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 October 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 October 23, 2010 |
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 the Preview of 2Q’11 results, which includes the Company's preliminary revenues, prices and sales volumes for the period. The figures are unaudited and subject to review by the auditors.
Net Revenues of R$4.7 billion in 2Q'11
Cosan's net revenue totaled R$4.7 billion in 2Q'11, representing an increase of 32.1% when compared with the same quarter from the previous year.
| 2Q'10 | 2Q'11 | Sales Composition (R$MM) | YTD'10 | YTD'11 |
| 3,575.3 | 4,723.1 | Net Operating Revenue | 7,141.3 | 8,722.8 |
| 1,212.3 | 1,758.5 | CAA | 2,417.4 | 3,032.1 |
| 775.6 | 1,107.0 | Sugar Revenue | 1,450.0 | 1,936.4 |
| 278.9 | 338.3 | Local | 438.8 | 648.3 |
| 496.7 | 768.7 | Export | 1,011.2 | 1,288.1 |
| 327.8 | 532.4 | Ethanol Revenue | 807.2 | 889.3 |
| 212.9 | 453.4 | Local | 526.9 | 760.1 |
| 114.9 | 79.0 | Export | 280.3 | 129.2 |
| 39.1 | 79.3 | Energy Cogeneration | 63.2 | 132.7 |
| 69.8 | 39.7 | Other Products and Services | 97.0 | 73.9 |
| 43.0 | 144.6 | Rumo | 82.2 | 249.9 |
| 41.3 | 43.2 | Loading | 79.5 | 78.2 |
| 1.6 | 101.3 | Transportation | 2.7 | 171.7 |
| 2,412.1 | 3,017.0 | CCL | 4,856.7 | 5,798.7 |
| 2,223.2 | 2,795.7 | Fuels Revenue | 4,498.7 | 5,354.8 |
| 189.9 | 203.2 | Ethanol | 345.8 | 373.0 |
| 912.1 | 1,102.8 | Gasoline | 1,799.9 | 2,177.5 |
| 1,094.4 | 1,467.0 | Diesel | 2,172.8 | 2,758.5 |
| 26.8 | 22.7 | Other | 180.2 | 45.7 |
| 170.9 | 204.6 | Lubes Revenue - CCL | 321.2 | 406.3 |
| 18.0 | 16.7 | Other Revenue - CCL | 36.8 | 37.6 |
| (91.9) | (197.0) | Eliminations from Consolidation | (215.0) | (358.0) |
1. Cosan Açúcar e Álcool - CAA
A. Net Revenue
Sugar net revenue amounted R$1,107.0 million in 2Q’11, an increase of 42.7% from 2Q'10.
Ethanol net revenue totaled R$532.4 million in 2Q’11, 62.4% higher than 2Q’10.
Cogeneration net revenue invoiced R$79.3 million in 2Q’11, an increase of 102.8% compared to 2Q’10.
| 2Q'10 | 2Q'11 | Volume Sold | YTD'10 | YTD'11 |
| 1,101.1 | 1,372.4 | Sugar (thousand tonnes) | 2,089.6 | 2,304.8 |
| 322.5 | 360.8 | Local | 491.8 | 658.2 |
| 778.6 | 1,011.6 | Export | 1,597.8 | 1,646.6 |
| 450.7 | 639.3 | Ethanol (million liters) | 1,207.4 | 1,093.7 |
| 285.0 | 543.1 | Local | 797.7 | 948.2 |
| 165.6 | 96.2 | Export | 409.7 | 145.5 |
| 223.7 | 551.9 | Energy ( '000 MWh) | 355.5 | 853.7 |
| 2Q'10 | 2Q'11 | Average Unit Price | YTD'10 | YTD'11 |
| 704.4 | 806.6 | Sugar (R$/ton) | 693.9 | 840.1 |
| 864.9 | 937.6 | Local | 892.3 | 984.9 |
| 637.9 | 759.9 | Export | 632.9 | 782.3 |
| 727.3 | 832.8 | Ethanol (R$/thousand liters) | 668.6 | 813.1 |
| 746.9 | 834.8 | Local | 660.5 | 801.6 |
| 693.6 | 821.8 | Export | 684.3 | 887.8 |
| 174.7 | 143.8 | Energy (R$/MWh) | 177.8 | 155.4 |
B. Cost of Goods Sold
In this quarter, sugar and ethanol costs were influenced mostly by: (i) the increase of TSR prices according to the Consecana formula, which defines the compensation of suppliers and land leases, which increased from R$0.2996 / kg of TSR in 6M'10 to R$0.3524 / kg the same period for 2011 (ii) reversion of R$23.0 million of provision for the realization at market prices of ethanol inventories.
2. Rumo Logística
Rumo Logística net revenue amounted R$144.6 million in 2Q’11, 236.3% higher than 2Q’10.
Loading service revenue amounted R$43.2 million and transportation service summed R$101.3 million in the quarter, due to the transportation agreement between Rumo and ALL.
| 2Q'10 | 2Q'11 | Rumo Logística | YTD'10 | YTD'11 |
| Volume (thousand tonnes) | ||||
| 2,501.0 | 2,521.0 | Loading | 4,585.0 | 4,786.0 |
| Price (R$/ton) | ||||
| 16.5 | 17.2 | Loading | 17.3 | 16.4 |
3. Cosan Combustíveis e Lubrificantes - CCL
Sales revenue from the fuel distribution division amounted R$2.8 billion in 2Q’11, 25.8% higher than 2Q’10.
Lubricants sales revenue totaled R$204.6 million in 2Q’11, representing an increase of 19.7% compared to 2Q’10.
| 2Q'10 | 2Q'11 | Volume Sold | YTD'10 | YTD'11 |
| 1,318.2 | 1,622.9 | Fuels (million of liters) | 2,740.3 | 3,061.2 |
| 224.7 | 216.0 | Ethanol | 426.3 | 404.9 |
| 418.9 | 498.4 | Gasoline | 830.8 | 987.9 |
| 638.5 | 876.0 | Diesel | 1,277.5 | 1,603.5 |
| 36.1 | 32.5 | Other | 205.6 | 64.8 |
| 34.4 | 42.5 | Lubricants (million of liters) | 64.0 | 85.4 |
| 2Q'10 | 2Q'11 | Average Unit Price | YTD'10 | YTD'11 |
| 1,686.5 | 1,722.7 | Fuels (R$/thousand liters) | 1,641.7 | 1,749.3 |
| 845.3 | 940.8 | Ethanol | 811.1 | 921.2 |
| 2,177.3 | 2,212.5 | Gasoline | 2,166.5 | 2,204.1 |
| 1,713.9 | 1,674.7 | Diesel | 1,700.8 | 1,720.3 |
| 741.3 | 697.9 | Other | 876.3 | 706.0 |
| 4,967.9 | 4,812.3 | Lubricants (R$/thousand liters) | 5,015.4 | 4,759.0 |
Earnings Release
The Company also announces that it will disclose its results for the 2Q’11 after the market closes on November 10th. In line with best practices for corporate governance and fair disclosure, Cosan Ltd. and Cosan S.A. begin their quiet period on October 23rd, which will end immediately after the conference calls held on November 11th, 2010.
São Paulo, October 23rd, 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: | October 25, 2010 | By: | /s/ Marcelo Eduardo Martins | |||
| Name: | Marcelo Eduardo Martins | |||||
| Title: | Chief Financial Officer and Investor Relations Officer | |||||