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4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Cosan SA Industria e Comercio    CSAN3   BRCSANACNOR6

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Cosan Industria e Comercio : 2017 Guidance Review

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11/11/2017 | 12:19am CET
COSAN S.A. INDÚSTRIA E COMÉRCIO

Corporate Taxpayer ID (CNPJ): 50.746.577/0001-15 Company Registry (NIRE): 35.300.177.045

Publicly Held Company

MATERIAL FACT Cosan S/A Indústria e Comercio ("Cosan" or "Company") (B3: CSAN3), in compliance with article 157, paragraph 4 of Federal Law 6,404/76 and Instruction 358/02 and 480/09 issued by the Securities and Exchange Commission of Brazil (CVM), hereby discloses to its shareholders and the market the financial and operating guidance for 2017, as shown in the table below.

Actual 2016

(Jan-Dec)

Guidance 2017

(Jan-Dec)

Guidance Review 2017

(Jan-Dec)

Cosan S/A Consolidated

Pro forma Net Revenue (BRL mln)

47,008

45,000 ≤ ∆ ≤ 48,000

45,000 ≤ ∆ ≤ 48,000

Pro forma EBITDA (BRL mln)

4,665

4,750 ≤ ∆ ≤ 5,250

4,900 ≤ ∆ ≤ 5,300

Raízen Combustíveis

Adjusted EBITDA (BRL mln)

2,812

2,700 ≤ ∆ ≤ 3,000

2,700 ≤ ∆ ≤ 3,000

CAPEX (BRL mln)

797

800 ≤ ∆ ≤ 1,000

800 ≤ ∆ ≤ 1,000

Comgás

Total Volume Sold, excluding Thermo ('000 cbm)

4,119

4,000 ≤ ∆ ≤ 4,300

4,250 ≤ ∆ ≤ 4,350

Normalized EBITDA (BRL mln)

1,465

1,550 ≤ ∆ ≤ 1,650

1,670 ≤ ∆ ≤ 1,730

CAPEX (BRL mln)

464

450 ≤ ∆ ≤ 500

450 ≤ ∆ ≤ 500

Moove

EBITDA (BRL mln)

136

140 ≤ ∆ ≤ 160

160 ≤ ∆ ≤ 180

Actual

Crop year 2016/17 (Apr/16-Mar/17)

Guidance Crop Year 2017/18

(Apr/17-Mar/18)

Guidance Review Crop Year 2017/18 (Apr/17-Mar/18)

Raízen Energia

Volume of Sugarcane Crushed ('000 tons)

59,391

59,000 ≤ ∆ ≤ 63,000

59,000 ≤ ∆ ≤ 63,000

Volume of Sugar Produced ('000 tons)

4,227

4,300 ≤ ∆ ≤ 4,700

4,300 ≤ ∆ ≤ 4,700

Volume of Ethanol Produced (million liters)

1,990

2,000 ≤ ∆ ≤ 2,300

2,000 ≤ ∆ ≤ 2,300

Volume of Energy Sold ('000 of MWh)

2,802

2,000 ≤ ∆ ≤ 2,200

2,200 ≤ ∆ ≤ 2,400

Adjusted EBITDA (BRL mln)

3,078

3,900 ≤ ∆ ≤ 4,300

3,900 ≤ ∆ ≤ 4,300

CAPEX (BRL mln)

2,088

2,100 ≤ ∆ ≤ 2,400

2,300 ≤ ∆ ≤ 2,600

Main Assumptions:

  1. Raízen Energia reports in crop year, which starts in April and ends in March of the following year. Hence, the guidance announced considers the results from the same period.

  2. Cosan Consolidated Proforma EBITDA considers in both actual and guidance, the adjustments that are highlighted in the Company's earnings releases each quarter, that is, reflecting the recurring results of operations, excluding any one-off effects.

  3. The macroeconomic assumptions are based on data from specialized outsourced consultants.

Company's Proforma EBITDA guidance review refletcs the required adjustments at Comgás, Moove and Raízen Energia.

At Comgás, the projection of ex-thermal volume was revised to reflect the recovery of the volume distributed in relation to the premises contemplated in the previous projection. As a consequence of the change in the volume projection, combined with efficiencies captured in operating expenses, Normalized EBITDA projection was also changed.

At Moove, EBITDA guidance was updated in order to reflect the volume sold higher than the initial projection estimates.

At Raízen Energia, the expectation for the electricity commercialization volume was modified due to the production optimization and greater product trading opportunities in the 2017/18 crop year. In addition, CAPEX projection of Raízen Energia was also updated since it began to incorporate the maintenance investments in the mills acquired from Tonon on September 8, 2017, as disclosed by the Company in Notice to the Market.

The information provided in this document is only an estimate about the businesses and projections of operating and financial results and, as such, is based primarily on management's beliefs and assumptions. Such estimates are subject to diverse risk factors and uncertainties, and are based on information currently available, substantially depending on market conditions, performance of the Brazilian economy, the industries operated by the Company and its subsidiaries and international markets and, hence, are subject to change. In view of these uncertainties, investors should not take any investment decision based on these estimates and forward-looking statements, as they are not guarantee of performance. Any change in the perception or in the aforementioned factors can cause actual results to differ from the projections made and disclosed.

São Paulo, November 10, 2017

Guilherme Machado

Investor Relations Officer

Cosan SA Indústria e Comércio published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 23:18:02 UTC.

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Financials ( BRL)
Sales 2017 49 199 M
EBIT 2017 2 685 M
Net income 2017 1 201 M
Debt 2017 9 441 M
Yield 2017 4,35%
P/E ratio 2017 11,57
P/E ratio 2018 11,33
EV / Sales 2017 0,49x
EV / Sales 2018 0,45x
Capitalization 14 729 M
Chart COSAN SA INDUSTRIA E COMER
Duration : Period :
Cosan SA Industria e Comer Technical Analysis Chart | CSAN3 | BRCSANACNOR6 | 4-Traders
Technical analysis trends COSAN SA INDUSTRIA E COMER
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 45,6  BRL
Spread / Average Target 26%
EPS Revisions
Managers
NameTitle
Mário Augusto da Silva CEO & Investor Relations Contact
Rubens Ometto Silveira Mello Chairman
Marcos Marinho Lutz Vice Chairman
Marcelo Eduardo Martins Director
Serge Varsano Independent Director
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