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Presentation 03302011

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  • 1. Results - 201003/30/2011
  • 2. Sector of Activity Food Energy Cotton  Ethanol Soyabean  Biodiesel Corn  Vegetable Oil
  • 3. Renewable Energy Brazillian Biodiesel Production Biodiesel (thousand m³) The biodiesel industry operates in a fully regulated market 2,397 (quartely auctions coordinated by ANP). 1,608 1,167 The sector works with idleness at the rate of 60%. 404 0.74 69 The biodiesel sector has to grow and to develop into a new regulatory milistone. 2005 2006 2007 2008 2009 2010 Social Fuel Stamp. Raw material participation in brazillian production Variable cost industry (90% of the cost come from 2% soyabean oil and methanol). 18% B5, 3 years before the schedule. Soybean oil Bovine fat 80% Still dependent of the soyabean as feedstock. Others
  • 4. Renewable Energy Biodiesel Brasil Ecodiesel has in operation four transesterification units, with 518.4 thousands m³/ year biodiesel production capacity. The company has taken some initiatives for cost reduction, as well as soybean crushing volume increase, wich contributes to raw material cost reduction Vegetable Oil Brasil Ecodiesel has and intends to operate this year vegetable oil extraction units, where vegetable oil is extracted from agricultural production originating from own chain and partnership. In 2010, the company crushed, in outsourced manner, 71,461 tons of soyabean grains purchased from family farming, generating revenues amounting to R$ 35.5 million with bran sale. Ethanol With Maeda merger, Brasil Ecodiesel became the holder a 25% interest in Tropical Bioenergia, in a partnership with BP Biofuels (50%), and LDC-SEV Bioenergia (25%). Tropical Bioenergia has a 2.4 million ton grinding capacity, with 60%/40% sugar and ethanol production flexibility, and vice-versa.
  • 5. Plant Locations Biodiesel Biodiesel São Luís - MA Porto Nacional - TO Cap./ year: 129,600m³ Cap./ year:129,600m³ Biodiesel and crusher. (Mamona) Iraquara – BA Cap./year(bill): 129,600m³ Cap./year(crusher): 180,000ton Crusher (Cotton) Itumbiara – GO Cap./year: 155,700ton Crusher (Soya) Cruz Alta – RS Biodiesel Facilities Crusher (Soya) Cap./year: 270,000ton São Luiz Gonzaga - RS Cap./year: 270,000ton Crushing Facilities Biodiesel Rosário do Sul – RS Cap./year:129,600m³
  • 6. Food / Agricultural Commodities CEPEA/ESALQ Price Indexes (Base 100 = 01/04/2010) Strong demand against existing commodities supply. 225,0 175,0 High agricultural commodity prices due to, among other 125,0 reasons, the low inventories of most agricultural products. 75,0 World population growth. Cotton Corn Soybean
  • 7. Food / Agricultural Commodities  Maeda merger adds to Brasil Ecodiesel the experience of one of the most traditional agricultural producers inthe brazillian markets.  Total planted area for 2010/2011 harvest is 85,811.  We are on the frontier of what is considered the most advanced in international agribusiness. AREAS STATEMENTS - CROP 2010-11 (ha) Distribution per crop Farms State Available Area Planting Total Cotton Soybean Corn Others Planted Area (ha) Dom Pedro BA 16,966 15,921 8,742 6,390 - 789 State 2010/2011 Amizade BA 11,298 9,898 2,269 6,418 - 1,211 BA 25,819 Sucesso BA 12,682 - - Guapirama MT 9,001 9,374 4,299 5,075 - - MT 47,705 São José MT 29,207 38,331 3,442 24,228 10,032 629 GO 12,287 Catalão GO 3,923 3,877 - 3,006 456 415 Total 85,811 Bartolomeu GO 8,486 8,410 - 7,652 758 - Total 91,563 85,811 18,752 52,769 11,246 3,044
  • 8. Farming Calendar CROP SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECSOYA(MT) Planting Treatment Harvesting Planting TreatmentSOYA(BA) Planting Treatment Harvesting Planting Treat..SOYA(GO) Planting Treatment Harvesting Planting T.COTTON (MT) Planting Treatment Harvesting Plant.COTTON (BA) Planting Treatment Harvesting Planting T.CORN (MT) Planting Treatment HarvestingCORN (BA) Planting Treatment Harvesting Planting Treatment
  • 9. Farm Locations São José Dom Pedro Campo N. P. - MT Planting (11/12): 42,494ha São Desidério - BA Planting (11/12) Planting (10/11): 38,331ha Planting (11/12): 16,237ha Planting (10/11): 15,921ha  BA: 27,235 ha  MT: 52,990 ha  GO: 12,287 ha Total: 92,512 ha Sucesso Irecê - BAGuapirama Planting (11/12): 0 haDiamantino - MTPlanting (11/12): 10,496haPlanting (10/11): 9,374ha Catalão Catalão - GO Planting (11/12): 3,877ha Planting (10/11): 3,877ha Farms Amizade (2011/12 crops) Correntina - BA Planting (11/12): 10,998ha Batalha do Planting (10/11): 9,898ha Bartolomeu Guarda-Mor - MG Planting (11/12): 8,410ha Planting (10/11): 8,410ha
  • 10. Economic and Financial Performance
  • 11. Principal (Main) Accounting Changes  Adoption of the standard full IFRS - Inclusion of CPCs.  Incorporation of Maeda - Consolidation of the DFs  Realization of the PPA (Purchase Pricing Allocation) on goodwill on acquisition of Maeda
  • 12. Consolidated Headline Result Book Values Adjusted Values Description 2010 VA (%) 2009 VA (%) HA (%) 2010 (**) VA (%) 2009 (*) VA (%) HA (%) Volume of biodiesel sold (m³) 172,247 151,966 13.35% 172,247 151,966 13.35% Gross Revenue 465,009 117.8% 404,919 115.9% 14.84% 465,009 117.8% 404,919 115.9% 14.84% Net Revenue 394,792 100.0% 349,322 100.0% 13.02% 394,792 100.0% 349,322 100.0% 13.02% (-) Biological Asset Fair Value Variation 2,646 0.7% 1,591 0.5% 66.31% 2,646 0.7% 1,591 0.5% 66.31% (-) COGS 350,328 88.7% 312,031 89.3% 12.27% 350,328 88.7% 312,031 89.3% 12.27% Gross Profit (Loss) 41,818 10.6% 38,882 11.1% 7.55% 41,818 10.6% 38,882 11.1% 7.55% (-) Operating expenses 62,488 15.8% 42,053 12.0% 48.59% 50,379 12.8% 36,159 10.4% 39.33% General and Administratives 45,550 34,877 30.60% 45,550 34,877 30.60% Taxes (tributárias) 756 1,282 -41.03% 756 1,282 -41.03% Others operating Income (expenses) 16,182 5,894 174.55% 16,182 5,894 174.55% Other non recurrent Expenses 9,003 Strategic new target adjustment (14,897) Petrobras Agreement (12,109) Operating Income (EBIT) (20,670) -5.2% (3,171) -0.9% 551.79% (8,561) -2.2% 2,723 0.8% Financial Income (2,240) -0.6% (31,707) -9.1% 4,155 1.1% (31,707) -9.1% Reversal correction of client payment in advance (6,395) New profit (loss) (22,910) -5.8% (34,879) -10.0% -34.32% (4,406) -1.1% (28,985) -8.3% Net Margin -5.80% -9.98% -1.12% -8.30% EBITDA (9,340) -2.4% 22,793 6.5% 2,769 0.7% 28,687 8.2% -90.35% EBITDA Margin -2.37% 6.52% 0.70% 8.21% Note: Adjusted data disregard the following amounts: (*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment (*) Strategic new target adjustment (**)Reversal of fines referring to the agreement with Petrobrás (**) Correction of advance to customers received in 2007
  • 13. Balance SheetAssets Consolidated (BR GAAP and IFRS) Assets 2010 VA 2009 VA 2010/2009 Tota Current Assets 440,528 100% 251,134 100% 75% Total non-current assets 881,274 200% 267,217 106% 230% Total Assets 1,321,802 300% 518,351 206% 155% Company (BR GAAP) Assets 2010 VA 2009 VA 2010/2009 Tota Current Assets 226,184 100% 243,604 100% -7% Total non-current assets 571,432 253% 271,505 111% 110% Total Assets 797,616 353% 515,109 211% 55%
  • 14. Balance SheetLiabilities and Shareholders Equity Consolidated (BR GAAP and IFRS) Liabilities and Shareholder´s Equity 2010 VA 2009 VA 2010/2009 Total Current Liabilities 316,837 24% 50,822 10% 523% Total non-current Liabilities 318,499 24% 78,703 15% 305% Total Shareholder´s Equity 686,466 52% 388,826 75% 77% Total Liabilities and Shareholder´s Equity 1,321,802 100% 518,351 100% 155% Company (BR GAAP) Liabilities and Shareholder´s Equity 2010 VA 2009 VA 2010/2009 Total Current Liabilities 51,101 6% 47,982 9% 7% Total non-current Liabilities 60,042 8% 78,301 15% -23% Total Shareholder´s Equity 686,473 86% 388,826 75% 77% Total Liabilities and Shareholder´s Equity 797,616 100% 515,109 100% 55%
  • 15. Revenue Porto Rosário do Biodiesel Floriano Crateús Iraquara Itaquí Total Nacional Sul 2009 4,053 7,031 30,238 26,793 52,666 31,183 151,966 3Q10 - - - 23,969 17,714 - 41,683 Revenue B100 (m3) 4Q10 - - 124 11,546 9,572 217 21,459 2010 122 120 17,437 74,070 62,890 17,608 172,247 2009 10,939 19,114 79,349 71,023 138,196 81,703 400,325 3Q10 - - - 57,397 41,365 - 98,762 Revenue from B100 (R$ mil) 4Q10 - - 231 22,462 18,749 422 41,864 2010 323 318 45,812 180,627 152,973 46,644 426,696
  • 16. COGS
  • 17. Gross Revenue, Net Revenue and Financial Income
  • 18. Debt 2010 2009 Debt (in thousands R$) Maeda Brasil Ecodiesel Total Short Term (109,454) (16,457) (125,911) (10,886) (+) Long Term (66,284) (39,272) (105,556) (55,676) (=) Total Debt (175,738) (55,729) (231,467) (66,562) (+) Cash and Cash Equivalents 12,980 113,361 126,341 103,822 (=) Cash/ Net Debt (162,758) 57,632 (105,126) 37,260 Adjustment: Sale of assets 77,850 77,850 (=) Cash/ Net Debt Adjusted (84,908) 57,632 (27,276) 37,260
  • 19. Net Loss 2009 2010 2009 (*) 2010 (*) Net Income (Loss) (34,879) (22,910) (28,985) (4,406) Net Margin -9.98% -5.80% -8.30% -1.12%
  • 20. EBITDA 2009 2010 2009 (*) 2010 (**) Net Revenue 349,322 394,792 349,322 394,792 (-) COGS 312,031 350,328 312,031 350,328 Fair value variation of biological asset 1,591 (2,646) 1,591 (2,646) Gross Income (Loss) 38,882 41,818 38,882 41,818 Net Income (Loss) (34,879) (22,910) (28,985) (4,406) EBITDA 22,793 (9,340) 28,687 2,769 EBITDA Margin 6.52% -2.37% 8.21% 0.70% Note: Adjusted data disregard the following amounts: (*) Other revenues/non-recurring expenses referring right of use assignment and raw material inventory amount adjustment (*) Strategic new target adjustment (**)Reversal of fines referring to the agreement with Petrobrás (**) Correction of advance to customers received in 2007
  • 21. Price Evolution e Financial Volume
  • 22. Price Evolution e Financial Volume Market Value Sharesholders Position (%) (December 30, 2010 ) R$ 1,084 Million 22,4 6,8 Vila Rica I - Mutual Fund Bonsucex Holding 70,8 Others Number of Shares R$ 1,084,190,282 Number of Shareholders 24,174
  • 23. Indexes
  • 24. Estimates
  • 25. EstimatesRevenue, Net Revenue and EBITDA Net Income 2011 Crop year 11/12* Brasil Ecodiesel 569 569 Maeda 277 342 Total 846 911 Sales Revenue 2011 Crop year 11/12* Brasil Ecodiesel 654 654 Maeda 289 370 Total 952 1,024 EBITDA 2011 Crop year 11/12* Brasil Ecodiesel 12 12 Maeda 38 52 Total 50 64 *Crop year 11/12 – September 2011 to August 2012
  • 26. EstimatesPlanted Area Planted Area (ha) State 2011/2012 BA 27,236 MT 52,990 GO 12,286 Total 92,512 AREAS STATEMENTS - CROP 2011-12 (ha) Distribution per crop Farms State Available Area Planting Total Cotton Soybean Corn Others Dom Pedro BA 16,968 16,237 8,351 6,780 - 1,103 Amizade BA 12,398 10,998 2,741 5,946 - 2,311 Sucesso BA 12,682 - - - - - Guapirama MT 9,001 10,496 4,915 5,583 - - São José MT 29,208 42,494 7,066 24,723 10,076 629 Catalão GO 3,923 3,877 - 3,114 348 415 Bartolomeu GO 8,486 8,410 2,975 4,621 815 - Total 92,666 92,512 26,048 50,767 11,239 4,458
  • 27. EstimatesInvestments Project Description Investments (Millions R$) Assets Working Capital TotalGlycerin Burning • Use of glycerin and wood for supplying the boilers of Rosário do Sul, in replacement to $2.60 $2.60 the fuel oil.Crusher - São Luis Gonzaga Operation of the crushing unit of São Luiz Gonzaga in order to operate with soy $1.70 $43.00 $44.70 purchased in the RS.Agricultural Machinery • Purchase of machinery (19 tractors, 19 seeders, 9 pulverizers and 5 cotton $20.00 $20.00 harvesters).Crusher Itumbiara - GO • Operation of the cotton crushing unit $41.00 $41.00Mix Improvement • Improvement to the products mix and $16.50 $16.50 higher advantage from the planted areaTOTAL INVESTMENTS $24.30 $100.50 $124.80
  • 28. Investor RelationsPhone: 55 11 3137-3114ri@brasilecodiesel.com.brwww.brasilecodiesel.com.br

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