Cosan Ltd. (ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory)

5 Operating segments

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

Reported segments

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

(ii) Raízen Combustíveis: distribution and marketing of fuels, mainly through a franchised network of service stations under the brand Shell throughout Brazil;

(iii) Comgás: distribution of piped natural gas to part of the State of São Paulo (approximately 180 municipalities, including the region called Greater São Paulo) to customers in the industrial, residential, commercial, automotive, thermo generation and cogeneration sectors;

(iv) Cosan Logística: logistics services for transport, storage and port loading of commodities, mainly for sugar products, leasing or lending of locomotives, wagons and other railway equipment; and

(v) Moove: production and distribution of lubricants under the Mobil brand in Brazil, Bolivia, Uruguay and Paraguay, as well as European and Asian market with a Comma trademark.

Reconciliation

(i) Cosan Corporate: other investments, in addition to the corporate activities of the Company. The Cosan Corporate segment’s includes the subsidiaries responsible for raising funds for the group.

Although Raízen Energia and Raízen Combustíveis are equity accounted joint ventures and are no longer proportionally consolidated since adoption of IFRS 11, senior management continues to review segment information. A reconciliation of these segments is presented in the column “Deconsolidated effects IFRS 11.”

The following statement of financial position and profit or loss selected information by segment was prepared on the same basis as the accounting practices used in the preparation of consolidated information:


	December 31, 2017
	Reported segments										Reconciliation								Additional information
	Raízen Energia		Raízen Combustíveis		Comgás		Moove		Logistics		Cosan Corporate		Deconsolidated effects IFRS 11		Segment eliminations / adjustments		Total consolidated		Cosan S.A		Cosan Logística
Statement of profit or loss:
Net sales		13,152,678		72,789,148		5,537,857		2,129,522		5,946,349		3,441		(85,941,826)		(34,706)		13,582,463		7,670,777		5,946,349
Domestic market		6,995,061		72,789,148		5,537,857		1,543,758		5,939,765		3,441		(79,784,209)		(34,706)		12,990,115		7,085,013		5,939,765
External market		6,157,617		—		—		585,764		6,584		—		(6,157,617)		—		592,348		585,764		6,584
Cost of sales		(10,907,652)		(68,875,292)		(3,492,375)		(1,545,657)		(4,220,988)		(7,896)		79,782,944		34,706		(9,232,210)		(5,045,884)		(4,220,988)
Gross profit		2,245,026		3,913,856		2,045,482		583,865		1,725,361		(4,455)		(6,158,882)		—		4,350,253		2,624,893		1,725,361
Selling expenses		(803,157)		(1,345,847)		(652,901)		(386,705)		(28,846)		(211)		2,149,004		—		(1,068,663)		(1,039,817)		(28,846)
General and administrative expenses		(618,064)		(455,743)		(344,990)		(94,002)		(285,409)		(210,889)		1,073,807		—		(935,290)		(597,430)		(285,409)
Other income (expense), net		(107,953)		312,187		(26,422)		(3,679)		(3,304)		911,004		(204,234)		—		877,599		880,983		(3,304)
Financial results		129		(359,767)		(225,541)		(54,370)		(1,665,842)		(805,746)		359,638		—		(2,751,499)		(898,394)		(1,665,842)
Finance expense		(905,213)		(251,038)		(623,924)		(46,250)		(1,900,092)		(1,134,580)		1,156,251		331		(3,704,515)		(1,728,300)		(1,900,092)
Finance income		681,362		134,904		398,758		17,805		261,661		192,845		(816,266)		(331)		870,738		728,598		261,661
Foreign exchange losses, net		(54,866)		(105,513)		(11,501)		(7,478)		(127,508)		(53,290)		160,379		—		(199,777)		(81,201)		(127,508)
Derivatives		278,846		(138,120)		11,126		(18,447)		100,097		189,279		(140,726)		—		282,055		182,509		100,097
Interest in earnings of associates		(54,544)		—		—		(7,665)		4,243		1,112,654		54,544		(1,092,070)		17,162		12,930		4,243
Interest in earnings of joint ventures		—		—		—		—		—		985,090		—		—		985,090		985,090		—
Income tax expense benefit		(78,937)		(615,806)		(235,972)		(20,141)		(10,215)		(162,027)		694,743		—		(428,355)		(457,725)		(10,215)

Profit (loss) from continuing operations		582,500		1,448,880		559,656		17,303		(264,012)		1,825,420		(2,031,380)		(1,092,070)		1,046,297		1,510,530		(264,012)
Total net income attributable to:
Owners of the Company		582,500		1,389,260		364,455		17,303		(79,515)		1,818,468		(1,971,760)		(1,569,690)		551,021		1,315,324		(79,515)
Non-controlling interests		—		59,620		195,201		—		(184,497)		6,952		(59,620)		477,620		495,276		195,206		(184,497)

		582,500		1,448,880		559,656		17,303		(264,012)		1,825,420		(2,031,380)		(1,092,070)		1,046,297		1,510,530		(264,012)
Other selected data:
Depreciation and amortization		2,131,088		635,920		496,755		82,898		1,341,687		17,053		(2,767,008)		—		1,938,393		596,687		1,341,687
EBITDA		2,792,396		3,060,373		1,517,924		174,712		2,753,732		2,810,246		(5,852,769)		(1,092,070)		6,164,544		3,463,336		2,753,732
Additions to PP&E, intangible and biological assets		2,226,162		853,975		352,958		48,612		2,045,390		10,498		(3,080,137)		—		2,457,458		408,489		2,045,390
Reconciliation of EBITDA:
Profit (loss) for the period		582,500		1,448,880		559,656		17,303		(264,012)		1,825,420		(2,031,380)		(1,092,070)		1,046,297		1,510,530		(264,012)
Income tax and social contribution		78,937		615,806		235,972		20,141		10,215		162,027		(694,743)		—		428,355		457,725		10,215
Financial result, net		(129)		359,767		225,541		54,370		1,665,842		805,746		(359,638)		—		2,751,499		898,394		1,665,842
Depreciation and amortization		2,131,088		635,920		496,755		82,898		1,341,687		17,053		(2,767,008)		—		1,938,393		596,687		1,341,687

EBITDA		2,792,396		3,060,373		1,517,924		174,712		2,753,732		2,810,246		(5,852,769)		(1,092,070)		6,164,544		3,463,336		2,753,732


	December 31, 2016
	Reported segments												Reconciliation								Additional information
	Raízen Energia		Raízen Combustíveis		Comgás		Radar		Moove		Logistics		Cosan Corporate		Deconsolidated effects IFRS 11		Segment eliminations / adjustments		Total consolidated		Cosan S.A		Cosan Logística
Statement of profit or loss:
Net sales		13,133,737		68,143,047		5,657,246		—		1,883,674		5,014,555		873		(81,276,784)		(38,209)		12,518,139		7,541,792		5,014,555
Domestic market		6,106,330		68,143,047		5,657,246		—		1,447,794		4,772,057		873		(74,249,377)		(38,209)		11,839,761		7,105,912		4,772,057
External market		7,027,407		—		—		—		435,880		242,498		—		(7,027,407)		—		678,378		435,880		242,498
Cost of sales		(9,967,530)		(64,445,939)		(3,174,134)		—		(1,398,751)		(3,769,147)		(13,667)		74,413,469		38,209		(8,317,490)		(4,586,551)		(3,769,147)
Gross profit		3,166,207		3,697,108		2,483,112		—		484,923		1,245,408		(12,794)		(6,863,315)		—		4,200,649		2,955,241		1,245,408
Selling expenses		(732,680)		(1,303,338)		(670,557)		—		(362,045)		(4,649)		(291)		2,036,018		—		(1,037,542)		(1,032,893)		(4,649)
General and administrative expenses		(567,400)		(447,762)		(332,349)		—		(72,567)		(342,961)		(252,857)		1,015,162		—		(1,000,734)		(570,465)		(342,961)
Other income (expense), net		(15,249)		844,257		(26,437)		—		7,523		(539)		(96,849)		(829,008)		—		(116,302)		(115,764)		(539)
Financial results		531,049		(584,487)		(263,169)		—		(77,301)		(1,673,482)		(1,147,709)		53,438		105,885		(3,055,776)		(1,307,869)		(1,673,482)
Finance expense		(918,912)		(273,874)		(730,422)		—		(49,102)		(1,951,393)		(1,048,324)		1,192,786		105,885		(3,673,356)		(1,720,365)		(1,951,393)
Finance income		653,670		233,453		466,646		—		4,928		302,371		328,973		(887,123)		—		1,102,918		799,912		302,371
Foreign exchange losses, net		(57,951)		750,939		223,943		—		47,288		76,082		649,796		(692,988)		—		997,109		1,001,581		76,082
Derivatives		854,242		(1,295,005)		(223,336)		—		(80,415)		(100,542)		(1,078,154)		440,763		—		(1,482,447)		(1,388,997)		(100,542)
Interest in earnings of associates		(68,641)		(310)		—		—		(9,755)		8,381		1,066,818		68,951		(1,069,884)		(4,440)		(12,819)		8,381
Interest in earnings of joint ventures		—		—		—		—		—		—		1,570,132		—		—		1,570,132		1,570,132		—
Income tax expense benefit		(658,860)		(673,099)		(369,966)		—		(553)		34,513		310,305		1,331,959		(36,001)		(61,702)		(60,213)		34,513

Profit (loss) from continuing operations		1,654,426		1,532,369		820,634		—		(29,775)		(733,329)		1,436,755		(3,186,795)		(1,000,000)		494,285		1,425,350		(733,329)
Profit from discontinued operation, net of tax		—		—		—		69,261		—		—		(123,386)		—		18,863		(35,262)		(35,261)		—
Total net income attributable to:
Owners of the Company		1,654,338		1,476,244		514,228		21,664		(29,775)		(206,694)		1,313,369		(3,130,582)		(1,334,988)		277,804		1,036,086		(206,694)
Non-controlling interests		88		56,125		306,406		47,597		—		(526,635)		—		(56,213)		353,851		181,219		354,003		(526,635)

		1,654,426		1,532,369		820,634		69,261		(29,775)		(733,329)		1,313,369		(3,186,795)		(981,137)		459,023		1,390,089		(733,329)
Other selected data:
Depreciation and amortization		2,192,019		624,395		510,957		—		88,350		1,120,019		16,007		(2,816,414)		—		1,735,333		615,314		1,120,019
EBITDA		3,974,256		3,414,350		1,964,726		—		136,429		2,025,659		2,290,166		(7,388,606)		(1,069,884)		5,347,096		3,408,746		2,025,659
Additions to PP&E, intangible and biological assets		2,001,509		797,009		438,366		—		41,557		1,699,226		11,356		(2,798,518)		—		2,190,505		491,279		1,699,226
Reconciliation of EBITDA:
Profit (loss) for the period		1,654,426		1,532,369		820,634		—		(29,775)		(733,329)		1,436,755		(3,186,795)		(1,000,000)		494,285		1,425,350		(733,329)
Income tax and social contribution		658,860		673,099		369,966		—		553		(34,513)		(310,305)		(1,331,959)		36,001		61,702		60,213		(34,513)
Financial result, net		(531,049)		584,487		263,169		—		77,301		1,673,482		1,147,709		(53,438)		(105,885)		3,055,776		1,307,869		1,673,482
Depreciation and amortization		2,192,019		624,395		510,957		—		88,350		1,120,019		16,007		(2,816,414)		—		1,735,333		615,314		1,120,019

EBITDA		3,974,256		3,414,350		1,964,726		—		136,429		2,025,659		2,290,166		(7,388,606)		(1,069,884)		5,347,096		3,408,746		2,025,659


	December 31, 2015
	Reported segments												Reconciliation								Additional information
	Raízen Energia		Raízen Combustíveis		Comgás		Radar		Moove		Logistics		Cosan Corporate		Deconsolidated effects IFRS 11		Segment eliminations / adjustments		Total consolidated		Cosan S.A		Cosan Logística
Statement of profit or loss:
Net sales		11,080,849		61,412,966		6,597,017		—		1,751,728		4,037,923		436		(72,493,815)		(31,568)		12,355,536		8,349,181		4,037,923
Domestic market		4,438,148		61,412,966		6,597,017		—		1,385,188		3,842,124		436		(65,851,114)		(31,568)		11,793,197		7,982,641		3,842,124
External market		6,642,701		—		—		—		366,540		195,799		—		(6,642,701)		—		562,339		366,540		195,799
Cost of sales		(9,148,101)		(58,196,255)		(4,580,204)		—		(1,322,326)		(2,771,881)		(2,810)		67,344,356		31,568		(8,645,653)		(5,905,340)		(2,771,881)
Gross profit		1,932,748		3,216,711		2,016,813		—		429,402		1,266,042		(2,374)		(5,149,459)		—		3,709,883		2,443,841		1,266,042
Selling expenses		(616,915)		(1,188,549)		(627,519)		—		(291,649)		18,440		—		1,805,464		—		(900,728)		(919,166)		18,440
General and administrative expenses		(518,848)		(394,570)		(332,763)		—		(77,666)		(311,288)		(189,949)		913,418		—		(911,666)		(565,105)		(311,288)
Other income (expense), net		(19,147)		294,784		(7,901)		—		2,195		60,298		197,726		(275,637)		—		252,318		192,020		60,298
Financial results		(624,695)		(124,598)		(181,889)		—		(109,860)		(1,166,553)		(781,522)		749,293		55,358		(2,184,466)		(1,147,892)		(1,166,553)
Finance expense		(919,994)		(170,560)		(409,768)		—		(120,325)		(1,261,452)		(919,463)		1,090,554		73,691		(2,637,317)		(1,395,741)		(1,261,452)
Finance income		650,446		173,477		247,047		—		4,870		164,675		178,355		(823,923)		(18,333)		576,614		411,838		164,675
Foreign exchange losses, net		(1,031,777)		(415,983)		126,282		—		(10,213)		(190,410)		(671,717)		1,447,760		—		(746,058)		(623,164)		(190,410)
Derivatives		676,630		288,468		(145,450)		—		15,808		120,634		631,303		(965,098)		—		622,295		459,175		120,634
Interest in earnings of associates		(42,967)		8,893		—		—		(11,596)		11,164		703,315		34,074		(694,905)		7,978		(3,185)		11,164
Interest in earnings of joint ventures		—		—		—		—		—		—		695,165		—		—		695,165		695,165		—
Income tax expense benefit		40,328		(536,540)		(248,355)		—		12,693		(35,988)		320,882		496,212		(18,822)		30,410		85,219		(35,988)

Profit (loss) from continuing operations		150,504		1,276,131		618,386		—		(46,481)		(157,885)		943,243		(1,426,635)		(658,369)		698,894		780,897		(157,885)
Profit from discontinued operation, net of tax		—		—		—		100,867		—		—		38,915		—		(38,915)		100,867		100,867		—
Total net income attributable to:
Owners of the Company		150,504		1,237,984		618,386		100,867		(46,481)		(30,030)		982,158		(1,388,488)		(1,219,182)		405,718		580,086		(30,030)
Non-controlling interests		—		38,147		—		—		—		(127,855)		—		(38,147)		521,898		394,043		301,678		(127,855)

		150,504		1,276,131		618,386		100,867		(46,481)		(157,885)		982,158		(1,426,635)		(697,284)		799,761		881,764		(157,885)
Other selected data:
Depreciation and amortization		2,057,365		579,603		481,566		—		75,077		616,527		4,677		(2,636,968)		—		1,177,847		561,042		616,527
EBITDA		2,792,236		2,516,872		1,530,196		—		125,763		1,661,183		1,408,560		(5,309,108)		(694,905)		4,030,797		2,404,612		1,661,183
Additions to PP&E, intangible and biological assets		1,776,372		797,299		521,215		—		43,464		1,405,478		42,061		(2,573,671)		—		2,012,218		608,667		1,405,478
Reconciliation of EBITDA:
Profit (loss) for the period		150,504		1,276,131		618,386		—		(46,481)		(157,885)		943,243		(1,426,635)		(658,369)		698,894		780,897		(157,885)
Income tax and social contribution		(40,328)		536,540		248,355		—		(12,693)		35,988		(320,882)		(496,212)		18,822		(30,410)		(85,219)		35,988
Financial result, net		624,695		124,598		181,889		—		109,860		1,166,553		781,522		(749,293)		(55,358)		2,184,466		1,147,892		1,166,553
Depreciation and amortization		2,057,365		579,603		481,566		—		75,077		616,527		4,677		(2,636,968)		—		1,177,847		561,042		616,527

EBITDA		2,792,236		2,516,872		1,530,196		—		125,763		1,661,183		1,408,560		(5,309,108)		(694,905)		4,030,797		2,404,612		1,661,183


	December 31, 2017
	Reported segments										Reconciliation								Additional information
Statement of financial position:	Raízen Energia		Raízen Combustíveis		Comgás		Moove		Logistics		Cosan Corporate		Deconsolidated effects IFRS 11		Segment elimination		Total consolidated		Cosan S.A		Cosan Logística
Cash and cash equivalents		2,069,357		1,221,890		1,727,521		192,115		179,909		2,455,632		(3,291,247)		—		4,555,177		3,150,328		179,909
Marketable securities		—		—		509,544		5,439		3,153,160		185,200		—		—		3,853,343		700,035		3,153,160
Trade receivables		688,235		2,679,114		640,682		310,006		371,718		14		(3,367,349)		—		1,322,420		950,701		371,718
Derivative financial instruments		453,775		88,496		458,476		2,581		110,107		591,049		(542,271)		—		1,162,213		1,052,105		110,107
Inventories		2,804,223		2,416,833		76,548		301,850		282,291		2,372		(5,221,056)		—		663,061		380,770		282,291
Other financial assets		476,181		—		—		—		—		1,340,000		(476,181)		—		1,340,000		1,686,718		—
Other current assets		2,114,733		1,406,945		155,815		98,419		438,369		900,345		(3,521,678)		(566,122)		1,026,826		626,672		438,369
Other non-current assets		3,373,565		1,335,986		356,962		70,055		2,770,618		1,100,740		(4,709,551)		(1,230)		4,297,145		1,521,810		2,770,618
Investments in associates		348,523		—		—		12,113		41,930		11,862,366		(348,523)		(11,615,067)		301,342		259,412		41,930
Investments in joint ventures		—		—		—		—		—		8,447,799		—		—		8,447,799		8,447,799		—
Biological assets		880,668		—		—		—		—		—		(880,668)		—		—		—		—
Property, plant and equipment		10,753,205		2,329,858		—		270,229		11,266,278		145,068		(13,083,063)		—		11,681,575		412,325		11,266,278
Intangible assets and goodwill		3,669,903		4,600,777		8,471,087		873,924		7,622,969		5,630		(8,270,680)		—		16,973,610		9,350,598		7,622,969
Loans, borrowings and debentures		(10,853,768)		(2,741,312)		(4,212,504)		(589,292)		(9,670,946)		(7,216,204)		13,595,080		—		(21,688,946)		(9,674,994)		(9,670,946)
Derivative financial instruments		(250,033)		(218,888)		—		(8,293)		—		(106,792)		468,921		—		(115,085)		(114,531)		—
Trade payables		(1,341,867)		(2,124,538)		(1,444,835)		(353,474)		(628,597)		(7,089)		3,466,405		—		(2,433,995)		(1,805,385)		(628,597)
Real estate credit certificates		—		—		—		—		(86,745)		—		—		—		(86,745)		—		(86,745)
Employee benefits payable		(356,155)		(94,158)		(59,059)		(34,125)		(166,864)		(31,032)		450,313		—		(291,080)		(124,017)		(166,864)
Preferred shareholders payable in subsidiaries		—		—		—		—		—		(1,442,679)		—		—		(1,442,679)		(1,442,679)		—
Lease		—		—		—		—		(944,138)		—		—		—		(944,138)		—		(944,138)
Other current liabilities		(1,412,872)		(1,387,037)		(358,430)		(237,302)		(778,049)		(1,237,815)		2,799,909		567,352		(2,044,244)		(1,449,477)		(778,049)
Other non-current liabilities		(1,345,322)		(4,392,359)		(1,782,718)		(212,710)		(5,938,422)		(1,663,907)		5,737,681		79,571		(9,518,186)		(3,630,926)		(5,938,422)

Total assets (net of liabilities) allocated by segment		12,072,351		5,121,607		4,539,089		701,535		8,023,588		15,330,697		(17,193,958)		(11,535,496)		17,059,413		10,297,264		8,023,588

Total assets		27,632,368		16,079,899		12,396,635		2,136,731		26,237,349		27,036,215		(43,712,267)		(12,182,419)		55,624,511		28,539,273		26,237,349

Equity attributable to owners of the Company		12,073,314		4,888,966		4,539,089		701,535		2,211,005		15,330,321		(16,962,280)		(16,743,193)		6,038,757		9,446,669		2,211,005
Non-controlling interests		(963)		232,641		—		—		5,812,583		376		(231,678)		5,207,697		11,020,656		850,595		5,812,583

Total shareholders’ equity		12,072,351		5,121,607		4,539,089		701,535		8,023,588		15,330,697		(17,193,958)		(11,535,496)		17,059,413		10,297,264		8,023,588


	December 31, 2016
	Reported segments										Reconciliation								Additional information
Statement of financial position:	Raízen Energia		Raízen Combustíveis		Comgás		Moove		Logistics		Cosan Corporate		Deconsolidated effects IFRS 11		Segment elimination		Total consolidated		Cosan S.A		Cosan Logística
Cash and cash equivalents		2,787,588		757,140		2,108,253		203,855		260,542		1,926,938		(3,544,728)		—		4,499,588		3,990,930		260,542
Marketable securities		—		—		202,568		10,958		920,413		157,641		—		—		1,291,580		371,167		920,413
Trade receivables		682,813		2,518,713		513,423		240,059		431,461		487		(3,201,526)		—		1,185,430		753,969		431,461
Derivative financial instruments		1,243,260		178,060		437,137		—		3,669		310,274		(1,421,320)		—		751,080		747,411		3,669
Inventories		2,293,492		2,108,825		114,745		228,941		284,579		2,487		(4,402,317)		—		630,752		346,173		284,579
Other financial assets		711,453		—		—		—		—		70,487		(711,453)		(70,487)		—		70,487		—
Assets held for sale		—		—		—		—		39,907		—				—		39,907		—		39,907
Other current assets		3,030,674		1,456,418		80,758		141,972		382,551		658,550		(4,487,092)		(107,927)		1,155,904		793,861		382,551
Other non-current assets		2,852,423		1,089,809		307,306		26,036		2,549,631		1,436,632		(3,942,232)		(33,225)		4,286,380		1,761,857		2,549,631
Investments in associates		393,159		—		—		19,400		46,847		11,153,390		(393,159)		(10,932,690)		286,947		240,100		46,847
Investments in joint ventures		—		—		—		—		—		8,506,395		—		—		8,506,395		8,506,395		—
Biological assets		1,119,623		—		—		—		—		—		(1,119,623)		—		—		—		—
Investment property		10,525,166		2,379,438		—		238,346		10,337,119		150,983		(12,904,604)		—		10,726,448		389,329		10,337,119
Intangible assets and goodwill		3,224,303		4,532,282		8,550,984		770,118		7,781,289		7,048		(7,756,585)		—		17,109,439		9,328,150		7,781,289
Loans, borrowings and debentures		(11,556,950)		(1,043,995)		(4,070,076)		(471,661)		(8,523,175)		(5,273,585)		12,600,945		—		(18,338,497)		(9,138,129)		(8,523,175)
Derivative financial instruments		(789,193)		(648,070)		—		(35,155)		(12,303)		(248,386)		1,437,263		—		(295,844)		(283,541)		(12,303)
Trade payables		(1,147,089)		(1,148,013)		(1,226,634)		(232,690)		(565,539)		(8,247)		2,295,102		—		(2,033,110)		(1,467,570)		(565,539)
Real estate credit certificates		—		—		—		—		(195,745)		—		—		—		(195,745)		—		(195,745)
Employee benefits payable		(314,989)		(92,573)		(63,904)		(30,187)		(117,149)		(26,919)		407,562		—		(238,159)		(121,009)		(117,149)
Preferred shareholders payable in subsidiaries		—		—		—		—		—		(1,769,427)		—		—		(1,769,427)		(1,769,427)		—
Leases		—		—		—		—		(1,397,543)		—		—		—		(1,397,543)		—		(1,397,543)
Other current liabilities		(1,507,193)		(2,245,227)		(211,900)		(168,995)		(663,083)		(407,835)		3,752,420		116,036		(1,335,777)		(662,235)		(663,083)
Other non-current liabilities		(1,367,686)		(4,714,035)		(1,549,441)		(132,414)		(5,881,195)		(1,408,841)		6,081,721		115,892		(8,855,999)		(3,065,579)		(5,881,195)

Total assets (net of liabilities) allocated by segment		12,180,854		5,128,772		5,193,219		808,583		5,682,276		15,238,072		(17,309,626)		(10,912,401)		16,009,749		10,792,339		5,682,276

Total assets		28,863,954		15,020,685		12,315,174		1,879,685		23,038,008		24,381,312		(43,884,639)		(11,144,329)		50,469,850		27,299,829		23,038,008

Equity attributable to owners of the Company		12,181,817		4,920,333		5,193,219		808,583		1,540,225		15,238,072		(17,102,150)		(16,507,636)		6,272,463		8,965,606		1,540,225
Non-controlling interests		(963)		208,439		—		—		4,142,051		—		(207,476)		5,595,235		9,737,286		1,826,733		4,142,051

Total shareholders’ equity		12,180,854		5,128,772		5,193,219		808,583		5,682,276		15,238,072		(17,309,626)		(10,912,401)		16,009,749		10,792,339		5,682,276

Net sales by segment:


	December 31, 2017		December 31, 2016		December 31, 2015
Reported segment
Raízen Energia
Ethanol		6,550,652		6,480,409		5,557,298
Sugar		5,377,351		5,794,771		4,671,006
Cogeneration		884,300		520,468		554,876
Other		340,375		338,089		297,669

		13,152,678		13,133,737		11,080,849
Raízen Combustíveis
Fuels		72,789,148		68,143,047		61,412,966

		72,789,148		68,143,047		61,412,966
Comgás
Industrial		3,494,396		3,640,921		4,206,946
Residential		849,723		793,335		677,693
Thermogeneration		—		116,419		511,942
Cogeneration		229,716		216,032		271,641
Automotive		224,203		205,986		197,262
Commercial		320,049		238,390		286,491
Construction revenue		351,193		339,025		408,086
Other		68,577		107,138		36,956

		5,537,857		5,657,246		6,597,017
Moove
Finished goods		1,876,935		1,642,899		1,514,005
Basic oil		220,515		219,092		222,009
Other		32,072		21,683		15,714

		2,129,522		1,883,674		1,751,728
Logistics
North operations		4,439,766		3,651,455		2,925,113
South operations		1,283,085		1,097,700		888,502
Container operations		223,498		265,400		224,308

		5,946,349		5,014,555		4,037,923
Reconciliation
Cosan Corporate		3,441		873		436
IFRS 11—Deconsolidated of adjustments/eliminations joint ventures and eliminations		(85,976,532)		(81,314,993)		(72,525,383)

Total		13,582,463		12,518,139		12,355,536

Cosan Ltd. | CIK:0001402902 |

ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory