Cosan 20-F 2009 FY Annual report (foreign)

EXHIBIT 15.1

COSAN LIMITED

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2008

TABLE OF CONTENTS

Unaudited condensed consolidated balance sheet March 31, 2008	1
Unaudited condensed consolidated statement of operations for the eleven-month period ended March 31,2008	3
Unaudited condensed consolidated statement of shareholders’ equity and comprehensive income for the eleven-month period ended March 31, 2008	4
Unaudited condensed consolidated statement of cash flows for the eleven-month period ended March 31,2008.	5

COSAN LIMITED

Unaudited condensed consolidated balance sheet

March 31, 2008

(In thousands of U.S. dollars, except share data)

	2008
Assets
Current assets:
Cash and cash equivalents		103,126
Restricted cash		96,631
Marketable securities		975,376
Trade accounts receivable, less allowance of $1,298		91,398
Inventories		423,083
Advances to suppliers		139,226
Other current assets		131,766
		1,960,606
Property, plant, and equipment, net		1,764,557
Goodwill		574,234
Intangible assets, net		102,069
Accounts receivable from Federal Government		195,644
Judicial deposits		26,676
Other non-current assets		254,867
		2,918,047
Total assets		4,878,653

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	2008
Liabilities and shareholders’ equity
Current liabilities:
Trade accounts payable		118,285
Taxes payable		49,010
Salaries payable		34,958
Current portion of long-term debt		32,287
Derivative financial instruments		39,733
Other liabilities		25,366
		299,639
Long-term liabilities:
Long-term debt		1,234,825
Estimated liability for legal proceedings and labor claims		438,724
Taxes payable		161,146
Deferred income taxes		107,236
Other long-term liabilities		76,247
		2,018,178
Minority interest in consolidated subsidiaries		894,678
Shareholders’ equity:
Common shares class A1, $.01 par value. 1,000,000,000 shares authorized; 111,678,000 shares issued and outstanding in 2008		1,117
Common shares class B1, $.01 par value. 96,332,044 shares authorized, issued and outstanding		963
Common shares class B2, $.01 par value. 92,554,316 shares authorized		–
Additional paid-in capital		1,471,816
Accumulated other comprehensive income		128,025
Retained earnings		64,237
Total shareholders’ equity		1,666,158
Total liabilities and shareholders’ equity		4,878,653

2

COSAN LIMITED

Unaudited condensed consolidated statement of operations

Eleven-month period ended March 31, 2008

(In thousands of U.S. dollars, except share data)

	2008
Net sales		1,284,091
Cost of goods sold		(1,170,447	)
Gross profit		113,644
Selling expenses		(151,083	)
General and administrative expenses		(105,096	)
Operating loss		(142,535	)
Other income (expenses):
Financial income		250,754
Financial expenses		(184,075	)
Other		(3,702	)
Loss before income taxes, equity in loss of affiliates and minority interest		(79,558	)
Income taxes benefit		31,838
Loss before equity in loss of affiliates and minority interest		(47,720	)
Equity in loss of affiliates		(2,763	)
Minority interest in loss of subsidiaries		32,790
Net loss		(17,693	)
Loss per share:
Basic and diluted		(0.10	)
Weighted number of shares outstanding
Basic and diluted		174,893,293

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COSAN LIMITED

Unaudited condensed consolidated statement of shareholders’ equity and comprehensive income

Eleven-month period ended March 31, 2008

(In thousands of U.S. dollars, except share data)

	Capital stock
	Common number of class A shares		Common number of class B shares		Common amount of class A shares		Common amount of class B shares		Additional paid-in capital			Retained earnings			Accumulated other comprehensive income		Total shareholders’ equity
Balances at April 30, 2007		-		96,332,044		-		963		354,872			81,930			36,696		473,611
Issuance of common shares for cash		111,678,000		-		1,117		-		1,117,316			-			-		1,118,433
Stock compensation		-		-		-		-		2,916			-			-		2,916
Dilution on exercise of Cosan S.A. stock options		-		-		-		-		(2,438	)		-			-		(2,438	)
Net loss		-		-		-		-		-			(17,693	)		-		(17,693	)
Currency translation adjustment		-		-		-		-		-			-			91,329		91,329
Total comprehensive income		-		-		-		-		-			-			-		73,636
Balances at March 31, 2008		111,678,000		96,332,044		1,117		963		1,471,816			64,237			128,025		1,666,158

4

COSAN LIMITED

Unaudited condensed consolidated statement of cash flow

Eleven-month period ended March 31, 2008

(In thousands of U.S. dollars)

	2008
Cash flow from operating activities:
Net loss for the year		(17,693	)
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		216,829
Deferred income and social contribution taxes		(47,691	)
Interest, monetary and exchange variation		56,616
Minority interest in net income of subsidiaries		(32,790	)
Others		9,296
Decrease/increase in operating assets and liabilities
Trade accounts receivable, net		(29,810	)
Inventories		(135,940	)
Advances to suppliers		(43,793	)
Taxes receivable		(3,926	)
Trade accounts payable		35,350
Derivative financial instruments		(3,789	)
Taxes payable		(16,537	)
Other assets and liabilities, net		2,005
Net cash provided by operating activities		(11,823	)
Cash flows from investing activities:
Restricted cash		(96,631	)
Marketable securities		(213,565	)
Cash received from sales of permanent assets		3,518
Acquisition of property, plant and equipment		(519,912	)
Net cash used in investing activities		(826,590	)
Cash flows from financing activities:
Proceeds from issuance of common stock		1,025,748
Related parties		(48,577	)
Payments of dividends from subsidiaries		(43,345	)
Additions of long-term debts		113,267
Payments of long-term debts		(452,019	)
Net cash provided by financing activities		595,075
Effect of exchange rate changes on cash and cash equivalents		29,922
Net decrease in cash and cash equivalents		(243,338	)
Cash and cash equivalents at beginning of year		316,542
Cash and cash equivalents at end of year		103,126
Supplemental cash flow information:
Cash paid during the year for interest		124,502
Income tax		18,787
Non-cash transactions:
Acquisitions paid with equity		250,774

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