market		1,611,911			-			-			-			74,084			29,004			-			(1,611,911	)		-			103,088			74,084			29,004
Gross profit		491,873			670,295			448,410			25,244			78,273			84,403			62			(1,162,168	)		-			636,392			551,989			84,403
Selling expenses		(163,199	)		(283,468	)		(150,332	)		-			(56,286	)		-			-			446,667			-			(206,618	)		(206,618	)		-
General and administrative expenses		(140,359	)		(105,135	)		(67,130	)		(8,350	)		(17,370	)		(19,974	)		(34,753	)		245,494			-			(147,577	)		(125,120	)		(19,974	)
Other income (expense), net		60,169			101,760			(7,112	)		(23,045	)		408			6,702			(9,745	)		(161,929	)		-			(32,792	)		(39,494	)		25,291
Financial results		64,426			661			(56,549	)		3,145			25,266			3,853			(98,173	)		(65,087	)		-			(122,458	)		(110,031	)		3,853
Financial expense		(128,398	)		(20,044	)		(71,389	)		(268	)		42,683			(8,487	)		(151,120	)		148,442			3,116			(185,465	)		(172,660	)		(8,487	)
Financial income		65,911			17,667			15,459			3,413			(207	)		12,227			20,576			(83,578	)		(3,116	)		48,352			35,503			12,227
Foreign exchange losses, net		78,784			32,882			35,266			-			(9,989	)		113			50,347			(111,666	)		-			75,737			77,749			113
Derivatives		48,129			(29,844	)		(35,885	)		-			(7,221	)		-			(17,976	)		(18,285	)		-			(61,082	)		(50,623	)		-
Equity in earnings of associates		(10,363	)		5,254			-			-			(1,298	)		-			146,823			5,109			(146,714	)		(1,189	)		(1,189	)		-
Equity in earnings of joint ventures		-			-			-			-			-			-			222,990			-			-			222,990			222,990			-
Income tax expense benefit		(96,089	)		(118,019	)		(58,963	)		(2,726	)		(20,792	)		(25,241	)		48,160			214,108			-			(59,562	)		(34,319	)		(25,243	)

Profit (loss) for the period		206,458			271,348			108,324			(5,732	)		8,201			49,743			275,364			(477,806	)		(146,714	)		289,186			258,208			68,330

Other selected data:
Depreciation and amortization		495,854			132,466			118,168			242			19,517			21,716			736			(628,320	)		-			160,379			138,663			21,716
EBITDA		733,975			521,172			342,004			(5,909	)		23,244			92,847			326,113			(1,255,147	)		(146,714	)		631,585			541,221			111,436
Additions to PP&E, intangible
and biological assets (cash)		1,009,050			277,800			155,810			40			5,916			13,947			16,456			(1,286,850	)		-			192,169			178,222			13,947

Reconciliation of EBITDA:
Profit (loss) for the period		206,458			271,348			108,324			(5,732	)		8,201			49,743			275,364			(477,806	)		(146,714	)		289,186			258,208			68,330
Income tax and social contribution		96,089			118,019			58,963			2,726			20,792			25,241			(48,160	)		(214,108	)		-			59,562			34,319			25,243
Financial result, net		(64,426	)		(661	)		56,549			(3,145	)		(25,266	)		(3,853	)		98,173			65,087			-			122,458			110,031			(3,853	)
Depreciation and amortization		495,854			132,466			118,168			242			19,517			21,716			736			(628,320	)		-			160,379			138,663			21,716

EBITDA		733,975			521,172			342,004			(5,909	)		23,244			92,847			326,113			(1,255,147	)		(146,714	)		631,585			541,221			111,436

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

	March 31, 2015																														Additional information
	Raízen Energia			Raízen Combustíveis			COMGÁS			Radar			Lubricants			Cosan Log			Other business			Deconsolidated effects IFRS 11			Segment elimination			Total consolidated			Cosan Energia			Cosan Log


Statement of financial position:
Cash and cash equivalents		3,795,287			232,943			1,328,237			1,120			62,442			251,101			479,485			(4,028,230	)		-			2,122,385			1,861,592			251,101
Investment securities		-			-			-			159,200			-			-			-			-			-			159,200			159,200			-
Trade receivables		331,638			1,273,536			570,125			21,802			193,672			22,776			241			(1,605,174	)		-			808,616			785,840			22,776
Inventories		357,881			1,079,085			126,280			-			191,508			6,911			2			(1,436,966	)		-			324,701			317,790			6,911
Other current assets		2,092,496			722,419			219,110			36,598			53,777			22,365			378,991			(2,814,915	)		(70,121	)		640,720			612,665			22,365
Other non-current assets		2,895,315			2,683,782			717,010			20,486			(213,107	)		584,932			3,073,276			(5,579,097	)		(7,984	)		4,174,613			3,589,675			584,932
Investment in associates		210,586			258,977			-			-			13,222			-			11,870,159			(469,563	)		(11,747,689	)		135,692			127,197			-
Investment in joint ventures		-			-			-			-			-			-			8,506,759			-			-			8,506,759			8,515,254			-
Biological assets		1,959,859			-			-			-			-			-			-			(1,959,859	)		-			-			-			-
Investment property		-			-			-			2,649,976			-			-			-			-			-			2,649,976			2,649,976			-
Property, plant and equipment		10,466,223			2,460,249			-			11,386			224,571			1,139,393			135,013			(12,926,472	)		-			1,510,363			370,970			1,139,393
Intangible assets and goodwill		3,287,923			4,314,179			8,598,286			499			811,561			848,892			7,274			(7,602,102	)		-			10,266,512			9,417,620			848,892
Loans and borrowings		(10,381,777	)		(1,492,950	)		(3,407,733	)		-			(362,932	)		(1,119,754	)		(4,969,834	)		11,874,727			-			(9,860,253	)		(8,384,823	)		(1,119,754	)
Trade payables		(568,296	)		(762,638	)		(1,084,420	)		(889	)		(102,905	)		(181,752	)		(3,953	)		1,330,934			-			(1,373,919	)		(1,192,167	)		(181,752	)
Employee benefits payable		(321,116	)		(103,558	)		(35,274	)		(3,383	)		(12,547	)		(14,578	)		(11,314	)		424,674			-			(77,096	)		(62,518	)		(14,578	)
Other current liabilities		(773,824	)		(1,290,495	)		(98,303	)		(17,857	)		(83,362	)		(70,997	)		(191,490	)		2,064,319			68,690			(393,319	)		(346,461	)		(70,997	)
Other non-current liabilities		(2,876,438	)		(2,618,916	)		(1,030,664	)		(94,668	)		(167,134	)		(226,651	)		(4,701,255	)		5,495,354			9,415			(6,210,957	)		(5,984,306	)		(226,651	)
Total assets (net of
liabilities) allocated by segment		10,475,757			6,756,613			5,902,654			2,784,270			608,766			1,262,638			14,573,354			(17,232,370	)		(11,747,689	)		13,383,993			12,437,504			1,262,638

Total assets		25,397,208			13,025,170			11,559,048			2,901,067			1,337,646			2,876,370			24,451,200			(38,422,378	)		(11,825,794	)		31,299,537			28,407,779			2,876,370

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

	December 31, 2014																														Additional information
	Raízen Energia			Raízen Combustíveis			COMGÁS			Radar			Lubricants			Cosan Log			Other business			Deconsolidated effects IFRS 11			Segment elimination			Total consolidated			Cosan Energia			Cosan Log


Statement of financial position:
Cash and cash equivalents		2,643,950			173,470			973,708			6,011			39,810			86,487			543,324			(2,817,420	)		-			1,649,340			1,540,192			86,487
Investment securities		-			-			-			149,735			-			-			-			-			-			149,735			149,735			-
Trade receivables		620,300			1,920,778			605,483			22,214			194,486			42,685			241			(2,541,078	)		-			865,109			822,424			42,685
Inventories		2,315,907			1,128,771			125,406			-			222,486			5,817			11			(3,444,678	)		-			353,720			347,903			5,817
Other current assets		2,680,822			521,630			137,360			31,052			31,831			24,500			387,299			(3,202,452	)		(64,839	)		547,203			548,134			24,500
Other non-current assets		1,954,196			2,023,355			591,135			15,538			(190,806	)		480,989			2,341,574			(3,977,551	)		(6,610	)		3,231,820			2,740,611			480,989
Investment in associates		209,205			256,729			-			-			16,032			-			11,916,471			(465,934	)		(11,801,826	)		130,677			130,678			-
Investment in joint ventures		-			-			-			-			-			-			8,404,503			-			-			8,404,503			8,404,503			-
Biological assets		1,828,304			-			-			-			-			-			-			(1,828,304	)		-			-			-			-
Investment property		-			-			-			2,641,978			-			-			-			-			-			2,641,978			2,641,978			-
Property, plant and equipment		9,848,969			2,464,316			-			11,288			221,466			1,084,455			118,681			(12,313,285	)		-			1,435,890			351,435			1,084,455
Intangible assets and goodwill		3,288,709			4,267,514			8,595,251			173			824,277			860,253			6,419			(7,556,223	)		-			10,286,373			9,426,120			860,253
Loans and borrowings		(10,377,585	)		(1,557,782	)		(3,133,347	)		-			(261,166	)		(784,709	)		(4,323,418	)		11,935,367			-			(8,502,640	)		(7,397,602	)		(784,709	)
Trade payables		(636,619	)		(529,990	)		(848,770	)		(790	)		(118,784	)		(141,289	)		(2,826	)		1,166,609			-			(1,112,459	)		(971,170	)		(141,289	)
Employee benefits payable		(252,219	)		(66,799	)		(58,955	)		(5,336	)		(15,437	)		(19,302	)		(21,387	)		319,018			-			(120,417	)		(101,115	)		(19,302	)
Other current liabilities		(1,103,934	)		(2,074,917	)		(122,981	)		(20,783	)		(100,853	)		(89,787	)		(411,046	)		3,178,851			63,735			(681,715	)		(616,590	)		(89,787	)
Other non-current liabilities		(2,598,243	)		(1,931,298	)		(992,028	)		(93,552	)		(193,082	)		(221,851	)		(4,297,020	)		4,529,541			7,722			(5,789,811	)		(5,567,961	)		(221,851	)
Total assets (net of
liabilities) allocated by segment		10,421,762			6,595,777			5,872,262			2,757,528			670,260			1,328,248			14,662,827			(17,017,539	)		(11,801,818	)		13,489,307			12,449,276			1,328,248

Total assets		25,390,362			12,756,563			11,028,343			2,877,989			1,359,582			2,585,186			23,718,523			(38,146,925	)		(11,873,275	)		29,696,348			27,103,713			2,585,186

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Net sales by segment:

	March 31, 2015			March 31, 2014
Raízen Energia
Ethanol		1,626,484			1,321,277
Sugar		1,408,329			1,225,469
Cogeneration		12,686			27,266
Other		32,541			30,819
		3,080,040			2,604,831
Raízen Combustíveis
Fuels		14,061,510			13,010,956
		14,061,510			13,010,956
COMGÁS
Industrial		1,027,851			1,025,427
Residential		120,857			112,176
Thermo generation		115,109			87,595
Cogeneration		65,972			63,834
Automotive		45,038			46,796
Commercial		61,609			55,457
Construction revenue		90,381			117,641
Other		7,247			8,453
		1,534,064			1,517,379
Radar
Property sales		1,879			45,590
Land lease		16,986			16,128
Other		2,741			1,834
		21,606			63,552
Lubricants
Lubricants		309,708			319,188
Basic oil		37,455			46,023
Other		32,680			3,058
		379,843			368,269

Cosan's other business		-			52

IFRS 11 - Deconsolidated of
adjustments/eliminations joint
ventures and eliminations		(17,141,550	)		(15,615,787	)

Cosan Energia		1,935,513			1,949,252

Cosan Log
Logistics		46,552			154,947
Port handling		156,028			49,428
Other		3,031			3,559
		205,611			207,934

Total		2,141,124			2,157,186

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

4	Cash and cash equivalents

	March 31, 2015		December 31, 2014
Brazilian Reais
Cash and bank deposits		61,480		57,703
Short-term investments		1,975,444		1,496,620
		2,036,924		1,554,323

U.S. Dollars and Pound Sterling
Cash and bank deposits		85,461		95,017
		85,461		95,017

		2,122,385		1,649,340

Short-term investments are mainly comprised of exclusive funds as presented below:

	March 31, 2015		December 31, 2014
Exclusive funds
Repurchase agreements(i)		624,182		423,535
Bank certificate of deposits - CDB(ii)		178,666		87,646
		802,848		511,181

Bank investments
Repurchase agreements(i)		1,060,713		222,570
Bank certificate of deposits - CDB(ii)		111,883		762,869
		1,172,596		985,439

		1,975,444		1,496,620

(i)

These refer to purchases of assets, mainly government securities, with the commitment to repurchase at a rate previously established by the parties, generally with a one-day term.

(ii)

These refer mainly to Bank Deposit Certificates - CDBs, issued by Brazilian financial institutions with original maturities of 90 days or less or for which there are no penalties or other restrictions for early redemption.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

5	Trade receivables

	March 31, 2015			December 31, 2014
Domestic - Brazilian Reais		1,382,630			1,369,013
Export - Foreign currency		21,908			25,323
Allowance for doubtful accounts		(53,767	)		(48,235	)

		1,350,771			1,346,101

Current		808,616			865,109
Non-current(i)		542,155			480,992

(i)

As of March 31, 2015, Rumo had an account receivable due from ALL of R$ 509,695 (R$ 446,693 at December 31, 2014) reflecting contractual revenue recognized in accordance with IAS 18 - Revenue.

6	Other financial assets

	March 31, 2015		December 31, 2014
Receivable from ExxonMobil(i)		338,528		332,405
Receivable from sale of
discontinued operations(ii)		111,274		107,775
		449,802		440,180

Current		71,730		69,683
Non-current		378,072		370,497

(i)

Reimbursement right for tax refinancing scheme from ExxonMobil. On June 28, 2011, CLE, the successor entity of Esso Brasileira de Petróleo Ltda. ("Essobrás"), joined the Brazilian Government's tax amnesty and refinancing program (“REFIS”) upon request of its prior owner, ExxonMobil Brasil Holdings B.V. ("ExxonMobil");

(ii)

As at March 31, 2015, R$ 111,274 is receivable from Camil Alimentos SA (“Camil”), to be paid in two remaining installments, R$ 71,730 on October 31, 2015 and R$ 39,544 on October 24, 2016. The fair value of the receivable is similar to the carrying amount as the receivable is inflation indexed.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

7	Related parties

Receivables from and payables to related parties:

	March 31, 2015			December 31, 2014
Current assets
Commercial operations
Raízen Energia S.A.		26,450			23,229
Raízen Combustíveis S.A.		2,568			2,576
Aguassanta Participações S.A.		6,338			6,340
Other		762			556
		36,118			32,701
Corporate operation / Agreements
Raízen Energia S.A.		1,881			3,388
		1,881			3,388
Financial operations
Raízen Combustíveis S.A.		1,312			1,319
Rezende Barbosa Group		173			949
		1,485			2,268

		39,484			38,357

Non-current assets
Receivables under the
framework agreement
Raízen Energia S.A.		89,763			104,984
Raízen Combustíveis S.A.		-			15,126
		89,763			120,110
Financial operations
Rezende Barbosa Group		84,995			84,996
Other		198			4
		85,193			85,000
Corporate operation
Tellus Brasil Participações Ltda.		10,562			-
Novvi Limited Liability Company		8,966			7,417
		19,528			7,417

		194,484			212,527

Total		233,968			250,884


Current liabilities
Commercial operations
Shell Brazil Holding B.V.		-			3,820
Raízen Energia S.A.		23,319			25,926
Raízen Combustíveis S.A.		1,184			1,283
Other		314			96
		24,817			31,125


Corporate operations / Agreements
Raízen Energia S.A.		63,510			94,892
Raízen Combustíveis S.A.		11,162			11,402
		74,672			106,294
Financial operations
Other		(2,912	)		22
		(2,912	)		22

Total		96,577			137,441

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Related party transactions:

	March 31, 2015			March 31, 2014
Sales of goods and services
Raízen Energia S.A.		95,741			93,571
Other		-			14
		95,741			93,585
Purchase of goods / Inputs
Raízen Energia S.A.		-			(1	)
Raízen Combustíveis S.A.		(12	)		(364	)
		(12	)		(365	)
Land lease
Raízen Energia S.A.		14,502			-
		14,502			-
Shared income (expense)
Aguassanta Participações S.A.		106			106
Raízen Energia S.A.		(22,734	)		(3,520	)
		(22,628	)		(3,414	)
Financial result
Raízen Energia S.A.		810			616
Rezende Barbosa Group		9			167
Aldwich Temple Venture Capital Ltd.		(81	)		(66	)
Other		(48	)		53
		690			770

Total		88,293			90,576

Officers’ and directors’ compensation

	March 31, 2015		March 31, 2014
Regular compensation		14,215		6,945
Stock option expense		2,929		2,563
Bonuses and other variable compensation		8,152		6,346

		25,296		15,854

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

8	Investment in associates

Information on associates of the Company and the Company´s ownership:

	Tellus Brasil Participações S.A.			Novvi Limited Liability Company			Janus Brasil Participações S.A.			Vertical UK LLP			Other			Total
Shares issued by the associate		65,957,282			200,002			1,364,827			-			-
Shares held by Cosan		33,638,214			100,001			689,685			-			-
Cosan ownership interest		51.00	%		50.00	%		51.00	%		50.00	%		-

Equity in earnings (losses) of
associates at March 31, 2014		446			(1,298	)		-			666			(1,003	)		(1,189	)

At December 31, 2014		94,417			14,522			13,063			6,512			2,163			130,677
Equity in earnings (losses) of associates		2,539			(4,950	)		(23	)		(1,719	)		(482	)		(4,635	)
Other comprehensive income (losses)		(429	)		3,765			-			1,359			-			4,695
Capital increase		(5,333	)		-			11,422			-			5			6,094
Other		-			-			-			560			(1,699	)		(1,139	)

At March 31, 2015		91,194			13,337			24,462			6,712			(13	)		135,692

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Information on the non-controlling interests in subsidiaries of the Company:

	Cosan S.A. Indústria e Comércio S.A.			Companhia de Gás de São Paulo - "COMGÁS"			Cosan Logística S.A.			Rumo Logística Operadora Multimodal S.A.			Logispot Armazéns Gerais S.A.			Radar Propriedades Agrícolas S.A.			Radar II Propriedades Agrícolas S.A.			Elimination of participation Radar II in Radar			Total
Shares issued by investee		407,214,353			121,870,985			405,856,814			956,917			2,040,816			21,148,989			830,690,258			-
Shares held by non-controlling shareholders		252,444,538			47,909,318			152,153,491			239,229			1,000,000			17,147,822			290,710,861			-
Non-controlling interest		37.49	%		39.31	%		37.49	%		25.00	%		49.00	%		81.08	%		35.00	%		-

Equity in earnings (losses) at March 31, 2014		99,250			43,275			-			12,491			(221	)		(3,934	)		(590	)		806			151,077

At December 31, 2014		3,653,052			2,111,578			(106	)		323,636			37,066			1,680,612			337,743			(498,832	)		7,644,749
Equity in earnings (losses)		(16,377	)		11,948			2,832			1,647			-			13,271			2,867			-			16,188
Other comprehensive income		34			-			-			-			-			914			80			-			1,028
Dividends		-			-			-			(75,000	)		-			-			-			-			(75,000	)
Other		1,028			72			-			70			-			-			-			(72	)		1,098

At March 31, 2015		3,637,737			2,123,598			2,726			250,353			37,066			1,694,797			340,690			(498,904	)		7,588,063

Information of the subsidiaries

It is important to stress out that COMGÁS is currently going through a fee cycle revision process. The completion date of COMGÁS 2014-2019 cycle revision process, which was predicted to occur initially at the end of May 2014, was postponed to the end of May 2015 by ARSESP by means of Decisions no. 494, of May 27, 2014, and no. 533, of December 10, 2014. COMGÁS waits information from the agency about the next tariff revision process stages.

On March 31, 2015, the subsidiary COMGÁS has a regulatory accounts receivable in the amount of R$ 292,537 (R$ 242,654 on December 31, 2014) related differences between the actual cost of gas incurred, paid by COMGÁS and the cost of gas included and charged of customers in accordance with tariff structure defined by ARSESP. During the quarter, the net movement of gas cost was R$ 43,446 and the update by the SELIC rate was R$ 6,432.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

9	Investment in joint ventures

Changes to investments in joint ventures were as follows:

	Raízen Combustíveis S.A.			Raízen Energia S.A.			Total
Shares issued by investee		3,303,168,484			5,902,595,634
Shares held by Cosan		1,651,584,242			2,951,297,817
Cosan ownership interest		50.00	%		50.00	%

Equity in earnings of
joint ventures at March 31, 2014		111,983			111,007			222,990

At December 31, 2014		3,218,466			5,186,037			8,404,503
Equity in earnings of joint ventures		152,765			5,007			157,772
Other comprehensive income		-			21,984			21,984
Dividends		(77,500	)		-			(77,500	)

At March 31, 2015		3,293,731			5,213,028			8,506,759

The statement of financial position and statement of profit or loss of the joint ventures are disclosed in Note 3, Segments.

The cash flows and comprehensive income of the joint ventures are presented below:

	Raízen Energia S.A.						Raízen Combustíveis S.A.
	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Cash flow
Operating activities		2,884,277			1,829,954			747,927			997,678
Investing activities		(829,676	)		(1,007,923	)		(104,107	)		(323,134	)
Financing activities		(903,264	)		(109,499	)		(584,347	)		(436,930	)

Increase in cash
and cash equivalents		1,151,337			712,532			59,473			237,614

Other comprehensive income		51,016			91,484			318,168			271,498

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

10	Assets held for sale and investment property

	Investment property			Assets held for sale			Total
At December 31, 2014		2,641,978			25,089			2,667,067
Change in fair value		16,755			(2,435	)		14,320
Transfers		(8,757	)		8,757			-
Disposals		-			(1,738	)		(1,738	)

At March 31, 2015		2,649,976			29,673			2,679,649

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

11	Property, plant and equipment

	Land, buildings and improvements			Machinery, equipment and facilities			Railcars and locomotives			Construction in progress			Other			Total
Cost
At December 31, 2014		514,857			450,089			519,993			255,317			37,602			1,777,858
Additions		-			1,374			-			94,151			-			95,525
Transfers(i)		11,159			10,754			(1	)		(25,815	)		1,834			(2,069	)
At March 31, 2015		526,016			462,217			519,992			323,653			39,436			1,871,314

Depreciation
At December 31, 2014		(103,615	)		(165,904	)		(55,688	)		-			(16,761	)		(341,968	)
Additions		(3,931	)		(9,816	)		(4,015	)		-			(1,221	)		(18,983	)
Transfers		(20	)		16			-			-			4			-
At March 31, 2015		(107,566	)		(175,704	)		(59,703	)		-			(17,978	)		(360,951	)

At December 31, 2014		411,242			284,185			464,305			255,317			20,841			1,435,890
At March 31, 2015		418,450			286,513			460,289			323,653			21,458			1,510,363

(i) The balance of transfers relates to amounts reclassified to intangible assets.

Capitalization of borrowing costs

Capitalized borrowing costs for the quarter ended March 31, 2015 amounted to R$ 1,401 (R$ 1,978 for the quarter ended March 31, 2014). The weighted average interest rate used to capitalize interest on the balance of construction in progress, was 6.00% p.a. ended March 31, 2015 (5.92% p.a. for the quarter ended March 31, 2014).

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

12	Intangible assets

	Goodwill		Gas distribution concession - COMGÁS			Improvements to public concessions and operating licenses			Trademarks			Customer relationships			Other			Total
Cost
At December 31, 2014		703,956		8,790,010			898,520			252,474			862,324			228,097			11,735,381
Additions		-		94,792			-			-			25,820			4,793			125,405
Disposals		-		(3,484	)		-			-			(878	)		-			(4,362	)
Transfers(i)		-		134			32			-			(134	)		2,037			2,069
At March 31, 2015		703,956		8,881,452			898,552			252,474			887,132			234,927			11,858,493

Depreciation
At December 31, 2014		-		(636,730	)		(142,833	)		(136,962	)		(425,282	)		(107,201	)		(1,449,008	)
Additions		-		(80,411	)		(11,402	)		(5,707	)		(38,982	)		(9,907	)		(146,409	)
Disposals		-		3,041			-			-			382			13			3,436
At March 31, 2015		-		(714,100	)		(154,235	)		(142,669	)		(463,882	)		(117,095	)		(1,591,981	)

At December 31, 2014		703,956		8,153,280			755,687			115,512			437,042			120,896			10,286,373
At March 31, 2015		703,956		8,167,352			744,317			109,805			423,250			117,832			10,266,512

(i) The balance of transfers relates to amounts reclassified from property, plant and equipment.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Capitalization of borrowing costs

Capitalized borrowing costs ended March 31, 2015, amounted to R$ 4,545 (R$ 4,452 for the quarter ended March 31, 2014). The weighted average interest rate used to capitalize borrowing costs on the balance of construction in progress, was 12.37% p.a. ended March 31, 2015 (9.62% p.a. for the quarter ended March 31, 2014).

Intangible assets (excluding goodwill)	Annual rate of amortization - %		March 31, 2015		December 31, 2014
Gas distribution concession - COMGÁS(i)	Concession term			8,167,352		8,153,279
Improvements to public rail concessions(ii)	Concession term			496,801		505,237
Operating license for port terminal(iii)		4.00		247,516		250,450
				744,317		755,687
Trademarks
Mobil		10.00		85,601		91,308
Comma		-		24,204		24,204
				109,805		115,512
Relationships with customers
COMGÁS		20.00		364,947		375,119
Lubricants		6.00		58,303		61,923
				423,250		437,042
Other
Software licenses		20.00		85,627		83,889
Other				32,205		37,008
				117,832		120,897

Total				9,562,556		9,582,417

(i)

Refers to the intangible asset for the public gas distribution service concession, which represents the right to charge users for the supply of gas, comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets. The amortization term is 39 years (the remaining concession period, plus extension);

(ii)

Refers to improvements made to the Federal Government rail network in relation to the transportation services provided by Rumo; and

(iii)

Port operating license and customer relationships of Rumo, from the business combinations.

Impairment testing of cash-generating units containing goodwill

The Company tests the recoverable amounts of goodwill arising from business combination transactions annually. Property, plant and equipment and definite life intangible assets, that are subject to depreciation and amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

During the quarter ended March 31, 2015, no impairment indicator was identified that would trigger the performance of an impairment test.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

13	Loans and borrowings

	Interest
Description(i)	Index(ii)	Annual interest(iii)			March 31, 2015		December 31, 2014		Matures
Senior Notes Due 2023	US$		5.00	%		1,662,061		1,352,796	Mar-2023
Perpetual Notes	US$		8.25	%		1,624,157		1,344,760		-
BNDES	TJ462		8.30	%		887,178		834,565	Oct-2020
Senior Notes Due 2018	Fixed		9.50	%		855,126		874,494	Mar-2018
EIB	US$ + LIBOR		2.08	%		821,229		691,463	Sep-2021
Resolution 4131	US$ + LIBOR		2.10	%		545,111		466,494	Mar-2018
Non-convertible debentures	Fixed rate + IPCA		13.84	%		470,032		447,386	Sep-2020
FINAME	URTJLP		7.43	%		446,472		457,570	May-2022
Resolution 4131	US$ + LIBOR		1.61	%		314,756		266,006	Nov-2015
FINAME	Fixed		4.09	%		305,710		307,230	Nov-2022
BNDES	Selic		14.61	%		297,079		274,000	Oct-2020
Foreign loans	LIBOR Sterling		3.88	%		260,616		224,047	Dec-2019
BNDES	TJLP		8.25	%		259,562		288,209	Oct-2018
Resolution 4131	US$		2.74	%		256,035		29,338	Feb-2017
FRN	US$		2.63	%		169,768		-	Jan-2017
Working capital	US$ + LIBOR		4.18	%		162,676		133,185	Sep-2016
FINEP	Fixed		5.00	%		158,058		165,032	Nov-2020
Non-convertible debentures	CDI		11.81	%		127,540		131,229	Sep-2019
Working capital	CDI + 1.20%		13.95	%		104,665		101,515	Oct-2017
Working capital	CDI + 1.43%		14.21	%		88,334		85,628	Sep-2016
Finem	URTJLP		7.16	%		13,307		13,231	Jan-2022
Finem	IPCA		15.87	%		3,625		3,483	Nov-2021
Finem	Fixed		3.50	%		3,428		3,420	Jan-2024
Other			-			23,728		7,559		-
						9,860,253		8,502,640

Current						1,297,455		1,056,353
Non-current						8,562,798		7,446,287

(i)

Loans and borrowings are guaranteed by promissory notes and endorsements of the Company and controlling shareholders, besides other guarantees, such as: (i) credit rights originated from the expansion contracts of the logistic segment and gas distribution (BNDES), (ii) underlying assets (property, plant and equipment and intangible assets) being financed (FINAME) in an amount of R$ 1,734,648 (R$ 1,738,661 in December 31, 2014);

(ii)

TJLP and URTJLP are long-term interest rates on BNDES (Brazilian National Economic and Social Development Bank) loans. Selic is the benchmark interest rate set by the Brazilian Central Bank. CDI is a benchmark interbank lending rate in Brazil. IPCA is a benchmark consumer price index;

(iii)

As at March 31, 2015, unless otherwise indicated.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

The carrying amounts and fair value of loans and borrowings are as follows:

	Carrying amount				Fair value(i)
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
Senior / Perpetual Notes		4,141,344		3,572,050		3,789,829		3,356,788
Financing		5,718,909		4,930,590		5,720,219		4,930,590

Total		9,860,253		8,502,640		9,510,048		8,287,378

(i)

If these loans and borrowings were recorded at fair value, they would be considered as “Level 2” inthe fair value hierarchy presented on Note 23.

14	Trade payables

	March, 31, 2015		December 31, 2014
Natural gas suppliers		986,579		749,021
Materials and service suppliers		387,340		363,438

		1,373,919		1,112,459

15	Other taxes payable

	March 31, 2015		December 31, 2014
Tax Amnesty and
Refinancing Program - REFIS(i)		529,090		524,703
ICMS - State VAT		75,119		67,777
COFINS - Revenue tax		11,215		18,702
INSS - Social security		3,434		2,739
PIS - Revenue tax		2,414		2,511
Other		8,157		25,874
		629,429		642,306

Current		121,864		307,741
Non-current		507,565		334,565

(i)

Comprises installment federal taxes liability ExxonMobil Brazil Holdings BV ("ExxonMobil").

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

16	Income tax and social contribution

Reconciliation of income and social contribution tax expenses

	March 31, 2015			March 31, 2014
(Loss) profit before taxes		(53,964	)		348,748
Income tax and social
contribution at nominal rate (34%)		18,348			(118,574	)

Adjustments to reconcile
nominal to effective tax rate
Equity method investments
(non-taxable income)		52,067			75,412
Differences in tax rates on entities under
Brazilian presumed profits tax regime		6,361			(3,748	)
Judicial demand related to income tax		-			13,839
Profits and income earned abroad		10,922			-
Non-taxable foreign exchange
gains of foreign subsidiaries		7,878			(7,145	)
Differences in tax rates on
earnings / losses of overseas companies		4,574			(6,654	)
Stock options		(996	)		(872	)
Tax loss not recorded, net		(73	)		(674	)
Interest on capital (net received)		(6,120	)		(6,970	)
Non-deductible expenses
(donations, gifts, etc.)		(2,344	)		(1,704	)
Other		(10,926	)		(2,472	)

Income tax and social contribution
benefit (expense) - current and deferred		79,691			(59,562	)

Effective rate - %		147.67			17.08

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Deferred income tax assets and liabilities

	March 31, 2015												December 31, 2014
	Basis			Income taxes (25%)			Social contribution (9%)			Total income taxes (34%)			Total income taxes (34%)
Tax loss carry forwards
Income tax loss carry forwards		1,464,140			366,035			-			366,035			319,168
Social contribution tax loss carry forwards		1,486,294			-			133,766			133,766			116,578

Temporary differences
Foreign currency gain / losses		1,698,107			424,527			152,830			577,357			303,488
Tax deductible goodwill		726,860			181,715			65,417			247,132			298,102
Provision for judicial demands		524,283			131,071			47,185			178,256			183,714
Allowance for doubtful accounts		122,548			30,637			11,029			41,666			53,385
Profit sharing		11,229			2,807			1,011			3,818			11,345
Derivatives instruments unrealized (gains) losses		(932,640	)		(233,160	)		(83,938	)		(317,098	)		(126,351	)
Unrealized gain on sale of investments		(55,211	)		(13,803	)		(4,969	)		(18,772	)		(18,772	)
Other temporary differences		(145,477	)		(36,369	)		(13,093	)		(49,462	)		(33,391	)
Property, plant and equipment		(135,823	)		(33,956	)		(12,224	)		(46,180	)		(41,669	)
Gain on formation of joint ventures		(3,338,342	)		(834,586	)		(300,451	)		(1,135,037	)		(1,135,036	)
Unrealized gains on investment properties		(2,436,592	)		(48,732	)		(26,315	)		(75,047	)		(74,801	)
Assets held for sale		(29,674	)		(593	)		(320	)		(913	)		(773	)
Concession contract		42,609			10,652			3,835			14,487			15,057
Regulatory asset		242,654			60,664			21,839			82,503			82,503
Gains or losses on actuarial liabilities		262,874			65,719			23,659			89,378			87,594
Business combination - Property, plant and equipment		(106,621	)		(26,655	)		(9,596	)		(36,251	)		(36,594	)
Business combination - Intangible assets		(4,052,361	)		(1,013,090	)		(364,713	)		(1,377,803	)		(1,390,752	)
Business combination - Other fair value adjustments		(79,205	)		(19,801	)		(7,128	)		(26,929	)		(24,513	)
Other		(270,092	)		(67,523	)		(24,309	)		(91,832	)		(113,392	)
Total net liability					(1,054,441	)		(386,485	)		(1,440,926	)		(1,525,110	)

Deferred income tax - Assets											255,182			214,164
Deferred income tax - Liabilities											(1,696,108	)		(1,739,274	)

Total net deferred taxes											(1,440,926	)		(1,525,110	)

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Changes in deferred income taxes, net:

At December 31, 2014 – Net deferred tax liability	(1,525,110	)
Recorded through income	84,529
Recorded through other comprehensive income	(550	)
Other	205

At March 31, 2015 - Net deferred tax liability	(1,440,926	)

17	Provision for legal proceedings

	Provision for legal proceedings				Judicial deposits
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
Tax		354,872		343,038		324,307		319,444
Civil		142,056		139,268		48,883		48,445
Labor		178,782		175,473		49,981		50,496

		675,710		657,779		423,171		418,385

Changes in provision for legal proceedings:

	Tax			Civil			Labor			Total
At December 31, 2014		343,038			139,268			175,473			657,779
Accruals		574			4,292			10,816			15,682
Write-off / Reversals		(239	)		(4,974	)		(14,161	)		(19,374	)
Transfers		7,318			(7,318	)		-			-
Indexation and interest charges		4,181			10,788			6,654			21,623

At March 31, 2015		354,872			142,056			178,782			675,710

Judicial claims deemed to be probable losses, fully accrued

Tax claims

	March 31, 2015		December 31, 2014
Compensation with FINSOCIAL		244,667		241,739
INSS - Social security		48,535		47,449
State VAT - ICMS credits		24,643		24,231
Other		37,027		29,619

		354,872		343,038

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Civil and environmental

The Company and its subsidiaries are party to a number of civil and legal claims related to (i) indemnification for material and moral damages, (ii) public civil claims related to burning of sugarcane stubble, and (iii) environmental matters.

The Company and its subsidiaries are also party to a number of labor claims filed by former employees and service providers challenging, among other things, unpaid overtime, night shift premiums and risk premiums, employment guarantees, and the reimbursement of withholdings from payroll such as social contributions and trade union charges.

Judicial claims deemed as possible losses, and therefore not accrued

Tax claims

	March 31, 2015		December 31, 2014
ICMS - State VAT		1,610,413		1,572,934
Federal income taxes		747,193		751,495
PIS and COFINS - Revenue taxes		691,600		680,065
IRRF - Withholding tax		668,974		656,087
INSS - Social security and other		543,299		530,223
IPI - Excise tax credit - NT		445,523		441,707
Compensation with IPI - IN 67/98		119,891		118,865
Other		662,320		648,850

		5,489,213		5,400,226

Civil and labor

The civil and labor claims for which unfavorable outcomes are deemed possible are as follow:

	March 31, 2015		December 31, 2014
Civil		955,631		1,118,151
Labor		414,851		391,992

		1,370,482		1,510,143

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

18	Preferred shareholders payable in subsidiaries

On June 27, 2014, Cosan S.A. transferred to a newly-incorporated wholly-owned subsidiary, Cosan Investimentos e Participações S.A., its shares in Raízen Energia S.A. and Raízen Combustíveis S.A. in addition to a debenture Cosan S.A. had issued and placed with Banco Bradesco S.A.. The net assets transferred at that date totaled R$ 1,979,519.

Concurrently, also on June 27, 2014, Cosan S.A. executed an Investment Agreement with Fundo de Investimentos em Participações Multisetorial Plus II (“FIP Multisetorial”) and with Razac Fundo de Investimentos em Participações (“FIP Razac”). FIP Multisetorial and FIP Razac are funds owned by Banco Bradesco BBI S.A and Citibank Distribuidora de Títulos e Valores Mobiliários S.A., respectively. Pursuant to this agreement, FIP Multisetorial and FIP Razac subscribed and paid-in R$ 2,000,000 of non-voting preferred shares issued by Cosan Investimentos e Participações S.A.. These preferred shares will be remunerated based on a formula designed to provide a return over 15 years equivalent to the CDI rate. In the event the accumulated remuneration falls short of the minimum amount prescribed in the formula, as at April 30, 2021, the preferred shareholders will have a put against Cosan S.A. for an amount equivalent to the value of the initial investment plus interest based on the CDI less any CDI-indexed dividends paid.

The investment in the net assets of the joint ventures, Raízen Energia S.A. and Raízen Combustíveis S.A., continue to be accounted for on the equity method without affecting the Company’s 50% interest in the results of each venture. The transaction underlying the Investment Agreement has been classified as a noncurrent financial liability in Cosan´s and Cosan S.A.´s balance sheet and the statement of profit or loss reflects the CDI equivalent dividends classified as financial expenses.

19	Stockholders’ Equity

Share capital

As of March 31, 2015 Cosan Limited’s share capital is composed of the following:

Shareholders - Common shares	Class A and / or BDRs		%		Class B1 shares		%
Queluz Holding Limited		7,758,116		4.45		66,321,766		68.85
Usina Costa Pinto S.A. Açúcar e Álcool		-		-		30,010,278		31.15
Gávea Funds		21,167,463		12.14		-		-
MSOR Participações S.A.		1,811,250		1.04		-		-
Usina Bom Jesus S.A.		255,000		0.15		-		-
FIA Rio das Pedras		16,000		0.01		-		-
Other		137,351,010		78.78		-		-

Total shares outstanding		168,358,839		96.56		96,332,044		100.00

Treasury shares		5,996,502		3.44		-		-

Total		174,355,341		100.00		96,332,044		100.00

There have been no changes to the number of shares issued during the periods presented.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Class B1 shares entitle the holder to 10 votes per share whereas Class A and BDRs’ shares are entitled to one vote per share.

Treasury shares

The Company holds 5,996,502 Class A treasury shares as of March 31, 2015 and December 31, 2014 with a market value of US$ 6.32 per share at March 31, 2015 (US$ 7.75 per share at December 31, 2014).

Other comprehensive (loss) income

	December 31, 2014			Comprehensive (loss) income			March 31, 2015
Foreign currency translation differences		(298,446	)		(80,686	)		(379,132	)
Gain (loss) on cash
flow hedge in joint ventures and subsidiary		(10,574	)		20,735			10,161
Revaluation of investment properties
reclassified from property, plant and equipment		190,735			-			190,735
Actuarial gain on defined benefit plan		47,104			-			47,104
Changes in fair value of
available for sale securities, net		(1,467	)		981			(486	)

Total		(72,648	)		(58,970	)		(131,618	)

Attributable to:
Owners of the Company		(165,618	)		(59,998	)		(225,616	)
Non-controlling interests		92,970			1,028			93,998

	December 31, 2013			Comprehensive (loss) income			March 31, 2014
Foreign currency translation differences		(223,038	)		(3,523	)		(226,561	)
Gain (loss) on cash
flow hedge in joint ventures and subsidiary		43,384			(49,109	)		(5,725	)
Revaluation of investment properties
reclassified from property, plant and equipment		190,735			-			190,735
Actuarial gain (loss) on defined benefit plan		16,092			(237	)		15,855
Changes in fair value of
available for sale securities, net		(7,480	)		603			(6,877	)

Total		19,693			(52,266	)		(32,573	)

Attributable to:
Owners of the Company		(84,887	)		(29,980	)		(114,867	)
Non-controlling interests		104,580			(22,286	)		82,294

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

20	Earnings per share

	March 31, 2015			March 31, 2014
Numerator
Profit from continuing operations
Basic		9,539			140,806
Dilutive effect of subsidiary's
stock option plan		69			(918	)
Dilutive effect of put option		(15,601	)		(15,601	)
Diluted		(5,993	)		124,287

Denominator
Weighted average number
of shares outstanding		264,690,883			264,690,883

Basic earnings per share	$	R 0.04		$	R 0.53
Diluted earnings per share (as revised - Note 2.4)	$	(R 0.02	)	$	R 0.47

21	Financial results, net

	March 31, 2015			March 31, 2014
Financial expense
Interest on loans		(155,511	)		(185,043	)
Interest expense		(79,080	)		29,334
Indexation expenses		(35,841	)		(17,185	)
Bank fees		(21,180	)		(12,571	)
		(291,612	)		(185,465	)
Financial income
Interest income		15,382			16,208
Indexation income		5,533			1,929
Income from short term investments		48,876			30,215
		69,791			48,352

Foreign exchange effects, net		(591,834	)		75,737

Derivative income (losses)
Foreign exchange and interest rate derivatives		555,232			(61,082	)
		555,232			(61,082	)

		(258,423	)		(122,458	)

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

22	Other income (expenses), net

	March 31, 2015			March 31, 2014
Changes in the fair
value of investment properties		14,320			(22,920	)
Rental income		172			167
Loss on disposal of
non-current assets		(1,282	)		(2,052	)
Provisions for legal proceedings		(9,200	)		(18,440	)
Cost related to internal organization
and prospective acquisitions(i)		(103,844	)		-
Other		510			10,453

		(99,324	)		(32,792	)

(i)

Relates to costs incurred by the Company with lawyers, consultants, business advisors and other related services for certain reorganizations and prospective acquisitions.

23	Financial instruments

Risk management structure

As at March 31, 2015 and December 31, 2014, the fair values relating to transactions involving derivative financial instruments to protect the Company’s risk exposure were using observable inputs such as quoted prices in active markets, or discounted cash flows based on market curves, and are presented below:

	Notional				Fair value
	March 31, 2015		December 31, 2014		March 31, 2015			December 31, 2014			P&L(i)
Exchange rate derivatives
Swap agreements		-		828,443		-			330,099			-
Forward agreements		1,869,309		178,127		(8,558	)		21,250			(16,725	)
Options		-		-		-			(8,842	)		217,992
		1,869,309		1,006,570		(8,558	)		342,507			201,267
Interest rate and exchange rate risk
Swap agreements (interest rate)		596,785		221,560		(45,893	)		(40,330	)		(8,286	)
Cross currency interest rate swaps		2,883,096		1,659,904		1,257,661			254,966			672,455
		3,479,881		1,881,464		1,211,768			214,636			664,169

Total financial instruments						1,203,210			557,143			865,436

Assets						1,795,249			890,578
Liabilities						(592,039	)		(333,435	)

(i)

The Company recorded in the statement of profit or loss and other comprehensive income, the net effect of the Senior Notes 2023 designated for hedge accounting. Therefore, the amount of R$ 310,204 is accounted for as Financial Expense.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

Foreign exchange risk

As at March 31, 2015 and December 31, 2014, the Company and its subsidiaries had the following net exposure to the exchange rate variations on assets and liabilities denominated in U.S. Dollars and Pounds Sterling:

	March 31, 2015		December 31, 2014
Cash and cash equivalents		85,461		95,017
Trade receivables		21,908		25,323
Loans and borrowings(i)		-		(1,344,760	)

Foreign exchange exposure, net		107,369		(1,224,420	)

(i)

On March 31, 2015, 100% of the foreign currency loans and borrowings of the Company have futures contracts to protect its exposure.

Hedge accounting – Fair Value

	Balance			Derivative			Total
At December 31, 2014		1,352,796			(183,086	)		1,169,710
Interest amortization		(40,330	)		(33,702	)		(74,032	)
Fair value		349,595			(310,204	)		39,391

At March 31, 2015		1,662,061			(526,992	)		1,135,069

Sensitivity analysis

The following is the sensitivity analysis of the effects of changes in the relevant risk factors to which the Company is exposed to as of March 31, 2015:

Sensitivity analysis

(a)

Sensitivity analysis on changes in foreign exchange rates

The probable scenario was defined based on the U.S. Dollar market rates as at March 31, 2015, which determines the fair values of the derivatives at that date. Stressed scenarios (positive and negative effects, before tax effects) were defined based on changes of a 25% and 50% to the U.S. Dollar exchange rates used in the probable scenario.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

					Impacts on P&L
	Risk factor	Probable scenario			Variation scenario (25%) - Increase			Variation scenario (50%) - Increase			Variation scenario (25%) - Decrease		Variation scenario (50%) - Decrease
Exchange rate and interest risks
Exchange rate derivatives:
Term agreements:
	Decrease in exchange
Purchasing agreements	rate R$/US$ and
	increase in CDI curve		(8,558	)		(418,791	)		(839,629	)		422,883		843,721

Exchange rate and interest risks
	Decrease in exchange
Swap contracts	rate R$/US$ and
	increase in CDI curve		1,211,768			(1,084,555	)		(2,066,703	)		886,939		1,880,953

Total impact			1,203,210			(1,503,346	)		(2,906,332	)		1,309,822		2,724,674

Based on the financial instruments denominated in U.S. Dollars at March 31, 2015 the Company performed a sensitivity analysis by increasing and decreasing the exchange rate for R$/US$ by 25% and 50%. The probable scenario considers the estimated exchange rates at the due date of the transactions for the companies with functional currency Real (positive and negative, before tax effects), as follows:

	Exchange rate sensitivity analysis (R$/US$)
	March 31, 2015		Scenario
	March 31, 2015		Probable		25	%	50	%	-25	%	-50	%
At March 31, 2015		3.2080		3.2080	4.0100		4.8120		2.4060		1.6040

Consider the above scenarios profit or loss would be impacted as follows:

	March 31, 2015
Exchange rate exposure	Balance			25	%	50	%	-25	%	-50	%
Cash and cash equivalents		85,461		21,365		42,730		(21,365	)	(42,730	)
Trade receivables		21,908		5,477		10,954		(5,477	)	(10,954	)
Loans and borrowings(i)		(5,393,117	)	(1,348,279	)	(2,696,559	)	1,348,279		2,696,559

Effect on profit or loss				(1,321,437	)	(2,642,875	)	1,321,437		2,642,875

(i)

100% of the foreign currency loans and borrowings of the Company have futures contracts to protect its exposure.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

(b)

Sensitivity analysis on changes in interest rates

A sensitivity analysis on the interest rates on loans and borrowings in compensation for the CDI investments with pre-tax increases and decreases of 25% and 50% is presented below:

	March 31, 2015
Exposure interest rate	Balance			Scenario(i)			25	%	50	%	-25	%	-50	%
Short term investments		1,975,444			251,547		62,932		125,881		(62,914	)	(125,810	)
Investment securities		159,200			20,059		5,015		10,030		(5,015	)	(10,030	)
Loans and borrowings		(6,629,430	)		(769,979	)	(192,495	)	(384,990	)	192,495		384,990

Effect on profit or loss							(124,548	)	(249,079	)	124,566		249,150

(i)

The CDI and TJLP indexes considered of 12.60% and 6.00%, respectively, were obtained from informationavailable in the market.

24	Fair value hierarchy

Assets and liabilities
measured at fair value	Level 1		Level 2		Total
At March 31, 2015
Derivative financial assets		-		1,795,249		1,795,249
Derivative financial liabilities		-		592,039		592,039
Loans and borrowings		-		3,768,960		3,768,960
Contingent consideration - Earn out		-		125,664		125,664
Pension plan assets		409,303		50,505		459,808
Securities		-		159,200		159,200
Assets held for sale		-		29,673		29,673
Preferred shareholders
payable in subsidiaries		-		1,988,596		1,988,596
Investment properties		-		2,649,976		2,649,976

Total		409,303		11,159,862		11,569,165

At December 31, 2014
Derivative financial assets		-		890,578		890,578
Derivative financial liabilities		-		333,434		333,434
Loans and borrowings		-		2,806,097		2,806,097
Contingent consideration - Earn out		-		186,649		186,649
Pension plan assets		313,955		49,061		363,016
Securities		-		149,735		149,735
Assets held for sale		-		25,089		25,089
Preferred shareholders
payable in subsidiaries		-		1,926,888		1,926,888
Investment properties		-		2,641,978		2,641,978

Total		313,955		9,009,509		9,323,464

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

25	Pension and post-employment benefit plans

	March 31, 2015		December 31, 2014
Futura		22,974		23,048
Futura II		302		240
COMGÁS		283,807		278,562

Total		307,083		301,850

Pension plans

Defined benefit

Cosan Lubrificantes e Especialidades S.A. has a non-contributory defined benefit pension plan (Futura, formerly Previd Exxon) for certain employees upon retirement. This plan was amended to close it to new entrants and approved by the relevant authorities on May 5, 2011. No new employees are eligible to participate on the plan, contributions ceased, and participants are guaranteed a benefit proportionate to their accumulated entitlement as at March 31, 2011. During the period ended March 31, 2015, the amount of contributions totaled R$ 1,036 (R$ 8,757 in December 2014).

Defined contribution

Since June 1, 2011, the Company and its subsidiaries have sponsored a defined contribution plan for all employees (Futura II). The Company does not have a legal or constructive obligation to pay further contributions if the fund does not have sufficient assets to pay all of the benefits owed. During the period ended March 31, 2015 the amount of contributions totaled R$ 431 (R$ 467 on December 31, 2014).

COMGÁS offers a supplementary retirement plan, through a defined contribution Free Benefit Generating Plan (“PGBL”). During the year ended March 31, 2015, employers’ contributions to the plan totaled R$ 3,525 (R$ 14,672 for December 31, 2014).

26	Share-based payment

At the annual and extraordinary general shareholders’ meeting held on July 29, 2011, the guidelines for the outlining and structuring of the stock option compensation plan for Cosan S.A.’s executives and employees were approved, authorizing the issue of up to 5% of shares of Cosan S.A.’s total capital. This stock option plan was created to attract and retain executives and key employees, offering them the opportunity to become Cosan S.A.’s shareholders.

On August 18, 2011, Cosan S.A.’s board of directors approved the total number of stock option awards of 12,000,000 shares to be issued or treasury shares held by Cosan S.A., corresponding to 2.41% of the share capital at that time. On the same date the eligible executives were informed about the terms and conditions of the stock-option plan.

The numbers of options in the period ended March 31, 2015 is 8,912,000 with weighted average exercise price R$ 30.09. During period ended March 31, 2015, there was no change in the plan options.

Cosan Limited

Notes to the consolidated interim financial statements

For the quarter ended March 31, 2015 and 2014

(Amounts in thousands of Brazilian Reais – R$, unless otherwise stated)

27	Subsequent events

On March 23, 2015, ALL and Rumo shareholders approved the exchange ratio for the replacement of ALL shares with Rumo shares, which is now 2.879303067 registered, book-entry common shares without par value issued by Rumo for each 1 (one) registered, book-entry common share without par value issued by ALL. Therefore, according to the adjusted exchange ratio, 1,963,670,770 (one billion, nine hundred and sixty-three million, six hundred and seventy thousand, seven hundred and seventy) registered, book-entry common shares without par value will be issued by Rumo, representing 65.67% of Rumo’s shareholders’ equity, attributable to ALL shareholders registered on March 31, 2015.

On April 7, 2015, it was approved by the Board of Directors of Cosan Log, the Company’s Buy Back Program of its common shares, to be held in treasury for future sale or cancellation. The period for such transaction is up to April 7, 2016, and the maximum number of share to be repurchased within the period is 4,887,667 common shares (representing 1.204284% of the total number of outstanding shares)

On April 29, 2015 was completed by the subsidiary Rumo Logística the issuance of 140,000 debentures at unit value of R$ 10 (ten thousand Reais) each, totaling R$ 1,400,000 (one billion, four hundred million Reais) through CVM Instruction 476, with a term of three years and an initial interest rate of CDI + 2.05% p.a. the proceeds of this issue were used to strengthen the Rumo cash and capital increase of ALL and subsequent payment of debts of the subsidiary ALL.

***

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		COSAN LIMITED
Date:	May 8, 2015	By:	/s/ Marcelo Eduardo Martins
			Name:	Marcelo Eduardo Martins
			Title:	Chief Financial Officer and Investor Relations Officer