Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Earnings Release for 4th Quarter and Fiscal Year 2013
|
Earnings Conference Call
|
2013 Highlights
|
|
Portuguese
February 27, 2014
10:00 A.M. (Brasilia time)
Phone: + 55 11 4965 8336
+ 55 11 4706 0951
Access Code: COSAN
English
February 27, 2014
11:00 A.M. (Brasilia time)
Phone (BR): + 55 11 4965 8336
+ 55 11 4706 0951
Phone (USA): +1 786 924 6977
Access Code: COSAN
|
o Increase of 6.2% in Raízen Combustíveis’s volume sold, and rise of 22% in EBITDA to R$ 1.93 billion
o Raízen Energia’s crushing grows 9.3% to 61.4 million tons
o Growth of 10% in Comgás’s customers base
o Rumo’s EBITDA up 44% to R$358 million
o Radar reaches R$4.1 billion in assets under management, 232,000 hectares in its portfolio
|
4Q 2013
|
4Q 2012
|
Summmary of Financial Informations - Cosan Consolidated
|
2013
|
2012
|
||
(oct - dec)
|
(oct - dec)
|
Amount in R$ MM
|
(jan-dec)
|
(jan-dec)
|
||
9,390.0
|
8,397.1
|
Net Revenue
|
36,165.2
|
27,149.7
|
||
1,156.5
|
1,057.2
|
Gross Profit
|
4,606.4
|
2,927.8
|
||
12.3%
|
12.6%
|
Gross Margin (%)
|
12.7%
|
10.8%
|
||
585.7
|
555.7
|
Operating Profit
|
2,197.7
|
1,206.0
|
||
1,022.3
|
1,014.8
|
EBITDA
|
3,964.2
|
2,614.8
|
||
10.9%
|
12.1%
|
EBITDA Margin (%)
|
11.0%
|
9.6%
|
||
-
|
-
|
Gross Effects of Raízen's Formation
|
-
|
100.3
|
||
1,022.3
|
1,014.8
|
Adjusted EBITDA2
|
3,964.2
|
2,715.1
|
||
10.9%
|
12.1%
|
Adjusted EBITDA Margin (%)
|
11.0%
|
10.0%
|
||
4.5
|
3.2
|
Equity Pick-up
|
(10.2)
|
97.6
|
||
354.6
|
307.6
|
Net Income before non-controlling Interest
|
649.1
|
750.3
|
||
229.8
|
339.3
|
Net Income
|
261.3
|
746.8
|
||
-
|
-
|
Net Effects of Raízen's Formation
|
-
|
66.2
|
||
229.8
|
339.3
|
Adjusted Net Income
|
261.3
|
813.0
|
||
2.4%
|
4.0%
|
Net Adjusted Margin (%)
|
0.7%
|
3.0%
|
||
806.6
|
621.1
|
CAPEX3
|
2,894.7
|
2,214.3
|
||
10,318.8
|
8,832.9
|
Net Debt
|
10,318.8
|
8,832.9
|
||
13,571.2
|
13,462.9
|
Shareholders' Equity and Minority Shareholders
|
13,571.2
|
13,462.9
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
A.
|
Highlights and Business Units
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
EBITDA (Reconciliation ICVM 527)
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
(oct - dec)
|
(oct - dec)
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
229.8
|
339.3
|
Net Income
|
261.3
|
746.8
|
234.1
|
626.4
|
(88.9)
|
(193.1)
|
(-) Equity Pick-up
|
(340.1)
|
(747.1)
|
(247.5)
|
(553.8)
|
-
|
(137.4)
|
(-) Income from Discontinued Operations
|
3.4
|
(138.9)
|
-
|
(138.9)
|
122.6
|
101.9
|
(+) Minority Shareholders
|
373.9
|
130.8
|
289.1
|
217.7
|
(155.6)
|
38.4
|
(+) Income Taxes
|
178.4
|
(40.7)
|
39.2
|
126.4
|
252.1
|
87.0
|
(+) Net Financial Expense (Revenue)
|
877.8
|
307.2
|
700.3
|
410.9
|
158.7
|
112.3
|
(+) Depreciation and Amortization
|
598.5
|
215.7
|
439.1
|
334.8
|
518.6
|
348.4
|
EBITDA (before ICVM 527)
|
1,953.1
|
473.8
|
1,454.4
|
1,023.4
|
88.9
|
193.1
|
(+) Equity Pick-up
|
340.1
|
747.1
|
247.5
|
553.8
|
607.5
|
541.5
|
EBITDA (after ICVM 527)
|
2,293.3
|
1,220.9
|
1,701.9
|
1,577.2
|
-
|
137.4
|
(+) Reclassification of Discontinued Operations¹
|
(3.4)
|
138.9
|
-
|
138.9
|
-
|
-
|
(-) Gross effect of Raízen formation
|
-
|
-
|
-
|
-
|
607.5
|
678.9
|
Adjusted EBITDA (after ICVM 527)
|
2,289.9
|
1,359.7
|
1,701.9
|
1,716.1
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Results by Business Unit
4Q 2013 Pro forma
|
Comgás
|
Rumo
|
Lubricants
|
Radar
|
Other Businesses
|
Adjusts and
Eliminations
|
Consolidated
|
Raízen Combustíveis
|
Raízen Energia
|
50% Raízen
|
Adjusts and Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||||||||||
Net Revenue
|
1,600.7 | 206.5 | 391.8 | 18.7 | 0.0 | 0.0 | 2,217.8 | 13,064.8 | 2,125.4 | (7,595.1 | ) | (422.9 | ) | 9,390.0 | ||||||||||||||||||||||||||||||||||
Cost of Goods and Services
|
(1,146.2 | ) | (113.0 | ) | (306.2 | ) | - | 0.0 | 0.0 | (1,565.4 | ) | (12,363.8 | ) | (1,817.0 | ) | 7,090.4 | 422.4 | (8,233.4 | ) | |||||||||||||||||||||||||||||
Gross Profit
|
454.5 | 93.5 | 85.6 | 18.7 | 0.0 | 0.0 | 652.4 | 701.0 | 308.4 | (504.7 | ) | (0.5 | ) | 1,156.5 | ||||||||||||||||||||||||||||||||||
Gross Margin(%)
|
28.4 | % | 45.3 | % | 21.9 | % | 100.0 | % | n/a | n/a | 29.4 | % | 5.4 | % | 14.5 | % | 6.6 | % | 0.00 | 12.3 | % | |||||||||||||||||||||||||||
Selling Expenses
|
(144.5 | ) | - | (58.2 | ) | - | - | - | (202.7 | ) | (297.9 | ) | (137.2 | ) | 217.5 | (0.0 | ) | (420.2 | ) | |||||||||||||||||||||||||||||
General and Administrative Expenses
|
(90.3 | ) | (22.6 | ) | (18.1 | ) | (8.1 | ) | (26.2 | ) | (0.0 | ) | (165.2 | ) | (98.1 | ) | (145.3 | ) | 121.7 | 0.0 | (286.9 | ) | ||||||||||||||||||||||||||
Other Operating Revenues (Expenses)
|
3.6 | (1.9 | ) | (2.3 | ) | 75.4 | 0.8 | (0.0 | ) | 75.6 | 146.0 | (24.5 | ) | (60.7 | ) | 0.0 | 136.3 | |||||||||||||||||||||||||||||||
Equity Pick-up
|
- | - | (1.3 | ) | - | 227.5 | (137.4 | ) | 88.9 | 4.8 | (11.7 | ) | 3.5 | (81.0 | ) | 4.5 | ||||||||||||||||||||||||||||||||
Depreciation and Amortization
|
117.1 | 20.0 | 20.7 | 0.2 | 0.7 | - | 158.7 | 148.4 | 398.6 | (273.5 | ) | - | 432.2 | |||||||||||||||||||||||||||||||||||
EBITDA
|
340.3 | 89.0 | 26.5 | 86.3 | 202.9 | (137.4 | ) | 607.5 | 604.3 | 388.3 | (496.3 | ) | (81.5 | ) | 1,022.3 | |||||||||||||||||||||||||||||||||
EBITDA Margin (%)
|
21.3 | % | 43.1 | % | 6.8 | % | n/a | n/a | n/a | 27.4 | % | 4.6 | % | 18.3 | % | 6.5 | % | n/a | 10.9 | % |
Results by Business Unit
2013 Pro forma
|
Comgás
|
Rumo
|
Lubricants
|
Radar
|
Other
Businesses
|
Adjusts and
Eliminations
|
Consolidated
|
Raízen
Combustíveis
|
Raízen
Energia
|
50% Raízen
|
Adjusts and
Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||||||||||
Net Revenue
|
6,336.6 | 917.7 | 1,542.9 | 70.1 | 0.0 | 0.0 | 8,867.5 | 48,527.7 | 9,200.7 | (28,864.2 | ) | (1,566.5 | ) | 36,165.2 | ||||||||||||||||||||||||||||||||||
Cost of Goods and Services
|
(4,556.6 | ) | (542.6 | ) | (1,158.4 | ) | (6.1 | ) | 0.0 | 0.0 | (6,263.7 | ) | (46,016.1 | ) | (7,681.0 | ) | 26,848.6 | 1,553.5 | (31,558.7 | ) | ||||||||||||||||||||||||||||
Gross Profit
|
1,780.1 | 375.1 | 384.5 | 64.1 | 0.0 | 0.0 | 2,603.8 | 2,511.5 | 1,519.7 | (2,015.6 | ) | (12.9 | ) | 4,606.4 | ||||||||||||||||||||||||||||||||||
Gross Margin(%)
|
28.1 | % | 40.9 | % | 24.9 | % | 91.4 | % | n/a | n/a | 29.4 | % | 5.2 | % | 16.5 | % | 7.0 | % | 0.01 | 12.7 | % | |||||||||||||||||||||||||||
Selling Expenses
|
(573.9 | ) | - | (228.5 | ) | - | - | - | (802.4 | ) | (1,073.9 | ) | (670.8 | ) | 872.4 | (0.0 | ) | (1,674.8 | ) | |||||||||||||||||||||||||||||
General and Administrative Expenses
|
(309.7 | ) | (74.3 | ) | (73.4 | ) | (23.2 | ) | (121.2 | ) | (0.0 | ) | (601.8 | ) | (378.5 | ) | (546.9 | ) | 462.7 | 0.0 | (1,064.5 | ) | ||||||||||||||||||||||||||
Other Operating Revenues (Expenses)
|
(3.0 | ) | (20.4 | ) | (8.0 | ) | 185.6 | 0.8 | 0.0 | 155.1 | 359.5 | (8.6 | ) | (175.4 | ) | 0.0 | 330.6 | |||||||||||||||||||||||||||||||
Equity Pick-up
|
- | - | (7.8 | ) | 0.0 | 850.2 | (502.3 | ) | 340.1 | 4.8 | (33.3 | ) | 14.3 | (336.0 | ) | (10.2 | ) | |||||||||||||||||||||||||||||||
Depreciation and Amortization
|
444.5 | 77.5 | 73.3 | 0.9 | 2.3 | 0.0 | 598.5 | 504.2 | 1,852.4 | (1,178.3 | ) | - | 1,776.8 | |||||||||||||||||||||||||||||||||||
EBITDA
|
1,337.9 | 358.0 | 140.1 | 227.4 | 732.1 | (502.3 | ) | 2,293.3 | 1,927.7 | 2,112.4 | (2,020.1 | ) | (349.0 | ) | 3,964.2 | |||||||||||||||||||||||||||||||||
EBITDA Margin (%)
|
21.1 | % | 39.0 | % | 9.1 | % | n/a | n/a | n/a | 25.9 | % | 4.0 | % | 23.0 | % | 7.0 | % | n/a | 11.0 | % |
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Sales Breakdown
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.% | Amounts in R$ MM |
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13) | (apr/12-mar/13) |
13,064.8
|
11,383.8
|
14.8%
|
Fuel Sales
|
48,527.7
|
42,567.1
|
14.0%
|
37,580.6
|
43,532.2
|
901.9
|
649.3
|
38.9%
|
Ethanol
|
2,988.2
|
2,288.2
|
30.6%
|
2,330.2
|
2,401.6
|
5,193.5
|
4,666.4
|
11.3%
|
Gasoline
|
19,235.9
|
17,461.4
|
10.2%
|
14,829.1
|
17,688.8
|
5,512.9
|
4,667.5
|
18.1%
|
Diesel
|
20,725.5
|
17,256.1
|
20.1%
|
16,261.7
|
17,844.4
|
1,308.3
|
1,245.3
|
5.1%
|
Aviation
|
5,001.7
|
4,903.2
|
2.0%
|
3,724.6
|
5,003.9
|
148.3
|
155.3
|
-4.5%
|
Other Products
|
576.3
|
658.3
|
-12.5%
|
434.9
|
593.5
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Fuels Inventories
|
|||
31-dec-2013
|
31-dec-2012
|
Chg.%
|
|
000' cbm
|
524.2
|
446.5
|
17.4%
|
R$'MM
|
1,057.0
|
829.7
|
27.4%
|
R$/cbm
|
2,016.3
|
1,858.3
|
8.5%
|
4Q 2013
|
4Q 2012
|
COGS
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(12,363.8)
|
(10,773.2)
|
14.8%
|
Fuel Sales
|
(46,016.1)
|
(40,164.1)
|
14.6%
|
(35,664.5)
|
(41,199.0)
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Gross Profit
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
701.0
|
610.6
|
14.8%
|
Gross Profit
|
2,511.5
|
2,403.0
|
4.5%
|
1,916.0
|
2,333.2
|
5.4%
|
5.4%
|
0.0 p.p
|
Gross Margin (%)
|
5.2%
|
5.6%
|
-0.4 p.p.
|
5.1%
|
5.4%
|
4Q 2013
|
4Q 2012
|
SG&A Expenses
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(297.9)
|
(275.9)
|
8.0%
|
Selling Expenses
|
(1,073.9)
|
(1,151.9)
|
-6.8%
|
(808.1)
|
(1,026.9)
|
(98.1)
|
(87.1)
|
12.6%
|
G&A Expenses
|
(378.5)
|
(380.2)
|
-0.4%
|
(285.9)
|
(361.6)
|
146.0
|
114.1
|
27.9%
|
Other Operational Revenues/Expenses
|
359.5
|
241.2
|
49.0%
|
292.2
|
219.5
|
4Q 2013
|
4Q 2012
|
EBITDA
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% |
(mar/13-dec/13)
|
(apr/12-mar/13)
|
604.3
|
492.7
|
22.7%
|
EBITDA
|
1,927.7
|
1,586.5
|
21.5%
|
1,504.8
|
1,658.5
|
4.6%
|
4.3%
|
0.3 p.p
|
EBITDA Margin (%)
|
4.0%
|
3.7%
|
0.3 p.p
|
4.0%
|
3.8%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
CAPEX
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
448.6
|
165.8
|
170.6%
|
CAPEX
|
834.8
|
719.9
|
16.0%
|
681.3
|
677.2
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Operational Figures
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
|
16,081
|
17,843
|
-9.9%
|
Crushed Sugarcane
|
61,440
|
56,221
|
9.3%
|
61,440
|
56,221
|
7,688
|
9,231
|
-16.7%
|
Own (‘000 tonnes)
|
30,455
|
28,299
|
7.6%
|
30,455
|
28,299
|
8,393
|
8,612
|
-2.5%
|
Suppliers (‘000 tonnes)
|
30,984
|
27,922
|
11.0%
|
30,984
|
27,922
|
134.3
|
136.3
|
-1.5%
|
Sugarcane TRS (kg/tonne)
|
130.9
|
133.4
|
-1.9%
|
130.9
|
133.4
|
95.5%
|
92.5%
|
3.0 p.p
|
Mechanization (%)
|
94.8%
|
91.8%
|
3.0 p.p
|
94.8%
|
91.8%
|
Production
|
||||||||
1,175
|
1,361
|
-13.7%
|
Sugar
|
4,493
|
4,161
|
8.0%
|
4,493
|
4,162
|
788
|
904
|
-12.8%
|
Raw Sugar (‘000 tonnes)
|
2,991
|
2,575
|
16.2%
|
2,991
|
2,575
|
387
|
457
|
-15.3%
|
White Sugar (‘000 tonnes)
|
1,502
|
1,586
|
-5.3%
|
1,501
|
1,587
|
558
|
628
|
-11.1%
|
Ethanol
|
2,037
|
1,903
|
7.0%
|
2,038
|
1,903
|
271
|
294
|
-7.8%
|
Anhydrous Ethanol (‘000 cbm)
|
987
|
833
|
18.5%
|
988
|
833
|
287
|
334
|
-14.1%
|
Hydrous Ethanol (‘000 cbm)
|
1,050
|
1,069
|
-1.7%
|
1,050
|
1,070
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Sales Breakdown
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
2,125.4
|
2,605.4
|
-18.4%
|
Net Operating Revenue
|
9,200.7
|
7,311.2
|
25.8%
|
6,850.3
|
8,468.4
|
876.2
|
1,250.4
|
-29.9%
|
Sugar Sales
|
4,304.3
|
3,843.1
|
12.0%
|
3,127.6
|
4,354.1
|
272.5
|
233.0
|
16.9%
|
Domestic Market
|
867.8
|
959.7
|
-9.6%
|
669.5
|
899.3
|
603.7
|
1,017.5
|
-40.7%
|
Foreign Market
|
3,436.5
|
2,883.4
|
19.2%
|
2,458.2
|
3,454.9
|
1,042.8
|
937.6
|
11.2%
|
Ethanol Sales
|
4,266.5
|
2,691.5
|
58.5%
|
3,143.2
|
3,313.4
|
521.9
|
332.9
|
56.8%
|
Domestic Market
|
2,244.4
|
1,163.5
|
92.9%
|
1,715.4
|
1,328.4
|
131.2
|
456.0
|
-71.2%
|
Foreign Market
|
981.8
|
1,080.4
|
-9.1%
|
658.6
|
1,266.2
|
389.6
|
148.7
|
162.1%
|
Trading
|
1,040.4
|
447.6
|
132.4%
|
769.2
|
718.8
|
126.1
|
321.7
|
-60.8%
|
Energy Cogeneration
|
389.7
|
557.9
|
-30.2%
|
376.5
|
569.7
|
80.4
|
95.8
|
-16.0%
|
Other Products and Services
|
240.2
|
218.7
|
9.8%
|
202.9
|
231.1
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Sugar Inventories
|
|||
31-dec-2013
|
31-dec-2012
|
Chg.%
|
|
´000 tonne
|
1,374.0
|
1,290.9
|
6.4%
|
R$'MM
|
981.1
|
895.2
|
9.6%
|
R$/tonne
|
714.1
|
693.5
|
3.0%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Ethanol Inventories
|
|||
31-dec-2013
|
31-dec-2012
|
Chg.%
|
|
´000 cbm
|
731.0
|
680.8
|
7.4%
|
R$'MM
|
833.1
|
767.9
|
8.5%
|
R$/cbm
|
1,139.7
|
1,128.1
|
1.0%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
COGS per Product
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(1,817.0)
|
(2,028.8)
|
-10.4%
|
Cost of Goods Sold
|
(7,681.0)
|
(5,548.0)
|
38.4%
|
(5,590.1)
|
(6,881.9)
|
(656.8)
|
(819.0)
|
-19.8%
|
Sugar
|
(3,143.1)
|
(2,649.9)
|
18.6%
|
(2,317.6)
|
(2,997.4)
|
(557.2)
|
(721.4)
|
-22.8%
|
Ethanol
|
(2,797.3)
|
(2,037.0)
|
37.3%
|
(2,066.7)
|
(2,317.9)
|
(378.4)
|
(148.9)
|
154.1%
|
Trading
|
(1,014.8)
|
(432.3)
|
134.8%
|
(741.6)
|
(705.5)
|
(40.1)
|
(253.4)
|
-84.2%
|
Energy Cogeneration
|
(159.6)
|
(388.1)
|
-58.9%
|
(148.6)
|
(399.0)
|
(184.5)
|
(86.1)
|
114.2%
|
Others
|
(566.3)
|
(40.7)
|
n/a
|
(315.6)
|
(462.0)
|
Average Unitary Costs²
|
||||||||
(515.0)
|
(464.8)
|
10.8%
|
Cash Cost of Sugar (R$/tonne)
|
(504.4)
|
(495.7)
|
1.8%
|
(555.6)
|
(492.5)
|
(795.4)
|
(770.7)
|
3.2%
|
Cash Cost of Ethanol (R$/’000 liters)
|
(847.4)
|
(769.1)
|
10.2%
|
(766.5)
|
(764.7)
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
o
|
Lower dilution of fixed costs caused by a decrease of 1.5% in the TSR level—from 136.3 kg/ton in 4Q12 to 134.3 kg/ton in 4Q13;
|
o
|
Lower agricultural productivity of sugarcane fields—represented by a lower TCH level (ton of cane per hectare), which was 77.2 in 4Q13.
|
4Q 2013
|
4Q 2012
|
Gross Profit and Gross Margin
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
|||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
|
308.4
|
576.5
|
-46.5%
|
Gross Profit
|
1,519.7
|
1,763.2
|
-13.8%
|
1,260.3
|
1,586.4
|
|
219.4
|
431.4
|
-49.1%
|
Sugar
|
1,161.2
|
1,193.2
|
-2.7%
|
810.1
|
1,356.7
|
|
25.0%
|
34.5%
|
-9.5 p.p.
|
Sugar Gross Margin (%)
|
27.0%
|
31.0%
|
-4.0 p.p.
|
25.9%
|
31.2%
|
|
44.9%
|
54.7%
|
-9.8 p.p.
|
Sugar (Cash) Gross Margin (%)
|
47.6%
|
51.8%
|
-4.2 p.p.
|
41.8%
|
52.2%
|
|
96.0
|
67.5
|
42.3%
|
Ethanol
|
428.9
|
206.9
|
107.3%
|
307.2
|
276.6
|
|
14.7%
|
8.6%
|
6.1
|
p.p
|
Ethanol Gross Margin (%)
|
13.3%
|
9.2%
|
4.1 p.p
|
12.9%
|
10.7%
|
39.4%
|
36.9%
|
2.5
|
p.p
|
Ethanol (Cash) Gross Margin (%)
|
35.0%
|
38.2%
|
-3.3 p.p.
|
41.0%
|
39.2%
|
11.2
|
(0.3)
|
n/a
|
Trading
|
25.6
|
15.3
|
66.9%
|
27.7
|
13.3
|
|
2.9%
|
-0.2%
|
3.1
|
p.p
|
Ethanol Trading Margin (%)
|
2.5%
|
3.4%
|
-0.9 p.p.
|
3.6%
|
1.8%
|
85.9
|
68.3
|
25.9%
|
Energy Cogeneration
|
230.1
|
169.7
|
35.6%
|
227.9
|
170.7
|
|
(104.1)
|
9.6
|
n/a
|
Other Products and Services
|
(326.1)
|
178.0
|
n/a
|
(112.6)
|
(230.9)
|
4Q 2013
|
4Q 2012
|
SG & A Expenses
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(137.2)
|
(186.1)
|
-26.3%
|
Selling Expenses
|
(670.8)
|
(519.7)
|
29.1%
|
(474.1)
|
(638.8)
|
(145.3)
|
(123.2)
|
17.9%
|
General and Administrative Expenses
|
(546.9)
|
(491.6)
|
11.2%
|
(411.6)
|
(490.3)
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
EBITDA
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
388.3
|
830.5
|
-53.2%
|
EBITDA
|
(670.8)
|
(519.7)
|
29.1%
|
(474.1)
|
(638.8)
|
18.3%
|
31.9%
|
-13.6 p.p.
|
Margin EBITDA (%)
|
23.0%
|
34.0%
|
0.1 p.p
|
24.8%
|
28.4%
|
EBITDA Ex-Biological Asset
|
1Q 2012
|
2Q 2012
|
3Q 2012
|
4Q 2012
|
2012
|
1Q 2013
|
2Q 2013
|
3Q 2013
|
4Q 2013
|
2013
|
Amounts in R$ MM
|
(jan - mar)
|
(apr - jun)
|
(jul - sep)
|
(oct - dec)
|
(jan - dec)
|
(jan - mar)
|
(apr - jun)
|
(jul - sep)
|
(oct - dec)
|
(jan - dec)
|
EBITDA
|
485.1
|
317.8
|
849.5
|
830.5
|
2,482.9
|
410.5
|
413.2
|
900.5
|
388.3
|
2,112.5
|
(+) Biological Asset Variation
|
(195.9)
|
(34.9)
|
76.8
|
43.7
|
(110.3)
|
139.4
|
3.3
|
6.4
|
118.3
|
267.4
|
EBITDA Ex-Biological Asset
|
289.2
|
282.9
|
926.3
|
874.2
|
2,372.6
|
549.9
|
416.5
|
906.9
|
506.6
|
2,379.9
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Summary of Hedge Operations at Dec 31, 2013³
|
|||
Sugar
|
2013 / 2014
|
2014 / 2015
|
|
NY #11
|
|||
Volume (‘000 ton)
|
2,997.6
|
1,266.2
|
|
Average Price (¢US$/lb)
|
18.6
|
18.2
|
|
Exchange Rate
|
|||
US$
|
|||
Volume (US$ mm)
|
1,275.1
|
526.0
|
|
Average Price (R$/US$)
|
2.2
|
2.4
|
Expiration Period - (R$MM)
|
|||||
Derivative
|
Market
|
Risk
|
2013
|
2014
|
Total
|
Futures
|
OTC/NYBOT
|
NY#11
|
50.3
|
81.2
|
131.5
|
(=) Hedge Accounting impact
|
50.3
|
81.2
|
131.5
|
||
(-) Deferred Income Tax
|
(17.1)
|
(27.6)
|
(44.7)
|
||
(=) Asset Valuation Adjustment
|
33.2
|
53.6
|
86.8
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
CAPEX
|
YTD 2013
|
YTD 2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13) | (apr/12-mar/13) |
603.6
|
499.4
|
20.9%
|
Total CAPEX
|
2,530.6
|
2,314.8
|
9.3%
|
1,513.3
|
2,404.5
|
400.5
|
418.8
|
-4.4%
|
Operating CAPEX
|
1,828.2
|
1,902.3
|
-3.9%
|
1,079.1
|
1,934.1
|
225.9
|
263.1
|
-14.1%
|
Biological Assets
|
935.3
|
1,039.9
|
-10.1%
|
751.2
|
948.8
|
121.3
|
75.7
|
60.2%
|
Inter-Harvest Maintenance Costs
|
604.3
|
519.6
|
16.3%
|
200.6
|
602.3
|
27.2
|
24.1
|
13.3%
|
SSMA and Sustaining
|
75.6
|
116.7
|
-35.2%
|
57.5
|
64.6
|
21.8
|
31.6
|
-31.1%
|
Mechanization
|
144.2
|
171.6
|
-16.0%
|
59.5
|
205.3
|
4.3
|
24.4
|
-82.4%
|
Industrial
|
68.8
|
54.6
|
26.0%
|
10.2
|
113.1
|
203.1
|
80.6
|
152.0%
|
Expasion CAPEX
|
702.4
|
412.5
|
70.3%
|
434.2
|
470.4
|
1.1
|
26.4
|
-95.7%
|
Cogeneration Projects
|
47.6
|
192.1
|
-75.2%
|
15.5
|
102.7
|
202.0
|
54.2
|
272.6%
|
Expansion and Other Projects
|
654.8
|
220.4
|
197.1%
|
418.7
|
367.7
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Volume Sold
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Volume ('000 cbm)
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
1,350,712
|
1,428,912
|
-5.5%
|
Total Gas Sales
|
5,456,954
|
5,258,632
|
3.8%
|
4,089,939
|
2,293,332
|
1,146,045
|
1,172,122
|
-2.2%
|
Gas Sales
|
4,703,190
|
4,731,618
|
-0.6%
|
3,564,817
|
1,895,952
|
58,810
|
50,470
|
16.5%
|
Residential
|
224,726
|
198,873
|
13.0%
|
182,911
|
74,860
|
31,755
|
28,275
|
12.3%
|
Commercial
|
119,194
|
111,663
|
6.7%
|
93,401
|
44,641
|
916,867
|
937,275
|
-2.2%
|
Industrial
|
3,788,277
|
3,788,744
|
0.0%
|
2,860,132
|
1,532,246
|
75,547
|
89,344
|
-15.4%
|
Cogeneration
|
323,057
|
357,529
|
-9.6%
|
240,398
|
139,674
|
63,065
|
66,759
|
-5.5%
|
Vehicular
|
247,937
|
274,809
|
-9.8%
|
187,976
|
104,531
|
204,667
|
256,790
|
-20.3%
|
Thermal Power
|
753,764
|
527,014
|
43.0%
|
525,121
|
397,380
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Sales Breakdown
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
1,960.4
|
1,792.0
|
9.4%
|
Gross Operating Revenue
|
7,757.4
|
6,519.8
|
19.0%
|
5,985.8
|
2,934.9
|
1,794.0
|
1,631.3
|
10.0%
|
Gas Sales
|
7,051.6
|
6,026.3
|
17.0%
|
5,422.0
|
2,694.0
|
216.8
|
171.6
|
26.3%
|
Residential
|
808.6
|
650.7
|
24.3%
|
663.8
|
257.6
|
81.8
|
67.2
|
21.8%
|
Commercial
|
298.5
|
252.9
|
18.0%
|
236.7
|
106.7
|
1,268.8
|
1,148.7
|
10.5%
|
Industrial
|
5,095.8
|
4,345.8
|
17.3%
|
3,894.9
|
1,947.3
|
74.5
|
86.0
|
-13.4%
|
Cogeneration
|
302.7
|
346.6
|
-12.7%
|
222.4
|
135.4
|
85.8
|
97.0
|
-11.5%
|
Thermal Power
|
296.7
|
195.8
|
51.6%
|
212.1
|
148.7
|
66.2
|
60.8
|
9.0%
|
Vehicular
|
249.3
|
234.4
|
6.3%
|
192.2
|
98.2
|
157.9
|
152.8
|
3.3%
|
Construction Revenue
|
671.6
|
447.0
|
50.2%
|
536.5
|
230.0
|
8.6
|
7.9
|
7.8%
|
Other
|
34.1
|
46.5
|
-26.6%
|
27.3
|
10.9
|
(359.7)
|
(212.1)
|
69.6%
|
Tax on Sales
|
(1,420.7)
|
(1,127.6)
|
26.0%
|
(1,096.9)
|
(535.9)
|
1,600.7
|
1,467.2
|
9.1%
|
Net Operating Revenue
|
6,336.6
|
5,279.6
|
20.0%
|
4,888.9
|
2,399.0
|
1,435.2
|
1,307.2
|
9.8%
|
Gas Sales
|
5,636.3
|
4,790.5
|
17.7%
|
4,328.4
|
2,159.2
|
157.9
|
152.8
|
3.3%
|
Construction Revenue
|
671.6
|
447.0
|
50.2%
|
536.5
|
230.0
|
7.6
|
7.2
|
5.7%
|
Other
|
28.7
|
42.0
|
-31.7%
|
24.1
|
9.7
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
COGS
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(1,146.2)
|
(1,083.3)
|
5.8%
|
Cost of Goods and Services
|
(4,556.6)
|
(3,881.9)
|
17.4%
|
(3,524.2)
|
(1,738.3)
|
(881.8)
|
(840.4)
|
4.9%
|
Natural Gas
|
(3,475.0)
|
(3,070.9)
|
13.2%
|
(2,768.8)
|
(1,439.1)
|
(106.5)
|
(90.1)
|
18.3%
|
Transportation and other Gas services
|
(409.9)
|
(363.9)
|
12.6%
|
(218.9)
|
(69.2)
|
(157.9)
|
(152.8)
|
3.3%
|
Construction
|
(671.6)
|
(447.0)
|
50.2%
|
(536.4)
|
(230.0)
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Gross Profit
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
454.5
|
383.9
|
18.4%
|
Gross Profit
|
1,780.1
|
1,397.7
|
27.4%
|
1,364.7
|
660.7
|
28.4%
|
26.2%
|
2.2 p.p
|
Gross Margin (%)
|
28.1%
|
26.5%
|
1.6 p.p
|
27.9%
|
27.5%
|
4Q 2013
|
4Q 2012
|
SG&A Expenses
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(144.5)
|
(143.3)
|
0.9%
|
Selling Expenses
|
(573.9)
|
(446.5)
|
28.5%
|
(422.4)
|
(259.8)
|
(90.3)
|
(82.8)
|
9.1%
|
G&A Expenses
|
(309.7)
|
(293.3)
|
5.6%
|
(239.3)
|
(127.7)
|
3.6
|
(1.5)
|
n/a
|
Other Operating Revenues (Expenses)
|
(3.0)
|
(9.5)
|
-68.6%
|
(1.6)
|
(2.2)
|
4Q 2013
|
4Q 2012
|
EBITDA
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
340.3
|
258.9
|
31.4%
|
EBITDA
|
1,337.9
|
967.5
|
38.3%
|
1,023.6
|
471.5
|
21.3%
|
17.6%
|
3.6 p.p
|
EBITDA Margin (%)
|
21.1%
|
18.3%
|
2.8 p.p
|
20.9%
|
19.7%
|
328.8
|
271.4
|
21.1%
|
Normalizade EBITDA
|
1,270.4
|
1,171.3
|
8.5%
|
1,008.4
|
435.3
|
20.5%
|
18.5%
|
2.0 p.p
|
Normalized EBITDA Margin (%)
|
20.0%
|
22.2%
|
-2.1 p.p.
|
20.6%
|
18.1%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
CAPEX
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13) |
(apr/12-mar/13)
|
209.4
|
189.3
|
10.6%
|
CAPEX
|
852.2
|
615.8
|
38.4%
|
677.7
|
294.4
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Sales Breakdown
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.% |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% |
(mar/13-dec/13)
|
(apr/12-mar/13) |
206.5
|
221.6
|
-6.8%
|
Net Operating Revenue
|
917.7
|
618.6
|
48.4%
|
749.4
|
712.7
|
154.4
|
176.8
|
-12.6%
|
Transportation
|
726.0
|
474.4
|
53.0%
|
597.5
|
549.3
|
46.9
|
41.1
|
14.2%
|
Loading
|
174.8
|
130.9
|
33.6%
|
138.2
|
150.0
|
5.2
|
3.7
|
39.5%
|
Other
|
16.9
|
13.3
|
27.4%
|
13.6
|
13.3
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Costs of Services
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.%
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13) |
(apr/12-mar/13)
|
(113.0)
|
(121.4)
|
-6.9%
|
Cost of Services
|
(542.6)
|
(402.8)
|
34.7%
|
(447.4)
|
(420.6)
|
4Q 2013
|
4Q 2012
|
Gross Profit
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg.% |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) | (apr/12-mar/13) |
93.5
|
100.1
|
-6.6%
|
Gross Profit
|
375.1
|
215.8
|
3.3%
|
301.9
|
292.1
|
45.3%
|
45.2%
|
0.1 p.p
|
Gross Margin (%)
|
40.9%
|
34.9%
|
6.0 p.p
|
40.3%
|
41.0%
|
4Q 2013
|
4Q 2012
|
G&A Expenses
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.% |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.%
|
(mar/13-dec/13) |
(apr/12-mar/13)
|
(22.6)
|
(15.2)
|
48.5%
|
G&A Expenses
|
(74.3)
|
(53.1)
|
39.8%
|
(57.6)
|
(58.1)
|
4Q 2013
|
4Q 2012
|
EBITDA
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec)
|
(oct - dec)
|
Chg.% |
Amounts in R$ MM
|
(jan-dec) | (jan-dec) |
Chg.%
|
(mar/13-dec/13) | (apr/12-mar/13) |
89.0
|
98.9
|
-10.1%
|
EBITDA
|
358.0
|
248.2
|
44.2%
|
288.9
|
296.7
|
43.1%
|
44.6%
|
-1.5 p.p.
|
Margin EBITDA (%)
|
39.0%
|
40.1%
|
-1.1 p.p.
|
38.6%
|
41.6%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
CAPEX
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg.% |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
41.8
|
79.3
|
-47.3%
|
CAPEX
|
255.0
|
255.2
|
-0.1%
|
198.0
|
266.7
|
(i)
|
R$124.8 million in railways on the network operated by ALL;
|
(ii)
|
R$89.7 million in improvements in the port terminal of Santos, including increase in unloading capacity, improvement of the terminal’s reception and expedition conveyor routes, construction of the coverage of the South terminal’s quay; and recurring investments in warehouse equipment and infrastructure;
|
(iii)
|
R$40.5 million in other initiatives, especially investments in transshipment terminals in upstate São Paulo.
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Sales Breakdown
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) | (apr/12-mar/13) |
391.8
|
377.9
|
3.7%
|
Net Operating Revenue
|
1,542.9
|
1,325.1
|
16.4%
|
1,185.2
|
1,417.5
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
COGS
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
(306.2)
|
(275.3)
|
11.2%
|
Cost of Goods and Services
|
(1,158.4)
|
(985.4)
|
17.6%
|
(900.5)
|
(1,050.7)
|
4Q 2013
|
4Q 2012
|
Gross Profit
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) | (apr/12-mar/13) |
85.6
|
102.6
|
-16.5%
|
Gross Profit
|
384.5
|
339.7
|
13.2%
|
284.7
|
366.8
|
21.9%
|
27.2%
|
-5.3 p.p.
|
Gross Margin (%)
|
24.9%
|
25.6%
|
-0.7 p.p.
|
24.0%
|
25.9%
|
4Q 2013
|
4Q 2012
|
SG&A
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
(76.2)
|
(75.8)
|
0.6%
|
Total expenses
|
(301.9)
|
(253.7)
|
19.0%
|
(234.1)
|
(272.4)
|
4Q 2013
|
4Q 2012
|
EBITDA
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
26.5
|
38.8
|
-31.6%
|
EBITDA
|
140.1
|
121.1
|
15.7%
|
92.7
|
137.4
|
6.8%
|
10.3%
|
-3.5 p.p.
|
EBITDA Margin (%)
|
9.1%
|
9.1%
|
0.0 p.p
|
7.8%
|
9.7%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
State
|
Culture
|
%
|
Area
(hectare) |
Area
(acre) |
Market Value
( R$MM) |
|
Third-party land
|
-
|
-
|
124,726
|
308,072
|
1,541
|
|
Owned Land
|
-
|
100%
|
107,279
|
264,980
|
2,596
|
|
São Paulo
|
Sugarcane
|
66%
|
70,281
|
173,593
|
2,192
|
|
Maranhão
|
Grains
|
16%
|
16,651
|
41,129
|
142
|
|
Mato Grosso
|
Grains
|
11%
|
12,303
|
30,388
|
164
|
|
Bahia
|
Grains
|
7%
|
7,155
|
17,674
|
80
|
|
Goiás
|
Sugarcane
|
1%
|
672
|
1,659
|
16
|
|
Mato Grosso do Sul
|
Sugarcane
|
0%
|
218
|
538
|
2
|
|
Total
|
232,005
|
573,052
|
4,137
|
4Q 2013
|
4Q 2012
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
|||
(oct - dec)
|
(oct - dec)
|
Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
18.7
|
15.6
|
19.9%
|
Net Revenue
|
70.1
|
91.7
|
-23.5%
|
54.8
|
51.9
|
-
|
-
|
-
|
Property Sale
|
5.7
|
22.0
|
-74.2%
|
5.7
|
4.7
|
18.7
|
15.6
|
19.9%
|
Land Lease
|
64.4
|
69.6
|
-7.5%
|
49.1
|
47.2
|
-
|
-
|
-
|
Cost of Property Sales
|
(6.1)
|
(20.1)
|
-69.8%
|
(6.1)
|
(1.7)
|
-
|
-
|
-
|
Property Sale
|
(6.1)
|
(20.1)
|
-69.8%
|
(6.1)
|
(1.7)
|
18.7
|
15.6
|
19.9%
|
Gross Profit
|
64.1
|
71.6
|
-10.5%
|
48.7
|
50.2
|
100.0%
|
100.0%
|
0.0 p.p
|
Gross Margin (%)
|
91.4%
|
78.1%
|
13.3 p.p
|
88.9%
|
96.6%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
G&A Expenses
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
(8.1)
|
(6.1)
|
32.1%
|
G&A Expenses
|
(23.2)
|
(18.8)
|
23.5%
|
(18.3)
|
(14.9)
|
4Q 2013
|
4Q 2012
|
EBITDA
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
86.3
|
96.6
|
-10.7%
|
EBITDA
|
227.5
|
146.5
|
55.3%
|
162.3
|
180.4
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
|||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec) | (jan-dec) | Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
(26.2)
|
(38.1)
|
-31.2%
|
G&A Expenses
|
(121.2)
|
(134.3)
|
-9.8%
|
(96.3)
|
(127.0)
|
0.8
|
(5.4)
|
n/a
|
Other Revenues (Expenses)
|
0.8
|
54.4
|
-98.6%
|
(26.5)
|
57.7
|
4Q 2013
|
4Q 2012
|
EBITDA
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
||
(oct - dec) | (oct - dec) | Chg. % |
Amounts in R$ MM
|
(jan-dec) | (jan-dec) | Chg.% | (mar/13-dec/13) |
(apr/12-mar/13)
|
202.9
|
273.3
|
-25.8%
|
EBITDA
|
732.1
|
795.8
|
-8.0%
|
533.3
|
836.9
|
-
|
-
|
-
|
(-) Gross Effects of Raizen's formation
|
-
|
100.3
|
n/a
|
-
|
-
|
(227.5)
|
(316.3)
|
-28.1%
|
(-) Equity Pick-up
|
(850.2)
|
(964.1)
|
-11.8%
|
(654.2)
|
(899.7)
|
(24.7)
|
(43.0)
|
-42.6%
|
Adjusted EBITDA
|
(118.1)
|
(68.0)
|
73.7%
|
(120.9)
|
(62.8)
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Financial Results
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
(oct - dec)
|
(oct - dec)
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
(mar/13-dec/13)
|
(apr/12-mar/13)
|
(198.6)
|
(111.0)
|
Gross Debt Charges
|
(717.4)
|
(225.6)
|
(555.0)
|
(189.4)
|
31.3
|
27.1
|
Income from Financial Investments
|
107.4
|
74.5
|
99.2
|
83.3
|
(167.3)
|
(83.9)
|
(=) Subtotal: Net Debt Interests
|
(610.1)
|
(151.1)
|
(455.8)
|
(106.1)
|
(55.3)
|
(31.4)
|
Other Charges and Monetary Variation
|
(81.5)
|
(132.2)
|
(89.9)
|
(199.1)
|
(105.7)
|
(5.6)
|
Exchange Rate Variation
|
(311.1)
|
(65.9)
|
(323.8)
|
(81.0)
|
93.0
|
43.3
|
Gains (losses) with Derivatives
|
211.3
|
78.9
|
213.5
|
74.5
|
(16.8)
|
(9.5)
|
Amortization, Debt Cost and Other
|
(86.5)
|
(36.9)
|
(44.3)
|
(99.2)
|
(252.1)
|
(87.0)
|
(=) Financial, Net
|
(877.8)
|
(307.2)
|
(700.3)
|
(410.9)
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Income Tax and Social Contribution
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
(oct - dec)
|
(oct - dec)
|
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
(mar/13-dec/13) |
(apr/12-mar/13)
|
196.7
|
342.2
|
Income (Loss) before Income Tax
|
816.9
|
698.0
|
562.4
|
831.5
|
155.6
|
(38.4)
|
Total of Tax and Social Contribution
|
(178.4)
|
40.7
|
(39.2)
|
(126.4)
|
160.8
|
11.0
|
Deferred Income Tax Expenses
|
(20.7)
|
116.0
|
90.8
|
(26.3)
|
(5.1)
|
(49.4)
|
Current Income Tax Expenses
|
(157.7)
|
(75.3)
|
(130.0)
|
(100.0)
|
-2.6%
|
-14.4%
|
Effective Rate - Current (%)
|
-19.3%
|
-10.8%
|
-23.1%
|
-12.0%
|
4Q 2013
Income Tax and Social Contribution
Amount in R$ MM
|
Comgás
|
Rumo
|
Lubricants
|
Radar7
|
Other
Business |
Adjusts and Eliminations |
Consolidated
|
|||||||||||||||||||||
Net Income before Taxes
|
174.4 | 70.9 | 2.5 | 87.6 | (1.2 | ) | (137.4 | ) | 196.8 | |||||||||||||||||||
Nominal Rate of Income Tax and Social Contribution (%)
|
-34 | % | -34 | % | -34 | % | -34 | % | -34 | % | -34 | % | -34 | % | ||||||||||||||
Income Tax and Social Contribtions Theoretical Expense
|
(59.3 | ) | (24.1 | ) | (0.8 | ) | (29.8 | ) | 0.4 | 46.7 | (66.9 | ) | ||||||||||||||||
Non-taxable Permanent Differences / Equity Pick-up
|
(1.1 | ) | (0.0 | ) | (0.4 | ) | (0.0 | ) | 77.2 | (46.7 | ) | 28.9 | ||||||||||||||||
Tax Loss and Negative Basis
|
- | - | - | - | 188.6 | - | 188.6 | |||||||||||||||||||||
Interest on Capital
|
- | - | - | 24.3 | 0.0 | - | 24.3 | |||||||||||||||||||||
Different Tax Regime for Entities Taxed on Presumed Profits
|
38.2 | - | - | - | (53.5 | ) | - | (15.3 | ) | |||||||||||||||||||
Other
|
1.1 | 0.3 | (8.6 | ) | (0.0 | ) | 3.1 | - | (4.0 | ) | ||||||||||||||||||
Income Tax Effective Expenses
|
(21.0 | ) | (23.8 | ) | (9.9 | ) | (5.5 | ) | 215.8 | - | 155.6 | |||||||||||||||||
Income Tax and Social Contribution Effective Rate (%)
|
12 | % | 34 | % | n/d | 6 | % | n/d | 0 | % | -79 | % | ||||||||||||||||
Expenses (Revenues) com IR/CS
|
(21.0 | ) | (23.8 | ) | (9.9 | ) | (5.5 | ) | 215.8 | - | 155.6 | |||||||||||||||||
Current
|
8.9 | (16.9 | ) | (3.7 | ) | 0.5 | 6.2 | - | (5.1 | ) | ||||||||||||||||||
Effective Rate - Current Rate (%)
|
-5 | % | 24 | % | 150 | % | -1 | % | 512 | % | 0 | % | 3 | % | ||||||||||||||
Deferred
|
(29.9 | ) | (6.9 | ) | (6.1 | ) | (5.9 | ) | 209.7 | - | 160.8 |
2013
Income Tax and Social Contribution
Amount in R$ MM
|
Comgás
|
Rumo
|
Lubricants
|
Radar7
|
Other
Business |
Adjusts and
Eliminations
|
Consolidated
|
|||||||||||||||||||||
Net Income before Taxes
|
702.4 | 293.0 | 42.8 | 229.9 | 51.1 | (502.3 | ) | 816.9 | ||||||||||||||||||||
Nominal Rate of Income Tax and Social Contribution (%)
|
-34 | % | -34 | % | -34 | % | -34 | % | -34 | % | -34 | % | -34 | % | ||||||||||||||
Income Tax and Social Contribtions Theoretical Expense
|
(238.8 | ) | (99.6 | ) | (14.5 | ) | (78.2 | ) | (17.4 | ) | 170.8 | (277.8 | ) | |||||||||||||||
Non-taxable Permanent Differences / Equity Pick-up
|
(3.2 | ) | (0.6 | ) | (2.7 | ) | 0.0 | 288.1 | (170.8 | ) | 110.9 | |||||||||||||||||
Tax Loss and Negative Basis
|
- | - | - | 63.8 | (0.5 | ) | - | 63.3 | ||||||||||||||||||||
Different Tax Regime for Entities Taxed on Presumed Profits
|
38.2 | - | - | - | (60.3 | ) | - | (22.1 | ) | |||||||||||||||||||
Other
|
2.5 | 0.5 | (21.9 | ) | 0.8 | (34.5 | ) | - | (52.8 | ) | ||||||||||||||||||
Income Tax Effective Expenses
|
(201.3 | ) | (99.7 | ) | (39.1 | ) | (13.7 | ) | 175.4 | - | (178.4 | ) | ||||||||||||||||
Income Tax and Social Contribution Effective Rate (%)
|
29 | % | 34 | % | 92 | % | 6 | % | n/d | 0 | % | 22 | % | |||||||||||||||
Expenses (Revenues) com IR/CS
|
(201.3 | ) | (99.7 | ) | (39.1 | ) | (13.7 | ) | 175.4 | - | (178.4 | ) | ||||||||||||||||
Current
|
(144.1 | ) | (15.3 | ) | 0.4 | (5.3 | ) | 6.5 | - | (157.7 | ) | |||||||||||||||||
Effective Rate - Current Rate (%)
|
21 | % | 5 | % | -1 | % | 2 | % | -13 | % | 0 | % | 19 | % | ||||||||||||||
Deferred
|
(57.2 | ) | (84.4 | ) | (39.5 | ) | (8.4 | ) | 168.9 | - | (20.7 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013
|
4Q 2012
|
Net Income
|
2013
|
2012
|
9M 2013
|
FY 12/13
|
(oct - dec) | (oct - dec) |
Amounts in R$ MM
|
(jan-dec)
|
(jan-dec)
|
(mar/13-dec/13) |
(apr/12-mar/13)
|
229.8
|
339.3
|
Net Income
|
261.3
|
746.8
|
234.1
|
626.4
|
4Q 2013 |
Net Income
|
2013 | |||||
(oct-dec)
|
Amount in R$ MM
|
(jan-dec)
|
|||||
339.3 |
Net Income Previous Period
|
746.8 | |||||
EBIT Businesses
|
|||||||
144.2 |
Comgás
|
814.4 | |||||
(12.1 | ) |
Rumo
|
110.2 | ||||
(10.3 | ) |
Radar
|
111.9 | ||||
(16.0 | ) |
Lubrificantes
|
9.1 | ||||
18.1 |
Outros
|
50.9 | |||||
123.9 |
EBIT Businesses Total
|
1,096.6 | |||||
(165.1 | ) |
Financial Result
|
(570.6 | ) | |||
(104.2 | ) |
Equity Pick-up
|
(407.0 | ) | |||
194.1 |
Income Taxes
|
(219.2 | ) | ||||
(20.7 | ) |
Non-controlling Interest
|
(243.1 | ) | |||
(137.4 | ) |
Dicountinued operation
|
(142.2 | ) | |||
229.8 |
Net Income
|
261.3 |
|
(i)
|
An increase in net financial expenses of R$165.1 million, mainly due to the acquisition and consolidation of Comgás, and the effect of the foreign exchange rate variation over dollar-denominated debts in the period. In 2013, this effect totaled R$570.6 million;
|
|
(ii)
|
A decrease in Raízen’s equity accounting result in the amount of R$107.1 million due to the strategy of forming inventories, to biological assets, and to the foreign exchange rate variation over debts;
|
|
(iii)
|
A decrease of R$137.4 million due to the disposal of the control of the Sugar Retail business in October 2012. In 2013, this impact was of R$142.2 million;
|
|
(iv)
|
Offset by a better performance of the businesses in the period, as commented above, and the consolidation of Comgás starting in November 2012;
|
|
(v)
|
Income tax increment of R$194 million (non-cash effect).
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
|
(i)
|
Funding of nearly R$553.4 million through the issue of debentures at Comgás;
|
|
(ii)
|
Amortization of principal and interest in the amount of R$666,5 million, in the modality of Resolution 4,131 and in Promissory Notes, mainly at Comgás;
|
|
(iii)
|
Accrual for interest, foreign exchange variation, and derivatives fair value result, in the amount of R$269.2 million in the period.
|
|
(i)
|
Raising of R$1.4 billion, mainly through the issue of debentures for the amount of R$750 million, and other rural credit, ACC and other funding transactions.
|
|
(ii)
|
Amortization of principal and interest in the amount of R$928.4 million related to prepayment, foreign exchange contract advances, rural credit, BNDES, and others;
|
|
(iii)
|
Accrual for interest of R$139.6 million, and for foreign exchange variation in the amount of R$212.8 million.
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Debt per Business Units (Amount in R$ MM)
|
||||
4Q 2013
|
3Q 2013
|
|||
Comgás
|
(oct - dec)
|
(jul-sep)
|
% ST
|
Chg.%
|
Leasing
|
1.1
|
1.4
|
100%
|
-22.9%
|
Promissory Notes
|
-
|
418.4
|
0%
|
n/a
|
EIB
|
633.2
|
602.6
|
6%
|
5.1%
|
4131 Resolution
|
413.5
|
504.8
|
1%
|
-18.1%
|
BNDES
|
1,215.1
|
1,230.6
|
21%
|
-1.3%
|
Debentures
|
588.9
|
33.9
|
7%
|
n/a
|
Debt Notes Allocation
|
(10.4)
|
(3.9)
|
21%
|
n/a
|
Financial Instruments - MTM
|
(209.8)
|
(180.0)
|
-23%
|
16.6%
|
Total Comgás
|
2,631.6
|
2,607.8
|
-
|
0.9%
|
Rumo
|
||||
Finame
|
707.5
|
731.9
|
15%
|
-3.3%
|
Expenses with Placement of Debt
|
(1.5)
|
(1.5)
|
11%
|
-2.6%
|
Total Rumo
|
706.0
|
730.4
|
-
|
-3.3%
|
Cosan Lubricants
|
||||
Finame
|
0.2
|
0.2
|
6%
|
0.0%
|
Foreing Loan
|
209.3
|
196.9
|
0%
|
6.3%
|
Total Lubricants
|
209.6
|
197.2
|
-
|
6.3%
|
Other Business
|
||||
Perpetual Bonds
|
1,186.1
|
1,129.1
|
1%
|
5.0%
|
Credit Notes
|
395.4
|
385.6
|
100%
|
2.5%
|
Debentures
|
1,464.2
|
1,423.6
|
4%
|
2.8%
|
FINEP
|
89.9
|
89.9
|
0%
|
0.0%
|
Senior Notes 2018
|
873.8
|
853.6
|
3%
|
2.4%
|
Senior Notes 2023
|
1,110.0
|
1,067.1
|
2%
|
4.0%
|
Expenses with Placement of Debt
|
(51.2)
|
(52.6)
|
18%
|
-2.7%
|
Bonus over Perpetual Bonds
|
5.1
|
5.5
|
52%
|
-7.1%
|
Financial Instruments - MTM
|
24.8
|
51.9
|
0%
|
-52.3%
|
Total Other Business
|
5,098.0
|
4,953.7
|
-
|
2.9%
|
Cosan Consolidated
|
||||
Total Debt
|
8,645.2
|
8,489.1
|
-
|
1.8%
|
Cash and Cash Equivalents and Secutities
|
(1,562.5)
|
(1,307.9)
|
-
|
19.5%
|
Net Debt
|
7,082.6
|
7,181.3
|
-
|
-1.4%
|
Raízen
|
||||
Senior Notes 2014
|
849.1
|
789.8
|
100.0%
|
7.5%
|
BNDES
|
1,370.7
|
1,419.2
|
14%
|
-3.4%
|
Term Loan
|
1,121.6
|
1,123.4
|
6%
|
-0.2%
|
Prepaid Exports
|
1,119.5
|
1,277.6
|
1%
|
-12.4%
|
Senior Notes 2017
|
964.2
|
902.2
|
3%
|
6.9%
|
Advances on Exchange Contracts
|
189.5
|
179.7
|
100%
|
5.4%
|
Credit Notes
|
628.0
|
613.4
|
1%
|
2.4%
|
Finame
|
100.9
|
115.7
|
45%
|
-12.8%
|
Finem
|
627.4
|
545.5
|
9%
|
15.0%
|
Rural Credit
|
767.1
|
-
|
2%
|
n/a
|
Debt Notes Allocation
|
49.6
|
78.5
|
100%
|
-36.8%
|
Other
|
(24.5)
|
(22.5)
|
37%
|
9.2%
|
Total Raízen8
|
96.7
|
0.1
|
100%
|
n/a
|
Raízen's Debt ( 50% )
|
7,859.8
|
7,022.8
|
-
|
11.9%
|
Cash and Cash Equivalents and Secutities Raízen
|
3,929.9
|
3,511.4
|
-
|
11.9%
|
Net Debt Raízen
|
(693.7)
|
(800.5)
|
-
|
-13.3%
|
Consolidated Proforma
|
3,236.2
|
2,710.9
|
-
|
19.4%
|
Total Debt (including Raízen)
|
||||
Cash and Cash Equivalents and Secutities (including Raízen)
|
12,575.0
|
12,000.5
|
-
|
4.8%
|
Cash and Cash Equivalents and Secutities
|
(2,256.3)
|
(2,108.4)
|
-
|
7.0%
|
Pro forma Net Debt
|
10,318.8
|
9,892.1
|
-
|
4.3%
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
4Q 2013 Summary
|
CSAN3
|
CZLT33
|
CZZ
|
||
Stock Type
|
Common Share
|
BDR
|
Class A
|
||
Listed in
|
BM&FBovespa
|
BM&FBovespa
|
NYSE
|
||
Closing Price in december 12/31/2013
|
R$
|
39.58
|
R$
|
33.00
|
USD 13.72
|
Higher Price
|
R$
|
48.17
|
R$
|
42.34
|
USD 21.31
|
Average Price
|
R$
|
43.44
|
R$
|
36.71
|
USD 17.11
|
Lower Price
|
R$
|
39.28
|
R$
|
32.05
|
USD 13.20
|
Average Daily Traded Volume
|
R$50.6 million
|
R$9 million
|
USD17,9million
|
CSAN3 vs. CZLT33 vs. Ibovespa
(Base 100)
|
CZZ vs. S&P500 (Base 100)
|
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
FY13
|
2013 dec
|
2014 dec | |||
(abr/2012 - mar/2013) | (jan/2013 - dec/2013) | (jan/2014 - dec/2014) | |||
Cosan |
EBITDA (R$MM)
|
3,124 | 3,964 | 4.150 | ≤ ∆ ≤ 4.650 |
Consolidado |
Capex (R$MM)
|
2,178
|
2,895
|
2.500
|
≤ ∆ ≤ 2.800
|
Raízen |
EBITDA (R$MM)
|
1,658 | 1,928 | 2.000 | ≤∆ ≤ 2.200 |
Combustíveis9 |
CAPEX (R$MM)
|
524
|
835
|
750
|
≤ ∆ ≤ 850
|
Volume of Sugar Cane Crushed (thousand tonnes)
|
56,221 | 61,441 | 61.000 | ≤∆ ≤ 63.000 | |
Volume of Sugar Sold (thousand tonnes)
|
4,230
|
4,470
|
4.400
|
≤ ∆ ≤ 4.700
|
|
Raízen Energia |
Volume of Ethanol Sold (million liters)
|
2,323
|
2,475
|
2.300
|
≤ ∆ ≤ 2.600
|
Volume of Energy Sold (thousand of MWh)
|
3,035
|
2,165
|
2.000
|
≤ ∆ ≤ 2.200
|
|
EBITDA (R$MM)
|
2,408
|
2,112
|
2.300
|
≤ ∆ ≤ 2.700
|
|
CAPEX (R$MM)
|
2,405
|
2,531
|
2.000
|
≤ ∆ ≤ 2.200
|
|
Volume of Loading (thousand tonnes)
|
8,566
|
9,177
|
10.500
|
≤ ∆ ≤ 12.500
|
|
Rumo |
EBITDA (R$MM)
|
297
|
358
|
400
|
≤ ∆ ≤ 450
|
CAPEX (R$MM)
|
267 | 255 |
250
|
≤ ∆ ≤ 300 | |
Radar | EBITDA (R$MM) | 180 | 228 |
170
|
≤ ∆ ≤ 200 |
Cosan |
Total Volume Sold (million Liters)
|
287
|
316
|
270
|
≤ ∆ ≤ 310
|
Lubrificantes |
EBITDA (R$MM)
|
n/a
|
140
|
140
|
≤ ∆ ≤ 170
|
2012 | 2013 |
2014
|
|||
(jan/2012 - dec/2012) | (jan/2013 - dec/2013) |
(jan/2014 - dec/2014)
|
|||
Number of Clients (thousand)
|
1,215
|
1,334
|
1.420
|
≤ ∆ ≤ 1.450
|
|
Comgás |
Total Volume of Gas Sold (thousand cbm)
|
5,259
|
5,457
|
5.200
|
≤ ∆ ≤ 5.700
|
EBITDA IFRS (R$MM)
|
962
|
1,338
|
1.300
|
≤ ∆ ≤ 1.550
|
|
CAPEX (R$MM)
|
546
|
852
|
680
|
≤ ∆ ≤ 780
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Earnings Release
4th Quarter and Fiscal Year 2013
|
Cosan Consolidated | 4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period |
Dec 31, 2013
|
Dec 31, 2012
|
||||||
Net Operating Revenue
|
2,217,765 | 1,566,314 | ||||||
Gross Profit
|
652,361 | 463,624 | ||||||
Sales, general and administrative expenses
|
(367,925 | ) | (300,657 | ) | ||||
Other operating income (expenses), net
|
75,557 | 73,160 | ||||||
Financial revenue
|
73,354 | 51,940 | ||||||
Financial expenses
|
(445,535 | ) | (176,861 | ) | ||||
Foreign exchange variation
|
2,916 | (5,380 | ) | |||||
Derivative
|
117,150 | 43,318 | ||||||
Equity pick up
|
88,870 | 193,052 | ||||||
Income and Social Contribution Taxes
|
155,649 | (38,422 | ) | |||||
Equity attributable to non-controlling interests
|
(122,611 | ) | (101,948 | ) | ||||
Net Income from discontinued operations
|
- | 137,449 | ||||||
Net Income (loss)
|
229,786 | 339,276 |
Cosan Consolidated | 4Q 2013 | 3Q 2013 | ||||||
Balance Sheet |
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
1,474,553 | 1,202,229 | ||||||
Securities
|
87,978 | 105,658 | ||||||
Accounts Rreceivable
|
844,483 | 997,114 | ||||||
Inventories
|
311,980 | 292,076 | ||||||
Other Current Assets
|
827,648 | 733,857 | ||||||
Investments
|
103,316 | 89,516 | ||||||
Investments in Jointly Owned Subsidiaries
|
8,498,259 | 8,468,438 | ||||||
Investment Property
|
2,281,509 | 2,523,405 | ||||||
Property, Plant and Equipment
|
1,271,910 | 1,249,958 | ||||||
Intangible
|
10,078,040 | 9,973,855 | ||||||
Other Non-Current Assets
|
2,818,698 | 2,466,499 | ||||||
Total Assets
|
28,598,374 | 28,102,605 | ||||||
Loans and Financing
|
(8,830,159 | ) | (8,617,159 | ) | ||||
Suppliers
|
(862,431 | ) | (841,972 | ) | ||||
Salaries Payable
|
(103,295 | ) | (105,593 | ) | ||||
Other current liabilities
|
(683,938 | ) | (627,022 | ) | ||||
Other non-current liabilities
|
(4,603,182 | ) | (4,653,842 | ) | ||||
Net Equity
|
(13,515,369 | ) | (13,257,017 | ) | ||||
Total Liabilities
|
(28,598,374 | ) | (28,102,605 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Raízen Combustíveis
|
4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period
|
Dec 31, 2013
|
Dec 31, 2012
|
||||||
Net Operating Revenue
|
13,064,848 | 11,383,783 | ||||||
Gross Profit
|
701,019 | 610,536 | ||||||
Sales, general and administrative expenses
|
(395,908 | ) | (363,045 | ) | ||||
Other operating income (expenses), net
|
145,956 | 114,134 | ||||||
Financial revenue
|
17,161 | 23,083 | ||||||
Financial expenses
|
(24,502 | ) | (19,092 | ) | ||||
Foreign exchange variation
|
(63,656 | ) | (5,426 | ) | ||||
Derivative
|
28,889 | 8,996 | ||||||
Income and Social Contribution Taxes
|
(91,236 | ) | (109,053 | ) | ||||
Equity attributable to non-controlling interests
|
(4,402 | ) | (7,330 | ) | ||||
Net Income (loss)
|
318,147 | 252,803 |
Raízen Combustíveis
|
4Q 2013 | 3Q 2013 | ||||||
Balance Sheet
|
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
328,992 | 354,503 | ||||||
Accounts Receivable
|
1,435,095 | 1,326,865 | ||||||
Inventories
|
1,057,049 | 1,302,834 | ||||||
Other Current Assets
|
484,475 | 857,282 | ||||||
Investments
|
254,826 | - | ||||||
Property, Plant and Equipment
|
2,494,488 | 2,519,491 | ||||||
Intangible
|
4,038,312 | 4,028,655 | ||||||
Other Non-Current Assets
|
1,403,117 | 1,110,940 | ||||||
Total Assets
|
11,496,354 | 11,500,570 | ||||||
Loans and Financing
|
(862,521 | ) | (787,527 | ) | ||||
Suppliers
|
(551,176 | ) | (529,708 | ) | ||||
Salaries Payable
|
(60,091 | ) | (254,561 | ) | ||||
Other current liabilities
|
(525,188 | ) | (712,163 | ) | ||||
Other non-current liabilities
|
(2,715,727 | ) | (2,615,511 | ) | ||||
Net Equity
|
(6,781,651 | ) | (6,601,100 | ) | ||||
Total Liabilities
|
(11,496,354 | ) | (11,500,570 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Raízen Energia | 4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period | Dec 31, 2013 | Dec 31, 2012 | ||||||
Net Operating Revenue
|
2,125,399 | 2,605,413 | ||||||
Gross Profit
|
308,436 | 576,578 | ||||||
Sales, general and administrative expenses
|
(282,514 | ) | (309,329 | ) | ||||
Other operating income (expenses), net
|
(24,471 | ) | 10,235 | |||||
Financial revenue
|
64,517 | 38,408 | ||||||
Financial expenses
|
(123,093 | ) | (97,253 | ) | ||||
Foreign exchange variation
|
(127,314 | ) | (16,375 | ) | ||||
Derivative
|
(56,454 | ) | (7,832 | ) | ||||
Equity pick up
|
(11,738 | ) | (3,210 | ) | ||||
Income and Social Contribution Taxes
|
97,106 | (67,167 | ) | |||||
Equity attributable to non-controlling interests
|
- | (347 | ) | |||||
Net Income (loss)
|
(155,525 | ) | 123,709 |
Raízen Energia
|
4Q 2013 | 3Q 2013 | ||||||
Balance Sheet | Dec 31, 2013 | Sep 30, 2013 | ||||||
Cash and Cash Equivalents
|
1,058,483 | 1,246,573 | ||||||
Accounts Rreceivable
|
416,746 | 494,724 | ||||||
Inventories
|
2,026,925 | 1,707,606 | ||||||
Other Current Assets
|
1,279,553 | 1,275,795 | ||||||
Investments
|
408,591 | 1,936,168 | ||||||
Biological Assets
|
1,867,765 | - | ||||||
Property, Plant and Equipment
|
9,504,874 | 9,485,631 | ||||||
Intangible
|
3,100,227 | 3,062,760 | ||||||
Other Non-Current Assets
|
1,534,557 | 1,822,915 | ||||||
Total Assets
|
21,197,721 | 21,032,172 | ||||||
Loans and Financing
|
(7,732,778 | ) | (6,963,654 | ) | ||||
Suppliers
|
(633,505 | ) | (730,321 | ) | ||||
Salaries Payable
|
(249,919 | ) | (872,731 | ) | ||||
Other current liabilities
|
(495,240 | ) | (279,758 | ) | ||||
Other non-current liabilities
|
(1,693,036 | ) | (1,676,670 | ) | ||||
Net Equity
|
(10,393,243 | ) | (10,509,038 | ) | ||||
Total Liabilities
|
(21,197,721 | ) | (21,032,172 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Comgás | 4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period | Dec 31, 2013 | Dec 31, 2012 | ||||||
Net Operating Revenue
|
1,600,715 | 1,467,168 | ||||||
Gross Profit
|
454,516 | 383,914 | ||||||
Sales, general and administrative expenses
|
(234,860 | ) | (223,628 | ) | ||||
Other operating income (expenses), net
|
3,552 | (1,521 | ) | |||||
Financial revenue
|
20,012 | 9,811 | ||||||
Financial expenses
|
(70,028 | ) | (53,717 | ) | ||||
Foreign exchange variation
|
(49,032 | ) | (129 | ) | ||||
Derivative
|
50,205 | 15,077 | ||||||
Income and Social Contribution Taxes
|
(21,035 | ) | (19,426 | ) | ||||
Net Income (loss)
|
153,328 | 110,381 |
Comgás | 4Q 2013 | 3Q 2013 | ||||||
Balance Sheet |
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
535,957 | 459,598 | ||||||
Accounts Rreceivable
|
582,889 | 564,233 | ||||||
Inventories
|
121,253 | 113,330 | ||||||
Other Current Assets
|
248,803 | 252,383 | ||||||
Intangible
|
8,450,541 | 8,353,844 | ||||||
Other Non-Current Assets
|
332,918 | 285,227 | ||||||
Total Assets
|
10,272,361 | 10,028,615 | ||||||
Loans and Financing
|
(2,841,387 | ) | (2,787,767 | ) | ||||
Suppliers
|
(706,397 | ) | (694,029 | ) | ||||
Salaries Payable
|
(59,417 | ) | (49,274 | ) | ||||
Other current liabilities
|
(301,089 | ) | (160,832 | ) | ||||
Other non-current liabilities
|
(863,768 | ) | (854,055 | ) | ||||
Net Equity
|
(5,500,303 | ) | (5,482,658 | ) | ||||
Total Liabilities
|
(10,272,361 | ) | (10,028,615 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Rumo
|
4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period |
Dec 31, 2013
|
Dec 31, 2012
|
||||||
Net Operating Revenue
|
206,512 | 221,568 | ||||||
Gross Profit
|
93,478 | 100,132 | ||||||
Sales, general and administrative expenses
|
(22,574 | ) | (15,203 | ) | ||||
Other operating income (expenses), net
|
(1,934 | ) | (3,855 | ) | ||||
Financial revenue
|
12,644 | 8,757 | ||||||
Financial expenses
|
(11,016 | ) | (8,757 | ) | ||||
Foreign exchange variation
|
341 | (67 | ) | |||||
Income and Social Contribution Taxes
|
(23,788 | ) | (26,817 | ) | ||||
Equity attributable to non-controlling interests
|
1,409 | 623 | ||||||
Net Income (loss)
|
48,560 | 54,814 |
Rumo | 4Q 2013 | 3Q 2013 | ||||||
Balance Sheet |
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
497,753 | 547,287 | ||||||
Securities
|
- | 8,864 | ||||||
Accounts Rreceivable
|
32,506 | 195,739 | ||||||
Inventories
|
5,237 | 4,667 | ||||||
Other Current Assets
|
22,389 | 47,643 | ||||||
Property, Plant and Equipment
|
1,013,149 | 1,003,323 | ||||||
Intangible
|
755,635 | 743,679 | ||||||
Other Non-Current Assets
|
234,965 | 11,025 | ||||||
Total Assets
|
2,561,634 | 2,562,227 | ||||||
Loans and Financing
|
(705,974 | ) | (730,424 | ) | ||||
Suppliers
|
(82,872 | ) | (81,923 | ) | ||||
Salaries Payable
|
(12,522 | ) | (12,230 | ) | ||||
Other current liabilities
|
(127,287 | ) | (158,422 | ) | ||||
Other non-current liabilities
|
(198,620 | ) | (192,017 | ) | ||||
Net Equity
|
(1,434,359 | ) | (1,387,211 | ) | ||||
Total Liabilities
|
(2,561,634 | ) | (2,562,227 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Lubricants and Specialties
|
4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period |
Dec 31, 2013
|
Dec 31, 2012
|
||||||
Net Operating Revenue
|
391,822 | 377,932 | ||||||
Gross Profit
|
85,650 | 102,615 | ||||||
Sales, general and administrative expenses
|
(76,208 | ) | (75,788 | ) | ||||
Other operating income (expenses), net
|
(2,295 | ) | (3,668 | ) | ||||
Financial revenue
|
(3,389 | ) | (3,071 | ) | ||||
Financial expenses
|
- | - | ||||||
Foreign exchange variation
|
- | - | ||||||
Derivative
|
- | - | ||||||
Equity pick up
|
(1,278 | ) | (67 | ) | ||||
Income and Social Contribution Taxes
|
(9,865 | ) | (3,875 | ) | ||||
Net Income (loss)
|
(7,385 | ) | 16,145 |
Lubricants and Specialties | 4Q 2013 | 3Q 2013 | ||||||
Balance Sheet |
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
57,892 | 68,905 | ||||||
Securities
|
- | 580 | ||||||
Accounts Rreceivable
|
200,796 | 214,428 | ||||||
Inventories
|
185,490 | 174,077 | ||||||
Other Current Assets
|
45,227 | 64,672 | ||||||
Investments
|
15,364 | 15,864 | ||||||
Property, Plant and Equipment
|
197,137 | 192,552 | ||||||
Intangible
|
867,826 | 873,680 | ||||||
Other Non-Current Assets
|
(93,658 | ) | (64,430 | ) | ||||
Total Assets
|
1,476,074 | 1,540,328 | ||||||
Loans and Financing
|
(209,579 | ) | (197,185 | ) | ||||
Suppliers
|
(70,102 | ) | (63,547 | ) | ||||
Salaries Payable
|
(13,039 | ) | (15,362 | ) | ||||
Other current liabilities
|
(107,826 | ) | (95,731 | ) | ||||
Other non-current liabilities
|
(327,564 | ) | (327,301 | ) | ||||
Net Equity
|
747,964 | (841,202 | ) | |||||
Total Liabilities
|
(1,476,074 | ) | (1,540,328 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Radar
|
4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period |
Dec 31, 2013
|
Dec 31, 2012
|
||||||
Net Operating Revenue
|
18,704 | 15,568 | ||||||
Gross Profit
|
18,704 | 15,568 | ||||||
Sales, general and administrative expenses
|
(8,057 | ) | (6,118 | ) | ||||
Other operating income (expenses), net
|
75,410 | 86,917 | ||||||
Financial revenue
|
1,822 | 1,175 | ||||||
Financial expenses
|
(306 | ) | (953 | ) | ||||
Income and Social Contribution Taxes
|
(5,469 | ) | (6,338 | ) | ||||
Net Income (loss)
|
82,104 | 90,251 |
Radar | 4Q 2013 | 3Q 2013 | ||||||
Balance Sheet |
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
13,408 | 13,524 | ||||||
Securities
|
87,978 | 94,685 | ||||||
Accounts Rreceivable
|
28,051 | 22,473 | ||||||
Other Current Assets
|
323,476 | 8,300 | ||||||
Investment Property
|
2,281,509 | 2,523,405 | ||||||
Property, Plant and Equipment
|
11,195 | 11,437 | ||||||
Intangible
|
89 | 85 | ||||||
Other Non-Current Assets
|
4,884 | 4,864 | ||||||
Total Assets
|
2,750,590 | 2,678,773 | ||||||
Suppliers
|
(1,216 | ) | (936 | ) | ||||
Salaries Payable
|
(4,247 | ) | (15,928 | ) | ||||
Other current liabilities
|
(31,020 | ) | (27,185 | ) | ||||
Other non-current liabilities
|
(85,951 | ) | (76,997 | ) | ||||
Net Equity
|
(2,628,156 | ) | (2,557,727 | ) | ||||
Total Liabilities
|
(2,750,590 | ) | (2,678,773 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Other Businesses
|
4Q 2013 | 4Q 2012 | ||||||
Income Statement for the period |
Dec 31, 2013
|
Dec 31, 2012
|
||||||
Net Operating Revenue
|
15 | (0 | ) | |||||
Gross Profit
|
15 | (0 | ) | |||||
Sales, general and administrative expenses
|
(26,224 | ) | (38,101 | ) | ||||
Other operating income (expenses), net
|
826 | (5,372 | ) | |||||
Financial revenue
|
(203,366 | ) | (70,390 | ) | ||||
Financial expenses
|
- | - | ||||||
Foreign exchange variation
|
- | - | ||||||
Derivative
|
- | - | ||||||
Equity pick up
|
227,546 | 316,298 | ||||||
Income and Social Contribution Taxes
|
215,809 | (2,494 | ) | |||||
Equity attributable to non-controlling interests
|
- | (1,110 | ) | |||||
Net Income from discontinued operations
|
- | 137,449 | ||||||
Net Income (loss)
|
214,607 | 336,279 |
Other Businesses | 4Q 2013 | 3Q 2013 | ||||||
Balance Sheet |
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
369,543 | 112,915 | ||||||
Securities
|
- | 1,529 | ||||||
Accounts Rreceivable
|
241 | 241 | ||||||
Inventories
|
- | 2 | ||||||
Other Current Assets
|
332,014 | 413,259 | ||||||
Investments
|
6,101,361 | 6,086,566 | ||||||
Investments in Jointly Owned Subsidiaries
|
8,498,259 | 8,468,439 | ||||||
Property, Plant and Equipment
|
50,429 | 42,646 | ||||||
Intangible
|
3,949 | 2,567 | ||||||
Other Non-Current Assets
|
2,755,373 | 2,638,097 | ||||||
Total Assets
|
18,111,169 | 17,766,261 | ||||||
Loans and Financing
|
(5,073,219 | ) | (4,901,783 | ) | ||||
Suppliers
|
(1,562 | ) | (1,537 | ) | ||||
Salaries Payable
|
(14,070 | ) | (12,799 | ) | ||||
Other current liabilities
|
(260,977 | ) | (243,656 | ) | ||||
Other non-current liabilities
|
(3,543,346 | ) | (3,605,350 | ) | ||||
Net Equity
|
(9,217,995 | ) | (9,001,136 | ) | ||||
Total Liabilities
|
(18,111,169 | ) | (17,766,261 | ) |
Earnings Release
4th Quarter and Fiscal Year 2013
|
Cosan Consolidated
|
4Q 2013 | 3Q 2013 | ||||||
Income Statement for the period
|
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Net Operating Revenue
|
9,389,991 | 8,397,096 | ||||||
Gross Profit
|
1,156,547 | 1,057,181 | ||||||
Sales, general and administrative expenses
|
(707,136 | ) | (636,844 | ) | ||||
Other operating income (expenses), net
|
136,300 | 135,344 | ||||||
Financial revenue
|
114,193 | 82,685 | ||||||
Financial expenses
|
(519,333 | ) | (235,033 | ) | ||||
Foreign exchange variation
|
(92,569 | ) | (16,280 | ) | ||||
Derivative
|
103,367 | 43,900 | ||||||
Equity pick up
|
4,461 | 3,192 | ||||||
Income and Social Contribution Taxes
|
158,767 | (126,532 | ) | |||||
Equity attributable to non-controlling interests
|
(124,812 | ) | (105,786 | ) | ||||
Net Income from discontinued operations
|
- | 137,449 | ||||||
Net Income (loss)
|
229,787 | 339,276 |
Cosan Consolidated
|
4Q 2013 | 3Q 2013 | ||||||
Balance Sheet
|
Dec 31, 2013
|
Sep 30, 2013
|
||||||
Cash and Cash Equivalents
|
2,168,291 | 2,002,767 | ||||||
Securities
|
87,978 | 105,658 | ||||||
Accounts Rreceivable
|
1,770,403 | 1,814,482 | ||||||
Inventories
|
1,840,976 | 1,784,846 | ||||||
Other Current Assets
|
1,576,808 | 1,260,112 | ||||||
Investments
|
418,755 | 201,793 | ||||||
Investment Property
|
2,281,509 | 2,523,405 | ||||||
Biological Assets
|
933,882 | 968,084 | ||||||
Property, Plant and Equipment
|
7,263,095 | 7,244,022 | ||||||
Intangible
|
13,647,310 | 13,519,563 | ||||||
Other Non-Current Assets
|
3,822,569 | 3,389,893 | ||||||
Total Assets
|
35,811,576 | 34,814,625 | ||||||
Loans and Financing
|
(13,127,808 | ) | (12,492,749 | ) | ||||
Suppliers
|
(1,454,769 | ) | (1,471,986 | ) | ||||
Salaries Payable
|
(258,301 | ) | (287,748 | ) | ||||
Other current liabilities
|
(1,056,318 | ) | (979,143 | ) | ||||
Other non-current liabilities
|
(6,343,162 | ) | (6,272,335 | ) | ||||
Net Equity
|
(13,571,218 | ) | (13,310,665 | ) | ||||
Total Liabilities
|
(35,811,576 | ) | (34,814,626 | ) |
COSAN LIMITED
|
||||
Date:
|
February 28, 2014
|
By:
|
/s/ Marcelo Eduardo Martins
|
|
Name:
|
Marcelo Eduardo Martins
|
|||
Title:
|
Chief Financial Officer and Investor Relations Officer
|