Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Earnings Release for 2nd Quarter of Fiscal Year 2014
|
2. |
Cosan Limited consolidated interim financial statements at June 30, 2014 and report of independent registered public accounting firm
|
Earnings Conference Call
|
2Q14 Highlights | |
Portuguese
|
||
August 14, 2014
10h00 (EST)
Tel: + 55 11 3193 1001
+ 55 11 2820 4001
Access Code: COSAN
English
August 14, 2014
11h00 (EST)
Tel (BR): + 55 11 3193 1001
+ 55 11 2820 4001
Tel (USA): +1 786 924 6977
Access Code: COSAN
|
o Increase of 9% in Raízen Combustíveis’ volume
o Raízen Energia's EBITDA up 16% to R$ 478 million
o Comgás' total client base up 10%
o Rumo’s growth of 13% in loading volume, reaching 2.2 million tons
o Gain of 75% from Radar’s property sales
|
Investor Relations
|
|
2Q14
|
2Q13
|
Summary of Financial Information - Cosan Pro Forma¹
|
6M14
|
6M13
|
|||
Email: ri@cosan.com.br
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Amount in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
|||
Telephone: +55 11 3897 9797
|
|
9,595.7
|
8,765.7
|
Net Revenue
|
19,189.2
|
17,227.2
|
|||
Site: www.cosan.com.br/ir
|
|
1,172.7
|
1,016.5
|
Gross Profit
|
2,390.1
|
2,045.3
|
|||
|
12.2%
|
11.6%
|
Gross Margin (%)
|
12.5%
|
11.9%
|
||||
2Q14 - quarter ended June 30, 2014
|
|
445.9
|
426.5
|
Operating Profit
|
1,013.7
|
892.7
|
|||
|
881.4
|
827.7
|
EBITDA
|
1,907.8
|
1,739.1
|
||||
2Q13 - quarter ended June 30, 2013
|
|
9.2%
|
9.4%
|
EBITDA Margin (%)
|
9.9%
|
10.1%
|
|||
|
|
|
|
1.2
|
3.5
|
Equity Pick-up
|
(14.8)
|
(2.6)
|
|
YTD 14 - semester beginning January 1, 2014 and closing June 30, 2014
|
|
213.2
|
(140.6)
|
Net Income before non-controlling Interest
|
524.8
|
(23.1)
|
|||
|
104.1
|
(201.5)
|
Net Income
|
360.3
|
(174.4)
|
||||
|
1.1%
|
-2.3%
|
Net Margin (%)
|
1.9%
|
-1.0%
|
||||
YTD 13 - semester beginning January 1, 2013 and closing June 30, 2013
|
|
|
|
|
|
|
|||
|
614.3
|
581.0
|
CAPEX
|
1,449.9
|
1,410.8
|
||||
|
8,822.3
|
9,120.1
|
Net Debt
|
8,822.3
|
9,120.1
|
||||
|
|
|
|
13,856.9
|
13,035.2
|
Shareholders' Equity and Minority Shareholders
|
13,856.9
|
13,035.2
|
|
|
|
|
|
Note 1: Considering the consolidation of 50% of Raízen Combustíveis and Raízen Energia
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
o
|
Raízen Combustíveis
|
Fuels Distribution
|
o
|
Raízen Energia
|
Sugar, Ethanol and Cogeneration
|
o
|
Comgás
|
Natural Gas Distribution
|
o
|
Rumo
|
Logistics Operations
|
o
|
Cosan Lubrificantes
|
Lubricants, Base Oils and Specialties
|
o
|
Radar
|
Investments in Agricultural Land
|
o
|
Other Business
|
Corporate Structure and Other Investments
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
EBITDA (Reconciliation ICVM 527)
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
104.1
|
(201.5)
|
n/a
|
Net Income
|
360.3
|
(174.4)
|
n/a
|
|
(164.3)
|
32.4
|
n/a
|
(-) Equity Pick-up
|
(386.1)
|
(60.2)
|
n/a
|
|
-
|
-
|
n/a
|
(-) Income from Discontinued Operations
|
-
|
3.4
|
n/a
|
|
105.3
|
58.4
|
80.5%
|
(+) Minority Shareholders
|
157.2
|
143.1
|
9.8%
|
|
(17.8)
|
77.0
|
n/a
|
(+) Income Taxes
|
41.7
|
216.2
|
-80.7%
|
|
227.3
|
315.3
|
-27.9%
|
(+) Net Financial Expense (Revenue)
|
333.5
|
492.8
|
-32.3%
|
|
170.6
|
127.1
|
34.2%
|
(+) Depreciation and Amortization
|
331.0
|
286.4
|
15.6%
|
|
425.2
|
408.6
|
4.1%
|
EBITDA (before ICVM 527)
|
837.5
|
907.3
|
-7.7%
|
|
164.3
|
(32.4)
|
n/a
|
(+) Equity Pick-up
|
386.1
|
60.2
|
n/a
|
|
589.6
|
376.2
|
56.7%
|
EBITDA (after ICVM 527)
|
1,223.6
|
967.5
|
26.5%
|
|
-
|
-
|
n/a
|
(+) Reclassification of Discontinued Operations2
|
-
|
(3.4)
|
n/a
|
|
589.6
|
376.2
|
56.7%
|
Adjusted EBITDA (after ICVM 527)
|
1,223.6
|
964.1
|
26.9%
|
Note 2: Due to the disposal of the retail sugar trading business represented by Cosan Alimentos, the company reclassified this unit’s results to discontinued operations, as required by accounting rules IFRS5/CPC31 – Non-current Asset Held for Sale and Discontinued Operation.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Results by Business Unit
2Q14
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar
|
Other Businesses
|
Adjusts and Eliminations
|
Consolidated
|
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
|||||||||||
Net Revenue
|
1,616.4
|
190.5
|
403.9
|
35.2
|
(0.0)
|
-
|
2,246.0
|
13,684.8
|
1,686.3
|
(7,685.6)
|
(335.8)
|
9,595.7
|
|||||||||||
Cost of Goods and Services
|
(1,091.3)
|
(128.6)
|
(315.1)
|
(10.1)
|
0.0
|
-
|
(1,545.1)
|
(13,066.9)
|
(1,360.8)
|
7,213.8
|
335.8
|
(8,423.1)
|
|||||||||||
Gross Profit
|
525.1
|
61.9
|
88.8
|
25.1
|
(0.0)
|
-
|
700.9
|
618.0
|
325.5
|
(471.7)
|
-
|
1,172.7
|
|||||||||||
Gross Margin(%)
|
32.5%
|
32.5%
|
22.%
|
71.3%
|
99.7%
|
n/a
|
31.2%
|
4.5%
|
19.3%
|
6.1%
|
- %
|
12.2%
|
|||||||||||
Selling Expenses
|
(158.4)
|
-
|
(65.9)
|
-
|
-
|
-
|
(224.3)
|
(301.5)
|
(117.7)
|
209.6
|
-
|
(433.9)
|
|||||||||||
General and Administrative Expenses
|
(76.0)
|
(22.8)
|
(16.4)
|
(8.5)
|
(32.1)
|
-
|
(155.8)
|
(95.8)
|
(121.0)
|
108.4
|
-
|
(264.3)
|
|||||||||||
Other Operating Revenues (Expenses)
|
(0.8)
|
(8.2)
|
(0.2)
|
67.9
|
(124.9)
|
-
|
(66.2)
|
76.7
|
(1.5)
|
(37.6)
|
-
|
(28.6)
|
|||||||||||
Equity Pick-up
|
-
|
0.0
|
(2.0)
|
-
|
299.3
|
(132.9)
|
164.3
|
2.1
|
(5.6)
|
1.7
|
(161.4)
|
1.2
|
|||||||||||
Depreciation and Amortization
|
129.7
|
23.0
|
16.8
|
0.2
|
0.9
|
-
|
170.6
|
128.8
|
398.6
|
(263.7)
|
-
|
434.3
|
|||||||||||
EBITDA
|
419.5
|
54.0
|
21.1
|
84.8
|
143.1
|
(132.9)
|
589.6
|
428.2
|
478.3
|
(453.2)
|
(161.4)
|
881.4
|
|||||||||||
EBITDA Margin (%)
|
26.%
|
28.3%
|
5.2%
|
n/a
|
n/a
|
n/a
|
26.2%
|
3.1%
|
28.4%
|
5.9%
|
- %
|
9.2%
|
|||||||||||
Financial income
|
(70.8)
|
(34.0)
|
(7.5)
|
(0.3)
|
(207.6)
|
3.0
|
(317.1)
|
(43.3)
|
(113.8)
|
78.5
|
-
|
(395.6)
|
|||||||||||
Financial expense
|
23.0
|
9.9
|
1.8
|
2.4
|
39.1
|
(3.0)
|
73.3
|
28.9
|
79.8
|
(54.4)
|
-
|
127.7
|
|||||||||||
Foreign exchange gain (losses), net
|
(3.1)
|
0.2
|
35.9
|
-
|
(9.0)
|
-
|
24.0
|
20.1
|
51.2
|
(35.6)
|
-
|
59.6
|
|||||||||||
Derivatives
|
3.6
|
-
|
(8.3)
|
-
|
(2.8)
|
-
|
(7.5)
|
1.7
|
(3.7)
|
1.0
|
-
|
(8.5)
|
|||||||||||
Income taxes expenses
|
(83.0)
|
(2.4)
|
(10.4)
|
(5.1)
|
118.8
|
-
|
17.8
|
(88.3)
|
18.7
|
34.8
|
-
|
(17.0)
|
|||||||||||
Non-controlling interests
|
-
|
0.1
|
-
|
-
|
-
|
(105.5)
|
(105.3)
|
(7.5)
|
-
|
3.8
|
-
|
(109.1)
|
|||||||||||
Results of discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Profit (loss) for the period
|
159.6
|
4.8
|
15.7
|
81.6
|
80.8
|
(238.4)
|
104.1
|
210.9
|
111.9
|
(161.4)
|
(161.4)
|
104.1
|
Results by Business Unit
6M 14
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar
|
Other Businesses
|
Adjusts and Eliminations
|
Consolidated
|
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
|||||||||||
Net Revenue
|
3,133.8
|
398.4
|
772.2
|
98.7
|
0.1
|
-
|
4,403.2
|
26,695.8
|
4,291.1
|
(15,493.5)
|
(707.5)
|
19,189.2
|
|||||||||||
Cost of Goods and Services
|
(2,160.2)
|
(252.1)
|
(605.1)
|
(48.4)
|
0.0
|
-
|
(3,065.9)
|
(25,407.5)
|
(3,473.7)
|
14,440.6
|
707.5
|
(16,799.0)
|
|||||||||||
Gross Profit
|
973.5
|
146.3
|
167.1
|
50.4
|
0.1
|
-
|
1,337.3
|
1,288.2
|
817.4
|
(1,052.8)
|
-
|
2,390.1
|
|||||||||||
Gross Margin(%)
|
31.1%
|
36.7%
|
21.6%
|
51.%
|
n/a
|
n/a
|
30.4%
|
4.8%
|
19.%
|
6.8%
|
- %
|
12.5%
|
|||||||||||
Selling Expenses
|
(308.8)
|
-
|
(122.2)
|
-
|
-
|
-
|
(430.9)
|
(585.0)
|
(280.9)
|
433.0
|
-
|
(863.9)
|
|||||||||||
General and Administrative Expenses
|
(143.2)
|
(42.7)
|
(33.8)
|
(16.8)
|
(64.4)
|
-
|
(300.9)
|
(201.0)
|
(261.4)
|
231.2
|
-
|
(532.1)
|
|||||||||||
Other Operating Revenues (Expenses)
|
(7.9)
|
(1.5)
|
0.2
|
44.9
|
(134.6)
|
-
|
(99.0)
|
178.4
|
58.7
|
(118.5)
|
-
|
19.6
|
|||||||||||
Equity Pick-up
|
-
|
-
|
(3.3)
|
0.0
|
669.1
|
(279.6)
|
386.1
|
7.3
|
(15.9)
|
4.3
|
(396.7)
|
(14.8)
|
|||||||||||
Depreciation and Amortization
|
247.8
|
44.7
|
36.3
|
0.5
|
1.6
|
-
|
331.0
|
261.3
|
894.4
|
(577.9)
|
-
|
908.9
|
|||||||||||
EBITDA
|
761.5
|
146.8
|
44.3
|
78.9
|
471.7
|
(279.6)
|
1,223.6
|
949.3
|
1,212.3
|
(1,080.8)
|
(396.7)
|
1,907.8
|
|||||||||||
EBITDA Margin (%)
|
24.3%
|
36.9%
|
5.7%
|
79.9%
|
n/a
|
n/a
|
27.8%
|
3.6%
|
28.3%
|
7.%
|
- %
|
9.9%
|
|||||||||||
Financial income
|
(142.2)
|
(42.5)
|
35.2
|
(0.6)
|
(354.4)
|
6.1
|
(498.3)
|
(63.3)
|
(242.2)
|
152.7
|
-
|
(651.0)
|
|||||||||||
Financial expense
|
38.5
|
22.1
|
1.6
|
5.9
|
59.1
|
(6.1)
|
121.1
|
46.6
|
145.7
|
(96.2)
|
-
|
217.2
|
|||||||||||
Foreign exchange gain (losses), net
|
32.2
|
0.3
|
25.9
|
-
|
43.5
|
-
|
101.8
|
53.0
|
129.9
|
(91.5)
|
-
|
193.3
|
|||||||||||
Derivatives
|
(32.2)
|
-
|
(15.5)
|
-
|
(10.3)
|
-
|
(58.1)
|
(28.2)
|
44.4
|
(8.1)
|
-
|
(49.9)
|
|||||||||||
Income taxes expenses
|
(142.0)
|
(27.7)
|
(7.7)
|
(7.8)
|
143.4
|
-
|
(41.7)
|
(206.4)
|
(77.4)
|
141.9
|
-
|
(183.6)
|
|||||||||||
Non-controlling interests |
-
|
0.4
|
-
|
-
|
-
|
(157.5)
|
(157.2)
|
(14.9)
|
-
|
7.4
|
-
|
(164.6)
|
|||||||||||
Results of discontinued operations |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Profit (loss) for the period |
268.0
|
54.7
|
47.4
|
75.8
|
351.4
|
(437.1)
|
360.3
|
475.0
|
318.4
|
(396.7)
|
(396.7)
|
360.3
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Sales Breakdown
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
13,684.8
|
11,778.5
|
16.2%
|
Fuel Sales
|
26,695.8
|
22,725.6
|
17.5%
|
|
805.0
|
672.3
|
19.7%
|
Ethanol
|
1,735.2
|
1,330.3
|
30.4%
|
|
5,529.3
|
4,724.0
|
17.0%
|
Gasoline
|
10,676.9
|
9,130.8
|
16.9%
|
|
5,962.8
|
5,117.2
|
16.5%
|
Diesel
|
11,398.1
|
9,581.0
|
19.0%
|
|
1,226.5
|
1,126.4
|
8.9%
|
Aviation
|
2,566.3
|
2,403.4
|
6.8%
|
|
161.2
|
138.7
|
16.2%
|
Other Products
|
319.3
|
280.0
|
14.0%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Fuels Inventories
|
|||
|
06/30/2014
|
06/30/2013
|
Chg. %
|
000' cbm
|
561.7
|
442.5
|
26.9%
|
R$'MM
|
1,113.9
|
852.7
|
30.6%
|
R$/cbm
|
1,983.1
|
1,926.8
|
2.9%
|
2Q14
|
2Q13
|
|
COGS
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(13,066.9)
|
(11,223.5)
|
16.4%
|
Fuel Sales
|
(25,407.5)
|
(21,575.1)
|
17.8%
|
2Q14
|
2Q13
|
|
Gross Profit
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
618.0
|
555.0
|
11.3%
|
Gross Profit
|
1,288.2
|
1,150.5
|
12.0%
|
|
4.5%
|
4.7%
|
-0.2 p.p.
|
Gross Margin (%)
|
4.8%
|
5.1%
|
-0.2 p.p.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
SG&A Expenses
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(301.5)
|
(247.1)
|
22.0%
|
Selling Expenses
|
(585.0)
|
(512.9)
|
14.1%
|
|
(95.8)
|
(88.1)
|
8.7%
|
G&A Expenses
|
(201.0)
|
(180.7)
|
11.2%
|
|
76.7
|
79.9
|
-4.1%
|
Other Operational Revenues/Expenses
|
178.4
|
147.2
|
21.2%
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
428.2
|
417.4
|
2.6%
|
EBITDA
|
949.3
|
840.2
|
13.0%
|
|
3.1%
|
3.5%
|
-0.4 p.p.
|
EBITDA Margin (%)
|
3.6%
|
3.7%
|
-0.1 p.p.
|
2Q14
|
2Q13
|
|
CAPEX
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
128.8
|
89.3
|
44.2%
|
CAPEX
|
406.6
|
242.8
|
67.5%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
(Apr-Jun)
|
2Q13
(Apr-Jun)
|
Chg. % |
Operational Figures
|
6M 14
(Jan-Jun)
|
6M 13
(Jan-Jun)
|
Chg. % | |
20,936
|
18,534
|
13.0%
|
Crushed Sugarcane
|
20,938
|
18,534
|
13.0%
|
|
11,814
|
11,022
|
7.2%
|
Own (‘000 tonnes)
|
12,368
|
11,022
|
12.2%
|
|
9,123
|
7,512
|
21.4%
|
Suppliers (‘000 tonnes)
|
8,571
|
7,512
|
14.1%
|
|
124.3
|
121.3
|
2.5%
|
Sugarcane TRS (kg/tonne)
|
124.3
|
121.3
|
2.5%
|
|
79.5
|
86.5
|
-8.1%
|
Tons of cane per hectare (TCH)
|
79.5
|
86.5
|
-8.1%
|
|
97.2%
|
94.3%
|
2.9 p.p.
|
Mechanization (%)
|
97.2%
|
94.3%
|
2.9 p.p.
|
|
|
|
|
Production
|
|
|
|
|
1,353
|
1,190
|
13.7%
|
Sugar
|
1,353
|
1,190
|
13.7%
|
|
929
|
866
|
7.2%
|
Raw Sugar (‘000 tonnes)
|
929
|
866
|
7.2%
|
|
424
|
323
|
31.1%
|
White Sugar (‘000 tonnes)
|
424
|
323
|
31.1%
|
|
705
|
595
|
18.6%
|
Ethanol
|
705
|
595
|
18.6%
|
|
313
|
260
|
20.6%
|
Anhydrous Ethanol (‘000 cbm)
|
313
|
260
|
20.6%
|
|
392
|
335
|
17.0%
|
Hydrous Ethanol (‘000 cbm)
|
392
|
335
|
17.0%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Sales Breakdown
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg.%
|
|
1,686.3
|
1,478.3
|
14.1%
|
Net Operating Revenue
|
4,291.1
|
3,828.6
|
12.1%
|
|
582.8
|
759.1
|
-23.2%
|
Sugar Sales
|
1,808.3
|
1,935.8
|
-6.6%
|
|
220.9
|
185.3
|
19.2%
|
Domestic Market
|
491.8
|
383.6
|
28.2%
|
|
361.9
|
573.9
|
-36.9%
|
Foreign Market
|
1,316.5
|
1,552.2
|
-15.2%
|
|
879.3
|
580.7
|
51.4%
|
Ethanol Sales
|
2,200.6
|
1,704.0
|
29.1%
|
|
359.0
|
323.2
|
11.1%
|
Domestic Market
|
1,022.9
|
852.1
|
20.0%
|
|
289.0
|
187.6
|
54.0%
|
Foreign Market
|
499.1
|
510.8
|
-2.3%
|
|
231.4
|
69.9
|
n/a
|
Trading
|
678.6
|
341.1
|
98.9%
|
|
175.0
|
97.2
|
79.9%
|
Energy Cogeneration
|
202.3
|
110.3
|
83.3%
|
|
49.2
|
41.1
|
19.5%
|
Other Products and Services
|
80.0
|
78.4
|
2.1%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Sugar inventories
|
|||
|
30/06/2014
|
30/06/2013
|
Cgh. %
|
'000 ton
|
800.0
|
436.0
|
83.5%
|
R$'MM
|
593.3
|
334.9
|
77.2%
|
R$/ton
|
741.7
|
768.0
|
-3.4%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Ethanol Inventories
|
|||
|
30/06/2014
|
30/06/2013
|
Chg. %
|
'000 m³
|
463.0
|
300.0
|
54.3%
|
R$'MM
|
546.1
|
356.2
|
53.3%
|
R$/m³
|
1,179.6
|
1,187.3
|
-0.6%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
COGS per Product
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(1,360.8)
|
(1,252.4)
|
8.6%
|
Cost of Goods Sold
|
(3,473.7)
|
(3,343.4)
|
3.9%
|
|
(487.2)
|
(612.6)
|
-20.5%
|
Sugar
|
(1,445.6)
|
(1,438.2)
|
0.5%
|
|
(561.8)
|
(472.0)
|
19.0%
|
Ethanol
|
(1,283.0)
|
(1,202.5)
|
6.7%
|
|
(228.5)
|
(65.9)
|
n/a
|
Trading
|
(657.0)
|
(339.2)
|
93.7%
|
|
(50.7)
|
(49.3)
|
2.8%
|
Energy Cogeneration
|
(65.6)
|
(60.2)
|
8.9%
|
|
(32.6)
|
(52.7)
|
-38.1%
|
Others
|
(22.6)
|
(303.4)
|
-92.6%
|
|
|
|
|
Average Unitary Production Costs²
|
|
|
|
|
(504.8)
|
(499.5)
|
1.1%
|
Cash Cost of Sugar (R$/tonne)
|
(521.9)
|
(502.8)
|
3.8%
|
|
(854.0)
|
(848.8)
|
0.6%
|
Cash Cost of Ethanol (R$/’000 liters)
|
(842.6)
|
(828.5)
|
1.7%
|
Note 3: Average unit costs represent the cash cost, which is net of plantation and cultivation area depreciation and amortization, agricultural depreciation (machinery and equipment), industrial depreciation, and harvest off-season maintenance.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
o
|
5.4% increase in the cost of the TSR kilogram released by CONSECANA, from R$0.4426 in 2Q13 to R$0.4666 in 2Q14;
|
o
|
8.1% decrease in agricultural productivity of sugarcane fields, represented by higher TCH level (tons of cane per hectare) of 86.5 in 2Q14 compared to 79.5 a year before.
|
2Q14
|
2Q13
|
|
Gross Profit and Gross Margin
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
325.5
|
225.8
|
44.2%
|
Gross Profit
|
817.4
|
485.2
|
68.5%
|
|
95.6
|
146.5
|
-34.7%
|
Sugar
|
362.7
|
497.7
|
-27.1%
|
|
16.4%
|
19.3%
|
-2.8 p.p.
|
Sugar Gross Margin (%)
|
20.1%
|
25.7%
|
-5.6 p.p.
|
|
44.4%
|
45.4%
|
-0.9 p.p.
|
Sugar (Cash) Gross Margin (%)
|
43.3%
|
47.5%
|
-4.1 p.p.
|
|
86.2
|
38.8
|
122.2%
|
Ethanol
|
239.0
|
160.4
|
49.0%
|
|
13.3%
|
7.6%
|
5.8 p.p.
|
Ethanol Gross Margin (%)
|
15.7%
|
11.8%
|
3.9 p.p.
|
|
40.7%
|
36.6%
|
4.2 p.p.
|
Ethanol (Cash) Gross Margin (%)
|
41.5%
|
37.5%
|
4.0 p.p.
|
|
2.8
|
4.0
|
-29.4%
|
Trading
|
21.6
|
2.0
|
n/a
|
|
1.2%
|
5.7%
|
-4.5 p.p.
|
Ethanol Trading Margin (%)
|
3.2%
|
0.6%
|
2.8 p.p.
|
|
124.3
|
48.0
|
159.0%
|
Energy Cogeneration
|
136.7
|
50.1
|
n/a
|
|
71.1%
|
49.3%
|
21.7 p.p.
|
Energy Cogeneration Margin (%)
|
67.6%
|
45.4%
|
22.4 p.p.
|
|
16.6
|
(11.5)
|
n/a
|
Other Products and Services
|
57.4
|
(225.0)
|
n/a
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
SG & A Expenses
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(117.7)
|
(113.1)
|
4.1%
|
Selling Expenses
|
(280.9)
|
(309.8)
|
-9.3%
|
|
(121.0)
|
(131.5)
|
-8.0%
|
General and Administrative Expenses
|
(261.4)
|
(266.8)
|
-2.1%
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
478.3
|
413.2
|
15.8%
|
EBITDA
|
1,212.3
|
823.6
|
47.2%
|
|
28.4%
|
27.9%
|
0.4 p.p.
|
Margin EBITDA (%)
|
28.3%
|
21.5%
|
6.7 p.p.
|
2Q14
|
2Q13
|
|
EBITDA Ex-Biological Asset
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
478.3
|
413.2
|
15.8%
|
EBITDA
|
1,212.3
|
823.6
|
47.2%
|
|
(11.4)
|
3.3
|
n/a
|
(+) Biological Asset Variation
|
(66.1)
|
213.0
|
n/a
|
|
466.9
|
416.5
|
12.1%
|
EBITDA Ex-Biological Asset
|
1,146.1
|
1,036.6
|
10.6%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Summary of Hedge Operations at June 30, 20144
|
||
Sugar
|
2014/15
|
2015/16
|
NY11
|
|
|
Volume (’000 tonne)
|
2,375.5
|
50.0
|
Average Price (¢US$/lb)
|
18.23
|
19.07
|
Exchange Rate
|
|
|
US$
|
|
|
Volume (US$ mm)
|
993.4
|
21.9
|
Average Price (R$/US$)
|
2.38
|
2.63
|
Note 4: The table above shows the hedging coverage considering the crop years ending on 3/31/2015 and 3/31/2016 respectively.
|
Expiration Period - (R$MM)
|
|||||
Derivative
|
Market
|
Risk
|
2014/15
|
2015/16
|
Total
|
Futures
|
OTC/NYBOT
|
NY#11
|
25.1
|
0.3
|
25.4
|
Futures
|
BMF&BOVESP
|
Ethanol
|
0.2
|
-
|
0.2
|
Fx derivatives
|
OTC
|
Exchange
|
6.1
|
-
|
6.1
|
ACC and PPE
|
Debt
|
Exchange
|
15.1
|
1.8
|
16.9
|
(=) Hedge Accounting impact
|
|
|
46.5
|
2.1
|
48.6
|
(-) Deferred Income Tax
|
|
|
(15.8)
|
(0.7)
|
(16.5)
|
(=) Asset Valuation Adjustment
|
|
|
30.7
|
1.4
|
32.1
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
CAPEX
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
566.6
|
476.2
|
19.0%
|
Total CAPEX
|
1,575.7
|
1,493.4
|
5.5%
|
|
453.8
|
369.4
|
22.8%
|
Operating CAPEX
|
1,152.3
|
1,118.4
|
3.0%
|
|
247.3
|
274.8
|
-10.0%
|
Biological Assets
|
413.6
|
458.8
|
-9.9%
|
|
109.0
|
69.7
|
56.4%
|
Inter-Harvest Maintenance Costs
|
479.3
|
473.3
|
1.3%
|
|
7.1
|
14.7
|
-51.7%
|
SSMA and Sustaining
|
70.2
|
32.9
|
n/a
|
|
89.9
|
7.4
|
n/a
|
Mechanization
|
179.2
|
92.0
|
94.8%
|
|
0.5
|
2.8
|
-82.1%
|
Industrial
|
10.0
|
61.4
|
-83.7%
|
|
112.8
|
106.8
|
5.6%
|
Expansion CAPEX
|
423.4
|
375.0
|
12.9%
|
|
1.0
|
10.7
|
-90.7%
|
Cogeneration Projects
|
4.6
|
42.8
|
-89.3%
|
|
111.8
|
96.1
|
16.3%
|
Expansion and Other Projects
|
418.8
|
332.2
|
26.1%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Volume Sold
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg.%
|
Volume ('000 cbm)
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg.%
|
|
1,399,398
|
1,431,346
|
-2.2%
|
Total Gas Sales
|
2,712,464
|
2,798,361
|
-3.1%
|
|
1,147,555
|
1,196,404
|
-4.1%
|
Gas Sales - without thermal power
|
2,253,688
|
2,334,777
|
-3.5%
|
|
57,304
|
58,729
|
-2.4%
|
Residential
|
95,213
|
100,544
|
-5.3%
|
|
30,487
|
30,142
|
1.1%
|
Commercial
|
57,809
|
55,935
|
3.4%
|
|
925,819
|
958,996
|
-3.5%
|
Industrial
|
1,838,734
|
1,887,142
|
-2.6%
|
|
78,086
|
85,401
|
-8.6%
|
Cogeneration
|
152,977
|
168,060
|
-9.0%
|
|
55,860
|
63,135
|
-11.5%
|
Vehicular
|
108,955
|
123,096
|
-11.5%
|
|
251,843
|
234,943
|
7.2%
|
Thermal Power
|
458,776
|
463,585
|
-1.0%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Sales Breakdown
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
1,984.2
|
1,960.3
|
1.2%
|
Gross Operating Revenue
|
3,848.8
|
3,731.8
|
3.1%
|
|
1,855.5
|
1,776.5
|
4.4%
|
Gas Sales
|
3,592.8
|
3,406.2
|
5.5%
|
|
216.2
|
207.2
|
4.4%
|
Residential
|
358.7
|
351.9
|
1.9%
|
|
81.1
|
74.1
|
9.5%
|
Commercial
|
151.3
|
135.9
|
11.3%
|
|
1,316.3
|
1,268.9
|
3.7%
|
Industrial
|
2,618.5
|
2,469.9
|
6.0%
|
|
74.5
|
73.9
|
0.9%
|
Cogeneration
|
150.0
|
154.3
|
-2.8%
|
|
103.8
|
90.5
|
14.7%
|
Thermal Power
|
191.4
|
175.2
|
9.3%
|
|
63.4
|
61.9
|
2.5%
|
Vehicular
|
122.9
|
119.0
|
3.2%
|
|
117.5
|
174.2
|
-32.6%
|
Construction Revenue
|
235.1
|
309.3
|
-24.0%
|
|
11.2
|
9.6
|
16.9%
|
Other
|
20.9
|
16.4
|
27.2%
|
|
(367.8)
|
(354.7)
|
3.7%
|
Tax on Sales
|
(715.0)
|
(678.4)
|
5.4%
|
|
1,616.4
|
1,605.7
|
0.7%
|
Net Operating Revenue
|
3,133.8
|
3,053.4
|
2.6%
|
|
1,488.8
|
1,424.0
|
4.5%
|
Gas Sales
|
2,879.5
|
2,732.0
|
5.4%
|
|
117.5
|
174.1
|
-32.6%
|
Construction Revenue
|
235.1
|
309.3
|
-24.0%
|
|
10.1
|
7.5
|
34.5%
|
Other
|
19.2
|
12.1
|
58.2%
|
2Q14
|
2Q13
|
|
COGS
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg.%
|
|
(1,091.3)
|
(1,179.4)
|
-7.5%
|
Cost of Goods and Services
|
(2,160.2)
|
(2,211.8)
|
-2.3%
|
|
(973.8)
|
(1,005.3)
|
-3.1%
|
Natural Gas
|
(1,925.1)
|
(1,902.5)
|
1.2%
|
|
(117.5)
|
(174.1)
|
-32.6%
|
Construction - ICPC 01
|
(235.1)
|
(309.3)
|
-24.0%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Gross Profit
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
525.1
|
426.2
|
23.2%
|
Gross Profit
|
973.5
|
841.6
|
15.7%
|
|
32.5%
|
26.5%
|
5.9 p.p.
|
Gross Margin (%)
|
31.1%
|
27.6%
|
3.5 p.p.
|
2Q14
|
2Q13
|
|
SG&A Expenses
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(158.4)
|
(120.7)
|
31.3%
|
Selling Expenses
|
(308.8)
|
(272.2)
|
13.4%
|
|
(76.0)
|
(76.1)
|
-0.1%
|
G&A Expenses
|
(143.2)
|
(146.6)
|
-2.4%
|
|
(0.8)
|
(5.1)
|
-84.1%
|
Other Operating Revenues (Expenses)
|
(7.9)
|
(6.5)
|
22.1%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
419.5
|
314.3
|
33.5%
|
EBITDA
|
761.5
|
628.7
|
21.1%
|
|
26.0%
|
19.6%
|
6.4 p.p.
|
EBITDA Margin (%)
|
24.3%
|
20.6%
|
3.7 p.p.
|
|
339.2
|
330.9
|
37.7%
|
Normalized EBITDA
|
622.0
|
592.9
|
43.0%
|
|
21.0%
|
20.6%
|
0.4 p.p.
|
Normalized EBITDA Margin (%)
|
19.8%
|
19.4%
|
0.4 p.p.
|
2Q14
|
2Q13
|
|
CAPEX
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg %
|
|
164.3
|
219.9
|
-25.3%
|
CAPEX
|
320.1
|
394.4
|
-18.8%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Sales Breakdown
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg.%
|
|
190.5
|
214.3
|
-11.1%
|
Net Operating Revenue
|
398.4
|
382.7
|
4.1%
|
|
137.8
|
172.2
|
-20.0%
|
Transportation
|
292.7
|
300.7
|
-2.6%
|
|
43.9
|
36.8
|
19.1%
|
Loading
|
93.3
|
73.4
|
27.2%
|
|
8.8
|
5.3
|
64.9%
|
Other
|
12.4
|
8.6
|
43.9%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Costs of Services
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(128.6)
|
(131.0)
|
-1.9%
|
Cost of Services
|
(252.1)
|
(226.2)
|
11.5%
|
2Q14
|
2Q13
|
|
Gross Profit
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
61.9
|
83.3
|
-25.7%
|
Gross Profit
|
146.3
|
156.5
|
-6.5%
|
|
32.5%
|
38.9%
|
-6.4 p.p.
|
Gross Margin (%)
|
36.7%
|
40.9%
|
-4.2 p.p.
|
2Q14
|
2Q13
|
|
G&A Expenses
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Var. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Var. %
|
|
(22.8)
|
(17.7)
|
28.4%
|
G&A Expenses
|
(42.7)
|
(34.4)
|
24.2%
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
54.0
|
84.9
|
-36.4%
|
EBITDA
|
146.8
|
154.0
|
-4.6%
|
|
28.3%
|
39.6%
|
-11.3 p.p.
|
Margin EBITDA (%)
|
36.9%
|
40.2%
|
-3.4 p.p.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
CAPEX
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
83.8
|
69.1
|
21.2%
|
CAPEX
|
97.8
|
126.1
|
-22.5%
|
(i)
|
Investment of R$ 54.6 million in the rail network operated by America Latina Logística (ALL);
|
(ii)
|
R$ 14.3 million related to several initiatives carried out during the quarter intended for improvements at the Port and terminals;
|
(iii)
|
R$ 8.4 million for the acquisition of new railcars;
|
(iv)
|
R$ 6.5 million in other initiatives.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Sales Breakdown
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg.%
|
|
403.9
|
386.1
|
4.6%
|
Net Operating Revenue
|
772.2
|
743.8
|
3.8%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
COGS
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(315.1)
|
(283.3)
|
11.2%
|
Cost of Goods and Services
|
(605.1)
|
(541.1)
|
11.8%
|
2Q14
|
2Q13
|
|
Gross Profit
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
88.8
|
102.7
|
-13.6%
|
Gross Profit
|
167.1
|
202.6
|
-17.5%
|
|
22.0%
|
26.6%
|
-4.6 p.p.
|
Gross Margin (%)
|
21.6%
|
27.2%
|
-5.6 p.p.
|
2Q14
|
2Q13
|
|
SG&A
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(82.3)
|
(74.4)
|
10.6%
|
Total expenses
|
(155.9)
|
(142.0)
|
9.8%
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
21.1
|
39.8
|
-47.1%
|
EBITDA
|
44.3
|
87.3
|
-49.3%
|
|
5.2%
|
10.3%
|
-5.1 p.p.
|
EBITDA Margin (%)
|
5.7%
|
11.7%
|
-6.0 p.p.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
State
|
Culture
|
%
|
Area
(hectare)
|
Area
(acre)
|
Market Value
(R$MM)
|
|||||||||||||||
Third-party Land
|
- | - | 131,586 | 325,150 | 1,707 | |||||||||||||||
Third-party Land
|
- | - | 131,586 | 325,150 | 1,707 | |||||||||||||||
Owned Land
|
- | 100 | % | 105,383 | 260,402 | 2,592 | ||||||||||||||
São Paulo
|
Sugarcane
|
65 | % | 68,768 | 169,926 | 2,178 | ||||||||||||||
Maranhão
|
Grains
|
16 | % | 16,339 | 40,374 | 153 | ||||||||||||||
Mato Grosso
|
Grains
|
12 | % | 12,302 | 30,399 | 164 | ||||||||||||||
Bahia
|
Grains
|
7 | % | 7,155 | 17,681 | 80 | ||||||||||||||
Goiás
|
Sugarcane
|
1 | % | 600 | 1,483 | 15 | ||||||||||||||
Mato Grosso do Sul
|
Sugarcane
|
0 | % | 218 | 538 | 2 | ||||||||||||||
Total
|
236,969 | 585,553 | 4,299 |
2Q14
|
2Q13
|
|
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
35.2
|
19.9
|
77.0%
|
Net Revenue
|
98.7
|
35.3
|
n/a
|
|
17.7
|
5.7
|
n/a
|
Property Sale
|
63.3
|
5.7
|
n/a
|
|
15.7
|
14.2
|
10.5%
|
Land Lease
|
31.8
|
29.6
|
7.6%
|
|
1.8
|
-
|
n/a
|
Cost of Property Sales
|
3.7
|
-
|
n/a
|
|
(10.1)
|
(6.1)
|
66.5%
|
Property Sale
|
(48.4)
|
(6.1)
|
n/a
|
|
25.1
|
13.8
|
81.6%
|
Gross Profit
|
50.4
|
29.2
|
72.4%
|
|
71.3%
|
69.5%
|
1.8 p.p.
|
Gross Margin (%)
|
51.0%
|
82.8%
|
-31.8 p.p.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
G&A Expenses
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(8.5)
|
(5.0)
|
70.0%
|
G&A Expenses
|
(16.8)
|
(9.8)
|
71.6%
|
|
67.9
|
9.0
|
n/a
|
Other
|
44.9
|
63.4
|
-29.2%
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
84.8
|
18.1
|
n/a
|
EBITDA
|
78.9
|
83.3
|
-5.3%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(32.1)
|
(31.0)
|
3.7%
|
G&A Expenses
|
(64.4)
|
(56.1)
|
14.7%
|
|
(124.9)
|
(18.1)
|
n/a
|
Other Revenues (Expenses)
|
(134.6)
|
9.2
|
n/a
|
|
|
|
|
|
|
|
|
|
2Q14
|
2Q13
|
|
EBITDA
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
143.1
|
30.0
|
n/a
|
EBITDA
|
471.7
|
228.5
|
n/a
|
|
(299.3)
|
(78.4)
|
n/a
|
(-) Equity Pick-up
|
(669.1)
|
(274.3)
|
n/a
|
|
(156.1)
|
(48.4)
|
n/a
|
Adjusted EBITDA
|
(197.3)
|
(45.8)
|
n/a
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Financial Results
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg. %
|
|
(195.7)
|
(160.5)
|
21.9%
|
Gross Debt Charges
|
(376.5)
|
(315.9)
|
19.2%
|
|
34.2
|
38.9
|
-12.0%
|
Income from Financial Investments
|
64.4
|
61.7
|
4.4%
|
|
(161.6)
|
(121.6)
|
32.9%
|
(=) Subtotal: Net Debt Interests
|
(312.1)
|
(254.2)
|
22.8%
|
|
(6.7)
|
(19.7)
|
-66.1%
|
Other Charges and Monetary Variation
|
23.0
|
(16.1)
|
n/a
|
|
24.0
|
(309.8)
|
n/a
|
Exchange Rate Variation
|
101.8
|
(309.8)
|
n/a
|
|
(7.5)
|
149.9
|
n/a
|
Gains (losses) with Derivatives
|
(58.1)
|
144.6
|
n/a
|
|
(75.6)
|
(14.1)
|
n/a
|
Amortization, Debt Cost and Other
|
(88.1)
|
(57.3)
|
53.9%
|
|
(227.3)
|
(315.3)
|
-27.9%
|
(=) Financial, Net
|
(333.5)
|
(492.8)
|
-32.3%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
|
Income Tax and Social Contribution
|
6M 14
|
6M 13
|
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
Chg.%
|
|
191.7
|
(66.1)
|
n/a
|
Income (Loss) before Income Tax
|
559.2
|
188.4
|
n/a
|
|
17.8
|
(77.0)
|
n/a
|
Total of Tax and Social Contribution
|
(41.7)
|
(216.2)
|
-80.7%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Income Tax and Social Contribution
2Q14
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar5
|
Other Business
|
Adjusts and Eliminations
|
Consolidated
|
||||||
Net Income before Taxes
|
242.6
|
7.1
|
26.2
|
86.7
|
(38.0)
|
(132.9)
|
191.7
|
||||||
Nominal Rate of Income Tax and Social Contribution (%)
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
||||||
Income Tax and Social Contribution Theoretical Expense
|
(82.5)
|
(2.4)
|
(8.9)
|
(29.5)
|
12.9
|
45.2
|
(65.2)
|
||||||
Non-taxable Permanent Differences / Equity Pick-up
|
(1.3)
|
(0.0)
|
(1.0)
|
-
|
101.7
|
(45.2)
|
54.1
|
||||||
Other
|
0.8
|
-
|
(0.5)
|
-
|
4.2
|
-
|
4.6
|
||||||
Income Tax Effective Expenses
|
(83.0)
|
(2.4)
|
(10.4)
|
(5.1)
|
118.8
|
-
|
17.8
|
||||||
Income Tax and Social Contribution Effective Rate (%)
|
-34.2%
|
-34.5%
|
-39.9%
|
-5.9%
|
n/a
|
- %
|
9.3%
|
||||||
Expenses (Revenues) com IR/CS
|
(83.0)
|
(2.4)
|
(10.4)
|
(5.1)
|
118.8
|
-
|
17.8
|
||||||
Current
|
(40.2)
|
4.5
|
(0.1)
|
(3.3)
|
3.4
|
-
|
(35.7)
|
||||||
Effective Rate - Current Rate (%)
|
-16.6%
|
63.2%
|
-0.2%
|
-3.8%
|
-9.0%
|
- %
|
-18.6%
|
||||||
Deferred
|
(42.8)
|
(6.9)
|
(10.4)
|
(1.8)
|
115.4
|
-
|
53.5
|
Income Tax and Social Contribution
6M 14
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar5
|
Other Business
|
Adjusts and Eliminations
|
Consolidated
|
||||||
Net Income before Taxes
|
409.9
|
82.0
|
55.1
|
83.7
|
208.0
|
(279.6)
|
559.2
|
||||||
Nominal Rate of Income Tax and Social Contribution (%)
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
-34.0%
|
||||||
Income Tax and Social Contribution Theoretical Expense
|
(139.4)
|
(27.9)
|
(18.8)
|
(28.4)
|
(70.7)
|
95.1
|
(190.1)
|
||||||
Income Tax Effective Expenses
|
(142.0)
|
(27.7)
|
(7.7)
|
(7.8)
|
143.4
|
-
|
(41.7)
|
||||||
Income Tax and Social Contribution Effective Rate (%)
|
-34.6%
|
-33.7%
|
-13.9%
|
-9.4%
|
69.0%
|
- %
|
-7.5%
|
||||||
Expenses (Revenues) com IR/CS
|
(142.0)
|
(27.7)
|
(7.7)
|
(7.8)
|
143.4
|
-
|
(41.7)
|
||||||
Current
|
(62.7)
|
(13.0)
|
14.0
|
(7.9)
|
3.4
|
-
|
(66.2)
|
||||||
Effective Rate - Current Rate (%)
|
-15.3%
|
-15.8%
|
25.4%
|
-9.5%
|
1.6%
|
- %
|
-11.8%
|
||||||
Deferred
|
(79.3)
|
(14.7)
|
(21.6)
|
0.1
|
140.0
|
-
|
24.5
|
Note 5: Radar adopts tax regime for entities taxed on presumed profits
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14
|
2Q13
|
Net Income
|
6M 14
|
6M 13
|
|
(Apr-Jun)
|
(Apr-Jun)
|
Amounts in R$ MM
|
(Jan-Jun)
|
(Jan-Jun)
|
|
104.1
|
(201.5)
|
Net Income
|
360.3
|
(174.4)
|
2T
|
Net Income
|
6M
|
|
(Apr-Jun)
|
Amounts in R$ MM
|
(Jan-Jun)
|
|
(201.5)
|
Net Income - 2Q13
|
(174.4)
|
|
|
EBIT variation
|
|
|
65.6
|
Comgás
|
97.4
|
|
(34.8)
|
Rumo
|
(14.2)
|
|
66.7
|
Radar
|
(4.4)
|
|
(16.5)
|
Lubrificantes
|
(41.2)
|
|
(107.9)
|
Other
|
(152.0)
|
|
(26.9)
|
EBIT Businesses Total
|
(114.4)
|
|
|
Variation in other lines
|
|
|
88.0
|
Financial result
|
159.3
|
|
196.7
|
Equity pick-up
|
325.9
|
|
94.8
|
Income taxes
|
174.5
|
|
(47.0)
|
Non-controlling Interest
|
(14.0)
|
|
-
|
Discontinued operation
|
3.4
|
|
104.1
|
Net Income - 2Q14
|
360.3
|
|
(i)
|
Increase in the equity accounting result line of R$ 196.7 million due to Raízen’s results, discussed in the sections above;
|
|
(ii)
|
Improvement of R$ 88.0 million in financial results mainly due to the foreign exchange rate variation and writing off the remaining balance of the transaction cost from issuing Debentures, as described in section Financial Result.
|
|
(iii)
|
EBIT variation and profit of non-controlling shareholders of R$ 73.9 million.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
(i)
|
Amortization of principal and interest of R$ 2.5 billion, mainly related to debentures and working capital, which were settled with funds from preferred shares written off in subsidiaries as per the Material Fact issued on 6/27/2014;
|
(ii)
|
Raising of R$ 635.1 million through funding lines from BNDES and working capital;
|
(iii)
|
Positive effect from foreign exchange variation of R$ 30.3 million;
|
(iv)
|
Accrual of interest and derivatives fair value result of R$ 207.8 million in the period.
|
(v)
|
Raising of R$ 2.1 billion, mainly through working capital, Finem, credit notes, ACC, and other funding transactions;
|
(vi)
|
Amortization of principal and interest of R$ 1.1 billion related to Senior Notes and credit notes, among others;
|
(vii)
|
Positive effect from foreign exchange variation of R$ 110.9 million;
|
(viii)
|
Provision for interest and monetary variation in the amount of R$ 138.4 million.
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Debt per Business Units (Amount in R$ MM)
|
2Q14 | 1Q14 |
|
|
Comgás
|
(Apr-Jun)
|
(Jan-Jun)
|
% ST
|
Chg. %
|
Leasing
|
0.5
|
0.7
|
100.0%
|
-27.0%
|
Promissory Notes
|
-
|
-
|
n/a
|
n/a
|
EIB
|
607.9
|
632.4
|
10.1%
|
-3.9%
|
4131 Resolution
|
388.7
|
397.8
|
0.8%
|
-2.3%
|
BNDES
|
1,374.9
|
1,342.0
|
13.9%
|
2.5%
|
Debentures
|
620.4
|
602.1
|
9.2%
|
3.0%
|
Debt Notes Allocation
|
(10.6)
|
(10.8)
|
21.6%
|
-1.3%
|
Financial Instruments - MTM
|
(157.9)
|
(192.5)
|
-28.0%
|
-18.0%
|
Total Comgás
|
2,823.9
|
2,771.7
|
-
|
1.9%
|
Rumo
|
|
|
|
|
Finame
|
658.1
|
682.8
|
16.9%
|
-3.6%
|
Finem
|
7.7
|
7.6
|
1.2%
|
0.5%
|
Expenses with Placement of Debt
|
(1.4)
|
(1.5)
|
13.0%
|
-3.2%
|
Total Rumo
|
664.3
|
688.9
|
-
|
-3.6%
|
Cosan Lubrificantes
|
|
|
|
|
Finame
|
0.2
|
0.2
|
13.0%
|
-0.0%
|
Foreign Loan
|
203.6
|
206.3
|
0.1%
|
-1.3%
|
Total Lubrificantes
|
203.9
|
206.5
|
-
|
-1.3%
|
Outros Negócios
|
|
|
|
|
Perpetual Bonds
|
1,115.1
|
1,145.8
|
1.2%
|
-2.7%
|
Credit Notes
|
(0.0)
|
304.1
|
n/a
|
-100.0%
|
Debentures
|
(0.0)
|
1,426.0
|
100.0%
|
-100.0%
|
FINEP
|
89.9
|
89.9
|
8.4%
|
-0.0%
|
Senior Notes 2018
|
874.0
|
853.8
|
- %
|
2.4%
|
Senior Notes 2023
|
1,104.6
|
1,087.2
|
- %
|
1.6%
|
Expenses with Placement of Debt
|
(25.4)
|
(48.2)
|
19.0%
|
-47.2%
|
Bonus over Perpetual Bonds
|
3.5
|
4.3
|
60.0%
|
-18.6%
|
Financial Instruments - MTM
|
56.1
|
30.1
|
- %
|
86.5%
|
Total Other Business
|
3,217.8
|
4,892.9
|
-
|
-34.2%
|
Consolidated
|
|
|
|
|
Total Debt
|
6,909.9
|
8,560.0
|
-
|
-19.3%
|
Cash and Cash Equivalents and Securities
|
(1,515.8)
|
(1,593.4)
|
-
|
-4.9%
|
Net Debt
|
5,394.0
|
6,966.7
|
-
|
-22.6%
|
|
|
|
|
|
Raízen
|
|
|
|
|
Senior Notes 2014
|
-
|
801.5
|
- %
|
-100.0%
|
Senior Notes 2017
|
906.5
|
915.6
|
2.8%
|
-1.0%
|
BNDES
|
1,270.5
|
1,319.9
|
15.3%
|
-3.7%
|
Term Loan
|
2,408.3
|
1,140.4
|
4.0%
|
111.2%
|
Prepaid Exports
|
1,049.5
|
1,076.9
|
17.4%
|
-2.5%
|
Advances on Exchange Contracts
|
440.9
|
-
|
100.0%
|
n/a
|
Credit Notes
|
745.8
|
643.6
|
66.5%
|
15.9%
|
Finame
|
98.1
|
108.8
|
32.9%
|
-9.8%
|
Finem
|
982.0
|
812.6
|
9.9%
|
20.8%
|
Debentures
|
791.3
|
791.7
|
5.2%
|
n/a
|
Rural Credit
|
50.9
|
50.2
|
100.0%
|
1.3%
|
Debt Notes Allocation
|
(31.8)
|
(23.4)
|
32.1%
|
35.8%
|
Other
|
0.0
|
-
|
100.0%
|
n/a
|
Total Raízen8
|
8,712.0
|
7,637.9
|
-
|
14.1%
|
Cash and Cash Equivalents and Securities Raízen
|
4,356.0
|
3,818.9
|
-
|
14.1%
|
Net Debt Raízen
|
(927.7)
|
(1,168.8)
|
-
|
-20.6%
|
Consolidated Proforma
|
3,428.3
|
2,650.1
|
-
|
29.4%
|
Consolidated Proforma
|
|
|
|
|
Total Debt
|
11,265.9
|
12,379.0
|
-
|
-9.0%
|
Cash and Cash Equivalents and Securities (including Raízen)
|
(2,443.6)
|
(2,762.2)
|
-
|
-11.5%
|
Proforma Net Debt
|
8,822.3
|
9,616.8
|
-
|
-8.3%
|
Other
|
|
|
|
|
Preferred shareholders payable in subsidiaries
|
2,001.7
|
-
|
-
|
n/a
|
Consolidated Proforma
|
|
|
|
|
Proforma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
10,824.1
|
9,616.8
|
-
|
12.6%
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
2Q14 Summary
|
CSAN3
|
CZLT33
|
CZZ
|
||
Stock Type
|
Common Share
|
BDR
|
Class A
|
||
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
||
Closing Price in december 06/30/2014
|
R$
|
40.10
|
R$
|
30.00
|
USD 13.56
|
Higher Price
|
R$
|
41.30
|
R$
|
31.70
|
USD 14.27
|
Average Price
|
R$
|
38.23
|
R$
|
28.18
|
USD 12.73
|
Lower Price
|
R$
|
34.76
|
R$
|
25.18
|
USD 11.53
|
Average Daily Traded Volume
|
R$ 44.2 million
|
R$ 10.3 million
|
USD 17.3 million
|
CSAN3 vs. CZLT33 vs. Ibovespa
(Base 100)
|
CZZ vs. S&P500
(Base 100)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
|
|
2013
|
2014
|
2014 - REVIEW
|
|
|
(jan/2013 - dec/2013)
|
(jan/2014 - dec/2014)
|
(jan/2014 - dec/2014)
|
Cosan Consolidated
|
Net Revenue (R$MM)
|
36,165
|
37,500 ≤ ∆ ≤ 40,500
|
37,500 ≤ ∆ ≤ 40,500
|
EBITDA (R$MM)
|
3,964
|
4,150 ≤ ∆ ≤ 4,650
|
4,150 ≤ ∆ ≤ 4,650
|
|
Capex (R$MM)
|
2,895
|
2,500 ≤ ∆ ≤ 2,800
|
2,500 ≤ ∆ ≤ 2,800
|
|
|
|
|
|
|
Raízen Combustíveis
|
Volume of Fuels Sold (million liters)
|
23,214
|
22.500 ≤ ∆ ≤ 24.000
|
22.500 ≤ ∆ ≤ 24.000
|
EBITDA (R$MM)
|
1,928
|
2,000 ≤ ∆ ≤ 2,200
|
2,000 ≤ ∆ ≤ 2,200
|
|
CAPEX (R$MM)
|
835
|
750 ≤ ∆ ≤ 850
|
750 ≤ ∆ ≤ 850
|
|
|
|
|
|
|
Raízen Energia
|
Volume of Sugar Cane Crushed (thousand tonnes)
|
61,441
|
61,000 ≤ ∆ ≤ 63,000
|
58,000 ≤ ∆ ≤ 60,000
|
Volume of Sugar Sold (thousand tonnes)
|
4,470
|
4,400 ≤ ∆ ≤ 4,700
|
4,200 ≤ ∆ ≤ 4,500
|
|
Volume of Ethanol Sold (million liters)
|
2,475
|
2,300 ≤ ∆ ≤ 2,600
|
2,000 ≤ ∆ ≤ 2,200
|
|
Volume of Energy Sold (thousand of MWh)
|
2,165
|
2,000 ≤ ∆ ≤ 2,200
|
1,950 ≤ ∆ ≤ 2,150
|
|
EBITDA (R$MM)
|
2,112
|
2,300 ≤ ∆ ≤ 2,700
|
2,300 ≤ ∆ ≤ 2,700
|
|
CAPEX (R$MM)
|
2,531
|
2,000 ≤ ∆ ≤ 2,200
|
2,000 ≤ ∆ ≤ 2,200
|
|
|
|
|
|
|
Rumo
|
Volume of Loading (thousand tonnes)
|
9,177
|
10,500 ≤ ∆ ≤ 12,500
|
10,500 ≤ ∆ ≤ 12,500
|
EBITDA (R$MM)
|
358
|
400 ≤ ∆ ≤ 450
|
UNDER REVIEW
|
|
CAPEX (R$MM)
|
255
|
250 ≤ ∆ ≤ 300
|
250 ≤ ∆ ≤ 300
|
|
|
|
|
|
|
Radar
|
EBITDA (R$MM)
|
228
|
170 ≤ ∆ ≤ 200
|
170 ≤ ∆ ≤ 200
|
|
|
|
|
|
Cosan Lubrificantes
|
Total Volume Sold (million Liters)
|
316
|
270 ≤ ∆ ≤ 310
|
270 ≤ ∆ ≤ 310
|
EBITDA (R$MM)
|
140
|
140 ≤ ∆ ≤ 170
|
140 ≤ ∆ ≤ 170
|
|
|
|
2013
|
2014
|
2014
|
|
|
(jan/2013 - dec/2013)
|
(jan/2014 - dec/2014)
|
(jan/2014 - dec/2014)
|
Comgás
|
Number of Clients (thousand)
|
1,334
|
1,420 ≤ ∆ ≤ 1,450
|
1,420 ≤ ∆ ≤ 1,450
|
Total Volume of Gas Sold (thousand cbm)
|
5,457
|
5,200 ≤ ∆ ≤ 5,700
|
5,200 ≤ ∆ ≤ 5,700
|
|
EBITDA IFRS (R$MM)
|
1,338
|
1,300 ≤ ∆ ≤ 1,550
|
1,300 ≤ ∆ ≤ 1,550
|
|
CAPEX (R$MM)
|
852
|
680 ≤ ∆ ≤ 780
|
680 ≤ ∆ ≤ 780
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Cosan Consolidated
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
2,246,009
|
2,225,938
|
Gross Profit
|
700,934
|
626,076
|
Sales, general and administrative expenses
|
(380,131)
|
(324,947)
|
Other operating income (expenses), net
|
(66,197)
|
(19,631)
|
Financial revenue
|
73,320
|
57,716
|
Financial expenses
|
(317,125)
|
(213,153)
|
Foreign exchange variation
|
23,981
|
(309,760)
|
Derivative
|
(7,459)
|
149,934
|
Equity pick up
|
164,331
|
(32,360)
|
Income and Social Contribution Taxes
|
17,817
|
(77,023)
|
Equity attributable to non-controlling interests
|
(105,325)
|
(58,366)
|
Net Income from discontinued operations
|
-
|
0
|
Net Income (loss)
|
104,147
|
(201,514)
|
|
|
|
Cosan Consolidated
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
1,321,395
|
1,472,480
|
Securities
|
194,432
|
120,875
|
Accounts Receivable
|
879,997
|
869,707
|
Inventories
|
303,675
|
269,594
|
Other Current Assets
|
931,618
|
866,883
|
Investments
|
8,754,360
|
8,566,180
|
Investment Property
|
2,244,310
|
2,263,356
|
Biological Assets
|
(0)
|
(0)
|
Property, Plant and Equipment
|
1,320,690
|
1,296,841
|
Intangible
|
10,151,170
|
10,081,690
|
Other Non-Current Assets
|
2,661,070
|
2,679,263
|
Total Assets
|
28,762,718
|
28,486,869
|
|
|
|
Loans and Financing
|
(7,011,660)
|
(8,722,463)
|
Suppliers
|
(926,995)
|
(825,409)
|
Salaries Payable
|
(89,908)
|
(68,099)
|
Other current liabilities
|
(518,845)
|
(642,667)
|
Other non-current liabilities
|
(6,419,391)
|
(4,514,591)
|
Net Equity
|
(13,795,920)
|
(13,713,640)
|
Total Liabilities
|
(28,762,718)
|
(28,486,869)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Raízen Combustíveis
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
13,684,833
|
11,778,509
|
Gross Profit
|
617,953
|
555,000
|
Sales, general and administrative expenses
|
(397,366)
|
(335,266)
|
Other operating income (expenses), net
|
76,669
|
79,927
|
Financial revenue
|
28,923
|
28,523
|
Financial expenses
|
(43,261)
|
(19,964)
|
Foreign exchange variation
|
20,132
|
(110,444)
|
Derivative
|
1,680
|
59,709
|
Equity pick up
|
2,078
|
-
|
Income and Social Contribution Taxes
|
(88,342)
|
(87,568)
|
Equity attributable to non-controlling interests
|
(7,547)
|
(5,131)
|
Net Income from discontinued operations
|
-
|
(0)
|
Net Income
|
210,919
|
164,786
|
|
|
|
Raízen Combustíveis
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
327,591
|
566,606
|
Securities
|
-
|
-
|
Accounts Receivable
|
1,347,195
|
1,190,832
|
Inventories
|
1,113,864
|
941,982
|
Other Current Assets
|
570,884
|
557,552
|
Investments
|
257,789
|
255,711
|
Investment Property
|
-
|
-
|
Biological Assets
|
-
|
-
|
Property, Plant and Equipment
|
2,466,750
|
2,503,252
|
Intangible
|
4,207,272
|
4,092,153
|
Other Non-Current Assets
|
2,079,571
|
1,349,945
|
Total Assets
|
12,370,916
|
11,458,033
|
|
|
|
Loans and Financing
|
(781,553)
|
(815,209)
|
Suppliers
|
(424,170)
|
(777,950)
|
Salaries Payable
|
(98,013)
|
(86,164)
|
Other current liabilities
|
(1,388,866)
|
(718,443)
|
Other non-current liabilities
|
(2,850,368)
|
(2,456,469)
|
Net Equity
|
(6,827,946)
|
(6,603,799)
|
Total Liabilities
|
(12,370,916)
|
(11,458,033)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Raízen Energia
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
1,686,294
|
1,478,260
|
Gross Profit
|
325,518
|
225,812
|
Sales, general and administrative expenses
|
(238,718)
|
(244,618)
|
Other operating income (expenses), net
|
(1,510)
|
9,153
|
Financial revenue
|
79,801
|
66,520
|
Financial expenses
|
(113,764)
|
(108,852)
|
Foreign exchange variation
|
51,162
|
(218,418)
|
Derivative
|
(3,697)
|
(85,583)
|
Equity pick up
|
(5,568)
|
(682)
|
Income and Social Contribution Taxes
|
18,713
|
119,555
|
Equity attributable to non-controlling interests
|
-
|
-
|
Net Income from discontinued operations
|
-
|
-
|
Net Income (loss)
|
111,937
|
(237,113)
|
|
|
|
Raízen Energia
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
01/31/2014
|
Cash and Cash Equivalents
|
1,527,901
|
1,771,015
|
Securities
|
-
|
-
|
Accounts Receivable
|
494,499
|
356,004
|
Inventories
|
1,343,539
|
453,810
|
Other Current Assets
|
2,230,962
|
1,409,016
|
Investments
|
177,067
|
162,266
|
Investment Property
|
-
|
-
|
Biological Assets
|
1,976,809
|
2,036,693
|
Property, Plant and Equipment
|
10,215,505
|
10,322,749
|
Intangible
|
3,337,939
|
3,329,949
|
Other Non-Current Assets
|
1,762,808
|
1,418,139
|
Total Assets
|
23,067,029
|
21,259,641
|
|
|
|
Loans and Financing
|
(8,695,806)
|
(7,580,843)
|
Suppliers
|
(623,542)
|
(637,863)
|
Salaries Payable
|
(378,878)
|
(292,468)
|
Other current liabilities
|
(444,445)
|
(618,828)
|
Other non-current liabilities
|
(2,269,696)
|
(1,630,735)
|
Net Equity
|
(10,654,661)
|
(10,498,904)
|
Total Liabilities
|
(23,067,029)
|
(21,259,641)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Comgás
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
1,616,391
|
1,605,651
|
Gross Profit
|
525,116
|
426,227
|
Sales, general and administrative expenses
|
(234,455)
|
(196,829)
|
Other operating income (expenses), net
|
(815)
|
(5,133)
|
Financial revenue
|
23,026
|
10,090
|
Financial expenses
|
(70,770)
|
(54,917)
|
Foreign exchange variation
|
(3,106)
|
(106,488)
|
Derivative
|
3,647
|
94,503
|
Equity pick up
|
-
|
-
|
Income and Social Contribution Taxes
|
(83,012)
|
(57,016)
|
Equity attributable to non-controlling interests
|
-
|
-
|
Net Income from discontinued operations
|
-
|
-
|
Net Income (loss)
|
159,631
|
110,437
|
|
|
|
Comgás
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
857,414
|
783,560
|
Securities
|
-
|
-
|
Accounts Receivable
|
631,623
|
592,520
|
Inventories
|
112,862
|
116,527
|
Other Current Assets
|
216,455
|
237,879
|
Investments
|
-
|
-
|
Investment Property
|
-
|
-
|
Biological Assets
|
-
|
-
|
Property, Plant and Equipment
|
-
|
-
|
Intangible
|
8,518,022
|
8,486,121
|
Other Non-Current Assets
|
285,864
|
325,473
|
Total Assets
|
10,622,239
|
10,542,080
|
|
|
|
Loans and Financing
|
(2,981,806)
|
(2,964,239)
|
Suppliers
|
(740,343)
|
(727,212)
|
Salaries Payable
|
(42,978)
|
(35,873)
|
Other current liabilities
|
(142,061)
|
(300,472)
|
Other non-current liabilities
|
(947,652)
|
(905,865)
|
Net Equity
|
(5,767,400)
|
(5,608,419)
|
Total Liabilities
|
(10,622,239)
|
(10,542,080)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Rumo
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
190,481
|
214,337
|
Gross Profit
|
61,912
|
83,289
|
Sales, general and administrative expenses
|
(22,764)
|
(17,728)
|
Other operating income (expenses), net
|
(8,182)
|
183
|
Financial revenue
|
9,907
|
14,113
|
Financial expenses
|
(33,978)
|
(7,404)
|
Foreign exchange variation
|
169
|
140
|
Equity pick up
|
0
|
0
|
Income and Social Contribution Taxes
|
(2,434)
|
(25,721)
|
Equity attributable to non-controlling interests
|
149
|
(59)
|
Net Income (loss)
|
4,779
|
46,814
|
|
|
|
Rumo
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
06331/2013
|
Cash and Cash Equivalents
|
222,370
|
462,982
|
Securities
|
-
|
0
|
Accounts Receivable
|
29,179
|
26,551
|
Inventories
|
5,311
|
5,250
|
Other Current Assets
|
32,580
|
28,782
|
Investments
|
(0)
|
(0)
|
Property, Plant and Equipment
|
1,036,862
|
1,021,712
|
Intangible
|
784,922
|
739,302
|
Other Non-Current Assets
|
334,024
|
270,994
|
Total Assets
|
2,445,247
|
2,555,573
|
|
|
|
Loans and Financing
|
(664,308)
|
(688,916)
|
Suppliers
|
(83,385)
|
(57,227)
|
Salaries Payable
|
(11,516)
|
(7,965)
|
Other current liabilities
|
(173,797)
|
(338,549)
|
Other non-current liabilities
|
(213,578)
|
(207,141)
|
Net Equity
|
(1,298,664)
|
(1,255,775)
|
Total Liabilities
|
(2,445,247)
|
(2,555,573)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Cosan Lubrificantes
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
403,946
|
386,057
|
Gross Profit
|
88,800
|
102,725
|
Sales, general and administrative expenses
|
(82,286)
|
(74,408)
|
Other operating income (expenses), net
|
(240)
|
(5,576)
|
Financial revenue
|
1,784
|
19,271
|
Financial expenses
|
(7,473)
|
(15,338)
|
Foreign exchange variation
|
35,906
|
(9,140)
|
Derivative
|
(8,293)
|
520
|
Equity pick up
|
(2,041)
|
-
|
Income and Social Contribution Taxes
|
(10,440)
|
(6,847)
|
Equity attributable to non-controlling interests
|
-
|
-
|
Net Income from discontinued operations
|
-
|
-
|
Net Income (loss)
|
15,717
|
11,207
|
|
|
|
Cosan Lubrificantes
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
30,991
|
72,124
|
Securities
|
0
|
-
|
Accounts Receivable
|
205,173
|
197,946
|
Inventories
|
185,502
|
147,816
|
Other Current Assets
|
46,955
|
44,715
|
Investments
|
15,783
|
13,592
|
Investment Property
|
-
|
-
|
Biological Assets
|
-
|
-
|
Property, Plant and Equipment
|
209,186
|
198,289
|
Intangible
|
841,385
|
852,997
|
Other Non-Current Assets
|
633,427
|
(110,068)
|
Total Assets
|
2,168,400
|
1,417,410
|
|
|
|
Loans and Financing
|
(203,863)
|
(206,503)
|
Suppliers
|
(99,228)
|
(38,889)
|
Salaries Payable
|
(13,501)
|
(9,674)
|
Other current liabilities
|
(72,294)
|
(102,057)
|
Other non-current liabilities
|
(1,507,210)
|
(242,477)
|
Net Equity
|
(272,305)
|
(817,810)
|
Total Liabilities
|
(2,168,400)
|
(1,417,410)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Radar
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
35,192
|
19,880
|
Gross Profit
|
25,108
|
13,823
|
Sales, general and administrative expenses
|
(8,496)
|
(4,998)
|
Other operating income (expenses), net
|
67,909
|
8,981
|
Financial revenue
|
2,442
|
939
|
Financial expenses
|
(296)
|
(232)
|
Foreign exchange variation
|
-
|
(0)
|
Derivative
|
-
|
-
|
Equity pick up
|
-
|
29
|
Income and Social Contribution Taxes
|
(5,113)
|
(1,135)
|
Equity attributable to non-controlling interests
|
-
|
-
|
Net Income from discontinued operations
|
-
|
-
|
Net Income
|
81,554
|
17,407
|
|
|
|
Radar
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
498
|
7,968
|
Securities
|
129,432
|
120,875
|
Accounts Receivable
|
14,020
|
51,402
|
Inventories
|
-
|
-
|
Other Current Assets
|
363,888
|
285,266
|
Investments
|
0
|
0
|
Investment Property
|
2,244,310
|
2,263,356
|
Biological Assets
|
-
|
-
|
Property, Plant and Equipment
|
10,960
|
10,999
|
Intangible
|
94
|
83
|
Other Non-Current Assets
|
5,335
|
4,499
|
Total Assets
|
2,768,538
|
2,744,449
|
|
|
|
Loans and Financing
|
-
|
-
|
Suppliers
|
(846)
|
(766)
|
Salaries Payable
|
(9,293)
|
(6,366)
|
Other current liabilities
|
(17,960)
|
(30,414)
|
Other non-current liabilities
|
(86,566)
|
(84,207)
|
Net Equity
|
(2,653,873)
|
(2,622,696)
|
Total Liabilities
|
(2,768,538)
|
(2,744,449)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Cosan other business
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
(2)
|
12
|
Gross Profit
|
(2)
|
12
|
Sales, general and administrative expenses
|
(32,129)
|
(30,985)
|
Other operating income (expenses), net
|
(124,869)
|
(18,086)
|
Financial revenue
|
39,148
|
16,122
|
Financial expenses
|
(207,595)
|
(138,081)
|
Foreign exchange variation
|
(8,988)
|
(194,272)
|
Derivative
|
(2,813)
|
54,911
|
Equity pick up
|
299,263
|
78,396
|
Income and Social Contribution Taxes
|
118,816
|
13,695
|
Equity attributable to non-controlling interests
|
-
|
-
|
Net Income from discontinued operations
|
-
|
-
|
Net Income (loss)
|
80,831
|
(218,288)
|
|
|
|
Cosan other business
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
210,123
|
145,846
|
Securities
|
65,000
|
-
|
Accounts Receivable
|
1
|
1,047
|
Inventories
|
1
|
1
|
Other Current Assets
|
383,303
|
623,729
|
Investments
|
14,870,851
|
14,545,861
|
Investment Property
|
-
|
-
|
Biological Assets
|
(0)
|
(0)
|
Property, Plant and Equipment
|
63,683
|
58,730
|
Intangible
|
6,748
|
3,187
|
Other Non-Current Assets
|
1,794,826
|
1,847,305
|
Total Assets
|
17,394,536
|
17,225,705
|
|
|
|
Loans and Financing
|
(3,161,683)
|
(4,862,806)
|
Suppliers
|
(3,193)
|
(1,315)
|
Salaries Payable
|
(12,620)
|
(8,221)
|
Other current liabilities
|
(231,266)
|
(226,855)
|
Other non-current liabilities
|
(4,049,820)
|
(2,186,128)
|
Net Equity
|
(9,935,952)
|
(9,940,380)
|
Total Liabilities
|
(17,394,536)
|
(17,225,705)
|
Earnings Release
2nd Quarter of Fiscal Year 2014
|
Cosan Profoma Consolidated
|
2Q14
|
2Q13
|
Income Statement for the period
|
06/30/2014
|
06/30/2013
|
Net Operating Revenue
|
9,595,743
|
8,765,700
|
Gross Profit
|
1,172,670
|
1,016,482
|
Sales, general and administrative expenses
|
(698,173)
|
(614,889)
|
Other operating income (expenses), net
|
(28,618)
|
24,909
|
Financial revenue
|
127,682
|
105,237
|
Financial expenses
|
(395,637)
|
(277,561)
|
Foreign exchange variation
|
59,628
|
(474,191)
|
Derivative
|
(8,467)
|
136,997
|
Equity pick up
|
1,158
|
3,463
|
Income and Social Contribution Taxes
|
(16,998)
|
(61,030)
|
Equity attributable to non-controlling interests
|
(109,098)
|
(60,931)
|
Net Income from discontinued operations
|
(0)
|
(0)
|
Net Income (loss)
|
104,147
|
(201,514)
|
|
|
|
Cosan Profoma Consolidated
|
2Q14
|
1Q14
|
Balance Sheet
|
06/30/2014
|
03/31/2014
|
Cash and Cash Equivalents
|
2,249,141
|
2,641,291
|
Securities
|
194,432
|
120,875
|
Accounts Receivable
|
1,800,844
|
1,643,125
|
Inventories
|
1,519,386
|
954,499
|
Other Current Assets
|
1,854,216
|
1,718,233
|
Investments
|
308,559
|
296,326
|
Investment Property
|
2,244,310
|
2,263,356
|
Biological Assets
|
988,404
|
1,018,346
|
Property, Plant and Equipment
|
7,653,322
|
7,701,344
|
Intangible
|
13,923,776
|
13,792,742
|
Other Non-Current Assets
|
3,806,860
|
3,669,957
|
Total Assets
|
36,543,251
|
35,820,094
|
|
|
|
Loans and Financing
|
(11,750,340)
|
(12,920,488)
|
Suppliers
|
(1,450,851)
|
(1,533,315)
|
Salaries Payable
|
(328,353)
|
(257,415)
|
Other current liabilities
|
(957,121)
|
(1,179,314)
|
Other non-current liabilities
|
(8,199,660)
|
(6,160,483)
|
Net Equity
|
(13,856,926)
|
(13,769,078)
|
Total Liabilities
|
(36,543,251)
|
(35,820,094)
|
Cosan Limited
Consolidated interim financial statements at June 30, 2014 and report of independent registered public accounting firm
|
Report of independent registered public accounting firm
|
3
|
Consolidated statement of financial position
|
4
|
Consolidated statement of profit or loss and other comprehensive income
|
6
|
Statement of changes in shareholders’ equity
|
8
|
Consolidated statement of cash flows
|
10
|
Notes to the consolidated interim financial statements
|
11
|
December 31,
|
||||||||||||
Note
|
June 30, 2014
|
2013
|
||||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
4 | 1,340,435 | 1,509,565 | |||||||||
Investment securities
|
194,432 | 87,978 | ||||||||||
Trade receivables
|
5 | 879,997 | 844,483 | |||||||||
Inventories
|
303,675 | 311,980 | ||||||||||
Derivative financial instruments
|
24 | 9,168 | - | |||||||||
Receivables from related parties
|
7 | 52,581 | 46,788 | |||||||||
Income tax receivable
|
33,522 | 56,340 | ||||||||||
Other current tax receivable
|
76,607 | 85,433 | ||||||||||
Other financial assets
|
6 | 66,088 | 63,054 | |||||||||
Dividends receivable
|
128,702 | 26,350 | ||||||||||
Other assets
|
200,479 | 217,927 | ||||||||||
3,285,686 | 3,249,898 | |||||||||||
Assets held for sale
|
10 | 347,894 | 314,104 | |||||||||
Current assets
|
3,633,580 | 3,564,002 | ||||||||||
Trade receivables
|
5 | 320,223 | 238,460 | |||||||||
Deferred tax assets
|
16 | 251,391 | 232,188 | |||||||||
Receivables from related parties
|
7 | 398,587 | 504,481 | |||||||||
Income tax receivable
|
28,197 | 49,268 | ||||||||||
Other non-current tax receivable
|
16,913 | 18,366 | ||||||||||
Judicial deposits
|
17 | 389,028 | 361,554 | |||||||||
Other financial assets
|
6 | 422,888 | 407,107 | |||||||||
Derivative financial instruments
|
24 | 342,601 | 513,934 | |||||||||
Other non-current asset
|
491,242 | 493,340 | ||||||||||
Equity method investments
|
8 | 107,401 | 103,316 | |||||||||
Investment in joint ventures
|
9 | 8,646,959 | 8,498,259 | |||||||||
Investment property
|
10 | 2,244,310 | 2,281,509 | |||||||||
Property, plant and equipment
|
11 | 1,320,690 | 1,271,910 | |||||||||
Intangible assets
|
12 | 10,151,170 | 10,078,040 | |||||||||
Non-current assets
|
25,131,600 | 25,051,732 | ||||||||||
Total assets
|
28,765,180 | 28,615,734 |
December 31,
|
||||||||||||
Note
|
June 30, 2014
|
2013
|
||||||||||
Liabilities
|
||||||||||||
Loans and borrowings
|
13 | 617,979 | 1,050,862 | |||||||||
Derivative financial instruments
|
24 | 65,215 | 50,879 | |||||||||
Trade payables
|
14 | 926,995 | 862,429 | |||||||||
Employee benefits payable
|
89,908 | 103,296 | ||||||||||
Income tax payable
|
8,543 | 28,143 | ||||||||||
Other current tax payable
|
15 | 178,915 | 199,056 | |||||||||
Dividends payable
|
27,149 | 92,759 | ||||||||||
Payables to related parties
|
7 | 92,823 | 105,463 | |||||||||
Other current liabilities
|
146,082 | 157,806 | ||||||||||
Current liabilities
|
2,153,609 | 2,650,693 | ||||||||||
Loans and borrowings
|
13 | 6,654,253 | 8,042,094 | |||||||||
Derivative financial instruments
|
24 | 201,193 | 280,462 | |||||||||
Other non-current tax payable
|
15 | 1,010,948 | 1,010,767 | |||||||||
Provision for legal proceedings
|
17 | 652,977 | 722,458 | |||||||||
Pension and post-employment benefits
|
26 | 351,697 | 339,135 | |||||||||
Deferred tax liabilities
|
16 | 1,674,647 | 1,698,622 | |||||||||
Preferred shareholders payable in subsidiaries
|
18 | 2,001,702 | - | |||||||||
Other non-current liabilities
|
526,225 | 551,739 | ||||||||||
Non-current liabilities
|
13,073,642 | 12,645,277 | ||||||||||
Total liabilities
|
15,227,251 | 15,295,970 | ||||||||||
Equity
|
19 | |||||||||||
Share capital
|
5,328 | 5,328 | ||||||||||
Additional paid in capital
|
3,812,232 | 3,828,858 | ||||||||||
Other comprehensive income
|
(94,223 | ) | (84,887 | ) | ||||||||
Retained earnings
|
2,224,457 | 2,136,975 | ||||||||||
Equity attributable to:
|
||||||||||||
Owners of the Company
|
5,947,794 | 5,886,274 | ||||||||||
Non-controlling interests
|
8 | 7,590,135 | 7,433,490 | |||||||||
Total equity
|
13,537,929 | 13,319,764 | ||||||||||
Total equity and liabilities
|
28,765,180 | 28,615,734 |
January 1,
|
||||||||||||||||||||
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
2013 to June
|
|||||||||||||||||
Note
|
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
30, 2013 | ||||||||||||||||
Net sales
|
21 | 2,246,009 | 4,403,195 | 2,225,938 | 4,215,148 | |||||||||||||||
Cost of sales
|
(1,545,075 | ) | (3,065,869 | ) | (1,599,862 | ) | (2,985,298 | ) | ||||||||||||
Gross profit
|
700,934 | 1,337,326 | 626,076 | 1,229,850 | ||||||||||||||||
Selling expenses
|
(224,284 | ) | (430,904 | ) | (179,803 | ) | (378,282 | ) | ||||||||||||
General and administrative expenses
|
(170,408 | ) | (317,985 | ) | (145,900 | ) | (284,967 | ) | ||||||||||||
Other income (expense), net
|
23 | (66,197 | ) | (98,989 | ) | (19,630 | ) | 52,232 | ||||||||||||
Operating (expense) income
|
(460,889 | ) | (847,878 | ) | (345,333 | ) | (611,017 | ) | ||||||||||||
Income before financial results, equity in
income of associates and income taxes
|
240,045 | 489,448 | 280,743 | 618,833 | ||||||||||||||||
Equity in income of investees
|
||||||||||||||||||||
Equity in income of associates
|
8 | 1,858 | 667 | 3,800 | 2,331 | |||||||||||||||
Equity in income of jointly controlled entity
|
9 | 162,473 | 385,465 | (36,160 | ) | 57,918 | ||||||||||||||
164,331 | 386,132 | (32,360 | ) | 60,249 | ||||||||||||||||
Financial results
|
22 | |||||||||||||||||||
Finance expense
|
(321,994 | ) | (507,459 | ) | (215,617 | ) | (449,617 | ) | ||||||||||||
Finance income
|
74,420 | 122,771 | 57,730 | 117,271 | ||||||||||||||||
Foreign exchange gain (losses), net
|
20,822 | 96,559 | (309,837 | ) | (309,907 | ) | ||||||||||||||
Derivatives
|
(12,106 | ) | (73,187 | ) | 149,934 | 144,612 | ||||||||||||||
(238,858 | ) | (361,316 | ) | (317,790 | ) | (497,641 | ) | |||||||||||||
Profit (loss) before taxes
|
165,518 | 514,264 | (69,407 | ) | 181,441 | |||||||||||||||
Income taxes expenses
|
16 | |||||||||||||||||||
Current
|
(35,688 | ) | (66,227 | ) | (25,603 | ) | (53,339 | ) | ||||||||||||
Deferred
|
53,504 | 24,482 | (51,421 | ) | (42,350 | ) | ||||||||||||||
17,816 | (41,745 | ) | (77,024 | ) | (95,689 | ) | ||||||||||||||
Profit (loss) from continuing operations
|
183,334 | 472,519 | (146,431 | ) | 85,752 | |||||||||||||||
Loss from discontinued operations, net of tax
|
- | - | - | (3,369 | ) | |||||||||||||||
Profit (loss) for the period
|
183,334 | 472,519 | (146,431 | ) | 82,383 | |||||||||||||||
Other comprehensive income
|
||||||||||||||||||||
Items that will not be
|
||||||||||||||||||||
reclassified to profit or loss:
|
||||||||||||||||||||
Actuarial loss on defined benefit plan
|
(1,058 | ) | (1,417 | ) | (1,688 | ) | (53,941 | ) | ||||||||||||
Taxes on items that will not be
|
||||||||||||||||||||
reclassified to profit or loss
|
360 | 482 | 574 | 18,340 | ||||||||||||||||
(698 | ) | (935 | ) | (1,114 | ) | (35,601 | ) | |||||||||||||
Items that may be
|
||||||||||||||||||||
reclassified to profit or loss:
|
||||||||||||||||||||
Foreign currency translation effect
|
6,687 | 3,164 | (9,023 | ) | (3,456 | ) | ||||||||||||||
Gain (losses) on cash flow
|
||||||||||||||||||||
hedge in jointly controlled entity
|
33,027 | (41,380 | ) | 10,947 | (1,388 | ) | ||||||||||||||
Changes in fair value of
|
||||||||||||||||||||
available for sale securities
|
1,635 | 2,547 | 3,843 | 14,271 | ||||||||||||||||
Taxes on items that may be reclassified
|
||||||||||||||||||||
subsequently to profit or loss
|
(11,785 | ) | 13,203 | (5,029 | ) | (4,380 | ) | |||||||||||||
29,564 | (22,466 | ) | 738 | 5,047 | ||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||
(loss) for the period, net of tax
|
28,866 | (23,401 | ) | (376 | ) | (30,554 | ) | |||||||||||||
Total comprehensive income for the period
|
212,200 | 449,118 | (146,807 | ) | 51,829 |
January 1,
|
||||||||||||||||
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
2013 to June
|
|||||||||||||
Note
|
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
30, 2013 | ||||||||||||
Profit (loss) attributable to: | ||||||||||||||||
Owners of the Company (including
|
||||||||||||||||
discontinued operations)
|
38,748 | 179,553 | (128,831 | ) | (40,467 | ) | ||||||||||
Non-controlling interests
|
144,586 | 292,966 | (17,600 | ) | 122,850 | |||||||||||
Total comprehensive income attributable to:
|
||||||||||||||||
Owners of the Company
|
59,392 | 170,217 | (133,891 | ) | (66,337 | ) | ||||||||||
Non-controlling interests
|
152,808 | 278,901 | (12,916 | ) | 118,166 | |||||||||||
Basic earnings per share
|
20 | |||||||||||||||
Continuing operations
|
R$ 0.15 | R$ 0.68 | (R$ 0.54 | ) | (R$ 0.21 | ) | ||||||||||
Discontinued operations
|
- | - | - | (R$ 0.01 | ) | |||||||||||
R$ 0.15 | R$ 0.68 | (R$ 0.54 | ) | (R$ 0.22 | ) | |||||||||||
Diluted earnings per share
|
20 | |||||||||||||||
Continuing operations
|
R$ 0.06 | R$ 0.51 | (R$ 0.41 | ) | (R$ 0.21 | ) | ||||||||||
Discontinued operations
|
- | - | - | (R$ 0.01 | ) | |||||||||||
R$ 0.06 | R$ 0.51 | (R$ 0.41 | ) | (R$ 0.22 | ) |
Capital reserve
|
||||||||||||||||||||||||||||
Share
capital
|
Additional
paid in
capital
|
Other
comprehensive
income (loss)
|
Retained
earnings
|
Equity attributable
to owners
of the Company
|
Non-
controlling
interests
|
Total
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
|
- | - | - | 179,553 | 179,553 | 292,966 | 472,519 | |||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | 7,697 | - | 7,697 | (4,533 | ) | 3,164 | ||||||||||||||||||||
Loss on cash flow hedge in jointly controlled entity
|
- | - | (17,015 | ) | - | (17,015 | ) | (10,296 | ) | (27,311 | ) | |||||||||||||||||
Actuarial gain on defined benefit plan
|
- | - | (372 | ) | - | (372 | ) | (563 | ) | (935 | ) | |||||||||||||||||
Changes in fair value of available for
sale securities
|
- | - | 354 | - | 354 | 1,327 | 1,681 | |||||||||||||||||||||
Total comprehensive income for the period
|
- | - | (9,336 | ) | 179,553 | 170,217 | 278,901 | 449,118 | ||||||||||||||||||||
Contributions by and distributions to
owners of the Company
|
||||||||||||||||||||||||||||
Share options exercised
|
- | 3,055 | - | - | 3,055 | 1,849 | 4,904 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | 458 | - | - | 458 | - | 458 | |||||||||||||||||||||
Share based compensation
|
- | 3,194 | - | - | 3,194 | 1,932 | 5,126 | |||||||||||||||||||||
Dividends
|
- | - | - | (92,071 | ) | (92,071 | ) | (115,433 | ) | (207,504 | ) | |||||||||||||||||
Total contributions by and distributions to
owners of the Company
|
- | 6,707 | - | (92,071 | ) | (85,364 | ) | (111,652 | ) | (197,016 | ) | |||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Acquisition of non-controlling interest
|
- | (820 | ) | - | - | (820 | ) | 3,018 | 2,198 | |||||||||||||||||||
Acquisition cost of the preferred shares of subsidiaries
|
- | (22,513 | ) | - | - | (22,513 | ) | (13,622 | ) | (36,135 | ) | |||||||||||||||||
Total transactions with owners of the Company
|
- | (23,333 | ) | - | - | (23,333 | ) | (10,604 | ) | (33,937 | ) | |||||||||||||||||
At June 30, 2014
|
5,328 | 3,812,232 | (94,223 | ) | 2,224,457 | 5,947,794 | 7,590,135 | 13,537,929 |
Capital reserve
|
||||||||||||||||||||||||||||
Share
capital
|
Additional
paid in
capital
|
Other
comprehensive
income (loss)
|
Retained
earnings
|
Equity attributable
to owners
of the Company
|
Non-
controlling
interests
|
Total
equity
|
||||||||||||||||||||||
At January 1, 2013
|
5,328 | 3,778,022 | (38,096 | ) | 2,105,688 | 5,850,942 | 7,330,986 | 13,181,928 | ||||||||||||||||||||
Profit (loss) for the period
|
- | - | - | (40,468 | ) | (40,468 | ) | 122,849 | 82,381 | |||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (4,960 | ) | - | (4,960 | ) | 1,504 | (3,456 | ) | ||||||||||||||||||
Loss on cash flow hedge in jointly controlled entity
|
- | - | (571 | ) | - | (571 | ) | (345 | ) | (916 | ) | |||||||||||||||||
Actuarial gain on defined benefit plan
|
- | - | (22,025 | ) | - | (22,025 | ) | (13,576 | ) | (35,601 | ) | |||||||||||||||||
Changes in fair value of available for
sale securities
|
- | - | 1,686 | - | 1,686 | 7,733 | 9,419 | |||||||||||||||||||||
Total comprehensive income for the period
|
- | - | (25,870 | ) | (40,468 | ) | (66,338 | ) | 118,165 | 51,827 | ||||||||||||||||||
Contributions by and distributions to
owners of the Company
|
||||||||||||||||||||||||||||
Share options exercised
|
- | 5,040 | - | - | 5,040 | 3,049 | 8,089 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | 647 | - | - | 647 | - | 647 | |||||||||||||||||||||
Share based compensation
|
- | 3,412 | - | - | 3,412 | 2,065 | 5,477 | |||||||||||||||||||||
Dividends
|
- | - | - | - | - | (122,468 | ) | (122,468 | ) | |||||||||||||||||||
Total contributions by and distributions to
owners of the Company
|
- | 9,099 | - | - | 9,099 | (117,354 | ) | (108,255 | ) | |||||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Corporate reorganization - Raízen Group
|
- | (3,927 | ) | - | - | (3,927 | ) | (2,379 | ) | (6,306 | ) | |||||||||||||||||
Acquisition of treasury shares
|
- | (16,011 | ) | - | - | (16,011 | ) | (9,688 | ) | (25,699 | ) | |||||||||||||||||
Business combination - COMGÁS
|
- | 78,811 | - | - | 78,811 | 19,192 | 98,003 | |||||||||||||||||||||
Business combination - Radar
|
- | 569 | - | - | 569 | (205,705 | ) | (205,136 | ) | |||||||||||||||||||
Total transactions with owners of the Company
|
- | 59,442 | - | - | 59,442 | (198,580 | ) | (139,138 | ) | |||||||||||||||||||
At June 30, 2013
|
5,328 | 3,846,563 | (63,966 | ) | 2,065,220 | 5,853,145 | 7,133,217 | 12,986,362 |
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||||||
Note
|
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Profit (loss) before taxes
|
165,518 | 514,264 | (69,407 | ) | 181,441 | |||||||||||||||
Adjustments for:
|
||||||||||||||||||||
Depreciation and amortization
|
11 / 12 | 170,621 | 330,999 | 127,108 | 286,460 | |||||||||||||||
Equity in income of investees
|
8 | (1,855 | ) | (667 | ) | (3,800 | ) | (2,332 | ) | |||||||||||
Equity in income of jointly controlled entity
|
9 | (162,475 | ) | (385,465 | ) | 36,160 | (57,917 | ) | ||||||||||||
Gain on disposal of assets
|
2,754 | 4,806 | 5,146 | 12,157 | ||||||||||||||||
Share-based compensation expense
|
2,563 | 5,126 | 2,153 | 5,475 | ||||||||||||||||
Change in fair value of investment property
|
10 | (63,136 | ) | (44,983 | ) | (7,665 | ) | (60,526 | ) | |||||||||||
Change in fair value of assets held for sale
|
10 | (4,767 | ) | - | - | - | ||||||||||||||
Provision for judicial demands
|
7,739 | 26,230 | 25,085 | 41,268 | ||||||||||||||||
Indexation charges, interest and
|
||||||||||||||||||||
exchange gains/losses, net
|
238,979 | 388,300 | 359,933 | 514,920 | ||||||||||||||||
Other
|
27,855 | 45,823 | 5,442 | 13,254 | ||||||||||||||||
383,796 | 884,433 | 480,155 | 934,200 | |||||||||||||||||
Changes in:
|
||||||||||||||||||||
Trade receivables
|
(71,333 | ) | (129,754 | ) | (159,774 | ) | (208,462 | ) | ||||||||||||
Investment securities
|
(71,227 | ) | (100,277 | ) | - | - | ||||||||||||||
Restricted cash
|
- | - | 18,220 | 3,944 | ||||||||||||||||
Inventories
|
(34,077 | ) | 7,546 | 4,509 | 16,185 | |||||||||||||||
Recoverable taxes
|
35,789 | 36,455 | (40,786 | ) | (34,524 | ) | ||||||||||||||
Related parties
|
2,056 | (50,595 | ) | (12,483 | ) | (16,218 | ) | |||||||||||||
Trade payables
|
142,207 | 58,271 | 192,097 | 264,840 | ||||||||||||||||
Employee benefits
|
2,025 | (42,658 | ) | 10,839 | (32,749 | ) | ||||||||||||||
Provision for judicial demands
|
(1,403 | ) | (7,998 | ) | (94,342 | ) | (95,428 | ) | ||||||||||||
Income and other taxes
|
(74,248 | ) | (132,006 | ) | (36,425 | ) | (228,662 | ) | ||||||||||||
Other
|
(53,143 | ) | (18,513 | ) | (6,059 | ) | (164,668 | ) | ||||||||||||
(123,354 | ) | (379,529 | ) | (124,204 | ) | (495,742 | ) | |||||||||||||
Net cash generated by operating activities
|
260,442 | 504,904 | 355,951 | 438,458 | ||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Capital contribution in associates
|
(5,723 | ) | (12,667 | ) | (59,588 | ) | (66,546 | ) | ||||||||||||
Dividends received from investees
|
1,938 | 1,938 | - | - | ||||||||||||||||
Dividends received from jointly controlled entity
|
- | 197,000 | - | 345,290 | ||||||||||||||||
Acquisition of property, plant and
|
||||||||||||||||||||
equipment and intangible assets
|
11 / 12 | (266,641 | ) | (458,810 | ) | (298,166 | ) | (549,526 | ) | |||||||||||
Proceeds from sale of property, plant
|
||||||||||||||||||||
and equipment, intangible and investments
|
696 | 796 | 65,350 | 118,656 | ||||||||||||||||
Net cash used in investing activities
|
(269,730 | ) | (271,743 | ) | (292,404 | ) | (152,126 | ) | ||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Loans and borrowings raised
|
635,457 | 826,607 | 148,942 | 2,698,187 | ||||||||||||||||
Payment of principal and interest
|
||||||||||||||||||||
on loans and borrowings
|
(2,513,677 | ) | (2,930,545 | ) | (265,462 | ) | (2,820,767 | ) | ||||||||||||
Raising through of the preferred shares
|
2,000,000 | 2,000,000 | - | - | ||||||||||||||||
Derivative financial instruments
|
(5,278 | ) | (36,275 | ) | 24,408 | 24,408 | ||||||||||||||
Dividends paid
|
(272,058 | ) | (272,058 | ) | - | (149,430 | ) | |||||||||||||
Treasury shares
|
- | - | (25,700 | ) | (25,703 | ) | ||||||||||||||
Proceeds from exercise of share options
|
311 | 4,903 | 5,998 | 8,088 | ||||||||||||||||
Net cash used in financing activities
|
(155,245 | ) | (407,368 | ) | (111,814 | ) | (265,217 | ) | ||||||||||||
(Decrease) increase in cash
|
||||||||||||||||||||
and cash equivalents
|
(164,533 | ) | (174,207 | ) | (48,267 | ) | 21,115 | |||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
the beginning of the period
|
1,505,327 | 1,509,565 | 1,544,072 | 1,469,974 | ||||||||||||||||
Effect of exchange rate fluctuations on cash held
|
(359 | ) | 5,077 | (359 | ) | 4,357 | ||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
the ended of the period
|
1,340,435 | 1,340,435 | 1,495,446 | 1,495,446 | ||||||||||||||||
Supplemental cash flow information
|
||||||||||||||||||||
Interest paid
|
175,145 | 491,106 | 77,930 | 120,046 | ||||||||||||||||
Income taxes paid
|
54,415 | 82,289 | 50,747 | 214,146 |
1
|
Operations
|
2
|
Basis of preparation
|
2.1
|
Statement of compliance
|
2.2
|
Basis of consolidation
|
Ownership percentage
|
||||||||
June 30,
|
December
|
|||||||
2014
|
31, 2013 | |||||||
Directly owned subsidiary
|
||||||||
_Cosan S.A.
|
62.30 | 62.30 | ||||||
Interest of Cosan S.A. in its subsidiaries
|
||||||||
Administração de Participações Aguassanta Ltda.(1)
|
- | 65.00 | ||||||
Águas da Ponte Alta S.A.
|
65.00 | 65.00 | ||||||
Bioinvestments Negócios e Participações S.A.
|
65.00 | 65.00 | ||||||
Comma Oil Chemicals
|
100.00 | 100.00 | ||||||
Companhia de Gás de São Paulo - COMGÁS
|
60.69 | 60.05 | ||||||
Cosan Biomassa S.A.
|
100.00 | 100.00 | ||||||
Cosan Cayman II Limited
|
100.00 | 100.00 | ||||||
Cosan Global Limited
|
100.00 | 100.00 | ||||||
Cosan Infraestrutura S.A.
|
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 US, Inc.
|
100.00 | 100.00 | ||||||
Logispot Armazéns Gerais S.A.(2)
|
38.25 | 38.25 | ||||||
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 | ||||||
Novo Rumo Logística S.A.
|
100.00 | 100.00 | ||||||
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 | ||||||
Rumo Logística Operadora Multimodal S.A.
|
75.00 | 75.00 | ||||||
Cosan Paraguay S.A.
|
100.00 | 100.00 | ||||||
Terras da Ponte Alta S.A.
|
29.50 | 29.50 | ||||||
Vale da Ponte Alta S.A.
|
65.00 | 65.00 |
(1)
|
Incorporated in March 2014;
|
(2)
|
Cosan has control over this subsidiary through an interest of 51% held by Rumo.
|
2.3
|
New standards and interpretations not yet adopted
|
I.
|
IFRS 9, „Financial instruments‟, addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortized cost. The determination is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. The Company is yet to assess IFRS 9‟s full impact. The
|
II.
|
On 28 May 2014, was issued the IFRS 15 – Revenue from Contracts with Customers which outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, which is found currently across several standards and Interpretations within IFRSs. The core principle is that an entity recognizes revenue to reflect the transfer of goods or services, measured as the amount to which the entity expects to be entitled in exchange for those goods or services. However, the new Standard does not apply to transactions that are instead within the scope of leasing standard.
|
3
|
Operating segments
|
I.
|
Raízen Energia: production and marketing of a variety of products derived from sugar cane, including raw sugar (VHP), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugarcane bagasse. In addition, this segment holds interests in companies engaged in research and development on new technology;
|
II.
|
Raízen Combustíveis: distribution and marketing of fuels, mainly through a network of service stations under the brand "Shell" 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, thermogeneration and cogeneration sectors;
|
IV.
|
Rumo: logistics services for transport, storage and port loading of commodities, mainly for sugar products;
|
V.
|
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; Following the 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 restated;
|
VII.
|
Cosan´s others business: other investments, in addition to the corporate activities of the Company.
|
April 1, 2014 to June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Raízen
Energia
|
Raízen
Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan’s
other
business
|
Deconsolidated
effects IFRS 11
|
Segment
elimination
|
Consolidated
|
|||||||||||||||||||||||||||||||
Statement of income:
|
||||||||||||||||||||||||||||||||||||||||
Net sales
|
1,686,295 | 13,684,833 | 1,616,390 | 190,481 | 35,194 | 403,946 | (2 | ) | (15,371,128 | ) | - | 2,246,009 | ||||||||||||||||||||||||||||
Domestic market
|
804,045 | 13,684,833 | 1,616,390 | 156,758 | 35,194 | 333,431 | (2 | ) | (14,488,878 | ) | - | 2,141,771 | ||||||||||||||||||||||||||||
External market
|
882,250 | - | - | 33,723 | - | 70,515 | - | (882,250 | ) | - | 104,238 | |||||||||||||||||||||||||||||
Gross profit
|
325,518 | 617,953 | 525,116 | 61,912 | 25,108 | 88,800 | (2 | ) | (943,471 | ) | - | 700,934 | ||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(238,718 | ) | (397,366 | ) | (234,455 | ) | (22,764 | ) | (8,496 | ) | (82,286 | ) | (46,691 | ) | 636,084 | - | (394,692 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
(1,510 | ) | 76,669 | (815 | ) | (8,182 | ) | 67,909 | (240 | ) | (124,869 | ) | (75,159 | ) | - | (66,197 | ) | |||||||||||||||||||||||
Financial income
|
79,801 | 28,923 | 23,026 | 9,907 | 2,442 | 1,784 | 40,248 | (108,724 | ) | (2,987 | ) | 74,420 | ||||||||||||||||||||||||||||
Financial expense
|
(113,764 | ) | (43,261 | ) | (70,770 | ) | (33,978 | ) | (296 | ) | (7,473 | ) | (212,464 | ) | 157,025 | 2,987 | (321,994 | ) | ||||||||||||||||||||||
Foreign exchange gain (losses), net
|
51,162 | 20,132 | (3,106 | ) | 169 | - | 35,906 | (12,147 | ) | (71,294 | ) | - | 20,822 | |||||||||||||||||||||||||||
Derivatives
|
(3,697 | ) | 1,680 | 3,647 | - | - | (8,293 | ) | (7,460 | ) | 2,017 | - | (12,106 | ) | ||||||||||||||||||||||||||
Equity in income of associates
|
(5,568 | ) | 2,078 | - | - | - | (2,041 | ) | 136,790 | 3,490 | (132,891 | ) | 1,858 | |||||||||||||||||||||||||||
Equity in income of jointly controlled entily
|
- | - | - | - | - | - | 162,473 | - | - | 162,473 | ||||||||||||||||||||||||||||||
Income taxes expenses
|
18,713 | (88,342 | ) | (83,012 | ) | (2,434 | ) | (5,113 | ) | (10,440 | ) | 118,815 | 69,629 | - | 17,816 | |||||||||||||||||||||||||
Profit (loss) for the period
|
111,937 | 218,466 | 159,631 | 4,630 | 81,554 | 15,717 | 54,693 | (330,403 | ) | (132,891 | ) | 183,334 | ||||||||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
398,562 | 128,842 | 129,663 | 23,013 | 242 | 16,830 | 873 | (527,404 | ) | - | 170,621 | |||||||||||||||||||||||||||||
EBITDA
|
478,284 | 428,176 | 419,509 | 53,979 | 84,763 | 21,063 | 128,574 | (906,460 | ) | (132,891 | ) | 574,997 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
566,641 | 128,790 | 164,256 | 83,782 | 215 | 9,002 | 9,386 | (695,431 | ) | - | 266,641 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
111,937 | 218,466 | 159,631 | 4,630 | 81,554 | 15,717 | 54,693 | (330,403 | ) | (132,891 | ) | 183,334 | ||||||||||||||||||||||||||||
Income taxes expenses
|
(18,713 | ) | 88,342 | 83,012 | 2,434 | 5,113 | 10,440 | (118,815 | ) | (69,629 | ) | - | (17,816 | ) | ||||||||||||||||||||||||||
Financial results, net
|
(13,502 | ) | (7,474 | ) | 47,203 | 23,902 | (2,146 | ) | (21,924 | ) | 191,823 | 20,976 | - | 238,858 | ||||||||||||||||||||||||||
Depreciation and amortization
|
398,562 | 128,842 | 129,663 | 23,013 | 242 | 16,830 | 873 | (527,404 | ) | - | 170,621 | |||||||||||||||||||||||||||||
EBITDA
|
478,284 | 428,176 | 419,509 | 53,979 | 84,763 | 21,063 | 128,574 | (906,460 | ) | (132,891 | ) | 574,997 |
January 1, 2014 to June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Raízen
Energia
|
Raízen
Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan's
other
business
|
Deconsolidated
effects IFRS 11
|
Segment
elimination
|
Consolidated
|
|||||||||||||||||||||||||||||||
Statement of income:
|
||||||||||||||||||||||||||||||||||||||||
Net sales
|
4,291,128 | 26,695,789 | 3,133,770 | 398,415 | 98,744 | 772,215 | 51 | (30,986,917 | ) | - | 4,403,195 | |||||||||||||||||||||||||||||
Domestic market
|
1,796,967 | 26,695,789 | 3,133,770 | 335,688 | 98,744 | 631,009 | 51 | (28,492,756 | ) | - | 4,199,262 | |||||||||||||||||||||||||||||
External market
|
2,494,161 | - | - | 62,727 | - | 141,206 | - | (2,494,161 | ) | - | 203,933 | |||||||||||||||||||||||||||||
Gross profit
|
817,391 | 1,288,248 | 973,527 | 146,315 | 50,352 | 167,072 | 60 | (2,105,639 | ) | - | 1,337,326 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(542,276 | ) | (785,969 | ) | (451,917 | ) | (42,738 | ) | (16,846 | ) | (155,943 | ) | (81,445 | ) | 1,328,245 | - | (748,889 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
58,659 | 178,429 | (7,927 | ) | (1,481 | ) | 44,864 | 170 | (134,615 | ) | (237,088 | ) | - | (98,989 | ) | |||||||||||||||||||||||||
Financial income
|
145,712 | 46,590 | 38,485 | 22,134 | 5,855 | 1,577 | 60,822 | (192,302 | ) | (6,102 | ) | 122,771 | ||||||||||||||||||||||||||||
Financial expense
|
(242,162 | ) | (63,305 | ) | (142,160 | ) | (42,464 | ) | (564 | ) | 35,210 | (363,583 | ) | 305,467 | 6,102 | (507,459 | ) | |||||||||||||||||||||||
Foreign exchange gain (losses), net
|
129,946 | 53,014 | 32,160 | 282 | - | 25,917 | 38,200 | (182,960 | ) | - | 96,559 | |||||||||||||||||||||||||||||
Derivatives
|
44,432 | (28,164 | ) | (32,238 | ) | - | - | (15,514 | ) | (25,435 | ) | (16,268 | ) | - | (73,187 | ) | ||||||||||||||||||||||||
Equity in income of associates
|
(15,931 | ) | 7,332 | - | - | - | (3,339 | ) | 283,611 | 8,599 | (279,605 | ) | 667 | |||||||||||||||||||||||||||
Equity in income of jointly controlled entily
|
- | - | - | - | - | - | 385,465 | - | - | 385,465 | ||||||||||||||||||||||||||||||
Income taxes expenses
|
(77,376 | ) | (206,361 | ) | (141,975 | ) | (27,677 | ) | (7,839 | ) | (7,665 | ) | 143,411 | 283,737 | - | (41,745 | ) | |||||||||||||||||||||||
Profit (loss) for the period
|
318,395 | 489,814 | 267,955 | 54,371 | 75,822 | 47,485 | 306,491 | (808,209 | ) | (279,605 | ) | 472,519 | ||||||||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
894,416 | 261,308 | 247,832 | 44,728 | 485 | 36,347 | 1,607 | (1,155,724 | ) | - | 330,999 | |||||||||||||||||||||||||||||
EBITDA
|
1,212,259 | 949,348 | 761,515 | 146,824 | 78,855 | 44,307 | 454,683 | (2,161,607 | ) | (279,605 | ) | 1,206,579 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
1,575,698 | 406,590 | 320,066 | 97,729 | 254 | 14,918 | 25,843 | (1,982,288 | ) | - | 458,810 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
318,395 | 489,814 | 267,955 | 54,371 | 75,822 | 47,485 | 306,491 | (808,209 | ) | (279,605 | ) | 472,519 | ||||||||||||||||||||||||||||
Income taxes expenses
|
77,376 | 206,361 | 141,975 | 27,677 | 7,839 | 7,665 | (143,411 | ) | (283,737 | ) | - | 41,745 | ||||||||||||||||||||||||||||
Financial results, net
|
(77,928 | ) | (8,135 | ) | 103,753 | 20,048 | (5,291 | ) | (47,190 | ) | 289,996 | 86,063 | - | 361,316 | ||||||||||||||||||||||||||
Depreciation and amortization
|
894,416 | 261,308 | 247,832 | 44,728 | 485 | 36,347 | 1,607 | (1,155,724 | ) | - | 330,999 | |||||||||||||||||||||||||||||
EBITDA
|
1,212,259 | 949,348 | 761,515 | 146,824 | 78,855 | 44,307 | 454,683 | (2,161,607 | ) | (279,605 | ) | 1,206,579 |
April 1, 2013 to June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Raízen
Energia
|
Raízen
Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan's
other
business
|
Deconsolidated
effects IFRS 11
|
Segment
elimination
|
Consolidated
|
|||||||||||||||||||||||||||||||
Statement of income:
|
||||||||||||||||||||||||||||||||||||||||
Net sales
|
1,478,260 | 11,778,509 | 1,605,651 | 214,337 | 19,880 | 386,057 | 13 | (13,256,769 | ) | - | 2,225,938 | |||||||||||||||||||||||||||||
Domestic market
|
646,845 | 11,778,509 | 1,605,651 | 194,472 | 19,880 | 318,561 | 13 | (12,425,354 | ) | - | 2,138,577 | |||||||||||||||||||||||||||||
External market
|
831,415 | - | - | 19,865 | - | 67,496 | - | (831,415 | ) | - | 87,361 | |||||||||||||||||||||||||||||
Gross profit
|
225,812 | 555,000 | 426,227 | 83,289 | 13,823 | 102,725 | 12 | (780,812 | ) | - | 626,076 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(244,618 | ) | (335,266 | ) | (196,829 | ) | (17,728 | ) | (4,998 | ) | (74,408 | ) | (31,740 | ) | 579,884 | - | (325,703 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
9,153 | 79,927 | (5,133 | ) | 185 | 8,981 | (5,576 | ) | (18,087 | ) | (89,080 | ) | - | (19,630 | ) | |||||||||||||||||||||||||
Financial income
|
66,520 | 28,523 | 10,090 | 14,113 | 939 | 19,271 | 16,136 | (95,043 | ) | (2,819 | ) | 57,730 | ||||||||||||||||||||||||||||
Financial expense
|
(108,852 | ) | (19,964 | ) | (54,917 | ) | (7,404 | ) | (232 | ) | (12,469 | ) | (143,414 | ) | 128,816 | 2,819 | (215,617 | ) | ||||||||||||||||||||||
Foreign exchange gain (losses), net
|
(218,418 | ) | (110,444 | ) | (106,488 | ) | 140 | - | (12,009 | ) | (191,480 | ) | 328,862 | - | (309,837 | ) | ||||||||||||||||||||||||
Derivatives
|
(85,583 | ) | 59,709 | 94,503 | - | - | 520 | 54,911 | 25,874 | - | 149,934 | |||||||||||||||||||||||||||||
Equity in income of associates
|
(682 | ) | - | - | - | 29 | - | (5,282 | ) | 682 | 9,053 | 3,800 | ||||||||||||||||||||||||||||
Equity in income of jointly controlled entily
|
- | - | - | - | - | - | (36,160 | ) | - | - | (36,160 | ) | ||||||||||||||||||||||||||||
Income tax expenses
|
119,555 | (87,568 | ) | (57,016 | ) | (25,721 | ) | (1,135 | ) | (6,847 | ) | 13,695 | (31,987 | ) | - | (77,024 | ) | |||||||||||||||||||||||
Profit (loss) for the period
|
(237,113 | ) | 169,917 | 110,437 | 46,874 | 17,407 | 11,207 | (341,409 | ) | 67,196 | 9,053 | (146,431 | ) | |||||||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
423,492 | 117,692 | 90,035 | 19,167 | 230 | 17,043 | 633 | (541,184 | ) | - | 127,108 | |||||||||||||||||||||||||||||
EBITDA
|
413,157 | 417,353 | 314,300 | 84,913 | 18,065 | 39,784 | (90,624 | ) | (830,510 | ) | 9,053 | 375,491 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
476,195 | 89,258 | 219,856 | 69,089 | 32 | 8,543 | 646 | (565,453 | ) | - | 298,166 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
(237,113 | ) | 169,917 | 110,437 | 46,874 | 17,407 | 11,207 | (341,409 | ) | 67,196 | 9,053 | (146,431 | ) | |||||||||||||||||||||||||||
Income tax expenses
|
(119,555 | ) | 87,568 | 57,016 | 25,721 | 1,135 | 6,847 | (13,695 | ) | 31,987 | - | 77,024 | ||||||||||||||||||||||||||||
Financial result, net
|
346,333 | 42,176 | 56,812 | (6,849 | ) | (707 | ) | 4,687 | 263,847 | (388,509 | ) | - | 317,790 | |||||||||||||||||||||||||||
Depreciation and amortization
|
423,492 | 117,692 | 90,035 | 19,167 | 230 | 17,043 | 633 | (541,184 | ) | - | 127,108 | |||||||||||||||||||||||||||||
EBITDA
|
413,157 | 417,353 | 314,300 | 84,913 | 18,065 | 39,784 | (90,624 | ) | (830,510 | ) | 9,053 | 375,491 |
January 1, 2013 to June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Raízen
Energia
|
Raízen
Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan's
other
business
|
Deconsolidated
effects IFRS 11
|
Segment
elimination
|
Consolidated
|
|||||||||||||||||||||||||||||||
Statement of income:
|
||||||||||||||||||||||||||||||||||||||||
Net sales
|
3,828,625 | 22,725,610 | 3,053,395 | 382,724 | 35,262 | 743,755 | 12 | (26,554,235 | ) | - | 4,215,148 | |||||||||||||||||||||||||||||
Domestic market
|
1,424,478 | 22,725,610 | 3,053,395 | 345,569 | 35,262 | 618,068 | 12 | (24,150,088 | ) | - | 4,052,306 | |||||||||||||||||||||||||||||
External market
|
2,404,147 | - | - | 37,155 | - | 125,687 | - | (2,404,147 | ) | - | 162,842 | |||||||||||||||||||||||||||||
Gross profit
|
485,218 | 1,150,495 | 841,595 | 156,521 | 29,206 | 202,619 | 13 | (1,635,713 | ) | (104 | ) | 1,229,850 | ||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(576,638 | ) | (693,664 | ) | (418,823 | ) | (34,423 | ) | (9,818 | ) | (141,961 | ) | (58,224 | ) | 1,270,302 | - | (663,249 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
35,748 | 147,230 | (6,491 | ) | (5,809 | ) | 63,398 | (8,063 | ) | 9,197 | (182,978 | ) | - | 52,232 | ||||||||||||||||||||||||||
Financial income
|
112,532 | 61,730 | 19,718 | 22,986 | 1,525 | 28,417 | 47,444 | (174,262 | ) | (2,819 | ) | 117,271 | ||||||||||||||||||||||||||||
Financial expense
|
(198,404 | ) | (42,679 | ) | (110,515 | ) | (17,524 | ) | (494 | ) | (30,648 | ) | (293,255 | ) | 241,083 | 2,819 | (449,617 | ) | ||||||||||||||||||||||
Foreign exchange gain (losses), net
|
(187,207 | ) | (95,541 | ) | (119,321 | ) | 165 | (3 | ) | (11,181 | ) | (179,567 | ) | 282,748 | - | (309,907 | ) | |||||||||||||||||||||||
Derivatives
|
(64,741 | ) | 40,553 | 103,282 | - | - | 6,106 | 35,224 | 24,188 | - | 144,612 | |||||||||||||||||||||||||||||
Equity in income of associates
|
(9,954 | ) | - | - | - | 29 | - | 107,785 | 9,954 | (105,483 | ) | 2,331 | ||||||||||||||||||||||||||||
Equity in income of jointly controlled entily
|
- | - | - | - | - | - | 57,919 | - | (1 | ) | 57,918 | |||||||||||||||||||||||||||||
Income tax expenses
|
144,000 | (178,428 | ) | (105,557 | ) | (42,260 | ) | (4,558 | ) | (20,767 | ) | 77,430 | 34,428 | 23 | (95,689 | ) | ||||||||||||||||||||||||
Profit (loss) for the period
|
(259,446 | ) | 389,696 | 203,888 | 79,656 | 79,285 | 24,522 | (196,034 | ) | (130,250 | ) | (105,565 | ) | 85,752 | ||||||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
889,244 | 236,156 | 212,373 | 37,680 | 452 | 34,858 | 1,097 | (1,125,400 | ) | - | 286,460 | |||||||||||||||||||||||||||||
EBITDA
|
823,618 | 840,217 | 628,654 | 153,969 | 83,267 | 87,453 | 117,787 | (1,663,835 | ) | (105,588 | ) | 965,542 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
1,493,335 | 242,802 | 394,389 | 126,104 | 2,392 | 24,588 | 2,053 | (1,736,137 | ) | - | 549,526 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
(259,446 | ) | 389,696 | 203,888 | 79,656 | 79,285 | 24,522 | (196,034 | ) | (130,250 | ) | (105,565 | ) | 85,752 | ||||||||||||||||||||||||||
Income tax expenses
|
(144,000 | ) | 178,428 | 105,557 | 42,260 | 4,558 | 20,767 | (77,430 | ) | (34,428 | ) | (23 | ) | 95,689 | ||||||||||||||||||||||||||
Financial result, net
|
337,820 | 35,937 | 106,836 | (5,627 | ) | (1,028 | ) | 7,306 | 390,154 | (373,757 | ) | - | 497,641 | |||||||||||||||||||||||||||
Depreciation and amortization
|
889,244 | 236,156 | 212,373 | 37,680 | 452 | 34,858 | 1,097 | (1,125,400 | ) | - | 286,460 | |||||||||||||||||||||||||||||
EBITDA
|
823,618 | 840,217 | 628,654 | 153,969 | 83,267 | 87,453 | 117,787 | (1,663,835 | ) | (105,588 | ) | 965,542 |
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Statement of financial position:
|
Raizen
Energia
|
Raizen
Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan's
other
business
|
Deconsolidated
effects IFRS 11
|
Segment
elimination
|
Consolidated
|
||||||||||||||||||||||||||||||
Cash and cash equivalents
|
1,527,901 | 327,591 | 857,414 | 222,370 | 498 | 30,991 | 229,162 | (1,855,492 | ) | - | 1,340,435 | |||||||||||||||||||||||||||||
Investment securities
|
- | - | - | - | 129,432 | - | 65,000 | - | - | 194,432 | ||||||||||||||||||||||||||||||
Trade receivables
|
494,499 | 1,347,195 | 631,623 | 29,179 | 14,020 | 205,173 | 2 | (1,841,694 | ) | - | 879,997 | |||||||||||||||||||||||||||||
Inventories
|
1,343,539 | 1,113,864 | 112,862 | 5,311 | - | 185,502 | - | (2,457,403 | ) | - | 303,675 | |||||||||||||||||||||||||||||
Other current assets
|
2,230,962 | 570,884 | 216,455 | 32,580 | 363,889 | 46,954 | 400,073 | (2,801,846 | ) | (111,562 | ) | 948,389 | ||||||||||||||||||||||||||||
Equity method investments
|
177,067 | 257,789 | - | - | - | 15,783 | 12,429,804 | (434,856 | ) | (12,338,186 | ) | 107,401 | ||||||||||||||||||||||||||||
Investment in jointly ventures
|
- | - | - | - | - | - | 8,646,959 | - | - | 8,646,959 | ||||||||||||||||||||||||||||||
Biological assets
|
1,976,809 | - | - | - | - | - | - | (1,976,809 | ) | - | - | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | 2,244,310 | - | - | - | - | 2,244,310 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
10,215,505 | 2,466,750 | - | 1,036,862 | 10,960 | 209,186 | 63,682 | (12,682,255 | ) | - | 1,320,690 | |||||||||||||||||||||||||||||
Intangible assets
|
3,337,939 | 4,207,272 | 8,518,022 | 784,922 | 94 | 841,385 | 6,747 | (7,545,211 | ) | - | 10,151,170 | |||||||||||||||||||||||||||||
Other non-current assets
|
1,762,808 | 2,079,571 | 285,864 | 334,024 | 5,335 | 633,426 | 1,794,829 | (3,842,379 | ) | (392,409 | ) | 2,661,069 | ||||||||||||||||||||||||||||
Loans and borrowings
|
(8,695,806 | ) | (781,553 | ) | (2,981,807 | ) | (664,308 | ) | - | (203,862 | ) | (3,422,255 | ) | 9,477,359 | - | (7,272,232 | ) | |||||||||||||||||||||||
Trade payables
|
(623,542 | ) | (424,170 | ) | (740,343 | ) | (83,385 | ) | (846 | ) | (99,228 | ) | (3,193 | ) | 1,047,712 | - | (926,995 | ) | ||||||||||||||||||||||
Employee benefits payable
|
(378,878 | ) | (98,013 | ) | (42,978 | ) | (11,516 | ) | (9,293 | ) | (13,501 | ) | (12,620 | ) | 476,891 | - | (89,908 | ) | ||||||||||||||||||||||
Other current liabilities
|
(444,445 | ) | (1,388,866 | ) | (142,061 | ) | (173,797 | ) | (17,960 | ) | (72,294 | ) | (264,500 | ) | 1,833,311 | 118,533 | (552,079 | ) | ||||||||||||||||||||||
Preferred shareholders
|
||||||||||||||||||||||||||||||||||||||||
payable in subsidiaries
|
- | - | - | - | - | - | (2,001,702 | ) | - | - | (2,001,702 | ) | ||||||||||||||||||||||||||||
Other non-current liabilities
|
(2,269,695 | ) | (2,850,367 | ) | (947,651 | ) | (213,578 | ) | (86,566 | ) | (1,507,210 | ) | (2,048,115 | ) | 5,120,062 | 385,438 | (4,417,682 | ) | ||||||||||||||||||||||
Total assets (net of liabilities)
allocated by segment
|
10,654,663 | 6,827,947 | 5,767,400 | 1,298,664 | 2,653,873 | 272,305 | 15,883,873 | (17,482,610 | ) | (12,338,186 | ) | 13,537,929 | ||||||||||||||||||||||||||||
Total assets
|
23,067,029 | 12,370,916 | 10,622,240 | 2,445,247 | 2,768,538 | 2,168,400 | 23,636,263 | (35,437,945 | ) | (12,875,508 | ) | 28,765,180 |
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Statement of financial position:
|
Raizen
Energia
|
Raizen
Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan's
other
business
|
Deconsolidated
effects IFRS 11
|
Segment
elimination
|
Consolidated
|
||||||||||||||||||||||||||||||
Cash and cash equivalents
|
1,058,483 | 328,992 | 535,957 | 497,753 | 13,408 | 57,892 | 404,555 | (1,387,475 | ) | - | 1,509,565 | |||||||||||||||||||||||||||||
Investment securities
|
- | - | - | - | 87,978 | - | - | - | - | 87,978 | ||||||||||||||||||||||||||||||
Trade receivables
|
416,746 | 1,435,095 | 582,889 | 32,506 | 28,051 | 200,796 | 241 | (1,851,841 | ) | - | 844,483 | |||||||||||||||||||||||||||||
Inventories
|
2,026,925 | 1,057,049 | 121,253 | 5,237 | - | 185,490 | - | (3,083,974 | ) | - | 311,980 | |||||||||||||||||||||||||||||
Other current assets
|
1,279,553 | 484,475 | 248,803 | 22,389 | 323,476 | 45,227 | 386,743 | (1,764,028 | ) | (214,007 | ) | 812,631 | ||||||||||||||||||||||||||||
Equity method investments
|
408,591 | 254,826 | - | - | - | 15,364 | 12,183,235 | (663,417 | ) | (12,095,283 | ) | 103,316 | ||||||||||||||||||||||||||||
Investment in jointly ventures
|
- | - | - | - | - | - | 8,498,259 | - | - | 8,498,259 | ||||||||||||||||||||||||||||||
Biological assets
|
1,867,765 | - | - | - | - | - | - | (1,867,765 | ) | - | - | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | 2,281,509 | - | - | - | - | 2,281,509 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,504,874 | 2,494,486 | - | 1,013,149 | 11,195 | 197,137 | 50,429 | (11,999,360 | ) | - | 1,271,910 | |||||||||||||||||||||||||||||
Intangible assets
|
3,100,227 | 4,038,314 | 8,450,541 | 755,635 | 89 | 867,826 | 3,949 | (7,138,541 | ) | - | 10,078,040 | |||||||||||||||||||||||||||||
Other non-current assets
|
1,534,557 | 1,403,117 | 332,918 | 234,965 | 4,884 | (93,658 | ) | 2,755,380 | (2,937,674 | ) | (415,784 | ) | 2,818,705 | |||||||||||||||||||||||||||
Loans and borrowings
|
(7,732,778 | ) | (862,521 | ) | (2,841,387 | ) | (705,974 | ) | - | (209,579 | ) | (5,336,016 | ) | 8,595,299 | - | (9,092,956 | ) | |||||||||||||||||||||||
Trade payables
|
(633,505 | ) | (551,176 | ) | (706,397 | ) | (82,872 | ) | (1,216 | ) | (70,102 | ) | (1,560 | ) | 1,184,681 | (282 | ) | (862,429 | ) | |||||||||||||||||||||
Employee benefits payable
|
(249,919 | ) | (60,091 | ) | (59,417 | ) | (12,522 | ) | (4,247 | ) | (13,039 | ) | (14,070 | ) | 310,010 | - | (103,295 | ) | ||||||||||||||||||||||
Other current liabilities
|
(495,240 | ) | (525,188 | ) | (301,089 | ) | (127,287 | ) | (31,020 | ) | (107,826 | ) | 280,883 | 1,020,428 | 213,997 | (72,342 | ) | |||||||||||||||||||||||
Other non-current liabilities
|
(1,693,036 | ) | (2,715,727 | ) | (863,768 | ) | (198,620 | ) | (85,951 | ) | (327,564 | ) | (3,543,346 | ) | 4,408,763 | 416,067 | (4,603,182 | ) | ||||||||||||||||||||||
Total assets (net of liabilities)
allocated by segment
|
10,393,243 | 6,781,651 | 5,500,303 | 1,434,359 | 2,628,156 | 747,964 | 15,104,274 | (17,174,894 | ) | (12,095,292 | ) | 13,319,764 | ||||||||||||||||||||||||||||
Total assets
|
21,197,721 | 11,496,354 | 10,272,361 | 2,561,634 | 2,750,590 | 1,476,074 | 24,280,149 | (32,694,075 | ) | (12,725,074 | ) | 28,615,734 |
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
|||||||||||||
Raízen Energia
|
||||||||||||||||
Sugar
|
582,806 | 1,808,275 | 759,145 | 1,935,812 | ||||||||||||
Ethanol
|
879,319 | 2,200,596 | 580,723 | 1,704,046 | ||||||||||||
Cogeneration
|
174,986 | 202,252 | 97,246 | 110,385 | ||||||||||||
Other
|
49,184 | 80,005 | 41,146 | 78,382 |
1,686,295 | 4,291,128 | 1,478,260 | 3,828,625 | |||||||||||||
Raízen Combustíveis
|
||||||||||||||||
Fuels
|
13,684,833 | 26,695,789 | 11,778,509 | 22,725,610 | ||||||||||||
13,684,833 | 26,695,789 | 11,778,509 | 22,725,610 | |||||||||||||
COMGÁS
|
||||||||||||||||
Industrial
|
1,036,150 | 2,061,577 | 1,001,294 | 1,947,034 | ||||||||||||
Residential
|
170,090 | 282,266 | 163,459 | 277,445 | ||||||||||||
Thermogeneration
|
103,833 | 191,428 | 90,524 | 175,207 | ||||||||||||
Cogeneration
|
64,174 | 128,008 | 62,657 | 130,982 | ||||||||||||
Automotive
|
49,957 | 96,754 | 48,822 | 93,776 | ||||||||||||
Commercial
|
64,014 | 119,471 | 58,677 | 107,530 | ||||||||||||
Construction revenue
|
117,463 | 235,104 | 174,150 | 309,311 | ||||||||||||
Other
|
10,709 | 19,162 | 6,068 | 12,110 | ||||||||||||
1,616,390 | 3,133,770 | 1,605,651 | 3,053,395 | |||||||||||||
Rumo
|
||||||||||||||||
Port lifting
|
43,879 | 93,308 | 36,839 | 73,473 | ||||||||||||
Logistics
|
137,793 | 292,739 | 172,158 | 300,656 | ||||||||||||
Other
|
8,809 | 12,368 | 5,340 | 8,595 | ||||||||||||
190,481 | 398,415 | 214,337 | 382,724 | |||||||||||||
Radar
|
||||||||||||||||
Property sale
|
17,671 | 63,260 | 5,694 | 5,694 | ||||||||||||
Land lease
|
15,682 | 31,808 | 14,185 | 29,568 | ||||||||||||
Other
|
1,841 | 3,676 | 1 | - | ||||||||||||
35,194 | 98,744 | 19,880 | 35,262 | |||||||||||||
Lubricants
|
||||||||||||||||
Lubricants
|
335,299 | 654,487 | 348,627 | 672,715 | ||||||||||||
Basic Oil
|
64,168 | 110,191 | 35,275 | 66,398 | ||||||||||||
Other
|
4,479 | 7,537 | 2,155 | 4,642 | ||||||||||||
403,946 | 772,215 | 386,057 | 743,755 | |||||||||||||
Cosan’s other business
|
(2 | ) | 51 | 13 | 12 | |||||||||||
IFRS 11 - Deconsolidated of
Joint Ventures and eliminations
|
(15,371,128 | ) | (30,986,917 | ) | (13,256,769 | ) | (26,554,235 | ) | ||||||||
Total
|
2,246,009 | 4,403,195 | 2,225,938 | 4,215,148 | ||||||||||||
21 |
4
|
Cash and cash equivalents
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Brazilian Reais
|
||||||||
Short-term investments
|
1,206,711 | 1,387,295 | ||||||
U.S. Dollars
|
||||||||
Cash and bank deposits
|
133,724 | 122,270 | ||||||
1,340,435 | 1,509,565 |
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Exclusive funds
|
||||||||
Commitment transactions
|
315,753 | 662,262 | ||||||
Bank certificate of deposits - CDB
|
40,576 | 175,895 |
356,329 | 838,157 | |||||||
Bank investments
|
||||||||
Bank certificate of deposits - CDB
|
273,742 | 147,782 | ||||||
Commitment transactions
|
521,670 | 342,894 | ||||||
Other financial investments
|
54,970 | 58,462 | ||||||
850,382 | 549,138 | |||||||
1,206,711 | 1,387,295 |
5
|
Trade receivables
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Domestic
|
1,208,652 | 1,087,118 | ||||||
Foreign
|
31,547 | 24,453 | ||||||
Allowance for
doubtful accounts
|
(39,979 | ) | (28,628 | ) | ||||
1,200,220 | 1,082,943 | |||||||
Current
|
879,997 | 844,483 | ||||||
Non-current
|
320,223 | 238,460 |
6
|
Other financial assets
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Exxon Mobil financial assets
|
320,385 | 309,378 | ||||||
Receivable from sale of
discontinued operations(a)
|
168,591 | 160,783 | ||||||
488,976 | 470,161 | |||||||
Current
|
66,088 | 63,054 | ||||||
Non-current
|
422,888 | 407,107 |
a)
|
Remaining balance the alienation of Cosan Alimentos will be received in three installments, adjusted by the CDI or SELIC indices.
|
7
|
Related parties
|
a)
|
Receivables from and payables to related parties are as follows:
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Current assets
|
||||||||
Commercial operations
|
||||||||
Raízen Energia S.A.
|
28,967 | 27,681 | ||||||
Transport services
|
39 | 10,538 | ||||||
Lubricants
|
2,250 | 3,086 | ||||||
Other
|
26,678 | 14,057 | ||||||
Raízen Combustíveis S.A.
|
- | 4,048 | ||||||
Aguassanta Participações S.A.
|
6,521 | 6,368 | ||||||
Mansilla Participações Ltda.
|
4,024 | - | ||||||
Other
|
5,628 | - |
45,140 | 38,097 | |||||||
Corporate operation / Agreements
|
||||||||
Raízen Energia S.A.
|
1,555 | 1,468 | ||||||
1,555 | 1,468 | |||||||
Financial operations
|
||||||||
Rezende Barbosa Group
|
4,557 | 7,223 | ||||||
Raízen Combustíveis S.A
|
1,329 | - | ||||||
5,886 | 7,223 | |||||||
52,581 | 46,788 | |||||||
Non-current assets
|
||||||||
Receivables under the
|
||||||||
framework agreement
|
||||||||
Raízen Energia S.A.
|
260,738 | 305,183 | ||||||
Raízen Combustíveis S.A.
|
30,252 | 90,756 | ||||||
290,990 | 395,939 | |||||||
Financial operations
|
||||||||
Rezende Barbosa Group
|
106,057 | 107,002 | ||||||
106,057 | 107,002 | |||||||
Corporate restructuring
|
1,540 | 1,540 | ||||||
398,587 | 504,481 | |||||||
Total assets
|
451,168 | 551,269 |
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Current liabilities
|
||||||||
Commercial operations
|
||||||||
Shell Brazil Holding B.V.
|
- | 5,986 | ||||||
Raízen Energia S.A.
|
27,987 | 18,491 | ||||||
Advances from port services
|
16 | 7,998 | ||||||
Shared expenses
|
27,971 | 10,204 | ||||||
Other
|
- | 289 | ||||||
Raízen Combustíveis S.A.
|
1,197 | 1,709 | ||||||
Other
|
144 | 34 |
29,328 | 26,220 | |||||||
Corporate operations / Agreements
|
||||||||
Raízen Combustíveis S.A.
|
9,948 | 8,800 | ||||||
Raízen Energia S.A.
|
51,069 | 70,443 | ||||||
61,017 | 79,243 | |||||||
Financial operations
|
||||||||
Shell Brazil Holding B.V.
|
2,478 | - | ||||||
2,478 | - | |||||||
Total liabilities
|
92,823 | 105,463 |
April 1, 2014 to | January 1, 2014 | April 1, 2013 to | January 1, 2013 | |||||||||||||
June 30, 2014 | to June 30, 2014 | June 30, 2013 | to June 30, 2013 | |||||||||||||
Sales of goods and services | ||||||||||||||||
Raízen Energia S.A.
|
51,240 | 133,861 | 94,388 | 165,284 | ||||||||||||
Other
|
1,058 | 1,072 | - | - | ||||||||||||
52,298 | 134,933 | 94,388 | 165,284 | |||||||||||||
Purchase of goods / Inputs
|
||||||||||||||||
Raízen Energia S.A.
|
(4 | ) | (4 | ) | (1 | ) | (1 | ) | ||||||||
Raízen Combustíveis S.A.
|
(354 | ) | (719 | ) | (336 | ) | (544 | ) |
(358 | ) | (723 | ) | (337 | ) | (545 | ) | |||||||||
Land lease
|
||||||||||||||||
Raízen Energia S.A.
|
14,701 | 25,651 | 12,219 | 33,865 | ||||||||||||
14,701 | 25,651 | 12,219 | 33,865 | |||||||||||||
Shared income (expense)
|
||||||||||||||||
Aguassanta Participações S.A.
|
118 | 224 | 91 | 182 | ||||||||||||
Raízen Energia S.A.
|
(3,373 | ) | (6,892 | ) | (2,083 | ) | (6,486 | ) | ||||||||
(3,255 | ) | (6,668 | ) | (1,992 | ) | (6,304 | ) |
Financial result
|
||||||||||||||||
Rezende Barbosa Group
|
126 | 293 | 293 | 623 | ||||||||||||
Usina Santa Luzia
|
(30 | ) | (75 | ) | (43 | ) | (331 | ) | ||||||||
Raízen Energia S.A.
|
607 | 1,223 | (24 | ) | 492 | |||||||||||
Aldwich Temple Venture Capital Ltd.
|
(64 | ) | (130 | ) | - | (67 | ) | |||||||||
Other
|
104 | 201 | 69 | (9 | ) | |||||||||||
743 | 1,512 | 295 | 708 | |||||||||||||
Total
|
64,129 | 154,705 | 104,573 | 193,008 |
8
|
Equity method investments
|
a) Consolidated
|
Issued
shares of
the
investee
|
Number of
by Cosan
|
Percentage
of interest
(%)
|
December
31, 2013
|
Equity
income of
investee
|
Equity
method
adjustments
|
Capital
Increase
|
Dividends
|
Other
|
June 30,
2014
|
June 30,
2013
|
||||||||||||||||||||||||||||||||||
Tellus Brasil Participações Ltda.
|
65,957,282 | 33,638,214 | 51.00 | 78,821 | 4,028 | 56 | 4,154 | (1,938 | ) | - | 85,121 | 4,097 | ||||||||||||||||||||||||||||||||
Novvi Limited
|
200,002 | 100,001 | 50.00 | 15,364 | (3,339 | ) | (881 | ) | 4,640 | - | - | 15,784 | (170 | ) | ||||||||||||||||||||||||||||||
Vertical UK LLP
|
- | - | 50.00 | 8,126 | 1,057 | (2,687 | ) | - | - | - | 6,496 | - | ||||||||||||||||||||||||||||||||
Other investments
|
- | - | - | 1,005 | (1,079 | ) | - | - | - | 74 | - | (1,596 | ) | |||||||||||||||||||||||||||||||
Total | 103,316 | 667 | (3,512 | ) | 8,794 | (1,938 | ) | 74 | 107,401 | 2,331 |
Issued shares
of the
investee
|
Number of
shares held
by non-
controlling
|
Percentage
of interest
by non-
(%)
|
December
31, 2013
|
Equity in
income of
investee of
non-
controlling
|
Equity
method
adjustments
|
Dividends
|
Acquisition
of non-
interest
|
June 30,
2014
|
||||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
2,040,816 | 1,000,000 | 61.75 | 37,219 | (370 | ) | - | (141 | ) | - | 36,708 | |||||||||||||||||||||||||
Rumo Logística Operadora Multimodal S.A.
|
956,917 | 239,229 | 25.00 | 349,285 | 13,685 | - | (47,481 | ) | - | 315,489 | ||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 17,147,822 | 81.08 | 1,607,793 | 25,744 | 1,127 | (32,432 | ) | (96 | ) | 1,602,136 | |||||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A.
|
830,690,258 | 290,710,861 | 35.00 | 328,192 | 17,232 | 79 | (6,300 | ) | - | 339,203 | ||||||||||||||||||||||||||
Elimination of participation Radar II in Radar
|
- | - | - | (505,215 | ) | (5,163 | ) | (226 | ) | 6,504 | - | (504,100 | ) | |||||||||||||||||||||||
Companhia de Gás de São Paulo - "COMGÁS"
|
119,822,797 | 47,864,807 | 39.31 | 1,961,238 | 106,024 | (339 | ) | - | 3,610 | 2,070,533 | ||||||||||||||||||||||||||
Total
|
3,778,512 | 157,152 | 641 | (79,850 | ) | 3,514 | 3,859,969 |
9
|
Investment in jointly controlled entities
|
Issued shares
of the investee
|
Number of
shares held by
Cosan
|
Percentage
of interest
(%)
|
December
31, 2013
|
Equity in income
of jointly
controlled entity
|
Dividends
|
Equity
method
adjustments
|
Other
equity
effects
|
June 30,
2014
|
Equity in
income
June
30, 2013
|
|||||||||||||||||||||||||||||||
Raízen Combustíveis S.A.
|
3,303,168,484 | 1,651,584,242 | 50.00 | 3,326,482 | 218,491 | (200,500 | ) | - | - | 3,344,473 | 190,052 | |||||||||||||||||||||||||||||
Raízen Energia S.A.
|
5,902,595,634 | 2,951,297,817 | 50.00 | 5,171,777 | 166,974 | (518 | ) | (39,960 | ) | 4,213 | 5,302,486 | (132,134 | ) | |||||||||||||||||||||||||||
Total
|
8,498,259 | 385,465 | (201,018 | ) | (39,960 | ) | 4,213 | 8,646,959 | 57,918 |
Raízen Energia
|
Raízen Combustíveis
|
|||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Cash flow
|
||||||||||||||||
Operating activities
|
1,358,778 | 1,775,251 | 439,974 | 625,489 | ||||||||||||
Investing activities
|
(1,564,406 | ) | (1,569,024 | ) | 69,933 | (132,287 | ) | |||||||||
Financing activities
|
675,046 | (179,205 | ) | (511,308 | ) | (416,353 | ) | |||||||||
Increase (use) in cash
|
||||||||||||||||
and cash equivalents
|
469,418 | 27,022 | (1,401 | ) | 76,849 | |||||||||||
Other comprehensive (loss) income
|
237,915 | (254,096 | ) | 489,465 | 389,690 |
10
|
Investment property
|
Investment
|
Assets held
|
|||||||||||
property
|
for sale
|
Total
|
||||||||||
At December 31, 2013
|
2,281,509 | 314,104 | 2,595,613 | |||||||||
Change in fair value
|
42,518 | 2,465 | 44,983 | |||||||||
Transfers
|
(79,717 | ) | 79,717 | - | ||||||||
Disposals
|
- | (48,392 | ) | (48,392 | ) | |||||||
At June 30, 2014
|
2,244,310 | 347,894 | 2,592,204 |
Property Plant and equipment |
Land,
buildings and
improvements
|
Machinery,
equipment and
facilities
|
Rails cars and
locomotives
|
Construction in progress
|
Other
|
Total
|
||||||||||||||||||
Cost | ||||||||||||||||||||||||
At December 31, 2013
|
447,240 | 359,262 | 436,064 | 284,262 | 35,100 | 1,561,928 | ||||||||||||||||||
Additions
|
127 | 3,562 | - | 132,141 | - | 135,830 | ||||||||||||||||||
Disposals
|
- | (1,070 | ) | - | 2 | (845 | ) | (1,913 | ) | |||||||||||||||
Transfers(1)
|
30,754 | 101,534 | - | (187,726 | ) | 3,673 | (51,765 | ) | ||||||||||||||||
At June 30, 2014
|
478,121 | 463,288 | 436,064 | 228,679 | 37,928 | 1,644,081 | ||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
At December 31, 2013
|
(80,419 | ) | (153,996 | ) | (41,584 | ) | - | (14,019 | ) | (290,018 | ) | |||||||||||||
Additions
|
(7,741 | ) | (17,350 | ) | (6,832 | ) | - | (2,229 | ) | (34,151 | ) | |||||||||||||
Disposals
|
- | - | - | - | 778 | 778 | ||||||||||||||||||
At June 30, 2014
|
(88,160 | ) | (171,346 | ) | (48,416 | ) | - | (15,469 | ) | (323,391 | ) | |||||||||||||
At December 31, 2013
|
366,821 | 205,266 | 394,480 | 284,262 | 21,081 | 1,271,910 | ||||||||||||||||||
At June 30, 2014
|
389,962 | 291,943 | 387,648 | 228,679 | 22,459 | 1,320,690 |
Intangible assets |
Goodwill
|
Concession
intangible
assets-
COMGÁS
|
Improvements in public
concessions and
operation licenses
|
Trademark
|
Related
customer
relationships
|
Other
|
Total
|
|||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||
At December 31, 2013
|
703,956 | 8,307,282 | 751,555 | 252,474 | 719,186 | 200,825 | 10,935,278 | |||||||||||||||||||||
Additions
|
- | 245,784 | - | - | 67,640 | 9,556 | 322,980 | |||||||||||||||||||||
Disposals
|
- | (9,229 | ) | - | - | (4,471 | ) | 11 | (13,689 | ) | ||||||||||||||||||
Transfers(1)
|
- | (3 | ) | 49,838 | - | 3 | 1,927 | 51,765 | ||||||||||||||||||||
At June 30, 2014
|
703,956 | 8,543,834 | 801,393 | 252,474 | 782,359 | 212,318 | 11,296,334 | |||||||||||||||||||||
Amortization
|
||||||||||||||||||||||||||||
At December 31, 2013
|
- | (306,437 | ) | (102,119 | ) | (114,132 | ) | (273,120 | ) | (61,430 | ) | (857,238 | ) | |||||||||||||||
Additions
|
- | (164,427 | ) | (17,912 | ) | (11,414 | ) | (77,838 | ) | (25,571 | ) | (297,161 | ) | |||||||||||||||
Disposals
|
- | 6,956 | - | - | 2,386 | (108 | ) | 9,234 | ||||||||||||||||||||
At June 30, 2014
|
- | (463,908 | ) | (120,031 | ) | (125,546 | ) | (348,571 | ) | (87,109 | ) | (1,145,164 | ) | |||||||||||||||
At December 31, 2013
|
703,956 | 8,000,845 | 649,436 | 138,342 | 446,066 | 139,395 | 10,078,040 | |||||||||||||||||||||
At June 30, 2014
|
703,956 | 8,079,927 | 681,362 | 126,929 | 433,788 | 125,209 | 10,151,170 |
December 31,
|
||||||||||||
Intangible assets (excluding goodwill)
|
Annual rate of amortization - %
|
June 30, 2014
|
2013
|
|||||||||
Concession intangible asset - COMGÁS (a)
|
Over the concession term
|
8,079,927 | 8,000,845 | |||||||||
Improvements in public grants (b)
|
Over the concession term
|
425,042 | 387,245 | |||||||||
Operating license for port terminal (c)
|
4.00 | 256,320 | 262,190 | |||||||||
681,362 | 649,436 | |||||||||||
Trademarks
|
||||||||||||
Mobil
|
10.00 | 102,724 | 114,138 | |||||||||
Comma
|
- | 24,204 | 24,204 | |||||||||
126,929 | 138,342 | |||||||||||
Relationship with customers
|
||||||||||||
COMGÁS
|
3.00 | 372,190 | 375,184 | |||||||||
Lubricants
|
6.00 | 61,598 | 70,883 | |||||||||
433,788 | 446,066 | |||||||||||
Other
|
||||||||||||
Software licenses
|
20.00 | 83,329 | 91,695 | |||||||||
Other
|
Up to 20
|
41,880 | 47,700 | |||||||||
125,209 | 139,395 | |||||||||||
9,447,215 | 9,374,083 |
a)
|
Refers to the concession intangible asset for the public gas distribution service, which represents the right to charge users for the supply of gas and is comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets as disclosed;
|
b)
|
Refers to improvements made to the federal railways in relation to the transportation agreement entered by Rumo;
|
c)
|
License port operations and customer relationships of Rumo, recognized as a result of business combinations.
|
13
|
Loans and borrowings
|
Interest
|
||||||||||||||||||
Interest
|
June 30,
|
December
|
Maturity
|
|||||||||||||||
Description(a)
|
Index(b)
|
rate(c) (%)
|
2014
|
31, 2013 |
date
|
|||||||||||||
Senior Notes Due 2018
|
Pre-fixed
|
9.50 | 873,630 | 873,589 |
mar-18
|
|||||||||||||
Senior Notes Due 2023
|
Dollar (US$)
|
5.00 | 1,083,613 | 1,086,716 |
mar-23
|
|||||||||||||
BNDES
|
TJLP
|
7.95 | 403,823 | 526,716 |
jun-17
|
|||||||||||||
BNDES
|
SELIC
|
12.90 | 231,789 | 159,894 |
oct-20
|
|||||||||||||
BNDES
|
TJ462
|
7.80 | 735,536 | 525,636 |
oct-20
|
|||||||||||||
Perpetual notes
|
Dollar (US$)
|
8.25 | 1,115,295 | 1,186,221 | - | |||||||||||||
Working capital
|
Dollar (US$) + LIBOR
|
4.24 | 170,392 | 262,796 |
sep-16
|
|||||||||||||
Working capital
|
113% CDI
|
12.20 | 90,180 | - |
sep-16
|
|||||||||||||
Credit notes
|
110% CDI
|
- | - | 393,646 | - | |||||||||||||
FINAME
|
Pre-fixed
|
4.22 | 253,542 | 277,298 |
nov-22
|
|||||||||||||
FINAME
|
URTJLP
|
7.05 | 403,343 | 428,916 |
may-22
|
|||||||||||||
Finem
|
Pre-fixed
|
3.50 | 2,120 | - |
jan-24
|
|||||||||||||
Finem
|
URTJLP
|
6.74 | 5,541 | - |
jan-22
|
|||||||||||||
Leasing
|
CDI
|
10.80 | 548 | 1,068 |
oct-14
|
|||||||||||||
Foreign loans
|
LIBOR UK semiannual
|
4.34 | 203,623 | 209,340 |
jun-17
|
|||||||||||||
EIB
|
Dollar (US$) + LIBOR
|
2.11 | 601,927 | 633,223 |
sep-21
|
|||||||||||||
Resolution 4131
|
Dollar (US$) + LIBOR
|
2.72 | 394,651 | 413,477 |
feb-18
|
|||||||||||||
Debentures
|
CDI
|
- | - | 1,443,941 | - | |||||||||||||
Non-convertible debentures
|
CDI
|
11.94 | 167,411 | 164,144 |
sep-19
|
|||||||||||||
Debentures
|
Fixed rate+IPCA
|
10.94 | 446,121 | 417,231 |
sep-20
|
|||||||||||||
FINEP
|
Pre-fixed
|
5.00 | 89,147 | 89,104 |
jan-21
|
|||||||||||||
7,272,232 | 9,092,956 | |||||||||||||||||
Current
|
617,979 | 1,050,862 | ||||||||||||||||
Non-current
|
6,654,253 | 8,042,094 |
a)
|
Loans and borrowings are guaranteed by promissory notes and endorsements of the Company and its jointly-controlled entities 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);
|
b)
|
TJLP and URTJLP are long-term interest rates set on loans by the BNDES, the Brazilian National Development Bank. SELIC is the benchmark interest rate set by the Central Bank of Brazil. CDI is a benchmark interbank lending rate in Brazil. IPCA is the benchmark consumer price index used by the Central Bank of Brazil to set monetary policy;
|
Carrying amount
|
Fair value
|
|||||||||||||||
June 30,
|
December
|
June 30,
|
December
|
|||||||||||||
2014
|
31, 2013 | 2014 | 31, 2013 | |||||||||||||
Senior / perpetual notes
|
3,072,538 | 3,174,894 | 2,984,552 | 2,977,658 | ||||||||||||
Financing
|
4,199,694 | 5,918,062 | 4,199,694 | 5,918,062 | ||||||||||||
Total
|
7,272,232 | 9,092,956 | 7,184,246 | 8,895,720 |
14
|
Trade payables
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Natural gas suppliers
|
620,975 | 590,168 | ||||||
Materials and services suppliers
|
306,020 | 272,261 | ||||||
926,995 | 862,429 |
15
|
Other taxes payable
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
ICMS – State VAT
|
80,051 | 77,466 | ||||||
IPI - Excise tax
|
- | - | ||||||
INSS - Social security
|
3,095 | 2,842 | ||||||
PIS - Revenue tax
|
2,558 | 5,170 | ||||||
COFINS- Revenue tax
|
18,411 | 30,470 | ||||||
Recovery program – REFIS
|
1,079,904 | 1,075,019 | ||||||
Other
|
5,844 | 18,856 | ||||||
1,189,863 | 1,209,823 | |||||||
Current
|
178,915 | 199,056 | ||||||
Non-current
|
1,010,948 | 1,010,767 |
16
|
Income tax and social contribution
|
a)
|
Reconciliation of income and social contribution tax expenses
|
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
|||||||||||||
Profit (loss) before taxes
|
165,518 | 514,264 | (69,407 | ) | 181,441 | |||||||||||
Income tax and social contribution at
|
||||||||||||||||
nominal rate (34%)
|
(56,276 | ) | (174,850 | ) | 23,598 | (61,690 | ) | |||||||||
Adjustments to reconcile to effective tax rate
|
||||||||||||||||
Equity method investments (non taxable income)
|
55,873 | 131,285 | (11,002 | ) | 20,485 | |||||||||||
Permanent differences (donations, gifts, etc.)
|
(1,818 | ) | (3,535 | ) | (1,554 | ) | (2,414 | ) | ||||||||
Stock options
|
(871 | ) | (1,743 | ) | (732 | ) | (1,862 | ) | ||||||||
Interest on capital
|
- | (6,970 | ) | - | (6,800 | ) | ||||||||||
Tax losses
|
(732 | ) | (1,406 | ) | (74,196 | ) | (139,202 | ) | ||||||||
Judicial demands
|
- | 13,839 | - | - | ||||||||||||
Gains or losses from offshore companies
|
5,955 | (699 | ) | (16,329 | ) | (16,329 | ) | |||||||||
Tax basis differences related to entities taxed
on the Brazilian presumed profits method
|
24,354 | 20,606 | 2,542 | 18,857 | ||||||||||||
Foreign exchange effects of foreign subsidiaries
|
(8,716 | ) | (16,095 | ) | (252 | ) | (16,705 | ) | ||||||||
Tax effect of unrealized gain on investment
in Joint Venture(i)
|
- | - | - | 120,554 | ||||||||||||
Other
|
47 | (2,177 | ) | 901 | (10,583 | ) | ||||||||||
Income tax and social contribution
expense (current and deferred)
|
17,816 | (41,745 | ) | (77,024 | ) | (95,689 | ) | |||||||||
Effective rate - %
|
-10.80 | 8.10 | -111.00 | 52.70 |
December 31,
|
||||||||||||||||||||
June 30, 2014 |
2013
|
|||||||||||||||||||
Social
|
||||||||||||||||||||
Income
|
contribution
|
Total income
|
Total income
|
|||||||||||||||||
Basis
|
taxes (25%)
|
(9 | %) |
taxes (34%)
|
taxes (34%)
|
|||||||||||||||
Tax loss carryforwards
|
||||||||||||||||||||
Income tax loss carryforwards
|
1,645,621 | 411,405 | - | 411,405 | 282,656 | |||||||||||||||
Social contribution tax loss carryforwards
|
1,652,882 | - | 148,759 | 148,759 | 102,410 | |||||||||||||||
Temporary differences
|
||||||||||||||||||||
Foreign currency receivables and payables
|
290,321 | 72,580 | 26,129 | 98,709 | 11,603 | |||||||||||||||
Tax deductible goodwill
|
1,191,645 | 297,911 | 107,248 | 405,159 | 514,893 | |||||||||||||||
Provision for judicial demands
|
529,206 | 132,301 | 47,629 | 179,930 | 194,985 | |||||||||||||||
Allowance for doubtful accounts
|
173,797 | 43,449 | 15,642 | 59,091 | 54,258 | |||||||||||||||
Profit sharing
|
18,575 | 4,644 | 1,672 | 6,316 | 67,057 | |||||||||||||||
Derivatives instruments unrealized gains
|
(54,967 | ) | (13,742 | ) | (4,947 | ) | (18,689 | ) | 107,489 | |||||||||||
Unrealized gain on sale of investments
|
(90,864 | ) | (22,716 | ) | (8,178 | ) | (30,894 | ) | (30,894 | ) | ||||||||||
Other temporary differences
|
(38,935 | ) | (9,732 | ) | (3,505 | ) | (13,237 | ) | (38,897 | ) |
Property, plant and equipment
|
(97,621 | ) | (24,405 | ) | (8,786 | ) | (33,191 | ) | (28,018 | ) | ||||||||||
Gain on formation of Joint Ventures
|
(3,338,342 | ) | (834,586 | ) | (300,451 | ) | (1,135,037 | ) | (1,135,041 | ) | ||||||||||
Unrealized gains on investment property
|
(2,244,310 | ) | (44,886 | ) | (24,239 | ) | (69,125 | ) | (70,309 | ) | ||||||||||
Assets held for sale
|
(347,895 | ) | (6,958 | ) | (3,757 | ) | (10,715 | ) | (9,636 | ) | ||||||||||
Concession contract
|
30,572 | 7,643 | 2,752 | 10,395 | 11,579 | |||||||||||||||
Regulatory asset
|
223,330 | 55,832 | 20,100 | 75,932 | 118,228 | |||||||||||||||
Gains or losses on actuarial liabilities
|
303,699 | 75,925 | 27,333 | 103,258 | 41,593 | |||||||||||||||
Business combination - Property,
plant and equipment
|
(109,788 | ) | (27,447 | ) | (9,881 | ) | (37,328 | ) | (38,097 | ) | ||||||||||
Business combination - Intangible assets
|
(4,166,023 | ) | (1,041,506 | ) | (374,942 | ) | (1,416,448 | ) | (1,441,910 | ) | ||||||||||
Business combination - Other
fair value adjustments
|
(49,344 | ) | (12,336 | ) | (4,441 | ) | (16,777 | ) | (17,706 | ) | ||||||||||
Other
|
(414,030 | ) | (103,507 | ) | (37,262 | ) | (140,769 | ) | (162,677 | ) | ||||||||||
Total
|
(1,040,131 | ) | (383,125 | ) | (1,423,256 | ) | (1,466,434 | ) | ||||||||||||
Deferred income tax - Assets
|
251,391 | 232,188 | ||||||||||||||||||
Deferred income tax - Liabilities
|
(1,674,647 | ) | (1,698,622 | ) | ||||||||||||||||
Total net deferred taxes
|
(1,423,256 | ) | (1,466,434 | ) |
c) Changes in deferred income taxes, net:
|
At December 31, 2013– Net deferred tax liability
|
(1,466,434 | ) | ||
Income
|
24,482 | |||
Other comprehensive income
|
442 | |||
Acquisition cost of the preferred shares
|
18,615 | |||
Other
|
(361 | ) | ||
At June 30, 2014 - Net deferred tax liability
|
(1,423,256 | ) |
17
|
Provision for legal proceedings
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Tax
|
344,359 | 410,890 | ||||||
Civil and environmental
|
134,362 | 146,011 | ||||||
Labor
|
174,256 | 165,557 | ||||||
652,977 | 722,458 |
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Tax
|
301,105 | 294,991 | ||||||
Civil and environmental
|
47,546 | 33,659 | ||||||
Labor
|
40,377 | 32,904 | ||||||
389,028 | 361,554 |
Tax
|
Civil
|
Labor
|
Total
|
|||||||||||||
At December 31, 2013
|
410,890 | 146,011 | 165,557 | 722,458 | ||||||||||||
Increases
|
4,848 | 13,125 | 53,547 | 71,520 | ||||||||||||
Settlement or Write-Offs
|
(83,519 | ) | (39,295 | ) | (72,355 | ) | (195,169 | ) | ||||||||
Reclassified
|
1,848 | (2,061 | ) | 212 | (1 | ) | ||||||||||
Monetary variation
|
10,292 | 16,582 | 27,295 | 54,169 | ||||||||||||
At June 30, 2014
|
344,359 | 134,362 | 174,256 | 652,977 |
a)
|
Tax claims
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Compensation with FINSOCIAL
|
235,990 | 230,775 | ||||||
IPC - 89(i)
|
- | 74,879 | ||||||
INSS
|
47,718 | 46,291 | ||||||
ICMS credits
|
23,407 | 20,114 | ||||||
PIS and COFINS
|
5,684 | 6,541 | ||||||
IPI
|
995 | 993 | ||||||
IRPJ and CSLL
|
329 | 329 | ||||||
Others
|
30,236 | 30,968 | ||||||
344,359 | 410,890 |
(i)
|
In 1993, Cosan Lubrificantes e Especialidades ("Cosan CLE") filed a lawsuit to challenge the balance sheet inflation accounting index (“IPC”) established by the Federal Government in 1989, considering that this index did not reflect the actual rate of inflation. The use of this index led the Company to overpay income and social contribution taxes. Cosan CLE obtained a favorable preliminary court ruling that allowed it to recalculate its financial position, using indices that better reflected the actual inflation over the period. In doing so the Company adjusted the amounts of income and social contribution taxes payable and offset the overpayments in subsequent years until 1997. Despite the favorable court rulings, the tax authorities issued a notice of infringement to the Company challenging all of the taxes that were offset. The judicial demands has been reclassified to remote loss and therefore the provision of the R$ 75,144 was reversed and R$ 13,839 recorded under income tax expense for previous years and interest of the R$ 61,305 for judicial demands.
|
b)
|
Civil and environmental
|
a)
|
Tax claims
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
ICMS - State VAT(i)
|
1,473,268 | 1,291,685 | ||||||
IRRF
|
630,784 | 637,130 | ||||||
IRPJ/CSLL
|
655,802 | 726,815 | ||||||
Other
|
608,061 | 637,619 | ||||||
INSS - social security and other
|
508,449 | 508,053 | ||||||
IPI credit - NT
|
408,520 | 430,981 | ||||||
PIS and COFINS
|
513,042 | 506,813 | ||||||
Compensation with IPI - IN 67/98
|
116,850 | 115,004 | ||||||
4,914,776 | 4,854,100 |
(i)
|
ICMS (State VAT): Refers mainly to (i) Tax assessments filed against the Company for alleged unpaid ICMS and non-compliance with regulations, in connection with the partnership and manufacturing upon demand, with Central Paulista Açúcar e Álcool Ltda., between May to December 2006 and May to December 2007, (ii) ICMS levied on the remittances for the export of crystallized sugar, which the Company understands are tax exempted. However, the tax authorities, classify crystallized sugar as a semi-finished product therefore, subject to ICMS taxation and (iii), ICMS withholdings rate differences on the sale of ethanol to companies located in other states, which subsequently had their tax registrations revoked, (iv) disallowance of ICMS tax credits in the sale of diesel fuel to customers engaged in the agroindustrial business. The State Tax Administration understands that because the diesel fuel sold is for agricultural use, which is not the Company’s core business, ICMS cannot be offset, (e) ICMS payments on inventory differences arising from erroneous calculations by the State Tax Administration and (f) requirement resulting from disallowance of ICMS credits arising from purchases of goods from companies that, after operations had their tax registrations revoked. It happens that the State Treasury.
|
b)
|
Civil and labor
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Civil
|
821,110 | 832,311 | ||||||
Labor
|
403,102 | 502,697 | ||||||
1,224,212 | 1,335,008 |
18
|
Preferred shareholders payable in subsidiaries
|
19
|
Stockholder’ Equity
|
a)
|
Share capital
|
Class A and / or
|
||||||||||||||||
Shareholders
|
BDRs
|
%
|
Class B1 shares
|
%
|
||||||||||||
Queluz Holding Limited
|
5,241,111 | 3.01 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
MSOR Participações
|
1,811,250 | 1.04 | - | - | ||||||||||||
Usina Bom Jesus
|
255,000 | 0.15 | - | - | ||||||||||||
Gávea funds
|
22,384,370 | 12.84 | - | - | ||||||||||||
Blackrock Inc.
|
9,522,224 | 5.46 | ||||||||||||||
Other
|
135,141,386 | 77.50 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
b)
|
Treasury shares
|
c) Other comprehensive income
|
December 31,
|
Comprehensive
|
June 30,
|
||||||||||
2013
|
income
|
2014
|
||||||||||
Foreign currency translation differences
|
(223,038 | ) | 3,164 | (219,874 | ) | |||||||
Gain (loss) on cash flow hedge in
jointly controlled entity
|
43,384 | (27,311 | ) | 16,073 | ||||||||
Revaluation of investment property reclassified
from property, plant and equipment
|
190,735 | - | 190,735 | |||||||||
Defined benefit actuarial plan losses
|
16,092 | (935 | ) | 15,157 | ||||||||
Changes in value of available
for sale financial assets
|
(7,480 | ) | 1,681 | (5,799 | ) |
Total
|
19,693 | (23,401 | ) | (3,708 | ) | |||||||
Attributable to:
|
||||||||||||
Owners of the Company
|
(84,887 | ) | (9,336 | ) | (94,223 | ) | ||||||
Non-controlling interests
|
104,580 | (14,065 | ) | 90,515 |
20
|
Earnings per share
|
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
|||||||||||||
Numerator
|
||||||||||||||||
Net income from continuing operations
|
||||||||||||||||
Basic
|
38,748 | 179,553 | (128,831 | ) | (40,468 | ) | ||||||||||
Dilutive effect of
|
||||||||||||||||
subsidiary’s stock option plan
|
(8,446 | ) | (29,217 | ) | 46,955 | 28,895 | ||||||||||
Dilutive effect of put option
|
(15,601 | ) | (15,601 | ) | (15,601 | ) | (31,202 | ) | ||||||||
Diluted
|
14,701 | 134,735 | (97,477 | ) | (42,775 | ) | ||||||||||
Loss from discontinued operations
|
- | - | - | (3,369 | ) | |||||||||||
Denominator
|
||||||||||||||||
Weighted average number
|
||||||||||||||||
of capital shares basic
|
264,690,883 | 264,690,883 | 264,690,883 | 264,690,883 | ||||||||||||
Weighted average number
|
||||||||||||||||
of capital shares diluted
|
264,690,883 | 264,690,883 | 271,193,599 | 271,193,599 |
Basic earnings (loss) per share
|
||||||||||||||||
Continuing operations
|
R$ 0.15 | R$ 0.68 | (R$ 0.49 | ) | (R$ 0.15 | ) | ||||||||||
Discontinued operations
|
- | - | - | (R$ 0.01 | ) | |||||||||||
R$ 0.15 | R$ 0.68 | (R$ 0.49 | ) | (R$ 0.17 | ) | |||||||||||
Diluted earnings (loss) per share
|
||||||||||||||||
Continuing operations
|
R$ 0.06 | R$ 0.51 | (R$ 0.36 | ) | (R$ 0.16 | ) | ||||||||||
Discontinued operations
|
- | - | - | (R$ 0.01 | ) | |||||||||||
R$ 0.06 | R$ 0.51 | (R$ 0.36 | ) | (R$ 0.17 | ) |
21
|
Gross Sales
|
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
|||||||||||||
Taxable gross revenue from
|
||||||||||||||||
sales of products and services
|
2,659,267 | 5,206,709 | 2,582,622 | 4,911,437 | ||||||||||||
Construction revenue
|
117,463 | 235,104 | 174,150 | 309,311 | ||||||||||||
Indirect taxes and deductions
|
(530,721 | ) | (1,038,618 | ) | (530,834 | ) | (1,005,600 | ) | ||||||||
Net sales
|
2,246,009 | 4,403,195 | 2,225,938 | 4,215,148 |
22
|
Financial results
|
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
|||||||||||||
Financial expanse
|
||||||||||||||||
Interest expense
|
(232,534 | ) | (388,245 | ) | (196,006 | ) | (379,560 | ) | ||||||||
Indexation charges
|
(13,445 | ) | (30,629 | ) | (5,541 | ) | (12,178 | ) | ||||||||
Bank fees
|
(76,015 | ) | (88,585 | ) | (14,070 | ) | (57,879 | ) | ||||||||
(321,994 | ) | (507,459 | ) | (215,617 | ) | (449,617 | ) | |||||||||
Financial income
|
||||||||||||||||
Interest income
|
35,186 | 51,394 | 17,076 | 52,075 | ||||||||||||
Indexation credits
|
4,056 | 5,985 | 1,804 | 3,491 | ||||||||||||
Income from short term investments
|
34,176 | 64,391 | 38,850 | 61,704 | ||||||||||||
Other
|
1,002 | 1,001 | - | 1 | ||||||||||||
74,420 | 122,771 | 57,730 | 117,271 | |||||||||||||
Foreign exchange effects, net(1)
|
||||||||||||||||
Foreign exchange effects, net
|
20,822 | 96,559 | (309,837 | ) | (309,907 | ) | ||||||||||
20,822 | 96,559 | (309,837 | ) | (309,907 | ) | |||||||||||
Derivative income (losses)
|
||||||||||||||||
Exchange rate and interest rate derivatives
|
(12,106 | ) | (73,187 | ) | 149,934 | 144,612 | ||||||||||
(12,106 | ) | (73,187 | ) | 149,934 | 144,612 | |||||||||||
(238,858 | ) | (361,316 | ) | (317,790 | ) | (497,641 | ) |
23
|
Other, net
|
April 1, 2014 to
|
January 1, 2014
|
April 1, 2013 to
|
January 1, 2013
|
|||||||||||||
June 30, 2014
|
to June 30, 2014
|
June 30, 2013
|
to June 30, 2013
|
|||||||||||||
Profit (loss) on port operations
|
2,460 | 7,803 | 145 | (4,700 | ) | |||||||||||
Provisions for legal proceedings
|
(7,790 | ) | (26,230 | ) | (30,415 | ) | (48,742 | ) | ||||||||
(Loss) gain on disposal
|
||||||||||||||||
of non-current assets
|
(2,754 | ) | (4,806 | ) | (5,789 | ) | 9,759 | |||||||||
Costs to operation transactions(a)
|
(124,212 | ) | (124,212 | ) | - | - | ||||||||||
Rental income
|
181 | 348 | 171 | 354 | ||||||||||||
Changes in the fair value
|
||||||||||||||||
of investment property
|
67,904 | 44,983 | 7,665 | 60,418 | ||||||||||||
Allowance for doubtful accounts
|
(644 | ) | 703 | (190 | ) | (262 | ) | |||||||||
Gain (loss) on corporate restructuring
|
179 | 4,479 | (2 | ) | - | |||||||||||
Other
|
(1,521 | ) | (2,057 | ) | 8,785 | 35,405 | ||||||||||
(66,197 | ) | (98,989 | ) | (19,630 | ) | 52,232 |
(a)
|
Costs with corporate restructuring in progress.
|
24
|
Financial instruments
|
●
|
Foreign exchange risk;
|
●
|
Interest rate risk;
|
●
|
Credit risk;
|
●
|
Liquidity risk.
|
Notional
|
Fair value
|
|||||||||||||||||||
June 30,
|
December
|
June 30,
|
December
|
|||||||||||||||||
2014
|
31, 2013 | 2014 | 31, 2013 |
P&L(I)
|
||||||||||||||||
COMGÁS derivatives
|
||||||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Swap agreements
|
828,442 | 828,442 | 157,919 | 209,532 | (51,613 | ) | ||||||||||||||
828,442 | 828,442 | 157,919 | 209,532 | (51,613 | ) | |||||||||||||||
Other subsidiaries derivatives
|
||||||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Term agreements
|
161,163 | 232,220 | 5,367 | 25,713 | 23,473 | |||||||||||||||
161,163 | 232,220 | 5,367 | 25,713 | 23,473 | ||||||||||||||||
Interest rate and exchange rate risk
|
||||||||||||||||||||
Swap agreements (interest rate)
|
181,617 | 181,617 | (16,866 | ) | (13,573 | ) | 1,453 | |||||||||||||
Swap agreements (interest and
|
||||||||||||||||||||
exchange rate)
|
1,662,806 | 1,662,806 | (61,059 | ) | (39,078 | ) | (3,951 | ) | ||||||||||||
1,844,423 | 1,844,423 | (77,925 | ) | (52,652 | ) | (2,498 | ) | |||||||||||||
Total financial instruments contracted by Company
|
85,361 | 182,593 | (30,638 | ) | ||||||||||||||||
Assets
|
351,769 | 513,934 | ||||||||||||||||||
Liabilities
|
(266,408 | ) | (331,341 | ) |
Purchased
|
Maturity
|
Notional
|
Notional
|
Fair Value
|
|||||||||||||||
Derivatives
|
/ Sold
|
Market
|
Agreement
|
date
|
(US$)
|
$(R | ) | $(R | ) | ||||||||||
Composition of balance of derivative financial instruments non designated in hedge accounting | |||||||||||||||||||
Financial instruments contracted by COMGÁS:
|
|||||||||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Jun-20
|
10,000 | 18,361 | 4,880 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Jul-20
|
10,000 | 18,361 | 4,376 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Aug-20
|
10,000 | 18,361 | 5,070 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Sep-20
|
14,381 | 26,406 | 7,284 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Oct-20
|
40,000 | 73,444 | 20,088 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Sep-20
|
39,922 | 69,580 | 19,874 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
May-21
|
51,400 | 83,145 | 28,895 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
May-21
|
20,000 | 32,352 | 11,432 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Sep-21
|
30,000 | 49,761 | 16,540 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Sep-21
|
42,435 | 70,387 | 23,747 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Jul-17
|
75,000 | 153,900 | 10,492 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Feb-18
|
50,000 | 99,385 | 10,834 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Aug-18
|
50,000 | 115,000 | (5,592 | ) | |||||||||||
At June 30, 2014
|
443,138 | 828,442 | 157,919 | ||||||||||||||||
At December 31, 2013
|
443,138 | 828,442 | 209,532 |
Financial instruments contracted by other subsidiaries:
|
|||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Aug-14
|
6,188 | 14,002 | (167 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Aug-14
|
4,197 | 8,507 | 868 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-14
|
6,188 | 14,261 | (75 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-14
|
4,197 | 8,666 | 919 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
6,188 | 14,497 | 24 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
4,197 | 8,813 | 974 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
May-15
|
6,188 | 14,726 | 113 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
May-15
|
4,197 | 8,942 | 1,035 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Aug-15
|
6,188 | 15,003 | 168 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Aug-15
|
4,197 | 9,089 | 1,084 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-15
|
6,188 | 15,254 | 247 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-15
|
4,197 | 9,231 | 1,137 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-14
|
1,749 | 4,129 | (356 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-14
|
1,612 | 3,885 | (293 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-14
|
1,618 | 3,929 | (110 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-14
|
1,817 | 4,338 | (55 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-14
|
1,586 | 3,890 | (145 | ) | |||||||||||
- | - | - | |||||||||||||||||
Sub-total Term at June 30, 2014
|
70,689 | 161,163 | 5,367 | ||||||||||||||||
Sub-total Term at December 31, 2013
|
102,971 | 232,220 | 25,713 | ||||||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Dec-14
|
81,972 | 181,617 | (185 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-18
|
359,272 | 712,796 | 110,815 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Sep-16
|
75,000 | 179,063 | (16,423 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-18
|
(359,272 | ) | (712,796 | ) | (110,819 | ) | |||||||||
Sub-total Swap at June 30, 2014
|
156,972 | 360,680 | (16,611 | ) | |||||||||||||||
Sub-total Swap at December 31, 2013
|
156,972 | 360,680 | 141,941 | ||||||||||||||||
Composition of balance of derivative financial instruments designated in hedge accounting
|
|||||||||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
175,000 | 347,690 | 3,929 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 2,665 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 1,919 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
368,500 | 732,136 | (12,968 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (8,267 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 4,408 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,059 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 5,582 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 5,432 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,120 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 4,981 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (9,560 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 110,780 | (5,615 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (2,902 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (2,808 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
75,000 | 167,775 | (1,131 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | (1,993 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 110,780 | (6,891 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (3,446 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
10,000 | 21,319 | (753 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
65,000 | 144,014 | (7,297 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
(368,500 | ) | (732,136 | ) | 148 | ||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
(175,000 | ) | (347,690 | ) | (7,791 | ) | |||||||||
Swap
|
Amortization Gain / Loss D1
|
- | - | 1,222 | |||||||||||||||
Sub-total Swap at June 30, 2014
|
675,000 | 1,483,743 | (61,314 | ) | |||||||||||||||
Sub-total Swap at December 31, 2013
|
675,000 | 1,483,743 | (45,632 | ) |
Total Swap at June 30, 2014
|
831,972 | 1,844,423 | (77,925 | ) | ||||||||
Total Swap at December 31, 2013
|
831,972 | 1,844,423 | (52,652 | ) | ||||||||
At June 30, 2014 (Except COMGÁS)
|
902,661 | 2,005,586 | (72,558 | ) | ||||||||
At December 31, 2013 (Except COMGÁS)
|
934,943 | 2,076,643 | (26,939 | ) |
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Cash and cash equivalents
|
1,206,711 | 1,387,295 | ||||||
Trade receivables
|
31,547 | 24,453 | ||||||
Loans and borrowings
|
(1,115,295 | ) | (3,814,871 | ) | ||||
Foreign exchange exposure, net
|
122,963 | (2,403,123 | ) |
Investment
|
||||
securities
|
||||
AAA
|
991,293 | |||
AA
|
215,418 | |||
At June 30, 2014
|
1,206,711 |
December
|
||||||||||||||||||||||||
June 30, 2014 | 31, 2013 | |||||||||||||||||||||||
Until 1
|
More than
|
|||||||||||||||||||||||
year
|
1 -2 years
|
3 – 5 years
|
5 years
|
Total
|
Total
|
|||||||||||||||||||
Loans and borrowings
|
(611,574 | ) | (791,258 | ) | (5,022,635 | ) | (6,941,731 | ) | (13,367,198 | ) | (10,996,388 | ) | ||||||||||||
Trade payables
|
(926,995 | ) | - | - | - | (926,995 | ) | (862,429 | ) | |||||||||||||||
REFIS payable
|
(73,302 | ) | (73,274 | ) | (216,711 | ) | (716,617 | ) | (1,079,904 | ) | (1,075,019 | ) | ||||||||||||
Total
|
(1,611,871 | ) | (864,532 | ) | (5,239,346 | ) | (7,658,348 | ) | (15,374,097 | ) | (12,933,836 | ) |
June 30, 2014
|
||||
Fair value of the Senior Notes 2023
|
1,104,587 | |||
Loss recognized in the financial result
|
(17,364 | ) |
a)
|
Sensitivity analysis on changes in foreign exchange rates
|
Impacts on P&L(i)
|
|||||||||||||||||||||
Variation
|
Variation
|
Variation
|
Variation
|
||||||||||||||||||
scenario
|
scenario
|
scenario
|
scenario
|
||||||||||||||||||
Probable
|
(25 | %) | (50 | %) | (25 | %) | (50 | %) | |||||||||||||
Risk factor
|
scenario
|
Increase
|
Increase
|
Decrease
|
Decrease
|
||||||||||||||||
COMGÁS Derivatives
|
|||||||||||||||||||||
Exchange rate and interest risks
|
|||||||||||||||||||||
Exchange rate derivatives
|
|||||||||||||||||||||
Swap contracts
|
Decrease in exchange
|
||||||||||||||||||||
rate R$/US$ and
|
|||||||||||||||||||||
increase in CDI curve
|
157,919 | 39,480 | 78,960 | (39,480 | ) | (78,960 | ) | ||||||||||||||
Exchange rate risks
|
|||||||||||||||||||||
Exchange rate derivatives
|
|||||||||||||||||||||
Term agreements
|
|||||||||||||||||||||
Purchasing agreements
|
Decrease in exchange
|
||||||||||||||||||||
rate R$/US$
|
5,367 | 43,967 | 82,567 | (33,232 | ) | (71,832 | ) | ||||||||||||||
Interest rate risk
|
|||||||||||||||||||||
Swap contracts
|
Decrease in LIBOR curve
|
- | - | - | - | - | |||||||||||||||
Swap contracts
|
No risk - asset and
|
||||||||||||||||||||
liabilities same position
|
(16,682 | ) | - | - | - | - | |||||||||||||||
Exchange rate and interest risks
|
|||||||||||||||||||||
Swap contracts
|
Decrease in exchange
|
||||||||||||||||||||
rate R$/US$ and
|
|||||||||||||||||||||
increase in CDI curve
|
(62,277 | ) | 107,631 | 295,610 | (264,076 | ) | (468,106 | ) | |||||||||||||
Total impact
|
84,327 | 191,078 | 457,137 | (336,788 | ) | (618,898 | ) |
Exchange rate sensitivity analysis (R$/US$) | ||||||||||||||||||||||||
June 30,
|
Scenario | |||||||||||||||||||||||
2014
|
Probable
|
25 | % | 50 | % | -25 | % | -50 | % | |||||||||||||||
At June 30, 2014
|
2.2025 | 2.2025 | 2.7531 | 3.3038 | 1.6519 | 1.1013 |
Exchange rate exposure
|
June 30, 2014 | |||||||||||||||||||
Balance
|
25 | % | 50 | % | -25 | % | -50 | % | ||||||||||||
Bonds and Debentures - USD
|
(1,115,295 | ) | (278,824 | ) | (557,647 | ) | 278,824 | 557,647 | ||||||||||||
Cash and cash equivalents
|
77,867 | 19,467 | 38,933 | (19,467 | ) | (38,933 | ) | |||||||||||||
Trade receivables
|
31,547 | 7,887 | 15,774 | (7,887 | ) | (15,774 | ) | |||||||||||||
Effect on profit or loss
|
(251,470 | ) | (502,940 | ) | 251,470 | 502,940 |
b)
|
Sensitivity analysis on changes in interest rates
|
Exposure interest rate
|
||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Operation
|
Balance
|
25 | % | 50 | % | -25 | % | -50 | % | |||||||||||
Short term investments
|
1,206,711 | 32,581 | 65,162 | (32,581 | ) | (65,162 | ) | |||||||||||||
Investment securities
|
194,432 | 5,250 | 10,499 | (5,250 | ) | (10,499 | ) | |||||||||||||
Loans and borrowings
|
(4,656,753 | ) | (81,049 | ) | (176,976 | ) | 110,807 | 206,734 | ||||||||||||
Profit of the period
|
(43,218 | ) | (101,315 | ) | 72,976 | 131,073 |
Financial assets at
|
||||||||||||
fair value through
|
Loans and
|
|||||||||||
profit or loss
|
receivables
|
Total
|
||||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
- | 1,340,435 | 1,340,435 | |||||||||
Trade receivables
|
- | 1,200,220 | 1,200,220 | |||||||||
Derivative financial instruments
|
351,769 | - | 351,769 | |||||||||
Securities
|
- | 194,432 | 194,432 | |||||||||
Dividends receivable
|
- | 128,702 | 128,702 | |||||||||
Judicial deposits
|
- | 389,028 | 389,028 | |||||||||
Other financial assets
|
- | 488,976 | 488,976 | |||||||||
351,769 | 3,741,793 | 4,093,562 |
Financial liabilities at
|
Other
|
|||||||||||
fair value through
|
financial
|
|||||||||||
profit or loss
|
liabilities
|
Total
|
||||||||||
Liabilities
|
||||||||||||
Loans and borrowings
|
- | (7,272,232 | ) | (7,272,232 | ) | |||||||
Derivative financial instruments
|
(266,408 | ) | - | (266,408 | ) | |||||||
Trade payables
|
- | (926,995 | ) | (926,995 | ) | |||||||
Dividends payable
|
- | (27,149 | ) | (27,149 | ) | |||||||
(266,408 | ) | (8,226,376 | ) | (8,492,784 | ) |
25
|
Fair value hierarchy
|
Financial instruments
|
||||||||||||
measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
At June 30, 2014
|
||||||||||||
Derivative financial assets
|
- | 351,769 | 351,769 | |||||||||
Derivative financial liabilities
|
- | (266,408 | ) | (266,408 | ) | |||||||
Pension plan assets
|
281,142 | - | 281,142 | |||||||||
Securities
|
- | - | - | |||||||||
Total
|
281,142 | 85,361 | 366,503 | |||||||||
At December 31, 2013
|
||||||||||||
Derivative financial assets
|
- | 513,934 | 513,934 | |||||||||
Derivative financial liabilities
|
- | (735,793 | ) | (735,793 | ) | |||||||
Pension plan assets
|
281,142 | - | 281,142 | |||||||||
Securities
|
- | - | - | |||||||||
Total
|
281,142 | (221,859 | ) | 59,283 |
26
|
Pension and post-employment benefit plans
|
December 31,
|
||||||||
June 30, 2014
|
2013
|
|||||||
Futura
|
72,918 | 71,065 | ||||||
Futura II
|
1,554 | 828 | ||||||
COMGÁS
|
277,225 | 267,242 | ||||||
Total
|
351,697 | 339,135 |
Pension plans
|
27
|
Share-based payment
|
The change in the plan during the period was:
|
||||||||
Weighted-
|
||||||||
Number of
|
average
|
|||||||
options
|
exercise price
|
|||||||
At December 31, 2013
|
9,345,000 | 23.74 | ||||||
Share options exercised – 1st quarter
|
(190,000 | ) | (24.17 | ) | ||||
Share options exercised – 2nd quarter
|
(12,500 | ) | (24.86 | ) | ||||
At June 30, 2014
|
9,142,500 | 23.73 |
COSAN LIMITED
|
||||||
Date:
|
August 14, 2014
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|