FINANCIAL ASSETS AND LIABILITIES (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Disclosure of sensitivity analysis on income for the period assuming increase and decrease in interest rates [Line Items] |
|
| Summary of Financial Assets and Liabilities |
The Company's financial assets and liabilities are as follows:
|
|
Note |
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Assets |
|
|
|
|
|
|
|
|
Fair value through profit or loss |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
5.2 |
|
2,122,442 |
|
|
3,298,142 |
|
|
Marketable securities |
5.3 |
|
3,386,301 |
|
|
3,503,961 |
|
|
Derivative financial instruments |
5.6 |
|
3,799,328 |
|
|
2,546,799 |
|
|
Other financial assets |
|
|
4,495 |
|
|
3,113 |
|
|
|
|
|
9,312,566 |
|
|
9,352,015 |
|
|
Amortized cost |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
5.2 |
|
14,781,100 |
|
|
11,360,339 |
|
|
Trade receivables |
5.7 |
|
3,995,734 |
|
|
3,444,636 |
|
|
Restricted cash |
5.3 |
|
174,303 |
|
|
203,252 |
|
|
Receivables from related parties |
5.8 |
|
399,889 |
|
|
340,091 |
|
|
Sectorial financial assets |
5.10 |
|
731,642 |
|
|
548,700 |
|
|
Dividends and interest on equity receivable |
17 |
|
153,548 |
|
|
255,777 |
|
|
|
|
|
20,236,216 |
|
|
16,152,795 |
|
|
Total |
|
|
29,548,782 |
|
|
25,504,810 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
Amortized cost |
|
|
|
|
|
|
|
|
Loans, borrowings and debentures |
|
|
(38,161,392 |
) |
|
(33,952,162 |
) |
|
Trade payables |
5.9 |
|
(5,187,849 |
) |
|
(4,184,525 |
) |
|
Consideration payable |
|
|
(246,256 |
) |
|
(203,094 |
) |
|
Other financial liabilities(i) |
|
|
(1,067,839 |
) |
|
(476,895 |
) |
|
Leases |
5.5 |
|
(6,509,753 |
) |
|
(5,275,794 |
) |
|
Railroad concession payable |
13 |
|
(3,721,190 |
) |
|
(3,565,373 |
) |
|
Related parties payable |
5.8 |
|
(417,488 |
) |
|
(323,238 |
) |
|
Dividends payable |
17 |
|
(96,722 |
) |
|
(549,054 |
) |
|
Reduction of capital payable |
|
|
(486,285 |
) |
|
— |
|
|
Sectorial financial liabilities |
5.10 |
|
(2,040,239 |
) |
|
(1,810,698 |
) |
|
Installment of tax debts |
14 |
|
(254,302 |
) |
|
(217,348 |
) |
|
|
|
|
(58,189,315 |
) |
|
(50,558,181 |
) |
|
Fair value through profit or loss |
|
|
|
|
|
|
|
|
Loans, borrowings and debentures |
|
|
(28,294,034 |
) |
|
(22,952,492 |
) |
|
Derivative financial instruments |
5.6 |
|
(3,470,204 |
) |
|
(3,415,145 |
) |
|
|
|
|
(31,764,238 |
) |
|
(26,367,637 |
) |
|
Total |
|
|
(89,953,553 |
) |
|
(76,925,818 |
) |
| (i) |
The Company's subsidiaries adopt strategies to optimize working capital efficiency, including extending payment terms with their suppliers and entering into structured payment agreements (also known as reverse factoring or drawn risk) with financial institutions. |
|
At Rumo, these operations relied on top-tier funds and banks as counterparties, at an average rate of 11.05% p.a. (12.42% p.a. on December 31, 2023). The average term of these operations is approximately 35 days (111 days at December 31, 2023). The accounting transfer of amounts from the suppliers account to this item is a non-cash transaction and is therefore not presented in the Cash Flow Statement. The liquidation flow of the balance, in turn, is classified under operating or investment activities, according to the classification of the object of the purchase. The financial charges embedded in the transaction are recorded in “Interest on Commercial Contracts” of the financial result, totaling R$48,275 in the year ended December 31, 2024 (R$91,597 on December 31, 2023). |
|
The settlement flow of the balance of credits assigned by suppliers to financial agents is classified in the Statement of Cash Flows under operating activities, as it better represents cash expenditure from the perspective of the Company's operations. |
|
At Comgás, on December 31, 2024, the balance of receivables in advance from suppliers to financial institutions was R$132,999 (R$133,937 on December 31, 2023). The payment period for these operations is up to 90 days. |
|
The drawn risk operation is an option for the supplier and does not alter the commercial conditions established between the parties (term and value of the service). Suppliers anticipate receivables by accepting the terms, including the fees for anticipating these operations. The Company has no influence over the supplier's decision, nor does it receive any benefit from the bank in this operation. |
|
| Schedule Of Financial Clauses |
The Company and its subsidiaries are required to comply with the following financial clauses per the terms of the main loan lines:
|
Company |
Debt |
Triggers |
Ratios |
|
Cosan Corporate |
|
|
|
|
Cosan Luxembourg S.A. |
* Senior Notes 2027 |
Proforma net debt (iv) / pro forma EBITDA (iv) cannot exceed 3.5x |
2.57 |
|
* Senior Notes 2029 |
|
* Senior Notes 2030 |
|
* Senior Notes 2031 |
|
Compass |
|
|
|
|
Comgás S.A. |
* 4th issue debenture |
Short-term debt / total debt (iii) cannot exceed 0.6x |
0.16 |
|
Comgás S.A. |
* Debenture 4th to 12th issues |
Net debt (ix) / EBITDA (ii) cannot exceed 4.0x |
1.80 |
|
* BNDES |
|
* Loan 4131 |
|
Compagas |
* 4th issue debenture |
Net debt / EBITDA (ii) cannot exceed 3.5x |
2.50 |
|
Sulgás |
* BNDES |
Net debt (x) / EBITDA (ii) cannot exceed 3.5x |
0.35 |
|
General indebtedness ratio (Total liabilities (xi) / Total liabilities (xii)) may not exceed 0.8 |
0.73 |
|
Necta |
* 1st issue debenture |
Net debt (x) / EBITDA (ii) cannot exceed 4.0x |
(1.48) |
|
Moove |
|
|
|
|
MLH |
*Syndicated Loan |
Net debt (i) / EBITDA (ii) cannot exceed 3.5x at the end of each quarter |
1.73 |
|
ICSD (viii) cannot be less than 2.5x at the end of each quarter |
5.78 |
|
Rumo |
|
|
|
|
Rumo S.A. |
* Debenture (11th, 12th, 13th and 14th) (vi) |
ICJ (vii) = EBITDA(ii) / Financial result (v) cannot be less than 2.0x |
5.74 |
|
* ECA |
|
Rumo S.A. |
* NCE |
Net debt (i) / EBITDA (ii) cannot exceed 3.5x |
1.43 |
|
* ECA |
|
* Senior Notes 2028 |
|
* Senior Notes 2032 |
|
* Debentures (vi) |
|
Brado |
* NCE |
Net debt (i) / EBITDA (ii) cannot exceed 3.3x |
0.72 |
| (i) |
Net debt consists of the balance of loans, borrowings and debentures (“Gross Debt”), net of cash and cash equivalents, marketable securities and derivative financial instruments on debt. |
| (ii) |
Corresponds to the accumulated EBITDA for the last twelve months. |
| (iii) |
Total debt means the sum of current and non-current loans, borrowings and debentures, and current and non-current derivative financial instruments. |
| (iv) |
Net debt and pro forma EBITDA, including the equivalent of 50% of joint venture financial information as determined in the agreements. Pro forma EBITDA corresponds to the accumulated period of the last 12 months. For the covenants of the Senior Notes, the amounts of the unrestricted subsidiaries are excluded. |
| (v) |
The financial result of net debt is composed of the cost of net debt. |
| (vi) |
The 11th, 12th, 13th and 14th debentures have a contractual leverage covenant limited to 3.0x. However, they have a waiver that allows the issuer to exceed this ratio up to a limit of 3.5x until December 31, 2027. |
| (vii) |
Interest Coverage Ratio (Índice de Cobertura de Juros) (“ICJ”). |
| (viii) |
Debt Service Coverage Ratio (Índice de Cobertura do Serviço da Dívida) (“ICSD”). |
| (ix) |
Net debt consists of the balance of current and non-current debt, net of cash and cash equivalents and marketable securities. |
| (x) |
Net debt consists of the balance of current and non-current indebtedness, including the net balance of derivative operations, net of cash and cash equivalents and marketable securities. |
| (xi) |
Total liabilities correspond to the sum of current and non-current liabilities. |
| (xii) |
Total liabilities correspond to the sum of current liabilities, non-current liabilities and shareholders' equity. |
|
| Summary of Cash and Cash Equivalents |
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Cash and bank accounts |
|
958,738 |
|
|
209,479 |
|
|
Savings account |
|
485,393 |
|
|
431,011 |
|
|
Financial Investments |
|
15,459,411 |
|
|
14,017,991 |
|
|
|
|
16,903,542 |
|
|
14,658,481 |
|
|
| Summary of Financial Investments |
Financial investments include the following:
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Applications in investment funds |
|
|
|
|
|
|
|
Repurchase Agreements (i) |
|
1,493,278 |
|
|
3,259,210 |
|
|
Certificate of bank deposits - CDB |
|
604,398 |
|
|
— |
|
|
Other investments |
|
24,766 |
|
|
38,932 |
|
|
|
|
2,122,442 |
|
|
3,298,142 |
|
|
|
|
|
|
|
|
|
|
Applications in banks |
|
|
|
|
|
|
|
Repurchase agreements |
|
236,101 |
|
|
616,633 |
|
|
Certificate of bank deposits - CDB |
|
12,102,078 |
|
|
9,807,983 |
|
|
Other |
|
998,790 |
|
|
295,233 |
|
|
|
|
13,336,969 |
|
|
10,719,849 |
|
|
|
|
15,459,411 |
|
|
14,017,991 |
|
| (i) |
The repurchase agreements are allocated to the WG Renda Fixa Crédito Privado Fundo de Investimento (“WG”), which was created in the form of an open ended fund and is managed by Itaú Unibanco Asset Management Ltda. (“Itaú Asset”). The fund's portfolio is composed of investments in public bonds and repurchase agreements backed by federal public bonds. |
|
| Summary of marketable securities and restricted cash |
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Marketable securities |
|
|
|
|
|
|
|
Government securities (i) |
|
3,114,578 |
|
|
3,107,813 |
|
|
Certificate of bank deposits (CDB) |
|
158,363 |
|
|
300,142 |
|
|
ESG Funds |
|
113,360 |
|
|
96,006 |
|
|
|
|
3,386,301 |
|
|
3,503,961 |
|
|
Current |
|
3,272,941 |
|
|
3,407,955 |
|
|
Non-current |
|
113,360 |
|
|
96,006 |
|
|
Total |
|
3,386,301 |
|
|
3,503,961 |
|
|
Restricted cash |
|
|
|
|
|
|
| Securities pledged as collateral |
|
174,303 |
|
|
203,252 |
|
|
|
174,303 |
|
|
203,252 |
|
| Current |
|
28,006 |
|
|
7,860 |
|
| Non-current |
|
146,297 |
|
|
195,392 |
|
| Total |
|
174,303 |
|
|
203,252 |
|
| (i) |
The sovereign debt securities declared interest linked to the Special System of Liquidation and Custody (Sistema Especial de Liquidação e Custódia), or “SELIC”, with a yield of approximately 100% of the CDI. |
|
| Summary of Carrying Amounts of Loans, Borrowings and Debentures |
|
|
|
Interest |
|
Consolidated |
|
|
|
|
|
|
|
|
Description |
|
Index |
|
Annual interest rate |
|
Currency |
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Maturity |
|
Objective |
|
Modality |
|
Cosan Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan 4131 |
|
Prefixed |
|
3.20% |
|
Euro |
|
— |
|
|
860,658 |
|
|
Oct-25 |
|
Investments |
|
Secured |
|
|
|
Prefixed |
|
0.25% |
|
Yen |
|
— |
|
|
602,487 |
|
|
Oct-25 |
|
Investments |
|
Secured |
|
|
|
Prefixed |
|
3.40% |
|
Euro |
|
— |
|
|
1,954,022 |
|
|
Oct-26 |
|
Investments |
|
Secured |
|
|
|
Prefixed |
|
0.25% |
|
Yen |
|
— |
|
|
1,135,226 |
|
|
Oct-26 |
|
Investments |
|
Secured |
|
|
|
Prefixed |
|
3.56% |
|
Euro |
|
— |
|
|
812,496 |
|
|
Oct-27 |
|
Investments |
|
Secured |
|
|
|
Prefixed |
|
0.25% |
|
Yen |
|
— |
|
|
470,951 |
|
|
Oct-27 |
|
Investments |
|
Secured |
|
Perpetual Notes |
|
Prefixed |
|
8.25% |
|
Dollar |
|
3,135,174 |
|
|
2,451,160 |
|
|
Nov-40 |
|
Acquisition |
|
Unsecured |
|
Senior Notes Due 2027 |
|
Prefixed |
|
7.00% |
|
Dollar |
|
2,475,674 |
|
|
2,016,330 |
|
|
Jan-27 |
|
Acquisition |
|
Unsecured |
|
Senior Notes Due 2029 |
|
Prefixed |
|
5.50% |
|
Dollar |
|
4,638,597 |
|
|
3,622,922 |
|
|
Sep-29 |
|
Acquisition |
|
Unsecured |
|
Senior Notes Due 2030 |
|
Prefixed |
|
7.50% |
|
Dollar |
|
3,384,127 |
|
|
2,642,023 |
|
|
Jun-30 |
|
Capital management |
|
Unsecured |
|
Senior Notes Due 2031 |
|
Prefixed |
|
7.25% |
|
Dollar |
|
3,683,191 |
|
|
— |
|
|
Jun-31 |
|
Capital management |
|
Unsecured |
|
Debentures |
|
CDI + 2.65% |
|
13.33% |
|
Real |
|
— |
|
|
1,208,141 |
|
|
Aug-25 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 1.65% |
|
14.00% |
|
Real |
|
781,715 |
|
|
784,475 |
|
|
Aug-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.50% |
|
13.83% |
|
Real |
|
406,429 |
|
|
406,471 |
|
|
May-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.50% |
|
13.83% |
|
Real |
|
722,667 |
|
|
— |
|
|
Jun-34 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.90% |
|
14.28% |
|
Real |
|
1,117,561 |
|
|
1,117,966 |
|
|
May-32 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 2.00% |
|
14.39% |
|
Real |
|
938,451 |
|
|
942,011 |
|
|
Aug-31 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 2.40% |
|
14.84% |
|
Real |
|
1,020,963 |
|
|
1,020,673 |
|
|
Apr-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 2.40% |
|
14.84% |
|
Real |
|
999,683 |
|
|
998,542 |
|
|
Jun-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.80% |
|
14.17% |
|
Real |
|
1,314,009 |
|
|
1,260,684 |
|
|
Jan-31 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.00% |
|
13.27% |
|
Real |
|
722,795 |
|
|
— |
|
|
Jun-29 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 0.50% |
|
12.71% |
|
Real |
|
1,517,668 |
|
|
— |
|
|
Jan-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 0.72% |
|
12.96% |
|
Real |
|
505,999 |
|
|
— |
|
|
Jan-30 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.30% |
|
13.61% |
|
Real |
|
506,361 |
|
|
— |
|
|
Jan-35 |
|
Capital management |
|
Unsecured |
|
|
|
IPCA + 5.75% |
|
10.88% |
|
Real |
|
433,499 |
|
|
412,478 |
|
|
Aug-31 |
|
Capital management |
|
Unsecured |
|
Commercial bank notes |
|
CDI + 1.75% |
|
14.11% |
|
Real |
|
548,335 |
|
|
547,755 |
|
|
Dec-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.80% |
|
14.17% |
|
Real |
|
471,702 |
|
|
448,165 |
|
|
Jan-31 |
|
Capital management |
|
Unsecured |
|
|
|
|
|
|
|
|
|
29,324,600 |
|
|
25,715,636 |
|
|
|
|
|
|
|
|
Compass |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES |
|
IPCA + 4.10% |
|
9.15% |
|
Real |
|
88,477 |
|
|
112,946 |
|
|
Apr-29 |
|
Investments |
|
Secured |
|
|
|
IPCA + 4.10% |
|
9.15% |
|
Real |
|
194,797 |
|
|
140,016 |
|
|
Jan-30 |
|
Investments |
|
Secured |
|
|
|
IPCA + 3.25% |
|
8.26% |
|
Real |
|
1,318,111 |
|
|
1,547,664 |
|
|
Jun-34 |
|
Investments |
|
Secured |
|
|
|
IPCA + 5.74% |
|
10.87% |
|
Real |
|
1,027,665 |
|
|
893,810 |
|
|
Dec-36 |
|
Investments |
|
Secured |
|
|
|
IPCA + 6.01% |
|
11.15% |
|
Real |
|
295,695 |
|
|
304,276 |
|
|
Dec-36 |
|
Investments |
|
Secured |
|
|
|
CDI + 1.36% |
|
13.68% |
|
Real |
|
60,000 |
|
|
— |
|
|
Jan-25 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 0.50% |
|
12.71% |
|
Real |
|
50,000 |
|
|
— |
|
|
Jan-25 |
|
Capital management |
|
Unsecured |
|
Loan 4131 |
|
Prefixed |
|
1.36% |
|
Dollar |
|
— |
|
|
362,774 |
|
|
Feb-24 |
|
Capital management |
|
Unsecured |
|
|
|
Prefixed |
|
2.13% |
|
Dollar |
|
1,245,670 |
|
|
943,486 |
|
|
Feb-25 |
|
Capital management |
|
Unsecured |
|
|
|
Prefixed |
|
5.74% |
|
Euro |
|
523,634 |
|
|
— |
|
|
Mar-25 |
|
Capital management |
|
Unsecured |
|
|
|
Prefixed |
|
4.04% |
|
Dollar |
|
926,262 |
|
|
734,191 |
|
|
May-26 |
|
Capital management |
|
Unsecured |
|
Debentures |
|
CDI + 1.95% |
|
12.55% |
|
Real |
|
— |
|
|
735,566 |
|
|
Aug-24 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 4.33% |
|
8.95% |
|
Real |
|
— |
|
|
554,147 |
|
|
Oct-24 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 1.20% |
|
13.50% |
|
Real |
|
240,120 |
|
|
— |
|
|
Oct-25 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 7.36% |
|
12.57% |
|
Real |
|
41,436 |
|
|
80,960 |
|
|
Dec-25 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 2.24% |
|
14.66% |
|
Real |
|
208,465 |
|
|
— |
|
|
Dec-26 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.45% |
|
13.27% |
|
Real |
|
— |
|
|
399,457 |
|
|
Dec-26 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 1.55% |
|
13.89% |
|
Real |
|
73,480 |
|
|
— |
|
|
Jan-27 |
|
Investments |
|
Unsecured |
|
|
|
IGPM + 6.10% |
|
13.04% |
|
Real |
|
382,837 |
|
|
359,639 |
|
|
May-28 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.08% |
|
13.36% |
|
Real |
|
1,545,857 |
|
|
— |
|
|
Mar-29 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 0.80% |
|
13.05% |
|
Real |
|
1,547,588 |
|
|
— |
|
|
Mar-29 |
|
Capital management |
|
Unsecured |
|
|
|
CDI + 1.55% |
|
13.89% |
|
Real |
|
1,763,476 |
|
|
1,764,022 |
|
|
Nov-30 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.12% |
|
10.22% |
|
Real |
|
512,946 |
|
|
550,342 |
|
|
Aug-31 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.38% |
|
11.54% |
|
Real |
|
685,420 |
|
|
— |
|
|
Jul-34 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.22% |
|
10.32% |
|
Real |
|
466,173 |
|
|
533,854 |
|
|
Aug-36 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 7.17% |
|
12.37% |
|
Real |
|
588,142 |
|
|
— |
|
|
Dec-36 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.45% |
|
11.61% |
|
Real |
|
662,782 |
|
|
— |
|
|
Jul-39 |
|
Investments |
|
Unsecured |
|
|
|
|
|
|
|
|
|
14,449,033 |
|
|
10,017,150 |
|
|
|
|
|
|
|
|
Moove |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan 4131 |
|
Prefixed |
|
5.50% |
|
Dollar |
|
15,729 |
|
|
31,920 |
|
|
Mar-25 |
|
Investments |
|
Unsecured |
|
Working capital |
|
SOFR + 1.50% |
|
1.50% |
|
Dollar |
|
2,346,950 |
|
|
2,175,107 |
|
|
May-27 |
|
Acquisition |
|
Unsecured |
|
Working capital |
|
SONIA + 1.30% |
|
1.30% |
|
GBP |
|
272,318 |
|
|
— |
|
|
Jun-26 |
|
Acquisition |
|
Unsecured |
|
Export Credit Note |
|
SOFR+ 1.30% |
|
5.83% |
|
Dollar |
|
316,442 |
|
|
— |
|
|
Jun-27 |
|
Acquisition |
|
Unsecured |
|
Export Prepayment |
|
SOFR-06 + 1.30% |
|
5.66% |
|
Dollar |
|
607,136 |
|
|
— |
|
|
Jun-27 |
|
Acquisition |
|
Unsecured |
|
|
|
|
|
|
|
|
|
3,558,575 |
|
|
2,207,027 |
|
|
|
|
|
|
|
|
Rumo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES |
|
Prefixed |
|
6.00% |
|
Real |
|
— |
|
|
128,494 |
|
|
Dec-24 |
|
Investments |
|
Secured |
|
|
|
Prefixed |
|
3.50% |
|
Real |
|
— |
|
|
29 |
|
|
Jan-24 |
|
Investments |
|
Secured |
|
|
|
URTJLP |
|
9.53% |
|
Real |
|
1,861,658 |
|
|
2,210,390 |
|
|
Jul-31 |
|
Investments |
|
Secured |
|
|
|
CDI + 2.07% |
|
13.45% |
|
Real |
|
40,530 |
|
|
52,101 |
|
|
Mar-25 |
|
Capital management |
|
Secured |
|
|
|
CDI + 2.25% |
|
13.65% |
|
Real |
|
51,968 |
|
|
60,774 |
|
|
May-26 |
|
Capital management |
|
Secured |
|
|
|
CDI + 2.25% |
|
13.65% |
|
Real |
|
50,663 |
|
|
78,965 |
|
|
Feb-26 |
|
Capital management |
|
Secured |
|
|
|
CDI + 2.20% |
|
13.60% |
|
Real |
|
77,856 |
|
|
30,252 |
|
|
Mar-26 |
|
Capital management |
|
Secured |
|
|
|
SOFR + 1.30% |
|
5.83% |
|
Dollar |
|
25,341 |
|
|
487,544 |
|
|
Jan-25 |
|
Capital management |
|
Secured |
|
|
|
CDI + 1.29% |
|
13.65% |
|
Dollar |
|
30,302 |
|
|
— |
|
|
May-29 |
|
Capital management |
|
Secured |
|
Senior Notes Due 2028 |
|
Prefixed |
|
5.25% |
|
Dollar |
|
2,631,834 |
|
|
2,178,449 |
|
|
Jan-28 |
|
Investments |
|
Secured |
|
Senior Notes Due 2032 |
|
Prefixed |
|
4.20% |
|
Dollar |
|
2,418,140 |
|
|
2,066,885 |
|
|
Jan-32 |
|
Investments |
|
Secured |
|
Export Credit Agency ("ECA") |
|
Euribor + 0.58% |
|
3.94% |
|
Euro |
|
38,525 |
|
|
48,849 |
|
|
Sep-26 |
|
Investments |
|
Secured |
|
Bank Credit |
|
IPCA |
|
5.84% |
|
Real |
|
874,513 |
|
|
954,205 |
|
|
Jan-48 |
|
Investments |
|
Secured |
|
ACF |
|
IPCA + 6.48% |
|
11.64% |
|
Real |
|
299,706 |
|
|
— |
|
|
Aug-42 |
|
Investments |
|
Secured |
|
Debenture |
|
IPCA + 3.60% |
|
8.62% |
|
Real |
|
393,127 |
|
|
413,881 |
|
|
Dec-30 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 3.90% |
|
8.94% |
|
Real |
|
1,078,794 |
|
|
1,113,820 |
|
|
Oct-29 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 4.00% |
|
9.04% |
|
Real |
|
957,843 |
|
|
1,077,140 |
|
|
Dec-35 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 4.50% |
|
9.57% |
|
Real |
|
1,520,069 |
|
|
1,596,910 |
|
|
Jun-31 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 4.54% |
|
9.61% |
|
Real |
|
218,865 |
|
|
254,232 |
|
|
Jun-36 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 4.68% |
|
9.76% |
|
Real |
|
248,085 |
|
|
396,201 |
|
|
Feb-26 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 4.52% |
|
11.33% |
|
Real |
|
711,764 |
|
|
773,556 |
|
|
Jun-31 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.73% |
|
10.86% |
|
Real |
|
480,383 |
|
|
551,709 |
|
|
Oct-33 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.99% |
|
11.13% |
|
Real |
|
452,451 |
|
|
470,177 |
|
|
Jun-32 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.80% |
|
11.98% |
|
Real |
|
938,970 |
|
|
1,004,762 |
|
|
Apr-30 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 1.30% |
|
11.84% |
|
Real |
|
— |
|
|
759,390 |
|
|
Aug-24 |
|
Investments |
|
Unsecured |
|
|
|
CDI + 1.79% |
|
13.65% |
|
Real |
|
— |
|
|
753,435 |
|
|
Jun-24 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.76% |
|
10.89% |
|
Real |
|
714,229 |
|
|
753,439 |
|
|
Aug-29 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.18% |
|
10.91% |
|
Real |
|
655,641 |
|
|
749,252 |
|
|
May-33 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.80% |
|
10.93% |
|
Real |
|
469,906 |
|
|
— |
|
|
Mar-34 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 5.93% |
|
11.07% |
|
Real |
|
565,235 |
|
|
— |
|
|
Mar-39 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.42% |
|
11.33% |
|
Real |
|
489,270 |
|
|
— |
|
|
Jun-34 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.53% |
|
11.33% |
|
Real |
|
133,846 |
|
|
— |
|
|
Jun-39 |
|
Investments |
|
Unsecured |
|
|
|
IPCA + 6.05% |
|
11.19% |
|
Real |
|
693,704 |
|
|
— |
|
|
Aug-36 |
|
Investments |
|
Unsecured |
|
|
|
|
|
|
|
|
|
19,123,218 |
|
|
18,964,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
66,455,426 |
|
|
56,904,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
4,403,148 |
|
|
4,882,398 |
|
|
|
|
|
|
|
|
Non current |
|
|
|
|
|
|
|
62,052,278 |
|
|
52,022,256 |
|
|
|
|
|
|
|
|
| Summary of Loans, borrowings and debentures |
Loans, borrowings and debentures that are classified as non-current have the following maturities:
|
|
Consolidated |
|
|
|
Funding costs |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
1 to 2 years |
(43,154 |
) |
|
2,552,535 |
|
|
4,800,498 |
|
|
2 to 3 years |
(128,908 |
) |
|
7,551,156 |
|
|
6,255,752 |
|
|
3 to 4 years |
(85,987 |
) |
|
10,000,615 |
|
|
6,626,698 |
|
|
4 to 5 years |
(89,779 |
) |
|
12,429,311 |
|
|
7,554,468 |
|
|
5 to 6 years |
(53,072 |
) |
|
7,948,395 |
|
|
8,143,128 |
|
|
6 to 7 years |
(41,538 |
) |
|
6,100,666 |
|
|
6,777,099 |
|
|
7 to 8 years |
(44,524 |
) |
|
6,421,275 |
|
|
2,599,593 |
|
|
Over 8 years |
(120,306 |
) |
|
9,048,325 |
|
|
9,265,020 |
|
|
|
(607,268 |
) |
|
62,052,278 |
|
|
52,022,256 |
|
|
| Schedule of movements in loans, borrowings and debentures |
|
|
|
Consolidated |
|
|
Balance as of January 1, 2023 |
|
52,987,216 |
|
|
Proceeds |
|
12,785,628 |
|
|
Repayment of principal |
|
(8,054,763 |
) |
|
Payment of interest |
|
(3,552,292 |
) |
|
Payment of interest on work in progress |
|
(288,569 |
) |
|
Interest, exchange rate and fair value |
|
3,027,434 |
|
|
Balance as of December 31, 2023 |
|
56,904,654 |
|
|
Proceeds |
|
16,983,225 |
|
|
Repayment of principal |
|
(12,187,560 |
) |
|
Payment of interest |
|
(4,759,976 |
) |
|
Payment of interest on work in progress |
|
(128,520 |
) |
|
Business combination |
|
285,033 |
|
|
Interest, exchange rate and fair value |
|
9,358,570 |
|
|
Balance as of December 31, 2024 |
|
66,455,426 |
|
|
| Summary of lease liabilities |
|
Consolidated |
|
| Balance as of January 1, 2023 |
3,532,158 |
|
|
Additions |
1,923,138 |
|
|
Write-offs |
(15,329 |
) |
|
Settlement interest and foreign exchange variation |
458,507 |
|
|
Repayment of principal |
(490,012 |
) |
|
Payment of interest |
(236,948 |
) |
|
Monetary adjustment |
104,280 |
|
|
Balance as of December 31, 2023 |
5,275,794 |
|
|
Additions |
999,553 |
|
|
Write-offs |
(9,933 |
) |
|
Settlement interest and foreign exchange variation |
1,120,882 |
|
|
Repayment of principal |
(694,340 |
) |
|
Payment of interest |
(377,269 |
) |
|
Monetary adjustment |
174,662 |
|
|
Business combination (i) |
20,404 |
|
|
Balance as of December 31, 2024 |
6,509,753 |
|
|
|
|
|
|
Current |
1,007,533 |
|
|
Non-current |
5,502,220 |
|
|
|
6,509,753 |
|
| (i) |
Lease liabilities identified in the acquisition of Compagas, see note 9.2. |
|
| Summary of impacts on income during the year that were recorded for other lease agreements that were not included in the measurement of lease liabilities |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
Variable lease payments not included in the recognition of lease obligations |
71,932 |
|
|
43,115 |
|
|
56,612 |
|
|
Expenses related to short-term leases |
27,664 |
|
|
37,739 |
|
|
14,986 |
|
|
Low asset leasing costs, excluding short-term leases |
10,005 |
|
|
5,376 |
|
|
1,445 |
|
|
|
109,601 |
|
|
86,230 |
|
|
73,043 |
|
|
| Summary of Derivative Financial Instruments |
|
|
|
Notional |
|
|
Fair value |
|
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Exchange rate derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward agreements(i) |
|
1,042,896 |
|
|
6,716 |
|
|
28,392 |
|
|
(147 |
) |
|
FX option agreements |
|
411,000 |
|
|
363,098 |
|
|
3,096 |
|
|
30,677 |
|
|
|
|
1,453,896 |
|
|
369,814 |
|
|
31,488 |
|
|
30,530 |
|
|
Commodity derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward contract - NDF |
|
21,174 |
|
|
28,494 |
|
|
(7,158 |
) |
|
4,333 |
|
|
|
|
21,174 |
|
|
28,494 |
|
|
(7,158 |
) |
|
4,333 |
|
|
Foreign exchange and interest rate risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap agreements (interest rate) (ii) |
|
6,453,930 |
|
|
7,209,400 |
|
|
(364,783 |
) |
|
(10,686 |
) |
|
Swap agreements (interest and FX) (iii) |
|
20,195,459 |
|
|
18,260,969 |
|
|
1,912,553 |
|
|
(1,546,736 |
) |
|
Forward agreements (interest and FX)(iv) |
|
— |
|
|
8,985,594 |
|
|
— |
|
|
(939,559 |
) |
|
Swap agreements (interest and inflation) (ii) |
|
12,247,351 |
|
|
14,307,844 |
|
|
(246,660 |
) |
|
853,639 |
|
|
|
|
38,896,740 |
|
|
48,763,807 |
|
|
1,301,110 |
|
|
(1,643,342 |
) |
|
Share price risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap agreements - (TRS)(v) |
|
1,817,821 |
|
|
1,775,341 |
|
|
(1,073,657 |
) |
|
88,297 |
|
|
Call Spread(iv) |
|
4,667,709 |
|
|
5,594,212 |
|
|
77,341 |
|
|
366,296 |
|
|
Collar (Vale Shares) |
|
— |
|
|
13,114,720 |
|
|
— |
|
|
285,540 |
|
|
|
|
6,485,530 |
|
|
20,484,273 |
|
|
(996,316 |
) |
|
740,133 |
|
|
Total financial instruments |
|
|
|
|
|
|
|
329,124 |
|
|
(868,346 |
) |
|
Current assets |
|
|
|
|
|
|
|
905,341 |
|
|
202,399 |
|
|
Non-current assets |
|
|
|
|
|
|
|
2,893,987 |
|
|
2,344,400 |
|
|
Current liabilities |
|
|
|
|
|
|
|
(2,504,117 |
) |
|
(1,250,520 |
) |
|
Non-current liabilities |
|
|
|
|
|
|
|
(966,087 |
) |
|
(2,164,625 |
) |
|
Total |
|
|
|
|
|
|
|
329,124 |
|
|
(868,346 |
) |
| (i) |
To hedge exposures and expenses in foreign currency, the Company and its subsidiaries have foreign exchange forward agreements and/or options indexed to foreign exchange. |
| (ii) |
The Company structured derivatives to protect against exposure to pre-fixed interest in Reais in order to convert such debt into post-fixed debt. In interest rate and inflation swap transactions, the Company positions itself as assets in the Índice Nacional de Preços ao Consumidor Amplo (“IPCA”) plus fixed interest and liabilities at a percentage of the CDI. |
| (iii) |
The Company and its subsidiary Rumo carry out interest rate and foreign exchange swap transactions, in which the companies position themselves as assets in US dollars plus fixed interest and liabilities at a percentage of the CDI. |
| (iv) |
The Company structured derivatives, to protect against price fluctuations in Vale's shares. |
| (v) |
The Company entered into TRS derivative contracts with commercial banks. Through the TRS, with financial settlement, Cosan will receive the return on the variation in the price of CSAN3 shares, adjusted by dividends for the period, and will pay annual interest referenced to CDI plus spread. The equivalent contracted amount of CSAN3 shares with TRS was 110,995,312 shares, and the total initial value was R$1,817,821. On December 31, 2024, the result of the mark-to-market, recorded in the Company's financial expense, was R$1,073,657 (compared to financial income of R$83,390 on December 31, 2023). |
|
| Schedule of derivative debt and non-debt derivative financial instruments |
Below, we present the breakdown of the registration value of debt and non-debt derivative financial instruments:
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Derivative financial instruments |
1,319,512 |
|
|
(990,764 |
) |
|
Non-derivative financial instruments |
(990,388 |
) |
|
122,418 |
|
|
|
329,124 |
|
|
(868,346 |
) |
|
| Summary of designated as hedging instruments |
|
|
|
|
|
Registered value |
|
|
Accumulated fair value adjustment |
|
|
|
Notional |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
FX rate risk hedge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Designated items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPE - (Moove) |
(536,300 |
) |
|
(620,690 |
) |
|
— |
|
|
(13,554 |
) |
|
— |
|
|
NCE - (Moove) |
(269,870 |
) |
|
(320,606 |
) |
|
— |
|
|
(4,164 |
) |
|
— |
|
|
Senior notes 2028 (Rumo Luxembourg) |
(2,791,600 |
) |
|
(2,631,834 |
) |
|
(2,178,449 |
) |
|
(254,278 |
) |
|
167,874 |
|
|
Senior notes 2032 (Rumo Luxembourg) |
(2,259,375 |
) |
|
(2,418,140 |
) |
|
(2,066,885 |
) |
|
(213,825 |
) |
|
126,408 |
|
|
NCE U.S.$ (Rumo Malha Norte) |
(120,850 |
) |
|
(25,341 |
) |
|
(487,544 |
) |
|
(134,810 |
) |
|
3,147 |
|
|
Total debt |
(5,977,995 |
) |
|
(6,016,611 |
) |
|
(4,732,878 |
) |
|
(620,631 |
) |
|
297,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPE - (Moove) |
536,300 |
|
|
66,126 |
|
|
— |
|
|
66,126 |
|
|
— |
|
|
NCE - (Moove) |
269,870 |
|
|
28,452 |
|
|
— |
|
|
28,452 |
|
|
— |
|
|
Swaps Senior Notes 2028 (Rumo Luxembourg) |
2,791,600 |
|
|
(50,047 |
) |
|
(460,939 |
) |
|
(410,893 |
) |
|
42,265 |
|
|
Swaps Senior Notes 2032 (Rumo Luxembourg) |
2,259,375 |
|
|
112,984 |
|
|
(239,630 |
) |
|
(352,614 |
) |
|
110,644 |
|
|
Swap exchange rate and interest (Rumo Malha Norte) |
120,850 |
|
|
(98,758 |
) |
|
5,293 |
|
|
104,049 |
|
|
(5,293 |
) |
|
Total derivatives |
5,977,995 |
|
|
58,757 |
|
|
(695,276 |
) |
|
(564,880 |
) |
|
147,616 |
|
|
Total |
— |
|
|
(5,957,854 |
) |
|
(5,428,154 |
) |
|
(1,185,511 |
) |
|
445,045 |
|
|
|
|
|
|
Registered value |
|
|
Accumulated fair value adjustment |
|
|
|
Notional |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Interest rate risk hedge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Designated items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES Project VIII (Comgás) |
(791,665 |
) |
|
(678,785 |
) |
|
(803,990 |
) |
|
100,511 |
|
|
54,807 |
|
|
Debenture (Rumo) |
(10,189,275 |
) |
|
(9,719,039 |
) |
|
(7,973,671 |
) |
|
(1,375,324 |
) |
|
397,073 |
|
|
ACF (Rumo) |
(312,528 |
) |
|
(299,706 |
) |
|
— |
|
|
(13,635 |
) |
|
— |
|
|
Finem (Rumo) |
(22,516 |
) |
|
(25,764 |
) |
|
(36,301 |
) |
|
(40,521 |
) |
|
971 |
|
|
CCB (Rumo) |
(943,032 |
) |
|
(874,513 |
) |
|
(954,205 |
) |
|
(49,978 |
) |
|
(10,088 |
) |
|
Total debt |
(12,259,016 |
) |
|
(11,597,807 |
) |
|
(9,768,167 |
) |
|
(1,378,947 |
) |
|
442,763 |
|
|
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps 5th issue - single series (Comgás) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(221,000 |
) |
|
BNDES Project VIII (Comgás) |
791,665 |
|
|
(101,565 |
) |
|
(56,085 |
) |
|
(45,480 |
) |
|
34,108 |
|
|
Swaps Debenture (Rumo) |
10,189,275 |
|
|
(360,998 |
) |
|
559,964 |
|
|
920,964 |
|
|
(708,626 |
) |
|
ACF (Rumo) |
312,528 |
|
|
(13,864 |
) |
|
— |
|
|
13,864 |
|
|
— |
|
|
Finem (Rumo) |
22,516 |
|
|
938 |
|
|
1,600 |
|
|
662 |
|
|
(2,158 |
) |
|
CCB (Rumo) |
943,032 |
|
|
(63,659 |
) |
|
(15,221 |
) |
|
48,438 |
|
|
8,245 |
|
|
Derivative total |
12,259,016 |
|
|
(539,148 |
) |
|
490,258 |
|
|
938,448 |
|
|
(889,431 |
) |
|
Total |
— |
|
|
(12,136,955 |
) |
|
(9,277,909 |
) |
|
(440,499 |
) |
|
(446,668 |
) |
|
| Schedule of fair value option of financial instruments |
The Company chose to designate the hedged liabilities (hedge objects) to be recorded at fair value through profit or loss. Considering that derivative instruments are always accounted for at fair value through profit or loss, the accounting effects are the same as those that would be obtained through hedging documentation:
|
|
|
|
|
|
|
Registered Value |
|
|
Accumulated fair value |
|
|
|
|
|
Notional |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
FX rate risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Notes 2027 (Cosan Luxembourg) |
U.S.$+7.00% |
|
(2,427,382 |
) |
|
(2,475,674) |
|
|
(2,016,330 |
) |
|
(1,540,318 |
) |
|
528,855 |
|
|
Export Credit Agreement (Rumo) |
EUR + 0.58% |
|
(25,369 |
) |
|
(38,525 |
) |
|
(48,849 |
) |
|
(713 |
) |
|
(1,444 |
) |
|
Scotiabank 2021 |
U.S.$ + 1.60% |
|
|
|
|
— |
|
|
(362,774 |
) |
|
— |
|
|
2,106 |
|
|
Scotiabank 2022 |
U.S.$ + 2.51% |
|
(1,097,400 |
) |
|
(1,245,669 |
) |
|
(943,486 |
) |
|
3,580 |
|
|
33,324 |
|
|
Scotiabank 2023 |
U.S.$ + 4.76% |
|
(749,310 |
) |
|
(926,262 |
) |
|
(734,191 |
) |
|
5,920 |
|
|
(5,468 |
) |
|
BNP Paribas 2024 |
EUR + 5.74% |
|
(504,226 |
) |
|
(523,634 |
) |
|
— |
|
|
(19,408 |
) |
|
— |
|
|
Total |
|
|
(4,803,687 |
) |
|
(5,209,764 |
) |
|
(4,105,630 |
) |
|
(1,550,939 |
) |
|
557,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap Senior Notes 2027 (Cosan Luxembourg) |
BRL + 114.66% CDI |
|
2,427,382 |
|
|
217,523 |
|
|
(46,214 |
) |
|
1,494,564 |
|
|
(379,397 |
) |
|
FX and interest rate swaps (Rumo) |
BRL + 108,00% CDI |
|
25,369 |
|
|
12,253 |
|
|
9,316 |
|
|
(2,937 |
) |
|
6,153 |
|
|
Scotiabank 2021 |
CDI + 1.25% |
|
— |
|
|
— |
|
|
(63,184 |
) |
|
— |
|
|
(12,939 |
) |
|
Scotiabank 2022 |
CDI + 1.20% |
|
1,097,400 |
|
|
95,971 |
|
|
(212,180 |
) |
|
308,150 |
|
|
(51,811 |
) |
|
BNP Paribas 2024 |
CDI + 1.35% |
|
504,226 |
|
|
55,805 |
|
|
— |
|
|
347,714 |
|
|
— |
|
|
Scotiabank 2018 |
107.90% CDI |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(123,760 |
) |
|
Scotiabank 2023 |
CDI + 1.30% |
|
749,310 |
|
|
169,185 |
|
|
(22,611 |
) |
|
191,795 |
|
|
(22,611 |
) |
|
Total derivatives |
|
|
4,803,687 |
|
|
550,737 |
|
|
(334,873 |
) |
|
2,339,286 |
|
|
(584,365 |
) |
|
Total |
|
|
— |
|
|
(4,659,027 |
) |
|
(4,440,503 |
) |
|
788,347 |
|
|
(26,992 |
) |
|
|
|
|
|
|
|
Registered Value |
|
|
Accumulated fair value adjustment |
|
|
|
|
|
Notional |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
FX rate risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES Projects VI and VII (Comgás) |
IPCA + 4,10% |
|
(101,543 |
) |
|
(88,477 |
) |
|
(112,946 |
) |
|
3,288 |
|
|
(150 |
) |
|
BNDES Project VIII (Comgás) |
IPCA + 3,25% |
|
(688,876 |
) |
|
(639,325 |
) |
|
(743,674 |
) |
|
39,439 |
|
|
5,967 |
|
|
BNDES Project IX (Comgás) |
IPCA + 5,74% |
|
(565,582 |
) |
|
(554,820 |
) |
|
(598,752 |
) |
|
54,110 |
|
|
(19,875 |
) |
|
BNDES Project IX - Sub A (Comgás) |
IPCA + 5,74% |
|
(306,207 |
) |
|
(287,962 |
) |
|
— |
|
|
22,242 |
|
|
— |
|
|
BNDES Project IX - Sub A (Comgás) |
IPCA + 5,74% |
|
(196,598 |
) |
|
(184,883 |
) |
|
— |
|
|
10,864 |
|
|
— |
|
|
BNDES Project IX - Sub B (Comgás) |
IPCA + 6,01% |
|
(315,186 |
) |
|
(295,695 |
) |
|
— |
|
|
23,999 |
|
|
— |
|
|
Debenture 6th issue - single series (Comgás) |
IPCA + 4,33% |
|
— |
|
|
— |
|
|
(554,148 |
) |
|
— |
|
|
3,509 |
|
|
Debenture 4th issue - 3rd series (Comgás) |
IPCA + 7,36% |
|
(38,273 |
) |
|
(41,436 |
) |
|
(80,960 |
) |
|
718 |
|
|
(708 |
) |
|
Debenture 9th issue - 1st series (Comgás) |
IPCA + 5,12% |
|
(500,000 |
) |
|
(512,946 |
) |
|
(550,342 |
) |
|
88,728 |
|
|
19,868 |
|
|
Debenture 11th issue - 1st series (Comgás) |
IPCA + 6,38% |
|
(750,000 |
) |
|
(685,420 |
) |
|
— |
|
|
72,780 |
|
|
— |
|
|
Debenture 9th issue - 2nd series (Comgás) |
IPCA + 5,22% |
|
(500,000 |
) |
|
(466,173 |
) |
|
(533,854 |
) |
|
133,379 |
|
|
34,919 |
|
|
Debenture 12th issue - single series (Comgás) |
IPCA + 7,17% |
|
(600,000 |
) |
|
(588,142 |
) |
|
— |
|
|
(10,096 |
) |
|
— |
|
|
Debenture 11th issue - 2nd series (Comgás) |
IPCA + 6,45% |
|
(750,000 |
) |
|
(662,782 |
) |
|
— |
|
|
85,912 |
|
|
— |
|
|
Debentures (Rumo) |
IPCA + 4,68% |
|
(180,000 |
) |
|
(248,085 |
) |
|
(396,201 |
) |
|
(59,916 |
) |
|
13,474 |
|
|
Debentures (Rumo) |
IPCA + 4,50% |
|
(600,000 |
) |
|
(755,061 |
) |
|
(774,939 |
) |
|
(96,457 |
) |
|
34,721 |
|
|
Total |
|
|
(6,092,265 |
) |
|
(6,011,207 |
) |
|
(4,345,816 |
) |
|
368,990 |
|
|
91,725 |
|
|
Derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES Projects VI and VII (Comgás) |
87.50% CDI |
|
101,543 |
|
|
(3,332 |
) |
|
64 |
|
|
(3,396 |
) |
|
2,110 |
|
|
BNDES Project VIII (Comgás) |
91.90% CDI |
|
688,876 |
|
|
(39,834 |
) |
|
(6,578 |
) |
|
(33,256 |
) |
|
14,461 |
|
|
BNDES Project IX (Comgás) |
98.90% CDI |
|
565,582 |
|
|
1,394 |
|
|
46,904 |
|
|
(45,510 |
) |
|
53,536 |
|
|
BNDES Project IX - Sub A (Comgás) |
98.49% CDI |
|
306,207 |
|
|
(14,383 |
) |
|
— |
|
|
(14,383 |
) |
|
— |
|
|
BNDES Project IX - Sub A (Comgás) |
92.35% CDI |
|
196,598 |
|
|
(8,929 |
) |
|
— |
|
|
(8,929 |
) |
|
— |
|
|
BNDES Project IX - Sub B (Comgás) |
95.55% CDI |
|
315,186 |
|
|
(15,994 |
) |
|
— |
|
|
(15,994 |
) |
|
— |
|
|
Debenture 6th issue - single series (Comgás) |
89.90% CDI |
|
— |
|
|
— |
|
|
20,116 |
|
|
— |
|
|
30,535 |
|
|
Debenture 4th issue - 3rd series (Comgás) |
112.49% CDI |
|
38,273 |
|
|
3,203 |
|
|
4,567 |
|
|
(1,364 |
) |
|
5,345 |
|
|
Debenture 9th issue - 1st series (Comgás) |
109.20% CDI |
|
500,000 |
|
|
5,192 |
|
|
42,093 |
|
|
(36,901 |
) |
|
59,798 |
|
|
Debenture 11th issue - 1st series (Comgás) |
100.45% CDI |
|
750,000 |
|
|
(71,755 |
) |
|
— |
|
|
(71,755 |
) |
|
— |
|
|
Debenture 9th issue - 2nd series (Comgás) |
110.60% CDI |
|
500,000 |
|
|
(39,535 |
) |
|
26,901 |
|
|
(66,436 |
) |
|
67,342 |
|
|
Debenture 12th issue - single series (Comgás) |
95.66% CDI |
|
600,000 |
|
|
10,424 |
|
|
— |
|
|
10,424 |
|
|
— |
|
|
Debenture 11th issue - 2nd series (Comgás) |
99.70% CDI |
|
750,000 |
|
|
(84,963 |
) |
|
— |
|
|
(84,963 |
) |
|
— |
|
|
Debentures (Rumo) |
107.00% CDI |
|
180,000 |
|
|
60,419 |
|
|
81,885 |
|
|
21,466 |
|
|
(5,691 |
) |
|
Debentures (Rumo) |
103.00% CDI |
|
600,000 |
|
|
130,505 |
|
|
147,429 |
|
|
16,924 |
|
|
(73,337 |
) |
|
Total derivatives |
|
|
6,092,265 |
|
|
(67,588 |
) |
|
363,381 |
|
|
(334,073 |
) |
|
154,099 |
|
|
Total |
|
|
— |
|
|
(6,078,795 |
) |
|
(3,982,435 |
) |
|
34,917 |
|
|
245,824 |
|
|
| Schedule of cash flow hedge |
a) Composition
|
Financial instruments |
|
Subsidiary |
|
Risk |
|
Unit |
|
Notional R$ |
|
|
Fair value 12/31/2024 |
|
|
Book value 12/31/2024 |
|
|
(-) Deferred taxes |
|
|
Effect on shareholders' equity 12/31/2024 |
|
|
Leasing |
|
Compass |
|
FX rate |
|
BRL |
|
(1,783,341 |
) |
|
446,224 |
|
|
446,224 |
|
|
(151,716 |
) |
|
294,508 |
|
|
Effect on finance position |
|
|
|
|
|
|
|
(1,783,341 |
) |
|
446,224 |
|
|
446,224 |
|
|
(151,716 |
) |
|
294,508 |
|
b) Changes
|
Financial instruments |
|
Net operating revenue |
|
|
Net financial result |
|
|
Comprehensive income |
|
|
Realized gains |
|
|
Derivative futures (BRENT) |
|
(5,149 |
) |
|
(17,880 |
) |
|
— |
|
|
23,029 |
|
|
Leasing |
|
(6,937 |
) |
|
(486 |
) |
|
446,224 |
|
|
— |
|
|
December 31, 2024 |
|
(12,086 |
) |
|
(18,366 |
) |
|
446,224 |
|
|
23,029 |
|
|
| Summary of Trade Receivables |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Domestic market |
3,220,315 |
|
|
2,790,623 |
|
|
Unbilled receivables (i) |
853,993 |
|
|
782,813 |
|
|
Foreign market - foreign currency |
134,127 |
|
|
32,308 |
|
|
|
4,208,435 |
|
|
3,605,744 |
|
|
Expected credit losses |
(212,701 |
) |
|
(161,108 |
) |
|
|
3,995,734 |
|
|
3,444,636 |
|
|
Current |
3,730,364 |
|
|
3,330,488 |
|
|
Non-current |
265,370 |
|
|
114,148 |
|
|
Total |
3,995,734 |
|
|
3,444,636 |
|
| (i) |
Unbilled revenue refers to the portion of the monthly gas supply for which measurement and billing have not been completed, however already recorded in the balance sheet in accordance with the Company's accounting policy. |
|
| Summary of Ageing analysis of Trade Receivables |
The aging of accounts receivable is as follows:
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Not overdue |
3,615,094 |
|
|
3,181,795 |
|
|
Overdue |
|
|
|
|
|
|
Up to 30 days |
280,392 |
|
|
203,143 |
|
|
From 31 to 60 days |
74,817 |
|
|
48,968 |
|
|
From 61 to 90 days |
27,198 |
|
|
18,146 |
|
|
More than 90 days |
210,934 |
|
|
153,692 |
|
|
Expected credit losses |
(212,701 |
) |
|
(161,108 |
) |
|
|
3,995,734 |
|
|
3,444,636 |
|
|
| Summary of Changes in Allowance for Doubtful Accounts |
Changes in the expected credit losses are as follows:
|
|
Consolidated |
|
|
Balance as of January 1, 2023 |
(154,618 |
) |
|
Provision / reversal |
(31,053 |
) |
|
Foreign exchange |
1,353 |
|
|
Write-offs |
23,210 |
|
|
Balance as of December 31, 2023 |
(161,108 |
) |
|
Corporate reorganization (Note 9.2) |
(17,606 |
) |
|
Provision / reversal |
(54,882 |
) |
|
Write-offs |
20,895 |
|
|
Balance as of December 31, 2024 |
(212,701 |
) |
|
| Summary of Receivables from and Payables to Related Parties |
a) Accounts receivable and payable with related parties:
|
|
|
Consolidated |
|
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Current assets |
|
|
|
|
|
|
|
Commercial operations |
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
72,518 |
|
|
63,004 |
|
|
CLI Sul S.A. |
|
19,458 |
|
|
21,633 |
|
|
Aguassanta Participações S.A. |
|
— |
|
|
88 |
|
|
Termag - Terminal Marítimo de Guarujá S.A. |
|
14,286 |
|
|
9,286 |
|
|
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS) |
|
36,985 |
|
|
— |
|
|
Vale S.A. |
|
3,321 |
|
|
5,000 |
|
|
Radar Gestão de Investimentos S.A. |
|
565 |
|
|
— |
|
|
Norgás S.A. |
|
— |
|
|
8,976 |
|
|
Other |
|
3,052 |
|
|
452 |
|
|
|
|
150,185 |
|
|
108,439 |
|
|
Financial and corporate operations |
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
45,173 |
|
|
36,032 |
|
|
Ligga S.A. (ii) |
|
— |
|
|
107,000 |
|
|
Other |
|
1,705 |
|
|
— |
|
|
|
|
46,878 |
|
|
143,032 |
|
|
Total current assets |
|
197,063 |
|
|
251,471 |
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Commercial operations |
|
|
|
|
|
|
|
Termag - Terminal Marítimo de Guarujá S.A. |
|
21,438 |
|
|
36,952 |
|
|
|
|
21,438 |
|
|
36,952 |
|
|
Financial and corporate operations |
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
26,920 |
|
|
46,935 |
|
|
Ligga S.A. (ii) |
|
154,468 |
|
|
— |
|
|
Other |
|
— |
|
|
4,733 |
|
|
|
|
181,388 |
|
|
51,668 |
|
|
Total non-current assets |
|
202,826 |
|
|
88,620 |
|
|
Related parties receivables |
|
399,889 |
|
|
340,091 |
|
|
|
|
Consolidated |
|
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Current liabilities |
|
|
|
|
|
|
|
Commercial operations |
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
303,656 |
|
|
232,713 |
|
|
Termag - Terminal Marítimo de Guarujá S.A. |
|
8,149 |
|
|
10,500 |
|
|
Associação Gestora da Ferrovia Interna do Porto de Santos (AG-FIPS) |
|
45,119 |
|
|
— |
|
|
Aguassanta Participações S.A. |
|
— |
|
|
984 |
|
|
Vale S.A. |
|
— |
|
|
4,000 |
|
|
Other |
|
1,932 |
|
|
39,542 |
|
|
|
|
358,856 |
|
|
287,739 |
|
|
Financial and corporate operations |
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
57,554 |
|
|
34,421 |
|
|
Total current liabilities |
|
416,410 |
|
|
322,160 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Financial and corporate operations |
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
1,078 |
|
|
1,078 |
|
|
Payables to related parties |
|
417,488 |
|
|
323,238 |
|
| (i) |
Current and non-current assets receivable from Raízen S.A. and its subsidiaries are, substantially, tax credits that will be reimbursed to the Company when realized. The preferred shares are used by Raízen to reimburse Cosan, with preferred dividends, when the net operating loss is consumed in Raízen. Current liabilities represent Cosan S.A.'s obligation to reimburse Raízen S.A. and its subsidiaries for expenses related to settled legal disputes and other liabilities incurred prior to the formation of the joint venture. |
| (ii) |
Balance of financial operation between the Company and Ligga S.A. calculated at 120% of the CDI rate. |
|
| Summary of Related Party Transactions |
b) Transactions with related parties:
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
1,294,971 |
|
|
974,612 |
|
|
908,588 |
|
|
Elevações Portuárias S.A. |
|
12,375 |
|
|
15,434 |
|
|
— |
|
|
Vale S.A. |
|
46,350 |
|
|
56,000 |
|
|
— |
|
|
Other |
|
— |
|
|
— |
|
|
6,910 |
|
|
|
|
1,353,696 |
|
|
1,046,046 |
|
|
915,498 |
|
|
Purchase of products / inputs / services |
|
|
|
|
|
|
|
|
|
|
Raízen S.A. (i) |
|
(3,129,874 |
) |
|
(2,251,896 |
) |
|
(2,528,022 |
) |
|
Elevações Portuárias S.A. |
|
— |
|
|
(16,536 |
) |
|
— |
|
|
Vale S.A. |
|
(4,544 |
) |
|
(52,000 |
) |
|
— |
|
|
Other |
|
— |
|
|
(74,785 |
) |
|
— |
|
|
|
|
(3,134,418 |
) |
|
(2,395,217 |
) |
|
(2,528,022 |
) |
|
Shared income (expenses) |
|
|
|
|
|
|
|
|
|
|
Elevações Portuárias S.A. |
|
— |
|
|
(753 |
) |
|
— |
|
|
Raízen S.A. |
|
(30,156 |
) |
|
(83,054 |
) |
|
(68,120 |
) |
|
Other |
|
(22 |
) |
|
(2 |
) |
|
96 |
|
|
|
|
(30,178 |
) |
|
(83,809 |
) |
|
(68,024 |
) |
|
Finance result |
|
|
|
|
|
|
|
|
|
|
Raízen S.A. |
|
— |
|
|
— |
|
|
(106 |
) |
|
Other |
|
4,808 |
|
|
— |
|
|
(92 |
) |
|
|
|
4,808 |
|
|
— |
|
|
(198 |
) |
|
Total |
|
(1,806,092 |
) |
|
(1,432,980 |
) |
|
(1,680,746 |
) |
(i) The amount is related to the purchase of fuels and provision of logistics transport by the subsidiary Rumo.
|
| Summary of Officers' and Directors' Compensation |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
Short-term benefits to employees and directors |
175,487 |
|
|
207,026 |
|
|
160,020 |
|
|
Share-based compensation |
67,569 |
|
|
97,510 |
|
|
77,210 |
|
|
Post-employment benefits |
2,369 |
|
|
2,888 |
|
|
2,039 |
|
|
Long-term benefits to officers and directors |
1,645 |
|
|
60,781 |
|
|
26,563 |
|
|
Other long-term benefits |
5,981 |
|
|
— |
|
|
— |
|
|
|
253,051 |
|
|
368,205 |
|
|
265,832 |
|
|
| Summary of carrying amounts of trade payables |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Material and services suppliers |
4,205,516 |
|
|
3,110,114 |
|
|
Natural gas(i)/ transport and logistics suppliers |
982,333 |
|
|
1,074,411 |
|
|
|
5,187,849 |
|
|
4,184,525 |
|
|
|
|
|
|
|
|
|
Current |
5,168,593 |
|
|
3,920,273 |
|
|
Non-current |
19,256 |
|
|
264,252 |
|
|
Total |
5,187,849 |
|
|
4,184,525 |
|
(i) The open balance of natural gas supply primarily refers to the natural gas supply contracts with Petróleo Brasileiro S.A. (“Petrobras”).
|
| Schedule of changes in net sector financial asset (liability) |
The movement of net sectoral financial assets (liabilities) was as follows:
|
|
Sectorial assets |
|
|
Sectorial liabilities (iv) |
|
|
Total |
|
|
Balance as of January 1, 2023 |
342,333 |
|
|
(1,616,616 |
) |
|
(1,274,283 |
) |
|
Cost of gas (i) |
27,954 |
|
|
— |
|
|
27,954 |
|
|
Tax credits |
12,425 |
|
|
(47,144 |
) |
|
(34,719 |
) |
|
Monetary update (ii) |
49,098 |
|
|
(146,938 |
) |
|
(97,840 |
) |
|
Deferral of IGP-M (iii) |
116,890 |
|
|
— |
|
|
116,890 |
|
|
Balance as of December 31, 2023 |
548,700 |
|
|
(1,810,698 |
) |
|
(1,261,998 |
) |
|
Cost of gas (i) |
(12,437 |
) |
|
(2,210 |
) |
|
(14,647 |
) |
|
Tax credits |
— |
|
|
(65,710 |
) |
|
(65,710 |
) |
|
Monetary update (ii) |
71,981 |
|
|
(161,621 |
) |
|
(89,640 |
) |
|
Deferral of IGP-M (iii) |
117,418 |
|
|
— |
|
|
117,418 |
|
|
Business combination |
5,980 |
|
|
— |
|
|
5,980 |
|
|
Balance as of December 31, 2024 |
731,642 |
|
|
(2,040,239 |
) |
|
(1,308,597 |
) |
|
|
|
|
|
|
|
|
|
|
|
Current |
221,947 |
|
|
(64,718 |
) |
|
157,229 |
|
|
Non-current |
509,695 |
|
|
(1,975,521 |
) |
|
(1,465,826 |
) |
|
Total |
731,642 |
|
|
(2,040,239 |
) |
|
(1,308,597 |
) |
| (i) |
Refers to the difference between the cost of gas purchased and that contained in tariffs, which is fully classified as current assets since the regulator's deliberation calls for annual tariff recovery for the residential and commercial segments and quarterly tariff recovery for the other segments. |
| (ii) |
Recalculation of the gas current account and extemporaneous credit using the SELIC rate. |
| (iii) |
Appropriation of the deferral of the IGP-M for the residential and commercial segments. |
| (iv) |
The ARSESP's conclusion on the refund to consumers of PIS and COFINS credits resulting from the exclusion of ICMS from the calculation base has been extended to May 20, 2025, in accordance with Resolution No. 1573 of September 23, 2024. Until ARSESP defines the next steps and the restitution schedule, the Company is keeping the amounts accrued as non-current sector liabilities. |
|
| Summary of carrying amounts and fair value of financial assets and financial liabilities |
The carrying amounts and fair value of consolidated assets and liabilities are as follows:
|
|
|
|
Carrying amount |
|
|
Assets and liabilities measured at fair value |
|
|
|
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
|
Note |
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds |
5.2 |
|
2,122,442 |
|
|
3,298,142 |
|
|
— |
|
|
2,122,442 |
|
|
— |
|
|
— |
|
|
3,298,142 |
|
|
— |
|
|
Marketable securities |
5.3 |
|
3,386,301 |
|
|
3,503,961 |
|
|
— |
|
|
3,386,301 |
|
|
— |
|
|
— |
|
|
3,503,961 |
|
|
— |
|
|
Other financial assets |
|
|
4,495 |
|
|
3,113 |
|
|
4,495 |
|
|
— |
|
|
— |
|
|
3,113 |
|
|
— |
|
|
— |
|
|
Investment properties (i) |
11.5 |
|
16,818,919 |
|
|
15,976,126 |
|
|
— |
|
|
— |
|
|
16,818,919 |
|
|
— |
|
|
— |
|
|
15,976,126 |
|
|
Derivate financial instruments |
5.6 |
|
3,799,328 |
|
|
2,546,799 |
|
|
— |
|
|
3,799,328 |
|
|
— |
|
|
— |
|
|
2,546,799 |
|
|
— |
|
|
Total |
|
|
26,131,485 |
|
|
25,328,141 |
|
|
4,495 |
|
|
9,308,071 |
|
|
16,818,919 |
|
|
3,113 |
|
|
9,348,902 |
|
|
15,976,126 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, financing and debentures(ii) |
5.4 |
|
(66,455,426 |
) |
|
(56,904,654 |
) |
|
— |
|
|
(28,294,034 |
) |
|
— |
|
|
— |
|
|
(22,952,492 |
) |
|
— |
|
|
Derivative financial instruments |
5.6 |
|
(3,470,204 |
) |
|
(3,415,145 |
) |
|
— |
|
|
(3,470,204 |
) |
|
— |
|
|
— |
|
|
(3,415,145 |
) |
|
— |
|
|
Total |
|
|
(69,925,630 |
) |
|
(60,319,799 |
) |
|
— |
|
|
(31,764,238 |
) |
|
— |
|
|
— |
|
|
(26,367,637 |
) |
|
— |
|
| (i) |
The fair value of investment properties was determined using the direct comparative method of market data applied to transactions involving similar properties (type, location, and quality of property) and, to a lesser extent, sales quotes for potential transactions involving comparable assets (level 3). The methodology used to determine fair value incorporates direct comparisons of market information, such as market research, homogenization of values, spot market prices, sales, distances, facilities, access to land, topography and soil, land use (crop type), and rainfall, among other data, in accordance with the standards issued by the Brazilian Association of Technical Standards (Associação Brasileira de Normas Técnicas ("ABNT"). The discount rates used varies between 6.06% p.a. and 10.40% p.a. on December 31, 2024 (11.12% to 11.20% p.a. on December 31, 2023). |
| (ii) |
The fair value of the Company’s loans does not differ significantly from their carrying value except for the debts that are designated at fair value through the result. |
|
| Summary of Market Value of Senior Notes that are listed on Luxembourg Stock Exchange |
|
Debt |
|
Company |
|
12/31/2024 |
|
12/31/2023 |
|
Senior Notes 2028 |
|
Rumo Luxembourg S.à r.l. |
|
97.32% |
|
96.41% |
|
Senior Notes 2032 |
|
Rumo Luxembourg S.à r.l. |
|
84.30% |
|
85.65% |
|
Senior Notes 2027 |
|
Cosan Luxembourg S.A. |
|
99.63% |
|
100.92% |
|
| Schedule of exposure to financial risks |
|
Risk |
Exposure arising from |
Measurement |
Management |
|
Market risk - foreign exchange |
i. Future commercial transactions.
ii. Recognized financial assets and liabilities not denominated in Reais. |
i. Cash flow forecasting
ii. Sensitivity analysis |
Foreign currency |
|
Market risk - interest |
Cash and cash equivalents, securities, loans, borrowings and debentures, leases and derivative financial instruments. |
Sensitivity analysis |
Interest rate swap |
|
Market risk – price |
i. Future business transactions
ii. Investment in securities |
i. Cash flow forecasting
ii. Sensitivity analysis |
Future price of energy and gas (purchase and sale)
i. Derivative protection for valuation and devaluation of shares |
|
Credit risk |
Cash and cash equivalents, marketable securities, trade receivables, derivatives, receivables from related parties, dividends and investment property |
i. Analysis by maturity
ii. Credit ratings |
Availability and lines of credit |
|
Liquidity risk |
Loans, borrowings and debentures, accounts payable to suppliers, other financial liabilities, REFIS, leases, derivatives, payables to related parties and dividends. |
Cash flow forecasting |
Availability and lines of credit |
|
| Schedule of net exposure to the exchange rate variations on assets and liabilities denominated in U.S. dollar and Euro |
The Company had the following net exposure to foreign exchange variation on assets and liabilities denominated in US Dollars, Euros, Yen and Pound Sterling:
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Cash and cash equivalents |
1,861,070 |
|
|
284,956 |
|
|
Trade and Other receivables |
35,807 |
|
|
7,678 |
|
|
Trade payables |
(691,312 |
) |
|
(441,768 |
) |
|
Loans, borrowings and debentures |
(24,263,167 |
) |
|
(24,861,084 |
) |
|
Leases |
(2,121,304 |
) |
|
(1,627,104 |
) |
|
Consideration payable |
(246,256 |
) |
|
(203,094 |
) |
|
Derivative financial instruments (notional) |
22,576,441 |
|
|
14,182,102 |
|
|
Foreign exchange exposure, net |
(2,848,721 |
) |
|
(12,658,314 |
) |
|
| Summary of Sensitivity Analysis on Changes in Foreign Exchange Rates Impact on Profit Loss |
The probable scenario considers the estimated foreign exchange rates, carried out by a specialized third party, at the maturity of transactions for companies with real functional currency (positive and negative, before tax effects), as follows:
|
|
|
|
|
|
|
|
Scenarios |
|
|
Instrument |
|
Risk factor |
|
Probable |
|
|
25% |
|
|
50% |
|
|
(25%) |
|
|
(50%) |
|
|
Cash and cash equivalents |
|
Low FX rate |
|
698,880 |
|
|
1,177,371 |
|
|
1,651,797 |
|
|
228,521 |
|
|
(245,903 |
) |
|
Trade payables |
|
High FX rate |
|
1,467 |
|
|
(16,731 |
) |
|
(34,929 |
) |
|
19,664 |
|
|
37,862 |
|
|
Derivative financial instruments |
|
Low FX rate |
|
4,243,995 |
|
|
5,859,780 |
|
|
9,412,121 |
|
|
(1,244,902 |
) |
|
(4,797,244 |
) |
|
Loans, borrowings and debentures |
|
High FX rate |
|
(2,397,999 |
) |
|
(6,074,195 |
) |
|
(9,522,767 |
) |
|
827,081 |
|
|
4,277,031 |
|
|
Leases |
|
High FX rate |
|
(1,977,043 |
) |
|
(2,496,896 |
) |
|
(3,016,748 |
) |
|
(1,457,192 |
) |
|
(937,340 |
) |
|
Consideration payable |
|
High FX rate |
|
4,864 |
|
|
12,244 |
|
|
19,625 |
|
|
(2,517 |
) |
|
(9,898 |
) |
|
Effect on profit or loss before tax |
|
|
|
574,164 |
|
|
(1,538,427 |
) |
|
(1,490,901 |
) |
|
(1,629,345 |
) |
|
(1,675,492 |
) |
|
| Summary of Sensitivity Analysis on Changes in Foreign Exchange Rates |
|
|
|
Exchange rate sensitivity analysis |
|
|
|
|
12/31/2024 |
|
Scenarios |
|
|
|
|
|
Probable |
|
25% |
|
50% |
|
(25%) |
|
(50%) |
|
|
U.S.$ |
|
6.1923 |
|
6.0700 |
|
7.5875 |
|
9.1050 |
|
4.5525 |
|
3.0350 |
|
|
Euro |
|
6.4363 |
|
6.2521 |
|
7.8151 |
|
9.3782 |
|
4.6891 |
|
3.1261 |
|
|
GBP |
|
7.5268 |
|
7.7620 |
|
9.7025 |
|
11.6430 |
|
5.8215 |
|
3.8810 |
|
|
| Summary of sensitivity analysis on interest rates on loans and financing which impacts on profit or loss |
Below is a sensitivity analysis of interest rates on loans and financing and financial assets linked to the CDI rate with 25% and 50% pre-tax increases and decreases:
|
|
|
|
Scenarios |
|
|
Interest rate exposure |
|
Probable |
|
25% |
|
50% |
|
(25%) |
|
(50%) |
|
|
Cash and cash equivalents |
|
6,883,120 |
|
7,428,009 |
|
7,972,899 |
|
6,338,230 |
|
5,793,340 |
|
|
Marketable securities |
|
1,505,149 |
|
1,612,733 |
|
1,720,320 |
|
1,397,562 |
|
1,289,977 |
|
|
Restricted cash |
|
70,762 |
|
76,708 |
|
82,653 |
|
64,816 |
|
58,870 |
|
|
Lease and concession in installments |
|
(173,652 |
) |
(214,221 |
) |
(254,790 |
) |
(133,084 |
) |
(92,515 |
) |
|
Leases liabilities |
|
(1,030,002 |
) |
(1,183,797 |
) |
(1,335,820 |
) |
(877,983 |
) |
(724,191 |
) |
|
Derivative financial instruments |
|
(1,211,573 |
) |
(2,519,072 |
) |
(3,238,465 |
) |
(742,121 |
) |
350,501 |
|
|
Loans, borrowings and debentures |
|
(19,620,497 |
) |
(21,374,512 |
) |
(22,586,330 |
) |
(18,950,875 |
) |
(17,739,057 |
) |
|
Other financial liabilities |
|
(736,049 |
) |
(769,441 |
) |
(802,834 |
) |
(702,657 |
) |
(669,264 |
) |
|
Impacts on the income (loss) before taxes |
|
(14,312,742 |
) |
(16,943,593 |
) |
(18,442,367 |
) |
(13,606,112 |
) |
(11,732,339 |
) |
|
| Summary of probable scenario considers the estimated interest rate |
The probable scenario considers the estimated interest rate, made by a specialized third party and the Central Bank of Brazil (Banco Central do Brasil or “BACEN”) as follows:
|
|
|
|
|
|
Scenarios |
|
|
|
|
Probable |
|
|
25% |
|
|
50% |
|
|
(25%) |
|
|
(50%) |
|
|
SELIC |
|
14.40% |
|
|
17.99% |
|
|
21.59% |
|
|
10.80% |
|
|
7.20% |
|
|
CDI |
|
14.30% |
|
|
17.87% |
|
|
21.44% |
|
|
10.72% |
|
|
7.15% |
|
|
TJLP462 (TJLP + 1% p.a.) |
|
9.20% |
|
|
11.25% |
|
|
13.30% |
|
|
7.15% |
|
|
5.10% |
|
|
TJLP |
|
8.20% |
|
|
10.25% |
|
|
12.30% |
|
|
6.15% |
|
|
4.10% |
|
|
IPCA |
|
4.74% |
|
|
5.93% |
|
|
7.11% |
|
|
3.56% |
|
|
2.37% |
|
|
IGP-M |
|
4.11% |
|
|
5.14% |
|
|
6.16% |
|
|
3.08% |
|
|
2.05% |
|
|
Fed Funds |
|
4.00% |
|
|
5.00% |
|
|
6.00% |
|
|
3.00% |
|
|
2.00% |
|
|
SOFR |
|
3.94% |
|
|
4.92% |
|
|
5.91% |
|
|
2.95% |
|
|
1.97% |
|
|
| Summary of sensitivity analysis on impacts of intrinsic values of the options as shares appreciate or depreciate |
|
|
|
|
|
Scenarios |
|
|
Instrument |
|
Interest |
|
Probable |
|
25% |
|
50% |
|
(25%) |
|
(50%) |
|
|
VALE3 (Call Spread) |
|
1.34% |
|
77,341 |
|
260,420 |
|
470,001 |
|
27,308 |
|
811 |
|
|
| Summary of sensitivity analysis considers the closing price of the shares |
The sensitivity analysis considers the closing share price as shown below:
|
|
|
|
|
Scenarios |
|
|
Instrument |
|
Probable |
|
25% |
|
50% |
|
(25%) |
|
(50%) |
|
|
Net exposure option |
|
(1,166 |
) |
226 |
|
453 |
|
(226 |
) |
(453 |
) |
|
Value of the share (CSAN3) |
|
8.16 |
|
10.20 |
|
12.24 |
|
6.12 |
|
4.08 |
|
|
| Summary of Credit Risk |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Cash and cash equivalents |
16,903,542 |
|
|
14,658,481 |
|
|
Trade receivables |
3,995,734 |
|
|
3,444,636 |
|
|
Marketable securities |
3,386,301 |
|
|
3,503,961 |
|
|
Restricted cash |
174,303 |
|
|
203,252 |
|
|
Derivative financial instruments |
3,799,328 |
|
|
2,546,799 |
|
|
Receivables from related parties |
399,889 |
|
|
340,091 |
|
|
Receivable dividends and interest on equity |
153,548 |
|
|
255,777 |
|
|
Other financial assets |
4,495 |
|
|
3,113 |
|
|
|
28,817,140 |
|
|
24,956,110 |
|
|
| Summary of Credit Risk Rating |
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
AAA |
22,706,407 |
|
|
20,475,536 |
|
|
AA |
803,935 |
|
|
172,871 |
|
|
A |
571,942 |
|
|
124,932 |
|
|
Not rated |
181,190 |
|
|
139,154 |
|
|
|
24,263,474 |
|
|
20,912,493 |
|
|
| Summary of financial liabilities by due dates based on undiscounted cash flows contracted |
The Company's financial liabilities (based on contracted undiscounted cash flows) are categorized by maturity dates as follows:
|
|
12/31/2024 |
|
|
12/31/2023 |
|
|
|
Up to 1 year |
|
|
From 1 to 2 years |
|
|
From 3 to 5 years |
|
|
Over 5 years |
|
|
Total |
|
|
Total |
|
|
Loans, borrowings and debentures |
(2,040,150 |
) |
|
(2,788,533 |
) |
|
(23,755,704 |
) |
|
(35,985,958 |
) |
|
(64,570,345 |
) |
|
(67,935,471 |
) |
|
Trade payables |
(5,168,593 |
) |
|
(5,502,220 |
) |
|
— |
|
|
— |
|
|
(10,670,813 |
) |
|
(4,184,525 |
) |
|
Other financial liabilities |
(770,103 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(770,103 |
) |
|
(476,895 |
) |
|
Installment of tax debts |
(238,151 |
) |
|
(531 |
) |
|
— |
|
|
(216,203 |
) |
|
(454,885 |
) |
|
(217,267 |
) |
|
Leases |
(774,671 |
) |
|
(861,654 |
) |
|
(1,391,789 |
) |
|
(17,920,222 |
) |
|
(20,948,336 |
) |
|
(20,874,841 |
) |
|
Lease and concession in installments |
(274,703 |
) |
|
(271,839 |
) |
|
(533,640 |
) |
|
(200,926 |
) |
|
(1,281,108 |
) |
|
(1,137,295 |
) |
|
Payables to related parties |
(416,410 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(416,410 |
) |
|
(322,160 |
) |
|
Dividends payable |
(96,722 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(96,722 |
) |
|
(549,054 |
) |
|
Consideration payable |
(10,837 |
) |
|
(10,837 |
) |
|
(21,673 |
) |
|
(142,275 |
) |
|
(185,622 |
) |
|
(153,595 |
) |
|
Derivative financial instruments |
(2,548,753 |
) |
|
(2,377,825 |
) |
|
3,533,512 |
|
|
7,921,505 |
|
|
6,528,439 |
|
|
(4,917,895 |
) |
|
|
(12,339,093 |
) |
|
(11,813,439 |
) |
|
(22,169,294 |
) |
|
(46,544,079 |
) |
|
(92,865,905 |
) |
|
(100,768,998 |
) |
|
| Schedule of offsetting of financial assets and financial liabilities |
|
|
Segment |
|
12/31/2024 |
|
|
12/31/2023 |
|
|
Assets |
|
|
|
|
|
|
|
|
Credit Linked Notes |
Rumo |
|
6,334,168 |
|
|
4,952,781 |
|
|
Time deposit |
Cosan Corporate |
|
3,718,105 |
|
|
— |
|
|
TRS |
Cosan Corporate |
|
5,640,466 |
|
|
4,354,191 |
|
|
Total |
|
|
15,692,739 |
|
|
9,306,972 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
NCEs |
Rumo |
|
(6,334,168 |
) |
|
(4,952,781 |
) |
|
Loan 4131 |
Cosan Corporate |
|
(3,718,105 |
) |
|
— |
|
|
Debentures |
Cosan Corporate |
|
(5,640,466 |
) |
|
(4,354,191 |
) |
|
Total |
|
|
(15,692,739 |
) |
|
(9,306,972 |
) |
|
|
|
|
|
|
|
|
|
|
Net |
|
|
— |
|
|
— |
|
|
| TRS [Member] |
|
| Disclosure of sensitivity analysis on income for the period assuming increase and decrease in interest rates [Line Items] |
|
| Summary of sensitivity analysis on interest rates on loans and financing which impacts on profit or loss |
Part of the amount shown under derivative financial instruments corresponds to the TRS:
|
Interest rate exposure |
|
Probable |
|
25% |
|
50% |
|
(25%) |
|
(50%) |
|
|
Derivative financial instruments |
|
(153 |
) |
(192 |
) |
(230 |
) |
(115 |
) |
(77 |
) |
|