Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Earnings Release 1Q15
|
2.
|
Cosan Limited – Consolidated interim financial statements at March 31, 2015 and independent auditors’ review report
|
|
o
|
Consolidated net revenues growths 6% and reaches R$ 10.2 billion
|
|
o
|
Raízen Combustíveis’ EBITDA 13% up reaching R$ 590 million
|
|
o
|
Raízen Energia’s EBITDA 13% up and reaches R$ 830 million in 1Q15. For the harvest year 14/15, EBITDA totaled R$ 2.5 billion, 4% up versus 13/14
|
|
o
|
Comgás’ normalized EBITDA of R$ 299 million in 1Q15
|
|
o
|
Rumo reaches EBITDA of R$ 62 million in the quarter
|
Summary of Financial Information - Cosan Consolidated¹
|
1Q15
|
1Q14
|
|
Amount in R$ MM
|
(Jan-Mar)
|
(Jan-Mar)
|
Chg.%
|
Net Revenue
|
10,151.7
|
9,593.4
|
5.8%
|
Gross Profit
|
1,180.1
|
1,217.5
|
-3.1%
|
Gross Margin (%)
|
11.6%
|
12.7%
|
-8.4%
|
Operating Profit
|
378.7
|
565.4
|
-33.0%
|
EBITDA
|
923.0
|
1,023.9
|
-9.9%
|
EBITDA Margin (%)
|
9.1%
|
10.7%
|
-14.8%
|
Equity Pick-up
|
(4.4)
|
(16.0)
|
-72.3%
|
Net Income before non-controlling Interest
|
31.7
|
292.8
|
-89.2%
|
Net Income
|
9.5
|
140.8
|
-93.2%
|
Net Margin (%)
|
0.1%
|
1.5%
|
-93.6%
|
|
|
|
|
CAPEX
|
768.4
|
835.6
|
-8.0%
|
Shareholders' Equity and Minority Shareholders
|
13,475.7
|
13,577.6
|
-0.8%
|
Note 1: Considering the consolidation of 50% of Raízen Combustíveis and Raízen Energia
|
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
A.
|
Highlights and Business Units
|
EBITDA (Reconciliation ICVM 527)
|
1Q15
|
1Q14
|
|
Amounts in R$ MM
|
(Jan-Mar)
|
(Jan-Mar)
|
Chg. %
|
Net Income
|
9.5
|
140.8
|
(93.)%
|
(-) Equity Pick-up
|
(153.1)
|
(221.8)
|
-25.9%
|
(+) Minority Shareholders
|
16.2
|
148.4
|
-88.2%
|
(+) Income Taxes
|
(79.7)
|
59.6
|
n/a
|
(+) Net Financial Expense (Revenue)
|
258.4
|
122.5
|
n/a
|
(+) Depreciation and Amortization
|
165.3
|
160.4
|
3.%
|
EBITDA (before ICVM 527)
|
216.6
|
409.8
|
-47.2%
|
(+) Equity Pick-up
|
153.1
|
221.8
|
-25.9%
|
EBITDA (after ICVM 527)
|
369.7
|
631.6
|
-40.0%
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
Results by Business Unit
1Q15
|
Cosan Energia Pro forma
|
Cosan Logística
|
CZZ (Controladora)
|
Adjustments and Eliminations
|
CZZ Pro forma
|
Net Revenue
|
9,946.1
|
205.6
|
-
|
-
|
10,151.7
|
Cost of Goods and Services
|
(8,825.3)
|
(146.3)
|
-
|
-
|
(8,971.6)
|
Gross Profit
|
1,120.8
|
59.3
|
-
|
(0.0)
|
1,180.1
|
Gross Margin(%)
|
11.3%
|
28.8%
|
n/a
|
-%
|
11.6%
|
Selling Expenses
|
(451.8)
|
-
|
-
|
-
|
(451.8)
|
General and Administrative Expenses
|
(261.3)
|
(24.4)
|
(14.6)
|
-
|
(300.3)
|
Other Operating Revenues (Expenses)
|
(48.9)
|
(0.5)
|
-
|
-
|
(49.3)
|
Equity Pick-up
|
(4.4)
|
0.0
|
(22.6)
|
22.6
|
(4.4)
|
Depreciation and Amortization
|
522.1
|
26.7
|
-
|
-
|
548.7
|
EBITDA
|
876.5
|
61.1
|
(37.1)
|
22.6
|
923.0
|
EBITDA Margin (%)
|
8.8%
|
29.7%
|
n/a
|
-%
|
9.1%
|
Financial income
|
(418.6)
|
(10.3)
|
(7.5)
|
-
|
(436.4)
|
Financial expense
|
179.8
|
5.7
|
0.0
|
-
|
185.4
|
Foreign exchange gain (losses), net
|
(957.7)
|
(56.2)
|
32.9
|
-
|
(980.9)
|
Derivatives
|
799.1
|
40.5
|
21.2
|
-
|
860.8
|
Income taxes expenses
|
33.4
|
(4.8)
|
-
|
-
|
28.6
|
Non-controlling interests
|
(34.1)
|
(1.6)
|
-
|
13.5
|
(22.2)
|
Profit (loss) for the period
|
(43.7)
|
7.6
|
9.5
|
36.1
|
9.5
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
B.
|
Results
|
COSAN S/A PRO FORMA
|
1Q15
|
1Q14
|
(Jan-Mar)
|
(Jan-Mar)
|
|
Net Revenue
|
9,946.1
|
9,385.5
|
Cost of Goods and Services
|
(8,825.3)
|
(8,252.4)
|
Gross Profit
|
1,120.8
|
1,133.1
|
Gross Margin(%)
|
11.3%
|
12.1%
|
Selling Expenses
|
(451.8)
|
(430.0)
|
General and Administrative Expenses
|
(261.3)
|
(247.9)
|
Other Operating Revenues (Expenses)
|
(48.9)
|
41.5
|
Equity Pick-up
|
(4.4)
|
(18.6)
|
Depreciation and Amortization
|
522.1
|
452.9
|
EBITDA
|
876.5
|
931.0
|
EBITDA Margin (%)
|
8.8%
|
9.9%
|
Financial income
|
(418.6)
|
(246.9)
|
Financial expense
|
179.8
|
77.3
|
Foreign exchange gain (losses), net
|
(957.7)
|
133.6
|
Derivatives
|
799.1
|
(41.5)
|
Income taxes expenses
|
33.4
|
(141.4)
|
Non-controlling interests
|
(34.1)
|
(7.4)
|
Results of discontinued operations
|
-
|
(1.6)
|
Profit (loss) for the period
|
(43.7)
|
253.5
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
COSAN LOGÍSTICA
|
1Q15
|
1Q14
|
(Jan-Mar)
|
(Jan-Mar)
|
|
Net Revenue
|
205.6
|
207.9
|
Cost of Goods and Services
|
(146.3)
|
(123.5)
|
Gross Profit
|
59.3
|
84.4
|
Gross Margin(%)
|
28.8%
|
40.6%
|
General and Administrative Expenses
|
(24.4)
|
(20.0)
|
Other Operating Revenues (Expenses)
|
(0.5)
|
25.3
|
Depreciation and Amortization
|
26.7
|
21.7
|
EBITDA
|
61.1
|
111.4
|
EBITDA Margin (%)
|
29.7%
|
53.6%
|
Financial income
|
(10.3)
|
(8.5)
|
Financial expense
|
5.7
|
12.2
|
Foreign exchange gain (losses), net
|
(56.2)
|
0.1
|
Derivatives
|
40.5
|
-
|
Income taxes expenses
|
(4.8)
|
(25.2)
|
Non-controlling interests
|
(1.6)
|
(12.3)
|
Profit (loss) for the period
|
7.6
|
56.1
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
C.
|
Other Items in the Consolidated Result
|
Financial Results
|
1Q15
|
1Q14
|
|
Amounts in R$ MM
|
(Jan-Mar)
|
(Jan-Mar)
|
Var. %
|
Gross Debt Charges
|
(155.5)
|
(185.0)
|
-16.0%
|
Income from Cash Investments
|
48.9
|
30.2
|
61.8%
|
(=) Subtotal: Net Debt Interests
|
(106.6)
|
(154.8)
|
-31.1%
|
Other Charges and Monetary Variation
|
(94.0)
|
30.3
|
n/a
|
Exchange Rate Variation
|
(591.8)
|
75.7
|
n/a
|
Gains (losses) with Derivatives
|
555.2
|
(61.1)
|
n/a
|
Banking Expenses, Fees and Other
|
(21.2)
|
(12.6)
|
68.5%
|
(=) Financial, Net
|
(258.4)
|
(122.5)
|
n/a
|
Net Income
|
1Q15
|
1Q14
|
Amounts in R$ MM
|
(Jan-Mar)
|
(Jan-Mar)
|
Net Income
|
9.5
|
140.8
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
D.
|
Loans and Financing
|
Debt per Business Units (Amount in R$ MM)
|
|
|
|
1Q15
|
4Q14
|
|
|
COSAN S/A PRO FORMA
|
(Jan-Mar)
|
(Oct-Dec)
|
Chg. %
|
Raízen (50%)
|
5,060.8
|
5,583.9
|
-9.4%
|
Comgás
|
2,884.1
|
2,803.3
|
2.9%
|
Lubrificantes
|
354.4
|
253.3
|
39.9%
|
Other business
|
4,017.0
|
3,794.1
|
5.9%
|
Total Debt Pro forma
|
12,316.4
|
12,434.6
|
-1.0%
|
Cash and Cash Equivalents and Securities
|
(4,034.9)
|
(3,098.6)
|
30.2%
|
Pro forma Net Debt
|
8,281.5
|
9,335.9
|
-11.3%
|
Preferred shareholders payable in subsidiaries
|
1,988.6
|
1,926.9
|
3.2%
|
Pro forma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
10,270.0
|
11,262.8
|
-8.8%
|
Pro forma Leverage (Net debt / EBITDA LTM)
|
2.8
|
3.0
|
-7.4%
|
COSAN LOGÍSTICA
|
|||
Rumo
|
1,079.3
|
784.7
|
37.5%
|
Total Debt
|
1,079.3
|
784.7
|
37.5%
|
Cash and Cash Equivalents and Securities
|
(251.1)
|
(86.5)
|
190.3%
|
Net Debt
|
828.2
|
698.2
|
18.6%
|
Leverage (Net debt / EBITDA LTM)
|
3.0
|
11.4
|
-73.4%
|
COSAN LIMITED
|
|||
Cosan Limited
|
320.8
|
310.1
|
3.5%
|
Cosan S/A Pro forma
|
14,305.0
|
14,361.4
|
-0.4%
|
Cosan Logística
|
1,079.3
|
784.7
|
37.5%
|
Pro forma Debt (w/ preferred shareholders payable in subsidiaries)
|
15,705.0
|
15,456.3
|
1.6%
|
Cash and Cash Equivalents and Securities
|
(4,295.7)
|
(3,207.8)
|
33.9%
|
Pro forma Net Debt (w/ preferred shareholders payable in subsidiaries)
|
11,409.3
|
12,248.6
|
-6.9%
|
Pro forma Leverage (Net debt / EBITDA LTM)
|
2.9
|
3.0
|
-4.5%
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
E.
|
Stock Performance
|
1Q15 Summary
|
CSAN3
|
RLOG3
|
CZLT33
|
CZZ
|
||||||||||||
Stock Type
|
Common Share | Common Share | BDR | Class A | ||||||||||||
Listed in
|
BM&FBovespa | BM&FBovespa | BM&FBovespa | NYSE | ||||||||||||
Closing Price in 03/31/2015
|
$ | 27.89 | $ | 2.67 | $ | 20.30 | USD | 6.33 | ||||||||
Higher Price
|
$ | 29.11 | $ | 3.33 | $ | 22.33 | USD | 10.24 | ||||||||
Average Price
|
$ | 26.65 | $ | 2.71 | $ | 20.31 | USD | 7.27 | ||||||||
Lower Price
|
$ | 23.44 | $ | 2.11 | $ | 17.45 | USD | 6.22 | ||||||||
Average Daily Traded Volume | R$ |
41.2 millions
|
R$ |
1.4 millions
|
R$ |
5.3 million
|
USD |
10.6 million
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
E.
|
Financial Statements
|
Cosan Consolidated
|
1Q15
|
1Q14
|
Income statement for the period
|
03/31/2015
|
03/31/2014
|
Net operating revenue
|
1,935,513
|
1,949,252
|
Gross Profit
|
490,522
|
551,988
|
Sales, general and administrative expenses
|
(360,204)
|
(331,739)
|
Other operating income (expenses), net
|
(98,864)
|
(39,493)
|
Financial revenue
|
64,109
|
35,504
|
Financial expenses
|
(273,813)
|
(172,661)
|
Foreign exchange variation
|
(568,545)
|
77,748
|
Derivative
|
493,536
|
(50,622)
|
Equity pick up
|
153,137
|
221,802
|
Income and social contribution taxes
|
84,524
|
(34,319)
|
Equity attributable to non-controlling interests
|
(51,233)
|
(52,048)
|
Net Income from discontinued operations
|
23,147
|
49,962
|
Net Income (loss)
|
(43,683)
|
256,122
|
|
|
|
Cosan Consolidated
|
1Q15
|
4Q14
|
Balance sheet
|
03/31/2015
|
12/31/2014
|
Cash and cash equivalents
|
1,861,592
|
1,540,192
|
Securities
|
159,200
|
149,735
|
Accounts receivable
|
785,840
|
822,424
|
Inventories
|
317,790
|
347,903
|
Other current assets
|
612,665
|
548,134
|
Investments
|
8,642,451
|
8,535,180
|
Investment property
|
2,649,976
|
2,641,978
|
Property, plant and equipment
|
370,970
|
351,435
|
Intangible
|
9,417,620
|
9,426,120
|
Other non-current assets
|
3,589,675
|
2,740,611
|
Total Assets
|
28,407,779
|
27,103,713
|
|
|
|
Loans and financing
|
(8,384,823)
|
(7,397,602)
|
Suppliers
|
(1,192,167)
|
(971,170)
|
Salaries payable
|
(62,518)
|
(101,115)
|
Other current liabilities
|
(346,460)
|
(616,590)
|
Other non-current liabilities
|
(5,984,306)
|
(5,567,961)
|
Net Equity
|
(12,437,504)
|
(12,449,276)
|
Total Liabilities
|
(28,407,779)
|
(27,103,713)
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
Cosan Logística
|
1Q15
|
1Q14
|
Income statement for the period
|
03/31/2015
|
03/31/2014
|
Net operating revenue
|
205,611
|
207,934
|
Gross profit
|
59,261
|
84,403
|
Sales, general and administrative expenses
|
(24,370)
|
(19,974)
|
Other operating income (expenses), net
|
(460)
|
25,291
|
Financial revenue
|
5,653
|
12,227
|
Financial expenses
|
(10,323)
|
(8,487)
|
Foreign exchange variation
|
(56,217)
|
113
|
Equity pick up
|
40,489
|
-
|
Income and social contribution taxes
|
(4,832)
|
(25,243)
|
Equity attributable to non-controlling interests
|
(1,647)
|
(12,270)
|
Net Income (loss)
|
7,553
|
56,061
|
|
|
|
Cosan Logística
|
1Q15
|
4Q14
|
Balance sheet
|
03/31/2015
|
12/31/2014
|
Cash and cash equivalents
|
251.102
|
86.487
|
Accounts receivable
|
22.776
|
42.685
|
Inventories
|
6.911
|
5.817
|
Other current assets
|
22.119
|
24.175
|
Accounts receivable – non-current
|
509.695
|
446.693
|
Property, plant and equipment
|
1.139.393
|
1.084.455
|
Intangible
|
848.892
|
860.253
|
Other non-current assets
|
75.237
|
34.295
|
Total Assets
|
2.876.125
|
2.584.860
|
|
|
|
Loans and financing
|
(1.119.755)
|
(784.709)
|
Suppliers
|
(181.753)
|
(141.289)
|
Salaries payable
|
(14.578)
|
(19.302)
|
Other current liabilities
|
(70.754)
|
(89.460)
|
Other non-current liabilities
|
(226.648)
|
(221.851)
|
Net Equity
|
(1.262.637)
|
(1.328.250)
|
Total Liabilities
|
(2.876.125)
|
(2.584.860)
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
Cosan Limited
|
1Q15
|
1Q14
|
Income statement for the period
|
03/31/2015
|
03/31/2014
|
Net Operating Revenue
|
2,141,124
|
2,157,186
|
Gross Profit
|
549,784
|
636,392
|
Sales, general and administrative expenses
|
(399,138)
|
(354,196)
|
Other operating income (expenses), net
|
(99,324)
|
(32,792)
|
Financial revenue
|
69,791
|
48,352
|
Financial expenses
|
(291,612)
|
(185,465)
|
Foreign exchange variation
|
(591,834)
|
75,737
|
Derivative
|
555,232
|
(61,082)
|
Equity pick up
|
153,137
|
221,802
|
Income and Social Contribution Taxes
|
79,692
|
(59,562)
|
Equity attributable to non-controlling interests
|
(16,188)
|
(148,380)
|
Net Income (loss)
|
9,539
|
140,806
|
|
|
|
Cosan Limited
|
1Q15
|
4Q14
|
Balance sheet
|
03/31/2015
|
12/31/2014
|
Cash and cash equivalents
|
2,122,385
|
1,649,340
|
Securities
|
159,200
|
149,735
|
Accounts receivable
|
808,616
|
865,109
|
Inventories
|
324,701
|
353,720
|
Other current assets
|
640,719
|
547,203
|
Investments
|
8,642,451
|
8,535,180
|
Investment property
|
2,649,976
|
2,641,978
|
Property, plant and equipment
|
1,510,363
|
1,435,890
|
Intangible
|
10,266,512
|
10,286,373
|
Other non-current assets
|
4,174,614
|
3,231,820
|
Total Assets
|
31,299,536
|
29,696,349
|
|
|
|
Loans and financing
|
(9,860,254)
|
(8,502,640)
|
Suppliers
|
(1,373,919)
|
(1,112,459)
|
Salaries payable
|
(77,096)
|
(120,416)
|
Other current liabilities
|
(393,320)
|
(681,716)
|
Other non-current liabilities
|
(6,210,956)
|
(5,789,813)
|
Net Equity
|
(13,383,990)
|
(13,489,304)
|
Total Liabilities
|
(31,299,536)
|
(29,696,349)
|
Cosan Limited - Press Release
|
|
1st quarter of the Fiscal Year 2015
|
Cosan Limited Pro forma
|
1Q15
|
1Q14
|
Income Statement for the period
|
03/31/2015
|
03/31/2014
|
Net Operating Revenue
|
10,151,731
|
9,593,449
|
Gross Profit
|
1,180,101
|
1,217,476
|
Sales, general and administrative expenses
|
(752,102)
|
(700,277)
|
Other operating income (expenses), net
|
(49,311)
|
48,173
|
Financial revenue
|
185,439
|
90,141
|
Financial expenses
|
(436,374)
|
(259,686)
|
Foreign exchange variation
|
(980,950)
|
131,570
|
Derivative
|
860,786
|
(51,939)
|
Equity pick up
|
(4,430)
|
(16,001)
|
Income and Social Contribution Taxes
|
28,580
|
(166,616)
|
Equity attributable to non-controlling interests
|
(22,199)
|
(152,034)
|
Net Income (loss)
|
9,539
|
140,806
|
|
|
|
Cosan Limited Pro forma
|
1Q15
|
4Q14
|
Balance Sheet
|
03/31/2015
|
12/31/2014
|
Cash and cash equivalents
|
4,136,500
|
3,058,050
|
Securities
|
159,200
|
149,735
|
Accounts receivable
|
1,611,203
|
2,007,869
|
Inventories
|
1,043,184
|
2,076,059
|
Other current assets
|
1,562,625
|
1,246,120
|
Investments
|
361,224
|
338,800
|
Investment property
|
2,649,976
|
2,641,978
|
Biological assets
|
979,929
|
914,152
|
Property, plant and equipment
|
7,965,103
|
7,584,036
|
Intangible
|
14,067,563
|
14,064,484
|
Other non-current assets
|
5,680,860
|
4,825,855
|
Total Assets
|
40,217,368
|
38,907,140
|
|
|
|
Loans and Financing
|
(15,797,617)
|
(14,470,323)
|
Suppliers
|
(2,039,386)
|
(1,695,764)
|
Salaries Payable
|
(289,433)
|
(279,925)
|
Other current liabilities
|
(940,310)
|
(1,369,293)
|
Other non-current liabilities
|
(7,674,950)
|
(7,531,602)
|
Net Equity
|
(13,475,672)
|
(13,560,232)
|
Total Liabilities
|
(40,217,368)
|
(38,907,140)
|
Independent auditors’ report on review of interim financial statements
|
3
|
Consolidated statement of financial position
|
5
|
Consolidated statement of profit or loss and other comprehensive (loss) income
|
7
|
Statement of changes in shareholders’ equity
|
9
|
Consolidated statement of cash flows
|
11
|
Notes to the consolidated interim financial statements
|
13
|
|
Note
|
March 31, 2015
|
December 31,
2014 |
|||||||||
Assets
|
|
|
|
|||||||||
Cash and cash equivalents
|
4 | 2,122,385 | 1,649,340 | |||||||||
Investment securities
|
159,200 | 149,735 | ||||||||||
Trade receivables
|
5 | 808,616 | 865,109 | |||||||||
Derivative financial instruments
|
23 | 197,415 | 30,069 | |||||||||
Inventories
|
324,701 | 353,720 | ||||||||||
Receivables from related parties
|
7 | 39,484 | 38,357 | |||||||||
Income tax receivable
|
92,276 | 94,100 | ||||||||||
Other current tax receivable
|
96,766 | 78,818 | ||||||||||
Other financial assets
|
6 | 71,730 | 69,683 | |||||||||
Dividends receivable
|
47,351 | 36,130 | ||||||||||
Assets held for sale
|
10 | 29,673 | 25,089 | |||||||||
Other current assets
|
66,025 | 174,957 | ||||||||||
|
||||||||||||
Total current assets
|
4,055,622 | 3,565,107 | ||||||||||
|
||||||||||||
Trade receivables
|
5 | 542,155 | 480,992 | |||||||||
Deferred tax assets
|
16 | 255,182 | 214,164 | |||||||||
Receivables from related parties
|
7 | 194,484 | 212,527 | |||||||||
Income tax receivable
|
8,778 | 8,778 | ||||||||||
Taxes recoverable
|
16,410 | 17,299 | ||||||||||
Judicial deposits
|
17 | 423,171 | 418,385 | |||||||||
Other financial assets
|
6 | 378,072 | 370,497 | |||||||||
Derivative financial instruments
|
23 | 1,597,834 | 860,509 | |||||||||
Other non-current assets
|
758,527 | 648,669 | ||||||||||
Investment in associates
|
8 | 135,692 | 130,677 | |||||||||
Investment in joint ventures
|
9 | 8,506,759 | 8,404,503 | |||||||||
Investment property
|
10 | 2,649,976 | 2,641,978 | |||||||||
Property, plant and equipment
|
11 | 1,510,363 | 1,435,890 | |||||||||
Intangible assets and goodwill
|
12 | 10,266,512 | 10,286,373 | |||||||||
|
||||||||||||
Total non-current assets
|
27,243,915 | 26,131,241 | ||||||||||
|
||||||||||||
Total assets
|
31,299,537 | 29,696,348 |
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
Note
|
March 31, 2015
|
December 31,
2014 |
|||||||||
Liabilities
|
|
|
|
|||||||||
Loans and borrowings
|
13 | 1,297,455 | 1,056,353 | |||||||||
Derivative financial instruments
|
23 | 38,726 | 13,803 | |||||||||
Trade payables
|
14 | 1,373,919 | 1,112,459 | |||||||||
Employee benefits payable
|
77,096 | 120,416 | ||||||||||
Income tax payable
|
21,063 | 30,905 | ||||||||||
Other taxes payable
|
15 | 121,864 | 307,741 | |||||||||
Dividends payable
|
33,354 | 33,354 | ||||||||||
Payables to related parties
|
7 | 96,577 | 137,441 | |||||||||
Other current liabilities
|
81,735 | 158,471 | ||||||||||
|
||||||||||||
Total current liabilities
|
3,141,789 | 2,970,943 | ||||||||||
|
||||||||||||
Loans and borrowings
|
13 | 8,562,798 | 7,446,287 | |||||||||
Derivative financial instruments
|
23 | 553,313 | 319,632 | |||||||||
Other taxes payable
|
15 | 507,565 | 334,565 | |||||||||
Provision for legal proceedings
|
17 | 675,710 | 657,779 | |||||||||
Pension and post-employment benefits
|
25 | 307,083 | 301,850 | |||||||||
Deferred tax liabilities
|
16 | 1,696,108 | 1,739,274 | |||||||||
Preferred shareholders payable in subsidiaries
|
18 | 1,988,596 | 1,926,888 | |||||||||
Other non-current liabilities
|
482,582 | 509,823 | ||||||||||
|
||||||||||||
Total non-current liabilities
|
14,773,755 | 13,236,098 | ||||||||||
|
||||||||||||
Total liabilities
|
17,915,544 | 16,207,041 | ||||||||||
|
||||||||||||
Shareholders' equity
|
19 | |||||||||||
Share capital
|
5,328 | 5,328 | ||||||||||
Additional paid in capital
|
3,888,940 | 3,887,109 | ||||||||||
Other comprehensive loss
|
(225,616 | ) | (165,618 | ) | ||||||||
Retained earnings
|
2,127,278 | 2,117,739 | ||||||||||
|
||||||||||||
Equity attributable to owners of the parent
|
5,795,930 | 5,844,558 | ||||||||||
Non-controlling interests
|
8 | 7,588,063 | 7,644,749 | |||||||||
|
||||||||||||
Total shareholders' equity
|
13,383,993 | 13,489,307 | ||||||||||
|
||||||||||||
Total shareholders' equity and liabilities
|
31,299,537 | 29,696,348 | ||||||||||
|
||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
Note
|
March 31, 2015
|
March 31, 2014
|
|||||||||
Net sales
|
|
2,141,124 | 2,157,186 | |||||||||
Cost of sales
|
|
(1,591,340 | ) | (1,520,794 | ) | |||||||
|
|
|||||||||||
Gross profit
|
|
549,784 | 636,392 | |||||||||
|
|
|||||||||||
Selling expenses
|
|
(219,326 | ) | (206,618 | ) | |||||||
General and administrative expenses
|
|
(179,812 | ) | (147,577 | ) | |||||||
Other expense, net
|
22 | (99,324 | ) | (32,792 | ) | |||||||
|
||||||||||||
Operating expense
|
(498,462 | ) | (386,987 | ) | ||||||||
|
||||||||||||
Income before financial results, equity in earnings of investees and income taxes
|
51,322 | 249,405 | ||||||||||
|
||||||||||||
Equity in earnings of investees
|
||||||||||||
Equity in earnings of associates
|
8 | (4,635 | ) | (1,189 | ) | |||||||
Equity in earnings of joint ventures
|
9 | 157,772 | 222,990 | |||||||||
|
153,137 | 221,801 | ||||||||||
Financial results
|
21 | |||||||||||
Finance expense
|
(291,612 | ) | (185,465 | ) | ||||||||
Finance income
|
69,791 | 48,352 | ||||||||||
Foreign exchange (losses) gains, net
|
(591,834 | ) | 75,737 | |||||||||
Derivatives
|
555,232 | (61,082 | ) | |||||||||
|
(258,423 | ) | (122,458 | ) | ||||||||
|
||||||||||||
(Loss) profit before taxes
|
(53,964 | ) | 348,748 | |||||||||
|
||||||||||||
Income tax (expense) benefit
|
16 | |||||||||||
Current
|
(4,838 | ) | (30,539 | ) | ||||||||
Deferred
|
84,529 | (29,023 | ) | |||||||||
|
79,691 | (59,562 | ) | |||||||||
|
||||||||||||
Profit for the period
|
25,727 | 289,186 | ||||||||||
|
||||||||||||
Other comprehensive income
|
19 | |||||||||||
Items that will not be reclassified to profit or loss:
|
||||||||||||
Actuarial loss on defined benefit plan
|
- | (359 | ) | |||||||||
Taxes on items that will not be reclassified to profit or loss
|
- | 122 | ||||||||||
- | (237 | ) |
|
Note
|
March 31, 2015
|
March 31, 2014
|
|||||||||
Items that may be reclassified to profit or loss:
|
||||||||||||
Foreign currency translation effect
|
(80,686 | ) | (3,523 | ) | ||||||||
Gain (loss) on cash flow hedge in joint ventures and subsidiary
|
20,735 | (49,109 | ) | |||||||||
Changes in fair value of available for sale securities
|
1,486 | 914 | ||||||||||
Taxes on items that may be reclassified to profit or loss
|
(505 | ) | (311 | ) | ||||||||
|
(58,970 | ) | (52,029 | ) | ||||||||
Total other comprehensive loss, net of tax
|
(58,970 | ) | (52,266 | ) | ||||||||
|
||||||||||||
Total comprehensive (loss) income
|
(33,243 | ) | 236,920 | |||||||||
|
||||||||||||
Net income attributable to:
|
||||||||||||
Owners of the Parent
|
9,539 | 140,806 | ||||||||||
Non-controlling interests
|
16,188 | 148,380 | ||||||||||
|
||||||||||||
Total comprehensive (loss) income attributable to:
|
||||||||||||
Owners of the Parent
|
(50,459 | ) | 110,826 | |||||||||
Non-controlling interests
|
17,216 | 126,094 | ||||||||||
|
||||||||||||
Basic earnings per share
|
20 | R$ | 0.04 | R$ | 0.53 | |||||||
Diluted earnings per share (as revised - Note 20)
|
R$ | (0.02 | ) | R$ | 0.47 | |||||||
|
||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
|
Capital reserve
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
Equity attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
(loss) income
|
earnings
|
of the parent
|
interests
|
equity
|
|||||||||||||||||||||
At January 1, 2015
|
5,328 | 3,887,109 | (165,618 | ) | 2,117,739 | 5,844,558 | 7,644,749 | 13,489,307 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | 9,539 | 9,539 | 16,188 | 25,727 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | (72,952 | ) | - | (72,952 | ) | (7,734 | ) | (80,686 | ) | |||||||||||||||||
Gain on cash flow hedge in
|
||||||||||||||||||||||||||||
joint ventures and subsidiary
|
- | - | 12,962 | - | 12,962 | 7,773 | 20,735 | |||||||||||||||||||||
Changes in fair value of
|
||||||||||||||||||||||||||||
available for sale Securities
|
- | - | (8 | ) | - | (8 | ) | 989 | 981 | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | (59,998 | ) | 9,539 | (50,459 | ) | 17,216 | (33,243 | ) | ||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
||||||||||||||||||||||||||||
Share based compensation
|
- | 1,831 | - | - | 1,831 | 1,098 | 2,929 | |||||||||||||||||||||
Dividends
|
- | - | - | - | - | (75,000 | ) | (75,000 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and
distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
- | 1,831 | - | - | 1,831 | (73,902 | ) | (72,071 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
At March 31, 2015
|
5,328 | 3,888,940 | (225,616 | ) | 2,127,278 | 5,795,930 | 7,588,063 | 13,383,993 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
|
Capital reserve
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Additional
|
Other
|
|
Equity attributable
|
Non-
|
|
|||||||||||||||||||||
|
Share
|
paid in
|
comprehensive
|
Retained
|
to owners
|
controlling
|
Total
|
|||||||||||||||||||||
|
capital
|
capital
|
(loss) income
|
earnings
|
of the parent
|
interests
|
equity
|
|||||||||||||||||||||
At January 1, 2014
|
5,328 | 3,828,858 | (84,887 | ) | 2,136,975 | 5,886,274 | 7,433,490 | 13,319,764 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | 140,806 | 140,806 | 148,380 | 289,186 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||
Foreign currency translation effects
|
- | - | 534 | - | 534 | (4,057 | ) | (3,523 | ) | |||||||||||||||||||
Loss on cash flow hedge in
|
||||||||||||||||||||||||||||
joint ventures and subsidiary
|
- | - | (30,596 | ) | - | (30,596 | ) | (18,513 | ) | (49,109 | ) | |||||||||||||||||
Actuarial loss on defined benefit
plan
|
- | - | (96 | ) | - | (96 | ) | (141 | ) | (237 | ) | |||||||||||||||||
Changes in fair value of
|
||||||||||||||||||||||||||||
available for sale Securities
|
- | - | 178 | - | 178 | 425 | 603 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total comprehensive income for the period
|
- | - | (29,980 | ) | 140,806 | 110,826 | 126,094 | 236,920 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Contributions by and distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
||||||||||||||||||||||||||||
Share options exercised
|
- | 2,861 | - | - | 2,861 | 1,731 | 4,592 | |||||||||||||||||||||
Share based compensation
|
- | 1,597 | - | - | 1,597 | 966 | 2,563 | |||||||||||||||||||||
Dividends
|
- | - | - | - | - | (57,187 | ) | (57,187 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Total contributions by and
distributions to
|
||||||||||||||||||||||||||||
owners of the Parent
|
- | 4,458 | - | - | 4,458 | (54,490 | ) | (50,032 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
At March 31, 2014
|
5,328 | 3,833,316 | (114,867 | ) | 2,277,781 | 6,001,558 | 7,505,094 | 13,506,652 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
|
Note
|
March 31, 2015
|
March 31, 2014
|
|||||||||
Cash flows from operating activities
|
|
|
|
|||||||||
(Loss) profit before taxes
|
|
(53,964 | ) | 348,748 | ||||||||
Adjustments for:
|
|
|||||||||||
Depreciation and amortization
|
11 / 12 | 165,391 | 160,378 | |||||||||
Equity in earnings of associates
|
8 | 4,635 | 1,189 | |||||||||
Equity in earnings of joint ventures
|
9 | (157,772 | ) | (222,990 | ) | |||||||
Loss on disposal of assets
|
1,281 | 2,052 | ||||||||||
Share-based compensation expense
|
2,929 | 2,563 | ||||||||||
Change in fair value of investment property
|
10 / 22 | (14,320 | ) | 22,920 | ||||||||
Provisions for legal proceedings
|
22 | 9,200 | 18,491 | |||||||||
Indexation charges, interest and
|
||||||||||||
exchange gains/losses, net
|
331,986 | 149,321 | ||||||||||
Other
|
20,131 | 17,965 | ||||||||||
|
309,497 | 500,637 | ||||||||||
Changes in:
|
||||||||||||
Trade receivables
|
(8,280 | ) | (58,421 | ) | ||||||||
Securities
|
(1,362 | ) | (29,050 | ) | ||||||||
Inventories
|
33,468 | 41,623 | ||||||||||
Recoverable taxes
|
(34,796 | ) | 666 | |||||||||
Related parties
|
(46,693 | ) | (52,651 | ) | ||||||||
Advances to suppliers
|
1,147 | - | ||||||||||
Trade payables
|
213,518 | (83,936 | ) | |||||||||
Employee benefits
|
(54,012 | ) | (44,683 | ) | ||||||||
Provisions for legal proceedings
|
(312 | ) | (6,595 | ) | ||||||||
Income and other taxes
|
(990 | ) | (57,758 | ) | ||||||||
Other assets and liabilities, net
|
(110,753 | ) | 34,630 | |||||||||
|
(9,065 | ) | (256,175 | ) | ||||||||
|
||||||||||||
Net cash generated by operating activities
|
300,432 | 244,462 | ||||||||||
|
||||||||||||
Cash flows from investing activities
|
||||||||||||
Capital contribution in associates
|
(22,555 | ) | (6,944 | ) | ||||||||
Dividends received from joint ventures
|
93,925 | 197,000 | ||||||||||
Acquisition of property, plant and
|
||||||||||||
equipment and intangible assets
|
11 / 12 | (181,685 | ) | (192,169 | ) | |||||||
Proceeds from sale of property, plant
|
||||||||||||
and equipment, intangibles and investments
|
- | 100 | ||||||||||
|
||||||||||||
Net cash used in investing activities
|
(110,315 | ) | (2,013 | ) |
Cash flows from financing activities
|
||||||||||||
Loans and borrowings raised
|
705,479 | 191,150 | ||||||||||
Payment of principal and
|
||||||||||||
interest on loans and borrowings
|
(694,726 | ) | (733,829 | ) | ||||||||
Interest paid
|
167,633 | 316,961 | ||||||||||
Derivative financial instruments
|
178,832 | (30,997 | ) | |||||||||
Dividends paid
|
(75,000 | ) | - | |||||||||
Proceeds from exercise of share options
|
- | 4,592 | ||||||||||
|
||||||||||||
Net cash generated by
|
||||||||||||
(used in) financing activities
|
282,218 | (252,123 | ) | |||||||||
|
||||||||||||
Increase (decrease) in cash and cash equivalents
|
472,335 | (9,674 | ) | |||||||||
|
||||||||||||
Cash and cash equivalents at beginning of period
|
1,649,340 | 1,509,565 | ||||||||||
Effects of exchange rate changes on cash held
|
710 | 5,436 | ||||||||||
|
||||||||||||
Cash and cash equivalents at ended of period
|
2,122,385 | 1,505,327 | ||||||||||
|
||||||||||||
Supplemental cash flow information
|
||||||||||||
Income taxes paid
|
(24,082 | ) | 27,874 | |||||||||
|
||||||||||||
The accompanying notes are an integral part of these consolidated interim financial statements.
|
1
|
Operations
|
2
|
Basis of preparation
|
2.1
|
Statement of compliance
|
2.2
|
Basis of consolidation
|
|
Ownership percentage
|
|||||||
|
March 31, 2015
|
December 31,
2014
|
||||||
Directly owned subsidiaries
|
|
|
||||||
Cosan Logística S.A.
|
62.51 | 62.51 | ||||||
Cosan S.A. Indústria e Comércio
|
62.51 | 62.51 | ||||||
|
||||||||
Interest of Cosan S.A. in its subsidiaries
|
||||||||
Águas da Ponte Alta S.A.
|
65.00 | 65.00 | ||||||
Bioinvestments Negócios e Participações S.A.
|
65.00 | 65.00 | ||||||
Comma Oil Chemicals Limited
|
100.00 | 100.00 | ||||||
Companhia de Gás de São Paulo - COMGÁS
|
60.69 | 60.69 | ||||||
Cosan Biomassa S.A.
|
100.00 | 100.00 | ||||||
Cosan Cayman II Limited
|
100.00 | 100.00 | ||||||
Cosan Global Limited
|
100.00 | 100.00 | ||||||
Cosan Investimentos e Participações S.A.
|
100.00 | 100.00 | ||||||
Cosan Lubes Investments Limited
|
100.00 | 100.00 | ||||||
Cosan Lubrificantes e Especialidades S.A.
|
100.00 | 100.00 | ||||||
Cosan Luxembourg S.A.
|
100.00 | 100.00 | ||||||
Cosan Overseas Limited
|
100.00 | 100.00 | ||||||
Cosan Paraguay S.A.
|
100.00 | 100.00 | ||||||
Cosan US, Inc.
|
100.00 | 100.00 | ||||||
Nova Agrícola Ponte Alta S.A.
|
29.50 | 29.50 | ||||||
Nova Amaralina S.A. Propriedades Agrícolas
|
29.50 | 29.50 | ||||||
Nova Santa Barbara Agrícola S.A.
|
29.50 | 29.50 | ||||||
Pasadena Empreendimentos e Participações S.A.
|
100.00 | 100.00 | ||||||
Proud Participações S.A.
|
65.00 | 65.00 | ||||||
Radar II Propriedades Agrícolas S.A.
|
65.00 | 65.00 | ||||||
Radar Propriedades Agrícolas S.A.
|
29.50 | 29.50 | ||||||
Terras da Ponte Alta S.A.
|
29.50 | 29.50 | ||||||
Vale da Ponte Alta S.A.
|
65.00 | 65.00 | ||||||
|
||||||||
Interest of Cosan Log in its subsidiaries
|
||||||||
Logispot Armazéns Gerais S.A.
|
38.25 | 38.25 | ||||||
Rumo Logística Operadora Multimodal S.A.
|
75.00 | 75.00 |
2.3
|
New standards and interpretations not yet adopted
|
|
·
|
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 is effective for annual reporting periods beginning on or after January 1, 2018. The Company will also consider the impact of the remaining phases of IFRS 9 when completed by the Board;
|
|
·
|
IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The standard is effective for annual periods beginning on or after January 1, 2017. The standard replaces IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related interpretations. The Company is currently assessing the potential impacts of adopting IFRS 15.
|
2.4
|
Correction of an error
|
3
|
Operating segments
|
|
I.
|
Raízen Energia: production and marketing of a variety of products derived from sugar cane, including raw sugar (VHP), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugarcane bagasse. In addition, this segment holds interests in companies engaged in research and development on new technology;
|
|
II.
|
Raízen Combustíveis: distribution and marketing of fuels, mainly through a franchised network of service stations under the brand Shell and Esso throughout Brazil;
|
|
III.
|
COMGÁS: distribution of piped natural gas to part of the State of São Paulo (approximately 180 municipalities, including the region called Greater São Paulo) to customers in the industrial, residential, commercial, automotive, thermo generation and cogeneration sectors;
|
|
IV.
|
Cosan Log: logistics services for transport, storage and port loading of commodities, mainly for sugar products;
|
|
V.
|
Radar: management, buying, selling and leasing of agricultural;
|
|
VI.
|
Lubricants: production and distribution of lubricants under the Mobil brand in Brazil, Bolivia, Uruguay and Paraguay, as well as European and Asian market with a Comma trademark; Upon adoption of IFRS 11, whereby the Company no longer proportionally consolidates the results of Raízen Energia and Raízen Combustíveis, the Lubricants segment met the quantitative thresholds to be separately reportable, and the comparative segment information has been adjusted retroactively; and
|
|
VII.
|
Other business: other investments, in addition to the corporate activities of the Company.
|
|
March 31, 2015
|
Additional information
|
||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Cosan Log
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
Cosan Energia
|
Cosan Log
|
|||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Statement of profit or loss:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
3,080,040 | 14,061,510 | 1,534,064 | 21,606 | 379,843 | 205,611 | - | (17,141,550 | ) | - | 2,141,124 | 1,935,513 | 205,611 | |||||||||||||||||||||||||||||||||||
Domestic market
|
1,166,359 | 14,061,510 | 1,534,064 | 21,606 | 305,666 | 176,847 | - | (15,227,869 | ) | - | 2,038,183 | 1,861,336 | 176,847 | |||||||||||||||||||||||||||||||||||
External market
|
1,913,681 | - | - | - | 74,177 | 28,764 | - | (1,913,681 | ) | - | 102,941 | 74,177 | 28,764 | |||||||||||||||||||||||||||||||||||
Gross profit
|
459,213 | 801,421 | 379,387 | 19,867 | 91,268 | 59,262 | - | (1,260,634 | ) | - | 549,784 | 490,522 | 59,262 | |||||||||||||||||||||||||||||||||||
Selling expenses
|
(149,073 | ) | (315,933 | ) | (154,521 | ) | - | (64,805 | ) | - | - | 465,006 | - | (219,326 | ) | (219,326 | ) | - | ||||||||||||||||||||||||||||||
General and administrative
expenses
|
(140,651 | ) | (100,271 | ) | (86,596 | ) | (7,207 | ) | (16,147 | ) | (24,370 | ) | (45,492 | ) | 240,922 | - | (179,812 | ) | (140,878 | ) | (24,370 | ) | ||||||||||||||||||||||||||
Other income (expense), net
|
39,099 | 60,926 | (2,080 | ) | 14,324 | 160 | (460 | ) | (111,268 | ) | (100,025 | ) | - | (99,324 | ) | (98,864 | ) | (460 | ) | |||||||||||||||||||||||||||||
Financial results
|
(238,303 | ) | 12,953 | (73,957 | ) | 1,692 | 3,768 | (20,398 | ) | (169,528 | ) | 225,350 | - | (258,423 | ) | (284,713 | ) | (20,398 | ) | |||||||||||||||||||||||||||||
Financial expense
|
(204,842 | ) | (38,955 | ) | (103,891 | ) | (354 | ) | (8,446 | ) | (10,323 | ) | (172,421 | ) | 243,797 | 3,823 | (291,612 | ) | (273,813 | ) | (10,323 | ) | ||||||||||||||||||||||||||
Financial income
|
147,793 | 37,777 | 37,314 | 2,070 | 328 | 5,652 | 28,250 | (185,570 | ) | (3,823 | ) | 69,791 | 64,109 | 5,652 | ||||||||||||||||||||||||||||||||||
Foreign exchange losses, net
|
(605,426 | ) | (172,806 | ) | (242,512 | ) | (24 | ) | 2,614 | (56,217 | ) | (295,695 | ) | 778,232 | - | (591,834 | ) | (568,545 | ) | (56,217 | ) | |||||||||||||||||||||||||||
Derivatives
|
424,172 | 186,937 | 235,132 | - | 9,272 | 40,490 | 270,338 | (611,109 | ) | - | 555,232 | 493,536 | 40,490 | |||||||||||||||||||||||||||||||||||
Equity in earnings of associates
|
(5,990 | ) | 4,048 | - | - | (4,960 | ) | - | 8,960 | 1,942 | (8,635 | ) | (4,635 | ) | (4,635 | ) | - | |||||||||||||||||||||||||||||||
Equity in earnings of joint
ventures
|
- | - | - | - | - | - | 157,772 | - | - | 157,772 | 157,772 | - | ||||||||||||||||||||||||||||||||||||
Income tax expense benefit
|
42,751 | (144,976 | ) | (31,841 | ) | (3,344 | ) | (5,704 | ) | (4,833 | ) | 125,413 | 102,225 | - | 79,691 | 84,524 | (4,833 | ) | ||||||||||||||||||||||||||||||
Profit (loss) for the period
|
7,046 | 318,168 | 30,392 | 25,332 | 3,580 | 9,201 | (34,143 | ) | (325,214 | ) | (8,635 | ) | 25,727 | (15,598 | ) | 9,201 | ||||||||||||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
627,614 | 139,333 | 119,451 | 245 | 17,928 | 26,653 | 974 | (766,947 | ) | - | 165,251 | 138,598 | 26,653 | |||||||||||||||||||||||||||||||||||
EBITDA
|
830,212 | 589,524 | 255,641 | 27,229 | 23,444 | 61,085 | 10,946 | (1,419,736 | ) | (8,635 | ) | 369,710 | 323,189 | 61,085 | ||||||||||||||||||||||||||||||||||
Additions to PP&E, intangible
|
||||||||||||||||||||||||||||||||||||||||||||||||
and biological assets (cash)
|
828,526 | 239,699 | 123,566 | 668 | 8,300 | 30,989 | 18,162 | (1,068,225 | ) | - | 181,685 | 150,696 | 30,989 | |||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
7,046 | 318,168 | 30,392 | 25,332 | 3,580 | 9,201 | (34,143 | ) | (325,214 | ) | (8,635 | ) | 25,727 | (15,598 | ) | 9,201 | ||||||||||||||||||||||||||||||||
Income tax and social
contribution
|
(42,751 | ) | 144,976 | 31,841 | 3,344 | 5,704 | 4,833 | (125,413 | ) | (102,225 | ) | - | (79,691 | ) | (84,524 | ) | 4,833 | |||||||||||||||||||||||||||||||
Financial result, net
|
238,303 | (12,953 | ) | 73,957 | (1,692 | ) | (3,768 | ) | 20,398 | 169,528 | (225,350 | ) | - | 258,423 | 284,713 | 20,398 | ||||||||||||||||||||||||||||||||
Depreciation and amortization
|
627,614 | 139,333 | 119,451 | 245 | 17,928 | 26,653 | 974 | (766,947 | ) | - | 165,251 | 138,598 | 26,653 | |||||||||||||||||||||||||||||||||||
EBITDA
|
830,212 | 589,524 | 255,641 | 27,229 | 23,444 | 61,085 | 10,946 | (1,419,736 | ) | (8,635 | ) | 369,710 | 323,189 | 61,085 |
|
March 31, 2014
|
Additional information
|
||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Rumo
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
Cosan Energia
|
Cosan Log
|
|||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Statement of profit or loss:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
2,604,831 | 13,010,956 | 1,517,379 | 63,552 | 368,269 | 207,934 | 52 | (15,615,787 | ) | - | 2,157,186 | 1,949,252 | 207,934 | |||||||||||||||||||||||||||||||||||
Domestic market
|
992,920 | 13,010,956 | 1,517,379 | 63,552 | 294,185 | 178,930 | 52 | (14,003,876 | ) | - | 2,054,098 | 1,875,168 | 178,930 | |||||||||||||||||||||||||||||||||||
External market
|
1,611,911 | - | - | - | 74,084 | 29,004 | - | (1,611,911 | ) | - | 103,088 | 74,084 | 29,004 | |||||||||||||||||||||||||||||||||||
Gross profit
|
491,873 | 670,295 | 448,410 | 25,244 | 78,273 | 84,403 | 62 | (1,162,168 | ) | - | 636,392 | 551,989 | 84,403 | |||||||||||||||||||||||||||||||||||
Selling expenses
|
(163,199 | ) | (283,468 | ) | (150,332 | ) | - | (56,286 | ) | - | - | 446,667 | - | (206,618 | ) | (206,618 | ) | - | ||||||||||||||||||||||||||||||
General and administrative
expenses
|
(140,359 | ) | (105,135 | ) | (67,130 | ) | (8,350 | ) | (17,370 | ) | (19,974 | ) | (34,753 | ) | 245,494 | - | (147,577 | ) | (125,120 | ) | (19,974 | ) | ||||||||||||||||||||||||||
Other income (expense), net
|
60,169 | 101,760 | (7,112 | ) | (23,045 | ) | 408 | 6,702 | (9,745 | ) | (161,929 | ) | - | (32,792 | ) | (39,494 | ) | 25,291 | ||||||||||||||||||||||||||||||
Financial results
|
64,426 | 661 | (56,549 | ) | 3,145 | 25,266 | 3,853 | (98,173 | ) | (65,087 | ) | - | (122,458 | ) | (110,031 | ) | 3,853 | |||||||||||||||||||||||||||||||
Financial expense
|
(128,398 | ) | (20,044 | ) | (71,389 | ) | (268 | ) | 42,683 | (8,487 | ) | (151,120 | ) | 148,442 | 3,116 | (185,465 | ) | (172,660 | ) | (8,487 | ) | |||||||||||||||||||||||||||
Financial income
|
65,911 | 17,667 | 15,459 | 3,413 | (207 | ) | 12,227 | 20,576 | (83,578 | ) | (3,116 | ) | 48,352 | 35,503 | 12,227 | |||||||||||||||||||||||||||||||||
Foreign exchange losses, net
|
78,784 | 32,882 | 35,266 | - | (9,989 | ) | 113 | 50,347 | (111,666 | ) | - | 75,737 | 77,749 | 113 | ||||||||||||||||||||||||||||||||||
Derivatives
|
48,129 | (29,844 | ) | (35,885 | ) | - | (7,221 | ) | - | (17,976 | ) | (18,285 | ) | - | (61,082 | ) | (50,623 | ) | - | |||||||||||||||||||||||||||||
Equity in earnings of associates
|
(10,363 | ) | 5,254 | - | - | (1,298 | ) | - | 146,823 | 5,109 | (146,714 | ) | (1,189 | ) | (1,189 | ) | - | |||||||||||||||||||||||||||||||
Equity in earnings of joint
ventures
|
- | - | - | - | - | - | 222,990 | - | - | 222,990 | 222,990 | - | ||||||||||||||||||||||||||||||||||||
Income tax expense benefit
|
(96,089 | ) | (118,019 | ) | (58,963 | ) | (2,726 | ) | (20,792 | ) | (25,241 | ) | 48,160 | 214,108 | - | (59,562 | ) | (34,319 | ) | (25,243 | ) | |||||||||||||||||||||||||||
Profit (loss) for the period
|
206,458 | 271,348 | 108,324 | (5,732 | ) | 8,201 | 49,743 | 275,364 | (477,806 | ) | (146,714 | ) | 289,186 | 258,208 | 68,330 | |||||||||||||||||||||||||||||||||
Other selected data:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
495,854 | 132,466 | 118,168 | 242 | 19,517 | 21,716 | 736 | (628,320 | ) | - | 160,379 | 138,663 | 21,716 | |||||||||||||||||||||||||||||||||||
EBITDA
|
733,975 | 521,172 | 342,004 | (5,909 | ) | 23,244 | 92,847 | 326,113 | (1,255,147 | ) | (146,714 | ) | 631,585 | 541,221 | 111,436 | |||||||||||||||||||||||||||||||||
Additions to PP&E, intangible
|
||||||||||||||||||||||||||||||||||||||||||||||||
and biological assets (cash)
|
1,009,050 | 277,800 | 155,810 | 40 | 5,916 | 13,947 | 16,456 | (1,286,850 | ) | - | 192,169 | 178,222 | 13,947 | |||||||||||||||||||||||||||||||||||
Reconciliation of EBITDA:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
206,458 | 271,348 | 108,324 | (5,732 | ) | 8,201 | 49,743 | 275,364 | (477,806 | ) | (146,714 | ) | 289,186 | 258,208 | 68,330 | |||||||||||||||||||||||||||||||||
Income tax and social
contribution
|
96,089 | 118,019 | 58,963 | 2,726 | 20,792 | 25,241 | (48,160 | ) | (214,108 | ) | - | 59,562 | 34,319 | 25,243 | ||||||||||||||||||||||||||||||||||
Financial result, net
|
(64,426 | ) | (661 | ) | 56,549 | (3,145 | ) | (25,266 | ) | (3,853 | ) | 98,173 | 65,087 | - | 122,458 | 110,031 | (3,853 | ) | ||||||||||||||||||||||||||||||
Depreciation and amortization
|
495,854 | 132,466 | 118,168 | 242 | 19,517 | 21,716 | 736 | (628,320 | ) | - | 160,379 | 138,663 | 21,716 | |||||||||||||||||||||||||||||||||||
EBITDA
|
733,975 | 521,172 | 342,004 | (5,909 | ) | 23,244 | 92,847 | 326,113 | (1,255,147 | ) | (146,714 | ) | 631,585 | 541,221 | 111,436 |
|
March 31, 2015
|
Additional information
|
||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Cosan Log
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
Cosan Energia
|
Cosan Log
|
|||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Statement of financial position:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
3,795,287 | 232,943 | 1,328,237 | 1,120 | 62,442 | 251,101 | 479,485 | (4,028,230 | ) | - | 2,122,385 | 1,861,592 | 251,101 | |||||||||||||||||||||||||||||||||||
Investment securities
|
- | - | - | 159,200 | - | - | - | - | - | 159,200 | 159,200 | - | ||||||||||||||||||||||||||||||||||||
Trade receivables
|
331,638 | 1,273,536 | 570,125 | 21,802 | 193,672 | 22,776 | 241 | (1,605,174 | ) | - | 808,616 | 785,840 | 22,776 | |||||||||||||||||||||||||||||||||||
Inventories
|
357,881 | 1,079,085 | 126,280 | - | 191,508 | 6,911 | 2 | (1,436,966 | ) | - | 324,701 | 317,790 | 6,911 | |||||||||||||||||||||||||||||||||||
Other current assets
|
2,092,496 | 722,419 | 219,110 | 36,598 | 53,777 | 22,365 | 378,991 | (2,814,915 | ) | (70,121 | ) | 640,720 | 612,665 | 22,365 | ||||||||||||||||||||||||||||||||||
Other non-current assets
|
2,895,315 | 2,683,782 | 717,010 | 20,486 | (213,107 | ) | 584,932 | 3,073,276 | (5,579,097 | ) | (7,984 | ) | 4,174,613 | 3,589,675 | 584,932 | |||||||||||||||||||||||||||||||||
Investment in associates
|
210,586 | 258,977 | - | - | 13,222 | - | 11,870,159 | (469,563 | ) | (11,747,689 | ) | 135,692 | 127,197 | - | ||||||||||||||||||||||||||||||||||
Investment in joint ventures
|
- | - | - | - | - | - | 8,506,759 | - | - | 8,506,759 | 8,515,254 | - | ||||||||||||||||||||||||||||||||||||
Biological assets
|
1,959,859 | - | - | - | - | - | - | (1,959,859 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Investment property
|
- | - | - | 2,649,976 | - | - | - | - | - | 2,649,976 | 2,649,976 | - | ||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
10,466,223 | 2,460,249 | - | 11,386 | 224,571 | 1,139,393 | 135,013 | (12,926,472 | ) | - | 1,510,363 | 370,970 | 1,139,393 | |||||||||||||||||||||||||||||||||||
Intangible assets and goodwill
|
3,287,923 | 4,314,179 | 8,598,286 | 499 | 811,561 | 848,892 | 7,274 | (7,602,102 | ) | - | 10,266,512 | 9,417,620 | 848,892 | |||||||||||||||||||||||||||||||||||
Loans and borrowings
|
(10,381,777 | ) | (1,492,950 | ) | (3,407,733 | ) | - | (362,932 | ) | (1,119,754 | ) | (4,969,834 | ) | 11,874,727 | - | (9,860,253 | ) | (8,384,823 | ) | (1,119,754 | ) | |||||||||||||||||||||||||||
Trade payables
|
(568,296 | ) | (762,638 | ) | (1,084,420 | ) | (889 | ) | (102,905 | ) | (181,752 | ) | (3,953 | ) | 1,330,934 | - | (1,373,919 | ) | (1,192,167 | ) | (181,752 | ) | ||||||||||||||||||||||||||
Employee benefits payable
|
(321,116 | ) | (103,558 | ) | (35,274 | ) | (3,383 | ) | (12,547 | ) | (14,578 | ) | (11,314 | ) | 424,674 | - | (77,096 | ) | (62,518 | ) | (14,578 | ) | ||||||||||||||||||||||||||
Other current liabilities
|
(773,824 | ) | (1,290,495 | ) | (98,303 | ) | (17,857 | ) | (83,362 | ) | (70,997 | ) | (191,490 | ) | 2,064,319 | 68,690 | (393,319 | ) | (346,461 | ) | (70,997 | ) | ||||||||||||||||||||||||||
Other non-current liabilities
|
(2,876,438 | ) | (2,618,916 | ) | (1,030,664 | ) | (94,668 | ) | (167,134 | ) | (226,651 | ) | (4,701,255 | ) | 5,495,354 | 9,415 | (6,210,957 | ) | (5,984,306 | ) | (226,651 | ) | ||||||||||||||||||||||||||
Total assets (net of
|
||||||||||||||||||||||||||||||||||||||||||||||||
liabilities) allocated by
segment
|
10,475,757 | 6,756,613 | 5,902,654 | 2,784,270 | 608,766 | 1,262,638 | 14,573,354 | (17,232,370 | ) | (11,747,689 | ) | 13,383,993 | 12,437,504 | 1,262,638 | ||||||||||||||||||||||||||||||||||
Total assets
|
25,397,208 | 13,025,170 | 11,559,048 | 2,901,067 | 1,337,646 | 2,876,370 | 24,451,200 | (38,422,378 | ) | (11,825,794 | ) | 31,299,537 | 28,407,779 | 2,876,370 |
|
December 31, 2014
|
Additional information
|
||||||||||||||||||||||||||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Radar
|
Lubricants
|
Cosan Log
|
Other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
Cosan Energia
|
Cosan Log
|
|||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Statement of financial position:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
2,643,950 | 173,470 | 973,708 | 6,011 | 39,810 | 86,487 | 543,324 | (2,817,420 | ) | - | 1,649,340 | 1,540,192 | 86,487 | |||||||||||||||||||||||||||||||||||
Investment securities
|
- | - | - | 149,735 | - | - | - | - | - | 149,735 | 149,735 | - | ||||||||||||||||||||||||||||||||||||
Trade receivables
|
620,300 | 1,920,778 | 605,483 | 22,214 | 194,486 | 42,685 | 241 | (2,541,078 | ) | - | 865,109 | 822,424 | 42,685 | |||||||||||||||||||||||||||||||||||
Inventories
|
2,315,907 | 1,128,771 | 125,406 | - | 222,486 | 5,817 | 11 | (3,444,678 | ) | - | 353,720 | 347,903 | 5,817 | |||||||||||||||||||||||||||||||||||
Other current assets
|
2,680,822 | 521,630 | 137,360 | 31,052 | 31,831 | 24,500 | 387,299 | (3,202,452 | ) | (64,839 | ) | 547,203 | 548,134 | 24,500 | ||||||||||||||||||||||||||||||||||
Other non-current assets
|
1,954,196 | 2,023,355 | 591,135 | 15,538 | (190,806 | ) | 480,989 | 2,341,574 | (3,977,551 | ) | (6,610 | ) | 3,231,820 | 2,740,611 | 480,989 | |||||||||||||||||||||||||||||||||
Investment in associates
|
209,205 | 256,729 | - | - | 16,032 | - | 11,916,471 | (465,934 | ) | (11,801,826 | ) | 130,677 | 130,678 | - | ||||||||||||||||||||||||||||||||||
Investment in joint ventures
|
- | - | - | - | - | - | 8,404,503 | - | - | 8,404,503 | 8,404,503 | - | ||||||||||||||||||||||||||||||||||||
Biological assets
|
1,828,304 | - | - | - | - | - | - | (1,828,304 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Investment property
|
- | - | - | 2,641,978 | - | - | - | - | - | 2,641,978 | 2,641,978 | - | ||||||||||||||||||||||||||||||||||||
Property, plant and equipment
|
9,848,969 | 2,464,316 | - | 11,288 | 221,466 | 1,084,455 | 118,681 | (12,313,285 | ) | - | 1,435,890 | 351,435 | 1,084,455 | |||||||||||||||||||||||||||||||||||
Intangible assets and goodwill
|
3,288,709 | 4,267,514 | 8,595,251 | 173 | 824,277 | 860,253 | 6,419 | (7,556,223 | ) | - | 10,286,373 | 9,426,120 | 860,253 | |||||||||||||||||||||||||||||||||||
Loans and borrowings
|
(10,377,585 | ) | (1,557,782 | ) | (3,133,347 | ) | - | (261,166 | ) | (784,709 | ) | (4,323,418 | ) | 11,935,367 | - | (8,502,640 | ) | (7,397,602 | ) | (784,709 | ) | |||||||||||||||||||||||||||
Trade payables
|
(636,619 | ) | (529,990 | ) | (848,770 | ) | (790 | ) | (118,784 | ) | (141,289 | ) | (2,826 | ) | 1,166,609 | - | (1,112,459 | ) | (971,170 | ) | (141,289 | ) | ||||||||||||||||||||||||||
Employee benefits payable
|
(252,219 | ) | (66,799 | ) | (58,955 | ) | (5,336 | ) | (15,437 | ) | (19,302 | ) | (21,387 | ) | 319,018 | - | (120,417 | ) | (101,115 | ) | (19,302 | ) | ||||||||||||||||||||||||||
Other current liabilities
|
(1,103,934 | ) | (2,074,917 | ) | (122,981 | ) | (20,783 | ) | (100,853 | ) | (89,787 | ) | (411,046 | ) | 3,178,851 | 63,735 | (681,715 | ) | (616,590 | ) | (89,787 | ) | ||||||||||||||||||||||||||
Other non-current liabilities
|
(2,598,243 | ) | (1,931,298 | ) | (992,028 | ) | (93,552 | ) | (193,082 | ) | (221,851 | ) | (4,297,020 | ) | 4,529,541 | 7,722 | (5,789,811 | ) | (5,567,961 | ) | (221,851 | ) | ||||||||||||||||||||||||||
Total assets (net of
|
||||||||||||||||||||||||||||||||||||||||||||||||
liabilities) allocated by
segment
|
10,421,762 | 6,595,777 | 5,872,262 | 2,757,528 | 670,260 | 1,328,248 | 14,662,827 | (17,017,539 | ) | (11,801,818 | ) | 13,489,307 | 12,449,276 | 1,328,248 | ||||||||||||||||||||||||||||||||||
Total assets
|
25,390,362 | 12,756,563 | 11,028,343 | 2,877,989 | 1,359,582 | 2,585,186 | 23,718,523 | (38,146,925 | ) | (11,873,275 | ) | 29,696,348 | 27,103,713 | 2,585,186 |
|
March 31, 2015
|
March 31, 2014
|
||||||
Raízen Energia
|
|
|
||||||
Ethanol
|
1,626,484 | 1,321,277 | ||||||
Sugar
|
1,408,329 | 1,225,469 | ||||||
Cogeneration
|
12,686 | 27,266 | ||||||
Other
|
32,541 | 30,819 | ||||||
|
3,080,040 | 2,604,831 | ||||||
Raízen Combustíveis
|
||||||||
Fuels
|
14,061,510 | 13,010,956 | ||||||
|
14,061,510 | 13,010,956 | ||||||
COMGÁS
|
||||||||
Industrial
|
1,027,851 | 1,025,427 | ||||||
Residential
|
120,857 | 112,176 | ||||||
Thermo generation
|
115,109 | 87,595 | ||||||
Cogeneration
|
65,972 | 63,834 | ||||||
Automotive
|
45,038 | 46,796 | ||||||
Commercial
|
61,609 | 55,457 | ||||||
Construction revenue
|
90,381 | 117,641 | ||||||
Other
|
7,247 | 8,453 | ||||||
|
1,534,064 | 1,517,379 | ||||||
Radar
|
||||||||
Property sales
|
1,879 | 45,590 | ||||||
Land lease
|
16,986 | 16,128 | ||||||
Other
|
2,741 | 1,834 | ||||||
|
21,606 | 63,552 | ||||||
Lubricants
|
||||||||
Lubricants
|
309,708 | 319,188 | ||||||
Basic oil
|
37,455 | 46,023 | ||||||
Other
|
32,680 | 3,058 | ||||||
|
379,843 | 368,269 | ||||||
|
||||||||
Cosan's other business
|
- | 52 | ||||||
|
||||||||
IFRS 11 - Deconsolidated of
|
||||||||
adjustments/eliminations joint
|
||||||||
ventures and eliminations
|
(17,141,550 | ) | (15,615,787 | ) | ||||
|
||||||||
Cosan Energia
|
1,935,513 | 1,949,252 | ||||||
|
||||||||
Cosan Log
|
||||||||
Logistics
|
46,552 | 154,947 | ||||||
Port handling
|
156,028 | 49,428 | ||||||
Other
|
3,031 | 3,559 | ||||||
|
205,611 | 207,934 | ||||||
|
||||||||
Total
|
2,141,124 | 2,157,186 |
4
|
Cash and cash equivalents
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Brazilian Reais
|
|
|
||||||
Cash and bank deposits
|
61,480 | 57,703 | ||||||
Short-term investments
|
1,975,444 | 1,496,620 | ||||||
|
2,036,924 | 1,554,323 | ||||||
|
||||||||
U.S. Dollars and Pound Sterling
|
||||||||
Cash and bank deposits
|
85,461 | 95,017 | ||||||
|
85,461 | 95,017 | ||||||
|
||||||||
|
2,122,385 | 1,649,340 |
|
March 31, 2015
|
December 31,
2014
|
||||||
Exclusive funds
|
|
|
||||||
Repurchase agreements(i)
|
624,182 | 423,535 | ||||||
Bank certificate of deposits - CDB(ii)
|
178,666 | 87,646 | ||||||
|
802,848 | 511,181 | ||||||
|
||||||||
Bank investments
|
||||||||
Repurchase agreements(i)
|
1,060,713 | 222,570 | ||||||
Bank certificate of deposits - CDB(ii)
|
111,883 | 762,869 | ||||||
|
1,172,596 | 985,439 | ||||||
|
||||||||
|
1,975,444 | 1,496,620 |
|
(i)
|
These refer to purchases of assets, mainly government securities, with the commitment to repurchase at a rate previously established by the parties, generally with a one-day term.
|
|
(ii)
|
These refer mainly to Bank Deposit Certificates - CDBs, issued by Brazilian financial institutions with original maturities of 90 days or less or for which there are no penalties or other restrictions for early redemption.
|
5
|
Trade receivables
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Domestic - Brazilian Reais
|
1,382,630 | 1,369,013 | ||||||
Export - Foreign currency
|
21,908 | 25,323 | ||||||
Allowance for doubtful accounts
|
(53,767 | ) | (48,235 | ) | ||||
|
||||||||
|
1,350,771 | 1,346,101 | ||||||
|
||||||||
Current
|
808,616 | 865,109 | ||||||
Non-current(i)
|
542,155 | 480,992 |
|
(i)
|
As of March 31, 2015, Rumo had an account receivable due from ALL of R$ 509,695 (R$ 446,693 at December 31, 2014) reflecting contractual revenue recognized in accordance with IAS 18 - Revenue.
|
6
|
Other financial assets
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Receivable from ExxonMobil(i)
|
338,528 | 332,405 | ||||||
Receivable from sale of
|
||||||||
discontinued operations(ii)
|
111,274 | 107,775 | ||||||
|
449,802 | 440,180 | ||||||
|
||||||||
Current
|
71,730 | 69,683 | ||||||
Non-current
|
378,072 | 370,497 |
|
(i)
|
Reimbursement right for tax refinancing scheme from ExxonMobil. On June 28, 2011, CLE, the successor entity of Esso Brasileira de Petróleo Ltda. ("Essobrás"), joined the Brazilian Government's tax amnesty and refinancing program (“REFIS”) upon request of its prior owner, ExxonMobil Brasil Holdings B.V. ("ExxonMobil");
|
|
(ii)
|
As at March 31, 2015, R$ 111,274 is receivable from Camil Alimentos SA (“Camil”), to be paid in two remaining installments, R$ 71,730 on October 31, 2015 and R$ 39,544 on October 24, 2016. The fair value of the receivable is similar to the carrying amount as the receivable is inflation indexed.
|
7
|
Related parties
|
|
a)
|
Receivables from and payables to related parties:
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Current assets
|
|
|
||||||
Commercial operations
|
|
|
||||||
Raízen Energia S.A.
|
26,450 | 23,229 | ||||||
Raízen Combustíveis S.A.
|
2,568 | 2,576 | ||||||
Aguassanta Participações S.A.
|
6,338 | 6,340 | ||||||
Other
|
762 | 556 | ||||||
|
36,118 | 32,701 | ||||||
Corporate operation / Agreements
|
||||||||
Raízen Energia S.A.
|
1,881 | 3,388 | ||||||
|
1,881 | 3,388 | ||||||
Financial operations
|
||||||||
Raízen Combustíveis S.A.
|
1,312 | 1,319 | ||||||
Rezende Barbosa Group
|
173 | 949 | ||||||
|
1,485 | 2,268 | ||||||
|
||||||||
|
39,484 | 38,357 | ||||||
|
||||||||
Non-current assets
|
||||||||
Receivables under the
|
||||||||
framework agreement
|
||||||||
Raízen Energia S.A.
|
89,763 | 104,984 | ||||||
Raízen Combustíveis S.A.
|
- | 15,126 | ||||||
|
89,763 | 120,110 | ||||||
Financial operations
|
||||||||
Rezende Barbosa Group
|
84,995 | 84,996 | ||||||
Other
|
198 | 4 | ||||||
|
85,193 | 85,000 | ||||||
Corporate operation
|
||||||||
Tellus Brasil Participações Ltda.
|
10,562 | - | ||||||
Novvi Limited Liability Company
|
8,966 | 7,417 | ||||||
|
19,528 | 7,417 | ||||||
|
||||||||
|
194,484 | 212,527 | ||||||
|
||||||||
Total
|
233,968 | 250,884 | ||||||
|
||||||||
|
||||||||
Current liabilities
|
||||||||
Commercial operations
|
||||||||
Shell Brazil Holding B.V.
|
- | 3,820 | ||||||
Raízen Energia S.A.
|
23,319 | 25,926 | ||||||
Raízen Combustíveis S.A.
|
1,184 | 1,283 | ||||||
Other
|
314 | 96 | ||||||
|
24,817 | 31,125 | ||||||
Corporate operations / Agreements
|
||||||||
Raízen Energia S.A.
|
63,510 | 94,892 | ||||||
Raízen Combustíveis S.A.
|
11,162 | 11,402 | ||||||
|
74,672 | 106,294 | ||||||
Financial operations
|
||||||||
Other
|
(2,912 | ) | 22 | |||||
|
(2,912 | ) | 22 | |||||
|
||||||||
Total
|
96,577 | 137,441 |
|
b)
|
Related party transactions:
|
|
March 31, 2015
|
March 31, 2014
|
||||||
Sales of goods and services
|
|
|
||||||
Raízen Energia S.A.
|
95,741 | 93,571 | ||||||
Other
|
- | 14 | ||||||
|
95,741 | 93,585 | ||||||
Purchase of goods / Inputs
|
||||||||
Raízen Energia S.A.
|
- | (1 | ) | |||||
Raízen Combustíveis S.A.
|
(12 | ) | (364 | ) | ||||
|
(12 | ) | (365 | ) | ||||
Land lease
|
||||||||
Raízen Energia S.A.
|
14,502 | - | ||||||
|
14,502 | - | ||||||
Shared income (expense)
|
||||||||
Aguassanta Participações S.A.
|
106 | 106 | ||||||
Raízen Energia S.A.
|
(22,734 | ) | (3,520 | ) | ||||
|
(22,628 | ) | (3,414 | ) | ||||
Financial result
|
||||||||
Raízen Energia S.A.
|
810 | 616 | ||||||
Rezende Barbosa Group
|
9 | 167 | ||||||
Aldwich Temple Venture Capital Ltd.
|
(81 | ) | (66 | ) | ||||
Other
|
(48 | ) | 53 | |||||
|
690 | 770 | ||||||
|
||||||||
Total
|
88,293 | 90,576 |
|
c)
|
Officers’ and directors’ compensation
|
|
March 31, 2015
|
March 31, 2014
|
||||||
Regular compensation
|
14,215 | 6,945 | ||||||
Stock option expense
|
2,929 | 2,563 | ||||||
Bonuses and other variable compensation
|
8,152 | 6,346 | ||||||
|
||||||||
|
25,296 | 15,854 |
8
|
Investment in associates
|
|
a)
|
Information on associates of the Company and the Company´s ownership:
|
|
Tellus Brasil Participações S.A.
|
Novvi Limited Liability Company
|
Janus Brasil Participações S.A.
|
Vertical UK LLP
|
Other
|
Total
|
||||||||||||||||||
Shares issued by the associate
|
65,957,282 | 200,002 | 1,364,827 | - | - | |||||||||||||||||||
Shares held by Cosan
|
33,638,214 | 100,001 | 689,685 | - | - | |||||||||||||||||||
Cosan ownership interest
|
51.00 | % | 50.00 | % | 51.00 | % | 50.00 | % | - | |||||||||||||||
|
||||||||||||||||||||||||
Equity in earnings (losses) of
|
||||||||||||||||||||||||
associates at March 31, 2014
|
446 | (1,298 | ) | - | 666 | (1,003 | ) | (1,189 | ) | |||||||||||||||
|
||||||||||||||||||||||||
At December 31, 2014
|
94,417 | 14,522 | 13,063 | 6,512 | 2,163 | 130,677 | ||||||||||||||||||
Equity in earnings (losses) of associates
|
2,539 | (4,950 | ) | (23 | ) | (1,719 | ) | (482 | ) | (4,635 | ) | |||||||||||||
Other comprehensive income (losses)
|
(429 | ) | 3,765 | - | 1,359 | - | 4,695 | |||||||||||||||||
Capital increase
|
(5,333 | ) | - | 11,422 | - | 5 | 6,094 | |||||||||||||||||
Other
|
- | - | - | 560 | (1,699 | ) | (1,139 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
At March 31, 2015
|
91,194 | 13,337 | 24,462 | 6,712 | (13 | ) | 135,692 |
|
b)
|
Information on the non-controlling interests in subsidiaries of the Company:
|
|
Cosan S.A. Indústria e Comércio S.A.
|
Companhia de Gás de São Paulo - "COMGÁS"
|
Cosan Logística S.A.
|
Rumo Logística Operadora Multimodal S.A.
|
Logispot Armazéns Gerais S.A.
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
Elimination of participation Radar II in Radar
|
Total
|
|||||||||||||||||||||||||||
Shares issued by investee
|
407,214,353 | 121,870,985 | 405,856,814 | 956,917 | 2,040,816 | 21,148,989 | 830,690,258 | - | ||||||||||||||||||||||||||||
Shares held by non-controlling
shareholders
|
252,444,538 | 47,909,318 | 152,153,491 | 239,229 | 1,000,000 | 17,147,822 | 290,710,861 | - | ||||||||||||||||||||||||||||
Non-controlling interest
|
37.49 | % | 39.31 | % | 37.49 | % | 25.00 | % | 49.00 | % | 81.08 | % | 35.00 | % | - | |||||||||||||||||||||
Equity in earnings (losses) at March 31, 2014
|
99,250 | 43,275 | - | 12,491 | (221 | ) | (3,934 | ) | (590 | ) | 806 | 151,077 | ||||||||||||||||||||||||
At December 31, 2014
|
3,653,052 | 2,111,578 | (106 | ) | 323,636 | 37,066 | 1,680,612 | 337,743 | (498,832 | ) | 7,644,749 | |||||||||||||||||||||||||
Equity in earnings (losses)
|
(16,377 | ) | 11,948 | 2,832 | 1,647 | - | 13,271 | 2,867 | - | 16,188 | ||||||||||||||||||||||||||
Other comprehensive income
|
34 | - | - | - | - | 914 | 80 | - | 1,028 | |||||||||||||||||||||||||||
Dividends
|
- | - | - | (75,000 | ) | - | - | - | - | (75,000 | ) | |||||||||||||||||||||||||
Other
|
1,028 | 72 | - | 70 | - | - | - | (72 | ) | 1,098 | ||||||||||||||||||||||||||
At March 31, 2015
|
3,637,737 | 2,123,598 | 2,726 | 250,353 | 37,066 | 1,694,797 | 340,690 | (498,904 | ) | 7,588,063 |
|
c)
|
Information of the subsidiaries
|
9
|
Investment in joint ventures
|
|
Raízen Combustíveis S.A.
|
Raízen Energia S.A.
|
Total
|
|||||||||
Shares issued by investee
|
3,303,168,484 | 5,902,595,634 |
|
|||||||||
Shares held by Cosan
|
1,651,584,242 | 2,951,297,817 |
|
|||||||||
Cosan ownership interest
|
50.00 | % | 50.00 | % |
|
|||||||
|
|
|||||||||||
Equity in earnings of
|
|
|||||||||||
joint ventures at March 31, 2014
|
111,983 | 111,007 | 222,990 | |||||||||
|
||||||||||||
At December 31, 2014
|
3,218,466 | 5,186,037 | 8,404,503 | |||||||||
Equity in earnings of joint ventures
|
152,765 | 5,007 | 157,772 | |||||||||
Other comprehensive income
|
- | 21,984 | 21,984 | |||||||||
Dividends
|
(77,500 | ) | - | (77,500 | ) | |||||||
|
||||||||||||
At March 31, 2015
|
3,293,731 | 5,213,028 | 8,506,759 |
Raízen Energia S.A.
|
Raízen Combustíveis S.A.
|
|||||||||||||||
|
March 31, 2015
|
March 31, 2014
|
March 31, 2015
|
March 31, 2014
|
||||||||||||
Cash flow
|
|
|
|
|
||||||||||||
Operating activities
|
2,884,277 | 1,829,954 | 747,927 | 997,678 | ||||||||||||
Investing activities
|
(829,676 | ) | (1,007,923 | ) | (104,107 | ) | (323,134 | ) | ||||||||
Financing activities
|
(903,264 | ) | (109,499 | ) | (584,347 | ) | (436,930 | ) | ||||||||
|
||||||||||||||||
Increase in cash
|
||||||||||||||||
and cash equivalents
|
1,151,337 | 712,532 | 59,473 | 237,614 | ||||||||||||
|
||||||||||||||||
Other comprehensive income
|
51,016 | 91,484 | 318,168 | 271,498 |
10
|
Assets held for sale and investment property
|
|
Investment property
|
Assets held for sale
|
Total
|
|||||||||
At December 31, 2014
|
2,641,978 | 25,089 | 2,667,067 | |||||||||
Change in fair value
|
16,755 | (2,435 | ) | 14,320 | ||||||||
Transfers
|
(8,757 | ) | 8,757 | - | ||||||||
Disposals
|
- | (1,738 | ) | (1,738 | ) | |||||||
|
||||||||||||
At March 31, 2015
|
2,649,976 | 29,673 | 2,679,649 |
11
|
Property, plant and equipment
|
|
Land, buildings and improvements
|
Machinery, equipment and facilities
|
Railcars and locomotives
|
Construction in progress
|
Other
|
Total
|
||||||||||||||||||
Cost
|
|
|
|
|
|
|
||||||||||||||||||
At December 31, 2014
|
514,857 | 450,089 | 519,993 | 255,317 | 37,602 | 1,777,858 | ||||||||||||||||||
Additions
|
- | 1,374 | - | 94,151 | - | 95,525 | ||||||||||||||||||
Transfers(i)
|
11,159 | 10,754 | (1 | ) | (25,815 | ) | 1,834 | (2,069 | ) | |||||||||||||||
At March 31, 2015
|
526,016 | 462,217 | 519,992 | 323,653 | 39,436 | 1,871,314 | ||||||||||||||||||
|
||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||
At December 31, 2014
|
(103,615 | ) | (165,904 | ) | (55,688 | ) | - | (16,761 | ) | (341,968 | ) | |||||||||||||
Additions
|
(3,931 | ) | (9,816 | ) | (4,015 | ) | - | (1,221 | ) | (18,983 | ) | |||||||||||||
Transfers
|
(20 | ) | 16 | - | - | 4 | - | |||||||||||||||||
At March 31, 2015
|
(107,566 | ) | (175,704 | ) | (59,703 | ) | - | (17,978 | ) | (360,951 | ) | |||||||||||||
|
||||||||||||||||||||||||
At December 31, 2014
|
411,242 | 284,185 | 464,305 | 255,317 | 20,841 | 1,435,890 | ||||||||||||||||||
At March 31, 2015
|
418,450 | 286,513 | 460,289 | 323,653 | 21,458 | 1,510,363 | ||||||||||||||||||
|
||||||||||||||||||||||||
(i) The balance of transfers relates to amounts reclassified to intangible assets.
|
12
|
Intangible assets
|
|
Goodwill
|
Gas distribution concession - COMGÁS
|
Improvements to public concessions and operating licenses
|
Trademarks
|
Customer relationships
|
Other
|
Total
|
|||||||||||||||||||||
Cost
|
|
|
|
|
|
|
|
|||||||||||||||||||||
At December 31, 2014
|
703,956 | 8,790,010 | 898,520 | 252,474 | 862,324 | 228,097 | 11,735,381 | |||||||||||||||||||||
Additions
|
- | 94,792 | - | - | 25,820 | 4,793 | 125,405 | |||||||||||||||||||||
Disposals
|
- | (3,484 | ) | - | - | (878 | ) | - | (4,362 | ) | ||||||||||||||||||
Transfers(i)
|
- | 134 | 32 | - | (134 | ) | 2,037 | 2,069 | ||||||||||||||||||||
At March 31, 2015
|
703,956 | 8,881,452 | 898,552 | 252,474 | 887,132 | 234,927 | 11,858,493 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||||||
At December 31, 2014
|
- | (636,730 | ) | (142,833 | ) | (136,962 | ) | (425,282 | ) | (107,201 | ) | (1,449,008 | ) | |||||||||||||||
Additions
|
- | (80,411 | ) | (11,402 | ) | (5,707 | ) | (38,982 | ) | (9,907 | ) | (146,409 | ) | |||||||||||||||
Disposals
|
- | 3,041 | - | - | 382 | 13 | 3,436 | |||||||||||||||||||||
At March 31, 2015
|
- | (714,100 | ) | (154,235 | ) | (142,669 | ) | (463,882 | ) | (117,095 | ) | (1,591,981 | ) | |||||||||||||||
|
||||||||||||||||||||||||||||
At December 31, 2014
|
703,956 | 8,153,280 | 755,687 | 115,512 | 437,042 | 120,896 | 10,286,373 | |||||||||||||||||||||
At March 31, 2015
|
703,956 | 8,167,352 | 744,317 | 109,805 | 423,250 | 117,832 | 10,266,512 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
(i) The balance of transfers relates to amounts reclassified from property, plant and equipment.
|
Intangible assets
(excluding goodwill)
|
Annual rate of
amortization - %
|
March 31, 2015
|
December 31,
2014
|
|||||||||
Gas distribution concession - COMGÁS(i)
|
Concession term
|
8,167,352 | 8,153,279 | |||||||||
Improvements to public rail concessions(ii)
|
Concession term
|
496,801 | 505,237 | |||||||||
Operating license for port terminal(iii)
|
4.00 | 247,516 | 250,450 | |||||||||
|
744,317 | 755,687 | ||||||||||
Trademarks
|
||||||||||||
Mobil
|
10.00 | 85,601 | 91,308 | |||||||||
Comma
|
- | 24,204 | 24,204 | |||||||||
|
109,805 | 115,512 | ||||||||||
Relationships with customers
|
||||||||||||
COMGÁS
|
20.00 | 364,947 | 375,119 | |||||||||
Lubricants
|
6.00 | 58,303 | 61,923 | |||||||||
|
423,250 | 437,042 | ||||||||||
Other
|
||||||||||||
Software licenses
|
20.00 | 85,627 | 83,889 | |||||||||
Other
|
32,205 | 37,008 | ||||||||||
|
117,832 | 120,897 | ||||||||||
|
||||||||||||
Total
|
9,562,556 | 9,582,417 |
|
(i)
|
Refers to the intangible asset for the public gas distribution service concession, which represents the right to charge users for the supply of gas, comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets. The amortization term is 39 years (the remaining concession period, plus extension);
|
|
(ii)
|
Refers to improvements made to the Federal Government rail network in relation to the transportation services provided by Rumo; and
|
|
(iii)
|
Port operating license and customer relationships of Rumo, from the business combinations.
|
13
|
Loans and borrowings
|
|
Interest
|
|
|
|
||||||||||||||
Description(i)
|
Index(ii)
|
Annual interest(iii)
|
March 31,
2015
|
December 31,
2014
|
Matures
|
|||||||||||||
Senior Notes Due 2023
|
US$
|
5.00 | % | 1,662,061 | 1,352,796 |
Mar-2023
|
||||||||||||
Perpetual Notes
|
US$
|
8.25 | % | 1,624,157 | 1,344,760 | - | ||||||||||||
BNDES
|
TJ462
|
8.30 | % | 887,178 | 834,565 |
Oct-2020
|
||||||||||||
Senior Notes Due 2018
|
Fixed
|
9.50 | % | 855,126 | 874,494 |
Mar-2018
|
||||||||||||
EIB
|
US$ + LIBOR
|
2.08 | % | 821,229 | 691,463 |
Sep-2021
|
||||||||||||
Resolution 4131
|
US$ + LIBOR
|
2.10 | % | 545,111 | 466,494 |
Mar-2018
|
||||||||||||
Non-convertible debentures
|
Fixed rate + IPCA
|
13.84 | % | 470,032 | 447,386 |
Sep-2020
|
||||||||||||
FINAME
|
URTJLP
|
7.43 | % | 446,472 | 457,570 |
May-2022
|
||||||||||||
Resolution 4131
|
US$ + LIBOR
|
1.61 | % | 314,756 | 266,006 |
Nov-2015
|
||||||||||||
FINAME
|
Fixed
|
4.09 | % | 305,710 | 307,230 |
Nov-2022
|
||||||||||||
BNDES
|
Selic
|
14.61 | % | 297,079 | 274,000 |
Oct-2020
|
||||||||||||
Foreign loans
|
LIBOR Sterling
|
3.88 | % | 260,616 | 224,047 |
Dec-2019
|
||||||||||||
BNDES
|
TJLP
|
8.25 | % | 259,562 | 288,209 |
Oct-2018
|
||||||||||||
Resolution 4131
|
US$
|
2.74 | % | 256,035 | 29,338 |
Feb-2017
|
||||||||||||
FRN
|
US$
|
2.63 | % | 169,768 | - |
Jan-2017
|
||||||||||||
Working capital
|
US$ + LIBOR
|
4.18 | % | 162,676 | 133,185 |
Sep-2016
|
||||||||||||
FINEP
|
Fixed
|
5.00 | % | 158,058 | 165,032 |
Nov-2020
|
||||||||||||
Non-convertible debentures
|
CDI
|
11.81 | % | 127,540 | 131,229 |
Sep-2019
|
||||||||||||
Working capital
|
CDI + 1.20%
|
13.95 | % | 104,665 | 101,515 |
Oct-2017
|
||||||||||||
Working capital
|
CDI + 1.43%
|
14.21 | % | 88,334 | 85,628 |
Sep-2016
|
||||||||||||
Finem
|
URTJLP
|
7.16 | % | 13,307 | 13,231 |
Jan-2022
|
||||||||||||
Finem
|
IPCA
|
15.87 | % | 3,625 | 3,483 |
Nov-2021
|
||||||||||||
Finem
|
Fixed
|
3.50 | % | 3,428 | 3,420 |
Jan-2024
|
||||||||||||
Other
|
|
- | 23,728 | 7,559 | - | |||||||||||||
|
|
9,860,253 | 8,502,640 | |||||||||||||||
|
|
|||||||||||||||||
Current
|
|
1,297,455 | 1,056,353 | |||||||||||||||
Non-current
|
|
8,562,798 | 7,446,287 |
|
(i)
|
Loans and borrowings are guaranteed by promissory notes and endorsements of the Company and controlling shareholders, besides other guarantees, such as: (i) credit rights originated from the expansion contracts of the logistic segment and gas distribution (BNDES), (ii) underlying assets (property, plant and equipment and intangible assets) being financed (FINAME) in an amount of R$ 1,734,648 (R$ 1,738,661 in December 31, 2014);
|
|
(ii)
|
TJLP and URTJLP are long-term interest rates on BNDES (Brazilian National Economic and Social Development Bank) loans. Selic is the benchmark interest rate set by the Brazilian Central Bank. CDI is a benchmark interbank lending rate in Brazil. IPCA is a benchmark consumer price index;
|
(iii)
|
As at March 31, 2015, unless otherwise indicated.
|
|
Carrying amount
|
Fair value(i)
|
||||||||||||||
|
March 31,
2015
|
December 31,
2014
|
March 31,
2015
|
December 31,
2014
|
||||||||||||
Senior / Perpetual Notes
|
4,141,344 | 3,572,050 | 3,789,829 | 3,356,788 | ||||||||||||
Financing
|
5,718,909 | 4,930,590 | 5,720,219 | 4,930,590 | ||||||||||||
|
||||||||||||||||
Total
|
9,860,253 | 8,502,640 | 9,510,048 | 8,287,378 | ||||||||||||
|
(i)
|
If these loans and borrowings were recorded at fair value, they would be considered as “Level 2” inthe fair value hierarchy presented on Note 23.
|
14
|
Trade payables
|
|
March, 31, 2015
|
December 31,
2014
|
||||||
Natural gas suppliers
|
986,579 | 749,021 | ||||||
Materials and service suppliers
|
387,340 | 363,438 | ||||||
|
||||||||
|
1,373,919 | 1,112,459 |
15
|
Other taxes payable
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Tax Amnesty and
|
|
|
||||||
Refinancing Program - REFIS(i)
|
529,090 | 524,703 | ||||||
ICMS - State VAT
|
75,119 | 67,777 | ||||||
COFINS - Revenue tax
|
11,215 | 18,702 | ||||||
INSS - Social security
|
3,434 | 2,739 | ||||||
PIS - Revenue tax
|
2,414 | 2,511 | ||||||
Other
|
8,157 | 25,874 | ||||||
|
629,429 | 642,306 | ||||||
|
||||||||
Current
|
121,864 | 307,741 | ||||||
Non-current
|
507,565 | 334,565 |
|
(i)
|
Comprises installment federal taxes liability ExxonMobil Brazil Holdings BV ("ExxonMobil").
|
16
|
Income tax and social contribution
|
|
a)
|
Reconciliation of income and social contribution tax expenses
|
|
March 31, 2015
|
March 31, 2014
|
||||||
(Loss) profit before taxes
|
(53,964 | ) | 348,748 | |||||
Income tax and social
|
||||||||
contribution at nominal rate (34%)
|
18,348 | (118,574 | ) | |||||
|
||||||||
Adjustments to reconcile
|
||||||||
nominal to effective tax rate
|
||||||||
Equity method investments
|
||||||||
(non-taxable income)
|
52,067 | 75,412 | ||||||
Differences in tax rates on entities under
|
||||||||
Brazilian presumed profits tax regime
|
6,361 | (3,748 | ) | |||||
Judicial demand related to income tax
|
- | 13,839 | ||||||
Profits and income earned abroad
|
10,922 | - | ||||||
Non-taxable foreign exchange
|
||||||||
gains of foreign subsidiaries
|
7,878 | (7,145 | ) | |||||
Differences in tax rates on
|
||||||||
earnings / losses of overseas companies
|
4,574 | (6,654 | ) | |||||
Stock options
|
(996 | ) | (872 | ) | ||||
Tax loss not recorded, net
|
(73 | ) | (674 | ) | ||||
Interest on capital (net received)
|
(6,120 | ) | (6,970 | ) | ||||
Non-deductible expenses
|
||||||||
(donations, gifts, etc.)
|
(2,344 | ) | (1,704 | ) | ||||
Other
|
(10,926 | ) | (2,472 | ) | ||||
|
||||||||
Income tax and social contribution
|
||||||||
benefit (expense) - current and deferred
|
79,691 | (59,562 | ) | |||||
|
||||||||
Effective rate - %
|
147.67 | 17.08 |
|
b)
|
Deferred income tax assets and liabilities
|
|
March 31, 2015
|
December 31, 2014
|
||||||||||||||||||
|
Basis
|
Income taxes (25%)
|
Social contribution (9%)
|
Total income taxes (34%)
|
Total income taxes (34%)
|
|||||||||||||||
Tax loss carry forwards
|
|
|
|
|
|
|||||||||||||||
Income tax loss carry forwards
|
1,464,140 | 366,035 | - | 366,035 | 319,168 | |||||||||||||||
Social contribution tax loss carry forwards
|
1,486,294 | - | 133,766 | 133,766 | 116,578 | |||||||||||||||
|
||||||||||||||||||||
Temporary differences
|
||||||||||||||||||||
Foreign currency gain / losses
|
1,698,107 | 424,527 | 152,830 | 577,357 | 303,488 | |||||||||||||||
Tax deductible goodwill
|
726,860 | 181,715 | 65,417 | 247,132 | 298,102 | |||||||||||||||
Provision for judicial demands
|
524,283 | 131,071 | 47,185 | 178,256 | 183,714 | |||||||||||||||
Allowance for doubtful accounts
|
122,548 | 30,637 | 11,029 | 41,666 | 53,385 | |||||||||||||||
Profit sharing
|
11,229 | 2,807 | 1,011 | 3,818 | 11,345 | |||||||||||||||
Derivatives instruments unrealized (gains) losses
|
(932,640 | ) | (233,160 | ) | (83,938 | ) | (317,098 | ) | (126,351 | ) | ||||||||||
Unrealized gain on sale of investments
|
(55,211 | ) | (13,803 | ) | (4,969 | ) | (18,772 | ) | (18,772 | ) | ||||||||||
Other temporary differences
|
(145,477 | ) | (36,369 | ) | (13,093 | ) | (49,462 | ) | (33,391 | ) | ||||||||||
Property, plant and equipment
|
(135,823 | ) | (33,956 | ) | (12,224 | ) | (46,180 | ) | (41,669 | ) | ||||||||||
Gain on formation of joint ventures
|
(3,338,342 | ) | (834,586 | ) | (300,451 | ) | (1,135,037 | ) | (1,135,036 | ) | ||||||||||
Unrealized gains on investment properties
|
(2,436,592 | ) | (48,732 | ) | (26,315 | ) | (75,047 | ) | (74,801 | ) | ||||||||||
Assets held for sale
|
(29,674 | ) | (593 | ) | (320 | ) | (913 | ) | (773 | ) | ||||||||||
Concession contract
|
42,609 | 10,652 | 3,835 | 14,487 | 15,057 | |||||||||||||||
Regulatory asset
|
242,654 | 60,664 | 21,839 | 82,503 | 82,503 | |||||||||||||||
Gains or losses on actuarial liabilities
|
262,874 | 65,719 | 23,659 | 89,378 | 87,594 | |||||||||||||||
Business combination - Property, plant and equipment
|
(106,621 | ) | (26,655 | ) | (9,596 | ) | (36,251 | ) | (36,594 | ) | ||||||||||
Business combination - Intangible assets
|
(4,052,361 | ) | (1,013,090 | ) | (364,713 | ) | (1,377,803 | ) | (1,390,752 | ) | ||||||||||
Business combination - Other fair value adjustments
|
(79,205 | ) | (19,801 | ) | (7,128 | ) | (26,929 | ) | (24,513 | ) | ||||||||||
Other
|
(270,092 | ) | (67,523 | ) | (24,309 | ) | (91,832 | ) | (113,392 | ) | ||||||||||
Total net liability
|
(1,054,441 | ) | (386,485 | ) | (1,440,926 | ) | (1,525,110 | ) | ||||||||||||
|
||||||||||||||||||||
Deferred income tax - Assets
|
255,182 | 214,164 | ||||||||||||||||||
Deferred income tax - Liabilities
|
(1,696,108 | ) | (1,739,274 | ) | ||||||||||||||||
|
||||||||||||||||||||
Total net deferred taxes
|
(1,440,926 | ) | (1,525,110 | ) |
|
c)
|
Changes in deferred income taxes, net:
|
At December 31, 2014 – Net deferred tax liability
|
(1,525,110 | ) | ||
Recorded through income
|
84,529 | |||
Recorded through other comprehensive income
|
(550 | ) | ||
Other
|
205 | |||
|
||||
At March 31, 2015 - Net deferred tax liability
|
(1,440,926 | ) |
17
|
Provision for legal proceedings
|
|
Provision for legal proceedings
|
Judicial deposits
|
||||||||||||||
|
March 31, 2015
|
December 31,
2014
|
March 31, 2015
|
December 31,
2014
|
||||||||||||
Tax
|
354,872 | 343,038 | 324,307 | 319,444 | ||||||||||||
Civil
|
142,056 | 139,268 | 48,883 | 48,445 | ||||||||||||
Labor
|
178,782 | 175,473 | 49,981 | 50,496 | ||||||||||||
|
||||||||||||||||
|
675,710 | 657,779 | 423,171 | 418,385 |
|
Tax
|
Civil
|
Labor
|
Total
|
||||||||||||
At December 31, 2014
|
343,038 | 139,268 | 175,473 | 657,779 | ||||||||||||
Accruals
|
574 | 4,292 | 10,816 | 15,682 | ||||||||||||
Write-off / Reversals
|
(239 | ) | (4,974 | ) | (14,161 | ) | (19,374 | ) | ||||||||
Transfers
|
7,318 | (7,318 | ) | - | - | |||||||||||
Indexation and interest charges
|
4,181 | 10,788 | 6,654 | 21,623 | ||||||||||||
|
||||||||||||||||
At March 31, 2015
|
354,872 | 142,056 | 178,782 | 675,710 |
|
a)
|
Tax claims
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Compensation with FINSOCIAL
|
244,667 | 241,739 | ||||||
INSS - Social security
|
48,535 | 47,449 | ||||||
State VAT - ICMS credits
|
24,643 | 24,231 | ||||||
Other
|
37,027 | 29,619 | ||||||
|
||||||||
|
354,872 | 343,038 |
|
b)
|
Civil and environmental
|
|
a)
|
Tax claims
|
|
March 31, 2015
|
December 31, 2014
|
||||||
ICMS - State VAT
|
1,610,413 | 1,572,934 | ||||||
Federal income taxes
|
747,193 | 751,495 | ||||||
PIS and COFINS - Revenue taxes
|
691,600 | 680,065 | ||||||
IRRF - Withholding tax
|
668,974 | 656,087 | ||||||
INSS - Social security and other
|
543,299 | 530,223 | ||||||
IPI - Excise tax credit - NT
|
445,523 | 441,707 | ||||||
Compensation with IPI - IN 67/98
|
119,891 | 118,865 | ||||||
Other
|
662,320 | 648,850 | ||||||
|
||||||||
|
5,489,213 | 5,400,226 |
|
b)
|
Civil and labor
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Civil
|
955,631 | 1,118,151 | ||||||
Labor
|
414,851 | 391,992 | ||||||
|
||||||||
|
1,370,482 | 1,510,143 |
18
|
Preferred shareholders payable in subsidiaries
|
19
|
Stockholders’ Equity
|
|
a)
|
Share capital
|
Shareholders - Common shares
|
Class A and / or BDRs
|
%
|
Class B1 shares
|
%
|
||||||||||||
Queluz Holding Limited
|
7,758,116 | 4.45 | 66,321,766 | 68.85 | ||||||||||||
Usina Costa Pinto S.A. Açúcar e Álcool
|
- | - | 30,010,278 | 31.15 | ||||||||||||
Gávea Funds
|
21,167,463 | 12.14 | - | - | ||||||||||||
MSOR Participações S.A.
|
1,811,250 | 1.04 | - | - | ||||||||||||
Usina Bom Jesus S.A.
|
255,000 | 0.15 | - | - | ||||||||||||
FIA Rio das Pedras
|
16,000 | 0.01 | - | - | ||||||||||||
Other
|
137,351,010 | 78.78 | - | - | ||||||||||||
|
||||||||||||||||
Total shares outstanding
|
168,358,839 | 96.56 | 96,332,044 | 100.00 | ||||||||||||
|
||||||||||||||||
Treasury shares
|
5,996,502 | 3.44 | - | - | ||||||||||||
|
||||||||||||||||
Total
|
174,355,341 | 100.00 | 96,332,044 | 100.00 |
|
b)
|
Treasury shares
|
|
c)
|
Other comprehensive (loss) income
|
|
December 31,
2014
|
Comprehensive (loss) income
|
March 31, 2015
|
|||||||||
Foreign currency translation differences
|
(298,446 | ) | (80,686 | ) | (379,132 | ) | ||||||
Gain (loss) on cash
|
||||||||||||
flow hedge in joint ventures and subsidiary
|
(10,574 | ) | 20,735 | 10,161 | ||||||||
Revaluation of investment properties
|
||||||||||||
reclassified from property, plant and equipment
|
190,735 | - | 190,735 | |||||||||
Actuarial gain on defined benefit plan
|
47,104 | - | 47,104 | |||||||||
Changes in fair value of
|
||||||||||||
available for sale securities, net
|
(1,467 | ) | 981 | (486 | ) | |||||||
|
||||||||||||
Total
|
(72,648 | ) | (58,970 | ) | (131,618 | ) | ||||||
|
||||||||||||
Attributable to:
|
||||||||||||
Owners of the Company
|
(165,618 | ) | (59,998 | ) | (225,616 | ) | ||||||
Non-controlling interests
|
92,970 | 1,028 | 93,998 |
|
December 31,
2013
|
Comprehensive (loss) income
|
March 31, 2014
|
|||||||||
Foreign currency translation differences
|
(223,038 | ) | (3,523 | ) | (226,561 | ) | ||||||
Gain (loss) on cash
|
||||||||||||
flow hedge in joint ventures and subsidiary
|
43,384 | (49,109 | ) | (5,725 | ) | |||||||
Revaluation of investment properties
|
||||||||||||
reclassified from property, plant and equipment
|
190,735 | - | 190,735 | |||||||||
Actuarial gain (loss) on defined benefit plan
|
16,092 | (237 | ) | 15,855 | ||||||||
Changes in fair value of
|
||||||||||||
available for sale securities, net
|
(7,480 | ) | 603 | (6,877 | ) | |||||||
|
||||||||||||
Total
|
19,693 | (52,266 | ) | (32,573 | ) | |||||||
|
||||||||||||
Attributable to:
|
||||||||||||
Owners of the Company
|
(84,887 | ) | (29,980 | ) | (114,867 | ) | ||||||
Non-controlling interests
|
104,580 | (22,286 | ) | 82,294 |
20
|
Earnings per share
|
|
March 31, 2015
|
March 31, 2014
|
||||||
Numerator
|
|
|
||||||
Profit from continuing operations
|
|
|
||||||
Basic
|
9,539 | 140,806 | ||||||
Dilutive effect of subsidiary's
|
||||||||
stock option plan
|
69 | (918 | ) | |||||
Dilutive effect of put option
|
(15,601 | ) | (15,601 | ) | ||||
Diluted
|
(5,993 | ) | 124,287 | |||||
|
||||||||
Denominator
|
||||||||
Weighted average number
|
||||||||
of shares outstanding
|
264,690,883 | 264,690,883 | ||||||
|
||||||||
Basic earnings per share
|
$ | R 0.04 | $ | R 0.53 | ||||
Diluted earnings per share (as revised - Note 2.4)
|
$ | (R 0.02 | ) | $ | R 0.47 |
21
|
Financial results, net
|
|
March 31, 2015
|
March 31, 2014
|
||||||
Financial expense
|
|
|
||||||
Interest on loans
|
(155,511 | ) | (185,043 | ) | ||||
Interest expense
|
(79,080 | ) | 29,334 | |||||
Indexation expenses
|
(35,841 | ) | (17,185 | ) | ||||
Bank fees
|
(21,180 | ) | (12,571 | ) | ||||
|
(291,612 | ) | (185,465 | ) | ||||
Financial income
|
||||||||
Interest income
|
15,382 | 16,208 | ||||||
Indexation income
|
5,533 | 1,929 | ||||||
Income from short term investments
|
48,876 | 30,215 | ||||||
|
69,791 | 48,352 | ||||||
|
||||||||
Foreign exchange effects, net
|
(591,834 | ) | 75,737 | |||||
|
||||||||
Derivative income (losses)
|
||||||||
Foreign exchange and interest rate derivatives
|
555,232 | (61,082 | ) | |||||
|
555,232 | (61,082 | ) | |||||
|
||||||||
|
(258,423 | ) | (122,458 | ) |
22
|
Other income (expenses), net
|
|
March 31, 2015
|
March 31, 2014
|
||||||
Changes in the fair
|
|
|
||||||
value of investment properties
|
14,320 | (22,920 | ) | |||||
Rental income
|
172 | 167 | ||||||
Loss on disposal of
|
||||||||
non-current assets
|
(1,282 | ) | (2,052 | ) | ||||
Provisions for legal proceedings
|
(9,200 | ) | (18,440 | ) | ||||
Cost related to internal organization
|
||||||||
and prospective acquisitions(i)
|
(103,844 | ) | - | |||||
Other
|
510 | 10,453 | ||||||
|
||||||||
|
(99,324 | ) | (32,792 | ) |
|
(i)
|
Relates to costs incurred by the Company with lawyers, consultants, business advisors and other related services for certain reorganizations and prospective acquisitions.
|
23
|
Financial instruments
|
|
Notional
|
Fair value
|
|
|||||||||||||||||
|
March 31, 2015
|
December 31, 2014
|
March 31, 2015
|
December 31, 2014
|
P&L(i)
|
|||||||||||||||
Exchange rate derivatives
|
|
|
|
|
|
|||||||||||||||
Swap agreements
|
- | 828,443 | - | 330,099 | - | |||||||||||||||
Forward agreements
|
1,869,309 | 178,127 | (8,558 | ) | 21,250 | (16,725 | ) | |||||||||||||
Options
|
- | - | - | (8,842 | ) | 217,992 | ||||||||||||||
|
1,869,309 | 1,006,570 | (8,558 | ) | 342,507 | 201,267 | ||||||||||||||
Interest rate and exchange rate risk
|
||||||||||||||||||||
Swap agreements (interest rate)
|
596,785 | 221,560 | (45,893 | ) | (40,330 | ) | (8,286 | ) | ||||||||||||
Cross currency interest rate swaps
|
2,883,096 | 1,659,904 | 1,257,661 | 254,966 | 672,455 | |||||||||||||||
|
3,479,881 | 1,881,464 | 1,211,768 | 214,636 | 664,169 | |||||||||||||||
|
||||||||||||||||||||
Total financial instruments
|
1,203,210 | 557,143 | 865,436 | |||||||||||||||||
|
||||||||||||||||||||
Assets
|
1,795,249 | 890,578 | ||||||||||||||||||
Liabilities
|
(592,039 | ) | (333,435 | ) |
|
(i)
|
The Company recorded in the statement of profit or loss and other comprehensive income, the net effect of the Senior Notes 2023 designated for hedge accounting. Therefore, the amount of R$ 310,204 is accounted for as Financial Expense.
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Cash and cash equivalents
|
85,461 | 95,017 | ||||||
Trade receivables
|
21,908 | 25,323 | ||||||
Loans and borrowings(i)
|
- | (1,344,760 | ) | |||||
|
||||||||
Foreign exchange exposure, net
|
107,369 | (1,224,420 | ) |
|
(i)
|
On March 31, 2015, 100% of the foreign currency loans and borrowings of the Company have futures contracts to protect its exposure.
|
|
Balance
|
Derivative
|
Total
|
|||||||||
At December 31, 2014
|
1,352,796 | (183,086 | ) | 1,169,710 | ||||||||
Interest amortization
|
(40,330 | ) | (33,702 | ) | (74,032 | ) | ||||||
Fair value
|
349,595 | (310,204 | ) | 39,391 | ||||||||
|
||||||||||||
At March 31, 2015
|
1,662,061 | (526,992 | ) | 1,135,069 |
|
i.
|
Sensitivity analysis
|
|
(a)
|
Sensitivity analysis on changes in foreign exchange rates
|
|
|
|
Impacts on P&L
|
|
|
|||||||||||||||||
|
Risk factor
|
Probable scenario
|
Variation scenario (25%) - Increase
|
Variation scenario (50%) - Increase
|
Variation scenario (25%) - Decrease
|
Variation scenario (50%) - Decrease
|
||||||||||||||||
Exchange rate and interest risks
|
|
|
|
|
|
|
||||||||||||||||
Exchange rate derivatives:
|
|
|
|
|
|
|
||||||||||||||||
Term agreements:
|
|
|
|
|
|
|
||||||||||||||||
Decrease in exchange
|
|
|
|
|
|
|||||||||||||||||
Purchasing agreements
|
rate R$/US$ and
|
|
|
|
|
|
||||||||||||||||
increase in CDI curve
|
(8,558 | ) | (418,791 | ) | (839,629 | ) | 422,883 | 843,721 | ||||||||||||||
|
|
|||||||||||||||||||||
Exchange rate and interest risks
|
|
|||||||||||||||||||||
Decrease in exchange
|
||||||||||||||||||||||
Swap contracts
|
rate R$/US$ and
|
|||||||||||||||||||||
increase in CDI curve
|
1,211,768 | (1,084,555 | ) | (2,066,703 | ) | 886,939 | 1,880,953 | |||||||||||||||
|
|
|||||||||||||||||||||
Total impact
|
|
1,203,210 | (1,503,346 | ) | (2,906,332 | ) | 1,309,822 | 2,724,674 |
|
Exchange rate sensitivity analysis (R$/US$)
|
|||||||||||||||||||||||
|
March 31, 2015
|
Scenario
|
||||||||||||||||||||||
Probable
|
25 | % | 50 | % | -25 | % | -50 | % | ||||||||||||||||
At March 31, 2015
|
3.2080 | 3.2080 | 4.0100 | 4.8120 | 2.4060 | 1.6040 |
|
March 31, 2015
|
|||||||||||||||||||
Exchange rate exposure
|
Balance
|
25 | % | 50 | % | -25 | % | -50 | % | |||||||||||
Cash and cash equivalents
|
85,461 | 21,365 | 42,730 | (21,365 | ) | (42,730 | ) | |||||||||||||
Trade receivables
|
21,908 | 5,477 | 10,954 | (5,477 | ) | (10,954 | ) | |||||||||||||
Loans and borrowings(i)
|
(5,393,117 | ) | (1,348,279 | ) | (2,696,559 | ) | 1,348,279 | 2,696,559 | ||||||||||||
|
||||||||||||||||||||
Effect on profit or loss
|
(1,321,437 | ) | (2,642,875 | ) | 1,321,437 | 2,642,875 |
|
(i)
|
100% of the foreign currency loans and borrowings of the Company have futures contracts to protect its exposure.
|
|
(b)
|
Sensitivity analysis on changes in interest rates
|
|
March 31, 2015
|
|||||||||||||||||||||||
Exposure interest rate
|
Balance
|
Scenario(i)
|
25 | % | 50 | % | -25 | % | -50 | % | ||||||||||||||
Short term investments
|
1,975,444 | 251,547 | 62,932 | 125,881 | (62,914 | ) | (125,810 | ) | ||||||||||||||||
Investment securities
|
159,200 | 20,059 | 5,015 | 10,030 | (5,015 | ) | (10,030 | ) | ||||||||||||||||
Loans and borrowings
|
(6,629,430 | ) | (769,979 | ) | (192,495 | ) | (384,990 | ) | 192,495 | 384,990 | ||||||||||||||
|
||||||||||||||||||||||||
Effect on profit or loss
|
(124,548 | ) | (249,079 | ) | 124,566 | 249,150 |
(i)
|
The CDI and TJLP indexes considered of 12.60% and 6.00%, respectively, were obtained from informationavailable in the market.
|
24
|
Fair value hierarchy
|
Assets and liabilities
|
|
|
|
|||||||||
measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
At March 31, 2015
|
|
|
|
|||||||||
Derivative financial assets
|
- | 1,795,249 | 1,795,249 | |||||||||
Derivative financial liabilities
|
- | 592,039 | 592,039 | |||||||||
Loans and borrowings
|
- | 3,768,960 | 3,768,960 | |||||||||
Contingent consideration - Earn out
|
- | 125,664 | 125,664 | |||||||||
Pension plan assets
|
409,303 | 50,505 | 459,808 | |||||||||
Securities
|
- | 159,200 | 159,200 | |||||||||
Assets held for sale
|
- | 29,673 | 29,673 | |||||||||
Preferred shareholders
|
||||||||||||
payable in subsidiaries
|
- | 1,988,596 | 1,988,596 | |||||||||
Investment properties
|
- | 2,649,976 | 2,649,976 | |||||||||
|
||||||||||||
Total
|
409,303 | 11,159,862 | 11,569,165 | |||||||||
|
||||||||||||
At December 31, 2014
|
||||||||||||
Derivative financial assets
|
- | 890,578 | 890,578 | |||||||||
Derivative financial liabilities
|
- | 333,434 | 333,434 | |||||||||
Loans and borrowings
|
- | 2,806,097 | 2,806,097 | |||||||||
Contingent consideration - Earn out
|
- | 186,649 | 186,649 | |||||||||
Pension plan assets
|
313,955 | 49,061 | 363,016 | |||||||||
Securities
|
- | 149,735 | 149,735 | |||||||||
Assets held for sale
|
- | 25,089 | 25,089 | |||||||||
Preferred shareholders
|
||||||||||||
payable in subsidiaries
|
- | 1,926,888 | 1,926,888 | |||||||||
Investment properties
|
- | 2,641,978 | 2,641,978 | |||||||||
|
||||||||||||
Total
|
313,955 | 9,009,509 | 9,323,464 |
25
|
Pension and post-employment benefit plans
|
|
March 31, 2015
|
December 31,
2014
|
||||||
Futura
|
22,974 | 23,048 | ||||||
Futura II
|
302 | 240 | ||||||
COMGÁS
|
283,807 | 278,562 | ||||||
|
||||||||
Total
|
307,083 | 301,850 |
26
|
Share-based payment
|
27
|
Subsequent events
|
COSAN LIMITED
|
||||||
Date:
|
May 8, 2015
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|