FORM 6-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
of the Securities Exchange Act of 1934
For the month of March, 2018
Commission File Number: 1-33659
COSAN LIMITED
(Translation
of registrants name into English)
Av. Brigadeiro Faria Lima, 4100, 16
th
floor
São Paulo, SP 04538-132 Brazil
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):
EXPLANATORY NOTE
Inclusion of Cosan Limiteds Earnings Release, regarding the results of the fourth quarter (October, November and December) of 2017 (4Q17) and Fiscal Year
of 2017.
4Q17 & 2017 Earnings Release
São Paulo, March
1, 2018
COSAN LIMITED (CZZ or Company) (NYSE: CZZ and
B3:
CZLT33
)
announces today its results for the fourth quarter (October, November and December) of 2017 (
4Q17
) and Fiscal Year of 2017. The results are presented on a consolidated basis, in accordance with the accounting practices
adopted in Brazil and with International Financial Reporting Standards (IFRS), Comparisons in this report take into consideration 4Q17 x 4Q16 and 2017 x 2016, except where indicated differently,
Summary of Financial Information
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Executive SummaryCosan Pro forma¹
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4Q17
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4Q16
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Chg.%
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3Q17
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Chg.%
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2017
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2016
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Chg.%
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BRL mln
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(Oct-Dec)
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(Oct-Dec)
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4Q17/4Q16
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(Jul-Sep)
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4Q17/3Q17
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(Jan-Dec)
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(Jan-Dec)
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2017/2016
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Net Revenue
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14,717.2
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13,043.7
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12.8
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%
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14,483.9
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1.6
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%
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55,016.4
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51,889.0
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6.0
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%
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Gross profit
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1,911.2
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1,578.3
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21.1
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%
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2,322.3
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-17.7
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%
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7,429.7
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7,632.3
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-2.7
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%
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EBIT
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1,904.0
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703.8
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n/a
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1,403.2
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35.7
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%
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4,794.1
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4,366.6
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9.8
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%
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EBITDA
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2,879.0
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1,696.5
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69.7
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%
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2,231.3
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29.0
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%
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8,104.6
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7,476.1
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8.4
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%
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Adjusted EBITDA²
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1,895.1
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1,640.2
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15.5
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%
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2,413.1
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-21.5
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%
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7,834.3
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6,603.2
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18.6
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%
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Net Income (Loss)
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326.6
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(34.9
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)
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n/a
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248.1
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31.6
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%
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551.0
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277.8
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98
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%
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Ajusted Net Income² (Loss)
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(203.3
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)
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3.6
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n/a
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267.5
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n/a
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188.2
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(135.3
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)
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n/a
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Note 1:
Considering 50% of the results of Raízen Combustíveis and Raízen Energia
Note 2: Adjusted EBITDA and Net Income do not include
non-recurring
effects in Cosan S/A, as detailed in its earnings release,
Message from the CEO
Here we are after another year in Brazil where reality ended up being quite different from expectations.
The atmosphere
in the beginning of 2017
was of cautious optimism: encouraging initial signs of economic upswing shadowed by question marks on
approval reforms required to ensure sustainable improvements. Political uncertainties increased around middle of year. Declining inflation
and interest rates trends instead progressed and growth signs spread across wider range of industries. Reforms approval lagged behind expectations and 2018 starts with elections bringing additional challenges to reaching that goal. But Brazil is out
of recession, inflation is back on track and interest rates just hit record lows. Quoting English gentlemen, not bad at all.
Cosan Limited
businesses delivered on guidance across the board for eighth consecutive year, grounded on tireless search for operation excellence.
Raízen Combustíveis keeps on outperforming peers and delivering solid EBITDA growth in volatile
pricing and supply environment. Raízen Energia concluded 2017/18 crushing season further optimizing its cost structure while optimizing its product mix to offset more challenging commodities price scenario. Comgás and Moove beat
guidance leveraging on higher industrial activity, Rumo scored record high EBITDA by managing to overcome operational challenges amid major turnaround to reap rewards of record high crop in Brazil. Last but not least, all our companies ended 2017
with leveraging ratios hovering close to 2,5x Net EBITDA target and strong cash generation. Our portfolio has been tested against stressed economic environments over the last decade and succeeded.
Capital allocation.
CZZ issued USD 500 million in bonds aimed at funding our participation in timely BRL 2.6 billion follow on at Rumo,
reducing funding costs while
de-risking
further our portfolio. In line with our commitment to simplifying our corporate structure, CZZ sold Comgás shares to Cosan S/A (from the exercise of a put option
by Shell, under the exact same conditions), strengthening CZZ cash liquidity. Then, we called for a successful tender offer resulting on buy back of USD 212 million worth of CZZ shares as part of capital allocation strategy, reflecting high
conviction in the value of our portfolio. CZZ outperformed underlying listed assets by approximately 10%.
We released our guidance for 2018, calling
for another year of
pro-forma
EBITDA expansion.
Raizen Combustíveis is expected to
continue leveraging on strong relationship with its retailers, strengthened across economic downturn, and
supply and commercialization strategy. Raizen Energia efficiency journey will allow it to endeavor a year of more challenging commodity prices with robust returns. Comgas is set to keep on benefiting from higher economic activity and conversion of
new residential and commercial clients. Moove is well positioned to benefit from upturn in Brazil while international expansion continues. And Rumo remains committed to execution of its business plan to deliver continued EBITDA growth and cash
generation.
2017 has been another amazing year for Cosan Limited and we expect 2018 to be the same.
Marcos Marinho Lutz, CZZs CEO.
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Investor Relation
s
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E-mail:
ri@cosan.com.br
Tel: +55 11 3897-9797
Website: ri.cosanlimited.com
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1 of 9
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COSAN LIMITED
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Earnings Release
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4rd Quarter and Fiscal Year of 2017
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Business Units
Cosan S/A Indústria e Comércio
(B3: CSAN3) and Cosan Logística S/A (B3: RLOG3), companies controlled by the Company,
reported its results in February 22, 2018 and February 27, 2018, respectively. Its Earnings Releases containing the comments from the main
financial and operational information, besides its Financial Statements, can be found at the websites below:
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Cosan S/A (CSAN3): http:/ri.cosan.com.br
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Cosan Logística (RLOG3 e RAIL3): http://ri.rumolog.com.br
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Cosan S/A and Cosan Logística
S/A business units that compose Cosan Limited and interest in each reportable segment are shown below:
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Cosan S.A. (CSAN3) (57.9%)
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Raízen Combustíveis (50%)
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Fuel Distribution
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Raízen Energia (50%)
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Sugar, Ethanol and Cogeneration
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Comgás (79.9%)
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Natural Gas Distribution
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Moove (100%)
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Lubricants, Basic Oils and Specialties
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Cosan Corporativo (100%)
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Corporate Structure and Other Investments
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Cosan
Logística S.A. (RLOG3) (72.5%)
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Rumo S.A. (RAIL3)
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Logistics Operator
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Executive Summary 4Q17 & 2017
Cosan S.A. (CSAN3):
Cosan S/A Proforma
: Adjusted EBITDA reached R$ 1.2
billion in 4Q17
(-7%)
and
R$ 5.1
billion in 2017, in line with
the guidance
for the 8th consecutive year. Adjusted Net income for the year was R$ 953
million (+53%), reflecting better operational
performance across all businesses
. Raízen Combustíveis continues to reap the rewards of consistent supply optimization and commercialization strategies combined with solid long-term relationship with retailers resellers, once again
out performing performance the market. At Raízen Energia, we concluded 2017/18 crushing season with 61 million tons of sugar cane (+2%), yet less favorable commodity prices negatively affected quarter results. Higher industrial activity
and connection of new customers supported another strong quarter at Comgás. Moove sales volumes increased in Brazil and international operations. Leverage (ratio net debt / pro forma EBITDA) remained stable at 2,0x at the end of the period
and free cash flow (FCFE) reached R$ 643 million, impacted by R$833 million disbursement related to the acquisition of Comgás shares.
Raízen Combustíveis: Adjusted EBITDA was R$ 806
million in 4Q17
(-10%),
lower supply-related gains in the quarter when compared to the previous year offset higher sales volumes.
Total sales volume increased 4% while the market expanded by 2% in 4Q17 (ANP source) when
compared to 4Q16. Otto cycle sales grew 1%
(-1%
in gasoline equivalent), affected by a greater share of ethanol in sales mix. Raizen diesel sales was 9% higher than 4Q16, driven by higher demand from the
agricultural segment and new customers, while market grew by 4% (ANP source).
In 2017 Raízen Combustíveis adjusted EBITDA reached R$ 2.9
billion (+5%), in line with guidance, with 3% growth in total sales
volume compared to 1% market growth based on ANP figures and 1% market reduction based on Plural figures, former Sindicom.
Raízen Energia: Adjusted EBITDA in 4Q17, third quarter of 2017/18 crop year, reached R$ 891
million
(-11%),
reflecting lower average sugar and ethanol prices in the market, partially offset by better bioenergy results.
Crushing totaled 13 million tons of sugarcane (+17%) in the quarter due to drier
climate and greater availability of raw material. 4Q17 productivity index of was 8,4 Kg ATR/hectare
(-4%)
and the production mix was 48% for sugar (versus 56% in 4Q16), due to the increase of ethanol
profitability in the period. Raízen crushed 61 million tons of sugarcane (+ 2%) in first nine-months of 2017/18 harvest with a production mix of 55% for sugar.
2 of 9
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COSAN LIMITED
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Earnings Release
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4rd Quarter and Fiscal Year of 2017
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Comgás: EBITDA normalized by regulatory current account effect reached
R$ 416
million in the quarter (+16%), impacted by the higher volume sold (+4%) and margins inflation correction in May 2017.
Natural gas sales in industrial and commercial segments increased by 3% and 6% respectively in
4Q17, reflecting gradual recovery of the economic activity. Residential segment volumes remained stable compared to 4Q16, affected by higher average temperature in the period.
Normalized EBITDA exceeded
the guidance
for 2017 and reached R$ 1.7
billion (+19%),
due to higher sales volumes and lower operating expenses due to efficiency gains. Sales volume increased across all segments in 2017 (+4% versus 2016), supported by
connection of new clients over last 12 months and higher demand for natural gas.
Moove:
4Q17 EBITDA reached
R$ 34
million
(-27%)
and R$ 175
million in 2017 (+29%), beating
guidance
. Better results for the year are due to higher sales volumes (+6%) and
better mix of products across all markets.
Cosan Logística S.A. (RLOG3):
Rumo achieved EBITDA growth higher than 100% in 4Q17, coming to R$ 730
million. In 2017, Rumo reached EBITDA of
R$ 2,757
million, up 36%
year-on-year
and within guidance
. Investments continue to yield capacity increase and operational improvements,
allowing Rumo to capture higher volumes and reach 13.4 billion RTK (+79%) during 4T17 and 49.7 billion RTK in 2017 (+23%). Grains transportation, which is Rumos most profitable operation, grew 39% in 2017 reaching 71% market in
Santos Port in 4Q17. Productivity gains enabled operational records throughout the year, diluting fixed costs, while diesel consumption per GKB is down 8.6%. EBITDA margin reached 46% in 4Q17 and in the average of the year (versus 34% in 4Q16 and
40% in 2016). Rumo closed 4Q17 with broad net debt/LTM EBITDA of 2.6x, from 4.0x in previous quarter, on the back of higher EBITDA and R$ 2.6 billion capital increase in October. In January of 2018, company issued USD 500 million
in bonds with maturity date in January of 2025 and a 5.875% annual interest rate, considerably below the cost of the first issue in the international market in February 2017, as part of its commitment to reducing cost of debt. Scenario for 2017/2018
grains crops is encouraging and 2017 performance reinforces confidence on achieving long term objectives.
The following tables present the key operating
and financial metrics of our businesses. Historical data for the information presented can be found on our Investor Relations website (ir.cosanlimited.com.) in the Results Center.
3 of 9
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COSAN LIMITED
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Earnings Release
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4rd Quarter and Fiscal Year of 2017
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Main Operational and Financial Metrics
Raízen Combustíveis
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4Q17
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4Q16
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Chg.%
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3Q17
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Chg.%
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2017
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2016
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Chg.%
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(Oct-Dec)
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(Oct-Dec)
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4Q17/4Q16
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(Jul-Sep)
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4Q17/3Q17
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(Jan-Dec)
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(Jan-Dec)
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2017/2016
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Otto Cycle Volume (Gasoline+ Ethanol) (000 cbm)
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3,078
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3,060
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1
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%
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2,958
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4
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%
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11,878
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11,614
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2
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%
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Gasoline Equivalent
3
Volume (000
cbm)
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2,840
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2,883
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-1
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%
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2,760
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3
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%
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11,129
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10,840
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3
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%
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Diesel Volume (000 cbm)
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2,885
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2,638
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9
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%
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3,028
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-5
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%
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11,295
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10,688
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6
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%
|
Adjusted EBITDA Margin
4
(BRL/cbm)
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123
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142
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-13
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%
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136
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-10
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%
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115
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113
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2
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%
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Adjusted EBIT
4
(BRL/cbm)
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99
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115
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-14
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%
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110
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-10
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%
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90
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88
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2
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%
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Note 3: Sum
of gasoline and ethanol volumers, adjusted by the energy coefficient of 0,7221.
Note 4: Excludes effects from asset sale and other
non-recurring
items.
Raízen Energia
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4Q17
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4Q16
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Chg.%
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2017/18
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2015/16
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Var.%
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(Oct-Dec)
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(Oct-Dec)
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4Q17/4Q16
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(Oct-Dec)
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(Oct-Dec)
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17/18x15/16
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|
Sugarcane Crushed (mln mt)
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13,3
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11,3
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17
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%
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60,7
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59,4
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2
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%
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TRS/ha
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8,4
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8,7
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-4
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%
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9,8
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10,3
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-5
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%
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Sugar/Ethanol Production Mix
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48% x 52%
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56% x 44%
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n/a
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55% x 45%
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57% x 43%
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n/a
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Adjusted EBITDA
5
(BRL mln)
|
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|
891
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|
|
|
1,003
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|
|
-11
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%
|
|
|
3,089
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|
|
|
2,768
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|
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|
12
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%
|
Adjusted EBIT
5
/TRS sold (BRL/ton)
|
|
|
115
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|
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|
184
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|
|
|
-38
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%
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|
|
171
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|
|
|
170
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|
|
|
1
|
%
|
Note 5:
Excludes effects from biological assets variation, debt hedge accounting effects, foreign exchange hedge on sugar exports and nonrecurring gains/losses where applicable.
Note 6: TRS sold represents the total volume sold measured in sugar equivalent (tons).
Comgás
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|
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|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
3Q17
|
|
|
Chg.%
|
|
|
2017
|
|
|
2016
|
|
|
Chg.%
|
|
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
|
|
(Jul-Sep)
|
|
|
4Q17/3Q17
|
|
|
(Jan-Dec)
|
|
|
(Jan-Dec)
|
|
|
2017/2016
|
|
Total Sales Volume (cbm)
Ex-Thermal
|
|
|
1,089
|
|
|
|
1,047
|
|
|
|
4
|
%
|
|
|
1,114
|
|
|
|
-2
|
%
|
|
|
4,291
|
|
|
|
4,119
|
|
|
|
4
|
%
|
Normalized EBITDA
7
(BRL mln)
|
|
|
416
|
|
|
|
359
|
|
|
|
16
|
%
|
|
|
477
|
|
|
|
-13
|
%
|
|
|
1,737
|
|
|
|
1,465
|
|
|
|
19
|
%
|
IFRS EBITDA (BRL mln)
|
|
|
375
|
|
|
|
308
|
|
|
|
22
|
%
|
|
|
463
|
|
|
|
-19
|
%
|
|
|
1,518
|
|
|
|
1,965
|
|
|
|
-23
|
%
|
Note 7:
Includes the effect from the regulatory Current Account.
Moove
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
3Q17
|
|
|
Chg.%
|
|
|
2017
|
|
|
2016
|
|
|
Chg.%
|
|
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
|
|
(Jul-Sep)
|
|
|
4Q17/3Q17
|
|
|
(Jan-Dec)
|
|
|
(Jan-Dec)
|
|
|
2017/2016
|
|
Total Sales Volume (000 cbm)
|
|
|
81
|
|
|
|
81
|
|
|
|
0
|
%
|
|
|
93
|
|
|
|
-13
|
%
|
|
|
348
|
|
|
|
329
|
|
|
|
6
|
%
|
EBITDA (BRL mln)
|
|
|
34
|
|
|
|
46
|
|
|
|
-27
|
%
|
|
|
44
|
|
|
|
-24
|
%
|
|
|
175
|
|
|
|
136
|
|
|
|
29
|
%
|
Rumo
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
Operating Ratio
8
|
|
|
82.0
|
%
|
|
|
95.0
|
%
|
|
-13%
|
Diesel Comsuption (Liters 000 TKB)
|
|
|
4.3
|
|
|
|
4.9
|
|
|
-13%
|
North Operation
|
|
|
|
|
|
|
|
|
|
|
Grains from Rondonópolis (MT) to Port of Santos (SP)
|
|
Average number of freight cars loaded per day (units)
|
|
|
476
|
|
|
|
97
|
|
|
n/a%
|
Transit time (hours)
|
|
|
107
|
|
|
|
97
|
|
|
10%
|
Cycle time of freight cars (days)
|
|
|
10
|
|
|
|
11
|
|
|
-11%
|
Operação Sul
|
|
|
|
|
|
|
|
|
|
|
Grains from terminals in North of Paraná to Port of Paranaguá (PR)
and São Francisco do Sul (SC)
|
|
Average number of freight cars loaded per day (units)
|
|
|
276
|
|
|
|
36
|
|
|
n/a%
|
Transit time (hours)
|
|
|
48
|
|
|
|
48
|
|
|
0%
|
Cycle time of freight cars (days)
|
|
|
8
|
|
|
|
8
|
|
|
-0%
|
Note 8:
Operating Ratio calculation considers proportional allocation of part of 4Q16 depreciation in prior quarters from the same year.
4 of 9
|
|
|
COSAN LIMITED
|
|
Earnings Release
|
|
|
4rd Quarter and Fiscal Year of 2017
|
Cosan Corporate Results
The following table provides a breakdown of the 4Q17 results by business unit for all segments detailed previously. All information reflects 100% of their
financial performance, regardless of the interest held by Cosan. For the purpose of reconciling EBITDA in the column Cosan S/A Accounting, the Adjustments & Eliminations column reflects the eliminations from
operations among all Cosan subsidiaries for consolidation purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings by Business Unit
4Q17
|
|
Raízen
Combustíveis
|
|
|
Raízen
Energia
|
|
|
Comgás
|
|
|
Moove
|
|
|
Cosan
Corporate
|
|
|
Desconsolidation
Raízen
|
|
|
Adjustments
and
Elimination
|
|
|
Cosan S/A
Accounting
|
|
|
Cosan
Logistica
|
|
|
Cosan
Limited
(Parent
Company)
|
|
|
Adjustments
and
Elimination
|
|
|
CZZ
|
|
Net Revenue
|
|
|
19,374.2
|
|
|
|
3,293.6
|
|
|
|
1,496.8
|
|
|
|
637.0
|
|
|
|
1.1
|
|
|
|
(22,667.8
|
)
|
|
|
0.0
|
|
|
|
2,135.0
|
|
|
|
1,592.1
|
|
|
|
|
|
|
|
(9.9
|
)
|
|
|
3,717.2
|
|
Cost of Goods and Services Sold
|
|
|
(18,304.1
|
)
|
|
|
(2,645.8
|
)
|
|
|
(969.5
|
)
|
|
|
(493.1
|
)
|
|
|
(1.9
|
)
|
|
|
20,949.9
|
|
|
|
-0.0
|
|
|
|
(1,464.5
|
)
|
|
|
(1,210.4
|
)
|
|
|
|
|
|
|
9.9
|
|
|
|
(2,665.0
|
)
|
Gross Profit
|
|
|
1,070.1
|
|
|
|
647.8
|
|
|
|
527.3
|
|
|
|
144.0
|
|
|
|
(0.8
|
)
|
|
|
(1,717.9
|
)
|
|
|
|
|
|
|
670.5
|
|
|
|
381.7
|
|
|
|
|
|
|
|
|
|
|
|
1,052.2
|
|
Gross Margin (%)
|
|
|
5.5
|
%
|
|
|
19.7
|
%
|
|
|
35.2
|
%
|
|
|
22.6
|
%
|
|
|
-71.0
|
%
|
|
|
7.6
|
%
|
|
|
|
|
|
|
31.4
|
%
|
|
|
24.0
|
%
|
|
|
n/a
|
|
|
|
|
|
|
|
28.3
|
%
|
Selling Expenses
|
|
|
(349.9
|
)
|
|
|
(197.5
|
)
|
|
|
(166.4
|
)
|
|
|
(102.8
|
)
|
|
|
(0.0
|
)
|
|
|
547.4
|
|
|
|
|
|
|
|
(269.2
|
)
|
|
|
(5.2
|
)
|
|
|
|
|
|
|
|
|
|
|
(274.4
|
)
|
General and Administrative Expenses
|
|
|
(123.2
|
)
|
|
|
(165.8
|
)
|
|
|
(98.5
|
)
|
|
|
(29.2
|
)
|
|
|
(44.0
|
)
|
|
|
289.1
|
|
|
|
|
|
|
|
(171.8
|
)
|
|
|
(95.6
|
)
|
|
|
(41.7
|
)
|
|
|
|
|
|
|
(309.1
|
)
|
Other Operating Income (Expenses)
|
|
|
62.1
|
|
|
|
(16.9
|
)
|
|
|
(4.9
|
)
|
|
|
0.2
|
|
|
|
973.4
|
|
|
|
(45.3
|
)
|
|
|
|
|
|
|
968.8
|
|
|
|
3.1
|
|
|
|
(0.0
|
)
|
|
|
|
|
|
|
971.9
|
|
Equity
Pick-up
|
|
|
|
|
|
|
(6.4
|
)
|
|
|
|
|
|
|
(2.1
|
)
|
|
|
399.1
|
|
|
|
6.4
|
|
|
|
(105.1
|
)
|
|
|
292.0
|
|
|
|
(3.0
|
)
|
|
|
382.2
|
|
|
|
(382.2
|
)
|
|
|
289.0
|
|
Depreciation and Amortization
|
|
|
153.1
|
|
|
|
594.3
|
|
|
|
117.4
|
|
|
|
23.8
|
|
|
|
4.9
|
|
|
|
(747.4
|
)
|
|
|
|
|
|
|
146.0
|
|
|
|
448.3
|
|
|
|
0.0
|
|
|
|
|
|
|
|
594.4
|
|
EBITDA
|
|
|
812.1
|
|
|
|
855.4
|
|
|
|
375.0
|
|
|
|
33.9
|
|
|
|
1,332.6
|
|
|
|
(1,667.6
|
)
|
|
|
(105.1
|
)
|
|
|
1,636.4
|
|
|
|
729.4
|
|
|
|
340.5
|
|
|
|
(382.2
|
)
|
|
|
2,324.0
|
|
EBITDA Margin (%)
|
|
|
4.2
|
%
|
|
|
26.0
|
%
|
|
|
25.1
|
%
|
|
|
5.3
|
%
|
|
|
n/a
|
|
|
|
7.4
|
%
|
|
|
n/a
|
|
|
|
76.6
|
%
|
|
|
45.8
|
%
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
62.5
|
%
|
Financial result
|
|
|
(44.4
|
)
|
|
|
(112.3
|
)
|
|
|
(85.7
|
)
|
|
|
(17.7
|
)
|
|
|
(392.3
|
)
|
|
|
156.8
|
|
|
|
|
|
|
|
(495.7
|
)
|
|
|
(393.7
|
)
|
|
|
(13.7
|
)
|
|
|
(22,8
|
)
|
|
|
(925.8
|
)
|
Income and Social Contribution Taxes
|
|
|
(168.9
|
)
|
|
|
(22.4
|
)
|
|
|
(9.8
|
)
|
|
|
(1.6
|
)
|
|
|
(249.0
|
)
|
|
|
191.3
|
|
|
|
|
|
|
|
(260.5
|
)
|
|
|
52.8
|
|
|
|
(0.1
|
)
|
|
|
8,1
|
|
|
|
(199.7
|
)
|
Non-controlling
Interest
|
|
|
(14.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.5
|
|
|
|
(47.8
|
)
|
|
|
(47.8
|
)
|
|
|
41.3
|
|
|
|
(0.1
|
)
|
|
|
(271.0
|
)
|
|
|
(277.6
|
)
|
Net Income
|
|
|
431.2
|
|
|
|
126.4
|
|
|
|
162.1
|
|
|
|
(9.2
|
)
|
|
|
686.4
|
|
|
|
(557.6
|
)
|
|
|
(152.9
|
)
|
|
|
686.4
|
|
|
|
(18.5
|
)
|
|
|
326.6
|
|
|
|
(667.8
|
)
|
|
|
326.6
|
|
Earnings by Business Unit
2017
|
|
Raízen
Combustíveis
|
|
|
Raízen
Energia
|
|
|
Comgás
|
|
|
Moove
|
|
|
Cosan
Corporate
|
|
|
Desconsolidation
Raízen
|
|
|
Adjustments
and
Elimination
|
|
|
Cosan S/A
Accounting
|
|
|
Cosan
Logistica
|
|
|
Cosan
Limited
(Parent
Company)
|
|
|
Adjustments
and
Elimination
|
|
|
CZZ
|
|
Net Revenue
|
|
|
72,789.1
|
|
|
|
13,152.7
|
|
|
|
5,537.9
|
|
|
|
2,129.5
|
|
|
|
3.4
|
|
|
|
(85,941.8
|
)
|
|
|
-0.0
|
|
|
|
7,670.8
|
|
|
|
5,946.3
|
|
|
|
|
|
|
|
(34.7
|
)
|
|
|
13,582.5
|
|
Cost of Goods and Services Sold
|
|
|
(68,875.3
|
)
|
|
|
(10,907.7
|
)
|
|
|
(3,492.4
|
)
|
|
|
(1,545.7
|
)
|
|
|
(7.9
|
)
|
|
|
79,782.9
|
|
|
|
0.0
|
|
|
|
(5,045.9
|
)
|
|
|
(4,221.0
|
)
|
|
|
|
|
|
|
34.7
|
|
|
|
(9,232.2
|
)
|
Gross Profit
|
|
|
3,913.9
|
|
|
|
2,245.0
|
|
|
|
2,045.5
|
|
|
|
583.9
|
|
|
|
(4.5
|
)
|
|
|
(6,158.9
|
)
|
|
|
|
|
|
|
2,624.9
|
|
|
|
1,725.4
|
|
|
|
|
|
|
|
(0.0
|
)
|
|
|
4,350.3
|
|
Gross Margin (%)
|
|
|
5.4
|
%
|
|
|
17.1
|
%
|
|
|
36.9
|
%
|
|
|
27.4
|
%
|
|
|
n/a
|
|
|
|
7.2
|
%
|
|
|
|
|
|
|
34.2
|
%
|
|
|
29.0
|
%
|
|
|
n/a
|
|
|
|
|
|
|
|
32.0
|
%
|
Selling Expenses
|
|
|
(1,345.8
|
)
|
|
|
(803.2
|
)
|
|
|
(652.9
|
)
|
|
|
(386.7
|
)
|
|
|
(0.2
|
)
|
|
|
2,149.0
|
|
|
|
|
|
|
|
(1,039.8
|
)
|
|
|
(28.8
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,068.7
|
)
|
General and Administrative Expenses
|
|
|
(455.7
|
)
|
|
|
(618.1
|
)
|
|
|
(345.0
|
)
|
|
|
(94.0
|
)
|
|
|
(158.4
|
)
|
|
|
1,073.8
|
|
|
|
|
|
|
|
(597.4
|
)
|
|
|
(285.4
|
)
|
|
|
(52.5
|
)
|
|
|
|
|
|
|
(935.3
|
)
|
Other Operating Income (Expenses)
|
|
|
312.2
|
|
|
|
(108.0
|
)
|
|
|
(26.4
|
)
|
|
|
(3.7
|
)
|
|
|
911.1
|
|
|
|
(204.2
|
)
|
|
|
|
|
|
|
881.0
|
|
|
|
(3.3
|
)
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
877.6
|
|
Equity
Pick-up
|
|
|
|
|
|
|
(54.5
|
)
|
|
|
|
|
|
|
(7.7
|
)
|
|
|
1,387.4
|
|
|
|
54.5
|
|
|
|
(381.8
|
)
|
|
|
998.0
|
|
|
|
4.2
|
|
|
|
710.4
|
|
|
|
(710.4
|
)
|
|
|
1,002.3
|
|
Depreciation and Amortization
|
|
|
635.9
|
|
|
|
2,131.1
|
|
|
|
496.8
|
|
|
|
82.9
|
|
|
|
17.0
|
|
|
|
(2,767.0
|
)
|
|
|
|
|
|
|
596.7
|
|
|
|
1,341.3
|
|
|
|
0.0
|
|
|
|
|
|
|
|
1,938.0
|
|
EBITDA
|
|
|
3,060.4
|
|
|
|
2,792.4
|
|
|
|
1,517.9
|
|
|
|
174.7
|
|
|
|
2,152.5
|
|
|
|
(5,852.8
|
)
|
|
|
(381.8
|
)
|
|
|
3,463.3
|
|
|
|
2,753.3
|
|
|
|
657.9
|
|
|
|
(710.4
|
)
|
|
|
6,164.1
|
|
EBITDA Margin (%)
|
|
|
4.2
|
%
|
|
|
21.2
|
%
|
|
|
27.4
|
%
|
|
|
8.2
|
%
|
|
|
n/a
|
|
|
|
6.8
|
%
|
|
|
n/a
|
|
|
|
45.1
|
%
|
|
|
46.3
|
%
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
45.4
|
%
|
Financial result
|
|
|
(359.8
|
)
|
|
|
0.1
|
|
|
|
(225.5
|
)
|
|
|
(54.4
|
)
|
|
|
(618.5
|
)
|
|
|
359.6
|
|
|
|
|
|
|
|
(898.4
|
)
|
|
|
(1,665.8
|
)
|
|
|
(101.6
|
)
|
|
|
(85.7
|
)
|
|
|
(2,751.5
|
)
|
Income and Social Contribution Taxes
|
|
|
(615.8
|
)
|
|
|
(78.9
|
)
|
|
|
(236.0
|
)
|
|
|
(20.1
|
)
|
|
|
(201.6
|
)
|
|
|
694.7
|
|
|
|
|
|
|
|
(457.7
|
)
|
|
|
(10.2
|
)
|
|
|
1.7
|
|
|
|
37.9
|
|
|
|
(428.4
|
)
|
Non-controlling
Interest
|
|
|
(59.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59.6
|
|
|
|
(195.2
|
)
|
|
|
(195.2
|
)
|
|
|
184.5
|
|
|
|
(7.0
|
)
|
|
|
(477.6
|
)
|
|
|
(495.3
|
)
|
Net Income
|
|
|
1,389.3
|
|
|
|
582.5
|
|
|
|
559.7
|
|
|
|
17.3
|
|
|
|
1,315.3
|
|
|
|
(1,971.8
|
)
|
|
|
(577.0
|
)
|
|
|
1,315.3
|
|
|
|
(79.5
|
)
|
|
|
551.0
|
|
|
|
(1,235.8
|
)
|
|
|
551.0
|
|
5 of 9
|
|
|
COSAN LIMITED
|
|
Earnings Release
|
|
|
4rd Quarter and Fiscal Year of 2017
|
Loans and Financing
In December 31, 2017, Cosan Limiteds (CZZ Corporate) gross debt totalized R$ 2.4 billion, reflecting the USD 500 million Bond 2024
issuance in September of 2017.
Cash and cash equivalents came to R$ 1.2 billion in 4Q17, compared to R$ 1.9 billion at the close of the
3Q17,
due
to the following events: (i) investment of R$ 545 million related to the participation in the capital increase of its subsidiary Cosan Logística and (ii) conclusion of Share Buyback Program in the amount
of US$ 212 million, partially offset by the sale of Comgás shares (resulting from Shells exercise) to Cosan S/A in the amount of R$ 833 million.
CZZ Corporates net debt ended the period at R$ 1.2 billion, higher than the Companys net debt of R$ 428 million at the end of 3Q17.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Financing 4Q17
BRL mln
|
|
Comgás
|
|
|
Moove
|
|
|
Cosan
Corporate
|
|
|
Consolidated
|
|
|
Raízen
Energia
|
|
|
Raízen
Combustíveis
|
|
|
Consolidated
Pro forma
|
|
|
Cosan
Logística
|
|
|
Cosan
Limited
(Parent
Company)
|
|
|
CZZ
Pro
forma
|
|
Opening balance of pro forma net debt
|
|
|
1,010.0
|
|
|
|
297.0
|
|
|
|
2,602.6
|
|
|
|
3,909.7
|
|
|
|
3,790.2
|
|
|
|
534.6
|
|
|
|
8,234.5
|
|
|
|
8,411.7
|
|
|
|
378.3
|
|
|
|
17,024.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
2,454.6
|
|
|
|
133.1
|
|
|
|
1,659.6
|
|
|
|
4,247.3
|
|
|
|
1,119.1
|
|
|
|
103.1
|
|
|
|
5,469.4
|
|
|
|
1,706.9
|
|
|
|
1,891.3
|
|
|
|
9,067.6
|
|
Gross Debt
|
|
|
3,464.6
|
|
|
|
430.1
|
|
|
|
4,262.2
|
|
|
|
8,157.0
|
|
|
|
4,909.3
|
|
|
|
637.7
|
|
|
|
13,704.0
|
|
|
|
10,118.5
|
|
|
|
2,269.6
|
|
|
|
26,092.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash items
|
|
|
193.9
|
|
|
|
137.8
|
|
|
|
(40.6
|
)
|
|
|
291.0
|
|
|
|
(194.5
|
)
|
|
|
821.8
|
|
|
|
918.3
|
|
|
|
(838.9
|
)
|
|
|
(43.8
|
)
|
|
|
35.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding
|
|
|
404.3
|
|
|
|
235.0
|
|
|
|
12.7
|
|
|
|
652.1
|
|
|
|
100.0
|
|
|
|
828.5
|
|
|
|
1,580.9
|
|
|
|
1,296.3
|
|
|
|
(5.0
|
)
|
|
|
2,871.9
|
|
Payment of principal on loans and borrowings
|
|
|
(108.6
|
)
|
|
|
(85.2
|
)
|
|
|
(38.3
|
)
|
|
|
(232.0
|
)
|
|
|
(181.9
|
)
|
|
|
(2.0
|
)
|
|
|
(415.9
|
)
|
|
|
(1,865.4
|
)
|
|
|
|
|
|
|
(2,281.3
|
)
|
Payment of Interest on loans borrowings
|
|
|
(107.8
|
)
|
|
|
(3.0
|
)
|
|
|
(35.6
|
)
|
|
|
(146.4
|
)
|
|
|
(112.6
|
)
|
|
|
(4.7
|
)
|
|
|
(263.7
|
)
|
|
|
(269.6
|
)
|
|
|
(38.7
|
)
|
|
|
(572.1
|
)
|
Derivatives
|
|
|
5.9
|
|
|
|
(9.1
|
)
|
|
|
20.5
|
|
|
|
17.4
|
|
|
|
|
|
|
|
|
|
|
|
17.4
|
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
17.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash items
|
|
|
95.6
|
|
|
|
28.9
|
|
|
|
150.6
|
|
|
|
275.1
|
|
|
|
166.5
|
|
|
|
(51.0
|
)
|
|
|
390.7
|
|
|
|
281.8
|
|
|
|
117.7
|
|
|
|
790.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for interest (accrual)
|
|
|
57.9
|
|
|
|
4.9
|
|
|
|
82.3
|
|
|
|
145.1
|
|
|
|
67.8
|
|
|
|
6.6
|
|
|
|
219.5
|
|
|
|
205.8
|
|
|
|
41.2
|
|
|
|
466.5
|
|
Monetary variation and MTM adjustment of debt
|
|
|
23.4
|
|
|
|
9.3
|
|
|
|
38.2
|
|
|
|
70.9
|
|
|
|
18.8
|
|
|
|
1.5
|
|
|
|
91.2
|
|
|
|
67.2
|
|
|
|
6.0
|
|
|
|
164.4
|
|
Exchange variation, net of derivatives
|
|
|
14.3
|
|
|
|
14.7
|
|
|
|
30.1
|
|
|
|
59.2
|
|
|
|
79.9
|
|
|
|
(59.1
|
)
|
|
|
79.9
|
|
|
|
8.8
|
|
|
|
70.5
|
|
|
|
159.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing balance of gross debt
|
|
|
3,754.0
|
|
|
|
596.8
|
|
|
|
4,372.2
|
|
|
|
8,723.1
|
|
|
|
4,881.4
|
|
|
|
1,408.5
|
|
|
|
15,012.9
|
|
|
|
9,561.5
|
|
|
|
2,343.6
|
|
|
|
26,918.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
2,237.1
|
|
|
|
197.6
|
|
|
|
1,415.7
|
|
|
|
3,850.4
|
|
|
|
1,034.7
|
|
|
|
610.9
|
|
|
|
5,496.0
|
|
|
|
3,333.1
|
|
|
|
1,225.1
|
|
|
|
10,054.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing balance of pro forma net debt
|
|
|
1,517.0
|
|
|
|
399.3
|
|
|
|
2,956.5
|
|
|
|
4,872.7
|
|
|
|
3,846.7
|
|
|
|
797.6
|
|
|
|
9,517.0
|
|
|
|
6,228.4
|
|
|
|
1,118.5
|
|
|
|
16,863.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations due to preferred shareholders of subsidiaries
|
|
|
|
|
|
|
|
|
|
|
1,442.7
|
|
|
|
1,442.7
|
|
|
|
|
|
|
|
|
|
|
|
1,442.7
|
|
|
|
|
|
|
|
|
|
|
|
1,442.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pro forma net debt and obligations due to preferred shareholders of
subsidiaries
|
|
|
1,517.0
|
|
|
|
399.3
|
|
|
|
4,399.2
|
|
|
|
6,315.4
|
|
|
|
3,846.7
|
|
|
|
797.6
|
|
|
|
10,959.6
|
|
|
|
6,228.4
|
|
|
|
1,118.5
|
|
|
|
18,306.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 of 9
|
|
|
COSAN LIMITED
|
|
Earnings Release
|
|
|
4rd Quarter and Fiscal Year of 2017
|
Cash Flow Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Statement 4Q17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRL mln
|
|
Comgás
|
|
|
Moove
|
|
|
Cosan
Corporate
|
|
|
Eliminations
|
|
|
Cosan
S/A
|
|
|
Raízen
Combined
|
|
|
Eliminations
|
|
|
Cosan
S/A
Pro
forma
|
|
|
Cosan
Logística
|
|
|
Cosan
Limited
(Parent
Company)
|
|
|
Eliminations/
Adjusted
|
|
|
CZZ
Pro
forma
|
|
EBITDA
|
|
|
375.0
|
|
|
|
33.9
|
|
|
|
1,332.6
|
|
|
|
(105.1
|
)
|
|
|
1,636.4
|
|
|
|
833.8
|
|
|
|
(278.8
|
)
|
|
|
2,191.3
|
|
|
|
729.4
|
|
|
|
340.5
|
|
|
|
(382.2
|
)
|
|
|
2,879.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash impacts on EBITDA
|
|
|
63.4
|
|
|
|
12.3
|
|
|
|
(1,362.8
|
)
|
|
|
105.1
|
|
|
|
(1,182.0
|
)
|
|
|
(51.5
|
)
|
|
|
278.8
|
|
|
|
(954.7
|
)
|
|
|
78.5
|
|
|
|
(340.3
|
)
|
|
|
382.2
|
|
|
|
(834.2
|
)
|
Changes in assets and liabilities
|
|
|
(81.3
|
)
|
|
|
(8.6
|
)
|
|
|
(69.1
|
)
|
|
|
|
|
|
|
(159.0
|
)
|
|
|
(167.9
|
)
|
|
|
|
|
|
|
(326.9
|
)
|
|
|
(180.6
|
)
|
|
|
0.1
|
|
|
|
(3.0
|
)
|
|
|
(510.5
|
)
|
Operating financial result
|
|
|
39.8
|
|
|
|
(1.1
|
)
|
|
|
16.0
|
|
|
|
|
|
|
|
54.7
|
|
|
|
(3.6
|
)
|
|
|
|
|
|
|
51.2
|
|
|
|
12.8
|
|
|
|
3.2
|
|
|
|
|
|
|
|
67.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow
|
|
|
396.9
|
|
|
|
36.5
|
|
|
|
(83.4
|
)
|
|
|
|
|
|
|
350.1
|
|
|
|
610.8
|
|
|
|
|
|
|
|
960.9
|
|
|
|
640.1
|
|
|
|
3.5
|
|
|
|
(3.0
|
)
|
|
|
1,601.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPEX
|
|
|
(108.4
|
)
|
|
|
(26.2
|
)
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
(136.1
|
)
|
|
|
(386.7
|
)
|
|
|
|
|
|
|
(522.9
|
)
|
|
|
(621.6
|
)
|
|
|
(1.6
|
)
|
|
|
|
|
|
|
(1,146.0
|
)
|
Other
|
|
|
|
|
|
|
(116.5
|
)
|
|
|
(87.0
|
)
|
|
|
30.4
|
|
|
|
(173.1
|
)
|
|
|
24.2
|
|
|
|
|
|
|
|
(148.9
|
)
|
|
|
(0.6
|
)
|
|
|
(548.0
|
)
|
|
|
593.3
|
|
|
|
(104.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from Investing Activities
|
|
|
(108.4
|
)
|
|
|
(142.7
|
)
|
|
|
(88.5
|
)
|
|
|
30.4
|
|
|
|
(309.3
|
)
|
|
|
(362.5
|
)
|
|
|
|
|
|
|
(671.8
|
)
|
|
|
(622.2
|
)
|
|
|
(549.6
|
)
|
|
|
593.3
|
|
|
|
(1,250.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funding
|
|
|
404.3
|
|
|
|
235.0
|
|
|
|
12.7
|
|
|
|
|
|
|
|
652.1
|
|
|
|
928.5
|
|
|
|
|
|
|
|
1,580.6
|
|
|
|
1,296.3
|
|
|
|
(5.0
|
)
|
|
|
|
|
|
|
2,871.9
|
|
Loans amortization (Principal)
|
|
|
(108.6
|
)
|
|
|
(85.2
|
)
|
|
|
(38.3
|
)
|
|
|
|
|
|
|
(232.0
|
)
|
|
|
(183.9
|
)
|
|
|
|
|
|
|
(415.9
|
)
|
|
|
(1,954.5
|
)
|
|
|
|
|
|
|
|
|
|
|
(2,370.4
|
)
|
Loans amortization (Interest)
|
|
|
(107.8
|
)
|
|
|
(3.0
|
)
|
|
|
(35.6
|
)
|
|
|
|
|
|
|
(146.4
|
)
|
|
|
(125.4
|
)
|
|
|
|
|
|
|
(271.8
|
)
|
|
|
(322.0
|
)
|
|
|
(38.7
|
)
|
|
|
|
|
|
|
(632.5
|
)
|
Derivatives
|
|
|
6.0
|
|
|
|
(9.1
|
)
|
|
|
20.5
|
|
|
|
|
|
|
|
17.4
|
|
|
|
|
|
|
|
|
|
|
|
17.4
|
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
|
|
|
17.2
|
|
Other
|
|
|
|
|
|
|
29.7
|
|
|
|
(791.8
|
)
|
|
|
(30.4
|
)
|
|
|
(792.4
|
)
|
|
|
(1.7
|
)
|
|
|
|
|
|
|
(794.1
|
)
|
|
|
2,586.4
|
|
|
|
(136.3
|
)
|
|
|
(590.3
|
)
|
|
|
1,065.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from Financing Activities
|
|
|
193.9
|
|
|
|
167.5
|
|
|
|
(832.4
|
)
|
|
|
(30.4
|
)
|
|
|
(501.4
|
)
|
|
|
617.5
|
|
|
|
|
|
|
|
116.1
|
|
|
|
1,606.0
|
|
|
|
(180.0
|
)
|
|
|
(590.3
|
)
|
|
|
951.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends received
|
|
|
|
|
|
|
|
|
|
|
883.7
|
|
|
|
(434.8
|
)
|
|
|
448.9
|
|
|
|
|
|
|
|
(444.3
|
)
|
|
|
4.7
|
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow to Equity
|
|
|
482.3
|
|
|
|
61.3
|
|
|
|
(120.5
|
)
|
|
|
(434.8
|
)
|
|
|
(11.7
|
)
|
|
|
865.8
|
|
|
|
(444.3
|
)
|
|
|
409.9
|
|
|
|
1,625.6
|
|
|
|
(726.1
|
)
|
|
|
0.0
|
|
|
|
1,309.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cosan S.A
|
|
|
|
|
|
|
|
|
|
|
(134.7
|
)
|
|
|
|
|
|
|
(134.7
|
)
|
|
|
|
|
|
|
444.3
|
|
|
|
309.5
|
|
|
|
|
|
|
|
(0.5
|
)
|
|
|
|
|
|
|
309.5
|
|
Comgás
|
|
|
(699.8
|
)
|
|
|
|
|
|
|
|
|
|
|
434.8
|
|
|
|
(265.0
|
)
|
|
|
|
|
|
|
|
|
|
|
(265.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(265.0
|
)
|
Others
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(450.3
|
)
|
|
|
|
|
|
|
(450.3
|
)
|
|
|
|
|
|
|
(0.5
|
)
|
|
|
|
|
|
|
(450.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
(699.8
|
)
|
|
|
|
|
|
|
(134.7
|
)
|
|
|
434.8
|
|
|
|
(399.7
|
)
|
|
|
(450.3
|
)
|
|
|
444.3
|
|
|
|
(405.7
|
)
|
|
|
|
|
|
|
(0.5
|
)
|
|
|
|
|
|
|
(406.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange variation impact on cash and cash equivalents
|
|
|
|
|
|
|
3.1
|
|
|
|
11.4
|
|
|
|
|
|
|
|
14.5
|
|
|
|
7.9
|
|
|
|
|
|
|
|
22.4
|
|
|
|
0.7
|
|
|
|
60.3
|
|
|
|
|
|
|
|
83.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generation (Burn) in the Period
|
|
|
(217.5
|
)
|
|
|
64.5
|
|
|
|
(243.8
|
)
|
|
|
|
|
|
|
(396.9
|
)
|
|
|
423.5
|
|
|
|
|
|
|
|
26.6
|
|
|
|
1,626.2
|
|
|
|
(666.2
|
)
|
|
|
0.0
|
|
|
|
986.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 of 9
|
|
|
COSAN LIMITED
|
|
Earnings Release
|
|
|
4rd Quarter and Fiscal Year of 2017
|
Financial Statements
Cosan LimitedAccounting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicators
|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
3Q17
|
|
|
Chg.%
|
|
|
2017
|
|
|
2016
|
|
|
Chg.%
|
|
BRL mln
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
|
|
(Jul-Sep)
|
|
|
4Q17/3Q17
|
|
|
(Jan-Dec)
|
|
|
(Jan-Dec)
|
|
|
2017/2016
|
|
EBITDA
|
|
|
2,324.0
|
|
|
|
1,080.0
|
|
|
|
n/a
|
|
|
|
1,665.7
|
|
|
|
39.5
|
%
|
|
|
6,164.1
|
|
|
|
5,347.1
|
|
|
|
15.3
|
%
|
CAPEX
|
|
|
910.7
|
|
|
|
600.0
|
|
|
|
51.8
|
%
|
|
|
627.2
|
|
|
|
45.2
|
%
|
|
|
2,678.9
|
|
|
|
2,278.9
|
|
|
|
17.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement for the Period
|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
3Q17
|
|
|
Chg.%
|
|
|
2017
|
|
|
2016
|
|
|
Chg.%
|
|
BRL mln
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
|
|
(Jul-Sep)
|
|
|
4Q17/3Q17
|
|
|
(Jan-Dec)
|
|
|
(Jan-Dec)
|
|
|
2017/2016
|
|
Net Revenue
|
|
|
3,717.2
|
|
|
|
2,785.9
|
|
|
|
33.4
|
%
|
|
|
3,711.0
|
|
|
|
0.2
|
%
|
|
|
13,582.5
|
|
|
|
12,518.1
|
|
|
|
8.5
|
%
|
Cost of Goods and Services Sold
|
|
|
(2,665.0
|
)
|
|
|
(2,219.7
|
)
|
|
|
20.1
|
%
|
|
|
(2,405.6
|
)
|
|
|
10.8
|
%
|
|
|
(9,232.2
|
)
|
|
|
(8,317.5
|
)
|
|
|
11.0
|
%
|
Gross profit
|
|
|
1,052.2
|
|
|
|
566.2
|
|
|
|
85.8
|
%
|
|
|
1,305.4
|
|
|
|
-19.4
|
%
|
|
|
4,350.3
|
|
|
|
4,200.6
|
|
|
|
3.6
|
%
|
Selling, general & administrative expenses
|
|
|
(583.4
|
)
|
|
|
(548.8
|
)
|
|
|
6.3
|
%
|
|
|
(471.2
|
)
|
|
|
23.8
|
%
|
|
|
(2,004.0
|
)
|
|
|
(2,038.3
|
)
|
|
|
-1.7
|
%
|
Other net operating income (expenses)
|
|
|
971.9
|
|
|
|
(33.1
|
)
|
|
|
n/a
|
|
|
|
(30.5
|
)
|
|
|
n/a
|
|
|
|
877.6
|
|
|
|
(116.3
|
)
|
|
|
n/a
|
|
Financial results
|
|
|
(925.8
|
)
|
|
|
(718.2
|
)
|
|
|
28.9
|
%
|
|
|
(522.8
|
)
|
|
|
77.1
|
%
|
|
|
(2,751.5
|
)
|
|
|
(3,055.8
|
)
|
|
|
-10.0
|
%
|
Equity
Pick-up
|
|
|
289.0
|
|
|
|
464.3
|
|
|
|
-37.8
|
%
|
|
|
415.8
|
|
|
|
-30.5
|
%
|
|
|
1,002.3
|
|
|
|
1,565.7
|
|
|
|
-36.0
|
%
|
Expenses with income and social
contribution taxes
|
|
|
(199.7
|
)
|
|
|
87.7
|
|
|
|
n/a
|
|
|
|
(148.9
|
)
|
|
|
34.1
|
%
|
|
|
(428.4
|
)
|
|
|
(61.7
|
)
|
|
|
n/a
|
|
Non-controlling
interest
|
|
|
(277.6
|
)
|
|
|
241.2
|
|
|
|
n/a
|
|
|
|
(299.7
|
)
|
|
|
-7.4
|
%
|
|
|
(495.3
|
)
|
|
|
(181.2
|
)
|
|
|
n/a
|
|
Discontinued operations
|
|
|
|
|
|
|
(94.1
|
)
|
|
|
-100.0
|
%
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
|
(35.3
|
)
|
|
|
-100.0
|
%
|
Net Income (Loss)
|
|
|
326.6
|
|
|
|
(34.9
|
)
|
|
|
n/a
|
|
|
|
248.1
|
|
|
|
31.6
|
%
|
|
|
551.0
|
|
|
|
277.8
|
|
|
|
98.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
4Q17
|
|
3Q17
|
BRL mln
|
|
12/31/2017
|
|
09/30/2017
|
Cash and cash equivalents
|
|
4,555
|
|
5,802
|
Marketable Securities
|
|
3,853
|
|
2,044
|
Trade accounts receivable
|
|
1,278
|
|
1,206
|
Inventories
|
|
663
|
|
614
|
Derivative financial instruments
|
|
1,162
|
|
1,042
|
Other current assets
|
|
2,367
|
|
784
|
Other
non-current
assets
|
|
4,342
|
|
4,733
|
Investments
|
|
8,749
|
|
8,982
|
Property, plant and equipment
|
|
11,682
|
|
11,330
|
Intangible assets
|
|
16,974
|
|
16,849
|
Total Assets
|
|
55,625
|
|
53,386
|
Loans and borrowings
|
|
21,689
|
|
21,316
|
Financial instruments and derivatives
|
|
115
|
|
271
|
Trade accounts payable
|
|
2,434
|
|
2,189
|
Payroll
|
|
291
|
|
268
|
Other current liabilities
|
|
2,392
|
|
1,817
|
Other
non-current
liabilities
|
|
11,644
|
|
11,367
|
Shareholders Equity
|
|
17,059
|
|
16,157
|
Total Liabilities
|
|
55,625
|
|
53,386
|
8 of 9
|
|
|
COSAN LIMITED
|
|
Earnings Release
|
|
|
4rd Quarter and Fiscal Year of 2017
|
Financial Statement including Raízen
Cosan Limited Proforma (including 50% of Raízen)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicators
|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
3Q17
|
|
|
Chg.%
|
|
|
2017
|
|
|
2016
|
|
|
Chg.%
|
|
BRL mln
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
|
|
(Jul-Sep)
|
|
|
4Q17/3Q17
|
|
|
(Jan-Dec)
|
|
|
(Jan-Dec)
|
|
|
2017/2016
|
|
EBITDA
|
|
|
2,879.0
|
|
|
|
1,696.5
|
|
|
|
69.7
|
%
|
|
|
2,231.3
|
|
|
|
29.0
|
%
|
|
|
8,104.6
|
|
|
|
7,476.1
|
|
|
|
8.4
|
%
|
Adjusted EBITDA
|
|
|
1,895.1
|
|
|
|
1,640.2
|
|
|
|
15.5
|
%
|
|
|
2,413.1
|
|
|
|
-21.5
|
%
|
|
|
7,834.3
|
|
|
|
6,603.2
|
|
|
|
18.6
|
%
|
CAPEX
|
|
|
1,161.5
|
|
|
|
858.8
|
|
|
|
35.2
|
%
|
|
|
815.9
|
|
|
|
42.4
|
%
|
|
|
3,904.8
|
|
|
|
3,338.5
|
|
|
|
17.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement for the Period
|
|
4Q17
|
|
|
4Q16
|
|
|
Chg.%
|
|
|
3Q17
|
|
|
Chg.%
|
|
|
2017
|
|
|
2016
|
|
|
Chg.%
|
|
BRL mln
|
|
(Oct-Dec)
|
|
|
(Oct-Dec)
|
|
|
4Q17/4Q16
|
|
|
(Jul-Sep)
|
|
|
4Q17/3Q17
|
|
|
(Jan-Dec)
|
|
|
(Jan-Dec)
|
|
|
2017/2016
|
|
Net Revenue
|
|
|
14,717.2
|
|
|
|
13,043.7
|
|
|
|
12.8
|
%
|
|
|
14,483.9
|
|
|
|
1.6
|
%
|
|
|
55,016.4
|
|
|
|
51,889.0
|
|
|
|
6.0
|
%
|
Cost of Goods and Services Sold
|
|
|
(12,806.1
|
)
|
|
|
(11,465.4
|
)
|
|
|
11.7
|
%
|
|
|
(12,161.6
|
)
|
|
|
5.3
|
%
|
|
|
(47,586.7
|
)
|
|
|
(44,256.7
|
)
|
|
|
7.5
|
%
|
Gross profit
|
|
|
1,911.2
|
|
|
|
1,578.3
|
|
|
|
21.1
|
%
|
|
|
2,322.3
|
|
|
|
-17.7
|
%
|
|
|
7,429.7
|
|
|
|
7,632.3
|
|
|
|
-2.7
|
%
|
Selling, general & administrative expenses
|
|
|
(1,001.7
|
)
|
|
|
(942.6
|
)
|
|
|
6.3
|
%
|
|
|
(925.0
|
)
|
|
|
8.3
|
%
|
|
|
(3,615.4
|
)
|
|
|
(3,563.9
|
)
|
|
|
1.4
|
%
|
Other net operating income (expenses)
|
|
|
994.5
|
|
|
|
68.1
|
|
|
|
n/a
|
|
|
|
5.9
|
|
|
|
n/a
|
|
|
|
979.7
|
|
|
|
298.2
|
|
|
|
n/a
|
|
Financial results
|
|
|
(1,004.2
|
)
|
|
|
(774.9
|
)
|
|
|
29.6
|
%
|
|
|
(521.1
|
)
|
|
|
92.7
|
%
|
|
|
(2,931.3
|
)
|
|
|
(3,082.5
|
)
|
|
|
-4.9
|
%
|
Equity
Pick-up
|
|
|
7.0
|
|
|
|
13.2
|
|
|
|
-47.0
|
%
|
|
|
5.4
|
|
|
|
28.3
|
%
|
|
|
(10.9
|
)
|
|
|
(34.1
|
)
|
|
|
-68.0
|
%
|
Expenses with income and social contribution taxes
|
|
|
(295.3
|
)
|
|
|
(82.6
|
)
|
|
|
n/a
|
|
|
|
(330.9
|
)
|
|
|
-10.8
|
%
|
|
|
(775.7
|
)
|
|
|
(727.7
|
)
|
|
|
6.6
|
%
|
Non-controlling
interest
|
|
|
(284.9
|
)
|
|
|
199.8
|
|
|
|
n/a
|
|
|
|
(308.6
|
)
|
|
|
-7.7
|
%
|
|
|
(525.1
|
)
|
|
|
(209.3
|
)
|
|
|
n/a
|
|
Discontinued operations
|
|
|
|
|
|
|
(94.1
|
)
|
|
|
-100.0
|
%
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
|
(35.3
|
)
|
|
|
-100.0
|
%
|
Net Income (Loss)
|
|
|
326.6
|
|
|
|
(34.9
|
)
|
|
|
n/a
|
|
|
|
248.1
|
|
|
|
31.6
|
%
|
|
|
551.0
|
|
|
|
277.8
|
|
|
|
98.3
|
%
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
4Q17
|
|
|
3Q17
|
|
BRL mln
|
|
12/31/2017
|
|
|
09/30/2017
|
|
Cash and cash equivalents
|
|
|
6,201
|
|
|
|
7,024
|
|
Marketable Securities
|
|
|
3,853
|
|
|
|
2,044
|
|
Trade accounts receivable
|
|
|
2,746
|
|
|
|
2,455
|
|
Inventories
|
|
|
3,274
|
|
|
|
2,903
|
|
Derivative financial instruments
|
|
|
1,433
|
|
|
|
1,242
|
|
Other current assets
|
|
|
4,064
|
|
|
|
2,523
|
|
Other
non-current
assets
|
|
|
5,838
|
|
|
|
6,181
|
|
Investments
|
|
|
451
|
|
|
|
420
|
|
Property, plant and equipment
|
|
|
18,215
|
|
|
|
17,941
|
|
Intangible assets
|
|
|
21,109
|
|
|
|
20,999
|
|
Total Assets
|
|
|
67,184
|
|
|
|
63,732
|
|
Loans and borrowings
|
|
|
28,486
|
|
|
|
27,259
|
|
Financial instruments and derivatives
|
|
|
350
|
|
|
|
502
|
|
Trade accounts payable
|
|
|
4,167
|
|
|
|
3,715
|
|
Payroll
|
|
|
516
|
|
|
|
496
|
|
Other current liabilities
|
|
|
3,283
|
|
|
|
2,581
|
|
Other
non-current
liabilities
|
|
|
13,206
|
|
|
|
12,913
|
|
Shareholders Equity
|
|
|
17,175
|
|
|
|
16,266
|
|
Total Liabilities
|
|
|
67,184
|
|
|
|
63,732
|
|
9 of 9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: March 2, 2018
|
|
|
COSAN LIMITED
|
|
|
By:
|
|
/s/ Marcelo Eduardo Martins
|
|
|
Name: Marcelo Eduardo Martins
Title: Chief Financial Officer
|
Cosan Limiited (NYSE:CZZ)
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