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an S.A.(CSAN) - 2024 Q4 - Annual Report
CSANan S.A.(CSAN)2025-04-30 21:30
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Financial Performance - Net sales for the fiscal year ended December 31, 2024, increased by R4,482.2million,or11.44,482.2 million, or 11.4%, to R43,950.7 million compared to R39,468.5millionin2023[693]−GrossprofitrosebyR39,468.5 million in 2023[693] - Gross profit rose by R2,796.1 million, or 25.6%, to R13,714.7millionin2024fromR13,714.7 million in 2024 from R10,918.6 million in 2023[693] - Profit for the year from continuing operations decreased by R13,274.9million,or274.313,274.9 million, or 274.3%, resulting in a loss of R8,435.6 million in 2024 compared to a profit of R4,839.3millionin2023[693]−Rumo′snetsalesincreasedbyR4,839.3 million in 2023[693] - Rumo's net sales increased by R2,998.7 million, or 27.4%, driven by a 5% increase in volumes transported and higher average transportation tariffs[697] - Compass's net sales grew by R616.1million,or3.5616.1 million, or 3.5%, primarily due to the acquisition of Compagas and increased volumes of distributed natural gas[698] - Moove's net revenue increased by R169.7 million, or 1.7%, attributed to the implementation of the Moove Performance System[699] - Radar's leases and sales of land surged by R698.4million,or93.9698.4 million, or 93.9%, due to the sale of nine properties in 2024[700] Costs and Expenses - Total cost of sales rose by R1,686.2 million, or 5.9%, to R30,236.1millionin2024fromR30,236.1 million in 2024 from R28,549.9 million in 2023[702] - Selling expenses increased by R225.3million,or16.7225.3 million, or 16.7%, to R1,575.9 million in 2024 compared to R1,350.6millionin2023[711]−SellingexpensesincreasedbyR1,350.6 million in 2023[711] - Selling expenses increased by R186.4 million, or 16.3%, to R1,331.4millionforthefiscalyearendedDecember31,2024,comparedtoR1,331.4 million for the fiscal year ended December 31, 2024, compared to R1,145.0 million in 2023[714] - General and administrative expenses rose by 12.6% to R2,845.3millionin2024,upfromR2,845.3 million in 2024, up from R2,527.9 million in 2023[716] - Moove's general and administrative expenses increased by 42.7% to R921.2millionin2024,primarilyduetoaR921.2 million in 2024, primarily due to a R175.3 million rise in depreciation and amortization expenses[720] Other Income and Financial Results - Other income, net decreased from R3,924.4millionin2023toanexpenseofR3,924.4 million in 2023 to an expense of R1,549.8 million in 2024, mainly due to a R3,155.4millionimpairmenteffectfromextremeweatherevents[723]−InterestinearningsofassociatesrosesignificantlybyR3,155.4 million impairment effect from extreme weather events[723] - Interest in earnings of associates rose significantly by R1,368.6 million, or 390.6%, to R1,719.0millionin2024fromR1,719.0 million in 2024 from R350.4 million in 2023[693] - Finance results, net totaled a financial expense of R8,749.7millionin2024,anincreaseofR8,749.7 million in 2024, an increase of R852.7 million, or 10.8%, compared to R7,897.1millionin2023[726]−TotalincometaxexpensesrosesignificantlytoR7,897.1 million in 2023[726] - Total income tax expenses rose significantly to R3,190.5 million in 2024 from R274.4millionin2023,resultinginaneffectivetaxrateof60.8274.4 million in 2023, resulting in an effective tax rate of 60.8%[732] Profitability - Profit attributable to the Company's shareholders decreased from R1,094.4 million to a loss of R9,423.8millionforthefiscalyearendedDecember31,2024[733]−Profitfortheyearfromcontinuingoperationsrosesignificantlyby174.69,423.8 million for the fiscal year ended December 31, 2024[733] - Profit for the year from continuing operations rose significantly by 174.6% to R4,839.3 million, compared to R2,771.0millioninthepreviousyear[735]−ProfitattributabletoownersoftheCompanydecreasedby6.92,771.0 million in the previous year[735] - Profit attributable to owners of the Company decreased by 6.9% to R1,094.4 million from R1,176.0millionin2022[735]CashFlowandCapitalExpenditures−CashflowsgeneratedfromoperatingactivitiesincreasedtoR1,176.0 million in 2022[735] Cash Flow and Capital Expenditures - Cash flows generated from operating activities increased to R13,081.3 million in 2024, up R2,755.9millionfromR2,755.9 million from R10,276.4 million in 2023[784] - Net cash flows used in investing activities increased to R4,488.3millionin2024,comparedtoR4,488.3 million in 2024, compared to R4,303.1 million in 2023, primarily due to increased acquisitions[785] - Net cash flows used in financing activities were R6,605.9millionin2024,anincreaseofR6,605.9 million in 2024, an increase of R2,089.3 million compared to net cash flows generated in 2023[786] - The company’s capital expenditures for the fiscal year ended December 31, 2024, were R7,834.5million,upfromR7,834.5 million, up from R6,268.0 million in 2023, and R4,531.4millionin2022[801]DebtandFinancing−Totaldebtincreasedby16.84,531.4 million in 2022[801] Debt and Financing - Total debt increased by 16.8% to R66,455.4 million as of December 31, 2024, from R56,904.7millionin2023[788]−ThecompanymaintainedcompliancewithallfinancialcovenantsasofDecember31,2024[790]−RaıˊzenFuelsissuedtwoseriesofgreenbondstotalingU.S.56,904.7 million in 2023[788] - The company maintained compliance with all financial covenants as of December 31, 2024[790] - Raízen Fuels issued two series of green bonds totaling U.S.1,500 million (R7,472.2million)withmaturitiesinMarch2034andMarch2054[793]−ThecompanyhasaloanofR7,472.2 million) with maturities in March 2034 and March 2054[793] - The company has a loan of R2,983 million with a 7.25% annual interest rate, maturing on June 27, 2031[792] - The company’s total current liabilities were R4,403.1millionasofDecember31,2024,comparedtoR4,403.1 million as of December 31, 2024, compared to R4,882.4 million in 2023[796] - The company’s total non-current liabilities increased to R62,052.3millionin2024fromR62,052.3 million in 2024 from R52,022.3 million in 2023[796] Investments and Acquisitions - Rumo's capital expenditures were R5,492.7millionin2024,upfromR5,492.7 million in 2024, up from R3,689.9 million in 2023, focusing on asset renovation and infrastructure improvements[803][807] - Cosan Luxembourg S.A. commenced offers to purchase a total of U.S.900millioninseniornotes,purchasingU.S.900 million in senior notes, purchasing U.S.236.5 million of 5.500% notes due 2029, U.S.273.2millionof7.500273.2 million of 7.500% notes due 2030, and U.S.268.7 million of 7.250% notes due 2031[802]