Form 20-F
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X
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Form 40-F
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Yes
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No
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X
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Yes
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No
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X
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Item
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1.
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Financial Letter for the 3º Quarter of Fiscal Year 2012 – October, November, and December 2011
|
Marcelo Martins
CFO & IRO
Guilherme Machado
IR Manager
Phillipe Casale
IR Analyst
ri@cosan.com.br
www.cosan.com.br/ir
|
3Q12 Highlights | |||||||||
● | Consolidated EBITDA of R$494.6 million | |||||||||
● |
Raízen Combustíveis posts EBITDA margin of R$61.7/cbm (excluding non-recurring effects)
|
|||||||||
● |
4.1% growth in Raízen Energia’s net revenue
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|||||||||
● |
Rumo increases transported volume and records EBITDA margin of 42.8%
|
|||||||||
● |
Cosan Lubrificantes e Especialidades starts internationalization process through acquisition of lubricants business in Bolivia, Uruguay and Paraguay
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|||||||||
Definitions:
3Q12 – quarter ended December 31, 2011
3Q11 – quarter ended December 31, 2010
FY12 – fiscal year beginning on April 1, 2011 and closing on March 31 , 2012
FY11 – fiscal year beginning on April 1, 2010 and closing on March 31 , 2011
YTD12 – period started on the same date of FY12 and ended on the closing date of 3Q12
YTD11 – period started on the same date of FY11 and ended on the closing date of 3Q11
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Summary of Financial Information – Cosan Consolidated
|
|||||||||
3Q12
|
3Q11
|
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||
6,310.7
|
4,738.4
|
Net Operating Revenue
|
18,302.9
|
13,454.1
|
||||||
639.8
|
578.5
|
Gross Profit
|
1,989.7
|
1,776.3
|
||||||
10.1%
|
12.2%
|
Gross Margin
|
10.9%
|
13.2%
|
||||||
240.0
|
170.5
|
Operating Profit
|
4,047.5
|
586.8
|
||||||
494.6
|
532.0
|
EBITDA
|
4,971.3
|
1,644.5
|
||||||
7.8%
|
11.2%
|
EBITDA Margin
|
27.2%
|
12.2%
|
||||||
494.6
|
532.0
|
Adjusted EBITDA¹
|
1,674.3
|
1,644.5
|
||||||
7.8%
|
11.2%
|
Adjusted EBITDA Margin
|
9.1%
|
12.2%
|
||||||
106.7
|
46.7
|
Net Income before Non-controlling Interests
|
2,496.0
|
289.7
|
||||||
93.8
|
38.7
|
Net Income
|
2,456.3
|
290.6
|
||||||
1.5%
|
0.8%
|
Net Margin
|
13.4%
|
2.2%
|
||||||
453.3
|
707.7
|
CAPEX
|
1,523.3
|
1,927.3
|
||||||
3,619.9
|
4,735.1
|
Net Debt
|
3,619.9
|
4,735.1
|
||||||
9,433.4
|
6,412.1
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Equity and Non-controlling Interests
|
9,433.4
|
6,412.1
|
||||||
Note1: Excluding the effect of Raízen’s formation
Note 2: Excluding acquisitions of stakes in other companies and proceeds from divestments
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EBITDA and EBITDA Margin by Business Unit
|
3Q12 | |||||||||||||||||||
Amounts in R$ MM
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Raízen Energia
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Raízen Combustíveis
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Cosan
Alimentos
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Rumo
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Other Business
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|||||||||||||||
Net Operating Revenue
|
1,751.4 | 10,083.2 | 240.0 | 143.1 | 263.5 | |||||||||||||||
Cost of Goods and Services
|
(1,375.8 | ) | (9,530.8 | ) | (194.6 | ) | (85.8 | ) | (190.4 | ) | ||||||||||
Gross Profit
|
375.5 | 552.4 | 45.4 | 57.3 | 73.2 | |||||||||||||||
Gross Margin
|
21.4 | % | 5.5 | % | 18.9 | % | 40.0 | % | 27.8 | % | ||||||||||
Selling Expenses
|
(119.3 | ) | (320.3 | ) | (27.0 | ) | - | (35.1 | ) | |||||||||||
General and Administrative Expenses
|
(111.2 | ) | (55.1 | ) | (4.2 | ) | (9.2 | ) | (50.9 | ) | ||||||||||
Other Operating Revenues (Expenses)
|
(7.5 | ) | 72.5 | 0.1 | 2.7 | 2.7 | ||||||||||||||
Effect from creation of Raízen
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- | - | - | - | - | |||||||||||||||
Depreciation and amortization
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364.5 | 98.2 | 0.7 | 10.4 | 12.2 | |||||||||||||||
EBITDA
|
501.9 | 347.6 | 15.0 | 61.2 | 2.1 | |||||||||||||||
EBITDA Margin
|
28.7 | % | 3.4 | % | 6.2 | % | 42.8 | % | 0.8 | % | ||||||||||
Adjusted EBITDA
|
501.9 | 347.6 | 15.0 | 61.2 | 2.1 | |||||||||||||||
Adjusted EBITDA Margin
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28.7 | % | 3.4 | % | 6.2 | % | 42.8 | % | 0.8 | % | ||||||||||
Adjusted EBITDA Margin (R$/cbm)
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- | 65.6 | - | - | - |
EBITDA and EBITDA Margin by Business Unit
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YTD12
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|||||||||||||||||||
Amounts in R$ MM
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Raízen Energia
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Raízen Combustíveis (Pro forma)
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Cosan
Alimentos
(Pro Forma)
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Rumo
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Other Business
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|||||||||||||||
Net Operating Revenue
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6,054.4 | 29,709.8 | 735.0 | 497.7 | 794.6 | |||||||||||||||
Cost of Goods and Services
|
(4,821.7 | ) | (28,131.9 | ) | (569.9 | ) | (316.7 | ) | (539.8 | ) | ||||||||||
Gross Profit
|
1,232.8 | 1,577.9 | 165.1 | 181.0 | 254.7 | |||||||||||||||
Gross Margin
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20.4 | % | 5.3 | % | 22.5 | % | 36.4 | % | 32.1 | % | ||||||||||
Selling Expenses
|
(433.8 | ) | (851.2 | ) | (85.3 | ) | - | (133.0 | ) | |||||||||||
General and Administrative Expenses
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(317.4 | ) | (245.5 | ) | (14.2 | ) | (28.7 | ) | (106.0 | ) | ||||||||||
Other Operating Revenues (Expenses)
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(27.0 | ) | 194.3 | 0.1 | 9.3 | (17.8 | ) | |||||||||||||
Effect from creation of Raízen
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- | - | - | - | 3,297.0 | |||||||||||||||
Depreciation and amortization
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1,292.0 | 278.5 | 1.2 | 30.9 | 34.6 | |||||||||||||||
EBITDA
|
1,746.6 | 954.0 | 67.6 | 192.6 | 3,329.4 | |||||||||||||||
EBITDA Margin
|
28.8 | % | 3.2 | % | 9.2 | % | 38.7 | % | 419.0 | % | ||||||||||
Adjusted EBITDA²
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1,746.6 | 954.0 | 67.6 | 192.6 | 32.5 | |||||||||||||||
Adjusted EBITDA Margin
|
28.8 | % | 3.2 | % | 9.2 | % | 38.7 | % | 4.1 | % | ||||||||||
Adjusted EBITDA Margin (R$/cbm)
|
- | 60.7 | - | - | - |
Operational Figures
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||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
|||||||||||||
8,219 | 11,299 |
Crushed sugarcane
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52,959 | 54,239 | ||||||||||||
4,097 | 6,092 |
Own (‘000 tonnes)
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26,528 | 26,522 | ||||||||||||
4,121 | 5,207 |
Suppliers (‘000 tonnes)
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26,430 | 27,717 | ||||||||||||
143.6 | 138.5 |
Sugarcane TRS (kg/ton)
|
136.7 | 139.9 | ||||||||||||
86.3 | % | 78.1 | % |
Mechanization (%)
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86.1 | % | 78.1 | % | ||||||||
Production
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||||||||||||||||
656 | 809 |
Sugar
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3,969 | 3,920 | ||||||||||||
403 | 485 |
Raw Sugar (‘000 tonnes)
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2,426 | 2,515 | ||||||||||||
253 | 324 |
White Sugar (‘000 tonnes)
|
1,543 | 1,405 | ||||||||||||
325 | 454 |
Ethanol
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1,921 | 2,199 | ||||||||||||
101 | 174 |
Anhydrous Ethanol (‘000 cbm)
|
688 | 686 | ||||||||||||
224 | 280 |
Hydrous Ethanol (‘000 cbm)
|
1,233 | 1,513 |
Sales Breakdown
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
1,751.4 | 1,683.0 |
Net Operating Revenue
|
6,054.4 | 4,715.2 | ||||||||||||
887.6 | 931.9 |
Sugar Sales
|
3,247.2 | 2,868.3 | ||||||||||||
310.5 | 367.0 |
Domestic Market
|
958.6 | 1,015.3 | ||||||||||||
577.1 | 564.9 |
Foreign Market
|
2,288.5 | 1,853.0 | ||||||||||||
744.5 | 647.7 |
Ethanol Sales
|
2,370.1 | 1,537.0 | ||||||||||||
480.1 | 557.9 |
Domestic Market
|
1,881.1 | 1,318.0 | ||||||||||||
264.4 | 89.9 |
Foreign Market
|
489.0 | 219.0 | ||||||||||||
53.0 | 51.0 |
Energy Cogeneration
|
233.8 | 183.7 | ||||||||||||
66.3 | 52.3 |
Other Products and Services
|
203.4 | 126.2 |
● |
A decrease of R$141.3 million in overall revenues due to the drop of 18.0% in the total volume of sugar sold, mainly explained by the anticipation of sales to the foreign market, which pushed part of the volume to 2Q12.
|
● |
Partially offset by an increase of R$97.0 million in overall revenue due to the rise in the average sugar price, which was up 16.2% from R$890.8/tonne in 3Q11 to R$1,035.0/tonne in 3Q12.
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Sugar Inventories
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||||||||
3Q12 | 3Q11 | |||||||
´000 tonne
|
871.9 | 998.3 | ||||||
R$'MM
|
651.5 | 582.7 | ||||||
R$/tonnes
|
747.3 | 583.7 |
● |
A 33.1% increase in the average ethanol sale price both in the domestic and international markets, up from R$1,035.3/cbm in 3Q11 to R$1,378.1/cbm in 3Q12, causing an increase of R$188.7 million in the net revenue from ethanol sales.
|
● |
Offset by the 13.7% or 85.4 million liter decrease in the volume of ethanol sold in 3Q12 versus 3Q11, causing net revenue to fall by R$91.9 million.
|
Ethanol Inventories
|
||||||||
3Q12 | 3Q11 | |||||||
´000 cbm
|
445.8 | 563.9 | ||||||
R$'MM
|
533.7 | 492.5 | ||||||
R$/cbm
|
1,197.0 | 873.4 |
COGS per Product
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(1,375.8 | ) | (1,346.9 | ) |
Cost of Goods Sold (COGS)
|
(4,821.7 | ) | (3,630.6 | ) | ||||||||
(661.0 | ) | (707.2 | ) |
Sugar
|
(2,386.7 | ) | (1,952.0 | ) | ||||||||
(616.2 | ) | (576.8 | ) |
Ethanol
|
(2,048.7 | ) | (1,492.4 | ) | ||||||||
(23.7 | ) | (34.6 | ) |
Energy Cogeneration
|
(86.0 | ) | (101.0 | ) | ||||||||
(74.9 | ) | (28.3 | ) |
Other
|
(300.2 | ) | (85.2 | ) | ||||||||
Average Unitary Costs
|
||||||||||||||||
(582.9 | ) | (552.9 | ) |
Cash cost of sugar (R$/tonne)
|
(542.5 | ) | (468.8 | ) | ||||||||
(843.8 | ) | (690.0 | ) |
Cash cost of ethanol (R$/’000 liters)
|
(799.3 | ) | (622.6 | ) |
● |
33.5% rise in the TSR/kg cost, up from R$0.3766 in 3Q11 to R$0.5026 in 3Q12, which had a direct impact of R$108.5 million on the cost of sugarcane from suppliers;
|
● |
Increase in the cost of Company-owned sugarcane due to the rise in land leasing costs—up from R$13.0 per tonne of sugarcane in 3Q11 to R$17.3 per tonne of sugarcane in 3Q12—partly as a result of higher TSR prices in the period;
|
● |
Decreased productivity of sugarcane fields represented by a lower TCH level (tonne of cane per hectare)—64.2 in 3Q12 versus 77.7 in 3Q11—which reduced dilution of planting and treatment (biological assets) costs.
|
● |
Improved TSR level—143.6 kg/tonne in 3Q12 versus 138.5 kg/tonne in 3Q11—partially offsetting the above mentioned effects.
|
Gross Profit and Gross Margin per Product
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
375.5 | 336.1 |
Gross Profit
|
1,232.8 | 1,084.6 | ||||||||||||
226.5 | 224.7 |
Sugar
|
860.5 | 916.3 | ||||||||||||
25.5 | % | 24.1 | % |
Sugar Gross Margin (%)
|
26.5 | % | 31.9 | % | ||||||||
43.7 | % | 37.9 | % |
Sugar (Cash) Gross Margin (%)
|
45.1 | % | 45.2 | % | ||||||||
128.3 | 71.0 |
Ethanol
|
321.4 | 44.6 | ||||||||||||
17.2 | % | 11.0 | % |
Ethanol Gross Margin (%)
|
13.6 | % | 2.9 | % | ||||||||
38.8 | % | 33.4 | % |
Ethanol (Cash) Gross Margin (%)
|
38.9 | % | 30.4 | % | ||||||||
29.4 | 16.4 |
Energy Cogeneration
|
147.8 | 82.7 | ||||||||||||
(8.6 | ) | 24.1 |
Other
|
(96.8 | ) | 41.0 |
Selling, General and Administrative Expenses
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(119.3 | ) | (153.4 | ) |
Selling Expenses
|
(433.8 | ) | (434.1 | ) | ||||||||
(111.2 | ) | (101.8 | ) |
General and Administrative Expenses
|
(317.4 | ) | (285.9 | ) |
EBITDA
|
||||||||||||||||
3T12 | 3T11 |
Valores em R$ MM
|
YTD12
|
YTD11
|
||||||||||||
501.9 | 384.1 |
EBITDA
|
1,746.6 | 1,221.2 | ||||||||||||
28.7 | % | 22.8 | % |
Margem EBITDA
|
28.8 | % | 25.9 | % |
Summary of hedge Operations at December 31st , 2011
|
||||||||
2011 / 2012 | 2012 / 2013 | |||||||
Sugar
|
||||||||
NY #11
|
||||||||
Volume (‘000 tonnes)
|
296.1 | 797.7 | ||||||
Average Price (¢US$/lb)
|
25.19 | 24.55 | ||||||
London #5
|
||||||||
Volume (‘000 tonnes)
|
13.1 | - | ||||||
Average Price (US$/lb)
|
664.58 | - | ||||||
Exchange rate
|
||||||||
US$
|
||||||||
Volume (US$ million)
|
427.0 | 276.3 | ||||||
Average Price (R$/US$)
|
1.8622 | 1.8645 | ||||||
Volume to be sold / Hedged (‘000 tonnes)
|
375.3 | 2,931.0 | ||||||
% Sale Protected Sugar / Fixed
|
82.4 | % | 27.2 | % |
Exercício de Realização - (R$MM)
|
||||||||||||||
Derivativo
|
Mercado
|
Risco
|
2011/12 | 2012/13 |
Total
|
|||||||||
Futuro
|
OTC/NYBOT
|
NY#11
|
(33.9 | ) | 82.6 | 48.7 | ||||||||
NDF
|
OTC/CETIP
|
USD
|
(6.8 | ) | (9.1 | ) | (15.9 | ) | ||||||
(=) Impacto do Hedge Accounting
|
(40.7 | ) | 73.5 | 32.8 | ||||||||||
(-) IR Diferido
|
13.9 | (25.0 | ) | (11.1 | ) | |||||||||
(=) Ajuste a Avaliação Patrimonial Raízen
|
(26.9 | ) | 48.5 | 21.6 | ||||||||||
(=) Ajuste a Avaliação Patrimonial
|
(13.4 | ) | 24.3 | 10.8 |
CAPEX
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
571.3 | 535.1 |
Total Capex
|
1,729.5 | 1,459.8 | ||||||||||||
402.0 | 424.9 |
Operating Capex
|
1,171.2 | 1,037.0 | ||||||||||||
213.9 | 174.8 |
Biological Assets
|
720.3 | 567.5 | ||||||||||||
155.5 | 112.8 |
Inter-harvest Maintenance Costs
|
284.5 | 178.2 | ||||||||||||
18.6 | 31.0 |
SSMA and Sustaining
|
79.0 | 107.4 | ||||||||||||
14.0 | 35.4 |
Mechanization
|
87.3 | 113.0 | ||||||||||||
- | 70.9 |
Other
|
- | 70.9 | ||||||||||||
169.3 | 110.2 |
Expasion Capex
|
558.4 | 422.8 | ||||||||||||
83.1 | 84.9 |
Cogeneration Projects
|
353.5 | 198.7 | ||||||||||||
0.3 | 17.4 |
Greenfield
|
0.3 | 60.0 | ||||||||||||
43.9 | 7.9 |
Expasion
|
99.4 | 82.6 | ||||||||||||
42.0 | - |
Other
|
105.2 | 81.5 |
● |
Accounting
|
o
|
3Q12 – three months (October, November, and December, 2011) of Raízen Combustíveis operations
|
o
|
YTD12 – seven months (June to December, 2011) of Raízen Combustíveis operations, and two months (April and May 2011) of operations of the fuels business under Cosan management (CCL not including the Lubricants results)
|
o
|
3Q11 – three months (October, November and December, 2010) of operations of the fuels business under Cosan management (CCL not including the Lubricants results)
|
o
|
YTD11 – nine months (April to December, 2010) of the operations of the fuel business under Cosan management (CCL not including the Lubricants results)
|
● |
Pro Forma
|
o
|
YTD12 – seven months (June to December, 2011) of Raízen Combustíveis operations, and two months (April and May, 2011) of carve-out combination of fuel assets of both CCL and Shell.
|
o
|
3Q11 – three months (October, November and December, 2011) of carve-out combination of fuel assets of both CCL and Shell.
|
o
|
YTD11 – nine months (April to December, 2010) of carve-out combination of fuel assets of both CCL and Shell.
|
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
Sales Breakdown
|
Book
|
Book
|
Book
|
Book
|
|||||||||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
Amounts in R$ MM
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
|||||||||||||||||||||||
10,083.2 | 9,277.6 | 29,709.8 | 26,641.4 |
Net Operating Revenue
|
10,083.2 | 2,875.9 | 25,114.1 | 8,265.1 | |||||||||||||||||||||||
10,083.2 | 9,267.4 | 29,687.9 | 26,602.8 |
Fuel Sales
|
10,083.2 | 2,865.7 | 25,097.1 | 8,226.5 | |||||||||||||||||||||||
600.7 | 850.9 | 1,793.1 | 2,206.1 |
Ethanol
|
600.7 | 238.5 | 1,573.3 | 611.5 | |||||||||||||||||||||||
4,316.7 | 3,461.1 | 12,443.8 | 9,621.9 |
Gasoline
|
4,316.7 | 1,213.5 | 10,495.1 | 3,391.1 | |||||||||||||||||||||||
3,889.9 | 3,995.8 | 11,854.7 | 11,866.6 |
Diesel
|
3,889.9 | 1,381.1 | 10,175.9 | 4,139.7 | |||||||||||||||||||||||
1,116.2 | 789.1 | 3,136.2 | 2,264.2 |
Jet Fuel
|
1,116.2 | - | 2,455.7 | - | |||||||||||||||||||||||
159.7 | 170.5 | 460.2 | 644.0 |
Others
|
159.7 | 32.5 | 397.2 | 84.3 | |||||||||||||||||||||||
- | 10.2 | 21.9 | 38.6 |
Other services
|
- | 10.2 | 16.9 | 38.6 |
Estoque de Combustíveis
|
Contábil
|
Contábil
|
|||||||
3T12 | 3T11 | ||||||||
´000 m³
|
459.6 | 138.0 | |||||||
R$'MM
|
802.4 | 236.0 | |||||||
R$/m³ | 1,745.6 | 1,710.0 |
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
COGS
|
Book
|
Book
|
Book
|
Book
|
||||||||||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
Amounts in R$ MM
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
||||||||||||||||||||||||
(9,530.8 | ) | (8,777.9 | ) | (28,131.9 | ) | (25,240.5 | ) |
Fuel Sales
|
(9,530.8 | ) | (2,751.0 | ) | (23,820.6 | ) | (7,918.5 | ) | ||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
R$/’000 liters
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
||||||||||||||||||||||||
(1,800 | ) | (1,610 | ) | (1,790 | ) | (1,588 | ) |
Fuel Sales
|
(1,800 | ) | (1,724 | ) | (1,787 | ) | (1,719 | ) |
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
Gross Profit
|
Book
|
Book
|
Book
|
Book
|
||||||||||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
Amounts in R$ MM
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
||||||||||||||||||||||||
552.4 | 499.7 | 1,577.9 | 1,400.9 |
Gross Profit
|
552.4 | 124.8 | 1,293.5 | 346.6 | ||||||||||||||||||||||||
5.5 | % | 5.4 | % | 5.3 | % | 5.3 | % |
Gross Margin (%)
|
5.5 | % | 4.4 | % | 5.2 | % | 4.2 | % | ||||||||||||||||
104.3 | 91.6 | 100.4 | 88.2 |
Gross margin (R$/’000 liters)
|
104.3 | 78.2 | 97.0 | 75.2 |
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
Selling, General and Administrative Expenses
|
Book
|
Book
|
Book
|
Book
|
||||||||||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
Amounts in R$ MM
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
||||||||||||||||||||||||
(320.3 | ) | (254.1 | ) | (851.2 | ) | (797.3 | ) |
Selling Expenses
|
(320.3 | ) | (69.7 | ) | (730.0 | ) | (207.8 | ) | ||||||||||||||||
(55.1 | ) | (94.9 | ) | (245.5 | ) | (259.5 | ) |
General and Administrative Expenses
|
(55.1 | ) | (19.1 | ) | (206.2 | ) | (64.7 | ) |
● |
addition of R$18.7 million referring to depreciation and amortization as part of the re-evaluation of the assets contributed to Raízen Comubstíveis’ formation;
|
● |
increment of nearly R$36 million due to a change in the criteria for the allocation of transfer and collection freights of Cosan Combustíveis e Lubrificantes, which are no longer recorded under cost of goods sold, but under selling expenses;
|
● |
payment for services provided by the Shared Services Center in the amount of R$21.2 million, not included in the 3Q11 pro forma because the costs with service fees paid by Shell Brasil Ltda to its parent were partially expurgated during the carve-out process.
|
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
EBITDA
|
Book
|
Book
|
Book
|
Book
|
||||||||||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
Amounts in R$ MM
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
||||||||||||||||||||||||
347.6 | 219.7 | 954.0 | 535.1 |
EBITDA
|
347.6 | 72.1 | 798.8 | 176.2 | ||||||||||||||||||||||||
3.4 | % | 2.4 | % | 3.2 | % | 2.0 | % |
Margin EBITDA
|
3.4 | % | 2.5 | % | 3.2 | % | 2.1 | % | ||||||||||||||||
65.6 | 40.3 | 60.7 | 33.7 |
EBITDA (R$/cbm)
|
65.6 | 45.2 | 59.9 | 38.2 |
Book
|
Pro Forma
|
Pro Forma
|
Pro Forma
|
CAPEX
|
Book
|
||||||||||||||||||||||||||
3Q12 | 3Q11 |
YTD12
|
YTD11
|
Amounts in R$ MM
|
3Q12 | 3Q11 |
YTD12
|
YTD11
|
|||||||||||||||||||||||
181.2 | 172.2 | 303.2 | 248.0 |
CAPEX
|
181.2 | 49.0 | 295.6 | 89.6 |
Sales breakdown
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
143.1 | 113.7 |
Net Operating Revenue
|
497.7 | 363.6 | ||||||||||||
109.4 | 80.9 |
Transportation
|
359.8 | 249.5 | ||||||||||||
29.6 | 29.0 |
Loading
|
123.5 | 102.9 | ||||||||||||
4.1 | 3.7 |
Others
|
14.4 | 11.3 |
Costs of Services
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(85.8 | ) | (78.7 | ) |
Cost of Services Provided
|
(316.7 | ) | (258.2 | ) | ||||||||
(54.6 | ) | (49.3 | ) |
Transportation
|
(222.0 | ) | (171.7 | ) | ||||||||
(25.6 | ) | (26.0 | ) |
Loading
|
(83.9 | ) | (76.3 | ) | ||||||||
(5.6 | ) | (3.4 | ) |
Others
|
(10.8 | ) | (10.2 | ) |
Gross profit and gross margin
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
57.3 | 35.0 |
Gross Profit - Rumo
|
181.0 | 105.5 | ||||||||||||
40.0 | % | 30.8 | % |
Gross Margin (%)
|
36.4 | % | 29.0 | % |
Selling, General and Administrative Expenses
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(9.2 | ) | (5.8 | ) |
General and Administrative Expenses
|
(28.7 | ) | (20.8 | ) |
EBITDA
|
|||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
|||||||||||
61.2 | 37.7 |
EBITDA
|
192.6 | 117.8 | |||||||||||
42.8 | % | 33.2 | % |
EBITDA Margin
|
38.7 | % | 32.4 | % |
CAPEX
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
67.1 | 123.6 |
Capex
|
223.4 | 374.6 |
● |
Accounting
|
o
|
3Q12 – three months (October, November, and December, 2011) of Cosan Alimentos operations;
|
● |
Pro Forma
|
o
|
3Q11 – three months (October, November, and December, 2010) of Cosan Alimentos operations recorded on a management basis according to currently principles;
|
o
|
YTD11 – nine months (April to December, 2010) of Cosan Alimentos operations recorded on a management basis according to currently principles;
|
o
|
YTD12 – nine months (April to December, 2011) of Cosan Alimentos operations recorded on a management basis according to currently principles;
|
Book
|
Pro Forma
|
Sales breakdown
|
Pro Forma
|
Pro Forma
|
||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
240.0 | 218.8 |
Net Operating Revenue
|
735.0 | 649.2 | ||||||||||||
213.2 | 197.2 |
Refined sugar sales
|
658.7 | 582.1 | ||||||||||||
13.8 | 12.6 |
Cristal sugar sales
|
38.6 | 39.6 | ||||||||||||
13.0 | 9.1 |
Special sugar sales
|
37.6 | 27.5 |
Sugar Inventories
|
||||
3Q12 | ||||
´000 tonne
|
30.1 | |||
R$'MM
|
36.0 | |||
R$/tonne
|
1,194.0 |
Book
|
Pro Forma
|
COGS
|
Pro Forma
|
Pro Forma
|
||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(194.6 | ) | (169.1 | ) |
Cost of Goods Sold
|
(569.9 | ) | (487.0 | ) | ||||||||
(171.8 | ) | (150.6 | ) |
Refined sugar
|
(508.7 | ) | (432.9 | ) | ||||||||
(13.1 | ) | (12.4 | ) |
Cristal sugar
|
(34.5 | ) | (37.1 | ) | ||||||||
(9.7 | ) | (6.1 | ) |
Special sugar
|
(26.7 | ) | (16.9 | ) |
Book
|
Pro Forma
|
Gross Profit
|
Pro forma
|
Pro forma
|
||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
45.4 | 49.7 |
Gross Profit
|
165.1 | 162.2 | ||||||||||||
18.9 | % | 22.7 | % |
Gross Margin
|
22.5 | % | 25.0 | % |
Book
|
Pro Forma
|
Selling, General and Administrative Expenses
|
Pro Forma
|
Pro Forma
|
||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(27.0 | ) | (29.4 | ) |
Selling Expenses
|
(85.3 | ) | (85.7 | ) | ||||||||
(4.2 | ) | (3.3 | ) |
General and Administrative Expenses
|
(14.2 | ) | (11.6 | ) |
Book
|
Pro Forma
|
EBITDA
|
Pro Forma
|
Pro Forma
|
||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
15.0 | 16.5 |
EBITDA
|
67.6 | 63.2 | ||||||||||||
6.2 | % | 7.5 | % |
EBITDA Margin
|
9.2 | % | 9.7 | % |
Sales Breakdown
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
263.5 | 208.9 |
Net Operating Revenue
|
794.6 | 618.4 | ||||||||||||
254.4 | 208.9 |
Lubricant Sales
|
767.4 | 616.9 | ||||||||||||
9.1 | - |
Other Products and Services
|
27.1 | 1.5 |
Selling, General and Administrative Expenses
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(35.1 | ) | (29.2 | ) |
Selling Expenses
|
(149.2 | ) | (80.3 | ) | ||||||||
(50.9 | ) | (21.2 | ) |
General and Administrative Expenses
|
(89.8 | ) | (53.7 | ) |
EBITDA
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
2.1 | 38.1 |
EBITDA
|
3,329.5 | 129.3 | ||||||||||||
- | - |
Effects from Joint Venture (Raízen)
|
(3,297.0 | ) | - | |||||||||||
2.1 | 38.1 |
Adjusted EBITDA Margin
|
32.6 | 129.3 | ||||||||||||
0.8 | % | 18.2 | % |
Adjusted EBITDA Margin
|
4.1 | % | 20.9 | % |
Financial Results
|
||||||||||||||||
3Q12 | 3Q11 |
Amounts in R$ MM
|
YTD12
|
YTD11
|
||||||||||||
(93.2 | ) | (134.0 | ) |
Gross Debt Charges
|
(434.9 | ) | (413.6 | ) | ||||||||
28.0 | 22.2 |
Income from Financial Investments
|
100.5 | 85.4 | ||||||||||||
(65.2 | ) | (111.8 | ) |
(=) Subtotal: Interests and Income
|
(334.4 | ) | (328.2 | ) | ||||||||
1.6 | (17.7 | ) |
Other Charges and Monetary Variation
|
(16.1 | ) | (43.2 | ) | |||||||||
10.7 | 59.3 |
Exchange Rate Variation
|
(176.1 | ) | 214.8 | |||||||||||
(7.0 | ) | (17.0 | ) |
Gains (Losses) with Derivatives
|
2.3 | 6.3 | ||||||||||
(9.7 | ) | (2.3 | ) |
Other
|
72.4 | 16.7 | ||||||||||
(69.6 | ) | (89.5 | ) |
(=) Financial, Net
|
(452.0 | ) | (133.6 | ) |
(i)
|
R$101.0 million from the BNDES, and other debts to fund energy cogeneration and sugarcane harvesting mechanization projects, among others.
|
(ii)
|
R$86.7 million in foreign exchange contract advances;
|
(iii)
|
R$40.0 million in rural credit facilities.
|
Debt by Type
|
||||||||||||||||
Amounts in R$ MM
|
3Q12 | 2Q12 |
% ST
|
Var. %
|
||||||||||||
Senior Notes 2014
|
679.9 | 656.7 | 3 | % | 3.5 | % | ||||||||||
Expenses with Debt Placement
|
(7.4 | ) | (8.0 | ) | 39 | % | -7.8 | % | ||||||||
BNDES
|
1,488.4 | 1,412.0 | 11 | % | 5.4 | % | ||||||||||
Working Capital
|
855.5 | 846.5 | 1 | % | 1.1 | % | ||||||||||
Prepaid Exports
|
749.4 | 737.8 | 17 | % | 1.6 | % | ||||||||||
Senior Notes 2017
|
772.1 | 750.3 | 3 | % | 2.9 | % | ||||||||||
Advances on Exchange Contracts
|
498.9 | 729.6 | 100 | % | -31.6 | % | ||||||||||
Credit Notes
|
351.4 | 349.3 | 86 | % | 0.6 | % | ||||||||||
Finame
|
220.8 | 236.9 | 31 | % | -6.8 | % | ||||||||||
Finem
|
219.0 | 229.1 | 21 | % | -4.4 | % | ||||||||||
Rural Credit
|
40.3 | 95.5 | 100 | % | -57.8 | % | ||||||||||
PROINFA
|
28.6 | 29.9 | 13 | % | -4.5 | % | ||||||||||
CDCA
|
- | 31.5 | 0 | % | -100.0 | % | ||||||||||
Expenses with Placement of Debt
|
(11.1 | ) | (11.6 | ) | 23 | % | -4.4 | % | ||||||||
Total Raízen
|
5,885.6 | 6,085.4 | 22 | % | -3.3 | % | ||||||||||
Raízen Consolidation ( 50%)
|
2,942.8 | 3,042.7 | 22 | % | -3.3 | % | ||||||||||
Finame
|
594.8 | 554.1 | 11 | % | 7.4 | % | ||||||||||
Expenses with Placement of Debt
|
(1.1 | ) | (1.0 | ) | 22 | % | 16.6 | % | ||||||||
Perpetual Bonds
|
949.7 | 939.1 | 1 | % | 1.1 | % | ||||||||||
Credit Notes
|
328.5 | 322.7 | 0 | % | 1.8 | % | ||||||||||
Expenses with Placement of Debt
|
(12.0 | ) | (12.6 | ) | 0 | % | -4.5 | % | ||||||||
Total Cosan
|
1,859.9 | 1,811.2 | 34 | % | 2.7 | % | ||||||||||
Total Consolidated
|
4,802.7 | 4,853.9 | 56 | % | -1.1 | % | ||||||||||
Cash and Equivalents
|
1,194.9 | 1,471.7 | 0 | % | -18.8 | % | ||||||||||
Net Debt
|
3,607.8 | 3,382.2 | 20 | % | 6.7 | % | ||||||||||
Capital Subscription to be Paid from Shell to Raízen (50%)
|
923.2 | 887.0 | - | - | ||||||||||||
Adjusted Net Debt
|
2,696.7 | 2,495.1 | - | - |
Quarter Summary
|
CSAN3 | CZLT11 |
CZZ
|
|||||||
Stock Type
|
Ordinary | BDR | Class A and B | |||||||
Listed in | BM&F Bovespa | BM&F Bovespa | NYSE | |||||||
Closing Price in 12/29/2011 | R$ | 27.00 | R$ | 20.36 | US$ | 10.96 | ||||
Higher Price | R$ | 28.01 | R$ | 17.00 | US$ | 9.08 | ||||
Average Price | R$ | 26.33 | R$ | 20.48 | US$ | 11.35 | ||||
Lower Price | R$ | 23.00 | R$ | 22.30 | US$ | 12.39 | ||||
Average Daily Traded Volume | R$ | 29.2 milhões | R$ | 1.3 milhões | US$ | 11.3 milhões |
FY2011
|
FY2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
|||
Cosan
Consolidated
|
Net Revenue (R$MM)
|
18.063
|
25,000 ≤ ∆ ≤ 27,500
|
25,000 ≤ ∆ ≤ 27,500
|
25,000 ≤ ∆ ≤ 27,500
|
|
EBITDA (R$MM)
|
2.671
|
1,800 ≤ ∆ ≤ 2,200
|
1,800 ≤ ∆ ≤ 2,200
|
1,800 ≤ ∆ ≤ 2,200
|
||
Net income (R$MM)
|
772
|
-
|
-
|
-
|
||
CAPEX (R$MM)
|
2.500
|
2,000 ≤ ∆ ≤ 2,300
|
2,000 ≤ ∆ ≤ 2,300
|
2,000 ≤ ∆ ≤ 2,300
|
||
FY2011
|
FY2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
|||
Raízen Energia
|
Volume of crushed sugarcane (‘000 tons)
|
54.238
|
56,000 ≤ ∆ ≤ 60,000
|
53,000 ≤ ∆ ≤ 56,000
|
53,000 ≤ ∆ ≤ 54,000
|
|
Volume of sugar sold (‘000 tons)
|
4.291
|
4,200 ≤ ∆ ≤ 4,600
|
3,900 ≤ ∆ ≤ 4,300
|
3,900 ≤ ∆ ≤ 4,100
|
||
Volume of ethanol sold (millions of liters)
|
2.247
|
2,100 ≤ ∆ ≤ 2,300
|
2,000 ≤ ∆ ≤ 2,300
|
1,900 ≤ ∆ ≤ 2,000
|
||
Volume of energy sold (‘000 MWh)
|
1.254
|
1,400 ≤ ∆ ≤ 1,600
|
1,200 ≤ ∆ ≤ 1,400
|
1,200 ≤ ∆ ≤ 1,400
|
||
EBITDA (R$MM)
|
2.130
|
1,900 ≤ ∆ ≤ 2,300
|
1,900 ≤ ∆ ≤ 2,100
|
1,850 ≤ ∆ ≤ 2,050
|
||
FY2011
|
FY2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
|||
Raízen Combustíveis
|
Volume of fuel sold (millions of liters)
|
-
|
21,000 ≤ ∆ ≤ 23,000
|
21,000 ≤ ∆ ≤ 23,000
|
21,000 ≤ ∆ ≤ 22,000
|
|
EBITDA (R$MM)
|
-
|
850 ≤ ∆ ≤ 1,050
|
900 ≤ ∆ ≤ 1,200
|
1,000 ≤ ∆ ≤ 1,200
|
||
FY2011
|
FY2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
|||
Rumo
|
Volume of loading (‘000 tons)
|
7.841
|
9,000 ≤ ∆ ≤ 11,000
|
9,000 ≤ ∆ ≤ 11,000
|
7,500 ≤ ∆ ≤ 9,500
|
|
Volume of transportation (‘000 tons)
|
-
|
6,000 ≤ ∆ ≤ 8,000
|
6,000 ≤ ∆ ≤ 8,000
|
5,000 ≤ ∆ ≤ 7,000
|
||
FY2011
|
FY2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
|||
Cosan
Alimentos
|
Volume of sugar sold (‘000 tons)
|
550 ≤ ∆ ≤ 650
|
550 ≤ ∆ ≤ 650
|
550 ≤ ∆ ≤ 650
|
||
EBITDA (R$MM)
|
65 ≤ ∆ ≤ 85
|
65 ≤ ∆ ≤ 85
|
65 ≤ ∆ ≤ 85
|
|||
FY2011
|
FY2012
|
1st Revision 2012 FY
|
2nd Revision 2012 FY
|
|||
Other
Business
|
Volume of lubricants sold (millions of liters)
|
166
|
170 ≤ ∆ ≤ 190
|
170 ≤ ∆ ≤ 190
|
170 ≤ ∆ ≤ 190
|
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
||
(in R$ million)
|
1Q11
|
2Q11
|
3Q11
|
FY11
|
1Q12
|
2Q12
|
3Q12
|
||
(=)
|
Net Operating Revenue
|
3,999.6
|
4,716.1
|
4,738.4
|
18,063.5
|
5,188.0
|
6,804.3
|
6,310.7
|
|
(-)
|
Cost of Goods Sold and Services Rendered
|
(3,522.7)
|
(3,995.2)
|
(4,160.0)
|
(15,150.1)
|
(4,600.0)
|
(6,042.4)
|
(5,670.9)
|
|
(=)
|
Gross Profit
|
476.9
|
720.9
|
578.5
|
2,913.4
|
588.0
|
761.9
|
639.8
|
|
(-)
|
Operating Income (Expenses):
|
(339.0)
|
(442.6)
|
(407.9)
|
(1,600.8)
|
2,925.9
|
(468.3)
|
(399.8)
|
|
(-)
|
Selling
|
(216.1)
|
(265.5)
|
(271.9)
|
(1,026.0)
|
(261.2)
|
(295.3)
|
(282.0)
|
|
(-)
|
General and Administrative
|
(120.6)
|
(137.9)
|
(132.4)
|
(541.0)
|
(150.0)
|
(158.2)
|
(147.5)
|
|
(±)
|
Other Operating Income (Expenses), Net
|
(2.3)
|
(39.1)
|
(3.6)
|
(33.8)
|
22.0
|
3.2
|
29.6
|
|
(±)
|
Joint Venture formation income (expenses)
|
-
|
-
|
-
|
-
|
3,315.1
|
(18.2)
|
-
|
|
(=)
|
Operating Income (Loss)
|
137.9
|
278.3
|
170.5
|
1,312.6
|
3,513.9
|
293.6
|
240.0
|
|
(±)
|
Non-Operating Income (Expenses):
|
(124.7)
|
88.8
|
(81.5)
|
(121.5)
|
13.2
|
(394.9)
|
(69.4)
|
|
(±)
|
Financial Income (Expenses), Net
|
(130.5)
|
86.4
|
(89.4)
|
(146.7)
|
11.2
|
(393.6)
|
(69.5)
|
|
(±)
|
Earnings (Losses) on Equity Investments
|
5.8
|
2.4
|
7.8
|
25.2
|
2.0
|
(1.3)
|
0.0
|
|
(=)
|
Income (Loss) Before taxes
|
13.2
|
367.1
|
89.0
|
1,191.1
|
3,527.1
|
(101.3)
|
170.5
|
|
(±)
|
Income and Social Contribution Taxes
|
(11.0)
|
(126.2)
|
(42.3)
|
(414.5)
|
(1,224.6)
|
188.2
|
(63.8)
|
|
(±)
|
Minority Interest
|
(1.7)
|
10.7
|
(8.0)
|
(5.0)
|
(3.1)
|
(23.7)
|
(13.0)
|
|
(=)
|
Net Income
|
0.4
|
251.6
|
38.7
|
771.6
|
2,299.3
|
63.2
|
93.8
|
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
(in R$ million)
|
1Q11
|
2Q11
|
3Q11
|
FY11
|
1Q12
|
2Q12
|
3Q12
|
Cash and Cash Equivalents
|
1,054.9
|
988.4
|
1,136.9
|
1,254.1
|
1,278.2
|
1,471.7
|
1,194.9
|
Restricted Cash
|
51.3
|
76.0
|
276.2
|
187.9
|
60.2
|
52.5
|
88.1
|
Trade Accounts Receivable
|
619.1
|
760.0
|
657.5
|
594.9
|
825.2
|
983.7
|
1,022.3
|
Derivative Financial Instruments
|
144.5
|
166.0
|
180.0
|
55.7
|
60.2
|
29.4
|
59.6
|
Inventories
|
1,066.3
|
1,626.8
|
1,642.7
|
670.3
|
1,002.0
|
1,361.8
|
1,354.4
|
Advances to Suppliers
|
323.5
|
293.9
|
268.6
|
229.3
|
172.2
|
141.9
|
110.2
|
Related Parties
|
50.5
|
21.8
|
20.8
|
14.7
|
680.3
|
599.7
|
655.8
|
Recoverable Taxes
|
355.4
|
396.4
|
401.1
|
375.0
|
411.7
|
416.0
|
325.0
|
Other Assets
|
46.7
|
51.3
|
81.8
|
80.4
|
98.9
|
108.1
|
115.9
|
Current Assets
|
3,712.2
|
4,380.5
|
4,665.5
|
3,462.3
|
4,588.9
|
5,164.9
|
4,926.3
|
Deferred Income and Social Contribution Taxes
|
680.0
|
744.3
|
823.5
|
715.3
|
1,026.4
|
959.7
|
1,108.2
|
Advances to Suppliers
|
52.5
|
65.1
|
85.5
|
46.0
|
27.5
|
39.6
|
49.7
|
Related Parties
|
79.6
|
77.8
|
76.0
|
92.0
|
1,215.4
|
1,176.6
|
1,195.8
|
Recoverable Taxes
|
38.8
|
36.6
|
36.0
|
55.1
|
124.5
|
123.6
|
122.2
|
Judicial Deposits
|
168.9
|
173.6
|
180.9
|
218.4
|
372.5
|
491.1
|
495.6
|
Other financial assets
|
367.3
|
378.2
|
392.3
|
420.4
|
290.3
|
418.6
|
415.5
|
Other Assets
|
459.6
|
464.5
|
498.4
|
443.8
|
1,103.6
|
966.5
|
966.2
|
Investments
|
267.4
|
287.5
|
294.7
|
304.1
|
333.9
|
358.1
|
368.6
|
Biological Assets
|
932.8
|
873.6
|
894.8
|
1,561.1
|
795.1
|
717.0
|
767.9
|
Property, Plant and Equipment
|
6,360.3
|
6,432.0
|
6,799.9
|
7,980.5
|
8,260.0
|
7,928.8
|
7,835.2
|
Intangible
|
3,379.2
|
3,370.0
|
3,355.7
|
3,445.7
|
4,125.3
|
4,531.1
|
4,593.8
|
Non-current Assets
|
12,786.4
|
12,903.4
|
13,437.6
|
15,282.4
|
17,674.4
|
17,710.7
|
17,918.7
|
Total Assets
|
16,498.6
|
17,283.8
|
18,103.2
|
18,744.7
|
22,263.4
|
22,875.6
|
22,845.0
|
Loans and Financings
|
854.3
|
1,052.5
|
1,124.0
|
916.4
|
627.1
|
758.7
|
725.7
|
Derivatives Financial Instruments
|
37.4
|
96.1
|
379.0
|
132.3
|
94.3
|
29.3
|
15.7
|
Trade Accounts Payable
|
716.3
|
832.1
|
754.4
|
558.8
|
621.6
|
757.5
|
765.4
|
Salaries Payable
|
219.9
|
225.5
|
175.6
|
183.6
|
183.3
|
191.5
|
158.2
|
Taxes and Social Contributions Payable
|
197.4
|
239.2
|
218.8
|
245.3
|
247.1
|
328.9
|
282.4
|
Dividendos a pagar
|
116.6
|
7.0
|
7.0
|
190.3
|
195.7
|
21.2
|
15.9
|
Related Parties
|
120.1
|
66.0
|
74.6
|
41.2
|
186.8
|
163.2
|
228.5
|
Other Liabilities
|
189.4
|
198.4
|
180.3
|
189.6
|
273.1
|
306.4
|
215.0
|
Current Liabilities
|
2,451.3
|
2,716.7
|
2,913.8
|
2,457.4
|
2,428.9
|
2,556.7
|
2,406.9
|
Loans and Financing
|
5,322.7
|
5,310.8
|
5,961.7
|
6,274.9
|
3,699.4
|
4,407.8
|
4,402.3
|
Taxes and Social Contributions Payable
|
597.3
|
605.8
|
618.2
|
639.1
|
1,123.0
|
1,180.0
|
1,184.8
|
Provision for Legal Proceedings
|
625.0
|
642.9
|
650.1
|
666.3
|
940.8
|
975.8
|
1,026.7
|
Related Parties
|
-
|
-
|
-
|
4.4
|
371.2
|
546.3
|
468.5
|
Pension Fund
|
-
|
2.1
|
12.2
|
24.4
|
25.9
|
27.4
|
28.9
|
Deferred Income and Social Contribution Taxes
|
1,123.6
|
1,215.6
|
1,250.9
|
1,511.0
|
3,546.4
|
3,159.1
|
3,116.5
|
Other Liabilities
|
374.5
|
377.7
|
378.7
|
382.9
|
814.4
|
752.1
|
777.1
|
Non-current Assets
|
8,043.0
|
8,155.0
|
8,871.7
|
9,502.9
|
10,521.0
|
11,048.4
|
11,004.8
|
Common stock
|
4,687.8
|
4,691.1
|
4,691.1
|
4,691.8
|
4,691.8
|
4,691.8
|
4,691.8
|
Treasury stock
|
(4.2)
|
(4.2)
|
(19.4)
|
(19.4)
|
(19.4)
|
(66.3)
|
(67.7)
|
Capital Reserve
|
511.3
|
564.8
|
439.3
|
537.5
|
637.8
|
609.9
|
661.3
|
Profits Reserve
|
374.2
|
290.8
|
290.8
|
1,249.0
|
1,249.0
|
1,232.2
|
1,232.2
|
Accumulated profits (losses)
|
370.3
|
621.8
|
660.5
|
-
|
2,299.3
|
2,362.5
|
2,456.3
|
Shareholders' Equity
|
5,939.4
|
6,164.4
|
6,062.4
|
6,458.9
|
8,858.6
|
8,830.2
|
8,973.9
|
Minority Shareholders' Interest
|
64.9
|
247.8
|
255.3
|
325.5
|
454.9
|
440.3
|
459.4
|
Shareholders' Equity
|
6,004.3
|
6,412.1
|
6,317.7
|
6,784.3
|
9,313.4
|
9,270.5
|
9,433.4
|
Total Shareholders' Equity and Liabilities
|
16,498.6
|
17,283.8
|
18,103.2
|
18,744.7
|
22,263.4
|
22,875.6
|
22,845.0
|
Statement of Cash Flows
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
3Q'12
|
Net Income
|
0.4
|
251.5
|
38.7
|
771.6
|
2,299.3
|
63.2
|
93.8
|
Non-cash Adjustments:
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Depreciation & Amortization
|
290.9
|
400.0
|
380.9
|
1,359.0
|
303.7
|
365.5
|
254.6
|
Biological Assets
|
42.2
|
28.7
|
(21.2)
|
(381.9)
|
(20.9)
|
38.8
|
20.0
|
Stock option
|
-
|
-
|
-
|
-
|
-
|
-
|
4.8
|
Earnings (Losses) from Equity Investments
|
(5.8)
|
(2.4)
|
(7.8)
|
(25.2)
|
(2.0)
|
1.3
|
(0.0)
|
Losses (Gains) in Fixed Assets Disposals
|
3.1
|
(11.8)
|
2.1
|
(35.3)
|
17.0
|
(11.5)
|
(27.6)
|
Deferred Income and Social Contribution Taxes
|
(0.7)
|
104.4
|
16.4
|
329.1
|
1,197.8
|
(277.7)
|
69.7
|
Judicial demands' provision
|
10.7
|
18.9
|
(2.6)
|
26.9
|
33.1
|
(33.1)
|
50.9
|
Minority Shareholders' Interest
|
1.7
|
(10.7)
|
8.0
|
5.0
|
3.1
|
23.7
|
13.0
|
Interest, monetary and exchange variations, net
|
167.0
|
(62.2)
|
53.2
|
238.5
|
(33.7)
|
562.3
|
126.6
|
Joint Venture formation income (expenses)
|
-
|
-
|
-
|
-
|
(3,315.1)
|
18.2
|
-
|
Capital gains
|
-
|
(223.1)
|
-
|
-
|
-
|
-
|
-
|
Other Non-cash Items
|
19.4
|
199.2
|
(1.6)
|
7.5
|
5.2
|
(5.2)
|
-
|
Variation on Assets and Liabilities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Trade Accounts receivable
|
153.3
|
(153.4)
|
135.5
|
164.7
|
(123.3)
|
(105.6)
|
(38.6)
|
Restricted Cash
|
-
|
-
|
-
|
(143.0)
|
113.5
|
7.7
|
(35.5)
|
Inventory
|
(304.0)
|
(440.8)
|
(19.4)
|
84.6
|
(326.6)
|
(311.8)
|
(34.7)
|
Related Parties
|
-
|
-
|
-
|
(50.1)
|
(1,747.4)
|
142.6
|
(87.8)
|
Advances to Suppliers
|
(76.7)
|
16.9
|
4.9
|
16.8
|
(122.1)
|
18.2
|
21.5
|
Trade Accounts payable
|
146.9
|
115.8
|
(77.7)
|
(32.4)
|
241.2
|
125.0
|
8.0
|
Salaries payable
|
78.3
|
5.6
|
(49.9)
|
36.2
|
110.9
|
5.1
|
(33.3)
|
Derivative Financial Instruments
|
70.7
|
(214.6)
|
(108.4)
|
13.3
|
(79.8)
|
(62.1)
|
(4.4)
|
Taxes and Social Contributions Payable
|
(29.0)
|
34.2
|
(23.2)
|
-
|
908.8
|
15.5
|
(59.0)
|
Other assets and liabilities, net
|
39.0
|
(98.2)
|
(101.6)
|
(48.3)
|
429.6
|
(6.8)
|
(55.0)
|
Cash Flow from Operating Activities
|
607.3
|
(41.9)
|
226.3
|
2,337.1
|
(107.6)
|
573.3
|
286.9
|
Aquisitions, net of aquired cash and advances for
|
-
|
-
|
-
|
(157.3)
|
-
|
-
|
-
|
Contributed cash to Raízen's formation
|
-
|
-
|
-
|
-
|
(173.1)
|
-
|
-
|
Additions on Investments, Net of Cash Received
|
(3.7)
|
(12.7)
|
-
|
-
|
-
|
(99.1)
|
(0.9)
|
Additions on Property, Plant and Equipment
|
(513.9)
|
(312.6)
|
(533.0)
|
(2,291.6)
|
(491.5)
|
(243.3)
|
(346.3)
|
Biological Assets expenses
|
(194.6)
|
(198.1)
|
(174.8)
|
(745.6)
|
(217.2)
|
(117.9)
|
(107.0)
|
Cash Received on Sale of other Fixed Assets
|
0.7
|
17.2
|
2.2
|
48.8
|
-
|
42.3
|
53.8
|
Cash Flow from Investment Activities
|
(711.5)
|
(506.2)
|
(705.5)
|
(3,145.7)
|
(881.8)
|
(418.0)
|
(400.3)
|
Additions of Debt
|
642.4
|
495.9
|
1,101.2
|
2,719.5
|
1,281.1
|
483.8
|
156.2
|
Payments of Principal and Interest on Debt
|
(561.6)
|
(224.7)
|
(458.2)
|
(1,967.9)
|
(407.5)
|
(206.0)
|
(318.2)
|
Capital Increase
|
-
|
-
|
-
|
4.0
|
-
|
-
|
-
|
Capital Increase by noncontrolling interests
|
-
|
403.3
|
-
|
400.0
|
139.9
|
-
|
-
|
Treasury Stock
|
-
|
-
|
(15.2)
|
(15.2)
|
-
|
(46.9)
|
(1.4)
|
Dividends
|
-
|
(193.0)
|
-
|
(193.1)
|
-
|
(192.7)
|
-
|
Related Parties
|
-
|
-
|
-
|
37.1
|
-
|
-
|
-
|
Cash Flows from Financing Activities
|
80.7
|
481.5
|
627.8
|
984.3
|
1,013.5
|
38.2
|
(163.4)
|
Total Cash Flow
|
(23.5)
|
(66.5)
|
148.5
|
175.7
|
24.1
|
193.5
|
(276.8)
|
Cash & Equivalents, Beginning
|
1,078.4
|
1,054.9
|
988.4
|
1,078.4
|
1,254.1
|
1,278.2
|
1,471.7
|
Cash & Equivalents, Closing
|
1,054.9
|
988.4
|
1,136.9
|
1,254.1
|
1,278.2
|
1,471.7
|
1,194.9
|
Income Statement
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
||
(in R$ million)
|
1Q11
|
2Q11
|
3Q11
|
FY11
|
1Q12
|
2Q12
|
3Q12
|
||
(=)
|
Net Operating Revenue
|
3,999.6
|
4,716.1
|
4,738.4
|
18,063.5
|
5,188.0
|
6,804.3
|
6,310.7
|
|
(-)
|
Cost of Goods Sold and Services Rendered
|
(3,522.7)
|
(3,995.2)
|
(4,160.0)
|
(15,150.1)
|
(4,600.0)
|
(6,042.4)
|
(5,670.9)
|
|
(=)
|
Gross Profit
|
476.9
|
720.9
|
578.5
|
2,913.4
|
588.0
|
761.9
|
639.8
|
|
(-)
|
Operating Income (Expenses):
|
(339.7)
|
(443.9)
|
(409.2)
|
(1,605.3)
|
2,481.6
|
(469.7)
|
(401.1)
|
|
(-)
|
Selling
|
(216.1)
|
(265.5)
|
(271.9)
|
(1,026.0)
|
(261.2)
|
(295.3)
|
(270.4)
|
|
(-)
|
General and Administrative
|
(121.3)
|
(139.3)
|
(133.7)
|
(545.5)
|
(150.5)
|
(159.5)
|
(160.3)
|
|
(±)
|
Other Operating Income (Expenses), Net
|
(2.3)
|
(39.1)
|
(3.6)
|
(33.8)
|
22.0
|
3.2
|
29.6
|
|
(±)
|
Joint Venture formation income (expenses)
|
-
|
-
|
-
|
-
|
2,871.2
|
(18.2)
|
-
|
|
(=)
|
Operating Income (Loss)
|
137.2
|
277.0
|
169.3
|
1,308.1
|
3,069.5
|
292.2
|
238.8
|
|
(±)
|
Non-Operating Income (Expenses):
|
(129.0)
|
87.9
|
(81.2)
|
(126.0)
|
13.5
|
(395.8)
|
(70.6)
|
|
(±)
|
Financial Income (Expenses), Net
|
(134.8)
|
85.6
|
(89.0)
|
(151.1)
|
11.6
|
(394.5)
|
(70.6)
|
|
(±)
|
Earnings (Losses) on Equity Investments
|
5.8
|
2.4
|
7.8
|
25.2
|
2.0
|
(1.3)
|
0.0
|
|
(=)
|
Income (Loss) Before taxes
|
8.2
|
364.9
|
88.1
|
1,182.2
|
3,083.1
|
(103.6)
|
168.1
|
|
(±)
|
Income and Social Contribution Taxes
|
(11.0)
|
(126.2)
|
(42.3)
|
(414.5)
|
(1,224.6)
|
188.2
|
(63.8)
|
|
(±)
|
Minority Interest
|
(1.9)
|
(85.2)
|
(22.7)
|
(296.8)
|
(873.0)
|
(47.4)
|
(48.2)
|
|
(=)
|
Net Income
|
(4.7)
|
153.4
|
23.1
|
470.9
|
985.5
|
37.2
|
56.2
|
Balance Sheet
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
(in R$ million)
|
1Q11
|
2Q11
|
3Q11
|
FY11
|
1Q12
|
2Q12
|
3Q12
|
Cash and Cash Equivalents
|
1,083.4
|
1,009.0
|
1,155.6
|
1,271.8
|
1,295.3
|
1,482.9
|
1,283.4
|
Restricted Cash
|
51.3
|
76.0
|
276.2
|
187.9
|
60.2
|
52.5
|
88.1
|
Trade Accounts Receivable
|
619.1
|
760.0
|
657.5
|
594.9
|
825.2
|
983.7
|
1,022.3
|
Derivative Financial Instruments
|
144.5
|
166.0
|
180.0
|
55.7
|
60.2
|
29.4
|
59.6
|
Inventories
|
1,066.3
|
1,626.8
|
1,642.7
|
670.3
|
1,002.0
|
1,361.8
|
1,354.4
|
Advances to Suppliers
|
323.5
|
293.9
|
268.6
|
229.3
|
172.2
|
141.9
|
110.2
|
Related Parties
|
50.5
|
21.8
|
20.8
|
14.7
|
680.3
|
599.7
|
655.8
|
Recoverable Taxes
|
355.4
|
396.4
|
401.1
|
375.0
|
411.7
|
416.0
|
325.0
|
Other Assets
|
47.5
|
51.6
|
82.5
|
81.0
|
99.0
|
108.1
|
115.9
|
Current Assets
|
3,741.5
|
4,401.3
|
4,685.0
|
3,480.6
|
4,606.2
|
5,176.1
|
5,014.7
|
Deferred Income and Social Contribution Taxes
|
680.0
|
744.3
|
823.5
|
715.3
|
1,026.4
|
959.7
|
1,108.2
|
Advances to Suppliers
|
52.5
|
65.1
|
85.5
|
46.0
|
27.5
|
39.6
|
49.7
|
Related Parties
|
79.6
|
77.8
|
76.0
|
92.0
|
1,215.4
|
1,176.6
|
1,195.8
|
Recoverable Taxes
|
38.8
|
36.6
|
36.0
|
55.1
|
124.5
|
123.6
|
122.2
|
Judicial Deposits
|
168.9
|
173.6
|
180.9
|
218.4
|
372.5
|
491.1
|
495.6
|
Other financial assets
|
367.3
|
378.2
|
392.3
|
420.4
|
290.3
|
418.6
|
415.5
|
Other Assets
|
464.4
|
470.9
|
504.4
|
449.3
|
1,108.3
|
972.1
|
971.9
|
Investments
|
267.4
|
287.5
|
294.7
|
304.1
|
333.9
|
358.1
|
368.6
|
Biological Assets
|
932.8
|
873.6
|
894.8
|
1,561.1
|
795.1
|
717.0
|
767.9
|
Property, Plant and Equipment
|
6,360.3
|
6,432.0
|
6,799.9
|
7,980.5
|
8,260.0
|
7,928.8
|
7,835.2
|
Intangible
|
3,823.1
|
3,813.9
|
3,799.6
|
3,889.6
|
4,125.3
|
4,531.1
|
4,593.8
|
Non-current Assets
|
13,235.1
|
13,353.7
|
13,887.6
|
15,731.8
|
17,679.2
|
17,716.4
|
17,924.4
|
Total Assets
|
16,976.6
|
17,755.0
|
18,572.6
|
19,212.4
|
22,285.3
|
22,892.5
|
22,939.2
|
Loans and Financings
|
899.4
|
1,094.9
|
1,165.7
|
957.1
|
666.1
|
805.1
|
773.6
|
Derivatives Financial Instruments
|
37.4
|
96.1
|
379.0
|
132.3
|
94.3
|
29.3
|
15.7
|
Trade Accounts Payable
|
716.3
|
832.1
|
754.4
|
558.8
|
621.6
|
757.5
|
765.4
|
Salaries Payable
|
219.9
|
225.5
|
175.6
|
183.6
|
183.3
|
191.5
|
158.2
|
Taxes and Social Contributions Payable
|
197.4
|
239.2
|
218.8
|
245.3
|
247.1
|
328.9
|
282.4
|
Dividendos a pagar
|
44.0
|
2.2
|
2.0
|
72.2
|
82.9
|
9.1
|
8.7
|
Related Parties
|
120.1
|
66.0
|
74.6
|
41.2
|
186.8
|
163.2
|
228.5
|
Other Liabilities
|
190.0
|
199.2
|
181.1
|
190.4
|
273.8
|
307.3
|
215.9
|
Current Liabilities
|
2,424.4
|
2,755.1
|
2,951.2
|
2,380.8
|
2,355.9
|
2,591.8
|
2,448.5
|
Loans and Financing
|
5,322.7
|
5,310.8
|
5,961.7
|
6,274.9
|
3,699.4
|
4,407.8
|
4,589.9
|
Taxes and Social Contributions Payable
|
597.3
|
605.8
|
618.2
|
639.1
|
1,123.0
|
1,180.0
|
1,184.8
|
Provision for Legal Proceedings
|
625.0
|
642.9
|
650.1
|
666.3
|
940.8
|
975.8
|
1,026.7
|
Earn-out provision
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Related Parties
|
-
|
-
|
-
|
4.4
|
371.2
|
546.3
|
468.5
|
Pension Fund
|
0.0
|
2.1
|
12.2
|
24.4
|
25.9
|
27.4
|
28.9
|
Deferred Income and Social Contribution Taxes
|
1,123.6
|
1,215.6
|
1,250.9
|
1,511.0
|
3,546.4
|
3,159.1
|
3,116.5
|
Other Liabilities
|
374.5
|
377.7
|
378.7
|
382.9
|
814.4
|
752.1
|
777.1
|
Non-current Assets
|
8,043.0
|
8,155.0
|
8,871.7
|
9,502.9
|
10,521.0
|
11,048.4
|
11,192.3
|
Common stock
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
5.3
|
-
|
-
|
-
|
-
|
-
|
-
|
(109.4)
|
|
Capital Reserve
|
3,667.1
|
3,695.7
|
3,608.5
|
3,668.2
|
3,725.5
|
3,718.8
|
3,750.3
|
Profits Reserve
|
-
|
-
|
-
|
-
|
1,872.5
|
1,773.6
|
(191.4)
|
Accumulated profits (losses)
|
531.0
|
565.1
|
588.2
|
887.3
|
-
|
-
|
1,824.9
|
Shareholders' Equity
|
4,203.4
|
4,266.2
|
4,202.0
|
4,560.9
|
5,603.3
|
5,497.7
|
5,471.1
|
Minority Shareholders' Interest
|
2,305.9
|
2,578.7
|
2,547.7
|
2,767.8
|
3,805.0
|
3,754.5
|
3,827.2
|
Shareholders' Equity
|
6,509.3
|
6,844.9
|
6,749.7
|
7,328.7
|
9,408.4
|
9,252.2
|
9,298.3
|
Total Shareholders' Equity and Liabilities
|
16,976.6
|
17,755.0
|
18,572.6
|
19,212.4
|
22,285.3
|
22,892.5
|
22,939.2
|
Statement of Cash Flows
|
Jun'10
|
Sept'10
|
Dec'10
|
Mar'11
|
Jun'11
|
Set'11
|
Dec'11
|
(in R$ million)
|
1Q'11
|
2Q'11
|
3Q'11
|
FY'11
|
1Q'12
|
2Q'12
|
3Q'12
|
Net Income
|
(4.7)
|
153.4
|
23.1
|
470.9
|
985.2
|
37.2
|
56.2
|
Non-cash Adjustments:
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Depreciation & Amortization
|
290.9
|
400.0
|
380.9
|
1,359.0
|
303.7
|
365.5
|
254.7
|
Biological Assets
|
42.2
|
28.7
|
(21.2)
|
(381.9)
|
(20.9)
|
38.8
|
20.0
|
Earnings (Losses) from Equity Investments
|
(5.8)
|
(2.4)
|
(7.8)
|
(25.2)
|
(1.9)
|
1.3
|
0.0
|
Stock option
|
-
|
-
|
-
|
-
|
-
|
-
|
4.8
|
Losses (Gains) in Fixed Assets Disposals
|
3.1
|
(11.8)
|
2.1
|
(35.3)
|
17.0
|
(11.5)
|
(27.6)
|
Goodwill write off aviation business
|
-
|
-
|
|||||
Deferred Income and Social Contribution Taxes
|
(0.7)
|
104.4
|
16.4
|
329.1
|
1,197.8
|
(277.7)
|
69.7
|
Judicial demands' provision
|
10.7
|
18.9
|
(3.3)
|
26.9
|
33.1
|
(33.1)
|
118.9
|
Minority Shareholders' Interest
|
1.9
|
85.2
|
22.7
|
296.8
|
872.9
|
47.4
|
48.2
|
Interest, monetary and exchange variations, net
|
167.5
|
(64.9)
|
52.5
|
238.5
|
(27.6)
|
569.6
|
136.4
|
Joint Venture formation income (expenses)
|
-
|
-
|
-
|
-
|
(2,871.2)
|
18.2
|
-
|
Capital gains
|
-
|
(220.9)
|
-
|
-
|
-
|
-
|
-
|
Other Non-cash Items
|
19.4
|
197.0
|
(0.9)
|
7.5
|
3.5
|
13.4
|
(4.6)
|
Variation on Assets and Liabilities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Trade Accounts receivable
|
153.3
|
(153.4)
|
135.5
|
164.7
|
(123.3)
|
(105.6)
|
(38.6)
|
Restricted Cash
|
-
|
-
|
-
|
(143.0)
|
113.5
|
7.7
|
(35.5)
|
Judicial Deposits
|
-
|
-
|
-
|
-
|
(108.1)
|
108.1
|
-
|
Inventory
|
(304.0)
|
(440.8)
|
(19.4)
|
84.6
|
(326.6)
|
(311.8)
|
(34.7)
|
Taxes recoverable
|
-
|
-
|
-
|
-
|
-
|
-
|
(17.1)
|
Related Parties
|
-
|
-
|
-
|
-
|
(1,747.4)
|
142.6
|
(87.8)
|
Advances to Suppliers
|
(76.7)
|
16.9
|
4.9
|
16.8
|
(122.1)
|
18.2
|
21.5
|
Trade Accounts payable
|
146.9
|
115.8
|
(77.7)
|
(32.4)
|
241.2
|
125.0
|
8.0
|
Salaries payable
|
78.3
|
5.6
|
(49.9)
|
36.2
|
110.9
|
5.1
|
(33.3)
|
Derivative Financial Instruments
|
70.7
|
(214.6)
|
(108.4)
|
13.3
|
908.8
|
(1,050.0)
|
(4.4)
|
Taxes and Social Contributions Payable
|
(29.0)
|
34.2
|
(23.2)
|
(50.1)
|
(79.2)
|
1,003.4
|
(59.0)
|
Other assets and liabilities, net
|
39.6
|
(91.9)
|
(102.0)
|
(49.2)
|
532.4
|
(120.7)
|
(101.3)
|
-
|
-
|
||||||
Cash Flow from Operating Activities
|
603.4
|
(40.4)
|
224.3
|
2,327.2
|
(108.2)
|
591.0
|
294.5
|
-
|
|||||||
-
|
-
|
||||||
Aquisitions, net of aquired cash and advances for future capital increases
|
-
|
-
|
-
|
(157.3)
|
-
|
-
|
-
|
Contributed cash to Raízen's formation
|
-
|
-
|
-
|
-
|
(173.1)
|
0.0
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
100.6
|
(100.6)
|
Additions on Investments, Net of Cash Received
|
(3.7)
|
(12.7)
|
-
|
-
|
-
|
(99.1)
|
(0.9)
|
Additions on Property, Plant and Equipment
|
(513.9)
|
(312.6)
|
(533.0)
|
(2,291.6)
|
(491.5)
|
(243.3)
|
(346.3)
|
Sugarcane planting and growing costs
|
(194.6)
|
(198.1)
|
(174.8)
|
(745.6)
|
(217.2)
|
(117.9)
|
(107.0)
|
Cash Received on Sale of other Fixed Assets
|
0.7
|
17.2
|
2.2
|
48.8
|
-
|
42.3
|
53.8
|
Cash Flow from Investment Activities
|
(711.5)
|
(506.2)
|
(705.5)
|
(3,145.7)
|
(881.8)
|
(317.3)
|
(500.9)
|
-
|
-
|
||||||
-
|
-
|
||||||
Additions of Debt
|
642.4
|
495.9
|
1,101.2
|
2,719.5
|
1,281.1
|
483.8
|
335.9
|
Payments of Principal and Interest on Debt
|
(561.6)
|
(224.7)
|
(458.2)
|
(1,971.6)
|
(407.5)
|
(206.0)
|
(318.2)
|
Capital Increase
|
-
|
-
|
-
|
2.8
|
-
|
-
|
-
|
Capital Increase by noncontrolling interests
|
-
|
403.3
|
-
|
400.0
|
139.9
|
0.0
|
-
|
Treasury Stock
|
-
|
-
|
(15.2)
|
(15.2)
|
-
|
(54.4)
|
(101.2)
|
Dividends
|
-
|
(192.4)
|
-
|
(193.1)
|
-
|
(328.8)
|
95.8
|
Acquisition of shares of subsidiary
|
-
|
-
|
-
|
37.1
|
-
|
-
|
(4.6)
|
Exchange rate variation excluding Cash and Cash Equivalents
|
0.0
|
(9.9)
|
0.2
|
19.3
|
(0.4)
|
||
Cash Flows from Financing Activities
|
80.8
|
472.2
|
627.9
|
979.5
|
1,013.5
|
(86.2)
|
7.2
|
-
|
-
|
||||||
Total Cash Flow
|
(27.4)
|
(74.4)
|
146.7
|
161.0
|
23.5
|
187.6
|
(199.2)
|
-
|
-
|
||||||
Cash & Equivalents, Beginning
|
1,110.8
|
1,083.4
|
1,009.0
|
1,110.8
|
1,271.8
|
1,295.3
|
1,482.9
|
Cash & Equivalents, Closing
|
1,083.4
|
1,009.0
|
1,155.6
|
1,271.8
|
1,295.3
|
1,482.9
|
1,283.4
|
COSAN LIMITED
|
||||||
Date:
|
February 10, 2012
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|