Presentation 03302011

Results - 201003/30/2011

Food Energy

Sector of Activity

Cotton Soyabean Corn

Ethanol Biodiesel Vegetable Oil

Renewable Energy

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 has to grow and to develop into anew regulatory milistone.

Social Fuel Stamp.

Variable cost industry (90% of the cost come fromsoyabean oil and methanol).

B5, 3 years before the schedule.

Still dependent of the soyabean as feedstock.

Biodiesel

0.74 69404

1,1671,608

2,397

2005 2006 2007 2008 2009 2010

Brazillian Biodiesel Production(thousand m³)

80%

18%

2%

Raw material participation in brazillian production

Soybean oil

Bovine fat

Others

Brasil Ecodiesel has in operation four transesterification units, with 518.4 thousands m³/ year biodieselproduction capacity.

The company has taken some initiatives for cost reduction, as well as soybean crushing volumeincrease, wich contributes to raw material cost reduction

Biodiesel

Brasil Ecodiesel has and intends to operate this year vegetable oil extraction units, where vegetable oil isextracted from agricultural production originating from own chain and partnership.

In 2010, the company crushed, in outsourced manner, 71,461 tons of soyabean grains purchased fromfamily farming, generating revenues amounting to R$ 35.5 million with bran sale.

With Maeda merger, Brasil Ecodiesel became the holder a 25% interest in Tropical Bioenergia, in apartnership 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 productionflexibility, and vice-versa.

Vegetable Oil

Ethanol

Renewable Energy

Biodiesel Facilities

Crushing Facilities

Plant Locations

BiodieselPorto Nacional - TOCap./ year:129,600m³

Crusher (Soya)São Luiz Gonzaga - RSCap./year: 270,000ton

Crusher (Cotton)Itumbiara – GOCap./year: 155,700ton

BiodieselSão Luís - MACap./ year: 129,600m³

Biodiesel and crusher. (Mamona)Iraquara – BACap./year(bill): 129,600m³Cap./year(crusher): 180,000ton

BiodieselRosário do Sul – RSCap./year:129,600m³

Crusher (Soya)Cruz Alta – RSCap./year: 270,000ton

Strong demand against existing commodities supply.

High agricultural commodity prices due to, among otherreasons, the low inventories of most agricultural products.

World population growth.

75,0

125,0

175,0

225,0

CEPEA/ESALQ Price Indexes(Base 100 = 01/04/2010)

Cotton Corn Soybean

Food / Agricultural Commodities

Food / Agricultural Commodities

Maeda merger adds to Brasil Ecodiesel the experience of one of the most traditional agricultural producersinthe 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.

Farms State Available Area Planting Total Cotton Soybean Corn OthersDom Pedro BA 16,966 15,921 8,742 6,390 - 789

Amizade BA 11,298 9,898 2,269 6,418 - 1,211Sucesso BA 12,682 - -

Guapirama MT 9,001 9,374 4,299 5,075 - -São José MT 29,207 38,331 3,442 24,228 10,032 629Catalão GO 3,923 3,877 - 3,006 456 415

Bartolomeu GO 8,486 8,410 - 7,652 758 -Total 91,563 85,811 18,752 52,769 11,246 3,044

Distribution per cropAREAS STATEMENTS - CROP 2010-11 (ha)

State 2010/2011BA 25,819MT 47,705GO 12,287

Total 85,811

Planted Area (ha)

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

Farms(2011/12 crops)

Dom Pedro São Desidério - BAPlanting (11/12): 16,237haPlanting (10/11): 15,921ha

Batalha do BartolomeuGuarda-Mor - MGPlanting (11/12): 8,410haPlanting (10/11): 8,410ha

São José Campo N. P. - MTPlanting (11/12): 42,494haPlanting (10/11): 38,331ha

CatalãoCatalão - GOPlanting (11/12): 3,877haPlanting (10/11): 3,877ha Amizade

Correntina - BAPlanting (11/12): 10,998haPlanting (10/11): 9,898ha

Sucesso Irecê - BAPlanting (11/12): 0 ha

Planting (11/12)

BA: 27,235 ha MT: 52,990 ha GO: 12,287 ha

Total: 92,512 ha

Guapirama Diamantino - MTPlanting (11/12): 10,496haPlanting (10/11): 9,374ha

Farm Locations

Economic and Financial Performance

Principal (Main) Accounting Changes

Adoption of the standard full IFRS - Inclusion of CPC's.

Incorporation of Maeda - Consolidation of the DF's

Realization of the PPA (Purchase Pricing Allocation) on goodwill on acquisition of Maeda

Consolidated Headline Result2010 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%

Description Book Values Adjusted Values

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

Balance SheetAssets

2010 VA 2009 VA 2010/2009Tota 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%

AssetsConsolidated (BR GAAP and IFRS)

2010 VA 2009 VA 2010/2009Tota 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%

AssetsCompany (BR GAAP)

Balance SheetLiabilities and Shareholders Equity

2010 VA 2009 VA 2010/2009Total 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%

Liabilities and Shareholder´s EquityConsolidated (BR GAAP and IFRS)

2010 VA 2009 VA 2010/2009Total 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%

Liabilities and Shareholder´s EquityCompany (BR GAAP)

Revenue

2009 4,053 7,031 30,238 26,793 52,666 31,183 151,966

3Q10 - - - 23,969 17,714 - 41,683

4Q10 - - 124 11,546 9,572 217 21,4592010 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

4Q10 - - 231 22,462 18,749 422 41,864

2010 323 318 45,812 180,627 152,973 46,644 426,696

Itaquí Total

Revenue B100 (m3)

Revenue from B100 (R$ mil)

Biodiesel Floriano Crateús IraquaraPorto

NacionalRosário do

Sul

Gross Revenue, Net Revenue and Financial Income

Debt

2009Maeda 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

Debt (in thousands R$)2010

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%

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

Price Evolution e Financial Volume

Market Value(December 30, 2010 )

R$ 1,084 Million

Number of SharesR$ 1,084,190,282

Number of Shareholders24,174

22,4

6,8

70,8

Vila Rica I - Mutual Fund

Bonsucex Holding

Others

Sharesholders Position (%)

Price Evolution e Financial Volume

Indexes

Estimates

EstimatesRevenue, Net Revenue and EBITDA

*Crop year 11/12 – September 2011 to August 2012

2011 Crop year 11/12*Brasil Ecodiesel 654 654

Maeda 289 370Total 952 1,024

Sales Revenue


Maeda 277 342Total 846 911

Net Income


Maeda 38 52Total 50 64

EBITDA

EstimatesPlanted Area

State 2011/2012BA 27,236MT 52,990GO 12,286

Total 92,512

Planted Area (ha)

Farms State Available Area Planting Total Cotton Soybean Corn OthersDom Pedro BA 16,968 16,237 8,351 6,780 - 1,103

Amizade BA 12,398 10,998 2,741 5,946 - 2,311Sucesso 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 629Catalão 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

AREAS STATEMENTS - CROP 2011-12 (ha)Distribution per crop

EstimatesInvestments

Project DescriptionAssets Working Capital Total

Glycerin Burning • Use of glycerin and wood for supplying the

boilers of Rosário do Sul, in replacement to

the fuel oil.

$2.60 $2.60

Crusher - São Luis Gonzaga Operation of the crushing unit of São Luiz

Gonzaga in order to operate with soy

purchased in the RS.

$1.70 $43.00 $44.70

Agricultural Machinery • Purchase of machinery (19 tractors, 19

seeders, 9 pulverizers and 5 cotton

harvesters).

$20.00 $20.00

Crusher Itumbiara - GO • Operation of the cotton crushing unit $41.00 $41.00

Mix Improvement • Improvement to the products mix and

higher advantage from the planted area$16.50 $16.50

TOTAL INVESTMENTS $24.30 $100.50 $124.80

Investments (Millions R$)

Investor Relations

Phone: 55 11 [email protected]

Presentation 03302011

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