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Cosan : Guidance 2020

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02/14/2020 | 07:42pm EST

COSAN S.A.

Corporate Taxpayer ID (CNPJ): 50.746.577/0001-15

Company Registry (NIRE): 35.300.177.045

Publicly Held Company

MATERIAL FACT

Cosan S.A. ("Cosan" or "Company") ("B3": CSAN3), in compliance with article 157, paragraph 4 of Federal Law 6,404/76 and Instruction 358/02 and 480/09 issued by the Securities and Exchange Commission of Brazil (CVM), hereby discloses to its shareholders and the market the financial and operating guidance for 2020, as shown in the table below.

It should be noted that, for better comparability, the projections do not consider the new accounting standard IFRS 16 that was adopted as of January 2019.

Actual

Guidance

2019

2020

(Jan-Dec)

(Jan-Dec)

Cosan S.A.

Pro forma EBITDA¹ (BRL mln)

5,625

5,900

≤ ∆ ≤

6,400

Profroma

Raízen

EBITDA¹,³ (BRL mln)

2,870

2,800

≤ ∆ ≤

3,000

Combustíveis

Investments² (BRL mln)

1,006

860 ≤ ∆ ≤ 1,060

Raízen

EBITDA (USD mln)

195

160

≤ ∆ ≤

200

Argentina

Investments (USD mln)

84

90 ≤ ∆ ≤ 140

Normalized EBITDA¹ (BRL mln)

2,223

2,250

≤ ∆ ≤

2,400

Comgás

Investments (BRL mln)

899

900 ≤ ∆ ≤ 1,000

Moove

EBITDA¹ (BRL mln)

321

330

≤ ∆ ≤

350

Actual

Guidance

Preliminary

Guidance

Crop Year 2018/19

Crop Year 2019/20

Crop Year 2020/21

(Apr/18-Mar/19)

(Apr/19-Mar/20)

(Apr/20-Mar/21)

Volume of Sugarcane Crushed ('000 ton)

59,724

61,000

≤ ∆ ≤

63,000

61,000 ≤ ∆ ≤ 64,000

Raízen

EBITDA¹ (BRL mln)

2,891

3,400

≤ ∆ ≤

3,800

3,500 ≤ ∆ ≤ 3,900

Energia

Investments (BRL mln)

2,642

2,700

≤ ∆ ≤

2,900

2,850 ≤ ∆ ≤ 3,050

Note 1: EBITDA considers the adjustments highlighted in the Company's earnings releases each quarter, that is, reflecting the recurring results of operations, excluding any one-off effects.

Note 2: Includes investments in assets arising from contracts with clients.

Note 3: Due to the formation of the JV Raízen Conveniências, the result of this operation is no longer fully consolidated under Raízen Combustiveis Brasil, and will compose the company´s net revenue through equity pick-up in proportion to Raízen´s participation in the business (50%)

Main Assumptions:

  1. Raízen Energia reports in crop year, which starts in April and ends in March of the following year. Hence, the guidance announced for this business considers the results from the same period.
  2. Cosan Consolidated Proforma EBITDA considers in both actual and guidance, the adjustments that are highlighted in the Company's earnings releases each quarter, that is, reflecting the recurring results of operations, excluding any one-off effects.
  1. Cosan Consolidated's Proforma EBITDA considers the consolidation of 100% of the consolidated results of all businesses, except for Raízen Energia, Raízen Combustíveis and Raízen Argentina, which are consolidated proportionally to the Company's (50%) interest.
  2. The macroeconomic assumptions are based on data from specialized outsourced consultants.

The information provided in this document is only an estimate about the businesses and projections of operating and financial results and, as such, is based primarily on management's beliefs and assumptions. Such estimates are subject to diverse risk factors and uncertainties, and are based on information currently available, substantially depending on market conditions, performance of the Brazilian economy, the industries operated by the Company and its subsidiaries and international markets and, hence, are subject to change. In view of these uncertainties, investors should not take any investment decision based on these estimates and forward-looking statements, as they are not guarantee of performance. Any change in the perception or in the aforementioned factors can cause actual results to differ from the projections made and disclosed.

São Paulo, February 14, 2020

Marcelo Eduardo Martins

Chief Financial and Investor Relations Officer

Disclaimer

Cosan SA Indústria e Comércio published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2020 00:41:09 UTC

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