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Investments in associates | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Investments in associates | 9. Investments in associates 9.1. Investments in subsidiaries and associates Accounting policy a) Subsidiaries Subsidiaries are all entities over which the Company has control. Subsidiaries are fully consolidated from the date of acquisition of control and continue to be consolidated until the date that control ceases to exist. They are deconsolidated from the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting period as that of the parent company, using consistent accounting policies. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are similarly eliminated, but only to the extent that there is no evidence of impairment. b) Associates Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. Investments in associates are accounted for under the equity method and are recognized initially at cost. The cost of the investment includes transaction costs. Under the equity method of accounting, the share attributable to the Company of the profit or loss for the period of such investments is accounted for in the statement of profit or loss, in “Equity in investees.” Unrealized gains and losses arising on transactions between the Company and the investees are eliminated based on the percentage of interest held in such investees. The other comprehensive income of subsidiaries, associates and jointly controlled entities is recorded directly in the Company’s shareholders’ equity, in “Other comprehensive income.” Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are similarly eliminated, but only to the extent that there is no evidence of impairment. Cosan’s subsidiaries are listed below:
| December 31, 2021 |  |  | December 31, 2020 |
Directly owned subsidiaries |  |  |  |  |
Cosan Logística S.A. (iii) | — |  |  | 73.48% |
Cosan S.A. (iii) | — |  |  | 66.74% |
Cosan Limited Partners Brasil Consultoria Ltda (iii) | 97.50% |  |  | 60.00% |
Sinlog Tecnologia em Logística S.A. (iii) | 72.25% |  |  | 64.52% |
Compass Gás e Energia (i) | 88.00% |  |  | 99.01% |
Cosan Lubes Investments Limited | 70.00% |  |  | 70.00% |
Cosan Cayman II Limited | 100.00% |  |  | 100.00% |
Cosan Global Limited | 100.00% |  |  | 100.00% |
Cosan Investimentos e Participações S.A. | —% |  |  | 100.00% |
Cosan Luxembourg S.A.(ii) | 100.00% |  |  | 100.00% |
Cosan Overseas Limited | 100.00% |  |  | 100.00% |
Pasadena Empreendimentos e Participações S.A. | 100.00% |  |  | 100.00% |
Atlântico Participações Ltda. | 100.00% |  |  | — |
Payly Soluções de Pagamentos S.A. | 75.00% |  |  | 75.00% |
Rumo S.A.(ii) | 30.35% |  |  | 30.35% |
Violeta Fundo de Investimento Multimercado | 100.00% |  |  | — |
Interest of Compass Gás e Energia in its subsidiaries |  |  |  |  |
Companhia de Gás de São Paulo - Comgás | 99.15% |  |  | — |
Compass Comercialização S.A. | 100.00% |  |  | — |
Compass Energia Ltda | 100.00% |  |  | — |
Terminal de Regaseificação de São Paulo - TRSP | 100.00% |  |  | — |
Rota 4 Participações S.A. | 100.00% |  |  | — |
Edge II - Empresa de Geração de Energia | 100.00% |  |  | — |
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 Group Limited | 100.00% |  |  | 100.00% |
Cosan Lubricants España S.L.U. | 100.00% |  |  | 100.00% |
Techniques ET Technologies Appliquees SAS - TTA (iv) | 100.00% |  |  | 75.00% |
Cosan Lubrificantes S.R.L. | 98.00% |  |  | 98.00% |
LubrigrupoII– Comércio e |  |  |  |  |
Distribuição de Lubrificantes S.A. | 100.00% |  |  | 100.00% |
Comma Oil & Chemicals Marketing SRL | 100.00% |  |  | 100.00% |
Comma Otomotiv Yag Ve Kimyasallari | 100.00% |  |  | 100.00% |
Pazarlama Limited Sirketi | 100.00% |  |  | 100.00% |
Comma Oil & Chemicals Marketing B.V. | 100.00% |  |  | 100.00% |
Commercial Lubricants Moove Corp | 100.00% |  |  | 100.00% |
Cosan Lubrificantes e Especialidades S.A. | 100.00% |  |  | 100.00% |
Cosan US, Inc. | 100.00% |  |  | 100.00% |
Ilha Terminal Distribuição de |  |  |  |  |
Produtos Derivados de Petróleo Ltda. | 100.00% |  |  | 100.00% |
Zip Lube S.A. | 100.00% |  |  | 100.00% |
Cosan Paraguay S.A. | 100.00% |  |  | 100.00% |
Interest of Rumo S.A. in its subsidiaries (iii) |  |  |  |  |
Rumo Malha Oeste S.A. | 100.00% |  |  | 28.47 | %
Rumo Malha Paulista S.A. | 100.00% |  |  | 28.47 | %
Rumo Malha Sul S.A. | 100.00% |  |  | 28.47 | %
Rumo Malha Norte S.A. | 99.74% |  |  | 28.40 | %
Rumo Malha Central S.A. | 100.00% |  |  | 28.47 | %
Elevações Portuárias S.A. | 100.00% |  |  | 28.47 | %
Logispot Armazéns Gerais S.A. | 51.00% |  |  | 14.52 | %
Rumo Luxembourg S.à r.l. | 100.00% |  |  | 28.47 | %
Rumo Intermodal S.A. | 100.00% |  |  | 28.47 | %
Boswells S.A. | 100.00% |  |  | 28.47 | %
ALL Argentina S.A. | 100.00% |  |  | 28.47 | %
Paranaguá S.A. | 99.90% |  |  | 28.47 | %
ALL Armazéns Gerais Ltda. | 100.00% |  |  | 28.47 | %
Portofer Ltda. | 100.00% |  |  | 28.47 | %
ALL Mesopotâmica S.A. | 70.56% |  |  | 20.09 | %
ALL Central S.A. | 73.55% |  |  | 20.94 | %
Servicios de Inversión Logística Integrales S.A. | 100.00% |  |  | 28.47 | %
Brado Logística e Participações S.A. | 77.65% |  |  | 17.71 | %
Brado Logística S.A. | 77.65% |  |  | 17.71 | %
Interest of Violeta Fundo de Investimento |  |  |  |  |
Multimercado in its subsidiaries |  |  |  |  |
Verde Pinho Fundo de Investimento em Participações | 100.00% |  |  | — |
Radar Propriedades Agrícolas S.A. | 50.00% |  |  | — |
Radar II Propriedades Agrícolas S.A. | 50.00% |  |  | — |
Nova Agrícola Ponte Alta S.A. | 50.00% |  |  | — |
Nova Amaralina S.A Propriedades Agrícolas | 50.00% |  |  | — |
Nova Santa Bárbara Agrícola S.A. | 50.00% |  |  | — |
Terras da Ponta Alta S.A. | 50.00% |  |  | — |
Castanheira Propriedades Agrícolas S.A. | 50.00% |  |  | — |
Manacá Propriedades Agrícolas S.A. | 50.00% |  |  | — |
Paineira Propriedades Agrícolas S.A. | 50.00% |  |  | — |
(i) As describe in Note 2, the subsidiary Compass Gás e Energia, , entered into Investment Agreements that resulted in the dilution of the Company's interest. As of December 31, 2021, contributions were made to Compass for a total amount of R$2,250,015. The agreement signed with Atmos has a clause that grants Atmos the option to sell its shares in Compass and the Company is committed to pay any difference between Atmos selling price and the base price determined in the agreement. On December 31, 2021, the option hadno value since Compass' valuation exceeds the base price determined in the contract. (ii) Management has concluded that there are no material uncertainties that cast doubt on the continuity of the subsidiary. Despite presenting on December 31, 2021, the amount with an unsecured liability of R$ 356,442, as shown below, no events or conditions were identified that, individually or collectively, could raise significant doubts as to the ability to maintain their continuity operational. The subsidiaries have the financial support of the Company. (iii) Changes in equity interest resulting from the Corporate Reorganization. (iv) In August 2021, Moove Lubricants Limited acquired 25% of the remaining interest. A cash consideration of R$32,030 was paid to the non-controlling shareholder.
Set out below are the associates as of December 31, 2021, which are material to the Company:
| Shares issued by the associate |  |  | Shares held by Cosan |  |  | Cosan ownership interest |  |  | Economic benefit (%) |
Tellus Brasil Participações S.A. | 120,920,515 |  |  | 61,359,623 |  |  | 50.74% |  |  | 5.00% |
Janus Brasil Participações S.A. | 229,689,888 |  |  | 116,620,166 |  |  | 50.77% |  |  | 5.00% |
Rhall Terminais Ltda | 28,580 |  |  | 8,574 |  |  | 30.00% |  |  | 30.00% |
Termag - Terminal Marítimo de Guarujá S.A. | 500,000 |  |  | 99,246 |  |  | 19.85% |  |  | 19.85% |
TGG - Terminal de Granéis do Guarujá S.A. | 79,747,000 |  |  | 7,914,609 |  |  | 9.92% |  |  | 9.92% |
Terminal XXXIX S.A. | 200,000 |  |  | 99,246 |  |  | 49.62% |  |  | 49.62% |
TUP Porto São Luis S.A. | 42,635,878 |  |  | 20,891,583 |  |  | 49.00% |  |  | 49.00% |
| At January 1, 2021 |  |  | Interest in earnings of subsidiaries |  |  | Other comprehensive income |  |  | Dividends |  |  | Capital increase |  |  | Business Combination |  |  | Other |  |  | At December 31, 2021 |
Tellus Brasil Participações S.A. | 105,665 |  |  | 39,938 |  |  | — |  |  | (2,805 | ) |  | — |  |  | — |  |  | — |  |  | 142,798 |
Janus Brasil Participações S.A. | 130,901 |  |  | 49,235 |  |  | — |  |  | (1,738 | ) |  | 4,959 |  |  | — |  |  | — |  |  | 183,357 |
Radar Propriedades Agrícolas S.A. | 62,371 |  |  | (1,688 | ) |  | 1,060 |  |  | (879 | ) |  | — |  |  | (19,565 | ) |  | (41,299 | ) |  | — |
Radar II Propriedades Agrícolas S.A. | 33,204 |  |  | 12,751 |  |  | 1,553 |  |  | (1,854 | ) |  | — |  |  | (45,659 | ) |  | 5 |  |  | — |
Rhall Terminais Ltda | 3,765 |  |  | 1,145 |  |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | — |  |  | 4,907 |
Termag - Terminal Marítimo de Guarujá S.A. | 1,673 |  |  | 3,810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (758 | ) |  | 4,725 |
TGG - Terminal de Granéis do Guarujá S.A. | 18,679 |  |  | 3,850 |  |  | — |  |  | (4,966 | ) |  | — |  |  | — |  |  | — |  |  | 17,563 |
Terminal XXXIX S.A. | 26,597 |  |  | 4,052 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,649 |
TUP Porto São Luis S.A. | — |  |  | 801 |  |  | — |  |  | — |  |  | 393,579 |  |  | — |  |  | — |  |  | 394,380 |
Other | 996 |  |  | 16,331 |  |  | 5,243 |  |  | (2,854 | ) |  | — |  |  | (59,906 | ) |  | 41,878 |  |  | 1,688 |
| 383,851 |  |  | 130,225 |  |  | 7,856 |  |  | (15,099 | ) |  | 398,538 |  |  | (125,130 | ) |  | (174 | ) |  | 780,067 |
| At January 1, 2020 |  |  | Interest in earnings of subsidiaries |  |  | Other comprehensive income |  |  | Dividends |  |  | Capital increase |  |  | Other |  |  | At December 31, 2020 |
Tellus Brasil Participações S.A. | 102,342 |  |  | 6,883 |  |  | — |  |  | (3,560 | ) |  | — |  |  | — |  |  | 105,665 |
Janus Brasil Participações S.A. | 126,087 |  |  | 7,591 |  |  | — |  |  | (3,909 | ) |  | 1,132 |  |  | — |  |  | 130,901 |
Radar Propriedades Agrícolas S.A. | 59,860 |  |  | 3,512 |  |  | 232 |  |  | (1,233 | ) |  | — |  |  | — |  |  | 62,371 |
Radar II Propriedades Agrícolas S.A. | 31,975 |  |  | 1,747 |  |  | 45 |  |  | (563 | ) |  | — |  |  | — |  |  | 33,204 |
Other | 57,443 |  |  | 9,068 |  |  | (37 | ) |  | (8,187 | ) |  | 10 |  |  | (6,587 | ) |  | 51,710 |
| 377,707 |  |  | 28,801 |  |  | 240 |  |  | (17,452 | ) |  | 1,142 |  |  | (6,587 | ) |  | 383,851 |
Financial information of associates:
| December 31, 2021 | December 31, 2020 |
| Assets |  |  | Liabilities |  |  | Shareholders’ equity |  |  | Profit in the year |  |  | Assets |  |  | Liabilities |  |  | Shareholders’ equity |  |  | Profit in the year |
Tellus Brasil Participações Ltda | 3,296,499 |  |  | (502,734 | ) |  | 2,793,765 |  |  | 782,220 |  |  | 2,137,559 |  |  | (136,375 | ) |  | 2,001,184 |  |  | 91,431 |
Janus Brasil Participações S.A. | 4,261,432 |  |  | (666,361 | ) |  | 3,595,071 |  |  | 1,048,514 |  |  | 2,632,321 |  |  | (160,167 | ) |  | 2,472,154 |  |  | 97,652 |
Rhall Terminais Ltda | 31,068 |  |  | (14,708 | ) |  | 16,360 |  |  | 4,073 |  |  | — |  |  | — |  |  | — |  |  | — |
Termag - Terminal Marítimo de Guarujá S.A. | 276,284 |  |  | (252,483 | ) |  | 23,801 |  |  | 11,726 |  |  | — |  |  | — |  |  | — |  |  | — |
TGG - Terminal de Granéis do Guarujá S.A. | 253,310 |  |  | (76,257 | ) |  | 177,053 |  |  | 37,150 |  |  | — |  |  | — |  |  | — |  |  | — |
Terminal XXXIX S.A. | 335,511 |  |  | (273,747 | ) |  | 61,764 |  |  | 10,075 |  |  | — |  |  | — |  |  | — |  |  | — |
TUP Porto São Luis S.A. | 455,437 |  |  | (67,523 | ) |  | 387,914 |  |  | (7,410 | ) |  | — |  |  | — |  |  | — |  |  | — |
9.2. Non-controlling interests in subsidiaries Accounting policy Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. Set out below is summarized financial information for each subsidiary that has non-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 |
Compass Gás e Energia | 714,190,095 |  |  | 85,702,404 |  |  | 12.00% |
Comgás | 132,520,587 |  |  | 1,139,210 |  |  | 0.86% |
Cosan Lubes | 34,963,764 |  |  | 10,489,129 |  |  | 30.00% |
Payly Soluções de Pagamentos S.A. | 78,527,201 |  |  | 19,631,324 |  |  | 25.00% |
Rumo S.A. | 1,854,158,791 |  |  | 1,291,629,301 |  |  | 69.65% |
Cosan Limited Partners Brasil Consultoria Ltda | 160,000 |  |  | 4,000 |  |  | 2.50% |
Sinlog Tecnologia em Logística S.A. | 86,370 |  |  | 23,967 |  |  | 27.75% |
TTA – SAS Techniques et Technologie Appliquées(i) | 10,521 |  |  | - |  |  | - |
Radar II Propriedades Agrícolas S.A. | 81,440,221 |  |  | 40,720,111 |  |  | 50.00% |
Radar Propriedades Agrícolas S.A. | 1,266,986 |  |  | 633,493 |  |  | 50.00% |
Nova Agrícola Ponte Alta S.A. | 160,693,378 |  |  | 80,346,689 |  |  | 50.00% |
Terras da Ponte Alta S.A. | 16,066,329 |  |  | 8,033,165 |  |  | 50.00% |
Nova Santa Bárbara Agrícola S.A. | 32,336,994 |  |  | 16,168,497 |  |  | 50.00% |
Nova Amaralina S.A. | 30,603,159 |  |  | 15,301,580 |  |  | 50.00% |
Paineira Propriedades Agrícolas S.A. | 132,667,061 |  |  | 66,333,531 |  |  | 50.00% |
Manacá Propriedades Agrícolas S.A. | 128,977,921 |  |  | 64,488,961 |  |  | 50.00% |
Castanheira Propriedades Agrícolas S.A. | 83,850,838 |  |  | 41,925,419 |  |  | 50.00% |
The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests, before any intra-group elimination.
| At January 1, 2021 |  |  | Interest in earnings of subsidiaries |  |  | Sales or purchase of interests |  |  | Other comprehensive income |  |  | Dividends |  |  | Capital increase (decrease) |  |  | Other |  |  | Predecessor adjustments |  |  | At December 31, 2021 |
Cosan S.A. | 3,492,829 |  |  | 69,890 |  |  | — |  |  | 115,049 |  |  | — |  |  | — |  |  | (1,023 | ) |  | (3,448,693 | ) |  | — |
Cosan Logística | 658,158 |  |  | 4,898 |  |  | — |  |  | 358 |  |  | — |  |  | — |  |  | — |  |  | (663,414 | ) |  | — |
Comgás | 24,729 |  |  | 17,524 |  |  | — |  |  | 625 |  |  | (14,184 | ) |  | — |  |  | 228 |  |  | — |  |  | 28,466 |
Compass Gás e Energia | 32,880 |  |  | 74,390 |  |  | 1,505,311 |  |  | 7,698 |  |  | (97,187 | ) |  | 2,250,015 |  |  | 1,053 |  |  | — |  |  | 761,432 |
CLI | 582,284 |  |  | 87,823 |  |  | — |  |  | 13,037 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 683,144 |
Rumo | 10,709,017 |  |  | 107,690 |  |  | 318,323 |  |  | 5,358 |  |  | (27,989 | ) |  | — |  |  | 15,748 |  |  | 2,570 |  |  | 10,494,071 |
Logispot Armazéns Gerais S.A. | 35,513 |  |  | 2,225 |  |  | — |  |  | — |  |  | (4,032 | ) |  | — |  |  | — |  |  | — |  |  | 33,706 |
Radar | — |  |  | 22,502 |  |  | — |  |  | 900 |  |  | (19,854 | ) |  | — |  |  | 54 |  |  | — |  |  | 2,119,102 |
Other | 23,374 |  |  | 2,622 |  |  | 11,918 |  |  | 1,013 |  |  | (1,662 | ) |  | 2,291 |  |  | 363 |  |  | 351 |  |  | 9,164 |
| 15,558,784 |  |  | 384,320 |  |  | 1,835,552 |  |  | 88,086 |  |  | (164,908 | ) |  | 2,252,306 |  |  | (2,131,407 | ) |  | (4,109,186 | ) |  | 14,129,085 |
| At January 1, 2020 |  |  | Interest in earnings of subsidiaries |  |  | Sales or purchase of interests |  |  | Other comprehensive income |  |  | Dividends |  |  | Capital increase (decrease) |  |  | Other |  |  | At December 31, 2020 |
Cosan S.A. | 3,604,875 |  |  | 336,885 |  |  | (407,177 | ) |  | 28,573 |  |  | (68,120 | ) |  | — |  |  | (2,207 | ) |  | 3,492,829 |
Cosan Logística | 630,185 |  |  | 12,966 |  |  | 14,006 |  |  | 1,006 |  |  | (5 | ) |  | — |  |  | — |  |  | 658,158 |
Comgás | 24,569 |  |  | 9,200 |  |  | — |  |  | 484 |  |  | (9,535 | ) |  | — |  |  | 11 |  |  | 24,729 |
Compass Gás e Energia | — |  |  | 7,848 |  |  | 30,431 |  |  | 552 |  |  | (5,986 | ) |  | — |  |  | 35 |  |  | 32,880 |
CLI | 470,498 |  |  | 44,816 |  |  | — |  |  | 66,970 |  |  | — |  |  | — |  |  | — |  |  | 582,284 |
Rumo | 6,058,973 |  |  | 212,463 |  |  | 4,424,537 |  |  | 15,786 |  |  | (2,742 | ) |  | — |  |  | — |  |  | 10,709,017 |
Logispot Armazéns Gerais S.A. | 34,218 |  |  | 1,879 |  |  | — |  |  | — |  |  | (584 | ) |  | — |  |  | — |  |  | 35,513 |
Other | 15,298 |  |  | 2,755 |  |  | — |  |  | 6,160 |  |  | (9,566 | ) |  | 6,666 |  |  | 2,061 |  |  | 23,374 |
| 10,838,616 |  |  | 628,812 |  |  | 4,061,797 |  |  | 119,531 |  |  | (96,538 | ) |  | 6,666 |  |  | (100 | ) |  | 15,558,784 |
Summarized statement of financial position:
| Compass Gás e Energia |  |  | Comgás |  |  | CLI |  |  | Rumo |  |  | Cosan Investimentos |
| December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets | 1,929,639 |  |  | 402,007 |  |  | 4,148,735 |  |  | 4,225,788 |  |  | 1,327,472 |  |  | 1,047,938 |  |  | 1,161,027 |  |  | 1,996,914 |  |  | 147,662 |  |  | — |
Liabilities | (28,374 | ) |  | (25,404 | ) |  | (4,538,385 | ) |  | (3,610,144 | ) |  | (755,995 | ) |  | (616,427 | ) |  | (760,522 | ) |  | (841,519 | ) |  | (50,038 | ) |  | — |
Net current assets | 1,901,265 |  |  | 376,603 |  |  | (389,650 | ) |  | 615,644 |  |  | 571,477 |  |  | 431,511 |  |  | 400,505 |  |  | 1,155,395 |  |  | 97,624 |  |  | — |
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets | 4,453,679 |  |  | 2,944,593 |  |  | 8,122,763 |  |  | 6,391,096 |  |  | 1,946,181 |  |  | 1,893,901 |  |  | 21,568,088 |  |  | 19,624,672 |  |  | 4,337,142 |  |  | — |
Liabilities | (10,296 | ) |  | — |  |  | (6,627,895 | ) |  | (6,416,687 | ) |  | (229,802 | ) |  | (360,077 | ) |  | (7,173,172 | ) |  | (5,796,462 | ) |  | (196,562 | ) |  | — |
Net non-current assets | 4,443,383 |  |  | 2,944,593 |  |  | 1,494,868 |  |  | (25,591 | ) |  | 1,716,379 |  |  | 1,533,824 |  |  | 14,394,916 |  |  | 13,828,210 |  |  | 4,140,580 |  |  | — |
Equity | 6,344,648 |  |  | 3,321,196 |  |  | 1,105,218 |  |  | 590,035 |  |  | 2,287,856 |  |  | 1,965,335 |  |  | 14,795,421 |  |  | 14,983,605 |  |  | 4,238,204 |  |  | — |
Summarized statement of profit or loss and other comprehensive income:
| Compass Gás e Energia |  |  | Comgás |  |  | CLI |  |
| December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |
Net sales | — |  |  | — |  |  | — |  |  | 11,709,713 |  |  | 8,317,691 |  |  | 9,514,222 |  |  | 2,608,680 |  |  | 1,911,541 |  |  | 1,746,727 |  |
Profit before taxes | 1,710,947 |  |  | 920,426 |  |  | (2,614 | ) |  | 2,274,269 |  |  | 1,719,877 |  |  | 1,993,963 |  |  | 310,500 |  |  | 150,930 |  |  | 74,982 |  |
Income tax expenses | 14,164 |  |  | 10,839 |  |  | 889 |  |  | (155,148 | ) |  | (569,264 | ) |  | (626,784 | ) |  | (15,742 | ) |  | (1,484 | ) |  | (15,175 | ) |
Profit (loss) for the year | 1,725,111 |  |  | 931,265 |  |  | (1,725 | ) |  | 2,119,121 |  |  | 1,150,613 |  |  | 1,367,179 |  |  | 294,758 |  |  | 149,446 |  |  | 59,807 |  |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total comprehensive income | 1,725,111 |  |  | 931,265 |  |  | (1,725 | ) |  | 2,119,121 |  |  | 1,150,613 |  |  | 1,367,179 |  |  | 294,758 |  |  | 149,446 |  |  | 59,807 |  |
Comprehensive income attributable to non-controlling interests | 207,012 |  |  | 9,220 |  |  | — |  |  | 18,217 |  |  | 9,762 |  |  | 10,967 |  |  | 88,427 |  |  | 44,834 |  |  | 17,942 |  |
Dividends paid | 982,752 |  |  | 600,000 |  |  | — |  |  | 1,649,653 |  |  | 1,135,669 |  |  | 2,010,101 |  |  | — |  |  | — |  |  | — |  |
| Rumo |  | Cosan Investments |  |
| December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |
Net sales | 772,714 |  |  | 950,269 |  |  | 596,415 |  |  | 31,502 |  |  | — |  |  | — |  |
Profit before taxes | 198,239 |  |  | 349,300 |  |  | 779,228 |  |  | 49,218 |  |  | — |  |  | — |  |
Income tax expenses | (47,701 | ) |  | (52,137 | ) |  | (991 | ) |  | (4,215 | ) |  | — |  |  | — |  |
Profit (loss) for the year | 150,538 |  |  | 297,163 |  |  | 778,237 |  |  | 45,003 |  |  | — |  |  | — |  |
Other comprehensive income (loss) | — |  |  | — |  |  | 2,716 |  |  | — |  |  | — |  |  | — |  |
Total comprehensive income | 150,538 |  |  | 297,163 |  |  | 780,953 |  |  | 45,003 |  |  | — |  |  | — |  |
Comprehensive income attributable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to non-controlling interests | 104,850 |  |  | 212,561 |  |  | 558,616 |  |  | 22,502 |  |  | — |  |  | — |  |
Dividends paid | — |  |  | — |  |  | 4,233 |  |  | — |  |  | — |  |  | — |  |
Summarized statements of cash flows:
| Compass Gás e Energia |  |  |  | Comgás |  |  | CLI |  |
| December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |
Net cash (used in) from operating activities | (44,974 | ) |  | (18,046 | ) |  | — |  |  | 2,539,222 |  |  | 2,111,551 |  |  | 2,512,303 |  |  | 95,461 |  |  | 71,654 |  |  | 82,946 |  |
Net cash from (used in) investing activities | (26,764 | ) |  | 776,872 |  |  | — |  |  | (1,025,104 | ) |  | (1,768,298 | ) |  | 202,037 |  |  | 77,742 |  |  | (38,910 | ) |  | (10,140 | ) |
Net cash (used in) from financing activities | 1,265,679 |  |  | (525,030 | ) |  | — |  |  | (2,202,275 | ) |  | 198,890 |  |  | (2,233,548 | ) |  | (13,766 | ) |  | 14,874 |  |  | 291,898 |  |
Net increase (decrease) in cash and cash equivalents | 1,193,941 |  |  | 233,796 |  |  | — |  |  | (688,157 | ) |  | 542,143 |  |  | 480,792 |  |  | 159,437 |  |  | 47,618 |  |  | 364,704 |  |
Cash and cash equivalents at beginning of year | 232,819 |  |  | 5 |  |  | 5 |  |  | 1,610,548 |  |  | 1,083,410 |  |  | 602,618 |  |  | 492,619 |  |  | 319,733 |  |  | — |  |
Effect of exchange rate fluctuations on cash held | (13,898 | ) |  | (982 | ) |  | — |  |  | (30,741 | ) |  | (15,005 | ) |  | — |  |  | 109,642 |  |  | 125,268 |  |  | (44,971 | ) |
Cash and cash equivalents at end of year | 1,412,862 |  |  | 232,819 |  |  | 5 |  |  | 891,650 |  |  | 1,610,548 |  |  | 1,083,410 |  |  | 761,698 |  |  | 492,619 |  |  | 319,733 |  |
| Rumo |  |  | Cosan Investiments |  |
| December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |  |
Net cash (used in) from operating activities | (15,679 | ) |  | 463,170 |  |  | 197,313 |  |  | 21,690 |  |  | — |  |  | — |  |
Net cash from (used in) investing activities | (1,469,750 | ) |  | (6,632,353 | ) |  | (929,861 | ) |  | 49,227 |  |  | — |  |  | — |  |
Net cash (used in) from financing activities | 714,115 |  |  | 7,037,144 |  |  | 1,432,659 |  |  | (15,650 | ) |  | — |  |  | — |  |
Net increase (decrease) in cash and cash equivalents | (771,314 | ) |  | 867,961 |  |  | 700,111 |  |  | 55,267 |  |  | — |  |  | — |  |
Cash and cash equivalents at beginning of year | 1,568,667 |  |  | 700,706 |  |  | 595 |  |  | — |  |  | — |  |  | — |  |
Effect of exchange rate fluctuations on cash held | (5,551 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Cash and cash equivalents at end of year | 791,802 |  |  | 1,568,667 |  |  | 700,706 |  |  | 55,267 |  |  | — |  |  | — |  |
9.3. Acquisition of subsidiaries Accounting policy Business combinations are accounted for using the acquisition method when the control is transferred to the Company. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired and liabilities assumed. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity. For each business combination, the Company chooses to measure any non-controlling interests in the acquisition: i. at fair value; or ii. in its proportionate share of the acquirer's identifiable net assets, which are generally at fair value The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss for the year. Contingent consideration depends on whether an acquired business achieves goals within a fixed period. Estimates of future performance are required to calculate obligations at the time of acquisition and on each subsequent reporting date. In addition, estimates are necessary to assess the assets and liabilities acquired in business combinations. Intangible assets, such as brands, are commonly an essential part of an acquired business, as they allow us to obtain more value than would otherwise be possible. Measurement of fair values In measuring fair values, valuation techniques were used considering market prices for similar items, discounted cash flow, among others. Since it is a preliminary measurement of fair value, if new information obtained within one year, counting from the acquisition date, about the facts and circumstances that existed on the acquisition date, indicate adjustments in the values mentioned above, or any additional provision that existed on the acquisition date, the acquisition accounting will be revisited. Management's expectation is that only measurements of intangibles could have any impact in relation to this preliminary assessment. For convenience, the Company may designate the acquisition date at the end (or beginning) of a month, when the acquisition is concluded during the month 9.3.1. Acquisition of Radar Group On November 3, 2021, Cosan acquired a 47% equity interest in agricultural property management companies of the “Radar Group” (entities shown below), increasing an interest of 3% to 50%, as shown below:
Acquired name | Interest acquired | Final interest
Direct | Indirect
Radar Propriedades Agrícolas S.A. | 38.94% | 8.06% | 50.00%
Radar II Propriedades Agrícolas S.A. | 47.00% | - | 50.00%
Nova Agrícola Ponte Alta S.A. | 38.94% | 8.06% | 50.00%
Nova Amaralina S.A Propriedades Agrícolas | 38.94% | 8.06% | 50.00%
Nova Santa Bárbara Agrícola S.A. | 38.94% | 8.06% | 50.00%
Terras da Ponta Alta S.A. | 38.94% | 8.06% | 50.00%
Castanheira Propriedades Agrícolas S.A. | 38.94% | 8.06% | 50.00%
Manacá Propriedades Agrícolas S.A. | 38.94% | 8.06% | 50.00%
Paineira Propriedades Agrícolas S.A. | 38.94% | 8.06% | 50.00%
Pursuant to the Shareholders' Agreement, Cosan has the majority of votes in matters of the Executive Board, as well as the power to decide on the relevant activities of the companies of the Radar Group and, therefore, acquired control. The equity interest immediately prior to the acquisition in the Radar Group net assets carrying value was substantially at fair value on the acquisition date. The acquired companies are engaged in the land management business, with the capacity to invest in assets with high productive potential in Brazil. This acquisition is in line with the Company's capital allocation strategy, reinforcing the Company's commitment to the development of Brazilian agribusiness and the creation of value to its stakeholders. The acquisition price paid in cash totaled R$1,572,352, of which R$1,479,404 refers to the principal and R$92,948 to the adjustment of the installments by the IPCA. The consideration will be paid in 4 installments, with the first installment being paid on the of November 3, 2021, in the amount of R$601,856 and the other annual installments of R$295,881, adjusted by the IPCA, with final maturity in September 2024. The Company, through independent consultants, assessed the fair value of all assets acquired and liabilities assumed as of the acquisition date. On the acquisition date, the fair value of net assets acquired amounted to R$4,231,107. The non-controlling interest is shown below considering Mansilla's proportional interest in the acquiree's net assets fair value.
|  | Interest |  |  | Shareholders' equity attributable to non-controlling interests |
Mansilla Participações Ltda. |  | 50% |  |  | 2,115,554 |
a) Identifiable assets acquired and liabilities assumed The fair value of the assets and liabilities acquired is shown below:
| Radar Group |
Cash and cash equivalents | 9,123 |
Marketable securities | 38,675 |
Accounts receivable from customers | 194,715 |
Receivables from related parties | 16,780 |
Taxes to recover | 1,083 |
Other assets | 1,099 |
Deferred income tax and social contribution | 44 |
Judicial deposits | 279 |
Other financial assets | 318,445 |
Investment properties | 3,875,752 |
Fixed assets | 33 |
Right of use | 3,240 |
Trade payable | (992 | )
Taxes payable | (11,443 | )
Related parts | (2,504 | )
Lease | (3,281 | )
Advance from customers | (41 | )
Other obligations | (16,738 | )
Deferred income tax and social contribution | (192,883 | )
Provision for contingencies | (279 | )
Total net identifiable assets at fair value | 4,231,107 |
Since the acquisition date, the Radar Group contributed to the Company's revenues with R$31,502 and income before taxes of R$49,218. If the business combination had been completed at the beginning of the year, the Company's revenues would have totaled R$26,179,637, and the profit for the year would have been R$8,424,096. b) Gain on bargain purchase The fair value of the net assets acquired exceeded the consideration transferred, generating a gain on bargain purchase as follow:
Consideration transferred | 1,572,352 |
Non-controlling interest | 2,115,554 |
Fair value of Radar's Group pre-existing interest | 126,933 |
Total net identifiable assets at fair value | (4,231,107 | )
Gain on bargain purchase | (416,268 | )
9.3.2. Acquisition of Compass Group On January 30, 2020, the Company completed the acquisition of 100% interest in the Compass Group as follows:
Name of the acquiree | Description of the operation
Compass Comercializadora de Energia Ltda. | Natural gas and electricity trading
Compass Geração Ltda. | Natural gas and electricity trading
Compass Energia Ltda. | No operation
Black River Participações Ltda. | No operation
The Company, through its independent consultants, assessed whether the fair value of all assets and liabilities acquired in the opening statement of financial position is different from the stated carrying amount. The appraised assets and liabilities include property, plant and equipment items, customer portfolios, trademarks and, possibly, also long-term borrowings. The fair value of the assets and liabilities acquired is as follows:
| Compass Comercializadora |  |  | Compass Geração |  |  | Compass Energia |  |  | Total |  |
Cash and cash equivalents | 4,539 |  |  | 177 |  |  | 37 |  |  | 4,753 |  |
Trade receivables | 12,384 |  |  | 149,163 |  |  | — |  |  | 161,547 |  |
Other tax receivable | 134 |  |  | 89 |  |  | 31 |  |  | 254 |  |
Derivative financial instruments | 1,377 |  |  | — |  |  | — |  |  | 1,377 |  |
Other current assets | 24 |  |  | 28 |  |  | — |  |  | 52 |  |
Property, plant and equipment | 69 |  |  | — |  |  | — |  |  | 69 |  |
Trade payables | (13,585 | ) |  | (83,669 | ) |  | — |  |  | (97,254 | ) |
Other taxes payable | — |  |  | (162 | ) |  | — |  |  | (162 | ) |
Other liabilities | (97 | ) |  | — |  |  | — |  |  | (97 | ) |
Other financial liabilities | — |  |  | (48,007 | ) |  | — |  |  | (48,007 | ) |
Dividends payable | — |  |  | (508 | ) |  | — |  |  | (508 | ) |
Payables to related parties | — |  |  | (17,063 | ) |  | — |  |  | (17,063 | ) |
Deferred tax liabilities | (468 | ) |  | — |  |  | — |  |  | (468 | ) |
Total identifiable assets, net | 4,377 |  |  | 48 |  |  | 68 |  |  | 4,493 |  |
Goodwill at the acquisition date consisted of:
Consideration transferred(i) | 99,385 |
Total net assets acquired and |  |
liabilities assumed at fair value(-) | 4,493 |
Goodwill | 94,892 |
(i) On July 17, 2020, the Compass made an additional payment for the acquisition of Compass Trading in the amount of R$4,385, as provided for in the agreement. The goodwill of R$94,892 comprises the value of future economic benefits arising from the acquisition. Had the acquisition of the Compass Group been completed on January 1, 2020, the Company's revenues would have been R$9,244,777 and net profit would have been R$934,817.

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