13 | Investments in associates |
a) | Information in associates of the Company and the Company´s ownership: |
Shares issued by the associate |
Shares held by Cosan |
Cosan ownership interest |
Economic benefits % |
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Tellus Brasil Participações S.A. |
65,957,282 | 33,638,214 | 51.00 | % | 5.00 | % | ||||||||||||||||||||||
Novvi Limited Liability Company |
620,002 | 200,000 | 32.26 | % | 32.26 | % | ||||||||||||||||||||||
Janus Brasil Participações S.A. |
1,907,000 | 934,430 | 51.00 | % | 5.00 | % | ||||||||||||||||||||||
Radar Propriedades Agrícolas S.A. |
1,735,703 | 531,125 | 51.00 | % | 3.00 | % | ||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A. |
81,440,221 | 24,920,708 | 51.00 | % | 3.00 | % | ||||||||||||||||||||||
Usina Santa Luiza S.A. |
28,553,200 | 9,516,782 | 33.33 | % | 33.33 | % | ||||||||||||||||||||||
January 1, 2017 |
Interest in earnings (losses) of associates |
Other comprehensive income |
Dividends | Capital increase |
Other | December 31, 2017 |
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Investments in associates |
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Tellus Brasil Participações S.A. |
97,002 | 4,972 | — | (3,251 | ) | — | — | 98,723 | ||||||||||||||||||||
Novvi Limited Liability Company |
18,838 | (7,665 | ) | 583 | — | — | — | 11,756 | ||||||||||||||||||||
Janus Brasil Participações S.A. |
33,998 | 3,014 | 3,181 | (1,840 | ) | 13,073 | — | 51,426 | ||||||||||||||||||||
Radar Propriedades Agrícolas S.A. |
55,148 | 3,128 | 232 | (976 | ) | — | — | 57,532 | ||||||||||||||||||||
Radar II Propriedades Agrícolas S.A. |
30,537 | 1,704 | 46 | (1,161 | ) | — | — | 31,126 | ||||||||||||||||||||
Usina Santa Luiza S.A. |
— | 8,979 | — | — | 1,433 | (6,023 | ) | 4,389 | ||||||||||||||||||||
Other |
51,424 | 3,030 | — | (9,002 | ) | — | 938 | 46,390 | ||||||||||||||||||||
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Total |
286,947 | 17,162 | 4,042 | (16,230 | ) | 14,506 | (5,085 | ) | 301,342 | |||||||||||||||||||
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January 1, 2016 |
Interest in earnings (losses) of associates |
Reclassification from non-current assets held for sale |
Other comprehensive income |
Dividends | Capital increase |
Other | December 31, 2016 |
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Investments in associates |
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Tellus Brasil Participações S.A. |
99,638 | 5 | — | — | (2,641 | ) | — | — | 97,002 | |||||||||||||||||||||||
Novvi Limited Liability Company |
6,783 | (8,917 | ) | — | — | — | 20,972 | — | 18,838 | |||||||||||||||||||||||
Janus Brasil Participações S.A. |
23,713 | 3,938 | — | (90 | ) | (1,393 | ) | 7,830 | — | 33,998 | ||||||||||||||||||||||
Radar Propriedades Agrícolas S.A. |
— | (1,013 | ) | 56,161 | — | — | — | — | 55,148 | |||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A. |
— | 90 | 29,907 | — | — | — | 540 | 30,537 | ||||||||||||||||||||||||
Other |
54,242 | 1,457 | — | — | (5,933 | ) | — | 1,658 | 51,424 | |||||||||||||||||||||||
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Total |
184,376 | (4,440 | ) | 86,068 | (90 | ) | (9,967 | ) | 28,802 | 2,198 | 286,947 | |||||||||||||||||||||
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Financial information of associates:
December 31, 2017 | ||||||||||||||||
Assets | Liabilities | Shareholders’ equity |
Profit or (loss) in the year |
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Tellus Brasil Participações S.A. |
2,029,201 | (99,135 | ) | (1,930,066 | ) | 97,044 | ||||||||||
Janus Brasil Participações S.A. |
1,753,327 | (162,531 | ) | (1,590,796 | ) | 116,357 | ||||||||||
Radar Propriedades Agrícolas S.A. |
2,362,536 | (63,915 | ) | (2,298,621 | ) | 125,441 | ||||||||||
Radar II Propriedades Agrícolas S.A. |
1,026,024 | (53 | ) | (1,025,971 | ) | 56,197 | ||||||||||
Novvi Limited Liability Company |
42,739 | (7,095 | ) | (35,644 | ) | (24,415 | ) | |||||||||
December 31, 2016 | ||||||||||||||||
Assets | Liabilities | Shareholders’ equity |
Profit or (loss) in the year |
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Tellus Brasil Participações S.A. |
1,351,229 | (137,817 | ) | (1,213,412 | ) | 25,240 | ||||||||||
Janus Brasil Participações S.A. |
1,981,815 | (86,357 | ) | (1,895,458 | ) | 61,475 | ||||||||||
Radar Propriedades Agrícolas S.A. |
2,272,186 | (76,967 | ) | (2,195,219 | ) | 6,277 | ||||||||||
Radar II Propriedades Agrícolas S.A. |
1,025,099 | (7,197 | ) | (1,017,902 | ) | 33,151 | ||||||||||
Novvi Limited Liability Company |
31,667 | (5,362 | ) | (26,305 | ) | (7,538 | ) |
b) | Information in the non-controlling interests in subsidiaries of the Company: |
Shares issued by the associate |
Shares held by non-controlling shareholders |
Non-controlling interest |
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Cosan S.A. |
407,904,353 | 169,782,728 | 41.62 | % | ||||||||||||||||||||||||||||
Cosan Logística S.A. |
463,224,241 | 127,088,597 | 27.44 | % | ||||||||||||||||||||||||||||
Companhia de Gás de São Paulo—Comgás |
130,038,279 | 26,171,755 | 20.13 | % | ||||||||||||||||||||||||||||
Rumo S.A. |
1,559,015,898 | 1,088,431,798 | 69.82 | % | ||||||||||||||||||||||||||||
Logispot Armazéns Agrícolas S.A. |
2,040,816 | 1,000,000 | 49.00 | % | ||||||||||||||||||||||||||||
January 1, 2017 | Interest in earnings (losses) of associates |
Sales or purchase of interests |
Other comprehensive income (losses) |
Dividends | Capital increase |
Other | December 31, 2017 |
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Cosan S.A. |
3,343,719 | 499,455 | 148,465 | 66,612 | (274,177 | ) | — | 10,976 | 3,795,050 | |||||||||||||||||||||||
Cosan Logística S.A. |
424,784 | (21,840 | ) | (6,026 | ) | 124 | — | 209,786 | 456 | 607,284 | ||||||||||||||||||||||
Companhia de Gás de São Paulo—Comgás |
1,826,733 | 195,206 | (753,019 | ) | (3,130 | ) | (428,603 | ) | — | 13,408 | 850,595 | |||||||||||||||||||||
Rumo S.A. |
4,105,962 | (182,997 | ) | (33,281 | ) | 999 | (5,049 | ) | 1,843,176 | 3,953 | 5,732,763 | |||||||||||||||||||||
Logispot Armazéns Agrícolas S.A. |
36,088 | (1,500 | ) | — | — | — | — | — | 34,588 | |||||||||||||||||||||||
Other |
— | 6,952 | — | — | (19,395 | ) | — | 12,819 | 376 | |||||||||||||||||||||||
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Total |
9,737,286 | 495,276 | (643,861 | ) | 64,605 | (727,224 | ) | 2,052,962 | 41,612 | 11,020,656 | ||||||||||||||||||||||
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January 1, 2016 |
Interest in earnings (losses) of associates |
Sales or purchase of interests |
Other comprehensive income (losses) |
Dividends | Capital increase |
Incorporation | Other | December 31, 2016 |
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Cosan S.A. |
3,274,913 | 415,177 | — | 33,618 | (330,431 | ) | — | — | (49,558 | ) | 3,343,719 | |||||||||||||||||||||||||
Cosan Logística S.A. |
409,051 | (61,325 | ) | — | 428 | — | 139,556 | — | (62,926 | ) | 424,784 | |||||||||||||||||||||||||
Companhia de Gás de São Paulo—Comgás |
2,109,567 | 313,207 | — | (20,913 | ) | (563,371 | ) | — | — | (11,757 | ) | 1,826,733 | ||||||||||||||||||||||||
Rumo Logística Operadora Multimodal S.A. |
2,866,244 | (525,888 | ) | — | 4,816 | — | 1,846,052 | (4,105,962 | ) | (85,262 | ) | — | ||||||||||||||||||||||||
Rumo S.A. |
— | — | — | — | — | — | 4,105,962 | — | 4,105,962 | |||||||||||||||||||||||||||
Logispot Armazéns Agrícolas S.A. |
36,835 | (747 | ) | — | — | — | — | — | — | 36,088 | ||||||||||||||||||||||||||
Radar Propriedades Agrícolas S.A. |
1,728,749 | 37,828 | (1,766,959 | ) | 382 | — | — | — | — | — | ||||||||||||||||||||||||||
Radar II Propriedades Agrícolas S.A. |
349,022 | 10,547 | (359,607 | ) | 38 | — | — | — | — | — | ||||||||||||||||||||||||||
Elimination of participation Radar II in Radar |
(498,850 | ) | (7,580 | ) | 506,430 | — | — | — | — | — | — | |||||||||||||||||||||||||
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Total |
10,275,531 | 181,219 | (1,620,136 | ) | 18,369 | (893,802 | ) | 1,985,608 | — | (209,503 | ) | 9,737,286 | ||||||||||||||||||||||||
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Summarized balance sheet:
Cosan S.A. | Cosan Logística S.A. | Companhia de Gás de
São Paulo – Comgás |
Rumo S.A | |||||||||||||||||||||||||||||
December 31, 2017 |
December 31, 2016 |
December 31, 2017 |
December 31, 2016 |
December 31, 2017 |
December 31, 2016 |
December 31, 2017 |
December 31, 2016 |
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Current |
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Assets |
2,439,746 | 1,886,852 | 7,112 | 7,278 | 3,292,492 | 3,003,846 | 581,296 | 324,390 | ||||||||||||||||||||||||
Liabilities |
(1,074,408 | ) | (472,635 | ) | (3,625 | ) | (2,176 | ) | (3,126,675 | ) | (1,980,304 | ) | (585,226 | ) | (1,086,631 | ) | ||||||||||||||||
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Net current assets (liabilities) |
1,365,338 | 1,414,217 | 3,487 | 5,102 | 165,817 | 1,023,542 | (3,930 | ) | (762,241 | ) | ||||||||||||||||||||||
Non-current |
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Assets |
14,154,927 | 14,158,798 | 2,207,520 | 1,535,123 | 9,104,142 | 9,311,327 | 10,239,474 | 9,421,556 | ||||||||||||||||||||||||
Liabilities |
(6,073,595 | ) | (6,607,409 | ) | — | — | (4,730,870 | ) | (5,141,649 | ) | (2,484,084 | ) | (3,254,620 | ) | ||||||||||||||||||
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Net non-current assets |
8,081,332 | 7,551,389 | 2,207,520 | 1,535,123 | 4,373,272 | 4,169,678 | 7,755,390 | 6,166,936 | ||||||||||||||||||||||||
Equity |
9,446,670 | 8,965,606 | 2,211,007 | 1,540,225 | 4,539,089 | 5,193,220 | 7,751,460 | 5,404,695 | ||||||||||||||||||||||||
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Summarized statement of profit or loss and other comprehensive income:
Cosan S.A. | Cosan Logística S.A. | |||||||||||||||||||||||
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
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Profit (loss) before taxes |
1,606,191 | 754,717 | 280,848 | (78,218 | ) | (206,412 | ) | (25,841 | ) | |||||||||||||||
Income tax (expenses) benefit |
(290,867 | ) | 357,425 | 260,320 | (1,297 | ) | (282 | ) | (4,189 | ) | ||||||||||||||
Profit (loss) from discontinued operation |
— | (76,057 | ) | 38,915 | — | — | — | |||||||||||||||||
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Profit (loss) for the year |
1,315,324 | 1,036,085 | 580,083 | (79,515 | ) | (206,694 | ) | (30,030 | ) | |||||||||||||||
Other comprehensive income |
179,645 | (111,232 | ) | (359,989 | ) | 394 | 1,276 | 3,404 | ||||||||||||||||
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Total comprehensive income (loss) |
1,494,969 | 924,853 | 220,094 | (79,121 | ) | (205,418 | ) | (26,626 | ) | |||||||||||||||
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Comprehensive income attributable to non-controlling interests |
622,254 | 348,764 | 80,328 | (21,707 | ) | (56,515 | ) | (9,780 | ) | |||||||||||||||
Dividends paid |
(376,679 | ) | (866,834 | ) | (272,330 | ) | — | — | — | |||||||||||||||
Companhia de Gás de São Paulo – Comgás | Rumo S.A | |||||||||||||||||||||||
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
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Net sales |
5,537,857 | 5,657,246 | 6,597,017 | 734,840 | 40,759 | 903,930 | ||||||||||||||||||
Profit (loss) before taxes |
795,629 | 1,312,517 | 866,742 | (293,290 | ) | (1,137,856 | ) | (182,164 | ) | |||||||||||||||
Income tax (expenses) benefit |
(235,972 | ) | (411,418 | ) | (248,354 | ) | 32,483 | 74,626 | 23,757 | |||||||||||||||
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Profit (loss) for the year |
559,657 | 901,099 | 618,388 | (260,807 | ) | (1,063,230 | ) | (158,407 | ) | |||||||||||||||
Other comprehensive income |
(15,585 | ) | (56,012 | ) | 2,277 | 1,383 | 4,746 | 12,966 | ||||||||||||||||
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Total comprehensive income (loss) |
544,072 | 845,087 | 620,665 | (259,424 | ) | (1,058,484 | ) | (145,441 | ) | |||||||||||||||
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Comprehensive income attributable to non-controlling interests |
109,501 | 315,555 | 240,011 | (185,566 | ) | (758,192 | ) | (107,248 | ) | |||||||||||||||
Dividends paid |
1,121,407 | (1,369,456 | ) | (129,253 | ) | — | — | (300,000 | ) |
Summarized statements of cash flows(i):
Cosan S.A. | Cosan Logística S.A. | |||||||||||||||||||||||
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
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Net cash generated by (used in) operating activities |
98,643 | (415,565 | ) | (490,411 | ) | (3,481 | ) | (3,992 | ) | 9,668 | ||||||||||||||
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Net cash generated by (used in) investing activities |
1,126,170 | 2,032,424 | 748,456 | (748,482 | ) | (757,768 | ) | 199,897 | ||||||||||||||||
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Net cash provided by (used in) financing activities |
(2,147,738 | ) | (1,280,978 | ) | 97,000 | 753,853 | 587,915 | (36,718 | ) | |||||||||||||||
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Increase (decrease) in cash and cash equivalents |
(922,925 | ) | 335,881 | 355,045 | 1,890 | (173,845 | ) | 172,847 | ||||||||||||||||
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Cash and cash equivalents at the beginning of year |
1,066,930 | 731,049 | 376,004 | 15 | 173,860 | 1,013 | ||||||||||||||||||
Cash and cash equivalents at the end of year |
144,005 | 1,066,930 | 731,049 | 1,905 | 15 | 173,860 | ||||||||||||||||||
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Companhia de Gás de São Paulo – Comgás | Rumo S.A. | |||||||||||||||||||||||
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
December 31, 2017 |
December 31, 2016 |
December 31, 2015 |
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Cash generated from operations |
1,701,783 | 2,158,498 | 2,224,752 | (529,337 | ) | 558,205 | (88,190 | ) | ||||||||||||||||
Income taxes paid |
(64,680 | ) | (70,774 | ) | (86,693 | ) | — | — | — | |||||||||||||||
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Net cash generated by operating activities |
1,637,103 | 2,087,724 | 2,138,059 | (529,337 | ) | 558,205 | (88,190 | ) | ||||||||||||||||
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Net cash (used in) generated by investing activities |
(634,776 | ) | (637,013 | ) | (521,313 | ) | (1,434,807 | ) | (761,601 | ) | (336,019 | ) | ||||||||||||
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Net cash provided by (used in) financing activities |
(1,383,142 | ) | (1,310,018 | ) | (622,810 | ) | 1,962,035 | 202,912 | 398,093 | |||||||||||||||
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Increase (decrease) in cash and cash equivalents |
(380,815 | ) | 140,693 | 993,936 | (2,109 | ) | (484 | ) | (26,116 | ) | ||||||||||||||
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Cash and cash equivalents at the beginning of year |
2,108,336 | 1,967,643 | 973,707 | 3,039 | 3,523 | 29,639 | ||||||||||||||||||
Cash and cash equivalents at the end of year |
1,727,521 | 2,108,336 | 1,967,643 | 930 | 3,039 | 3,523 | ||||||||||||||||||
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(i) | Information presented for subsidiaries with significant non-controlling interest. |