CSAN FY 2011 Earnings Report — Cosan S.A. Revenue & Financial Results | Market Cap Arena

FY 2011 Earnings

Reported March 31, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$4.9B	—	$3.6B	—	33.4%
Op. Income	$201M	—	$264M	—	-23.9%
Gross Margin	10.9%	—	16.1%	—	-5.2pp
Net Margin	10.8%	—	4.3%	—	6.5pp
EPS (Diluted)	$0.64	—	$0.19	—	229.2%
Free Cash Flow	$76M	—	$9M	—	729.3%

Revenue Flow

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$4.3B
GROSS PROFIT	$530M
R&D Expenses	$0
Selling & Marketing	$229M
General & Administrative	$129M
SG&A Expenses	$358M
Other Expenses	-$29M
Operating Expenses	$329M
Cost & Expenses	$4.7B
OPERATING INCOME	$201M
Interest Income	$10M
Interest Expense	$109M
Other Income/Expenses	$589M
INCOME BEFORE TAX	$757M
Income Tax Expense	$224M
Net Income from Continuing Ops	$520M
Net Income from Discontinued Ops	$0
Other Adjustments	$13M
NET INCOME	$525M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$525M
D&A	$230M
EBIT	$854M
EBITDA	$432M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$4.3B
GROSS PROFIT	$530M
R&D Expenses	$0
Selling & Marketing	$229M
General & Administrative	$129M
SG&A Expenses	$358M
Other Expenses	-$29M
Operating Expenses	$329M
Cost & Expenses	$4.7B
OPERATING INCOME	$201M
Interest Income	$10M
Interest Expense	$109M
Other Income/Expenses	$589M
INCOME BEFORE TAX	$757M
Income Tax Expense	$224M
Net Income from Continuing Ops	$520M
Net Income from Discontinued Ops	$0
Other Adjustments	$13M
NET INCOME	$525M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$525M
D&A	$230M
EBIT	$854M
EBITDA	$432M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$525M
Depreciation & Amortization	$230M
Stock-Based Compensation	$2M
Deferred Income Tax	$291M
Other Non-Cash Items	-$624M
Change in Working Capital	-$29M
OPERATING CASH FLOW	$395M
Capital Expenditure	-$319M
Acquisitions (Net)	$0
Purchases of Investments	-$43M
Sales/Maturities of Investments	$0
Other Investing Activities	-$89M
NET CASH FROM INVESTING	-$452M
Net Debt Issuance	$65M
Common Stock Repurchased	-$10M
Common Dividends Paid	-$39M
Other Financing Activities	$113M
NET CASH FROM FINANCING	$130M
FREE CASH FLOW	$76M
Net Change in Cash	$73M

Balance Sheet

Item	Amount
Cash & Equivalents	$326M
Short-Term Investments	$8M
Net Receivables	$396M
Inventory	$151M
Other Current Assets	$37M
TOTAL CURRENT ASSETS	$950M
PP&E (Net)	$1.6B
Goodwill	$0
Intangible Assets	$396M
Long-Term Investments	$0
Tax Assets	$109M
Other Non-Current Assets	$819M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$4.5B
Account Payables	$122M
Short-Term Debt	$108M
Deferred Revenue	$0
Other Current Liabilities	$103M
TOTAL CURRENT LIABILITIES	$419M
Long-Term Debt	$902M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$492M
Other Non-Current Liabilities	$707M
TOTAL NON-CURRENT LIABILITIES	$2.1B
TOTAL LIABILITIES	$2.5B
Common Stock	$945M
Additional Paid-In Capital	$136M
Retained Earnings	$139M
Treasury Stock	-$14M
Accum. Other Comp. Income	$909M
Other Equity	-$271M
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$94M
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$4.5B
Total Debt	$1.0B
Net Debt	$685M