FORM 6-K
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 May 2010
Commission File Number: 1-33659
COSAN LIMITED
(Translation of registrant’s name into English)
Av. Juscelino Kubitschek, 1726 – 6th floor
São Paulo, SP 04543-000 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:
| Form 20-F | X | 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):
| Yes | No | X |
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):
| Yes | No | X |
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
| Yes | No | X |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
COSAN LIMITED
Item | |
| 1. | Notice to the Market dated May 25, 2010 regarding Preview of 4Q’10 and FY'10 results |
COSAN S.A. INDÚSTRIA E COMÉRCIO CNPJ/MF nº 50.746.577/0001-15 NIRE 35.300.177.045 Public Company | COSAN LIMITED BDR Issuer CNPJ/MF nº 08.887.330/0001-52 |
Notice to the Market
COSAN S.A. INDÚSTRIA E COMÉRCIO (Bovespa:CSAN3) and COSAN LIMITED (Bovespa:CZLT11 and NYSE:CZZ), - (“Cosan” or the “Company”), hereby announce Preview of 4Q’10 and FY'10 results, which include the Company's preliminary revenues, prices and sales volumes for the period. The figures are unaudited and subject to review by the auditors. As of today, the Company will adopt a policy of disclosing preliminary results for the subsequent quarters.
Record Net Revenues of R$15.3 billion in FY'10
Cosan's net revenue totaled R$4.4 billion in 4Q'10 and approximately R$15.3 billion in fiscal year 2010, an increase of 144.6% when compared with fiscal year 2009.
| 4Q'09 | 4Q'10 | Sales Composition (R$MM) | FY'09 | FY'10 | |
| 2,349.8 | 4,393.7 | Net Operating Revenue | 6,270.1 | 15,335.6 | |
| 502.4 | 1,235.9 | Sugar Revenue - CAA | 1,805.1 | 3,439.6 | |
| 64.1 | 368.1 | Local | 233.8 | 1,124.1 | |
| 438.2 | 867.8 | Export | 1,571.3 | 2,315.5 | |
| 337.5 | 602.1 | Ethanol Revenue - CAA | 1,176.0 | 1,747.6 | |
| 257.8 | 549.7 | Local | 775.1 | 1,325.9 | |
| 79.8 | 52.4 | Export | 401.0 | 421.8 | |
| 3.6 | 5.7 | Cogeneration Revenue - CAA | 15.1 | 93.6 | |
| 10.3 | 26.4 | Other Revenue - CAA | 133.4 | 160.6 | |
| 9.7 | 38.3 | Rumo | 53.9 | 158.2 | |
| 9.7 | 24.9 | Loading | 53.9 | 142.1 | |
| - | 13.4 | Transportation | - | 16.1 | |
| 1,393.7 | 2,401.6 | Fuels Revenue - CCL | 2,893.9 | 9,437.3 | |
| 106.3 | 170.4 | Ethanol | 220.6 | 757.0 | |
| 594.6 | 1,208.6 | Gasoline | 1,267.0 | 4,111.0 | |
| 588.1 | 999.3 | Diesel | 1,156.3 | 4,338.5 | |
| 104.7 | 23.3 | Other | 250.0 | 230.9 | |
| 98.2 | 168.9 | Lubes Revenue - CCL | 186.4 | 634.0 | |
| 13.8 | 18.1 | Other Revenue - CCL | 25.8 | 73.7 | |
| (19.3) | (103.4) | Eliminations from Consolidation | (19.3) | (409.2) |
1. Cosan Açúcar e Álcool (CAA)
A. Net Revenue
Sugar net revenue amounted R$1.2 billion in 4Q'10 and R$3.4 billion in FY'10, an increase by 90.5% from FY'09.
Ethanol net revenue totaled R$602.1 million in 4Q'10 and R$1.7 billion in FY'10, 48.6% higher than in FY'09.
Co-generation net revenue invoiced R$5.7 million in 4Q'10 and R$93.6 million in FY'10.
| 4Q'09 | 4Q'10 | Volume Sold | FY'09 | FY'10 | |
| 711.3 | 1,157.8 | Sugar (thousand tonnes) | 3,051.7 | 4,134.6 | |
| 79.6 | 280.1 | Local | 358.5 | 1,054.7 | |
| 631.7 | 877.7 | Export | 2,693.2 | 3,079.9 | |
| 436.8 | 560.9 | Ethanol (million liters) | 1,495.1 | 2,147.5 | |
| 353.2 | 513.7 | Local | 1,038.7 | 1,559.7 | |
| 83.5 | 47.2 | Export | 456.4 | 587.9 | |
| - | 33.0 | Energy ( '000 MWh) | - | 566.3 | |
| 4Q'09 | 4Q'10 | Average Unit Price | FY'09 | FY'10 | |
| 706 | 1,067 | Sugar (R$/ton) | 592 | 832 | |
| 805 | 1,314 | Local | 652 | 1,066 | |
| 694 | 989 | Export | 583 | 752 | |
| 773 | 1,073 | Ethanol (R$/thousand liters) | 787 | 814 | |
| 730 | 1,070 | Local | 746 | 850 | |
| 955 | 1,110 | Export | 879 | 717 | |
| - | 147 | Energy (R$/MWh) | - | 151 |
A. Cost of Goods Sold
Sugar and ethanol inventories costs were influenced by effects occurred in this quarter such as: (i) approximately R$100 million due to the TRS price, according to Consecana’s formula, which defines the compensation of suppliers and land leases, (ii) approximately R$80 million of origination of sugar especially for sales in the domestic market.
2. Rumo Logística
From this 4Q'10, Rumo Logistica results will be released separately from CAA results.
Rumo Logística net revenue was R$38.3 million in 4Q'10, totaling R$158.3&# 160;million in FY'10.
Loading service revenue amounted R$24.9 million and transportation service R$13.4 million in the quarter, referring to the sugar volume transported during this period, due to the beginning of the performance of the transportation agreement between Rumo and its clients, and to the fee payment from ALL Logistica to Rumo, according to the agreement between the parties.
| 4Q'09 | 4Q'10 | Rumo Logística | FY'09 | FY'10 | |
| Volume (thousand tonnes) | |||||
| 538.9 | 1,292.0 | Loading | 3,478.8 | 8,124.0 | |
| Price (R$/ton) | |||||
| 18.0 | 19.2 | Loading | 15.5 | 17.5 |
3. Cosan Combustíveis e Lubrificantes - CCL
Sales revenue from the fuel distribution division amounted R$2.4 billion in 4Q'10 and R$9.4 billion in FY'10, up 226.1% from FY'09.
Lubricant sales revenue totaled R$168.9 million in 4Q'10 and R$634 million in&# 160;FY'10, an increase of 240.1% compared to FY'09.
| 4Q'09 | 4Q'10 | Volume Sold | FY'09 | FY'10 | |
| 816.8 | 1,319.9 | Fuel Business (million of liters) | 1,681.2 | 5,470.2 | |
| 118.0 | 147.6 | Ethanol | 245.5 | 803.2 | |
| 272.8 | 538.0 | Gasoline | 581.8 | 1,863.0 | |
| 313.1 | 602.2 | Diesel | 615.3 | 2,529.5 | |
| 112.9 | 32.1 | Other | 238.6 | 274.5 | |
| 18.8 | 36.0 | Lubes Business (million of liters) | 34.3 | 130.8 | |
| 4Q'09 | 4Q'10 | Average Unit Price | FY'09 | FY'10 | |
| 1,706 | 1,820 | Fuel Business (R$/thousand liters) | 1,721 | 1,725 | |
| 901 | 1,155 | Ethanol | 898 | 942 | |
| 2,179 | 2,247 | Gasoline | 2,178 | 2,207 | |
| 1,878 | 1,659 | Diesel | 1,879 | 1,715 | |
| 927 | 725 | Other | 1,048 | 841 | |
| 5,213 | 4,694 | Lubes Business (R$/thousand liters) | 5,433 | 4,848 |
Earning Release
The Company also announces that it will disclose its results for the 4Q'10 after the market closes on June 10th. In line with best practices for corporate governance and fair disclosure, Cosan Ltd. and Cosan S.A. begin their quiet period on May 25th, which will end immediately after the conference calls held on June 11th, 2010.
Conference Calls
Portuguese June 11, 2010 Time: 10:30 a.m. (Brasília time) Dial-in: + (55 11) 2188-0155 Code: COSAN Replay: + (55 11) 2188-0155 Code: COSAN | English June 11, 2010 Time: 12:00 p.m. (Brasília time) Dial-in: +1 (706) 679 2379 Code: 76630230 Replay: +1 (706) 645 9291 Code: 76630230 |
São Paulo, May 25th, 2010
Marcelo Martins
Investor Relations Officer
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.
| COSAN LIMITED | ||||||
| Date: | May 26, 2010 | By: | /s/ Marcelo Eduardo Martins | |||
| Name: | Marcelo Eduardo Martins | |||||
| Title: | Chief Financial Officer and Investor Relations Officer | |||||