Form 20-F
|
X
|
Form 40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Item
|
|
1.
|
Management's Annual Report on Internal Control over Financial Reporting
|
2.
|
Cosan Limited consolidated financial statements at December 31, 2013 and report of independent registered public accounting firm
|
/s/ Rubens Ometto Silveira Mello | /s/ Marcelo Eduardo Martins | ||
Rubens Ometto Silveira Mello | Marcelo Eduardo Martins | ||
Chief Executive Officer | Chief Financial and Investor Relations Officer |
Reports of independent registered public accounting firms
|
2
|
Consolidated statement of financial position
|
5
|
Consolidated statement of profit or loss and
|
|
other comprehensive income
|
7
|
Statement of changes in equity
|
9
|
Consolidated statement of cash flows
|
15
|
Notes to the consolidated financial statements
|
17
|
|
|
Note
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 1, 2012
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
6
|
|
1,509,565
|
|
1,544,072
|
|
1,036,217
|
Restricted cash
|
|
|
|
-
|
|
18,220
|
|
18,233
|
Investment securities
|
|
|
|
87,978
|
|
105,856
|
|
-
|
Trade receivables
|
|
7
|
|
844,483
|
|
857,136
|
|
232,464
|
Derivative financial instruments
|
|
32
|
|
-
|
|
32,301
|
|
-
|
Inventories
|
|
8
|
|
311,980
|
|
275,697
|
|
150,991
|
Receivables from related parties
|
|
11
|
|
46,788
|
|
37,642
|
|
70,432
|
Income tax receivable
|
|
|
|
56,340
|
|
42,644
|
|
49,796
|
Other current tax receivable
|
|
9
|
|
85,433
|
|
63,720
|
|
16,584
|
Other financial assets
|
|
10
|
|
63,054
|
|
59,299
|
|
40,080
|
Dividends receivable
|
|
|
|
26,350
|
|
119,297
|
|
226,703
|
Other assets
|
|
|
|
217,927
|
|
202,065
|
|
58,311
|
|
|
|
|
3,249,898
|
|
3,357,949
|
|
1,899,811
|
|
|
|
|
|
|
|
|
|
Assets held for sale
|
|
31
|
|
314,104
|
|
85,426
|
|
-
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
3,564,002
|
|
3,443,375
|
|
1,899,811
|
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
7
|
|
238,460
|
|
9,505
|
|
-
|
Deferred tax assets
|
|
21
|
|
232,188
|
|
220,356
|
|
245,267
|
Receivables from related parties
|
|
11
|
|
504,481
|
|
535,336
|
|
718,615
|
Income tax receivable
|
|
|
|
49,268
|
|
38,840
|
|
-
|
Other non-current tax receivable
|
|
9
|
|
18,366
|
|
17,881
|
|
1,006
|
Judicial deposits
|
|
22
|
|
361,554
|
|
383,253
|
|
351,354
|
Other financial assets
|
|
10
|
|
407,107
|
|
446,950
|
|
640,964
|
Derivative financial instruments
|
|
32
|
|
513,934
|
|
113,555
|
|
-
|
Other non-current asset
|
|
|
|
493,340
|
|
412,022
|
|
366,369
|
Equity method investments
|
|
13
|
|
103,316
|
|
50,556
|
|
325,577
|
Investment in joint ventures
|
|
14
|
|
8,498,259
|
|
8,582,741
|
|
8,189,588
|
Investment property
|
|
15
|
|
2,281,509
|
|
2,473,438
|
|
-
|
Property, plant and equipment
|
|
16
|
|
1,271,910
|
|
1,178,297
|
|
1,656,149
|
Intangible assets and goodwill
|
|
17
|
|
10,078,040
|
|
9,614,898
|
|
1,469,382
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
25,051,732
|
|
24,077,628
|
|
13,964,271
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
28,615,734
|
|
27,521,003
|
|
15,864,082
|
|
|
Note
|
|
December 31,
2013
|
|
March 31, 2013
(Restated) |
|
April 1, 2012
|
Liabilities
|
|
|
|
|
|
|
|
|
Loans and borrowings
|
|
18
|
|
1,050,862
|
|
1,608,373
|
|
83,505
|
Derivative financial instruments
|
|
32
|
|
50,879
|
|
10,009
|
|
5,282
|
Trade payables
|
|
19
|
|
862,429
|
|
799,479
|
|
95,318
|
Employee benefits payable
|
|
|
|
103,296
|
|
94,262
|
|
42,894
|
Income tax payable
|
|
|
|
28,143
|
|
12,672
|
|
7,016
|
Other current tax payable
|
|
20
|
|
199,056
|
|
147,691
|
|
132,674
|
Dividends payable
|
|
|
|
92,759
|
|
83,279
|
|
8,696
|
Payables to related parties
|
|
11
|
|
105,463
|
|
91,433
|
|
121,769
|
Other current liabilities
|
|
|
|
157,806
|
|
139,909
|
|
105,705
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
2,650,693
|
|
2,987,107
|
|
602,859
|
|
|
|
|
|
|
|
|
|
Loans and borrowings
|
|
18
|
|
8,042,094
|
|
6,899,631
|
|
1,993,851
|
Derivative financial instruments
|
|
32
|
|
280,462
|
|
-
|
|
-
|
Other non-current tax payable
|
|
20
|
|
1,010,767
|
|
951,207
|
|
1,185,907
|
Provision for legal proceedings
|
|
22
|
|
722,458
|
|
825,684
|
|
764,266
|
Payables to related parties
|
|
11
|
|
-
|
|
-
|
|
16,626
|
Pension and post-employment benefits
|
|
33
|
|
339,135
|
|
376,059
|
|
37,312
|
Deferred tax liabilities
|
|
21
|
|
1,698,622
|
|
1,766,264
|
|
1,305,826
|
Other non-current liabilities
|
|
|
|
551,739
|
|
509,030
|
|
530,880
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
12,645,277
|
|
11,327,875
|
|
5,834,668
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
15,295,970
|
|
14,314,982
|
|
6,437,527
|
|
|
|
|
|
|
|
|
|
Equity
|
|
23
|
|
|
|
|
|
|
Share capital
|
|
|
|
5,328
|
|
5,328
|
|
5,328
|
Additional paid in capital
|
|
|
|
3,828,858
|
|
3,856,849
|
|
3,811,808
|
Other comprehensive income
|
|
|
|
(84,887)
|
|
(58,908)
|
|
(176,500)
|
Retained earnings
|
|
|
|
2,136,975
|
|
2,194,051
|
|
1,923,638
|
|
|
|
|
|
|
|
|
|
Equity attributable to:
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
5,886,274
|
|
5,997,320
|
|
5,564,274
|
Non-controlling interests
|
|
13
|
|
7,433,490
|
|
7,208,701
|
|
3,862,281
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
13,319,764
|
|
13,206,021
|
|
9,426,555
|
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
|
|
28,615,734
|
|
27,521,003
|
|
15,864,082
|
Nine months
ended December
31, 2013
|
||||||||
Note
|
March 31, 2013
(Restated) |
March 31, 2012(Restated) | ||||||
Net sales
|
|
27
|
|
6,878,214
|
|
4,586,209
|
|
4,563,554
|
Cost of sales
|
|
28
|
|
(4,878,229)
|
|
(3,211,309)
|
|
(3,696,185)
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
1,999,985
|
|
1,374,900
|
|
867,369
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
28
|
|
(603,965)
|
|
(459,433)
|
|
(318,429)
|
General and administrative expenses
|
|
28
|
|
(466,933)
|
|
(419,533)
|
|
(274,462)
|
Other income (expense), net
|
|
30
|
|
76,272
|
|
173,739
|
|
(21,729)
|
|
|
|
|
(994,626)
|
|
(705,227)
|
|
(614,620)
|
|
|
|
|
|
|
|
|
|
Gain on the de-recognition of subsidiaries to form the Joint Ventures
|
|
26
|
|
-
|
|
-
|
|
2,752,731
|
|
|
|
|
|
|
|
|
|
Operating (expense) income
|
|
|
|
(994,626)
|
|
(705,227)
|
|
2,138,111
|
|
|
|
|
|
|
|
|
|
Income before financial results, equity in income of associates and income taxes
|
|
|
|
1,005,359
|
|
669,673
|
|
3,005,480
|
|
|
|
|
|
|
|
|
|
Equity in income of investees
|
|
|
|
|
|
|
|
|
Equity in income of associates
|
|
13
|
|
5,497
|
|
70,414
|
|
39,188
|
Equity in income of jointly controlled entity
|
|
14
|
|
242,036
|
|
603,912
|
|
349,363
|
|
|
|
|
247,533
|
|
674,326
|
|
388,551
|
Financial results
|
|
29
|
|
|
|
|
|
|
Finance expense
|
|
|
|
(804,606)
|
|
(578,005)
|
|
(580,769)
|
Finance income
|
|
|
|
179,904
|
|
163,663
|
|
323,633
|
Foreign exchange losses, net
|
|
|
|
(324,495)
|
|
(83,254)
|
|
(16,535)
|
Derivatives
|
|
|
|
235,485
|
|
74,483
|
|
14,596
|
|
|
|
|
(713,712)
|
|
(423,113)
|
|
(259,075)
|
|
|
|
|
|
|
|
|
|
Profit before taxes
|
|
|
|
539,180
|
|
920,886
|
|
3,134,956
|
|
|
|
|
|
|
|
|
|
Income taxes expenses
|
|
21
|
|
|
|
|
|
|
Current
|
|
|
|
(129,976)
|
|
(100,049)
|
|
(58,743)
|
Deferred
|
|
|
|
90,782
|
|
(26,304)
|
|
(960,364)
|
|
|
|
|
(39,194)
|
|
(126,353)
|
|
(1,019,107)
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
499,986
|
|
794,533
|
|
2,115,849
|
Profit from discontinued operations, net of tax
|
|
|
|
-
|
|
138,918
|
|
64,248
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
|
|
499,986
|
|
933,451
|
|
2,180,097
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Items that will not be reclassified to profit or loss:
|
|
|
|
|
|
|
|
|
Actuarial gain (loss) on defined benefit plan
|
|
|
|
42,438
|
|
(52,253)
|
|
-
|
Taxes on items that will not be reclassified to profit or loss
|
|
|
|
(14,429)
|
|
(17,767)
|
|
-
|
|
|
|
|
28,009
|
|
(70,020)
|
|
-
|
Items that may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
Foreign currency translation effect
|
|
|
|
(42,892)
|
|
2,583
|
|
20,724
|
(Loss) gain on cash flow hedge in jointly controlled entity
|
|
|
|
(9,736)
|
|
54,083
|
|
238,503
|
Revaluation of investment property
|
|
|
|
-
|
|
83,318
|
|
-
|
Changes in fair value of available for sale securities
|
|
|
|
13,753
|
|
10,805
|
|
(35,892)
|
Taxes on items that may be reclassified subsequently to profit or loss
|
|
|
|
(1,366)
|
|
120,889
|
|
(68,888)
|
|
|
|
|
(40,241)
|
|
271,678
|
|
154,447
|
Other comprehensive (loss) income for the year, net of tax
|
|
|
|
(12,232)
|
|
201,658
|
|
154,447
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
487,754
|
|
1,135,109
|
|
2,334,544
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
Owners of the Company (including discontinued operations)
|
|
|
|
122,618
|
|
424,070
|
|
1,176,367
|
Non-controlling interests
|
|
|
|
377,368
|
|
509,381
|
|
1,003,730
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
96,639
|
|
541,662
|
|
1,275,486
|
Non-controlling interests
|
|
|
|
391,115
|
|
593,447
|
|
1,059,058
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
24
|
|
|
|
|
|
|
Continued operations
|
|
|
|
R$ 0.46
|
|
R$ 1.27
|
|
R$ 4.23
|
Discontinued operations
|
|
|
|
-
|
|
R$ 0.33
|
|
R$ 0.15
|
|
|
|
|
R$ 0.46
|
|
R$ 1.60
|
|
R$ 4.38
|
Diluted earnings per share
|
|
24
|
|
|
|
|
|
|
Continued operations
|
|
|
|
R$ 0.33
|
|
R$ 1.06
|
|
R$ 4.23
|
Discontinued operations
|
|
|
|
-
|
|
R$ 0.33
|
|
R$ 0.15
|
|
|
|
|
R$ 0.33
|
|
R$ 1.39
|
|
R$ 4.38
|
|
|
|
Capital reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital |
|
Additional
paid in |
|
Other
comprehensive |
|
Retained
earnings |
|
Equity attributable
to owners |
|
Non-
controlling |
|
Total
equity |
|
At April 01, 2011
|
5,328
|
|
3,943,837
|
|
(275,619)
|
|
879,262
|
|
4,552,808
|
|
2,762,929
|
|
7,315,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
-
|
|
-
|
|
-
|
|
1,176,367
|
|
1,176,367
|
|
1,003,730
|
|
2,180,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation effects
|
-
|
|
-
|
|
15,790
|
|
-
|
|
15,790
|
|
4,934
|
|
20,724
|
|
Gain on cash flow hedge in jointly controlled entity
|
-
|
|
-
|
|
98,087
|
|
-
|
|
98,087
|
|
59,325
|
|
157,412
|
|
Changes in fair value of available for sale securities
|
-
|
|
-
|
|
(14,758)
|
|
-
|
|
(14,758)
|
|
(8,931)
|
|
(23,689)
|
|
Total comprehensive income for the year
|
-
|
|
-
|
|
99,119
|
|
1,176,367
|
|
1,275,486
|
|
1,059,058
|
|
2,334,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends - non-controlling interests
|
-
|
|
(30,065)
|
|
-
|
|
-
|
|
(30,065)
|
|
(17,173)
|
|
(47,238)
|
|
Share based compensation
|
-
|
|
6,728
|
|
-
|
|
-
|
|
6,728
|
|
4,072
|
|
10,800
|
|
Acquisition of treasury shares
|
-
|
|
(109,392)
|
|
-
|
|
-
|
|
(109,392)
|
|
-
|
|
(109,392)
|
|
Dividends
|
-
|
|
-
|
|
-
|
|
(140,998)
|
|
(140,998)
|
|
-
|
|
(140,998)
|
|
Total contributions by and distributions to owners of the Company
|
-
|
|
(132,729)
|
|
-
|
|
(140,998)
|
|
(273,727)
|
|
(13,101)
|
|
(286,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formation of the Joint Ventures
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(16,457)
|
|
(16,457)
|
|
Corporate reorganization - Rumo Group
|
-
|
|
-
|
|
-
|
|
(1,993)
|
|
(1,993)
|
|
77,864
|
|
75,871
|
|
Other
|
-
|
|
700
|
|
-
|
|
11,000
|
|
11,700
|
|
(8,012)
|
|
3,688
|
|
Total transactions with owners of the Company
|
-
|
|
700
|
|
-
|
|
9,007
|
|
9,707
|
|
53,395
|
|
63,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
5,328
|
|
3,811,808
|
|
(176,500)
|
|
1,923,638
|
|
5,564,274
|
|
3,862,281
|
|
9,426,555
|
|
|
|
Capital reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital |
|
Additional
paid in |
|
Other
comprehensive |
|
Retained
earnings |
|
Equity attributable
to owners |
|
Non-
controlling |
|
Total
equity |
|
At April 01, 2012
|
5,328
|
|
3,811,808
|
|
(176,500)
|
|
1,923,638
|
|
5,564,274
|
|
3,862,281
|
|
9,426,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
-
|
|
-
|
|
-
|
|
424,070
|
|
424,070
|
|
509,381
|
|
933,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation effects
|
-
|
|
-
|
|
(3,381)
|
|
-
|
|
(3,381)
|
|
5,964
|
|
2,583
|
|
Loss on cash flow hedge in jointly controlled entity
|
-
|
|
-
|
|
22,239
|
|
-
|
|
22,239
|
|
13,456
|
|
35,695
|
|
Revaluation of investment property
|
-
|
|
-
|
|
118,832
|
|
-
|
|
118,832
|
|
71,903
|
|
190,735
|
|
Actuarial loss on defined benefit plan
|
-
|
|
-
|
|
(21,486)
|
|
-
|
|
(21,486)
|
|
(13,001)
|
|
(34,487)
|
|
Changes in fair value of available for sale securities
|
-
|
|
-
|
|
1,388
|
|
-
|
|
1,388
|
|
5,744
|
|
7,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
-
|
|
-
|
|
117,592
|
|
424,070
|
|
541,662
|
|
593,447
|
|
1,135,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share options exercised
|
-
|
|
10,444
|
|
-
|
|
-
|
|
10,444
|
|
6,320
|
|
16,764
|
|
Dividends - non-controlling interests
|
-
|
|
(1,295)
|
|
-
|
|
-
|
|
(1,295)
|
|
1,316
|
|
21
|
|
Share based compensation
|
-
|
|
8,284
|
|
-
|
|
-
|
|
8,284
|
|
5,012
|
|
13,296
|
|
Dividends
|
-
|
|
-
|
|
-
|
|
(153,657)
|
|
(153,657)
|
|
(315,259)
|
|
(468,916)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contributions by and distributions to owners of the Company
|
-
|
|
17,433
|
|
-
|
|
(153,657)
|
|
(136,224)
|
|
(302,611)
|
|
(438,835)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate reorganization - Raízen Group
|
-
|
|
31,693
|
|
-
|
|
-
|
|
31,693
|
|
19,173
|
|
50,866
|
|
Acquisition of treasury shares
|
-
|
|
(17,250)
|
|
-
|
|
-
|
|
(17,250)
|
|
-
|
|
(17,250)
|
|
Acquisition of non-controlling interest
|
-
|
|
(2,859)
|
|
-
|
|
-
|
|
(2,859)
|
|
(79,641)
|
|
(82,500)
|
|
Business combination - COMGÁS
|
-
|
|
15,754
|
|
-
|
|
-
|
|
15,754
|
|
1,863,331
|
|
1,879,085
|
|
Business combination - Radar
|
-
|
|
270
|
|
-
|
|
-
|
|
270
|
|
1,285,593
|
|
1,285,863
|
|
Business combination - Logispot non-controlling interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(32,872)
|
|
(32,872)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners of the Company
|
-
|
|
27,608
|
|
-
|
|
-
|
|
27,608
|
|
3,055,584
|
|
3,083,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
5,328
|
|
3,856,849
|
|
(58,908)
|
|
2,194,051
|
|
5,997,320
|
|
7,208,701
|
|
13,206,021
|
|
|
|
Capital reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital |
|
Additional
paid in |
|
Other
comprehensive |
|
Retained
earnings |
|
Equity attributable
to owners |
|
Non-
controlling |
|
Total
equity |
|
At April 01, 2013
|
5,328
|
|
3,856,849
|
|
(58,908)
|
|
2,194,051
|
|
5,997,320
|
|
7,208,701
|
|
13,206,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the nine months
|
-
|
|
-
|
|
-
|
|
122,618
|
|
122,618
|
|
377,368
|
|
499,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation effects
|
-
|
|
-
|
|
(34,984)
|
|
-
|
|
(34,984)
|
|
(7,907)
|
|
(42,891)
|
|
Loss on cash flow hedge in jointly controlled entity
|
-
|
|
-
|
|
(4,004)
|
|
-
|
|
(4,004)
|
|
(2,422)
|
|
(6,426)
|
|
Actuarial gain on defined benefit plan
|
-
|
|
-
|
|
11,334
|
|
-
|
|
11,334
|
|
16,675
|
|
28,009
|
|
Changes in fair value of available for sale securities
|
-
|
|
-
|
|
1,675
|
|
-
|
|
1,675
|
|
7,402
|
|
9,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the nine months
|
-
|
|
-
|
|
(25,979)
|
|
122,618
|
|
96,639
|
|
391,116
|
|
487,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share options exercised
|
-
|
|
10,120
|
|
-
|
|
-
|
|
10,120
|
|
6,123
|
|
16,243
|
|
Dividends - non-controlling interests
|
-
|
|
889
|
|
-
|
|
-
|
|
889
|
|
(589)
|
|
300
|
|
Share based compensation
|
-
|
|
4,109
|
|
-
|
|
-
|
|
4,109
|
|
2,486
|
|
6,595
|
|
Dividends
|
-
|
|
-
|
|
-
|
|
(179,694)
|
|
(179,694)
|
|
(148,586)
|
|
(328,280)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contributions by and distributions to owners of the Company
|
-
|
|
15,118
|
|
-
|
|
(179,694)
|
|
(164,576)
|
|
(140,566)
|
|
(305,142)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of treasury shares
|
-
|
|
(43,412)
|
|
-
|
|
-
|
|
(43,412)
|
|
(26,268)
|
|
(69,680)
|
|
Expired dividends
|
-
|
|
303
|
|
-
|
|
-
|
|
303
|
|
507
|
|
810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners of the Company
|
-
|
|
(43,109)
|
|
-
|
|
-
|
|
(43,109)
|
|
(25,761)
|
|
(68,870)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2013
|
5,328
|
|
3,828,858
|
|
(84,887)
|
|
2,136,975
|
|
5,886,274
|
|
7,433,490
|
|
13,319,764
|
Nine months
ended December
31, 2013
|
Year ended | |||||||
Note
|
March 31, 2013
(Restated) |
March 31, 2012
(Restated) |
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Profit before taxes
|
|
|
539,180
|
|
920.886
|
|
3,134,956
|
|
Adjustments for:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
16 / 17
|
|
439,144
|
|
334,786
|
|
260,880
|
|
Biological assets
|
|
|
-
|
|
-
|
|
(9,136)
|
|
Equity in income of investees
|
13
|
|
(5,497)
|
|
(70,414)
|
|
(39,188)
|
|
Equity in income of jointly controlled entity
|
14
|
|
(242,036)
|
|
(603.912)
|
|
(349,363)
|
|
Gain (loss) on disposal of assets
|
|
|
6,922
|
|
(100,349)
|
|
(19,516)
|
|
Share-based compensation expense
|
|
|
6,595
|
|
13,295
|
|
10,800
|
|
Changes in fair value of investment property
|
15
|
|
(125,324)
|
|
(138,776)
|
|
-
|
|
Provisions for legal proceedings
|
|
|
80,944
|
|
49,334
|
|
80,943
|
|
Indexation charges, interest and exchange gains/losses, net
|
|
|
825,774
|
|
438,361
|
|
355,072
|
|
Effect of the formation of Joint Ventures
|
|
|
-
|
|
-
|
|
(2,850,868)
|
|
Other
|
|
|
43,948
|
|
67,440
|
|
16,974
|
|
|
|
|
1,569,650
|
|
910,651
|
|
591,554
|
|
Changes in:
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
(254,236)
|
|
(62,414)
|
|
(285,107)
|
|
Securities
|
|
|
-
|
|
(14,276)
|
|
-
|
|
Restricted cash
|
|
|
18,220
|
|
-
|
|
124,659
|
|
Cash from discontinued operations
|
31
|
|
-
|
|
116,387
|
|
21,233
|
|
Inventories
|
|
|
(28,324)
|
|
(33,355)
|
|
(371,060)
|
|
Recoverable taxes
|
|
|
(13,167)
|
|
(28,488)
|
|
83,798
|
|
Related parties
|
|
|
(8,519)
|
|
(104,078)
|
|
(280,886)
|
|
Advances to suppliers
|
|
|
4,954
|
|
15,269
|
|
(103,972)
|
|
Trade payables
|
|
|
55,728
|
|
(5,280)
|
|
103,469
|
|
Employee benefits
|
|
|
(14,216)
|
|
(55,194)
|
|
89,807
|
|
Provisions for legal proceedings
|
|
|
(107,484)
|
|
(9,212)
|
|
71,593
|
|
Income tax and other tax
|
|
|
(156,476)
|
|
(313,702)
|
|
745,229
|
|
Other
|
|
|
82,340
|
|
(133,193)
|
|
(138,333)
|
|
|
|
|
(421,180)
|
|
(627,536)
|
|
60,430
|
|
|
|
|
|
|
|
|
|
|
Net cash generated by operating activities
|
|
|
1,148,470
|
|
283,115
|
|
651,984
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Acquisitions net of cash acquired
|
|
|
-
|
|
(2,995,499)
|
|
(145,861)
|
|
Capital contribution in associates
|
|
|
(79,594)
|
|
(61,014)
|
|
-
|
|
Cash contributed - formation of Raízen
|
|
|
-
|
|
-
|
|
(394,766)
|
|
Dividends received from associates
|
|
|
3,684
|
|
-
|
|
-
|
|
Dividends received from jointly controlled entity
|
|
|
406,424
|
|
578,757
|
|
134,051
|
|
Acquisition of property, plant and equipment and intangible assets
|
16 / 17
|
|
(976,119)
|
|
(649,681)
|
|
(678,442)
|
|
Acquisition of biological assets
|
|
|
-
|
|
-
|
|
(158,119)
|
|
Proceeds from sale of property, plant and equipment, intangible and investments, net of cash contributed
|
|
|
65,350
|
|
220,719
|
|
65,835
|
|
Proceeds from sale of discontinued operation
|
31
|
|
57,175
|
|
196,546
|
|
-
|
|
Net cash used in discontinued operation
|
31
|
|
-
|
|
(411)
|
|
(2,859)
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(523,080)
|
|
(2,710,583)
|
|
(1,180,161)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Loans and borrowings raised
|
|
|
1,072,339
|
|
6,197,855
|
|
1,818,518
|
|
Payment of principal and interest on loans and borrowings
|
|
|
(1,460,470)
|
|
(2,787,121)
|
|
(963,388)
|
|
Acquisition of non-controlling interest
|
|
|
-
|
|
(82,500)
|
|
-
|
|
Redemption of shares in subsidiary
|
|
|
-
|
|
-
|
|
(99,784)
|
|
Derivative financial instruments
|
|
|
82,621
|
|
-
|
|
(96,606)
|
|
Dividends paid
|
|
|
(314,446)
|
|
(396,462)
|
|
(333,659)
|
|
Treasury shares
|
|
|
(69,659)
|
|
(17,250)
|
|
(48,258)
|
|
Proceeds from exercise of share options
|
|
|
16,243
|
|
16,764
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) generated by financing activities
|
|
|
(673,372)
|
|
2,931,286
|
|
276,823
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
|
(47,982)
|
|
503,818
|
|
(251,354)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
|
|
1,544,072
|
|
1,036,217
|
|
1,271,780
|
|
Effect of exchange rate fluctuations on cash held
|
|
|
13,475
|
|
4,037
|
|
15,791
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the ended of the year
|
|
|
1,509,565
|
|
1,544,072
|
|
1,036,217
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
|
|
Interest paid
|
|
|
376,526
|
|
166,068
|
|
136,210
|
|
Income taxes paid
|
|
|
129,539
|
|
224,640
|
|
80,699
|
1
|
Operations
|
2
|
Basis of preparation
|
2.1
|
Statement of compliance
|
2.2
|
Basis of measurement
|
·
|
Derivative financial instruments are measured at fair value;
|
·
|
Non-derivative financial instruments at fair value through profit or loss are measured at fair value;
|
·
|
Available-for-sale financial assets are measured at fair value;
|
·
|
Investment property is measured at fair value; and
|
·
|
Employees’ defined benefit obligations are presented at the present value of the actuarial obligation net of the fair value of plan assets as explained in Note 33.
|
2.3
|
Functional and presentation currency
|
2.4
|
Use of estimates and judgments
|
·
|
Note 12 – Business combinations
|
·
|
Notes 16 and 17 – Property, plant and equipment and intangible assets
|
·
|
Note 21 – Income taxes and social contribution
|
·
|
Other non-current asset
|
·
|
Note 7 – Trade receivables
|
·
|
Note 32 – Fair value of derivatives and other financial instruments
|
·
|
Note 33 – Pension and other post-employment benefit plans
|
·
|
Note 34 – Share based payments
|
·
|
Note 22 – Provisions for legal proceedings recognized on business combination transactions
|
3
|
Significant accounting policies
|
3.1
|
Basis of consolidation
|
|
Ownership percentage
|
||||
|
December 31, 2013
|
|
March 31, 2013
|
|
April 1, 2012
|
Directly owned subsidiary
|
|
|
|
|
|
_Cosan S.A.
|
62.30
|
|
62.30
|
|
62.30
|
|
|
|
|
|
|
Interest of Cosan S.A. in its subsidiaries
|
|
|
|
|
|
Subsidiaries
|
|
|
|
|
|
Administração de Participações Aguassanta Ltda.
|
65.00
|
|
65.00
|
|
91.50
|
Águas da Ponte Alta S.A.
|
65.00
|
|
65.00
|
|
91.50
|
Bioinvestments Negócios e Participações S.A.
|
65.00
|
|
65.00
|
|
91.50
|
CCL Cayman Finance Limited
|
100.00
|
|
100.00
|
|
100.00
|
Comma Oil Chemicals
|
100.00
|
|
100.00
|
|
-
|
Companhia de Gás de São Paulo - COMGÁS
|
60.05
|
|
60.05
|
|
-
|
Copsapar Participações S.A.
|
-
|
|
-
|
|
90.00
|
Cosan Biomassa S.A.
|
100.00
|
|
100.00
|
|
-
|
Cosan Cayman Finance Limited
|
100.00
|
|
100.00
|
|
100.00
|
Cosan Cayman II Limited
|
100.00
|
|
100.00
|
|
100.00
|
Cosan Global Limited
|
100.00
|
|
-
|
|
-
|
Cosan Infraestrutura S.A.
|
100.00
|
|
100.00
|
|
-
|
Cosan Lubes Investiments Limited
|
100.00
|
|
100.00
|
|
-
|
Cosan Investimentos e Participações S.A.
|
100.00
|
|
-
|
|
-
|
Cosan Lubrificantes e Especialidades S.A.
|
100.00
|
|
100.00
|
|
100.00
|
Cosan Luxembourg S.A.
|
100.00
|
|
100.00
|
|
-
|
Cosan Overseas Limited
|
100.00
|
|
100.00
|
|
100.00
|
Cosan US, Inc.
|
100.00
|
|
100.00
|
|
-
|
Docelar Alimentos e Bebidas S.A.
|
-
|
|
-
|
|
99.90
|
Handson Participações S.A.
|
-
|
|
-
|
|
100.00
|
Logispot Armazéns Gerais S.A.(2)
|
38.25
|
|
38.25
|
|
38.25
|
Nova Agrícola Ponte Alta S.A.(1)
|
29.50
|
|
29.50
|
|
-
|
Nova Amaralina S.A. Propriedades Agrícolas(1)
|
29.50
|
|
29.50
|
|
-
|
Nova Santa Barbara Agrícola S.A.(1)
|
29.50
|
|
29.50
|
|
-
|
Novo Rumo Logística S.A.
|
100.00
|
|
100.00
|
|
92.90
|
Pasadena Empreendimentos e Participações S.A.
|
100.00
|
|
100.00
|
|
100.00
|
Proud Participações S.A.
|
65.00
|
|
65.00
|
|
100.00
|
Radar II Propriedades Agrícolas S.A.
|
65.00
|
|
65.00
|
|
-
|
Radar Propriedades Agrícolas S.A. (1)
|
29.50
|
|
29.50
|
|
-
|
Rumo Logística Operadora Multimodal S.A.
|
75.00
|
|
75.00
|
|
69.67
|
Stallion S.A.
|
100.00
|
|
100.00
|
|
100.00
|
Terras da Ponte Alta S.A.(1)
|
29.50
|
|
29.50
|
|
-
|
Vale da Ponte Alta S.A.
|
65.00
|
|
65.00
|
|
91.50
|
(1)
|
See details related on gain of control in Note 12 II;
|
(2)
|
Cosan has control over this subsidiary through an interest of 51% held by Rumo.
|
a)
|
Business combinations
|
b)
|
Non-controlling interests
|
·
|
At fair value; or
|
·
|
At their proportionate share of the acquiree’s identifiable net assets, which are generally at fair value.
|
c)
|
Subsidiaries
|
d)
|
Investments in associates (equity method investees)
|
e)
|
Investments in jointly controlled entities
|
f)
|
Transactions eliminated on consolidation
|
3.2
|
Foreign currency
|
a)
|
Foreign currency transactions
|
·
|
Available-for-sale equity investments (except an impairment is recognized in which case foreign currency differences that have been recognized in other comprehensive income are reclassified to profit or loss);
|
·
|
A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; or
|
·
|
Qualifying cash flow hedges to the extent the hedge is effective.
|
b)
|
Foreign operations
|
c)
|
Translation of subsidiaries and associates’ financial statements
|
·
|
Assets and liabilities have been translated using the exchange rate at the balance sheet date;
|
·
|
Statement of income, comprehensive income and statement of cash flows have been translated using the monthly average exchange rate; and
|
·
|
Equity has been translated using the historical exchange rate.
|
3.3
|
Financial instruments
|
a)
|
Non-derivative financial assets
|
I.
|
Financial assets at fair value through profit or loss
|
II.
|
Held-to-maturity financial assets
|
III.
|
Loans and receivables
|
IV.
|
Available-for-sale financial assets
|
b)
|
Cash and cash equivalents
|
c)
|
Non-derivative financial liabilities
|
d)
|
Derivative financial instruments, including hedge accounting
|
·
|
The economic characteristics and risks of the host contract and the embedded derivative are not closely related;
|
·
|
A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and
|
·
|
The combined instrument is not measured at fair value through profit or loss.
|
I.
|
Cash flow hedges
|
II.
|
Fair value hedge
|
III.
|
Embedded derivatives
|
IV.
|
Other derivative financial instruments
|
3.4
|
Inventory
|
3.5
|
Non-current assets held for sale and discontinued operations
|
3.6
|
Investment property
|
3.7
|
Property, plant and equipment
|
a)
|
Recognition and measurement
|
·
|
The cost of materials and direct labor;
|
·
|
Any other costs directly attributable to bringing the assets to a working condition for their intended use;
|
·
|
When the Company has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and
|
·
|
Capitalized borrowing costs;
|
b)
|
Reclassification to investment property
|
c)
|
Subsequent costs
|
d)
|
Depreciation
|
Buildings and Improvements
|
4%
|
Machinery, Equipment and Facilities
|
3% to 10%
|
Airplanes, Vessels and Vehicles
|
10% to 20%
|
Rail Cars
|
2.90%
|
Locomotives
|
3.30%
|
Furniture and Fixtures
|
10%
|
Computer Equipment
|
20%
|
3.8
|
Intangible assets and goodwill
|
a)
|
Goodwill
|
b)
|
Research and development
|
c)
|
Other intangible assets
|
d)
|
Subsequent expenditure
|
e)
|
Amortization
|
f)
|
Contracts with customers
|
g)
|
Intangible assets related to the gas concession agreement
|
3.9
|
Impairment
|
a)
|
Non-derivative financial assets
|
I.
|
Financial assets measured at amortized cost
|
II.
|
Available-for-sale financial assets
|
b)
|
Non-financial assets
|
a)
|
Short-term employee benefits
|
b)
|
Share-based payment transactions
|
c)
|
Defined contribution plans
|
d)
|
Defined benefit plans
|
e)
|
Other long-term employee benefit
|
a)
|
Sales of goods
|
b)
|
Sales of services
|
I.
|
Billed revenue
|
II.
|
Unbilled revenue
|
III.
|
Concession construction revenue
|
a)
|
Leased assets
|
b)
|
Leased payments
|
c)
|
Determining whether an arrangement contains a lease
|
·
|
The fulfillment of the arrangement is dependent on the use of a specific asset or assets; and
|
·
|
The arrangement contains a right to use the asset(s).
|
a)
|
Current tax
|
b)
|
Deferred tax
|
·
|
Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;
|
·
|
Temporary differences related to investments in subsidiaries, associates and jointly controlled entities to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and
|
·
|
Taxable temporary differences arising on the initial recognition of goodwill.
|
c)
|
Indirect tax
|
d)
|
Tax exposures
|
4
|
Changes in accounting policies and disclosures and immaterial correction of an error
|
I.
|
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortized cost. The determination is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement, unless this
|
II.
|
IFRIC 21, ‘Levies’, sets out the accounting for an obligation to pay a levy that is not income tax. The interpretation addresses what the obligating event is that gives rise to pay a levy and when should a liability be recognized. The Company is not currently subject to significant levies therefore it does not expect that the application of the new standard will have a material impact on the Company’s consolidated financial statements.
|
(a)
|
Amendment to IAS 1, Presentation of Financial Statement
|
(b)
|
IFRS 10, Consolidated Financial Statement
|
(c)
|
IFRS 11, Joint Arrangements
|
(d)
|
IFRS 12, Disclosure of Interests in Other Entities
|
(e)
|
IFRS 13, Fair Value measurement
|
Year ending
|
|
March 31st, 2013
|
17,896
|
March 31st, 2012
|
12,098
|
March 31st, 2011
|
19,638
|
|
49,632
|
March 31, 2013 | |||||||
As previously reported
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
2,493,179
|
|
(949,107)
|
|
-
|
|
1,544,072
|
Restricted cash
|
92,596
|
|
(74,376)
|
|
-
|
|
18,220
|
Investment securities
|
105,856
|
|
-
|
|
-
|
|
105,856
|
Trade receivables
|
1,691,559
|
|
(834,423)
|
|
-
|
|
857,136
|
Derivative financial instruments
|
115,364
|
|
(83,063)
|
|
-
|
|
32,301
|
Inventories
|
911,910
|
|
(636,213)
|
|
-
|
|
275,697
|
Receivables from related parties
|
202,476
|
|
(164,834)
|
|
-
|
|
37,642
|
Advances to suppliers
|
268,516
|
|
(268,516)
|
|
-
|
|
-
|
Income tax receivable
|
152,906
|
|
(110,262)
|
|
-
|
|
42,644
|
Other current tax receivable
|
278,697
|
|
(165,345)
|
|
(49,632)
|
|
63,720
|
Other financial assets
|
59,299
|
|
-
|
|
-
|
|
59,299
|
Dividends receivable
|
-
|
|
119,297
|
|
-
|
|
119,297
|
Other assets
|
96,011
|
|
106,054
|
|
-
|
|
202,065
|
|
6,468,369
|
|
(3,060,788)
|
|
(49,632)
|
|
3,357,949
|
|
|
|
|
|
|
|
|
Assets held for sale
|
85,426
|
|
-
|
|
-
|
|
85,426
|
|
|
|
|
|
|
|
|
Current assets
|
6,553,795
|
|
(3,060,788)
|
|
(49,632)
|
|
3,443,375
|
|
|
|
|
|
|
|
|
Trade receivables
|
73,386
|
|
(63,881)
|
|
-
|
|
9,505
|
Deferred tax assets
|
388,732
|
|
(185,251)
|
|
16,875
|
|
220,356
|
Advances to suppliers
|
14,856
|
|
(14,856)
|
|
-
|
|
-
|
Receivables from related parties
|
681,512
|
|
(146,176)
|
|
-
|
|
535,336
|
Income tax receivable
|
-
|
|
38,840
|
|
-
|
|
38,840
|
Other non-current tax receivable
|
136,305
|
|
(118,424)
|
|
-
|
|
17,881
|
Judicial deposits
|
544,895
|
|
(161,642)
|
|
-
|
|
383,253
|
Other financial assets
|
627,137
|
|
(180,187)
|
|
-
|
|
446,950
|
Derivative financial instruments
|
113,555
|
|
-
|
|
-
|
|
113,555
|
Other non-current asset
|
434,488
|
|
(22,466)
|
|
-
|
|
412,022
|
Equity method investments
|
168,032
|
|
(117,476)
|
|
-
|
|
50,556
|
Investment in joint ventures
|
-
|
|
8,582,741
|
|
-
|
|
8,582,741
|
Investment property
|
2,473,438
|
|
-
|
|
-
|
|
2,473,438
|
Biological assets
|
989,239
|
|
(989,239)
|
|
-
|
|
-
|
Property, plant and equipment
|
7,435,103
|
|
(6,256,806)
|
|
-
|
|
1,178,297
|
Intangible assets and goodwill
|
13,161,838
|
|
(3,546,940)
|
|
-
|
|
9,614,898
|
|
|
|
|
|
|
|
|
Non-current assets
|
27,242,516
|
|
(3,181,763)
|
|
16,875
|
|
24,077,628
|
|
|
|
|
|
|
|
|
Total assets
|
33,796,311
|
|
(6,242,551)
|
|
(32,757)
|
|
27,521,003
|
March 31, 2013 | |||||||
As previously reported
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Liabilities
|
|
|
|
|
|
|
|
Loans and borrowings
|
2,153,572
|
|
(545,199)
|
|
-
|
|
1,608,373
|
Derivative financial instruments
|
28,163
|
|
(18,154)
|
|
-
|
|
10,009
|
Trade payables
|
1,387,651
|
|
(588,172)
|
|
-
|
|
799,479
|
Employee benefits payable
|
274,430
|
|
(180,168)
|
|
-
|
|
94,262
|
Income tax payable
|
37,984
|
|
(25,312)
|
|
-
|
|
12,672
|
Other current tax liabilities
|
208,065
|
|
(60,374)
|
|
-
|
|
147,691
|
Dividends payable
|
67,364
|
|
15,915
|
|
-
|
|
83,279
|
Payables to related parties
|
117,360
|
|
(25,927)
|
|
-
|
|
91,433
|
Deferred revenue
|
41,345
|
|
(41,345)
|
|
-
|
|
-
|
Other current liabilities
|
339,441
|
|
(199,532)
|
|
-
|
|
139,909
|
|
|
|
|
|
|
|
|
Current liabilities
|
4,655,375
|
|
(1,668,268)
|
|
-
|
|
2,987,107
|
|
|
|
|
|
|
|
|
Loans and borrowings
|
9,665,155
|
|
(2,765,524)
|
|
-
|
|
6,899,631
|
Other non-current tax liabilities
|
970,310
|
|
(19,103)
|
|
-
|
|
951,207
|
Provision for legal proceedings
|
1,145,348
|
|
(319,664)
|
|
-
|
|
825,684
|
Payables to related parties
|
318,465
|
|
(318,465)
|
|
-
|
|
-
|
Pension and post-employment benefits
|
376,059
|
|
-
|
|
-
|
|
376,059
|
Deferred tax liabilities
|
2,616,711
|
|
(850,447)
|
|
-
|
|
1,766,264
|
Deferred revenue
|
174,622
|
|
(174,622)
|
|
-
|
|
-
|
Other non-current liabilities
|
578,291
|
|
(69,261)
|
|
-
|
|
509,030
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
15,844,961
|
|
(4,517,086)
|
|
-
|
|
11,327,875
|
|
|
|
|
|
|
|
|
Total liabilities
|
20,500,336
|
|
(6,185,354)
|
|
-
|
|
14,314,982
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Share capital
|
5,328
|
|
-
|
|
-
|
|
5,328
|
Additional paid in capital
|
3,856,849
|
|
-
|
|
-
|
|
3,856,849
|
Other comprehensive income
|
(58,908)
|
|
-
|
|
-
|
|
(58,908)
|
Retained earnings
|
2,214,459
|
|
-
|
|
(20,408)
|
|
2,194,051
|
|
|
|
|
|
|
|
|
Equity attributable to:
|
|
|
|
|
|
|
|
Owners of the Company
|
6,017,728
|
|
-
|
|
(20,408)
|
|
5,997,320
|
Non-controlling interests
|
7,278,247
|
|
(57,197)
|
|
(12,349)
|
|
7,208,701
|
|
|
|
|
|
|
|
|
Total equity
|
13,295,975
|
|
(57,197)
|
|
(32,757)
|
|
13,206,021
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
33,796,311
|
|
(6,242,551)
|
|
(32,757)
|
|
27,521,003
|
April 1, 2012
|
|||||||
As previously reported at March 31, 2012
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
1,654,146
|
|
(617,929)
|
|
-
|
|
1,036,217
|
Restricted cash
|
94,268
|
|
(76,035)
|
|
-
|
|
18,233
|
Trade receivables
|
963,587
|
|
(731,123)
|
|
-
|
|
232,464
|
Derivative financial instruments
|
19,590
|
|
(19,590)
|
|
-
|
|
-
|
Inventories
|
748,150
|
|
(597,159)
|
|
-
|
|
150,991
|
Receivables from related parties
|
678,374
|
|
(607,942)
|
|
-
|
|
70,432
|
Income tax receivable
|
107,561
|
|
(57,765)
|
|
-
|
|
49,796
|
Other current tax receivable
|
217,535
|
|
(169,216)
|
|
(31,735)
|
|
16,584
|
Other financial assets
|
40,080
|
|
-
|
|
-
|
|
40,080
|
Dividends receivable
|
861
|
|
225,842
|
|
-
|
|
226,703
|
Other assets
|
229,428
|
|
(171,117)
|
|
-
|
|
58,311
|
|
|
|
|
|
|
|
|
Current assets
|
4,753,580
|
|
(2,822,034)
|
|
(31,735)
|
|
1,899,811
|
|
|
|
|
|
|
|
|
Trade receivables
|
81,627
|
|
(81,627)
|
|
-
|
|
-
|
Deferred tax assets
|
543,024
|
|
(308,547)
|
|
10,790
|
|
245,267
|
Advances to suppliers
|
21,865
|
|
(21,865)
|
|
-
|
|
-
|
Receivables from related parties
|
753,153
|
|
(34,538)
|
|
-
|
|
718,615
|
Other non-current tax receivable
|
111,856
|
|
(110,850)
|
|
-
|
|
1,006
|
Judicial deposits
|
509,235
|
|
(157,881)
|
|
-
|
|
351,354
|
Other financial assets
|
790,402
|
|
(149,438)
|
|
-
|
|
640,964
|
Other non-current asset
|
417,107
|
|
(50,738)
|
|
-
|
|
366,369
|
Equity method investments
|
419,029
|
|
(93,452)
|
|
-
|
|
325,577
|
Investment in joint ventures
|
-
|
|
8,189,588
|
|
-
|
|
8,189,588
|
Biological assets
|
968,023
|
|
(968,023)
|
|
-
|
|
-
|
Property, plant and equipment
|
7,866,963
|
|
(6,210,814)
|
|
-
|
|
1,656,149
|
Intangible assets and goodwill
|
4,932,255
|
|
(3,462,873)
|
|
-
|
|
1,469,382
|
|
|
|
|
|
|
|
|
Non-current assets
|
17,414,539
|
|
(3,461,058)
|
|
10,790
|
|
13,964,271
|
|
|
|
|
|
|
|
|
Total assets
|
22,168,119
|
|
(6,283,092)
|
|
(20,945)
|
|
15,864,082
|
April 1, 2012
|
|||||||
As previously reported at March 31, 2012
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Liabilities
|
|
|
|
|
|
|
|
Loans and borrowings
|
540,237
|
|
(456,732)
|
|
-
|
|
83,505
|
Derivative financial instruments
|
9,611
|
|
(4,329)
|
|
-
|
|
5,282
|
Trade payables
|
606,029
|
|
(510,711)
|
|
-
|
|
95,318
|
Employee benefits payable
|
183,660
|
|
(140,766)
|
|
-
|
|
42,894
|
Income tax payable
|
11,973
|
|
(4,957)
|
|
-
|
|
7,016
|
Other current tax liabilities
|
229,746
|
|
(97,072)
|
|
-
|
|
132,674
|
Dividends payable
|
9,725
|
|
(1,029)
|
|
-
|
|
8,696
|
Payables to related parties
|
175,488
|
|
(53,719)
|
|
-
|
|
121,769
|
Deferred revenue
|
38,040
|
|
(38,040)
|
|
-
|
|
-
|
Other current liabilities
|
269,954
|
|
(164,249)
|
|
-
|
|
105,705
|
|
|
|
|
|
|
|
|
Current liabilities
|
2,074,463
|
|
(1,471,604)
|
|
-
|
|
602,859
|
|
|
|
|
|
|
|
|
Loans and borrowings
|
4,659,152
|
|
(2,665,301)
|
|
-
|
|
1,993,851
|
Other non-current tax liabilities
|
1,202,624
|
|
(16,717)
|
|
-
|
|
1,185,907
|
Provision for legal proceedings
|
1,051,677
|
|
(287,411)
|
|
-
|
|
764,266
|
Payables to related parties
|
389,718
|
|
(373,092)
|
|
-
|
|
16,626
|
Pension and post-employment benefits
|
37,312
|
|
-
|
|
-
|
|
37,312
|
Deferred tax liabilities
|
2,443,430
|
|
(1,137,604)
|
|
-
|
|
1,305,826
|
Deferred revenue
|
196,260
|
|
(196,260)
|
|
-
|
|
-
|
Other non-current liabilities
|
631,860
|
|
(100,980)
|
|
-
|
|
530,880
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
10,612,033
|
|
(4,777,365)
|
|
-
|
|
5,834,668
|
|
|
|
|
|
|
|
|
Total liabilities
|
12,686,496
|
|
(6,248,969)
|
|
-
|
|
6,437,527
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Share capital
|
5,328
|
|
-
|
|
-
|
|
5,328
|
Additional paid in capital
|
3,811,808
|
|
-
|
|
-
|
|
3,811,808
|
Other comprehensive income
|
(176,500)
|
|
-
|
|
-
|
|
(176,500)
|
Retained earnings
|
1,936,687
|
|
-
|
|
(13,049)
|
|
1,923,638
|
|
|
|
|
|
|
|
|
Equity attributable to:
|
|
|
|
|
|
|
|
Owners of the Company
|
5,577,323
|
|
-
|
|
(13,049)
|
|
5,564,274
|
Non-controlling interests
|
3,904,300
|
|
(34,123)
|
|
(7,896)
|
|
3,862,281
|
|
|
|
|
|
|
|
|
Total equity
|
9,481,623
|
|
(34,123)
|
|
(20,945)
|
|
9,426,555
|
|
|
|
|
|
|
|
|
Total equity and liabilities
|
22,168,119
|
|
(6,283,092)
|
|
(20,945)
|
|
15,864,082
|
March 31, 2013
|
|||||||
As previously reported
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Net sales
|
30,016,488
|
|
(25,430,279)
|
|
-
|
|
4,586,209
|
Cost of sales
|
(26,684,266)
|
|
23,472,957
|
|
-
|
|
(3,211,309)
|
|
|
|
|
|
|
|
|
Gross profit
|
3,332,222
|
|
(1,957,322)
|
|
-
|
|
1,374,900
|
|
|
|
|
|
|
|
|
Selling expenses
|
(1,292,312)
|
|
832,879
|
|
-
|
|
(459,433)
|
General and administrative expenses
|
(845,460)
|
|
425,927
|
|
-
|
|
(419,533)
|
Other income (expense), net
|
326,310
|
|
(134,675)
|
|
(17,896)
|
|
173,739
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
(1,811,462)
|
|
1,124,131
|
|
(17,896)
|
|
(705,227)
|
|
|
|
|
|
|
|
|
Income before financial results, equity in income of associates and income taxes
|
1,520,760
|
|
(833,191)
|
|
(17,896)
|
|
669,673
|
|
|
|
|
|
|
|
|
Equity in income of associates
|
|
|
|
|
|
|
|
Equity in income of investees
|
58,860
|
|
11,554
|
|
-
|
|
70,414
|
Equity in income of jointly controlled entity
|
-
|
|
603,912
|
|
-
|
|
603,912
|
|
58,860
|
|
615,466
|
|
-
|
|
674,326
|
|
|
|
|
|
|
|
|
Financial results
|
|
|
|
|
|
|
|
Finance expense
|
(781,330)
|
|
203,325
|
|
-
|
|
(578,005)
|
Finance income
|
262,887
|
|
(99,224)
|
|
-
|
|
163,663
|
Foreign exchange losses, net
|
(146,789)
|
|
63,535
|
|
-
|
|
(83,254)
|
Derivatives
|
45,604
|
|
28,879
|
|
-
|
|
74,483
|
|
(619,628)
|
|
196,515
|
|
-
|
|
(423,113)
|
|
|
|
|
|
|
|
|
Profit (loss) before taxes
|
959,992
|
|
(21,210)
|
|
(17,896)
|
|
920,886
|
|
|
|
|
|
|
|
|
Income taxes expenses
|
|
|
|
|
|
|
|
Current
|
(294,638)
|
|
194,589
|
|
-
|
|
(100,049)
|
Deferred
|
153,427
|
|
(185,816)
|
|
6,085
|
|
(26,304)
|
|
(141,211)
|
|
8,773
|
|
6,085
|
|
(126,353)
|
|
|
|
|
|
|
|
|
Profit (loss) from continuing operations
|
818,781
|
|
(12,437)
|
|
(11,811)
|
|
794,533
|
Profit from discontinued operation, net of tax
|
138,918
|
|
-
|
|
-
|
|
138,918
|
|
|
|
|
|
|
|
|
Profit (loss) for the year
|
957,699
|
|
(12,437)
|
|
(11,811)
|
|
933,451
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to
|
|
|
|
|
|
|
|
Owners of the Company (including discontinued operation)
|
431,429
|
|
-
|
|
(7,359)
|
|
424,070
|
Non-controlling interests
|
526,270
|
|
(12,437)
|
|
(4,452)
|
|
509,381
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
1,159,357
|
|
(12,437)
|
|
(11,811)
|
|
1,135,109
|
March 31, 2012 | |||||||
As previously reported
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Net sales
|
23,390,450
|
|
(18,826,896)
|
|
-
|
|
4,563,554
|
Cost of sales
|
(20,887,643)
|
|
17,191,458
|
|
-
|
|
(3,696,185)
|
|
|
|
|
|
|
|
|
Gross profit
|
2,502,807
|
|
(1,635,438)
|
|
-
|
|
867,369
|
|
|
|
|
|
|
|
|
Selling expenses
|
(1,052,310)
|
|
733,881
|
|
-
|
|
(318,429)
|
General and administrative expenses
|
(634,015)
|
|
359,553
|
|
-
|
|
(274,462)
|
Other income (expense), net
|
122,436
|
|
(132,067)
|
|
(12,098)
|
|
(21,729)
|
|
(1,563,889)
|
|
961,367
|
|
(12,098)
|
|
(614,620)
|
|
|
|
|
|
|
|
|
Gain on the de-recognition of subsidiaries to form the Joint Venture
|
2,752,730
|
|
1
|
|
-
|
|
2,752,731
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
1,188,841
|
|
961,368
|
|
(12,098)
|
|
2,138,111
|
|
|
|
|
|
|
|
|
Income before financial results, equity in income of associates and income taxes
|
3,691,648
|
|
(674,070)
|
|
(12,098)
|
|
3,005,480
|
|
|
|
|
|
|
|
|
Equity in income of associates
|
|
|
|
|
|
|
|
Equity in income of investees
|
33,268
|
|
316,095
|
|
-
|
|
349,363
|
Equity in income of jointly controlled entity
|
-
|
|
39,188
|
|
-
|
|
39,188
|
|
33,268
|
|
355,283
|
|
-
|
|
388,551
|
|
|
|
|
|
|
|
|
Financial results
|
|
|
|
|
|
|
|
Finance expense
|
(585,990)
|
|
5,221
|
|
-
|
|
(580,769)
|
Finance income
|
203,798
|
|
119,835
|
|
-
|
|
323,633
|
Foreign exchange losses, net
|
(93,888)
|
|
77,353
|
|
-
|
|
(16,535)
|
Derivatives
|
(4,380)
|
|
18,976
|
|
-
|
|
14,596
|
|
(480,460)
|
|
221,385
|
|
-
|
|
(259,075)
|
|
|
|
|
|
|
|
|
Profit (loss) before taxes
|
3,244,456
|
|
(97,402)
|
|
(12,098)
|
|
3,134,956
|
|
|
|
|
|
|
|
|
Income taxes expenses
|
|
|
|
|
|
|
|
Current
|
(133,914)
|
|
75,171
|
|
-
|
|
(58,743)
|
Deferred
|
(982,458)
|
|
17,981
|
|
4,113
|
|
(960,364)
|
|
(1,116,372)
|
|
93,152
|
|
4,113
|
|
(1,019,107)
|
|
|
|
|
|
|
|
|
Profit (loss) from continuing operations
|
2,128,084
|
|
(4,250)
|
|
(7,985)
|
|
2,115,849
|
Profit from discontinued operation, net of tax
|
64,248
|
|
-
|
|
-
|
|
64,248
|
|
|
|
|
|
|
|
|
Profit (loss) for the year
|
2,192,332
|
|
(4,250)
|
|
(7,985)
|
|
2,180,097
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company (including discontinued operation)
|
1,181,342
|
|
-
|
|
(4,975)
|
|
1,176,367
|
Non-controlling interests
|
1,010,990
|
|
(4,250)
|
|
(3,010)
|
|
1,003,730
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
2,346,779
|
|
(4,250)
|
|
(7,985)
|
|
2,334,544
|
March 31, 2013
|
|||||||
As previously reported
|
Application of the equity method on Joint Ventures (IFRS 11)
|
Immaterial correction of an error
|
As restated
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
Profit before taxes
|
959,992
|
|
(21,210)
|
|
(17,896)
|
|
920,886
|
Adjustments for:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
1,544,087
|
|
(1,209,301)
|
|
-
|
|
334,786
|
Biological assets
|
112,511
|
|
(112,511)
|
|
-
|
|
-
|
Equity in income of investees
|
(58,860)
|
|
(11,554)
|
|
-
|
|
(70,414)
|
Equity in income of jointly controlled entity
|
-
|
|
(603,912)
|
|
-
|
|
(603,912)
|
Gain (loss) on disposal of assets
|
(86,436)
|
|
(13,913)
|
|
-
|
|
(100,349)
|
Share-based compensation expense
|
13,295
|
|
-
|
|
-
|
|
13,295
|
Changes in fair value of investment property
|
(138,776)
|
|
-
|
|
-
|
|
(138,776)
|
Provisions for legal proceedings
|
51,085
|
|
(1,751)
|
|
-
|
|
49,334
|
Indexation charges, interest and exchange gains/losses, net
|
658,910
|
|
(220,549)
|
|
-
|
|
438,361
|
Other
|
43,867
|
|
5,677
|
|
17,896
|
|
67,440
|
|
3,099,675
|
|
(2,189,024)
|
|
-
|
|
910,651
|
Changes in:
|
|
|
|
|
|
|
|
Trade receivables
|
(162,364)
|
|
99,950
|
|
-
|
|
(62,414)
|
Securities
|
(14,276)
|
|
-
|
|
-
|
|
(14,276)
|
Restricted cash
|
1,660
|
|
(1,660)
|
|
-
|
|
-
|
Cash from discontinued operations
|
116,387
|
|
-
|
|
-
|
|
116,387
|
Inventories
|
(81,309)
|
|
47,954
|
|
-
|
|
(33,355)
|
Recoverable taxes
|
(20,738)
|
|
(7,750)
|
|
-
|
|
(28,488)
|
Related parties
|
(125,484)
|
|
21,406
|
|
-
|
|
(104,078)
|
Advances to suppliers
|
36,885
|
|
(21,616)
|
|
-
|
|
15,269
|
Trade payables
|
85,518
|
|
(90,798)
|
|
-
|
|
(5,280)
|
Employee benefits
|
(11,757)
|
|
(43,437)
|
|
-
|
|
(55,194)
|
Provisions for legal proceedings
|
(9,212)
|
|
-
|
|
-
|
|
(9,212)
|
Derivative financial instruments
|
(5,424)
|
|
5,424
|
|
-
|
|
-
|
Income tax and other tax
|
(530,092)
|
|
216,390
|
|
-
|
|
(313,702)
|
Other
|
(38,042)
|
|
(95,151)
|
|
-
|
|
(133,193)
|
|
(758,248)
|
|
130,712
|
|
-
|
|
(627,536)
|
|
|
|
|
|
|
|
|
Net cash generated by operating activities
|
2,341,427
|
|
(2,058,312)
|
|
-
|
|
283,115
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Acquisitions net of cash acquired
|
(3,155,391)
|
|
98,878
|
|
-
|
|
(3,056,513)
|
Dividends received from jointly controlled entity
|
-
|
|
578,757
|
|
-
|
|
578,757
|
Acquisition of property, plant and equipment and intangible assets
|
(1,701,980)
|
|
1,052,299
|
|
-
|
|
(649,681)
|
Acquisition of biological assets
|
(474,392)
|
|
474,392
|
|
-
|
|
-
|
Proceeds from sale of property, plant and equipment, intangible and investments, net of cash contributed
|
333,727
|
|
(113,008)
|
|
-
|
|
220,719
|
Proceeds from sale of discontinued operation
|
196,546
|
|
-
|
|
-
|
|
196,546
|
Net cash used in discontinued operation
|
(411)
|
|
-
|
|
-
|
|
(411)
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
(4,801,901)
|
|
2,091,318
|
|
-
|
|
(2,710,583)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Loans and borrowings raised
|
6,868,759
|
|
(670,904)
|
|
-
|
|
6,197,855
|
Payment of principal and interest on loans and borrowings
|
(3,769,910)
|
|
982,789
|
|
-
|
|
(2,787,121)
|
Acquisition of non-controlling interest
|
(82,500)
|
|
-
|
|
-
|
|
(82,500)
|
Dividends paid
|
(379,759)
|
|
(16,703)
|
|
-
|
|
(396,462)
|
Treasury shares
|
(17,250)
|
|
-
|
|
-
|
|
(17,250)
|
Proceeds from exercise of share options
|
16,764
|
|
-
|
|
-
|
|
16,764
|
Capital subscribed in jointly controlled entities
|
659,366
|
|
(659,366)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net cash generated by (used in) financing activities
|
3,295,470
|
|
(364,184)
|
|
-
|
|
2,931,286
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
834,996
|
|
(331,178)
|
|
-
|
|
503,818
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
1,654,146
|
|
(617,929)
|
|
-
|
|
1,036,217
|
Effect of exchange rate fluctuations on cash held
|
4,037
|
|
-
|
|
-
|
|
4,037
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the ended of the year
|
2,493,179
|
|
(949,107)
|
|
-
|
|
1,544,072
|
|
|
|
|
|
|
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
|
Interest paid
|
260,167
|
|
(94,099)
|
|
-
|
|
166,068
|
Income taxes paid
|
341,941
|
|
(117,301)
|
|
-
|
|
224,640
|
March 31, 2012
|
|||||||
As previously reported
|
Application of the equity method on Joint Ventures (IFRS 11) |
Immaterial correction of an error
|
As restated
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
Profit before taxes
|
3,244,456
|
|
(97,402)
|
|
(12,098)
|
|
3,134,956
|
Adjustments for:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
1,141,064
|
|
(880,184)
|
|
-
|
|
260,880
|
Biological assets
|
(60,093)
|
|
50,957
|
|
-
|
|
(9,136)
|
Equity in income of investees
|
(33,268)
|
|
(5,920)
|
|
-
|
|
(39,188)
|
Equity in income of jointly controlled entity
|
-
|
|
(349,363)
|
|
-
|
|
(349,363)
|
Gain (loss) on disposal of assets
|
(65,962)
|
|
46,446
|
|
-
|
|
(19,516)
|
Share-based compensation expense
|
10,800
|
|
-
|
|
-
|
|
10,800
|
Provisions for legal proceedings
|
80,835
|
|
108
|
|
-
|
|
80,943
|
Indexation charges, interest and exchange gains/losses, net
|
644,163
|
|
(289,091)
|
|
-
|
|
355,072
|
Effect of the formation of Joint Ventures
|
(2,850,868)
|
|
-
|
|
-
|
|
(2,850,868)
|
Other
|
(5,783)
|
|
10,659
|
|
12,098
|
|
16,974
|
|
2,105,344
|
|
(1,513,790)
|
|
-
|
|
591,554
|
Changes in:
|
|
|
|
|
|
|
|
Trade receivables
|
(369,820)
|
|
84,713
|
|
-
|
|
(285,107)
|
Restricted cash
|
79,452
|
|
45,207
|
|
-
|
|
124,659
|
Cash provided from discontinued operations
|
21,233
|
|
-
|
|
-
|
|
21,233
|
Inventories
|
(184,225)
|
|
(186,835)
|
|
-
|
|
(371,060)
|
Recoverable taxes
|
(6,930)
|
|
90,728
|
|
-
|
|
83,798
|
Related parties
|
(738,014)
|
|
457,128
|
|
-
|
|
(280,886)
|
Advances to suppliers
|
(103,294)
|
|
(678)
|
|
-
|
|
(103,972)
|
Trade payables
|
224,033
|
|
(120,564)
|
|
-
|
|
103,469
|
Employee benefits
|
106,675
|
|
(16,868)
|
|
-
|
|
89,807
|
Provision for judicial demands
|
63,125
|
|
8,468
|
|
-
|
|
71,593
|
Income tax and other tax
|
742,474
|
|
2,755
|
|
-
|
|
745,229
|
Other
|
153,749
|
|
(292,082)
|
|
-
|
|
(138,333)
|
|
(11,542)
|
|
71,972
|
|
-
|
|
60,430
|
|
|
|
|
|
|
|
|
Net cash generated by (used in) operating activities
|
2,093,802
|
|
(1,441,818)
|
|
-
|
|
651,984
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Acquisitions net of cash acquired
|
(72,930)
|
|
(72,931)
|
|
-
|
|
(145,861)
|
Cash contributed - formation of Raízen
|
(173,116)
|
|
(221,650)
|
|
-
|
|
(394,766)
|
Dividends received from jointly controlled entity
|
121,433
|
|
12,618
|
|
-
|
|
134,051
|
Acquisition of property, plant and equipment and intangible assets
|
(1,624,012)
|
|
945,570
|
|
-
|
|
(678,442)
|
Acquisition of biological assets
|
(551,974)
|
|
393,855
|
|
-
|
|
(158,119)
|
Proceeds from sale of property, plant and equipment, intangible and investments, net of cash contributed
|
152,237
|
|
(86,402)
|
|
-
|
|
65,835
|
Net cash used in discontinued operation
|
(2,859)
|
|
-
|
|
-
|
|
(2,859)
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
(2,151,221)
|
|
971,060
|
|
-
|
|
(1,180,161)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Loans and borrowings raised
|
2,346,396
|
|
(527,878)
|
|
-
|
|
1,818,518
|
Payment of principal and interest on loans and borrowings
|
(1,889,362)
|
|
925,974
|
|
-
|
|
(963,388)
|
Redemption of shares in subsidiary
|
(99,784)
|
|
-
|
|
-
|
|
(99,784)
|
Derivative financial instruments
|
(112,281)
|
|
15,675
|
|
-
|
|
(96,606)
|
Dividends paid
|
(333,659)
|
|
-
|
|
-
|
|
(333,659)
|
Treasury shares
|
(48,258)
|
|
-
|
|
-
|
|
(48,258)
|
Capital subscribed in jointly controlled entities
|
560,946
|
|
(560,946)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net cash generated by (used in) financing activities
|
423,998
|
|
(147,175)
|
|
-
|
|
276,823
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
366,579
|
|
(617,933)
|
|
-
|
|
(251,354)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
1,271,780
|
|
-
|
|
-
|
|
1,271,780
|
Effect of exchange rate fluctuations on cash held
|
15,791
|
|
-
|
|
-
|
|
15,791
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the ended of the year
|
1,654,150
|
|
(617,933)
|
|
-
|
|
1,036,217
|
|
|
|
|
|
|
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
|
Interest paid
|
305,527
|
|
(169,317)
|
|
-
|
|
136,210
|
Income taxes paid
|
179,655
|
|
(98,956)
|
|
-
|
|
80,699
|
5
|
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, thermogeneration and cogeneration sectors;
|
IV.
|
Rumo: logistics services for transport, storage and port loading of commodities, mainly for sugar products;
|
V.
|
Radar: management, buying, selling and leasing of agricultural;
|
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; Due to the adoption of IFRS 11, whereby the Company no longer proportionally consolidates the results of Raízen Energia and Raízen Combustíveis, the Lubricants segment met the quantitative thresholds to be separately reportable, and the comparative segment information is being restated;
|
VII.
|
Cosan´s others business: other investments, in addition to the corporate activities of the Company.
|
Nine months ended December 31, 2013
|
||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan´s other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
|||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
6,850,389
|
|
37,580,570
|
|
4,888,895
|
|
749,350
|
|
54,732
|
|
1,185,199
|
|
38
|
|
(44,430,959)
|
|
-
|
|
6,878,214
|
|
Domestic market
|
2,964,443
|
|
37,580,570
|
|
4,888,895
|
|
676,924
|
|
54,732
|
|
947,274
|
|
38
|
|
(40,545,013)
|
|
-
|
|
6,567,863
|
|
External market
|
3,885,946
|
|
-
|
|
-
|
|
72,426
|
|
-
|
|
237,925
|
|
-
|
|
(3,885,946)
|
|
-
|
|
310,351
|
|
Gross profit
|
1,260,349
|
|
1,916,015
|
|
1,364,700
|
|
301,905
|
|
48,674
|
|
284,668
|
|
38
|
|
(3,176,364)
|
|
-
|
|
1,999,985
|
|
Selling, general and administrative expenses
|
(885,716)
|
|
(1,093,999)
|
|
(661,678)
|
|
(57,588)
|
|
(18,369)
|
|
(234,102)
|
|
(99,161)
|
|
1,979,715
|
|
-
|
|
(1,070,898)
|
|
Other income (expenses)
|
(35,209)
|
|
292,211
|
|
(1,599)
|
|
(14,364)
|
|
131,191
|
|
(19,135)
|
|
(19,821)
|
|
(257,002)
|
|
-
|
|
76,272
|
|
Financial income
|
186,230
|
|
69,070
|
|
44,659
|
|
41,292
|
|
3,812
|
|
23,409
|
|
75,740
|
|
(255,300)
|
|
(9,008)
|
|
179,904
|
|
Financial expense
|
(346,004)
|
|
(63,418)
|
|
(163,090)
|
|
(27,975)
|
|
(668)
|
|
(51,689)
|
|
(570,192)
|
|
409,422
|
|
9,008
|
|
(804,606)
|
|
Exchange rate
|
(370,860)
|
|
(181,419)
|
|
(162,449)
|
|
372
|
|
(48)
|
|
21,419
|
|
(183,789)
|
|
552,279
|
|
-
|
|
(324,495)
|
|
Derivatives
|
(115,634)
|
|
76,566
|
|
139,899
|
|
-
|
|
-
|
|
1,857
|
|
93,729
|
|
39,068
|
|
-
|
|
235,485
|
|
Equity in icome of investees
|
(24,075)
|
|
4,826
|
|
-
|
|
-
|
|
29
|
|
(7,812)
|
|
412,204
|
|
19,249
|
|
(398,924)
|
|
5,497
|
|
Equity in income of jointly controlled entity
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
242,036
|
|
-
|
|
-
|
|
242,036
|
|
Income tax and social contribution
|
122,199
|
|
(298,084)
|
|
(152,740)
|
|
(83,167)
|
|
(10,230)
|
|
(23,918)
|
|
230,861
|
|
175,885
|
|
-
|
|
(39,194)
|
|
Profit (loss) for the period
|
(208,720)
|
|
721,768
|
|
407,702
|
|
160,475
|
|
154,391
|
|
(5,303)
|
|
181,645
|
|
(513,048)
|
|
(398,924)
|
|
499,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other selected data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
1,386,600
|
|
385,728
|
|
322,170
|
|
58,955
|
|
727
|
|
55,452
|
|
1,840
|
|
(1,772,328)
|
|
-
|
|
439,144
|
|
EBITDA
|
1,701,949
|
|
1,504,781
|
|
1,023,593
|
|
288,907
|
|
162,252
|
|
79,071
|
|
537,137
|
|
(3,206,730)
|
|
(398,924)
|
|
1,692,036
|
|
Addition PP&E, intangible and biological assets (cash)
|
1,513,389
|
|
681,241
|
|
677,695
|
|
198,047
|
|
60
|
|
81,353
|
|
18,965
|
|
(2,194,630)
|
|
-
|
|
976,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
(208,720)
|
|
721,768
|
|
407,702
|
|
160,474
|
|
154,391
|
|
(5,303)
|
|
181,646
|
|
(513,048)
|
|
(398,924)
|
|
499,986
|
|
Income tax and social contribution
|
(122,199)
|
|
298,084
|
|
152,740
|
|
83,167
|
|
10,230
|
|
23,918
|
|
(230,861)
|
|
(175,885)
|
|
-
|
|
39,194
|
|
Financial result, net
|
646,268
|
|
99,201
|
|
140,981
|
|
(13,689)
|
|
(3,096)
|
|
5,004
|
|
584,512
|
|
(745,469)
|
|
-
|
|
713,712
|
|
Depreciation and amortization
|
1,386,600
|
|
385,728
|
|
322,170
|
|
58,955
|
|
727
|
|
55,452
|
|
1,840
|
|
(1,772,328)
|
|
-
|
|
439,144
|
|
EBITDA
|
1,701,949
|
|
1,504,781
|
|
1,023,593
|
|
288,907
|
|
162,252
|
|
79,071
|
|
537,137
|
|
(3,206,730)
|
|
(398,924)
|
|
1,692,036
|
Year ended March 31, 2013 (Restated)
|
||||||||||||||||||||||
Raízen Energia
|
Raízen Combustíveis
|
COMGÁS
|
Rumo
|
Radar
|
Lubricants
|
Cosan´s other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
Discontinued operation
|
||||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
8,468,238
|
|
43,532,232
|
|
2,398,989
|
|
712,776
|
|
51,853
|
|
1,417,474
|
|
5,117
|
|
(52,000,470)
|
|
-
|
|
4,586,209
|
|
410,677
|
|
Domestic market
|
3,454,440
|
|
43,532,232
|
|
2,398,989
|
|
631,908
|
|
51,853
|
|
1,237,348
|
|
5,117
|
|
(46,986,672)
|
|
-
|
|
4,325,215
|
|
410,677
|
|
External market
|
5,013,798
|
|
-
|
|
-
|
|
80,868
|
|
-
|
|
180,126
|
|
-
|
|
(5,013,798)
|
|
-
|
|
260,994
|
|
-
|
|
Gross profit
|
1,586,321
|
|
2,333,213
|
|
660,676
|
|
292,217
|
|
50,111
|
|
366,779
|
|
5,117
|
|
(3,919,534)
|
|
-
|
|
1,374,900
|
|
56,487
|
|
Selling, general and administrative expenses
|
(1,129,083)
|
|
(1,388,539)
|
|
(387,440)
|
|
(58,088)
|
|
(14,898)
|
|
(272,184)
|
|
(146,356)
|
|
2,517,622
|
|
-
|
|
(878,966)
|
|
(58,502)
|
|
Other income (expenses)
|
49,837
|
|
219,520
|
|
(2,221)
|
|
(7,492)
|
|
144,344
|
|
(18,570)
|
|
57,678
|
|
(269,357)
|
|
-
|
|
173,739
|
|
172,586
|
|
Financial income
|
185,572
|
|
133,362
|
|
16,894
|
|
35,658
|
|
4,484
|
|
43,332
|
|
63,295
|
|
(318,934)
|
|
-
|
|
163,663
|
|
10,166
|
|
Financial expense
|
(198,174)
|
|
(96,058)
|
|
(92,178)
|
|
(35,567)
|
|
(1,421)
|
|
(39,976)
|
|
(408,863)
|
|
294,232
|
|
-
|
|
(578,005)
|
|
-
|
|
Exchange rate
|
(266,135)
|
|
(93,841)
|
|
(297)
|
|
98
|
|
(5)
|
|
105,712
|
|
(188,762)
|
|
359,976
|
|
-
|
|
(83,254)
|
|
-
|
|
Derivatives
|
(55,662)
|
|
(2,095)
|
|
11,880
|
|
-
|
|
-
|
|
5,586
|
|
57,017
|
|
57,757
|
|
-
|
|
74,483
|
|
-
|
|
Equity in icome of investees
|
(23,107)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(111)
|
|
427,732
|
|
23,107
|
|
(357,207)
|
|
70,414
|
|
-
|
|
Equity in income of jointly controlled entity
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
603,912
|
|
-
|
|
-
|
|
603,912
|
|
-
|
|
Income tax and social contribution
|
176,742
|
|
(314,838)
|
|
(47,439)
|
|
(76,423)
|
|
(13,180)
|
|
(50,735)
|
|
61,424
|
|
138,096
|
|
-
|
|
(126,353)
|
|
(41,819)
|
|
Profit (loss) for the period
|
326,311
|
|
790,724
|
|
159,875
|
|
150,403
|
|
169,435
|
|
139,833
|
|
532,194
|
|
(1,117,035)
|
|
(357,207)
|
|
794,533
|
|
138,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other selected data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
1,924,301
|
|
494,301
|
|
200,451
|
|
70,043
|
|
877
|
|
61,759
|
|
1,656
|
|
(2,418,602)
|
|
-
|
|
334,786
|
|
1,185
|
|
EBITDA
|
2,408,269
|
|
1,658,495
|
|
471,466
|
|
296,680
|
|
180,434
|
|
137,673
|
|
949,739
|
|
(4,066,764)
|
|
(357,207)
|
|
1,678,785
|
|
171,756
|
|
Addition PP&E, intangible and biological assets (cash)
|
2,404,514
|
|
677,245
|
|
294,359
|
|
266,661
|
|
760
|
|
72,891
|
|
2,461
|
|
(3,081,759)
|
|
-
|
|
637,132
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
326,311
|
|
790,724
|
|
159,875
|
|
150,403
|
|
169,435
|
|
139,833
|
|
532,194
|
|
(1,117,035)
|
|
(357,207)
|
|
794,533
|
|
138,918
|
|
Income tax and social contribution
|
(176,742)
|
|
314,838
|
|
47,439
|
|
76,423
|
|
13,180
|
|
50,735
|
|
(61,424)
|
|
(138,096)
|
|
-
|
|
126,353
|
|
41,819
|
|
Financial result, net
|
334,399
|
|
58,632
|
|
63,701
|
|
(189)
|
|
(3,058)
|
|
(114,654)
|
|
477,313
|
|
(393,031)
|
|
-
|
|
423,113
|
|
(10,166)
|
|
Depreciation and amortization
|
1,924,301
|
|
494,301
|
|
200,451
|
|
70,043
|
|
877
|
|
61,759
|
|
1,656
|
|
(2,418,602)
|
|
-
|
|
334,786
|
|
1,185
|
|
EBITDA
|
2,408,269
|
|
1,658,495
|
|
471,466
|
|
296,680
|
|
180,434
|
|
137,673
|
|
949,739
|
|
(4,066,764)
|
|
(357,207)
|
|
1,678,785
|
|
171,756
|
Year ended March 31, 2012 (Restated)
|
||||||||||||||||||
Raízen Energia
|
Raízen Combustiveis
|
Rumo
|
Lubricants
|
Cosan´s other business
|
Deconsolidated effects IFRS 11
|
Segment elimination
|
Total consolidated
|
Discontinued operations
|
||||||||||
Statement of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
7,247,410
|
|
35,096,051
|
|
571,989
|
|
1,037,740
|
|
22,005
|
|
(39,411,641)
|
|
-
|
|
4,563,554
|
|
706,431
|
|
Domestic market
|
3,925,554
|
|
35,096,051
|
|
567,265
|
|
1,037,740
|
|
22,005
|
|
(36,089,785)
|
|
-
|
|
4,558,830
|
|
706,431
|
|
External market
|
3,321,856
|
|
-
|
|
4,724
|
|
-
|
|
-
|
|
(3,321,856)
|
|
-
|
|
4,724
|
|
-
|
|
Gross profit
|
1,669,611
|
|
1,958,726
|
|
177,923
|
|
313,181
|
|
18,805
|
|
(3,270,877)
|
|
-
|
|
867,369
|
|
129,065
|
|
Selling, general and administrative expenses
|
(953,381)
|
|
(1,445,358)
|
|
(41,541)
|
|
(218,630)
|
|
(120,855)
|
|
2,186,874
|
|
-
|
|
(592,891)
|
|
(96,001)
|
|
Gain on the de-recognition of subsidiaries to from the Joint Venture
|
-
|
|
-
|
|
-
|
|
(7,200)
|
|
2,759,931
|
|
-
|
|
-
|
|
2,752,731
|
|
-
|
|
Other income (expenses)
|
84,504
|
|
270,736
|
|
19,461
|
|
14,558
|
|
(138,359)
|
|
(264,133)
|
|
(8,496)
|
|
(21,729)
|
|
23,114
|
|
Financial income
|
147,657
|
|
119,392
|
|
43,019
|
|
68,811
|
|
189,999
|
|
(245,245)
|
|
-
|
|
323,633
|
|
4,010
|
|
Financial expense
|
(464,720)
|
|
(80,556)
|
|
(33,492)
|
|
(90,597)
|
|
(397,431)
|
|
486,027
|
|
-
|
|
(580,769)
|
|
(2,099)
|
|
Exchange rate
|
31,858
|
|
(121,040)
|
|
(530)
|
|
144,253
|
|
(225,783)
|
|
154,707
|
|
-
|
|
(16,535)
|
|
-
|
|
Derivatives
|
(13,145)
|
|
-
|
|
(5)
|
|
(1,485)
|
|
(18,048)
|
|
47,279
|
|
-
|
|
14,596
|
|
-
|
|
Equity in icome of investees
|
(189,767)
|
|
16,071
|
|
-
|
|
(6,450)
|
|
526,795
|
|
11,840
|
|
(319,301)
|
|
39,188
|
|
-
|
|
Equity in income of jointly controlled entity
|
-
|
|
-
|
|
-
|
|
-
|
|
349,363
|
|
-
|
|
-
|
|
349,363
|
|
-
|
|
Income tax and social contribution
|
(79,900)
|
|
(192,056)
|
|
(55,035)
|
|
(37,315)
|
|
(841,104)
|
|
186,303
|
|
-
|
|
(1,019,107)
|
|
6,159
|
|
Profit (loss) for the period
|
232,717
|
|
525,915
|
|
109,800
|
|
179,126
|
|
2,103,313
|
|
(707,225)
|
|
(327,797)
|
|
2,115,849
|
|
64,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other selected data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
1,549,993
|
|
365,603
|
|
57,323
|
|
62,502
|
|
141,055
|
|
(1,915,596)
|
|
-
|
|
260,880
|
|
1,716
|
|
Addition PP&E, intangible and biological assets (cash)
|
2,577,859
|
|
491,734
|
|
268,985
|
|
-
|
|
99,473
|
|
(2,678,849)
|
|
-
|
|
759,202
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
232,717
|
|
525,915
|
|
109,800
|
|
179,126
|
|
2,103,313
|
|
(707,225)
|
|
(327,797)
|
|
2,115,849
|
|
64,248
|
|
Income tax and social contribution
|
79,900
|
|
192,056
|
|
55,035
|
|
37,315
|
|
841,104
|
|
(186,303)
|
|
-
|
|
1,019,107
|
|
(6,159)
|
|
Financial result, net
|
298,350
|
|
82,204
|
|
(8,992)
|
|
(120,982)
|
|
451,263
|
|
(442,768)
|
|
-
|
|
259,075
|
|
(1,911)
|
|
Depreciation and amortization
|
1,549,993
|
|
365,603
|
|
57,323
|
|
62,502
|
|
141,055
|
|
(1,915,596)
|
|
-
|
|
260,880
|
|
1,716
|
|
Total
|
2,160,960
|
|
1,165,778
|
|
213,166
|
|
157,961
|
|
3,536,735
|
|
(3,251,892)
|
|
(327,797)
|
|
3,654,911
|
|
57,894
|
|
December 31, 2013
|
|||||||||||||||||||
Statement of financial position:
|
Raízen Energia
|
|
Raízen Combustíveis
|
|
COMGÁS
|
|
Rumo
|
|
Radar
|
|
Lubricants
|
|
Cosan´s other business
|
|
Deconsolidated effects IFRS 11
|
|
Segment elimination
|
|
Total consolidated
|
|
Cash and cash equivalents
|
1,058,483
|
|
328,992
|
|
535,957
|
|
497,753
|
|
13,408
|
|
57,892
|
|
404,555
|
|
(1,387,475)
|
|
-
|
|
1,509,565
|
|
Securities
|
-
|
|
-
|
|
-
|
|
-
|
|
87,978
|
|
-
|
|
-
|
|
-
|
|
-
|
|
87,978
|
|
Trade receivables
|
416,746
|
|
1,435,095
|
|
582,889
|
|
32,506
|
|
28,052
|
|
200,796
|
|
240
|
|
(1,851,841)
|
|
-
|
|
844,483
|
|
Inventories
|
2,026,925
|
|
1,057,049
|
|
121,253
|
|
5,237
|
|
-
|
|
185,490
|
|
-
|
|
(3,083,974)
|
|
-
|
|
311,980
|
|
Current other assets
|
1,279,553
|
|
484,475
|
|
248,803
|
|
22,389
|
|
323,475
|
|
45,227
|
|
384,102
|
|
(1,764,028)
|
|
(214,007)
|
|
809,989
|
|
Equity method investments
|
408,591
|
|
254,826
|
|
-
|
|
-
|
|
-
|
|
15,364
|
|
12,183,235
|
|
(663,417)
|
|
(12,095,283)
|
|
103,316
|
|
Investment in joint ventures
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,498,259
|
|
-
|
|
-
|
|
8,498,259
|
|
Biological Assets
|
1,867,765
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,867,765)
|
|
-
|
|
-
|
|
Investment property
|
-
|
|
-
|
|
-
|
|
-
|
|
2,281,509
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,281,509
|
|
Property, plant and equipment
|
9,504,874
|
|
2,494,488
|
|
-
|
|
1,013,149
|
|
11,195
|
|
197,137
|
|
50,429
|
|
(11,999,362)
|
|
-
|
|
1,271,910
|
|
Intangible assets
|
3,100,227
|
|
4,038,312
|
|
8,450,541
|
|
755,635
|
|
89
|
|
867,826
|
|
3,949
|
|
(7,138,539)
|
|
-
|
|
10,078,040
|
|
Non-current other assets
|
1,534,557
|
|
1,403,117
|
|
332,918
|
|
234,965
|
|
4,884
|
|
(93,658)
|
|
2,755,380
|
|
(2,937,674)
|
|
(415,784)
|
|
2,818,705
|
|
Loans and borrowings
|
(7,732,778)
|
|
(862,521)
|
|
(2,841,387)
|
|
(705,974)
|
|
-
|
|
(209,579)
|
|
(5,336,016)
|
|
8,595,299
|
|
-
|
|
(9,092,956)
|
|
Trade payables
|
(633,505)
|
|
(551,176)
|
|
(706,397)
|
|
(82,872)
|
|
(1,216)
|
|
(70,102)
|
|
(1,560)
|
|
1,184,681
|
|
(282)
|
|
(862,429)
|
|
Employee benefits
|
(249,919)
|
|
(60,091)
|
|
(59,417)
|
|
(12,522)
|
|
(4,247)
|
|
(13,039)
|
|
(14,070)
|
|
310,010
|
|
-
|
|
(103,295)
|
|
Current other liabilities
|
(495,240)
|
|
(525,188)
|
|
(301,089)
|
|
(127,287)
|
|
(31,020)
|
|
(107,826)
|
|
(280,883)
|
|
1,020,428
|
|
213,997
|
|
(634,108)
|
|
Non-current other liabilities
|
(1,693,036)
|
|
(2,715,727)
|
|
(863,768)
|
|
(198,620)
|
|
(85,951)
|
|
(327,564)
|
|
(3,543,346)
|
|
4,408,763
|
|
416,067
|
|
(4,603,182)
|
|
Total assets (net of liabilities) allocated by segment
|
10,393,243
|
|
6,781,651
|
|
5,500,303
|
|
1,434,359
|
|
2,628,156
|
|
747,964
|
|
15,104,274
|
|
(17,174,894)
|
|
(12,095,282)
|
|
13,319,764
|
|
Total assets
|
21,197,721
|
|
11,496,354
|
|
10,272,361
|
|
2,561,634
|
|
2,750,590
|
|
1,476,074
|
|
24,280,149
|
|
(32,694,075)
|
|
(12,725,074)
|
|
28,615,734
|
|
March 31, 2013 (Restated)
|
|||||||||||||||||||
Statement of financial position:
|
Raízen Energia
|
|
Raízen Combustíveis
|
|
COMGÁS
|
|
Rumo
|
|
Radar
|
|
Lubricants
|
|
Cosan´s other business
|
|
Deconsolidated effects IFRS 11
|
|
Segment elimination
|
|
Total consolidated
|
|
Cash and cash equivalents
|
1,759,501
|
|
138,713
|
|
327,504
|
|
502,460
|
|
122
|
|
951,959
|
|
516,122
|
|
(1,898,214)
|
|
(754,095)
|
|
1,544,072
|
|
Securities
|
-
|
|
-
|
|
-
|
|
17,643
|
|
68,906
|
|
5,031
|
|
14,276
|
|
-
|
|
-
|
|
105,856
|
|
Trade receivables
|
378,161
|
|
1,290,683
|
|
569,168
|
|
80,865
|
|
26,639
|
|
180,223
|
|
241
|
|
(1,668,844)
|
|
-
|
|
857,136
|
|
Inventories
|
370,449
|
|
906,870
|
|
108,837
|
|
6,153
|
|
-
|
|
160,707
|
|
-
|
|
(1,277,319)
|
|
-
|
|
275,697
|
|
Current other assets
|
1,195,232
|
|
1,297,472
|
|
340,041
|
|
41,581
|
|
7,386
|
|
32,445
|
|
376,894
|
|
(2,492,704)
|
|
(98,893)
|
|
699,454
|
|
Equity method investments
|
267,489
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,651,225
|
|
(267,489)
|
|
(6,600,669)
|
|
50,556
|
|
Investment in joint ventures
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,582,741
|
|
-
|
|
-
|
|
8,582,741
|
|
Biological Assets
|
1,978,477
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,978,477)
|
|
-
|
|
-
|
|
Investment property
|
-
|
|
-
|
|
-
|
|
-
|
|
2,473,438
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,473,438
|
|
Property, plant and equipment
|
9,896,478
|
|
2,634,126
|
|
-
|
|
952,915
|
|
11,852
|
|
176,512
|
|
37,018
|
|
(12,530,604)
|
|
-
|
|
1,178,297
|
|
Intangible assets
|
3,050,310
|
|
4,043,571
|
|
8,071,839
|
|
677,860
|
|
99
|
|
862,955
|
|
2,145
|
|
(7,093,881)
|
|
-
|
|
9,614,898
|
|
Non-current other assets
|
1,360,708
|
|
1,269,341
|
|
184,269
|
|
28,518
|
|
48,298
|
|
(56,615)
|
|
2,342,696
|
|
(2,630,049)
|
|
(408,308)
|
|
2,138,858
|
|
Loans and borrowings
|
(5,888,977)
|
|
(732,469)
|
|
(2,710,599)
|
|
(713,004)
|
|
-
|
|
(167,263)
|
|
(5,666,202)
|
|
6,621,446
|
|
749,064
|
|
(8,508,004)
|
|
Trade payables
|
(491,797)
|
|
(684,546)
|
|
(678,172)
|
|
(46,391)
|
|
(996)
|
|
(71,979)
|
|
(1,941)
|
|
1,176,343
|
|
-
|
|
(799,479)
|
|
Employee benefits
|
(282,797)
|
|
(77,538)
|
|
(34,002)
|
|
(14,330)
|
|
(13,390)
|
|
(15,334)
|
|
(17,206)
|
|
360,335
|
|
-
|
|
(94,262)
|
|
Current other liabilities
|
(1,230,988)
|
|
(766,869)
|
|
(105,463)
|
|
(134,685)
|
|
(26,244)
|
|
(47,689)
|
|
(247,599)
|
|
1,997,857
|
|
76,686
|
|
(484,994)
|
|
Non-current other liabilities
|
(1,699,138)
|
|
(2,648,162)
|
|
(845,093)
|
|
(125,632)
|
|
(74,813)
|
|
(427,228)
|
|
(3,341,628)
|
|
4,347,300
|
|
386,150
|
|
(4,428,244)
|
|
Total assets (net of liabilities) allocated by segment
|
10,663,108
|
|
6,671,192
|
|
5,228,329
|
|
1,273,953
|
|
2,521,297
|
|
1,583,724
|
|
9,248,783
|
|
(17,334,300)
|
|
(6,650,065)
|
|
13,206,021
|
|
Total assets
|
20,256,805
|
|
11,580,776
|
|
9,601,658
|
|
2,307,995
|
|
2,636,740
|
|
2,313,217
|
|
18,523,358
|
|
(31,837,581)
|
|
(7,861,965)
|
|
27,521,003
|
|
April 01, 2012
|
|||||||||||||||||
Statement of financial position:
|
Raízen Energia
|
|
Raízen Combustiveis
|
|
Rumo
|
|
Lubricants
|
|
Cosan´s other business
|
|
Deconsolidated effects IFRS 11
|
|
Segment elimination
|
|
Total consolidated
|
|
Discontinued operation
|
|
Cash and cash equivalents
|
1,200,483
|
|
35,377
|
|
414,126
|
|
187,147
|
|
405,110
|
|
(1,235,860)
|
|
-
|
|
1,006,383
|
|
29,834
|
|
Securities
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Trade receivables
|
350,846
|
|
1,111,398
|
|
43,145
|
|
90,813
|
|
2,286
|
|
(1,462,244)
|
|
-
|
|
136,244
|
|
96,220
|
|
Inventories
|
463,825
|
|
730,492
|
|
2,551
|
|
112,492
|
|
-
|
|
(1,194,317)
|
|
-
|
|
115,043
|
|
35,948
|
|
Current other assets
|
2,263,898
|
|
1,461,701
|
|
53,736
|
|
43,250
|
|
397,781
|
|
(3,725,599)
|
|
(90,905)
|
|
403,862
|
|
76,277
|
|
Equity method investments
|
169,912
|
|
-
|
|
-
|
|
(15)
|
|
2,515,144
|
|
(169,912)
|
|
(2,189,552)
|
|
325,577
|
|
-
|
|
Investment in joint ventures
|
-
|
|
-
|
|
-
|
|
-
|
|
8,189,588
|
|
-
|
|
-
|
|
8,189,588
|
|
-
|
|
Biological Assets
|
1,936,046
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,936,046)
|
|
-
|
|
-
|
|
-
|
|
Investment property
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Property, plant and equipment
|
9,658,979
|
|
2,779,641
|
|
879,469
|
|
186,789
|
|
543,918
|
|
(12,438,620)
|
|
-
|
|
1,610,176
|
|
45,973
|
|
Intangible assets
|
2,996,846
|
|
3,928,900
|
|
604,963
|
|
778,786
|
|
85,621
|
|
(6,925,746)
|
|
-
|
|
1,469,370
|
|
12
|
|
Non-current other assets
|
938,235
|
|
1,511,731
|
|
31,964
|
|
247,971
|
|
2,321,916
|
|
(2,449,965)
|
|
(319,392)
|
|
2,282,459
|
|
41,117
|
|
Loans and borrowings
|
(5,605,244)
|
|
(638,823)
|
|
(631,701)
|
|
-
|
|
(1,445,655)
|
|
6,244,067
|
|
-
|
|
(2,077,356)
|
|
-
|
|
Trade payables
|
(544,016)
|
|
(500,814)
|
|
(25,240)
|
|
(48,271)
|
|
(1,838)
|
|
1,044,830
|
|
-
|
|
(75,349)
|
|
(19,969)
|
|
Employee benefits
|
(209,700)
|
|
(71,832)
|
|
(9,850)
|
|
(13,917)
|
|
(11,874)
|
|
281,532
|
|
-
|
|
(35,641)
|
|
(7,253)
|
|
Current other liabilities
|
(1,329,556)
|
|
(1,327,048)
|
|
(30,773)
|
|
(61,980)
|
|
(296,590)
|
|
2,656,604
|
|
72,843
|
|
(316,500)
|
|
(64,643)
|
|
Non-current other liabilities
|
(2,200,352)
|
|
(2,663,502)
|
|
(135,820)
|
|
(10,561)
|
|
(4,034,760)
|
|
4,863,853
|
|
355,566
|
|
(3,825,575)
|
|
(15,242)
|
|
Total assets (net of liabilities) allocated by segment
|
10,090,202
|
|
6,357,219
|
|
1,196,570
|
|
1,512,504
|
|
8,670,647
|
|
(16,447,421)
|
|
(2,171,440)
|
|
9,208,281
|
|
218,274
|
|
Total assets
|
19,979,070
|
|
11,559,239
|
|
2,029,954
|
|
1,647,233
|
|
14,461,363
|
|
(31,538,309)
|
|
(2,599,849)
|
|
15,538,701
|
|
325,381
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Raízen Energia
|
|
|
|
|
|
Sugar
|
3,127,616
|
|
4,353,994
|
|
3,912,824
|
Ethanol
|
3,143,254
|
|
3,299,938
|
|
2,871,515
|
Cogeneration
|
376,579
|
|
569,709
|
|
235,129
|
Other
|
202,940
|
|
244,597
|
|
227,942
|
|
6,850,389
|
|
8,468,238
|
|
7,247,410
|
Raízen Combustíveis
|
|
|
|
|
|
Fuels
|
37,553,167
|
|
43,516,040
|
|
35,032,782
|
Other
|
27,403
|
|
16,192
|
|
63,269
|
|
37,580,570
|
|
43,532,232
|
|
35,096,051
|
COMGÁS (1)
|
|
|
|
|
|
Industrial
|
3,065,600
|
|
1,535,941
|
|
-
|
Residential
|
522,642
|
|
203,254
|
|
-
|
Thermogeneration
|
212,103
|
|
148,652
|
|
-
|
Cogeneration
|
187,457
|
|
112,705
|
|
-
|
Automotive
|
151,195
|
|
77,486
|
|
-
|
Commercial
|
186,932
|
|
84,517
|
|
-
|
Construction revenue
|
536,482
|
|
230,038
|
|
-
|
Other
|
26,484
|
|
6,396
|
|
-
|
|
4,888,895
|
|
2,398,989
|
|
-
|
Rumo
|
|
|
|
|
|
Port lifting
|
138,236
|
|
150,028
|
|
141,026
|
Logistics
|
597,476
|
|
549,420
|
|
413,364
|
Other
|
13,638
|
|
13,328
|
|
17,599
|
|
749,350
|
|
712,776
|
|
571,989
|
Radar (2)
|
|
|
|
|
|
Property sale
|
5,694
|
|
4,721
|
|
-
|
Land lease
|
49,038
|
|
47,132
|
|
-
|
|
54,732
|
|
51,853
|
|
-
|
|
|
|
|
|
|
Lubricants
|
|
|
|
|
|
Lubricants
|
1,040,150
|
|
1,245,571
|
|
1,018,801
|
Basic Oil
|
137,309
|
|
162,021
|
|
18,939
|
Other
|
7,740
|
|
9,882
|
|
-
|
|
1,185,199
|
|
1,417,474
|
|
1,037,740
|
|
|
|
|
|
|
Cosan’s other business
|
38
|
|
5,117
|
|
22,005
|
|
|
|
|
|
|
IFRS 11 - Deconsolidated of Joint Ventures and eliminations
|
(44,430,959)
|
|
(52,000,470)
|
|
(39,411,641)
|
|
|
|
|
|
|
Total
|
6,878,214
|
|
4,586,209
|
|
4,563,554
|
(1) Segment created from the acquisition of COMGÁS in November 5, 2012;
|
|||||
(2) Segment created from the gain control on the Radar and its subsidiaries in July 14, 2012.
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Brazil
|
84.31%
|
|
86.90%
|
|
90.51%
|
South America (excepting Brazil)
|
12.44%
|
|
10.81%
|
|
0.55%
|
Europe
|
2.27%
|
|
1.73%
|
|
8.78%
|
Middle East and Asia
|
0.79%
|
|
0.53%
|
|
0.16%
|
North America
|
0.09%
|
|
-
|
|
-
|
Other
|
0.10%
|
|
0.03%
|
|
-
|
|
|
|
|
|
|
Total
|
100.00%
|
|
100.00%
|
|
100.00%
|
6
|
Cash and cash equivalents
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 1,2012
|
Brazilian Reais
|
|
|
|
|
|
Short-term investments
|
1,387,295
|
|
1,376,365
|
|
950,580
|
|
|
|
|
|
|
U.S. Dollars
|
|
|
|
|
|
Cash and bank deposits
|
122,270
|
|
167,707
|
|
85,637
|
|
|
|
|
|
|
|
1,509,565
|
|
1,544,072
|
|
1,036,217
|
|
|
|
|
|
|
Short-term investments are mainly comprised of exclusive funds as presented below:
|
|||||
|
|
|
|
|
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 1,2012
|
Exclusive funds
|
|
|
|
|
|
Commitment transactions
|
662,262
|
|
802,634
|
|
647,298
|
Bank certificate of deposits - CDB
|
175,895
|
|
89,255
|
|
268,169
|
|
838,157
|
|
891,889
|
|
915,467
|
|
|
|
|
|
|
Bank investments
|
|
|
|
|
|
Bank certificate of deposits - CDB
|
147,782
|
|
177,711
|
|
6,781
|
Commitment transactions
|
342,894
|
|
292,506
|
|
-
|
Other financial investments
|
58,462
|
|
14,259
|
|
28,332
|
|
549,138
|
|
484,476
|
|
35,113
|
|
|
|
|
|
|
|
1,387,295
|
|
1,376,365
|
|
950,580
|
7
|
Trade receivables
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
Domestic
|
1,087,118
|
|
872,683
|
|
241,385
|
Foreign
|
24,453
|
|
15,369
|
|
4,510
|
Allowance for doubtful accounts
|
(28,628)
|
|
(21,411)
|
|
(13,431)
|
|
|
|
|
|
|
|
1,082,943
|
|
866,641
|
|
232,464
|
|
|
|
|
|
|
Current
|
844,483
|
|
857,136
|
|
232,464
|
Non-current
|
238,460
|
|
9,505
|
|
-
|
The ageing of trade receivables is as follows:
|
|||||
|
|
|
|
|
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
Not overdue
|
776,342
|
|
734,041
|
|
203,822
|
Overdue:
|
|
|
|
|
|
From 1 to 30 days
|
78,110
|
|
98,361
|
|
18,202
|
From 31 to 60 days
|
38,546
|
|
15,644
|
|
5,945
|
From 61 to 90 days
|
58,044
|
|
7,101
|
|
209
|
More than 90 days
|
131,901
|
|
11,494
|
|
4,286
|
|
|
|
|
|
|
|
1,082,943
|
|
866,641
|
|
232,464
|
Changes in the allowance for doubtful accounts is as follows:
|
|||||
|
|
|
|
|
|
At April 1, 2011
|
|
|
(91,197)
|
|
|
Provision
|
|
|
(16,696)
|
|
|
Reversal
|
|
|
8,878
|
|
|
Write-offs
|
|
|
-
|
|
|
Net addition on the de-recognition of subsidiaries to form the Joint Venture
|
|
|
85,584
|
|
|
At March 31, 2012 (Restated)
|
|
|
(13,431)
|
|
|
Provision
|
|
|
(18,802)
|
|
|
Reversal
|
|
|
10,127
|
|
|
Write-offs
|
|
|
695
|
|
|
At March 31, 2013 (Restated)
|
|
|
(21,411)
|
|
|
Provision
|
|
|
(24,891)
|
|
|
Reversal
|
|
|
960
|
|
|
Write-offs
|
|
|
16,714
|
|
|
|
|
|
|
|
|
At December 31, 2013
|
|
|
(28,628)
|
|
|
8
|
Inventories
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
Finished goods
|
185,620
|
|
160,751
|
|
142,213
|
Work in process
|
82,361
|
|
75,809
|
|
-
|
Spare parts and other
|
44,331
|
|
39,392
|
|
8,983
|
Provision for slow moving inventory and obsolescence
|
(332)
|
|
(255)
|
|
(205)
|
|
|
|
|
|
|
|
311,980
|
|
275,697
|
|
150,991
|
Changes in the provision for slow moving inventory and obsolescence is as follows:
|
|||||
|
|
|
|
|
|
At April 1, 2011
|
|
|
(19,567)
|
|
|
Provision
|
|
|
(1,697)
|
|
|
Reversal
|
|
|
4,966
|
|
|
Write-offs
|
|
|
1,372
|
|
|
Net addition on the de-recognition of subsidiaries to form the Joint Ventures
|
|
|
14,721
|
|
|
At March 31, 2012 (Restated)
|
|
|
(205)
|
|
|
Provision
|
|
|
(94)
|
|
|
Reversal
|
|
|
-
|
|
|
Write-offs
|
|
|
44
|
|
|
At March 31, 2013 (Restated)
|
|
|
(255)
|
|
|
Provision
|
|
|
(77)
|
|
|
Reversal
|
|
|
-
|
|
|
Write-offs
|
|
|
-
|
|
|
|
|
|
|
|
|
At December 31, 2013
|
|
|
(332)
|
|
|
9
|
Other tax receivable
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
COFINS - Revenue tax
|
613
|
|
2,476
|
|
6,455
|
PIS - Revenue tax
|
133
|
|
537
|
|
1,413
|
ICMS - State VAT
|
97,622
|
|
77,535
|
|
3,051
|
IPI - Exercise tax
|
-
|
|
-
|
|
5,279
|
Other
|
5,431
|
|
1,053
|
|
1,392
|
|
103,799
|
|
81,601
|
|
17,590
|
|
|
|
|
|
|
Current
|
85,433
|
|
63,720
|
|
16,584
|
Non-current
|
18,366
|
|
17,881
|
|
1,006
|
10
|
Other financial assets
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
Exxon Mobil financial assets (a)
|
309,378
|
|
295,782
|
|
540,224
|
Fair value for Radar option
|
-
|
|
-
|
|
140,820
|
Receivable from sale of discontinued operations (b)
|
160,783
|
|
210,467
|
|
-
|
|
470,161
|
|
506,249
|
|
681,044
|
|
|
|
|
|
|
Current
|
63,054
|
|
59,299
|
|
40,080
|
Non-current
|
407,107
|
|
446,950
|
|
640,964
|
a)
|
On June 28, 2011, Cosan Lubrificantes e Especialidades S.A., 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"), to settle certain tax contingencies that existed prior to the acquisition of Essobrás by the Company. ExxonMobil is legally responsible for tax contingencies that existed prior to the acquisition by the Company; therefore, this financial asset represents the amounts that the Company will be reimbursed from ExxonMobil.
|
b)
|
On October 24, 2012, the Company signed an Amendment to the Association Agreement and Other Covenants, of May 28, 2012, with Camil Alimentos SA (“Camil”) where by it agreed the sale of all of the shares issued by its subsidiary, Docelar Alimentos e Bebidas S.A., to Camil, for a total price of R$ 293,770. As at December 31, 2013, R$ 160,783 is still outstanding, to be received in three remaining installments, through October 24, 2016. The fair value of the receivable is equivalent to the carrying amount as the installments due are adjusted for inflation.
|
11
|
Related parties
|
a)
|
Receivables from and payables to related parties are as follows:
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
Current assets
|
|
|
|
|
|
Commercial operations
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
27,681
|
|
26,045
|
|
-
|
Transport services
|
10,538
|
|
16,885
|
|
876
|
Lubricants
|
3,086
|
|
4,984
|
|
3,586
|
Other
|
14,057
|
|
4,176
|
|
29,810
|
Raízen Combustíveis S.A.(ii)
|
4,048
|
|
4,003
|
|
28,485
|
Aguassanta Participações S.A.
|
6,368
|
|
-
|
|
-
|
Other
|
-
|
|
70
|
|
321
|
|
38,097
|
|
30,118
|
|
63,078
|
Corporate operation / Agreements
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
1,468
|
|
319
|
|
-
|
|
1,468
|
|
319
|
|
-
|
Financial operations
|
|
|
|
|
|
Rezende Barbosa Group(iii)
|
7,223
|
|
7,205
|
|
7,354
|
7,223
|
|
7,205
|
|
7,354
|
|
|
|
|
|
|
|
|
46,788
|
|
37,642
|
|
70,432
|
Non-current assets
|
|
|
|
|
|
Commercial operations
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
-
|
|
358
|
|
-
|
Raízen Combustíveis S.A.(ii)
|
-
|
|
244
|
|
-
|
Other
|
-
|
|
94
|
|
-
|
|
-
|
|
696
|
|
-
|
|
|
|
|
|
|
Receivables under the framework agreement
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
305,183
|
|
322,553
|
|
429,480
|
Raízen Combustíveis S.A.(ii)
|
90,756
|
|
79,824
|
|
175,623
|
|
395,939
|
|
402,377
|
|
605,103
|
Financial operations
|
|
|
|
|
|
Rezende Barbosa Group (iii)
|
107,002
|
|
127,828
|
|
105,751
|
Other
|
-
|
|
2,825
|
|
414
|
|
107,002
|
|
130,653
|
|
106,165
|
Corporate restructuring
|
|
|
|
|
|
CTC - Centro de Tecnologia Canavieira
|
-
|
|
-
|
|
6,147
|
Other
|
1,540
|
|
1,610
|
|
1,200
|
|
1,540
|
|
1,610
|
|
7,347
|
|
|
|
|
|
|
|
504,481
|
|
535,336
|
|
718,615
|
|
|
|
|
|
|
Total
|
551,269
|
|
572,978
|
|
789,047
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
Current liabilities
|
|
|
|
|
|
Commercial operations
|
|
|
|
|
|
Shell Brazil Holding B.V.(i)
|
5,986
|
|
2,259
|
|
-
|
Raízen Energia S.A.(ii)
|
18,491
|
|
18,851
|
|
67,788
|
Purchase of sugar
|
-
|
|
-
|
|
37,915
|
Advances from port services
|
7,998
|
|
10,246
|
|
1,336
|
Shared expenses
|
10,204
|
|
8,242
|
|
28,537
|
Other
|
289
|
|
363
|
|
-
|
Raízen Combustíveis S.A.(ii)
|
1,709
|
|
974
|
|
642
|
Other
|
34
|
|
241
|
|
-
|
|
26,220
|
|
22,325
|
|
68,430
|
Corporate operations / Agreements
|
|
|
|
|
|
Raizen Combustiveis S.A.(ii)
|
8,800
|
|
9,316
|
|
-
|
Raízen Energia S.A.(ii)
|
70,443
|
|
59,792
|
|
52,228
|
|
79,243
|
|
69,108
|
|
52,228
|
Financial operations
|
|
|
|
|
|
Other
|
-
|
|
-
|
|
1,111
|
|
-
|
|
-
|
|
1,111
|
|
|
|
|
|
|
|
105,463
|
|
91,433
|
|
121,769
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Commercial operations
|
|
|
|
|
|
Raízen Energia S.A.
|
-
|
|
-
|
|
1,580
|
|
-
|
|
-
|
|
1,580
|
Corporate operations / Agreements
|
|
|
|
|
|
Shell Brazil Holding B.V.
|
-
|
|
-
|
|
11,195
|
Other
|
-
|
|
-
|
|
3,851
|
|
-
|
|
-
|
|
15,046
|
|
|
|
|
|
|
|
-
|
|
-
|
|
16,626
|
|
|
|
|
|
|
Total
|
105,463
|
|
91,433
|
|
138,395
|
b)
|
Related party transactions are as follows:
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Sales of goods and services
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
279,185
|
|
299,676
|
|
259,961
|
Other
|
203
|
|
2
|
|
4
|
|
279,388
|
|
299,678
|
|
259,965
|
Purchase of goods / Inputs
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
(13)
|
|
(63,605)
|
|
(502,372)
|
Raízen Combustíveis S.A.(ii)
|
(1,035)
|
|
(546)
|
|
(122)
|
|
(1,048)
|
|
(64,151)
|
|
(502,494)
|
Land lease
|
|
|
|
|
|
Raízen Energia S.A.(ii)
|
43,995
|
|
52,558
|
|
75,417
|
|
43,995
|
|
52,558
|
|
75,417
|
Shared income (expense)
|
|
|
|
|
|
Aguassanta Participações S.A.
|
295
|
|
700
|
|
-
|
Raízen Energia S.A.(ii)
|
(7,950)
|
|
(14,683)
|
|
(13,861)
|
|
(7,655)
|
|
(13,983)
|
|
(13,861)
|
Financial result
|
|
|
|
|
|
Rezende Barbosa Group(iii)
|
804
|
|
1,684
|
|
949
|
Raízen Energia S.A.(ii)
|
1,781
|
|
363
|
|
225
|
Impulso Participações
|
-
|
|
(976)
|
|
-
|
Aldwich Temple Venture Capital Ltd.
|
(153)
|
|
(88)
|
|
-
|
Other
|
113
|
|
(21)
|
|
-
|
|
2,545
|
|
962
|
|
1,174
|
|
|
|
|
|
|
Total
|
317,225
|
|
275,064
|
|
(179,799)
|
(i)
|
Shell
|
(ii)
|
Raízen Energia and Raízen Combustíveis
|
(iii)
|
Rezende Barbosa Group
|
c)
|
Officers’ and directors’ compensation
|
Nine months
ended December
31, 2013
|
Years ended
|
||||
March 31, 2013
(Restated) |
March 31, 2012
(Restated) |
||||
Regular compensation
|
19,299
|
|
31,922
|
|
24,994
|
Stock option expense (Note 34)
|
6,595
|
|
13,295
|
|
10,800
|
Bonuses and other variable compensation
|
13,092
|
|
61,377
|
|
33,075
|
|
|
|
|
|
|
|
38,986
|
|
106,594
|
|
68,869
|
12
|
Business combinations and other acquisitions
|
I.
|
COMGÁS
|
At November 05, 2012
|
|
Consideration transferred
|
3,400,000
|
Cash acquired
|
(426,876)
|
Total of consideration transferred
|
2,973,124
|
|
|
Fair value of the assets acquired and liabilities assumed
|
|
Trade receivables
|
694,047
|
Allowance for doubtful accounts
|
(95,480)
|
Financial instruments
|
144,330
|
Inventories
|
99,424
|
Intangible assets(a)
|
8,014,135
|
Other credits
|
340,320
|
Loans and borrowings
|
(2,568,802)
|
Trade payables
|
(692,480)
|
Taxes payable
|
(208,489)
|
Deferred income taxes(b)
|
(442,262)
|
Provision for judicial demands
|
(51,592)
|
Other liabilities(c)
|
(391,191)
|
Net assets acquired
|
4,841,960
|
|
|
Non-controlling interests
|
(1,868,836)
|
|
|
Consideration transferred
|
2,973,124
|
(a)
|
The balance of intangible assets acquired of R$ 8,014,135 at the acquisition date includes the fair value step-up of the intangible asset representing the public concession contract for distribution of gas with the Grantor in the amount of R$ 4,460,113. During the nine-month period ended December 31, 2013, the Company revised its estimate of the preliminary purchase price allocation, which was a preliminary estimate of the fair value of the concession contract and fair value step-up of R$ 7,979,275 and R$ 4,425,252, respectively.
|
(b)
|
Deferred income taxes of R$ 442,262 includes a deferred tax asset in the amount of R$ 844,141 in relation to future goodwill tax deductibility.
|
(c)
|
The fair value of other liabilities amounting to R$ 391,193 includes the fair value of liabilities of post-retirement benefits of R$ 126,594.
|
II.
|
Radar
|
|
|
Fair value of previously held equity interest
|
349,139
|
Fair value of identifiable net assets acquired
|
1,845,341
|
Percent interest
|
18.92
|
|
|
Fair value of identifiable net assets acquired
|
349,139
|
|
|
The estimated fair value of the assets acquired and liabilities assumed on the date control was gained is as follows:
|
|
|
|
Account
|
|
Cash and cash equivalents
|
111,654
|
Trade receivables
|
19,995
|
Other credits
|
8,062
|
Equity method investments
|
6,579
|
Property, plant and equipment
|
8,248
|
Investment property
|
1,784,413
|
Trade payables
|
(4,185)
|
Dividends payable
|
(21,015)
|
Deferred tax liabilities
|
(52,126)
|
Other liabilities
|
(16,284)
|
Fair value of net assets
|
1,845,341
|
|
-
|
Non-controlling interests
|
1,496,202
|
|
-
|
Previously held equity interest
|
349,139
|
III.
|
Comma Oil and Chemicals Limited (“Comma”)
|
Consideration transferred
|
190,234
|
Cash receivable
|
(37,315)
|
|
|
|
152,919
|
|
|
The estimated fair value of the acquired assets and liabilities assumed on the acquisition date was as follows:
|
|
|
|
Account
|
|
Trade receivables
|
46,468
|
Inventories
|
33,672
|
Other credits
|
472
|
Property, plant and equipment
|
34,409
|
Intangible assets
|
49,493
|
Trade payables
|
(21,284)
|
Taxes payable
|
(3,900)
|
Other liabilities
|
(1,227)
|
Deferred tax liabilities
|
(17,143)
|
Fair value of net assets acquired
|
120,960
|
|
|
Consideration transferred,
|
|
net of cash acquired
|
152,919
|
|
|
Goodwill
|
31,959
|
13
|
Equity method investments
|
Issued shares of the investee
|
Number of shares held by Cosan
|
Percentage of interest (%)
|
March 31, 2013 (Restated)
|
Equity income of investee
|
Equity method adjustments
|
Dividends
|
Capital increase
|
Other
|
At December 31, 2013
|
||||||||||
Tellus Brasil Participações Ltda (a)
|
65,957,282
|
|
33,638,214
|
|
51.00
|
39,828
|
|
14,825
|
|
18
|
|
(839)
|
|
24,989
|
|
-
|
|
78,821
|
|
Novvi Limited Liabilitie Company
|
200,002
|
|
100,001
|
|
50.00
|
-
|
|
(7,812)
|
|
998
|
|
-
|
|
22,178
|
|
-
|
|
15,364
|
|
Vertical UK LLP
|
-
|
|
-
|
|
50.00
|
9,641
|
|
-
|
|
1,330
|
|
(2,845)
|
|
-
|
|
-
|
|
8,126
|
|
Other investments
|
-
|
|
-
|
|
-
|
1,087
|
|
(1,516)
|
|
-
|
|
-
|
|
-
|
|
1,434
|
|
1,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
50,556
|
|
5,497
|
|
2,346
|
|
(3,684)
|
|
47,167
|
|
1,434
|
|
103,316
|
Issued shares of the investee
|
Number of shares held by Cosan
|
Percentage of interest (%)
|
April 1, 2012
|
Equity income of investee
|
Equity method adjustments
|
Dividends
|
Capital increase
|
Other
|
March 31, 2013 (Restated)
|
Equity method investments March 31, 2012
|
|||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989
|
|
4,001,167
|
|
18.92
|
283,259
|
|
67,611
|
|
-
|
|
(2,831)
|
|
-
|
|
(348,039)
|
|
-
|
|
22,514
|
|
Tellus Brasil Participações Ltda (a)
|
65,957,282
|
|
33,638,214
|
|
51.00
|
7,979
|
|
7,337
|
|
93
|
|
-
|
|
23,489
|
|
930
|
|
39,828
|
|
-
|
|
Vertical UK LLP
|
-
|
|
-
|
|
50.00
|
-
|
|
-
|
|
-
|
|
-
|
|
9,641
|
|
-
|
|
9,641
|
|
-
|
|
Other investments
|
-
|
|
-
|
|
-
|
34,339
|
|
(4,534)
|
|
2,553
|
|
-
|
|
1,000
|
|
(32,271)
|
|
1,087
|
|
16,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
325,577
|
|
70,414
|
|
2,646
|
|
(2,831)
|
|
34,130
|
|
(379,380)
|
|
50,556
|
|
39,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial information of investees:
|
|||||||
|
|
|
|
|
|
|
|
|
December 31, 2013
|
||||||
|
Assets
|
|
Liabilities
|
|
Equity
|
|
Net income and other comprehensive income
|
Tellus Brasil Participações Ltda (a)
|
1,664,607
|
|
119,130
|
|
1,545,477
|
|
290,686
|
Novvi Limited Liabilitie Company
|
31,335
|
|
607
|
|
30,728
|
|
(15,222)
|
Vertical UK LLP
|
28,228
|
|
-
|
|
28,228
|
|
-
|
|
March 31, 2013 (Restated)
|
||||||
|
Assets
|
|
Liabilities
|
|
Equity
|
|
Net income and other comprehensive income
|
Tellus Brasil Participações Ltda (a)
|
800,479
|
|
22,459
|
|
778,020
|
|
124,079
|
CTC - Centro Tecnologia Canavieira S.A.
|
216,910
|
|
56,859
|
|
160,051
|
|
(2,490)
|
Vertical UK LLP
|
19,282
|
|
-
|
|
19,282
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2012 (Restated)
|
||||||
|
Assets
|
|
Liabilities
|
|
Equity
|
|
Net income and other comprehensive income
|
Radar Propriedades Agrícolas S.A.
|
1,685,618
|
|
188,392
|
|
1,497,226
|
|
162,544
|
Tellus Brasil Participações Ltda (a)
|
244,417
|
|
87,972
|
|
156,445
|
|
44,271
|
CTC - Centro Tecnologia Canavieira S.A.
|
80,882
|
|
22,512
|
|
58,370
|
|
(27,414)
|
|
|
|
|
|
|
|
|
(a) The Company is entitled to 5% of the economic benefits of this associates as established in the shareholders agreement.
|
Issued shares of the investee
|
Number of shares held by non-controlling
|
Ownership percentage of non-controlling interest (%)
|
March 31, 2013
(Restated)
|
Equity in income of investee of non-controlling
|
Equity method adjustments
|
Dividends
|
Other
|
December 31, 2013
|
||||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
2,040,816 | 1,000,000 | 61.75 | % | 37,902 | (618 | ) | - | - | (65 | ) | 37,219 | ||||||||||||||||||||||||
Rumo Logística Operadora Multimodal S.A.
|
956,917 | 239,229 | 25.00 | % | 309,012 | 40,273 | - | - | - | 349,285 | ||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 17,147,822 | 81.08 | % | 1,528,729 | 74,151 | 7,345 | (2,432 | ) | - | 1,607,793 | |||||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A.
|
830,690,258 | 290,710,861 | 35.00 | % | 305,708 | 27,217 | 516 | (5,249 | ) | - | 328,192 | |||||||||||||||||||||||||
Companhia de Gás de São Paulo - "COMGÁS"
|
119,822,797 | 47,864,807 | 39.95 | % | 1,852,661 | 162,793 | 9,817 | (64,357 | ) | 324 | 1,961,238 | |||||||||||||||||||||||||
Elimination of participation Radar II in Radar
|
- | - | - | (489,457 | ) | (14,718 | ) | (1,473 | ) | 368 | 65 | (505,215 | ) | |||||||||||||||||||||||
Cosan S.A. Indústria e Comércio
|
407,214,353 | 252,444,538 | 37.70 | % | 3,664,146 | 88,270 | (2,457 | ) | (76,916 | ) | (18,065 | ) | 3,654,978 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total
|
7,208,701 | 377,368 | 13,748 | (148,586 | ) | (17,741 | ) | 7,433,490 |
Issued shares of the investee
|
Number of shares held by non-controlling
|
Ownership percentage of non-controlling interest (%)
|
April 1, 2012
|
Equity in income of investee of non-controlling
|
Equity method adjustments
|
Business combination
|
Dividends
|
Other
|
March 31, 2013 (Restated)
|
|||||||||||||||||||||||||||||||
Administração de Participações Aguassanta S.A.
|
- | - | - |
14,744
|
146
|
- | - | - | - | (14,890 | ) | |||||||||||||||||||||||||||||
Copsapar Participações S.A. | - | - | - |
60,004
|
4,406
|
- | - | (1,389 | ) | (63,021 | ) | |||||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
2,040,816 | 1,000,000 | 61.75 | % | 69,385 | 1,822 | - | (32,872 | ) | (433 | ) | - | 37,902 | |||||||||||||||||||||||||||
Rumo Logística Operadora Multimodal S.A.
|
956,917 | 239,229 | 25.00 | % | 286,325 | 37,146 | - | - | (14,459 | ) | - | 309,012 | ||||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A.
|
21,148,989 | 17,147,822 | 81.08 | % | - | 95,953 | 5,640 | 1,495,505 | (68,369 | ) | - | 1,528,729 | ||||||||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A.
|
830,690,258 | 290,710,861 | 35.00 | % | - | 14,320 | 395 | 290,993 | - | - | 305,708 | |||||||||||||||||||||||||||||
Companhia de Gás de São Paulo - "COMGÁS"
|
119,822,797 | 47,864,807 | 39.95 | % | - | 63,858 | - | 1,878,932 | (91,965 | ) | 1,836 | 1,852,661 | ||||||||||||||||||||||||||||
Elimination of participation Radar II in Radar
|
- | - | - | - | - | (1,131 | ) | (501,068 | ) | 12,742 | - | (489,457 | ) | |||||||||||||||||||||||||||
Cosan S.A. Indústria e Comércio
|
407,214,353 | 252,444,538 | 37.70 | % | 3,431,823 | 291,730 | 79,334 | - | (151,386 | ) | 12,645 | 3,664,146 | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total
|
3,862,281 | 509,381 | 84,238 | 3,131,490 | (315,259 | ) | (63,430 | ) | 7,208,701 |
|
Subisidiaries
|
|||||||||||||||||||||||||||||||||||||||
Indirect
|
Direct
|
Indirect
|
Direct
|
Direct
|
||||||||||||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
Rumo Logística Operadora Multimodal S.A.
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
Companhia de Gás de São Paulo - "COMGÁS"
|
||||||||||||||||||||||||||||||||||||
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
|||||||||||||||||||||||||||||||
Current
|
||||||||||||||||||||||||||||||||||||||||
Assets
|
3,972 | 13,754 | 555,515 | 640,317 | 223,574 | 37,036 | 489 | 3 | 1,488,902 | 1,345,641 | ||||||||||||||||||||||||||||||
Liabilities
|
(6,714 | ) | (7,033 | ) | (324,778 | ) | (264,533 | ) | (22,458 | ) | (32,735 | ) | - | (2 | ) | (1,403,287 | ) | (1,887,388 | ) | |||||||||||||||||||||
Net current assets
|
(2,742 | ) | 6,721 | 230,737 | 375,784 | 201,116 | 4,301 | 489 | 1 | 85,615 | (541,747 | ) |
Non-current
|
||||||||||||||||||||||||||||||||||||||||
Assets
|
40,270 | 30,416 | 1,921,880 | 1,568,824 | 1,855,301 | 1,935,204 | 259,104 | 872,319 | 8,783,460 | 8,256,108 | ||||||||||||||||||||||||||||||
Liabilities
|
(14,601 | ) | (15,417 | ) | (755,476 | ) | (708,560 | ) | (37,655 | ) | (25,218 | ) | - | - | (3,368,771 | ) | (2,486,032 | ) | ||||||||||||||||||||||
Net non-current assets
|
25,669 | 14,999 | 1,166,404 | 860,264 | 1,817,646 | 1,909,986 | 259,104 | 872,319 | 5,414,689 | 5,770,076 | ||||||||||||||||||||||||||||||
Equity
|
22,927 | 21,720 | 1,397,141 | 1,236,048 | 2,018,762 | 1,914,287 | 259,593 | 872,320 | 5,500,304 | 5,228,329 |
|
Subisidiaries
|
|||||||||||||||||||||||||||||||||||||||
Indirect
|
Direct
|
Indirect
|
Direct
|
Direct
|
||||||||||||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
Rumo Logística Operadora Multimodal S.A.
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
Companhia de Gás de São Paulo - "COMGÁS"
|
||||||||||||||||||||||||||||||||||||
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
|||||||||||||||||||||||||||||||
Net sales
|
12,122 | 22,743 | 742,962 | 706,020 | 14,433 | 19,828 | - | - | 4,888,897 | 2,398,989 | ||||||||||||||||||||||||||||||
Profit before taxes
|
2,664 | 6,316 | 243,201 | 223,261 | 94,783 | 190,256 | 15,240 | 42,371 | 560,443 | 207,314 | ||||||||||||||||||||||||||||||
Income taxes
|
(894 | ) | (2,035 | ) | (82,110 | ) | (74,677 | ) | (3,320 | ) | (47,291 | ) | - | (2 | ) | (152,740 | ) | (47,439 | ) | |||||||||||||||||||||
Profit for the year
|
1,771 | 4,281 | 161,091 | 148,584 | 91,463 | 142,965 | 15,240 | 42,369 | 407,703 | 159,875 | ||||||||||||||||||||||||||||||
Dividends paid to non-controlling interests
|
- | - | - | - | 1,945 | 72,061 | 5,250 | - | - | 79,299 |
|
Subisidiaries
|
|||||||||||||||||||||||||||||||||||||||
Indirect
|
Direct
|
Indirect
|
Direct
|
Direct
|
||||||||||||||||||||||||||||||||||||
Logispot Armazéns Gerais S.A.
|
Rumo Logística Operadora Multimodal S.A.
|
Radar Propriedades Agrícolas S.A.
|
Radar II Propriedades Agrícolas S.A.
|
Companhia de Gás de São Paulo - "COMGÁS"
|
||||||||||||||||||||||||||||||||||||
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
December 31,2013
|
March 31, 2013
|
|||||||||||||||||||||||||||||||
Profit for the year
|
1,771 | 4,281 | 161,091 | 148,584 | 91,463 | 142,965 | 15,240 | 42,369 | 407,703 | 159,875 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | 16,017 | - | 2,604 | - | 24,574 | (84,017 | ) | |||||||||||||||||||||||||||||
Total comprehensive income
|
1,771 | 4,281 | 161,091 | 148,584 | 107,480 | 142,965 | 17,844 | 42,369 | 432,277 | 75,858 | ||||||||||||||||||||||||||||||
Comprehensive income allocated to non-controlling interest
|
868 | 2,098 | 40,273 | 37,146 | 87,145 | 115,916 | 6,245 | 14,829 | 172,695 | 30,305 |
Subsidiaries
|
|||||||
Radar Propriedades
Agrícolas S.A.
|
Companhia de Gás de
São Paulo - "COMGÁS"
|
||||||
December 31, 2013
|
March 31, 2013
|
December 31, 2013
|
March 31, 2013
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
Cash generated from operations
|
25,224
|
|
70,362
|
|
1,081,121
|
|
453,974
|
Income taxes paid
|
-
|
|
-
|
|
(121,308)
|
|
(174,038)
|
|
|
|
|
|
|
|
|
Net cash generated by (used in) operating activities
|
25,224
|
|
70,362
|
|
959,813
|
|
279,936
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
(24,070)
|
|
(33,281)
|
|
(610,418)
|
|
(294,359)
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
(3,000)
|
|
(88,883)
|
|
(140,942)
|
|
(84,949)
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
(1,846)
|
|
(51,802)
|
|
208,453
|
|
(99,372)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the
|
|
|
|
|
|
|
|
beginning of the year
|
10,703
|
|
62,505
|
|
327,504
|
|
426,876
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the ended of the year
|
8,857
|
|
10,703
|
|
535,957
|
|
327,504
|
|
|
|
|
|
|
|
|
(i) Information presented for subsidiaries with material of non-controlling interest.
|
14
|
Investment in jointly controlled entities
|
(i)
|
Raízen Combustíveis which owns a network of about 4,700 service stations throughout Brazil, 62 distribution terminals and 54 airports terminals supplying aviation fuels;
|
(ii)
|
Raízen Energia, which operates in the production and sale of sugar, ethanol and cogeneration, mainly produced from sugar cane bagasse. Raízen Energia is responsible for the production of more than 2 billion liters of ethanol per year to supply the domestic and foreign market, 4 million tons of sugar and 934 MW of installed capacity of electricity production from sugarcane bagasse. Raízen Energia cultivates harvests and processes sugar cane - the main raw material used in the production of sugar and ethanol.
|
Issued shares of the investee
|
Number of shares held by Cosan
|
Percentage of interest (%)
|
March 31, 2013 (Restated)
|
Equity in income of jointly controlled entity
|
Equity method adjustments
|
Dividends
|
Other equity effects
|
December 31, 2013
|
|||||||||
Raízen Combustíveis S.A.
|
3,303,168,484
|
|
1,651,584,242
|
|
50.00
|
|
3,278,866
|
|
352,515
|
|
(162)
|
|
(300,449)
|
|
(4,288)
|
|
3,326,482
|
Raízen Energia S.A.
|
5,902,595,634
|
|
2,951,297,817
|
|
50.00
|
|
5,303,875
|
|
(110,479)
|
|
(3,156)
|
|
(20,000)
|
|
1,537
|
|
5,171,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
8,582,741
|
|
242,036
|
|
(3,318)
|
|
(320,449)
|
|
(2,751)
|
|
8,498,259
|
Issued shares of the investee
|
Number of shares held by Cosan
|
Percentage of interest (%)
|
March 31, 2012 (Restated)
|
Equity in income of jointly controlled entity
|
Equity method adjustments
|
Dividends
|
Incorporation
|
Other equity effects
|
March 31, 2013 (Restated)
|
Equity in income March 31, 2012
|
||||||||||||
Raízen Combustíveis S.A.
|
3,303,168,484
|
|
1,651,584,242
|
|
50.00
|
|
3,152,933
|
|
383,443
|
|
-
|
|
(306,894)
|
|
-
|
|
49,384
|
|
3,278,866
|
|
233,255
|
|
Raízen Energia S.A.
|
5,902,595,634
|
|
2,951,297,817
|
|
50.00
|
|
-
|
|
215,066
|
|
(8,037)
|
|
(551)
|
|
5,093,802
|
|
3,595
|
|
5,303,875
|
|
-
|
|
Raízen Energia Participações S.A.
|
5,902,595,634
|
|
2,951,297,817
|
|
50.00
|
|
5,036,655
|
|
5,403
|
|
51,744
|
|
-
|
|
(5,093,802)
|
|
-
|
|
-
|
|
116,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
8,189,588
|
|
603,912
|
|
43,707
|
|
(307,445)
|
|
-
|
|
52,979
|
|
8,582,741
|
|
349,363
|
|
Raízen Energia
|
|
Raízen Combustíveis
|
||||||||
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31, 2012
|
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31, 2012
|
Cash flow
|
|
|
|
|
|
|
|
|
|
|
|
Operating activies
|
485,843
|
|
2,659,558
|
|
(2,410,267)
|
|
559,917
|
|
1,456,774
|
|
(473,364)
|
Investing activities
|
(1,456,505)
|
|
(2,530,904)
|
|
1,590,487
|
|
349,623
|
|
(478,335)
|
|
351,634
|
Financing activities
|
269,644
|
|
430,364
|
|
(380,703)
|
|
(719,261)
|
|
(875,103)
|
|
86,353
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash
|
|
|
|
|
|
|
|
|
|
|
|
and cash equivalents
|
(701,018)
|
|
559,018
|
|
(1,200,483)
|
|
190,279
|
|
103,336
|
|
(35,377)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss income
|
(214,998)
|
|
293,170
|
|
190,415
|
|
721,444
|
|
790,724
|
|
619,251
|
15
|
Investment property
|
At April 1, 2012
|
-
|
Effect of business combination ("Radar")
|
1,784,413
|
Transfer of assets between segments
|
468,152
|
Fair value of assets transferred - initial recognition
|
83,318
|
Change in fair value
|
138,776
|
Disposals
|
(1,221)
|
At March 31, 2013 (Restated)
|
2,473,438
|
Additions
|
2,909
|
Change in fair value
|
125,322
|
Disposals
|
(6,056)
|
Assets held for sale
|
(314,104)
|
|
|
At December 31, 2013
|
2,281,509
|
16
|
Property, plant and equipment
|
Land, buildings and improvements
|
Machinery, equipment and facilities
|
Rail cars and locomotives
|
Construction in progress
|
Other
|
Total
|
||||||
Cost
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
435,832
|
|
318,480
|
|
433,158
|
|
206,534
|
|
31,872
|
|
1,425,876
|
Additions
|
97
|
|
6,155
|
|
-
|
|
246,251
|
|
28
|
|
252,531
|
Disposals
|
(52)
|
|
(1,236)
|
|
-
|
|
-
|
|
(376)
|
|
(1,664)
|
Transfers (i)
|
11,363
|
|
35,863
|
|
2,906
|
|
(168,523)
|
|
3,576
|
|
(114,815)
|
At December 31, 2013
|
447,240
|
|
359,262
|
|
436,064
|
|
284,262
|
|
35,100
|
|
1,561,928
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
(71,079)
|
|
(134,068)
|
|
(31,361)
|
|
-
|
|
(11,071)
|
|
(247,579)
|
Additions
|
(9,341)
|
|
(20,151)
|
|
(10,223)
|
|
-
|
|
(2,937)
|
|
(42,652)
|
Disposals
|
1
|
|
156
|
|
-
|
|
-
|
|
51
|
|
208
|
Transfers (i)
|
-
|
|
67
|
|
-
|
|
-
|
|
(62)
|
|
5
|
At December 31, 2013
|
(80,419)
|
|
(153,996)
|
|
(41,584)
|
|
-
|
|
(14,019)
|
|
(290,018)
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
364,753
|
|
184,412
|
|
401,797
|
|
206,534
|
|
20,801
|
|
1,178,297
|
At December 31, 2013
|
366,821
|
|
205,266
|
|
394,480
|
|
284,262
|
|
21,081
|
|
1,271,910
|
Land, buildings and improvements
|
Machinery, equipment and facilities
|
Rail cars and locomotives
|
Construction in progress
|
Other
|
Total
|
||||||
Cost
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
1,009,282
|
|
262,648
|
|
391,647
|
|
191,025
|
|
45,696
|
|
1,900,298
|
Additions
|
5,486
|
|
10,504
|
|
41,511
|
|
246,689
|
|
10,265
|
|
314,455
|
Disposals
|
(71,653)
|
|
(1,782)
|
|
-
|
|
(1,431)
|
|
(13,097)
|
|
(87,963)
|
Transfers (i)
|
(477,956)
|
|
66,714
|
|
-
|
|
(220,174)
|
|
(8,603)
|
|
(640,019)
|
"Cosan Alimentos" de-consolidation
|
(61,806)
|
|
(28,471)
|
|
-
|
|
(9,860)
|
|
(2,991)
|
|
(103,128)
|
Business combination
|
32,479
|
|
8,866
|
|
(1)
|
|
285
|
|
602
|
|
42,231
|
At March 31, 2013 (Restated)
|
435,832
|
|
318,479
|
|
433,157
|
|
206,534
|
|
31,872
|
|
1,425,874
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
(62,805)
|
|
(136,825)
|
|
(18,397)
|
|
-
|
|
(26,122)
|
|
(244,149)
|
Additions
|
(12,454)
|
|
(23,856)
|
|
(12,963)
|
|
-
|
|
(3,320)
|
|
(52,593)
|
Disposals
|
317
|
|
229
|
|
-
|
|
-
|
|
3,186
|
|
3,732
|
Transfers (i)
|
(2,983)
|
|
8,568
|
|
-
|
|
-
|
|
13,271
|
|
18,856
|
"Cosan Alimentos" de-consolidation
|
6,847
|
|
17,816
|
|
-
|
|
-
|
|
1,914
|
|
26,577
|
At March 31, 2013 (Restated)
|
(71,078)
|
|
(134,068)
|
|
(31,360)
|
|
-
|
|
(11,071)
|
|
(247,577)
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
946,477
|
|
125,823
|
|
373,250
|
|
191,025
|
|
19,574
|
|
1,656,149
|
At March 31, 2013 (Restated)
|
364,754
|
|
184,411
|
|
401,797
|
|
206,534
|
|
20,801
|
|
1,178,297
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Refer to intangible transfers due to the capitalization of these assets, and transfers of Land to Investment property.
|
17
|
Intangible assets
|
Goodwill
|
Concession intangible asset - COMGÁS
|
Improvements in public concessions and operation licenses |
Trademarks
|
Customer relationships |
Other
|
Total
|
|||||||
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
705,816
|
|
7,742,140
|
|
618,878
|
|
252,474
|
|
597,193
|
|
143,535
|
|
10,060,036
|
Additions
|
-
|
|
557,220
|
|
-
|
|
-
|
|
125,408
|
|
40,960
|
|
723,588
|
Disposals
|
(1,860)
|
|
(26,940)
|
|
-
|
|
-
|
|
(3,415)
|
|
(50)
|
|
(32,265)
|
Transfers (i)
|
-
|
|
-
|
|
132,677
|
|
-
|
|
-
|
|
16,380
|
|
149,057
|
Business combination
|
-
|
|
34,862
|
|
-
|
|
-
|
|
-
|
|
-
|
|
34,862
|
At December 31, 2013
|
703,956
|
|
8,307,282
|
|
751,555
|
|
252,474
|
|
719,186
|
|
200,825
|
|
10,935,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
-
|
|
(127,048)
|
|
(42,633)
|
|
(97,012)
|
|
(151,121)
|
|
(27,324)
|
|
(445,138)
|
Additions
|
-
|
|
(197,233)
|
|
(25,244)
|
|
(17,120)
|
|
(123,275)
|
|
(34,101)
|
|
(396,973)
|
Disposals
|
-
|
|
17,844
|
|
-
|
|
-
|
|
1,276
|
|
-
|
|
19,120
|
Transfers (i)
|
-
|
|
-
|
|
(34,242)
|
|
-
|
|
-
|
|
(5)
|
|
(34,247)
|
At December 31, 2013
|
-
|
|
(306,437)
|
|
(102,119)
|
|
(114,132)
|
|
(273,120)
|
|
(61,430)
|
|
(857,238)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2013 (Restated)
|
705,816
|
|
7,615,092
|
|
576,245
|
|
155,462
|
|
446,072
|
|
116,211
|
|
9,614,898
|
At December 31, 2013
|
703,956
|
|
8,000,845
|
|
649,436
|
|
138,342
|
|
446,066
|
|
139,395
|
|
10,078,040
|
Goodwill
|
Concession intangible asset - COMGÁS
|
Improvements in public concessions and operation licenses
|
Trademarks
|
Customer relationships
|
Other
|
Total
|
|||||||
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
658,303
|
|
-
|
|
519,131
|
|
311,855
|
|
113,645
|
|
38,640
|
|
1,641,574
|
Additions
|
-
|
|
237,316
|
|
-
|
|
-
|
|
91,861
|
|
6,049
|
|
335,226
|
Disposals
|
-
|
|
(9,117)
|
|
-
|
|
-
|
|
(436)
|
|
(8)
|
|
(9,561)
|
Transfers (i)
|
-
|
|
-
|
|
99,746
|
|
-
|
|
-
|
|
275
|
|
100,021
|
Business combination
|
47,513
|
|
7,513,941
|
|
-
|
|
24,204
|
|
392,123
|
|
98,708
|
|
8,076,489
|
"Cosan Alimentos" de-consolidation
|
-
|
|
-
|
|
-
|
|
(83,585)
|
|
-
|
|
(128)
|
|
(83,713)
|
At March 31, 2013 (Restated)
|
705,816
|
|
7,742,140
|
|
618,877
|
|
252,474
|
|
597,193
|
|
143,536
|
|
10,060,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
-
|
|
-
|
|
(14,968)
|
|
(74,188)
|
|
(77,136)
|
|
(5,900)
|
|
(172,192)
|
Additions
|
-
|
|
(135,053)
|
|
(27,665)
|
|
(22,824)
|
|
(74,421)
|
|
(21,539)
|
|
(281,502)
|
Disposals
|
-
|
|
8,006
|
|
-
|
|
-
|
|
436
|
|
-
|
|
8,442
|
Transfers (i)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2)
|
|
(2)
|
"Cosan Alimentos" de-consolidation
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
116
|
|
116
|
At March 31, 2013 (Restated)
|
-
|
|
(127,047)
|
|
(42,633)
|
|
(97,012)
|
|
(151,121)
|
|
(27,325)
|
|
(445,138)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2012 (Restated)
|
658,303
|
|
-
|
|
504,163
|
|
237,667
|
|
36,509
|
|
32,740
|
|
1,469,382
|
At March 31, 2013 (Restated)
|
705,816
|
|
7,615,093
|
|
576,244
|
|
155,462
|
|
446,072
|
|
116,211
|
|
9,614,898
|
Intangible assets (excluding goodwill) |
Annual rate of amortization - %
|
December 31, 2013
|
March 31, 2013
(Restated)
|
April 1, 2012
|
||||
Concession intangible asset - COMGÁS (a)
|
|
Over the concession term
|
|
8,000,845
|
|
7,615,093
|
|
-
|
Improvements in public grants (b)
|
|
Over the concession term
|
|
387,245
|
|
305,251
|
|
221,429
|
Operating license for port terminal (c)
|
|
4.00
|
|
262,190
|
|
270,995
|
|
282,734
|
|
|
|
|
649,435
|
|
576,246
|
|
504,163
|
Trademarks
|
|
|
|
|
|
|
|
|
Mobil
|
|
10.00
|
|
114,138
|
|
131,258
|
|
154,082
|
União
|
|
2.00
|
|
-
|
|
-
|
|
83,585
|
Comma
|
|
|
|
24,204
|
|
24,204
|
|
-
|
|
|
|
|
138,342
|
|
155,462
|
|
237,667
|
Relationship with customers
|
|
|
|
|
|
|
|
|
COMGÁS
|
|
3.00
|
|
375,184
|
|
369,054
|
|
-
|
Lubrificants
|
|
6.00
|
|
70,883
|
|
77,020
|
|
36,509
|
|
|
|
|
446,067
|
|
446,074
|
|
36,509
|
Other
|
|
|
|
|
|
|
|
|
Software licenses
|
|
20.00
|
|
91,695
|
|
89,068
|
|
32,482
|
Other
|
|
Up to 20
|
|
47,700
|
|
27,139
|
|
258
|
|
|
|
|
139,395
|
|
116,207
|
|
32,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,374,084
|
|
8,909,082
|
|
811,079
|
a)
|
Refers to the concession intangible asset for the public gas distribution service, which represents the right to charge users for the supply of gas and it is comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets as disclosed in Note 3.
|
b)
|
Refers to improvements made to the federal railways in relation to the agreements entered into by Rumo with ALL.
|
c)
|
License port operations and customer relationships of Rumo, recognized as a result business combinations.
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
April 1, 2012
|
Cash-generating unit Rumo
|
100,451
|
|
100,451
|
|
100,451
|
Cash-generating unit Lubricants
|
603,462
|
|
603,462
|
|
555,950
|
Cash-generating unit Cosan - Other Business
|
43
|
|
1,903
|
|
1,902
|
|
|
|
|
|
|
Total goodwill
|
703,956
|
|
705,816
|
|
658,303
|
18
|
Loans and borrowings
|
|
|
Interest
|
|
|
|
|
|
|
|
|
||
Description (a)
|
|
Index(c)
|
|
Actual interest rate(b) (%)
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
|
Maturity date
|
Senior Notes Due 2018
|
|
Fixed
|
|
9.50
|
|
873,589
|
|
852,705
|
|
-
|
|
Mar-18
|
Senior Notes Due 2023
|
|
Dollar (US$)
|
|
5.00
|
|
1,086,716
|
|
987,914
|
|
-
|
|
Mar-23
|
BNDES
|
|
TJLP
|
|
9.60
|
|
526,716
|
|
707,759
|
|
-
|
|
Jun-17
|
BNDES
|
|
Selic
|
|
10.70
|
|
159,894
|
|
310,358
|
|
-
|
|
Oct-20
|
BNDES
|
|
TJ462
|
|
7.94
|
|
525,636
|
|
77,477
|
|
-
|
|
Oct-20
|
Perpetual notes
|
|
Dollar (US$)
|
|
8.25
|
|
1,186,221
|
|
1,019,706
|
|
922,533
|
|
-
|
Working capital
|
|
Dollar (US$) + Libor
|
|
4.58 to 2.40
|
|
262,796
|
|
206,089
|
|
185,311
|
|
Sep/Oct-16
|
Credit notes
|
|
110.00% CDI
|
|
10.75
|
|
393,646
|
|
367,013
|
|
337,810
|
|
Feb-14
|
FINAME
|
|
Fixed
|
|
4.23
|
|
277,298
|
|
309,574
|
|
309,474
|
|
Nov-22
|
FINAME
|
|
URTJLP
|
|
7.07
|
|
428,916
|
|
405,335
|
|
322,228
|
|
May-22
|
Leasing
|
|
100.00%
|
|
9.77
|
|
1,068
|
|
2,020
|
|
-
|
|
Oct-14
|
Foreign loans
|
|
Libor UK semiannual
|
|
4.27
|
|
209,340
|
|
167,021
|
|
-
|
|
Jun-17
|
EIB
|
|
Dollar (US$) + Libor
|
|
8.70
|
|
633,223
|
|
528,902
|
|
-
|
|
Jun-21
|
Resolution 4131
|
|
Dollar (US$) + Libor
|
|
10.58
|
|
413,477
|
|
549,106
|
|
-
|
|
Feb-18
|
Debentures
|
|
123.00% CDI
|
|
12.02
|
|
1,443,941
|
|
1,394,694
|
|
-
|
|
Oct-20
|
Non-convertible debentures
|
|
CDI
|
|
10.70
|
|
164,144
|
|
70,321
|
|
-
|
|
Aug-14
|
Debentures
|
|
Fixed rate+IPCA
|
|
11.21
|
|
417,231
|
|
-
|
|
-
|
|
Sep-20
|
FINEP
|
|
Fixed
|
|
5.00
|
|
89,104
|
|
89,020
|
|
-
|
|
Jan-21
|
Promissory notes
|
|
103.00% CDI
|
|
10.07
|
|
-
|
|
402,104
|
|
-
|
|
-
|
Credit assignment
|
|
CDI
|
|
1.38
|
|
-
|
|
60,886
|
|
-
|
|
-
|
|
|
|
|
|
|
9,092,956
|
|
8,508,004
|
|
2,077,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
1,050,862
|
|
1,608,373
|
|
83,505
|
|
|
Non-current
|
|
|
|
|
|
8,042,094
|
|
6,899,631
|
|
1,993,851
|
|
|
a)
|
Loans and borrowings are guaranteed by promissory notes and endorsements of the Company and its jointly-controlled entities and controlling shareholders, besides other guarantees, such as: (i) credit rights originated from the expansion contracts of the logistic segment and gas distribution (BNDES), (ii) underlying assets (property, plant and equipment and Intangible assets) being financed (FINAME);
|
b)
|
As at December 31, 2013, except where otherwise indicated.
|
c)
|
TJLP and URTJLP are long-term interest rates set on loans by the BNDES, the Brazilian National Development Bank. Selic is the benchmark interest rate set by the Central Bank of Brazil. CDI is a benchmark interbank lending rate in Brazil. IPCA is the benchmark consumer price index used by the Central Bank of Brazil to set monetary policy.
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
13 to 24 months
|
595,917
|
|
442,311
|
|
458,697
|
25 to 36 months
|
666,297
|
|
451,812
|
|
1,040,426
|
37 to 48 months
|
650,006
|
|
488,808
|
|
126,420
|
49 to 60 months
|
1,626,221
|
|
1,425,945
|
|
125,888
|
61 to 72 months
|
1,101,334
|
|
272,800
|
|
79,827
|
73 to 84 months
|
1,071,570
|
|
717,233
|
|
79,827
|
85 to 96 months
|
65,043
|
|
913,609
|
|
54,321
|
Thereafter
|
2,265,706
|
|
2,187,113
|
|
28,445
|
|
|
|
|
|
|
|
8,042,094
|
|
6,899,631
|
|
1,993,851
|
|
Carrying amount
|
|
Fair value
|
||||||||
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
Senior / perpetual notes
|
3,174,894
|
|
2,887,652
|
|
930,097
|
|
2,977,658
|
|
3,016,642
|
|
939,397
|
Financing
|
5,918,062
|
|
5,620,352
|
|
1,147,259
|
|
5,918,062
|
|
5,620,352
|
|
1,147,259
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
9,092,954
|
|
8,508,004
|
|
2,077,356
|
|
8,895,720
|
|
8,636,994
|
|
2,086,656
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
Brazilian Real
|
5,278,083
|
|
5,028,016
|
|
969,511
|
Pound Sterling
|
209,340
|
|
167,021
|
|
-
|
US Dollar
|
3,605,531
|
|
3,312,967
|
|
1,107,845
|
|
|
|
|
|
|
Total
|
9,092,954
|
|
8,508,004
|
|
2,077,356
|
19
|
Trade payables
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
April 1, 2012
|
Natural gas suppliers
|
590,168
|
|
567,654
|
|
-
|
Materials and services suppliers
|
272,261
|
|
231,825
|
|
95,318
|
|
|
|
|
|
|
|
862,429
|
|
799,479
|
|
95,318
|
20
|
Other taxes payable
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
April 1, 2012
|
ICMS – State VAT
|
77,466
|
|
58,997
|
|
9,977
|
IPI - Excise tax
|
-
|
|
-
|
|
-
|
INSS - Social security
|
2,842
|
|
2,372
|
|
2,080
|
PIS - Revenue tax
|
5,170
|
|
4,667
|
|
3,210
|
COFINS- Revenue tax
|
30,470
|
|
19,189
|
|
12,578
|
Recovery program – REFIS(i)
|
1,075,019
|
|
1,009,723
|
|
1,287,940
|
Other
|
18,856
|
|
3,950
|
|
2,796
|
|
1,209,823
|
|
1,098,898
|
|
1,318,581
|
|
|
|
|
|
|
Current
|
199,056
|
|
147,691
|
|
132,674
|
Non-current
|
1,010,767
|
|
951,207
|
|
1,185,907
|
|
|
|
|
|
|
(i)
|
Tax amnesty and refinancing program (REFIS) for the settlement of amounts due for qualifying Brazilian federal taxes.
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
April 01, 2012
|
13 a 24 months
|
70,701
|
|
63,155
|
|
56,018
|
25 a 36 months
|
70,701
|
|
63,109
|
|
55,650
|
37 a 48 months
|
70,292
|
|
63,109
|
|
55,611
|
49 a 60 months
|
69,037
|
|
62,468
|
|
55,611
|
61 a 72 months
|
68,822
|
|
61,304
|
|
54,972
|
73 a 84 months
|
68,822
|
|
61,304
|
|
53,931
|
85 a 96 months
|
68,822
|
|
61,304
|
|
53,931
|
Thereafter
|
523,590
|
|
515,454
|
|
800,183
|
|
|
|
|
|
|
|
1,010,767
|
|
951,207
|
|
1,185,907
|
21
|
Income tax and social contribution
|
a)
|
Reconciliation of income and social contribution tax expenses
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
March 31, 2012 (Restated)
|
Profit before taxes
|
539,180
|
|
920,886
|
|
3,134,956
|
Income tax and social contribution at
|
|
|
|
|
|
nominal rate (34%)
|
(183,321)
|
|
(313,101)
|
|
(1,065,885)
|
|
|
|
|
|
|
Adjustments to reconcile with effective tax rate
|
|
|
|
|
|
Equity method investments (non taxable income)
|
84,161
|
|
229,270
|
|
132,107
|
Permanent differences (donations, gifts, etc.)
|
(3,859)
|
|
(3,944)
|
|
(9,114)
|
Stock options
|
(2,242)
|
|
(4,521)
|
|
-
|
Interest on capital
|
(15,292)
|
|
(19,531)
|
|
-
|
Tax loss
|
67,367
|
|
(60,994)
|
|
18,262
|
Non-taxable loss from overseas Companies
|
(14,788)
|
|
(9,141)
|
|
(136,396)
|
Tax basis differences related to entities taxed on the Brazilian presumed profits method
|
38,922
|
|
40,841
|
|
-
|
Foreign exchange effects of foreign subsidiaries
|
1,371
|
|
43,516
|
|
86,272
|
Other
|
(11,513)
|
|
(28,748)
|
|
(44,353)
|
|
|
|
|
|
|
Income tax and social contribution
|
|
|
|
|
|
expense (current and deferred)
|
(39,194)
|
|
(126,353)
|
|
(1,019,107)
|
|
|
|
|
|
|
Effective rate - %
|
7.27
|
|
13.72
|
|
32.51
|
December 31, 2013
|
March 31, 2013 (Restated)
|
April 1, 2012
|
|||||||||
Basis
|
Income taxes (25%)
|
Social contribution (9%)
|
Total income taxes (34%) |
Total income taxes (34%)
|
Total income taxes (34%) | ||||||
Tax loss carryforwards
|
|
|
|
|
|
|
|
|
|
|
|
Income tax loss carryforwards
|
1,130,624
|
|
282,656
|
|
-
|
|
282,656
|
|
238,154
|
|
275,029
|
Social contribution tax loss carryforwards
|
1,137,893
|
|
-
|
|
102,410
|
|
102,410
|
|
86,357
|
|
97,198
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary diferences
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency receivables and payables
|
34,127
|
|
8,532
|
|
3,071
|
|
11,603
|
|
(14,746)
|
|
(41,894)
|
Tax deductible goodwill
|
1,514,392
|
|
378,598
|
|
136,295
|
|
514,893
|
|
680,153
|
|
(88,534)
|
Provision for judicial demands
|
510,227
|
|
127,557
|
|
45,920
|
|
173,477
|
|
214,064
|
|
225,407
|
Allowance for doubtful accounts
|
159,583
|
|
39,896
|
|
14,362
|
|
54,258
|
|
42,386
|
|
31,166
|
Profit sharing
|
197,226
|
|
49,307
|
|
17,750
|
|
67,057
|
|
69,849
|
|
4,665
|
Derivatives instrumetns unrealized gains
|
316,145
|
|
79,036
|
|
28,453
|
|
107,489
|
|
27,853
|
|
-
|
Unrealized gain on sale of investiments
|
(90,864)
|
|
(22,716)
|
|
(8,178)
|
|
(30,894)
|
|
(43,016)
|
|
-
|
Other temporary diferences
|
(51,147)
|
|
(12,787)
|
|
(4,603)
|
|
(17,390)
|
|
8,712
|
|
37,897
|
Property, plant and equipment
|
(82,405)
|
|
(20,601)
|
|
(7,416)
|
|
(28,017)
|
|
-
|
|
-
|
Gain on formation of Joint Ventures
|
(3,338,362)
|
|
(834,590)
|
|
(300,452)
|
|
(1,135,042)
|
|
(1,243,578)
|
|
(1,272,118)
|
Unrealized gains on investment property
|
(2,282,750)
|
|
(45,655)
|
|
(24,654)
|
|
(70,309)
|
|
(76,326)
|
|
(124,515)
|
Assets held for sale
|
(312,864)
|
|
(6,257)
|
|
(3,379)
|
|
(9,636)
|
|
-
|
|
-
|
Concession contract
|
34,057
|
|
8,514
|
|
3,065
|
|
11,579
|
|
7,900
|
|
-
|
Regulatory asset
|
347,729
|
|
86,932
|
|
31,296
|
|
118,228
|
|
113,721
|
|
-
|
Gains or losses on actuarial liabilities
|
122,333
|
|
30,583
|
|
11,010
|
|
41,593
|
|
55,298
|
|
-
|
Business combination - Property, plant and equipment
|
(112,051)
|
|
(28,013)
|
|
(10,085)
|
|
(38,098)
|
|
(39,087)
|
|
(64,226)
|
Business combination - Intangible assets
|
(4,240,913)
|
|
(1,060,228)
|
|
(381,682)
|
|
(1,441,910)
|
|
(1,536,754)
|
|
(96,130)
|
Business combination - Other fair value adjustments
|
(52,078)
|
|
(13,019)
|
|
(4,687)
|
|
(17,706)
|
|
(18,780)
|
|
4,550
|
Other
|
(478,462)
|
|
(119,614)
|
|
(43,061)
|
|
(162,675)
|
|
(118,068)
|
|
(49,054)
|
Total
|
|
|
(1,071,869)
|
|
(394,565)
|
|
(1,466,434)
|
|
(1,545,908)
|
|
(1,060,559)
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax - Assets
|
|
|
|
|
|
|
232,188
|
|
220,356
|
|
245,267
|
Deferred income tax - Liabilities
|
|
|
|
|
|
|
(1,698,622)
|
|
(1,766,264)
|
|
(1,305,826)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net deferred taxes
|
|
|
|
|
|
|
(1,466,434)
|
|
(1,545,908)
|
|
(1,060,559)
|
c)
|
Recoverability of deferred tax assets
|
|
December 31, 2013
|
Later than 1 year and no later than 5 years
|
51,900
|
Later than 5 years
|
333,166
|
|
|
Total
|
385,066
|
d)
|
Changes in deferred income taxes, net:
|
At April 1, 2012 - Net deferred tax liability
|
(1,060,559)
|
Income
|
94,250
|
Other comprehensive income
|
121,599
|
Gain on disposal of discontinued operation
|
(73,738)
|
Business combination
|
(506,009)
|
Effect of incorporation in Joint Venture
|
(120,556)
|
Other
|
(895)
|
At March 31, 2013 (Restated) – Net deferred tax liability
|
(1,545,908)
|
Income
|
90,781
|
Other comprehensive income
|
(14,668)
|
Securities
|
(4,668)
|
Low tax benefit on goodwill
|
11,003
|
Other
|
(2,974)
|
|
|
At December 31, 2013 - Net deferred tax liability
|
(1,466,434)
|
22
|
Provision for legal proceedings
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
Tax
|
410,890
|
|
487,047
|
|
470,843
|
Civil
|
146,011
|
|
159,871
|
|
99,565
|
Labor
|
165,557
|
|
178,766
|
|
193,858
|
|
|
|
|
|
|
|
722,458
|
|
825,684
|
|
764,266
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
Tax
|
294,991
|
|
300,171
|
|
284,414
|
Labor
|
32,904
|
|
44,269
|
|
42,846
|
Civil and enviromental
|
33,659
|
|
38,813
|
|
24,094
|
|
|
|
|
|
|
|
361,554
|
|
383,253
|
|
351,354
|
|
Tax
|
|
Civil
|
|
Labor
|
|
Total
|
At April 1, 2011
|
418,744
|
|
82,599
|
|
163,939
|
|
665,282
|
Increases
|
61,256
|
|
21,826
|
|
69,308
|
|
152,390
|
Settlement or write-offs
|
(19,841)
|
|
(9,588)
|
|
(49,844)
|
|
(79,273)
|
Monetary variation
|
25,406
|
|
8,702
|
|
14,340
|
|
48,448
|
Net addition on the derecognition of subsidiaries to form the Joint Ventures
|
(14,722)
|
|
(3,974)
|
|
(3,885)
|
|
(22,581)
|
At March 31, 2012 (Restated)
|
470,843
|
|
99,565
|
|
193,858
|
|
764,266
|
Increases
|
9,973
|
|
42,355
|
|
100,743
|
|
153,071
|
Settlement or write-offs
|
(19,434)
|
|
(36,568)
|
|
(125,675)
|
|
(181,677)
|
Business combinations
|
3,815
|
|
40,776
|
|
11,400
|
|
55,991
|
Monetary variation
|
21,850
|
|
13,743
|
|
(1,560)
|
|
34,033
|
At March 31, 2013 (Restated)
|
487,047
|
|
159,871
|
|
178,766
|
|
825,684
|
Increases
|
20,552
|
|
5,707
|
|
76,816
|
|
103,075
|
Settlement or write-offs
|
(120,575)
|
|
(31,559)
|
|
(123,527)
|
|
(275,661)
|
Monetary variation
|
23,866
|
|
11,992
|
|
33,502
|
|
69,360
|
|
|
|
|
|
|
|
|
At December 31, 2013
|
410,890
|
|
146,011
|
|
165,557
|
|
722,458
|
a)
|
Tax claims
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 1, 2012
|
Compensation with FINSOCIAL(i)
|
230,775
|
|
203,334
|
|
195,421
|
IPC - 89(ii)
|
74,879
|
|
83,536
|
|
82,173
|
INSS - Social security(iii)
|
46,291
|
|
39,345
|
|
-
|
State VAT - ICMS credits(iv)
|
20,114
|
|
100,336
|
|
87,752
|
PIS and COFINS - Revenue taxes
|
6,541
|
|
15,450
|
|
15,000
|
IPI - Excise tax
|
993
|
|
2,484
|
|
9,159
|
Federal income taxes
|
329
|
|
2,090
|
|
2,008
|
Other
|
30,968
|
|
40,472
|
|
79,330
|
|
|
|
|
|
|
|
410,890
|
|
487,047
|
|
470,843
|
I.
|
During the period from October 2003 to November 2006 the subsidiary Cosan CL offset the FINSOCIAL tax against several other federal taxes, based on a final court decision in September 2003 following a decision that challenged the constitutionality of the FINSOCIAL. No judicial deposits were made for these processes.
|
II.
|
In 1993, Cosan Lubrificantes e Especialidades ("Cosan CLE") filed a lawsuit to challenge the balance sheet restatement index (“IPC”) established by the Federal Government in 1989, considering that this index did not reflect the actual rate of inflation. The use of this index led the Company to overpay income and social contribution taxes. Cosan CLE obtained a favorable preliminary court ruling that allowed it to recalculate its financial position, using indices that better reflected the actual inflation over the period. In doing so the Company adjusted the amounts of income and social contribution taxes payable and offset the overpayments in subsequent years until 1997. Despite the favorable court rulings, the tax authorities issued a notice of infringement to the Company challenging all of the taxes that were offset. No judicial deposits were made for these processes.
|
III.
|
It mainly includes amounts related to social security contributions levied on income, pursuant to art. 22a of Law 8.212/91, whose constitutionality is being challenged in court. Judicial deposits have been made for the corresponding amounts.
|
IV.
|
A considerable portion of the amount accrued as ICMS was paid in cash under the provisions of Decree Nº 58,811 issued on December 27, 2012, which established the State of São Paulo Special Installment Program of ICMS (a.k.a. PEP-ICMS). The amounts that have been provisioned refer to tax assessments by the tax authorities related to several types of ICMS credits. Amongst them: (a) assessment notice related to ICMS payments in the purchase of raw materials which are considered for “use and consumption”, therefore, not eligible for compensation, (b) Assessment, as solidary debtor, for disregarding withholding obligations of ICMS taxes in relation to a tolling agreement, arising from an agricultural
|
b)
|
Civil and environmental
|
a)
|
Tax claims
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
ICMS - State VAT(i)
|
1,258,648
|
|
1,131,043
|
|
961,307
|
IRRF(ii)
|
608,563
|
|
212,074
|
|
204,249
|
Federal income taxes(iii)
|
694,498
|
|
462,942
|
|
232,867
|
INSS - social security and other(iv)
|
499,776
|
|
481,037
|
|
76,506
|
IPI - Excise tax credit - NT(v)
|
430,981
|
|
315,657
|
|
317,178
|
PIS and COFINS - Revenue taxes(vi)
|
483,469
|
|
281,230
|
|
218,769
|
Compensation with IPI - IN 67/98(vii)
|
115,004
|
|
197,787
|
|
188,479
|
Other
|
596,311
|
|
541,974
|
|
692,574
|
|
|
|
|
|
|
|
4,687,250
|
|
3,623,744
|
|
2,891,929
|
I.
|
ICMS
|
II.
|
IRRF
|
III.
|
Income taxes – Assessment notice
|
a)
|
In December 2011, the Company received an assessment notice claiming unpaid income and social contribution taxes for the period from 2006 to 2009, for an amount of R$ 446.444 (set/13). Such claim is based on the following: (i) tax benefits that arose from the deduction of goodwill amortization, (ii) the offsetting of tax carry forwards and (iii) taxes on revaluation differences of the property, plant and equipment. The Company filed its defense in January 2012 and has classified any potential loss as possible, consistent with the opinion of its legal advisors. The Company quantified such possible loss in the amount of R$ 221.780.
|
b)
|
In June 2013, the Company received an assessment notice claiming unpaid income and social contribution taxes for the period from 2009 to 2011, for an amount of R$ 401.904, corresponding to the deduction of goodwill amortization. The Company challenged this assessment and has classified any potential loss as possible, consistent with the opinion of its legal advisors. The Company has quantified any possible loss in the amount of R$ 291.724 and a remote loss in the amount of R$ 110.180 in relation to the payment of fines.
|
IV.
|
INSS – Social security
|
V.
|
IPI
|
VI.
|
PIS and COFINS
|
VII.
|
Offsetting against IPI credits – IN 67/98
|
b)
|
Civil and labor
|
|
December 31, 2013
|
|
March 31, 2013 (Restated)
|
|
April 01, 2012
|
Civil
|
832,311
|
|
871,261
|
|
662,727
|
Labor
|
502,697
|
|
483,526
|
|
471,182
|
|
|
|
|
|
|
|
1,335,008
|
|
1,354,787
|
|
1,133,909
|
23
|
Stockholder’ Equity
|
a)
|
Share capital
|
Shareholders
|
|
Class A and / or BDRs
|
|
%
|
|
Class B1 shares
|
|
%
|
Queluz Holding Limited
|
|
6,358,175
|
|
3.65
|
|
66,321,766
|
|
68.85
|
Usina Costa Pinto S.A. Açúcar e Alcool
|
|
-
|
|
-
|
|
30,010,278
|
|
31.15
|
Gávea funds
|
|
30,657,762
|
|
17.58
|
|
-
|
|
-
|
Other
|
|
137,339,404
|
|
78.77
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Total
|
|
174,355,341
|
|
100.00
|
|
96,332,044
|
|
100.00
|
b)
|
Treasury shares
|
c)
|
Other comprehensive income
|
|
March 31,
|
|
Comprehensive
|
|
March 31,
|
|
Comprehensive
|
|
December 31,
|
|
2012
|
|
income
|
|
2013
|
|
income
|
|
2013
|
Foreign currency translation differences
|
(182,730)
|
|
2,583
|
|
(180,147)
|
|
(42,891)
|
|
(223,038)
|
Gain (loss) on cash flow hedge in jointly controlled entity
|
14,115
|
|
35,695
|
|
49,810
|
|
(6,426)
|
|
43,384
|
Revaluation of investment property reclassified from property, plant and equipment
|
-
|
|
190,735
|
|
190,735
|
|
-
|
|
190,735
|
Defined benefit actuarial plan losses
|
22,570
|
|
(34,487)
|
|
(11,917)
|
|
28,009
|
|
16,092
|
Changes in value of available for sale financial assets from securities
|
(23,689)
|
|
7,132
|
|
(16,557)
|
|
9,077
|
|
(7,480)
|
|
|
|
|
|
|
|
|
|
|
Total
|
(169,734)
|
|
201,658
|
|
31,924
|
|
(12,231)
|
|
19,693
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
(176,500)
|
|
117,592
|
|
(58,908)
|
|
(25,979)
|
|
(84,887)
|
Non-controlling interests
|
6,766
|
|
84,066
|
|
90,832
|
|
13,748
|
|
104,580
|
|
|
|
|
|
|
|
|
|
|
24
|
Earnings per share
|
Year ended
|
|||||
Nine months ended December 31, 2013
|
March 31, 2013
(Restated)
|
March 31, 2012
(Restated)
|
|||
Numerator
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
Basic
|
122,618
|
|
337,521
|
|
1,136,339
|
Dilutive effect of subsidiary’s stock option plan
|
(20,951)
|
|
(42,230)
|
|
-
|
Dilutive effect of put option (Note 12 I)
|
(15,601)
|
|
(15,601)
|
|
-
|
Diluted
|
86,066
|
|
279,690
|
|
1,136,339
|
Income from discontinued operations
|
-
|
|
86,549
|
|
40,028
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
Weighted average number of shares outstanding
|
264,690,883
|
|
264,842,445
|
|
268,678,062
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
Conitnued operations
|
R$ 0.46
|
|
R$ 1.27
|
|
R$ 4.23
|
Discontinued operations
|
-
|
|
R$ 0.33
|
|
R$ 0.15
|
|
R$ 0.46
|
|
R$ 1.60
|
|
R$ 4.38
|
Diluted earnings per share
|
|
|
|
|
|
Conitnued operations
|
R$ 0.33
|
|
R$ 1.06
|
|
R$ 4.23
|
Discontinued operations
|
-
|
|
R$ 0.33
|
|
R$ 0.15
|
|
R$ 0.33
|
|
R$ 1.39
|
|
R$ 4.38
|
25
|
Commitments
|
a)
|
Commitments for the acquisition of assets and regulatory targets
|
b)
|
Lease agreements
|
2014
|
||
2014
|
60,704
|
|
2015
|
60,704
|
|
2016
|
60,704
|
|
2017
|
60,704
|
|
2018
|
60,704
|
|
303,520
|
2014
|
||
2014
|
52,173
|
|
2015
|
57,787
|
|
2016
|
62,811
|
|
2017
|
68,998
|
|
2018
|
74,046
|
|
315,815
|
2013
|
2012
|
||
No later than 1 year
|
4,799
|
1,860
|
|
Later than 1 year and no later than 5 years
|
9,413
|
526
|
|
|
14,212
|
2,386
|
c)
|
Purchase
|
26
|
Gain on the de-recognition of subsidiaries operations to form the Joint Ventures (Raízen Energia and Raízen Combustíveis)
|
Fair value of the remaining interest in the joint ventures
|
8,105,546
|
Book value of business (assets and liabilities) contributed
|
(4,257,640)
|
Gain on derecognition of subsidiaries upon
|
|
formation of Joint Ventures
|
3,847,906
|
|
|
Other amounts directly attributable to
|
|
de-recognition of subsidiaries
|
|
Write-off of recoverable taxes not realizable
|
|
upon de-consolidation(a)
|
(83,465)
|
Write-off of goodwill previously recorded by
|
|
Cosan S.A. and Cosan Limited related to
|
|
the contributed subsidiaries
|
(637,534)
|
Write-off of unrealized losses in relation to hedge
|
|
accounting entered into by Cosan S.A. in relation to
|
|
the operations of the de-consoldiated subsidiaries
|
(157,988)
|
Pre-existing commitments of the
|
|
de-consolidated subsidiaries
|
(78,995)
|
Other amounts(b)
|
(137,194)
|
|
|
Gain de-recognition of subsidiaries upon
|
|
formation of joint ventures
|
2,752,730
|
|
a)
|
Recoverable taxes recorded by Cosan S.A., considered not realizable, and if received will be reimbursed to Raízen Energia;
|
|
b)
|
Other amounts include transactional costs that were directly linked to the de-recognition of the subsidiary operations.
|
27
|
Gross Sales
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Taxable gross revenue from sales of products and services
|
7,978,390
|
|
5,496,070
|
|
5,250,194
|
Construction revenue
|
536,482
|
|
230,038
|
|
-
|
Indirect taxes and deductions
|
(1,636,658)
|
|
(1,139,899)
|
|
(686,640)
|
|
|
|
|
|
|
Net revenue
|
6,878,214
|
|
4,586,209
|
|
4,563,554
|
|
|
|
|
|
|
28
|
Expenses by nature
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Raw materials and consumables used
|
(3,533,382)
|
|
(2,725,069)
|
|
(3,102,417)
|
Resale fuels
|
-
|
|
-
|
|
-
|
Employee benefit expense
|
(1,021,922)
|
|
(430,930)
|
|
(243,798)
|
Selling expenses
|
(76,067)
|
|
(169,423)
|
|
(204,447)
|
Transportation expenses
|
(666,461)
|
|
(260,376)
|
|
(266,932)
|
Depreciation and amortization (2)
|
(424,580)
|
|
(317,270)
|
|
(250,617)
|
Other expenses
|
(226,715)
|
|
(187,207)
|
|
(220,865)
|
|
|
|
|
|
|
|
(5,949,127)
|
|
(4,090,275)
|
|
(4,289,076)
|
|
|
|
|
|
|
Segregated as:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Cost of sales
|
(4,878,229)
|
|
(3,211,309)
|
|
(3,696,185)
|
Selling
|
(603,965)
|
|
(459,433)
|
|
(318,429)
|
General and administrative (1)
|
(466,933)
|
|
(419,533)
|
|
(274,462)
|
|
|
|
|
|
|
|
(5,949,127)
|
|
(4,090,275)
|
|
(4,289,076)
|
|
|
|
1)
|
Research and development expenses for the year was R$ 2,180.
|
2)
|
Does not include R$ 14,564 presented as a deduction of net sales (March 31, 2013 R$ 17,516 and March 31, 2012 R$ 10,263) related to theamortization of exclusivity selling rights paid to customers.
|
29
|
Financial results
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Financial expense
|
|
|
|
|
|
Interest expense
|
(724,622)
|
|
(469,729)
|
|
(553,991)
|
Monetary variation
|
(34,753)
|
|
(9,102)
|
|
(103)
|
Bank fees
|
(45,230)
|
|
(99,174)
|
|
(26,675)
|
|
(804,606)
|
|
(578,005)
|
|
(580,769)
|
Financial income
|
|
|
|
|
|
Interest income
|
70,094
|
|
72,491
|
|
221,200
|
Monetary variation
|
10,648
|
|
7,845
|
|
9,452
|
Income from short term investments
|
99,162
|
|
83,327
|
|
92,981
|
Other
|
-
|
|
-
|
|
-
|
|
179,904
|
|
163,663
|
|
323,633
|
|
|
|
|
|
|
Foreign exchange efects, net
|
(324,495)
|
|
|
|
|
|
(324,495)
|
|
(83,254)
|
|
(16,535)
|
|
|
|
|
|
|
Derivative income (losses)
|
|
|
|
|
|
Commodities derivatives
|
2,068
|
|
-
|
|
-
|
Exchange rate and interest rate derivatives
|
233,417
|
|
9,253
|
|
36,737
|
Warrants in associates
|
-
|
|
65,230
|
|
(22,141)
|
|
235,485
|
|
74,483
|
|
14,596
|
|
|
|
|
|
|
|
(713,712)
|
|
(423,113)
|
|
(259,075)
|
(1) Includes gains (losses) on foreign exchange rates relating to assets and liabilities denominated in foreign currency.
|
30
|
Other income (expense), net
|
|
December 31,
2013
|
|
March 31, 2013
(Restated)
|
|
March 31, 2012
(Restated)
|
Profit on port operations
|
5,687
|
|
-
|
|
-
|
Provisions for legal proceedings
|
(94,571)
|
|
(65,426)
|
|
(91,450)
|
(Loss) income on disposal of
|
|
|
|
|
|
non-current assets
|
(7,788)
|
|
97,370
|
|
47,445
|
Rental income
|
519
|
|
347
|
|
800
|
Changes in the fair value of
|
|
|
|
|
|
investment property
|
125,322
|
|
138,776
|
|
-
|
Gain on corporate restructuring
|
8,181
|
|
-
|
|
-
|
Other income
|
38,922
|
|
2,672
|
|
21,476
|
|
|
|
|
|
|
|
76,272
|
|
173,739
|
|
(21,729)
|
31
|
Assets held for sale and discontinued operations
|
I.
|
Non-current assets held for sale
|
II.
|
Discontinued operations
|
32
|
Financial instruments
|
·
|
Foreign exchange risk;
|
·
|
Interest rate risk;
|
·
|
Credit risk;
|
·
|
Liquidity risk.
|
|
Notional
|
Fair value
|
|
|||||||||||||||||||||||||
|
December 31, 2013
|
March 31, 2013
|
April 1, 2012
|
December 31, 2013
|
March 31, 2013
|
April 1, 2012
|
P&L(I)
|
|||||||||||||||||||||
|
(Restated)
|
(Restated)
|
||||||||||||||||||||||||||
COMGÁS derivatives
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Exchange rate risk
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Exchange rate derivatives
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Swap agreements
|
828,442 | 1,083,271 | - | 209,532 | 134,901 | - | 209,532 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Other subsidiaries derivatives
|
||||||||||||||||||||||||||||
Exchange rate risk
|
||||||||||||||||||||||||||||
Exchange rate derivatives
|
||||||||||||||||||||||||||||
Term agreements
|
232,220 | 1,254,265 | 325,029 | 25,713 | (11,194 | ) | (5,282 | ) | 25,713 | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Interest rate and exchange rate risk
|
||||||||||||||||||||||||||||
Swap agreements (interest rate)
|
181,617 | - | - | (13,573 | ) | 12,025 | - | (13,573 | ) | |||||||||||||||||||
Swap agreements (interest and exchange rate)
|
1,662,806 | - | - | (39,078 | ) | 115 | - | (39,078 | ) | |||||||||||||||||||
|
1,844,423 | - | - | (52,651 | ) | 12,140 | - | (52,651 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
Total financial instruments contracted by the Company
|
182,594 | 135,847 | (5,282 | ) | 182,594 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets
|
513,934 | 145,856 | - | |||||||||||||||||||||||||
Liabilities
|
(331,340 | ) | (10,009 | ) | (5,282 | ) |
Derivatives
|
|
Purchased
/ Sold
|
|
Market
|
|
Agreement
|
|
Notional
(US$)
|
|
Notional
(R$ thousand) |
|
Fair Value
(R$ thousand)
|
Financial instruments contracted by COMGÁS
|
||||||||||||
Composition of balance of derivative financial instruments non designated in hedge accounting:
|
||||||||||||
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
10,000
|
|
18,361
|
|
5,976
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
10,000
|
|
18,361
|
|
5,936
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
10,000
|
|
18,361
|
|
6,200
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
14,381
|
|
26,406
|
|
8,907
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
40,000
|
|
73,444
|
|
24,574
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
39,922
|
|
69,580
|
|
23,579
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
51,400
|
|
83,145
|
|
36,072
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
20,000
|
|
32,352
|
|
14,251
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
30,000
|
|
49,761
|
|
20,873
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
42,435
|
|
70,387
|
|
29,914
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
75,000
|
|
153,900
|
|
18,123
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
50,000
|
|
99,384
|
|
15,515
|
Swap/flx cx
|
|
N/A
|
|
OTC/Cetip
|
|
Cross curr Swap
|
|
50,000
|
|
115,000
|
|
(388)
|
Sub-total Swap purchased
|
|
443,138
|
|
828,442
|
|
209,532
|
||||||
|
|
|
|
|
|
|
||||||
At December 31, 2013
|
|
443,138
|
|
828,442
|
|
209,532
|
||||||
At March 31, 2013 (Restated)
|
|
537,000
|
|
1,083,271
|
|
134,901
|
Derivatives
|
|
Purchased /
Sold
|
|
Market
|
|
Agreement
|
|
Maturity
date
|
|
Notional (US$
thousands)
|
|
Notional
|
|
Fair
value
|
Financial instruments contracted by other subsidiaries
|
||||||||||||||
Composition of balance of derivative financial instruments non designated in hedge accounting:
|
||||||||||||||
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-14
|
|
6,188
|
|
13,521
|
|
1,202
|
Term
|
|
Purchased
|
|
OTC
|
NDF
|
|
Feb-14
|
|
4,197
|
|
8,190
|
|
1,788
|
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
May-14
|
|
6,188
|
|
13,743
|
|
1,232
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
May-14
|
|
4,197
|
|
8,340
|
|
1,785
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Aug-14
|
|
6,188
|
|
14,002
|
|
1,253
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Aug-14
|
|
4,197
|
|
8,507
|
|
1,783
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Nov-14
|
|
6,188
|
|
14,261
|
|
1,274
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Nov-14
|
|
4,197
|
|
8,666
|
|
1,789
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-15
|
|
6,188
|
|
14,497
|
|
1,324
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-15
|
|
4,197
|
|
8,813
|
|
1,811
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
May-15
|
|
6,188
|
|
14,726
|
|
1,404
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
May-15
|
|
4,197
|
|
8,942
|
|
1,864
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Aug-15
|
|
6,188
|
|
15,003
|
|
1,480
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Aug-15
|
|
4,197
|
|
9,089
|
|
1,924
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Nov-15
|
|
6,188
|
|
15,254
|
|
1,582
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Nov-15
|
|
4,197
|
|
9,231
|
|
1,992
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-14
|
|
13,063
|
|
31,322
|
|
(25)
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-14
|
|
1,721
|
|
4,107
|
|
15
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-14
|
|
1,749
|
|
3,990
|
|
197
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-14
|
|
1,749
|
|
4,129
|
|
59
|
Term
|
|
Purchased
|
|
OTC
|
|
NDF
|
|
Feb-14
|
|
1,612
|
|
3,885
|
|
(22)
|
Sub-total at December 31, 2013
|
|
102,974
|
|
232,218
|
|
25,711
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total at March 31, 2013 (Restated)
|
|
114,235
|
|
1,254,265
|
|
(11,194)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
175,000
|
|
347,690
|
|
14,141
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
50,000
|
|
106,595
|
|
6,135
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
50,000
|
|
106,595
|
|
4,977
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Dec-14
|
|
81,972
|
|
181,617
|
|
(433)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
368,500
|
|
732,136
|
|
24,269
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(11,160)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
8,390
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-18
|
|
359,272
|
|
712,796
|
|
144,533
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(13,163)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
9,569
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
9,420
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(13,239)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
8,973
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(12,668)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
50,000
|
|
110,780
|
|
(5,041)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(2,617)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(2,520)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
75,000
|
|
167,775
|
|
(989)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
50,000
|
|
106,595
|
|
(1,567)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
50,000
|
|
110,780
|
|
(6,512)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
25,000
|
|
55,390
|
|
(3,250)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
10,000
|
|
21,319
|
|
(636)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
65,000
|
|
144,014
|
|
(6,592)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Sep-16
|
|
75,000
|
|
179,063
|
|
(2,159)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
(368,500)
|
|
(732,136)
|
|
(33,395)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-23
|
|
(175,000)
|
|
(347,690)
|
|
(18,155)
|
Swap
|
|
N/A
|
|
OTC
|
|
Swap
|
|
Mar-18
|
|
(359,272)
|
|
(712,796)
|
|
(149,568)
|
Swap
|
|
Amortization Gain / Loss D1
|
|
-
|
|
-
|
|
607
|
||||||
Sub-total at December 31, 2013
|
|
831,972
|
|
1,844,423
|
|
(52,650)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total at March 31, 2013 (Restated)
|
|
-
|
|
-
|
|
12,140
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2013
|
|
934,943
|
|
2,076,642
|
|
(26,938)
|
||||||||
At March 31, 2013 (Restated)
|
|
114,235
|
|
1,254,265
|
|
946
|
|
December 31, 2013
|
March 31, 2013 (Restated)
|
||||||
Cash and cash equivalents
|
1,387,295 | 121,429 | ||||||
Trade receivables
|
24,453 | 15,369 | ||||||
Loans and borrowings
|
(3,814,871 | ) | (3,479,988 | ) | ||||
|
||||||||
Foreign exchange exposure, net
|
(2,403,123 | ) | (3,343,190 | ) |
Investment securities
|
||||
AAA
|
1,074,087 | |||
AA
|
313,208 | |||
|
||||
At December 31, 2013
|
1,387,295 |
|
December 31, 2013
|
March 31, 2013
(Restated)
|
||||||||||||||||||||||
|
Until 1
year
|
1 -2 years
|
3 – 5 years
|
More than
5 years
|
Total
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans and borrowings
|
(1,095,942 | ) | (722,526 | ) | (2,925,990 | ) | (6,251,929 | ) | (10,996,388 | ) | (13,747,862 | ) | ||||||||||||
Trade payables
|
(862,429 | ) | - | - | - | (862,429 | ) | (799,479 | ) | |||||||||||||||
REFIS payable
|
- | (70,701 | ) | (210,030 | ) | (730,036 | ) | (1,010,767 | ) | (1,009,723 | ) | |||||||||||||
|
||||||||||||||||||||||||
Total
|
(1,958,371 | ) | (793,227 | ) | (3,136,020 | ) | (6,981,965 | ) | (12,869,584 | ) | (15,557,064 | ) |
|
December 31,
2013
|
|||
Fair value of the Senior Notes 2023
|
1,067,134 | |||
Gain recognized in the financial result
|
50,648 |
·
|
The fair value of cash and cash equivalents, accounts receivable, accounts payable and other short-term obligations approximate their respective carrying values due largely to the short-term maturities of these instruments.
|
·
|
The fair value of marketable securities and bonds is based on price quotations at the date of the balance sheet. The fair value of non-negotiable instruments, bank loans and other debts, obligations under finance leases, as well as other non-current financial liabilities, are estimated using discounted future cash flow at the rates currently available for similar instruments.
|
·
|
The fair value of the Senior Notes due in 2018 and 2023 listed on the Luxembourg stock exchange (Note 18) is based on their quoted market price at December 31, 2013 of 86.99% (103.28% at March, 31 2013) and 87.75% (101.37% at March, 31 2013), respectively, of the face value of the Notes as at December 31, 2013.
|
·
|
The fair value of the perpetual bonds listed on the Luxembourg stock exchange (Note 18) is based on its quoted market price as December 31, 2013 of 99.75% (109.28% at March, 31 2013) of the face value of the bonds as at December 31, 2013.
|
·
|
The fair value market of other loans and financing substantially approximate the amounts recorded in the financial statements, due to the fact that these financial instruments are subject to variable interest rates (Note 18).
|
·
|
The fair value of available for sale financial assets, is obtained through quoted market prices in active markets, when available.
|
·
|
Level 1: quoted prices in a active market for identical assets and liabilities;
|
·
|
Level 2: other techniques for which all of the data having a significant effect on the fair value recorded are observable, directly or indirectly;
|
I.
|
Quoted market prices or dealer quotes for similar instruments;
|
II.
|
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves;
|
III.
|
Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
|
·
|
Level 3: inputs for the instrument that are not based on observable market data (that is, unobservable inputs). As of December 31, 2013 and March 31, 2013 there are no financial instruments classified as Level 1.
|
Financial instruments
|
|
|
|
|||||||||
measured at fair value
|
Level 1
|
Level 2
|
Total
|
|||||||||
At December 31, 2013
|
|
|
|
|||||||||
Derivative financial assets
|
- | 513,934 | 513,934 | |||||||||
Derivative financial liabilities
|
- | 735,793 | 735,793 | |||||||||
Pension plan assets
|
281,142 | - | 281,142 | |||||||||
Securities
|
- | 87,978 | 87,978 | |||||||||
|
||||||||||||
Total
|
281,142 | 1,337,705 | 1,618,847 | |||||||||
|
||||||||||||
At March 31, 2013 (Restated)
|
||||||||||||
Derivative financial assets
|
- | 145,856 | 145,856 | |||||||||
Derivative financial liabilities
|
- | (10,009 | ) | (10,009 | ) | |||||||
Pension plan assets
|
324,445 | - | 324,445 | |||||||||
Securities
|
- | 105,856 | 105,856 | |||||||||
|
||||||||||||
Total
|
324,445 | 241,703 | 566,148 |
i.
|
Assumptions for sensitivity analysis
|
ii.
|
Sensitivity analysis
|
(a)
|
Sensitivity analysis on changes in foreign exchange rates
|
|
|
|
Impacts on P&L(i)
|
|
|
||||||||||||||||
|
Risk factor
|
Probable
scenario
|
Variation scenario
(25%)
Increase
|
Variation scenario
(50%)
Increase
|
Variation scenario
(25%)
Decrease
|
Variation scenario
(50%)
Decrease
|
|||||||||||||||
|
|||||||||||||||||||||
|
|||||||||||||||||||||
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
COMGÁS Derivatives
|
|
|
|
|
|
|
|||||||||||||||
Exchange rate and interest risks
|
|
|
|
|
|
|
|||||||||||||||
Exchange rate derivatives
|
|
|
|
|
|
|
|||||||||||||||
Swap contracts
|
Decrease in exchange
|
|
|
|
|
|
|||||||||||||||
|
rate R$/US$ and
|
|
|
|
|
|
|||||||||||||||
|
increase in CDI curve
|
209,532 | 537,252 | 859,186 | (129,951 | ) | (477,592 | ) | |||||||||||||
|
|
||||||||||||||||||||
Exchange rate risks
|
|
||||||||||||||||||||
Exchange rate derivatives
|
|
||||||||||||||||||||
Term agreements
|
|
||||||||||||||||||||
Purchasing agreements
|
Decrease in exchange
|
||||||||||||||||||||
|
rate R$/US$
|
25,713 | 85,570 | 145,427 | (34,144 | ) | (94,001 | ) | |||||||||||||
|
|
||||||||||||||||||||
Interest rate risk
|
|
||||||||||||||||||||
Swap contracts
|
Decrease in LIBOR curve
|
(433 | ) | (87 | ) | 258 | (780 | ) | (1,128 | ) | |||||||||||
Swap contracts
|
No risk - asset and
|
||||||||||||||||||||
|
liabilitie same position
|
(17,567 | ) | - | - | - | - | ||||||||||||||
|
|
||||||||||||||||||||
Exchange rate and interest risks
|
|
||||||||||||||||||||
Swap contracts
|
Decrease in exchange
|
||||||||||||||||||||
|
rate R$/US$ and
|
||||||||||||||||||||
|
increase in CDI curve
|
(34,651 | ) | 178,747 | 403,610 | (266,145 | ) | (503,107 | ) | ||||||||||||
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||
Total impact
|
|
182,593 | 801,483 | 1,408,481 | (431,020 | ) | (1,075,829 | ) | |||||||||||||
|
|
|
Exchange rate sensitivity analysis (R$/US$)
|
|||||||||||||||||||||||
|
2013
|
Scenario
|
||||||||||||||||||||||
|
Probable
|
25% | 50% | -25% | -50% | |||||||||||||||||||
At December 31, 2013
|
2.3426 | 2.3426 | 2.9283 | 3.5139 | 1.7570 | 1.1713 |
Exchange rate exposure
|
December 31, 2013
|
|||||||||||||||||||
|
Balance
|
25% | 50% | -25% | -50% | |||||||||||||||
Bonds and Debentures - USD
|
(2,296,035 | ) | (574,009 | ) | (1,148,018 | ) | 574,009 | 1,148,018 | ||||||||||||
Loans and borrowings (USD)
|
(1,309,495 | ) | (327,374 | ) | (654,748 | ) | 327,374 | 654,748 |
Loans and borrowings (GBP)
|
(209,341 | ) | (52,335 | ) | (104,671 | ) | 52,335 | 104,671 | ||||||||||||
Trade receivables
|
24,453 | 6,113 | 12,227 | (6,113 | ) | (12,227 | ) | |||||||||||||
|
||||||||||||||||||||
Effect on profit or loss
|
(947,605 | ) | (1,895,210 | ) | 947,605 | 1,895,210 |
(b)
|
Sensitivity analysis on changes in interest rates
|
Exposure interest rate
|
|
|
|
|
||||||||||||||||
|
December 31, 2013
|
|||||||||||||||||||
Operation
|
Balance
|
25% | 50% | -25% | -50% | |||||||||||||||
Short term investments
|
1,387,295 | 33,885 | 67,769 | (33,885 | ) | (67,769 | ) | |||||||||||||
Securities
|
87,978 | 2,149 | 4,298 | (2,149 | ) | (4,298 | ) | |||||||||||||
Loans and borrowings
|
(2,409,160 | ) | (58,844 | ) | (117,687 | ) | 58,844 | 117,687 | ||||||||||||
|
||||||||||||||||||||
Profit of the year
|
(22,810 | ) | (45,620 | ) | 22,810 | 45,620 |
|
Financial assets at
fair value trough
profit or loss
|
Loans and
receivables
|
Total
|
|||||||||
Assets
|
|
|
|
|||||||||
Cash and cash equivalents
|
- | 1,509,565 | 1,509,565 | |||||||||
Trade receivables
|
- | 844,483 | 844,483 | |||||||||
Derivative financial instruments
|
513,934 | - | 513,934 | |||||||||
Securities
|
- | 87,978 | 87,978 | |||||||||
Dividends receivable
|
- | 26,350 | 26,350 | |||||||||
Judicial deposits
|
- | 361,554 | 361,554 | |||||||||
Other financial assets
|
- | 403,604 | 403,604 | |||||||||
|
||||||||||||
|
513,934 | 3,233,534 | 3,747,468 |
|
Financial
liabilities at fair
value trough
profit or loss
|
Other
financial
liabilities
|
Total
|
|||||||||
Liabilities
|
|
|
|
|||||||||
Loans and borrowings
|
- | (9,092,956 | ) | (9,092,956 | ) | |||||||
Derivative financial instruments
|
(331,341 | ) | - | (331,341 | ) | |||||||
Trade payables
|
- | (862,429 | ) | (862,429 | ) | |||||||
Dividends payable
|
- | (92,759 | ) | (92,759 | ) | |||||||
|
||||||||||||
|
(331,341 | ) | (10,048,144 | ) | (10,379,485 | ) |
33
|
Pension and post-employment benefit plans
|
|
December 31, 2013
|
March 31, 2013
(Restated)
|
April 1, 2012
|
|||||||||
Futura
|
71,065 | 78,405 | 34,725 | |||||||||
Futura II
|
828 | 2,795 | 2,587 | |||||||||
COMGÁS
|
267,242 | 294,859 | - | |||||||||
|
||||||||||||
Total
|
339,135 | 376,059 | 37,312 |
a)
|
Pension plans
|
b)
|
Actuarial pension obligation
|
|
December 31,
2013
|
March 31, 2013
(Restated)
|
April 1, 2012
|
|||||||||
Present value of actuarial obligation
|
|
|
|
|||||||||
at beginning of year
|
(402,850 | ) | (362,715 | ) | (383,823 | ) | ||||||
Interest expense
|
(29,684 | ) | (34,208 | ) | (38,345 | ) | ||||||
Current service cost
|
- | - | (455 | ) | ||||||||
Benefits payment
|
18,784 | 24,883 | 27,845 | |||||||||
Settlement / curtailment
|
- | 5,412 | 54,779 | |||||||||
Actuarial gain (loss) on obligation at beginning of the year
|
61,543 | (36,222 | ) | (22,716 | ) | |||||||
|
||||||||||||
Present value of actuarial obligation at the end of the year
|
(352,207 | ) | (402,850 | ) | (362,715 | ) |
Fair value of plan assets at
|
|
|
|
|||||||||
beginning of the year
|
324,445 | 327,990 | 359,443 | |||||||||
Return on plan assets
|
23,997 | 36,281 | 39,000 | |||||||||
Contributions received by the fund
|
6,501 | 5,239 | 3,282 | |||||||||
Benefit payments
|
(18,784 | ) | (24,883 | ) | (27,846 | ) | ||||||
Effect of migration to defined contribution - Settlement
|
- | (4,634 | ) | (32,226 | ) | |||||||
Loss in fair value of plan assets
|
(55,017 | ) | (15,548 | ) | (13,663 | ) | ||||||
|
||||||||||||
Fair value of plan assets end of the year
|
281,142 | 324,445 | 327,990 | |||||||||
|
||||||||||||
Present value of pension obligation
|
||||||||||||
in excess of fair value of plan assets
|
(71,065 | ) | (78,405 | ) | (34,725 | ) | ||||||
|
Total expense recognized in profit or loss is as follow:
|
||||||||||||
|
|
|
|
|||||||||
|
Nine months
ended December
31, 2013
|
Year Ended
|
||||||||||
|
March 31, 2013
(Restated)
|
March 31, 2012
(Restated)
|
||||||||||
Current service cost
|
- | - | (455 | ) | ||||||||
Interest expense
|
(29,684 | ) | (34,208 | ) | (38,345 | ) | ||||||
Expected return on plan assets
|
23,997 | 36,281 | 39,000 | |||||||||
Early plan settlement
|
- | 778 | - | |||||||||
|
||||||||||||
|
(5,687 | ) | 2,851 | 200 | ||||||||
|
||||||||||||
Total amount recognized as accumulated other comprehensive income:
|
||||||||||||
|
||||||||||||
|
Nine months
ended December
31, 2013
|
Year Ended
|
||||||||||
|
March 31, 2013
(Restated)
|
March 31, 2012
(Restated)
|
||||||||||
Amount accumulated at the
|
||||||||||||
beginning of the year
|
(35,557 | ) | (1,389 | ) | 22,621 | |||||||
Unrecognized gains (losses)
|
61,543 | (51,770 | ) | (36,379 | ) | |||||||
Deferred income tax
|
(20,925 | ) | 17,602 | 12,369 | ||||||||
|
||||||||||||
Amount accumulated
|
||||||||||||
at the end of the year
|
5,061 | (35,557 | ) | (1,389 | ) | |||||||
|
|
|
|
March 31, 2013
|
|||||||||||||||||||||
|
December 31, 2013
|
(Restated)
|
April 1, 2012
|
|||||||||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
||||||||||||||||||
Fixed income bonds
|
201,129 | 71.54 | 232,108 | 71.54 | 245,993 | 75.00 | ||||||||||||||||||
Variable-income securities
|
80,013 | 28.46 | 92,337 | 28.46 | 81,997 | 25.00 | ||||||||||||||||||
Total
|
||||||||||||||||||||||||
|
281,142 | 100.00 | 324,445 | 100.00 | 327,990 | 100.00 |
Defined benefit plan
|
|
December 31, 2013
|
|
March 31, 2013
|
Actuarial valuation method
|
|
Projected unit credit
|
|
Projected unit credit
|
Mortality table
|
|
AT 2000 segregated by sex,
decreased by 10%
|
|
AT 83 segregated by sex,
decreased by 10%
|
Discount rate for actuarial liability
|
|
Interest: 12.16% per year
|
|
Interest: 10.09% per year
|
Expected rate of return on plan assets
|
|
Interest: 12.16% per year
|
|
Interest: 11.30% per year
|
Salary growth rate
|
|
N/A
|
|
N/A
|
Increase rate of estiated benefits
|
|
0.00% per year + inflation:
5.4% per year
|
|
0.00% per year + inflation:
5.5% per year
|
|
December 31, 2013
|
March 31, 2013
|
||||||
Discount rate
|
12.36 | 9.46 | ||||||
Inflation rate
|
5.5 | 5.5 | ||||||
Expected rate of return on plan assets
|
12.36 | 9.46 | ||||||
Future salary increases
|
8.66 | 8.66 | ||||||
Increase in pension plans
|
5.5 | 5.5 | ||||||
Morbidity (ageing factor)
|
3 | 3 | ||||||
Mortality (by gender)
|
AT-2000
|
AT-2000
|
||||||
Disabled Associates Mortality
|
IAPB-1957
|
IAPB-1957
|
||||||
Disability entry (modified)
|
UP-1984
|
UP-1984
|
||||||
Turnover
|
0.3/(Length of service + 1)
|
0.3/(Length of service + 1)
|
|
December 31, 2013
|
March 31, 2013
|
||||||
Present value of actuarial obligations
|
274,433 | 301,514 | ||||||
Fair value of the plan assets
|
(7,191 | ) | (6,655 | ) | ||||
|
||||||||
Net actuarial pension obligation
|
267,242 | 294,859 | ||||||
|
||||||||
Change in actuarial obligations are shown below:
|
||||||||
|
||||||||
|
December 31, 2013
|
March 31, 2013
|
||||||
Actuarial liabilities at beginning of the year
|
294,859 | - | ||||||
Business combination - COMGÁS
|
- | 288,593 | ||||||
Expenses
|
20,776 | 16,924 | ||||||
Employer contributions
|
(11,158 | ) | (11,361 | ) | ||||
Actuarial losses recognized in the other comprehensive income
|
(37,235 | ) | 703 | |||||
|
||||||||
Actuarial liabilities at end of the year
|
267,242 | 294,859 |
34
|
Share-based payment
|
·
|
Tranche A - The options can be exercised after a vesting period of one year, considering a maximum percentage of 20% per annum of the total stock options granted by Cosan S.A. for an exercise period of 5 years. Exercise period ends on August 19, 2016.
|
·
|
Tranche B - The options can be exercised after a vesting period of one year, considering a maximum percentage of 10% per annum of the total stock options granted by Cosan S.A. within an exercise period of 10 years. Exercise period ends in August 19, 2021.
|
·
|
The fair value of options granted was estimated at the date of exercise using the binomial model simulation, considering the terms and conditions upon which the options were granted;
|
·
|
The options may be exercised with the issuance of new shares or treasury shares that the company may have.
|
|
Options granted
|
|||||||||||
|
August 18, 2011
|
August 18, 2011
|
April 24,
2013
|
|||||||||
|
Tranche A
|
Tranche B
|
||||||||||
Exercise price - R$
|
22.8 | 22.8 | 45.22 | |||||||||
Expected life (in years)
|
1 to 5
|
1 to 10
|
5 | |||||||||
Interest rate
|
12.39 | 12.39 | 13.35 | |||||||||
Expected volatility
|
31.44 | 30.32 | 27.33 | |||||||||
Fair value at grant date
|
||||||||||||
(weighted-average) - R$
|
6.80 | 8.15 | 17.95 |
|
Number of
|
Weighted-
average |
||||||
|
options
|
exercise price
|
||||||
At March 31, 2012
|
9,825,000 | 22.80 | ||||||
Share options exercised
|
(723,000 | ) | (23.18 | ) | ||||
At March 31, 2013
|
9,102,000 | 23.74 | ||||||
Granted
|
925,000 | 45.50 | ||||||
Share options exercised
|
(682,000 | ) | (23.18 | ) | ||||
|
||||||||
At December 31, 2013
|
9,345,000 | 23.74 |
35
|
Subsequent events
|
COSAN LIMITED
|
||||||
Date:
|
February 27, 2014
|
By:
|
/s/ Marcelo Eduardo Martins
|
|||
Name:
|
Marcelo Eduardo Martins
|
|||||
Title:
|
Chief Financial Officer and Investor Relations Officer
|