Cosan 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant To Rule 13a-16 Or 15d-16

of the Securities Exchange Act of 1934

For the month of November, 2019

Commission File Number: 1-33659

COSAN LIMITED

(Translation of registrant’s name into English)

Av. Brigadeiro Faria Lima, 4100, – 16^th floor

São Paulo, SP 04538-132 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            

Cosan Limited

Interim consolidated financial statements

September 30, 2019 and 2018

Contents

Independent auditors’ report on review of interim financial information	3
Consolidated statements of financial position	4
Consolidated statements of profit or loss and other comprehensive income	6
Consolidated statements of changes in equity	8
Consolidated statements of cash flows	10
Notes to the interim consolidated financial statements	13

F-2

Independent Auditors’ Report on Review of Interim Financial Information

To the Management, Board of Directors and Shareholders of

Cosan Limited

Bermudas

Introduction

We have reviewed the accompanying September 30, 2019 consolidated interim financial information of Cosan Limited (“the Company”), which comprises the consolidated statement of financial position as at September 30, 2019 and the respective consolidated statements of profit or loss and comprehensive income for the three and nine-month periods then ended and the consolidated statements of changes in equity and cash flows for the nine-month period ended September 30, 2019, and the notes to the interim financial information.

Management is responsible for the preparation and presentation of this consolidated interim financial information in accordance with IAS 34, ‘Interim Financial Reporting. Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the Brazilian and International Standard on Review Engagements (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidadeand ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying September 30, 2019 consolidated interim financial information do not present fairly, in all material respects, the financial position, financial performance and cash flows of the entity in accordance with IAS 34, ‘Interim Financial Reporting’.

São Paulo, November 12, 2019

KPMG Auditores Independentes

CRC 2SP014428/O-6

Fabian Junqueira Sousa

Accountant CRC 1SP235639/O-0

F-3

Cosan Limited

Consolidated statements of financial position

(In thousands of Brazilian Reais – R$)

	Note	September 30, 2019		December 31, 2018
Assets
Cash and cash equivalents	5.1		6,413,071		3,621,798
Marketable securities	5.2		2,353,433		4,202,835
Trade receivables	5.3		2,024,831		1,545,643
Derivative financial instruments	5.8		178,342		181,815
Inventories	7		806,252		716,290
Receivables from related parties	5.4		57,353		44,680
Income tax receivable			110,349		279,157
Other current tax receivable	6		976,062		796,199
Dividends receivable			34,339		27,320
Other financial assets	5.9		473,203		—
Other current assets			408,776		543,853
Total current assets			13,836,011		11,959,590
Tradenon-current receivables	5.3		29,707		42,549
Restricted cash	5.2		155,417		115,124
Deferred tax assets	13		1,560,885		1,540,693
Receivables from related parties	5.4		192,873		90,390
Income taxes receivable			230,408		260,330
Othernon-current tax receivable	6		863,718		851,492
Judicial deposits	14		956,013		878,807
Derivative financial instruments	5.8		4,153,727		2,367,042
Othernon-current assets			707,193		407,916
Investments in associates	8.1		383,760		378,519
Investments in joint ventures	9		7,558,291		8,077,907
Right-of-use assets	10.3		4,490,576		—
Property, plant and equipment	10.1		11,927,772		12,417,822
Intangible assets and goodwill	10.2		16,880,436		16,972,535
Totalnon-current assets			50,090,776		44,401,126
Total assets			63,926,787		56,360,716

The accompanying notes are an integral part of these interim financial statements.

F-4

Cosan Limited

Consolidated statements of financial position

(In thousands of Brazilian Reais – R$)

	Note	September 30, 2019			December 31, 2018
Liabilities
Loans, borrowings and debentures	5.5		3,378,585			2,115,305
Leases	5.6		548,618			120,491
Derivative financial instruments	5.8		77			3,880
Trade payables	5.7		2,197,873			1,923,920
Employee benefits payable			393,858			339,968
Income tax payables			378,554			36,164
Other taxes payable	12		447,616			245,587
Dividends payable			21,015			187,415
Concessions payable	11		9,392			28,797
Payables to related parties	5.4		416,805			355,971
Deferred revenue			7,606			9,473
Other financial liabilities			445,612			455,702
Other current liabilities			299,401			418,145
Total current liabilities			8,545,012			6,240,818
Loans, borrowings and debentures	5.5		23,629,373			20,459,008
Leases	5.6		4,076,492			432,859
Preferred shareholders payable in subsidiaries			744,455			1,097,490
Derivative financial instruments	5.8		55,909			21,834
Other taxes payable	12		155,484			154,599
Provision for legal proceedings	14		1,436,042			1,363,168
Concessions payable	11		3,375,035			3,179,771
Post-employment benefits	22		598,090			579,870
Deferred tax liabilities	13		3,971,658			4,093,019
Deferred revenue			37,525			42,044
Othernon-current liabilities			701,478			726,880
Totalnon-current liabilities			38,781,541			32,150,542
Total liabilities			47,326,553			38,391,360
Shareholders’ equity	15
Share capital			5,328			5,328
Additionalpaid-in capital			1,348,070			3,112,274
Accumulated other comprehensive loss			(819,509	)		(587,173	)
Retained earnings			4,957,905			4,083,974
Equity attributable to:
Owners of the Company			5,491,794			6,614,403
Non-controlling interests	8.2		11,108,440			11,354,953
Total shareholders’ equity			16,600,234			17,969,356
Total shareholders’ equity and liabilities			63,926,787			56,360,716

The accompanying notes are an integral part of these interim financial statements.

F-5

Cosan Limited

Consolidated statement of profit or loss and other comprehensive income

(In thousands of Brazilian Reais – R$, except earnings per share)

	Note	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Net sales	17		5,731,188			15,524,259			4,778,417			12,396,336
Cost of sales	18		(3,764,806	)		(10,711,479	)		(3,406,199	)		(8,832,176	)
Gross profit			1,966,382			4,812,780			1,372,218			3,564,160
Selling expenses	18		(300,649	)		(832,575	)		(255,186	)		(747,787	)
General and administrative expenses	18		(336,025	)		(877,207	)		(242,555	)		(692,260	)
Other income (expenses), net	19		536,694			535,010			(44,706	)		(88,226	)
Operating expenses			(99,980	)		(1,174,772	)		(542,447	)		(1,528,273	)
Profit before equity in earnings of investees, financial results and taxes			1,866,402			3,638,008			829,771			2,035,887
Interest in earnings of associates	8.1		9,689			(10,023	)		1,391			17,028
Interest in earnings of joint ventures	9		148,185			510,428			84,089			432,202
Equity in earnings of investees			157,874			500,405			85,479			449,230
Finance expense			(842,444	)		(2,772,617	)		(925,992	)		(1,938,293	)
Finance income			212,017			530,887			179,977			527,068
Foreign exchange, net			(939,035	)		(831,922	)		(408,650	)		(1,876,386	)
Derivatives			1,081,239			1,747,049			631,001			1,499,434
Finance results, net	20		(488,223	)		(1,326,603	)		(523,664	)		(1,788,177	)
Profit before taxes			1,536,053			2,811,810			391,586			696,940
Income tax (expenses), benefits	13
Current			(403,822	)		(809,301	)		(109,297	)		(93,110	)
Deferred			16,327			83,141			5,630			(93,291	)
			(387,495	)		(726,160	)		(103,667	)		(186,401	)
Profit for the period			1,148,558			2,085,650			287,919			510,539

F-6

Cosan Limited

Consolidated statement of profit or loss and other comprehensive income

(In thousands of Brazilian Reais – R$, except earnings per share)

Other comprehensive income (loss)
Items that will never be reclassified to profit or loss
Actuarial loss on defined benefit plan		(2	)	(2	)	—		(1,042	)
		(2	)	(2	)	—		(1,042	)
Items that are or may subsequently be reclassified to profit or loss:
Foreign currency translation effect		3,698		(48,548	)	(55,920	)	(275,943	)
Gain / (loss) on cash flow hedge in joint ventures		(98,357	)	(250,277	)	(28,983	)	(112,937	)
Changes in fair value of financial assets		28		103		42		95
		(94,633	)	(298,724	)	(84,861	)	(388,785	)
Total other comprehensive (loss) income, net of tax		(94,631	)	(298,724	)	(84,861	)	(389,827	)
Total comprehensive income		1,053,925		1,786,926		203,058		120,712
Total net income attributable to:
Owners of the Company		560,786		959,403		62,997		191,983
Non-controlling interests		587,772		1,126,247		224,922		318,556
		1,148,558		2,085,650		287,919		510,539
Total comprehensive income attributable to:
Owners of the Company		444,773		727,067		(6,199	)	(129,724	)
Non-controlling interests		609,153		1,059,859		209,257		250,436
		1,053,926		1,786,926		203,058		120,712
Basic earnings per share from:
Continuing operations	16	R$2.4283		R$4.1588		R$0.2575		R$0.7873
Basic earnings per share from:		R$2.4283		R$4.1588		R$0.2575		R$0.7873
Diluted earnings per share from:
Continuing operations	16	R$2.3365		R$3.9921		R$0.2467		R$0.7528
Diluted earnings per share from:		R$2.3365		R$3.9921		R$0.2467		R$0.7528

The accompanying notes are an integral part of these interim financial statements.

F-7

Cosan Limited

Consolidated statement of changes in equity

(In thousands of Brazilian Reais – R$)

	Share capital		Additional paid-in capital			Accumulated other comprehensive loss			Retained earnings			Equity attributable to owners of the Company			Non-controlling interest			Total equity
At December 31, 2018		5,328		3,112,274			(587,173	)		4,083,974			6,614,403			11,354,953			17,969,356
Initial adoption of IFRS 16, net of tax—Note 3.1		—		—			—			(97,971	)		(97,971	)		(377,420	)		(475,391	)
At January 1, 2019		5,328		3,112,274			(587,173	)		3,986,003			6,516,432			10,977,533			17,493,965
Net income for the period		—		—			—			959,403			959,403			1,126,247			2,085,650
Other comprehensive income (Note 15):
Loss on cash flow hedge in joint ventures		—		—			(150,804	)		—			(150,804	)		(99,473	)		(250,277	)
Foreign currency translation effects		—		—			(81,594	)		—			(81,594	)		33,046			(48,548	)
Actuarial loss on defined benefit plan		—		—			—			—			—			(2	)		(2	)
Change in fair value of financial assets		—		—			62			—			62			41			103
Total comprehensive income for the period		—		—			(232,336	)		959,403			727,067			1,059,859			1,786,926
Contributions by and distributions to owners of the Company:
Dividends—non-controlling interests		—		(13,167	)		—			—			(13,167	)		13,196			29
Prescribed Dividends—Note 5.4		—		—			—			12,499			12,499			8,252			20,751
Dividends		—		—			—			—			—			(26,139	)		(26,139	)
Treasury shares acquired—Note 15		—		(1,127,673	)		—			—			(1,127,673	)		—			(1,127,673	)
Share-based payment transactions		—		18,783			—			—			18,783			(3,499	)		15,284
Total contributions by and distributions to owners of the Company		—		(1,122,057	)		—			12,499			(1,109,558	)		(8,190	)		(1,117,748	)
Transactions with owners of the Company
Change of shareholding interest in subsidiary—Note 8.2		—		(642,147	)		—			—			(642,147	)		(920,762	)		(1,562,909	)
At September 30, 2019		5,328		1,348,070			(819,509	)		4,957,905			5,491,794			11,108,440			16,600,234

The accompanying notes are an integral part of these interim financial statements.

F-8

Cosan Limited

Consolidated statement of changes in equity

(In thousands of Brazilian Reais – R$)

	Share capital		Additional paid-in capital			Accumulated other comprehensive loss			Retained earnings			Equity attributable to owners of the Company			Non-controlling interest			Total equity
At December 31, 2017		5,328		3,245,543			(394,212	)		3,182,098			6,038,757			11,020,656			17,059,413
Adjustment on initial application of IFRS 9, net of tax		—		—			—			(3,950	)		(3,950	)		(4,738	)		(8,688	)
At January 1, 2018		5,328		3,245,543			(394,212	)		3,178,148			6,034,807			11,015,918			17,050,725
Net income for the year		—		—			—			191,983			191,983			318,556			510,539
Other comprehensive income (Note 15):
Gain on cash flow hedge in joint ventures		—		—			(67,238	)		—			(67,238	)		(45,699	)		(112,937	)
Foreign currency translation effects		—		—			(254,310	)		—			(254,310	)		(21,633	)		(275,943	)
Actuarial loss on defined benefit plan		—		—			(215	)		—			(215	)		(827	)		(1,042	)
Change in fair value of financial assets		—		—			56			—			56			39			95
Total comprehensive income for the year		—		—			(321,707	)		191,983			(129,724	)		250,436			120,712
Contributions by and distributions to owners of the Company:
Dividends—non-controlling interests		—		(7,349	)		—			—			(7,349	)		7,349			—
Share options exercised—Subsidiaries		—		14,795			—			—			14,795			9,753			24,548
Dividends		—		—			—			(69,622	)		(69,622	)		(72,554	)		(142,176	)
Business combination		—		—			—			—			—			7,199			7,199
Share-based payment transactions		—		32,487			—			—			32,487			6,994			39,481
Total contributions by and distributions to owners of the Company		—		39,933			—			(69,622	)		(29,689	)		(41,259	)		(70,948	)
Transactions with owners of the Company
Change of shareholding interest in subsidiary		—		(178,791	)		—			—			(178,791	)		(424,635	)		(603,426	)
At September 30, 2018		5,328		3,106,685			(715,919	)		3,300,509			5,696,603			10,800,460			16,497,063

The accompanying notes are an integral part of these interim financial statements.

F-9

Cosan Limited

Consolidated statement of cash flows

(In thousands of Brazilian Reais – R$)

	Note	September 30, 2019			September 30, 2018
Cash flows from operating activities
Profit before taxes			2,811,810			696,940
Adjustments for:
Depreciation and amortization			1,713,478			1,483,860
Lease and concession			—			152,645
Interest in earnings of associates	8.1		10,023			(17,028	)
Interest in earnings of joint ventures	9		(510,428	)		(432,202	)
Loss on disposals assets			16,789			2,809
Share-based payment			73,264			40,616
Legal proceedings provision			88,075			87,040
Indexation charges, interest and exchange, net			1,462,383			1,883,010
Deferred revenue			(6,386	)		(8,542	)
Provisions for employee benefits			166,789			135,708
Allowance for doubtful accounts			1,065			11,909
Sales of credit rights	19		(400,000	)		—
Recovering tax credits			(261,314	)		—
Other			(49,892	)		(22,068	)
		5,115,656			4,014,697
Changes in:
Trade receivables			(393,102	)		(278,380	)
Inventories			(110,629	)		(78,373	)
Other current tax, net			219,894			(144,445	)
Income tax			(246,895	)		(59,379	)
Related parties, net			20,426			(10,705	)
Trade payables			434,291			231,639
Employee benefits			(126,830	)		(138,853	)
Provision for legal proceedings			(97,041	)		(97,402	)
Other financial assets			(41,733	)		8,679
Judicial deposits			(60,619	)		(48,227	)
Cash received on sale of credit rights			—			1,340,000
Post-employment benefits			(26,625	)		(23,200	)
Concessions payable			7,256			(79,681	)
Other assets and liabilities, net			(307,559	)		(213,075	)
			(729,166	)		408,598
Net cash generated by operating activities			4,386,490			4,423,295
Cash flows from investing activities
Capital contribution in associates	8.1		(26,045	)		(7,517	)
Acquisition of subsidiary, net of cash acquired			(9,837	)		(73,945	)
Marketable securities			1,956,806			344,615
Restricted cash			(38,311	)		112,549
Dividends received from associates			15,983			11,251
Dividends received from joint ventures			869,731			1,052,127
Acquisition of property, plant and equipment, intangible assets,right-of-use assets and contract assets			(1,931,834	)		(1,993,435	)
Cash received on sale of fixed assets, and intangible assets			10,578			1,576
Net cash generated (used) in investing activities			847,071			(552,779	)

F-10

Cosan Limited

Consolidated statement of cash flows

(In thousands of Brazilian Reais – R$)

Cash flows from financing activities
Loans, borrowings and debentures raised	5.5	5,843,052		2,750,267
Amortization of principal on loans, borrowings and debentures	5.5	(3,558,946	)	(4,685,398	)
Payment of interest on loans, borrowings and debentures	5.5	(1,142,512	)	(1,186,695	)
Payment of derivative financial instruments		(169,335	)	(1,035,889	)
Receipt of derivative financial instruments		235,201		1,288,316
Amortization of principal on leases	5.6	(358,934	)	(352,506	)
Payment of interest on leases	5.6	(148,089	)	(130,294	)
Real estate credit certificates		—		(77,404	)
Paid-in Capital fromnon-controlling interest		465,651		—
Payments to redeem entity’s shares	15	(1,127,673	)	(607,932	)
Non-controlling interest subscription		1,192		4,163
Acquisition ofnon-controlling interests (i)		(2,145,761	)	—
Dividends paid		(579,489	)	(731,055	)
Share options exercised		(45,961	)	24,548
Net cash used in financing activities		(2,731,604	)	(4,739,879	)
Increase (decrease) in cash and cash equivalents		2,501,957		(869,363	)
Cash and cash equivalents at beginning of period		3,621,798		4,555,177
Effect of exchange rate fluctuations on cash held		289,316		337,383
Cash and cash equivalents at end of period		6,413,071		4,023,197
Additional information
Income tax paid		201,284		65,452

(i) Acquisition of class A preferred shares issued by Companhia de Gás de São Paulo – Comgás (“Comgás”), and 22,597886 Preferred Shares and 2,527,682 ordinary shares were acquired by subsidiary Cosan S.A., representing 19.02% of Comgás’ capital stock in the amount of R$2,066,105 and the Company acquired class A common shares issued by Cosan Logística S.A. (“Cosan Logística”) in the amount of R$79,656, totaling an acquisition effect of R$2,145,761.

The accompanying notes are an integral part of these interim financial statements.

F-11

Cosan Limited

Consolidated statement of cash flows

(In thousands of Brazilian Reais – R$)

Non-cash transaction

i. Acquisitions of assets for the construction of the distribution network with payment of term in the amount of R$71,467 and acquisitions of assets with payment of term in the amount of R$13,321.

ii. Consideration asset in the subsidiary Cosan Lubrificantes e Especialidades S.A. (“CLE”), with a down payment in the amount of R$145,761.

iii. Recognition of indemnity claims in the amount of R$50,284 (Note 19).

iv. Recognition of assignment of credit rights, for attend IFRS 15 requirements for the amount of R$ 400,000 plus additional payments applicable to the applications of 95% on the difference between the net amount of credit rights received by the Union for assignment less the return of assignees on a basis of R$ 400,000, resulting from (i) indemnity action, applied to the condemnation of the Union due to the fixing of prices of sugar and alcohol below its cost of production; and (ii) additional payments related to the assignment of credit rights executed on December 21, 2017 and application of 95% of the net difference received by the Union credit rights for the assignment less or return of the assignees (Note 19). Such assignment has no right of recourse.

v. Recognition of tax assets related to the exclusion of a tax on sales and services which applies to goods, and transportation and communication (Imposto sobre Operações relativas à Circulação de Mercadorias e Prestação de Serviços de Transporte Interestadual e Intermunicipal e de Comunicação), or “ICMS,” from the calculation basis of PIS and COFINS (respectively, the profit participation contribution and the social security financing contribution, both of which are social contributions due on certain revenues net of some expenses) contributions, in the total amount of R$457,088, which R$239,065 is recorded under “Other income,” R$82,694 as of “Interest on other receivables” and R$135,329 through equity method referring to the jointly controlled investees (Note 19).

vi. Capital contribution to the subsidiary Payly Soluções de Pagamentos S.A. (“Payly”) in the amount of R$6,436, through capitalization of expenses that would be reimbursed to Cosan.

vii. Recognition of right of use in the amount of R$2,904,778 (Note 10.3) referring to the North-South Railroad Concession agreement and R$16,413 related to other lease agreements.

Disclosure of interest and dividends

The Company discloses the dividends and interest on shareholders’ equity received as cash flow from investing activities, with the purpose of avoiding distortions in its cash flows from operation activities.

Interest received or paid is classified as cash flow from financing activities, as it is considered to refer to the costs of obtaining financial resources.

F-12

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

1 Operations

Cosan Limited (“Cosan”) was incorporated in Bermuda on April 30, 2007. Cosan’s class A common shares are traded on the New York Stock Exchange, or “NYSE,” (ticker—CZZ). Mr. Rubens Ometto Silveira Mello is the ultimate controlling shareholder of Cosan. Cosan controls its subsidiaries Cosan S.A. and Cosan Logística S.A. (“Cosan Logística”) through a 59.29% and 73.46% interest, respectively. Cosan, Cosan S.A., Cosan Logística and its subsidiaries are collectively referred to as the “Company.”

On January 3, 2019, the Company acquired 14,228,134 of our Class A common shares pursuant to a tender offer at a purchase price of U.S.$8.88 per share, for a total cost of R$473,456 excluding fees and other related expenses. These shares represented 9.6% of the issued and outstanding Class A common stock of Cosan Limited as of December 31, 2018. The shares purchased included 2,966,873 additional shares that Cosan Limited elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding Class A common shares. After giving effect to the purchase, we had 134,115,534 outstanding Class A common shares remaining. On September 30, 2019, the Company purchased 10,244,806 of its class A common shares pursuant to a public offering and a purchase price of $ 15.5 per share, with a total cost of R$654,217 excluding taxes and other related expenses. After the purchase effect, 125,477,259 class A shares are outstanding. The Company’s share acquisitions during the period totaled R$1,127,673 (Note 15).

On March 28, 2019, Rumo SA (“Rumo”) won the International Competition (Bidding) for the North-South Railroad, through an economic bid of R$2,719,530, conducted by the National Land Transportation Agency (“ANTT”), whose scope is the subconcession of the public rail freight service associated with the operation of the railway network infrastructure located between Porto Nacional / TO and Estrela d´Oeste / SP, in the stretches between (i) Porto Nacional / TO and Anápolis / GO; and (ii) Ouro Verde de Goiás / GO and Estrela d’Oeste / SP. The concession agreement guarantees the right to operate the railway network for a period of 30 years from the date of signature on July 31, 2019 (Note 10.3).

On April 24, 2019, we announced the cancellation of 32,239,807 Class A common shares held in treasury, representing 11.91% of Cosan Limited’s capital stock. After giving effect to the cancellation, we had 142,115,534 total Class A common shares remaining (Note 15).

On May 31, 2019, the São Paulo State Sanitation and Energy Regulatory Agency (“ARSESP”), resolved on the 4th Ordinary Tariff Review regarding the update of Comgás subsidiary rates, applied from that date, on all segments. The annual adjustment consists essentially of the inflation replacement(IGP-M) and the transfer of the gas and transportation cost variation, as defined by Petrobras. The process of the 3rd Tariff Review, contractually scheduled to take place in May 2014, remains unfinished.

On June 11, 2019, the Board of Directors of Comgás, with the assent of the Fiscal Council, considering that the capital stock became excessive for the normal development of the subsidiary Comgás business and for the achievement of its corporate purpose, approved the proposal reduction of the subsidiary Comgás capital stock, in the amount of R$1,500,000 without cancellation of shares, maintaining unchanged the percentage of the shareholders’ interest in the subsidiary Comgás capital stock, with the refund in cash to the shareholders of part of the your actions. At the date of approval of these interim financial statements, the aforementioned capital reduction process had not yet been implemented, and the subsidiary Comgás capital stock remained unchanged compared to the immediately preceding period.

F-13

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

2 Statement of compliance

The consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2018.

The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2018, except for the adoption of IFRS 16 Leases, whose effects and changes are disclosed in Note 3.1, effective as of January 1, 2019. The Company has not early adopted any other standard, interpretation or amendment that has been issued.

All own relevant information of the interim financial statements, and only they, are being highlighted, and these correspond to those used by management in its management.

These interim consolidated financial statements were authorized for issue by the Board of Directors on November 08, 2019.

3 Accounting policies

These interim consolidated financial statements were prepared based on the preparation basis and accounting policies consistent with those adopted in the preparation of the financial statements as of December 31, 2018, except for the adoption of IFRS 16—Leases, whose effects and changes are disclosed in Note 3.1 effective as of January 1, 2019. The Company has not adopted in advance any other standard or interpretation issued that is not yet in force.

3.1 New standards, interpretations and changes adopted by the Company

IFRS 16 Leases

IFRS 16 introduced a single model for the accounting of leases in the balance sheet of lessees. As a result, the Company, as a lessee, recognized the rights to use assets that represent its rights to use the underlying assets and the lease liabilities that represent its obligation to make lease payments. The lessor’s accounting remains similar to previous accounting policies.

The Company has chosen to use the modified retrospective approach in which the cumulative effect of the initial adoption is recognized as an adjustment to the opening balance of retained earnings on January 1, 2019. Therefore, the comparative information presented for the year ended December 31, 2018 has not been restated—or and is presented as previously reported in accordance with IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below:

F-14

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

(a) In the definition of lease

Previously, the Company determined, at the inception of the agreement, whether it was or contained a lease under IFRIC 4—Complementary Aspects of Leasing Operations. The Company now assesses whether a lease is or contains a lease based on the new lease definition. According to IFRS 16, a contract is or contains a lease if it transfers the right to control the use of an identified asset for a period of time in exchange for consideration.

In the transition to IFRS 16, the Company opted to apply the practical case of maintaining the evaluation of which transactions are leases, to which IFRS 16 applied. The contracts that were not identified as leases in accordance with IAS 17 and IFRIC 4 were not revalued. Accordingly, the new lease definition in accordance with IFRS 16 was applied only to contracts entered into or amended on or after January 1, 2019.

At the inception or revaluation of a lease component, the Company allocates the lease consideration to each lease component rather than lease based on its individual lease price.

(b) In the treatment as a lessee

The company leases assets, including real estate, rail infrastructure, port, rolling stock (locomotives and wagons), vehicles and IT equipment. As a lessee, the Company previously classified operating or financial leases based on its assessment as to whether the lease substantially transferred all the risks and benefits of the property. In accordance with IFRS 16, the Company recognizes the right to use assets and the lease liabilities for most leases—that is, these leases are recorded in the balance sheet.

However, the Company has elected not to recognizeright-of-use assets and lease liabilities for some leases of low value assets (e.g. IT equipment). The Company recognizes the payments associated with these leases as an expense under the straight-line method over the lease term.

The Company presents the carrying amounts of theright-of-use assets (including assets previously classified as financial leases) in a specific balance sheet line called“Right-of-use assets.” Likewise, it records the liabilities in a separate account called “Leases.”

(i) Accounting policy adopted as of January 1, 2019 meaning:

Previously, the Company determined at the inception of the agreement whether it was or contained a lease under IFRIC 4—Complementary Aspects of Leasing Operations. The company now assesses whether a lease is or contains a lease based on the new lease definition. According to IFRS 16, a contract is or contains a lease if it transfers the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes aright-of-use assets and a lease liability at the date of commencement of the lease.

Theright-of-use assets is initially measured at cost and subsequently at cost less any accumulated depreciation and impairment, and adjusted for certain measurements of lease liabilities.

F-15

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

The lease liability is initially measured at the present value of the lease payments that were not paid at the commencement date, discounted using the interest rate implied in the lease or, if that rate can not be determined immediately, the incremental loan rate of Company and its subsidiaries. Generally, the Company uses its incremental loan rate as the discount rate.

The Company has applied a judgment to determine the lease term of some contracts that include renewal options. The evaluation of whether the Company is reasonably certain to exercise these options has an impact on the term of the lease, which significantly affects the value of lease liabilities and recognizedright-of-use assets. The extension and termination options are included in several lease agreements throughout the Company. These terms are used to maximize operational flexibility in terms of contract management. Most of the extension and termination options exercised are exercisable by both participants (lessor and lessee).

(ii) Transition

Previously, the Company classified leases of railway infrastructure and rolling stock as operating leases in accordance with IAS 17. Some leases are adjusted by inflation indexes such asIGP-M or IPCA.

Lease liabilities were measured at the present value of the remaining payments, discounted by the incremental loan rate of the Company on January 1, 2019. The rights to use assets are measured:

i. At its book value as if IFRS 16 had been applied since the commencement date, discounted by the lessee’s incremental borrowing rate at the date of initial application—the company applied this approach to its larger property leases infrastructure , port and rolling stock; or

ii. At the amount equivalent to the lease liability, adjusted for the amount of any prepayment or accumulated rent—the Company applied this approach to all other leases.

The Company used the following practical arrangements when applying IFRS 16 to leases previously classified as operating leases in accordance with IAS 17:

i. It applied the exemption for not recognizingrights-of-use assets and liabilities for leases with terms less than 12 months.

ii. Excluded the initial direct costs of measuring the right to use asset at the date of initial application.

iii. It used late perception when determining the term of the lease if the contract contained options to extend or terminate the lease.

Leases classified and previously recorded as finance leases under IAS 17 had the book value of the right to use the asset and the lease liability on January 1, 2019 determined by the carrying amount of the lease and liability assets lease immediately prior to that date. Extension and termination options are included in various lease agreements throughout the Company. These terms are used to maximize operational flexibility in terms of contract management. Most of the extension and termination options exercised are exercisable by both participants (lessor and lessee).

F-16

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

(c) Impact on statement of financial position on January 1, 2019:

	January 1, 2019
Current assets
Other current assets		1,526
Non-current assets
Othernon-current assets		7,878
Deferred tax assets		41,709
Right-of-use assets		888,262
Total onnon-current assets		937,849
Total on assets		939,375
Current liabilities
Leases		(67,823	)
Non-current liabilities
Leases		(1,346,943	)
Total on liabilities		(1,414,766	)
Shareholders’ equity
Retained earnings		475,391
Total on shareholders’ equity		475,391

When measuring lease liabilities for those leases previously classified as operating leases, the Company discounted lease payments using its incremental loan rate on January 1, 2019. The weighted average rates applied follow a range from 4.00% to 12.70% per year.

The joint ventures Raízen Energia S.A. and Raízen Combustíveis S.A. recognized the lease liability and the right to use asset at the date of the initial application for leases previously classified as operating leases, retrospectively, with cumulative effect. These joint ventures used as a practical expedient the use of a single discount rate on the lease portfolio with similar characteristics (Note 9).

3.2 Other standards and interpretations effective as of January 1, 2019, without effects on the financial statements

IFRIC Interpretation 23 Uncertainty over Income Tax Treatment

The Interpretation addresses the accounting of income taxes when tax treatment involves uncertainty that affects the application of IAS 12 and does not apply to taxes or charges outside the scope of IAS 12, nor does it specifically treatment of interest and penalties associated with uncertain taxes.

The Company is subject to examination by the tax authorities, with the five fiscal years open in general. The Company has audits in progress at various stages of completion, some of which may be completed within the next 12 months. However, at that time, the Company had no uncertainties regarding the treatment of income tax.

The Company has not identified effects of interpretation adoption IFRIC 23 that could affect the Company accounting policies and its interim consolidated financial statements.

F-17

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

4 Segment information

The following segment information is used by Cosan’s senior management (the “Chief Operating Decision Maker”) to assess the performance of the operating segments and to make decisions with regards to the allocation of resources. This information is prepared on a basis consistent with the accounting policies used in the preparation of the financial statements. Cosan evaluates the performance of its operating segments based on the measure of Earnings Before Interest Tax, Depreciation and Amortization (“EBITDA”).

Reported segments:

i. Raízen Energia: production and marketing of a variety of products derived from sugar cane, including raw sugar (Very High Polarization, or “VHP”), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugarcane bagasse. In addition, this segment holds interests in companies engaged in research and development on new technology;

ii. Raízen Combustíveis: distribution and marketing of fuels, mainly through a franchised network of service stations under the “Shell” brand throughout Brazil, petroleum refining, the operation of fuel resellers, the manufacture and sale of automotive and industrial lubricants, and the production and sale of liquefied petroleum gas throughout Argentina;

iii. Comgás: distribution of piped natural gas to part of the State of São Paulo to customers in the industrial, residential, commercial, automotive and cogeneration sectors;

iv. Logistic: logistics services for rail transportation, storage and port loading of commodities, mainly for grains and sugar, leasing of locomotives, wagons and another railway equipment; and

v. Moove: production and distribution of Mobil brand licensed lubricants in Brazil, Bolivia, Uruguay, Paraguay, Argentina, the United States and the European market, under the Comma brand for the European and Asian markets and corporate activities.

Reconciliation:

i. Cosan Corporate: digital wallet platform and other investments, in addition to the corporate activities of the Company. The Cosan corporate segment includes the financing subsidiaries for the Cosan group.

Although, Raízen Energia and Raízen Combustíveis are equity accounted joint ventures and are no longer proportionally consolidated, senior management continues to review segment information. A reconciliation of these segments is presented in the column “Deconsolidated effects”.

F-18

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	July 1, 2019 to September 30, 2019
	Reported segments																		Reconciliation									Consolidated
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logistic			Cosan Corporate			Deconsolidated effects			Segment elimination
				Brazil			Argentina
Statement of profit or loss:
Gross sales		8,106,015			23,227,089			4,601,197			3,271,286			1,370,626			2,162,347			26			(35,934,301	)		(14,958	)		6,789,327
Domestic market (i)		2,898,959			23,227,089			4,601,197			3,271,286			1,232,257			2,162,347			26			(30,727,245	)		(14,958	)		6,650,958
External market (i)		5,207,056			—			—			—			138,369			—			—			(5,207,056	)		—			138,369
Net sales		7,698,685			22,261,306			3,282,656			2,585,530			1,100,726			2,059,864			26			(33,242,647	)		(14,958	)		5,731,188
Cost of sales		(7,162,681	)		(21,353,241	)		(3,147,796	)		(1,666,191	)		(875,216	)		(1,238,323	)		(34	)		31,663,718			14,958			(3,764,806	)
Gross profit		536,004			908,065			134,860			919,339			225,510			821,541			(8	)		(1,578,929	)		—			1,966,382
Selling expenses		(209,861	)		(381,113	)		(172,944	)		(154,529	)		(136,483	)		(6,637	)		(3,000	)		763,918			—			(300,649	)
General and administrative expenses		(172,273	)		(130,677	)		(34,961	)		(98,255	)		(45,126	)		(98,454	)��		(94,190	)		337,911			—			(336,025	)
Other income (expenses), net		84,228			308,897			24,498			(18,243	)		(93	)		35,451			519,579			(417,623	)		—			536,694
Interest in earnings of associates		—			(176,616	)		—			—			(24	)		7,730			946,926			176,616			(944,943	)		9,689
Interest in earnings of joint ventures		1,176			—			—			—			—			—			148,185			(1,176	)		—			148,185
Financial results		(193,499	)		(10,294	)		(149,948	)		(26,682	)		(50,654	)		(300,110	)		(110,777	)		353,741			—			(488,223	)
Finance expense		(325,151	)		(84,097	)		(24,013	)		(101,154	)		(3,513	)		(460,225	)		(277,552	)		433,261			—			(842,444	)
Finance Income		111,257			77,202			7,578			74,532			(1,080	)		62,353			76,212			(196,037	)		—			212,017
Foreign exchange losses, net		(152,702	)		(731,011	)		(216,273	)		(50,555	)		(59,852	)		(440,280	)		(388,348	)		1,099,986			—			(939,035	)
Derivatives		173,097			727,612			82,760			50,495			13,791			538,042			478,911			(983,469	)		—			1,081,239
Income tax (expense) benefit		1,698			(219,363	)		21,879			(202,395	)		(1,872	)		(94,103	)		(89,125	)		195,786			—			(387,495	)
Profit (loss) from continuing operations		47,473			298,899			(176,616	)		419,235			(8,742	)		365,418			1,317,590			(169,756	)		(944,943	)		1,148,558
Net income attributable to:
Owners of the Parent		19,204			284,019			(176,616	)		415,475			(9,604	)		100,812			1,290,812						(1,236,709	)		560,786
Non-controlling interests		28,269			14,880			—			3,760			862			264,606			26,778			(126,607	)		291,766			587,772
		47,473			298,899			(176,616	)		419,235			(8,742	)		365,418			1,317,590			(169,756	)		(944,943	)		1,148,558
Other select data:
Depreciation and amortization		584,381			32,372			119,623			112,808			36,233			442,857			558,776			(736,376	)		—			1,150,674
EBITDA		823,655			560,928			71,076			761,120			80,017			1,202,488			2,076,268			(1,455,659	)		(944,943	)		3,174,950
Additions to PP&E, intangible and contracts assets		538,385			108,152			109,705			207,814			9,042			396,670			624,446			(756,242	)		—			1,237,972
Reconciliation of EBITDA:
Profit (loss) for the period		47,473			298,899			(176,616	)		419,235			(8,742	)		365,418			1,317,590			(169,756	)		(944,943	)
Income tax and social contribution		(1,698	)		219,363			(21,879	)		202,395			1,872			94,103			89,125			(195,786	)		—			1,148,558
Financial results, net		193,499			10,294			149,948			26,682			50,654			300,110			110,777			(353,741	)		—			488,223
Depreciation and amortization		584,381			32,372			119,623			112,808			36,233			442,857			558,776			(736,376	)		—			1,150,674
EBITDA		823,655			560,928			71,076			761,120			80,017			1,202,488			2,076,268			(1,455,659	)		(944,943	)		3,174,950

(i) Domestic markets: sales within the countries where each entity is located; external markets: sales export.

F-19

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	January 1, 2019 to September 30, 2019
	Reported segments																		Reconciliation									Consolidated
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logistics			Cosan Corporate			Deconsolidated effects			Segment elimination
				Brazil			Argentina
Statement of profit or loss:
Gross sales		22,081,963			67,407,406			13,353,554			8,834,886			3,908,540			5,706,374			343			(102,842,923	)		(23,562	)		18,426,581
Domestic market (i)		16,874,907			67,407,406			13,353,554			8,834,886			3,770,171			5,706,374			343			(97,635,867	)		(23,562	)		18,288,212
External market (i)		5,207,056			—			—			—			138,369			—			—			(5,207,056	)		—			138,369
Net sales		20,902,814			64,320,662			9,495,561			6,984,381			3,139,549			5,423,550			341			(94,719,037	)		(23,562	)		15,524,259
Cost of sales		(19,504,145	)		(61,683,213	)		(8,733,206	)		(4,715,989	)		(2,486,495	)		(3,532,491	)		(66	)		89,920,564			23,562			(10,711,479	)
Gross profit		1,398,669			2,637,449			762,356			2,268,392			653,054			1,891,059			275			(4,798,474	)		—			4,812,780
Selling expenses		(617,519	)		(1,110,162	)		(503,288	)		(455,855	)		(369,250	)		(2,222	)		(5,248	)		2,230,969			—			(832,575	)
General and administrative expenses		(447,699	)		(382,421	)		(98,225	)		(271,366	)		(122,482	)		(270,064	)		(213,295	)		928,345			—			(877,207	)
Other income (expenses), net		132,681			686,761			73,329			2,676			(24	)		8,435			523,923			(892,771	)		—			535,010
Interest in earnings of associates		—			(14,630	)		—			—			928			16,305			1,967,092			14,630			(1,994,348	)		(10,023	)
Interest in earnings of joint ventures		(3,082	)		—			—			—			—			—			510,428			3,082			—			510,428
Financial results		(592,500	)		(82,994	)		(273,981	)		(116,056	)		(40,723	)		(883,170	)		(286,654	)		949,475			—			(1,326,603	)
Finance expense		(1,085,403	)		(556,271	)		(55,918	)		(300,611	)		(30,009	)		(1,520,252	)		(921,745	)		1,697,592			—			(2,772,617	)
Finance Income		358,936			228,855			19,957			184,646			17,076			149,582			179,583			(607,748	)		—			530,887
Foreign exchange losses, net		(98,946	)		(545,050	)		(287,665	)		(44,638	)		(48,419	)		(380,925	)		(357,940	)		931,661			—			(831,922	)
Derivatives		232,913			789,472			49,645			44,547			20,629			868,425			813,448			(1,072,030	)		—			1,747,049
Income tax (expense) benefit		65,527			(539,311	)		25,180			(482,200	)		(34,803	)		(183,534	)		(25,623	)		448,604			—			(726,160	)
Profit (loss) from continuing operations		(63,923	)		1,194,692			(14,629	)		945,591			86,700			576,809			2,470,898			(1,116,140	)		(1,994,348	)		2,085,650
Net income attributable to:
Owners of the Parent		(106,607	)		1,144,644			(14,629	)		911,202			84,244			158,542			2,420,939			(1,023,408	)		(2,615,524	)		959,403
Non-controlling interests		42,684			50,048			—			34,389			2,456			418,267			49,959			(92,732	)		621,176			1,126,247
		(63,923	)		1,194,692			(14,629	)		945,591			86,700			576,809			2,470,898			(1,116,140	)		(1,994,348	)		2,085,650
Other select data:
Depreciation and amortization		1,816,107			266,221			222,153			343,414			77,311			1,282,291			10,462			(2,304,481	)		—			1,713,478
EBITDA		2,279,157			2,083,218			456,325			1,887,261			239,537			2,925,804			2,793,637			(4,818,700	)		(1,994,348	)		5,851,891
Additions to PP&E, intangible and Contracts assets		2,246,140			265,263			255,542			528,201			18,443			1,378,007			7,183			(2,766,945	)		—			1,931,834
Reconciliation of EBITDA:
Profit (loss) for the period		(63,923	)		1,194,692			(14,629	)		945,591			86,700			576,809			2,470,898			(1,116,140	)		(1,994,348	)		2,085,650
Income tax and social contribution		(65,527	)		539,311			(25,180	)		482,200			34,803			183,534			25,623			(448,604	)		—			726,160
Financial results, net		592,500			82,994			273,981			116,056			40,723			883,170			286,654			(949,475	)		—			1,326,603
Depreciation and amortization		1,816,107			266,221			222,153			343,414			77,311			1,282,291			10,462			(2,304,481	)		—			1,713,478
EBITDA		2,279,157			2,083,218			456,325			1,887,261			239,537			2,925,804			2,793,637			(4,818,700	)		(1,994,348	)		5,851,891

F-20

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	July 1, 2018 to September 30, 2018
	Reported segments															Reconciliation
	Raízen Energia			Raízen Combustíveis			Comgás			Moove			Logistics			Cosan Corporate			Deconsolidated effects			Segment eliminations			Consolidated
Statement of profit or loss:
Gross sales		4,335,714			20,505,098			2,059,872			1,078,758			1,764,201			31			(24,840,812	)		—			4,902,862
Domestic market (i)		4,409,458			21,053,118			1,900,984			989,144			1,798,315			407			(25,462,576	)		(11,602	)		4,677,248
External market (i)		1,042,598			—			—			22,373			78,796			—			(1,042,598	)		—			101,169
Net sales		5,452,056			21,053,118			1,900,984			1,011,517			1,877,111			407			(26,505,174	)		(11,602	)		4,778,417
Cost of sales		(5,099,524	)		(20,183,792	)		(1,377,288	)		(839,097	)		(1,198,845	)		(2,571	)		25,283,316			11,602			(3,406,199	)
Gross profit		352,532			869,326			523,696			172,420			678,266			(2,164	)		(1,221,858	)		—			1,372,218
Selling expenses		(255,646	)		(319,826	)		(155,308	)		(97,683	)		(1,980	)		(215	)		575,472			—			(255,186	)
General and administrative expenses		(171,376	)		(117,278	)		(89,259	)		(33,001	)		(77,680	)		(42,615	)		288,654			—			(242,555	)
Other income (expense), net		(9,478	)		84,858			(7,816	)		(110	)		(4,500	)		(32,280	)		(75,380	)		—			(44,706	)
Financial results		(114,658	)		(181,008	)		(55,430	)		(10,629	)		(257,452	)		(200,153	)		295,666			—			(523,664	)
Finance expense		(298,060	)		(213,760	)		(151,674	)		(9,611	)		(429,617	)		(337,015	)		511,820			1,925			(925,992	)
Finance income		143,662			50,188			96,284			222			54,856			30,540			(193,850	)		(1,925	)		179,977
Foreign exchange losses, net		(44,948	)		(188,678	)		(30,811	)		(11,677	)		(187,044	)		(179,118	)		233,626			—			(408,650	)
Derivatives		84,688			171,242			30,771			10,437			304,353			285,440			(255,930	)		—			631,001
Interest in earnings of associates		(7,366	)		2			—			(3,946	)		3,254			224,770			7,364			(222,688	)		1,390
Interest in earnings of joint ventures		—			—			—			—			—			84,089			—			—			84,089
Income tax expense benefit		106,712			(48,220	)		(48,508	)		(8,350	)		(111,781	)		64,972			(58,492	)		—			(103,667	)
Profit (loss) from continuing operations		(99,280	)		287,854			167,375			18,701			228,127			96,404			(188,574	)		(222,688	)		287,919
Total net income attributable to:
Owners of the Company		(107,154	)		275,338			134,098			18,320			63,817			96,127			(168,184	)		(249,365	)		62,997
Non-controlling interests		7,874			12,516			33,277			381			164,310			277			(20,390	)		26,677			224,922
		(99,280	)		287,854			167,375			18,701			228,127			96,404			(188,574	)		(222,688	)		287,919
Other selected data:
Depreciation and amortization		620,004			45,222			116,293			22,095			354,659			2,863			(665,226	)		—			495,910
EBITDA		528,670			562,304			387,606			59,775			952,019			234,448			(1,090,974	)		(222,688	)		1,411,160
Additions to PP&E, intangible and biological assets		462,612			53,794			130,398			11,121			536,516			1,963			(516,406	)		—			679,998
Reconciliation of EBITDA:
Profit (loss) for the period		(99,280	)		287,854			167,375			18,701			228,127			96,404			(188,574	)		(222,688	)		287,919
Income tax and social contribution		(106,712	)		48,220			48,508			8,350			111,781			(64,972	)		58,492			—			103,667
Financial result, net		114,658			181,008			55,430			10,629			257,452			200,153			(295,666	)		—			523,664
Depreciation and amortization		620,004			45,222			116,293			22,095			354,659			2,863			(665,226	)		—			495,910
EBITDA		528,670			562,304			387,606			59,775			952,019			234,448			(1,090,974	)		(222,688	)		1,411,160

F-21

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	January 1, 2018 to September 30, 2018
	Reported segments															Reconciliation
	Raízen Energia			Raízen Combustíveis			Comgás			Moove			Logistic			Cosan Corporate			Deconsolidated effects			Segment eliminations			Consolidated
Statement of profit or loss:
Gross sales		9,233,103			40,871,892			3,910,209			2,006,970			3,246,798			492			(50,104,995	)		(8	)		9,164,461
Domestic market (i)		9,952,512			60,142,694			4,924,663			2,526,111			4,723,204			836			(70,095,206	)		(30,265	)		12,144,549
External market (i)		4,104,036			—			—			36,651			215,136			—			(4,104,036	)		—			251,787
Net sales		14,056,548			60,142,694			4,924,663			2,562,762			4,938,340			836			(74,199,242	)		30,265			12,456,866
Cost of sales		(12,834,904	)		(57,530,450	)		(3,460,087	)		(2,083,659	)		(3,315,983	)		(2,712	)		70,365,354			(30,265	)		(8,892,706	)
Gross profit		1,221,644			2,612,244			1,464,576			479,103			1,622,357			(1,876	)		(3,833,888	)		—			3,564,160
Selling expenses		(595,692	)		(1,004,754	)		(461,864	)		(277,494	)		(8,215	)		(214	)		1,600,446			—			(747,787	)
General and administrative expenses		(500,750	)		(367,610	)		(247,855	)		(92,436	)		(215,476	)		(136,493	)		868,360			—			(692,260	)
Other income (expense), net		149,814			281,650			(12,133	)		(4,205	)		(13,039	)		(58,849	)		(431,464	)		—			(88,226	)
Financial results		(266,600	)		(513,450	)		(142,985	)		(14,327	)		(1,065,843	)		(565,022	)		780,050			—			(1,788,177	)
Finance expense		(743,830	)		(249,470	)		(383,558	)		(26,901	)		(1,070,437	)		(462,597	)		993,300			5,200			(1,938,293	)
Finance income		453,730			148,812			239,017			5,494			181,741			106,016			(602,542	)		(5,200	)		527,068
Foreign exchange losses, net		(180,070	)		(1,042,830	)		(118,637	)		(30,968	)		(820,184	)		(906,597	)		1,222,900			—			(1,876,386	)
Derivatives		203,570			630,038			120,193			38,048			643,037			698,156			(833,608	)		—			1,499,434
Interest in earnings of associates		(12,924	)		2			—			230			8,419			608,297			12,922			(599,918	)		17,028
Interest in earnings of joint ventures		—			—			—			—			—			432,202			—			—			432,202
Income tax expense benefit		116,368			(213,378	)		(179,497	)		(24,672	)		(192,808	)		210,576			97,010			—			(186,401	)
Profit (loss) from continuing operations		111,860			794,704			420,242			66,199			135,395			488,621			(906,564	)		(599,918	)		510,539
Total net income attributable to:
Owners of the Company		103,992			761,792			336,228			65,662			36,916			483,625			(865,784	)		(730,448	)		191,983
Non-controlling interests		7,868			32,912			84,014			537			98,479			4,996			(40,780	)		130,530			318,556
		111,860			794,704			420,242			66,199			135,395			488,621			(906,564	)		(599,918	)		510,539
Other selected data:
Depreciation and amortization		1,661,696			146,012			350,064			71,426			1,051,716			10,654			(1,807,708	)		—			1,483,860
EBITDA		1,923,788			1,667,544			1,092,788			176,624			2,445,762			853,721			(3,591,332	)		(599,918	)		3,968,977
Additions to PP&E, intangible and biological assets		1,959,288			522,242			382,025			32,455			1,576,380			2,575			(2,481,530	)		—			1,993,435
Reconciliation of EBITDA:
Profit (loss) for the period		111,860			794,704			420,242			66,199			135,395			488,621			(906,564	)		(599,918	)		510,539
Income tax and social contribution		(116,368	)		213,378			179,497			24,672			192,808			(210,576	)		(97,010	)		—			186,401
Financial result, net		266,600			513,450			142,985			14,327			1,065,843			565,022			(780,050	)		—			1,788,177
Depreciation and amortization		1,661,696			146,012			350,064			71,426			1,051,716			10,654			(1,807,708	)		—			1,483,860
EBITDA		1,923,788			1,667,544			1,092,788			176,624			2,445,762			853,721			(3,591,332	)		(599,918	)		3,968,977

F-22

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	September 30, 2019
	Reported segments																		Reconciliation									Consolidated
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logístics			Cosan Corporate			Deconsolidated effects			Segment elimination
				Brazil			Argentina
Statement of financial position:
Cash and cash equivalents		2,981,098			1,578,192			356,619			1,715,479			721,908			1,395,258			2,580,426			(4,915,909	)		—			6,413,071
Marketable securities		—			—			—			960,282			21,671			1,182,819			188,661			—			—			2,353,433
Trade receivables		1,284,181			2,362,580			465,681			1,057,419			540,949			456,679			(509	)		(4,112,442	)		—			2,054,538
Derivative financial instruments		2,164,002			1,228,406			66,180			409,320			40,735			1,816,462			2,065,552			(3,458,588	)		—			4,332,069
Inventories		4,181,824			2,630,733			1,134,503			60,527			448,504			284,752			12,469			(7,947,060	)		—			806,252
Other financial assets		436,510			—			—			—			—			—			473,203			(436,510	)		—			473,203
Other current assets		5,519,765			4,340,858			940,521			340,648			207,265			507,589			868,103			(10,801,144	)		(336,726	)		1,586,879
Othernon-current assets		3,980,252			3,921,578			51,489			497,258			883,388			2,754,186			1,678,667			(7,953,319	)		(1,146,992	)		4,666,507
Investments in associates		—			2,561,390			—			—			15,472			46,939			15,529,262			(2,561,390	)		(15,207,913	)		383,760
Investments in joint ventures		587,103			18,160			285			—			—			—			7,558,291			(605,548	)		—			7,558,291
Biological assets		725,238			—			—			—			—			—			-			(725,238	)		—			-
Property, plant and equipment		11,231,888			2,601,216			3,457,729			—			305,319			11,460,789			161,664			(17,290,833	)		—			11,927,772
Intangible assets and goodwill		3,616,953			2,551,564			9,171			8,305,977			1,165,985			7,397,306			11,168			(6,177,688	)		—			16,880,436
Right-of-use assets		4,153,996			108,822			483,462			10,836			23,417			4,424,283			32,040			(4,746,280	)		—			4,490,576
Loans, borrowings and debentures		(13,569,042	)		(5,914,569	)		(1,049,303	)		(3,433,200	)		(788,159	)		(10,899,495	)		(11,887,104	)		20,532,914			—			(27,007,958	)
Derivative financial instruments		(1,476,243	)		(110,266	)		—			—			(77	)		—			(55,909	)		1,586,509			—			(55,986	)
Trade payables		(5,007,701	)		(2,368,464	)		(1,246,012	)		(1,177,151	)		(580,297	)		(434,644	)		(5,781	)		8,622,177			—			(2,197,873	)
Employee benefits payable		(414,310	)		(71,051	)		(41,863	)		(59,500	)		(63,985	)		(246,891	)		(23,482	)		527,224			—			(393,858	)
Preferred shareholders payable in subsidiaries		—			—			—			—			—			—			(744,455	)		—			—			(744,455	)
Lease		(3,453,326	)		—			—			(11,444	)		(41,707	)		(4,539,141	)		(32,818	)		3,453,326			—			(4,625,110	)
Other current liabilities		(4,441,350	)		(6,394,349	)		(367,577	)		(623,249	)		(548,192	)		(672,691	)		(573,091	)		11,203,276			391,222			(2,026,001	)
Othernon-current liabilities		(1,997,278	)		(4,039,525	)		(1,699,210	)		(1,943,262	)		(651,488	)		(6,522,449	)		(2,250,609	)		7,736,013			1,092,496			(10,275,312	)
Total assets (net of liabilities) allocated by segment		10,503,560			5,005,275			2,561,675			6,109,940			1,700,708			8,411,751			15,585,748			(18,070,510	)		(15,207,913	)		16,600,234
Total assets		40,862,810			23,903,499			6,965,640			13,357,746			4,374,613			31,727,062			31,158,997			(71,731,949	)		(16,691,631	)		63,926,787
Shareholders’ equity attributable to:
Equity attributable to owners of the Company		10,433,445			4,748,137			2,561,675			6,057,906			1,226,733			1,705,730			15,578,304			(17,743,257	)		(19,076,879	)		5,491,794
Non-controlling interests		70,115			257,138			—			52,034			473,975			6,706,021			7,444			(327,253	)		3,868,966			11,108,440
Total shareholders’ equity		10,503,560			5,005,275			2,561,675			6,109,940			1,700,708			8,411,751			15,585,748			(18,070,510	)		(15,207,913	)		16,600,234

F-23

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	December 31, 2018
	Reported segments																		Reconciliation
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logistics			Cosan Corporate			Deconsolidated effects			Segment elimination			Consolidated
				Brazil			Argentina
Statement of financial position:
Cash and cash equivalents		2,437,571			864,105			490,960			602,618			206,702			143,710			2,668,768			(3,792,636	)		—			3,621,798
Marketable securities		—			—			—			1,124,723			13,033			2,843,435			221,644			—			—			4,202,835
Trade receivables		1,061,297			2,747,503			372,202			695,147			446,645			438,062			8,338			(4,181,002	)		—			1,588,192
Derivative financial instruments		1,956,616			639,976			—			368,928			29,976			892,461			1,257,492			(2,596,592	)		—			2,548,857
Inventories		3,618,573			2,078,003			1,284,087			65,259			385,901			263,386			1,744			(6,980,663	)		—			716,290
Other financial assets		516,519			—			—			—			—			—			—			(516,519	)		—			—
Other current assets		3,203,838			3,045,745			1,122,633			641,042			161,076			413,267			1,016,569			(7,372,216	)		(540,745	)		1,691,209
Othernon-current assets		4,141,547			3,508,485			66,117			282,572			750,088			2,693,158			1,536,566			(7,716,149	)		(1,117,633	)		4,144,751
Investments in associates		—			(266	)		266			—			13,799			44,001			13,111,569			—			(12,790,850	)		378,519
Investments in joint ventures		567,785			266			—			—			—			—			8,077,907			(568,051	)		—			8,077,907
Biological assets		740,473			—			—			—			—			—			—			(740,473	)		—			—
Property, plant and equipment		10,912,819			2,292,355			3,182,272			—			321,746			11,916,818			179,258			(16,387,446	)		—			12,417,822
Intangible assets and goodwill		3,626,819			2,513,923			8,591			8,279,593			1,191,627			7,493,882			7,434			(6,149,333	)		—			16,972,536
Loans, borrowings and debentures		(12,702,418	)		(4,665,127	)		(971,268	)		(3,651,545	)		(759,169	)		(10,594,381	)		(7,569,218	)		18,338,813			—			(22,574,313	)
Derivative financial instruments		(1,223,260	)		(31,469	)		—			—			(3,880	)		—			(21,834	)		1,254,729			—			(25,714	)
Trade payables		(3,090,299	)		(1,603,481	)		(1,003,917	)		(1,012,895	)		(452,300	)		(451,637	)		(7,088	)		5,697,697			—			(1,923,920	)
Employee benefits payable		(343,670	)		(73,481	)		(36,829	)		(63,520	)		(37,850	)		(207,397	)		(31,201	)		453,980			—			(339,968	)
Preferred shareholders payable in subsidiaries		—			—			—			—			—			—			(1,097,490	)		—			—			(1,097,490	)
Lease		—			—			—			—			—			(553,350	)		—			—			—			(553,350	)
Other current liabilities		(2,448,741	)		(4,520,490	)		(624,633	)		(159,060	)		(499,759	)		(770,695	)		(849,832	)		7,593,864			542,092			(1,737,254	)
Othernon-current liabilities		(1,305,251	)		(5,028,754	)		(834,456	)		(2,009,997	)		(794,110	)		(6,263,836	)		(2,187,599	)		7,168,461			1,116,191			(10,139,351	)
Total assets (net of liabilities) allocated by segment		11,670,218			1,767,293			3,056,025			5,162,865			973,525			8,300,884			16,323,027			(16,493,536	)		(12,790,945	)		17,969,356
Total assets		32,783,857			17,690,095			6,527,128			12,059,882			3,520,593			27,142,180			28,087,289			(57,001,080	)		(14,449,228	)		56,360,716
Equity attributable to owners of the Company		11,632,885			1,533,603			3,056,025			4,175,508			966,465			1,661,512			16,322,616			(16,222,513	)		(16,511,698	)		6,614,403
Non-controlling interests		37,333			233,690			—			987,357			7,060			6,639,372			411			(271,023	)		3,720,753			11,354,953
Total shareholders’ equity		11,670,218			1,767,293			3,056,025			5,162,865			973,525			8,300,884			16,323,027			(16,493,536	)		(12,790,945	)		17,969,356

F-24

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

4.1 Net sales by segment

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Reported segment
Raízen Energia
Ethanol		3,031,393			7,894,039			2,055,707			6,103,725
Sugar		593,659			2,926,573			1,022,944			3,102,638
Gas		1,056,161			2,411,100			94,335			491,126
Diesel		1,825,320			4,761,504			1,042,233			2,164,923
Cogeneration		1,151,721			2,798,869			1,181,989			1,594,923
Other		40,431			110,729			54,848			599,213
		7,698,685			20,902,814			5,452,056			14,056,548
Raízen Combustíveis
Fuels		25,122,039			72,637,253			21,053,118			60,142,694
Other		421,923			1,178,970			—			—
		25,543,962			73,816,223			21,053,118			60,142,694
Comgás
Industrial		1,594,044			4,494,613			1,219,122			3,178,540
Residential		432,476			951,429			291,761			720,787
Cogeneration		109,951			324,071			88,486			219,012
Automotive		90,483			258,433			67,473			185,625
Commercial		140,068			369,576			106,339			278,624
Construction revenue		199,730			541,780			106,781			292,451
Other		18,778			44,479			21,022			49,624
		2,585,530			6,984,381			1,900,984			4,924,663
Moove
Finished goods		710,206			2,230,010			918,263			2,302,374
Basic oil		55,747			144,238			86,245			236,311
Services		334,773			765,301			7,009			24,077
		1,100,726			3,139,549			1,011,517			2,562,762
Logistics
North operations		1,546,367			4,070,329			1,405,529			3,669,554
South operations		433,961			1,134,194			400,301			1,077,646
Container operations		79,536			219,027			71,281			191,140
		2,059,864			5,423,550			1,877,111			4,938,340
Reconciliation
Cosan Corporate		26			341			408			838
Deconsolidated effects and eliminations		(33,257,605	)		(94,742,599	)		(26,516,776	)		(74,229,507	)
Total		5,731,188			15,524,259			4,778,418			12,396,338

F-25

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

5 Financial assets and liabilities

The carrying amount of financial assets and financial liabilities are as follows:

	Note		September 30, 2019		December 31, 2018
Assets
Fair value through profit or loss
Cash and cash equivalents		5.1		2,016,645		1,600,590
Marketable securities		5.2		2,353,433		4,202,835
Other financial assets		5.9		473,203		—
Derivate financial instruments		5.8		4,332,069		2,548,857
				9,175,350		8,352,282
Amortized cost
Cash and cash equivalents		5.1		4,396,426		2,021,208
Trade receivables		5.3		2,054,538		1,588,192
Restricted cash		5.2		155,417		115,124
Receivables from related parties		5.4		250,226		135,070
Dividends receivable				34,339		27,320
				6,890,946		3,886,914
Total				16,066,296		12,239,196
	Note		September 30, 2019		December 31, 2018
Liabilities
Amortized cost
Loans, borrowings and debentures		5.5		13,468,853		10,005,187
Leases		5.6		4,625,110		553,350
Trade payables		5.7		2,197,873		1,923,920
Other financial liabilities				445,612		455,702
Payables to related parties		5.4		416,805		355,971
Dividends payable				21,015		187,415
Tax installments—REFIS		12		225,085		216,984
Preferred shareholders payable in subsidiaries				744,455		1,097,490
				22,144,808		14,796,019
Fair value through profit or loss
Loans, borrowings and debentures		5.5		13,539,105		12,569,126
Contingent consideration payable		5.9		77,400		64,969
Derivative financial instruments		5.8		55,986		25,714
				13,672,491		12,659,809
				35,817,299		27,455,828

F-26

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

5.1 Cash and cash equivalents

	September 30, 2019		December 31, 2018
Cash and bank accounts (i)		1,413,334		111,410
Savings account		1,221,214		1,335,774
Financial investments		3,778,523		2,174,614
		6,413,071		3,621,798

Financial investments are composed as follows:

	September 30, 2019		December 31, 2018
Investment fund
Repurchase agreements		1,645,347		1,179,503
Bank certificate of deposits—CDB		371,298		421,087
		2,016,645		1,600,590
Bank investments
Repurchase agreements		1,321,506		—
Bank certificate of deposits—CDB		403,951		571,840
Other		36,421		2,184
		1,761,878		574,024
		3,778,523		2,174,614

The Company’s onshore financial investments are remunerated at rates around 100% of the interbank deposit certificate (“CDI”) in September 30, 2019 (100% of CDI in December 31, 2018) and offshore financial investments are remunerated at rates around 100% of Fed Funds. The sensitivity analysis on interest rate risks is in note 21.

5.2 Marketable securities and restricted cash

	September 30, 2019		December 31, 2018
Marketable securities
Government security (i)		2,039,364		4,144,797
Bank certificate of deposit—CDB		248,339		58,038
Repurchase agreements		65,730		—
		2,353,433		4,202,835
Restricted cash
Investments linked to loans		81,312		31,254
Securities pledged as collateral		74,105		83,870
		155,417		115,124

(i) Sovereign debt securities have stated interest connected to SELIC rate (Sistema Especial de Liquidação e de Custódia).

F-27

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

5.3 Trade receivables

	September 30, 2019			December 31, 2018
Domestic – Brazilian Reais		2,115,957			1,609,421
Export – Foreign currency		52,104			104,355
		2,168,061			1,713,776
Allowance for doubtful accounts		(113,523	)		(125,584	)
		2,054,538			1,588,192
Current		2,024,831			1,545,643
Non-current		29,707			42,549

5.4 Related parties

a) Receivables from and payables to related parties

	September 30, 2019		December 31, 2018
Current Asset
Corporate operation / Agreements
Raízen Energia S.A. (i)		45,912		38,205
Aguassanta Participações S.A.		332		29
Raízen Combustíveis S.A. (i)		10,824		6,263
Other		285		183
		57,353		44,680
Non-current assets
Preferred shares
Raízen Energia S.A. (i)		158,157		37,470
Raízen Combustíveis S.A.		34,716		27,523
		192,873		64,993
Financial operations
Rezende Barbosa (ii)		—		23,144
Other		—		2,253
		—		25,397
		192,873		90,390
Current liabilities
Corporate operations / agreements
Raízen Energia S.A. (i)		262,854		215,582
Raízen Combustíveis S.A. (i)		151,090		136,779
Other		2,861		3,610
		416,805		355,971

(i) Current andnon-current assets receivable from Raízen Energia and Raízen Combustíveis are, primarily, tax credits which will be reimbursed to the Company when realized. The preferred shares are used to Raízen reimburse Cosan, with preferential dividends, when the net operating loss is consumed in Raízen.

Current liabilities represent reimburse to Raízen Energia and Raízen Combustíveis related to expenses regarding legal disputes and other liabilities, generated before the formation of joint ventures, which are responsibility of Cosan S.A.

(ii) On September 13, 2019, the subsidiary Cosan and Rezende Barbosa S.A. Administração e Participações (“Rezende Barbosa”) entered into a Private Instrument for Settlement and Termination of Contracts and Other Covenants in which the balance of receivables was settled through the delivery of 1,908,783 and 477,196 shares of Cosan S.A. and Cosan Logística S.A., respectively, to the Company that were blocked in custody with a Financial Institution. The equity instruments received in this instrument represent an increase in the Company’s interest of 0.48% and 0.10% in Cosan S.A. and Cosan Logística, respectively. Additionally, during the period in which the shares held in custody remained blocked, such shares were not entitled to any dividends received, pursuant to the agreement in effect at the time, and the amount of R$20,751 recorded as dividends payable to this shareholder was reversed against retained earnings in subsidiary Cosan S.A.

F-28

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

b) Related party transactions

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Product sales
Raízen Energia S.A.		63,028			245,990			96,945			271,232
Raízen Combustíveis S.A		61,279			167,188			56,364			135,727
		124,307			413,178			153,309			406,959
Purchase of goods / inputs
Raízen Energia S.A.		(3,525	)		(5,926	)		(1,412	)		(1,599	)
Raízen Combustíveis S.A		(338,840	)		(917,212	)		(326,878	)		(882,297	)
Other		(789	)		(1,045	)		—			—
		(343,154	)		(924,183	)		(328,290	)		(883,896	)
Shared income (expense)
Raízen Energia S.A.		(18,185	)		(55,210	)		(18,162	)		(54,652	)
		(18,185	)		(55,210	)		(18,162	)		(54,652	)
Financial result
Usina Santa Luiza		—			(41	)		(60	)		(180	)
Raízen Energia S.A.		—			—			(349	)		4,184
Raízen Combustíveis S.A		1,556			4,316			1,510			1,510
Other		149			18			(19	)		—
		1,705			4,293			1,082			5,514

c) Officers’ and directors’ compensation

The Company has a compensation policy approved by the Board of Directors. Compensation of the Company’s key management personnel includes salaries,non-cash benefits and contributions to a post-employment defined benefit plan.

	Consolidated
	July 1, 2019 to September 30, 2019		January 1, 2019 to September 30, 2019		July 1, 2018 to September 30, 2018		January 1, 2018 to September 30, 2018
Short-term benefits to officers and directors		19,528		71,818		16,511		59,058
Post-employment benefits		44		520		217		678
Other long-term benefits		—		547		358		629
Benefits from termination of employment contract		—		1,193		—		—
Share-based payment transactions		2,263		10,021		16,380		22,562
		21,835		84,099		33,466		82,927

F-29

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

5.5 Loans, borrowings and debentures

	Interest
Description	Index		Annual interest rate		September 30, 2019		December 31, 2018		Maturity		Objective
With guarantee
BNDES		URTJLP		8.20%		2,350,724		2,584,347		Dec-29		Expansion project
		Fixed		5.36%		886,921		1,055,281		Feb-25		Expansion project
		TJ462		8.75%		187,897		316,854		Oct-20		Investment
		Selic		7.30%		94,412		152,562		Oct-20		Investment
		Selic		7.47%		55,084		63,852		Jun-23		Investment
		TJLP		7.95%		89,068		107,731		Jun-23		Investment
		TJLP		5.95%		1,786		—		Jun-23		Investment
		Selic		13.65%		1,894		3,930		Sep-20		Expansion project
		Fixed		4.28%		2,645		2,261		Jan-24		Expansion project
		IPCA		11.45%		2,404		2,211		Nov-21		Expansion project
Export credit agreemenmt (ECA)		Euribor + 0.58%		0.58%		71,252		—		Sep-26		Investment
EIB		U.S.$		3.88%		65,625		89,003		Jun-20		Investment
		U.S.$		2.94%		30,699		54,508		Sep-20		Investment
		U.S.$ + LIBOR		3.10%		99,803		115,581		May-21		Investment
		U.S.$ + LIBOR		2.66%		92,163		130,402		Sep-21		Investment
FINEP		Fixed		5.00%		93,464		93,309		Nov-22		Investment
						4,125,841		4,771,832
Without guarantee
Foreign loans		GBP + Libor		4.37%		367,045		363,250		Dec-22		Aquisition
		GBP + Libor		2.30%		221,818		199,794		Nov-20		Aquisition
		126% of CDI		8.13%		—		514,817		Dec-23		Exportation
		CDI + 0.80%		6.24%		504,629		—		Dec-23		Exportation
		125% of CDI		8.06%		—		646,024		Dec-23		Exportation
Perpetual Notes		U.S.$		8.25%		2,108,444		1,961,819		Nov-40		Aquisition
Resolution 4131		U.S.$		4.79%		32,433		39,738		Oct-20		Working capital
		U.S.$ + Libor		3.28%		167,055		156,387		Feb-20		Working capital
		U.S.$		3.67%		330,355		292,172		May-23		Working capital
		U.S.$		4.34%		41,992		41,033		Dec-20		Working capital
		U.S.$		2.92%		224,825		209,987		Nov-22		Working capital
Senior Notes Due 2023		U.S.$		5.00%		451,959		409,590		Mar-23		Aquisition
Senior Notes Due 2027		U.S.$		7.00%		3,351,226		2,977,721		Jan-27		Aquisition
Senior Notes Due 2024		U.S.$		7.38%		3,413,079		3,061,566		Feb-24		Aquisition
Senior Notes Due 2024		U.S.$		5.95%		940,813		2,022,793		Sep-24		Aquisition
Senior Notes Due 2025		U.S.$		5.88%		2,246,648		1,997,394		Jan-25		Aquisition
Senior Notes Due 2029		Fixed		5.50%		3,129,364		—		Sep-29		Aquisition
Commercial banks		Fixed U.S.$		0.00%		—		15,499		Jun-20		Working capital
Working capital		120.25% of CDI		6.53%		32,566		30,828		Aug-20		Working capital
		124.60% of CDI		6.77%		15,126		—		Feb-20		Working capital
		125% of CDI		6.79%		5,117		5,018		Dec-19		Working capital
		122% of CDI		7.86%		—		15,402		Apr-20		Working capital
Bank overdrafts		125.5% of CDI		6.82%		8,783		—		Aug-20		Working capital
Prepayment		U.S.$+Libor		3.64%		4,196		11,706		Apr-20		Working capital
Debentures		IGPM + 6,10%		11.59%		239,842		228,010		May-28		Working capital
		IPCA + 5.57%		9.22%		103,909		203,613		Sep-20		Working capital
		IPCA + 7.14%		10.85%		331,521		305,894		Dec-20		Working capital
		IPCA + 7.48%		11.20%		298,760		275,014		Dec-22		Working capital
		IPCA + 7.36%		11.07%		98,398		90,656		Dec-25		Working capital
		IPCA + 5.87%		9.53%		873,137		767,638		Dec-23		Working capital
		IPCA + 4.33%		7.94%		440,742		414,583		Oct-24		Working capital
		IPCA + 4.68%		8.30%		552,177		—		Feb-26		Working capital
		IPCA + 4.50%		8.12%		642,150		—		Feb-29		Working capital
		106 % of CDI		5.73%		1,704,008		—		Feb-21		Aquisition
		128 % of CDI		8.26%		—		501,064		Dec-25		Working capital
		CDI + 0.90%		0.00%		—		43,471		Sep-19		Working capital
						22,882,117		17,802,481
Total						27,007,958		22,574,313
Current						3,378,585		2,115,305
Non-current						23,629,373		20,459,008

F-30

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

Non-current borrowings are scheduled to fall due as follows:

	September 30, 2019		December 31, 2018
13 to 24 months		2,100,591		2,113,502
25 to 36 months		1,097,499		1,310,790
37 to 48 months		1,751,347		1,201,227
49 to 60 months		5,717,000		2,429,146
61 to 72 months		3,069,050		5,783,465
73 to 84 months		343,965		2,332,961
85 to 96 months		3,689,565		475,964
Thereafter		5,860,356		4,811,953
		23,629,373		20,459,008

The carrying amounts of loans, borrowings and debentures are denominated in the following currencies:

	September 30, 2019		December 31, 2018
Reais (R$)		9,617,162		8,424,373
Dollar (U.S.$)		16,730,681		13,586,897
Pound (GBP)		588,863		563,043
Euro (€)		71,252		—
	27,007,958		22,574,313

At September 30, 2019, all dated debts denominated in U.S. Dollars, in the subsidiaries, have currency risk protection through derivatives (Note 5.8).

Below are the movements that occurred for the period ended September 30, 2019:

At December 31, 2018	22,574,313
Raised	5,843,052
Amortization of principal on loans, borrowings and debentures	(3,558,946	)
Payment of interest on loans, borrowings and debentures	(1,142,512	)
Interest, exchange rate and fair value	3,292,051
At September 30, 2019	27,007,958

a) Guarantees

Some financing agreements with the BNDES (Banco Nacional de Desenvolvimento Econômico e Social), of the subsidiaries Comgás and Rumo, are guaranteed by bank guarantee, or by real guarantees (assets) and escrow account. On September 30, 2019, the balance of bank guarantees contracted was R$650,797 and R$2,009,745 with an average cost of 0.98% p.a. and 1.16% p.a., respectively (R$1,195,048 and R$2,475,175 as of December 31, 2018).

F-31

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

b) Available credit line

As of September 30, 2019, the subsidiary Rumo had available credit lines from BNDES, which were not used, in the total amount of R$1,935,490 (R$2,108,824 on December 31, 2018).

As of September 30, 2019, the subsidiary Cosan S.A. had available credit lines from financial institutions AA, which were not used, in the total amount of R$501,000 (R$ 501,000 on December 31, 2018).

The use of these credit lines is subject to certain contractual conditions.

c) Senior notes

On July 31, 2019, the Company issued senior notes due 2029 (“Notes 2029”) in the international market, totaling U.S.$ 750,000 thousand, maturing in September 2029 and yielding 5.50% interest per year, paid semiannually. The Company used part of the proceeds in August 2019 to make a partial prepayment in the international market of Senior Notes due 2024 (“Notes 2024”), in the total amount of U.S.$ 296,814 thousand, leaving the market of U.S.$ 203,186 thousand, the remaining funds will be used for general corporate purposes.

d) Financial Covenants

Under the terms of the major borrowing facilities, the Company is required to comply with the following financial covenants:

Debt	Triggers	Ratios
3rd Issue debenture – Comgás	Net onerous debt / EBITDA can not exceed 4.00	0.71
	Short-term indebtedness / Total indebtedness can not exceed 0.6	0.17
4rd Issue debenture – Comgás	Net onerous debt / EBITDA can not exceed 4.00	0.71
	Short-term indebtedness / Total indebtedness can not exceed 0.6	0.17
5rd Issue debenture – Comgás	Net onerous debt / EBITDA can not exceed 4.00	0.71
6rd Issue debenture – Comgás	Net onerous debt / EBITDA can not exceed 4.00	0.71
6rd Issue debenture – Comgás	Net onerous debt / EBITDA can not exceed 4.00	0.71
7rd Issue debenture – Comgás	Net onerous debt / EBITDA can not exceed 4.00	0.71
Senior Notes Due 2024 – Cosan Limited	Pro forma(i) / EBITDA not higher than or equal to 3.5	2.1
Senior Notes Due 2029 – Cosan Limited	Pro forma(i) / EBITDA not higher than or equal to 3.5	2.1
Senior Notes Due 2024 – Rumo	Net debt / EBITDA not higher than or equal to 4.0	2.2
Senior Notes Due 2025 – Rumo	Net debt / EBITDA not higher than or equal to 4.0	2.2
Senior Notes Due 2027 – Cosan	Net debt (i)|(ii) / EBITDA not higher than or equal to 3.5	1.8
BNDES – Rumo	Net Financial Debt / EBITDA not higher than or equal 4.0x in December 2018	2.06
BNDES – Rumo	EBITDA / Consolidated Financial Result not higher than or equal 1.40x in December 2018	2.68
2rd Issue debenture – Cosan	Net debt / EBITDA not higher than or equal to 4.5	1.8

(i) Net debt and EBITDApro forma, including joint ventures numbers.

(ii) The effects of initial recognition of IFRS 16 are not part of triggers measures for financial covenants purposes.

For the other loans, borrowings and debentures of the Company there are no financial clauses.

As at September 30, 2019, the Company and its subsidiaries were in compliance with all debt financial covenants.

F-32

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

e) Fair value and exposure to financial risk

The fair value of the loans is based on the discounted cash flow using its implicit discount rate. They are classified as a level 2 fair value in the hierarchy (Note 5.9) due to the use of unobservable data, including own credit risk.

The details of the Company’s exposure to risks arising from loans are shown in note 21.

5.6 Leases

Leases liabilities as at September 30, 2019 and its related movements for the period ended are as follows:

	Finance			Operational			Total
At January 1, 2019		553,350			—			553,350
Initial recognition of IFRS 16		—			1,480,323			1,480,323
Additions (i)		—			2,775,952			2,775,952
Recognition of interest		65,714			308,792			374,506
Transfer of liabilities		—			(90,071	)		(90,071	)
Payment of principal		(104,962	)		(253,972	)		(358,934	)
Payment of interest		(57,142	)		(90,947	)		(148,089	)
Contracts monetary correction		—			38,073			38,073
At September 30, 2019		456,960			4,168,150			4,625,110
Current		100,341			448,277			548,618
Non-Current		356,619			3,719,873			4,076,492
		456,960			4,168,150			4,625,110

(i) Refers mainly to the north-south railway agreement signed by subsidiary Rumo S.A. on July 31, 2019 (Note 10.3).

The lease agreements have varying expirations, with last due to expire in June 2043. The amounts are adjusted annually for inflation rates (as general market price index, orIGP-M, and Brazilian consumer price index, or IPCA) or may incur interest based on the TJLP or CDI and some contracts have renewal or purchase options.

5.7 Trade payables

The carrying amounts of trade and other payables are the same as their fair values, due to their short-term nature.

	September 30, 2019		December 31, 2018
Natural gas suppliers		941,233		838,105
Materials and service suppliers		1,241,245		1,073,227
Other		15,395		12,588
		2,197,873		1,923,920

F-33

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

5.8 Derivative financial instruments

To protect the Company’s exposure to risk were are using observable data such as quoted prices in active markets, or discounted cash flow based on market curves, and the consolidated data are presented below:

	Notional				Fair value
	September 30, 2019		December 31, 2018		September 30, 2019			December 31, 2018
Exchange rate derivatives
Forward agreements		—		907,832		—			1,719
Interest rate and exchange rate risk
Swap agreements (interest rate)		2,759,222		2,114,926		635,422			394,497
Swap agreements (exchange and interest rate)		10,973,396		11,896,908		3,640,661			2,126,927
		13,732,618		14,011,834		4,276,083			2,521,424
Total financial instruments						4,276,083			2,523,143
Assets						4,332,069			2,548,857
Liabilities						(55,986	)		(25,714	)

Derivatives are only used for economic hedging purposes and not as speculative investments.

Currently the Company has adopted the hedge accounting of fair value for some its operations that both the hedging instruments and the hedged items are accounted for at fair value through profit or loss. Operations and accounting effects of this adoption are as follows:

	Debt (i)			Derivative (ii)		Total
At December 31, 2018		(8,464,516	)		1,344,589		(7,119,927	)
Interest amortization		232,392			11,675		244,067
Fair value		(546,775	)		392,798		(153,977	)
At September 30, 2019		(8,778,899	)		1,749,062		(7,029,837	)

(i) Loans, borrowings and debentures (Note 5.5)

(ii) Derivate financial instruments

F-34

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

5.9 Recognized fair value measurements

The market value of the Senior Notes are listed on the Luxembourg Stock Exchange (Note 5.5) is based on their quoted market price are as follows:

	Company	September 30, 2019		December 31, 2018
Senior Notes 2023	Cosan S.A.		101.41%		96.86%
Senior Notes 2024	Rumo Luxembourg		105.77%		104.27%
Senior Notes 2024	Cosan Limited		104.90%		98.55%
Senior Notes 2029	Cosan Limited		102.77%		—
Senior Notes 2025	Rumo Luxembourg		108.00%		94.94%
Senior Notes 2027	Cosan S.A.		109.24%		101.15%
Perpetual Notes	Cosan S.A.		103.60%		101.21%

All of the resulting fair value estimates are included in level 2 except for a contingent consideration payable where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk.

The carrying amounts and fair value of financial assets and financial liabilities are as follows:

									Assets and liabilities measured at fair value
			Carrying amount						September 30, 2019								December 31, 2018
	Note		September 30, 2019			December 31, 2018			Level 1		Level 2			Level 3			Level 2			Level 3
Assets
Investment funds		5.1		2,016,645			1,600,590			—		2,016,645			—			1,600,590			—
Marketable securities		5.2		2,353,433			4,202,835			—		2,353,433			—			4,202,835			—
Other financial assets (i)				473,203			—			327,442		—			145,761			—			—
Derivate financial instruments		5.8		4,332,069			2,548,857			—		4,332,069			—			2,548,857			—
Total				9,175,350			8,352,282			327,442		8,702,147			145,761			8,352,282			—
Liabilities
Loans, borrowings and debentures		5.5		(13,539,105	)		(12,569,126	)		—		(13,539,105	)		—			(12,569,126	)		—
Consideration payable (ii)				(77,400	)		(64,969	)		—		—			(77,400	)		—			(64,969	)
Derivative financial instruments		5.8		(55,986	)		(25,714	)		—		(55,986	)		—			(25,714	)		—
Total				(13,672,491	)		(12,659,809	)		—		(13,595,091	)		(77,400	)		(12,594,840	)		(64,969	)

(i) Refers to the consideration receivable, which considers the achievement of Moove’s EBITDA target for 2018 and 2019. Since the 2018 EBITDA target has been met and Moove’s approved budget points to the 2019 EBITDA target. Therefore, the fair value as the entire consideration receivable, recognized in other financial assets in the amount of R$145,761.

(ii) Refers to the obligations of the Moove subsidiary with ExxonMobil. The consideration payable considers the present value of the expected payments, discounted at a risk-adjusted rate. The expected payment is determined considering the most likely scenario of revenues and projected EBITDA, which in turn determine the cash generation capacity. Significant unobservable inputs are the forecast annual revenue growth rate, EBITDA margin forecast and the 13% risk-adjusted discount rate.

F-35

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

6 Other current andnon-current tax receivables

	September 30, 2019		December 31, 2018
COFINS—Revenue tax (i)		774,733		646,135
ICMS—State VAT		626,918		575,494
ICMS CIAP—State VAT		150,800		183,845
PIS—Revenue tax (i)		204,199		169,460
Credit installment		41,236		40,261
Other		41,894		32,496
		1,839,780		1,647,691
Current		976,062		796,199
Non-Current		863,718		851,492

(i) Subsidiary Cosan S.A. recognized R$321,840 in other taxes recoverable (partially already compensated), with a corresponding entry of R$239,147 in other revenues and R$82,693 in financial income (Note 20). Of which: (i) R$194,176 (R$156,855 in other income and R$37,321 in financial income) arising from the Company’s obtained a final and unappealable decision exclusion of a tax on sales and services which applies to ICMS, from the calculation basis of PIS and COFINS on June 7, 2019 with regards to the period from 2003; and (ii) R$79,519 (R$40,238 in other revenues and R$39,281 in financial income) in the subsidiary CLE relating to Hydrated Alcohol (product subject toAd Rem) from October, 2008 to March, 2011 which the rights belongs to Cosan’s subsidiary. In addition, the subsidiary Comgás recognized certain credits deriving from PIS and COFINS contributions in the amount of R$23,773 as “Other revenues.”

7 Inventories

	September 30, 2019		December 31, 2018
Finished goods		466,072		389,896
Raw material for construction process		46,805		45,397
Fuels and lubricants		6,055		6,224
Spare parts and accessories		224,075		224,005
Warehouse and others		63,245		50,768
		806,252		716,290

F-36

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

8 Investments in associates

8.1 Investments in subsidiaries and associates

Cosan’s subsidiaries are listed below:

	September 30, 2019		December 31, 2018
Directly owned subsidiaries
Cosan Logística S.A.		73.46%		72.50%
Cosan S.A.		60.23%		60.25%
Cosan Limited Partners Brasil Consultoria Ltda.		60.00%		60.00%
Sinlog Tecnologia em Logística S.A.		50.00%		0.00%
Interest of Cosan S.A. in its subsidiaries
Comgás (iii)		99.15%		80.12%
Cosan Lubes Investments Limited		70.00%		100.00%
Cosan Biomassa S.A. (i)		100.00%		100.00%
Cosan Cayman II Limited		100.00%		100.00%
Cosan Global Limited		100.00%		100.00%
Cosan Investimentos e Participações S.A.		100.00%		100.00%
Cosan Luxembourg S.A. (i)		100.00%		100.00%
Cosan Overseas Limited		100.00%		100.00%
Pasadena Empreendimentos e Participações S.A. (i)		100.00%		100.00%
Payly Soluções de Pagamentos S.A. (ii)		75.00%		100.00%
Rumo S.A.		1.71%		1.71%
Cosan Logística S.A.		0.10%		0.10%
Interest of Cosan Lubes Investments Limited in its subsidiaries
Moove Lubricants Limited		100.00%		100.00%
Cosan Cinco S.A.		100.00%		100.00%
Airport Energy Limited		100.00%		100.00%
Airport Energy Services Limited		100.00%		100.00%
Wessesx Petroleum Limited		100.00%		100.00%
Stanbridge		100.00%		100.00%
TTA		75.00%		75.00%
Cosan Lubrificantes S.R.L.		100.00%		100.00%
LubrigrupoII		100.00%		100.00%
Commercial Lubricants Moove Corp		100.00%		100.00%
Cosan Lubrificantes e Especialidades S.A.		100.00%		100.00%
Cosan Paraguay S.A.		100.00%		100.00%
Cosan US, Inc.		100.00%		100.00%
Ilha Terminal Distribuição de Produtos Químicos		100.00%		100.00%
Zip Lube S.A.		100.00%		100.00%

F-37

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	September 30, 2019		December 31, 2018
Interest of Cosan Logística S.A. in its subsidiaries
Rumo S.A.		28.47%		28.47%
Logispot Armazéns Gerais S.A.		14.52%		14.52%
Elevações Portuárias S.A.		28.47%		28.47%
Rumo Luxembourg Sarl		28.47%		28.47%
Rumo Intermodal S.A.		28.47%		28.47%
Rumo Malha Oeste S.A.		28.47%		28.47%
Rumo Malha Paulista S.A.		28.47%		28.47%
Rumo Malha Sul S.A.		28.47%		28.47%
Rumo Malha Norte S.A.		28.40%		28.40%
Rumo Malha Central S.A.		28.47%		0.00%
Boswells S.A.		28.47%		28.47%
ALL Argentina S.A.		28.47%		28.47%
Paranaguá S.A.		28.47%		28.47%
ALL Armazéns Gerais Ltda.		28.47%		28.47%
Portofer Ltda.		28.47%		28.47%
Brado Logística e Participações S.A.		17.71%		17.71%
Brado Logística S.A.		17.71%		17.71%
ALL Mesopotâmica S.A.		20.09%		20.09%
ALL Central S.A.		20.94%		20.94%
Servicios de Inversión Logística Integrales S.A		28.47%		28.47%

(i) Management has concluded that there are no material uncertainties that cast doubt on the continuity of the subsidiaries. Although they had a combined amount of uncovered liabilities of R$239,291 as of September 30, 2019, no events or conditions were identified that individually or collectively could raise significant doubts related to their ability to maintain their operational continuity. The subsidiaries have the financial support of the Company.

(ii) In the quarter under review, 25% of Payly’s share capital was sold, generating a capital increase of R$11,215, without loss of control.

(iii) On July 1, 2019, the subsidiary Comgás, at the Extraordinary General Meeting (AGE), approved a capital reduction of R$1,500,000 with cash refund. The capital reduction will only take effect after the following conditions are met: (i) 60 days for the creditors to oppose the laws; and (ii) debenture holders consent.

F-38

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

Set out below are the associates as at September 30, 2019 which are material to the Company:

	Shares issued by the associate		Shares held by Cosan		Cosan ownership interest		Economic benefit (%)
Radar II Propriedades Agrícolas S.A.		81,440,221		24,920,708		51.00%		3.00%
Radar Propriedades Agrícolas S.A.		1,735,703		531,125		51.00%		2.51%
Tellus Brasil Participações S.A.		120,920,492		61,359,624		50.74%		5.00%
Janus Brasil Participações S.A.		136,928,272		6,936,167		50.77%		5.00%
Novvi Limited Liability Company		1,350,721		159,210		11.79%		11.79%

	At January 1, 2019		Interest in earnings of subsidiaries			Sales or purchase of interests		Other comprehensive income			Dividends			Increase/ reduction of capital		Other			At September 30, 2019		Interest in earnings (losses) of associates in September 30, 2018
Tellus Brasil Participações S.A.		101,109		2,495			—		—			(2,048	)		—		—			101,556		2,568
Novvi Limited Liability Company		13,449		969			—		(136	)		—			—		—			14,282		282
Janus Brasil Participações S.A.		93,821		3,173			—		—			(1,530	)		26,045		—			121,509		4,500
Radar Propriedades Agrícolas S.A		59,584		485			—		81			—			—		—			60,150		932
Radar II Propriedades Agrícolas S.A		32,236		973			—		16			(199	)		—		—			33,026		618
Usina Santa Luiza S.A.		29,209		(29,209	)		—		—			—			—		—			—		(203	)
Other		49,111		11,091			—		—			—			—		(6,965	)		53,237		8,331
		378,519		(10,023	)		—		(39	)		(3,777	)		26,045		(6,965	)		383,760		17,028

F-39

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

8.2 Non-controlling interests in subsidiaries

Set out below is summarized financial information for each subsidiary that hasnon-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company elimination.

	Shares issued by the subsidiary		Shares held by non-controlling shareholders		Non-controlling interest
Comgás		132,520,587		1,124,363		0.85%
Logispot		2,040,816		1,000,000		49.00%
Rumo		1,559,015,898		1,115,164,072		71.53%
Brado Participações		12,962,963		4,897,407		37.78%
Rumo Malha Norte		1,189,412,363		3,144,187		0.26%
Cosan Lubes Investment		34,963,764		10,489,129		30.00%
Cosan S.A.		398,904,353		156,000,696		39.11%
Cosan Logística S.A.		463,224,241		123,137,293		26.58%
TTA		10,521		2,630		25.00%

The following table summarizes the information relating to each of the Company’s subsidiaries that has materialnon-controlling interests, before any intra-group elimination.

F-40

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	At January 1, 2019		Interest in earnings of subsidiaries		Sales or purchase of interests			Other comprehensive income			Dividends			New standards adopted by Company – Note 3.1			Other			At September 30, 2019		Interest in earnings (losses) of associates in September 30, 2018
Cosan S.A.		3,765,964		583,476		(382,708	)		(61,243	)		—			—			(1,789	)		3,903,700		120,364
Cosan Logística S.A.		630,333		42,035		(21,565	)		299			—			(37,374	)		328			614,056		10,162
Comgás (i)		987,358		37,566		(972,988	)		—			—			—			99			52,035		84,014
Cosan Lubes Investment (ii)		—		22,096		451,267			(9,212	)		—			—			—			464,151		—
Rumo S.A.		5,929,151		413,547		—			2,760			—			(340,050	)		5,221			6,010,629		98,928
Logispot Armazéns Agrícolas S.A.		34,656		12		—			—			—			—			—			34,668		(449	)
Other		7,491		27,515		5,232			1,008			(4,193	)		—			(7,852	)		29,201		5,537
		11,354,953		1,126,247		(920,762	)		(66,388	)		(4,193	)		(377,424	)		(3,993	)		11,108,440		318,556

Corporate transactions during the period ended September 30, 2019.

(i) In the period ended June 30, 2019, the subsidiary Cosan S.A. concluded the public offerings (Voluntary Tender Offer) for the acquisition of outstanding preferred shares and common shares issued by Comgás. The Company disbursed R$2,066,105 and recognized goodwill on capital transactions of R$1,091,753, recorded in the Company’s shareholders’ equity. This transaction also generated a loss of R$1,093,117 for noncontrolling interest.

(ii) As disclosed in Note 1, an investment agreement was entered into between CLI and CVC, in which an amount of R$562,000 was made through the issuance of new common shares representing approximately 30% of Moove’s capital stock. Of this total, Moove received R$434,000, in addition to an amount related to a fair value of approximately R$128,000 until 2021, once the targets agreed upon in the agreement were met, without any change in the ownership interest. The effect of the change of participation recognized by the Company was R$124,905, consisting of the loss of participation with the entry of a new investor in the amount of R$(268,495) and the capital contribution in its new proportion of participation, in the amount of R$393,400.

F-41

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

9 Investments in joint ventures

Changes to investments in joint ventures were as follows:

	Raízen Combustíveis S.A.			Raízen Energia S.A.			Total
Shares issued by the joint venture		1,661,418,472			7,243,283,198
Shares held by Cosan		830,709,236			3,621,641,599
Cosan ownership interest		50%			50%
Interest in earnings of joint ventures as at September 30, 2018		380,939			51,263			432,202
At January 1, 2019		3,104,613			4,973,294			8,077,907
Interest in earnings of joint ventures (i)		563,987			(53,559	)		510,428
Other comprehensive (losses) income		37,522			(193,355	)		(155,833	)
Interest on capital		(63,500	)		—			(63,500	)
Dividends		(458,397	)		(352,314	)		(810,711	)
At September 30, 2019		3,184,225			4,374,066			7,558,291

(i) Includes amount of R$30,040, related to the effect of the adoption of IFRS 16 by the jointly-controlled subsidiaries, as described in Note 3.1, and, includes the amount of R$135,330 related to the recognition of ICMS in the calculation of the tax base of PIS and COFINS.

The statement of financial position and statement of profit or loss of the joint ventures are disclosed in Note 4 – Segment information.

At September 30, 2019, the Company was in compliance with the covenants of the agreements governing the Joint Ventures.

F-42

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

10 Property, plant and equipment, intangible assets, goodwill andright-of-use assets

10.1 Property, plant and equipment

a) Reconciliation of carrying amount

	Consolidated
	Land, buildings and improvements			Machinery, equipment and facilities			Railcars and locomotives (i)			Permanent railways			Construction in progress			Other			Total
Cost
At December 31, 2018		1,243,427			1,045,570			6,508,748			6,127,139			1,054,128			400,767			16,379,779
Transfers toright-of-use assets		(130,000	)		(2,538	)		(1,244,787	)		—			—			—			(1,377,325	)
At January 1, 2019		1,113,427			1,043,032			5,263,961			6,127,139			1,054,128			400,767			15,002,454
Additions		125			1,791			30,681			40			1,347,777			2,149			1,382,563
Disposals		(3,495	)		(11,129	)		(104,637	)		—			(1,352	)		(23,889	)		(144,502	)
Transfers		60,535			188,662			642,008			509,878			(1,173,710	)		(1,339	)		226,034
Effect of exchange rate fluctuations		1,873			10			—			—			1,315			(73	)		3,125
At September 30, 2019		1,172,465			1,222,384			5,832,013			6,637,057			1,228,158			377,615			16,469,692
Depreciation
At December 31, 2018		(351,161	)		(443,209	)		(1,743,714	)		(1,406,964	)		(10,842	)		(6,067	)		(3,961,957	)
Transfers toright-of-use assets		50,450			2,532			462,748			—			—			—			515,730
At January 1, 2019		(300,711	)		(440,677	)		(1,280,966	)		(1,406,964	)		(10,842	)		(6,067	)		(3,446,227	)
Additions		(57,749	)		(100,683	)		(482,239	)		(462,783	)		—			(21,059	)		(1,124,513	)
Disposals		131			10,939			103,916			6			—			18,743			133,735
Transfers		6,503			(5,379	)		(117,608	)		(2,233	)		2,335			10,283			(106,099	)
Effect of exchange rate fluctuations		242			761			—			—			—			181			1,184
At September 30, 2019		(351,584	)		(535,039	)		(1,776,897	)		(1,871,974	)		(8,507	)		2,081			(4,541,920	)
At December 31, 2018		892,266			602,361			4,765,034			4,720,175			1,043,286			394,700			12,417,822
At September 30, 2019		820,881			687,345			4,055,116			4,765,083			1,219,651			379,696			11,927,772

(i) On September 30, 2019 and December 31, 2018, wagons and locomotives in the amount of R$745,203 were placed on bail to guarantee bank loans (Note 5.5).

F-43

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

10.2 Intangible assets and goodwill

	Consolidated
	Goodwill		Concession rights			Operating license			Trademarks			Customer relationships			Other			Total
Cost
At December 31, 2018		883,234		17,510,303			435,624			37,877			742,863			491,769			20,101,670
Additions		96		—			—			—			57,888			6,322			64,306
Disposals		—		(49,321	)		—			—			(145	)		(199	)		(49,665	)
Transfers		813		331,093			171			—			(704	)		21,741			353,114
Effect of exchange rate fluctuations		12,050		—			—			6,751			(1,045	)		(406	)		17,350
At September 30, 2019		896,193		17,792,075			435,795			44,628			798,857			519,227			20,486,775
Amortization
At December 31, 2018		—		(2,383,823	)		(224,356	)		—			(314,619	)		(206,337	)		(3,129,135	)
Additions		—		(376,510	)		(8,822	)		(9,201	)		(74,239	)		(31,367	)		(500,139	)
Disposals		—		26,577			—			—			106			66			26,749
Transfers		—		347			—			—			(3,626	)		(511	)		(3,790	)
Effect of exchange rate fluctuations		—		—			—			—			797			(821	)		(24	)
At September 30, 2019		—		(2,733,409	)		(233,178	)		(9,201	)		(391,581	)		(238,970	)		(3,606,339	)
At December 31, 2018		883,234		15,126,480			211,268			37,877			428,244			285,432			16,972,535
At September 30, 2019		896,193		15,058,666			202,617			35,427			407,276			280,257			16,880,436

a) Capitalization of borrowing costs

Capitalized borrowing costs for the period ended September 30, 2019, R$13,683 was capitalized at an average rate of 7.95% p.a. (R$7,002 and 8.05 % p.a. on September 30, 2018).

F-44

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

b) Amortization methods and useful lives

Intangible assets (excluding goodwill)	Annual rate of amortization %		September 30, 2019		December 31, 2018
Comgás (i)		Concession term		8,030,275		8,007,412
Rumo (ii)		Concession term		7,028,391		7,119,068
				15,058,666		15,126,480
Operating license for port terminal (iii)		3.70%		202,617		211,268
Trademarks:
Comma		Undefined		35,427		37,877
				35,427		37,877
Customers relationship:
Comgás		20.00%		137,445		149,890
Moove		6.00%		269,831		278,354
				407,276		428,244
Other
Software license		20.00%		167,056		168,892
Other				113,201		116,540
				280,257		285,432
Total				15,984,243		16,089,301

(i) Refers to the intangible asset for the public gas distribution service concession, which represents the right to charge users for the supply of gas, comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets;

(ii) Refers to the concession right agreement of Rumo Malha Norte S.A., which will be amortized until the end of the concession in 2079;

(iii) Port operating license and customer relationships of Rumo S.A., from the business combinations.

c) Impairment testing of cash-generating units (“CGU”) goodwill

The Company annually tests recoverable amounts of goodwill arising from business combination operations. Property, plant and equipment and defined-intangible assets that are subject to depreciation and amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

During the period ended September 30, 2019, no impairment indicators were identified that would require the review of the last test conducted at December 31, 2018.

F-45

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

10.3 Right-of-use assets

As mentioned in the operating context, subsidiary Rumo S.A. has signed concession agreement through Rumo Malha Central S.A., which guarantees the right to operate the railway network for a period of 30 years from the date of signature on July 31, 2019. Adjusted in accordance with contractual parameters, the auction value was registered as a right of use of railway infrastructure in the amount of R$2,904,778. The lease liability in the amount of R$2,759,539 represents the present value of future installments, using the implied contract rate. The auction provided for cash payment of 5% of R$145,239. This transaction is the main addition of the year, as we can see in the movement tables:

	Land, buildings and improvements			Machinery, equipment and facilities			Railcars and locomotives			Software			Vehicles			Port and rail infrastructure			Total
Cost:
Initial recognition of IFRS 16		109,255			8,888			41,884			66,931			13,085			792,615			1,032,658
Transfers from property, plant and equipment and other assets (i)		130,000			2,538			1,244,787			—			—			50,168			1,427,493
At January 1, 2019		239,255			11,426			1,286,671			66,931			13,085			842,783			2,460,151
Additions—moneraty correction		12,641			3,040			552			—			1,257			2,910,931			2,928,421
Contract remeasurement		(4,262	)		(956	)		—			—			—			—			(5,218	)
Transfers		(25,138	)		22,600			(249,744	)		(1,219	)		—			1,563			(251,938	)
Currency translation adjustments		(334	)		—			—			—			—			—			(334	)
At September 30, 2019		222,162			36,110			1,037,479			65,712			14,342			3,755,277			5,131,082
Amortization:
Transfers from property, plant and equipment (i)		(50,450	)		(2,532	)		(462,748	)		—			—			—			(515,730	)
Impairment (ii)		—			—			—			—			—			(131,541	)		(131,541	)
At January 1, 2019		(50,450	)		(2,532	)		(462,748	)		—			—			(131,541	)		(647,271	)
Additions		(12,738	)		(5,360	)		(6,709	)		(5,962	)		(4,793	)		(74,860	)		(110,422	)
Transfers		(2,411	)		2,532			115,791			1,219			2			—			117,133
Currency translation adjustments		54			—			—			—			—			—			54
At September 30, 2019		(65,545	)		(5,360	)		(353,666	)		(4,743	)		(4,791	)		(206,401	)		(640,506	)
At January 1, 2019		188,805			8,894			823,923			66,931			13,085			711,242			1,812,880
At September 30, 2019		156,617			30,750			683,813			60,969			9,551			3,548,876			4,490,576

(i) As at January 1, 2019, the Company transferred property, plant and equipment in the amount of R$861,595 (R$1,377,325 as cost and R$515,730 of cumulated depreciation) to theright-of-use assets, as result of initial recognition of IFRS 16. Transferred assets also consider amount of R$50,168 related to advances performed at the beginning of concession, previously presented as other assets.

(ii) During year ended December 31, 2018, Malha Oeste, a Rumo subsidiary, recognized impairment on its long lived assets. As result of initial recognition of IFRS 16, Malha Oeste also recognized impairment on its relatedright-of-use assets.

F-46

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

11 Concession payables

	September 30, 2019						December 31, 2018
	Leases		Concessions		Total		Total
Payables
Rumo Malha Sul		—		36,032		36,032		60,761
Rumo Malha Paulista		—		19,545		19,545		45,892
		—		55,577		55,577		106,653
Court discussion
Rumo Malha Paulista		1,830,620		—		1,830,620		1,695,770
Rumo Malha Oeste		1,412,312		85,918		1,498,230		1,406,145
	3,242,932		85,918		3,328,850		3,101,915
Total		3,242,932		141,495		3,384,427		3,208,568
Current						9,392		28,797
Non-current						3,375,035		3,179,771

Judicial deposits at September 30, 2019 and December 31, 2018 concerning the above claims totaled:

	September 30, 2019		December 31, 2018
Rumo Malha Paulista		119,806		119,806
Rumo Malha Oeste		20,803		20,690
		140,609		140,496

The judicial deposits are recorded in the “regulatory” group, as described in Note 14.

12 Other taxes payable

	September 30, 2019		December 31, 2018
Tax amnesty and refinancing program—Refis		225,085		216,984
ICMS – State VAT		218,167		96,793
COFINS—Revenue tax		90,455		47,017
PIS—Revenue tax		21,260		7,654
ISS—Service tax		4,189		4,666
IOF—Financial tax		627		1,318
INSS—Social security		11,531		7,337
Other		31,786		18,417
		603,100		400,186
Current		447,616		245,587
Non-Current		155,484		154,599

F-47

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

13 Income tax and social contribution

a) Reconciliation of income and social contribution tax expenses

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Profit before taxes		1,531,405			2,807,162			392,586			696,940
Income tax and social contribution nominal rate (34%)		(520,678	)		(954,434	)		(133,139	)		(237,960	)
Adjustments to determine the effective rate					—
Interest in earnings of investees(non-taxable income)		52,096			168,557			29,063			152,738
Differences in tax rates on earnings / losses of overseas companies		10,252			(28,404	)		2,288			1,689
Granted income tax incentive		65,882			137,985			11,287			—
Share-based payment transactions		19,025			18,472			(1,017	)		(2,940	)
Interest on shareholders’ equity		(6,443	)		(21,233	)		(8,160	)		(21,590	)
Non-deductible expenses (donations, gifts, etc.)		(697	)		(8,383	)		3,230			(1,416	)
Tax losses not recorded (i)		(18,586	)		(86,963	)		(21,758	)		(89,141	)
Goodwill amortization effect		318			953			463			1,390
Tax effects of discounts granted —PERT		—			—			—			110
Other		11,336			47,290			14,076			9,719
Income tax and social contribution benefit (expense)—current and deferred		(387,495	)		(726,160	)		(103,667	)		(186,401	)
Effective rate—%		25.30			25.87			26.47			26.75

392,586

(133,139)

(i) Refers mainly to tax losses not recorded in subsidiaries of Rumo which under current conditions do not attend the requirements of future taxable profits that justify the recognition of the deferred tax assets. In accordance with Brazilian Federal Taxes rules those losses do not expire.

F-48

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

b) Deferred income tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are presented below:

	September 30, 2019			December 31, 2018
Assets credit of:
Income tax loss carry forwards		2,204,804			2,190,068
Social contribution tax loss carry forwards		800,490			801,866
Temporary differences
Foreign exchange—Loans and borrowings		1,054,391			789,220
Legal proceedings provision		428,695			396,577
Impairment provision		213,667			241,083
Provisions for employee benefits		189,719			175,178
Allowance for doubtful accounts		26,745			30,327
Regulatory asset (liability)		55,306			59,597
Impairment of tax credit		78,373			74,900
Share-based payment transactions		8,396			5,246
Profit sharing		52,022			51,601
Interest on preferred shareholders payable in subsidiaries		101,658			155,562
Property, plant and equipment—useful life review		372,487			277,925
Temporary differences		232,218			208,104
Other		71,325			67,991
Total		5,890,296			5,525,245
(-) Deferred taxes assets not recognized		(2,300,467	)		(2,104,742	)
Liabilities credit of:
Temporary differences
Business combination—property, plant and equipment		34,291			63,574
Tax deductible goodwill		(390,249	)		(389,679	)
Lease		(45,754	)		(228,055	)
Concession contract		(6,345	)		(6,745	)
Unrealized gains on derivatives instruments		(1,080,507	)		(664,841	)
Fair value option in loans		196,387			57,298
Income on formation of joint ventures		(1,151,434	)		(1,135,036	)
Business combination—Intangible asset		(3,691,440	)		(3,725,546	)
Other		134,449			56,201
Total		(6,000,602	)		(5,972,829	)
Total of deferred taxes recorded		(2,410,773	)		(2,552,326	)
Deferred income tax—Assets		1,560,885			1,540,693
Deferred income tax—Liabilities		(3,971,658	)		(4,093,019	)

F-49

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

c) Changes in deferred income tax

At December 31, 2018	(2,552,326	)
Recorded through profit and loss	83,141
Initial recognition of IFRS 16 (i)	41,709
Other	16,703
At June 30, 2019	(2,410,773	)

(i) Refers to deferred tax assets effects on impairment ofright-use-assets of Rumo, as result of first time adoption of IFRS 16, disclosed in Note 3.1.

The Company expects to realize the full deferred tax on tax losses and social contribution.

14 Provision for legal proceedings

The Company had provision for legal proceedings and judicial deposits recorded in the financial position at September 30, 2019 and December 31, 2018 in respect of:

	Provision for legal proceedings				Judicial deposit
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Tax		590,759		534,131		492,066		460,484
Civil, environmental and regulatory		391,321		362,725		219,126		199,526
Labor		453,962		466,312		244,821		218,797
		1,436,042		1,363,168		956,013		878,807

Changes in provision for legal proceedings:

	Tax			Civil, environmental and regulatory			Labor			Total
At December 31, 2018		534,131			362,725			466,312			1,363,168
Provisions		31,556			20,331			71,978			123,865
Settlement / Write-offs		(13,866	)		(36,603	)		(108,480	)		(158,949	)
Exchange rate		(82	)		—			1			(81	)
Monetary variation (i)		39,020			44,868			24,151			108,039
At September 30, 2019		590,759			391,321			453,962			1,436,042

(i) Includes interest reversal.

The Company’s debts with legal proceedings are secured by assets, cash deposit, bank guarantee or insurance guarantee.

F-50

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

a) Probable losses

Tax: The principal tax proceedings for which the risk of loss is probable are described below:

	September 30, 2019		December 31, 2018
Compensation with FINSOCIAL		291,870		286,929
INSS—Social security		96,396		80,134
State VAT—ICMS credit		96,941		72,941
PIS and COFINS		2,532		171
IPI—Excise tax credit—NT (i)		53,411		28,931
Federal income taxs		1,782		1,589
Other		47,827		63,436
		590,759		534,131

(i) During the period ended September 30, 2019, the Company recorded provision for lawsuits IPI Seletividade, related to period from November 1992 to December 1995, judged by the Brazilian Federal Supreme Court (“STF”), using the General Repercussion method (RE n ° 592,145, item 080), in the amount of R$53,109, with unfavorable scenario for the Company.

Civil, regulatory, environmental and other claims: Company and its subsidiaries are parties to a number of civil legal claims related to (i) indemnity for material and moral damages; (ii) termination of different kinds of agreements (iii) public civil claims related to sugarcane stubble burning; and (iv) compliance with terms of conduct adjustment, among other issues.

Labor claims: Cosan and its subsidiaries are also parties to a number of labor claims filed by former employees and service providers challenging, among other matters, the payment of overtime, night shift premiums and risk premiums, the recognition of employment relationships and the reimbursement of discounts from payroll, such as social contribution and trade union charges. Additionally, we are involved in several labor administrative and judicial proceedings such as labor investigations and class actions filed by the labor prosecutor’s office regarding allegednon-compliance with certain labor regulations, including work and safety rules, labor conditions and work environment, and social assistance plans. Moreover, we entered into certain consent orders (Termos de Ajustamento de Conduta) with Brazilian authorities and in the event, we fail to comply with such consent orders, we could be subject to fines.

F-51

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

b) Possible losses

Theprincipal proceedings for which we deem the risk of loss as possible are described below:

	September 30, 2019		December 31, 2018
Civil		3,427,395		3,258,113
Labor		969,687		990,913
Regulatory		898,140		699,301
Environmental		681,127		460,911
		5,976,349		5,409,238

	September 30, 2019		December 31, 2018
ICMS—State VAT (iv)		2,859,618		2,684,248
Federal income taxes		3,465,109		3,372,743
IRRF—Withholding tax		946,658		982,134
PIS and COFINS—Revenue taxes (v)		1,586,476		1,408,519
INSS—Social security and other		220,206		260,712
Goodwill Rumo		542,680		529,788
IPI—Excise tax credit—NT (ii)		449,761		490,500
Penalties related to tax positions (i)		475,322		449,039
MP 470—Tax installments		226,406		297,902
Foreign financial operation (iii)		28,505		290,220
Compensation with IPI—IN 67/98		136,373		134,642
Stock option		69,607		67,991
Financial transactions tax on loan		51,659		52,585
Social security contributions		—		4,121
Compensation credit award		42,925		43,121
Other		695,353		417,598
		11,796,658		11,485,863

(i) The addition refers to a supplement to the isolated fine imposed due to thenon-approval of the claims claimed.

(ii) The reduction in IPI amounts, classified as possible losses, during the period ended September 30, 2019, is related to the decision to provide the lawsuits over the same period, as described above in section “a)—Probable losses—Tax “.

(iii) Reversal of definitive successes in administrative proceedings.

(iv) The addition mainly refers to new assessments for alleged misuse of ICMS credit on invoices for the provision of rail freight services for export at the subsidiary Cosan Logística.

(v) The additions refer mainly to the reevaluation of lawsuits related to assessments for allegednon-taxation by PIS and COFINS of traffic revenues and right of way billed at the subsidiary Cosan Logística.

F-52

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

15 Shareholders’ equity

a) Share capital

At September 30, 2019, Cosan Limited’s share capital is composed of the following:

Shareholders—Common shares	Class A common shares		%		Class B common shares		%
Controlling group		19,514,418		13.73%		96,332,044		100.00%
Renaissance Technologies LLC		1,549,696		1.09%		—		—
M&G Investment Management Limited		3,222,113		2.27%		—		—
Eastspring Investments (Singapore) Limited		3,805,730		2.68%		—		—
Free Float		97,385,302		68.53%		—		—
Total shares outstanding		125,477,259		88.29%		96,332,044		100.00%
Treasury shares		16,638,275		11.71%		—		—
Total		142,115,534		100.00%		96,332,044		100.00%

b) Treasury shares

The Company holds 16,638,275 Class A treasury shares as of September 30, 2019 (26,011,673 as of December 31, 2018) with a market value of US $ 14.90 per share as of September 30, 2019 (US $ 8;80 per share as of December 31, 2018). This reduction refers to the following movement:

a) Cancellation of 32,239,807 shares;

b) Public offering for the repurchase of shares, totaling 24,472,940 shares in the amount of R$1,127,673;

c) Exercise of share-based compensation plans totaling 1,606,531.

c) Other comprehensive (loss) income

	December 31, 2018			Comprehensive (loss) income			September 30, 2019
Foreign currency translation effects		(533,917	)		(48,548	)		(582,465	)
Loss on cash flow hedge in joint ventures		21,493			(250,277	)		(228,784	)
Actuarial loss on defined benefit plan		(99,246	)		(2	)		(99,248	)
Financial instruments with subsidiaries		15,000			—			15,000
Change in fair values of financial assets		1,085			103			1,188
Total		(595,585	)		(298,724	)		(894,309	)
Attributable to:
Owners of the Company		(587,173	)		(232,336	)		(819,509	)
Non-controlling interests		(8,412	)		(66,388	)		(74,800	)

F-53

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

	December 31, 2017			Comprehensive (loss) income			September 30, 2018
Foreign currency translation effects		(372,343	)		(275,943	)		(648,286	)
Gain on cash flow hedge in joint ventures		14,610			(112,937	)		(98,327	)
Actuarial loss on defined benefit plan		(44,937	)		(1,042	)		(45,979	)
Financial instruments with subsidiaries		15,000			—			15,000
Change in fair values of financial assets		841			95			936
Total		(386,829	)		(389,827	)		(776,656	)
Attributable to:
Owners of the Company		(394,212	)		(321,707	)		(715,919	)
Non-controlling interests		7,383			(68,120	)		(60,737	)

16 Earnings per share

The following table sets forth the calculation of earnings per share (in thousands of Brazilian Reais, except per share amounts):

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Profit attributable from continued operation to ordinary equity holders for basic earnings		560,786			959,403			62,997			191,983
Effect of dilution:
Dilutive effect of subsidiary’s stock option plan		(2,373	)		(3,374	)		(295	)		(675	)
Dilutive effect of put option		—			—			—			—
Profit from continued operation attributable to ordinary equity holders adjusted for the effect of dilution		558,413			956,029			62,702			191,308
Basic number of shares outstanding – In thousands of shares		230,934			230,692			244,676			243,859
Effect of dilution:
Dilutive effect of stock option plan		8,062			8,791			9,451			10,267
Diluted number of shares outstanding – In thousands of shares		238,996			239,483			254,127			254,126
Basic earnings (loss) per share from:	R$	2.4283		R$	4.1588		R$	0.2575		R$	0.7873
	R$	2.4283		R$	4.1588		R$	0.2575		R$	0.7873
Diluted earnings (loss) per share from:	R$	2.3365		R$	3.9921		R$	0.2467		R$	0.7528
	R$	2.3365		R$	3.9921		R$	0.2467		R$	0.7528

F-54

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

Thenon-controlling interests of the indirect subsidiary Brado Logística S.A. (“Brado”) have the right to exercise a liquidity option provided for in the shareholders’ agreement signed on August 5, 2013. This option would exchange all Brado shares held by such minority shareholders by shares of Rumo. The exchange ratio shall take into account the economic value for both Brado and Rumo shares. At the Company’s exclusive discretion, an equivalent cash payment is also possible.

17 Net sales

The following is an analysis of the Company’s revenue for the period from continuing operations:

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Gross revenue from sales of products and services		6,589,598			17,884,801			5,576,195			14,536,331
Construction revenue		199,730			541,780			106,781			292,451
Indirect taxes and deductions		(1,058,140	)		(2,902,322	)		(904,559	)		(2,432,446	)
Net sales		5,731,188			15,524,259			4,778,417			12,396,336

In the following table, revenue is disaggregated by products and service lines and timing of revenue recognition:

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018		January 1, 2018 to September 30, 2018
At a point in time
Gas distribution		2,367,023			6,398,122			1,684,695		4,582,588
Lubricants and basic oil		1,083,452			3,106,661			779,535		2,538,685
Other		19,094			44,796			301,251		50,461
		3,469,569			9,549,579			2,765,481		7,171,734
Over time										—
Transportation		1,575,279			4,798,439			1,612,970		4,280,105
Port elevation		78,535			219,061			94,727		228,206
Construction revenue		199,730			541,780			106,781		292,451
Other services		422,786			438,697			176,423		454,106
		2,276,330			5,997,977			1,990,901		5,254,868
Elimination		(14,711	)		(23,297	)		22,035		(30,266	)
Total of net sales		5,731,188			15,524,259			4,778,417		12,396,336

F-55

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

18 Costs and expenses by nature

The costs and expenses are presented in the statement of profit and loss by function. The reconciliation of income by nature/purpose is as follows:

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Raw materials and consumables used (i)		(2,149,588	)		(6,143,710	)		(1,883,558	)		(4,680,160	)
Construction cost		(199,730	)		(541,780	)		(106,781	)		(292,451	)
Expenses with third-party services		(174,432	)		(456,402	)		(146,338	)		(427,414	)
Employee benefit expense		(428,120	)		(1,189,024	)		(367,883	)		(1,023,917	)
Transportation expenses		(688,844	)		(1,921,027	)		(687,376	)		(1,787,779	)
Leases and concessions expenses		—			—			(54,088	)		(160,852	)
Leases expenses		(12,387	)		(37,239	)		(3,273	)		(10,653	)
Depreciation and amortization		(569,081	)		(1,687,202	)		(488,972	)		(1,460,062	)
Other		(179,298	)		(444,877	)		(165,671	)		(428,935	)
		(4,401,480	)		(12,421,261	)		(3,903,940	)		(10,272,223	)
Cost of sales		(3,764,806	)		(10,711,479	)		(3,406,199	)		(8,832,176	)
Selling expenses		(300,649	)		(832,575	)		(255,186	)		(747,787	)
General and administrative expenses		(336,025	)		(877,207	)		(242,555	)		(692,260	)
		(4,401,480	)		(12,421,261	)		(3,903,940	)		(10,272,223	)

(i) The increase in raw material costs during the period ended September 30, 2019, refers to the increase in unit gas cost of Comgás segment operations added to the increase in Moove segment operations.

19 Other income (expenses), net

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Gain on compensation claims		400,000			400,000			—			—
Revenue from sale of scrap		16,066			30,564			11,002			36,327
Tax Extemporary credits		197,990			261,314			62			2,237
Gain on litigation indemnification		—			50,284			—			—
Gain (Loss) from port operations		2,192			4,668			1,673			3,933
Loss on disposal ofnon-current assets and intangibles		(10,633	)		(17,844	)		(2,276	)		(3,170	)
Net effect of legal proceedings, recoverable and tax installments		(23,413	)		(88,187	)		(30,953	)		(88,408	)
Other		(45,508	)		(105,789	)		(24,214	)		(39,145	)
		536,694			535,010			(44,706	)		(88,226	)

F-56

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

20 Finance results, net

Details of finance income and costs are as follows:

	July 1, 2019 to September 30, 2019			January 1, 2019 to September 30, 2019			July 1, 2018 to September 30, 2018			January 1, 2018 to September 30, 2018
Cost of gross debt
Interest on debt		(397,903	)		(1,180,133	)		(394,151	)		(1,240,954	)
Monetary and exchange rate variation		(873,648	)		(776,166	)		(400,302	)		(1,806,720	)
Derivatives and fair value measurement		1,021,305			1,087,259			387,076			1,609,017
Amortization of borrowing costs		(21,163	)		(45,009	)		(12,105	)		(47,950	)
Finance and warranties on debt		(16,452	)		(57,578	)		(23,296	)		(91,749	)
		(287,861	)		(971,627	)		(442,778	)		(1,578,356	)
Income from financial investment and exchange rate in cash and cash equivalents		106,656			290,652			108,373			336,658
Cost of debt, net		(181,205	)		(680,975	)		(334,405	)		(1,241,698	)
Other charges and monetary variations
Interest on other receivables		67,826			169,332			22,150			85,751
Interest on other liabilities		(39,674	)		(121,951	)		(55,525	)		(151,054	)
Monetary variation on leases and concessions agreements		(49,051	)		(147,442	)		(48,016	)		(140,583	)
Monetary variation on leases		(102,849	)		(240,376	)		(16,694	)		(89,189	)
Advances on real state credits		—			—			(2,740	)		(9,228	)
Interest on shareholders’ equity		(833	)		(1,758	)		(1,210	)		(933	)
Interest on contingencies and contracts		(23,513	)		(104,417	)		(55,281	)		(104,925	)
Bank charges and other		(93,537	)		(142,516	)		(26,042	)		(73,198	)
Exchange variation		(65,387	)		(56,500	)		(5,901	)		(63,120	)
		(307,018	)		(645,628	)		(189,259	)		(546,479	)
Finance results, net		(488,223	)		(1,326,603	)		(523,664	)		(1,788,177	)
Reconciliation
Finance expense		(842,444	)		(2,772,617	)		(925,992	)		(1,938,293	)
Finance income		212,017			530,887			179,977			527,068
Foreign exchange (losses) gain, net		(939,035	)		(831,922	)		(408,650	)		(1,876,386	)
Derivatives		1,081,239			1,747,049			631,001			1,499,434
Finance results, net		(488,223	)		(1,326,603	)		(523,664	)		(1,788,177	)

F-57

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

21 Financial risk management

a) Market risk

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

The Company uses derivatives to manage market risks. All such transactions are carried out within the guidelines set by the risk management committee. Generally, the Company seeks to apply hedge accounting to manage volatility in profit or loss.

i. Foreign exchange risk

As at September 30, 2019 and December 31, 2018, the Company had the following net exposure to the exchange rate variations on assets and liabilities denominated in Dollar (US$) and Euro (E$):

	September 30, 2019			December 31, 2018
Cash and cash equivalents		460,873			1,285,156
Trade receivables		17,619			51,734
Trade payables		(106,504	)		(245,885	)
Loans, borrowings and debentures		(16,801,980	)		(13,480,808	)
Leases		(70,893	)		—
Contingent consideration payable		(77,400	)		(64,969	)
Derivative financial instruments (notional)		12,582,781			11,064,567
Foreign exchange exposure, net		(3,995,504	)		(1,390,205	)

The sensitivity of profit or loss to changes in the exchange rates arises mainly from U.S. Dollar denominated financial instruments and the impact on other components of equity arises from foreign forward exchange contracts designated as cash flow hedges though its joint ventures.

A reasonably possible strengthening (weakening) of the Real to U.S. Dollar and Euro (E$) at September 30, 2019 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. Stressed scenarios (positive and negative effects, before tax effects) were defined based on changes of a 25% and 50% to the U.S. Dollar and Euro (E$) exchange rates used in the probable scenario. The Company’s exposure to foreign currency changes for all other currencies is not material.

F-58

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

					Variation scenario
Instrument	Risk factor	Probable			25%			50%			-25%			-50%
Cash and cash equivalents	U.S.$ fluctuation		(21,514	)		109,840			219,679			(109,840	)		(219,679	)
Trade receivables	U.S.$ fluctuation		(827	)		4,215			8,430			(4,215	)		(8,430	)
Trade payables	U.S.$ fluctuation		4,971			(25,383	)		(50,766	)		25,383			50,766
Exchange rate derivatives	U.S.$ fluctuation		(566,038	)		3,130,397			6,259,892			(3,128,592	)		(6,258,087	)
Loans, borrowings and debentures	U.S.$ fluctuation		592,527			(3,034,859	)		(6,069,716	)		3,034,859			6,069,716
Leases	U.S.$ fluctuation		3,309			(16,896	)		(33,792	)		16,896			33,792
Contingent consideration payable	U.S.$ fluctuation		3,614			(18,447	)		(36,894	)		18,447			36,894
Impacts on profit or loss			16,042			148,867			296,833			(147,062	)		(295,028	)

The probable scenario considers the estimated exchange rates, made by a specialized third part, at the due date of the transactions for the companies with functional currency Real (positive and negative, before tax effects), as follows:

	Exchange rate sensitivity analysis (R$/US$) and (R$/Euro)
			Scenario
	September 30, 2019		Probable		25%		50%		-25%		-50%
U.S.$		4.1644		3.9700		4.9625		5.9550		2.9775		1.9850
Euro		4.5425		4.4464		5.5580		6.6696		3.3348		2.2232

ii. Interest rate risk

The Company and its subsidiaries monitor the fluctuations in variable interest rates in connection with its borrowings, especially those that accrue interest using LIBOR, and uses derivative instruments in order to minimize variable interest rate fluctuation risks.

A sensitivity analysis on the interest rates on loans and borrowings in compensation for the CDI investments withpre-tax increases and decreases of 25% and 50% is presented below:

	September 30, 2019
Exposure interest rate	Probable			25%			50%			-25%			-50%
Cash and cash equivalents		221,208			55,303			110,604			(55,303	)		(110,604	)
Marketable securities		115,318			28,830			57,660			(28,830	)		(57,660	)
Consideration asset		4,496			318			381			(191	)		(127	)
Restricted cash		7,615			1,904			3,808			(1,904	)		(3,808	)
Leases		(12,734	)		(2,802	)		(5,604	)		2,802			5,604
Derivative financial instruments		19,793			(1,032,730	)		(1,962,003	)		1,058,775			2,146,737
Loans, borrowings and debentures		(999,999	)		(99,827	)		(199,652	)		99,827			199,652
Impacts on profit or loss		(644,303	)		(1,049,004	)		(1,994,806	)		1,075,176			2,179,794

F-59

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

The probable scenario considers the estimated interest rate, made by a specialized third part and Central Bank of Brazil (Banco Central do Brasil), or BACEN, as follows:

	Probable		25%		50%		-25%		-50%
SELIC		4.90%		6.13%		7.35%		3.68%		2.45%
CDI		4.90%		6.13%		7.35%		3.68%		2.45%
TJLP462 (TJLP + 1% p.a.)		6.20%		7.50%		8.80%		4.90%		3.60%
TJLP		5.20%		6.50%		7.80%		3.90%		2.60%
IGPM		3.79%		4.74%		5.69%		2.84%		1.90%
IPCA		3.85%		4.81%		5.78%		2.89%		1.93%
Fed Funds		1.40%		1.75%		2.10%		1.05%		0.70%
Libor		1.38%		1.73%		2.07%		1.04%		0.69%

b) Credit risk

The Company’s regular operations expose it to potential defaults when customers, suppliers and counterparties are unable to comply with their financial or other commitments. The Company seeks to mitigate this risk by entering into transactions with a diverse pool of counterparties. However, the Company continues to remain subject to unexpected third party financial failures that could disrupt its operations. The exposure to credit risk was as follows:

	September 30, 2019		December 31, 2018
Cash and cash equivalents		6,413,071		3,621,798
Trade receivables		2,353,433		1,588,192
Marketable securities		2,054,538		4,202,835
Derivative financial instruments		4,332,069		2,548,857
Receivables from related parties		250,226		135,070
Dividends receivable		34,339		27,320
Restricted cash		155,417		115,124
		15,593,093		12,239,196

The Company is also exposed to risks in connection with its cash management activities and temporary investments.

Liquid assets are invested primarily in government security and other investments in Banks with a minimum grade of “A.” Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy.

F-60

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed on an annual basis and may be updated throughout the year. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through potential counterparty’s failure to make payments. The credit risk on cash and cash equivalents, marketable securities, restricted cash and derivative financial instruments are determined by rating instruments widely accepted by the market and are arranged as follows:

	September 30, 2019		December 31, 2018
AAA		10,356,476		8,911,418
AA		2,897,514		1,577,196
		13,253,990		10,488,614

c) Liquidity risk

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The financial liabilities of the Company sorted by due dates (based on undiscounted cash flows contracted) are as follows:

	September 30, 2019															December 31, 2018
	Up to 1 year			1—2 years			3—5 years			More than 5 years			Total			Total
Loans, borrowings and debentures		(4,019,466	)		(3,400,277	)		(16,147,585	)		(18,962,465	)		(42,529,793	)		(31,569,411	)
Trade payables		(2,197,764	)		—			—			—			(2,197,764	)		(1,923,920	)
Other financial liabilities		(445,612	)		—			—			—			(445,612	)		(455,702	)
Tax installments—REFIS		(10,417	)		(8,464	)		(22,005	)		(172,559	)		(213,445	)		(232,358	)
Leases		(609,445	)		(560,821	)		(1,524,895	)		(5,046,677	)		(7,741,838	)		(837,662	)
Derivative financial instruments		(376,258	)		570,601			1,577,912			2,377,346			4,149,601			3,453,882
Payables to related parties		(7,606	)		—			—			—			(7,606	)		(355,971	)
Dividends payable		(9,392	)		—			—			—			(9,392	)		(187,415	)
		(7,675,960	)		(3,398,961	)		(16,116,573	)		(21,804,355	)		(48,995,849	)		(32,108,557	)

F-61

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

22 Post-employment benefits

	September 30, 2019		December 31, 2018
Futura		81,253		75,298
Futura II		304		252
Comgás		516,533		504,320
		598,090		579,870

During the period ended September 30, 2019, the amount of sponsor contributions to the plans was R$26,989 (R$23,645 on September 30, 2018).

23 Share-based payment

On May 21, 2019, the Board of Directors approved the replacement of the 5,029,000 stock option plans to the stock-based compensation plan, whose participants may opt for voluntary membership. In the event of all participants made the Option Plan, 2,396,110 shares of subsidiary Cosan S.A. will be granted in replacement of the currently existing options and the fair value remeasured. In the modification, an incremental cost of R$52,897 was calculated, of which R$29,294 was immediately recognized in income and R$23,603 will be recognized over the vesting of each program.

The plans have been administered by the Board of Directors, at its option, by a Committee, within the limits established in the guidelines for the elaboration and structuring of each plan and in the applicable legislation.

The detail of plans, including the quantity of granted shares and expected life in years is as follow:

1. Stock option programs

Type of award / Grant date (i)	Company		Expected life (years)		Granted		Exercised / canceled / transferred			Replaced			Available
Stock option programs
August 18, 2011 – (A)		Cosan S.A.		1 to 7		4,825,000		(4,825,000	)		—			—
August 18, 2011 – (B)		Cosan S.A.		1 to 12		5,000,000		(2,500,000	)		(2,500,000	)		—
December 12, 2012 – (C)		Cosan S.A.		1 to 7		700,000		(560,000	)		(140,000	)		—
April 24, 2013		Cosan S.A.		5 to 7		970,000		(120,000	)		(850,000	)		—
April 25, 2014		Cosan S.A.		5 to 7		960,000		(80,000	)		(880,000	)		—
August 31, 2015		Cosan S.A.		5 to 7		759,000		(100,000	)		(659,000	)		—
						13,214,000		(8,185,000	)		(5,029,000	)		—

(i) The 5,029,000 options originally granted under the Stock Option Plan granted were replaced by 2,396,110 shares of the Share Based Compensation Program granted on July 1, 2019, which will be delivered considering the same vesting date of which original program.

F-62

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

2. Stock-Grant programs

Type of award / Grant date	Company		Expected life (years)		Granted		Exercised / canceled / transferred			Available
Stock grant programs
April 27, 2017		Cosan S.A.		5		274,000		(71,700	)		202,300
July 31, 2017		Cosan S.A.		5		298,107		(78,948	)		219,159
July 31, 2018		Cosan S.A.		5		210,602		—			210,602
July 31, 2019		Cosan S.A.		5		31,031		—			31,031
Subtotal Cosan S.A.						813,740		(150,648	)		663,092
April 20, 2017		Comgás		5		61,300		(4,725	)		56,575
August 12, 2017		Comgás		5		97,780		(6,000	)		91,780
August 1, 2018		Comgás		5		96,787		—			96,787
July 31, 2019		Comgás		5		83,683		—			83,683
Subtotal Comgás						339,550		(10,725	)		328,825
October 1, 2015		Rumo S.A		5		1,485,900		(214,000	)		1,271,900
January 2, 2017		Rumo S.A		5		1,476,000		(185,700	)		1,290,300
September 1, 2017		Rumo S.A		5		870,900		(118,150	)		752,750
August 1, 2018		Rumo S.A		5		1,149,544		(71,099	)		1,078,445
August 15, 2019		Rumo S.A		5		843,152		—			843,152
Subtotal Rumo S.A.						5,825,496		(588,949	)		5,236,547
August 18, 2017 (ii)		Cosan Limited		5		3,530,163		(3,530,163	)		—
Subtotal Cosan Limited						3,530,163		(3,530,163	)		—
Stock grant – Replacement
August 18, 2011 – (B) (i)		Cosan S.A.		1 a 12		1,501,626		(1,050,752	)		450,874
December 12, 2012 – (C)		Cosan S.A.		1 a 7		24,647		(24,647	)		—
April 24, 2013		Cosan S.A.		5 a 7		122,123		(83,807	)		38,316
April 25, 2014		Cosan S.A.		5 a 7		283,808		(194,208	)		89,600
August 31, 2015		Cosan S.A.		5 a 7		463,906		(157,242	)		306,664
Subtotal Cosan S.A.						2,396,110		(1,510,656	)		885,454
August 18, 2011 – (B)		Cosan Logística		1 a 12		162,464		(79,448	)		83,016
December 12, 2012 – (C)		Cosan Logística		1 a 7		277		(277	)		—
April 24, 2013		Cosan Logística		5 a 7		1,926		(1,059	)		867
April 25, 2014		Cosan Logística		5 a 7		23,682		(12,966	)		10,716
Subtotal Cosan Logística S.A.						188,349		(93,750	)		94,599
Cash-settled transactions
September 21, 2017		Cosan Limited		5		255,000		—			255,000
Subtotal Cosan Limited						255,000		—			255,000
Total						26,562,408		(14,069,891	)		2,434,517

(i) In the quarter 661,620 shares were settle by Cash in the amount of R$45,961 and 389,132 shares were delivered by the subsidiary Cosan S.A. to their executives.

(ii) In the quarter 650,000 shares were granted to a new member who exercised 130,000 shares. In addition, 1,476,531 were exercised by the members totaling 1,606,531 shares exercised.

F-63

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

a) Reconciliation of outstanding share options

The movement in the number of awards outstanding and their related weighted-average exercise prices are as follows:

	Stock option programs			Stock grant programs			Total			Weighted- average exercise price
At December 31, 2018		6,121,500			5,695,601			11,817,101			33.77
Granted		—			2,434,397			2,434,397			—
Vested		(18,261	)		(3,184,385	)		(3,202,646	)		—
Transfer		(2.584.459	)		2.584.459			—
Cancelled		(3,518,780	)		(66,555	)		(3,585,335	)		—
At June 30, 2019		—			7.463.517			7,463,517			—

b) Expense recognized in profit or loss

Share-based compensation expense included in the statement of profit and loss for the period ended September 30, 2019 and 2018 was as follows:

	Stock option programs		Stock grant programs		Total
Period ended September 30, 2018		3,109		38,313		41,422
Period ended September 30, 2019 (i)		1,627		74,762		76,389

(i) Included R$29,294 of incremental cost from replacement discussed in note 23.1.i.

24 Subsequent events

24.1 Comgás debentures

On October 8, 2019, the Board of Directors’ Meeting approved the public offering of the 8th (eighth) issue of simple,non-convertible, unsecured debentures, in a single series, for public distribution with restricted efforts distribution, of 2,000 (two thousand) registered and book-entry debentures, with a unit face value of R$1,000,000 at the date of issue, totaling R$2,000,000, in accordance with the procedures of CVM Instruction 476. Such issuance was settled on October 25, 2019, when the financial resources were made available to Comgás.

24.2 Cosan Logística S.A. debentures

The subsidiary Cosan Logística has made the 13th issue of debentures in the amount of R$1,129,136 that is not convertible into shares, of unsecured type. The amount will be transferred to its subsidiaries Rumo Malha Sul and Rumo Malha Central in the following proportion: (i) R$203,000 to Rumo Malha Sul; and (ii) R$926,136 to Rumo Malha Central.

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Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais – R$)

24.3 Creation of Join Venture by jointly-controlled subsidiary Raízen Combustíveis S.A.

On November 1, 2019, the Administrative Council for Economic Defense approved the transaction to form a Joint Venture, called the Integrated Convenience and Proximity Network SA, between the jointly-owned subsidiary Raízen Combustíveis S.A. and Femsa Comércio S.A. and C.V. with the acquisition of 50% of the Joint Venture by Femsa for Entreprise Value, equivalent to the acquired stake of R$561 million.

24.4 Settlement Assignment of receivables

On October 29, 2019, the subsidiary Cosan received R$400,000 related to the settlement of the gain on compensation claims arising from an indemnity action against the Federal Government (Note 19).

25 New standards and interpretations not yet effective

The following new standards, interpretations and amendments were issued by the IASB, but are not effective for annual periods beginning after January 1, 2019. Although early adoption is permitted, the Company did not adopt them in advance in the preparation of these interim consolidated financial statements.

25.1 IFRS 17 Insurance Contracts

This standard introduces a new model for accounting for insurance contracts. IFRS 17 is effective for reporting periods beginning on or after January 1, 2022, with comparative figures required. Based on preliminary work we estimate the impact will be immaterial, we are in the process of reviewing our existing arrangements to determine the impact on adoption.

No other new accounting standards issued or in force during the fiscal year had or should have a material impact on these interim consolidated financial statements.

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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.

Date: November 13, 2019

COSAN LIMITED
By:	/s/ Marcelo Eduardo Martins
	Name: Marcelo Eduardo Martins Title: Chief Financial and Investor Relations Officer