Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Earnings Release for 3rd Quarter of Fiscal Year 2014
|
2.
|
Cosan Limited consolidated interim financial statements at September 30, 2014 and report of independent registered public accounting firm
|
Earnings Conference Call
Portuguese
November 06, 2014
08:00 (EST)
Phone: + 55 11 3193 1001
+ 55 11 2820 4001
Access Code: COSAN
English
November 06, 2014
09:00 (EST)
Phone (BR): + 55 11 3193 1001
+ 55 11 2820 4001
Phone (USA): +1 786 924 6977
Access Code: COSAN
|
3Q14 Highlights
o Raízen Combustíveis’ EBITDA of R$546 million with 6% growth in volume sold compared to 3Q13
o Raízen Energia's EBITDA of R$631 million with margin of 27%
o Comgás reaches 2.2% growth volume in commercial customers with record number of connections
o Rumo’s operational efficiency ensures an elevation of 3.1 million tons of sugar in the quarter
|
Investor Relationship
|
|
3Q14
|
3Q13
|
Summary of Financial Information - Cosan Consolidated¹
|
9M 14
|
9M 13
|
||
Email: ri@cosan.com.br
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Amount in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
||
Telephone: +55 11 3897 9797
|
|
10,283.6
|
9,547.9
|
Net Revenue
|
29,472.8
|
26,775.1
|
||
Site: www.cosan.com.br/ri
|
|
1,235.7
|
1,404.6
|
Gross Profit
|
3,625.8
|
3,449.9
|
||
Fiscal Year Definitions:
3Q14 - quarter ended
September 30, 2014
3Q13 - quarter ended
September 30, 2013
YTD 14 - 9 months beginning
January 1, 2014 and closing
September 30, 2014
YTD 13 - 9 months beginning
January 1, 2013 and closing
September 30, 2013
|
|
12.0%
|
14.7%
|
Gross Margin (%)
|
12.3%
|
12.9%
|
||
|
561.0
|
719.3
|
Operating Profit
|
1,574.7
|
1,611.9
|
|||
|
1,061.3
|
1,202.7
|
EBITDA
|
2,969.1
|
2,941.8
|
|||
|
10.3%
|
12.6%
|
EBITDA Margin (%)
|
10.1%
|
11.0%
|
|||
|
(8.3)
|
(12.0)
|
Equity Pick-up
|
(23.2)
|
(14.7)
|
|||
|
99.2
|
317.6
|
Net Income before non-controlling Interest
|
624.1
|
294.5
|
|||
|
15.2
|
205.9
|
Net Income
|
375.5
|
31.5
|
|||
|
0.1%
|
2.2%
|
Net Margin (%)
|
1.3%
|
0.1%
|
|||
|
|
|
|
|
|
|||
|
588.9
|
685.9
|
CAPEX
|
2,038.9
|
2,103.5
|
|||
|
11,488.6
|
9,892.1
|
Proforma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
11,488.6
|
9,892.1
|
|||
|
|
13,970.2
|
13,268.1
|
Shareholders' Equity and Minority Shareholders
|
13,970.2
|
13,268.1
|
||
|
|
|
|
Note 1: Considering the consolidation of 50% of Raízen Combustíveis and Raízen Energia
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
A.
|
Highlights and Business Units
|
A.1
|
Business Units
|
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
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
EBITDA (Reconciliation ICVM 527)
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
15.2
|
205.9
|
-92.6%
|
Net Income
|
375.5
|
31.5
|
n/a
|
(75.8)
|
(191.0)
|
-60.3%
|
(-) Equity Pick-up
|
(461.9)
|
(251.3)
|
83.8%
|
-
|
-
|
n/a
|
(-) Income from Discontinued Operations
|
-
|
3.4
|
-100.%
|
80.5
|
108.1
|
-25.6%
|
(+) Minority Shareholders
|
237.6
|
251.3
|
-5.4%
|
(15.9)
|
117.8
|
n/a
|
(+) Income Taxes
|
25.9
|
334.1
|
-92.3%
|
299.8
|
132.9
|
n/a
|
(+) Net Financial Expense (Revenue)
|
633.3
|
625.7
|
1.2%
|
172.9
|
153.4
|
12.7%
|
(+) Depreciation and Amortization
|
503.9
|
439.7
|
14.6%
|
476.8
|
527.1
|
-9.6%
|
EBITDA (before ICVM 527)
|
1,314.3
|
1,434.4
|
-8.4%
|
75.8
|
191.
|
-60.3%
|
(+) Equity Pick-up
|
461.9
|
251.3
|
83.8%
|
552.6
|
718.1
|
-23.1%
|
EBITDA (after ICVM 527)
|
1,776.2
|
1,685.6
|
5.4%
|
-
|
-
|
n/a
|
(+) Reclassification of Discontinued Operations2
|
-
|
(3.4)
|
-100.%
|
552.6
|
718.1
|
-23.1%
|
Adjusted EBITDA (after ICVM 527)
|
1,776.2
|
1,682.3
|
5.6%
|
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
3rd Quarter of Fiscal Year 2014
|
Results by Business Unit
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar
|
Other
Businesses
|
Adjusts and Eliminations
|
Consolidated
|
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
3Q14
|
||||||||||||
Net Revenue
|
1,643.7
|
261.3
|
429.9
|
27.3
|
0.0
|
-
|
2,362.3
|
14,333.9
|
2,331.3
|
(8,332.6)
|
(411.3)
|
10,283.6
|
Cost of Goods and Services
|
(1,148.9)
|
(180.7)
|
(333.0)
|
(6.9)
|
0.0
|
-
|
(1,669.5)
|
(13,621.9)
|
(1,957.4)
|
7,789.7
|
411.3
|
(9,047.9)
|
Gross Profit
|
494.8
|
80.6
|
96.9
|
20.4
|
0.0
|
-
|
692.8
|
711.9
|
373.9
|
(542.9)
|
-
|
1,235.7
|
Gross Margin(%)
|
30.1%
|
30.9%
|
22.5%
|
74.7%
|
n/a
|
n/a
|
29.3%
|
5.%
|
16.%
|
6.5%
|
-%
|
12.%
|
Selling Expenses
|
(165.1)
|
-
|
(64.5)
|
-
|
-
|
-
|
(229.7)
|
(299.9)
|
(146.0)
|
222.9
|
-
|
(452.6)
|
General and Administrative Expenses
|
(75.2)
|
(20.9)
|
(17.7)
|
(8.9)
|
(32.1)
|
-
|
(154.8)
|
(95.5)
|
(137.3)
|
116.4
|
-
|
(271.2)
|
Other Operating Revenues (Expenses)
|
(6.0)
|
1.0
|
0.4
|
18.8
|
(18.7)
|
-
|
(4.5)
|
83.8
|
23.3
|
(53.6)
|
-
|
49.1
|
Equity Pick-up
|
-
|
0.0
|
(1.5)
|
-
|
201.3
|
(124.0)
|
75.8
|
3.9
|
(12.9)
|
4.5
|
(79.6)
|
(8.3)
|
Depreciation and Amortization
|
128.9
|
25.7
|
17.3
|
0.2
|
0.9
|
-
|
172.9
|
141.9
|
529.5
|
(335.7)
|
-
|
508.6
|
EBITDA
|
377.4
|
86.4
|
30.9
|
30.5
|
151.4
|
(124.0)
|
552.6
|
546.2
|
630.5
|
(588.4)
|
(79.6)
|
1,061.3
|
EBITDA Margin (%)
|
23.%
|
33.1%
|
7.2%
|
n/a
|
n/a
|
n/a
|
23.4%
|
3.8%
|
27.%
|
7.1%
|
-%
|
10.3%
|
Financial income
|
(75.4)
|
(9.8)
|
27.4
|
(0.2)
|
(203.5)
|
3.1
|
(258.4)
|
(38.7)
|
(128.5)
|
83.6
|
(43.4)
|
(385.4)
|
Financial expense
|
27.2
|
6.5
|
1.7
|
1.8
|
17.3
|
(3.1)
|
51.4
|
23.3
|
106.5
|
(64.9)
|
43.4
|
159.7
|
Foreign exchange gain (losses), net
|
(80.9)
|
0.3
|
(46.0)
|
-
|
(82.8)
|
-
|
(209.3)
|
(68.1)
|
(266.8)
|
167.4
|
-
|
(376.8)
|
Derivatives
|
80.9
|
-
|
9.0
|
-
|
26.6
|
-
|
116.5
|
(3.3)
|
94.7
|
(45.7)
|
-
|
162.2
|
Income taxes expenses
|
(66.3)
|
(19.4)
|
(2.0)
|
(3.6)
|
107.1
|
-
|
15.9
|
(121.2)
|
63.1
|
29.0
|
-
|
(13.2)
|
Non-controlling interests
|
-
|
(0.5)
|
-
|
-
|
-
|
(80.0)
|
(80.5)
|
(7.1)
|
-
|
3.5
|
-
|
(84.0)
|
Profit (loss) for the period
|
134.1
|
37.8
|
3.7
|
28.3
|
15.2
|
(204.0)
|
15.2
|
189.1
|
(29.9)
|
(79.6)
|
(79.6)
|
15.2
|
|
||||||||||||
Results by Business Unit
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar
|
Other
Businesses
|
Adjusts and Eliminations
|
Consolidated
|
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
9M 14
|
||||||||||||
Net Revenue
|
4,777.5
|
659.7
|
1,202.1
|
126.1
|
0.1
|
-
|
6.765,4
|
41,029.7
|
6,622.5
|
(23,826.1)
|
(1,118.8)
|
29.472,8
|
Cost of Goods and Services
|
(3,309.2)
|
(432.8)
|
(938.1)
|
(55.3)
|
0.0
|
-
|
(4.735,3)
|
(39,029.5)
|
(5,431.2)
|
22,230.3
|
1,118.8
|
(25.846,9)
|
Gross Profit
|
1,468.4
|
226.9
|
264.0
|
70.8
|
0.1
|
-
|
2.030,1
|
2,000.2
|
1,191.3
|
(1,595.7)
|
-
|
3.625,8
|
Gross Margin(%)
|
30.7%
|
34.4%
|
22.%
|
56.1%
|
n/a
|
n/a
|
30.%
|
4.9%
|
18.%
|
6.7%
|
-%
|
12.3%
|
Selling Expenses
|
(473.9)
|
-
|
(186.7)
|
-
|
-
|
-
|
(660,6)
|
(884.9)
|
(426.9)
|
655.9
|
-
|
(1.316,5)
|
General and Administrative Expenses
|
(218.3)
|
(63.6)
|
(51.5)
|
(25.7)
|
(96.5)
|
-
|
(455,7)
|
(296.5)
|
(398.7)
|
347.6
|
-
|
(803,3)
|
Other Operating Revenues (Expenses)
|
(13.9)
|
(0.5)
|
0.6
|
63.6
|
(153.3)
|
-
|
(103,5)
|
262.3
|
82.0
|
(172.1)
|
-
|
68,6
|
Equity Pick-up
|
-
|
0.0
|
(4.8)
|
0.0
|
879.2
|
(412.5)
|
461,9
|
11.2
|
(28.8)
|
8.8
|
(476.3)
|
(23,2)
|
Depreciation and Amortization
|
376.7
|
70.4
|
53.6
|
0.7
|
2.5
|
-
|
503,9
|
403.2
|
1,423.9
|
(913.6)
|
-
|
1.417,5
|
EBITDA
|
1,138.9
|
233.2
|
75.2
|
109.4
|
632.0
|
(412.5)
|
1.776,2
|
1,495.6
|
1,842.8
|
(1,669.2)
|
(476.3)
|
2.969,1
|
EBITDA Margin (%)
|
23.8%
|
35.4%
|
6.3%
|
86.8%
|
n/a
|
n/a
|
26.3%
|
3.6%
|
27.8%
|
7.%
|
-%
|
10.1%
|
Financial income
|
(217.6)
|
(52.3)
|
62.6
|
(0.8)
|
(557.9)
|
9.2
|
(756,6)
|
(102.0)
|
(370.6)
|
236.3
|
(43.4)
|
(1.036,4)
|
Financial expense
|
65.7
|
28.6
|
3.3
|
7.7
|
76.4
|
(9.2)
|
172,4
|
69.8
|
252.2
|
(161.0)
|
43.4
|
376,9
|
Foreign exchange gain (losses), net
|
(48.7)
|
0.6
|
(20.1)
|
-
|
(39.3)
|
-
|
(107,5)
|
(15.1)
|
(136.8)
|
76.0
|
-
|
(183,5)
|
Derivatives
|
48.7
|
-
|
(6.6)
|
-
|
16.3
|
-
|
58,4
|
(31.4)
|
139.1
|
(53.8)
|
-
|
112,3
|
Income taxes expenses
|
(208.3)
|
(47.0)
|
(9.6)
|
(11.4)
|
250.5
|
-
|
(25.9)
|
(327.6)
|
(14.2)
|
170.9
|
-
|
(196.8)
|
Non-controlling interests
|
-
|
(0.1)
|
-
|
-
|
-
|
(237.5)
|
(237.6)
|
(22.0)
|
-
|
11.0
|
-
|
(248.6)
|
Profit (loss) for the period
|
402.1
|
92.6
|
51.2
|
104.1
|
375.5
|
(650.0)
|
375.5
|
664.1
|
288.5
|
(476.3)
|
(476.3)
|
375.5
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Sales Breakdown
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
14,333.9
|
12,737.2
|
12.5%
|
Fuel Sales
|
41,029.7
|
35,462.8
|
15.7%
|
831.7
|
756.1
|
10.0%
|
Ethanol
|
2,566.9
|
2,086.4
|
23.0%
|
5,557.1
|
4,911.6
|
13.1%
|
Gasoline
|
16,234.0
|
14,042.4
|
15.6%
|
6,512.8
|
5,631.7
|
15.6%
|
Diesel
|
17,910.9
|
15,212.7
|
17.7%
|
1,271.3
|
1,290.0
|
-1.4%
|
Aviation
|
3,837.6
|
3,693.4
|
3.9%
|
160.9
|
147.9
|
8.8%
|
Other Products
|
480.2
|
428.0
|
12.2%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Fuels Inventories
|
|||
|
09/30/2014
|
09/30/2013
|
Chg. %
|
000' cbm
|
534.2
|
731.9
|
-27.0%
|
R$'MM
|
1,069.6
|
1,302.8
|
-17.9%
|
R$/cbm
|
2,002.2
|
1,780.2
|
12.5%
|
3Q14
|
3Q13
|
|
COGS
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(13,621.9)
|
(12,077.2)
|
12.8%
|
Fuel Sales
|
(39,029.5)
|
(33,652.3)
|
16.0%
|
3Q14
|
3Q13
|
|
Gross Profit
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
711.9
|
660.0
|
7.9%
|
Gross Profit
|
2,000.2
|
1,810.5
|
10.5%
|
5.0%
|
5.2%
|
-0.2 p.p.
|
Gross Margin (%)
|
4.9%
|
5.1%
|
-0.2 p.p.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
SG&A Expenses
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(299.9)
|
(263.1)
|
14.0%
|
Selling Expenses
|
(884.9)
|
(776.0)
|
14.0%
|
(95.5)
|
(99.7)
|
-4.2%
|
G&A Expenses
|
(296.5)
|
(280.4)
|
5.7%
|
83.8
|
66.3
|
26.4%
|
Other Operational Revenues/Expenses
|
262.3
|
213.6
|
22.8%
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
546.2
|
483.1
|
13.1%
|
EBITDA
|
1,495.6
|
1,323.3
|
13.0%
|
3.8%
|
3.8%
|
0.0 p.p.
|
EBITDA Margin (%)
|
3.6%
|
3.7%
|
-0.1 p.p.
|
3Q14
|
3Q13
|
|
CAPEX
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
195.7
|
143.4
|
36.5%
|
CAPEX
|
602.3
|
386.2
|
56.0%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Operational Figures
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
|
24,475
|
26,824
|
-8.8%
|
Crushed Sugarcane
|
45,411
|
45,358
|
0.1%
|
11,405
|
11,745
|
-2.9%
|
Own (‘000 tonnes)
|
23,218
|
22,767
|
2.0%
|
13,070
|
15,079
|
-13.3%
|
Suppliers (‘000 tonnes)
|
22,193
|
22,591
|
-1.8%
|
139.9
|
135.4
|
3.3%
|
Sugarcane TRS (kg/tonne)
|
132.7
|
129.7
|
2.3%
|
73.8
|
86.8
|
-15.0%
|
TCH (Tonnes per hectare)
|
76.6
|
86.5
|
-11.4%
|
96.2%
|
94.0%
|
2.2 p.p.
|
Mechanization (%)
|
96.7%
|
94.5%
|
2.2 p.p.
|
|
|
|
Production
|
|
|
|
1,881
|
2,128
|
-11.6%
|
Sugar
|
3,234
|
3,318
|
-2.5%
|
1,206
|
1,337
|
-9.8%
|
Raw Sugar (‘000 tonnes)
|
2,135
|
2,203
|
-3.1%
|
675
|
791
|
-14.7%
|
White Sugar (‘000 tonnes)
|
1,099
|
1,114
|
-1.4%
|
903
|
884
|
2.2%
|
Ethanol
|
1,608
|
1,479
|
8.7%
|
407
|
456
|
-10.8%
|
Anhydrous Ethanol (‘000 cbm)
|
720
|
716
|
0.6%
|
496
|
428
|
16.0%
|
Hydrous Ethanol (‘000 cbm)
|
888
|
763
|
16.4%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Sales Breakdown
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg.%
|
2,331.3
|
3,246.7
|
-28.2%
|
Net Operating Revenue
|
6,622.5
|
7,075.3
|
-6.4%
|
1,075.1
|
1,492.3
|
-28.0%
|
Sugar Sales
|
2,883.4
|
3,428.2
|
-15.9%
|
254.8
|
211.7
|
20.3%
|
Domestic Market
|
746.6
|
595.3
|
25.4%
|
820.3
|
1,280.6
|
-35.9%
|
Foreign Market
|
2,136.8
|
2,832.8
|
-24.6%
|
952.0
|
1,519.8
|
-37.4%
|
Ethanol Sales
|
3,152.6
|
3,223.8
|
-2.2%
|
528.3
|
870.4
|
-39.3%
|
Domestic Market
|
1,551.2
|
1,722.4
|
-9.9%
|
145.2
|
339.7
|
-57.3%
|
Foreign Market
|
644.3
|
850.5
|
-24.3%
|
278.5
|
309.7
|
-10.1%
|
Trading
|
957.1
|
650.8
|
47.1%
|
230.6
|
153.3
|
50.4%
|
Energy Cogeneration
|
432.8
|
263.6
|
64.2%
|
73.6
|
81.4
|
-9.6%
|
Other Products and Services
|
153.6
|
159.8
|
-3.8%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Sugar inventories
|
|||
|
09/30/2014
|
09/30/2013
|
Chg. %
|
'000 ton
|
1,580.0
|
1,087.0
|
45.4%
|
R$'MM
|
1,168.8
|
746.6
|
56.6%
|
R$/ton
|
739.8
|
686.8
|
7.7%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Ethanol Inventories
|
|||
|
09/30/2014
|
09/30/2013
|
Var. %
|
'000 cbm
|
1,082.0
|
653.0
|
65.7%
|
R$'MM
|
1,268.6
|
720.4
|
76.1%
|
R$/cbm
|
1,172.5
|
1,103.2
|
6.3%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
COGS per Product
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(1,957.4)
|
(2,520.6)
|
-22.3%
|
Cost of Goods Sold
|
(5,431.2)
|
(5,864.0)
|
-7.4%
|
(870.9)
|
(1,048.2)
|
-16.9%
|
Sugar
|
(2,316.5)
|
(2,486.4)
|
-6.8%
|
(597.1)
|
(1,037.7)
|
-42.5%
|
Ethanol
|
(1,880.1)
|
(2,240.2)
|
-16.1%
|
(288.5)
|
(297.2)
|
-2.9%
|
Trading
|
(945.5)
|
(636.4)
|
48.6%
|
(68.6)
|
(59.2)
|
15.8%
|
Energy Cogeneration
|
(134.2)
|
(119.4)
|
12.3%
|
(132.4)
|
(78.4)
|
68.9%
|
Others
|
(155.0)
|
(381.8)
|
-59.4%
|
|
|
|
Average Unitary Production Costs²
|
|
|
|
(468.5)
|
(500.0)
|
-6.3%
|
Cash Cost of Sugar (R$/tonne)
|
(498.5)
|
(501.6)
|
-0.6%
|
(837.4)
|
(895.0)
|
-6.4%
|
Cash Cost of Ethanol (R$/’000 liters)
|
(840.9)
|
(860.4)
|
-2.3%
|
Note 3: Average unit costs represent the cash cost, which is net of plantation and cultural treat depreciation and amortization, agricultural depreciation (machinery and equipment), industrial depreciation, and harvest off-season maintenance.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
·
|
Increase in the cost of the TSR per kilogram released by CONSECANA of 4.5%, which was R$0.4637/kg in 3Q14 compared to R$0,4439/kg in 3Q13, impacting the cost of third-party sugarcane;
|
·
|
Decrease in the agricultural productivity of sugarcane fields, represented by a higher ton of cane per hectare (TCH) level, which went from 86.8 in 3Q13 to 73.8 in 3Q14.
|
3Q14
|
3Q13
|
|
Gross Profit and Gross Margin
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
373.9
|
726.1
|
-48.5%
|
Gross Profit
|
1,191.3
|
1,211.3
|
-1.7%
|
204.3
|
444.1
|
-54.0%
|
Sugar
|
566.9
|
941.8
|
-39.8%
|
19.0%
|
29.8%
|
-10.7 p.p.
|
Sugar Gross Margin (%)
|
19.7%
|
27.5%
|
-7.7 p.p.
|
44.8%
|
49.4%
|
-4.6 p.p.
|
Sugar (Cash) Gross Margin (%)
|
43.6%
|
48.3%
|
-4.6 p.p.
|
76.4
|
172.4
|
-55.7%
|
Ethanol
|
315.4
|
332.9
|
-5.3%
|
11.3%
|
14.2%
|
-2.8 p.p.
|
Ethanol Gross Margin (%)
|
14.4%
|
12.9%
|
1.4 p.p.
|
37.0%
|
29.7%
|
7.4 p.p.
|
Ethanol (Cash) Gross Margin (%)
|
40.1%
|
33.9%
|
6.3 p.p.
|
(10.0)
|
12.4
|
n/a
|
Trading
|
11.6
|
14.4
|
-19.3%
|
-3.6%
|
4.0%
|
-7.6 p.p.
|
Ethanol Trading Margin (%)
|
1.2%
|
2.2%
|
-0.8 p.p.
|
162.0
|
94.0
|
72.3%
|
Energy Cogeneration
|
298.7
|
144.1
|
n/a
|
70.3%
|
61.3%
|
8.9 p.p.
|
Energy Cogeneration Margin (%)
|
69.0%
|
54.7%
|
14.5 p.p.
|
(58.7)
|
3.0
|
n/a
|
Other Products and Services
|
(1.3)
|
(222.0)
|
-99.4%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
SG & A Expenses
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(146.0)
|
(223.8)
|
-34.8%
|
Selling Expenses
|
(426.9)
|
(533.6)
|
-20.0%
|
(137.3)
|
(134.8)
|
1.9%
|
General and Administrative Expenses
|
(398.7)
|
(401.6)
|
-0.7%
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
630.5
|
900.5
|
-30.0%
|
EBITDA
|
1,842.8
|
1,724.1
|
6.9%
|
27.0%
|
27.7%
|
-0.7 p.p.
|
Margin EBITDA (%)
|
27.8%
|
24.4%
|
3.5 p.p.
|
3Q14
|
3Q13
|
|
EBITDA Ex-Biological Asset
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
630.5
|
900.5
|
-30.0%
|
EBITDA
|
1,842.8
|
1,724.1
|
6.9%
|
64.6
|
6.4
|
n/a
|
(+) Biological Asset Variation
|
(1.5)
|
219.4
|
n/a
|
695.1
|
906.9
|
-23.4%
|
EBITDA Ex-Biological Asset
|
1,841.3
|
1,943.6
|
-5.3%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Summary of Hedge Operations at June 30, 2014³
|
||
Sugar
|
2014/15
|
2015/16
|
NY11
|
|
|
Volume (‘000 ton)
|
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 3: The table above shows the hedging coverage considering the crop years ending on 3/31/2015 and 3/31/2016 respectively.
|
Expiration Period - (R$MM)
|
|||||
Derivative
|
Market
|
Risk
|
2014/15
|
2015/16
|
Total
|
Futures
|
OTC/NYBOT
|
NY#11
|
37.1
|
7.6
|
141.0
|
Futures
|
BMF&BOVESP
|
Ethanol
|
(12.6)
|
-
|
0.3
|
ACC and PPE
|
Debt
|
Exchange
|
(96.6)
|
(80.9)
|
(177.5)
|
(=) Hedge Accounting impact
|
|
|
37.1
|
(73.3)
|
(36.1)
|
(-) Deferred Income Tax
|
|
|
(12.6)
|
24.9
|
12.3
|
(=) Asset Valuation Adjustment
|
|
|
24.5
|
(48.4)
|
(23.8)
|
Note 4: The table above shows 100% of the hedge accounting gains/losses reclassified to shareholders’ equity. As Cosan holds a 50% interest at Raízen Energia, hedge accounting will have a proportionate impact on Other Comprehensive Income in Cosan’s shareholders’ equity.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
CAPEX
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
387.4
|
433.6
|
-10.7%
|
Total CAPEX
|
1,963.1
|
1,927.0
|
1.9%
|
248.3
|
309.3
|
-19.7%
|
Operating CAPEX
|
1,400.5
|
1,427.7
|
-1.9%
|
223.2
|
250.6
|
-10.9%
|
Biological Assets
|
636.8
|
709.4
|
-10.2%
|
8.3
|
9.7
|
-14.1%
|
Inter-Harvest Maintenance Costs
|
487.6
|
483.0
|
1.0%
|
8.4
|
15.5
|
-45.8%
|
SSMA and Sustaining
|
78.6
|
48.4
|
62.4%
|
7.2
|
30.4
|
-76.4%
|
Mechanization
|
186.3
|
122.4
|
52.2%
|
1.2
|
3.1
|
-60.6%
|
Industrial
|
11.2
|
64.5
|
-82.6%
|
139.1
|
124.3
|
11.9%
|
Expansion CAPEX
|
562.6
|
499.3
|
12.7%
|
0.3
|
3.7
|
-92.9%
|
Cogeneration Projects
|
4.9
|
46.5
|
-89.4%
|
138.8
|
120.6
|
15.1%
|
Expansion and Other Projects
|
557.7
|
452.8
|
23.2%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Volume Sold
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg.%
|
Volume ('000 cbm)
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg.%
|
1,369,371
|
1,307,881
|
4.7%
|
Total Gas Sales
|
4,081,835
|
4,106,242
|
-0.6%
|
1,150,251
|
1,222,369
|
-5.9%
|
Gas Sales - without thermal power
|
3,403,939
|
3,557,146
|
-4.3%
|
63,903
|
65,372
|
-2.2%
|
Residential
|
159,115
|
165,916
|
-4.1%
|
32,192
|
31,503
|
2.2%
|
Commercial
|
90,001
|
87,438
|
2.9%
|
923,453
|
984,268
|
-6.2%
|
Industrial
|
2,762,187
|
2,871,410
|
-3.8%
|
74,910
|
79,450
|
-5.7%
|
Cogeneration
|
227,888
|
247,510
|
-7.9%
|
55,793
|
61,776
|
-9.7%
|
Vehicular
|
164,748
|
184,872
|
-10.9%
|
219,120
|
85,511
|
n/a
|
Thermal Power
|
677,897
|
549,096
|
23.5%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Sales Breakdown
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
2,019.8
|
2,065.1
|
-2.2%
|
Gross Operating Revenue
|
5,868.6
|
5,796.8
|
1.2%
|
1,881.6
|
1,851.5
|
1.6%
|
Gas Sales
|
5,474.4
|
5,257.6
|
4.1%
|
245.8
|
239.8
|
2.5%
|
Residential
|
604.5
|
591.8
|
2.1%
|
86.4
|
80.7
|
7.1%
|
Commercial
|
237.8
|
216.6
|
9.8%
|
1,319.5
|
1,357.2
|
-2.8%
|
Industrial
|
3,938.0
|
3,827.0
|
2.9%
|
69.3
|
74.0
|
-6.5%
|
Cogeneration
|
219.3
|
228.3
|
-4.0%
|
95.4
|
35.7
|
n/a
|
Thermal Power
|
286.9
|
210.9
|
36.0%
|
65.1
|
64.0
|
1.8%
|
Vehicular
|
188.0
|
183.0
|
2.7%
|
126.2
|
204.4
|
-38.3%
|
Construction Revenue
|
361.3
|
513.7
|
-29.7%
|
12.0
|
9.2
|
30.2%
|
Other
|
32.9
|
25.6
|
28.4%
|
(376.1)
|
(382.6)
|
-1.7%
|
Tax on Sales
|
(1,091.1)
|
(1,061.0)
|
2.8%
|
1,643.7
|
1,682.5
|
-2.3%
|
Net Operating Revenue
|
4,777.5
|
4,735.9
|
0.9%
|
1,506.9
|
1,469.2
|
2.6%
|
Gas Sales
|
4,386.4
|
4,201.1
|
4.4%
|
126.2
|
204.4
|
-38.2%
|
Construction Revenue
|
361.3
|
513.7
|
-29.7%
|
10.6
|
8.9
|
18.9%
|
Other
|
29.8
|
21.1
|
41.5%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
COGS
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg.%
|
(1,148.9)
|
(1,198.6)
|
-4.1%
|
Cost of Goods and Services
|
(3,309.2)
|
(3,410.4)
|
-3.0%
|
(1,022.7)
|
(994.1)
|
2.9%
|
Natural Gas
|
(2,947.8)
|
(2,896.6)
|
1.8%
|
(126.2)
|
(204.4)
|
-38.2%
|
Construction - ICPC 01
|
(361.3)
|
(513.7)
|
-29.7%
|
3Q14
|
3Q13
|
|
Gross Profit
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
494.8
|
484.0
|
2.2%
|
Gross Profit
|
1,468.4
|
1,325.6
|
10.8%
|
30.1%
|
28.8%
|
1.3 p.p.
|
Gross Margin (%)
|
30.7%
|
28.0%
|
2.7 p.p.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
SG&A Expenses
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(165.1)
|
(157.2)
|
5.1%
|
Selling Expenses
|
(473.9)
|
(429.4)
|
10.4%
|
(75.2)
|
(72.8)
|
3.2%
|
G&A Expenses
|
(218.3)
|
(219.4)
|
-0.5%
|
(6.0)
|
(0.0)
|
n/a
|
Other Operating Revenues (Expenses)
|
(13.9)
|
(6.5)
|
n/a
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
377.4
|
369.0
|
2.3%
|
EBITDA
|
1,138.9
|
997.7
|
14.2%
|
23.0%
|
21.9%
|
1.0 p.p.
|
EBITDA Margin (%)
|
23.8%
|
21.1%
|
2.8 p.p.
|
357.6
|
348.8
|
102.8%
|
Normalized EBITDA
|
979.6
|
941.6
|
62.1%
|
21.8%
|
20.7%
|
1.0 p.p.
|
Normalized EBITDA Margin (%)
|
20.5%
|
19.9%
|
0.6 p.p.
|
3Q14
|
3Q13
|
|
CAPEX
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg %
|
171.7
|
248.4
|
-30.9%
|
CAPEX
|
491.7
|
642.8
|
-23.5%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Sales Breakdown
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg.%
|
261.3
|
328.5
|
-20.5%
|
Net Operating Revenue
|
659.7
|
711.2
|
-7.2%
|
190.7
|
270.9
|
-29.6%
|
Transportation
|
483.4
|
571.5
|
-15.4%
|
65.2
|
54.5
|
19.6%
|
Loading
|
158.5
|
127.8
|
23.9%
|
5.5
|
3.1
|
75.0%
|
Other
|
17.9
|
11.7
|
52.2%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Costs of Services
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(180.7)
|
(203.4)
|
-11.2%
|
Cost of Services
|
(432.8)
|
(429.6)
|
0.7%
|
3Q14
|
3Q13
|
|
Gross Profit
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
80.6
|
125.1
|
-35.6%
|
Gross Profit
|
226.9
|
281.7
|
-19.4%
|
30.9%
|
38.1%
|
-7.2 p.p.
|
Gross Margin (%)
|
34.4%
|
39.6%
|
-5.2 p.p.
|
3Q14
|
3Q13
|
|
G&A Expenses
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Var. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Var. %
|
(20.9)
|
(17.3)
|
20.9%
|
G&A Expenses
|
(63.6)
|
(51.7)
|
23.1%
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
86.4
|
115.0
|
-24.9%
|
EBITDA
|
233.2
|
269.0
|
-13.3%
|
33.1%
|
35.0%
|
-2.0 p.p.
|
Margin EBITDA (%)
|
35.4%
|
37.8%
|
-2.5 p.p.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
CAPEX
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
85.6
|
87.2
|
-1.9%
|
CAPEX
|
183.3
|
213.3
|
-14.1%
|
|
(i)
|
Investment of R$ 48.8 million in the rail network operated by America Latina Logística (ALL);
|
|
(ii)
|
R$ 17.1 million related to several initiatives carried out during the quarter intended for improvements at the Port and terminals;
|
|
(iii)
|
R$ 12.7 million for the acquisition of new railcars;
|
|
(i)
|
R$ 7.0 million in other initiatives.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Sales Breakdown
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg.%
|
429.9
|
407.3
|
5.5%
|
Net Operating Revenue
|
1,202.1
|
1,151.1
|
4.4%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Cost of Goods and Services
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(333.0)
|
(311.0)
|
7.1%
|
Cost of Goods and Services
|
(938.1)
|
(852.2)
|
10.%
|
|
|
|
Cost of Goods and Services (R$/m³)
|
|
|
|
(3,764)
|
(3,663)
|
2.8%
|
Base Oils and Lubricants
|
(3,840)
|
(3,627)
|
5.9%
|
3Q14
|
3Q13
|
|
Gross Profit
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
96.9
|
96.3
|
0.6%
|
Gross Profit
|
264.0
|
298.8
|
-11.7%
|
22.5%
|
23.6%
|
-1.1 p.p.
|
Gross Margin (%)
|
22.0%
|
26.0%
|
-4.0 p.p.
|
3Q14
|
3Q13
|
|
SG&A
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(82.2)
|
(83.5)
|
-1.5%
|
Total expenses
|
(238.2)
|
(225.4)
|
5.6%
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
30.9
|
26.4
|
16.8%
|
EBITDA
|
75.2
|
113.8
|
-33.9%
|
7.2%
|
6.5%
|
0.7 p.p.
|
EBITDA Margin (%)
|
6.3%
|
9.9%
|
-3.6 p.p.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
State
|
Culture
|
%
|
Area
(hectare)
|
Area
(acre)
|
Market Value
(R$MM)
|
Owned Land
|
-
|
100.0%
|
105,291
|
260,175
|
2,604
|
São Paulo
|
Sugarcane
|
63.4%
|
66,758
|
164,960
|
2,198
|
Maranhão
|
Grains
|
17.5%
|
18,475
|
45,652
|
151
|
Mato Grosso
|
Grains
|
11.7%
|
12,302
|
30,399
|
164
|
Bahia
|
Grains
|
6.8%
|
7,155
|
17,681
|
80
|
Goiás
|
Sugarcane
|
0.6%
|
600
|
1,483
|
12
|
Total
|
|
|
244,080
|
603,124
|
4,343
|
3Q14
|
3Q13
|
|
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
27.3
|
16.1
|
69.4%
|
Net Revenue
|
126.1
|
51.4
|
n/a
|
11.1
|
-
|
n/a
|
Property Sale
|
74.3
|
5.7
|
n/a
|
14.4
|
16.1
|
-10.7%
|
Land Lease
|
46.2
|
45.7
|
1.1%
|
1.8
|
-
|
n/a
|
Cost of Property Sales
|
5.5
|
-
|
n/a
|
(6.9)
|
0.0
|
n/a
|
Property Sale
|
(55.3)
|
(6.1)
|
n/a
|
20.4
|
16.1
|
26.5%
|
Gross Profit
|
70.8
|
45.4
|
56.0%
|
74.7%
|
100.0%
|
-25.3 p.p.
|
Gross Margin (%)
|
56.1%
|
88.2%
|
-32.1 p.p.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
G&A Expenses
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(8.9)
|
(5.3)
|
67.1%
|
G&A Expenses
|
(25.7)
|
(15.1)
|
70.0%
|
18.8
|
46.8
|
-59.9%
|
Other
|
63.6
|
110.2
|
-42.3%
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
30.5
|
57.9
|
-47.2%
|
EBITDA
|
109.4
|
141.2
|
-22.5%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(32.1)
|
(39.1)
|
-17.7%
|
G&A Expenses
|
(96.5)
|
(95.2)
|
1.4%
|
(18.7)
|
(9.2)
|
n/a
|
Other Revenues (Expenses)
|
(153.3)
|
(0.0)
|
n/a
|
|
|
|
|
|
|
|
3Q14
|
3Q13
|
|
EBITDA
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
151.4
|
304.1
|
-50.2%
|
EBITDA
|
632.0
|
562.7
|
12.3%
|
(201.3)
|
(351.9)
|
-42.8%
|
(-) Equity Pick-up
|
(879.2)
|
(656.3)
|
34.0%
|
(49.9)
|
(47.8)
|
4.5%
|
Adjusted EBITDA
|
(247.3)
|
(93.6)
|
n/a
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Financial Results
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg. %
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg. %
|
(172.5)
|
(220.0)
|
-21.6%
|
Gross Debt Charges
|
(549.0)
|
(535.9)
|
2.4%
|
33.9
|
29.0
|
17.0%
|
Income from Financial Investments
|
98.3
|
90.7
|
8.4%
|
(138.5)
|
(190.9)
|
-27.4%
|
(=) Subtotal: Net Debt Interests
|
(450.6)
|
(445.2)
|
1.2%
|
(53.5)
|
(14.9)
|
n/a
|
Other Charges and Monetary Variation
|
(30.4)
|
(31.0)
|
-1.8%
|
(209.3)
|
91.7
|
n/a
|
Exchange Rate Variation
|
(107.5)
|
(218.1)
|
-50.7%
|
116.5
|
(5.2)
|
n/a
|
Gains (losses) with Derivatives
|
58.4
|
139.4
|
-58.1%
|
(15.0)
|
(13.5)
|
11.2%
|
Amortization, Debt Cost and Other
|
(103.1)
|
(70.7)
|
45.8%
|
(299.8)
|
(132.9)
|
n/a
|
(=) Financial, Net
|
(633.3)
|
(625.7)
|
1.2%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
|
Income Tax and Social Contribution
|
9M 14
|
9M 13
|
|
(Jul-Sep)
|
(Jul-Sep)
|
Chg.%
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
Chg.%
|
79.8
|
431.8
|
-81.5%
|
Income (Loss) before Income Tax
|
639.0
|
620.2
|
3.0%
|
15.9
|
(117.8)
|
n/a
|
Total of Tax and Social Contribution
|
(25.9)
|
(334.1)
|
-92.3%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Income Tax and Social Contribution
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar5
|
Other
Business
|
Adjusts and Eliminations
|
Consolidated
|
3Q14
|
|||||||
Net Income before Taxes
|
200.4
|
57.7
|
5.6
|
31.9
|
(91.8)
|
(124.0)
|
79.8
|
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 Contributions Theoretical Expense
|
(68.1)
|
(19.6)
|
(1.9)
|
(10.8)
|
31.2
|
42.2
|
(27.1)
|
Non-taxable Permanent Differences / Equity Pick-up
|
(1.2)
|
(0.1)
|
(0.5)
|
-
|
75.8
|
(42.2)
|
31.9
|
Other
|
3.0
|
0.3
|
0.5
|
(0.8)
|
(0.0)
|
-
|
3.0
|
Income Tax Effective Expenses
|
(66.3)
|
(19.4)
|
(2.0)
|
(3.6)
|
107.1
|
-
|
15.9
|
Income Tax and Social Contribution Effective Rate (%)
|
-33.1%
|
-33.6%
|
-34.6%
|
-11.2%
|
n/a
|
- %
|
19.9%
|
Expenses (Revenues) com IR/CS
|
(66.3)
|
(19.4)
|
(2.0)
|
(3.6)
|
107.1
|
-
|
15.9
|
Current
|
(35.8)
|
(16.3)
|
(0.2)
|
(2.8)
|
(0.0)
|
-
|
(55.0)
|
Effective Rate - Current Rate (%)
|
-17.9%
|
-28.2%
|
-4.0%
|
-8.7%
|
0.0%
|
- %
|
-69.0%
|
Deferred
|
(30.5)
|
(3.1)
|
(1.7)
|
(0.8)
|
107.1
|
-
|
70.9
|
|
|
|
|
|
|
|
|
Income Tax and Social Contribution
|
Comgás
|
Rumo
|
Lubrificantes
|
Radar5
|
Other Business
|
Adjusts and Eliminations
|
Consolidated
|
9M 14
|
|||||||
Net Income before Taxes
|
610.3
|
139.7
|
60.8
|
115.6
|
125.0
|
(412.5)
|
639.0
|
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 Contributions Theoretical Expense
|
(207.5)
|
(47.5)
|
(20.7)
|
(39.3)
|
(42.5)
|
140.2
|
(217.3)
|
Income Tax Effective Expenses
|
(208.3)
|
(47.0)
|
(9.6)
|
(11.4)
|
250.5
|
-
|
(25.9)
|
Income Tax and Social Contribution Effective Rate (%)
|
-34.1%
|
-33.7%
|
-15.8%
|
-9.9%
|
n/a
|
- %
|
-4.1%
|
Expenses (Revenues) com IR/CS
|
(208.3)
|
(47.0)
|
(9.6)
|
(11.4)
|
250.5
|
-
|
(25.9)
|
Current
|
(98.5)
|
(29.2)
|
13.8
|
(10.7)
|
3.4
|
-
|
(121.3)
|
Effective Rate - Current Rate (%)
|
-16.1%
|
-20.9%
|
22.6%
|
-9.3%
|
2.7%
|
- %
|
-19.0%
|
Deferred
|
(109.8)
|
(17.8)
|
(23.4)
|
(0.7)
|
247.1
|
-
|
95.4
|
Note 5: Radar adopts tax regime for entities taxed on presumed profits
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
3Q14
|
3Q13
|
Net Income
|
9M 14
|
9M 13
|
(Jul-Sep)
|
(Jul-Sep)
|
Amounts in R$ MM
|
(Jan-Sep)
|
(Jan-Sep)
|
15.2
|
205.9
|
Net Income
|
375.5
|
31.5
|
3Q
|
Net Income
|
9M
|
(Jul-Sep)
|
Amounts in R$ MM
|
(Jan-Sep)
|
205.9
|
Net Income - 3Q13
|
31.5
|
|
EBIT variation
|
|
(5.4)
|
Comgás
|
92.0
|
(34.5)
|
Rumo
|
(48.7)
|
(27.3)
|
Radar
|
(31.8)
|
(0.1)
|
Lubrificantes
|
(41.4)
|
(2.5)
|
Outros
|
(154.6)
|
(69.9)
|
EBIT Businesses Total
|
(184.4)
|
|
Variation in other lines
|
|
(166.9)
|
Financial result
|
(7.6)
|
(115.2)
|
Equity pick-up
|
210.7
|
133.7
|
Income taxes
|
308.2
|
27.7
|
Non-controlling Interest
|
13.7
|
-
|
Discontinued operation
|
3.4
|
15.2
|
Net Income - 3Q14
|
375.4
|
|
(i)
|
Reduction in the equity accounting result line of R$115.2 million due to Raizen’s results, outlined in previous sections, as well as the impact of foreign exchange rate variations on Raizen’s debt;
|
|
(ii)
|
Reduction of R$166.9 million in financial results mainly due to the foreign exchange rate variation and the results from derivatives as described in the Financial Result section;
|
|
(iii)
|
EBIT variation and profit of non-controlling shareholders of R$27.7million.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
(i)
|
Amortization of principal and interest of R$320.6 million, mainly related to debentures and BNDES;
|
(ii)
|
Raising of R$120.8 million through funding lines from Finame and 4131 Resolution;
|
(iii)
|
Negative effect from foreign exchange variation of R$139.7 million.
|
(iv)
|
Raising of R$ 731.4 million, mainly through funding lines from Finem and foreign exchange contracts, among others;
|
(v)
|
Amortization of principal and interest of R$400 million related to exchange contracts, BNDES, among others;
|
(vi)
|
Negative effect from foreign exchange variation of R$573.2 million.
|
(vii)
|
Provision for interest and monetary variation in the amount of R$119.4 million.
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Debt per Business Units (Amount in R$ MM)
|
|
|
|
|
3Q14
|
2Q14
|
|
|
|
Comgás
|
(Jul-Sep)
|
(Jan-Sep)
|
% ST
|
Chg. %
|
Leasing
|
0.1
|
0.5
|
100.0%
|
-74.2%
|
Promissory Notes
|
-
|
-
|
n/a
|
n/a
|
EIB
|
667.5
|
607.9
|
12.8%
|
9.8%
|
4131 Resolution
|
430.8
|
388.7
|
28.9%
|
10.8%
|
BNDES
|
1,327.7
|
1,374.9
|
14.5%
|
-3.4%
|
Debentures
|
568.1
|
620.4
|
0.3%
|
-8.4%
|
Debt Notes Allocation
|
(10.1)
|
(10.6)
|
22.8%
|
-5.1%
|
Financial Instruments - MTM
|
(259.2)
|
(157.9)
|
- %
|
64.2%
|
Total Comgás
|
2,724.9
|
2,823.9
|
-
|
-3.5%
|
Rumo
|
|
|
|
|
Finame
|
707.0
|
658.1
|
17.2%
|
7.4%
|
Finem
|
10.1
|
7.7
|
1.2%
|
32.1%
|
Expenses with Placement of Debt
|
(1.4)
|
(1.4)
|
13.0%
|
-3.5%
|
Total Rumo
|
715.7
|
664.3
|
-
|
7.7%
|
Cosan Lubrificantes
|
|
|
|
|
Finame
|
0.2
|
0.2
|
13.0%
|
0.0%
|
4131 Resolution
|
27.0
|
-
|
100.0%
|
n/a
|
Foreign Loan
|
217.3
|
203.6
|
0.1%
|
6.7%
|
Total Lubrificantes
|
244.6
|
203.9
|
-
|
20.0%
|
Other Business
|
|
|
|
|
Perpetual Bonds
|
1,240.9
|
1,115.1
|
1.2%
|
11.3%
|
Credit Notes
|
(0.0)
|
(0.0)
|
n/a
|
- %
|
Debentures
|
(0.0)
|
(0.0)
|
100.0%
|
- %
|
FINEP
|
89.9
|
89.9
|
12.5%
|
- %
|
Senior Notes 2018
|
853.6
|
874.0
|
- %
|
-2.3%
|
Senior Notes 2023
|
1,234.3
|
1,104.6
|
- %
|
11.7%
|
Expenses with Placement of Debt
|
(25.9)
|
(25.4)
|
19.0%
|
1.8%
|
Bonus over Perpetual Bonds
|
3.2
|
3.5
|
60.0%
|
-8.6%
|
Financial Instruments - MTM
|
(110.8)
|
56.1
|
- %
|
n/a
|
Total Other Business
|
3,285.2
|
3,217.8
|
-
|
2.1%
|
Consolidated
|
|
|
|
|
Total Debt
|
6,970.4
|
6,909.9
|
-
|
0.9%
|
Cash and Cash Equivalents and Securities
|
(1,508.8)
|
(1,515.8)
|
-
|
-0.5%
|
Net Debt
|
5,461.6
|
5,394.0
|
-
|
1.3%
|
|
|
|
|
|
Raízen
|
|
|
|
|
Senior Notes 2014
|
-
|
-
|
- %
|
#DIV/0!
|
Senior Notes 2017
|
991.6
|
906.5
|
1.1%
|
9.4%
|
BNDES
|
1,224.8
|
1,270.5
|
16.0%
|
-3.6%
|
Term Loan
|
2,662.2
|
2,408.3
|
3.3%
|
10.5%
|
Prepaid Exports
|
1,169.4
|
1,049.5
|
26.6%
|
11.4%
|
Advances on Exchange Contracts
|
860.1
|
440.9
|
100.0%
|
95.1%
|
Credit Notes
|
766.8
|
745.8
|
67.4%
|
2.8%
|
Finame
|
85.6
|
98.1
|
26.0%
|
-12.8%
|
Finem
|
1,125.8
|
982.0
|
11.3%
|
14.6%
|
Debentures
|
812.3
|
791.3
|
5.3%
|
n/a
|
Rural Credit
|
72.5
|
50.9
|
100.0%
|
42.4%
|
Debt Notes Allocation
|
(31.1)
|
(31.8)
|
33.2%
|
-2.3%
|
Other
|
0.0
|
0.0
|
100.0%
|
n/a
|
Total Raízen8
|
9,740.1
|
8,712.1
|
-
|
11.8%
|
Cash and Cash Equivalents and Securities Raízen
|
4,870.0
|
4,356.0
|
-
|
11.8%
|
Net Debt Raízen
|
(879.4)
|
(927.7)
|
-
|
-5.2%
|
Consolidated Proforma
|
3,990.7
|
3,428.3
|
-
|
16.4%
|
Consolidated Proforma
|
|
|
|
|
Total Debt
|
11,840.5
|
11,265.9
|
-
|
5.1%
|
Cash and Cash Equivalents and Securities (including Raízen)
|
(2,388.2)
|
(2,443.6)
|
-
|
-2.3%
|
Proforma Net Debt
|
9,452.3
|
8,822.4
|
-
|
7.1%
|
Other
|
|
|
|
|
Preferred shareholders payable in subsidiaries
|
2,036.3
|
2,001.7
|
-
|
1.7%
|
Consolidated Proforma
|
|
|
|
|
Proforma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
11,488.6
|
10,824.1
|
-
|
6.1%
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
|
2013
|
2014
|
2014
|
|
|
|
(jan/2013 - dec/2013)
|
(jan/2014 - dec/2014)
|
(jan/2014 - dec/2014)
|
|
|
|
REVIEW 2Q14
|
REVIEW 3Q14
|
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
|
4,000 ≤ ∆ ≤ 4,300
|
|
Capex (R$MM)
|
2,895
|
2,500 ≤ ∆ ≤ 2,800
|
2,400 ≤ ∆ ≤ 2,700
|
|
|
|
|
|
|
|
EBITDA (R$MM)
|
1,928
|
2,000 ≤ ∆ ≤ 2,200
|
2,000 ≤ ∆ ≤ 2,200
|
CAPEX (R$MM)
|
835
|
750 ≤ ∆ ≤ 850
|
750 ≤ ∆ ≤ 850
|
|
|
|
|
|
|
Raízen Energia
|
Volume of Sugar Cane Crushed (thousand tonnes)
|
61,441
|
58,000 ≤ ∆ ≤ 60,000
|
57,000 ≤ ∆ ≤ 58,000
|
Volume of Sugar Sold (thousand tonnes)
|
4,470
|
4,200 ≤ ∆ ≤ 4,500
|
4,100 ≤ ∆ ≤ 4,300
|
|
Volume of Ethanol Sold (million liters)
|
2,475
|
2,000 ≤ ∆ ≤ 2,200
|
1,900 ≤ ∆ ≤ 2,100
|
|
Volume of Energy Sold (thousands of MWh)
|
2,165
|
1,950 ≤ ∆ ≤ 2,150
|
1,950 ≤ ∆ ≤ 2,150
|
|
EBITDA (R$MM)
|
2,112
|
2,300 ≤ ∆ ≤ 2,700
|
2,300 ≤ ∆ ≤ 2,700
|
|
CAPEX (R$MM)
|
2,531
|
2,000 ≤ ∆ ≤ 2,200
|
2,000 ≤ ∆ ≤ 2,200
|
|
|
|
|
|
|
Rumo
|
Volume of Loading (thousand tonnes)
|
9,177
|
10,500 ≤ ∆ ≤ 12,500
|
10,500 ≤ ∆ ≤ 11,500
|
EBITDA (R$MM)
|
358
|
Under Review
|
290 ≤ ∆ ≤ 310
|
|
CAPEX (R$MM)
|
255
|
250 ≤ ∆ ≤ 300
|
250 ≤ ∆ ≤ 300
|
|
|
|
|
|
|
Radar
|
EBITDA (R$MM)
|
228
|
170 ≤ ∆ ≤ 200
|
140 ≤ ∆ ≤ 150
|
|
|
|
|
|
Cosan Lubrificantes
|
Total Volume Sold (million Liters)
|
316
|
270 ≤ ∆ ≤ 310
|
265 ≤ ∆ ≤ 285
|
EBITDA (R$MM)
|
140
|
140 ≤ ∆ ≤ 170
|
110 ≤ ∆ ≤ 140
|
|
|
|
2.013
|
2.014
|
2.014
|
|
|
(jan/2013 - dec/2013)
|
(jan/2014 - dec/2014)
|
(jan/2014 - dec/2014)
|
Comgás
|
Number of Clients (thousand)
|
1,334
|
1,420 ≤ ∆ ≤ 1,450
|
1,420 ≤ ∆ ≤ 1,450
|
Total Volume of Gas Sold (thousand cbm)
|
5,457
|
5,200 ≤ ∆ ≤ 5,700
|
5,200 ≤ ∆ ≤ 5,700
|
|
EBITDA IFRS (R$MM)
|
1,338
|
1,300 ≤ ∆ ≤ 1,550
|
1,300 ≤ ∆ ≤ 1,550
|
|
CAPEX (R$MM)
|
852
|
680 ≤ ∆ ≤ 780
|
600 ≤ ∆ ≤ 700
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Cosan Consolidated
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
2,362,252
|
2,434,511
|
Gross Profit
|
692,785
|
721,548
|
Sales, general and administrative expenses
|
(384,450)
|
(375,153)
|
Other operating income (expenses), net
|
(4,494)
|
27,332
|
Financial revenue
|
51,376
|
48,578
|
Financial expenses
|
(258,356)
|
(268,001)
|
Foreign exchange variation
|
(209,346)
|
91,711
|
Derivative
|
116,513
|
(5,218)
|
Equity pick up
|
75,799
|
191,023
|
Income and Social Contribution Taxes
|
15,860
|
(117,821)
|
Equity attributable to non-controlling interests
|
(80,455)
|
(108,121)
|
Net Income from discontinued operations
|
0
|
-
|
Net Income
|
15,233
|
205,876
|
|
|
|
Cosan Consolidated
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
1,306,496
|
1,321,395
|
Securities
|
202,352
|
194,432
|
Accounts Receivable
|
872,473
|
879,997
|
Inventories
|
327,367
|
303,675
|
Other Current Assets
|
1,088,709
|
931,620
|
Investments
|
8,687,985
|
8,754,360
|
Investment Property
|
2,167,221
|
2,244,310
|
Biological Assets
|
(0)
|
(0)
|
Property, Plant and Equipment
|
1,360,812
|
1,320,690
|
Intangible
|
10,233,226
|
10,151,170
|
Other Non-Current Assets
|
3,048,084
|
2,661,070
|
Total Assets
|
29,294,726
|
28,762,719
|
|
|
|
Loans and Financing
|
(7,340,478)
|
(7,011,660)
|
Suppliers
|
(996,693)
|
(926,995)
|
Salaries Payable
|
(115,751)
|
(89,908)
|
Other current liabilities
|
(499,921)
|
(518,846)
|
Other non-current liabilities
|
(6,436,854)
|
(6,419,388)
|
Net Equity
|
(13,905,030)
|
(13,795,922)
|
Total Liabilities
|
(29,294,726)
|
(28,762,719)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Raízen Combustíveis
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
14,333,868
|
12,737,213
|
Gross Profit
|
711,930
|
659,996
|
Sales, general and administrative expenses
|
(395,375)
|
(362,825)
|
Other operating income (expenses), net
|
83,829
|
66,328
|
Financial revenue
|
23,250
|
23,386
|
Financial expenses
|
(38,708)
|
(18,952)
|
Foreign exchange variation
|
(68,122)
|
(7,319)
|
Derivative
|
(3,274)
|
(12,032)
|
Equity pick up
|
3,887
|
-
|
Income and Social Contribution Taxes
|
(121,209)
|
(119,280)
|
Equity attributable to non-controlling interests
|
(7,095)
|
(7,197)
|
Net Income from discontinued operations
|
-
|
0
|
Net Income
|
189,112
|
222,105
|
|
|
|
Raízen Combustíveis
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
198,987
|
327,591
|
Accounts Receivable
|
1,449,506
|
1,347,195
|
Inventories
|
1,069,562
|
1,113,864
|
Other Current Assets
|
475,354
|
570,884
|
Investments
|
256,546
|
257,789
|
Property, Plant and Equipment
|
2,462,341
|
2,466,750
|
Intangible
|
4,248,628
|
4,207,272
|
Other Non-Current Assets
|
2,334,443
|
2,079,571
|
Total Assets
|
12,495,367
|
12,370,916
|
|
|
|
Loans and Financing
|
(868,182)
|
(781,553)
|
Suppliers
|
(308,300)
|
(424,170)
|
Salaries Payable
|
(61,895)
|
(98,013)
|
Other current liabilities
|
(1,673,413)
|
(1,388,866)
|
Other non-current liabilities
|
(2,805,705)
|
(2,850,367)
|
Net Equity
|
(6,777,872)
|
(6,827,947)
|
Total Liabilities
|
(12,495,367)
|
(12,370,916)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Raízen Energia
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
2,331,338
|
3,246,729
|
Gross Profit
|
373,908
|
726,101
|
Sales, general and administrative expenses
|
(283,345)
|
(358,584)
|
Other operating income (expenses), net
|
23,331
|
(19,891)
|
Financial revenue
|
106,535
|
55,193
|
Financial expenses
|
(128,453)
|
(114,059)
|
Foreign exchange variation
|
(266,774)
|
(25,128)
|
Derivative
|
94,672
|
26,403
|
Equity pick up
|
(12,872)
|
(11,655)
|
Income and Social Contribution Taxes
|
63,139
|
(94,462)
|
Net Income (loss)
|
(29,859)
|
183,918
|
|
|
|
Raízen Energia
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
1,559,747
|
1,527,901
|
Accounts Receivable
|
582,527
|
494,499
|
Inventories
|
2,577,602
|
1,343,539
|
Other Current Assets
|
2,490,982
|
2,230,962
|
Investments
|
213,941
|
177,067
|
Biological Assets
|
1,828,829
|
1,976,809
|
Property, Plant and Equipment
|
9,863,400
|
10,215,505
|
Intangible
|
3,339,449
|
3,337,939
|
Other Non-Current Assets
|
2,045,218
|
1,762,808
|
Total Assets
|
24,501,695
|
23,067,029
|
|
|
|
Loans and Financing
|
(9,635,618)
|
(8,695,806)
|
Suppliers
|
(821,322)
|
(623,542)
|
Salaries Payable
|
(323,051)
|
(378,878)
|
Other current liabilities
|
(594,002)
|
(444,445)
|
Other non-current liabilities
|
(2,555,281)
|
(2,269,695)
|
Net Equity
|
(10,572,421)
|
(10,654,661)
|
Total Liabilities
|
(24,501,695)
|
(23,067,029)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Comgás
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
1,643,749
|
1,682,531
|
Gross Profit
|
494,834
|
483,958
|
Sales, general and administrative expenses
|
(240,314)
|
(229,988)
|
Other operating income (expenses), net
|
(6,000)
|
(17)
|
Financial revenue
|
27,222
|
14,557
|
Financial expenses
|
(75,395)
|
(38,144)
|
Foreign exchange variation
|
(80,876)
|
(6,929)
|
Derivative
|
80,927
|
(4,809)
|
Income and Social Contribution Taxes
|
(66,295)
|
(74,689)
|
Net Income from discontinued operations
|
-
|
(0)
|
Net Income
|
134,104
|
143,939
|
|
|
|
Comgás
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
920,774
|
857,414
|
Accounts Receivable
|
600,655
|
631,623
|
Inventories
|
120,422
|
112,862
|
Other Current Assets
|
250,620
|
216,455
|
Intangible
|
8,558,658
|
8,518,022
|
Other Non-Current Assets
|
368,772
|
285,864
|
Total Assets
|
10,819,901
|
10,622,240
|
|
|
|
Loans and Financing
|
(2,984,172)
|
(2,981,807)
|
Suppliers
|
(774,238)
|
(740,343)
|
Salaries Payable
|
(52,503)
|
(42,978)
|
Other current liabilities
|
(120,654)
|
(142,061)
|
Other non-current liabilities
|
(984,842)
|
(947,651)
|
Net Equity
|
(5,903,492)
|
(5,767,400)
|
Total Liabilities
|
(10,819,901)
|
(10,622,240)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Rumo
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
261,300
|
328,500
|
Gross Profit
|
80,635
|
125,139
|
Sales, general and administrative expenses
|
(20,894)
|
(17,286)
|
Other operating income (expenses), net
|
1,017
|
(12,613)
|
Financial revenue
|
6,468
|
14,534
|
Financial expenses
|
(9,819)
|
(9,555)
|
Foreign exchange variation
|
290
|
(109)
|
Equity pick up
|
0
|
0
|
Income and Social Contribution Taxes
|
(19,371)
|
(33,657)
|
Equity attributable to non-controlling interests
|
(476)
|
(733)
|
Net Income
|
37,848
|
65,720
|
|
|
|
Rumo
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2013
|
Cash and Cash Equivalents
|
96,764
|
222,370
|
Accounts Receivable
|
36,908
|
29,179
|
Inventories
|
6,099
|
5,311
|
Other Current Assets
|
21,696
|
32,580
|
Investments
|
0
|
(0)
|
Property, Plant and Equipment
|
1,047,280
|
1,036,862
|
Intangible
|
834,405
|
784,922
|
Other Non-Current Assets
|
406,374
|
334,024
|
Total Assets
|
2,449,526
|
2,445,248
|
|
|
|
Loans and Financing
|
(715,698)
|
(664,308)
|
Suppliers
|
(114,947)
|
(83,385)
|
Salaries Payable
|
(16,368)
|
(11,516)
|
Other current liabilities
|
(49,679)
|
(173,797)
|
Other non-current liabilities
|
(215,846)
|
(213,578)
|
Net Equity
|
(1,336,988)
|
(1,298,664)
|
Total Liabilities
|
(2,449,526)
|
(2,445,248)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Cosan Lubrificantes
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
429,850
|
407,321
|
Gross Profit
|
96,894
|
96,293
|
Sales, general and administrative expenses
|
(82,216)
|
(83,486)
|
Other operating income (expenses), net
|
416
|
2,383
|
Financial revenue
|
1,705
|
3,560
|
Financial expenses
|
27,393
|
(15,400)
|
Foreign exchange variation
|
(46,006)
|
15,355
|
Derivative
|
8,958
|
(4,512)
|
Equity pick up
|
(1,498)
|
(6,534)
|
Income and Social Contribution Taxes
|
(1,954)
|
(10,464)
|
Net Income (loss)
|
3,693
|
(2,804)
|
|
|
|
Cosan Lubrificantes
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
33,282
|
30,991
|
Securities
|
0
|
0
|
Accounts Receivable
|
218,704
|
204,932
|
Inventories
|
200,810
|
185,502
|
Other Current Assets
|
28,950
|
45,390
|
Investments
|
15,822
|
15,783
|
Property, Plant and Equipment
|
208,516
|
202,074
|
Intangible
|
833,265
|
841,385
|
Other Non-Current Assets
|
(130,587)
|
(126,936)
|
Total Assets
|
1,408,763
|
1,399,121
|
|
|
|
Loans and Financing
|
(244,578)
|
(203,862)
|
Suppliers
|
(105,403)
|
(99,228)
|
Salaries Payable
|
(16,503)
|
(13,501)
|
Other current liabilities
|
(90,476)
|
(71,861)
|
Other non-current liabilities
|
(209,570)
|
(221,850)
|
Net Equity
|
(742,232)
|
(788,819)
|
Total Liabilities
|
(1,408,763)
|
(1,399,121)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Radar
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
27,348
|
16,147
|
Gross Profit
|
20,419
|
16,147
|
Sales, general and administrative expenses
|
(8,880)
|
(5,314)
|
Other operating income (expenses), net
|
18,756
|
46,800
|
Financial revenue
|
1,815
|
1,051
|
Financial expenses
|
(215)
|
(178)
|
Income and Social Contribution Taxes
|
(3,571)
|
(3,625)
|
Net Income
|
28,323
|
54,881
|
|
|
|
Radar
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
678
|
498
|
Securities
|
137,352
|
129,432
|
Accounts Receivable
|
15,965
|
14,020
|
Other Current Assets
|
458,141
|
363,889
|
Investments
|
0
|
0
|
Investment Property
|
2,167,221
|
2,244,310
|
Property, Plant and Equipment
|
10,862
|
10,960
|
Intangible
|
142
|
94
|
Other Non-Current Assets
|
12,820
|
5,334
|
Total Assets
|
2,803,181
|
2,768,538
|
|
|
|
Loans and Financing
|
-
|
-
|
Suppliers
|
(789)
|
(846)
|
Salaries Payable
|
(13,192)
|
(9,293)
|
Other current liabilities
|
(19,602)
|
(17,960)
|
Other non-current liabilities
|
(87,387)
|
(86,566)
|
Net Equity
|
(2,682,211)
|
(2,653,873)
|
Total Liabilities
|
(2,803,181)
|
(2,768,538)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Cosan other business
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
4
|
12
|
Gross Profit
|
4
|
12
|
Sales, general and administrative expenses
|
(32,146)
|
(39,079)
|
Other operating income (expenses), net
|
(18,683)
|
(9,222)
|
Financial revenue
|
17,308
|
18,017
|
Financial expenses
|
(203,461)
|
(207,865)
|
Foreign exchange variation
|
(82,755)
|
83,393
|
Derivative
|
26,628
|
4,103
|
Equity pick up
|
201,286
|
351,903
|
Income and Social Contribution Taxes
|
107,051
|
4,614
|
Net Income
|
15,233
|
205,876
|
|
|
|
Cosan other business
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
254,998
|
210,122
|
Securities
|
65,000
|
65,000
|
Accounts Receivable
|
241
|
243
|
Inventories
|
36
|
0
|
Other Current Assets
|
342,523
|
384,868
|
Investments
|
15,395,872
|
15,387,365
|
Biological Assets
|
(0)
|
(0)
|
Property, Plant and Equipment
|
94,154
|
70,794
|
Intangible
|
6,756
|
6,747
|
Other Non-Current Assets
|
2,395,265
|
2,555,191
|
Total Assets
|
18,554,844
|
18,680,330
|
|
|
|
Loans and Financing
|
(3,396,031)
|
(3,161,683)
|
Loans and Financing
|
(30,246)
|
(59,162)
|
Loans and Financing
|
(3,365,786)
|
(3,102,521)
|
Suppliers
|
(1,316)
|
(3,193)
|
Salaries Payable
|
(17,185)
|
(12,620)
|
Other current liabilities
|
(237,291)
|
(231,700)
|
Other non-current liabilities
|
(4,939,208)
|
(5,335,181)
|
Net Equity
|
(9,963,815)
|
(9,935,953)
|
Total Liabilities
|
(18,554,844)
|
(18,680,330)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Cosan Proforma Consolidated
|
3Q14
|
3Q13
|
Income Statement for the period
|
09/30/2014
|
09/30/2013
|
Net Operating Revenue
|
10,283,563
|
9,547,901
|
Gross Profit
|
1,235,704
|
1,404,592
|
Sales, general and administrative expenses
|
(723,810)
|
(735,858)
|
Other operating income (expenses), net
|
49,086
|
50,550
|
Financial revenue
|
159,699
|
87,867
|
Financial expenses
|
(385,366)
|
(334,506)
|
Foreign exchange variation
|
(376,794)
|
75,487
|
Derivative
|
162,212
|
1,968
|
Equity pick up
|
(8,320)
|
(12,045)
|
Income and Social Contribution Taxes
|
(13,175)
|
(220,459)
|
Equity attributable to non-controlling interests
|
(84,002)
|
(111,720)
|
Net Income from discontinued operations
|
(0)
|
(0)
|
Net Income
|
15,233
|
205,876
|
|
|
|
Cosan Proforma Consolidated
|
3Q14
|
2Q14
|
Balance Sheet
|
09/30/2014
|
06/30/2014
|
Cash and Cash Equivalents
|
2,185,863
|
2,249,141
|
Securities
|
202,352
|
194,432
|
Accounts Receivable
|
1,888,490
|
1,800,844
|
Inventories
|
2,137,958
|
1,519,386
|
Other Current Assets
|
1,822,920
|
1,854,216
|
Investments
|
330,278
|
308,559
|
Investment Property
|
2,167,221
|
2,244,310
|
Biological Assets
|
914,414
|
988,404
|
Property, Plant and Equipment
|
7,515,186
|
7,653,322
|
Intangible
|
14,027,265
|
13,923,776
|
Other Non-Current Assets
|
4,288,228
|
3,806,860
|
Total Assets
|
37,480,175
|
36,543,251
|
|
|
|
Loans and Financing
|
(12,592,378)
|
(11,750,340)
|
Suppliers
|
(1,561,504)
|
(1,450,851)
|
Salaries Payable
|
(308,224)
|
(328,353)
|
Other current liabilities
|
(885,165)
|
(957,121)
|
Other non-current liabilities
|
(8,162,749)
|
(8,199,660)
|
Net Equity
|
(13,970,154)
|
(13,856,926)
|
Total Liabilities
|
(37,480,175)
|
(36,543,251)
|
Earnings Release
3rd Quarter of Fiscal Year 2014
|
Results by Business Unit
|
Comgás
|
Lubrificantes
|
Radar
|
Other
Businesses
|
Adjusts and Eliminations
|
Cosan
|
Raízen
Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Cosan
Proforma
|
|
Cosan Logística
|
3Q14
|
|
||||||||||||
|
|||||||||||||
Net Revenue
|
1,643.7
|
429.9
|
27.3
|
0.0
|
-
|
2,101.0
|
14,333.9
|
2,331.3
|
(8,332.6)
|
(411.3)
|
10,022.3
|
|
261.3
|
Cost of Goods and Services
|
(1,148.9)
|
(333.0)
|
(6.9)
|
0.0
|
-
|
(1,488.8)
|
(13,621.9)
|
(1,957.4)
|
7,789.7
|
411.3
|
(8,867.2)
|
|
(180.7)
|
Gross Profit
|
494.8
|
96.9
|
20.4
|
0.0
|
-
|
612.2
|
711.9
|
373.9
|
(542.9)
|
-
|
1,155.1
|
|
80.6
|
Gross Margin(%)
|
30.1%
|
22.5%
|
74.7%
|
n/a
|
n/a
|
29.1%
|
5.%
|
16.%
|
6.5%
|
- %
|
11.5%
|
|
30.9%
|
Selling Expenses
|
(165.1)
|
(64.5)
|
-
|
-
|
-
|
(229.7)
|
(299.9)
|
(146.0)
|
222.9
|
-
|
(452.6)
|
|
-
|
General and Administrative Expenses
|
(75.2)
|
(17.7)
|
(8.9)
|
(32.1)
|
-
|
(133.9)
|
(95.5)
|
(137.3)
|
116.4
|
-
|
(250.3)
|
|
(20.9)
|
Other Operating Revenues (Expenses)
|
(6.0)
|
0.4
|
18.8
|
(18.7)
|
-
|
(5.5)
|
83.8
|
23.3
|
(53.6)
|
-
|
48.1
|
|
1.0
|
Equity Pick-up
|
-
|
(1.5)
|
-
|
172.9
|
(95.6)
|
75.8
|
3.9
|
(12.9)
|
4.5
|
(79.6)
|
(8.3)
|
|
0.0
|
Depreciation and Amortization
|
128.9
|
17.3
|
0.2
|
0.9
|
-
|
147.3
|
141.9
|
529.5
|
(335.7)
|
-
|
483.0
|
|
25.7
|
EBITDA
|
377.4
|
30.9
|
30.5
|
151.4
|
(95.6)
|
494.5
|
546.2
|
630.5
|
(588.4)
|
(79.6)
|
1,003.3
|
|
86.4
|
EBITDA Margin (%)
|
23.%
|
7.2%
|
n/a
|
n/a
|
n/a
|
23.5%
|
3.8%
|
27.%
|
7.1%
|
- %
|
10.%
|
|
33.1%
|
Financial income
|
(75.4)
|
27.4
|
(0.2)
|
(203.5)
|
3.1
|
(248.5)
|
(38.7)
|
(128.5)
|
83.6
|
(43.4)
|
(375.5)
|
|
(9.8)
|
Financial expense
|
27.2
|
1.7
|
1.8
|
17.3
|
(3.1)
|
44.9
|
23.3
|
106.5
|
(64.9)
|
43.4
|
153.2
|
|
6.5
|
Foreign exchange gain (losses), net
|
(80.9)
|
(46.0)
|
-
|
(82.8)
|
-
|
(209.6)
|
(68.1)
|
(266.8)
|
167.4
|
-
|
(377.1)
|
|
0.3
|
Derivatives
|
80.9
|
9.0
|
-
|
26.6
|
-
|
116.5
|
(3.3)
|
94.7
|
(45.7)
|
-
|
162.2
|
|
-
|
Income taxes expenses
|
(66.3)
|
(2.0)
|
(3.6)
|
107.1
|
-
|
35.2
|
(121.2)
|
63.1
|
29.0
|
-
|
6.2
|
|
(19.4)
|
Non-controlling interests
|
-
|
-
|
-
|
-
|
(70.5)
|
(70.5)
|
(7.1)
|
-
|
3.5
|
-
|
(74.1)
|
|
(9.9)
|
Results of discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
Profit (loss) for the period
|
134.1
|
3.7
|
28.3
|
(13.2)
|
(166.1)
|
(13.2)
|
189.1
|
(29.9)
|
(79.6)
|
(79.6)
|
(13.2)
|
|
37.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results by Business Unit
|
Comgás
|
Lubrificantes
|
Radar
|
Other Businesses
|
Adjusts and Eliminations
|
Cosan
|
Raízen Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Cosan Proforma
|
|
Cosan Logística
|
9M 14
|
|
||||||||||||
|
|||||||||||||
Net Revenue
|
4,777.5
|
1,202.1
|
126.1
|
0.1
|
-
|
6.105,7
|
41,029.7
|
6,622.5
|
(23,826.1)
|
(1,118.8)
|
28.813,0
|
|
659.7
|
Cost of Goods and Services
|
(3,309.2)
|
(938.1)
|
(55.3)
|
0.0
|
-
|
(4.302,6)
|
(39,029.5)
|
(5,431.2)
|
22,230.3
|
1,118.8
|
(25.414,1)
|
|
(432.8)
|
Gross Profit
|
1,468.4
|
264.0
|
70.8
|
0.1
|
-
|
1.803,2
|
2,000.2
|
1,191.3
|
(1,595.7)
|
-
|
3.398,9
|
|
226.9
|
Gross Margin(%)
|
30.7%
|
22.%
|
56.1%
|
n/a
|
n/a
|
29.5%
|
4.9%
|
18.%
|
6.7%
|
- %
|
11.8%
|
|
34.4%
|
Selling Expenses
|
(473.9)
|
(186.7)
|
-
|
-
|
-
|
(660,6)
|
(884.9)
|
(426.9)
|
655.9
|
-
|
(1.316,5)
|
|
-
|
General and Administrative Expenses
|
(218.3)
|
(51.5)
|
(25.7)
|
(96.5)
|
-
|
(392,1)
|
(296.5)
|
(398.7)
|
347.6
|
-
|
(739,7)
|
|
(63.6)
|
Other Operating Revenues (Expenses)
|
(13.9)
|
0.6
|
63.6
|
(153.3)
|
-
|
(103,0)
|
262.3
|
82.0
|
(172.1)
|
-
|
69,1
|
|
(0.5)
|
Equity Pick-up
|
-
|
(4.8)
|
0.0
|
809.8
|
(343.0)
|
461,9
|
11.2
|
(28.8)
|
8.8
|
(476.3)
|
(23,2)
|
|
0.0
|
Depreciation and Amortization
|
376.7
|
53.6
|
0.7
|
2.5
|
-
|
433,5
|
403.2
|
1,423.9
|
(913.6)
|
-
|
1.347,1
|
|
70.4
|
EBITDA
|
1,138.9
|
75.2
|
109.4
|
632.0
|
(343.0)
|
1.612,4
|
1,495.6
|
1,842.8
|
(1,669.2)
|
(476.3)
|
2.805,3
|
|
233.2
|
EBITDA Margin (%)
|
23.8%
|
6.3%
|
86.8%
|
n/a
|
n/a
|
76.7%
|
3.6%
|
27.8%
|
7.%
|
- %
|
28.%
|
|
35.4%
|
Financial income
|
(217.6)
|
62.6
|
(0.8)
|
(557.9)
|
9.2
|
(704,3)
|
(102.0)
|
(370.6)
|
236.3
|
(43.4)
|
(984,1)
|
|
(52.3)
|
Financial expense
|
65.7
|
3.3
|
7.7
|
76.4
|
(9.2)
|
143,8
|
69.8
|
252.2
|
(161.0)
|
43.4
|
348,3
|
|
28.6
|
Foreign exchange gain (losses), net
|
(48.7)
|
(20.1)
|
-
|
(39.3)
|
-
|
(108,1)
|
(15.1)
|
(136.8)
|
76.0
|
-
|
(184,0)
|
|
0.6
|
Derivatives
|
48.7
|
(6.6)
|
-
|
16.3
|
-
|
58,4
|
(31.4)
|
139.1
|
(53.8)
|
-
|
112,3
|
|
-
|
Income taxes expenses
|
(208.3)
|
(9.6)
|
(11.4)
|
250.5
|
-
|
21.2
|
(327.6)
|
(14.2)
|
170.9
|
-
|
(149.7)
|
|
(47.0)
|
Non-controlling interests
|
-
|
-
|
-
|
-
|
(214.4)
|
(214.4)
|
(22.0)
|
-
|
11.0
|
-
|
(225.3)
|
|
(23.3)
|
Results of discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
Profit (loss) for the period
|
402.1
|
51.2
|
104.1
|
306.1
|
(557.4)
|
306.1
|
664.1
|
288.5
|
(476.3)
|
(476.3)
|
306.1
|
|
92.6
|
Report of independent registered public accounting firm
|
3
|
Consolidated statement of financial position
|
5
|
Consolidated statement of profit or loss and
|
|
other comprehensive income
|
7
|
Statement of changes in shareholders’ equity
|
9
|
Consolidated statement of cash flows
|
11
|
Notes to the consolidated interim financial statements
|
12
|
|
Note
|
September 30,
2014
|
December 31,
2013
|
|||||||||
Assets
|
|
|
|
|||||||||
Cash and cash equivalents
|
4 | 1,330,619 | 1,509,565 | |||||||||
Investment securities
|
202,352 | 87,978 | ||||||||||
Trade receivables
|
5 | 872,473 | 844,483 | |||||||||
Inventories
|
327,367 | 311,980 | ||||||||||
Derivative financial instruments
|
24 | 21,592 | - | |||||||||
Receivables from related parties
|
7 | 56,748 | 46,788 | |||||||||
Income tax receivable
|
17,964 | 56,340 | ||||||||||
Other current tax receivable
|
74,977 | 85,433 | ||||||||||
Other financial assets
|
6 | 67,888 | 63,054 | |||||||||
Dividends receivable
|
162,602 | 26,350 | ||||||||||
Other assets
|
250,514 | 217,927 | ||||||||||
|
3,385,096 | 3,249,898 | ||||||||||
|
||||||||||||
Assets held for sale
|
10 | 436,800 | 314,104 | |||||||||
|
||||||||||||
Current assets
|
3,821,896 | 3,564,002 | ||||||||||
|
||||||||||||
Trade receivables
|
5 | 406,104 | 238,460 | |||||||||
Deferred tax assets
|
16 | 270,017 | 232,188 | |||||||||
Receivables from related parties
|
7 | 387,695 | 504,481 | |||||||||
Income tax receivable
|
28,197 | 49,268 | ||||||||||
Other non-current tax receivable
|
16,929 | 18,366 | ||||||||||
Judicial deposits
|
17 | 398,480 | 361,554 | |||||||||
Other financial assets
|
6 | 431,635 | 407,107 | |||||||||
Derivative financial instruments
|
24 | 621,704 | 513,934 | |||||||||
Other non-current asset
|
487,323 | 493,340 | ||||||||||
Equity method investments
|
8 | 111,304 | 103,316 | |||||||||
Investment in joint ventures
|
9 | 8,576,681 | 8,498,259 | |||||||||
Investment property
|
10 | 2,167,221 | 2,281,509 | |||||||||
Property, plant and equipment
|
11 | 1,360,812 | 1,271,910 | |||||||||
Intangible assets
|
12 | 10,233,226 | 10,078,040 | |||||||||
|
||||||||||||
Non-current assets
|
25,497,328 | 25,051,732 | ||||||||||
|
||||||||||||
Total assets
|
29,319,224 | 28,615,734 | ||||||||||
|
||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
Note
|
September 30,
2014
|
December 31,
2013
|
|||||||||
Liabilities
|
|
|
|
|||||||||
Loans and borrowings
|
13 | 814,637 | 1,050,862 | |||||||||
Derivative financial instruments
|
24 | 22,881 | 50,879 | |||||||||
Trade payables
|
14 | 996,693 | 862,429 | |||||||||
Employee benefits payable
|
115,751 | 103,296 | ||||||||||
Income tax payable
|
17,614 | 28,143 | ||||||||||
Other current tax payable
|
15 | 188,791 | 199,056 | |||||||||
Dividends payable
|
8,763 | 92,759 | ||||||||||
Payables to related parties
|
7 | 111,308 | 105,463 | |||||||||
Other current liabilities
|
147,145 | 157,806 | ||||||||||
|
||||||||||||
Current liabilities
|
2,423,583 | 2,650,693 | ||||||||||
|
||||||||||||
Loans and borrowings
|
13 | 6,829,461 | 8,042,094 | |||||||||
Derivative financial instruments
|
24 | 246,509 | 280,462 | |||||||||
Other non-current tax payable
|
15 | 1,013,242 | 1,010,767 | |||||||||
Provision for legal proceedings
|
17 | 651,122 | 722,458 | |||||||||
Pension and post-employment benefits
|
26 | 354,705 | 339,135 | |||||||||
Deferred tax liabilities
|
16 | 1,620,733 | 1,698,622 | |||||||||
Preferred shareholders payable in subsidiaries
|
18 | 2,036,341 | - | |||||||||
Other non-current liabilities
|
514,200 | 551,739 | ||||||||||
|
||||||||||||
Non-current liabilities
|
13,266,313 | 12,645,277 | ||||||||||
|
||||||||||||
Total liabilities
|
15,689,896 | 15,295,970 | ||||||||||
|
||||||||||||
Equity
|
19 | |||||||||||
Share capital
|
5,328 | 5,328 | ||||||||||
Additional paid in capital
|
3,839,410 | 3,828,858 | ||||||||||
Other comprehensive income
|
(142,296 | ) | (84,887 | ) | ||||||||
Retained earnings
|
2,245,002 | 2,136,975 | ||||||||||
|
||||||||||||
Equity attributable to:
|
||||||||||||
Owners of the Company
|
5,947,444 | 5,886,274 | ||||||||||
Non-controlling interests
|
8 | 7,681,884 | 7,433,490 | |||||||||
|
||||||||||||
Total equity
|
13,629,328 | 13,319,764 | ||||||||||
|
||||||||||||
Total equity and liabilities
|
29,319,224 | 28,615,734 | ||||||||||
|
||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
Note
|
July 1, 2014
to September 30, 2014 |
January 1, 2014
to September 30, 2014 |
July 1, 2013
to September 30, 2013 |
January 1, 2013
to September 30, 2013 |
|||||||||||||||
Net sales
|
21 | 2,362,250 | 6,765,425 | 2,434,511 | 6,649,659 | |||||||||||||||
Cost of sales
|
(1,669,466 | ) | (4,735,344 | ) | (1,712,963 | ) | (4,698,262 | ) | ||||||||||||
|
||||||||||||||||||||
Gross profit
|
692,784 | 2,030,081 | 721,548 | 1,951,397 | ||||||||||||||||
|
||||||||||||||||||||
Selling expenses
|
(229,667 | ) | (660,572 | ) | (221,457 | ) | (599,737 | ) | ||||||||||||
General and administrative expenses
|
(155,852 | ) | (473,837 | ) | (154,614 | ) | (439,579 | ) | ||||||||||||
Other (expense) income, net
|
23 | (4,492 | ) | (103,452 | ) | 27,331 | 79,563 | |||||||||||||
|
||||||||||||||||||||
Operating expense
|
(390,011 | ) | (1,237,861 | ) | (348,740 | ) | (959,753 | ) | ||||||||||||
|
||||||||||||||||||||
Income before financial results, equity in
|
||||||||||||||||||||
income of associates and income taxes
|
302,773 | 792,220 | 372,808 | 991,644 | ||||||||||||||||
|
||||||||||||||||||||
Equity in income of investees
|
||||||||||||||||||||
Equity in income of associates
|
8 | (3,369 | ) | (2,702 | ) | (6,218 | ) | (3,885 | ) | |||||||||||
Equity in income of jointly controlled entity
|
9 | 79,168 | 464,633 | 197,240 | 255,157 | |||||||||||||||
|
75,799 | 461,931 | 191,022 | 251,272 | ||||||||||||||||
Financial results
|
22 | |||||||||||||||||||
Finance expense
|
(263,336 | ) | (770,794 | ) | (271,966 | ) | (721,581 | ) | ||||||||||||
Finance income
|
51,404 | 174,176 | 48,600 | 165,871 | ||||||||||||||||
Foreign exchange (losses) gain, net
|
(200,171 | ) | (103,612 | ) | 87,046 | (222,862 | ) | |||||||||||||
Derivatives
|
124,412 | 51,225 | (5,218 | ) | 139,395 | |||||||||||||||
|
(287,691 | ) | (649,005 | ) | (141,538 | ) | (639,177 | ) | ||||||||||||
|
||||||||||||||||||||
Profit before taxes
|
90,881 | 605,146 | 422,292 | 603,739 | ||||||||||||||||
|
||||||||||||||||||||
Income taxes expenses
|
16 | |||||||||||||||||||
Current
|
(55,045 | ) | (121,271 | ) | (99,270 | ) | (152,609 | ) | ||||||||||||
Deferred
|
70,905 | 95,387 | (18,550 | ) | (60,900 | ) | ||||||||||||||
|
15,860 | (25,884 | ) | (117,820 | ) | (213,509 | ) | |||||||||||||
|
||||||||||||||||||||
Profit from continuing operations
|
106,741 | 579,262 | 304,472 | 390,230 | ||||||||||||||||
Loss from discontinued operations, net of tax
|
- | - | - | (3,369 | ) | |||||||||||||||
|
||||||||||||||||||||
Profit for the period
|
106,741 | 579,262 | 304,472 | 386,861 | ||||||||||||||||
|
||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||
Items that will not be
|
||||||||||||||||||||
reclassified to profit or loss:
|
||||||||||||||||||||
Actuarial gain (losses) on defined benefit plan
|
3,028 | 1,612 | 940 | (53,002 | ) | |||||||||||||||
Taxes on items that will not be
|
||||||||||||||||||||
reclassified to profit or loss
|
(1,030 | ) | (548 | ) | (320 | ) | 18,021 | |||||||||||||
|
1,998 | 1,064 | 620 | (34,981 | ) |
|
Note
|
July 1, 2014
to September 30, 2014 |
January 1, 2014
to September 30, 2014 |
July 1, 2013
to September 30, 2013 |
January 1, 2013
to September 30, 2013 |
|||||||||||||||
Foreign currency translation effect
|
(33,397 | ) | (30,233 | ) | (13,346 | ) | (16,801 | ) | ||||||||||||
Losses on cash flow hedge
|
||||||||||||||||||||
in jointly controlled entity
|
(41,834 | ) | (83,214 | ) | (79,204 | ) | (80,592 | ) | ||||||||||||
Changes in fair value of
|
||||||||||||||||||||
available for sale securities
|
63 | 2,610 | 1,063 | 15,333 | ||||||||||||||||
Taxes on items that may be reclassified
|
||||||||||||||||||||
subsequently to profit or loss
|
14,202 | 27,405 | 26,568 | 22,188 | ||||||||||||||||
|
(60,966 | ) | (83,432 | ) | (64,919 | ) | (59,872 | ) | ||||||||||||
|
||||||||||||||||||||
Other comprehensive (loss)
|
||||||||||||||||||||
income for the period, net of tax
|
(58,968 | ) | (82,368 | ) | (64,299 | ) | (94,853 | ) | ||||||||||||
|
||||||||||||||||||||
Total comprehensive income for the period
|
47,773 | 496,894 | 240,173 | 292,008 | ||||||||||||||||
|
||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||
Owners of the Company (including
|
||||||||||||||||||||
discontinued operations)
|
20,542 | 200,098 | 118,741 | 78,278 | ||||||||||||||||
Non-controlling interests
|
86,199 | 379,164 | 185,733 | 308,584 | ||||||||||||||||
|
||||||||||||||||||||
Total comprehensive income attributable to:
|
||||||||||||||||||||
Owners of the Company
|
(27,531 | ) | 142,689 | 78,296 | 11,963 | |||||||||||||||
Non-controlling interests
|
75,304 | 354,205 | 161,879 | 280,046 | ||||||||||||||||
|
||||||||||||||||||||
Basic earnings per share
|
20 | |||||||||||||||||||
Continuing operations
|
R$ | 0.08 | R$ | 0.76 | R$ | 0.45 | R$ | 0.29 | ||||||||||||
Discontinued operations
|
- | - | - | R$ | (0.01 | ) | ||||||||||||||
|
R$ | 0.08 | R$ | 0.76 | R$ | 0.45 | R$ | 0.28 | ||||||||||||
Diluted earnings per share
|
20 | |||||||||||||||||||
Continuing operations
|
R$ | (0.02 | ) | R$ | 0.47 | R$ | 0.26 | R$ | 0.12 | |||||||||||
Discontinued operations
|
- | - | - | R$ | (0.01 | ) | ||||||||||||||
|
R$ | (0.02 | ) | R$ | 0.47 | R$ | 0.26 | R$ | 0.11 | |||||||||||
|
||||||||||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
|
Capital reserve
|
|
|
Equity
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners of
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
income (loss)
|
earnings
|
the Company
|
interests
|
equity
|
|||||||||||||||||||||
At January 1, 2014
|
5,328 | 3,828,858 | (84,887 | ) | 2,136,975 | 5,886,274 | 7,433,490 | 13,319,764 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | 200,098 | 200,098 | 379,164 | 579,262 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (23,953 | ) | - | (23,953 | ) | (6,280 | ) | (30,233 | ) | |||||||||||||||||
Loss on cash flow hedge in jointly controlled entity
|
- | - | (34,217 | ) | - | (34,217 | ) | (20,704 | ) | (54,921 | ) | |||||||||||||||||
Actuarial gain on defined benefit plan
|
- | - | 380 | - | 380 | 684 | 1,064 | |||||||||||||||||||||
Changes in fair value of available for sale securities
|
- | - | 381 | - | 381 | 1,341 | 1,722 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | (57,409 | ) | 200,098 | 142,689 | 354,205 | 496,894 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Company
|
||||||||||||||||||||||||||||
Share options exercised
|
- | 28,436 | - | - | 28,436 | 17,206 | 45,642 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | 458 | - | - | 458 | - | 458 | |||||||||||||||||||||
Share based compensation
|
- | 4,791 | - | - | 4,791 | 2,899 | 7,690 | |||||||||||||||||||||
Dividends
|
- | - | - | (92,071 | ) | (92,071 | ) | (115,433 | ) | (207,504 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and distributions to owners of the Company
|
- | 33,685 | - | (92,071 | ) | (58,386 | ) | (95,328 | ) | (153,714 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
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
|
- | (22,313 | ) | - | - | (22,313 | ) | (13,501 | ) | (35,814 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total transactions with owners of the Company
|
- | (23,133 | ) | - | - | (23,133 | ) | (10,483 | ) | (33,616 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
At September 30, 2014
|
5,328 | 3,839,410 | (142,296 | ) | 2,245,002 | 5,947,444 | 7,681,884 | 13,629,328 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
|
Capital reserve
|
|
|
Equity
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners of
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
income (loss)
|
earnings
|
the Company
|
interests
|
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 for the period
|
- | - | - | 78,278 | 78,278 | 308,584 | 386,862 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (13,241 | ) | - | (13,241 | ) | (3,560 | ) | (16,801 | ) | |||||||||||||||||
Loss on cash flow hedge in jointly controlled entity
|
- | - | (33,139 | ) | - | (33,139 | ) | (20,051 | ) | (53,190 | ) | |||||||||||||||||
Actuarial losses on defined benefit plan
|
- | - | (21,793 | ) | - | (21,793 | ) | (13,188 | ) | (34,981 | ) | |||||||||||||||||
Changes in fair value of available for sale securities
|
- | - | 1,858 | - | 1,858 | 8,262 | 10,120 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | (66,315 | ) | 78,278 | 11,963 | 280,047 | 292,010 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Company
|
||||||||||||||||||||||||||||
Share options exercised
|
- | 7,288 | - | - | 7,288 | 4,410 | 11,698 | |||||||||||||||||||||
Dividends - non-controlling interests
|
- | 647 | - | - | 647 | - | 647 | |||||||||||||||||||||
Share based compensation
|
- | 4,753 | - | - | 4,753 | 2,876 | 7,629 | |||||||||||||||||||||
Dividends
|
- | - | - | (179,694 | ) | (179,694 | ) | (122,535 | ) | (302,229 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and distributions to owners of the Company
|
- | 12,688 | - | (179,694 | ) | (167,006 | ) | (115,249 | ) | (282,255 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Corporate reorganization - Raízen Group
|
- | (3,927 | ) | - | - | (3,927 | ) | (2,379 | ) | (6,306 | ) | |||||||||||||||||
Acquisition of treasury shares
|
- | (43,412 | ) | - | - | (43,412 | ) | (26,268 | ) | (69,680 | ) | |||||||||||||||||
Business combination - COMGÁS
|
- | 78,811 | - | - | 78,811 | 19,191 | 98,002 | |||||||||||||||||||||
Business combination - Radar
|
- | 569 | - | - | 569 | (205,705 | ) | (205,136 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Total transactions with owners of the Company
|
- | 32,041 | - | - | 32,041 | (215,161 | ) | (183,120 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
At September 30, 2013
|
5,328 | 3,822,751 | (104,411 | ) | 2,004,272 | 5,727,940 | 7,280,623 | 13,008,563 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
Note
|
July 1, 2014 to
September 30,
2014
|
January 1, 2014 to
September 30,
2014
|
July 1, 2013 to
September 30,
2013
|
January 1, 2013 to
September 30,
2013
|
|||||||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|||||||||||||||
Profit before taxes
|
|
90,881 | 605,146 | 422,294 | 603,740 | |||||||||||||||
Adjustments for:
|
|
|||||||||||||||||||
Depreciation and amortization
|
11 / 12 | 172,922 | 503,921 | 153,382 | 439,842 | |||||||||||||||
Equity in income of investees
|
8 | 3,369 | 2,702 | 6,218 | 3,885 | |||||||||||||||
Equity in income of jointly controlled entity
|
9 | (79,168 | ) | (464,633 | ) | (197,240 | ) | (255,157 | ) | |||||||||||
Gain on disposal of assets
|
2,580 | 7,387 | 237 | (9,522 | ) | |||||||||||||||
Share-based compensation expense
|
2,563 | 7,690 | 2,153 | 7,629 | ||||||||||||||||
Change in fair value of investment property
|
10 | (18,745 | ) | (63,728 | ) | (45,450 | ) | (105,868 | ) | |||||||||||
Provision for judicial demands
|
14,476 | 40,706 | 42,415 | 83,683 | ||||||||||||||||
Indexation charges, interest and
|
||||||||||||||||||||
exchange gains/losses, net
|
289,742 | 678,042 | 83,145 | 598,065 | ||||||||||||||||
Other
|
26,672 | 72,492 | 34,570 | 69,626 | ||||||||||||||||
|
505,292 | 1,389,725 | 501,724 | 1,435,923 | ||||||||||||||||
Changes in:
|
||||||||||||||||||||
Trade receivables
|
(83,047 | ) | (212,801 | ) | (4,295 | ) | (212,757 | ) | ||||||||||||
Investment securities
|
(4,156 | ) | (104,433 | ) | - | - | ||||||||||||||
Restricted cash
|
- | - | - | 3,944 | ||||||||||||||||
Inventories
|
(22,347 | ) | (14,801 | ) | (15,425 | ) | 760 | |||||||||||||
Recoverable taxes
|
18,060 | 54,515 | (320 | ) | (34,844 | ) | ||||||||||||||
Related parties
|
637 | (49,958 | ) | 20,733 | 4,515 | |||||||||||||||
Trade payables
|
70,443 | 128,714 | (157,904 | ) | 106,936 | |||||||||||||||
Employee benefits
|
11,568 | (31,090 | ) | (11,514 | ) | (44,263 | ) | |||||||||||||
Provision for judicial demands
|
(3,571 | ) | (11,569 | ) | 49,273 | (46,155 | ) | |||||||||||||
Income and other taxes
|
(61,622 | ) | (193,628 | ) | (15,349 | ) | (244,011 | ) | ||||||||||||
Other
|
(6,327 | ) | (24,840 | ) | 35,077 | (129,571 | ) | |||||||||||||
|
(80,362 | ) | (459,891 | ) | (99,724 | ) | (595,446 | ) | ||||||||||||
|
||||||||||||||||||||
Net cash generated by operating activities
|
424,930 | 929,834 | 402,000 | 840,477 | ||||||||||||||||
|
||||||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Capital contribution in associates
|
(6,216 | ) | (18,883 | ) | (5,333 | ) | (71,879 | ) | ||||||||||||
Dividends received from investees
|
- | 1,938 | 125,424 | 125,424 | ||||||||||||||||
Dividends received from jointly controlled entity
|
118,010 | 315,010 | - | 345,290 | ||||||||||||||||
Acquisition of property, plant and
|
||||||||||||||||||||
equipment and intangible assets
|
11 / 12 | (297,312 | ) | (756,122 | ) | (370,766 | ) | (920,292 | ) | |||||||||||
Proceeds from sale of property, plant
|
||||||||||||||||||||
and equipment, intangible and investments
|
382 | 1,178 | - | 118,656 | ||||||||||||||||
|
||||||||||||||||||||
Net cash used in investing activities
|
(185,136 | ) | (456,879 | ) | (250,675 | ) | (402,801 | ) | ||||||||||||
|
||||||||||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Loans and borrowings raised
|
218,879 | 1,045,486 | 347,600 | 3,045,787 | ||||||||||||||||
Payment of principal and interest
|
||||||||||||||||||||
on loans and borrowings
|
(383,120 | ) | (3,313,665 | ) | (502,560 | ) | (3,323,327 | ) | ||||||||||||
Raising through of the preferred shares
|
(53,264 | ) | 1,946,736 | - | - | |||||||||||||||
Derivative financial instruments
|
(37,121 | ) | (73,396 | ) | 55,547 | 79,955 | ||||||||||||||
Dividends paid
|
(31,027 | ) | (303,085 | ) | (282,497 | ) | (431,927 | ) | ||||||||||||
Treasury shares
|
- | - | (43,959 | ) | (69,680 | ) | ||||||||||||||
Proceeds from exercise of share options
|
40,739 | 45,642 | 3,611 | 11,698 | ||||||||||||||||
|
||||||||||||||||||||
Net cash used in financing activities
|
(244,914 | ) | (652,282 | ) | (422,258 | ) | (687,494 | ) | ||||||||||||
|
||||||||||||||||||||
(Decrease) in cash
|
||||||||||||||||||||
and cash equivalents
|
(5,120 | ) | (179,327 | ) | (270,933 | ) | (249,818 | ) | ||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
the beginning of the period
|
1,340,435 | 1,509,565 | 1,495,446 | 1,469,974 | ||||||||||||||||
Effect of exchange rate fluctuations on cash held
|
(4,696 | ) | 381 | (11,917 | ) | (7,560 | ) | |||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
the ended of the period
|
1,330,619 | 1,330,619 | 1,212,596 | 1,212,596 | ||||||||||||||||
|
||||||||||||||||||||
Supplemental cash flow information
|
||||||||||||||||||||
Interest paid
|
132,620 | 623,726 | 197,310 | 317,356 | ||||||||||||||||
Income taxes paid
|
29,036 | 111,325 | 42,697 | 256,843 | ||||||||||||||||
|
||||||||||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
1
|
Operations
|
2
|
Basis of preparation
|
2.1
|
Statement of compliance
|
2.2
|
Basis of consolidation
|
|
Ownership percentage
|
|||||||
|
September 30,
2014
|
December 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 Investimentos e Participações S.A.
|
100.00 | 100.00 | ||||||
Cosan Logística S.A.
|
100.00 | 100.00 | ||||||
Cosan Lubes Investments Limited
|
100.00 | 100.00 | ||||||
Cosan Lubrificantes e Especialidades S.A.
|
100.00 | 100.00 | ||||||
Cosan Luxembourg S.A.
|
100.00 | 100.00 | ||||||
Cosan Overseas Limited
|
100.00 | 100.00 | ||||||
Cosan Paraguay S.A.
|
100.00 | 100.00 | ||||||
Cosan US, Inc.
|
100.00 | 100.00 | ||||||
Esus Brasil Participações S.A.
|
100.00 | - | ||||||
Janus Brasil Participações S.A.
|
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 | ||||||
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 | ||||||
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 Company will also consider the impact of the remaining phases of IFRS 9 when completed by the Board.
|
|
II.
|
On May 28, 2014, the IASB issued 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 the 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 "Shell" brand 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 properties;
|
|
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 other business: other investments, in addition to the corporate activities of the Company.
|
|
July 1, 2014 to September 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
|
2,331,340 | 14,333,868 | 1,643,750 | 261,300 | 27,350 | 429,850 | - | (16,665,208 | ) | - | 2,362,250 | |||||||||||||||||||||||||||||
Domestic market
|
1,087,302 | 14,333,868 | 1,643,750 | 218,047 | 27,350 | 354,266 | - | (15,421,170 | ) | - | 2,243,413 | |||||||||||||||||||||||||||||
External market
|
1,244,038 | - | - | 43,253 | - | 75,584 | - | (1,244,038 | ) | - | 118,837 | |||||||||||||||||||||||||||||
Gross profit
|
373,908 | 711,930 | 494,834 | 80,635 | 20,419 | 96,894 | 2 | (1,085,838 | ) | - | 692,784 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(283,345 | ) | (395,375 | ) | (240,314 | ) | (20,894 | ) | (8,880 | ) | (82,215 | ) | (33,216 | ) | 678,720 | - | (385,519 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
23,331 | 83,829 | (6,000 | ) | 1,017 | 18,756 | 416 | (18,681 | ) | (107,160 | ) | - | (4,492 | ) | ||||||||||||||||||||||||||
Financial income
|
106,535 | 23,250 | 27,222 | 6,468 | 1,815 | 1,705 | 17,336 | (129,785 | ) | (3,142 | ) | 51,404 | ||||||||||||||||||||||||||||
Financial expense
|
(128,453 | ) | (38,708 | ) | (75,395 | ) | (9,819 | ) | (215 | ) | 27,393 | (208,442 | ) | 167,161 | 3,142 | (263,336 | ) | |||||||||||||||||||||||
Foreign exchange gain (losses), net
|
(266,774 | ) | (68,122 | ) | (80,876 | ) | 290 | - | (46,006 | ) | (73,579 | ) | 334,896 | - | (200,171 | ) | ||||||||||||||||||||||||
Derivatives
|
94,672 | (3,274 | ) | 80,927 | - | - | 8,958 | 34,527 | (91,398 | ) | - | 124,412 | ||||||||||||||||||||||||||||
Equity in income of associates
|
(12,872 | ) | 3,887 | - | - | - | (1,498 | ) | 131,609 | 8,985 | (133,480 | ) | (3,369 | ) | ||||||||||||||||||||||||||
Equity in income of jointly controlled entity
|
- | - | - | - | - | - | 79,168 | - | - | 79,168 | ||||||||||||||||||||||||||||||
Income taxes expenses
|
63,139 | (121,209 | ) | (66,295 | ) | (19,371 | ) | (3,571 | ) | (1,954 | ) | 107,051 | 58,070 | - | 15,860 | |||||||||||||||||||||||||
Profit (loss) for the period
|
(29,859 | ) | 196,207 | 134,104 | 38,324 | 28,323 | 3,694 | 35,776 | (166,348 | ) | (133,480 | ) | 106,741 | |||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
529,517 | 141,936 | 128,877 | 25,650 | 243 | 17,263 | 890 | (671,453 | ) | - | 172,923 | |||||||||||||||||||||||||||||
EBITDA
|
630,539 | 546,206 | 377,398 | 86,406 | 30,537 | 30,861 | 159,773 | (1,176,745 | ) | (133,480 | ) | 551,495 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
387,417 | 195,740 | 171,684 | 85,551 | 192 | 15,627 | 24,258 | (583,157 | ) | - | 297,312 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
(29,859 | ) | 196,207 | 134,104 | 38,324 | 28,323 | 3,694 | 35,776 | (166,348 | ) | (133,480 | ) | 106,741 | |||||||||||||||||||||||||||
Income taxes expenses
|
(63,139 | ) | 121,209 | 66,295 | 19,371 | 3,571 | 1,954 | (107,051 | ) | (58,070 | ) | - | (15,860 | ) | ||||||||||||||||||||||||||
Financial result, net
|
194,020 | 86,854 | 48,122 | 3,061 | (1,600 | ) | 7,950 | 230,158 | (280,874 | ) | - | 287,691 | ||||||||||||||||||||||||||||
Depreciation and amortization
|
529,517 | 141,936 | 128,877 | 25,650 | 243 | 17,263 | 890 | (671,453 | ) | - | 172,923 | |||||||||||||||||||||||||||||
EBITDA
|
630,539 | 546,206 | 377,398 | 86,406 | 30,537 | 30,861 | 159,773 | (1,176,745 | ) | (133,480 | ) | 551,495 |
|
January 1, 2014 to September 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
|
6,622,468 | 41,029,657 | 4,777,520 | 659,715 | 126,092 | 1,202,065 | 33 | (47,652,125 | ) | - | 6,765,425 | |||||||||||||||||||||||||||||
Domestic market
|
2,884,269 | 41,029,657 | 4,777,520 | 553,735 | 126,092 | 985,275 | 33 | (43,913,926 | ) | - | 6,442,655 | |||||||||||||||||||||||||||||
External market
|
3,738,199 | - | - | 105,980 | - | 216,790 | - | (3,738,199 | ) | - | 322,770 | |||||||||||||||||||||||||||||
Gross profit
|
1,191,299 | 2,000,178 | 1,468,361 | 226,950 | 70,771 | 263,965 | 34 | (3,191,477 | ) | - | 2,030,081 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses
|
(825,621 | ) | (1,181,344 | ) | (692,231 | ) | (63,632 | ) | (25,727 | ) | (238,159 | ) | (114,660 | ) | 2,006,965 | - | (1,134,409 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
81,990 | 262,258 | (13,927 | ) | (464 | ) | 63,619 | 586 | (153,266 | ) | (344,248 | ) | - | (103,452 | ) | |||||||||||||||||||||||||
Financial income
|
252,247 | 69,840 | 65,707 | 28,602 | 7,670 | 3,282 | 78,159 | (322,087 | ) | (9,244 | ) | 174,176 | ||||||||||||||||||||||||||||
Financial expense
|
(370,615 | ) | (102,013 | ) | (217,555 | ) | (52,283 | ) | (779 | ) | 62,603 | (572,024 | ) | 472,628 | 9,244 | (770,794 | ) | |||||||||||||||||||||||
Foreign exchange gain (losses), net
|
(136,828 | ) | (15,108 | ) | (48,716 | ) | 572 | - | (20,089 | ) | (35,380 | ) | 151,936 | - | (103,613 | ) | ||||||||||||||||||||||||
Derivatives
|
139,104 | (31,438 | ) | 48,689 | - | - | (6,556 | ) | 9,092 | (107,666 | ) | - | 51,225 | |||||||||||||||||||||||||||
Equity in income of associates
|
(28,803 | ) | 11,219 | - | - | - | (4,837 | ) | 648,552 | 17,584 | (646,417 | ) | (2,702 | ) | ||||||||||||||||||||||||||
Equity in income of jointly controlled entity
|
- | - | - | - | - | - | 464,633 | - | - | 464,633 | ||||||||||||||||||||||||||||||
Income taxes expenses
|
(14,237 | ) | (327,571 | ) | (208,270 | ) | (47,048 | ) | (11,410 | ) | (9,619 | ) | 250,463 | 341,808 | - | (25,884 | ) | |||||||||||||||||||||||
Profit (loss) for the period
|
288,536 | 686,021 | 402,059 | 92,695 | 104,145 | 51,178 | 575,602 | (974,557 | ) | (646,417 | ) | 579,262 | ||||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,423,933 | 403,244 | 376,708 | 70,378 | 727 | 53,611 | 2,497 | (1,827,177 | ) | - | 503,921 | |||||||||||||||||||||||||||||
EBITDA
|
1,842,798 | 1,495,555 | 1,138,912 | 233,230 | 109,391 | 75,168 | 847,789 | (3,338,353 | ) | (646,417 | ) | 1,758,073 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
1,963,115 | 602,330 | 491,750 | 183,280 | 447 | 30,545 | 50,100 | (2,565,445 | ) | - | 756,122 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
288,536 | 686,021 | 402,059 | 92,695 | 104,145 | 51,178 | 575,602 | (974,557 | ) | (646,417 | ) | 579,262 | ||||||||||||||||||||||||||||
Income taxes expenses
|
14,237 | 327,571 | 208,270 | 47,048 | 11,410 | 9,619 | (250,462 | ) | (341,808 | ) | - | 25,885 | ||||||||||||||||||||||||||||
Financial result, net
|
116,092 | 78,719 | 151,875 | 23,109 | (6,891 | ) | (39,240 | ) | 520,152 | (194,811 | ) | - | 649,005 | |||||||||||||||||||||||||||
Depreciation and amortization
|
1,423,933 | 403,244 | 376,708 | 70,378 | 727 | 53,611 | 2,497 | (1,827,177 | ) | - | 503,921 | |||||||||||||||||||||||||||||
EBITDA
|
1,842,798 | 1,495,555 | 1,138,912 | 233,230 | 109,391 | 75,168 | 847,789 | (3,338,353 | ) | (646,417 | ) | 1,758,073 |
|
July 1, 2013 to September 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
|
3,246,729 | 12,737,213 | 1,682,531 | 328,500 | 16,147 | 407,322 | 11 | (15,983,942 | ) | - | 2,434,511 | |||||||||||||||||||||||||||||
Domestic market
|
1,316,753 | 12,737,213 | 1,682,531 | 304,401 | 16,147 | 338,186 | 11 | (14,053,966 | ) | - | 2,341,276 | |||||||||||||||||||||||||||||
External market
|
1,929,976 | - | - | 24,099 | - | 69,136 | - | (1,929,976 | ) | - | 93,235 | |||||||||||||||||||||||||||||
Gross profit
|
726,101 | 659,996 | 483,958 | 125,139 | 16,147 | 96,293 | 11 | (1,386,097 | ) | - | 721,548 | |||||||||||||||||||||||||||||
Selling, general and administrative
expenses
|
(358,584 | ) | (362,825 | ) | (229,988 | ) | (17,286 | ) | (5,314 | ) | (83,486 | ) | (39,997 | ) | 721,409 | - | (376,071 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
(19,891 | ) | 66,328 | (17 | ) | (12,613 | ) | 46,800 | 2,383 | (9,222 | ) | (46,437 | ) | - | 27,331 | |||||||||||||||||||||||||
Financial income
|
55,193 | 23,386 | 14,557 | 14,534 | 1,051 | 3,560 | 18,040 | (78,579 | ) | (3,142 | ) | 48,600 | ||||||||||||||||||||||||||||
Financial expense
|
(114,059 | ) | (18,952 | ) | (38,144 | ) | (9,555 | ) | (178 | ) | (15,400 | ) | (211,830 | ) | 133,011 | 3,142 | (271,965 | ) | ||||||||||||||||||||||
Foreign exchange gain (losses), net
|
(25,128 | ) | (7,319 | ) | (6,929 | ) | (109 | ) | - | 15,355 | 78,729 | 32,447 | - | 87,046 | ||||||||||||||||||||||||||
Derivatives
|
26,403 | (12,032 | ) | (4,809 | ) | - | - | (4,512 | ) | 4,104 | (14,371 | ) | - | (5,217 | ) | |||||||||||||||||||||||||
Equity in income of associates
|
(11,655 | ) | - | - | - | - | (6,534 | ) | 282,928 | 11,655 | (282,612 | ) | (6,218 | ) | ||||||||||||||||||||||||||
Equity in income of
jointly controlled entity
|
- | - | - | - | - | - | 197,240 | - | - | 197,240 | ||||||||||||||||||||||||||||||
Income tax expenses
|
(94,462 | ) | (119,280 | ) | (74,689 | ) | (33,657 | ) | (3,625 | ) | (10,464 | ) | 4,615 | 213,742 | - | (117,820 | ) | |||||||||||||||||||||||
Profit (loss) for the period
|
183,918 | 229,302 | 143,939 | 66,452 | 54,881 | (2,804 | ) | 324,618 | (413,220 | ) | (282,612 | ) | 304,474 | |||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
564,547 | 119,602 | 115,053 | 19,797 | 254 | 17,759 | 519 | (684,149 | ) | - | 153,382 | |||||||||||||||||||||||||||||
EBITDA
|
900,518 | 483,101 | 369,006 | 115,036 | 57,887 | 26,416 | 431,479 | (1,383,619 | ) | (282,612 | ) | 717,212 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
433,570 | 143,430 | 248,421 | 87,185 | 24 | 53,303 | 8,468 | (577,000 | ) | - | 397,401 | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
183,918 | 229,302 | 143,939 | 66,452 | 54,881 | (2,804 | ) | 324,618 | (413,220 | ) | (282,612 | ) | 304,474 | |||||||||||||||||||||||||||
Income tax expenses
|
94,462 | 119,280 | 74,689 | 33,657 | 3,625 | 10,464 | (4,615 | ) | (213,742 | ) | - | 117,820 | ||||||||||||||||||||||||||||
Financial result, net
|
57,591 | 14,917 | 35,325 | (4,870 | ) | (873 | ) | 997 | 110,957 | (72,508 | ) | - | 141,536 | |||||||||||||||||||||||||||
Depreciation and amortization
|
564,547 | 119,602 | 115,053 | 19,797 | 254 | 17,759 | 519 | (684,149 | ) | - | 153,382 | |||||||||||||||||||||||||||||
EBITDA
|
900,518 | 483,101 | 369,006 | 115,036 | 57,887 | 26,416 | 431,479 | (1,383,619 | ) | (282,612 | ) | 717,212 |
|
January 1, 2013 to September 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
|
7,075,353 | 35,462,823 | 4,735,927 | 711,221 | 51,409 | 1,151,077 | 25 | (42,538,176 | ) | - | 6,649,659 | |||||||||||||||||||||||||||||
Domestic market
|
2,741,231 | 35,462,823 | 4,735,927 | 649,967 | 51,409 | 970,462 | 25 | (38,204,054 | ) | - | 6,407,790 | |||||||||||||||||||||||||||||
External market
|
4,334,122 | - | - | 61,254 | - | 180,615 | - | (4,334,122 | ) | - | 241,869 | |||||||||||||||||||||||||||||
Gross profit
|
1,211,319 | 1,810,491 | 1,325,553 | 281,661 | 45,353 | 298,912 | 22 | (3,021,810 | ) | (104 | ) | 1,951,397 | ||||||||||||||||||||||||||||
Selling, general and administrative
expenses
|
(935,222 | ) | (1,056,489 | ) | (648,811 | ) | (51,710 | ) | (15,132 | ) | (225,446 | ) | (98,217 | ) | 1,991,711 | - | (1,039,316 | ) | ||||||||||||||||||||||
Other income (expenses), net
|
15,857 | 213,558 | (6,508 | ) | (18,423 | ) | 110,198 | (5,680 | ) | (24 | ) | (229,415 | ) | - | 79,563 | |||||||||||||||||||||||||
Financial income
|
167,725 | 85,116 | 34,275 | 37,521 | 2,575 | 31,977 | 65,483 | (252,841 | ) | (5,960 | ) | 165,871 | ||||||||||||||||||||||||||||
Financial expense
|
(312,463 | ) | (61,631 | ) | (148,659 | ) | (27,079 | ) | (671 | ) | (46,049 | ) | (505,084 | ) | 374,094 | 5,960 | (721,582 | ) | ||||||||||||||||||||||
Foreign exchange gain (losses), net
|
(212,335 | ) | (102,860 | ) | (126,250 | ) | 55 | (3 | ) | 4,175 | (100,838 | ) | 315,195 | - | (222,861 | ) | ||||||||||||||||||||||||
Derivatives
|
(38,338 | ) | 28,521 | 98,473 | - | - | 1,594 | 39,329 | 9,817 | - | 139,396 | |||||||||||||||||||||||||||||
Equity in income of associates
|
(21,609 | ) | - | - | - | 29 | (6,534 | ) | 420,731 | 21,609 | (418,111 | ) | (3,885 | ) | ||||||||||||||||||||||||||
Equity in income of
jointly controlled entity
|
- | - | - | - | - | - | 255,157 | - | - | 255,157 | ||||||||||||||||||||||||||||||
Income tax expenses
|
49,538 | (297,709 | ) | (180,247 | ) | (75,916 | ) | (8,183 | ) | (31,231 | ) | 82,045 | 248,171 | 23 | (213,509 | ) | ||||||||||||||||||||||||
Profit (loss) for the period
|
(75,528 | ) | 618,997 | 347,828 | 146,109 | 134,166 | 21,719 | 158,601 | (543,469 | ) | (418,192 | ) | 390,231 | |||||||||||||||||||||||||||
Other selected data
|
||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
1,453,791 | 355,758 | 327,426 | 57,478 | 707 | 52,510 | 1,616 | (1,809,549 | ) | - | 439,737 | |||||||||||||||||||||||||||||
EBITDA
|
1,724,136 | 1,323,318 | 997,662 | 269,006 | 141,155 | 113,763 | 579,282 | (3,047,454 | ) | (418,215 | ) | 1,682,653 | ||||||||||||||||||||||||||||
Acquisition of property, plant and
equipment and intangible assets
|
1,926,905 | 386,232 | 642,810 | 213,289 | 2,416 | 77,861 | 10,521 | (2,313,137 | ) | - | 946,897 | |||||||||||||||||||||||||||||
Reconciliation of EBITDA
|
||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
(75,528 | ) | 618,997 | 347,828 | 146,109 | 134,166 | 21,719 | 158,601 | (543,469 | ) | (418,192 | ) | 390,231 | |||||||||||||||||||||||||||
Income tax expenses
|
(49,538 | ) | 297,709 | 180,247 | 75,916 | 8,183 | 31,231 | (82,045 | ) | (248,171 | ) | (23 | ) | 213,509 | ||||||||||||||||||||||||||
Financial result, net
|
395,411 | 50,854 | 142,161 | (10,497 | ) | (1,901 | ) | 8,303 | 501,110 | (446,265 | ) | - | 639,176 | |||||||||||||||||||||||||||
Depreciation and amortization
|
1,453,791 | 355,758 | 327,426 | 57,478 | 707 | 52,510 | 1,616 | (1,809,549 | ) | - | 439,737 | |||||||||||||||||||||||||||||
EBITDA
|
1,724,136 | 1,323,318 | 997,662 | 269,006 | 141,155 | 113,763 | 579,282 | (3,047,454 | ) | (418,215 | ) | 1,682,653 |
|
September 30, 2014
|
|||||||||||||||||||||||||||||||||||||||
Statement of financial position
|
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan´s other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Consolidated
|
||||||||||||||||||||||||||||||
Cash and cash equivalents
|
1,559,747 | 198,987 | 920,774 | 96,764 | 678 | 33,282 | 279,121 | (1,758,734 | ) | - | 1,330,619 | |||||||||||||||||||||||||||||
Investment securities
|
- | - | - | - | 137,352 | - | 65,000 | - | - | 202,352 | ||||||||||||||||||||||||||||||
Trade receivables
|
582,527 | 1,449,506 | 600,655 | 36,908 | 15,965 | 218,704 | 241 | (2,032,033 | ) | - | 872,473 | |||||||||||||||||||||||||||||
Inventories
|
2,577,602 | 1,069,562 | 120,422 | 6,099 | - | 200,810 | 36 | (3,647,164 | ) | - | 327,367 | |||||||||||||||||||||||||||||
Other current assets
|
2,490,982 | 475,354 | 250,620 | 21,696 | 458,141 | 28,950 | 365,096 | (2,966,336 | ) | (35,418 | ) | 1,089,085 | ||||||||||||||||||||||||||||
Equity method investments
|
213,941 | 256,546 | - | - | - | 15,822 | 13,042,463 | (470,487 | ) | (12,946,981 | ) | 111,304 | ||||||||||||||||||||||||||||
Investment in jointly ventures
|
- | - | - | - | - | - | 8,576,681 | - | - | 8,576,681 | ||||||||||||||||||||||||||||||
Biological assets
|
1,828,829 | - | - | - | - | - | - | (1,828,829 | ) | - | - | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | 2,167,221 | - | - | - | - | 2,167,221 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,863,400 | 2,462,341 | - | 1,047,280 | 10,862 | 208,516 | 94,154 | (12,325,741 | ) | - | 1,360,812 | |||||||||||||||||||||||||||||
Intangible assets
|
3,339,449 | 4,248,628 | 8,558,658 | 834,405 | 142 | 833,265 | 6,756 | (7,588,077 | ) | - | 10,233,226 | |||||||||||||||||||||||||||||
Other non-current assets
|
2,045,218 | 2,334,443 | 368,772 | 406,374 | 12,820 | (130,587 | ) | 2,395,264 | (4,379,661 | ) | (4,559 | ) | 3,048,084 | |||||||||||||||||||||||||||
Loans and borrowings
|
(9,635,618 | ) | (868,183 | ) | (2,984,172 | ) | (715,698 | ) | - | (244,578 | ) | (3,699,650 | ) | 10,503,801 | - | (7,644,098 | ) | |||||||||||||||||||||||
Trade payables
|
(821,322 | ) | (308,300 | ) | (774,238 | ) | (114,947 | ) | (789 | ) | (105,403 | ) | (1,316 | ) | 1,129,622 | - | (996,693 | ) | ||||||||||||||||||||||
Employee benefits payable
|
(323,051 | ) | (61,895 | ) | (52,503 | ) | (16,368 | ) | (13,192 | ) | (16,503 | ) | (17,185 | ) | 384,946 | - | (115,751 | ) | ||||||||||||||||||||||
Other current liabilities
|
(594,002 | ) | (1,673,413 | ) | (120,654 | ) | (49,679 | ) | (19,602 | ) | (90,476 | ) | (256,069 | ) | 2,267,415 | 39,978 | (496,502 | ) | ||||||||||||||||||||||
Other non-current liabilities
|
(2,555,281 | ) | (2,805,705 | ) | (984,842 | ) | (215,846 | ) | (87,387 | ) | (209,570 | ) | (4,939,207 | ) | 5,360,986 | - | (6,436,852 | ) | ||||||||||||||||||||||
Total assets (net of liabilities)
allocated by segment
|
10,572,421 | 6,777,871 | 5,903,492 | 1,336,988 | 2,682,211 | 742,232 | 15,911,385 | (17,350,292 | ) | (12,946,980 | ) | 13,629,328 | ||||||||||||||||||||||||||||
Total assets
|
24,501,695 | 12,495,367 | 10,819,901 | 2,449,526 | 2,803,181 | 1,408,763 | 24,824,810 | (36,997,062 | ) | (12,986,957 | ) | 29,319,224 |
|
December 31, 2013
|
|||||||||||||||||||||||||||||||||||||||
Statement of financial position
|
Raízen Energia
|
Raízen 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 | 28,052 | 200,796 | 240 | (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 | 323,475 | 45,227 | 384,102 | (1,764,028 | ) | (214,007 | ) | 809,989 | ||||||||||||||||||||||||||||
Equity method investments
|
408,591 | 254,826 | - | - | - | 15,364 | 12,702,097 | (663,417 | ) | (12,614,145 | ) | 103,316 | ||||||||||||||||||||||||||||
Investment in joint 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 | (634,108 | ) | ||||||||||||||||||||||
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 | 15,623,136 | (17,174,894 | ) | (12,614,154 | ) | 13,319,764 | ||||||||||||||||||||||||||||
Total assets
|
21,197,721 | 11,496,354 | 10,272,361 | 2,561,634 | 2,750,590 | 1,476,074 | 24,799,011 | (32,694,075 | ) | (13,243,936 | ) | 28,615,734 |
|
July 1, 2014 to
September 30,
2014
|
January 1, 2014
to September 30,
2014
|
July 1, 2013 to
September 30,
2013
|
January 1, 2013
to September 30,
2013
|
||||||||||||
Raízen Energia
|
|
|
|
|
||||||||||||
Sugar
|
1,075,130 | 2,883,405 | 1,492,312 | 3,428,124 | ||||||||||||
Ethanol
|
951,990 | 3,152,586 | 1,519,756 | 3,223,801 | ||||||||||||
Cogeneration
|
230,582 | 432,834 | 153,251 | 263,636 | ||||||||||||
Other
|
73,638 | 153,643 | 81,410 | 159,792 | ||||||||||||
|
2,331,340 | 6,622,468 | 3,246,729 | 7,075,353 | ||||||||||||
Raízen Combustíveis
|
||||||||||||||||
Fuels
|
14,333,868 | 41,029,657 | 12,737,213 | 35,462,823 | ||||||||||||
|
14,333,868 | 41,029,657 | 12,737,213 | 35,462,823 | ||||||||||||
COMGÁS
|
||||||||||||||||
Industrial
|
1,039,188 | 3,100,765 | 1,068,152 | 3,015,187 | ||||||||||||
Residential
|
193,576 | 475,842 | 188,771 | 466,216 | ||||||||||||
Thermogeneration
|
95,438 | 286,867 | 35,730 | 210,937 | ||||||||||||
Cogeneration
|
59,124 | 187,132 | 62,355 | 193,337 | ||||||||||||
Automotive
|
51,290 | 148,044 | 50,393 | 144,169 | ||||||||||||
Commercial
|
68,257 | 187,728 | 63,756 | 171,287 | ||||||||||||
Construction revenue
|
126,237 | 361,341 | 204,425 | 513,736 | ||||||||||||
Other
|
10,640 | 29,801 | 8,949 | 21,058 | ||||||||||||
|
1,643,750 | 4,777,520 | 1,682,531 | 4,735,927 | ||||||||||||
Rumo
|
||||||||||||||||
Port lifting
|
65,159 | 158,467 | 54,477 | 127,951 | ||||||||||||
Logistics
|
190,659 | 483,398 | 270,890 | 571,543 | ||||||||||||
Other
|
5,482 | 17,850 | 3,133 | 11,727 | ||||||||||||
|
261,300 | 659,715 | 328,500 | 711,221 | ||||||||||||
Radar
|
||||||||||||||||
Property sale
|
11,080 | 74,340 | - | 5,694 | ||||||||||||
Land lease
|
14,427 | 46,235 | 16,147 | 45,715 | ||||||||||||
Other
|
1,843 | 5,517 | - | - | ||||||||||||
|
27,350 | 126,092 | 16,147 | 51,409 | ||||||||||||
Lubricants
|
||||||||||||||||
Lubricants
|
342,973 | 997,460 | 349,902 | 1,022,616 | ||||||||||||
Basic Oil
|
71,471 | 181,662 | 54,834 | 121,232 | ||||||||||||
Other
|
15,406 | 22,943 | 2,586 | 7,229 | ||||||||||||
|
429,850 | 1,202,065 | 407,322 | 1,151,077 | ||||||||||||
|
||||||||||||||||
Cosan’s other business
|
- | 33 | 11 | 25 | ||||||||||||
|
||||||||||||||||
IFRS 11 - Deconsolidated of
|
||||||||||||||||
Joint Ventures and eliminations
|
(16,665,208 | ) | (47,652,125 | ) | (15,983,942 | ) | (42,538,176 | ) | ||||||||
|
||||||||||||||||
Total
|
2,362,250 | 6,765,425 | 2,434,511 | 6,649,659 |
4
|
Cash and cash equivalents
|
|
September 30,
2014 |
December 31,
2013 |
||||||
Brazilian Reais
|
|
|
||||||
Short-term investments
|
1,199,115 | 1,387,295 | ||||||
|
||||||||
U.S. Dollars
|
||||||||
Cash and bank deposits
|
131,504 | 122,270 | ||||||
|
||||||||
|
1,330,619 | 1,509,565 |
|
September 30,
2014
|
December 31,
2013
|
||||||
Exclusive funds
|
|
|
||||||
Commitment transactions
|
274,114 | 662,262 | ||||||
Bank certificate of deposits - CDB
|
20,371 | 175,895 | ||||||
|
294,485 | 838,157 | ||||||
Bank investments
|
||||||||
Bank certificate of deposits - CDB
|
249,074 | 147,782 | ||||||
Commitment transactions
|
617,984 | 342,894 | ||||||
Other financial investments
|
37,572 | 58,462 | ||||||
|
904,630 | 549,138 | ||||||
|
||||||||
|
1,199,115 | 1,387,295 |
5
|
Trade receivables
|
|
September 30,
2014
|
December 31,
2013
|
||||||
Domestic
|
1,298,019 | 1,087,118 | ||||||
Foreign
|
28,189 | 24,453 | ||||||
Allowance for
|
||||||||
doubtful accounts
|
(47,631 | ) | (28,628 | ) | ||||
|
||||||||
|
1,278,577 | 1,082,943 | ||||||
|
||||||||
Current
|
872,473 | 844,483 | ||||||
Non-current
|
406,104 | 238,460 |
6
|
Other financial assets
|
|
September 30,
2014
|
December 31,
2013
|
||||||
Exxon Mobil financial assets
|
326,328 | 309,378 | ||||||
Receivable from sale of
|
||||||||
discontinued operations(a)
|
173,195 | 160,783 | ||||||
|
499,523 | 470,161 | ||||||
|
||||||||
Current
|
67,888 | 63,054 | ||||||
Non-current
|
431,635 | 407,107 |
|
a)
|
Remaining balance from the sale 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:
|
|
September 30,
2014
|
December 31,
2013
|
||||||
Current assets
|
|
|
||||||
Commercial operations
|
|
|
||||||
Raízen Energia S.A.
|
29,519 | 27,681 | ||||||
Raízen Combustíveis S.A.
|
2,460 | 4,048 | ||||||
Aguassanta Participações S.A.
|
6,350 | 6,368 | ||||||
Mansilla Participações Ltda.
|
6,039 | - | ||||||
Other
|
1,676 | - | ||||||
|
46,044 | 38,097 | ||||||
Corporate operation / Agreements
|
||||||||
Raízen Energia S.A.
|
1,566 | 1,468 | ||||||
|
1,566 | 1,468 | ||||||
Financial operations
|
||||||||
Rezende Barbosa Group
|
2,753 | 7,223 | ||||||
Raízen Combustíveis S.A.
|
1,385 | - | ||||||
Esus Brasil Participações S.A.
|
5,000 | - | ||||||
9,138 | 7,223 | |||||||
|
||||||||
|
56,748 | 46,788 | ||||||
|
||||||||
Non-current assets
|
||||||||
Receivables under the
|
||||||||
framework agreement
|
||||||||
Raízen Energia S.A.
|
261,994 | 305,183 | ||||||
Raízen Combustíveis S.A.
|
15,126 | 90,756 | ||||||
|
277,120 | 395,939 | ||||||
Financial operations
|
||||||||
Rezende Barbosa Group
|
106,058 | 107,002 | ||||||
|
106,058 | 107,002 | ||||||
|
||||||||
Corporate restructuring
|
4,517 | 1,540 | ||||||
|
||||||||
|
387,695 | 504,481 | ||||||
|
||||||||
Total assets
|
444,443 | 551,269 |
|
September 30,
2014
|
December 31,
2013
|
||||||
Current liabilities
|
|
|
||||||
Commercial operations
|
|
|
||||||
Shell Brazil Holding B.V.
|
- | 5,986 | ||||||
Raízen Energia S.A.
|
26,736 | 18,491 | ||||||
Raízen Combustíveis S.A.
|
1,175 | 1,709 | ||||||
Other
|
39 | 34 | ||||||
|
27,950 | 26,220 | ||||||
Corporate operations / Agreements
|
||||||||
Raízen Combustíveis S.A.
|
11,306 | 8,800 | ||||||
Raízen Energia S.A.
|
67,551 | 70,443 | ||||||
|
78,857 | 79,243 | ||||||
Financial operations
|
||||||||
Shell Brazil Holding B.V.
|
3,070 | - | ||||||
Other
|
1,431 | - | ||||||
|
4,501 | - | ||||||
|
||||||||
Total liabilities
|
111,308 | 105,463 |
|
July 1, 2014
to September 30,
2014
|
January 1, 2014 to
September 30,
2014
|
July 1, 2013 to
September 30,
2013
|
January 1, 2013
to September 30,
2013
|
||||||||||||
Sales of goods and services
|
|
|
|
|
||||||||||||
Raízen Energia S.A.
|
77,617 | 211,478 | 124,922 | 290,206 | ||||||||||||
Other
|
315 | 1,387 | 143 | 143 | ||||||||||||
|
77,932 | 212,865 | 125,065 | 290,350 | ||||||||||||
Purchase of goods / Inputs
|
||||||||||||||||
Raízen Energia S.A.
|
(61 | ) | (66 | ) | (1 | ) | (3 | ) | ||||||||
Raízen Combustíveis S.A.
|
(11 | ) | (730 | ) | (316 | ) | (860 | ) | ||||||||
|
(72 | ) | (796 | ) | (318 | ) | (863 | ) | ||||||||
Land lease
|
||||||||||||||||
Raízen Energia S.A.
|
14,300 | 39,950 | 18,430 | 52,295 | ||||||||||||
|
14,300 | 39,950 | 18,430 | 52,295 |
Shared income (expense)
|
||||||||||||||||
Aguassanta Participações S.A.
|
115 | 339 | 102 | 284 | ||||||||||||
Raízen Energia S.A.
|
(2,098 | ) | (8,990 | ) | (3,186 | ) | (9,673 | ) | ||||||||
Other
|
- | - | - | - | ||||||||||||
|
(1,983 | ) | (8,651 | ) | (3,084 | ) | (9,388 | ) |
|
July 1, 2014
to September 30,
2014
|
January 1, 2014 to
September 30,
2014
|
July 1, 2013 to
September 30,
2013
|
January 1, 2013
to September 30,
2013
|
||||||||||||
Financial result
|
||||||||||||||||
Rezende Barbosa
|
85 | 378 | 254 | 877 | ||||||||||||
Usina Santa Luiza
|
(61 | ) | (136 | ) | (43 | ) | (374 | ) | ||||||||
Impulso Participações
|
- | - | - | (139 | ) | |||||||||||
Raízen Energia S.A.
|
679 | 1,902 | 1,134 | 1,625 | ||||||||||||
Other
|
131 | 332 | 83 | 213 | ||||||||||||
|
834 | 2,476 | 1,427 | 2,202 | ||||||||||||
|
||||||||||||||||
Total
|
91,011 | 245,844 | 141,520 | 334,595 | ||||||||||||
|
8
|
Equity method investments
|
a) Consolidated
|
|
Issued shares of the investee
|
Number of shares held by Cosan
|
Percentage of interest (%)
|
December 31, 2013
|
Equity income of investee
|
Other comprehensive income
|
Capital increase
|
Dividends
|
Other
|
September 30, 2014
|
September 30, 2013
|
|||||||||||||||||||||||||||||||||
Tellus Brasil Participações Ltda.
|
65,957,282 | 33,638,214 | 51.00 | 78,821 | 3,706 | 95 | 6,115 | (760 | ) | 979 | 88,956 | 4,881 | ||||||||||||||||||||||||||||||||
Novvi Limited Liabilitie Company
|
200,002 | 100,001 | 50.00 | 15,364 | (4,997 | ) | 770 | 4,640 | - | 44 | 15,821 | (6,704 | ) | |||||||||||||||||||||||||||||||
Vertical UK LLP
|
- | - | 50.00 | 8,126 | 474 | (2,074 | ) | - | - | - | 6,526 | - | ||||||||||||||||||||||||||||||||
Other investments
|
- | - | - | 1,005 | (1,885 | ) | - | 1,540 | - | (659 | ) | 1 | (2,062 | ) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Total
|
103,316 | (2,702 | ) | (1,209 | ) | 12,295 | (760 | ) | 364 | 111,304 | (3,885 | ) |
b) Non-controlling:
|
|
Issued shares of the investee
|
Number of shares held by non-controlling
|
Percentage of interest by non-controlling
(%)
|
December 31, 2013
|
Equity in income of investee of non-controlling
|
Other comprehensive income
|
Dividends
|
Acquisition of non-controlling interest
|
September 30, 2014
|
|||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
2,040,816 | 1,000,000 | 61.75 | 37,219 | 106 | - | (141 | ) | - | 37,184 | ||||||||||||||||||||||||||
Rumo Logística Operadora Multimodal S.A.
|
956,917 | 239,229 | 25.00 | 349,285 | 23,147 | - | (47,481 | ) | - | 324,951 | ||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 17,147,822 | 81.08 | 1,607,793 | 21,530 | 1,136 | (32,432 | ) | (96 | ) | 1,597,931 | |||||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A.
|
830,690,258 | 290,710,861 | 35.00 | 328,192 | 39,244 | 80 | (6,300 | ) | - | 361,216 | ||||||||||||||||||||||||||
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 | 158,742 | 444 | - | 3,610 | 2,124,034 | |||||||||||||||||||||||||||
Cosan S.A. Indústria e Comércio
|
407,214,353 | 252,444,538 | 37.70 | 3,654,978 | 141,558 | (26,393 | ) | (35,583 | ) | 6,108 | 3,740,668 | |||||||||||||||||||||||||
Total
|
7,433,490 | 379,164 | (24,959 | ) | (115,433 | ) | 9,622 | 7,681,884 |
9
|
Investment in joint ventures
|
|
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
|
Other comprehensive income
|
Other equity effects
|
September 30, 2014
|
Equity in income September 30, 2013
|
||||||||||||||||||||||||||||||
Raízen Combustíveis S.A.
|
3,303,168,484 | 1,651,584,242 | 50.00 | 3,326,482 | 312,387 | (323,552 | ) | - | - | 3,315,317 | 301,103 | |||||||||||||||||||||||||||||
Raízen Energia S.A.
|
5,902,595,634 | 2,951,297,817 | 50.00 | 5,171,777 | 152,246 | (26,912 | ) | (39,960 | ) | 4,213 | 5,261,364 | (45,946 | ) | |||||||||||||||||||||||||||
Total
|
8,498,259 | 464,633 | (350,464 | ) | (39,960 | ) | 4,213 | 8,576,681 | 255,157 |
Raízen Energia
|
Raízen Combustíveis
|
|||||||||||||||
|
September 30, 2014
|
September 30, 2013
|
September 30, 2014
|
September 30, 2013
|
||||||||||||
Cash flow
|
|
|
|
|
||||||||||||
Operating activities
|
1,819,761 | 1,778,228 | 501,581 | 434,446 | ||||||||||||
Investing activities
|
(1,942,062 | ) | (2,001,919 | ) | 123,902 | 463,736 | ||||||||||
Financing activities
|
623,565 | (133,045 | ) | (755,488 | ) | (662,777 | ) | |||||||||
|
||||||||||||||||
Increase (use) in cash
|
||||||||||||||||
and cash equivalents
|
501,264 | (356,736 | ) | (130,005 | ) | 235,405 | ||||||||||
|
||||||||||||||||
Other comprehensive (loss) income
|
155,269 | (174,578 | ) | 686,172 | 618,674 |
10
|
Assets held for sale and investment property
|
|
Investment property
|
Assets held for sale
|
Total
|
|||||||||
At December 31, 2013
|
2,281,509 | 314,104 | 2,595,613 | |||||||||
Change in fair value
|
47,003 | 16,726 | 63,729 | |||||||||
Transfers
|
(161,291 | ) | 161,291 | - | ||||||||
Disposals
|
- | (55,321 | ) | (55,321 | ) | |||||||
|
||||||||||||
At September 30, 2014
|
2,167,221 | 436,800 | 2,604,021 |
11
|
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
|
113 | 4,889 | - | 251,145 | - | 256,147 | ||||||||||||||||||
Disposals
|
(11 | ) | (2,077 | ) | - | 2 | (1,007 | ) | (3,093 | ) | ||||||||||||||
Transfers(1)
|
55,600 | 114,749 | 5,380 | (293,151 | ) | 3,953 | (113,469 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
At September 30, 2014
|
502,942 | 476,823 | 441,444 | 242,258 | 38,046 | 1,701,513 | ||||||||||||||||||
|
||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
At December 31, 2013
|
(80,419 | ) | (153,996 | ) | (41,584 | ) | - | (14,019 | ) | (290,018 | ) | |||||||||||||
Additions
|
(11,738 | ) | (27,239 | ) | (10,260 | ) | - | (3,376 | ) | (52,613 | ) | |||||||||||||
Disposals
|
11 | 992 | - | - | 927 | 1,930 | ||||||||||||||||||
Transfers(1)
|
4 | (4 | ) | - | - | - | - | |||||||||||||||||
|
||||||||||||||||||||||||
At September 30, 2014
|
(92,142 | ) | (180,247 | ) | (51,844 | ) | - | (16,468 | ) | (340,701 | ) | |||||||||||||
|
||||||||||||||||||||||||
At December 31, 2013
|
366,821 | 205,266 | 394,480 | 284,262 | 21,081 | 1,271,910 | ||||||||||||||||||
At September 30, 2014
|
410,800 | 296,576 | 389,600 | 242,258 | 21,578 | 1,360,812 | ||||||||||||||||||
|
||||||||||||||||||||||||
(i) Refer to intangible transfers due to the capitalization of these assets.
|
12
|
Intangible assets
|
|
Goodwill
|
Concession intangible asset-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
|
- | 377,377 | - | - | 108,372 | 14,226 | 499,975 | |||||||||||||||||||||
Disposals
|
- | (14,833 | ) | - | - | (5,783 | ) | 11 | (20,605 | ) | ||||||||||||||||||
Transfers(1)
|
- | 4 | 109,740 | - | (4 | ) | 3,728 | 113,468 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
At September 30, 2014
|
703,956 | 8,669,830 | 861,295 | 252,474 | 821,771 | 218,790 | 11,528,116 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Amortization
|
||||||||||||||||||||||||||||
At December 31, 2013
|
- | (306,437 | ) | (102,119 | ) | (114,132 | ) | (273,120 | ) | (61,430 | ) | (857,238 | ) | |||||||||||||||
Additions
|
- | (253,768 | ) | (28,808 | ) | (17,123 | ) | (115,914 | ) | (36,159 | ) | (451,772 | ) | |||||||||||||||
Disposals
|
- | 11,274 | - | - | 2,954 | (108 | ) | 14,120 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
At September 30, 2014
|
- | (548,931 | ) | (130,927 | ) | (131,255 | ) | (386,080 | ) | (97,697 | ) | (1,294,890 | ) | |||||||||||||||
|
||||||||||||||||||||||||||||
At December 31, 2013
|
703,956 | 8,000,845 | 649,436 | 138,342 | 446,066 | 139,395 | 10,078,040 | |||||||||||||||||||||
At September 30, 2014
|
703,956 | 8,120,899 | 730,368 | 121,219 | 435,691 | 121,093 | 10,233,226 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
(i) Refer to intangible transfers due to the capitalization of these assets.
|
Intangible assets (excluding goodwill)
|
Annual rate of amortization - %
|
September 30, 2014
|
December 31, 2013
|
|||||||||
Concession intangible asset - COMGÁS(a)
|
Over the concession term
|
8,120,899 | 8,000,845 | |||||||||
|
|
|||||||||||
Improvements in public grants(b)
|
Over the concession term
|
476,983 | 387,245 | |||||||||
Operating license for port terminal(c)
|
4.00 | 253,385 | 262,190 | |||||||||
|
730,368 | 649,435 | ||||||||||
Trademarks
|
||||||||||||
Mobil
|
10.00 | 97,015 | 114,138 | |||||||||
Comma
|
- | 24,204 | 24,204 | |||||||||
|
121,219 | 138,342 | ||||||||||
Relationship with customers
|
||||||||||||
COMGÁS
|
3.00 | 373,803 | 375,184 | |||||||||
Lubricants
|
6.00 | 61,888 | 70,883 | |||||||||
|
435,691 | 446,067 | ||||||||||
Other
|
||||||||||||
Software licenses
|
20.00 | 81,507 | 91,695 | |||||||||
Other
|
39,586 | 47,700 | ||||||||||
|
121,093 | 139,395 | ||||||||||
|
||||||||||||
|
9,529,270 | 9,374,084 |
|
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
|
|
|
|
||||||||||||||
Description(a)
|
Index(b)
|
Interest rate(c) (%)
|
September 30, 2014
|
December 31, 2013
|
Maturity date
|
|||||||||||||
Senior Notes Due 2018
|
Fixed
|
9.50 | 853,583 | 873,589 |
may-18
|
|||||||||||||
Senior Notes Due 2023
|
Dollar (US$)
|
5.00 | 1,212,136 | 1,086,716 |
may-23
|
|||||||||||||
BNDES
|
TJLP
|
7.77 | 349,231 | 526,716 |
oct-18
|
|||||||||||||
BNDES
|
SELIC
|
12.90 | 238,366 | 159,894 |
oct-20
|
|||||||||||||
BNDES
|
TJ462
|
7.80 | 736,511 | 525,636 |
oct-20
|
|||||||||||||
Perpetual notes
|
Dollar (US$)
|
8.25 | 1,241,139 | 1,186,221 | - | |||||||||||||
Working capital
|
Dollar (US$) + LIBOR
|
4.18 | 122,483 | 262,796 |
sep-16
|
|||||||||||||
Working capital
|
Dollar (US$)
|
2.09 | 98,114 | - |
oct-16
|
|||||||||||||
Working capital
|
CDI 1,43% per year
|
12.39 | 83,023 | - |
sep-16
|
|||||||||||||
Credit notes
|
110% CDI
|
- | - | 393,646 | - | |||||||||||||
FINAME
|
Fixed
|
4.19 | 250,925 | 277,298 |
nov-22
|
|||||||||||||
FINAME
|
URTJLP
|
6.94 | 454,892 | 428,916 |
may-22
|
|||||||||||||
Finem
|
Fixed
|
3.50 | 2,120 | - |
jan-24
|
|||||||||||||
Finem
|
URTJLP
|
6.66 | 7,999 | - |
jan-22
|
|||||||||||||
Loan 4131
|
Dollar (US$)
|
1.18 | 26,990 | - |
aug-15
|
|||||||||||||
Leasing
|
CDI
|
10.81 | 141 | 1,068 |
oct-14
|
|||||||||||||
Foreign loans
|
LIBOR UK semiannual
|
4.34 | 217,349 | 209,340 |
jun-17
|
|||||||||||||
EIB
|
Dollar (US$) + LIBOR
|
2.12 | 665,794 | 633,223 |
sep-21
|
|||||||||||||
Resolution 4131
|
Dollar (US$) + LIBOR
|
2.71 | 432,548 | 413,477 |
feb-18
|
|||||||||||||
Debentures
|
CDI
|
- | - | 1,443,941 |
oct-20
|
|||||||||||||
Non-convertible debentures
|
CDI
|
11.81 | 127,284 | 164,144 |
sep-19
|
|||||||||||||
Debentures
|
Fixed rate+IPCA
|
11.89 | 434,295 | 417,231 |
sep-20
|
|||||||||||||
FINEP
|
Fixed
|
5.00 | 89,175 | 89,104 |
jan-21
|
|||||||||||||
|
|
7,644,098 | 9,092,956 | |||||||||||||||
|
|
|||||||||||||||||
Current
|
|
814,637 | 1,050,862 | |||||||||||||||
Non-current
|
|
6,829,461 | 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 National Bank for Economic and Social Development. 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;
|
|
c)
|
As at September 30, 2014, except where otherwise indicated.
|
The fair value of loans and borrowings are as follows:
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
Carrying amount
|
Fair value
|
||||||||||||||
|
September 30, 2014
|
December 31, 2013
|
September 30, 2014
|
December 31, 2013
|
||||||||||||
Senior / perpetual notes
|
3,306,858 | 3,174,894 | 3,217,249 | 2,977,658 | ||||||||||||
Financing
|
4,337,240 | 5,918,062 | 4,337,467 | 5,918,062 | ||||||||||||
|
||||||||||||||||
Total
|
7,644,098 | 9,092,956 | 7,554,716 | 8,895,720 |
14
|
Trade payables
|
|
September 30, 2014
|
December 31, 2013
|
||||||
Natural gas suppliers
|
655,771 | 590,168 | ||||||
Materials and services suppliers
|
340,922 | 272,261 | ||||||
|
||||||||
|
996,693 | 862,429 |
15
|
Other taxes payable
|
|
September 30, 2014
|
December 31, 2013
|
||||||
ICMS – State VAT
|
78,109 | 77,466 | ||||||
INSS - Social security
|
2,440 | 2,842 | ||||||
PIS - Revenue tax
|
2,094 | 5,170 | ||||||
COFINS- Revenue tax
|
16,265 | 30,470 | ||||||
Recovery program – REFIS
|
1,097,668 | 1,075,019 | ||||||
Other
|
5,457 | 18,856 | ||||||
|
1,202,033 | 1,209,823 | ||||||
|
||||||||
Current
|
188,791 | 199,056 | ||||||
Non-current
|
1,013,242 | 1,010,767 |
16
|
Income tax and social contribution
|
|
a)
|
Reconciliation of income and social contribution tax expenses
|
|
July 1, 2014 to September 30, 2014
|
January 1, 2014 to September 30, 2014
|
July 1, 2013 to September 30, 2013
|
January 1, 2013 to September 30, 2013
|
||||||||||||
Profit before taxes
|
90,881 | 605,146 | 422,292 | 603,739 | ||||||||||||
Income tax and social contribution at
|
(30,900 | ) | (205,750 | ) | (143,579 | ) | (205,271 | ) | ||||||||
nominal rate (34%)
|
||||||||||||||||
|
||||||||||||||||
Adjustments to reconcile to effective tax rate
|
||||||||||||||||
Equity method investments (non taxable income)
|
25,772 | 157,057 | 64,947 | 85,432 | ||||||||||||
Permanent differences (donations, gifts, etc.)
|
(1,335 | ) | (4,882 | ) | (979 | ) | (3,393 | ) | ||||||||
Stock options
|
(871 | ) | (2,614 | ) | (732 | ) | (2,594 | ) | ||||||||
Interest on capital
|
- | (6,970 | ) | - | (6,800 | ) | ||||||||||
Tax loss
|
(1,085 | ) | (2,490 | ) | (47,071 | ) | (186,273 | ) | ||||||||
Gains or losses from offshore companies
|
7,068 | 6,368 | 11,124 | (5,205 | ) | |||||||||||
Tax basis differences related to entities taxed
|
8,046 | 28,652 | 14,053 | 32,910 | ||||||||||||
on the Brazilian presumed profits method
|
||||||||||||||||
Foreign exchange effects of foreign subsidiaries
|
5,831 | (10,264 | ) | (3,346 | ) | (20,049 | ) | |||||||||
Judicial demands
|
- | 13,839 | - | - | ||||||||||||
Disposal tax benefit on goodwill
|
- | - | (14,597 | ) | (14,597 | ) | ||||||||||
Tax effect of unrealized gain on
|
||||||||||||||||
investment in Joint Venture(i)
|
- | - | - | 120,554 | ||||||||||||
Other
|
3,334 | 1,170 | 2,361 | (8,222 | ) | |||||||||||
|
||||||||||||||||
Income tax and social contribution
|
||||||||||||||||
expense (current and deferred)
|
15,860 | (25,884 | ) | (117,819 | ) | (213,508 | ) | |||||||||
|
||||||||||||||||
Effective rate - %
|
-17.45 | 4.28 | 27.90 | 35.36 |
|
b)
|
Deferred income tax assets and liabilities
|
|
September 30, 2014
|
December 31, 2013
|
||||||||||||||||||
|
Basis
|
Income taxes (25%)
|
Social contribution (9%)
|
Total income taxes (34%)
|
Total income taxes (34%)
|
|||||||||||||||
Tax loss carryforwards
|
|
|
|
|
|
|||||||||||||||
Income tax loss carryforwards
|
1,909,549 | 477,387 | - | 477,387 | 282,656 | |||||||||||||||
Social contribution tax loss carryforwards
|
1,916,840 | - | 172,516 | 172,516 | 102,410 | |||||||||||||||
|
||||||||||||||||||||
Temporary differences
|
||||||||||||||||||||
Foreign currency receivables and payables
|
611,902 | 152,976 | 55,071 | 208,047 | 11,603 | |||||||||||||||
Tax deductible goodwill
|
1,029,588 | 257,397 | 92,663 | 350,060 | 514,893 | |||||||||||||||
Provision for judicial demands
|
539,335 | 134,834 | 48,540 | 183,374 | 194,985 | |||||||||||||||
Allowance for doubtful accounts
|
157,693 | 39,423 | 14,192 | 53,615 | 54,258 | |||||||||||||||
Profit sharing
|
26,581 | 6,645 | 2,392 | 9,037 | 67,057 | |||||||||||||||
Derivatives instruments unrealized gains
|
(262,678 | ) | (65,670 | ) | (23,641 | ) | (89,311 | ) | 107,489 | |||||||||||
Unrealized gain on sale of investments
|
(90,864 | ) | (22,716 | ) | (8,178 | ) | (30,894 | ) | (30,894 | ) | ||||||||||
Other temporary differences
|
(100,601 | ) | (25,150 | ) | (9,054 | ) | (34,204 | ) | (38,895 | ) | ||||||||||
Property, plant and equipment
|
(105,261 | ) | (26,315 | ) | (9,474 | ) | (35,789 | ) | (28,017 | ) | ||||||||||
Gain on formation of Joint Ventures
|
(3,338,342 | ) | (834,586 | ) | (300,451 | ) | (1,135,037 | ) | (1,135,043 | ) | ||||||||||
Unrealized gains on investment property
|
(2,167,221 | ) | (43,344 | ) | (23,406 | ) | (66,750 | ) | (70,309 | ) | ||||||||||
Assets held for sale
|
(436,800 | ) | (8,736 | ) | (4,717 | ) | (13,453 | ) | (9,636 | ) | ||||||||||
Concession contract
|
35,258 | 8,814 | 3,173 | 11,987 | 11,579 | |||||||||||||||
Regulatory asset
|
209,075 | 52,269 | 18,817 | 71,086 | 118,228 | |||||||||||||||
Gains or losses on actuarial liabilities
|
305,449 | 76,362 | 27,490 | 103,852 | 41,593 | |||||||||||||||
Business combination - Property,
|
||||||||||||||||||||
plant and equipment
|
(108,657 | ) | (27,164 | ) | (9,779 | ) | (36,943 | ) | (38,097 | ) | ||||||||||
Business combination - Intangible assets
|
(4,128,326 | ) | (1,032,082 | ) | (371,549 | ) | (1,403,631 | ) | (1,441,910 | ) | ||||||||||
Business combination - Other
|
||||||||||||||||||||
fair value adjustments
|
(51,366 | ) | (12,841 | ) | (4,623 | ) | (17,464 | ) | (17,706 | ) | ||||||||||
Other
|
(377,065 | ) | (94,266 | ) | (33,935 | ) | (128,201 | ) | (162,678 | ) | ||||||||||
Total
|
(986,763 | ) | (363,953 | ) | (1,350,716 | ) | (1,466,434 | ) | ||||||||||||
|
||||||||||||||||||||
Deferred income tax – Assets
|
270,017 | 232,188 | ||||||||||||||||||
Deferred income tax - Liabilities
|
(1,620,733 | ) | (1,698,622 | ) | ||||||||||||||||
|
||||||||||||||||||||
Total net deferred taxes
|
(1,350,716 | ) | (1,466,434 | ) | ||||||||||||||||
|
|
c)
|
Changes in deferred income taxes, net:
|
|
|
|||
At December 31, 2013 - Net deferred tax liability
|
(1,466,434 | ) | ||
Income
|
95,386 | |||
Other comprehensive income
|
1,399 | |||
Acquisition cost of the preferred shares
|
18,450 | |||
Other
|
483 | |||
|
||||
At September 30, 2014
|
(1,350,716 | ) |
17
|
Provision for legal proceedings
|
September 30, 2014
|
December 31, 2013
|
|
|
|||||||||||||
Tax
|
338,019 | 410,890 |
|
|
||||||||||||
Civil and environmental
|
135,735 | 146,011 | ||||||||||||||
Labor
|
177,368 | 165,557 | ||||||||||||||
|
||||||||||||||||
|
651,122 | 722,458 |
|
September 30, 2014
|
December 31, 2013
|
|
|
||||||||||||
Tax
|
305,193 | 294,991 |
|
|
||||||||||||
Civil and environmental
|
47,585 | 33,659 |
|
|
||||||||||||
Labor
|
45,702 | 32,904 |
|
|
||||||||||||
|
|
|
||||||||||||||
|
398,480 | 361,554 |
|
|
||||||||||||
|
|
|
||||||||||||||
Changes in provision for judicial demands:
|
||||||||||||||||
|
|
|
||||||||||||||
|
Tax
|
Civil
|
Labor
|
Total
|
||||||||||||
At December 31, 2013
|
410,890 | 146,011 | 165,557 | 722,458 | ||||||||||||
Increases
|
9,214 | 13,997 | 69,839 | 93,050 | ||||||||||||
Settlement or Write-Offs
|
(98,751 | ) | (45,415 | ) | (95,719 | ) | (239,885 | ) | ||||||||
Reclassified
|
1,849 | (2,061 | ) | 212 | - | |||||||||||
Monetary variation
|
14,817 | 23,203 | 37,479 | 75,499 | ||||||||||||
|
||||||||||||||||
At September 30, 2014
|
338,019 | 135,735 | 177,368 | 651,122 |
|
a)
|
Tax claims
|
|
September 30, 2014
|
December 31, 2013
|
||||||
Compensation with FINSOCIAL
|
238,832 | 230,775 | ||||||
IPC - 89(i)
|
- | 74,879 | ||||||
INSS
|
45,970 | 46,291 | ||||||
ICMS credits
|
23,819 | 20,114 | ||||||
PIS and COFINS
|
5,712 | 6,541 | ||||||
IPI
|
1,011 | 993 | ||||||
IRPJ and CSLL
|
329 | 329 | ||||||
Other
|
22,346 | 30,968 | ||||||
|
||||||||
|
338,019 | 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 demand 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
|
|
September 30, 2014
|
December 31, 2013
|
||||||
ICMS - State VAT(i)
|
1,538,863 | 1,291,685 | ||||||
IRRF
|
643,293 | 637,130 | ||||||
IRPJ/CSLL
|
755,956 | 726,815 | ||||||
Other
|
617,647 | 637,619 | ||||||
INSS - social security and other
|
514,930 | 508,053 | ||||||
IPI credit - NT
|
439,053 | 430,981 | ||||||
PIS and COFINS
|
552,126 | 506,813 | ||||||
Compensation with IPI - IN 67/98
|
117,846 | 115,004 | ||||||
|
||||||||
|
5,179,714 | 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 with holdings 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
|
|
September 30, 2014
|
December 31, 2013
|
||||||
Civil
|
891,291 | 832,311 | ||||||
Labor
|
393,840 | 502,697 | ||||||
|
||||||||
|
1,285,131 | 1,335,008 |
18
|
Preferred shareholders payable in subsidiaries
|
19
|
Stockholders’ Equity
|
|
a)
|
Share capital
|
Shareholders
|
Class A and / or 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 | ||||||||||||
Gávea Funds
|
22,298,230 | 12.79 | - | - | ||||||||||||
Blackrock Inc.
|
9,522,224 | 5.46 | - | - | ||||||||||||
MSOR Participações S.A.
|
1,811,250 | 1.04 | - | - | ||||||||||||
Usina Bom Jesus S.A.
|
255,000 | 0.15 | - | - | ||||||||||||
Treasury shares
|
5,996,502 | 3.44 | - | - | ||||||||||||
Other
|
129,231,024 | 74.12 | - | - | ||||||||||||
|
||||||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
|
b)
|
Treasury shares
|
|
c)
|
Other comprehensive income
|
|
December 31, 2013
|
Comprehensive income
|
September 30, 2014
|
|||||||||
Foreign currency translation differences
|
(223,038 | ) | (33,397 | ) | (256,435 | ) | ||||||
Gain (loss) on cash flow hedge in
|
||||||||||||
jointly controlled entity
|
43,384 | (27,610 | ) | 15,774 | ||||||||
Revaluation of investment property reclassified
|
||||||||||||
from property, plant and equipment
|
190,735 | - | 190,735 | |||||||||
Actuarial gain on defined benefit plan
|
16,092 | 1,999 | 18,091 | |||||||||
Changes in value of available
|
||||||||||||
for sale financial assets
|
(7,480 | ) | 41 | (7,439 | ) | |||||||
|
||||||||||||
Total
|
19,693 | (58,967 | ) | (39,274 | ) | |||||||
|
||||||||||||
Attributable to:
|
||||||||||||
Owners of the Company
|
(84,887 | ) | (44,902 | ) | (129,789 | ) | ||||||
Non-controlling interests
|
104,580 | (14,065 | ) | 90,515 |
20
|
Earnings per share
|
|
July 1, 2014 to September 30, 2014
|
January 1, 2014 to September 30, 2014
|
July 1, 2013 to September 30, 2013
|
January 1, 2013 to September 30, 2013
|
||||||||||||
Numerator
|
|
|
|
|
||||||||||||
Profit from continuing operations
|
|
|
|
|
||||||||||||
Basic
|
20,542 | 200,098 | 118,741 | 78,278 | ||||||||||||
Dilutive effect of subsidiary's
|
||||||||||||||||
stock option plan
|
(9,285 | ) | (59,492 | ) | (34,009 | ) | (30,991 | ) | ||||||||
Dilutive effect of put option
|
(15,601 | ) | (15,601 | ) | (15,601 | ) | (15,601 | ) | ||||||||
Diluted
|
(4,344 | ) | 125,005 | 69,131 | 31,686 | |||||||||||
Loss from discontinued operations
|
- | - | - | (3,369 | ) | |||||||||||
|
||||||||||||||||
Denominator
|
||||||||||||||||
Weighted average number
|
||||||||||||||||
of shares outstanding
|
264,690,883 | 264,690,883 | 264,690,883 | 264,690,883 | ||||||||||||
|
||||||||||||||||
Basic earnings per share
|
||||||||||||||||
Continuing operations
|
R$ | 0.08 | R$ | 0.76 | R$ | 0.45 | R$ | 0.29 | ||||||||
Discontinued operations
|
- | - | - | R$ | (0.01 | ) | ||||||||||
|
R$ | 0.08 | R$ | 0.76 | R$ | 0.45 | R$ | 0.28 | ||||||||
Diluted earnings per share
|
||||||||||||||||
Continuing operations
|
R$ | (0.02 | ) | R$ | 0.47 | R$ | 0.26 | R$ | 0.12 | |||||||
Discontinued operations
|
- | - | - | R$ | (0.01 | ) | ||||||||||
|
R$ | (0.02 | ) | R$ | 0.47 | R$ | 0.26 | R$ | 0.11 |
21
|
Gross sales
|
|
July 1, 2014 to September 30, 2014
|
January 1, 2014 to September 30, 2014
|
July 1, 2013 to September 30, 2013
|
January 1, 2013 to September 30, 2013
|
||||||||||||
Taxable gross revenue from
|
|
|
|
|
||||||||||||
sales of products and services
|
2,789,716 | 7,996,404 | 2,812,226 | 7,723,664 | ||||||||||||
Construction revenue
|
126,237 | 361,341 | 204,425 | 513,736 | ||||||||||||
Indirect taxes and deductions
|
(553,703 | ) | (1,592,320 | ) | (582,140 | ) | (1,587,741 | ) | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Net sales
|
2,362,250 | 6,765,425 | 2,434,511 | 6,649,659 |
22
|
Financial results
|
|
July 1, 2014 to September 30, 2014
|
January 1, 2014 to September 30, 2014
|
July 1, 2013 to September 30, 2013
|
January 1, 2013 to September 30, 2013
|
||||||||||||
Financial expense
|
|
|
|
|
||||||||||||
Interest expense
|
(233,088 | ) | (621,330 | ) | (247,349 | ) | (627,516 | ) | ||||||||
Indexation charges
|
(15,241 | ) | (45,871 | ) | (10,464 | ) | (22,643 | ) | ||||||||
Bank fees
|
(15,007 | ) | (103,593 | ) | (14,153 | ) | (71,422 | ) | ||||||||
|
(263,336 | ) | (770,794 | ) | (271,966 | ) | (721,581 | ) | ||||||||
Financial income
|
||||||||||||||||
Interest income
|
13,658 | 65,051 | 15,291 | 67,386 | ||||||||||||
Indexation credits
|
3,807 | 9,792 | 4,308 | 7,799 | ||||||||||||
Income from short term investments
|
33,939 | 98,330 | 29,001 | 90,686 | ||||||||||||
Other
|
- | 1,003 | - | - | ||||||||||||
|
51,404 | 174,176 | 48,600 | 165,871 | ||||||||||||
Foreign exchange effects, net(1)
|
||||||||||||||||
Foreign exchange effects, net
|
(200,171 | ) | (103,612 | ) | 87,046 | (222,862 | ) | |||||||||
|
(200,171 | ) | (103,612 | ) | 87,046 | (222,862 | ) | |||||||||
|
||||||||||||||||
Derivative income (losses)
|
||||||||||||||||
Exchange rate and interest rate derivatives
|
124,412 | 51,225 | (5,218 | ) | 139,395 | |||||||||||
|
124,412 | 51,225 | (5,218 | ) | 139,395 | |||||||||||
|
||||||||||||||||
|
(287,691 | ) | (649,005 | ) | (141,538 | ) | (639,177 | ) | ||||||||
|
||||||||||||||||
(1) Includes gains (and losses) on foreign exchange rates relating to assets and liabilities denominated in foreign currency.
|
23
|
Other, net
|
|
July 1, 2014 to September 30, 2014
|
January 1, 2014 to September 30, 2014
|
July 1, 2013 to September 30, 2013
|
January 1, 2013 to September 30, 2013
|
||||||||||||
Profit (loss) on port operations
|
2,322 | 10,126 | 1,306 | (3,394 | ) | |||||||||||
Provisions for legal proceedings
|
(14,476 | ) | (40,706 | ) | (16,285 | ) | (65,028 | ) | ||||||||
(Loss) gain on disposal
|
||||||||||||||||
of non-current assets
|
(2,580 | ) | (7,387 | ) | (237 | ) | 9,522 | |||||||||
Costs to operation transactions(I)
|
(1,405 | ) | (125,617 | ) | - | - | ||||||||||
Rental income
|
288 | 635 | 205 | 559 | ||||||||||||
Changes in the fair value
|
||||||||||||||||
of investment property
|
18,745 | 63,728 | 45,450 | 105,868 | ||||||||||||
Allowance for doubtful accounts
|
- | 703 | (15,724 | ) | (15,986 | ) | ||||||||||
Tax installments
|
(5,059 | ) | (5,059 | ) | - | - | ||||||||||
Gain (loss) on corporate restructuring
|
(20 | ) | 4,459 | 8,071 | 8,071 | |||||||||||
Other
|
(2,307 | ) | (4,334 | ) | 4,545 | 39,951 | ||||||||||
|
||||||||||||||||
|
(4,492 | ) | (103,452 | ) | 27,331 | 79,563 |
24
|
Financial instruments
|
|
·
|
Foreign exchange risk;
|
|
·
|
Interest rate risk;
|
|
·
|
Credit risk;
|
|
·
|
Liquidity risk.
|
|
Notional
|
Fair value
|
|
|||||||||||||||||
|
September 30, 2014
|
December 31, 2013
|
September 30, 2014
|
December 31, 2013
|
P&L(I)
|
|||||||||||||||
COMGÁS derivatives
|
|
|
|
|
|
|||||||||||||||
Exchange rate risk
|
|
|
|
|
|
|||||||||||||||
Exchange rate derivatives
|
|
|
|
|
|
|||||||||||||||
Swap agreements
|
828,442 | 828,442 | 259,233 | 209,532 | 259,233 | |||||||||||||||
|
828,442 | 828,442 | 259,233 | 209,532 | 259,233 | |||||||||||||||
|
||||||||||||||||||||
Other subsidiaries derivatives
|
||||||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||
Term agreements
|
149,920 | 232,220 | 16,159 | 25,713 | 16,159 | |||||||||||||||
|
149,920 | 232,220 | 16,159 | 25,713 | 16,159 | |||||||||||||||
|
||||||||||||||||||||
Interest rate and exchange rate risk
|
||||||||||||||||||||
Lock exchange
|
37,351 | - | 1,895 | - | 1,895 | |||||||||||||||
Swap agreements (interest rate)
|
181,617 | 181,617 | (196 | ) | (13,573 | ) | (196 | ) | ||||||||||||
Swap agreements (interest and
|
||||||||||||||||||||
exchange rate)
|
1,687,652 | 1,662,806 | 96,814 | (39,078 | ) | 96,814 | ||||||||||||||
|
1,906,620 | 1,844,423 | 98,513 | (52,652 | ) | 98,513 | ||||||||||||||
|
||||||||||||||||||||
Total financial instruments contracted by Company
|
373,906 | 182,593 | 373,906 | |||||||||||||||||
|
||||||||||||||||||||
Assets
|
643,296 | 513,934 | ||||||||||||||||||
Liabilities
|
(269,390 | ) | (331,341 | ) |
Derivatives
|
Purchased / Sold
|
Market
|
Agreement
|
Maturity date
|
Notional (US$)
|
Notional (R$)
|
Fair Value (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 | 6,630 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Jul-20
|
10,000 | 18,361 | 6,663 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Aug-20
|
10,000 | 18,361 | 6,831 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Sep-20
|
14,381 | 26,406 | 9,815 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Oct-20
|
40,000 | 73,444 | 27,119 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
Sep-20
|
39,922 | 69,580 | 28,847 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross-Cur Swap
|
May-21
|
51,400 | 83,145 | 40,841 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross curr Swap
|
May-21
|
20,000 | 32,352 | 16,089 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross curr Swap
|
Sep-21
|
30,000 | 49,761 | 25,273 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross curr Swap
|
Sep-21
|
42,435 | 70,387 | 36,073 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross curr Swap
|
Jul-17
|
75,000 | 153,900 | 28,373 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross curr Swap
|
Feb-18
|
50,000 | 99,385 | 21,216 | ||||||||||||
Swap/flx cx
|
N/A |
OTC/Cetip
|
Cross curr Swap
|
Aug-18
|
50,000 | 115,000 | 5,464 | ||||||||||||
|
|
|
|
||||||||||||||||
At September 30, 2014
|
|
443,138 | 828,442 | 259,233 | |||||||||||||||
At December 31, 2013
|
|
443,138 | 828,442 | 209,532 | |||||||||||||||
|
|
|
|
||||||||||||||||
Financial instruments contracted by other subsidiaries
|
|||||||||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-14
|
6,188 | 14,261 | 996 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-14
|
4,197 | 8,666 | 1,672 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
6,188 | 14,497 | 1,099 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
4,197 | 8,813 | 1,728 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
May-15
|
6,188 | 14,726 | 1,202 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
May-15
|
4,197 | 8,942 | 1,796 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Aug-15
|
6,188 | 15,003 | 1,278 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Aug-15
|
4,197 | 9,089 | 1,856 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-15
|
6,188 | 15,254 | 1,387 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Nov-15
|
4,197 | 9,231 | 1,927 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,395 | 3,668 | (119 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,529 | 3,915 | (31 | ) | |||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,618 | 3,929 | 173 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,817 | 4,338 | 264 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,586 | 3,890 | 131 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,520 | 3,604 | 245 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,761 | 4,229 | 232 | ||||||||||||
Term
|
Purchased
|
OTC
|
NDF
|
Feb-15
|
1,654 | 3,863 | 323 | ||||||||||||
|
|
|
|
||||||||||||||||
Sub-total Term at September 30, 2014
|
|
64,803 | 149,920 | 16,159 | |||||||||||||||
Sub-total Term at December 31, 2013
|
|
102,971 | 232,220 | 25,713 | |||||||||||||||
|
|
|
|
||||||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Aug-15
|
11,000 | 24,846 | 1,536 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Dec-14
|
81,972 | 181,617 | (196 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-18
|
359,272 | 712,796 | 197,691 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-18
|
(359,272 | ) | (712,796 | ) | (197,691 | ) | |||||||||
Swap
|
N/A |
OTC
|
Swap
|
Sep-16
|
75,000 | 179,063 | 3,897 | ||||||||||||
|
|
|
|
||||||||||||||||
Sub-total Swap at September 30, 2014
|
|
167,972 | 385,525 | 5,236 | |||||||||||||||
Sub-total Swap at December 31, 2013
|
|
156,972 | 360,680 | 141,941 |
Composition of balance of derivative financial instruments designated in hedge accounting
|
|||||||||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
2,975 | 6,796 | 496 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
966 | 2,207 | 161 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
997 | 2,276 | 166 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
451 | 1,030 | 75 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
332 | 759 | 55 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
2,322 | 5,593 | 123 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
1,538 | 3,706 | 81 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
1,720 | 4,145 | 90 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
1,007 | 2,425 | 53 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
2,204 | 5,068 | 357 | ||||||||||||
Lock exchange
|
N/A |
OTC
|
Lock exchange
|
Oct-14
|
1,455 | 3,346 | 236 | ||||||||||||
|
|
|
|
||||||||||||||||
Sub-total lock exchange at September 30, 2014
|
|
15,967 | 37,351 | 1,895 | |||||||||||||||
Sub-total lock exchange at December 31, 2013
|
|
- | - | - | |||||||||||||||
|
|
|
|
||||||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
175,000 | 347,690 | 10,803 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 16,810 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 16,786 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
368,500 | 732,136 | 951 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (8,355 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 10,665 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,069 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 12,139 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 11,999 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (10,130 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 11,580 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | (9,606 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 110,780 | 7,589 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 3,787 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 3,884 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
75,000 | 167,775 | (430 | ) | |||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 106,595 | 11,270 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
50,000 | 110,780 | 6,509 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
25,000 | 55,390 | 3,435 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
10,000 | 21,319 | 1,914 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
65,000 | 144,014 | 10,080 | ||||||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
(368,500 | ) | (732,136 | ) | (951 | ) | |||||||||
Swap
|
N/A |
OTC
|
Swap
|
Mar-23
|
(175,000 | ) | (347,689 | ) | (10,803 | ) | |||||||||
Swap
|
Amortization Gain / Loss D1
|
- | - | 1,525 | |||||||||||||||
|
|||||||||||||||||||
Sub-total Swap at September 30, 2014
|
|
675,000 | 1,483,744 | 91,382 | |||||||||||||||
Sub-total Swap at December 31, 2013
|
|
675,000 | 1,483,744 | (45,632 | ) | ||||||||||||||
|
|||||||||||||||||||
Total Swap at September 30, 2014
|
|
842,972 | 1,906,620 | 98,513 | |||||||||||||||
Total Swap at December 31, 2013
|
|
831,972 | 1,844,423 | (52,652 | ) | ||||||||||||||
|
|
|
|
|
September 30, 2014
|
December 31, 2013
|
||||||
Cash and cash equivalents
|
1,330,619 | 1,509,565 | ||||||
Trade receivables
|
28,188 | 24,453 | ||||||
Loans and borrowings
|
(1,241,138 | ) | (3,814,871 | ) | ||||
|
||||||||
Foreign exchange exposure, net
|
117,669 | (2,280,853 | ) |
|
Investment securities
|
|||
AAA
|
379,904 | |||
AA
|
819,211 | |||
|
||||
At September 30, 2014
|
1,199,115 |
|
September 30, 2014
|
December 31, 2013
|
||||||||||||||||||||||
|
Until 1 year
|
1 -2 years
|
3 – 5 years
|
More than 5 years
|
Total
|
Total
|
||||||||||||||||||
Loans and borrowings
|
(1,032,939 | ) | (1,082,415 | ) | (5,801,487 | ) | (5,885,216 | ) | (13,802,057 | ) | (10,996,388 | ) | ||||||||||||
Trade payables
|
(996,693 | ) | - | - | - | (996,693 | ) | (862,429 | ) | |||||||||||||||
REFIS payable
|
(84,425 | ) | (74,792 | ) | (220,720 | ) | (717,731 | ) | (1,097,668 | ) | (1,075,019 | ) | ||||||||||||
|
||||||||||||||||||||||||
Total
|
(2,114,057 | ) | (1,157,207 | ) | (6,022,207 | ) | (6,602,947 | ) | (15,896,418 | ) | (12,933,836 | ) |
|
September 30, 2014
|
|||
Fair value of the Senior Notes 2023
|
1,234,277 | |||
Loss recognized in the financial result
|
(129,691 | ) |
|
Market
|
Risk
|
September 30, 2014
|
||||
Rate lock and exchange variation of other financial
|
Future Dollar
|
Exchange
|
583 | ||||
(-) Deferred taxes
|
|
|
(198 | ) | |||
|
|
|
|||||
Equity effect
|
|
|
385 |
Derivative
|
September 30, 2014
|
|||
At December 31, 2013
|
- | |||
Gain (loss) from the period
|
||||
Exchange rate hedging and other financial instruments
|
810 | |||
Reclassification to inventories / cost of sales
|
(227 | ) | ||
|
||||
Gain on cash flow hedge (before deferred taxes)
|
583 | |||
|
||||
Deferred taxes on comprehensive income
|
385 | |||
|
|
a)
|
Sensitivity analysis on changes in foreign exchange rates
|
|
|
|
Impacts on P&L(i)
|
|
|
||||||||||||||||
|
Risk factor
|
Probable scenario
|
Variation scenario (25%)
Increase
|
Variation scenario (50%)
Increase
|
Variation scenario (25%)
Decrease
|
Variation scenario (50%)
Decrease
|
|||||||||||||||
COMGÁS Derivatives
|
|
|
|
|
|
|
|||||||||||||||
Exchange rate and interest risks
|
|
|
|
|
|
|
|||||||||||||||
Exchange rate derivatives
|
|
|
|
|
|
|
|||||||||||||||
Swap contracts
|
Decrease in exchange
|
|
|
|
|
|
|||||||||||||||
|
rate R$/US$ and
|
|
|
|
|
|
|||||||||||||||
|
increase in CDI curve
|
259,233 | 64,808 | 129,617 | (64,808 | ) | (129,617 | ) | |||||||||||||
Exchange rate risks
|
|
||||||||||||||||||||
Exchange rate derivatives
|
|
||||||||||||||||||||
Term agreements
|
|
||||||||||||||||||||
Purchasing agreements
|
Decrease in exchange
|
||||||||||||||||||||
|
rate R$/US$
|
16,159 | 55,417 | 94,676 | (23,099 | ) | (62,357 | ) | |||||||||||||
Interest rate risk
|
|
||||||||||||||||||||
Swap contracts
|
Decrease in LIBOR curve
|
(196 | ) | (76 | ) | (153 | ) | 77 | 154 | ||||||||||||
Swap contracts
|
No risk - asset and
|
- | - | - | - | - | |||||||||||||||
|
liabilities same position
|
- | - | - | - | - | |||||||||||||||
Exchange rate and interest risks
|
|
||||||||||||||||||||
Swap contracts
|
Decrease in exchange
|
||||||||||||||||||||
|
rate R$/US$ and
|
||||||||||||||||||||
|
increase in CDI curve
|
95,289 | 269,819 | 488,574 | (161,002 | ) | (390,265 | ) | |||||||||||||
|
|
||||||||||||||||||||
Total impact
|
|
370,486 | 389,969 | 712,714 | (248,833 | ) | (582,085 | ) | |||||||||||||
|
|
||||||||||||||||||||
(i) Exposure to fluctuations of COMGÁS absorbed by the asset (liability), which are passed on to customers through periodic tariff revisions.
|
|
Exchange rate sensitivity analysis (R$/US$)
|
|||||||||||||||||||||||
|
September 30, 2014
|
Scenario
|
||||||||||||||||||||||
Probable
|
25% | 50% | -25% | -50% | ||||||||||||||||||||
At September 30, 2014
|
2.4510 | 2.4510 | 3.0638 | 3.6765 | 1.8383 | 1.2255 |
Exchange rate exposure
|
September 30, 2014
|
|||||||||||||||||||
|
Balance
|
25% | 50% | -25% | -50% | |||||||||||||||
Bonds and Debentures - USD
|
(1,241,138 | ) | (310,285 | ) | (620,569 | ) | 310,285 | 620,569 | ||||||||||||
Cash and cash equivalents
|
64,971 | 16,243 | 32,485 | (16,243 | ) | (32,485 | ) | |||||||||||||
Trade receivables
|
28,188 | 7,047 | 14,095 | (7,047 | ) | (14,095 | ) | |||||||||||||
|
||||||||||||||||||||
Effect on profit or loss
|
(286,995 | ) | (573,989 | ) | 286,995 | 573,989 |
|
b)
|
Sensitivity analysis on changes in interest rates
|
Exposure interest rate
|
|
|
|
|
||||||||||||||||
|
September 30, 2014
|
|||||||||||||||||||
Operation
|
Balance
|
25% | 50% | -25% | -50% | |||||||||||||||
Short term investments
|
1,199,115 | 32,376 | 64,752 | (32,376 | ) | (64,752 | ) | |||||||||||||
Investment securities
|
202,352 | 5,464 | 10,927 | (5,464 | ) | (10,927 | ) | |||||||||||||
Loans and borrowings
|
(4,601,764 | ) | (124,248 | ) | (248,495 | ) | 124,248 | 248,495 | ||||||||||||
|
||||||||||||||||||||
Effect on profit or loss
|
(86,408 | ) | (172,816 | ) | 86,408 | 172,816 |
|
Financial assets at fair value through profit or loss
|
Loans and receivables
|
Total
|
|||||||||
Assets
|
|
|
|
|||||||||
Cash and cash equivalents
|
- | 1,330,619 | 1,330,619 | |||||||||
Trade receivables
|
- | 1,278,577 | 1,278,577 | |||||||||
Derivative financial instruments
|
643,296 | - | 643,296 | |||||||||
Securities
|
- | 202,352 | 202,352 | |||||||||
Dividends receivable
|
- | 162,602 | 162,602 | |||||||||
Judicial deposits
|
- | 398,480 | 398,480 | |||||||||
Other financial assets
|
- | 499,523 | 499,523 | |||||||||
|
||||||||||||
|
643,296 | 3,872,153 | 4,515,449 | |||||||||
|
||||||||||||
|
Financial liabilities at fair value through profit or loss
|
|||||||||||
|
Other financial liabilities
|
Total
|
||||||||||
|
||||||||||||
|
||||||||||||
Liabilities
|
||||||||||||
Loans and borrowings
|
- | (7,644,098 | ) | (7,644,098 | ) | |||||||
Derivative financial instruments
|
(269,390 | ) | - | (269,390 | ) | |||||||
Trade payables
|
- | (996,693 | ) | (996,693 | ) | |||||||
Dividends payable
|
- | (8,763 | ) | (8,763 | ) | |||||||
|
||||||||||||
|
(269,390 | ) | (8,649,554 | ) | (8,918,944 | ) |
25
|
Fair value hierarchy
|
Financial instruments
|
|
|
|
|||||||||
measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
At September 30, 2014
|
||||||||||||
Derivative financial assets
|
- | 643,296 | 643,296 | |||||||||
Derivative financial liabilities
|
- | (269,390 | ) | (269,390 | ) | |||||||
Pension plan assets
|
281,142 | - | 281,142 | |||||||||
|
||||||||||||
Total
|
281,142 | 373,906 | 655,048 | |||||||||
|
||||||||||||
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 | |||||||||
|
||||||||||||
Total
|
281,142 | (221,859 | ) | 59,283 |
26
|
Pension and post-employment benefit plans
|
|
September 30, 2014
|
December 31, 2013
|
||||||
Futura
|
75,143 | 71,065 | ||||||
Futura II
|
587 | 828 | ||||||
COMGÁS
|
278,975 | 267,242 | ||||||
|
||||||||
Total
|
354,705 | 339,135 |
27
|
Share-based payment
|
|
Number of
options
|
Weighted-
average
exercise price
|
||||||
At December 31, 2013
|
9,345,000 | 23.74 | ||||||
Share options exercised
|
(1,818,000 | ) | (25.11 | ) | ||||
Concessions
|
985,000 | 39.02 | ||||||
|
||||||||
At September 30, 2014
|
8,512,000 | 25.22 |
28
|
Subsequent events
|
COSAN LIMITED
|
||||||
Date:
|
November 10, 2014
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|