Form 20-F
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X
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Form 40-F
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Yes
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No
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X
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Yes
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No
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X
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Item
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||
1.
|
Earnings Release 3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
São Paulo, November 6, 2013 – COSAN LIMITED (NYSE: CZZ; BM&FBovespa: CZLQ11) and COSAN S.A. INDÚSTRIA E COMÉRCIO (BM&FBovespa: CSAN3) announce today their results for the third quarter of 2013 (3Q 2013), comprised of July, August and September 2013. The results are consolidated in accordance with the accounting principles adopted in Brazil and abroad (IFRS). |
Earnings Conference Call
Portuguese
November 7, 2013
8:00 am (US-EST)
Tel: + 55 11 4688 6361
Code: COSAN
English
November 7, 2013
9:00 am (US-EST)
Tel (BR): + 55 11 4688 6361
Tel (US): +1 786 924 6977
Toll-free (US): +1 855 281 6021
Code: COSAN
Investor Relations
E-mail: ri@cosan.com.br
Telephone: +55 11 3897 9797
Site: www.cosan.com.br/ir
|
3Q 2013 Highlights
● Pro forma consolidated EBITDA, including Raízen, totaled R$1.2 billion
● Raízen Combustíveis post EBITDA of R$ 483 million with 9.3% increase in sales volume
● Raizen Energia’s EBITDA of R$900 million
● Record investment in the quarter and 10% growth in the number of Comgás’s clients
● Rumo EBITDA reaches R$115 million
● Increase of 17.5% in Lubricants and Specialties sales volume
|
3Q 2013 | 3Q 2012 |
Summmary of Financial Informations - Cosan Cosolidated
|
YTD 2013
|
YTD 2012
|
|||||||||||
(jul - sep)
|
(jul - sep)
|
Amount in R$ MM
|
(jan - sep)
|
(jan - sep)
|
|||||||||||
2,434.5 | 608.4 |
Net Revenue
|
6,649.7 | 1,369.8 | |||||||||||
721.5 | 191.5 |
Gross Profit
|
1,951.4 | 381.5 | |||||||||||
29.6% | 31.5% |
Gross Margin (%)
|
29.3% | 27.9% | |||||||||||
378.2 | 70.3 |
Operating Profit
|
1,008.4 | 34.4 | |||||||||||
722.6 | 386.9 |
EBITDA
|
1,699.5 | 691.8 | |||||||||||
29.7% | 63.6% |
EBITDA Margin (%)
|
25.6% | 50.5% | |||||||||||
191.0 | 282.5 |
Equity Pick-up
|
251.3 | 554.1 | |||||||||||
317.0 | 302.4 |
Net Income (Loss) before non-controlling Interest
|
295.2 | 443.1 | |||||||||||
208.8 | 283.2 |
Net Income (Loss)
|
40.6 | 415.7 | |||||||||||
8.6% | 46.6% |
Net Margin (%)
|
0.6% | 30.3% | |||||||||||
397.4 | 270.0 |
CAPEX1
|
931.4 | 408.4 | |||||||||||
7,181.3 | 1,053.2 |
Net Debt
|
7,181.3 | 1,053.2 | |||||||||||
13,257.0 | 13,338.5 |
Shareholders' Equity and Minority Shareholders
|
13,257.0 | 13,338.5 |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
A.
|
Highlights and Business Units
|
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
EBITDA (Reconciliation ICVM 527)
|
YTD 2013
|
YTD 2012
|
|||||||||||
(jul - sep)
|
(jul - sep)
|
Amounts in R$ MM
|
(jan-sep)
|
(jan-sep)
|
|||||||||||
208.8 | 283.2 |
Net Income
|
40.6 | 415.7 | |||||||||||
(191.0 | ) | (282.5 | ) |
(-) Equity Pick-up
|
(251.2 | ) | (554.0 | ) | |||||||
- | (5.8 | ) |
(-) Income from Discontinued Operations
|
3.4 | (1.5 | ) | |||||||||
108.1 | 24.9 |
(+) Minority Shareholders
|
251.2 | 28.8 | |||||||||||
119.3 | 41.3 |
(+) Income Taxes
|
338.7 | (74.9 | ) | ||||||||||
132.9 | 9.1 |
(+) Net Financial Expense (Revenue)
|
625.7 | 220.2 | |||||||||||
153.4 | 34.1 |
(+) Depreciation and Amortization
|
439.9 | 103.4 | |||||||||||
531.6 | 104.3 |
EBITDA (before ICVM 527)
|
1,448.3 | 137.7 | |||||||||||
191.0 | 282.5 |
(+) Equity Pick-up
|
251.2 | 554.0 | |||||||||||
722.6 | 386.9 |
EBITDA (after ICVM 527)
|
1,699.5 | 691.8 | |||||||||||
- | 5.8 |
(+) Reclassification of Discontinued Operations2
|
(3.4 | ) | 1.5 | ||||||||||
- | - |
(-) Gross effect of Raízen formation
|
- | 100.3 | |||||||||||
722.6 | 392.6 |
Adjusted EBITDA (after ICVM 527)
|
1,696.1 | 793.5 |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Results by Business Unit
|
Comgás | Rumo |
Lubricants and Specialties
|
Radar
|
Other Businesses | Consolidated |
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||||
3Q 2013 Pro forma
|
||||||||||||||||||||||||||||||||||||||||||||
Net Revenue
|
1,682.5 | 328.5 | 407.3 | 16.1 | 0.0 | 2,434.5 | 12,737.2 | 3,246.7 | (7,992.0 | ) | (878.6 | ) | 9,547.9 | |||||||||||||||||||||||||||||||
Cost of Goods and Services
|
(1,198.6 | ) | (203.4 | ) | (311.0 | ) | 0.0 | 0.0 | (1,713.0 | ) | (12,077.2 | ) | (2,520.6 | ) | 7,298.9 | 868.6 | (8,143.3 | ) | ||||||||||||||||||||||||||
Gross Profit
|
484.0 | 125.1 | 96.3 | 16.1 | 0.0 | 721.6 | 660.0 | 726.1 | (693.0 | ) | (10.0 | ) | 1,404.6 | |||||||||||||||||||||||||||||||
Gross Margin(%)
|
28.8 | % | 38.1 | % | 23.6 | % | 100.0 | % | 100.0 | % | 29.6 | % | 5.2 | % | 22.4 | % | -13.8 | % | - | 14.7 | % | |||||||||||||||||||||||
Selling Expenses
|
(157.2 | ) | - | (64.3 | ) | - | - | (221.5 | ) | (263.1 | ) | (223.8 | ) | 243.4 | - | (464.9 | ) | |||||||||||||||||||||||||||
General and Administrative Expenses
|
(72.8 | ) | (17.3 | ) | (19.2 | ) | (5.3 | ) | (39.1 | ) | (153.7 | ) | (99.7 | ) | (134.8 | ) | 117.3 | - | (270.9 | ) | ||||||||||||||||||||||||
Other Operating Revenues (Expenses)
|
(0.0 | ) | (12.6 | ) | 6.9 | 46.8 | (9.2 | ) | 31.8 | 66.3 | (19.9 | ) | (23.2 | ) | - | 55.0 | ||||||||||||||||||||||||||||
Equity Pick-up
|
- | - | (6.5 | ) | - | 351.3 | 191.0 | - | (11.7 | ) | 5.8 | (197.2 | ) | (12.0 | ) | |||||||||||||||||||||||||||||
Depreciation and Amortization
|
(115.1 | ) | (19.8 | ) | (17.8 | ) | (0.3 | ) | (0.5 | ) | (153.4 | ) | (119.6 | ) | (564.5 | ) | 342.1 | - | (495.5 | ) | ||||||||||||||||||||||||
EBITDA
|
369.0 | 115.0 | 30.9 | 57.9 | 303.5 | 722.6 | 483.1 | 900.5 | (691.8 | ) | (207.2 | ) | 1,207.2 | |||||||||||||||||||||||||||||||
EBITDA Margin (%)
|
21.9 | % | 35.0 | % | 7.6 | % | 358.5 | % | n/a | 29.7 | % | 3.8 | % | 27.7 | % | -15.8 | % | - | 12.6 | % | ||||||||||||||||||||||||
Results by Business Unit
|
Comgás | Rumo |
Lubricants and Specialties
|
Radar
|
Other Businesses
|
Consolidated
|
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||||
YTD 2013 Pro forma
|
||||||||||||||||||||||||||||||||||||||||||||
Net Revenue
|
4,735.9 | 711.2 | 1,151.1 | 51.4 | 0.0 | 6,649.7 | 35,462.8 | 7,075.3 | (21,269.1 | ) | (1,143.6 | ) | 26,775.2 | |||||||||||||||||||||||||||||||
Cost of Goods and Services
|
(3,410.4 | ) | (429.6 | ) | (852.3 | ) | (6.1 | ) | 0.0 | (4,698.3 | ) | (33,652.3 | ) | (5,864.0 | ) | 19,758.2 | 1,131.2 | (23,325.3 | ) | |||||||||||||||||||||||||
Gross Profit
|
1,325.6 | 281.6 | 298.8 | 45.4 | 0.0 | 1,951.4 | 1,810.5 | 1,211.3 | (1,510.9 | ) | (12.4 | ) | 3,449.9 | |||||||||||||||||||||||||||||||
Gross Margin(%)
|
28.0 | % | 39.6 | % | 26.0 | % | 88.2 | % | 100.1 | % | 29.3 | % | 5.1 | % | 17.1 | % | 7.1 | % | 1.1 | % | 12.9 | % | ||||||||||||||||||||||
Selling Expenses
|
(429.4 | ) | - | (170.4 | ) | - | - | (599.7 | ) | (776.0 | ) | (533.6 | ) | 654.8 | - | (1,254.6 | ) | |||||||||||||||||||||||||||
General and Administrative Expenses
|
(219.4 | ) | (51.7 | ) | (55.3 | ) | (15.1 | ) | (95.0 | ) | (436.6 | ) | (280.5 | ) | (401.6 | ) | 341.0 | - | (777.6 | ) | ||||||||||||||||||||||||
Other Operating Revenues (Expenses)
|
(6.5 | ) | (18.4 | ) | 8.1 | 110.2 | (0.0 | ) | 93.3 | 213.6 | 15.9 | (114.7 | ) | - | 208.0 | |||||||||||||||||||||||||||||
Equity Pick-up
|
- | - | (6.5 | ) | 0.0 | 631.7 | 251.2 | - | (21.6 | ) | 10.8 | (255.0 | ) | (14.6 | ) | |||||||||||||||||||||||||||||
Depreciation and Amortization
|
(327.4 | ) | (57.5 | ) | (52.6 | ) | (0.7 | ) | (1.6 | ) | (439.8 | ) | (355.8 | ) | (1,453.8 | ) | 904.8 | - | (1,344.6 | ) | ||||||||||||||||||||||||
EBITDA
|
997.6 | 269.0 | 127.3 | 141.1 | 538.3 | 1,699.5 | 1,323.4 | 1,724.1 | (1,523.8 | ) | (267.5 | ) | 2,955.7 | |||||||||||||||||||||||||||||||
EBITDA Margin (%)
|
21.1 | % | 37.8 | % | 11.1 | % | 274.4 | % | n/a | 25.6 | % | 3.7 | % | 24.4 | % | 7.2 | % | 23.4 | % | 11.0 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
12,737.2 | 10,915.5 | 16.7 | % |
Fuel Sales
|
35,462.8 | 31,183.2 | 13.7 | % | |||||||||||||||
756.1 | 553.9 | 36.5 | % |
Ethanol
|
2,086.4 | 1,638.9 | 27.3 | % | |||||||||||||||
4,911.6 | 4,356.7 | 12.7 | % |
Gasoline
|
14,042.4 | 12,794.9 | 9.8 | % | |||||||||||||||
5,631.7 | 4,629.2 | 21.7 | % |
Diesel
|
15,212.6 | 12,588.6 | 20.8 | % | |||||||||||||||
1,290.0 | 1,221.8 | 5.6 | % |
Aviation
|
3,693.4 | 3,657.9 | 1.0 | % | |||||||||||||||
147.9 | 153.9 | -3.9 | % |
Other Products
|
428.0 | 503.0 | -14.9 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Fuels Inventories
|
3Q 2013 | 3Q 2012 | ||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
||||||||||
000' cbm
|
731.9 | 445.4 | 64.3 | % | ||||||||
R$'MM
|
1,302.8 | 803.5 | 62.1 | % | ||||||||
R$/cbm
|
1,780.2 | 1,804.0 | -1.3 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
COGS
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(12,077.2 | ) | (10,335.3 | ) | 16.9 | % |
Fuel Sales
|
(33,652.3 | ) | (29,390.9 | ) | 14.5 | % | |||||||||||
Average Unitary Cost (R$/cbm) | |||||||||||||||||||||||
(1,975 | ) | (1,848 | ) | 6.9 | % |
Fuel Sales
|
(1,971 | ) | (1,823 | ) | 8.1 | % |
3Q 2013 | 3Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
660.0 | 580.2 | 13.8 | % |
Gross Profit
|
1,810.5 | 1,792.3 | 1.0 | % | |||||||||||||||
5.2 | % | 5.3 | % |
-0.1 p.p.
|
Gross Margin (%)
|
5.1 | % | 5.7 | % |
-0.6 p.p.
|
|||||||||||||
107.9 | 103.7 | 4.1 | % |
Unitary Gross Margin (R$/cbm)
|
106.0 | 111.2 | -4.6 | % |
3Q 2013 | 3Q 2012 |
SG&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(263.1 | ) | (243.1 | ) | 8.2 | % |
Selling Expenses
|
(776.0 | ) | (876.0 | ) | -11.4 | % | |||||||||||
(99.7 | ) | (92.3 | ) | 8.0 | % |
G&A Expenses
|
(280.5 | ) | (293.1 | ) | -4.3 | % | |||||||||||
66.3 | (2.6 | ) | n/a |
Other Operational Revenues/Expenses
|
213.6 | 127.1 | 68.0 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
483.1 | 375.5 | 28.7 | % |
EBITDA
|
1,323.4 | 1,093.8 | 21.0 | % | |||||||||||||||
3.8 | % | 3.4 | % |
0.4 p.p
|
EBITDA Margin (%)
|
3.7 | % | 3.5 | % |
0.2 p.p
|
3Q 2013 | 3Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
143.4 | 197.4 | -27.3 | % |
CAPEX
|
386.2 | 554.1 | -30.3 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Operational Figures
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
||||||||||||||||||
26,824 | 27,314 | -1.8 | % |
Crushed Sugarcane
|
45,358 | 38,378 | 18.2 | % | |||||||||||||||
11,745 | 12,612 | -6.9 | % |
Own (‘000 tonnes)
|
22,767 | 19,068 | 19.4 | % | |||||||||||||||
15,079 | 14,702 | 2.6 | % |
Suppliers (‘000 tonnes)
|
22,591 | 19,310 | 17.0 | % | |||||||||||||||
135.4 | 147.0 | -7.9 | % |
Sugarcane TRS (kg/tonne)
|
128.4 | 132.1 | -2.8 | % | |||||||||||||||
94.0 | % | 91.3 | % |
2.7 p.p
|
Mechanization (%)
|
94.0 | % | 91.3 | % |
2.7 p.p
|
|||||||||||||
Production
|
|||||||||||||||||||||||
2,128 | 2,152 | -1.1 | % |
Sugar
|
3,318 | 2,800 | 18.5 | % | |||||||||||||||
1,337 | 1,275 | 4.9 | % |
Raw Sugar (‘000 tonnes)
|
2,203 | 1,671 | 31.9 | % | |||||||||||||||
791 | 877 | -9.8 | % |
White Sugar (‘000 tonnes)
|
1,114 | 1,129 | -1.3 | % | |||||||||||||||
884 | 924 | -4.3 | % |
Ethanol
|
1,479 | 1,274 | 16.1 | % | |||||||||||||||
456 | 408 | 11.8 | % |
Anhydrous Ethanol (‘000 cbm)
|
716 | 539 | 32.8 | % | |||||||||||||||
428 | 516 | -17.1 | % |
Hydrous Ethanol (‘000 cbm)
|
763 | 735 | 3.9 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
3,246.7 | 2,248.4 | 44.4 | % |
Net Operating Revenue
|
7,075.3 | 4,705.8 | 50.4 | % | |||||||||||||||
1,492.3 | 1,302.2 | 14.6 | % |
Sugar Sales
|
3,428.2 | 2,592.6 | 32.2 | % | |||||||||||||||
211.7 | 261.1 | -18.9 | % |
Domestic Market
|
595.3 | 726.7 | -18.1 | % | |||||||||||||||
1,280.6 | 1,041.1 | 23.0 | % |
Foreign Market
|
2,832.8 | 1,865.9 | 51.8 | % | |||||||||||||||
1,519.8 | 717.0 | 112.0 | % |
Ethanol Sales
|
3,223.8 | 1,753.9 | 83.8 | % | |||||||||||||||
870.4 | 281.5 | 209.2 | % |
Domestic Market
|
1,722.4 | 830.6 | 107.4 | % | |||||||||||||||
339.7 | 286.9 | 18.4 | % |
Foreign Market
|
850.5 | 624.4 | 36.2 | % | |||||||||||||||
309.7 | 148.6 | 108.4 | % |
Trading
|
650.8 | 299.0 | 117.7 | % | |||||||||||||||
153.3 | 163.9 | -6.5 | % |
Energy Cogeneration
|
263.6 | 236.2 | 11.6 | % | |||||||||||||||
81.4 | 65.3 | 24.7 | % |
Other Products and Services
|
159.8 | 123.0 | 29.9 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Sugar Inventories
|
3Q 2013 | 3Q 2012 | ||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
||||||||||
´000 tonne
|
1,087.0 | 1,134.4 | -4.2 | % | ||||||||
R$'MM
|
746.6 | 794.8 | -6.1 | % | ||||||||
R$/tonne
|
686.8 | 700.6 | -2.0 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Ethanol Inventories
|
3Q 2013 | 3Q 2012 | ||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
||||||||||
´000 cbm
|
653.0 | 656.5 | -0.5 | % | ||||||||
R$'MM
|
720.4 | 743.0 | -3.0 | % | ||||||||
R$/cbm
|
1,103.2 | 1,131.7 | -2.5 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
COGS per Product
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(2,520.7 | ) | (1,667.9 | ) | 51.1 | % |
Cost of Goods Sold
|
(5,864.1 | ) | (3,519.2 | ) | 66.6 | % | |||||||||||
(1,048.2 | ) | (858.8 | ) | 22.1 | % |
Sugar
|
(2,486.4 | ) | (1,830.9 | ) | 35.8 | % | |||||||||||
(1,037.6 | ) | (497.5 | ) | 108.6 | % |
Ethanol
|
(2,240.1 | ) | (1,315.5 | ) | 70.3 | % | |||||||||||
(297.2 | ) | (138.4 | ) | 114.8 | % |
Trading
|
(636.4 | ) | (283.4 | ) | 124.6 | % | |||||||||||
(59.2 | ) | (91.5 | ) | -35.2 | % |
Energy Cogeneration
|
(119.4 | ) | (134.8 | ) | -11.4 | % | |||||||||||
(78.4 | ) | (81.8 | ) | -4.1 | % |
Others
|
(381.8 | ) | 45.4 | -940.4 | % | ||||||||||||
Average Unitary Costs3
|
|||||||||||||||||||||||
(500.0 | ) | (483.2 | ) | 3.5 | % |
Cash Cost of Sugar (R$/tonne)
|
(501.6 | ) | (510.6 | ) | -1.8 | % | |||||||||||
(895.0 | ) | (650.4 | ) | 37.6 | % |
Cash Cost of Ethanol (R$/’000 liters)
|
(860.4 | ) | (768.3 | ) | 12.0 | % |
·
|
6.2% increase in sugarcane field productivity – represented by a higher TCH, which was 86.8 in 3Q 2013 compared to 81.7 in 3Q 2012;
|
·
|
7.6% decrease in the cost of CONSECANA’s TCH, from R$0.4806 in 3Q 2012 to R$0.4439 in 3Q 2013, which has a direct impact on the cost of sugarcane from suppliers;
|
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Gross Profit and Gross Margin
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
726.1 | 580.4 | 25.1 | % |
Gross Profit
|
1,211.2 | 1,186.6 | 2.1 | % | |||||||||||||||
444.1 | 443.4 | 0.2 | % |
Sugar
|
941.8 | 761.7 | 23.6 | % | |||||||||||||||
29.8 | % | 34.1 | % |
-4.3 p.p.
|
Sugar Gross Margin (%)
|
27.5 | % | 29.4 | % |
-1.9 p.p.
|
|||||||||||||
49.4 | % | 54.8 | % |
-5.3 p.p.
|
Sugar (Cash) Gross Margin (%)
|
48.3 | % | 50.3 | % |
-2.0 p.p.
|
|||||||||||||
172.5 | 70.9 | 143.3 | % |
Ethanol
|
332.9 | 139.4 | 138.7 | % | |||||||||||||||
14.3 | % | 12.5 | % |
1.8 p.p
|
Ethanol Gross Margin (%)
|
12.9 | % | 9.6 | % |
3.4 p.p
|
|||||||||||||
29.7 | % | 46.6 | % |
-16.9 p.p.
|
Ethanol (Cash) Gross Margin (%)
|
33.9 | % | 39.0 | % |
-5.1 p.p.
|
|||||||||||||
12.4 | 10.2 | 21.6 | % |
Trading
|
14.4 | 15.6 | -7.7 | % | |||||||||||||||
4.0 | % | 6.9 | % |
-2.9 p.p.
|
Ethanol Trading Margin (%)
|
2.2 | % | 5.2 | % |
-3.0 p.p.
|
|||||||||||||
94.0 | 72.5 | 29.8 | % |
Energy Cogeneration
|
144.1 | 101.5 | 42.1 | % | |||||||||||||||
3.0 | (16.5 | ) | n/a |
Other Products and Services
|
(222.0 | ) | 168.4 | n/a |
3Q 2013 | 3Q 2012 |
SG & A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(223.8 | ) | (167.9 | ) | 33.3 | % |
Selling Expenses
|
(533.6 | ) | (333.6 | ) | 60.0 | % | |||||||||||
(134.8 | ) | (121.3 | ) | 11.1 | % |
General and Administrative Expenses
|
(401.6 | ) | (368.4 | ) | 9.0 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
900.5 | 849.5 | 6.0 | % |
EBITDA
|
1,724.2 | 1,652.4 | 4.3 | % | |||||||||||||||
27.7 | % | 37.8 | % |
-10.0 p.p.
|
Margin EBITDA (%)
|
24.4 | % | 35.1 | % |
-10.7 p.p.
|
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Summary of Hedge Operations at Sep 30, 20134
|
||||||||
Sugar
|
2013 / 2014 | 2014 / 2015 | ||||||
NY #11
|
||||||||
Volume (‘000 ton)
|
2,695.8 | 961.1 | ||||||
Average Price (¢US$/lb)
|
18.59 | 17.90 | ||||||
Exchange Rate
|
||||||||
US$
|
||||||||
Volume (US$ mm)
|
1,145.1 | 397.7 | ||||||
Average Price (R$/US$)
|
2.18 | 2.41 |
Expiration Period - (R$MM)
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2013
|
2014
|
Total
|
|||||||||
Futures
|
OTC/NYBOT
|
NY#11
|
23.9 | (9.5 | ) | 14.4 | ||||||||
(=) Hedge Accounting impact
|
23.9 | (9.5 | ) | 14.4 | ||||||||||
(-) Deferred Income Tax
|
(8.1 | ) | 3.2 | (4.9 | ) | |||||||||
(=) Asset Valuation Adjustment
|
15.8 | (6.3 | ) | 9.5 |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
433.6 | 360.8 | 20.2 | % |
Total CAPEX
|
1,927.0 | 1,815.4 | 6.1 | % | |||||||||||||||
309.3 | 277.1 | 11.6 | % |
Operating CAPEX
|
1,427.7 | 1,483.5 | -3.8 | % | |||||||||||||||
250.6 | 233.2 | 7.5 | % |
Biological Assets
|
709.4 | 776.8 | -8.7 | % | |||||||||||||||
9.7 | 7.7 | 26.0 | % |
Inter-Harvest Maintenance Costs
|
483.0 | 443.9 | 8.8 | % | |||||||||||||||
15.5 | 10.6 | 46.2 | % |
SSMA and Sustaining
|
48.4 | 92.6 | -47.8 | % | |||||||||||||||
30.4 | 15.1 | 101.3 | % |
Mechanization
|
122.4 | 140.0 | -12.6 | % | |||||||||||||||
3.1 | 10.5 | -70.5 | % |
Industrial
|
64.5 | 30.2 | 113.6 | % | |||||||||||||||
124.3 | 83.7 | 48.5 | % |
Expasion CAPEX
|
499.3 | 331.9 | 50.4 | % | |||||||||||||||
3.7 | 16.0 | -76.9 | % |
Cogeneration Projects
|
46.5 | 165.7 | -72.0 | % | |||||||||||||||
120.6 | 67.7 | 78.1 | % |
Expansion and Other Projects
|
452.8 | 166.2 | 172.4 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Volume Sold
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Volume ('000 cbm)
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
1,307,881 | 1,294,207 | 1.1 | % |
Total Gas Sales
|
4,106,242 | 3,829,720 | 7.2 | % | |||||||||||||||
1,222,369 | 1,218,851 | 0.3 | % |
Gas Sales
|
3,557,146 | 3,559,497 | -0.1 | % | |||||||||||||||
65,372 | 56,789 | 15.1 | % |
Residential
|
165,916 | 148,403 | 11.8 | % | |||||||||||||||
31,503 | 29,293 | 7.5 | % |
Commercial
|
87,438 | 83,388 | 4.9 | % | |||||||||||||||
984,268 | 970,248 | 1.4 | % |
Industrial
|
2,871,410 | 2,851,469 | 0.7 | % | |||||||||||||||
79,450 | 92,440 | -14.1 | % |
Cogeneration
|
247,510 | 268,186 | -7.7 | % | |||||||||||||||
61,776 | 70,081 | -11.9 | % |
Vehicular
|
184,872 | 208,050 | -11.1 | % | |||||||||||||||
85,511 | 75,356 | 13.5 | % |
Thermal Power
|
549,096 | 270,224 | 103.2 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
2,065.1 | 1,753.9 | 17.7 | % |
Gross Operating Revenue
|
5,796.9 | 4,727.8 | 22.6 | % | |||||||||||||||
1,851.5 | 1,623.8 | 14.0 | % |
Gas Sales
|
5,257.6 | 4,395.0 | 19.6 | % | |||||||||||||||
239.8 | 191.5 | 25.2 | % |
Residential
|
591.8 | 479.1 | 23.5 | % | |||||||||||||||
80.7 | 68.7 | 17.6 | % |
Commercial
|
216.6 | 185.8 | 16.6 | % | |||||||||||||||
1,357.2 | 1,172.9 | 15.7 | % |
Industrial
|
3,827.0 | 3,197.1 | 19.7 | % | |||||||||||||||
74.0 | 100.3 | -26.2 | % |
Cogeneration
|
228.3 | 260.6 | -12.4 | % | |||||||||||||||
35.7 | 28.3 | 26.2 | % |
Thermal Power
|
210.9 | 98.8 | 113.5 | % | |||||||||||||||
64.0 | 62.1 | 3.2 | % |
Vehicular
|
183.0 | 173.6 | 5.4 | % | |||||||||||||||
204.4 | 105.0 | 94.8 | % |
Construction Revenue
|
513.7 | 294.2 | 74.6 | % | |||||||||||||||
9.2 | 25.2 | -63.5 | % |
Other
|
25.6 | 38.6 | -33.7 | % | |||||||||||||||
(382.6 | ) | (340.5 | ) | 12.4 | % |
Tax on Sales
|
(1,061.0 | ) | (915.4 | ) | 15.9 | % | |||||||||||
1,682.5 | 1,413.5 | 19.0 | % |
Net Operating Revenue
|
4,735.9 | 3,812.4 | 24.2 | % | |||||||||||||||
1,469.2 | 1,285.7 | 14.3 | % |
Gas Sales
|
4,201.1 | 3,483.3 | 20.6 | % | |||||||||||||||
204.4 | 105.0 | 94.8 | % |
Construction Revenue
|
513.7 | 294.2 | 74.6 | % | |||||||||||||||
8.9 | 22.8 | -60.8 | % |
Other
|
21.1 | 34.8 | -39.5 | % |
3Q 2013 | 3Q 2012 |
COGS
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(1,198.6 | ) | (990.0 | ) | 21.1 | % |
Cost of Goods and Services
|
(3,410.4 | ) | (2,798.6 | ) | 21.9 | % | |||||||||||
(887.8 | ) | (791.8 | ) | 12.1 | % |
Natural Gas
|
(2,593.2 | ) | (2,230.5 | ) | 16.3 | % | |||||||||||
(106.3 | ) | (93.2 | ) | 14.0 | % |
Transportation and other Gas services
|
(303.4 | ) | (273.9 | ) | 10.8 | % | |||||||||||
(204.4 | ) | (105.0 | ) | 94.8 | % |
Construction
|
(513.7 | ) | (294.2 | ) | 74.6 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
484.0 | 423.5 | 14.3 | % |
Gross Profit
|
1,325.6 | 1,013.7 | 30.8 | % | |||||||||||||||
28.8 | % | 30.0 | % |
-1.2 p.p.
|
Gross Margin (%)
|
28.0 | % | 26.6 | % |
1.4 p.p
|
3Q 2013 | 3Q 2012 |
SG&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(157.2 | ) | (104.6 | ) | 50.3 | % |
Selling Expenses
|
(429.4 | ) | (303.3 | ) | 41.6 | % | |||||||||||
(72.8 | ) | (75.7 | ) | -3.8 | % |
G&A Expenses
|
(219.4 | ) | (210.5 | ) | 4.2 | % | |||||||||||
(0.0 | ) | (2.2 | ) | -99.2 | % |
Other Operating Revenues (Expenses)
|
(6.5 | ) | (7.9 | ) | -17.8 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
369.0 | 318.3 | 15.9 | % |
EBITDA
|
997.7 | 708.6 | 40.8 | % | |||||||||||||||
21.9 | % | 22.5 | % |
-0.6 p.p.
|
EBITDA Margin (%)
|
21.1 | % | 18.6 | % |
2.5 p.p
|
|||||||||||||
348.8 | 312.3 | 11.7 | % |
Normalizade EBITDA
|
941.6 | 900.0 | 4.6 | % | |||||||||||||||
20.7 | % | 22.1 | % |
-1.4 p.p.
|
Normalized EBITDA Margin (%)
|
19.9 | % | 23.6 | % |
-3.7 p.p.
|
3Q 2013 | 3Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
248.4 | 158.4 | 56.8 | % |
CAPEX
|
642.8 | 426.5 | 50.7 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
328.5 | 217.9 | 50.8 | % |
Net Operating Revenue
|
711.2 | 397.1 | 79.1 | % | |||||||||||||||
270.9 | 166.4 | 62.8 | % |
Transportation
|
571.5 | 297.7 | 92.0 | % | |||||||||||||||
54.5 | 47.6 | 14.4 | % |
Loading
|
127.9 | 89.8 | 42.5 | % | |||||||||||||||
3.1 | 3.9 | -19.7 | % |
Other
|
11.8 | 9.6 | 22.8 | % |
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Costs of Services
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(203.4 | ) | (133.7 | ) | 52.1 | % |
Cost of Services
|
(429.6 | ) | (281.4 | ) | 52.7 | % |
3Q 2013 | 3Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
125.1 | 84.2 | 48.6 | % |
Gross Profit
|
281.6 | 115.7 | 143.4 | % | |||||||||||||||
38.1 | % | 38.6 | % |
-0.5 p.p.
|
Gross Margin (%)
|
39.6 | % | 29.1 | % |
10.5 p.p
|
3Q 2013 | 3Q 2012 |
G&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(17.3 | ) | (14.1 | ) | 22.6 | % |
G&A Expenses
|
(51.7 | ) | (37.9 | ) | 36.4 | % |
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
115.0 | 85.9 | 33.9 | % |
EBITDA
|
269.0 | 149.3 | 80.2 | % | |||||||||||||||
35.0 | % | 39.4 | % |
-4.4 p.p.
|
Margin EBITDA (%)
|
37.8 | % | 37.6 | % |
0.2 p.p
|
3Q 2013 | 3Q 2012 |
CAPEX
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg.%
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
87.2 | 82.8 | 5.3 | % |
CAPEX
|
213.3 | 175.9 | 21.2 | % |
(i)
|
R$47.0 million in permanent railroad operated by América Latina Logística (ALL);
|
(ii)
|
R$20.4 million in improvements at the Santos port terminal, including discharging capacity increase, improvements on reception rout belts and shipping terminal, works to cover the South terminal quay (ongoing) and recurring investments related to equipment and warehouse infrastructure;
|
(iii)
|
R$19.8 million in other initiatives, mainly investments in transshipment terminals at the countryside of São Paulo state
|
Earnings Release
3rd Quarter of Fiscal Year 2013 – July, August and September 2013
|
3Q 2013 | 3Q 2012 |
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
407.3 | 369.6 | 10.2 | % |
Net Operating Revenue
|
1,151.1 | 1,046.8 | 10.0 | % |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 | 3Q 2012 |
COGS
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(311.0 | ) | (281.9 | ) | 10.3 | % |
Cost of Goods and Services
|
(852.3 | ) | (789.0 | ) | 8.0 | % | |||||||||||
Average Unitary Cost (R$/cbm)
|
|||||||||||||||||||||||
(3,663.1 | ) | (3,902.3 | ) | -6.1 | % |
Lubricants Sales and Base Oil
|
(3,627.2 | ) | (3,679.9 | ) | -1.4 | % |
3Q 2013 | 3Q 2012 |
Gross Profit
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
96.3 | 87.7 | 9.8 | % |
Gross Profit
|
298.8 | 257.9 | 15.9 | % | |||||||||||||||
23.6 | % | 23.7 | % |
-0.1 p.p.
|
Gross Margin (%)
|
26.0 | % | 24.6 | % |
1.3 p.p
|
3Q 2013 | 3Q 2012 |
SG&A
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(83.5 | ) | (66.6 | ) | 6.6 | % |
Total expenses
|
(225.7 | ) | (191.8 | ) | 17.6 | % |
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
30.9 | 33.9 | -8.8 | % |
EBITDA
|
127.3 | 102.2 | 24.6 | % | |||||||||||||||
7.6 | % | 9.2 | % |
-1.6 p.p.
|
EBITDA Margin (%)
|
11.1 | % | 9.8 | % |
1.3 p.p
|
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
State
|
Culture
|
%
|
Area (hectare)
|
Area
(acre)
|
Market Value
( R$MM)
|
||||||||||||
São Paulo
|
Sugarcane
|
65 | % | 70,281 | 173,593 | 2,127 | |||||||||||
Maranhão
|
Grains
|
15 | % | 16,651 | 41,129 | 145 | |||||||||||
Mato Grosso
|
Grains
|
11 | % | 12,303 | 30,388 | 156 | |||||||||||
Bahia
|
Grains
|
7 | % | 7,155 | 17,674 | 77 | |||||||||||
Goiás
|
Sugarcane
|
1 | % | 672 | 1,659 | 16 | |||||||||||
Mato Grosso do Sul
|
Sugarcane
|
0 | % | 417 | 1,029 | 2 | |||||||||||
Total
|
100 | % | 107,478 | 265,471 | 2,523 |
3Q 2013 | 3Q 2012 |
YTD 2013
|
YTD 2012
|
||||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
16.1 | 20.9 | -22.7 | % |
Net Revenue
|
51.4 | 76.1 | -32.4 | % | |||||||||||||||
- | 4.7 | -100.0 | % |
Property Sale
|
5.7 | 22.0 | -74.2 | % | |||||||||||||||
16.1 | 16.2 | -0.3 | % |
Land Lease
|
45.7 | 54.0 | -15.4 | % | |||||||||||||||
0.0 | (1.7 | ) | -100.0 | % |
Cost of Property Sales
|
(6.1 | ) | (20.1 | ) | -69.8 | % | ||||||||||||
0.0 | (1.7 | ) | -100.0 | % |
Property Sale
|
(6.1 | ) | (20.1 | ) | -69.8 | % | ||||||||||||
16.1 | 19.2 | -15.7 | % |
Gross Profit
|
45.4 | 56.0 | -19.0 | % | |||||||||||||||
100.0 | % | 91.7 | % |
0.1 p.p
|
Gross Margin (%)
|
88.2 | % | 73.6 | % |
0.2 p.p
|
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 | 3Q 2012 |
G&A Expenses
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg. %
|
|||||||||||||||||
(5.3 | ) | (4.0 | ) | 34.2 | % |
G&A Expenses
|
(15.1 | ) | (12.7 | ) | 19.3 | % | |||||||||||
46.8 | 3.0 | n/a |
Other Operational Revenues/Expenses
|
110.2 | 5.1 | n/a |
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg. %
|
|||||||||||||||||
57.9 | 18.6 | 210.5 | % |
EBITDA
|
141.2 | 49.9 | 182.8 | % |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 | 3Q 2012 |
YTD 2013
|
YTD 2012
|
||||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
(39.1 | ) | (33.4 | ) | 17.2 | % |
G&A Expenses
|
(95.0 | ) | (96.2 | ) | -1.3 | % | |||||||||||
(9.2 | ) | (0.5 | ) | n/a |
Other Revenues (Expenses)
|
(0.0 | ) | 59.7 | -100.1 | % | |||||||||||||
3Q 2013 | 3Q 2012 |
EBITDA
|
YTD 2013
|
YTD 2012
|
|||||||||||||||||||
(jul - sep)
|
(jul - sep)
|
Chg. %
|
Amounts in R$ MM
|
(jan - sep)
|
(jan - sep)
|
Chg.%
|
|||||||||||||||||
303.5 | 316.6 | -4.1 | % |
EBITDA
|
538.3 | 530.7 | 1.4 | % | |||||||||||||||
- | - | 0.0 | % |
(-) Gross Effects of Raizen's formation
|
- | 100.3 | n/a | ||||||||||||||||
(351.3 | ) | (350.7 | ) | 0.2 | % |
(-) Equity Pick-up
|
(631.7 | ) | (656.0 | ) | -3.7 | % | |||||||||||
(47.8 | ) | (34.1 | ) | 39.9 | % |
Adjusted EBITDA
|
(93.4 | ) | (125.3 | ) | -25.5 | % |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 | 3Q 2012 |
Financial Results
|
YTD 2013
|
YTD 2012
|
|||||||||||
(jul - sep)
|
(jul - sep)
|
Amounts in R$ MM
|
(jan-sep)
|
(jan-sep)
|
|||||||||||
(138.1 | ) | (40.3 | ) |
Gross Debt Charges
|
(448.4 | ) | (114.6 | ) | |||||||
29.0 | 13.8 |
Income from Financial Investments
|
91.2 | 47.4 | |||||||||||
(109.1 | ) | (26.4 | ) |
(=) Subtotal: Net Debt Interests
|
(357.2 | ) | (67.2 | ) | |||||||
35.9 | 9.8 |
Other Charges and Monetary Variation
|
17.8 | (100.8 | ) | ||||||||||
(16.9 | ) | (3.9 | ) |
Exchange Rate Variation
|
(314.0 | ) | (60.3 | ) | |||||||
(29.4 | ) | 15.7 |
Gains (losses) with Derivatives
|
118.3 | 35.5 | ||||||||||
(13.5 | ) | (4.3 | ) |
Amortization, Debt Cost and Other
|
(90.6 | ) | (27.4 | ) | |||||||
(132.9 | ) | (9.1 | ) |
(=) Financial, Net
|
(625.7 | ) | (220.3 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 | 3Q 2012 |
Income Tax and Social Contribution
|
YTD 2013
|
YTD 2012
|
|||||||||||
(jul - sep)
|
(jul - sep)
|
Amounts in R$ MM
|
(jan-sep)
|
(jan-sep)
|
|||||||||||
436.3 | 343.7 |
Income (Loss) before Income Tax
|
634.0 | 368.2 | |||||||||||
(119.3 | ) | (41.3 | ) |
Total of Tax and Social Contribution
|
(338.7 | ) | 74.9 | ||||||||
(20.1 | ) | (23.0 | ) |
Deferred Income Tax Expenses
|
(186.1 | ) | 100.8 | ||||||||
(99.3 | ) | (18.3 | ) |
Current Income Tax Expenses
|
(152.6 | ) | (25.8 | ) | |||||||
-22.8 | % | -5.3 | % |
Effective Rate - Current (%)
|
-24.1 | % | -7.0 | % |
3Q 2013 | |||||||||||||||||||||||||
Income Tax and Social Contribution |
Comgás
|
Rumo |
Lubricants and
Specialties
|
Radar7 |
Other
Business
|
Consolidated | |||||||||||||||||||
Amount in R$ MM
|
|||||||||||||||||||||||||
Net Income before Taxes
|
218.6 | 100.1 | 12.2 | 58.5 | 200.6 | 436.3 | |||||||||||||||||||
Nominal Rate of Income Tax and Social Contribution (%)
|
-34 | % | -34 | % | -34 | % | -34 | % | -34 | % | -34 | % | |||||||||||||
Income Tax and Social Contribtions Theoretical Expense
|
(74.3 | ) | (34.0 | ) | (4.1 | ) | (19.9 | ) | (68.2 | ) | (148.3 | ) | |||||||||||||
(-) Non-taxable Permanent Differences / Equity Pick-up
|
(0.8 | ) | (0.0 | ) | (2.3 | ) | (0.0 | ) | 119.3 | 63.9 | |||||||||||||||
(-) Tax Loss and Negative Basis
|
- | - | (4.7 | ) | - | (42.4 | ) | (47.1 | ) | ||||||||||||||||
(-) Different Tax Regime for Entities Taxed on Presumed Profits
|
- | - | - | 14.1 | - | 14.1 | |||||||||||||||||||
(-) Other
|
0.4 | 0.4 | (0.9 | ) | 2.2 | (4.1 | ) | (1.9 | ) | ||||||||||||||||
Income Tax Effective Expenses
|
(74.7 | ) | (33.7 | ) | (12.0 | ) | (3.6 | ) | 4.6 | (119.3 | ) | ||||||||||||||
Income Tax and Social Contribution Effective Rate (%)
|
34 | % | 34 | % | 99 | % | 6 | % | -2 | % | 27 | % | |||||||||||||
Expenses (Revenues) com IR/CS
|
(74.7 | ) | (33.7 | ) | (12.0 | ) | (3.6 | ) | 4.6 | (119.3 | ) | ||||||||||||||
Current
|
(66.8 | ) | (31.3 | ) | 1.3 | (2.7 | ) | 0.2 | (99.3 | ) | |||||||||||||||
Effective Rate - Current Rate (%)
|
31 | % | 31 | % | -11 | % | 5 | % | 0 | % | 23 | % | |||||||||||||
Deferred
|
(7.9 | ) | (2.3 | ) | (13.3 | ) | (1.0 | ) | 4.4 | (20.1 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 | 3Q 2012 |
Net income
|
YTD 2013
|
YTD 2012
|
|||||||||||
(jul - sep)
|
(jul - sep)
|
Amounts in R$ MM
|
(jan-sep)
|
(jan-sep)
|
|||||||||||
208.8 | 283.2 |
Net Income
|
40.6 | 415.7 |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
|
(i)
|
Amortization of principal and interests of R$460 million, including BNDES, Finame, Senior Notes and Perpetual Bonds;
|
|
(ii)
|
Approximately R$261 million raised from BNDES and Resolution 4131 to subsidiary Comgás;
|
|
(iii)
|
Provision for interest, monetary and exchange variation in the period, in the amount of R$200 million.
|
|
(iv)
|
Change in fair value of Comgás’ foreign currency denominated debt and 2023 Senior Notes in the amount of R$66 million due to the adoption of hedge accounting.
|
|
(i)
|
Amortization of principal and interests of R$225 million related to prepayments, credit restricted cash and senior notes;
|
|
(ii)
|
R$471 million raised under prepayments of R$255 million and credit notes of 125 million;
|
|
(iii)
|
Provision for interest, monetary and exchange variation in the period, in the amount of R$64 million.
|
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Debt per Business Units (Amount in R$ MM)
|
||||||||||||||||
3Q 2013 | 2Q 2013 | |||||||||||||||
Comgás
|
(jul-sep)
|
(apr-jun)
|
% ST
|
Chg.%
|
||||||||||||
Leasing
|
1.4 | 1.7 | 92 | % | -17.6 | % | ||||||||||
Promissory Notes
|
418.4 | 409.5 | 100 | % | 2.2 | % | ||||||||||
EIB
|
602.6 | 597.0 | 1 | % | 0.9 | % | ||||||||||
4131 Resolution
|
504.8 | 561.5 | 23 | % | -10.1 | % | ||||||||||
BNDES
|
1,230.6 | 1,136.1 | 21 | % | 8.3 | % | ||||||||||
Debentures
|
33.9 | 71.8 | 100 | % | -52.9 | % | ||||||||||
Debt Notes Allocation
|
(3.9 | ) | (2.1 | ) | 19 | % | n/a | |||||||||
Financial Instruments - MTM
|
(180.0 | ) | (238.2 | ) | 16 | % | -24.5 | % | ||||||||
Total Comgás
|
2,607.8 | 2,537.3 | 0 | % | 2.8 | % | ||||||||||
Rumo
|
||||||||||||||||
Finame
|
731.9 | 749.5 | 15 | % | -2.3 | % | ||||||||||
Expenses with Placement of Debt
|
(1.5 | ) | (1.6 | ) | 11 | % | -6.6 | % | ||||||||
Total Rumo
|
730.4 | 747.8 | - | -2.3 | % | |||||||||||
Lubricants and Specialties
|
||||||||||||||||
Finame
|
0.2 | 0.2 | 0 | % | 0.0 | % | ||||||||||
Foreing Loan
|
196.9 | 182.1 | 0 | % | 8.2 | % | ||||||||||
Total Lubricants and Specialties
|
197.2 | 182.3 | - | 8.1 | % | |||||||||||
Other Business
|
||||||||||||||||
Perpetual Bonds
|
1,129.1 | 1,121.8 | 1 | % | 0.6 | % | ||||||||||
Credit Notes
|
385.6 | 376.8 | 100 | % | 2.3 | % | ||||||||||
Debentures
|
1,423.6 | 1,448.3 | 2 | % | -1.7 | % | ||||||||||
FINEP
|
89.9 | 89.9 | 0 | % | 0.0 | % | ||||||||||
Senior Notes 2018
|
853.6 | 872.9 | 0 | % | n/d | |||||||||||
Senior Notes 2023
|
1,067.1 | 1,124.3 | 0 | % | n/d | |||||||||||
Expenses with Placement of Debt
|
(52.6 | ) | (52.4 | ) | 17 | % | 0.3 | % | ||||||||
Bonus over Perpetual Bonds
|
5.5 | 6.1 | 46 | % | -9.8 | % | ||||||||||
Financial Instruments - MTM
|
51.9 | (31.6 | ) | 0 | % | n/a | ||||||||||
Total Other Business
|
4,953.7 | 4,956.0 | - | 0.0 | % | |||||||||||
Cosan Consolidated
|
||||||||||||||||
Total Debt
|
8,489.2 | 8,423.4 | - | 0.8 | % | |||||||||||
Cash and Cash Equivalents and Secutities
|
(1,307.9 | ) | (1,604.8 | ) | - | -18.5 | % | |||||||||
Net Debt
|
7,181.3 | 6,818.6 | - | 5.3 | % | |||||||||||
Raízen
|
||||||||||||||||
Senior Notes 2014
|
789.8 | 803.1 | 100 | % | -1.7 | % | ||||||||||
BNDES
|
1,419.2 | 1,444.5 | 14 | % | -1.7 | % | ||||||||||
Term Loan
|
1,123.4 | 1,069.2 | 11 | % | 5.1 | % | ||||||||||
Prepaid Exports
|
1,277.6 | 947.9 | 17 | % | 34.8 | % | ||||||||||
Senior Notes 2017
|
902.2 | 911.9 | 1 | % | -1.1 | % | ||||||||||
Advances on Exchange Contracts
|
179.7 | 177.9 | 100 | % | 1.0 | % | ||||||||||
Credit Notes
|
613.4 | 355.7 | 0 | % | 72.4 | % | ||||||||||
Finame
|
115.7 | 131.7 | 45 | % | -12.1 | % | ||||||||||
Finem
|
545.5 | 470.9 | 9 | % | 15.9 | % | ||||||||||
Rural Credit
|
78.5 | 67.3 | 87 | % | 16.6 | % | ||||||||||
Debt Notes Allocation
|
(22.5 | ) | (21.5 | ) | 64 | % | 4.4 | % | ||||||||
Other
|
0.1 | 43.6 | 100 | % | -99.8 | % | ||||||||||
Total Raízen8
|
7,022.8 | 6,402.2 | - | 9.7 | % | |||||||||||
Raízen's Debt ( 50% )
|
3,511.4 | 3,201.1 | - | 9.7 | % | |||||||||||
Cash and Cash Equivalents and Secutities Raízen
|
(800.5 | ) | (899.6 | ) | - | -11.0 | % | |||||||||
Net Debt Raízen
|
2,710.9 | 2,301.5 | - | 17.8 | % | |||||||||||
Consolidated Proforma
|
||||||||||||||||
Total Debt (including Raízen)
|
12,000.5 | 11,624.5 | - | 3.2 | % | |||||||||||
Cash and Cash Equivalents and Secutities (including Raízen)
|
(2,108.4 | ) | (2,504.5 | ) | - | -15.8 | % | |||||||||
Pro forma Net Debt
|
9,892.1 | 9,120.1 | - | 8.5 | % |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
3Q 2013 Summary
|
CSAN3
|
CZLT33
|
CZZ
|
||
Stock Type
|
Common Share
|
BDR
|
Class A
|
||
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
||
Closing Price in december 28/06/2013
|
R$
|
42.72
|
R$
|
15.37
|
USD 36.60
|
Higher Price
|
R$
|
43.80
|
R$
|
16.76
|
USD 43.00
|
Average Price
|
R$
|
42.10
|
R$
|
15.07
|
USD 39.42
|
Lower Price
|
R$
|
39.90
|
R$
|
13.20
|
USD 34.69
|
Average Daily Traded Volume
|
R$51.7 million
|
R$10.1 million
|
USD16.3 million
|
CSAN3 vs. CZLT33 vs. Ibovespa
(Base 100)
|
CZZ vs. S&P500
(Base 100)
|
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
FY12
|
FY13
|
2013
|
||
(apr/2011 - mar/2012)
|
(apr/2012 - mar/2013)
|
(jan/2013 - dec/2013)
|
||
Cosan Consolidated
|
Net Revenue (R$MM)
|
23,391
|
30,017
|
35,000 ≤ ∆ ≤ 38,000
|
EBITDA (R$MM)
|
2,117
|
3,143
|
3,950 ≤ ∆ ≤ 4,350
|
|
Capex (R$MM) 9
|
2,134
|
2,178
|
2,800 ≤ ∆ ≤ 3,000
|
|
Raízen Combustíveis
|
Volume of Fuels Sold (million liters)
|
20,914
|
21,967
|
22,500 ≤ ∆ ≤ 24,000
|
EBITDA (R$MM)
|
1,305
|
1,658
|
1,600 ≤ ∆ ≤ 1,800
|
|
Raízen Energia
|
Volume of Sugar Cane Crushed (thousand tonnes)
|
52,958
|
56,221
|
59,000 ≤ ∆ ≤ 62,000
|
Volume of Sugar Sold (thousand tonnes)
|
3,969
|
4,230
|
4,300 ≤ ∆ ≤ 4,600
|
|
Volume of Ethanol Sold (million liters)
|
1,921
|
2,323
|
2,100 ≤ ∆ ≤ 2,300
|
|
Volume of Energy Sold (thousand of MWh)
|
1,233
|
3,035
|
1,900 ≤ ∆ ≤ 2,100
|
|
EBITDA (R$MM)
|
2,235
|
2,408
|
2,400 ≤ ∆ ≤ 2,700
|
|
Rumo
|
Volume of Loading (thousand tonnes)
|
7,759
|
8,566
|
8,500 ≤ ∆ ≤ 10,500
|
EBITDA (R$MM)
|
211
|
297
|
330 ≤ ∆ ≤ 370
|
|
Radar
|
EBITDA (R$MM)
|
-
|
180.000
|
140 ≤ ∆ ≤ 160
|
Lubricants and Specialties
|
Total Volume Sold (million Liters)
|
217
|
287
|
270 ≤ ∆ ≤ 310
|
EBITDA (R$MM)
|
140 ≤ ∆ ≤ 170
|
|||
Comgás
|
Number of Clients (thousand) 9
|
1,099
|
1,215
|
1,320 ≤ ∆ ≤ 1,330
|
Network Expansion (km) 9
|
1,100
|
1,282
|
1,350 ≤ ∆ ≤ 1,450
|
|
Total Volume of Gas Sold (thousand cbm)
|
4,835
|
5,259
|
5,200 ≤ ∆ ≤ 5,700
|
|
EBITDA IFRS (R$MM)
|
716
|
962
|
1,350 ≤ ∆ ≤ 1,550
|
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Cosan Consolidated
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
2,434,511 | 608,440 | ||||||
Gross Profit
|
721,548 | 191,512 | ||||||
Sales, general and administrative expenses
|
(375,153 | ) | (118,191 | ) | ||||
Other operating income (expenses), net
|
31,827 | (3,038 | ) | |||||
Financial revenue
|
48,578 | 42,003 | ||||||
Financial expenses
|
(135,167 | ) | (62,929 | ) | ||||
Foreign exchange variation
|
(16,906 | ) | (3,906 | ) | ||||
Derivative
|
(29,435 | ) | 15,685 | |||||
Equity pick up
|
191,022 | 282,524 | ||||||
Income and Social Contribution Taxes
|
(119,349 | ) | (41,275 | ) | ||||
Net Income (loss)
|
316,965 | 302,385 |
Cosan Consolidated
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
1,202,229 | 1,490,634 | ||||||
Securities
|
105,658 | 114,190 | ||||||
Accounts Rreceivable
|
997,114 | 1,018,244 | ||||||
Inventories
|
292,076 | 274,147 | ||||||
Other Current Assets
|
726,005 | 777,266 | ||||||
Investments
|
89,516 | 92,296 | ||||||
Investments in Jointly Owned Subsidiaries
|
8,468,438 | 8,551,222 | ||||||
Investment Property
|
2,523,405 | 2,477,955 | ||||||
Property, Plant and Equipment
|
1,249,958 | 1,206,120 | ||||||
Intangible
|
9,973,856 | 9,756,657 | ||||||
Other Non-Current Assets
|
2,398,497 | 2,409,203 | ||||||
Total Assets
|
28,026,752 | 28,167,934 | ||||||
Loans and Financing
|
(8,617,159 | ) | (8,693,246 | ) | ||||
Suppliers
|
(841,972 | ) | (970,344 | ) | ||||
Salaries Payable
|
(105,593 | ) | (109,171 | ) | ||||
Other current liabilities
|
(625,575 | ) | (804,883 | ) | ||||
Other non-current liabilities
|
(4,579,437 | ) | (4,547,565 | ) | ||||
Net Equity
|
(13,257,016 | ) | (13,042,725 | ) | ||||
Total Liabilities
|
(28,026,752 | ) | (28,167,934 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Raízen Combustíveis
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
12,737,213 | 10,915,520 | ||||||
Gross Profit
|
659,996 | 580,265 | ||||||
Sales, general and administrative expenses
|
(362,825 | ) | (335,462 | ) | ||||
Other operating income (expenses), net
|
66,328 | (2,611 | ) | |||||
Financial revenue
|
23,386 | 36,451 | ||||||
Financial expenses
|
(18,952 | ) | (27,777 | ) | ||||
Foreign exchange variation
|
(7,319 | ) | (6,081 | ) | ||||
Derivative
|
(12,032 | ) | 3,454 | |||||
Income and Social Contribution Taxes
|
(119,280 | ) | (55,132 | ) | ||||
Net Income (loss)
|
229,302 | 193,108 | ||||||
Raízen Combustíveis
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
354,503 | 168,930 | ||||||
Accounts Receivable
|
1,326,865 | 1,390,114 | ||||||
Inventories
|
1,302,834 | 852,711 | ||||||
Other Current Assets
|
857,282 | 1,445,431 | ||||||
Property, Plant and Equipment
|
2,519,491 | 2,567,133 | ||||||
Intangible
|
4,028,655 | 4,015,732 | ||||||
Other Non-Current Assets
|
1,110,940 | 1,102,284 | ||||||
Total Assets
|
11,500,570 | 11,542,335 | ||||||
Loans and Financing
|
(787,527 | ) | (800,148 | ) | ||||
Suppliers
|
(529,708 | ) | (576,231 | ) | ||||
Salaries Payable
|
(254,561 | ) | (166,216 | ) | ||||
Other current liabilities
|
(712,163 | ) | (568,966 | ) | ||||
Other non-current liabilities
|
(2,615,511 | ) | (2,617,923 | ) | ||||
Net Equity
|
(6,601,100 | ) | (6,812,851 | ) | ||||
Total Liabilities
|
(11,500,570 | ) | (11,542,335 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Raízen Energia
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
3,246,729 | 2,248,339 | ||||||
Gross Profit
|
726,101 | 580,395 | ||||||
Sales, general and administrative expenses
|
(358,584 | ) | (289,159 | ) | ||||
Other operating income (expenses), net
|
(19,891 | ) | 9,685 | |||||
Financial revenue
|
55,193 | 173,230 | ||||||
Financial expenses
|
(114,059 | ) | (122,629 | ) | ||||
Foreign exchange variation
|
(25,128 | ) | (26,420 | ) | ||||
Derivative
|
26,403 | (8,711 | ) | |||||
Equity pick up
|
(11,655 | ) | (4,955 | ) | ||||
Income and Social Contribution Taxes
|
(94,462 | ) | (44,919 | ) | ||||
Net Income (loss)
|
183,918 | 266,517 |
Raízen Energia
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
1,246,573 | 1,630,331 | ||||||
Accounts Rreceivable
|
494,724 | 349,025 | ||||||
Inventories
|
1,707,606 | 886,917 | ||||||
Other Current Assets
|
1,275,795 | 1,308,570 | ||||||
Investments
|
1,936,168 | 215,105 | ||||||
Property, Plant and Equipment
|
9,485,631 | 9,769,483 | ||||||
Intangible
|
3,062,760 | 3,062,170 | ||||||
Other Non-Current Assets
|
1,822,915 | 3,587,474 | ||||||
Total Assets
|
21,032,172 | 20,809,075 | ||||||
Loans and Financing
|
(6,963,654 | ) | (6,311,908 | ) | ||||
Suppliers
|
(730,321 | ) | (513,768 | ) | ||||
Salaries Payable
|
(872,731 | ) | (1,017,216 | ) | ||||
Other current liabilities
|
(279,758 | ) | (904,657 | ) | ||||
Other non-current liabilities
|
(1,676,670 | ) | (1,670,334 | ) | ||||
Net Equity
|
(10,509,038 | ) | (10,391,192 | ) | ||||
Total Liabilities
|
(21,032,172 | ) | (20,809,075 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Comgás
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
1,682,530 | 1,413,476 | ||||||
Gross Profit
|
483,958 | 423,464 | ||||||
Sales, general and administrative expenses
|
(229,988 | ) | (180,284 | ) | ||||
Other operating income (expenses), net
|
(17 | ) | (2,216 | ) | ||||
Financial revenue
|
14,557 | - | ||||||
Financial expenses
|
(38,144 | ) | (47,312 | ) | ||||
Foreign exchange variation
|
(6,929 | ) | - | |||||
Derivative
|
(4,809 | ) | - | |||||
Income and Social Contribution Taxes
|
(74,689 | ) | (65,608 | ) | ||||
Net Income (loss)
|
143,939 | 128,045 |
Comgás
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
459,598 | 359,285 | ||||||
Accounts Rreceivable
|
564,233 | 658,801 | ||||||
Inventories
|
113,330 | 114,270 | ||||||
Other Current Assets
|
252,383 | 295,527 | ||||||
Intangible
|
8,353,844 | 8,200,248 | ||||||
Other Non-Current Assets
|
285,227 | 278,418 | ||||||
Total Assets
|
10,028,615 | 9,906,549 | ||||||
Loans and Financing
|
(2,787,767 | ) | (2,775,506 | ) | ||||
Suppliers
|
(694,029 | ) | (813,000 | ) | ||||
Salaries Payable
|
(49,274 | ) | (39,167 | ) | ||||
Other current liabilities
|
(160,832 | ) | (100,859 | ) | ||||
Other non-current liabilities
|
(854,055 | ) | (839,918 | ) | ||||
Net Equity
|
(5,482,658 | ) | (5,338,099 | ) | ||||
Total Liabilities
|
(10,028,615 | ) | (9,906,549 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Rumo
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
328,500 | 20,902 | ||||||
Gross Profit
|
125,139 | 19,161 | ||||||
Sales, general and administrative expenses
|
(17,286 | ) | (3,959 | ) | ||||
Other operating income (expenses), net
|
(12,613 | ) | 3,010 | |||||
Financial revenue
|
14,534 | 2,724 | ||||||
Financial expenses
|
(9,555 | ) | (207 | ) | ||||
Foreign exchange variation
|
(109 | ) | (2 | ) | ||||
Income and Social Contribution Taxes
|
(33,657 | ) | (3,419 | ) | ||||
Net Income (loss)
|
66,452 | 17,308 |
Rumo
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
547,287 | 563,945 | ||||||
Securities
|
8,864 | 10,094 | ||||||
Accounts Rreceivable
|
195,739 | 125,804 | ||||||
Inventories
|
4,667 | 5,110 | ||||||
Other Current Assets
|
47,643 | 115,508 | ||||||
Property, Plant and Equipment
|
1,003,323 | 975,535 | ||||||
Intangible
|
743,679 | 705,148 | ||||||
Other Non-Current Assets
|
11,025 | 27,559 | ||||||
Total Assets
|
2,562,227 | 2,528,703 | ||||||
Loans and Financing
|
(730,424 | ) | (747,849 | ) | ||||
Suppliers
|
(81,923 | ) | (98,081 | ) | ||||
Salaries Payable
|
(12,230 | ) | (15,493 | ) | ||||
Other current liabilities
|
(158,422 | ) | (154,526 | ) | ||||
Other non-current liabilities
|
(192,017 | ) | (191,930 | ) | ||||
Net Equity
|
(1,387,211 | ) | (1,320,824 | ) | ||||
Total Liabilities
|
(2,562,227 | ) | (2,528,703 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Lubricants and Specialties
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
407,322 | 369,608 | ||||||
Gross Profit
|
96,293 | 87,674 | ||||||
Sales, general and administrative expenses
|
(83,485 | ) | (66,626 | ) | ||||
Other operating income (expenses), net
|
6,879 | (3,076 | ) | |||||
Financial revenue
|
3,560 | 11,058 | ||||||
Financial expenses
|
(15,400 | ) | 3,622 | |||||
Foreign exchange variation
|
15,355 | (4,452 | ) | |||||
Derivative
|
(4,512 | ) | - | |||||
Equity pick up
|
(6,534 | ) | - | |||||
Income and Social Contribution Taxes
|
(11,992 | ) | (10,045 | ) | ||||
Net Income (loss)
|
163 | 18,155 | ||||||
Lubricants and Specialties
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
68,905 | 156,157 | ||||||
Securities
|
580 | 2,055 | ||||||
Accounts Rreceivable
|
214,428 | 208,706 | ||||||
Inventories
|
174,077 | 154,766 | ||||||
Other Current Assets
|
64,672 | 64,613 | ||||||
Investments
|
15,864 | 22,178 | ||||||
Property, Plant and Equipment
|
192,552 | 182,399 | ||||||
Intangible
|
873,680 | 848,517 | ||||||
Other Non-Current Assets
|
(64,430 | ) | (58,508 | ) | ||||
Total Assets
|
1,540,328 | 1,580,883 | ||||||
Loans and Financing
|
(197,185 | ) | (182,341 | ) | ||||
Suppliers
|
(63,547 | ) | (56,375 | ) | ||||
Salaries Payable
|
(15,362 | ) | (19,513 | ) | ||||
Other current liabilities
|
(95,731 | ) | (89,822 | ) | ||||
Other non-current liabilities
|
(327,301 | ) | (343,286 | ) | ||||
Net Equity
|
(841,202 | ) | (889,546 | ) | ||||
Total Liabilities
|
(1,540,328 | ) | (1,580,883 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Radar
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
16,147 | 20,902 | ||||||
Gross Profit
|
16,146 | 19,161 | ||||||
Sales, general and administrative expenses
|
(5,314 | ) | (3,959 | ) | ||||
Other operating income (expenses), net
|
46,800 | 3,010 | ||||||
Financial revenue
|
1,051 | 2,724 | ||||||
Financial expenses
|
(178 | ) | (209 | ) | ||||
Income and Social Contribution Taxes
|
(3,625 | ) | (3,419 | ) | ||||
Net Income (loss)
|
54,881 | 17,308 | ||||||
Radar
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
13,524 | 270 | ||||||
Securities
|
94,685 | 94,003 | ||||||
Accounts Rreceivable
|
22,473 | 24,692 | ||||||
Other Current Assets
|
8,300 | 8,985 | ||||||
Investment Property
|
2,523,405 | 2,477,955 | ||||||
Property, Plant and Equipment
|
11,437 | 11,661 | ||||||
Intangible
|
85 | 92 | ||||||
Other Non-Current Assets
|
4,864 | 9,363 | ||||||
Total Assets
|
2,678,773 | 2,627,021 | ||||||
Suppliers
|
(936 | ) | (1,069 | ) | ||||
Salaries Payable
|
(15,928 | ) | (14,558 | ) | ||||
Other current liabilities
|
(27,185 | ) | (33,449 | ) | ||||
Other non-current liabilities
|
(76,997 | ) | (75,707 | ) | ||||
Net Equity
|
(2,557,727 | ) | (2,502,238 | ) | ||||
Total Liabilities
|
(2,678,773 | ) | (2,627,021 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Other Businesses
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
12 | - | ||||||
Gross Profit
|
12 | 442 | ||||||
Sales, general and administrative expenses
|
(39,080 | ) | (33,534 | ) | ||||
Other operating income (expenses), net
|
(9,222 | ) | (458 | ) | ||||
Financial revenue
|
18,018 | 19,439 | ||||||
Financial expenses
|
(75,032 | ) | (58,322 | ) | ||||
Foreign exchange variation
|
(25,223 | ) | 539 | |||||
Derivative
|
(20,114 | ) | 15,685 | |||||
Equity pick up
|
351,264 | 350,855 | ||||||
Income and Social Contribution Taxes
|
4,614 | (4,390 | ) | |||||
Net Income (loss)
|
205,238 | 290,257 |
Other Businesses
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
112,915 | 410,977 | ||||||
Securities
|
1,529 | 8,038 | ||||||
Accounts Rreceivable
|
241 | 241 | ||||||
Inventories
|
2 | 1 | ||||||
Other Current Assets
|
413,259 | 384,754 | ||||||
Investments
|
6,086,566 | 5,973,673 | ||||||
Subsidiaries
|
8,468,439 | 8,551,222 | ||||||
Property, Plant and Equipment
|
42,646 | 36,525 | ||||||
Intangible
|
2,567 | 2,652 | ||||||
Other Non-Current Assets
|
2,563,693 | 2,556,766 | ||||||
Total Assets
|
17,691,857 | 17,924,849 | ||||||
Loans and Financing
|
(4,901,781 | ) | (4,987,550 | ) | ||||
Suppliers
|
(1,536 | ) | (1,819 | ) | ||||
Salaries Payable
|
(12,799 | ) | (20,440 | ) | ||||
Other current liabilities
|
(243,657 | ) | (502,045 | ) | ||||
Other non-current liabilities
|
(3,530,947 | ) | (3,517,423 | ) | ||||
Net Equity
|
(9,001,137 | ) | (8,895,572 | ) | ||||
Total Liabilities
|
(17,691,857 | ) | (17,924,849 | ) |
Earnings Release
Third Quarter of 2013 Fiscal Year – July, August and September, 2013
|
Cosan Consolidated
|
3Q 2013 | 3Q 2012 | ||||||
Income Statement for the period
|
Sep 30, 2013
|
Sep 30, 2012
|
||||||
Net Operating Revenue
|
9,548 | 7,032 | ||||||
Gross Profit
|
1,405 | 772 | ||||||
Sales, general and administrative expenses
|
(736 | ) | (431 | ) | ||||
Other operating income (expenses), net
|
55 | 1 | ||||||
Financial revenue
|
84 | 142 | ||||||
Financial expenses
|
(198 | ) | (134 | ) | ||||
Foreign exchange variation
|
(33 | ) | (20 | ) | ||||
Derivative
|
(22 | ) | 13 | |||||
Equity pick up
|
(12 | ) | 54 | |||||
Income and Social Contribution Taxes
|
(222 | ) | (91 | ) | ||||
Net Income (loss)
|
209 | 283 |
Cosan Consolidated
|
3Q 2013 | 2Q 2013 | ||||||
Balance Sheet
|
Sep 30, 2013
|
Jun 30, 2013
|
||||||
Cash and Cash Equivalents
|
2,003 | 2,390 | ||||||
Securities
|
106 | 114 | ||||||
Accounts Rreceivable
|
1,922 | 1,899 | ||||||
Inventories
|
1,785 | 1,144 | ||||||
Other Current Assets
|
1,260 | 1,414 | ||||||
Investments
|
202 | 200 | ||||||
Investment Property
|
2,523 | 2,478 | ||||||
Biological Assets
|
968 | 1,010 | ||||||
Property, Plant and Equipment
|
7,244 | 7,377 | ||||||
Intangible
|
13,520 | 13,299 | ||||||
Other Non-Current Assets
|
3,282 | 3,277 | ||||||
Total Assets
|
34,815 | 34,603 | ||||||
Loans and Financing
|
(12,493 | ) | (12,249 | ) | ||||
Suppliers
|
(1,472 | ) | (1,515 | ) | ||||
Salaries Payable
|
(288 | ) | (339 | ) | ||||
Other current liabilities
|
(979 | ) | (1,165 | ) | ||||
Other non-current liabilities
|
(6,272 | ) | (6,240 | ) | ||||
Net Equity
|
(13,311 | ) | (13,094 | ) | ||||
Total Liabilities
|
(34,815 | ) | (34,603 | ) |
COSAN LIMITED
|
|||||
Date:
|
November 7, 2013
|
By:
|
/s/ Marcelo Eduardo Martins
|
||
Name:
|
Marcelo Eduardo Martins
|
||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|