Apresentação 15082011 eng

Results08/15/2011

FOOD ENERGY

SECTOR OF ACTIVIITY

BIODIESEL

SOYA

CORN

COTTON

VEGETAL OIL

ETHANOL

69

4021167

1,608

1 2005

2006

2007

2008

2009

2010

190%

38%

49%

Brazillian Biodiesel Production (‘000 m³)

2,397

Source: ANP.

2010 onBlend: min. 5%

Jul/09 – Dec/09Blend: min. 4%

Jul/08 – Jun/09Blend: min. 3%

1st Sem/08Blend: min. 2%

2005 – 2007Blend: up to 2%

BRAZILIAN BIODIESEL MARKET

• The biodiesel industry operates in a fully regulated market (quartely auctions coordinated by ANP).

• The sector works with idleness at the rate of 60%.

• The biodiesel sector remains dependent on a new regulatory milistone that signals an increase in the percentage of biodiesel blend in diesel.

• Social Fuel Stamp.

• Variable cost industry (90% of the cost come from soybean oil and methanol).

• B5, 3 years before the schedule.

3

B100 AND VEGETABLE OIL PRICES – 2011 VERSUS 2010

Renda disponível

Crescimento econômicoe populacional

Urbanização

Próximo “bilhão”de consumidores

ALIMENTOS - FUNDAMENTOS DO SETOR

Hábitos alimentares saudáveis

Aumento do mercado de commodities agrícolas

Risco e segurança

Energia limpa e biocombustíveis

Escassez de água

Escassez de terras aráveis

Profissionalizaçãodo agribusiness

OCDE PROJEÇÃO DA PRODUÇÃO DE ALIMENTOS ATÉ 2020MAPA DA POPULAÇÃO SUBNUTRIDA (em % da pop total)

A OCDE projeta que o mundo deverá aumentar em 20% a produção de alimentos para atender o crescimento demanda até 2020. O Brasil é o país que mais ampliará a produção, com previsão de aumento de 40% no período(OCDE, 06.15.2010)

% de aumento da produção% de aumento da produçãoLegenda:Legenda:

10 / 15%

10 / 15%

10 / 15%

10 / 15%

4%4%26%26%

26%26%

40%40%

7%7%

< 5 15 25 35 50 > No data

LAND PORTFOLIO

Farm State Status Own Leased Under control Total Planting

Dom Pedro BA operational - 16,966 16,966 15,921Amizade BA operational - 11,298 11,298 9,898Sucesso BA non operational 12,682 - 12,682 -Bandeira CE non operational 3,499 - 3,499 -

São Vicente CE/PI non operational 9,920 - 9,920 -Catalão GO operational - 5,975 5,975 3,877

Bartolomeu GO operational - 8,486 8,486 8,410São José II MG non operational 2,454 - 2,454 -Guapirama MT operational - 9,001 9,001 10,523São José MT operational 17,734 19,559 37,293 34,464Violeto PI non operational 7,681 - 7,681 -Total 53,970 71,285 125,255 83,093

2010/11 Harvest

CROP SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

SOYA (MT)

SOYA (BA)

SOYA (GO)

COTTON

(MT)

COTTON(BA)

Planting Treatment Harvesting



Planting Treatment

Planting Treat..

Planting T.



Plant.

Planting T.

CORN(MT)

CORN(BA)

Planting Treatment


Harvesting Planting Treatment

FARMING CALENDAR

Results

CONSOLIDATED SYNTHETIC RESULTS

(*) Remark: The fair value of the stocks, amortization of pf the premium of the investor and reclassification of operacional exchange rate variation are not considered

2Q11 VA (%) 1Q11 VA (%) HA (%)

Gross Revenue 220,665 110.5% 227,850 111.1% -3.2%

Net Revenue 199,692 100.0% 205,004 100.0% -2.6%

Biological Asset Fair Value Variation 8,897 4.5% 13,216 6.4% -32.7%

COGS (207,896) -104.1% (195,663) -95.4% 6.3%

Gross Profit (Loss) 693 0.3% 22,557 11.0% -96.9%

Operating Expenses (17,126) -8.6% (18,314) -8.9% -6.5%General and Administrative (21,911) -11.0% (19,408) -9.5% 12.9%Taxes (2,045) -1.0% (383) -0.2% 434.1%Others operating 6,830 3.4% 1,477 0.7% 362.4%

Operating Income Expenses (16,433) -8.2% 4,243 2.1% -487.3%

Financial Results 17,013 8.5% 1,263 0.6% 1247.0%

Results before Income and Social Contribution Taxes 580 0.3% 5,506 2.7% -89.5%Income and Social Contribution Taxes 2,278 0.0% (6,371) 0.0% 0.0%

Net Income (Loss) of the Period 2,858 1.4% (865) -0.4% -

EBITDA (5,991) -3.0% 11,944 5.8% -ADJUSTED EBITDA* 1,134 0.6% 16,093 7.9% -93.0%

Description Book Values

GROSS REVENUE, NET REVENUE AND FINANCIAL INCOME

165,508 142,836

62,00077,829

0

50,000

100,000

150,000

200,000

250,000

1Q11 2Q11

Gross Revenue

Food Renewable Energy

144,640 127,873

60,364 71,818

0

50,000

100,000

150,000

200,000

250,000

1Q11 2Q11

Net Revenue

Food Renewable Energy

COGS

47%

23%

14%

7%

9%

COGS 2Q11

Biodiesel

Soybean

Soybean Meal

Performance Soybean

Others

CASH / NET DEBT

Maeda* Brasil Ecodiesel Total Maeda* Brasil Ecodiesel Total

Short Term (117,449) (15,777) (133,226) (139,607) (16,051) (155,658)

Long Term (83,028) (31,865) (114,893) (59,144) (35,635) (94,779)

(=) Total indebtedness (200,477) (47,642) (248,119) (198,751) (51,686) (250,437)

Avaliability 2,708 56,711 59,419 5,759 78,949 84,708

(=) Net Cash / Net Debt (197,769) 9,069 (188,700) (192,992) 27,263 (165,729) Receivable Update - sales of asset 104,688 104,688 85,027 85,027

(=) Net Cash / Net Debt Adjusted (93,081) 9,069 (84,012) (107,965) 27,263 (80,702)

* Holding disregarding the consolidated data of Tropical Bioenergy enterprises, Jaborandi Agricola and Jaborandi Propriedades.

Debt (in R$ thousands)06/30/2011 03/31/2011

RESULTS FOR THE PERIOD

2Q11 2Q10

Net Income (Loss) 2,858 (865)

Financial Income (17,013) (1,263) Income and Social Contribution TaxesIR e CSLL (2,278) 6,372 Depreciation and Amortization 10,442 7,700

EBITDA (5,991) 11,944

Share-based Payment 3,278 2,637 Maeda Goodwill Adjustment - PPA 1,512 1,512 Exchange variation reclassified 2,335 -

Adjusted EBITDA 1,134 16,093

ECOD3 PRICE EVOLUTION

MARKET VALUE AND SHAREHOLDERS POSITION

Market Value(June 30, 2011 )

R$ 759 millions

Number of Shares 1.084.190.282

Number of Shareholders23.135

16

11%8%

9%72%

Shareholders Position (%)

Vila Rica I Fundo de Investimento Helio Seibel

Bonsucex Holding Others

INDEXES

17

Investor Relations

Phone: 55 11 [email protected]

18

Apresentação 15082011 eng

Technology

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