Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Communication regarding 3rd Quarter Fiscal Year 2011 earnings release
|
|
3Q’11 Highlights |
Marcelo Martins
|
●
|
Record Revenues of R$3.1billion from CCL
|
|
●
|
EBITDA of R$ 98.1 million from CCL
|
Head of IR
|
●
|
Transportation Revenues of R$80.9 million from Rumo
|
|
●
|
Rumo’s EBITDA of R$37.7 million
|
www.cosan.com.br
|
●
|
Revenues of R$53.7 million from Cogeneration
|
|
●
|
Record Revenues of R$ 1.37 billion from CAA
|
Summary of Financial and Operating Information (R$MM)
|
||||||
3Q'10
|
3Q'11
|
YTD'10
|
YTD'11
|
|||
3,800.5
|
4,738.4
|
Net sales
|
10,941.9
|
13,454.1
|
||
460.0
|
577.9
|
l
|
Gross profit
|
1,351.5
|
1,812.9
|
|
12.1%
|
12.2%
|
Gross Margin
|
12.4%
|
13.5%
|
||
253.0
|
75.2
|
l
|
Operating income (loss)
|
1,016.4
|
691.0
|
|
6.7%
|
1.6%
|
Operating margin
|
9.3%
|
5.1%
|
||
490.4
|
410.5
|
l
|
EBITDA
|
1,157.2
|
1,565.3
|
|
12.9%
|
8.7%
|
EBITDA Margin
|
10.6%
|
11.6%
|
||
167.8
|
35.5
|
l
|
Income (loss) before minority interest
|
669.4
|
505.7
|
|
167.1
|
27.9
|
l
|
Net income (loss)
|
677.8
|
476.3
|
|
4.4%
|
0.6%
|
Profit (loss) Margin
|
6.2%
|
3.5%
|
||
401.0
|
548.7
|
Capex
|
1,182.5
|
1,543.5
|
||
4,300.8
|
5,301.1
|
Net Debt
|
4,300.8
|
5,301.1
|
||
4,963.9
|
5,496.9
|
Shareholders' & Minorities Equity
|
4,963.9
|
5,496.9
|
B. Production Figures
|
||||
3Q'10
|
3Q'11
|
Production Highlights
|
YTD'10
|
YTD'11
|
14,228
|
11,299
|
Sugarcane Crushed (thd tons)
|
50,133
|
54,238
|
5,778
|
6,092
|
Own Cane (thd tons)
|
23,443
|
27,400
|
8,450
|
5,207
|
Suppliers (thd tons)
|
26,690
|
26,838
|
Production
|
-
|
|||
662
|
485
|
Raw Sugar (thd tons)
|
2,520
|
2,515
|
274
|
324
|
White Sugar (thd tons)
|
993
|
1,405
|
228
|
174
|
Anhydrous Ethanol (thd cbm)
|
623
|
686
|
303
|
280
|
Hydrous Ethanol (thd cbm)
|
1,203
|
1,513
|
126.6
|
138.5
|
Sugarcane TSR (kg/ton)
|
131.1
|
139.9
|
68.4%
|
78.1%
|
Mechanization (%)
|
68.4%
|
78.1%
|
EBITDA (R$ MM) - 3Q'11
|
CAA
|
Rumo
|
CCL
|
Total*
|
Net Revenues
|
1,683.0
|
113.7
|
3,084.8
|
4,738.4
|
(-) Cost of Product Sold / Services Rendered
|
(1,369.1)
|
(75.3)
|
(2,863.3)
|
(4,160.5)
|
(=) Gross Profit
|
313.9
|
38.3
|
221.5
|
577.9
|
Gross Margin
|
18.7%
|
33.7%
|
7.2%
|
12.2%
|
(-) Selling Expenses
|
(153.4)
|
-
|
(113.4)
|
(271.0)
|
(-) General and Administrative Expenses
|
(101.8)
|
(5.8)
|
(24.4)
|
(132.0)
|
(-) Other Operating Revenues
|
(7.5)
|
(0.3)
|
4.2
|
(3.6)
|
(+) Depreciation and Amortization
|
223.6
|
5.5
|
10.2
|
239.2
|
(=) EBITDA
|
274.8
|
37.7
|
98.1
|
410.5
|
EBITDA Margin
|
16.3%
|
33.2%
|
3.2%
|
8.7%
|
* Total contemplates the effects of consolidation elimination
|
Net Revenue
|
|||||
3Q'10
|
3Q'11
|
Sales Composition (R$MM)
|
YTD'10
|
YTD'11
|
|
3,800.5
|
4,738.4
|
Net Operating Revenue
|
10,941.9
|
13,454.1
|
|
1,146.2
|
1,683.0
|
CAA
|
3,563.7
|
4,715.2
|
|
735.6
|
931.9
|
l
|
Sugar Revenue - CAA
|
2,162.3
|
2,868.3
|
299.2
|
367.0
|
Local
|
714.6
|
1,015.3
|
|
436.5
|
564.9
|
Export
|
1,447.7
|
1,853.0
|
|
338.3
|
647.7
|
l
|
Ethanol Revenue - CAA
|
1,145.5
|
1,537.0
|
249.3
|
557.9
|
Local
|
776.2
|
1,318.0
|
|
89.0
|
89.9
|
Export
|
369.3
|
219.0
|
|
19.4
|
53.7
|
l
|
Energy Cogeneration - CAA
|
87.9
|
190.5
|
52.8
|
49.7
|
l
|
Other Revenue - CAA
|
168.0
|
119.4
|
35.7
|
113.7
|
Rumo
|
118.0
|
363.6
|
|
35.7
|
32.7
|
l
|
Loading
|
115.3
|
114.2
|
-
|
80.9
|
l
|
Transportation
|
2.7
|
249.5
|
2,699.6
|
3,084.8
|
CCL
|
7,556.4
|
8,883.5
|
|
2,537.0
|
2,865.7
|
l
|
Fuels Revenue - CCL
|
7,035.7
|
8,220.4
|
240.7
|
238.5
|
Ethanol
|
586.5
|
611.5
|
|
1,102.4
|
1,213.5
|
Gasoline
|
2,902.3
|
3,391.1
|
|
1,166.5
|
1,381.2
|
Diesel
|
3,339.3
|
4,139.7
|
|
27.4
|
32.5
|
Other
|
207.6
|
78.2
|
|
143.9
|
207.4
|
l
|
Lubes Revenue - CCL
|
465.1
|
613.6
|
18.7
|
11.8
|
l
|
Other Revenue - CCL
|
55.6
|
49.4
|
(81.1)
|
(143.1)
|
Eliminations from Consolidation
|
(296.1)
|
(508.1)
|
|
Þ
|
Increase of R $ 131.8 million from the higher sales volume, 17.9% above the same quarter of last year. Domestic sales increased 4.4%, totaling 295.1 thousand tons, while exports amounted to 751.0 thousand tons, an increase of 24.2%;
|
|
Þ
|
Increase of R $ 55.0 million due to prices 7.4% higher, while domestic prices were 17.5% higher, prices in international markets increased of only 4.2% compared with the same period of last year due to the hedge accounting effects.
|
|
Þ
|
In contrast, the domestic market accounted for 28.2% of sales in comparison with 31.9% in the 3Q10. This mix reduction offset part of the gains of higher volumes and prices |
Inventories: Sugar
|
||
3Q'10
|
3Q'11
|
|
'000 ton
|
1,229.3
|
998.3
|
R$'MM
|
614.0
|
582.7
|
R$/ton
|
499
|
584
|
|
Þ
|
Increase of R$ 219.7 million due to higher sales volume, 65.0% higher than the 3Q10, resulting from the increase of 115.8% in volume sold in the domestic market, partially offset by a decrease of 31.6% in exports. It is worth mentioning that the sales volume in 3Q11 was impacted:
|
|
o
|
In the domestic market, by the commercial decision to take the high prices of the product at the end of the harvest and reduce the risk of carrying a high inventory to sell it during the offseason; and
|
|
o
|
In international markets, the export opportunity windows remain closed and thus the sales volume just follows the previously established trade agreements. Moreover, competition from ethanol produced in the U.S. has caused major difficulties for the sale of Brazilian ethanol in the European market.
|
|
Þ
|
the increment of R$54.3 million from 3.7% higher prices in the domestic market and 47.6% higher in international markets;
|
|
Þ
|
In addition, 3Q11 revenues increased by R$ 4.7 million due to the sales mix more focused on the domestic market, which showed slightly higher prices and represented 85.6% of the sales for the period, compared to 65.5% in the 3Q10.
|
Inventories: Ethanol
|
||
3Q'10
|
3Q'11
|
|
'000 cbm
|
645.0
|
563.9
|
R$'MM
|
569.6
|
492.5
|
R$/cbm
|
883
|
873
|
|
Þ
|
Increase of 16.4% in the volume of diesel sold in comparison with the 3Q10. This increase is due to the following factors:
|
|
o
|
Increase of 6.9% in the diesel national consumption, according to ANP, in October and November 2010 (December data are not yet available) due to an increase in the industrial customers and transport demand in view of the recovery of the economic activity in Brazil.
|
|
o
|
Market share gains in retail, mainly in the manufacturing industry.
|
|
Þ
|
Increase of 8.7% in the gasoline C sales volume in relation to the 3Q10 due to an increase in the percentage of flex fuel car users, who are now opting for this fuel in substitution for the hydrated ethanol;
|
|
Þ
|
Increase in the average unit prices of ethanol, gasoline and diesel and higher diesel market share in the sales mix, whose prices are higher than the ethanol.
|
Inventories: CCL
|
||
3Q'10
|
3Q'11
|
|
'000 cbm
|
145.1
|
168.2
|
R$'MM
|
290.1
|
335.3
|
R$/cbm
|
1,999
|
1,994
|
3Q'10
|
3Q'11
|
COGS per Product
|
YTD'10
|
YTD'11
|
(3,340.5)
|
(4,160.5)
|
Cost of Good Sold (R$MM)
|
(9,590.4)
|
(11,641.2)
|
(887.1)
|
(1,369.1)
|
CAA
|
(2,799.5)
|
(3,658.3)
|
(498.3)
|
(707.2)
|
Sugar
|
(1,429.0)
|
(1,947.8)
|
(314.2)
|
(576.8)
|
Ethanol
|
(1,178.5)
|
(1,492.2)
|
(74.6)
|
(85.1)
|
Others CAA + Cogeneration
|
(191.9)
|
(218.4)
|
(30.4)
|
(75.3)
|
Rumo
|
(88.9)
|
(248.0)
|
(2,506.8)
|
(2,863.3)
|
CCL
|
(6,992.8)
|
(8,250.5)
|
83.7
|
147.2
|
Eliminations from Consolidation
|
290.8
|
515.7
|
Average Unit Cost
|
||||
CAA
|
||||
496
|
589
|
Unit Cash COGS of Sugar (R$/ton)
|
419
|
500
|
656
|
757
|
Unit Cash COGS of Ethanol (R$/thd lit
|
327
|
355
|
1,682
|
1,750
|
CCL (R$/thousand liters)
|
1,639
|
1,725
|
|
Þ
|
higher volume of sugar and ethanol sold, which was responsible for the increase of R$293.5 million,
|
|
Þ
|
R$ 152.2 million for sugar origination, characterized by the purchase of raw material for refining and finished product and subsequent sale and distribution in domestic market.
|
|
Þ
|
Increase of approximately R$88.8 million due to an increase in the ATR according to Consecana formula (which defines suppliers’ remuneration and land lease), which changed from R$0.3524/kg of ATR to R$0.3766/kg of ATR. It is worth highlight that the
|
|
Þ
|
the increase of R$32 million in depreciation due to the investments made over the years
|
|
Þ
|
R$16.6 million due to take-or-pay contracts with service providers due to crop shortfall;
|
|
Þ
|
All these factors were partially offset by the increase of the amount of ATR, which increased from 126.6kg / ton of cane to 138.5kg / ton due to more appropriate climatic conditions, improving the cost at R$82.9 million in the 3Q11.
|
|
Þ
|
Cost of ethanol 7.6% higher than the 3Q10;
|
|
Þ
|
Sales mix with higher share of gasoline and diesel, which have unit costs higher than the ethanol;
|
|
Þ
|
Increase in the unit cost of lubricants, however offset by the increase in revenues resulting from the sales mix with more share of products with higher added value.
|
3Q'10
|
3Q'11
|
Gross Margin per Product
|
YTD'10
|
YTD'11
|
Unitary Gross Margin
|
||||
CAA
|
||||
333
|
302
|
Gross Margin (Cash) Sugar (R$/ton)
|
308
|
356
|
235
|
278
|
Gross Margin (Cash) Ethanol (R$/thd liters)
|
395
|
539
|
129
|
135
|
CCL (R$/thousand liters)
|
132
|
132
|
% Gross Margin/Net Revenues
|
||||
CAA
|
||||
40.1%
|
33.9%
|
Gross Margin (Cash) Sugar
|
42.4%
|
41.6%
|
26.4%
|
26.9%
|
Gross Margin (Cash) Ethanol
|
54.7%
|
60.3%
|
15.0%
|
33.7%
|
Rumo
|
24.6%
|
31.8%
|
7.1%
|
7.2%
|
CCL
|
7.5%
|
7.1%
|
3Q'10
|
3Q'11
|
Selling Expenses
|
YTD'10
|
YTD'11
|
(218.4)
|
(271.0)
|
Selling Expenses (R$MM)
|
(639.3)
|
(750.8)
|
(108.4)
|
(153.4)
|
CAA
|
(349.2)
|
(434.1)
|
-
|
-
|
Rumo
|
-
|
0.1
|
(107.3)
|
(113.4)
|
CCL
|
(295.4)
|
(319.7)
|
(2.6)
|
(4.1)
|
Elimination
|
5.3
|
2.9
|
3Q'10
|
3Q'11
|
General & Administrative Expenses
|
YTD'10
|
YTD'11
|
(117.9)
|
(132.0)
|
G&A Expenses (R$MM)
|
(323.4)
|
(389.7)
|
(87.3)
|
(101.8)
|
CAA
|
(254.9)
|
(285.9)
|
(4.2)
|
(5.8)
|
Rumo
|
(12.3)
|
(20.8)
|
(26.4)
|
(24.4)
|
CCL
|
(56.2)
|
(83.0)
|
|
Þ
|
New executives to strength the Company’s management team and middle management;
|
|
Þ
|
Consulting to review and renegotiate contracts of Rumo’s suppliers;
|
|
Þ
|
Assistance to start and monitor the transport operations.
|
3Q'10
|
3Q'11
|
EBITDA
|
YTD'10
|
YTD'11
|
|
490.4
|
410.5
|
EBITDA (R$MM)
|
1,157.2
|
1,565.3
|
|
12.9%
|
8.7%
|
Margin
|
10.6%
|
11.6%
|
|
415.8
|
274.8
|
l
|
CAA
|
881.5
|
1,164.7
|
35.2%
|
16.3%
|
Margin
|
23.9%
|
24.7%
|
|
5.9
|
37.7
|
l
|
Rumo
|
34.8
|
117.9
|
16.4%
|
33.2%
|
Margin
|
29.5%
|
32.4%
|
|
68.7
|
98.1
|
l
|
CCL
|
241.0
|
282.4
|
2.5%
|
3.2%
|
Margin
|
3.2%
|
3.2%
|
3Q'10
|
3Q'11
|
Financial Expenses, Net (R$MM)
|
YTD'10
|
YTD'11
|
|
(111.3)
|
(126.8)
|
Interest on Financial Debt
|
(312.8)
|
(349.0)
|
|
14.1
|
22.2
|
Financial Investments Income
|
41.7
|
58.4
|
|
(97.2)
|
(104.6)
|
(=) Sub-total: Interest on Net Financial
|
(271.1)
|
(290.6)
|
|
(47.2)
|
(33.2)
|
Other charges and monetary variation
|
(85.5)
|
(83.9)
|
|
50.1
|
59.3
|
Exchange Variation
|
628.9
|
214.8
|
|
18.0
|
(17.0)
|
Gains (losses) with Derivatives
|
162.2
|
6.3
|
|
(2.0)
|
(2.3)
|
Others
|
(0.4)
|
(3.7)
|
|
(78.3)
|
(97.8)
|
(=)
|
Net Financial Expenses
|
434.0
|
(157.0)
|
Summary of Hedge* as of December 31, 2010:
|
Fiscal Year
|
|
2010/11
|
2011/12
|
|
Sugar
|
||
NY#11
|
||
Volume (thd tons)
|
658.9
|
1,545.7
|
Average Price (¢US$/lb)
|
22.8
|
20.6
|
London #5
|
||
Volume (thd tons)
|
19.1
|
-
|
Average Price (US$/ton)
|
779.3
|
-
|
Ethanol
|
||
BM&F
|
||
Volume (cubic meters)
|
1,200.0
|
-
|
Average Price (R$/cbm)
|
1,053.8
|
-
|
US$
|
||
Volume (US$ million)
|
216.8
|
371.3
|
Average Price (R$/US$)
|
1.777
|
2.011
|
Expected period to affect P&L
|
Total
|
|||
Derivative
|
Market
|
Risk 2010/11
|
2011/12
|
|
Future
|
OTC/NYBOT
|
#11
|
(378.5)
|
(480.6)
|
NDF
|
OTC/CETIP
|
USD
|
93.7
|
104.4
|
(=) Hedge Accounting impact
|
(284.8)
|
(376.2)
|
||
(-) Deferred income taxes
|
96.8
|
127.9
|
||
(=) Other comprehensive income
|
(188.0)
|
(248.3)
|
Debt per Type (R$MM)
|
3Q'10
|
2Q'11
|
3Q'11
|
% ST
|
Var.
|
Foreign Currency
|
3,415.8
|
3,460.3
|
3,666.4
|
206.0
|
|
Perpetual Notes
|
792.8
|
771.4
|
1,264.9
|
1.2%
|
493.5
|
Senior Notes 2017
|
716.7
|
685.5
|
685.8
|
0.3%
|
0.3
|
Senior Notes 2014
|
632.3
|
601.1
|
605.3
|
3.7%
|
4.2
|
IFC
|
90.9
|
-
|
-
|
-
|
|
FX Advances
|
223.2
|
382.6
|
210.4
|
100.0%
|
(172.2)
|
Pre-Export Contracts
|
960.0
|
845.8
|
731.5
|
37.9%
|
(114.4)
|
Export Credit Notes
|
-
|
173.9
|
168.4
|
1.1%
|
(5.5)
|
Local Currency
|
1,749.0
|
2,269.1
|
2,771.6
|
502.5
|
|
BNDES
|
844.8
|
1,342.9
|
1,623.0
|
8.8%
|
280.1
|
Finame (BNDES)
|
156.1
|
456.9
|
682.5
|
10.9%
|
225.5
|
Working Capital
|
20.0
|
18.3
|
17.6
|
28.2%
|
(0.7)
|
Overdraft
|
42.0
|
20.2
|
19.0
|
100.0%
|
(1.2)
|
Credit Banking Notes
|
121.1
|
-
|
-
|
0.0%
|
-
|
Credit Notes
|
510.5
|
314.8
|
305.8
|
50.9%
|
(9.1)
|
CDCA
|
60.2
|
61.8
|
30.1
|
100.0%
|
(31.7)
|
PROINFA
|
42.2
|
-
|
-
|
0.0%
|
-
|
Rural credit
|
-
|
89.4
|
90.9
|
100.0%
|
1.5
|
PASS
|
-
|
-
|
40.2
|
100.0%
|
40.2
|
Expenses with Placement of Debt
|
(47.7)
|
(35.3)
|
(37.4)
|
26.5%
|
(2.1)
|
Gross Debt
|
5,164.9
|
5,729.4
|
6,438.0
|
35.3%
|
708.6
|
Cash and Marketable Securities
|
864.1
|
988.4
|
1,136.9
|
148.5
|
|
Net Debt
|
4,300.8
|
4,741.0
|
5,301.1
|
560.0
|
3Q'10
|
3Q'11
|
Capex (R$MM)
|
YTD'10
|
YTD'11
|
|
146.7
|
265.9
|
CAA - Operating Capex
|
410.1
|
731.5
|
|
48.2
|
72.9
|
l
|
Sugar Cane Planting Costs
|
164.7
|
261.3
|
36.7
|
55.7
|
l
|
Inter-harvest Maintenance Costs
|
63.3
|
111.4
|
7.8
|
31.0
|
l
|
SSMA & Sustaining
|
14.6
|
83.1
|
-
|
35.4
|
l
|
Mecanização
|
-
|
122.6
|
54.0
|
70.9
|
l
|
Projects CAA
|
167.5
|
153.0
|
231.3
|
110.2
|
CAA - Expansion Capex
|
728.7
|
341.4
|
|
93.5
|
84.9
|
l
|
Co-generation Projects
|
264.5
|
198.8
|
97.5
|
17.4
|
l
|
Greenfield
|
416.1
|
60.0
|
40.4
|
7.9
|
l
|
Expansion
|
48.1
|
82.6
|
378.0
|
376.1
|
CAA - Total
|
1,138.8
|
1,072.8
|
|
20.5
|
49.0
|
CCL
|
39.7
|
96.3
|
|
2.5
|
123.6
|
Rumo
|
4.0
|
374.4
|
|
401.0
|
548.7
|
(=)
|
Consolidated Capex
|
1,182.5
|
1,543.5
|
14.7
|
-
|
l
|
Investments
|
(14.6)
|
21.0
|
(1.8)
|
(2.2)
|
l
|
Cash received on Sale of Fixed Assets
|
(121.0)
|
(20.1)
|
413.9
|
546.5
|
(=)
|
Investment Cash Flow
|
1,046.9
|
1,544.4
|
* mechanization during 3Q10 is under CAA Projects
|
|
F.
|
Relevant Facts
|
|
Þ
|
On November 22, Cosan S.A. approved the Buyback Program relating to its common shares for maintenance in treasure, cancelation or sale, with a 365 term. As of December 31, 2010, the Company had purchased 591,400 of its own shares.
|
|
Þ
|
On November 23, Cosan S.A. informed that it entered into an Association Commitment with Camargo Correa Óleo e Gás S.A., Copersucar S.A., Odebrecht Transport Participações S.A., Petróleo Brasileiro S.A. and Uniduto Logística S.A. aiming to establish a joint venture to construct and operate a multimodal logistics system for transportation and storage of liquids, mainly ethanol.
|
|
Þ
|
On January 4, 2011 the Company announced the receipt of unconditional release from the European Committee to form the previously announced Joint Venture with Shell International Petroleum Company Limited involving certain of their assets, and it may now focus on the conclusion of the conditions precedent of the agreement and the business unit integration process for launching the new company.
|
|
Þ
|
On January 7, Cosan entered into a Binding Memorandum of Understandings with the partners of Usina Zanin Açúcar e Álcool Ltda., with exclusivity period of 45 days, aiming the purchase of the total outstanding equity interests of Zanin at the amount of R$142.0 million. In addition, the Company will assume financial debts in the amount of R$236.6 million. This transaction will involve Zanin industrial and agricultural assets with annual crushing capacity of approximately 2.6 million tons of cane, and a greenfield project located in the City of Prata, State of Minas Gerais.
|
|
Þ
|
On January 17, Cosan Combustíveis e Lubrificantes, holder of the license to use the trademarks Esso and Mobil in Brazil, and Banco Santander announced the launching, in the first quarter 2011, of the Esso Santander credit card aiming to strengthen the relationship with consumers of the Esso network.
|
|
Þ
|
On January 18, Rumo Logística and São Martinho announced the 2nd phase of the agreement for logistics projects and services of storage, transshipment and rail transportation of sugar. This phase estimates investments of approximately R$30.0 million in Usina São Martinho for the construction of a sugar warehouse and modernization of the plant’s extension access to the Pradópolis yard. These investments will increase the transshipment capacity to up to 2,000,000 tons of sugar per year. Any rail transportation adjustments to accomplish the transportation and transshipment obligations shall be responsibility of Rumo, as already provided for in its investment plan. |
Guidance
|
2009FY
|
2010FY
|
2011FY - New
|
|
Crushed Sugarcane Volume (thousand tons)
|
43,127
|
50,314
|
54,000
|
≤ ∆ ≤ 58,000
|
Sugar Volume Sold (thousand tons)
|
3,187
|
4,135
|
4,100
|
≤ ∆ ≤ 4,500
|
Ethanol Volume Sold (million liters)
|
1,671
|
2,148
|
2,000
|
≤ ∆ ≤ 2,200
|
Volume of Energy Sold (thousand MW)
|
-
|
596
|
1,000
|
≤ ∆ ≤ 1,300
|
Loading Volume (thousand tons)
|
3,479
|
8,124
|
7,500
|
≤ ∆ ≤ 8,500
|
Transportation Volume (thousand tons)
|
-
|
-
|
5,000
|
≤ ∆ ≤ 6,000
|
Volume of Fuels Sold (million liters)
|
1,681
|
5,491
|
5,700
|
≤ ∆ ≤ 6,200
|
Volume of Lubes Sold (million liters)
|
34
|
131
|
150
|
≤ ∆ ≤ 170
|
Net Revenues (R$ MM)
|
6,270
|
15,336
|
16,500 ≤ ∆ ≤ 18,500
|
|
EBITDA (R$ MM)
|
718
|
1,733
|
2,000
|
≤ ∆ ≤ 2,200
|
Net Profit/Loss (R$ MM)
|
(474)
|
986
|
*
|
|
Capex (R$ MM)
|
1,346
|
1,926
|
1,900
|
≤ ∆ ≤ 2,300
|
Income Statement
|
Apr'08
|
Mar'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
|
(In million of reais)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
|
Gross Operating Revenue
|
2,978.6
|
6,732.8
|
16,685.9
|
4,145.1
|
4,790.0
|
4,369.4
|
5,199.8
|
5,192.9
|
|
(-)
|
Sales Taxes and Deductions
|
(242.5)
|
(462.7)
|
(1,349.8)
|
(344.6)
|
(395.9)
|
(369.8)
|
(483.7)
|
(454.5)
|
(=) Net Operating Revenue
|
2,736.2
|
6,270.1
|
15,336.1
|
3,800.5
|
4,394.1
|
3,999.6
|
4,716.1
|
4,738.4
|
|
(-)
|
Cost of Goods Sold and Services Rendered
|
(2,387.1)
|
(5,470.7)
|
(13,210.7)
|
(3,340.5)
|
(3,620.3)
|
(3,493.1)
|
(3,987.6)
|
(4,160.5)
|
(=) Gross Profit
|
349.0
|
799.4
|
2,125.4
|
460.0
|
773.9
|
506.6
|
728.5
|
577.9
|
|
Margin
|
12.8%
|
12.7%
|
13.9%
|
12.1%
|
17.6%
|
12.7%
|
15.4%
|
12.2%
|
|
(-)
|
Operating Income (Expenses):
|
(418.0)
|
(1,508.5)
|
(712.5)
|
(206.9)
|
(377.4)
|
(477.4)
|
(141.8)
|
(502.7)
|
(-)
|
Selling
|
(301.3)
|
(432.6)
|
(864.6)
|
(218.4)
|
(225.3)
|
(215.2)
|
(264.6)
|
(271.0)
|
(-)
|
General and Administrative
|
(210.2)
|
(275.9)
|
(497.2)
|
(117.9)
|
(173.7)
|
(120.2)
|
(137.5)
|
(132.0)
|
(-)
|
Financial Income (Expenses), Net
|
284.3
|
(817.4)
|
420.4
|
(78.3)
|
(13.7)
|
(139.3)
|
80.2
|
(97.8)
|
(±) Earnings (Losses) on Equity Investments
|
6.6
|
14.0
|
(18.6)
|
(9.4)
|
(5.8)
|
(0.4)
|
(3.8)
|
1.7
|
|
(-)
|
Goodwill Amortization
|
(201.4)
|
(196.5)
|
(85.6)
|
-
|
-
|
-
|
-
|
-
|
(±) Other Operating Income (Expenses), Net
|
4.0
|
199.9
|
333.1
|
217.0
|
41.1
|
(2.3)
|
183.9
|
(3.6)
|
|
(=) Operating Income (Loss)
|
(69.0)
|
(709.1)
|
1,412.9
|
253.0
|
396.5
|
29.1
|
586.7
|
75.2
|
|
Margin
|
-2.5%
|
-11.3%
|
9.2%
|
6.7%
|
9.0%
|
0.7%
|
12.4%
|
1.6%
|
|
(±) Income and Social Contribution Taxes
|
18.7
|
234.7
|
(433.8)
|
(85.3)
|
(86.9)
|
(18.5)
|
(127.2)
|
(39.7)
|
|
(±)
|
Minority Interest
|
2.5
|
0.6
|
7.5
|
(0.7)
|
(0.9)
|
(1.9)
|
(19.8)
|
(7.6)
|
(=) Net Income (Loss) for the Year
|
(48.0)
|
(474.0)
|
986.5
|
167.0
|
309.0
|
9.0
|
440.0
|
28.0
|
|
Margin
|
-1.8%
|
-7.6%
|
6.4%
|
4.4%
|
7.0%
|
0.2%
|
9.3%
|
0.6%
|
|
l EBITDA
|
182.9
|
718.0
|
1,733.1
|
490.4
|
575.9
|
358.0
|
796.7
|
410.5
|
|
Margin
|
6.7%
|
11.5%
|
11.3%
|
12.9%
|
13.1%
|
9.0%
|
16.9%
|
8.7%
|
|
l Depreciation & Amortization
|
341.3
|
427.2
|
636.3
|
149.7
|
160.0
|
189.2
|
286.4
|
239.2
|
|
Balance Sheet
|
Apr'08
|
Mar'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
|
(In million of reais)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
|
Cash and Cash Equivalents
|
1,010.1
|
719.4
|
1,078.4
|
864.1
|
1,078.4
|
1,054.9
|
988.4
|
1,136.9
|
|
Restricted Cash
|
79.6
|
11.8
|
45.0
|
172.1
|
45.0
|
51.3
|
76.0
|
276.2
|
|
Derivative Financial Instruments
|
6.9
|
17.0
|
230.6
|
72.0
|
230.6
|
144.5
|
166.0
|
180.0
|
|
Trade Accounts Receivable
|
215.2
|
599.2
|
766.4
|
511.1
|
766.4
|
619.1
|
760.0
|
657.5
|
|
Inventories
|
570.5
|
1,106.2
|
1,046.7
|
1,936.8
|
1,046.7
|
1,433.7
|
1,938.8
|
2,010.0
|
|
Advances to Suppliers
|
226.1
|
206.0
|
235.6
|
241.2
|
235.6
|
323.5
|
293.9
|
268.6
|
|
Related Parties
|
16.3
|
57.2
|
24.9
|
24.6
|
24.9
|
49.9
|
21.2
|
20.3
|
|
Deferred Income and Social Contribution Taxes
|
-
|
42.5
|
76.3
|
29.2
|
76.3
|
94.6
|
94.5
|
100.9
|
|
Recoverable Taxes
|
129.8
|
265.4
|
327.9
|
307.8
|
327.9
|
355.4
|
396.4
|
401.1
|
|
Other Assets
|
17.9
|
50.3
|
61.2
|
54.0
|
61.2
|
68.3
|
71.9
|
102.8
|
|
Current Assets
|
2,272.4
|
3,074.9
|
3,892.8
|
4,212.8
|
3,892.8
|
4,195.1
|
4,807.1
|
5,154.3
|
|
Accounts Receivable from Federal Government
|
342.2
|
323.4
|
333.7
|
331.4
|
333.7
|
336.3
|
339.2
|
342.1
|
|
CTN's-Restricted Brazilian Treasury Bills
|
151.7
|
177.6
|
205.7
|
194.6
|
205.7
|
217.6
|
228.5
|
242.6
|
|
Deferred Income and Social Contribution Taxes
|
357.0
|
700.0
|
560.1
|
334.2
|
560.1
|
521.5
|
576.1
|
645.0
|
|
Advances to Suppliers
|
77.3
|
48.0
|
63.7
|
132.5
|
63.7
|
52.5
|
65.1
|
85.5
|
|
Related Parties
|
-
|
-
|
81.4
|
149.9
|
81.4
|
79.6
|
77.8
|
76.0
|
|
Other Assets
|
94.4
|
132.4
|
211.8
|
210.8
|
211.8
|
216.7
|
225.2
|
262.8
|
|
Investments
|
120.3
|
278.2
|
193.1
|
194.0
|
193.1
|
193.6
|
207.6
|
208.7
|
|
Property, Plant and Equipment
|
2,776.3
|
3,465.2
|
5,561.1
|
4,871.5
|
5,561.1
|
5,836.0
|
5,878.4
|
6,173.9
|
|
Intangible
|
1,160.7
|
2,447.5
|
2,901.3
|
2,765.5
|
2,901.3
|
2,921.2
|
2,931.8
|
2,938.1
|
|
Noncurrent Assets
|
5,079.9
|
7,572.5
|
10,112.0
|
9,184.4
|
10,112.0
|
10,375.0
|
10,529.8
|
10,974.7
|
|
(=) Total Assets
|
7,352.4
|
10,647.4
|
14,004.8
|
13,397.2
|
14,004.8
|
14,570.1
|
15,336.9
|
16,129.0
|
|
Loans and Financings
|
78.2
|
1,449.5
|
800.9
|
892.6
|
800.9
|
860.3
|
1,058.6
|
1,129.1
|
|
Derivatives Financial Instruments
|
50.7
|
66.9
|
76.7
|
232.9
|
76.7
|
37.4
|
96.1
|
379.0
|
|
Trade Accounts Payable
|
191.0
|
456.1
|
569.4
|
712.1
|
569.4
|
716.3
|
832.1
|
754.4
|
|
Salaries Payable
|
80.7
|
93.2
|
141.6
|
133.0
|
141.6
|
219.9
|
225.5
|
175.6
|
|
Taxes and Social Contributions Payable
|
116.1
|
168.6
|
215.9
|
201.0
|
215.9
|
197.4
|
239.2
|
218.8
|
|
Related Parties
|
-
|
5.2
|
14.4
|
50.5
|
14.4
|
120.1
|
66.0
|
74.6
|
|
Dividendos a pagar
|
-
|
-
|
116.6
|
-
|
116.6
|
116.6
|
7.0
|
7.0
|
|
Other Liabilities
|
49.9
|
85.8
|
182.4
|
123.4
|
182.4
|
189.4
|
198.4
|
180.3
|
|
Current Liabilities
|
566.5
|
2,325.2
|
2,117.9
|
2,345.5
|
2,117.9
|
2,457.3
|
2,722.8
|
2,918.9
|
|
Loans and Financing
|
2,106.2
|
2,885.5
|
5,136.5
|
4,859.1
|
5,136.5
|
5,322.7
|
5,310.8
|
5,961.7
|
|
Taxes and Social Contributions Payable
|
359.3
|
328.8
|
593.5
|
255.7
|
593.5
|
597.9
|
606.3
|
618.7
|
|
Provision for Legal Proceedings
|
832.4
|
1,105.9
|
444.4
|
755.7
|
444.4
|
456.1
|
469.3
|
469.2
|
|
Related Parties
|
-
|
405.2
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Pension Fund
|
-
|
60.4
|
61.8
|
61.6
|
61.8
|
59.8
|
57.8
|
53.6
|
|
Other Liabilities
|
144.4
|
139.9
|
493.1
|
155.8
|
493.1
|
487.8
|
575.8
|
610.0
|
|
Noncurrent Liabilities
|
3,442.3
|
4,925.5
|
6,729.3
|
6,087.8
|
6,729.3
|
6,924.2
|
7,020.0
|
7,713.2
|
|
Minority Shareholders' Interest
|
17.7
|
30.9
|
47.8
|
47.0
|
47.8
|
49.7
|
246.5
|
253.6
|
|
Capital
|
2,935.3
|
3,819.8
|
4,687.8
|
4,687.7
|
4,687.8
|
4,687.8
|
4,691.1
|
4,691.1
|
|
Capital Reserve
|
-
|
41.7
|
50.6
|
50.1
|
50.6
|
51.1
|
51.5
|
36.1
|
|
Profits Reserve
|
180.2
|
-
|
374.2
|
-
|
374.2
|
374.2
|
290.8
|
290.8
|
|
Legal Reserve
|
16.0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Revaluation Reserves
|
194.4
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Ajuste de Avaliação Patrimonial
|
-
|
-
|
(2.9)
|
-
|
(2.9)
|
17.0
|
(134.3)
|
(251.1)
|
|
Accumulated losses
|
-
|
(495.7)
|
-
|
179.1
|
-
|
8.7
|
448.4
|
476.3
|
|
Shareholders' Equity
|
3,325.8
|
3,365.7
|
5,109.8
|
4,917.0
|
5,109.8
|
5,138.9
|
5,347.6
|
5,243.3
|
|
(=) Total Liabilities & Shareholders' Equity
|
7,352.4
|
10,647.4
|
14,004.8
|
13,397.2
|
14,004.8
|
14,570.1
|
15,336.9
|
16,129.0
|
Cash Flow Statement
|
Apr'08
|
Mar'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
(In millions of reais)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
Net Income (Loss) for the Year
|
(47.8)
|
(473.8)
|
986.5
|
167.1
|
308.7
|
8.7
|
439.7
|
27.9
|
Non-cash Adjustments:
|
||||||||
Earnings (Losses) from Equity Investments
|
(6.6)
|
(14.0)
|
18.6
|
9.4
|
5.8
|
0.4
|
3.8
|
(1.7)
|
Depreciation & Amortization
|
341.3
|
427.2
|
636.3
|
149.7
|
160.0
|
189.2
|
286.4
|
239.2
|
Losses (Gains) in Fixed Assets Disposals
|
(1.2)
|
(208.9)
|
(80.5)
|
1.1
|
20.8
|
3.1
|
(11.8)
|
2.1
|
Goodwill Amortization
|
201.4
|
196.5
|
85.6
|
-
|
-
|
-
|
-
|
-
|
Accrued Financial Expenses
|
(116.0)
|
932.5
|
(150.5)
|
(60.5)
|
281.9
|
162.6
|
(56.0)
|
61.6
|
Other Non-cash Items
|
(42.4)
|
(197.9)
|
104.2
|
(154.1)
|
51.2
|
38.8
|
(90.5)
|
24.5
|
(=) Adjusted Net Profit (Loss)
|
328.8
|
661.5
|
1,600.3
|
112.6
|
828.3
|
402.7
|
571.6
|
353.6
|
(±) Variation on Assets and Liabilities
|
(360.1)
|
(234.5)
|
(42.5)
|
(142.7)
|
217.3
|
96.6
|
(725.2)
|
(286.3)
|
(=) Cash Flow from Operating Activities
|
(31.3)
|
427.0
|
1,557.8
|
(30.1)
|
1,045.7
|
499.3
|
(153.7)
|
67.3
|
Additions on Investments, Net of Cash Received
|
(160.5)
|
(1,823.6)
|
(16.0)
|
(14.7)
|
(30.7)
|
(8.2)
|
(12.7)
|
-
|
Additions on Property, Plant and Equipment
|
(1,053.1)
|
(1,346.1)
|
(1,926.1)
|
(401.0)
|
(745.4)
|
(595.9)
|
(398.9)
|
(548.8)
|
Cash Received on Sale of Fixed Asset
|
12.2
|
372.1
|
126.2
|
1.8
|
5.3
|
0.7
|
17.2
|
2.2
|
(=) Cash Flow from Investment Activities
|
(1,201.4)
|
(2,797.6)
|
(1,816.0)
|
(413.9)
|
(770.9)
|
(603.5)
|
(394.4)
|
(546.6)
|
Additions of Debt
|
198.3
|
1,478.0
|
3,427.9
|
1,665.5
|
543.8
|
642.4
|
495.9
|
1,101.2
|
Payments of Principal and Interest on Debt
|
(839.4)
|
(257.2)
|
(2,846.6)
|
(1,838.4)
|
(563.1)
|
(561.6)
|
(224.7)
|
(458.2)
|
Capital Increase
|
1,742.6
|
884.5
|
533.9
|
532.4
|
0.1
|
-
|
-
|
-
|
Treasury Stock
|
-
|
(4.2)
|
-
|
-
|
-
|
-
|
-
|
(15.2)
|
Capital Increase by noncontrolling
|
-
|
15.4
|
-
|
-
|
-
|
-
|
403.3
|
-
|
Dividends
|
(75.8)
|
-
|
-
|
-
|
-
|
-
|
(193.0)
|
-
|
Other
|
-
|
(36.6)
|
(498.0)
|
-
|
(41.3)
|
-
|
-
|
-
|
(=) Cash Flows from Financing Activities
|
1,025.7
|
2,079.9
|
617.1
|
359.5
|
(60.5)
|
80.7
|
481.5
|
627.8
|
(=) Total Cash Flow
|
(207.0)
|
(290.7)
|
359.0
|
(84.6)
|
214.3
|
(23.5)
|
(66.5)
|
148.5
|
(+) Cash & Equivalents, Beginning
|
1,217.1
|
1,010.1
|
719.4
|
948.6
|
864.1
|
1,078.4
|
1,054.9
|
988.4
|
(=) Cash & Equivalents, Closing
|
1,010.1
|
719.4
|
1,078.4
|
864.1
|
1,078.4
|
1,054.9
|
988.4
|
1,136.9
|
Credit Statistics (LTM)
|
Apr'08
|
Mar'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
(In million of reais)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
Net Operating Revenues
|
2,736.2
|
6,270.1
|
15,336.1
|
13,291.7
|
15,336.1
|
15,769.6
|
16,910.3
|
17,848.3
|
l Gross Profit
|
349.0
|
799.4
|
2,125.4
|
1,591.4
|
2,125.4
|
2,264.2
|
2,468.9
|
2,586.8
|
l EBITDA
|
182.9
|
718.0
|
1,733.1
|
1,323.1
|
1,733.1
|
1,779.9
|
2,220.9
|
2,141.1
|
l EBIT
|
(158.4)
|
290.8
|
1,096.8
|
824.7
|
1,096.8
|
1,124.3
|
1,435.7
|
1,266.3
|
l Net Financial Expenses
|
106.2
|
179.9
|
361.8
|
329.8
|
361.8
|
367.7
|
373.9
|
381.2
|
l Net Profit
|
(47.8)
|
(473.8)
|
986.5
|
637.5
|
986.5
|
657.9
|
924.3
|
785.1
|
Liquid Funds
|
||||||||
l Cash and Cash Equivalents
|
1,010.1
|
719.4
|
1,078.4
|
864.1
|
1,078.4
|
1,054.9
|
988.4
|
1,136.9
|
Short-Term Debt
|
||||||||
l Loans and Financings
|
69.3
|
1,442.7
|
793.8
|
886.5
|
793.8
|
848.5
|
1,044.7
|
1,122.4
|
Long-Term Debt
|
||||||||
l Loans and Financings
|
1,562.5
|
2,312.3
|
4,540.0
|
4,278.4
|
4,540.0
|
4,709.3
|
4,684.7
|
5,315.5
|
Total Debt
|
1,631.8
|
3,755.0
|
5,333.8
|
5,164.9
|
5,333.8
|
5,557.8
|
5,729.4
|
6,438.0
|
Net Debt
|
621.7
|
3,035.6
|
4,255.4
|
4,300.8
|
4,255.4
|
4,502.9
|
4,741.0
|
5,301.1
|
Current Assets
|
2,272.4
|
3,074.9
|
3,892.8
|
4,212.8
|
3,892.8
|
4,195.1
|
4,807.1
|
5,154.3
|
Current Liabilities
|
566.5
|
2,325.2
|
2,117.9
|
2,345.5
|
2,117.9
|
2,457.3
|
2,722.8
|
2,918.9
|
Shareholders' Equity
|
3,325.8
|
3,365.7
|
5,109.8
|
4,917.0
|
5,109.8
|
5,138.9
|
5,347.6
|
5,243.3
|
Capex - Property, Plant and Equipment
|
1,053.1
|
1,346.1
|
1,180.7
|
1,515.3
|
1,180.7
|
2,101.4
|
2,141.2
|
2,289.0
|
EBITDA Margin
|
6.7%
|
11.5%
|
11.3%
|
10.0%
|
11.3%
|
11.3%
|
13.1%
|
12.0%
|
l Gross Profit Margin
|
12.8%
|
12.7%
|
13.9%
|
12.0%
|
13.9%
|
14.4%
|
14.6%
|
14.5%
|
l EBIT Margin
|
-5.8%
|
4.6%
|
7.2%
|
6.2%
|
7.2%
|
7.1%
|
8.5%
|
7.1%
|
l Net Profit Margin
|
-1.7%
|
-7.6%
|
6.4%
|
4.8%
|
6.4%
|
4.2%
|
5.5%
|
4.4%
|
Net Debt ÷ Shareholders' Equity
|
||||||||
l Net Debt %
|
15.8%
|
47.4%
|
45.4%
|
46.7%
|
45.4%
|
46.7%
|
47.0%
|
50.3%
|
l Shareholders' Equity %
|
84.2%
|
52.6%
|
54.6%
|
53.3%
|
54.6%
|
53.3%
|
53.0%
|
49.7%
|
Long-Term Payable Debt to Equity Ratio
|
0.5x
|
0.7x
|
0.9x
|
0.9x
|
0.9x
|
0.9x
|
0.2x
|
0.2x
|
Liquidity Ratio (Current Assets ÷ Current Liabilities)
|
4.0x
|
1.3x
|
1.8x
|
1.8x
|
1.8x
|
1.7x
|
1.8x
|
1.8x
|
Net Debt ÷ EBITDA
|
3.4x
|
4.2x
|
2.5x
|
3.3x
|
2.5x
|
2.5x
|
2.1x
|
2.5x
|
l Short-Term Net Debt ÷ EBITDA
|
0.4x
|
2.0x
|
0.5x
|
0.7x
|
0.5x
|
0.5x
|
0.5x
|
0.5x
|
Net Debt ÷ (EBITDA - Capex)
|
-0.7x
|
-4.8x
|
7.7x
|
-22.4x
|
7.7x
|
-14.0x
|
59.5x
|
-35.8x
|
Interest Cover (EBITDA ÷ Net Financial Exp.)
|
1.7x
|
4.0x
|
4.8x
|
4.0x
|
4.8x
|
4.8x
|
5.9x
|
5.6x
|
l Interest Cover (EBITDA - Op.Capes)÷Net Fin.)
|
-5.6x
|
0.9x
|
3.4x
|
2.0x
|
3.4x
|
4.8x
|
5.9x
|
5.6x
|
Avg. Debt Cost (Net.Fin.Exp. ÷ Net Debt)
|
17.1%
|
5.9%
|
8.5%
|
7.7%
|
8.5%
|
8.2%
|
7.9%
|
7.2%
|
I.
|
Financial Statements of Cosan Limited– USGAAP | |||||||||||
Income Statement
|
Apr'08
|
Apr'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
||||
(In millions of U.S. dollars)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
||||
Net sales
|
1,491.2
|
2,926.5
|
8,283.2
|
2,209.5
|
2,437.7
|
2,233.8
|
2,695.5
|
2,800.6
|
||||
(-)
|
Cost of goods sold
|
(1,345.6)
|
(2,621.9)
|
(7,223.3)
|
(1,965.3)
|
(2,041.1)
|
(1,994.5)
|
(2,305.7)
|
(2,484.9)
|
|||
(=) Gross profit
|
145.6
|
304.6
|
1,059.9
|
244.3
|
396.6
|
239.4
|
389.8
|
315.7
|
||||
(-)
|
Selling expenses
|
(168.6)
|
(213.3)
|
(470.3)
|
(128.0)
|
(125.2)
|
(122.7)
|
(151.2)
|
(167.7)
|
|||
(-)
|
General and administrative expenses
|
(115.1)
|
(140.1)
|
(271.3)
|
(106.7)
|
(93.9)
|
(68.3)
|
(79.9)
|
(81.1)
|
|||
(=) Operating income (loss)
|
(138.1)
|
(48.8)
|
318.3
|
9.6
|
177.6
|
48.4
|
158.7
|
66.9
|
||||
Operating margin
|
-9.3%
|
-1.7%
|
3.8%
|
0.4%
|
7.3%
|
2.2%
|
5.9%
|
2.4%
|
||||
(-) Other income (expense):
|
||||||||||||
Financial
|
116.8
|
(370.8)
|
203.7
|
(80.4)
|
4.2
|
(62.3)
|
61.8
|
(48.0)
|
||||
Other
|
(3.7)
|
(2.3)
|
178.9
|
155.5
|
30.5
|
(0.1)
|
(21.4)
|
4.2
|
||||
(=) Income (loss) before income taxes
|
(25.0)
|
(421.9)
|
700.9
|
84.7
|
212.3
|
(14.0)
|
199.1
|
23.1
|
||||
(-)
|
Income taxes expense (benefit)
|
19.8
|
144.7
|
(184.8)
|
(52.3)
|
(6.5)
|
(1.2)
|
(69.9)
|
(15.3)
|
|||
(=) Income (loss) before equity
|
(5.2)
|
(277.2)
|
516.2
|
32.4
|
205.8
|
(15.3)
|
129.2
|
7.8
|
||||
(±) Equity in income of affiliates
|
(0.2)
|
6.1
|
(10.3)
|
(3.8)
|
(4.8)
|
0.6
|
(2.1)
|
0.3
|
||||
(±) Minority interest in net (income) loss
|
22.0
|
83.0
|
(174.0)
|
(7.3)
|
(77.0)
|
2.8
|
(50.4)
|
(3.9)
|
||||
(=) Net income (loss)
|
16.6
|
(188.1)
|
331.9
|
21.3
|
124.0
|
(11.9)
|
76.7
|
4.2
|
||||
Margin
|
1.1%
|
-6.4%
|
4.0%
|
1.0%
|
5.1%
|
-0.5%
|
2.8%
|
0.2%
|
||||
l EBITDA
|
94.3
|
239.6
|
985.8
|
338.8
|
315.8
|
193.5
|
342.0
|
242.5
|
||||
Margin
|
6.3%
|
8.2%
|
11.9%
|
15.3%
|
13.0%
|
8.7%
|
12.7%
|
8.7%
|
||||
l EBIT
|
(141.8)
|
(51.1)
|
497.3
|
165.1
|
208.1
|
48.2
|
137.3
|
71.1
|
||||
Margin
|
-9.5%
|
-1.7%
|
6.0%
|
7.5%
|
8.5%
|
2.2%
|
5.1%
|
2.5%
|
||||
l Depreciation and amortization
|
236.1
|
290.7
|
488.5
|
173.7
|
107.7
|
145.3
|
204.8
|
171.4
|
Balance Sheet
|
Apr'08
|
Mar'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
(In millions of U.S. dollars)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
68.4
|
508.8
|
623.7
|
516.7
|
623.7
|
601.4
|
595.5
|
693.6
|
Restricted cash
|
47.2
|
5.1
|
25.3
|
98.8
|
25.3
|
28.5
|
44.8
|
165.8
|
Marketable securities
|
1,014.5
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Derivative financial instruments
|
31.5
|
7.4
|
129.5
|
41.4
|
129.5
|
80.2
|
98.0
|
108.0
|
Trade accounts receivable, net
|
126.9
|
258.9
|
430.3
|
293.5
|
430.3
|
343.7
|
448.6
|
394.6
|
Inventories
|
337.7
|
477.8
|
587.7
|
1,112.3
|
587.7
|
795.8
|
1,144.4
|
1,206.3
|
Advances to suppliers
|
133.7
|
89.0
|
132.3
|
138.6
|
132.3
|
179.6
|
173.5
|
161.2
|
Deferred income taxes
|
-
|
114.6
|
184.1
|
176.8
|
184.1
|
197.3
|
255.6
|
240.7
|
Other current assets
|
103.2
|
66.0
|
49.2
|
54.1
|
49.2
|
66.6
|
33.5
|
74.3
|
1,863.0
|
1,527.5
|
2,161.9
|
2,432.2
|
2,161.9
|
2,292.9
|
2,793.9
|
3,044.5
|
|
Noncurrent assets:
|
||||||||
Property, plant and equipment, net
|
2,018.1
|
2,259.4
|
4,146.5
|
3,737.0
|
4,146.5
|
4,205.3
|
4,473.6
|
4,725.5
|
Goodwill
|
772.6
|
888.8
|
1,362.1
|
1,624.4
|
1,362.1
|
1,361.8
|
1,479.7
|
1,492.6
|
Intangible assets, net
|
106.1
|
243.1
|
602.3
|
255.3
|
602.3
|
582.2
|
592.8
|
592.1
|
Accounts Receivable from Federal Government
|
202.8
|
139.7
|
187.4
|
190.3
|
187.4
|
186.7
|
200.2
|
205.3
|
Other non-current assets
|
306.4
|
362.6
|
534.8
|
635.0
|
534.8
|
561.2
|
624.2
|
681.8
|
3,406.1
|
3,893.6
|
6,833.0
|
6,442.0
|
6,833.0
|
6,897.2
|
7,370.5
|
7,697.3
|
|
(=) Total assets
|
5,269.1
|
5,421.1
|
8,994.9
|
8,874.2
|
8,994.9
|
9,190.2
|
10,164.4
|
10,741.9
|
Liabilities and shareholders' equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
114.4
|
197.2
|
320.0
|
409.3
|
320.0
|
397.9
|
491.6
|
453.2
|
Taxes payable
|
62.9
|
69.0
|
121.2
|
115.4
|
121.2
|
109.5
|
141.2
|
131.3
|
Salaries payable
|
47.8
|
40.2
|
79.5
|
76.4
|
79.5
|
122.1
|
133.1
|
105.4
|
Current portion of long-term debt
|
38.2
|
781.7
|
471.1
|
542.9
|
471.1
|
498.6
|
645.4
|
698.0
|
Derivative financial instruments
|
55.0
|
28.9
|
43.1
|
133.8
|
43.1
|
20.8
|
56.7
|
227.5
|
Dividends payable
|
-
|
-
|
24.7
|
-
|
24.7
|
24.4
|
1.3
|
1.2
|
Deferred income taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other liabilities
|
40.8
|
47.6
|
112.0
|
111.0
|
112.0
|
173.5
|
157.9
|
155.1
|
359.1
|
1,164.7
|
1,171.5
|
1,388.8
|
1,171.5
|
1,346.8
|
1,627.2
|
1,771.7
|
|
Long-term liabilities:
|
||||||||
Long-term debt
|
1,249.3
|
1,251.1
|
2,845.7
|
2,802.2
|
2,845.7
|
2,917.6
|
3,096.3
|
3,540.0
|
Estimated liability for legal proceedings
|
494.1
|
497.6
|
294.6
|
464.8
|
294.6
|
297.7
|
326.7
|
336.0
|
Taxes payable
|
170.4
|
151.5
|
381.8
|
220.6
|
381.8
|
380.7
|
410.3
|
425.2
|
Advances from customers
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Deferred income taxes
|
101.8
|
40.4
|
408.8
|
245.4
|
408.8
|
403.2
|
443.1
|
416.7
|
Pension Fund
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other long-term liabilities
|
101.7
|
175.0
|
209.4
|
219.5
|
209.4
|
205.3
|
215.2
|
213.7
|
2,117.4
|
2,115.6
|
4,140.3
|
3,952.4
|
4,140.3
|
4,204.5
|
4,491.7
|
4,931.6
|
|
Minority interest in consolidated subsidiaries
|
796.8
|
544.5
|
1,338.9
|
1,296.7
|
1,338.9
|
1,324.1
|
1,570.9
|
1,569.4
|
Shareholders' equity:
|
||||||||
Common stock
|
2.3
|
2.7
|
2.7
|
2.7
|
2.7
|
2.7
|
2.7
|
2.7
|
Additional paid-in capital
|
1,723.1
|
1,926.7
|
1,932.1
|
1,927.3
|
1,932.1
|
1,932.3
|
2,004.0
|
1,997.1
|
Accumulated other comprehensive income
|
171.8
|
(243.6)
|
167.1
|
188.1
|
167.1
|
149.4
|
231.2
|
228.5
|
Retained earnings (losses)
|
98.5
|
(89.6)
|
242.3
|
118.3
|
242.3
|
230.3
|
236.6
|
240.9
|
Total shareholders' equity
|
1,995.7
|
1,596.2
|
2,344.2
|
2,236.3
|
2,344.2
|
2,314.7
|
2,474.6
|
2,469.1
|
(=) Total liabilities and shareholders' equity
|
5,269.1
|
5,421.1
|
8,994.9
|
8,874.2
|
8,994.9
|
9,190.2
|
10,164.4
|
10,741.9
|
Cash Flow Statement
|
Apr'08
|
Mar'09
|
Mar'10
|
Dec'09
|
Mar'10
|
Jun'10
|
Sep'10
|
Dec'10
|
|
(In millions of U.S. dollars)
|
FY'08
|
FY'09
|
FY'10
|
3Q'10
|
4T'10
|
1T'11
|
2T'11
|
3T'11
|
|
l
|
Cash flow from operating activities:
|
||||||||
Net income (loss) for the year/quarter
|
16.6
|
(188.1)
|
331.9
|
21.3
|
124.0
|
(11.9)
|
76.7
|
4.2
|
|
Adjustments to reconcile net income (loss) to cash provided by operating activities:
|
|||||||||
Depreciation and amortization
|
236.1
|
290.7
|
488.5
|
173.7
|
107.7
|
145.3
|
204.8
|
171.4
|
|
Deferred income and social contribution taxes
|
(52.4)
|
(145.3)
|
143.3
|
52.3
|
(35.0)
|
(5.3)
|
42.9
|
14.8
|
|
Interest, monetary and exchange variation
|
(43.7)
|
497.3
|
(131.4)
|
(57.8)
|
130.6
|
72.3
|
(5.6)
|
(16.7)
|
|
Minority interest in net income of subsidiaries
|
(22.0)
|
(83.0)
|
174.0
|
7.3
|
77.0
|
1.1
|
46.5
|
3.9
|
|
Others
|
15.2
|
14.5
|
(137.3)
|
(99.0)
|
(2.7)
|
11.5
|
25.5
|
(25.7)
|
|
149.8
|
386.1
|
869.0
|
97.8
|
401.6
|
213.0
|
390.7
|
152.0
|
||
Decrease/increase in operating assets and liabilities:
|
|||||||||
Trade accounts receivable, net
|
(57.1)
|
(23.7)
|
1.4
|
46.9
|
(93.6)
|
85.1
|
(85.1)
|
81.3
|
|
Inventories
|
(31.7)
|
(85.9)
|
126.2
|
(198.8)
|
415.1
|
(158.0)
|
(261.3)
|
(41.5)
|
|
Advances to suppliers
|
(8.4)
|
21.1
|
37.4
|
27.0
|
41.9
|
(42.6)
|
7.3
|
2.4
|
|
Trade accounts payable
|
33.7
|
33.4
|
(26.1)
|
0.9
|
(81.4)
|
81.5
|
73.5
|
(44.0)
|
|
Derivative financial instruments
|
90.4
|
4.4
|
(111.1)
|
25.5
|
(178.2)
|
67.7
|
(107.8)
|
54.5
|
|
Taxes payable
|
(19.6)
|
(17.1)
|
192.5
|
(0.6)
|
252.1
|
(16.1)
|
19.2
|
(13.9)
|
|
Other assets and liabilities, net
|
(99.4)
|
(61.8)
|
(278.2)
|
11.2
|
(310.3)
|
64.7
|
(54.0)
|
(96.1)
|
|
(92.2)
|
(129.6)
|
(58.1)
|
(88.0)
|
45.6
|
82.4
|
(408.2)
|
(57.3)
|
||
(=) Net cash provided by operating actitivities
|
57.6
|
256.6
|
811.0
|
9.8
|
447.2
|
295.3
|
(17.5)
|
94.7
|
|
l
|
Cash flow from investing activities:
|
||||||||
Restricted cash
|
(25.9)
|
29.3
|
(18.7)
|
(14.6)
|
73.4
|
(28.5)
|
(16.4)
|
(121.0)
|
|
Marketable securities
|
(671.0)
|
558.8
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Acquisition of property, plant and equipment
|
(642.9)
|
(606.2)
|
(1,081.5)
|
(239.6)
|
(403.4)
|
(333.3)
|
(256.6)
|
(339.3)
|
|
Acquisitions, net of cash acquired
|
(102.0)
|
(930.4)
|
(9.0)
|
(239.7)
|
230.7
|
(2.1)
|
(7.6)
|
(0.2)
|
|
Other
|
-
|
160.7
|
6.0
|
(14.1)
|
(63.5)
|
0.4
|
80.9
|
2.7
|
|
(=) Net cash used in investing actitivities
|
(1,441.7)
|
(787.8)
|
(1,103.2)
|
(507.9)
|
(162.8)
|
(363.4)
|
(199.6)
|
(457.7)
|
|
l
|
Cash flow from financing activities:
|
||||||||
Proceeds from issuance of common stock
|
1,118.4
|
200.0
|
-
|
303.7
|
(304.4)
|
-
|
227.8
|
-
|
|
Capital increase on subsidiary from minority
|
324.4
|
11.2
|
57.4
|
(1.3)
|
121.3
|
-
|
-
|
-
|
|
Dividends Paid
|
(44.9)
|
-
|
-
|
-
|
-
|
-
|
(184.3)
|
(3.1)
|
|
Additions of financial debt
|
117.5
|
789.5
|
2,020.7
|
996.1
|
339.2
|
356.6
|
315.3
|
676.4
|
|
Payments of financial debt
|
(492.1)
|
(111.1)
|
(1,839.5)
|
(1,064.4)
|
(354.5)
|
(311.8)
|
(152.4)
|
(282.8)
|
|
Other
|
-
|
(17.8)
|
(85.6)
|
-
|
(85.6)
|
-
|
-
|
(9.0)
|
|
(=) Net cash provided by financing actitivities
|
1,023.3
|
871.9
|
153.0
|
234.0
|
(284.0)
|
44.8
|
206.4
|
381.5
|
|
Effect of exchange rate changes on cash and cash
|
112.6
|
99.7
|
195.7
|
(46.8)
|
48.2
|
1.0
|
4.9
|
79.5
|
|
(=) Variation in cash & equivalents
|
(248.2)
|
440.4
|
56.5
|
(310.9)
|
48.5
|
(22.3)
|
(5.9)
|
98.0
|
|
(+) Cash and cash equivalents at beginning of year
|
316.5
|
68.4
|
508.8
|
827.6
|
508.8
|
623.7
|
601.4
|
595.5
|
|
(=) Cash and cash equivalents at end of year
|
68.4
|
508.8
|
565.2
|
516.7
|
557.3
|
601.4
|
595.5
|
693.6
|
Report of independent registered public accounting firm
|
1
|
Condensed consolidated balance sheets
|
2
|
Condensed consolidated statements of operations
|
4
|
Condensed consolidated statement of shareholders’ equity and comprehensive income
|
5
|
Condensed consolidated statements of cash flows
|
6
|
Notes to the condensed consolidated financial statements
|
7
|
(Unaudited)
December 31,
2010
|
March 31,
2010
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
693,566 | 623,675 | ||||||
Restricted cash
|
165,796 | 25,251 | ||||||
Derivative financial instruments
|
108,032 | 129,456 | ||||||
Trade accounts receivable, less allowances: December 31, 2010 – $28,964; March 31, 2010 – $32,144
|
394,582 | 430,328 | ||||||
Inventories
|
1,206,343 | 587,720 | ||||||
Advances to suppliers
|
161,202 | 132,258 | ||||||
Taxes recoverable
|
240,725 | 184,090 | ||||||
Other current assets
|
74,291 | 49,155 | ||||||
3,044,537 | 2,161,933 | |||||||
Non-current assets:
|
||||||||
Property, plant, and equipment, net
|
4,725,474 | 4,146,499 | ||||||
Goodwill
|
1,492,633 | 1,362,071 | ||||||
Intangible assets, net
|
592,057 | 602,263 | ||||||
Accounts receivable from Federal Government
|
205,323 | 187,385 | ||||||
Judicial deposits
|
108,558 | 94,083 | ||||||
Other non-current assets
|
573,290 | 440,672 | ||||||
7,697,335 | 6,832,973 | |||||||
Total assets
|
10,741,872 | 8,994,906 |
(Unaudited)
December 31,
2010
|
March 31,
2010
|
|||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
453,184 | 320,044 | ||||||
Taxes payable
|
131,307 | 121,203 | ||||||
Salaries payable
|
105,407 | 79,497 | ||||||
Current portion of long-term debt
|
698,039 | 471,061 | ||||||
Derivative financial instruments
|
227,492 | 43,067 | ||||||
Dividends payable
|
1,193 | 24,696 | ||||||
Other current liabilities
|
155,120 | 111,971 | ||||||
1,771,742 | 1,171,539 | |||||||
Long-term liabilities:
|
||||||||
Long-term debt
|
3,539,997 | 2,845,667 | ||||||
Estimated liability for legal proceedings and labor claims
|
335,957 | 294,605 | ||||||
Taxes payable
|
425,212 | 381,805 | ||||||
Deferred income taxes
|
416,744 | 408,832 | ||||||
Other long-term liabilities
|
213,733 | 209,402 | ||||||
4,931,643 | 4,140,311 | |||||||
Shareholders’ equity:
|
||||||||
Common shares class A1, $.01 par value. 1,000,000,000 shares authorized; 174,355,341 shares issued and outstanding
|
1,743 | 1,743 | ||||||
Common shares class B1, $.01 par value. 96,332,044 shares authorized, issued and outstanding
|
963 | 963 | ||||||
Common shares class B2, $.01 par value. 92,554,316 shares authorized
|
- | - | ||||||
Additional paid-in capital
|
1,997,090 | 1,932,117 | ||||||
Accumulated other comprehensive income
|
228,463 | 167,103 | ||||||
Retained earnings
|
240,857 | 242,264 | ||||||
Equity attributable to shareholders of Cosan Ltd
|
2,469,116 | 2,344,190 | ||||||
Equity attributable to noncontrolling interests
|
1,569,371 | 1,338,866 | ||||||
Total shareholders’ equity
|
4,038,487 | 3,683,056 | ||||||
Total liabilities and shareholders’ equity
|
10,741,872 | 8,994,906 |
December 31,
2010
|
December 31,
2009
|
|||||||
Net sales
|
7,729,980 | 5,845,469 | ||||||
Cost of goods sold
|
(6,785,094 | ) | (5,182,198 | ) | ||||
Gross profit
|
944,886 | 663,271 | ||||||
Selling expenses
|
(441,685 | ) | (345,159 | ) | ||||
General and administrative expenses
|
(229,232 | ) | (177,394 | ) | ||||
Operating income
|
273,969 | 140,718 | ||||||
Other income (expenses):
|
||||||||
Financial income (expenses), net
|
(48,391 | ) | 199,497 | |||||
Gain on tax recovery program
|
- | 121,554 | ||||||
Other (expenses) income
|
(17,348 | ) | 26,878 | |||||
Income before income taxes and equity loss of affiliates
|
208,230 | 488,647 | ||||||
Income taxes expense
|
(86,449 | ) | (178,298 | ) | ||||
Income before equity loss of affiliates
|
121,781 | 310,349 | ||||||
Equity loss of affiliates
|
(1,247 | ) | (5,464 | ) | ||||
Net income
|
120,534 | 304,885 | ||||||
Less net income attributable to noncontrolling interests
|
(51,527 | ) | (97,025 | ) | ||||
Net income attributable to Cosan Ltd
|
69,007 | 207,860 | ||||||
Per-share amounts attributable to Cosan Ltd
|
||||||||
Basic and diluted
|
0.25 | 0.77 | ||||||
Weighted number of shares outstanding
|
||||||||
Basic and diluted
|
270,687,385 | 270,687,385 |
Common stock
|
||||||||||||||||||||||||||||||||||||
Common number of class A
Shares
|
Common number of class B shares
|
Common amount of class A shares
|
Common amount of class B shares
|
Additional
paid-in capital
|
Retained earnings
|
Accumulated other comprehensive income
|
Noncontrolling interests
|
Total shareholders’ equity
|
||||||||||||||||||||||||||||
Balances at March 31, 2010
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,932,117 | 242,264 | 167,103 | 1,338,866 | 3,683,056 | |||||||||||||||||||||||||||
Exercise of stock options
|
- | - | - | - | (1,481 | ) | - | (157 | ) | 3,522 | 1,884 | |||||||||||||||||||||||||
Exercise of common stock warrants
|
- | - | - | - | - | - | - | 1 | 1 | |||||||||||||||||||||||||||
Issuance of common shares of Rumo to Non-controlling interest
|
- | - | - | - | 73,111 | - | - | 154,679 | 227,790 | |||||||||||||||||||||||||||
Proportionate share on stock issuance costs of investee
|
- | - | - | - | (307 | ) | - | - | (187 | ) | (494 | ) | ||||||||||||||||||||||||
Share based compensation
|
- | - | - | - | 552 | - | - | 335 | 887 | |||||||||||||||||||||||||||
Dividends
|
- | - | - | - | - | (70,414 | ) | - | (17,948 | ) | (88,362 | ) | ||||||||||||||||||||||||
Subsidiary acquisition of its own common stock (treasury shares)
|
- | - | - | - | (6,902 | ) | - | 215 | (2,282 | ) | (8,969 | ) | ||||||||||||||||||||||||
Net Income
|
- | - | - | - | - | 69,007 | - | 51,527 | 120,534 | |||||||||||||||||||||||||||
Pension plan
|
- | - | - | - | - | - | (962 | ) | (584 | ) | (1,546 | ) | ||||||||||||||||||||||||
Effective portion of gains/losses on derivative instrument that qualifies as a cash flow hedge
|
- | - | - | - | - | - | (89,701 | ) | (54,550 | ) | (144,251 | ) | ||||||||||||||||||||||||
Gains/losses on available for sale securities
|
- | - | - | - | - | - | 2,203 | - | 2,203 | |||||||||||||||||||||||||||
Currency translation adjustment
|
- | - | - | - | - | - | 149,762 | 95,992 | 245,754 | |||||||||||||||||||||||||||
Total comprehensive income
|
- | - | - | - | - | - | 222,694 | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balances at December 31, 2010
|
174,355,341 | 96,332,044 | 1,743 | 963 | 1,997,090 | 240,857 | 228,463 | 1,569,371 | 4,038,487 |
December 31.
2010
|
December 31.
2009
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income attributable to Cosan Limited
|
69,007 | 207,860 | ||||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
521,429 | 380,791 | ||||||
Deferred income taxes
|
52,443 | 137,220 | ||||||
Interest, monetary and exchange variation
|
50,043 | (262,024 | ) | |||||
Gain on tax recovery program
|
- | (121,554 | ) | |||||
Net income attributable to noncontrolling interests
|
51,527 | 97,025 | ||||||
Others
|
11,274 | (22,396 | ) | |||||
Decrease/increase in operating assets and liabilities
|
||||||||
Trade accounts receivable net
|
81,253 | 94,947 | ||||||
Inventories
|
(460,808 | ) | (288,984 | ) | ||||
Taxes recoverable
|
(38,518 | ) | (5,111 | ) | ||||
Advances to suppliers
|
(32,877 | ) | (4,520 | ) | ||||
Trade accounts payable
|
111,009 | 55,264 | ||||||
Derivative financial instruments
|
14,403 | 67,138 | ||||||
Taxes payable
|
(10,798 | ) | (59,581 | ) | ||||
Other assets and liabilities, net
|
(46,797 | ) | 37,227 | |||||
Net cash provided by operating activities
|
372,590 | 313,302 | ||||||
Cash flows from investing activities:
|
||||||||
Restricted cash
|
(165,796 | ) | (92,059 | ) | ||||
Cash received from sales of noncurrent assets
|
12,066 | - | ||||||
Acquisition of investment
|
(9,883 | ) | - | |||||
Acquisition of property, plant and equipment
|
(929,101 | ) | (678,093 | ) | ||||
Acquisitions, net of cash acquired
|
- | (239,659 | ) | |||||
Dividends received
|
71,927 | - | ||||||
Others
|
- | 69,472 | ||||||
Net cash used in investing activities
|
(1,020,787 | ) | (940,339 | ) | ||||
Cash flows from financing activities:
|
||||||||
Related parties
|
- | (63,858 | ) | |||||
Proceeds from issuance of common stock
|
227,790 | 304,426 | ||||||
Acquisition of treasury shares
|
(8,969 | ) | - | |||||
Additions of long-term debt
|
1,348,242 | 1,681,429 | ||||||
Dividends payments
|
(187,407 | ) | - | |||||
Payments of long-term debt
|
(746,965 | ) | (1,485,016 | ) | ||||
Net cash provided by financing activities
|
632,691 | 436,981 | ||||||
Effect of exchange rate changes on cash and cash equivalents
|
85,397 | 197,981 | ||||||
Net increase (decrease) in cash and cash equivalents
|
69,891 | 7,925 | ||||||
Cash and cash equivalents at beginning of period
|
623,675 | 508,784 | ||||||
Cash and cash equivalents at end of period
|
693,566 | 516,709 | ||||||
Supplemental cash flow information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
182,149 | 146,041 | ||||||
Income taxes
|
16,045 | 2,189 |
1.
|
Operations
|
2.
|
Presentation of the consolidated financial statements
|
|
a.
|
Basis of reporting for interim financial statements
|
2.
|
Presentation of the consolidated financial statements (Continued)
|
|
b.
|
Use of estimates
|
|
c.
|
New Accounting Pronouncements
|
2.
|
Presentation of the consolidated financial statements (Continued)
|
|
c.
|
New Accounting Pronouncements (Continued)
|
|
d.
|
Derivative financial instruments
|
3.
|
Inventories
|
December 31,
2010
|
March 31,
2010
|
|||||||
Finished goods:
|
||||||||
Sugar
|
349,697 | 52,561 | ||||||
Ethanol
|
300,691 | 31,573 | ||||||
Lubricants and fuel (Gasoline, Diesel and Ethanol)
|
201,254 | 149,613 | ||||||
851,642 | 233,747 | |||||||
Annual maintenance cost of growing crops
|
220,475 | 243,709 | ||||||
Supplies and others
|
134,226 | 110,264 | ||||||
1,206,343 | 587,720 |
4.
|
Taxes payable
|
December 31,
2010
|
March 31,
2010
|
|||||||
ICMS – State VAT
|
25,325 | 27,623 | ||||||
IPI
|
22,832 | 3,582 | ||||||
INSS
|
13,932 | 13,414 | ||||||
PIS
|
3,816 | 4,564 | ||||||
COFINS
|
17,571 | 18,010 | ||||||
Tax Recovery from Brazilian Law No 11.941/09 and MP 470/09
|
398,438 | 373,650 | ||||||
Income tax and social contribution
|
59,000 | 50,471 | ||||||
Others
|
16,045 | 11,694 | ||||||
556,959 | 503,008 | |||||||
Current liabilities
|
(131,307 | ) | (121,203 | ) | ||||
Long-term liabilities
|
425,652 | 381,805 |
5.
|
Long-term debt
|
Index
|
Average annual interest rate
|
December 31,
2010
|
March 31, 2010
|
||||||||||
Resolution No. 2471 (PESA)
|
IGP-M
|
3.9 | % | 350,605 | 297,243 | ||||||||
Senior notes due 2014
|
US Dollar
|
9.5 | % | 363,300 | 354,433 | ||||||||
Senior notes due 2017
|
US Dollar
|
7.0 | % | 412,160 | 405,258 | ||||||||
Perpetual notes
|
US Dollar
|
8.3 | % | 759,265 | 455,820 | ||||||||
BNDES
|
TJLP
|
3.6 | % | 974,099 | 520,068 | ||||||||
Credit notes
|
DI
|
2.4 | % | 183,516 | 212,660 | ||||||||
Credit notes
|
US Dollar
|
6.2 | % | 101,094 | 102,656 | ||||||||
Export Pre-payments
|
US Dollar + Libor
|
6.3 | % | 435,451 | 547,230 | ||||||||
ACC – Export pre payments
|
US Dollar
|
1.6 | % | 126,248 | 103,416 | ||||||||
Others
|
Various
|
Various
|
532,298 | 317,944 |
4,238,036 | 3,316,728 | |||||||
Current portion
|
(698,039 | ) | (471,061 | ) | ||||
Long-term debt
|
3,539,997 | 2,845,667 |
2012
|
526,824 | |||
2013
|
229,084 | |||
2014
|
573,392 | |||
2015
|
428,972 | |||
2016 and thereafter
|
1,781,725 | |||
3,539,997 |
5.
|
Long-term debt (Continued)
|
5.
|
Long-term debt (Continued)
|
6.
|
Related parties
|
Assets
|
||||||||
December 31,
2010
|
March 31, 2010
|
|||||||
Rezende Barbosa S.A. Administração e Participações
|
50,014 | 48,889 | ||||||
Vertical UK LLP
|
7,575 | 8,403 | ||||||
Others
|
216 | 2,377 | ||||||
57,805 | 59,669 | |||||||
Current (*)
|
(12,183 | ) | (13,958 | ) | ||||
Noncurrent (*)
|
45,622 | 45,711 | ||||||
Liabilities
|
||||||||
December 31,
2010
|
March 31, 2010
|
|||||||
Rezende Barbosa S.A. Administração e Participações
|
43,356 | - | ||||||
Logispot Armazéns Gerais S.A.
|
- | 6,313 | ||||||
Others
|
1,434 | 1,781 | ||||||
44,790 | 8,094 | |||||||
Current (*)
|
(44,790 | ) | (8,094 | ) | ||||
Noncurrent
|
- | - |
(*) included in other current and non-current assets or liabilities
|
6.
|
Related parties (Continued)
|
December 31,
2010
|
December 31,
2009
|
|||||||
Transactions involving assets
|
||||||||
Sale of products and services to associates
|
103,529 | 98,320 | ||||||
Cash received due to the sale of products, services, and other assets
|
(109,230 | ) | (109,642 | ) | ||||
Added through acquisition
|
- | 73,338 | ||||||
Transactions involving liabilities
|
||||||||
Purchase of sugar cane from associates
|
173,845 | 80,227 | ||||||
Payments to associates
|
(139,361 | ) | (52,667 | ) |
7.
|
Estimated liability for legal proceedings and labor claims and commitments
|
December 31,
2010
|
March 31,
2010
|
|||||||
Tax contingencies
|
192,615 | 173,924 | ||||||
Civil and labor contingencies
|
143,342 | 120,681 | ||||||
335,957 | 294,605 |
December 31,
2010
|
March 31,
2010
|
|||||||
Compensation with Finsocial
|
108,561 | 97,114 | ||||||
ICMS credits
|
43,170 | 33,824 | ||||||
PIS and Cofins
|
15,590 | 11,910 | ||||||
IPI – Federal VAT
|
5,179 | 4,692 | ||||||
Other
|
20,115 | 26,384 | ||||||
192,615 | 173,924 |
7.
|
Estimated liability for legal proceedings and labor claims and commitments (Continued)
|
Balance at March 31, 2010
|
294,605 | |||
Provision
|
29,081 | |||
Settlements
|
(38,006 | ) | ||
Accrued interest
|
29,282 | |||
Foreign currency translation
|
20,995 | |||
Balance at December 31, 2010
|
335,957 |
December 31,
2010
|
March 31,
2010
|
|||||||
Withholding income tax
|
115,103 | 102,652 | ||||||
ICMS – State VAT
|
292,042 | 180,988 | ||||||
IPI - Federal VAT
|
264,375 | 246,190 | ||||||
PIS and COFINS
|
89,068 | 80,604 | ||||||
Civil and labor
|
373,097 | 275,403 | ||||||
INSS and other
|
124,917 | 69,842 | ||||||
1,258,602 | 955,679 |
8.
|
Accounts receivable from Federal Government
|
9.
|
Financial income and expenses, net
|
Nine-month period ended
|
||||||||
December 31,
2010
|
December 31,
2009
|
|||||||
Financial expenses
|
||||||||
Interest
|
(215,661 | ) | (207,538 | ) | ||||
Monetary variation
|
(39,246 | ) | (82,777 | ) | ||||
Other
|
(2,194 | ) | (3,258 | ) | ||||
(257,101 | ) | (293,573 | ) | |||||
Financial income
|
||||||||
Interest
|
33,193 | 52,672 | ||||||
Monetary variation
|
14,361 | 2,520 | ||||||
Other
|
34,632 | 39,951 | ||||||
82,186 | 95,143 | |||||||
Foreign exchange gains
|
124,640 | 318,098 | ||||||
Derivatives
|
||||||||
Commodities
|
(14,380 | ) | (193,880 | ) | ||||
Exchange rate and interest
|
16,264 | 273,709 | ||||||
1,884 | 79,829 | |||||||
Financial income, net
|
(48,391 | ) | 199,497 |
10.
|
Income taxes
|
December 31,
2010
|
December 31,
2009
|
|||||||
Income taxes expense:
|
||||||||
Current
|
(34,016 | ) | (41,078 | ) | ||||
Deferred
|
(52,433 | ) | (137,220 | ) | ||||
(86,449 | ) | (178,298 | ) |
December 31,
2010
|
December 31,
2009
|
|||||||
Income before income taxes and equity in loss of affiliates
|
208,230 | 488,647 | ||||||
Income tax expense at statutory rate — 34%
|
(70,798 | ) | (166,140 | ) | ||||
Increase (reduction) in income taxes resulting from:
|
||||||||
Nontaxable income (loss) of the Company
|
(1,001 | ) | 6,410 | |||||
Equity in earnings of affiliates not subject to taxation
|
(430 | ) | (1,840 | ) | ||||
Nondeductible donations and contributions
|
(4,610 | ) | (1,437 | ) | ||||
Recognized granted options
|
(300 | ) | (1,526 | ) | ||||
Tax loss carryforward unrealizable in subsidiaries
|
(4,315 | ) | (1,359 | ) | ||||
Others
|
(4,995 | ) | (12,406 | ) | ||||
Income tax expense
|
(86,449 | ) | (178,298 | ) |
Balance at March 31, 2010
|
49,013 | |||
Accrued interest on unrecognized tax benefit
|
1,916 | |||
Settlements
|
(145 | ) | ||
Effect of foreign currency translation
|
3,428 | |||
Balance at December 31, 2010 (*)
|
54,212 |
10.
|
Income taxes (Continued)
|
11.
|
Shareholders’ equity
|
|
a.
|
Capital
|
Shareholder
|
Class A shares
and/or BDRs
|
%
|
Class B shares
|
%
|
||||||||||||
Queluz Holding Limited
|
11,111,111 | 6.37 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Aguassanta Participaçơes S.A.
|
5,000,000 | 2.87 | - | - | ||||||||||||
Gávea Funds
|
33,333,333 | 19.12 | - | - | ||||||||||||
Others
|
124,910,897 | 71.64 | - | - | ||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
|
b. Additional paid-in capital and noncontrolling interest
|
|
12.
|
Deferred gain on sale of investments in subsidiaries
|
13.
|
Share-based compensation
|
13.
|
Share-based compensation (Continued)
|
Options
granted on
September 22,
2005
|
Options
granted on
September 11,
2007
|
Options
granted on
August 7,
2009
|
||||
Grant price - in U.S. dollars
|
3.67
|
3.67
|
3.67
|
|||
Expected life (in years)
|
7.5
|
7.5
|
Immediate
|
|||
Interest rate
|
14.52%
|
9.34%
|
(1)
|
|||
Expected volatility
|
34.00%
|
46.45%
|
(1)
|
|||
Expected dividend yield
|
1.25%
|
1.47%
|
(1)
|
|||
Weighted-average fair value at grant date - in U.S. dollars
|
7.41
|
10.92
|
(1)
|
|
(1)
|
The options were fully vested at the date of issuance so the fair value was the quoted market price as of the grant date.
|
14.
|
Risk management and financial instruments
|
Notional
|
Fair Value
|
|||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||
2010
|
2010
|
2010
|
2010
|
|||||||||||||
Price risk
|
||||||||||||||||
Commodity derivatives
|
||||||||||||||||
Future contracts
|
1,027,319 | 661,110 | (157,488 | ) | 63,101 | |||||||||||
Options contracts
|
11,727 | 603,357 | (25,908 | ) | (6,586 | ) | ||||||||||
Swap contracts
|
758,912 | 56,594 | (4 | ) | 607 | |||||||||||
(183,400 | ) | 57,122 | ||||||||||||||
Exchange rate risk
|
||||||||||||||||
Future contracts
|
154,309 | 1,180,829 | 1,321 | 264 | ||||||||||||
Forward contracts
|
682,979 | 537,422 | 60,933 | 20,527 | ||||||||||||
Options contracts
|
35,711 | 377,036 | 2,955 | 8,827 | ||||||||||||
65,209 | 29,618 | |||||||||||||||
Interest rate risk
|
||||||||||||||||
Interest derivative
|
207,574 | 291,291 | (1,269 | ) | (351 | ) | ||||||||||
(1,269 | ) | (351 | ) | |||||||||||||
Total
|
(119,460 | ) | 86,389 | |||||||||||||
Total Assets
|
108,032 | 129,456 | ||||||||||||||
Total Liabilities
|
(227,492 | ) | (43,067 | ) |
14.
|
Risk management and financial instruments (continued)
|
Price risk: price derivatives outstanding as of December 31, 2010
|
|||||||||||||||||
Derivative
|
Purchased /
sold |
Market
|
Contract
|
Maturity
|
Notional
|
Fair Value
|
|||||||||||
Derivative financial instruments designated as cash flow hedges | |||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
(141.838 | ) | (41.973 | ) | |||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/May/11
|
(26.294 | ) | (14.623 | ) | |||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Jul/11
|
(107.259 | ) | (26.491 | ) | |||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Oct/11
|
(74.827 | ) | (19.438 | ) | |||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Mar/12
|
(20.049 | ) | (335 | ) | |||||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
(30.238 | ) | (23.353 | ) | |||||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/May/11
|
(16.534 | ) | 115 | ||||||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/Jul/11
|
(170.502 | ) | (18.724 | ) | |||||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/Oct/11
|
(176.946 | ) | (20.452 | ) | |||||||||
Subtotal designated as cash flow hedges
|
(764.487 | ) | (165.274 | ) | |||||||||||||
Derivative financial instruments not designated under hedge accounting
|
|||||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
(27.017 | ) | (10.414 | ) | |||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Oct/11
|
(34.436 | ) | (15.070 | ) | |||||||||
(61.453 | ) | (25.484 | ) | ||||||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Mar/11
|
(24.904 | ) | 1.285 | ||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Mar/11
|
(5.960 | ) | 3.957 | ||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Oct/11
|
(24.752 | ) | 2.643 | ||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Mar/12
|
(30.125 | ) | 13.890 | ||||||||||
Swap
|
Purchased
|
NYBOT
|
#11 |
01/Jul/11
|
(53.872 | ) | 4.806 | ||||||||||
Swap
|
Purchased
|
NYBOT
|
#11 |
01/Oct/11
|
(61.768 | ) | 6.688 | ||||||||||
(201.381 | ) | 33.270 | |||||||||||||||
Future
|
Sold
|
BMFBovespa
|
Hydrated ethanol
|
31/Jan/11
|
758.912 | (4 | ) | ||||||||||
758.912 | (4 | ) | |||||||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
01/Mar/11
|
3.022 | (13.173 | ) | ||||||||||
Call
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
451 | (2.513 | ) | ||||||||||
Call
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
160 | (865 | ) | ||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
1.711 | (5.293 | ) | ||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
2.390 | (6.531 | ) | ||||||||||
7.734 | (28.374 | ) | |||||||||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
1.677 | 1.000 | |||||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
2.316 | 1.466 | |||||||||||
3.993 | 2.466 | ||||||||||||||||
Subtotal derivative financial instruments not designated under hedge accounting
|
507.807 | (18.126 | ) | ||||||||||||||
Total price risk related derivatives
|
(256.680 | ) | (183.400 | ) |
|
c)
|
Foreign exchange risk
|
Foreing exchange risk: derivatives outstanding as of December 31, 2010 | |||||||||||||
Derivative
|
Purchased /
Sold
|
Market
|
Contract
|
Maturity
|
Notional
|
Fair value
|
|||||||
US$ (thousand)
|
US$ (thousand)
|
||||||||||||
Derivative financial instruments designated as cash flow hedge.
|
|||||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
January 3, 2011
|
53,691
|
8,688
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
April 1, 2011
|
111,196
|
9,104
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
May 31, 2011
|
84,792
|
12,027
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
July 1, 2011
|
59,597
|
7,134
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
August 1, 2011
|
62,267
|
9,224
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
October 3, 2011
|
156,860
|
20,715
|
|||||||
Sub-total designated as cash flow hedge
|
528,403
|
66,892
|
|||||||||||
Derivative financial instruments not designated under hedge accounting
|
|||||||||||||
|
|||||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial U.S. dollar rate
|
January 3, 2011
|
228,604
|
1,639
|
|||||||
Future
|
Sold
|
BMFBovespa
|
Commercial U.S. dollar rate
|
February 1, 2011
|
83,526
|
809
|
|||||||
Sub-total Future Sold
|
312,130
|
2,448
|
|||||||||||
Future
|
Purchased
|
BMFBovespa
|
Commercial U.S. dollar rate
|
January 3, 2011
|
(157,821)
|
(1,126)
|
|||||||
Sub-total Future Purchased
|
(157,821)
|
(1,126)
|
14.
|
Risk management and financial instruments (continued)
|
|
c)
|
Foreign exchange risk (Continued)
|
Foreign exchange risk: derivatives outstanding as of December 31, 2010
|
||||||||||||||||
Derivative
|
Purchased /
Sold
|
Market
|
Contract
|
Maturity
|
Notional
|
Fair value | ||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
February 2, 2011
|
6,352 | (140 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
May 2, 2011
|
6,470 | (138 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
August 2, 2011
|
6,610 | (136 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
November 1, 2011
|
6,749 | (153 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
February 1, 2012
|
6,895 | (190 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
May 2, 2012
|
7,035 | (188 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
August 1, 2012
|
7,189 | (198 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 30, 2012
|
7,345 | (212 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
January 31, 2013
|
7,505 | (215 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
April 30, 2013
|
7,646 | (195 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
July 31, 2013
|
7,800 | (181 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 31, 2013
|
7,956 | (169 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
January 31, 2014
|
8,115 | (191 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
April 29, 2014
|
8,248 | (278 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
July 31, 2014
|
8,404 | (379 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 31, 2014
|
8,559 | (478 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
February 2, 2015
|
8,700 | (551 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
April 29, 2015
|
8,838 | (598 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
July 31, 2015
|
9,004 | (660 | ) | |||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 30, 2015
|
9,155 | (710 | ) | |||||||||
Sub-total Forward Purchased
|
154,575 | (5,960 | ) | |||||||||||||
Commercial U.S. dollar
|
||||||||||||||||
Put Offshore
|
Purchased
|
OTC
|
rate
|
February 11, 2011
|
25,677 | 1,776 | ||||||||||
Commercial U.S. dollar
|
||||||||||||||||
Put Offshore
|
Purchased
|
OTC
|
rate
|
February 11, 2011
|
10,035 | 1,179 | ||||||||||
Sub-total Put Purchased
|
35,711 | 2,955 | ||||||||||||||
Total de Foreign exchange derivatives designated for exportation
|
872,999 | 65,209 | ||||||||||||||
Swap
|
Purchased
|
OTC/Cetip
|
U.S. dollar/DI
|
193,268 | 22,032 | |||||||||||
Swap
|
Sold
|
OTC/Cetip
|
U.S. dollar/DI
|
(193,268 | ) | (22,032 | ) | |||||||||
Total Foreing exchange
|
872,999 | 65,209 |
14.
|
Risk management and financial instruments (continued)
|
|
c)
|
Foreign exchange risk (Continued)
|
December 31,
2010
|
March 31,
2010
|
|||||||
Amounts pending foreign exchange closing | 9,666 | 71,732 | ||||||
Overnight | 10,161 | 28,338 | ||||||
Trade notes receivable - foreign | 57,704 | 83,467 | ||||||
Senior Notes due in 2014 | (363,300 | ) | (354,433 | ) | ||||
Senior Notes due in 2017 | (412,160 | ) | (405,258 | ) | ||||
Perpetual bonds | (759,265 | ) | (455,820 | ) | ||||
Foreign currency-denominated loans | (227,342 | ) | (206,072 | ) | ||||
Export pre-payments | (435,451 | ) | (547,230 | ) | ||||
Restricted cash | 165,796 | 25,251 | ||||||
Exchange exposure | (1,954,191 | ) | (1,760,025 | ) |
14.
|
Risk management and financial instruments (continued)
|
Expected period to affect P&L
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2010/2011 | 2011/2012 |
Total
|
|||||||||
Future
|
OTC/ NYBOT
|
#11
|
(56,790 | ) | (221,363 | ) | (278,153 | ) | ||||||
NDF
|
OTC/ CETIP
|
USD
|
5,693 | 53,896 | 59,589 | |||||||||
(51,097 | ) | (167,467 | ) | (218,564 | ) | |||||||||
(-) Deferred income taxes
|
17,374 | 56,939 | 74,313 | |||||||||||
Shareholders' equity effect
|
(33,723 | ) | (110,528 | ) | (144,251 | ) |
Cash flow hedges
|
||||
Balance at March 31, 2010
|
- | |||
Gain/(losses) of cash flow hedges for the period
|
||||
Commodities future and swap contracts
|
(342,540 | ) | ||
Currency forward contracts
|
73,847 | |||
Reclassification adjustments for losses included in the income statement (net sales)
|
50,129 | |||
Total before tax effect
|
(218,564 | ) | ||
Tax effect on gain/(losses) of cash flow hedges for the period – 34%
|
74,313 | |||
Balance at December 31, 2010
|
(144,251 | ) |
14.
|
Risk management and financial instruments (Continued)
|
|
e)
|
Interest rate risk
|
Interest rate risk: outstanding interest rate swap derivatives on December 31, 2010 | |||||||||||||||||||
Derivative | Purchased/sold | Market | Contract | Number of Contract | Average price | Notional | Fair value | ||||||||||||
Swap | Purchased | OCT/Cetip | Fix/Libor 3 month | 1 | 1.199%/libor 3 Month | 69,192 | (423 | ) | |||||||||||
Swap | Purchased | OCT/Cetip | Fix/Libor 3 month | 1 | 1.199%/libor 3 Month | 138,382 | (846 | ) | |||||||||||
207,574 | (1,269 | ) |
|
f)
|
Credit risk
|
14.
|
Risk management and financial instruments (Continued)
|
|
f)
|
Credit risk (Continued)
|
|
g)
|
Debt acceleration risk
|
15.
|
Fair value measurements
|
16.
|
Fair value measurements (continued)
|
Fair value measurements
|
Level 1
|
Level 2
|
Total
|
|||||||||
Derivatives
|
(126,028 | ) | 6,568 | (119,460 | ) | |||||||
Assets
|
108,032 | |||||||||||
Liabilities
|
(227,492 | ) | ||||||||||
Total
|
(119,460 | ) |
16.
|
Segment information
|
16.
|
Segment information (Continued)
|
December 31, 2010
|
||||||||||||||||||||
S&E
|
CCL |
RUMO
|
Adjustment/
elimination |
Consolidated
|
||||||||||||||||
Brazilian GAAP
|
US GAAP
|
|||||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Property, plant & equipment (PP&E)
|
3,076,888 | 235,627 | 392,876 | 1,020,083 | 4,725,474 | |||||||||||||||
Goodwill and Intangible assets
|
861,051 | 858,060 | 44,213 | 321,366 | 2,084,690 | |||||||||||||||
Loans, net of cash and cash equivalents
|
(3,292,443 | ) | (276,906 | ) | (3,985 | ) | 28,864 | (3,544,470 | ) | |||||||||||
Others assets (liabilities)
|
2,518,543 | 349,950 | 14,467 | (2,110,167 | ) | 772,793 | ||||||||||||||
Total net assets
|
3,164,039 | 1,166,731 | 447,571 | (739,854 | ) | 4,038,487 | ||||||||||||||
Income statements (9 months)
|
||||||||||||||||||||
Net Sales
|
2,700,275 | 5,087,365 | 208,236 | (265,896 | ) | 7,729,980 | ||||||||||||||
Gross profit
|
605,232 | 362,451 | 66,202 | (88,999 | ) | 944,886 | ||||||||||||||
Selling general and administrative expenses
|
(412,335 | ) | (230,643 | ) | (11,843 | ) | (16,096 | ) | (670,917 | ) | ||||||||||
Operating income
|
192,897 | 131,808 | 54,359 | (105,095 | ) | 273,969 | ||||||||||||||
Other income (expense)
|
94,081 | 8,639 | 4,997 | (125,065 | ) | (17,348 | ) | |||||||||||||
Other selected data:
|
||||||||||||||||||||
Additions to PP&E (Capex)
|
647,701 | 56,486 | 224,914 | - | 929,101 | |||||||||||||||
Depreciation and amortization
|
380,027 | 21,242 | 8,115 | 112,045 | 521,429 |
16.
|
Segment information (Continued)
|
March 31, 2010
|
||||||||||||||||||||
S&E
|
CCL
|
RUMO
|
Adjustment/
elimination |
Consolidated
|
||||||||||||||||
Brazilian GAAP
|
US GAAP
|
|||||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Property, plant & equipment (PP&E)
|
2,775,752 | 199,983 | 165,094 | 1,005,670 | 4,146,499 | |||||||||||||||
Goodwill and Intangible assets
|
735,198 | 774,716 | 38,824 | 415,596 | 1,964,334 | |||||||||||||||
Loans, net of cash and cash equivalents
|
(2,443,354 | ) | (249,839 | ) | (59,799 | ) | 59,939 | (2,693,053 | ) | |||||||||||
Others assets (liabilities)
|
2,113,306 | 342,720 | 7,696 | (2,198,446 | ) | 265,276 | ||||||||||||||
Total net assets | 3,180,902 | 1,067,580 | 151,815 | (717,241 | ) | 3,683,056 |
December 31, 2009
|
||||||||||||||||||||
S&E
|
CCL
|
RUMO
|
Adjustment/
elimination |
Consolidated
|
||||||||||||||||
Brazilian GAAP
|
US GAAP
|
|||||||||||||||||||
Income statements (9 months)
|
||||||||||||||||||||
Net sales | 1,888,554 | 4,004,480 | 62,516 | (110,081 | ) | 5,845,469 |
Gross profit
|
404,958 | 298,685 | 15,403 | (55,774 | ) | 663,271 | ||||||||||||||
Selling, general and administrative expenses
|
(320,130 | ) | (186,328 | ) | (6,528 | ) | (9,566 | ) | (522,553 | ) | ||||||||||
Operating income
|
84,829 | 112,357 | 8,874 | (65,342 | ) | 140,718 | ||||||||||||||
Other income (expense)
|
116,759 | 50,660 | (12,647 | ) | (6,340 | ) | 148,432 | |||||||||||||
Other selected data:
|
||||||||||||||||||||
Additions to PP&E (Capex)
|
654,879 | 22,808 | 406 | - | 678,093 | |||||||||||||||
Depreciation and amortization
|
232,592 | 14,196 | 5,674 | 128,329 | 380,791 |
|
b.
|
Detailed net sales per segment
|
December 31, 2010
|
December 31, 2009 | |||||||
S&E (Brazilian GAAP)
|
||||||||
Sugar
|
1,642,591 | 1,145,897 | ||||||
Ethanol
|
880,202 | 607,054 | ||||||
Cogeneration
|
109,107 | 45,969 | ||||||
Other
|
68,375 | 89,634 | ||||||
CCL (Brazilian GAAP)
|
2,700,275 | ,888,554 | ||||||
Fuels
|
4,707,665 | 3,728,550 | ||||||
Lubricants
|
351,406 | 246,487 | ||||||
Other
|
28,294 | 29,442 | ||||||
Rumo (Brazilian GAAP)
|
5,087,365 | 4,004,480 | ||||||
Port lifting
|
58,904 | 61,082 | ||||||
Logistics
|
142,862 | 1,432 | ||||||
Other
|
6,470 | - | ||||||
208,236 | 62,514 | |||||||
Adjustments / eliminations
|
(265,896 | ) | (110,079 | ) | ||||
Total (US GAAP)
|
7,729,980 | 5,845,469 |
December 31, 2010
|
December 31, 2009 | |||||||
Sales by geographic area
|
||||||||
Brazil
|
67.65% | 80.14% | ||||||
Europe
|
26.45% | 13.33% | ||||||
Middle east and Asia
|
2.51% | 2.06% | ||||||
North America
|
1.01% | 3.43% | ||||||
Latin American (Except Brazil)
|
0.57% | 0.44% | ||||||
Others
|
1.81% | 0.60% | ||||||
Total
|
100.00% | 100.00% |
16.
|
Segment information (Continued)
|
17.
|
Subsequent events
|
Report of independent registered public accounting firm
|
1
|
Condensed consolidated balance sheets
|
2
|
Condensed consolidated statements of operations
|
4
|
Condensed consolidated statement of shareholders’ equity and comprehensive income
|
5
|
Condensed consolidated statements of cash flows
|
6
|
Notes to the condensed consolidated financial statements
|
7
|
(Unaudited)
December 31,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
682,320 | 605,483 | ||||||
Restricted cash
|
165,796 | 25,251 | ||||||
Derivative financial instruments
|
108,032 | 129,456 | ||||||
Trade accounts receivable, less allowances: December 31, 2010 – $28,964; March 31, 2010 – $32,144
|
394,582 | 430,328 | ||||||
Inventories
|
1,206,343 | 587,720 | ||||||
Advances to suppliers
|
161,202 | 132,258 | ||||||
Recoverable taxes
|
240,725 | 184,090 | ||||||
Other current assets
|
74,023 | 48,303 | ||||||
3,033,023 | 2,142,889 | |||||||
Non-current assets:
|
||||||||
Property, plant, and equipment, net
|
4,584,208 | 3,997,815 | ||||||
Goodwill
|
1,420,186 | 1,289,625 | ||||||
Intangible assets, net
|
590,465 | 600,573 | ||||||
Accounts receivable from federal government
|
205,323 | 187,385 | ||||||
Judicial deposits
|
108,558 | 94,083 | ||||||
Other non-current assets
|
554,403 | 423,447 | ||||||
7,463,143 | 6,592,928 | |||||||
Total assets
|
10,496,166 | 8,735,817 |
(Unaudited)
December 31,
|
March 31,
|
|||||||
2010
|
2010
|
|||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
452,744 | 319,707 | ||||||
Taxes payable
|
131,307 | 121,203 | ||||||
Salaries payable
|
105,407 | 79,497 | ||||||
Current portion of long-term debt
|
672,983 | 445,593 | ||||||
Derivative financial instruments
|
227,492 | 43,067 | ||||||
Dividends payable
|
4,224 | 65,451 | ||||||
Other current liabilities
|
155,119 | 111,971 | ||||||
1,749,276 | 1,186,489 | |||||||
Long-term liabilities:
|
||||||||
Long-term debt
|
3,537,602 | 2,842,953 | ||||||
Estimated liability for legal proceedings and labor claims
|
335,957 | 294,605 | ||||||
Taxes payable
|
425,212 | 381,805 | ||||||
Deferred income taxes
|
416,744 | 408,832 | ||||||
Other long-term liabilities
|
164,588 | 154,728 | ||||||
4,880,103 | 4,082,923 | |||||||
Shareholders’ equity
|
||||||||
Cosan shareholders’ equity:
|
||||||||
Common stock, no par value. Authorized 407,101,853 shares; issued and outstanding 407,101,853 as of December 31, 2010 and 406,560,317 shares as of March 31, 2010
|
2,425,641 | 2,420,018 | ||||||
Treasury stock
|
(10,948 | ) | (1,979 | ) | ||||
Additional paid-in capital
|
504,796 | 390,600 | ||||||
Accumulated other comprehensive income
|
438,204 | 343,136 | ||||||
Retained earnings
|
349,478 | 281,238 | ||||||
Equity attributable to shareholders of Cosan
|
3,707,171 | 3,433,013 | ||||||
Equity attributable to noncontrolling interests
|
159,616 | 33,392 | ||||||
Total shareholders’ equity
|
3,866,787 | 3,466,405 | ||||||
Total liabilities and shareholders' equity
|
10,496,166 | 8,735,817 |
December 31,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Net sales
|
7,729,980 | 5,845,469 | ||||||
Cost of goods sold
|
(6,781,192 | ) | (5,179,260 | ) | ||||
Gross profit
|
948,788 | 666,209 | ||||||
Selling expenses
|
(441,685 | ) | (345,159 | ) | ||||
General and administrative expenses
|
(227,321 | ) | (175,801 | ) | ||||
Operating income
|
279,782 | 145,249 | ||||||
Other income (expenses):
|
||||||||
Financial (expense) income, net
|
(45,614 | ) | 176,107 | |||||
Gain on tax recovery program
|
- | 121,554 | ||||||
Other (expenses) income
|
(22,995 | ) | 26,882 | |||||
Income before income taxes and equity loss of affiliates
|
211,173 | 469,792 | ||||||
Income taxes expense
|
(86,449 | ) | (178,298 | ) | ||||
Income before equity loss of affiliates
|
124,724 | 291,494 | ||||||
Equity loss of affiliates
|
(1,264 | ) | (5,413 | ) | ||||
Net income
|
123,460 | 286,081 | ||||||
Less net (loss) income attributable to noncontrolling interests
|
(7,741 | ) | 3,075 | |||||
Net income attributable to Cosan
|
115,719 | 289,156 | ||||||
Per-share amounts attributable to Cosan
|
||||||||
Net income
|
||||||||
Basic
|
0.28 | 0.79 | ||||||
Diluted
|
0.28 | 0.78 | ||||||
Weighted number of shares outstanding
|
||||||||
Basic
|
406,849,935 | 365,931,831 | ||||||
Diluted *
|
407,214,304 | 370,136,214 |
Accumulated
|
||||||||||||||||||||||||||||||||||||
Common stock
|
Treasury stock
|
Additional
|
other
|
Non
|
Total
|
|||||||||||||||||||||||||||||||
paid-in
|
Retained
|
comprehensive
|
controlling
|
shareholders’
|
||||||||||||||||||||||||||||||||
shares
|
amount
|
shares
|
amount
|
capital
|
earnings
|
income
|
interest
|
equity
|
||||||||||||||||||||||||||||
Balances at March 31, 2010
|
406,560,317 | 2,420,018 | 343,139 | (1,979 | ) | 390,600 | 281,238 | 343,136 | 33,392 | 3,466,405 | ||||||||||||||||||||||||||
Exercise of stock options
|
541,476 | 5,622 | - | - | (3,738 | ) | - | - | - | 1,884 | ||||||||||||||||||||||||||
Exercise of common stock warrants
|
60 | 1 | - | - | - | - | - | - | 1 | |||||||||||||||||||||||||||
Issuance of common shares of Rumo to non controlling interest
|
- | - | - | - | 117,543 | - | - | 110,247 | 227,790 | |||||||||||||||||||||||||||
Proportionate share on stock issuance costs of investee
|
- | - | - | - | (495 | ) | - | - | (216 | ) | (711 | ) | ||||||||||||||||||||||||
Share based compensation
|
- | - | - | - | 886 | - | - | - | 886 | |||||||||||||||||||||||||||
Dividends
|
- | - | - | - | - | (47,479 | ) | - | - | (47,479 | ) | |||||||||||||||||||||||||
Acquisition of treasury shares
|
- | - | 591,400 | (8,969 | ) | - | - | - | (8,969 | ) | ||||||||||||||||||||||||||
Net income
|
- | - | - | - | - | 115,719 | - | 7,741 | 123,460 | |||||||||||||||||||||||||||
Effective portion of gains/losses on derivative instrument that qualifies as a cash flow hedge
|
- | - | - | - | - | - | (144,252 | ) | - | (144,252 | ) | |||||||||||||||||||||||||
Pension Plan
|
- | - | - | - | - | - | (1,546 | ) | - | (1,546 | ) | |||||||||||||||||||||||||
Currency translation adjustment
|
- | - | - | - | - | - | 240,866 | 8,452 | 249,318 | |||||||||||||||||||||||||||
Total comprehensive income
|
226,980 | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2010
|
407,101,853 | 2,425,641 | 934,539 | (10,948 | ) | 504,796 | 349,478 | 438,204 | 159,616 | 3,866,787 |
December 31,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Cash flows from operating activities
|
||||||||
Net income for the year attributable to Cosan
|
115,719 | 289,156 | ||||||
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
517,528 | 379,497 | ||||||
Deferred income taxes
|
52,443 | 137,220 | ||||||
Interest, monetary and exchange variation
|
51,682 | (264,046 | ) | |||||
Gain on tax recovery program
|
- | (121,554 | ) | |||||
Others
|
17,736 | (31,683 | ) | |||||
Decrease/increase in operating assets and liabilities
|
||||||||
Trade accounts receivable, net
|
81,253 | 94,947 | ||||||
Inventories
|
(460,808 | ) | (288,984 | ) | ||||
Recoverable taxes
|
(38,518 | ) | (5,111 | ) | ||||
Advances to suppliers
|
(32,877 | ) | (4,520 | ) | ||||
Trade accounts payable
|
111,009 | 55,264 | ||||||
Derivative financial instruments
|
14,403 | 67,138 | ||||||
Taxes payable
|
(10,798 | ) | (59,581 | ) | ||||
Other assets and liabilities, net
|
(46,992 | ) | 33,402 | |||||
Net cash provided by operating activities
|
371,780 | 281,145 | ||||||
Cash flows from investing activities:
|
||||||||
Restricted cash
|
(165,796 | ) | (92,059 | ) | ||||
Cash received from sales of noncurrent assets
|
12,066 | 69,472 | ||||||
Acquisition of investment
|
(9,883 | ) | - | |||||
Acquisition of property, plant and equipment
|
(929,101 | ) | (678,093 | ) | ||||
Others
|
- | 8,409 | ||||||
Net cash used in investing activities
|
(1,092,714 | ) | (692,271 | ) | ||||
Cash flows from financing activities:
|
||||||||
Related parties
|
- | (262,340 | ) | |||||
Proceeds from issuance of common stock
|
229,776 | 304,426 | ||||||
Acquisition of treasury shares
|
(8,969 | ) | - | |||||
Additions of long-term debt
|
1,348,242 | 1,656,427 | ||||||
Dividends payments
|
(115,811 | ) | - | |||||
Payments of long-term debt
|
(746,965 | ) | (1,311,464 | ) | ||||
Net cash provided by financing activities
|
706,273 | 387,049 | ||||||
Effect of exchange rate changes on cash and
|
||||||||
cash equivalents
|
91,498 | 209,621 | ||||||
Net increase in cash and cash equivalents
|
76,837 | 185,544 | ||||||
Cash and cash equivalents at beginning of period
|
605,483 | 310,710 | ||||||
Cash and cash equivalents at end of period
|
682,320 | 496,254 | ||||||
Supplemental cash flow information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
181,903 | 146,042 | ||||||
Income taxes
|
16,045 | 2,189 | ||||||
Non cash transaction:
|
||||||||
Acquisition paid with equity
|
- | 321,087 |
1.
|
Operations
|
1.
|
Operations (Continued)
|
2.
|
Presentation of the consolidated financial statements
|
|
a.
|
Basis of reporting for interim financial statements
|
2.
|
Presentation of the consolidated financial statements (Continued)
|
|
b.
|
Use of estimates
|
|
c.
|
New Accounting Pronouncements
|
2.
|
Presentation of the consolidated financial statements (Continued)
|
|
c.
|
New Accounting Pronouncements (Continued)
|
|
d.
|
Derivative financial instruments
|
3.
|
Inventories
|
December 31,
2010
|
March 31,
2010
|
|||||||
Finished goods:
|
||||||||
Sugar
|
349,697 | 52,561 | ||||||
Ethanol
|
300,691 | 31,573 | ||||||
Lubricants and fuel (Gasoline, Diesel and Ethanol)
|
201,254 | 149,613 | ||||||
851,642 | 233,747 | |||||||
Annual maintenance cost of growing crops
|
220,475 | 243,709 | ||||||
Supplies and others
|
134,226 | 110,264 | ||||||
1,206,343 | 587,720 |
4.
|
Taxes payable
|
December 31,
2010
|
March 31,
2010
|
|||||||
ICMS – State VAT
|
25,325 | 27,623 | ||||||
IPI
|
22,832 | 3,582 | ||||||
INSS
|
13,932 | 13,414 | ||||||
PIS
|
3,816 | 4,564 | ||||||
COFINS
|
17,571 | 18,010 | ||||||
Tax Recovery from Brazilian Law No 11.941/09 and MP 470/09
|
398,438 | 373,650 | ||||||
Income tax and social contribution
|
59,000 | 50,471 | ||||||
Others
|
15,605 | 11,694 | ||||||
556,519 | 503,008 | |||||||
Current liabilities
|
(131,307 | ) | (121,203 | ) | ||||
Long-term liabilities
|
425,212 | 381,805 |
5.
|
Long-term debt
|
Index
|
Average annual interest rate
|
December 31,
2010
|
March 31,
2010
|
||||||||||
Resolution No. 2471 (PESA)
|
IGP-M
|
3.9% | 348,890 | 295,291 | |||||||||
Senior notes due 2014
|
US Dollar
|
9.5% | 363,300 | 354,433 | |||||||||
Senior notes due 2017
|
US Dollar
|
7.0%
|
411,589 | 404,589 | |||||||||
Perpetual notes
|
US Dollar
|
8.3% | 759,154 | 455,304 | |||||||||
BNDES
|
TJLP
|
3.6% | 974,099 | 520,068 | |||||||||
Credit notes
|
DI
|
2.1% | 183,516 | 212,660 | |||||||||
Credit notes
|
US Dollar
|
6.2% | 101,094 | 102,656 | |||||||||
Export Pre-payments
|
US Dollar+Libor
|
6.3% | 435,451 | 547,230 | |||||||||
ACC – Export pre-payments
|
US Dollar
|
1.6% | 126,248 | 103,416 | |||||||||
Others
|
Various
|
Various
|
507,244 | 292,899 | |||||||||
4,210,585 | 3,288,546 | ||||||||||||
Current portion
|
(672,983 | ) | (445,593 | ) | |||||||||
Long-term debt
|
3,537,602 | 2,842,953 |
2012
|
526,498 | |||
2013
|
228,748 | |||
2014
|
573,058 | |||
2015
|
428,639 | |||
2016 and thereafter
|
1,780,659 | |||
3,537,602 |
5.
|
Long-term debt (Continued)
|
5.
|
Long-term debt (Continued)
|
5.
|
Long-term debt (Continued)
|
6.
|
Related parties
|
Assets
|
||||||||
December 31,
2010
|
March 31,
2010
|
|||||||
Rezende Barbosa S.A. Administração e Participações
|
50,014 | 48,889 | ||||||
Vertical UK LLP
|
7,575 | 8,403 | ||||||
Others
|
216 | 2,377 | ||||||
57,805 | 59,669 | |||||||
Current (*)
|
(12,183 | ) | (13,958 | ) | ||||
Noncurrent (*)
|
45,622 | 45,711 | ||||||
Liabilities
|
||||||||
December 31,
2010
|
March 31,
2010
|
|||||||
Rezende Barbosa S.A. Administração e Participações
|
43,356 | - | ||||||
Logispot Armazéns Gerais S.A.
|
- | 6,313 | ||||||
Others
|
1,434 | 1,781 | ||||||
44,790 | 8,094 | |||||||
Current (*)
|
(44,790 | ) | (8,094 | ) | ||||
Noncurrent
|
- | - |
(*) included in other current and non-current assets or liabilities
|
6.
|
Related parties (Continued)
|
December 31,
2010
|
December 31,
2009
|
|||||||
Transactions involving assets
|
||||||||
Sale of products and services to associates
|
103,529 | 98,320 | ||||||
Cash received due to the sale of products, services, and other assets
|
(109,230 | ) | (109,642 | ) | ||||
Added through acquisition
|
- | 73,338 | ||||||
Transactions involving liabilities
|
||||||||
Purchase of sugar cane from associates
|
173,845 | 80,227 | ||||||
Payment of financial resources, net of funding
|
- | - | ||||||
Payments to associates
|
(139,361 | ) | (52,667 | ) | ||||
Financial income (expense)
|
- | (41,573 | ) | |||||
Payment to Cosan Limited
|
- | (170,457 | ) |
7.
|
Estimated liability for legal proceedings and labor claims and commitments
|
December 31,
2010
|
March 31,
2010
|
|||||||
Tax contingencies
|
192,615 | 173,924 | ||||||
Civil and labor contingencies
|
143,342 | 120,681 | ||||||
335,957 | 294,605 |
December 31,
2010
|
March 31,2010
|
|||||||
Compensation with Finsocial
|
108,561 | 97,114 | ||||||
ICMS credits
|
43,170 | 33,824 | ||||||
PIS and Cofins
|
15,590 | 11,910 | ||||||
IPI – Federal VAT
|
5,179 | 4,692 | ||||||
Other
|
20,115 | 26,384 | ||||||
192,615 | 173,924 |
Balance at March 31, 2010
|
294,605 | |||
Provision
|
29,081 | |||
Settlements
|
(38,006 | ) | ||
Accrued interest
|
29,282 | |||
Foreign currency translation
|
20,995 | |||
Balance at December 31, 2010
|
335,957 |
7.
|
Estimated liability for legal proceedings and labor claims and commitments (Continued)
|
December 31,
2010
|
March 31,
2010
|
|||||||
Withholding income tax
|
115,103 | 102,652 | ||||||
ICMS – State VAT
|
292,042 | 180,988 | ||||||
IPI - Federal VAT
|
264,375 | 246,190 | ||||||
PIS and COFINS
|
89,068 | 80,604 | ||||||
Civil and labor
|
373,097 | 275,403 | ||||||
INSS and other
|
124,917 | 69,842 | ||||||
1,258,602 | 955,679 |
8.
|
Accounts receivable from Federal Government
|
9.
|
Financial income and expenses, net
|
Nine-month period ended
|
||||||||
December 31,
2010
|
December 31,
2009
|
|||||||
Financial expenses
|
||||||||
Interest
|
(215,661 | ) | (207,538 | ) | ||||
Monetary variation
|
(35,701 | ) | (88,854 | ) | ||||
Other
|
(2,195 | ) | (3,258 | ) | ||||
(253,557 | ) | (299,650 | ) | |||||
Financial income
|
||||||||
Interest
|
33,193 | 52,672 | ||||||
Monetary variation
|
14,361 | 2,520 | ||||||
Other
|
33,865 | 22,639 | ||||||
81,419 | 77,831 | |||||||
Foreign exchange gains
|
124,640 | 318,097 | ||||||
Derivatives
|
||||||||
Commodities
|
(14,380 | ) | (193,880 | ) | ||||
Exchange rate and interest
|
16,264 | 273,709 | ||||||
1,884 | 79,829 | |||||||
Financial income, net
|
(45,614 | ) | 176,107 |
10.
|
Income taxes
|
December 31,
2010
|
December 31,
2009
|
|||||||
Income taxes expense:
|
||||||||
Current
|
(34,016 | ) | (41,078 | ) | ||||
Deferred
|
(52,433 | ) | (137,220 | ) | ||||
(86,449 | ) | (178,298 | ) |
10.
|
Income taxes (Continued)
|
December 31,
2010
|
December 31,
2009
|
|||||||
Income before income taxes and equity in loss of affiliates
|
211,173 | 469,792 | ||||||
Income tax expense at statutory rate — 34%
|
(71,799 | ) | (159,729 | ) | ||||
Increase (reduction) in income taxes resulting from:
|
||||||||
Equity in earnings of affiliates not subject to taxation
|
(430 | ) | (1,840 | ) | ||||
Nondeductible donations and contributions
|
(4,610 | ) | (1,437 | ) | ||||
Recognized granted options
|
(300 | ) | (1,526 | ) | ||||
Tax loss carryforward unrealizable in subsidiaries
|
(4,315 | ) | (1,359 | ) | ||||
Others
|
(4,995 | ) | (12,407 | ) | ||||
Income tax expense
|
(86,449 | ) | (178,298 | ) |
Balance at March 31, 2010
|
49,013 | |||
Accrued interest on unrecognized tax benefit
|
1,916 | |||
Settlements
|
(145 | ) | ||
Effect of foreign currency translation
|
3,428 | |||
Balance at December 31, 2010 (*)
|
54,212 |
11.
|
Shareholders’ equity
|
|
a.
|
Capital
|
11.
|
Shareholders’ equity (Continued)
|
12.
|
Deferred gain on sale of investments in subsidiaries
|
13.
|
Share-based compensation
|
13.
|
Share-based compensation (Continued)
|
Options granted on September 22, 2005
|
Options granted on September 11, 2007
|
Options granted on August 7, 2009
|
||||
Grant price - in U.S. dollars
|
3.67
|
3.67
|
3.67
|
|||
Expected life (in years)
|
7.5
|
7.5
|
Immediate
|
|||
Interest rate
|
14.52%
|
9.34%
|
(1)
|
|||
Expected volatility
|
34.00%
|
46.45%
|
(1)
|
|||
Expected dividend yield
|
1.25%
|
1.47%
|
(1)
|
|||
Weighted-average fair value at grant date - in U.S. dollars
|
7.41
|
10.92
|
(1)
|
|
(1)
|
The options were fully vested at the date of issuance so the fair value was the quoted market price as of the grant date.
|
14.
|
Risk management and financial instruments
|
a)
|
Risk management
|
Notional
|
Fair Value
|
|||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||
2010
|
2010
|
2010
|
2010
|
|||||||||||||
Price risk
|
||||||||||||||||
Commodity derivatives
|
||||||||||||||||
Future contracts
|
1,027,319 | 661,110 | (157,488 | ) | 63,101 | |||||||||||
Options contracts
|
11,727 | 603,357 | (25,908 | ) | (6,586 | ) | ||||||||||
Swap contracts
|
758,912 | 56,594 | (4 | ) | 607 | |||||||||||
(183,400 | ) | 57,122 | ||||||||||||||
Exchange rate risk
|
||||||||||||||||
Future contracts
|
154,309 | 1,180,829 | 1,321 | 264 | ||||||||||||
Forward contracts
|
682,979 | 537,422 | 60,933 | 20,527 | ||||||||||||
Options contracts
|
35,711 | 377,036 | 2,955 | 8,827 | ||||||||||||
65,209 | 29,618 | |||||||||||||||
Interest rate risk
|
||||||||||||||||
Interest derivative
|
207,574 | 291,291 | (1,269 | ) | (351 | ) | ||||||||||
(1,269 | ) | (351 | ) | |||||||||||||
Total
|
(119,460 | ) | 86,389 | |||||||||||||
Total Assets
|
108,032 | 129,456 | ||||||||||||||
Total Liabilities
|
(227,492 | ) | (43,067 | ) |
b)
|
Price risk
|
14.
|
Risk management and financial instruments (Continued)
|
Price risk: price derivatives outstanding as of December 31, 2010 | |||||||||||||||
Derivative | Purchased/ sold | Market | Contract | Maturity | Notional | Fair Value | |||||||||
Derivative financial instruments designated as cash flow hedges
|
|||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
(141.838 | ) | (41.973 | ) | |||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/May/11
|
(26.294 | ) | (14.623 | ) | |||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Jul/11
|
(107.259 | ) | (26.491 | ) | |||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Oct/11
|
(74.827 | ) | (19.438 | ) | |||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Mar/12
|
(20.049 | ) | (335 | ) | |||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
(30.238 | ) | (23.353 | ) | |||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/May/11
|
(16.534 | ) | 115 | ||||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/Jul/11
|
(170.502 | ) | (18.724 | ) | |||||||
Swap
|
Sold
|
NYBOT
|
#11 |
01/Oct/11
|
(176.946 | ) | (20.452 | ) | |||||||
Subtotal designated as cash flow hedges
|
(764.487 | ) | (165.274 | ) | |||||||||||
Derivative financial instruments not designated under hedge accounting
|
|||||||||||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
(27.017 | ) | (10.414 | ) | |||||||
Future
|
Sold
|
NYBOT
|
#11 |
01/Oct/11
|
(34.436 | ) | (15.070 | ) | |||||||
(61.453 | ) | (25.484 | ) | ||||||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Mar/11
|
(24.904 | ) | 1.285 | ||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Mar/11
|
(5.960 | ) | 3.957 | ||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Oct/11
|
(24.752 | ) | 2.643 | ||||||||
Future
|
Purchased
|
NYBOT
|
#11 |
01/Mar/12
|
(30.125 | ) | 13.890 | ||||||||
Swap
|
Purchased
|
NYBOT
|
#11 |
01/Jul/11
|
(53.872 | ) | 4.806 | ||||||||
Swap
|
Purchased
|
NYBOT
|
#11 |
01/Oct/11
|
(61.768 | ) | 6.688 | ||||||||
(201.381 | ) | 33.270 | |||||||||||||
Future
|
Sold
|
BMFBovespa
|
Hydrated ethanol
|
31/Jan/11
|
758.912 | (4 | ) | ||||||||
758.912 | (4 | ) | |||||||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
01/Mar/11
|
3.022 | (13.173 | ) | ||||||||
Call
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
451 | (2.513 | ) | ||||||||
Call
|
Sold
|
NYBOT
|
#11 |
01/Mar/11
|
160 | (865 | ) | ||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
1.711 | (5.293 | ) | ||||||||
Call
|
Sold
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
2.390 | (6.531 | ) | ||||||||
7.734 | (28.374 | ) | |||||||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
1.677 | 1.000 | |||||||||
Put
|
Purchased
|
NYBOT/OTC
|
#11 |
01/Oct/11
|
2.316 | 1.466 | |||||||||
3.993 | 2.466 | ||||||||||||||
Subtotal derivative financial instruments not designated under hedge accounting
|
507.807 | (18.126 | ) | ||||||||||||
Total price risk related derivatives
|
(256.680 | ) | (183.400 | ) |
14.
|
Risk management and financial instruments (Continued)
|
|
c)
|
Foreign exchange risk
|
Foreing exchange risk: derivatives outstanding as of December 31, 2010
|
|||||||||||||
Derivative | Purchase/ Sold | Market | Contract | Maturity | Notional | Fair Value | |||||||
US$ (thousand)
|
US$ (thousand)
|
||||||||||||
Derivative financial instruments designated as cash flow hedge.
|
|||||||||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
January 3, 2011
|
53,691
|
8,688
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
April 1, 2011
|
111,196
|
9,104
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
May 31, 2011
|
84,792
|
12,027
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
July 1, 2011
|
59,597
|
7,134
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
August 1, 2011
|
62,267
|
9,224
|
|||||||
Forward
|
Sold
|
OTC/Cetip
|
NDF
|
October 3, 2011
|
156,860
|
20,715
|
|||||||
Sub-total designated as cash flow hedge
|
528,403
|
66,892
|
|||||||||||
Derivative financial instruments not designated under hedge accounting
|
|||||||||||||
|
|||||||||||||
Future
|
Sold
|
BMFBovespa
|
Commercial U.S. dollar rate
|
January 3, 2011
|
228,604
|
1,639
|
|||||||
Future
|
Sold
|
BMFBovespa
|
Commercial U.S. dollar rate
|
February 1, 2011
|
83,526
|
809
|
|||||||
|
|||||||||||||
Future
|
Purchased
|
BMFBovespa
|
Commercial U.S. dolla rrate
|
January 3, 2011
|
(157,821)
|
(1,126)
|
|||||||
Sub-total Future Purchased
|
(157,821)
|
(1,126)
|
14.
|
Risk management and financial instruments (Continued)
|
Foreing exchange risk: derivatives outstanding as of December 31, 2010 | ||||||||||||||||
Derivative
|
Purchased /
Sold
|
Market
|
Contract
|
Maturity
|
Notional
|
Fair value
|
||||||||||
Forward | Purchased | OTC | NDF (Offshore) | February 2, 2011 |
6,352
|
(140)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
May 2, 2011
|
6,470
|
(138)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
August 2, 2011
|
6,610
|
(136)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
November 1, 2011
|
6,749
|
(153)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
February 1, 2012
|
6,895
|
(190)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
May 2, 2012
|
7,035
|
(188)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
August 1, 2012
|
7,189
|
(198)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 30, 2012
|
7,345
|
(212)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
January 31, 2013
|
7,505
|
(215)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
April 30, 2013
|
7,646
|
(195)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
July 31, 2013
|
7,800
|
(181)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 31, 2013
|
7,956
|
(169)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
January 31, 2014
|
8,115
|
(191)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
April 29, 2014
|
8,248
|
(278)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
July 31, 2014
|
8,404
|
(379)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 31, 2014
|
8,559
|
(478)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
February 2, 2015
|
8,700
|
(551)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
April 29, 2015
|
8,838
|
(598)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
July 31, 2015
|
9,004
|
(660)
|
||||||||||
Forward
|
Purchased
|
OTC
|
NDF (Offshore)
|
October 30, 2015
|
9,155
|
(710)
|
||||||||||
Sub-total Forward Purchased
|
154,575
|
(5,960)
|
||||||||||||||
|
||||||||||||||||
Put Offshore
|
Purchased
|
OTC
|
Commercial U.S. dollar
rate |
February 11, 2011
|
25,677
|
1,776
|
||||||||||
Put Offshore
|
Purchased
|
OTC
|
Commercial U.S. dollar
rate |
February 11, 2011
|
10,035
|
1,179
|
||||||||||
Sub-total Put Purchased
|
35,711
|
2,955
|
||||||||||||||
Total of Foreign exchange derivatives designated for exportation
|
872,999
|
65,209
|
||||||||||||||
Swap
|
Purchased
|
OTC/Cetip
|
U.S. dollar/DI
|
193,268
|
22,032
|
|||||||||||
Swap
|
Sold
|
OTC/Cetip
|
U.S. dollar/DI
|
(193,268)
|
(22,032)
|
|||||||||||
Total Foreing exchange
|
872,999
|
65,209
|
14.
|
Risk management and financial instruments (Continued)
|
December 31,
2010
|
March 31,
2010
|
|||||||
Amounts pending foreign exchange closing
|
9,666 | 71,732 | ||||||
Overnight
|
10,161 | 28,338 | ||||||
Trade notes receivable - foreign
|
57,704 | 83,467 | ||||||
Senior Notes due in 2014
|
(363,300 | ) | (354,433 | ) | ||||
Senior Notes due in 2017
|
(411,589 | ) | (404,589 | ) | ||||
Perpetual bonds
|
(759,154 | ) | (455,304 | ) | ||||
Foreign currency-denominated loans
|
(227,342 | ) | (269,016 | ) | ||||
Export pre-payments
|
(435,451 | ) | (547,230 | ) | ||||
Restricted cash
|
165,796 | 25,251 | ||||||
Exchange exposure
|
(1,953,509 | ) | (1,821,784 | ) |
14.
|
Risk management and financial instruments (Continued)
|
Expected period to affect P&L
|
||||||||||||||
Derivative
|
Market
|
Risk
|
2010/2011 | 2011/2012 |
Total
|
|||||||||
Future
|
OTC/ NYBOT
|
#11
|
(56,790 | ) | (221,363 | ) | (278,153 | ) | ||||||
NDF
|
OTC/ CETIP
|
USD
|
5,693 | 53,896 | 59,589 | |||||||||
(51,097 | ) | (167,467 | ) | (218,564 | ) | |||||||||
(-) Deferred income taxes
|
17,373 | 56,939 | 74,312 | |||||||||||
Shareholders' equity effect
|
(33,724 | ) | (110,528 | ) | (144,252 | ) |
Cash flow hedges
|
||||
Balance at March 31, 2010
|
- | |||
Gain/(losses) of cash flow hedges for the period
|
||||
Commodities future and swap contracts
|
(342,540 | ) | ||
Currency forward contracts
|
73,847 | |||
Reclassification adjustments for losses included in the income statement (net sales)
|
50,129 | |||
Total before tax effect
|
(218,564 | ) | ||
Tax effect on gain/(losses) of cash flow hedges for the period – 34%
|
74,312 | |||
Balance at December 31, 2010
|
(144,252 | ) |
|
e)
|
Interest rate risk
|
14.
|
Risk management and financial instruments (Continued)
|
|
e)
|
Interest rate risk (Continued)
|
Interest rate risk: outstanding interest rate swap derivatives on December 31, 2010 | ||||||||||||
Number | ||||||||||||
Purchased
|
of
|
|||||||||||
Derivative
|
/sold
|
M arket
|
Contract
|
Contract
|
Average price
|
Notional
|
Fair value
|
|||||
Swap
|
Purchased
|
OCT/Cetip
|
Fix/Libor 3 month
|
1
|
1.199%/libor 3 Month
|
69,192
|
(423)
|
|||||
Swap
|
Purchased
|
OCT/Cetip |
Fix/Libor 3 month
|
1
|
1.199%/libor 3 Month
|
138,382
|
(846)
|
|||||
207,574
|
(1,269)
|
|
f)
|
Credit risk
|
14.
|
Risk management and financial instruments (Continued)
|
|
g)
|
Debt acceleration risk
|
15.
|
Fair value measurements
|
15.
|
Fair value measurements (Continued)
|
Fair value measurements
|
Level 1
|
Level 2
|
Total
|
|||||||||
Derivatives
|
(126,028 | ) | 6,568 | (119,460 | ) | |||||||
Assets
|
108,032 | |||||||||||
Liabilities
|
(227,492 | ) | ||||||||||
Total
|
(119,460 | ) |
16.
|
Segment information
|
December 31, 2010
|
||||||||||||||||||||
S&E
|
CCL
|
RUMO
|
Adjustment/
elimination |
Consolidated
|
||||||||||||||||
Brazilian GAAP
|
US GAAP
|
|||||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Property, plant & equipment (PP&E)
|
3,076,888 | 235,627 | 392,876 | 878,817 | 4,584,208 | |||||||||||||||
Goodwill and Intangible assets
|
861,051 | 858,060 | 44,213 | 247,327 | 2,010,651 | |||||||||||||||
Loans, net of cash and cash equivalents
|
(3,292,443 | ) | (276,906 | ) | (3,985 | ) | 45,069 | (3,528,265 | ) | |||||||||||
Others assets (liabilities)
|
2,518,543 | 349,950 | 14,467 | (2,082,768 | ) | 800,193 | ||||||||||||||
Total net assets
|
3,164,039 | 1,166,731 | 447,571 | (911,555 | ) | 3,866,787 | ||||||||||||||
Income statements (9 months) | ||||||||||||||||||||
Net Sales
|
2,700,275 | 5,087,365 | 208,236 | (265,896 | ) | 7,729,980 | ||||||||||||||
Gross profit
|
605,232 | 362,451 | 66,202 | (85,097 | ) | 948,788 | ||||||||||||||
Selling general and administrative expenses
|
(412,335 | ) | (230,643 | ) | (11,843 | ) | (14,185 | ) | (669,006 | ) | ||||||||||
Operating income
|
192,897 | 131,808 | 54,359 | (99,282 | ) | 279,782 | ||||||||||||||
Other income (expense)
|
94,081 | 8,639 | 4,997 | (130,712 | ) | (22,995 | ) | |||||||||||||
Other selected data:
|
||||||||||||||||||||
Additions to PP&E (Capex)
|
647,701 | 56,486 | 224,914 | - | 929,101 | |||||||||||||||
Depreciation and amortization
|
380,027 | 21,242 | 8,115 | 108,144 | 517,528 |
16.
|
Segment information (Continued)
|
March 31, 2010
|
||||||||||||||||||||
S&E
|
CCL |
RUMO
|
Adjustment/
elimination |
Consolidated | ||||||||||||||||
Brazilian GAAP
|
US GAAP | |||||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Property, plant & equipment (PP&E)
|
2,775,752 | 199,983 | 165,094 | 856,986 | 3,997,815 | |||||||||||||||
Goodwill and Intangible assets
|
735,198 | 774,716 | 38,824 | 341,460 | 1,890,198 | |||||||||||||||
Loans, net of cash and cash equivalents
|
(2,443,354 | ) | (249,839 | ) | (59,799 | ) | 69,929 | (2,683,063 | ) | |||||||||||
Others assets (liabilities)
|
2,113,306 | 342,720 | 7,696 | (2,202,267 | ) | 261,455 | ||||||||||||||
Total net assets
|
3,180,902 | 1,067,580 | 151,815 | (933,892 | ) | 3,466,405 | ||||||||||||||
December 31, 2009
|
||||||||||||||||||||
S&E
|
CCL |
RUMO
|
Adjustment/
elimination |
Consolidated | ||||||||||||||||
Brazilian GAAP
|
US GAAP | |||||||||||||||||||
Income statements (9 months)
|
||||||||||||||||||||
Net sales
|
1,888,554 | 4,004,480 | 62,514 | (110,079 | ) | 5,845,469 | ||||||||||||||
Gross profit
|
404,958 | 298,685 | 15,403 | (52,837 | ) | 666,209 | ||||||||||||||
Selling, general and administrative expenses
|
(320,130 | ) | (186,328 | ) | (6,528 | ) | (7,974 | ) | (520,960 | ) | ||||||||||
Operating income
|
8,483 | 112,357 | 8,874 | 15,535 | 145,249 | |||||||||||||||
Other income (expense)
|
116,759 | 50,660 | (12,647 | ) | (6,338 | ) | 148,435 | |||||||||||||
Other selected data:
|
||||||||||||||||||||
Additions to PP&E (Capex)
|
654,879 | 22,808 | 406 | - | 678,093 | |||||||||||||||
Depreciation and amortization
|
232,592 | 14,196 | 5,674 | 127,035 | 379,497 |
16.
|
Segment information (Continued)
|
S&E (Brazilian GAAP)
|
December 31, 2010
|
December 31, 2009 | |||||||
Sugar
|
1,642,591 | 1,145,897 | |||||||
Ethanol
|
880,202 | 607,054 | |||||||
Cogeneration
|
109,107 | 45,969 | |||||||
Other
|
68,375 | 89,634 | |||||||
CCL (Brazilian GAAP)
|
2,700,275 | 1,888,554 | |||||||
Fuels
|
4,707,665 | 3,728,550 | |||||||
Lubricants
|
351,406 | 246,487 | |||||||
Other
|
28,294 | 29,442 | |||||||
Rumo (Brazilian GAAP)
|
5,087,365 | 4,004,480 | |||||||
Port lifting
|
58,904 | 61,082 | |||||||
Logistics
|
142,862 | 1,432 | |||||||
Other
|
6,470 | - | |||||||
208,236 | 62,514 | ||||||||
Adjustments / eliminations
|
(265,896 | ) | (110,079 | ) | |||||
Total (US GAAP)
|
7,729,980 | 5,845,469 |
December 31,
|
December 31, | |||||||
2010
|
2009
|
|||||||
Sales by geographic area
|
||||||||
Brazil
|
67.65% | 80.14% | ||||||
Europe
|
26.45% | 13.33% | ||||||
Middle east and Asia
|
2.51% | 2.06% | ||||||
North America
|
1.01% | 3.43% | ||||||
Latin American (Except Brazil)
|
0.57% | 0.44% | ||||||
Others
|
1.81% | 0.60% | ||||||
Total
|
100.00% | 100.00% |
16.
|
Segment information (Continued)
|
17.
|
Subsequent events
|
Unconsolidated and Consolidated
|
|
Quarterly Financial Information
|
|
Cosan S.A. Indústria e Comércio
|
|
December 31, 2010
|
|
“A free translation into English of the original issued in Portuguese”
|
Special review report of independent auditors
|
1
|
Unaudited quarterly financial information
|
|
Unaudited balance sheets
|
3
|
Unaudited statements of operations
|
5
|
Unaudited statement of changes in shareholders’ equity
|
6
|
Unaudited statements of cash flows
|
9
|
Notes to the unaudited quarterly financial information
|
13
|
1.
|
We have reviewed the quarterly financial information which include the balance sheet (individual and consolidated) of Cosan S.A. Indústria e Comércio as of December 31, 2010 and the related statements (individual and consolidated) of income, changes in equity and cash flows for the three-month period then ended. Management is responsible for the preparation and fair presentation of this quarterly financial information in accordance with the accounting practices adopted in Brazil. Our responsibility is to express a conclusion on this quarterly financial information based on our review.
|
2.
|
We conducted our review in accordance with the Brazilian and International standards on review engagements. A review of quarterly financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
|
3.
|
Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly financial information has not been prepared, in all material respects, in accordance with the accounting practices adopted in Brazil.
|
4.
|
As mentioned in Note 2, during the 2009, CVM approved several Pronouncements, Interpretations and Technical Orientations issued by the Committee of Accounting Pronouncements (“CPC”) effective 2010, which have changed accounting practices adopted in Brazil. As permitted by CVM Deliberation 603/09, management of the Company opted to present is Quarterly Financial Information using the same accounting standards adopted in Brazil until December 31, 2009, therefore, it did not apply the new pronouncements effective in 2010. As required by the CVM Deliberation, the Company disclosed this fact in Note 2 of the Quarterly Financial Information as well as the description of the main changes the can have an impact in its financial statements at the end of the year and the reasons that avoid the presentation of the estimated effects in shareholders’ equity and income, as required by the Deliberation.
|
Parent Company
|
Consolidated
|
||||||||||||||||
December 31, 2010
|
September 30, 2010
|
December 30, 2010
|
September 30, 2010
|
||||||||||||||
Assets
|
|||||||||||||||||
Current assets
|
|||||||||||||||||
Cash and cash equivalents
|
Note 4
|
69,413 | 45,798 | 1,136,882 | 988,367 | ||||||||||||
Restricted cash
|
276,249 | 75,950 | 276,249 | 75,950 | |||||||||||||
Trade accounts receivable
|
Note 5
|
56,433 | 58,116 | 657,453 | 760,031 | ||||||||||||
Derivative financial instruments
|
Note 20
|
216,712 | 185,594 | 180,003 | 165,981 | ||||||||||||
Inventories
|
Note 6
|
511,610 | 527,440 | 2,010,008 | 1,938,814 | ||||||||||||
Advances to suppliers
|
69,493 | 78,730 | 268,595 | 293,879 | |||||||||||||
Related parties
|
Note 7
|
472,537 | 559,314 | 20,299 | 21,216 | ||||||||||||
Deferred income and social contribution taxes
|
Note 12.b
|
18,937 | 12,522 | 100,907 | 94,512 | ||||||||||||
Recoverable taxes
|
116,961 | 124,945 | 401,096 | 396,386 | |||||||||||||
Dividends
|
32,629 | 2,204 | - | - | |||||||||||||
Other assets
|
24,682 | 11,768 | 102,815 | 71,935 | |||||||||||||
1,865,656 | 1,682,381 | 5,154,307 | 4,807,071 | ||||||||||||||
Noncurrent assets
|
|||||||||||||||||
Long-term receivables
|
|||||||||||||||||
Accounts receivable from federal government
|
Note 15
|
- | - | 342,110 | 339,232 | ||||||||||||
CTNs-Restricted Brazilian Treasury Bills
|
Note 13
|
36,847 | 34,705 | 242,617 | 228,513 | ||||||||||||
Deferred income and social contribution taxes
|
Note 12.b
|
234,052 | 177,292 | 645,038 | 576,128 | ||||||||||||
Advances to suppliers
|
31,716 | 20,062 | 85,478 | 65,142 | |||||||||||||
Related parties
|
Note 7
|
1,730 | 681 | 76,016 | 77,845 | ||||||||||||
Recoverable Taxes
|
- | - | 35,964 | 36,567 | |||||||||||||
Other assets
|
19,355 | 5,049 | 226,873 | 188,605 | |||||||||||||
Permanent assets
|
|||||||||||||||||
Investments
|
Note 8
|
6,498,076 | 6,464,172 | 208,655 | 207,585 | ||||||||||||
Property, plant and equipment
|
Note 9
|
921,081 | 855,163 | 6,173,922 | 5,878,400 | ||||||||||||
Intangible assets
|
Note 10
|
394,076 | 395,265 | 2,938,050 | 2,931,775 | ||||||||||||
8,136,933 | 7,952,389 | 10,974,723 | 10,529,792 | ||||||||||||||
Total assets
|
10,002,589 | 9,634,770 | 16,129,030 | 15,336,863 |
Parent Company
|
Consolidated
|
||||||||||||||||
December 31, 2010
|
September 30, 2010
|
December 31, 2010
|
September 30, 2010
|
||||||||||||||
Liabilities
|
|||||||||||||||||
Current liabilities
|
|||||||||||||||||
Loans and financing
|
Note 13
|
599,485 | 671,878 | 1,129,092 | 1,058,598 | ||||||||||||
Derivative financial instruments
|
Note 20
|
369,116 | 96,123 | 379,048 | 96,123 | ||||||||||||
Trade accounts payable
|
168,607 | 197,970 | 754,362 | 832,087 | |||||||||||||
Salaries payable
|
54,969 | 71,925 | 175,629 | 225,489 | |||||||||||||
Taxes and social contributions payable
|
Note 11
|
34,783 | 47,230 | 218,783 | 239,154 | ||||||||||||
Dividends payable
|
Note 16.b
|
7,038 | 7,038 | 7,038 | 7,038 | ||||||||||||
Related parties
|
Note 7
|
194,812 | 155,672 | 74,630 | 65,960 | ||||||||||||
Other liabilities
|
47,873 | 51,280 | 180,338 | 198,362 | |||||||||||||
1,476,683 | 1,299,116 | 2,918,920 | 2,722,811 | ||||||||||||||
Noncurrent liabilities
|
|||||||||||||||||
Loans and financing
|
Note 13
|
1,427,300 | 1,612,915 | 5,961,678 | 5,310,811 | ||||||||||||
Taxes and social contributions payable
|
Note 11
|
88,428 | 88,184 | 618,657 | 606,302 | ||||||||||||
Provision for judicial demands
|
Note 14
|
78,175 | 82,763 | 469,222 | 469,297 | ||||||||||||
Related parties
|
Note 7
|
1,405,440 | 920,798 | - | - | ||||||||||||
Actuarial liability
|
Note 24
|
- | - | 53,644 | 57,774 | ||||||||||||
Deferred income and social contribution taxes
|
Note 12.b
|
233,642 | 245,003 | 458,624 | 425,496 | ||||||||||||
Other liabilities
|
49,631 | 38,417 | 151,373 | 150,317 | |||||||||||||
3,282,616 | 2,988,080 | 7,713,198 | 7,019,997 | ||||||||||||||
Minority shareholders’ interest
|
- | - | 253,622 | 246,481 | |||||||||||||
Shareholders’ equity
|
Note 16
|
||||||||||||||||
Capital
|
4,691,135 | 4,691,135 | 4,691,135 | 4,691,135 | |||||||||||||
Capital reserves
|
36,110 | 51,484 | 36,110 | 51,484 | |||||||||||||
Income reserves
|
290,817 | 290,817 | 290,817 | 290,817 | |||||||||||||
Other comprehensive income
|
(251,120 | ) | (134,307 | ) | (251,120 | ) | (134,307 | ) | |||||||||
Accumulated income
|
476,348 | 448,445 | 476,348 | 448,445 | |||||||||||||
5,243,290 | 5,347,574 | 5,243,290 | 5,347,574 | ||||||||||||||
Total liabilities and shareholders’ equity
|
10,002,589 | 9,634,770 | 16,129,030 | 15,336,863 |
Parent Company
|
Consolidated
|
||||||||||||||||
December 31, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
||||||||||||||
Gross operating sales
|
|||||||||||||||||
Sales of goods and services
|
545,249 | 514,709 | 5,192,925 | 4,145,134 | |||||||||||||
Taxes and sales deductions
|
(38,369 | ) | (35,403 | ) | (454,492 | ) | (344,634 | ) | |||||||||
Net operating sales
|
506,880 | 479,306 | 4,738,433 | 3,800,500 | |||||||||||||
Cost of goods sold and services rendered
|
(459,702 | ) | (391,272 | ) | (4,160,523 | ) | (3,340,517 | ) | |||||||||
Gross profit
|
47,178 | 88,034 | 577,910 | 459,983 | |||||||||||||
Operating income (expenses)
|
|||||||||||||||||
Selling expenses
|
(38,919 | ) | (33,966 | ) | (270,952 | ) | (218,374 | ) | |||||||||
General and administrative expenses
|
(66,849 | ) | (55,281 | ) | (132,026 | ) | (117,932 | ) | |||||||||
Financial, net
|
Note 18
|
16,627 | (54,963 | ) | (97,808 | ) | (78,285 | ) | |||||||||
Income (loss) on equity investments
|
Note 8
|
57,097 | 151,619 | 1,729 | (9,360 | ) | |||||||||||
Other operating income (expenses), net
|
Note 19
|
(1,590 | ) | 79,363 | (3,647 | ) | 217,012 | ||||||||||
(33,634 | ) | 86,772 | (502,704 | ) | (206,939 | ) | |||||||||||
Operating income before income and social contribution taxes
|
13,544 | 174,806 | 75,206 | 253,044 | |||||||||||||
Income and social contribution taxes
|
|||||||||||||||||
Current
|
Note 12.a
|
- | - | (25,862 | ) | (26,309 | ) | ||||||||||
Deferred
|
Note 12.a
|
14,359 | (7,677 | ) | (13,796 | ) | (58,948 | ) | |||||||||
14,359 | (7,677 | ) | (39,658 | ) | (85,257 | ) | |||||||||||
Net income before minority interest
|
27,903 | 167,129 | 35,548 | 167,787 | |||||||||||||
Minority interest
|
- | - | (7,645 | ) | (658 | ) | |||||||||||
Net income for the period
|
27,903 | 167,129 | 27,903 | 167,129 | |||||||||||||
Earnings per share – in Reais
|
0,06870 | 0,41144 |
Parent Company
|
Consolidated
|
||||||||||||||||
December 31, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
||||||||||||||
Gross operating sales
|
|||||||||||||||||
Sales of goods and services
|
1,765,191 | 1,741,694 | 14,762,052 | 11,895,875 | |||||||||||||
Taxes and sales deductions
|
(106,155 | ) | (93,613 | ) | (1,307,910 | ) | (953,936 | ) | |||||||||
Net operating sales
|
1,659,036 | 1,648,081 | 13,454,142 | 10,941,939 | |||||||||||||
Cost of goods sold and services rendered
|
(1,318,246 | ) | (1,377,328 | ) | (11,641,205 | ) | (9,590,439 | ) | |||||||||
Gross profit
|
340,790 | 270,753 | 1,812,937 | 1,351,500 | |||||||||||||
Operating income (expenses)
|
|||||||||||||||||
Selling expenses
|
(116,182 | ) | (114,353 | ) | (750,779 | ) | (639,261 | ) | |||||||||
General and administrative expenses
|
(188,583 | ) | (161,892 | ) | (389,731 | ) | (323,407 | ) | |||||||||
Financial, net
|
Note 18
|
144,968 | 331,975 | (156,985 | ) | 434,037 | |||||||||||
Income (loss) on equity investments
|
Note 8
|
386,864 | 411,162 | (2,373 | ) | (12,885 | ) | ||||||||||
Goodwill realized through sale
|
Note 8
|
- | - | - | (85,589 | ) | |||||||||||
Other operating income (expenses), net
|
Note 19
|
(40,750 | ) | 86,147 | 177,967 | 292,016 | |||||||||||
186,317 | 553,039 | (1,121,901 | ) | (335,089 | ) | ||||||||||||
Operating income before income and social contribution taxes
|
527,107 | 823,792 | 691,036 | 1,016,411 | |||||||||||||
Income and social contribution taxes
|
|||||||||||||||||
Current
|
Note 12.a
|
- | - | (59,397 | ) | (77,513 | ) | ||||||||||
Deferred
|
Note 12.a
|
(50,759 | ) | (146,027 | ) | (125,918 | ) | (269,460 | ) | ||||||||
(50,759 | ) | (146,027 | ) | (185,315 | ) | (346,973 | ) | ||||||||||
Net income before minority interest
|
476,348 | 677,765 | 505,721 | 669,438 | |||||||||||||
Minority interest
|
- | - | (29,373 | ) | 8,327 | ||||||||||||
Net income for the period
|
476,348 | 677,765 | 476,348 | 677,765 | |||||||||||||
Earnings per share – in Reais
|
1,17279 | 1,66855 |
Unconsolidated and Consolidated
|
||||||||||||||||||||||||
Capital
|
Capital reserve
|
Income reserve
|
Accumulated income
|
Other comprehensive income
|
Total
|
|||||||||||||||||||
Balance on September 30, 2010
|
4,691,135 | 51,484 | 290,817 | 448,445 | (134,307 | ) | 5,347,574 | |||||||||||||||||
Other comprehensive income
|
- | - | - | - | (116,813 | ) | (116,813 | ) | ||||||||||||||||
Treasury shares
|
- | (15,219 | ) | - | - | - | (15,219 | ) | ||||||||||||||||
Proportionate share on stock issuance costs of investee
|
- | (839 | ) | - | - | - | (839 | ) | ||||||||||||||||
Recorded granted options
|
- | 684 | - | - | - | 684 | ||||||||||||||||||
Net income in the period
|
- | - | - | 27,903 | - | 27,903 | ||||||||||||||||||
Balance on December 31, 2010
|
4,691,135 | 36,110 | 290,817 | 476,348 | (251,120 | ) | 5,243,290 |
Unconsolidated and Consolidated
|
||||||||||||||||||||||||
Capital
|
Capital reserve
|
Income reserve
|
Accumulated income
|
Other comprehensive income
|
Total
|
|||||||||||||||||||
Balance on March 31, 2010
|
4,687,826 | 50,626 | 374,248 | - | (2,944 | ) | 5,109,756 | |||||||||||||||||
Capital increase
|
3,309 | - | - | - | - | 3,309 | ||||||||||||||||||
Other comprehensive income
|
- | - | - | - | (248,176 | ) | (248,176 | ) | ||||||||||||||||
Treasury shares
|
- | (15,219 | ) | - | - | - | (15,219 | ) | ||||||||||||||||
Proportionate share on stock issuance costs of investee
|
- | (839 | ) | - | - | - | (839 | ) | ||||||||||||||||
Recorded granted options
|
- | 1,542 | - | - | - | 1,542 | ||||||||||||||||||
Dividends
|
- | - | (83,431 | ) | - | - | (83,431 | ) | ||||||||||||||||
Net income in the period
|
- | - | - | 476,348 | - | 476,348 | ||||||||||||||||||
Balance on December 31, 2010
|
4,691,135 | 36,110 | 290,817 | 476,348 | (251,120 | ) | 5,243,290 |
Parent Company
|
Consolidated
|
|||||||||||||||
December 31, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Net income for the period
|
27,903 | 167,129 | 27,903 | 167,129 | ||||||||||||
Adjustments to reconcile net income for the period to cash provided by operating activities
|
||||||||||||||||
Depreciation and amortization
|
57,345 | 46,141 | 239,241 | 149,671 | ||||||||||||
Losses (income) on equity investments
|
(57,097 | ) | (151,619 | ) | (1,729 | ) | 9,360 | |||||||||
Income from disposal of permanent assets
|
32 | 43 | 2,092 | 1,053 | ||||||||||||
Deferred income and social contribution taxes
|
(14,359 | ) | 7,677 | 13,796 | 58,948 | |||||||||||
Set-up (reversal) of provision for legal claims, net
|
(1,792 | ) | 214 | 3,967 | 4,137 | |||||||||||
Minority interest
|
- | - | 7,645 | 658 | ||||||||||||
Recorded granted options
|
684 | (76 | ) | 684 | (76 | ) | ||||||||||
Interest, monetary and exchange variation, net
|
21,755 | 42,101 | 61,611 | (47,873 | ) | |||||||||||
Net earnings from adhesion to tax payment in installments
|
- | (79,433 | ) | - | (211,649 | ) | ||||||||||
Other
|
(780 | ) | (1,764 | ) | (1,633 | ) | 5,246 | |||||||||
33,691 | 30,413 | 353,577 | 136,604 | |||||||||||||
Changes in assets and liabilities
|
||||||||||||||||
Trade accounts receivables
|
2,630 | 39,173 | 135,504 | 76,491 | ||||||||||||
Inventories
|
15,529 | (117,182 | ) | (57,471 | ) | (342,805 | ) | |||||||||
Recoverable taxes
|
7,984 | 7,150 | (4,107 | ) | 24,555 | |||||||||||
Advances to suppliers
|
(2,417 | ) | 6,575 | 4,948 | 48,173 | |||||||||||
Suppliers
|
(29,363 | ) | 5,598 | (77,725 | ) | (492 | ) | |||||||||
Salaries payable
|
(16,956 | ) | (20,544 | ) | (49,860 | ) | (48,002 | ) | ||||||||
Taxes payable
|
(14,480 | ) | 6,428 | (23,200 | ) | 8,059 | ||||||||||
Derivative financial instruments and restricted cash
|
(135,414 | ) | 7,631 | (108,386 | ) | 20,375 | ||||||||||
Other assets and liabilities, net
|
(33,183 | ) | (18,182 | ) | (105,980 | ) | 46,899 | |||||||||
(205,670 | ) | (83,353 | ) | (286,277 | ) | (166,747 | ) | |||||||||
Net cash generated (used) from operating activities
|
(171,979 | ) | (52,940 | ) | 67,300 | (30,143 | ) | |||||||||
Cash flows from investments activities
|
||||||||||||||||
Acquisition of investments, net of cash received and goodwill
|
- | (29,471 | ) | - | (14,732 | ) | ||||||||||
Addition to property, plant and equipment, software and other intangible assets
|
(112,034 | ) | (53,944 | ) | (548,755 | ) | (400,983 | ) | ||||||||
Cash from the sale of other permanent assets
|
480 | 203 | 2,199 | 1,783 | ||||||||||||
Net cash used in investment activities
|
(111,554 | ) | (83,212 | ) | (546,556 | ) | (413,932 | ) |
Parent Company
|
Consolidated
|
|||||||||||||||
December 31, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Loans and financing funded
|
28,174 | 1,136,396 | 1,101,215 | 1,665,512 | ||||||||||||
Amortization of principal and interest on loans and financings
|
(303,576 | ) | (1,335,786 | ) | (458,225 | ) | (1,838,413 | ) | ||||||||
Related parties
|
93,578 | 136,382 | - | - | ||||||||||||
Aquisition treasury shares
|
(15,219 | ) | - | (15,219 | ) | - | ||||||||||
Export pre-payment financing subsidiary
|
504,191 | - | - | - | ||||||||||||
Capital increase
|
- | 532,406 | - | 532,406 | ||||||||||||
Net cash generated by financing activities
|
307,148 | 469,398 | 627,771 | 359,505 | ||||||||||||
Net increase (decrease) in cash and cash equivalents
|
23,615 | 333,246 | 148,515 | (84,570 | ) | |||||||||||
Cash and cash equivalents at the beginning of the period
|
45,798 | 177,599 | 988,367 | 948,647 | ||||||||||||
Cash and cash equivalents at the end of the period
|
69,413 | 510,845 | 1,136,882 | 864,077 |
Parent Company
|
Consolidated
|
|||||||||||||||
December 31, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Net income for the period
|
476,348 | 677,765 | 476,348 | 677,765 | ||||||||||||
Adjustments to reconcile net income for the period to cash provided by operating activities
|
||||||||||||||||
Depreciation and amortization
|
186,735 | 162,957 | 714,859 | 476,393 | ||||||||||||
Losses (income) on equity investments
|
(386,864 | ) | (411,162 | ) | 2,373 | 12,885 | ||||||||||
Loss (income) from disposal of permanent assets
|
1,731 | (84 | ) | (6,626 | ) | (101,284 | ) | |||||||||
Goodwill amortization and realized through sale
|
- | - | - | 85,589 | ||||||||||||
Deferred income and social contribution taxes
|
50,759 | 146,027 | 125,918 | 269,460 | ||||||||||||
Set-up (reversal) of provision for legal claims, net
|
12,067 | (1,283 | ) | 38,255 | 7,519 | |||||||||||
Minority interest
|
- | - | 29,373 | (8,327 | ) | |||||||||||
Recorded granted options
|
1,542 | 8,467 | 1,542 | 8,467 | ||||||||||||
Interest, monetary and exchange variation, net
|
6,615 | (288,900 | ) | 168,196 | (419,670 | ) | ||||||||||
Capital Gain
|
- | - | (223,074 | ) | - | |||||||||||
Net earnings from adhesion to tax payment in installments
|
- | (79,433 | ) | - | (211,649 | ) | ||||||||||
Other
|
(1,993 | ) | (12,401 | ) | 713 | 3,747 | ||||||||||
346,940 | 201,953 | 1,327,877 | 800,895 | |||||||||||||
Changes in assets and liabilities
|
||||||||||||||||
Trade accounts receivables
|
165,725 | 44,143 | 135,383 | 165,321 | ||||||||||||
Inventories
|
(204,940 | ) | (203,653 | ) | (767,799 | ) | (503,179 | ) | ||||||||
Recoverable taxes
|
1,026 | (20,162 | ) | (64,178 | ) | (8,899 | ) | |||||||||
Advances to suppliers
|
(27,094 | ) | (35,523 | ) | (54,780 | ) | (7,870 | ) | ||||||||
Suppliers
|
52,244 | 84,873 | 184,963 | 96,225 | ||||||||||||
Salaries payable
|
6,210 | 11,156 | 34,045 | 21,953 | ||||||||||||
Taxes payable
|
(13,794 | ) | 12,370 | (17,991 | ) | (45,093 | ) | |||||||||
Derivative financial instruments and restricted cash
|
(293,718 | ) | (58,607 | ) | (252,251 | ) | (43,393 | ) | ||||||||
Other assets and liabilities, net
|
(61,955 | ) | (24,120 | ) | (112,343 | ) | 36,207 | |||||||||
(376,296 | ) | (189,523 | ) | (914,951 | ) | (288,728 | ) | |||||||||
Net cash generated (used) from operating activities
|
(29,356 | ) | 12,430 | 412,926 | 512,167 | |||||||||||
Cash flows from investments activities
|
||||||||||||||||
Acquisition of investments, net of cash received and goodwill
|
(12,720 | ) | (48,715 | ) | (16,467 | ) | 14,642 | |||||||||
Addition to property, plant and equipment, software and other intangible assets
|
(324,853 | ) | (139,394 | ) | (1,548,069 | ) | (1,180,696 | ) | ||||||||
Cash from the sale of other permanent assets
|
854 | 512 | 20,105 | 120,964 | ||||||||||||
Dividends receivables
|
100,100 | - | - | - | ||||||||||||
Net cash used in investment activities
|
(236,619 | ) | (187,597 | ) | (1,544,431 | ) | (1,045,090 | ) |
Parent Company
|
Consolidated
|
|||||||||||||||
December 31, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
|||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Loans and financing funded
|
445,264 | 1,188,635 | 2,239,488 | 2,884,171 | ||||||||||||
Amortization of principal and interest on loans and financing
|
(672,700 | ) | (1,516,692 | ) | (1,244,593 | ) | (2,283,521 | ) | ||||||||
Related parties
|
(22,418 | ) | 91,563 | - | (456,786 | ) | ||||||||||
Aquisition treasury shares
|
(15,219 | ) | - | (15,219 | ) | - | ||||||||||
Export pre-payment financing subsidiary
|
504,191 | - | - | - | ||||||||||||
Capital increase
|
3,309 | 533,780 | 403,309 | 533,780 | ||||||||||||
Dividends payments
|
(192,964 | ) | - | (192,964 | ) | - | ||||||||||
Net cash generated by financing activities
|
49,463 | 297,286 | 1,190,021 | 677,644 | ||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(216,512 | ) | 122,119 | 58,516 | 144,721 | |||||||||||
Cash and cash equivalents at the beginning of the period
|
285,925 | 388,726 | 1,078,366 | 719,356 | ||||||||||||
Cash and cash equivalents at the end of the period
|
69,413 | 510,845 | 1,136,882 | 864,077 |
1.
|
Operations
|
2.
|
Basis of preparation and presentation of the quarterly financial statements
|
2.
|
Basis of preparation and presentation of the quarterly financial statements (Continued)
|
|
·
|
CPC 15 – Business combinations
|
|
·
|
CPC 16 – Inventories
|
|
·
|
CPC 20 – Borrowing costs
|
|
·
|
CPC 22 – Segment reporting
|
|
·
|
CPC 24 – Subsequent event
|
|
·
|
CPC 26 – Presentation of financial statements
|
|
·
|
CPC 27 – Property, plant and equipment
|
|
·
|
CPC 29 – Biological assets and agricultural products
|
|
·
|
CPC 36 – Consolidated Statements
|
|
·
|
CPC 37 – First time adoption of International Accounting Standards and CPC 43 Initial adoption of CPC standards 15 through 40
|
|
·
|
CPC 38 – Financial Instruments: Recognition and Measurement
|
|
·
|
CPC 39 – Financial Instruments: Presentation
|
|
·
|
CPC 40 – Financial Instruments: Disclosure
|
3.
|
Summary of Significant Accounting Policies
|
|
3.
|
Summary of Significant Accounting Policies (Continued)
|
Direct and indirect interest as of
|
||||||||
12/31/10
|
09/30/10
|
|||||||
Administração de Participações Aguassanta Ltda.
|
91.5 | % | 91.5 | % | ||||
Cosan S.A Açúcar e Álcool
|
99.6 | % | 99.6 | % | ||||
Águas da Ponte Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Vale da Ponte Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Agrícola Ponte Alta S.A.
|
99.6 | % | 99.6 | % | ||||
Cosan Centroeste S.A. Açúcar e Álcool
|
99.6 | % | 99.6 | % | ||||
Barra Bioenergia S.A.
|
99.6 | % | 99.6 | % | ||||
DaBarra Alimentos S.A.
|
99.6 | % | 99.6 | % | ||||
Bonfim Nova Tamoio – BNT Agrícola Ltda.
|
99.6 | % | 99.6 | % | ||||
Benálcool Açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Barrapar Participações Ltda.
|
99.6 | % | 99.6 | % | ||||
Aliança Indústria e Comercio de açúcar e Álcool S.A.
|
99.6 | % | 99.6 | % | ||||
Agrobio Investimentos e Participações S.A.
|
99.6 | % | 99.6 | % | ||||
Bioinvestments Negócios e Partipações S.A.
|
99.6 | % | 99.6 | % | ||||
Proud Participações S.A.
|
99.9 | % | 99.9 | % | ||||
Cosan Distribuidora de Combustíveis Ltda.
|
99.9 | % | 99.9 | % | ||||
Executive Participações Limitada
|
99.9 | % | 99.9 | % | ||||
Cosan S.A. Bioenergia
|
100.0 | % | 100.0 | % | ||||
Cosan Biotecnologia S.A.
|
100.0 | % | 100.0 | % | ||||
Cosan International Universal Corporation
|
100.0 | % | 100.0 | % | ||||
Cosan Finance Limited
|
100.0 | % | 100.0 | % | ||||
Cosan Overseas Limited
|
100.0 | % | 100.0 | % | ||||
Grançucar S.A. Refinadora de Açúcar
|
100.0 | % | 100.0 | % | ||||
Cosan Combustíveis e Lubrificantes S.A.
|
100.0 | % | 100.0 | % | ||||
Copsapar Participações S.A.
|
90.0 | % | 90.0 | % | ||||
Novo Rumo Logística S.A. (1)
|
92.9 | % | 92.9 | % | ||||
Rumo Logística S.A. (1)
|
69.7 | % | 69.7 | % | ||||
Cosan Operadora Portuária S.A. (1)
|
69.7 | % | 69.7 | % | ||||
Teaçú Armazéns Gerais S.A. (1)
|
69.7 | % | 69.7 | % | ||||
Pasadena Empreendimentos e Participações S.A.
|
100.0 | % | 100.0 | % | ||||
Teas Terminal Exportador de Álcool de Santos S.A.
|
66.7 | % | 66.7 | % | ||||
Cosan Alimentos S.A. and subsidiaries
|
100.0 | % | 100.0 | % |
|
(1)
|
Company incorporated on October 20, 2010, located at Cayman Island through the increase in capital of the amount of US$50 thousand. The mentioned company was used in the process of raising perpetual notes in the amount of R$514,830, equivalent to US$300,000 thousand (note13).
|
Parent company
|
Consolidated
|
|||||||||||||||
12/31/10
|
09/30/10
|
12/31/10
|
09/30/10
|
|||||||||||||
Cash
|
141 | 143 | 752 | 256 | ||||||||||||
Overnight investments
|
- | - | 16,960 | 23,936 | ||||||||||||
Banks current account
|
15,242 | 4,283 | 67,231 | 66,920 | ||||||||||||
Amounts pending foreign exchange closing
|
1,396 | 2,577 | 16,135 | 5,182 | ||||||||||||
Financial investments
|
52,634 | 38,795 | 1,035,804 | 892,073 | ||||||||||||
69,413 | 45,798 | 1,136,882 | 988,367 |
Parent company
|
Consolidated
|
|||||||||||||||
12/31/10
|
09/30/10
|
12/31/10
|
09/30/10
|
|||||||||||||
Domestic
|
31,994 | 42,603 | 609,393 | 626,583 | ||||||||||||
International
|
25,439 | 16,594 | 96,319 | 189,195 | ||||||||||||
(-) Allowance for doubtful accounts
|
(1,000 | ) | (1,081 | ) | (48,259 | ) | (55,747 | ) | ||||||||
56,433 | 58,116 | 657,453 | 760,031 |
6.
|
Inventories
|
Parent company
|
Consolidated
|
|||||||||||||||
12/31/10
|
09/30/10
|
12/31/10
|
09/30/10
|
|||||||||||||
Finished goods:
|
||||||||||||||||
Sugar
|
188,388 | 222,835 | 582,665 | 569,516 | ||||||||||||
Ethanol
|
124,287 | 138,506 | 501,011 | 561,625 | ||||||||||||
Fuels and lubricants
|
- | - | 335,330 | 301,566 | ||||||||||||
Harvest costs
|
136,048 | 108,375 | 367,355 | 312,051 | ||||||||||||
Supplies and other
|
70,526 | 65,363 | 252,474 | 223,736 | ||||||||||||
(-) Provision for inventory realization and obsolescence
|
(7,639 | ) | (7,639 | ) | (28,827 | ) | (29,680 | ) | ||||||||
511,610 | 527,440 | 2,010,008 | 1,938,814 |
7.
|
Related parties
|
Asset
|
||||||||||||||||
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
Cosan S.A. Açúcar e Álcool
|
388,941 | 546,164 | - | - | ||||||||||||
Rezende Barbosa S.A. Administração e Participações
|
- | - | 83,333 | 85,404 | ||||||||||||
Cosan Alimentos S.A.
|
69,803 | - | - | - | ||||||||||||
Vertical UK LLP
|
9,246 | 8,970 | 12,622 | 13,094 | ||||||||||||
Others
|
6,277 | 4,861 | 360 | 563 | ||||||||||||
474,267 | 559,995 | 96,315 | 99,061 | |||||||||||||
Current assets
|
(472,537 | ) | (559,314 | ) | (20,299 | ) | (21,216 | ) | ||||||||
Non current assets
|
1,730 | 681 | 76,016 | 77,845 |
Liabilities
|
||||||||||||||||
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
Cosan Finance Limited
|
657,871 | 658,099 | - | - | ||||||||||||
CCL Finance Limited
|
304,581 | 302,500 | - | |||||||||||||
Cosan Overseas Limited
|
506,373 | - | - | - | ||||||||||||
Rezende Barbosa S.A. Administração e Participações}
|
- | - | 72,240 | 59,773 | ||||||||||||
Cosan Combustíveis e Lubrificantes S.A.
|
47,353 | 55,758 | - | - | ||||||||||||
Logispot Armazéns Gerais S.A.
|
- | - | - | 3,748 | ||||||||||||
Others
|
84,074 | 60,113 | 2,390 | 2,439 | ||||||||||||
1,600,252 | 1,076,470 | 74,630 | 65,960 | |||||||||||||
Current liabilities
|
(194,812 | ) | (155,672 | ) | (74,630 | ) | (65,960 | ) | ||||||||
Non current liabilities
|
1,405,440 | 920,798 | - | - |
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Asset balance transactions
|
||||||||||||||||
Fund remittances, net of receipts and credit assignments
|
(50,413 | ) | (61,408 | ) | 15,543 | 692,831 | ||||||||||
Capital increase in subsidiary through conversion of credits
|
(8,449 | ) | (41,201 | ) | - | - | ||||||||||
Sales of finished products, inputs and services (1)
|
99,014 | 487,373 | 45,017 | 109,028 | ||||||||||||
Purchases of finished products, inputs and services (1)
|
(141,620 | ) | (439,034 | ) | (167,794 | ) | (531,686 | ) | ||||||||
Sales of finished products, inputs and services to affiliate and related companies
|
15,276 | 71,684 | 11,319 | 66,722 | ||||||||||||
Financial income
|
464 | 5,470 | 8,978 | 17,027 | ||||||||||||
(85,728 | ) | 22,884 | (86,937 | ) | 353,922 | |||||||||||
Liability balance transactions
|
||||||||||||||||
Fund raising
|
15,557 | 46,050 | 54,169 | 124,008 | ||||||||||||
Export per-payment financing
|
504,191 | 504,191 | - | 321,755 | ||||||||||||
Financial expense (revenue)
|
4,034 | (10,781 | ) | (1,367 | ) | (182,230 | ) | |||||||||
523,782 | 539,460 | 52,802 | 263,533 |
|
(1)
|
It consists of operations carried out between Cosan's direct and indirect subsidiaries included in the consolidation.
|
7.
|
Related parties (Continued)
|
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Asset balance transactions
|
||||||||||||||||
Net receipts of sales of finished products, inputs and services to affiliate and related companies
|
(61,021 | ) | (190,736 | ) | (40,317 | ) | (207,332 | ) | ||||||||
Sales of finished products, inputs and services to affiliate and related companies
|
58,275 | 180,781 | 41,388 | 185,923 | ||||||||||||
Merged assets
|
- | - | - | 138,682 | ||||||||||||
(2,746 | ) | (9,955 | ) | 1,071 | 117,273 | |||||||||||
Liability balance transactions
|
||||||||||||||||
Net payments of purchase of sugarcane raw materials from related companies
|
(52,164 | ) | (243,350 | ) | 3,635 | (99,595 | ) | |||||||||
Purchase of sugarcane raw materials from related companies
|
60,834 | 303,564 | 44,350 | 151,711 | ||||||||||||
Payment of debt assumption (Floating Rate Notes)
|
- | - | - | (322,333 | ) | |||||||||||
Financial income
|
- | - | (1,367 | ) | (78,615 | ) | ||||||||||
8,670 | 60,214 | 46,618 | (348,832 | ) |
7.
|
Related parties (Continued)
|
8.
|
Investments
|
Parent company
|
||||||||||||||||||||||||||||||||||||||||
Investees
|
Investor
|
|||||||||||||||||||||||||||||||||||||||
Shareholders' equity
|
Statement of income
|
Partnership interests
|
Investments
|
Equity method}
|
||||||||||||||||||||||||||||||||||||
31/12/10
|
01/04/10 to 31/12/10
|
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||||||||||||||||||||
Administração de Participações Aguassanta Ltda.
|
139,748 | (1,656 | ) | 91.5 | 91.5 | 127,867 | 127,630 | 237 | (1,515 | ) | 5,506 | 9,312 | ||||||||||||||||||||||||||||
Cosan S.A. Açúcar e Álcool
|
2,821,654 | (33,444 | ) | 95.1 | 95.1 | 2,682,744 | 2,708,033 | 5,137 | (31,798 | ) | 116,263 | 197,216 | ||||||||||||||||||||||||||||
Copsapar Participações S.A..
|
399,294 | 203,561 | 90.0 | 90.0 | 359,365 | 348,040 | 11,904 | 186,102 | 1,403 | (7,499 | ) | |||||||||||||||||||||||||||||
Novo Rumo Logística S.A.
|
559,983 | 285,982 | 28.8 | 28.8 | 161,387 | 156,292 | 5,355 | 83,723 | 631 | 1,599 | ||||||||||||||||||||||||||||||
TEAS - Terminal Exportador de Álcool de Santos S.A. (2)
|
48,748 | 1,127 | 66.7 | 66.7 | 39,799 | 39,590 | 209 | 678 | 146 | 507 | ||||||||||||||||||||||||||||||
Cosan S.A. Bioenergia
|
137,464 | 5,830 | 100.0 | 100.0 | 137,464 | 140,055 | (2,591 | ) | 5,830 | (7,339 | ) | (3,534 | ) | |||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
886,461 | 19,928 | 18.9 | 18.9 | 167,709 | 166,641 | 1,069 | 3,302 | (441 | ) | 623 | |||||||||||||||||||||||||||||
Cosan International Universal Corporation
|
567 | (2 | ) | 100.0 | 100.0 | 567 | 577 | (1 | ) | (2 | ) | (7,817 | ) | (9,033 | ) | |||||||||||||||||||||||||
Cosan Finance Limited
|
18,740 | (2,996 | ) | 100.0 | 100.0 | 18,740 | 20,267 | (1,216 | ) | (3,071 | ) | 517 | 1,738 | |||||||||||||||||||||||||||
Cosanpar Participações S.A. (1)
|
- | - | - | - | - | - | - | - | - | 72,212 | ||||||||||||||||||||||||||||||
Cosan Combustíveis e Lubrificantes S.A.
|
1,944,008 | 129,820 | 100.0 | 100.0 | 1,943,982 | 1,903,438 | 40,543 | 129,820 | 30,522 | 116,210 | ||||||||||||||||||||||||||||||
Cosan Alimentos S.A. (3)
|
292,078 | 40,362 | 100.0 | 100.0 | 749,698 | 743,151 | 6,547 | 29,788 | 21,262 | 45,799 | ||||||||||||||||||||||||||||||
Proud Participações S.A. (4)
|
53,237 | - | 100.0 | 93.4 | 53,236 | 55,038 | - | - | - | - | ||||||||||||||||||||||||||||||
Other investments (5)
|
- | - | - | 55,518 | 55,420 | (10,096 | ) | (15,993 | ) | (9,034 | ) | (13,988 | ) | |||||||||||||||||||||||||||
6,498,076 | 6,464,172 | 57,097 | 386,864 | 151,619 | 411,162 |
|
(1)
|
Merged by Cosan CL on September 23, 2009;
|
|
(2)
|
The investment balances, as of December 31 and September 30, 2010, include the goodwill generated from the acquisition of shares in the amount of R$7.301;
|
|
(3)
|
As of December 31, 2010, this includes the amounts of R$365,240 (same amount as of September 30, 2010) and R$92,380 (same amount as of September 30, 2010) related to the advances for future capital increase and goodwill from acquisition of Curupay, respectively;
|
|
(4)
|
Established upon payment of rural and urban real estate properties; and
|
|
(5)
|
Includes negative equity on shareholders’ deficit, in the amount of R$10,195 and R$16,092 in the quarter and nine-month period ended December 31, 2010, respectively.
|
8.
|
Investments (Continued)
|
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10}
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
6,464,172 | 6,112,223 | 5,377,928 | 4,788,932 | ||||||||||||
Equity method}
|
67,292 | 402,956 | 151,619 | 411,162 | ||||||||||||
Addition to investments
|
- | 17,244 | 29,471 | 48,815 | ||||||||||||
Capital increase in subsidiary through conversion of credits
|
8,449 | 41,201 | - | - | ||||||||||||
Payment of capital with property plant and equipment and additions resulting from merger spin
|
(10,251 | ) | 44,787 | - | 334,072 | |||||||||||
Goodwill in the merger
|
- | - | - | (18,194 | ) | |||||||||||
Conversion effect
|
(321 | ) | (1,674 | ) | (626 | ) | (3,875 | ) | ||||||||
Dividends
|
(30,426 | ) | (117,597 | ) | - | (2,520 | ) | |||||||||
Others
|
(839 | ) | (1,064 | ) | - | - | ||||||||||
Closing balances}
|
6,498,076 | 6,498,076 | 5,558,392 | 5,558,392 |
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10}
|
01/04/10 to 31/12/10}
|
01/10/09 to 31/12/09}
|
01/04/09 to 31/12/09}
|
|||||||||||||
Opening balances
|
207,585 | 193,123 | 196,497 | 278,209 | ||||||||||||
Equity method
|
1,070 | 3,302 | (9,360 | ) | (12,885 | ) | ||||||||||
Addition to investments
|
- | 12,720 | 25,999 | 46,036 | ||||||||||||
Payment of capital with property plant and equipment and additions resulting from merger spin
|
- | - | (19,090 | ) | (16,321 | ) | ||||||||||
Investment acquisition advancement write-off
|
- | - | - | (100,000 | ) | |||||||||||
Dividends
|
- | - | - | (860 | ) | |||||||||||
Others
|
- | (490 | ) | - | (133 | ) | ||||||||||
Closing balances}
|
208,655 | 208,655 | 194,046 | 194,046 |
9.
|
Property, Plant and equipment
|
Parent company
|
||||||||||||||||||||
12/31/10
|
09/30/10
|
|||||||||||||||||||
Average annual depreciation rates (%)
|
Cost
|
Accumulated depreciation and amortization
|
Net
|
Net
|
||||||||||||||||
Land and rural properties
|
- | 15,297 | - | 15,297 | 5,045 | |||||||||||||||
Machinery, equipment and installations
|
9 | 575,882 | (333,105 | ) | 242,777 | 235,280 | ||||||||||||||
Aircraft
|
10 | 13,395 | (13,395 | ) | - | |||||||||||||||
Vehicles
|
20 | 110,023 | (50,904 | ) | 59,119 | 59,418 | ||||||||||||||
Furniture, fixtures and computer equipment
|
16 | 32,467 | (18,177 | ) | 14,290 | 15,029 | ||||||||||||||
Buildings and improvements
|
4 | 180,508 | (39,509 | ) | 140,999 | 137,493 | ||||||||||||||
Construction in progress
|
- | 177,183 | - | 177,183 | 141,793 | |||||||||||||||
Sugarcane planting costs
|
20 | 539,474 | (290,635 | ) | 248,839 | 236,579 | ||||||||||||||
Parts and components to be periodically replaced
|
100 | 22,162 | - | 22,162 | 24,108 | |||||||||||||||
Other
|
- | 415 | - | 415 | 418 | |||||||||||||||
1,666,806 | (745,725 | ) | 921,081 | 855,163 |
Consolidated
|
||||||||||||||||||||
12/31/10
|
09/30/10
|
|||||||||||||||||||
Average annual depreciation rates (%)
|
Cost
|
Accumulated depreciation and amortization
|
Net
|
Net
|
||||||||||||||||
Land and rural properties
|
- | 220,927 | - | 220,927 | 221,542 | |||||||||||||||
Machinery, equipment and installations
|
10 | 4,403,841 | (1,814,613 | ) | 2,589,228 | 2,566,618 | ||||||||||||||
Aircraft
|
10 | 32,051 | (14,768 | ) | 17,283 | 16,583 | ||||||||||||||
Vehicles
|
19 | 325,673 | (166,316 | ) | 159,357 | 160,880 | ||||||||||||||
Furniture, fixtures and computer equipment
|
14 | 141,283 | (96,779 | ) | 44,504 | 44,393 | ||||||||||||||
Buildings and improvements
|
4 | 1,163,717 | (333,286 | ) | 830,431 | 843,172 | ||||||||||||||
Vagons
|
3 | 141,647 | (2,255 | ) | 139,392 | 140,403 | ||||||||||||||
Locomotives
|
3 | 150,000 | (1,417 | ) | 148,583 | 84,556 | ||||||||||||||
Construction in progress
|
- | 1,069,031 | - | 1,069,031 | 841,667 | |||||||||||||||
Sugarcane planting costs
|
20 | 1,684,141 | (896,908 | ) | 787,233 | 769,771 | ||||||||||||||
Parts and components to be periodically replaced
|
107,739 | - | 107,739 | 76,510 | ||||||||||||||||
Advances for purchase of property, plant and equipment
|
100 | 56,633 | - | 56,633 | 110,207 | |||||||||||||||
Other
|
- | 3,581 | - | 3,581 | 2,098 | |||||||||||||||
9,500,264 | (3,326,342 | 6,173,922 | 5,878,400 |
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
855,163 | 872,122 | 734,986 | 789,259 | ||||||||||||
Additions to the Property Plant and Equipment
|
110,980 | 321,885 | 53,944 | 138,756 | ||||||||||||
Write-offs and transfers
|
(512 | ) | 3,574 | (251 | ) | (4,316 | ) | |||||||||
Depreciation and amortization
|
(54,801 | ) | (231,713 | ) | (55,177 | ) | (190,197 | ) | ||||||||
Write-off for payment of capital in subsidiary, net
|
10,251 | (44,787 | ) | - | - | |||||||||||
Closing balances
|
921,081 | 921,081 | 733,502 | 733,502 |
9.
|
Property, Plant and equipment (Continued)
|
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
5,878,400 |
5,561,065
|
4,644,199 | 3,493,947 | ||||||||||||
Additions to the Property Plant and Equipment
|
547,687 | 1,535,774 | 400,983 | 1,180,696 | ||||||||||||
Write-offs and transfers
|
(4,291 | ) | (25,578 | ) | 24,338 | (19,680 | ) | |||||||||
Depreciation and amortization
|
(247,874 | ) | (897,339 | ) | (219,151 | ) | (617,579 | ) | ||||||||
Accretion from acquisitions/mergers
|
- | - | 21,165 | 834,150 | ||||||||||||
Closing balances
|
6,173,922 | 6,173,922 | 4,871,534 | 4,871,534 |
10.
|
Intangible assets
|
Parent company
|
||||||||||||||||
12/31/10
|
09/30/10
|
|||||||||||||||
Goodwill (amortized on a straight-line basis until March 31, 2009)
|
Cost
|
Accumulated amortization
|
Net
|
Net
|
||||||||||||
Acquisition of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Acquisition of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Payment of capital, Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Acquisition of Corona (ABC 125 and ABC 126)
|
267,824 | (84,811 | ) | 183,013 | 183,013 | |||||||||||
Acquisition of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
595,804 | (218,361 | ) | 377,443 | 377,443 | ||||||||||||
Other intangibles
|
||||||||||||||||
Software (amortization at the rate of 20% p. a.)
|
47,334 | (30,701 | ) | 16,633 | 17,822 | |||||||||||
643,138 | (249,062 | ) | 394,076 | 395,265 |
Consolidated
|
||||||||||||||||
12/31/10
|
09/30/10
|
|||||||||||||||
Goodwill (amortized on a straight-line basis until March 31, 2009)
|
Cost
|
Accumulated amortization
|
Net
|
Net
|
||||||||||||
Acquisition of JVM Participações S.A.
|
63,720 | (53,100 | ) | 10,620 | 10,620 | |||||||||||
Acquisition of Cosan Açúcar e Álcool
|
35,242 | (34,684 | ) | 558 | 558 | |||||||||||
Formation of FBA
|
22,992 | (18,585 | ) | 4,407 | 4,407 | |||||||||||
Acquisition of Univalem S.A. Açúcar e Álcool
|
24,118 | (19,100 | ) | 5,018 | 5,018 | |||||||||||
Acquisition of Grupo Destivale
|
69,917 | (27,423 | ) | 42,494 | 42,494 | |||||||||||
Acquisition of Grupo Mundial
|
127,953 | (40,518 | ) | 87,435 | 87,435 | |||||||||||
Payment of capital, Mundial
|
21,142 | (6,342 | ) | 14,800 | 14,800 | |||||||||||
Acquisition of Corona
|
818,833 | (255,817 | ) | 563,016 | 563,016 | |||||||||||
Acquisition of Usina Açucareira Bom Retiro S.A.
|
115,165 | (33,590 | ) | 81,575 | 81,575 | |||||||||||
Acquisition of Usina Santa Luíza
|
47,053 | (4,705 | ) | 42,348 | 42,348 | |||||||||||
Acquisition of Benálcool
|
167,300 | (18,053 | ) | 149,247 | 149,247 | |||||||||||
Acquisition of Aliança
|
1,860 | - | 1,860 | 1,860 | ||||||||||||
Acquisition of Cosan CL
|
1,406,962 | - | 1,406,962 | 1,397,518 | ||||||||||||
Acquisition of Teaçu
|
73,668 | - | 73,668 | 73,668 | ||||||||||||
Merger of Curupay (Cosan Alimentos)
|
92,380 | - | 92,380 | 92,380 | ||||||||||||
Acquisition of Açúcar União
|
74,832 | (57,371 | ) | 17,461 | 17,461 | |||||||||||
Acquisition of Destilaria Paraguaçu
|
166,656 | - | 166,656 | 166,656 | ||||||||||||
Subscription of share of Nova América
|
121,893 | - | 121,893 | 121,893 | ||||||||||||
Purchase of shares of TEAS
|
7,301 | - | 7,301 | 7,301 | ||||||||||||
3,458,987 | (569,288 | ) | 2,889,699 | 2,880,255 | ||||||||||||
Other intangibles
|
||||||||||||||||
Software (amortization at the rate of 20% p. a.)
|
93,274 | (63,474 | ) | 29,800 | 32,287 | |||||||||||
Others
|
20,707 | (2,156 | ) | 18,551 | 19,233 | |||||||||||
113,981 | (65,630 | ) | 48,351 | 51,520 | ||||||||||||
3,572,968 | (634,918 | ) | 2,938,050 | 2,931,775 |
10.
|
Intangible assets (Continued)
|
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
395,265 | 399,648 | 422,076 | 403,918 | ||||||||||||
Additions to goodwill, net of write offs
|
- | - | - | 18,194 | ||||||||||||
Increase in software and other intangibles
|
1,054 | 2,968 | 5 | 638 | ||||||||||||
Amortization of software and other intangibles
|
(2,243 | ) | (6,904 | ) | (2,226 | ) | (6,783 | ) | ||||||||
Others
|
- | (1,636 | ) | - | 3,888 | |||||||||||
Closing balances
|
394,076 | 394,076 | 419,855 | 419,855 |
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
2,931,775 | 2,901,308 | 2,764,638 | 2,418,753 | ||||||||||||
Additions to goodwill, net of write offs
|
9,444 | 22,216 | 28,002 | 126,292 | ||||||||||||
Increase in software and other intangibles
|
1,068 | 12,295 | - | - | ||||||||||||
Accretion from mergers/acquisition
|
- | - | - | 306,010 | ||||||||||||
Goodwill derived from disposals
|
- | - | - | (85,589 | ) | |||||||||||
Transfers
|
- | 16,009 | (10,172 | ) | 17,002 | |||||||||||
Amortization of software and other intangibles
|
(4,237 | ) | (16,566 | ) | - | - | ||||||||||
Others
|
- | 2,788 | - | - | ||||||||||||
Closing balances
|
2,938,050 | 2,938,050 | 2,782,468 | 2,782,468 |
11.
|
Taxes and social contributions payable
|
Parent company
|
Consolidated
|
|||||||||||||||
09/30/10
|
06/30/10
|
09/30/10
|
06/30/10
|
|||||||||||||
ICMS
|
2,133 | 5,638 | 42,196 | 61,177 | ||||||||||||
IPI
|
1,475 | 1,090 | 38,043 | 23,219 | ||||||||||||
INSS
|
5,679 | 10,840 | 23,214 | 29,939 | ||||||||||||
PIS
|
340 | 467 | 6,358 | 7,148 | ||||||||||||
COFINS
|
1,566 | 2,148 | 29,277 | 32,995 | ||||||||||||
Installment payments – Refis IV
|
99,944 | 99,195 | 663,877 | 659,762 | ||||||||||||
Income and social contribution taxes payable
|
- | - | 7,978 | 2,302 | ||||||||||||
Other
|
12,074 | 16,036 | 26,497 | 28,914 | ||||||||||||
123,211 | 135,414 | 837,440 | 845,456 | |||||||||||||
Current
|
(34,783 | ) | (47,230 | ) | (218,783 | ) | (239,154 | ) | ||||||||
Noncurrent
|
88,428 | 88,184 | 618,657 | 606,302 |
Parent company
|
Consolidated
|
|||||||||||||||
09/30/10
|
06/30/10
|
09/30/10
|
06/30/10
|
|||||||||||||
13 to 24 months
|
11,309 | 11,966 | 66,730 | 65,699 | ||||||||||||
25 to 36 months
|
7,887 | 7,992 | 60,992 | 60,411 | ||||||||||||
37 to 48 months
|
6,926 | 6,668 | 58,415 | 56,559 | ||||||||||||
49 to 60 months
|
6,811 | 6,638 | 58,249 | 56,476 | ||||||||||||
61 to 72 months
|
6,224 | 6,102 | 53,504 | 54,888 | ||||||||||||
73 to 84 months
|
6,224 | 5,977 | 45,492 | 44,259 | ||||||||||||
85 to 96 months
|
6,224 | 5,977 | 44,337 | 42,823 | ||||||||||||
As from 97 months
|
36,823 | 36,864 | 230,938 | 225,187 | ||||||||||||
88,428 | 88,184 | 618,657 | 606,302 |
11.
|
Taxes and social contributions payable (Continued)
|
12.
|
Income and Social Contribution Taxes
|
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Profit before income tax and social contribution
|
13,544 | 527,107 | 174,806 | 823,792 | ||||||||||||
Income tax and social security contribution at nominal rate (34%)
|
(4,605 | ) | (179,216 | ) | (59,434 | ) | (280,089 | ) | ||||||||
Adjustments made for determining the effective rate
|
||||||||||||||||
Equity method
|
22,879 | 137,005 | 51,550 | 139,795 | ||||||||||||
Non deductible donations and contributions
|
(1,510 | ) | (4,916 | ) | (801 | ) | (1,676 | ) | ||||||||
Recognized options granted
|
(233 | ) | (524 | ) | 26 | (2,879 | ) | |||||||||
Others
|
(2,172 | ) | (3,108 | ) | 982 | (1,178 | ) | |||||||||
Total of deferred and current taxes
|
14,359 | (50,759 | ) | (7,677 | ) | (146,027 | ) | |||||||||
Effective rate
|
- | 9.62 | % | 4.39 | % | 17.73 | % |
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Profit before income tax and social contribution
|
75,206 | 691,036 | 253,044 | 1,016,411 | ||||||||||||
Income tax and social security contribution at nominal rate (34%)
|
(25,570 | ) | (234,952 | ) | (86,035 | ) | (345,580 | ) | ||||||||
Adjustments made for determining the effective rate
|
||||||||||||||||
Equity method
|
364 | 1,123 | (3,182 | ) | (4,381 | ) | ||||||||||
Non deductible donations and contributions
|
(2,137 | ) | (8,050 | ) | (1,402 | ) | (2,711 | ) | ||||||||
Recognized options granted
|
(233 | ) | (524 | ) | 26 | (2,879 | ) | |||||||||
Capital gain based on shareholding interest variation
|
- | 75,846 | - | - | ||||||||||||
Tax loss and negative social contribution basis not realizable in subsidiaries
|
(4,810 | ) | (7,534 | ) | (4,609 | ) | (2,564 | ) | ||||||||
Others
|
(7,272 | ) | (11,224 | ) | 9,945 | 11,142 | ||||||||||
Total of deferred and current taxes
|
(39,658 | ) | (185,315 | ) | (85,257 | ) | (346,973 | ) | ||||||||
Effective rate
|
52.73 | % | 26.82 | % | 33.69 | % | 34.14 | % |
12.
|
Income and Social Contribution Taxes (Continued)
|
Parent company
|
||||||||||||||||||||
31/12/10
|
30/09/10
|
|||||||||||||||||||
Base
|
IRPJ 25%
|
CSSL 9%
|
Total
|
Total
|
||||||||||||||||
Provisions for court judgments and other interim differences
|
157,246 | 39,313 | 14,152 | 53,465 | 48,599 | |||||||||||||||
Leasing
|
24,088 | 6,022 | 2,168 | 8,190 | 8,000 | |||||||||||||||
Derivative transactions
|
150,288 | 37,572 | 13,526 | 51,098 | (36,190 | ) | ||||||||||||||
Tax losses
|
412,431 | 103,108 | - | 103,108 | 103,828 | |||||||||||||||
Negative social contribution
|
412,532 | - | 37,128 | 37,128 | 37,387 | |||||||||||||||
186,015 | 66,974 | 252,989 | 161,624 | |||||||||||||||||
Exchange rate changes
|
(595,295 | ) | (148,824 | ) | (53,577 | ) | (202,401 | ) | (189,526 | ) | ||||||||||
Goodwill
|
(91,885 | ) | (22,971 | ) | (8,270 | ) | (31,241 | ) | (27,287 | ) | ||||||||||
(171,795 | ) | (61,847 | ) | (233,642 | ) | (216,813 | ) | |||||||||||||
Total deferred taxes
|
14,220 | 5,127 | 19,347 | (55,189 | ) | |||||||||||||||
Current assets
|
18,937 | 12,522 | ||||||||||||||||||
Non current assets}
|
234,052 | 177,292 | ||||||||||||||||||
Non current liabilities
|
(233,642 | ) | (245,003 | ) |
Consolidated
|
||||||||||||||||||||
31/12/10
|
30/09/10
|
|||||||||||||||||||
Base
|
IRPJ 25%
|
CSSL 9%
|
Total
|
Total
|
||||||||||||||||
Provisions for court judgments and other interim differences
|
974,615 | 243,656 | 87,715 | 331,371 | 327,504 | |||||||||||||||
Leasing
|
24,088 | 6,022 | 2,168 | 8,190 | 8,000 | |||||||||||||||
Derivative transactions
|
186,997 | 46,749 | 16,830 | 63,579 | (36,190 | ) | ||||||||||||||
Tax losses
|
1,004,940 | 251,235 | - | 251,235 | 251,479 | |||||||||||||||
Negative social contribution
|
1,017,448 | - | 91,570 | 91,570 | 91,657 | |||||||||||||||
547,662 | 198,283 | 745,945 | 642,450 | |||||||||||||||||
Exchange rate changes
|
(713,183 | ) | (178,296 | ) | (64,187 | ) | (242,483 | ) | (221,262 | ) | ||||||||||
Accelerated depreciation
|
(8,103 | ) | (2,026 | ) | (729 | ) | (2,755 | ) | (1,266 | ) | ||||||||||
Goodwill
|
(627,609 | ) | (156,902 | (56,484 | ) | (213,386 | ) | (174,778 | ) | |||||||||||
(337,224 | ) | (121,400 | ) | (458,624 | ) | (397,306 | ) | |||||||||||||
Total deferred taxes
|
210,438 | 76,883 | 287,321 | 245,144 | ||||||||||||||||
Current assets
|
100,907 | 94,512 | ||||||||||||||||||
Non current assets
|
645,038 | 576,128 | ||||||||||||||||||
Non current liabilities
|
(458,624 | ) | (425,496 | ) |
Assets
|
||||||||||||||||
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
13 to 24 months
|
16,878 | 10,463 | 115,930 | 97,029 | ||||||||||||
25 to 36 months
|
22,666 | 16,251 | 111,389 | 111,833 | ||||||||||||
37 to 48 months
|
22,597 | 16,182 | 82,402 | 82,810 | ||||||||||||
49 to 84 months
|
103,458 | 84,212 | 202,667 | 181,199 | ||||||||||||
85 to 120 months
|
68,453 | 50,184 | 132,650 | 103,257 | ||||||||||||
234,052 | 177,292 | 645,038 | 576,128 |
12.
|
Income and Social Contribution Taxes (Continued)
|
Liabilities
|
||||||||||||||||
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
13 to 24 months
|
20,240 | 21,772 | 38,241 | 28,119 | ||||||||||||
25 to 36 months
|
20,240 | 21,772 | 25,760 | 28,119 | ||||||||||||
37 to 48 months
|
20,240 | 21,772 | 25,760 | 28,119 | ||||||||||||
49 to 84 months
|
60,720 | 65,315 | 178,912 | 161,034 | ||||||||||||
85 to 120 months
|
112,202 | 114,372 | 189,951 | 180,105 | ||||||||||||
233,642 | 245,003 | 458,624 | 425,496 |
13.
|
Loans and Financing
|
Description
|
Financial charges (1)
|
Parent company
|
Consolidated
|
Due date final
|
Assurances (2)
|
||||
Index
|
Annual average interest rate
|
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
||
Senior Notes Due 2014
|
U.S dollar
|
Interest of 9.5%
|
-
|
-
|
605,330
|
601,107
|
July 2014
|
-
|
-
|
Senior Notes Due 2017
|
U.S dollar
|
Interest of 7.0%
|
-
|
-
|
685,789
|
685,454
|
February/2017
|
-
|
-
|
BNDES (3)
|
URTJLP
PrefixedUMBND
|
Interest of 2,61%
Interest of 4,5%
Interest of 7,1%
|
-
-
-
|
-
-
-
|
1,334,667
247,167
41,154
|
1,151,383
147,881
43,615
|
October/2025
July 2020
July 2019
|
Credit rights from PPA
|
Credit rights from PPA
|
Bank Credit Certificate
|
CDCA
|
Interest of 0.6%+CDI
|
-
|
-
|
30,090
|
61,804
|
December 2011
|
Conditional Sale
|
Conditional Sale
|
ACC
|
U.S dollar
|
Interest of 1,60%
|
210,442
|
382,618
|
210,442
|
382,618
|
March 2011
|
-
|
-
|
Perpetual Notes
|
U.S dollar
|
Interest of 8.3%
|
758,627
|
771,376
|
1,264,902
|
771,375
|
-
|
-
|
-
|
Resolution 2471
Rural Credit
|
IGP-M
Prefixed
Prefixed
|
Interest of 3,95%
Interest of 3.0%
Interest of 6,7%
|
107,121
114
30,664
|
103,718
121
30,156
|
652,701
114
90,856
|
639,877
121
89,352
|
April 2020
October 2025
October2011
|
Treasury certificates and mortgaged lands
Sugarcane lien
|
Treasury certificates and mortgaged lands
Sugarcane lien
|
Pre payments
|
Libor US dollar + Libor
|
Interest of 6,78%
|
335,263
|
426,197
|
731,465
|
845,838
|
September 2014
|
-
|
-
|
Credit note
|
125,0% CD
U.S dollar
|
-
Interest of 6,25%
|
305,774
168,442
|
314,829
173,950
|
305,774
168,442
|
314,829
173,950
|
October 2012
|
-
|
-
|
Finame
Pass (4)
|
Prefixed
URTJLP
U.S dollar
Prefixed
|
Interest of 4,92%
Interest of 2,84%
Interest of 7,44%
Interest of 9.0%
|
104,239
16,330
-
-
|
77,191
17,543
-
-
|
502,666
179,788
56
40,151
|
373,660
83,278
65
-
|
July 2020
March 2021
November 2012
April 2011
|
Conditional sale of financed assets
Conditional Sale
|
Conditional sale of financed assets
Conditional Sale
|
Others
|
Miscellaneous
|
Miscellaneous
|
-
|
-
|
36,661
|
38,505
|
Miscellaneous
|
Mortgage, inventories and conditional sale of financed assets
|
Mortgage, inventories and conditional sale of financed assets
|
Expenses incurred with security placement
|
(10,231)
|
(12,906)
|
(37,445)
|
(35,303)
|
-
|
-
|
-
|
||
2,026,785
|
2,284,793
|
7,090,770
|
6,369,409
|
||||||
Current
|
(599,485)
|
(671,878)
|
(1,129,092)
|
(1,058,598)
|
|||||
Non current
|
1,427,300
|
1,612,915
|
5,961,678
|
5,310,811
|
(1)
|
Financial charges as of December 31, 2010, except as indicated otherwise;
|
(2)
|
All loans and financings are secured by promissory notes and sureties posted by the Company, its subsidiaries and controlling shareholders, in addition to the collateral described above;
|
(3)
|
These correspond to funds secured by direct and indirect subsidiaries, Cosan S.A. Bioenergia, Barra Bioenergia S.A. and Cosan Centroeste S.A. Açúcar e Álcool, for the purpose of financing cogeneration, greenfield and logistics projects; and Program to support the sugarcane alcohol sector.
|
13.
|
Loans and Financing (Continued)
|
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
13 to 24 months
|
513,606 | 376,578 | 884,695 | 767,459 | ||||||||||||
25 to 36 months
|
21,306 | 349,365 | 388,584 | 656,742 | ||||||||||||
37 to 48 months
|
21,600 | 16,752 | 962,274 | 904,978 | ||||||||||||
49 to 60 months
|
4,616 | 4,721 | 721,707 | 179,491 | ||||||||||||
61 to 72 months
|
3,302 | 109 | 216,713 | 163,865 | ||||||||||||
73 to 84 months
|
3,146 | 8 | 880,799 | 838,970 | ||||||||||||
85 to 96 months
|
21,187 | 18,396 | 417,461 | 219,290 | ||||||||||||
As from 97 months
|
838,537 | 846,986 | 1,489,445 | 1,580,016 | ||||||||||||
1,427,300 | 1,612,915 | 5,961,678 | 5,310,811 |
13.
|
Loans and Financing (Continued)
|
13.
|
Loans and Financing (Continued)
|
14.
|
Provision for Judicial Demands
|
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
Tax
|
42,217 | 49,136 | 411,263 | 411,838 | ||||||||||||
Civil
|
15,233 | 12,494 | 86,647 | 81,143 | ||||||||||||
Labor claims
|
29,736 | 29,588 | 152,190 | 149,956 | ||||||||||||
87,186 | 91,218 | 650,100 | 642,937 | |||||||||||||
Judicial deposits
|
(9,011 | ) | (8,455 | ) | (180,878 | ) | (173,640 | ) | ||||||||
78,175 | 82,763 | 469,222 | 469,297 |
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
82,763 | 71,556 | 239,778 | 236,633 | ||||||||||||
Constitutions (reversals), net and others
|
(6,191 | ) | 4,646 | (165,629 | ) | (167,635 | ) | |||||||||
Monetary restatement
|
1,603 | 1,973 | 2,282 | 7,433 | ||||||||||||
78,175 | 78,175 | 76,431 | 76,431 |
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Opening balances
|
469,297 | 444,421 | 1,143,377 | 1,105,899 | ||||||||||||
Constitutions (reversals), net and others
|
(17,694 | ) | (9,640 | ) | (256,461 | ) | (258,232 | ) | ||||||||
Monetary restatement
|
17,619 | 34,441 | (131,266 | ) | (108,348 | ) | ||||||||||
Accretion from acquisitions, net of write-offs
|
- | - | - | 16,331 | ||||||||||||
469,222 | 469,222 | 755,650 | 755,650 |
14.
|
Provision for Judicial Demands (Continued)
|
Parent company
|
Consolidated
|
|||||||||||||||
Description
|
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
||||||||||||
IPI
|
6,471 | 6,430 | 8,630 | 8,331 | ||||||||||||
IPC – 89 (i)
|
- | - | 88,266 | 88,266 | ||||||||||||
Finsocial offsetting (ii)
|
- | - | 180,885 | 178,139 | ||||||||||||
ICMS credits (iii)
|
17,706 | 24,953 | 71,930 | 77,753 | ||||||||||||
PIS and COFINS
|
4,479 | 4,438 | 25,976 | 21,795 | ||||||||||||
IRPJ and CSLL
|
814 | 809 | 2,063 | 2,062 | ||||||||||||
Others
|
12,747 | 12,506 | 33,513 | 35,492 | ||||||||||||
42,217 | 49,136 | 411,263 | 411,838 |
14.
|
Provision for Judicial Demands (Continued)
|
14.
|
Provision for Judicial Demands (Continued)
|
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
Notice of infringement – Income tax withheld at source (i)
|
190,272 | 187,735 | 191,784 | 189,285 | ||||||||||||
ICMS – State VAT (ii)
|
110,275 | 103,235 | 486,600 | 468,075 | ||||||||||||
IPI – Federal VAT (iii)
|
10,866 | 10,780 | 259,614 | 267,320 | ||||||||||||
Offsets against IPI credits – IN 67/98 (iv)
|
- | - | 180,888 | 179,258 | ||||||||||||
PIS and COFINS
|
12,631 | 12,441 | 148,405 | 146,976 | ||||||||||||
INSS and other
|
91,949 | 34,121 | 208,137 | 134,574 | ||||||||||||
Civil and labor
|
93,950 | 100,326 | 621,654 | 601,834 | ||||||||||||
509,943 | 448,638 | 2,097,082 | 1,987,322 |
14.
|
Provision for Judicial Demands (Continued)
|
14.
|
Provision for Judicial Demands (Continued)
|
Parent company
|
Consolidated
|
|||||||||||||||
31/12/10
|
30/09/10
|
31/12/10
|
30/09/10
|
|||||||||||||
Civil
|
39,891 | 48,977 | 329,195 | 309,848 | ||||||||||||
Labor
|
54,059 | 51,349 | 292,459 | 291,986 | ||||||||||||
93,950 | 100,326 | 621,654 | 601,834 |
15.
|
Accounts Receivable from the Federal Government
|
15.
|
Accounts Receivable from the Federal Government (Continued)
|
|
a)
|
Capital stock
|
|
b)
|
Dividends
|
|
c)
|
Treasury shares
|
17.
|
Management compensation
|
18.
|
Financial, net
|
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Financial expenses
|
||||||||||||||||
Interest
|
(71,121 | ) | (204,762 | ) | (87,780 | ) | (250,992 | ) | ||||||||
Monetary variation
|
(3,214 | ) | (8,135 | ) | (11,675 | ) | (27,803 | ) | ||||||||
Bank expenses
|
(211 | ) | (411 | ) | (48 | ) | (244 | ) | ||||||||
(74,546 | ) | (213,308 | ) | (99,503 | ) | (279,039 | ) | |||||||||
Financial income
|
||||||||||||||||
Interest
|
3,535 | 16,940 | 14,628 | 30,439 | ||||||||||||
Monetary variation
|
1,114 | 2,707 | (150 | ) | (904 | ) | ||||||||||
Income from money market investments
|
747 | 3,993 | 2,044 | 15,149 | ||||||||||||
Others
|
6 | 25 | 66 | 370 | ||||||||||||
5,402 | 23,665 | 16,588 | 45,054 | |||||||||||||
Net effect on exchange variation
|
||||||||||||||||
Gain on exchange variation
|
45,335 | 176,532 | 42,006 | 535,609 | ||||||||||||
45,335 | 176,532 | 42,006 | 535,609 | |||||||||||||
Net impact of derivatives (1)
|
||||||||||||||||
Commodity derivatives
|
8,225 | 133,008 | (36,670 | ) | (349,363 | ) | ||||||||||
Exchange and interest derivatives
|
32,211 | 25,071 | 22,616 | 379,714 | ||||||||||||
40,436 | 158,079 | (14,054 | ) | 30,351 | ||||||||||||
16,627 | 144,968 | (54,963 | ) | 331,975 |
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Financial expenses
|
||||||||||||||||
Interest
|
(159,549 | ) | (451,849 | ) | (192,705 | ) | (451,659 | ) | ||||||||
Monetary variation
|
(25,756 | ) | (58,641 | ) | (17,242 | ) | (41,890 | ) | ||||||||
Bank expenses
|
(2,307 | ) | (3,714 | ) | (4,363 | ) | (5,803 | ) | ||||||||
(187,612 | ) | (514,204 | ) | (214,310 | ) | (499,352 | ) | |||||||||
Financial income
|
||||||||||||||||
Interest
|
15,253 | 51,831 | 51,526 | 95,382 | ||||||||||||
Monetary variation
|
9,928 | 25,314 | 1,511 | 4,791 | ||||||||||||
Income from money market investments
|
22,186 | 58,439 | 14,134 | 41,705 | ||||||||||||
Others
|
104 | 466 | 724 | 426 | ||||||||||||
47,471 | 136,050 | 67,895 | 142,304 | |||||||||||||
Net effect on exchange variation
|
||||||||||||||||
Gain on exchange variation
|
59,324 | 214,843 | 50,104 | 628,857 | ||||||||||||
59,324 | 214,843 | 50,104 | 628,857 | |||||||||||||
Net impact of derivatives (1)
|
||||||||||||||||
Commodity derivatives
|
(31,768 | ) | (35,568 | ) | (28,907 | ) | (399,000 | ) | ||||||||
Exchange and interest derivatives
|
14,777 | 41,894 | 46,933 | 561,228 | ||||||||||||
(16,991 | ) | 6,326 | 18,026 | 162,228 | ||||||||||||
(97,808 | ) | (156,985 | ) | (78,285 | ) | 434,037 |
19.
|
Other operating income (expenses), net
|
Parent company
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Capital gain on merger of shares
|
- | - | - | 3,052 | ||||||||||||
Gain from the adhesion to payment in installments of Law 11.941/09 and MP 470/09
|
- | - | 79,433 | 79,433 | ||||||||||||
Internal costs for raising funds
|
- | (18,758 | ) | - | - | |||||||||||
Reversal (constitution) of provision for judicial demands and indemnities
|
1,792 | (12,067 | ) | (214 | ) | 1,283 | ||||||||||
Result from Sales of property and equipment
|
(31 | ) | 131 | 275 | ||||||||||||
Revenue from Sales of scraps and residues
|
346 | 1,625 | 267 | 1,072 | ||||||||||||
Revenue from rental and leasing
|
996 | 1,787 | 654 | 2,113 | ||||||||||||
Donations
|
(2,640 | ) | (9,105 | ) | - | - | ||||||||||
Constitution of provision for operating losses in subsidiary
|
(2,065 | ) | (2,065 | ) | - | - | ||||||||||
Other expenses, net
|
12 | (2,298 | ) | (857 | ) | (1,081 | ) | |||||||||
(1,590 | ) | (40,750 | ) | 79,363 | 86,147 |
Consolidated
|
||||||||||||||||
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
Capital gains from disposal of equity interests, net of losses
|
- | - | - | 93,097 | ||||||||||||
Capital loss from business combination
|
- | - | - | (28,138 | ) | |||||||||||
Net gain from reduction in equity interest percentage (note 8)
|
- | 202,755 | - | - | ||||||||||||
Gain from the adhesion to payment in installments of Law 11.941/09 and MP 470/09
|
- | - | 211,649 | 211,649 | ||||||||||||
Constitution of provision for judicial demands and indemnities
|
(3,967 | ) | (38,255 | ) | (4,137 | ) | (7,519 | ) | ||||||||
Result from Sales of property and equipment
|
2,199 | 19,031 | 485 | 2,736 | ||||||||||||
Revenue from Sales of scraps and residues
|
857 | 4,979 | 796 | 3,455 | ||||||||||||
Revenue from rental and leasing
|
1,287 | 2,814 | 1,754 | 5,610 | ||||||||||||
Donations
|
(2,640 | ) | (12,335 | ) | - | - | ||||||||||
Constitution of provision for operating losses in subsidiary
|
(2,065 | ) | (2,065 | ) | - | - | ||||||||||
Other revenues, net
|
682 | 1,043 | 6,465 | 11,126 | ||||||||||||
(3,647 | ) | 177,967 | 217,012 | 292,016 |
20.
|
Financial instruments
|
Parent company | Consolidated | |||||||||||||||||||||||||||||||||||||||
Notional
|
Fair value
|
Notional
|
Fair value
|
|||||||||||||||||||||||||||||||||||||
Price Risk
|
Dec 31,
2010
|
Sep 30,
2010
|
Dec 31,
2010
|
Sep 30,
2010
|
Result (*)
|
Dec 31,
2010
|
Sep 30, 2010
|
Dec 31,
2010
|
Sep 30, 2010
|
Result (*)
|
||||||||||||||||||||||||||||||
Commodity derivatives
|
||||||||||||||||||||||||||||||||||||||||
Future agreements
|
2,976,219 | 1,663,613 | (262,414 | ) | (49,796 | ) | (262,414 | ) | 2,976,219 | 1,663,613 | (262,414 | ) | (49,796 | ) | (262,414 | ) | ||||||||||||||||||||||||
Option agreements
|
19,539 | 19,867 | (43,167 | ) | (6,166 | ) | (36,934 | ) | 19,539 | 19,867 | (43,167 | ) | (6,166 | ) | (36,934 | ) | ||||||||||||||||||||||||
Contratos de Sw ap
|
||||||||||||||||||||||||||||||||||||||||
(305,581 | ) | (55,962 | ) | (299 | ) | (305,581 | ) | (55,962 | ) | (299,348 | ) | |||||||||||||||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||||||||||||||||||||||
Future agreements
|
257,110 | (501,833 | ) | 2,201 | (3,191 | ) | 2,201 | 257,110 | (501,833 | ) | 2,201 | (3,191 | ) | 2,201 | ||||||||||||||||||||||||||
Forward agreements
|
880,426 | 1,123,505 | 111,458 | 113,186 | 111,458 | 1,137,979 | 1.123,505 | 101,527 | 113,186 | 101,527 | ||||||||||||||||||||||||||||||
Option agreements
|
59,502 | 1,784,502 | 4,923 | 18,793 | 1,027 | 59,502 | 1.784,502 | 4,923 | 18,793 | 1,027 | ||||||||||||||||||||||||||||||
Swap agreements
|
322,023 | 322,023 | 36,709 | 19,613 | 36,709 | - | - | - | - | - | ||||||||||||||||||||||||||||||
155,292 | 148,402 | 151,396 | 108,652 | 128,790 | 104,755 | |||||||||||||||||||||||||||||||||||
Interest rate risk
|
||||||||||||||||||||||||||||||||||||||||
Interest derivatives
|
345,860 | 432,325 | (2,115 | ) | (2,969 | ) | (2,115 | ) | 345,860 | 432,325 | (2,115 | ) | (2,969 | ) | (2,115 | ) | ||||||||||||||||||||||||
(2,115 | ) | (2,969 | ) | (2,115 | ) | (2,115 | ) | (2,969 | ) | (2,115 | ) | |||||||||||||||||||||||||||||
TOTAL
|
(152,404 | ) | 89,471 | (150,068 | ) | (199,045 | ) | 69,858 | (196,708 | ) | ||||||||||||||||||||||||||||||
Total Assets
|
216,712 | 185,594 | 180,003 | 165,981 | ||||||||||||||||||||||||||||||||||||
Total Liabilities
|
(369,116 | ) | (96,123 | ) | (379,048 | ) | (96,123 | ) | ||||||||||||||||||||||||||||||||
(*) Results calculated for the twelve-month period ended Dec 31 10, only for derivatives outstanding at this date
|
20.
|
Financial instruments (Continued)
|
Price risk: commodity derivatives outstanding on Dec 31 2010 | ||||||||||||||||
Derivatives
|
Long /Short
|
Market
|
Agreement
|
Maturity
|
Notional
|
Fair Value
|
||||||||||
Tons (T) or M³
|
(R$ thousands)
|
|||||||||||||||
Composition of derivative financial instruments designated in hedge accounting | ||||||||||||||||
Future
|
Short
|
NYBOT
|
#11
|
March-11
|
244,664
|
T
|
(69,935
|
) | ||||||||
Future
|
Short
|
NYBOT
|
#11
|
May-11
|
63,300
|
T
|
(24,365
|
) | ||||||||
Future
|
Short
|
NYBOT
|
#11
|
July-11
|
231,557
|
T
|
(44,139
|
) | ||||||||
Future
|
Short
|
NYBOT
|
#11
|
October-11
|
166,581
|
T
|
(32,387
|
) | ||||||||
Future
|
Short
|
NYBOT
|
#11
|
March-12
|
38,915
|
T
|
(559
|
) | ||||||||
Swap
|
Short
|
NYBOT
|
#11
|
March-11
|
75,696
|
T
|
(38,912
|
) | ||||||||
Swap
|
Short
|
NYBOT
|
#11
|
May-11
|
25,401 | T |
191
|
|||||||||
Swap
|
Short
|
NYBOT
|
#11
|
July-11
|
327,675
|
T
|
(31,198
|
) | ||||||||
Swap
|
Short
|
NYBOT
|
#11
|
October-11
|
366,235
|
T
|
(34,077
|
) | ||||||||
Sub-total of futures of Sugar Sold
|
1,540,024
|
T
|
(275,380
|
) | ||||||||||||
Composition of derivative financial instruments not designated in hedge accounting
|
||||||||||||||||
Future
|
Short
|
NYBOT
|
#11
|
March-11
|
67,770
|
T
|
(17,353
|
) | ||||||||
Future
|
Short
|
NYBOT
|
#11
|
October-11
|
100,030
|
T
|
(25,110
|
) | ||||||||
Sub-total of futures Sugar Sold
|
167,800
|
T
|
(42,462
|
) | ||||||||||||
Future
|
Long
|
NYBOT
|
#11
|
March-11
|
(36,984
|
T)
|
2,142
|
|||||||||
Future
|
Long
|
NYBOT
|
#11
|
May-11
|
(15,342
|
T)
|
6,594
|
|||||||||
Future
|
Long
|
NYBOT
|
#11
|
October-11
|
(50,802
|
T)
|
4,404
|
|||||||||
Future
|
Long
|
NYBOT
|
#11
|
March-12
|
(84,027
|
T)
|
23,144
|
|||||||||
Swap
|
Long
|
NYBOT
|
#11
|
July-11
|
(101,605
|
T)
|
8,006
|
|||||||||
Swap
|
Long
|
NYBOT
|
#11
|
October-11
|
(127,006
|
T)
|
11,145
|
|||||||||
Sub-total of futures Sugar Purchased
|
(415,767
|
T)
|
55,435
|
|||||||||||||
Sub-total of Futures Sugar
|
(247,967
|
T)
|
12,972
|
|||||||||||||
Future
|
Short
|
BMFBovespa
|
Etanol Hidratado
|
May-11
|
1,200 m³
|
(7
|
) | |||||||||
Sub-total of Futures Hydrated Ethanol
|
1,200 m³
|
(7
|
) | |||||||||||||
Sub-total of Futures
|
(262,414
|
) | ||||||||||||||
Call
|
Short
|
NYBOT/OTC
|
#11
|
July-11
|
75,442
|
T
|
(21,948
|
) | ||||||||
Call
|
Short
|
NYBOT
|
#11
|
October-11
|
15,241
|
T
|
(4,188
|
) | ||||||||
Call
|
Short
|
NYBOT
|
#11
|
March-12
|
10,160
|
T
|
(1,441
|
) | ||||||||
Call
|
Short
|
NYBOT/OTC
|
#11
|
March-11
|
43,182
|
T
|
(8,819
|
) | ||||||||
Call
|
Short
|
NYBOT/OTC
|
#11
|
May-11
|
55,883
|
T
|
(10,880
|
) | ||||||||
Sub-total of Short Call
|
199,907
|
T
|
(47,275
|
) | ||||||||||||
Put
|
Long
|
NYBOT/OTC
|
#11
|
01/Out/11
|
43,182 T
|
1,666
|
||||||||||
Put
|
Long
|
NYBOT/OTC
|
#11
|
01/Out/11
|
55,883 T
|
2,443
|
||||||||||
Sub-total of Long Put
|
99,065 T
|
4,108
|
||||||||||||||
Total Commodities
|
(305,581
|
) |
20.
|
Financial instruments (Continued)
|
Price risk : exchange derivatives outstanding on Dec 31 2010
|
|||||||||||||||
Derivatives
|
Long / Short
|
Market
|
Agreement
|
Maturity
|
Notional
|
Fair Value
|
|||||||||
(R$ thousands)
|
(R$ thousands)
|
||||||||||||||
Composition of derivative financial instruments designated in hedge accounting
|
|||||||||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
January-11
|
89,460
|
14,475
|
|||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
April-11
|
185,275
|
15,170
|
|||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
May-11
|
141,281
|
20,040
|
|||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
July-11
|
99,300
|
11,886
|
|||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
August-11
|
103,750
|
15,368
|
|||||||||
Forward
|
Short
|
OTC/Cetip
|
NDF
|
October-11
|
261,360
|
34,518
|
|||||||||
Sub-total of Short Forward
|
880,426
|
111,458
|
|||||||||||||
Composition of derivative financial instruments not designated in hedge accounting
|
|||||||||||||||
Future
|
Short
|
BMFBovespa
|
Commerc. US Dollar
|
January-11
|
380,901
|
2,730
|
|||||||||
Future
|
Short
|
BMFBovespa
|
Commer. US Dollar
|
February-11
|
139,171
|
1,348
|
|||||||||
Sub-total of Short Futures
|
520,072
|
4,078
|
|||||||||||||
Future
|
Long
|
BMFBovespa
|
Commerc. US Dollar
|
January-11
|
(262,962)
|
(1,877
|
) | ||||||||
Sub-total of Long Futures
|
(262,962)
|
(1,877
|
) | ||||||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
February-11
|
10,583
|
(233
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
May-11
|
10,780
|
(229
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
August-11
|
11,014
|
(227
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
November-11
|
11,246
|
(255
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
February-12
|
11,489
|
(317
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
May-12
|
11,722
|
(313
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
August-12
|
11,978
|
(330
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
October-12
|
12,239
|
(353
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
January-13
|
12,504
|
(359
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
April-13
|
12,739
|
(324
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
July-13
|
12,997
|
(302
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
October-13
|
13,256
|
(281
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
January-14
|
13,521
|
(319
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
April-14
|
13,743
|
(464
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
July-14
|
14,002
|
(632
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
October-14
|
14,261
|
(797
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
February-15
|
14,497
|
(919
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
April-15
|
14,726
|
(997
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
July-15
|
15,003
|
(1,099
|
) | ||||||||
Forward
|
Long
|
OTC
|
NDF (Offshore)
|
October-15
|
15,254
|
(1,183
|
) | ||||||||
Sub-total of Long Forward
|
257,553
|
(9,931
|
) | ||||||||||||
Put Offshore
|
Long
|
OTC
|
Commerc.US dollar
|
February-11
|
42,782
|
2,960
|
|||||||||
Put Offshore
|
Long
|
OTC
|
Commerc. US dollar
|
February-11
|
16,720
|
1,964
|
|||||||||
Sub-total of Long Put
|
59,502
|
4,923
|
|||||||||||||
Total of exchange for exports
|
1,454,591
|
108,652
|
|||||||||||||
Swap
|
Long
|
OTC/Cetip
|
US Dollar/DI
|
322,023
|
36,709
|
||||||||||
Swap
|
Short
|
OTC/Cetip
|
US Dollar/DI
|
(322,023)
|
(36,709
|
) | |||||||||
Total of exchange
|
1,454,591
|
108,652
|
20.
|
Financial instruments (Continued)
|
Consolidated
|
||||||||||||||||
12/30/10
|
09/30/10
|
|||||||||||||||
R$ |
US$ (in thousands)
|
R$ |
US$ (in
thousands) |
|||||||||||||
Amounts pending foreign exchange closing
|
16,135 | 9,684 | 5,182 | 3,059 | ||||||||||||
Overnight
|
16,960 | 10,179 | 23,936 | 14,128 | ||||||||||||
Trade notes receivable – foreign
|
96,319 | 57,808 | 189,195 | 111,672 | ||||||||||||
Senior notes due in 2014
|
(605,330 | ) | (363,300 | ) | (601,107 | ) | (354,803 | ) | ||||||||
Senior notes due in 2017
|
(685,789 | ) | (411,589 | ) | (685,454 | ) | (404,589 | ) | ||||||||
Perpetual bonus
|
(1,264,902 | ) | (759,154 | ) | (771,375 | ) | (455,303 | ) | ||||||||
Other foreign currency-denominated loans
|
(378,884 | ) | (227,394 | ) | (556,568 | ) | (328,514 | ) | ||||||||
Prepayments
|
(731,465 | ) | (439,002 | ) | (845,838 | ) | (499,255 | ) | ||||||||
Restricted cash
|
276,249 | 165,796 | 75,950 | 44,829 | ||||||||||||
Foreign exchange exposure, net
|
(3,260,707 | ) | (1,956,972 | ) | (3,166,079 | ) | (1,868,776 | ) |
|
d) Hedge accounting effects
|
|
The Company determined its hedge accounting transactions for derivative financial instruments allocated to hedge the cash flows from VHP sugar export revenues, considering: (i) hedge classification; (ii) purpose and strategy to manage the Company’s risk in connection with the adoption of the hedge transactions; (iii) identification of the financial instrument; (iv) purpose or covered transaction; (v) nature of the risk to be covered; (vi) description of the coverage relationship; (vii) description of the relationship between the hedge and the coverage purpose; and (viii) prospective and retrospective hedge effectiveness. The Company allocated the derivative financial instruments of Sugar#11 (NYBOT or OTC) to cover the price risks and Non-Deliverable Forward (NDF) to cover the foreign exchange risks, as referred to in items (b) and (c) of this note.
|
20.
|
Financial instruments (Continued)
|
|
d) Hedge accounting effects (continued)
|
|
The Company recorded the gains and losses considered as effective for hedge accounting purposes in a specific account in shareholder’s equity, until the time the hedged item affects the net income for the year; in this case, the gain or loss of each instrument must be recorded in the net income for the year under the same account of the hedged item (in this case, sales revenues). As of December 31, 2010, the effects recorded in shareholders' equity and estimated realizable net income are as follows:
|
Realization
|
||||||||||||||||
Derivative
|
Market
|
Risk
|
2010/11 | 2011/12 |
Total
|
|||||||||||
Future
|
OTC / NYBOT
|
#11
|
(102,033 | ) | (378,536 | ) | (480,569 | ) | ||||||||
NDF
|
OTC / CETIP
|
USD
|
10,655 | 93,747 | 104,402 | |||||||||||
(91,378 | ) | (284,789 | ) | (376,167 | ) | |||||||||||
(-) Deferred IR/CS
|
31,068 | 96,828 | 127,897 | |||||||||||||
Effect on the Company Net Equity
|
(60,309 | ) | (187,961 | ) | (248,270 | ) |
|
During the period, there was the effect on the financial result in the amount of R$15,658 on account of operations that have not been qualified in the hedge accounting. In addition, the Company recorded net gain in the amount of R$104 and R$279 referring to the ineffective hedge accounting amounts for the quarter and the nine-month period ended December 31, 2010, respectively.
|
Hedge de Fluxo de caixa
|
01/10/10 a 31/12/10
|
01/04/10 a 31/12/10
|
||||||
Balance at the beginning of the period
|
(199,169 | ) | - | |||||
Gains and losses in the period:
|
||||||||
Future agreements and commodities swap
|
(296,908 | ) | (589,769 | ) | ||||
Forward Exchange agreement (NDF)
|
19,440 | 129,007 | ||||||
Adjustments of reclassification of gains/losses included in the result for the period (Sales revenue/Financial, net)
|
100,478 | 84,603 | ||||||
Total effect on Book Value Adjustment resulting from hedge of cash flow (before deferred IR/CS)
|
(376,159 | ) | (376,159 | ) | ||||
Effect of deferred IR/CS on Book Value Adjustment
|
127,889 | 127,889 | ||||||
(248,270 | ) | (248,270 | ) |
|
e)
|
Interest rate risk
|
20.
|
Financial instruments (Continued)
|
|
e)
|
Interest rate risk (Continued)
|
Price risk: Interest derivative outstanding on Dec 31 2010 | ||||||||||
Derivatives
|
Purchased / Sold
|
Market
|
Agreement
|
Notional
|
Fair Value
|
|||||
(R$ thousands)
|
(R$ thousands)
|
|||||||||
Swap
|
Purchased
|
OTC/Cetip
|
Fix / Libor 3 Month
|
115,287
|
(705)
|
|||||
Swap
|
Purchased
|
OTC/Cetip
|
Fix / Libor 3 Month
|
230,573
|
(1,410)
|
|||||
345,860
|
(2,115)
|
|
f)
|
Credit risk
|
20.
|
Financial instruments (Continued)
|
|
g)
|
Debt acceleration risk
|
|
h)
|
Market values
|
|
i)
|
Sensitivity analysis
|
20.
|
Financial instruments (Continued)
|
|
i)
|
Sensitivity analysis (Continued
|
Impacts on the result (*)
|
|||||||||||||
Risk factor
|
Probable
scenario |
Possible
scenario (25%)
|
Remote
scenario (50%)
|
||||||||||
Price risk
|
|||||||||||||
Commodity derivatives
|
|||||||||||||
Futures agreements:
|
|||||||||||||
Sale Commitments
|
Increase in sugar price
|
(317,842 | ) | (422,990 | ) | (845,980 | ) | ||||||
Purchase Commitments
|
Decrease in sugar price
|
55,435 | (97,574 | ) | (195,148 | ) | |||||||
Sales Commitments
|
Increase in hydrated ethanol
|
(7 | ) | (350 | ) | (700 | ) | ||||||
Options agreements:
|
|||||||||||||
Call options sold
|
Increase in sugar price
|
(47,275 | ) | (45,877 | ) | (95,545 | ) | ||||||
Put options sold
|
Increase in sugar price
|
4,108 | (2,536 | ) | (3,507 | ) | |||||||
Exchange rate risk
|
|||||||||||||
Exchange rate derivatives
|
|||||||||||||
Futures agreements:
|
|||||||||||||
Sale Commitments
|
R / US exchange rate appreciation
|
4,078 | (127,198 | ) | (254,395 | ) | |||||||
Purchase Commitments
|
R / US exchange rate depreciation
|
(1,877 | ) | (64,149 | ) | (128,297 | ) | ||||||
Forward agreements:
|
|||||||||||||
Sale Commitments
|
R / US exchange rate appreciation
|
111,458 | (181,249 | ) | (362,497 | ) | |||||||
Purchase Commitments
|
R / US exchange rate depreciation
|
(9,931 | ) | (49,662 | ) | (98,514 | ) | ||||||
Options agreements:
|
|||||||||||||
Put option purchased
|
R / US exchange rate appreciation
|
4,923 | (4,922 | ) | (4,923 | ) | |||||||
Interest rate risk
|
|||||||||||||
Interest derivatives
|
|||||||||||||
Swap agreements
|
Libor curve decline
|
(2,115 | ) | (647 | ) | (1,296 | ) |
21.
|
Insurance
|
22.
|
Stock option plan
|
22.
|
Stock option plan (Continued)
|
23.
|
Pension plan
|
23.
|
Pension plan (Continued)
|
24.
|
Information per segment (consolidated)
|
24.
|
Information per segment (consolidated) (Continued)
|
December 31, 2010
|
||||||||||||||||||||
CAA
|
CCL
|
Rumo
|
Adjustments and exclusions
|
Consolidated
|
||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Property, plant and equipment
|
5,126,710 | 392,602 | 654,610 | - | 6,173,922 | |||||||||||||||
Intangible assets
|
1,434,683 | 1,429,699 | 73,668 | - | 2,938,050 | |||||||||||||||
Financial debt, net
|
(5,485,868 | ) | (461,381 | ) | (6,639 | ) | - | (5,953,888 | ) | |||||||||||
Other assets and liabilities, net
|
4,196,397 | 583,087 | 24,105 | (2,464,760 | ) | 2,338,829 | ||||||||||||||
Total assets (net of liabilities) allocated per segment (1)
|
5,271,922 | 1,944,007 | 745,744 | (2,464,760 | ) | 5,496,913 |
|
(1)
|
Composed of captions Shareholders' equity and Minority interest.
|
September 30, 2010
|
||||||||||||||||||||
CAA
|
CCL
|
Rumo
|
Adjustments and exclusions
|
Consolidated
|
||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Property, plant and equipment
|
4,983,323 | 358,631 | 536,446 | - | 5,878,400 | |||||||||||||||
Intangible assets
|
1,436,482 | 1,421,625 | 73,668 | - | 2,931,775 | |||||||||||||||
Financial debt, net
|
(4,970,531 | ) | (493,232 | ) | 82,721 | - | (5,381,042 | ) | ||||||||||||
Other assets and liabilities, net
|
3,926,945 | 616,440 | 29,338 |
(2,407,801
|
) | 2,164,922 | ||||||||||||||
Total assets (net of liabilities) allocated per segment (1)
|
5,376,219 | 1,903,464 | 722,173 | (2,407,801 | ) | 5,594,055 |
01/10/10 to 31/12/10
|
||||||||||||||||||||
CAA
|
CCL
|
Rumo
|
Adjustments and exclusions
|
Consolidate}
|
||||||||||||||||
Statement of income for the period (three months):
|
||||||||||||||||||||
Net operating revenue
|
1,683,032 | 3,084,823 | 113,672 | (143,094 | ) | 4,738,433 | ||||||||||||||
Gross profit
|
313,936 | 221,510 | 38,337 | 4,127 | 577,910 | |||||||||||||||
Sales, general and administrative expenses
|
(255,216 | ) | (137,850 | ) | (5,785 | ) | (4,127 | ) | (402,978 | ) | ||||||||||
Operating results (2)
|
58,720 | 83,660 | 32,552 | - | 174,932 | |||||||||||||||
Other operating income (expenses), net
|
(7,509 | ) | 4,201 | (339 | ) | - | (3,647 | ) | ||||||||||||
Other selected information:
|
||||||||||||||||||||
Additions to property plant and equipment and intangible assets
|
379,186 | 45,891 | 123,678 | - | 548,755 | |||||||||||||||
Depreciation and amortization
|
223,560 | 0,169 | 5,512 | - | 239,241 |
|
(2)
|
Composed of Gross Profits less sales, general and administrative expenses.
|
24.
|
Information per segment (consolidated) (Continued)
|
01/04/10 to 31/12/10
|
||||||||||||||||||||
CAA
|
CCL
|
Rumo
|
Adjustments and exclusions
|
Consolidated
|
||||||||||||||||
Statement of income for the period (nine months):
|
||||||||||||||||||||
Net operating revenue
|
4,715,166 | 8,883,453 | 363,618 | (508,095 | ) | 13,454,142 | ||||||||||||||
Gross profit
|
1,056,844 | 632,905 | 115,600 | 7,588 | 1,812,937 | |||||||||||||||
Sales, general and administrative expenses
|
(720,011 | ) | (402,744 | ) | (20,680 | ) | 2,925 | (1,140,510 | ) | |||||||||||
Operating results (2)
|
336,833 | 230,161 | 94,920 | 10,513 | 672,427 | |||||||||||||||
Other operating income (expenses), net
|
164,282 | 15,085 | 8,725 | (10,125 | ) | 177,967 | ||||||||||||||
Other selected information:
|
||||||||||||||||||||
Additions to property plant and equipment and intangible assets
|
1,079,200 | 94,117 | 374,752 | - | 1,548,069 | |||||||||||||||
Depreciation and amortization
|
663,596 | 37,092 | 14,171 | - | 714,859 |
01/10/09 to 31/12/09
|
||||||||||||||||||||
CAA
|
CCL
|
Rumo
|
Adjustments and exclusions
|
Consolidated
|
||||||||||||||||
Statement of income for the period (three months):
|
||||||||||||||||||||
Net operating revenue
|
1,146,180 | 2,699,638 | 35,738 | (81,056 | ) | 3,800,500 | ||||||||||||||
Gross profit
|
259,114 | 192,869 | 5,355 | 2,645 | 459,983 | |||||||||||||||
Sales, general and administrative expenses
|
(195,760 | ) | (133,688 | ) | (4,213 | ) | (2,645 | ) | (336,306 | ) | ||||||||||
Operating results (2)
|
63,354 | 59,181 | 1,142 | - | 123,677 | |||||||||||||||
Other operating income (expenses), net
|
215,062 | 704 | 1,246 | - | 217,012 | |||||||||||||||
Other selected information:
|
||||||||||||||||||||
Additions to property plant and equipment and intangible assets
|
380,528 | 20,455 | - | - | 400,983 | |||||||||||||||
Depreciation and amortization
|
137,397 | 8,794 | 3,480 | - | 149,671 |
01/04/09 to 31/12/09
|
||||||||||||||||||||
CAA
|
CCL
|
Rumo
|
Adjustments and exclusions
|
Consolidated
|
||||||||||||||||
Statement of income for the period (nine months):
|
||||||||||||||||||||
Net operating revenue
|
3,563,670 | 7,556,386 | 117,963 | (296,080 | ) | 10,941,939 | ||||||||||||||
Gross profit
|
764,149 | 563,614 | 29,065 | (5,328 | ) | 1,351,500 | ||||||||||||||
Sales, general and administrative expenses
|
(604,079 | ) | (351,598 | ) | (12,319 | ) | 5,328 | (962,668 | ) | |||||||||||
Operating results (2)
|
160,070 | 212,016 | 16,746 | - | 388,832 | |||||||||||||||
Other operating income (expenses), net
|
220,322 | 95,585 | (23,865 | ) | (26 | ) | 292,016 | |||||||||||||
Other selected information:
|
||||||||||||||||||||
Additions to property plant and equipment and intangible assets
|
1,140,276 | 39,713 | 707 | - | 1,180,696 | |||||||||||||||
Depreciation and amortization
|
438,898 | 26,788 | 10,707 | - | 476,393 |
24.
|
Information per segment (consolidated) (Continued)
|
01/10/10 to 31/12/10
|
01/04/10 to 31/12/10
|
01/10/09 to 31/12/09
|
01/04/09 to 31/12/09
|
|||||||||||||
CAA
|
||||||||||||||||
Sugar
|
931,947 | 2,868,259 | 735,635 | 2,162,289 | ||||||||||||
Ethanol
|
647,721 | 1,536,990 | 338,267 | 1,145,499 | ||||||||||||
Cogeneration
|
53,695 | 190,521 | 19,435 | 87,919 | ||||||||||||
Others
|
49,669 | 119,396 | 52,843 | 167,963 | ||||||||||||
1,683,032 | 4,715,166 | 1,146,180 | 3,563,670 | |||||||||||||
CCL
|
||||||||||||||||
Fuels
|
2,865,656 | 8,220,428 | 2,537,036 | 7,035,711 | ||||||||||||
Lubricants
|
207,367 | 613,618 | 143,886 | 465,117 | ||||||||||||
Others
|
11,800 | 49,407 | 18,716 | 55,557 | ||||||||||||
3,084,823 | 8,883,453 | 2,699,638 | 7,556,385 | |||||||||||||
Rumo
|
||||||||||||||||
Lifting
|
29,020 | 102,857 | 35,738 | 115,261 | ||||||||||||
Freight
|
80,945 | 249,463 | - | 2,703 | ||||||||||||
Others
|
3,707 | 11,298 | - | - | ||||||||||||
113,672 | 363,618 | 35,738 | 117,964 | |||||||||||||
Adjustments and exclusions
|
(143,094 | ) | (508,095 | ) | (81,056 | ) | (296,080 | ) | ||||||||
4,738,433 | 13,454,142 | 3,800,500 | 10,941,939 |
31/12/10
|
31/12/09
|
|||||||
Brazil
|
67.65 | % | 80.14 | % | ||||
Europe
|
26.45 | % | 13.33 | % | ||||
Middle East and Asia
|
2.51 | % | 2.06 | % | ||||
North America
|
1.01 | % | 3.43 | % | ||||
Latin America (except Brazil)
|
0.57 | % | 0.44 | % | ||||
Others
|
1.81 | % | 0.60 | % | ||||
Total
|
100.00 | % | 100.00 | % |
|
b)
|
Main clients
|
|
CAA
|
|
Sales from this segment are relatively diluted, with only one client representing more than 10% of the sales in this segment over the nine-month period ended December 31, 2010 and 2009: SUCDEN Group, with 16.1% and 21.3% of the sales, respectively.
|
|
CCL
|
|
Sales from this segment are highly diluted, without specific clients or economic groups representing 10% or more of the sales in this segment
|
24.
|
Information per segment (consolidated) (Continued)
|
25.
|
Subsequent Events
|
COSAN LIMITED
|
||||||
Date:
|
February 11, 2011
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|