Cosan SA
For the period ended Dec 31, 2023. Filed Nov 8, 2024.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Nov 8, 2024
Contents
A. Selected Financial Data
The following tables present selected historical financial and operating data for the Company derived from our consolidated financial statements. You should read the following information in conjunction with our consolidated financial statements and related notes, and the information under “Item 5. Operating and Financial Review and Prospects” in this annual report.
The financial data as of December 31, 2023 and 2022 and for the fiscal years ended December 31, 2023, 2022 and 2021 have been derived from our consolidated financial statements using the predecessor method of accounting prepared in accordance with IFRS as issued by the IASB and included elsewhere in this annual report. See “Presentation of Financial and Other Information—Financial Statements.”
| As of and for the fiscal year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions of reais, except where otherwise indicated) | |||
| Consolidated Profit or Loss Data: | |||
| Net sales(1) | 39,468.5 | 39,322.8 | 26,093.2 |
| Cost of sales(1) | (28,549.9) | (30,556.8) | (20,263.2) |
| Gross profit(1) | 10,918.6 | 8,766.0 | 5,829.0 |
| Selling expenses | (1,350.6) | (1,276.3) | (723.4) |
| General and administrative expenses(1) | (2,528.0) | (1,758.1) | (1,401.6) |
| Other income, net | 3,924.4 | 1,752.2 | 382.6 |
| Total operations expenses | 45.8 | (1,282.2) | (1,724.4) |
| Profit before equity in earnings of investees, finance results and income taxes | 10,964.4 | 7,483.8 | 4,087.6 |
| Equity in earnings of investees | 2,046.3 | 326.7 | 4,720.9 |
| Finance results, net | (7,897.0) | (5,157.9) | (2,557.6) |
| Profit before income taxes | 5,113.8 | 2,652.6 | 6,250.9 |
| Income taxes: | |||
| Current | (1,645.1) | (1,247.0) | (787.6) |
| Deferred | 1,370.6 | 1,365.4 | 1,233.2 |
| (274.4) | 118.4 | 445.6 | |
| Profit for the year from continuing operations | 4,839.3 | 2,771.0 | 6,696.5 |
| Profit for the year from discontinued operations, net of tax | 45.4 | 49.9 | - |
| Profit for the year | 4,884.7 | 2,820.9 | 6,696.5 |
| Profit attributable to non-controlling interests | 3,790.4 | 1,644.8 | 384.3 |
| Profit attributable to owners of the Company | 1,094.3 | 1,176.0 | 6,312.1 |
| Consolidated Statement of Financial Position Data: | |||
| Cash and cash equivalents | 14,658.5 | 13,301.7 | 16,174.1 |
| Marketable securities (current and non-current) | 3,504.0 | 22,099.8 | 4,388.0 |
| Inventories | 1,792.7 | 1,869.1 | 1,149.3 |
| Right-of-use assets | 9,513.5 | 8,012.9 | 7,947.3 |
| Property, plant and equipment | 21,240.0 | 18,948.4 | 16,648.6 |
| Intangible assets and goodwill | 22,650.3 | 22,121.9 | 17,781.5 |
| Total assets | 139,865.4 | 134,485.0 | 97,842.0 |
| Current liabilities | 16,158.8 | 15,798.2 | 12,957.0 |
| Non-current liabilities | 72,725.4 | 70,517.4 | 56,015.0 | |||
|---|---|---|---|---|---|---|
| Loans, borrowings and debentures (current and non-current) | 56,904.7 | 52,987.2 | 45,659.0 | |||
| Preferred shareholders payable in subsidiaries | — | — | — | |||
| Provision for legal proceedings | 1,714.4 | 1,801.2 | 1,644.1 | |||
| Equity attributable to owners of the Company | 20,955.3 | 20,653.2 | 14,740.9 | |||
| Equity attributable to non-controlling interests | 30,025.9 | 27,516.2 | 14,129.1 | |||
| Total shareholders’ equity | 50,981.2 | 48,169.4 | 28,870.0 | |||
| Consolidated Other Financial Data: | ||||||
| Depreciation and amortization | 3,364.9 | 3,014.5 | 2,504.4 | |||
| Net debt(2) | 39,733.0 | 18,814.7 | 21,463.5 | |||
| Working capital(3) | 12,451.4 | 9,779.7 | 14,336.1 | |||
| Cash flow provided by (used in): | ||||||
| Operating activities | 10,276.4 | 9,972.2 | 5,147.2 | |||
| Investing activities | (4,303.1) | (20,726.6) | (5,446.8) | |||
| Financing activities | (4,516.6) | 8,286.3 | 2,319.4 | |||
| Basic earnings per share from continuing operations(4) | R$ | 0.58 | R$ | 0.62 | R$ | 3.44 |
| Diluted earnings per share from continuing operations(4) | R$ | 0.58 | R$ | 0.62 | R$ | 3.43 |
| Basic earnings per share from discontinued operations | R$ | 0.01 | R$ | 0.01 | R$ | — |
| Diluted earnings per share from discontinued operations | R$ | 0.01 | R$ | 0.01 | R$ | — |
| Number of shares outstanding(4) | 1,867,556,421 | 1,866,638,100 | 1,868,630,160 | |||
| Declared dividends (millions of reais) | 2,375.6 | 1,237.8 | 2,031.3 | |||
| Declared dividends (millions of U.S. dollars) | U.S.$ | 475.1 | U.S.$ | 237.2 | U.S.$ | 503.4 |
| Declared dividends per share (reais)(4) | R$ | 0.5778 | R$ | 0.6631 | R$ | 1.0858 |
| Declared dividends per share (U.S. dollars)(4) | U.S.$ | 0.1156 | U.S.$ | 0.1271 | U.S.$ | 0.2694 |
| Other Operating Data: | ||||||
| Crushed sugarcane (in million tons) | 83.5 | 73.4 | 54.2 | |||
| Sugar production (in million tons) | 5.8 | 4.8 | 3.7 | |||
| Ethanol production (in billion liters) | 3.1 | 3.0 | 2.2 | |||
| Volume of fuel sold (in million liters) | 35,295.4 | 34,820.7 | 33,178.2 | |||
| Volume loaded (Rumo) (in million tons) | — | 10.8 | 12.5 | |||
| Transported volume (Rumo) (in million TKU) | 77,258.4 | 74,944.0 | 64,028.0 | |||
| Natural gas (Compass) (in million m³) | 4,926.7 | 5,295.0 | 4,859.0 | |||
| Volume of finished goods and base oil sold (in million liters) | 665.5 | 524.7 | 388.7 | |||
| (1) | Our subsidiary Compass performed a reclassification affecting its consolidated financial statements in IFRS for the years ended December 31, 2022, and December 31, 2021. Specifically, its subsidiary Comgás reclassified the effects of the CCR on its gross profit. As a result, we voluntarily reassessed the way in which we present the classification of the effects of CCR and general and administrative expenses. Accordingly, we reclassified the relevant balances in our consolidated statement of profit or loss for the fiscal year ended December 31, 2022, and December 31, 2021, in order to reflect the reclassification performed by Compass. For more information, see “Presentation of Financial Information—Financial Statements—Reclassification by Compass” and note 3.4 to our consolidated financial statements included elsewhere in this annual report. |
| (2) | Net debt consists of current and non-current debt (including preferred shareholders payable in subsidiaries), net of cash and cash equivalents, current and non-current marketable securities and derivatives on debt recorded in our consolidated financial statements as other non-current assets. Net debt is a non-GAAP measure |
| (3) | Working capital consists of total current assets less total current liabilities. |
| (4) | Reflects the Merger and the stock split undertaken on April 30, 2021 for all years presented as if it had occurred on January 1, 2020. For more information about the Merger and the stock split, see “Item 4. Information on the Company—A. History and Development of the Company—History.” |
The information in the table below presents a reconciliation of Net debt, a non-GAAP financial measure, the most directly comparable IFRS financial measure. Our calculation of Net debt may differ from the calculation of similarly titled measures used by other companies. Our management believes that disclosure of Net Debt is useful to potential investors as it helps to give them a clearer understanding of our financial liquidity. Net Debt is also used to calculate certain leverage ratios. However, Net Debt is not a measure under IFRS and should not be considered as a substitute for measures of indebtedness determined in accordance with IFRS.
| As of December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions of reais, except where otherwise indicated) | |||
| Current loans, borrowings and debentures | 4,882.4 | 4,542.2 | 4,241.4 |
| Non-current loans, borrowings and debentures | 52,022.3 | 48,445.0 | 41,417.7 |
| Total | 56,904.7 | 52,987.2 | 45,659.0 |
| Cash and cash equivalents | (14,658.5) | (13,301.7) | (16,174.1) |
| Current marketable securities | (3,407.9) | (2,422.5) | (4,372.7) |
| Noncurrent marketable securities | (96) | (19,677.3) | (15.3) |
| Total | (18,162.5) | (35,401.5) | (20,562.1) |
| Derivatives on debt, net (1) | 990.8 | 1,228.9 | (3,633.4) |
| Net debt(1)(2) | 39,733.0 | 18,814.7 | 21,463.5 |
| (1) | As of December 31, 2022, we started calculating Net Debt taking into account only derivatives on debt as opposed to the total amount of derivatives. |
| (2) | Our covenants consider preferred shareholders payable in subsidiaries in the calculation of net debt. |
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