XML 63 R41.htm IDEA: XBRL DOCUMENT v3.22.1
Investments in associates (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of detailed information about business combination [line items]  
Summary of Basis of Consolidation

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.
Summary of Information in Associates of Company and Company's Ownership

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


Summary of Financial Information of Associates

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

)

—



—



—



—


Summary of Non-controlling Interests in Subsidiaries

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


Summary of Financial Statements

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



—



—



Radar group acquisition  
Disclosure of detailed information about business combination [line items]  
Schedule of acquired entities as group acquisition through business combination

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%
Schedule of non-controlling interest in acquiree through business combination

 

 

Interest

 

Shareholders' equity attributable to non-controlling interests


Mansilla Participações Ltda.

 

50%


 

2,115,554


Schedule of fair value of the assets and liabilities, goodwill acquired at the acquisition date

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


Schedule of consideration transferred in business combination

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

)
Compass group acquisition  
Disclosure of detailed information about business combination [line items]  
Schedule of acquired entities as group acquisition through business combination

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
Schedule of fair value of the assets and liabilities, goodwill acquired at the acquisition date

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.